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Vanguard Quantitative Funds

Filed: 27 May 21, 11:19am

 

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, 2020—March 31, 2021

 

 

 

Item 1: Reports to Shareholders

 

 

 

 

Semiannual Report   |   March 31, 2021
Vanguard Growth and Income Fund

Contents
About Your Fund’s Expenses

1
Financial Statements

4
Liquidity Risk Management

44

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, 2021   
Growth and Income FundBeginning
Account Value
9/30/2020
Ending
Account Value
3/31/2021
Expenses
Paid During
Period
Based on Actual Fund Return   
Investor Shares$1,000.00$1,202.20$1.81
Admiral™ Shares1,000.001,202.801.26
Based on Hypothetical 5% Yearly Return   
Investor Shares$1,000.00$1,023.29$1.66
Admiral Shares1,000.001,023.791.16
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
Fund Allocation
As of March 31, 2021
Communication Services11.3%
Consumer Discretionary12.8
Consumer Staples7.3
Energy2.7
Financials11.1
Health Care13.0
Industrials8.1
Information Technology27.0
Materials2.7
Real Estate1.9
Utilities1.9
Other0.2
The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Global Industry Classification Standard (“GICS”), except for the “Other” category (if applicable), which includes securities that have not been provided a a GICS classification as of the effective reporting period.
Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
3

Growth and Income Fund
Financial Statements (unaudited)
Schedule of Investments
As of March 31, 2021
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
  SharesMarket
Value

($000)
Common Stocks (97.3%)
Communication Services (11.0%)
*Facebook Inc. Class A  989,052   291,305
*Alphabet Inc. Class A  125,140   258,104
*Alphabet Inc. Class C  110,317   228,205
 Verizon Communications Inc.1,805,087   104,966
*Walt Disney Co.  562,887   103,864
*Netflix Inc.  128,028    66,787
 Comcast Corp. Class A1,155,692    62,534
 AT&T Inc.1,938,308    58,673
 Activision Blizzard Inc.  562,710    52,332
 Electronic Arts Inc.  210,403    28,482
 Lumen Technologies Inc.2,033,475    27,147
*Take-Two Interactive Software Inc.   96,183    16,996
*,1Discovery Inc. Class A  379,954    16,513
 News Corp. Class A  647,595    16,468
*DISH Network Corp. Class A  341,430    12,360
 Interpublic Group of Cos. Inc.  394,435    11,518
*Twitter Inc.  151,896     9,665
 Omnicom Group Inc.  114,121     8,462
*Snap Inc. Class A  116,600     6,097
 News Corp. Class B  211,342     4,958
 Fox Corp. Class A  131,356     4,743
*Liberty Media Corp.- Liberty SiriusXM Class C   68,900     3,039
*Yelp Inc. Class A   72,100     2,812
 ViacomCBS Inc. Class B   47,170     2,127
*TripAdvisor Inc.   37,100     1,996
*Discovery Inc. Class C   46,033     1,698
 Fox Corp. Class B   44,680     1,561
*Zillow Group Inc. Class C   10,900     1,413
*Gogo Inc.   78,100       754
*Liberty Media Corp.- Liberty SiriusXM Class A   14,600       644
 Cinemark Holdings Inc.   13,200       269
*AMC Networks Inc. Class A    4,200       223
*Iridium Communications Inc.    5,200       214
*Anterix Inc.    4,048       191
*Altice USA Inc. Class A    5,603       182
 Cable One Inc.       88       161
*Pinterest Inc. Class A    1,600       118
 TEGNA Inc.    4,900        92
4

Growth and Income Fund
  SharesMarket
Value

($000)
*Liberty Global plc Class A    3,000        77
*Liberty Media Corp.-Liberty Formula One Class C    1,400        61
*Hemisphere Media Group Inc. Class A    3,488        41
*Madison Square Garden Sports Corp.      195        35
*Cars.com Inc.    2,300        30
 Telephone and Data Systems Inc.    1,100        25
 Entravision Communications Corp. Class A    3,900        16
*Eventbrite Inc. Class A      600        13
*Liberty Broadband Corp. Class C       58         9
 New York Times Co. Class A       95         5
 Spok Holdings Inc.      432         5
*U.S. Cellular Corp.       99         4
 Scholastic Corp.      100         3
*T-Mobile US Inc.       20         3
*ANGI Homeservices Inc. Class A      200         3
*Yandex NV Class A       47         3
*Consolidated Communications Holdings Inc.      300         2
*DHI Group Inc.      602         2
*Ooma Inc.      100         2
*ORBCOMM Inc.      200         2
*Sciplay Corp. Class A      110         2
 Manchester United plc Class A      100         2
*Clear Channel Outdoor Holdings Inc.      300         1
*IDT Corp. Class B       38         1
*Liberty TripAdvisor Holdings Inc. Class A      100         1
*Lions Gate Entertainment Corp. Class A      100         1
*Lions Gate Entertainment Corp. Class B      100         1
*MDC Partners Inc. Class A      416         1
 National CineMedia Inc.      300         1
 Sinclair Broadcast Group Inc. Class A       50         1
*TrueCar Inc.      300         1
*Vonage Holdings Corp.      100         1
*Zynga Inc. Class A      100         1
*Gannett Co. Inc.      208         1
*Fluent Inc.       99        —
*Eros International plc      200        —
*Emerald Holding Inc.       11        —
*Liberty Latin America Ltd. Class A       29        —
    1,408,030
Consumer Discretionary (12.4%)
*Amazon.com Inc.  143,719   444,678
*Tesla Inc.  287,168   191,808
 Home Depot Inc.  501,557   153,100
 Lowe's Cos. Inc.  461,259    87,722
 Target Corp.  245,336    48,594
 PulteGroup Inc.  831,281    43,592
 Yum! Brands Inc.  392,941    42,508
 McDonald's Corp.  170,264    38,163
 Garmin Ltd.  280,236    36,949
 eBay Inc.  557,779    34,158
 Best Buy Co. Inc.  268,072    30,777
*Ford Motor Co.2,452,760    30,046
*Etsy Inc.  120,165    24,234
 Newell Brands Inc.  882,254    23,627
*L Brands Inc.  343,907    21,274
5

Growth and Income Fund
  SharesMarket
Value

($000)
 TJX Cos. Inc.  316,990    20,969
 H&R Block Inc.  939,421    20,479
*AutoZone Inc.   12,950    18,186
*O'Reilly Automotive Inc.   32,346    16,408
 Dollar General Corp.   78,810    15,968
*Dollar Tree Inc.  123,868    14,178
 NIKE Inc. Class B   97,110    12,905
 Whirlpool Corp.   56,826    12,522
 PVH Corp.  116,950    12,362
 Domino's Pizza Inc.   32,394    11,914
*Tapestry Inc.  282,190    11,629
 Expedia Group Inc.   63,300    10,895
 Lennar Corp. Class A  104,716    10,600
*Booking Holdings Inc.    4,331    10,091
*NVR Inc.    2,069     9,747
*LKQ Corp.  223,190     9,448
 Pool Corp.   24,611     8,497
*Under Armour Inc. Class A  323,500     7,169
*Chipotle Mexican Grill Inc. Class A    4,327     6,148
 General Motors Co.  106,216     6,103
 Darden Restaurants Inc.   41,526     5,897
*Mohawk Industries Inc.   29,950     5,760
 BorgWarner Inc.  119,936     5,560
 Ross Stores Inc.   46,230     5,543
*Norwegian Cruise Line Holdings Ltd.  189,040     5,216
 Gap Inc.  171,700     5,113
 DR Horton Inc.   56,240     5,012
*Farfetch Ltd. Class A   92,200     4,888
 Kohl's Corp.   72,700     4,334
 Polaris Inc.   32,000     4,272
 Wynn Resorts Ltd.   33,000     4,137
 Tractor Supply Co.   20,260     3,588
*Signet Jewelers Ltd.   51,300     2,974
*Carvana Co. Class A   11,000     2,886
 Gentex Corp.   74,800     2,668
 Las Vegas Sands Corp.   43,600     2,649
 Royal Caribbean Cruises Ltd.   29,160     2,496
 Harley-Davidson Inc.   61,472     2,465
*GoPro Inc. Class A  191,200     2,226
 Travel + Leisure Co.   34,400     2,104
 Starbucks Corp.   18,538     2,026
*Sleep Number Corp.   13,000     1,865
 Leggett & Platt Inc.   37,600     1,716
*Stamps.com Inc.    7,100     1,417
*Goodyear Tire & Rubber Co.   77,100     1,355
*Wayfair Inc. Class A    4,100     1,290
 Advance Auto Parts Inc.    6,043     1,109
*Grubhub Inc.   15,300       918
*Groupon Inc. Class A   13,600       687
*RealReal Inc.   30,200       683
 Jack in the Box Inc.    5,200       571
 Abercrombie & Fitch Co. Class A   14,200       487
*Peloton Interactive Inc. Class A    4,300       484
*RH      800       477
*Fossil Group Inc.   34,300       425
6

Growth and Income Fund
  SharesMarket
Value

($000)
 Hanesbrands Inc.   19,200       378
*Under Armour Inc. Class C   19,499       360
*Carnival Corp.   13,100       348
*Perdoceo Education Corp.   28,888       346
 Bloomin' Brands Inc.   10,700       289
 Kontoor Brands Inc.    5,900       286
*SeaWorld Entertainment Inc.    5,500       273
*Lindblad Expeditions Holdings Inc.   14,200       268
*Adient plc    5,800       256
*Hibbett Sports Inc.    3,700       255
 Callaway Golf Co.    8,800       235
*Sonos Inc.    6,200       232
*iRobot Corp.    1,800       220
 Wyndham Hotels & Resorts Inc.    3,000       209
 Group 1 Automotive Inc.    1,300       205
*OneSpaWorld Holdings Ltd.   15,100       161
*Accel Entertainment Inc. Class A   14,007       153
 Sonic Automotive Inc. Class A    2,900       144
 Wendy's Co.    7,104       144
*American Axle & Manufacturing Holdings Inc.   13,786       133
 Qurate Retail Inc. Series A    9,900       116
 Red Rock Resorts Inc. Class A    3,148       103
*Lumber Liquidators Holdings Inc.    3,800        95
 Service Corp. International    1,863        95
 Strategic Education Inc.      900        83
 Graham Holdings Co. Class B      128        72
 La-Z-Boy Inc.    1,600        68
*Cavco Industries Inc.      238        54
*Modine Manufacturing Co.    3,500        52
 Shutterstock Inc.      500        45
*Gentherm Inc.      551        41
*G-III Apparel Group Ltd.    1,300        39
*frontdoor Inc.      700        38
*Conn's Inc.    1,900        37
*Universal Electronics Inc.      600        33
*Michaels Cos. Inc.    1,400        31
*Superior Industries International Inc.    5,179        29
 Arcos Dorados Holdings Inc. Class A    5,600        29
 Hamilton Beach Brands Holding Co. Class A    1,428        26
 Buckle Inc.      600        24
 Guess? Inc.    1,000        24
 Churchill Downs Inc.      100        23
*Select Interior Concepts Inc. Class A    3,200        23
 Movado Group Inc.      700        20
*GameStop Corp. Class A       83        16
 MGM Resorts International      400        15
*Laureate Education Inc. Class A    1,000        14
 Aaron's Co. Inc.      550        14
 Wingstop Inc.      100        13
 Carter's Inc.       98         9
 PetMed Express Inc.      200         7
 Sturm Ruger & Co. Inc.       84         6
*XPEL Inc.       99         5
*Cooper-Standard Holdings Inc.      100         4
*Hilton Worldwide Holdings Inc.       35         4
7

Growth and Income Fund
  SharesMarket
Value

($000)
 Standard Motor Products Inc.       99         4
*Biglari Holdings Inc. Class B       20         3
 Designer Brands Inc. Class A      196         3
*Golden Entertainment Inc.      100         3
*Turtle Beach Corp.       97         3
 International Game Technology plc      193         3
*Bluegreen Vacations Holding Class A      160         3
 Acushnet Holdings Corp.       46         2
*Adtalem Global Education Inc.       39         2
*Barnes & Noble Education Inc.      278         2
 Cato Corp. Class A      127         2
 Clarus Corp.      131         2
*Container Store Group Inc.      100         2
*El Pollo Loco Holdings Inc.       93         2
*Quotient Technology Inc.      100         2
*Sally Beauty Holdings Inc.      100         2
*Target Hospitality Corp.      888         2
 Winnebago Industries Inc.       30         2
 Bassett Furniture Industries Inc.       71         2
 Smith & Wesson Brands Inc.      100         2
*Veoneer Inc.       98         2
*Blue Apron Holdings Inc. Class A      200         1
*Carrols Restaurant Group Inc.      229         1
*Express Inc.      200         1
*Mattel Inc.       44         1
*Noodles & Co. Class A      100         1
*Party City Holdco Inc.      200         1
*Revolve Group Inc.       13         1
*Tenneco Inc. Class A      128         1
*Urban Outfitters Inc.       39         1
*Vera Bradley Inc.      100         1
*Visteon Corp.        4         1
*Magnite Inc.       26         1
*American Outdoor Brands Inc.       47         1
*Despegar.com Corp.       99         1
*Yatra Online Inc.      400         1
 Big 5 Sporting Goods Corp.       16        —
 Magna International Inc.        5        —
 ODP Corp.       10        —
*J Jill Inc.       40        —
*Kandi Technologies Group Inc.       34        —
    1,599,013
Consumer Staples (7.1%)
 Procter & Gamble Co.1,066,167   144,391
 Coca-Cola Co.1,832,316    96,581
 Walmart Inc.  632,135    85,863
 Altria Group Inc.1,620,210    82,890
 Costco Wholesale Corp.  227,890    80,327
 Philip Morris International Inc.  571,050    50,675
 Colgate-Palmolive Co.  616,113    48,568
 PepsiCo Inc.  309,452    43,772
 General Mills Inc.  647,522    39,706
 Kimberly-Clark Corp.  203,202    28,255
 Campbell Soup Co.  548,129    27,554
 Hershey Co.  171,032    27,050
8

Growth and Income Fund
  SharesMarket
Value

($000)
*Monster Beverage Corp.  274,797    25,031
 Mondelez International Inc. Class A  375,800    21,996
 Constellation Brands Inc. Class A   69,590    15,867
 Clorox Co.   66,226    12,774
 Estee Lauder Cos. Inc. Class A   43,779    12,733
 Conagra Brands Inc.  319,592    12,017
 Kroger Co.  298,864    10,756
 Lamb Weston Holdings Inc.  122,820     9,516
 Tyson Foods Inc. Class A  117,478     8,729
 Church & Dwight Co. Inc.   95,410     8,334
 Sysco Corp.   75,050     5,909
 McCormick & Co. Inc.   59,990     5,349
 Kellogg Co.   61,039     3,864
 Kraft Heinz Co.   41,800     1,672
*Performance Food Group Co.   23,300     1,342
 Molson Coors Beverage Co. Class B   21,040     1,076
*Nomad Foods Ltd.   21,083       579
 J M Smucker Co.    3,528       446
*U.S. Foods Holding Corp    8,100       309
 Brown-Forman Corp. Class B    4,100       283
*USANA Health Sciences Inc.    1,850       181
*Sprouts Farmers Market Inc.    4,200       112
*Herbalife Nutrition Ltd.    1,000        44
 Flowers Foods Inc.    1,200        29
*Chefs' Warehouse Inc.      700        21
 Lancaster Colony Corp.       94        17
 Seaboard Corp.        1         4
 Albertsons Cos. Inc. Class A      186         4
 PriceSmart Inc.       28         3
 Coty Inc. Class A      200         2
*Hostess Brands Inc. Class A      171         2
 Natural Grocers by Vitamin Cottage Inc.      100         2
*Simply Good Foods Co.       79         2
*United Natural Foods Inc.       43         1
 Vector Group Ltd.      100         1
*Cal-Maine Foods Inc.        9        —
      914,639
Energy (2.6%)
 Exxon Mobil Corp.1,635,806    91,327
 Chevron Corp.  681,919    71,458
 Halliburton Co.1,784,089    38,287
 Schlumberger NV1,380,888    37,546
 Kinder Morgan Inc.1,872,620    31,179
 EOG Resources Inc.  144,181    10,457
 NOV Inc.  715,893     9,822
 Devon Energy Corp.  421,360     9,207
 Baker Hughes Co. Class A  347,470     7,509
 Diamondback Energy Inc.   98,835     7,263
 APA Corp.  298,843     5,349
 Marathon Petroleum Corp.   71,846     3,843
 Hess Corp.   39,534     2,797
 Valero Energy Corp.   35,700     2,556
 Targa Resources Corp.   73,200     2,324
 HollyFrontier Corp.   55,600     1,989
 Occidental Petroleum Corp.   45,545     1,212
9

Growth and Income Fund
  SharesMarket
Value

($000)
 Ovintiv Inc. (XNYS)   47,700     1,136
 ONEOK Inc.   17,720       898
 Pioneer Natural Resources Co.    5,150       818
*Green Plains Inc.   19,700       533
 Geopark Ltd.   10,364       166
 World Fuel Services Corp.    3,900       137
*ChampionX Corp.    4,200        91
 Delek US Holdings Inc.    3,600        78
*Talos Energy Inc.    5,700        69
*Exterran Corp.    9,300        31
*Oceaneering International Inc.    1,500        17
 Arch Resources Inc.      400        17
 NACCO Industries Inc. Class A      631        16
*Range Resources Corp.    1,500        16
*CNX Resources Corp.      700        10
*ProPetro Holding Corp.      963        10
*Magnolia Oil & Gas Corp. Class A      700         8
 Cactus Inc. Class A      200         6
 Helmerich & Payne Inc.      104         3
 Phillips 66       32         3
 Brigham Minerals Inc. Class A      100         2
 Cabot Oil & Gas Corp.      100         2
 Equitrans Midstream Corp.      200         2
 Murphy Oil Corp.      100         2
*Par Pacific Holdings Inc.      108         2
*Peabody Energy Corp.      700         2
 Solaris Oilfield Infrastructure Inc. Class A      143         2
*NexTier Oilfield Solutions Inc.      495         2
 SFL Corp. Ltd.      200         2
*Diamond S Shipping Inc.      196         2
*Plains GP Holdings LP Class A      200         2
 Cameco Corp.      100         2
 Archrock Inc.      100         1
*Centennial Resource Development Inc. Class A      200         1
*CONSOL Energy Inc.      100         1
*Energy Fuels Inc.      100         1
*Helix Energy Solutions Group Inc.      146         1
 Marathon Oil Corp.      100         1
*Natural Gas Services Group Inc.      100         1
*Overseas Shipholding Group Inc. Class A      400         1
*PBF Energy Inc. Class A      100         1
 Patterson-UTI Energy Inc.      200         1
*RPC Inc.      100         1
*SandRidge Energy Inc.      371         1
*Southwestern Energy Co.      100         1
*Tellurian Inc.      300         1
*Transocean Ltd.      300         1
 Frontline Ltd.      100         1
*Dorian LPG Ltd.      100         1
 Cenovus Energy Inc.      100         1
*Golar LNG Ltd.      100         1
*FTS International Inc. Class A       23         1
*Navigator Holdings Ltd.      100         1
 Evolution Petroleum Corp.       90        —
*ION Geophysical Corp.      100        —
10

Growth and Income Fund
  SharesMarket
Value

($000)
*Newpark Resources Inc.      137        —
 SM Energy Co.       20        —
*SilverBow Resources Inc.        3        —
 Nordic American Tankers Ltd.      100        —
*Frank's International NV      100        —
*Kosmos Energy Ltd.      100        —
*Independence Contract Drilling Inc.      100        —
*FTS International Inc. Warrants Exp. 11/19/23       28        —
*FTS International Inc. Warrants Exp. 11/19/23 (XASE)       70        —
      338,233
Financials (10.9%)
*Berkshire Hathaway Inc. Class B  572,512   146,260
 JPMorgan Chase & Co.  926,514   141,043
 Bank of America Corp.3,500,868   135,449
 Wells Fargo & Co.2,007,973    78,452
 Citigroup Inc.1,000,016    72,751
 Synchrony Financial1,236,016    50,256
 Goldman Sachs Group Inc.  126,258    41,286
 U.S. Bancorp  717,244    39,671
 Morgan Stanley  489,849    38,042
 Progressive Corp.  352,672    33,719
 Intercontinental Exchange Inc.  273,700    30,567
 Capital One Financial Corp.  237,614    30,232
 Allstate Corp.  253,699    29,150
 Regions Financial Corp.1,372,736    28,361
 S&P Global Inc.   76,485    26,989
 Hartford Financial Services Group Inc.  397,790    26,568
 Truist Financial Corp.  419,660    24,475
 Aflac Inc.  460,005    23,543
 M&T Bank Corp.  140,610    21,318
 T Rowe Price Group Inc.  116,181    19,937
 Cboe Global Markets Inc.  198,537    19,594
 Discover Financial Services  200,514    19,047
 American Express Co.  133,627    18,900
 Fifth Third Bancorp  480,111    17,980
 Comerica Inc.  247,374    17,747
 Bank of New York Mellon Corp.  363,600    17,195
 Unum Group  583,572    16,241
 Everest Re Group Ltd.   61,144    15,152
 Moody's Corp.   50,641    15,122
 W R Berkley Corp.  182,821    13,776
 State Street Corp.  153,364    12,884
 Marsh & McLennan Cos. Inc.  102,390    12,471
 Huntington Bancshares Inc.  750,790    11,802
 People's United Financial Inc.  491,280     8,794
 MetLife Inc.  142,087     8,637
 American International Group Inc.  176,010     8,133
 Chubb Ltd.   50,700     8,009
 Globe Life Inc.   81,751     7,900
 Affiliated Managers Group Inc.   50,110     7,468
 Zions Bancorp NA  126,490     6,952
 Citizens Financial Group Inc.  151,230     6,677
 KeyCorp.  323,192     6,457
 Aon plc Class A   25,490     5,866
 Invesco Ltd.  222,480     5,611
11

Growth and Income Fund
  SharesMarket
Value

($000)
 First Republic Bank   29,500     4,919
 Prudential Financial Inc.   53,400     4,865
 Cincinnati Financial Corp.   47,023     4,848
 BlackRock Inc.    6,066     4,574
 First American Financial Corp.   74,600     4,226
 Raymond James Financial Inc.   33,297     4,081
 Nasdaq Inc.   23,380     3,448
 Principal Financial Group Inc.   56,300     3,376
*Arch Capital Group Ltd.   71,600     2,747
 Interactive Brokers Group Inc. Class A   34,900     2,549
 Arthur J Gallagher & Co.   11,410     1,424
 Navient Corp.   95,167     1,362
 Popular Inc.   18,700     1,315
 Equitable Holdings Inc.   37,300     1,217
 Owl Rock Capital Corp.   86,872     1,196
 Jefferies Financial Group Inc.   36,100     1,087
 Janus Henderson Group plc   32,200     1,003
*Brighthouse Financial Inc.   22,090       977
 PROG Holdings Inc.   21,800       944
*Markel Corp.      700       798
 Bank of NT Butterfield & Son Ltd.   19,900       761
 Ally Financial Inc.   14,400       651
 American Financial Group Inc.    5,300       605
 Ares Management Corp. Class A   10,700       600
*Green Dot Corp. Class A   13,100       600
 Radian Group Inc.   25,800       600
 American Equity Investment Life Holding Co.   19,000       599
*Texas Capital Bancshares Inc.    7,400       525
 PacWest Bancorp   13,300       507
*Genworth Financial Inc. Class A  147,400       489
 Banner Corp.    8,700       464
 Central Pacific Financial Corp.   15,592       416
 Washington Federal Inc.   11,900       367
 Sixth Street Specialty Lending Inc.   16,900       355
*Cannae Holdings Inc.    8,900       353
 FS KKR Capital Corp.   17,100       339
 Federated Hermes Inc.   10,300       322
 Cowen Inc. Class A    8,700       306
 Solar Capital Ltd.   16,844       299
 Cohen & Steers Inc.    4,219       276
*Encore Capital Group Inc.    6,800       274
 Wintrust Financial Corp.    3,585       272
*Blucora Inc.   15,400       256
 Carlyle Group Inc.    6,500       239
*Enova International Inc.    6,600       234
 B Riley Financial Inc.    4,000       226
 KKR & Co. Inc.    4,500       220
 International Bancshares Corp.    4,700       218
 Apollo Investment Corp.   15,900       218
 Flagstar Bancorp Inc.    4,300       194
*World Acceptance Corp.    1,463       190
 United Community Banks Inc.    5,400       184
 SEI Investments Co.    2,800       171
*Mr Cooper Group Inc.    4,900       170
 Great Western Bancorp Inc.    5,505       167
12

Growth and Income Fund
  SharesMarket
Value

($000)
 Hanmi Financial Corp.    7,731       153
 Peapack-Gladstone Financial Corp.    4,830       149
 Lincoln National Corp.    2,300       143
 TCG BDC Inc.   10,842       143
 First BanCorp.   11,791       133
 TPG RE Finance Trust Inc.   11,900       133
*SiriusPoint Ltd.   12,949       132
 BlackRock TCP Capital Corp.    9,200       127
*Donnelley Financial Solutions Inc.    4,500       125
 Washington Trust Bancorp Inc.    2,400       124
*Ocwen Financial Corp.    3,901       111
 Sculptor Capital Management Inc. Class A    4,700       103
 First Hawaiian Inc.    3,702       101
 AMERISAFE Inc.    1,570       100
 Westamerica BanCorp.    1,600       100
 Primerica Inc.      655        97
 Universal Insurance Holdings Inc.    6,700        96
 Main Street Capital Corp.    2,405        94
 Horizon Bancorp Inc.    4,820        90
 Fidelity National Financial Inc.    2,200        89
 First Financial Bancorp    3,700        89
 State Auto Financial Corp.    4,352        86
 Great Southern Bancorp Inc.    1,500        85
 CVB Financial Corp.    3,800        84
 FS KKR Capital Corp. II    4,309        84
 HomeTrust Bancshares Inc.    3,420        83
 Kearny Financial Corp.    6,905        83
 SLM Corp.    4,000        72
 CBTX Inc.    2,220        68
*Assetmark Financial Holdings Inc.    2,700        63
 TriCo Bancshares    1,340        63
*TriState Capital Holdings Inc.    2,700        62
 Meridian Bancorp Inc.    3,000        55
 Independent Bank Corp.    2,300        54
 MGIC Investment Corp.    3,900        54
 Community Trust Bancorp Inc.    1,200        53
 HomeStreet Inc.    1,100        48
 PCSB Financial Corp.    2,794        46
 Barings BDC Inc.    4,500        45
 TriplePoint Venture Growth BDC Corp.    2,900        42
 Park National Corp.      270        35
 Sierra Bancorp    1,290        35
*Patria Investments Ltd. Class A    2,000        35
 Heritage Commerce Corp.    2,800        34
 Heartland Financial USA Inc.      600        30
 Apollo Commercial Real Estate Finance Inc.    2,000        28
 First Community Bankshares Inc.      888        27
 Employers Holdings Inc.      548        24
 Northfield Bancorp Inc.    1,502        24
 BlackRock Capital Investment Corp.    6,857        23
 Lakeland Bancorp Inc.    1,184        21
 Golub Capital BDC Inc.    1,300        19
 First Financial Corp.      407        18
 TrustCo Bank Corp.    2,400        18
 Saratoga Investment Corp.      723        18
13

Growth and Income Fund
  SharesMarket
Value

($000)
 MFA Financial Inc.    4,300        17
 NBT Bancorp Inc.      400        16
 Spirit of Texas Bancshares Inc.      701        16
 HBT Financial Inc.      880        15
 Financial Institutions Inc.      468        14
 First Financial Bankshares Inc.      300        14
 Charles Schwab Corp.      222        14
 Bank of Marin Bancorp      300        12
 Old National Bancorp      600        12
 Berkshire Hills Bancorp Inc.      500        11
 Univest Financial Corp.      400        11
 First Busey Corp.      400        10
 First Financial Northwest Inc.      686        10
*ACRES Commercial Realty Corp.      700        10
 Columbia Banking System Inc.      200         9
 Cathay General Bancorp      200         8
 Territorial Bancorp Inc.      300         8
 American National Group Inc.       70         8
*Elevate Credit Inc.    2,499         7
 Primis Financial Corp.      477         7
 Bank of Hawaii Corp.       62         6
 Community Bank System Inc.       82         6
 PJT Partners Inc. Class A       83         6
 Preferred Bank      100         6
 ServisFirst Bancshares Inc.      100         6
 Tompkins Financial Corp.       74         6
 Willis Towers Watson plc       26         6
 Artisan Partners Asset Management Inc. Class A       99         5
 Civista Bancshares Inc.      200         5
*LendingTree Inc.       25         5
 Moelis & Co. Class A       88         5
 Argo Group International Holdings Ltd.       98         5
 Amalgamated Financial Corp.      305         5
*Bancorp Inc.      200         4
 Banc of California Inc.      200         4
 Byline Bancorp Inc.      200         4
 City Holding Co.       45         4
 First Bancorp      100         4
 First Interstate BancSystem Inc. Class A       92         4
 Flushing Financial Corp.      202         4
 Luther Burbank Corp.      300         4
 OneMain Holdings Inc.       77         4
*PRA Group Inc.      100         4
 Sandy Spring Bancorp Inc.      100         4
 South State Corp.       55         4
 Southside Bancshares Inc.      100         4
 Blackstone Group Inc. Class A       50         4
 BancorpSouth Bank      100         3
 Bryn Mawr Bank Corp.       64         3
 Cadence BanCorp. Class A      132         3
 Capitol Federal Financial Inc.      198         3
 Curo Group Holdings Corp.      199         3
 Hilltop Holdings Inc.      100         3
 Home BancShares Inc.       99         3
 Home Bancorp Inc.       76         3
14

Growth and Income Fund
  SharesMarket
Value

($000)
 Nelnet Inc. Class A       38         3
 Stifel Financial Corp.       50         3
 Stock Yards Bancorp Inc.       55         3
 Horizon Technology Finance Corp.      200         3
 Allegiance Bancshares Inc.       60         2
 Arbor Realty Trust Inc.      100         2
 Ares Commercial Real Estate Corp.      111         2
 Camden National Corp.       46         2
 Colony Credit Real Estate Inc.      200         2
*Columbia Financial Inc.      100         2
 ConnectOne Bancorp Inc.       82         2
 First Midwest Bancorp Inc.      100         2
 Great Ajax Corp.      188         2
 Greenhill & Co. Inc.      110         2
 KKR Real Estate Finance Trust Inc.      100         2
*LendingClub Corp.      100         2
*MBIA Inc.      220         2
 PennyMac Mortgage Investment Trust      100         2
 TCF Financial Corp.       50         2
 Trustmark Corp.       66         2
 Umpqua Holdings Corp.      100         2
 WesBanco Inc.       57         2
 WisdomTree Investments Inc.      400         2
 Broadmark Realty Capital Inc.      145         2
 First Eagle Alternative Capital BDC Inc.      600         2
 Oxford Square Capital Corp.      352         2
 PennantPark Investment Corp.      300         2
 Annaly Capital Management Inc.      100         1
 ARMOUR Residential REIT Inc.      100         1
 BGC Partners Inc. Class A      300         1
 Boston Private Financial Holdings Inc.      101         1
 Commerce Bancshares Inc.       11         1
 FNB Corp.      100         1
 Granite Point Mortgage Trust Inc.      100         1
 Heritage Insurance Holdings Inc.      100         1
 Investors Bancorp Inc.      100         1
 Ladder Capital Corp. Class A      100         1
 New Residential Investment Corp.      118         1
 New York Community Bancorp Inc.      100         1
 Northwest Bancshares Inc.      100         1
 OFG Bancorp       58         1
 Old Second Bancorp Inc.      100         1
 Oppenheimer Holdings Inc. Class A       13         1
*Republic First Bancorp Inc.      369         1
 United Bankshares Inc.       18         1
 Valley National Bancorp      100         1
*ProSight Global Inc.      100         1
*XP Inc.       38         1
 Premier Financial Corp.       23         1
 Gladstone Investment Corp.      100         1
 Prospect Capital Corp.      100         1
 BancFirst Corp.        5        —
 Evercore Inc. Class A        1        —
 First of Long Island Corp.       21        —
 Invesco Mortgage Capital Inc.      109        —
15

Growth and Income Fund
  SharesMarket
Value

($000)
 Lakeland Financial Corp.        1        —
*NMI Holdings Inc. Class A       15        —
*Trupanion Inc.        1        —
 Veritex Holdings Inc.       11        —
 Western Alliance Bancorp        1        —
 Westwood Holdings Group Inc.       25        —
 AG Mortgage Investment Trust Inc.       38        —
    1,394,621
Health Care (12.6%)
 Johnson & Johnson1,179,384   193,832
 UnitedHealth Group Inc.  319,441   118,854
 Merck & Co. Inc.1,541,607   118,843
 Thermo Fisher Scientific Inc.  172,937    78,925
 Abbott Laboratories  607,652    72,821
 CVS Health Corp.  879,577    66,171
 Medtronic plc  508,792    60,104
 Eli Lilly and Co.  315,634    58,967
 HCA Healthcare Inc.  311,515    58,671
 McKesson Corp.  285,580    55,700
 Cigna Corp.  196,162    47,420
 Cardinal Health Inc.  680,111    41,317
 AbbVie Inc.  340,768    36,878
 Gilead Sciences Inc.  545,336    35,245
 Anthem Inc.   96,253    34,550
*IQVIA Holdings Inc.  169,897    32,814
 Zoetis Inc.  203,532    32,052
 Bristol-Myers Squibb Co.  424,222    26,781
 Danaher Corp.  117,443    26,434
 Pfizer Inc.  707,626    25,637
*Biogen Inc.   83,459    23,348
 Humana Inc.   55,243    23,161
*Vertex Pharmaceuticals Inc.  105,412    22,652
*IDEXX Laboratories Inc.   42,112    20,606
 Agilent Technologies Inc.  153,644    19,534
 Baxter International Inc.  204,000    17,205
*DaVita Inc.  137,548    14,824
 Amgen Inc.   58,835    14,639
*Boston Scientific Corp.  367,361    14,199
*Waters Corp.   48,655    13,826
 Becton Dickinson and Co.   52,224    12,698
*Centene Corp.  186,962    11,949
 Zimmer Biomet Holdings Inc.   73,200    11,718
*Hologic Inc.  155,461    11,563
*Edwards Lifesciences Corp.  133,096    11,132
 ResMed Inc.   57,250    11,108
 AmerisourceBergen Corp. Class A   93,113    10,994
 STERIS plc   53,660    10,221
 Cerner Corp.  119,880     8,617
*Align Technology Inc.   15,796     8,554
*Sage Therapeutics Inc.  109,200     8,174
*Illumina Inc.   20,986     8,060
*Mettler-Toledo International Inc.    6,849     7,915
*DexCom Inc.   21,060     7,569
 PerkinElmer Inc.   54,262     6,961
*Laboratory Corp. of America Holdings   24,623     6,280
16

Growth and Income Fund
  SharesMarket
Value

($000)
*Henry Schein Inc.   79,700     5,518
 Quest Diagnostics Inc.   38,330     4,919
*Incyte Corp.   51,930     4,220
 Stryker Corp.   17,129     4,172
*Regeneron Pharmaceuticals Inc.    8,007     3,788
*ABIOMED Inc.   10,003     3,188
 Bruker Corp.   47,500     3,053
*ACADIA Pharmaceuticals Inc.  107,900     2,784
*Intuitive Surgical Inc.    2,828     2,090
*Amedisys Inc.    7,836     2,075
*Myriad Genetics Inc.   61,800     1,882
*Ultragenyx Pharmaceutical Inc.   13,400     1,526
*TG Therapeutics Inc.   27,200     1,311
*,1CEL-SCI Corp.   80,900     1,231
*Molina Healthcare Inc.    5,222     1,221
*Shockwave Medical Inc.    9,300     1,211
*Viatris Inc.   77,286     1,080
*,1Omeros Corp.   55,700       991
*Lexicon Pharmaceuticals Inc.  165,994       974
*Allscripts Healthcare Solutions Inc.   63,800       958
*Fate Therapeutics Inc.   11,500       948
*Tenet Healthcare Corp.   17,100       889
*Envista Holdings Corp.   21,200       865
*Pacira BioSciences Inc.   11,300       792
*QIAGEN NV   13,580       661
*Altimmune Inc.   44,600       630
*Neogen Corp.    7,000       622
*Travere Thrapeutics Inc.   23,100       577
*Sotera Health Co.   20,700       517
*Biohaven Pharmaceutical Holding Co. Ltd.    7,399       506
*Heron Therapeutics Inc.   30,800       499
*Amicus Therapeutics Inc.   50,077       495
*Syndax Pharmaceuticals Inc.   20,400       456
*Triple-S Management Corp. Class B   17,350       452
*Brookdale Senior Living Inc.   65,600       397
*Vir Biotechnology Inc.    7,600       390
*Halozyme Therapeutics Inc.    9,300       388
*United Therapeutics Corp.    2,300       385
*Corcept Therapeutics Inc.   15,200       362
 Perrigo Co. plc    8,900       360
*Taro Pharmaceutical Industries Ltd.    4,733       349
*Xeris Pharmaceuticals Inc.   76,300       344
*CareDx Inc.    4,900       334
*Lannett Co. Inc.   62,000       327
*WaVe Life Sciences Ltd.   53,900       302
 Owens & Minor Inc.    7,423       279
*NuVasive Inc.    4,100       269
*AcelRx Pharmaceuticals Inc.  152,500       259
*Ovid therapeutics Inc.   55,300       222
*Rubius Therapeutics Inc.    5,900       156
*Intra-Cellular Therapies Inc.    4,429       150
*Dynavax Technologies Corp.   14,500       143
*Tricida Inc.   26,284       139
*1Life Healthcare Inc.    3,456       135
*10X Genomics Inc. Class A      700       127
17

Growth and Income Fund
  SharesMarket
Value

($000)
*Nevro Corp.      900       126
*AnaptysBio Inc.    5,800       125
*Ardelyx Inc.   18,700       124
*Eagle Pharmaceuticals Inc.    2,938       123
*La Jolla Pharmaceutical Co.   29,075       123
*Arcus Biosciences Inc.    4,100       115
*Rocket Pharmaceuticals Inc.    2,512       111
*Fluidigm Corp.   23,700       107
*Radius Health Inc.    5,000       104
*Horizon Therapeutics plc    1,100       101
*Assertio Holdings Inc.  136,200        93
*Tivity Health Inc.    3,900        87
*Denali Therapeutics Inc.    1,500        86
*Odonate Therapeutics Inc.   24,400        83
*Corbus Pharmaceuticals Holdings Inc.   39,800        78
*Evofem Biosciences Inc.   42,500        74
*Editas Medicine Inc. Class A    1,700        71
*Recro Pharma Inc.   24,683        69
*Gritstone Oncology Inc.    6,200        58
*Insulet Corp.      200        52
*Natera Inc.      500        51
*Axsome Therapeutics Inc.      888        50
*AngioDynamics Inc.    1,900        44
*Evolus Inc.    3,100        40
*Karyopharm Therapeutics Inc.    3,700        39
*ChemoCentryx Inc.      700        36
*Arcturus Therapeutics Holdings Inc.      700        29
*Bluebird Bio Inc.      900        27
*Vocera Communications Inc.      700        27
*PTC Therapeutics Inc.      500        24
*Dicerna Pharmaceuticals Inc.      900        23
*Vanda Pharmaceuticals Inc.    1,500        23
 Patterson Cos. Inc.      700        22
*Zogenix Inc.      956        19
*Surgery Partners Inc.      400        18
*Bio-Rad Laboratories Inc. Class A       28        16
*CytomX Therapeutics Inc.    2,100        16
*Arvinas Inc.      200        13
*Paratek Pharmaceuticals Inc.    1,900        13
*Viemed Healthcare Inc.    1,300        13
*NextGen Healthcare Inc.      684        12
*PRA Health Sciences Inc.       80        12
*GlycoMimetics Inc.    3,700        11
*Twist Bioscience Corp.       85        11
*Catalent Inc.       99        10
*Concert Pharmaceuticals Inc.    2,100        10
 Hill-Rom Holdings Inc.       86        10
*Jazz Pharmaceuticals plc       62        10
*Cymabay Therapeutics Inc.    1,900         9
*Magellan Health Inc.       91         9
*ICON plc       47         9
*Chimerix Inc.      800         8
*Repligen Corp.       39         8
*Catalyst Pharmaceuticals Inc.    1,600         7
*Joint Corp.      145         7
18

Growth and Income Fund
  SharesMarket
Value

($000)
*Moderna Inc.       55         7
*Pulse Biosciences Inc.      300         7
*Exact Sciences Corp.       45         6
*Mersana Therapeutics Inc.      400         6
*Surmodics Inc.      100         6
*iCAD Inc.      300         6
*Hanger Inc.      200         5
*Inogen Inc.       90         5
*Medpace Holdings Inc.       32         5
*Optinose Inc.    1,400         5
*Prothena Corp. plc      200         5
*Alnylam Pharmaceuticals Inc.       29         4
*HMS Holdings Corp.       99         4
*Penumbra Inc.       13         4
*Varex Imaging Corp.      181         4
*NextCure Inc.      400         4
*Accelerate Diagnostics Inc.      300         3
*BioMarin Pharmaceutical Inc.       46         3
*CorVel Corp.       30         3
*Orthofix Medical Inc.       60         3
*REGENXBIO Inc.      100         3
*Liquidia Corp.    1,000         3
*Immunovant Inc.      180         3
*Akebia Therapeutics Inc.      498         2
*AtriCure Inc.       35         2
*BioDelivery Sciences International Inc.      400         2
*Cara Therapeutics Inc.       90         2
*Cerus Corp.      300         2
*Constellation Pharmaceuticals Inc.       84         2
*Enzo Biochem Inc.      500         2
*Evolent Health Inc. Class A      100         2
*FONAR Corp.      100         2
*Homology Medicines Inc.      200         2
*ImmunoGen Inc.      194         2
*Integer Holdings Corp.       24         2
*Intersect ENT Inc.      100         2
 Invacare Corp.      200         2
*IVERIC bio Inc.      300         2
*Kindred Biosciences Inc.      300         2
*Nektar Therapeutics Class A      100         2
*Pacific Biosciences of California Inc.       70         2
 Phibro Animal Health Corp. Class A       82         2
*Selecta Biosciences Inc.      400         2
*Sientra Inc.      206         2
*Tandem Diabetes Care Inc.       26         2
*Affimed NV      200         2
*CRISPR Therapeutics AG       16         2
*Marinus Pharmaceuticals Inc.      125         2
*Compugen Ltd.      193         2
*Abeona Therapeutics Inc.      700         1
*Accuray Inc.      246         1
*Aeglea BioTherapeutics Inc.      100         1
*Adverum Biotechnologies Inc.      100         1
*Agenus Inc.      300         1
*Amneal Pharmaceuticals Inc.      200         1
19

Growth and Income Fund
  SharesMarket
Value

($000)
*Athenex Inc.      173         1
*BioCryst Pharmaceuticals Inc.      100         1
*CTI BioPharma Corp.      200         1
*Calithera Biosciences Inc.      300         1
*Change Healthcare Inc.       57         1
*Clovis Oncology Inc.      100         1
*Coherus Biosciences Inc.       38         1
*Cross Country Healthcare Inc.      100         1
*Cutera Inc.       32         1
*Eiger BioPharmaceuticals Inc.      100         1
*ElectroCore Inc.      386         1
*Flexion Therapeutics Inc.      100  ���      1
*Inovio Pharmaceuticals Inc.       97         1
*Innoviva Inc.      100         1
*Ironwood Pharmaceuticals Inc. Class A      100         1
*Jounce Therapeutics Inc.      100         1
*Kura Oncology Inc.       33         1
 LeMaitre Vascular Inc.       27         1
*MediciNova Inc.      200         1
*Meridian Bioscience Inc.       50         1
*Natus Medical Inc.       30         1
*OraSure Technologies Inc.      100         1
*Puma Biotechnology Inc.      100         1
*Rockwell Medical Inc.      436         1
*Sangamo Therapeutics Inc.      100         1
*Sesen Bio Inc.      500         1
*Sorrento Therapeutics Inc.      100         1
*Spectrum Pharmaceuticals Inc.      400         1
*Syros Pharmaceuticals Inc.      100         1
*Tactile Systems Technology Inc.       14         1
*vTv Therapeutics Inc. Class A      406         1
*Voyager Therapeutics Inc.      200         1
*SmileDirectClub Inc.      100         1
*Tyme Technologies Inc.      408         1
*MeiraGTx Holdings plc      100         1
*Aquestive Therapeutics Inc.      181         1
*Bellicum Pharmaceuticals Inc.      175         1
*Precigen Inc.      200         1
*PDS Biotechnology Corp.      165         1
*Quotient Ltd.      200         1
*Strongbridge Biopharma plc      335         1
*Genocea Biosciences Inc.      300         1
*IMARA Inc.      160         1
*Aptinyx Inc. Class A      200         1
*Aurinia Pharmaceuticals Inc.      100         1
*Chinook Therapeutics Inc.       67         1
*Cronos Group Inc.      100         1
*Xenon Pharmaceuticals Inc.       62         1
*ProQR Therapeutics NV      205         1
*VYNE Therapeutics Inc.       84         1
*Assembly Biosciences Inc.       80        —
*Calyxt Inc.       41        —
 Computer Programs and Systems Inc.        5        —
*Durect Corp.      100        —
*Fortress Biotech Inc.      100        —
20

Growth and Income Fund
  SharesMarket
Value

($000)
*Insmed Inc.        6        —
*Iovance Biotherapeutics Inc.        7        —
*MannKind Corp.      100        —
*PolarityTE Inc.      283        —
*Select Medical Holdings Corp.        4        —
*Seres Therapeutics Inc.       22        —
*Varian Medical Systems Inc.        2        —
*Arbutus Biopharma Corp.      100        —
*Baudax Bio Inc.        4        —
*Five Star Senior Living Inc.        6        —
*VBI Vaccines Inc.      100        —
*Neoleukin Therapeutics Inc.       15        —
*Surgalign Holdings Inc.      195        —
    1,625,249
Industrials (7.9%)
 Lockheed Martin Corp.  249,998    92,374
 Union Pacific Corp.  221,648    48,853
 Illinois Tool Works Inc.  195,216    43,244
 Masco Corp.  715,240    42,843
 United Parcel Service Inc. Class B  238,666    40,571
 Otis Worldwide Corp.  556,716    38,107
 Dover Corp.  260,760    35,758
 Expeditors International of Washington Inc.  330,075    35,546
 3M Co.  175,420    33,800
 Trane Technologies plc  203,314    33,661
 Raytheon Technologies Corp.  412,869    31,902
 AMETEK Inc.  243,890    31,152
 Deere & Co.   77,912    29,150
 FedEx Corp.  101,579    28,853
 Cummins Inc.  109,938    28,486
 Republic Services Inc. Class A  282,513    28,068
 WW Grainger Inc.   69,624    27,914
 Nielsen Holdings plc  919,136    23,116
 Allegion plc  177,219    22,262
 Old Dominion Freight Line Inc.   84,799    20,387
 Northrop Grumman Corp.   58,129    18,813
*Ingersoll Rand Inc.  293,450    14,441
 Rockwell Automation Inc.   51,503    13,671
 JB Hunt Transport Services Inc.   80,960    13,607
 PACCAR Inc.  144,550    13,432
 Alaska Air Group Inc.  191,463    13,251
 Johnson Controls International plc  214,424    12,795
 Carrier Global Corp.  289,734    12,233
 Parker-Hannifin Corp.   38,660    12,195
 A O Smith Corp.  176,750    11,950
 Emerson Electric Co.  126,353    11,400
 Honeywell International Inc.   51,406    11,159
 L3Harris Technologies Inc.   52,000    10,539
*United Rentals Inc.   31,868    10,494
 Fortune Brands Home & Security Inc.   98,220     9,411
 General Electric Co.  629,153     8,261
*Delta Air Lines Inc.  165,200     7,976
 Robert Half International Inc.   93,801     7,323
 CH Robinson Worldwide Inc.   66,477     6,344
 TransUnion   62,300     5,607
21

Growth and Income Fund
  SharesMarket
Value

($000)
*Boeing Co.   21,486     5,473
 Cintas Corp.   15,531     5,301
 nVent Electric plc  153,500     4,284
 Eaton Corp. plc   29,700     4,107
 Caterpillar Inc.   17,507     4,059
 Fastenal Co.   80,300     4,037
 Allison Transmission Holdings Inc.   97,700     3,989
*CACI International Inc. Class A   15,402     3,799
 Knight-Swift Transportation Holdings Inc.   69,200     3,328
*Plug Power Inc.   86,900     3,114
 American Airlines Group Inc.  123,900     2,961
*Lyft Inc. Class A   45,300     2,862
 Huntington Ingalls Industries Inc.   12,200     2,511
 Norfolk Southern Corp.    7,478     2,008
 Waste Management Inc.   15,400     1,987
 Leidos Holdings Inc.   15,450     1,488
*IAA Inc.   19,101     1,053
 Waste Connections Inc.    9,600     1,037
 Fluor Corp.   43,300     1,000
 Werner Enterprises Inc.   20,400       962
*Uber Technologies Inc.   16,700       910
 ArcBest Corp.   12,197       858
 CSX Corp.    8,821       851
 Rollins Inc.   24,527       844
 KBR Inc.   21,800       837
*Resideo Technologies Inc.   25,000       706
 Kansas City Southern    2,400       633
 Nordson Corp.    2,800       556
 Stanley Black & Decker Inc.    2,734       546
*Great Lakes Dredge & Dock Corp.   36,800       537
 Lindsay Corp.    3,200       533
 MSA Safety Inc.    2,700       405
 Pitney Bowes Inc.   47,700       393
 Donaldson Co. Inc.    5,405       314
 Rexnord Corp.    5,038       237
 Moog Inc. Class A    2,681       223
 Howmet Aerospace Inc.    6,600       212
 Maxar Technologies Inc.    5,300       200
*Manitowoc Co. Inc.    9,301       192
 Arcosa Inc.    2,900       189
 ManpowerGroup Inc.    1,900       188
*Mercury Systems Inc.    2,500       177
 Healthcare Services Group Inc.    6,100       171
 Quanta Services Inc.    1,900       167
*Tutor Perini Corp.    8,681       165
*Clarivate Analytics plc    6,200       164
 Ritchie Bros Auctioneers Inc.    2,500       146
 CoreLogic Inc.    1,700       135
*,2API Group Corp.    6,400       132
 ManTech International Corp. Class A    1,371       119
 Wabash National Corp.    6,300       118
*American Superconductor Corp.    5,500       104
*Astronics Corp.    5,500        99
 EnPro Industries Inc.    1,077        92
 Rush Enterprises Inc. Class A    1,800        90
22

Growth and Income Fund
  SharesMarket
Value

($000)
 ADT Inc.   10,600        89
 Hawaiian Holdings Inc.    3,300        88
*Middleby Corp.      500        83
*CoStar Group Inc.       94        77
*Yellow Corp.    8,500        75
*Allegiant Travel Co. Class A      300        73
 McGrath RentCorp.      700        56
 Matthews International Corp. Class A    1,400        55
 Triumph Group Inc.    2,800        51
 Schneider National Inc. Class B    1,600        40
 Roper Technologies Inc.       95        38
 Quad/Graphics Inc.    9,900        35
 Advanced Drainage Systems Inc.      300        31
*Northwest Pipe Co.      910        30
 AAON Inc.      400        28
*Univar Solutions Inc.   ��1,200        26
 Heartland Express Inc.    1,300        25
*Avis Budget Group Inc.      300        22
 REV Group Inc.    1,007        19
 Omega Flex Inc.      100        16
*Gates Industrial Corp. plc    1,000        16
 Curtiss-Wright Corp.      100        12
*Franklin Covey Co.      400        11
 Knoll Inc.      600        10
 Primoris Services Corp.      300        10
 Xylem Inc.       94        10
 Canadian Pacific Railway Ltd.       26        10
 Applied Industrial Technologies Inc.       98         9
 Oshkosh Corp.       73         9
 Forward Air Corp.       87         8
 Insperity Inc.       94         8
 Snap-on Inc.       36         8
 Brink's Co.       92         7
 CRA International Inc.      100         7
 Graco Inc.      100         7
 Resources Connection Inc.      412         6
 Greenbrier Cos. Inc.      100         5
 Textron Inc.       98         5
 IHS Markit Ltd.       54         5
 Federal Signal Corp.       95         4
 HNI Corp.      100         4
 Heidrick & Struggles International Inc.      100         4
*Huron Consulting Group Inc.       81         4
*CBIZ Inc.       91         3
*Cornerstone Building Brands Inc.      198         3
*L B Foster Co. Class A      194         3
 Marten Transport Ltd.      150         3
*Matrix Service Co.      192         3
 Tetra Tech Inc.       23         3
 AZZ Inc.       41         2
 Aerojet Rocketdyne Holdings Inc.       38         2
*Babcock & Wilcox Enterprises Inc.      200         2
 Brady Corp. Class A       38         2
*BrightView Holdings Inc.      112         2
*CECO Environmental Corp.      225         2
23

Growth and Income Fund
  SharesMarket
Value

($000)
*DXP Enterprises Inc.       57         2
 Ennis Inc.      100         2
*Evoqua Water Technologies Corp.       63         2
*Forrester Research Inc.       40         2
 KAR Auction Services Inc.      100         2
 Kelly Services Inc. Class A       84         2
 Kimball International Inc. Class B      132         2
*MRC Global Inc.      200         2
*Radiant Logistics Inc.      282         2
*Titan Machinery Inc.       66         2
*TrueBlue Inc.      100         2
*USA Truck Inc.      124         2
 Universal Logistics Holdings Inc.       86         2
 Westinghouse Air Brake Technologies Corp.       28         2
*WESCO International Inc.       23         2
 Luxfer Holdings plc       94         2
 AAR Corp.       37         2
 ACCO Brands Corp.      204         2
 ARC Document Solutions Inc.      857         2
 CNH Industrial NV      100         2
*Corp. America Airports SA      400         2
 Atlas Corp.      111         2
 CoreCivic Inc.       99         1
*Energous Corp.      142         1
*General Finance Corp.      100         1
 GrafTech International Ltd.       59         1
 Interface Inc. Class A      100         1
*Masonite International Corp.        6         1
*Mistras Group Inc.      100         1
*NOW Inc.      146         1
*Orion Group Holdings Inc.      200         1
*SEACOR Holdings Inc.       16         1
 Steelcase Inc. Class A      100         1
 Titan International Inc.      100         1
 Caesarstone Ltd.       62         1
 Genco Shipping & Trading Ltd.      100         1
*Westport Fuel Systems Inc.      100         1
*Armstrong Flooring Inc.       25        —
*Covenant Logistics Group Inc. Class A       14        —
 Southwest Airlines Co.        8        —
 Shyft Group Inc.        1        —
 Eneti Inc.        2        —
    1,013,777
Information Technology (26.2%)
 Apple Inc.6,337,218   774,091
 Microsoft Corp.2,995,248   706,190
 NVIDIA Corp.  234,572   125,245
 Mastercard Inc. Class A  306,447   109,110
 Cisco Systems Inc.1,892,909    97,882
 QUALCOMM Inc.  720,482    95,529
*Adobe Inc.  198,990    94,594
 Accenture plc Class A  297,658    82,228
 Intel Corp.1,282,416    82,075
 Texas Instruments Inc.  384,386    72,645
 Oracle Corp.  957,592    67,194
24

Growth and Income Fund
  SharesMarket
Value

($000)
 Visa Inc. Class A  311,728    66,002
 HP Inc.1,841,540    58,469
 Lam Research Corp.   89,287    53,147
 Applied Materials Inc.  397,749    53,139
*Advanced Micro Devices Inc.  673,141    52,842
*PayPal Holdings Inc.  213,247    51,785
*Fortinet Inc.  279,009    51,455
 Intuit Inc.  108,485    41,556
*Micron Technology Inc.  432,540    38,154
*Autodesk Inc.  132,808    36,808
*Qorvo Inc.  198,176    36,207
 International Business Machines Corp.  228,387    30,435
*Cadence Design Systems Inc.  209,743    28,733
*Synopsys Inc.  108,780    26,953
 Teradyne Inc.  210,881    25,660
*VeriSign Inc.  126,800    25,203
 Cognizant Technology Solutions Corp. Class A  319,972    24,996
 Fidelity National Information Services Inc.  166,300    23,383
 Motorola Solutions Inc.  116,285    21,867
*ServiceNow Inc.   39,310    19,659
 CDW Corp.  113,929    18,884
 NetApp Inc.  258,937    18,817
 Western Digital Corp.  272,001    18,156
 Broadcom Inc.   34,739    16,107
*Vontier Corp.  481,300    14,569
 Microchip Technology Inc.   89,894    13,953
 DXC Technology Co.  430,009    13,442
 Skyworks Solutions Inc.   73,030    13,399
*Gartner Inc.   70,720    12,910
 Maxim Integrated Products Inc.  138,326    12,639
*salesforce.com Inc.   57,922    12,272
 Automatic Data Processing Inc.   62,099    11,704
 Citrix Systems Inc.   79,080    11,100
 KLA Corp.   31,749    10,490
 Western Union Co.  375,000     9,247
 Jack Henry & Associates Inc.   50,374     7,643
*Square Inc. Class A   31,300     7,107
 Paychex Inc.   71,032     6,963
*F5 Networks Inc.   27,173     5,669
 Xilinx Inc.   42,300     5,241
 NortonLifeLock Inc.  214,601     4,562
 Xerox Holdings Corp.  178,400     4,330
*Keysight Technologies Inc.   30,000     4,302
*StoneCo. Ltd. Class A   48,600     2,975
 Juniper Networks Inc.  115,100     2,915
*FleetCor Technologies Inc.   10,000     2,686
 InterDigital Inc.   38,173     2,422
*3D Systems Corp.   79,900     2,192
*Shopify Inc. Class A (XTSE)    1,800     1,992
 Amphenol Corp. Class A   29,890     1,972
*Black Knight Inc.   25,500     1,887
*Enphase Energy Inc.    9,978     1,618
*Zoom Video Communications Inc. Class A    5,000     1,606
*Anaplan Inc.   29,600     1,594
 Broadridge Financial Solutions Inc.    9,469     1,450
25

Growth and Income Fund
  SharesMarket
Value

($000)
 Cognex Corp.   15,700     1,303
*Workiva Inc. Class A   14,100     1,244
 Kulicke & Soffa Industries Inc.   24,800     1,218
*Tenable Holdings Inc.   30,900     1,118
*Tower Semiconductor Ltd.   37,700     1,057
*Synaptics Inc.    7,472     1,012
 SS&C Technologies Holdings Inc.   14,400     1,006
 Monolithic Power Systems Inc.    2,695       952
 NXP Semiconductors NV    4,400       886
 Analog Devices Inc.    5,246       814
*SunPower Corp.   23,913       800
*Ciena Corp.   13,700       750
*Lattice Semiconductor Corp.   16,643       749
*Rambus Inc.   38,400       746
 Genpact Ltd.   14,400       617
*Unisys Corp.   20,300       516
*Nuance Communications Inc.   11,500       502
*TTM Technologies Inc.   29,633       430
*Palo Alto Networks Inc.    1,300       419
*Inphi Corp.    2,300       410
*Ambarella Inc.    4,000       402
*Cirrus Logic Inc.    4,200       356
*SVMK Inc.   19,000       348
 Entegris Inc.    2,795       312
*New Relic Inc.    4,600       283
*Digimarc Corp.    8,505       252
 Vishay Intertechnology Inc.   10,031       242
*Proofpoint Inc.    1,900       239
*FireEye Inc.   11,700       229
*8x8 Inc.    6,600       214
*Stratasys Ltd.    7,100       184
 Ebix Inc.    4,100       131
*Knowles Corp.    5,600       117
*GoDaddy Inc. Class A    1,500       116
 National Instruments Corp.    2,000        86
*Conduent Inc.   11,500        77
*Impinj Inc.    1,303        74
*J2 Global Inc.      600        72
 NIC Inc.    2,000        68
*Blackline Inc.      600        65
 ADTRAN Inc.    3,834        64
*Extreme Networks Inc.    7,100        62
*Domo Inc. Class B    1,000        56
 Hackett Group Inc.    3,400        56
 Sapiens International Corp. NV    1,759        56
 Hollysys Automation Technologies Ltd.    4,200        53
*Photronics Inc.    3,700        48
 Jabil Inc.      900        47
*Celestica Inc.    5,600        47
 Seagate Technology plc      600        46
*MaxLinear Inc.    1,300        44
*Crowdstrike Holdings Inc. Class A      200        36
 Avnet Inc.      600        25
*SolarWinds Corp.    1,442        25
*Perficient Inc.      400        23
26

Growth and Income Fund
  SharesMarket
Value

($000)
*SMART Global Holdings Inc.      502        23
*Veeco Instruments Inc.    1,000        21
 Logitech International SA (Registered)      200        21
 American Software Inc. Class A      800        17
*Concentrix Corp.       99        15
*Diebold Nixdorf Inc.    1,000        14
 Ituran Location and Control Ltd.      600        13
*NetScout Systems Inc.      416        12
 Advanced Energy Industries Inc.       98        11
 SYNNEX Corp.       99        11
 NVE Corp.      149        10
 Global Payments Inc.       45         9
*GreenSky Inc. Class A    1,400         9
*Trimble Inc.       90         7
*Tucows Inc. Class A       97         7
*DSP Group Inc.      400         6
 Daktronics Inc.      998         6
*Euronet Worldwide Inc.       45         6
*MACOM Technology Solutions Holdings Inc. Class H      100         6
*Bill.Com Holdings Inc.       39         6
*Arista Networks Inc.       16         5
*CommVault Systems Inc.       72         5
 QAD Inc. Class A       75         5
 Belden Inc.       88         4
*ePlus Inc.       37         4
*PDF Solutions Inc.      200         4
*PROS Holdings Inc.       98         4
*Zendesk Inc.       32         4
*Benefitfocus Inc.      200         3
*Digital Turbine Inc.       40         3
*Model N Inc.       94         3
 Progress Software Corp.       58         3
*Sabre Corp.      185         3
*ScanSource Inc.      100         3
*Applied Optoelectronics Inc.      200         2
 Benchmark Electronics Inc.       55         2
*CalAmp Corp.      200         2
*Cornerstone OnDemand Inc.       37         2
*Evo Payments Inc. Class A       81         2
*eGain Corp.      174         2
*Harmonic Inc.      200         2
*Infinera Corp.      190         2
*Mitek Systems Inc.      137         2
*Pure Storage Inc. Class A       72         2
 Switch Inc. Class A      100         2
*Viavi Solutions Inc.      100         2
*Flex Ltd.      100         2
*Net 1 UEPS Technologies Inc.      372         2
*Arlo Technologies Inc.      200         1
*Asure Software Inc.       75         1
*Casa Systems Inc.      100         1
*Ceridian HCM Holding Inc.        8         1
*Comm Scope Holding Co. Inc.      100         1
*Iteris Inc.      151         1
*Kopin Corp.      114         1
27

Growth and Income Fund
  SharesMarket
Value

($000)
*NeoPhotonics Corp.      100         1
*Ribbon Communications Inc.      100         1
*Smartsheet Inc. Class A       14         1
*Verra Mobility Corp. Class A      100         1
*ViaSat Inc.       26         1
 VirnetX Holding Corp.      100         1
*Zix Corp.      100         1
*Zuora Inc. Class A      100         1
*Tufin Software Technologies Ltd.      105         1
*A10 Networks Inc.       26        —
*Axcelis Technologies Inc.       10        —
*Calix Inc.        9        —
*Eastman Kodak Co.       29        —
*Immersion Corp.        2        —
*Vishay Precision Group Inc.        2        —
*Yext Inc.        7        —
*Ideanomics Inc.      100        —
*Maxeon Solar Technologies Ltd.       12        —
*Sierra Wireless Inc.       15        —
    3,373,482
Materials (2.6%)
 Dow Inc.  806,192    51,548
*Linde plc  138,289    38,740
 Sherwin-Williams Co.   40,759    30,081
 Newmont Corp.  492,691    29,695
 Nucor Corp.  343,790    27,596
 Sealed Air Corp.  551,367    25,264
 Avery Dennison Corp.  133,968    24,603
 CF Industries Holdings Inc.  311,332    14,128
 FMC Corp.  121,980    13,492
 DuPont de Nemours Inc.  152,993    11,823
 Martin Marietta Materials Inc.   33,793    11,348
 Corteva Inc.  197,607     9,212
 Mosaic Co.  266,971     8,439
 Steel Dynamics Inc.  113,400     5,756
 Amcor plc  385,020     4,497
 Huntsman Corp.  107,100     3,088
 Air Products and Chemicals Inc.   10,700     3,010
 Louisiana-Pacific Corp.   49,600     2,751
 LyondellBasell Industries NV Class A   25,650     2,669
 Barrick Gold Corp.  125,800     2,491
 Ball Corp.   28,800     2,441
 Commercial Metals Co.   74,600     2,301
 Reliance Steel & Aluminum Co.   15,000     2,284
 Celanese Corp. Class A   11,127     1,667
 Westlake Chemical Corp.   11,600     1,030
 International Paper Co.   16,300       881
*Allegheny Technologies Inc.   41,400       872
 Freeport-McMoRan Inc.   26,359       868
 Ashland Global Holdings Inc.    7,300       648
*Ingevity Corp.    8,200       619
 Crown Holdings Inc.    5,200       505
 Valvoline Inc.   12,400       323
 W R Grace & Co.    5,200       311
 Warrior Met Coal Inc.   12,700       218
28

Growth and Income Fund
  SharesMarket
Value

($000)
 Graphic Packaging Holding Co.   10,300       187
 Kirkland Lake Gold Ltd.    4,000       135
 Yamana Gold Inc.   24,700       107
 Alamos Gold Inc. Class A   13,500       105
 Albemarle Corp.      700       102
 Schnitzer Steel Industries Inc. Class A    2,000        84
 Carpenter Technology Corp.    2,000        82
 Avient Corp.      900        43
*Arconic Corp.    1,500        38
 Royal Gold Inc.      300        32
 Neenah Inc.      500        26
 Myers Industries Inc.      971        19
 Vulcan Materials Co.       98        17
*LSB Industries Inc.    3,105        16
*Resolute Forest Products Inc.      900        10
 RPM International Inc.       92         8
 Innospec Inc.       35         4
*Kraton Corp.      100         4
 Haynes International Inc.       95         3
 Olin Corp.       88         3
 U.S. Steel Corp.      100         3
 Verso Corp. Class A      199         3
 Mercer International Inc.      200         3
 Cleveland-Cliffs Inc.      120         2
 PQ Group Holdings Inc.      130         2
*Ryerson Holding Corp.      137         2
 Tredegar Corp.      100         2
*Pretium Resources Inc.      165         2
*Orion Engineered Carbons SA       80         2
*Intrepid Potash Inc.       50         2
*Equinox Gold Corp.      200         2
*First Majestic Silver Corp.      100         2
*Seabridge Gold Inc.      100         2
 Advanced Emissions Solutions Inc.      191         1
 Chemours Co.       44         1
*Flotek Industries Inc.      653         1
 Hecla Mining Co.      200         1
 SunCoke Energy Inc.      200         1
 Tronox Holdings plc Class A       42         1
 O-I Glass Inc.      100         1
 Osisko Gold Royalties Ltd.      100         1
*Novagold Resources Inc.      100         1
*Gold Standard Ventures Corp.    1,776         1
*Constellium SE Class A      100         1
*Ferroglobe plc      200         1
 Nexa Resources SA      116         1
 ICL Group Ltd.      227         1
*Alpha Metallurgical Resources Inc.      100         1
*IAMGOLD Corp.      100        —
      336,268
Other (0.2%)
 SPDR S&P 500 ETF Trust   52,000    20,609
*,3Achillion Pharma CVR Alexion Pharmaceuticals Inc.      400         1
*,3Alder Biopharmaceuticals CVR Exp. 12/31/24      200        —
*,3Biosante Pharmaceutical Inc. CVR    4,189        —
29

Growth and Income Fund
  SharesMarket
Value

($000)
*,3Aduro Biotech Inc.       67        —
*,3Contra Pfenex Inc.      200        —
*,3Stemline Therapeutics Inc.      200        —
*,3Ferroglobe Unit   48,731        —
*Ion Geophysical Corp. Right Exp. 4/8/21      100        —
       20,610
Real Estate (1.9%)
 American Tower Corp.  131,916    31,536
 Weyerhaeuser Co.  758,936    27,018
 Iron Mountain Inc.  715,892    26,495
 Regency Centers Corp.  433,140    24,563
 Crown Castle International Corp.  103,087    17,744
 Kimco Realty Corp.  819,361    15,363
 SBA Communications Corp. Class A   47,560    13,200
 Ventas Inc.  244,523    13,043
 Prologis Inc.   95,300    10,102
 Equinix Inc.   13,498     9,173
 Simon Property Group Inc.   58,545     6,661
 Extra Space Storage Inc.   50,018     6,630
 Healthpeak Properties Inc.  189,800     6,024
 Apartment Income REIT Corp.  135,662     5,801
 Duke Realty Corp.  128,900     5,405
 Mid-America Apartment Communities Inc.   37,196     5,370
 SL Green Realty Corp.   57,720     4,040
 Public Storage   13,747     3,392
 Equity LifeStyle Properties Inc.   40,200     2,558
 Welltower Inc.   30,900     2,213
 First Industrial Realty Trust Inc.   30,300     1,387
 MGM Growth Properties LLC Class A   35,300     1,151
 UDR Inc.   23,900     1,048
 American Homes 4 Rent Class A   21,800       727
 Invitation Homes Inc.   18,500       592
 PotlatchDeltic Corp.    7,100       376
 Park Hotels & Resorts Inc.   16,300       352
 Realty Income Corp.    5,300       337
 Colony Capital Inc.   48,400       314
 Corporate Office Properties Trust   10,000       263
 Outfront Media Inc.   10,900       238
 CareTrust REIT Inc.    9,603       224
*Hersha Hospitality Trust Class A   20,000       211
*Realogy Holdings Corp.   12,100       183
 Omega Healthcare Investors Inc.    3,981       146
*DiamondRock Hospitality Co.   10,900       112
 JBG SMITH Properties    3,145       100
 VICI Properties Inc.    3,300        93
 New Senior Investment Group Inc.   11,400        71
 Highwoods Properties Inc.    1,500        64
 Boston Properties Inc.      400        41
 Gladstone Commercial Corp.    1,873        37
 American Assets Trust Inc.    1,000        32
 National Storage Affiliates Trust      700        28
 CubeSmart      700        26
 Getty Realty Corp.      894        25
 Service Properties Trust    1,900        23
 Apartment Investment and Management Co. Class A    3,018        19
30

Growth and Income Fund
  SharesMarket
Value

($000)
 VEREIT Inc.      500        19
 NETSTREIT Corp.      863        16
 Uniti Group Inc.    1,000        11
 Federal Realty Investment Trust       73         7
 Agree Realty Corp.       94         6
 Acadia Realty Trust      198         4
 St. Joe Co.       88         4
*Altisource Portfolio Solutions SA      400         4
 Retail Value Inc.      175         3
 Sun Communities Inc.       23         3
 Urban Edge Properties      171         3
 Urstadt Biddle Properties Inc. Class A      199         3
 Broadstone Net Lease Inc.      180         3
*Alexander & Baldwin Inc.      100         2
*CBRE Group Inc. Class A       26         2
 City Office REIT Inc.      195         2
 CorEnergy Infrastructure Trust Inc.      274         2
 CorePoint Lodging Inc.      189         2
 GEO Group Inc.      200         2
 iStar Inc.      100         2
 Monmouth Real Estate Investment Corp.      100         2
 Plymouth Industrial REIT Inc.      146         2
 RLJ Lodging Trust      100         2
 RMR Group Inc. Class A       40         2
 Retail Opportunity Investments Corp.      100         2
 Sabra Health Care REIT Inc.      100         2
*Summit Hotel Properties Inc.      158         2
 UMH Properties Inc.      100         2
 Vornado Realty Trust       36         2
*Cushman & Wakefield plc      100         2
 Armada Hoffler Properties Inc.      100         1
 Brandywine Realty Trust      100         1
 Empire State Realty Trust Inc. Class A      100         1
 Newmark Group Inc. Class A      100         1
 Retail Properties of America Inc. Class A      100         1
 SITE Centers Corp.      100         1
 Sunstone Hotel Investors Inc.      100         1
*Ashford Hospitality Trust Inc.      280         1
 Host Hotels & Resorts Inc.        7        —
 Hudson Pacific Properties Inc.        6        —
 Diversified Healthcare Trust      100        —
 CIM Commercial Trust Corp.       25        —
      244,679
Utilities (1.9%)
 CenterPoint Energy Inc.1,387,719    31,432
 AES Corp.  957,140    25,661
 Dominion Energy Inc.  321,310    24,407
 Entergy Corp.  238,710    23,744
 Exelon Corp.  523,713    22,907
 Sempra Energy  153,074    20,295
 NRG Energy Inc.  521,810    19,688
 Evergy Inc.  300,991    17,918
 FirstEnergy Corp.  443,200    15,375
 CMS Energy Corp.  142,000     8,693
 Duke Energy Corp.   71,189     6,872
31

Growth and Income Fund
  SharesMarket
Value

($000)
 PPL Corp.  224,858     6,485
 Alliant Energy Corp.   73,000     3,954
 NiSource Inc.  141,450     3,410
 Edison International   39,600     2,321
 NextEra Energy Inc.   25,184     1,904
 IDACORP Inc.   14,300     1,430
 Public Service Enterprise Group Inc.   14,141       851
 Southern Co.   11,000       684
*Atlantic Power Corp.   84,600       244
 MDU Resources Group Inc.    5,200       164
 Otter Tail Corp.      841        39
 OGE Energy Corp.    1,000        32
 Ameren Corp.       96         8
 Black Hills Corp.       91         6
 Xcel Energy Inc.       88         6
 ALLETE Inc.       70         5
 American States Water Co.       58         4
 Portland General Electric Co.       94         4
 Brookfield Renewable Corp. Class A       70         3
 Spark Energy Inc. Class A      162         2
      238,548
Total Common Stocks (Cost $7,974,982)12,507,149
Temporary Cash Investments (3.0%)
Money Market Fund (3.0%)
4,5Vanguard Market Liquidity Fund, 0.081%3,893,841   389,384
  Face
Amount
($000)
 
U.S. Government and Agency Obligations (0.0%)
 U.S. Treasury Bill, 0.020%, 8/26/21      800       800
Total Temporary Cash Investments (Cost $390,077)390,184
Total Investments (100.3%) (Cost $8,365,059)12,897,333
Other Assets and Liabilities—Net (-0.3%)(41,654)
Net Assets (100%)12,855,679
Cost is in $000.
See Note A in Notes to Financial Statements.
*Non-income-producing security.
1Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $17,323,000.
2Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, the aggregate value was $132,000, representing 0.0% of net assets.
3Security value determined using significant unobservable inputs.
4Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5Collateral of $17,986,000 was received for securities on loan, of which $5,294,000 is held in Vanguard Market Liquidity Fund and $12,692,000 is held in cash.
 CVR—Contingent Value Rights.
 REIT—Real Estate Investment Trust.
32

Growth and Income Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
   ($000)
 ExpirationNumber of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts    
E-mini S&P 500 IndexJune 20211,641325,5251,952
  
See accompanying Notes, which are an integral part of the Financial Statements.
33

Growth and Income Fund
Statement of Assets and Liabilities
As of March 31, 2021
($000s, except shares and per-share amounts)Amount
Assets 
Investments in Securities, at Value 
Unaffiliated Issuers (Cost $7,975,782)12,507,949
Affiliated Issuers (Cost $389,277)389,384
Total Investments in Securities12,897,333
Investment in Vanguard460
Cash12,692
Cash Collateral Pledged—Futures Contracts21,520
Receivables for Investment Securities Sold56,976
Receivables for Accrued Income11,275
Receivables for Capital Shares Issued3,669
Variation Margin Receivable—Futures Contracts1,943
Total Assets13,005,868
Liabilities 
Due to Custodian22,125
Payables for Investment Securities Purchased36,572
Collateral for Securities on Loan17,986
Payables to Investment Advisor2,885
Payables for Capital Shares Redeemed70,155
Payables to Vanguard466
Total Liabilities150,189
Net Assets12,855,679
At March 31, 2021, net assets consisted of: 
  
Paid-in Capital7,691,199
Total Distributable Earnings (Loss)5,164,480
Net Assets12,855,679
 
Investor Shares—Net Assets 
Applicable to 54,064,233 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
3,318,692
Net Asset Value Per Share—Investor Shares$61.38
 
Admiral Shares—Net Assets 
Applicable to 95,171,107 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
9,536,987
Net Asset Value Per Share—Admiral Shares$100.21
  
See accompanying Notes, which are an integral part of the Financial Statements.
34

Growth and Income Fund
Statement of Operations
 Six Months Ended
March 31, 2021
 ($000)
Investment Income 
Income 
Dividends1102,623
Interest2166
Securities Lending—Net197
Total Income102,986
Expenses 
Investment Advisory Fees—Note B 
Basic Fee5,772
Performance Adjustment534
The Vanguard Group—Note C 
Management and Administrative—Investor Shares3,352
Management and Administrative—Admiral Shares5,633
Marketing and Distribution—Investor Shares116
Marketing and Distribution—Admiral Shares159
Custodian Fees82
Shareholders’ Reports—Investor Shares2
Shareholders’ Reports—Admiral Shares30
Trustees’ Fees and Expenses4
Total Expenses15,684
Net Investment Income87,302
Realized Net Gain (Loss) 
Investment Securities Sold2788,585
Futures Contracts40,864
Realized Net Gain (Loss)829,449
Change in Unrealized Appreciation (Depreciation) 
Investment Securities21,319,915
Futures Contracts(2,067)
Change in Unrealized Appreciation (Depreciation)1,317,848
Net Increase (Decrease) in Net Assets Resulting from Operations2,234,599
1Dividends are net of foreign withholding taxes of $6,000.
2Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $142,000, $5,000, and ($5,000), respectively. Purchases and sales are for temporary cash investment purposes.
  
See accompanying Notes, which are an integral part of the Financial Statements.
35

Growth and Income Fund
Statement of Changes in Net Assets
 Six Months Ended
March 31,
2021
 Year Ended
September 30,
2020
 ($000) ($000)
Increase (Decrease) in Net Assets   
Operations   
Net Investment Income87,302 185,256
Realized Net Gain (Loss)829,449 486,613
Change in Unrealized Appreciation (Depreciation)1,317,848 831,423
Net Increase (Decrease) in Net Assets Resulting from Operations2,234,599 1,503,292
Distributions   
Investor Shares(174,499) (121,067)
Admiral Shares(522,793) (362,694)
Total Distributions(697,292) (483,761)
Capital Share Transactions   
Investor Shares157,246 (346,621)
Admiral Shares(703,821) (79,597)
Net Increase (Decrease) from Capital Share Transactions(546,575) (426,218)
Total Increase (Decrease)990,732 593,313
Net Assets   
Beginning of Period11,864,947 11,271,634
End of Period12,855,679 11,864,947
  
See accompanying Notes, which are an integral part of the Financial Statements.
36

Growth and Income Fund
Financial Highlights
Investor Shares      
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
March 31,
2021
Year Ended September 30,
20202019201820172016
Net Asset Value, Beginning of Period$54.15$49.46$52.17$46.50$42.16$39.55
Investment Operations      
Net Investment Income.3951.7871.8231.7111.7921.852
Net Realized and Unrealized Gain (Loss) on Investments10.2606.024(.204)7.6506.3464.813
Total from Investment Operations10.6556.811.6198.3617.1385.665
Distributions      
Dividends from Net Investment Income(.453)(.815)(.766)(.668)(.799)(.790)
Distributions from Realized Capital Gains(2.972)(1.306)(2.563)(2.023)(1.999)(2.265)
Total Distributions(3.425)(2.121)(3.329)(2.691)(2.798)(3.055)
Net Asset Value, End of Period$61.38$54.15$49.46$52.17$46.50$42.16
Total Return220.22%14.07%2.21%18.56%17.66%14.79%
Ratios/Supplemental Data      
Net Assets, End of Period (Millions)$3,319$2,779$2,860$2,932$2,982$2,801
Ratio of Total Expenses to Average Net Assets30.33%0.32%0.33%0.33%0.34%0.34%
Ratio of Net Investment Income to Average Net Assets1.39%1.57%1.73%1.45%1.80%2.09%
Portfolio Turnover Rate29%58%68%83%96%96%
The expense ratio and net investment income ratio for the current period have been annualized.
1Calculated based on average shares outstanding.
2Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3Includes performance-based investment advisory fee increases (decreases) of 0.01%, 0.00%, 0.01%, 0.00%, 0.00%, and 0.00%.
  
See accompanying Notes, which are an integral part of the Financial Statements.
37

Growth and Income Fund
Financial Highlights
Admiral Shares      
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
March 31,
2021
Year Ended September 30,
20202019201820172016
Net Asset Value, Beginning of Period$88.40$80.74$85.16$75.93$68.83$64.57
Investment Operations      
Net Investment Income.69111.36411.42111.24211.36211.466
Net Realized and Unrealized Gain (Loss) on Investments16.7579.842(.330)12.47310.3847.855
Total from Investment Operations17.44811.2061.09113.71511.7469.321
Distributions      
Dividends from Net Investment Income(.785)(1.414)(1.326)(1.182)(1.384)(1.364)
Distributions from Realized Capital Gains(4.853)(2.132)(4.185)(3.303)(3.262)(3.697)
Total Distributions(5.638)(3.546)(5.511)(4.485)(4.646)(5.061)
Net Asset Value, End of Period$100.21$88.40$80.74$85.16$75.93$68.83
Total Return220.28%14.19%2.32%18.65%17.81%14.91%
Ratios/Supplemental Data      
Net Assets, End of Period (Millions)$9,537$9,086$8,412$8,491$7,015$3,833
Ratio of Total Expenses to Average Net Assets30.23%0.22%0.23%0.23%0.23%0.23%
Ratio of Net Investment Income to Average Net Assets1.49%1.66%1.83%1.55%1.91%2.20%
Portfolio Turnover Rate29%58%68%83%96%96%
The expense ratio and net investment income ratio for the current period have been annualized.
1Calculated based on average shares outstanding.
2Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3Includes performance-based investment advisory fee increases (decreases) of 0.01%, 0.00%, 0.01%, 0.00%, 0.00%, and 0.00%.
  
See accompanying Notes, which are an integral part of the Financial Statements.
38

Growth and Income Fund
Notes to Financial Statements
Vanguard Growth and Income Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.
A.The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended March 31, 2021, 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.
39

Growth and Income Fund
3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. 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 Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed 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 either facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow
40

Growth and Income Fund
money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended March 31, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.
7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair value of the securities received. 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, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B.The investment advisory firms Los Angeles Capital Management LLC (formerly Los Angeles Capital Management and Equity Research, Inc.) and D. E. Shaw Investment Management, L.L.C., 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 Los Angeles Capital Management LLC is subject to quarterly adjustments based on performance relative to the S&P 500 Index for the preceding five years. 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.
Vanguard provides investment advisory services to a portion of the fund as described below; the fund paid Vanguard advisory fees of $646,000 for the six months ended March 31, 2021.
For the six months ended March 31, 2021, the aggregate investment advisory fee paid to all advisors represented an effective annual basic rate of 0.09% of the fund’s average net assets, before a net increase of $534,000 (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 and 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, 2021, the fund had contributed to Vanguard capital in the amount of
41

Growth and Income Fund
$460,000, representing less than 0.01% of the fund’s net assets and 0.18% of Vanguard’s capital received pursuant to the FSA. 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 and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund’s investments and derivatives as of March 31, 2021, based on the inputs used to value them:
 Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments    
Assets    
Common Stocks12,507,148112,507,149
Temporary Cash Investments389,384800390,184
Total12,896,532800112,897,333
Derivative Financial Instruments    
Assets    
Futures Contracts11,9521,952
1Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.
E.As of March 31, 2021, 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 Cost8,397,202
Gross Unrealized Appreciation4,559,935
Gross Unrealized Depreciation(57,852)
Net Unrealized Appreciation (Depreciation)4,502,083
F.During the six months ended March 31, 2021, the fund purchased $3,407,560,000 of investment securities and sold $4,568,365,000 of investment securities, other than temporary cash investments.
42

Growth and Income Fund
G.Capital share transactions for each class of shares were:
    
 Six Months Ended
March 31, 2021
 Year Ended
September 30, 2020
 Amount
($000)
Shares
(000)
 Amount
($000)
Shares
(000)
Investor Shares     
Issued260,0924,453 364,6287,412
Issued in Lieu of Cash Distributions166,7872,949 116,0872,281
Redeemed(269,633)(4,656) (827,336)(16,197)
Net Increase (Decrease)—Investor Shares157,2462,746 (346,621)(6,504)
Admiral Shares     
Issued559,6905,915 1,327,36916,185
Issued in Lieu of Cash Distributions485,1565,256 339,5694,090
Redeemed(1,748,667)(18,779) (1,746,535)(21,683)
Net Increase (Decrease)—Admiral Shares(703,821)(7,608) (79,597)(1,408)
H.Management has determined that no events or transactions occurred subsequent to March 31, 2021, that would require recognition or disclosure in these financial statements.
43

Liquidity Risk Management
Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.
Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.
The board of trustees of Vanguard Quantitative Funds approved the appointment of liquidity risk management program administrators responsible for administering Vanguard Growth and Income Fund’s Program and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program’s operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2020, through December 31, 2020 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the fund’s liquidity risk.
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Q932 052021

 

 

 

Item 2: Code of Ethics.

 

Not applicable.

 

Item 3: Audit Committee Financial Expert.

 

Not applicable.

 

Item 4: Principal Accountant Fees and Services.

 

Not applicable.

 

Item 5: Audit Committee of Listed Registrants.

 

Not applicable.

 

 

 

 

Item 6: Investments.

 

Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.

 

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. In 2020, a third-party service provider began performing certain administrative and accounting services for Vanguard Growth and Income Fund. There were no other 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)(1)Not applicable.
(a)(2)Certifications filed herewith.
(b)Certifications field herewith.

 

 

 

 

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 19, 2021

 

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 19, 2021

 

VANGUARD QUANTITATIVE FUNDS

 

BY:      /s/ JOHN BENDL*                      

JOHN BENDL

CHIEF FINANCIAL OFFICER

 

Date: May 19, 2021

 

* By: /s/ Anne E. Robinson

 

Anne E. Robinson, pursuant to a Power of Attorney filed on December 18, 2020 (see File Number 33-64845), Incorporated by Reference