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