N-CSRS 1 tm2018494d5_ncsrs.htm N-CSRS

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT

OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-04526

 

Name of Registrant: Vanguard Quantitative Funds
Address of Registrant: P.O. Box 2600
  Valley Forge, PA 19482

 

Name and address of agent for service:   Anne E. Robinson, Esquire
  P.O. Box 876
  Valley Forge, PA 19482

 

Registrant’s telephone number, including area code: (610) 669-1000

 

Date of fiscal year end: September 30

 

Date of reporting period: October 1, 2019—March 31, 2020

 

 

 

 

Item 1: Reports to Shareholders

 

 

 

 

 

 

 

 
 
 
Semiannual Report | March 31, 2020
 
 
Vanguard Growth and Income Fund
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports.
 
 

 

 

 

Important information about access to shareholder reports

 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by mail each time a report is posted on the website and will be provided with a link to access the report.

 

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.

 

You may elect to receive paper copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly with the fund, you can call Vanguard at one of the phone numbers on the back cover of this report or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.

 

 

 

Contents

 

 

About Your Fund’s Expenses 1
   
Financial Statements 4
   
Liquidity Risk Management 37

 

 

 

About Your Fund’s Expenses

 

 

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

 

A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

 

The accompanying table illustrates your fund’s costs in two ways:

 

•    Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

 

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“

 

•    Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

 

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”

 

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

 

You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.

 

1

 

 

Six Months Ended March 31, 2020

 

  Beginning Ending Expenses
  Account Value Account Value Paid During
Growth and Income Fund 9/30/2019 3/31/2020 Period
Based on Actual Fund Return      
Investor Shares $1,000.00 $865.87 $1.49
Admiral™ Shares 1,000.00 866.29 1.03
Based on Hypothetical 5% Yearly Return      
Investor Shares $1,000.00 $1,023.40 $1.62
Admiral Shares 1,000.00 1,023.90 1.11

The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.32% for Investor Shares and 0.22% for Admiral Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (183/366).

 

2

 

 

Growth and Income Fund

 

 

Fund Allocation

As of March 31, 2020

 

Communication Services   10.2%
Consumer Discretionary   10.4 
Consumer Staples   8.4 
Energy   2.2 
Financials   10.5 
Health Care   15.8 
Industrials   8.2 
Information Technology   26.8 
Materials   2.0 
Other   0.2 
Real Estate   2.5 
Utilities   2.8 

 The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Global Industry Classification Standard ("GICS"), except for the "Other" category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

 

3

 

 

Growth and Income Fund

 

 

Financial Statements (unaudited)

 

 

Schedule of Investments

As of March 31, 2020

 

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.

 

      Market
      Value·
    Shares ($000)
Common Stocks (96.8%)    
Communication Services (9.9%)  
* Alphabet Inc. Class A 142,258 165,297
* Facebook Inc. Class A 967,918 161,449
  Verizon Communications Inc. 2,480,610 133,283
* Alphabet Inc. Class C 106,641 124,003
  AT&T Inc. 2,459,120 71,683
* Charter Communications Inc. Class A 87,532 38,191
  Walt Disney Co. 390,058 37,680
  Comcast Corp. Class A 915,643 31,480
* Netflix Inc. 83,673 31,419
*  Take-Two Interactive Software Inc. 225,248 26,717
* Electronic Arts Inc. 226,040 22,642
* Activision Blizzard Inc. 337,929 20,100
  CenturyLink Inc. 1,938,507 18,338
* Discovery Inc. Class A 494,743 9,618
  Interpublic Group of Cos. Inc. 480,305 7,776
* Twitter Inc. 164,400 4,038
* Discovery Communications Inc. Class C 216,280 3,794
  News Corp. Class A 413,900 3,715
* Zynga Inc. 254,800 1,745
  Fox Corp. Class B 69,900 1,599
* Yelp Inc. 85,600 1,543
  News Corp. Class B 155,751 1,400
* Liberty Media Corp-Liberty SiriusXM Class C 42,900 1,356
  TripAdvisor Inc. 53,500 930
  ViacomCBS Inc. Class B 65,105 912
* T-Mobile US Inc. 10,370 870
* DISH Network Corp. Class A 38,103 762
* Liberty Media Corp-Liberty SiriusXM Class A 20,500 650
* GCI Liberty Inc. Class A 11,100 632
* Altice USA Inc. Class A 24,300 542
* Snap Inc. 32,600 388
* Anterix Inc. 6,300 288
* Yandex NV Class A 7,200 245
*,^ Intelsat SA 108,900 167
  Cable One Inc. 100 164
* SINA Corp. 4,900 156
* Zillow Group Inc. Class A 3,700 126
* Eventbrite Inc. Class A 15,200 111
  Fox Corp. Class A 4,515 107
* Glu Mobile Inc. 15,800 99
* Liberty Media Corp-Liberty Formula One Class C 2,400 65
* Cargurus Inc. 3,300 62
* Sciplay Corp. Class A 5,300 50
  Telephone & Data Systems Inc. 2,700 45
* Eros International plc 25,300 42
*  Lions Gate Entertainment Corp. Class B 5,000 28
* DHI Group Inc 11,380 25
  Entravision Communications Corp. Class A 9,400 19
* IAC/InterActiveCorp 100 18
*  Central European Media Enterprises Ltd. 5,400 17
* EverQuote Inc. Class A 600 16
* IDT Corp. Class B 2,800 15
*,^ Globalstar Inc. 45,270 13
* Liberty TripAdvisor Holdings Inc. Class A 7,100 13
* Spotify Technology SA 100 12
* Liberty Broadband Corp. Class C 100 11
* Liberty Latin America Ltd. Class A 1,000 11
* ORBCOMM Inc. 3,781 9
* Roku Inc. 100 9
* Match Group Inc. 100 7
* Cars.com Inc. 1,300 6
  Omnicom Group Inc. 99 5

 

4

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
Shenandoah Telecommunications Co. 100 5
* Live Nation Entertainment Inc. 100 5
* TrueCar Inc. 1,690 4
  John Wiley & Sons Inc. Class A 100 4
  Sinclair Broadcast Group Inc. Class A 200 3
* Hemisphere Media Group Inc. 371 3
* Pinterest Inc. Class A 200 3
  Manchester United plc Class A 200 3
* United States Cellular Corp. 99 3
  Emerald Holding Inc. 715 2
* Sprint Corp. 200 2
* Liberty Global plc Class A 100 2
* Vonage Holdings Corp. 200 1
* IMAX Corp. 139 1
*  Lions Gate Entertainment Corp. Class A 200 1
* Ooma Inc. 100 1
* Fluent Inc. 900 1
* Gogo Inc. 400 1
* MDC Partners Inc. 416 1
  Gannett Co. Inc. 208 —
*  Clear Channel Outdoor Holdings Inc. 300 —
* ANGI Homeservices Inc. Class A 26 —
      926,559
Consumer Discretionary (10.1%)  
* Amazon.com Inc. 157,033 306,170
  Home Depot Inc. 533,914 99,687
  Starbucks Corp. 766,438 50,386
  Target Corp. 450,472 41,880
* Booking Holdings Inc. 28,220 37,965
  TJX Cos. Inc. 785,250 37,543
  NIKE Inc. Class B 385,320 31,881
  McDonald’s Corp. 177,788 29,397
  Lowe’s Cos. Inc. 335,584 28,877
  Garmin Ltd. 368,998 27,660
  eBay Inc. 813,987 24,468
  H&R Block Inc. 1,603,886 22,583
* AutoZone Inc. 25,236 21,350
  Yum! Brands Inc. 250,496 17,167
  Newell Brands Inc. 1,265,234 16,802
  PulteGroup Inc. 676,456 15,099
  Whirlpool Corp. 152,080 13,048
  MGM Resorts International 925,915 10,926
* NVR Inc. 4,116 10,574
  Dollar General Corp. 60,380 9,118
  Expedia Group Inc. 161,917 9,111
  BorgWarner Inc. 370,720 9,034
  Lennar Corp. Class A 147,880 5,649
  Hilton Worldwide Holdings Inc. 70,270 4,795
  Tractor Supply Co. 56,700 4,794
  Royal Caribbean Cruises Ltd. 120,000 3,860
  General Motors Co. 172,802 3,591
* O’Reilly Automotive Inc. 9,800 2,950
  Darden Restaurants Inc. 50,390 2,744
  L Brands Inc. 222,520 2,572
  Ross Stores Inc. 28,700 2,496
  DR Horton Inc. 66,580 2,264
* Stamps.com Inc. 17,300 2,250
  Best Buy Co. Inc. 31,410 1,790
*  Under Armour Inc. Class A 185,600 1,709
* MercadoLibre Inc. 3,200 1,563
  Restaurant Brands International Inc. 36,880 1,476
  VF Corp. 22,595 1,222
  Las Vegas Sands Corp. 28,500 1,210
  Tapestry Inc. 92,000 1,191
* Lululemon Athletica Inc. 6,200 1,175
* Mohawk Industries Inc. 15,270 1,164
*  Chipotle Mexican Grill Inc. Class A 1,740 1,139
* Carvana Co. 16,800 926
* LKQ Corp. 44,500 913
  Leggett & Platt Inc. 29,640 791
* CarMax Inc. 14,400 775
  Strategic Education Inc. 5,500 769
* Burlington Stores Inc. 4,600 729
  Advance Auto Parts Inc. 7,800 728
  Goodyear Tire & Rubber Co. 124,700 726
*,^ GoPro Inc. Class A 266,300 698
* Sleep Number Corp. 31,400 602
* Sonos Inc. 70,200 595
* Etsy Inc. 15,100 580
* Rh 5,300 533
  Wyndham Hotels & Resorts Inc. 15,600 492
* K12 Inc. 24,200 456
* iRobot Corp. 10,900 446
* Perdoceo Education Corp. 39,300 424
  Carter’s Inc. 5,600 368
  Signet Jewelers Ltd. 56,500 364
  Churchill Downs Inc. 3,300 340
* WW International Inc. 19,200 325
  La-Z-Boy Inc. 15,400 317

 

5

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
* Planet Fitness Inc. Class A 6,300 307
  Six Flags Entertainment Corp. 23,700 297
  Shutterstock Inc. 9,100 293
* ServiceMaster Global Holdings Inc. 10,600 286
* frontdoor Inc. 8,000 278
  Polaris Inc. 5,400 260
* Hibbett Sports Inc. 21,048 230
  Ralph Lauren Corp. 3,300 221
* Bright Horizons Family Solutions Inc. 1,600 163
  PetMed Express Inc. 5,500 158
* Delphi Technologies plc 19,500 157
* Grubhub Inc. 3,700 151
* Tempur Sealy International Inc. 3,200 140
* Fossil Group Inc. 42,400 140
* Vista Outdoor Inc. 15,600 137
  Ferrari NV 800 122
  Kontoor Brands Inc. 6,300 121
* Crocs Inc. 7,100 121
  Dick’s Sporting Goods Inc. 5,200 111
  Vail Resorts Inc. 700 103
  Wyndham Destinations Inc. 4,740 103
  Levi Strauss & Co. Class A 7,900 98
* Groupon Inc. 97,600 96
  Rent-A-Center Inc. 6,600 93
  Buckle Inc. 6,300 86
* Nautilus Inc. 32,900 86
* Urban Outfitters Inc. 5,387 77
*,^ GameStop Corp. Class A 19,200 67
  Sturm Ruger & Co. Inc. 1,300 66
* American Public Education Inc. 2,700 65
* Stitch Fix Inc. Class A 4,900 62
  International Game Technology plc 9,600 57
* Adtalem Global Education Inc. 2,000 54
* Tesla Inc. 100 52
* Chegg Inc. 1,400 50
* Capri Holdings Ltd. 4,500 49
* Peloton Interactive Inc. Class A 1,700 45
  Acushnet Holdings Corp. 1,576 41
  LCI Industries 600 40
* Garrett Motion Inc. 13,600 39
* American Outdoor Brands Corp. 4,600 38
* Despegar.com Corp. 6,500 37
  Hyatt Hotels Corp. Class A 713 34
  Graham Holdings Co. Class B 100 34
  Abercrombie & Fitch Co. 2,973 27
* Hilton Grand Vacations Inc. 1,600 25
  Gentex Corp. 1,100 24
  Aaron’s Inc. 1,041 24
* Hudson Ltd. Class A 4,700 24
*  Universal Electronics Inc. 600 23
* Dorman Products Inc. 400 22
* Ulta Beauty Inc. 100 18
  Standard Motor Products Inc. 400 17
  Cato Corp. Class A 1,331 14
* Deckers Outdoor Corp. 100 13
  Tiffany & Co. 100 13
  Magna International Inc. 400 13
* PlayAGS Inc. 4,199 11
  Citi Trends Inc. 1,200 11
* MasterCraft Boat Holdings Inc. 1,400 10
* Murphy USA Inc. 100 8
  Tupperware Brands Corp. 5,000 8
* Dollar Tree Inc. 100 7
* Qurate Retail Group Inc. QVC Group Class A 1,200 7
* Target Hospitality Corp. 3,667 7
  Hasbro Inc. 100 7
  Columbia Sportswear Co. 100 7
  Genuine Parts Co. 100 7
* Lindblad Expeditions Holdings Inc. 1,500 6
  Wynn Resorts Ltd. 100 6
  Toll Brothers Inc. 300 6
* America’s Car-Mart Inc. 100 6
* Wayfair Inc. 100 5
Aptiv plc 100 5
* Ollie’s Bargain Outlet Holdings Inc. 100 5
  Yum China Holdings Inc. 100 4
  Williams-Sonoma Inc. 100 4
  Texas Roadhouse Inc. 100 4
  PVH Corp. 100 4
  Brunswick Corp. 100 4
* Zumiez Inc. 200 3
* Stoneridge Inc. 200 3
  Bassett Furniture Industries Inc. 598 3
  Kohl’s Corp. 200 3

 

6

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
  Lennar Corp. Class B 100 3
* Malibu Boats Inc. Class A 100 3
  Core-Mark Holding Co. Inc. 100 3
*   Monarch Casino & Resort Inc.   100   3
*   1-800-Flowers.com Inc. Class A   200   3
  Hanesbrands Inc. 300 2
  Foot Locker Inc. 100 2
  Bloomin’ Brands Inc. 300 2
*   Laureate Education Inc. Class A   200   2
  BBX Capital Corp. 900 2
  Shoe Carnival Inc. 100 2
  Ethan Allen Interiors Inc. 200 2
* Everi Holdings Inc. 600 2
  Harley-Davidson Inc. 100 2
*   Under Armour Inc. Class C   228   2
* Party City Holdco Inc. 3,800 2
    Camping World Holdings Inc. Class A   300   2
* M/I Homes Inc. 100 2
  Tilly’s Inc. Class A 400 2
*   El Pollo Loco Holdings Inc.   193   2
*   Sally Beauty Holdings Inc.   200   2
    American Eagle Outfitters Inc.   200   2
* Gentherm Inc. 50 2
  Dana Inc. 200 2
    Wolverine World Wide Inc.   100   2
    Big 5 Sporting Goods Corp.   1,416   2
*   Select Interior Concepts Inc. Class A   722   2
    Extended Stay America Inc.   200   1
  Ford Motor Co. 300 1
* Noodles & Co. 300 1
* Genesco Inc. 100 1
  Office Depot Inc. 800 1
* Beazer Homes USA Inc. 200 1
  Bed Bath & Beyond Inc. 300 1
  Brinker International Inc. 100 1
* Funko Inc. Class A 300 1
    Superior Industries International Inc.   975   1
*   SeaWorld Entertainment Inc.   95   1
* Biglari Holdings Inc. Class B 20 1
*   Cooper-Standard Holdings Inc.   100   1
*   Modine Manufacturing Co.   300   1
* Adient plc 100 1
    Designer Brands Inc. Class A   166   1
* Vera Bradley Inc. 200 1
* Farfetch Ltd. Class A 100 1
    Cooper Tire & Rubber Co.   47   1
* Quotient Technology Inc. 116 1
    Fiat Chrysler Automobiles NV   100   1
* Kirkland’s Inc. 900 1
    Ruth’s Hospitality Group Inc.   100   1
* Turtle Beach Corp. 100 1
* Rubicon Project Inc. 110 1
*   Playa Hotels & Resorts NV   300   1
  Tailored Brands Inc. 300 1
* Tenneco Inc. Class A 128 —
*   Carrols Restaurant Group Inc.   229   —
* Yatra Online Inc. 400 —
*   Barnes & Noble Education Inc.   300   —
* Horizon Global Corp. 160 —
* Express Inc. 200 —
*   Container Store Group Inc.   100   —
  Movado Group Inc. 10 —
* J. Jill Inc. 200 —
      940,996
Consumer Staples (8.1%)    
  Procter & Gamble Co. 1,185,884 130,447
  Costco Wholesale Corp. 333,972 95,225
  PepsiCo Inc. 549,312 65,972
  Coca-Cola Co. 1,427,726 63,177
  Walmart Inc. 555,817 63,152
  Kimberly-Clark Corp. 372,035 47,572
    Mondelez International Inc. Class A   913,767   45,761
  General Mills Inc. 685,624 36,180
  Colgate-Palmolive Co. 534,604 35,476
    Philip Morris International Inc.   472,670   34,486
  Kraft Heinz Co. 951,884 23,550
  Campbell Soup Co. 450,390 20,790
* Monster Beverage Corp. 331,780 18,666
  Sysco Corp. 319,837 14,594
  Altria Group Inc. 371,745 14,375
    Estee Lauder Cos. Inc. Class A   75,695   12,061
  Coty Inc. Class A 1,875,725 9,679

 

 7 

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
    Molson Coors Beverage Co. Class B   243,497   9,499
  Kroger Co. 146,400 4,410
  Clorox Co. 22,369 3,875
  Conagra Brands Inc. 76,330 2,240
* US Foods Holding Corp. 72,800 1,289
  Kellogg Co. 16,300 978
* Nomad Foods Ltd. 46,300 859
    Church & Dwight Co. Inc.   13,200   847
    Brown-Forman Corp. Class B   9,200   511
*   USANA Health Sciences Inc.   6,300   364
    Spectrum Brands Holdings Inc.   9,144   333
*   Performance Food Group Co.   8,900   220
    Lamb Weston Holdings Inc.   3,700   211
  Bunge Ltd. 4,100 168
    Coca-Cola European Partners plc   3,600   135
* Post Holdings Inc. 1,600 133
* Hain Celestial Group Inc. 3,500 91
* Pilgrim’s Pride Corp. 4,800 87
*   Central Garden & Pet Co. Class A   3,300   84
* Primo Water Corp. 8,700 79
*   Boston Beer Co. Inc. Class A   200   74
  Vector Group Ltd. 5,400 51
    Nu Skin Enterprises Inc. Class A   1,700   37
  Turning Point Brands Inc. 1,200 25
  Andersons Inc. 945 18
* Pyxus International Inc. 5,500 17
    Natural Grocers by Vitamin Cottage Inc.   1,720   15
  McCormick & Co. Inc. 100 14
  Seaboard Corp. 5 14
  Lancaster Colony Corp. 94 14
  Weis Markets Inc. 300 12
  J&J Snack Foods Corp. 100 12
  JM Smucker Co. 100 11
    John B Sanfilippo & Son Inc.   100   9
  Ingredion Inc. 100 8
  PriceSmart Inc. 128 7
  Tyson Foods Inc. Class A 100 6
  Hormel Foods Corp. 100 5
    Walgreens Boots Alliance Inc.   100   5
* TreeHouse Foods Inc. 100 4
*   Sprouts Farmers Market Inc.   200   4
    Archer-Daniels-Midland Co.   100   4
* Simply Good Foods Co. 179 3
* Craft Brew Alliance Inc. 200 3
* Herbalife Nutrition Ltd. 100 3
    Fresh Del Monte Produce Inc.   100   3
*   BJ’s Wholesale Club Holdings Inc.   100   3
* Hostess Brands Inc. 171 2
*   United Natural Foods Inc.   143   1
* elf Beauty Inc. 100 1
  Flowers Foods Inc. 21 —
  Cal-Maine Foods Inc. 9 —
      757,961
Energy (2.1%)    
  Chevron Corp. 908,064 65,798
  ConocoPhillips 1,183,278 36,445
  Exxon Mobil Corp. 888,526 33,737
  Kinder Morgan Inc. 1,870,266 26,034
  Schlumberger Ltd. 691,118 9,323
  EOG Resources Inc. 212,235 7,623
  Devon Energy Corp. 559,816 3,868
  ONEOK Inc. 100,390 2,189
  Cabot Oil & Gas Corp. 104,400 1,795
  HollyFrontier Corp. 59,000 1,446
    Occidental Petroleum Corp.   123,210   1,427
  Baker Hughes Co. 100,300 1,053
  TechnipFMC plc 123,500 832
  Phillips 66 15,000 805
  Williams Cos. Inc. 55,000 778
  Concho Resources Inc. 18,100 776
  Cameco Corp. 86,500 661
    National Oilwell Varco Inc.   64,610   635
  Helmerich & Payne Inc. 40,105 628
  Apache Corp. 102,500 428
^   Continental Resources Inc.   38,700   296
  Marathon Oil Corp. 78,400 258
  Range Resources Corp. 58,000 132
    Parsley Energy Inc. Class A   21,200   121
    World Fuel Services Corp.   4,800   121
  EQT Corp. 16,600 117
    Plains GP Holdings LP Class A   17,400   98
* Diamond S Shipping Inc. 6,400 76
  PBF Energy Inc. Class A 9,900 70
  Frontline Ltd. 7,100 68

 

 8 

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
* Frank’s International NV 20,300 53
  Geopark Ltd. 6,500 46
  Cactus Inc. 3,600 42
* Southwestern Energy Co. 20,700 35
* Era Group Inc. 6,107 33
* SEACOR Holdings Inc. 1,200 32
  Archrock Inc. 8,055 30
    Nordic American Tankers Ltd.   6,600   30
*   Oceaneering International Inc.   9,916   29
    Solaris Oilfield Infrastructure Inc. Class A   4,500   24
  Green Plains Inc. 4,300 21
    NexTier Oilfield Solutions Inc.   13,600   16
* Talos Energy Inc. 2,400 14
* Matrix Service Co. 1,300 12
  Peabody Energy Corp. 4,000 12
    NACCO Industries Inc. Class A   327   9
    Evolution Petroleum Corp.   3,400   9
  SFL Corp. Ltd. 900 8
  QEP Resources Inc. 23,600 8
* W&T Offshore Inc. 4,600 8
    Pioneer Natural Resources Co.   100   7
* Exterran Corp. 1,400 7
*   Forum Energy Technologies Inc.   31,265   6
*   Renewable Energy Group Inc.   223   5
  Valero Energy Corp. 100 5
    Mammoth Energy Services Inc.   5,621   4
  Hess Corp. 100 3
* Dril-Quip Inc. 100 3
  Enbridge Inc. 100 3
* Newpark Resources Inc. 2,837 3
    Brigham Minerals Inc. Class A   300   2
    International Seaways Inc.   100   2
    Marathon Petroleum Corp.   100   2
  DMC Global Inc. 100 2
* ProPetro Holding Corp. 800 2
* Apergy Corp. 340 2
  SM Energy Co. 1,520 2
  Noble Energy Inc. 300 2
* Dorian LPG Ltd. 200 2
  Cimarex Energy Co. 100 2
  Kosmos Energy Ltd. 1,600 1
* CONSOL Energy Inc. 342 1
  Berry Corp. 500 1
  Core Laboratories NV 100 1
*   Gulf Island Fabrication Inc.   343   1
    Equitrans Midstream Corp.   200   1
*   Overseas Shipholding Group Inc. Class A   400   1
*   Helix Energy Solutions Group Inc.   546   1
* Navigator Holdings Ltd. 200 1
*   Magnolia Oil & Gas Corp. Class A   200   1
*   Centennial Resource Development Inc. Class A   3,000   1
* SandRidge Energy Inc. 812 1
  Halliburton Co. 100 1
* PDC Energy Inc. 100 1
  Murphy Oil Corp. 100 1
* WPX Energy Inc. 200 1
* Energy Fuels Inc. 500 1
* Noble Corp. plc 2,100 1
*   Earthstone Energy Inc. Class A   300   1
*   Whiting Petroleum Corp.   700   —
*   Natural Gas Services Group Inc.   100   —
* FTS International Inc. 1,986 —
* Tellurian Inc. 300 —
* Contura Energy Inc. 100 —
  RPC Inc. 100 —
  Cenovus Energy Inc. 100 —
* ION Geophysical Corp. 100 —
* CNX Resources Corp. 5 —
* SilverBow Resources Inc. 3 —
      198,194
Financials (10.2%)    
*   Berkshire Hathaway Inc.   580,327   106,101
  JPMorgan Chase & Co. 1,045,062 94,087
  Bank of America Corp. 3,579,406 75,991
  Citigroup Inc. 1,688,438 71,117
  Morgan Stanley 1,231,891 41,884
    Intercontinental Exchange Inc.   449,313   36,282
  Allstate Corp. 374,276 34,332
  S&P Global Inc. 139,080 34,082
  American Express Co. 328,983 28,164
  MetLife Inc. 843,318 25,780
  Moody’s Corp. 118,177 24,994
  US Bancorp 644,915 22,217
  State Street Corp. 359,644 19,158

 

 9 

 

 

Growth and Income Fund    
     
     
    Market
    Value·
  Shares ($000)
    Capital One Financial Corp.   377,061   19,011
  MSCI Inc. Class A 60,837 17,579
  Synchrony Financial 1,055,720 16,987
    Cincinnati Financial Corp.   212,620   16,042
  Regions Financial Corp. 1,750,885 15,705
  BlackRock Inc. 34,610 15,227
  Unum Group 931,823 13,987
  Wells Fargo & Co. 469,715 13,481
  Fifth Third Bancorp 901,808 13,392
    Hartford Financial Services Group Inc.   361,790   12,750
    Bank of New York Mellon Corp.   314,169   10,581
    Discover Financial Services   293,879   10,483
  T. Rowe Price Group Inc. 98,760 9,644
    Marsh & McLennan Cos. Inc.   111,500   9,640
    E*TRADE Financial Corp.   276,200   9,479
  Ameriprise Financial Inc. 91,864 9,414
  Progressive Corp. 125,000 9,230
  CME Group Inc. 47,250 8,170
    PNC Financial Services Group Inc.   83,550   7,997
    Cboe Global Markets Inc.   88,661   7,913
  M&T Bank Corp. 74,580 7,714
  Arthur J Gallagher & Co. 86,330 7,037
    Willis Towers Watson plc   41,020   6,967
    Goldman Sachs Group Inc.   39,720   6,140
  Comerica Inc. 198,714 5,830
  Aflac Inc. 165,526 5,668
  WR Berkley Corp. 101,020 5,270
    Citizens Financial Group Inc.   257,130   4,837
  Aon plc 28,790 4,752
  Zions Bancorp NA 154,412 4,132
    Affiliated Managers Group Inc.   50,210   2,969
  Ares Capital Corp. 209,900 2,263
  KeyCorp 190,560 1,976
  Invesco Ltd. 191,880 1,742
  Prudential Financial Inc. 31,366 1,635
    First American Financial Corp.   38,200   1,620
  Globe Life Inc. 15,200 1,094
    Principal Financial Group Inc.   30,500   956
    Fidelity National Financial Inc.   37,400   931
  First Hawaiian Inc. 55,500 917
* SVB Financial Group 6,070 917
  Nasdaq Inc. 9,236 877
  First Republic Bank 8,800 724
    American International Group Inc.   29,300   711
  Equitable Holdings Inc. 47,400 685
*   Brighthouse Financial Inc.   26,990   652
  Wintrust Financial Corp. 17,000 559
  East West Bancorp Inc. 20,000 515
* Green Dot Corp. Class A 19,400 493
    LPL Financial Holdings Inc.   7,800   425
* PRA Group Inc. 15,200 421
  Navient Corp. 38,694 293
  Lincoln National Corp. 9,500 250
    Bank of NT Butterfield & Son Ltd.   14,500   247
  Primerica Inc. 2,700 239
    Ares Management Corp. Class A   7,400   229
  Voya Financial Inc. 5,500 223
    Blackstone Group LP Class A   4,400   201
    Starwood Property Trust Inc.   18,700   192
  Truist Financial Corp. 6,200 191
  Popular Inc. 5,000 175
* Markel Corp. 180 167
  Owl Rock Capital Corp. 14,300 165
*   Third Point Reinsurance Ltd.   17,484   130
^ Golub Capital BDC Inc. 10,200 128
    International Bancshares Corp.   4,700   126
  Webster Financial Corp. 5,400 124
    Western Alliance Bancorp   4,000   122
  MGIC Investment Corp. 18,881 120
    First Financial Bankshares Inc.   4,200   113
    National General Holdings Corp.   6,608   109
    Tradeweb Markets Inc. Class A   2,600   109
  FS KKR Capital Corp. 34,500 104
  Mercury General Corp. 2,300 94
* Encore Capital Group Inc. 4,000 94
  CNO Financial Group Inc. 7,400 92
  Umpqua Holdings Corp. 7,600 83
  Investors Bancorp Inc. 10,300 82

 

 10 

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
  Morningstar Inc. 700 81
  First BanCorp (XNYS) 15,200 81
    Allegiance Bancshares Inc.   3,300   80
  Washington Federal Inc. 2,867 74
    Apollo Commercial Real Estate Finance Inc.   10,000   74
  FNB Corp. 9,900 73
    Commerce Bancshares Inc.   1,300   65
    Westamerica Bancorporation   1,113   65
    Community Bank System Inc.   1,100   65
* On Deck Capital Inc. 40,400 62
  Renasant Corp. 2,800 61
  Associated Banc-Corp 4,300 55
  CIT Group Inc. 2,900 50
  Banner Corp. 1,500 50
    American Financial Group Inc.   700   49
*   Benefytt Technologies Inc. Class A   2,100   47
* Blucora Inc. 3,900 47
    Brightsphere Investment Group Inc.   6,900   44
  Federated Hermes Inc. 2,100 40
  OneMain Holdings Inc. 2,000 38
* Arch Capital Group Ltd. 1,338 38
    Southside Bancshares Inc.   1,200   37
    Great Southern Bancorp Inc.   900   36
    Janus Henderson Group plc   2,339   36
  MFA Financial Inc. 22,900 36
    Central Pacific Financial Corp.   2,100   33
* Trupanion Inc. 1,200 31
  Eagle Bancorp Inc. 1,000 30
    Capitol Federal Financial Inc.   2,600   30
  Apollo Investment Corp. 4,443 30
  Stock Yards Bancorp Inc. 1,022 30
    BlackRock TCP Capital Corp.   4,600   29
  TCG BDC Inc. 5,400 28
* eHealth Inc. 200 28
  BancFirst Corp. 805 27
* Credit Acceptance Corp. 100 26
  Hanmi Financial Corp. 2,264 25
*   Atlantic Capital Bancshares Inc.   2,023   24
  South State Corp. 400 24
    Peapack Gladstone Financial Corp.   1,298   23
  Axis Capital Holdings Ltd. 600 23
    Pinnacle Financial Partners Inc.   600   23
    Bain Capital Specialty Finance Inc.   2,400   22
  Peoples Bancorp Inc. 1,000 22
  CVB Financial Corp. 1,100 22
* Ocwen Financial Corp. 42,600 21
    HomeTrust Bancshares Inc.   1,322   21
  TriCo Bancshares 700 21
  First Busey Corp. 1,200 21
  State Auto Financial Corp. 700 19
  BankUnited Inc. 1,032 19
  First Bancorp (XNGS) 801 19
  Cowen Inc. 1,800 17
    Granite Point Mortgage Trust Inc.   3,400   17
* Enova International Inc. 1,100 16
    First Midwest Bancorp Inc.   1,200   16
  Capital Southwest Corp. 1,340 15
  Erie Indemnity Co. Class A 100 15
  CBTX Inc. 834 15
    ServisFirst Bancshares Inc.   500   15
  Independent Bank Corp. 1,122 14
  Tompkins Financial Corp. 200 14
  Credicorp Ltd. 100 14
    First Financial Northwest Inc.   1,386   14
  First Financial Corp. 407 14
* MBIA Inc. 1,900 14
      American Equity Investment Life Holding Co.   718   14
  HomeStreet Inc. 601 13
  Horizon Bancorp Inc. 1,228 12
    Southern National Bancorp of Virginia Inc.   1,200   12
  Flushing Financial Corp. 850 11
  Arbor Realty Trust Inc. 2,300 11
  Univest Financial Corp. 680 11
  Travelers Cos. Inc. 100 10
    Hanover Insurance Group Inc.   100   9
  Bank of Marin Bancorp 300 9
  Bryn Mawr Bank Corp. 300 9
    Reinsurance Group of America Inc.   100   8
      Sculptor Capital Management Inc. Class A   600   8

 

 11 

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
  Signature Bank 100 8
  CenterState Bank Corp. 465 8
  Exantas Capital Corp. 2,900 8
  Flagstar Bancorp Inc. 400 8
  Kearny Financial Corp. 900 8
  Northern Trust Corp. 100 8
  Lakeland Financial Corp. 201 7
  Lakeland Bancorp Inc. 680 7
    United Community Banks Inc.   400   7
  Ally Financial Inc. 500 7
    Boston Private Financial Holdings Inc.   971   7
  Opus Bank 400 7
    Heritage Commerce Corp.   900   7
  1st Source Corp. 200 7
  AMERISAFE Inc. 100 6
      Independent Bank Corp. of Rockland Massachusetts     100     6
    Great Western Bancorp Inc.   307   6
* World Acceptance Corp. 100 5
  First Merchants Corp. 200 5
* Elevate Credit Inc. 4,803 5
    Selective Insurance Group Inc.   100   5
    Prosperity Bancshares Inc.   100   5
  UMB Financial Corp. 100 5
  SEI Investments Co. 100 5
  Amalgamated Bank 405 4
    OceanFirst Financial Corp.   274   4
    ConnectOne Bancorp Inc.   300   4
  Walker & Dunlop Inc. 100 4
  Banc of California Inc. 500 4
  Ladder Capital Corp. 800 4
    Pacific Premier Bancorp Inc.   198   4
  IBERIABANK Corp. 100 4
  PJT Partners Inc. 83 4
    TD Ameritrade Holding Corp.   100   3
  Preferred Bank 100 3
  Charles Schwab Corp. 100 3
    Colony Credit Real Estate Inc.   800   3
  Hilltop Holdings Inc. 200 3
  Byline Bancorp Inc. 291 3
  City Holding Co. 45 3
    Argo Group International Holdings Ltd.   76   3
  S&T Bancorp Inc. 100 3
  QCR Holdings Inc. 100 3
    Stewart Information Services Corp.   100   3
    First Interstate BancSystem Inc. Class A   92   3
  Essent Group Ltd. 100 3
  Assured Guaranty Ltd. 100 3
  WSFS Financial Corp. 100 3
*   Athene Holding Ltd. Class A   100   3
  Moelis & Co. Class A 88 3
    Horizon Technology Finance Corp.   300   2
  Ameris Bancorp 100 2
    First Mid Bancshares Inc.   100   2
    Northwest Bancshares Inc.   200   2
    Westwood Holdings Group Inc.   125   2
    Sandy Spring Bancorp Inc.   100   2
*   Texas Capital Bancshares Inc.   100   2
  Meridian Bancorp Inc. 197 2
    Meta Financial Group Inc.   100   2
    Heritage Insurance Holdings Inc.   200   2
  Sterling Bancorp 200 2
  Main Street Capital Corp. 100 2
  FGL Holdings 200 2
  Hancock Whitney Corp. 100 2
*   Republic First Bancorp Inc.   870   2
  BancorpSouth Bank 100 2
  Home Bancorp Inc. 76 2
    Simmons First National Corp. Class A   100   2
  TrustCo Bank Corp. NY 339 2
* Axos Financial Inc. 100 2
  PacWest Bancorp 100 2
  OFG Bancorp 158 2
  Nelnet Inc. Class A 38 2
  Franklin Resources Inc. 100 2
  THL Credit Inc. 600 2
  Trustmark Corp. 66 2
    KKR Real Estate Finance Trust Inc.   100   2
* Columbia Financial Inc. 100 1
    Ares Commercial Real Estate Corp.   200   1
    TPG Specialty Lending Inc.   100   1

 

 12 

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
  WesBanco Inc. 57 1
* Bancorp Inc. 200 1
  Home BancShares Inc. 99 1
  Solar Capital Ltd. 100 1
    Waddell & Reed Financial Inc. Class A   100   1
  TCF Financial Corp. 50 1
    People’s United Financial Inc.   100   1
    Oaktree Specialty Lending Corp.   300   1
*   TriState Capital Holdings Inc.   100   1
    New York Community Bancorp Inc.   100   1
    WisdomTree Investments Inc.   400   1
    Oxford Square Capital Corp.   352   1
    ARMOUR Residential REIT Inc.   100   1
    Cadence BanCorp Class A   132   1
    Saratoga Investment Corp.   69   1
* LendingClub Corp. 100 1
    Gladstone Investment Corp.   100   1
    PennantPark Investment Corp.   300   1
  BGC Partners Inc. Class A 300 1
  Valley National Bancorp 100 1
  Old Second Bancorp Inc. 100 1
* Cannae Holdings Inc. 17 1
    TPG RE Finance Trust Inc.   100   1
    Annaly Capital Management Inc.   100   1
  Prospect Capital Corp. 100 —
  United Bankshares Inc. 18 —
    Invesco Mortgage Capital Inc.   100   —
    First Defiance Financial Corp.   23   —
    Oppenheimer Holdings Inc. Class A   13   —
  Veritex Holdings Inc. 11 —
    AG Mortgage Investment Trust Inc.   38   —
  Evercore Inc. 1 —
*   Spirit of Texas Bancshares Inc.   1   —
      949,259
Health Care (15.3%)    
  Johnson & Johnson 1,462,886 191,828
  Merck & Co. Inc. 1,491,556 114,760
  UnitedHealth Group Inc. 436,192 108,778
  AbbVie Inc. 1,104,861 84,179
  Eli Lilly & Co. 466,748 64,747
  Pfizer Inc. 1,822,878 59,499
  Abbott Laboratories 730,649 57,656
  Medtronic plc 554,235 49,981
  Gilead Sciences Inc. 555,138 41,502
  Bristol-Myers Squibb Co. 699,531 38,992
* Biogen Inc. 119,083 37,675
    Thermo Fisher Scientific Inc.   118,083   33,488
  Amgen Inc. 151,435 30,700
  Cardinal Health Inc. 611,516 29,316
  CVS Health Corp. 486,557 28,867
    Agilent Technologies Inc.   363,166   26,010
* Incyte Corp. 328,538 24,059
* DaVita Inc. 295,867 22,504
    AmerisourceBergen Corp. Class A   252,995   22,390
  Cigna Corp. 119,785 21,223
*   Vertex Pharmaceuticals Inc.   87,390   20,794
* IQVIA Holdings Inc. 183,771 19,822
  Humana Inc. 61,450 19,297
* Align Technology Inc. 109,470 19,042
  Stryker Corp. 109,690 18,262
*   Varian Medical Systems Inc.   168,433   17,291
  HCA Healthcare Inc. 184,084 16,540
* Intuitive Surgical Inc. 31,901 15,798
* Henry Schein Inc. 298,660 15,088
  STERIS plc 99,250 13,892
*   Edwards Lifesciences Corp.   71,140   13,418
    Zimmer Biomet Holdings Inc.   113,036   11,426
  Anthem Inc. 49,396 11,215
  Zoetis Inc. 86,600 10,192
*   Regeneron Pharmaceuticals Inc.   16,680   8,145
  Danaher Corp. 53,918 7,463
* Hologic Inc. 200,597 7,041
  Cerner Corp. 90,800 5,719
  Allergan plc 29,160 5,164
*   Mettler-Toledo International Inc.   7,005   4,837
* Molina Healthcare Inc. 34,400 4,806
  Baxter International Inc. 55,000 4,465
* Boston Scientific Corp. 136,261 4,446

 

 13 

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
    Universal Health Services Inc. Class B   37,637   3,729
*   Horizon Therapeutics plc   117,150   3,470
* Centene Corp. 53,270 3,165
  Dentsply Sirona Inc. 75,600 2,936
* Waters Corp. 15,879 2,891
* IDEXX Laboratories Inc. 8,614 2,087
  ResMed Inc. 13,170 1,940
  Bruker Corp. 51,300 1,840
*   ACADIA Pharmaceuticals Inc.   42,800   1,808
  Becton Dickinson and Co. 7,719 1,774
*   Alexion Pharmaceuticals Inc.   19,510   1,752
* Amedisys Inc. 9,515 1,746
*   Karyopharm Therapeutics Inc.   73,700   1,416
* Teladoc Health Inc. 9,100 1,411
* Zogenix Inc. 56,600 1,400
* Elanco Animal Health Inc. 59,300 1,328
* Alcon Inc. 21,600 1,098
*   Halozyme Therapeutics Inc.   60,300   1,085
* ABIOMED Inc. 7,450 1,081
* Qiagen NV 25,700 1,069
* Pacira BioSciences Inc. 29,840 1,001
* Lannett Co. Inc. 128,464 893
* Amicus Therapeutics Inc. 94,900 877
* Myriad Genetics Inc. 58,300 834
* DexCom Inc. 2,500 673
*   Axsome Therapeutics Inc.   10,800   635
* CRISPR Therapeutics AG 13,400 568
* Medpace Holdings Inc. 7,600 558
*   Arrowhead Pharmaceuticals Inc.   18,600   535
  Quest Diagnostics Inc. 6,200 498
*,^ CEL-SCI Corp. 42,500 490
* LivaNova plc 10,200 462
* Editas Medicine Inc. 22,408 444
*   Ultragenyx Pharmaceutical Inc.   9,900   440
* Fate Therapeutics Inc. 19,495 433
  McKesson Corp. 3,139 425
* Sage Therapeutics Inc. 14,600 419
* Coherus Biosciences Inc. 25,800 418
* Magellan Health Inc. 8,600 414
*   OraSure Technologies Inc.   38,200   411
* Cara Therapeutics Inc. 31,100 411
* Retrophin Inc. 28,000 409
* ICON plc 2,900 394
* Heron Therapeutics Inc. 33,200 390
* HMS Holdings Corp. 15,200 384
* PTC Therapeutics Inc. 8,400 375
*   Portola Pharmaceuticals Inc.   47,500   339
  Encompass Health Corp. 5,200 333
* United Therapeutics Corp. 3,292 312
*   Taro Pharmaceutical Industries Ltd.   5,024   307
* Neogen Corp. 4,500 301
* Akebia Therapeutics Inc. 39,216 297
*   Global Blood Therapeutics Inc.   5,700   291
*   Biohaven Pharmaceutical Holding Co. Ltd.   8,343   284
* Globus Medical Inc. 6,500 276
*   AMAG Pharmaceuticals Inc.   44,700   276
* Illumina Inc. 992 271
*   Neurocrine Biosciences Inc.   3,100   268
*,^ Omeros Corp. 19,900 266
* CareDx Inc. 11,700 255
* Twist Bioscience Corp. 8,300 254
* Alkermes plc 17,100 247
*,^ Akcea Therapeutics Inc. 17,200 246
* Acceleron Pharma Inc. 2,700 243
*   Corbus Pharmaceuticals Holdings Inc.   45,500   238
*   Intercept Pharmaceuticals Inc.   3,600   227
* Envista Holdings Corp. 14,400 215
*   Triple-S Management Corp. Class B   14,900   210
* MyoKardia Inc. 4,100 192
*   Catalyst Pharmaceuticals Inc.   47,663   183
* Ardelyx Inc. 32,169 183
* Tenet Healthcare Corp. 11,500 166
*   Assertio Therapeutics Inc.   252,500   164
* IVERIC bio Inc. 47,500 163
* Immunomedics Inc. 12,000 162
* Veeva Systems Inc. Class A 976 153
*   Integra LifeSciences Holdings Corp.   3,300   147
* Sarepta Therapeutics Inc. 1,500 147
* Repligen Corp. 1,500 145
* Recro Pharma Inc. 17,600 144
* AnaptysBio Inc. 9,900 140
* Nevro Corp. 1,300 130
* Exelixis Inc. 7,096 122
  Luminex Corp. 4,400 121
* Inogen Inc. 2,300 119
* Quidel Corp. 1,200 117

 

 14 

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
* Emergent BioSolutions Inc. 2,000 116
* Dicerna Pharmaceuticals Inc. 6,200 114
* Allscripts Healthcare Solutions Inc. 16,100 113
* Ionis Pharmaceuticals Inc. 2,291 108
* Dynavax Technologies Corp. 30,300 107
* Mylan NV 7,000 104
  Hill-Rom Holdings Inc. 1,000 101
* Alnylam Pharmaceuticals Inc. 900 98
* Cerus Corp. 20,900 97
* Catalent Inc. 1,800 94
* Insmed Inc. 5,400 87
* AngioDynamics Inc. 7,800 81
* Paratek Pharmaceuticals Inc. 24,700 78
* Intra-Cellular Therapies Inc. 5,000 77
* Natera Inc. 2,500 75
* Avanos Medical Inc. 2,700 73
* Cymabay Therapeutics Inc. 44,417 66
* Spectrum Pharmaceuticals Inc. 27,900 65
* Tactile Systems Technology Inc. 1,600 64
* Neoleukin Therapeutics Inc. 5,426 62
* PetIQ Inc. 2,600 60
* Vanda Pharmaceuticals Inc. 5,800 60
* TG Therapeutics Inc. 6,010 59
* Aurinia Pharmaceuticals Inc. 4,000 58
* Radius Health Inc. 4,400 57
* AtriCure Inc. 1,700 57
* CytomX Therapeutics Inc. 7,340 56
* Innoviva Inc. 4,700 55
* Corcept Therapeutics Inc. 4,300 51
* Premier Inc. Class A 1,500 49
* Supernus Pharmaceuticals Inc. 2,500 45
  Chemed Corp. 100 43
* GenMark Diagnostics Inc. 10,200 42
* Natus Medical Inc. 1,800 42
* Eagle Pharmaceuticals Inc. 900 41
* Flexion Therapeutics Inc. 5,100 40
* Omnicell Inc. 611 40
* Xeris Pharmaceuticals Inc. 17,300 34
  Patterson Cos. Inc. 2,200 34
* Orthofix Medical Inc. 1,200 34
* Syndax Pharmaceuticals Inc. 2,900 32
* HealthStream Inc. 1,300 31
* Varex Imaging Corp. 1,310 30
  Cooper Cos. Inc. 100 28
* NextGen Healthcare Inc. 2,393 25
* Kodiak Sciences Inc. 502 24
* Cronos Group Inc. 4,200 24
* Accuray Inc. 12,500 24
* Seres Therapeutics Inc. 5,657 20
* AcelRx Pharmaceuticals Inc. 16,600 20
* Lexicon Pharmaceuticals Inc. 9,800 19
* Theravance Biopharma Inc. 800 18
* Athenex Inc. 2,300 18
* Masimo Corp. 100 18
* BioDelivery Sciences International Inc. 4,600 17
* Insulet Corp. 100 17
* Solid Biosciences Inc. 6,900 16
* ANI Pharmaceuticals Inc. 400 16
* Aquestive Therapeutics Inc. 7,400 16
* STAAR Surgical Co. 500 16
* Oxford Immunotec Global plc 1,698 16
  Phibro Animal Health Corp. Class A 600 14
* Reata Pharmaceuticals Inc. Class A 100 14
* REGENXBIO Inc. 400 13
* Laboratory Corp. of America Holdings 100 13
* Charles River Laboratories International Inc. 100 13
* Stemline Therapeutics Inc. 2,345 11
* Zymeworks Inc. 300 11
* Surmodics Inc. 300 10
* Haemonetics Corp. 100 10
* Bio-Rad Laboratories Inc. 28 10
* Myovant Sciences Ltd. 1,300 10
* MEDNAX Inc. 746 9
* BioMarin Pharmaceutical Inc. 100 8
* Deciphera Pharmaceuticals Inc. 200 8
* MacroGenics Inc. 1,400 8

 

 15 

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
* Integer Holdings Corp. 124 8
* Calyxt Inc. 2,333 8
* Novocure Ltd. 100 7
* Abeona Therapeutics Inc. 3,000 6
* Agenus Inc. 2,553 6
* Avid Bioservices Inc. 1,200 6
* Principia Biopharma Inc. 100 6
* MannKind Corp. 5,600 6
* NuVasive Inc. 104 5
* Protagonist Therapeutics Inc. 700 5
  Perrigo Co. plc 98 5
  PerkinElmer Inc. 56 4
* PolarityTE Inc. 3,900 4
* GlycoMimetics Inc. 1,799 4
* Syneos Health Inc. 100 4
* ChemoCentryx Inc. 98 4
  Owens & Minor Inc. 400 4
* Meridian Bioscience Inc. 420 4
* Aeglea BioTherapeutics Inc. 706 3
* uniQure NV 68 3
* Esperion Therapeutics Inc. 100 3
* Merit Medical Systems Inc. 100 3
* Hanger Inc. 200 3
* ImmunoGen Inc. 894 3
* Iovance Biotherapeutics Inc. 100 3
* FONAR Corp. 200 3
* Anika Therapeutics Inc. 100 3
* Wright Medical Group NV 100 3
* Compugen Ltd. 393 3
* Rocket Pharmaceuticals Inc. 200 3
* Adaptive Biotechnologies Corp. 100 3
* Momenta Pharmaceuticals Inc. 100 3
* MeiraGTx Holdings plc 200 3
* Apellis Pharmaceuticals Inc. 100 3
* Exact Sciences Corp. 45 3
* Veracyte Inc. 100 2
* Quotient Ltd. 600 2
* Cytokinetics Inc. 200 2
* Evolent Health Inc. Class A 400 2
* Prothena Corp. plc 200 2
* Eiger BioPharmaceuticals Inc. 300 2
* Adverum Biotechnologies Inc. 200 2
* Sorrento Therapeutics Inc. 1,000 2
* Voyager Therapeutics Inc. 200 2
* Nektar Therapeutics Class A 100 2
* Concert Pharmaceuticals Inc. 200 2
* Pfenex Inc. 200 2
* Mersana Therapeutics Inc. 300 2
* Pacific Biosciences of California Inc. 570 2
* Chimerix Inc. 1,200 2
* Puma Biotechnology Inc. 200 2
* Moderna Inc. 55 2
* CorVel Corp. 30 2
* Collegium Pharmaceutical Inc. 100 2
* Bausch Health Cos. Inc. 100 2
* PDS Biotechnology Corp. 2,090 2
* Select Medical Holdings Corp. 100 1
  Invacare Corp. 200 1
* Aimmune Therapeutics Inc. 100 1
* Jounce Therapeutics Inc. 300 1
* BioCryst Pharmaceuticals Inc. 700 1
* Five Prime Therapeutics Inc. 600 1
* Calithera Biosciences Inc. 300 1
* Menlo Therapeutics Inc. 477 1
* Lantheus Holdings Inc. 100 1
* Enzo Biochem Inc. 500 1
* Avantor Inc. 100 1
* CTI BioPharma Corp. 1,300 1
* Assembly Biosciences Inc. 80 1
* Intersect ENT Inc. 100 1
* ElectroCore Inc. 1,186 1
* ProQR Therapeutics NV 205 1
* Fluidigm Corp. 440 1
* Endo International plc 300 1
* Aptinyx Inc. 500 1
* XBiotech Inc. 100 1
* Ironwood Pharmaceuticals Inc. 100 1
* La Jolla Pharmaceutical Co. 240 1
* Mallinckrodt plc 509 1
* Option Care Health Inc. 100 1
* OPKO Health Inc. 700 1
* WaVe Life Sciences Ltd. 100 1
* Aduro Biotech Inc. 336 1
* Rockwell Medical Inc. 436 1
* Covetrus Inc. 100 1

 

 16 

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
* Bellicum Pharmaceuticals Inc. 175 1
* vTv Therapeutics Inc. Class A 406 1
* Inovio Pharmaceuticals Inc. 97 1
* Amneal Pharmaceuticals Inc. 200 1
* Cross Country Healthcare Inc. 100 1
  LeMaitre Vascular Inc. 27 1
* Clovis Oncology Inc. 100 1
* Strongbridge Biopharma plc 335 1
* Tivity Health Inc. 100 1
* Sesen Bio Inc. 1,100 1
* Affimed NV 380 1
* Genocea Biosciences Inc. 300 1
* Cutera Inc. 32 —
* Sientra Inc. 206 —
* Precigen Inc. 100 —
* RTI Surgical Holdings Inc. 195 —
* Oncternal Therapeutics Inc. 100 —
*,^ Senseonics Holdings Inc. 400 —
* Fortress Biotech Inc. 100 —
*,§ Alexion Pharmaceuticals, Inc. CVR Exp. 06/29/2024 400 —
*,§ Alder BioPharmaceuticals CVR Exp. 12/31/2024 200 —
* Durect Corp. 100 —
  Computer Programs & Systems Inc. 5 —
* Arbutus Biopharma Corp. 100 —
* VBI Vaccines Inc. 100 —
* Five Star Senior Living Inc. 6 —
* Baudax Bio Inc. 4 —
* Viveve Medical Inc. 1 —
      1,427,362
Industrials (7.9%)    
  Lockheed Martin Corp. 215,906 73,181
  Honeywell International Inc. 376,423 50,362
  Union Pacific Corp. 289,390 40,816
  Rockwell Automation Inc. 268,037 40,449
  General Electric Co. 4,657,582 36,981
  United Technologies Corp. 325,740 30,727
  Northrop Grumman Corp. 91,160 27,580
  Johnson Controls International plc 988,119 26,640
  Expeditors International of Washington Inc. 349,097 23,292
  Illinois Tool Works Inc. 137,528 19,545
  WW Grainger Inc. 77,442 19,244
  Raytheon Co. 137,129 17,984
  Masco Corp. 486,316 16,812
  Dover Corp. 194,838 16,355
  AMETEK Inc. 220,790 15,901
  Delta Air Lines Inc. 523,790 14,944
  Nielsen Holdings plc 1,184,255 14,851
  Jacobs Engineering Group Inc. 174,896 13,864
  Roper Technologies Inc. 38,399 11,973
  Eaton Corp. plc 152,806 11,871
  3M Co. 85,305 11,645
  PACCAR Inc. 189,876 11,607
  L3Harris Technologies Inc. 60,210 10,845
  Waste Management Inc. 114,500 10,598
  Verisk Analytics Inc. 75,580 10,534
  Trane Technologies plc 127,435 10,525
  Alaska Air Group Inc. 365,897 10,417
  Cummins Inc. 74,400 10,068
  Emerson Electric Co. 191,556 9,128
  Quanta Services Inc. 278,340 8,832
  Cintas Corp. 50,260 8,706
  Caterpillar Inc. 68,100 7,902
* Copart Inc. 105,770 7,247
  Allegion plc 73,890 6,799
  Republic Services Inc. 90,410 6,786
  Robert Half International Inc. 178,922 6,754
  Boeing Co. 35,293 5,264
  Ingersoll Rand Inc. 193,883 4,808
  Allison Transmission Holdings Inc. 142,200 4,637
  CH Robinson Worldwide Inc. 61,657 4,082
  Pentair plc 111,199 3,309
  Huntington Ingalls Industries Inc. 18,016 3,283
  Stanley Black & Decker Inc. 31,500 3,150
  IHS Markit Ltd. 48,420 2,905
  TransDigm Group Inc. 8,120 2,600
  Kansas City Southern 19,398 2,467
  Fastenal Co. 76,420 2,388
  United Parcel Service Inc. Class B 24,200 2,261
  General Dynamics Corp. 15,834 2,095
  Old Dominion Freight Line Inc. 15,870 2,083
* HD Supply Holdings Inc. 70,900 2,016
  nVent Electric plc 118,927 2,006

 

 17 

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
  Parker-Hannifin Corp. 12,760 1,655
* IAA Inc. 53,444 1,601
  Equifax Inc. 12,409 1,482
  Acuity Brands Inc. 13,400 1,148
  Fortune Brands Home & Security Inc. 22,200 960
  Rollins Inc. 25,259 913
  Spirit AeroSystems Holdings Inc. Class A 35,000 838
* Aerojet Rocketdyne Holdings Inc. 17,900 749
  Textron Inc. 25,414 678
  Fluor Corp. 79,200 547
  Ritchie Bros Auctioneers Inc. (XNYS) 13,800 472
* XPO Logistics Inc. 7,500 366
* Resideo Technologies Inc. 69,900 338
  Knight-Swift Transportation Holdings Inc. 10,000 328
* FTI Consulting Inc. 2,500 299
  Werner Enterprises Inc. 8,200 297
* Great Lakes Dredge & Dock Corp. 35,800 297
  TransUnion 4,100 271
* United Airlines Holdings Inc. 7,985 252
  Moog Inc. Class A 4,833 244
  Arcosa Inc. 5,700 227
  Lindsay Corp. 2,400 220
  ArcBest Corp. 12,140 213
  CSX Corp. 2,900 166
* AerCap Holdings NV 6,109 139
  Armstrong World Industries Inc. 1,666 132
  Schneider National Inc. Class B 5,700 110
  Snap-on Inc. 1,000 109
  HNI Corp. 4,300 108
  Graco Inc. 2,000 97
* Kratos Defense & Security Solutions Inc. 6,900 95
* TriNet Group Inc. 2,500 94
  ManpowerGroup Inc. 1,700 90
  Korn Ferry 3,700 90
  Tetra Tech Inc. 1,200 85
  Knoll Inc. 8,175 84
* Kirby Corp. 1,900 83
  Oshkosh Corp. 1,200 77
  Kforce Inc. 2,824 72
  Altra Industrial Motion Corp. 3,900 68
* Stericycle Inc. 1,300 63
  Heidrick & Struggles International Inc. 2,700 61
* Forrester Research Inc. 2,056 60
* Teledyne Technologies Inc. 200 59
* Gibraltar Industries Inc. 1,300 56
* BrightView Holdings Inc. 4,800 53
  Flowserve Corp. 2,200 53
  Brink’s Co. 1,000 52
  Mobile Mini Inc. 1,963 51
* Builders FirstSource Inc. 3,700 45
  Advanced Drainage Systems Inc. 1,400 41
* Harsco Corp. 5,586 39
* Elbit Systems Ltd. 300 38
  Primoris Services Corp. 2,300 37
* JELD-WEN Holding Inc. 3,700 36
  Forward Air Corp. 700 35
  McGrath RentCorp 653 34
* Masonite International Corp. 707 34
  Southwest Airlines Co. 900 32
* Generac Holdings Inc. 315 29
* Textainer Group Holdings Ltd. 3,500 29
  EnPro Industries Inc. 700 28
* Thermon Group Holdings Inc. 1,765 27
* Clean Harbors Inc. 500 26
* Orion Group Holdings Inc. 9,563 25
* Atkore International Group Inc. 1,100 23
  John Bean Technologies Corp. 300 22
  Quanex Building Products Corp. 2,200 22
* Titan Machinery Inc. 2,500 22
* TrueBlue Inc. 1,700 22
* NOW Inc. 3,900 20
  Quad/Graphics Inc. 7,507 19
  Steelcase Inc. Class A 1,900 19
  Herman Miller Inc. 800 18
  Macquarie Infrastructure Corp. 700 18
  Insperity Inc. 400 15
  Raven Industries Inc. 700 15
  Norfolk Southern Corp. 100 15
* BMC Stock Holdings Inc. 800 14
* Sunrun Inc. 1,400 14
  Interface Inc. 1,800 14
  Pitney Bowes Inc. 6,400 13
  FedEx Corp. 100 12
  Kimball International Inc. Class B 1,000 12
  Hubbell Inc. 100 11

 

 18 

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
* Tutor Perini Corp. 1,600 11
  REV Group Inc. 2,576 11
* United Rentals Inc. 100 10
  Landstar System Inc. 100 10
  Curtiss-Wright Corp. 100 9
  ARC Document Solutions Inc. 11,400 9
  Caesarstone Ltd. 762 8
* Franklin Covey Co. 500 8
* Air Transport Services Group Inc. 400 7
  Exponent Inc. 100 7
  Luxfer Holdings plc 498 7
  Lincoln Electric Holdings Inc. 100 7
  Toro Co. 100 7
  GrafTech International Ltd. 759 6
  EMCOR Group Inc. 100 6
* AeroVironment Inc. 100 6
  Canadian Pacific Railway Ltd. 26 6
* SPX FLOW Inc. 200 6
  Fortive Corp. 101 6
* Cimpress plc 100 5
* Kornit Digital Ltd. 200 5
  EnerSys 100 5
  AGCO Corp. 100 5
* Hub Group Inc. Class A 100 5
  Applied Industrial Technologies Inc. 98 4
  Barnes Group Inc. 100 4
  Owens Corning 100 4
  Donaldson Co. Inc. 100 4
  Hillenbrand Inc. 200 4
  AO Smith Corp. 100 4
  Ennis Inc. 200 4
  Hexcel Corp. 100 4
  Comfort Systems USA Inc. 100 4
  MSC Industrial Direct Co. Inc. Class A 65 4
  AAR Corp. 200 4
* ASGN Inc. 100 4
  CRA International Inc. 100 3
* Advanced Disposal Services Inc. 100 3
* MasTec Inc. 100 3
* SPX Corp. 100 3
  Timken Co. 100 3
  Rush Enterprises Inc. Class A 100 3
* Sensata Technologies Holding plc 100 3
* Uber Technologies Inc. 100 3
* Aecom 92 3
  Federal Signal Corp. 100 3
* Lyft Inc. Class A 100 3
  Deluxe Corp. 100 3
  Triton International Ltd. 100 3
* Upwork Inc. 400 3
* Atlas Air Worldwide Holdings Inc. 100 3
  Scorpio Bulkers Inc. 1,000 3
  Columbus McKinnon Corp. 100 3
* LB Foster Co. Class A 194 2
* TriMas Corp. 100 2
* WESCO International Inc. 100 2
  Rexnord Corp. 100 2
  Air Lease Corp. 100 2
  Deere & Co. 16 2
  Resources Connection Inc. 200 2
  Wabash National Corp. 300 2
* Foundation Building Materials Inc. 200 2
  Marten Transport Ltd. 100 2
* Colfax Corp. 100 2
* CBIZ Inc. 91 2
  Kennametal Inc. 100 2
* Mistras Group Inc. 426 2
  Brady Corp. Class A 38 2
* Echo Global Logistics Inc. 100 2
* Manitowoc Co. Inc. 200 2
* Manitex International Inc. 400 2
* Navistar International Corp. 100 2
* American Superconductor Corp. 300 2
  Trinity Industries Inc. 100 2
* GMS Inc. 100 2
  Atlas Corp. 200 2
* Westport Fuel Systems Inc. 1,600 2
* Radiant Logistics Inc. 382 1
  Arconic Inc. 92 1
* Gates Industrial Corp. plc 200 1
* BlueLinx Holdings Inc. 290 1
* CAI International Inc. 100 1
* Commercial Vehicle Group Inc. 900 1
  Insteel Industries Inc. 100 1
* Meritor Inc. 100 1

 

 19 

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
* Armstrong Flooring Inc. 925 1
  Genco Shipping & Trading Ltd. 200 1
* MRC Global Inc. 300 1
  KAR Auction Services Inc. 100 1
* Huron Consulting Group Inc. 26 1
  AZZ Inc. 41 1
  Universal Logistics Holdings Inc. 86 1
  CNH Industrial NV 200 1
  Maxar Technologies Inc. 100 1
  Kelly Services Inc. Class A 84 1
* CECO Environmental Corp. 225 1
  ACCO Brands Corp. 204 1
* Cornerstone Building Brands Inc. 200 1
* YRC Worldwide Inc. 500 1
* Roadrunner Transportation Systems Inc. 300 1
* Corp. America Airports SA 400 1
* USA Truck Inc. 224 1
  ADT Inc. 164 1
* Evoqua Water Technologies Corp. 63 1
* DXP Enterprises Inc. 57 1
* General Finance Corp. 100 1
* Vivint Solar Inc. 92 —
  Briggs & Stratton Corp. 201 —
* Babcock & Wilcox Enterprises Inc. 200 —
  Titan International Inc. 100 —
* Covenant Transportation Group Inc. Class A 14 —
  Spartan Motors Inc. 1 —
      738,944
Information Technology (26.0%)  
  Microsoft Corp. 3,438,726 542,321
  Apple Inc. 1,919,072 488,001
  Visa Inc. Class A 745,994 120,195
  Mastercard Inc. Class A 475,341 114,823
  Intel Corp. 1,391,734 75,321
* Adobe Inc. 227,233 72,315
  NVIDIA Corp. 253,649 66,862
  QUALCOMM Inc. 942,697 63,773
  Cisco Systems Inc. 1,460,671 57,419
  Accenture plc Class A 291,142 47,532
  Lam Research Corp. 179,822 43,157
* Cadence Design Systems Inc. 622,163 41,088
  Texas Instruments Inc. 410,359 41,007
* Advanced Micro Devices Inc. 862,637 39,233
* Fortinet Inc. 374,899 37,929
  Citrix Systems Inc. 267,832 37,912
* VeriSign Inc. 198,830 35,807
  Oracle Corp. 737,366 35,637
  HP Inc. 1,853,202 32,172
* PayPal Holdings Inc. 302,915 29,001
* Qorvo Inc. 316,053 25,483
  Broadcom Inc. 102,829 24,381
  Automatic Data Processing Inc. 166,840 22,804
* Synopsys Inc. 168,851 21,746
  Seagate Technology plc 439,027 21,425
* Autodesk Inc. 136,466 21,302
  Leidos Holdings Inc. 227,682 20,867
  Paychex Inc. 229,439 14,436
* salesforce.com Inc. 98,184 14,137
* Akamai Technologies Inc. 149,803 13,705
  Fidelity National Information Services Inc. 110,670 13,462
  Microchip Technology Inc. 172,700 11,709
  International Business Machines Corp. 104,677 11,612
  Analog Devices Inc. 126,550 11,345
  Motorola Solutions Inc. 83,355 11,080
  NetApp Inc. 257,270 10,726
  Applied Materials Inc. 228,470 10,469
  Intuit Inc. 44,832 10,311
  Maxim Integrated Products Inc. 169,437 8,236
* F5 Networks Inc. 71,600 7,635
* Palo Alto Networks Inc. 41,700 6,837
  Juniper Networks Inc. 329,500 6,307
  Jack Henry & Associates Inc. 40,544 6,294
* Micron Technology Inc. 123,590 5,198
* Keysight Technologies Inc. 60,170 5,035
* Dropbox Inc. Class A 255,100 4,617
  Amphenol Corp. Class A 49,420 3,602
* ANSYS Inc. 14,540 3,380
  Teradyne Inc. 62,300 3,375
  Western Union Co. 174,800 3,169
  FLIR Systems Inc. 93,800 2,991
* Black Knight Inc. 44,600 2,589
  NortonLifeLock Inc. 124,400 2,328
  Xilinx Inc. 29,100 2,268
* Fiserv Inc. 23,828 2,263
* Ciena Corp. 38,900 1,549

 

 20 

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
* Dell Technologies Inc. Class C 38,600 1,527
* DocuSign Inc. Class A 15,600 1,441
  Amdocs Ltd. 25,100 1,380
* GoDaddy Inc. Class A 24,007 1,371
  InterDigital Inc. 30,200 1,348
* Shopify Inc. 3,200 1,334
* ServiceNow Inc. 4,495 1,288
* FleetCor Technologies Inc. 6,760 1,261
  CoreLogic Inc. 40,700 1,243
* Pure Storage Inc. Class A 100,153 1,232
  Global Payments Inc. 8,171 1,179
  Perspecta Inc. 57,455 1,048
  CDW Corp. 9,947 928
  NXP Semiconductors NV 10,400 862
* Blackline Inc. 15,213 800
* Qualys Inc. 8,800 766
  Kulicke & Soffa Industries Inc. 34,300 716
* Ambarella Inc. 14,400 699
* Tower Semiconductor Ltd. 43,400 691
* Flex Ltd. 81,800 685
* Synaptics Inc. 11,000 637
* CommVault Systems Inc. 15,472 626
* Tenable Holdings Inc. 27,800 608
* Inphi Corp. 7,625 604
* Atlassian Corp. plc Class A 4,200 576
  Genpact Ltd. 19,700 575
* MACOM Technology Solutions Holdings Inc. 28,600 541
  Cognex Corp. 12,100 511
* 2U Inc. 23,200 492
  Sabre Corp. 76,000 451
* Unisys Corp. 35,600 440
  National Instruments Corp. 13,000 430
* Workiva Inc. 12,300 398
* Cirrus Logic Inc. 5,900 387
  DXC Technology Co. 28,100 367
* FireEye Inc. 34,400 364
* SolarEdge Technologies Inc. 4,246 348
* 3D Systems Corp. 43,100 332
* Rambus Inc. 26,500 294
* Cardtronics plc Class A 13,800 289
* Elastic NV 5,100 285
* Knowles Corp. 19,800 265
* Avalara Inc. 3,500 261
* Coupa Software Inc. 1,800 252
  ADTRAN Inc. 29,600 227
* Cornerstone OnDemand Inc. 6,800 216
* SVMK Inc. 15,800 213
  NIC Inc. 8,300 191
* Smartsheet Inc. Class A 4,500 187
* Semtech Corp. 4,800 180
* Slack Technologies Inc. Class A 6,400 172
  Alliance Data Systems Corp. 4,700 158
* New Relic Inc. 3,400 157
* Extreme Networks Inc. 47,682 147
* Anaplan Inc. 4,000 121
  ManTech International Corp. Class A 1,645 120
* Box Inc. 8,500 119
*,^ GreenSky Inc. Class A 30,325 116
* Mimecast Ltd. 3,100 109
* Medallia Inc. 5,360 107
  TE Connectivity Ltd. 1,700 107
* SMART Global Holdings Inc. 4,400 107
* BlackBerry Ltd. 24,000 99
* Pluralsight Inc. Class A 8,300 91
* Viavi Solutions Inc. 7,900 89
  Hollysys Automation Technologies Ltd. 6,600 85
  Xperi Corp. 5,400 75
* Check Point Software Technologies Ltd. 733 74
* NeoPhotonics Corp. 9,600 70
* Euronet Worldwide Inc. 800 69
* Manhattan Associates Inc. 1,300 65
* Conduent Inc. 25,700 63
* Sanmina Corp. 2,000 55
* eGain Corp. 6,964 51
* Bottomline Technologies DE Inc. 1,300 48
  NVE Corp. 882 46
* NCR Corp. 2,500 44
* MaxLinear Inc. 3,722 43
* Tucows Inc. Class A 900 43
  Ituran Location and Control Ltd. 2,700 38
* Digimarc Corp. 2,900 38
* Endurance International Group Holdings Inc. 19,018 37
  Skyworks Solutions Inc. 400 36
* Yext Inc. 3,400 35
* Trimble Inc. 850 27
* VirnetX Holding Corp. 4,900 27
* Enphase Energy Inc. 800 26
* Asure Software Inc. 4,250 25

 

 21 

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
* Ribbon Communications Inc. 7,417 22
* NetScout Systems Inc. 900 21
* Radware Ltd. 1,000 21
* SunPower Corp. Class A 4,100 21
* Zebra Technologies Corp. 100 18
* Brightcove Inc. 2,500 17
* Nova Measuring Instruments Ltd. 448 15
* Zuora Inc. Class A 1,800 14
  KLA Corp. 100 14
  Universal Display Corp. 100 13
* Workday Inc. Class A 100 13
* Splunk Inc. 100 13
* Mitek Systems Inc. 1,548 12
* Mellanox Technologies Ltd. 100 12
* VMware Inc. Class A 100 12
* MicroStrategy Inc. 100 12
* Diebold Nixdorf Inc. 3,200 11
* Appfolio Inc. 100 11
* Infinera Corp. 2,000 11
* Proofpoint Inc. 100 10
* Canadian Solar Inc. 600 10
* Aspen Technology Inc. 100 10
  Broadridge Financial Solutions Inc. 100 9
* Anixter International Inc. 100 9
* CyberArk Software Ltd. 100 9
  LogMeIn Inc. 100 8
  MKS Instruments Inc. 100 8
  J2 Global Inc. 100 7
* Verra Mobility Corp. Class A 1,020 7
  Booz Allen Hamilton Holding Corp. 100 7
* Acacia Communications Inc. 100 7
* Casa Systems Inc. 1,900 7
* Gartner Inc. 63 6
  Brooks Automation Inc. 200 6
* SailPoint Technologies Holding Inc. 400 6
* Rosetta Stone Inc. 400 6
  Blackbaud Inc. 100 6
  Dolby Laboratories Inc. Class A 100 5
* Tufin Software Technologies Ltd. 603 5
* RealPage Inc. 100 5
* Square Inc. 100 5
* Arrow Electronics Inc. 100 5
* Ceridian HCM Holding Inc. 100 5
* Advanced Energy Industries Inc. 100 5
* SPS Commerce Inc. 100 5
  Cognizant Technology Solutions Corp. Class A 100 5
  SS&C Technologies Holdings Inc. 100 4
* Iteris Inc. 1,353 4
* Verint Systems Inc. 100 4
  TiVo Corp. 600 4
  CSG Systems International Inc. 100 4
* Appian Corp. Class A 100 4
  Hackett Group Inc. 295 4
* First Solar Inc. 100 4
* Cree Inc. 100 4
  CDK Global Inc. 100 3
* Arista Networks Inc. 16 3
  Progress Software Corp. 100 3
* EchoStar Corp. Class A 100 3
  Belden Inc. 88 3
* SolarWinds Corp. 200 3
  QAD Inc. Class A 75 3
* Onto Innovation Inc. 100 3
  Vishay Intertechnology Inc. 200 3
* Evo Payments Inc. Class A 181 3
* Benefitfocus Inc. 300 3
  Comtech Telecommunications Corp. 200 3
  Camtek Ltd. 300 3
  Avnet Inc. 100 3
* CEVA Inc. 100 3
  Jabil Inc. 100 2
  Cypress Semiconductor Corp. 100 2
* ePlus Inc. 37 2
* Applied Optoelectronics Inc. 300 2
* LivePerson Inc. 100 2
* ChannelAdvisor Corp. 300 2
* Model N Inc. 94 2
  KBR Inc. 100 2
  Corning Inc. 100 2
* Teradata Corp. 100 2
* FormFactor Inc. 100 2
  Xerox Holdings Corp. 100 2
* Photronics Inc. 170 2
* Impinj Inc. 100 2
* Nutanix Inc. 100 2
* Amkor Technology Inc. 200 2
* Cerence Inc. 100 2

 

 22 

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
* Nuance Communications Inc. 89 2
  GlobalSCAPE Inc. 200 1
* A10 Networks Inc. 226 1
* Fitbit Inc. 200 1
* Digital Turbine Inc. 300 1
* Zix Corp. 300 1
* Alpha & Omega Semiconductor Ltd. 200 1
  Cohu Inc. 100 1
* Telaria Inc. 200 1
  Daktronics Inc. 239 1
* Harmonic Inc. 200 1
* MobileIron Inc. 300 1
  Benchmark Electronics Inc. 55 1
* Immersion Corp. 202 1
* Net 1 UEPS Technologies Inc. 372 1
* Celestica Inc. 300 1
* Arlo Technologies Inc. 400 1
* ViaSat Inc. 26 1
* CommScope Holding Co. Inc. 100 1
* CalAmp Corp. 200 1
* Avaya Holdings Corp. 100 1
* MoneyGram International Inc. 400 1
* Telenav Inc. 100 —
* Kopin Corp. 1,214 —
* Axcelis Technologies Inc. 10 —
* Ideanomics Inc. 100 —
* Sierra Wireless Inc. 15 —
* Calix Inc. 9 —
* EMCORE Corp. 20 —
      2,427,067
Materials (1.9%)    
  Vulcan Materials Co. 268,351 29,001
  Linde plc 150,689 26,069
  Ball Corp. 350,181 22,643
  Sealed Air Corp. 711,826 17,589
  DuPont de Nemours Inc. 470,288 16,037
  Dow Inc. 372,988 10,906
  CF Industries Holdings Inc. 291,932 7,941
  Sherwin-Williams Co. 16,999 7,811
  Avery Dennison Corp. 68,944 7,023
  Martin Marietta Materials Inc. 35,785 6,772
  Newmont Corp. 107,460 4,866
  FMC Corp. 57,480 4,696
  Eastman Chemical Co. 84,700 3,945
  Steel Dynamics Inc. 134,100 3,023
  Air Products & Chemicals Inc. 8,107 1,618
  Corteva Inc. 64,784 1,522
  Ashland Global Holdings Inc. 27,600 1,382
  Huntsman Corp. 90,900 1,312
  PPG Industries Inc. 15,406 1,288
  Scotts Miracle-Gro Co. 9,083 930
  WR Grace & Co. 21,000 748
* Ingevity Corp. 17,500 616
  Louisiana-Pacific Corp. 34,900 600
  Commercial Metals Co. 36,600 578
  Graphic Packaging Holding Co. 44,600 544
  Valvoline Inc. 31,600 414
  Reliance Steel & Aluminum Co. 4,700 412
  Franco-Nevada Corp. 3,300 328
* Axalta Coating Systems Ltd. 14,500 250
  PolyOne Corp. 13,000 247
  Nucor Corp. 6,700 241
  Warrior Met Coal Inc. 20,400 217
* Alcoa Corp. 27,500 169
  RPM International Inc. 2,700 161
  Royal Gold Inc. 1,700 149
* Pretium Resources Inc. 17,700 100
  Materion Corp. 2,600 91
* Coeur Mining Inc. 23,700 76
  Schnitzer Steel Industries Inc. 5,362 70
  Myers Industries Inc. 4,468 48
  Wheaton Precious Metals Corp. 1,700 47
  International Paper Co. 1,500 47
  Westrock Co. 1,473 42
^ Osisko Gold Royalties Ltd. 4,900 36
* Forterra Inc. 5,800 35
  Albemarle Corp. 500 28
* Allegheny Technologies Inc. 3,000 26
  Trinseo SA 1,400 25
  Carpenter Technology Corp. 1,300 25
  Haynes International Inc. 1,022 21
  Advanced Emissions Solutions Inc. 3,200 21
  Hecla Mining Co. 10,200 19
  Mercer International Inc. 2,500 18
  Silgan Holdings Inc. 500 15

 

 23 

 

 

Growth and Income Fund

    
     
     
      Market
      Value·
    Shares ($000)
* AdvanSix Inc. 1,100 10
* Resolute Forest Products Inc. 7,900 10
  Greif Inc. Class A 300 9
* PQ Group Holdings Inc. 800 9
  Worthington Industries Inc. 300 8
  Nutrien Ltd. 200 7
  LyondellBasell Industries NV Class A 100 5
  Methanex Corp. 400 5
  Agnico Eagle Mines Ltd. 100 4
  Minerals Technologies Inc. 100 4
* Berry Global Group Inc. 100 3
  Southern Copper Corp. 100 3
  Amcor plc 300 2
  Orion Engineered Carbons SA 303 2
* Verso Corp. 199 2
  Israel Chemicals Ltd. 727 2
* Constellium SE Class A 300 2
  O-I Glass Inc. 200 1
* IAMGOLD Corp. 600 1
* Flotek Industries Inc. 1,453 1
* Gold Standard Ventures Corp. 2,576 1
  Olin Corp. 100 1
  Mosaic Co. 100 1
* Ryerson Holding Corp. 201 1
* OMNOVA Solutions Inc. 100 1
* Seabridge Gold Inc. 100 1
* Novagold Resources Inc. 100 1
  Celanese Corp. 10 1
* Ferroglobe plc 1,600 1
  Freeport-McMoRan Inc. 100 1
* First Majestic Silver Corp. 100 1
* Amyris Inc. 200 1
  Cleveland-Cliffs Inc. 120 —
  Nexa Resources SA 116 —
* Intrepid Potash Inc. 500 —
  Chemours Co. 44 —
  SunCoke Energy Inc. 100 —
*,§ Ferroglobe Representation & Warranty 48,731 —
      182,940
Other (0.2%)    
^ SPDR S&P 500 ETF Trust 57,900 14,924
*,§ Biosante Pharmaceutical Inc. CVR 4,189 —
      14,924
Real Estate (2.4%)    
  American Tower Corp. 158,125 34,432
  Crown Castle International Corp. 175,029 25,274
  Digital Realty Trust Inc. 126,113 17,518
  Mid-America Apartment Communities Inc. 155,289 15,999
  Regency Centers Corp. 409,380 15,733
  Boston Properties Inc. 163,703 15,098
  Public Storage 52,887 10,504
  Equinix Inc. 16,012 10,001
  SBA Communications Corp. 29,229 7,891
  AvalonBay Communities Inc. 53,083 7,812
  Healthpeak Properties Inc. 313,010 7,465
  Weyerhaeuser Co. 419,131 7,104
  Simon Property Group Inc. 108,354 5,944
  Iron Mountain Inc. 243,542 5,796
  Essex Property Trust Inc. 25,901 5,704
  Apartment Investment & Management Co. 151,400 5,322
  Equity Residential 73,100 4,511
  Kimco Realty Corp. 442,949 4,283
  Vornado Realty Trust 98,923 3,582
  Prologis Inc. 42,830 3,442
  UDR Inc. 67,990 2,484
  Extra Space Storage Inc. 24,300 2,327
  Duke Realty Corp. 70,800 2,293
  Realty Income Corp. 33,700 1,680
  Ventas Inc. 41,800 1,120
  VICI Properties Inc. 65,000 1,082
  SL Green Realty Corp. 17,138 739
^ Macerich Co. 90,730 511
  American Campus Communities Inc. 13,500 375
  Equity Commonwealth 8,400 266
  Americold Realty Trust 7,500 255
  Alexandria Real Estate Equities Inc. 1,700 233
  Uniti Group Inc. 34,200 206
  Omega Healthcare Investors Inc. 6,700 178
  MGM Growth Properties LLC Class A 6,500 154
*  Cushman & Wakefield plc 12,300 144
  JBG SMITH Properties 4,500 143
  Realogy Holdings Corp. 38,586 116
  EastGroup Properties Inc. 1,075 112
  CareTrust REIT Inc. 6,800 101

 

 24 

 

 

Growth and Income Fund    
     
     
      Market
      Value·
     Shares ($000)
  Welltower Inc. 1,700 78
  Camden Property Trust 700 56
  Innovative Industrial Properties Inc. 600 46
  Corporate Office Properties Trust 1,900 42
  Urban Edge Properties 3,300 29
  Sabra Health Care REIT Inc. 2,600 28
  STAG Industrial Inc. 900 20
  STORE Capital Corp. 1,100 20
  Life Storage Inc. 200 19
  Sun Communities Inc. 100 13
  Alexander & Baldwin Inc. 1,100 12
* St. Joe Co. 700 12
  Retail Value Inc. 834 10
  Retail Properties of America Inc. 1,900 10
  Agree Realty Corp. 100 6
  QTS Realty Trust Inc. Class A 100 6
  Equity LifeStyle Properties Inc. 100 6
  Federal Realty Investment Trust 73 5
  City Office REIT Inc. 700 5
* Howard Hughes Corp. 100 5
  Invitation Homes Inc. 200 4
  Rexford Industrial Realty Inc. 100 4
  Highwoods Properties Inc. 100 4
  CoreCivic Inc. 299 3
  National Retail Properties Inc. 100 3
  Douglas Emmett Inc. 100 3
  RMR Group Inc. Class A 100 3
  CubeSmart 100 3
  Spirit Realty Capital Inc. 100 3
  Essential Properties Realty Trust Inc. 200 3
  American Assets Trust Inc. 100 3
  Acadia Realty Trust 200 3
  Easterly Government Properties Inc. 100 3
  GEO Group Inc. 200 2
  Healthcare Trust of America Inc. Class A 100 2
  Host Hotels & Resorts Inc. 200 2
  iStar Inc. 200 2
  Paramount Group Inc. 200 2
  Sunstone Hotel Investors Inc. 200 2
  Weingarten Realty Investors 100 1
  American Finance Trust Inc. 200 1
  Monmouth Real Estate Investment Corp. 100 1
  UMH Properties Inc. 100 1
  Brandywine Realty Trust 100 1
  Brixmor Property Group Inc. 100 1
  Empire State Realty Trust Inc. 100 1
  Newmark Group Inc. Class A 200 1
  RLJ Lodging Trust 100 1
  CorePoint Lodging Inc. 189 1
  Colony Capital Inc. 400 1
  Cedar Realty Trust Inc. 700 1
  Diversified Healthcare Trust 100 —
  Park Hotels & Resorts Inc. 17 —
      228,428
Utilities (2.7%)    
  NRG Energy Inc. 1,282,505 34,961
  Southern Co. 536,169 29,028
  Exelon Corp. 656,562 24,168
  FirstEnergy Corp. 491,841 19,708
  Sempra Energy 168,460 19,034
  AES Corp. 1,282,334 17,440
  American Electric Power Co. Inc. 183,200 14,652
  Duke Energy Corp. 170,430 13,784
  Ameren Corp. 183,337 13,352
  Consolidated Edison Inc. 141,900 11,068
  NextEra Energy Inc. 44,080 10,607
  PPL Corp. 409,212 10,099
  Public Service Enterprise Group Inc. 128,800 5,784
  Evergy Inc. 100,269 5,520
  NiSource Inc. 186,000 4,644
  Dominion Energy Inc. 60,553 4,371
  DTE Energy Co. 28,865 2,741
  Alliant Energy Corp. 52,300 2,526
  Pinnacle West Capital Corp. 22,521 1,707
  CenterPoint Energy Inc. 106,950 1,652
  Edison International 22,700 1,244
  Entergy Corp. 7,800 733
  IDACORP Inc. 6,800 597
  Avangrid Inc. 7,800 342
  CMS Energy Corp. 5,800 341
  MDU Resources Group Inc. 10,400 224

 

 25 

 

 

Growth and Income Fund    
     
     
      Market
      Value·
    Shares ($000)
  American States Water Co. 2,602 213
* Atlantic Power Corp. 86,300 185
  Avista Corp. 3,300 140
  Atlantica Yield plc 3,400 76
  OGE Energy Corp. 1,413 43
  Black Hills Corp. 600 38
  Chesapeake Utilities Corp. 100 9
  El Paso Electric Co. 100 7
  MGE Energy Inc. 100 7
  Xcel Energy Inc. 100 6
  Portland General Electric Co. 100 5
  Fortis Inc. 100 4
  National Fuel Gas Co. 100 4
  TerraForm Power Inc. Class A 200 3
  UGI Corp. 100 3
  Spark Energy Inc. Class A 362 2
  Hawaiian Electric Industries Inc. 23 1
      251,073
Total Common Stocks    
(Cost $8,303,824)   9,043,707
Temporary Cash Investments (3.3%)  
Money Market Fund (3.1%)    
1,2 Vanguard Market Liquidity Fund, 0.943% 2,914,109 291,061

 

    Face Market
    Amount Value·
    ($000) ($000)
U.S. Government and Agency Obligations (0.2%)
3 United States Treasury Bill, 1.515%, 4/9/20   700   700
3 United States Treasury Bill, 1.527%, 4/30/20   1,500   1,500
3 United States Treasury Bill, 1.551%, 5/14/20   1,500   1,500
3 United States Treasury Bill, 1.551%, 5/21/20   9,600   9,599
      13,299
Total Temporary Cash Investments  
(Cost $304,557)   304,360
Total Investments (100.1%)    
(Cost $8,608,381)   9,348,067
Other Assets and Liabilities—Net (-0.1%)2,3       (11,012)
Net Assets (100%)   9,337,055

 

Cost rounded to $000.

• See Note A in Notes to Financial Statements.

* Non-income-producing security.

^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $6,357,000.

§ Security value determined using significant unobservable inputs.

1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

2 Collateral of $6,747,000 was received for securities on loan.

3 Securities with a value of $13,067,000 and cash of $13,487,000 have been segregated as initial margin for open futures contracts.

CVR—Contingent Value Rights.

REIT—Real Estate Investment Trust.

 

Derivative Financial Instruments Outstanding as of Period End

 

Futures Contracts

        ($000)
        Value and
    Number of   Unrealized
    Long (Short) Notional Appreciation
  Expiration Contracts Amount (Depreciation)
Long Futures Contracts        
E-mini S&P 500 Index June 2020 2,172 279,069 (8,037)
Micro E-mini S&P 500 Index June 2020 29 373 16
        (8,021)

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

 26 

 

 

Growth and Income Fund

 

 

Statement of Assets and Liabilities

As of March 31, 2020

 

($000s, except shares and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $8,317,099) 9,057,006
Affiliated Issuers (Cost $291,282) 291,061
Total Investments in Securities 9,348,067
Investment in Vanguard 493
Cash 141
Cash Collateral Pledged—Futures Contracts 13,487
Receivables for Investment Securities Sold 171,289
Receivables for Accrued Income 10,640
Receivables for Capital Shares Issued 4,207
Variation Margin Receivable—Futures Contracts 178
Total Assets 9,548,502
Liabilities  
Payables for Investment Securities Purchased 179,056
Collateral for Securities on Loan 6,747
Payables to Investment Advisor 2,195
Payables for Capital Shares Redeemed 12,347
Payables to Vanguard 6,362
Variation Margin Payable—Futures Contracts 4,740
Total Liabilities 211,447
Net Assets 9,337,055
   
   
At March 31, 2020, net assets consisted of:  
   
Paid-in Capital 8,521,946
Total Distributable Earnings (Loss) 815,109
Net Assets 9,337,055
   
Investor Shares—Net Assets  
Applicable to 57,224,245 outstanding $.001 par value shares of beneficial interest (unlimited authorization)   2,367,778
Net Asset Value Per Share—Investor Shares $41.38
   
Admiral Shares—Net Assets  
Applicable to 103,173,829 outstanding $.001 par value shares of beneficial interest (unlimited authorization)   6,969,277
Net Asset Value Per Share—Admiral Shares $67.55

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

 27 

 

 

Growth and Income Fund

 

 

Statement of Operations

 

 

  Six Months Ended
  March 31, 2020
  ($000)
Investment Income  
Income  
Dividends1 108,972
Interest2 2,462
Securities Lending—Net 91
Total Income 111,525
Expenses  
Investment Advisory Fees—Note B  
Basic Fee 5,568
Performance Adjustment (267)
The Vanguard Group—Note C  
Management and Administrative—Investor Shares 3,120
Management and Administrative—Admiral Shares 5,064
Marketing and Distribution—Investor Shares 161
Marketing and Distribution—Admiral Shares 285
Custodian Fees 74
Shareholders’ Reports—Investor Shares 13
Shareholders’ Reports—Admiral Shares 36
Trustees’ Fees and Expenses 8
Total Expenses 14,062
Net Investment Income 97,463
Realized Net Gain (Loss)  
Investment Securities Sold2 163,648
Futures Contracts (38,087)
Realized Net Gain (Loss) 125,561
Change in Unrealized Appreciation (Depreciation)  
Investment Securities2 (1,647,703)
Futures Contracts (5,587)
Change in Unrealized Appreciation (Depreciation) (1,653,290)
Net Increase (Decrease) in Net Assets Resulting from Operations (1,430,266)

1Dividends are net of foreign withholding taxes of $18,000.
2Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,351,000, $24,000, and ($259,000), respectively. Purchases and sales are for temporary cash investment purposes.

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

 28 

 

 

Growth and Income Fund

 

 

Statement of Changes in Net Assets

 

 

  Six Months Ended   Year Ended
  March 31,   September 30,
  2020   2019
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 97,463   195,835
Realized Net Gain (Loss) 125,561   279,141
Change in Unrealized Appreciation (Depreciation) (1,653,290)   (239,755)
Net Increase (Decrease) in Net Assets Resulting from Operations (1,430,266)   235,221
Distributions1      
Investor Shares (102,511)   (185,824)
Admiral Shares (304,729)   (551,435)
Total Distributions (407,240)   (737,259)
Capital Share Transactions      
Investor Shares (21,965)   60,225
Admiral Shares (75,108)   290,497
Net Increase (Decrease) from Capital Share Transactions (97,073)   350,722
Total Increase (Decrease) (1,934,579)   (151,316)
Net Assets      
Beginning of Period 11,271,634   11,422,950
End of Period 9,337,055   11,271,634

 

1 Certain prior period numbers have been reclassified to conform with current period presentation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

 29 

 

 

Growth and Income Fund

 

 

Financial Highlights

 

 

Investor Shares

 

Six Months            
  Ended     Year Ended September 30,  
For a Share Outstanding March 31,      
Throughout Each Period 2020 2019 2018 2017 2016 2015  
Net Asset Value, Beginning of Period $49.46 $52.17 $46.50 $42.16 $39.55 $42.69  
Investment Operations              
Net Investment Income .4101 .8231 .7111 .7921 .852 .729  
Net Realized and Unrealized Gain (Loss) on Investments (6.695) (.204) 7.650 6.346 4.813 (.541)  
Total from Investment Operations (6.285) .619 8.361 7.138 5.665 .188  
Distributions              
Dividends from Net Investment Income (.489) (.766) (.668) (.799) (.790) (.724)  
Distributions from Realized Capital Gains (1.306) (2.563) (2.023) (1.999) (2.265) (2.604)  
Total Distributions (1.795) (3.329) (2.691) (2.798) (3.055) (3.328)  
Net Asset Value, End of Period $41.38 $49.46 $52.17 $46.50 $42.16 $39.55  
               
Total Return2 -13.41% 2.21% 18.56% 17.66% 14.79% 0.22%  
               
Ratios/Supplemental Data              
Net Assets, End of Period (Millions) $2,368 $2,860 $2,932 $2,982 $2,801 $2,691  
Ratio of Total Expenses to Average Net Assets3 0.32% 0.33% 0.33% 0.34% 0.34% 0.34%  
Ratio of Net Investment Income to Average Net Assets 1.66% 1.73% 1.45% 1.80% 2.09% 1.70%  
Portfolio Turnover Rate 31% 68% 83% 96% 96% 116%  

The expense ratio and net investment income ratio for the current period have been annualized.

1Calculated based on average shares outstanding.

2Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.

3Includes performance-based investment advisory fee increases (decreases) of 0.00%, 0.01%, 0.00%, 0.00%, 0.00%, and 0.00%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

 30 

 

 

Growth and Income Fund

 

 

Financial Highlights

 

 

Admiral Shares

 

  Six Months        
  Ended        
For a Share Outstanding March 31,     Year Ended September 30,  
Throughout Each Period 2020 2019 2018 2017 2016 2015  
Net Asset Value, Beginning of Period $80.74 $85.16 $75.93 $68.83 $64.57 $69.71  
Investment Operations              
Net Investment Income .7091 1.4211 1.2421 1.3621 1.466 1.272  
Net Realized and Unrealized Gain (Loss) on Investments (10.928) (.330) 12.473 10.384 7.855 (.897)  
Total from Investment Operations (10.219) 1.091 13.715 11.746 9.321 .375  
Distributions              
Dividends from Net Investment Income (.839) (1.326) (1.182) (1.384) (1.364) (1.264)  
Distributions from Realized Capital Gains (2.132) (4.185) (3.303) (3.262) (3.697) (4.251)  
Total Distributions (2.971) (5.511) (4.485) (4.646) (5.061) (5.515)  
Net Asset Value, End of Period $67.55 $80.74 $85.16 $75.93 $68.83 $64.57  
               
Total Return2 -13.37% 2.32% 18.65% 17.81% 14.91% 0.31%  
               
Ratios/Supplemental Data              
Net Assets, End of Period (Millions) $6,969 $8,412 $8,491 $7,015 $3,833 $3,177  
Ratio of Total Expenses to Average Net Assets3 0.22% 0.23% 0.23% 0.23% 0.23% 0.23%  
Ratio of Net Investment Income to Average Net Assets 1.76% 1.83% 1.55% 1.91% 2.20% 1.81%  
Portfolio Turnover Rate 31% 68% 83% 96% 96% 116%  

The expense ratio and net investment income ratio for the current period have been annualized.

1Calculated based on average shares outstanding.
2Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3Includes performance-based investment advisory fee increases (decreases) of 0.00%, 0.01%, 0.00%, 0.00%, 0.00%, and 0.00%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying Notes, which are an integral part of the Financial Statements.

 

  31 

 

 

Growth and Income Fund

 

 

Notes to Financial Statements

 

 

Vanguard Growth and Income Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.

 

Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.

 

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

 

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.

 

2. 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 assets pledged as initial margin for open contracts are noted in the Schedule of Investments.

 

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Schedule of Investments. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures.

 

During the six months ended March 31, 2020, the fund’s average investments in long and short futures contracts represented 3% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

 

  32 

 

 

Growth and Income Fund

 

 

 

 

 

3.  Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (September 30, 2016–2019), and for the period ended March 31, 2020, and has concluded that no provision for federal income tax is required in the fund’s financial statements.

 

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

 

5.  Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

 

6.  Credit Facility and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.

 

In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans

 

  33 

 

 

Growth and Income Fund

 

 

 

 

 

may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

 

For the six months ended March 31, 2020, the fund did not utilize the credit facility or the Interfund Lending Program.

 

7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

 

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

 

B. The investment advisory firms D. E. Shaw Investment Management, L.L.C., and Los Angeles Capital Management and Equity Research, Inc., each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fee of D. E. Shaw Investment Management, L.L.C., is subject to quarterly adjustments based on performance relative to the S&P 500 Index for the preceding three years. The basic fee of Los Angeles Capital Management and Equity Research, Inc., is subject to quarterly adjustments based on performance relative to the S&P 500 Index for the preceding five years.

 

Vanguard provides investment advisory services to a portion of the fund as described below; the fund paid Vanguard advisory fees of $715,000 for the six months ended March 31, 2020.

 

For the six months ended March 31, 2020, the aggregate investment advisory fee paid to all advisors represented an effective annual basic rate of 0.10% of the fund’s average net assets, before a net decrease of $267,000 (0.00%) based on performance.

 

C. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Assets and Liabilities. All other costs of operations payable to Vanguard are generally settled twice a month.

 

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At March 31, 2020, the fund had contributed to Vanguard capital in the amount of $493,000, representing 0.01% of the fund’s net assets and 0.20% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

 

  34 

 

 

Growth and Income Fund

 

 

 

 

 

D. Various inputs may be used to determine the value of the fund’s investments. 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 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, 2020, based on the inputs used to value them:

 

   Level 1   Level 2   Level 3   Total 
   ($000)  ($000)  ($000)  ($000)
Investments                    
Assets                    
Common Stocks   9,043,707    —    —    9,043,707 
Temporary Cash Investments   291,061    13,299    —    304,360 
Total   9,334,768    13,299    —    9,348,067 
Derivative Financial Instruments                    
Assets                    
Futures Contracts1   178    —    —    178 
Liabilities                    
Futures Contracts1   4,740    —    —    4,740 

 

1 Represents variation margin on the last day of the reporting period.

 

 

E. As of March 31, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

 

   Amount 
   ($000)
Tax Cost   8,608,381 
Gross Unrealized Appreciation   1,927,284 
Gross Unrealized Depreciation   (1,195,619)
Net Unrealized Appreciation (Depreciation)   731,665 

 

  35 

 

 

Growth and Income Fund

 

 

 

 

 

F.   During the six months ended March 31, 2020, the fund purchased $3,336,909,000 of investment securities and sold $3,822,064,000 of investment securities, other than temporary cash investments.

 

G. Capital share transactions for each class of shares were:

 

   Six Months Ended       Year Ended 
   March 31, 2020   September 30, 2019 
   Amount   Shares   Amount   Shares 
   ($000)  (000)   ($000)  (000)
Investor Shares                    
Issued   194,556    3,984    299,833    6,284 
Issued in Lieu of Cash Distributions   98,331    1,914    178,632    4,162 
Redeemed   (314,852)   (6,495)   (418,240)   (8,824)
Net Increase (Decrease)—Investor Shares   (21,965)   (597)   60,225    1,622 
Admiral Shares                    
Issued   570,041    7,285    931,635    12,131 
Issued in Lieu of Cash Distributions   285,656    3,407    520,688    7,431 
Redeemed   (930,805)   (11,705)   (1,161,826)   (15,079)
Net Increase (Decrease)—Admiral Shares   (75,108)   (1,013)   290,497    4,483 

 

 

H. Management has determined that no events or transactions occurred subsequent to March 31, 2020, that would require recognition or disclosure in these financial statements.

 

  36 

 

 

Liquidity Risk Management

 

 

Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.

 

Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.

 

The board of trustees of Vanguard Quantitative Funds approved the appointment of liquidity risk management program administrators responsible for administering Vanguard Growth and Income Fund’s Program and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from December 1, 2018, through December 31, 2019 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the fund’s liquidity risk.

 

  37 

 

 

   

 

 

 

 

Connect with Vanguard® > vanguard.com

 

 

 

Fund Information > 800-662-7447

 

Direct Investor Account Services > 800-662-2739

 

Institutional Investor Services > 800-523-1036

 

Text Telephone for People

Who Are Deaf or Hard of Hearing > 800-749-7273

 

This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.

 

You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.

 

You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.

 

 

 

 

 

  © 2020 The Vanguard Group, Inc.
  All rights reserved.
  Vanguard Marketing Corporation, Distributor.
   
  Q932 052020

 

 

 

 

 

Item 2: Code of Ethics.

 

Not applicable.

 

Item 3: Audit Committee Financial Expert.

 

Not applicable.

 

Item 4: Principal Accountant Fees and Services.

 

(a)       Audit Fees.

 

Not applicable.

  

Item 5: Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6: Investments.

 

Not applicable.

 

Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 8: Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable.

 

Item 10: Submission of Matters to a Vote of Security Holders.

 

Not applicable.

 

Item 11: Controls and Procedures.

 

(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

 

(b) Internal Control Over Financial Reporting. There were no significant changes in Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

 

 

 

Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 13: Exhibits.

 

(a)Certifications.

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

VANGUARD QUANTITATIVE FUNDS

 

BY:       /s/ MORTIMER J. BUCKLEY*

___________________________

MORTIMER J. BUCKLEY

CHIEF EXECUTIVE OFFICER

 

Date: May 18, 2020

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

VANGUARD QUANTITATIVE FUNDS

 

BY:        /s/ MORTIMER J. BUCKLEY*

___________________________

MORTIMER J. BUCKLEY

CHIEF EXECUTIVE OFFICER

 

Date: May 18, 2020

 

VANGUARD QUANTITATIVE FUNDS

 

BY:        /s/ JOHN BENDL*

___________________________

JOHN BENDL

CHIEF FINANCIAL OFFICER

 

Date: May 18, 2020

 

 

* By: /s/ Anne E. Robinson

Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018  (see file Number 33-32216) and a Power of Attorney filed on October 30, 2019  (see file Number 811-02554), Incorporated by Reference.