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Vanguard Quantitative Funds

Filed: 29 May 19, 11:33am

 

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, 2018—March 31, 2019

 


 

Item 1: Reports to Shareholders

 


 

 

 

 

Semiannual Report  |  March 31, 2019

 

 

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

 


 

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, 2019

 

 

 

 

Beginning

Ending

Expenses

 

Account Value

Account Value

Paid During

Growth and Income Fund

9/30/2018

3/31/2019

Period

Based on Actual Fund Return

 

 

 

Investor Shares

$1,000.00

$971.31

$1.62

Admiral™ Shares

1,000.00

971.99

1.13

Based on Hypothetical 5% Yearly Return

 

 

 

Investor Shares

$1,000.00

$1,023.29

$1.66

Admiral Shares

1,000.00

1,023.78

1.16

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 0.33% for Investor Shares and 0.23% 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 (182/365).

 

2


 

Growth and Income Fund

 

 

Sector Diversification

As of March 31, 2019

 

Communication Services

 

9.4%

Consumer Discretionary

 

11.1

Consumer Staples

 

7.1

Energy

 

4.9

Financials

 

12.0

Health Care

 

15.5

Industrials

 

9.6

Information Technology

 

22.2

Materials

 

1.9

Other

 

0.2

Real Estate

 

3.9

Utilities

 

2.2

The table reflects the fund’s equity exposure, based on its investments in stocks and stock index futures. Any holdings in short-term reserves are excluded. 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)

 

 

Statement of Net Assets

As of March 31, 2019

 

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 will be available on the SEC’s website at www.sec.gov.

 

 

 

 

 

 

Market

 

 

 

 

 

 

Value·

 

 

 

 

Shares

 

($000

)

Common Stocks (97.3%)1

 

 

 

 

 

Communication Services (9.2%)

 

 

 

 

 

*

Alphabet Inc. Class A

 

163,451

 

192,364

 

*

Alphabet Inc. Class C

 

149,317

 

175,195

 

*

Facebook Inc. Class A

 

1,034,373

 

172,420

 

 

Verizon Communications Inc.

 

1,745,648

 

103,220

 

 

AT&T Inc.

 

2,962,692

 

92,910

 

 

Walt Disney Co.

 

508,096

 

56,414

 

 

Comcast Corp. Class A

 

1,155,155

 

46,183

 

*

Twitter Inc.

 

879,888

 

28,931

 

*

Netflix Inc.

 

71,095

 

25,350

 

*

TripAdvisor Inc.

 

477,865

 

24,586

 

*

Charter Communications Inc. Class A

 

61,725

 

21,413

 

*

Electronic Arts Inc.

 

91,974

 

9,347

 

 

Omnicom Group Inc.

 

123,315

 

9,001

 

 

Activision Blizzard Inc.

 

178,260

 

8,116

 

 

News Corp. Class A

 

594,500

 

7,396

 

 

News Corp. Class B

 

483,216

 

6,035

 

*

DISH Network Corp. Class A

 

134,500

 

4,262

 

 

CenturyLink Inc.

 

183,260

 

2,197

 

^

Match Group Inc.

 

35,400

 

2,004

 

*

Take-Two Interactive Software Inc.

 

19,218

 

1,814

 

*

Liberty Media Corp-Liberty SiriusXM Class C

 

42,100

 

1,610

 

 

Altice USA Inc. Class A

 

72,300

 

1,553

 

*

Zynga Inc. Class A

 

254,105

 

1,354

 

*

SINA Corp.

 

19,400

 

1,149

 

*

Yelp Inc. Class A

 

31,600

 

1,090

 

*

Liberty Media Corp-Liberty SiriusXM Class A

 

26,870

 

1,026

 

*

Spotify Technology SA

 

4,000

 

555

 

*

Cargurus Inc.

 

11,700

 

469

 

*

GCI Liberty Inc. Class A

 

5,600

 

311

 

 

Cable One Inc.

 

305

 

299

 

 

Gannett Co. Inc.

 

21,100

 

222

 

 

Telephone & Data Systems Inc.

 

5,700

 

175

 

*

Glu Mobile Inc.

 

15,300

 

167

 

*

IAC/InterActiveCorp

 

700

 

147

 

*

Fox Corp. Class A

 

3,300

 

121

 

 

Sinclair Broadcast Group Inc. Class A

 

3,000

 

116

 

*

Liberty TripAdvisor Holdings Inc. Class A

 

5,100

 

72

 

*

Intelsat SA

 

3,600

 

56

 

 

John Wiley & Sons Inc. Class A

 

1,000

 

44

 

*

Globalstar Inc.

 

101,800

 

44

 

 

New Media Investment Group Inc.

 

3,958

 

42

 

*

IMAX Corp.

 

1,769

 

40

 

*

Fox Corp. Class B

 

966

 

35

 

*

DHI Group Inc.

 

11,400

 

28

 

 

Entravision Communications Corp. Class A

 

8,200

 

27

 

*

Boingo Wireless Inc.

 

1,100

 

26

 

 

Emerald Expositions Events Inc.

 

1,800

 

23

 

*

Zillow Group Inc. Class A

 

600

 

21

 

*

MDC Partners Inc. Class A

 

4,600

 

10

 

*

T-Mobile US Inc.

 

100

 

7

 

 

IDT Corp. Class B

 

900

 

6

 

*

TrueCar Inc.

 

817

 

6

 

*

Vonage Holdings Corp.

 

300

 

3

 

*

Iridium Communications Inc.

 

80

 

2

 

*

Central European Media Enterprises Ltd. Class A

 

300

 

1

 

 

 

 

 

 

1,000,015

 

Consumer Discretionary (10.8%)

 

 

 

 

 

*

Amazon.com Inc.

 

176,588

 

314,459

 

 

Home Depot Inc.

 

728,824

 

139,854

 

*

Booking Holdings Inc.

 

46,400

 

80,964

 

 

4


 

Growth and Income Fund

 

 

 

 

 

 

 

Market

 

 

 

 

 

 

Value·

 

 

 

 

Shares

 

($000

)

 

Starbucks Corp.

 

958,097

 

71,225

 

 

McDonald’s Corp.

 

309,907

 

58,851

 

 

Lowe’s Cos. Inc.

 

431,114

 

47,194

 

 

TJX Cos. Inc.

 

591,410

 

31,469

 

*

Chipotle Mexican Grill Inc. Class A

 

41,696

 

29,617

 

 

Yum! Brands Inc.

 

282,535

 

28,200

 

 

NIKE Inc. Class B

 

332,020

 

27,959

 

 

H&R Block Inc.

 

974,143

 

23,321

 

 

Ralph Lauren Corp. Class A

 

162,505

 

21,074

 

*

O’Reilly Automotive Inc.

 

53,717

 

20,858

 

 

Kohl’s Corp.

 

283,742

 

19,513

 

 

General Motors Co.

 

490,926

 

18,213

 

 

Garmin Ltd.

 

208,490

 

18,003

 

 

Nordstrom Inc.

 

376,217

 

16,696

 

 

Best Buy Co. Inc.

 

233,454

 

16,589

 

 

Target Corp.

 

187,800

 

15,073

 

 

eBay Inc.

 

391,450

 

14,538

 

 

Expedia Group Inc.

 

111,670

 

13,289

 

 

Marriott International Inc. Class A

 

82,800

 

10,357

 

 

Whirlpool Corp.

 

69,067

 

9,178

 

 

PulteGroup Inc.

 

326,498

 

9,129

 

 

Foot Locker Inc.

 

142,005

 

8,605

 

 

Advance Auto Parts Inc.

 

46,600

 

7,947

 

*

AutoZone Inc.

 

7,700

 

7,886

 

 

Ross Stores Inc.

 

81,987

 

7,633

 

 

Las Vegas Sands Corp.

 

124,900

 

7,614

 

 

Darden Restaurants Inc.

 

54,918

 

6,671

 

 

Aptiv plc

 

70,918

 

5,637

 

 

PVH Corp.

 

44,800

 

5,463

 

 

Wynn Resorts Ltd.

 

41,870

 

4,996

 

 

Genuine Parts Co.

 

35,800

 

4,011

 

 

Dollar General Corp.

 

32,440

 

3,870

 

 

Royal Caribbean Cruises Ltd.

 

32,600

 

3,737

 

 

Wyndham Hotels & Resorts Inc.

 

63,835

 

3,191

 

 

Dick’s Sporting Goods Inc.

 

76,300

 

2,809

 

*

Crocs Inc.

 

92,900

 

2,392

 

 

Tapestry Inc.

 

71,939

 

2,337

 

 

BorgWarner Inc.

 

59,500

 

2,285

 

 

Goodyear Tire & Rubber Co.

 

124,000

 

2,251

 

 

Tiffany & Co.

 

18,800

 

1,984

 

*

Under Armour Inc. Class A

 

75,800

 

1,602

 

 

Hyatt Hotels Corp. Class A

 

19,500

 

1,415

 

 

Restaurant Brands International Inc.

 

18,800

 

1,224

 

 

Hilton Worldwide Holdings Inc.

 

14,390

 

1,196

 

 

Bloomin’ Brands Inc.

 

53,900

 

1,102

 

 

DSW Inc. Class A

 

49,000

 

1,089

 

*

Hibbett Sports Inc.

 

47,200

 

1,077

 

*

Fiat Chrysler Automobiles NV

 

69,900

 

1,038

 

*,^

Fossil Group Inc.

 

74,700

 

1,025

 

 

Brunswick Corp.

 

20,100

 

1,012

 

 

Yum China Holdings Inc.

 

21,800

 

979

 

*

Sleep Number Corp.

 

20,700

 

973

 

 

GameStop Corp. Class A

 

92,800

 

943

 

*

Weight Watchers International Inc.

 

46,500

 

937

 

 

Delphi Technologies plc

 

47,700

 

919

 

*

LKQ Corp.

 

28,997

 

823

 

*

Sally Beauty Holdings Inc.

 

40,400

 

744

 

*

Groupon Inc. Class A

 

194,700

 

691

 

 

Dana Inc.

 

34,400

 

610

 

 

La-Z-Boy Inc.

 

17,700

 

584

 

 

Signet Jewelers Ltd.

 

20,900

 

568

 

*

Wayfair Inc.

 

3,760

 

558

 

*

Liberty Expedia Holdings Inc. Class A

 

10,500

 

449

 

*

K12 Inc.

 

13,000

 

444

 

*

SeaWorld Entertainment Inc.

 

17,200

 

443

 

 

Graham Holdings Co. Class B

 

604

 

413

 

 

Abercrombie & Fitch Co.

 

14,800

 

406

 

*

Deckers Outdoor Corp.

 

2,600

 

382

 

*

Murphy USA Inc.

 

4,229

 

362

 

*

American Outdoor Brands Corp.

 

36,600

 

342

 

 

Shutterstock Inc.

 

6,900

 

322

 

 

Tenneco Inc. Class A

 

12,000

 

266

 

*

Hilton Grand Vacations Inc.

 

8,200

 

253

 

 

Gap Inc.

 

9,200

 

241

 

 

Office Depot Inc.

 

64,700

 

235

 

 

Tailored Brands Inc.

 

29,300

 

230

 

 

Chico’s FAS Inc.

 

52,875

 

226

 

 

Magna International Inc.

 

4,600

 

224

 

*

Vitamin Shoppe Inc.

 

27,100

 

191

 

*

Burlington Stores Inc.

 

1,200

 

188

 

 

American Eagle Outfitters Inc.

 

8,100

 

180

 

*

NVR Inc.

 

60

 

166

 

*

frontdoor Inc.

 

4,300

 

148

 

 

Brinker International Inc.

 

3,300

 

146

 

 

Core-Mark Holding Co. Inc.

 

3,800

 

141

 

 

Big Lots Inc.

 

3,500

 

133

 

*

Nautilus Inc.

 

23,400

 

130

 

*

Adtalem Global Education Inc.

 

2,800

 

130

 

*

Capri Holdings Ltd.

 

2,800

 

128

 

*

Michaels Cos. Inc.

 

10,500

 

120

 

 

Shoe Carnival Inc.

 

3,200

 

109

 

*

GoPro Inc. Class A

 

14,900

 

97

 

 

5


 

Growth and Income Fund

 

 

 

 

 

 

 

Market

 

 

 

 

 

 

Value·

 

 

 

 

Shares

 

($000

)

*

Express Inc.

 

22,100

 

95

 

*,^

Pier 1 Imports Inc.

 

116,700

 

89

 

*

ServiceMaster Global Holdings Inc.

 

1,900

 

89

 

 

International Speedway Corp. Class A

 

2,000

 

87

 

 

Columbia Sportswear Co.

 

755

 

79

 

 

Carnival Corp.

 

1,463

 

74

 

*

Sonos Inc.

 

6,000

 

62

 

 

Tilly’s Inc. Class A

 

5,200

 

58

 

*

Vista Outdoor Inc.

 

6,700

 

54

 

 

Movado Group Inc.

 

1,400

 

51

 

*

RH

 

400

 

41

 

*

Career Education Corp.

 

2,300

 

38

 

*

Stamps.com Inc.

 

400

 

33

 

 

Cato Corp. Class A

 

2,000

 

30

 

 

Big 5 Sporting Goods Corp.

 

9,200

 

29

 

*

Noodles & Co. Class A

 

3,509

 

24

 

 

Ethan Allen Interiors Inc.

 

1,200

 

23

 

*

Cooper-Standard Holdings Inc.

 

400

 

19

 

*

America’s Car-Mart Inc.

 

200

 

18

 

*

Laureate Education Inc. Class A

 

1,079

 

16

 

*

Biglari Holdings Inc. Class B

 

110

 

16

 

*

Playa Hotels & Resorts NV

 

1,900

 

14

 

*

Kirkland’s Inc.

 

2,000

 

14

 

*

Monarch Casino & Resort Inc.

 

300

 

13

 

*

Fred’s Inc. Class A

 

4,800

 

12

 

 

Lennar Corp. Class B

 

300

 

12

 

 

Bassett Furniture Industries Inc.

 

689

 

11

 

*

Genesco Inc.

 

225

 

10

 

*

Modine Manufacturing Co.

 

700

 

10

 

 

Tile Shop Holdings Inc.

 

1,600

 

9

 

*

American Public Education Inc.

 

300

 

9

 

*

Libbey Inc.

 

2,800

 

8

 

*

Biglari Holdings Inc.

 

10

 

7

 

*

Quotient Technology Inc.

 

700

 

7

 

*

Beazer Homes USA Inc.

 

600

 

7

 

*

Red Robin Gourmet Burgers Inc.

 

200

 

6

 

*

Party City Holdco Inc.

 

700

 

6

 

*

M/I Homes Inc.

 

200

 

5

 

*

MasterCraft Boat Holdings Inc.

 

200

 

4

 

 

Leggett & Platt Inc.

 

100

 

4

 

 

Tower International Inc.

 

200

 

4

 

 

Ruth’s Hospitality Group Inc.

 

161

 

4

 

*

Horizon Global Corp.

 

2,100

 

4

 

 

BJ’s Restaurants Inc.

 

84

 

4

 

*

Taylor Morrison Home Corp. Class A

 

218

 

4

 

*

Despegar.com Corp.

 

200

 

3

 

*

Urban Outfitters Inc.

 

100

 

3

 

*

Stoneridge Inc.

 

100

 

3

 

 

BBX Capital Corp. Class A

 

419

 

2

 

 

 

 

 

 

1,176,520

 

Consumer Staples (6.9%)

 

 

 

 

 

 

PepsiCo Inc.

 

851,002

 

104,290

 

 

Procter & Gamble Co.

 

868,514

 

90,369

 

 

Philip Morris International Inc.

 

767,984

 

67,882

 

 

Costco Wholesale Corp.

 

266,496

 

64,529

 

 

Walmart Inc.

 

640,309

 

62,449

 

 

Colgate-Palmolive Co.

 

660,384

 

45,263

 

*

Coca-Cola Co.

 

954,768

 

44,740

 

 

Mondelez International Inc. Class A

 

872,970

 

43,579

 

 

Kimberly-Clark Corp.

 

261,744

 

32,430

 

*

Monster Beverage Corp.

 

558,598

 

30,488

 

 

Estee Lauder Cos. Inc. Class A

 

183,967

 

30,456

 

 

Sysco Corp.

 

441,737

 

29,490

 

 

Lamb Weston Holdings Inc.

 

254,340

 

19,060

 

 

Kroger Co.

 

720,030

 

17,713

 

 

Walgreens Boots Alliance Inc.

 

207,500

 

13,129

 

 

Altria Group Inc.

 

211,235

 

12,131

 

 

Clorox Co.

 

35,266

 

5,659

 

 

Kraft Heinz Co.

 

169,300

 

5,528

 

 

Constellation Brands Inc. Class A

 

29,640

 

5,197

 

 

Coca-Cola European Partners plc

 

84,900

 

4,393

 

 

Church & Dwight Co. Inc.

 

60,910

 

4,339

 

 

Archer-Daniels-Midland Co.

 

58,978

 

2,544

 

*

US Foods Holding Corp.

 

66,900

 

2,335

 

*

Herbalife Nutrition Ltd.

 

38,900

 

2,061

 

 

Tyson Foods Inc. Class A

 

27,400

 

1,902

 

 

Molson Coors Brewing Co. Class B

 

28,999

 

1,730

 

 

Brown-Forman Corp. Class B

 

29,050

 

1,533

 

*

Performance Food Group Co.

 

23,400

 

928

 

*

TreeHouse Foods Inc.

 

10,400

 

671

 

 

Nu Skin Enterprises Inc. Class A

 

11,800

 

565

 

 

Cal-Maine Foods Inc.

 

12,600

 

562

 

*

Pilgrim’s Pride Corp.

 

24,300

 

542

 

 

McCormick & Co. Inc.

 

3,500

 

527

 

*

USANA Health Sciences Inc.

 

1,500

 

126

 

 

6


 

Growth and Income Fund

 

 

 

 

 

 

 

Market

 

 

 

 

 

 

Value·

 

 

 

 

Shares

 

($000

)

 

Cott Corp.

 

8,400

 

123

 

*

Boston Beer Co. Inc. Class A

 

400

 

118

 

 

Dean Foods Co.

 

26,600

 

81

 

 

Hershey Co.

 

520

 

60

 

*

Simply Good Foods Co.

 

1,700

 

35

 

 

Hormel Foods Corp.

 

718

 

32

 

*

Avon Products Inc.

 

7,900

 

23

 

 

Flowers Foods Inc.

 

1,000

 

21

 

 

Fresh Del Monte Produce Inc.

 

700

 

19

 

*

Central Garden & Pet Co. Class A

 

512

 

12

 

*

Natural Grocers by Vitamin Cottage Inc.

 

207

 

2

 

*

Sprouts Farmers Market Inc.

 

100

 

2

 

 

Natural Health Trends Corp.

 

100

 

1

 

 

 

 

 

 

749,669

 

Energy (4.7%)

 

 

 

 

 

 

Chevron Corp.

 

800,971

 

98,664

 

 

Exxon Mobil Corp.

 

1,020,356

 

82,445

 

 

Occidental Petroleum Corp.

 

923,346

 

61,126

 

 

ConocoPhillips

 

838,671

 

55,973

 

 

Phillips 66

 

318,676

 

30,328

 

 

Schlumberger Ltd.

 

620,840

 

27,050

 

 

Marathon Oil Corp.

 

1,415,407

 

23,651

 

 

Kinder Morgan Inc.

 

1,087,250

 

21,756

 

 

Devon Energy Corp.

 

672,353

 

21,219

 

 

Cabot Oil & Gas Corp.

 

717,377

 

18,724

 

 

ONEOK Inc.

 

225,830

 

15,772

 

 

Pioneer Natural Resources Co.

 

91,989

 

14,008

 

 

Anadarko Petroleum Corp.

 

302,160

 

13,742

 

 

HollyFrontier Corp.

 

190,880

 

9,405

 

 

EOG Resources Inc.

 

65,931

 

6,275

 

 

Williams Cos. Inc.

 

121,684

 

3,495

 

 

Marathon Petroleum Corp.

 

56,100

 

3,358

 

 

National Oilwell Varco Inc.

 

81,200

 

2,163

 

 

Apache Corp.

 

33,383

 

1,157

 

 

Murphy Oil Corp.

 

39,100

 

1,146

 

 

Halliburton Co.

 

18,252

 

535

 

*

Parsley Energy Inc. Class A

 

23,400

 

452

 

 

TechnipFMC plc

 

18,800

 

442

 

 

Noble Energy Inc.

 

16,340

 

404

 

 

Peabody Energy Corp.

 

14,200

 

402

 

*

QEP Resources Inc.

 

46,450

 

362

 

 

Helmerich & Payne Inc.

 

4,900

 

272

 

 

Hess Corp.

 

4,485

 

270

 

*,^

Tellurian Inc.

 

24,100

 

270

 

*

Oceaneering International Inc.

 

15,100

 

238

 

 

Equitrans Midstream Corp.

 

10,400

 

227

 

*

CNX Resources Corp.

 

20,000

 

215

 

*

W&T Offshore Inc.

 

27,600

 

190

 

*

Weatherford International plc

 

237,100

 

166

 

 

Archrock Inc.

 

15,300

 

150

 

*

Superior Energy Services Inc.

 

27,500

 

128

 

*

Keane Group Inc.

 

10,900

 

119

 

 

McDermott International Inc.

 

11,600

 

86

 

*

Renewable Energy Group Inc.

 

3,500

 

77

 

 

Plains GP Holdings LP Class A

 

3,000

 

75

 

*

Helix Energy Solutions Group Inc.

 

8,700

 

69

 

*

Exterran Corp.

 

3,800

 

64

 

*

C&J Energy Services Inc.

 

4,100

 

64

 

*

Dril-Quip Inc.

 

900

 

41

 

*

CONSOL Energy Inc.

 

1,100

 

38

 

 

Encana Corp.

 

4,700

 

34

 

 

Mammoth Energy Services Inc.

 

1,900

 

32

 

*

Matrix Service Co.

 

1,300

 

25

 

*

Geopark Ltd.

 

1,300

 

22

 

*

Earthstone Energy Inc. Class A

 

2,092

 

15

 

*,^

Bristow Group Inc.

 

9,300

 

10

 

 

Cosan Ltd.

 

819

 

9

 

*

California Resources Corp.

 

200

 

5

 

*

ION Geophysical Corp.

 

300

 

4

 

*

Bonanza Creek Energy Inc.

 

100

 

2

 

*

Overseas Shipholding Group Inc. Class A

 

500

 

1

 

*

Hornbeck Offshore Services Inc.

 

700

 

1

 

 

 

 

 

 

516,973

 

Financials (11.6%)

 

 

 

 

 

 

JPMorgan Chase & Co.

 

1,547,049

 

156,608

 

*

Berkshire Hathaway Inc. Class B

 

524,390

 

105,345

 

 

Bank of America Corp.

 

3,253,461

 

89,763

 

 

Citigroup Inc.

 

1,328,051

 

82,631

 

 

Wells Fargo & Co.

 

1,653,764

 

79,910

 

 

Capital One Financial Corp.

 

538,471

 

43,988

 

 

Progressive Corp.

 

572,691

 

41,285

 

 

S&P Global Inc.

 

180,820

 

38,072

 

 

Goldman Sachs Group Inc.

 

194,954

 

37,429

 

 

Allstate Corp.

 

360,337

 

33,937

 

 

Intercontinental Exchange Inc.

 

438,845

 

33,414

 

 

American Express Co.

 

264,473

 

28,907

 

 

7


 

Growth and Income Fund

 

 

 

 

 

 

 

Market

 

 

 

 

 

 

Value·

 

 

 

 

Shares

 

($000

)

 

E*TRADE Financial Corp.

 

620,350

 

28,803

 

 

Synchrony Financial

 

882,572

 

28,154

 

 

Comerica Inc.

 

374,891

 

27,487

 

 

Aflac Inc.

 

544,361

 

27,218

 

 

SunTrust Banks Inc.

 

393,622

 

23,322

 

 

Regions Financial Corp.

 

1,560,095

 

22,075

 

 

Cboe Global Markets Inc.

 

229,591

 

21,912

 

 

Discover Financial Services

 

306,371

 

21,801

 

 

Morgan Stanley

 

497,225

 

20,983

 

 

State Street Corp.

 

306,886

 

20,196

 

*

Moody’s Corp.

 

109,220

 

19,779

 

 

Torchmark Corp.

 

222,875

 

18,265

 

 

M&T Bank Corp.

 

115,400

 

18,120

 

 

Hartford Financial Services Group Inc.

 

339,100

 

16,860

 

 

Fifth Third Bancorp

 

621,684

 

15,679

 

 

MetLife Inc.

 

308,181

 

13,119

 

 

CME Group Inc.

 

70,950

 

11,677

 

 

BlackRock Inc.

 

25,790

 

11,022

 

*

T. Rowe Price Group Inc.

 

104,140

 

10,427

 

 

Franklin Resources Inc.

 

296,392

 

9,822

 

 

PNC Financial Services Group Inc.

 

73,030

 

8,958

 

 

Cincinnati Financial Corp.

 

100,550

 

8,637

 

 

Arthur J Gallagher & Co.

 

97,790

 

7,637

 

 

Northern Trust Corp.

 

79,000

 

7,142

 

 

MSCI Inc. Class A

 

35,670

 

7,093

 

 

Affiliated Managers Group Inc.

 

65,370

 

7,002

 

 

Jefferies Financial Group Inc.

 

294,181

 

5,528

 

 

Ares Capital Corp.

 

315,400

 

5,406

 

 

Bank of New York Mellon Corp.

 

105,325

 

5,312

 

 

Prudential Financial Inc.

 

51,530

 

4,735

 

 

Aon plc

 

23,710

 

4,047

 

 

Marsh & McLennan Cos. Inc.

 

34,160

 

3,208

 

 

US Bancorp

 

66,485

 

3,204

 

 

Willis Towers Watson plc

 

17,400

 

3,056

 

 

Nasdaq Inc.

 

31,200

 

2,730

 

 

First American Financial Corp.

 

46,700

 

2,405

 

 

East West Bancorp Inc.

 

45,200

 

2,168

 

 

Unum Group

 

60,300

 

2,040

 

 

Ameriprise Financial Inc.

 

15,900

 

2,037

 

 

First Hawaiian Inc.

 

56,300

 

1,467

 

*

Brighthouse Financial Inc.

 

38,930

 

1,413

 

 

Invesco Ltd.

 

61,690

 

1,191

 

 

KeyCorp

 

73,700

 

1,161

 

 

Fidelity National Financial Inc.

 

29,800

 

1,089

 

 

Navient Corp.

 

88,000

 

1,018

 

*

Green Dot Corp. Class A

 

15,300

 

928

 

*

Athene Holding Ltd. Class A

 

22,100

 

902

 

 

Voya Financial Inc.

 

17,600

 

879

 

*

SVB Financial Group

 

3,100

 

689

 

*

Arch Capital Group Ltd.

 

20,300

 

656

 

*

Texas Capital Bancshares Inc.

 

10,500

 

573

 

 

Credicorp Ltd.

 

2,300

 

552

 

 

MFA Financial Inc.

 

62,000

 

451

 

 

OneMain Holdings Inc.

 

12,900

 

410

 

 

Wintrust Financial Corp.

 

5,700

 

384

 

 

Zions Bancorp NA

 

8,400

 

381

 

 

Bank of NT Butterfield & Son Ltd.

 

10,600

 

380

 

*

eHealth Inc.

 

5,800

 

362

 

 

Argo Group International Holdings Ltd.

 

4,900

 

346

 

 

CNO Financial Group Inc.

 

19,200

 

311

 

 

Huntington Bancshares Inc.

 

24,152

 

306

 

 

Lincoln National Corp.

 

4,800

 

282

 

 

SEI Investments Co.

 

5,300

 

277

 

^

FS KKR Capital Corp.

 

40,300

 

244

 

 

American Equity Investment Life Holding Co.

 

8,800

 

238

 

 

American Financial Group Inc.

 

2,100

 

202

 

 

Hancock Whitney Corp.

 

4,500

 

182

 

 

TCF Financial Corp.

 

8,500

 

176

 

 

Assured Guaranty Ltd.

 

3,800

 

169

 

 

IBERIABANK Corp.

 

2,200

 

158

 

*

Western Alliance Bancorp

 

3,700

 

152

 

 

Apollo Investment Corp.

 

9,100

 

138

 

*

Third Point Reinsurance Ltd.

 

13,100

 

136

 

 

CVB Financial Corp.

 

6,400

 

135

 

 

WSFS Financial Corp.

 

3,400

 

131

 

 

Community Bank System Inc.

 

2,100

 

126

 

 

United Community Banks Inc.

 

4,600

 

115

 

 

Primerica Inc.

 

800

 

98

 

 

Erie Indemnity Co. Class A

 

500

 

89

 

 

BrightSphere Investment Group plc

 

6,400

 

87

 

 

Hilltop Holdings Inc.

 

4,200

 

77

 

 

Walker & Dunlop Inc.

 

1,500

 

76

 

 

Meridian Bancorp Inc.

 

4,800

 

75

 

 

OFG Bancorp

 

3,700

 

73

 

 

BankUnited Inc.

 

2,100

 

70

 

 

Ameris Bancorp

 

2,000

 

69

 

 

Boston Private Financial Holdings Inc.

 

6,100

 

67

 

 

Kearny Financial Corp.

 

4,881

 

63

 

 

8


 

Growth and Income Fund

 

 

 

 

 

 

Market

 

 

 

 

 

 

Value·

 

 

 

 

Shares

 

($000

)

 

Umpqua Holdings Corp.

 

3,600

 

59

 

 

Capitol Federal Financial Inc.

 

4,300

 

57

 

 

Investors Bancorp Inc.

 

4,800

 

57

 

*

Blucora Inc.

 

1,600

 

53

 

 

Exantas Capital Corp.

 

4,700

 

50

 

 

TPG RE Finance Trust Inc.

 

2,500

 

49

 

 

Trustmark Corp.

 

1,366

 

46

 

 

Flagstar Bancorp Inc.

 

1,380

 

45

 

*

Credit Acceptance Corp.

 

100

 

45

 

 

Eaton Vance Corp.

 

1,100

 

44

 

 

Charles Schwab Corp.

 

900

 

38

 

 

First Financial Northwest Inc.

 

2,300

 

36

 

 

Oaktree Specialty Lending Corp.

 

6,900

 

36

 

*

Cannae Holdings Inc.

 

1,417

 

34

 

^

Prospect Capital Corp.

 

5,200

 

34

 

 

Hanover Insurance Group Inc.

 

293

 

33

 

 

First Busey Corp.

 

1,200

 

29

 

 

Hanmi Financial Corp.

 

1,374

 

29

 

 

Central Pacific Financial Corp.

 

1,000

 

29

 

 

Evercore Inc. Class A

 

300

 

27

 

 

PacWest Bancorp

 

700

 

26

 

 

Signature Bank

 

200

 

26

 

 

PennantPark Investment Corp.

 

3,600

 

25

 

 

First BanCorp

 

2,100

 

24

 

*

World Acceptance Corp.

 

200

 

23

 

 

Great Western Bancorp Inc.

 

733

 

23

 

*

Bancorp Inc.

 

2,758

 

22

 

*

Elevate Credit Inc.

 

5,000

 

22

 

 

Old Second Bancorp Inc.

 

1,700

 

21

 

 

BGC Partners Inc. Class A

 

4,000

 

21

 

 

Fidelity Southern Corp.

 

725

 

20

 

*

MBIA Inc.

 

2,000

 

19

 

*

HomeStreet Inc.

 

700

 

18

 

 

Peapack Gladstone Financial Corp.

 

700

 

18

 

 

Oppenheimer Holdings Inc. Class A

 

700

 

18

 

 

Golub Capital BDC Inc.

 

800

 

14

 

 

Nelnet Inc. Class A

 

239

 

13

 

 

Veritex Holdings Inc.

 

511

 

12

 

 

Washington Federal Inc.

 

400

 

12

 

 

Flushing Financial Corp.

 

500

 

11

 

*

LendingClub Corp.

 

3,198

 

10

 

 

1st Source Corp.

 

200

 

9

 

 

PJT Partners Inc.

 

200

 

8

 

 

Independent Bank Corp.

 

100

 

8

 

 

Oxford Square Capital Corp.

 

1,152

 

8

 

*

Cowen Inc. Class A

 

500

 

7

 

 

Home Bancorp Inc.

 

176

 

6

 

 

Opus Bank

 

283

 

6

 

 

FirstCash Inc.

 

60

 

5

 

 

First Mid-Illinois Bancshares Inc.

 

120

 

4

 

 

Meta Financial Group Inc.

 

200

 

4

 

*

SmartFinancial Inc.

 

198

 

4

 

*

Atlas Financial Holdings Inc.

 

1,379

 

3

 

 

Hercules Capital Inc.

 

200

 

3

 

 

First Midwest Bancorp Inc.

 

100

 

2

 

 

Maiden Holdings Ltd.

 

800

 

1

 

 

 

 

 

 

1,271,215

 

Health Care (15.1%)

 

 

 

 

 

 

Johnson & Johnson

 

1,221,876

 

170,806

 

 

Merck & Co. Inc.

 

1,722,225

 

143,237

 

 

UnitedHealth Group Inc.

 

335,146

 

82,868

 

 

Eli Lilly & Co.

 

634,252

 

82,301

 

 

AbbVie Inc.

 

985,197

 

79,397

 

*

Pfizer Inc.

 

1,618,317

 

68,730

 

 

Bristol-Myers Squibb Co.

 

1,317,639

 

62,865

 

 

Medtronic plc

 

525,452

 

47,858

 

 

Abbott Laboratories

 

578,992

 

46,285

 

 

Humana Inc.

 

162,585

 

43,248

 

 

Agilent Technologies Inc.

 

531,024

 

42,684

 

 

Amgen Inc.

 

219,691

 

41,737

 

 

Thermo Fisher Scientific Inc.

 

139,703

 

38,240

 

*

Varian Medical Systems Inc.

 

222,468

 

31,528

 

*

IQVIA Holdings Inc.

 

216,564

 

31,153

 

*

Illumina Inc.

 

98,656

 

30,651

 

*

Waters Corp.

 

121,387

 

30,554

 

 

Cardinal Health Inc.

 

591,901

 

28,500

 

 

HCA Healthcare Inc.

 

217,165

 

28,314

 

 

McKesson Corp.

 

234,861

 

27,493

 

 

Gilead Sciences Inc.

 

420,585

 

27,342

 

*

Vertex Pharmaceuticals Inc.

 

144,350

 

26,553

 

*

Cerner Corp.

 

440,340

 

25,192

 

 

Allergan plc

 

166,400

 

24,363

 

 

Stryker Corp.

 

114,298

 

22,576

 

 

Zoetis Inc.

 

212,896

 

21,432

 

*

Mettler-Toledo International Inc.

 

26,390

 

19,080

 

*

Align Technology Inc.

 

66,176

 

18,816

 

*

Hologic Inc.

 

386,921

 

18,727

 

 

Baxter International Inc.

 

222,078

 

18,057

 

*

Intuitive Surgical Inc.

 

31,491

 

17,968

 

*

Boston Scientific Corp.

 

440,383

 

16,902

 

*

Biogen Inc.

 

68,404

 

16,169

 

*

Centene Corp.

 

264,200

 

14,029

 

 

ResMed Inc.

 

133,740

 

13,905

 

 

Cigna Corp.

 

84,174

 

13,537

 

*

ABIOMED Inc.

 

46,796

 

13,364

 

 

Becton Dickinson and Co.

 

50,183

 

12,532

 

*

IDEXX Laboratories Inc.

 

54,944

 

12,285

 

 

Cooper Cos. Inc.

 

39,554

 

11,715

 

 

9


 

Growth and Income Fund

 

 

 

 

 

 

 

Market

 

 

 

 

 

 

Value·

 

 

 

 

Shares

 

($000

)

 

Danaher Corp.

 

78,014

 

10,299

 

*

Celgene Corp.

 

100,208

 

9,454

 

 

CVS Health Corp.

 

141,600

 

7,637

 

 

Anthem Inc.

 

25,725

 

7,383

 

*

Mylan NV

 

245,300

 

6,952

 

*

Edwards Lifesciences Corp.

 

33,810

 

6,469

 

 

Dentsply Sirona Inc.

 

128,126

 

6,354

 

*

Incyte Corp.

 

69,330

 

5,963

 

 

Zimmer Biomet Holdings Inc.

 

45,919

 

5,864

 

*

Molina Healthcare Inc.

 

32,760

 

4,651

 

 

Quest Diagnostics Inc.

 

46,490

 

4,180

 

*

Elanco Animal Health Inc.

 

126,020

 

4,041

 

*

Regeneron Pharmaceuticals Inc.

 

9,500

 

3,901

 

*

Henry Schein Inc.

 

53,200

 

3,198

 

*

Horizon Pharma plc

 

100,300

 

2,651

 

*

QIAGEN NV

 

59,100

 

2,404

 

*

Alexion Pharmaceuticals Inc.

 

16,900

 

2,285

 

 

Bruker Corp.

 

57,200

 

2,199

 

*

DaVita Inc.

 

39,100

 

2,123

 

 

Perrigo Co. plc

 

42,090

 

2,027

 

*

Laboratory Corp. of America Holdings

 

11,060

 

1,692

 

 

AmerisourceBergen Corp. Class A

 

15,000

 

1,193

 

*

Mallinckrodt plc

 

52,700

 

1,146

 

*

Masimo Corp.

 

7,200

 

996

 

*,^

Lannett Co. Inc.

 

111,800

 

880

 

*

Allscripts Healthcare Solutions Inc.

 

91,100

 

869

 

 

Patterson Cos. Inc.

 

36,100

 

789

 

*

Ionis Pharmaceuticals Inc.

 

8,100

 

657

 

*

Pacira Pharmaceuticals Inc.

 

17,000

 

647

 

*

Myriad Genetics Inc.

 

19,349

 

642

 

 

Encompass Health Corp.

 

10,601

 

619

 

*

MyoKardia Inc.

 

11,600

 

603

 

*

AMAG Pharmaceuticals Inc.

 

45,400

 

585

 

*

WellCare Health Plans Inc.

 

2,100

 

566

 

*

Nevro Corp.

 

8,600

 

538

 

*

Covetrus Inc.

 

16,500

 

526

 

*

Dynavax Technologies Corp.

 

71,300

 

521

 

*

MEDNAX Inc.

 

16,500

 

448

 

*

PTC Therapeutics Inc.

 

11,800

 

444

 

*

Insulet Corp.

 

4,200

 

399

 

*

Assertio Therapeutics Inc.

 

69,900

 

354

 

*,^

Omeros Corp.

 

18,200

 

316

 

*

Premier Inc. Class A

 

8,900

 

307

 

*

United Therapeutics Corp.

 

2,600

 

305

 

*

Genomic Health Inc.

 

4,300

 

301

 

*

Haemonetics Corp.

 

3,200

 

280

 

*

Neogen Corp.

 

4,800

 

275

 

*

Neurocrine Biosciences Inc.

 

2,900

 

256

 

*

Editas Medicine Inc.

 

9,500

 

232

 

*

ICON plc

 

1,700

 

232

 

*

Omnicell Inc.

 

2,690

 

217

 

*

Eagle Pharmaceuticals Inc.

 

4,302

 

217

 

*

Veeva Systems Inc. Class A

 

1,700

 

216

 

*

Triple-S Management Corp. Class B

 

9,400

 

215

 

*

Agenus Inc.

 

68,866

 

205

 

*

Innoviva Inc.

 

13,400

 

188

 

*

BioMarin Pharmaceutical Inc.

 

2,000

 

178

 

*

Wright Medical Group NV

 

5,266

 

166

 

*

CytomX Therapeutics Inc.

 

14,990

 

161

 

*

Avanos Medical Inc.

 

3,700

 

158

 

*

OraSure Technologies Inc.

 

13,000

 

145

 

*

Karyopharm Therapeutics Inc.

 

24,700

 

144

 

*

Intercept Pharmaceuticals Inc.

 

1,200

 

134

 

*

Catalent Inc.

 

3,300

 

134

 

*

Halozyme Therapeutics Inc.

 

8,280

 

133

 

*

Endo International plc

 

16,000

 

128

 

*,^

MannKind Corp.

 

61,700

 

122

 

*

Momenta Pharmaceuticals Inc.

 

7,900

 

115

 

*

Ophthotech Corp.

 

66,680

 

94

 

*

HMS Holdings Corp.

 

3,000

 

89

 

 

PerkinElmer Inc.

 

900

 

87

 

*

Medpace Holdings Inc.

 

1,400

 

83

 

*

Tenet Healthcare Corp.

 

2,773

 

80

 

*,^

Corbus Pharmaceuticals Holdings Inc.

 

11,400

 

79

 

*

Retrophin Inc.

 

3,059

 

69

 

*

Heron Therapeutics Inc.

 

2,800

 

68

 

*

Diplomat Pharmacy Inc.

 

11,700

 

68

 

*

Akebia Therapeutics Inc.

 

8,300

 

68

 

*

uniQure NV

 

1,100

 

66

 

*

Rockwell Medical Inc.

 

11,200

 

64

 

*

Tivity Health Inc.

 

3,600

 

63

 

*

AngioDynamics Inc.

 

2,600

 

59

 

*

Quidel Corp.

 

900

 

59

 

*

Aquinox Pharmaceuticals Inc.

 

20,300

 

55

 

*

Integer Holdings Corp.

 

700

 

53

 

*

Strongbridge Biopharma plc

 

10,281

 

51

 

*

Accuray Inc.

 

10,200

 

49

 

*

Bausch Health Cos. Inc.

 

1,800

 

44

 

*

Audentes Therapeutics Inc.

 

1,100

 

43

 

*

Aurinia Pharmaceuticals Inc.

 

5,628

 

37

 

*

Select Medical Holdings Corp.

 

2,400

 

34

 

 

Meridian Bioscience Inc.

 

1,900

 

33

 

 

10


 

Growth and Income Fund

 

 

 

 

 

 

 

Market

 

 

 

 

 

 

Value·

 

 

 

 

Shares

 

($000

)

 

Taro Pharmaceutical Industries Ltd.

 

300

 

32

 

*

MacroGenics Inc.

 

1,800

 

32

 

*

Cutera Inc.

 

1,800

 

32

 

*

Voyager Therapeutics Inc.

 

1,500

 

29

 

*

Arrowhead Pharmaceuticals Inc.

 

1,500

 

28

 

*

Puma Biotechnology Inc.

 

700

 

27

 

*

ArQule Inc.

 

5,200

 

25

 

*

GenMark Diagnostics Inc.

 

3,300

 

23

 

*

Radius Health Inc.

 

1,168

 

23

 

 

Invacare Corp.

 

2,600

 

22

 

*

Sorrento Therapeutics Inc.

 

4,126

 

20

 

*

OPKO Health Inc.

 

7,400

 

19

 

*,^

Insys Therapeutics Inc.

 

4,164

 

19

 

*

Inovio Pharmaceuticals Inc.

 

5,100

 

19

 

*

Jazz Pharmaceuticals plc

 

125

 

18

 

*

Geron Corp.

 

10,700

 

18

 

*

Prothena Corp. plc

 

1,400

 

17

 

*

ImmunoGen Inc.

 

5,800

 

16

 

*

Syneos Health Inc.

 

300

 

16

 

*

PDS Biotechnology Corp.

 

2,090

 

15

 

*,^

vTv Therapeutics Inc. Class A

 

9,000

 

15

 

*

Intersect ENT Inc.

 

400

 

13

 

*

Sientra Inc.

 

1,306

 

11

 

*

Varex Imaging Corp.

 

300

 

10

 

*

BioDelivery Sciences International Inc.

 

1,900

 

10

 

*

Oxford Immunotec Global plc

 

500

 

9

 

*

ChemoCentryx Inc.

 

600

 

8

 

*

WaVe Life Sciences Ltd.

 

200

 

8

 

*

Menlo Therapeutics Inc.

 

900

 

7

 

*

Otonomy Inc.

 

2,600

 

7

 

*

Dermira Inc.

 

500

 

7

 

 

Computer Programs & Systems Inc.

 

200

 

6

 

*

BioScrip Inc.

 

2,840

 

6

 

*

Foamix Pharmaceuticals Ltd.

 

1,461

 

5

 

*

Acorda Therapeutics Inc.

 

400

 

5

 

*

Veracyte Inc.

 

200

 

5

 

*

RTI Surgical Holdings Inc.

 

802

 

5

 

*

Enzo Biochem Inc.

 

1,760

 

5

 

*

Arbutus Biopharma Corp.

 

1,300

 

5

 

*

Cross Country Healthcare Inc.

 

600

 

4

 

*

Accelerate Diagnostics Inc.

 

200

 

4

 

*

Chimerix Inc.

 

1,834

 

4

 

*

AVEO Pharmaceuticals Inc.

 

4,100

 

3

 

*

Nektar Therapeutics Class A

 

100

 

3

 

*

Tocagen Inc.

 

300

 

3

 

*

CareDx Inc.

 

100

 

3

 

*

Coherus Biosciences Inc.

 

200

 

3

 

*

AcelRx Pharmaceuticals Inc.

 

700

 

2

 

*

Advaxis Inc.

 

307

 

2

 

*

Protagonist Therapeutics Inc.

 

100

 

1

 

*

Concert Pharmaceuticals Inc.

 

85

 

1

 

 

Aceto Corp.

 

1,100

 

 

*

Quorum Health Corp.

 

100

 

 

 

 

 

 

 

1,645,747

 

Industrials (9.4%)

 

 

 

 

 

 

Boeing Co.

 

251,439

 

95,904

 

 

Honeywell International Inc.

 

342,871

 

54,489

 

 

Lockheed Martin Corp.

 

169,621

 

50,913

 

 

Caterpillar Inc.

 

347,587

 

47,095

 

 

Raytheon Co.

 

232,194

 

42,278

 

 

Waste Management Inc.

 

379,949

 

39,480

 

 

United Parcel Service Inc. Class B

 

339,951

 

37,986

 

 

Pentair plc

 

848,362

 

37,761

 

 

3M Co.

 

151,975

 

31,577

 

 

Union Pacific Corp.

 

184,670

 

30,877

 

 

Dover Corp.

 

321,648

 

30,171

 

 

Expeditors International of Washington Inc.

 

380,970

 

28,916

 

 

CSX Corp.

 

316,563

 

23,685

 

 

Cummins Inc.

 

142,023

 

22,421

 

 

AMETEK Inc.

 

265,220

 

22,005

 

 

WW Grainger Inc.

 

72,304

 

21,758

 

*

United Continental Holdings Inc.

 

254,349

 

20,292

 

 

Robert Half International Inc.

 

299,468

 

19,513

 

 

Textron Inc.

 

378,891

 

19,195

 

 

Eaton Corp. plc

 

233,410

 

18,804

 

 

CH Robinson Worldwide Inc.

 

185,736

 

16,157

 

 

Quanta Services Inc.

 

412,670

 

15,574

 

 

Cintas Corp.

 

75,810

 

15,322

 

 

Roper Technologies Inc.

 

43,474

 

14,867

 

 

PACCAR Inc.

 

208,372

 

14,198

 

 

AO Smith Corp.

 

261,710

 

13,954

 

 

Illinois Tool Works Inc.

 

91,798

 

13,176

 

 

Ingersoll-Rand plc

 

122,017

 

13,172

 

 

Southwest Airlines Co.

 

240,400

 

12,479

 

 

General Electric Co.

 

1,168,322

 

11,672

 

 

Norfolk Southern Corp.

 

62,300

 

11,643

 

 

United Technologies Corp.

 

86,738

 

11,180

 

 

Masco Corp.

 

275,200

 

10,818

 

 

Harris Corp.

 

65,840

 

10,515

 

 

Emerson Electric Co.

 

151,436

 

10,369

 

 

KAR Auction Services Inc.

 

184,800

 

9,482

 

 

Huntington Ingalls Industries Inc.

 

44,851

 

9,293

 

 

Spirit AeroSystems Holdings Inc. Class A

 

100,600

 

9,208

 

 

Rockwell Automation Inc.

 

47,163

 

8,275

 

 

11


 

Growth and Income Fund

 

 

 

 

 

 

 

Market

 

 

 

 

 

 

Value·

 

 

 

 

Shares

 

($000

)

 

JB Hunt Transport Services Inc.

 

78,310

 

7,932

 

 

Republic Services Inc. Class A

 

92,480

 

7,434

 

 

Northrop Grumman Corp.

 

27,395

 

7,386

 

 

Xylem Inc.

 

80,950

 

6,398

 

 

Fortune Brands Home & Security Inc.

 

130,900

 

6,232

 

 

Equifax Inc.

 

46,005

 

5,452

 

 

Parker-Hannifin Corp.

 

29,690

 

5,095

 

 

Allison Transmission Holdings Inc.

 

109,800

 

4,932

 

 

General Dynamics Corp.

 

28,104

 

4,757

 

*

HD Supply Holdings Inc.

 

90,300

 

3,914

 

 

Fastenal Co.

 

57,020

 

3,667

 

 

Flowserve Corp.

 

60,461

 

2,729

 

 

nVent Electric plc

 

94,300

 

2,544

 

 

ManpowerGroup Inc.

 

27,900

 

2,307

 

 

Acuity Brands Inc.

 

15,800

 

1,896

 

*

IHS Markit Ltd.

 

25,180

 

1,369

 

 

Canadian Pacific Railway Ltd.

 

6,300

 

1,298

 

 

Stanley Black & Decker Inc.

 

8,380

 

1,141

 

 

Fortive Corp.

 

13,040

 

1,094

 

 

Macquarie Infrastructure Corp.

 

20,200

 

833

 

 

FedEx Corp.

 

4,500

 

816

 

*

Copart Inc.

 

12,440

 

754

 

 

Timken Co.

 

17,000

 

742

 

 

Insperity Inc.

 

5,900

 

730

 

 

Oshkosh Corp.

 

9,500

 

714

 

 

Moog Inc. Class A

 

7,700

 

670

 

*

Resideo Technologies Inc.

 

33,800

 

652

 

*

Aerojet Rocketdyne Holdings Inc.

 

17,900

 

636

 

*

Gardner Denver Holdings Inc.

 

22,400

 

623

 

*

Continental Building Products Inc.

 

24,100

 

597

 

 

Altra Industrial Motion Corp.

 

19,000

 

590

 

 

Wabtec Corp.

 

7,875

 

581

 

*

United Rentals Inc.

 

4,840

 

553

 

 

Armstrong World Industries Inc.

 

6,900

 

548

 

*

WESCO International Inc.

 

10,300

 

546

 

 

Graco Inc.

 

8,900

 

441

 

 

MSC Industrial Direct Co. Inc. Class A

 

5,200

 

430

 

 

ArcBest Corp.

 

10,900

 

336

 

 

Owens Corning

 

6,434

 

303

 

 

Brady Corp. Class A

 

6,400

 

297

 

*

MRC Global Inc.

 

13,800

 

241

 

*

Pitney Bowes Inc.

 

34,100

 

234

 

*

Milacron Holdings Corp.

 

20,300

 

230

 

 

Hubbell Inc. Class B

 

1,523

 

180

 

*

NOW Inc.

 

11,710

 

163

 

*

Rexnord Corp.

 

6,200

 

156

 

*

TriNet Group Inc.

 

2,600

 

155

 

*

AECOM

 

5,200

 

154

 

 

AGCO Corp.

 

1,794

 

125

 

*

Atkore International Group Inc.

 

5,632

 

121

 

*,^

ADT Inc.

 

18,600

 

119

 

 

Hexcel Corp.

 

1,700

 

118

 

 

Deluxe Corp.

 

2,600

 

114

 

 

Federal Signal Corp.

 

4,198

 

109

 

 

BWX Technologies Inc.

 

2,200

 

109

 

*

Masonite International Corp.

 

2,100

 

105

 

*

Civeo Corp.

 

43,700

 

92

 

*

Advanced Disposal Services Inc.

 

3,100

 

87

 

*

SPX FLOW Inc.

 

2,700

 

86

 

 

EnerSys

 

1,300

 

85

 

 

ACCO Brands Corp.

 

9,400

 

80

 

*

Harsco Corp.

 

3,800

 

77

 

*

Builders FirstSource Inc.

 

5,700

 

76

 

 

Quad/Graphics Inc.

 

6,300

 

75

 

 

Lincoln Electric Holdings Inc.

 

886

 

74

 

*

Air Transport Services Group Inc.

 

3,161

 

73

 

 

Landstar System Inc.

 

643

 

70

 

 

Knoll Inc.

 

3,700

 

70

 

 

Toro Co.

 

1,000

 

69

 

 

Luxfer Holdings plc

 

2,670

 

67

 

 

Nielsen Holdings plc

 

2,800

 

66

 

 

Arcosa Inc.

 

2,100

 

64

 

 

Heidrick & Struggles International Inc.

 

1,600

 

61

 

 

EMCOR Group Inc.

 

800

 

58

 

 

Hillenbrand Inc.

 

1,400

 

58

 

 

Spartan Motors Inc.

 

6,100

 

54

 

 

Ritchie Bros Auctioneers Inc.

 

1,500

 

51

 

*,^

Vivint Solar Inc.

 

10,200

 

51

 

*

LB Foster Co. Class A

 

2,557

 

48

 

*

Kornit Digital Ltd.

 

2,000

 

48

 

*

Mistras Group Inc.

 

3,200

 

44

 

 

Tetra Tech Inc.

 

700

 

42

 

 

Navigant Consulting Inc.

 

2,100

 

41

 

*

NCI Building Systems Inc.

 

6,500

 

40

 

*

GMS Inc.

 

2,400

 

36

 

 

Donaldson Co. Inc.

 

700

 

35

 

 

Curtiss-Wright Corp.

 

300

 

34

 

*

WageWorks Inc.

 

900

 

34

 

*

SPX Corp.

 

900

 

31

 

 

Briggs & Stratton Corp.

 

2,400

 

28

 

*

Armstrong Flooring Inc.

 

2,060

 

28

 

*

USA Truck Inc.

 

1,800

 

26

 

*

ARC Document Solutions Inc.

 

11,400

 

25

 

 

12


 

Growth and Income Fund

 

 

 

 

 

 

 

Market

 

 

 

 

 

 

Value·

 

 

 

 

Shares

 

($000

)

*

ASGN Inc.

 

300

 

19

 

 

Fluor Corp.

 

500

 

18

 

*

American Superconductor Corp.

 

1,429

 

18

 

 

Global Brass & Copper Holdings Inc.

 

500

 

17

 

 

Snap-on Inc.

 

100

 

16

 

*

Titan Machinery Inc.

 

1,000

 

16

 

 

DMC Global Inc.

 

300

 

15

 

*

YRC Worldwide Inc.

 

2,200

 

15

 

 

Quanex Building Products Corp.

 

892

 

14

 

 

Advanced Drainage Systems Inc.

 

500

 

13

 

 

Titan International Inc.

 

1,900

 

11

 

 

Wabash National Corp.

 

800

 

11

 

*

Huron Consulting Group Inc.

 

226

 

11

 

 

Insteel Industries Inc.

 

400

 

8

 

 

Copa Holdings SA Class A

 

100

 

8

 

*

Textainer Group Holdings Ltd.

 

800

 

8

 

 

Rush Enterprises Inc. Class A

 

181

 

8

 

 

H&E Equipment Services Inc.

 

300

 

8

 

 

Systemax Inc.

 

271

 

6

 

*

DXP Enterprises Inc.

 

157

 

6

 

*

Babcock & Wilcox Enterprises Inc.

 

14,200

 

6

 

*

CECO Environmental Corp.

 

780

 

6

 

 

CRA International Inc.

 

100

 

5

 

*

Genco Shipping & Trading Ltd.

 

600

 

4

 

*

Gibraltar Industries Inc.

 

100

 

4

 

 

Raven Industries Inc.

 

100

 

4

 

 

Kansas City Southern

 

33

 

4

 

 

Universal Logistics Holdings Inc.

 

186

 

4

 

 

Caesarstone Ltd.

 

195

 

3

 

*

Univar Inc.

 

100

 

2

 

*

Enphase Energy Inc.

 

233

 

2

 

 

Maxar Technologies Inc.

 

500

 

2

 

*

Covenant Transportation Group Inc. Class A

 

100

 

2

 

 

 

 

 

 

1,021,254

 

Information Technology (21.6%)

 

 

 

 

 

 

Microsoft Corp.

 

3,650,587

 

430,550

 

 

Apple Inc.

 

2,148,760

 

408,157

 

 

Visa Inc. Class A

 

797,622

 

124,581

 

 

Intel Corp.

 

2,007,111

 

107,782

 

 

Mastercard Inc. Class A

 

396,056

 

93,251

 

 

Cisco Systems Inc.

 

1,250,432

 

67,511

 

 

Oracle Corp.

 

1,086,875

 

58,376

 

 

QUALCOMM Inc.

 

956,123

 

54,528

 

 

Intuit Inc.

 

207,036

 

54,121

 

 

Fidelity National Information Services Inc.

 

437,880

 

49,524

 

 

Accenture plc Class A

 

265,862

 

46,797

 

*

Cadence Design Systems Inc.

 

691,438

 

43,913

 

 

NVIDIA Corp.

 

232,482

 

41,744

 

 

Citrix Systems Inc.

 

413,891

 

41,248

 

*

Adobe Inc.

 

138,759

 

36,978

 

 

KLA-Tencor Corp.

 

309,119

 

36,912

 

 

HP Inc.

 

1,782,070

 

34,626

 

 

International Business Machines Corp.

 

241,287

 

34,046

 

*

PayPal Holdings Inc.

 

323,865

 

33,630

 

 

NetApp Inc.

 

475,488

 

32,970

 

*

Advanced Micro Devices Inc.

 

1,144,772

 

29,215

 

 

Texas Instruments Inc.

 

269,000

 

28,533

 

*

VeriSign Inc.

 

152,793

 

27,741

 

 

Lam Research Corp.

 

140,254

 

25,107

 

*

Fortinet Inc.

 

285,108

 

23,941

 

*

Micron Technology Inc.

 

568,483

 

23,495

 

 

Applied Materials Inc.

 

552,820

 

21,925

 

 

Xilinx Inc.

 

165,390

 

20,970

 

 

DXC Technology Co.

 

323,407

 

20,798

 

*

salesforce.com Inc.

 

128,419

 

20,338

 

 

Broadridge Financial Solutions Inc.

 

192,025

 

19,911

 

*

F5 Networks Inc.

 

121,224

 

19,024

 

 

Analog Devices Inc.

 

155,750

 

16,396

 

 

Automatic Data Processing Inc.

 

102,110

 

16,311

 

 

Seagate Technology plc

 

317,678

 

15,214

 

*

Synopsys Inc.

 

123,630

 

14,236

 

 

Motorola Solutions Inc.

 

80,955

 

11,368

 

 

Broadcom Inc.

 

37,609

 

11,309

 

 

Total System Services Inc.

 

108,655

 

10,323

 

 

Paychex Inc.

 

127,590

 

10,233

 

 

Cognizant Technology Solutions Corp. Class A

 

136,490

 

9,889

 

*

Arista Networks Inc.

 

28,760

 

9,044

 

 

Skyworks Solutions Inc.

 

99,865

 

8,237

 

*

Akamai Technologies Inc.

 

107,330

 

7,697

 

 

Juniper Networks Inc.

 

276,100

 

7,308

 

 

Symantec Corp.

 

295,770

 

6,800

 

 

Amphenol Corp. Class A

 

66,860

 

6,314

 

 

Maxim Integrated Products Inc.

 

115,030

 

6,116

 

*

Fiserv Inc.

 

67,892

 

5,994

 

 

FLIR Systems Inc.

 

113,560

 

5,403

 

*

Autodesk Inc.

 

31,130

 

4,851

 

*

Palo Alto Networks Inc.

 

18,200

 

4,420

 

*

Red Hat Inc.

 

22,890

 

4,182

 

*

CoreLogic Inc.

 

94,800

 

3,532

 

*

Gartner Inc.

 

20,110

 

3,050

 

 

VMware Inc. Class A

 

15,800

 

2,852

 

*

Qorvo Inc.

 

39,289

 

2,818

 

*

ANSYS Inc.

 

14,540

 

2,657

 

 

Versum Materials Inc.

 

51,493

 

2,591

 

 

13


 

Growth and Income Fund

 

 

 

 

 

 

 

Market

 

 

 

 

 

 

Value·

 

 

 

 

Shares

 

($000

)

^

Microchip Technology Inc.

 

28,930

 

2,400

 

*

Flex Ltd.

 

207,300

 

2,073

 

*

CommScope Holding Co. Inc.

 

87,400

 

1,899

 

*

Black Knight Inc.

 

34,100

 

1,858

 

*

Dropbox Inc. Class A

 

82,700

 

1,803

 

 

Western Digital Corp.

 

33,020

 

1,587

 

*

GoDaddy Inc. Class A

 

20,000

 

1,504

 

 

TE Connectivity Ltd.

 

17,800

 

1,437

 

 

Global Payments Inc.

 

10,190

 

1,391

 

 

Amdocs Ltd.

 

22,100

 

1,196

 

 

InterDigital Inc.

 

14,200

 

937

 

 

Kulicke & Soffa Industries Inc.

 

37,200

 

822

 

*

Pure Storage Inc. Class A

 

35,800

 

780

 

*

Tower Semiconductor Ltd.

 

46,100

 

763

 

 

Western Union Co.

 

37,437

 

691

 

*

Dell Technologies Inc.

 

10,700

 

628

 

 

Progress Software Corp.

 

13,900

 

617

 

 

Perspecta Inc.

 

29,500

 

596

 

 

NXP Semiconductors NV

 

6,271

 

554

 

*

Fitbit Inc. Class A

 

85,900

 

509

 

*

3D Systems Corp.

 

47,200

 

508

 

 

Xperi Corp.

 

20,800

 

487

 

*

GreenSky Inc. Class A

 

35,100

 

454

 

*

Check Point Software Technologies Ltd.

 

3,400

 

430

 

*

Ciena Corp.

 

11,200

 

418

 

*

Pluralsight Inc. Class A

 

12,700

 

403

 

*

NetScout Systems Inc.

 

13,000

 

365

 

 

Sabre Corp.

 

17,000

 

364

 

*

Knowles Corp.

 

16,712

 

295

 

*

MicroStrategy Inc. Class A

 

1,978

 

285

 

 

Hollysys Automation Technologies Ltd.

 

13,300

 

279

 

*

First Solar Inc.

 

5,200

 

275

 

 

Dolby Laboratories Inc. Class A

 

4,300

 

271

 

 

CDK Global Inc.

 

4,400

 

259

 

*

Teradata Corp.

 

5,700

 

249

 

*

Conduent Inc.

 

17,400

 

241

 

*

Rambus Inc.

 

22,600

 

236

 

*

Acacia Communications Inc.

 

4,000

 

229

 

 

Teradyne Inc.

 

5,700

 

227

 

*

Manhattan Associates Inc.

 

4,100

 

226

 

*

Cardtronics plc Class A

 

6,100

 

217

 

 

National Instruments Corp.

 

4,700

 

208

 

 

LogMeIn Inc.

 

2,600

 

208

 

*

Cirrus Logic Inc.

 

4,700

 

198

 

*

Yext Inc.

 

8,600

 

188

 

*

Synaptics Inc.

 

4,400

 

175

 

*

Cornerstone OnDemand Inc.

 

2,974

 

163

 

*

Photronics Inc.

 

17,200

 

163

 

*

Unisys Corp.

 

13,800

 

161

 

*

Benefitfocus Inc.

 

2,987

 

148

 

 

NIC Inc.

 

8,500

 

145

 

*

Rudolph Technologies Inc.

 

6,100

 

139

 

 

j2 Global Inc.

 

1,600

 

139

 

*

BlackBerry Ltd.

 

13,100

 

132

 

*

EchoStar Corp. Class A

 

3,103

 

113

 

*

Casa Systems Inc.

 

12,500

 

104

 

*

InterXion Holding NV

 

1,500

 

100

 

*

Zebra Technologies Corp.

 

476

 

100

 

*

NCR Corp.

 

3,598

 

98

 

*

Keysight Technologies Inc.

 

1,110

 

97

 

*

Advanced Energy Industries Inc.

 

1,909

 

95

 

*

Nutanix Inc.

 

2,300

 

87

 

*

Extreme Networks Inc.

 

11,100

 

83

 

*

Rubicon Project Inc.

 

13,500

 

82

 

 

NVE Corp.

 

682

 

67

 

*

Smartsheet Inc. Class A

 

1,600

 

65

 

*

MACOM Technology Solutions Holdings Inc.

 

3,738

 

62

 

*

Calix Inc.

 

7,900

 

61

 

*

Nuance Communications Inc.

 

3,300

 

56

 

 

Cohu Inc.

 

3,700

 

55

 

 

Genpact Ltd.

 

1,400

 

49

 

*

Alpha & Omega Semiconductor Ltd.

 

4,100

 

47

 

*

Zix Corp.

 

6,500

 

45

 

*

Sanmina Corp.

 

1,500

 

43

 

*

New Relic Inc.

 

400

 

39

 

 

Leidos Holdings Inc.

 

600

 

38

 

 

MKS Instruments Inc.

 

400

 

37

 

*

Workiva Inc.

 

700

 

35

 

*

CommVault Systems Inc.

 

500

 

32

 

*

SPS Commerce Inc.

 

300

 

32

 

*

SolarEdge Technologies Inc.

 

800

 

30

 

*

Model N Inc.

 

1,700

 

30

 

*

Net 1 UEPS Technologies Inc.

 

7,500

 

27

 

*

Carbon Black Inc.

 

1,900

 

27

 

*

A10 Networks Inc.

 

3,700

 

26

 

*

Immersion Corp.

 

3,000

 

25

 

*

MoneyGram International Inc.

 

11,600

 

24

 

*

Sierra Wireless Inc.

 

1,900

 

24

 

*

Anixter International Inc.

 

381

 

21

 

*

Aerohive Networks Inc.

 

4,300

 

19

 

*,^

VirnetX Holding Corp.

 

2,900

 

18

 

*

Endurance International Group Holdings Inc.

 

2,413

 

18

 

*

SailPoint Technologies Holding Inc.

 

600

 

17

 

 

Monotype Imaging Holdings Inc.

 

847

 

17

 

*

Radware Ltd.

 

600

 

16

 

*

Square Inc.

 

200

 

15

 

 

14


 

Growth and Income Fund

 

 

 

 

 

 

 

Market

 

 

 

 

 

 

Value·

 

 

 

 

Shares

 

($000

)

*

Amkor Technology Inc.

 

1,500

 

13

 

*

Tenable Holdings Inc.

 

400

 

13

 

*

Proofpoint Inc.

 

100

 

12

 

 

Daktronics Inc.

 

1,566

 

12

 

*

LivePerson Inc.

 

400

 

12

 

*

Ribbon Communications Inc.

 

2,091

 

11

 

*

MobileIron Inc.

 

1,700

 

9

 

*

Blackline Inc.

 

200

 

9

 

 

Hackett Group Inc.

 

300

 

5

 

*

Trimble Inc.

 

100

 

4

 

 

Ituran Location and Control Ltd.

 

100

 

3

 

*

FireEye Inc.

 

200

 

3

 

*

Nanometrics Inc.

 

100

 

3

 

*

Lattice Semiconductor Corp.

 

200

 

2

 

*

Celestica Inc.

 

150

 

1

 

 

 

 

 

 

2,356,506

 

Materials (1.9%)

 

 

 

 

 

 

Air Products & Chemicals Inc.

 

162,193

 

30,972

 

 

Linde plc

 

168,916

 

29,717

 

 

Nucor Corp.

 

347,481

 

20,276

 

 

CF Industries Holdings Inc.

 

454,350

 

18,574

 

 

Ball Corp.

 

307,862

 

17,813

 

 

Avery Dennison Corp.

 

150,651

 

17,024

 

 

Mosaic Co.

 

550,574

 

15,036

 

 

LyondellBasell Industries NV Class A

 

113,270

 

9,524

 

 

Sealed Air Corp.

 

163,520

 

7,532

 

 

DowDuPont Inc.

 

129,405

 

6,899

 

 

Westrock Co.

 

164,100

 

6,293

 

 

Newmont Mining Corp.

 

123,290

 

4,410

 

 

Sherwin-Williams Co.

 

9,310

 

4,010

 

 

Celanese Corp. Class A

 

31,865

 

3,142

 

 

Steel Dynamics Inc.

 

67,500

 

2,381

 

 

Eastman Chemical Co.

 

30,486

 

2,313

 

 

Huntsman Corp.

 

92,882

 

2,089

 

 

Freeport-McMoRan Inc.

 

160,590

 

2,070

 

 

Packaging Corp. of America

 

12,350

 

1,227

 

 

Olin Corp.

 

46,800

 

1,083

 

 

Louisiana-Pacific Corp.

 

40,573

 

989

 

 

Valvoline Inc.

 

34,200

 

635

 

 

Methanex Corp.

 

7,600

 

432

 

 

Ashland Global Holdings Inc.

 

5,100

 

398

 

*

Berry Global Group Inc.

 

6,400

 

345

 

 

Chemours Co.

 

7,800

 

290

 

*

Goldcorp Inc.

 

23,200

 

265

 

*

AdvanSix Inc.

 

8,800

 

251

 

 

Orion Engineered Carbons SA

 

8,600

 

163

 

 

WR Grace & Co.

 

2,000

 

156

 

 

Trinseo SA

 

2,491

 

113

 

*

Constellium NV Class A

 

14,000

 

112

 

 

Mercer International Inc.

 

7,900

 

107

 

*

Flotek Industries Inc.

 

29,768

 

96

 

*

Allegheny Technologies Inc.

 

3,200

 

82

 

 

Graphic Packaging Holding Co.

 

6,400

 

81

 

*

SunCoke Energy Inc.

 

9,252

 

79

 

*

Verso Corp.

 

2,700

 

58

 

 

Cabot Corp.

 

900

 

37

 

 

Nexa Resources SA

 

2,900

 

36

 

*

Axalta Coating Systems Ltd.

 

1,300

 

33

 

 

PolyOne Corp.

 

1,100

 

32

 

 

Ferroglobe plc

 

13,500

 

28

 

 

Israel Chemicals Ltd.

 

5,164

 

27

 

 

Resolute Forest Products Inc.

 

2,700

 

21

 

 

Reliance Steel & Aluminum Co.

 

200

 

18

 

 

Ecolab Inc.

 

100

 

18

 

*

Ryerson Holding Corp.

 

1,900

 

16

 

 

Domtar Corp.

 

100

 

5

 

*

Intrepid Potash Inc.

 

800

 

3

 

*

Coeur Mining Inc.

 

500

 

2

 

§,*

Ferroglobe R&W Trust

 

48,731

 

 

 

 

 

 

 

207,313

 

Other (0.2%)

 

 

 

 

 

 

SPDR S&P 500 ETF Trust

 

62,700

 

17,711

 

§,*

Biosante Pharmaceutical Inc. CVR

 

4,189

 

 

 

 

 

 

 

17,711

 

Real Estate (3.8%)

 

 

 

 

 

 

Simon Property Group Inc.

 

339,403

 

61,843

 

 

HCP Inc.

 

919,169

 

28,770

 

 

Extra Space Storage Inc.

 

271,750

 

27,694

 

 

Ventas Inc.

 

398,764

 

25,445

 

 

American Tower Corp.

 

111,065

 

21,886

 

*

SBA Communications Corp. Class A

 

104,929

 

20,950

 

 

AvalonBay Communities Inc.

 

98,420

 

19,756

 

 

Crown Castle International Corp.

 

154,309

 

19,752

 

*

Apartment Investment & Management Co.

 

355,881

 

17,897

 

 

Vornado Realty Trust

 

227,350

 

15,332

 

 

Duke Realty Corp.

 

482,617

 

14,758

 

 

Prologis Inc.

 

195,220

 

14,046

 

 

UDR Inc.

 

283,018

 

12,866

 

 

Regency Centers Corp.

 

187,621

 

12,663

 

 

Equity Residential

 

163,840

 

12,340

 

 

Boston Properties Inc.

 

90,720

 

12,146

 

 

Weyerhaeuser Co.

 

449,700

 

11,845

 

 

Host Hotels & Resorts Inc.

 

566,379

 

10,705

 

 

Public Storage

 

47,628

 

10,372

 

 

15


 

Growth and Income Fund

 

 

 

 

 

 

 

Market

 

 

 

 

 

 

Value·

 

 

 

 

Shares

 

($000

)

 

Mid-America Apartment Communities Inc.

 

73,690

 

8,057

 

 

Essex Property Trust Inc.

 

24,805

 

7,175

 

 

Federal Realty Investment Trust

 

45,140

 

6,223

 

 

Kimco Realty Corp.

 

289,023

 

5,347

 

 

SL Green Realty Corp.

 

53,410

 

4,803

 

 

Macerich Co.

 

94,550

 

4,099

 

 

Iron Mountain Inc.

 

102,490

 

3,634

 

 

CoreCivic Inc.

 

63,400

 

1,233

 

 

Sun Communities Inc.

 

3,538

 

419

 

 

Equity Commonwealth

 

12,100

 

396

 

 

GEO Group Inc.

 

16,400

 

315

 

 

Uniti Group Inc.

 

24,900

 

279

 

 

Equity LifeStyle Properties Inc.

 

2,300

 

263

 

 

STORE Capital Corp.

 

7,800

 

261

 

*

Cushman & Wakefield plc

 

11,600

 

206

 

 

Liberty Property Trust

 

4,200

 

203

 

 

American Homes 4 Rent Class A

 

8,800

 

200

 

 

Alexandria Real Estate Equities Inc.

 

1,250

 

178

 

 

Brandywine Realty Trust

 

10,900

 

173

 

 

Douglas Emmett Inc.

 

3,200

 

129

 

*

CBRE Group Inc. Class A

 

2,330

 

115

 

 

Brixmor Property Group Inc.

 

6,100

 

112

 

 

Camden Property Trust

 

1,100

 

112

 

 

Corporate Office Properties Trust

 

3,700

 

101

 

 

Equinix Inc.

 

213

 

97

 

^

Realogy Holdings Corp.

 

7,000

 

80

 

 

Park Hotels & Resorts Inc.

 

2,100

 

65

 

 

Empire State Realty Trust Inc.

 

4,000

 

63

 

 

InfraREIT Inc.

 

3,000

 

63

 

 

Highwoods Properties Inc.

 

1,200

 

56

 

 

Brookfield Property REIT Inc. Class A

 

2,618

 

54

 

 

Healthcare Trust of America Inc. Class A

 

1,100

 

31

 

 

Retail Value Inc.

 

934

 

29

 

 

Omega Healthcare Investors Inc.

 

700

 

27

 

 

CorePoint Lodging Inc.

 

2,300

 

26

 

 

RLJ Lodging Trust

 

1,400

 

25

 

 

Newmark Group Inc. Class A

 

2,500

 

21

 

 

Monmouth Real Estate Investment Corp.

 

1,400

 

18

 

 

American Campus Communities Inc.

 

300

 

14

 

 

UMH Properties Inc.

 

800

 

11

 

 

Spirit MTA REIT

 

1,700

 

11

 

 

Xenia Hotels & Resorts Inc.

 

200

 

4

 

 

CareTrust REIT Inc.

 

149

 

4

 

*

St. Joe Co.

 

200

 

3

 

 

Paramount Group Inc.

 

129

 

2

 

 

 

 

 

 

415,803

 

Utilities (2.1%)

 

 

 

 

 

 

Exelon Corp.

 

600,863

 

30,121

 

 

FirstEnergy Corp.

 

688,368

 

28,643

 

 

AES Corp.

 

1,282,334

 

23,185

 

 

NextEra Energy Inc.

 

115,470

 

22,323

 

 

American Electric Power Co. Inc.

 

237,230

 

19,868

 

 

Pinnacle West Capital Corp.

 

204,370

 

19,534

 

 

Southern Co.

 

354,118

 

18,301

 

 

NRG Energy Inc.

 

379,947

 

16,140

 

 

CenterPoint Energy Inc.

 

473,561

 

14,538

 

 

Evergy Inc.

 

154,900

 

8,992

 

 

Entergy Corp.

 

93,847

 

8,975

 

 

Dominion Energy Inc.

 

108,981

 

8,354

 

 

Duke Energy Corp.

 

36,060

 

3,245

 

 

Public Service Enterprise Group Inc.

 

47,888

 

2,845

 

 

WEC Energy Group Inc.

 

20,635

 

1,632

 

 

National Fuel Gas Co.

 

15,500

 

945

 

 

Portland General Electric Co.

 

17,100

 

886

 

 

Avangrid Inc.

 

12,289

 

619

 

 

TerraForm Power Inc. Class A

 

29,000

 

398

 

 

Fortis Inc.

 

6,958

 

257

 

*,^

Atlantic Power Corp.

 

99,700

 

251

 

 

UGI Corp.

 

3,200

 

177

 

 

MDU Resources Group Inc.

 

6,800

 

176

 

 

Black Hills Corp.

 

1,600

 

119

 

 

Pattern Energy Group Inc. Class A

 

2,900

 

64

 

 

Atlantica Yield plc

 

2,800

 

55

 

 

El Paso Electric Co.

 

800

 

47

 

 

Avista Corp.

 

900

 

37

 

 

Chesapeake Utilities Corp.

 

388

 

35

 

 

Vistra Energy Corp.

 

1,200

 

31

 

 

MGE Energy Inc.

 

100

 

7

 

 

 

 

 

 

230,800

 

Total Common Stocks
(Cost $8,509,520)

 

 

 

10,609,526

 

Temporary Cash Investments (2.8%)1

 

 

 

 

 

Money Market Fund (2.6%)

 

 

 

 

 

2,3

Vanguard Market Liquidity Fund, 2.554%

 

2,827,035

 

282,760

 

 

16


 

Growth and Income Fund

 

 

 

 

 

Face

 

Market

 

 

 

 

Amount

 

Value·

 

 

 

 

($000

)

($000

)

U.S. Government and Agency Obligations (0.2%)

 

 

 

 

 

4

United States Treasury Bill, 2.423%, 4/11/19

 

200

 

200

 

4

United States Treasury Bill, 2.474%, 5/9/19

 

1,000

 

998

 

4

United States Treasury Bill, 2.398%, 5/23/19

 

5,000

 

4,983

 

4

United States Treasury Bill, 2.407%, 6/6/19

 

3,500

 

3,485

 

4

United States Treasury Bill, 2.412%, 6/20/19

 

500

 

497

 

4

United States Treasury Bill, 2.480%, 9/5/19

 

5,000

 

4,948

 

 

 

 

 

 

15,111

 

Total Temporary Cash Investments
(Cost $297,803)

 

 

 

297,871

 

Total Investments (100.1%)
(Cost $8,807,323)

 

 

 

10,907,397

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount

 

 

 

 

 

 

($000

)

Other Assets and Liabilities (-0.1%)

 

 

 

 

 

Other Assets

 

 

 

 

 

Investment in VGI

 

 

 

544

 

Receivables for Investment Securities Sold

 

 

 

19,564

 

Receivables for Accrued Income

 

 

 

10,727

 

Receivables for Capital Shares Issued

 

 

 

4,037

 

Variation Margin Receivables—Futures Contracts

 

 

 

1,685

 

Other Assets

 

 

 

582

 

Total Other Assets

 

 

 

37,139

 

Liabilities

 

 

 

 

 

Payables for Investment Securities Purchased

 

 

 

(20,819

)

Collateral for Securities on Loan

 

 

 

(4,171

)

Payables to Investment Advisor

 

 

 

(2,592

)

Payables for Capital Shares Redeemed

 

 

 

(6,842

)

Payables to Vanguard

 

 

 

(9,075

)

Total Liabilities

 

 

 

(43,499

)

Net Assets (100%)

 

 

 

10,901,037

 

 

 

 

 

 

 

At March 31, 2019, net assets consisted of:

 

 

 

 

 

 

 

 

 

 

Amount

 

 

 

 

 

 

($000

)

Paid-in Capital

 

 

 

8,726,779

 

Total Distributable Earnings (Loss)

 

 

 

2,174,258

 

Net Assets

 

 

 

10,901,037

 

 

 

 

 

 

 

 

Investor Shares—Net Assets

 

 

 

 

 

Applicable to 58,767,638 outstanding $.001 par value shares of beneficial interest (unlimited authorization)

 

 

 

2,781,697

 

Net Asset Value Per Share—Investor Shares

 

 

 

$47.33

 

 

 

 

 

 

 

Admiral Shares—Net Assets

 

 

 

 

 

Applicable to 105,079,054 outstanding $.001 par value shares of beneficial interest (unlimited authorization)

 

 

 

8,119,340

 

Net Asset Value Per Share—Admiral Shares

 

 

 

$77.27

 

 

·

See Note A in Notes to Financial Statements.

 

 

§

Security value determined using significant unobservable inputs.

 

 

*

Non-income-producing security.

 

 

^

Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $3,969,000.

 

 

1

The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 99.9% and 0.2%, respectively, of net assets.

 

 

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.

 

 

3

Includes $4,171,000 of collateral received for securities on loan.

 

 

4

Securities with a value of $12,720,000 have been segregated as initial margin for open futures contracts.

 

 

 

CVR—Contingent Value Rights.

 

 

 

REIT—Real Estate Investment Trust.

 

17


 

Growth and Income Fund

 

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 2019

1,934

 

274,415

5,725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

18


 

Growth and Income Fund

 

 

Statement of Operations

 

 

 

Six Months Ended

 

March 31, 2019

 

($000)

Investment Income

 

Income

 

Dividends1

110,500

Interest2

3,376

Securities Lending—Net

41

Total Income

113,917

Expenses

 

Investment Advisory Fees—Note B

 

Basic Fee

5,129

Performance Adjustment

456

The Vanguard Group—Note C

 

Management and Administrative—Investor Shares

2,869

Management and Administrative—Admiral Shares

4,638

Marketing and Distribution—Investor Shares

143

Marketing and Distribution—Admiral Shares

254

Custodian Fees

65

Shareholders’ Reports —Investor Shares

14

Shareholders’ Reports —Admiral Shares

40

Trustees’ Fees and Expenses

6

Total Expenses

13,614

Net Investment Income

100,303

Realized Net Gain (Loss)

 

Investment Securities Sold2

91,607

Futures Contracts

(6,264)

Realized Net Gain (Loss)

85,343

Change in Unrealized Appreciation (Depreciation)

 

Investment Securities2

(523,925)

Futures Contracts

5,015

Change in Unrealized Appreciation (Depreciation)

(518,910)

Net Increase (Decrease) in Net Assets Resulting from Operations

(333,264)

 

1   Dividends are net of foreign withholding taxes of $8,000.

 

2   Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $3,211,000, ($7,000), and $78,000, respectively. Purchases and sales are for temporary cash investment purposes.

 

 

 

 

 

 

 

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

 

19


 

Growth and Income Fund

 

 

Statement of Changes in Net Assets

 

 

 

 

Six Months Ended

 

Year Ended

 

 

March 31,

 

September 30,

 

 

2019

 

2018

 

 

($000)

 

($000)

Increase (Decrease) in Net Assets

 

 

 

 

Operations

 

 

 

 

Net Investment Income

 

100,303

 

164,611

Realized Net Gain (Loss)

 

85,343

 

602,616

Change in Unrealized Appreciation (Depreciation)

 

(518,910)

 

1,062,004

Net Increase (Decrease) in Net Assets Resulting from Operations

 

(333,264)

 

1,829,231

Distributions

 

 

 

 

Net Investment Income

 

 

 

 

Investor Shares

 

(24,033)

 

(39,117)

Admiral Shares

 

(74,245)

 

(115,046)

Realized Capital Gain1

 

 

 

 

Investor Shares

 

(142,280)

 

(119,262)

Admiral Shares

 

(416,765)

 

(313,418)

Total Distributions

 

(657,323)

 

(586,843)

Capital Share Transactions

 

 

 

 

Investor Shares

 

106,246

 

(386,108)

Admiral Shares

 

362,428

 

569,816

Net Increase (Decrease) from Capital Share Transactions

 

468,674

 

183,708

Total Increase (Decrease)

 

(521,913)

 

1,426,096

Net Assets

 

 

 

 

Beginning of Period

 

11,422,950

 

9,996,854

End of Period

 

10,901,037

 

11,422,950

 

1   Includes fiscal 2019 and 2018 short-term gain distributions totaling $192,085,000 and $184,624,000, respectively. Short-term gain distributions are treated as ordinary income dividends for tax purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

20


 

Growth and Income Fund

 

 

Financial Highlights

 

 

Investor Shares

 

 

 

 

Six Months

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

 

 

 

 

 

 

 

 

 

For a Share Outstanding

Throughout Each Period

 

March 31,

 

 

 

 

 

Year Ended September 30,

 

2019

 

2018

 

2017

 

2016

 

2015

 

2014

Net Asset Value, Beginning of Period

 

$52.17

 

$46.50

 

$42.16

 

$39.55

 

$42.69

 

$36.02

Investment Operations

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

.4251

 

.7111

 

.7921

 

.852

 

.729

 

.671

Net Realized and Unrealized Gain (Loss) on Investments

 

(2.269)

 

7.650

 

6.346

 

4.813

 

(.541)

 

6.639

Total from Investment Operations

 

(1.844)

 

8.361

 

7.138

 

5.665

 

.188

 

7.310

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

Dividends from Net Investment Income

 

(.433)

 

(.668)

 

(.799)

 

(.790)

 

(.724)

 

(.640)

Distributions from Realized Capital Gains

 

(2.563)

 

(2.023)

 

(1.999)

 

(2.265)

 

(2.604)

 

Total Distributions

 

(2.996)

 

(2.691)

 

(2.798)

 

(3.055)

 

(3.328)

 

(.640)

Net Asset Value, End of Period

 

$47.33

 

$52.17

 

$46.50

 

$42.16

 

$39.55

 

$42.69

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return2

 

-2.87%

 

18.56%

 

17.66%

 

14.79%

 

0.22%

 

20.42%

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets, End of Period (Millions)

 

$2,782

 

$2,932

 

$2,982

 

$2,801

 

$2,691

 

$2,979

Ratio of Total Expenses to Average Net Assets3

 

0.33%

 

0.33%

 

0.34%

 

0.34%

 

0.34%

 

0.37%

Ratio of Net Investment Income to Average Net Assets

 

1.84%

 

1.45%

 

1.80%

 

2.09%

 

1.70%

 

1.67%

Portfolio Turnover Rate

 

73%

 

83%

 

96%

 

96%

 

116%

 

133%

 

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

 

1       Calculated based on average shares outstanding.

 

2       Total 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.

 

3       Includes performance-based investment advisory fee increases (decreases) of 0.01%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.02%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

21


 

Growth and Income Fund

 

 

Financial Highlights

 

 

Admiral Shares

 

 

 

Six Months

 

 

 

 

 

 

 

 

 

 

 

 

Ended

 

 

 

 

 

 

 

 

 

 

For a Share Outstanding

Throughout Each Period

 

March 31,

 

 

 

 

 

Year Ended September 30,

 

2019

 

2018

 

2017

 

2016

 

2015

 

2014

Net Asset Value, Beginning of Period

 

$85.16

 

$75.93

 

$68.83

 

$64.57

 

$69.71

 

$58.82

Investment Operations

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

.7331

 

1.2421

 

1.3621

 

1.466

 

1.272

 

1.176

Net Realized and Unrealized Gain (Loss) on Investments

 

(3.692)

 

12.473

 

10.384

 

7.855

 

(.897)

 

10.833

Total from Investment Operations

 

(2.959)

 

13.715

 

11.746

 

9.321

 

.375

 

12.009

Distributions

 

 

 

 

 

 

 

 

 

 

 

 

Dividends from Net Investment Income

 

(.746)

 

(1.182)

 

(1.384)

 

(1.364)

 

(1.264)

 

(1.119)

Distributions from Realized Capital Gains

 

(4.185)

 

(3.303)

 

(3.262)

 

(3.697)

 

(4.251)

 

Total Distributions

 

(4.931)

 

(4.485)

 

(4.646)

 

(5.061)

 

(5.515)

 

(1.119)

Net Asset Value, End of Period

 

$77.27

 

$85.16

 

$75.93

 

$68.83

 

$64.57

 

$69.71

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Return2

 

-2.80%

 

18.65%

 

17.81%

 

14.91%

 

0.31%

 

20.55%

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios/Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets, End of Period (Millions)

 

$8,119

 

$8,491

 

$7,015

 

$3,833

 

$3,177

 

$2,917

Ratio of Total Expenses to Average Net Assets3

 

0.23%

 

0.23%

 

0.23%

 

0.23%

 

0.23%

 

0.26%

Ratio of Net Investment Income to Average Net Assets

 

1.94%

 

1.55%

 

1.91%

 

2.20%

 

1.81%

 

1.78%

Portfolio Turnover Rate

 

73%

 

83%

 

96%

 

96%

 

116%

 

133%

 

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

 

1       Calculated based on average shares outstanding.

 

2       Total 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.

 

3       Includes performance-based investment advisory fee increases (decreases) of 0.01%, 0.00%, 0.00%, 0.00%, 0.00%, and 0.02%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

22


 

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.

 

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 Statement of Net Assets.

 

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets 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 futures gains (losses).

 

During the six months ended March 31, 2019, 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.

 

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, 2015–2018), and for the period ended March 31, 2019, and has concluded that no provision for federal income tax is required in the fund’s financial statements.

 

23


 

Growth and Income Fund

 

 

 

 

 

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis 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 Net Assets 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: 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, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.

 

The fund had no borrowings outstanding at March 31, 2019, or at any time during the period then ended.

 

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 purchased are amortized and accreted, respectively, to interest income over the lives of the respective securities. 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.

 

24


 

Growth and Income Fund

 

 

 

 

 

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 $647,000 for the six months ended March 31, 2019.

 

For the six months ended March 31, 2019, 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 an increase of $456,000 (0.01%) 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 Net Assets. 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, 2019, the fund had contributed to Vanguard capital in the amount of $544,000, representing 0.00% of the fund’s net assets and 0.22% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

 

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 Statement of Net Assets.

 

25


 

Growth and Income Fund

 

 

 

 

 

The following table summarizes the market value of the fund’s investments as of March 31, 2019, based on the inputs used to value them:

 

Investments

 

Level 1
($000

)

Level 2
($000

)

Level 3
($000

)

Common Stocks

 

10,609,526

 

 

1

 

Temporary Cash Investments

 

282,760

 

15,111

 

 

Futures Contracts—Assets2

 

1,685

 

 

 

Total

 

10,893,971

 

15,111

 

 

 

1 Amount is less than $500.

 

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

 

 

E. As of March 31, 2019, 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

 

8,807,326

 

Gross Unrealized Appreciation

 

2,393,238

 

Gross Unrealized Depreciation

 

(287,442

)

Net Unrealized Appreciation (Depreciation)

 

2,105,796

 

 

 

F. During the six months ended March 31, 2019, the fund purchased $3,766,863,000 of investment securities and sold $3,850,202,000 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, 2019

 

September 30, 2018

 

 

 

Amount

 

Shares 

 

Amount

 

Shares

 

 

 

($000

)

(000)

 

($000

)

(000

)

Investor Shares

 

 

 

 

 

 

 

 

 

Issued

 

172,870

 

3,672 

 

291,736

 

5,976

 

Issued in Lieu of Cash Distributions

 

159,929

 

3,771 

 

152,825

 

3,204

 

Redeemed

 

(226,553

)

(4,875)

 

(830,669

)

(17,104

)

Net Increase (Decrease)—Investor Shares

 

106,246

 

2,568 

 

(386,108

)

(7,924

)

Admiral Shares

 

 

 

 

 

 

 

 

 

Issued

 

495,397

 

6,627 

 

1,319,661

 

16,602

 

Issued in Lieu of Cash Distributions

 

464,163

 

6,707 

 

407,603

 

5,233

 

Redeemed

 

(597,132

)

(7,959)

 

(1,157,448

)

(14,518

)

Net Increase (Decrease)—Admiral Shares

 

362,428

 

5,375 

 

569,816

 

7,317

 

 

 

H. Management has determined that no events or transactions occurred subsequent to March 31, 2019, that would require recognition or disclosure in these financial statements.

 

26


 

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P.O. Box 2600

 

Valley Forge, PA 19482-2600

 

 

 

Connect with Vanguard® > vanguard.com

 

 

 

Fund Information > 800-662-7447

 

Direct Investor Account Services > 800-662-2739

 

Institutional Investor Services > 800-523-1036

 

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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, 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 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.

 

 

 

 

 

 

 

 

© 2019 The Vanguard Group, Inc.

 

All rights reserved.

 

Vanguard Marketing Corporation, Distributor.

 

 

 

Q932 052019

 


 

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 17, 2019

 

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 17, 2019

 

 

VANGUARD QUANTITATIVE FUNDS

 

 

BY:

/s/ THOMAS J. HIGGINS*

 

 

 

 

 

     THOMAS J. HIGGINS

 

 

CHIEF FINANCIAL OFFICER

 

 

Date: May 17, 2019

 


 

* By: /s/ Anne E. Robinson

 

Anne E. Robinson, pursuant to a Power of Attorney filed on January 18, 2018; see file Number 33-32216, Incorporated by Reference.