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