| Shares | Market Value ($000) | |||||
| Common Stocks (99.9%) | ||||||
| Basic Materials (1.4%) | ||||||
| Fastenal Co. | 8,734,302 | 405,272 | ||||
| Consumer Discretionary (18.7%) | ||||||
| Ross Stores Inc. | 2,460,155 | 532,943 | ||||
| Royal Caribbean Cruises Ltd. | 1,851,899 | 509,606 | ||||
| Yum! Brands Inc. | 2,102,555 | 326,905 | ||||
| * | Carvana Co. | 1,031,382 | 324,246 | |||
| * | Chipotle Mexican Grill Inc. | 9,906,356 | 317,102 | |||
| Garmin Ltd. | 1,244,428 | 288,720 | ||||
| * | ROBLOX Corp. Class A | 4,780,843 | 270,404 | |||
| Hilton Worldwide Holdings Inc. | 872,007 | 265,160 | ||||
| * | Take-Two Interactive Software Inc. | 1,338,037 | 264,262 | |||
| * | Copart Inc. | 6,626,552 | 220,001 | |||
| Carnival Corp. | 8,465,861 | 219,096 | ||||
| * | AutoZone Inc. | 63,009 | 212,831 | |||
| Expedia Group Inc. | 890,000 | 205,492 | ||||
| Electronic Arts Inc. | 951,729 | 194,029 | ||||
| * | Live Nation Entertainment Inc. | 1,250,147 | 190,660 | |||
| Tractor Supply Co. | 4,003,481 | 181,358 | ||||
| * | Ulta Beauty Inc. | 337,422 | 176,374 | |||
| Rollins Inc. | 2,378,503 | 127,036 | ||||
| * | Lululemon Athletica Inc. | 810,664 | 124,113 | |||
| Las Vegas Sands Corp. | 2,299,777 | 123,912 | ||||
| * | Flutter Entertainment plc | 1,066,692 | 108,749 | |||
| * | Burlington Stores Inc. | 239,316 | 77,869 | |||
| Estee Lauder Cos. Inc. Class A | 940,189 | 67,477 | ||||
| * | NVR Inc. | 10,093 | 66,511 | |||
| TKO Group Holdings Inc. Class A | 237,207 | 47,833 | ||||
| * | Trade Desk Inc. Class A | 1,674,554 | 37,996 | |||
| 5,480,685 | ||||||
| Consumer Staples (0.6%) | ||||||
| Church & Dwight Co. Inc. | 1,800,318 | 168,006 | ||||
| Energy (3.2%) | ||||||
| Targa Resources Corp. | 1,634,942 | 409,929 | ||||
| Coterra Energy Inc. | 5,501,536 | 193,324 | ||||
| EQT Corp. | 2,374,140 | 151,090 | ||||
| Texas Pacific Land Corp. | 222,859 | 105,760 | ||||
| * | First Solar Inc. | 387,702 | 76,478 | |||
| Venture Global Inc. Class A | 456,024 | 7,187 | ||||
| 943,768 | ||||||
| Financials (7.6%) | ||||||
| * | Robinhood Markets Inc. Class A | 6,009,233 | 416,440 | |||
| MSCI Inc. | 530,909 | 286,165 | ||||
| * | Coinbase Global Inc. Class A | 1,611,651 | 281,410 | |||
| LPL Financial Holdings Inc. | 609,097 | 183,235 | ||||
| Ares Management Corp. Class A | 1,596,195 | 174,145 | ||||
| Apollo Global Management Inc. | 1,539,372 | 171,517 | ||||
| Broadridge Financial Solutions Inc. | 888,000 | 144,282 | ||||
| Brown & Brown Inc. | 2,200,878 | 143,519 | ||||
| Interactive Brokers Group Inc. Class A | 1,609,054 | 107,919 | ||||
| Tradeweb Markets Inc. Class A | 879,706 | 103,506 | ||||
| * | Rocket Cos. Inc. Class A | 6,987,420 | 99,571 | |||
| * | Markel Group Inc. | 45,435 | 86,966 | |||
| Blue Owl Capital Inc. Class A | 2,531,182 | 23,110 | ||||
| 2,221,785 | ||||||
| Health Care (9.8%) | ||||||
| * | Edwards Lifesciences Corp. | 4,417,623 | 353,763 | |||
| Zoetis Inc. | 2,889,669 | 341,588 | ||||
| * | IDEXX Laboratories Inc. | 605,627 | 340,296 | |||
| * | Alnylam Pharmaceuticals Inc. | 1,008,744 | 333,763 | |||
| Shares | Market Value ($000) | |||||
| ResMed Inc. | 1,108,045 | 248,734 | ||||
| Agilent Technologies Inc. | 2,151,308 | 245,206 | ||||
| * | Waters Corp. | 746,171 | 222,210 | |||
| * | Veeva Systems Inc. Class A | 1,125,275 | 197,666 | |||
| * | Dexcom Inc. | 2,927,322 | 183,836 | |||
| West Pharmaceutical Services Inc. | 547,804 | 137,301 | ||||
| * | Insmed Inc. | 819,756 | 134,046 | |||
| STERIS plc | 372,984 | 82,478 | ||||
| * | Insulet Corp. | 267,719 | 56,178 | |||
| 2,877,065 | ||||||
| Industrials (23.8%) | ||||||
| Howmet Aerospace Inc. | 3,049,588 | 702,808 | ||||
| Quanta Services Inc. | 1,138,022 | 624,797 | ||||
| TransDigm Group Inc. | 429,545 | 497,826 | ||||
| WW Grainger Inc. | 342,310 | 373,395 | ||||
| AMETEK Inc. | 1,741,621 | 373,334 | ||||
| Old Dominion Freight Line Inc. | 1,426,775 | 278,792 | ||||
| Vulcan Materials Co. | 993,209 | 270,451 | ||||
| Martin Marietta Materials Inc. | 458,739 | 270,051 | ||||
| * | Block Inc. Class A | 4,165,608 | 250,686 | |||
| * | Axon Enterprise Inc. | 580,937 | 246,718 | |||
| Paychex Inc. | 2,457,307 | 226,367 | ||||
| Xylem Inc. | 1,849,359 | 220,998 | ||||
| Cintas Corp. | 1,292,682 | 218,644 | ||||
| * | Teledyne Technologies Inc. | 352,205 | 213,088 | |||
| Verisk Analytics Inc. | 1,049,199 | 199,086 | ||||
| * | Mettler-Toledo International Inc. | 154,596 | 194,977 | |||
| Comfort Systems USA Inc. | 133,770 | 184,468 | ||||
| * | Fair Isaac Corp. | 171,412 | 182,989 | |||
| Equifax Inc. | 914,784 | 164,725 | ||||
| Veralto Corp. | 1,790,864 | 158,348 | ||||
| Rockwell Automation Inc. | 427,302 | 153,350 | ||||
| * | Corpay Inc. | 505,501 | 147,096 | |||
| * | Rocket Lab Corp. | 2,158,023 | 138,588 | |||
| * | Bloom Energy Corp. Class A | 1,013,591 | 137,331 | |||
| HEICO Corp. Class A | 576,798 | 121,756 | ||||
| Ingersoll Rand Inc. | 1,489,346 | 119,326 | ||||
| 1 | Sunbelt Rentals Holdings Inc. | 1,582,436 | 103,001 | |||
| HEICO Corp. | 314,602 | 86,264 | ||||
| Hubbell Inc. Class B | 101,087 | 49,607 | ||||
| * | Trimble Inc. | 444,823 | 29,016 | |||
| * | Symbotic Inc. Class A | 251,190 | 13,363 | |||
| 6,951,246 | ||||||
| Real Estate (4.9%) | ||||||
| Realty Income Corp. | 7,092,233 | 433,903 | ||||
| Ventas Inc. | 3,612,631 | 295,441 | ||||
| Iron Mountain Inc. | 2,137,646 | 218,339 | ||||
| Extra Space Storage Inc. | 1,605,936 | 210,586 | ||||
| SBA Communications Corp. | 810,403 | 139,479 | ||||
| * | CoStar Group Inc. | 3,192,988 | 128,805 | |||
| 1,426,553 | ||||||
| Technology (22.1%) | ||||||
| Vertiv Holdings Co. Class A | 2,910,083 | 729,209 | ||||
| Seagate Technology Holdings plc | 1,658,684 | 649,806 | ||||
| * | Cloudflare Inc. Class A | 2,294,738 | 473,496 | |||
| * | DoorDash Inc. Class A | 2,650,509 | 397,974 | |||
| Monolithic Power Systems Inc. | 351,963 | 384,819 | ||||
| Teradyne Inc. | 1,190,779 | 353,018 | ||||
| Western Digital Corp. | 1,289,378 | 348,764 | ||||
| Marvell Technology Inc. | 3,318,929 | 328,740 | ||||
| * | Datadog Inc. Class A | 2,496,890 | 294,758 | |||
| Microchip Technology Inc. | 4,115,928 | 265,930 | ||||
| * | Workday Inc. Class A | 1,620,096 | 210,483 | |||
| Corning Inc. | 1,468,268 | 199,640 | ||||
| * | Autodesk Inc. | 806,244 | 193,015 | |||
| * | Snowflake Inc. Class A | 1,236,333 | 186,464 | |||
| * | Fortinet Inc. | 2,251,174 | 183,966 | |||
| * | CoreWeave Inc. Class A | 2,204,253 | 170,763 | |||
| Shares | Market Value ($000) | |||||
| * | Coherent Corp. | 713,003 | 169,844 | |||
| VeriSign Inc. | 627,730 | 155,903 | ||||
| * | MongoDB Inc. | 588,118 | 143,954 | |||
| * | Reddit Inc. Class A | 1,009,078 | 135,872 | |||
| * | Zscaler Inc. | 794,944 | 111,523 | |||
| * | Super Micro Computer Inc. | 3,872,577 | 88,179 | |||
| * | Atlassian Corp. Class A | 1,290,073 | 88,047 | |||
| * | Tyler Technologies Inc. | 163,475 | 55,971 | |||
| * | HubSpot Inc. | 190,546 | 46,512 | |||
| * | GoDaddy Inc. Class A | 507,153 | 41,926 | |||
| * | Pinterest Inc. Class A | 2,115,202 | 38,793 | |||
| 6,447,369 | ||||||
| Telecommunications (3.2%) | ||||||
| Motorola Solutions Inc. | 1,260,016 | 546,809 | ||||
| * | Ciena Corp. | 537,991 | 208,864 | |||
| * | Lumentum Holdings Inc. | 271,539 | 190,827 | |||
| 946,500 | ||||||
| Utilities (4.6%) | ||||||
| Constellation Energy Corp. | 2,342,695 | 654,198 | ||||
| Vistra Corp. | 2,577,138 | 387,421 | ||||
| Waste Connections Inc. | 1,944,735 | 315,903 | ||||
| 1,357,522 | ||||||
| Total Common Stocks (Cost $21,650,068) | 29,225,771 | |||||
| Coupon | ||||||
| Temporary Cash Investments (0.1%) | ||||||
| Money Market Fund (0.1%) | ||||||
| 2,3 | Vanguard Market Liquidity Fund (Cost $26,086) | 3.687% | 260,934 | 26,091 | ||
| Total Investments (100.0%) (Cost $21,676,154) | 29,251,862 | |||||
| Other Assets and Liabilities—Net (0.0%) | (4,542) | |||||
| Net Assets (100%) | 29,247,320 | |||||
| Cost is in $000. | |
| * | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $18,381. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $18,638 was received for securities on loan. |
| Futures Contracts | ||||
| ($000) | ||||
| Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
| Long Futures Contracts | ||||
| E-mini S&P 500 Index | June 2026 | 29 | 9,527 | (84) |
| E-mini S&P Mid-Cap 400 Index | June 2026 | 35 | 11,888 | 55 |
| (29) | ||||