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: 811-02652
Name of Registrant: | Vanguard Index 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: December 31
Date of reporting period: January 1, 2022—December 31, 2022
Item 1: Reports to Shareholders
Your Fund’s Performance at a Glance | 1 |
About Your Fund’s Expenses | 2 |
Performance Summary | 4 |
Financial Statements | 7 |
• | For the 12 months ended December 31, 2022, returns for Vanguard 500 Index Fund ranged from –18.23% for Investor Shares to –18.13% for Institutional Select Shares. It closely tracked its target index, the Standard & Poor’s 500 Index. The fund provides exposure to the stocks of the largest U.S. companies. |
• | The period was a volatile, challenging one for financial markets. Overall, the economic backdrop deteriorated as inflation soared to multidecade highs, driven by government spending during the pandemic as well as higher energy and food prices in the wake of Russia’s invasion of Ukraine. That prompted aggressive tightening by many central banks to bring inflation back in check, which increased fears of recession. |
• | The majority of the 11 sectors recorded negative returns for the 12 months. Information technology, consumer discretionary, communication services, and financial stocks hurt performance the most. |
• | For the 10 years ended December 31, 2022, the fund posted average annual returns of 12.41% for Investor Shares and 12.52% for both Admiral and ETF Shares. Institutional Select Shares recorded an annualized return of 12.24% since their 2016 inception. |
Average Annual Total Returns Periods Ended December 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -19.13% | 7.35% | 9.13% |
Russell 2000 Index (Small-caps) | -20.44 | 3.10 | 4.13 |
Russell 3000 Index (Broad U.S. market) | -19.21 | 7.07 | 8.79 |
FTSE All-World ex US Index (International) | -15.49 | 0.61 | 1.28 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -13.07% | -2.67% | 0.06% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -8.53 | -0.77 | 1.25 |
FTSE Three-Month U.S. Treasury Bill Index | 1.50 | 0.70 | 1.24 |
CPI | |||
Consumer Price Index | 6.45% | 4.92% | 3.78% |
• | 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. |
• | 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. |
Six Months Ended December 31, 2022 | |||
Beginning Account Value 6/30/2022 | Ending Account Value 12/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
500 Index Fund | |||
Investor Shares | $1,000.00 | $1,022.40 | $0.71 |
ETF Shares | 1,000.00 | 1,022.80 | 0.15 |
Admiral™ Shares | 1,000.00 | 1,022.80 | 0.20 |
Institutional Select Shares | 1,000.00 | 1,023.00 | 0.05 |
Based on Hypothetical 5% Yearly Return | |||
500 Index Fund | |||
Investor Shares | $1,000.00 | $1,024.50 | $0.71 |
ETF Shares | 1,000.00 | 1,025.05 | 0.15 |
Admiral Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Select Shares | 1,000.00 | 1,025.16 | 0.05 |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
500 Index Fund Investor Shares | -18.23% | 9.28% | 12.41% | $32,203 | |
S&P 500 Index | -18.11 | 9.42 | 12.56 | 32,654 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
500 Index Fund ETF Shares Net Asset Value | -18.15% | 9.38% | 12.52% | $32,533 | |
500 Index Fund ETF Shares Market Price | -18.15 | 9.37 | 12.52 | 32,522 | |
S&P 500 Index | -18.11 | 9.42 | 12.56 | 32,654 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
500 Index Fund Admiral Shares | -18.15% | 9.39% | 12.52% | $32,541 | |
S&P 500 Index | -18.11 | 9.42 | 12.56 | 32,654 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Since Inception (6/24/2016) | Final Value of a $5,000,000,000 Investment | ||
500 Index Fund Institutional Select Shares | -18.13% | 9.42% | 12.24% | $10,616,603,500 | |
S&P 500 Index | -18.11 | 9.42 | 12.25 | 10,618,877,000 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 11.67 | 10,270,354,500 |
One Year | Five Years | Ten Years | |
500 Index Fund ETF Shares Market Price | -18.15% | 56.52% | 225.22% |
500 Index Fund ETF Shares Net Asset Value | -18.15 | 56.59 | 225.33 |
S&P 500 Index | -18.11 | 56.88 | 226.54 |
Communication Services | 7.3% |
Consumer Discretionary | 9.8 |
Consumer Staples | 7.2 |
Energy | 5.2 |
Financials | 11.6 |
Health Care | 15.8 |
Industrials | 8.7 |
Information Technology | 25.8 |
Materials | 2.7 |
Real Estate | 2.7 |
Utilities | 3.2 |
Shares | Market Value• ($000) | ||
Common Stocks (99.6%) | |||
Communication Services (7.2%) | |||
* | Alphabet Inc. Class A | 138,059,335 | 12,180,975 |
* | Alphabet Inc. Class C | 122,399,733 | 10,860,528 |
* | Meta Platforms Inc. Class A | 51,978,775 | 6,255,126 |
Verizon Communications Inc. | 97,080,229 | 3,824,961 | |
* | Walt Disney Co. | 42,140,476 | 3,661,165 |
Comcast Corp. Class A | 99,718,731 | 3,487,164 | |
AT&T Inc. | 164,742,817 | 3,032,915 | |
* | Netflix Inc. | 10,186,802 | 3,003,884 |
* | T-Mobile US Inc. | 13,804,368 | 1,932,612 |
Activision Blizzard Inc. | 16,462,486 | 1,260,203 | |
* | Charter Communications Inc. Class A | 2,482,923 | 841,959 |
Electronic Arts Inc. | 6,062,636 | 740,733 | |
* | Warner Bros Discovery Inc. | 51,081,268 | 484,251 |
Omnicom Group Inc. | 4,716,695 | 384,741 | |
* | Take-Two Interactive Software Inc. | 3,646,406 | 379,700 |
Interpublic Group of Cos. Inc. | 8,981,108 | 299,161 | |
* | Match Group Inc. | 6,456,190 | 267,867 |
* | Live Nation Entertainment Inc. | 3,301,877 | 230,273 |
News Corp. Class A | 11,579,000 | 210,738 | |
Fox Corp. Class A | 6,933,092 | 210,558 | |
1 | Paramount Global Inc. Class B | 11,673,649 | 197,051 |
Lumen Technologies Inc. | 22,001,174 | 114,846 | |
Fox Corp. Class B | 3,283,482 | 93,415 | |
* | DISH Network Corp. Class A | 5,809,740 | 81,569 |
News Corp. Class B | 1,428 | 26 | |
54,036,421 | |||
Consumer Discretionary (9.8%) | |||
* | Amazon.com Inc. | 205,158,250 | 17,233,293 |
* | Tesla Inc. | 62,043,547 | 7,642,524 |
Home Depot Inc. | 23,663,753 | 7,474,433 | |
McDonald's Corp. | 16,930,193 | 4,461,614 | |
NIKE Inc. Class B | 29,118,044 | 3,407,102 | |
Lowe's Cos. Inc. | 14,347,811 | 2,858,658 | |
Starbucks Corp. | 26,533,935 | 2,632,166 |
Shares | Market Value• ($000) | ||
TJX Cos. Inc. | 26,838,277 | 2,136,327 | |
* | Booking Holdings Inc. | 896,669 | 1,807,039 |
Target Corp. | 10,639,147 | 1,585,659 | |
Dollar General Corp. | 5,214,194 | 1,283,995 | |
* | O'Reilly Automotive Inc. | 1,446,485 | 1,220,877 |
General Motors Co. | 32,839,780 | 1,104,730 | |
* | AutoZone Inc. | 438,745 | 1,082,024 |
Ford Motor Co. | 91,297,156 | 1,061,786 | |
Ross Stores Inc. | 8,022,614 | 931,185 | |
Marriott International Inc. Class A | 6,219,326 | 925,995 | |
* | Chipotle Mexican Grill Inc. Class A | 640,831 | 889,147 |
Yum! Brands Inc. | 6,510,644 | 833,883 | |
Hilton Worldwide Holdings Inc. | 6,251,499 | 789,939 | |
* | Dollar Tree Inc. | 4,865,811 | 688,220 |
DR Horton Inc. | 7,234,542 | 644,887 | |
* | Aptiv plc | 6,263,013 | 583,274 |
Tractor Supply Co. | 2,553,439 | 574,447 | |
Genuine Parts Co. | 3,257,120 | 565,143 | |
* | Ulta Beauty Inc. | 1,183,536 | 555,161 |
Lennar Corp. Class A | 5,827,441 | 527,383 | |
eBay Inc. | 12,544,061 | 520,202 | |
Darden Restaurants Inc. | 2,828,947 | 391,328 | |
Best Buy Co. Inc. | 4,631,687 | 371,508 | |
* | Las Vegas Sands Corp. | 7,595,400 | 365,111 |
* | Etsy Inc. | 2,905,360 | 348,004 |
Garmin Ltd. | 3,544,155 | 327,090 | |
* | NVR Inc. | 69,440 | 320,298 |
LKQ Corp. | 5,867,657 | 313,392 | |
* | Expedia Group Inc. | 3,480,272 | 304,872 |
Domino's Pizza Inc. | 818,221 | 283,432 | |
Pool Corp. | 902,695 | 272,912 | |
* | Royal Caribbean Cruises Ltd. | 5,072,748 | 250,746 |
MGM Resorts International | 7,371,644 | 247,171 | |
PulteGroup Inc. | 5,264,985 | 239,715 | |
Bath & Body Works Inc. | 5,278,992 | 222,457 | |
* | CarMax Inc. | 3,652,549 | 222,404 |
BorgWarner Inc. (XNYS) | 5,412,111 | 217,837 | |
Tapestry Inc. | 5,569,831 | 212,099 | |
VF Corp. | 7,634,461 | 210,788 |
Shares | Market Value• ($000) | ||
* | Caesars Entertainment Inc. | 4,959,585 | 206,319 |
Advance Auto Parts Inc. | 1,389,710 | 204,329 | |
*,1 | Wynn Resorts Ltd. | 2,384,147 | 196,621 |
*,1 | Carnival Corp. | 23,148,154 | 186,574 |
Hasbro Inc. | 3,001,169 | 183,101 | |
Whirlpool Corp. | 1,259,244 | 178,133 | |
* | Mohawk Industries Inc. | 1,220,591 | 124,769 |
* | Norwegian Cruise Line Holdings Ltd. | 9,741,769 | 119,239 |
Newell Brands Inc. | 8,699,474 | 113,789 | |
Ralph Lauren Corp. Class A | 949,771 | 100,362 | |
Lennar Corp. Class B | 74,560 | 5,576 | |
72,761,069 | |||
Consumer Staples (7.2%) | |||
Procter & Gamble Co. | 54,776,334 | 8,301,901 | |
PepsiCo Inc. | 31,846,279 | 5,753,349 | |
Coca-Cola Co. | 89,966,324 | 5,722,758 | |
Costco Wholesale Corp. | 10,230,888 | 4,670,400 | |
Walmart Inc. | 32,625,086 | 4,625,911 | |
Philip Morris International Inc. | 35,833,361 | 3,626,694 | |
Mondelez International Inc. Class A | 31,568,596 | 2,104,047 | |
Altria Group Inc. | 41,426,776 | 1,893,618 | |
Colgate-Palmolive Co. | 19,306,417 | 1,521,153 | |
Estee Lauder Cos. Inc. Class A | 5,345,877 | 1,326,365 | |
Archer-Daniels-Midland Co. | 12,698,062 | 1,179,015 | |
General Mills Inc. | 13,718,156 | 1,150,267 | |
Kimberly-Clark Corp. | 7,801,356 | 1,059,034 | |
Sysco Corp. | 11,714,206 | 895,551 | |
* | Monster Beverage Corp. | 8,803,199 | 893,789 |
Constellation Brands Inc. Class A | 3,752,335 | 869,604 | |
Hershey Co. | 3,397,348 | 786,724 | |
Kraft Heinz Co. | 18,404,732 | 749,257 | |
Keurig Dr Pepper Inc. | 19,642,518 | 700,452 | |
Kroger Co. | 14,057,049 | 626,663 | |
Walgreens Boots Alliance Inc. | 16,591,752 | 619,868 | |
McCormick & Co. Inc. | 5,792,839 | 480,168 | |
Church & Dwight Co. Inc. | 5,637,225 | 454,417 | |
Conagra Brands Inc. | 11,078,568 | 428,740 | |
Kellogg Co. | 5,916,923 | 421,522 | |
Tyson Foods Inc. Class A | 6,694,628 | 416,741 | |
Clorox Co. | 2,852,096 | 400,235 | |
J M Smucker Co. | 2,463,191 | 390,317 | |
Hormel Foods Corp. | 6,692,054 | 304,823 | |
Lamb Weston Holdings Inc. | 3,324,761 | 297,101 | |
Brown-Forman Corp. Class B | 4,226,895 | 277,622 | |
Campbell Soup Co. | 4,639,804 | 263,309 | |
Molson Coors Beverage Co. Class B | 4,345,539 | 223,882 | |
53,435,297 |
Shares | Market Value• ($000) | ||
Energy (5.2%) | |||
Exxon Mobil Corp. | 95,195,592 | 10,500,074 | |
Chevron Corp. | 41,120,905 | 7,380,791 | |
ConocoPhillips | 28,803,321 | 3,398,792 | |
EOG Resources Inc. | 13,577,718 | 1,758,586 | |
Schlumberger Ltd. | 32,777,369 | 1,752,278 | |
Marathon Petroleum Corp. | 10,833,162 | 1,260,872 | |
Pioneer Natural Resources Co. | 5,492,185 | 1,254,360 | |
Phillips 66 | 10,924,945 | 1,137,068 | |
Valero Energy Corp. | 8,911,495 | 1,130,512 | |
Occidental Petroleum Corp. | 16,807,866 | 1,058,727 | |
Devon Energy Corp. | 15,110,621 | 929,454 | |
Williams Cos. Inc. | 28,154,586 | 926,286 | |
Hess Corp. | 6,412,135 | 909,369 | |
Kinder Morgan Inc. | 45,722,442 | 826,662 | |
Halliburton Co. | 20,989,525 | 825,938 | |
Baker Hughes Co. Class A | 23,149,072 | 683,592 | |
ONEOK Inc. | 10,331,502 | 678,780 | |
Diamondback Energy Inc. | 4,068,318 | 556,465 | |
Coterra Energy Inc. | 18,225,702 | 447,805 | |
Marathon Oil Corp. | 14,688,706 | 397,623 | |
Targa Resources Corp. | 5,232,751 | 384,607 | |
APA Corp. | 7,431,762 | 346,915 | |
EQT Corp. | 8,484,264 | 287,023 | |
38,832,579 | |||
Financials (11.6%) | |||
* | Berkshire Hathaway Inc. Class B | 41,647,296 | 12,864,850 |
JPMorgan Chase & Co. | 67,801,810 | 9,092,223 | |
Bank of America Corp. | 161,333,359 | 5,343,361 | |
Wells Fargo & Co. | 88,080,424 | 3,636,841 | |
Charles Schwab Corp. | 35,257,942 | 2,935,576 | |
Morgan Stanley | 30,472,755 | 2,590,794 | |
S&P Global Inc. | 7,697,384 | 2,578,162 | |
Goldman Sachs Group Inc. | 7,177,377 | 2,464,568 | |
BlackRock Inc. | 3,471,842 | 2,460,251 | |
Chubb Ltd. | 9,594,227 | 2,116,486 | |
American Express Co. | 13,818,006 | 2,041,610 | |
Citigroup Inc. | 44,770,498 | 2,024,970 | |
Marsh & McLennan Cos. Inc. | 11,465,683 | 1,897,341 | |
Progressive Corp. | 13,524,300 | 1,754,237 | |
PNC Financial Services Group Inc. | 9,322,864 | 1,472,453 | |
Aon plc Class A (XNYS) | 4,781,589 | 1,435,146 | |
CME Group Inc. | 8,315,127 | 1,398,272 | |
US Bancorp | 31,254,275 | 1,362,999 | |
Intercontinental Exchange Inc. | 12,911,155 | 1,324,555 | |
Truist Financial Corp. | 30,668,606 | 1,319,670 | |
MetLife Inc. | 15,234,880 | 1,102,548 | |
American International Group Inc. | 17,174,094 | 1,086,090 | |
Travelers Cos. Inc. | 5,417,064 | 1,015,645 | |
Moody's Corp. | 3,641,819 | 1,014,684 | |
Aflac Inc. | 13,078,765 | 940,886 | |
Arthur J Gallagher & Co. | 4,873,892 | 918,924 | |
MSCI Inc. Class A | 1,848,235 | 859,743 |
Shares | Market Value• ($000) | ||
Prudential Financial Inc. | 8,506,627 | 846,069 | |
Allstate Corp. | 6,130,450 | 831,289 | |
Capital One Financial Corp. | 8,822,812 | 820,169 | |
Bank of New York Mellon Corp. | 17,001,890 | 773,926 | |
Ameriprise Financial Inc. | 2,459,508 | 765,817 | |
Discover Financial Services | 6,315,664 | 617,861 | |
Willis Towers Watson plc | 2,501,287 | 611,765 | |
M&T Bank Corp. | 3,990,066 | 578,799 | |
T Rowe Price Group Inc. | 5,165,417 | 563,340 | |
Hartford Financial Services Group Inc. | 7,350,136 | 557,361 | |
* | Arch Capital Group Ltd. | 8,549,924 | 536,764 |
Fifth Third Bancorp | 15,866,347 | 520,575 | |
First Republic Bank | 4,228,452 | 515,406 | |
State Street Corp. | 6,236,847 | 483,792 | |
Nasdaq Inc. | 7,835,837 | 480,729 | |
Raymond James Financial Inc. | 4,476,973 | 478,365 | |
Huntington Bancshares Inc. | 33,350,104 | 470,236 | |
Regions Financial Corp. | 21,600,264 | 465,702 | |
Citizens Financial Group Inc. | 11,384,171 | 448,195 | |
Principal Financial Group Inc. | 5,262,682 | 441,644 | |
Northern Trust Corp. | 4,817,532 | 426,303 | |
KeyCorp. | 21,565,808 | 375,676 | |
Cincinnati Financial Corp. | 3,633,427 | 372,027 | |
FactSet Research Systems Inc. | 880,602 | 353,306 | |
W R Berkley Corp. | 4,725,640 | 342,940 | |
Synchrony Financial | 10,414,112 | 342,208 | |
* | SVB Financial Group | 1,366,170 | 314,410 |
Brown & Brown Inc. | 5,434,211 | 309,587 | |
Cboe Global Markets Inc. | 2,452,112 | 307,667 | |
Everest Re Group Ltd. | 905,344 | 299,913 | |
Loews Corp. | 4,555,447 | 265,719 | |
Globe Life Inc. | 2,091,881 | 252,176 | |
MarketAxess Holdings Inc. | 869,956 | 242,622 | |
Comerica Inc. | 3,027,042 | 202,358 | |
Invesco Ltd. | 10,511,642 | 189,104 | |
Franklin Resources Inc. | 6,565,626 | 173,201 | |
Zions Bancorp NA | 3,456,300 | 169,912 | |
Signature Bank | 1,454,538 | 167,592 | |
Assurant Inc. | 1,220,204 | 152,599 | |
Lincoln National Corp. | 3,555,756 | 109,233 | |
86,229,242 | |||
Health Care (15.8%) | |||
UnitedHealth Group Inc. | 21,597,731 | 11,450,685 | |
Johnson & Johnson | 60,434,637 | 10,675,779 | |
Eli Lilly & Co. | 18,229,802 | 6,669,191 | |
Pfizer Inc. | 129,753,375 | 6,648,563 | |
AbbVie Inc. | 40,879,062 | 6,606,465 | |
Merck & Co. Inc. | 58,606,451 | 6,502,386 |
Shares | Market Value• ($000) | ||
Thermo Fisher Scientific Inc. | 9,065,730 | 4,992,407 | |
Abbott Laboratories | 40,303,211 | 4,424,890 | |
Danaher Corp. | 15,144,401 | 4,019,627 | |
Bristol-Myers Squibb Co. | 49,146,912 | 3,536,120 | |
Amgen Inc. | 12,333,797 | 3,239,348 | |
Elevance Health Inc. | 5,520,555 | 2,831,879 | |
CVS Health Corp. | 30,372,653 | 2,830,428 | |
Gilead Sciences Inc. | 28,992,270 | 2,488,986 | |
Medtronic plc | 30,723,724 | 2,387,848 | |
Cigna Corp. | 7,067,208 | 2,341,649 | |
* | Intuitive Surgical Inc. | 8,168,635 | 2,167,547 |
Stryker Corp. | 7,785,332 | 1,903,436 | |
* | Regeneron Pharmaceuticals Inc. | 2,475,292 | 1,785,898 |
* | Vertex Pharmaceuticals Inc. | 5,933,455 | 1,713,463 |
Becton Dickinson and Co. | 6,592,340 | 1,676,432 | |
Zoetis Inc. | 10,773,414 | 1,578,844 | |
* | Boston Scientific Corp. | 33,108,512 | 1,531,931 |
Humana Inc. | 2,926,428 | 1,498,887 | |
* | Moderna Inc. | 7,637,198 | 1,371,793 |
McKesson Corp. | 3,277,637 | 1,229,507 | |
HCA Healthcare Inc. | 4,901,290 | 1,176,114 | |
* | Centene Corp. | 13,089,221 | 1,073,447 |
* | Edwards Lifesciences Corp. | 14,291,370 | 1,066,279 |
Agilent Technologies Inc. | 6,843,166 | 1,024,080 | |
* | DexCom Inc. | 8,928,483 | 1,011,061 |
* | Biogen Inc. | 3,328,649 | 921,769 |
* | IQVIA Holdings Inc. | 4,292,895 | 879,571 |
* | IDEXX Laboratories Inc. | 1,914,341 | 780,975 |
* | Mettler-Toledo International Inc. | 515,317 | 744,865 |
* | Illumina Inc. | 3,636,073 | 735,214 |
ResMed Inc. | 3,385,993 | 704,727 | |
AmerisourceBergen Corp. Class A | 3,743,672 | 620,364 | |
Zimmer Biomet Holdings Inc. | 4,850,783 | 618,475 | |
Baxter International Inc. | 11,652,962 | 593,951 | |
Laboratory Corp. of America Holdings | 2,047,974 | 482,257 | |
* | Waters Corp. | 1,373,233 | 470,442 |
Cardinal Health Inc. | 6,056,389 | 465,555 | |
* | Molina Healthcare Inc. | 1,349,937 | 445,776 |
* | Hologic Inc. | 5,770,903 | 431,721 |
STERIS plc | 2,307,492 | 426,171 | |
Quest Diagnostics Inc. | 2,633,994 | 412,062 | |
PerkinElmer Inc. | 2,917,783 | 409,132 | |
West Pharmaceutical Services Inc. | 1,711,334 | 402,762 | |
Cooper Cos. Inc. | 1,140,639 | 377,175 | |
* | Align Technology Inc. | 1,679,143 | 354,131 |
* | Incyte Corp. | 4,268,367 | 342,835 |
Viatris Inc. | 28,030,468 | 311,979 | |
Bio-Techne Corp. | 3,628,498 | 300,730 | |
Teleflex Inc. | 1,084,227 | 270,656 |
Shares | Market Value• ($000) | ||
* | Charles River Laboratories International Inc. | 1,176,064 | 256,264 |
* | Henry Schein Inc. | 3,134,535 | 250,355 |
* | Bio-Rad Laboratories Inc. Class A | 497,747 | 209,298 |
Universal Health Services Inc. Class B | 1,482,970 | 208,936 | |
* | Catalent Inc. | 4,159,902 | 187,237 |
Organon & Co. | 5,880,437 | 164,241 | |
DENTSPLY SIRONA Inc. | 4,965,072 | 158,088 | |
* | DaVita Inc. | 1,270,359 | 94,858 |
*,2 | ABIOMED Inc. CVR | 180 | — |
117,487,542 | |||
Industrials (8.6%) | |||
Raytheon Technologies Corp. | 33,980,919 | 3,429,354 | |
Honeywell International Inc. | 15,541,013 | 3,330,439 | |
Union Pacific Corp. | 14,211,282 | 2,942,730 | |
United Parcel Service Inc. Class B | 16,870,019 | 2,932,684 | |
Caterpillar Inc. | 12,029,372 | 2,881,756 | |
Deere & Co. | 6,348,777 | 2,722,102 | |
Lockheed Martin Corp. | 5,216,537 | 2,537,793 | |
* | Boeing Co. | 12,949,681 | 2,466,785 |
General Electric Co. | 25,257,398 | 2,116,317 | |
Northrop Grumman Corp. | 3,344,292 | 1,824,679 | |
3M Co. | 12,776,880 | 1,532,203 | |
CSX Corp. | 48,597,715 | 1,505,557 | |
Eaton Corp. plc | 9,192,945 | 1,442,833 | |
Illinois Tool Works Inc. | 6,461,698 | 1,423,512 | |
Waste Management Inc. | 8,634,461 | 1,354,574 | |
Norfolk Southern Corp. | 5,351,475 | 1,318,710 | |
Emerson Electric Co. | 13,668,092 | 1,312,957 | |
General Dynamics Corp. | 5,203,980 | 1,291,160 | |
Johnson Controls International plc | 15,919,544 | 1,018,851 | |
FedEx Corp. | 5,533,856 | 958,464 | |
L3Harris Technologies Inc. | 4,401,253 | 916,385 | |
Cintas Corp. | 1,995,213 | 901,078 | |
Trane Technologies plc | 5,323,629 | 894,849 | |
Parker-Hannifin Corp. | 2,968,202 | 863,747 | |
Carrier Global Corp. | 19,330,299 | 797,375 | |
PACCAR Inc. | 8,038,798 | 795,600 | |
Cummins Inc. | 3,259,834 | 789,825 | |
Otis Worldwide Corp. | 9,629,644 | 754,097 | |
TransDigm Group Inc. | 1,194,054 | 751,836 | |
AMETEK Inc. | 5,308,573 | 741,714 | |
* | CoStar Group Inc. | 9,400,888 | 726,501 |
Rockwell Automation Inc. | 2,654,600 | 683,745 | |
Verisk Analytics Inc. Class A | 3,613,690 | 637,527 | |
Fastenal Co. | 13,235,608 | 626,309 | |
Republic Services Inc. Class A | 4,748,068 | 612,453 | |
* | Copart Inc. | 9,905,708 | 603,159 |
Old Dominion Freight Line Inc. | 2,094,176 | 594,285 |
Shares | Market Value• ($000) | ||
WW Grainger Inc. | 1,039,543 | 578,246 | |
* | United Rentals Inc. | 1,602,173 | 569,444 |
Equifax Inc. | 2,830,312 | 550,099 | |
Fortive Corp. | 8,178,462 | 525,466 | |
Ingersoll Rand Inc. | 9,360,053 | 489,063 | |
* | Delta Air Lines Inc. | 14,820,882 | 487,014 |
Quanta Services Inc. | 3,303,262 | 470,715 | |
* | Southwest Airlines Co. | 13,724,665 | 462,110 |
Xylem Inc. | 4,165,877 | 460,621 | |
Dover Corp. | 3,244,430 | 439,328 | |
Westinghouse Air Brake Technologies Corp. | 4,203,969 | 419,598 | |
IDEX Corp. | 1,743,462 | 398,085 | |
Expeditors International of Washington Inc. | 3,678,501 | 382,270 | |
Jacobs Solutions Inc. | 2,949,789 | 354,181 | |
Textron Inc. | 4,825,587 | 341,652 | |
Howmet Aerospace Inc. | 8,511,998 | 335,458 | |
JB Hunt Transport Services Inc. | 1,914,903 | 333,883 | |
Leidos Holdings Inc. | 3,159,845 | 332,384 | |
Nordson Corp. | 1,242,838 | 295,447 | |
* | United Airlines Holdings Inc. | 7,556,795 | 284,891 |
Snap-on Inc. | 1,228,955 | 280,804 | |
Stanley Black & Decker Inc. | 3,419,673 | 256,886 | |
CH Robinson Worldwide Inc. | 2,720,913 | 249,127 | |
Masco Corp. | 5,213,133 | 243,297 | |
Allegion plc | 2,030,543 | 213,735 | |
Huntington Ingalls Industries Inc. | 922,435 | 212,787 | |
Rollins Inc. | 5,350,582 | 195,510 | |
* | American Airlines Group Inc. | 15,022,873 | 191,091 |
Robert Half International Inc. | 2,508,147 | 185,177 | |
Pentair plc | 3,802,431 | 171,033 | |
A O Smith Corp. | 2,932,663 | 167,866 | |
* | Generac Holdings Inc. | 1,464,501 | 147,417 |
* | Alaska Air Group Inc. | 2,931,648 | 125,885 |
Fortune Brands Innovations Inc. | 1,540 | 88 | |
64,184,603 | |||
Information Technology (25.6%) | |||
Apple Inc. | 345,657,708 | 44,911,306 | |
Microsoft Corp. | 172,312,316 | 41,323,940 | |
NVIDIA Corp. | 57,557,082 | 8,411,392 | |
Visa Inc. Class A | 37,543,837 | 7,800,108 | |
Mastercard Inc. Class A | 19,622,249 | 6,823,245 | |
Broadcom Inc. | 9,361,920 | 5,234,530 | |
Cisco Systems Inc. | 94,910,720 | 4,521,547 | |
Accenture plc Class A | 14,564,139 | 3,886,295 | |
* | Adobe Inc. | 10,746,306 | 3,616,454 |
Texas Instruments Inc. | 20,978,843 | 3,466,124 | |
* | Salesforce Inc. | 23,115,294 | 3,064,857 |
International Business Machines Corp. | 20,899,122 | 2,944,477 | |
Oracle Corp. | 35,523,813 | 2,903,716 | |
QUALCOMM Inc. | 25,912,180 | 2,848,785 | |
Intuit Inc. | 6,515,529 | 2,535,974 |
Shares | Market Value• ($000) | ||
Intel Corp. | 95,396,447 | 2,521,328 | |
* | Advanced Micro Devices Inc. | 37,270,029 | 2,413,980 |
Automatic Data Processing Inc. | 9,588,877 | 2,290,399 | |
Analog Devices Inc. | 11,889,175 | 1,950,181 | |
Applied Materials Inc. | 19,886,270 | 1,936,525 | |
* | PayPal Holdings Inc. | 26,352,087 | 1,876,796 |
* | ServiceNow Inc. | 4,669,313 | 1,812,954 |
* | Fiserv Inc. | 14,678,944 | 1,483,601 |
Lam Research Corp. | 3,152,384 | 1,324,947 | |
Micron Technology Inc. | 25,130,088 | 1,256,002 | |
KLA Corp. | 3,275,839 | 1,235,090 | |
* | Synopsys Inc. | 3,534,545 | 1,128,545 |
Roper Technologies Inc. | 2,451,445 | 1,059,245 | |
Amphenol Corp. Class A | 13,755,737 | 1,047,362 | |
* | Cadence Design Systems Inc. | 6,340,888 | 1,018,600 |
Motorola Solutions Inc. | 3,865,004 | 996,050 | |
NXP Semiconductors NV | 5,989,937 | 946,590 | |
* | Autodesk Inc. | 4,989,626 | 932,411 |
Fidelity National Information Services Inc. | 13,716,151 | 930,641 | |
Microchip Technology Inc. | 12,713,602 | 893,131 | |
Paychex Inc. | 7,414,443 | 856,813 | |
TE Connectivity Ltd. | 7,352,364 | 844,051 | |
* | Enphase Energy Inc. | 3,141,918 | 832,483 |
* | Fortinet Inc. | 14,988,617 | 732,793 |
* | Keysight Technologies Inc. | 4,132,937 | 707,022 |
* | Arista Networks Inc. | 5,721,029 | 694,247 |
Cognizant Technology Solutions Corp. Class A | 11,879,453 | 679,386 | |
* | ON Semiconductor Corp. | 9,995,566 | 623,423 |
* | Gartner Inc. | 1,826,685 | 614,022 |
Global Payments Inc. | 5,970,401 | 592,980 | |
Corning Inc. | 17,595,929 | 562,014 | |
CDW Corp. | 3,129,596 | 558,883 | |
HP Inc. | 20,455,174 | 549,630 | |
* | ANSYS Inc. | 2,013,608 | 486,468 |
Hewlett Packard Enterprise Co. | 29,743,830 | 474,711 | |
* | VeriSign Inc. | 2,132,052 | 438,009 |
* | EPAM Systems Inc. | 1,329,425 | 435,706 |
* | Teledyne Technologies Inc. | 1,083,426 | 433,273 |
* | SolarEdge Technologies Inc. | 1,292,053 | 366,000 |
Broadridge Financial Solutions Inc. | 2,719,612 | 364,782 | |
Monolithic Power Systems Inc. | 1,030,863 | 364,523 | |
* | Paycom Software Inc. | 1,123,617 | 348,670 |
* | First Solar Inc. | 2,291,909 | 343,305 |
Skyworks Solutions Inc. | 3,708,728 | 337,976 | |
Teradyne Inc. | 3,600,296 | 314,486 | |
* | FleetCor Technologies Inc. | 1,704,730 | 313,125 |
Shares | Market Value• ($000) | ||
* | Tyler Technologies Inc. | 962,548 | 310,335 |
* | Akamai Technologies Inc. | 3,634,718 | 306,407 |
* | Zebra Technologies Corp. Class A | 1,194,424 | 306,262 |
NetApp Inc. | 5,024,734 | 301,785 | |
Jack Henry & Associates Inc. | 1,686,299 | 296,047 | |
* | PTC Inc. | 2,443,684 | 293,340 |
* | Trimble Inc. | 5,701,685 | 288,277 |
Gen Digital Inc. | 13,400,002 | 287,162 | |
Juniper Networks Inc. | 7,502,105 | 239,767 | |
Seagate Technology Holdings plc | 4,438,367 | 233,502 | |
* | Western Digital Corp. | 7,342,639 | 231,660 |
* | Ceridian HCM Holding Inc. | 3,550,366 | 227,756 |
* | Qorvo Inc. | 2,343,574 | 212,422 |
* | F5 Inc. | 1,383,585 | 198,558 |
* | DXC Technology Co. | 5,167,804 | 136,947 |
191,086,136 | |||
Materials (2.7%) | |||
Linde plc | 11,427,762 | 3,727,507 | |
Air Products and Chemicals Inc. | 5,126,980 | 1,580,443 | |
Sherwin-Williams Co. | 5,451,159 | 1,293,724 | |
Freeport-McMoRan Inc. | 33,039,587 | 1,255,504 | |
Corteva Inc. | 16,515,862 | 970,802 | |
Newmont Corp. | 18,347,716 | 866,012 | |
Ecolab Inc. | 5,727,993 | 833,767 | |
Dow Inc. | 16,267,616 | 819,725 | |
DuPont de Nemours Inc. | 11,483,390 | 788,105 | |
Nucor Corp. | 5,929,706 | 781,595 | |
PPG Industries Inc. | 5,432,690 | 683,106 | |
International Flavors & Fragrances Inc. | 5,893,626 | 617,888 | |
Albemarle Corp. | 2,708,010 | 587,259 | |
Vulcan Materials Co. | 3,072,398 | 538,008 | |
LyondellBasell Industries NV Class A | 5,870,984 | 487,468 | |
Martin Marietta Materials Inc. | 1,434,987 | 484,983 | |
Amcor plc | 34,423,106 | 409,979 | |
CF Industries Holdings Inc. | 4,535,051 | 386,386 | |
Steel Dynamics Inc. | 3,852,013 | 376,342 | |
Ball Corp. | 7,256,754 | 371,110 | |
FMC Corp. | 2,911,803 | 363,393 | |
Mosaic Co. | 7,870,281 | 345,269 | |
Avery Dennison Corp. | 1,870,439 | 338,550 | |
International Paper Co. | 8,222,330 | 284,739 | |
Packaging Corp. of America | 2,139,275 | 273,635 | |
Celanese Corp. Class A | 2,305,755 | 235,740 | |
Eastman Chemical Co. | 2,773,485 | 225,873 | |
Westrock Co. | 5,878,934 | 206,703 | |
Sealed Air Corp. | 3,342,323 | 166,715 | |
20,300,330 | |||
Real Estate (2.7%) | |||
Prologis Inc. | 21,337,190 | 2,405,341 | |
American Tower Corp. | 10,762,539 | 2,280,152 |
Shares | Market Value• ($000) | ||
Equinix Inc. | 2,138,997 | 1,401,107 | |
Crown Castle Inc. | 10,010,067 | 1,357,766 | |
Public Storage | 3,653,918 | 1,023,791 | |
Realty Income Corp. | 14,496,992 | 919,544 | |
Simon Property Group Inc. | 7,557,387 | 887,842 | |
Welltower Inc. | 10,922,381 | 715,962 | |
SBA Communications Corp. Class A | 2,495,791 | 699,595 | |
Digital Realty Trust Inc. | 6,646,096 | 666,404 | |
VICI Properties Inc. | 19,612,499 | 635,445 | |
* | CBRE Group Inc. Class A | 7,303,105 | 562,047 |
Weyerhaeuser Co. | 17,011,003 | 527,341 | |
AvalonBay Communities Inc. | 3,233,718 | 522,310 | |
Alexandria Real Estate Equities Inc. | 3,451,545 | 502,787 | |
Equity Residential | 7,862,160 | 463,867 | |
Extra Space Storage Inc. | 3,095,665 | 455,620 | |
Mid-America Apartment Communities Inc. | 2,669,353 | 419,062 | |
Ventas Inc. | 9,239,462 | 416,238 | |
Invitation Homes Inc. | 13,426,568 | 397,964 | |
Iron Mountain Inc. | 6,719,882 | 334,986 | |
Essex Property Trust Inc. | 1,496,861 | 317,215 | |
Healthpeak Properties Inc. | 12,422,465 | 311,431 | |
Kimco Realty Corp. | 14,295,197 | 302,772 | |
Camden Property Trust | 2,462,396 | 275,493 | |
UDR Inc. | 7,073,579 | 273,960 | |
Host Hotels & Resorts Inc. | 16,527,639 | 265,269 | |
Boston Properties Inc. | 3,297,238 | 222,827 | |
Regency Centers Corp. | 3,559,919 | 222,495 | |
Federal Realty Investment Trust | 1,689,402 | 170,697 | |
Vornado Realty Trust | 3,727,254 | 77,564 | |
20,034,894 | |||
Utilities (3.2%) | |||
NextEra Energy Inc. | 45,933,782 | 3,840,064 | |
Duke Energy Corp. | 17,800,228 | 1,833,245 | |
Southern Co. | 25,165,111 | 1,797,041 | |
Dominion Energy Inc. | 19,261,464 | 1,181,113 | |
American Electric Power Co. Inc. | 11,878,143 | 1,127,830 | |
Sempra Energy (XNYS) | 7,265,858 | 1,122,866 | |
Exelon Corp. | 22,970,477 | 993,014 | |
Xcel Energy Inc. | 12,650,003 | 886,892 | |
Consolidated Edison Inc. | 8,202,650 | 781,795 |
Shares | Market Value• ($000) | ||
Public Service Enterprise Group Inc. | 11,533,315 | 706,646 | |
WEC Energy Group Inc. | 7,291,386 | 683,640 | |
Eversource Energy | 8,051,239 | 675,016 | |
Constellation Energy Corp. | 7,559,056 | 651,666 | |
American Water Works Co. Inc. | 4,203,064 | 640,631 | |
* | PG&E Corp. | 37,216,489 | 605,140 |
Edison International | 8,827,168 | 561,584 | |
Ameren Corp. | 5,975,804 | 531,368 | |
Entergy Corp. | 4,703,609 | 529,156 | |
FirstEnergy Corp. | 12,555,520 | 526,578 | |
DTE Energy Co. | 4,478,436 | 526,351 | |
PPL Corp. | 17,020,255 | 497,332 | |
AES Corp. | 15,439,693 | 444,046 | |
CenterPoint Energy Inc. | 14,552,494 | 436,429 | |
CMS Energy Corp. | 6,709,318 | 424,901 | |
Atmos Energy Corp. | 3,233,521 | 362,381 | |
Evergy Inc. | 5,305,779 | 333,893 | |
Alliant Energy Corp. | 5,802,326 | 320,346 | |
NiSource Inc. | 9,387,694 | 257,410 | |
Pinnacle West Capital Corp. | 2,615,118 | 198,854 | |
NRG Energy Inc. | 5,325,333 | 169,452 | |
23,646,680 | |||
Total Common Stocks (Cost $517,668,465) | 742,034,793 | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
3,4 | Vanguard Market Liquidity Fund, 4.334% (Cost $2,141,393) | 21,425,510 | 2,142,337 |
Total Investments (99.9%) (Cost $519,809,858) | 744,177,130 | ||
Other Assets and Liabilities—Net (0.1%) | 592,593 | ||
Net Assets (100%) | 744,769,723 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $44,438,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $48,845,000 was received for securities on loan. |
CVR—Contingent Value Rights. |
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 | March 2023 | 11,532 | 2,226,253 | (59,925) |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
DXC Technology Co. | 8/31/23 | BANA | 3,975 | (4.493) | — | (17) |
Global Payments Inc. | 8/31/23 | BANA | 13,905 | (4.719) | 3 | — |
Global Payments Inc. | 8/31/23 | BANA | 13,905 | (4.744) | 4 | — |
Goldman Sachs Group Inc. | 8/30/24 | BANA | 164,822 | (4.693) | 476 | — |
Goldman Sachs Group Inc. | 8/30/24 | BANA | 58,718 | (4.693) | 170 | — |
Kroger Co. | 1/31/23 | GSI | 43,490 | (4.323) | 1,007 | — |
Lockheed Martin Corp. | 8/31/23 | BANA | 43,784 | (4.093) | 121 | — |
Lockheed Martin Corp. | 8/31/23 | BANA | 41,352 | (4.093) | 115 | — |
Netflix Inc. | 8/31/23 | BANA | 29,488 | (4.093) | — | (104) |
State Street Corp. | 8/30/24 | BANA | 159,018 | (4.693) | 654 | — |
State Street Corp. | 8/30/24 | BANA | 9,308 | (4.693) | 38 | — |
State Street Corp. | 8/30/24 | BANA | 5,818 | (4.693) | 24 | — |
VICI Properties Inc. | 8/31/23 | BANA | 85,860 | (4.643) | 683 | — |
Visa Inc. Class A | 8/31/23 | BANA | 51,940 | (3.993) | — | (68) |
3,295 | (189) |
1 | Based on 1M USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $517,668,465) | 742,034,793 |
Affiliated Issuers (Cost $2,141,393) | 2,142,337 |
Total Investments in Securities | 744,177,130 |
Investment in Vanguard | 28,598 |
Cash | 122,705 |
Cash Collateral Pledged—Futures Contracts | 122,249 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 38,680 |
Receivables for Investment Securities Sold | 756 |
Receivables for Accrued Income | 659,770 |
Receivables for Capital Shares Issued | 259,795 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 3,295 |
Total Assets | 745,412,978 |
Liabilities | |
Payables for Investment Securities Purchased | 57,272 |
Collateral for Securities on Loan | 48,845 |
Payables for Capital Shares Redeemed | 520,159 |
Payables to Vanguard | 10,592 |
Variation Margin Payable—Futures Contracts | 6,198 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 189 |
Total Liabilities | 643,255 |
Net Assets | 744,769,723 |
1 Includes $44,438,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2022, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 533,657,136 |
Total Distributable Earnings (Loss) | 211,112,587 |
Net Assets | 744,769,723 |
Investor Shares—Net Assets | |
Applicable to 8,733,235 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,093,020 |
Net Asset Value Per Share—Investor Shares | $354.17 |
ETF Shares—Net Assets | |
Applicable to 746,176,737 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 262,210,815 |
Net Asset Value Per Share—ETF Shares | $351.41 |
Admiral Shares—Net Assets | |
Applicable to 1,037,804,033 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 367,498,375 |
Net Asset Value Per Share—Admiral Shares | $354.11 |
Institutional Select Shares—Net Assets | |
Applicable to 596,646,826 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 111,967,513 |
Net Asset Value Per Share—Institutional Select Shares | $187.66 |
Year Ended December 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 12,462,434 |
Interest2 | 63,465 |
Securities Lending—Net | 3,063 |
Total Income | 12,528,962 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 10,553 |
Management and Administrative—Investor Shares | 4,742 |
Management and Administrative—ETF Shares | 59,393 |
Management and Administrative—Admiral Shares | 134,905 |
Management and Administrative—Institutional Select Shares | 9,013 |
Marketing and Distribution—Investor Shares | 164 |
Marketing and Distribution—ETF Shares | 11,793 |
Marketing and Distribution—Admiral Shares | 13,152 |
Marketing and Distribution—Institutional Select Shares | 12 |
Custodian Fees | 2,959 |
Auditing Fees | 42 |
Shareholders’ Reports—Investor Shares | 7 |
Shareholders’ Reports—ETF Shares | 3,546 |
Shareholders’ Reports—Admiral Shares | 1,921 |
Shareholders’ Reports—Institutional Select Shares | — |
Trustees’ Fees and Expenses | 287 |
Other Expenses | 26 |
Total Expenses | 252,515 |
Expenses Paid Indirectly | (14) |
Net Expenses | 252,501 |
Net Investment Income | 12,276,461 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 28,285,683 |
Futures Contracts | (950,926) |
Swap Contracts | (85,464) |
Realized Net Gain (Loss) | 27,249,293 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (197,569,713) |
Futures Contracts | (150,258) |
Swap Contracts | 264 |
Change in Unrealized Appreciation (Depreciation) | (197,719,707) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (158,193,953) |
1 | Dividends are net of foreign withholding taxes of $2,990,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $61,491,000, ($139,000), $6,000, and $292,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $32,364,547,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 12,276,461 | 10,217,597 |
Realized Net Gain (Loss) | 27,249,293 | 30,970,270 |
Change in Unrealized Appreciation (Depreciation) | (197,719,707) | 147,215,737 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (158,193,953) | 188,403,604 |
Distributions | ||
Investor Shares | (51,118) | (59,162) |
ETF Shares | (4,305,991) | (3,296,146) |
Admiral Shares | (6,152,722) | (5,602,317) |
Institutional Select Shares | (1,760,089) | (1,515,092) |
Total Distributions | (12,269,920) | (10,472,717) |
Capital Share Transactions | ||
Investor Shares | (599,158) | (1,095,734) |
ETF Shares | 39,905,931 | 47,041,730 |
Admiral Shares | 2,645,315 | (2,715,238) |
Institutional Select Shares | 17,199,992 | (1,997,365) |
Net Increase (Decrease) from Capital Share Transactions | 59,152,080 | 41,233,393 |
Total Increase (Decrease) | (111,311,793) | 219,164,280 |
Net Assets | ||
Beginning of Period | 856,081,516 | 636,917,236 |
End of Period | 744,769,723 | 856,081,516 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $439.86 | $346.60 | $298.16 | $231.44 | $246.82 |
Investment Operations | |||||
Net Investment Income1 | 5.605 | 4.910 | 5.128 | 4.801 | 4.896 |
Net Realized and Unrealized Gain (Loss) on Investments | (85.733) | 93.389 | 48.323 | 67.211 | (15.776) |
Total from Investment Operations | (80.128) | 98.299 | 53.451 | 72.012 | (10.880) |
Distributions | |||||
Dividends from Net Investment Income | (5.562) | (5.039) | (5.011) | (5.292) | (4.500) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (5.562) | (5.039) | (5.011) | (5.292) | (4.500) |
Net Asset Value, End of Period | $354.17 | $439.86 | $346.60 | $298.16 | $231.44 |
Total Return2 | -18.23% | 28.53% | 18.25% | 31.33% | -4.52% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,093 | $4,512 | $4,504 | $4,723 | $23,162 |
Ratio of Total Expenses to Average Net Assets | 0.14%3 | 0.14% | 0.14% | 0.14% | 0.14% |
Ratio of Net Investment Income to Average Net Assets | 1.47% | 1.25% | 1.73% | 1.82% | 1.95% |
Portfolio Turnover Rate4 | 2% | 2% | 4% | 4% | 4% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.14%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $436.47 | $343.93 | $295.87 | $229.68 | $244.94 |
Investment Operations | |||||
Net Investment Income1 | 6.012 | 5.353 | 5.413 | 5.298 | 5.196 |
Net Realized and Unrealized Gain (Loss) on Investments | (85.125) | 92.624 | 47.950 | 66.463 | (15.719) |
Total from Investment Operations | (79.113) | 97.977 | 53.363 | 71.761 | (10.523) |
Distributions | |||||
Dividends from Net Investment Income | (5.947) | (5.437) | (5.303) | (5.571) | (4.737) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (5.947) | (5.437) | (5.303) | (5.571) | (4.737) |
Net Asset Value, End of Period | $351.41 | $436.47 | $343.93 | $295.87 | $229.68 |
Total Return | -18.15% | 28.66% | 18.35% | 31.46% | -4.42% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $262,211 | $279,850 | $177,991 | $130,728 | $90,639 |
Ratio of Total Expenses to Average Net Assets | 0.03%2 | 0.03% | 0.03% | 0.03% | 0.03% |
Ratio of Net Investment Income to Average Net Assets | 1.60% | 1.36% | 1.83% | 1.98% | 2.06% |
Portfolio Turnover Rate3 | 2% | 2% | 4% | 4% | 4% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.03%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $439.83 | $346.57 | $298.14 | $231.44 | $246.82 |
Investment Operations | |||||
Net Investment Income1 | 6.000 | 5.326 | 5.427 | 5.319 | 5.181 |
Net Realized and Unrealized Gain (Loss) on Investments | (85.767) | 93.371 | 48.314 | 66.962 | (15.808) |
Total from Investment Operations | (79.767) | 98.697 | 53.741 | 72.281 | (10.627) |
Distributions | |||||
Dividends from Net Investment Income | (5.953) | (5.437) | (5.311) | (5.581) | (4.753) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (5.953) | (5.437) | (5.311) | (5.581) | (4.753) |
Net Asset Value, End of Period | $354.11 | $439.83 | $346.57 | $298.14 | $231.44 |
Total Return2 | -18.15% | 28.66% | 18.37% | 31.46% | -4.43% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $367,498 | $453,239 | $359,553 | $319,624 | $230,375 |
Ratio of Total Expenses to Average Net Assets | 0.04%3 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.58% | 1.35% | 1.83% | 1.97% | 2.05% |
Portfolio Turnover Rate4 | 2% | 2% | 4% | 4% | 4% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Select Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $233.06 | $183.64 | $157.98 | $122.64 | $130.79 |
Investment Operations | |||||
Net Investment Income1 | 3.249 | 2.885 | 2.924 | 2.857 | 2.808 |
Net Realized and Unrealized Gain (Loss) on Investments | (45.458) | 49.478 | 25.597 | 35.484 | (8.400) |
Total from Investment Operations | (42.209) | 52.363 | 28.521 | 38.341 | (5.592) |
Distributions | |||||
Dividends from Net Investment Income | (3.191) | (2.943) | (2.861) | (3.001) | (2.558) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.191) | (2.943) | (2.861) | (3.001) | (2.558) |
Net Asset Value, End of Period | $187.66 | $233.06 | $183.64 | $157.98 | $122.64 |
Total Return | -18.13% | 28.70% | 18.40% | 31.49% | -4.40% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $111,968 | $118,481 | $94,870 | $81,230 | $56,531 |
Ratio of Total Expenses to Average Net Assets | 0.01%2 | 0.01% | 0.01% | 0.01% | 0.01% |
Ratio of Net Investment Income to Average Net Assets | 1.62% | 1.38% | 1.86% | 2.00% | 2.08% |
Portfolio Turnover Rate3 | 2% | 2% | 4% | 4% | 4% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.01%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
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. |
B. | 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. |
C. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended December 31, 2022, custodian fee offset arrangements reduced the fund’s expenses by $14,000 (an annual rate of less than 0.01% of average net assets). |
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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 742,034,793 | — | — | 742,034,793 |
Temporary Cash Investments | 2,142,337 | — | — | 2,142,337 |
Total | 744,177,130 | — | — | 744,177,130 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 3,295 | — | 3,295 |
Liabilities | ||||
Futures Contracts1 | 59,925 | — | — | 59,925 |
Swap Contracts | — | 189 | — | 189 |
Total | 59,925 | 189 | — | 60,114 |
1 | Includes 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. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 32,366,807 |
Total Distributable Earnings (Loss) | (32,366,807) |
Amount ($000) | |
Undistributed Ordinary Income | 79,889 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (12,957,675) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 223,990,373 |
Year Ended December 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 12,269,920 | 10,472,717 |
Long-Term Capital Gains | — | — |
Total | 12,269,920 | 10,472,717 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 520,186,757 |
Gross Unrealized Appreciation | 273,972,223 |
Gross Unrealized Depreciation | (49,981,850) |
Net Unrealized Appreciation (Depreciation) | 223,990,373 |
F. | During the year ended December 31, 2022, the fund purchased $121,368,277,000 of investment securities and sold $61,434,884,000 of investment securities, other than temporary cash investments. Purchases and sales include $91,052,974,000 and $44,971,314,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Year Ended December 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 156,806 | 409 | 172,587 | 443 | |
Issued in Lieu of Cash Distributions | 51,111 | 142 | 59,155 | 150 | |
Redeemed | (807,075) | (2,076) | (1,327,476) | (3,329) | |
Net Increase (Decrease)—Investor Shares | (599,158) | (1,525) | (1,095,734) | (2,736) | |
ETF Shares | |||||
Issued | 85,049,475 | 222,763 | 79,932,127 | 204,970 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (45,143,544) | (117,750) | (32,890,397) | (81,325) | |
Net Increase (Decrease)—ETF Shares | 39,905,931 | 105,013 | 47,041,730 | 123,645 | |
Admiral Shares | |||||
Issued | 39,120,573 | 102,648 | 40,334,657 | 103,425 | |
Issued in Lieu of Cash Distributions | 5,367,387 | 14,913 | 4,903,407 | 12,411 | |
Redeemed | (41,842,645) | (110,248) | (47,953,302) | (122,796) | |
Net Increase (Decrease)—Admiral Shares | 2,645,315 | 7,313 | (2,715,238) | (6,960) | |
Institutional Select Shares | |||||
Issued | 19,836,476 | 100,749 | 10,078,153 | 48,403 | |
Issued in Lieu of Cash Distributions | 1,760,089 | 9,243 | 1,515,092 | 7,237 | |
Redeemed | (4,396,573) | (21,716) | (13,590,610) | (63,866) | |
Net Increase (Decrease)—Institutional Select Shares | 17,199,992 | 88,276 | (1,997,365) | (8,226) |
H. | Management has determined that no events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
February 15, 2023
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. Mclsaac | Lauren Valente |
All rights reserved.
U.S. Patent Nos. 6,879,964
Vanguard Marketing Corporation, Distributor.
Vanguard Small-Cap Index Fund |
Vanguard Small-Cap Growth Index Fund |
Vanguard Small-Cap Value Index Fund |
1 | |
2 | |
4 | |
46 | |
75 |
• | Despite some relief in midsummer and late fall, the 12 months ended December 31, 2022, were a volatile, challenging period for financial markets. Returns for the three Vanguard Small-Cap Index Funds ranged from –9.29% for ETF Shares of Vanguard Small-Cap Value Index Fund to –28.49% for Investor Shares of Vanguard Small-Cap Growth Index Fund. Each fund closely tracked its target index. |
• | Overall, the economic backdrop deteriorated as inflation soared to multidecade highs, driven by government spending during the pandemic as well as higher energy and food prices in the wake of Russia’s invasion of Ukraine. That prompted aggressive tightening by many central banks to bring inflation back in check, which increased fears of recession. |
• | Stock price declines, many of them severe, were widespread. Consumer discretionary stocks plunged, weighing most heavily on the Small-Cap Index and Small-Cap Value Index Funds, while losses in technology weighed heaviest on the Small-Cap Growth Index Fund. |
• | Energy was one sector that soared. The effect on the funds was slight, however, as energy accounted for only about 6% of each fund's benchmark index even after double-digit gains. |
• | For the 10 years ended December 31, 2022, the funds’ annualized returns ranged from 9.13% for Investor Shares of the Small-Cap Growth Index Fund to 10.29% for Institutional Shares of the Small-Cap Value Index Fund. |
Average Annual Total Returns Periods Ended December 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -19.13% | 7.35% | 9.13% |
Russell 2000 Index (Small-caps) | -20.44 | 3.10 | 4.13 |
Russell 3000 Index (Broad U.S. market) | -19.21 | 7.07 | 8.79 |
FTSE All-World ex US Index (International) | -15.49 | 0.61 | 1.28 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -13.07% | -2.67% | 0.06% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -8.53 | -0.77 | 1.25 |
FTSE Three-Month U.S. Treasury Bill Index | 1.50 | 0.70 | 1.24 |
CPI | |||
Consumer Price Index | 6.45% | 4.92% | 3.78% |
• | 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. |
• | 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. |
Six Months Ended December 31, 2022 | |||
Beginning Account Value 6/30/2022 | Ending Account Value 12/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Small-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,050.90 | $0.88 |
ETF Shares | 1,000.00 | 1,051.70 | 0.26 |
Admiral™ Shares | 1,000.00 | 1,051.60 | 0.26 |
Institutional Shares | 1,000.00 | 1,051.60 | 0.21 |
Institutional Plus Shares | 1,000.00 | 1,051.70 | 0.16 |
Small-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,021.40 | $0.97 |
ETF Shares | 1,000.00 | 1,022.10 | 0.36 |
Admiral Shares | 1,000.00 | 1,022.10 | 0.36 |
Institutional Shares | 1,000.00 | 1,022.10 | 0.31 |
Small-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,072.40 | $0.99 |
ETF Shares | 1,000.00 | 1,073.30 | 0.37 |
Admiral Shares | 1,000.00 | 1,073.00 | 0.37 |
Institutional Shares | 1,000.00 | 1,073.00 | 0.31 |
Based on Hypothetical 5% Yearly Return | |||
Small-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,024.35 | $0.87 |
ETF Shares | 1,000.00 | 1,024.95 | 0.26 |
Admiral Shares | 1,000.00 | 1,024.95 | 0.26 |
Institutional Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Plus Shares | 1,000.00 | 1,025.05 | 0.15 |
Small-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,024.25 | $0.97 |
ETF Shares | 1,000.00 | 1,024.85 | 0.36 |
Admiral Shares | 1,000.00 | 1,024.85 | 0.36 |
Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
Small-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,024.25 | $0.97 |
ETF Shares | 1,000.00 | 1,024.85 | 0.36 |
Admiral Shares | 1,000.00 | 1,024.85 | 0.36 |
Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Index Fund Investor Shares | -17.71% | 5.81% | 9.97% | $25,873 | |
Spliced Small-Cap Index | -17.64 | 5.92 | 10.09 | 26,149 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Index Fund ETF Shares Net Asset Value | -17.60% | 5.94% | 10.11% | $26,194 | |
Small-Cap Index Fund ETF Shares Market Price | -17.63 | 5.93 | 10.10 | 26,178 | |
Spliced Small-Cap Index | -17.64 | 5.92 | 10.09 | 26,149 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Index Fund Admiral Shares | -17.61% | 5.94% | 10.11% | $26,196 | |
Spliced Small-Cap Index | -17.64 | 5.92 | 10.09 | 26,149 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Small-Cap Index Fund Institutional Shares | -17.60% | 5.95% | 10.12% | $13,109,168 | |
Spliced Small-Cap Index | -17.64 | 5.92 | 10.09 | 13,074,420 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 15,575,514 |
One Year | Five Years | Ten Years | Final Value of a $100,000,000 Investment | ||
Small-Cap Index Fund Institutional Plus Shares | -17.60% | 5.96% | 10.13% | $262,561,530 | |
Spliced Small-Cap Index | -17.64 | 5.92 | 10.09 | 261,488,390 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 311,510,280 |
Cumulative Returns of ETF Shares: December 31, 2012, Through December 31, 2022 | |||
One Year | Five Years | Ten Years | |
Small-Cap Index Fund ETF Shares Market Price | -17.63% | 33.38% | 161.78% |
Small-Cap Index Fund ETF Shares Net Asset Value | -17.60 | 33.44 | 161.94 |
Spliced Small-Cap Index | -17.64 | 33.30 | 161.49 |
Basic Materials | 4.2% |
Consumer Discretionary | 14.3 |
Consumer Staples | 3.5 |
Energy | 6.1 |
Financials | 15.0 |
Health Care | 12.0 |
Industrials | 20.7 |
Real Estate | 8.1 |
Technology | 10.9 |
Telecommunications | 1.4 |
Utilities | 3.8 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.5%) | ||||||
Basic Materials (4.2%) | ||||||
Steel Dynamics Inc. | 4,297,544 | 419,870 | ||||
Reliance Steel & Aluminum Co. | 1,512,194 | 306,129 | ||||
* | Cleveland-Cliffs Inc. | 13,278,097 | 213,910 | |||
Alcoa Corp. | 4,558,964 | 207,296 | ||||
Royal Gold Inc. | 1,691,411 | 190,656 | ||||
Olin Corp. | 3,529,002 | 186,825 | ||||
* | RBC Bearings Inc. | 747,829 | 156,558 | |||
Valvoline Inc. | 4,499,237 | 146,900 | ||||
Commercial Metals Co. | 3,023,816 | 146,050 | ||||
United States Steel Corp. | 5,432,583 | 136,086 | ||||
Ashland Inc. | 1,255,639 | 135,019 | ||||
* | Univar Solutions Inc. | 4,204,288 | 133,696 | |||
Hexcel Corp. | 2,168,842 | 127,636 | ||||
Huntsman Corp. | 4,454,756 | 122,417 | ||||
UFP Industries Inc. | 1,508,738 | 119,568 | ||||
Timken Co. | 1,686,877 | 119,212 | ||||
Chemours Co. | 3,888,480 | 119,065 | ||||
Element Solutions Inc. | 5,613,718 | 102,114 | ||||
Balchem Corp. | 827,986 | 101,105 | ||||
Cabot Corp. | 1,451,343 | 97,008 | ||||
* | Livent Corp. | 4,621,796 | 91,835 | |||
Hecla Mining Co. | 14,840,932 | 82,516 | ||||
Mueller Industries Inc. | 1,391,965 | 82,126 | ||||
Avient Corp. | 2,343,288 | 79,109 | ||||
Sensient Technologies Corp. | 1,083,149 | 78,983 | ||||
Boise Cascade Co. | 1,016,507 | 69,804 | ||||
* | MP Materials Corp. | 2,744,859 | 66,645 | |||
Innospec Inc. | 638,126 | 65,638 | ||||
* | Ingevity Corp. | 914,739 | 64,434 | |||
NewMarket Corp. | 190,711 | 59,332 | ||||
Stepan Co. | 544,115 | 57,926 | ||||
Quaker Chemical Corp. | 346,523 | 57,835 | ||||
* | Arconic Corp. | 2,614,835 | 55,330 | |||
Scotts Miracle-Gro Co. | 1,070,803 | 52,030 |
Shares | Market Value• ($000) | |||||
Minerals Technologies Inc. | 836,092 | 50,768 | ||||
Materion Corp. | 528,965 | 46,290 | ||||
Carpenter Technology Corp. | 1,248,287 | 46,112 | ||||
Westlake Corp. | 410,751 | 42,118 | ||||
Tronox Holdings plc | 2,985,002 | 40,924 | ||||
Worthington Industries Inc. | 768,512 | 38,203 | ||||
Compass Minerals International Inc. | 880,503 | 36,101 | ||||
Kaiser Aluminum Corp. | 410,727 | 31,199 | ||||
Mativ Holdings Inc. | 1,415,738 | 29,589 | ||||
GrafTech International Ltd. | 4,958,685 | 23,603 | ||||
* | Coeur Mining Inc. | 6,515,072 | 21,891 | |||
* | Ecovyst Inc. | 2,181,636 | 19,329 | |||
Schnitzer Steel Industries Inc. Class A | 620,320 | 19,013 | ||||
Koppers Holdings Inc. | 511,593 | 14,427 | ||||
* | Century Aluminum Co. | 1,294,542 | 10,589 | |||
*,1 | Amyris Inc. | 5,872,689 | 8,985 | |||
4,729,804 | ||||||
Consumer Discretionary (14.3%) | ||||||
* | Liberty Media Corp.-Liberty Formula One Class C | 5,071,367 | 303,166 | |||
Aramark | 6,666,943 | 275,611 | ||||
* | Deckers Outdoor Corp. | 681,935 | 272,201 | |||
Service Corp. International | 3,764,731 | 260,293 | ||||
* | Five Below Inc. | 1,358,674 | 240,309 | |||
Tapestry Inc. | 6,208,606 | 236,424 | ||||
* | BJ's Wholesale Club Holdings Inc. | 3,463,833 | 229,167 | |||
* | Wynn Resorts Ltd. | 2,481,647 | 204,661 | |||
Williams-Sonoma Inc. | 1,714,922 | 197,079 | ||||
* | Capri Holdings Ltd. | 3,377,489 | 193,598 | |||
Churchill Downs Inc. | 867,377 | 183,390 |
Shares | Market Value• ($000) | |||||
* | Floor & Decor Holdings Inc. Class A | 2,597,574 | 180,869 | |||
Dick's Sporting Goods Inc. | 1,464,847 | 176,206 | ||||
* | Planet Fitness Inc. Class A | 2,149,345 | 169,368 | |||
Interpublic Group of Cos. Inc. | 5,005,499 | 166,733 | ||||
Gentex Corp. | 6,044,259 | 164,827 | ||||
* | Crocs Inc. | 1,511,372 | 163,878 | |||
* | Mattel Inc. | 9,131,608 | 162,908 | |||
Wyndham Hotels & Resorts Inc. | 2,275,810 | 162,288 | ||||
Nexstar Media Group Inc. Class A | 923,046 | 161,561 | ||||
Texas Roadhouse Inc. Class A | 1,724,202 | 156,816 | ||||
Murphy USA Inc. | 523,946 | 146,464 | ||||
H&R Block Inc. | 4,005,778 | 146,251 | ||||
* | Skechers USA Inc. Class A | 3,458,111 | 145,068 | |||
Pool Corp. | 477,990 | 144,511 | ||||
Lithia Motors Inc. Class A | 704,382 | 144,215 | ||||
Macy's Inc. | 6,982,420 | 144,187 | ||||
Tempur Sealy International Inc. | 4,185,248 | 143,680 | ||||
Polaris Inc. | 1,418,714 | 143,290 | ||||
* | Light & Wonder Inc. | 2,413,649 | 141,440 | |||
Harley-Davidson Inc. | 3,389,923 | 141,021 | ||||
* | Alaska Air Group Inc. | 3,268,146 | 140,334 | |||
Toll Brothers Inc. | 2,774,009 | 138,479 | ||||
* | IAA Inc. | 3,446,587 | 137,863 | |||
* | SiteOne Landscape Supply Inc. | 1,162,226 | 136,352 | |||
U-Haul Holding Co. | 2,448,822 | 134,636 | ||||
* | Norwegian Cruise Line Holdings Ltd. | 10,857,805 | 132,900 | |||
New York Times Co. Class A | 4,029,992 | 130,814 | ||||
Newell Brands Inc. | 9,591,161 | 125,452 | ||||
Vail Resorts Inc. | 519,461 | 123,814 | ||||
*,1 | GameStop Corp. Class A | 6,671,551 | 123,157 | |||
* | RH | 458,474 | 122,500 | |||
TEGNA Inc. | 5,753,570 | 121,918 | ||||
Marriott Vacations Worldwide Corp. | 888,658 | 119,604 | ||||
* | Penn Entertainment Inc. | 3,996,737 | 118,703 | |||
PVH Corp. | 1,680,514 | 118,627 | ||||
Bath & Body Works Inc. | 2,795,085 | 117,785 | ||||
*,1 | DraftKings Inc. Class A | 9,830,427 | 111,969 | |||
Leggett & Platt Inc. | 3,415,898 | 110,094 | ||||
* | AutoNation Inc. | 1,021,731 | 109,632 |
Shares | Market Value• ($000) | |||||
Academy Sports & Outdoors Inc. | 2,054,482 | 107,942 | ||||
* | American Airlines Group Inc. | 8,372,638 | 106,500 | |||
* | Hyatt Hotels Corp. Class A | 1,177,431 | 106,499 | |||
Wingstop Inc. | 770,876 | 106,088 | ||||
* | Asbury Automotive Group Inc. | 570,313 | 102,229 | |||
Ralph Lauren Corp. Class A | 952,831 | 100,686 | ||||
Choice Hotels International Inc. | 892,640 | 100,547 | ||||
Wendy's Co. | 4,391,080 | 99,370 | ||||
* | Fox Factory Holding Corp. | 1,089,058 | 99,355 | |||
Whirlpool Corp. | 702,248 | 99,340 | ||||
Thor Industries Inc. | 1,313,965 | 99,191 | ||||
Boyd Gaming Corp. | 1,747,952 | 95,316 | ||||
* | Visteon Corp. | 725,165 | 94,873 | |||
Lear Corp. | 761,499 | 94,441 | ||||
* | Bright Horizons Family Solutions Inc. | 1,488,001 | 93,893 | |||
* | YETI Holdings Inc. | 2,222,341 | 91,805 | |||
Foot Locker Inc. | 2,404,056 | 90,849 | ||||
* | Lyft Inc. Class A | 8,170,990 | 90,044 | |||
* | Avis Budget Group Inc. | 534,113 | 87,557 | |||
* | Meritage Homes Corp. | 942,289 | 86,879 | |||
* | Hilton Grand Vacations Inc. | 2,223,413 | 85,690 | |||
* | Grand Canyon Education Inc. | 802,481 | 84,790 | |||
* | Taylor Morrison Home Corp. Class A | 2,651,854 | 80,484 | |||
* | National Vision Holdings Inc. | 2,033,342 | 78,812 | |||
* | Chegg Inc. | 3,071,432 | 77,615 | |||
Signet Jewelers Ltd. | 1,132,027 | 76,978 | ||||
World Wrestling Entertainment Inc. Class A | 1,116,335 | 76,491 | ||||
Kohl's Corp. | 3,005,208 | 75,881 | ||||
* | Coty Inc. Class A | 8,761,140 | 74,995 | |||
Madison Square Garden Sports Corp. | 408,200 | 74,835 | ||||
* | Goodyear Tire & Rubber Co. | 7,288,264 | 73,976 | |||
Travel + Leisure Co. | 1,989,578 | 72,421 | ||||
* | Skyline Champion Corp. | 1,393,361 | 71,772 | |||
* | elf Beauty Inc. | 1,295,835 | 71,660 | |||
* | Topgolf Callaway Brands Corp. | 3,572,115 | 70,549 | |||
Columbia Sportswear Co. | 800,247 | 70,086 | ||||
Carter's Inc. | 934,085 | 69,692 |
Shares | Market Value• ($000) | |||||
Gap Inc. | 6,113,567 | 68,961 | ||||
* | Helen of Troy Ltd. | 618,155 | 68,560 | |||
Papa John's International Inc. | 819,206 | 67,429 | ||||
* | Victoria's Secret & Co. | 1,884,039 | 67,411 | |||
* | Wayfair Inc. Class A | 1,993,305 | 65,560 | |||
Group 1 Automotive Inc. | 356,886 | 64,372 | ||||
Penske Automotive Group Inc. | 551,124 | 63,341 | ||||
KB Home | 1,984,444 | 63,205 | ||||
* | Ollie's Bargain Outlet Holdings Inc. | 1,312,867 | 61,495 | |||
*,1 | Peloton Interactive Inc. Class A | 7,674,392 | 60,935 | |||
American Eagle Outfitters Inc. | 4,346,147 | 60,672 | ||||
Rush Enterprises Inc. Class A | 1,148,733 | 60,056 | ||||
* | Hertz Global Holdings Inc. | 3,871,770 | 59,587 | |||
Steven Madden Ltd. | 1,806,037 | 57,721 | ||||
LCI Industries | 622,477 | 57,548 | ||||
1 | Hanesbrands Inc. | 8,990,996 | 57,183 | |||
Kontoor Brands Inc. | 1,429,138 | 57,151 | ||||
Graham Holdings Co. Class B | 93,923 | 56,749 | ||||
* | Gentherm Inc. | 855,403 | 55,849 | |||
*,1 | AMC Entertainment Holdings Inc. Class A | 13,700,659 | 55,762 | |||
* | Dorman Products Inc. | 688,131 | 55,649 | |||
* | Sonos Inc. | 3,264,121 | 55,164 | |||
Spirit Airlines Inc. | 2,804,903 | 54,639 | ||||
Cracker Barrel Old Country Store Inc. | 571,134 | 54,109 | ||||
* | JetBlue Airways Corp. | 8,345,579 | 54,079 | |||
* | Sabre Corp. | 8,460,760 | 52,287 | |||
Red Rock Resorts Inc. Class A | 1,270,284 | 50,824 | ||||
Dana Inc. | 3,324,318 | 50,297 | ||||
* | Under Armour Inc. Class A | 4,847,004 | 49,246 | |||
* | Duolingo Inc. Class A | 685,056 | 48,728 | |||
* | SeaWorld Entertainment Inc. | 905,288 | 48,442 | |||
* | Tri Pointe Homes Inc. | 2,599,959 | 48,333 | |||
* | PowerSchool Holdings Inc. Class A | 2,055,371 | 47,438 | |||
* | TripAdvisor Inc. | 2,634,160 | 47,362 | |||
* | LGI Homes Inc. | 510,089 | 47,234 | |||
MDC Holdings Inc. | 1,468,844 | 46,415 | ||||
* | ODP Corp. | 1,003,245 | 45,688 | |||
Bloomin' Brands Inc. | 2,262,092 | 45,513 | ||||
* | Under Armour Inc. Class C | 5,035,569 | 44,917 |
Shares | Market Value• ($000) | |||||
Strategic Education Inc. | 567,125 | 44,417 | ||||
* | Frontdoor Inc. | 2,099,735 | 43,674 | |||
Inter Parfums Inc. | 451,750 | 43,603 | ||||
John Wiley & Sons Inc. Class A | 1,082,449 | 43,363 | ||||
*,1 | Leslie's Inc. | 3,537,020 | 43,187 | |||
* | Six Flags Entertainment Corp. | 1,821,211 | 42,343 | |||
* | Driven Brands Holdings Inc. | 1,509,713 | 41,230 | |||
MillerKnoll Inc. | 1,946,878 | 40,904 | ||||
* | Shake Shack Inc. Class A | 961,508 | 39,931 | |||
Cheesecake Factory Inc. | 1,258,652 | 39,912 | ||||
1 | Nordstrom Inc. | 2,468,653 | 39,844 | |||
* | Adtalem Global Education Inc. | 1,111,443 | 39,456 | |||
PriceSmart Inc. | 637,032 | 38,719 | ||||
* | Knowles Corp. | 2,343,490 | 38,480 | |||
* | Dave & Buster's Entertainment Inc. | 1,056,443 | 37,440 | |||
* | Urban Outfitters Inc. | 1,543,757 | 36,819 | |||
Laureate Education Inc. Class A | 3,818,244 | 36,731 | ||||
Monro Inc. | 810,536 | 36,636 | ||||
* | KAR Auction Services Inc. | 2,806,094 | 36,620 | |||
Jack in the Box Inc. | 535,437 | 36,533 | ||||
Oxford Industries Inc. | 389,547 | 36,298 | ||||
* | Brinker International Inc. | 1,134,565 | 36,204 | |||
* | Central Garden & Pet Co. Class A | 1,007,794 | 36,079 | |||
Buckle Inc. | 774,394 | 35,119 | ||||
Levi Strauss & Co. Class A | 2,244,397 | 34,833 | ||||
Acushnet Holdings Corp. | 814,073 | 34,566 | ||||
* | Sally Beauty Holdings Inc. | 2,758,205 | 34,533 | |||
*,1 | QuantumScape Corp. Class A | 5,970,877 | 33,855 | |||
* | Stride Inc. | 1,053,378 | 32,950 | |||
1 | Dillard's Inc. Class A | 101,608 | 32,840 | |||
*,1 | iRobot Corp. | 669,519 | 32,224 | |||
*,1 | Fisker Inc. Class A | 4,395,503 | 31,955 | |||
* | Liberty Media Corp.-Liberty Formula One Class A | 597,480 | 31,923 | |||
* | Madison Square Garden Entertainment Corp. | 677,705 | 30,476 | |||
*,1 | Dutch Bros Inc. Class A | 1,056,180 | 29,774 | |||
* | Coursera Inc. | 2,454,994 | 29,043 |
Shares | Market Value• ($000) | |||||
*,1 | Luminar Technologies Inc. Class A | 5,818,749 | 28,803 | |||
HNI Corp. | 1,012,533 | 28,786 | ||||
Scholastic Corp. | 705,729 | 27,848 | ||||
* | Abercrombie & Fitch Co. Class A | 1,210,540 | 27,733 | |||
Rent-A-Center Inc. | 1,219,223 | 27,493 | ||||
* | Allegiant Travel Co. | 402,926 | 27,395 | |||
La-Z-Boy Inc. | 1,108,780 | 25,302 | ||||
* | ACV Auctions Inc. Class A | 3,032,032 | 24,893 | |||
Dine Brands Global Inc. | 383,755 | 24,791 | ||||
* | Cavco Industries Inc. | 109,017 | 24,665 | |||
* | Cinemark Holdings Inc. | 2,795,845 | 24,212 | |||
* | Boot Barn Holdings Inc. | 384,121 | 24,015 | |||
*,1 | Revolve Group Inc. Class A | 1,049,769 | 23,368 | |||
Sturm Ruger & Co. Inc. | 455,185 | 23,041 | ||||
* | Overstock.com Inc. | 1,178,658 | 22,819 | |||
Matthews International Corp. Class A | 741,697 | 22,577 | ||||
* | Cars.com Inc. | 1,631,039 | 22,459 | |||
Wolverine World Wide Inc. | 2,029,193 | 22,179 | ||||
* | Figs Inc. Class A | 3,279,476 | 22,071 | |||
* | American Axle & Manufacturing Holdings Inc. | 2,804,038 | 21,928 | |||
1 | Camping World Holdings Inc. Class A | 977,013 | 21,807 | |||
* | PROG Holdings Inc. | 1,289,141 | 21,774 | |||
* | SkyWest Inc. | 1,303,921 | 21,528 | |||
* | Udemy Inc. | 2,003,079 | 21,132 | |||
* | EW Scripps Co. Class A | 1,567,385 | 20,674 | |||
Sonic Automotive Inc. Class A | 411,127 | 20,256 | ||||
* | Petco Health & Wellness Co. Inc. Class A | 2,055,583 | 19,487 | |||
*,1 | Sweetgreen Inc. Class A | 2,131,668 | 18,268 | |||
*,1 | Mister Car Wash Inc. | 1,964,762 | 18,135 | |||
1 | Krispy Kreme Inc. | 1,725,731 | 17,810 | |||
* | Vista Outdoor Inc. | 728,825 | 17,761 | |||
* | iHeartMedia Inc. Class A | 2,823,959 | 17,311 | |||
* | Lions Gate Entertainment Corp. Class B | 3,185,381 | 17,297 | |||
*,1 | Portillo's Inc. Class A | 1,039,095 | 16,958 | |||
* | GoPro Inc. Class A | 3,341,004 | 16,638 |
Shares | Market Value• ($000) | |||||
Sinclair Broadcast Group Inc. Class A | 1,063,286 | 16,492 | ||||
Steelcase Inc. Class A | 2,259,642 | 15,976 | ||||
* | BJ's Restaurants Inc. | 572,633 | 15,106 | |||
* | Life Time Group Holdings Inc. | 1,250,941 | 14,961 | |||
Interface Inc. Class A | 1,498,871 | 14,794 | ||||
Guess? Inc. | 701,271 | 14,509 | ||||
* | G-III Apparel Group Ltd. | 1,040,051 | 14,259 | |||
* | Qurate Retail Inc. Class A | 8,669,961 | 14,132 | |||
*,1 | Corsair Gaming Inc. | 1,035,642 | 14,054 | |||
U-Haul Holding Co. | 232,881 | 14,017 | ||||
* | Sleep Number Corp. | 538,573 | 13,992 | |||
* | Poshmark Inc. Class A | 772,689 | 13,816 | |||
*,1 | Bowlero Corp. | 990,099 | 13,347 | |||
* | Sun Country Airlines Holdings Inc. | 824,281 | 13,073 | |||
* | Hawaiian Holdings Inc. | 1,258,611 | 12,913 | |||
Designer Brands Inc. Class A | 1,310,208 | 12,814 | ||||
* | Integral Ad Science Holding Corp. | 1,387,448 | 12,196 | |||
* | 2U Inc. | 1,911,575 | 11,986 | |||
*,1 | Carvana Co. Class A | 2,456,974 | 11,646 | |||
* | AMC Networks Inc. Class A | 730,404 | 11,445 | |||
Big Lots Inc. | 708,542 | 10,416 | ||||
Caleres Inc. | 446,323 | 9,944 | ||||
*,1 | SES AI Corp. | 3,146,358 | 9,911 | |||
* | Clear Channel Outdoor Holdings Inc. | 9,199,786 | 9,660 | |||
* | Lions Gate Entertainment Corp. Class A | 1,609,720 | 9,191 | |||
* | Vizio Holding Corp. Class A | 1,218,023 | 9,026 | |||
* | Sciplay Corp. Class A | 555,645 | 8,935 | |||
* | Central Garden & Pet Co. | 234,175 | 8,770 | |||
* | Frontier Group Holdings Inc. | 841,662 | 8,644 | |||
*,1 | Canoo Inc. | 6,380,382 | 7,848 | |||
* | Genesco Inc. | 160,021 | 7,364 | |||
*,1 | ContextLogic Inc. Class A | 14,833,843 | 7,234 | |||
* | Children's Place Inc. | 159,480 | 5,808 | |||
*,1 | Arhaus Inc. Class A | 546,121 | 5,325 | |||
*,1 | Cricut Inc. Class A | 562,032 | 5,210 | |||
Global Industrial Co. | 218,342 | 5,138 | ||||
Smith & Wesson Brands Inc. | 589,769 | 5,119 | ||||
* | Rush Street Interactive Inc. | 1,404,937 | 5,044 |
Shares | Market Value• ($000) | |||||
*,1 | Dream Finders Homes Inc. Class A | 544,426 | 4,715 | |||
* | Zumiez Inc. | 200,665 | 4,362 | |||
* | Angi Inc. Class A | 1,731,259 | 4,068 | |||
1 | Weber Inc. Class A | 478,607 | 3,853 | |||
* | Vacasa Inc. Class A | 3,021,350 | 3,807 | |||
Rush Enterprises Inc. Class B | 65,306 | 3,675 | ||||
*,1 | Bed Bath & Beyond Inc. | 1,435,420 | 3,603 | |||
* | Stitch Fix Inc. Class A | 990,274 | 3,080 | |||
* | Allbirds Inc. Class A | 1,239,131 | 2,999 | |||
* | Cardlytics Inc. | 405,881 | 2,346 | |||
* | Latham Group Inc. | 527,978 | 1,700 | |||
* | Brilliant Earth Group Inc. Class A | 260,654 | 1,123 | |||
16,061,329 | ||||||
Consumer Staples (3.5%) | ||||||
Bunge Ltd. | 3,859,730 | 385,085 | ||||
* | Darling Ingredients Inc. | 4,129,546 | 258,468 | |||
* | Performance Food Group Co. | 4,011,131 | 234,210 | |||
Casey's General Stores Inc. | 959,952 | 215,365 | ||||
* | US Foods Holding Corp. | 5,215,146 | 177,419 | |||
Lamb Weston Holdings Inc. | 1,852,952 | 165,580 | ||||
Ingredion Inc. | 1,604,658 | 157,144 | ||||
�� | Flowers Foods Inc. | 5,168,391 | 148,540 | |||
* | Post Holdings Inc. | 1,358,922 | 122,656 | |||
Molson Coors Beverage Co. Class B | 2,320,593 | 119,557 | ||||
* | Celsius Holdings Inc. | 1,080,230 | 112,387 | |||
Lancaster Colony Corp. | 496,915 | 98,041 | ||||
* | Simply Good Foods Co. | 2,550,969 | 97,013 | |||
* | BellRing Brands Inc. | 3,464,588 | 88,832 | |||
* | Sprouts Farmers Market Inc. | 2,727,405 | 88,286 | |||
* | Boston Beer Co. Inc. Class A | 237,172 | 78,153 | |||
* | Hostess Brands Inc. Class A | 3,449,638 | 77,410 | |||
* | TreeHouse Foods Inc. | 1,445,009 | 71,355 | |||
* | Grocery Outlet Holding Corp. | 2,255,838 | 65,848 | |||
Spectrum Brands Holdings Inc. | 1,050,980 | 64,026 | ||||
* | Freshpet Inc. | 1,175,474 | 62,030 | |||
Energizer Holdings Inc. | 1,836,946 | 61,629 | ||||
Coca-Cola Consolidated Inc. | 118,561 | 60,746 |
Shares | Market Value• ($000) | |||||
* | United Natural Foods Inc. | 1,543,445 | 59,747 | |||
WD-40 Co. | 349,871 | 56,403 | ||||
Cal-Maine Foods Inc. | 1,023,521 | 55,731 | ||||
Edgewell Personal Care Co. | 1,325,455 | 51,083 | ||||
Nu Skin Enterprises Inc. Class A | 1,209,705 | 51,001 | ||||
J & J Snack Foods Corp. | 297,119 | 44,482 | ||||
Reynolds Consumer Products Inc. | 1,351,844 | 40,528 | ||||
Vector Group Ltd. | 3,390,027 | 40,206 | ||||
* | Herbalife Nutrition Ltd. | 2,521,888 | 37,526 | |||
* | Hain Celestial Group Inc. | 2,301,335 | 37,236 | |||
Weis Markets Inc. | 415,871 | 34,222 | ||||
Medifast Inc. | 281,577 | 32,480 | ||||
Universal Corp. | 601,128 | 31,746 | ||||
Utz Brands Inc. | 1,769,904 | 28,071 | ||||
* | National Beverage Corp. | 601,184 | 27,973 | |||
Andersons Inc. | 776,966 | 27,186 | ||||
Fresh Del Monte Produce Inc. | 986,272 | 25,830 | ||||
Seaboard Corp. | 5,985 | 22,595 | ||||
*,1 | Beauty Health Co. | 2,398,188 | 21,823 | |||
* | Pilgrim's Pride Corp. | 913,712 | 21,682 | |||
1 | B&G Foods Inc. | 1,846,655 | 20,590 | |||
* | Duckhorn Portfolio Inc. | 1,187,282 | 19,673 | |||
*,1 | Beyond Meat Inc. | 1,478,173 | 18,196 | |||
Tootsie Roll Industries Inc. | 415,264 | 17,678 | ||||
* | USANA Health Sciences Inc. | 296,973 | 15,799 | |||
* | Sovos Brands Inc. | 910,575 | 13,085 | |||
ACCO Brands Corp. | 2,307,495 | 12,899 | ||||
* | Olaplex Holdings Inc. | 1,255,291 | 6,540 | |||
*,1 | BRC Inc. Class A | 1,055,317 | 6,448 | |||
* | Vital Farms Inc. | 314,823 | 4,697 | |||
*,2 | Fresh Market Inc. | 709,594 | — | |||
3,892,936 | ||||||
Energy (6.0%) | ||||||
Targa Resources Corp. | 5,832,853 | 428,715 | ||||
* | First Solar Inc. | 2,609,564 | 390,887 | |||
APA Corp. | 8,284,019 | 386,698 | ||||
Ovintiv Inc. | 6,396,643 | 324,374 | ||||
Chesapeake Energy Corp. | 3,279,491 | 309,486 | ||||
NOV Inc. | 10,121,137 | 211,431 | ||||
* | Antero Resources Corp. | 6,573,096 | 203,700 | |||
HF Sinclair Corp. | 3,620,234 | 187,854 |
Shares | Market Value• ($000) | |||||
Texas Pacific Land Corp. | 79,327 | 185,961 | ||||
* | Southwestern Energy Co. | 28,434,851 | 166,344 | |||
Matador Resources Co. | 2,892,366 | 165,559 | ||||
Murphy Oil Corp. | 3,805,251 | 163,664 | ||||
PDC Energy Inc. | 2,374,110 | 150,708 | ||||
ChampionX Corp. | 5,136,698 | 148,913 | ||||
Range Resources Corp. | 5,914,458 | 147,980 | ||||
EQT Corp. | 4,255,776 | 143,973 | ||||
Chord Energy Corp. | 1,018,474 | 139,337 | ||||
DT Midstream Inc. | 2,492,885 | 137,757 | ||||
PBF Energy Inc. Class A | 3,054,455 | 124,561 | ||||
Helmerich & Payne Inc. | 2,444,020 | 121,150 | ||||
SM Energy Co. | 3,163,966 | 110,201 | ||||
* | Denbury Inc. | 1,219,033 | 106,080 | |||
Magnolia Oil & Gas Corp. Class A | 4,347,837 | 101,957 | ||||
Patterson-UTI Energy Inc. | 5,586,618 | 94,079 | ||||
Antero Midstream Corp. | 8,013,764 | 86,468 | ||||
California Resources Corp. | 1,893,039 | 82,366 | ||||
Cactus Inc. Class A | 1,564,531 | 78,633 | ||||
* | Peabody Energy Corp. | 2,966,207 | 78,367 | |||
* | Transocean Ltd. | 16,740,942 | 76,339 | |||
Civitas Resources Inc. | 1,315,828 | 76,226 | ||||
Equitrans Midstream Corp. | 11,151,466 | 74,715 | ||||
* | CNX Resources Corp. | 4,417,683 | 74,394 | |||
* | Array Technologies Inc. | 3,683,659 | 71,205 | |||
New Fortress Energy Inc. | 1,626,046 | 68,977 | ||||
Arcosa Inc. | 1,245,894 | 67,702 | ||||
Liberty Energy Inc. Class A | 4,224,232 | 67,630 | ||||
*,1 | ChargePoint Holdings Inc. | 7,005,973 | 66,767 | |||
Arch Resources Inc. | 465,906 | 66,527 | ||||
* | Callon Petroleum Co. | 1,587,423 | 58,877 | |||
* | Shoals Technologies Group Inc. Class A | 2,232,193 | 55,068 | |||
Alpha Metallurgical Resources Inc. | 349,186 | 51,117 | ||||
* | Noble Corp. plc | 1,350,114 | 50,913 | |||
* | NexTier Oilfield Solutions Inc. | 5,377,326 | 49,686 | |||
Delek US Holdings Inc. | 1,795,722 | 48,484 | ||||
* | Ameresco Inc. Class A | 830,145 | 47,434 | |||
* | Weatherford International plc | 910,169 | 46,346 |
Shares | Market Value• ($000) | |||||
Warrior Met Coal Inc. | 1,330,914 | 46,103 | ||||
* | Oceaneering International Inc. | 2,583,317 | 45,182 | |||
Permian Resources Corp. Class A | 4,461,250 | 41,936 | ||||
World Fuel Services Corp. | 1,515,760 | 41,426 | ||||
Enviva Inc. | 774,621 | 41,032 | ||||
* | SunPower Corp. | 2,243,957 | 40,458 | |||
* | NOW Inc. | 2,845,832 | 36,142 | |||
Archrock Inc. | 4,009,552 | 36,006 | ||||
*,1 | Stem Inc. | 3,781,571 | 33,807 | |||
Comstock Resources Inc. | 2,409,203 | 33,030 | ||||
* | FuelCell Energy Inc. | 10,450,709 | 29,053 | |||
Sitio Royalties Corp. | 943,151 | 27,210 | ||||
* | ProPetro Holding Corp. | 2,506,680 | 25,994 | |||
* | MRC Global Inc. | 2,154,512 | 24,949 | |||
CVR Energy Inc. | 777,085 | 24,354 | ||||
Core Laboratories NV | 1,194,868 | 24,220 | ||||
* | Dril-Quip Inc. | 830,312 | 22,560 | |||
RPC Inc. | 2,232,701 | 19,849 | ||||
*,1 | Fluence Energy Inc. Class A | 1,039,483 | 17,827 | |||
1 | Kinetik Holdings Inc. Class A | 444,054 | 14,689 | |||
* | ProFrac Holding Corp. Class A | 556,067 | 14,013 | |||
* | Helix Energy Solutions Group Inc. | 1,858,263 | 13,714 | |||
Crescent Energy Co. Class A | 995,324 | 11,934 | ||||
* | Tellurian Inc. | 6,549,200 | 11,003 | |||
*,1 | EVgo Inc. Class A | 1,786,416 | 7,985 | |||
*,1 | OPAL Fuels Inc. Class A | 97,574 | 710 | |||
* | Denbury Inc. Warrants Exp. 9/18/23 | 2 | — | |||
6,780,796 | ||||||
Financials (14.9%) | ||||||
First Horizon Corp. | 13,831,339 | 338,868 | ||||
American Financial Group Inc. | 1,864,768 | 255,995 | ||||
Reinsurance Group of America Inc. | 1,722,130 | 244,697 | ||||
East West Bancorp Inc. | 3,631,677 | 239,328 | ||||
Comerica Inc. | 3,374,119 | 225,560 | ||||
Webster Financial Corp. | 4,483,579 | 212,253 | ||||
Invesco Ltd. | 11,718,023 | 210,807 | ||||
LPL Financial Holdings Inc. | 974,192 | 210,591 | ||||
RenaissanceRe Holdings Ltd. | 1,126,059 | 207,454 |
Shares | Market Value• ($000) | |||||
Cullen/Frost Bankers Inc. | 1,491,087 | 199,358 | ||||
First Citizens BancShares Inc. Class A | 260,858 | 197,824 | ||||
Commerce Bancshares Inc. | 2,906,094 | 197,818 | ||||
Carlyle Group Inc. | 6,558,093 | 195,693 | ||||
Zions Bancorp NA | 3,855,016 | 189,513 | ||||
Signature Bank | 1,621,355 | 186,813 | ||||
SEI Investments Co. | 3,126,639 | 182,283 | ||||
Unum Group | 4,361,023 | 178,933 | ||||
Old Republic International Corp. | 7,056,629 | 170,418 | ||||
Assurant Inc. | 1,361,294 | 170,243 | ||||
Brown & Brown Inc. | 2,919,022 | 166,297 | ||||
Erie Indemnity Co. Class A | 654,540 | 162,797 | ||||
Prosperity Bancshares Inc. | 2,235,111 | 162,448 | ||||
Western Alliance Bancorp | 2,665,970 | 158,785 | ||||
Voya Financial Inc. | 2,503,689 | 153,952 | ||||
Affiliated Managers Group Inc. | 970,575 | 153,768 | ||||
1 | AGNC Investment Corp. | 14,729,556 | 152,451 | |||
Stifel Financial Corp. | 2,601,558 | 151,853 | ||||
SouthState Corp. | 1,950,429 | 148,935 | ||||
Kinsale Capital Group Inc. | 564,994 | 147,757 | ||||
RLI Corp. | 1,110,813 | 145,816 | ||||
New York Community Bancorp Inc. | 16,651,983 | 143,207 | ||||
Morningstar Inc. | 656,236 | 142,134 | ||||
Jefferies Financial Group Inc. | 4,130,044 | 141,578 | ||||
Glacier Bancorp Inc. | 2,854,063 | 141,048 | ||||
United Bankshares Inc. | 3,469,648 | 140,486 | ||||
Starwood Property Trust Inc. | 7,577,674 | 138,899 | ||||
Selective Insurance Group Inc. | 1,553,128 | 137,623 | ||||
Pinnacle Financial Partners Inc. | 1,871,473 | 137,366 | ||||
Globe Life Inc. | 1,127,817 | 135,958 | ||||
Old National Bancorp | 7,546,767 | 135,691 | ||||
Primerica Inc. | 950,742 | 134,834 | ||||
Synovus Financial Corp. | 3,560,477 | 133,696 | ||||
First American Financial Corp. | 2,534,503 | 132,656 | ||||
Wintrust Financial Corp. | 1,565,664 | 132,330 | ||||
* | Robinhood Markets Inc. Class A | 15,642,003 | 127,326 |
Shares | Market Value• ($000) | |||||
Valley National Bancorp | 11,089,982 | 125,428 | ||||
Popular Inc. | 1,873,017 | 124,218 | ||||
Lincoln National Corp. | 3,925,240 | 120,583 | ||||
First Financial Bankshares Inc. | 3,491,624 | 120,112 | ||||
1 | Blue Owl Capital Inc. Class A | 11,301,328 | 119,794 | |||
FNB Corp. | 9,038,418 | 117,951 | ||||
Cadence Bank | 4,701,425 | 115,937 | ||||
Bank OZK | 2,877,596 | 115,276 | ||||
Home BancShares Inc. | 4,992,815 | 113,786 | ||||
Houlihan Lokey Inc. Class A | 1,284,497 | 111,957 | ||||
Hanover Insurance Group Inc. | 824,706 | 111,443 | ||||
SLM Corp. | 6,446,443 | 107,011 | ||||
Axis Capital Holdings Ltd. | 1,963,391 | 106,357 | ||||
Essent Group Ltd. | 2,636,407 | 102,504 | ||||
Hancock Whitney Corp. | 2,097,590 | 101,502 | ||||
American Equity Investment Life Holding Co. | 2,208,403 | 100,747 | ||||
Umpqua Holdings Corp. | 5,592,985 | 99,835 | ||||
Rithm Capital Corp. | 12,205,427 | 99,718 | ||||
MGIC Investment Corp. | 7,653,051 | 99,490 | ||||
Independent Bank Corp. | 1,176,106 | 99,299 | ||||
Lazard Ltd. Class A | 2,760,195 | 95,696 | ||||
OneMain Holdings Inc. | 2,834,006 | 94,401 | ||||
Assured Guaranty Ltd. | 1,468,500 | 91,429 | ||||
* | Brighthouse Financial Inc. | 1,781,202 | 91,322 | |||
* | Ryan Specialty Holdings Inc. Class A | 2,171,473 | 90,138 | |||
White Mountains Insurance Group Ltd. | 63,017 | 89,127 | ||||
Blackstone Mortgage Trust Inc. Class A | 4,183,103 | 88,556 | ||||
*,1 | SoFi Technologies Inc. | 19,127,846 | 88,179 | |||
CVB Financial Corp. | 3,422,191 | 88,121 | ||||
United Community Banks Inc. | 2,598,802 | 87,840 | ||||
Evercore Inc. Class A | 800,523 | 87,321 | ||||
Community Bank System Inc. | 1,384,526 | 87,156 | ||||
ServisFirst Bancshares Inc. | 1,259,758 | 86,810 | ||||
First Hawaiian Inc. | 3,289,808 | 85,667 | ||||
Associated Banc-Corp | 3,680,481 | 84,982 | ||||
Ally Financial Inc. | 3,464,683 | 84,711 | ||||
UMB Financial Corp. | 995,900 | 83,178 |
Shares | Market Value• ($000) | |||||
FirstCash Holdings Inc. | 954,764 | 82,979 | ||||
Kemper Corp. | 1,646,117 | 80,989 | ||||
Janus Henderson Group plc | 3,414,665 | 80,313 | ||||
Ameris Bancorp | 1,697,577 | 80,024 | ||||
Bank of Hawaii Corp. | 1,030,970 | 79,962 | ||||
Federated Hermes Inc. Class B | 2,178,121 | 79,088 | ||||
*,1 | Credit Acceptance Corp. | 166,490 | 78,983 | |||
First Interstate BancSystem Inc. Class A | 2,018,260 | 78,006 | ||||
* | Texas Capital Bancshares Inc. | 1,285,770 | 77,545 | |||
Pacific Premier Bancorp Inc. | 2,448,149 | 77,264 | ||||
Radian Group Inc. | 4,045,846 | 77,154 | ||||
Cathay General Bancorp | 1,821,442 | 74,297 | ||||
Fulton Financial Corp. | 4,315,649 | 72,632 | ||||
WSFS Financial Corp. | 1,586,821 | 71,946 | ||||
Eastern Bankshares Inc. | 4,097,169 | 70,676 | ||||
PacWest Bancorp | 3,035,471 | 69,664 | ||||
* | Genworth Financial Inc. Class A | 12,789,622 | 67,657 | |||
Atlantic Union Bankshares Corp. | 1,925,125 | 67,649 | ||||
BankUnited Inc. | 1,990,981 | 67,634 | ||||
CNO Financial Group Inc. | 2,947,649 | 67,354 | ||||
Simmons First National Corp. Class A | 3,108,043 | 67,072 | ||||
Jackson Financial Inc. Class A | 1,925,507 | 66,988 | ||||
International Bancshares Corp. | 1,440,368 | 65,911 | ||||
* | Mr Cooper Group Inc. | 1,636,308 | 65,665 | |||
Walker & Dunlop Inc. | 808,071 | 63,417 | ||||
Moelis & Co. Class A | 1,648,212 | 63,242 | ||||
First Merchants Corp. | 1,534,740 | 63,093 | ||||
BOK Financial Corp. | 606,447 | 62,943 | ||||
* | Enstar Group Ltd. | 267,791 | 61,870 | |||
Columbia Banking System Inc. | 2,026,431 | 61,056 | ||||
First Bancorp | 4,756,625 | 60,504 | ||||
Piper Sandler Cos. | 436,558 | 56,835 | ||||
Washington Federal Inc. | 1,682,762 | 56,457 | ||||
First Financial Bancorp | 2,321,486 | 56,250 | ||||
* | Axos Financial Inc. | 1,468,701 | 56,134 | |||
Banner Corp. | 880,921 | 55,674 | ||||
Arbor Realty Trust Inc. | 4,198,386 | 55,377 | ||||
Towne Bank | 1,780,178 | 54,901 |
Shares | Market Value• ($000) | |||||
Independent Bank Group Inc. | 902,158 | 54,202 | ||||
WesBanco Inc. | 1,447,983 | 53,546 | ||||
Park National Corp. | 377,093 | 53,076 | ||||
Hamilton Lane Inc. Class A | 829,535 | 52,991 | ||||
Renasant Corp. | 1,369,654 | 51,485 | ||||
Artisan Partners Asset Management Inc. Class A | 1,662,298 | 49,370 | ||||
Trustmark Corp. | 1,413,546 | 49,347 | ||||
Virtu Financial Inc. Class A | 2,380,676 | 48,590 | ||||
* | Focus Financial Partners Inc. Class A | 1,272,907 | 47,441 | |||
Northwest Bancshares Inc. | 3,272,166 | 45,745 | ||||
NBT Bancorp Inc. | 1,048,600 | 45,530 | ||||
* | Trupanion Inc. | 948,060 | 45,061 | |||
1 | Claros Mortgage Trust Inc. | 3,030,593 | 44,580 | |||
TPG Inc. Class A | 1,554,605 | 43,265 | ||||
Navient Corp. | 2,620,547 | 43,108 | ||||
PJT Partners Inc. Class A | 566,104 | 41,716 | ||||
BancFirst Corp. | 465,801 | 41,074 | ||||
National Bank Holdings Corp. Class A | 968,826 | 40,759 | ||||
Cohen & Steers Inc. | 627,479 | 40,510 | ||||
* | BRP Group Inc. Class A | 1,582,910 | 39,794 | |||
* | Cannae Holdings Inc. | 1,909,956 | 39,441 | |||
Horace Mann Educators Corp. | 1,053,821 | 39,381 | ||||
Provident Financial Services Inc. | 1,842,675 | 39,360 | ||||
Apollo Commercial Real Estate Finance Inc. | 3,622,392 | 38,977 | ||||
Westamerica Bancorp | 658,727 | 38,871 | ||||
Hope Bancorp Inc. | 2,924,709 | 37,466 | ||||
Eagle Bancorp Inc. | 822,499 | 36,248 | ||||
Two Harbors Investment Corp. | 2,226,836 | 35,117 | ||||
Hilltop Holdings Inc. | 1,165,044 | 34,963 | ||||
StepStone Group Inc. Class A | 1,358,133 | 34,198 | ||||
Virtus Investment Partners Inc. | 177,026 | 33,890 | ||||
City Holding Co. | 363,598 | 33,847 | ||||
OFG Bancorp | 1,225,542 | 33,776 | ||||
Berkshire Hills Bancorp Inc. | 1,102,129 | 32,954 | ||||
PennyMac Financial Services Inc. | 580,628 | 32,898 | ||||
1 | Chimera Investment Corp. | 5,972,161 | 32,847 |
Shares | Market Value• ($000) | |||||
S&T Bancorp Inc. | 954,732 | 32,633 | ||||
* | PRA Group Inc. | 954,096 | 32,229 | |||
First Commonwealth Financial Corp. | 2,285,747 | 31,932 | ||||
BGC Partners Inc. Class A | 8,371,141 | 31,559 | ||||
Brookline Bancorp Inc. | 2,180,066 | 30,848 | ||||
Safety Insurance Group Inc. | 360,808 | 30,402 | ||||
Employers Holdings Inc. | 700,853 | 30,228 | ||||
* | Blucora Inc. | 1,172,082 | 29,923 | |||
Ladder Capital Corp. Class A | 2,934,807 | 29,465 | ||||
Capitol Federal Financial Inc. | 3,365,770 | 29,114 | ||||
1 | Compass Diversified Holdings | 1,581,375 | 28,828 | |||
PennyMac Mortgage Investment Trust | 2,291,259 | 28,389 | ||||
Nelnet Inc. Class A | 306,591 | 27,823 | ||||
* | Encore Capital Group Inc. | 572,425 | 27,442 | |||
1 | Franklin BSP Realty Trust Inc. | 2,125,189 | 27,415 | |||
MFA Financial Inc. | 2,623,106 | 25,838 | ||||
Mercury General Corp. | 713,471 | 24,401 | ||||
ProAssurance Corp. | 1,390,537 | 24,293 | ||||
* | LendingClub Corp. | 2,707,827 | 23,829 | |||
*,1 | Upstart Holdings Inc. | 1,793,346 | 23,708 | |||
Tompkins Financial Corp. | 298,607 | 23,166 | ||||
Heartland Financial USA Inc. | 464,815 | 21,670 | ||||
* | Columbia Financial Inc. | 988,213 | 21,365 | |||
Argo Group International Holdings Ltd. | 813,019 | 21,017 | ||||
TFS Financial Corp. | 1,444,972 | 20,822 | ||||
Enact Holdings Inc. | 839,142 | 20,240 | ||||
* | Ambac Financial Group Inc. | 1,158,737 | 20,208 | |||
Redwood Trust Inc. | 2,920,591 | 19,743 | ||||
1 | ARMOUR Residential REIT Inc. | 3,405,641 | 19,174 | |||
WisdomTree Inc. | 3,209,014 | 17,489 | ||||
Northfield Bancorp Inc. | 1,107,913 | 17,427 | ||||
KKR Real Estate Finance Trust Inc. | 1,246,215 | 17,397 | ||||
*,1 | Lemonade Inc. | 1,247,655 | 17,068 | |||
United Fire Group Inc. | 616,862 | 16,877 | ||||
* | Goosehead Insurance Inc. Class A | 490,428 | 16,841 |
Shares | Market Value• ($000) | |||||
* | Open Lending Corp. Class A | 2,440,735 | 16,475 | |||
iStar Inc. | 2,122,405 | 16,194 | ||||
Kearny Financial Corp. | 1,567,028 | 15,905 | ||||
* | Triumph Financial Inc. | 299,646 | 14,644 | |||
BrightSpire Capital Inc. Class A | 2,325,923 | 14,490 | ||||
* | Palomar Holdings Inc. | 308,852 | 13,948 | |||
National Western Life Group Inc. Class A | 48,642 | 13,668 | ||||
* | SiriusPoint Ltd. | 2,298,701 | 13,562 | |||
Central Pacific Financial Corp. | 666,518 | 13,517 | ||||
*,1 | Silvergate Capital Corp. Class A | 775,730 | 13,498 | |||
*,1 | Riot Blockchain Inc. | 3,879,873 | 13,153 | |||
* | AssetMark Financial Holdings Inc. | 570,816 | 13,129 | |||
* | Clearwater Analytics Holdings Inc. Class A | 686,802 | 12,878 | |||
Live Oak Bancshares Inc. | 425,011 | 12,835 | ||||
1 | Invesco Mortgage Capital Inc. | 911,094 | 11,598 | |||
Broadmark Realty Capital Inc. | 3,254,035 | 11,584 | ||||
P10 Inc. Class A | 1,054,206 | 11,248 | ||||
TPG RE Finance Trust Inc. | 1,595,978 | 10,837 | ||||
*,1 | Marathon Digital Holdings Inc. | 2,860,177 | 9,782 | |||
Victory Capital Holdings Inc. Class A | 308,900 | 8,288 | ||||
GCM Grosvenor Inc. Class A | 1,088,435 | 8,283 | ||||
* | Oscar Health Inc. Class A | 3,240,702 | 7,972 | |||
1 | UWM Holdings Corp. Class A | 2,146,596 | 7,105 | |||
* | World Acceptance Corp. | 104,776 | 6,909 | |||
*,1 | Hagerty Inc. Class A | 531,626 | 4,471 | |||
* | LendingTree Inc. | 140,006 | 2,986 | |||
loanDepot Inc. Class A | 1,300,426 | 2,146 | ||||
*,1 | Bakkt Holdings Inc. | 1,547,417 | 1,841 | |||
Associated Capital Group Inc. Class A | 42,372 | 1,779 | ||||
Goldman Sachs Group Inc. | 1 | — | ||||
16,757,879 | ||||||
Health Care (11.9%) | ||||||
Bio-Techne Corp. | 4,044,486 | 335,207 | ||||
* | United Therapeutics Corp. | 1,174,346 | 326,574 | |||
* | Neurocrine Biosciences Inc. | 2,477,017 | 295,855 |
Shares | Market Value• ($000) | |||||
* | Sarepta Therapeutics Inc. | 2,148,696 | 278,428 | |||
* | Jazz Pharmaceuticals plc | 1,541,322 | 245,548 | |||
* | Repligen Corp. | 1,430,671 | 242,227 | |||
* | Exact Sciences Corp. | 4,579,614 | 226,737 | |||
* | Penumbra Inc. | 929,605 | 206,800 | |||
* | Novocure Ltd. | 2,704,393 | 198,367 | |||
* | Halozyme Therapeutics Inc. | 3,483,813 | 198,229 | |||
Chemed Corp. | 383,102 | 195,547 | ||||
* | Acadia Healthcare Co. Inc. | 2,344,112 | 192,967 | |||
* | Shockwave Medical Inc. | 931,311 | 191,487 | |||
* | Masimo Corp. | 1,286,726 | 190,371 | |||
* | Inspire Medical Systems Inc. | 744,433 | 187,508 | |||
Organon & Co. | 6,553,911 | 183,051 | ||||
Bruker Corp. | 2,652,760 | 181,316 | ||||
DENTSPLY SIRONA Inc. | 5,539,129 | 176,366 | ||||
Encompass Health Corp. | 2,571,077 | 153,776 | ||||
* | Elanco Animal Health Inc. | 12,222,331 | 149,357 | |||
* | Globus Medical Inc. Class A | 1,994,356 | 148,121 | |||
* | Charles River Laboratories International Inc. | 655,436 | 142,820 | |||
* | Envista Holdings Corp. | 4,201,074 | 141,450 | |||
* | Karuna Therapeutics Inc. | 708,269 | 139,175 | |||
* | Tenet Healthcare Corp. | 2,785,849 | 135,922 | |||
* | HealthEquity Inc. | 2,178,049 | 134,255 | |||
* | Exelixis Inc. | 8,311,011 | 133,309 | |||
* | Ionis Pharmaceuticals Inc. | 3,477,112 | 131,331 | |||
Ensign Group Inc. | 1,358,078 | 128,488 | ||||
* | Medpace Holdings Inc. | 600,926 | 127,643 | |||
* | Apellis Pharmaceuticals Inc. | 2,421,786 | 125,231 | |||
* | LHC Group Inc. | 759,590 | 122,818 | |||
* | Option Care Health Inc. | 3,983,885 | 119,875 | |||
Perrigo Co. plc | 3,469,206 | 118,265 | ||||
* | Intra-Cellular Therapies Inc. | 2,196,167 | 116,221 | |||
* | Azenta Inc. | 1,932,977 | 112,538 | |||
* | Alkermes plc | 4,233,591 | 110,624 | |||
Universal Health Services Inc. Class B | 785,159 | 110,621 | ||||
* | QuidelOrtho Corp. | 1,276,344 | 109,344 | |||
* | Natera Inc. | 2,668,905 | 107,210 |
Shares | Market Value• ($000) | |||||
Premier Inc. Class A | 3,060,098 | 107,042 | ||||
* | Cytokinetics Inc. | 2,316,378 | 106,136 | |||
* | Arrowhead Pharmaceuticals Inc. | 2,590,911 | 105,087 | |||
* | Merit Medical Systems Inc. | 1,466,559 | 103,568 | |||
* | Integra LifeSciences Holdings Corp. | 1,829,198 | 102,563 | |||
* | Haemonetics Corp. | 1,303,970 | 102,557 | |||
* | Syneos Health Inc. | 2,651,449 | 97,255 | |||
* | Madrigal Pharmaceuticals Inc. | 330,550 | 95,942 | |||
* | ICU Medical Inc. | 586,997 | 92,440 | |||
* | Lantheus Holdings Inc. | 1,773,550 | 90,380 | |||
* | Teladoc Health Inc. | 3,755,094 | 88,808 | |||
* | Amicus Therapeutics Inc. | 7,238,730 | 88,385 | |||
* | Vaxcyte Inc. | 1,831,607 | 87,826 | |||
* | agilon health Inc. | 5,307,462 | 85,662 | |||
* | 10X Genomics Inc. Class A | 2,340,004 | 85,270 | |||
*,1 | Doximity Inc. Class A | 2,486,359 | 83,442 | |||
* | Neogen Corp. | 5,289,686 | 80,562 | |||
* | Prestige Consumer Healthcare Inc. | 1,276,085 | 79,883 | |||
* | Axonics Inc. | 1,276,310 | 79,808 | |||
* | Ultragenyx Pharmaceutical Inc. | 1,715,999 | 79,502 | |||
* | 1Life Healthcare Inc. | 4,738,922 | 79,187 | |||
* | Tandem Diabetes Care Inc. | 1,656,703 | 74,469 | |||
* | Oak Street Health Inc. | 3,442,666 | 74,052 | |||
* | Denali Therapeutics Inc. | 2,624,636 | 72,991 | |||
* | Intellia Therapeutics Inc. | 2,086,354 | 72,793 | |||
* | PTC Therapeutics Inc. | 1,852,066 | 70,693 | |||
* | Inari Medical Inc. | 1,105,944 | 70,294 | |||
* | Amedisys Inc. | 837,212 | 69,941 | |||
* | Insmed Inc. | 3,491,913 | 69,768 | |||
CONMED Corp. | 785,459 | 69,623 | ||||
*,1 | Axsome Therapeutics Inc. | 895,155 | 69,043 | |||
* | iRhythm Technologies Inc. | 737,010 | 69,036 | |||
* | Guardant Health Inc. | 2,507,397 | 68,201 | |||
* | Blueprint Medicines Corp. | 1,541,598 | 67,537 | |||
* | Beam Therapeutics Inc. | 1,724,882 | 67,460 | |||
* | Evolent Health Inc. Class A | 2,346,675 | 65,895 | |||
* | Vir Biotechnology Inc. | 2,572,345 | 65,106 | |||
Select Medical Holdings Corp. | 2,617,437 | 64,991 | ||||
* | Enovis Corp. | 1,185,956 | 63,472 |
Shares | Market Value• ($000) | |||||
Patterson Cos. Inc. | 2,246,963 | 62,982 | ||||
* | Mirati Therapeutics Inc. | 1,335,398 | 60,507 | |||
* | STAAR Surgical Co. | 1,242,104 | 60,292 | |||
* | Progyny Inc. | 1,914,674 | 59,642 | |||
* | Integer Holdings Corp. | 853,668 | 58,442 | |||
* | Omnicell Inc. | 1,150,521 | 58,009 | |||
* | NuVasive Inc. | 1,343,270 | 55,396 | |||
* | Signify Health Inc. Class A | 1,839,360 | 52,716 | |||
* | Glaukos Corp. | 1,167,638 | 51,002 | |||
* | Cerevel Therapeutics Holdings Inc. | 1,611,106 | 50,814 | |||
* | AtriCure Inc. | 1,138,382 | 50,521 | |||
*,1 | Ginkgo Bioworks Holdings Inc. Class A | 29,670,722 | 50,144 | |||
* | ACADIA Pharmaceuticals Inc. | 3,129,231 | 49,817 | |||
* | Sage Therapeutics Inc. | 1,302,908 | 49,693 | |||
* | Certara Inc. | 3,085,657 | 49,587 | |||
* | Silk Road Medical Inc. | 932,894 | 49,303 | |||
* | REVOLUTION Medicines Inc. | 2,059,069 | 49,047 | |||
* | Corcept Therapeutics Inc. | 2,357,680 | 47,885 | |||
* | DaVita Inc. | 638,737 | 47,695 | |||
* | Amylyx Pharmaceuticals Inc. | 1,279,176 | 47,266 | |||
* | Supernus Pharmaceuticals Inc. | 1,323,268 | 47,201 | |||
* | Relay Therapeutics Inc. | 2,959,630 | 44,217 | |||
* | Surgery Partners Inc. | 1,579,475 | 44,004 | |||
* | Veracyte Inc. | 1,848,805 | 43,872 | |||
* | Pacira BioSciences Inc. | 1,123,118 | 43,364 | |||
* | Pacific Biosciences of California Inc. | 5,243,452 | 42,891 | |||
* | Harmony Biosciences Holdings Inc. | 764,209 | 42,108 | |||
* | Ironwood Pharmaceuticals Inc. Class A | 3,359,272 | 41,621 | |||
* | Maravai LifeSciences Holdings Inc. Class A | 2,880,934 | 41,226 | |||
* | Xencor Inc. | 1,543,975 | 40,205 | |||
* | Arvinas Inc. | 1,165,787 | 39,882 | |||
* | TG Therapeutics Inc. | 3,370,355 | 39,871 | |||
* | Agios Pharmaceuticals Inc. | 1,415,739 | 39,754 | |||
*,1 | PROCEPT BioRobotics Corp. | 921,913 | 38,296 | |||
Embecta Corp. | 1,490,236 | 37,688 | ||||
* | Meridian Bioscience Inc. | 1,129,248 | 37,502 | |||
* | IVERIC bio Inc. | 1,728,252 | 37,002 | |||
* | AdaptHealth Corp. Class A | 1,909,457 | 36,700 |
Shares | Market Value• ($000) | |||||
* | Owens & Minor Inc. | 1,866,063 | 36,444 | |||
* | FibroGen Inc. | 2,178,792 | 34,904 | |||
* | Nevro Corp. | 867,236 | 34,343 | |||
* | Privia Health Group Inc. | 1,471,567 | 33,419 | |||
* | Twist Bioscience Corp. | 1,379,735 | 32,852 | |||
* | Avanos Medical Inc. | 1,198,135 | 32,422 | |||
* | CorVel Corp. | 222,425 | 32,325 | |||
* | Outset Medical Inc. | 1,244,714 | 32,139 | |||
* | SpringWorks Therapeutics Inc. | 1,205,730 | 31,361 | |||
* | Apollo Medical Holdings Inc. | 1,023,136 | 30,275 | |||
* | Pediatrix Medical Group Inc. | 2,033,294 | 30,215 | |||
* | R1 RCM Inc. | 2,682,351 | 29,372 | |||
* | Myriad Genetics Inc. | 1,983,449 | 28,780 | |||
* | NeoGenomics Inc. | 3,091,705 | 28,567 | |||
*,1 | Warby Parker Inc. Class A | 2,101,339 | 28,347 | |||
* | Ligand Pharmaceuticals Inc. | 413,531 | 27,624 | |||
* | BioCryst Pharmaceuticals Inc. | 2,401,546 | 27,570 | |||
* | Reata Pharmaceuticals Inc. Class A | 694,946 | 26,401 | |||
* | NextGen Healthcare Inc. | 1,393,534 | 26,171 | |||
* | Alignment Healthcare Inc. | 2,171,207 | 25,533 | |||
* | Adaptive Biotechnologies Corp. | 3,316,438 | 25,338 | |||
* | Kymera Therapeutics Inc. | 989,642 | 24,701 | |||
* | Iovance Biotherapeutics Inc. | 3,863,603 | 24,688 | |||
* | Immunovant Inc. | 1,331,570 | 23,635 | |||
Healthcare Services Group Inc. | 1,909,053 | 22,909 | ||||
* | REGENXBIO Inc. | 1,003,979 | 22,770 | |||
*,1 | Novavax Inc. | 2,203,252 | 22,649 | |||
* | Zentalis Pharmaceuticals Inc. | 1,102,864 | 22,212 | |||
* | Fate Therapeutics Inc. | 2,128,089 | 21,472 | |||
* | Innoviva Inc. | 1,618,204 | 21,441 | |||
* | Treace Medical Concepts Inc. | 929,491 | 21,369 | |||
* | Cytek Biosciences Inc. | 2,084,786 | 21,286 | |||
* | Sotera Health Co. | 2,544,157 | 21,193 | |||
* | Varex Imaging Corp. | 1,033,244 | 20,975 | |||
* | Phreesia Inc. | 642,996 | 20,807 | |||
* | Bridgebio Pharma Inc. | 2,696,078 | 20,544 | |||
National HealthCare Corp. | 336,083 | 19,997 |
Shares | Market Value• ($000) | |||||
*,1 | Verve Therapeutics Inc. | 1,031,700 | 19,963 | |||
* | Recursion Pharmaceuticals Inc. Class A | 2,575,097 | 19,854 | |||
* | Hims & Hers Health Inc. | 3,082,059 | 19,756 | |||
*,1 | EQRx Inc. | 7,551,735 | 18,577 | |||
*,1 | Theravance Biopharma Inc. | 1,475,474 | 16,555 | |||
* | Enhabit Inc. | 1,214,518 | 15,983 | |||
* | American Well Corp. Class A | 5,623,422 | 15,914 | |||
* | CareDx Inc. | 1,379,403 | 15,739 | |||
* | Editas Medicine Inc. Class A | 1,771,722 | 15,715 | |||
* | HealthStream Inc. | 630,188 | 15,654 | |||
*,1 | 23andMe Holding Co. | 7,019,293 | 15,162 | |||
* | Alector Inc. | 1,598,242 | 14,752 | |||
* | AnaptysBio Inc. | 475,558 | 14,738 | |||
* | Health Catalyst Inc. | 1,340,241 | 14,247 | |||
*,1 | Agiliti Inc. | 858,942 | 14,009 | |||
* | Rocket Pharmaceuticals Inc. | 708,550 | 13,866 | |||
* | OPKO Health Inc. | 10,951,164 | 13,689 | |||
* | Emergent BioSolutions Inc. | 1,156,830 | 13,662 | |||
* | Day One Biopharmaceuticals Inc. | 615,933 | 13,255 | |||
* | Arcus Biosciences Inc. | 606,305 | 12,538 | |||
* | Brookdale Senior Living Inc. | 4,572,898 | 12,484 | |||
* | Lyell Immunopharma Inc. | 3,524,083 | 12,229 | |||
* | Kiniksa Pharmaceuticals Ltd. Class A | 800,686 | 11,994 | |||
* | Allogene Therapeutics Inc. | 1,857,808 | 11,686 | |||
*,1 | Invitae Corp. | 6,258,718 | 11,641 | |||
* | Inogen Inc. | 561,133 | 11,060 | |||
* | Nuvalent Inc. Class A | 361,234 | 10,758 | |||
*,1 | ImmunityBio Inc. | 2,062,678 | 10,458 | |||
* | Multiplan Corp. | 9,057,560 | 10,416 | |||
* | Nektar Therapeutics Class A | 4,601,037 | 10,398 | |||
*,1 | Sana Biotechnology Inc. | 2,453,878 | 9,693 | |||
* | LifeStance Health Group Inc. | 1,937,584 | 9,572 | |||
* | Cullinan Oncology Inc. | 825,491 | 8,709 | |||
* | GoodRx Holdings Inc. Class A | 1,806,013 | 8,416 | |||
*,1 | Butterfly Network Inc. | 3,365,510 | 8,279 |
Shares | Market Value• ($000) | |||||
*,1 | Clover Health Investments Corp. Class A | 8,895,677 | 8,269 | |||
Phibro Animal Health Corp. Class A | 527,056 | 7,068 | ||||
* | Amneal Pharmaceuticals Inc. | 3,512,890 | 6,991 | |||
*,1 | Erasca Inc. | 1,576,383 | 6,794 | |||
* | Accolade Inc. | 834,207 | 6,499 | |||
* | Cano Health Inc. | 4,411,726 | 6,044 | |||
* | NGM Biopharmaceuticals Inc. | 1,158,434 | 5,815 | |||
* | Sangamo Therapeutics Inc. | 1,794,712 | 5,635 | |||
* | Atea Pharmaceuticals Inc. | 965,585 | 4,644 | |||
*,1 | Prime Medicine Inc. | 249,149 | 4,629 | |||
* | PMV Pharmaceuticals Inc. | 529,236 | 4,604 | |||
*,1 | Gossamer Bio Inc. | 2,083,853 | 4,522 | |||
* | OmniAb Inc. | 1,078,510 | 3,883 | |||
*,1 | Innovage Holding Corp. | 527,774 | 3,789 | |||
* | Seer Inc. Class A | 641,370 | 3,720 | |||
* | Design Therapeutics Inc. | 360,832 | 3,702 | |||
* | Pulmonx Corp. | 433,628 | 3,656 | |||
* | Nuvation Bio Inc. | 1,828,558 | 3,511 | |||
* | ALX Oncology Holdings Inc. | 236,725 | 2,668 | |||
* | Stoke Therapeutics Inc. | 279,228 | 2,577 | |||
* | Allovir Inc. | 479,692 | 2,461 | |||
*,1 | P3 Health Partners Inc. | 589,336 | 1,084 | |||
*,1 | SmileDirectClub Inc. Class A | 1,412,359 | 497 | |||
* | Instil Bio Inc. | 752,337 | 474 | |||
*,1,2 | Zogenix Inc. CVR | 215,490 | 431 | |||
*,1 | Synergy Pharmaceuticals LLC | 2,001,166 | — | |||
*,2 | OmniAb Inc. (Earnout Shares) | 313,380 | — | |||
13,398,251 | ||||||
Industrials (20.6%) | ||||||
IDEX Corp. | 1,943,285 | 443,710 | ||||
* | Fair Isaac Corp. | 643,559 | 385,222 | |||
Howmet Aerospace Inc. | 9,593,813 | 378,092 | ||||
Booz Allen Hamilton Holding Corp. Class A | 3,406,934 | 356,093 | ||||
RPM International Inc. | 3,326,388 | 324,157 | ||||
Nordson Corp. | 1,326,703 | 315,384 | ||||
Carlisle Cos. Inc. | 1,332,565 | 314,019 | ||||
Toro Co. | 2,684,932 | 303,934 |
Shares | Market Value• ($000) | |||||
AECOM | 3,572,508 | 303,413 | ||||
Graco Inc. | 4,342,368 | 292,068 | ||||
* | Axon Enterprise Inc. | 1,742,016 | 289,053 | |||
* | Builders FirstSource Inc. | 3,792,046 | 246,028 | |||
* | WillScot Mobile Mini Holdings Corp. | 5,382,222 | 243,115 | |||
Allegion plc | 2,263,456 | 238,251 | ||||
Huntington Ingalls Industries Inc. | 1,028,209 | 237,187 | ||||
AGCO Corp. | 1,633,808 | 226,593 | ||||
Genpact Ltd. | 4,721,969 | 218,722 | ||||
Lincoln Electric Holdings Inc. | 1,487,662 | 214,952 | ||||
Watsco Inc. | 857,059 | 213,751 | ||||
* | Paylocity Holding Corp. | 1,075,868 | 208,998 | |||
Knight-Swift Transportation Holdings Inc. Class A | 3,933,602 | 206,160 | ||||
Owens Corning | 2,407,943 | 205,398 | ||||
Regal Rexnord Corp. | 1,704,529 | 204,509 | ||||
Cognex Corp. | 4,232,950 | 199,414 | ||||
Tetra Tech Inc. | 1,365,148 | 198,206 | ||||
Lennox International Inc. | 821,843 | 196,609 | ||||
Robert Half International Inc. | 2,655,813 | 196,079 | ||||
Berry Global Group Inc. | 3,197,560 | 193,229 | ||||
Pentair plc | 4,238,504 | 190,648 | ||||
A O Smith Corp. | 3,268,974 | 187,116 | ||||
Sealed Air Corp. | 3,727,183 | 185,912 | ||||
* | Middleby Corp. | 1,388,364 | 185,902 | |||
Donaldson Co. Inc. | 3,155,403 | 185,759 | ||||
AptarGroup Inc. | 1,682,118 | 184,999 | ||||
* | WEX Inc. | 1,123,178 | 183,808 | |||
EMCOR Group Inc. | 1,227,884 | 181,862 | ||||
Valmont Industries Inc. | 549,708 | 181,772 | ||||
Graphic Packaging Holding Co. | 7,913,122 | 176,067 | ||||
ITT Inc. | 2,130,853 | 172,812 | ||||
nVent Electric plc | 4,292,363 | 165,127 | ||||
Jack Henry & Associates Inc. | 939,852 | 165,000 | ||||
Curtiss-Wright Corp. | 987,056 | 164,828 | ||||
* | WESCO International Inc. | 1,310,072 | 164,021 | |||
Hubbell Inc. Class B | 691,904 | 162,376 | ||||
Sensata Technologies Holding plc | 3,941,199 | 159,146 | ||||
MDU Resources Group Inc. | 5,239,577 | 158,969 | ||||
Advanced Drainage Systems Inc. | 1,921,409 | 157,498 | ||||
Sonoco Products Co. | 2,512,447 | 152,531 |
Shares | Market Value• ($000) | |||||
Landstar System Inc. | 925,739 | 150,803 | ||||
Woodward Inc. | 1,539,894 | 148,769 | ||||
Oshkosh Corp. | 1,684,949 | 148,596 | ||||
MKS Instruments Inc. | 1,713,613 | 145,194 | ||||
* | Axalta Coating Systems Ltd. | 5,684,306 | 144,779 | |||
* | Saia Inc. | 681,819 | 142,964 | |||
* | Mohawk Industries Inc. | 1,391,501 | 142,239 | |||
Littelfuse Inc. | 637,838 | 140,452 | ||||
MSA Safety Inc. | 959,498 | 138,350 | ||||
* | MasTec Inc. | 1,612,746 | 137,616 | |||
Acuity Brands Inc. | 828,570 | 137,219 | ||||
* | ExlService Holdings Inc. | 809,385 | 137,134 | |||
Western Union Co. | 9,950,307 | 137,016 | ||||
BWX Technologies Inc. | 2,350,414 | 136,512 | ||||
Brunswick Corp. | 1,868,213 | 134,661 | ||||
* | FTI Consulting Inc. | 842,561 | 133,799 | |||
*,1 | GXO Logistics Inc. | 3,056,956 | 130,501 | |||
Exponent Inc. | 1,304,792 | 129,292 | ||||
* | TopBuild Corp. | 823,817 | 128,919 | |||
* | Fluor Corp. | 3,661,096 | 126,894 | |||
* | Chart Industries Inc. | 1,096,579 | 126,359 | |||
Eagle Materials Inc. | 949,342 | 126,120 | ||||
Applied Industrial Technologies Inc. | 993,977 | 125,271 | ||||
Crane Holdings Co. | 1,229,720 | 123,525 | ||||
* | Trex Co. Inc. | 2,827,530 | 119,689 | |||
* | Atkore Inc. | 1,023,282 | 116,061 | |||
Maximus Inc. | 1,565,932 | 114,830 | ||||
* | AMN Healthcare Services Inc. | 1,116,556 | 114,804 | |||
* | Euronet Worldwide Inc. | 1,213,970 | 114,574 | |||
Silgan Holdings Inc. | 2,127,155 | 110,272 | ||||
* | Aerojet Rocketdyne Holdings Inc. | 1,971,298 | 110,255 | |||
ManpowerGroup Inc. | 1,302,657 | 108,394 | ||||
Comfort Systems USA Inc. | 921,459 | 106,042 | ||||
Insperity Inc. | 928,544 | 105,483 | ||||
Air Lease Corp. Class A | 2,714,647 | 104,297 | ||||
Triton International Ltd. | 1,515,537 | 104,239 | ||||
Flowserve Corp. | 3,367,523 | 103,316 | ||||
Watts Water Technologies Inc. Class A | 703,060 | 102,808 | ||||
Ryder System Inc. | 1,230,116 | 102,801 | ||||
Altra Industrial Motion Corp. | 1,679,240 | 100,335 | ||||
* | ATI Inc. | 3,334,601 | 99,571 | |||
* | ASGN Inc. | 1,221,397 | 99,519 | |||
* | Kirby Corp. | 1,543,470 | 99,322 |
Shares | Market Value• ($000) | |||||
Allison Transmission Holdings Inc. | 2,383,011 | 99,133 | ||||
Louisiana-Pacific Corp. | 1,662,506 | 98,420 | ||||
HB Fuller Co. | 1,373,711 | 98,385 | ||||
Simpson Manufacturing Co. Inc. | 1,097,621 | 97,315 | ||||
GATX Corp. | 907,057 | 96,456 | ||||
Fortune Brands Innovations Inc. | 1,662,016 | 94,918 | ||||
MSC Industrial Direct Co. Inc. Class A | 1,156,033 | 94,448 | ||||
Maxar Technologies Inc. | 1,825,113 | 94,431 | ||||
* | XPO Inc. | 2,817,789 | 93,804 | |||
* | API Group Corp. | 4,821,422 | 90,691 | |||
* | Summit Materials Inc. Class A | 3,051,402 | 86,629 | |||
Herc Holdings Inc. | 640,831 | 84,314 | ||||
AAON Inc. | 1,096,583 | 82,595 | ||||
Badger Meter Inc. | 754,169 | 82,227 | ||||
* | Generac Holdings Inc. | 816,675 | 82,207 | |||
Franklin Electric Co. Inc. | 1,014,489 | 80,905 | ||||
Armstrong World Industries Inc. | 1,176,596 | 80,703 | ||||
ADT Inc. | 8,852,353 | 80,291 | ||||
Spirit AeroSystems Holdings Inc. Class A | 2,711,959 | 80,274 | ||||
* | Bloom Energy Corp. Class A | 4,159,524 | 79,530 | |||
Belden Inc. | 1,102,909 | 79,299 | ||||
Albany International Corp. Class A | 801,383 | 79,008 | ||||
Vontier Corp. | 4,070,862 | 78,690 | ||||
EnerSys | 1,052,060 | 77,684 | ||||
Zurn Elkay Water Solutions Corp. | 3,664,904 | 77,513 | ||||
* | Marqeta Inc. Class A | 12,632,367 | 77,184 | |||
ABM Industries Inc. | 1,704,497 | 75,714 | ||||
UniFirst Corp. | 388,496 | 74,976 | ||||
John Bean Technologies Corp. | 820,835 | 74,967 | ||||
* | Atlas Air Worldwide Holdings Inc. | 730,898 | 73,675 | |||
* | SPX Technologies Inc. | 1,106,045 | 72,612 | |||
* | Shift4 Payments Inc. Class A | 1,297,520 | 72,570 | |||
Forward Air Corp. | 685,198 | 71,870 | ||||
Terex Corp. | 1,652,253 | 70,584 | ||||
Korn Ferry | 1,375,381 | 69,622 | ||||
Esab Corp. | 1,470,536 | 68,998 | ||||
Hillenbrand Inc. | 1,597,283 | 68,156 | ||||
* | Dycom Industries Inc. | 723,541 | 67,723 | |||
* | Beacon Roofing Supply Inc. | 1,257,482 | 66,382 | |||
* | O-I Glass Inc. | 3,997,151 | 66,233 |
Shares | Market Value• ($000) | |||||
*,1 | TriNet Group Inc. | 962,101 | 65,230 | |||
Moog Inc. Class A | 739,769 | 64,922 | ||||
* | Hub Group Inc. Class A | 799,285 | 63,535 | |||
* | Mercury Systems Inc. | 1,419,297 | 63,499 | |||
Otter Tail Corp. | 1,072,643 | 62,975 | ||||
* | ACI Worldwide Inc. | 2,720,575 | 62,573 | |||
McGrath RentCorp | 628,375 | 62,046 | ||||
Trinity Industries Inc. | 2,097,461 | 62,022 | ||||
* | Resideo Technologies Inc. | 3,757,889 | 61,817 | |||
Encore Wire Corp. | 448,924 | 61,754 | ||||
Brink's Co. | 1,136,881 | 61,062 | ||||
Matson Inc. | 973,406 | 60,848 | ||||
* | Alight Inc. Class A | 7,178,654 | 60,014 | |||
Werner Enterprises Inc. | 1,465,857 | 59,015 | ||||
* | Itron Inc. | 1,164,056 | 58,959 | |||
ESCO Technologies Inc. | 666,128 | 58,313 | ||||
EnPro Industries Inc. | 536,016 | 58,260 | ||||
* | Flywire Corp. | 2,286,507 | 55,951 | |||
* | AZEK Co. Inc. Class A | 2,744,091 | 55,760 | |||
* | GMS Inc. | 1,092,782 | 54,421 | |||
EVERTEC Inc. | 1,680,125 | 54,402 | ||||
* | Verra Mobility Corp. Class A | 3,861,859 | 53,410 | |||
Brady Corp. Class A | 1,130,888 | 53,265 | ||||
* | AeroVironment Inc. | 611,651 | 52,394 | |||
* | RXO Inc. | 2,966,205 | 51,019 | |||
Barnes Group Inc. | 1,237,844 | 50,566 | ||||
Installed Building Products Inc. | 589,630 | 50,472 | ||||
Kennametal Inc. | 2,076,181 | 49,953 | ||||
*,1 | Affirm Holdings Inc. Class A | 5,038,668 | 48,724 | |||
* | Air Transport Services Group Inc. | 1,874,054 | 48,688 | |||
Bread Financial Holdings Inc. | 1,284,511 | 48,375 | ||||
Griffon Corp. | 1,323,303 | 47,361 | ||||
* | Masonite International Corp. | 573,930 | 46,264 | |||
Lindsay Corp. | 283,557 | 46,177 | ||||
Helios Technologies Inc. | 838,852 | 45,667 | ||||
Mueller Water Products Inc. Class A | 4,016,909 | 43,222 | ||||
* | Evo Payments Inc. Class A | 1,244,450 | 42,112 | |||
Greif Inc. Class A | 627,555 | 42,084 | ||||
ArcBest Corp. | 597,754 | 41,867 | ||||
Granite Construction Inc. | 1,126,788 | 39,516 | ||||
* | AAR Corp. | 866,692 | 38,914 | |||
Enerpac Tool Group Corp. Class A | 1,465,315 | 37,292 |
Shares | Market Value• ($000) | |||||
FTAI Aviation Ltd. | 2,177,872 | 37,285 | ||||
* | Huron Consulting Group Inc. | 513,556 | 37,284 | |||
Federal Signal Corp. | 781,659 | 36,324 | ||||
H&E Equipment Services Inc. | 795,304 | 36,107 | ||||
* | Enovix Corp. | 2,833,512 | 35,249 | |||
* | Payoneer Global Inc. | 6,315,387 | 34,545 | |||
* | Core & Main Inc. Class A | 1,775,561 | 34,286 | |||
* | CoreCivic Inc. | 2,962,622 | 34,248 | |||
* | Kratos Defense & Security Solutions Inc. | 3,245,608 | 33,495 | |||
Standex International Corp. | 308,859 | 31,630 | ||||
* | Vicor Corp. | 582,655 | 31,318 | |||
* | OSI Systems Inc. | 390,906 | 31,085 | |||
* | AvidXchange Holdings Inc. | 3,072,046 | 30,536 | |||
Primoris Services Corp. | 1,368,489 | 30,025 | ||||
TriMas Corp. | 1,081,234 | 29,993 | ||||
Tennant Co. | 479,230 | 29,506 | ||||
* | Gates Industrial Corp. plc | 2,547,335 | 29,065 | |||
Kforce Inc. | 508,027 | 27,855 | ||||
Greenbrier Cos. Inc. | ���802,507 | 26,908 | ||||
Wabash National Corp. | 1,173,610 | 26,524 | ||||
Apogee Enterprises Inc. | 572,215 | 25,441 | ||||
* | Hillman Solutions Corp. | 3,507,897 | 25,292 | |||
* | Rocket Lab USA Inc. | 6,707,288 | 25,286 | |||
* | Remitly Global Inc. | 2,193,936 | 25,121 | |||
AZZ Inc. | 608,600 | 24,466 | ||||
Astec Industries Inc. | 585,249 | 23,796 | ||||
* | Hayward Holdings Inc. | 2,449,721 | 23,027 | |||
Schneider National Inc. Class B | 979,333 | 22,916 | ||||
TTEC Holdings Inc. | 486,766 | 21,481 | ||||
*,1 | Joby Aviation Inc. | 6,408,602 | 21,469 | |||
International Seaways Inc. | 569,014 | 21,065 | ||||
* | Mirion Technologies Inc. | 3,093,865 | 20,450 | |||
Quanex Building Products Corp. | 853,642 | 20,214 | ||||
* | JELD-WEN Holding Inc. | 2,064,517 | 19,923 | |||
* | Legalzoom.com Inc. | 2,481,789 | 19,209 | |||
Deluxe Corp. | 1,111,448 | 18,872 | ||||
Heartland Express Inc. | 1,220,778 | 18,727 | ||||
*,1 | Nikola Corp. | 8,637,823 | 18,658 | |||
* | Proterra Inc. | 4,939,866 | 18,623 |
Shares | Market Value• ($000) | |||||
*,1 | PureCycle Technologies Inc. | 2,738,423 | 18,512 | |||
*,1 | Virgin Galactic Holdings Inc. | 5,306,237 | 18,466 | |||
* | Gibraltar Industries Inc. | 399,044 | 18,308 | |||
* | Green Dot Corp. Class A | 1,151,345 | 18,214 | |||
* | Conduent Inc. | 4,451,477 | 18,028 | |||
* | Proto Labs Inc. | 698,801 | 17,840 | |||
* | First Advantage Corp. | 1,370,215 | 17,813 | |||
* | Thermon Group Holdings Inc. | 863,097 | 17,331 | |||
* | ZipRecruiter Inc. Class A | 1,028,678 | 16,891 | |||
* | Leonardo DRS Inc. | 1,314,898 | 16,804 | |||
* | Vivint Smart Home Inc. | 1,374,453 | 16,356 | |||
* | Janus International Group Inc. | 1,700,367 | 16,187 | |||
Kaman Corp. | 722,009 | 16,101 | ||||
* | TrueBlue Inc. | 800,934 | 15,682 | |||
Pitney Bowes Inc. | 4,035,093 | 15,333 | ||||
Gorman-Rupp Co. | 571,647 | 14,646 | ||||
Kelly Services Inc. Class A | 846,795 | 14,311 | ||||
* | FARO Technologies Inc. | 483,974 | 14,234 | |||
* | TaskUS Inc. Class A | 709,672 | 11,993 | |||
*,1 | Aurora Innovation Inc. | 9,547,827 | 11,553 | |||
* | Cimpress plc | 405,508 | 11,196 | |||
* | Forrester Research Inc. | 293,827 | 10,507 | |||
* | American Woodmark Corp. | 214,174 | 10,465 | |||
* | CryoPort Inc. | 600,129 | 10,412 | |||
Pactiv Evergreen Inc. | 916,219 | 10,408 | ||||
REV Group Inc. | 764,421 | 9,647 | ||||
National Presto Industries Inc. | 136,298 | 9,331 | ||||
Greif Inc. Class B | 112,640 | 8,812 | ||||
*,1 | Desktop Metal Inc. Class A | 6,165,901 | 8,386 | |||
*,1 | Hyliion Holdings Corp. | 3,473,664 | 8,128 | |||
* | Triumph Group Inc. | 753,682 | 7,929 | |||
* | Sterling Check Corp. | 502,785 | 7,778 | |||
* | BrightView Holdings Inc. | 1,078,502 | 7,431 | |||
* | Microvast Holdings Inc. | 3,968,316 | 6,072 | |||
* | TuSimple Holdings Inc. Class A | 3,595,268 | 5,896 | |||
Kronos Worldwide Inc. | 595,056 | 5,594 | ||||
Hyster-Yale Materials Handling Inc. | 220,267 | 5,575 | ||||
* | Advantage Solutions Inc. | 2,063,541 | 4,292 | |||
* | CS Disco Inc. | 603,253 | 3,813 |
Shares | Market Value• ($000) | |||||
* | Ranpak Holdings Corp. Class A | 569,348 | 3,285 | |||
*,1 | Paymentus Holdings Inc. Class A | 400,520 | 3,208 | |||
*,1 | Global Business Travel Group I | 349,518 | 2,359 | |||
*,1 | MSP Recovery Inc. | 1,131,442 | 1,810 | |||
23,158,192 | ||||||
Real Estate (8.1%) | ||||||
Kimco Realty Corp. | 15,935,357 | 337,511 | ||||
Gaming & Leisure Properties Inc. | 6,303,420 | 328,345 | ||||
Equity LifeStyle Properties Inc. | 4,315,797 | 278,800 | ||||
Rexford Industrial Realty Inc. | 4,728,110 | 258,344 | ||||
CubeSmart | 5,786,362 | 232,901 | ||||
American Homes 4 Rent Class A | 7,273,413 | 219,221 | ||||
Life Storage Inc. | 2,190,076 | 215,722 | ||||
Lamar Advertising Co. Class A | 2,248,450 | 212,254 | ||||
Federal Realty Investment Trust | 2,092,409 | 211,417 | ||||
National Retail Properties Inc. | 4,605,228 | 210,735 | ||||
STORE Capital Corp. | 6,555,362 | 210,165 | ||||
Americold Realty Trust Inc. | 6,941,403 | 196,511 | ||||
* | Jones Lang LaSalle Inc. | 1,222,961 | 194,903 | |||
Healthcare Realty Trust Inc. Class A | 9,806,002 | 188,962 | ||||
Brixmor Property Group Inc. | 7,727,505 | 175,183 | ||||
Medical Properties Trust Inc. | 15,408,104 | 171,646 | ||||
Omega Healthcare Investors Inc. | 6,033,992 | 168,650 | ||||
EastGroup Properties Inc. | 1,122,771 | 166,237 | ||||
First Industrial Realty Trust Inc. | 3,404,554 | 164,304 | ||||
Agree Realty Corp. | 2,282,311 | 161,884 | ||||
STAG Industrial Inc. | 4,617,740 | 149,199 | ||||
Host Hotels & Resorts Inc. | 9,211,706 | 147,848 | ||||
Spirit Realty Capital Inc. | 3,598,521 | 143,689 | ||||
Regency Centers Corp. | 2,204,570 | 137,786 | ||||
Apartment Income REIT Corp. Class A | 3,900,518 | 133,827 | ||||
Rayonier Inc. | 3,772,756 | 124,350 | ||||
Kite Realty Group Trust | 5,645,371 | 118,835 | ||||
Kilroy Realty Corp. | 3,011,543 | 116,456 |
Shares | Market Value• ($000) | |||||
Ryman Hospitality Properties Inc. | 1,350,295 | 110,427 | ||||
Terreno Realty Corp. | 1,861,997 | 105,892 | ||||
Cousins Properties Inc. | 3,901,983 | 98,681 | ||||
Independence Realty Trust Inc. | 5,773,695 | 97,345 | ||||
Phillips Edison & Co. Inc. | 3,017,239 | 96,069 | ||||
Vornado Realty Trust | 4,448,147 | 92,566 | ||||
PotlatchDeltic Corp. | 2,081,344 | 91,558 | ||||
Essential Properties Realty Trust Inc. | 3,668,553 | 86,101 | ||||
Physicians Realty Trust | 5,881,581 | 85,106 | ||||
Apple Hospitality REIT Inc. | 5,304,641 | 83,707 | ||||
National Storage Affiliates Trust | 2,224,175 | 80,337 | ||||
Highwoods Properties Inc. | 2,710,506 | 75,840 | ||||
Corporate Office Properties Trust | 2,896,721 | 75,141 | ||||
Sabra Health Care REIT Inc. | 5,951,550 | 73,978 | ||||
Innovative Industrial Properties Inc. | 720,716 | 73,045 | ||||
EPR Properties | 1,932,931 | 72,910 | ||||
LXP Industrial Trust | 7,104,262 | 71,185 | ||||
Broadstone Net Lease Inc. | 4,237,866 | 68,696 | ||||
Douglas Emmett Inc. | 4,303,019 | 67,471 | ||||
Equity Commonwealth | 2,678,585 | 66,884 | ||||
* | Howard Hughes Corp. | 871,925 | 66,633 | |||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 2,292,654 | 66,441 | ||||
Park Hotels & Resorts Inc. | 5,503,960 | 64,892 | ||||
SITE Centers Corp. | 4,654,296 | 63,578 | ||||
Outfront Media Inc. | 3,806,598 | 63,113 | ||||
Macerich Co. | 5,534,403 | 62,317 | ||||
1 | SL Green Realty Corp. | 1,657,248 | 55,882 | |||
JBG SMITH Properties | 2,932,004 | 55,649 | ||||
National Health Investors Inc. | 1,062,055 | 55,461 | ||||
Sunstone Hotel Investors Inc. | 5,421,104 | 52,368 | ||||
*,1 | Cushman & Wakefield plc | 4,072,248 | 50,740 | |||
Kennedy-Wilson Holdings Inc. | 3,018,090 | 47,475 | ||||
CareTrust REIT Inc. | 2,500,019 | 46,450 | ||||
Retail Opportunity Investments Corp. | 3,050,009 | 45,842 |
Shares | Market Value• ($000) | |||||
Tanger Factory Outlet Centers Inc. | 2,554,106 | 45,821 | ||||
Pebblebrook Hotel Trust | 3,387,687 | 45,361 | ||||
DigitalBridge Group Inc. | 4,115,726 | 45,026 | ||||
RLJ Lodging Trust | 4,175,583 | 44,219 | ||||
DiamondRock Hospitality Co. | 5,394,747 | 44,183 | ||||
Urban Edge Properties | 2,874,590 | 40,503 | ||||
Elme Communities | 2,255,106 | 40,141 | ||||
InvenTrust Properties Corp. | 1,650,555 | 39,069 | ||||
Xenia Hotels & Resorts Inc. | 2,933,408 | 38,662 | ||||
LTC Properties Inc. | 1,043,621 | 37,080 | ||||
Getty Realty Corp. | 1,083,724 | 36,684 | ||||
* | Veris Residential Inc. | 2,229,726 | 35,520 | |||
Hudson Pacific Properties Inc. | 3,631,507 | 35,335 | ||||
Acadia Realty Trust | 2,446,950 | 35,114 | ||||
Alexander & Baldwin Inc. | 1,869,288 | 35,012 | ||||
Uniti Group Inc. | 6,111,491 | 33,797 | ||||
Global Net Lease Inc. | 2,674,549 | 33,619 | ||||
* | GEO Group Inc. | 3,038,938 | 33,276 | |||
American Assets Trust Inc. | 1,247,771 | 33,066 | ||||
St. Joe Co. | 826,704 | 31,952 | ||||
Service Properties Trust | 4,263,259 | 31,079 | ||||
Piedmont Office Realty Trust Inc. Class A | 3,179,666 | 29,158 | ||||
Paramount Group Inc. | 4,814,905 | 28,601 | ||||
Empire State Realty Trust Inc. Class A | 4,133,716 | 27,861 | ||||
Brandywine Realty Trust | 4,421,175 | 27,190 | ||||
Apartment Investment & Management Co. Class A | 3,711,402 | 26,425 | ||||
Newmark Group Inc. Class A | 3,297,312 | 26,280 | ||||
Centerspace | 388,352 | 22,785 | ||||
Marcus & Millichap Inc. | 659,460 | 22,718 | ||||
RPT Realty | 2,196,635 | 22,054 | ||||
1 | eXp World Holdings Inc. | 1,967,551 | 21,800 | |||
Necessity Retail REIT Inc. Class A | 3,459,015 | 20,512 | ||||
Safehold Inc. | 640,983 | 18,345 | ||||
* | Anywhere Real Estate Inc. | 2,680,143 | 17,126 | |||
* | Compass Inc. Class A | 7,293,794 | 16,995 | |||
Office Properties Income Trust | 1,251,598 | 16,709 |
Shares | Market Value• ($000) | |||||
Universal Health Realty Income Trust | 320,070 | 15,277 | ||||
*,1 | Opendoor Technologies Inc. | 13,074,432 | 15,166 | |||
Saul Centers Inc. | 338,577 | 13,773 | ||||
Alexander's Inc. | 52,631 | 11,582 | ||||
RMR Group Inc. Class A | 400,310 | 11,309 | ||||
*,1 | Redfin Corp. | 2,662,304 | 11,288 | |||
*,1 | WeWork Inc. | 7,297,911 | 10,436 | |||
Summit Hotel Properties Inc. | 1,308,459 | 9,447 | ||||
Bridge Investment Group Holdings Inc. Class A | 715,867 | 8,626 | ||||
Urstadt Biddle Properties Inc. Class A | 415,896 | 7,881 | ||||
* | Forestar Group Inc. | 448,923 | 6,918 | |||
*,1 | Seritage Growth Properties Class A | 469,363 | 5,553 | |||
Industrial Logistics Properties Trust | 844,957 | 2,763 | ||||
*,2 | Spirit MTA REIT | 529,410 | — | |||
Douglas Elliman Inc. | 57 | — | ||||
9,114,562 | ||||||
Technology (10.9%) | ||||||
* | PTC Inc. | 2,724,102 | 327,001 | |||
Entegris Inc. | 3,840,035 | 251,868 | ||||
* | Ceridian HCM Holding Inc. | 3,759,686 | 241,184 | |||
* | Lattice Semiconductor Corp. | 3,531,495 | 229,123 | |||
Jabil Inc. | 3,295,693 | 224,766 | ||||
* | Wolfspeed Inc. | 3,200,466 | 220,960 | |||
* | Dynatrace Inc. | 5,191,834 | 198,847 | |||
* | Pure Storage Inc. Class A | 7,316,935 | 195,801 | |||
* | Manhattan Associates Inc. | 1,607,747 | 195,180 | |||
KBR Inc. | 3,535,041 | 186,650 | ||||
Leidos Holdings Inc. | 1,760,936 | 185,233 | ||||
* | CACI International Inc. Class A | 605,411 | 181,980 | |||
* | Arrow Electronics Inc. | 1,584,817 | 165,724 | |||
Science Applications International Corp. | 1,420,476 | 157,573 | ||||
* | Coupa Software Inc. | 1,956,480 | 154,895 | |||
* | Nutanix Inc. Class A | 5,928,514 | 154,438 | |||
* | Aspen Technology Inc. | 748,341 | 153,709 | |||
* | DXC Technology Co. | 5,777,917 | 153,115 | |||
Concentrix Corp. | 998,544 | 132,966 | ||||
* | Guidewire Software Inc. | 2,109,669 | 131,981 | |||
* | Smartsheet Inc. Class A | 3,196,866 | 125,829 |
Shares | Market Value• ($000) | |||||
National Instruments Corp. | 3,364,224 | 124,140 | ||||
* | Five9 Inc. | 1,816,644 | 123,277 | |||
* | Fabrinet | 942,685 | 120,871 | |||
* | SPS Commerce Inc. | 928,634 | 119,264 | |||
* | Novanta Inc. | 873,640 | 118,701 | |||
Universal Display Corp. | 1,095,439 | 118,351 | ||||
* | F5 Inc. | 777,695 | 111,607 | |||
* | Tenable Holdings Inc. | 2,899,075 | 110,600 | |||
* | Silicon Laboratories Inc. | 814,731 | 110,535 | |||
Dolby Laboratories Inc. Class A | 1,542,655 | 108,819 | ||||
* | Box Inc. Class A | 3,483,681 | 108,447 | |||
* | Coherent Corp. | 3,037,628 | 106,621 | |||
Vertiv Holdings Co. Class A | 7,777,250 | 106,237 | ||||
Power Integrations Inc. | 1,473,747 | 105,697 | ||||
* | Cirrus Logic Inc. | 1,418,723 | 105,666 | |||
TD SYNNEX Corp. | 1,107,915 | 104,931 | ||||
* | Elastic NV | 1,959,900 | 100,935 | |||
* | Workiva Inc. Class A | 1,191,052 | 100,013 | |||
* | Rambus Inc. | 2,769,343 | 99,198 | |||
* | Qualys Inc. | 880,961 | 98,870 | |||
Avnet Inc. | 2,358,018 | 98,046 | ||||
* | Synaptics Inc. | 1,027,306 | 97,758 | |||
* | Super Micro Computer Inc. | 1,159,097 | 95,162 | |||
* | Blackline Inc. | 1,386,181 | 93,248 | |||
* | Ziff Davis Inc. | 1,155,337 | 91,387 | |||
* | IAC Inc. | 2,034,082 | 90,313 | |||
* | Insight Enterprises Inc. | 897,512 | 89,994 | |||
* | Teradata Corp. | 2,623,148 | 88,295 | |||
* | Envestnet Inc. | 1,425,583 | 87,958 | |||
* | Onto Innovation Inc. | 1,275,829 | 86,871 | |||
*,1 | Gitlab Inc. Class A | 1,905,724 | 86,596 | |||
* | MACOM Technology Solutions Holdings Inc. | 1,365,625 | 86,007 | |||
* | Diodes Inc. | 1,113,003 | 84,744 | |||
* | Procore Technologies Inc. | 1,778,047 | 83,888 | |||
Advanced Energy Industries Inc. | 963,251 | 82,628 | ||||
Dun & Bradstreet Holdings Inc. | 6,736,355 | 82,588 | ||||
* | Sanmina Corp. | 1,405,722 | 80,534 | |||
* | Blackbaud Inc. | 1,368,207 | 80,533 | |||
* | New Relic Inc. | 1,408,742 | 79,523 | |||
* | NCR Corp. | 3,363,318 | 78,735 | |||
* | RingCentral Inc. Class A | 2,217,661 | 78,505 | |||
* | Ambarella Inc. | 940,332 | 77,323 |
Shares | Market Value• ($000) | |||||
* | Dropbox Inc. Class A | 3,431,987 | 76,808 | |||
* | Alteryx Inc. Class A | 1,498,197 | 75,914 | |||
* | SentinelOne Inc. Class A | 5,036,689 | 73,485 | |||
* | Plexus Corp. | 711,895 | 73,275 | |||
* | CommVault Systems Inc. | 1,147,462 | 72,107 | |||
Vishay Intertechnology Inc. | 3,338,489 | 72,011 | ||||
* | IPG Photonics Corp. | 753,082 | 71,294 | |||
* | Confluent Inc. Class A | 3,169,066 | 70,480 | |||
* | Toast Inc. Class A | 3,877,731 | 69,915 | |||
* | Sprout Social Inc. Class A | 1,217,891 | 68,762 | |||
Amkor Technology Inc. | 2,840,361 | 68,112 | ||||
* | Varonis Systems Inc. Class B | 2,697,956 | 64,589 | |||
* | Perficient Inc. | 892,246 | 62,306 | |||
* | MaxLinear Inc. Class A | 1,821,960 | 61,856 | |||
* | Altair Engineering Inc. Class A | 1,350,155 | 61,392 | |||
* | Alarm.com Holdings Inc. | 1,221,711 | 60,450 | |||
* | Kyndryl Holdings Inc. | 5,259,360 | 58,484 | |||
*,1 | Freshworks Inc. Class A | 3,943,725 | 58,012 | |||
* | Verint Systems Inc. | 1,596,170 | 57,909 | |||
* | Rogers Corp. | 484,741 | 57,849 | |||
* | NetScout Systems Inc. | 1,768,437 | 57,492 | |||
Clear Secure Inc. Class A | 2,095,947 | 57,492 | ||||
Progress Software Corp. | 1,107,905 | 55,894 | ||||
* | PagerDuty Inc. | 2,067,632 | 54,916 | |||
* | KnowBe4 Inc. Class A | 2,215,909 | 54,910 | |||
* | Allegro MicroSystems Inc. | 1,725,234 | 51,792 | |||
* | Appfolio Inc. Class A | 473,191 | 49,865 | |||
* | UiPath Inc. Class A | 3,914,299 | 49,751 | |||
* | Rapid7 Inc. | 1,450,010 | 49,271 | |||
* | nCino Inc. | 1,856,467 | 49,085 | |||
* | Allscripts Healthcare Solutions Inc. | 2,674,375 | 47,176 | |||
* | Semtech Corp. | 1,636,666 | 46,956 | |||
* | Yelp Inc. Class A | 1,706,629 | 46,659 | |||
* | DoubleVerify Holdings Inc. | 2,124,099 | 46,645 | |||
* | Bumble Inc. Class A | 2,171,963 | 45,720 | |||
* | HashiCorp Inc. Class A | 1,615,371 | 44,164 | |||
* | FormFactor Inc. | 1,984,653 | 44,119 | |||
CSG Systems International Inc. | 771,278 | 44,117 | ||||
* | Parsons Corp. | 933,377 | 43,169 |
Shares | Market Value• ($000) | |||||
* | DigitalOcean Holdings Inc. | 1,613,094 | 41,086 | |||
Xerox Holdings Corp. | 2,793,052 | 40,779 | ||||
Methode Electronics Inc. | 895,250 | 39,722 | ||||
* | SiTime Corp. | 386,728 | 39,299 | |||
*,1 | Paycor HCM Inc. | 1,585,955 | 38,808 | |||
* | LiveRamp Holdings Inc. | 1,627,293 | 38,144 | |||
* | Q2 Holdings Inc. | 1,407,950 | 37,832 | |||
* | Digital Turbine Inc. | 2,423,818 | 36,939 | |||
* | Jamf Holding Corp. | 1,720,279 | 36,642 | |||
Pegasystems Inc. | 1,058,940 | 36,258 | ||||
* | JFrog Ltd. | 1,679,774 | 35,830 | |||
* | TTM Technologies Inc. | 2,370,152 | 35,742 | |||
* | Cargurus Inc. Class A | 2,520,022 | 35,306 | |||
* | CCC Intelligent Solutions Holdings Inc. | 3,998,575 | 34,788 | |||
* | Magnite Inc. | 3,265,091 | 34,577 | |||
*,1 | MicroStrategy Inc. Class A | 241,018 | 34,121 | |||
*,1 | Xometry Inc. Class A | 1,038,247 | 33,463 | |||
* | Appian Corp. Class A | 1,004,870 | 32,719 | |||
* | E2open Parent Holdings Inc. | 5,451,994 | 32,003 | |||
* | Upwork Inc. | 3,045,858 | 31,799 | |||
Shutterstock Inc. | 600,069 | 31,636 | ||||
* | Impinj Inc. | 283,919 | 30,998 | |||
* | Everbridge Inc. | 1,028,756 | 30,431 | |||
* | Samsara Inc. Class A | 2,425,357 | 30,147 | |||
* | Qualtrics International Inc. Class A | 2,807,445 | 29,141 | |||
* | Zeta Global Holdings Corp. Class A | 3,365,731 | 27,498 | |||
* | Credo Technology Group Holding Ltd. | 2,064,678 | 27,481 | |||
*,1 | C3.ai Inc. Class A | 2,434,662 | 27,244 | |||
* | PROS Holdings Inc. | 1,051,025 | 25,498 | |||
* | Squarespace Inc. Class A | 1,146,374 | 25,415 | |||
* | Schrodinger Inc. | 1,359,552 | 25,410 | |||
* | ForgeRock Inc. Class A | 1,105,539 | 25,173 | |||
* | Thoughtworks Holding Inc. | 2,434,047 | 24,803 | |||
* | Consensus Cloud Solutions Inc. | 459,788 | 24,718 | |||
* | Veeco Instruments Inc. | 1,325,113 | 24,621 | |||
Adeia Inc. | 2,589,517 | 24,549 | ||||
* | Asana Inc. Class A | 1,777,075 | 24,470 | |||
*,1 | Braze Inc. Class A | 877,692 | 23,943 | |||
* | AppLovin Corp. Class A | 2,266,491 | 23,866 | |||
* | 3D Systems Corp. | 3,210,664 | 23,759 |
Shares | Market Value• ($000) | |||||
* | Fastly Inc. Class A | 2,852,480 | 23,362 | |||
Benchmark Electronics Inc. | 861,103 | 22,983 | ||||
* | Momentive Global Inc. | 3,256,085 | 22,793 | |||
* | Duck Creek Technologies Inc. | 1,881,220 | 22,669 | |||
* | Planet Labs PBC | 4,809,708 | 20,922 | |||
* | Zuora Inc. Class A | 3,190,300 | 20,290 | |||
* | Sprinklr Inc. Class A | 2,480,841 | 20,268 | |||
* | Sumo Logic Inc. | 2,443,840 | 19,795 | |||
* | ScanSource Inc. | 650,541 | 19,009 | |||
* | Cerence Inc. | 1,014,916 | 18,806 | |||
* | LivePerson Inc. | 1,843,947 | 18,698 | |||
* | N-able Inc. | 1,629,590 | 16,752 | |||
* | Yext Inc. | 2,544,445 | 16,615 | |||
* | Olo Inc. Class A | 2,593,580 | 16,210 | |||
*,1 | Informatica Inc. Class A | 923,756 | 15,048 | |||
* | AvePoint Inc. | 3,607,856 | 14,828 | |||
* | CEVA Inc. | 567,637 | 14,520 | |||
* | Alkami Technology Inc. | 942,902 | 13,757 | |||
* | Vertex Inc. Class A | 941,862 | 13,666 | |||
* | PubMatic Inc. Class A | 1,054,545 | 13,509 | |||
*,1 | IonQ Inc. | 3,864,310 | 13,332 | |||
* | BigCommerce Holdings Inc. | 1,518,940 | 13,276 | |||
* | Amplitude Inc. Class A | 1,062,034 | 12,829 | |||
Ebix Inc. | 637,056 | 12,716 | ||||
* | Eventbrite Inc. Class A | 2,089,311 | 12,243 | |||
* | Vimeo Inc. | 3,441,103 | 11,803 | |||
* | Bandwidth Inc. Class A | 511,606 | 11,741 | |||
* | SolarWinds Corp. | 1,250,385 | 11,704 | |||
* | EngageSmart Inc. | 642,124 | 11,301 | |||
* | nLight Inc. | 1,109,162 | 11,247 | |||
* | Definitive Healthcare Corp. Class A | 947,747 | 10,416 | |||
* | Intapp Inc. | 406,013 | 10,126 | |||
*,1 | Cvent Holding Corp. Class A | 1,874,349 | 10,121 | |||
* | Expensify Inc. Class A | 1,055,350 | 9,319 | |||
*,1 | Matterport Inc. | 3,148,383 | 8,815 | |||
*,1 | SmartRent Inc. Class A | 3,578,058 | 8,695 | |||
*,1 | NerdWallet Inc. Class A | 880,318 | 8,451 | |||
* | Couchbase Inc. | 577,059 | 7,652 | |||
*,1 | SEMrush Holdings Inc. Class A | 787,318 | 6,409 | |||
* | MediaAlpha Inc. Class A | 609,641 | 6,066 | |||
* | MeridianLink Inc. | 417,086 | 5,727 | |||
* | Nextdoor Holdings Inc. | 2,726,473 | 5,617 | |||
* | EverCommerce Inc. | 746,906 | 5,557 | |||
*,1 | Enfusion Inc. Class A | 533,461 | 5,159 |
Shares | Market Value• ($000) | |||||
*,1 | Rackspace Technology Inc. | 1,630,670 | 4,810 | |||
*,1 | Rumble Inc. | 718,652 | 4,276 | |||
* | Unisys Corp. | 829,663 | 4,240 | |||
* | Blend Labs Inc. Class A | 2,753,846 | 3,966 | |||
* | Telos Corp. | 605,963 | 3,084 | |||
* | Aeva Technologies Inc. | 1,686,650 | 2,294 | |||
* | SecureWorks Corp. Class A | 206,352 | 1,319 | |||
*,1 | Skillz Inc. Class A | 2,039,464 | 1,033 | |||
12,222,944 | ||||||
Telecommunications (1.3%) | ||||||
* | Ciena Corp. | 3,817,021 | 194,592 | |||
* | Frontier Communications Parent Inc. | 6,312,837 | 160,851 | |||
* | Iridium Communications Inc. | 2,913,535 | 149,756 | |||
Juniper Networks Inc. | 4,181,085 | 133,628 | ||||
Cable One Inc. | 149,671 | 106,545 | ||||
* | Calix Inc. | 1,433,219 | 98,075 | |||
* | Lumentum Holdings Inc. | 1,669,318 | 87,088 | |||
Lumen Technologies Inc. | 13,336,464 | 69,616 | ||||
Cogent Communications Holdings Inc. | 1,113,359 | 63,551 | ||||
* | Viavi Solutions Inc. | 5,832,201 | 61,296 | |||
* | Viasat Inc. | 1,850,184 | 58,558 | |||
InterDigital Inc. | 764,286 | 37,817 | ||||
* | CommScope Holding Co. Inc. | 5,099,900 | 37,484 | |||
ADTRAN Holdings Inc. | 1,800,861 | 33,838 | ||||
* | Infinera Corp. | 4,817,844 | 32,472 | |||
Telephone & Data Systems Inc. | 2,599,330 | 27,267 | ||||
* | Altice USA Inc. Class A | 5,572,579 | 25,634 | |||
* | Globalstar Inc. | 18,561,973 | 24,687 | |||
Shenandoah Telecommunications Co. | 1,226,331 | 19,474 | ||||
* | EchoStar Corp. Class A | 867,834 | 14,476 | |||
ATN International Inc. | 284,319 | 12,883 | ||||
* | NETGEAR Inc. | 707,382 | 12,811 | |||
* | WideOpenWest Inc. | 1,355,333 | 12,347 | |||
* | Gogo Inc. | 819,794 | 12,100 | |||
* | 8x8 Inc. | 2,734,038 | 11,811 | |||
* | Xperi Inc. | 1,066,674 | 9,184 | |||
*,1 | fuboTV Inc. | 4,782,887 | 8,322 | |||
* | United States Cellular Corp. | 336,432 | 7,015 | |||
1,523,178 |
Shares | Market Value• ($000) | |||||
Utilities (3.8%) | ||||||
Atmos Energy Corp. | 3,630,512 | 406,872 | ||||
Essential Utilities Inc. | 6,082,365 | 290,311 | ||||
Pinnacle West Capital Corp. | 2,915,133 | 221,667 | ||||
OGE Energy Corp. | 5,158,303 | 204,011 | ||||
UGI Corp. | 5,402,924 | 200,286 | ||||
NRG Energy Inc. | 5,936,029 | 188,884 | ||||
* | Clean Harbors Inc. | 1,323,607 | 151,050 | |||
National Fuel Gas Co. | 2,357,198 | 149,211 | ||||
IDACORP Inc. | 1,302,779 | 140,505 | ||||
* | Sunrun Inc. | 5,216,380 | 125,298 | |||
* | Evoqua Water Technologies Corp. | 3,138,695 | 124,292 | |||
New Jersey Resources Corp. | 2,483,514 | 123,232 | ||||
* | Stericycle Inc. | 2,375,286 | 118,503 | |||
Hawaiian Electric Industries Inc. | 2,820,753 | 118,049 | ||||
Black Hills Corp. | 1,676,765 | 117,944 | ||||
Portland General Electric Co. | 2,299,484 | 112,675 | ||||
South Jersey Industries Inc. | 3,155,411 | 112,112 | ||||
PNM Resources Inc. | 2,211,604 | 107,904 | ||||
Ormat Technologies Inc. | 1,227,556 | 106,159 | ||||
ONE Gas Inc. | 1,395,000 | 105,629 | ||||
* | Casella Waste Systems Inc. Class A | 1,306,106 | 103,587 | |||
Southwest Gas Holdings Inc. | 1,636,365 | 101,258 | ||||
ALLETE Inc. | 1,472,832 | 95,012 | ||||
Spire Inc. | 1,285,150 | 88,495 | ||||
NorthWestern Corp. | 1,488,770 | 88,344 | ||||
American States Water Co. | 952,332 | 88,138 | ||||
California Water Service Group | 1,412,647 | 85,663 | ||||
Avista Corp. | 1,900,971 | 84,289 | ||||
Clearway Energy Inc. Class C | 2,118,242 | 67,508 | ||||
MGE Energy Inc. | 931,788 | 65,598 | ||||
* | Sunnova Energy International Inc. | 2,516,732 | 45,326 | |||
Northwest Natural Holding Co. | 904,395 | 43,040 | ||||
Clearway Energy Inc. Class A | 891,374 | 26,670 | ||||
Excelerate Energy Inc. Class A | 526,288 | 13,184 | ||||
* | Harsco Corp. | 2,047,900 | 12,881 | |||
*,1 | NuScale Power Corp. | 1,002,818 | 10,289 | |||
4,243,876 | ||||||
Total Common Stocks (Cost $97,591,174) | 111,883,747 |
Shares | Market Value• ($000) | |||||
Temporary Cash Investments (1.8%) | ||||||
Money Market Fund (1.8%) | ||||||
3,4 | Vanguard Market Liquidity Fund, 4.334% (Cost $2,012,495) | 20,132,780 | 2,013,077 | |||
Total Investments (101.3%) (Cost $99,603,669) | 113,896,824 | |||||
Other Assets and Liabilities—Net (-1.3%) | (1,426,527) | |||||
Net Assets (100%) | 112,470,297 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,357,522,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $1,483,949,000 was received for securities on loan, of which $1,475,911,000 is held in Vanguard Market Liquidity Fund and $8,038,000 is held in cash. |
CVR—Contingent Value Rights. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2023 | 2,997 | 265,370 | (4,010) |
E-mini S&P 500 Index | March 2023 | 160 | 30,888 | (863) |
E-mini S&P Mid-Cap 400 Index | March 2023 | 1,274 | 311,187 | (5,344) |
(10,217) |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
ACI Worldwide Inc. | 8/31/23 | BANA | 1,150 | (4.515) | 111 | — |
ACI Worldwide Inc. | 8/31/23 | BANA | 1,108 | (4.515) | 107 | — |
ACI Worldwide Inc. | 8/31/23 | BANA | 1,400 | (4.515) | 136 | — |
DXC Technology Co. | 8/31/23 | BANA | 4,451 | (4.515) | — | (492) |
Ollie's Bargain Outlet Holdings Inc. | 1/31/23 | GSI | 15,228 | (4.329) | — | (1,196) |
Virtu Financial Inc. Class A | 8/31/23 | BANA | 1,087 | (4.515) | — | (79) |
Virtu Financial Inc. Class A | 8/31/23 | BANA | 288 | (4.515) | — | (21) |
354 | (1,788) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $97,591,174) | 111,883,747 |
Affiliated Issuers (Cost $2,012,495) | 2,013,077 |
Total Investments in Securities | 113,896,824 |
Investment in Vanguard | 4,348 |
Cash | 115,713 |
Cash Collateral Pledged—Futures Contracts | 42,119 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 1,749 |
Receivables for Investment Securities Sold | 92 |
Receivables for Accrued Income | 133,852 |
Receivables for Capital Shares Issued | 52,258 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 354 |
Total Assets | 114,247,309 |
Liabilities | |
Payables for Investment Securities Purchased | 102,522 |
Collateral for Securities on Loan | 1,483,949 |
Payables for Capital Shares Redeemed | 183,350 |
Payables to Vanguard | 2,334 |
Variation Margin Payable—Futures Contracts | 3,069 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 1,788 |
Total Liabilities | 1,777,012 |
Net Assets | 112,470,297 |
1 Includes $1,357,522,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2022, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 106,928,661 |
Total Distributable Earnings (Loss) | 5,541,636 |
Net Assets | 112,470,297 |
Investor Shares—Net Assets | |
Applicable to 4,821,214 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 423,918 |
Net Asset Value Per Share—Investor Shares | $87.93 |
ETF Shares—Net Assets | |
Applicable to 221,196,272 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 40,592,992 |
Net Asset Value Per Share—ETF Shares | $183.52 |
Admiral Shares—Net Assets | |
Applicable to 511,098,386 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 44,944,377 |
Net Asset Value Per Share—Admiral Shares | $87.94 |
Institutional Shares—Net Assets | |
Applicable to 197,453,652 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 17,362,758 |
Net Asset Value Per Share—Institutional Shares | $87.93 |
Institutional Plus Shares—Net Assets | |
Applicable to 36,036,312 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 9,146,252 |
Net Asset Value Per Share—Institutional Plus Shares | $253.81 |
Year Ended December 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 1,741,876 |
Interest2 | 12,171 |
Securities Lending—Net | 82,164 |
Total Income | 1,836,211 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,241 |
Management and Administrative—Investor Shares | 777 |
Management and Administrative—ETF Shares | 16,945 |
Management and Administrative—Admiral Shares | 19,930 |
Management and Administrative—Institutional Shares | 6,118 |
Management and Administrative—Institutional Plus Shares | 2,480 |
Marketing and Distribution—Investor Shares | 27 |
Marketing and Distribution—ETF Shares | 2,206 |
Marketing and Distribution—Admiral Shares | 1,968 |
Marketing and Distribution—Institutional Shares | 563 |
Marketing and Distribution—Institutional Plus Shares | 295 |
Custodian Fees | 742 |
Auditing Fees | 37 |
Shareholders’ Reports—Investor Shares | 2 |
Shareholders’ Reports—ETF Shares | 1,325 |
Shareholders’ Reports—Admiral Shares | 651 |
Shareholders’ Reports—Institutional Shares | 239 |
Shareholders’ Reports—Institutional Plus Shares | 83 |
Trustees’ Fees and Expenses | 44 |
Other Expenses | 31 |
Total Expenses | 56,704 |
Expenses Paid Indirectly | (133) |
Net Expenses | 56,571 |
Net Investment Income | 1,779,640 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 3,828,657 |
Futures Contracts | (127,457) |
Swap Contracts | (30,848) |
Realized Net Gain (Loss) | 3,670,352 |
Statement of Operations (continued) | |
Year Ended December 31, 2022 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities | (30,101,161) |
Futures Contracts | (25,693) |
Swap Contracts | (9,784) |
Change in Unrealized Appreciation (Depreciation) | (30,136,638) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (24,686,646) |
1 | Dividends are net of foreign withholding taxes of $38,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $11,601,000, ($282,000), $2,000, and $312,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $6,957,448,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,779,640 | 1,718,894 |
Realized Net Gain (Loss) | 3,670,352 | 10,495,579 |
Change in Unrealized Appreciation (Depreciation) | (30,136,638) | 8,205,881 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (24,686,646) | 20,420,354 |
Distributions | ||
Investor Shares | (6,214) | (8,073) |
ETF Shares | (624,299) | (596,413) |
Admiral Shares | (686,977) | (684,429) |
Institutional Shares | (267,947) | (275,247) |
Institutional Plus Shares | (147,092) | (153,202) |
Total Distributions | (1,732,529) | (1,717,364) |
Capital Share Transactions | ||
Investor Shares | (85,166) | (201,756) |
ETF Shares | 14,486 | 6,570,091 |
Admiral Shares | 58,508 | 234,027 |
Institutional Shares | (448,033) | (197,115) |
Institutional Plus Shares | (1,200,734) | 799,184 |
Net Increase (Decrease) from Capital Share Transactions | (1,660,939) | 7,204,431 |
Total Increase (Decrease) | (28,080,114) | 25,907,421 |
Net Assets | ||
Beginning of Period | 140,550,411 | 114,642,990 |
End of Period | 112,470,297 | 140,550,411 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $108.35 | $93.20 | $79.35 | $63.21 | $70.76 |
Investment Operations | |||||
Net Investment Income1 | 1.256 | 1.230 | .928 | .832 | .967 |
Net Realized and Unrealized Gain (Loss) on Investments | (20.439) | 15.130 | 13.897 | 16.319 | (7.552) |
Total from Investment Operations | (19.183) | 16.360 | 14.825 | 17.151 | (6.585) |
Distributions | |||||
Dividends from Net Investment Income | (1.237) | (1.210) | (.975) | (1.011) | (.965) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.237) | (1.210) | (.975) | (1.011) | (.965) |
Net Asset Value, End of Period | $87.93 | $108.35 | $93.20 | $79.35 | $63.21 |
Total Return2 | -17.71% | 17.59% | 18.96% | 27.22% | -9.43% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $424 | $619 | $709 | $754 | $3,332 |
Ratio of Total Expenses to Average Net Assets | 0.17%3 | 0.17% | 0.17% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 1.34% | 1.17% | 1.26% | 1.14% | 1.34% |
Portfolio Turnover Rate4 | 14% | 17% | 22% | 16% | 15% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $226.15 | $194.54 | $165.64 | $131.94 | $147.71 |
Investment Operations | |||||
Net Investment Income1 | 2.891 | 2.769 | 2.262 | 2.298 | 2.239 |
Net Realized and Unrealized Gain (Loss) on Investments | (42.700) | 31.637 | 28.863 | 33.707 | (15.808) |
Total from Investment Operations | (39.809) | 34.406 | 31.125 | 36.005 | (13.569) |
Distributions | |||||
Dividends from Net Investment Income | (2.821) | (2.796) | (2.225) | (2.305) | (2.201) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.821) | (2.796) | (2.225) | (2.305) | (2.201) |
Net Asset Value, End of Period | $183.52 | $226.15 | $194.54 | $165.64 | $131.94 |
Total Return | -17.60% | 17.72% | 19.08% | 27.37% | -9.30% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $40,593 | $50,187 | $37,492 | $27,442 | $20,914 |
Ratio of Total Expenses to Average Net Assets | 0.05%2 | 0.05% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 1.49% | 1.25% | 1.47% | 1.49% | 1.46% |
Portfolio Turnover Rate3 | 14% | 17% | 22% | 16% | 15% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $108.37 | $93.22 | $79.37 | $63.23 | $70.78 |
Investment Operations | |||||
Net Investment Income1 | 1.383 | 1.358 | 1.029 | 1.108 | 1.067 |
Net Realized and Unrealized Gain (Loss) on Investments | (20.461) | 15.131 | 13.887 | 16.136 | (7.563) |
Total from Investment Operations | (19.078) | 16.489 | 14.916 | 17.244 | (6.496) |
Distributions | |||||
Dividends from Net Investment Income | (1.352) | (1.339) | (1.066) | (1.104) | (1.054) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.352) | (1.339) | (1.066) | (1.104) | (1.054) |
Net Asset Value, End of Period | $87.94 | $108.37 | $93.22 | $79.37 | $63.23 |
Total Return2 | -17.61% | 17.73% | 19.11% | 27.37% | -9.31% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $44,944 | $55,266 | $47,313 | $42,386 | $31,382 |
Ratio of Total Expenses to Average Net Assets | 0.05%3 | 0.05% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 1.48% | 1.29% | 1.40% | 1.50% | 1.46% |
Portfolio Turnover Rate4 | 14% | 17% | 22% | 16% | 15% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $108.36 | $93.22 | $79.37 | $63.22 | $70.78 |
Investment Operations | |||||
Net Investment Income1 | 1.392 | 1.367 | 1.034 | 1.101 | 1.076 |
Net Realized and Unrealized Gain (Loss) on Investments | (20.461) | 15.123 | 13.889 | 16.161 | (7.575) |
Total from Investment Operations | (19.069) | 16.490 | 14.923 | 17.262 | (6.499) |
Distributions | |||||
Dividends from Net Investment Income | (1.361) | (1.350) | (1.073) | (1.112) | (1.061) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.361) | (1.350) | (1.073) | (1.112) | (1.061) |
Net Asset Value, End of Period | $87.93 | $108.36 | $93.22 | $79.37 | $63.22 |
Total Return | -17.60% | 17.73% | 19.12% | 27.40% | -9.32% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $17,363 | $21,841 | $18,957 | $17,337 | $14,454 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.49% | 1.29% | 1.41% | 1.49% | 1.47% |
Portfolio Turnover Rate3 | 14% | 17% | 22% | 16% | 15% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Plus Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $312.78 | $269.07 | $229.09 | $182.49 | $204.30 |
Investment Operations | |||||
Net Investment Income1 | 3.998 | 4.029 | 2.988 | 3.186 | 3.102 |
Net Realized and Unrealized Gain (Loss) on Investments | (59.013) | 43.607 | 40.111 | 46.645 | (21.825) |
Total from Investment Operations | (55.015) | 47.636 | 43.099 | 49.831 | (18.723) |
Distributions | |||||
Dividends from Net Investment Income | (3.955) | (3.926) | (3.119) | (3.231) | (3.087) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.955) | (3.926) | (3.119) | (3.231) | (3.087) |
Net Asset Value, End of Period | $253.81 | $312.78 | $269.07 | $229.09 | $182.49 |
Total Return | -17.60% | 17.75% | 19.13% | 27.40% | -9.30% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $9,146 | $12,638 | $10,172 | $8,846 | $7,866 |
Ratio of Total Expenses to Average Net Assets | 0.03%2 | 0.03% | 0.03% | 0.03% | 0.03% |
Ratio of Net Investment Income to Average Net Assets | 1.48% | 1.32% | 1.41% | 1.49% | 1.48% |
Portfolio Turnover Rate3 | 14% | 17% | 22% | 16% | 15% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.03%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 111,883,316 | — | 431 | 111,883,747 |
Temporary Cash Investments | 2,013,077 | — | — | 2,013,077 |
Total | 113,896,393 | — | 431 | 113,896,824 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 354 | — | 354 |
Liabilities | ||||
Futures Contracts1 | 10,217 | — | — | 10,217 |
Swap Contracts | — | 1,788 | — | 1,788 |
Total | 10,217 | 1,788 | — | 12,005 |
1 | Includes 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. |
Amount ($000) | |
Paid-in Capital | 6,961,897 |
Total Distributable Earnings (Loss) | (6,961,897) |
Amount ($000) | |
Undistributed Ordinary Income | — |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (8,236,193) |
Qualified Late-Year Losses | (1,492) |
Net Unrealized Gains (Losses) | 13,779,321 |
Year Ended December 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 1,732,529 | 1,717,364 |
Long-Term Capital Gains | — | — |
Total | 1,732,529 | 1,717,364 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 100,117,503 |
Gross Unrealized Appreciation | 32,734,530 |
Gross Unrealized Depreciation | (18,955,209) |
Net Unrealized Appreciation (Depreciation) | 13,779,321 |
Year Ended December 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 35,984 | 380 | 83,822 | 804 | |
Issued in Lieu of Cash Distributions | 6,214 | 70 | 8,073 | 77 | |
Redeemed | (127,364) | (1,341) | (293,651) | (2,772) | |
Net Increase (Decrease)—Investor Shares | (85,166) | (891) | (201,756) | (1,891) |
Year Ended December 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 12,638,116 | 65,853 | 19,022,966 | 85,746 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (12,623,630) | (66,575) | (12,452,875) | (56,550) | |
Net Increase (Decrease)—ETF Shares | 14,486 | (722) | 6,570,091 | 29,196 | |
Admiral Shares | |||||
Issued | 5,970,913 | 63,999 | 8,639,338 | 82,503 | |
Issued in Lieu of Cash Distributions | 610,188 | 6,862 | 609,812 | 5,775 | |
Redeemed | (6,522,593) | (69,746) | (9,015,123) | (85,813) | |
Net Increase (Decrease)—Admiral Shares | 58,508 | 1,115 | 234,027 | 2,465 | |
Institutional Shares | |||||
Issued | 2,809,736 | 30,018 | 4,948,740 | 47,094 | |
Issued in Lieu of Cash Distributions | 252,294 | 2,838 | 260,028 | 2,463 | |
Redeemed | (3,510,063) | (36,950) | (5,405,883) | (51,369) | |
Net Increase (Decrease)—Institutional Shares | (448,033) | (4,094) | (197,115) | (1,812) | |
Institutional Plus Shares | |||||
Issued | 1,096,807 | 4,082 | 3,027,331 | 9,968 | |
Issued in Lieu of Cash Distributions | 147,006 | 572 | 153,202 | 502 | |
Redeemed | (2,444,547) | (9,024) | (2,381,349) | (7,870) | |
Net Increase (Decrease)—Institutional Plus Shares | (1,200,734) | (4,370) | 799,184 | 2,600 |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Growth Index Fund Investor Shares | -28.49% | 4.97% | 9.13% | $23,951 | |
Spliced Small-Cap Growth Index | -28.44 | 5.09 | 9.22 | 24,147 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Growth Index Fund ETF Shares Net Asset Value | -28.40% | 5.10% | 9.27% | $24,257 | |
Small-Cap Growth Index Fund ETF Shares Market Price | -28.41 | 5.09 | 9.26 | 24,249 | |
Spliced Small-Cap Growth Index | -28.44 | 5.09 | 9.22 | 24,147 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Growth Index Fund Admiral Shares | -28.39% | 5.10% | 9.27% | $24,259 | |
Spliced Small-Cap Growth Index | -28.44 | 5.09 | 9.22 | 24,147 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Small-Cap Growth Index Fund Institutional Shares | -28.39% | 5.10% | 9.27% | $12,137,224 | |
Spliced Small-Cap Growth Index | -28.44 | 5.09 | 9.22 | 12,073,385 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 15,575,514 |
Cumulative Returns of ETF Shares: December 31, 2012, Through December 31, 2022 | |||
One Year | Five Years | Ten Years | |
Small-Cap Growth Index Fund ETF Shares Market Price | -28.41% | 28.17% | 142.49% |
Small-Cap Growth Index Fund ETF Shares Net Asset Value | -28.40 | 28.22 | 142.57 |
Spliced Small-Cap Growth Index | -28.44 | 28.20 | 141.47 |
Basic Materials | 2.0% |
Consumer Discretionary | 14.9 |
Consumer Staples | 3.5 |
Energy | 6.4 |
Financials | 4.6 |
Health Care | 21.2 |
Industrials | 19.1 |
Real Estate | 6.3 |
Technology | 18.6 |
Telecommunications | 1.8 |
Utilities | 1.6 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.8%) | ||||||
Basic Materials (2.0%) | ||||||
Royal Gold Inc. | 976,564 | 110,078 | ||||
* | RBC Bearings Inc. | 431,844 | 90,406 | |||
Hexcel Corp. | 1,252,907 | 73,733 | ||||
Balchem Corp. | 478,132 | 58,385 | ||||
* | Livent Corp. | 2,669,531 | 53,044 | |||
* | MP Materials Corp. | 1,585,958 | 38,507 | |||
* | Ingevity Corp. | 528,661 | 37,239 | |||
NewMarket Corp. | 110,285 | 34,311 | ||||
Quaker Chemical Corp. | 200,365 | 33,441 | ||||
* | Century Aluminum Co. | 745,375 | 6,097 | |||
*,1 | Amyris Inc. | 3,382,118 | 5,175 | |||
540,416 | ||||||
Consumer Discretionary (14.8%) | ||||||
* | Liberty Media Corp.-Liberty Formula One Class C | 2,916,398 | 174,342 | |||
* | Deckers Outdoor Corp. | 393,856 | 157,212 | |||
* | Five Below Inc. | 784,777 | 138,804 | |||
Churchill Downs Inc. | 500,832 | 105,891 | ||||
* | Floor & Decor Holdings Inc. Class A | 1,500,573 | 104,485 | |||
* | Planet Fitness Inc. Class A | 1,241,400 | 97,822 | |||
Gentex Corp. | 3,491,167 | 95,204 | ||||
* | Crocs Inc. | 872,983 | 94,658 | |||
Wyndham Hotels & Resorts Inc. | 1,314,374 | 93,728 | ||||
Nexstar Media Group Inc. Class A | 533,032 | 93,297 | ||||
Texas Roadhouse Inc. Class A | 995,580 | 90,548 | ||||
* | Skechers USA Inc. Class A | 1,997,169 | 83,781 | |||
Pool Corp. | 276,048 | 83,458 | ||||
Tempur Sealy International Inc. | 2,416,849 | 82,970 | ||||
* | IAA Inc. | 1,990,568 | 79,623 | |||
* | SiteOne Landscape Supply Inc. | 671,392 | 78,768 | |||
Vail Resorts Inc. | 300,094 | 71,527 |
Shares | Market Value• ($000) | |||||
* | RH | 264,852 | 70,766 | |||
* | Penn Entertainment Inc. | 2,309,216 | 68,584 | |||
* | DraftKings Inc. Class A | 5,680,067 | 64,696 | |||
* | Hyatt Hotels Corp. Class A | 680,188 | 61,523 | |||
Wingstop Inc. | 445,254 | 61,276 | ||||
Choice Hotels International Inc. | 515,546 | 58,071 | ||||
* | Fox Factory Holding Corp. | 629,301 | 57,411 | |||
Boyd Gaming Corp. | 1,009,269 | 55,035 | ||||
* | Visteon Corp. | 418,885 | 54,803 | |||
* | Bright Horizons Family Solutions Inc. | 859,740 | 54,250 | |||
* | YETI Holdings Inc. | 1,284,001 | 53,042 | |||
* | Lyft Inc. Class A | 4,722,068 | 52,037 | |||
* | Hilton Grand Vacations Inc. | 1,284,463 | 49,503 | |||
* | Grand Canyon Education Inc. | 463,426 | 48,966 | |||
* | Chegg Inc. | 1,774,496 | 44,842 | |||
World Wrestling Entertainment Inc. Class A | 643,902 | 44,120 | ||||
* | Ollie's Bargain Outlet Holdings Inc. | 931,753 | 43,643 | |||
Madison Square Garden Sports Corp. | 235,827 | 43,234 | ||||
* | Skyline Champion Corp. | 804,873 | 41,459 | |||
* | Topgolf Callaway Brands Corp. | 2,063,849 | 40,761 | |||
Columbia Sportswear Co. | 462,323 | 40,490 | ||||
Papa John's International Inc. | 473,441 | 38,969 | ||||
*,1 | Wayfair Inc. Class A | 1,152,105 | 37,893 | |||
* | Peloton Interactive Inc. Class A | 4,435,330 | 35,217 | |||
LCI Industries | 359,890 | 33,272 | ||||
* | Gentherm Inc. | 494,677 | 32,297 | |||
* | Dorman Products Inc. | 397,930 | 32,181 | |||
* | Sonos Inc. | 1,887,482 | 31,898 | |||
* | Sabre Corp. | 4,894,963 | 30,251 | |||
* | Duolingo Inc. Class A | 396,420 | 28,197 |
Shares | Market Value• ($000) | |||||
* | SeaWorld Entertainment Inc. | 523,983 | 28,038 | |||
* | TripAdvisor Inc. | 1,524,607 | 27,412 | |||
* | LGI Homes Inc. | 295,035 | 27,320 | |||
* | Frontdoor Inc. | 1,215,907 | 25,291 | |||
Inter Parfums Inc. | 261,424 | 25,233 | ||||
*,1 | Leslie's Inc. | 2,047,543 | 25,001 | |||
* | Six Flags Entertainment Corp. | 1,054,695 | 24,522 | |||
* | Driven Brands Holdings Inc. | 869,422 | 23,744 | |||
* | Shake Shack Inc. Class A | 556,705 | 23,120 | |||
* | National Vision Holdings Inc. | 588,815 | 22,822 | |||
* | Dave & Buster's Entertainment Inc. | 608,434 | 21,563 | |||
Jack in the Box Inc. | 308,407 | 21,043 | ||||
* | elf Beauty Inc. | 373,181 | 20,637 | |||
Levi Strauss & Co. Class A | 1,292,292 | 20,056 | ||||
*,1 | QuantumScape Corp. Class A | 3,438,797 | 19,498 | |||
* | Liberty Media Corp.-Liberty Formula One Class A | 359,765 | 19,222 | |||
*,1 | iRobot Corp. | 385,569 | 18,557 | |||
* | Madison Square Garden Entertainment Corp. | 390,281 | 17,551 | |||
*,1 | Dutch Bros Inc. Class A | 608,144 | 17,144 | |||
* | Coursera Inc. | 1,413,977 | 16,727 | |||
Steven Madden Ltd. | 519,972 | 16,618 | ||||
*,1 | Luminar Technologies Inc. Class A | 3,351,076 | 16,588 | |||
* | Allegiant Travel Co. | 232,105 | 15,781 | |||
Spirit Airlines Inc. | 807,833 | 15,737 | ||||
Red Rock Resorts Inc. Class A | 365,920 | 14,640 | ||||
* | ACV Auctions Inc. Class A | 1,746,082 | 14,335 | |||
* | Cavco Industries Inc. | 62,772 | 14,202 | |||
* | Boot Barn Holdings Inc. | 221,117 | 13,824 | |||
* | Revolve Group Inc. Class A | 604,533 | 13,457 | |||
* | Overstock.com Inc. | 678,787 | 13,141 | |||
* | Figs Inc. Class A | 1,888,442 | 12,709 | |||
*,1 | Fisker Inc. Class A | 1,731,816 | 12,590 | |||
1 | Camping World Holdings Inc. Class A | 562,525 | 12,556 | |||
* | Petco Health & Wellness Co. Inc. Class A | 1,183,423 | 11,219 | |||
Monro Inc. | 233,310 | 10,546 | ||||
* | Sweetgreen Inc. Class A | 1,227,585 | 10,520 | |||
*,1 | Mister Car Wash Inc. | 1,131,449 | 10,443 | |||
* | Portillo's Inc. Class A | 598,352 | 9,765 | |||
* | Stride Inc. | 303,351 | 9,489 | |||
* | Life Time Group Holdings Inc. | 720,225 | 8,614 |
Shares | Market Value• ($000) | |||||
* | Corsair Gaming Inc. | 596,519 | 8,095 | |||
* | Poshmark Inc. Class A | 443,844 | 7,936 | |||
* | Sun Country Airlines Holdings Inc. | 474,792 | 7,530 | |||
* | Integral Ad Science Holding Corp. | 798,835 | 7,022 | |||
* | 2U Inc. | 1,102,621 | 6,913 | |||
*,1 | Carvana Co. Class A | 1,414,990 | 6,707 | |||
* | Udemy Inc. | 576,409 | 6,081 | |||
* | Vizio Holding Corp. Class A | 697,575 | 5,169 | |||
* | Sciplay Corp. Class A | 319,832 | 5,143 | |||
* | Frontier Group Holdings Inc. | 484,833 | 4,979 | |||
*,1 | Canoo Inc. | 3,674,653 | 4,520 | |||
*,1 | ContextLogic Inc. Class A | 8,545,592 | 4,168 | |||
*,1 | Bowlero Corp. | 290,923 | 3,922 | |||
* | Arhaus Inc. Class A | 319,743 | 3,118 | |||
*,1 | SES AI Corp. | 923,620 | 2,909 | |||
* | Rush Street Interactive Inc. | 809,409 | 2,906 | |||
*,1 | Dream Finders Homes Inc. Class A | 317,787 | 2,752 | |||
* | Angi Inc. Class A | 1,036,743 | 2,436 | |||
* | Vacasa Inc. Class A | 1,739,974 | 2,192 | |||
*,1 | Bed Bath & Beyond Inc. | 827,051 | 2,076 | |||
* | Stitch Fix Inc. Class A | 571,217 | 1,776 | |||
* | Allbirds Inc. Class A | 714,518 | 1,729 | |||
1 | Weber Inc. Class A | 139,716 | 1,125 | |||
* | Latham Group Inc. | 304,281 | 980 | |||
* | Brilliant Earth Group Inc. Class A | 165,260 | 712 | |||
* | Cardlytics Inc. | 117,077 | 677 | |||
3,939,653 | ||||||
Consumer Staples (3.5%) | ||||||
* | Darling Ingredients Inc. | 2,385,012 | 149,278 | |||
Casey's General Stores Inc. | 554,249 | 124,346 | ||||
Lamb Weston Holdings Inc. | 1,069,480 | 95,569 | ||||
* | Celsius Holdings Inc. | 623,952 | 64,916 | |||
* | Simply Good Foods Co. | 1,473,520 | 56,038 | |||
* | BellRing Brands Inc. | 2,000,970 | 51,305 | |||
* | Boston Beer Co. Inc. Class A | 137,005 | 45,146 | |||
* | Freshpet Inc. | 679,451 | 35,855 | |||
* | Post Holdings Inc. | 392,793 | 35,453 | |||
Coca-Cola Consolidated Inc. | 68,555 | 35,125 | ||||
WD-40 Co. | 202,335 | 32,618 | ||||
Cal-Maine Foods Inc. | 591,562 | 32,211 | ||||
Lancaster Colony Corp. | 143,761 | 28,364 | ||||
J & J Snack Foods Corp. | 171,995 | 25,749 | ||||
Medifast Inc. | 163,252 | 18,831 | ||||
Utz Brands Inc. | 1,019,110 | 16,163 | ||||
* | National Beverage Corp. | 346,190 | 16,108 |
Shares | Market Value• ($000) | |||||
* | Beauty Health Co. | 1,381,301 | 12,570 | |||
*,1 | Beyond Meat Inc. | 851,419 | 10,481 | |||
Tootsie Roll Industries Inc. | 239,162 | 10,181 | ||||
* | Sovos Brands Inc. | 524,375 | 7,535 | |||
* | USANA Health Sciences Inc. | 85,465 | 4,547 | |||
* | Olaplex Holdings Inc. | 721,891 | 3,761 | |||
* | Vital Farms Inc. | 183,328 | 2,735 | |||
*,1 | BRC Inc. Class A | 296,838 | 1,814 | |||
916,699 | ||||||
Energy (6.4%) | ||||||
Targa Resources Corp. | 3,367,150 | 247,486 | ||||
* | First Solar Inc. | 753,449 | 112,859 | |||
Texas Pacific Land Corp. | 45,841 | 107,462 | ||||
Matador Resources Co. | 1,669,352 | 95,554 | ||||
PDC Energy Inc. | 1,370,325 | 86,988 | ||||
ChampionX Corp. | 2,965,000 | 85,955 | ||||
EQT Corp. | 2,456,973 | 83,119 | ||||
* | Denbury Inc. | 703,736 | 61,239 | |||
NOV Inc. | 2,920,389 | 61,007 | ||||
Magnolia Oil & Gas Corp. Class A | 2,509,337 | 58,844 | ||||
Cactus Inc. Class A | 903,603 | 45,415 | ||||
Civitas Resources Inc. | 760,096 | 44,032 | ||||
* | Array Technologies Inc. | 2,127,863 | 41,132 | |||
New Fortress Energy Inc. | 947,048 | 40,174 | ||||
Liberty Energy Inc. Class A | 2,442,576 | 39,106 | ||||
*,1 | ChargePoint Holdings Inc. | 4,049,755 | 38,594 | |||
Helmerich & Payne Inc. | 706,163 | 35,004 | ||||
* | Callon Petroleum Co. | 917,871 | 34,044 | |||
* | Shoals Technologies Group Inc. Class A | 1,290,571 | 31,838 | |||
SM Energy Co. | 910,971 | 31,729 | ||||
Alpha Metallurgical Resources Inc. | 201,986 | 29,569 | ||||
* | Noble Corp. plc | 780,193 | 29,421 | |||
* | Ameresco Inc. Class A | 480,473 | 27,454 | |||
* | Weatherford International plc | 526,271 | 26,798 | |||
* | Oceaneering International Inc. | 1,495,858 | 26,163 | |||
Enviva Inc. | 446,084 | 23,629 | ||||
*,1 | Stem Inc. | 2,177,746 | 19,469 | |||
Comstock Resources Inc. | 1,387,400 | 19,021 | ||||
* | FuelCell Energy Inc. | 6,017,621 | 16,729 | |||
* | NexTier Oilfield Solutions Inc. | 1,548,288 | 14,306 | |||
* | Dril-Quip Inc. | 478,126 | 12,991 | |||
* | SunPower Corp. | 645,750 | 11,643 | |||
RPC Inc. | 1,285,469 | 11,428 | ||||
Kinetik Holdings Inc. Class A | 255,712 | 8,459 | ||||
* | Helix Energy Solutions Group Inc. | 1,070,163 | 7,898 |
Shares | Market Value• ($000) | |||||
Sitio Royalties Corp. | 272,404 | 7,859 | ||||
* | Tellurian Inc. | 3,771,812 | 6,337 | |||
*,1 | EVgo Inc. Class A | 1,028,727 | 4,598 | |||
* | OPAL Fuels Inc. Class A | 28,334 | 206 | |||
1,685,559 | ||||||
Financials (4.6%) | ||||||
LPL Financial Holdings Inc. | 562,552 | 121,607 | ||||
Erie Indemnity Co. Class A | 377,837 | 93,976 | ||||
Kinsale Capital Group Inc. | 326,258 | 85,323 | ||||
Morningstar Inc. | 378,972 | 82,081 | ||||
Pinnacle Financial Partners Inc. | 1,081,198 | 79,360 | ||||
* | Robinhood Markets Inc. Class A | 9,036,099 | 73,554 | |||
Blue Owl Capital Inc. Class A | 6,528,400 | 69,201 | ||||
* | Ryan Specialty Holdings Inc. Class A | 1,253,919 | 52,050 | |||
*,1 | SoFi Technologies Inc. | 11,054,289 | 50,960 | |||
ServisFirst Bancshares Inc. | 727,745 | 50,149 | ||||
Western Alliance Bancorp | 770,356 | 45,882 | ||||
*,1 | Credit Acceptance Corp. | 96,203 | 45,639 | |||
Houlihan Lokey Inc. Class A | 371,393 | 32,371 | ||||
Hamilton Lane Inc. Class A | 479,684 | 30,642 | ||||
Virtu Financial Inc. Class A | 1,378,470 | 28,134 | ||||
* | Focus Financial Partners Inc. Class A | 736,626 | 27,454 | |||
*,1 | Trupanion Inc. | 548,614 | 26,076 | |||
PJT Partners Inc. Class A | 326,093 | 24,030 | ||||
Cohen & Steers Inc. | 363,504 | 23,468 | ||||
* | BRP Group Inc. Class A | 916,589 | 23,043 | |||
StepStone Group Inc. Class A | 782,956 | 19,715 | ||||
*,1 | Upstart Holdings Inc. | 1,032,728 | 13,653 | |||
TFS Financial Corp. | 832,801 | 12,001 | ||||
*,1 | Lemonade Inc. | 718,643 | 9,831 | |||
* | Goosehead Insurance Inc. Class A | 282,193 | 9,690 | |||
* | Open Lending Corp. Class A | 1,405,604 | 9,488 | |||
* | Triumph Financial Inc. | 172,542 | 8,432 | |||
* | Palomar Holdings Inc. | 177,903 | 8,034 | |||
*,1 | Silvergate Capital Corp. Class A | 446,298 | 7,765 | |||
*,1 | Riot Blockchain Inc. | 2,234,835 | 7,576 | |||
* | Clearwater Analytics Holdings Inc. Class A | 395,434 | 7,414 | |||
Live Oak Bancshares Inc. | 244,739 | 7,391 | ||||
P10 Inc. Class A | 607,394 | 6,481 | ||||
*,1 | Marathon Digital Holdings Inc. | 1,647,299 | 5,634 |
Shares | Market Value• ($000) | |||||
* | Oscar Health Inc. Class A | 1,902,647 | 4,680 | |||
* | AssetMark Financial Holdings Inc. | 167,736 | 3,858 | |||
* | LendingTree Inc. | 80,856 | 1,725 | |||
*,1 | Hagerty Inc. Class A | 154,896 | 1,303 | |||
1,209,671 | ||||||
Health Care (21.2%) | ||||||
Bio-Techne Corp. | 2,335,433 | 193,561 | ||||
* | Neurocrine Biosciences Inc. | 1,430,179 | 170,821 | |||
* | Sarepta Therapeutics Inc. | 1,240,857 | 160,790 | |||
* | Repligen Corp. | 826,296 | 139,900 | |||
* | Exact Sciences Corp. | 2,644,345 | 130,922 | |||
* | Penumbra Inc. | 536,940 | 119,448 | |||
* | Halozyme Therapeutics Inc. | 2,011,331 | 114,445 | |||
Chemed Corp. | 221,268 | 112,942 | ||||
* | Shockwave Medical Inc. | 537,820 | 110,581 | |||
* | Masimo Corp. | 743,163 | 109,951 | |||
* | Inspire Medical Systems Inc. | 429,961 | 108,299 | |||
Bruker Corp. | 1,531,615 | 104,686 | ||||
* | Novocure Ltd. | 1,381,870 | 101,360 | |||
* | Globus Medical Inc. Class A | 1,151,612 | 85,530 | |||
* | Charles River Laboratories International Inc. | 378,522 | 82,480 | |||
* | HealthEquity Inc. | 1,258,139 | 77,552 | |||
* | Exelixis Inc. | 4,798,381 | 76,966 | |||
* | Ionis Pharmaceuticals Inc. | 2,007,851 | 75,837 | |||
Ensign Group Inc. | 784,508 | 74,222 | ||||
* | Medpace Holdings Inc. | 347,032 | 73,713 | |||
* | Apellis Pharmaceuticals Inc. | 1,398,893 | 72,337 | |||
* | LHC Group Inc. | 438,363 | 70,879 | |||
* | Option Care Health Inc. | 2,301,359 | 69,248 | |||
* | Intra-Cellular Therapies Inc. | 1,268,612 | 67,135 | |||
* | Alkermes plc | 2,444,908 | 63,885 | |||
* | QuidelOrtho Corp. | 737,111 | 63,148 | |||
* | Natera Inc. | 1,541,814 | 61,935 | |||
* | Cytokinetics Inc. | 1,338,005 | 61,307 | |||
* | Arrowhead Pharmaceuticals Inc. | 1,497,219 | 60,727 | |||
* | Merit Medical Systems Inc. | 846,793 | 59,801 | |||
* | Integra LifeSciences Holdings Corp. | 1,056,412 | 59,233 | |||
* | Haemonetics Corp. | 752,683 | 59,199 | |||
* | ICU Medical Inc. | 339,149 | 53,409 | |||
* | Lantheus Holdings Inc. | 1,024,104 | 52,188 | |||
* | Teladoc Health Inc. | 2,172,103 | 51,370 | |||
* | Amicus Therapeutics Inc. | 4,181,718 | 51,059 | |||
* | Vaxcyte Inc. | 1,057,825 | 50,723 |
Shares | Market Value• ($000) | |||||
* | 10X Genomics Inc. Class A | 1,352,017 | 49,267 | |||
* | Doximity Inc. Class A | 1,436,442 | 48,207 | |||
* | Neogen Corp. | 3,057,231 | 46,562 | |||
* | Axonics Inc. | 737,233 | 46,099 | |||
* | Ultragenyx Pharmaceutical Inc. | 991,795 | 45,950 | |||
* | 1Life Healthcare Inc. | 2,737,226 | 45,739 | |||
* | Tandem Diabetes Care Inc. | 957,321 | 43,032 | |||
* | Oak Street Health Inc. | 1,989,022 | 42,784 | |||
* | Denali Therapeutics Inc. | 1,516,644 | 42,178 | |||
* | Intellia Therapeutics Inc. | 1,205,839 | 42,072 | |||
* | PTC Therapeutics Inc. | 1,070,271 | 40,852 | |||
* | Inari Medical Inc. | 638,941 | 40,611 | |||
* | Amedisys Inc. | 483,986 | 40,432 | |||
* | Insmed Inc. | 2,017,390 | 40,307 | |||
CONMED Corp. | 453,981 | 40,241 | ||||
* | iRhythm Technologies Inc. | 425,850 | 39,889 | |||
* | Guardant Health Inc. | 1,448,989 | 39,412 | |||
* | Blueprint Medicines Corp. | 891,048 | 39,037 | |||
* | Beam Therapeutics Inc. | 996,913 | 38,989 | |||
* | Evolent Health Inc. Class A | 1,356,164 | 38,081 | |||
* | Vir Biotechnology Inc. | 1,486,463 | 37,622 | |||
* | STAAR Surgical Co. | 717,948 | 34,849 | |||
* | Progyny Inc. | 1,106,846 | 34,478 | |||
* | Omnicell Inc. | 665,263 | 33,543 | |||
* | Azenta Inc. | 558,851 | 32,536 | |||
* | NuVasive Inc. | 776,963 | 32,042 | |||
* | Signify Health Inc. Class A | 1,064,005 | 30,494 | |||
* | Glaukos Corp. | 675,551 | 29,508 | |||
* | Cerevel Therapeutics Holdings Inc. | 932,105 | 29,399 | |||
* | AtriCure Inc. | 658,636 | 29,230 | |||
*,1 | Ginkgo Bioworks Holdings Inc. Class A | 17,164,563 | 29,008 | |||
* | ACADIA Pharmaceuticals Inc. | 1,810,656 | 28,826 | |||
* | Sage Therapeutics Inc. | 753,839 | 28,751 | |||
* | Certara Inc. | 1,785,079 | 28,686 | |||
* | Silk Road Medical Inc. | 539,841 | 28,531 | |||
* | REVOLUTION Medicines Inc. | 1,191,397 | 28,379 | |||
* | Corcept Therapeutics Inc. | 1,364,200 | 27,707 | |||
* | Amylyx Pharmaceuticals Inc. | 741,034 | 27,381 | |||
* | Relay Therapeutics Inc. | 1,712,837 | 25,590 | |||
* | Surgery Partners Inc. | 914,570 | 25,480 | |||
* | Veracyte Inc. | 1,069,740 | 25,385 | |||
* | Pacira BioSciences Inc. | 650,149 | 25,102 | |||
* | agilon health Inc. | 1,534,759 | 24,771 | |||
* | Harmony Biosciences Holdings Inc. | 442,394 | 24,376 |
Shares | Market Value• ($000) | |||||
* | Ironwood Pharmaceuticals Inc. Class A | 1,945,695 | 24,107 | |||
* | Maravai LifeSciences Holdings Inc. Class A | 1,659,118 | 23,742 | |||
* | Xencor Inc. | 894,395 | 23,290 | |||
* | Arvinas Inc. | 675,346 | 23,104 | |||
* | TG Therapeutics Inc. | 1,941,214 | 22,965 | |||
*,1 | PROCEPT BioRobotics Corp. | 530,863 | 22,052 | |||
* | AdaptHealth Corp. Class A | 1,099,571 | 21,134 | |||
* | FibroGen Inc. | 1,255,049 | 20,106 | |||
* | Nevro Corp. | 499,449 | 19,778 | |||
* | Privia Health Group Inc. | 847,538 | 19,248 | |||
* | Twist Bioscience Corp. | 794,573 | 18,919 | |||
* | CorVel Corp. | 128,092 | 18,616 | |||
* | Outset Medical Inc. | 716,859 | 18,509 | |||
* | SpringWorks Therapeutics Inc. | 694,228 | 18,057 | |||
* | Mirati Therapeutics Inc. | 385,960 | 17,488 | |||
* | Apollo Medical Holdings Inc. | 589,183 | 17,434 | |||
* | R1 RCM Inc. | 1,545,496 | 16,923 | |||
* | NeoGenomics Inc. | 1,780,507 | 16,452 | |||
*,1 | Warby Parker Inc. Class A | 1,210,067 | 16,324 | |||
* | BioCryst Pharmaceuticals Inc. | 1,383,379 | 15,881 | |||
* | Alignment Healthcare Inc. | 1,250,498 | 14,706 | |||
* | Adaptive Biotechnologies Corp. | 1,910,114 | 14,593 | |||
* | Kymera Therapeutics Inc. | 569,870 | 14,224 | |||
* | Supernus Pharmaceuticals Inc. | 381,080 | 13,593 | |||
*,1 | Novavax Inc. | 1,277,240 | 13,130 | |||
* | REGENXBIO Inc. | 578,204 | 13,114 | |||
* | Zentalis Pharmaceuticals Inc. | 635,207 | 12,793 | |||
* | Fate Therapeutics Inc. | 1,225,901 | 12,369 | |||
* | Innoviva Inc. | 931,641 | 12,344 | |||
* | Treace Medical Concepts Inc. | 535,355 | 12,308 | |||
* | Cytek Biosciences Inc. | 1,200,738 | 12,260 | |||
* | Sotera Health Co. | 1,465,148 | 12,205 | |||
* | Phreesia Inc. | 370,281 | 11,982 | |||
* | Verve Therapeutics Inc. | 598,426 | 11,580 | |||
* | Agios Pharmaceuticals Inc. | 407,806 | 11,451 | |||
* | Recursion Pharmaceuticals Inc. Class A | 1,482,893 | 11,433 | |||
* | Hims & Hers Health Inc. | 1,775,027 | 11,378 | |||
*,1 | EQRx Inc. | 4,348,411 | 10,697 | |||
* | Theravance Biopharma Inc. | 850,004 | 9,537 |
Shares | Market Value• ($000) | |||||
* | American Well Corp. Class A | 3,238,387 | 9,165 | |||
* | CareDx Inc. | 794,537 | 9,066 | |||
* | Editas Medicine Inc. Class A | 1,021,007 | 9,056 | |||
* | HealthStream Inc. | 362,822 | 9,012 | |||
* | AnaptysBio Inc. | 274,385 | 8,503 | |||
* | Alector Inc. | 920,676 | 8,498 | |||
* | Health Catalyst Inc. | 771,878 | 8,205 | |||
* | Agiliti Inc. | 494,604 | 8,067 | |||
* | Rocket Pharmaceuticals Inc. | 408,222 | 7,989 | |||
* | Arcus Biosciences Inc. | 349,247 | 7,222 | |||
* | Lyell Immunopharma Inc. | 2,029,742 | 7,043 | |||
* | Allogene Therapeutics Inc. | 1,070,381 | 6,733 | |||
*,1 | Invitae Corp. | 3,596,814 | 6,690 | |||
* | Inogen Inc. | 323,147 | 6,369 | |||
*,1 | ImmunityBio Inc. | 1,188,283 | 6,025 | |||
* | Nektar Therapeutics Class A | 2,650,510 | 5,990 | |||
*,1 | Sana Biotechnology Inc. | 1,415,544 | 5,591 | |||
*,1 | LifeStance Health Group Inc. | 1,114,860 | 5,507 | |||
* | Cullinan Oncology Inc. | 475,494 | 5,016 | |||
* | GoodRx Holdings Inc. Class A | 1,040,091 | 4,847 | |||
*,1 | Butterfly Network Inc. | 1,938,404 | 4,768 | |||
* | Clover Health Investments Corp. Class A | 5,125,080 | 4,764 | |||
* | OPKO Health Inc. | 3,131,439 | 3,914 | |||
*,1 | Erasca Inc. | 907,156 | 3,910 | |||
* | Accolade Inc. | 482,541 | 3,759 | |||
* | Cano Health Inc. | 2,540,596 | 3,481 | |||
* | Sangamo Therapeutics Inc. | 1,034,557 | 3,248 | |||
* | PMV Pharmaceuticals Inc. | 305,274 | 2,656 | |||
*,1 | Gossamer Bio Inc. | 1,161,084 | 2,520 | |||
* | Innovage Holding Corp. | 301,659 | 2,166 | |||
* | Design Therapeutics Inc. | 209,351 | 2,148 | |||
* | Seer Inc. Class A | 370,034 | 2,146 | |||
* | Pulmonx Corp. | 250,215 | 2,109 | |||
* | Nuvation Bio Inc. | 1,054,684 | 2,025 | |||
*,1 | Prime Medicine Inc. | 73,064 | 1,358 | |||
* | Atea Pharmaceuticals Inc. | 278,689 | 1,340 | |||
* | OmniAb Inc. | 311,272 | 1,121 | |||
*,1 | P3 Health Partners Inc. | 339,681 | 625 | |||
*,1 | SmileDirectClub Inc. Class A | 815,725 | 287 | |||
* | Instil Bio Inc. | 434,959 | 274 | |||
*,2 | OmniAb Inc. (Earnout Shares) | 90,640 | — | |||
5,626,043 |
Shares | Market Value• ($000) | |||||
Industrials (19.0%) | ||||||
* | Fair Isaac Corp. | 371,603 | 222,434 | |||
Nordson Corp. | 766,033 | 182,101 | ||||
Toro Co. | 1,550,216 | 175,484 | ||||
Graco Inc. | 2,507,120 | 168,629 | ||||
* | Axon Enterprise Inc. | 1,006,116 | 166,945 | |||
* | WillScot Mobile Mini Holdings Corp. | 3,107,767 | 140,378 | |||
Genpact Ltd. | 2,725,879 | 126,263 | ||||
Watsco Inc. | 494,937 | 123,437 | ||||
* | Paylocity Holding Corp. | 621,363 | 120,706 | |||
Cognex Corp. | 2,445,064 | 115,187 | ||||
Lennox International Inc. | 474,461 | 113,505 | ||||
A O Smith Corp. | 1,887,383 | 108,034 | ||||
* | WEX Inc. | 648,646 | 106,151 | |||
Jack Henry & Associates Inc. | 542,414 | 95,226 | ||||
Curtiss-Wright Corp. | 569,934 | 95,173 | ||||
Advanced Drainage Systems Inc. | 1,109,637 | 90,957 | ||||
Landstar System Inc. | 534,405 | 87,055 | ||||
* | Saia Inc. | 393,869 | 82,586 | |||
Littelfuse Inc. | 368,382 | 81,118 | ||||
* | ExlService Holdings Inc. | 467,311 | 79,176 | |||
BWX Technologies Inc. | 1,357,108 | 78,821 | ||||
* | GXO Logistics Inc. | 1,766,002 | 75,391 | |||
Exponent Inc. | 753,514 | 74,666 | ||||
* | TopBuild Corp. | 475,720 | 74,445 | |||
* | Chart Industries Inc. | 633,400 | 72,987 | |||
Eagle Materials Inc. | 547,782 | 72,773 | ||||
* | Trex Co. Inc. | 1,633,475 | 69,145 | |||
* | AMN Healthcare Services Inc. | 644,984 | 66,317 | |||
Maximus Inc. | 904,221 | 66,307 | ||||
* | Euronet Worldwide Inc. | 701,101 | 66,170 | |||
* | Aerojet Rocketdyne Holdings Inc. | 1,138,675 | 63,686 | |||
Insperity Inc. | 536,017 | 60,892 | ||||
* | ASGN Inc. | 705,633 | 57,495 | |||
* | ATI Inc. | 1,925,247 | 57,488 | |||
Simpson Manufacturing Co. Inc. | 633,838 | 56,196 | ||||
Berry Global Group Inc. | 923,266 | 55,793 | ||||
* | Middleby Corp. | 372,988 | 49,943 | |||
Herc Holdings Inc. | 370,188 | 48,706 | ||||
AAON Inc. | 633,397 | 47,707 | ||||
Badger Meter Inc. | 435,496 | 47,482 | ||||
* | Generac Holdings Inc. | 471,661 | 47,477 | |||
Franklin Electric Co. Inc. | 586,114 | 46,743 | ||||
Armstrong World Industries Inc. | 679,453 | 46,604 | ||||
* | Bloom Energy Corp. Class A | 2,403,531 | 45,956 | |||
* | Marqeta Inc. Class A | 7,300,135 | 44,604 | |||
John Bean Technologies Corp. | 474,523 | 43,338 |
Shares | Market Value• ($000) | |||||
Woodward Inc. | 445,103 | 43,001 | ||||
MKS Instruments Inc. | 495,279 | 41,965 | ||||
* | Shift4 Payments Inc. Class A | 749,711 | 41,931 | |||
Forward Air Corp. | 395,881 | 41,524 | ||||
*,1 | TriNet Group Inc. | 556,081 | 37,702 | |||
* | Mercury Systems Inc. | 820,425 | 36,706 | |||
* | ACI Worldwide Inc. | 1,571,646 | 36,148 | |||
* | Itron Inc. | 672,927 | 34,084 | |||
* | Flywire Corp. | 1,322,715 | 32,367 | |||
* | AZEK Co. Inc. Class A | 1,586,683 | 32,241 | |||
* | Verra Mobility Corp. Class A | 2,233,863 | 30,894 | |||
Comfort Systems USA Inc. | 266,444 | 30,662 | ||||
* | AeroVironment Inc. | 353,864 | 30,312 | |||
Installed Building Products Inc. | 340,998 | 29,189 | ||||
*,1 | Affirm Holdings Inc. Class A | 2,915,971 | 28,197 | |||
* | Air Transport Services Group Inc. | 1,083,737 | 28,155 | |||
* | Masonite International Corp. | 332,144 | 26,774 | |||
Lindsay Corp. | 164,152 | 26,732 | ||||
Helios Technologies Inc. | 485,525 | 26,432 | ||||
Mueller Water Products Inc. Class A | 2,325,800 | 25,026 | ||||
* | Evo Payments Inc. Class A | 716,689 | 24,253 | |||
Federal Signal Corp. | 452,575 | 21,031 | ||||
* | Payoneer Global Inc. | 3,635,882 | 19,888 | |||
* | Core & Main Inc. Class A | 1,022,358 | 19,742 | |||
* | Dycom Industries Inc. | 208,319 | 19,499 | |||
* | Kratos Defense & Security Solutions Inc. | 1,869,108 | 19,289 | |||
* | Vicor Corp. | 335,512 | 18,034 | |||
Tennant Co. | 275,939 | 16,990 | ||||
* | Remitly Global Inc. | 1,266,259 | 14,499 | |||
* | Hayward Holdings Inc. | 1,410,557 | 13,259 | |||
* | Legalzoom.com Inc. | 1,429,520 | 11,064 | |||
*,1 | Nikola Corp. | 4,975,131 | 10,746 | |||
Enerpac Tool Group Corp. Class A | 422,065 | 10,742 | ||||
FTAI Aviation Ltd. | 626,467 | 10,725 | ||||
*,1 | PureCycle Technologies Inc. | 1,577,081 | 10,661 | |||
*,1 | Virgin Galactic Holdings Inc. | 3,056,423 | 10,636 | |||
* | Gibraltar Industries Inc. | 229,750 | 10,541 | |||
* | Enovix Corp. | 815,973 | 10,151 | |||
* | Janus International Group Inc. | 979,033 | 9,320 | |||
* | FARO Technologies Inc. | 280,815 | 8,259 | |||
* | Hillman Solutions Corp. | 1,010,764 | 7,288 | |||
* | TaskUS Inc. Class A | 408,679 | 6,907 | |||
* | Aurora Innovation Inc. | 5,504,760 | 6,661 |
Shares | Market Value• ($000) | |||||
* | Cimpress plc | 233,544 | 6,448 | |||
* | CryoPort Inc. | 350,280 | 6,077 | |||
* | Forrester Research Inc. | 169,627 | 6,066 | |||
* | Proto Labs Inc. | 201,329 | 5,140 | |||
* | Leonardo DRS Inc. | 378,242 | 4,834 | |||
*,1 | Desktop Metal Inc. Class A | 3,521,977 | 4,790 | |||
*,1 | Hyliion Holdings Corp. | 2,001,520 | 4,684 | |||
* | Sterling Check Corp. | 292,910 | 4,531 | |||
Gorman-Rupp Co. | 167,396 | 4,289 | ||||
* | TuSimple Holdings Inc. Class A | 2,047,321 | 3,358 | |||
* | CS Disco Inc. | 352,225 | 2,226 | |||
* | Ranpak Holdings Corp. Class A | 332,262 | 1,917 | |||
* | Paymentus Holdings Inc. Class A | 234,370 | 1,877 | |||
* | Microvast Holdings Inc. | 1,129,923 | 1,729 | |||
* | Global Business Travel Group I | 201,016 | 1,357 | |||
5,047,227 | ||||||
Real Estate (6.3%) | ||||||
Equity LifeStyle Properties Inc. | 2,491,994 | 160,983 | ||||
Rexford Industrial Realty Inc. | 2,730,562 | 149,198 | ||||
CubeSmart | 3,341,732 | 134,505 | ||||
American Homes 4 Rent Class A | 4,199,576 | 126,575 | ||||
Americold Realty Trust Inc. | 4,009,002 | 113,495 | ||||
Healthcare Realty Trust Inc. Class A | 5,664,799 | 109,161 | ||||
Host Hotels & Resorts Inc. | 5,319,561 | 85,379 | ||||
Spirit Realty Capital Inc. | 2,078,252 | 82,985 | ||||
Kite Realty Group Trust | 3,261,876 | 68,662 | ||||
Ryman Hospitality Properties Inc. | 779,786 | 63,771 | ||||
Lamar Advertising Co. Class A | 649,094 | 61,274 | ||||
Terreno Realty Corp. | 1,075,464 | 61,162 | ||||
Independence Realty Trust Inc. | 3,337,007 | 56,262 | ||||
Essential Properties Realty Trust Inc. | 2,119,452 | 49,744 | ||||
National Storage Affiliates Trust | 1,285,834 | 46,444 | ||||
Innovative Industrial Properties Inc. | 416,572 | 42,220 | ||||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 1,324,818 | 38,393 | ||||
Kilroy Realty Corp. | 870,622 | 33,667 | ||||
Phillips Edison & Co. Inc. | 873,036 | 27,797 | ||||
RLJ Lodging Trust | 2,417,647 | 25,603 |
Shares | Market Value• ($000) | |||||
Uniti Group Inc. | 3,519,804 | 19,465 | ||||
St. Joe Co. | 476,177 | 18,404 | ||||
Paramount Group Inc. | 2,773,246 | 16,473 | ||||
CareTrust REIT Inc. | 720,047 | 13,378 | ||||
Marcus & Millichap Inc. | 379,613 | 13,078 | ||||
1 | eXp World Holdings Inc. | 1,132,808 | 12,551 | |||
Safehold Inc. | 369,083 | 10,563 | ||||
Universal Health Realty Income Trust | 184,266 | 8,795 | ||||
* | Opendoor Technologies Inc. | 7,530,034 | 8,735 | |||
* | Redfin Corp. | 1,533,601 | 6,502 | |||
Alexander's Inc. | 15,499 | 3,411 | ||||
*,1 | WeWork Inc. | 2,102,295 | 3,006 | |||
1,671,641 | ||||||
Technology (18.6%) | ||||||
* | PTC Inc. | 1,572,967 | 188,819 | |||
Entegris Inc. | 2,217,802 | 145,466 | ||||
* | Ceridian HCM Holding Inc. | 2,171,630 | 139,310 | |||
* | Lattice Semiconductor Corp. | 2,039,189 | 132,303 | |||
* | Wolfspeed Inc. | 1,748,482 | 120,715 | |||
* | Dynatrace Inc. | 2,998,609 | 114,847 | |||
* | Pure Storage Inc. Class A | 4,225,869 | 113,084 | |||
* | Manhattan Associates Inc. | 928,388 | 112,706 | |||
* | Coupa Software Inc. | 1,130,117 | 89,471 | |||
* | Nutanix Inc. Class A | 3,424,124 | 89,198 | |||
* | Aspen Technology Inc. | 431,790 | 88,690 | |||
* | Guidewire Software Inc. | 1,218,798 | 76,248 | |||
* | Smartsheet Inc. Class A | 1,846,921 | 72,695 | |||
National Instruments Corp. | 1,942,933 | 71,694 | ||||
* | Five9 Inc. | 1,049,368 | 71,210 | |||
* | Fabrinet | 544,448 | 69,809 | |||
* | SPS Commerce Inc. | 536,222 | 68,867 | |||
* | Novanta Inc. | 504,607 | 68,561 | |||
Universal Display Corp. | 632,575 | 68,343 | ||||
* | Tenable Holdings Inc. | 1,674,657 | 63,888 | |||
* | Silicon Laboratories Inc. | 470,533 | 63,837 | |||
Dolby Laboratories Inc. Class A | 890,336 | 62,804 | ||||
* | Box Inc. Class A | 2,010,925 | 62,600 | |||
* | Coherent Corp. | 1,754,783 | 61,593 | |||
Vertiv Holdings Co. Class A | 4,492,976 | 61,374 | ||||
Power Integrations Inc. | 850,919 | 61,028 | ||||
* | Workiva Inc. Class A | 688,118 | 57,781 | |||
* | Qualys Inc. | 508,669 | 57,088 | |||
* | Elastic NV | 1,092,389 | 56,258 | |||
* | Blackline Inc. | 800,866 | 53,874 | |||
* | Envestnet Inc. | 823,194 | 50,791 | |||
* | Onto Innovation Inc. | 736,891 | 50,175 | |||
* | Gitlab Inc. Class A | 1,100,685 | 50,015 |
Shares | Market Value• ($000) | |||||
* | MACOM Technology Solutions Holdings Inc. | 788,479 | 49,658 | |||
* | Diodes Inc. | 642,623 | 48,929 | |||
* | Procore Technologies Inc. | 1,027,330 | 48,469 | |||
Advanced Energy Industries Inc. | 556,377 | 47,726 | ||||
* | New Relic Inc. | 813,850 | 45,942 | |||
* | RingCentral Inc. Class A | 1,281,750 | 45,374 | |||
* | Ambarella Inc. | 543,372 | 44,681 | |||
* | Dropbox Inc. Class A | 1,982,170 | 44,361 | |||
* | Alteryx Inc. Class A | 865,739 | 43,867 | |||
* | SentinelOne Inc. Class A | 2,910,786 | 42,468 | |||
* | CommVault Systems Inc. | 662,857 | 41,654 | |||
* | IPG Photonics Corp. | 435,120 | 41,193 | |||
* | Confluent Inc. Class A | 1,831,408 | 40,731 | |||
* | Toast Inc. Class A | 2,240,486 | 40,396 | |||
* | Sprout Social Inc. Class A | 703,597 | 39,725 | |||
* | Varonis Systems Inc. Class B | 1,559,407 | 37,332 | |||
* | Perficient Inc. | 515,721 | 36,013 | |||
* | MaxLinear Inc. Class A | 1,053,033 | 35,750 | |||
* | Altair Engineering Inc. Class A | 780,436 | 35,486 | |||
* | Alarm.com Holdings Inc. | 706,254 | 34,945 | |||
*,1 | Freshworks Inc. Class A | 2,280,289 | 33,543 | |||
* | Rogers Corp. | 280,308 | 33,452 | |||
Clear Secure Inc. Class A | 1,211,643 | 33,235 | ||||
* | PagerDuty Inc. | 1,195,641 | 31,756 | |||
* | KnowBe4 Inc. Class A | 1,281,353 | 31,752 | |||
* | Allegro MicroSystems Inc. | 997,621 | 29,949 | |||
* | Appfolio Inc. Class A | 273,881 | 28,862 | |||
* | UiPath Inc. Class A | 2,262,386 | 28,755 | |||
* | Rapid7 Inc. | 838,945 | 28,507 | |||
* | nCino Inc. | 1,074,437 | 28,408 | |||
* | Semtech Corp. | 947,288 | 27,178 | |||
* | Yelp Inc. Class A | 987,536 | 26,999 | |||
* | DoubleVerify Holdings Inc. | 1,229,279 | 26,995 | |||
* | Bumble Inc. Class A | 1,257,021 | 26,460 | |||
* | HashiCorp Inc. Class A | 934,738 | 25,556 | |||
* | FormFactor Inc. | 1,148,947 | 25,541 | |||
* | DigitalOcean Holdings Inc. | 933,920 | 23,787 | |||
* | Blackbaud Inc. | 396,204 | 23,321 | |||
* | SiTime Corp. | 224,007 | 22,764 | |||
* | Paycor HCM Inc. | 913,342 | 22,349 | |||
* | LiveRamp Holdings Inc. | 942,840 | 22,100 | |||
* | Q2 Holdings Inc. | 816,048 | 21,927 | |||
* | Digital Turbine Inc. | 1,395,807 | 21,272 | |||
* | Jamf Holding Corp. | 996,776 | 21,231 | |||
Pegasystems Inc. | 613,675 | 21,012 | ||||
* | JFrog Ltd. | 973,609 | 20,767 | |||
* | Cargurus Inc. Class A | 1,451,010 | 20,329 | |||
* | Magnite Inc. | 1,892,715 | 20,044 |
Shares | Market Value• ($000) | |||||
*,1 | MicroStrategy Inc. Class A | 139,598 | 19,763 | |||
*,1 | Xometry Inc. Class A | 597,771 | 19,266 | |||
* | Appian Corp. Class A | 578,703 | 18,843 | |||
* | E2open Parent Holdings Inc. | 3,139,670 | 18,430 | |||
Shutterstock Inc. | 347,920 | 18,342 | ||||
* | Upwork Inc. | 1,754,169 | 18,314 | |||
* | Impinj Inc. | 163,349 | 17,834 | |||
* | Everbridge Inc. | 592,447 | 17,525 | |||
*,1 | Samsara Inc. Class A | 1,396,192 | 17,355 | |||
* | Qualtrics International Inc. Class A | 1,615,730 | 16,771 | |||
* | Zeta Global Holdings Corp. Class A | 1,938,283 | 15,836 | |||
* | Credo Technology Group Holding Ltd. | 1,188,924 | 15,825 | |||
* | PROS Holdings Inc. | 605,307 | 14,685 | |||
* | Schrodinger Inc. | 782,976 | 14,634 | |||
* | ForgeRock Inc. Class A | 636,523 | 14,494 | |||
* | Thoughtworks Holding Inc. | 1,401,382 | 14,280 | |||
* | Consensus Cloud Solutions Inc. | 264,773 | 14,234 | |||
* | Veeco Instruments Inc. | 762,928 | 14,175 | |||
* | Asana Inc. Class A | 1,024,709 | 14,110 | |||
* | Braze Inc. Class A | 505,476 | 13,789 | |||
* | AppLovin Corp. Class A | 1,303,588 | 13,727 | |||
* | 3D Systems Corp. | 1,849,073 | 13,683 | |||
* | Fastly Inc. Class A | 1,642,794 | 13,455 | |||
* | Momentive Global Inc. | 1,875,162 | 13,126 | |||
* | Duck Creek Technologies Inc. | 1,083,326 | 13,054 | |||
* | Planet Labs PBC | 2,770,038 | 12,050 | |||
* | Sprinklr Inc. Class A | 1,428,514 | 11,671 | |||
* | Zuora Inc. Class A | 1,834,758 | 11,669 | |||
* | Sumo Logic Inc. | 1,409,233 | 11,415 | |||
* | LivePerson Inc. | 1,061,988 | 10,769 | |||
* | Yext Inc. | 1,465,567 | 9,570 | |||
* | Olo Inc. Class A | 1,493,094 | 9,332 | |||
* | CEVA Inc. | 326,868 | 8,361 | |||
* | Alkami Technology Inc. | 543,027 | 7,923 | |||
* | Vertex Inc. Class A | 542,208 | 7,867 | |||
* | C3.ai Inc. Class A | 700,799 | 7,842 | |||
* | PubMatic Inc. Class A | 608,547 | 7,796 | |||
*,1 | IonQ Inc. | 2,225,372 | 7,678 | |||
* | BigCommerce Holdings Inc. | 874,823 | 7,646 | |||
* | Amplitude Inc. Class A | 611,473 | 7,387 | |||
* | Squarespace Inc. Class A | 330,127 | 7,319 | |||
* | Eventbrite Inc. Class A | 1,202,742 | 7,048 | |||
* | Vimeo Inc. | 1,981,006 | 6,795 | |||
* | Bandwidth Inc. Class A | 294,634 | 6,762 | |||
* | nLight Inc. | 638,632 | 6,476 | |||
* | EngageSmart Inc. | 366,050 | 6,442 |
Shares | Market Value• ($000) | |||||
* | Definitive Healthcare Corp. Class A | 545,661 | 5,997 | |||
* | Intapp Inc. | 233,449 | 5,822 | |||
* | Cvent Holding Corp. Class A | 1,078,062 | 5,822 | |||
* | Matterport Inc. | 1,813,253 | 5,077 | |||
* | SmartRent Inc. Class A | 2,059,736 | 5,005 | |||
* | N-able Inc. | 469,121 | 4,823 | |||
* | NerdWallet Inc. Class A | 501,411 | 4,814 | |||
* | AvePoint Inc. | 1,038,656 | 4,269 | |||
* | SEMrush Holdings Inc. Class A | 453,251 | 3,689 | |||
* | MediaAlpha Inc. Class A | 351,401 | 3,496 | |||
* | MeridianLink Inc. | 239,124 | 3,283 | |||
* | EverCommerce Inc. | 428,033 | 3,185 | |||
* | Enfusion Inc. Class A | 307,174 | 2,970 | |||
* | Blend Labs Inc. Class A | 1,588,743 | 2,288 | |||
* | Nextdoor Holdings Inc. | 806,356 | 1,661 | |||
* | Aeva Technologies Inc. | 973,374 | 1,324 | |||
*,1 | Rumble Inc. | 206,655 | 1,230 | |||
* | Telos Corp. | 174,947 | 891 | |||
* | SecureWorks Corp. Class A | 125,709 | 803 | |||
*,1 | Skillz Inc. Class A | 1,177,580 | 596 | |||
4,930,106 | ||||||
Telecommunications (1.8%) | ||||||
* | Ciena Corp. | 2,204,951 | 112,408 | |||
Cable One Inc. | 86,492 | 61,570 | ||||
* | Calix Inc. | 827,919 | 56,654 | |||
* | Lumentum Holdings Inc. | 964,496 | 50,318 | |||
* | Iridium Communications Inc. | 841,921 | 43,275 | |||
Cogent Communications Holdings Inc. | 644,020 | 36,761 | ||||
* | Viasat Inc. | 1,069,863 | 33,861 | |||
ADTRAN Holdings Inc. | 1,037,083 | 19,487 | ||||
* | Infinera Corp. | 2,771,662 | 18,681 | |||
* | Globalstar Inc. | 10,690,603 | 14,218 | |||
ATN International Inc. | 163,772 | 7,420 | ||||
* | WideOpenWest Inc. | 780,422 | 7,110 | |||
* | Gogo Inc. | 472,069 | 6,968 | |||
* | 8x8 Inc. | 1,574,771 | 6,803 | |||
*,1 | fuboTV Inc. | 1,376,901 | 2,396 | |||
477,930 |
Shares | Market Value• ($000) | |||||
Utilities (1.6%) | ||||||
* | Clean Harbors Inc. | 764,336 | 87,226 | |||
* | Sunrun Inc. | 3,013,116 | 72,375 | |||
* | Evoqua Water Technologies Corp. | 1,812,996 | 71,795 | |||
Ormat Technologies Inc. | 708,842 | 61,301 | ||||
* | Casella Waste Systems Inc. Class A | 754,285 | 59,822 | |||
* | Sunnova Energy International Inc. | 1,456,545 | 26,232 | |||
California Water Service Group | 409,035 | 24,804 | ||||
Clearway Energy Inc. Class C | 620,203 | 19,766 | ||||
Clearway Energy Inc. Class A | 245,886 | 7,357 | ||||
*,1 | NuScale Power Corp. | 288,642 | 2,961 | |||
433,639 | ||||||
Total Common Stocks (Cost $26,584,714) | 26,478,584 | |||||
Temporary Cash Investments (2.0%) | ||||||
Money Market Fund (2.0%) | ||||||
3,4 | Vanguard Market Liquidity Fund, 4.334% (Cost $541,077) | 5,413,027 | 541,249 | |||
Total Investments (101.8%) (Cost $27,125,791) | 27,019,833 | |||||
Other Assets and Liabilities—Net (-1.8%) | (486,852) | |||||
Net Assets (100%) | 26,532,981 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $449,801,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $491,605,000 was received for securities on loan. |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2023 | 274 | 24,261 | 144 |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
ACI Worldwide Inc. | 8/31/23 | BANA | 732 | (4.515) | 71 | — |
ACI Worldwide Inc. | 8/31/23 | BANA | 1,400 | (4.515) | 136 | — |
Elastic NV | 8/31/23 | BANA | 2,448 | (4.115) | — | (396) |
Fisker Inc. Class A | 1/31/23 | GSI | 5,648 | (4.329) | 160 | — |
Middleby Corp. | 8/31/23 | BANA | 4,037 | (4.115) | — | (301) |
Novocure Ltd. | 8/31/23 | BANA | 13,831 | (4.115) | — | (674) |
Virtu Financial Inc. Class A | 8/31/23 | BANA | 776 | (4.515) | — | (56) |
Wolfspeed Inc. | 8/31/23 | BANA | 9,092 | (4.115) | — | (2,218) |
367 | (3,645) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $26,584,714) | 26,478,584 |
Affiliated Issuers (Cost $541,077) | 541,249 |
Total Investments in Securities | 27,019,833 |
Investment in Vanguard | 1,022 |
Cash | 14,751 |
Cash Collateral Pledged—Futures Contracts | 2,140 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 3,710 |
Receivables for Investment Securities Sold | 373 |
Receivables for Accrued Income | 17,628 |
Receivables for Capital Shares Issued | 22,123 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 367 |
Total Assets | 27,081,947 |
Liabilities | |
Payables for Investment Securities Purchased | 13,483 |
Collateral for Securities on Loan | 491,605 |
Payables for Capital Shares Redeemed | 39,319 |
Payables to Vanguard | 807 |
Variation Margin Payable—Futures Contracts | 107 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 3,645 |
Total Liabilities | 548,966 |
Net Assets | 26,532,981 |
1 Includes $449,801,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2022, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 31,090,058 |
Total Distributable Earnings (Loss) | (4,557,077) |
Net Assets | 26,532,981 |
Investor Shares—Net Assets | |
Applicable to 1,423,433 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 80,258 |
Net Asset Value Per Share—Investor Shares | $56.38 |
ETF Shares—Net Assets | |
Applicable to 60,021,609 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 12,035,937 |
Net Asset Value Per Share—ETF Shares | $200.53 |
Admiral Shares—Net Assets | |
Applicable to 162,850,856 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,481,828 |
Net Asset Value Per Share—Admiral Shares | $70.51 |
Institutional Shares—Net Assets | |
Applicable to 51,980,752 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,934,958 |
Net Asset Value Per Share—Institutional Shares | $56.46 |
Year Ended December 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 199,649 |
Interest1 | 1,091 |
Securities Lending—Net | 31,241 |
Total Income | 231,981 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,095 |
Management and Administrative—Investor Shares | 172 |
Management and Administrative—ETF Shares | 7,186 |
Management and Administrative—Admiral Shares | 7,514 |
Management and Administrative—Institutional Shares | 1,483 |
Marketing and Distribution—Investor Shares | 7 |
Marketing and Distribution—ETF Shares | 668 |
Marketing and Distribution—Admiral Shares | 564 |
Marketing and Distribution—Institutional Shares | 98 |
Custodian Fees | 351 |
Auditing Fees | 35 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—ETF Shares | 555 |
Shareholders’ Reports—Admiral Shares | 194 |
Shareholders’ Reports—Institutional Shares | 104 |
Trustees’ Fees and Expenses | 11 |
Other Expenses | 21 |
Total Expenses | 20,059 |
Expenses Paid Indirectly | (48) |
Net Expenses | 20,011 |
Net Investment Income | 211,970 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | (602,477) |
Futures Contracts | (3,553) |
Swap Contracts | (25,325) |
Realized Net Gain (Loss) | (631,355) |
Statement of Operations (continued) | |
Year Ended December 31, 2022 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (10,015,059) |
Futures Contracts | (2,118) |
Swap Contracts | 2,586 |
Change in Unrealized Appreciation (Depreciation) | (10,014,591) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (10,433,976) |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,067,000, ($65,000), less than $1,000, and $109,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $1,749,314,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 211,970 | 167,870 |
Realized Net Gain (Loss) | (631,355) | 4,271,918 |
Change in Unrealized Appreciation (Depreciation) | (10,014,591) | (2,566,787) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (10,433,976) | 1,873,001 |
Distributions | ||
Investor Shares | (378) | (401) |
ETF Shares | (65,152) | (57,438) |
Admiral Shares | (62,927) | (61,028) |
Institutional Shares | (16,002) | (14,238) |
Total Distributions | (144,459) | (133,105) |
Capital Share Transactions | ||
Investor Shares | (30,485) | (71,356) |
ETF Shares | 383,979 | 1,267,326 |
Admiral Shares | (400,974) | (412,500) |
Institutional Shares | 230,883 | (65,864) |
Net Increase (Decrease) from Capital Share Transactions | 183,403 | 717,606 |
Total Increase (Decrease) | (10,395,032) | 2,457,502 |
Net Assets | ||
Beginning of Period | 36,928,013 | 34,470,511 |
End of Period | 26,532,981 | 36,928,013 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $79.21 | $75.20 | $55.89 | $42.36 | $45.24 |
Investment Operations | |||||
Net Investment Income1 | .371 | .257 | .241 | .178 | .274 |
Net Realized and Unrealized Gain (Loss) on Investments | (22.943) | 3.938 | 19.331 | 13.617 | (2.879) |
Total from Investment Operations | (22.572) | 4.195 | 19.572 | 13.795 | (2.605) |
Distributions | |||||
Dividends from Net Investment Income | (.258) | (.185) | (.262) | (.265) | (.275) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.258) | (.185) | (.262) | (.265) | (.275) |
Net Asset Value, End of Period | $56.38 | $79.21 | $75.20 | $55.89 | $42.36 |
Total Return2 | -28.49% | 5.58% | 35.12% | 32.60% | -5.80% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $80 | $149 | $209 | $171 | $1,461 |
Ratio of Total Expenses to Average Net Assets | 0.19%3 | 0.19% | 0.19% | 0.19% | 0.19% |
Ratio of Net Investment Income to Average Net Assets | 0.60% | 0.32% | 0.42% | 0.35% | 0.58% |
Portfolio Turnover Rate4 | 24% | 29% | 24% | 18% | 22% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.19%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $281.61 | $267.36 | $198.68 | $150.57 | $160.81 |
Investment Operations | |||||
Net Investment Income1 | 1.623 | 1.291 | 1.129 | 1.175 | 1.214 |
Net Realized and Unrealized Gain (Loss) on Investments | (81.603) | 13.975 | 68.729 | 48.077 | (10.263) |
Total from Investment Operations | (79.980) | 15.266 | 69.858 | 49.252 | (9.049) |
Distributions | |||||
Dividends from Net Investment Income | (1.100) | (1.016) | (1.178) | (1.142) | (1.191) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.100) | (1.016) | (1.178) | (1.142) | (1.191) |
Net Asset Value, End of Period | $200.53 | $281.61 | $267.36 | $198.68 | $150.57 |
Total Return | -28.40% | 5.71% | 35.29% | 32.75% | -5.68% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $12,036 | $16,379 | $14,436 | $9,833 | $7,286 |
Ratio of Total Expenses to Average Net Assets | 0.07%2 | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 0.74% | 0.45% | 0.55% | 0.64% | 0.70% |
Portfolio Turnover Rate3 | 24% | 29% | 24% | 18% | 22% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $99.01 | $94.02 | $69.87 | $52.95 | $56.55 |
Investment Operations | |||||
Net Investment Income1 | .568 | .448 | .392 | .419 | .423 |
Net Realized and Unrealized Gain (Loss) on Investments | (28.682) | 4.899 | 24.172 | 16.902 | (3.605) |
Total from Investment Operations | (28.114) | 5.347 | 24.564 | 17.321 | (3.182) |
Distributions | |||||
Dividends from Net Investment Income | (.386) | (.357) | (.414) | (.401) | (.418) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.386) | (.357) | (.414) | (.401) | (.418) |
Net Asset Value, End of Period | $70.51 | $99.01 | $94.02 | $69.87 | $52.95 |
Total Return2 | -28.39% | 5.69% | 35.30% | 32.76% | -5.68% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $11,482 | $16,594 | $16,149 | $12,717 | $8,560 |
Ratio of Total Expenses to Average Net Assets | 0.07%3 | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 0.73% | 0.45% | 0.54% | 0.65% | 0.70% |
Portfolio Turnover Rate4 | 24% | 29% | 24% | 18% | 22% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $79.29 | $75.29 | $55.95 | $42.40 | $45.29 |
Investment Operations | |||||
Net Investment Income1 | .465 | .367 | .319 | .327 | .335 |
Net Realized and Unrealized Gain (Loss) on Investments | (22.979) | 3.927 | 19.358 | 13.550 | (2.886) |
Total from Investment Operations | (22.514) | 4.294 | 19.677 | 13.877 | (2.551) |
Distributions | |||||
Dividends from Net Investment Income | (.316) | (.294) | (.337) | (.327) | (.339) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.316) | (.294) | (.337) | (.327) | (.339) |
Net Asset Value, End of Period | $56.46 | $79.29 | $75.29 | $55.95 | $42.40 |
Total Return | -28.39% | 5.70% | 35.31% | 32.77% | -5.69% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,935 | $3,805 | $3,676 | $3,218 | $2,858 |
Ratio of Total Expenses to Average Net Assets | 0.06%2 | 0.06% | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 0.75% | 0.46% | 0.55% | 0.64% | 0.71% |
Portfolio Turnover Rate3 | 24% | 29% | 24% | 18% | 22% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 26,478,584 | — | — | 26,478,584 |
Temporary Cash Investments | 541,249 | — | — | 541,249 |
Total | 27,019,833 | — | — | 27,019,833 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 144 | — | — | 144 |
Swap Contracts | — | 367 | — | 367 |
Total | 144 | 367 | — | 511 |
Liabilities | ||||
Swap Contracts | — | 3,645 | — | 3,645 |
1 | Includes 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. |
Amount ($000) | |
Paid-in Capital | 1,749,624 |
Total Distributable Earnings (Loss) | (1,749,624) |
Amount ($000) | |
Undistributed Ordinary Income | — |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (4,278,431) |
Qualified Late-Year Losses | (1,226) |
Net Unrealized Gains (Losses) | (277,420) |
Year Ended December 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 144,459 | 133,105 |
Long-Term Capital Gains | — | — |
Total | 144,459 | 133,105 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 27,297,253 |
Gross Unrealized Appreciation | 5,919,335 |
Gross Unrealized Depreciation | (6,196,755) |
Net Unrealized Appreciation (Depreciation) | (277,420) |
Year Ended December 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 11,003 | 172 | 27,595 | 344 | |
Issued in Lieu of Cash Distributions | 378 | 7 | 401 | 5 | |
Redeemed | (41,866) | (639) | (99,352) | (1,245) | |
Net Increase (Decrease)—Investor Shares | (30,485) | (460) | (71,356) | (896) |
Year Ended December 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 4,457,870 | 20,609 | 8,232,657 | 28,868 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (4,073,891) | (18,750) | (6,965,331) | (24,700) | |
Net Increase (Decrease)—ETF Shares | 383,979 | 1,859 | 1,267,326 | 4,168 | |
Admiral Shares | |||||
Issued | 1,685,175 | 21,680 | 2,933,136 | 29,431 | |
Issued in Lieu of Cash Distributions | 56,168 | 800 | 54,667 | 553 | |
Redeemed | (2,142,317) | (27,226) | (3,400,303) | (34,161) | |
Net Increase (Decrease)—Admiral Shares | (400,974) | (4,746) | (412,500) | (4,177) | |
Institutional Shares | |||||
Issued | 652,486 | 10,669 | 721,080 | 9,029 | |
Issued in Lieu of Cash Distributions | 14,928 | 265 | 13,272 | 168 | |
Redeemed | (436,531) | (6,944) | (800,216) | (10,031) | |
Net Increase (Decrease)—Institutional Shares | 230,883 | 3,990 | (65,864) | (834) |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Value Index Fund Investor Shares | -9.43% | 5.66% | 10.15% | $26,284 | |
Spliced Small-Cap Value Index | -9.27 | 5.78 | 10.30 | 26,652 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Value Index Fund ETF Shares Net Asset Value | -9.29% | 5.79% | 10.28% | $26,602 | |
Small-Cap Value Index Fund ETF Shares Market Price | -9.32 | 5.77 | 10.27 | 26,577 | |
Spliced Small-Cap Value Index | -9.27 | 5.78 | 10.30 | 26,652 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Value Index Fund Admiral Shares | -9.31% | 5.79% | 10.28% | $26,607 | |
Spliced Small-Cap Value Index | -9.27 | 5.78 | 10.30 | 26,652 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Small-Cap Value Index Fund Institutional Shares | -9.31% | 5.80% | 10.29% | $13,315,478 | |
Spliced Small-Cap Value Index | -9.27 | 5.78 | 10.30 | 13,326,150 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 15,575,514 |
Cumulative Returns of ETF Shares: December 31, 2012, Through December 31, 2022 | |||
One Year | Five Years | Ten Years | |
Small-Cap Value Index Fund ETF Shares Market Price | -9.32% | 32.39% | 165.77% |
Small-Cap Value Index Fund ETF Shares Net Asset Value | -9.29 | 32.47 | 166.02 |
Spliced Small-Cap Value Index | -9.27 | 32.43 | 166.52 |
Basic Materials | 5.8% |
Consumer Discretionary | 14.0 |
Consumer Staples | 3.5 |
Energy | 5.8 |
Financials | 22.2 |
Health Care | 5.5 |
Industrials | 21.8 |
Real Estate | 9.4 |
Technology | 5.6 |
Telecommunications | 1.1 |
Utilities | 5.3 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.8%) | ||||||
Basic Materials (5.7%) | ||||||
Steel Dynamics Inc. | 3,007,085 | 293,792 | ||||
Reliance Steel & Aluminum Co. | 1,058,137 | 214,209 | ||||
* | Cleveland-Cliffs Inc. | 9,290,659 | 149,673 | |||
Alcoa Corp. | 3,189,981 | 145,048 | ||||
Olin Corp. | 2,469,275 | 130,723 | ||||
Valvoline Inc. | 3,148,196 | 102,789 | ||||
Commercial Metals Co. | 2,115,832 | 102,195 | ||||
United States Steel Corp. | 3,801,273 | 95,222 | ||||
Ashland Inc. | 878,588 | 94,475 | ||||
* | Univar Solutions Inc. | 2,941,670 | 93,545 | |||
Huntsman Corp. | 3,117,006 | 85,655 | ||||
UFP Industries Inc. | 1,055,706 | 83,665 | ||||
Timken Co. | 1,180,328 | 83,414 | ||||
Chemours Co. | 2,720,889 | 83,314 | ||||
Element Solutions Inc. | 3,928,047 | 71,451 | ||||
Cabot Corp. | 1,015,551 | 67,879 | ||||
Hecla Mining Co. | 10,383,948 | 57,735 | ||||
Mueller Industries Inc. | 973,944 | 57,463 | ||||
Avient Corp. | 1,639,619 | 55,354 | ||||
Sensient Technologies Corp. | 757,913 | 55,267 | ||||
Boise Cascade Co. | 711,210 | 48,839 | ||||
Innospec Inc. | 446,484 | 45,925 | ||||
Stepan Co. | 380,708 | 40,530 | ||||
* | Arconic Corp. | 1,829,682 | 38,716 | |||
Scotts Miracle-Gro Co. | 749,202 | 36,404 | ||||
Minerals Technologies Inc. | 585,046 | 35,524 | ||||
Materion Corp. | 370,099 | 32,387 | ||||
Carpenter Technology Corp. | 873,424 | 32,264 | ||||
Westlake Corp. | 287,406 | 29,471 | ||||
Tronox Holdings plc | 2,088,645 | 28,635 | ||||
Worthington Industries Inc. | 537,773 | 26,733 | ||||
Compass Minerals International Inc. | 616,056 | 25,258 | ||||
Kaiser Aluminum Corp. | 287,384 | 21,830 |
Shares | Market Value• ($000) | |||||
Mativ Holdings Inc. | 990,557 | 20,703 | ||||
GrafTech International Ltd. | 3,469,588 | 16,515 | ||||
* | Coeur Mining Inc. | 4,558,415 | 15,316 | |||
* | Ecovyst Inc. | 1,526,433 | 13,524 | |||
Schnitzer Steel Industries Inc. Class A | 434,023 | 13,303 | ||||
Koppers Holdings Inc. | 357,926 | 10,093 | ||||
2,654,838 | ||||||
Consumer Discretionary (14.0%) | ||||||
Aramark | 4,664,935 | 192,848 | ||||
Service Corp. International | 2,634,296 | 182,135 | ||||
Tapestry Inc. | 4,344,311 | 165,431 | ||||
* | BJ's Wholesale Club Holdings Inc. | 2,423,725 | 160,354 | |||
* | Wynn Resorts Ltd. | 1,736,160 | 143,181 | |||
Williams-Sonoma Inc. | 1,199,944 | 137,898 | ||||
* | Capri Holdings Ltd. | 2,363,394 | 135,470 | |||
Dick's Sporting Goods Inc. | 1,024,957 | 123,292 | ||||
Interpublic Group of Cos. Inc. | 3,502,622 | 116,672 | ||||
* | Mattel Inc. | 6,389,492 | 113,989 | |||
Murphy USA Inc. | 366,592 | 102,477 | ||||
H&R Block Inc. | 2,802,915 | 102,334 | ||||
Lithia Motors Inc. Class A | 492,889 | 100,914 | ||||
Macy's Inc. | 4,885,733 | 100,890 | ||||
Polaris Inc. | 992,686 | 100,261 | ||||
* | Light & Wonder Inc. | 1,688,893 | 98,969 | |||
Harley-Davidson Inc. | 2,371,993 | 98,675 | ||||
* | Alaska Air Group Inc. | 2,286,759 | 98,193 | |||
Toll Brothers Inc. | 1,941,092 | 96,899 | ||||
U-Haul Holding Co. | 1,712,593 | 94,158 | ||||
*,1 | Norwegian Cruise Line Holdings Ltd. | 7,597,374 | 92,992 | |||
New York Times Co. Class A | 2,819,915 | 91,534 | ||||
Newell Brands Inc. | 6,711,170 | 87,782 | ||||
*,1 | GameStop Corp. Class A | 4,667,394 | 86,160 |
Shares | Market Value• ($000) | |||||
TEGNA Inc. | 4,026,028 | 85,312 | ||||
Marriott Vacations Worldwide Corp. | 621,806 | 83,689 | ||||
PVH Corp. | 1,175,867 | 83,005 | ||||
Bath & Body Works Inc. | 1,955,756 | 82,416 | ||||
Leggett & Platt Inc. | 2,390,250 | 77,038 | ||||
* | AutoNation Inc. | 714,990 | 76,718 | |||
Academy Sports & Outdoors Inc. | 1,437,537 | 75,528 | ||||
* | American Airlines Group Inc. | 5,857,513 | 74,508 | |||
* | Asbury Automotive Group Inc. | 399,054 | 71,530 | |||
Ralph Lauren Corp. Class A | 666,833 | 70,464 | ||||
Wendy's Co. | 3,072,572 | 69,532 | ||||
Whirlpool Corp. | 491,217 | 69,488 | ||||
Thor Industries Inc. | 919,444 | 69,409 | ||||
Lear Corp. | 532,791 | 66,077 | ||||
Foot Locker Inc. | 1,682,106 | 63,567 | ||||
* | Avis Budget Group Inc. | 373,765 | 61,271 | |||
* | Meritage Homes Corp. | 659,353 | 60,792 | |||
* | Taylor Morrison Home Corp. Class A | 1,855,754 | 56,322 | |||
Signet Jewelers Ltd. | 792,066 | 53,861 | ||||
Kohl's Corp. | 2,102,824 | 53,096 | ||||
* | Coty Inc. Class A | 6,130,507 | 52,477 | |||
* | Goodyear Tire & Rubber Co. | 5,099,730 | 51,762 | |||
Travel + Leisure Co. | 1,392,156 | 50,675 | ||||
Carter's Inc. | 653,613 | 48,766 | ||||
Gap Inc. | 4,277,863 | 48,254 | ||||
* | Helen of Troy Ltd. | 432,523 | 47,971 | |||
* | Victoria's Secret & Co. | 1,318,311 | 47,169 | |||
Group 1 Automotive Inc. | 249,741 | 45,046 | ||||
Penske Automotive Group Inc. | 385,637 | 44,321 | ||||
KB Home | 1,388,751 | 44,232 | ||||
American Eagle Outfitters Inc. | 3,040,931 | 42,451 | ||||
* | Hertz Global Holdings Inc. | 2,709,321 | 41,696 | |||
Hanesbrands Inc. | 6,291,162 | 40,012 | ||||
Kontoor Brands Inc. | 1,000,002 | 39,990 | ||||
Graham Holdings Co. Class B | 65,717 | 39,707 | ||||
*,1 | AMC Entertainment Holdings Inc. Class A | 9,586,479 | 39,017 | |||
Rush Enterprises Inc. Class A | 742,710 | 38,829 | ||||
Cracker Barrel Old Country Store Inc. | 399,667 | 37,865 | ||||
* | JetBlue Airways Corp. | 5,839,111 | 37,837 | |||
Dana Inc. | 2,326,000 | 35,192 | ||||
* | Under Armour Inc. Class A | 3,391,641 | 34,459 | |||
* | Tri Pointe Homes Inc. | 1,819,472 | 33,824 |
Shares | Market Value• ($000) | |||||
* | PowerSchool Holdings Inc. Class A | 1,438,155 | 33,193 | |||
MDC Holdings Inc. | 1,027,918 | 32,482 | ||||
* | ODP Corp. | 702,029 | 31,970 | |||
Bloomin' Brands Inc. | 1,582,852 | 31,847 | ||||
* | Under Armour Inc. Class C | 3,523,324 | 31,428 | |||
Strategic Education Inc. | 396,797 | 31,077 | ||||
John Wiley & Sons Inc. Class A | 757,446 | 30,343 | ||||
MillerKnoll Inc. | 1,362,223 | 28,620 | ||||
Cheesecake Factory Inc. | 880,692 | 27,927 | ||||
Nordstrom Inc. | 1,727,474 | 27,881 | ||||
* | Adtalem Global Education Inc. | 777,667 | 27,607 | |||
* | National Vision Holdings Inc. | 711,368 | 27,573 | |||
PriceSmart Inc. | 445,758 | 27,093 | ||||
* | Knowles Corp. | 1,639,559 | 26,922 | |||
* | Urban Outfitters Inc. | 1,080,166 | 25,762 | |||
Laureate Education Inc. Class A | 2,671,570 | 25,701 | ||||
* | KAR Auction Services Inc. | 1,963,458 | 25,623 | |||
* | Central Garden & Pet Co. Class A | 711,297 | 25,464 | |||
Oxford Industries Inc. | 272,594 | 25,400 | ||||
* | Brinker International Inc. | 793,851 | 25,332 | |||
* | elf Beauty Inc. | 453,342 | 25,070 | |||
Buckle Inc. | 541,857 | 24,573 | ||||
Acushnet Holdings Corp. | 569,603 | 24,185 | ||||
* | Sally Beauty Holdings Inc. | 1,929,899 | 24,162 | |||
1 | Dillard's Inc. Class A | 71,128 | 22,989 | |||
Steven Madden Ltd. | 631,860 | 20,194 | ||||
HNI Corp. | 708,485 | 20,142 | ||||
Scholastic Corp. | 493,770 | 19,484 | ||||
* | Abercrombie & Fitch Co. Class A | 847,012 | 19,405 | |||
Rent-A-Center Inc. | 853,118 | 19,238 | ||||
Spirit Airlines Inc. | 981,303 | 19,116 | ||||
Red Rock Resorts Inc. Class A | 444,555 | 17,787 | ||||
La-Z-Boy Inc. | 775,908 | 17,706 | ||||
Dine Brands Global Inc. | 268,541 | 17,348 | ||||
* | Cinemark Holdings Inc. | 1,956,311 | 16,942 | |||
Sturm Ruger & Co. Inc. | 318,501 | 16,123 | ||||
Matthews International Corp. Class A | 518,917 | 15,796 | ||||
* | Cars.com Inc. | 1,140,784 | 15,709 | |||
Wolverine World Wide Inc. | 1,419,882 | 15,519 | ||||
* | American Axle & Manufacturing Holdings Inc. | 1,961,984 | 15,343 |
Shares | Market Value• ($000) | |||||
* | PROG Holdings Inc. | 902,017 | 15,235 | |||
* | SkyWest Inc. | 912,277 | 15,062 | |||
* | EW Scripps Co. Class A | 1,096,915 | 14,468 | |||
Sonic Automotive Inc. Class A | 287,650 | 14,173 | ||||
Monro Inc. | 283,563 | 12,817 | ||||
Krispy Kreme Inc. | 1,207,509 | 12,462 | ||||
* | Vista Outdoor Inc. | 509,955 | 12,428 | |||
* | iHeartMedia Inc. Class A | 1,975,915 | 12,112 | |||
* | Lions Gate Entertainment Corp. Class B | 2,227,943 | 12,098 | |||
* | GoPro Inc. Class A | 2,337,878 | 11,643 | |||
Sinclair Broadcast Group Inc. Class A | 744,176 | 11,542 | ||||
* | Stride Inc. | 368,510 | 11,527 | |||
Steelcase Inc. Class A | 1,581,007 | 11,178 | ||||
* | BJ's Restaurants Inc. | 400,659 | 10,569 | |||
Interface Inc. Class A | 1,048,800 | 10,352 | ||||
Guess? Inc. | 490,727 | 10,153 | ||||
* | G-III Apparel Group Ltd. | 727,696 | 9,977 | |||
* | Qurate Retail Inc. Class A | 6,065,823 | 9,887 | |||
U-Haul Holding Co. | 163,694 | 9,853 | ||||
* | Sleep Number Corp. | 376,873 | 9,791 | |||
* | Hawaiian Holdings Inc. | 880,500 | 9,034 | |||
Designer Brands Inc. Class A | 916,740 | 8,966 | ||||
* | AMC Networks Inc. Class A | 511,161 | 8,010 | |||
* | Udemy Inc. | 700,606 | 7,391 | |||
1 | Big Lots Inc. | 495,678 | 7,287 | |||
Caleres Inc. | 312,261 | 6,957 | ||||
* | Clear Channel Outdoor Holdings Inc. | 6,406,021 | 6,726 | |||
* | Lions Gate Entertainment Corp. Class A | 1,126,998 | 6,435 | |||
Rush Enterprises Inc. Class B | 108,534 | 6,107 | ||||
* | Central Garden & Pet Co. | 157,893 | 5,913 | |||
* | Genesco Inc. | 111,908 | 5,150 | |||
*,1 | Bowlero Corp. | 346,367 | 4,669 | |||
* | Children's Place Inc. | 111,551 | 4,063 | |||
*,1 | Cricut Inc. Class A | 393,275 | 3,646 | |||
Global Industrial Co. | 153,262 | 3,606 | ||||
Smith & Wesson Brands Inc. | 413,767 | 3,592 | ||||
*,1 | SES AI Corp. | 1,112,656 | 3,505 | |||
* | Zumiez Inc. | 140,367 | 3,052 | |||
1 | Weber Inc. Class A | 167,446 | 1,348 | |||
* | Cardlytics Inc. | 142,061 | 821 | |||
6,468,364 | ||||||
Consumer Staples (3.5%) | ||||||
Bunge Ltd. | 2,700,747 | 269,454 |
Shares | Market Value• ($000) | |||||
* | Performance Food Group Co. | 2,806,667 | 163,881 | |||
* | US Foods Holding Corp. | 3,649,134 | 124,144 | |||
Ingredion Inc. | 1,122,822 | 109,958 | ||||
Flowers Foods Inc. | 3,616,280 | 103,932 | ||||
Molson Coors Beverage Co. Class B | 1,623,773 | 83,657 | ||||
* | Sprouts Farmers Market Inc. | 1,908,409 | 61,775 | |||
* | Hostess Brands Inc. Class A | 2,413,825 | 54,166 | |||
* | TreeHouse Foods Inc. | 1,011,102 | 49,928 | |||
* | Grocery Outlet Holding Corp. | 1,578,450 | 46,075 | |||
Spectrum Brands Holdings Inc. | 735,353 | 44,798 | ||||
Energizer Holdings Inc. | 1,285,348 | 43,123 | ||||
* | Post Holdings Inc. | 475,444 | 42,914 | |||
* | United Natural Foods Inc. | 1,080,008 | 41,807 | |||
Edgewell Personal Care Co. | 927,461 | 35,744 | ||||
Nu Skin Enterprises Inc. Class A | 846,426 | 35,685 | ||||
Lancaster Colony Corp. | 173,858 | 34,302 | ||||
Reynolds Consumer Products Inc. | 945,946 | 28,360 | ||||
Vector Group Ltd. | 2,372,213 | 28,134 | ||||
* | Herbalife Nutrition Ltd. | 1,764,663 | 26,258 | |||
* | Hain Celestial Group Inc. | 1,610,242 | 26,054 | |||
Weis Markets Inc. | 290,976 | 23,944 | ||||
Universal Corp. | 420,567 | 22,210 | ||||
Andersons Inc. | 543,621 | 19,021 | ||||
Fresh Del Monte Produce Inc. | 690,108 | 18,074 | ||||
Seaboard Corp. | 4,199 | 15,852 | ||||
* | Pilgrim's Pride Corp. | 639,451 | 15,174 | |||
1 | B&G Foods Inc. | 1,292,068 | 14,407 | |||
* | Duckhorn Portfolio Inc. | 830,693 | 13,765 | |||
ACCO Brands Corp. | 1,614,382 | 9,024 | ||||
* | USANA Health Sciences Inc. | 103,893 | 5,527 | |||
*,1 | BRC Inc. Class A | 370,489 | 2,264 | |||
1,613,411 | ||||||
Energy (5.8%) | ||||||
APA Corp. | 5,796,524 | 270,582 | ||||
Ovintiv Inc. | 4,475,890 | 226,972 | ||||
Chesapeake Energy Corp. | 2,294,673 | 216,548 | ||||
* | Antero Resources Corp. | 4,599,386 | 142,535 | |||
* | First Solar Inc. | 912,745 | 136,720 | |||
HF Sinclair Corp. | 2,533,231 | 131,449 | ||||
* | Southwestern Energy Co. | 19,896,421 | 116,394 | |||
Murphy Oil Corp. | 2,662,564 | 114,517 | ||||
Range Resources Corp. | 4,138,524 | 103,546 |
Shares | Market Value• ($000) | |||||
Chord Energy Corp. | 712,615 | 97,493 | ||||
DT Midstream Inc. | 1,744,340 | 96,392 | ||||
PBF Energy Inc. Class A | 2,137,202 | 87,155 | ||||
NOV Inc. | 3,540,074 | 73,952 | ||||
Patterson-UTI Energy Inc. | 3,909,030 | 65,828 | ||||
Antero Midstream Corp. | 5,607,438 | 60,504 | ||||
California Resources Corp. | 1,324,614 | 57,634 | ||||
* | Peabody Energy Corp. | 2,075,495 | 54,835 | |||
* | Transocean Ltd. | 11,713,462 | 53,413 | |||
Equitrans Midstream Corp. | 7,802,634 | 52,278 | ||||
* | CNX Resources Corp. | 3,091,043 | 52,053 | |||
Arcosa Inc. | 871,790 | 47,373 | ||||
Arch Resources Inc. | 326,019 | 46,552 | ||||
Helmerich & Payne Inc. | 854,846 | 42,375 | ||||
SM Energy Co. | 1,106,952 | 38,555 | ||||
Delek US Holdings Inc. | 1,256,456 | 33,924 | ||||
Warrior Met Coal Inc. | 931,262 | 32,259 | ||||
Permian Resources Corp. Class A | 3,121,168 | 29,339 | ||||
World Fuel Services Corp. | 1,060,527 | 28,984 | ||||
* | NOW Inc. | 1,991,019 | 25,286 | |||
Archrock Inc. | 2,805,635 | 25,195 | ||||
* | ProPetro Holding Corp. | 1,753,828 | 18,187 | |||
* | MRC Global Inc. | 1,507,311 | 17,455 | |||
* | NexTier Oilfield Solutions Inc. | 1,881,295 | 17,383 | |||
CVR Energy Inc. | 543,717 | 17,040 | ||||
Core Laboratories NV | 836,008 | 16,946 | ||||
*,1 | Fluence Energy Inc. Class A | 727,281 | 12,473 | |||
* | ProFrac Holding Corp. Class A | 389,153 | 9,807 | |||
Sitio Royalties Corp. | 330,299 | 9,529 | ||||
1 | Crescent Energy Co. Class A | 696,428 | 8,350 | |||
* | SunPower Corp. | 391,871 | 7,066 | |||
* | OPAL Fuels Inc. Class A | 33,903 | 247 | |||
2,695,125 | ||||||
Financials (22.2%) | ||||||
First Horizon Corp. | 9,678,060 | 237,112 | ||||
American Financial Group Inc. | 1,304,805 | 179,124 | ||||
Reinsurance Group of America Inc. | 1,204,979 | 171,215 | ||||
East West Bancorp Inc. | 2,541,138 | 167,461 | ||||
Comerica Inc. | 2,360,946 | 157,829 | ||||
Webster Financial Corp. | 3,137,218 | 148,516 | ||||
Invesco Ltd. | 8,199,434 | 147,508 | ||||
RenaissanceRe Holdings Ltd. | 787,891 | 145,153 | ||||
Cullen/Frost Bankers Inc. | 1,043,318 | 139,492 |
Shares | Market Value• ($000) | |||||
Commerce Bancshares Inc. | 2,033,483 | 138,419 | ||||
First Citizens BancShares Inc. Class A | 182,514 | 138,411 | ||||
Carlyle Group Inc. | 4,588,130 | 136,910 | ||||
Zions Bancorp NA | 2,697,468 | 132,608 | ||||
Signature Bank | 1,134,530 | 130,721 | ||||
SEI Investments Co. | 2,187,448 | 127,528 | ||||
Unum Group | 3,051,521 | 125,204 | ||||
Old Republic International Corp. | 4,937,514 | 119,241 | ||||
Assurant Inc. | 952,499 | 119,120 | ||||
Brown & Brown Inc. | 2,042,529 | 116,363 | ||||
Prosperity Bancshares Inc. | 1,563,615 | 113,644 | ||||
Voya Financial Inc. | 1,751,912 | 107,725 | ||||
Affiliated Managers Group Inc. | 679,149 | 107,598 | ||||
AGNC Investment Corp. | 10,306,101 | 106,668 | ||||
Stifel Financial Corp. | 1,820,388 | 106,256 | ||||
SouthState Corp. | 1,364,727 | 104,211 | ||||
RLI Corp. | 777,219 | 102,026 | ||||
New York Community Bancorp Inc. | 11,651,587 | 100,204 | ||||
Jefferies Financial Group Inc. | 2,890,035 | 99,070 | ||||
Glacier Bancorp Inc. | 1,996,809 | 98,682 | ||||
United Bankshares Inc. | 2,427,756 | 98,300 | ||||
Starwood Property Trust Inc. | 5,302,753 | 97,199 | ||||
Selective Insurance Group Inc. | 1,086,718 | 96,294 | ||||
Globe Life Inc. | 789,163 | 95,134 | ||||
Old National Bancorp | 5,280,320 | 94,940 | ||||
Primerica Inc. | 665,252 | 94,346 | ||||
Synovus Financial Corp. | 2,491,358 | 93,550 | ||||
First American Financial Corp. | 1,773,442 | 92,822 | ||||
Wintrust Financial Corp. | 1,095,546 | 92,596 | ||||
Valley National Bancorp | 7,759,814 | 87,764 | ||||
Popular Inc. | 1,310,595 | 86,919 | ||||
Lincoln National Corp. | 2,746,039 | 84,358 | ||||
First Financial Bankshares Inc. | 2,443,115 | 84,043 | ||||
FNB Corp. | 6,324,335 | 82,533 | ||||
Cadence Bank | 3,289,389 | 81,116 | ||||
Bank OZK | 2,013,535 | 80,662 | ||||
Home BancShares Inc. | 3,493,557 | 79,618 | ||||
Hanover Insurance Group Inc. | 577,025 | 77,973 | ||||
SLM Corp. | 4,510,786 | 74,879 | ||||
Axis Capital Holdings Ltd. | 1,373,820 | 74,420 | ||||
Essent Group Ltd. | 1,844,822 | 71,727 | ||||
Hancock Whitney Corp. | 1,467,719 | 71,023 |
Shares | Market Value• ($000) | |||||
American Equity Investment Life Holding Co. | 1,545,202 | 70,492 | ||||
Umpqua Holdings Corp. | 3,915,965 | 69,900 | ||||
Rithm Capital Corp. | 8,538,710 | 69,761 | ||||
MGIC Investment Corp. | 5,355,097 | 69,616 | ||||
Independent Bank Corp. | 822,900 | 69,477 | ||||
Lazard Ltd. Class A | 1,931,476 | 66,964 | ||||
OneMain Holdings Inc. | 1,983,025 | 66,055 | ||||
Assured Guaranty Ltd. | 1,027,573 | 63,977 | ||||
* | Brighthouse Financial Inc. | 1,246,361 | 63,901 | |||
White Mountains Insurance Group Ltd. | 44,116 | 62,395 | ||||
Blackstone Mortgage Trust Inc. Class A | 2,927,265 | 61,970 | ||||
CVB Financial Corp. | 2,394,513 | 61,659 | ||||
United Community Banks Inc. | 1,818,442 | 61,463 | ||||
Evercore Inc. Class A | 560,202 | 61,107 | ||||
Community Bank System Inc. | 968,794 | 60,986 | ||||
First Hawaiian Inc. | 2,301,986 | 59,944 | ||||
Associated Banc-Corp | 2,575,275 | 59,463 | ||||
Ally Financial Inc. | 2,423,545 | 59,256 | ||||
UMB Financial Corp. | 696,829 | 58,199 | ||||
FirstCash Holdings Inc. | 668,058 | 58,061 | ||||
Kemper Corp. | 1,151,781 | 56,668 | ||||
Janus Henderson Group plc | 2,389,412 | 56,199 | ||||
Ameris Bancorp | 1,187,835 | 55,995 | ||||
Bank of Hawaii Corp. | 721,394 | 55,951 | ||||
Western Alliance Bancorp | 932,723 | 55,553 | ||||
Federated Hermes Inc. Class B | 1,524,166 | 55,342 | ||||
First Interstate BancSystem Inc. Class A | 1,412,275 | 54,584 | ||||
* | Texas Capital Bancshares Inc. | 899,633 | 54,257 | |||
Pacific Premier Bancorp Inc. | 1,713,022 | 54,063 | ||||
Radian Group Inc. | 2,831,060 | 53,988 | ||||
Cathay General Bancorp | 1,274,555 | 51,989 | ||||
Fulton Financial Corp. | 3,019,744 | 50,822 | ||||
WSFS Financial Corp. | 1,110,341 | 50,343 | ||||
Eastern Bankshares Inc. | 2,866,829 | 49,453 | ||||
PacWest Bancorp | 2,123,966 | 48,745 | ||||
* | Genworth Financial Inc. Class A | 8,949,143 | 47,341 | |||
Atlantic Union Bankshares Corp. | 1,347,005 | 47,334 | ||||
BankUnited Inc. | 1,393,094 | 47,323 | ||||
CNO Financial Group Inc. | 2,062,644 | 47,131 |
Shares | Market Value• ($000) | |||||
Simmons First National Corp. Class A | 2,174,716 | 46,930 | ||||
Jackson Financial Inc. Class A | 1,347,384 | 46,875 | ||||
International Bancshares Corp. | 1,007,862 | 46,120 | ||||
* | Mr Cooper Group Inc. | 1,145,002 | 45,949 | |||
Walker & Dunlop Inc. | 565,419 | 44,374 | ||||
Moelis & Co. Class A | 1,153,276 | 44,251 | ||||
First Merchants Corp. | 1,073,879 | 44,147 | ||||
BOK Financial Corp. | 424,389 | 44,047 | ||||
* | Enstar Group Ltd. | 187,398 | 43,296 | |||
Columbia Banking System Inc. | 1,417,888 | 42,721 | ||||
First Bancorp | 3,328,363 | 42,337 | ||||
Piper Sandler Cos. | 305,460 | 39,768 | ||||
Washington Federal Inc. | 1,177,468 | 39,504 | ||||
First Financial Bancorp | 1,624,428 | 39,360 | ||||
* | Axos Financial Inc. | 1,027,669 | 39,278 | |||
Houlihan Lokey Inc. Class A | 449,390 | 39,169 | ||||
Banner Corp. | 616,426 | 38,958 | ||||
Arbor Realty Trust Inc. | 2,937,757 | 38,749 | ||||
Towne Bank | 1,245,626 | 38,415 | ||||
Independent Bank Group Inc. | 631,161 | 37,920 | ||||
WesBanco Inc. | 1,013,206 | 37,468 | ||||
Park National Corp. | 263,890 | 37,143 | ||||
Renasant Corp. | 958,347 | 36,024 | ||||
Artisan Partners Asset Management Inc. Class A | 1,163,238 | 34,548 | ||||
Trustmark Corp. | 989,054 | 34,528 | ||||
Northwest Bancshares Inc. | 2,289,451 | 32,007 | ||||
NBT Bancorp Inc. | 733,742 | 31,859 | ||||
1 | Claros Mortgage Trust Inc. | 2,120,582 | 31,194 | |||
TPG Inc. Class A | 1,087,778 | 30,273 | ||||
Navient Corp. | 1,833,709 | 30,165 | ||||
BancFirst Corp. | 325,936 | 28,741 | ||||
National Bank Holdings Corp. Class A | 677,820 | 28,516 | ||||
* | Cannae Holdings Inc. | 1,336,300 | 27,595 | |||
Horace Mann Educators Corp. | 737,371 | 27,556 | ||||
Provident Financial Services Inc. | 1,289,290 | 27,539 | ||||
Apollo Commercial Real Estate Finance Inc. | 2,535,082 | 27,277 | ||||
Westamerica Bancorp | 460,927 | 27,199 | ||||
Hope Bancorp Inc. | 2,046,477 | 26,215 | ||||
Eagle Bancorp Inc. | 575,474 | 25,361 | ||||
Two Harbors Investment Corp. | 1,592,659 | 25,116 | ||||
Hilltop Holdings Inc. | 815,163 | 24,463 |
Shares | Market Value• ($000) | |||||
Virtus Investment Partners Inc. | 123,863 | 23,712 | ||||
City Holding Co. | 254,435 | 23,685 | ||||
OFG Bancorp | 857,537 | 23,634 | ||||
Berkshire Hills Bancorp Inc. | 771,164 | 23,058 | ||||
PennyMac Financial Services Inc. | 406,305 | 23,021 | ||||
Chimera Investment Corp. | 4,178,550 | 22,982 | ||||
S&T Bancorp Inc. | 668,053 | 22,834 | ||||
* | PRA Group Inc. | 667,561 | 22,550 | |||
First Commonwealth Financial Corp. | 1,599,392 | 22,344 | ||||
BGC Partners Inc. Class A | 5,857,673 | 22,083 | ||||
Brookline Bancorp Inc. | 1,525,399 | 21,584 | ||||
Safety Insurance Group Inc. | 252,410 | 21,268 | ||||
Employers Holdings Inc. | 490,333 | 21,148 | ||||
* | Blucora Inc. | 820,175 | 20,939 | |||
Ladder Capital Corp. Class A | 2,053,983 | 20,622 | ||||
Capitol Federal Financial Inc. | 2,354,881 | 20,370 | ||||
1 | Compass Diversified Holdings | 1,106,539 | 20,172 | |||
PennyMac Mortgage Investment Trust | 1,603,383 | 19,866 | ||||
Nelnet Inc. Class A | 214,511 | 19,467 | ||||
* | Encore Capital Group Inc. | 400,536 | 19,202 | |||
Franklin BSP Realty Trust Inc. | 1,487,060 | 19,183 | ||||
MFA Financial Inc. | 1,835,369 | 18,078 | ||||
Mercury General Corp. | 499,122 | 17,070 | ||||
ProAssurance Corp. | 972,904 | 16,997 | ||||
* | LendingClub Corp. | 1,894,730 | 16,674 | |||
Tompkins Financial Corp. | 208,919 | 16,208 | ||||
Heartland Financial USA Inc. | 325,244 | 15,163 | ||||
* | Columbia Financial Inc. | 691,434 | 14,949 | |||
Argo Group International Holdings Ltd. | 568,805 | 14,704 | ||||
1 | Enact Holdings Inc. | 587,233 | 14,164 | |||
* | Ambac Financial Group Inc. | 810,765 | 14,140 | |||
Redwood Trust Inc. | 2,043,823 | 13,816 | ||||
ARMOUR Residential REIT Inc. | 2,382,459 | 13,413 | ||||
WisdomTree Inc. | 2,245,621 | 12,239 | ||||
Northfield Bancorp Inc. | 775,187 | 12,194 | ||||
KKR Real Estate Finance Trust Inc. | 872,159 | 12,175 | ||||
United Fire Group Inc. | 431,575 | 11,808 | ||||
iStar Inc. | 1,484,856 | 11,329 | ||||
Kearny Financial Corp. | 1,096,367 | 11,128 |
Shares | Market Value• ($000) | |||||
BrightSpire Capital Inc. Class A | 1,628,046 | 10,143 | ||||
National Western Life Group Inc. Class A | 34,072 | 9,574 | ||||
* | SiriusPoint Ltd. | 1,607,992 | 9,487 | |||
Central Pacific Financial Corp. | 466,366 | 9,458 | ||||
Invesco Mortgage Capital Inc. | 637,395 | 8,114 | ||||
Broadmark Realty Capital Inc. | 2,269,774 | 8,080 | ||||
TPG RE Finance Trust Inc. | 1,116,647 | 7,582 | ||||
Victory Capital Holdings Inc. Class A | 216,204 | 5,801 | ||||
GCM Grosvenor Inc. Class A | 761,765 | 5,797 | ||||
1 | UWM Holdings Corp. Class A | 1,502,169 | 4,972 | |||
*,1 | World Acceptance Corp. | 73,330 | 4,835 | |||
* | AssetMark Financial Holdings Inc. | 199,800 | 4,595 | |||
*,1 | Hagerty Inc. Class A | 185,146 | 1,557 | |||
loanDepot Inc. Class A | 909,480 | 1,501 | ||||
Associated Capital Group Inc. Class A | 30,223 | 1,269 | ||||
*,1 | Bakkt Holdings Inc. | 1,041,784 | 1,240 | |||
10,260,895 | ||||||
Health Care (5.5%) | ||||||
* | United Therapeutics Corp. | 821,700 | 228,507 | |||
* | Jazz Pharmaceuticals plc | 1,078,428 | 171,804 | |||
* | Acadia Healthcare Co. Inc. | 1,640,219 | 135,023 | |||
Organon & Co. | 4,585,885 | 128,084 | ||||
DENTSPLY SIRONA Inc. | 3,875,123 | 123,384 | ||||
Encompass Health Corp. | 1,799,100 | 107,604 | ||||
* | Elanco Animal Health Inc. | 8,550,365 | 104,485 | |||
* | Envista Holdings Corp. | 2,939,530 | 98,974 | |||
* | Karuna Therapeutics Inc. | 495,607 | 97,387 | |||
* | Tenet Healthcare Corp. | 1,949,362 | 95,109 | |||
Perrigo Co. plc | 2,427,338 | 82,748 | ||||
Universal Health Services Inc. Class B | 549,430 | 77,409 | ||||
Premier Inc. Class A | 2,141,243 | 74,901 | ||||
* | Syneos Health Inc. | 1,855,491 | 68,059 | |||
* | Madrigal Pharmaceuticals Inc. | 231,254 | 67,121 | |||
* | Prestige Consumer Healthcare Inc. | 892,837 | 55,892 | |||
* | Axsome Therapeutics Inc. | 626,354 | 48,311 | |||
Select Medical Holdings Corp. | 1,831,536 | 45,477 |
Shares | Market Value• ($000) | |||||
* | Enovis Corp. | 829,833 | 44,413 | |||
Patterson Cos. Inc. | 1,572,298 | 44,072 | ||||
* | Integer Holdings Corp. | 597,322 | 40,893 | |||
* | Azenta Inc. | 676,285 | 39,373 | |||
* | DaVita Inc. | 446,834 | 33,365 | |||
* | Pacific Biosciences of California Inc. | 3,668,873 | 30,011 | |||
* | agilon health Inc. | 1,856,348 | 29,961 | |||
Embecta Corp. | 1,042,726 | 26,371 | ||||
* | Meridian Bioscience Inc. | 790,176 | 26,242 | |||
* | IVERIC bio Inc. | 1,208,875 | 25,882 | |||
* | Owens & Minor Inc. | 1,305,719 | 25,501 | |||
* | Avanos Medical Inc. | 838,325 | 22,685 | |||
* | Mirati Therapeutics Inc. | 467,205 | 21,169 | |||
* | Pediatrix Medical Group Inc. | 1,422,798 | 21,143 | |||
* | Myriad Genetics Inc. | 1,387,902 | 20,138 | |||
* | Ligand Pharmaceuticals Inc. | 289,367 | 19,330 | |||
* | Reata Pharmaceuticals Inc. Class A | 486,236 | 18,472 | |||
* | NextGen Healthcare Inc. | 975,069 | 18,312 | |||
* | Iovance Biotherapeutics Inc. | 2,703,386 | 17,275 | |||
* | Supernus Pharmaceuticals Inc. | 463,785 | 16,543 | |||
* | Immunovant Inc. | 931,657 | 16,537 | |||
Healthcare Services Group Inc. | 1,335,707 | 16,028 | ||||
* | Varex Imaging Corp. | 722,981 | 14,677 | |||
National HealthCare Corp. | 235,142 | 13,991 | ||||
* | Agios Pharmaceuticals Inc. | 495,275 | 13,907 | |||
* | Bridgebio Pharma Inc. | 1,586,505 | 12,089 | |||
* | Enhabit Inc. | 849,826 | 11,184 | |||
* | 23andMe Holding Co. | 4,911,772 | 10,609 | |||
* | Emergent BioSolutions Inc. | 809,462 | 9,560 | |||
* | Day One Biopharmaceuticals Inc. | 430,951 | 9,274 | |||
* | Brookdale Senior Living Inc. | 3,198,805 | 8,733 | |||
* | Kiniksa Pharmaceuticals Ltd. Class A | 560,300 | 8,393 | |||
* | Nuvalent Inc. Class A | 252,436 | 7,518 | |||
* | Multiplan Corp. | 6,337,492 | 7,288 | |||
* | Amneal Pharmaceuticals Inc. | 2,471,942 | 4,919 | |||
Phibro Animal Health Corp. Class A | 366,324 | 4,912 | ||||
* | OPKO Health Inc. | 3,822,672 | 4,778 | |||
* | NGM Biopharmaceuticals Inc. | 810,207 | 4,067 |
Shares | Market Value• ($000) | |||||
* | ALX Oncology Holdings Inc. | 163,221 | 1,840 | |||
* | Stoke Therapeutics Inc. | 195,420 | 1,804 | |||
* | Allovir Inc. | 334,359 | 1,715 | |||
* | Atea Pharmaceuticals Inc. | 337,660 | 1,624 | |||
*,1 | Prime Medicine Inc. | 86,870 | 1,614 | |||
* | OmniAb Inc. | 377,308 | 1,358 | |||
*,1,2 | Zogenix Inc. CVR | 265,295 | 531 | |||
*,1 | Synergy Pharmaceuticals LLC | 1,169,882 | — | |||
*,2 | OmniAb Inc. (Earnout Shares) | 107,162 | — | |||
2,540,380 | ||||||
Industrials (21.8%) | ||||||
IDEX Corp. | 1,359,756 | 310,473 | ||||
Howmet Aerospace Inc. | 6,712,935 | 264,557 | ||||
Booz Allen Hamilton Holding Corp. Class A | 2,383,904 | 249,166 | ||||
RPM International Inc. | 2,327,528 | 226,818 | ||||
Carlisle Cos. Inc. | 932,388 | 219,717 | ||||
AECOM | 2,499,732 | 212,302 | ||||
* | Builders FirstSource Inc. | 2,653,417 | 172,154 | |||
Allegion plc | 1,583,766 | 166,707 | ||||
Huntington Ingalls Industries Inc. | 719,416 | 165,955 | ||||
AGCO Corp. | 1,143,208 | 158,552 | ||||
Lincoln Electric Holdings Inc. | 1,040,958 | 150,408 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 2,752,373 | 144,252 | ||||
Owens Corning | 1,684,926 | 143,724 | ||||
Regal Rexnord Corp. | 1,192,631 | 143,092 | ||||
Tetra Tech Inc. | 955,196 | 138,685 | ||||
Robert Half International Inc. | 1,858,307 | 137,199 | ||||
Pentair plc | 2,965,746 | 133,399 | ||||
Sealed Air Corp. | 2,608,035 | 130,089 | ||||
Donaldson Co. Inc. | 2,207,848 | 129,976 | ||||
AptarGroup Inc. | 1,177,017 | 129,448 | ||||
EMCOR Group Inc. | 859,161 | 127,250 | ||||
Valmont Industries Inc. | 384,617 | 127,181 | ||||
Graphic Packaging Holding Co. | 5,537,025 | 123,199 | ||||
ITT Inc. | 1,491,008 | 120,921 | ||||
nVent Electric plc | 3,003,346 | 115,539 | ||||
* | WESCO International Inc. | 916,651 | 114,765 | |||
Hubbell Inc. Class B | 484,106 | 113,610 | ||||
Sensata Technologies Holding plc | 2,757,693 | 111,356 | ||||
MDU Resources Group Inc. | 3,666,225 | 111,233 | ||||
Sonoco Products Co. | 1,758,056 | 106,732 | ||||
Oshkosh Corp. | 1,178,975 | 103,974 |
Shares | Market Value• ($000) | |||||
* | Axalta Coating Systems Ltd. | 3,977,340 | 101,303 | |||
* | Mohawk Industries Inc. | 973,633 | 99,525 | |||
MSA Safety Inc. | 671,370 | 96,805 | ||||
* | MasTec Inc. | 1,128,411 | 96,287 | |||
Acuity Brands Inc. | 579,772 | 96,016 | ||||
Western Union Co. | 6,962,170 | 95,869 | ||||
Brunswick Corp. | 1,307,210 | 94,224 | ||||
* | FTI Consulting Inc. | 589,571 | 93,624 | |||
* | Fluor Corp. | 2,561,717 | 88,789 | |||
Applied Industrial Technologies Inc. | 695,394 | 87,640 | ||||
Crane Holdings Co. | 860,419 | 86,429 | ||||
* | Atkore Inc. | 716,025 | 81,212 | |||
Silgan Holdings Inc. | 1,488,450 | 77,161 | ||||
ManpowerGroup Inc. | 911,508 | 75,847 | ||||
Air Lease Corp. Class A | 1,899,300 | 72,971 | ||||
Triton International Ltd. | 1,060,413 | 72,935 | ||||
Flowserve Corp. | 2,356,290 | 72,291 | ||||
Watts Water Technologies Inc. Class A | 491,920 | 71,933 | ||||
Ryder System Inc. | 860,687 | 71,928 | ||||
Altra Industrial Motion Corp. | 1,174,944 | 70,203 | ||||
* | Kirby Corp. | 1,079,942 | 69,494 | |||
Allison Transmission Holdings Inc. | 1,667,471 | 69,367 | ||||
Louisiana-Pacific Corp. | 1,163,319 | 68,868 | ||||
HB Fuller Co. | 961,166 | 68,839 | ||||
Berry Global Group Inc. | 1,118,986 | 67,620 | ||||
GATX Corp. | 634,592 | 67,483 | ||||
Fortune Brands Innovations Inc. | 1,163,362 | 66,440 | ||||
Maxar Technologies Inc. | 1,277,070 | 66,076 | ||||
MSC Industrial Direct Co. Inc. Class A | 808,721 | 66,072 | ||||
* | XPO Inc. | 1,971,673 | 65,637 | |||
* | Middleby Corp. | 485,725 | 65,039 | |||
* | API Group Corp. | 3,373,702 | 63,459 | |||
* | Summit Materials Inc. Class A | 2,135,154 | 60,617 | |||
ADT Inc. | 6,193,400 | 56,174 | ||||
Spirit AeroSystems Holdings Inc. Class A | 1,897,614 | 56,169 | ||||
Belden Inc. | 771,739 | 55,488 | ||||
Albany International Corp. Class A | 560,709 | 55,280 | ||||
Vontier Corp. | 2,848,437 | 55,060 | ||||
EnerSys | 736,091 | 54,353 | ||||
Zurn Elkay Water Solutions Corp. | 2,564,378 | 54,237 | ||||
ABM Industries Inc. | 1,192,659 | 52,978 | ||||
UniFirst Corp. | 271,858 | 52,466 | ||||
Woodward Inc. | 538,755 | 52,049 | ||||
* | Atlas Air Worldwide Holdings Inc. | 511,387 | 51,548 |
Shares | Market Value• ($000) | |||||
MKS Instruments Inc. | 599,667 | 50,810 | ||||
* | SPX Technologies Inc. | 773,914 | 50,807 | |||
Terex Corp. | 1,156,111 | 49,389 | ||||
Korn Ferry | 962,380 | 48,716 | ||||
Esab Corp. | 1,028,977 | 48,280 | ||||
Hillenbrand Inc. | 1,117,650 | 47,690 | ||||
* | Beacon Roofing Supply Inc. | 879,719 | 46,440 | |||
* | O-I Glass Inc. | 2,796,967 | 46,346 | |||
Moog Inc. Class A | 517,634 | 45,428 | ||||
* | Hub Group Inc. Class A | 559,299 | 44,459 | |||
Otter Tail Corp. | 750,578 | 44,066 | ||||
McGrath RentCorp | 439,562 | 43,402 | ||||
Trinity Industries Inc. | 1,467,599 | 43,397 | ||||
* | Resideo Technologies Inc. | 2,629,516 | 43,256 | |||
Encore Wire Corp. | 314,161 | 43,216 | ||||
Brink's Co. | 795,569 | 42,730 | ||||
Matson Inc. | 681,151 | 42,579 | ||||
* | Alight Inc. Class A | 5,023,164 | 41,994 | |||
Werner Enterprises Inc. | 1,025,604 | 41,291 | ||||
ESCO Technologies Inc. | 466,098 | 40,802 | ||||
EnPro Industries Inc. | 375,061 | 40,765 | ||||
* | GMS Inc. | 764,553 | 38,075 | |||
EVERTEC Inc. | 1,175,498 | 38,063 | ||||
Brady Corp. Class A | 791,304 | 37,270 | ||||
Comfort Systems USA Inc. | 322,359 | 37,097 | ||||
* | RXO Inc. | 2,075,444 | 35,698 | |||
Barnes Group Inc. | 866,108 | 35,380 | ||||
Kennametal Inc. | 1,452,672 | 34,951 | ||||
Bread Financial Holdings Inc. | 898,801 | 33,849 | ||||
Griffon Corp. | 925,914 | 33,138 | ||||
Greif Inc. Class A | 439,118 | 29,447 | ||||
ArcBest Corp. | 418,252 | 29,294 | ||||
Granite Construction Inc. | 788,394 | 27,649 | ||||
* | AAR Corp. | 606,415 | 27,228 | |||
* | Huron Consulting Group Inc. | 359,377 | 26,091 | |||
H&E Equipment Services Inc. | 556,428 | 25,262 | ||||
* | CoreCivic Inc. | 2,072,965 | 23,963 | |||
* | Dycom Industries Inc. | 253,107 | 23,691 | |||
Standex International Corp. | 216,076 | 22,128 | ||||
* | OSI Systems Inc. | 273,458 | 21,745 | |||
* | AvidXchange Holdings Inc. | 2,149,424 | 21,365 | |||
Primoris Services Corp. | 957,541 | 21,008 | ||||
TriMas Corp. | 756,604 | 20,988 | ||||
* | Gates Industrial Corp. plc | 1,782,291 | 20,336 | |||
Kforce Inc. | 355,453 | 19,489 | ||||
Greenbrier Cos. Inc. | 561,486 | 18,827 | ||||
Wabash National Corp. | 821,131 | 18,558 |
Shares | Market Value• ($000) | |||||
Apogee Enterprises Inc. | 400,415 | 17,802 | ||||
*,1 | Rocket Lab USA Inc. | 4,692,943 | 17,692 | |||
AZZ Inc. | 425,767 | 17,116 | ||||
Astec Industries Inc. | 409,490 | 16,650 | ||||
Schneider National Inc. Class B | 685,147 | 16,032 | ||||
TTEC Holdings Inc. | 340,534 | 15,028 | ||||
*,1 | Joby Aviation Inc. | 4,483,909 | 15,021 | |||
International Seaways Inc. | 398,160 | 14,740 | ||||
* | Mirion Technologies Inc. | 2,164,695 | 14,309 | |||
Quanex Building Products Corp. | 597,321 | 14,145 | ||||
* | JELD-WEN Holding Inc. | 1,444,509 | 13,939 | |||
Deluxe Corp. | 777,695 | 13,205 | ||||
Heartland Express Inc. | 854,081 | 13,102 | ||||
Enerpac Tool Group Corp. Class A | 512,646 | 13,047 | ||||
FTAI Aviation Ltd. | 761,634 | 13,039 | ||||
* | Proterra Inc. | 3,456,356 | 13,030 | |||
* | Green Dot Corp. Class A | 805,583 | 12,744 | |||
* | Conduent Inc. | 3,114,182 | 12,612 | |||
* | First Advantage Corp. | 958,725 | 12,463 | |||
* | Enovix Corp. | 991,309 | 12,332 | |||
* | Thermon Group Holdings Inc. | 603,717 | 12,123 | |||
* | ZipRecruiter Inc. Class A | 719,516 | 11,814 | |||
* | Vivint Smart Home Inc. | 961,773 | 11,445 | |||
Kaman Corp. | 505,153 | 11,265 | ||||
* | TrueBlue Inc. | 560,404 | 10,973 | |||
Pitney Bowes Inc. | 2,823,456 | 10,729 | ||||
Kelly Services Inc. Class A | 592,450 | 10,012 | ||||
* | Hillman Solutions Corp. | 1,227,402 | 8,850 | |||
* | American Woodmark Corp. | 149,568 | 7,308 | |||
Pactiv Evergreen Inc. | 641,154 | 7,283 | ||||
REV Group Inc. | 534,803 | 6,749 | ||||
National Presto Industries Inc. | 95,474 | 6,536 | ||||
* | Proto Labs Inc. | 244,480 | 6,242 | |||
Greif Inc. Class B | 78,844 | 6,168 | ||||
* | Leonardo DRS Inc. | 459,841 | 5,877 | |||
* | Triumph Group Inc. | 527,369 | 5,548 | |||
* | BrightView Holdings Inc. | 754,553 | 5,199 | |||
Gorman-Rupp Co. | 199,955 | 5,123 | ||||
Kronos Worldwide Inc. | 416,331 | 3,913 | ||||
Hyster-Yale Materials Handling Inc. | 154,050 | 3,899 | ||||
* | Advantage Solutions Inc. | 1,420,958 | 2,956 | |||
* | Microvast Holdings Inc. | 1,410,284 | 2,158 | |||
* | MSP Recovery Inc. | 789,448 | 1,263 | |||
10,084,172 |
Shares | Market Value• ($000) | |||||
Real Estate (9.4%) | ||||||
Kimco Realty Corp. | 11,150,279 | 236,163 | ||||
Gaming & Leisure Properties Inc. | 4,410,672 | 229,752 | ||||
Life Storage Inc. | 1,532,429 | 150,944 | ||||
Federal Realty Investment Trust | 1,464,147 | 147,937 | ||||
National Retail Properties Inc. | 3,222,383 | 147,456 | ||||
STORE Capital Corp. | 4,586,919 | 147,057 | ||||
* | Jones Lang LaSalle Inc. | 855,704 | 136,374 | |||
Brixmor Property Group Inc. | 5,407,166 | 122,580 | ||||
Medical Properties Trust Inc. | 10,781,323 | 120,104 | ||||
Omega Healthcare Investors Inc. | 4,222,094 | 118,008 | ||||
EastGroup Properties Inc. | 785,592 | 116,315 | ||||
First Industrial Realty Trust Inc. | 2,382,270 | 114,968 | ||||
Agree Realty Corp. | 1,596,924 | 113,270 | ||||
STAG Industrial Inc. | 3,231,509 | 104,410 | ||||
Regency Centers Corp. | 1,542,599 | 96,412 | ||||
Apartment Income REIT Corp. Class A | 2,729,394 | 93,646 | ||||
Rayonier Inc. | 2,639,886 | 87,011 | ||||
Lamar Advertising Co. Class A | 786,642 | 74,259 | ||||
Cousins Properties Inc. | 2,730,206 | 69,047 | ||||
Vornado Realty Trust | 3,112,416 | 64,769 | ||||
PotlatchDeltic Corp. | 1,456,341 | 64,064 | ||||
Physicians Realty Trust | 4,115,294 | 59,548 | ||||
Apple Hospitality REIT Inc. | 3,711,784 | 58,572 | ||||
Highwoods Properties Inc. | 1,896,604 | 53,067 | ||||
Corporate Office Properties Trust | 2,026,859 | 52,577 | ||||
Sabra Health Care REIT Inc. | 4,164,256 | 51,762 | ||||
EPR Properties | 1,352,560 | 51,019 | ||||
LXP Industrial Trust | 4,971,005 | 49,810 | ||||
Broadstone Net Lease Inc. | 2,965,448 | 48,070 | ||||
Douglas Emmett Inc. | 3,010,806 | 47,209 | ||||
Equity Commonwealth | 1,874,173 | 46,798 | ||||
* | Howard Hughes Corp. | 610,182 | 46,630 | |||
Park Hotels & Resorts Inc. | 3,851,083 | 45,404 | ||||
SITE Centers Corp. | 3,256,695 | 44,487 | ||||
Outfront Media Inc. | 2,663,596 | 44,162 | ||||
Macerich Co. | 3,872,391 | 43,603 | ||||
Kilroy Realty Corp. | 1,053,578 | 40,742 | ||||
SL Green Realty Corp. | 1,159,522 | 39,099 | ||||
JBG SMITH Properties | 2,051,463 | 38,937 |
Shares | Market Value• ($000) | |||||
National Health Investors Inc. | 743,117 | 38,806 | ||||
Sunstone Hotel Investors Inc. | 3,793,261 | 36,643 | ||||
* | Cushman & Wakefield plc | 2,849,259 | 35,502 | |||
Phillips Edison & Co. Inc. | 1,055,604 | 33,610 | ||||
Kennedy-Wilson Holdings Inc. | 2,111,741 | 33,218 | ||||
Tanger Factory Outlet Centers Inc. | 1,787,208 | 32,063 | ||||
Retail Opportunity Investments Corp. | 2,133,133 | 32,061 | ||||
Pebblebrook Hotel Trust | 2,370,292 | 31,738 | ||||
DigitalBridge Group Inc. | 2,879,775 | 31,505 | ||||
DiamondRock Hospitality Co. | 3,774,828 | 30,916 | ||||
Urban Edge Properties | 2,011,443 | 28,341 | ||||
Elme Communities | 1,577,822 | 28,085 | ||||
InvenTrust Properties Corp. | 1,154,897 | 27,336 | ||||
Xenia Hotels & Resorts Inc. | 2,052,565 | 27,053 | ||||
LTC Properties Inc. | 730,243 | 25,946 | ||||
Getty Realty Corp. | 758,328 | 25,669 | ||||
* | Veris Residential Inc. | 1,560,038 | 24,851 | |||
Hudson Pacific Properties Inc. | 2,540,683 | 24,721 | ||||
Acadia Realty Trust | 1,712,001 | 24,567 | ||||
Alexander & Baldwin Inc. | 1,307,921 | 24,497 | ||||
Global Net Lease Inc. | 1,871,347 | 23,523 | ||||
* | GEO Group Inc. | 2,126,337 | 23,283 | |||
American Assets Trust Inc. | 873,028 | 23,135 | ||||
Service Properties Trust | 2,982,961 | 21,746 | ||||
Piedmont Office Realty Trust Inc. Class A | 2,224,700 | 20,401 | ||||
Empire State Realty Trust Inc. Class A | 2,892,290 | 19,494 | ||||
Brandywine Realty Trust | 3,093,179 | 19,023 | ||||
Apartment Investment & Management Co. Class A | 2,597,071 | 18,491 | ||||
Newmark Group Inc. Class A | 2,307,254 | 18,389 | ||||
CareTrust REIT Inc. | 874,671 | 16,251 | ||||
Centerspace | 271,682 | 15,940 | ||||
RPT Realty | 1,536,990 | 15,431 | ||||
Necessity Retail REIT Inc. Class A | 2,419,935 | 14,350 | ||||
* | Anywhere Real Estate Inc. | 1,875,189 | 11,983 | |||
* | Compass Inc. Class A | 5,100,765 | 11,885 | |||
Office Properties Income Trust | 875,601 | 11,689 | ||||
Saul Centers Inc. | 236,387 | 9,616 |
Shares | Market Value• ($000) | |||||
RMR Group Inc. Class A | 281,105 | 7,941 | ||||
Summit Hotel Properties Inc. | 915,427 | 6,609 | ||||
Bridge Investment Group Holdings Inc. Class A | 497,321 | 5,993 | ||||
Urstadt Biddle Properties Inc. Class A | 269,558 | 5,108 | ||||
* | Forestar Group Inc. | 314,144 | 4,841 | |||
Alexander's Inc. | 18,540 | 4,080 | ||||
*,1 | Seritage Growth Properties Class A | 328,346 | 3,884 | |||
*,1 | WeWork Inc. | 2,552,310 | 3,650 | |||
Industrial Logistics Properties Trust | 590,842 | 1,932 | ||||
1 | Urstadt Biddle Properties Inc. | 22,687 | 413 | |||
*,2 | Spirit MTA REIT | 334,911 | — | |||
4,352,251 | ||||||
Technology (5.6%) | ||||||
Jabil Inc. | 2,306,054 | 157,273 | ||||
KBR Inc. | 2,473,500 | 130,601 | ||||
Leidos Holdings Inc. | 1,232,196 | 129,615 | ||||
* | CACI International Inc. Class A | 423,631 | 127,339 | |||
* | Arrow Electronics Inc. | 1,108,919 | 115,960 | |||
Science Applications International Corp. | 993,913 | 110,255 | ||||
* | DXC Technology Co. | 4,147,837 | 109,918 | |||
Concentrix Corp. | 698,665 | 93,034 | ||||
* | F5 Inc. | 544,163 | 78,093 | |||
* | Cirrus Logic Inc. | 992,688 | 73,935 | |||
TD SYNNEX Corp. | 775,199 | 73,419 | ||||
* | Rambus Inc. | 1,937,780 | 69,411 | |||
Avnet Inc. | 1,649,927 | 68,604 | ||||
* | Synaptics Inc. | 718,842 | 68,405 | |||
* | Super Micro Computer Inc. | 811,015 | 66,584 | |||
* | Ziff Davis Inc. | 808,246 | 63,932 | |||
* | IAC Inc. | 1,422,867 | 63,175 | |||
* | Insight Enterprises Inc. | 627,958 | 62,965 | |||
* | Teradata Corp. | 1,835,377 | 61,779 | |||
Dun & Bradstreet Holdings Inc. | 4,713,519 | 57,788 | ||||
* | Sanmina Corp. | 983,598 | 56,350 | |||
* | NCR Corp. | 2,353,354 | 55,092 | |||
* | Plexus Corp. | 498,075 | 51,267 | |||
Vishay Intertechnology Inc. | 2,335,937 | 50,386 | ||||
Amkor Technology Inc. | 1,987,490 | 47,660 | ||||
* | Kyndryl Holdings Inc. | 3,679,850 | 40,920 | |||
* | Verint Systems Inc. | 1,116,846 | 40,519 | |||
* | NetScout Systems Inc. | 1,237,308 | 40,225 | |||
Progress Software Corp. | 775,218 | 39,110 | ||||
* | Allscripts Healthcare Solutions Inc. | 1,871,343 | 33,010 |
Shares | Market Value• ($000) | |||||
CSG Systems International Inc. | 539,587 | 30,864 | ||||
* | Parsons Corp. | 653,130 | 30,207 | |||
Xerox Holdings Corp. | 1,954,218 | 28,532 | ||||
* | Blackbaud Inc. | 478,659 | 28,174 | |||
Methode Electronics Inc. | 626,407 | 27,794 | ||||
* | TTM Technologies Inc. | 1,658,378 | 25,008 | |||
* | CCC Intelligent Solutions Holdings Inc. | 2,797,752 | 24,340 | |||
Adeia Inc. | 1,776,538 | 16,842 | ||||
Benchmark Electronics Inc. | 602,437 | 16,079 | ||||
* | ScanSource Inc. | 455,152 | 13,300 | |||
* | Cerence Inc. | 710,041 | 13,157 | |||
* | Informatica Inc. Class A | 646,766 | 10,536 | |||
*,1 | C3.ai Inc. Class A | 851,541 | 9,529 | |||
Ebix Inc. | 445,794 | 8,898 | ||||
* | Squarespace Inc. Class A | 401,059 | 8,891 | |||
* | SolarWinds Corp. | 874,466 | 8,185 | |||
* | Expensify Inc. Class A | 745,061 | 6,579 | |||
* | N-able Inc. | 567,112 | 5,830 | |||
* | Couchbase Inc. | 403,718 | 5,353 | |||
* | AvePoint Inc. | 1,262,099 | 5,187 | |||
*,1 | Rackspace Technology Inc. | 1,154,563 | 3,406 | |||
* | Unisys Corp. | 580,223 | 2,965 | |||
* | Nextdoor Holdings Inc. | 964,624 | 1,987 | |||
*,1 | Rumble Inc. | 251,192 | 1,495 | |||
* | Telos Corp. | 212,093 | 1,080 | |||
2,570,842 | ||||||
Telecommunications (1.0%) | ||||||
* | Frontier Communications Parent Inc. | 4,417,174 | 112,550 | |||
Juniper Networks Inc. | 2,925,558 | 93,501 | ||||
* | Iridium Communications Inc. | 1,019,084 | 52,381 | |||
Lumen Technologies Inc. | 9,328,272 | 48,694 | ||||
* | Viavi Solutions Inc. | 4,080,656 | 42,888 | |||
InterDigital Inc. | 534,801 | 26,462 | ||||
* | CommScope Holding Co. Inc. | 3,568,445 | 26,228 | |||
Telephone & Data Systems Inc. | 1,818,577 | 19,077 | ||||
* | Altice USA Inc. Class A | 3,899,365 | 17,937 | |||
Shenandoah Telecommunications Co. | 858,028 | 13,625 | ||||
* | EchoStar Corp. Class A | 607,091 | 10,126 | |||
* | NETGEAR Inc. | 496,554 | 8,993 | |||
* | Xperi Inc. | 778,173 | 6,700 |
Shares | Market Value• ($000) | |||||
* | United States Cellular Corp. | 235,315 | 4,906 | |||
*,1 | fuboTV Inc. | 1,672,133 | 2,909 | |||
486,977 | ||||||
Utilities (5.3%) | ||||||
Atmos Energy Corp. | 2,540,324 | 284,694 | ||||
Essential Utilities Inc. | 4,256,024 | 203,140 | ||||
Pinnacle West Capital Corp. | 2,039,809 | 155,107 | ||||
OGE Energy Corp. | 3,609,488 | 142,755 | ||||
UGI Corp. | 3,780,526 | 140,144 | ||||
NRG Energy Inc. | 4,153,590 | 132,167 | ||||
National Fuel Gas Co. | 1,649,391 | 104,407 | ||||
IDACORP Inc. | 911,593 | 98,315 | ||||
New Jersey Resources Corp. | 1,737,753 | 86,227 | ||||
* | Stericycle Inc. | 1,661,973 | 82,916 | |||
Hawaiian Electric Industries Inc. | 1,973,670 | 82,598 | ||||
Black Hills Corp. | 1,173,288 | 82,529 | ||||
Portland General Electric Co. | 1,608,949 | 78,839 | ||||
South Jersey Industries Inc. | 2,207,934 | 78,448 | ||||
PNM Resources Inc. | 1,547,515 | 75,503 | ||||
ONE Gas Inc. | 976,104 | 73,911 | ||||
Southwest Gas Holdings Inc. | 1,144,979 | 70,851 | ||||
ALLETE Inc. | 1,030,564 | 66,482 | ||||
Spire Inc. | 899,197 | 61,919 | ||||
NorthWestern Corp. | 1,041,662 | 61,812 | ||||
American States Water Co. | 666,372 | 61,673 | ||||
Avista Corp. | 1,330,089 | 58,976 | ||||
MGE Energy Inc. | 652,006 | 45,901 | ||||
Northwest Natural Holding Co. | 632,827 | 30,116 | ||||
California Water Service Group | 494,210 | 29,969 | ||||
Clearway Energy Inc. Class C | 743,159 | 23,685 | ||||
Clearway Energy Inc. Class A | 309,817 | 9,270 | ||||
Excelerate Energy Inc. Class A | 368,208 | 9,224 | ||||
* | Harsco Corp. | 1,432,807 | 9,012 | |||
*,1 | NuScale Power Corp. | 350,595 | 3,597 | |||
2,444,187 | ||||||
Total Common Stocks (Cost $39,751,562) | 46,171,442 |
Shares | Market Value• ($000) | |||||
Temporary Cash Investments (0.6%) | ||||||
Money Market Fund (0.6%) | ||||||
3,4 | Vanguard Market Liquidity Fund, 4.334% (Cost $271,716) | 2,718,245 | 271,797 | |||
Total Investments (100.4%) (Cost $40,023,278) | 46,443,239 | |||||
Other Assets and Liabilities—Net (-0.4%) | (206,905) | |||||
Net Assets (100%) | 46,236,334 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $222,283,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $243,740,000 was received for securities on loan. |
CVR—Contingent Value Rights. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2023 | 835 | 73,935 | 641 |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Bridgebio Pharma Inc. | 8/31/23 | BANA | 2,811 | (4.115) | — | (534) |
SunPower Corp. | 1/31/23 | GSI | 8,567 | (4.329) | — | (1,493) |
— | (2,027) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $39,751,562) | 46,171,442 |
Affiliated Issuers (Cost $271,716) | 271,797 |
Total Investments in Securities | 46,443,239 |
Investment in Vanguard | 1,779 |
Cash | 17,946 |
Cash Collateral Pledged—Futures Contracts | 6,040 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 2,370 |
Receivables for Investment Securities Sold | 19 |
Receivables for Accrued Income | 71,087 |
Receivables for Capital Shares Issued | 15,034 |
Total Assets | 46,557,514 |
Liabilities | |
Payables for Investment Securities Purchased | 20,902 |
Collateral for Securities on Loan | 243,740 |
Payables for Capital Shares Redeemed | 52,794 |
Payables to Vanguard | 1,410 |
Variation Margin Payable—Futures Contracts | 307 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 2,027 |
Total Liabilities | 321,180 |
Net Assets | 46,236,334 |
1 Includes $222,283,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2022, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 44,052,395 |
Total Distributable Earnings (Loss) | 2,183,939 |
Net Assets | 46,236,334 |
Investor Shares—Net Assets | |
Applicable to 3,905,311 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 148,759 |
Net Asset Value Per Share—Investor Shares | $38.09 |
ETF Shares—Net Assets | |
Applicable to 149,741,771 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 23,785,646 |
Net Asset Value Per Share—ETF Shares | $158.84 |
Admiral Shares—Net Assets | |
Applicable to 256,473,575 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 17,505,241 |
Net Asset Value Per Share—Admiral Shares | $68.25 |
Institutional Shares—Net Assets | |
Applicable to 125,731,194 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 4,796,688 |
Net Asset Value Per Share—Institutional Shares | $38.15 |
Year Ended December 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 952,127 |
Interest2 | 746 |
Securities Lending—Net | 17,148 |
Total Income | 970,021 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,357 |
Management and Administrative—Investor Shares | 295 |
Management and Administrative—ETF Shares | 14,048 |
Management and Administrative—Admiral Shares | 10,752 |
Management and Administrative—Institutional Shares | 2,323 |
Marketing and Distribution—Investor Shares | 11 |
Marketing and Distribution—ETF Shares | 1,091 |
Marketing and Distribution—Admiral Shares | 784 |
Marketing and Distribution—Institutional Shares | 138 |
Custodian Fees | 486 |
Auditing Fees | 38 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—ETF Shares | 956 |
Shareholders’ Reports—Admiral Shares | 253 |
Shareholders’ Reports—Institutional Shares | 88 |
Trustees’ Fees and Expenses | 17 |
Other Expenses | 23 |
Total Expenses | 32,661 |
Expenses Paid Indirectly | (35) |
Net Expenses | 32,626 |
Net Investment Income | 937,395 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 2,919,359 |
Futures Contracts | (18,802) |
Swap Contracts | (29,862) |
Realized Net Gain (Loss) | 2,870,695 |
Statement of Operations (continued) | |
Year Ended December 31, 2022 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (8,632,407) |
Futures Contracts | 689 |
Swap Contracts | 10,528 |
Change in Unrealized Appreciation (Depreciation) | (8,621,190) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (4,813,100) |
1 | Dividends are net of foreign withholding taxes of $29,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $694,000, ($23,000), less than $1,000, and $50,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $4,200,545,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 937,395 | 869,598 |
Realized Net Gain (Loss) | 2,870,695 | 2,618,650 |
Change in Unrealized Appreciation (Depreciation) | (8,621,190) | 7,023,947 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (4,813,100) | 10,512,195 |
Distributions | ||
Investor Shares | (2,947) | (4,230) |
ETF Shares | (477,621) | (452,167) |
Admiral Shares | (352,210) | (333,221) |
Institutional Shares | (91,664) | (82,438) |
Total Distributions | (924,442) | (872,056) |
Capital Share Transactions | ||
Investor Shares | (38,171) | (85,331) |
ETF Shares | (34,278) | 4,135,700 |
Admiral Shares | 363,608 | 1,226,583 |
Institutional Shares | 581,216 | 25,431 |
Net Increase (Decrease) from Capital Share Transactions | 872,375 | 5,302,383 |
Total Increase (Decrease) | (4,865,167) | 14,942,522 |
Net Assets | ||
Beginning of Period | 51,101,501 | 36,158,979 |
End of Period | 46,236,334 | 51,101,501 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $42.87 | $34.08 | $32.86 | $27.35 | $31.82 |
Investment Operations | |||||
Net Investment Income1 | .722 | .724 | .550 | .543 | .603 |
Net Realized and Unrealized Gain (Loss) on Investments | (4.777) | 8.767 | 1.208 | 5.608 | (4.471) |
Total from Investment Operations | (4.055) | 9.491 | 1.758 | 6.151 | (3.868) |
Distributions | |||||
Dividends from Net Investment Income | (.725) | (.701) | (.538) | (.641) | (.602) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.725) | (.701) | (.538) | (.641) | (.602) |
Net Asset Value, End of Period | $38.09 | $42.87 | $34.08 | $32.86 | $27.35 |
Total Return2 | -9.43% | 27.96% | 5.72% | 22.61% | -12.34% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $149 | $208 | $234 | $255 | $1,501 |
Ratio of Total Expenses to Average Net Assets | 0.19%3 | 0.19% | 0.19% | 0.19% | 0.19% |
Ratio of Net Investment Income to Average Net Assets | 1.83% | 1.78% | 1.98% | 1.76% | 1.92% |
Portfolio Turnover Rate4 | 13% | 16% | 26% | 19% | 18% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.19%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $178.77 | $142.13 | $137.05 | $114.05 | $132.71 |
Investment Operations | |||||
Net Investment Income1 | 3.273 | 3.131 | 2.584 | 2.840 | 2.720 |
Net Realized and Unrealized Gain (Loss) on Investments | (19.975) | 36.640 | 4.884 | 22.984 | (18.702) |
Total from Investment Operations | (16.702) | 39.771 | 7.468 | 25.824 | (15.982) |
Distributions | |||||
Dividends from Net Investment Income | (3.228) | (3.131) | (2.388) | (2.824) | (2.678) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.228) | (3.131) | (2.388) | (2.824) | (2.678) |
Net Asset Value, End of Period | $158.84 | $178.77 | $142.13 | $137.05 | $114.05 |
Total Return | -9.29% | 28.07% | 5.82% | 22.76% | -12.22% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $23,786 | $26,854 | $17,837 | $14,808 | $11,560 |
Ratio of Total Expenses to Average Net Assets | 0.07%2 | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 1.99% | 1.84% | 2.23% | 2.19% | 2.04% |
Portfolio Turnover Rate3 | 13% | 16% | 26% | 19% | 18% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $76.81 | $61.07 | $58.89 | $49.01 | $57.02 |
Investment Operations | |||||
Net Investment Income1 | 1.403 | 1.381 | 1.058 | 1.230 | 1.165 |
Net Realized and Unrealized Gain (Loss) on Investments | (8.576) | 15.704 | 2.148 | 9.863 | (8.024) |
Total from Investment Operations | (7.173) | 17.085 | 3.206 | 11.093 | (6.859) |
Distributions | |||||
Dividends from Net Investment Income | (1.387) | (1.345) | (1.026) | (1.213) | (1.151) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.387) | (1.345) | (1.026) | (1.213) | (1.151) |
Net Asset Value, End of Period | $68.25 | $76.81 | $61.07 | $58.89 | $49.01 |
Total Return2 | -9.31% | 28.09% | 5.85% | 22.76% | -12.23% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $17,505 | $19,307 | $14,314 | $13,907 | $10,167 |
Ratio of Total Expenses to Average Net Assets | 0.07%3 | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 1.99% | 1.89% | 2.13% | 2.21% | 2.04% |
Portfolio Turnover Rate4 | 13% | 16% | 26% | 19% | 18% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $42.94 | $34.14 | $32.92 | $27.39 | $31.87 |
Investment Operations | |||||
Net Investment Income1 | .796 | .781 | .597 | .684 | .651 |
Net Realized and Unrealized Gain (Loss) on Investments | (4.806) | 8.775 | 1.199 | 5.527 | (4.485) |
Total from Investment Operations | (4.010) | 9.556 | 1.796 | 6.211 | (3.834) |
Distributions | |||||
Dividends from Net Investment Income | (.780) | (.756) | (.576) | (.681) | (.646) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.780) | (.756) | (.576) | (.681) | (.646) |
Net Asset Value, End of Period | $38.15 | $42.94 | $34.14 | $32.92 | $27.39 |
Total Return | -9.31% | 28.11% | 5.86% | 22.81% | -12.23% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $4,797 | $4,733 | $3,774 | $3,632 | $3,077 |
Ratio of Total Expenses to Average Net Assets | 0.06%2 | 0.06% | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 2.02% | 1.91% | 2.14% | 2.20% | 2.05% |
Portfolio Turnover Rate3 | 13% | 16% | 26% | 19% | 18% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 46,170,911 | — | 531 | 46,171,442 |
Temporary Cash Investments | 271,797 | — | — | 271,797 |
Total | 46,442,708 | — | 531 | 46,443,239 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 641 | — | — | 641 |
Liabilities | ||||
Swap Contracts | — | 2,027 | — | 2,027 |
1 | Includes 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. |
Amount ($000) | |
Paid-in Capital | 4,204,377 |
Total Distributable Earnings (Loss) | (4,204,377) |
Amount ($000) | |
Undistributed Ordinary Income | 6,963 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (4,143,488) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 6,320,464 |
Year Ended December 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 924,442 | 872,056 |
Long-Term Capital Gains | — | — |
Total | 924,442 | 872,056 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 40,122,775 |
Gross Unrealized Appreciation | 11,110,861 |
Gross Unrealized Depreciation | (4,790,397) |
Net Unrealized Appreciation (Depreciation) | 6,320,464 |
Year Ended December 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 14,773 | 371 | 54,280 | 1,367 | |
Issued in Lieu of Cash Distributions | 2,947 | 78 | 4,230 | 104 | |
Redeemed | (55,891) | (1,394) | (143,841) | (3,484) | |
Net Increase (Decrease)—Investor Shares | (38,171) | (945) | (85,331) | (2,013) |
Year Ended December 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 8,743,606 | 53,827 | 7,328,388 | 43,317 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (8,777,884) | (54,300) | (3,192,688) | (18,600) | |
Net Increase (Decrease)—ETF Shares | (34,278) | (473) | 4,135,700 | 24,717 | |
Admiral Shares | |||||
Issued | 2,968,180 | 42,013 | 4,310,954 | 59,661 | |
Issued in Lieu of Cash Distributions | 309,221 | 4,569 | 290,460 | 3,954 | |
Redeemed | (2,913,793) | (41,449) | (3,374,831) | (46,666) | |
Net Increase (Decrease)—Admiral Shares | 363,608 | 5,133 | 1,226,583 | 16,949 | |
Institutional Shares | |||||
Issued | 1,285,688 | 33,018 | 1,068,001 | 26,335 | |
Issued in Lieu of Cash Distributions | 87,334 | 2,308 | 77,051 | 1,876 | |
Redeemed | (791,806) | (19,834) | (1,119,621) | (28,530) | |
Net Increase (Decrease)—Institutional Shares | 581,216 | 15,492 | 25,431 | (319) |
Philadelphia, Pennsylvania
February 16, 2023
Fund | Percentage |
Small-Cap Index Fund | 76.0% |
Small-Cap Growth Index Fund | 88.4 |
Small-Cap Value Index Fund | 79.1 |
Fund | ($000) |
Small-Cap Index Fund | 1,356,224 |
Small-Cap Growth Index Fund | 129,175 |
Small-Cap Value Index Fund | 761,278 |
Fund | ($000) |
Small-Cap Index Fund | 3,333 |
Small-Cap Growth Index Fund | 278 |
Small-Cap Value Index Fund | 199 |
Fund | ($000) |
Small-Cap Index Fund | 272,873 |
Small-Cap Growth Index Fund | 15,284 |
Small-Cap Value Index Fund | 122,489 |
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. McIsaac | Lauren Valente |
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
U.S. Patent No. 6,879,964.
Vanguard Marketing Corporation, Distributor.
Mid-Capitalization Portfolios
Vanguard Extended Market Index Fund |
Vanguard Mid-Cap Index Fund |
Vanguard Mid-Cap Growth Index Fund |
Vanguard Mid-Cap Value Index Fund |
Your Fund’s Performance at a Glance | 1 |
About Your Fund's Expenses | 2 |
Extended Market Index Fund | 4 |
Mid-Cap Index Fund | 50 |
Mid-Cap Growth Index Fund | 69 |
Mid-Cap Value Index Fund | 84 |
• | The 12 months ended December 31, 2022, were challenging for financial markets. The returns for the three Vanguard Mid-Cap Index Funds ranged from –28.93% for Investor Shares of Vanguard Mid-Cap Growth Index Fund to –7.88% for Vanguard Mid-Cap Value ETF (based on net asset value). All share classes of Vanguard Extended Market Index Fund, which includes both small- and mid-capitalization holdings, returned approximately –26.5%. Each fund closely tracked its target index. |
• | Inflation soared, driven by government spending during the pandemic and higher energy and food prices after Russia’s invasion of Ukraine. That prompted aggressive tightening by many central banks, which increased fears of recession. |
• | Technology stocks weighed heaviest on all the funds except the Mid-Cap Value Fund, which suffered most from declines in consumer discretionary stocks. At the end of the period, benchmarks for the other three funds had exposures of 13%–23% in tech companies; the Mid-Cap Value Fund’s benchmark had less than 5%. |
• | Energy stocks soared. But even after the price surges, the sector accounted for less than 10% of each benchmark index. |
• | Please note that the Extended Market Index Fund uses the Global Industry Classification Standard methodology, while the three other funds use the Industry Classification Benchmark methodology. |
Average Annual Total Returns Periods Ended December 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -19.13% | 7.35% | 9.13% |
Russell 2000 Index (Small-caps) | -20.44 | 3.10 | 4.13 |
Russell 3000 Index (Broad U.S. market) | -19.21 | 7.07 | 8.79 |
FTSE All-World ex US Index (International) | -15.49 | 0.61 | 1.28 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -13.07% | -2.67% | 0.06% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -8.53 | -0.77 | 1.25 |
FTSE Three-Month U.S. Treasury Bill Index | 1.50 | 0.70 | 1.24 |
CPI | |||
Consumer Price Index | 6.45% | 4.92% | 3.78% |
• | 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. |
• | 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. |
Six Months Ended December 31, 2022 | |||
Beginning Account Value 6/30/2022 | Ending Account Value 12/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Extended Market Index Fund | |||
Investor Shares | $1,000.00 | $1,021.80 | $0.97 |
ETF Shares | 1,000.00 | 1,022.50 | 0.31 |
Admiral™ Shares | 1,000.00 | 1,022.40 | 0.31 |
Institutional Shares | 1,000.00 | 1,022.50 | 0.25 |
Institutional Plus Shares | 1,000.00 | 1,022.50 | 0.20 |
Institutional Select Shares | 1,000.00 | 1,022.60 | 0.10 |
Mid-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,044.40 | $0.88 |
ETF Shares | 1,000.00 | 1,045.20 | 0.21 |
Admiral Shares | 1,000.00 | 1,045.00 | 0.26 |
Institutional Shares | 1,000.00 | 1,045.00 | 0.21 |
Institutional Plus Shares | 1,000.00 | 1,045.10 | 0.15 |
Mid-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,029.00 | $0.97 |
ETF Shares | 1,000.00 | 1,029.70 | 0.36 |
Admiral Shares | 1,000.00 | 1,029.70 | 0.36 |
Mid-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,058.30 | $0.99 |
ETF Shares | 1,000.00 | 1,059.10 | 0.36 |
Admiral Shares | 1,000.00 | 1,058.90 | 0.36 |
Based on Hypothetical 5% Yearly Return | |||
Extended Market Index Fund | |||
Investor Shares | $1,000.00 | $1,024.25 | $0.97 |
ETF Shares | 1,000.00 | 1,024.90 | 0.31 |
Admiral Shares | 1,000.00 | 1,024.90 | 0.31 |
Institutional Shares | 1,000.00 | 1,024.95 | 0.26 |
Institutional Plus Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Select Shares | 1,000.00 | 1,025.10 | 0.10 |
Mid-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,024.35 | $0.87 |
ETF Shares | 1,000.00 | 1,025.00 | 0.20 |
Admiral Shares | 1,000.00 | 1,024.95 | 0.26 |
Institutional Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Plus Shares | 1,000.00 | 1,025.05 | 0.15 |
Mid-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,024.25 | $0.97 |
ETF Shares | 1,000.00 | 1,024.85 | 0.36 |
Admiral Shares | 1,000.00 | 1,024.85 | 0.36 |
Mid-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,024.25 | $0.97 |
ETF Shares | 1,000.00 | 1,024.85 | 0.36 |
Admiral Shares | 1,000.00 | 1,024.85 | 0.36 |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Extended Market Index Fund Investor Shares | -26.56% | 4.74% | 9.48% | $24,732 | |
S&P Completion Index | -26.54 | 4.77 | 9.52 | 24,827 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Extended Market Index Fund ETF Shares Net Asset Value | -26.46% | 4.87% | 9.62% | $25,052 | |
Extended Market Index Fund ETF Shares Market Price | -26.49 | 4.87 | 9.61 | 25,026 | |
S&P Completion Index | -26.54 | 4.77 | 9.52 | 24,827 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Extended Market Index Fund Admiral Shares | -26.47% | 4.88% | 9.62% | $25,053 | |
S&P Completion Index | -26.54 | 4.77 | 9.52 | 24,827 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Extended Market Index Fund Institutional Shares | -26.46% | 4.89% | 9.64% | $12,546,082 | |
S&P Completion Index | -26.54 | 4.77 | 9.52 | 12,413,601 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 15,575,514 |
One Year | Five Years | Ten Years | Final Value of a $100,000,000 Investment | ||
Extended Market Index Fund Institutional Plus Shares | -26.45% | 4.90% | 9.65% | $251,228,870 | |
S&P Completion Index | -26.54 | 4.77 | 9.52 | 248,272,010 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 311,510,280 |
One Year | Five Years | Since Inception (6/27/2016) | Final Value of a $3,000,000,000 Investment | ||
Extended Market Index Fund Institutional Select Shares | -26.44% | 4.92% | 9.45% | $5,400,211,200 | |
S&P Completion Index | -26.54 | 4.77 | 9.30 | 5,351,719,500 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.04 | 6,290,260,800 |
Cumulative Returns of ETF Shares: December 31, 2012, Through December 31, 2022 | |||
One Year | Five Years | Ten Years | |
Extended Market Index Fund ETF Shares Market Price | -26.49% | 26.86% | 150.26% |
Extended Market Index Fund ETF Shares Net Asset Value | -26.46 | 26.86 | 150.52 |
S&P Completion Index | -26.54 | 26.21 | 148.27 |
Communication Services | 3.8% |
Consumer Discretionary | 11.2 |
Consumer Staples | 3.0 |
Energy | 4.9 |
Financials | 16.1 |
Health Care | 13.9 |
Industrials | 15.8 |
Information Technology | 18.2 |
Materials | 4.3 |
Real Estate | 6.5 |
Utilities | 2.3 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.0%) | ||||||
Communication Services (3.7%) | ||||||
* | Trade Desk Inc. Class A | 6,032,836 | 270,452 | |||
* | Pinterest Inc. Class A | 7,969,834 | 193,508 | |||
* | Liberty Media Corp.-Liberty Formula One Class C | 2,853,999 | 170,612 | |||
* | ROBLOX Corp. Class A | 4,948,805 | 140,843 | |||
* | Liberty Broadband Corp. Class C | 1,657,755 | 126,437 | |||
* | Snap Inc. Class A | 13,765,053 | 123,197 | |||
* | ZoomInfo Technologies Inc. Class A | 3,649,589 | 109,889 | |||
Nexstar Media Group Inc. Class A | 504,967 | 88,384 | ||||
* | Iridium Communications Inc. | 1,704,302 | 87,601 | |||
* | Liberty Global plc Class C | 4,391,295 | 85,323 | |||
* | Frontier Communications Parent Inc. | 3,003,825 | 76,537 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class C | 1,950,673 | 76,330 | |||
New York Times Co. Class A | 2,211,018 | 71,770 | ||||
* | Roku Inc. Class A | 1,660,994 | 67,602 | |||
TEGNA Inc. | 3,033,890 | 64,288 | ||||
Warner Music Group Corp. Class A | 1,550,487 | 54,298 | ||||
* | Endeavor Group Holdings Inc. Class A | 2,380,670 | 53,660 | |||
* | Ziff Davis Inc. | 639,884 | 50,615 | |||
* | IAC Inc. | 1,044,084 | 46,357 | |||
Cable One Inc. | 64,290 | 45,765 | ||||
Madison Square Garden Sports Corp. | 246,633 | 45,215 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 1,092,261 | 42,937 | |||
World Wrestling Entertainment Inc. Class A | 576,082 | 39,473 | ||||
Cogent Communications Holdings Inc. | 589,014 | 33,621 | ||||
1 | Sirius XM Holdings Inc. | 5,261,901 | 30,730 | |||
*,1 | AMC Entertainment Holdings Inc. Class A | 7,111,729 | 28,945 | |||
* | Yelp Inc. Class A | 948,237 | 25,925 | |||
* | TripAdvisor Inc. | 1,433,525 | 25,775 | |||
* | Liberty Global plc Class A | 1,297,830 | 24,568 | |||
John Wiley & Sons Inc. Class A | 590,208 | 23,644 | ||||
* | Bumble Inc. Class A | 1,073,247 | 22,592 | |||
* | Cargurus Inc. Class A | 1,244,968 | 17,442 | |||
Shutterstock Inc. | 327,003 | 17,240 | ||||
* | Liberty Media Corp.-Liberty Formula One Class A | 321,941 | 17,201 | |||
* | Magnite Inc. | 1,606,697 | 17,015 | |||
* | TechTarget Inc. | 373,258 | 16,446 | |||
* | Madison Square Garden Entertainment Corp. | 363,273 | 16,336 | |||
Scholastic Corp. | 408,713 | 16,128 | ||||
* | Liberty Media Corp.-Liberty Braves Class C | 447,339 | 14,418 | |||
Telephone & Data Systems Inc. | 1,368,301 | 14,353 | ||||
Gray Television Inc. | 1,275,511 | 14,273 | ||||
* | Altice USA Inc. Class A | 2,976,549 | 13,692 | |||
* | Liberty Latin America Ltd. Class C | 1,773,227 | 13,477 | |||
* | Liberty Broadband Corp. Class A | 175,437 | 13,307 | |||
* | Cinemark Holdings Inc. | 1,484,248 | 12,854 | |||
* | Gogo Inc. | 867,902 | 12,810 | |||
* | Globalstar Inc. | 9,420,912 | 12,530 | |||
* | Radius Global Infrastructure Inc. | 1,014,484 | 11,991 | |||
* | Cars.com Inc. | 869,351 | 11,971 | |||
Shenandoah Telecommunications Co. | 702,924 | 11,162 | ||||
* | ZipRecruiter Inc. Class A | 662,327 | 10,875 | |||
* | EW Scripps Co. Class A | 818,856 | 10,801 | |||
* | Playtika Holding Corp. | 1,251,639 | 10,651 | |||
* | QuinStreet Inc. | 715,469 | 10,267 | |||
Sinclair Broadcast Group Inc. Class A | 599,071 | 9,292 | ||||
* | Stagwell Inc. | 1,433,314 | 8,901 |
Shares | Market Value• ($000) | |||||
* | Lions Gate Entertainment Corp. Class B | 1,631,317 | 8,858 | |||
* | iHeartMedia Inc. Class A | 1,423,202 | 8,724 | |||
* | Anterix Inc. | 266,275 | 8,566 | |||
*,1 | Liberty Media Corp.-Liberty Braves Class A | 260,726 | 8,518 | |||
* | Thryv Holdings Inc. | 415,187 | 7,889 | |||
* | IDT Corp. Class B | 276,578 | 7,791 | |||
* | PubMatic Inc. Class A | 600,540 | 7,693 | |||
* | Vimeo Inc. | 2,231,495 | 7,654 | |||
* | EchoStar Corp. Class A | 457,135 | 7,625 | |||
* | Clear Channel Outdoor Holdings Inc. | 6,747,235 | 7,085 | |||
* | Bandwidth Inc. Class A | 306,678 | 7,038 | |||
* | Boston Omaha Corp. Class A | 260,016 | 6,890 | |||
* | WideOpenWest Inc. | 738,991 | 6,732 | |||
* | Eventbrite Inc. Class A | 1,127,844 | 6,609 | |||
ATN International Inc. | 129,145 | 5,852 | ||||
* | AMC Networks Inc. Class A | 368,089 | 5,768 | |||
* | Lions Gate Entertainment Corp. Class A | 949,860 | 5,424 | |||
* | Sciplay Corp. Class A | 323,715 | 5,205 | |||
1 | Marcus Corp. | 348,641 | 5,017 | |||
*,1 | fuboTV Inc. | 2,617,789 | 4,555 | |||
* | Integral Ad Science Holding Corp. | 517,566 | 4,549 | |||
* | Playstudios Inc. | 1,129,252 | 4,382 | |||
* | Gannett Co. Inc. | 2,103,349 | 4,270 | |||
* | United States Cellular Corp. | 204,580 | 4,265 | |||
* | Liberty Latin America Ltd. Class A | 563,800 | 4,245 | |||
* | Ooma Inc. | 303,058 | 4,128 | |||
Entravision Communications Corp. Class A | 843,263 | 4,048 | ||||
* | Nextdoor Holdings Inc. | 1,931,386 | 3,979 | |||
* | EverQuote Inc. Class A | 263,204 | 3,880 | |||
* | Consolidated Communications Holdings Inc. | 1,069,940 | 3,830 | |||
* | DHI Group Inc. | 579,021 | 3,063 | |||
* | MediaAlpha Inc. Class A | 297,075 | 2,956 | |||
* | Advantage Solutions Inc. | 1,380,488 | 2,871 | |||
*,1 | AST SpaceMobile Inc. Class A | 586,781 | 2,828 | |||
* | Daily Journal Corp. | 11,129 | 2,788 | |||
* | TrueCar Inc. | 1,104,922 | 2,773 | |||
* | Cardlytics Inc. | 473,640 | 2,738 | |||
*,1 | Reservoir Media Inc. | 421,767 | 2,518 | |||
* | Angi Inc. Class A | 1,033,556 | 2,429 | |||
Spok Holdings Inc. | 280,286 | 2,296 | ||||
*,1 | Skillz Inc. Class A | 3,805,210 | 1,927 | |||
*,1 | Genius Brands International Inc. | 4,117,995 | 1,915 | |||
*,1 | Loop Media Inc. | 284,321 | 1,882 | |||
* | Innovid Corp. | 1,096,327 | 1,875 | |||
* | Outbrain Inc. | 481,483 | 1,743 | |||
*,1 | Arena Group Holdings Inc. | 159,311 | 1,690 | |||
*,1 | Charge Enterprises Inc. | 1,314,624 | 1,630 | |||
Saga Communications Inc. Class A | 62,942 | 1,485 | ||||
* | Cumulus Media Inc. Class A | 227,161 | 1,411 | |||
* | Emerald Holding Inc. | 364,547 | 1,291 | |||
* | Lee Enterprises Inc. | 68,489 | 1,271 | |||
*,1 | Vinco Ventures Inc. | 2,624,966 | 1,218 | |||
*,1 | System1 Inc. | 241,575 | 1,133 | |||
* | comScore Inc. | 942,364 | 1,093 | |||
* | Urban One Inc. Class A | 220,844 | 1,005 | |||
* | Townsquare Media Inc. Class A | 136,531 | 990 | |||
*,1 | AdTheorent Holding Co. Inc. | 589,873 | 979 | |||
*,1 | Golden Matrix Group Inc. | 349,853 | 889 |
Shares | Market Value• ($000) | |||||
*,1 | Cinedigm Corp. Class A | 1,885,033 | 731 | |||
* | Harte Hanks Inc. | 61,522 | 719 | |||
* | Fluent Inc. | 639,548 | 697 | |||
* | Liberty TripAdvisor Holdings Inc. Class A | 1,019,344 | 683 | |||
* | FG Group Holdings Inc. | 249,852 | 655 | |||
* | Loyalty Ventures Inc. | 269,585 | 650 | |||
*,1,2 | NII Holdings Inc. | 1,297,367 | 649 | |||
*,1 | FaZe Holdings Inc. | 342,307 | 633 | |||
* | Marchex Inc. Class B | 400,779 | 629 | |||
* | Reading International Inc. Class A | 212,246 | 588 | |||
* | KORE Group Holdings Inc. | 433,857 | 547 | |||
*,1 | Chicken Soup For The Soul Entertainment Inc. | 102,544 | 525 | |||
* | LiveOne Inc. | 771,651 | 497 | |||
* | Gaia Inc. Class A | 194,494 | 463 | |||
* | Travelzoo | 102,473 | 456 | |||
* | CuriosityStream Inc. | 392,619 | 448 | |||
* | IZEA Worldwide Inc. | 785,862 | 427 | |||
* | Audacy Inc. Class A | 1,581,121 | 356 | |||
*,1 | SurgePays Inc. | 53,822 | 353 | |||
* | Zedge Inc. Class B | 160,996 | 283 | |||
*,1 | Wejo Group Ltd. | 528,551 | 254 | |||
*,1 | BuzzFeed Inc. | 348,417 | 240 | |||
* | Leafly Holdings Inc. | 365,726 | 238 | |||
1 | National CineMedia Inc. | 868,959 | 191 | |||
DallasNews Corp. | 41,121 | 158 | ||||
*,1 | Dolphin Entertainment Inc. | 86,620 | 157 | |||
* | SPAR Group Inc. | 108,583 | 142 | |||
* | Super League Gaming Inc. | 415,710 | 141 | |||
* | Salem Media Group Inc. Class A | 133,364 | 140 | |||
* | Insignia Systems Inc. | 17,941 | 140 | |||
*,1 | Stran & Co. Inc. | 103,837 | 133 | |||
*,1 | Society Pass Inc. | 96,225 | 95 | |||
* | Kubient Inc. | 129,112 | 83 | |||
* | Paltalk Inc. | 62,385 | 82 | |||
* | Direct Digital Holdings Inc. Class A | 32,227 | 79 | |||
*,1 | Professional Diversity Network Inc. | 73,847 | 76 | |||
* | Beasley Broadcast Group Inc. Class A | 72,681 | 67 | |||
* | NextPlay Technologies Inc. | 586,717 | 67 | |||
* | Creative Realities Inc. | 104,127 | 61 | |||
*,1 | Digital Media Solutions Inc. | 30,868 | 41 | |||
* | Urban One Inc. | 10,347 | 39 | |||
* | Moving Image Technologies Inc. | 29,025 | 33 | |||
*,1 | Troika Media Group Inc. | 80,805 | 9 | |||
* | Cuentas Inc. | 41,135 | 7 | |||
* | Liberty Global plc Class B | 301 | 6 | |||
* | Mobiquity Technologies Inc. | 8,881 | 5 | |||
*,1 | Grom Social Enterprises Inc. | 3,532 | 5 | |||
* | NextPlat Corp. | 300 | — | |||
2,929,760 | ||||||
Consumer Discretionary (11.1%) | ||||||
* | Lululemon Athletica Inc. | 1,580,793 | 506,454 | |||
* | Airbnb Inc. Class A | 5,182,842 | 443,133 | |||
* | Burlington Stores Inc. | 892,711 | 181,006 | |||
* | DoorDash Inc. Class A | 3,572,040 | 174,387 | |||
Service Corp. International | 2,085,443 | 144,188 | ||||
Aramark | 3,486,715 | 144,141 | ||||
* | Deckers Outdoor Corp. | 359,948 | 143,677 | |||
* | Rivian Automotive Inc. Class A | 7,404,147 | 136,458 | |||
* | Five Below Inc. | 748,472 | 132,382 | |||
Vail Resorts Inc. | 544,662 | 129,820 | ||||
Williams-Sonoma Inc. | 894,598 | 102,807 | ||||
* | Capri Holdings Ltd. | 1,738,429 | 99,647 | |||
* | Floor & Decor Holdings Inc. Class A | 1,424,862 | 99,213 | |||
Lear Corp. | 792,624 | 98,301 | ||||
Churchill Downs Inc. | 443,263 | 93,719 | ||||
* | Crocs Inc. | 836,263 | 90,676 | |||
Dick's Sporting Goods Inc. | 746,620 | 89,811 |
Shares | Market Value• ($000) | |||||
* | Planet Fitness Inc. Class A | 1,127,206 | 88,824 | |||
Gentex Corp. | 3,167,855 | 86,387 | ||||
* | Mattel Inc. | 4,800,231 | 85,636 | |||
Wyndham Hotels & Resorts Inc. | 1,185,583 | 84,544 | ||||
Texas Roadhouse Inc. Class A | 907,240 | 82,513 | ||||
Autoliv Inc. | 1,045,352 | 80,053 | ||||
Tempur Sealy International Inc. | 2,303,151 | 79,067 | ||||
Murphy USA Inc. | 280,126 | 78,306 | ||||
H&R Block Inc. | 2,104,509 | 76,836 | ||||
* | Skechers USA Inc. Class A | 1,820,718 | 76,379 | |||
Macy's Inc. | 3,694,872 | 76,299 | ||||
Harley-Davidson Inc. | 1,813,140 | 75,427 | ||||
Polaris Inc. | 743,017 | 75,045 | ||||
Lithia Motors Inc. Class A | 366,523 | 75,042 | ||||
* | Light & Wonder Inc. | 1,256,782 | 73,647 | |||
Brunswick Corp. | 973,613 | 70,178 | ||||
* | DraftKings Inc. Class A | 6,115,599 | 69,657 | |||
Toll Brothers Inc. | 1,394,255 | 69,601 | ||||
Marriott Vacations Worldwide Corp. | 512,515 | 68,979 | ||||
* | RH | 258,051 | 68,949 | |||
* | TopBuild Corp. | 429,510 | 67,214 | |||
*,1 | GameStop Corp. Class A | 3,424,236 | 63,211 | |||
PVH Corp. | 890,995 | 62,895 | ||||
* | Penn Entertainment Inc. | 2,113,153 | 62,761 | |||
* | Hyatt Hotels Corp. Class A | 656,635 | 59,393 | |||
Boyd Gaming Corp. | 1,057,183 | 57,648 | ||||
Leggett & Platt Inc. | 1,781,300 | 57,411 | ||||
Academy Sports & Outdoors Inc. | 1,080,521 | 56,771 | ||||
Wingstop Inc. | 406,371 | 55,925 | ||||
Thor Industries Inc. | 721,331 | 54,453 | ||||
* | Asbury Automotive Group Inc. | 299,544 | 53,693 | |||
* | Fox Factory Holding Corp. | 574,698 | 52,430 | |||
Wendy's Co. | 2,287,654 | 51,770 | ||||
* | Visteon Corp. | 381,408 | 49,900 | |||
* | AutoNation Inc. | 464,988 | 49,893 | |||
* | Bright Horizons Family Solutions Inc. | 772,384 | 48,737 | |||
* | YETI Holdings Inc. | 1,148,445 | 47,442 | |||
* | Meritage Homes Corp. | 489,732 | 45,153 | |||
* | Adient plc | 1,279,100 | 44,372 | |||
* | Taylor Morrison Home Corp. Class A | 1,460,542 | 44,327 | |||
* | Grand Canyon Education Inc. | 419,114 | 44,284 | |||
* | Chegg Inc. | 1,702,948 | 43,034 | |||
Signet Jewelers Ltd. | 627,910 | 42,698 | ||||
Choice Hotels International Inc. | 372,559 | 41,965 | ||||
* | Hilton Grand Vacations Inc. | 1,085,348 | 41,829 | |||
* | National Vision Holdings Inc. | 1,073,797 | 41,620 | |||
*,1 | Lucid Group Inc. | 6,072,319 | 41,474 | |||
Columbia Sportswear Co. | 473,185 | 41,442 | ||||
Foot Locker Inc. | 1,083,306 | 40,938 | ||||
Kohl's Corp. | 1,591,841 | 40,194 | ||||
Penske Automotive Group Inc. | 337,553 | 38,795 | ||||
* | Goodyear Tire & Rubber Co. | 3,812,031 | 38,692 | |||
* | Victoria's Secret & Co. | 1,080,943 | 38,676 | |||
Travel + Leisure Co. | 1,052,109 | 38,297 | ||||
Carter's Inc. | 503,646 | 37,577 | ||||
* | Ollie's Bargain Outlet Holdings Inc. | 800,633 | 37,502 | |||
* | Topgolf Callaway Brands Corp. | 1,881,431 | 37,158 | |||
* | Skyline Champion Corp. | 713,735 | 36,765 | |||
Papa John's International Inc. | 436,973 | 35,967 | ||||
* | Helen of Troy Ltd. | 323,602 | 35,891 | |||
KB Home | 1,124,586 | 35,818 | ||||
Group 1 Automotive Inc. | 196,861 | 35,508 | ||||
*,1 | Chewy Inc. Class A | 941,428 | 34,908 | |||
* | Under Armour Inc. Class C | 3,841,971 | 34,270 | |||
*,1 | Peloton Interactive Inc. Class A | 4,289,475 | 34,058 | |||
LCI Industries | 349,853 | 32,344 | ||||
American Eagle Outfitters Inc. | 2,308,295 | 32,224 |
Shares | Market Value• ($000) | |||||
Graham Holdings Co. Class B | 52,163 | 31,517 | ||||
Gap Inc. | 2,793,153 | 31,507 | ||||
* | Dorman Products Inc. | 383,174 | 30,987 | |||
Steven Madden Ltd. | 959,094 | 30,653 | ||||
*,1 | Wayfair Inc. Class A | 930,749 | 30,612 | |||
Hanesbrands Inc. | 4,795,083 | 30,497 | ||||
* | Gentherm Inc. | 447,284 | 29,203 | |||
* | SeaWorld Entertainment Inc. | 544,076 | 29,114 | |||
* | Sonos Inc. | 1,718,498 | 29,043 | |||
Installed Building Products Inc. | 321,676 | 27,535 | ||||
Cracker Barrel Old Country Store Inc. | 290,405 | 27,513 | ||||
Red Rock Resorts Inc. Class A | 671,752 | 26,877 | ||||
ADT Inc. | 2,960,340 | 26,850 | ||||
Kontoor Brands Inc. | 662,224 | 26,482 | ||||
Dana Inc. | 1,732,949 | 26,220 | ||||
* | LGI Homes Inc. | 277,350 | 25,683 | |||
* | Cavco Industries Inc. | 112,350 | 25,419 | |||
* | Boot Barn Holdings Inc. | 406,009 | 25,384 | |||
* | Tri Pointe Homes Inc. | 1,351,442 | 25,123 | |||
*,1 | Leslie's Inc. | 2,054,296 | 25,083 | |||
* | ODP Corp. | 545,743 | 24,853 | |||
MDC Holdings Inc. | 775,237 | 24,498 | ||||
Bloomin' Brands Inc. | 1,206,876 | 24,282 | ||||
* | Duolingo Inc. Class A | 337,783 | 24,027 | |||
Strategic Education Inc. | 301,537 | 23,616 | ||||
* | Six Flags Entertainment Corp. | 1,014,534 | 23,588 | |||
1 | Nordstrom Inc. | 1,427,957 | 23,047 | |||
* | Frontdoor Inc. | 1,095,644 | 22,789 | |||
* | Mobileye Global Inc. Class A | 622,048 | 21,809 | |||
* | Adtalem Global Education Inc. | 607,750 | 21,575 | |||
*,1 | QuantumScape Corp. Class A | 3,759,538 | 21,317 | |||
* | Shake Shack Inc. Class A | 511,875 | 21,258 | |||
Winnebago Industries Inc. | 396,573 | 20,899 | ||||
Cheesecake Factory Inc. | 651,938 | 20,673 | ||||
* | Dave & Buster's Entertainment Inc. | 579,117 | 20,524 | |||
Levi Strauss & Co. Class A | 1,278,922 | 19,849 | ||||
* | Urban Outfitters Inc. | 819,702 | 19,550 | |||
Century Communities Inc. | 388,962 | 19,452 | ||||
Jack in the Box Inc. | 283,543 | 19,346 | ||||
* | Brinker International Inc. | 601,408 | 19,191 | |||
Acushnet Holdings Corp. | 444,566 | 18,876 | ||||
Oxford Industries Inc. | 201,389 | 18,765 | ||||
* | Vista Outdoor Inc. | 766,992 | 18,692 | |||
Buckle Inc. | 401,678 | 18,216 | ||||
Monro Inc. | 401,933 | 18,167 | ||||
* | iRobot Corp. | 371,691 | 17,890 | |||
* | Sally Beauty Holdings Inc. | 1,428,501 | 17,885 | |||
Patrick Industries Inc. | 294,819 | 17,866 | ||||
Laureate Education Inc. Class A | 1,849,434 | 17,792 | ||||
* | Under Armour Inc. Class A | 1,734,634 | 17,624 | |||
* | Stride Inc. | 556,014 | 17,392 | |||
* | Everi Holdings Inc. | 1,208,579 | 17,343 | |||
* | M/I Homes Inc. | 370,016 | 17,087 | |||
* | XPEL Inc. | 267,646 | 16,075 | |||
*,1 | Fisker Inc. Class A | 2,209,968 | 16,066 | |||
* | Abercrombie & Fitch Co. Class A | 686,673 | 15,732 | |||
*,1 | Luminar Technologies Inc. Class A | 3,112,899 | 15,409 | |||
Dillard's Inc. Class A | 46,727 | 15,102 | ||||
* | Malibu Boats Inc. Class A | 282,140 | 15,038 | |||
Rent-A-Center Inc. | 642,945 | 14,498 | ||||
* | Monarch Casino & Resort Inc. | 185,816 | 14,287 | |||
* | Coursera Inc. | 1,183,720 | 14,003 | |||
* | Modine Manufacturing Co. | 704,133 | 13,984 | |||
Dine Brands Global Inc. | 215,368 | 13,913 | ||||
La-Z-Boy Inc. | 600,861 | 13,712 | ||||
*,1 | Xometry Inc. Class A | 400,535 | 12,909 | |||
* | American Axle & Manufacturing Holdings Inc. | 1,586,274 | 12,405 |
Shares | Market Value• ($000) | |||||
* | Revolve Group Inc. Class A | 555,394 | 12,363 | |||
Sturm Ruger & Co. Inc. | 242,247 | 12,263 | ||||
* | Perdoceo Education Corp. | 869,133 | 12,081 | |||
Camping World Holdings Inc. Class A | 537,145 | 11,989 | ||||
* | Overstock.com Inc. | 617,928 | 11,963 | |||
Hibbett Inc. | 173,142 | 11,812 | ||||
Wolverine World Wide Inc. | 1,079,449 | 11,798 | ||||
*,1 | Warby Parker Inc. Class A | 853,859 | 11,519 | |||
*,1 | Dutch Bros Inc. Class A | 401,396 | 11,315 | |||
Sonic Automotive Inc. Class A | 228,342 | 11,250 | ||||
Caleres Inc. | 489,564 | 10,908 | ||||
* | Golden Entertainment Inc. | 290,795 | 10,876 | |||
RCI Hospitality Holdings Inc. | 114,219 | 10,644 | ||||
* | Poshmark Inc. Class A | 590,025 | 10,550 | |||
* | Playa Hotels & Resorts NV | 1,585,575 | 10,354 | |||
* | Petco Health & Wellness Co. Inc. Class A | 1,078,069 | 10,220 | |||
*,1 | Mister Car Wash Inc. | 1,100,079 | 10,154 | |||
Krispy Kreme Inc. | 918,616 | 9,480 | ||||
* | Udemy Inc. | 894,113 | 9,433 | |||
* | Life Time Group Holdings Inc. | 787,730 | 9,421 | |||
* | MarineMax Inc. | 294,738 | �� 9,202 | |||
Standard Motor Products Inc. | 262,846 | 9,147 | ||||
1 | Franchise Group Inc. | 378,006 | 9,004 | |||
Guess? Inc. | 429,788 | 8,892 | ||||
* | Green Brick Partners Inc. | 365,532 | 8,857 | |||
* | BJ's Restaurants Inc. | 335,350 | 8,847 | |||
Winmark Corp. | 37,383 | 8,816 | ||||
Arko Corp. | 1,014,363 | 8,784 | ||||
* | Sweetgreen Inc. Class A | 1,020,820 | 8,748 | |||
* | GoPro Inc. Class A | 1,743,753 | 8,684 | |||
* | Chico's FAS Inc. | 1,732,443 | 8,524 | |||
* | Qurate Retail Inc. Class A | 5,213,123 | 8,497 | |||
* | Stoneridge Inc. | 389,108 | 8,389 | |||
Ethan Allen Interiors Inc. | 312,304 | 8,251 | ||||
* | G-III Apparel Group Ltd. | 601,424 | 8,246 | |||
* | Portillo's Inc. Class A | 499,493 | 8,152 | |||
* | OneSpaWorld Holdings Ltd. | 842,535 | 7,861 | |||
* | TravelCenters of America Inc. | 170,735 | 7,646 | |||
* | Sleep Number Corp. | 291,176 | 7,565 | |||
* | Genesco Inc. | 164,307 | 7,561 | |||
Movado Group Inc. | 230,071 | 7,420 | ||||
*,1 | Bally's Corp. | 369,420 | 7,159 | |||
Designer Brands Inc. Class A | 730,788 | 7,147 | ||||
* | Denny's Corp. | 766,760 | 7,062 | |||
Ruth's Hospitality Group Inc. | 443,810 | 6,870 | ||||
* | 2U Inc. | 1,092,225 | 6,848 | |||
* | Vivint Smart Home Inc. | 568,812 | 6,769 | |||
* | Chuy's Holdings Inc. | 237,293 | 6,715 | |||
* | Children's Place Inc. | 183,540 | 6,685 | |||
*,1 | Carvana Co. Class A | 1,399,094 | 6,632 | |||
* | MasterCraft Boat Holdings Inc. | 253,125 | 6,548 | |||
*,1 | Bowlero Corp. | 464,386 | 6,260 | |||
* | Accel Entertainment Inc. Class A | 810,846 | 6,244 | |||
*,1 | Garrett Motion Inc. | 811,083 | 6,180 | |||
* | Destination XL Group Inc. | 914,503 | 6,173 | |||
* | America's Car-Mart Inc. | 85,165 | 6,154 | |||
1 | Big Lots Inc. | 407,690 | 5,993 | |||
Haverty Furniture Cos. Inc. | 199,850 | 5,976 | ||||
* | Xponential Fitness Inc. Class A | 255,926 | 5,868 | |||
Shoe Carnival Inc. | 244,337 | 5,842 | ||||
* | Vizio Holding Corp. Class A | 773,397 | 5,731 | |||
Smith & Wesson Brands Inc. | 637,735 | 5,536 | ||||
Aaron's Co. Inc. | 453,663 | 5,421 | ||||
*,1 | Cricut Inc. Class A | 581,713 | 5,393 | |||
* | Liquidity Services Inc. | 381,448 | 5,363 | |||
Carriage Services Inc. Class A | 192,332 | 5,297 | ||||
Johnson Outdoors Inc. Class A | 79,891 | 5,282 |
Shares | Market Value• ($000) | |||||
PetMed Express Inc. | 296,177 | 5,242 | ||||
* | Rover Group Inc. Class A | 1,375,791 | 5,049 | |||
* | Zumiez Inc. | 231,810 | 5,040 | |||
* | Target Hospitality Corp. | 331,479 | 5,019 | |||
* | Funko Inc. Class A | 455,981 | 4,975 | |||
* | Beazer Homes USA Inc. | 383,998 | 4,900 | |||
* | Inspired Entertainment Inc. | 349,777 | 4,432 | |||
* | OneWater Marine Inc. Class A | 154,733 | 4,425 | |||
* | Build-A-Bear Workshop Inc. | 184,705 | 4,403 | |||
European Wax Center Inc. Class A | 352,401 | 4,387 | ||||
*,1 | EVgo Inc. Class A | 974,923 | 4,358 | |||
* | Lovesac Co. | 193,811 | 4,266 | |||
* | Quotient Technology Inc. | 1,205,013 | 4,133 | |||
* | CarParts.com Inc. | 648,247 | 4,058 | |||
* | Sportsman's Warehouse Holdings Inc. | 417,863 | 3,932 | |||
*,1 | Canoo Inc. | 3,169,450 | 3,898 | |||
* | Purple Innovation Inc. Class A | 795,940 | 3,813 | |||
* | Universal Electronics Inc. | 183,198 | 3,812 | |||
* | Solid Power Inc. | 1,497,363 | 3,803 | |||
* | ContextLogic Inc. Class A | 7,400,221 | 3,609 | |||
* | Full House Resorts Inc. | 461,984 | 3,474 | |||
* | 1-800-Flowers.com Inc. Class A | 356,371 | 3,407 | |||
*,1 | Workhorse Group Inc. | 2,196,273 | 3,338 | |||
* | Lindblad Expeditions Holdings Inc. | 426,252 | 3,282 | |||
* | Allbirds Inc. Class A | 1,342,425 | 3,249 | |||
* | Motorcar Parts of America Inc. | 273,763 | 3,247 | |||
* | American Public Education Inc. | 257,575 | 3,166 | |||
*,1 | Vuzix Corp. | 867,974 | 3,159 | |||
* | Universal Technical Institute Inc. | 469,939 | 3,158 | |||
* | Citi Trends Inc. | 117,393 | 3,109 | |||
Clarus Corp. | 393,360 | 3,084 | ||||
Hooker Furnishings Corp. | 162,574 | 3,040 | ||||
* | GrowGeneration Corp. | 775,276 | 3,039 | |||
* | Arhaus Inc. Class A | 306,017 | 2,984 | |||
* | Tilly's Inc. Class A | 329,138 | 2,979 | |||
* | WW International Inc. | 739,005 | 2,853 | |||
* | Fossil Group Inc. | 655,417 | 2,825 | |||
* | Noodles & Co. Class A | 506,161 | 2,779 | |||
* | Stitch Fix Inc. Class A | 893,255 | 2,778 | |||
* | Rush Street Interactive Inc. | 767,275 | 2,755 | |||
1 | Bluegreen Vacations Holding Corp. Class A | 109,901 | 2,743 | |||
Nathan's Famous Inc. | 40,687 | 2,735 | ||||
*,1 | Lordstown Motors Corp. Class A | 2,379,841 | 2,713 | |||
* | Hovnanian Enterprises Inc. Class A | 64,069 | 2,696 | |||
El Pollo Loco Holdings Inc. | 268,473 | 2,674 | ||||
* | Century Casinos Inc. | 379,410 | 2,667 | |||
1 | Big 5 Sporting Goods Corp. | 287,569 | 2,539 | |||
*,1 | Bed Bath & Beyond Inc. | 1,003,012 | 2,518 | |||
* | Legacy Housing Corp. | 132,787 | 2,518 | |||
* | Kura Sushi USA Inc. Class A | 52,703 | 2,513 | |||
* | Traeger Inc. | 872,134 | 2,459 | |||
*,1 | Membership Collective Group Inc. Class A | 654,019 | 2,446 | |||
* | LL Flooring Holdings Inc. | 431,445 | 2,425 | |||
Cato Corp. Class A | 258,740 | 2,414 | ||||
*,1 | Groupon Inc. Class A | 279,072 | 2,394 | |||
*,1 | Sonder Holdings Inc. | 1,827,128 | 2,266 | |||
*,1 | Vivid Seats Inc. Class A | 307,910 | 2,248 | |||
*,1 | Dream Finders Homes Inc. Class A | 257,443 | 2,229 | |||
Bassett Furniture Industries Inc. | 125,165 | 2,175 | ||||
Rocky Brands Inc. | 91,586 | 2,163 | ||||
* | Cooper-Standard Holdings Inc. | 236,081 | 2,139 | |||
* | Tupperware Brands Corp. | 501,750 | 2,077 | |||
*,1 | AMMO Inc. | 1,197,242 | 2,071 | |||
* | PlayAGS Inc. | 405,002 | 2,066 | |||
* | ONE Group Hospitality Inc. | 327,587 | 2,064 | |||
* | Lincoln Educational Services Corp. | 346,738 | 2,008 | |||
* | American Outdoor Brands Inc. | 200,117 | 2,005 |
Shares | Market Value• ($000) | |||||
1 | Weber Inc. Class A | 248,416 | 2,000 | |||
* | Porch Group Inc. | 1,053,270 | 1,980 | |||
* | Container Store Group Inc. | 455,850 | 1,965 | |||
*,1 | Nerdy Inc. | 863,470 | 1,943 | |||
*,1 | Rent the Runway Inc. Class A | 632,559 | 1,929 | |||
* | First Watch Restaurant Group Inc. | 141,863 | 1,919 | |||
* | Tile Shop Holdings Inc. | 435,655 | 1,908 | |||
* | Fiesta Restaurant Group Inc. | 256,301 | 1,884 | |||
* | VOXX International Corp. Class A | 220,660 | 1,849 | |||
Weyco Group Inc. | 86,636 | 1,833 | ||||
* | BARK Inc. | 1,213,441 | 1,808 | |||
* | JAKKS Pacific Inc. | 102,690 | 1,796 | |||
* | Potbelly Corp. | 317,128 | 1,766 | |||
*,1 | Vroom Inc. | 1,719,445 | 1,754 | |||
* | Unifi Inc. | 198,289 | 1,707 | |||
*,1 | RealReal Inc. | 1,357,892 | 1,697 | |||
* | Latham Group Inc. | 521,659 | 1,680 | |||
* | Vera Bradley Inc. | 368,074 | 1,667 | |||
Marine Products Corp. | 138,354 | 1,628 | ||||
*,1 | Mullen Automotive Inc. | 5,555,957 | 1,589 | |||
* | Lakeland Industries Inc. | 118,883 | 1,581 | |||
* | Holley Inc. | 739,231 | 1,567 | |||
* | 1stdibs.com Inc. | 291,754 | 1,482 | |||
*,1 | Lazydays Holdings Inc. | 119,840 | 1,431 | |||
Flexsteel Industries Inc. | 91,978 | 1,416 | ||||
* | Snap One Holdings Corp. | 189,889 | 1,407 | |||
* | Superior Industries International Inc. | 332,752 | 1,404 | |||
* | J. Jill Inc. | 54,982 | 1,364 | |||
* | Conn's Inc. | 197,229 | 1,357 | |||
*,1 | Global Business Travel Group I | 199,439 | 1,346 | |||
Superior Group of Cos. Inc. | 132,717 | 1,335 | ||||
*,1 | Spruce Power Holding Corp. | 1,443,418 | 1,327 | |||
Escalade Inc. | 128,578 | 1,309 | ||||
*,1 | Vacasa Inc. Class A | 1,037,174 | 1,307 | |||
*,1 | F45 Training Holdings Inc. | 453,331 | 1,292 | |||
* | Lands' End Inc. | 165,803 | 1,258 | |||
Hamilton Beach Brands Holding Co. Class A | 99,879 | 1,238 | ||||
* | Red Robin Gourmet Burgers Inc. | 217,030 | 1,211 | |||
Lifetime Brands Inc. | 159,241 | 1,209 | ||||
* | Strattec Security Corp. | 55,293 | 1,136 | |||
*,1 | PLBY Group Inc. | 394,095 | 1,084 | |||
* | Duluth Holdings Inc. Class B | 170,918 | 1,056 | |||
* | ThredUp Inc. Class A | 769,245 | 1,008 | |||
* | Landsea Homes Corp. | 187,062 | 975 | |||
* | Express Inc. | 916,418 | 935 | |||
* | Biglari Holdings Inc. Class A | 1,331 | 929 | |||
* | Delta Apparel Inc. | 85,609 | 908 | |||
* | Biglari Holdings Inc. Class B | 6,410 | 890 | |||
*,1 | Polished.com Inc. | 1,466,710 | 847 | |||
* | RumbleON Inc. Class B | 129,172 | 836 | |||
* | Barnes & Noble Education Inc. | 474,097 | 830 | |||
* | GAN Ltd. | 552,394 | 829 | |||
* | Solo Brands Inc. Class A | 219,645 | 817 | |||
*,1 | Faraday Future Intelligent Electric Inc. | 2,597,753 | 754 | |||
* | Beachbody Co. Inc. | 1,378,384 | 725 | |||
* | Carrols Restaurant Group Inc. | 520,619 | 708 | |||
Culp Inc. | 147,833 | 679 | ||||
* | Nautilus Inc. | 434,844 | 665 | |||
* | Brilliant Earth Group Inc. Class A | 149,812 | 646 | |||
Ark Restaurants Corp. | 38,458 | 637 | ||||
*,1 | Volta Inc. | 1,789,334 | 636 | |||
* | Live Ventures Inc. | 20,027 | 627 | |||
*,1 | Aterian Inc. | 804,796 | 620 | |||
*,1 | Kirkland's Inc. | 180,002 | 594 | |||
*,1 | Regis Corp. | 456,411 | 557 | |||
*,1 | XWELL Inc. | 1,493,810 | 542 | |||
* | Party City Holdco Inc. | 1,426,313 | 521 |
Shares | Market Value• ($000) | |||||
*,1 | Inspirato Inc. | 392,156 | 467 | |||
*,1 | Koss Corp. | 94,470 | 461 | |||
1 | JOANN Inc. | 158,520 | 452 | |||
*,1 | Torrid Holdings Inc. | 149,601 | 443 | |||
Crown Crafts Inc. | 81,972 | 438 | ||||
* | Rave Restaurant Group Inc. | 246,505 | 389 | |||
* | Sypris Solutions Inc. | 190,358 | 385 | |||
AMCON Distributing Co. | 2,117 | 383 | ||||
* | Charles & Colvard Ltd. | 444,108 | 362 | |||
*,1 | Hall of Fame Resort & Entertainment Co. | 43,733 | 353 | |||
*,1 | Vince Holding Corp. | 40,186 | 315 | |||
*,1 | Envirotech Vehicles Inc. | 144,960 | 309 | |||
Canterbury Park Holding Corp. | 8,743 | 273 | ||||
*,1 | Shift Technologies Inc. Class A | 1,605,873 | 239 | |||
*,1 | Lulu's Fashion Lounge Holdings Inc. | 92,833 | 233 | |||
* | Envela Corp. | 43,948 | 231 | |||
Flanigan's Enterprises Inc. | 8,348 | 216 | ||||
*,1 | BurgerFi International Inc. | 167,859 | 212 | |||
*,1 | Grove Collaborative Holdings | 517,457 | 206 | |||
Educational Development Corp. | 64,779 | 205 | ||||
*,1 | Toughbuilt Industries Inc. | 85,051 | 199 | |||
* | Dixie Group Inc. | 188,725 | 151 | |||
*,1 | Volcon Inc. | 138,887 | 140 | |||
* | Kaival Brands Innovations Group Inc. | 155,259 | 139 | |||
*,1 | AYRO Inc. | 352,055 | 135 | |||
*,1 | Remark Holdings Inc. | 119,573 | 132 | |||
* | Boxed Inc. | 654,658 | 128 | |||
*,1 | iMedia Brands Inc. | 187,686 | 120 | |||
* | Horizon Global Corp. | 297,026 | 116 | |||
* | Forward Industries Inc. | 106,523 | 114 | |||
* | Aspen Group Inc. | 332,287 | 103 | |||
* | Good Times Restaurants Inc. | 41,843 | 93 | |||
*,1 | Allied Gaming & Entertainment Inc. | 78,107 | 82 | |||
* | Lottery.com Inc. | 458,347 | 80 | |||
* | Xcel Brands Inc. | 113,190 | 79 | |||
*,1 | Harbor Custom Development Inc. | 201,971 | 79 | |||
* | Twin Vee PowerCats Co. | 39,000 | 71 | |||
*,1 | Arcimoto Inc. | 19,661 | 65 | |||
* | Nephros Inc. | 44,580 | 50 | |||
* | Yunhong CTI Ltd. | 46,510 | 50 | |||
*,2 | Zagg Inc. CVR | 448,712 | 40 | |||
*,1 | aka Brands Holding Corp. | 26,494 | 34 | |||
*,1 | Waitr Holdings Inc. | 88,910 | 31 | |||
*,1 | Esports Entertainment Group Inc. | 338,557 | 26 | |||
*,1 | Amesite Inc. | 145,556 | 26 | |||
* | Emerson Radio Corp. | 47,382 | 25 | |||
*,1 | Wag! Group Co. | 8,216 | 25 | |||
* | Greenlane Holdings Inc. Class A | 79,967 | 23 | |||
*,1 | Nova Lifestyle Inc. | 40,180 | 17 | |||
* | Worksport Ltd. | 17,028 | 17 | |||
*,1 | EBET Inc. | 27,607 | 17 | |||
*,1 | Tuesday Morning Corp. | 24,879 | 17 | |||
* | iPower Inc. | 42,702 | 16 | |||
* | TRxADE HEALTH Inc. | 39,629 | 15 | |||
Jerash Holdings US Inc. | 2,964 | 12 | ||||
*,1 | Digital Brands Group Inc. | 2,496 | 11 | |||
* | Unique Fabricating Inc. | 17,733 | 10 | |||
1 | FAT Brands Inc. Class A | 819 | 4 | |||
* | Amergent Hospitality Group Inc. | 19,975 | 2 | |||
FAT Brands Inc. Class B | 436 | 2 | ||||
* | PARTS iD Inc. | 1,100 | 1 | |||
*,1 | Muscle Maker Inc. | 252 | — | |||
* | Qurate Retail Inc. Class B | 43 | — | |||
*,1 | PLBY Group Inc. Rights Exp. 1/17/23 | 394,095 | — | |||
8,769,750 | ||||||
Consumer Staples (3.0%) | ||||||
Bunge Ltd. | 2,030,424 | 202,575 |
Shares | Market Value• ($000) | |||||
* | Darling Ingredients Inc. | 2,169,117 | 135,765 | |||
* | Performance Food Group Co. | 2,098,801 | 122,549 | |||
* | BJ's Wholesale Club Holdings Inc. | 1,828,064 | 120,945 | |||
Casey's General Stores Inc. | 503,445 | 112,948 | ||||
* | US Foods Holding Corp. | 2,745,841 | 93,414 | |||
Ingredion Inc. | 883,842 | 86,555 | ||||
Flowers Foods Inc. | 2,582,458 | 74,220 | ||||
* | Post Holdings Inc. | 728,514 | 65,756 | |||
* | Celsius Holdings Inc. | 540,734 | 56,258 | |||
Lancaster Colony Corp. | 269,038 | 53,081 | ||||
* | BellRing Brands Inc. | 1,836,683 | 47,093 | |||
* | Sprouts Farmers Market Inc. | 1,434,097 | 46,422 | |||
Albertsons Cos. Inc. Class A | 2,193,635 | 45,496 | ||||
* | Simply Good Foods Co. | 1,121,489 | 42,650 | |||
* | Coty Inc. Class A | 4,969,935 | 42,543 | |||
* | Boston Beer Co. Inc. Class A | 127,118 | 41,888 | |||
* | Hostess Brands Inc. Class A | 1,816,401 | 40,760 | |||
* | elf Beauty Inc. | 673,395 | 37,239 | |||
* | Grocery Outlet Holding Corp. | 1,213,029 | 35,408 | |||
* | Freshpet Inc. | 659,321 | 34,792 | |||
Spectrum Brands Holdings Inc. | 557,871 | 33,985 | ||||
* | TreeHouse Foods Inc. | 682,688 | 33,711 | |||
Coca-Cola Consolidated Inc. | 61,927 | 31,729 | ||||
J & J Snack Foods Corp. | 204,813 | 30,663 | ||||
* | United Natural Foods Inc. | 785,906 | 30,422 | |||
WD-40 Co. | 184,869 | 29,803 | ||||
Energizer Holdings Inc. | 873,576 | 29,308 | ||||
Cal-Maine Foods Inc. | 512,569 | 27,909 | ||||
Nu Skin Enterprises Inc. Class A | 652,538 | 27,511 | ||||
Edgewell Personal Care Co. | 702,895 | 27,090 | ||||
Inter Parfums Inc. | 247,149 | 23,855 | ||||
Reynolds Consumer Products Inc. | 744,431 | 22,318 | ||||
MGP Ingredients Inc. | 209,076 | 22,242 | ||||
Vector Group Ltd. | 1,754,907 | 20,813 | ||||
PriceSmart Inc. | 340,260 | 20,681 | ||||
* | Herbalife Nutrition Ltd. | 1,333,150 | 19,837 | |||
* | Hain Celestial Group Inc. | 1,206,642 | 19,523 | |||
Universal Corp. | 333,085 | 17,590 | ||||
Weis Markets Inc. | 211,647 | 17,416 | ||||
Ingles Markets Inc. Class A | 179,039 | 17,270 | ||||
Medifast Inc. | 148,649 | 17,147 | ||||
* | Central Garden & Pet Co. Class A | 476,515 | 17,059 | |||
* | Chefs' Warehouse Inc. | 460,564 | 15,328 | |||
Andersons Inc. | 434,237 | 15,194 | ||||
* | National Beverage Corp. | 318,775 | 14,833 | |||
* | Pilgrim's Pride Corp. | 622,995 | 14,784 | |||
Utz Brands Inc. | 914,209 | 14,499 | ||||
SpartanNash Co. | 476,400 | 14,406 | ||||
Seaboard Corp. | 3,523 | 13,300 | ||||
* | Beauty Health Co. | 1,313,307 | 11,951 | |||
Fresh Del Monte Produce Inc. | 421,055 | 11,027 | ||||
1 | B&G Foods Inc. | 980,883 | 10,937 | |||
*,1 | Beyond Meat Inc. | 842,147 | 10,367 | |||
John B Sanfilippo & Son Inc. | 125,377 | 10,196 | ||||
* | Duckhorn Portfolio Inc. | 597,336 | 9,898 | |||
Tootsie Roll Industries Inc. | 216,353 | 9,210 | ||||
* | Central Garden & Pet Co. | 224,143 | 8,394 | |||
* | USANA Health Sciences Inc. | 143,506 | 7,635 | |||
* | Sovos Brands Inc. | 528,868 | 7,600 | |||
Calavo Growers Inc. | 251,751 | 7,401 | ||||
* | Mission Produce Inc. | 544,761 | 6,330 | |||
* | Olaplex Holdings Inc. | 1,166,699 | 6,079 | |||
* | Seneca Foods Corp. Class A | 91,746 | 5,592 | |||
* | Vital Farms Inc. | 335,145 | 5,000 | |||
Turning Point Brands Inc. | 219,021 | 4,737 | ||||
* | Benson Hill Inc. | 1,802,308 | 4,596 | |||
* | Vita Coco Co. Inc. | 323,119 | 4,466 |
Shares | Market Value• ($000) | |||||
*,1 | Veru Inc. | 703,888 | 3,717 | |||
*,1 | 22nd Century Group Inc. | 3,172,272 | 2,920 | |||
*,1 | BRC Inc. Class A | 465,878 | 2,847 | |||
*,1 | Rite Aid Corp. | 794,332 | 2,653 | |||
* | Honest Co. Inc. | 809,114 | 2,435 | |||
* | Lifecore Biomedical Inc. | 368,464 | 2,388 | |||
* | Zevia PBC Class A | 581,143 | 2,377 | |||
Limoneira Co. | 193,198 | 2,359 | ||||
Village Super Market Inc. Class A | 100,932 | 2,351 | ||||
* | Whole Earth Brands Inc. | 538,584 | 2,192 | |||
Oil-Dri Corp. of America | 64,945 | 2,178 | ||||
* | HF Foods Group Inc. | 530,520 | 2,154 | |||
*,1 | Westrock Coffee Co. | 134,700 | 1,800 | |||
* | Nature's Sunshine Products Inc. | 173,811 | 1,446 | |||
* | Vintage Wine Estates Inc. | 431,243 | 1,406 | |||
Alico Inc. | 57,201 | 1,365 | ||||
Natural Grocers by Vitamin Cottage Inc. | 147,495 | 1,348 | ||||
* | Farmer Bros Co. | 228,647 | 1,054 | |||
* | Thorne HealthTech Inc. | 255,026 | 926 | |||
* | Seneca Foods Corp. Class B | 13,689 | 828 | |||
*,1 | Tattooed Chef Inc. | 634,533 | 780 | |||
Lifevantage Corp. | 195,411 | 727 | ||||
* | Natural Alternatives International Inc. | 75,054 | 630 | |||
*,1 | Local Bounti Corp. | 423,617 | 589 | |||
* | Rocky Mountain Chocolate Factory Inc. | 95,809 | 546 | |||
United-Guardian Inc. | 52,217 | 543 | ||||
* | LifeMD Inc. | 269,585 | 523 | |||
*,1 | AppHarvest Inc. | 883,103 | 501 | |||
* | Lifeway Foods Inc. | 87,072 | 483 | |||
* | Willamette Valley Vineyards Inc. | 72,862 | 436 | |||
Natural Health Trends Corp. | 109,082 | 371 | ||||
*,1 | Splash Beverage Group Inc. | 301,169 | 290 | |||
* | Alkaline Water Co. Inc. | 1,235,847 | 216 | |||
*,1 | Blue Apron Holdings Inc. Class A | 239,966 | 199 | |||
* | S&W Seed Co. | 125,055 | 186 | |||
*,1 | Real Good Food Co. Inc. Class A | 26,222 | 174 | |||
* | Better Choice Co. Inc. | 261,756 | 141 | |||
Mannatech Inc. | 7,366 | 132 | ||||
Coffee Holding Co. Inc. | 55,792 | 114 | ||||
* | Arcadia Biosciences Inc. | 300,540 | 81 | |||
*,1 | Reed's Inc. | 1,115,347 | 78 | |||
* | Cyanotech Corp. | 52,089 | 57 | |||
* | Barfresh Food Group Inc. | 43,001 | 56 | |||
*,1 | RiceBran Technologies | 69,739 | 53 | |||
*,1 | Jupiter Wellness Inc. | 59,489 | 45 | |||
* | Stryve Foods Inc. Class A | 58,942 | 43 | |||
* | Guardion Health Sciences Inc. | 278,115 | 40 | |||
* | Laird Superfood Inc. | 46,278 | 39 | |||
* | Eastside Distilling Inc. | 132,920 | 33 | |||
* | Zivo Bioscience Inc. | 13,327 | 33 | |||
* | Upexi Inc. | 10,791 | 32 | |||
* | Blue Star Foods Corp. | 60,782 | 24 | |||
* | MedAvail Holdings Inc. | 63,468 | 19 | |||
* | Nuzee Inc. | 1,425 | 12 | |||
*,1 | Kalera plc | 881 | 6 | |||
* | Bridgford Foods Corp. | 36 | — | |||
* | MamaMancini's Holdings Inc. | 243 | — | |||
2,368,975 | ||||||
Energy (4.9%) | ||||||
Cheniere Energy Inc. | 3,369,026 | 505,219 | ||||
Texas Pacific Land Corp. | 83,336 | 195,359 | ||||
Ovintiv Inc. | 3,348,540 | 169,804 | ||||
Chesapeake Energy Corp. | 1,448,010 | 136,649 | ||||
* | Antero Resources Corp. | 3,732,278 | 115,663 | |||
NOV Inc. | 5,294,380 | 110,600 | ||||
HF Sinclair Corp. | 1,836,433 | 95,293 | ||||
* | Southwestern Energy Co. | 14,891,435 | 87,115 |
Shares | Market Value• ($000) | |||||
Matador Resources Co. | 1,520,644 | 87,042 | ||||
Murphy Oil Corp. | 1,981,562 | 85,227 | ||||
Range Resources Corp. | 3,258,454 | 81,527 | ||||
PDC Energy Inc. | 1,260,030 | 79,987 | ||||
ChampionX Corp. | 2,680,725 | 77,714 | ||||
Chord Energy Corp. | 562,437 | 76,947 | ||||
* | TechnipFMC plc | 5,998,713 | 73,124 | |||
DT Midstream Inc. | 1,303,573 | 72,035 | ||||
Helmerich & Payne Inc. | 1,428,431 | 70,807 | ||||
PBF Energy Inc. Class A | 1,533,741 | 62,546 | ||||
* | Denbury Inc. | 674,225 | 58,671 | |||
SM Energy Co. | 1,676,350 | 58,387 | ||||
* | Valaris Ltd. | 814,985 | 55,109 | |||
Magnolia Oil & Gas Corp. Class A | 2,280,832 | 53,486 | ||||
* | Noble Corp. plc | 1,312,984 | 49,513 | |||
Patterson-UTI Energy Inc. | 2,926,846 | 49,288 | ||||
Antero Midstream Corp. | 4,457,083 | 48,092 | ||||
* | Weatherford International plc | 866,150 | 44,104 | |||
California Resources Corp. | 968,678 | 42,147 | ||||
* | Peabody Energy Corp. | 1,563,572 | 41,310 | |||
Cactus Inc. Class A | 817,547 | 41,090 | ||||
* | Transocean Ltd. | 9,009,555 | 41,084 | |||
Civitas Resources Inc. | 701,839 | 40,658 | ||||
* | CNX Resources Corp. | 2,400,486 | 40,424 | |||
Equitrans Midstream Corp. | 5,921,091 | 39,671 | ||||
* | Kosmos Energy Ltd. | 6,164,200 | 39,204 | |||
Arch Resources Inc. | 240,719 | 34,372 | ||||
Liberty Energy Inc. Class A | 2,021,090 | 32,358 | ||||
1 | Sitio Royalties Corp. | 997,355 | 28,774 | |||
CONSOL Energy Inc. | 438,268 | 28,487 | ||||
Northern Oil & Gas Inc. | 913,126 | 28,143 | ||||
New Fortress Energy Inc. | 659,092 | 27,959 | ||||
Permian Resources Corp. Class A | 2,761,881 | 25,962 | ||||
* | Callon Petroleum Co. | 689,873 | 25,587 | |||
Delek US Holdings Inc. | 945,559 | 25,530 | ||||
* | Tidewater Inc. | 691,158 | 25,469 | |||
* | Green Plains Inc. | 793,881 | 24,213 | |||
* | Oceaneering International Inc. | 1,368,663 | 23,938 | |||
World Fuel Services Corp. | 831,694 | 22,730 | ||||
Enviva Inc. | 422,720 | 22,391 | ||||
International Seaways Inc. | 535,505 | 19,824 | ||||
* | NexTier Oilfield Solutions Inc. | 2,142,556 | 19,797 | |||
*,1 | Uranium Energy Corp. | 4,990,631 | 19,364 | |||
* | Nabors Industries Ltd. | 123,198 | 19,080 | |||
* | Par Pacific Holdings Inc. | 751,845 | 17,480 | |||
* | Expro Group Holdings NV | 944,375 | 17,122 | |||
Comstock Resources Inc. | 1,236,783 | 16,956 | ||||
* | Talos Energy Inc. | 881,370 | 16,640 | |||
Archrock Inc. | 1,625,931 | 14,601 | ||||
* | Diamond Offshore Drilling Inc. | 1,384,375 | 14,397 | |||
* | Helix Energy Solutions Group Inc. | 1,949,487 | 14,387 | |||
* | ProPetro Holding Corp. | 1,353,390 | 14,035 | |||
Core Laboratories NV | 657,451 | 13,327 | ||||
* | Dril-Quip Inc. | 481,671 | 13,087 | |||
* | US Silica Holdings Inc. | 1,036,719 | 12,959 | |||
* | Clean Energy Fuels Corp. | 2,368,960 | 12,319 | |||
CVR Energy Inc. | 392,298 | 12,295 | ||||
*,1 | Tellurian Inc. | 6,987,054 | 11,738 | |||
* | Laredo Petroleum Inc. | 227,019 | 11,673 | |||
* | Gulfport Energy Corp. | 157,318 | 11,585 | |||
Ranger Oil Corp. | 263,643 | 10,659 | ||||
Select Energy Services Inc. Class A | 1,144,363 | 10,574 | ||||
Kinetik Holdings Inc. Class A | 274,629 | 9,085 | ||||
* | ProFrac Holding Corp. Class A | 359,759 | 9,066 | |||
RPC Inc. | 1,011,124 | 8,989 | ||||
* | Bristow Group Inc. Class A | 326,830 | 8,867 | |||
Dorian LPG Ltd. | 450,652 | 8,540 |
Shares | Market Value• ($000) | |||||
Berry Corp. | 909,474 | 7,276 | ||||
* | Earthstone Energy Inc. Class A | 511,160 | 7,274 | |||
* | SandRidge Energy Inc. | 425,684 | 7,249 | |||
* | W&T Offshore Inc. | 1,292,072 | 7,210 | |||
* | REX American Resources Corp. | 219,028 | 6,978 | |||
VAALCO Energy Inc. | 1,443,750 | 6,583 | ||||
Crescent Energy Co. Class A | 538,367 | 6,455 | ||||
* | Oil States International Inc. | 865,167 | 6,454 | |||
* | Gevo Inc. | 3,306,138 | 6,282 | |||
Excelerate Energy Inc. Class A | 246,935 | 6,186 | ||||
*,1 | Vertex Energy Inc. | 848,742 | 5,262 | |||
*,1 | Centrus Energy Corp. Class A | 158,253 | 5,140 | |||
*,1 | SilverBow Resources Inc. | 180,679 | 5,110 | |||
* | TETRA Technologies Inc. | 1,473,771 | 5,099 | |||
* | Newpark Resources Inc. | 1,217,308 | 5,052 | |||
* | DMC Global Inc. | 255,868 | 4,974 | |||
*,1 | NextDecade Corp. | 871,730 | 4,306 | |||
Solaris Oilfield Infrastructure Inc. Class A | 426,811 | 4,238 | ||||
* | Amplify Energy Corp. | 474,841 | 4,174 | |||
1 | HighPeak Energy Inc. | 175,816 | 4,021 | |||
* | Hallador Energy Co. | 333,737 | 3,334 | |||
Evolution Petroleum Corp. | 429,412 | 3,242 | ||||
* | Overseas Shipholding Group Inc. Class A | 1,030,732 | 2,979 | |||
*,1 | Ring Energy Inc. | 1,148,142 | 2,824 | |||
* | SEACOR Marine Holdings Inc. | 298,975 | 2,739 | |||
* | Alto Ingredients Inc. | 935,941 | 2,696 | |||
*,1,2 | Next Bridge Hydrocarbons Inc. | 902,467 | 2,613 | |||
*,1 | Nine Energy Service Inc. | 172,226 | 2,502 | |||
* | KLX Energy Services Holdings Inc. | 131,967 | 2,284 | |||
NACCO Industries Inc. Class A | 56,552 | 2,149 | ||||
Epsilon Energy Ltd. | 289,329 | 1,918 | ||||
* | Natural Gas Services Group Inc. | 160,037 | 1,834 | |||
* | Ranger Energy Services Inc. Class A | 158,386 | 1,744 | |||
* | Forum Energy Technologies Inc. | 56,345 | 1,662 | |||
*,1 | Aemetis Inc. | 416,757 | 1,650 | |||
*,1 | Mammoth Energy Services Inc. | 186,410 | 1,612 | |||
* | Empire Petroleum Corp. | 129,591 | 1,594 | |||
Riley Exploration Permian Inc. | 52,401 | 1,542 | ||||
PHX Minerals Inc. | 392,299 | 1,526 | ||||
1 | Granite Ridge Resources Inc. | 167,400 | 1,512 | |||
* | Gulf Island Fabrication Inc. | 205,408 | 1,054 | |||
*,1 | American Resources Corp. | 734,307 | 969 | |||
Adams Resources & Energy Inc. | 22,111 | 861 | ||||
* | Geospace Technologies Corp. | 179,011 | 755 | |||
* | Smart Sand Inc. | 336,056 | 602 | |||
* | Battalion Oil Corp. | 53,142 | 516 | |||
*,1 | Houston American Energy Corp. | 137,786 | 474 | |||
* | Profire Energy Inc. | 414,587 | 435 | |||
*,1 | Lightbridge Corp. | 107,608 | 419 | |||
* | PrimeEnergy Resources Corp. | 3,918 | 340 | |||
*,1 | Independence Contract Drilling Inc. | 86,260 | 282 | |||
* | NCS Multistage Holdings Inc. | 10,064 | 252 | |||
*,1 | ENGlobal Corp. | 300,740 | 232 | |||
*,1 | Camber Energy Inc. | 108,772 | 220 | |||
*,1 | Enservco Corp. | 132,806 | 216 | |||
* | Mexco Energy Corp. | 16,537 | 206 | |||
Barnwell Industries Inc. | 68,394 | 202 | ||||
* | PEDEVCO Corp. | 173,749 | 191 | |||
* | Superior Drilling Products Inc. | 198,912 | 183 | |||
* | Comstock Inc. | 599,939 | 165 | |||
* | Stabilis Solutions Inc. | 25,689 | 133 | |||
* | Ecoark Holdings Inc. | 287,078 | 66 | |||
* | New Concept Energy Inc. | 56,567 | 62 | |||
US Energy Corp. | 27,006 | 62 | ||||
* | MIND Technology Inc. | 107,042 | 49 |
Shares | Market Value• ($000) | |||||
* | Energy Services of America Corp. | 12,295 | 32 | |||
* | OPAL Fuels Inc. Class A | 3,294 | 24 | |||
3,837,536 | ||||||
Financials (15.9%) | ||||||
Blackstone Inc. | 9,555,613 | 708,930 | ||||
Apollo Global Management Inc. | 5,887,439 | 375,560 | ||||
KKR & Co. Inc. | 7,809,602 | 362,522 | ||||
* | Markel Corp. | 182,275 | 240,145 | |||
LPL Financial Holdings Inc. | 1,079,737 | 233,407 | ||||
First Horizon Corp. | 7,242,696 | 177,446 | ||||
Ares Management Corp. Class A | 2,108,854 | 144,330 | ||||
Fidelity National Financial Inc. | 3,676,717 | 138,318 | ||||
Annaly Capital Management Inc. | 6,365,981 | 134,195 | ||||
Equitable Holdings Inc. | 4,661,077 | 133,773 | ||||
American Financial Group Inc. | 951,245 | 130,587 | ||||
Reinsurance Group of America Inc. | 907,123 | 128,893 | ||||
East West Bancorp Inc. | 1,909,548 | 125,839 | ||||
First Citizens BancShares Inc. Class A | 161,681 | 122,612 | ||||
Cullen/Frost Bankers Inc. | 872,697 | 116,680 | ||||
Webster Financial Corp. | 2,366,580 | 112,034 | ||||
RenaissanceRe Holdings Ltd. | 591,945 | 109,054 | ||||
Commerce Bancshares Inc. | 1,549,001 | 105,441 | ||||
Unum Group | 2,534,908 | 104,007 | ||||
Interactive Brokers Group Inc. Class A | 1,399,191 | 101,231 | ||||
Tradeweb Markets Inc. Class A | 1,514,971 | 98,367 | ||||
Ally Financial Inc. | 3,989,903 | 97,553 | ||||
Old Republic International Corp. | 3,836,166 | 92,643 | ||||
Prosperity Bancshares Inc. | 1,242,819 | 90,328 | ||||
Carlyle Group Inc. | 2,960,461 | 88,340 | ||||
Western Alliance Bancorp | 1,472,967 | 87,730 | ||||
Jefferies Financial Group Inc. | 2,475,854 | 84,872 | ||||
Erie Indemnity Co. Class A | 340,317 | 84,644 | ||||
Stifel Financial Corp. | 1,439,210 | 84,007 | ||||
SEI Investments Co. | 1,390,288 | 81,054 | ||||
Affiliated Managers Group Inc. | 509,522 | 80,724 | ||||
Voya Financial Inc. | 1,312,156 | 80,684 | ||||
AGNC Investment Corp. | 7,767,201 | 80,391 | ||||
New York Community Bancorp Inc. | 9,174,972 | 78,905 | ||||
SouthState Corp. | 1,033,134 | 78,890 | ||||
*,1 | Coinbase Global Inc. Class A | 2,178,031 | 77,081 | |||
Starwood Property Trust Inc. | 4,174,585 | 76,520 | ||||
Kinsale Capital Group Inc. | 292,275 | 76,436 | ||||
Pinnacle Financial Partners Inc. | 1,032,937 | 75,818 | ||||
Glacier Bancorp Inc. | 1,505,088 | 74,381 | ||||
United Bankshares Inc. | 1,827,505 | 73,996 | ||||
Morningstar Inc. | 340,390 | 73,725 | ||||
Synovus Financial Corp. | 1,961,505 | 73,655 | ||||
Selective Insurance Group Inc. | 822,922 | 72,919 | ||||
First American Financial Corp. | 1,388,535 | 72,676 | ||||
RLI Corp. | 550,502 | 72,264 | ||||
Old National Bancorp | 4,000,442 | 71,928 | ||||
Primerica Inc. | 498,779 | 70,737 | ||||
Wintrust Financial Corp. | 817,582 | 69,102 | ||||
Popular Inc. | 988,161 | 65,535 | ||||
Valley National Bancorp | 5,751,414 | 65,048 | ||||
Hanover Insurance Group Inc. | 480,893 | 64,983 | ||||
FNB Corp. | 4,762,200 | 62,147 | ||||
Cadence Bank | 2,488,420 | 61,364 | ||||
First Financial Bankshares Inc. | 1,775,547 | 61,079 | ||||
Bank OZK | 1,491,859 | 59,764 | ||||
Home BancShares Inc. | 2,595,163 | 59,144 | ||||
Houlihan Lokey Inc. Class A | 674,803 | 58,816 | ||||
Essent Group Ltd. | 1,469,751 | 57,144 | ||||
Axis Capital Holdings Ltd. | 1,050,229 | 56,891 | ||||
* | Robinhood Markets Inc. Class A | 6,964,162 | 56,688 | |||
Hancock Whitney Corp. | 1,159,487 | 56,108 | ||||
SLM Corp. | 3,335,776 | 55,374 |
Shares | Market Value• ($000) | |||||
OneMain Holdings Inc. | 1,628,890 | 54,258 | ||||
Lazard Ltd. Class A | 1,543,494 | 53,513 | ||||
Evercore Inc. Class A | 490,103 | 53,460 | ||||
Umpqua Holdings Corp. | 2,966,307 | 52,949 | ||||
MGIC Investment Corp. | 4,055,601 | 52,723 | ||||
Independent Bank Corp. | 621,256 | 52,453 | ||||
First Bancorp | 2,939,351 | 52,420 | ||||
Rithm Capital Corp. | 6,371,633 | 52,056 | ||||
*,1 | SoFi Technologies Inc. | 11,204,676 | 51,654 | |||
Assured Guaranty Ltd. | 822,293 | 51,196 | ||||
Blue Owl Capital Inc. Class A | 4,780,911 | 50,678 | ||||
White Mountains Insurance Group Ltd. | 34,944 | 49,422 | ||||
UMB Financial Corp. | 591,116 | 49,370 | ||||
United Community Banks Inc. | 1,449,597 | 48,996 | ||||
Blackstone Mortgage Trust Inc. Class A | 2,305,090 | 48,799 | ||||
* | Brighthouse Financial Inc. | 939,449 | 48,166 | |||
Associated Banc-Corp | 2,035,321 | 46,996 | ||||
* | Ryan Specialty Holdings Inc. Class A | 1,123,788 | 46,648 | |||
First Interstate BancSystem Inc. Class A | 1,204,243 | 46,544 | ||||
ServisFirst Bancshares Inc. | 671,784 | 46,293 | ||||
CVB Financial Corp. | 1,776,826 | 45,753 | ||||
Community Bank System Inc. | 723,654 | 45,554 | ||||
First Hawaiian Inc. | 1,743,622 | 45,404 | ||||
FirstCash Holdings Inc. | 515,246 | 44,780 | ||||
Kemper Corp. | 874,726 | 43,037 | ||||
Janus Henderson Group plc | 1,819,934 | 42,805 | ||||
American Equity Investment Life Holding Co. | 935,168 | 42,662 | ||||
Bank of Hawaii Corp. | 542,821 | 42,101 | ||||
* | Enstar Group Ltd. | 180,522 | 41,708 | |||
Federated Hermes Inc. Class B | 1,145,781 | 41,603 | ||||
Ameris Bancorp | 880,662 | 41,514 | ||||
BOK Financial Corp. | 397,041 | 41,209 | ||||
Cathay General Bancorp | 1,001,258 | 40,841 | ||||
* | Texas Capital Bancshares Inc. | 670,798 | 40,456 | |||
Pacific Premier Bancorp Inc. | 1,279,307 | 40,375 | ||||
Radian Group Inc. | 2,102,108 | 40,087 | ||||
Fulton Financial Corp. | 2,282,255 | 38,410 | ||||
*,1 | Credit Acceptance Corp. | 80,793 | 38,328 | |||
Eastern Bankshares Inc. | 2,196,201 | 37,884 | ||||
* | Mr Cooper Group Inc. | 941,220 | 37,771 | |||
WSFS Financial Corp. | 824,542 | 37,385 | ||||
PacWest Bancorp | 1,606,300 | 36,865 | ||||
Simmons First National Corp. Class A | 1,662,000 | 35,866 | ||||
Atlantic Union Bankshares Corp. | 1,015,390 | 35,681 | ||||
BankUnited Inc. | 1,047,436 | 35,581 | ||||
CNO Financial Group Inc. | 1,541,874 | 35,232 | ||||
* | Genworth Financial Inc. Class A | 6,655,168 | 35,206 | |||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 1,187,254 | 34,407 | ||||
Moelis & Co. Class A | �� 865,343 | 33,203 | ||||
First Merchants Corp. | 805,177 | 33,101 | ||||
Walker & Dunlop Inc. | 417,668 | 32,779 | ||||
International Bancshares Corp. | 706,152 | 32,314 | ||||
Columbia Banking System Inc. | 1,068,383 | 32,190 | ||||
Hamilton Lane Inc. Class A | 490,004 | 31,301 | ||||
First Financial Bancorp | 1,274,198 | 30,874 | ||||
Arbor Realty Trust Inc. | 2,315,092 | 30,536 | ||||
Washington Federal Inc. | 890,554 | 29,878 | ||||
WesBanco Inc. | 799,108 | 29,551 | ||||
Seacoast Banking Corp. of Florida | 943,242 | 29,420 | ||||
Trustmark Corp. | 840,688 | 29,348 | ||||
Independent Bank Group Inc. | 485,933 | 29,195 | ||||
Banner Corp. | 459,232 | 29,023 | ||||
* | Focus Financial Partners Inc. Class A | 777,258 | 28,968 | |||
Renasant Corp. | 748,416 | 28,133 | ||||
Park National Corp. | 197,310 | 27,771 | ||||
* | Axos Financial Inc. | 723,367 | 27,647 |
Shares | Market Value• ($000) | |||||
Towne Bank | 894,267 | 27,579 | ||||
Jackson Financial Inc. Class A | 788,524 | 27,433 | ||||
Artisan Partners Asset Management Inc. Class A | 911,413 | 27,069 | ||||
Stock Yards Bancorp Inc. | 404,590 | 26,290 | ||||
Bread Financial Holdings Inc. | 678,955 | 25,569 | ||||
Piper Sandler Cos. | 194,105 | 25,271 | ||||
NBT Bancorp Inc. | 572,623 | 24,863 | ||||
Virtu Financial Inc. Class A | 1,213,093 | 24,759 | ||||
Claros Mortgage Trust Inc. | 1,660,669 | 24,428 | ||||
Heartland Financial USA Inc. | 523,546 | 24,408 | ||||
Lakeland Financial Corp. | 333,915 | 24,366 | ||||
Northwest Bancshares Inc. | 1,740,938 | 24,338 | ||||
Enterprise Financial Services Corp. | 495,987 | 24,284 | ||||
PJT Partners Inc. Class A | 325,277 | 23,970 | ||||
Navient Corp. | 1,446,414 | 23,794 | ||||
* | NMI Holdings Inc. Class A | 1,135,462 | 23,731 | |||
TriCo Bancshares | 456,779 | 23,291 | ||||
PennyMac Financial Services Inc. | 410,081 | 23,235 | ||||
* | Trupanion Inc. | 476,650 | 22,655 | |||
Nelnet Inc. Class A | 245,436 | 22,273 | ||||
* | StoneX Group Inc. | 230,246 | 21,942 | |||
* | Bancorp Inc. | 768,945 | 21,823 | |||
Provident Financial Services Inc. | 1,012,399 | 21,625 | ||||
Cohen & Steers Inc. | 332,097 | 21,440 | ||||
Corebridge Financial Inc. | 1,054,814 | 21,160 | ||||
Westamerica Bancorp | 358,337 | 21,145 | ||||
Sandy Spring Bancorp Inc. | 599,333 | 21,115 | ||||
Hope Bancorp Inc. | 1,646,227 | 21,088 | ||||
BancFirst Corp. | 238,662 | 21,045 | ||||
National Bank Holdings Corp. Class A | 498,627 | 20,977 | ||||
* | BRP Group Inc. Class A | 828,128 | 20,819 | |||
Horace Mann Educators Corp. | 548,967 | 20,515 | ||||
Veritex Holdings Inc. | 724,869 | 20,354 | ||||
TPG Inc. Class A | 704,964 | 19,619 | ||||
Hilltop Holdings Inc. | 632,303 | 18,975 | ||||
* | Cannae Holdings Inc. | 913,164 | 18,857 | |||
Apollo Commercial Real Estate Finance Inc. | 1,714,800 | 18,451 | ||||
Berkshire Hills Bancorp Inc. | 616,076 | 18,421 | ||||
City Holding Co. | 197,662 | 18,400 | ||||
Two Harbors Investment Corp. | 1,160,349 | 18,299 | ||||
Eagle Bancorp Inc. | 412,578 | 18,182 | ||||
Stellar Bancorp Inc. | 615,134 | 18,122 | ||||
First Busey Corp. | 719,722 | 17,792 | ||||
* | PRA Group Inc. | 520,372 | 17,578 | |||
Virtus Investment Partners Inc. | 91,539 | 17,524 | ||||
S&T Bancorp Inc. | 510,248 | 17,440 | ||||
OFG Bancorp | 629,575 | 17,351 | ||||
Chimera Investment Corp. | 3,144,039 | 17,292 | ||||
First Commonwealth Financial Corp. | 1,233,163 | 17,227 | ||||
Pathward Financial Inc. | 399,856 | 17,214 | ||||
* | Blucora Inc. | 663,273 | 16,933 | |||
BGC Partners Inc. Class A | 4,490,982 | 16,931 | ||||
FB Financial Corp. | 468,070 | 16,916 | ||||
Safety Insurance Group Inc. | 199,946 | 16,847 | ||||
OceanFirst Financial Corp. | 784,331 | 16,667 | ||||
* | Enova International Inc. | 427,364 | 16,398 | |||
StepStone Group Inc. Class A | 637,015 | 16,040 | ||||
Stewart Information Services Corp. | 374,181 | 15,989 | ||||
Lakeland Bancorp Inc. | 906,874 | 15,970 | ||||
Employers Holdings Inc. | 369,186 | 15,923 | ||||
CNA Financial Corp. | 371,020 | 15,687 | ||||
Ladder Capital Corp. Class A | 1,550,708 | 15,569 | ||||
* | Encore Capital Group Inc. | 322,784 | 15,474 | |||
* | Palomar Holdings Inc. | 342,014 | 15,445 | |||
* | Nicolet Bankshares Inc. | 189,797 | 15,144 | |||
1 | Ready Capital Corp. | 1,353,404 | 15,077 | |||
Southside Bancshares Inc. | 416,819 | 15,001 |
Shares | Market Value• ($000) | |||||
* | Triumph Financial Inc. | 306,267 | 14,967 | |||
PennyMac Mortgage Investment Trust | 1,202,754 | 14,902 | ||||
Capitol Federal Financial Inc. | 1,720,358 | 14,881 | ||||
Heritage Financial Corp. | 483,735 | 14,822 | ||||
Origin Bancorp Inc. | 402,810 | 14,783 | ||||
Dime Community Bancshares Inc. | 456,787 | 14,540 | ||||
Franklin BSP Realty Trust Inc. | 1,123,713 | 14,496 | ||||
Brookline Bancorp Inc. | 1,007,624 | 14,258 | ||||
German American Bancorp Inc. | 375,327 | 14,000 | ||||
Live Oak Bancshares Inc. | 454,339 | 13,721 | ||||
Cowen Inc. Class A | 353,760 | 13,662 | ||||
Tompkins Financial Corp. | 175,830 | 13,641 | ||||
* | Donnelley Financial Solutions Inc. | 344,997 | 13,334 | |||
ProAssurance Corp. | 761,031 | 13,295 | ||||
Federal Agricultural Mortgage Corp. Class C | 115,913 | 13,065 | ||||
*,1 | Upstart Holdings Inc. | 968,787 | 12,807 | |||
Argo Group International Holdings Ltd. | 495,180 | 12,800 | ||||
Premier Financial Corp. | 472,619 | 12,747 | ||||
MFA Financial Inc. | 1,286,920 | 12,676 | ||||
Preferred Bank | 169,008 | 12,611 | ||||
AMERISAFE Inc. | 241,517 | 12,552 | ||||
* | LendingClub Corp. | 1,419,153 | 12,489 | |||
1st Source Corp. | 229,788 | 12,199 | ||||
Banc of California Inc. | 764,401 | 12,177 | ||||
1 | Rocket Cos. Inc. Class A | 1,715,820 | 12,011 | |||
New York Mortgage Trust Inc. | 4,634,951 | 11,865 | ||||
* | Customers Bancorp Inc. | 416,092 | 11,792 | |||
* | PROG Holdings Inc. | 687,589 | 11,613 | |||
QCR Holdings Inc. | 232,625 | 11,548 | ||||
Mercury General Corp. | 336,871 | 11,521 | ||||
James River Group Holdings Ltd. | 531,241 | 11,108 | ||||
KKR Real Estate Finance Trust Inc. | 785,946 | 10,972 | ||||
Hanmi Financial Corp. | 438,230 | 10,846 | ||||
* | Ambac Financial Group Inc. | 611,299 | 10,661 | |||
Peoples Bancorp Inc. | 373,154 | 10,542 | ||||
1 | ARMOUR Residential REIT Inc. | 1,864,235 | 10,496 | |||
Univest Financial Corp. | 400,741 | 10,471 | ||||
* | Green Dot Corp. Class A | 660,573 | 10,450 | |||
ConnectOne Bancorp Inc. | 430,205 | 10,415 | ||||
Redwood Trust Inc. | 1,517,026 | 10,255 | ||||
Victory Capital Holdings Inc. Class A | 379,851 | 10,191 | ||||
First Foundation Inc. | 709,598 | 10,169 | ||||
Washington Trust Bancorp Inc. | 214,533 | 10,122 | ||||
Heritage Commerce Corp. | 766,156 | 9,960 | ||||
First Bancshares Inc. | 307,771 | 9,852 | ||||
Ellington Financial Inc. | 789,558 | 9,767 | ||||
* | Goosehead Insurance Inc. Class A | 283,077 | 9,721 | |||
TrustCo Bank Corp. | 258,582 | 9,720 | ||||
* | Open Lending Corp. Class A | 1,435,954 | 9,693 | |||
Enact Holdings Inc. | 396,928 | 9,574 | ||||
National Western Life Group Inc. Class A | 33,766 | 9,488 | ||||
1 | Bank First Corp. | 101,245 | 9,398 | |||
Kearny Financial Corp. | 922,013 | 9,358 | ||||
Brightsphere Investment Group Inc. | 453,597 | 9,335 | ||||
Amerant Bancorp Inc. Class A | 342,127 | 9,183 | ||||
TFS Financial Corp. | 624,542 | 9,000 | ||||
* | Columbia Financial Inc. | 414,555 | 8,963 | |||
Community Trust Bancorp Inc. | 193,298 | 8,878 | ||||
Flushing Financial Corp. | 453,908 | 8,797 | ||||
* | MBIA Inc. | 679,118 | 8,727 | |||
Northfield Bancorp Inc. | 552,795 | 8,695 | ||||
* | Metropolitan Bank Holding Corp. | 147,216 | 8,637 | |||
WisdomTree Inc. | 1,561,812 | 8,512 | ||||
BrightSpire Capital Inc. Class A | 1,353,768 | 8,434 | ||||
United Fire Group Inc. | 303,500 | 8,304 | ||||
*,1 | Lemonade Inc. | 605,641 | 8,285 | |||
Camden National Corp. | 198,478 | 8,275 |
Shares | Market Value• ($000) | |||||
A-Mark Precious Metals Inc. | 237,450 | 8,247 | ||||
Cambridge Bancorp | 99,176 | 8,238 | ||||
Ares Commercial Real Estate Corp. | 791,184 | 8,141 | ||||
HarborOne Bancorp Inc. | 579,638 | 8,057 | ||||
Old Second Bancorp Inc. | 499,407 | 8,010 | ||||
Merchants Bancorp | 328,786 | 7,996 | ||||
Horizon Bancorp Inc. | 511,979 | 7,721 | ||||
Midland States Bancorp Inc. | 287,098 | 7,643 | ||||
Arrow Financial Corp. | 224,829 | 7,622 | ||||
B. Riley Financial Inc. | 219,604 | 7,510 | ||||
First Mid Bancshares Inc. | 233,181 | 7,480 | ||||
*,1 | Silvergate Capital Corp. Class A | 428,901 | 7,463 | |||
Dynex Capital Inc. | 580,849 | 7,388 | ||||
Central Pacific Financial Corp. | 360,985 | 7,321 | ||||
Independent Bank Corp. | 300,474 | 7,187 | ||||
Peapack-Gladstone Financial Corp. | 191,096 | 7,113 | ||||
First Community Bankshares Inc. | 208,451 | 7,066 | ||||
* | CrossFirst Bankshares Inc. | 561,742 | 6,971 | |||
Diamond Hill Investment Group Inc. | 37,404 | 6,920 | ||||
Business First Bancshares Inc. | 310,867 | 6,883 | ||||
Mercantile Bank Corp. | 205,467 | 6,879 | ||||
Byline Bancorp Inc. | 295,097 | 6,778 | ||||
Broadmark Realty Capital Inc. | 1,898,207 | 6,758 | ||||
Great Southern Bancorp Inc. | 113,047 | 6,725 | ||||
* | Coastal Financial Corp. | 141,306 | 6,715 | |||
CNB Financial Corp. | 276,383 | 6,575 | ||||
Bar Harbor Bankshares | 202,996 | 6,504 | ||||
Bank of Marin Bancorp | 195,551 | 6,430 | ||||
HomeStreet Inc. | 228,577 | 6,304 | ||||
* | EZCORP Inc. Class A | 768,675 | 6,265 | |||
First Financial Corp. | 135,345 | 6,237 | ||||
Farmers National Banc Corp. | 438,390 | 6,190 | ||||
* | AssetMark Financial Holdings Inc. | 268,104 | 6,166 | |||
Equity Bancshares Inc. Class A | 186,764 | 6,102 | ||||
* | SiriusPoint Ltd. | 1,028,558 | 6,068 | |||
Invesco Mortgage Capital Inc. | 476,167 | 6,062 | ||||
Capital City Bank Group Inc. | 183,249 | 5,956 | ||||
Hingham Institution For Savings | 21,422 | 5,912 | ||||
TPG RE Finance Trust Inc. | 870,325 | 5,910 | ||||
* | Carter Bankshares Inc. | 353,385 | 5,863 | |||
Metrocity Bankshares Inc. | 269,765 | 5,835 | ||||
SmartFinancial Inc. | 205,583 | 5,654 | ||||
Mid Penn Bancorp Inc. | 181,290 | 5,433 | ||||
* | Southern First Bancshares Inc. | 118,164 | 5,406 | |||
First of Long Island Corp. | 298,568 | 5,374 | ||||
* | Bridgewater Bancshares Inc. | 300,308 | 5,327 | |||
Amalgamated Financial Corp. | 229,543 | 5,289 | ||||
MidWestOne Financial Group Inc. | 165,440 | 5,253 | ||||
Financial Institutions Inc. | 214,866 | 5,234 | ||||
* | F&G Annuities & Life Inc. | 258,207 | 5,167 | |||
American National Bankshares Inc. | 139,690 | 5,159 | ||||
South Plains Financial Inc. | 186,896 | 5,145 | ||||
Republic Bancorp Inc. Class A | 125,588 | 5,139 | ||||
West Bancorp Inc. | 199,470 | 5,096 | ||||
* | Professional Holding Corp. Class A | 183,118 | 5,080 | |||
Perella Weinberg Partners Class A | 517,515 | 5,072 | ||||
Southern Missouri Bancorp Inc. | 107,711 | 4,936 | ||||
Alerus Financial Corp. | 210,749 | 4,921 | ||||
Peoples Financial Services Corp. | 93,416 | 4,843 | ||||
ACNB Corp. | 120,404 | 4,793 | ||||
Citizens & Northern Corp. | 208,665 | 4,770 | ||||
Northrim Bancorp Inc. | 86,883 | 4,741 | ||||
P10 Inc. Class A | 440,978 | 4,705 | ||||
GCM Grosvenor Inc. Class A | 609,000 | 4,634 | ||||
* | Blue Foundry Bancorp | 353,289 | 4,540 | |||
Home Bancorp Inc. | 111,812 | 4,476 | ||||
1 | John Marshall Bancorp Inc. | 155,367 | 4,471 |
Shares | Market Value• ($000) | |||||
Capstar Financial Holdings Inc. | 252,878 | 4,466 | ||||
Civista Bancshares Inc. | 199,121 | 4,383 | ||||
Farmers & Merchants Bancorp Inc. | 159,619 | 4,338 | ||||
Esquire Financial Holdings Inc. | 99,480 | 4,304 | ||||
Northeast Bank | 102,097 | 4,298 | ||||
Bridge Investment Group Holdings Inc. Class A | 351,485 | 4,235 | ||||
*,1 | NerdWallet Inc. Class A | 437,123 | 4,196 | |||
1 | UWM Holdings Corp. Class A | 1,267,178 | 4,194 | |||
Universal Insurance Holdings Inc. | 394,582 | 4,179 | ||||
Five Star Bancorp | 152,793 | 4,162 | ||||
Shore Bancshares Inc. | 237,903 | 4,147 | ||||
Sierra Bancorp | 191,721 | 4,072 | ||||
Waterstone Financial Inc. | 234,051 | 4,035 | ||||
Regional Management Corp. | 139,885 | 3,928 | ||||
1 | Orchid Island Capital Inc. | 368,377 | 3,868 | |||
* | Oscar Health Inc. Class A | 1,556,750 | 3,830 | |||
Tiptree Inc. Class A | 276,432 | 3,826 | ||||
PCSB Financial Corp. | 199,187 | 3,793 | ||||
HomeTrust Bancshares Inc. | 156,558 | 3,784 | ||||
FS Bancorp Inc. | 112,779 | 3,771 | ||||
BCB Bancorp Inc. | 207,854 | 3,739 | ||||
Guaranty Bancshares Inc. | 106,456 | 3,688 | ||||
Granite Point Mortgage Trust Inc. | 685,825 | 3,676 | ||||
Enterprise Bancorp Inc. | 103,782 | 3,664 | ||||
1 | HCI Group Inc. | 92,165 | 3,649 | |||
Orrstown Financial Services Inc. | 154,763 | 3,584 | ||||
RBB Bancorp | 170,125 | 3,547 | ||||
Oppenheimer Holdings Inc. Class A | 83,440 | 3,532 | ||||
1 | Northeast Community Bancorp Inc. | 233,986 | 3,491 | |||
National Bankshares Inc. | 86,429 | 3,483 | ||||
Macatawa Bank Corp. | 312,658 | 3,449 | ||||
First Business Financial Services Inc. | 93,899 | 3,432 | ||||
Timberland Bancorp Inc. | 100,269 | 3,422 | ||||
* | World Acceptance Corp. | 51,658 | 3,406 | |||
BayCom Corp. | 178,988 | 3,397 | ||||
First Bancorp Inc. | 113,459 | 3,397 | ||||
*,1 | Hagerty Inc. Class A | 401,845 | 3,380 | |||
Norwood Financial Corp. | 100,822 | 3,371 | ||||
* | Third Coast Bancshares Inc. | 182,734 | 3,368 | |||
Red River Bancshares Inc. | 65,727 | 3,356 | ||||
* | LendingTree Inc. | 156,943 | 3,348 | |||
MVB Financial Corp. | 147,927 | 3,257 | ||||
AFC Gamma Inc. | 203,149 | 3,196 | ||||
First Internet Bancorp | 129,262 | 3,138 | ||||
Territorial Bancorp Inc. | 129,961 | 3,120 | ||||
PCB Bancorp | 175,667 | 3,108 | ||||
Investors Title Co. | 20,997 | 3,098 | ||||
First Bank | 223,492 | 3,075 | ||||
Central Valley Community Bancorp | 143,916 | 3,048 | ||||
Evans Bancorp Inc. | 80,996 | 3,028 | ||||
Community Financial Corp. | 75,196 | 3,000 | ||||
* | Ponce Financial Group Inc. | 321,611 | 2,997 | |||
Summit Financial Group Inc. | 118,595 | 2,952 | ||||
* | Greenlight Capital Re Ltd. Class A | 361,930 | 2,950 | |||
HBT Financial Inc. | 149,068 | 2,917 | ||||
Plumas Bancorp | 78,182 | 2,897 | ||||
Capital Bancorp Inc. | 122,684 | 2,888 | ||||
Donegal Group Inc. Class A | 202,504 | 2,876 | ||||
*,1 | Hippo Holdings Inc. | 210,004 | 2,856 | |||
Colony Bankcorp Inc. | 223,813 | 2,840 | ||||
Federal Agricultural Mortgage Corp. Class A | 29,518 | 2,829 | ||||
Codorus Valley Bancorp Inc. | 117,463 | 2,796 | ||||
Ames National Corp. | 118,265 | 2,792 | ||||
* | FVCBankcorp Inc. | 146,132 | 2,787 | |||
Primis Financial Corp. | 232,385 | 2,754 | ||||
1 | Greene County Bancorp Inc. | 47,701 | 2,739 | |||
ESSA Bancorp Inc. | 128,816 | 2,688 |
Shares | Market Value• ($000) | |||||
Parke Bancorp Inc. | 129,361 | 2,683 | ||||
Blue Ridge Bankshares Inc. | 213,253 | 2,664 | ||||
Investar Holding Corp. | 122,919 | 2,646 | ||||
C&F Financial Corp. | 45,158 | 2,631 | ||||
* | Velocity Financial Inc. | 272,614 | 2,631 | |||
* | California Bancorp | 109,348 | 2,600 | |||
Penns Woods Bancorp Inc. | 96,487 | 2,568 | ||||
Fidelity D&D Bancorp Inc. | 54,354 | 2,562 | ||||
Bank of Princeton | 79,386 | 2,518 | ||||
Middlefield Banc Corp. | 91,545 | 2,508 | ||||
ChoiceOne Financial Services Inc. | 86,340 | 2,504 | ||||
Bankwell Financial Group Inc. | 83,551 | 2,459 | ||||
Meridian Corp. | 80,260 | 2,431 | ||||
*,1 | Forge Global Holdings Inc. | 1,403,479 | 2,428 | |||
Southern States Bancshares Inc. | 83,063 | 2,405 | ||||
Great Ajax Corp. | 329,065 | 2,386 | ||||
Virginia National Bankshares Corp. | 64,865 | 2,378 | ||||
* | First Western Financial Inc. | 83,616 | 2,354 | |||
1 | Sculptor Capital Management Inc. Class A | 270,850 | 2,346 | |||
Unity Bancorp Inc. | 85,478 | 2,336 | ||||
MainStreet Bancshares Inc. | 84,926 | 2,335 | ||||
* | Acacia Research Corp. | 550,375 | 2,317 | |||
* | Bright Health Group Inc. | 3,550,558 | 2,308 | |||
Orange County Bancorp Inc. | 49,509 | 2,306 | ||||
Riverview Bancorp Inc. | 300,013 | 2,304 | ||||
* | Guild Holdings Co. Class A | 222,563 | 2,246 | |||
First Northwest Bancorp | 145,411 | 2,234 | ||||
Peoples Bancorp of North Carolina Inc. | 66,698 | 2,172 | ||||
Associated Capital Group Inc. Class A | 51,666 | 2,169 | ||||
1 | First Guaranty Bancshares Inc. | 92,445 | 2,168 | |||
* | ECB Bancorp Inc. | 133,688 | 2,146 | |||
LCNB Corp. | 118,786 | 2,138 | ||||
Salisbury Bancorp Inc. | 67,477 | 2,119 | ||||
* | Maiden Holdings Ltd. | 1,001,054 | 2,112 | |||
Chemung Financial Corp. | 45,442 | 2,084 | ||||
Silvercrest Asset Management Group Inc. Class A | 111,044 | 2,084 | ||||
OP Bancorp | 185,515 | 2,070 | ||||
* | Ocwen Financial Corp. | 67,688 | 2,070 | |||
Richmond Mutual Bancorp Inc. | 156,067 | 2,030 | ||||
Greenhill & Co. Inc. | 196,676 | 2,016 | ||||
Nexpoint Real Estate Finance Inc. | 126,305 | 2,007 | ||||
Franklin Financial Services Corp. | 55,567 | 2,006 | ||||
�� | William Penn Bancorp | 163,745 | 1,985 | |||
First Community Corp. | 90,552 | 1,982 | ||||
First United Corp. | 99,721 | 1,960 | ||||
1 | Oak Valley Bancorp | 85,955 | 1,947 | |||
FNCB Bancorp Inc. | 235,806 | 1,936 | ||||
* | Atlanticus Holdings Corp. | 73,729 | 1,932 | |||
BankFinancial Corp. | 183,272 | 1,930 | ||||
Luther Burbank Corp. | 170,450 | 1,894 | ||||
Western New England Bancorp Inc. | 198,996 | 1,883 | ||||
Hawthorn Bancshares Inc. | 85,168 | 1,854 | ||||
Medallion Financial Corp. | 254,067 | 1,814 | ||||
* | Malvern Bancorp Inc. | 100,564 | 1,785 | |||
* | Oportun Financial Corp. | 318,190 | 1,753 | |||
Citizens Community Bancorp Inc. | 145,425 | 1,749 | ||||
Provident Bancorp Inc. | 238,312 | 1,735 | ||||
AG Mortgage Investment Trust Inc. | 318,718 | 1,692 | ||||
SB Financial Group Inc. | 99,576 | 1,669 | ||||
* | eHealth Inc. | 342,372 | 1,657 | |||
* | Sterling Bancorp Inc. | 271,568 | 1,654 | |||
1 | Cherry Hill Mortgage Investment Corp. | 279,357 | 1,620 | |||
Seven Hills Realty Trust | 178,001 | 1,618 | ||||
1 | Sachem Capital Corp. | 471,970 | 1,558 | |||
* | NI Holdings Inc. | 117,077 | 1,554 | |||
1 | LINKBANCORP Inc. | 165,700 | 1,549 | |||
* | Security National Financial Corp. Class A | 209,591 | 1,530 |
Shares | Market Value• ($000) | |||||
First Savings Financial Group Inc. | 75,763 | 1,515 | ||||
* | Republic First Bancorp Inc. | 701,949 | 1,509 | |||
Finward Bancorp | 41,182 | 1,491 | ||||
First Financial Northwest Inc. | 98,953 | 1,482 | ||||
1 | Ellington Residential Mortgage REIT | 209,381 | 1,436 | |||
* | Arlington Asset Investment Corp. Class A | 483,688 | 1,417 | |||
Crawford & Co. Class B | 266,125 | 1,413 | ||||
Eagle Bancorp Montana Inc. | 85,268 | 1,378 | ||||
* | Trean Insurance Group Inc. | 229,134 | 1,375 | |||
* | Finwise Bancorp | 147,010 | 1,361 | |||
1 | Angel Oak Mortgage Inc. | 287,495 | 1,360 | |||
Ohio Valley Banc Corp. | 51,180 | 1,352 | ||||
*,1 | Citizens Inc. Class A | 633,769 | 1,350 | |||
United Security Bancshares | 184,035 | 1,345 | ||||
CF Bankshares Inc. | 62,612 | 1,326 | ||||
Summit State Bank | 83,829 | 1,325 | ||||
Magyar Bancorp Inc. | 102,140 | 1,309 | ||||
* | USCB Financial Holdings Inc. | 104,651 | 1,277 | |||
Westwood Holdings Group Inc. | 114,554 | 1,275 | ||||
1 | Provident Financial Holdings Inc. | 92,272 | 1,271 | |||
* | Pioneer Bancorp Inc. | 108,652 | 1,239 | |||
* | Catalyst Bancorp Inc. | 95,977 | 1,229 | |||
* | Consumer Portfolio Services Inc. | 138,786 | 1,228 | |||
Old Point Financial Corp. | 44,767 | 1,207 | ||||
* | Kingsway Financial Services Inc. | 151,394 | 1,201 | |||
Bank of South Carolina Corp. | 72,460 | 1,188 | ||||
1 | Chicago Atlantic Real Estate Finance Inc. | 76,048 | 1,146 | |||
* | Selectquote Inc. | 1,696,293 | 1,140 | |||
* | 1895 Bancorp of Wisconsin Inc. | 112,611 | 1,131 | |||
First National Corp. | 64,493 | 1,105 | ||||
* | SWK Holdings Corp. | 60,677 | 1,070 | |||
Lument Finance Trust Inc. | 559,140 | 1,062 | ||||
First Capital Inc. | 42,269 | 1,053 | ||||
Curo Group Holdings Corp. | 286,087 | 1,016 | ||||
1 | Landmark Bancorp Inc. | 44,350 | 1,004 | |||
* | FFBW Inc. | 85,237 | 993 | |||
United Bancorp Inc. | 67,080 | 991 | ||||
*,1 | Bakkt Holdings Inc. | 817,330 | 973 | |||
AmeriServ Financial Inc. | 245,813 | 966 | ||||
Bank of the James Financial Group Inc. | 75,807 | 934 | ||||
HMN Financial Inc. | 43,298 | 922 | ||||
Bayfirst Financial Corp. | 55,168 | 922 | ||||
Sound Financial Bancorp Inc. | 22,638 | 916 | ||||
Bank7 Corp. | 35,560 | 910 | ||||
Union Bankshares Inc. | 38,383 | 899 | ||||
CB Financial Services Inc. | 41,771 | 895 | ||||
1 | Western Asset Mortgage Capital Corp. | 98,287 | 895 | |||
Limestone Bancorp Inc. | 35,414 | 865 | ||||
Community West Bancshares | 55,349 | 829 | ||||
*,1 | Moneylion Inc. | 1,324,096 | 821 | |||
loanDepot Inc. Class A | 491,141 | 810 | ||||
Partners Bancorp | 88,078 | 780 | ||||
* | ACRES Commercial Realty Corp. | 94,017 | 777 | |||
*,1 | Katapult Holdings Inc. | 789,518 | 755 | |||
Citizens Holding Co. | 54,082 | 741 | ||||
* | Safeguard Scientifics Inc. | 237,965 | 738 | |||
* | Affinity Bancshares Inc. | 46,511 | 702 | |||
* | Nicholas Financial Inc. | 107,044 | 675 | |||
*,1 | GoHealth Inc. Class A | 64,616 | 675 | |||
* | Sunlight Financial Holdings Inc. | 518,421 | 669 | |||
Heritage Insurance Holdings Inc. | 371,200 | 668 | ||||
First US Bancshares Inc. | 76,705 | 667 | ||||
TC Bancshares Inc. | 44,260 | 658 | ||||
IF Bancorp Inc. | 35,981 | 620 | ||||
Pathfinder Bancorp Inc. | 31,207 | 597 | ||||
US Global Investors Inc. Class A | 200,865 | 581 | ||||
* | MarketWise Inc. | 339,965 | 571 |
Shares | Market Value• ($000) | |||||
* | Elevate Credit Inc. | 313,747 | 549 | |||
1 | Hennessy Advisors Inc. | 56,949 | 478 | |||
Emclaire Financial Corp. | 14,724 | 465 | ||||
Auburn National Bancorp Inc. | 19,579 | 454 | ||||
* | Heritage Global Inc. | 179,487 | 422 | |||
Cullman Bancorp Inc. | 36,264 | 417 | ||||
Manhattan Bridge Capital Inc. | 76,601 | 413 | ||||
Value Line Inc. | 8,106 | 412 | ||||
* | Finance of America Cos. Inc. Class A | 322,722 | 410 | |||
*,1 | Root Inc. Class A | 89,895 | 404 | |||
*,1 | OppFi Inc. | 192,600 | 395 | |||
* | Bogota Financial Corp. | 30,109 | 337 | |||
* | Midwest Holding Inc. | 25,859 | 329 | |||
Oconee Federal Financial Corp. | 13,259 | 314 | ||||
* | Ashford Inc. | 20,123 | 279 | |||
* | Broadway Financial Corp. | 236,246 | 239 | |||
Atlantic American Corp. | 88,448 | 204 | ||||
* | Rhinebeck Bancorp Inc. | 21,436 | 195 | |||
* | Vericity Inc. | 26,127 | 183 | |||
* | FlexShopper Inc. | 192,597 | 180 | |||
*,1 | Siebert Financial Corp. | 129,803 | 175 | |||
Kingstone Cos. Inc. | 123,172 | 166 | ||||
* | Hallmark Financial Services Inc. | 269,391 | 157 | |||
Mid-Southern Bancorp Inc. | 10,175 | 134 | ||||
Crawford & Co. Class A | 23,156 | 129 | ||||
* | Income Opportunity Realty Investors Inc. | 8,889 | 107 | |||
* | Oxbridge Re Holdings Ltd. | 85,031 | 99 | |||
* | Carver Bancorp Inc. | 21,716 | 89 | |||
Home Federal Bancorp Inc. of Louisiana | 4,434 | 79 | ||||
* | Reliance Global Group Inc. | 139,366 | 79 | |||
Glen Burnie Bancorp | 9,312 | 74 | ||||
Village Bank & Trust Financial Corp. | 1,363 | 74 | ||||
Cohen & Co. Inc. | 7,503 | 63 | ||||
* | LM Funding America Inc. | 99,032 | 55 | |||
*,1 | Marpai Inc. Class A | 71,834 | 52 | |||
* | Patriot National Bancorp Inc. | 3,753 | 40 | |||
* | Conifer Holdings Inc. | 24,973 | 39 | |||
* | ICC Holdings Inc. | 1,500 | 23 | |||
Kentucky First Federal Bancorp | 2,147 | 15 | ||||
* | Impac Mortgage Holdings Inc. | 67,510 | 12 | |||
* | PB Bankshares Inc. | 55 | 1 | |||
1 | Hanover Bancorp Inc. | 29 | 1 | |||
* | HV Bancorp Inc. | 9 | — | |||
Lake Shore Bancorp Inc. | 38 | — | ||||
*,2 | Cogent Biosciences Inc. CVR | 101,693 | — | |||
* | OptimumBank Holdings Inc. | 24 | — | |||
* | NSTS Bancorp Inc. | 36 | — | |||
12,602,373 | ||||||
Health Care (13.7%) | ||||||
* | Alnylam Pharmaceuticals Inc. | 1,672,784 | 397,537 | |||
* | Horizon Therapeutics plc | 3,087,022 | 351,303 | |||
* | Veeva Systems Inc. Class A | 1,908,726 | 308,030 | |||
* | Insulet Corp. | 943,604 | 277,788 | |||
* | BioMarin Pharmaceutical Inc. | 2,514,583 | 260,234 | |||
* | Seagen Inc. | 1,785,686 | 229,478 | |||
Royalty Pharma plc Class A | 5,006,756 | 197,867 | ||||
* | Avantor Inc. | 9,197,241 | 193,970 | |||
* | United Therapeutics Corp. | 617,460 | 171,709 | |||
* | Neurocrine Biosciences Inc. | 1,303,716 | 155,716 | |||
* | Sarepta Therapeutics Inc. | 1,188,489 | 154,004 | |||
* | Jazz Pharmaceuticals plc | 853,090 | 135,906 | |||
* | Exact Sciences Corp. | 2,408,750 | 119,257 | |||
* | Repligen Corp. | 700,089 | 118,532 | |||
* | Penumbra Inc. | 514,729 | 114,507 | |||
* | Halozyme Therapeutics Inc. | 1,819,952 | 103,555 | |||
Chemed Corp. | 200,744 | 102,466 | ||||
* | Acadia Healthcare Co. Inc. | 1,241,009 | 102,160 |
Shares | Market Value• ($000) | |||||
* | Shockwave Medical Inc. | 486,807 | 100,092 | |||
* | Inspire Medical Systems Inc. | 390,163 | 98,274 | |||
* | Masimo Corp. | 655,845 | 97,032 | |||
Bruker Corp. | 1,359,101 | 92,895 | ||||
* | Novocure Ltd. | 1,219,124 | 89,423 | |||
Encompass Health Corp. | 1,360,312 | 81,360 | ||||
* | Globus Medical Inc. Class A | 1,045,275 | 77,633 | |||
* | Envista Holdings Corp. | 2,205,754 | 74,268 | |||
* | Elanco Animal Health Inc. | 5,996,187 | 73,273 | |||
* | Karuna Therapeutics Inc. | 372,823 | 73,260 | |||
* | Ionis Pharmaceuticals Inc. | 1,917,263 | 72,415 | |||
* | Medpace Holdings Inc. | 339,514 | 72,116 | |||
Ensign Group Inc. | 755,791 | 71,505 | ||||
* | Tenet Healthcare Corp. | 1,449,574 | 70,725 | |||
* | HealthEquity Inc. | 1,144,476 | 70,545 | |||
* | Exelixis Inc. | 4,336,686 | 69,560 | |||
* | LHC Group Inc. | 415,403 | 67,167 | |||
* | Apellis Pharmaceuticals Inc. | 1,275,176 | 65,939 | |||
* | Intra-Cellular Therapies Inc. | 1,196,197 | 63,303 | |||
* | Option Care Health Inc. | 2,098,725 | 63,151 | |||
* | QuidelOrtho Corp. | 723,842 | 62,012 | |||
Perrigo Co. plc | 1,811,665 | 61,760 | ||||
* | AMN Healthcare Services Inc. | 585,904 | 60,243 | |||
* | Natera Inc. | 1,493,679 | 60,001 | |||
* | Cytokinetics Inc. | 1,288,175 | 59,024 | |||
* | Azenta Inc. | 1,008,219 | 58,699 | |||
* | Arrowhead Pharmaceuticals Inc. | 1,444,041 | 58,570 | |||
* | Alkermes plc | 2,230,345 | 58,279 | |||
Premier Inc. Class A | 1,586,550 | 55,498 | ||||
* | Integra LifeSciences Holdings Corp. | 974,584 | 54,645 | |||
* | Merit Medical Systems Inc. | 771,426 | 54,478 | |||
* | Haemonetics Corp. | 689,286 | 54,212 | |||
* | Teladoc Health Inc. | 2,230,208 | 52,744 | |||
* | Syneos Health Inc. | 1,413,640 | 51,852 | |||
* | Doximity Inc. Class A | 1,530,131 | 51,351 | |||
* | Prometheus Biosciences Inc. | 464,323 | 51,076 | |||
* | Madrigal Pharmaceuticals Inc. | 164,526 | 47,754 | |||
* | 10X Genomics Inc. Class A | 1,309,900 | 47,733 | |||
* | Lantheus Holdings Inc. | 929,458 | 47,365 | |||
* | Neogen Corp. | 2,955,433 | 45,011 | |||
* | Ultragenyx Pharmaceutical Inc. | 966,643 | 44,785 | |||
* | ICU Medical Inc. | 276,628 | 43,563 | |||
* | CRISPR Therapeutics AG | 1,050,227 | 42,692 | |||
* | agilon health Inc. | 2,638,449 | 42,585 | |||
* | Prestige Consumer Healthcare Inc. | 679,071 | 42,510 | |||
* | Axonics Inc. | 667,332 | 41,728 | |||
* | Amicus Therapeutics Inc. | 3,404,345 | 41,567 | |||
* | Inari Medical Inc. | 653,755 | 41,553 | |||
* | Denali Therapeutics Inc. | 1,490,351 | 41,447 | |||
* | Intellia Therapeutics Inc. | 1,170,347 | 40,833 | |||
* | Vaxcyte Inc. | 850,435 | 40,778 | |||
* | LivaNova plc | 724,086 | 40,216 | |||
* | Tandem Diabetes Care Inc. | 886,365 | 39,842 | |||
* | iRhythm Technologies Inc. | 408,163 | 38,233 | |||
* | 1Life Healthcare Inc. | 2,256,127 | 37,700 | |||
* | Guardant Health Inc. | 1,379,624 | 37,526 | |||
* | PTC Therapeutics Inc. | 976,772 | 37,283 | |||
* | Amedisys Inc. | 446,049 | 37,263 | |||
* | Insmed Inc. | 1,840,597 | 36,775 | |||
CONMED Corp. | 414,505 | 36,742 | ||||
* | IVERIC bio Inc. | 1,714,855 | 36,715 | |||
* | Blueprint Medicines Corp. | 818,299 | 35,850 | |||
*,1 | Axsome Therapeutics Inc. | 463,037 | 35,714 | |||
* | Evolent Health Inc. Class A | 1,237,803 | 34,757 | |||
Select Medical Holdings Corp. | 1,398,555 | 34,726 | ||||
* | Enovis Corp. | 647,003 | 34,628 | |||
* | Oak Street Health Inc. | 1,595,431 | 34,318 |
Shares | Market Value• ($000) | |||||
Patterson Cos. Inc. | 1,160,207 | 32,521 | ||||
* | Prothena Corp. plc | 538,028 | 32,416 | |||
* | STAAR Surgical Co. | 651,992 | 31,648 | |||
* | Progyny Inc. | 1,015,087 | 31,620 | |||
* | Beam Therapeutics Inc. | 808,277 | 31,612 | |||
* | Mirati Therapeutics Inc. | 697,464 | 31,602 | |||
* | Omnicell Inc. | 606,393 | 30,574 | |||
* | Integer Holdings Corp. | 446,566 | 30,572 | |||
* | NuVasive Inc. | 702,334 | 28,964 | |||
* | BioCryst Pharmaceuticals Inc. | 2,518,903 | 28,917 | |||
* | Celldex Therapeutics Inc. | 647,691 | 28,868 | |||
* | Glaukos Corp. | 644,876 | 28,168 | |||
* | AtriCure Inc. | 625,860 | 27,776 | |||
* | Cerevel Therapeutics Holdings Inc. | 876,347 | 27,640 | |||
* | Silk Road Medical Inc. | 513,554 | 27,141 | |||
* | Signify Health Inc. Class A | 945,720 | 27,104 | |||
* | Sage Therapeutics Inc. | 704,595 | 26,873 | |||
* | TransMedics Group Inc. | 429,447 | 26,505 | |||
* | Allscripts Healthcare Solutions Inc. | 1,494,283 | 26,359 | |||
* | ACADIA Pharmaceuticals Inc. | 1,651,061 | 26,285 | |||
*,1 | Corcept Therapeutics Inc. | 1,293,840 | 26,278 | |||
* | Vir Biotechnology Inc. | 1,027,591 | 26,008 | |||
* | Supernus Pharmaceuticals Inc. | 716,776 | 25,567 | |||
* | REVOLUTION Medicines Inc. | 1,038,662 | 24,741 | |||
* | Pacira BioSciences Inc. | 622,477 | 24,034 | |||
* | Surgery Partners Inc. | 851,784 | 23,731 | |||
* | Catalyst Pharmaceuticals Inc. | 1,265,330 | 23,535 | |||
* | Krystal Biotech Inc. | 295,468 | 23,407 | |||
* | Phreesia Inc. | 722,095 | 23,367 | |||
* | Veracyte Inc. | 977,316 | 23,192 | |||
* | Certara Inc. | 1,441,360 | 23,163 | |||
* | Pacific Biosciences of California Inc. | 2,813,600 | 23,015 | |||
* | Arvinas Inc. | 666,274 | 22,793 | |||
* | Ironwood Pharmaceuticals Inc. Class A | 1,810,983 | 22,438 | |||
* | Akero Therapeutics Inc. | 409,033 | 22,415 | |||
* | TG Therapeutics Inc. | 1,892,135 | 22,384 | |||
* | Harmony Biosciences Holdings Inc. | 405,340 | 22,334 | |||
* | Syndax Pharmaceuticals Inc. | 862,196 | 21,943 | |||
* | Addus HomeCare Corp. | 220,491 | 21,937 | |||
* | Xencor Inc. | 833,631 | 21,708 | |||
* | Maravai LifeSciences Holdings Inc. Class A | 1,505,209 | 21,540 | |||
* | Agios Pharmaceuticals Inc. | 736,563 | 20,683 | |||
* | R1 RCM Inc. | 1,876,983 | 20,553 | |||
* | Revance Therapeutics Inc. | 1,109,283 | 20,477 | |||
* | AdaptHealth Corp. Class A | 1,045,062 | 20,086 | |||
* | Owens & Minor Inc. | 1,027,535 | 20,068 | |||
* | Avidity Biosciences Inc. | 899,791 | 19,966 | |||
Embecta Corp. | 782,406 | 19,787 | ||||
* | Amylyx Pharmaceuticals Inc. | 534,982 | 19,768 | |||
* | FibroGen Inc. | 1,215,684 | 19,475 | |||
* | Meridian Bioscience Inc. | 579,269 | 19,238 | |||
* | Nevro Corp. | 484,637 | 19,192 | |||
* | MannKind Corp. | 3,570,076 | 18,814 | |||
* | PROCEPT BioRobotics Corp. | 446,136 | 18,532 | |||
* | Twist Bioscience Corp. | 767,428 | 18,272 | |||
* | Relay Therapeutics Inc. | 1,216,475 | 18,174 | |||
* | Rhythm Pharmaceuticals Inc. | 612,573 | 17,838 | |||
* | CorVel Corp. | 122,218 | 17,762 | |||
* | Vericel Corp. | 650,389 | 17,131 | |||
* | Outset Medical Inc. | 661,986 | 17,092 | |||
* | Dynavax Technologies Corp. | 1,598,893 | 17,012 | |||
* | Avanos Medical Inc. | 625,876 | 16,936 | |||
* | Pediatrix Medical Group Inc. | 1,120,257 | 16,647 | |||
* | Myriad Genetics Inc. | 1,111,204 | 16,124 | |||
* | Viridian Therapeutics Inc. | 548,155 | 16,012 | |||
* | Myovant Sciences Ltd. | 592,201 | 15,966 | |||
* | Apollo Medical Holdings Inc. | 537,216 | 15,896 |
Shares | Market Value• ($000) | |||||
* | NeoGenomics Inc. | 1,714,312 | 15,840 | |||
* | Chinook Therapeutics Inc. | 602,215 | 15,778 | |||
* | Travere Therapeutics Inc. | 748,529 | 15,742 | |||
* | ModivCare Inc. | 173,008 | 15,524 | |||
* | Rocket Pharmaceuticals Inc. | 781,946 | 15,303 | |||
* | Privia Health Group Inc. | 669,294 | 15,200 | |||
*,1 | Cassava Sciences Inc. | 514,350 | 15,194 | |||
* | SpringWorks Therapeutics Inc. | 583,422 | 15,175 | |||
* | Ligand Pharmaceuticals Inc. | 221,216 | 14,777 | |||
* | Arcus Biosciences Inc. | 712,855 | 14,742 | |||
* | Amphastar Pharmaceuticals Inc. | 523,306 | 14,663 | |||
US Physical Therapy Inc. | 180,202 | 14,602 | ||||
* | Reata Pharmaceuticals Inc. Class A | 382,489 | 14,531 | |||
* | DICE Therapeutics Inc. | 452,252 | 14,110 | |||
* | Replimune Group Inc. | 518,601 | 14,106 | |||
* | Recursion Pharmaceuticals Inc. Class A | 1,804,568 | 13,913 | |||
* | Schrodinger Inc. | 739,235 | 13,816 | |||
* | ImmunoGen Inc. | 2,776,483 | 13,771 | |||
* | NextGen Healthcare Inc. | 729,503 | 13,700 | |||
* | Alignment Healthcare Inc. | 1,130,946 | 13,300 | |||
* | uniQure NV | 582,587 | 13,207 | |||
* | Immunovant Inc. | 737,376 | 13,088 | |||
* | Cross Country Healthcare Inc. | 476,316 | 12,656 | |||
* | Kymera Therapeutics Inc. | 505,525 | 12,618 | |||
* | RadNet Inc. | 654,233 | 12,319 | |||
* | Zentalis Pharmaceuticals Inc. | 607,654 | 12,238 | |||
* | Alphatec Holdings Inc. | 989,308 | 12,218 | |||
* | Ventyx Biosciences Inc. | 369,847 | 12,127 | |||
* | Biohaven Ltd. | 873,538 | 12,125 | |||
* | Enanta Pharmaceuticals Inc. | 259,365 | 12,066 | |||
* | Imago Biosciences Inc. | 332,678 | 11,960 | |||
* | Avid Bioservices Inc. | 861,042 | 11,857 | |||
* | REGENXBIO Inc. | 519,535 | 11,783 | |||
* | Iovance Biotherapeutics Inc. | 1,834,181 | 11,720 | |||
* | Figs Inc. Class A | 1,737,066 | 11,690 | |||
LeMaitre Vascular Inc. | 252,995 | 11,643 | ||||
* | Adaptive Biotechnologies Corp. | 1,522,958 | 11,635 | |||
* | Arcellx Inc. | 371,201 | 11,500 | |||
* | Varex Imaging Corp. | 565,375 | 11,477 | |||
* | Innoviva Inc. | 865,017 | 11,461 | |||
National HealthCare Corp. | 192,068 | 11,428 | ||||
* | Sotera Health Co. | 1,370,801 | 11,419 | |||
* | CryoPort Inc. | 656,951 | 11,398 | |||
*,1 | Roivant Sciences Ltd. | 1,420,197 | 11,347 | |||
* | Aclaris Therapeutics Inc. | 717,242 | 11,297 | |||
* | UFP Technologies Inc. | 95,669 | 11,278 | |||
* | Fate Therapeutics Inc. | 1,105,732 | 11,157 | |||
* | Geron Corp. | 4,599,719 | 11,131 | |||
* | Provention Bio Inc. | 1,052,768 | 11,128 | |||
*,1 | Novavax Inc. | 1,074,451 | 11,045 | |||
* | Cytek Biosciences Inc. | 1,079,228 | 11,019 | |||
Mesa Laboratories Inc. | 66,187 | 11,001 | ||||
* | Keros Therapeutics Inc. | 228,857 | 10,990 | |||
* | Bridgebio Pharma Inc. | 1,436,101 | 10,943 | |||
* | Deciphera Pharmaceuticals Inc. | 663,511 | 10,875 | |||
* | Verve Therapeutics Inc. | 560,250 | 10,841 | |||
Atrion Corp. | 19,033 | 10,648 | ||||
* | Crinetics Pharmaceuticals Inc. | 578,127 | 10,580 | |||
* | Cutera Inc. | 238,966 | 10,567 | |||
* | Kura Oncology Inc. | 848,398 | 10,529 | |||
* | Cogent Biosciences Inc. | 901,832 | 10,425 | |||
* | Morphic Holding Inc. | 389,287 | 10,413 | |||
*,1 | Nuvalent Inc. Class A | 349,228 | 10,400 | |||
* | Inhibrx Inc. | 419,159 | 10,328 | |||
*,1 | Altimmune Inc. | 627,463 | 10,322 | |||
* | Hims & Hers Health Inc. | 1,587,419 | 10,175 | |||
* | Ideaya Biosciences Inc. | 559,961 | 10,174 |
Shares | Market Value• ($000) | |||||
* | Treace Medical Concepts Inc. | 439,183 | 10,097 | |||
*,1 | Anavex Life Sciences Corp. | 1,085,866 | 10,055 | |||
* | Collegium Pharmaceutical Inc. | 422,377 | 9,799 | |||
* | ADMA Biologics Inc. | 2,511,074 | 9,743 | |||
* | American Well Corp. Class A | 3,402,912 | 9,630 | |||
* | Cerus Corp. | 2,534,641 | 9,251 | |||
* | Pliant Therapeutics Inc. | 473,006 | 9,143 | |||
* | Enhabit Inc. | 693,881 | 9,131 | |||
* | Viking Therapeutics Inc. | 953,278 | 8,961 | |||
* | AnaptysBio Inc. | 287,536 | 8,911 | |||
*,1 | 23andMe Holding Co. | 4,063,703 | 8,778 | |||
*,1 | Theravance Biopharma Inc. | 781,197 | 8,765 | |||
* | Editas Medicine Inc. Class A | 981,419 | 8,705 | |||
* | ViewRay Inc. | 1,915,577 | 8,582 | |||
* | BioLife Solutions Inc. | 468,339 | 8,524 | |||
* | CareDx Inc. | 747,032 | 8,524 | |||
* | Heska Corp. | 136,679 | 8,496 | |||
* | Agenus Inc. | 3,517,436 | 8,442 | |||
Simulations Plus Inc. | 226,201 | 8,272 | ||||
* | Health Catalyst Inc. | 772,328 | 8,210 | |||
* | Allakos Inc. | 972,869 | 8,192 | |||
* | Day One Biopharmaceuticals Inc. | 379,627 | 8,170 | |||
* | CTI BioPharma Corp. | 1,346,944 | 8,095 | |||
* | 4D Molecular Therapeutics Inc. | 364,332 | 8,092 | |||
* | Fulgent Genetics Inc. | 271,560 | 8,087 | |||
* | Castle Biosciences Inc. | 342,026 | 8,051 | |||
* | OrthoPediatrics Corp. | 202,654 | 8,051 | |||
* | Cardiovascular Systems Inc. | 587,746 | 8,005 | |||
* | Allogene Therapeutics Inc. | 1,267,523 | 7,973 | |||
* | Alector Inc. | 851,135 | 7,856 | |||
*,1 | Point Biopharma Global Inc. | 1,067,736 | 7,784 | |||
* | EQRx Inc. | 3,159,294 | 7,772 | |||
* | Arcutis Biotherapeutics Inc. | 522,701 | 7,736 | |||
* | Ardelyx Inc. | 2,703,765 | 7,706 | |||
* | HealthStream Inc. | 309,485 | 7,688 | |||
* | DocGo Inc. | 1,085,029 | 7,671 | |||
* | AngioDynamics Inc. | 556,713 | 7,666 | |||
*,1 | Agiliti Inc. | 465,135 | 7,586 | |||
National Research Corp. | 202,480 | 7,552 | ||||
* | Community Health Systems Inc. | 1,740,344 | 7,518 | |||
*,1 | ImmunityBio Inc. | 1,473,170 | 7,469 | |||
* | Coherus Biosciences Inc. | 932,328 | 7,384 | |||
* | Emergent BioSolutions Inc. | 619,312 | 7,314 | |||
* | Brookdale Senior Living Inc. | 2,643,357 | 7,216 | |||
* | Seres Therapeutics Inc. | 1,286,235 | 7,203 | |||
* | OPKO Health Inc. | 5,731,590 | 7,164 | |||
* | Protagonist Therapeutics Inc. | 653,981 | 7,135 | |||
* | Bluebird Bio Inc. | 1,028,020 | 7,114 | |||
* | Surmodics Inc. | 208,303 | 7,107 | |||
* | Cymabay Therapeutics Inc. | 1,121,963 | 7,035 | |||
* | Artivion Inc. | 578,425 | 7,011 | |||
* | Mersana Therapeutics Inc. | 1,187,364 | 6,958 | |||
*,1 | Lyell Immunopharma Inc. | 2,004,990 | 6,957 | |||
*,1 | Sharecare Inc. | 4,273,284 | 6,837 | |||
* | MaxCyte Inc. | 1,244,454 | 6,795 | |||
* | Cara Therapeutics Inc. | 632,487 | 6,793 | |||
*,1 | Paragon 28 Inc. | 352,712 | 6,740 | |||
* | iTeos Therapeutics Inc. | 343,666 | 6,712 | |||
* | Mirum Pharmaceuticals Inc. | 336,408 | 6,560 | |||
* | Accolade Inc. | 838,231 | 6,530 | |||
* | Quanterix Corp. | 469,706 | 6,505 | |||
* | LifeStance Health Group Inc. | 1,300,434 | 6,424 | |||
*,1 | Senseonics Holdings Inc. | 6,196,872 | 6,383 | |||
* | Nurix Therapeutics Inc. | 580,325 | 6,372 | |||
* | Compass Therapeutics Inc. | 1,266,874 | 6,372 | |||
* | Anika Therapeutics Inc. | 213,140 | 6,309 | |||
* | ANI Pharmaceuticals Inc. | 155,504 | 6,256 |
Shares | Market Value• ($000) | |||||
* | Sorrento Therapeutics Inc. | 7,008,150 | 6,209 | |||
* | Orthofix Medical Inc. | 297,757 | 6,113 | |||
* | Nektar Therapeutics Class A | 2,687,669 | 6,074 | |||
* | Inogen Inc. | 304,349 | 5,999 | |||
* | Axogen Inc. | 600,828 | 5,996 | |||
* | Vanda Pharmaceuticals Inc. | 810,047 | 5,986 | |||
* | AVEO Pharmaceuticals Inc. | 395,349 | 5,910 | |||
*,1 | Bionano Genomics Inc. | 4,033,356 | 5,889 | |||
* | Sangamo Therapeutics Inc. | 1,844,692 | 5,792 | |||
* | WaVe Life Sciences Ltd. | 823,599 | 5,765 | |||
*,1 | Bioxcel Therapeutics Inc. | 268,317 | 5,763 | |||
* | Intercept Pharmaceuticals Inc. | 465,145 | 5,754 | |||
* | Kiniksa Pharmaceuticals Ltd. Class A | 380,539 | 5,700 | |||
* | RAPT Therapeutics Inc. | 284,800 | 5,639 | |||
*,1 | Invitae Corp. | 2,975,217 | 5,534 | |||
* | Definitive Healthcare Corp. Class A | 503,183 | 5,530 | |||
* | SI-BONE Inc. | 404,049 | 5,495 | |||
* | Arcturus Therapeutics Holdings Inc. | 319,530 | 5,419 | |||
* | Esperion Therapeutics Inc. | 869,080 | 5,414 | |||
* | Kezar Life Sciences Inc. | 760,897 | 5,357 | |||
* | 89bio Inc. | 410,950 | 5,231 | |||
* | Atea Pharmaceuticals Inc. | 1,087,281 | 5,230 | |||
* | 2seventy bio Inc. | 553,419 | 5,186 | |||
* | SomaLogic Inc. | 2,058,009 | 5,166 | |||
* | Harrow Health Inc. | 347,278 | 5,126 | |||
* | Inovio Pharmaceuticals Inc. | 3,282,406 | 5,121 | |||
*,1 | Edgewise Therapeutics Inc. | 566,256 | 5,062 | |||
* | Sutro Biopharma Inc. | 626,246 | 5,060 | |||
* | MacroGenics Inc. | 743,901 | 4,992 | |||
* | Aldeyra Therapeutics Inc. | 712,996 | 4,962 | |||
* | GoodRx Holdings Inc. Class A | 1,046,902 | 4,879 | |||
* | OmniAb Inc. | 1,340,564 | 4,826 | |||
Utah Medical Products Inc. | 47,798 | 4,805 | ||||
* | OraSure Technologies Inc. | 996,408 | 4,803 | |||
* | Caribou Biosciences Inc. | 762,009 | 4,785 | |||
* | PDS Biotechnology Corp. | 361,426 | 4,771 | |||
* | Scholar Rock Holding Corp. | 524,138 | 4,743 | |||
*,1 | Butterfly Network Inc. | 1,924,724 | 4,735 | |||
*,1 | Sana Biotechnology Inc. | 1,197,596 | 4,730 | |||
* | Albireo Pharma Inc. | 218,451 | 4,721 | |||
*,1 | BioAtla Inc. | 560,208 | 4,622 | |||
* | Computer Programs & Systems Inc. | 169,020 | 4,601 | |||
* | Apollo Endosurgery Inc. | 461,363 | 4,600 | |||
* | MiMedx Group Inc. | 1,654,295 | 4,599 | |||
* | NanoString Technologies Inc. | 572,249 | 4,561 | |||
* | Sight Sciences Inc. | 369,784 | 4,515 | |||
* | Eagle Pharmaceuticals Inc. | 150,943 | 4,412 | |||
* | Atara Biotherapeutics Inc. | 1,327,590 | 4,354 | |||
*,1 | Liquidia Corp. | 683,232 | 4,352 | |||
* | Tactile Systems Technology Inc. | 377,201 | 4,330 | |||
Phibro Animal Health Corp. Class A | 322,308 | 4,322 | ||||
*,1 | Clover Health Investments Corp. Class A | 4,582,929 | 4,260 | |||
Zynex Inc. | 305,955 | 4,256 | ||||
*,1 | ARS Pharmaceuticals Inc. | 496,792 | 4,238 | |||
* | Pennant Group Inc. | 385,879 | 4,237 | |||
* | Pulmonx Corp. | 500,068 | 4,216 | |||
*,1 | Design Therapeutics Inc. | 404,935 | 4,155 | |||
* | OptimizeRx Corp. | 246,272 | 4,137 | |||
* | Tarsus Pharmaceuticals Inc. | 279,975 | 4,104 | |||
* | Dyne Therapeutics Inc. | 344,550 | 3,993 | |||
* | Codexis Inc. | 856,141 | 3,990 | |||
*,1 | Ocugen Inc. | 3,048,371 | 3,963 | |||
* | Poseida Therapeutics Inc. Class A | 746,109 | 3,954 | |||
* | Vera Therapeutics Inc. Class A | 201,209 | 3,893 | |||
SIGA Technologies Inc. | 525,773 | 3,870 | ||||
* | Adicet Bio Inc. | 430,228 | 3,846 | |||
* | Evolus Inc. | 509,710 | 3,828 |
Shares | Market Value• ($000) | |||||
* | SeaSpine Holdings Corp. | 457,572 | 3,821 | |||
* | Cullinan Oncology Inc. | 360,618 | 3,805 | |||
* | Multiplan Corp. | 3,282,555 | 3,775 | |||
* | Heron Therapeutics Inc. | 1,499,093 | 3,748 | |||
*,1 | Tango Therapeutics Inc. | 515,719 | 3,739 | |||
*,1 | Aerovate Therapeutics Inc. | 126,478 | 3,706 | |||
* | Fulcrum Therapeutics Inc. | 505,603 | 3,681 | |||
*,1 | Erasca Inc. | 853,079 | 3,677 | |||
* | PMV Pharmaceuticals Inc. | 417,461 | 3,632 | |||
* | Rigel Pharmaceuticals Inc. | 2,383,151 | 3,575 | |||
* | Concert Pharmaceuticals Inc. | 605,393 | 3,535 | |||
* | Karyopharm Therapeutics Inc. | 1,022,796 | 3,477 | |||
* | Janux Therapeutics Inc. | 261,422 | 3,443 | |||
* | CareMax Inc. | 936,502 | 3,418 | |||
* | PetIQ Inc. Class A | 363,235 | 3,349 | |||
* | Allovir Inc. | 652,253 | 3,346 | |||
* | Kodiak Sciences Inc. | 463,976 | 3,322 | |||
* | Actinium Pharmaceuticals Inc. | 310,022 | 3,302 | |||
*,1 | Entrada Therapeutics Inc. | 243,189 | 3,288 | |||
* | Cano Health Inc. | 2,367,552 | 3,244 | |||
* | ALX Oncology Holdings Inc. | 287,458 | 3,240 | |||
* | C4 Therapeutics Inc. | 549,165 | 3,240 | |||
* | Ocular Therapeutix Inc. | 1,151,625 | 3,236 | |||
* | Nuvation Bio Inc. | 1,678,606 | 3,223 | |||
*,1 | Arbutus Biopharma Corp. | 1,361,084 | 3,171 | |||
* | Monte Rosa Therapeutics Inc. | 413,062 | 3,143 | |||
* | CinCor Pharma Inc. | 251,839 | 3,095 | |||
* | Gritstone bio Inc. | 873,606 | 3,014 | |||
* | Stoke Therapeutics Inc. | 323,400 | 2,985 | |||
* | Annexon Inc. | 574,722 | 2,971 | |||
* | Seer Inc. Class A | 506,939 | 2,940 | |||
* | G1 Therapeutics Inc. | 526,116 | 2,857 | |||
* | Terns Pharmaceuticals Inc. | 279,093 | 2,841 | |||
* | Lexicon Pharmaceuticals Inc. | 1,464,903 | 2,798 | |||
* | Phathom Pharmaceuticals Inc. | 244,807 | 2,747 | |||
* | HilleVax Inc. | 164,186 | 2,747 | |||
* | Joint Corp. | 196,308 | 2,744 | |||
* | Amneal Pharmaceuticals Inc. | 1,376,868 | 2,740 | |||
* | Accuray Inc. | 1,309,650 | 2,737 | |||
* | Zimvie Inc. | 291,347 | 2,721 | |||
* | NGM Biopharmaceuticals Inc. | 541,140 | 2,717 | |||
*,1 | Assertio Holdings Inc. | 629,897 | 2,709 | |||
*,1 | Cabaletta Bio Inc. | 280,645 | 2,596 | |||
* | Neuronetics Inc. | 377,933 | 2,596 | |||
* | Astria Therapeutics Inc. | 173,780 | 2,588 | |||
* | Alpine Immune Sciences Inc. | 350,072 | 2,573 | |||
iRadimed Corp. | 90,245 | 2,553 | ||||
* | ORIC Pharmaceuticals Inc. | 432,035 | 2,545 | |||
*,1 | Cue Health Inc. | 1,223,161 | 2,532 | |||
* | RxSight Inc. | 196,669 | 2,492 | |||
* | Nkarta Inc. | 413,006 | 2,474 | |||
* | Y-mAbs Therapeutics Inc. | 483,357 | 2,359 | |||
*,1 | Aadi Bioscience Inc. | 183,226 | 2,351 | |||
* | Generation Bio Co. | 591,805 | 2,326 | |||
* | Organogenesis Holdings Inc. Class A | 863,899 | 2,324 | |||
*,1 | Gossamer Bio Inc. | 1,064,383 | 2,310 | |||
* | Merrimack Pharmaceuticals Inc. | 200,656 | 2,300 | |||
*,1 | CorMedix Inc. | 538,329 | 2,272 | |||
* | Akoya Biosciences Inc. | 237,203 | 2,270 | |||
* | Semler Scientific Inc. | 68,412 | 2,258 | |||
* | Avita Medical Inc. | 339,975 | 2,244 | |||
* | Voyager Therapeutics Inc. | 367,267 | 2,240 | |||
* | Puma Biotechnology Inc. | 529,033 | 2,238 | |||
* | Berkeley Lights Inc. | 833,539 | 2,234 | |||
*,2 | PDL BioPharma Inc. | 1,757,467 | 2,214 | |||
*,1 | Beyond Air Inc. | 340,359 | 2,209 | |||
*,1 | Zomedica Corp. | 13,497,669 | 2,200 |
Shares | Market Value• ($000) | |||||
* | Xeris Biopharma Holdings Inc. | 1,642,268 | 2,184 | |||
* | InfuSystem Holdings Inc. | 251,318 | 2,181 | |||
* | ClearPoint Neuro Inc. | 257,344 | 2,180 | |||
* | Vigil Neuroscience Inc. | 172,520 | 2,156 | |||
* | Aura Biosciences Inc. | 203,422 | 2,136 | |||
* | Savara Inc. | 1,365,619 | 2,117 | |||
*,1 | IGM Biosciences Inc. | 122,673 | 2,087 | |||
*,1 | Quantum-Si Inc. | 1,131,983 | 2,072 | |||
*,1 | Prime Medicine Inc. | 111,084 | 2,064 | |||
* | Biomea Fusion Inc. | 239,984 | 2,023 | |||
*,1 | Omeros Corp. | 885,631 | 2,002 | |||
* | Lineage Cell Therapeutics Inc. | 1,707,356 | 1,998 | |||
* | Selecta Biosciences Inc. | 1,745,062 | 1,972 | |||
*,1 | Alaunos Therapeutics Inc. | 3,031,717 | 1,968 | |||
*,1 | KemPharm Inc. | 427,732 | 1,963 | |||
* | Celcuity Inc. | 138,979 | 1,947 | |||
* | Precigen Inc. | 1,279,711 | 1,945 | |||
* | Chimerix Inc. | 1,045,094 | 1,944 | |||
* | Icosavax Inc. | 238,487 | 1,894 | |||
*,1 | Summit Therapeutics Inc. | 444,791 | 1,890 | |||
* | CVRx Inc. | 102,172 | 1,875 | |||
* | PepGen Inc. | 138,827 | 1,856 | |||
* | KalVista Pharmaceuticals Inc. | 274,204 | 1,854 | |||
*,1 | Omega Therapeutics Inc. | 322,195 | 1,840 | |||
*,1 | Marinus Pharmaceuticals Inc. | 461,990 | 1,839 | |||
* | F-star Therapeutics Inc. | 285,564 | 1,805 | |||
*,1 | Innovage Holding Corp. | 247,177 | 1,775 | |||
* | GlycoMimetics Inc. | 583,568 | 1,768 | |||
* | Frequency Therapeutics Inc. | 444,105 | 1,710 | |||
* | Foghorn Therapeutics Inc. | 267,245 | 1,705 | |||
1 | ProPhase Labs Inc. | 176,300 | 1,698 | |||
*,1 | Vaxart Inc. | 1,762,495 | 1,694 | |||
* | Sesen Bio Inc. | 2,671,362 | 1,628 | |||
*,1 | Humacyte Inc. | 770,077 | 1,625 | |||
* | Tabula Rasa HealthCare Inc. | 322,952 | 1,599 | |||
* | KORU Medical Systems Inc. | 441,655 | 1,577 | |||
*,1 | Evelo Biosciences Inc. | 971,999 | 1,565 | |||
* | Century Therapeutics Inc. | 299,597 | 1,537 | |||
* | FONAR Corp. | 90,773 | 1,520 | |||
* | Athira Pharma Inc. | 457,702 | 1,451 | |||
*,1 | Citius Pharmaceuticals Inc. | 1,818,366 | 1,436 | |||
*,1 | Outlook Therapeutics Inc. | 1,321,422 | 1,427 | |||
* | Anixa Biosciences Inc. | 334,894 | 1,423 | |||
* | Harvard Bioscience Inc. | 512,450 | 1,419 | |||
*,1 | CEL - SCI Corp. | 599,637 | 1,409 | |||
*,1 | Absci Corp. | 667,634 | 1,402 | |||
* | Akebia Therapeutics Inc. | 2,412,371 | 1,392 | |||
* | Rallybio Corp. | 211,872 | 1,392 | |||
* | Sensus Healthcare Inc. | 184,456 | 1,369 | |||
* | Tela Bio Inc. | 118,519 | 1,363 | |||
* | CytomX Therapeutics Inc. | 845,126 | 1,352 | |||
* | Opiant Pharmaceuticals Inc. | 65,865 | 1,336 | |||
* | Stereotaxis Inc. | 639,523 | 1,324 | |||
* | Kinnate Biopharma Inc. | 215,647 | 1,315 | |||
* | Capricor Therapeutics Inc. | 340,382 | 1,314 | |||
* | Singular Genomics Systems Inc. | 649,099 | 1,305 | |||
*,1 | Mind Medicine MindMed Inc. | 578,200 | 1,272 | |||
*,1 | Paratek Pharmaceuticals Inc. | 676,071 | 1,264 | |||
*,1 | Bioventus Inc. Class A | 483,525 | 1,262 | |||
* | XOMA Corp. | 68,353 | 1,258 | |||
*,1 | MediciNova Inc. | 610,232 | 1,251 | |||
* | ChromaDex Corp. | 743,337 | 1,249 | |||
*,1 | Optinose Inc. | 666,264 | 1,233 | |||
* | Relmada Therapeutics Inc. | 352,855 | 1,231 | |||
*,1 | DarioHealth Corp. | 280,481 | 1,200 | |||
*,1 | Mallinckrodt plc | 154,800 | 1,200 | |||
* | EyePoint Pharmaceuticals Inc. | 342,542 | 1,199 |
Shares | Market Value• ($000) | |||||
* | Nautilus Biotechnology Inc. Class A | 663,291 | 1,194 | |||
*,1 | VolitionRX Ltd. | 490,275 | 1,191 | |||
* | Matinas BioPharma Holdings Inc. | 2,361,667 | 1,181 | |||
* | Praxis Precision Medicines Inc. | 491,769 | 1,170 | |||
*,1 | Ovid therapeutics Inc. | 623,099 | 1,159 | |||
* | Inotiv Inc. | 230,336 | 1,138 | |||
* | Cue Biopharma Inc. | 398,742 | 1,136 | |||
*,1 | Asensus Surgical Inc. Class A | 3,248,502 | 1,128 | |||
* | Standard BioTools Inc. | 962,596 | 1,126 | |||
*,1 | Co-Diagnostics Inc. | 444,776 | 1,121 | |||
*,1 | Invivyd Inc. | 747,479 | 1,121 | |||
* | Durect Corp. | 319,553 | 1,106 | |||
*,1 | Tyra Biosciences Inc. | 144,249 | 1,096 | |||
*,1 | Acumen Pharmaceuticals Inc. | 202,857 | 1,095 | |||
*,1 | Celularity Inc. Class A | 843,244 | 1,088 | |||
*,1 | Inmune Bio Inc. | 168,011 | 1,065 | |||
* | Rezolute Inc. | 512,314 | 1,060 | |||
*,1 | Vicarious Surgical Inc. Class A | 522,154 | 1,055 | |||
*,1 | ProKidney Corp. Class A | 152,313 | 1,045 | |||
*,1 | GreenLight Biosciences Holdings PBC | 883,942 | 1,043 | |||
* | Electromed Inc. | 98,146 | 1,030 | |||
* | Prelude Therapeutics Inc. | 169,409 | 1,023 | |||
*,1 | Verastem Inc. | 2,509,284 | 1,010 | |||
* | Personalis Inc. | 509,185 | 1,008 | |||
* | Sanara Medtech Inc. | 22,082 | 1,005 | |||
*,1 | Seelos Therapeutics Inc. | 1,478,231 | 1,004 | |||
* | Olema Pharmaceuticals Inc. | 409,315 | 1,003 | |||
* | Precision BioSciences Inc. | 832,086 | 990 | |||
* | Apyx Medical Corp. | 419,208 | 981 | |||
* | Sema4 Holdings Corp. | 3,699,996 | 976 | |||
*,1 | Vor BioPharma Inc. | 144,673 | 962 | |||
*,1 | Annovis Bio Inc. | 71,015 | 954 | |||
*,1 | Lyra Therapeutics Inc. | 301,686 | 947 | |||
* | Streamline Health Solutions Inc. | 583,466 | 922 | |||
*,1 | Sonendo Inc. | 325,129 | 920 | |||
*,1 | Immuneering Corp. Class A | 187,576 | 910 | |||
* | Pieris Pharmaceuticals Inc. | 872,701 | 908 | |||
* | Kronos Bio Inc. | 553,029 | 896 | |||
* | Enzo Biochem Inc. | 625,128 | 894 | |||
* | CytoSorbents Corp. | 575,510 | 892 | |||
* | Atossa Therapeutics Inc. | 1,686,157 | 891 | |||
*,1 | Eton Pharmaceuticals Inc. | 311,427 | 872 | |||
* | scPharmaceuticals Inc. | 121,592 | 872 | |||
* | Genprex Inc. | 598,971 | 868 | |||
* | Shattuck Labs Inc. | 376,968 | 867 | |||
*,1 | Vapotherm Inc. | 318,785 | 861 | |||
* | Spectrum Pharmaceuticals Inc. | 2,285,849 | 842 | |||
*,1 | Greenwich Lifesciences Inc. | 54,752 | 832 | |||
*,1 | Vaxxinity Inc. Class A | 591,400 | 828 | |||
* | Cardiff Oncology Inc. | 590,707 | 827 | |||
* | Rain Oncology Inc. | 102,983 | 824 | |||
* | Dare Bioscience Inc. | 957,694 | 795 | |||
* | Taysha Gene Therapies Inc. | 350,960 | 793 | |||
*,1 | Ocuphire Pharma Inc. | 224,507 | 793 | |||
* | Clearside Biomedical Inc. | 697,789 | 782 | |||
*,1 | Ikena Oncology Inc. | 293,165 | 780 | |||
* | aTyr Pharma Inc. | 353,286 | 774 | |||
*,1 | Talkspace Inc. | 1,259,130 | 768 | |||
*,1 | Galectin Therapeutics Inc. | 670,160 | 757 | |||
*,1 | Theseus Pharmaceuticals Inc. | 151,357 | 754 | |||
* | Graphite Bio Inc. | 220,289 | 731 | |||
* | Larimar Therapeutics Inc. | 174,782 | 722 | |||
*,1 | Miromatrix Medical Inc. | 241,350 | 722 | |||
* | Adverum Biotechnologies Inc. | 1,242,292 | 720 | |||
* | XBiotech Inc. | 204,329 | 717 | |||
* | Societal CDMO Inc. | 475,520 | 709 | |||
*,1 | VBI Vaccines Inc. | 1,791,245 | 701 |
Shares | Market Value• ($000) | |||||
* | Infinity Pharmaceuticals Inc. | 1,260,434 | 700 | |||
*,1 | Oncology Institute Inc. | 416,082 | 687 | |||
* | Assembly Biosciences Inc. | 520,411 | 677 | |||
* | Homology Medicines Inc. | 535,943 | 675 | |||
*,1 | Spero Therapeutics Inc. | 387,768 | 671 | |||
*,1 | TherapeuticsMD Inc. | 119,900 | 670 | |||
*,1 | BrainStorm Cell Therapeutics Inc. | 406,237 | 666 | |||
*,1 | Alzamend Neuro Inc. | 1,178,178 | 666 | |||
*,1 | Rani Therapeutics Holdings Inc. Class A | 110,975 | 655 | |||
* | Fortress Biotech Inc. | 985,656 | 646 | |||
* | Trevi Therapeutics Inc. | 331,266 | 639 | |||
* | Eiger BioPharmaceuticals Inc. | 540,723 | 638 | |||
*,1 | Forian Inc. | 229,226 | 626 | |||
*,1 | DermTech Inc. | 353,129 | 625 | |||
* | Oncternal Therapeutics Inc. | 621,232 | 621 | |||
*,1 | Third Harmonic Bio Inc. | 143,047 | 615 | |||
*,1 | Sonida Senior Living Inc. | 48,661 | 608 | |||
* | Passage Bio Inc. | 439,575 | 607 | |||
* | Lantern Pharma Inc. | 99,265 | 600 | |||
* | Augmedix Inc. | 383,326 | 598 | |||
* | Pardes Biosciences Inc. Class A | 349,795 | 591 | |||
* | Orgenesis Inc. | 300,650 | 586 | |||
* | iCAD Inc. | 319,228 | 584 | |||
*,1 | P3 Health Partners Inc. | 316,194 | 582 | |||
*,1 | Curis Inc. | 1,054,023 | 580 | |||
* | AN2 Therapeutics Inc. | 60,179 | 573 | |||
*,1 | Reviva Pharmaceuticals Holdings Inc. | 134,091 | 570 | |||
* | Biomerica Inc. | 168,196 | 563 | |||
* | Great Elm Group Inc. | 274,947 | 555 | |||
* | IsoRay Inc. | 2,235,035 | 552 | |||
* | Pear Therapeutics Inc. | 468,131 | 552 | |||
* | Instil Bio Inc. | 874,673 | 551 | |||
*,1 | SELLAS Life Sciences Group Inc. | 227,617 | 537 | |||
*,1 | SmileDirectClub Inc. Class A | 1,523,499 | 537 | |||
* | enVVeno Medical Corp. | 104,365 | 532 | |||
*,1 | Pulse Biosciences Inc. | 191,051 | 529 | |||
*,1 | Owlet Inc. | 923,752 | 516 | |||
*,1 | PAVmed Inc. | 1,071,449 | 514 | |||
* | X4 Pharmaceuticals Inc. | 516,003 | 512 | |||
* | Jounce Therapeutics Inc. | 454,255 | 504 | |||
*,1 | Syros Pharmaceuticals Inc. | 140,119 | 503 | |||
*,1 | Akumin Inc. | 695,610 | 500 | |||
* | Lipocine Inc. | 1,262,810 | 485 | |||
* | Verrica Pharmaceuticals Inc. | 176,422 | 485 | |||
*,1 | Moleculin Biotech Inc. | 454,705 | 482 | |||
*,1 | Hyperfine Inc. Class A | 566,997 | 476 | |||
* | Synlogic Inc. | 624,203 | 474 | |||
* | Inozyme Pharma Inc. | 451,660 | 474 | |||
*,1 | Disc Medicine Inc. Class A | 23,840 | 474 | |||
* | MyMD Pharmaceuticals Inc. | 410,666 | 472 | |||
* | Eledon Pharmaceuticals Inc. | 201,259 | 467 | |||
*,1 | SCYNEXIS Inc. | 298,545 | 466 | |||
*,1 | NRX Pharmaceuticals Inc. | 413,681 | 459 | |||
*,1 | Immunic Inc. | 327,341 | 458 | |||
*,1 | Black Diamond Therapeutics Inc. | 252,352 | 454 | |||
* | Eyenovia Inc. | 277,888 | 453 | |||
* | AquaBounty Technologies Inc. | 580,668 | 444 | |||
*,1 | Checkpoint Therapeutics Inc. | 86,229 | 441 | |||
* | Surface Oncology Inc. | 536,790 | 440 | |||
* | TCR2 Therapeutics Inc. | 439,478 | 439 | |||
AirSculpt Technologies Inc. | 115,114 | 426 | ||||
* | Mustang Bio Inc. | 1,071,517 | 423 | |||
* | Bright Green Corp. | 899,476 | 422 | |||
* | Aveanna Healthcare Holdings Inc. | 538,008 | 420 | |||
* | Cidara Therapeutics Inc. | 553,136 | 418 | |||
* | Alpha Teknova Inc. | 73,641 | 415 | |||
* | Retractable Technologies Inc. | 246,784 | 405 |
Shares | Market Value• ($000) | |||||
* | ImmuCell Corp. | 65,129 | 399 | |||
*,2 | Tobira Therapeutics Inc. CVR Exp. 12/31/28 | 87,894 | 398 | |||
* | Xilio Therapeutics Inc. | 147,846 | 398 | |||
*,1 | BioCardia Inc. | 189,240 | 396 | |||
* | LENSAR Inc. | 133,235 | 394 | |||
* | Viracta Therapeutics Inc. | 269,120 | 393 | |||
* | Tracon Pharmaceuticals Inc. | 262,772 | 392 | |||
* | IMARA Inc. | 95,490 | 391 | |||
*,1 | Kala Pharmaceuticals Inc. | 10,196 | 389 | |||
Psychemedics Corp. | 78,306 | 387 | ||||
*,1 | Leap Therapeutics Inc. | 851,630 | 383 | |||
* | Protara Therapeutics Inc. | 140,668 | 377 | |||
*,1 | Accelerate Diagnostics Inc. | 532,865 | 376 | |||
* | Aquestive Therapeutics Inc. | 406,694 | 367 | |||
* | Avrobio Inc. | 514,604 | 367 | |||
* | Avalo Therapeutics Inc. | 72,041 | 367 | |||
* | DiaMedica Therapeutics Inc. | 228,620 | 361 | |||
*,1 | Impel Pharmaceuticals Inc. | 96,137 | 361 | |||
*,1 | MEI Pharma Inc. | 1,465,882 | 357 | |||
*,1 | Adamis Pharmaceuticals Corp. | 2,106,353 | 357 | |||
* | Oncocyte Corp. | 1,101,689 | 354 | |||
*,1 | Conformis Inc. | 104,898 | 348 | |||
*,1 | Exagen Inc. | 141,951 | 341 | |||
*,1 | Microbot Medical Inc. | 113,404 | 341 | |||
* | Tenaya Therapeutics Inc. | 168,816 | 339 | |||
* | CareCloud Inc. | 119,857 | 337 | |||
* | Kewaunee Scientific Corp. | 21,503 | 334 | |||
*,1 | Delcath Systems Inc. | 92,570 | 333 | |||
* | IRIDEX Corp. | 164,113 | 330 | |||
*,1 | Senti Biosciences Inc. Class A | 232,999 | 329 | |||
* | Hepion Pharmaceuticals Inc. | 1,090,743 | 327 | |||
* | ARCA biopharma Inc. | 138,329 | 326 | |||
*,1 | Zynerba Pharmaceuticals Inc. | 604,155 | 320 | |||
* | Acutus Medical Inc. | 278,220 | 320 | |||
* | BioVie Inc. Class A | 41,228 | 320 | |||
* | Solid Biosciences Inc. | 58,895 | 317 | |||
*,1 | Atreca Inc. Class A | 393,228 | 315 | |||
* | Milestone Scientific Inc. | 644,153 | 309 | |||
* | Cyclerion Therapeutics Inc. | 469,816 | 308 | |||
*,1 | Novan Inc. | 210,175 | 307 | |||
* | Corvus Pharmaceuticals Inc. | 356,806 | 303 | |||
* | Satsuma Pharmaceuticals Inc. | 337,139 | 303 | |||
*,1 | Aspira Women's Health Inc. | 903,574 | 301 | |||
* | Champions Oncology Inc. | 65,914 | 297 | |||
* | Palatin Technologies Inc. | 115,668 | 296 | |||
*,1 | Science 37 Holdings Inc. | 710,569 | 295 | |||
* | Eliem Therapeutics Inc. | 80,918 | 290 | |||
*,1 | Clene Inc. | 288,568 | 289 | |||
* | NextCure Inc. | 201,781 | 285 | |||
* | Aeglea BioTherapeutics Inc. | 632,341 | 284 | |||
*,1 | NightHawk Biosciences Inc. | 352,600 | 284 | |||
* | TFF Pharmaceuticals Inc. | 268,770 | 282 | |||
*,1 | Immunome Inc. | 125,570 | 276 | |||
* | Achieve Life Sciences Inc. | 109,676 | 271 | |||
* | Equillium Inc. | 242,412 | 267 | |||
* | CASI Pharmaceuticals Inc. | 150,870 | 264 | |||
*,1 | Applied DNA Sciences Inc. | 156,293 | 259 | |||
* | Sio Gene Therapies Inc. | 594,154 | 258 | |||
*,1 | Lannett Co. Inc. | 492,690 | 257 | |||
* | Hookipa Pharma Inc. | 315,524 | 256 | |||
* | Werewolf Therapeutics Inc. | 123,549 | 253 | |||
*,1 | RVL Pharmaceuticals plc | 224,896 | 252 | |||
* | Dominari Holdings Inc. | 77,687 | 252 | |||
Catalyst Biosciences Inc. | 475,977 | 251 | ||||
*,1 | VistaGen Therapeutics Inc. | 2,422,862 | 250 | |||
* | Biotricity Inc. | 551,341 | 248 | |||
* | GT Biopharma Inc. | 276,175 | 247 |
Shares | Market Value• ($000) | |||||
* | Pro-Dex Inc. | 15,739 | 246 | |||
*,1 | Biora Therapeutics Inc. | 1,858,081 | 245 | |||
* | Neoleukin Therapeutics Inc. | 478,838 | 244 | |||
*,1 | Candel Therapeutics Inc. | 134,169 | 240 | |||
* | ATI Physical Therapy Inc. | 783,081 | 239 | |||
* | Aligos Therapeutics Inc. | 247,246 | 236 | |||
* | Decibel Therapeutics Inc. | 114,519 | 235 | |||
*,1 | AcelRx Pharmaceuticals Inc. | 103,830 | 235 | |||
* | Reneo Pharmaceuticals Inc. | 99,626 | 232 | |||
* | Marker Therapeutics Inc. | 871,377 | 230 | |||
*,1 | Edesa Biotech Inc. | 106,260 | 230 | |||
*,1 | Enochian Biosciences Inc. | 222,701 | 229 | |||
*,1,2 | Palisade Bio Inc. CVR | 238,902 | 229 | |||
* | Idera Pharmaceuticals Inc. | 645,880 | 226 | |||
* | Harpoon Therapeutics Inc. | 308,935 | 224 | |||
* | Aravive Inc. | 167,133 | 221 | |||
* | Predictive Oncology Inc. | 713,603 | 219 | |||
* | Nemaura Medical Inc. | 126,682 | 215 | |||
*,1 | Ekso Bionics Holdings Inc. | 179,455 | 214 | |||
*,1 | Longeveron Inc. | 65,090 | 210 | |||
* | UNITY Biotechnology Inc. | 75,651 | 207 | |||
*,1 | Invacare Corp. | 491,296 | 206 | |||
* | Bolt Biotherapeutics Inc. | 157,452 | 205 | |||
*,1 | Pyxis Oncology Inc. | 151,557 | 203 | |||
* | 9 Meters Biopharma Inc. | 161,178 | 203 | |||
* | Galera Therapeutics Inc. | 135,764 | 202 | |||
* | SAB Biotherapeutics Inc. | 340,547 | 201 | |||
* | American Shared Hospital Services | 68,206 | 200 | |||
*,1 | HeartBeam Inc. | 40,926 | 200 | |||
* | vTv Therapeutics Inc. Class A | 305,107 | 199 | |||
* | Precipio Inc. | 352,910 | 196 | |||
* | Applied Therapeutics Inc. | 253,865 | 193 | |||
*,1 | AIM ImmunoTech Inc. | 620,229 | 193 | |||
*,1 | Corbus Pharmaceuticals Holdings Inc. | 1,699,791 | 188 | |||
* | Cumberland Pharmaceuticals Inc. | 83,119 | 187 | |||
* | Molecular Templates Inc. | 566,562 | 186 | |||
* | Strata Skin Sciences Inc. | 235,454 | 186 | |||
* | ElectroCore Inc. | 720,128 | 185 | |||
*,1 | Eargo Inc. | 321,997 | 185 | |||
*,1 | Aptevo Therapeutics Inc. | 78,792 | 183 | |||
* | Magenta Therapeutics Inc. | 460,025 | 182 | |||
*,1 | GeoVax Labs Inc. | 288,573 | 182 | |||
*,1 | Soligenix Inc. | 401,456 | 181 | |||
* | SQZ Biotechnologies Co. | 241,040 | 178 | |||
* | Vincerx Pharma Inc. | 173,353 | 177 | |||
*,1 | Apexigen Inc. | 253,880 | 175 | |||
*,1 | Sientra Inc. | 850,986 | 173 | |||
* | Five Star Senior Living Inc. | 313,246 | 172 | |||
*,1 | NanoViricides Inc. | 154,515 | 172 | |||
*,1 | Abeona Therapeutics Inc. | 55,430 | 171 | |||
*,1 | BioSig Technologies Inc. | 404,305 | 170 | |||
*,1 | Regulus Therapeutics Inc. | 120,151 | 165 | |||
*,1 | UpHealth Inc. | 98,562 | 161 | |||
*,1 | Biodesix Inc. | 69,381 | 160 | |||
*,1 | Surrozen Inc. | 271,911 | 158 | |||
* | Athenex Inc. | 1,065,158 | 157 | |||
* | Talaris Therapeutics Inc. | 150,349 | 153 | |||
* | Aridis Pharmaceuticals Inc. | 129,177 | 152 | |||
*,1 | Lumos Pharma Inc. | 42,183 | 152 | |||
* | Onconova Therapeutics Inc. | 236,656 | 152 | |||
* | PharmaCyte Biotech Inc. | 52,078 | 152 | |||
*,1 | Tonix Pharmaceuticals Holding Corp. | 390,650 | 152 | |||
*,1 | Acer Therapeutics Inc. | 59,740 | 150 | |||
*,1 | Calithera Biosciences Inc. | 46,118 | 150 | |||
*,1 | Forte Biosciences Inc. | 149,084 | 149 | |||
*,1 | Organovo Holdings Inc. | 104,510 | 148 | |||
* | Diffusion Pharmaceuticals Inc. | 28,978 | 148 |
Shares | Market Value• ($000) | |||||
* | Alimera Sciences Inc. | 53,735 | 146 | |||
* | Sensei Biotherapeutics Inc. | 97,704 | 146 | |||
* | Aptinyx Inc. Class A | 491,707 | 144 | |||
*,1 | Quince Therapeutics Inc. | 225,638 | 144 | |||
* | Bio-Path Holdings Inc. | 95,129 | 144 | |||
*,1 | Oragenics Inc. | 1,366,133 | 144 | |||
* | AgeX Therapeutics Inc. | 259,263 | 143 | |||
*,1 | Lisata Therapeutics Inc. | 56,770 | 141 | |||
* | NeuroMetrix Inc. | 95,051 | 140 | |||
*,1 | Clever Leaves Holdings Inc. | 441,494 | 136 | |||
* | Cocrystal Pharma Inc. | 70,301 | 136 | |||
* | Dyadic International Inc. | 109,245 | 134 | |||
* | Cyteir Therapeutics Inc. | 81,271 | 134 | |||
* | Trevena Inc. | 92,520 | 132 | |||
*,1 | IsoPlexis Corp. | 84,250 | 131 | |||
* | Aileron Therapeutics Inc. | 55,413 | 131 | |||
* | Rapid Micro Biosystems Inc. Class A | 113,865 | 129 | |||
* | Bellerophon Therapeutics Inc. | 142,168 | 128 | |||
* | Nutriband Inc. | 35,226 | 128 | |||
* | NeuroPace Inc. | 85,532 | 127 | |||
* | Cognition Therapeutics Inc. | 59,706 | 125 | |||
*,2 | Strongbridge Biopharma plc CVR | 687,671 | 125 | |||
* | Vaccinex Inc. | 188,819 | 124 | |||
* | Surgalign Holdings Inc. | 63,170 | 124 | |||
* | Better Therapeutics Inc. | 108,736 | 122 | |||
*,1 | Rockwell Medical Inc. | 120,130 | 122 | |||
*,1 | Acorda Therapeutics Inc. | 158,319 | 121 | |||
* | cbdMD Inc. | 530,063 | 120 | |||
*,1 | Immix Biopharma Inc. | 52,378 | 120 | |||
*,1 | Codex DNA Inc. | 93,832 | 117 | |||
* | Biocept Inc. | 218,129 | 116 | |||
*,1 | Spruce Biosciences Inc. | 104,176 | 115 | |||
* | Gelesis Holdings Inc. | 394,032 | 114 | |||
* | Cellectar Biosciences Inc. | 65,482 | 112 | |||
*,1 | VYNE Therapeutics Inc. | 739,347 | 111 | |||
*,1 | Biofrontera Inc. | 120,938 | 111 | |||
* | Vivos Therapeutics Inc. | 274,607 | 110 | |||
* | Imunon Inc. | 79,721 | 108 | |||
* | Monopar Therapeutics Inc. | 45,167 | 107 | |||
* | PetVivo Holdings Inc. | 53,055 | 106 | |||
* | Pulmatrix Inc. | 26,977 | 105 | |||
* | ENDRA Life Sciences Inc. | 25,738 | 105 | |||
* | Vivani Medical Inc. | 122,616 | 104 | |||
*,1 | Cyclo Therapeutics Inc. | 71,160 | 101 | |||
*,1 | Chembio Diagnostics Inc. | 457,104 | 100 | |||
*,1 | Minerva Neurosciences Inc. | 63,041 | 100 | |||
*,1 | Athersys Inc. | 118,213 | 99 | |||
*,1 | Soleno Therapeutics Inc. | 49,939 | 99 | |||
* | Tempest Therapeutics Inc. | 84,814 | 98 | |||
*,1 | Nuvectis Pharma Inc. | 12,933 | 97 | |||
*,1 | Jasper Therapeutics Inc. | 201,831 | 96 | |||
* | Rubius Therapeutics Inc. | 554,320 | 95 | |||
* | Applied Molecular Transport Inc. | 222,651 | 94 | |||
* | Codiak Biosciences Inc. | 236,847 | 94 | |||
*,1 | Jaguar Health Inc. | 1,078,648 | 94 | |||
*,1 | Talis Biomedical Corp. | 209,508 | 93 | |||
*,1 | Tenon Medical Inc. | 58,003 | 92 | |||
* | Longboard Pharmaceuticals Inc. | 28,242 | 89 | |||
* | Theriva Biologics Inc. | 194,494 | 88 | |||
* | Axcella Health Inc. | 261,417 | 86 | |||
*,1 | IN8bio Inc. | 36,579 | 84 | |||
*,1 | Humanigen Inc. | 683,489 | 82 | |||
*,1 | Lexaria Bioscience Corp. | 33,329 | 82 | |||
* | Pasithea Therapeutics Corp. | 121,007 | 79 | |||
* | MiNK Therapeutics Inc. | 30,617 | 79 | |||
* | Evoke Pharma Inc. | 29,851 | 79 | |||
* | MSP Recovery Inc. | 49,098 | 79 |
Shares | Market Value• ($000) | |||||
*,1 | Avinger Inc. | 70,689 | 76 | |||
* | NanoVibronix Inc. | 290,282 | 73 | |||
* | TScan Therapeutics Inc. | 44,185 | 72 | |||
* | NeuBase Therapeutics Inc. | 362,828 | 69 | |||
* | Angion Biomedica Corp. | 85,551 | 69 | |||
*,1 | Venus Concept Inc. | 211,571 | 68 | |||
*,1 | Bellicum Pharmaceuticals Inc. | 92,861 | 67 | |||
*,1 | Titan Pharmaceuticals Inc. | 82,051 | 64 | |||
* | Processa Pharmaceuticals Inc. | 58,161 | 64 | |||
*,1 | Aytu BioPharma Inc. | 338,897 | 64 | |||
*,1 | Artelo Biosciences Inc. | 22,022 | 64 | |||
*,2 | Adamas Pharmaceuticals Inc. CVR | 1,055,708 | 64 | |||
*,1 | OpGen Inc. | 444,949 | 63 | |||
* | Plus Therapeutics Inc. | 195,469 | 62 | |||
*,1 | Yield10 Bioscience Inc. | 37,036 | 61 | |||
*,1 | T2 Biosystems Inc. | 43,087 | 61 | |||
* | Aprea Therapeutics Inc. | 187,502 | 60 | |||
*,1 | Biolase Inc. | 92,558 | 60 | |||
*,1 | Eterna Therapeutics Inc. | 18,551 | 60 | |||
* | Navidea Biopharmaceuticals Inc. | 276,491 | 58 | |||
*,1 | Cyclacel Pharmaceuticals Inc. | 86,949 | 58 | |||
*,1 | Finch Therapeutics Group Inc. | 120,966 | 58 | |||
* | Phio Pharmaceuticals Corp. | 154,536 | 57 | |||
*,1 | Oncorus Inc. | 225,260 | 57 | |||
*,1 | Synaptogenix Inc. | 49,295 | 57 | |||
* | HCW Biologics Inc. | 28,400 | ���55 | |||
*,1 | PLx Pharma Inc. | 329,924 | 54 | |||
*,1 | iBio Inc. | 122,069 | 54 | |||
*,1 | Comera Life Sciences Holdings Inc. | 43,998 | 54 | |||
* | Protagenic Therapeutics Inc. | 127,121 | 53 | |||
* | Aethlon Medical Inc. | 190,657 | 52 | |||
* | Landos Biopharma Inc. | 103,089 | 52 | |||
* | LogicMark Inc. | 114,340 | 52 | |||
*,1 | Kintara Therapeutics Inc. | 7,563 | 52 | |||
*,1 | 180 Life Sciences Corp. | 15,378 | 52 | |||
* | SunLink Health Systems Inc. | 83,942 | 51 | |||
* | iSpecimen Inc. | 36,786 | 51 | |||
* | eFFECTOR Therapeutics Inc. | 117,573 | 50 | |||
*,1 | Blue Water Vaccines Inc. | 45,090 | 50 | |||
* | Armata Pharmaceuticals Inc. | 39,831 | 49 | |||
*,1 | Qualigen Therapeutics Inc. | 37,070 | 49 | |||
* | Graybug Vision Inc. | 96,878 | 48 | |||
* | Aziyo Biologics Inc. Class A | 11,215 | 48 | |||
* | INVO BioScience Inc. | 105,539 | 46 | |||
* | Virpax Pharmaceuticals Inc. | 74,559 | 46 | |||
*,1 | Petros Pharmaceuticals Inc. | 19,791 | 46 | |||
*,1 | Ontrak Inc. | 121,862 | 45 | |||
* | Lucid Diagnostics Inc. | 33,167 | 45 | |||
* | Context Therapeutics Inc. | 67,463 | 45 | |||
* | Adial Pharmaceuticals Inc. | 203,358 | 43 | |||
* | Dynatronics Corp. | 106,438 | 42 | |||
* | ContraFect Corp. | 423,968 | 41 | |||
* | SCWorx Corp. | 103,826 | 41 | |||
*,1 | Fresh Tracks Therapeutics Inc. | 27,779 | 41 | |||
*,1 | InVivo Therapeutics Holdings Corp. | 16,946 | 40 | |||
*,1 | Exicure Inc. | 34,822 | 40 | |||
* | Elevation Oncology Inc. | 41,265 | 39 | |||
*,1 | Biorestorative Therapies Inc. | 14,000 | 38 | |||
* | Eloxx Pharmaceuticals Inc. | 20,636 | 37 | |||
* | Galecto Inc. | 31,064 | 36 | |||
* | Regional Health Properties Inc. | 10,499 | 35 | |||
* | Sera Prognostics Inc. Class A | 28,789 | 35 | |||
*,1 | SiNtx Technologies Inc. | 3,626 | 35 | |||
* | Metacrine Inc. | 74,962 | 34 | |||
* | Cohbar Inc. | 20,231 | 34 | |||
* | Sigilon Therapeutics Inc. | 95,157 | 33 | |||
*,1 | Statera Biopharma Inc. | 378,677 | 31 |
Shares | Market Value• ($000) | |||||
* | Indaptus Therapeutics Inc. | 21,151 | 30 | |||
* | Enveric Biosciences Inc. | 14,425 | 30 | |||
* | Vyant Bio Inc. | 42,140 | 30 | |||
*,1 | Windtree Therapeutics Inc. | 168,233 | 29 | |||
*,1 | Calyxt Inc. | 192,274 | 28 | |||
* | Xenetic Biosciences Inc. | 96,982 | 28 | |||
*,2 | Aduro Biotech Inc. CVR | 150,581 | 28 | |||
* | Allied Healthcare Products Inc. | 28,946 | 27 | |||
1 | Kineta Inc. | 4,184 | 27 | |||
*,1 | Tricida Inc. | 170,677 | 26 | |||
*,1 | RA Medical Systems Inc. | 4,346 | 26 | |||
*,1 | Viveve Medical Inc. | 60,344 | 25 | |||
* | Lixte Biotechnology Holdings Inc. | 48,388 | 25 | |||
* | NexImmune Inc. | 97,320 | 24 | |||
*,1 | HTG Molecular Diagnostics Inc. | 5,909 | 24 | |||
* | Salarius Pharmaceuticals Inc. | 15,113 | 23 | |||
* | Creative Medical Technology Holdings Inc. | 61,050 | 22 | |||
*,2 | Aevi Genomic Medicine Inc. CVR | 631,947 | 21 | |||
*,1 | PolarityTE Inc. | 31,876 | 21 | |||
*,1 | Sonnet BioTherapeutics Holdings Inc. | 18,057 | 21 | |||
*,1 | NovaBay Pharmaceuticals Inc. | 10,673 | 21 | |||
*,1,2 | Oncternal Therapeutics Inc. CVR | 19,268 | 20 | |||
* | Tenax Therapeutics Inc. | 173,801 | 19 | |||
* | Imac Holdings Inc. | 86,602 | 17 | |||
* | Inhibikase Therapeutics Inc. | 34,539 | 17 | |||
*,1 | Agile Therapeutics Inc. | 76,860 | 17 | |||
*,1 | Timber Pharmaceuticals Inc. | 9,376 | 16 | |||
* | Lucira Health Inc. | 130,090 | 14 | |||
*,2 | Ocera Therapeutics Inc. CVR | 48,417 | 13 | |||
* | Benitec Biopharma Inc. | 74,773 | 13 | |||
* | Histogen Inc. | 13,638 | 12 | |||
*,1 | ReShape Lifesciences Inc. | 1,768 | 12 | |||
*,1 | NeuroOne Medical Technologies Corp. | 8,689 | 10 | |||
*,1 | Motus GI Holdings Inc. | 11,481 | 10 | |||
* | Avenue Therapeutics Inc. | 8,335 | 10 | |||
* | ThermoGenesis Holdings Inc. | 2,709 | 9 | |||
* | Femasys Inc. | 8,823 | 8 | |||
*,1 | Palisade Bio Inc. | 1,551 | 8 | |||
*,1,2 | Miragen Therapeutics Inc. CVR | 330,960 | 7 | |||
* | Assure Holdings Corp. | 28,036 | 7 | |||
*,2 | Qualigen Therapeutics Inc. CVR | 91,096 | 6 | |||
* | First Wave BioPharma Inc. | 6,847 | 6 | |||
*,1 | Ensysce Biosciences Inc. | 7,520 | 6 | |||
* | Bluejay Diagnostics Inc. | 15,899 | 5 | |||
*,1 | Kiora Pharmaceuticals Inc. | 1,499 | 5 | |||
* | Gain Therapeutics Inc. | 1,694 | 5 | |||
*,1 | Baudax Bio Inc. | 1,458 | 5 | |||
*,2 | Alexza Pharmaceuticals Inc. CVR | 128,704 | 4 | |||
* | Virios Therapeutics Inc. | 18,685 | 4 | |||
*,1 | Minerva Surgical Inc. | 19,180 | 4 | |||
* | Aditxt Inc. | 3,385 | 4 | |||
*,1,2 | Seelos Therapeutics Inc. CVR | 5,736 | 3 | |||
*,2 | F-star Therapeutics Inc. CVR | 40,838 | 3 | |||
* | Star Equity Holdings Inc. | 3,908 | 3 | |||
* | Ligand Pharmaceuticals Inc. Glucagon CVR Rights | 395,811 | 2 | |||
*,2 | Ligand Pharmaceuticals Inc. General CVR Rights | 395,811 | 2 | |||
*,2 | Ligand Pharmaceuticals Inc. Roche CVR Rights | 395,811 | 2 | |||
*,2 | Ocuphire Pharma Inc. CVR | 13,673 | 2 | |||
* | Intelligent Bio Solutions Inc. | 11,850 | 2 | |||
* | Journey Medical Corp. | 1,226 | 2 | |||
*,1 | Acurx Pharmaceuticals Inc. | 412 | 2 | |||
* | Allarity Therapeutics Inc. | 6,925 | 2 | |||
*,1 | Panbela Therapeutics Inc. | 20,608 | 1 | |||
* | Healthcare Triangle Inc. | 4,362 | 1 | |||
*,1 | NeuroBo Pharmaceuticals Inc. | 1,984 | 1 | |||
*,1 | Revelation Biosciences Inc. | 5,940 | 1 | |||
*,2 | Ambit Biosciences Corp. CVR | 22,388 | — |
Shares | Market Value• ($000) | |||||
*,2 | Biosante Pharmaceuticals Inc. CVR | 44,795 | — | |||
*,2 | NeuroBo Pharmaceuticals Inc. CVR | 5,194 | — | |||
* | Advaxis Inc. Warrants Exp. 9/11/24 | 47,130 | — | |||
*,2 | Lantheus Holdings Inc. CVR | 1,316,898 | — | |||
*,2 | Achillion Pharmaceuticals Inc. CVR | 374 | — | |||
*,2 | Salarius Pharmaceuticals Inc. Warrants Exp. 1/20/25 | 119,407 | — | |||
* | ABVC BioPharma Inc. | 371 | — | |||
Cryo-Cell International Inc. | 77 | — | ||||
* | RenovoRx Inc. | 126 | — | |||
*,2 | OmniAb Inc. (Earnout Shares) | 166,008 | — | |||
*,1 | NantHealth Inc. | 64 | — | |||
*,1 | Nuwellis Inc. | 29 | — | |||
* | Disc Medicine Inc. CVR | 238,398 | — | |||
10,861,716 | ||||||
Industrials (15.7%) | ||||||
* | Uber Technologies Inc. | 27,213,675 | 672,994 | |||
Ferguson plc | 2,827,962 | 359,066 | ||||
Booz Allen Hamilton Holding Corp. Class A | 1,795,607 | 187,677 | ||||
Hubbell Inc. Class B | 727,638 | 170,762 | ||||
Carlisle Cos. Inc. | 701,614 | 165,335 | ||||
AECOM | 1,892,585 | 160,737 | ||||
Toro Co. | 1,409,985 | 159,610 | ||||
Graco Inc. | 2,274,805 | 153,003 | ||||
* | Axon Enterprise Inc. | 913,812 | 151,629 | |||
TransUnion | 2,606,039 | 147,893 | ||||
* | Builders FirstSource Inc. | 1,986,647 | 128,894 | |||
* | WillScot Mobile Mini Holdings Corp. | 2,824,034 | 127,562 | |||
AGCO Corp. | 835,040 | 115,812 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 2,181,597 | 114,337 | ||||
Lincoln Electric Holdings Inc. | 779,340 | 112,607 | ||||
Watsco Inc. | 448,552 | 111,869 | ||||
HEICO Corp. Class A | 919,932 | 110,254 | ||||
Owens Corning | 1,260,223 | 107,497 | ||||
Regal Rexnord Corp. | 892,873 | 107,127 | ||||
Tetra Tech Inc. | 723,033 | 104,977 | ||||
Lennox International Inc. | 435,652 | 104,221 | ||||
Fortune Brands Innovations Inc. | 1,739,558 | 99,346 | ||||
KBR Inc. | 1,846,374 | 97,489 | ||||
* | Middleby Corp. | 724,704 | 97,038 | |||
Donaldson Co. Inc. | 1,646,793 | 96,947 | ||||
* | CACI International Inc. Class A | 318,184 | 95,643 | |||
EMCOR Group Inc. | 641,949 | 95,079 | ||||
Valmont Industries Inc. | 287,374 | 95,026 | ||||
ITT Inc. | 1,100,997 | 89,291 | ||||
HEICO Corp. | 572,231 | 87,918 | ||||
nVent Electric plc | 2,272,203 | 87,412 | ||||
*,1 | Plug Power Inc. | 7,065,876 | 87,405 | |||
Curtiss-Wright Corp. | 513,953 | 85,825 | ||||
Science Applications International Corp. | 750,739 | 83,279 | ||||
Sensata Technologies Holding plc | 2,060,248 | 83,193 | ||||
MDU Resources Group Inc. | 2,734,306 | 82,959 | ||||
* | RBC Bearings Inc. | 393,830 | 82,448 | |||
Landstar System Inc. | 491,066 | 79,995 | ||||
Woodward Inc. | 804,589 | 77,731 | ||||
* | Clean Harbors Inc. | 678,568 | 77,438 | |||
Oshkosh Corp. | 871,027 | 76,816 | ||||
* | Saia Inc. | 358,731 | 75,219 | |||
* | WESCO International Inc. | 597,882 | 74,855 | |||
* | FTI Consulting Inc. | 468,123 | 74,338 | |||
BWX Technologies Inc. | 1,243,834 | 72,242 | ||||
* | IAA Inc. | 1,804,090 | 72,164 | |||
Acuity Brands Inc. | 433,361 | 71,769 | ||||
MSA Safety Inc. | 494,755 | 71,339 | ||||
* | Univar Solutions Inc. | 2,226,852 | 70,814 | |||
* | SiteOne Landscape Supply Inc. | 602,586 | 70,695 | |||
Advanced Drainage Systems Inc. | 860,693 | 70,551 | ||||
* | Sunrun Inc. | 2,875,338 | 69,066 |
Shares | Market Value• ($000) | |||||
* | GXO Logistics Inc. | 1,598,106 | 68,223 | |||
* | MasTec Inc. | 795,254 | 67,859 | |||
Exponent Inc. | 681,644 | 67,544 | ||||
* | Fluor Corp. | 1,926,614 | 66,776 | |||
UFP Industries Inc. | 840,466 | 66,607 | ||||
Applied Industrial Technologies Inc. | 523,519 | 65,979 | ||||
Hexcel Corp. | 1,120,126 | 65,919 | ||||
U-Haul Holding Co. | 1,194,322 | 65,664 | ||||
* | Evoqua Water Technologies Corp. | 1,657,044 | 65,619 | |||
* | Chart Industries Inc. | 564,566 | 65,055 | |||
Crane Holdings Co. | 637,588 | 64,046 | ||||
* | Atkore Inc. | 555,676 | 63,025 | |||
* | Trex Co. Inc. | 1,474,870 | 62,431 | |||
Timken Co. | 881,687 | 62,309 | ||||
* | Stericycle Inc. | 1,240,783 | 61,903 | |||
ManpowerGroup Inc. | 689,327 | 57,359 | ||||
Ryder System Inc. | 684,747 | 57,224 | ||||
* | Aerojet Rocketdyne Holdings Inc. | 1,019,189 | 57,003 | |||
Comfort Systems USA Inc. | 487,753 | 56,131 | ||||
* | ASGN Inc. | 682,473 | 55,608 | |||
Vertiv Holdings Co. Class A | 4,059,981 | 55,459 | ||||
* | Avis Budget Group Inc. | 337,378 | 55,306 | |||
Flowserve Corp. | 1,792,363 | 54,990 | ||||
* | Casella Waste Systems Inc. Class A | 692,528 | 54,924 | |||
Insperity Inc. | 482,276 | 54,787 | ||||
Watts Water Technologies Inc. Class A | 373,097 | 54,558 | ||||
Air Lease Corp. Class A | 1,416,106 | 54,407 | ||||
Triton International Ltd. | 790,594 | 54,377 | ||||
MSC Industrial Direct Co. Inc. Class A | 645,076 | 52,703 | ||||
Altra Industrial Motion Corp. | 875,388 | 52,304 | ||||
Maxar Technologies Inc. | 1,010,653 | 52,291 | ||||
Allison Transmission Holdings Inc. | 1,255,993 | 52,249 | ||||
* | API Group Corp. | 2,754,781 | 51,817 | |||
* | Kirby Corp. | 801,563 | 51,581 | |||
* | XPO Inc. | 1,543,188 | 51,373 | |||
GATX Corp. | 478,597 | 50,894 | ||||
Simpson Manufacturing Co. Inc. | 559,768 | 49,629 | ||||
* | Clarivate plc | 5,817,594 | 48,519 | |||
* | Lyft Inc. Class A | 4,242,863 | 46,756 | |||
* | Bloom Energy Corp. Class A | 2,402,642 | 45,938 | |||
* | Shoals Technologies Group Inc. Class A | 1,834,609 | 45,260 | |||
Mueller Industries Inc. | 761,140 | 44,907 | ||||
Herc Holdings Inc. | 338,085 | 44,482 | ||||
AAON Inc. | 570,290 | 42,954 | ||||
Spirit AeroSystems Holdings Inc. Class A | 1,447,656 | 42,851 | ||||
Franklin Electric Co. Inc. | 529,706 | 42,244 | ||||
Zurn Elkay Water Solutions Corp. | 1,995,111 | 42,197 | ||||
Albany International Corp. Class A | 422,026 | 41,608 | ||||
Armstrong World Industries Inc. | 603,875 | 41,420 | ||||
EnerSys | 555,370 | 41,008 | ||||
* | SPX Technologies Inc. | 615,455 | 40,405 | |||
Hillenbrand Inc. | 942,790 | 40,229 | ||||
ABM Industries Inc. | 899,743 | 39,967 | ||||
UniFirst Corp. | 205,255 | 39,612 | ||||
John Bean Technologies Corp. | 431,988 | 39,453 | ||||
Terex Corp. | 911,838 | 38,954 | ||||
Federal Signal Corp. | 821,721 | 38,185 | ||||
Forward Air Corp. | 361,222 | 37,889 | ||||
* | Dycom Industries Inc. | 397,179 | 37,176 | |||
Dun & Bradstreet Holdings Inc. | 2,996,101 | 36,732 | ||||
* | Array Technologies Inc. | 1,889,776 | 36,529 | |||
Boise Cascade Co. | 529,256 | 36,344 | ||||
* | Beacon Roofing Supply Inc. | 687,937 | 36,316 | |||
Korn Ferry | 704,404 | 35,657 | ||||
* | Hub Group Inc. Class A | 448,164 | 35,625 | |||
Arcosa Inc. | 653,752 | 35,525 | ||||
* | Mercury Systems Inc. | 792,892 | 35,474 |
Shares | Market Value• ($000) | |||||
* | Atlas Air Worldwide Holdings Inc. | 345,983 | 34,875 | |||
* | Hertz Global Holdings Inc. | 2,247,356 | 34,587 | |||
*,1 | ChargePoint Holdings Inc. | 3,590,393 | 34,216 | |||
Brink's Co. | 633,794 | 34,041 | ||||
Moog Inc. Class A | 386,089 | 33,883 | ||||
Encore Wire Corp. | 245,995 | 33,839 | ||||
Esab Corp. | 710,008 | 33,314 | ||||
Trinity Industries Inc. | 1,117,609 | 33,048 | ||||
*,1 | TriNet Group Inc. | 484,991 | 32,882 | |||
* | Resideo Technologies Inc. | 1,983,020 | 32,621 | |||
* | CBIZ Inc. | 690,605 | 32,355 | |||
McGrath RentCorp | 326,596 | 32,248 | ||||
Werner Enterprises Inc. | 793,424 | 31,943 | ||||
Matson Inc. | 503,769 | 31,491 | ||||
* | AZEK Co. Inc. Class A | 1,506,042 | 30,603 | |||
ESCO Technologies Inc. | 347,598 | 30,429 | ||||
* | Alight Inc. Class A | 3,620,209 | 30,265 | |||
EnPro Industries Inc. | 277,797 | 30,194 | ||||
Brady Corp. Class A | 632,025 | 29,768 | ||||
* | JetBlue Airways Corp. | 4,587,218 | 29,725 | |||
* | AeroVironment Inc. | 341,038 | 29,213 | |||
Spirit Airlines Inc. | 1,468,305 | 28,603 | ||||
Rush Enterprises Inc. Class A | 546,285 | 28,560 | ||||
* | GMS Inc. | 573,460 | 28,558 | |||
Kadant Inc. | 160,569 | 28,522 | ||||
Barnes Group Inc. | 698,136 | 28,519 | ||||
* | RXO Inc. | 1,585,848 | 27,277 | |||
* | Ameresco Inc. Class A | 461,943 | 26,395 | |||
Kennametal Inc. | 1,094,288 | 26,329 | ||||
CSW Industrials Inc. | 211,884 | 24,564 | ||||
Helios Technologies Inc. | 447,693 | 24,372 | ||||
* | Masonite International Corp. | 300,647 | 24,235 | |||
Lindsay Corp. | 146,720 | 23,893 | ||||
ArcBest Corp. | 330,090 | 23,119 | ||||
ICF International Inc. | 231,651 | 22,945 | ||||
Griffon Corp. | 639,452 | 22,886 | ||||
FTAI Aviation Ltd. | 1,306,374 | 22,365 | ||||
Mueller Water Products Inc. Class A | 2,071,343 | 22,288 | ||||
* | NV5 Global Inc. | 167,946 | 22,223 | |||
Veritiv Corp. | 182,235 | 22,180 | ||||
MillerKnoll Inc. | 1,021,725 | 21,466 | ||||
* | SunPower Corp. | 1,162,065 | 20,952 | |||
Granite Construction Inc. | 597,031 | 20,938 | ||||
* | Driven Brands Holdings Inc. | 763,267 | 20,845 | |||
* | Parsons Corp. | 449,700 | 20,799 | |||
* | MYR Group Inc. | 223,796 | 20,605 | |||
H&E Equipment Services Inc. | 452,859 | 20,560 | ||||
* | Huron Consulting Group Inc. | 272,864 | 19,810 | |||
Enerpac Tool Group Corp. Class A | 778,018 | 19,801 | ||||
Alamo Group Inc. | 139,596 | 19,767 | ||||
* | Gibraltar Industries Inc. | 428,602 | 19,664 | |||
* | Core & Main Inc. Class A | 1,002,202 | 19,352 | |||
* | Air Transport Services Group Inc. | 743,845 | 19,325 | |||
* | NOW Inc. | 1,510,881 | 19,188 | |||
* | Enovix Corp. | 1,490,862 | 18,546 | |||
* | GEO Group Inc. | 1,689,900 | 18,504 | |||
* | AAR Corp. | 411,151 | 18,461 | |||
* | Kratos Defense & Security Solutions Inc. | 1,769,551 | 18,262 | |||
* | KAR Auction Services Inc. | 1,385,439 | 18,080 | |||
* | CoreCivic Inc. | 1,538,753 | 17,788 | |||
* | Stem Inc. | 1,975,375 | 17,660 | |||
* | Upwork Inc. | 1,632,599 | 17,044 | |||
* | Montrose Environmental Group Inc. | 374,665 | 16,631 | |||
* | Vicor Corp. | 305,487 | 16,420 | |||
Standex International Corp. | 158,888 | 16,272 | ||||
HNI Corp. | 563,975 | 16,034 | ||||
* | FuelCell Energy Inc. | 5,634,961 | 15,665 |
Shares | Market Value• ($000) | |||||
* | Gates Industrial Corp. plc | 1,371,144 | 15,645 | |||
* | Energy Recovery Inc. | 759,317 | 15,558 | |||
Marten Transport Ltd. | 776,645 | 15,362 | ||||
Primoris Services Corp. | 697,823 | 15,310 | ||||
Greenbrier Cos. Inc. | 455,358 | 15,268 | ||||
Tennant Co. | 245,690 | 15,127 | ||||
* | Construction Partners Inc. Class A | 566,326 | 15,115 | |||
Wabash National Corp. | 668,519 | 15,108 | ||||
* | PGT Innovations Inc. | 838,059 | 15,051 | |||
Kforce Inc. | 269,555 | 14,780 | ||||
* | Allegiant Travel Co. | 213,529 | 14,518 | |||
AZZ Inc. | 351,990 | 14,150 | ||||
* | Sterling Infrastructure Inc. | 423,384 | 13,887 | |||
Apogee Enterprises Inc. | 305,319 | 13,574 | ||||
* | 3D Systems Corp. | 1,808,631 | 13,384 | |||
* | MRC Global Inc. | 1,146,614 | 13,278 | |||
* | Masterbrand Inc. | 1,746,995 | 13,190 | |||
* | Hayward Holdings Inc. | 1,402,460 | 13,183 | |||
Columbus McKinnon Corp. | 404,840 | 13,145 | ||||
Astec Industries Inc. | 321,139 | 13,057 | ||||
* | ACV Auctions Inc. Class A | 1,588,328 | 13,040 | |||
*,1 | Joby Aviation Inc. | 3,856,481 | 12,919 | |||
Healthcare Services Group Inc. | 1,035,064 | 12,421 | ||||
GrafTech International Ltd. | 2,577,673 | 12,270 | ||||
Matthews International Corp. Class A | 402,266 | 12,245 | ||||
* | Hillman Solutions Corp. | 1,680,528 | 12,117 | |||
Schneider National Inc. Class B | 500,942 | 11,722 | ||||
Douglas Dynamics Inc. | 324,028 | 11,717 | ||||
* | SkyWest Inc. | 703,185 | 11,610 | |||
* | American Woodmark Corp. | 233,563 | 11,412 | |||
* | Planet Labs PBC | 2,617,728 | 11,387 | |||
CRA International Inc. | 92,419 | 11,315 | ||||
Shyft Group Inc. | 453,230 | 11,267 | ||||
* | Rocket Lab USA Inc. | 2,981,176 | 11,239 | |||
* | Titan Machinery Inc. | 275,836 | 10,959 | |||
*,1 | Virgin Galactic Holdings Inc. | 3,144,158 | 10,942 | |||
* | JELD-WEN Holding Inc. | 1,125,306 | 10,859 | |||
* | Titan International Inc. | 693,434 | 10,623 | |||
Deluxe Corp. | 610,768 | 10,371 | ||||
* | Janus International Group Inc. | 1,088,650 | 10,364 | |||
Quanex Building Products Corp. | 435,749 | 10,318 | ||||
* | First Advantage Corp. | 792,058 | 10,297 | |||
* | Legalzoom.com Inc. | 1,329,443 | 10,290 | |||
*,1 | Proterra Inc. | 2,658,667 | 10,023 | |||
* | Proto Labs Inc. | 384,589 | 9,819 | |||
*,1 | Nikola Corp. | 4,442,091 | 9,595 | |||
* | SP Plus Corp. | 275,762 | 9,574 | |||
* | Triumph Group Inc. | 897,729 | 9,444 | |||
* | TrueBlue Inc. | 458,660 | 8,981 | |||
Heartland Express Inc. | 583,757 | 8,955 | ||||
Kaman Corp. | 400,832 | 8,939 | ||||
Steelcase Inc. Class A | 1,254,315 | 8,868 | ||||
* | Thermon Group Holdings Inc. | 440,072 | 8,837 | |||
Tecnoglass Inc. | 281,681 | 8,667 | ||||
Pitney Bowes Inc. | 2,275,753 | 8,648 | ||||
* | BlueLinx Holdings Inc. | 121,224 | 8,620 | |||
Gorman-Rupp Co. | 333,168 | 8,536 | ||||
*,1 | Fluence Energy Inc. Class A | 492,403 | 8,445 | |||
Barrett Business Services Inc. | 90,508 | 8,443 | ||||
Interface Inc. Class A | 835,858 | 8,250 | ||||
Kelly Services Inc. Class A | 486,874 | 8,228 | ||||
Ennis Inc. | 369,785 | 8,194 | ||||
Resources Connection Inc. | 442,287 | 8,129 | ||||
* | Franklin Covey Co. | 168,656 | 7,888 | |||
Genco Shipping & Trading Ltd. | 499,536 | 7,673 | ||||
Heidrick & Struggles International Inc. | 273,974 | 7,663 | ||||
ACCO Brands Corp. | 1,367,181 | 7,643 |
Shares | Market Value• ($000) | |||||
* | Cimpress plc | 276,401 | 7,631 | |||
U-Haul Holding Co. | 124,993 | 7,523 | ||||
Insteel Industries Inc. | 266,110 | 7,323 | ||||
* | Transcat Inc. | 101,346 | 7,182 | |||
* | Sun Country Airlines Holdings Inc. | 449,841 | 7,134 | |||
* | Harsco Corp. | 1,133,821 | 7,132 | |||
* | Heritage-Crystal Clean Inc. | 219,358 | 7,125 | |||
* | Viad Corp. | 290,954 | 7,096 | |||
Rush Enterprises Inc. Class B | 124,329 | 6,996 | ||||
* | Ducommun Inc. | 139,329 | 6,961 | |||
* | CIRCOR International Inc. | ��� 288,341 | 6,909 | |||
Eagle Bulk Shipping Inc. | 138,199 | 6,902 | ||||
VSE Corp. | 146,366 | 6,862 | ||||
Allied Motion Technologies Inc. | 184,319 | 6,416 | ||||
*,1 | Blink Charging Co. | 577,497 | 6,335 | |||
*,1 | SES AI Corp. | 1,987,168 | 6,260 | |||
* | Aurora Innovation Inc. | 5,064,397 | 6,128 | |||
*,1 | FiscalNote Holdings Inc. | 945,896 | 5,987 | |||
* | Forrester Research Inc. | 166,452 | 5,952 | |||
* | V2X Inc. | 142,084 | 5,867 | |||
* | Babcock & Wilcox Enterprises Inc. | 1,014,141 | 5,852 | |||
* | Hawaiian Holdings Inc. | 566,917 | 5,817 | |||
REV Group Inc. | 459,403 | 5,798 | ||||
Argan Inc. | 157,164 | 5,796 | ||||
* | Great Lakes Dredge & Dock Corp. | 973,326 | 5,791 | |||
* | Custom Truck One Source Inc. | 901,235 | 5,696 | |||
Global Industrial Co. | 241,025 | 5,671 | ||||
* | DXP Enterprises Inc. | 197,662 | 5,446 | |||
* | Frontier Group Holdings Inc. | 525,742 | 5,399 | |||
* | TPI Composites Inc. | 531,414 | 5,388 | |||
Aris Water Solution Inc. Class A | 361,061 | 5,203 | ||||
Luxfer Holdings plc | 378,854 | 5,198 | ||||
* | Sterling Check Corp. | 322,666 | 4,992 | |||
* | Daseke Inc. | 869,983 | 4,950 | |||
* | Hudson Technologies Inc. | 480,200 | 4,860 | |||
* | Manitowoc Co. Inc. | 526,297 | 4,821 | |||
LSI Industries Inc. | 391,264 | 4,789 | ||||
* | CECO Environmental Corp. | 409,326 | 4,781 | |||
National Presto Industries Inc. | 69,314 | 4,745 | ||||
Alta Equipment Group Inc. | 346,915 | 4,576 | ||||
Powell Industries Inc. | 128,500 | 4,521 | ||||
*,1 | Desktop Metal Inc. Class A | 3,297,051 | 4,484 | |||
* | Tutor Perini Corp. | 591,148 | 4,463 | |||
* | IES Holdings Inc. | 122,128 | 4,344 | |||
* | Northwest Pipe Co. | 128,098 | 4,317 | |||
Cadre Holdings Inc. | 208,617 | 4,202 | ||||
Miller Industries Inc. | 156,999 | 4,186 | ||||
* | Microvast Holdings Inc. | 2,640,668 | 4,040 | |||
* | Hyliion Holdings Corp. | 1,722,690 | 4,031 | |||
FTAI Infrastructure Inc. | 1,349,321 | 3,980 | ||||
Omega Flex Inc. | 40,791 | 3,807 | ||||
Covenant Logistics Group Inc. Class A | 109,690 | 3,792 | ||||
* | Astronics Corp. | 347,756 | 3,582 | |||
* | AerSale Corp. | 214,874 | 3,485 | |||
* | Archer Aviation Inc. Class A | 1,858,645 | 3,476 | |||
* | BrightView Holdings Inc. | 497,837 | 3,430 | |||
Preformed Line Products Co. | 41,075 | 3,421 | ||||
Kimball International Inc. Class B | 520,826 | 3,385 | ||||
Hyster-Yale Materials Handling Inc. | 133,337 | 3,375 | ||||
Universal Logistics Holdings Inc. | 100,635 | 3,365 | ||||
*,1 | Red Violet Inc. | 141,227 | 3,251 | |||
* | HireRight Holdings Corp. | 267,013 | 3,167 | |||
* | TuSimple Holdings Inc. Class A | 1,892,045 | 3,103 | |||
Park Aerospace Corp. | 223,846 | 3,002 | ||||
* | Willdan Group Inc. | 167,299 | 2,986 | |||
* | Blue Bird Corp. | 265,665 | 2,845 | |||
*,1 | Energy Vault Holdings Inc. | 884,755 | 2,760 |
Shares | Market Value• ($000) | |||||
* | Bowman Consulting Group Ltd. Class A | 126,269 | 2,759 | |||
* | Commercial Vehicle Group Inc. | 403,524 | 2,748 | |||
* | Distribution Solutions Group Inc. | 71,008 | 2,617 | |||
* | Wheels Up Experience Inc. | 2,519,676 | 2,595 | |||
* | Performant Financial Corp. | 688,359 | 2,485 | |||
* | PAM Transportation Services Inc. | 94,705 | 2,453 | |||
* | Matrix Service Co. | 391,306 | 2,434 | |||
*,1 | NuScale Power Corp. | 235,292 | 2,414 | |||
* | Blade Air Mobility Inc. | 639,832 | 2,291 | |||
* | Atlas Technical Consultants Inc. Class A | 439,338 | 2,263 | |||
*,1 | Beam Global | 123,456 | 2,157 | |||
* | Radiant Logistics Inc. | 422,386 | 2,150 | |||
BGSF Inc. | 136,724 | 2,095 | ||||
* | Innovative Solutions & Support Inc. | 248,896 | 2,046 | |||
Hurco Cos. Inc. | 73,808 | 1,929 | ||||
* | Quad/Graphics Inc. | 469,442 | 1,915 | |||
Pangaea Logistics Solutions Ltd. | 368,856 | 1,900 | ||||
*,1 | Hyzon Motors Inc. | 1,217,719 | 1,887 | |||
*,1 | ESS Tech Inc. | 776,012 | 1,886 | |||
* | EVI Industries Inc. | 74,850 | 1,787 | |||
* | Byrna Technologies Inc. | 227,449 | 1,783 | |||
* | Willis Lease Finance Corp. | 29,287 | 1,728 | |||
Eastern Co. | 88,913 | 1,714 | ||||
* | Concrete Pumping Holdings Inc. | 282,397 | 1,652 | |||
* | Mayville Engineering Co. Inc. | 125,197 | 1,585 | |||
*,1 | Symbotic Inc. Class A | 132,599 | 1,583 | |||
*,1 | Amprius Technologies Inc. | 197,432 | 1,566 | |||
ARC Document Solutions Inc. | 534,145 | 1,565 | ||||
Park-Ohio Holdings Corp. | 125,237 | 1,532 | ||||
* | Skillsoft Corp. | 1,166,079 | 1,516 | |||
* | DLH Holdings Corp. | 125,845 | 1,493 | |||
*,1 | Velo3D Inc. | 819,075 | 1,466 | |||
* | Graham Corp. | 147,279 | 1,417 | |||
* | Gencor Industries Inc. | 137,404 | 1,388 | |||
* | L B Foster Co. Class A | 142,436 | 1,379 | |||
*,1 | Spire Global Inc. | 1,427,770 | 1,371 | |||
* | American Superconductor Corp. | 364,323 | 1,341 | |||
* | Mistras Group Inc. | 261,075 | 1,287 | |||
* | SKYX Platforms Corp. | 509,538 | 1,284 | |||
* | Twin Disc Inc. | 129,648 | 1,260 | |||
* | Quest Resource Holding Corp. | 205,544 | 1,256 | |||
*,1 | Aqua Metals Inc. | 991,526 | 1,239 | |||
*,1 | Terran Orbital Corp. | 780,931 | 1,234 | |||
*,1 | BlackSky Technology Inc. Class A | 791,718 | 1,219 | |||
*,1 | Eos Energy Enterprises Inc. | 791,920 | 1,172 | |||
*,1 | Dragonfly Energy Holdings Corp. | 98,475 | 1,172 | |||
* | Yellow Corp. | 466,015 | 1,170 | |||
*,1 | INNOVATE Corp. | 623,568 | 1,166 | |||
* | RCM Technologies Inc. | 92,320 | 1,139 | |||
* | Limbach Holdings Inc. | 109,382 | 1,139 | |||
* | Orion Group Holdings Inc. | 457,108 | 1,088 | |||
*,1 | Markforged Holding Corp. | 926,431 | 1,075 | |||
*,1 | NeoVolta Inc. | 365,718 | 1,020 | |||
Karat Packaging Inc. | 70,799 | 1,017 | ||||
* | FTC Solar Inc. | 357,470 | 958 | |||
* | NN Inc. | 613,095 | 920 | |||
*,1 | KULR Technology Group Inc. | 766,021 | 919 | |||
*,1 | Advent Technologies Holdings Inc. | 506,225 | 916 | |||
NL Industries Inc. | 134,129 | 913 | ||||
*,1 | Knightscope Inc. Class A | 479,866 | 907 | |||
* | Heliogen Inc. | 1,269,609 | 886 | |||
*,1 | Ideal Power Inc. | 78,007 | 828 | |||
* | Orion Energy Systems Inc. | 453,956 | 826 | |||
* | Hydrofarm Holdings Group Inc. | 519,717 | 806 | |||
* | GEE Group Inc. | 1,612,349 | 790 | |||
* | Manitex International Inc. | 195,901 | 784 | |||
* | Energous Corp. | 928,548 | 776 |
Shares | Market Value• ($000) | |||||
*,1 | View Inc. | 769,206 | 742 | |||
*,1 | Astra Space Inc. | 1,702,284 | 738 | |||
*,1 | Sunworks Inc. | 455,623 | 720 | |||
* | Alpha Pro Tech Ltd. | 176,764 | 711 | |||
Acme United Corp. | 31,913 | 699 | ||||
* | Mesa Air Group Inc. | 447,703 | 685 | |||
* | Perma-Pipe International Holdings Inc. | 72,457 | 685 | |||
* | Virco Manufacturing Corp. | 150,864 | 682 | |||
* | Sarcos Technology & Robotics Corp. | 1,198,490 | 673 | |||
* | VirTra Inc. | 140,011 | 655 | |||
HireQuest Inc. | 40,082 | 634 | ||||
* | US Xpress Enterprises Inc. Class A | 348,062 | 630 | |||
*,1 | BitNile Holdings Inc. | 5,075,133 | 622 | |||
* | FreightCar America Inc. | 183,976 | 589 | |||
* | Hudson Global Inc. | 24,719 | 559 | |||
*,1 | Momentus Inc. Class A | 709,095 | 553 | |||
* | Mastech Digital Inc. | 46,224 | 509 | |||
* | Air T Inc. | 19,387 | 486 | |||
*,1 | Redwire Corp. | 232,235 | 460 | |||
* | Fuel Tech Inc. | 347,637 | 441 | |||
* | Westwater Resources Inc. | 555,995 | 439 | |||
* | Broadwind Inc. | 242,529 | 434 | |||
*,1 | Flux Power Holdings Inc. | 108,046 | 429 | |||
* | Ultralife Corp. | 109,982 | 424 | |||
*,1 | AgEagle Aerial Systems Inc. | 1,081,707 | 379 | |||
*,1 | Odyssey Marine Exploration Inc. Class B | 95,139 | 369 | |||
* | Perma-Fix Environmental Services Inc. | 100,082 | 353 | |||
*,1 | Bird Global Inc. Class A | 1,957,362 | 353 | |||
* | Ocean Power Technologies Inc. | 753,871 | 339 | |||
* | LS Starrett Co. Class A | 45,916 | 338 | |||
*,1 | Xos Inc. | 745,878 | 330 | |||
*,1 | Berkshire Grey Inc. | 544,182 | 329 | |||
* | Urban-Gro Inc. | 111,102 | 302 | |||
*,1 | Aeroclean Technologies Inc. | 94,796 | 297 | |||
* | Capstone Green Energy Corp. | 193,080 | 280 | |||
* | Jewett-Cameron Trading Co. Ltd. | 44,541 | 257 | |||
* | Williams Industrial Services Group Inc. | 251,338 | 256 | |||
* | Team Inc. | 48,157 | 253 | |||
*,1 | Safe & Green Holdings Corp. | 183,382 | 251 | |||
*,1 | Orbital Infrastructure Group Inc. | 1,149,227 | 226 | |||
* | Servotronics Inc. | 19,002 | 201 | |||
* | India Globalization Capital Inc. | 630,222 | 200 | |||
* | Mega Matrix Corp. | 106,742 | 188 | |||
* | Air Industries Group | 41,109 | 175 | |||
* | Pioneer Power Solutions Inc. | 58,233 | 156 | |||
*,1 | ShiftPixy Inc. | 6,699 | 140 | |||
*,1 | Lightning eMotors Inc. | 371,854 | 136 | |||
* | Taylor Devices Inc. | 9,162 | 130 | |||
* | iSun Inc. | 97,573 | 130 | |||
* | SIFCO Industries Inc. | 59,634 | 129 | |||
*,1,2 | FTE Networks Inc. | 82,837 | 124 | |||
*,1 | Nuvve Holding Corp. | 177,956 | 119 | |||
* | Astrotech Corp. | 11,725 | 117 | |||
*,1 | HyreCar Inc. | 251,749 | 107 | |||
* | Pineapple Energy Inc. | 44,970 | 105 | |||
*,1 | Polar Power Inc. | 80,105 | 103 | |||
* | LiqTech International Inc. | 246,699 | 94 | |||
* | Charah Solutions Inc. | 15,623 | 84 | |||
* | Wilhelmina International Inc. | 22,891 | 79 | |||
* | DSS Inc. | 434,597 | 71 | |||
* | Espey Manufacturing & Electronics Corp. | 4,448 | 63 | |||
*,1 | Applied UV Inc. | 68,188 | 62 | |||
* | FGI Industries Ltd. | 26,156 | 59 | |||
*,1 | Sidus Space Inc. Class A | 51,039 | 56 | |||
* | JanOne Inc. | 39,454 | 54 | |||
*,1 | Shapeways Holdings Inc. | 95,850 | 52 | |||
P&F Industries Inc. Class A | 9,701 | 48 |
Shares | Market Value• ($000) | |||||
* | Sigma Additive Solutions Inc. | 108,527 | 43 | |||
* | Staffing 360 Solutions Inc. | 15,190 | 43 | |||
* | TOMI Environmental Solutions Inc. | 65,117 | 32 | |||
*,1 | Energy Focus Inc. | 81,557 | 26 | |||
* | CEA Industries Inc. | 24,147 | 20 | |||
*,1 | Where Food Comes From Inc. | 1,296 | 18 | |||
*,1 | Helbiz Inc. | 106,121 | 14 | |||
* | Gaucho Group Holdings Inc. | 8,998 | 10 | |||
*,1 | Agrify Corp. | 27,782 | 9 | |||
*,1 | QualTek Services Inc. | 15,120 | 7 | |||
* | Patriot Transportation Holding Inc. | 752 | 5 | |||
* | Greenwave Technology Solutions Inc. | 4,824 | 4 | |||
CompX International Inc. | 30 | 1 | ||||
* | Art's-Way Manufacturing Co. Inc. | 130 | — | |||
* | Avalon Holdings Corp. Class A | 42 | — | |||
* | Fathom Digital Manufacturing C | 48 | — | |||
*,2 | Pineapple Energy Inc. CVR | 30,377 | — | |||
12,385,081 | ||||||
Information Technology (18.0%) | ||||||
* | Palo Alto Networks Inc. | 4,098,526 | 571,908 | |||
* | Snowflake Inc. Class A | 3,725,788 | 534,800 | |||
* | Block Inc. Class A | 7,323,794 | 460,227 | |||
* | Workday Inc. Class A | 2,732,971 | 457,308 | |||
Marvell Technology Inc. | 11,527,362 | 426,974 | ||||
* | VMware Inc. Class A | 2,818,625 | 346,014 | |||
* | Crowdstrike Holdings Inc. Class A | 2,922,334 | 307,693 | |||
* | Atlassian Corp. Class A | 2,019,828 | 259,911 | |||
* | Datadog Inc. Class A | 3,246,447 | 238,614 | |||
* | Fair Isaac Corp. | 340,184 | 203,627 | |||
* | Zoom Video Communications Inc. Class A | 2,990,524 | 202,578 | |||
* | HubSpot Inc. | 661,153 | 191,159 | |||
* | MongoDB Inc. Class A | 937,406 | 184,519 | |||
* | Cloudflare Inc. Class A | 3,886,169 | 175,694 | |||
* | Splunk Inc. | 2,038,071 | 175,458 | |||
* | GoDaddy Inc. Class A | 2,106,419 | 157,602 | |||
SS&C Technologies Holdings Inc. | 2,980,211 | 155,150 | ||||
* | Palantir Technologies Inc. Class A | 23,961,865 | 153,835 | |||
* | DocuSign Inc. Class A | 2,565,239 | 142,166 | |||
Dell Technologies Inc. Class C | 3,507,711 | 141,080 | ||||
* | Okta Inc. Class A | 2,064,506 | 141,068 | |||
* | Bill.com Holdings Inc. | 1,215,762 | 132,469 | |||
Entegris Inc. | 2,013,993 | 132,098 | ||||
* | Black Knight Inc. | 2,126,149 | 131,290 | |||
* | Zscaler Inc. | 1,145,273 | 128,156 | |||
Jabil Inc. | 1,833,795 | 125,065 | ||||
* | Lattice Semiconductor Corp. | 1,848,580 | 119,936 | |||
* | Wolfspeed Inc. | 1,681,212 | 116,071 | |||
* | Twilio Inc. Class A | 2,363,868 | 115,735 | |||
Cognex Corp. | 2,336,560 | 110,075 | ||||
* | Paylocity Holding Corp. | 555,754 | 107,961 | |||
Genpact Ltd. | 2,289,651 | 106,057 | ||||
* | Dynatrace Inc. | 2,725,310 | 104,379 | |||
* | Manhattan Associates Inc. | 845,676 | 102,665 | |||
* | Ciena Corp. | 1,990,704 | 101,486 | |||
* | Pure Storage Inc. Class A | 3,786,956 | 101,339 | |||
Bentley Systems Inc. Class B | 2,663,501 | 98,443 | ||||
* | WEX Inc. | 591,532 | 96,804 | |||
*,1 | Unity Software Inc. | 3,344,523 | 95,620 | |||
* | Arrow Electronics Inc. | 830,558 | 86,851 | |||
* | Coupa Software Inc. | 1,036,378 | 82,050 | |||
* | Dropbox Inc. Class A | 3,659,924 | 81,909 | |||
* | Nutanix Inc. Class A | 3,114,002 | 81,120 | |||
* | Aspen Technology Inc. | 391,489 | 80,412 | |||
Concentrix Corp. | 574,417 | 76,489 | ||||
* | Toast Inc. Class A | 4,226,960 | 76,212 | |||
* | ExlService Holdings Inc. | 447,757 | 75,863 | |||
Littelfuse Inc. | 334,008 | 73,549 |
Shares | Market Value• ($000) | |||||
Western Union Co. | 5,177,950 | 71,300 | ||||
* | Guidewire Software Inc. | 1,109,749 | 69,426 | |||
* | Smartsheet Inc. Class A | 1,757,686 | 69,183 | |||
* | Novanta Inc. | 486,278 | 66,071 | |||
* | Coherent Corp. | 1,865,987 | 65,496 | |||
* | Five9 Inc. | 964,950 | 65,482 | |||
MKS Instruments Inc. | 768,727 | 65,134 | ||||
National Instruments Corp. | 1,762,044 | 65,019 | ||||
* | Fabrinet | 499,352 | 64,027 | |||
Universal Display Corp. | 585,306 | 63,236 | ||||
* | SPS Commerce Inc. | 490,197 | 62,956 | |||
* | UiPath Inc. Class A | 4,798,929 | 60,994 | |||
* | Silicon Laboratories Inc. | 448,035 | 60,785 | |||
Maximus Inc. | 820,526 | 60,169 | ||||
* | Euronet Worldwide Inc. | 634,538 | 59,888 | |||
* | Box Inc. Class A | 1,907,223 | 59,372 | |||
Dolby Laboratories Inc. Class A | 827,728 | 58,388 | ||||
* | Tenable Holdings Inc. | 1,521,423 | 58,042 | |||
Power Integrations Inc. | 774,174 | 55,524 | ||||
* | Cirrus Logic Inc. | 742,350 | 55,290 | |||
* | Elastic NV | 1,038,064 | 53,460 | |||
TD SYNNEX Corp. | 563,926 | 53,409 | ||||
* | Qualys Inc. | 470,240 | 52,775 | |||
* | Calix Inc. | 770,787 | 52,745 | |||
* | Workiva Inc. Class A | 621,717 | 52,206 | |||
* | Rambus Inc. | 1,451,389 | 51,989 | |||
Avnet Inc. | 1,245,556 | 51,790 | ||||
* | Synaptics Inc. | 538,126 | 51,208 | |||
* | Super Micro Computer Inc. | 619,712 | 50,878 | |||
* | Blackline Inc. | 738,371 | 49,670 | |||
* | Lumentum Holdings Inc. | 910,416 | 47,496 | |||
* | Confluent Inc. Class A | 2,122,314 | 47,200 | |||
* | Teradata Corp. | 1,384,858 | 46,614 | |||
* | Diodes Inc. | 612,026 | 46,600 | |||
* | Envestnet Inc. | 743,767 | 45,890 | |||
* | Onto Innovation Inc. | 670,389 | 45,647 | |||
* | Procore Technologies Inc. | 948,910 | 44,770 | |||
* | Sanmina Corp. | 778,531 | 44,602 | |||
* | New Relic Inc. | 788,740 | 44,524 | |||
* | NCR Corp. | 1,883,418 | 44,091 | |||
* | MACOM Technology Solutions Holdings Inc. | 694,005 | 43,708 | |||
Advanced Energy Industries Inc. | 507,348 | 43,520 | ||||
Badger Meter Inc. | 395,586 | 43,131 | ||||
* | Alteryx Inc. Class A | 837,166 | 42,419 | |||
* | IPG Photonics Corp. | 441,538 | 41,800 | |||
* | SentinelOne Inc. Class A | 2,861,053 | 41,743 | |||
Vontier Corp. | 2,158,400 | 41,722 | ||||
* | Insight Enterprises Inc. | 410,832 | 41,194 | |||
Belden Inc. | 564,718 | 40,603 | ||||
* | Ambarella Inc. | 492,438 | 40,493 | |||
* | Shift4 Payments Inc. Class A | 706,751 | 39,529 | |||
* | Plexus Corp. | 375,830 | 38,684 | |||
* | CommVault Systems Inc. | 603,021 | 37,894 | |||
Vishay Intertechnology Inc. | 1,756,637 | 37,891 | ||||
* | RingCentral Inc. Class A | 1,059,186 | 37,495 | |||
*,1 | Gitlab Inc. Class A | 820,704 | 37,293 | |||
* | Marqeta Inc. Class A | 5,903,878 | 36,073 | |||
* | Sprout Social Inc. Class A | 635,516 | 35,881 | |||
* | Varonis Systems Inc. Class B | 1,495,213 | 35,795 | |||
* | Blackbaud Inc. | 600,735 | 35,359 | |||
* | Axcelis Technologies Inc. | 442,180 | 35,091 | |||
Kulicke & Soffa Industries Inc. | 779,162 | 34,486 | ||||
* | ACI Worldwide Inc. | 1,466,286 | 33,725 | |||
* | Alarm.com Holdings Inc. | 676,587 | 33,478 | |||
* | MaxLinear Inc. Class A | 980,961 | 33,304 | |||
* | Viasat Inc. | 1,037,451 | 32,835 | |||
* | Perficient Inc. | 469,234 | 32,767 |
Shares | Market Value• ($000) | |||||
* | Extreme Networks Inc. | 1,785,635 | 32,695 | |||
Amkor Technology Inc. | 1,350,631 | 32,388 | ||||
* | Viavi Solutions Inc. | 3,064,531 | 32,208 | |||
* | Altair Engineering Inc. Class A | 707,365 | 32,164 | |||
*,1 | Freshworks Inc. Class A | 2,160,220 | 31,777 | |||
* | Verint Systems Inc. | 868,355 | 31,504 | |||
* | Kyndryl Holdings Inc. | 2,817,758 | 31,333 | |||
* | Impinj Inc. | 285,988 | 31,224 | |||
* | Itron Inc. | 609,482 | 30,870 | |||
* | Rogers Corp. | 254,983 | 30,430 | |||
* | NetScout Systems Inc. | 919,643 | 29,898 | |||
Progress Software Corp. | 579,965 | 29,259 | ||||
* | PagerDuty Inc. | 1,098,198 | 29,168 | |||
EVERTEC Inc. | 892,249 | 28,891 | ||||
* | KnowBe4 Inc. Class A | 1,163,331 | 28,827 | |||
*,1 | Affirm Holdings Inc. Class A | 2,899,473 | 28,038 | |||
Clear Secure Inc. Class A | 1,020,698 | 27,998 | ||||
* | nCino Inc. | 1,048,711 | 27,728 | |||
* | HashiCorp Inc. Class A | 1,006,872 | 27,528 | |||
* | Sabre Corp. | 4,450,925 | 27,507 | |||
* | Rapid7 Inc. | 800,629 | 27,205 | |||
* | Appfolio Inc. Class A | 254,206 | 26,788 | |||
* | Verra Mobility Corp. Class A | 1,919,572 | 26,548 | |||
* | Allegro MicroSystems Inc. | 881,810 | 26,472 | |||
* | Semtech Corp. | 865,675 | 24,836 | |||
* | FormFactor Inc. | 1,046,201 | 23,257 | |||
CSG Systems International Inc. | 402,917 | 23,047 | ||||
Xerox Holdings Corp. | 1,555,732 | 22,714 | ||||
* | DoubleVerify Holdings Inc. | 1,015,655 | 22,304 | |||
* | SiTime Corp. | 216,761 | 22,027 | |||
Methode Electronics Inc. | 492,171 | 21,838 | ||||
* | Evo Payments Inc. Class A | 637,735 | 21,581 | |||
* | Agilysys Inc. | 271,276 | 21,469 | |||
* | CommScope Holding Co. Inc. | 2,882,721 | 21,188 | |||
* | Cohu Inc. | 659,321 | 21,131 | |||
*,1 | DigitalOcean Holdings Inc. | 829,252 | 21,121 | |||
* | LiveRamp Holdings Inc. | 899,642 | 21,088 | |||
* | TTM Technologies Inc. | 1,394,093 | 21,023 | |||
* | Q2 Holdings Inc. | 776,268 | 20,858 | |||
* | Ultra Clean Holdings Inc. | 624,954 | 20,717 | |||
* | Flywire Corp. | 840,625 | 20,570 | |||
InterDigital Inc. | 398,801 | 19,733 | ||||
Pegasystems Inc. | 559,200 | 19,147 | ||||
* | Harmonic Inc. | 1,448,703 | 18,978 | |||
* | Knowles Corp. | 1,154,802 | 18,962 | |||
* | Model N Inc. | 458,607 | 18,601 | |||
* | Digital Turbine Inc. | 1,215,262 | 18,521 | |||
* | Appian Corp. Class A | 562,004 | 18,299 | |||
ADTRAN Holdings Inc. | 961,921 | 18,075 | ||||
* | AvidXchange Holdings Inc. | 1,817,275 | 18,064 | |||
*,1 | MicroStrategy Inc. Class A | 126,849 | 17,958 | |||
*,1 | AppLovin Corp. Class A | 1,700,804 | 17,909 | |||
* | Infinera Corp. | 2,620,476 | 17,662 | |||
* | Digi International Inc. | 479,703 | 17,533 | |||
* | OSI Systems Inc. | 219,219 | 17,432 | |||
CTS Corp. | 423,458 | 16,693 | ||||
* | Samsara Inc. Class A | 1,340,411 | 16,661 | |||
* | ePlus Inc. | 374,962 | 16,603 | |||
*,1 | Credo Technology Group Holding Ltd. | 1,228,781 | 16,355 | |||
* | Everbridge Inc. | 543,863 | 16,087 | |||
* | Paycor HCM Inc. | 652,434 | 15,965 | |||
* | Qualtrics International Inc. Class A | 1,501,647 | 15,587 | |||
Ubiquiti Inc. | 56,328 | 15,407 | ||||
* | Remitly Global Inc. | 1,317,223 | 15,082 | |||
* | Payoneer Global Inc. | 2,704,978 | 14,796 | |||
* | Clearfield Inc. | 154,855 | 14,578 | |||
Adeia Inc. | 1,522,836 | 14,436 |
Shares | Market Value• ($000) | |||||
A10 Networks Inc. | 867,960 | 14,434 | ||||
* | Photronics Inc. | 845,300 | 14,226 | |||
* | MoneyGram International Inc. | 1,306,195 | 14,224 | |||
* | Asana Inc. Class A | 1,032,389 | 14,216 | |||
* | Zeta Global Holdings Corp. Class A | 1,704,682 | 13,927 | |||
* | PROS Holdings Inc. | 565,197 | 13,712 | |||
* | E2open Parent Holdings Inc. | 2,311,379 | 13,568 | |||
* | Clearwater Analytics Holdings Inc. Class A | 711,377 | 13,338 | |||
* | Veeco Instruments Inc. | 711,233 | 13,215 | |||
* | Jamf Holding Corp. | 617,254 | 13,148 | |||
*,1 | C3.ai Inc. Class A | 1,134,904 | 12,700 | |||
* | Squarespace Inc. Class A | 571,629 | 12,673 | |||
* | Fastly Inc. Class A | 1,541,065 | 12,621 | |||
* | CCC Intelligent Solutions Holdings Inc. | 1,450,438 | 12,619 | |||
* | Duck Creek Technologies Inc. | 1,045,700 | 12,601 | |||
* | Consensus Cloud Solutions Inc. | 234,072 | 12,584 | |||
* | Momentive Global Inc. | 1,757,023 | 12,299 | |||
* | Avid Technology Inc. | 451,711 | 12,011 | |||
* | Sumo Logic Inc. | 1,482,578 | 12,009 | |||
* | PDF Solutions Inc. | 409,884 | 11,690 | |||
TTEC Holdings Inc. | 261,469 | 11,539 | ||||
* | Braze Inc. Class A | 422,274 | 11,520 | |||
Benchmark Electronics Inc. | 424,614 | 11,333 | ||||
* | International Money Express Inc. | 460,562 | 11,224 | |||
* | ForgeRock Inc. Class A | 491,785 | 11,198 | |||
*,1 | Mirion Technologies Inc. | 1,688,041 | 11,158 | |||
* | Napco Security Technologies Inc. | 405,946 | 11,155 | |||
* | Zuora Inc. Class A | 1,725,765 | 10,976 | |||
* | Ichor Holdings Ltd. | 400,974 | 10,754 | |||
* | ScanSource Inc. | 352,562 | 10,302 | |||
* | Cerence Inc. | 546,734 | 10,131 | |||
* | PowerSchool Holdings Inc. Class A | 435,836 | 10,059 | |||
* | SMART Global Holdings Inc. | 663,385 | 9,871 | |||
* | LivePerson Inc. | 966,221 | 9,797 | |||
* | PAR Technology Corp. | 365,654 | 9,533 | |||
* | Paya Holdings Inc. | 1,205,361 | 9,486 | |||
* | N-able Inc. | 916,116 | 9,418 | |||
* | Conduent Inc. | 2,321,111 | 9,401 | |||
* | Thoughtworks Holding Inc. | 908,108 | 9,254 | |||
* | Yext Inc. | 1,384,155 | 9,039 | |||
* | Olo Inc. Class A | 1,428,425 | 8,928 | |||
* | Amplitude Inc. Class A | 712,315 | 8,605 | |||
* | Matterport Inc. | 3,061,467 | 8,572 | |||
* | Informatica Inc. Class A | 522,879 | 8,518 | |||
* | CEVA Inc. | 332,850 | 8,514 | |||
* | Alpha & Omega Semiconductor Ltd. | 294,922 | 8,426 | |||
* | Repay Holdings Corp. Class A | 1,044,484 | 8,408 | |||
* | FARO Technologies Inc. | 270,111 | 7,944 | |||
* | Kimball Electronics Inc. | 349,918 | 7,905 | |||
* | I3 Verticals Inc. Class A | 315,850 | 7,688 | |||
*,1 | Riot Blockchain Inc. | 2,264,142 | 7,675 | |||
* | NETGEAR Inc. | 416,365 | 7,540 | |||
Cass Information Systems Inc. | 163,613 | 7,497 | ||||
* | BigCommerce Holdings Inc. | 854,409 | 7,468 | |||
* | Alkami Technology Inc. | 509,558 | 7,434 | |||
* | Vertex Inc. Class A | 505,788 | 7,339 | |||
* | Grid Dynamics Holdings Inc. | 652,404 | 7,320 | |||
* | Corsair Gaming Inc. | 537,376 | 7,292 | |||
PC Connection Inc. | 152,488 | 7,152 | ||||
*,1 | IonQ Inc. | 2,072,698 | 7,151 | |||
* | EngageSmart Inc. | 404,791 | 7,124 | |||
* | Vishay Precision Group Inc. | 179,890 | 6,953 | |||
*,1 | Aehr Test Systems | 341,739 | 6,869 | |||
* | Sprinklr Inc. Class A | 839,601 | 6,860 | |||
American Software Inc. Class A | 461,430 | 6,774 | ||||
* | nLight Inc. | 645,180 | 6,542 | |||
Ebix Inc. | 324,748 | 6,482 |
Shares | Market Value• ($000) | |||||
*,1 | Lightwave Logic Inc. | 1,495,335 | 6,445 | |||
Hackett Group Inc. | 312,174 | 6,359 | ||||
* | SolarWinds Corp. | 665,574 | 6,230 | |||
* | TaskUS Inc. Class A | 368,178 | 6,222 | |||
* | Mitek Systems Inc. | 635,025 | 6,153 | |||
* | Domo Inc. Class B | 428,738 | 6,105 | |||
* | 8x8 Inc. | 1,359,348 | ��� 5,872 | |||
* | OneSpan Inc. | 501,303 | 5,610 | |||
Bel Fuse Inc. Class B | 168,385 | 5,543 | ||||
*,1 | MicroVision Inc. | 2,347,677 | 5,517 | |||
* | Expensify Inc. Class A | 612,421 | 5,408 | |||
* | Instructure Holdings Inc. | 229,242 | 5,373 | |||
*,1 | Meta Materials Inc. | 4,490,753 | 5,344 | |||
* | Intapp Inc. | 213,897 | 5,335 | |||
*,1 | Marathon Digital Holdings Inc. | 1,539,750 | 5,266 | |||
* | ON24 Inc. | 598,198 | 5,162 | |||
* | indie Semiconductor Inc. Class A | 864,806 | 5,042 | |||
*,1 | AvePoint Inc. | 1,221,092 | 5,019 | |||
* | Unisys Corp. | 976,419 | 4,990 | |||
*,1 | Cvent Holding Corp. Class A | 883,280 | 4,770 | |||
* | Tucows Inc. Class A | 140,159 | 4,754 | |||
Comtech Telecommunications Corp. | 369,250 | 4,483 | ||||
* | Benefitfocus Inc. | 427,873 | 4,476 | |||
*,1 | UserTesting Inc. | 595,529 | 4,472 | |||
* | Arlo Technologies Inc. | 1,264,009 | 4,437 | |||
* | Couchbase Inc. | 334,505 | 4,436 | |||
NVE Corp. | 66,611 | 4,313 | ||||
*,1 | SEMrush Holdings Inc. Class A | 526,434 | 4,285 | |||
* | ACM Research Inc. Class A | 544,313 | 4,197 | |||
*,1 | SmartRent Inc. Class A | 1,726,661 | 4,196 | |||
* | Aviat Networks Inc. | 131,203 | 4,092 | |||
* | ShotSpotter Inc. | 119,744 | 4,051 | |||
* | Xperi Inc. | 454,424 | 3,913 | |||
*,1 | Navitas Semiconductor Corp. | 1,094,782 | 3,843 | |||
* | Luna Innovations Inc. | 433,185 | 3,808 | |||
* | Telos Corp. | 744,699 | 3,791 | |||
*,1 | MeridianLink Inc. | 272,353 | 3,739 | |||
*,1 | Digimarc Corp. | 198,344 | 3,667 | |||
* | Cantaloupe Inc. | 832,842 | 3,623 | |||
* | Blend Labs Inc. Class A | 2,327,582 | 3,352 | |||
* | Cambium Networks Corp. | 152,545 | 3,306 | |||
Richardson Electronics Ltd. | 146,752 | 3,130 | ||||
* | Immersion Corp. | 426,627 | 2,999 | |||
* | Eastman Kodak Co. | 976,165 | 2,977 | |||
* | EverCommerce Inc. | 398,154 | 2,962 | |||
* | Ribbon Communications Inc. | 1,058,367 | 2,953 | |||
* | DZS Inc. | 232,320 | 2,946 | |||
* | Brightcove Inc. | 551,415 | 2,884 | |||
* | eGain Corp. | 310,954 | 2,808 | |||
*,1 | SoundHound AI Inc. | 1,572,114 | 2,783 | |||
* | Rimini Street Inc. | 714,652 | 2,723 | |||
* | Upland Software Inc. | 381,788 | 2,722 | |||
* | CoreCard Corp. | 89,343 | 2,588 | |||
* | Rackspace Technology Inc. | 819,574 | 2,418 | |||
* | AXT Inc. | 542,983 | 2,378 | |||
*,1 | 908 Devices Inc. | 305,508 | 2,328 | |||
* | KVH Industries Inc. | 220,804 | 2,257 | |||
* | CalAmp Corp. | 502,346 | 2,251 | |||
*,1 | Veritone Inc. | 419,635 | 2,224 | |||
Information Services Group Inc. | 482,484 | 2,219 | ||||
* | Identiv Inc. | 306,249 | 2,217 | |||
* | Intevac Inc. | 336,156 | 2,175 | |||
* | Edgio Inc. | 1,892,566 | 2,139 | |||
*,1 | Evolv Technologies Holdings Inc. | 819,067 | 2,121 | |||
*,1 | ZeroFox Holdings Inc. | 413,025 | 2,057 | |||
* | Akoustis Technologies Inc. | 727,680 | 2,052 | |||
* | Asure Software Inc. | 219,328 | 2,049 |
Shares | Market Value• ($000) | |||||
* | Transphorm Inc. | 367,869 | 2,001 | |||
* | Genasys Inc. | 540,301 | 1,999 | |||
* | Velodyne Lidar Inc. | 2,673,894 | 1,975 | |||
*,1 | Atomera Inc. | 298,601 | 1,857 | |||
* | Iteris Inc. | 595,754 | 1,853 | |||
* | CPI Card Group Inc. | 49,062 | 1,770 | |||
* | Aeva Technologies Inc. | 1,288,897 | 1,753 | |||
* | Weave Communications Inc. | 380,803 | 1,744 | |||
* | Quantum Corp. | 1,555,073 | 1,695 | |||
* | Paymentus Holdings Inc. Class A | 205,449 | 1,646 | |||
* | Daktronics Inc. | 569,976 | 1,607 | |||
*,1 | Focus Universal Inc. | 249,996 | 1,602 | |||
* | Turtle Beach Corp. | 219,646 | 1,575 | |||
* | inTEST Corp. | 148,346 | 1,528 | |||
* | Lantronix Inc. | 349,477 | 1,510 | |||
*,1 | Cyxtera Technologies Inc. | 768,415 | 1,475 | |||
* | Casa Systems Inc. | 538,466 | 1,470 | |||
* | Enfusion Inc. Class A | 150,684 | 1,457 | |||
PFSweb Inc. | 236,404 | 1,454 | ||||
* | Priority Technology Holdings Inc. | 276,406 | 1,454 | |||
* | Powerfleet Inc. | 536,428 | 1,443 | |||
* | Computer Task Group Inc. | 186,517 | 1,410 | |||
*,1 | Cerberus Cyber Sentinel Corp. | 543,537 | 1,386 | |||
* | Diebold Nixdorf Inc. | 974,094 | 1,383 | |||
* | Smith Micro Software Inc. | 658,346 | 1,383 | |||
*,1 | Cleanspark Inc. | 667,517 | 1,362 | |||
* | Amtech Systems Inc. | 176,457 | 1,341 | |||
* | Kopin Corp. | 1,070,756 | 1,328 | |||
*,1 | AgileThought Inc. Class A | 314,783 | 1,322 | |||
* | CS Disco Inc. | 203,830 | 1,288 | |||
* | Paysign Inc. | 496,392 | 1,281 | |||
*,1 | MICT Inc. | 1,532,276 | 1,272 | |||
*,1 | Kaltura Inc. | 705,152 | 1,213 | |||
* | Everspin Technologies Inc. | 217,481 | 1,209 | |||
* | Pixelworks Inc. | 671,576 | 1,189 | |||
* | PCTEL Inc. | 275,356 | 1,184 | |||
*,1 | VirnetX Holding Corp. | 905,638 | 1,177 | |||
* | Arteris Inc. | 266,060 | 1,144 | |||
* | LiveVox Holdings Inc. | 364,217 | 1,082 | |||
*,1 | Alpine 4 Holdings Inc. | 2,016,081 | 1,066 | |||
* | AstroNova Inc. | 81,388 | 1,043 | |||
* | Airgain Inc. | 152,243 | 991 | |||
* | WM Technology Inc. | 959,235 | 969 | |||
Park City Group Inc. | 193,418 | 957 | ||||
* | Inseego Corp. | 1,118,929 | 943 | |||
*,1 | Phunware Inc. | 1,211,441 | 937 | |||
Climb Global Solutions Inc. | 29,489 | 930 | ||||
*,1 | Ouster Inc. | 1,023,085 | 883 | |||
* | Innodata Inc. | 296,229 | 878 | |||
* | SecureWorks Corp. Class A | 137,379 | 878 | |||
* | Sono-Tek Corp. | 136,487 | 876 | |||
*,1 | Latch Inc. | 1,231,706 | 874 | |||
* | Issuer Direct Corp. | 34,289 | 859 | |||
* | QuickLogic Corp. | 157,856 | 811 | |||
*,1 | NextNav Inc. | 274,760 | 805 | |||
* | Backblaze Inc. Class A | 128,835 | 792 | |||
*,1 | eMagin Corp. | 906,375 | 770 | |||
* | Viant Technology Inc. Class A | 187,801 | 755 | |||
*,1 | BM Technologies Inc. | 144,374 | 752 | |||
* | TransAct Technologies Inc. | 118,370 | 736 | |||
* | Synchronoss Technologies Inc. | 1,184,703 | 732 | |||
*,1 | Rigetti Computing Inc. | 1,002,753 | 731 | |||
* | AEye Inc. | 1,519,255 | 730 | |||
* | SkyWater Technology Inc. | 100,074 | 712 | |||
*,1 | D-Wave Quantum Inc. | 493,000 | 710 | |||
* | Research Frontiers Inc. | 361,375 | 694 | |||
*,1 | Ondas Holdings Inc. | 423,162 | 673 |
Shares | Market Value• ($000) | |||||
* | Movano Inc. | 512,874 | 667 | |||
*,1 | Applied Optoelectronics Inc. | 349,064 | 660 | |||
* | Key Tronic Corp. | 151,277 | 655 | |||
*,1 | Dave Inc. | 2,253,557 | 654 | |||
* | Franklin Wireless Corp. | 144,894 | 646 | |||
* | Frequency Electronics Inc. | 89,508 | 631 | |||
*,1 | StarTek Inc. | 161,027 | 604 | |||
*,1 | Wrap Technologies Inc. | 338,065 | 571 | |||
* | Rekor Systems Inc. | 471,712 | 566 | |||
CSP Inc. | 58,064 | 548 | ||||
* | NetSol Technologies Inc. | 188,484 | 537 | |||
*,1 | Embark Technology Inc. | 160,415 | 528 | |||
* | Data I/O Corp. | 131,493 | 522 | |||
*,1 | Airspan Networks Holdings Inc. | 394,024 | 516 | |||
*,1 | One Stop Systems Inc. | 168,131 | 506 | |||
*,1 | Intrusion Inc. | 157,729 | 498 | |||
* | Intellicheck Inc. | 242,394 | 485 | |||
*,1 | Neonode Inc. | 86,223 | 474 | |||
* | EMCORE Corp. | 485,072 | 467 | |||
* | RF Industries Ltd. | 89,996 | 459 | |||
*,1 | Quantum Computing Inc. | 302,053 | 456 | |||
* | LightPath Technologies Inc. Class A | 369,843 | 451 | |||
* | Wireless Telecom Group Inc. | 249,302 | 446 | |||
* | SRAX Inc. Class A | 286,519 | 438 | |||
* | Optical Cable Corp. | 101,263 | 421 | |||
* | TESSCO Technologies Inc. | 84,101 | 405 | |||
* | GSI Technology Inc. | 219,552 | 380 | |||
* | CVD Equipment Corp. | 68,555 | 378 | |||
* | CPS Technologies Corp. | 140,086 | 377 | |||
* | Usio Inc. | 234,439 | 375 | |||
*,1 | Vislink Technologies Inc. | 668,746 | 375 | |||
* | Red Cat Holdings Inc. | 382,360 | 359 | |||
* | Cepton Inc. | 266,193 | 338 | |||
* | Cipher Mining Inc. | 571,371 | 320 | |||
* | Inuvo Inc. | 1,411,029 | 313 | |||
* | Aware Inc. | 182,324 | 312 | |||
* | Coda Octopus Group Inc. | 45,333 | 311 | |||
* | AudioEye Inc. | 77,975 | 296 | |||
*,1 | American Virtual Cloud Technologies Inc. | 250,337 | 288 | |||
* | M-Tron Industries Inc. | 31,573 | 276 | |||
*,1 | SeaChange International Inc. | 563,891 | 266 | |||
* | LGL Group Inc. | 63,145 | 256 | |||
* | ClearSign Technologies Corp. | 449,128 | 241 | |||
* | Electro-Sensors Inc. | 51,199 | 233 | |||
* | Qumu Corp. | 258,741 | 231 | |||
*,1 | Avaya Holdings Corp. | 1,161,052 | 228 | |||
* | Research Solutions Inc. | 116,293 | 224 | |||
* | Boxlight Corp. Class A | 702,399 | 218 | |||
* | BSQUARE Corp. | 189,580 | 214 | |||
* | SigmaTron International Inc. | 54,299 | 209 | |||
* | WidePoint Corp. | 112,521 | 205 | |||
*,1 | Marin Software Inc. | 202,224 | 202 | |||
*,1 | Rockley Photonics Holdings Ltd. | 1,249,033 | 175 | |||
* | ClearOne Inc. | 114,742 | 174 | |||
* | GSE Systems Inc. | 255,595 | 174 | |||
* | Trio-Tech International | 37,853 | 170 | |||
* | authID Inc. | 282,129 | 166 | |||
* | AppTech Payments Corp. | 67,900 | 161 | |||
* | TSR Inc. | 23,512 | 160 | |||
*,1 | Digital Ally Inc. | 648,099 | 151 | |||
*,1 | Glimpse Group Inc. | 48,382 | 147 | |||
*,1 | IronNet Inc. | 622,931 | 143 | |||
* | AmpliTech Group Inc. | 66,524 | 141 | |||
* | ADDvantage Technologies Group Inc. | 96,423 | 140 | |||
*,1 | Verb Technology Co. Inc. | 830,962 | 136 | |||
* | SilverSun Technologies Inc. | 44,899 | 133 | |||
*,1 | Socket Mobile Inc. | 67,030 | 130 |
Shares | Market Value• ($000) | |||||
* | VerifyMe Inc. | 105,037 | 122 | |||
* | Bridgeline Digital Inc. | 106,655 | 112 | |||
*,1 | Ryvyl Inc. | 242,066 | 111 | |||
* | OMNIQ Corp. | 24,443 | 111 | |||
*,1 | DecisionPoint Systems Inc. | 12,972 | 105 | |||
*,1 | Stronghold Digital Mining Inc. Class A | 199,068 | 95 | |||
*,1 | OLB Group Inc. | 112,818 | 94 | |||
* | Universal Security Instruments Inc. | 45,959 | 93 | |||
Bel Fuse Inc. Class A | 2,346 | 78 | ||||
* | Peraso Inc. | 96,947 | 71 | |||
Autoscope Technologies Corp. | 19,399 | 70 | ||||
*,1 | Auddia Inc. | 71,594 | 69 | |||
*,1 | Bio-key International Inc. | 109,444 | 64 | |||
Crexendo Inc. | 32,741 | 62 | ||||
* | Data Storage Corp. | 39,604 | 58 | |||
* | BTCS Inc. | 87,854 | 55 | |||
*,1 | Exela Technologies Inc. | 674,600 | 55 | |||
* | Inpixon | 25,746 | 44 | |||
*,1 | Greenidge Generation Holdings Inc. Class A | 148,619 | 43 | |||
*,1 | ComSovereign Holding Corp. | 557,523 | 40 | |||
*,1 | CYNGN Inc. | 52,406 | 35 | |||
* | Cemtrex Inc. | 244,785 | 32 | |||
* | Soluna Holdings Inc. | 118,915 | 32 | |||
BK Technologies Corp. | 7,994 | 27 | ||||
*,1 | Sobr Safe Inc. | 25,261 | 24 | |||
* | DatChat Inc. | 86,875 | 21 | |||
2 | SRAX Inc. | 284,252 | 20 | |||
* | Duos Technologies Group Inc. | 8,650 | 18 | |||
* | Sonim Technologies Inc. | 40,817 | 17 | |||
*,1 | Terawulf Inc. | 20,849 | 14 | |||
*,1 | CompoSecure Inc. | 2,080 | 10 | |||
*,1 | Akerna Corp. | 15,169 | 10 | |||
*,1 | Oblong Inc. | 75,152 | 9 | |||
* | WaveDancer Inc. | 19,522 | 9 | |||
* | Blackboxstocks Inc. | 26,607 | 8 | |||
*,1 | Kaspien Holdings Inc. | 12,336 | 7 | |||
Network-1 Technologies Inc. | 183 | — | ||||
* | T Stamp Inc. Class A | 700 | — | |||
14,196,082 | ||||||
Materials (4.3%) | ||||||
RPM International Inc. | 1,747,051 | 170,250 | ||||
Reliance Steel & Aluminum Co. | 792,293 | 160,392 | ||||
Crown Holdings Inc. | 1,630,722 | 134,062 | ||||
* | Cleveland-Cliffs Inc. | 6,950,463 | 111,972 | |||
Alcoa Corp. | 2,385,532 | 108,470 | ||||
Berry Global Group Inc. | 1,686,581 | 101,920 | ||||
Royal Gold Inc. | 885,832 | 99,851 | ||||
AptarGroup Inc. | 886,008 | 97,443 | ||||
Graphic Packaging Holding Co. | 4,161,682 | 92,597 | ||||
Olin Corp. | 1,717,974 | 90,950 | ||||
Sonoco Products Co. | 1,316,615 | 79,932 | ||||
United States Steel Corp. | 3,138,769 | 78,626 | ||||
Valvoline Inc. | 2,387,559 | 77,954 | ||||
Commercial Metals Co. | 1,585,104 | 76,561 | ||||
* | Axalta Coating Systems Ltd. | 2,969,929 | 75,644 | |||
Ashland Inc. | 679,649 | 73,083 | ||||
Huntsman Corp. | 2,427,587 | 66,710 | ||||
Eagle Materials Inc. | 499,394 | 66,345 | ||||
Chemours Co. | 2,025,837 | 62,031 | ||||
Silgan Holdings Inc. | 1,141,685 | 59,185 | ||||
Louisiana-Pacific Corp. | 970,003 | 57,424 | ||||
Element Solutions Inc. | 3,005,717 | 54,674 | ||||
Balchem Corp. | 439,762 | 53,699 | ||||
* | ATI Inc. | 1,735,230 | 51,814 | |||
HB Fuller Co. | 718,944 | 51,491 | ||||
Cabot Corp. | 758,681 | 50,710 | ||||
* | Livent Corp. | 2,436,237 | 48,408 |
Shares | Market Value• ($000) | |||||
Westlake Corp. | 461,373 | 47,309 | ||||
* | Summit Materials Inc. Class A | 1,625,291 | 46,142 | |||
Hecla Mining Co. | 7,575,027 | 42,117 | ||||
Sensient Technologies Corp. | 567,440 | 41,378 | ||||
Avient Corp. | 1,161,553 | 39,214 | ||||
* | O-I Glass Inc. | 2,090,063 | 34,632 | |||
Innospec Inc. | 332,621 | 34,213 | ||||
* | Ingevity Corp. | 481,729 | 33,933 | |||
Quaker Chemical Corp. | 185,825 | 31,014 | ||||
* | MP Materials Corp. | 1,272,541 | 30,897 | |||
Stepan Co. | 284,731 | 30,312 | ||||
* | Arconic Corp. | 1,385,557 | 29,318 | |||
Greif Inc. Class A | 432,509 | 29,004 | ||||
Alpha Metallurgical Resources Inc. | 192,197 | 28,136 | ||||
NewMarket Corp. | 90,003 | 28,001 | ||||
Scotts Miracle-Gro Co. | 558,186 | 27,122 | ||||
Minerals Technologies Inc. | 439,865 | 26,709 | ||||
Materion Corp. | 280,641 | 24,559 | ||||
Warrior Met Coal Inc. | 697,465 | 24,160 | ||||
Carpenter Technology Corp. | 647,338 | 23,913 | ||||
Sylvamo Corp. | 444,655 | 21,606 | ||||
Tronox Holdings plc | 1,532,216 | 21,007 | ||||
*,1 | Ginkgo Bioworks Holdings Inc. Class A | 12,192,430 | 20,605 | |||
Worthington Industries Inc. | 411,365 | 20,449 | ||||
Compass Minerals International Inc. | 469,935 | 19,267 | ||||
* | Perimeter Solutions SA | 2,051,308 | 18,749 | |||
Kaiser Aluminum Corp. | 218,347 | 16,586 | ||||
Mativ Holdings Inc. | 759,251 | 15,868 | ||||
TriMas Corp. | 559,577 | 15,523 | ||||
AdvanSix Inc. | 386,477 | 14,694 | ||||
* | Resolute Forest Products Inc. | 632,455 | 13,655 | |||
Orion Engineered Carbons SA | 766,001 | 13,643 | ||||
* | Coeur Mining Inc. | 3,890,132 | 13,071 | |||
*,1 | PureCycle Technologies Inc. | 1,819,596 | 12,301 | |||
Myers Industries Inc. | 503,744 | 11,198 | ||||
Schnitzer Steel Industries Inc. Class A | 349,320 | 10,707 | ||||
Trinseo plc | 458,715 | 10,417 | ||||
Hawkins Inc. | 268,005 | 10,345 | ||||
* | Piedmont Lithium Inc. | 224,380 | 9,877 | |||
* | TimkenSteel Corp. | 529,689 | 9,624 | |||
SunCoke Energy Inc. | 1,104,789 | 9,534 | ||||
Chase Corp. | 109,595 | 9,454 | ||||
* | LSB Industries Inc. | 679,282 | 9,034 | |||
* | Aspen Aerogels Inc. | 760,274 | 8,964 | |||
* | Clearwater Paper Corp. | 234,401 | 8,863 | |||
American Vanguard Corp. | 391,756 | 8,505 | ||||
* | Ecovyst Inc. | 950,579 | 8,422 | |||
* | Rayonier Advanced Materials Inc. | 876,519 | 8,415 | |||
Ryerson Holding Corp. | 276,355 | 8,363 | ||||
Haynes International Inc. | 175,880 | 8,036 | ||||
* | Origin Materials Inc. | 1,690,984 | 7,795 | |||
Koppers Holdings Inc. | 264,624 | 7,462 | ||||
Mercer International Inc. | 560,764 | 6,527 | ||||
* | Century Aluminum Co. | 708,163 | 5,793 | |||
Pactiv Evergreen Inc. | 496,076 | 5,635 | ||||
*,1 | Amyris Inc. | 3,149,973 | 4,819 | |||
* | Diversey Holdings Ltd. | 1,081,628 | 4,608 | |||
Olympic Steel Inc. | 132,532 | 4,450 | ||||
* | Intrepid Potash Inc. | 130,841 | 3,777 | |||
Tredegar Corp. | 358,882 | 3,668 | ||||
United States Lime & Minerals Inc. | 22,679 | 3,192 | ||||
* | Ranpak Holdings Corp. Class A | 544,773 | 3,143 | |||
*,1 | 5E Advanced Materials Inc. | 397,416 | 3,132 | |||
FutureFuel Corp. | 371,146 | 3,017 | ||||
* | McEwen Mining Inc. | 494,234 | 2,896 | |||
Ramaco Resources Inc. | 324,733 | 2,854 | ||||
Kronos Worldwide Inc. | 290,174 | 2,728 |
Shares | Market Value• ($000) | |||||
* | Gatos Silver Inc. | 641,322 | 2,623 | |||
*,1 | Dakota Gold Corp. | 722,266 | 2,203 | |||
*,1 | Danimer Scientific Inc. Class A | 1,177,172 | 2,107 | |||
Gold Resource Corp. | 1,211,904 | 1,854 | ||||
Glatfelter Corp. | 605,278 | 1,683 | ||||
* | Core Molding Technologies Inc. | 97,568 | 1,267 | |||
Northern Technologies International Corp. | 89,667 | 1,194 | ||||
*,1 | Smith-Midland Corp. | 58,250 | 1,194 | |||
* | AgroFresh Solutions Inc. | 394,567 | 1,168 | |||
*,1 | Flotek Industries Inc. | 942,212 | 1,055 | |||
* | Hycroft Mining Holding Corp. Class A | 1,904,791 | 1,014 | |||
* | Idaho Strategic Resources Inc. | 169,046 | 964 | |||
* | Ascent Industries Co. | 108,641 | 942 | |||
Friedman Industries Inc. | 85,811 | 840 | ||||
* | Universal Stainless & Alloy Products Inc. | 113,672 | 815 | |||
*,1 | Loop Industries Inc. | 332,490 | 795 | |||
* | Advanced Emissions Solutions Inc. | 280,591 | 682 | |||
* | Contango ORE Inc. | 29,429 | 666 | |||
* | United States Antimony Corp. | 1,198,945 | 584 | |||
* | Solitario Zinc Corp. | 785,656 | 487 | |||
* | Ampco-Pittsburgh Corp. | 158,887 | 399 | |||
* | Golden Minerals Co. | 1,364,249 | 374 | |||
* | US Gold Corp. | 48,677 | 234 | |||
* | Paramount Gold Nevada Corp. | 339,615 | 117 | |||
*,1 | Cryptyde Inc. | 252,524 | 48 | |||
Greif Inc. Class B | 555 | 43 | ||||
*,2 | F-star Therapeutics Inc. CVR | 40,838 | 3 | |||
*,2 | Ikonics Corp. CVR | 12,227 | — | |||
3,391,914 | ||||||
Real Estate (6.5%) | ||||||
Sun Communities Inc. | 1,676,542 | 239,746 | ||||
WP Carey Inc. | 2,839,109 | 221,876 | ||||
Gaming & Leisure Properties Inc. | 3,492,532 | 181,926 | ||||
Equity LifeStyle Properties Inc. | 2,386,345 | 154,158 | ||||
Rexford Industrial Realty Inc. | 2,495,441 | 136,351 | ||||
American Homes 4 Rent Class A | 4,175,144 | 125,839 | ||||
CubeSmart | 3,051,215 | 122,811 | ||||
STORE Capital Corp. | 3,649,870 | 117,015 | ||||
Life Storage Inc. | 1,150,701 | 113,344 | ||||
Lamar Advertising Co. Class A | 1,181,178 | 111,503 | ||||
National Retail Properties Inc. | 2,408,776 | 110,226 | ||||
Americold Realty Trust Inc. | 3,657,824 | 103,553 | ||||
* | Jones Lang LaSalle Inc. | 643,632 | 102,576 | |||
Healthcare Realty Trust Inc. Class A | 5,154,319 | 99,324 | ||||
Brixmor Property Group Inc. | 4,051,546 | 91,849 | ||||
1 | Medical Properties Trust Inc. | 8,083,249 | 90,047 | |||
Omega Healthcare Investors Inc. | 3,178,539 | 88,840 | ||||
EastGroup Properties Inc. | 591,517 | 87,580 | ||||
First Industrial Realty Trust Inc. | 1,789,397 | 86,356 | ||||
Agree Realty Corp. | 1,217,152 | 86,333 | ||||
STAG Industrial Inc. | 2,443,272 | 78,942 | ||||
Spirit Realty Capital Inc. | 1,880,151 | 75,074 | ||||
* | Zillow Group Inc. Class C | 2,298,145 | 74,023 | |||
Apartment Income REIT Corp. Class A | 2,045,510 | 70,181 | ||||
Rayonier Inc. | 1,981,277 | 65,303 | ||||
Kite Realty Group Trust | 2,942,429 | 61,938 | ||||
Ryman Hospitality Properties Inc. | 752,908 | 61,573 | ||||
Kilroy Realty Corp. | 1,413,627 | 54,665 | ||||
Cousins Properties Inc. | 2,079,741 | 52,597 | ||||
Terreno Realty Corp. | 907,466 | 51,608 | ||||
Independence Realty Trust Inc. | 3,044,120 | 51,324 | ||||
Phillips Edison & Co. Inc. | 1,580,016 | 50,308 | ||||
PotlatchDeltic Corp. | 1,090,735 | 47,981 | ||||
Apple Hospitality REIT Inc. | 2,931,987 | 46,267 | ||||
Essential Properties Realty Trust Inc. | 1,928,022 | 45,251 | ||||
Physicians Realty Trust | 3,060,707 | 44,288 | ||||
National Storage Affiliates Trust | 1,121,869 | 40,522 |
Shares | Market Value• ($000) | |||||
Highwoods Properties Inc. | 1,426,153 | 39,904 | ||||
Corporate Office Properties Trust | 1,523,898 | 39,530 | ||||
Sabra Health Care REIT Inc. | 3,109,393 | 38,650 | ||||
EPR Properties | 1,022,637 | 38,574 | ||||
Broadstone Net Lease Inc. | 2,376,328 | 38,520 | ||||
Innovative Industrial Properties Inc. | 378,508 | 38,362 | ||||
Douglas Emmett Inc. | 2,418,206 | 37,917 | ||||
LXP Industrial Trust | 3,628,873 | 36,361 | ||||
Park Hotels & Resorts Inc. | 3,082,987 | 36,348 | ||||
* | Howard Hughes Corp. | 473,221 | 36,164 | |||
Equity Commonwealth | 1,428,000 | 35,657 | ||||
SITE Centers Corp. | 2,530,579 | 34,568 | ||||
Outfront Media Inc. | 1,967,759 | 32,625 | ||||
Macerich Co. | 2,887,958 | 32,518 | ||||
National Health Investors Inc. | 574,252 | 29,987 | ||||
SL Green Realty Corp. | 877,065 | 29,575 | ||||
Four Corners Property Trust Inc. | 1,114,485 | 28,899 | ||||
Sunstone Hotel Investors Inc. | 2,868,813 | 27,713 | ||||
* | Cushman & Wakefield plc | 2,189,910 | 27,286 | |||
Retail Opportunity Investments Corp. | 1,725,816 | 25,939 | ||||
Kennedy-Wilson Holdings Inc. | 1,625,270 | 25,566 | ||||
Tanger Factory Outlet Centers Inc. | 1,395,936 | 25,043 | ||||
CareTrust REIT Inc. | 1,306,288 | 24,271 | ||||
Pebblebrook Hotel Trust | 1,767,398 | 23,665 | ||||
RLJ Lodging Trust | 2,224,598 | 23,558 | ||||
JBG SMITH Properties | 1,231,449 | 23,373 | ||||
DiamondRock Hospitality Co. | 2,828,554 | 23,166 | ||||
* | Zillow Group Inc. Class A | 715,799 | 22,340 | |||
Urban Edge Properties | 1,557,473 | 21,945 | ||||
InvenTrust Properties Corp. | 907,665 | 21,484 | ||||
DigitalBridge Group Inc. | 1,903,867 | 20,828 | ||||
Xenia Hotels & Resorts Inc. | 1,543,458 | 20,343 | ||||
Elme Communities | 1,103,641 | 19,645 | ||||
1 | Getty Realty Corp. | 575,502 | 19,481 | |||
LTC Properties Inc. | 540,647 | 19,209 | ||||
American Assets Trust Inc. | 698,984 | 18,523 | ||||
St. Joe Co. | 471,230 | 18,213 | ||||
Acadia Realty Trust | 1,258,432 | 18,059 | ||||
Alexander & Baldwin Inc. | 961,750 | 18,014 | ||||
Global Net Lease Inc. | 1,424,250 | 17,903 | ||||
* | Veris Residential Inc. | 1,110,022 | 17,683 | |||
Uniti Group Inc. | 3,189,983 | 17,641 | ||||
Hudson Pacific Properties Inc. | 1,802,877 | 17,542 | ||||
Easterly Government Properties Inc. Class A | 1,215,491 | 17,345 | ||||
Service Properties Trust | 2,277,685 | 16,604 | ||||
Piedmont Office Realty Trust Inc. Class A | 1,663,067 | 15,250 | ||||
Brandywine Realty Trust | 2,425,101 | 14,914 | ||||
Apartment Investment & Management Co. Class A | 2,050,590 | 14,600 | ||||
NETSTREIT Corp. | 751,728 | 13,779 | ||||
Paramount Group Inc. | 2,319,475 | 13,778 | ||||
NexPoint Residential Trust Inc. | 303,934 | 13,227 | ||||
Newmark Group Inc. Class A | 1,592,251 | 12,690 | ||||
Empire State Realty Trust Inc. Class A | 1,806,971 | 12,179 | ||||
Marcus & Millichap Inc. | 346,523 | 11,938 | ||||
Armada Hoffler Properties Inc. | 976,908 | 11,234 | ||||
Community Healthcare Trust Inc. | 310,441 | 11,114 | ||||
Summit Hotel Properties Inc. | 1,523,041 | 10,996 | ||||
UMH Properties Inc. | 678,708 | 10,927 | ||||
Centerspace | 183,519 | 10,767 | ||||
1 | eXp World Holdings Inc. | 970,892 | 10,757 | |||
1 | Plymouth Industrial REIT Inc. | 528,431 | 10,135 | |||
RPT Realty | 1,004,041 | 10,081 | ||||
Gladstone Commercial Corp. | 540,660 | 10,002 | ||||
* | Anywhere Real Estate Inc. | 1,533,827 | 9,801 | |||
Safehold Inc. | 333,880 | 9,556 | ||||
Necessity Retail REIT Inc. Class A | 1,579,991 | 9,369 | ||||
iStar Inc. | 1,198,768 | 9,147 |
Shares | Market Value• ($000) | |||||
1 | Chatham Lodging Trust | 708,834 | 8,697 | |||
Office Properties Income Trust | 642,762 | 8,581 | ||||
Farmland Partners Inc. | 675,085 | 8,412 | ||||
Global Medical REIT Inc. | 883,922 | 8,380 | ||||
Gladstone Land Corp. | 453,132 | 8,315 | ||||
*,1 | Opendoor Technologies Inc. | 7,051,223 | 8,179 | |||
* | Compass Inc. Class A | 3,466,383 | 8,077 | |||
1 | CBL & Associates Properties Inc. | 349,280 | 8,061 | |||
Urstadt Biddle Properties Inc. Class A | 423,906 | 8,033 | ||||
Universal Health Realty Income Trust | 151,538 | 7,233 | ||||
Orion Office REIT Inc. | 822,764 | 7,026 | ||||
Alexander's Inc. | 31,850 | 7,009 | ||||
Saul Centers Inc. | 169,462 | 6,894 | ||||
*,1 | Redfin Corp. | 1,531,268 | 6,493 | |||
* | Tejon Ranch Co. | 336,878 | 6,347 | |||
*,1 | Seritage Growth Properties Class A | 530,021 | 6,270 | |||
Whitestone REIT | 588,529 | 5,673 | ||||
RMR Group Inc. Class A | 186,858 | 5,279 | ||||
One Liberty Properties Inc. | 228,475 | 5,077 | ||||
* | FRP Holdings Inc. | 92,475 | 4,981 | |||
*,1 | WeWork Inc. | 3,436,919 | 4,915 | |||
City Office REIT Inc. | 526,363 | 4,411 | ||||
Indus Realty Trust Inc. | 68,437 | 4,345 | ||||
NexPoint Diversified Real Estate Trust | 382,500 | 4,288 | ||||
* | Forestar Group Inc. | 262,618 | 4,047 | |||
Hersha Hospitality Trust Class A | 455,698 | 3,883 | ||||
Douglas Elliman Inc. | 950,239 | 3,867 | ||||
Postal Realty Trust Inc. Class A | 245,560 | 3,568 | ||||
Franklin Street Properties Corp. | 1,284,757 | 3,507 | ||||
RE/MAX Holdings Inc. Class A | 187,408 | 3,493 | ||||
Braemar Hotels & Resorts Inc. | 841,782 | 3,460 | ||||
CTO Realty Growth Inc. | 187,972 | 3,436 | ||||
BRT Apartments Corp. | 166,230 | 3,265 | ||||
Industrial Logistics Properties Trust | 958,508 | 3,134 | ||||
* | Ashford Hospitality Trust Inc. | 690,016 | 3,084 | |||
Alpine Income Property Trust Inc. | 157,593 | 3,007 | ||||
Diversified Healthcare Trust | 3,377,653 | 2,185 | ||||
Stratus Properties Inc. | 96,191 | 1,856 | ||||
Clipper Realty Inc. | 217,265 | 1,390 | ||||
* | Altisource Portfolio Solutions SA | 126,438 | 1,196 | |||
* | Doma Holdings Inc. | 2,393,326 | 1,084 | |||
* | Bluerock Homes Trust Inc. | 45,540 | 970 | |||
* | Transcontinental Realty Investors Inc. | 21,812 | 964 | |||
1 | Modiv Inc. Class C | 77,053 | 925 | |||
Creative Media & Community Trust Corp. | 186,677 | 915 | ||||
* | Maui Land & Pineapple Co. Inc. | 87,520 | 824 | |||
* | AMREP Corp. | 56,466 | 652 | |||
CorEnergy Infrastructure Trust Inc. | 234,448 | 490 | ||||
*,1 | Offerpad Solutions Inc. | 979,502 | 451 | |||
* | Sotherly Hotels Inc. | 218,295 | 395 | |||
Global Self Storage Inc. | 79,812 | 389 | ||||
* | Fathom Holdings Inc. | 79,137 | 336 | |||
* | InterGroup Corp. | 6,198 | 291 | |||
New York City REIT Inc. Class A | 161,114 | 285 | ||||
* | Rafael Holdings Inc. Class B | 147,734 | 276 | |||
* | Trinity Place Holdings Inc. | 313,994 | 232 | |||
* | Comstock Holding Cos. Inc. Class A | 52,330 | 223 | |||
* | Wheeler REIT Inc. | 128,151 | 176 | |||
* | Power REIT | 33,413 | 132 | |||
* | Altisource Asset Management Corp. | 6,410 | 130 | |||
InnSuites Hospitality Trust | 51,409 | 86 | ||||
*,1 | Alset Inc. | 21,638 | 50 | |||
*,1 | Avalon GloboCare Corp. | 2,923 | 2 | |||
* | American Realty Investors Inc. | 36 | 1 | |||
Medalist Diversified REIT Inc. | 875 | 1 | ||||
Presidio Property Trust Inc. Class A | 1,025 | 1 |
Shares | Market Value• ($000) | |||||
*,2 | Spirit MTA REIT | 653,668 | — | |||
* | JW Mays Inc. | 5 | — | |||
5,115,515 | ||||||
Utilities (2.2%) | ||||||
Essential Utilities Inc. | 3,247,697 | 155,013 | ||||
Vistra Corp. | 5,078,958 | 117,832 | ||||
OGE Energy Corp. | 2,705,206 | 106,991 | ||||
UGI Corp. | 2,826,837 | 104,791 | ||||
National Fuel Gas Co. | 1,228,620 | 77,772 | ||||
IDACORP Inc. | 682,244 | 73,580 | ||||
New Jersey Resources Corp. | 1,303,825 | 64,696 | ||||
Black Hills Corp. | 886,830 | 62,380 | ||||
Hawaiian Electric Industries Inc. | 1,472,410 | 61,620 | ||||
Portland General Electric Co. | 1,217,507 | 59,658 | ||||
South Jersey Industries Inc. | 1,622,621 | 57,652 | ||||
Ormat Technologies Inc. | 663,426 | 57,373 | ||||
PNM Resources Inc. | 1,172,296 | 57,196 | ||||
ONE Gas Inc. | 740,679 | 56,084 | ||||
Southwest Gas Holdings Inc. | 834,756 | 51,655 | ||||
ALLETE Inc. | 768,955 | 49,605 | ||||
Spire Inc. | 694,634 | 47,832 | ||||
American States Water Co. | 500,840 | 46,353 | ||||
NorthWestern Corp. | 777,863 | 46,158 | ||||
California Water Service Group | 756,149 | 45,853 | ||||
Avista Corp. | 994,266 | 44,086 | ||||
Clearway Energy Inc. Class C | 1,293,808 | 41,234 | ||||
Avangrid Inc. | 940,457 | 40,421 | ||||
MGE Energy Inc. | 492,200 | 34,651 | ||||
Otter Tail Corp. | 561,741 | 32,980 | ||||
SJW Group | 363,970 | 29,551 | ||||
Chesapeake Utilities Corp. | 240,014 | 28,365 | ||||
* | Sunnova Energy International Inc. | 1,338,394 | 24,104 | |||
Northwest Natural Holding Co. | 466,976 | 22,223 | ||||
Middlesex Water Co. | 244,963 | 19,271 | ||||
Unitil Corp. | 223,987 | 11,504 | ||||
* | Montauk Renewables Inc. | 871,258 | 9,610 | |||
York Water Co. | 202,900 | 9,126 | ||||
Clearway Energy Inc. Class A | 264,300 | 7,908 | ||||
Artesian Resources Corp. Class A | 91,286 | 5,347 | ||||
Consolidated Water Co. Ltd. | 207,015 | 3,064 | ||||
Genie Energy Ltd. Class B | 293,443 | 3,034 | ||||
* | Altus Power Inc. Class A | 458,001 | 2,986 | |||
* | Pure Cycle Corp. | 264,338 | 2,770 | |||
RGC Resources Inc. | 102,016 | 2,249 | ||||
Global Water Resources Inc. | 124,521 | 1,654 | ||||
*,1 | Cadiz Inc. | 379,851 | 950 | |||
Via Renewables Inc. Class A | 185,904 | 950 | ||||
1,778,132 | ||||||
Total Common Stocks (Cost $76,462,611) | 78,236,834 | |||||
Preferred Stocks (0.0%) | ||||||
FAT Brands Inc. Pfd., 8.250%, 2/7/23 | 7,939 | 125 | ||||
Air T Funding Pfd., 8.000%, 6/7/24 | 704 | 15 | ||||
Total Preferred Stocks (Cost $140) | 140 |
Shares | Market Value• ($000) | |||||
Temporary Cash Investments (2.6%) | ||||||
Money Market Fund (2.6%) | ||||||
3,4 | Vanguard Market Liquidity Fund, 4.334% (Cost $2,023,699) | 20,244,880 | 2,024,286 | |||
Total Investments (101.6%) (Cost $78,486,450) | 80,261,260 | |||||
Other Assets and Liabilities—Net (-1.6%) | (1,264,905) | |||||
Net Assets (100%) | 78,996,355 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $1,207,979,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $1,364,585,000 was received for securities on loan. |
CVR—Contingent Value Rights. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2023 | 6,504 | 575,897 | (13,076) |
E-mini S&P 500 Index | March 2023 | 174 | 33,591 | (463) |
E-mini S&P Mid-Cap 400 Index | March 2023 | 91 | 22,227 | (401) |
(13,940) |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
ACI Worldwide Inc. | 8/31/23 | BANA | 1,400 | (4.515) | 136 | — |
Airbnb Inc. Class A | 8/31/23 | BANA | 23,492 | (4.115) | — | (3,904) |
Bill.com Holdings Inc. | 8/31/23 | BANA | 10,236 | (4.115) | — | (1,008) |
Chewy Inc. Class A | 1/31/23 | GSI | 12,688 | (4.329) | — | (1,210) |
Datadog Inc. Class A | 8/31/23 | BANA | 9,851 | (4.115) | — | (329) |
DocuSign Inc. Class A | 8/31/23 | BANA | 8,567 | (4.115) | 1,491 | — |
Lucid Group Inc. | 1/31/23 | GSI | 13,708 | (4.329) | — | (1,159) |
Seagen Inc. | 8/31/23 | BANA | 9,104 | (4.115) | 504 | — |
Sirius XM Holdings Inc. | 1/31/23 | GSI | 23,880 | (4.329) | — | (552) |
Snowflake Inc. Class A | 8/31/23 | BANA | 22,578 | (4.115) | 27 | — |
Over-the-Counter Total Return Swaps (continued) | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Virtu Financial Inc. Class A | 8/31/23 | BANA | 710 | (4.515) | — | (52) |
Wayfair Inc. Class A | 8/31/23 | BANA | 4,763 | (4.115) | — | (503) |
2,158 | (8,717) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $76,462,751) | 78,236,974 |
Affiliated Issuers (Cost $2,023,699) | 2,024,286 |
Total Investments in Securities | 80,261,260 |
Investment in Vanguard | 3,078 |
Cash | 39,180 |
Cash Collateral Pledged—Futures Contracts | 40,802 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 5,920 |
Receivables for Investment Securities Sold | 53,034 |
Receivables for Accrued Income | 98,166 |
Receivables for Capital Shares Issued | 48,718 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 2,158 |
Total Assets | 80,552,316 |
Liabilities | |
Payables for Investment Securities Purchased | 80,887 |
Collateral for Securities on Loan | 1,364,585 |
Payables for Capital Shares Redeemed | 97,988 |
Payables to Vanguard | 1,552 |
Variation Margin Payable—Futures Contracts | 2,232 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 8,717 |
Total Liabilities | 1,555,961 |
Net Assets | 78,996,355 |
1 Includes $1,207,979,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2022, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 82,042,698 |
Total Distributable Earnings (Loss) | (3,046,343) |
Net Assets | 78,996,355 |
Investor Shares—Net Assets | |
Applicable to 2,266,396 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 228,739 |
Net Asset Value Per Share—Investor Shares | $100.93 |
ETF Shares—Net Assets | |
Applicable to 98,473,074 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 13,088,703 |
Net Asset Value Per Share—ETF Shares | $132.92 |
Admiral Shares—Net Assets | |
Applicable to 198,441,179 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 20,011,892 |
Net Asset Value Per Share—Admiral Shares | $100.85 |
Institutional Shares—Net Assets | |
Applicable to 128,749,790 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 12,982,872 |
Net Asset Value Per Share—Institutional Shares | $100.84 |
Institutional Plus Shares—Net Assets | |
Applicable to 41,975,408 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 10,445,503 |
Net Asset Value Per Share—Institutional Plus Shares | $248.85 |
Institutional Select Shares—Net Assets | |
Applicable to 137,238,506 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 22,238,646 |
Net Asset Value Per Share—Institutional Select Shares | $162.04 |
Year Ended December 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 1,043,250 |
Interest2 | 10,910 |
Securities Lending—Net | 126,876 |
Total Income | 1,181,036 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,993 |
Management and Administrative—Investor Shares | 503 |
Management and Administrative—ETF Shares | 6,811 |
Management and Administrative—Admiral Shares | 11,639 |
Management and Administrative—Institutional Shares | 6,395 |
Management and Administrative—Institutional Plus Shares | 4,146 |
Management and Administrative—Institutional Select Shares | 3,935 |
Marketing and Distribution—Investor Shares | 15 |
Marketing and Distribution—ETF Shares | 730 |
Marketing and Distribution—Admiral Shares | 831 |
Marketing and Distribution—Institutional Shares | 477 |
Marketing and Distribution—Institutional Plus Shares | 366 |
Marketing and Distribution—Institutional Select Shares | 2 |
Custodian Fees | 836 |
Auditing Fees | 46 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—ETF Shares | 462 |
Shareholders’ Reports—Admiral Shares | 206 |
Shareholders’ Reports—Institutional Shares | 240 |
Shareholders’ Reports—Institutional Plus Shares | 170 |
Shareholders’ Reports—Institutional Select Shares | — |
Trustees’ Fees and Expenses | 32 |
Other Expenses | 29 |
Total Expenses | 39,865 |
Expenses Paid Indirectly | (157) |
Net Expenses | 39,708 |
Net Investment Income | 1,141,328 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 2,723,167 |
Futures Contracts | (101,085) |
Swap Contracts | (210,653) |
Realized Net Gain (Loss) | 2,411,429 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (32,270,214) |
Futures Contracts | (24,737) |
Swap Contracts | 15,231 |
Change in Unrealized Appreciation (Depreciation) | (32,279,720) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (28,726,963) |
1 | Dividends are net of foreign withholding taxes of $11,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $10,594,000, ($447,000), $2,000, and $486,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $4,073,598,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,141,328 | 1,130,746 |
Realized Net Gain (Loss) | 2,411,429 | 8,497,813 |
Change in Unrealized Appreciation (Depreciation) | (32,279,720) | 2,395,353 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (28,726,963) | 12,023,912 |
Distributions | ||
Investor Shares | (2,370) | (4,470) |
ETF Shares | (148,188) | (191,121) |
Admiral Shares | (232,052) | (332,583) |
Institutional Shares | (154,028) | (236,015) |
Institutional Plus Shares | (131,076) | (169,310) |
Institutional Select Shares | (248,096) | (319,405) |
Total Distributions | (915,810) | (1,252,904) |
Capital Share Transactions | ||
Investor Shares | (72,334) | (107,099) |
ETF Shares | 344,966 | 2,323,941 |
Admiral Shares | (1,252,838) | (743,562) |
Institutional Shares | (1,209,959) | (1,373,546) |
Institutional Plus Shares | (1,175,993) | 3,042,375 |
Institutional Select Shares | 3,290,411 | (994,136) |
Net Increase (Decrease) from Capital Share Transactions | (75,747) | 2,147,973 |
Total Increase (Decrease) | (29,718,520) | 12,918,981 |
Net Assets | ||
Beginning of Period | 108,714,875 | 95,795,894 |
End of Period | 78,996,355 | 108,714,875 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $138.80 | $124.83 | $95.66 | $75.74 | $84.80 |
Investment Operations | |||||
Net Investment Income1 | 1.280 | 1.216 | .983 | .962 | 1.193 |
Net Realized and Unrealized Gain (Loss) on Investments | (38.141) | 14.134 | 29.401 | 20.089 | (9.104) |
Total from Investment Operations | (36.861) | 15.350 | 30.384 | 21.051 | (7.911) |
Distributions | |||||
Dividends from Net Investment Income | (1.009) | (1.380) | (1.214) | (1.131) | (1.149) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.009) | (1.380) | (1.214) | (1.131) | (1.149) |
Net Asset Value, End of Period | $100.93 | $138.80 | $124.83 | $95.66 | $75.74 |
Total Return2 | -26.56% | 12.31% | 32.04% | 27.87% | -9.47% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $229 | $399 | $454 | $455 | $1,139 |
Ratio of Total Expenses to Average Net Assets | 0.19%3 | 0.19% | 0.19% | 0.19% | 0.19% |
Ratio of Net Investment Income to Average Net Assets | 1.14% | 0.87% | 1.04% | 1.09% | 1.38% |
Portfolio Turnover Rate4 | 11% | 19% | 19% | 13% | 10% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.19%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $182.81 | $164.43 | $126.02 | $99.77 | $111.72 |
Investment Operations | |||||
Net Investment Income1 | 1.914 | 1.867 | 1.509 | 1.636 | 1.742 |
Net Realized and Unrealized Gain (Loss) on Investments | (50.278) | 18.576 | 38.668 | 26.255 | (12.036) |
Total from Investment Operations | (48.364) | 20.443 | 40.177 | 27.891 | (10.294) |
Distributions | |||||
Dividends from Net Investment Income | (1.526) | (2.063) | (1.767) | (1.641) | (1.656) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.526) | (2.063) | (1.767) | (1.641) | (1.656) |
Net Asset Value, End of Period | $132.92 | $182.81 | $164.43 | $126.02 | $99.77 |
Total Return | -26.46% | 12.44% | 32.20% | 28.04% | -9.37% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $13,089 | $17,593 | $13,761 | $8,119 | $6,095 |
Ratio of Total Expenses to Average Net Assets | 0.06%2 | 0.06% | 0.06% | 0.06% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 1.31% | 1.02% | 1.20% | 1.40% | 1.50% |
Portfolio Turnover Rate3 | 11% | 19% | 19% | 13% | 10% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $138.70 | $124.75 | $95.61 | $75.70 | $84.76 |
Investment Operations | |||||
Net Investment Income1 | 1.437 | 1.408 | 1.112 | 1.236 | 1.307 |
Net Realized and Unrealized Gain (Loss) on Investments | (38.129) | 14.106 | 29.367 | 19.918 | (9.111) |
Total from Investment Operations | (36.692) | 15.514 | 30.479 | 21.154 | (7.804) |
Distributions | |||||
Dividends from Net Investment Income | (1.158) | (1.564) | (1.339) | (1.244) | (1.256) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.158) | (1.564) | (1.339) | (1.244) | (1.256) |
Net Asset Value, End of Period | $100.85 | $138.70 | $124.75 | $95.61 | $75.70 |
Total Return2 | -26.47% | 12.45% | 32.21% | 28.03% | -9.36% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $20,012 | $29,054 | $26,784 | $22,391 | $17,644 |
Ratio of Total Expenses to Average Net Assets | 0.06%3 | 0.06% | 0.06% | 0.06% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 1.29% | 1.01% | 1.18% | 1.39% | 1.50% |
Portfolio Turnover Rate4 | 11% | 19% | 19% | 13% | 10% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $138.69 | $124.74 | $95.60 | $75.69 | $84.75 |
Investment Operations | |||||
Net Investment Income1 | 1.439 | 1.413 | 1.125 | 1.239 | 1.319 |
Net Realized and Unrealized Gain (Loss) on Investments | (38.120) | 14.115 | 29.364 | 19.925 | (9.113) |
Total from Investment Operations | (36.681) | 15.528 | 30.489 | 21.164 | (7.794) |
Distributions | |||||
Dividends from Net Investment Income | (1.169) | (1.578) | (1.349) | (1.254) | (1.266) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.169) | (1.578) | (1.349) | (1.254) | (1.266) |
Net Asset Value, End of Period | $100.84 | $138.69 | $124.74 | $95.60 | $75.69 |
Total Return | -26.46% | 12.47% | 32.23% | 28.05% | -9.35% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $12,983 | $19,456 | $18,659 | $14,927 | $12,443 |
Ratio of Total Expenses to Average Net Assets | 0.05%2 | 0.05% | 0.05% | 0.05% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 1.29% | 1.01% | 1.19% | 1.40% | 1.51% |
Portfolio Turnover Rate3 | 11% | 19% | 19% | 13% | 10% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Plus Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $342.27 | $307.85 | $235.94 | $186.80 | $209.16 |
Investment Operations | |||||
Net Investment Income1 | 3.597 | 3.595 | 2.798 | 3.078 | 3.208 |
Net Realized and Unrealized Gain (Loss) on Investments | (94.104) | 34.757 | 72.466 | 49.178 | (22.426) |
Total from Investment Operations | (90.507) | 38.352 | 75.264 | 52.256 | (19.218) |
Distributions | |||||
Dividends from Net Investment Income | (2.913) | (3.932) | (3.354) | (3.116) | (3.142) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.913) | (3.932) | (3.354) | (3.116) | (3.142) |
Net Asset Value, End of Period | $248.85 | $342.27 | $307.85 | $235.94 | $186.80 |
Total Return | -26.45% | 12.48% | 32.24% | 28.07% | -9.35% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $10,446 | $15,973 | $11,665 | $9,486 | $7,559 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 1.31% | 1.04% | 1.20% | 1.41% | 1.52% |
Portfolio Turnover Rate3 | 11% | 19% | 19% | 13% | 10% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Select Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $222.86 | $200.45 | $153.63 | $121.63 | $136.19 |
Investment Operations | |||||
Net Investment Income1 | 2.421 | 2.352 | 1.855 | 2.059 | 2.184 |
Net Realized and Unrealized Gain (Loss) on Investments | (61.319) | 22.661 | 47.179 | 31.999 | (14.655) |
Total from Investment Operations | (58.898) | 25.013 | 49.034 | 34.058 | (12.471) |
Distributions | |||||
Dividends from Net Investment Income | (1.922) | (2.603) | (2.214) | (2.058) | (2.089) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.922) | (2.603) | (2.214) | (2.058) | (2.089) |
Net Asset Value, End of Period | $162.04 | $222.86 | $200.45 | $153.63 | $121.63 |
Total Return | -26.44% | 12.50% | 32.27% | 28.09% | -9.32% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $22,239 | $26,240 | $24,472 | $19,166 | $13,390 |
Ratio of Total Expenses to Average Net Assets | 0.02%2 | 0.02% | 0.02% | 0.02% | 0.02% |
Ratio of Net Investment Income to Average Net Assets | 1.36% | 1.05% | 1.22% | 1.44% | 1.55% |
Portfolio Turnover Rate3 | 11% | 19% | 19% | 13% | 10% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.02%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 78,230,244 | — | 6,590 | 78,236,834 |
Preferred Stocks | 140 | — | — | 140 |
Temporary Cash Investments | 2,024,286 | — | — | 2,024,286 |
Total | 80,254,670 | — | 6,590 | 80,261,260 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 2,158 | — | 2,158 |
Liabilities | ||||
Futures Contracts1 | 13,940 | — | — | 13,940 |
Swap Contracts | — | 8,717 | — | 8,717 |
Total | 13,940 | 8,717 | — | 22,657 |
1 | Includes 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. |
Amount ($000) | |
Paid-in Capital | 4,072,438 |
Total Distributable Earnings (Loss) | (4,072,438) |
Amount ($000) | |
Undistributed Ordinary Income | — |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (4,466,238) |
Qualified Late-Year Losses | (22,227) |
Net Unrealized Gains (Losses) | 1,442,122 |
Year Ended December 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 915,810 | 1,252,904 |
Long-Term Capital Gains | — | — |
Total | 915,810 | 1,252,904 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 78,819,138 |
Gross Unrealized Appreciation | 22,926,599 |
Gross Unrealized Depreciation | (21,484,477) |
Net Unrealized Appreciation (Depreciation) | 1,442,122 |
Year Ended December 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 10,368 | 92 | 39,158 | 282 | |
Issued in Lieu of Cash Distributions | 2,370 | 23 | 4,470 | 33 | |
Redeemed | (85,072) | (721) | (150,727) | (1,083) | |
Net Increase (Decrease)—Investor Shares | (72,334) | (606) | (107,099) | (768) | |
ETF Shares | |||||
Issued | 7,785,642 | 54,535 | 15,985,886 | 87,247 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (7,440,676) | (52,300) | (13,661,945) | (74,700) | |
Net Increase (Decrease)—ETF Shares | 344,966 | 2,235 | 2,323,941 | 12,547 | |
Admiral Shares | |||||
Issued | 2,057,224 | 18,437 | 3,642,653 | 26,360 | |
Issued in Lieu of Cash Distributions | 193,334 | 1,884 | 279,124 | 2,035 | |
Redeemed | (3,503,396) | (31,355) | (4,665,339) | (33,620) | |
Net Increase (Decrease)—Admiral Shares | (1,252,838) | (11,034) | (743,562) | (5,225) | |
Institutional Shares | |||||
Issued | 2,414,097 | 21,403 | 4,149,788 | 30,111 | |
Issued in Lieu of Cash Distributions | 143,746 | 1,400 | 221,019 | 1,611 | |
Redeemed | (3,767,802) | (34,333) | (5,744,353) | (41,017) | |
Net Increase (Decrease)—Institutional Shares | (1,209,959) | (11,530) | (1,373,546) | (9,295) |
Year Ended December 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Institutional Plus Shares | |||||
Issued | 3,581,013 | 13,375 | 5,116,528 | 14,794 | |
Issued in Lieu of Cash Distributions | 125,346 | 495 | 161,853 | 477 | |
Redeemed | (4,882,352) | (18,563) | (2,236,006) | (6,495) | |
Net Increase (Decrease)—Institutional Plus Shares | (1,175,993) | (4,693) | 3,042,375 | 8,776 | |
Institutional Select Shares | |||||
Issued | 4,415,226 | 25,617 | 1,654,421 | 7,468 | |
Issued in Lieu of Cash Distributions | 248,096 | 1,506 | 319,405 | 1,448 | |
Redeemed | (1,372,911) | (7,624) | (2,967,962) | (13,263) | |
Net Increase (Decrease)—Institutional Select Shares | 3,290,411 | 19,499 | (994,136) | (4,347) |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Index Fund Investor Shares | -18.80% | 7.19% | 10.96% | $28,289 | |
Spliced Mid-Cap Index | -18.68 | 7.34 | 11.13 | 28,728 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Index Fund ETF Shares Net Asset Value | -18.68% | 7.33% | 11.10% | $28,650 | |
Mid-Cap Index Fund ETF Shares Market Price | -18.69 | 7.32 | 11.10 | 28,641 | |
Spliced Mid-Cap Index | -18.68 | 7.34 | 11.13 | 28,728 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Index Fund Admiral Shares | -18.71% | 7.32% | 11.10% | $28,640 | |
Spliced Mid-Cap Index | -18.68 | 7.34 | 11.13 | 28,728 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Mid-Cap Index Fund Institutional Shares | -18.70% | 7.32% | 11.11% | $14,335,635 | |
Spliced Mid-Cap Index | -18.68 | 7.34 | 11.13 | 14,364,070 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 15,575,514 |
One Year | Five Years | Ten Years | Final Value of a $100,000,000 Investment | ||
Mid-Cap Index Fund Institutional Plus Shares | -18.69% | 7.34% | 11.12% | $287,070,500 | |
Spliced Mid-Cap Index | -18.68 | 7.34 | 11.13 | 287,281,390 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 311,510,280 |
Cumulative Returns of ETF Shares: December 31, 2012, Through December 31, 2022 | |||
One Year | Five Years | Ten Years | |
Mid-Cap Index Fund ETF Shares Market Price | -18.69% | 42.36% | 186.41% |
Mid-Cap Index Fund ETF Shares Net Asset Value | -18.68 | 42.40 | 186.50 |
Spliced Mid-Cap Index | -18.68 | 42.48 | 187.28 |
Basic Materials | 3.9% |
Consumer Discretionary | 13.0 |
Consumer Staples | 5.0 |
Energy | 6.7 |
Financials | 13.0 |
Health Care | 11.0 |
Industrials | 15.7 |
Real Estate | 9.0 |
Technology | 13.1 |
Telecommunications | 1.7 |
Utilities | 7.9 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.1%) | ||||||
Basic Materials (3.9%) | ||||||
Nucor Corp. | 5,970,654 | 786,992 | ||||
Fastenal Co. | 13,333,531 | 630,943 | ||||
International Flavors & Fragrances Inc. | 5,935,747 | 622,304 | ||||
Albemarle Corp. | 2,727,514 | 591,489 | ||||
LyondellBasell Industries NV Class A | 6,066,352 | 503,689 | ||||
CF Industries Holdings Inc. | 4,570,081 | 389,371 | ||||
FMC Corp. | 2,935,009 | 366,289 | ||||
Mosaic Co. | 7,917,261 | 347,330 | ||||
Avery Dennison Corp. | 1,882,779 | 340,783 | ||||
International Paper Co. | 8,270,450 | 286,406 | ||||
Celanese Corp. Class A | 2,269,151 | 231,998 | ||||
Eastman Chemical Co. | 2,790,167 | 227,231 | ||||
Westlake Corp. | 370,708 | 38,012 | ||||
5,362,837 | ||||||
Consumer Discretionary (12.9%) | ||||||
* | Dollar Tree Inc. | 4,891,177 | 691,808 | |||
DR Horton Inc. | 7,217,058 | 643,329 | ||||
* | Copart Inc. | 9,981,427 | 607,769 | |||
* | Aptiv plc | 6,313,272 | 587,955 | |||
Tractor Supply Co. | 2,572,086 | 578,642 | ||||
Genuine Parts Co. | 3,286,608 | 570,259 | ||||
* | Ulta Beauty Inc. | 1,192,678 | 559,449 | |||
Lennar Corp. Class A | 6,035,912 | 546,250 | ||||
* | AutoZone Inc. | 221,009 | 545,048 | |||
eBay Inc. | 12,635,686 | 524,002 | ||||
* | Delta Air Lines Inc. | 14,941,728 | 490,985 | |||
* | Southwest Airlines Co. | 13,826,215 | 465,529 | |||
* | Trade Desk Inc. Class A | 10,372,752 | 465,010 | |||
* | Chipotle Mexican Grill Inc. Class A | 322,786 | 447,862 | |||
* | Take-Two Interactive Software Inc. | 3,909,444 | 407,090 | |||
Hilton Worldwide Holdings Inc. | 3,150,012 | 398,035 | ||||
Darden Restaurants Inc. | 2,851,101 | 394,393 | ||||
Omnicom Group Inc. | 4,751,231 | 387,558 | ||||
Best Buy Co. Inc. | 4,720,747 | 378,651 | ||||
* | Etsy Inc. | 2,928,576 | 350,785 | |||
Garmin Ltd. | 3,565,427 | 329,053 | ||||
* | NVR Inc. | 70,606 | 325,676 | |||
LKQ Corp. | 5,902,055 | 315,229 | ||||
* | Expedia Group Inc. | 3,509,246 | 307,410 | |||
* | Burlington Stores Inc. | 1,515,901 | 307,364 | |||
* | United Airlines Holdings Inc. | 7,597,457 | 286,424 | |||
Domino's Pizza Inc. | 825,200 | 285,849 | ||||
* | Live Nation Entertainment Inc. | 3,758,093 | 262,089 | |||
* | Royal Caribbean Cruises Ltd. | 5,043,691 | 249,310 | |||
* | Warner Bros Discovery Inc. | 25,468,365 | 241,440 | |||
PulteGroup Inc. | 5,297,576 | 241,199 | ||||
MGM Resorts International | 7,143,820 | 239,532 | ||||
Rollins Inc. | 6,298,074 | 230,132 | ||||
VF Corp. | 8,131,783 | 224,518 | ||||
* | CarMax Inc. | 3,674,350 | 223,731 | |||
BorgWarner Inc. | 5,444,855 | 219,155 | ||||
* | ROBLOX Corp. Class A | 7,665,939 | 218,173 | |||
Fox Corp. Class A | 7,025,520 | 213,365 | ||||
News Corp. Class A | 11,290,279 | 205,483 | ||||
Advance Auto Parts Inc. | 1,377,839 | 202,584 |
Shares | Market Value• ($000) | |||||
* | Caesars Entertainment Inc. | 4,739,512 | 197,164 | |||
* | Las Vegas Sands Corp. | 3,998,059 | 192,187 | |||
1 | Paramount Global Class B | 11,313,259 | 190,968 | |||
*,1 | Carnival Corp. | 23,286,340 | 187,688 | |||
Hasbro Inc. | 3,050,986 | 186,141 | ||||
Interpublic Group of Cos. Inc. | 4,517,834 | 150,489 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class C | 3,546,735 | 138,784 | |||
Pool Corp. | 431,327 | 130,403 | ||||
Vail Resorts Inc. | 468,831 | 111,746 | ||||
Bath & Body Works Inc. | 2,522,423 | 106,295 | ||||
* | American Airlines Group Inc. | 7,556,087 | 96,113 | |||
Warner Music Group Corp. Class A | 2,712,017 | 94,975 | ||||
*,1 | Lucid Group Inc. | 13,676,289 | 93,409 | |||
Whirlpool Corp. | 633,668 | 89,639 | ||||
Fox Corp. Class B | 3,081,254 | 87,662 | ||||
Lear Corp. | 687,195 | 85,226 | ||||
*,1 | Chewy Inc. Class A | 2,074,673 | 76,929 | |||
* | Endeavor Group Holdings Inc. Class A | 3,028,922 | 68,272 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 1,726,256 | 67,859 | |||
1 | Sirius XM Holdings Inc. | 11,094,539 | 64,792 | |||
Lennar Corp. Class B | 212,879 | 15,919 | ||||
News Corp. Class B | 355,310 | 6,552 | ||||
1 | Paramount Global Class A | 194,789 | 3,820 | |||
17,611,157 | ||||||
Consumer Staples (4.9%) | ||||||
Corteva Inc. | 16,709,693 | 982,196 | ||||
Kroger Co. | 14,996,913 | 668,562 | ||||
AmerisourceBergen Corp. | 3,830,605 | 634,770 | ||||
Archer-Daniels-Midland Co. | 6,394,988 | 593,775 | ||||
McCormick & Co. Inc. (Non-Voting) | 5,835,914 | 483,739 | ||||
Church & Dwight Co. Inc. | 5,679,812 | 457,850 | ||||
Conagra Brands Inc. | 11,163,643 | 432,033 | ||||
Kellogg Co. | 5,962,000 | 424,733 | ||||
Tyson Foods Inc. Class A | 6,745,263 | 419,893 | ||||
Clorox Co. | 2,869,068 | 402,616 | ||||
J M Smucker Co. | 2,360,553 | 374,053 | ||||
Hormel Foods Corp. | 5,900,359 | 268,761 | ||||
Campbell Soup Co. | 4,530,702 | 257,117 | ||||
Lamb Weston Holdings Inc. | 1,672,265 | 149,434 | ||||
Molson Coors Beverage Co. Class B | 2,094,293 | 107,898 | ||||
Albertsons Cos. Inc. Class A | 4,354,363 | 90,309 | ||||
* | Olaplex Holdings Inc. | 1,132,684 | 5,901 | |||
6,753,640 | ||||||
Energy (6.7%) | ||||||
Devon Energy Corp. | 15,213,883 | 935,806 | ||||
Hess Corp. | 6,457,713 | 915,833 | ||||
Cheniere Energy Inc. | 5,786,696 | 867,773 | ||||
* | Enphase Energy Inc. | 3,163,826 | 838,287 | |||
Halliburton Co. | 19,023,757 | 748,585 | ||||
Baker Hughes Co. Class A | 23,313,074 | 688,435 | ||||
ONEOK Inc. | 10,404,300 | 683,563 | ||||
Phillips 66 | 5,502,511 | 572,701 | ||||
Valero Energy Corp. | 4,488,589 | 569,422 | ||||
Diamondback Energy Inc. | 4,098,009 | 560,526 | ||||
Williams Cos. Inc. | 14,187,288 | 466,762 | ||||
Coterra Energy Inc. | 17,417,631 | 427,951 | ||||
Marathon Oil Corp. | 14,791,666 | 400,410 |
Shares | Market Value• ($000) | |||||
Texas Pacific Land Corp. | 71,634 | 167,927 | ||||
* | Plug Power Inc. | 13,554,251 | 167,666 | |||
EQT Corp. | 3,840,740 | 129,932 | ||||
9,141,579 | ||||||
Financials (12.9%) | ||||||
Arthur J Gallagher & Co. | 4,906,543 | 925,080 | ||||
MSCI Inc. Class A | 1,768,842 | 822,812 | ||||
Ameriprise Financial Inc. | 2,477,073 | 771,286 | ||||
Discover Financial Services | 6,363,409 | 622,532 | ||||
Willis Towers Watson plc | 2,519,914 | 616,321 | ||||
M&T Bank Corp. | 4,019,039 | 583,002 | ||||
T. Rowe Price Group Inc. | 5,204,310 | 567,582 | ||||
Hartford Financial Services Group Inc. | 7,406,758 | 561,654 | ||||
Nasdaq Inc. | 9,150,283 | 561,370 | ||||
American International Group Inc. | 8,650,306 | 547,045 | ||||
Fifth Third Bancorp | 15,984,035 | 524,436 | ||||
First Republic Bank | 4,259,714 | 519,217 | ||||
* | Arch Capital Group Ltd. | 8,183,063 | 513,733 | |||
Apollo Global Management Inc. | 7,997,748 | 510,176 | ||||
Raymond James Financial Inc. | 4,507,604 | 481,638 | ||||
Principal Financial Group Inc. | 5,698,143 | 478,188 | ||||
Huntington Bancshares Inc. | 33,601,874 | 473,786 | ||||
Regions Financial Corp. | 21,764,241 | 469,237 | ||||
State Street Corp. | 5,871,308 | 455,437 | ||||
Citizens Financial Group Inc. | 11,471,198 | 451,621 | ||||
Northern Trust Corp. | 4,603,975 | 407,406 | ||||
* | Markel Corp. | 297,121 | 391,454 | |||
KeyCorp | 21,694,408 | 377,917 | ||||
Cincinnati Financial Corp. | 3,662,038 | 374,956 | ||||
Broadridge Financial Solutions Inc. | 2,735,849 | 366,959 | ||||
FactSet Research Systems Inc. | 885,891 | 355,428 | ||||
W R Berkley Corp. | 4,629,835 | 335,987 | ||||
* | SVB Financial Group | 1,374,357 | 316,295 | |||
Cboe Global Markets Inc. | 2,466,732 | 309,501 | ||||
Everest Re Group Ltd. | 910,713 | 301,692 | ||||
Loews Corp. | 4,692,860 | 273,735 | ||||
Ares Management Corp. Class A | 3,629,203 | 248,383 | ||||
Equitable Holdings Inc. | 8,604,649 | 246,953 | ||||
MarketAxess Holdings Inc. | 831,405 | 231,871 | ||||
Annaly Capital Management Inc. | 10,878,809 | 229,325 | ||||
Fidelity National Financial Inc. | 6,011,504 | 226,153 | ||||
LPL Financial Holdings Inc. | 879,199 | 190,056 | ||||
Franklin Resources Inc. | 6,969,522 | 183,856 | ||||
Tradeweb Markets Inc. Class A | 2,582,867 | 167,706 | ||||
Interactive Brokers Group Inc. Class A | 2,272,490 | 164,415 | ||||
Brown & Brown Inc. | 2,634,304 | 150,076 | ||||
Globe Life Inc. | 1,017,827 | 122,699 | ||||
*,1 | Coinbase Global Inc. Class A | 3,327,020 | 117,743 | |||
Ally Financial Inc. | 3,126,393 | 76,440 | ||||
Corebridge Financial Inc. | 1,499,848 | 30,087 | ||||
1 | Rocket Cos. Inc. Class A | 2,690,101 | 18,831 | |||
17,672,077 | ||||||
Health Care (10.9%) | ||||||
* | Centene Corp. | 13,176,462 | 1,080,602 | |||
* | Dexcom Inc. | 8,991,736 | 1,018,224 | |||
* | IQVIA Holdings Inc. | 4,322,528 | 885,643 | |||
ResMed Inc. | 3,409,593 | 709,639 | ||||
* | Alnylam Pharmaceuticals Inc. | 2,863,949 | 680,617 | |||
Zimmer Biomet Holdings Inc. | 4,885,561 | 622,909 | ||||
* | Horizon Therapeutics plc | 5,276,312 | 600,444 | |||
* | Veeva Systems Inc. Class A | 3,271,673 | 527,983 | |||
Laboratory Corp. of America Holdings | 2,063,495 | 485,912 | ||||
* | Insulet Corp. | 1,617,303 | 476,118 | |||
Cardinal Health Inc. | 6,105,078 | 469,297 | ||||
* | Molina Healthcare Inc. | 1,359,842 | 449,047 | |||
* | BioMarin Pharmaceutical Inc. | 4,328,462 | 447,952 |
Shares | Market Value• ($000) | |||||
STERIS plc | 2,325,065 | 429,416 | ||||
* | Hologic Inc. | 5,716,425 | 427,646 | |||
* | Seagen Inc. | 3,243,617 | 416,837 | |||
Quest Diagnostics Inc. | 2,648,256 | 414,293 | ||||
PerkinElmer Inc. | 2,942,444 | 412,589 | ||||
West Pharmaceutical Services Inc. | 1,724,570 | 405,878 | ||||
* | IDEXX Laboratories Inc. | 962,879 | 392,816 | |||
Cooper Cos. Inc. | 1,149,754 | 380,189 | ||||
* | Align Technology Inc. | 1,725,533 | 363,915 | |||
* | Incyte Corp. | 4,397,257 | 353,188 | |||
Royalty Pharma plc Class A | 8,718,426 | 344,552 | ||||
* | Avantor Inc. | 14,928,527 | 314,843 | |||
Viatris Inc. | 28,264,962 | 314,589 | ||||
Baxter International Inc. | 5,873,020 | 299,348 | ||||
Teleflex Inc. | 1,090,718 | 272,276 | ||||
* | Henry Schein Inc. | 3,151,909 | 251,743 | |||
* | Bio-Rad Laboratories Inc. Class A | 489,164 | 205,689 | |||
* | Catalent Inc. | 3,975,465 | 178,936 | |||
* | Charles River Laboratories International Inc. | 591,535 | 128,895 | |||
Universal Health Services Inc. Class B | 708,644 | 99,841 | ||||
* | DaVita Inc. | 576,403 | 43,040 | |||
14,904,906 | ||||||
Industrials (15.5%) | ||||||
Cintas Corp. | 2,007,052 | 906,425 | ||||
Carrier Global Corp. | 19,462,747 | 802,838 | ||||
TransDigm Group Inc. | 1,202,627 | 757,234 | ||||
* | Mettler-Toledo International Inc. | 518,910 | 750,058 | |||
AMETEK Inc. | 5,345,430 | 746,864 | ||||
PACCAR Inc. | 7,285,474 | 721,043 | ||||
* | Keysight Technologies Inc. | 4,154,779 | 710,758 | |||
Rockwell Automation Inc. | 2,673,673 | 688,658 | ||||
Old Dominion Freight Line Inc. | 2,314,775 | 656,887 | ||||
Verisk Analytics Inc. Class A | 3,640,581 | 642,271 | ||||
Ferguson plc | 4,881,843 | 619,848 | ||||
WW Grainger Inc. | 1,058,767 | 588,939 | ||||
* | United Rentals Inc. | 1,614,028 | 573,658 | |||
Equifax Inc. | 2,851,156 | 554,151 | ||||
Fortive Corp. | 8,238,358 | 529,315 | ||||
Vulcan Materials Co. | 2,940,023 | 514,827 | ||||
Ingersoll Rand Inc. | 9,429,465 | 492,690 | ||||
Martin Marietta Materials Inc. | 1,445,849 | 488,654 | ||||
Quanta Services Inc. | 3,327,119 | 474,114 | ||||
* | Waters Corp. | 1,383,593 | 473,991 | |||
Xylem Inc. | 4,197,225 | 464,087 | ||||
Dover Corp. | 3,263,672 | 441,934 | ||||
* | Teledyne Technologies Inc. | 1,091,676 | 436,572 | |||
Westinghouse Air Brake Technologies Corp. | 4,017,547 | 400,991 | ||||
Expeditors International of Washington Inc. | 3,707,105 | 385,242 | ||||
Otis Worldwide Corp. | 4,843,437 | 379,290 | ||||
Ball Corp. | 7,313,358 | 374,005 | ||||
Jacobs Solutions Inc. | 2,943,734 | 353,454 | ||||
Synchrony Financial | 10,476,722 | 344,265 | ||||
Textron Inc. | 4,854,610 | 343,706 | ||||
JB Hunt Transport Services Inc. | 1,926,054 | 335,827 | ||||
Global Payments Inc. | 3,150,846 | 312,942 | ||||
* | Zebra Technologies Corp. Class A | 1,203,492 | 308,587 | |||
* | FleetCor Technologies Inc. | 1,629,238 | 299,258 | |||
* | Trimble Inc. | 5,734,781 | 289,951 | |||
Snap-on Inc. | 1,236,010 | 282,416 | ||||
Packaging Corp. of America | 2,151,718 | 275,226 | ||||
Stanley Black & Decker Inc. | 3,559,103 | 267,360 | ||||
TransUnion | 4,492,874 | 254,971 | ||||
* | Bill.com Holdings Inc. | 2,334,332 | 254,349 | |||
CH Robinson Worldwide Inc. | 2,737,169 | 250,615 | ||||
Masco Corp. | 5,244,237 | 244,749 | ||||
Crown Holdings Inc. | 2,789,135 | 229,295 | ||||
Westrock Co. | 5,917,099 | 208,045 |
Shares | Market Value• ($000) | |||||
HEICO Corp. Class A | 1,717,637 | 205,859 | ||||
Jack Henry & Associates Inc. | 848,157 | 148,902 | ||||
Hubbell Inc. Class B | 624,410 | 146,537 | ||||
HEICO Corp. | 950,748 | 146,073 | ||||
Fortune Brands Innovations Inc. | 1,510,859 | 86,285 | ||||
* | Generac Holdings Inc. | 736,934 | 74,180 | |||
21,238,196 | ||||||
Real Estate (8.9%) | ||||||
Realty Income Corp. | 14,583,152 | 925,009 | ||||
* | CoStar Group Inc. | 9,467,110 | 731,618 | |||
Welltower Inc. | 10,998,583 | 720,957 | ||||
SBA Communications Corp. Class A | 2,513,283 | 704,498 | ||||
Digital Realty Trust Inc. | 6,695,011 | 671,309 | ||||
VICI Properties Inc. | 20,563,605 | 666,261 | ||||
Alexandria Real Estate Equities Inc. | 3,821,372 | 556,659 | ||||
* | CBRE Group Inc. Class A | 6,993,958 | 538,255 | |||
Weyerhaeuser Co. | 17,135,294 | 531,194 | ||||
AvalonBay Communities Inc. | 3,257,386 | 526,133 | ||||
Equity Residential | 8,360,051 | 493,243 | ||||
Extra Space Storage Inc. | 3,118,893 | 459,039 | ||||
Simon Property Group Inc. | 3,807,499 | 447,305 | ||||
Invitation Homes Inc. | 14,240,569 | 422,090 | ||||
Mid-America Apartment Communities Inc. | 2,685,195 | 421,549 | ||||
Ventas Inc. | 9,310,779 | 419,451 | ||||
Sun Communities Inc. | 2,880,822 | 411,958 | ||||
WP Carey Inc. | 4,846,568 | 378,759 | ||||
Iron Mountain Inc. | 6,773,637 | 337,666 | ||||
Essex Property Trust Inc. | 1,505,709 | 319,090 | ||||
Healthpeak Properties Inc. | 12,499,462 | 313,362 | ||||
UDR Inc. | 7,569,829 | 293,179 | ||||
Camden Property Trust | 2,477,121 | 277,140 | ||||
Boston Properties Inc. | 3,280,519 | 221,697 | ||||
Host Hotels & Resorts Inc. | 8,313,278 | 133,428 | ||||
Regency Centers Corp. | 1,989,580 | 124,349 | ||||
* | Zillow Group Inc. Class C | 3,654,166 | 117,701 | |||
* | Zillow Group Inc. Class A | 918,943 | 28,680 | |||
12,191,579 | ||||||
Technology (13.0%) | ||||||
Amphenol Corp. Class A | 13,837,722 | 1,053,604 | ||||
* | Cadence Design Systems Inc. | 6,386,050 | 1,025,855 | |||
Microchip Technology Inc. | 12,801,213 | 899,285 | ||||
* | ON Semiconductor Corp. | 10,068,154 | 627,951 | |||
* | Gartner Inc. | 1,747,842 | 587,520 | |||
Corning Inc. | 17,723,123 | 566,077 | ||||
CDW Corp. | 3,152,154 | 562,912 | ||||
* | ANSYS Inc. | 2,029,775 | 490,373 | |||
Hewlett Packard Enterprise Co. | 29,966,148 | 478,260 | ||||
* | Datadog Inc. Class A | 6,123,770 | 450,097 | |||
* | Atlassian Corp. Class A | 3,453,288 | 444,369 | |||
* | VeriSign Inc. | 2,095,442 | 430,488 | |||
* | EPAM Systems Inc. | 1,272,612 | 417,086 | |||
* | Fortinet Inc. | 7,734,457 | 378,138 | |||
* | Paycom Software Inc. | 1,186,315 | 368,125 | |||
Marvell Technology Inc. | 9,936,966 | 368,065 | ||||
Monolithic Power Systems Inc. | 1,038,863 | 367,352 | ||||
Skyworks Solutions Inc. | 3,724,229 | 339,389 | ||||
* | Pinterest Inc. Class A | 13,662,358 | 331,722 | |||
* | Zoom Video Communications Inc. Class A | 4,864,790 | 329,541 | |||
* | DoorDash Inc. Class A | 6,698,305 | 327,011 | |||
* | Splunk Inc. | 3,791,654 | 326,424 | |||
Teradyne Inc. | 3,621,810 | 316,365 | ||||
* | Tyler Technologies Inc. | 968,260 | 312,177 | |||
* | HubSpot Inc. | 1,075,842 | 311,058 | |||
* | Akamai Technologies Inc. | 3,656,394 | 308,234 | |||
NetApp Inc. | 5,054,434 | 303,569 | ||||
* | MongoDB Inc. Class A | 1,517,763 | 298,756 |
Shares | Market Value• ($000) | |||||
* | Cloudflare Inc. Class A | 6,288,733 | 284,314 | |||
Gen Digital Inc. | 12,906,701 | 276,591 | ||||
* | Match Group Inc. | 6,512,463 | 270,202 | |||
* | GoDaddy Inc. Class A | 3,605,780 | 269,784 | |||
SS&C Technologies Holdings Inc. | 4,979,120 | 259,213 | ||||
* | DocuSign Inc. Class A | 4,614,723 | 255,748 | |||
* | Palantir Technologies Inc. Class A | 38,853,490 | 249,439 | |||
Seagate Technology Holdings plc | 4,574,349 | 240,657 | ||||
* | ZoomInfo Technologies Inc. Class A | 7,978,169 | 240,223 | |||
* | Western Digital Corp. | 7,386,321 | 233,038 | |||
* | Okta Inc. Class A | 3,354,589 | 229,219 | |||
* | Zscaler Inc. | 2,011,988 | 225,141 | |||
* | Qorvo Inc. | 2,357,625 | 213,695 | |||
* | Black Knight Inc. | 3,446,687 | 212,833 | |||
* | Snap Inc. Class A | 23,698,058 | 212,098 | |||
*,1 | Unity Software Inc. | 7,205,118 | 205,994 | |||
* | Twilio Inc. Class A | 4,058,186 | 198,689 | |||
Bentley Systems Inc. Class B | 5,148,996 | 190,307 | ||||
Leidos Holdings Inc. | 1,589,224 | 167,171 | ||||
* | F5 Inc. | 701,870 | 100,725 | |||
* | Dropbox Inc. Class A | 3,097,329 | 69,318 | |||
* | Toast Inc. Class A | 3,499,355 | 63,093 | |||
* | UiPath Inc. Class A | 3,531,873 | 44,890 | |||
* | AppLovin Corp. Class A | 2,045,013 | 21,534 | |||
17,753,719 | ||||||
Telecommunications (1.7%) | ||||||
Motorola Solutions Inc. | 3,890,803 | 1,002,699 | ||||
* | Arista Networks Inc. | 5,334,861 | 647,385 | |||
* | Liberty Broadband Corp. Class C | 2,812,634 | 214,520 | |||
Juniper Networks Inc. | 3,773,473 | 120,600 | ||||
* | Roku Inc. Class A | 2,833,328 | 115,316 | |||
* | DISH Network Corp. Class A | 5,776,746 | 81,106 | |||
Lumen Technologies Inc. | 12,033,956 | 62,817 | ||||
* | Liberty Broadband Corp. Class A | 372,630 | 28,264 | |||
2,272,707 | ||||||
Utilities (7.8%) | ||||||
* | PG&E Corp. | 48,770,608 | 793,010 | |||
Waste Connections Inc. | ��5,980,703 | 792,802 | ||||
Consolidated Edison Inc. | 8,251,634 | ��� 786,463 | ||||
WEC Energy Group Inc. | 7,342,443 | 688,427 | ||||
Eversource Energy | 8,107,979 | 679,773 | ||||
Constellation Energy Corp. | 7,604,175 | 655,556 | ||||
American Water Works Co. Inc. | 4,232,778 | 645,160 | ||||
Edison International | 8,890,832 | 565,635 | ||||
Ameren Corp. | 6,001,240 | 533,630 | ||||
Entergy Corp. | 4,737,948 | 533,019 | ||||
FirstEnergy Corp. | 12,647,964 | 530,456 | ||||
PPL Corp. | 16,265,897 | 475,290 | ||||
DTE Energy Co. | 3,835,632 | 450,802 | ||||
AES Corp. | 15,557,457 | 447,432 | ||||
CenterPoint Energy Inc. | 14,660,476 | 439,668 | ||||
CMS Energy Corp. | 6,760,972 | 428,172 | ||||
Evergy Inc. | 5,336,082 | 335,800 | ||||
Alliant Energy Corp. | 5,837,031 | 322,263 | ||||
NiSource Inc. | 9,443,942 | 258,953 | ||||
Vistra Corp. | 9,253,762 | 214,687 | ||||
Avangrid Inc. | 1,798,079 | 77,281 | ||||
10,654,279 | ||||||
Total Common Stocks (Cost $102,085,908) | 135,556,676 |
Shares | Market Value• ($000) | |||||
Temporary Cash Investments (1.1%) | ||||||
Money Market Fund (1.1%) | ||||||
2,3 | Vanguard Market Liquidity Fund, 4.334% (Cost $1,505,415) | 15,059,457 | 1,505,795 | |||
Total Investments (100.2%) (Cost $103,591,323) | 137,062,471 | |||||
Other Assets and Liabilities—Net (-0.2%) | (297,690) | |||||
Net Assets (100%) | 136,764,781 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $427,348,000. |
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 $445,226,000 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 Russell 2000 Index | March 2023 | 2,770 | 245,270 | (4,405) |
E-mini S&P 500 Index | March 2023 | 1,932 | 372,972 | (8,202) |
E-mini S&P Mid-Cap 400 Index | March 2023 | 1,111 | 271,373 | (4,124) |
(16,731) |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Ameren Corp. | 1/31/23 | GSI | 1,323 | (4.329) | 18 | — |
CRSP US Mid Cap TR Index | 8/31/23 | BANA | 91,837 | (4.515) | — | (5,543) |
DocuSign Inc. Class A | 8/31/23 | BANA | 2,542 | (4.115) | 443 | — |
Hormel Foods Corp. | 1/31/23 | GSI | 20,561 | (4.329) | — | (90) |
Palantir Technologies Inc. Class A | 8/31/23 | BANA | 2,010 | (4.115) | — | (296) |
Sirius XM Holdings Inc. | 1/31/23 | GSI | 14,776 | (4.329) | — | (341) |
State Street Corp. | 8/30/24 | BANA | 163,324 | (4.715) | — | (3,630) |
State Street Corp. | 8/30/24 | BANA | 9,560 | (4.715) | — | (213) |
State Street Corp. | 8/30/24 | BANA | 5,975 | (4.715) | — | (133) |
VICI Properties Inc. | 8/31/23 | BANA | 90,630 | (4.665) | — | (4,075) |
461 | (14,321) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $102,085,908) | 135,556,676 |
Affiliated Issuers (Cost $1,505,415) | 1,505,795 |
Total Investments in Securities | 137,062,471 |
Investment in Vanguard | 5,251 |
Cash | 30,045 |
Cash Collateral Pledged—Futures Contracts | 54,625 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 13,559 |
Receivables for Investment Securities Sold | 5,063 |
Receivables for Accrued Income | 235,094 |
Receivables for Capital Shares Issued | 54,303 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 461 |
Total Assets | 137,460,872 |
Liabilities | |
Payables for Investment Securities Purchased | 29,451 |
Collateral for Securities on Loan | 445,226 |
Payables for Capital Shares Redeemed | 200,908 |
Payables to Vanguard | 2,594 |
Variation Margin Payable—Futures Contracts | 3,591 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 14,321 |
Total Liabilities | 696,091 |
Net Assets | 136,764,781 |
1 Includes $427,348,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2022, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 118,684,872 |
Total Distributable Earnings (Loss) | 18,079,909 |
Net Assets | 136,764,781 |
Investor Shares—Net Assets | |
Applicable to 8,547,059 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 475,758 |
Net Asset Value Per Share—Investor Shares | $55.66 |
ETF Shares—Net Assets | |
Applicable to 244,609,287 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 49,860,521 |
Net Asset Value Per Share—ETF Shares | $203.84 |
Admiral Shares—Net Assets | |
Applicable to 203,396,544 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 51,351,897 |
Net Asset Value Per Share—Admiral Shares | $252.47 |
Institutional Shares—Net Assets | |
Applicable to 362,742,499 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 20,230,995 |
Net Asset Value Per Share—Institutional Shares | $55.77 |
Institutional Plus Shares—Net Assets | |
Applicable to 53,972,998 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 14,845,610 |
Net Asset Value Per Share—Institutional Plus Shares | $275.06 |
Year Ended December 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 2,201,173 |
Interest2 | 13,756 |
Securities Lending—Net | 32,877 |
Total Income | 2,247,806 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,547 |
Management and Administrative—Investor Shares | 896 |
Management and Administrative—ETF Shares | 15,465 |
Management and Administrative—Admiral Shares | 23,517 |
Management and Administrative—Institutional Shares | 7,622 |
Management and Administrative—Institutional Plus Shares | 3,861 |
Marketing and Distribution—Investor Shares | 28 |
Marketing and Distribution—ETF Shares | 2,654 |
Marketing and Distribution—Admiral Shares | 2,151 |
Marketing and Distribution—Institutional Shares | 628 |
Marketing and Distribution—Institutional Plus Shares | 374 |
Custodian Fees | 235 |
Auditing Fees | 35 |
Shareholders’ Reports—Investor Shares | 2 |
Shareholders’ Reports—ETF Shares | 1,282 |
Shareholders’ Reports—Admiral Shares | 623 |
Shareholders’ Reports—Institutional Shares | 230 |
Shareholders’ Reports—Institutional Plus Shares | 92 |
Trustees’ Fees and Expenses | 53 |
Other Expenses | 134 |
Total Expenses | 62,429 |
Expenses Paid Indirectly | (147) |
Net Expenses | 62,282 |
Net Investment Income | 2,185,524 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 2,968,793 |
Futures Contracts | (99,355) |
Swap Contracts | (15,892) |
Realized Net Gain (Loss) | 2,853,546 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (36,616,166) |
Futures Contracts | (16,738) |
Swap Contracts | (29,599) |
Change in Unrealized Appreciation (Depreciation) | (36,662,503) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (31,623,433) |
1 | Dividends are net of foreign withholding taxes of $860,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $13,366,000, ($276,000), $4,000, and $272,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $10,314,164,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 2,185,524 | 1,763,819 |
Realized Net Gain (Loss) | 2,853,546 | 12,682,950 |
Change in Unrealized Appreciation (Depreciation) | (36,662,503) | 18,190,970 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (31,623,433) | 32,637,739 |
Distributions | ||
Investor Shares | (7,365) | (9,018) |
ETF Shares | (779,343) | (617,083) |
Admiral Shares | (818,365) | (728,126) |
Institutional Shares | (331,945) | (304,735) |
Institutional Plus Shares | (235,283) | (201,610) |
Total Distributions | (2,172,301) | (1,860,572) |
Capital Share Transactions | ||
Investor Shares | (126,905) | (268,407) |
ETF Shares | 3,900,034 | 6,295,046 |
Admiral Shares | (830,405) | (452,497) |
Institutional Shares | (1,758,614) | (72,833) |
Institutional Plus Shares | 710,097 | (563,005) |
Net Increase (Decrease) from Capital Share Transactions | 1,894,207 | 4,938,304 |
Total Increase (Decrease) | (31,901,527) | 35,715,471 |
Net Assets | ||
Beginning of Period | 168,666,308 | 132,950,837 |
End of Period | 136,764,781 | 168,666,308 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $69.54 | $56.52 | $48.64 | $37.71 | $42.23 |
Investment Operations | |||||
Net Investment Income1 | .807 | .652 | .698 | .577 | .640 |
Net Realized and Unrealized Gain (Loss) on Investments | (13.875) | 13.065 | 7.937 | 11.018 | (4.528) |
Total from Investment Operations | (13.068) | 13.717 | 8.635 | 11.595 | (3.888) |
Distributions | |||||
Dividends from Net Investment Income | (.812) | (.697) | (.755) | (.665) | (.632) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.812) | (.697) | (.755) | (.665) | (.632) |
Net Asset Value, End of Period | $55.66 | $69.54 | $56.52 | $48.64 | $37.71 |
Total Return2 | -18.80% | 24.36% | 18.10% | 30.86% | -9.34% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $476 | $740 | $834 | $877 | $3,043 |
Ratio of Total Expenses to Average Net Assets | 0.17%3 | 0.17% | 0.17% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 1.36% | 1.02% | 1.49% | 1.31% | 1.49% |
Portfolio Turnover Rate4 | 12% | 16% | 26% | 15% | 16% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $254.69 | $207.00 | $178.14 | $138.08 | $154.65 |
Investment Operations | |||||
Net Investment Income1 | 3.302 | 2.741 | 2.772 | 2.663 | 2.535 |
Net Realized and Unrealized Gain (Loss) on Investments | (50.886) | 47.811 | 29.084 | 40.043 | (16.584) |
Total from Investment Operations | (47.584) | 50.552 | 31.856 | 42.706 | (14.049) |
Distributions | |||||
Dividends from Net Investment Income | (3.266) | (2.862) | (2.996) | (2.646) | (2.521) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.266) | (2.862) | (2.996) | (2.646) | (2.521) |
Net Asset Value, End of Period | $203.84 | $254.69 | $207.00 | $178.14 | $138.08 |
Total Return | -18.68% | 24.52% | 18.22% | 31.04% | -9.21% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $49,861 | $57,774 | $41,587 | $29,014 | $21,261 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.53% | 1.16% | 1.61% | 1.62% | 1.62% |
Portfolio Turnover Rate3 | 12% | 16% | 26% | 15% | 16% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $315.46 | $256.40 | $220.66 | $171.04 | $191.55 |
Investment Operations | |||||
Net Investment Income1 | 4.028 | 3.333 | 3.418 | 3.296 | 3.135 |
Net Realized and Unrealized Gain (Loss) on Investments | (63.000) | 59.242 | 36.010 | 49.578 | (20.539) |
Total from Investment Operations | (58.972) | 62.575 | 39.428 | 52.874 | (17.404) |
Distributions | |||||
Dividends from Net Investment Income | (4.018) | (3.515) | (3.688) | (3.254) | (3.106) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.018) | (3.515) | (3.688) | (3.254) | (3.106) |
Net Asset Value, End of Period | $252.47 | $315.46 | $256.40 | $220.66 | $171.04 |
Total Return2 | -18.71% | 24.51% | 18.24% | 31.03% | -9.23% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $51,352 | $65,118 | $53,301 | $47,640 | $34,754 |
Ratio of Total Expenses to Average Net Assets | 0.05%3 | 0.05% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 1.51% | 1.14% | 1.61% | 1.62% | 1.61% |
Portfolio Turnover Rate4 | 12% | 16% | 26% | 15% | 16% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $69.69 | $56.64 | $48.74 | $37.78 | $42.32 |
Investment Operations | |||||
Net Investment Income1 | .893 | .743 | .759 | .727 | .697 |
Net Realized and Unrealized Gain (Loss) on Investments | (13.919) | 13.090 | 7.961 | 10.957 | (4.547) |
Total from Investment Operations | (13.026) | 13.833 | 8.720 | 11.684 | (3.850) |
Distributions | |||||
Dividends from Net Investment Income | (.894) | (.783) | (.820) | (.724) | (.690) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.894) | (.783) | (.820) | (.724) | (.690) |
Net Asset Value, End of Period | $55.77 | $69.69 | $56.64 | $48.74 | $37.78 |
Total Return | -18.70% | 24.53% | 18.26% | 31.04% | -9.24% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $20,231 | $27,312 | $22,291 | $20,425 | $16,524 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.51% | 1.15% | 1.62% | 1.62% | 1.62% |
Portfolio Turnover Rate3 | 12% | 16% | 26% | 15% | 16% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Plus Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $343.68 | $279.34 | $240.40 | $186.34 | $208.69 |
Investment Operations | |||||
Net Investment Income1 | 4.458 | 3.688 | 3.774 | 3.598 | 3.464 |
Net Realized and Unrealized Gain (Loss) on Investments | (68.641) | 64.544 | 39.230 | 54.052 | (22.388) |
Total from Investment Operations | (64.183) | 68.232 | 43.004 | 57.650 | (18.924) |
Distributions | |||||
Dividends from Net Investment Income | (4.437) | (3.892) | (4.064) | (3.590) | (3.426) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.437) | (3.892) | (4.064) | (3.590) | (3.426) |
Net Asset Value, End of Period | $275.06 | $343.68 | $279.34 | $240.40 | $186.34 |
Total Return | -18.69% | 24.53% | 18.27% | 31.06% | -9.21% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $14,846 | $17,723 | $14,937 | $13,612 | $11,426 |
Ratio of Total Expenses to Average Net Assets | 0.03%2 | 0.03% | 0.03% | 0.03% | 0.03% |
Ratio of Net Investment Income to Average Net Assets | 1.53% | 1.16% | 1.63% | 1.62% | 1.63% |
Portfolio Turnover Rate3 | 12% | 16% | 26% | 15% | 16% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.03%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 135,556,676 | — | — | 135,556,676 |
Temporary Cash Investments | 1,505,795 | — | — | 1,505,795 |
Total | 137,062,471 | — | — | 137,062,471 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 461 | — | 461 |
Liabilities | ||||
Futures Contracts1 | 16,731 | — | — | 16,731 |
Swap Contracts | — | 14,321 | — | 14,321 |
Total | 16,731 | 14,321 | — | 31,052 |
1 | Includes 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. |
Amount ($000) | |
Paid-in Capital | 10,313,200 |
Total Distributable Earnings (Loss) | (10,313,200) |
Amount ($000) | |
Undistributed Ordinary Income | 16,735 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (15,297,730) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 33,360,904 |
Year Ended December 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 2,172,301 | 1,860,572 |
Long-Term Capital Gains | — | — |
Total | 2,172,301 | 1,860,572 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 103,701,567 |
Gross Unrealized Appreciation | 44,283,191 |
Gross Unrealized Depreciation | (10,922,287) |
Net Unrealized Appreciation (Depreciation) | 33,360,904 |
Year Ended December 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 38,431 | 646 | 57,093 | 901 | |
Issued in Lieu of Cash Distributions | 7,365 | 130 | 9,018 | 140 | |
Redeemed | (172,701) | (2,864) | (334,518) | (5,165) | |
Net Increase (Decrease)—Investor Shares | (126,905) | (2,088) | (268,407) | (4,124) | |
ETF Shares | |||||
Issued | 22,366,377 | 104,145 | 23,926,059 | 100,340 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (18,466,343) | (86,375) | (17,631,013) | (74,400) | |
Net Increase (Decrease)—ETF Shares | 3,900,034 | 17,770 | 6,295,046 | 25,940 | |
Admiral Shares | |||||
Issued | 6,210,546 | 23,079 | 8,108,777 | 28,148 | |
Issued in Lieu of Cash Distributions | 713,328 | 2,783 | 628,000 | 2,134 | |
Redeemed | (7,754,279) | (28,889) | (9,189,274) | (31,741) | |
Net Increase (Decrease)—Admiral Shares | (830,405) | (3,027) | (452,497) | (1,459) | |
Institutional Shares | |||||
Issued | 3,105,126 | 52,367 | 4,726,431 | 73,690 | |
Issued in Lieu of Cash Distributions | 306,818 | 5,408 | 282,871 | 4,349 | |
Redeemed | (5,170,558) | (86,962) | (5,082,135) | (79,672) | |
Net Increase (Decrease)—Institutional Shares | (1,758,614) | (29,187) | (72,833) | (1,633) | |
Institutional Plus Shares | |||||
Issued | 2,083,499 | 7,084 | 1,743,703 | 5,449 | |
Issued in Lieu of Cash Distributions | 233,744 | 837 | 200,859 | 626 | |
Redeemed | (1,607,146) | (5,516) | (2,507,567) | (7,981) | |
Net Increase (Decrease)—Institutional Plus Shares | 710,097 | 2,405 | (563,005) | (1,906) |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Growth Index Fund Investor Shares | -28.93% | 7.68% | 10.76% | $27,796 | |
Spliced Mid-Cap Growth Index | -28.83 | 7.86 | 10.94 | 28,236 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Growth Index Fund ETF Shares Net Asset Value | -28.84% | 7.81% | 10.90% | $28,147 | |
Mid-Cap Growth Index Fund ETF Shares Market Price | -28.84 | 7.81 | 10.90 | 28,141 | |
Spliced Mid-Cap Growth Index | -28.83 | 7.86 | 10.94 | 28,236 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Growth Index Fund Admiral Shares | -28.84% | 7.81% | 10.90% | $28,148 | |
Spliced Mid-Cap Growth Index | -28.83 | 7.86 | 10.94 | 28,236 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
Cumulative Returns of ETF Shares: December 31, 2012, Through December 31, 2022 | |||
One Year | Five Years | Ten Years | |
Mid-Cap Growth Index Fund ETF Shares Market Price | -28.84% | 45.64% | 181.41% |
Mid-Cap Growth Index Fund ETF Shares Net Asset Value | -28.84 | 45.67 | 181.47 |
Spliced Mid-Cap Growth Index | -28.83 | 45.97 | 182.36 |
Basic Materials | 2.8% |
Consumer Discretionary | 13.7 |
Consumer Staples | 1.4 |
Energy | 9.2 |
Financials | 6.2 |
Health Care | 14.8 |
Industrials | 17.3 |
Real Estate | 7.3 |
Technology | 22.8 |
Telecommunications | 3.2 |
Utilities | 1.3 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.9%) | ||||||
Basic Materials (2.8%) | ||||||
Fastenal Co. | 3,906,172 | 184,840 | ||||
Albemarle Corp. | 798,975 | 173,266 | ||||
Mosaic Co. | 2,322,058 | 101,868 | ||||
FMC Corp. | 429,542 | 53,607 | ||||
513,581 | ||||||
Consumer Discretionary (13.7%) | ||||||
* | Copart Inc. | 2,923,498 | 178,012 | |||
* | Aptiv plc | 1,847,852 | 172,090 | |||
Tractor Supply Co. | 753,355 | 169,482 | ||||
* | Ulta Beauty Inc. | 349,329 | 163,860 | |||
* | AutoZone Inc. | 64,726 | 159,626 | |||
* | Trade Desk Inc. Class A | 3,036,818 | 136,141 | |||
* | Chipotle Mexican Grill Inc. Class A | 94,528 | 131,157 | |||
* | Take-Two Interactive Software Inc. | 1,144,514 | 119,178 | |||
Hilton Worldwide Holdings Inc. | 922,247 | 116,535 | ||||
* | Etsy Inc. | 857,191 | 102,674 | |||
* | NVR Inc. | 20,706 | 95,508 | |||
LKQ Corp. | 1,731,010 | 92,453 | ||||
* | Burlington Stores Inc. | 444,600 | 90,147 | |||
* | Expedia Group Inc. | 1,026,856 | 89,953 | |||
Domino's Pizza Inc. | 241,420 | 83,628 | ||||
* | Live Nation Entertainment Inc. | 1,102,180 | 76,866 | |||
* | Royal Caribbean Cruises Ltd. | 1,479,274 | 73,121 | |||
MGM Resorts International | 2,095,174 | 70,251 | ||||
Rollins Inc. | 1,847,257 | 67,499 | ||||
* | ROBLOX Corp. Class A | 2,248,440 | 63,991 | |||
* | Caesars Entertainment Inc. | 1,390,149 | 57,830 | |||
* | Las Vegas Sands Corp. | 1,172,605 | 56,367 | |||
Pool Corp. | 126,502 | 38,245 | ||||
Vail Resorts Inc. | 137,500 | 32,773 | ||||
Warner Music Group Corp. Class A | 795,302 | 27,851 | ||||
1 | Sirius XM Holdings Inc. | 3,981,453 | 23,252 | |||
*,1 | Chewy Inc. Class A | 608,222 | 22,553 | |||
* | Endeavor Group Holdings Inc. Class A | 888,511 | 20,027 | |||
2,531,070 | ||||||
Consumer Staples (1.3%) | ||||||
Church & Dwight Co. Inc. | 1,663,164 | 134,068 | ||||
McCormick & Co. Inc. (Non-Voting) | 854,544 | 70,833 | ||||
Lamb Weston Holdings Inc. | 490,462 | 43,828 | ||||
* | Olaplex Holdings Inc. | 332,673 | 1,733 | |||
250,462 | ||||||
Energy (9.2%) | ||||||
Devon Energy Corp. | 4,458,190 | 274,224 | ||||
Hess Corp. | 1,892,385 | 268,378 | ||||
Cheniere Energy Inc. | 1,695,846 | 254,309 | ||||
* | Enphase Energy Inc. | 926,993 | 245,616 | |||
Diamondback Energy Inc. | 1,200,294 | 164,176 | ||||
Coterra Energy Inc. | 5,108,422 | 125,514 | ||||
Marathon Oil Corp. | 4,331,112 | 117,243 | ||||
Halliburton Co. | 2,786,764 | 109,659 | ||||
Texas Pacific Land Corp. | 21,018 | 49,271 | ||||
*,1 | Plug Power Inc. | 3,975,323 | 49,175 | |||
EQT Corp. | 1,126,454 | 38,108 | ||||
1,695,673 |
Shares | Market Value• ($000) | |||||
Financials (6.2%) | ||||||
MSCI Inc. Class A | 518,044 | 240,979 | ||||
Apollo Global Management Inc. | 2,341,766 | 149,381 | ||||
Broadridge Financial Solutions Inc. | 802,395 | 107,625 | ||||
FactSet Research Systems Inc. | 259,828 | 104,246 | ||||
First Republic Bank | 623,761 | 76,030 | ||||
Ares Management Corp. Class A | 1,064,441 | 72,850 | ||||
MarketAxess Holdings Inc. | 243,847 | 68,006 | ||||
* | Markel Corp. | 43,572 | 57,406 | |||
LPL Financial Holdings Inc. | 257,865 | 55,743 | ||||
Tradeweb Markets Inc. Class A | 757,541 | 49,187 | ||||
Interactive Brokers Group Inc. Class A | 666,504 | 48,222 | ||||
* | SVB Financial Group | 201,539 | 46,382 | |||
Brown & Brown Inc. | 772,620 | 44,016 | ||||
*,1 | Coinbase Global Inc. Class A | 975,790 | 34,533 | |||
1,154,606 | ||||||
Health Care (14.8%) | ||||||
* | Dexcom Inc. | 2,634,258 | 298,303 | |||
* | IQVIA Holdings Inc. | 1,266,736 | 259,542 | |||
ResMed Inc. | 999,010 | 207,924 | ||||
* | Alnylam Pharmaceuticals Inc. | 839,047 | 199,399 | |||
* | Horizon Therapeutics plc | 1,545,546 | 175,883 | |||
* | Veeva Systems Inc. Class A | 958,310 | 154,652 | |||
* | Insulet Corp. | 473,636 | 139,434 | |||
* | Molina Healthcare Inc. | 398,285 | 131,522 | |||
* | BioMarin Pharmaceutical Inc. | 1,267,482 | 131,172 | |||
* | Seagen Inc. | 949,669 | 122,042 | |||
West Pharmaceutical Services Inc. | 504,900 | 118,828 | ||||
* | IDEXX Laboratories Inc. | 282,401 | 115,208 | |||
Cooper Cos. Inc. | 336,534 | 111,282 | ||||
* | Align Technology Inc. | 506,083 | 106,733 | |||
* | Incyte Corp. | 1,289,683 | 103,587 | |||
* | Avantor Inc. | 4,368,114 | 92,124 | |||
STERIS plc | 340,391 | 62,867 | ||||
PerkinElmer Inc. | 430,733 | 60,397 | ||||
* | Bio-Rad Laboratories Inc. Class A | 143,471 | 60,328 | |||
* | Catalent Inc. | 1,165,965 | 52,480 | |||
* | Charles River Laboratories International Inc. | 173,494 | 37,804 | |||
2,741,511 | ||||||
Industrials (17.3%) | ||||||
Cintas Corp. | 588,654 | 265,848 | ||||
TransDigm Group Inc. | 352,288 | 221,818 | ||||
* | Mettler-Toledo International Inc. | 152,045 | 219,774 | |||
AMETEK Inc. | 1,566,210 | 218,831 | ||||
Old Dominion Freight Line Inc. | 678,130 | 192,440 | ||||
Verisk Analytics Inc. Class A | 1,066,556 | 188,162 | ||||
Equifax Inc. | 835,055 | 162,301 | ||||
Vulcan Materials Co. | 861,096 | 150,787 | ||||
Martin Marietta Materials Inc. | 423,453 | 143,114 | ||||
Quanta Services Inc. | 974,580 | 138,878 | ||||
* | Waters Corp. | 405,156 | 138,798 | |||
Xylem Inc. | 1,229,097 | 135,901 | ||||
* | Teledyne Technologies Inc. | 319,657 | 127,834 | |||
JB Hunt Transport Services Inc. | 564,895 | 98,495 | ||||
* | Zebra Technologies Corp. Class A | 352,108 | 90,284 | |||
* | FleetCor Technologies Inc. | 477,831 | 87,768 | |||
WW Grainger Inc. | 155,073 | 86,259 |
Shares | Market Value• ($000) | |||||
* | Trimble Inc. | 1,681,951 | 85,039 | |||
* | Bill.com Holdings Inc. | 684,637 | 74,598 | |||
TransUnion | 1,314,190 | 74,580 | ||||
Masco Corp. | 1,538,065 | 71,782 | ||||
HEICO Corp. Class A | 503,809 | 60,382 | ||||
Ball Corp. | 1,070,448 | 54,743 | ||||
Jack Henry & Associates Inc. | 248,755 | 43,671 | ||||
HEICO Corp. | 278,820 | 42,838 | ||||
* | Generac Holdings Inc. | 216,164 | 21,759 | |||
3,196,684 | ||||||
Real Estate (7.3%) | ||||||
Realty Income Corp. | 4,277,162 | 271,300 | ||||
* | CoStar Group Inc. | 2,773,606 | 214,344 | |||
SBA Communications Corp. Class A | 736,317 | 206,397 | ||||
Extra Space Storage Inc. | 913,335 | 134,425 | ||||
Invitation Homes Inc. | 4,169,772 | 123,592 | ||||
Sun Communities Inc. | 844,923 | 120,824 | ||||
Welltower Inc. | 1,611,284 | 105,620 | ||||
Digital Realty Trust Inc. | 980,439 | 98,309 | ||||
Camden Property Trust | 363,247 | 40,640 | ||||
* | Zillow Group Inc. Class C | 1,064,542 | 34,289 | |||
* | Zillow Group Inc. Class A | 277,028 | 8,646 | |||
1,358,386 | ||||||
Technology (22.8%) | ||||||
Amphenol Corp. Class A | 4,058,504 | 309,014 | ||||
* | Cadence Design Systems Inc. | 1,870,818 | 300,528 | |||
Microchip Technology Inc. | 3,751,034 | 263,510 | ||||
* | ON Semiconductor Corp. | 2,949,108 | 183,936 | |||
* | Gartner Inc. | 511,993 | 172,101 | |||
* | ANSYS Inc. | 594,096 | 143,528 | |||
* | Datadog Inc. Class A | 1,792,581 | 131,755 | |||
* | Atlassian Corp. Class A | 1,011,206 | 130,122 | |||
* | VeriSign Inc. | 614,567 | 126,257 | |||
* | EPAM Systems Inc. | 372,626 | 122,124 | |||
* | Fortinet Inc. | 2,264,387 | 110,706 | |||
* | Paycom Software Inc. | 347,933 | 107,967 | |||
Marvell Technology Inc. | 2,907,330 | 107,687 | ||||
Monolithic Power Systems Inc. | 304,135 | 107,545 | ||||
Skyworks Solutions Inc. | 1,092,279 | 99,539 | ||||
* | Pinterest Inc. Class A | 4,007,059 | 97,291 | |||
* | Zoom Video Communications Inc. Class A | 1,424,025 | 96,463 | |||
* | DoorDash Inc. Class A | 1,964,576 | 95,911 | |||
* | Splunk Inc. | 1,109,660 | 95,531 | |||
Teradyne Inc. | 1,062,242 | 92,787 | ||||
* | Tyler Technologies Inc. | 283,979 | 91,558 | |||
* | HubSpot Inc. | 314,720 | 90,995 | |||
* | Akamai Technologies Inc. | 1,072,371 | 90,401 | |||
* | MongoDB Inc. Class A | 445,148 | 87,623 |
Shares | Market Value• ($000) | |||||
* | Cloudflare Inc. Class A | 1,844,432 | 83,387 | |||
* | GoDaddy Inc. Class A | 1,057,531 | 79,124 | |||
* | Match Group Inc. | 1,904,834 | 79,032 | |||
* | DocuSign Inc. Class A | 1,369,294 | 75,886 | |||
* | Palantir Technologies Inc. Class A | 11,473,997 | 73,663 | |||
* | ZoomInfo Technologies Inc. Class A | 2,339,972 | 70,457 | |||
* | Okta Inc. Class A | 983,847 | 67,226 | |||
* | Zscaler Inc. | 590,104 | 66,033 | |||
* | Black Knight Inc. | 1,010,881 | 62,422 | |||
* | Snap Inc. Class A | 6,950,350 | 62,206 | |||
*,1 | Unity Software Inc. | 2,113,488 | 60,425 | |||
* | Twilio Inc. Class A | 1,190,223 | 58,273 | |||
Bentley Systems Inc. Class B | 1,510,142 | 55,815 | ||||
* | Dropbox Inc. Class A | 908,807 | 20,339 | |||
* | Toast Inc. Class A | 1,026,650 | 18,510 | |||
* | UiPath Inc. Class A | 1,035,236 | 13,158 | |||
*,1 | AppLovin Corp. Class A | 600,622 | 6,325 | |||
4,207,160 | ||||||
Telecommunications (3.2%) | ||||||
Motorola Solutions Inc. | 1,140,316 | 293,871 | ||||
* | Arista Networks Inc. | 1,562,991 | 189,669 | |||
* | Liberty Broadband Corp. Class C | 824,516 | 62,886 | |||
* | Roku Inc. Class A | 830,947 | 33,819 | |||
* | Liberty Broadband Corp. Class A | 109,611 | 8,314 | |||
588,559 | ||||||
Utilities (1.3%) | ||||||
Waste Connections Inc. | 1,754,100 | 232,523 | ||||
Total Common Stocks (Cost $16,073,132) | 18,470,215 | |||||
Temporary Cash Investments (0.6%) | ||||||
Money Market Fund (0.6%) | ||||||
2,3 | Vanguard Market Liquidity Fund, 4.334% (Cost $114,172) | 1,142,083 | 114,197 | |||
Total Investments (100.5%) (Cost $16,187,304) | 18,584,412 | |||||
Other Assets and Liabilities—Net (-0.5%) | (100,762) | |||||
Net Assets (100%) | 18,483,650 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $100,691,000. |
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 $104,082,000 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 | March 2023 | 36 | 6,950 | (117) |
E-mini S&P Mid-Cap 400 Index | March 2023 | 41 | 10,014 | (122) |
(239) |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $16,073,132) | 18,470,215 |
Affiliated Issuers (Cost $114,172) | 114,197 |
Total Investments in Securities | 18,584,412 |
Investment in Vanguard | 718 |
Cash | 3,803 |
Cash Collateral Pledged—Futures Contracts | 940 |
Receivables for Investment Securities Sold | 17,084 |
Receivables for Accrued Income | 8,593 |
Receivables for Capital Shares Issued | 7,628 |
Total Assets | 18,623,178 |
Liabilities | |
Payables for Investment Securities Purchased | 4,865 |
Collateral for Securities on Loan | 104,082 |
Payables for Capital Shares Redeemed | 29,934 |
Payables to Vanguard | 573 |
Variation Margin Payable—Futures Contracts | 74 |
Total Liabilities | 139,528 |
Net Assets | 18,483,650 |
1 Includes $100,691,000 of securities on loan. | |
At December 31, 2022, net assets consisted of: | |
Paid-in Capital | 19,433,518 |
Total Distributable Earnings (Loss) | (949,868) |
Net Assets | 18,483,650 |
Investor Shares—Net Assets | |
Applicable to 652,165 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 46,096 |
Net Asset Value Per Share—Investor Shares | $70.68 |
ETF Shares—Net Assets | |
Applicable to 51,817,934 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 9,313,086 |
Net Asset Value Per Share—ETF Shares | $179.73 |
Admiral Shares—Net Assets | |
Applicable to 117,939,484 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 9,124,468 |
Net Asset Value Per Share—Admiral Shares | $77.37 |
Year Ended December 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 153,597 |
Interest2 | 127 |
Securities Lending—Net | 3,372 |
Total Income | 157,096 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 985 |
Management and Administrative—Investor Shares | 92 |
Management and Administrative—ETF Shares | 5,530 |
Management and Administrative—Admiral Shares | 5,716 |
Marketing and Distribution—Investor Shares | 4 |
Marketing and Distribution—ETF Shares | 519 |
Marketing and Distribution—Admiral Shares | 471 |
Custodian Fees | 178 |
Auditing Fees | 32 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—ETF Shares | 381 |
Shareholders’ Reports—Admiral Shares | 155 |
Trustees’ Fees and Expenses | 7 |
Other Expenses | 21 |
Total Expenses | 14,092 |
Expenses Paid Indirectly | (2) |
Net Expenses | 14,090 |
Net Investment Income | 143,006 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | (283,988) |
Futures Contracts | (3,639) |
Realized Net Gain (Loss) | (287,627) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (7,289,064) |
Futures Contracts | (1,509) |
Change in Unrealized Appreciation (Depreciation) | (7,290,573) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (7,435,194) |
1 | Dividends are net of foreign withholding taxes of $251,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $118,000, ($16,000), less than $1,000, and $25,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $1,862,906,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 143,006 | 86,047 |
Realized Net Gain (Loss) | (287,627) | 2,746,227 |
Change in Unrealized Appreciation (Depreciation) | (7,290,573) | 1,423,310 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (7,435,194) | 4,255,584 |
Distributions | ||
Investor Shares | (306) | (202) |
ETF Shares | (71,823) | (41,740) |
Admiral Shares | (70,682) | (43,398) |
Total Distributions | (142,811) | (85,340) |
Capital Share Transactions | ||
Investor Shares | (17,561) | (10,066) |
ETF Shares | 298,485 | 630,212 |
Admiral Shares | 99,556 | (65,985) |
Net Increase (Decrease) from Capital Share Transactions | 380,480 | 554,161 |
Total Increase (Decrease) | (7,197,525) | 4,724,405 |
Net Assets | ||
Beginning of Period | 25,681,175 | 20,956,770 |
End of Period | 18,483,650 | 25,681,175 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $100.07 | $83.37 | $62.43 | $47.02 | $50.21 |
Investment Operations | |||||
Net Investment Income1 | .444 | .229 | .340 | .345 | .333 |
Net Realized and Unrealized Gain (Loss) on Investments | (29.381) | 16.697 | 20.984 | 15.485 | (3.193) |
Total from Investment Operations | (28.937) | 16.926 | 21.324 | 15.830 | (2.860) |
Distributions | |||||
Dividends from Net Investment Income | (.453) | (.226) | (.384) | (.420) | (.330) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.453) | (.226) | (.384) | (.420) | (.330) |
Net Asset Value, End of Period | $70.68 | $100.07 | $83.37 | $62.43 | $47.02 |
Total Return2 | -28.93% | 20.32% | 34.32% | 33.72% | -5.74% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $46 | $86 | $81 | $63 | $405 |
Ratio of Total Expenses to Average Net Assets | 0.19%3 | 0.19% | 0.19% | 0.19% | 0.19% |
Ratio of Net Investment Income to Average Net Assets | 0.57% | 0.25% | 0.51% | 0.62% | 0.64% |
Portfolio Turnover Rate4 | 22% | 25% | 22% | 18% | 25% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.19%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $254.49 | $212.00 | $158.76 | $119.58 | $127.67 |
Investment Operations | |||||
Net Investment Income1 | 1.405 | .870 | 1.074 | 1.386 | 1.016 |
Net Realized and Unrealized Gain (Loss) on Investments | (74.767) | 42.479 | 53.347 | 39.040 | (8.101) |
Total from Investment Operations | (73.362) | 43.349 | 54.421 | 40.426 | (7.085) |
Distributions | |||||
Dividends from Net Investment Income | (1.398) | (.859) | (1.181) | (1.246) | (1.005) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.398) | (.859) | (1.181) | (1.246) | (1.005) |
Net Asset Value, End of Period | $179.73 | $254.49 | $212.00 | $158.76 | $119.58 |
Total Return | -28.84% | 20.47% | 34.46% | 33.86% | -5.60% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $9,313 | $12,798 | $10,164 | $6,995 | $4,956 |
Ratio of Total Expenses to Average Net Assets | 0.07%2 | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 0.72% | 0.37% | 0.63% | 0.95% | 0.76% |
Portfolio Turnover Rate3 | 22% | 25% | 22% | 18% | 25% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $109.55 | $91.26 | $68.34 | $51.48 | $54.96 |
Investment Operations | |||||
Net Investment Income1 | .602 | .373 | .461 | .603 | .437 |
Net Realized and Unrealized Gain (Loss) on Investments | (32.180) | 18.287 | 22.967 | 16.793 | (3.485) |
Total from Investment Operations | (31.578) | 18.660 | 23.428 | 17.396 | (3.048) |
Distributions | |||||
Dividends from Net Investment Income | (.602) | (.370) | (.508) | (.536) | (.432) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.602) | (.370) | (.508) | (.536) | (.432) |
Net Asset Value, End of Period | $77.37 | $109.55 | $91.26 | $68.34 | $51.48 |
Total Return2 | -28.84% | 20.48% | 34.48% | 33.86% | -5.60% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $9,124 | $12,797 | $10,712 | $8,173 | $5,544 |
Ratio of Total Expenses to Average Net Assets | 0.07%3 | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 0.71% | 0.37% | 0.63% | 0.96% | 0.76% |
Portfolio Turnover Rate4 | 22% | 25% | 22% | 18% | 25% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Amount ($000) | |
Paid-in Capital | 1,862,740 |
Total Distributable Earnings (Loss) | (1,862,740) |
Amount ($000) | |
Undistributed Ordinary Income | 1,270 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (3,336,371) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 2,385,233 |
Year Ended December 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 142,811 | 85,340 |
Long-Term Capital Gains | — | — |
Total | 142,811 | 85,340 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 16,199,179 |
Gross Unrealized Appreciation | 4,810,426 |
Gross Unrealized Depreciation | (2,425,193) |
Net Unrealized Appreciation (Depreciation) | 2,385,233 |
Year Ended December 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 7,152 | 91 | 19,175 | 208 | |
Issued in Lieu of Cash Distributions | 306 | 4 | 202 | 2 | |
Redeemed | (25,019) | (303) | (29,443) | (320) | |
Net Increase (Decrease)—Investor Shares | (17,561) | (208) | (10,066) | (110) | |
ETF Shares | |||||
Issued | 4,309,536 | 22,204 | 5,301,356 | 22,469 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (4,011,051) | (20,674) | (4,671,144) | (20,125) | |
Net Increase (Decrease)—ETF Shares | 298,485 | 1,530 | 630,212 | 2,344 | |
Admiral Shares | |||||
Issued | 1,795,061 | 20,960 | 2,259,984 | 22,820 | |
Issued in Lieu of Cash Distributions | 63,404 | 794 | 38,861 | 380 | |
Redeemed | (1,758,909) | (20,629) | (2,364,830) | (23,759) | |
Net Increase (Decrease)—Admiral Shares | 99,556 | 1,125 | (65,985) | (559) |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Value Index Fund Investor Shares | -8.00% | 6.26% | 10.84% | $27,979 | |
Spliced Mid-Cap Value Index | -7.84 | 6.42 | 11.02 | 28,454 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Value Index Fund ETF Shares Net Asset Value | -7.88% | 6.38% | 10.97% | $28,324 | |
Mid-Cap Value Index Fund ETF Shares Market Price | -7.90 | 6.37 | 10.97 | 28,319 | |
Spliced Mid-Cap Value Index | -7.84 | 6.42 | 11.02 | 28,454 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Value Index Fund Admiral Shares | -7.90% | 6.39% | 10.98% | $28,333 | |
Spliced Mid-Cap Value Index | -7.84 | 6.42 | 11.02 | 28,454 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
Cumulative Returns of ETF Shares: December 31, 2012, Through December 31, 2022 | |||
One Year | Five Years | Ten Years | |
Mid-Cap Value Index Fund ETF Shares Market Price | -7.90% | 36.21% | 183.19% |
Mid-Cap Value Index Fund ETF Shares Net Asset Value | -7.88 | 36.26 | 183.24 |
Spliced Mid-Cap Value Index | -7.84 | 36.47 | 184.54 |
Basic Materials | 5.0% |
Consumer Discretionary | 12.4 |
Consumer Staples | 8.1 |
Energy | 4.6 |
Financials | 18.9 |
Health Care | 7.6 |
Industrials | 14.2 |
Real Estate | 10.5 |
Technology | 4.7 |
Telecommunications | 0.4 |
Utilities | 13.6 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.7%) | ||||||
Basic Materials (5.0%) | ||||||
Nucor Corp. | 2,275,687 | 299,958 | ||||
International Flavors & Fragrances Inc. | 2,261,641 | 237,111 | ||||
LyondellBasell Industries NV Class A | 2,310,766 | 191,863 | ||||
CF Industries Holdings Inc. | 1,740,333 | 148,276 | ||||
Avery Dennison Corp. | 718,264 | 130,006 | ||||
International Paper Co. | 3,155,231 | 109,266 | ||||
Celanese Corp. Class A | 865,506 | 88,489 | ||||
Eastman Chemical Co. | 1,064,230 | 86,671 | ||||
FMC Corp. | 558,812 | 69,740 | ||||
Westlake Corp. | 141,528 | 14,512 | ||||
1,375,892 | ||||||
Consumer Discretionary (12.3%) | ||||||
* | Dollar Tree Inc. | 1,863,943 | 263,636 | |||
DR Horton Inc. | 2,749,085 | 245,053 | ||||
Genuine Parts Co. | 1,252,190 | 217,267 | ||||
Lennar Corp. Class A | 2,265,287 | 205,008 | ||||
eBay Inc. | 4,813,632 | 199,621 | ||||
* | Delta Air Lines Inc. | 5,687,633 | 186,896 | |||
* | Southwest Airlines Co. | 5,266,933 | 177,338 | |||
Darden Restaurants Inc. | 1,085,687 | 150,183 | ||||
Omnicom Group Inc. | 1,808,946 | 147,556 | ||||
Best Buy Co. Inc. | 1,797,359 | 144,166 | ||||
Garmin Ltd. | 1,360,189 | 125,532 | ||||
* | United Airlines Holdings Inc. | 2,898,462 | 109,272 | |||
PulteGroup Inc. | 2,021,136 | 92,022 | ||||
* | Warner Bros Discovery Inc. | 9,694,708 | 91,906 | |||
VF Corp. | 3,101,613 | 85,636 | ||||
* | CarMax Inc. | 1,401,872 | 85,360 | |||
BorgWarner Inc. | 2,077,337 | 83,613 | ||||
Fox Corp. Class A | 2,680,575 | 81,409 | ||||
Advance Auto Parts Inc. | 525,704 | 77,294 | ||||
News Corp. Class A | 4,049,487 | 73,701 | ||||
1 | Paramount Global Class B | 4,293,246 | 72,470 | |||
* | Carnival Corp. | 8,881,807 | 71,587 | |||
Hasbro Inc. | 1,163,709 | 70,998 | ||||
Interpublic Group of Cos. Inc. | 1,723,000 | 57,393 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class C | 1,356,225 | 53,069 | |||
Bath & Body Works Inc. | 962,106 | 40,543 | ||||
* | American Airlines Group Inc. | 2,881,983 | 36,659 | |||
*,1 | Lucid Group Inc. | 5,216,473 | 35,628 | |||
Whirlpool Corp. | 241,592 | 34,176 | ||||
Fox Corp. Class B | 1,175,009 | 33,429 | ||||
Lear Corp. | 262,120 | 32,508 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 654,793 | 25,740 | |||
Lennar Corp. Class B | 122,627 | 9,170 | ||||
News Corp. Class B | 378,120 | 6,973 | ||||
1 | Paramount Global Class A | 93,047 | 1,825 | |||
3,424,637 | ||||||
Consumer Staples (8.1%) | ||||||
Corteva Inc. | 6,374,401 | 374,687 | ||||
Kroger Co. | 5,714,707 | 254,762 | ||||
AmerisourceBergen Corp. | 1,459,584 | 241,868 | ||||
Archer-Daniels-Midland Co. | 2,436,457 | 226,225 | ||||
Conagra Brands Inc. | 4,251,289 | 164,525 | ||||
Kellogg Co. | 2,270,542 | 161,753 |
Shares | Market Value• ($000) | |||||
Tyson Foods Inc. Class A | 2,568,742 | 159,904 | ||||
Clorox Co. | 1,094,527 | 153,595 | ||||
J M Smucker Co. | 898,672 | 142,404 | ||||
Hormel Foods Corp. | 2,422,718 | 110,355 | ||||
Campbell Soup Co. | 1,728,547 | 98,095 | ||||
McCormick & Co. Inc. (Non-Voting) | 1,111,310 | 92,116 | ||||
Molson Coors Beverage Co. Class B | 798,816 | 41,155 | ||||
Albertsons Cos. Inc. Class A | 1,660,974 | 34,449 | ||||
2,255,893 | ||||||
Energy (4.6%) | ||||||
Baker Hughes Co. Class A | 8,883,441 | 262,328 | ||||
ONEOK Inc. | 3,964,760 | 260,485 | ||||
Phillips 66 | 2,096,272 | 218,180 | ||||
Valero Energy Corp. | 1,709,922 | 216,920 | ||||
Williams Cos. Inc. | 5,403,709 | 177,782 | ||||
Halliburton Co. | 3,624,777 | 142,635 | ||||
1,278,330 | ||||||
Financials (18.8%) | ||||||
Arthur J Gallagher & Co. | 1,870,269 | 352,621 | ||||
Ameriprise Financial Inc. | 943,828 | 293,880 | ||||
Discover Financial Services | 2,423,548 | 237,096 | ||||
Willis Towers Watson plc | 960,129 | 234,828 | ||||
M&T Bank Corp. | 1,531,174 | 222,112 | ||||
T. Rowe Price Group Inc. | 1,981,942 | 216,151 | ||||
Hartford Financial Services Group Inc. | 2,821,714 | 213,971 | ||||
Nasdaq Inc. | 3,485,778 | 213,852 | ||||
American International Group Inc. | 3,295,291 | 208,394 | ||||
Fifth Third Bancorp | 6,088,601 | 199,767 | ||||
* | Arch Capital Group Ltd. | 3,116,954 | 195,682 | |||
Raymond James Financial Inc. | 1,716,686 | 183,428 | ||||
Principal Financial Group Inc. | 2,170,491 | 182,148 | ||||
Huntington Bancshares Inc. | 12,797,873 | 180,450 | ||||
Regions Financial Corp. | 8,289,023 | 178,711 | ||||
State Street Corp. | 2,276,726 | 176,606 | ||||
Citizens Financial Group Inc. | 4,368,608 | 171,992 | ||||
Northern Trust Corp. | 1,756,049 | 155,393 | ||||
KeyCorp | 8,274,657 | 144,145 | ||||
Cincinnati Financial Corp. | 1,394,332 | 142,766 | ||||
W R Berkley Corp. | 1,766,254 | 128,177 | ||||
Cboe Global Markets Inc. | 940,861 | 118,050 | ||||
Everest Re Group Ltd. | 347,437 | 115,095 | ||||
Loews Corp. | 1,790,350 | 104,431 | ||||
First Republic Bank | 811,192 | 98,876 | ||||
Equitable Holdings Inc. | 3,282,013 | 94,194 | ||||
Annaly Capital Management Inc. | 4,149,601 | 87,474 | ||||
Fidelity National Financial Inc. | 2,292,922 | 86,260 | ||||
* | Markel Corp. | 56,664 | 74,654 | |||
Franklin Resources Inc. | 2,658,405 | 70,129 | ||||
* | SVB Financial Group | 262,101 | 60,320 | |||
Globe Life Inc. | 388,215 | 46,799 | ||||
Ally Financial Inc. | 1,192,121 | 29,147 | ||||
Corebridge Financial Inc. | 571,635 | 11,467 | ||||
1 | Rocket Cos. Inc. Class A | 1,027,930 | 7,195 | |||
5,236,261 | ||||||
Health Care (7.6%) | ||||||
* | Centene Corp. | 5,023,061 | 411,941 | |||
Zimmer Biomet Holdings Inc. | 1,861,508 | 237,342 |
Shares | Market Value• ($000) | |||||
Laboratory Corp. of America Holdings | 785,929 | 185,071 | ||||
Cardinal Health Inc. | 2,325,332 | 178,748 | ||||
* | Hologic Inc. | 2,180,708 | 163,139 | |||
Quest Diagnostics Inc. | 1,010,255 | 158,044 | ||||
Royalty Pharma plc Class A | 3,326,032 | 131,445 | ||||
Viatris Inc. | 10,757,822 | 119,735 | ||||
Baxter International Inc. | 2,236,059 | 113,972 | ||||
Teleflex Inc. | 416,121 | 103,876 | ||||
* | Henry Schein Inc. | 1,202,518 | 96,045 | |||
STERIS plc | 442,673 | 81,757 | ||||
PerkinElmer Inc. | 560,161 | 78,546 | ||||
Universal Health Services Inc. Class B | 270,290 | 38,081 | ||||
* | DaVita Inc. | 219,928 | 16,422 | |||
2,114,164 | ||||||
Industrials (14.2%) | ||||||
Carrier Global Corp. | 7,418,116 | 305,997 | ||||
PACCAR Inc. | 2,776,397 | 274,780 | ||||
* | Keysight Technologies Inc. | 1,583,394 | 270,871 | |||
Rockwell Automation Inc. | 1,018,728 | 262,394 | ||||
Ferguson plc | 1,860,665 | 236,249 | ||||
* | United Rentals Inc. | 614,797 | 218,511 | |||
Fortive Corp. | 3,138,395 | 201,642 | ||||
Ingersoll Rand Inc. | 3,591,874 | 187,675 | ||||
Dover Corp. | 1,245,006 | 168,586 | ||||
Westinghouse Air Brake Technologies Corp. | 1,532,609 | 152,970 | ||||
Expeditors International of Washington Inc. | 1,411,647 | 146,698 | ||||
Otis Worldwide Corp. | 1,847,691 | 144,693 | ||||
Jacobs Solutions Inc. | 1,120,670 | 134,559 | ||||
Synchrony Financial | 3,996,678 | 131,331 | ||||
Textron Inc. | 1,851,976 | 131,120 | ||||
Global Payments Inc. | 1,199,371 | 119,122 | ||||
WW Grainger Inc. | 201,712 | 112,202 | ||||
Snap-on Inc. | 471,548 | 107,744 | ||||
Packaging Corp. of America | 820,899 | 105,001 | ||||
Stanley Black & Decker Inc. | 1,354,345 | 101,738 | ||||
CH Robinson Worldwide Inc. | 1,044,260 | 95,613 | ||||
Crown Holdings Inc. | 1,064,122 | 87,482 | ||||
Westrock Co. | 2,256,888 | 79,352 | ||||
Ball Corp. | 1,392,101 | 71,192 | ||||
Hubbell Inc. Class B | 238,162 | 55,892 | ||||
Fortune Brands Innovations Inc. | 567,751 | 32,424 | ||||
3,935,838 | ||||||
Real Estate (10.5%) | ||||||
VICI Properties Inc. | 8,847,437 | 286,657 | ||||
Alexandria Real Estate Equities Inc. | 1,455,529 | 212,027 | ||||
* | CBRE Group Inc. Class A | 2,662,492 | 204,905 | |||
Weyerhaeuser Co. | 6,528,042 | 202,369 | ||||
AvalonBay Communities Inc. | 1,240,963 | 200,440 | ||||
Equity Residential | 3,184,725 | 187,899 | ||||
Simon Property Group Inc. | 1,450,084 | 170,356 | ||||
Mid-America Apartment Communities Inc. | 1,024,357 | 160,814 | ||||
Ventas Inc. | 3,545,709 | 159,734 | ||||
WP Carey Inc. | 1,845,440 | 144,221 | ||||
Welltower Inc. | 2,095,812 | 137,381 | ||||
Iron Mountain Inc. | 2,578,879 | 128,557 | ||||
Digital Realty Trust Inc. | 1,275,287 | 127,873 | ||||
Essex Property Trust Inc. | 574,432 | 121,734 | ||||
Healthpeak Properties Inc. | 4,768,536 | 119,547 | ||||
UDR Inc. | 2,887,931 | 111,850 | ||||
Boston Properties Inc. | 1,251,261 | 84,560 | ||||
Camden Property Trust | 472,633 | 52,878 | ||||
Host Hotels & Resorts Inc. | 3,170,820 | 50,892 | ||||
Regency Centers Corp. | 758,852 | 47,428 | ||||
2,912,122 |
Shares | Market Value• ($000) | |||||
Technology (4.7%) | ||||||
Corning Inc. | 6,752,575 | 215,677 | ||||
CDW Corp. | 1,200,995 | 214,474 | ||||
Hewlett Packard Enterprise Co. | 11,413,734 | 182,163 | ||||
NetApp Inc. | 1,928,273 | 115,812 | ||||
Gen Digital Inc. | 4,911,659 | 105,257 | ||||
SS&C Technologies Holdings Inc. | 1,899,598 | 98,893 | ||||
Seagate Technology Holdings plc | 1,739,998 | 91,541 | ||||
* | Western Digital Corp. | 2,817,288 | 88,885 | |||
* | Qorvo Inc. | 899,237 | 81,507 | |||
Leidos Holdings Inc. | 606,405 | 63,788 | ||||
* | F5 Inc. | 267,709 | 38,419 | |||
1,296,416 | ||||||
Telecommunications (0.4%) | ||||||
Juniper Networks Inc. | 1,439,276 | 45,999 | ||||
* | DISH Network Corp. Class A | 2,203,717 | 30,940 | |||
Lumen Technologies Inc. | 4,584,615 | 23,932 | ||||
100,871 | ||||||
Utilities (13.5%) | ||||||
* | PG&E Corp. | 18,589,483 | 302,265 | |||
Consolidated Edison Inc. | 3,147,836 | 300,020 | ||||
WEC Energy Group Inc. | 2,798,079 | 262,348 | ||||
Eversource Energy | 3,089,622 | 259,034 | ||||
Constellation Energy Corp. | 2,897,717 | 249,812 | ||||
American Water Works Co. Inc. | 1,612,887 | 245,836 | ||||
Edison International | 3,387,438 | 215,509 | ||||
Ameren Corp. | 2,291,909 | 203,797 | ||||
Entergy Corp. | 1,805,015 | 203,064 | ||||
FirstEnergy Corp. | 4,818,226 | 202,076 | ||||
PPL Corp. | 6,204,890 | 181,307 | ||||
DTE Energy Co. | 1,460,831 | 171,691 | ||||
AES Corp. | 5,924,995 | 170,403 | ||||
CenterPoint Energy Inc. | 5,583,626 | 167,453 | ||||
CMS Energy Corp. | 2,574,768 | 163,060 | ||||
Evergy Inc. | 2,035,683 | 128,106 | ||||
Alliant Energy Corp. | 2,226,803 | 122,942 | ||||
NiSource Inc. | 3,603,004 | 98,794 | ||||
Vistra Corp. | 3,530,558 | 81,909 | ||||
Avangrid Inc. | 685,868 | 29,479 | ||||
3,758,905 | ||||||
Total Common Stocks (Cost $22,356,731) | 27,689,329 | |||||
Temporary Cash Investments (0.4%) | ||||||
Money Market Fund (0.4%) | ||||||
2,3 | Vanguard Market Liquidity Fund, 4.334% (Cost $103,877) | 1,039,081 | 103,898 | |||
Total Investments (100.1%) (Cost $22,460,608) | 27,793,227 | |||||
Other Assets and Liabilities—Net (-0.1%) | (14,101) | |||||
Net Assets (100%) | 27,779,126 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $46,796,000. |
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 $48,791,000 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 | March 2023 | 81 | 15,637 | (120) |
E-mini S&P Mid-Cap 400 Index | March 2023 | 86 | 21,006 | (270) |
(390) |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
State Street Corp. | 8/30/24 | BANA | 61,744 | (4.715) | — | (1,372) |
State Street Corp. | 8/30/24 | BANA | 3,187 | (4.715) | — | (71) |
— | (1,443) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $22,356,731) | 27,689,329 |
Affiliated Issuers (Cost $103,877) | 103,898 |
Total Investments in Securities | 27,793,227 |
Investment in Vanguard | 1,059 |
Cash Collateral Pledged—Futures Contracts | 2,020 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 2,270 |
Receivables for Investment Securities Sold | 4,863 |
Receivables for Accrued Income | 78,071 |
Receivables for Capital Shares Issued | 6,723 |
Total Assets | 27,888,233 |
Liabilities | |
Due to Custodian | 10,124 |
Payables for Investment Securities Purchased | 25,531 |
Collateral for Securities on Loan | 48,791 |
Payables for Capital Shares Redeemed | 22,201 |
Payables to Vanguard | 857 |
Variation Margin Payable—Futures Contracts | 160 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 1,443 |
Total Liabilities | 109,107 |
Net Assets | 27,779,126 |
1 Includes $46,796,000 of securities on loan. | |
At December 31, 2022, net assets consisted of: | |
Paid-in Capital | 26,397,227 |
Total Distributable Earnings (Loss) | 1,381,899 |
Net Assets | 27,779,126 |
Investor Shares—Net Assets | |
Applicable to 835,413 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 44,500 |
Net Asset Value Per Share—Investor Shares | $53.27 |
ETF Shares—Net Assets | |
Applicable to 118,233,736 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 15,994,806 |
Net Asset Value Per Share—ETF Shares | $135.28 |
Admiral Shares—Net Assets | |
Applicable to 167,518,390 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,739,820 |
Net Asset Value Per Share—Admiral Shares | $70.08 |
Year Ended December 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 636,535 |
Interest1 | 684 |
Securities Lending—Net | 8,027 |
Total Income | 645,246 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,098 |
Management and Administrative—Investor Shares | 83 |
Management and Administrative—ETF Shares | 8,988 |
Management and Administrative—Admiral Shares | 7,211 |
Marketing and Distribution—Investor Shares | 3 |
Marketing and Distribution—ETF Shares | 688 |
Marketing and Distribution—Admiral Shares | 578 |
Custodian Fees | 132 |
Auditing Fees | 33 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—ETF Shares | 739 |
Shareholders’ Reports—Admiral Shares | 185 |
Trustees’ Fees and Expenses | 10 |
Other Expenses | 169 |
Total Expenses | 19,918 |
Expenses Paid Indirectly | (25) |
Net Expenses | 19,893 |
Net Investment Income | 625,353 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 1,044,697 |
Futures Contracts | (7,087) |
Swap Contracts | (5,783) |
Realized Net Gain (Loss) | 1,031,827 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (4,114,950) |
Futures Contracts | (2,960) |
Swap Contracts | (8,657) |
Change in Unrealized Appreciation (Depreciation) | (4,126,567) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (2,469,387) |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $676,000, ($7,000), less than $1,000, and $22,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $1,986,509,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 625,353 | 514,018 |
Realized Net Gain (Loss) | 1,031,827 | 1,280,568 |
Change in Unrealized Appreciation (Depreciation) | (4,126,567) | 4,465,567 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (2,469,387) | 6,260,153 |
Distributions | ||
Investor Shares | (970) | (965) |
ETF Shares | (356,532) | (274,814) |
Admiral Shares | (267,459) | (232,248) |
Total Distributions | (624,961) | (508,027) |
Capital Share Transactions | ||
Investor Shares | (7,678) | 2,483 |
ETF Shares | 1,666,234 | 1,966,665 |
Admiral Shares | (147,140) | 445,190 |
Net Increase (Decrease) from Capital Share Transactions | 1,511,416 | 2,414,338 |
Total Increase (Decrease) | (1,582,932) | 8,166,464 |
Net Assets | ||
Beginning of Period | 29,362,058 | 21,195,594 |
End of Period | 27,779,126 | 29,362,058 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $59.16 | $46.83 | $46.96 | $37.50 | $43.89 |
Investment Operations | |||||
Net Investment Income1 | 1.129 | 1.006 | 1.0482 | .808 | 1.0013 |
Net Realized and Unrealized Gain (Loss) on Investments | (5.876) | 12.311 | (.122) | 9.566 | (6.415) |
Total from Investment Operations | (4.747) | 13.317 | .926 | 10.374 | (5.414) |
Distributions | |||||
Dividends from Net Investment Income | (1.143) | (.987) | (1.056) | (.914) | (.976) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.143) | (.987) | (1.056) | (.914) | (.976) |
Net Asset Value, End of Period | $53.27 | $59.16 | $46.83 | $46.96 | $37.50 |
Total Return4 | -8.00% | 28.59% | 2.43% | 27.82% | -12.53% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $45 | $57 | $43 | $52 | $508 |
Ratio of Total Expenses to Average Net Assets | 0.19%5 | 0.19% | 0.19% | 0.19% | 0.19% |
Ratio of Net Investment Income to Average Net Assets | 2.05% | 1.83% | 2.58%2 | 1.90% | 2.29%3 |
Portfolio Turnover Rate6 | 18% | 17% | 39% | 17% | 17% |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.142 and 0.35%, respectively, resulting from a special dividend from NortonLifeLock Inc. in February 2020. |
3 | Net investment income per share and the ratio of net investment income to average net assets include $.111 and 0.26%, respectively, resulting from a special dividend from Dr Pepper Snapple Group Inc. in July 2018. |
4 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.19%. |
6 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $150.26 | $118.93 | $119.27 | $95.22 | $111.47 |
Investment Operations | |||||
Net Investment Income1 | 3.091 | 2.744 | 2.7812 | 2.497 | 2.6453 |
Net Realized and Unrealized Gain (Loss) on Investments | (14.996) | 31.258 | (.310) | 23.996 | (16.278) |
Total from Investment Operations | (11.905) | 34.002 | 2.471 | 26.493 | (13.633) |
Distributions | |||||
Dividends from Net Investment Income | (3.075) | (2.672) | (2.811) | (2.443) | (2.617) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.075) | (2.672) | (2.811) | (2.443) | (2.617) |
Net Asset Value, End of Period | $135.28 | $150.26 | $118.93 | $119.27 | $95.22 |
Total Return | -7.88% | 28.74% | 2.50% | 27.98% | -12.41% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $15,995 | $16,086 | $11,061 | $10,339 | $7,898 |
Ratio of Total Expenses to Average Net Assets | 0.07%4 | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 2.22% | 1.96% | 2.69%2 | 2.26% | 2.41%3 |
Portfolio Turnover Rate5 | 18% | 17% | 39% | 17% | 17% |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.362 and 0.35%, respectively, resulting from a special dividend from NortonLifeLock Inc. in February 2020. |
3 | Net investment income per share and the ratio of net investment income to average net assets include $.282 and 0.26%, respectively, resulting from a special dividend from Dr Pepper Snapple Group Inc. in July 2018. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $77.84 | $61.61 | $61.79 | $49.33 | $57.74 |
Investment Operations | |||||
Net Investment Income1 | 1.586 | 1.413 | 1.4382 | 1.303 | 1.3853 |
Net Realized and Unrealized Gain (Loss) on Investments | (7.753) | 16.201 | (.162) | 12.422 | (8.439) |
Total from Investment Operations | (6.167) | 17.614 | 1.276 | 13.725 | (7.054) |
Distributions | |||||
Dividends from Net Investment Income | (1.593) | (1.384) | (1.456) | (1.265) | (1.356) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.593) | (1.384) | (1.456) | (1.265) | (1.356) |
Net Asset Value, End of Period | $70.08 | $77.84 | $61.61 | $61.79 | $49.33 |
Total Return4 | -7.90% | 28.76% | 2.54% | 27.99% | -12.42% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $11,740 | $13,218 | $10,092 | $11,148 | $7,738 |
Ratio of Total Expenses to Average Net Assets | 0.07%5 | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 2.19% | 1.95% | 2.69%2 | 2.28% | 2.41%3 |
Portfolio Turnover Rate6 | 18% | 17% | 39% | 17% | 17% |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.187 and 0.35%, respectively, resulting from a special dividend from NortonLifeLock Inc. in February 2020. |
3 | Net investment income per share and the ratio of net investment income to average net assets include $.146 and 0.26%, respectively, resulting from a special dividend from Dr Pepper Snapple Group Inc. in July 2018. |
4 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
6 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 27,689,329 | — | — | 27,689,329 |
Temporary Cash Investments | 103,898 | — | — | 103,898 |
Total | 27,793,227 | — | — | 27,793,227 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 390 | — | — | 390 |
Swap Contracts | — | 1,443 | — | 1,443 |
Total | 390 | 1,443 | — | 1,833 |
1 | Includes 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. |
Amount ($000) | |
Paid-in Capital | 1,990,120 |
Total Distributable Earnings (Loss) | (1,990,120) |
Amount ($000) | |
Undistributed Ordinary Income | 5,031 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (3,906,033) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 5,282,901 |
Year Ended December 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 624,961 | 508,027 |
Long-Term Capital Gains | — | — |
Total | 624,961 | 508,027 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 22,510,326 |
Gross Unrealized Appreciation | 6,504,577 |
Gross Unrealized Depreciation | (1,221,676) |
Net Unrealized Appreciation (Depreciation) | 5,282,901 |
Year Ended December 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 9,543 | 172 | 15,393 | 281 | |
Issued in Lieu of Cash Distributions | 970 | 18 | 965 | 17 | |
Redeemed | (18,191) | (326) | (13,875) | (252) | |
Net Increase (Decrease)—Investor Shares | (7,678) | (136) | 2,483 | 46 | |
ETF Shares | |||||
Issued | 6,026,513 | 43,603 | 3,658,900 | 25,904 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (4,360,279) | (32,425) | (1,692,235) | (11,850) | |
Net Increase (Decrease)—ETF Shares | 1,666,234 | 11,178 | 1,966,665 | 14,054 | |
Admiral Shares | |||||
Issued | 2,265,008 | 31,170 | 2,834,601 | 39,559 | |
Issued in Lieu of Cash Distributions | 237,416 | 3,400 | 205,615 | 2,818 | |
Redeemed | (2,649,564) | (36,866) | (2,595,026) | (36,366) | |
Net Increase (Decrease)—Admiral Shares | (147,140) | (2,296) | 445,190 | 6,011 |
Philadelphia, Pennsylvania
February 16, 2023
Fund | Percentage |
Extended Market Index Fund | 88.3% |
Mid-Cap Index Fund | 85.2 |
Mid-Cap Growth Index Fund | 92.4 |
Mid-Cap Value Index Fund | 84.7 |
Fund | ($000) |
Extended Market Index Fund | 832,013 |
Mid-Cap Index Fund | 1,923,138 |
Mid-Cap Growth Index Fund | 134,157 |
Mid-Cap Value Index Fund | 552,341 |
Fund | ($000) |
Extended Market Index Fund | 3,014 |
Mid-Cap Index Fund | 3,854 |
Mid-Cap Growth Index Fund | 32 |
Mid-Cap Value Index Fund | 194 |
Fund | ($000) |
Extended Market Index Fund | 83,797 |
Mid-Cap Index Fund | 192,900 |
Mid-Cap Growth Index Fund | 8,654 |
Mid-Cap Value Index Fund | 50,622 |
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. McIsaac | Lauren Valente |
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
U.S. Patent No. 6,879,964.
Vanguard Marketing Corporation, Distributor.
Vanguard Growth Index Fund |
Vanguard Value Index Fund |
Vanguard Large-Cap Index Fund |
Your Fund’s Performance at a Glance | 1 |
About Your Fund’s Expenses | 2 |
Growth Index Fund | 4 |
Value Index Fund | 27 |
Large-Cap Index Fund | 51 |
• | Despite some relief in midsummer and late fall, the 12 months ended December 31, 2022, were a volatile, challenging period for financial markets. Returns for the funds included in this report ranged from –33.22% for Investor Shares of Vanguard Growth Index Fund to –2.05% for ETF Shares of Vanguard Value Index Fund (based on net asset value). Returns for Vanguard Large-Cap Index Fund, which contains both growth and value stocks, ranged from –19.78% for Investor Shares to –19.68% for ETF Shares. Each fund closely tracked its target index. |
• | Overall, the economic backdrop deteriorated as inflation soared to multidecade highs, driven by government spending during the pandemic as well as higher energy and food prices in the wake of Russia’s invasion of Ukraine. That prompted aggressive tightening by many central banks to bring inflation back in check, which increased fears of recession. |
• | The Value Index Fund benefited most from energy and health care stocks. Energy made the biggest positive contribution to the Large-Cap Index Fund and the Growth Index Fund, while technology and consumer discretionary weighed heavily on performance. |
• | For the 10 years ended December 31, 2022, the funds’ annualized returns ranged from 11.77% for Investor Shares of the Value Index Fund to 12.81% for Institutional Shares of the Growth Index Fund. |
Average Annual Total Returns Periods Ended December 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -19.13% | 7.35% | 9.13% |
Russell 2000 Index (Small-caps) | -20.44 | 3.10 | 4.13 |
Russell 3000 Index (Broad U.S. market) | -19.21 | 7.07 | 8.79 |
FTSE All-World ex US Index (International) | -15.49 | 0.61 | 1.28 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -13.07% | -2.67% | 0.06% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -8.53 | -0.77 | 1.25 |
FTSE Three-Month U.S. Treasury Bill Index | 1.50 | 0.70 | 1.24 |
CPI | |||
Consumer Price Index | 6.45% | 4.92% | 3.78% |
• | 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. |
• | 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. |
Six Months Ended December 31, 2022 | |||
Beginning Account Value 6/30/2022 | Ending Account Value 12/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Growth Index Fund | |||
Investor Shares | $1,000.00 | $960.00 | $0.84 |
ETF Shares | 1,000.00 | 960.70 | 0.20 |
Admiral™ Shares | 1,000.00 | 960.70 | 0.25 |
Institutional Shares | 1,000.00 | 960.60 | 0.20 |
Value Index Fund | |||
Investor Shares | $1,000.00 | $1,080.10 | $0.89 |
ETF Shares | 1,000.00 | 1,081.00 | 0.21 |
Admiral Shares | 1,000.00 | 1,080.80 | 0.26 |
Institutional Shares | 1,000.00 | 1,080.90 | 0.21 |
Large-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,019.30 | $0.87 |
ETF Shares | 1,000.00 | 1,020.10 | 0.20 |
Admiral Shares | 1,000.00 | 1,019.90 | 0.25 |
Institutional Shares | 1,000.00 | 1,019.90 | 0.20 |
Based on Hypothetical 5% Yearly Return | |||
Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,024.35 | $0.87 |
ETF Shares | 1,000.00 | 1,025.00 | 0.20 |
Admiral Shares | 1,000.00 | 1,024.95 | 0.26 |
Institutional Shares | 1,000.00 | 1,025.00 | 0.20 |
Value Index Fund | |||
Investor Shares | $1,000.00 | $1,024.35 | $0.87 |
ETF Shares | 1,000.00 | 1,025.00 | 0.20 |
Admiral Shares | 1,000.00 | 1,024.95 | 0.26 |
Institutional Shares | 1,000.00 | 1,025.00 | 0.20 |
Large-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,024.35 | $0.87 |
ETF Shares | 1,000.00 | 1,025.00 | 0.20 |
Admiral Shares | 1,000.00 | 1,024.95 | 0.26 |
Institutional Shares | 1,000.00 | 1,025.00 | 0.20 |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Growth Index Fund Investor Shares | -33.22% | 9.48% | 12.65% | $32,918 | |
Spliced Growth Index | -33.13 | 9.65 | 12.85 | 33,493 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Growth Index Fund ETF Shares Net Asset Value | -33.13% | 9.62% | 12.80% | $33,361 | |
Growth Index Fund ETF Shares Market Price | -33.13 | 9.62 | 12.80 | 33,364 | |
Spliced Growth Index | -33.13 | 9.65 | 12.85 | 33,493 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Growth Index Fund Admiral Shares | -33.14% | 9.61% | 12.80% | $33,347 | |
Spliced Growth Index | -33.13 | 9.65 | 12.85 | 33,493 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Growth Index Fund Institutional Shares | -33.14% | 9.62% | 12.81% | $16,689,490 | |
Spliced Growth Index | -33.13 | 9.65 | 12.85 | 16,746,437 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 15,575,514 |
One Year | Five Years | Ten Years | |
Growth Index Fund ETF Shares Market Price | -33.13% | 58.28% | 233.64% |
Growth Index Fund ETF Shares Net Asset Value | -33.13 | 58.29 | 233.61 |
Spliced Growth Index | -33.13 | 58.48 | 234.93 |
Basic Materials | 1.6% |
Consumer Discretionary | 22.3 |
Consumer Staples | 1.0 |
Energy | 2.0 |
Financials | 2.7 |
Health Care | 9.3 |
Industrials | 11.9 |
Real Estate | 2.6 |
Technology | 45.2 |
Telecommunications | 1.2 |
Utilities | 0.2 |
Shares | Market Value• ($000) | ||
Common Stocks (99.8%) | |||
Basic Materials (1.6%) | |||
Linde plc | 4,170,556 | 1,360,352 | |
Ecolab Inc. | 2,164,545 | 315,071 | |
Fastenal Co. | 4,836,368 | 228,857 | |
Albemarle Corp. | 989,327 | 214,546 | |
2,118,826 | |||
Consumer Discretionary (22.3%) | |||
* | Amazon.com Inc. | 73,221,132 | 6,150,575 |
* | Tesla Inc. | 22,664,362 | 2,791,796 |
Home Depot Inc. | 8,605,974 | 2,718,283 | |
Costco Wholesale Corp. | 3,737,374 | 1,706,111 | |
McDonald's Corp. | 6,184,494 | 1,629,800 | |
* | Walt Disney Co. | 15,392,992 | 1,337,343 |
NIKE Inc. Class B | 10,636,754 | 1,244,607 | |
* | Netflix Inc. | 3,657,769 | 1,078,603 |
Lowe's Cos. Inc. | 5,106,116 | 1,017,343 | |
Starbucks Corp. | 9,691,861 | 961,433 | |
TJX Cos. Inc. | 9,313,686 | 741,369 | |
* | Booking Holdings Inc. | 327,518 | 660,040 |
Dollar General Corp. | 1,904,538 | 468,992 | |
* | O'Reilly Automotive Inc. | 528,385 | 445,973 |
Estee Lauder Cos. Inc. Class A | 1,757,587 | 436,075 | |
* | Uber Technologies Inc. | 15,998,348 | 395,639 |
* | AutoZone Inc. | 160,255 | 395,218 |
Marriott International Inc. Class A | 2,405,413 | 358,142 | |
Ross Stores Inc. | 2,930,551 | 340,149 | |
* | Lululemon Athletica Inc. | 1,032,727 | 330,865 |
* | Chipotle Mexican Grill Inc. Class A | 234,046 | 324,736 |
Yum! Brands Inc. | 2,378,454 | 304,632 | |
Hilton Worldwide Holdings Inc. | 2,283,449 | 288,537 | |
Electronic Arts Inc. | 2,331,245 | 284,832 | |
* | Airbnb Inc. Class A | 3,026,387 | 258,756 |
Activision Blizzard Inc. | 2,973,114 | 227,592 | |
* | Copart Inc. | 3,619,654 | 220,401 |
* | Aptiv plc | 2,287,208 | 213,008 |
Tractor Supply Co. | 932,776 | 209,847 | |
* | Ulta Beauty Inc. | 432,629 | 202,933 |
* | Trade Desk Inc. Class A | 3,738,001 | 167,575 |
* | Take-Two Interactive Software Inc. | 1,417,059 | 147,558 |
Shares | Market Value• ($000) | ||
* | Las Vegas Sands Corp. | 2,905,000 | 139,643 |
* | Etsy Inc. | 1,061,314 | 127,124 |
* | Burlington Stores Inc. | 550,454 | 111,610 |
* | Expedia Group Inc. | 1,271,292 | 111,365 |
Domino's Pizza Inc. | 298,903 | 103,540 | |
* | Rivian Automotive Inc. Class A | 5,397,183 | 99,470 |
* | Live Nation Entertainment Inc. | 1,364,796 | 95,181 |
* | Royal Caribbean Cruises Ltd. | 1,832,162 | 90,564 |
Rollins Inc. | 2,287,116 | 83,571 | |
* | Roblox Corp. Class A | 2,783,744 | 79,225 |
* | Caesars Entertainment Inc. | 1,723,014 | 71,677 |
* | NVR Inc. | 12,796 | 59,023 |
Pool Corp. | 156,619 | 47,351 | |
* | MGM Resorts International | 1,296,238 | 43,463 |
Vail Resorts Inc. | 170,389 | 40,612 | |
Warner Music Group Corp. Class A | 985,049 | 34,496 | |
1 | Sirius XM Holdings Inc. | 4,919,613 | 28,731 |
*,1 | Chewy Inc. Class A | 753,374 | 27,935 |
* | Endeavor Group Holdings Inc. Class A | 1,100,047 | 24,795 |
29,478,139 | |||
Consumer Staples (1.0%) | |||
* | Monster Beverage Corp. | 3,083,989 | 313,117 |
Hershey Co. | 1,241,192 | 287,423 | |
Colgate-Palmolive Co. | 3,526,685 | 277,868 | |
Brown-Forman Corp. Class B | 2,613,897 | 171,681 | |
Church & Dwight Co. Inc. | 2,059,399 | 166,008 | |
Lamb Weston Holdings Inc. | 606,230 | 54,173 | |
Brown-Forman Corp. Class A | 431,437 | 28,371 | |
* | Olaplex Holdings Inc. | 410,988 | 2,141 |
1,300,782 | |||
Energy (2.0%) | |||
Pioneer Natural Resources Co. | 1,905,974 | 435,305 | |
Hess Corp. | 2,342,994 | 332,283 |
Shares | Market Value• ($000) | ||
* | Schlumberger Ltd. | 5,984,956 | 319,956 |
Cheniere Energy Inc. | 2,099,687 | 314,869 | |
* | Enphase Energy Inc. | 1,147,721 | 304,100 |
Diamondback Energy Inc. | 1,486,148 | 203,275 | |
Coterra Energy Inc. | 6,324,932 | 155,404 | |
Marathon Oil Corp. | 5,361,898 | 145,147 | |
Halliburton Co. | 3,452,173 | 135,843 | |
Baker Hughes Co. Class A | 4,227,547 | 124,839 | |
* | Texas Pacific Land Corp. | 26,020 | 60,997 |
*,1 | Plug Power Inc. | 4,921,739 | 60,882 |
EQT Corp. | 1,394,669 | 47,182 | |
2,640,082 | |||
Financials (2.7%) | |||
S&P Global Inc. | 2,751,105 | 921,455 | |
Aon plc Class A (XNYS) | 1,659,351 | 498,038 | |
Blackstone Inc. | 5,926,802 | 439,709 | |
Moody's Corp. | 1,314,919 | 366,363 | |
MSCI Inc. Class A | 641,418 | 298,368 | |
Apollo Global Management Inc. | 2,900,771 | 185,040 | |
Broadridge Financial Solutions Inc. | 993,491 | 133,257 | |
FactSet Research Systems Inc. | 321,731 | 129,082 | |
First Republic Bank | 772,490 | 94,159 | |
Ares Management Corp. Class A | 1,317,795 | 90,190 | |
MarketAxess Holdings Inc. | 301,678 | 84,135 | |
LPL Financial Holdings Inc. | 318,862 | 68,928 | |
Tradeweb Markets Inc. Class A | 938,065 | 60,909 | |
* | SVB Financial Group | 249,588 | 57,440 |
Brown & Brown Inc. | 956,668 | 54,501 | |
*,1 | Coinbase Global Inc. Class A | 1,208,154 | 42,757 |
Interactive Brokers Group Inc. Class A | 411,677 | 29,785 | |
3,554,116 | |||
Health Care (9.3%) | |||
Thermo Fisher Scientific Inc. | 3,311,712 | 1,823,727 | |
* | Eli Lilly & Co. | 3,609,713 | 1,320,577 |
* | Intuitive Surgical Inc. | 2,983,947 | 791,790 |
Danaher Corp. | 2,766,126 | 734,185 | |
Stryker Corp. | 2,875,913 | 703,132 | |
* | Vertex Pharmaceuticals Inc. | 2,167,454 | 625,917 |
* | Boston Scientific Corp. | 12,094,572 | 559,616 |
Zoetis Inc. | 3,541,927 | 519,069 | |
* | Moderna Inc. | 2,757,389 | 495,282 |
* | Edwards Lifesciences Corp. | 5,220,675 | 389,515 |
Agilent Technologies Inc. | 2,490,947 | 372,770 | |
* | DexCom Inc. | 3,261,585 | 369,342 |
* | IQVIA Holdings Inc. | 1,568,372 | 321,344 |
* | Regeneron Pharmaceuticals Inc. | 429,481 | 309,866 |
Shares | Market Value• ($000) | ||
* | IDEXX Laboratories Inc. | 699,291 | 285,283 |
* | Illumina Inc. | 1,328,526 | 268,628 |
ResMed Inc. | 1,236,706 | 257,396 | |
* | Alnylam Pharmaceuticals Inc. | 1,038,815 | 246,874 |
* | Horizon Therapeutics plc | 1,912,867 | 217,684 |
* | Veeva Systems Inc. Class A | 1,186,516 | 191,480 |
* | Insulet Corp. | 586,154 | 172,558 |
* | BioMarin Pharmaceutical Inc. | 1,569,229 | 162,399 |
* | Seagen Inc. | 1,175,754 | 151,096 |
West Pharmaceutical Services Inc. | 625,172 | 147,134 | |
Cooper Cos. Inc. | 416,957 | 137,875 | |
* | Align Technology Inc. | 626,130 | 132,051 |
* | Incyte Corp. | 1,597,509 | 128,312 |
* | Avantor Inc. | 5,408,425 | 114,064 |
STERIS plc | 421,878 | 77,917 | |
PerkinElmer Inc. | 533,440 | 74,799 | |
* | Bio-Rad Laboratories Inc. Class A | 177,623 | 74,689 |
* | Catalent Inc. | 1,443,574 | 64,975 |
* | Charles River Laboratories International Inc. | 214,473 | 46,734 |
* | Exact Sciences Corp. | 54 | 3 |
* | agilon health Inc. | 63 | 1 |
*,2 | ABIOMED Inc. CVR | 15 | — |
12,288,084 | |||
Industrials (11.8%) | |||
Visa Inc. Class A | 13,303,285 | 2,763,891 | |
Mastercard Inc. Class A | 7,271,938 | 2,528,671 | |
Accenture plc Class A | 5,320,474 | 1,419,715 | |
* | Boeing Co. | 5,032,408 | 958,623 |
Automatic Data Processing Inc. | 3,502,803 | 836,680 | |
* | PayPal Holdings Inc. | 9,626,367 | 685,590 |
Union Pacific Corp. | 2,595,711 | 537,494 | |
United Parcel Service Inc. Class B | 3,081,291 | 535,652 | |
* | Fiserv Inc. | 4,826,052 | 487,769 |
Sherwin-Williams Co. | 1,969,330 | 467,381 | |
Cintas Corp. | 728,818 | 329,149 | |
Paychex Inc. | 2,738,894 | 316,507 | |
* | Block Inc. (XNYS) | 4,537,869 | 285,160 |
TransDigm Group Inc. | 436,154 | 274,624 | |
* | Mettler-Toledo International Inc. | 188,276 | 272,144 |
* | Keysight Technologies Inc. | 1,507,287 | 257,852 |
Rockwell Automation Inc. | 969,734 | 249,774 | |
Old Dominion Freight Line Inc. | 839,610 | 238,265 | |
Verisk Analytics Inc. Class A | 1,320,528 | 232,968 | |
Global Payments Inc. | 2,143,285 | 212,871 | |
Equifax Inc. | 1,034,122 | 200,992 | |
Vulcan Materials Co. | 1,066,058 | 186,677 | |
Quanta Services Inc. | 1,206,478 | 171,923 | |
* | Waters Corp. | 501,644 | 171,853 |
* | Teledyne Technologies Inc. | 395,791 | 158,281 |
Shares | Market Value• ($000) | ||
JB Hunt Transport Services Inc. | 699,410 | 121,949 | |
* | Zebra Technologies Corp. Class A | 435,981 | 111,790 |
* | WW Grainger Inc. | 191,979 | 106,788 |
* | Trimble Inc. | 2,082,436 | 105,288 |
* | Bill.com Holdings Inc. | 847,617 | 92,356 |
Martin Marietta Materials Inc. | 262,171 | 88,606 | |
HEICO Corp. Class A | 620,112 | 74,320 | |
Jack Henry & Associates Inc. | 307,532 | 53,990 | |
HEICO Corp. | 348,442 | 53,535 | |
TransUnion | 813,694 | 46,177 | |
* | Generac Holdings Inc. | 267,558 | 26,932 |
Ball Corp. | 99 | 5 | |
* | FleetCor Technologies Inc. | 18 | 3 |
15,662,245 | |||
Real Estate (2.6%) | |||
American Tower Corp. | 3,931,787 | 832,988 | |
Equinix Inc. | 781,395 | 511,837 | |
Crown Castle Inc. | 3,656,287 | 495,939 | |
Public Storage | 1,260,669 | 353,227 | |
* | CoStar Group Inc. | 3,434,116 | 265,388 |
SBA Communications Corp. Class A | 911,667 | 255,549 | |
Realty Income Corp. | 2,647,533 | 167,933 | |
Invitation Homes Inc. | 5,162,306 | 153,011 | |
Sun Communities Inc. | 1,045,977 | 149,575 | |
Digital Realty Trust Inc. | 1,214,008 | 121,729 | |
UDR Inc. | 1,374,698 | 53,242 | |
Camden Property Trust | 450,554 | 50,408 | |
* | Zillow Group Inc. Class C | 1,328,041 | 42,776 |
* | Zillow Group Inc. Class A | 332,450 | 10,376 |
3,463,978 | |||
Technology (45.1%) | |||
Apple Inc. | 127,611,578 | 16,580,572 | |
Microsoft Corp. | 62,945,396 | 15,095,565 | |
* | Alphabet Inc. Class A | 50,434,495 | 4,449,835 |
* | Alphabet Inc. Class C | 43,683,119 | 3,876,003 |
NVIDIA Corp. | 19,733,555 | 2,883,862 | |
* | Adobe Inc. | 3,925,587 | 1,321,078 |
Texas Instruments Inc. | 7,663,596 | 1,266,179 | |
* | Meta Platforms Inc. Class A | 9,495,940 | 1,142,741 |
* | Salesforce Inc. | 8,021,773 | 1,063,607 |
* | Advanced Micro Devices Inc. | 13,614,715 | 881,825 |
Intuit Inc. | 2,253,510 | 877,111 | |
Applied Materials Inc. | 7,265,207 | 707,486 | |
* | ServiceNow Inc. | 1,705,442 | 662,172 |
QUALCOMM Inc. | 4,732,880 | �� 520,333 | |
Lam Research Corp. | 1,151,558 | 484,000 | |
KLA Corp. | 1,196,656 | 451,175 | |
* | Synopsys Inc. | 1,291,157 | 412,254 |
Roper Technologies Inc. | 895,607 | 386,983 | |
Amphenol Corp. Class A | 5,025,086 | 382,610 | |
* | Cadence Design Systems Inc. | 2,316,288 | 372,088 |
Shares | Market Value• ($000) | ||
* | Palo Alto Networks Inc. | 2,553,084 | 356,257 |
* | Autodesk Inc. | 1,822,712 | 340,610 |
* | Snowflake Inc. Class A | 2,296,768 | 329,678 |
Microchip Technology Inc. | 4,644,228 | 326,257 | |
* | Workday Inc. Class A | 1,697,199 | 283,992 |
* | Fortinet Inc. | 5,607,185 | 274,135 |
Marvell Technology Inc. | 7,199,165 | 266,657 | |
* | Gartner Inc. | 633,949 | 213,096 |
* | Crowdstrike Holdings Inc. Class A | 1,814,008 | 190,997 |
* | ANSYS Inc. | 735,324 | 177,647 |
* | Datadog Inc. Class A | 2,219,449 | 163,129 |
* | Atlassian Corp. Ltd. Class A | 1,251,722 | 161,072 |
* | VeriSign Inc. | 760,953 | 156,330 |
* | EPAM Systems Inc. | 461,378 | 151,212 |
* | Paycom Software Inc. | 431,079 | 133,768 |
Monolithic Power Systems Inc. | 376,544 | 133,150 | |
Skyworks Solutions Inc. | 1,351,453 | 123,158 | |
* | Pinterest Inc. Class A | 4,961,259 | 120,459 |
* | Zoom Video Communications Inc. Class A | 1,763,125 | 119,434 |
* | DoorDash Inc. Class A | 2,432,355 | 118,748 |
* | Splunk Inc. | 1,373,857 | 118,275 |
Teradyne Inc. | 1,315,223 | 114,885 | |
* | Tyler Technologies Inc. | 351,585 | 113,355 |
* | HubSpot Inc. | 389,664 | 112,664 |
* | MongoDB Inc. Class A | 551,131 | 108,485 |
* | Cloudflare Inc. Class A | 2,283,581 | 103,241 |
* | GoDaddy Inc. Class A | 1,309,396 | 97,969 |
* | Match Group Inc. | 2,358,399 | 97,850 |
* | DocuSign Inc. Class A | 1,695,285 | 93,953 |
* | Palantir Technologies Inc. Class A | 14,205,846 | 91,202 |
* | ZoomInfo Technologies Inc. Class A | 2,897,140 | 87,233 |
* | Okta Inc. | 1,218,112 | 83,234 |
* | Zscaler Inc. | 730,572 | 81,751 |
* | Black Knight Inc. | 1,252,734 | 77,356 |
* | Snap Inc. Class A | 8,605,282 | 77,017 |
*,1 | Unity Software Inc. | 2,616,510 | 74,806 |
* | Twilio Inc. Class A | 1,473,593 | 72,147 |
Bentley Systems Inc. Class B | 1,870,681 | 69,140 | |
* | Dropbox Inc. Class A | 1,127,697 | 25,238 |
* | Toast Inc. Class A | 1,270,617 | 22,909 |
* | UiPath Inc. Class A | 1,281,772 | 16,291 |
* | AppLovin Corp. Class A | 742,136 | 7,815 |
Micron Technology Inc. | 342 | 17 | |
* | Qualtrics International Inc. Class A | 27 | — |
59,704,098 | |||
Telecommunications (1.2%) | |||
* | T-Mobile US Inc. | 5,252,854 | 735,400 |
* | Charter Communications Inc. Class A | 854,424 | 289,735 |
Shares | Market Value• ($000) | ||
* | Arista Networks Inc. | 1,935,172 | 234,833 |
Motorola Solutions Inc. | 705,906 | 181,919 | |
* | Liberty Broadband Corp. Class C | 1,021,705 | 77,925 |
* | Roku Inc. | 1,028,882 | 41,876 |
* | Liberty Broadband Corp. Class A | 135,020 | 10,241 |
1,571,929 | |||
Utilities (0.2%) | |||
Waste Connections Inc. (XTSE) | 2,171,710 | 287,882 | |
Total Common Stocks (Cost $83,501,632) | 132,070,161 | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
3,4 | Vanguard Market Liquidity Fund, 4.334% (Cost $429,403) | 4,295,071 | 429,464 |
Total Investments (100.1%) (Cost $83,931,035) | 132,499,625 | ||
Other Assets and Liabilities—Net (-0.1%) | (195,704) | ||
Net Assets (100%) | 132,303,921 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $132,814,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $137,495,000 was received for securities on loan. |
CVR—Contingent Value Rights. |
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 | March 2023 | 615 | 118,726 | (800) |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Global Payments Inc | 8/31/23 | BANA | 13,905 | (4.719) | 3 | — |
Netflix Inc. | 8/31/23 | BANA | 29,488 | (4.093) | — | (104) |
Visa Inc. Class A | 8/31/23 | BANA | 92,453 | (3.993) | — | (121) |
3 | (225) |
1 | Based on 1M USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BANA—Bank of America, N.A. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $83,501,632) | 132,070,161 |
Affiliated Issuers (Cost $429,403) | 429,464 |
Total Investments in Securities | 132,499,625 |
Investment in Vanguard | 5,229 |
Cash | 10,821 |
Cash Collateral Pledged—Futures Contracts | 10,925 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 5,480 |
Receivables for Investment Securities Sold | 210 |
Receivables for Accrued Income | 30,506 |
Receivables for Capital Shares Issued | 53,068 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 3 |
Total Assets | 132,615,867 |
Liabilities | |
Payables for Investment Securities Purchased | 14,148 |
Collateral for Securities on Loan | 137,495 |
Payables for Capital Shares Redeemed | 156,978 |
Payables to Vanguard | 2,557 |
Variation Margin Payable—Futures Contracts | 543 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 225 |
Total Liabilities | 311,946 |
Net Assets | 132,303,921 |
1 Includes $132,814,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2022, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 91,295,582 |
Total Distributable Earnings (Loss) | 41,008,339 |
Net Assets | 132,303,921 |
Investor Shares—Net Assets | |
Applicable to 3,140,506 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 344,714 |
Net Asset Value Per Share—Investor Shares | $109.76 |
ETF Shares—Net Assets | |
Applicable to 319,966,388 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 68,198,277 |
Net Asset Value Per Share—ETF Shares | $213.14 |
Admiral Shares—Net Assets | |
Applicable to 412,843,969 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 45,295,448 |
Net Asset Value Per Share—Admiral Shares | $109.72 |
Institutional Shares—Net Assets | |
Applicable to 168,295,117 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 18,465,482 |
Net Asset Value Per Share—Institutional Shares | $109.72 |
Year Ended December 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 997,892 |
Interest2 | 4,300 |
Securities Lending—Net | 6,627 |
Total Income | 1,008,819 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,607 |
Management and Administrative—Investor Shares | 730 |
Management and Administrative—ETF Shares | 23,391 |
Management and Administrative—Admiral Shares | 22,438 |
Management and Administrative—Institutional Shares | 7,391 |
Marketing and Distribution—Investor Shares | 27 |
Marketing and Distribution—ETF Shares | 2,946 |
Marketing and Distribution—Admiral Shares | 2,182 |
Marketing and Distribution—Institutional Shares | 576 |
Custodian Fees | 851 |
Auditing Fees | 31 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—ETF Shares | 1,610 |
Shareholders’ Reports—Admiral Shares | 480 |
Shareholders’ Reports—Institutional Shares | 101 |
Trustees’ Fees and Expenses | 55 |
Other Expenses | 22 |
Total Expenses | 65,439 |
Expenses Paid Indirectly | (31) |
Net Expenses | 65,408 |
Net Investment Income | 943,411 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 924,045 |
Futures Contracts | (13,423) |
Swap Contracts | (35,274) |
Realized Net Gain (Loss) | 875,348 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (64,898,206) |
Futures Contracts | (3,653) |
Swap Contracts | (387) |
Change in Unrealized Appreciation (Depreciation) | (64,902,246) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (63,083,487) |
1 | Dividends are net of foreign withholding taxes of $298,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $4,192,000, $16,000, $1,000, and $34,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $5,309,550,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 943,411 | 850,277 |
Realized Net Gain (Loss) | 875,348 | 9,367,270 |
Change in Unrealized Appreciation (Depreciation) | (64,902,246) | 29,618,234 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (63,083,487) | 39,835,781 |
Distributions | ||
Investor Shares | (2,025) | (2,918) |
ETF Shares | (458,691) | (426,504) |
Admiral Shares | (312,198) | (323,130) |
Institutional Shares | (128,919) | (132,576) |
Total Distributions | (901,833) | (885,128) |
Capital Share Transactions | ||
Investor Shares | (141,965) | (228,745) |
ETF Shares | 9,337,505 | 3,475,469 |
Admiral Shares | (199,354) | 24,196 |
Institutional Shares | 35,988 | (697,636) |
Net Increase (Decrease) from Capital Share Transactions | 9,032,174 | 2,573,284 |
Total Increase (Decrease) | (54,953,146) | 41,523,937 |
Net Assets | ||
Beginning of Period | 187,257,067 | 145,733,130 |
End of Period | 132,303,921 | 187,257,067 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $165.20 | $130.50 | $93.87 | $69.10 | $72.36 |
Investment Operations | |||||
Net Investment Income1 | .638 | .565 | .728 | .746 | .823 |
Net Realized and Unrealized Gain (Loss) on Investments | (55.480) | 34.731 | 36.631 | 24.802 | (3.271) |
Total from Investment Operations | (54.842) | 35.296 | 37.359 | 25.548 | (2.448) |
Distributions | |||||
Dividends from Net Investment Income | (.598) | (.596) | (.729) | (.778) | (.812) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.598) | (.596) | (.729) | (.778) | (.812) |
Net Asset Value, End of Period | $109.76 | $165.20 | $130.50 | $93.87 | $69.10 |
Total Return2 | -33.22% | 27.10% | 40.01% | 37.08% | -3.46% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $345 | $692 | $750 | $572 | $2,654 |
Ratio of Total Expenses to Average Net Assets | 0.17%3 | 0.17% | 0.17% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 0.50% | 0.39% | 0.69% | 0.92% | 1.08% |
Portfolio Turnover Rate4 | 5% | 8% | 6% | 11% | 11% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $320.83 | $253.44 | $182.31 | $134.21 | $140.55 |
Investment Operations | |||||
Net Investment Income1 | 1.584 | 1.483 | 1.683 | 1.773 | 1.807 |
Net Realized and Unrealized Gain (Loss) on Investments | (107.775) | 67.447 | 71.131 | 48.065 | (6.373) |
Total from Investment Operations | (106.191) | 68.930 | 72.814 | 49.838 | (4.566) |
Distributions | |||||
Dividends from Net Investment Income | (1.499) | (1.540) | (1.684) | (1.738) | (1.774) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.499) | (1.540) | (1.684) | (1.738) | (1.774) |
Net Asset Value, End of Period | $213.14 | $320.83 | $253.44 | $182.31 | $134.21 |
Total Return | -33.13% | 27.26% | 40.16% | 37.26% | -3.32% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $68,198 | $90,506 | $68,474 | $46,481 | $32,489 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 0.64% | 0.52% | 0.81% | 1.09% | 1.21% |
Portfolio Turnover Rate3 | 5% | 8% | 6% | 11% | 11% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $165.15 | $130.46 | $93.84 | $69.09 | $72.35 |
Investment Operations | |||||
Net Investment Income1 | .799 | .748 | .855 | .907 | .921 |
Net Realized and Unrealized Gain (Loss) on Investments | (55.471) | 34.720 | 36.621 | 24.728 | (3.274) |
Total from Investment Operations | (54.672) | 35.468 | 37.476 | 25.635 | (2.353) |
Distributions | |||||
Dividends from Net Investment Income | (.758) | (.778) | (.856) | (.885) | (.907) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.758) | (.778) | (.856) | (.885) | (.907) |
Net Asset Value, End of Period | $109.72 | $165.15 | $130.46 | $93.84 | $69.09 |
Total Return2 | -33.14% | 27.26% | 40.19% | 37.23% | -3.34% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $45,295 | $68,372 | $53,928 | $38,103 | $25,609 |
Ratio of Total Expenses to Average Net Assets | 0.05%3 | 0.05% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 0.63% | 0.51% | 0.80% | 1.08% | 1.20% |
Portfolio Turnover Rate4 | 5% | 8% | 6% | 11% | 11% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $165.16 | $130.47 | $93.85 | $69.09 | $72.35 |
Investment Operations | |||||
Net Investment Income1 | .812 | .762 | .867 | .912 | .928 |
Net Realized and Unrealized Gain (Loss) on Investments | (55.481) | 34.721 | 36.620 | 24.742 | (3.274) |
Total from Investment Operations | (54.669) | 35.483 | 37.487 | 25.654 | (2.346) |
Distributions | |||||
Dividends from Net Investment Income | (.771) | (.793) | (.867) | (.894) | (.914) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.771) | (.793) | (.867) | (.894) | (.914) |
Net Asset Value, End of Period | $109.72 | $165.16 | $130.47 | $93.85 | $69.09 |
Total Return | -33.14% | 27.27% | 40.20% | 37.26% | -3.33% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $18,465 | $27,688 | $22,582 | $16,426 | $12,400 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 0.64% | 0.52% | 0.82% | 1.09% | 1.21% |
Portfolio Turnover Rate3 | 5% | 8% | 6% | 11% | 11% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
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. |
B. | 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. |
C. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended December 31, 2022, custodian fee offset arrangements reduced the fund’s expenses by $31,000 (an annual rate of less than 0.01% of average net assets). |
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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 132,070,161 | — | — | 132,070,161 |
Temporary Cash Investments | 429,464 | — | — | 429,464 |
Total | 132,499,625 | — | — | 132,499,625 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 3 | — | 3 |
Liabilities | ||||
Futures Contracts1 | 800 | — | — | 800 |
Swap Contracts | — | 225 | — | 225 |
Total | 800 | 225 | — | 1,025 |
1 | Includes 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. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable in-kind redemptions, foreign currency transactions, and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 5,309,880 |
Total Distributable Earnings (Loss) | (5,309,880) |
Amount ($000) | |
Undistributed Ordinary Income | 8,883 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (7,485,954) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 48,485,410 |
Year Ended December 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 901,833 | 885,128 |
Long-Term Capital Gains | — | — |
Total | 901,833 | 885,128 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 84,014,216 |
Gross Unrealized Appreciation | 59,790,918 |
Gross Unrealized Depreciation | (11,305,508) |
Net Unrealized Appreciation (Depreciation) | 48,485,410 |
F. | During the year ended December 31, 2022, the fund purchased $24,812,724,000 of investment securities and sold $15,806,336,000 of investment securities, other than temporary cash investments. Purchases and sales include $15,707,523,000 and $7,619,113,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Year Ended December 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 44,312 | 343 | 72,222 | 492 | |
Issued in Lieu of Cash Distributions | 2,025 | 17 | 2,919 | 20 | |
Redeemed | (188,302) | (1,408) | (303,886) | (2,069) | |
Net Increase (Decrease)—Investor Shares | (141,965) | (1,048) | (228,745) | (1,557) | |
ETF Shares | |||||
Issued | 17,007,616 | 69,617 | 18,729,170 | 64,747 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (7,670,111) | (31,750) | (15,253,701) | (52,825) | |
Net Increase (Decrease)—ETF Shares | 9,337,505 | 37,867 | 3,475,469 | 11,922 | |
Admiral Shares | |||||
Issued | 8,117,723 | 63,614 | 9,587,947 | 66,521 | |
Issued in Lieu of Cash Distributions | 277,829 | 2,333 | 286,028 | 1,930 | |
Redeemed | (8,594,906) | (67,109) | (9,849,779) | (67,814) | |
Net Increase (Decrease)—Admiral Shares | (199,354) | (1,162) | 24,196 | 637 | |
Institutional Shares | |||||
Issued | 2,976,818 | 23,224 | 3,444,250 | 23,706 | |
Issued in Lieu of Cash Distributions | 124,124 | 1,042 | 126,911 | 856 | |
Redeemed | (3,064,954) | (23,618) | (4,268,797) | (29,999) | |
Net Increase (Decrease)—Institutional Shares | 35,988 | 648 | (697,636) | (5,437) |
H. | Management has determined that no events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in these financial statements. |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Value Index Fund Investor Shares | -2.18% | 8.43% | 11.77% | $30,422 | |
Spliced Value Index | -2.01 | 8.58 | 11.95 | 30,919 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Value Index Fund ETF Shares Net Asset Value | -2.05% | 8.56% | 11.91% | $30,806 | |
Value Index Fund ETF Shares Market Price | -2.04 | 8.55 | 11.91 | 30,814 | |
Spliced Value Index | -2.01 | 8.58 | 11.95 | 30,919 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Value Index Fund Admiral Shares | -2.08% | 8.56% | 11.91% | $30,806 | |
Spliced Value Index | -2.01 | 8.58 | 11.95 | 30,919 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Value Index Fund Institutional Shares | -2.05% | 8.57% | 11.92% | $15,418,515 | |
Spliced Value Index | -2.01 | 8.58 | 11.95 | 15,459,738 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 15,575,514 |
One Year | Five Years | Ten Years | |
Value Index Fund ETF Shares Market Price | -2.04% | 50.69% | 208.14% |
Value Index Fund ETF Shares Net Asset Value | -2.05 | 50.79 | 208.06 |
Spliced Value Index | -2.01 | 50.93 | 209.19 |
Basic Materials | 2.2% |
Consumer Discretionary | 4.7 |
Consumer Staples | 11.4 |
Energy | 8.2 |
Financials | 19.1 |
Health Care | 20.5 |
Industrials | 13.6 |
Real Estate | 2.9 |
Technology | 7.2 |
Telecommunications | 3.8 |
Utilities | 6.4 |
Shares | Market Value• ($000) | ||
Common Stocks (99.8%) | |||
Basic Materials (2.2%) | |||
Air Products and Chemicals Inc. | 1,919,961 | 591,847 | |
Freeport-McMoRan Inc. | 12,352,933 | 469,411 | |
Newmont Corp. | 6,867,060 | 324,125 | |
Dow Inc. | 6,087,230 | 306,736 | |
Nucor Corp. | 2,219,150 | 292,506 | |
International Flavors & Fragrances Inc. | 2,203,482 | 231,013 | |
LyondellBasell Industries NV Class A | 2,249,677 | 186,791 | |
CF Industries Holdings Inc. | 1,692,928 | 144,238 | |
FMC Corp. | 1,086,403 | 135,583 | |
Mosaic Co. | 2,952,227 | 129,514 | |
Avery Dennison Corp. | 697,956 | 126,330 | |
International Paper Co. | 3,062,037 | 106,038 | |
Celanese Corp. Class A | 846,014 | 86,497 | |
Eastman Chemical Co. | 1,040,287 | 84,721 | |
Westlake Corp. | 138,084 | 14,159 | |
3,229,509 | |||
Consumer Discretionary (4.7%) | |||
Walmart Inc. | 11,738,530 | 1,664,406 | |
Target Corp. | 3,978,963 | 593,025 | |
Ford Motor Co. | 34,174,905 | 397,454 | |
General Motors Co. | 11,677,613 | 392,835 | |
* | Dollar Tree Inc. | 1,816,716 | 256,956 |
DR Horton Inc. | 2,678,568 | 238,768 | |
Activision Blizzard Inc. | 3,044,459 | 233,053 | |
Genuine Parts Co. | 1,220,117 | 211,702 | |
Lennar Corp. Class A | 2,289,668 | 207,215 | |
eBay Inc. | 4,687,711 | 194,399 | |
* | Delta Air Lines Inc. | 5,528,577 | 181,669 |
* | Warner Bros Discovery Inc. | 18,869,789 | 178,886 |
Southwest Airlines Co. | 5,148,657 | 173,355 | |
Darden Restaurants Inc. | 1,061,097 | 146,782 | |
Omnicom Group Inc. | 1,758,724 | 143,459 | |
Best Buy Co. Inc. | 1,756,888 | 140,920 | |
Garmin Ltd. | 1,329,347 | 122,685 | |
LKQ Corp. | 2,201,085 | 117,560 | |
* | United Airlines Holdings Inc. | 2,833,143 | 106,809 |
PulteGroup Inc. | 1,974,891 | 89,917 | |
VF Corp. | 3,031,495 | 83,700 | |
* | CarMax Inc. | 1,370,140 | 83,428 |
Shares | Market Value• ($000) | ||
BorgWarner Inc. (XNYS) | 2,030,007 | 81,708 | |
Fox Corp. Class A | 2,617,271 | 79,486 | |
News Corp. Class A | 4,298,792 | 78,238 | |
Advance Auto Parts Inc. | 513,703 | 75,530 | |
1 | Paramount Global Inc. Class B | 4,171,804 | 70,420 |
*,1 | Carnival Corp. | 8,685,172 | 70,002 |
Hasbro Inc. | 1,137,331 | 69,389 | |
* | NVR Inc. | 13,074 | 60,305 |
Interpublic Group of Cos. Inc. | 1,684,207 | 56,101 | |
* | Liberty Media Corp.- Liberty SiriusXM Class C | 1,294,566 | 50,656 |
MGM Resorts International | 1,334,778 | 44,755 | |
Bath & Body Works Inc. | 938,310 | 39,540 | |
* | American Airlines Group Inc. | 2,817,859 | 35,843 |
*,1 | Lucid Group Inc. | 5,099,810 | 34,832 |
Whirlpool Corp. | 236,593 | 33,468 | |
Fox Corp. Class B | 1,151,552 | 32,762 | |
Lear Corp. | 256,175 | 31,771 | |
* | Liberty Media Corp.- Liberty SiriusXM Class A | 671,563 | 26,399 |
1 | Paramount Global Class A | 113,451 | 2,225 |
Lennar Corp. Class B | 15,603 | 1,167 | |
News Corp. Class B | 27,910 | 515 | |
6,934,095 | |||
Consumer Staples (11.3%) | |||
Procter & Gamble Co. | 20,496,727 | 3,106,484 | |
PepsiCo Inc. | 11,915,654 | 2,152,682 | |
Coca-Cola Co. | 33,661,803 | 2,141,227 | |
Philip Morris International Inc. | 13,406,471 | 1,356,869 | |
CVS Health Corp. | 11,363,736 | 1,058,987 | |
Mondelez International Inc. Class A | 11,810,424 | 787,165 | |
Altria Group Inc. | 15,507,974 | 708,869 | |
McKesson Corp. | 1,227,270 | 460,374 | |
Archer-Daniels-Midland Co. | 4,754,756 | 441,479 | |
General Mills Inc. | 5,137,627 | 430,790 | |
Kimberly-Clark Corp. | 2,919,882 | 396,374 | |
Corteva Inc. | 6,218,528 | 365,525 | |
Sysco Corp. | 4,384,308 | 335,180 | |
Constellation Brands Inc. Class A | 1,356,127 | 314,282 |
Shares | Market Value• ($000) | ||
Colgate-Palmolive Co. | 3,611,446 | 284,546 | |
Keurig Dr Pepper Inc. | 7,960,455 | 283,870 | |
Kraft Heinz Co. | 6,885,226 | 280,298 | |
AmerisourceBergen Corp. Class A | 1,422,242 | 235,680 | |
Walgreens Boots Alliance Inc. | 5,980,335 | 223,425 | |
Kroger Co. | 4,569,062 | 203,689 | |
McCormick & Co. Inc. | 2,163,898 | 179,365 | |
Conagra Brands Inc. | 4,154,720 | 160,788 | |
Kellogg Co. | 2,219,008 | 158,082 | |
Tyson Foods Inc. Class A | 2,498,576 | 155,536 | |
Clorox Co. | 1,064,445 | 149,374 | |
J M Smucker Co. | 873,705 | 138,447 | |
Hormel Foods Corp. | 2,367,420 | 107,836 | |
Campbell Soup Co. | 1,689,077 | 95,855 | |
Molson Coors Beverage Co. Class B | 780,744 | 40,224 | |
Albertsons Cos. Inc. Class A | 1,622,271 | 33,646 | |
16,786,948 | |||
Energy (8.2%) | |||
Exxon Mobil Corp. | 35,618,279 | 3,928,696 | |
Chevron Corp. | 15,051,015 | 2,701,507 | |
ConocoPhillips | 10,775,324 | 1,271,488 | |
EOG Resources Inc. | 5,078,248 | 657,735 | |
Marathon Petroleum Corp. | 4,056,066 | 472,086 | |
Phillips 66 | 4,090,413 | 425,730 | |
Valero Energy Corp. | 3,336,557 | 423,276 | |
Occidental Petroleum Corp. | 5,899,282 | 371,596 | |
Devon Energy Corp. | 5,655,354 | 347,861 | |
Williams Cos. Inc. | 10,540,593 | 346,785 | |
Schlumberger Ltd. | 6,133,983 | 327,923 | |
Kinder Morgan Inc. | 16,523,313 | 298,741 | |
ONEOK Inc. | 3,863,278 | 253,817 | |
Halliburton Co. | 3,524,009 | 138,670 | |
Baker Hughes Co. Class A | 4,341,554 | 128,206 | |
12,094,117 | |||
Financials (19.1%) | |||
* | Berkshire Hathaway Inc. Class B | 14,991,894 | 4,630,996 |
JPMorgan Chase & Co. | 25,371,388 | 3,402,303 | |
Bank of America Corp. | 58,984,125 | 1,953,554 | |
Wells Fargo & Co. | 32,961,479 | 1,360,979 | |
Charles Schwab Corp. | 13,350,038 | 1,111,524 | |
Morgan Stanley | 10,962,303 | 932,015 | |
Goldman Sachs Group Inc. | 2,678,323 | 919,683 | |
BlackRock Inc. | 1,233,886 | 874,369 | |
Chubb Ltd. | 3,409,396 | 752,113 | |
Citigroup Inc. | 15,906,908 | 719,469 | |
Marsh & McLennan Cos. Inc. | 4,288,487 | 709,659 | |
Progressive Corp. | 5,057,721 | 656,037 | |
PNC Financial Services Group Inc. | 3,486,507 | 550,659 | |
US Bancorp | 12,201,069 | 532,089 | |
CME Group Inc. | 3,109,546 | 522,901 | |
Intercontinental Exchange Inc. | 4,834,972 | 496,020 | |
Truist Financial Corp. | 11,483,422 | 494,132 | |
American International Group Inc. | 6,427,691 | 406,487 |
Shares | Market Value• ($000) | ||
Travelers Cos. Inc. | 2,028,082 | 380,245 | |
MetLife Inc. | 5,091,675 | 368,484 | |
Aflac Inc. | 4,842,359 | 348,359 | |
Arthur J Gallagher & Co. | 1,824,254 | 343,945 | |
Prudential Financial Inc. | 3,183,252 | 316,606 | |
Allstate Corp. | 2,294,215 | 311,096 | |
Ameriprise Financial Inc. | 920,498 | 286,615 | |
Bank of New York Mellon Corp. | 6,291,944 | 286,409 | |
KKR & Co. Inc. | 5,584,308 | 259,224 | |
Discover Financial Services | 2,361,655 | 231,041 | |
Willis Towers Watson plc | 935,504 | 228,806 | |
M&T Bank Corp. | 1,491,468 | 216,352 | |
T Rowe Price Group Inc. | 1,931,041 | 210,599 | |
Hartford Financial Services Group Inc. | 2,748,439 | 208,414 | |
Nasdaq Inc. | 3,395,647 | 208,323 | |
Fifth Third Bancorp | 5,927,904 | 194,495 | |
* | Arch Capital Group Ltd. | 3,035,205 | 190,550 |
Raymond James Financial Inc. | 1,671,691 | 178,620 | |
Principal Financial Group Inc. | 2,112,866 | 177,312 | |
Huntington Bancshares Inc. | 12,455,493 | 175,622 | |
State Street Corp. | 2,258,338 | 175,179 | |
Regions Financial Corp. | 8,066,537 | 173,915 | |
Citizens Financial Group Inc. | 4,250,844 | 167,356 | |
Northern Trust Corp. | 1,716,997 | 151,937 | |
* | Markel Corp. | 110,336 | 145,367 |
KeyCorp. | 8,087,843 | 140,890 | |
Cincinnati Financial Corp. | 1,355,674 | 138,807 | |
W R Berkley Corp. | 1,726,576 | 125,298 | |
Cboe Global Markets Inc. | 919,980 | 115,430 | |
Everest Re Group Ltd. | 339,572 | 112,490 | |
Loews Corp. | 1,749,953 | 102,075 | |
First Republic Bank | 791,502 | 96,476 | |
Equitable Holdings Inc. | 3,188,968 | 91,523 | |
1 | Annaly Capital Management Inc. | 4,057,716 | 85,537 |
Fidelity National Financial Inc. | 2,240,613 | 84,292 | |
Franklin Resources Inc. | 2,598,869 | 68,558 | |
* | SVB Financial Group | 255,672 | 58,840 |
Globe Life Inc. | 379,574 | 45,758 | |
Interactive Brokers Group Inc. Class A | 424,955 | 30,745 | |
Ally Financial Inc. | 1,167,506 | 28,546 | |
Corebridge Financial Inc. | 571,175 | 11,458 | |
1 | Rocket Cos. Inc. Class A | 1,001,779 | 7,012 |
28,303,595 | |||
Health Care (20.5%) | |||
UnitedHealth Group Inc. | 8,081,685 | 4,284,748 | |
Johnson & Johnson | 22,613,833 | 3,994,734 | |
Pfizer Inc. | 48,549,590 | 2,487,681 | |
AbbVie Inc. | 15,296,310 | 2,472,037 | |
Merck & Co. Inc. | 21,930,039 | 2,433,138 |
Shares | Market Value• ($000) | ||
Abbott Laboratories | 15,081,832 | 1,655,834 | |
Eli Lilly & Co. | 3,698,553 | 1,353,079 | |
Bristol-Myers Squibb Co. | 18,389,559 | 1,323,129 | |
Amgen Inc. | 4,614,843 | 1,212,042 | |
Elevance Health Inc. | 2,065,513 | 1,059,546 | |
Gilead Sciences Inc. | 10,846,628 | 931,183 | |
Medtronic plc | 11,501,975 | 893,933 | |
Cigna Corp. | 2,643,770 | 875,987 | |
Danaher Corp. | 2,832,670 | 751,847 | |
Becton Dickinson and Co. | 2,452,287 | 623,616 | |
Humana Inc. | 1,095,636 | 561,174 | |
HCA Healthcare Inc. | 1,834,705 | 440,256 | |
* | Centene Corp. | 4,900,142 | 401,861 |
* | Biogen Inc. | 1,246,143 | 345,082 |
* | Regeneron Pharmaceuticals Inc. | 439,900 | 317,383 |
Zimmer Biomet Holdings Inc. | 1,813,720 | 231,249 | |
Baxter International Inc. | 4,356,467 | 222,049 | |
Laboratory Corp. of America Holdings | 764,953 | 180,131 | |
Cardinal Health Inc. | 2,263,681 | 174,009 | |
* | Molina Healthcare Inc. | 505,795 | 167,024 |
* | Hologic Inc. | 2,121,636 | 158,720 |
Quest Diagnostics Inc. | 982,601 | 153,718 | |
Royalty Pharma plc Class A | 3,234,029 | 127,809 | |
Viatris Inc. | 10,512,555 | 117,005 | |
Teleflex Inc. | 406,772 | 101,542 | |
* | Henry Schein Inc. | 1,175,084 | 93,854 |
STERIS plc | 432,653 | 79,907 | |
PerkinElmer Inc. | 546,528 | 76,634 | |
Universal Health Services Inc. Class B | 264,084 | 37,207 | |
* | DaVita Inc. | 215,002 | 16,054 |
30,355,202 | |||
Industrials (13.6%) | |||
Raytheon Technologies Corp. | 12,716,046 | 1,283,303 | |
Honeywell International Inc. | 5,814,911 | 1,246,135 | |
Lockheed Martin Corp. | 2,266,806 | 1,102,778 | |
Caterpillar Inc. | 4,500,897 | 1,078,235 | |
Deere & Co. | 2,349,318 | 1,007,294 | |
General Electric Co. | 9,446,613 | 791,532 | |
American Express Co. | 4,845,114 | 715,866 | |
Northrop Grumman Corp. | 1,197,404 | 653,316 | |
3M Co. | 4,782,340 | 573,498 | |
CSX Corp. | 18,194,801 | 563,675 | |
Union Pacific Corp. | 2,660,432 | 550,896 | |
United Parcel Service Inc. Class B | 3,158,050 | 548,995 | |
Eaton Corp. plc | 3,437,404 | 539,501 | |
General Dynamics Corp. | 2,138,539 | 530,593 | |
Illinois Tool Works Inc. | 2,392,671 | 527,105 | |
Norfolk Southern Corp. | 2,003,474 | 493,696 | |
Emerson Electric Co. | 5,118,345 | 491,668 | |
Johnson Controls International plc | 5,942,229 | 380,303 | |
FedEx Corp. | 2,025,976 | 350,899 | |
Fidelity National Information Services Inc. | 5,134,565 | 348,380 |
Shares | Market Value• ($000) | ||
L3Harris Technologies Inc. | 1,647,260 | 342,976 | |
Trane Technologies plc | 1,992,584 | 334,933 | |
Parker-Hannifin Corp. | 1,110,572 | 323,176 | |
Capital One Financial Corp. | 3,300,785 | 306,841 | |
Carrier Global Corp. | 7,233,101 | 298,365 | |
Cummins Inc. | 1,219,702 | 295,522 | |
Otis Worldwide Corp. | 3,602,697 | 282,127 | |
AMETEK Inc. | 1,986,008 | 277,485 | |
PACCAR Inc. | 2,706,590 | 267,871 | |
DuPont de Nemours Inc. | 3,866,267 | 265,342 | |
PPG Industries Inc. | 2,031,949 | 255,497 | |
Ferguson plc | 1,814,898 | 230,438 | |
* | United Rentals Inc. | 598,717 | 212,796 |
Fortive Corp. | 3,056,236 | 196,363 | |
Ingersoll Rand Inc. | 3,496,674 | 182,701 | |
Xylem Inc. | 1,555,839 | 172,029 | |
Dover Corp. | 1,211,440 | 164,041 | |
Westinghouse Air Brake Technologies Corp. | 1,490,643 | 148,781 | |
Expeditors International of Washington Inc. | 1,371,229 | 142,498 | |
Ball Corp. | 2,718,848 | 139,042 | |
Jacobs Solutions Inc. | 1,095,346 | 131,518 | |
Synchrony Financial | 3,884,631 | 127,649 | |
Textron Inc. | 1,799,529 | 127,407 | |
* | FleetCor Technologies Inc. | 606,876 | 111,471 |
WW Grainger Inc. | 196,239 | 109,158 | |
Snap-on Inc. | 460,824 | 105,294 | |
Packaging Corp. of America | 802,154 | 102,604 | |
Stanley Black & Decker Inc. | 1,323,435 | 99,416 | |
CH Robinson Worldwide Inc. | 1,020,599 | 93,446 | |
Masco Corp. | 1,954,872 | 91,234 | |
Martin Marietta Materials Inc. | 269,077 | 90,940 | |
Crown Holdings Inc. | 1,040,008 | 85,499 | |
Westrock Co. | 2,205,845 | 77,558 | |
Hubbell Inc. Class B | 232,990 | 54,678 | |
TransUnion | 833,731 | 47,314 | |
Fortune Brands Innovations Inc. | 546,064 | 31,186 | |
20,102,864 | |||
Real Estate (2.9%) | |||
Prologis Inc. | 7,982,651 | 899,884 | |
Simon Property Group Inc. | 2,828,379 | 332,278 | |
VICI Properties Inc. | 8,624,833 | 279,445 | |
Welltower Inc. | 4,085,565 | 267,809 | |
Alexandria Real Estate Equities Inc. | 1,417,773 | 206,527 | |
* | CBRE Group Inc. Class A | 2,593,392 | 199,587 |
Weyerhaeuser Co. | 6,357,061 | 197,069 | |
AvalonBay Communities Inc. | 1,208,503 | 195,197 | |
Equity Residential | 3,100,421 | 182,925 | |
Realty Income Corp. | 2,707,516 | 171,738 | |
Extra Space Storage Inc. | 1,156,095 | 170,154 |
Shares | Market Value• ($000) | ||
Mid-America Apartment Communities Inc. | 1,001,233 | 157,184 | |
Ventas Inc. | 3,449,614 | 155,405 | |
WP Carey Inc. | 1,794,162 | 140,214 | |
Iron Mountain Inc. | 2,520,578 | 125,651 | |
Digital Realty Trust Inc. | 1,243,931 | 124,729 | |
Essex Property Trust Inc. | 561,285 | 118,947 | |
Healthpeak Properties Inc. | 4,660,034 | 116,827 | |
Boston Properties Inc. | 1,222,969 | 82,648 | |
UDR Inc. | 1,412,701 | 54,714 | |
Camden Property Trust | 461,391 | 51,620 | |
Host Hotels & Resorts Inc. | 3,100,211 | 49,758 | |
Regency Centers Corp. | 741,738 | 46,359 | |
4,326,669 | |||
Technology (7.2%) | |||
Broadcom Inc. | 3,503,280 | 1,958,789 | |
* | Meta Platforms Inc. Class A | 9,722,872 | 1,170,050 |
International Business Machines Corp. | 7,819,405 | 1,101,676 | |
Oracle Corp. | 12,825,943 | 1,048,393 | |
Intel Corp. | 35,693,071 | 943,368 | |
Analog Devices Inc. | 4,404,703 | 722,503 | |
QUALCOMM Inc. | 4,845,144 | 532,675 | |
Micron Technology Inc. | 9,402,765 | 469,950 | |
TE Connectivity Ltd. | 2,744,279 | 315,043 | |
Cognizant Technology Solutions Corp. Class A | 4,443,035 | 254,097 | |
VMware Inc. Class A | 2,019,033 | 247,857 | |
* | ON Semiconductor Corp. | 3,737,977 | 233,138 |
HP Inc. | 7,823,161 | 210,208 | |
Corning Inc. | 6,576,824 | 210,064 | |
CDW Corp. | 1,169,833 | 208,909 | |
Hewlett Packard Enterprise Co. | 11,111,798 | 177,344 | |
* | Akamai Technologies Inc. | 1,363,534 | 114,946 |
NetApp Inc. | 1,884,809 | 113,202 | |
Gen Digital Inc. | 4,800,514 | 102,875 | |
SS&C Technologies Holdings Inc. | 1,856,669 | 96,658 | |
Seagate Technology Holdings plc | 1,700,438 | 89,460 | |
* | Western Digital Corp. | 2,754,825 | 86,915 |
Dell Technologies Inc. Class C | 2,134,342 | 85,843 | |
* | Qorvo Inc. | 878,982 | 79,671 |
Leidos Holdings Inc. | 592,625 | 62,338 | |
* | F5 Inc. | 261,533 | 37,533 |
10,673,505 | |||
Telecommunications (3.7%) | |||
Cisco Systems Inc. | 31,984,208 | 1,523,728 | |
Verizon Communications Inc. | 34,510,186 | 1,359,701 | |
Comcast Corp. Class A | 37,305,006 | 1,304,556 | |
AT&T Inc. | 59,642,144 | 1,098,012 | |
Motorola Solutions Inc. | 721,896 | 186,040 | |
Juniper Networks Inc. | 1,408,029 | 45,001 | |
* | DISH Network Corp. Class A | 2,154,436 | 30,248 |
Shares | Market Value• ($000) | ||
Lumen Technologies Inc. | 4,491,274 | 23,444 | |
5,570,730 | |||
Utilities (6.4%) | |||
NextEra Energy Inc. | 17,189,714 | 1,437,060 | |
Duke Energy Corp. | 6,662,803 | 686,202 | |
Southern Co. | 9,420,795 | 672,739 | |
Waste Management Inc. | 3,548,163 | 556,636 | |
Dominion Energy Inc. | 7,208,965 | 442,054 | |
American Electric Power Co. Inc. | 4,444,967 | 422,050 | |
Sempra Energy (XNYS) | 2,719,540 | 420,278 | |
Exelon Corp. | 8,580,039 | 370,915 | |
Xcel Energy Inc. | 4,732,860 | 331,821 | |
* | PG&E Corp. | 18,128,757 | 294,774 |
Consolidated Edison Inc. | 3,068,338 | 292,443 | |
Public Service Enterprise Group Inc. | 4,313,890 | 264,312 | |
WEC Energy Group Inc. | 2,726,586 | 255,645 | |
Eversource Energy | 3,010,857 | 252,430 | |
Constellation Energy Corp. | 2,824,084 | 243,464 | |
American Water Works Co. Inc. | 1,571,220 | 239,485 | |
Republic Services Inc. Class A | 1,775,299 | 228,996 | |
Edison International | 3,299,467 | 209,912 | |
Ameren Corp. | 2,231,864 | 198,457 | |
Entergy Corp. | 1,757,760 | 197,748 | |
FirstEnergy Corp. | 4,691,552 | 196,764 | |
PPL Corp. | 6,040,779 | 176,512 | |
DTE Energy Co. | 1,421,899 | 167,116 | |
AES Corp. | 5,766,031 | 165,831 | |
CenterPoint Energy Inc. | 5,433,544 | 162,952 | |
CMS Energy Corp. | 2,516,231 | 159,353 | |
Evergy Inc. | 1,977,697 | 124,456 | |
Alliant Energy Corp. | 2,176,093 | 120,142 | |
NiSource Inc. | 3,520,305 | 96,527 | |
Vistra Corp. | 3,450,865 | 80,060 | |
Avangrid Inc. | 670,022 | 28,797 | |
9,495,931 | |||
Total Common Stocks (Cost $118,549,749) | 147,873,165 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.1%) | |||
Money Market Fund (0.1%) | |||
2,3 | Vanguard Market Liquidity Fund, 4.334% (Cost $215,746) | 2,157,941 | 215,773 |
Total Investments (99.9%) (Cost $118,765,495) | 148,088,938 | ||
Other Assets and Liabilities—Net (0.1%) | 125,916 | ||
Net Assets (100%) | 148,214,854 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $82,165,000. |
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 $86,935,000 was received for securities on loan, of which $86,930,000 is held in Vanguard Market Liquidity Fund and $5,000 is held in cash. |
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 | March 2023 | 626 | 120,849 | (59) |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
AT&T Inc. | 8/31/23 | BANA | 36,820 | (4.093) | — | (131) |
Goldman Sachs Group Inc. | 8/30/24 | BANA | 63,525 | (4.693) | 184 | — |
Goldman Sachs Group Inc. | 8/30/24 | BANA | 22,320 | (4.693) | 64 | — |
Kroger Co. | 1/31/23 | GSI | 43,490 | (4.323) | 1,006 | — |
State Street Corp. | 8/30/24 | BANA | 52,360 | (4.693) | 215 | — |
State Street Corp. | 8/30/24 | BANA | 6,205 | (4.693) | 26 | — |
1,495 | (131) |
1 | Based on 1M USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
1M—1-month. | |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $118,549,749) | 147,873,165 |
Affiliated Issuers (Cost $215,746) | 215,773 |
Total Investments in Securities | 148,088,938 |
Investment in Vanguard | 5,531 |
Cash | 5 |
Cash Collateral Pledged—Futures Contracts | 5,470 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 13,510 |
Receivables for Investment Securities Sold | 8,059 |
Receivables for Accrued Income | 224,624 |
Receivables for Capital Shares Issued | 58,007 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 1,495 |
Total Assets | 148,405,639 |
Liabilities | |
Due to Custodian | 6,081 |
Payables for Investment Securities Purchased | 15,471 |
Collateral for Securities on Loan | 86,935 |
Payables for Capital Shares Redeemed | 79,146 |
Payables to Vanguard | 2,742 |
Variation Margin Payable—Futures Contracts | 279 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 131 |
Total Liabilities | 190,785 |
Net Assets | 148,214,854 |
1 Includes $82,165,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2022, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 123,970,526 |
Total Distributable Earnings (Loss) | 24,244,328 |
Net Assets | 148,214,854 |
Investor Shares—Net Assets | |
Applicable to 4,252,359 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 232,939 |
Net Asset Value Per Share—Investor Shares | $54.78 |
ETF Shares—Net Assets | |
Applicable to 708,543,212 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 99,459,211 |
Net Asset Value Per Share—ETF Shares | $140.37 |
Admiral Shares—Net Assets | |
Applicable to 585,649,717 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 32,070,568 |
Net Asset Value Per Share—Admiral Shares | $54.76 |
Institutional Shares—Net Assets | |
Applicable to 300,450,412 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 16,452,136 |
Net Asset Value Per Share—Institutional Shares | $54.76 |
Year Ended December 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends | 3,718,574 |
Interest1 | 4,152 |
Securities Lending—Net | 10,247 |
Total Income | 3,732,973 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,685 |
Management and Administrative—Investor Shares | 372 |
Management and Administrative—ETF Shares | 30,848 |
Management and Administrative—Admiral Shares | 13,254 |
Management and Administrative—Institutional Shares | 5,258 |
Marketing and Distribution—Investor Shares | 15 |
Marketing and Distribution—ETF Shares | 3,948 |
Marketing and Distribution—Admiral Shares | 1,324 |
Marketing and Distribution—Institutional Shares | 426 |
Custodian Fees | 897 |
Auditing Fees | 33 |
Shareholders’ Reports—Investor Shares | 2 |
Shareholders’ Reports—ETF Shares | 2,148 |
Shareholders’ Reports—Admiral Shares | 322 |
Shareholders’ Reports—Institutional Shares | 127 |
Trustees’ Fees and Expenses | 54 |
Other Expenses | 24 |
Total Expenses | 61,737 |
Expenses Paid Indirectly | (20) |
Net Expenses | 61,717 |
Net Investment Income | 3,671,256 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 6,718,950 |
Futures Contracts | (43,685) |
Swap Contracts | (3,270) |
Realized Net Gain (Loss) | 6,671,995 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (13,306,669) |
Futures Contracts | 78 |
Swap Contracts | 1,707 |
Change in Unrealized Appreciation (Depreciation) | (13,304,884) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (2,961,633) |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $4,002,000, ($20,000), $2,000, and $20,000, respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $8,049,158,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 3,671,256 | 2,885,192 |
Realized Net Gain (Loss) | 6,671,995 | 3,151,239 |
Change in Unrealized Appreciation (Depreciation) | (13,304,884) | 21,557,364 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (2,961,633) | 27,593,795 |
Distributions | ||
Investor Shares | (5,847) | (5,928) |
ETF Shares | (2,511,165) | (1,889,549) |
Admiral Shares | (791,346) | (667,738) |
Institutional Shares | (393,370) | (329,587) |
Total Distributions | (3,701,728) | (2,892,802) |
Capital Share Transactions | ||
Investor Shares | (19,293) | (68,271) |
ETF Shares | 11,181,843 | 15,310,468 |
Admiral Shares | 1,778,634 | 3,414,060 |
Institutional Shares | 1,710,922 | (49,760) |
Net Increase (Decrease) from Capital Share Transactions | 14,652,106 | 18,606,497 |
Total Increase (Decrease) | 7,988,745 | 43,307,490 |
Net Assets | ||
Beginning of Period | 140,226,109 | 96,918,619 |
End of Period | 148,214,854 | 140,226,109 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $57.39 | $46.43 | $46.78 | $38.18 | $41.42 |
Investment Operations | |||||
Net Investment Income1 | 1.301 | 1.177 | 1.142 | 1.093 | 1.009 |
Net Realized and Unrealized Gain (Loss) on Investments | (2.604) | 10.945 | (.362) | 8.623 | (3.261) |
Total from Investment Operations | (1.303) | 12.122 | .780 | 9.716 | (2.252) |
Distributions | |||||
Dividends from Net Investment Income | (1.307) | (1.162) | (1.130) | (1.116) | (.988) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.307) | (1.162) | (1.130) | (1.116) | (.988) |
Net Asset Value, End of Period | $54.78 | $57.39 | $46.43 | $46.78 | $38.18 |
Total Return2 | -2.18% | 26.31% | 2.18% | 25.67% | -5.55% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $233 | $264 | $273 | $328 | $1,381 |
Ratio of Total Expenses to Average Net Assets | 0.17%3 | 0.17% | 0.17% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 2.38% | 2.22% | 2.75% | 2.58% | 2.43% |
Portfolio Turnover Rate4 | 5% | 9% | 10% | 12% | 8% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $147.08 | $118.98 | $119.90 | $97.84 | $106.14 |
Investment Operations | |||||
Net Investment Income1 | 3.529 | 3.212 | 3.055 | 3.046 | 2.722 |
Net Realized and Unrealized Gain (Loss) on Investments | (6.707) | 28.045 | (.935) | 22.014 | (8.352) |
Total from Investment Operations | (3.178) | 31.257 | 2.120 | 25.060 | (5.630) |
Distributions | |||||
Dividends from Net Investment Income | (3.532) | (3.157) | (3.040) | (3.000) | (2.670) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.532) | (3.157) | (3.040) | (3.000) | (2.670) |
Net Asset Value, End of Period | $140.37 | $147.08 | $118.98 | $119.90 | $97.84 |
Total Return | -2.05% | 26.47% | 2.23% | 25.85% | -5.39% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $99,459 | $92,776 | $61,580 | $55,909 | $41,510 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 2.52% | 2.35% | 2.87% | 2.76% | 2.56% |
Portfolio Turnover Rate3 | 5% | 9% | 10% | 12% | 8% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $57.38 | $46.41 | $46.77 | $38.17 | $41.41 |
Investment Operations | |||||
Net Investment Income1 | 1.370 | 1.245 | 1.188 | 1.185 | 1.059 |
Net Realized and Unrealized Gain (Loss) on Investments | (2.618) | 10.951 | (.367) | 8.581 | (3.261) |
Total from Investment Operations | (1.248) | 12.196 | .821 | 9.766 | (2.202) |
Distributions | |||||
Dividends from Net Investment Income | (1.372) | (1.226) | (1.181) | (1.166) | (1.038) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.372) | (1.226) | (1.181) | (1.166) | (1.038) |
Net Asset Value, End of Period | $54.76 | $57.38 | $46.41 | $46.77 | $38.17 |
Total Return2 | -2.08% | 26.49% | 2.29% | 25.82% | -5.43% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $32,071 | $31,741 | $22,486 | $22,414 | $16,522 |
Ratio of Total Expenses to Average Net Assets | 0.05%3 | 0.05% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 2.51% | 2.34% | 2.86% | 2.75% | 2.55% |
Portfolio Turnover Rate4 | 5% | 9% | 10% | 12% | 8% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $57.37 | $46.41 | $46.77 | $38.17 | $41.41 |
Investment Operations | |||||
Net Investment Income1 | 1.377 | 1.250 | 1.193 | 1.189 | 1.063 |
Net Realized and Unrealized Gain (Loss) on Investments | (2.609) | 10.941 | (.368) | 8.581 | (3.260) |
Total from Investment Operations | (1.232) | 12.191 | .825 | 9.770 | (2.197) |
Distributions | |||||
Dividends from Net Investment Income | (1.378) | (1.231) | (1.185) | (1.170) | (1.043) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.378) | (1.231) | (1.185) | (1.170) | (1.043) |
Net Asset Value, End of Period | $54.76 | $57.37 | $46.41 | $46.77 | $38.17 |
Total Return | -2.05% | 26.48% | 2.30% | 25.83% | -5.42% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $16,452 | $15,446 | $12,579 | $12,481 | $9,789 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 2.52% | 2.35% | 2.87% | 2.76% | 2.56% |
Portfolio Turnover Rate3 | 5% | 9% | 10% | 12% | 8% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
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. |
B. | 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. |
C. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended December 31, 2022, custodian fee offset arrangements reduced the fund’s expenses by $20,000 (an annual rate of less than 0.01% of average net assets). |
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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 147,873,165 | — | — | 147,873,165 |
Temporary Cash Investments | 215,773 | — | — | 215,773 |
Total | 148,088,938 | — | — | 148,088,938 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 1,495 | — | 1,495 |
Liabilities | ||||
Futures Contracts1 | 59 | — | — | 59 |
Swap Contracts | — | 131 | — | 131 |
Total | 59 | 131 | — | 190 |
1 | Includes 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. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable in-kind redemptions, passive foreign investment companies, and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 8,047,814 |
Total Distributable Earnings (Loss) | (8,047,814) |
Amount ($000) | |
Undistributed Ordinary Income | 24,664 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (4,969,430) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 29,189,094 |
Year Ended December 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 3,701,728 | 2,892,802 |
Long-Term Capital Gains | — | — |
Total | 3,701,728 | 2,892,802 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 118,899,844 |
Gross Unrealized Appreciation | 36,609,764 |
Gross Unrealized Depreciation | (7,420,670) |
Net Unrealized Appreciation (Depreciation) | 29,189,094 |
F. | During the year ended December 31, 2022, the fund purchased $39,007,804,000 of investment securities and sold $24,585,827,000 of investment securities, other than temporary cash investments. Purchases and sales include $27,265,708,000 and $16,678,698,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Year Ended December 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 52,300 | 945 | 42,557 | 819 | |
Issued in Lieu of Cash Distributions | 5,847 | 110 | 5,927 | 111 | |
Redeemed | (77,440) | (1,404) | (116,755) | (2,214) | |
Net Increase (Decrease)—Investor Shares | (19,293) | (349) | (68,271) | (1,284) | |
ETF Shares | |||||
Issued | 28,097,278 | 198,864 | 22,597,318 | 166,669 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (16,915,435) | (121,125) | (7,286,850) | (53,450) | |
Net Increase (Decrease)—ETF Shares | 11,181,843 | 77,739 | 15,310,468 | 113,219 | |
Admiral Shares | |||||
Issued | 6,740,145 | 122,919 | 6,495,181 | 125,044 | |
Issued in Connection with Acquisition of Vanguard Capital Value Fund | — | — | 1,035,654 | 21,626 | |
Issued in Lieu of Cash Distributions | 691,593 | 13,000 | 581,649 | 10,864 | |
Redeemed | (5,653,104) | (103,475) | (4,698,424) | (88,804) | |
Net Increase (Decrease)—Admiral Shares | 1,778,634 | 32,444 | 3,414,060 | 68,730 | |
Institutional Shares | |||||
Issued | 3,365,017 | 61,474 | 2,348,847 | 44,862 | |
Issued in Lieu of Cash Distributions | 379,225 | 7,126 | 315,580 | 5,897 | |
Redeemed | (2,033,320) | (37,361) | (2,714,187) | (52,572) | |
Net Increase (Decrease)—Institutional Shares | 1,710,922 | 31,239 | (49,760) | (1,813) |
H. | Management has determined that no events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in these financial statements. |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Large-Cap Index Fund Investor Shares | -19.78% | 9.02% | 12.23% | $31,691 | |
Spliced Large Cap Index | -19.67 | 9.20 | 12.42 | 32,250 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Large-Cap Index Fund ETF Shares Net Asset Value | -19.68% | 9.16% | 12.37% | $32,104 | |
Large-Cap Index Fund ETF Shares Market Price | -19.69 | 9.15 | 12.37 | 32,112 | |
Spliced Large Cap Index | -19.67 | 9.20 | 12.42 | 32,250 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Large-Cap Index Fund Admiral Shares | -19.70% | 9.15% | 12.37% | $32,090 | |
Spliced Large Cap Index | -19.67 | 9.20 | 12.42 | 32,250 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 31,151 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Large-Cap Index Fund Institutional Shares | -19.69% | 9.17% | 12.38% | $16,059,945 | |
Spliced Large Cap Index | -19.67 | 9.20 | 12.42 | 16,125,172 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | -19.53 | 8.65 | 12.03 | 15,575,514 |
One Year | Five Years | Ten Years | |
Large-Cap Index Fund ETF Shares Market Price | -19.69% | 54.93% | 221.12% |
Large-Cap Index Fund ETF Shares Net Asset Value | -19.68 | 55.00 | 221.04 |
Spliced Large Cap Index | -19.67 | 55.25 | 222.50 |
Basic Materials | 1.9% |
Consumer Discretionary | 13.1 |
Consumer Staples | 6.4 |
Energy | 5.2 |
Financials | 11.3 |
Health Care | 15.2 |
Industrials | 12.8 |
Real Estate | 2.8 |
Technology | 25.3 |
Telecommunications | 2.5 |
Utilities | 3.5 |
Shares | Market Value• ($000) | ||
Common Stocks (99.8%) | |||
Basic Materials (1.9%) | |||
Linde plc | 538,640 | 175,694 | |
Air Products and Chemicals Inc. | 241,956 | 74,585 | |
Freeport-McMoRan Inc. | 1,558,751 | 59,233 | |
Newmont Corp. | 865,621 | 40,857 | |
Ecolab Inc. | 279,437 | 40,675 | |
Dow Inc. | 767,491 | 38,674 | |
Nucor Corp. | 279,784 | 36,878 | |
Fastenal Co. | 624,508 | 29,552 | |
International Flavors & Fragrances Inc. | 278,170 | 29,163 | |
Albemarle Corp. | 127,774 | 27,709 | |
LyondellBasell Industries NV Class A | 284,155 | 23,593 | |
CF Industries Holdings Inc. | 213,960 | 18,230 | |
FMC Corp. | 137,433 | 17,152 | |
Mosaic Co. | 371,308 | 16,289 | |
Avery Dennison Corp. | 88,291 | 15,981 | |
International Paper Co. | 387,883 | 13,432 | |
Celanese Corp. Class A | 106,413 | 10,880 | |
Eastman Chemical Co. | 130,835 | 10,655 | |
Westlake Corp. | 17,331 | 1,777 | |
681,009 | |||
Consumer Discretionary (13.1%) | |||
* | Amazon.com Inc. | 9,456,329 | 794,332 |
* | Tesla Inc. | 2,927,012 | 360,549 |
Home Depot Inc. | 1,111,445 | 351,061 | |
Costco Wholesale Corp. | 482,673 | 220,340 | |
McDonald's Corp. | 798,746 | 210,494 | |
Walmart Inc. | 1,479,987 | 209,847 | |
* | Walt Disney Co. | 1,988,100 | 172,726 |
NIKE Inc. Class B | 1,373,699 | 160,737 | |
* | Netflix Inc. | 485,297 | 143,104 |
Lowe's Cos. Inc. | 659,472 | 131,393 | |
Starbucks Corp. | 1,251,728 | 124,171 | |
TJX Cos. Inc. | 1,202,878 | 95,749 | |
* | Booking Holdings Inc. | 42,296 | 85,238 |
Target Corp. | 501,960 | 74,812 | |
Dollar General Corp. | 245,990 | 60,575 | |
Activision Blizzard Inc. | 768,192 | 58,805 | |
* | O'Reilly Automotive Inc. | 68,230 | 57,588 |
Estee Lauder Cos. Inc. Class A | 226,992 | 56,319 | |
* | AutoZone Inc. | 20,717 | 51,092 |
* | Uber Technologies Inc. | 2,065,978 | 51,092 |
Ford Motor Co. | 4,307,148 | 50,092 |
Shares | Market Value• ($000) | ||
General Motors Co. | 1,471,922 | 49,515 | |
Marriott International Inc. Class A | 310,713 | 46,262 | |
Ross Stores Inc. | 378,483 | 43,931 | |
* | Lululemon Athletica Inc. | 133,347 | 42,722 |
* | Chipotle Mexican Grill Inc. Class A | 30,231 | 41,945 |
Yum! Brands Inc. | 307,205 | 39,347 | |
Hilton Worldwide Holdings Inc. | 294,964 | 37,272 | |
Electronic Arts Inc. | 301,097 | 36,788 | |
* | Airbnb Inc. Class A | 390,879 | 33,420 |
* | Dollar Tree Inc. | 229,145 | 32,410 |
DR Horton Inc. | 337,945 | 30,124 | |
* | Copart Inc. | 467,458 | 28,464 |
* | Aptiv plc | 295,535 | 27,523 |
Tractor Supply Co. | 120,467 | 27,101 | |
Genuine Parts Co. | 153,977 | 26,717 | |
* | Ulta Beauty Inc. | 55,865 | 26,205 |
Lennar Corp. Class A | 277,930 | 25,153 | |
eBay Inc. | 591,805 | 24,542 | |
* | Delta Air Lines Inc. | 699,320 | 22,980 |
* | Warner Bros Discovery Inc. | 2,383,412 | 22,595 |
* | Southwest Airlines Co. | 647,605 | 21,805 |
* | Trade Desk Inc. Class A | 485,566 | 21,768 |
* | Take-Two Interactive Software Inc. | 183,001 | 19,056 |
Darden Restaurants Inc. | 133,373 | 18,449 | |
Omnicom Group Inc. | 222,361 | 18,138 | |
* | Las Vegas Sands Corp. | 375,262 | 18,039 |
Best Buy Co. Inc. | 221,100 | 17,734 | |
* | Etsy Inc. | 137,070 | 16,418 |
Garmin Ltd. | 167,198 | 15,431 | |
* | NVR Inc. | 3,296 | 15,203 |
LKQ Corp. | 276,564 | 14,771 | |
* | Burlington Stores Inc. | 71,101 | 14,416 |
* | Expedia Group Inc. | 164,199 | 14,384 |
* | United Airlines Holdings Inc. | 356,039 | 13,423 |
Domino's Pizza Inc. | 38,615 | 13,376 | |
* | Rivian Automotive Inc. Class A | 697,063 | 12,847 |
* | Live Nation Entertainment Inc. | 176,203 | 12,288 |
* | Royal Caribbean Cruises Ltd. | 236,303 | 11,680 |
PulteGroup Inc. | 248,379 | 11,309 | |
MGM Resorts International | 335,423 | 11,247 |
Shares | Market Value• ($000) | ||
Rollins Inc. | 295,321 | 10,791 | |
VF Corp. | 381,123 | 10,523 | |
* | CarMax Inc. | 172,303 | 10,492 |
BorgWarner Inc. (XNYS) | 255,419 | 10,281 | |
* | Roblox Corp. Class A | 359,462 | 10,230 |
Fox Corp. Class A | 329,769 | 10,015 | |
Advance Auto Parts Inc. | 64,611 | 9,500 | |
* | Caesars Entertainment Inc. | 222,416 | 9,253 |
Paramount Global Inc. Class B | 533,925 | 9,013 | |
* | Carnival Corp. | 1,092,119 | 8,802 |
Hasbro Inc. | 143,300 | 8,743 | |
News Corp. Class A | 400,051 | 7,281 | |
Interpublic Group of Cos. Inc. | 211,806 | 7,055 | |
* | Liberty Media Corp.- Liberty SiriusXM Class C | 168,115 | 6,578 |
Pool Corp. | 20,226 | 6,115 | |
Vail Resorts Inc. | 21,958 | 5,234 | |
Bath & Body Works Inc. | 118,444 | 4,991 | |
* | American Airlines Group Inc. | 354,794 | 4,513 |
Warner Music Group Corp. Class A | 127,301 | 4,458 | |
*,1 | Lucid Group Inc. | 641,402 | 4,381 |
Whirlpool Corp. | 29,747 | 4,208 | |
Fox Corp. Class B | 144,197 | 4,102 | |
Lear Corp. | 32,132 | 3,985 | |
1 | Sirius XM Holdings Inc. | 638,414 | 3,728 |
*,1 | Chewy Inc. Class A | 97,291 | 3,608 |
* | Endeavor Group Holdings Inc. Class A | 141,965 | 3,200 |
* | Liberty Media Corp.- Liberty SiriusXM Class A | 78,676 | 3,093 |
News Corp. Class B | 143,246 | 2,641 | |
Lennar Corp. Class B | 15,734 | 1,177 | |
1 | Paramount Global Class A | 6,126 | 120 |
4,685,025 | |||
Consumer Staples (6.4%) | |||
Procter & Gamble Co. | 2,584,275 | 391,673 | |
PepsiCo Inc. | 1,502,430 | 271,429 | |
Coca-Cola Co. | 4,244,377 | 269,985 | |
Philip Morris International Inc. | 1,690,515 | 171,097 | |
CVS Health Corp. | 1,432,931 | 133,535 | |
Mondelez International Inc. Class A | 1,489,234 | 99,257 | |
Altria Group Inc. | 1,954,332 | 89,332 | |
Colgate-Palmolive Co. | 910,801 | 71,762 | |
McKesson Corp. | 154,640 | 58,009 | |
Archer-Daniels-Midland Co. | 599,090 | 55,625 | |
General Mills Inc. | 647,258 | 54,273 | |
Kimberly-Clark Corp. | 368,015 | 49,958 | |
Corteva Inc. | 783,701 | 46,066 | |
Sysco Corp. | 552,606 | 42,247 | |
* | Monster Beverage Corp. | 398,278 | 40,437 |
Constellation Brands Inc. Class A | 170,957 | 39,619 | |
Hershey Co. | 160,283 | 37,117 | |
Keurig Dr Pepper Inc. | 1,003,673 | 35,791 | |
Kraft Heinz Co. | 868,064 | 35,339 |
Shares | Market Value• ($000) | ||
Kroger Co. | 702,542 | 31,319 | |
AmerisourceBergen Corp. Class A | 179,442 | 29,735 | |
Walgreens Boots Alliance Inc. | 754,510 | 28,188 | |
McCormick & Co. Inc. | 273,248 | 22,650 | |
Brown-Forman Corp. Class B | 338,050 | 22,203 | |
Church & Dwight Co. Inc. | 265,896 | 21,434 | |
Conagra Brands Inc. | 522,916 | 20,237 | |
Kellogg Co. | 279,093 | 19,883 | |
Tyson Foods Inc. Class A | 316,005 | 19,671 | |
Clorox Co. | 134,520 | 18,877 | |
J M Smucker Co. | 110,456 | 17,503 | |
Hormel Foods Corp. | 297,429 | 13,548 | |
Campbell Soup Co. | 212,387 | 12,053 | |
Lamb Weston Holdings Inc. | 78,626 | 7,026 | |
Molson Coors Beverage Co. Class B | 98,489 | 5,074 | |
Albertsons Cos. Inc. Class A | 204,084 | 4,233 | |
Brown-Forman Corp. Class A | 55,478 | 3,648 | |
* | Olaplex Holdings Inc. | 52,983 | 276 |
2,290,109 | |||
Energy (5.2%) | |||
Exxon Mobil Corp. | 4,491,227 | 495,382 | |
Chevron Corp. | 1,897,860 | 340,647 | |
ConocoPhillips | 1,358,943 | 160,355 | |
EOG Resources Inc. | 640,564 | 82,966 | |
Schlumberger Ltd. | 1,546,357 | 82,668 | |
Marathon Petroleum Corp. | 511,150 | 59,493 | |
Pioneer Natural Resources Co. | 246,142 | 56,216 | |
Phillips 66 | 515,439 | 53,647 | |
Valero Energy Corp. | 420,435 | 53,336 | |
Occidental Petroleum Corp. | 743,448 | 46,830 | |
Devon Energy Corp. | 712,688 | 43,837 | |
Williams Cos. Inc. | 1,328,889 | 43,720 | |
Hess Corp. | 302,602 | 42,915 | |
Cheniere Energy Inc. | 271,168 | 40,664 | |
* | Enphase Energy Inc. | 148,225 | 39,274 |
Kinder Morgan Inc. | 2,083,506 | 37,670 | |
Halliburton Co. | 891,223 | 35,070 | |
Baker Hughes Co. Class A | 1,092,134 | 32,251 | |
ONEOK Inc. | 487,336 | 32,018 | |
Diamondback Energy Inc. | 191,920 | 26,251 | |
Coterra Energy Inc. | 816,799 | 20,069 | |
Marathon Oil Corp. | 691,948 | 18,731 | |
*,1 | Plug Power Inc. | 635,644 | 7,863 |
* | Texas Pacific Land Corp. | 3,346 | 7,844 |
EQT Corp. | 180,124 | 6,094 | |
1,865,811 | |||
Financials (11.3%) | |||
* | Berkshire Hathaway Inc. Class B | 1,804,211 | 557,321 |
JPMorgan Chase & Co. | 3,198,747 | 428,952 | |
Bank of America Corp. | 7,436,491 | 246,297 | |
Wells Fargo & Co. | 4,155,503 | 171,581 | |
Charles Schwab Corp. | 1,683,269 | 140,149 |
Shares | Market Value• ($000) | ||
Goldman Sachs Group Inc. | 369,311 | 126,814 | |
S&P Global Inc. | 355,313 | 119,009 | |
Morgan Stanley | 1,382,422 | 117,534 | |
BlackRock Inc. | 155,609 | 110,269 | |
Chubb Ltd. | 430,023 | 94,863 | |
Citigroup Inc. | 2,006,644 | 90,760 | |
Marsh & McLennan Cos. Inc. | 540,919 | 89,511 | |
Progressive Corp. | 637,982 | 82,753 | |
PNC Financial Services Group Inc. | 439,860 | 69,471 | |
US Bancorp | 1,539,174 | 67,123 | |
CME Group Inc. | 392,315 | 65,972 | |
Aon plc Class A (XNYS) | 214,311 | 64,323 | |
Intercontinental Exchange Inc. | 609,139 | 62,492 | |
Truist Financial Corp. | 1,446,853 | 62,258 | |
Blackstone Inc. | 765,301 | 56,778 | |
American International Group Inc. | 810,270 | 51,241 | |
Travelers Cos. Inc. | 255,586 | 47,920 | |
Moody's Corp. | 169,838 | 47,320 | |
MetLife Inc. | 641,829 | 46,449 | |
Aflac Inc. | 610,349 | 43,908 | |
Arthur J Gallagher & Co. | 229,930 | 43,351 | |
Prudential Financial Inc. | 401,328 | 39,916 | |
Allstate Corp. | 289,233 | 39,220 | |
MSCI Inc. Class A | 82,836 | 38,533 | |
Ameriprise Financial Inc. | 116,055 | 36,136 | |
Bank of New York Mellon Corp. | 793,405 | 36,116 | |
KKR & Co. Inc. | 704,316 | 32,694 | |
State Street Corp. | 380,154 | 29,489 | |
Discover Financial Services | 297,958 | 29,149 | |
Willis Towers Watson plc | 118,037 | 28,869 | |
M&T Bank Corp. | 188,250 | 27,308 | |
T Rowe Price Group Inc. | 243,711 | 26,579 | |
Hartford Financial Services Group Inc. | 346,816 | 26,299 | |
Nasdaq Inc. | 428,560 | 26,292 | |
* | Berkshire Hathaway Inc. Class A | 56 | 26,248 |
Fifth Third Bancorp | 748,596 | 24,561 | |
First Republic Bank | 199,468 | 24,313 | |
* | Arch Capital Group Ltd. | 383,228 | 24,059 |
Apollo Global Management Inc. | 374,836 | 23,911 | |
Raymond James Financial Inc. | 211,113 | 22,557 | |
Principal Financial Group Inc. | 266,796 | 22,390 | |
Huntington Bancshares Inc. | 1,573,298 | 22,183 | |
Regions Financial Corp. | 1,019,408 | 21,978 | |
Citizens Financial Group Inc. | 537,058 | 21,144 | |
Northern Trust Corp. | 216,008 | 19,115 | |
* | Markel Corp. | 13,946 | 18,374 |
KeyCorp. | 1,017,309 | 17,722 | |
Cincinnati Financial Corp. | 171,401 | 17,550 |
Shares | Market Value• ($000) | ||
Broadridge Financial Solutions Inc. | 128,312 | 17,210 | |
FactSet Research Systems Inc. | 41,549 | 16,670 | |
W R Berkley Corp. | 217,128 | 15,757 | |
* | SVB Financial Group | 64,411 | 14,824 |
Cboe Global Markets Inc. | 115,696 | 14,516 | |
Everest Re Group Ltd. | 42,752 | 14,162 | |
Loews Corp. | 220,128 | 12,840 | |
Ares Management Corp. Class A | 170,177 | 11,647 | |
Equitable Holdings Inc. | 404,501 | 11,609 | |
MarketAxess Holdings Inc. | 39,048 | 10,890 | |
Annaly Capital Management Inc. | 510,252 | 10,756 | |
Fidelity National Financial Inc. | 281,551 | 10,592 | |
LPL Financial Holdings Inc. | 41,203 | 8,907 | |
Franklin Resources Inc. | 326,858 | 8,623 | |
Tradeweb Markets Inc. Class A | 121,135 | 7,865 | |
Interactive Brokers Group Inc. Class A | 106,378 | 7,696 | |
Brown & Brown Inc. | 123,571 | 7,040 | |
Globe Life Inc. | 47,854 | 5,769 | |
*,1 | Coinbase Global Inc. Class A | 156,027 | 5,522 |
Ally Financial Inc. | 146,818 | 3,590 | |
Corebridge Financial Inc. | 71,530 | 1,435 | |
1 | Rocket Cos. Inc. Class A | 125,971 | 882 |
4,045,926 | |||
Health Care (15.1%) | |||
UnitedHealth Group Inc. | 1,018,921 | 540,212 | |
Johnson & Johnson | 2,851,198 | 503,664 | |
Eli Lilly & Co. | 932,584 | 341,177 | |
Pfizer Inc. | 6,121,453 | 313,663 | |
AbbVie Inc. | 1,928,559 | 311,674 | |
Merck & Co. Inc. | 2,764,934 | 306,769 | |
Thermo Fisher Scientific Inc. | 427,697 | 235,528 | |
Abbott Laboratories | 1,901,425 | 208,757 | |
Danaher Corp. | 714,479 | 189,637 | |
Bristol-Myers Squibb Co. | 2,318,673 | 166,828 | |
Amgen Inc. | 581,883 | 152,826 | |
Elevance Health Inc. | 260,458 | 133,607 | |
Gilead Sciences Inc. | 1,367,783 | 117,424 | |
Medtronic plc | 1,450,550 | 112,737 | |
Cigna Corp. | 333,437 | 110,481 | |
* | Intuitive Surgical Inc. | 385,384 | 102,262 |
Stryker Corp. | 371,401 | 90,804 | |
* | Vertex Pharmaceuticals Inc. | 279,924 | 80,836 |
* | Regeneron Pharmaceuticals Inc. | 110,955 | 80,053 |
Becton Dickinson and Co. | 309,039 | 78,589 | |
* | Boston Scientific Corp. | 1,561,966 | 72,272 |
Humana Inc. | 138,070 | 70,718 | |
Zoetis Inc. | 457,436 | 67,037 | |
* | Moderna Inc. | 356,114 | 63,965 |
HCA Healthcare Inc. | 231,237 | 55,488 | |
* | Centene Corp. | 617,535 | 50,644 |
Shares | Market Value• ($000) | ||
* | Edwards Lifesciences Corp. | 674,201 | 50,302 |
Agilent Technologies Inc. | 321,697 | 48,142 | |
* | DexCom Inc. | 421,220 | 47,699 |
* | Biogen Inc. | 157,033 | 43,486 |
* | IQVIA Holdings Inc. | 202,564 | 41,503 |
* | IDEXX Laboratories Inc. | 90,309 | 36,842 |
* | Illumina Inc. | 171,542 | 34,686 |
ResMed Inc. | 159,725 | 33,244 | |
* | Alnylam Pharmaceuticals Inc. | 134,148 | 31,880 |
Zimmer Biomet Holdings Inc. | 228,966 | 29,193 | |
* | Horizon Therapeutics plc | 247,137 | 28,124 |
Baxter International Inc. | 549,741 | 28,020 | |
* | Veeva Systems Inc. Class A | 153,237 | 24,729 |
Laboratory Corp. of America Holdings | 96,627 | 22,754 | |
* | Insulet Corp. | 75,749 | 22,300 |
Cardinal Health Inc. | 285,767 | 21,967 | |
* | Molina Healthcare Inc. | 63,632 | 21,013 |
* | BioMarin Pharmaceutical Inc. | 202,673 | 20,975 |
STERIS plc | 108,847 | 20,103 | |
* | Hologic Inc. | 268,086 | 20,055 |
* | Seagen Inc. | 151,846 | 19,514 |
Quest Diagnostics Inc. | 124,082 | 19,411 | |
PerkinElmer Inc. | 137,830 | 19,327 | |
West Pharmaceutical Services Inc. | 80,712 | 18,996 | |
Cooper Cos. Inc. | 53,836 | 17,802 | |
* | Align Technology Inc. | 80,967 | 17,076 |
* | Incyte Corp. | 206,283 | 16,569 |
Royalty Pharma plc Class A | 408,860 | 16,158 | |
* | Avantor Inc. | 698,368 | 14,729 |
Viatris Inc. | 1,320,999 | 14,703 | |
Teleflex Inc. | 51,163 | 12,772 | |
* | Henry Schein Inc. | 147,819 | 11,806 |
* | Bio-Rad Laboratories Inc. Class A | 22,951 | 9,651 |
* | Catalent Inc. | 186,483 | 8,394 |
* | Charles River Laboratories International Inc. | 27,715 | 6,039 |
Universal Health Services Inc. Class B | 33,256 | 4,685 | |
* | DaVita Inc. | 26,951 | 2,012 |
*,2 | ABIOMED Inc. CVR | 12 | — |
5,414,313 | |||
Industrials (12.8%) | |||
Visa Inc. Class A | 1,775,587 | 368,896 | |
Mastercard Inc. Class A | 936,153 | 325,529 | |
Accenture plc Class A | 687,196 | 183,371 | |
Raytheon Technologies Corp. | 1,603,154 | 161,790 | |
Honeywell International Inc. | 733,166 | 157,117 | |
Lockheed Martin Corp. | 285,806 | 139,042 | |
Union Pacific Corp. | 670,496 | 138,840 | |
United Parcel Service Inc. Class B | 795,898 | 138,359 | |
Caterpillar Inc. | 567,533 | 135,958 | |
Deere & Co. | 296,239 | 127,015 | |
* | Boeing Co. | 649,930 | 123,805 |
Shares | Market Value• ($000) | ||
Automatic Data Processing Inc. | 452,385 | 108,057 | |
General Electric Co. | 1,191,564 | 99,841 | |
American Express Co. | 611,177 | 90,301 | |
* | PayPal Holdings Inc. | 1,243,253 | 88,545 |
Northrop Grumman Corp. | 151,061 | 82,420 | |
3M Co. | 602,879 | 72,297 | |
CSX Corp. | 2,292,911 | 71,034 | |
Eaton Corp. plc | 433,830 | 68,090 | |
General Dynamics Corp. | 269,466 | 66,857 | |
Illinois Tool Works Inc. | 301,505 | 66,422 | |
* | Fiserv Inc. | 623,302 | 62,997 |
Norfolk Southern Corp. | 252,492 | 62,219 | |
Emerson Electric Co. | 644,973 | 61,956 | |
Sherwin-Williams Co. | 254,341 | 60,363 | |
Johnson Controls International plc | 748,873 | 47,928 | |
FedEx Corp. | 255,398 | 44,235 | |
Fidelity National Information Services Inc. | 647,140 | 43,908 | |
L3Harris Technologies Inc. | 207,621 | 43,229 | |
Cintas Corp. | 94,115 | 42,504 | |
Trane Technologies plc | 251,170 | 42,219 | |
Paychex Inc. | 353,726 | 40,877 | |
Parker-Hannifin Corp. | 140,025 | 40,747 | |
Capital One Financial Corp. | 416,281 | 38,698 | |
Carrier Global Corp. | 911,975 | 37,619 | |
Cummins Inc. | 153,802 | 37,265 | |
* | Block Inc. (XNYS) | 586,026 | 36,826 |
Otis Worldwide Corp. | 454,296 | 35,576 | |
TransDigm Group Inc. | 56,333 | 35,470 | |
* | Mettler-Toledo International Inc. | 24,313 | 35,143 |
AMETEK Inc. | 250,475 | 34,996 | |
PACCAR Inc. | 341,364 | 33,785 | |
DuPont de Nemours Inc. | 487,609 | 33,465 | |
* | Keysight Technologies Inc. | 194,671 | 33,302 |
Rockwell Automation Inc. | 125,231 | 32,256 | |
PPG Industries Inc. | 256,294 | 32,226 | |
Old Dominion Freight Line Inc. | 108,429 | 30,770 | |
Verisk Analytics Inc. Class A | 170,539 | 30,087 | |
Global Payments Inc. | 294,897 | 29,289 | |
Ferguson plc | 228,293 | 28,986 | |
WW Grainger Inc. | 49,587 | 27,583 | |
* | United Rentals Inc. | 75,566 | 26,858 |
Equifax Inc. | 133,508 | 25,949 | |
Fortive Corp. | 385,837 | 24,790 | |
Vulcan Materials Co. | 137,713 | 24,115 | |
Ingersoll Rand Inc. | 441,573 | 23,072 | |
Martin Marietta Materials Inc. | 67,703 | 22,882 | |
* | Waters Corp. | 64,787 | 22,195 |
Quanta Services Inc. | 155,691 | 22,186 | |
Xylem Inc. | 196,666 | 21,745 | |
Dover Corp. | 153,058 | 20,726 | |
* | Teledyne Technologies Inc. | 51,084 | 20,429 |
Shares | Market Value• ($000) | ||
Westinghouse Air Brake Technologies Corp. | 188,419 | 18,806 | |
Expeditors International of Washington Inc. | 173,558 | 18,036 | |
Ball Corp. | 342,139 | 17,497 | |
Jacobs Solutions Inc. | 137,757 | 16,541 | |
Synchrony Financial | 491,407 | 16,148 | |
Textron Inc. | 227,660 | 16,118 | |
JB Hunt Transport Services Inc. | 90,231 | 15,733 | |
* | Zebra Technologies Corp. Class A | 56,269 | 14,428 |
* | FleetCor Technologies Inc. | 76,396 | 14,032 |
* | Trimble Inc. | 268,937 | 13,597 |
Snap-on Inc. | 57,895 | 13,228 | |
Packaging Corp. of America | 100,902 | 12,906 | |
Stanley Black & Decker Inc. | 166,460 | 12,504 | |
TransUnion | 210,445 | 11,943 | |
* | Bill.com Holdings Inc. | 109,455 | 11,926 |
CH Robinson Worldwide Inc. | 128,375 | 11,754 | |
Masco Corp. | 245,856 | 11,474 | |
Crown Holdings Inc. | 130,811 | 10,754 | |
Westrock Co. | 277,436 | 9,755 | |
HEICO Corp. Class A | 79,629 | 9,544 | |
Jack Henry & Associates Inc. | 39,693 | 6,969 | |
HEICO Corp. | 45,300 | 6,960 | |
Hubbell Inc. Class B | 29,249 | 6,864 | |
Fortune Brands Innovations Inc. | 69,777 | 3,985 | |
* | Generac Holdings Inc. | 34,595 | 3,482 |
4,570,041 | |||
Real Estate (2.8%) | |||
Prologis Inc. | 1,006,666 | 113,481 | |
American Tower Corp. | 507,764 | 107,575 | |
Equinix Inc. | 100,906 | 66,096 | |
Crown Castle Inc. | 472,267 | 64,058 | |
Public Storage | 162,818 | 45,620 | |
Realty Income Corp. | 683,964 | 43,384 | |
Simon Property Group Inc. | 356,485 | 41,880 | |
VICI Properties Inc. | 1,087,667 | 35,240 | |
* | CoStar Group Inc. | 443,482 | 34,272 |
Welltower Inc. | 515,318 | 33,779 | |
SBA Communications Corp. Class A | 117,726 | 33,000 | |
Digital Realty Trust Inc. | 313,543 | 31,439 | |
Alexandria Real Estate Equities Inc. | 178,953 | 26,068 | |
* | CBRE Group Inc. Class A | 327,356 | 25,193 |
Weyerhaeuser Co. | 802,552 | 24,879 | |
AvalonBay Communities Inc. | 152,579 | 24,645 | |
Equity Residential | 391,540 | 23,101 | |
Extra Space Storage Inc. | 146,049 | 21,495 | |
Mid-America Apartment Communities Inc. | 125,945 | 19,772 | |
Invitation Homes Inc. | 666,777 | 19,763 | |
Ventas Inc. | 435,817 | 19,634 | |
Sun Communities Inc. | 135,097 | 19,319 | |
WP Carey Inc. | 226,861 | 17,729 | |
Iron Mountain Inc. | 316,946 | 15,800 |
Shares | Market Value• ($000) | ||
Essex Property Trust Inc. | 70,628 | 14,967 | |
Healthpeak Properties Inc. | 586,218 | 14,696 | |
UDR Inc. | 355,009 | 13,750 | |
Camden Property Trust | 116,111 | 12,991 | |
Boston Properties Inc. | 153,873 | 10,399 | |
Host Hotels & Resorts Inc. | 389,262 | 6,248 | |
Regency Centers Corp. | 93,146 | 5,822 | |
* | Zillow Group Inc. Class C | 149,498 | 4,815 |
* | Zillow Group Inc. Class A | 65,989 | 2,060 |
992,970 | |||
Technology (25.3%) | |||
Apple Inc. | 16,481,064 | 2,141,385 | |
Microsoft Corp. | 8,129,274 | 1,949,562 | |
* | Alphabet Inc. Class A | 6,512,767 | 574,621 |
* | Alphabet Inc. Class C | 5,642,519 | 500,661 |
NVIDIA Corp. | 2,548,632 | 372,457 | |
* | Meta Platforms Inc. Class A | 2,452,295 | 295,109 |
Broadcom Inc. | 441,626 | 246,926 | |
* | Adobe Inc. | 506,992 | 170,618 |
Texas Instruments Inc. | 989,760 | 163,528 | |
International Business Machines Corp. | 985,984 | 138,915 | |
* | Salesforce Inc. | 1,035,992 | 137,362 |
QUALCOMM Inc. | 1,222,467 | 134,398 | |
Oracle Corp. | 1,617,104 | 132,182 | |
Intel Corp. | 4,500,523 | 118,949 | |
* | Advanced Micro Devices Inc. | 1,758,248 | 113,882 |
Intuit Inc. | 291,041 | 113,279 | |
Applied Materials Inc. | 938,165 | 91,359 | |
Analog Devices Inc. | 555,412 | 91,104 | |
* | ServiceNow Inc. | 220,290 | 85,532 |
Lam Research Corp. | 148,717 | 62,506 | |
Micron Technology Inc. | 1,185,616 | 59,257 | |
KLA Corp. | 154,549 | 58,270 | |
* | Synopsys Inc. | 166,745 | 53,240 |
Roper Technologies Inc. | 115,654 | 49,973 | |
Amphenol Corp. Class A | 648,978 | 49,413 | |
* | Cadence Design Systems Inc. | 299,141 | 48,054 |
* | Palo Alto Networks Inc. | 329,721 | 46,009 |
* | Autodesk Inc. | 235,407 | 43,990 |
* | Snowflake Inc. Class A | 296,613 | 42,576 |
Microchip Technology Inc. | 599,777 | 42,134 | |
TE Connectivity Ltd. | 345,962 | 39,716 | |
* | Workday Inc. Class A | 219,186 | 36,676 |
* | Fortinet Inc. | 724,168 | 35,405 |
Marvell Technology Inc. | 929,716 | 34,437 | |
Cognizant Technology Solutions Corp. Class A | 560,463 | 32,053 | |
* | VMware Inc. Class A | 254,688 | 31,265 |
* | ON Semiconductor Corp. | 471,793 | 29,426 |
* | Gartner Inc. | 81,894 | 27,528 |
HP Inc. | 987,314 | 26,529 | |
Corning Inc. | 830,110 | 26,514 | |
CDW Corp. | 147,643 | 26,366 |
Shares | Market Value• ($000) | ||
* | Crowdstrike Holdings Inc. Class A | 234,260 | 24,665 |
* | ANSYS Inc. | 95,011 | 22,954 |
Hewlett Packard Enterprise Co. | 1,403,354 | 22,398 | |
* | Datadog Inc. Class A | 286,624 | 21,067 |
* | Atlassian Corp. Ltd. Class A | 161,388 | 20,767 |
* | VeriSign Inc. | 98,271 | 20,189 |
* | EPAM Systems Inc. | 59,573 | 19,524 |
* | Paycom Software Inc. | 55,643 | 17,267 |
Monolithic Power Systems Inc. | 48,630 | 17,196 | |
Skyworks Solutions Inc. | 174,725 | 15,923 | |
* | Pinterest Inc. Class A | 640,717 | 15,557 |
* | Zoom Video Communications Inc. Class A | 227,704 | 15,425 |
* | DoorDash Inc. Class A | 314,119 | 15,335 |
* | Splunk Inc. | 177,431 | 15,275 |
Teradyne Inc. | 169,837 | 14,835 | |
* | Tyler Technologies Inc. | 45,424 | 14,645 |
* | HubSpot Inc. | 50,317 | 14,548 |
* | Akamai Technologies Inc. | 171,487 | 14,456 |
NetApp Inc. | 237,044 | 14,237 | |
* | MongoDB Inc. Class A | 71,189 | 14,013 |
* | Cloudflare Inc. Class A | 294,916 | 13,333 |
Gen Digital Inc. | 603,774 | 12,939 | |
* | GoDaddy Inc. Class A | 169,111 | 12,653 |
* | Match Group Inc. | 304,589 | 12,637 |
SS&C Technologies Holdings Inc. | 233,492 | 12,156 | |
* | DocuSign Inc. Class A | 218,944 | 12,134 |
* | Palantir Technologies Inc. Class A | 1,834,619 | 11,778 |
* | ZoomInfo Technologies Inc. Class A | 374,096 | 11,264 |
Seagate Technology Holdings plc | 213,849 | 11,251 | |
* | Western Digital Corp. | 346,412 | 10,929 |
Dell Technologies Inc. Class C | 268,448 | 10,797 | |
* | Okta Inc. | 157,324 | 10,750 |
* | Zscaler Inc. | 94,340 | 10,557 |
* | Qorvo Inc. | 110,551 | 10,020 |
* | Black Knight Inc. | 161,350 | 9,963 |
* | Snap Inc. Class A | 1,111,381 | 9,947 |
*,1 | Unity Software Inc. | 337,735 | 9,656 |
* | Twilio Inc. Class A | 190,307 | 9,317 |
Bentley Systems Inc. Class B | 241,870 | 8,940 | |
Leidos Holdings Inc. | 74,644 | 7,852 | |
* | F5 Inc. | 32,911 | 4,723 |
* | Dropbox Inc. Class A | 145,217 | 3,250 |
* | Toast Inc. Class A | 164,067 | 2,958 |
* | UiPath Inc. Class A | 165,825 | 2,108 |
* | AppLovin Corp. Class A | 95,989 | 1,011 |
9,056,365 | |||
Telecommunications (2.5%) | |||
Cisco Systems Inc. | 4,032,068 | 192,088 | |
Verizon Communications Inc. | 4,350,991 | 171,429 | |
Comcast Corp. Class A | 4,704,708 | 164,524 | |
AT&T Inc. | 7,772,187 | 143,086 | |
* | T-Mobile US Inc. | 678,424 | 94,979 |
Motorola Solutions Inc. | 182,329 | 46,988 |
Shares | Market Value• ($000) | ||
* | Charter Communications Inc. Class A | 110,351 | 37,420 |
* | Arista Networks Inc. | 249,908 | 30,326 |
* | Liberty Broadband Corp. Class C | 131,861 | 10,057 |
Juniper Networks Inc. | 176,938 | 5,655 | |
* | Roku Inc. | 132,855 | 5,407 |
* | DISH Network Corp. Class A | 270,944 | 3,804 |
Lumen Technologies Inc. | 564,889 | 2,949 | |
* | Liberty Broadband Corp. Class A | 17,511 | 1,328 |
910,040 | |||
Utilities (3.4%) | |||
NextEra Energy Inc. | 2,167,062 | 181,166 | |
Duke Energy Corp. | 839,722 | 86,483 | |
Southern Co. | 1,187,186 | 84,777 | |
Waste Management Inc. | 447,656 | 70,228 | |
Dominion Energy Inc. | 908,706 | 55,722 | |
American Electric Power Co. Inc. | 560,397 | 53,210 | |
Sempra Energy (XNYS) | 342,817 | 52,979 | |
Exelon Corp. | 1,081,583 | 46,757 | |
Xcel Energy Inc. | 596,808 | 41,842 | |
Waste Connections Inc. (XTSE) | 280,480 | 37,180 | |
* | PG&E Corp. | 2,283,786 | 37,134 |
Consolidated Edison Inc. | 387,036 | 36,888 | |
Public Service Enterprise Group Inc. | 544,113 | 33,338 | |
WEC Energy Group Inc. | 343,865 | 32,241 | |
Eversource Energy | 379,790 | 31,842 | |
Constellation Energy Corp. | 356,233 | 30,711 | |
American Water Works Co. Inc. | 198,244 | 30,216 | |
Republic Services Inc. Class A | 223,987 | 28,892 | |
Edison International | 416,388 | 26,491 | |
Ameren Corp. | 281,753 | 25,053 | |
Entergy Corp. | 221,893 | 24,963 | |
FirstEnergy Corp. | 592,271 | 24,840 | |
PPL Corp. | 762,900 | 22,292 | |
DTE Energy Co. | 179,623 | 21,111 | |
AES Corp. | 728,014 | 20,938 | |
CenterPoint Energy Inc. | 685,940 | 20,571 | |
CMS Energy Corp. | 316,519 | 20,045 | |
Evergy Inc. | 250,423 | 15,759 | |
Alliant Energy Corp. | 273,963 | 15,126 | |
NiSource Inc. | 443,071 | 12,149 | |
Vistra Corp. | 434,130 | 10,072 | |
Avangrid Inc. | 84,634 | 3,638 | |
1,234,654 | |||
Total Common Stocks (Cost $22,924,156) | 35,746,263 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
3,4 | Vanguard Market Liquidity Fund, 4.334% (Cost $57,812) | 578,274 | 57,821 |
Total Investments (100.0%) (Cost $22,981,968) | 35,804,084 | ||
Other Assets and Liabilities—Net (0.0%) | 3,807 | ||
Net Assets (100%) | 35,807,891 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $32,028,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $33,293,000 was received for securities on loan. |
CVR—Contingent Value Rights. |
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 | March 2023 | 338 | 65,251 | (1,321) |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $22,924,156) | 35,746,263 |
Affiliated Issuers (Cost $57,812) | 57,821 |
Total Investments in Securities | 35,804,084 |
Investment in Vanguard | 1,393 |
Cash | 1,343 |
Cash Collateral Pledged—Futures Contracts | 3,027 |
Receivables for Accrued Income | 32,109 |
Receivables for Capital Shares Issued | 17,256 |
Total Assets | 35,859,212 |
Liabilities | |
Payables for Investment Securities Purchased | 1,682 |
Collateral for Securities on Loan | 33,293 |
Payables for Capital Shares Redeemed | 15,521 |
Payables to Vanguard | 670 |
Variation Margin Payable—Futures Contracts | 155 |
Total Liabilities | 51,321 |
Net Assets | 35,807,891 |
1 Includes $32,028,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2022, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 24,150,426 |
Total Distributable Earnings (Loss) | 11,657,465 |
Net Assets | 35,807,891 |
Investor Shares—Net Assets | |
Applicable to 240,002 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 16,891 |
Net Asset Value Per Share—Investor Shares | $70.38 |
ETF Shares—Net Assets | |
Applicable to 138,542,450 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 24,137,043 |
Net Asset Value Per Share—ETF Shares | $174.22 |
Admiral Shares—Net Assets | |
Applicable to 108,916,679 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 9,582,904 |
Net Asset Value Per Share—Admiral Shares | $87.98 |
Institutional Shares—Net Assets | |
Applicable to 5,719,203 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,071,053 |
Net Asset Value Per Share—Institutional Shares | $362.12 |
Year Ended December 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 594,844 |
Interest2 | 2,006 |
Securities Lending—Net | 2,080 |
Total Income | 598,930 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,223 |
Management and Administrative—Investor Shares | 37 |
Management and Administrative—ETF Shares | 7,768 |
Management and Administrative—Admiral Shares | 4,137 |
Management and Administrative—Institutional Shares | 714 |
Marketing and Distribution—Investor Shares | 2 |
Marketing and Distribution—ETF Shares | 784 |
Marketing and Distribution—Admiral Shares | 398 |
Marketing and Distribution—Institutional Shares | 66 |
Custodian Fees | 457 |
Auditing Fees | 32 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—ETF Shares | 397 |
Shareholders’ Reports—Admiral Shares | 76 |
Shareholders’ Reports—Institutional Shares | 4 |
Trustees’ Fees and Expenses | 14 |
Other Expenses | 21 |
Total Expenses | 16,131 |
Expenses Paid Indirectly | (8) |
Net Expenses | 16,123 |
Net Investment Income | 582,807 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 605,071 |
Futures Contracts | (23,848) |
Realized Net Gain (Loss) | 581,223 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | (9,657,246) |
Futures Contracts | (4,439) |
Change in Unrealized Appreciation (Depreciation) | (9,661,685) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (8,497,655) |
1 | Dividends are net of foreign withholding taxes of $52,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,903,000, ($5,000), less than $1,000, and $5,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $1,192,772,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 582,807 | 498,374 |
Realized Net Gain (Loss) | 581,223 | 1,005,712 |
Change in Unrealized Appreciation (Depreciation) | (9,661,685) | 7,408,096 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (8,497,655) | 8,912,182 |
Distributions | ||
Investor Shares | (330) | (430) |
ETF Shares | (393,544) | (325,818) |
Admiral Shares | (156,189) | (138,853) |
Institutional Shares | (34,496) | (30,532) |
Total Distributions | (584,559) | (495,633) |
Capital Share Transactions | ||
Investor Shares | (11,365) | (9,719) |
ETF Shares | 1,959,159 | 1,199,308 |
Admiral Shares | 215,566 | 129,204 |
Institutional Shares | 77,917 | (150,593) |
Net Increase (Decrease) from Capital Share Transactions | 2,241,277 | 1,168,200 |
Total Increase (Decrease) | (6,840,937) | 9,584,749 |
Net Assets | ||
Beginning of Period | 42,648,828 | 33,064,079 |
End of Period | 35,807,891 | 42,648,828 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $89.03 | $71.00 | $59.72 | $46.36 | $49.48 |
Investment Operations | |||||
Net Investment Income1 | 1.058 | .956 | .969 | .918 | .966 |
Net Realized and Unrealized Gain (Loss) on Investments | (18.646) | 18.025 | 11.268 | 13.466 | (3.184) |
Total from Investment Operations | (17.588) | 18.981 | 12.237 | 14.384 | (2.218) |
Distributions | |||||
Dividends from Net Investment Income | (1.062) | (.951) | (.957) | (1.024) | (.902) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.062) | (.951) | (.957) | (1.024) | (.902) |
Net Asset Value, End of Period | $70.38 | $89.03 | $71.00 | $59.72 | $46.36 |
Total Return2 | -19.78% | 26.87% | 20.89% | 31.23% | -4.59% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $17 | $36 | $37 | $30 | $344 |
Ratio of Total Expenses to Average Net Assets | 0.17%3 | 0.17% | 0.17% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 1.38% | 1.19% | 1.61% | 1.75% | 1.91% |
Portfolio Turnover Rate4 | 3% | 4% | 3% | 5% | 4% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $220.44 | $175.80 | $147.88 | $114.77 | $122.49 |
Investment Operations | |||||
Net Investment Income1 | 2.905 | 2.646 | 2.594 | 2.581 | 2.572 |
Net Realized and Unrealized Gain (Loss) on Investments | (46.233) | 44.617 | 27.890 | 33.204 | (7.896) |
Total from Investment Operations | (43.328) | 47.263 | 30.484 | 35.785 | (5.324) |
Distributions | |||||
Dividends from Net Investment Income | (2.892) | (2.623) | (2.564) | (2.675) | (2.396) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.892) | (2.623) | (2.564) | (2.675) | (2.396) |
Net Asset Value, End of Period | $174.22 | $220.44 | $175.80 | $147.88 | $114.77 |
Total Return | -19.68% | 27.02% | 20.99% | 31.39% | -4.44% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $24,137 | $28,242 | $21,540 | $16,270 | $12,358 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.55% | 1.33% | 1.74% | 1.93% | 2.04% |
Portfolio Turnover Rate3 | 3% | 4% | 3% | 5% | 4% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $111.33 | $88.79 | $74.69 | $57.96 | $61.86 |
Investment Operations | |||||
Net Investment Income1 | 1.456 | 1.325 | 1.303 | 1.299 | 1.288 |
Net Realized and Unrealized Gain (Loss) on Investments | (23.348) | 22.530 | 14.084 | 16.774 | (3.983) |
Total from Investment Operations | (21.892) | 23.855 | 15.387 | 18.073 | (2.695) |
Distributions | |||||
Dividends from Net Investment Income | (1.458) | (1.315) | (1.287) | (1.343) | (1.205) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.458) | (1.315) | (1.287) | (1.343) | (1.205) |
Net Asset Value, End of Period | $87.98 | $111.33 | $88.79 | $74.69 | $57.96 |
Total Return2 | -19.70% | 27.01% | 21.03% | 31.39% | -4.47% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $9,583 | $11,847 | $9,338 | $7,546 | $5,306 |
Ratio of Total Expenses to Average Net Assets | 0.05%3 | 0.05% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 1.54% | 1.32% | 1.73% | 1.92% | 2.03% |
Portfolio Turnover Rate4 | 3% | 4% | 3% | 5% | 4% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $458.22 | $365.43 | $307.39 | $238.57 | $254.60 |
Investment Operations | |||||
Net Investment Income1 | 6.032 | 5.477 | 5.389 | 5.363 | 5.345 |
Net Realized and Unrealized Gain (Loss) on Investments | (96.092) | 92.764 | 57.981 | 69.016 | (16.390) |
Total from Investment Operations | (90.060) | 98.241 | 63.370 | 74.379 | (11.045) |
Distributions | |||||
Dividends from Net Investment Income | (6.040) | (5.451) | (5.330) | (5.559) | (4.985) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (6.040) | (5.451) | (5.330) | (5.559) | (4.985) |
Net Asset Value, End of Period | $362.12 | $458.22 | $365.43 | $307.39 | $238.57 |
Total Return | -19.69% | 27.03% | 21.05% | 31.39% | -4.46% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,071 | $2,524 | $2,149 | $1,796 | $1,178 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.55% | 1.32% | 1.74% | 1.92% | 2.04% |
Portfolio Turnover Rate3 | 3% | 4% | 3% | 5% | 4% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
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. |
B. | 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. |
C. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended December 31, 2022, custodian fee offset arrangements reduced the fund’s expenses by $8,000 (an annual rate of less than 0.01% of average net assets). |
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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 35,746,263 | — | — | 35,746,263 |
Temporary Cash Investments | 57,821 | — | — | 57,821 |
Total | 35,804,084 | — | — | 35,804,084 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 1,321 | — | — | 1,321 |
1 | Includes 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. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable in-kind redemptions and passive foreign investment companies were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 1,192,939 |
Total Distributable Earnings (Loss) | (1,192,939) |
Amount ($000) | |
Undistributed Ordinary Income | 5,057 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (1,109,122) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 12,761,530 |
Year Ended December 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 584,559 | 495,633 |
Long-Term Capital Gains | — | — |
Total | 584,559 | 495,633 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 23,042,555 |
Gross Unrealized Appreciation | 14,735,279 |
Gross Unrealized Depreciation | (1,973,749) |
Net Unrealized Appreciation (Depreciation) | 12,761,530 |
F. | During the year ended December 31, 2022, the fund purchased $5,164,297,000 of investment securities and sold $2,878,587,000 of investment securities, other than temporary cash investments. Purchases and sales include $3,600,536,000 and $1,667,649,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Year Ended December 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 5,411 | 68 | 6,179 | 78 | |
Issued in Lieu of Cash Distributions | 330 | 4 | 430 | 5 | |
Redeemed | (17,106) | (231) | (16,328) | (202) | |
Net Increase (Decrease)—Investor Shares | (11,365) | (159) | (9,719) | (119) | |
ETF Shares | |||||
Issued | 3,667,813 | 19,749 | 2,640,652 | 12,968 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (1,708,654) | (9,325) | (1,441,344) | (7,375) | |
Net Increase (Decrease)—ETF Shares | 1,959,159 | 10,424 | 1,199,308 | 5,593 | |
Admiral Shares | |||||
Issued | 1,800,154 | 19,196 | 1,711,321 | 17,206 | |
Issued in Lieu of Cash Distributions | 126,959 | 1,400 | 112,879 | 1,108 | |
Redeemed | (1,711,547) | (18,094) | (1,694,996) | (17,070) | |
Net Increase (Decrease)—Admiral Shares | 215,566 | 2,502 | 129,204 | 1,244 | |
Institutional Shares | |||||
Issued | 424,874 | 1,093 | 539,667 | 1,322 | |
Issued in Lieu of Cash Distributions | 30,324 | 81 | 26,988 | 65 | |
Redeemed | (377,281) | (963) | (717,248) | (1,761) | |
Net Increase (Decrease)—Institutional Shares | 77,917 | 211 | (150,593) | (374) |
H. | Management has determined that no events or transactions occurred subsequent to December 31, 2022, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
February 15, 2023
Fund | Percentage |
Growth Index Fund | 95.5% |
Value Index Fund | 94.4 |
Large-Cap Index Fund | 93.9 |
Fund | ($000) |
Growth Index Fund | 901,833 |
Value Index Fund | 3,701,728 |
Large-Cap Index Fund | 567,782 |
Fund | ($000) |
Growth Index Fund | 1,160 |
Value Index Fund | 1,168 |
Large-Cap Index Fund | 550 |
Fund | ($000) |
Growth Index Fund | — |
Value Index Fund | — |
Large-Cap Index Fund | 12,217 |
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. Mclsaac | Lauren Valente |
All rights reserved.
U.S. Patent Nos. 6,879,964
Vanguard Marketing Corporation, Distributor.
1 | |
2 | |
4 | |
8 |
• | For the 12 months ended December 31, 2022, returns for Vanguard Total Stock Market Index Fund ranged from –19.60% for Investor Shares to –19.50% for ETF Shares (based on net asset value) and Institutional Select Shares. |
• | The period was a volatile, challenging one for financial markets. Overall, the economic backdrop deteriorated as inflation soared to multidecade highs, driven by government spending during the pandemic as well as higher energy and food prices in the wake of Russia’s invasion of Ukraine. That prompted aggressive tightening by many central banks to bring inflation back in check, which increased fears of recession. |
• | The fund, which offers investors exposure to every segment, size, and style of the U.S. equity market, closely tracked its target index, the CRSP US Total Market Index. |
• | The majority of the 11 sectors recorded negative returns for the 12 months. Technology, financial, consumer discretionary, and industrial stocks hurt performance the most. |
Average Annual Total Returns Periods Ended December 31, 2022 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | -19.13% | 7.35% | 9.13% |
Russell 2000 Index (Small-caps) | -20.44 | 3.10 | 4.13 |
Russell 3000 Index (Broad U.S. market) | -19.21 | 7.07 | 8.79 |
FTSE All-World ex US Index (International) | -15.49 | 0.61 | 1.28 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | -13.07% | -2.67% | 0.06% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | -8.53 | -0.77 | 1.25 |
FTSE Three-Month U.S. Treasury Bill Index | 1.50 | 0.70 | 1.24 |
CPI | |||
Consumer Price Index | 6.45% | 4.92% | 3.78% |
• | 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. |
• | 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. |
Six Months Ended December 31, 2022 | |||
Beginning Account Value 6/30/2022 | Ending Account Value 12/31/2022 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Total Stock Market Index Fund | |||
Investor Shares | $1,000.00 | $1,023.20 | $0.71 |
ETF Shares | 1,000.00 | 1,023.90 | 0.15 |
Admiral™ Shares | 1,000.00 | 1,023.70 | 0.20 |
Institutional Shares | 1,000.00 | 1,023.80 | 0.15 |
Institutional Plus Shares | 1,000.00 | 1,023.80 | 0.10 |
Institutional Select Shares | 1,000.00 | 1,023.80 | 0.05 |
Based on Hypothetical 5% Yearly Return | |||
Total Stock Market Index Fund | |||
Investor Shares | $1,000.00 | $1,024.50 | $0.71 |
ETF Shares | 1,000.00 | 1,025.05 | 0.15 |
Admiral Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Shares | 1,000.00 | 1,025.05 | 0.15 |
Institutional Plus Shares | 1,000.00 | 1,025.10 | 0.10 |
Institutional Select Shares | 1,000.00 | 1,025.15 | 0.05 |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Total Stock Market Index Fund Investor Shares | -19.60% | 8.60% | 11.96% | $30,943 | |
Spliced Total Stock Market Index | -19.49 | 8.73 | 12.09 | 31,313 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Total Stock Market Index Fund ETF Shares Net Asset Value | -19.50% | 8.72% | 12.08% | $31,284 | |
Total Stock Market Index Fund ETF Shares Market Price | -19.51 | 8.70 | 12.08 | 31,272 | |
Spliced Total Stock Market Index | -19.49 | 8.73 | 12.09 | 31,313 |
Average Annual Total Returns Periods Ended December 31, 2022 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Total Stock Market Index Fund Admiral Shares | -19.53% | 8.71% | 12.08% | $31,271 | |
Spliced Total Stock Market Index | -19.49 | 8.73 | 12.09 | 31,313 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Total Stock Market Index Fund Institutional Shares | -19.51% | 8.72% | 12.08% | $15,647,040 | |
Spliced Total Stock Market Index | -19.49 | 8.73 | 12.09 | 15,656,666 |
One Year | Five Years | Since Inception (4/28/2015) | Final Value of a $100,000,000 Investment | ||
Total Stock Market Index Fund Institutional Plus Shares | -19.51% | 8.73% | 9.50% | $200,765,380 | |
CRSP US Total Market Index | -19.49 | 8.73 | 9.50 | 200,657,550 |
One Year | Five Years | Since Inception (6/27/2016) | Final Value of a $5,000,000,000 Investment | ||
Total Stock Market Index Fund Institutional Select Shares | -19.50% | 8.74% | 12.11% | $10,527,155,500 | |
CRSP US Total Market Index | -19.49 | 8.73 | 12.10 | 10,517,247,000 |
Cumulative Returns of ETF Shares: December 31, 2012, Through December 31, 2022 | |||
One Year | Five Years | Ten Years | |
Total Stock Market Index Fund ETF Shares Market Price | -19.51% | 51.78% | 212.72% |
Total Stock Market Index Fund ETF Shares Net Asset Value | -19.50 | 51.88 | 212.84 |
Spliced Total Stock Market Index | -19.49 | 51.95 | 213.13 |
Basic Materials | 2.2% |
Consumer Discretionary | 13.2 |
Consumer Staples | 6.0 |
Energy | 5.3 |
Financials | 11.9 |
Health Care | 15.0 |
Industrials | 13.7 |
Real Estate | 3.4 |
Technology | 23.4 |
Telecommunications | 2.4 |
Utilities | 3.5 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.3%) | ||||||
Basic Materials (2.2%) | ||||||
Linde plc | 15,019,901 | 4,899,191 | ||||
Air Products and Chemicals Inc. | 6,747,414 | 2,079,958 | ||||
Freeport-McMoRan Inc. | 43,468,283 | 1,651,795 | ||||
Newmont Corp. | 24,150,124 | 1,139,886 | ||||
Ecolab Inc. | 7,794,372 | 1,134,549 | ||||
Dow Inc. | 21,400,761 | 1,078,384 | ||||
Nucor Corp. | 7,802,794 | 1,028,486 | ||||
Fastenal Co. | 17,419,126 | 824,273 | ||||
International Flavors & Fragrances Inc. | 7,755,009 | 813,035 | ||||
Albemarle Corp. | 3,563,120 | 772,698 | ||||
LyondellBasell Industries NV Class A | 7,923,592 | 657,896 | ||||
CF Industries Holdings Inc. | 5,969,622 | 508,612 | ||||
Steel Dynamics Inc. | 5,071,745 | 495,510 | ||||
FMC Corp. | 3,828,433 | 477,788 | ||||
Mosaic Co. | 10,349,890 | 454,050 | ||||
Avery Dennison Corp. | 2,463,992 | 445,983 | ||||
International Paper Co. | 10,825,230 | 374,878 | ||||
Reliance Steel & Aluminum Co. | 1,783,267 | 361,005 | ||||
Celanese Corp. Class A | 2,970,544 | 303,708 | ||||
Eastman Chemical Co. | 3,644,316 | 296,793 | ||||
* | Cleveland-Cliffs Inc. | 15,667,173 | 252,398 | |||
Alcoa Corp. | 5,374,987 | 244,401 | ||||
Royal Gold Inc. | 2,001,237 | 225,579 | ||||
Olin Corp. | 4,161,097 | 220,289 | ||||
* | RBC Bearings Inc. | 884,390 | 185,147 | |||
Valvoline Inc. | 5,296,473 | 172,930 | ||||
Commercial Metals Co. | 3,568,887 | 172,377 | ||||
United States Steel Corp. | 6,405,607 | 160,460 |
Shares | Market Value• ($000) | |||||
Ashland Inc. | 1,478,030 | 158,933 | ||||
* | Univar Solutions Inc. | 4,954,403 | 157,550 | |||
Hexcel Corp. | 2,546,678 | 149,872 | ||||
Huntsman Corp. | 5,261,743 | 144,593 | ||||
UFP Industries Inc. | 1,785,831 | 141,527 | ||||
Timken Co. | 1,994,295 | 140,937 | ||||
Chemours Co. | 4,597,360 | 140,771 | ||||
Element Solutions Inc. | 6,628,259 | 120,568 | ||||
Balchem Corp. | 980,941 | 119,783 | ||||
Cabot Corp. | 1,708,327 | 114,185 | ||||
* | Livent Corp. | 5,439,749 | 108,088 | |||
Westlake Corp. | 971,987 | 99,668 | ||||
Hecla Mining Co. | 17,560,999 | 97,639 | ||||
Mueller Industries Inc. | 1,637,331 | 96,603 | ||||
Sensient Technologies Corp. | 1,279,489 | 93,300 | ||||
Avient Corp. | 2,757,611 | 93,097 | ||||
Boise Cascade Co. | 1,198,131 | 82,276 | ||||
* | MP Materials Corp. | 3,246,837 | 78,833 | |||
Innospec Inc. | 759,391 | 78,111 | ||||
* | Ingevity Corp. | 1,075,720 | 75,774 | |||
NewMarket Corp. | 225,529 | 70,164 | ||||
Stepan Co. | 654,667 | 69,696 | ||||
Quaker Chemical Corp. | 410,550 | 68,521 | ||||
* | Arconic Corp. | 3,094,651 | 65,483 | |||
Scotts Miracle-Gro Co. | 1,276,318 | 62,016 | ||||
Minerals Technologies Inc. | 987,946 | 59,988 | ||||
Sylvamo Corp. | 1,138,184 | 55,304 | ||||
Carpenter Technology Corp. | 1,480,343 | 54,684 | ||||
Materion Corp. | 623,304 | 54,545 | ||||
Tronox Holdings plc | 3,504,026 | 48,040 | ||||
Worthington Industries Inc. | 906,508 | 45,063 | ||||
*,1 | Uranium Energy Corp. | 11,126,524 | 43,171 | |||
Compass Minerals International Inc. | 1,038,269 | 42,569 |
Shares | Market Value• ($000) | |||||
Kaiser Aluminum Corp. | 488,565 | 37,111 | ||||
Mativ Holdings Inc. | 1,663,708 | 34,772 | ||||
AdvanSix Inc. | 790,022 | 30,037 | ||||
* | Resolute Forest Products Inc. | 1,384,596 | 29,893 | |||
*,1 | Energy Fuels Inc. | 4,573,542 | 28,402 | |||
GrafTech International Ltd. | 5,815,400 | 27,681 | ||||
* | US Silica Holdings Inc. | 2,172,290 | 27,154 | |||
* | Coeur Mining Inc. | 7,680,148 | 25,805 | |||
* | Ecovyst Inc. | 2,704,904 | 23,965 | |||
* | TimkenSteel Corp. | 1,299,552 | 23,613 | |||
Schnitzer Steel Industries Inc. Class A | 766,436 | 23,491 | ||||
* | LSB Industries Inc. | 1,753,855 | 23,326 | |||
* | Piedmont Lithium Inc. | 513,111 | 22,587 | |||
Hawkins Inc. | 555,705 | 21,450 | ||||
* | Rayonier Advanced Materials Inc. | 2,021,725 | 19,409 | |||
Ryerson Holding Corp. | 622,511 | 18,837 | ||||
* | Clearwater Paper Corp. | 486,081 | 18,379 | |||
Koppers Holdings Inc. | 600,901 | 16,945 | ||||
American Vanguard Corp. | 752,362 | 16,334 | ||||
Haynes International Inc. | 347,482 | 15,876 | ||||
*,1 | Origin Materials Inc. | 2,995,000 | 13,807 | |||
* | Century Aluminum Co. | 1,585,067 | 12,966 | |||
*,1 | Amyris Inc. | 6,736,712 | 10,307 | |||
* | Northwest Pipe Co. | 283,882 | 9,567 | |||
Olympic Steel Inc. | 270,195 | 9,073 | ||||
* | Intrepid Potash Inc. | 295,437 | 8,529 | |||
Omega Flex Inc. | 88,289 | 8,239 | ||||
Tredegar Corp. | 804,870 | 8,226 | ||||
*,1 | 5E Advanced Materials Inc. | 968,490 | 7,632 | |||
*,1 | Ur-Energy Inc. | 6,553,123 | 7,536 | |||
* | Alto Ingredients Inc. | 2,354,281 | 6,780 | |||
FutureFuel Corp. | 789,526 | 6,419 | ||||
Gold Resource Corp. | 3,353,910 | 5,132 | ||||
* | Gatos Silver Inc. | 1,098,604 | 4,493 | |||
* | Unifi Inc. | 515,832 | 4,441 | |||
* | Dakota Gold Corp. | 1,411,351 | 4,305 | |||
Northern Technologies International Corp. | 285,438 | 3,799 | ||||
Glatfelter Corp. | 1,133,978 | 3,153 | ||||
Eastern Co. | 163,220 | 3,147 |
Shares | Market Value• ($000) | |||||
* | AgroFresh Solutions Inc. | 1,057,843 | 3,131 | |||
* | NN Inc. | 1,558,286 | 2,337 | |||
*,1 | Hycroft Mining Holding Corp. Class A | 4,292,776 | 2,284 | |||
Friedman Industries Inc. | 205,359 | 2,011 | ||||
* | Perma-Pipe International Holdings Inc. | 203,835 | 1,926 | |||
* | Universal Stainless & Alloy Products Inc. | 231,105 | 1,657 | |||
*,1 | Idaho Strategic Resources Inc. | 277,137 | 1,580 | |||
* | Golden Minerals Co. | 4,483,331 | 1,230 | |||
* | United States Antimony Corp. | 2,524,776 | 1,229 | |||
Culp Inc. | 248,217 | 1,139 | ||||
* | Westwater Resources Inc. | 1,414,240 | 1,117 | |||
* | CPS Technologies Corp. | 388,523 | 1,045 | |||
* | Ampco-Pittsburgh Corp. | 366,153 | 919 | |||
* | Flexible Solutions International Inc. | 277,169 | 859 | |||
* | US Gold Corp. | 174,184 | 836 | |||
* | Ascent Industries Co. | 96,346 | 835 | |||
Chicago Rivet & Machine Co. | 28,369 | 812 | ||||
United-Guardian Inc. | 73,136 | 761 | ||||
* | Solitario Zinc Corp. | 1,173,263 | 728 | |||
* | Paramount Gold Nevada Corp. | 1,223,263 | 422 | |||
* | Comstock Inc. | 1,073,641 | 295 | |||
* | NextPlat Corp. | 37,918 | 48 | |||
* | Hycroft Mining Holding Corp. Warrants Exp. 10/6/25 | 155,000 | 9 | |||
*,2 | F-star Therapeutics Inc. CVR | 61,021 | 4 | |||
25,113,243 | ||||||
Consumer Discretionary (13.1%) | ||||||
* | Amazon.com Inc. | 263,718,686 | 22,152,370 | |||
* | Tesla Inc. | 81,633,392 | 10,055,601 | |||
Home Depot Inc. | 30,996,436 | 9,790,534 | ||||
Costco Wholesale Corp. | 13,460,235 | 6,144,597 | ||||
McDonald's Corp. | 22,272,254 | 5,869,407 | ||||
Walmart Inc. | 41,273,961 | 5,852,235 | ||||
* | Walt Disney Co. | 55,449,819 | 4,817,480 | |||
NIKE Inc. Class B | 38,311,449 | 4,482,823 | ||||
* | Netflix Inc. | 13,534,983 | 3,991,196 | |||
Lowe's Cos. Inc. | 18,391,941 | 3,664,410 |
Shares | Market Value• ($000) | |||||
Starbucks Corp. | 34,907,224 | 3,462,797 | ||||
TJX Cos. Inc. | 33,543,992 | 2,670,102 | ||||
* | Booking Holdings Inc. | 1,179,749 | 2,377,525 | |||
Target Corp. | 14,001,889 | 2,086,842 | ||||
Dollar General Corp. | 6,859,824 | 1,689,232 | ||||
Activision Blizzard Inc. | 21,410,377 | 1,638,964 | ||||
* | O'Reilly Automotive Inc. | 1,902,552 | 1,605,811 | |||
Estee Lauder Cos. Inc. Class A | 6,333,250 | 1,571,343 | ||||
* | Uber Technologies Inc. | 57,614,358 | 1,424,803 | |||
* | AutoZone Inc. | 577,172 | 1,423,410 | |||
Ford Motor Co. | 120,145,687 | 1,397,294 | ||||
General Motors Co. | 40,957,858 | 1,377,822 | ||||
Marriott International Inc. Class A | 8,662,687 | 1,289,788 | ||||
Ross Stores Inc. | 10,557,045 | 1,225,356 | ||||
* | Lululemon Athletica Inc. | 3,719,590 | 1,191,682 | |||
* | Chipotle Mexican Grill Inc. Class A | 843,044 | 1,169,715 | |||
Yum! Brands Inc. | 8,565,177 | 1,097,028 | ||||
Hilton Worldwide Holdings Inc. | 8,224,414 | 1,039,237 | ||||
Electronic Arts Inc. | 8,397,124 | 1,025,961 | ||||
* | Airbnb Inc. Class A | 10,902,531 | 932,166 | |||
* | Dollar Tree Inc. | 6,389,449 | 903,724 | |||
DR Horton Inc. | 9,421,986 | 839,876 | ||||
* | Copart Inc. | 13,032,315 | 793,538 | |||
* | Aptiv plc | 8,244,667 | 767,826 | |||
Tractor Supply Co. | 3,359,499 | 755,787 | ||||
Genuine Parts Co. | 4,288,580 | 744,112 | ||||
* | Ulta Beauty Inc. | 1,557,066 | 730,373 | |||
eBay Inc. | 16,490,833 | 683,875 | ||||
Lennar Corp. Class A | 7,209,784 | 652,485 | ||||
* | Delta Air Lines Inc. | 19,480,028 | 640,114 | |||
* | Warner Bros Discovery Inc. | 66,500,210 | 630,422 | |||
* | Southwest Airlines Co. | 18,072,820 | 608,512 | |||
* | Trade Desk Inc. Class A | 13,548,648 | 607,386 | |||
* | Take-Two Interactive Software Inc. | 5,104,530 | 531,535 | |||
Darden Restaurants Inc. | 3,720,496 | 514,656 | ||||
Omnicom Group Inc. | 6,202,949 | 505,975 | ||||
* | Las Vegas Sands Corp. | 10,463,685 | 502,989 | |||
Best Buy Co. Inc. | 6,158,595 | 493,981 | ||||
* | Etsy Inc. | 3,816,999 | 457,200 | |||
Garmin Ltd. | 4,659,382 | 430,014 | ||||
* | NVR Inc. | 92,156 | 425,077 |
Shares | Market Value• ($000) | |||||
LKQ Corp. | 7,720,116 | 412,331 | ||||
* | Burlington Stores Inc. | 1,981,421 | 401,753 | |||
* | Expedia Group Inc. | 4,582,512 | 401,428 | |||
Interpublic Group of Cos. Inc. | 11,821,005 | 393,758 | ||||
* | United Airlines Holdings Inc. | 9,919,904 | 373,980 | |||
Domino's Pizza Inc. | 1,075,770 | 372,647 | ||||
*,1 | Rivian Automotive Inc. Class A | 19,462,254 | 358,689 | |||
* | Live Nation Entertainment Inc. | 4,920,389 | 343,148 | |||
Pool Corp. | 1,129,465 | 341,471 | ||||
* | Liberty Media Corp.-Liberty Formula One Class C | 5,564,203 | 332,628 | |||
* | Royal Caribbean Cruises Ltd. | 6,594,623 | 325,972 | |||
Aramark | 7,852,336 | 324,616 | ||||
* | Deckers Outdoor Corp. | 804,943 | 321,301 | |||
PulteGroup Inc. | 6,909,199 | 314,576 | ||||
MGM Resorts International | 9,327,373 | 312,747 | ||||
Service Corp. International | 4,445,775 | 307,381 | ||||
Rollins Inc. | 8,244,345 | 301,248 | ||||
VF Corp. | 10,634,532 | 293,619 | ||||
* | CarMax Inc. | 4,804,822 | 292,566 | |||
Vail Resorts Inc. | 1,224,551 | 291,872 | ||||
BorgWarner Inc. | 7,121,781 | 286,652 | ||||
* | ROBLOX Corp. Class A | 10,028,220 | 285,403 | |||
* | Five Below Inc. | 1,605,339 | 283,936 | |||
Tapestry Inc. | 7,319,005 | 278,708 | ||||
Bath & Body Works Inc. | 6,602,122 | 278,213 | ||||
* | BJ's Wholesale Club Holdings Inc. | 4,094,641 | 270,901 | |||
Fox Corp. Class A | 8,897,748 | 270,225 | ||||
Advance Auto Parts Inc. | 1,799,333 | 264,556 | ||||
* | Caesars Entertainment Inc. | 6,193,610 | 257,654 | |||
1 | Paramount Global Class B | 15,089,697 | 254,714 | |||
* | American Airlines Group Inc. | 19,732,785 | 251,001 | |||
News Corp. Class A | 13,751,459 | 250,277 | ||||
*,1 | Carnival Corp. | 30,450,640 | 245,432 | |||
Hasbro Inc. | 3,988,650 | 243,348 | ||||
* | Wynn Resorts Ltd. | 2,922,356 | 241,007 | |||
Whirlpool Corp. | 1,657,276 | 234,438 | ||||
Williams-Sonoma Inc. | 2,020,154 | 232,156 |
Shares | Market Value• ($000) | |||||
* | Capri Holdings Ltd. | 3,986,202 | 228,489 | |||
Lear Corp. | 1,801,270 | 223,394 | ||||
Churchill Downs Inc. | 1,023,872 | 216,477 | ||||
* | Floor & Decor Holdings Inc. Class A | 3,059,387 | 213,025 | |||
Dick's Sporting Goods Inc. | 1,730,252 | 208,132 | ||||
* | Planet Fitness Inc. Class A | 2,538,871 | 200,063 | |||
Gentex Corp. | 7,157,507 | 195,185 | ||||
* | Crocs Inc. | 1,784,916 | 193,538 | |||
* | Mattel Inc. | 10,784,383 | 192,393 | |||
Wyndham Hotels & Resorts Inc. | 2,677,970 | 190,966 | ||||
Nexstar Media Group Inc. Class A | 1,087,704 | 190,381 | ||||
Texas Roadhouse Inc. Class A | 2,028,688 | 184,509 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class C | 4,645,336 | 181,772 | |||
Murphy USA Inc. | 618,403 | 172,868 | ||||
H&R Block Inc. | 4,723,343 | 172,449 | ||||
Lithia Motors Inc. Class A | 834,300 | 170,815 | ||||
* | Skechers USA Inc. Class A | 4,071,177 | 170,786 | |||
Tempur Sealy International Inc. | 4,951,828 | 169,996 | ||||
Macy's Inc. | 8,229,215 | 169,933 | ||||
Polaris Inc. | 1,676,005 | 169,277 | ||||
* | Light & Wonder Inc. | 2,855,552 | 167,335 | |||
Harley-Davidson Inc. | 4,004,666 | 166,594 | ||||
* | Alaska Air Group Inc. | 3,873,133 | 166,312 | |||
Toll Brothers Inc. | 3,261,844 | 162,831 | ||||
* | IAA Inc. | 4,065,623 | 162,625 | |||
* | SiteOne Landscape Supply Inc. | 1,370,077 | 160,737 | |||
U-Haul Holding Co. | 2,894,243 | 159,126 | ||||
* | Norwegian Cruise Line Holdings Ltd. | 12,776,406 | 156,383 | |||
New York Times Co. Class A | 4,769,349 | 154,813 | ||||
Newell Brands Inc. | 11,306,647 | 147,891 | ||||
*,1 | GameStop Corp. Class A | 7,873,183 | 145,339 | |||
* | RH | 540,951 | 144,537 | |||
TEGNA Inc. | 6,808,979 | 144,282 | ||||
Marriott Vacations Worldwide Corp. | 1,049,582 | 141,263 | ||||
PVH Corp. | 1,984,816 | 140,108 | ||||
* | Penn Entertainment Inc. | 4,704,727 | 139,730 | |||
*,1 | DraftKings Inc. Class A | 11,606,646 | 132,200 | |||
Leggett & Platt Inc. | 4,017,824 | 129,495 |
Shares | Market Value• ($000) | |||||
* | AutoNation Inc. | 1,201,800 | 128,953 | |||
Academy Sports & Outdoors Inc. | 2,431,568 | 127,755 | ||||
* | Hyatt Hotels Corp. Class A | 1,386,145 | 125,377 | |||
Wingstop Inc. | 910,669 | 125,326 | ||||
Warner Music Group Corp. Class A | 3,542,132 | 124,045 | ||||
Fox Corp. Class B | 4,353,580 | 123,859 | ||||
*,1 | Lucid Group Inc. | 17,882,334 | 122,136 | |||
* | Asbury Automotive Group Inc. | 672,068 | 120,468 | |||
Choice Hotels International Inc. | 1,054,345 | 118,761 | ||||
Ralph Lauren Corp. Class A | 1,121,270 | 118,485 | ||||
* | Fox Factory Holding Corp. | 1,290,288 | 117,713 | |||
1 | Thor Industries Inc. | 1,552,829 | 117,223 | |||
Wendy's Co. | 5,177,644 | 117,170 | ||||
Boyd Gaming Corp. | 2,055,075 | 112,063 | ||||
* | Visteon Corp. | 851,989 | 111,466 | |||
* | Bright Horizons Family Solutions Inc. | 1,749,954 | 110,422 | |||
* | YETI Holdings Inc. | 2,621,730 | 108,304 | |||
Foot Locker Inc. | 2,839,810 | 107,316 | ||||
* | Lyft Inc. Class A | 9,670,095 | 106,564 | |||
1 | Sirius XM Holdings Inc. | 17,803,793 | 103,974 | |||
* | Avis Budget Group Inc. | 628,732 | 103,068 | |||
* | Meritage Homes Corp. | 1,113,603 | 102,674 | |||
*,1 | Chewy Inc. Class A | 2,723,263 | 100,979 | |||
* | Hilton Grand Vacations Inc. | 2,620,092 | 100,978 | |||
* | Grand Canyon Education Inc. | 943,357 | 99,675 | |||
* | Taylor Morrison Home Corp. Class A | 3,142,741 | 95,382 | |||
* | National Vision Holdings Inc. | 2,398,270 | 92,957 | |||
* | Chegg Inc. | 3,622,603 | 91,543 | |||
Signet Jewelers Ltd. | 1,340,499 | 91,154 | ||||
World Wrestling Entertainment Inc. Class A | 1,315,229 | 90,120 | ||||
* | Endeavor Group Holdings Inc. Class A | 3,985,252 | 89,828 | |||
Kohl's Corp. | 3,542,346 | 89,444 | ||||
* | Ollie's Bargain Outlet Holdings Inc. | 1,904,441 | 89,204 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 2,261,761 | 88,910 |
Shares | Market Value• ($000) | |||||
Madison Square Garden Sports Corp. | 484,090 | 88,748 | ||||
* | Coty Inc. Class A | 10,359,108 | 88,674 | |||
* | Goodyear Tire & Rubber Co. | 8,574,736 | 87,034 | |||
Travel + Leisure Co. | 2,342,051 | 85,251 | ||||
* | Skyline Champion Corp. | 1,633,281 | 84,130 | |||
* | elf Beauty Inc. | 1,519,338 | 84,019 | |||
* | Topgolf Callaway Brands Corp. | 4,216,196 | 83,270 | |||
Columbia Sportswear Co. | 940,133 | 82,337 | ||||
Carter's Inc. | 1,103,474 | 82,330 | ||||
Gap Inc. | 7,230,096 | 81,556 | ||||
Lennar Corp. Class B | 1,090,413 | 81,541 | ||||
* | Helen of Troy Ltd. | 729,736 | 80,935 | |||
Papa John's International Inc. | 967,366 | 79,624 | ||||
* | Victoria's Secret & Co. | 2,216,580 | 79,309 | |||
*,1 | Wayfair Inc. Class A | 2,341,121 | 77,000 | |||
Group 1 Automotive Inc. | 420,210 | 75,793 | ||||
KB Home | 2,352,938 | 74,941 | ||||
Penske Automotive Group Inc. | 649,477 | 74,644 | ||||
* | Peloton Interactive Inc. Class A | 9,136,928 | 72,547 | |||
American Eagle Outfitters Inc. | 5,145,030 | 71,825 | ||||
* | Hertz Global Holdings Inc. | 4,545,481 | 69,955 | |||
Steven Madden Ltd. | 2,163,573 | 69,148 | ||||
Graham Holdings Co. Class B | 112,700 | 68,095 | ||||
LCI Industries | 734,952 | 67,946 | ||||
Kontoor Brands Inc. | 1,692,783 | 67,694 | ||||
Hanesbrands Inc. | 10,569,184 | 67,220 | ||||
* | Gentherm Inc. | 1,008,700 | 65,858 | |||
*,1 | AMC Entertainment Holdings Inc. Class A | 16,169,715 | 65,811 | |||
* | Dorman Products Inc. | 811,918 | 65,660 | |||
* | Sonos Inc. | 3,845,077 | 64,982 | |||
* | JetBlue Airways Corp. | 9,943,302 | 64,433 | |||
Spirit Airlines Inc. | 3,306,303 | 64,407 | ||||
Cracker Barrel Old Country Store Inc. | 668,995 | 63,381 | ||||
* | Liberty Media Corp.-Liberty Formula One Class A | 1,184,518 | 63,289 |
Shares | Market Value• ($000) | |||||
Rush Enterprises Inc. Class A | 1,208,458 | 63,178 | ||||
* | Sabre Corp. | 10,027,208 | 61,968 | |||
Red Rock Resorts Inc. Class A | 1,503,279 | 60,146 | ||||
Dana Inc. | 3,919,480 | 59,302 | ||||
* | Duolingo Inc. Class A | 826,323 | 58,776 | |||
* | Cavco Industries Inc. | 255,081 | 57,712 | |||
* | SeaWorld Entertainment Inc. | 1,068,203 | 57,160 | |||
* | Tri Pointe Homes Inc. | 3,055,927 | 56,810 | |||
* | Under Armour Inc. Class C | 6,335,652 | 56,514 | |||
* | Boot Barn Holdings Inc. | 900,679 | 56,310 | |||
* | LGI Homes Inc. | 602,905 | 55,829 | |||
* | PowerSchool Holdings Inc. Class A | 2,410,713 | 55,639 | |||
* | TripAdvisor Inc. | 3,068,074 | 55,164 | |||
MDC Holdings Inc. | 1,730,751 | 54,692 | ||||
* | Under Armour Inc. Class A | 5,365,297 | 54,511 | |||
Bloomin' Brands Inc. | 2,680,832 | 53,938 | ||||
* | ODP Corp. | 1,183,270 | 53,886 | |||
Strategic Education Inc. | 683,930 | 53,565 | ||||
Inter Parfums Inc. | 546,554 | 52,753 | ||||
John Wiley & Sons Inc. Class A | 1,285,754 | 51,507 | ||||
* | Frontdoor Inc. | 2,469,721 | 51,370 | |||
*,1 | Leslie's Inc. | 4,174,728 | 50,973 | |||
* | Six Flags Entertainment Corp. | 2,134,155 | 49,619 | |||
MillerKnoll Inc. | 2,302,527 | 48,376 | ||||
* | Driven Brands Holdings Inc. | 1,768,993 | 48,311 | |||
Cheesecake Factory Inc. | 1,521,626 | 48,251 | ||||
Nordstrom Inc. | 2,913,929 | 47,031 | ||||
Winnebago Industries Inc. | 888,348 | 46,816 | ||||
* | Shake Shack Inc. Class A | 1,124,894 | 46,717 | |||
PriceSmart Inc. | 764,138 | 46,444 | ||||
* | Adtalem Global Education Inc. | 1,294,415 | 45,952 | |||
* | Knowles Corp. | 2,762,002 | 45,352 | |||
Monro Inc. | 972,605 | 43,962 | ||||
* | Dave & Buster's Entertainment Inc. | 1,239,018 | 43,911 | |||
Century Communities Inc. | 873,223 | 43,670 | ||||
* | Urban Outfitters Inc. | 1,827,629 | 43,589 | |||
Jack in the Box Inc. | 638,523 | 43,566 | ||||
Laureate Education Inc. Class A | 4,471,698 | 43,018 |
Shares | Market Value• ($000) | |||||
* | KAR Auction Services Inc. | 3,296,062 | 43,014 | |||
Oxford Industries Inc. | 458,327 | 42,707 | ||||
* | Brinker International Inc. | 1,330,441 | 42,454 | |||
Levi Strauss & Co. Class A | 2,705,626 | 41,991 | ||||
* | Vista Outdoor Inc. | 1,714,451 | 41,781 | |||
Buckle Inc. | 914,403 | 41,468 | ||||
Acushnet Holdings Corp. | 975,000 | 41,399 | ||||
* | Sally Beauty Holdings Inc. | 3,231,680 | 40,461 | |||
*,1 | QuantumScape Corp. Class A | 7,005,022 | 39,719 | |||
*,1 | Fisker Inc. Class A | 5,379,833 | 39,111 | |||
* | M/I Homes Inc. | 839,631 | 38,774 | |||
* | Everi Holdings Inc. | 2,693,297 | 38,649 | |||
* | Stride Inc. | 1,232,972 | 38,567 | |||
1 | Dillard's Inc. Class A | 119,093 | 38,491 | |||
* | iRobot Corp. | 788,335 | 37,943 | |||
* | Madison Square Garden Entertainment Corp. | 801,369 | 36,038 | |||
* | Central Garden & Pet Co. Class A | 982,941 | 35,189 | |||
*,1 | Dutch Bros Inc. Class A | 1,245,900 | 35,122 | |||
* | XPEL Inc. | 575,443 | 34,561 | |||
*,1 | Luminar Technologies Inc. Class A | 6,970,324 | 34,503 | |||
* | Coursera Inc. | 2,906,319 | 34,382 | |||
* | Liberty Media Corp.-Liberty Braves Class C | 1,030,274 | 33,206 | |||
Scholastic Corp. | 835,492 | 32,969 | ||||
* | Allegiant Travel Co. | 482,849 | 32,829 | |||
HNI Corp. | 1,149,191 | 32,672 | ||||
* | Malibu Boats Inc. Class A | 609,244 | 32,473 | |||
* | Abercrombie & Fitch Co. Class A | 1,411,415 | 32,336 | |||
Rent-A-Center Inc. | 1,427,240 | 32,184 | ||||
* | Monarch Casino & Resort Inc. | 401,599 | 30,879 | |||
La-Z-Boy Inc. | 1,288,036 | 29,393 | ||||
* | ACV Auctions Inc. Class A | 3,567,917 | 29,293 | |||
Dine Brands Global Inc. | 452,673 | 29,243 | ||||
* | Cinemark Holdings Inc. | 3,295,222 | 28,537 | |||
Matthews International Corp. Class A | 909,011 | 27,670 | ||||
Gray Television Inc. | 2,472,495 | 27,667 |
Shares | Market Value• ($000) | |||||
Sturm Ruger & Co. Inc. | 538,741 | 27,271 | ||||
* | Revolve Group Inc. Class A | 1,219,646 | 27,149 | |||
* | Perdoceo Education Corp. | 1,939,276 | 26,956 | |||
* | Figs Inc. Class A | 4,002,813 | 26,939 | |||
* | Cars.com Inc. | 1,946,627 | 26,805 | |||
* | Overstock.com Inc. | 1,375,498 | 26,630 | |||
News Corp. Class B | 1,435,652 | 26,473 | ||||
* | Clean Energy Fuels Corp. | 5,028,302 | 26,147 | |||
1 | Camping World Holdings Inc. Class A | 1,166,986 | 26,047 | |||
Wolverine World Wide Inc. | 2,361,607 | 25,812 | ||||
* | American Axle & Manufacturing Holdings Inc. | 3,262,182 | 25,510 | |||
* | SkyWest Inc. | 1,523,700 | 25,156 | |||
* | PROG Holdings Inc. | 1,489,256 | 25,154 | |||
* | Udemy Inc. | 2,370,324 | 25,007 | |||
* | Golden Entertainment Inc. | 639,248 | 23,908 | |||
1 | Sonic Automotive Inc. Class A | 483,202 | 23,807 | |||
Caleres Inc. | 1,067,019 | 23,773 | ||||
RCI Hospitality Holdings Inc. | 253,304 | 23,605 | ||||
Hibbett Inc. | 344,284 | 23,487 | ||||
* | EW Scripps Co. Class A | 1,779,286 | 23,469 | |||
* | Petco Health & Wellness Co. Inc. Class A | 2,436,785 | 23,101 | |||
*,1 | Sweetgreen Inc. Class A | 2,597,085 | 22,257 | |||
Arko Corp. | 2,482,070 | 21,495 | ||||
* | QuinStreet Inc. | 1,490,772 | 21,393 | |||
*,1 | Portillo's Inc. Class A | 1,297,736 | 21,179 | |||
1 | Krispy Kreme Inc. | 2,044,211 | 21,096 | |||
*,1 | Mister Car Wash Inc. | 2,278,674 | 21,032 | |||
A-Mark Precious Metals Inc. | 600,243 | 20,846 | ||||
* | iHeartMedia Inc. Class A | 3,280,407 | 20,109 | |||
* | MarineMax Inc. | 624,661 | 19,502 | |||
Sinclair Broadcast Group Inc. Class A | 1,245,554 | 19,319 | ||||
* | GoPro Inc. Class A | 3,797,058 | 18,909 | |||
Standard Motor Products Inc. | 542,883 | 18,892 | ||||
* | Green Brick Partners Inc. | 774,676 | 18,770 | |||
Steelcase Inc. Class A | 2,647,612 | 18,719 |
Shares | Market Value• ($000) | |||||
* | Lions Gate Entertainment Corp. Class B | 3,409,616 | 18,514 | |||
* | BJ's Restaurants Inc. | 690,579 | 18,218 | |||
Ethan Allen Interiors Inc. | 677,692 | 17,905 | ||||
1 | Franchise Group Inc. | 750,953 | 17,888 | |||
* | Boston Omaha Corp. Class A | 670,390 | 17,765 | |||
* | Genesco Inc. | 385,373 | 17,735 | |||
* | Chico's FAS Inc. | 3,579,664 | 17,612 | |||
* | Central Garden & Pet Co. | 468,985 | 17,564 | |||
Interface Inc. Class A | 1,745,201 | 17,225 | ||||
* | Life Time Group Holdings Inc. | 1,423,736 | 17,028 | |||
Guess? Inc. | 822,162 | 17,011 | ||||
* | G-III Apparel Group Ltd. | 1,231,141 | 16,879 | |||
Winmark Corp. | 71,060 | 16,758 | ||||
* | TravelCenters of America Inc. | 373,245 | 16,714 | |||
* | Qurate Retail Inc. Class A | 10,109,894 | 16,479 | |||
* | Sleep Number Corp. | 633,551 | 16,460 | |||
*,1 | Bally's Corp. | 844,552 | 16,367 | |||
* | Poshmark Inc. Class A | 915,018 | 16,361 | |||
*,1 | Bowlero Corp. | 1,212,627 | 16,346 | |||
* | Stoneridge Inc. | 753,568 | 16,247 | |||
* | Denny's Corp. | 1,741,210 | 16,037 | |||
U-Haul Holding Co. | 265,952 | 16,008 | ||||
*,1 | Liberty Media Corp.-Liberty Braves Class A | 489,590 | 15,995 | |||
* | Thryv Holdings Inc. | 833,356 | 15,834 | |||
*,1 | Corsair Gaming Inc. | 1,166,610 | 15,831 | |||
* | Chuy's Holdings Inc. | 537,332 | 15,207 | |||
* | Sun Country Airlines Holdings Inc. | 955,614 | 15,156 | |||
* | Hawaiian Holdings Inc. | 1,471,674 | 15,099 | |||
* | 2U Inc. | 2,364,776 | 14,827 | |||
Designer Brands Inc. Class A | 1,507,736 | 14,746 | ||||
* | Integral Ad Science Holding Corp. | 1,675,809 | 14,730 | |||
* | Stagwell Inc. | 2,346,495 | 14,572 | |||
Ruth's Hospitality Group Inc. | 932,306 | 14,432 | ||||
Movado Group Inc. | 445,780 | 14,376 | ||||
* | Viad Corp. | 577,927 | 14,096 | |||
*,1 | Blink Charging Co. | 1,284,837 | 14,095 | |||
* | Children's Place Inc. | 378,236 | 13,775 | |||
* | AMC Networks Inc. Class A | 862,736 | 13,519 | |||
*,1 | Carvana Co. Class A | 2,843,581 | ��� 13,479 |
Shares | Market Value• ($000) | |||||
* | MasterCraft Boat Holdings Inc. | 519,098 | 13,429 | |||
* | Rover Group Inc. Class A | 3,628,532 | 13,317 | |||
Rush Enterprises Inc. Class B | 232,433 | 13,079 | ||||
Haverty Furniture Cos. Inc. | 432,133 | 12,921 | ||||
*,1 | Lions Gate Entertainment Corp. Class A | 2,254,351 | 12,872 | |||
* | Accel Entertainment Inc. Class A | 1,651,081 | 12,713 | |||
* | America's Car-Mart Inc. | 175,495 | 12,681 | |||
1 | Big Lots Inc. | 829,589 | 12,195 | |||
Smith & Wesson Brands Inc. | 1,379,309 | 11,972 | ||||
Global Industrial Co. | 498,050 | 11,719 | ||||
* | Clear Channel Outdoor Holdings Inc. | 11,059,231 | 11,612 | |||
*,1 | SES AI Corp. | 3,668,700 | 11,556 | |||
* | Beazer Homes USA Inc. | 900,475 | 11,490 | |||
Shoe Carnival Inc. | 479,790 | 11,472 | ||||
* | Sciplay Corp. Class A | 705,371 | 11,342 | |||
* | Liquidity Services Inc. | 795,167 | 11,180 | |||
* | Destination XL Group Inc. | 1,645,333 | 11,106 | |||
Carriage Services Inc. Class A | 402,181 | 11,076 | ||||
1 | Marcus Corp. | 731,652 | 10,529 | |||
*,1 | Mullen Automotive Inc. | 36,210,051 | 10,356 | |||
*,1 | Vizio Holding Corp. Class A | 1,382,290 | 10,243 | |||
Aaron's Co. Inc. | 853,131 | 10,195 | ||||
* | Daily Journal Corp. | 40,386 | 10,117 | |||
* | Frontier Group Holdings Inc. | 984,399 | 10,110 | |||
*,1 | Canoo Inc. | 8,177,397 | 10,058 | |||
* | Funko Inc. Class A | 918,414 | 10,020 | |||
* | CarParts.com Inc. | 1,596,734 | 9,996 | |||
* | Zumiez Inc. | 459,022 | 9,979 | |||
* | Xponential Fitness Inc. Class A | 419,364 | 9,616 | |||
* | Build-A-Bear Workshop Inc. | 398,931 | 9,511 | |||
* | Sportsman's Warehouse Holdings Inc. | 1,008,304 | 9,488 | |||
European Wax Center Inc. Class A | 757,745 | 9,434 | ||||
* | Gannett Co. Inc. | 4,639,277 | 9,418 |
Shares | Market Value• ($000) | |||||
*,1 | Playstudios Inc. | 2,424,521 | 9,407 | |||
Johnson Outdoors Inc. Class A | 142,149 | 9,399 | ||||
*,1 | ContextLogic Inc. Class A | 18,577,458 | 9,060 | |||
* | Lovesac Co. | 399,099 | 8,784 | |||
*,1 | Bed Bath & Beyond Inc. | 3,447,705 | 8,654 | |||
* | Arlo Technologies Inc. | 2,406,916 | 8,448 | |||
* | Quotient Technology Inc. | 2,441,688 | 8,375 | |||
* | First Watch Restaurant Group Inc. | 606,598 | 8,207 | |||
* | OneWater Marine Inc. Class A | 282,871 | 8,090 | |||
* | 1-800-Flowers.com Inc. Class A | 819,124 | 7,831 | |||
* | Lindblad Expeditions Holdings Inc. | 1,015,079 | 7,816 | |||
* | Allbirds Inc. Class A | 3,156,493 | 7,639 | |||
Entravision Communications Corp. Class A | 1,589,251 | 7,628 | ||||
* | Hovnanian Enterprises Inc. Class A | 179,684 | 7,561 | |||
* | Universal Technical Institute Inc. | 1,117,753 | 7,511 | |||
Alta Equipment Group Inc. | 568,355 | 7,497 | ||||
Kimball International Inc. Class B | 1,148,596 | 7,466 | ||||
* | Full House Resorts Inc. | 992,078 | 7,460 | |||
Hooker Furnishings Corp. | 396,339 | 7,412 | ||||
* | American Public Education Inc. | 579,083 | 7,117 | |||
*,1 | Purple Innovation Inc. Class A | 1,478,691 | 7,083 | |||
*,1 | Sonder Holdings Inc. | 5,595,300 | 6,938 | |||
*,1 | Vuzix Corp. | 1,905,420 | 6,936 | |||
* | Citi Trends Inc. | 260,469 | 6,897 | |||
*,1 | Cricut Inc. Class A | 743,230 | 6,890 | |||
* | Stitch Fix Inc. Class A | 2,188,730 | 6,807 | |||
* | Fossil Group Inc. | 1,551,367 | 6,686 | |||
Clarus Corp. | 837,408 | 6,565 | ||||
* | WW International Inc. | 1,688,237 | 6,517 | |||
* | Noodles & Co. Class A | 1,186,247 | 6,513 | |||
* | Eastman Kodak Co. | 2,053,366 | 6,263 | |||
* | Century Casinos Inc. | 882,191 | 6,202 | |||
* | Universal Electronics Inc. | 293,728 | 6,113 |
Shares | Market Value• ($000) | |||||
* | Arhaus Inc. Class A | 621,273 | 6,057 | |||
* | Motorcar Parts of America Inc. | 508,069 | 6,026 | |||
* | LL Flooring Holdings Inc. | 1,068,848 | 6,007 | |||
* | Tilly's Inc. Class A | 658,710 | 5,961 | |||
* | PlayAGS Inc. | 1,155,888 | 5,895 | |||
* | ONE Group Hospitality Inc. | 934,451 | 5,887 | |||
El Pollo Loco Holdings Inc. | 587,328 | 5,850 | ||||
* | Kura Sushi USA Inc. Class A | 120,616 | 5,751 | |||
1 | Big 5 Sporting Goods Corp. | 645,200 | 5,697 | |||
1 | Bluegreen Vacations Holding Corp. Class A | 226,451 | 5,652 | |||
* | Rush Street Interactive Inc. | 1,572,928 | 5,647 | |||
Bassett Furniture Industries Inc. | 316,454 | 5,500 | ||||
* | Tupperware Brands Corp. | 1,325,011 | 5,486 | |||
*,1 | Lordstown Motors Corp. Class A | 4,776,543 | 5,445 | |||
* | Wheels Up Experience Inc. | 5,232,722 | 5,390 | |||
1 | Weber Inc. Class A | 667,111 | 5,370 | |||
* | Cardlytics Inc. | 903,992 | 5,225 | |||
* | Angi Inc. Class A | 2,202,894 | 5,177 | |||
* | Legacy Housing Corp. | 273,001 | 5,176 | |||
* | Tile Shop Holdings Inc. | 1,180,354 | 5,170 | |||
Cato Corp. Class A | 551,742 | 5,148 | ||||
Rocky Brands Inc. | 215,723 | 5,095 | ||||
* | Lincoln Educational Services Corp. | 863,609 | 5,000 | |||
*,1 | Rent the Runway Inc. Class A | 1,617,196 | 4,932 | |||
* | American Outdoor Brands Inc. | 479,165 | 4,801 | |||
*,1 | Dream Finders Homes Inc. Class A | 550,933 | 4,771 | |||
Climb Global Solutions Inc. | 149,047 | 4,699 | ||||
* | J. Jill Inc. | 180,048 | 4,465 | |||
Superior Group of Cos. Inc. | 435,584 | 4,382 | ||||
*,1 | Genius Brands International Inc. | 9,400,020 | 4,371 | |||
Canterbury Park Holding Corp. | 133,695 | 4,179 | ||||
*,1 | AMMO Inc. | 2,389,053 | 4,133 | |||
*,1 | RealReal Inc. | 3,282,434 | 4,103 | |||
* | Snap One Holdings Corp. | 531,350 | 3,937 |
Shares | Market Value• ($000) | |||||
* | Cooper-Standard Holdings Inc. | 428,370 | 3,881 | |||
* | Vacasa Inc. Class A | 3,077,400 | 3,878 | |||
Nathan's Famous Inc. | 56,557 | 3,801 | ||||
* | Turtle Beach Corp. | 525,515 | 3,768 | |||
*,1 | Traeger Inc. | 1,319,878 | 3,722 | |||
* | Potbelly Corp. | 667,556 | 3,718 | |||
* | Holley Inc. | 1,753,269 | 3,717 | |||
* | Fiesta Restaurant Group Inc. | 503,077 | 3,698 | |||
* | Outbrain Inc. | 998,139 | 3,613 | |||
1 | Weyco Group Inc. | 170,436 | 3,606 | |||
* | BARK Inc. | 2,379,098 | 3,545 | |||
* | Vera Bradley Inc. | 779,758 | 3,532 | |||
* | Superior Industries International Inc. | 834,385 | 3,521 | |||
* | Nerdy Inc. | 1,554,944 | 3,499 | |||
* | Container Store Group Inc. | 790,613 | 3,408 | |||
* | Latham Group Inc. | 1,051,361 | 3,385 | |||
*,1 | Focus Universal Inc. | 526,074 | 3,372 | |||
* | Lakeland Industries Inc. | 252,393 | 3,357 | |||
* | Urban One Inc. | 872,038 | 3,279 | |||
* | Red Robin Gourmet Burgers Inc. | 587,483 | 3,278 | |||
Saga Communications Inc. Class A | 134,076 | 3,164 | ||||
*,1 | ThredUp Inc. Class A | 2,409,149 | 3,156 | |||
*,1 | Solo Brands Inc. Class A | 833,123 | 3,099 | |||
Escalade Inc. | 303,339 | 3,088 | ||||
Lifetime Brands Inc. | 401,793 | 3,050 | ||||
* | VOXX International Corp. Class A | 360,976 | 3,025 | |||
Marine Products Corp. | 255,346 | 3,005 | ||||
* | Strattec Security Corp. | 145,120 | 2,982 | |||
*,1 | Reservoir Media Inc. | 489,336 | 2,921 | |||
* | Lands' End Inc. | 383,020 | 2,907 | |||
* | Selectquote Inc. | 4,324,874 | 2,906 | |||
* | Conn's Inc. | 411,902 | 2,834 | |||
Hamilton Beach Brands Holding Co. Class A | 228,579 | 2,832 | ||||
*,1 | Spruce Power Holding Corp. | 3,048,837 | 2,802 | |||
* | Lee Enterprises Inc. | 144,656 | 2,685 | |||
* | RumbleON Inc. Class B | 404,083 | 2,614 | |||
* | Biglari Holdings Inc. Class B | 18,772 | 2,606 | |||
* | F45 Training Holdings Inc. | 910,984 | 2,596 | |||
* | JAKKS Pacific Inc. | 147,124 | 2,573 |
Shares | Market Value• ($000) | |||||
* | Delta Apparel Inc. | 238,958 | 2,535 | |||
* | Cumulus Media Inc. Class A | 404,771 | 2,514 | |||
* | Emerald Holding Inc. | 690,955 | 2,446 | |||
* | Duluth Holdings Inc. Class B | 394,810 | 2,440 | |||
* | Townsquare Media Inc. Class A | 333,509 | 2,418 | |||
*,1 | Express Inc. | 2,253,471 | 2,299 | |||
Flexsteel Industries Inc. | 141,758 | 2,183 | ||||
*,1 | Polished.com Inc. | 3,683,713 | 2,128 | |||
* | Liberty TripAdvisor Holdings Inc. Class A | 3,169,521 | 2,122 | |||
* | Barnes & Noble Education Inc. | 1,197,964 | 2,096 | |||
*,1 | Faraday Future Intelligent Electric Inc. | 7,120,807 | 2,067 | |||
Acme United Corp. | 85,287 | 1,868 | ||||
*,1 | Cinedigm Corp. Class A | 4,807,808 | 1,864 | |||
* | Harte Hanks Inc. | 154,100 | 1,801 | |||
*,1 | Regis Corp. | 1,407,700 | 1,717 | |||
*,1 | Ondas Holdings Inc. | 1,071,044 | 1,703 | |||
* | Mesa Air Group Inc. | 1,109,713 | 1,698 | |||
* | Brilliant Earth Group Inc. Class A | 381,195 | 1,643 | |||
Crown Crafts Inc. | 302,838 | 1,617 | ||||
* | Landsea Homes Corp. | 310,401 | 1,617 | |||
*,1 | Kirkland's Inc. | 458,478 | 1,513 | |||
* | Nautilus Inc. | 987,578 | 1,511 | |||
* | Kewaunee Scientific Corp. | 96,393 | 1,499 | |||
*,1 | Lulu's Fashion Lounge Holdings Inc. | 571,382 | 1,434 | |||
*,1 | Party City Holdco Inc. | 3,826,895 | 1,399 | |||
*,1 | Chicken Soup For The Soul Entertainment Inc. | 271,340 | 1,389 | |||
*,1 | Aterian Inc. | 1,765,809 | 1,360 | |||
*,1 | Lazydays Holdings Inc. | 113,037 | 1,350 | |||
* | Live Ventures Inc. | 42,626 | 1,334 | |||
*,1 | Inspirato Inc. | 1,093,600 | 1,301 | |||
* | Carrols Restaurant Group Inc. | 945,470 | 1,286 | |||
* | Travelzoo | 274,335 | 1,221 | |||
* | Biglari Holdings Inc. Class A | 1,747 | 1,219 | |||
* | Owlet Inc. | 2,177,118 | 1,217 | |||
CompX International Inc. | 64,007 | 1,183 | ||||
* | Envela Corp. | 224,050 | 1,179 |
Shares | Market Value• ($000) | |||||
*,1 | Bird Global Inc. Class A | 6,356,700 | 1,146 | |||
*,1 | XWELL Inc. | 3,134,508 | 1,138 | |||
*,1 | CuriosityStream Inc. | 986,623 | 1,125 | |||
* | Fluent Inc. | 1,010,603 | 1,102 | |||
* | Gaia Inc. Class A | 447,999 | 1,066 | |||
1 | JOANN Inc. | 360,480 | 1,027 | |||
NL Industries Inc. | 148,433 | 1,011 | ||||
* | LiveOne Inc. | 1,540,686 | 991 | |||
* | SRAX Inc. Class A | 625,336 | 957 | |||
Ark Restaurants Corp. | 55,702 | 922 | ||||
* | Marchex Inc. Class B | 546,577 | 858 | |||
*,2 | Luby's Inc. | 449,752 | 801 | |||
*,1 | Red Cat Holdings Inc. | 849,136 | 798 | |||
* | Good Times Restaurants Inc. | 350,945 | 783 | |||
1 | FAT Brands Inc. Class A | 153,984 | 750 | |||
* | Audacy Inc. Class A | 3,135,818 | 706 | |||
*,1 | Hall of Fame Resort & Entertainment Co. | 85,677 | 691 | |||
1 | DallasNews Corp. | 176,590 | 678 | |||
* | Vince Holding Corp. | 85,410 | 669 | |||
* | Envirotech Vehicles Inc. | 313,755 | 668 | |||
Educational Development Corp. | 207,019 | 654 | ||||
* | Koss Corp. | 130,730 | 638 | |||
*,1 | InterGroup Corp. | 12,233 | 575 | |||
*,1 | Shift Technologies Inc. Class A | 3,473,050 | 517 | |||
* | Charles & Colvard Ltd. | 610,246 | 497 | |||
1 | National CineMedia Inc. | 2,253,479 | 496 | |||
* | Urban One Inc. Class A | 109,101 | 496 | |||
* | Salem Media Group Inc. Class A | 419,347 | 440 | |||
*,1 | Dolphin Entertainment Inc. | 229,216 | 415 | |||
* | FlexShopper Inc. | 425,184 | 397 | |||
* | BurgerFi International Inc. | 310,543 | 391 | |||
*,1 | Muscle Maker Inc. | 417,746 | 380 | |||
*,1 | Volcon Inc. | 362,634 | 366 | |||
* | Allied Gaming & Entertainment Inc. | 342,015 | 359 | |||
*,1 | iMedia Brands Inc. | 509,066 | 326 | |||
Jerash Holdings US Inc. | 80,817 | 314 | ||||
Flanigan's Enterprises Inc. | 11,919 | 309 | ||||
* | Beasley Broadcast Group Inc. Class A | 314,502 | 289 |
Shares | Market Value• ($000) | |||||
* | Dixie Group Inc. | 359,932 | 288 | |||
* | Reading International Inc. Class A | 100,050 | 277 | |||
* | Auddia Inc. | 274,072 | 263 | |||
* | AYRO Inc. | 673,813 | 258 | |||
*,1 | EBET Inc. | 351,169 | 221 | |||
*,1 | Digital Media Solutions Inc. | 151,164 | 203 | |||
*,1 | HyreCar Inc. | 442,201 | 188 | |||
*,1 | Arcimoto Inc. | 54,305 | 179 | |||
* | Xcel Brands Inc. | 251,214 | 176 | |||
* | Forward Industries Inc. | 144,468 | 155 | |||
* | Moving Image Technologies Inc. | 128,637 | 148 | |||
*,1 | Lottery.com Inc. | 819,456 | 143 | |||
* | PARTS iD Inc. | 144,290 | 141 | |||
*,1 | Stran & Co. Inc. | 97,248 | 125 | |||
* | EzFill Holdings Inc. | 388,645 | 105 | |||
FAT Brands Inc. Class B | 16,464 | 86 | ||||
*,2 | Zagg Inc. CVR | 780,631 | 70 | |||
* | Twin Vee PowerCats Co. | 34,923 | 64 | |||
*,1 | Helbiz Inc. | 386,127 | 50 | |||
* | Amesite Inc. | 246,652 | 45 | |||
2 | SRAX Inc. | 590,641 | 41 | |||
* | IDW Media Holdings Inc. Class B | 42,882 | 40 | |||
*,1 | Applied UV Inc. | 38,595 | 35 | |||
* | Rave Restaurant Group Inc. | 21,026 | 33 | |||
* | Emerson Radio Corp. | 6,500 | 3 | |||
*,1 | Tuesday Morning Corp. | 1 | — | |||
151,399,285 | ||||||
Consumer Staples (6.0%) | ||||||
Procter & Gamble Co. | 72,068,942 | 10,922,769 | ||||
PepsiCo Inc. | 41,895,734 | 7,568,883 | ||||
Coca-Cola Co. | 118,361,492 | 7,528,975 | ||||
Philip Morris International Inc. | 47,149,120 | 4,771,962 | ||||
CVS Health Corp. | 39,961,675 | 3,724,029 | ||||
Mondelez International Inc. Class A | 41,523,102 | 2,767,515 | ||||
Altria Group Inc. | 54,507,276 | 2,491,528 | ||||
Colgate-Palmolive Co. | 25,390,836 | 2,000,544 | ||||
McKesson Corp. | 4,300,394 | 1,613,164 | ||||
Archer-Daniels-Midland Co. | 16,707,183 | 1,551,262 | ||||
General Mills Inc. | 18,043,273 | 1,512,928 | ||||
Kimberly-Clark Corp. | 10,256,311 | 1,392,294 |
Shares | Market Value• ($000) | |||||
Corteva Inc. | 21,851,907 | 1,284,455 | ||||
Sysco Corp. | 15,407,075 | 1,177,871 | ||||
* | Monster Beverage Corp. | 11,108,061 | 1,127,801 | |||
Constellation Brands Inc. Class A | 4,769,163 | 1,105,254 | ||||
Hershey Co. | 4,466,673 | 1,034,347 | ||||
Keurig Dr Pepper Inc. | 27,991,330 | 998,171 | ||||
Kraft Heinz Co. | 24,217,516 | 985,895 | ||||
Kroger Co. | 19,586,569 | 873,169 | ||||
AmerisourceBergen Corp. | 4,998,939 | 828,374 | ||||
Walgreens Boots Alliance Inc. | 20,990,992 | 784,223 | ||||
McCormick & Co. Inc. (Non-Voting) | 7,623,245 | 631,891 | ||||
Brown-Forman Corp. Class B | 9,415,520 | 618,411 | ||||
Church & Dwight Co. Inc. | 7,412,840 | 597,549 | ||||
Conagra Brands Inc. | 14,568,253 | 563,791 | ||||
Kellogg Co. | 7,784,271 | 554,551 | ||||
Tyson Foods Inc. Class A | 8,803,785 | 548,036 | ||||
Clorox Co. | 3,747,700 | 525,915 | ||||
J M Smucker Co. | 3,081,342 | 488,269 | ||||
Bunge Ltd. | 4,556,389 | 454,591 | ||||
Lamb Weston Holdings Inc. | 4,364,045 | 389,971 | ||||
Hormel Foods Corp. | 8,304,899 | 378,288 | ||||
Campbell Soup Co. | 5,926,935 | 336,354 | ||||
* | Darling Ingredients Inc. | 4,867,718 | 304,670 | |||
Molson Coors Beverage Co. Class B | 5,472,451 | 281,941 | ||||
* | Performance Food Group Co. | 4,731,087 | 276,248 | |||
Casey's General Stores Inc. | 1,131,500 | 253,852 | ||||
* | US Foods Holding Corp. | 6,154,153 | 209,364 | |||
Ingredion Inc. | 1,892,088 | 185,292 | ||||
Flowers Foods Inc. | 6,084,188 | 174,860 | ||||
* | Post Holdings Inc. | 1,606,603 | 145,012 | |||
* | Celsius Holdings Inc. | 1,270,992 | 132,234 | |||
Albertsons Cos. Inc. Class A | 5,693,923 | 118,092 | ||||
Lancaster Colony Corp. | 586,565 | 115,729 | ||||
* | Simply Good Foods Co. | 3,017,120 | 114,741 | |||
* | Sprouts Farmers Market Inc. | 3,246,499 | 105,089 | |||
* | BellRing Brands Inc. | 4,088,975 | 104,841 | |||
1 | Brown-Forman Corp. Class A | 1,558,761 | 102,504 |
Shares | Market Value• ($000) | |||||
* | Boston Beer Co. Inc. Class A | 281,099 | 92,628 | |||
* | Hostess Brands Inc. Class A | 4,061,813 | 91,147 | |||
* | TreeHouse Foods Inc. | 1,708,885 | 84,385 | |||
* | Grocery Outlet Holding Corp. | 2,660,814 | 77,669 | |||
Spectrum Brands Holdings Inc. | 1,245,664 | 75,886 | ||||
* | Freshpet Inc. | 1,387,609 | 73,224 | |||
Energizer Holdings Inc. | 2,171,448 | 72,852 | ||||
Primo Water Corp. | 4,638,793 | 72,087 | ||||
Coca-Cola Consolidated Inc. | 140,088 | 71,776 | ||||
* | United Natural Foods Inc. | 1,844,593 | 71,404 | |||
WD-40 Co. | 419,038 | 67,553 | ||||
Cal-Maine Foods Inc. | 1,198,818 | 65,276 | ||||
Nu Skin Enterprises Inc. Class A | 1,449,180 | 61,097 | ||||
Edgewell Personal Care Co. | 1,571,886 | 60,581 | ||||
J & J Snack Foods Corp. | 359,814 | 53,868 | ||||
Reynolds Consumer Products Inc. | 1,615,555 | 48,434 | ||||
Vector Group Ltd. | 4,078,716 | 48,374 | ||||
MGP Ingredients Inc. | 439,754 | 46,781 | ||||
* | Herbalife Nutrition Ltd. | 2,983,306 | 44,392 | |||
* | Hain Celestial Group Inc. | 2,721,250 | 44,030 | |||
Ingles Markets Inc. Class A | 437,539 | 42,205 | ||||
Weis Markets Inc. | 502,849 | 41,379 | ||||
Universal Corp. | 727,321 | 38,410 | ||||
Medifast Inc. | 331,241 | 38,209 | ||||
* | Chefs' Warehouse Inc. | 1,037,854 | 34,540 | |||
Utz Brands Inc. | 2,065,002 | 32,751 | ||||
* | National Beverage Corp. | 702,496 | 32,687 | |||
Andersons Inc. | 912,484 | 31,928 | ||||
SpartanNash Co. | 1,018,834 | 30,810 | ||||
Fresh Del Monte Produce Inc. | 1,142,545 | 29,923 | ||||
* | Beauty Health Co. | 2,851,620 | 25,950 | |||
* | Pilgrim's Pride Corp. | 1,084,599 | 25,738 | |||
Seaboard Corp. | 6,803 | 25,683 | ||||
1 | B&G Foods Inc. | 2,213,676 | 24,683 | |||
* | Duckhorn Portfolio Inc. | 1,466,854 | 24,306 | |||
*,1 | Beyond Meat Inc. | 1,782,445 | 21,942 | |||
John B Sanfilippo & Son Inc. | 269,014 | 21,876 |
Shares | Market Value• ($000) | |||||
Tootsie Roll Industries Inc. | 505,643 | 21,525 | ||||
* | USANA Health Sciences Inc. | 340,345 | 18,106 | |||
* | Mission Produce Inc. | 1,350,087 | 15,688 | |||
* | Sovos Brands Inc. | 1,083,568 | 15,571 | |||
* | Olaplex Holdings Inc. | 2,912,583 | 15,175 | |||
ACCO Brands Corp. | 2,700,003 | 15,093 | ||||
Calavo Growers Inc. | 496,687 | 14,603 | ||||
PetMed Express Inc. | 640,080 | 11,329 | ||||
* | Vital Farms Inc. | 742,708 | 11,081 | |||
*,1 | Veru Inc. | 1,923,707 | 10,157 | |||
* | Seneca Foods Corp. Class A | 162,229 | 9,888 | |||
Turning Point Brands Inc. | 434,620 | 9,401 | ||||
*,1 | Vita Coco Co. Inc. | 654,853 | 9,050 | |||
*,1 | Benson Hill Inc. | 3,328,592 | 8,488 | |||
*,1 | BRC Inc. Class A | 1,202,500 | 7,347 | |||
*,1 | GrowGeneration Corp. | 1,732,754 | 6,792 | |||
Limoneira Co. | 551,292 | 6,731 | ||||
*,1 | 22nd Century Group Inc. | 6,085,365 | 5,602 | |||
* | Rite Aid Corp. | 1,629,535 | 5,443 | |||
* | Whole Earth Brands Inc. | 1,332,300 | 5,422 | |||
Oil-Dri Corp. of America | 160,678 | 5,389 | ||||
Village Super Market Inc. Class A | 219,880 | 5,121 | ||||
* | Lifecore Biomedical Inc. | 751,182 | 4,868 | |||
* | Honest Co. Inc. | 1,532,403 | 4,613 | |||
* | HF Foods Group Inc. | 1,036,378 | 4,208 | |||
Alico Inc. | 170,218 | 4,063 | ||||
1 | ProPhase Labs Inc. | 394,258 | 3,797 | |||
Natural Grocers by Vitamin Cottage Inc. | 407,823 | 3,728 | ||||
* | Vintage Wine Estates Inc. | 1,027,600 | 3,350 | |||
*,1 | PLBY Group Inc. | 969,862 | 2,667 | |||
* | Farmer Bros Co. | 511,916 | 2,360 | |||
* | Nature's Sunshine Products Inc. | 231,851 | 1,929 | |||
* | AquaBounty Technologies Inc. | 1,988,764 | 1,519 | |||
* | Natural Alternatives International Inc. | 162,521 | 1,364 | |||
*,1 | Tattooed Chef Inc. | 1,086,098 | 1,336 | |||
*,1 | AppHarvest Inc. | 2,353,345 | 1,335 | |||
*,1 | Local Bounti Corp. | 899,938 | 1,251 | |||
AMCON Distributing Co. | 6,676 | 1,208 | ||||
* | Real Good Food Co. Inc. Class A | 175,743 | 1,165 | |||
*,1 | Zevia PBC Class A | 271,418 | 1,110 |
Shares | Market Value• ($000) | |||||
Lifevantage Corp. | 253,547 | 943 | ||||
*,1 | Splash Beverage Group Inc. | 950,644 | 914 | |||
* | Willamette Valley Vineyards Inc. | 152,333 | 913 | |||
* | LifeMD Inc. | 431,468 | 837 | |||
* | S&W Seed Co. | 558,871 | 833 | |||
* | Rocky Mountain Chocolate Factory Inc. | 128,662 | 733 | |||
* | Lifeway Foods Inc. | 115,467 | 641 | |||
* | Urban-Gro Inc. | 227,616 | 619 | |||
* | MamaMancini's Holdings Inc. | 332,476 | 597 | |||
*,1 | Boxed Inc. | 2,879,590 | 561 | |||
Mannatech Inc. | 30,953 | 554 | ||||
* | Bridgford Foods Corp. | 41,022 | 491 | |||
*,1 | Kaival Brands Innovations Group Inc. | 526,590 | 473 | |||
Coffee Holding Co. Inc. | 222,735 | 454 | ||||
* | Alkaline Water Co. Inc. | 2,273,743 | 397 | |||
* | Barfresh Food Group Inc. | 233,784 | 306 | |||
* | MedAvail Holdings Inc. | 967,300 | 290 | |||
*,1 | Blue Apron Holdings Inc. Class A | 339,505 | 282 | |||
* | Better Choice Co. Inc. | 413,653 | 223 | |||
* | Zivo Bioscience Inc. | 81,788 | 200 | |||
*,1 | Reed's Inc. | 2,105,891 | 147 | |||
* | Laird Superfood Inc. | 133,864 | 112 | |||
* | Yield10 Bioscience Inc. | 65,737 | 108 | |||
*,1 | RiceBran Technologies | 102,160 | 78 | |||
*,1 | Nuzee Inc. | 7,321 | 63 | |||
* | Stryve Foods Inc. Class A | 32,837 | 24 | |||
* | Fresh Vine Wine Inc. | 15,451 | 15 | |||
* | Blue Star Foods Corp. | 28,420 | 11 | |||
*,2 | Fresh Market Inc. | 661,450 | — | |||
*,1 | PLBY Group Inc. Rights Exp. 1/17/23 | 969,862 | — | |||
68,894,655 | ||||||
Energy (5.3%) | ||||||
Exxon Mobil Corp. | 125,243,406 | 13,814,348 | ||||
Chevron Corp. | 52,926,261 | 9,499,735 | ||||
ConocoPhillips | 37,898,245 | 4,471,993 | ||||
EOG Resources Inc. | 17,868,757 | 2,314,361 | ||||
Schlumberger Ltd. | 43,121,202 | 2,305,259 |
Shares | Market Value• ($000) | |||||
Marathon Petroleum Corp. | 14,250,461 | 1,658,611 | ||||
Pioneer Natural Resources Co. | 6,866,594 | 1,568,261 | ||||
Phillips 66 | 14,372,941 | 1,495,936 | ||||
Valero Energy Corp. | 11,725,291 | 1,487,470 | ||||
Occidental Petroleum Corp. | 20,733,560 | 1,306,007 | ||||
Devon Energy Corp. | 19,874,669 | 1,222,491 | ||||
Williams Cos. Inc. | 37,067,492 | 1,219,520 | ||||
Hess Corp. | 8,442,488 | 1,197,314 | ||||
Cheniere Energy Inc. | 7,563,998 | 1,134,297 | ||||
* | Enphase Energy Inc. | 4,132,283 | 1,094,890 | |||
Kinder Morgan Inc. | 58,122,834 | 1,050,861 | ||||
Halliburton Co. | 24,865,430 | 978,455 | ||||
Baker Hughes Co. Class A | 30,457,583 | 899,412 | ||||
ONEOK Inc. | 13,596,788 | 893,309 | ||||
Diamondback Energy Inc. | 5,353,233 | 732,215 | ||||
Coterra Energy Inc. | 22,783,688 | 559,795 | ||||
Marathon Oil Corp. | 19,325,617 | 523,144 | ||||
Targa Resources Corp. | 6,880,686 | 505,730 | ||||
* | First Solar Inc. | 3,077,758 | 461,017 | |||
APA Corp. | 9,770,688 | 456,096 | ||||
Texas Pacific Land Corp. | 187,526 | 439,604 | ||||
Ovintiv Inc. | 7,554,657 | 383,097 | ||||
Chesapeake Energy Corp. | 3,872,604 | 365,458 | ||||
EQT Corp. | 10,035,063 | 339,486 | ||||
NOV Inc. | 11,945,276 | 249,537 | ||||
* | Antero Resources Corp. | 7,755,487 | 240,343 | |||
HF Sinclair Corp. | 4,268,304 | 221,482 | ||||
*,1 | Plug Power Inc. | 17,771,382 | 219,832 | |||
* | Southwestern Energy Co. | 33,577,797 | 196,430 | |||
Matador Resources Co. | 3,409,709 | 195,172 | ||||
Murphy Oil Corp. | 4,485,171 | 192,907 | ||||
PDC Energy Inc. | 2,807,028 | 178,190 | ||||
ChampionX Corp. | 6,069,913 | 175,967 | ||||
Range Resources Corp. | 6,969,176 | 174,369 | ||||
Chord Energy Corp. | 1,200,441 | 164,232 | ||||
DT Midstream Inc. | 2,937,871 | 162,347 | ||||
PBF Energy Inc. Class A | 3,602,602 | 146,914 | ||||
Helmerich & Payne Inc. | 2,878,106 | 142,668 | ||||
SM Energy Co. | 3,730,957 | 129,949 | ||||
* | Denbury Inc. | 1,438,037 | 125,138 | |||
Magnolia Oil & Gas Corp. Class A | 5,145,411 | 120,660 | ||||
* | Noble Corp. plc | 3,191,731 | 120,360 |
Shares | Market Value• ($000) | |||||
Patterson-UTI Energy Inc. | 6,591,042 | 110,993 | ||||
* | Weatherford International plc | 2,155,571 | 109,762 | |||
Antero Midstream Corp. | 9,428,663 | 101,735 | ||||
California Resources Corp. | 2,230,264 | 97,039 | ||||
Cactus Inc. Class A | 1,842,509 | 92,605 | ||||
* | Peabody Energy Corp. | 3,500,743 | 92,490 | |||
* | Transocean Ltd. | 20,013,085 | 91,260 | |||
Civitas Resources Inc. | 1,554,467 | 90,050 | ||||
* | CNX Resources Corp. | 5,275,497 | 88,839 | |||
Equitrans Midstream Corp. | 13,189,543 | 88,370 | ||||
* | Array Technologies Inc. | 4,327,278 | 83,646 | |||
New Fortress Energy Inc. | 1,898,884 | 80,551 | ||||
Liberty Energy Inc. Class A | 5,019,266 | 80,358 | ||||
Arcosa Inc. | 1,478,795 | 80,358 | ||||
*,1 | ChargePoint Holdings Inc. | 8,319,837 | 79,288 | |||
1 | Arch Resources Inc. | 547,803 | 78,221 | |||
* | Callon Petroleum Co. | 1,867,075 | 69,250 | |||
* | Shoals Technologies Group Inc. Class A | 2,623,041 | 64,710 | |||
1 | Sitio Royalties Corp. | 2,231,420 | 64,376 | |||
Northern Oil & Gas Inc. | 2,036,951 | 62,779 | ||||
Alpha Metallurgical Resources Inc. | 410,512 | 60,095 | ||||
* | NexTier Oilfield Solutions Inc. | 6,347,093 | 58,647 | |||
Delek US Holdings Inc. | 2,145,572 | 57,930 | ||||
* | Ameresco Inc. Class A | 981,696 | 56,094 | |||
CONSOL Energy Inc. | 844,562 | 54,897 | ||||
Warrior Met Coal Inc. | 1,569,746 | 54,376 | ||||
* | Oceaneering International Inc. | 3,066,491 | 53,633 | |||
* | Green Plains Inc. | 1,707,983 | 52,093 | |||
* | Tidewater Inc. | 1,377,552 | 50,763 | |||
Permian Resources Corp. Class A | 5,262,498 | 49,467 | ||||
World Fuel Services Corp. | 1,785,198 | 48,789 | ||||
Enviva Inc. | 917,657 | 48,608 | ||||
* | SunPower Corp. | 2,637,856 | 47,561 | |||
* | NOW Inc. | 3,361,286 | 42,688 | |||
Archrock Inc. | 4,702,223 | 42,226 | ||||
* | Nabors Industries Ltd. | 270,995 | 41,969 |
Shares | Market Value• ($000) | |||||
* | Stem Inc. | 4,459,762 | 39,870 | |||
Comstock Resources Inc. | 2,833,681 | 38,850 | ||||
* | Par Pacific Holdings Inc. | 1,647,862 | 38,313 | |||
* | Talos Energy Inc. | 2,019,211 | 38,123 | |||
*,1 | FuelCell Energy Inc. | 12,562,353 | 34,923 | |||
* | Helix Energy Solutions Group Inc. | 4,472,007 | 33,003 | |||
* | ProPetro Holding Corp. | 3,076,283 | 31,901 | |||
* | Diamond Offshore Drilling Inc. | 2,948,976 | 30,669 | |||
* | MRC Global Inc. | 2,581,795 | 29,897 | |||
CVR Energy Inc. | 915,238 | 28,684 | ||||
Core Laboratories NV | 1,379,086 | 27,954 | ||||
*,1 | Earthstone Energy Inc. Class A | 1,946,058 | 27,692 | |||
* | Dril-Quip Inc. | 979,622 | 26,616 | |||
*,1 | Tellurian Inc. | 15,325,175 | 25,746 | |||
* | Laredo Petroleum Inc. | 484,900 | 24,934 | |||
* | Gulfport Energy Corp. | 331,810 | 24,435 | |||
RPC Inc. | 2,713,940 | 24,127 | ||||
Ranger Oil Corp. | 576,479 | 23,307 | ||||
SunCoke Energy Inc. | 2,524,635 | 21,788 | ||||
*,1 | Fluence Energy Inc. Class A | 1,257,061 | 21,559 | |||
*,1 | Montauk Renewables Inc. | 1,737,042 | 19,160 | |||
* | Bristow Group Inc. Class A | 693,278 | 18,809 | |||
Select Energy Services Inc. Class A | 1,983,896 | 18,331 | ||||
1 | Kinetik Holdings Inc. Class A | 529,122 | 17,503 | |||
* | ProFrac Holding Corp. Class A | 655,618 | 16,522 | |||
* | SandRidge Energy Inc. | 933,349 | 15,895 | |||
* | W&T Offshore Inc. | 2,772,648 | 15,471 | |||
VAALCO Energy Inc. | 3,343,681 | 15,247 | ||||
* | REX American Resources Corp. | 477,153 | 15,202 | |||
Berry Corp. | 1,701,948 | 13,616 | ||||
1 | Crescent Energy Co. Class A | 1,084,502 | 13,003 | |||
* | Oil States International Inc. | 1,696,380 | 12,655 | |||
*,1 | Gevo Inc. | 6,638,561 | 12,613 | |||
*,1 | SilverBow Resources Inc. | 433,984 | 12,273 | |||
* | TETRA Technologies Inc. | 3,494,648 | 12,091 | |||
* | NextDecade Corp. | 2,346,418 | 11,591 |
Shares | Market Value• ($000) | |||||
* | Centrus Energy Corp. Class A | 342,567 | 11,127 | |||
* | TPI Composites Inc. | 1,071,321 | 10,863 | |||
* | DMC Global Inc. | 524,094 | 10,188 | |||
* | Newpark Resources Inc. | 2,449,089 | 10,164 | |||
*,1 | EVgo Inc. Class A | 2,082,073 | 9,307 | |||
Solaris Oilfield Infrastructure Inc. Class A | 935,530 | 9,290 | ||||
* | Amplify Energy Corp. | 1,044,290 | 9,179 | |||
* | Solid Power Inc. | 3,120,617 | 7,926 | |||
*,1 | Nine Energy Service Inc. | 508,263 | 7,385 | |||
* | Hallador Energy Co. | 681,965 | 6,813 | |||
* | SEACOR Marine Holdings Inc. | 700,466 | 6,416 | |||
* | Ring Energy Inc. | 2,558,293 | 6,293 | |||
Evolution Petroleum Corp. | 784,579 | 5,924 | ||||
Ramaco Resources Inc. | 673,015 | 5,916 | ||||
* | Forum Energy Technologies Inc. | 194,303 | 5,732 | |||
*,1 | KLX Energy Services Holdings Inc. | 328,707 | 5,690 | |||
*,1 | Beam Global | 296,377 | 5,178 | |||
*,1,2 | Next Bridge Hydrocarbons Inc. | 1,763,201 | 5,104 | |||
*,1 | 374Water Inc. | 1,698,615 | 4,977 | |||
* | Matrix Service Co. | 785,548 | 4,886 | |||
Epsilon Energy Ltd. | 661,802 | 4,388 | ||||
NACCO Industries Inc. Class A | 111,685 | 4,244 | ||||
* | Ranger Energy Services Inc. Class A | 357,073 | 3,931 | |||
*,1 | ESS Tech Inc. | 1,593,000 | 3,871 | |||
Riley Exploration Permian Inc. | 125,900 | 3,705 | ||||
* | Aemetis Inc. | 924,014 | 3,659 | |||
*,1 | FTC Solar Inc. | 1,323,352 | 3,547 | |||
* | Natural Gas Services Group Inc. | 308,325 | 3,533 | |||
* | Heliogen Inc. | 4,874,100 | 3,403 | |||
PHX Minerals Inc. | 831,790 | 3,236 | ||||
* | Empire Petroleum Corp. | 234,700 | 2,887 | |||
* | Mammoth Energy Services Inc. | 308,591 | 2,669 | |||
* | American Superconductor Corp. | 684,748 | 2,520 | |||
*,1 | American Resources Corp. | 1,756,997 | 2,319 | |||
*,1 | Sunworks Inc. | 1,299,138 | 2,053 | |||
*,1 | Flotek Industries Inc. | 1,811,795 | 2,029 |
Shares | Market Value• ($000) | |||||
* | Battalion Oil Corp. | 207,783 | 2,018 | |||
* | Gulf Island Fabrication Inc. | 358,485 | 1,839 | |||
* | Ideal Power Inc. | 149,114 | 1,584 | |||
* | PrimeEnergy Resources Corp. | 17,932 | 1,558 | |||
* | Smart Sand Inc. | 860,390 | 1,540 | |||
*,1 | Volta Inc. | 3,973,258 | 1,412 | |||
*,1 | Advent Technologies Holdings Inc. | 760,618 | 1,377 | |||
*,1 | Stabilis Solutions Inc. | 169,932 | 880 | |||
* | Profire Energy Inc. | 830,050 | 872 | |||
* | PEDEVCO Corp. | 768,132 | 845 | |||
Barnwell Industries Inc. | 267,900 | 792 | ||||
*,1 | Houston American Energy Corp. | 199,104 | 685 | |||
* | Geospace Technologies Corp. | 159,910 | 675 | |||
* | Mexco Energy Corp. | 44,605 | 557 | |||
*,1 | Dawson Geophysical Co. | 275,110 | 539 | |||
* | Enservco Corp. | 314,865 | 513 | |||
*,1 | Camber Energy Inc. | 226,702 | 458 | |||
*,1 | Ocean Power Technologies Inc. | 1,001,472 | 451 | |||
*,1 | Independence Contract Drilling Inc. | 133,014 | 435 | |||
* | Capstone Green Energy Corp. | 297,760 | 432 | |||
* | Pineapple Energy Inc. | 163,316 | 381 | |||
* | iSun Inc. | 242,226 | 322 | |||
* | Energy Services of America Corp. | 121,699 | 315 | |||
* | OPAL Fuels Inc. Class A | 39,434 | 287 | |||
1 | US Energy Corp. | 108,748 | 250 | |||
* | Superior Drilling Products Inc. | 258,628 | 238 | |||
Adams Resources & Energy Inc. | 4,305 | 168 | ||||
* | Ecoark Holdings Inc. | 250,250 | 58 | |||
* | NCS Multistage Holdings Inc. | 800 | 20 | |||
* | Tidewater Inc. Class A Warrants Exp. 7/31/23 | 8,839 | 10 | |||
*,1 | Tidewater Inc. Class B Warrants Exp. 7/31/23 | 9,555 | 6 | |||
*,2 | Pineapple Energy Inc. CVR | 69,639 | — | |||
61,115,427 | ||||||
Financials (11.8%) | ||||||
* | Berkshire Hathaway Inc. Class B | 51,057,930 | 15,771,795 |
Shares | Market Value• ($000) | |||||
JPMorgan Chase & Co. | 89,204,681 | 11,962,348 | ||||
Bank of America Corp. | 207,377,454 | 6,868,341 | ||||
Wells Fargo & Co. | 115,874,794 | 4,784,470 | ||||
Charles Schwab Corp. | 46,942,437 | 3,908,427 | ||||
S&P Global Inc. | 9,907,985 | 3,318,580 | ||||
Morgan Stanley | 38,550,543 | 3,277,567 | ||||
Goldman Sachs Group Inc. | 9,445,939 | 3,243,547 | ||||
BlackRock Inc. | 4,339,764 | 3,075,287 | ||||
Chubb Ltd. | 11,986,848 | 2,644,299 | ||||
Citigroup Inc. | 55,948,963 | 2,530,572 | ||||
Marsh & McLennan Cos. Inc. | 15,080,928 | 2,495,592 | ||||
Progressive Corp. | 17,790,095 | 2,307,553 | ||||
PNC Financial Services Group Inc. | 12,265,546 | 1,937,220 | ||||
US Bancorp | 42,923,181 | 1,871,880 | ||||
CME Group Inc. | 10,939,180 | 1,839,532 | ||||
Aon plc Class A | 5,973,491 | 1,792,884 | ||||
Intercontinental Exchange Inc. | 16,986,954 | 1,742,692 | ||||
Truist Financial Corp. | 40,356,812 | 1,736,554 | ||||
Blackstone Inc. | 21,341,523 | 1,583,328 | ||||
American International Group Inc. | 22,588,215 | 1,428,479 | ||||
Travelers Cos. Inc. | 7,124,119 | 1,335,701 | ||||
Moody's Corp. | 4,734,908 | 1,319,240 | ||||
MetLife Inc. | 17,885,447 | 1,294,370 | ||||
Aflac Inc. | 17,010,273 | 1,223,719 | ||||
Arthur J Gallagher & Co. | 6,408,270 | 1,208,215 | ||||
Prudential Financial Inc. | 11,190,868 | 1,113,044 | ||||
Allstate Corp. | 8,066,868 | 1,093,867 | ||||
MSCI Inc. Class A | 2,310,092 | 1,074,585 | ||||
Ameriprise Financial Inc. | 3,235,931 | 1,007,572 | ||||
Bank of New York Mellon Corp. | 22,130,348 | 1,007,373 | ||||
KKR & Co. Inc. | 19,650,982 | 912,199 | ||||
Discover Financial Services | 8,304,648 | 812,444 | ||||
Willis Towers Watson plc | 3,288,697 | 804,350 | ||||
M&T Bank Corp. | 5,246,963 | 761,124 | ||||
T. Rowe Price Group Inc. | 6,796,980 | 741,279 | ||||
Nasdaq Inc. | 11,952,508 | 733,286 | ||||
Hartford Financial Services Group Inc. | 9,660,235 | 732,536 | ||||
Fifth Third Bancorp | 20,879,232 | 685,048 | ||||
First Republic Bank | 5,564,541 | 678,262 |
Shares | Market Value• ($000) | |||||
* | Arch Capital Group Ltd. | 10,681,213 | 670,567 | |||
Apollo Global Management Inc. | 10,436,343 | 665,734 | ||||
Raymond James Financial Inc. | 5,884,697 | 628,780 | ||||
Principal Financial Group Inc. | 7,433,396 | 623,811 | ||||
Huntington Bancshares Inc. | 43,843,500 | 618,193 | ||||
Regions Financial Corp. | 28,410,891 | 612,539 | ||||
State Street Corp. | 7,777,320 | 603,287 | ||||
Citizens Financial Group Inc. | 14,968,790 | 589,321 | ||||
Northern Trust Corp. | 6,023,995 | 533,063 | ||||
* | Markel Corp. | 388,914 | 512,390 | |||
LPL Financial Holdings Inc. | 2,300,263 | 497,248 | ||||
KeyCorp | 28,382,493 | 494,423 | ||||
* | Berkshire Hathaway Inc. Class A | 1,051 | 492,615 | |||
Cincinnati Financial Corp. | 4,785,307 | 489,968 | ||||
Broadridge Financial Solutions Inc. | 3,582,232 | 480,485 | ||||
FactSet Research Systems Inc. | 1,158,569 | 464,829 | ||||
W R Berkley Corp. | 6,052,917 | 439,260 | ||||
* | SVB Financial Group | 1,796,181 | 413,373 | |||
Cboe Global Markets Inc. | 3,228,338 | 405,060 | ||||
First Horizon Corp. | 16,286,648 | 399,023 | ||||
Everest Re Group Ltd. | 1,191,336 | 394,654 | ||||
Brown & Brown Inc. | 6,885,122 | 392,245 | ||||
Loews Corp. | 6,138,809 | 358,077 | ||||
Ares Management Corp. Class A | 4,742,403 | 324,570 | ||||
Equitable Holdings Inc. | 11,227,719 | 322,236 | ||||
Globe Life Inc. | 2,657,316 | 320,339 | ||||
MarketAxess Holdings Inc. | 1,087,345 | 303,250 | ||||
American Financial Group Inc. | 2,201,100 | 302,167 | ||||
Annaly Capital Management Inc. | 14,184,280 | 299,005 | ||||
Fidelity National Financial Inc. | 7,873,046 | 296,184 | ||||
��� | Reinsurance Group of America Inc. | 2,031,981 | 288,724 | |||
East West Bancorp Inc. | 4,283,268 | 282,267 | ||||
Comerica Inc. | 3,972,848 | 265,585 | ||||
Webster Financial Corp. | 5,292,371 | 250,541 |
Shares | Market Value• ($000) | |||||
Invesco Ltd. | 13,809,503 | 248,433 | ||||
RenaissanceRe Holdings Ltd. | 1,329,563 | 244,945 | ||||
1 | Franklin Resources Inc. | 9,102,204 | 240,116 | |||
Cullen/Frost Bankers Inc. | 1,759,978 | 235,309 | ||||
Commerce Bancshares Inc. | 3,430,208 | 233,494 | ||||
First Citizens BancShares Inc. Class A | 307,877 | 233,482 | ||||
Carlyle Group Inc. | 7,735,664 | 230,832 | ||||
Zions Bancorp NA | 4,565,640 | 224,447 | ||||
Signature Bank | 1,916,098 | 220,773 | ||||
Tradeweb Markets Inc. Class A | 3,378,145 | 219,343 | ||||
SEI Investments Co. | 3,688,899 | 215,063 | ||||
Interactive Brokers Group Inc. Class A | 2,969,760 | 214,862 | ||||
Unum Group | 5,153,352 | 211,442 | ||||
Assurant Inc. | 1,612,765 | 201,692 | ||||
Old Republic International Corp. | 8,321,433 | 200,963 | ||||
Ally Financial Inc. | 8,139,142 | 199,002 | ||||
Erie Indemnity Co. Class A | 772,461 | 192,126 | ||||
Prosperity Bancshares Inc. | 2,639,887 | 191,867 | ||||
Western Alliance Bancorp | 3,153,482 | 187,821 | ||||
Voya Financial Inc. | 2,969,373 | 182,587 | ||||
Affiliated Managers Group Inc. | 1,144,833 | 181,376 | ||||
AGNC Investment Corp. | 17,427,563 | 180,375 | ||||
Stifel Financial Corp. | 3,063,871 | 178,838 | ||||
SouthState Corp. | 2,304,106 | 175,942 | ||||
Kinsale Capital Group Inc. | 668,405 | 174,801 | ||||
RLI Corp. | 1,309,235 | 171,863 | ||||
New York Community Bancorp Inc. | 19,631,718 | 168,833 | ||||
Morningstar Inc. | 775,316 | 167,926 | ||||
Jefferies Financial Group Inc. | 4,879,196 | 167,259 | ||||
Glacier Bancorp Inc. | 3,374,910 | 166,788 | ||||
United Bankshares Inc. | 4,094,075 | 165,769 | ||||
Starwood Property Trust Inc. | 8,972,543 | 164,467 | ||||
Pinnacle Financial Partners Inc. | 2,211,946 | 162,357 | ||||
Selective Insurance Group Inc. | 1,830,137 | 162,168 | ||||
Old National Bancorp | 8,906,245 | 160,134 |
Shares | Market Value• ($000) | |||||
Primerica Inc. | 1,124,655 | 159,499 | ||||
Synovus Financial Corp. | 4,199,129 | 157,677 | ||||
First American Financial Corp. | 2,988,251 | 156,405 | ||||
Wintrust Financial Corp. | 1,838,874 | 155,422 | ||||
*,1 | Coinbase Global Inc. Class A | 4,360,711 | 154,326 | |||
* | Robinhood Markets Inc. Class A | 18,452,450 | 150,203 | |||
Valley National Bancorp | 13,119,136 | 148,377 | ||||
Popular Inc. | 2,203,760 | 146,153 | ||||
Lincoln National Corp. | 4,649,089 | 142,820 | ||||
First Financial Bankshares Inc. | 4,129,082 | 142,040 | ||||
Blue Owl Capital Inc. Class A | 13,322,573 | 141,219 | ||||
FNB Corp. | 10,718,747 | 139,880 | ||||
Cadence Bank | 5,553,402 | 136,947 | ||||
Bank OZK | 3,401,373 | 136,259 | ||||
Home BancShares Inc. | 5,900,339 | 134,469 | ||||
Houlihan Lokey Inc. Class A | 1,513,977 | 131,958 | ||||
Hanover Insurance Group Inc. | 976,472 | 131,951 | ||||
SLM Corp. | 7,590,419 | 126,001 | ||||
Axis Capital Holdings Ltd. | 2,309,840 | 125,124 | ||||
Essent Group Ltd. | 3,100,396 | 120,543 | ||||
First Bancorp | 6,808,902 | 120,070 | ||||
Hancock Whitney Corp. | 2,466,439 | 119,351 | ||||
American Equity Investment Life Holding Co. | 2,603,242 | ��� 118,760 | ||||
MGIC Investment Corp. | 9,070,299 | 117,914 | ||||
Umpqua Holdings Corp. | 6,600,146 | 117,813 | ||||
Rithm Capital Corp. | 14,342,033 | 117,174 | ||||
Independent Bank Corp. | 1,383,809 | 116,835 | ||||
Lazard Ltd. Class A | 3,256,575 | 112,905 | ||||
OneMain Holdings Inc. | 3,367,156 | 112,160 | ||||
Assured Guaranty Ltd. | 1,732,047 | 107,837 | ||||
* | Brighthouse Financial Inc. | 2,095,367 | 107,429 | |||
* | Ryan Specialty Holdings Inc. Class A | 2,559,328 | 106,238 |
Shares | Market Value• ($000) | |||||
White Mountains Insurance Group Ltd. | 74,454 | 105,303 | ||||
Blackstone Mortgage Trust Inc. Class A | 4,943,176 | 104,647 | ||||
CVB Financial Corp. | 4,027,770 | 103,715 | ||||
*,1 | SoFi Technologies Inc. | 22,472,273 | 103,597 | |||
United Community Banks Inc. | 3,051,762 | 103,150 | ||||
Community Bank System Inc. | 1,636,337 | 103,007 | ||||
Evercore Inc. Class A | 943,438 | 102,910 | ||||
ServisFirst Bancshares Inc. | 1,491,694 | 102,793 | ||||
First Hawaiian Inc. | 3,893,734 | 101,393 | ||||
Associated Banc-Corp | 4,305,330 | 99,410 | ||||
UMB Financial Corp. | 1,174,832 | 98,122 | ||||
FirstCash Holdings Inc. | 1,124,293 | 97,712 | ||||
Kemper Corp. | 1,942,867 | 95,589 | ||||
Janus Henderson Group plc | 4,033,253 | 94,862 | ||||
1 | Bank of Hawaii Corp. | 1,217,080 | 94,397 | |||
Ameris Bancorp | 1,995,484 | 94,067 | ||||
*,1 | Credit Acceptance Corp. | 197,447 | 93,669 | |||
Federated Hermes Inc. Class B | 2,565,789 | 93,164 | ||||
First Interstate BancSystem Inc. Class A | 2,386,629 | 92,243 | ||||
Pacific Premier Bancorp Inc. | 2,910,810 | 91,865 | ||||
* | Texas Capital Bancshares Inc. | 1,512,994 | 91,249 | |||
Radian Group Inc. | 4,732,509 | 90,249 | ||||
Cathay General Bancorp | 2,143,690 | 87,441 | ||||
Fulton Financial Corp. | 5,136,705 | 86,451 | ||||
WSFS Financial Corp. | 1,874,911 | 85,008 | ||||
Eastern Bankshares Inc. | 4,863,291 | 83,892 | ||||
PacWest Bancorp | 3,558,754 | 81,673 | ||||
Atlantic Union Bankshares Corp. | 2,303,456 | 80,943 | ||||
Simmons First National Corp. Class A | 3,717,745 | 80,229 | ||||
CNO Financial Group Inc. | 3,497,556 | 79,919 | ||||
BankUnited Inc. | 2,350,632 | 79,851 | ||||
* | Genworth Financial Inc. Class A | 15,011,421 | 79,410 |
Shares | Market Value• ($000) | |||||
International Bancshares Corp. | 1,720,826 | 78,745 | ||||
Jackson Financial Inc. Class A | 2,254,463 | 78,433 | ||||
* | Mr Cooper Group Inc. | 1,932,515 | 77,552 | |||
Walker & Dunlop Inc. | 954,651 | 74,921 | ||||
BOK Financial Corp. | 721,178 | 74,851 | ||||
First Merchants Corp. | 1,812,774 | 74,523 | ||||
Moelis & Co. Class A | 1,933,749 | 74,198 | ||||
* | Enstar Group Ltd. | 320,927 | 74,147 | |||
Columbia Banking System Inc. | 2,393,519 | 72,117 | ||||
* | Axos Financial Inc. | 1,753,271 | 67,010 | |||
Washington Federal Inc. | 1,994,275 | 66,908 | ||||
Piper Sandler Cos. | 512,652 | 66,742 | ||||
First Financial Bancorp | 2,722,391 | 65,964 | ||||
Banner Corp. | 1,037,449 | 65,567 | ||||
WesBanco Inc. | 1,737,774 | 64,263 | ||||
Arbor Realty Trust Inc. | 4,871,812 | 64,259 | ||||
Independent Bank Group Inc. | 1,069,223 | 64,239 | ||||
Towne Bank | 2,068,654 | 63,797 | ||||
Seacoast Banking Corp. of Florida | 2,038,581 | 63,583 | ||||
Park National Corp. | 447,598 | 62,999 | ||||
Hamilton Lane Inc. Class A | 973,463 | 62,185 | ||||
Renasant Corp. | 1,607,029 | 60,408 | ||||
Trustmark Corp. | 1,668,433 | 58,245 | ||||
Artisan Partners Asset Management Inc. Class A | 1,953,299 | 58,013 | ||||
Virtu Financial Inc. Class A | 2,801,846 | 57,186 | ||||
* | Focus Financial Partners Inc. Class A | 1,498,269 | 55,840 | |||
NBT Bancorp Inc. | 1,252,446 | 54,381 | ||||
Northwest Bancshares Inc. | 3,887,354 | 54,345 | ||||
Lakeland Financial Corp. | 742,829 | 54,204 | ||||
*,1 | Trupanion Inc. | 1,127,536 | 53,592 | |||
* | NMI Holdings Inc. Class A | 2,557,232 | 53,446 | |||
Enterprise Financial Services Corp. | 1,080,745 | 52,913 | ||||
1 | Claros Mortgage Trust Inc. | 3,582,367 | 52,697 | |||
Stock Yards Bancorp Inc. | 802,577 | 52,151 |
Shares | Market Value• ($000) | |||||
Heartland Financial USA Inc. | 1,112,711 | 51,875 | ||||
* | StoneX Group Inc. | 535,748 | 51,057 | |||
Navient Corp. | 3,081,533 | 50,691 | ||||
TPG Inc. Class A | 1,821,085 | 50,681 | ||||
PJT Partners Inc. Class A | 664,599 | 48,974 | ||||
BancFirst Corp. | 553,064 | 48,769 | ||||
Cohen & Steers Inc. | 754,851 | 48,733 | ||||
National Bank Holdings Corp. Class A | 1,152,150 | 48,471 | ||||
Horace Mann Educators Corp. | 1,277,292 | 47,732 | ||||
* | Cannae Holdings Inc. | 2,304,004 | 47,578 | |||
* | BRP Group Inc. Class A | 1,883,589 | 47,353 | |||
Provident Financial Services Inc. | 2,214,342 | 47,298 | ||||
Westamerica Bancorp | 792,627 | 46,773 | ||||
Apollo Commercial Real Estate Finance Inc. | 4,320,289 | 46,486 | ||||
Sandy Spring Bancorp Inc. | 1,315,036 | 46,329 | ||||
TriCo Bancshares | 900,004 | 45,891 | ||||
Veritex Holdings Inc. | 1,585,797 | 44,529 | ||||
Hope Bancorp Inc. | 3,431,147 | 43,953 | ||||
Eagle Bancorp Inc. | 990,908 | 43,669 | ||||
* | Bancorp Inc. | 1,534,653 | 43,553 | |||
StepStone Group Inc. Class A | 1,657,153 | 41,727 | ||||
OFG Bancorp | 1,490,715 | 41,084 | ||||
Two Harbors Investment Corp. | 2,604,910 | 41,079 | ||||
Hilltop Holdings Inc. | 1,363,554 | 40,920 | ||||
First Busey Corp. | 1,637,374 | 40,476 | ||||
Virtus Investment Partners Inc. | 211,368 | 40,464 | ||||
City Holding Co. | 428,546 | 39,893 | ||||
Stellar Bancorp Inc. | 1,350,171 | 39,776 | ||||
FB Financial Corp. | 1,096,435 | 39,625 | ||||
1 | Corebridge Financial Inc. | 1,968,337 | 39,485 | |||
Chimera Investment Corp. | 7,132,506 | 39,229 | ||||
Berkshire Hills Bancorp Inc. | 1,293,745 | 38,683 | ||||
PennyMac Financial Services Inc. | 679,112 | 38,478 | ||||
Pathward Financial Inc. | 891,986 | 38,400 | ||||
BGC Partners Inc. Class A | 10,162,208 | 38,312 | ||||
S&T Bancorp Inc. | 1,117,917 | 38,210 | ||||
OceanFirst Financial Corp. | 1,777,794 | 37,778 |
Shares | Market Value• ($000) | |||||
First Commonwealth Financial Corp. | 2,670,715 | 37,310 | ||||
Safety Insurance Group Inc. | 439,712 | 37,050 | ||||
* | PRA Group Inc. | 1,095,461 | 37,005 | |||
* | Enova International Inc. | 937,425 | 35,969 | |||
Ladder Capital Corp. Class A | 3,525,368 | 35,395 | ||||
Employers Holdings Inc. | 819,465 | 35,344 | ||||
Stewart Information Services Corp. | 818,852 | 34,990 | ||||
* | Blucora Inc. | 1,359,668 | 34,712 | |||
* | Triumph Financial Inc. | 705,694 | 34,487 | |||
Ready Capital Corp. | 3,072,836 | 34,231 | ||||
PennyMac Mortgage Investment Trust | 2,733,208 | 33,864 | ||||
Capitol Federal Financial Inc. | 3,884,090 | 33,597 | ||||
1 | Compass Diversified Holdings | 1,836,527 | 33,480 | |||
Origin Bancorp Inc. | 903,040 | 33,142 | ||||
Heritage Financial Corp. | 1,080,734 | 33,114 | ||||
* | Palomar Holdings Inc. | 731,115 | 33,017 | |||
Southside Bancshares Inc. | 901,741 | 32,454 | ||||
Lakeland Bancorp Inc. | 1,842,324 | 32,443 | ||||
Nelnet Inc. Class A | 355,880 | 32,296 | ||||
* | Encore Capital Group Inc. | 673,165 | 32,272 | |||
Brookline Bancorp Inc. | 2,252,520 | 31,873 | ||||
Franklin BSP Realty Trust Inc. | 2,446,033 | 31,554 | ||||
Dime Community Bancshares Inc. | 988,547 | 31,465 | ||||
* | Nicolet Bankshares Inc. | 391,726 | 31,256 | |||
AMERISAFE Inc. | 600,691 | 31,218 | ||||
German American Bancorp Inc. | 829,939 | 30,957 | ||||
MFA Financial Inc. | 3,066,836 | 30,208 | ||||
Federal Agricultural Mortgage Corp. Class C | 267,523 | 30,153 | ||||
Live Oak Bancshares Inc. | 994,781 | 30,042 | ||||
1 | Cowen Inc. Class A | 754,682 | 29,146 | |||
Preferred Bank | 389,706 | 29,080 | ||||
* | LendingClub Corp. | 3,287,130 | 28,927 | |||
Mercury General Corp. | 843,998 | 28,865 | ||||
ProAssurance Corp. | 1,649,086 | 28,810 |
Shares | Market Value• ($000) | |||||
Premier Financial Corp. | 1,060,618 | 28,605 | ||||
* | MoneyGram International Inc. | 2,624,418 | 28,580 | |||
ConnectOne Bancorp Inc. | 1,177,893 | 28,517 | ||||
*,1 | Upstart Holdings Inc. | 2,127,680 | 28,128 | |||
New York Mortgage Trust Inc. | 10,943,238 | 28,015 | ||||
TFS Financial Corp. | 1,879,247 | 27,080 | ||||
* | Customers Bancorp Inc. | 939,524 | 26,626 | |||
Tompkins Financial Corp. | 338,988 | 26,299 | ||||
Amerant Bancorp Inc. Class A | 952,284 | 25,559 | ||||
QCR Holdings Inc. | 507,006 | 25,168 | ||||
1 | Rocket Cos. Inc. Class A | 3,586,354 | 25,104 | |||
1 | ARMOUR Residential REIT Inc. | 4,395,731 | 24,748 | |||
Banc of California Inc. | 1,550,511 | 24,700 | ||||
* | Columbia Financial Inc. | 1,139,427 | 24,634 | |||
Argo Group International Holdings Ltd. | 927,917 | 23,987 | ||||
Hanmi Financial Corp. | 965,551 | 23,897 | ||||
Enact Holdings Inc. | 988,708 | 23,848 | ||||
First Bancshares Inc. | 737,705 | 23,614 | ||||
* | Ambac Financial Group Inc. | 1,346,454 | 23,482 | |||
1 | Bank First Corp. | 250,966 | 23,295 | |||
Redwood Trust Inc. | 3,331,863 | 22,523 | ||||
Washington Trust Bancorp Inc. | 474,187 | 22,372 | ||||
Heritage Commerce Corp. | 1,707,856 | 22,202 | ||||
Peoples Bancorp Inc. | 779,671 | 22,026 | ||||
Old Second Bancorp Inc. | 1,367,594 | 21,936 | ||||
Univest Financial Corp. | 834,242 | 21,799 | ||||
First Foundation Inc. | 1,492,436 | 21,387 | ||||
*,1 | Lemonade Inc. | 1,517,226 | 20,756 | |||
TrustCo Bank Corp. | 548,863 | 20,632 | ||||
KKR Real Estate Finance Trust Inc. | 1,451,080 | 20,257 | ||||
Brightsphere Investment Group Inc. | 982,773 | 20,225 | ||||
Northfield Bancorp Inc. | 1,279,070 | 20,120 | ||||
WisdomTree Inc. | 3,691,556 | 20,119 |
Shares | Market Value• ($000) | |||||
Community Trust Bancorp Inc. | 437,907 | 20,113 | ||||
* | Goosehead Insurance Inc. Class A | 570,227 | 19,582 | |||
United Fire Group Inc. | 714,514 | 19,549 | ||||
Ellington Financial Inc. | 1,573,479 | 19,464 | ||||
Victory Capital Holdings Inc. Class A | 721,738 | 19,364 | ||||
James River Group Holdings Ltd. | 921,185 | 19,262 | ||||
HarborOne Bancorp Inc. | 1,369,005 | 19,029 | ||||
Kearny Financial Corp. | 1,871,083 | 18,991 | ||||
* | Open Lending Corp. Class A | 2,801,319 | 18,909 | |||
iStar Inc. | 2,458,453 | 18,758 | ||||
Cambridge Bancorp | 222,172 | 18,454 | ||||
Peapack-Gladstone Financial Corp. | 493,155 | 18,355 | ||||
* | Metropolitan Bank Holding Corp. | 311,071 | 18,251 | |||
Great Southern Bancorp Inc. | 302,804 | 18,014 | ||||
B. Riley Financial Inc. | 521,564 | 17,837 | ||||
* | MBIA Inc. | 1,382,103 | 17,760 | |||
First Mid Bancshares Inc. | 544,930 | 17,481 | ||||
BrightSpire Capital Inc. Class A | 2,788,244 | 17,371 | ||||
Horizon Bancorp Inc. | 1,130,130 | 17,042 | ||||
* | SiriusPoint Ltd. | 2,875,652 | 16,966 | |||
Dynex Capital Inc. | 1,333,660 | 16,964 | ||||
Business First Bancshares Inc. | 759,121 | 16,807 | ||||
Camden National Corp. | 401,070 | 16,721 | ||||
* | Clearwater Analytics Holdings Inc. Class A | 881,534 | 16,529 | |||
Midland States Bancorp Inc. | 610,984 | 16,264 | ||||
Diamond Hill Investment Group Inc. | 87,521 | 16,193 | ||||
Flushing Financial Corp. | 829,310 | 16,072 | ||||
Central Pacific Financial Corp. | 784,064 | 15,901 | ||||
Amalgamated Financial Corp. | 689,657 | 15,890 | ||||
National Western Life Group Inc. Class A | 55,873 | 15,700 | ||||
*,1 | Silvergate Capital Corp. Class A | 901,737 | 15,690 |
Shares | Market Value• ($000) | |||||
*,1 | Riot Blockchain Inc. | 4,579,007 | 15,523 | |||
Byline Bancorp Inc. | 644,601 | 14,806 | ||||
Hingham Institution For Savings | 53,653 | 14,806 | ||||
HomeStreet Inc. | 535,464 | 14,768 | ||||
* | AssetMark Financial Holdings Inc. | 640,865 | 14,740 | |||
Bank of Marin Bancorp | 446,902 | 14,694 | ||||
* | Coastal Financial Corp. | 308,378 | 14,654 | |||
Mercantile Bank Corp. | 435,675 | 14,586 | ||||
Equity Bancshares Inc. Class A | 443,588 | 14,492 | ||||
* | CrossFirst Bankshares Inc. | 1,158,754 | 14,380 | |||
Independent Bank Corp. | 599,260 | 14,334 | ||||
P10 Inc. Class A | 1,343,205 | 14,332 | ||||
First Financial Corp. | 303,859 | 14,002 | ||||
Broadmark Realty Capital Inc. | 3,923,468 | 13,968 | ||||
CNB Financial Corp. | 584,803 | 13,912 | ||||
First Community Bankshares Inc. | 407,777 | 13,824 | ||||
Arrow Financial Corp. | 407,363 | 13,810 | ||||
* | EZCORP Inc. Class A | 1,624,375 | 13,239 | |||
Bar Harbor Bankshares | 412,183 | 13,206 | ||||
1 | Invesco Mortgage Capital Inc. | 1,023,676 | 13,031 | |||
Capital City Bank Group Inc. | 393,835 | 12,800 | ||||
Farmers National Banc Corp. | 895,587 | 12,646 | ||||
Alerus Financial Corp. | 537,480 | 12,550 | ||||
1st Source Corp. | 233,785 | 12,412 | ||||
TPG RE Finance Trust Inc. | 1,817,114 | 12,338 | ||||
First of Long Island Corp. | 672,717 | 12,109 | ||||
1 | CBL & Associates Properties Inc. | 522,774 | 12,066 | |||
Metrocity Bankshares Inc. | 554,638 | 11,997 | ||||
* | Carter Bankshares Inc. | 712,025 | 11,812 | |||
SmartFinancial Inc. | 416,988 | 11,467 | ||||
1 | Orchid Island Capital Inc. | 1,081,779 | 11,359 | |||
NexPoint Diversified Real Estate Trust | 1,006,100 | 11,278 | ||||
*,1 | Marathon Digital Holdings Inc. | 3,292,345 | 11,260 | |||
Mid Penn Bancorp Inc. | 374,344 | 11,219 |
Shares | Market Value• ($000) | |||||
Financial Institutions Inc. | 450,573 | 10,976 | ||||
American National Bankshares Inc. | 296,822 | 10,962 | ||||
1 | GCM Grosvenor Inc. Class A | 1,437,229 | 10,937 | |||
Civista Bancshares Inc. | 496,781 | 10,934 | ||||
* | F&G Annuities & Life Inc. | 539,190 | 10,789 | |||
West Bancorp Inc. | 414,261 | 10,584 | ||||
Merchants Bancorp | 434,604 | 10,570 | ||||
Republic Bancorp Inc. Class A | 253,793 | 10,385 | ||||
* | Southern First Bancshares Inc. | 226,710 | 10,372 | |||
Waterstone Financial Inc. | 600,218 | 10,348 | ||||
Macatawa Bank Corp. | 925,613 | 10,210 | ||||
* | Professional Holding Corp. Class A | 367,867 | 10,205 | |||
* | Bridgewater Bancshares Inc. | 573,719 | 10,178 | |||
HomeTrust Bancshares Inc. | 419,370 | 10,136 | ||||
* | Blue Foundry Bancorp | 782,802 | 10,059 | |||
Southern Missouri Bancorp Inc. | 217,810 | 9,982 | ||||
John Marshall Bancorp Inc. | 346,600 | 9,975 | ||||
* | Oscar Health Inc. Class A | 3,936,237 | 9,683 | |||
Northrim Bancorp Inc. | 176,916 | 9,654 | ||||
MidWestOne Financial Group Inc. | 297,943 | 9,460 | ||||
1 | ACNB Corp. | 236,741 | 9,425 | |||
1 | HCI Group Inc. | 237,701 | 9,411 | |||
Citizens & Northern Corp. | 409,413 | 9,359 | ||||
Peoples Financial Services Corp. | 179,285 | 9,294 | ||||
RBB Bancorp | 435,114 | 9,072 | ||||
Farmers & Merchants Bancorp Inc. | 333,453 | 9,063 | ||||
First Bancorp Inc. | 302,521 | 9,057 | ||||
*,1 | World Acceptance Corp. | 137,028 | 9,036 | |||
Enterprise Bancorp Inc. | 255,668 | 9,025 | ||||
Tiptree Inc. Class A | 651,681 | 9,019 | ||||
Esquire Financial Holdings Inc. | 206,705 | 8,942 |
Shares | Market Value• ($000) | |||||
Shore Bancshares Inc. | 509,859 | 8,887 | ||||
Capstar Financial Holdings Inc. | 501,635 | 8,859 | ||||
Universal Insurance Holdings Inc. | 826,787 | 8,756 | ||||
Northeast Bank | 206,474 | 8,693 | ||||
Granite Point Mortgage Trust Inc. | 1,592,579 | 8,536 | ||||
Guaranty Bancshares Inc. | 245,483 | 8,504 | ||||
Sierra Bancorp | 394,292 | 8,375 | ||||
Colony Bankcorp Inc. | 655,847 | 8,323 | ||||
AFC Gamma Inc. | 528,841 | 8,319 | ||||
Home Bancorp Inc. | 205,685 | 8,234 | ||||
Central Valley Community Bancorp | 383,357 | 8,119 | ||||
Primis Financial Corp. | 682,667 | 8,090 | ||||
South Plains Financial Inc. | 292,506 | 8,053 | ||||
Five Star Bancorp | 293,908 | 8,006 | ||||
Codorus Valley Bancorp Inc. | 327,515 | 7,795 | ||||
BCB Bancorp Inc. | 430,285 | 7,741 | ||||
National Bankshares Inc. | 190,358 | 7,671 | ||||
PCSB Financial Corp. | 400,428 | 7,624 | ||||
1 | UWM Holdings Corp. Class A | 2,300,429 | 7,614 | |||
Summit Financial Group Inc. | 304,535 | 7,580 | ||||
Northeast Community Bancorp Inc. | 503,961 | 7,519 | ||||
First Business Financial Services Inc. | 205,340 | 7,505 | ||||
Donegal Group Inc. Class A | 524,280 | 7,445 | ||||
Chicago Atlantic Real Estate Finance Inc. | 491,800 | 7,411 | ||||
BayCom Corp. | 386,727 | 7,340 | ||||
Timberland Bancorp Inc. | 212,824 | 7,264 | ||||
FS Bancorp Inc. | 214,292 | 7,166 | ||||
Investar Holding Corp. | 331,586 | 7,139 | ||||
Orrstown Financial Services Inc. | 307,627 | 7,125 | ||||
First Bank | 511,381 | 7,037 | ||||
HBT Financial Inc. | 349,190 | 6,834 | ||||
Chemung Financial Corp. | 148,664 | 6,819 | ||||
Oppenheimer Holdings Inc. Class A | 158,975 | 6,729 |
Shares | Market Value• ($000) | |||||
Norwood Financial Corp. | 199,708 | 6,678 | ||||
MVB Financial Corp. | 302,098 | 6,652 | ||||
* | FVCBankcorp Inc. | 348,752 | 6,651 | |||
* | Third Coast Bancshares Inc. | 358,852 | 6,614 | |||
Red River Bancshares Inc. | 127,746 | 6,523 | ||||
* | First Western Financial Inc. | 230,318 | 6,483 | |||
MainStreet Bancshares Inc. | 233,617 | 6,422 | ||||
* | LendingTree Inc. | 299,471 | 6,388 | |||
* | Greenlight Capital Re Ltd. Class A | 776,574 | 6,329 | |||
Regional Management Corp. | 224,220 | 6,296 | ||||
PCB Bancorp | 355,560 | 6,290 | ||||
* | Ocwen Financial Corp. | 204,363 | 6,249 | |||
Community Financial Corp. | 156,422 | 6,241 | ||||
Ames National Corp. | 263,155 | 6,213 | ||||
1 | Fidelity D&D Bancorp Inc. | 129,702 | 6,114 | |||
* | California Bancorp | 254,329 | 6,048 | |||
LCNB Corp. | 335,831 | 6,045 | ||||
1 | Greene County Bancorp Inc. | 105,184 | 6,040 | |||
Parke Bancorp Inc. | 290,867 | 6,033 | ||||
First Internet Bancorp | 247,933 | 6,020 | ||||
William Penn Bancorp | 489,511 | 5,933 | ||||
Unity Bancorp Inc. | 216,027 | 5,904 | ||||
Middlefield Banc Corp. | 214,014 | 5,864 | ||||
C&F Financial Corp. | 99,227 | 5,782 | ||||
Blue Ridge Bankshares Inc. | 462,864 | 5,781 | ||||
Bankwell Financial Group Inc. | 195,733 | 5,760 | ||||
Capital Bancorp Inc. | 244,670 | 5,760 | ||||
Southern States Bancshares Inc. | 197,192 | 5,709 | ||||
ChoiceOne Financial Services Inc. | 192,470 | 5,582 | ||||
Investors Title Co. | 37,598 | 5,548 | ||||
* | Ponce Financial Group Inc. | 594,372 | 5,540 | |||
Plumas Bancorp | 149,103 | 5,524 | ||||
* | Hagerty Inc. Class A | 651,800 | 5,482 | |||
Territorial Bancorp Inc. | 226,146 | 5,430 | ||||
Bank of Princeton | 170,560 | 5,410 | ||||
*,1 | Forge Global Holdings Inc. | 3,118,181 | 5,394 |
Shares | Market Value• ($000) | |||||
* | Kingsway Financial Services Inc. | 679,437 | 5,388 | |||
ESSA Bancorp Inc. | 257,669 | 5,378 | ||||
* | Oportun Financial Corp. | 960,206 | 5,291 | |||
Partners Bancorp | 596,295 | 5,283 | ||||
* | Maiden Holdings Ltd. | 2,459,113 | 5,189 | |||
Western New England Bancorp Inc. | 541,360 | 5,121 | ||||
Evans Bancorp Inc. | 135,370 | 5,061 | ||||
Penns Woods Bancorp Inc. | 190,029 | 5,059 | ||||
Salisbury Bancorp Inc. | 159,453 | 5,007 | ||||
Orange County Bancorp Inc. | 107,232 | 4,995 | ||||
Medallion Financial Corp. | 698,986 | 4,991 | ||||
Meridian Corp. | 164,242 | 4,975 | ||||
*,1 | Hippo Holdings Inc. | 361,460 | 4,916 | |||
Great Ajax Corp. | 672,741 | 4,877 | ||||
Silvercrest Asset Management Group Inc. Class A | 249,318 | 4,680 | ||||
First Community Corp. | 210,458 | ��� 4,607 | ||||
OP Bancorp | 409,054 | 4,565 | ||||
* | ECB Bancorp Inc. | 283,246 | 4,546 | |||
* | Trean Insurance Group Inc. | 749,232 | 4,495 | |||
Peoples Bancorp of North Carolina Inc. | 137,293 | 4,470 | ||||
Riverview Bancorp Inc. | 571,750 | 4,391 | ||||
* | Pioneer Bancorp Inc. | 382,436 | 4,360 | |||
Richmond Mutual Bancorp Inc. | 330,188 | 4,296 | ||||
Seven Hills Realty Trust | 469,696 | 4,270 | ||||
Eagle Bancorp Montana Inc. | 257,546 | 4,162 | ||||
FNCB Bancorp Inc. | 498,310 | 4,091 | ||||
1 | Ellington Residential Mortgage REIT | 591,253 | 4,056 | |||
Sculptor Capital Management Inc. Class A | 462,486 | 4,005 | ||||
Greenhill & Co. Inc. | 387,823 | 3,975 | ||||
Crawford & Co. Class B | 746,601 | 3,964 | ||||
* | eHealth Inc. | 816,369 | 3,951 | |||
1 | First Guaranty Bancshares Inc. | 167,977 | 3,939 | |||
* | Malvern Bancorp Inc. | 221,900 | 3,939 | |||
First Northwest Bancorp | 246,872 | 3,792 | ||||
HMN Financial Inc. | 174,893 | 3,725 |
Shares | Market Value• ($000) | |||||
First United Corp. | 188,849 | 3,711 | ||||
Finward Bancorp | 101,400 | 3,671 | ||||
* | Sterling Bancorp Inc. | 590,269 | 3,595 | |||
Limestone Bancorp Inc. | 146,744 | 3,583 | ||||
Bank7 Corp. | 137,673 | 3,524 | ||||
BankFinancial Corp. | 328,418 | 3,458 | ||||
First Financial Northwest Inc. | 230,131 | 3,447 | ||||
Hawthorn Bancshares Inc. | 157,894 | 3,437 | ||||
Provident Bancorp Inc. | 470,772 | 3,427 | ||||
Nexpoint Real Estate Finance Inc. | 213,897 | 3,399 | ||||
Luther Burbank Corp. | 300,288 | 3,336 | ||||
AG Mortgage Investment Trust Inc. | 622,463 | 3,305 | ||||
*,1 | 1895 Bancorp of Wisconsin Inc. | 327,037 | 3,283 | |||
SB Financial Group Inc. | 195,052 | 3,269 | ||||
1 | Old Point Financial Corp. | 119,700 | 3,227 | |||
* | NI Holdings Inc. | 240,510 | 3,192 | |||
1 | Cherry Hill Mortgage Investment Corp. | 540,434 | 3,135 | |||
First Savings Financial Group Inc. | 152,355 | 3,047 | ||||
1 | Hanover Bancorp Inc. | 145,775 | 2,972 | |||
CB Financial Services Inc. | 137,767 | 2,952 | ||||
*,1 | Citizens Inc. Class A | 1,357,628 | 2,892 | |||
Summit State Bank | 181,477 | 2,867 | ||||
Sachem Capital Corp. | 868,554 | 2,866 | ||||
* | Arlington Asset Investment Corp. Class A | 964,778 | 2,827 | |||
Westwood Holdings Group Inc. | 253,091 | 2,818 | ||||
Federal Agricultural Mortgage Corp. Class A | 29,131 | 2,792 | ||||
*,1 | BM Technologies Inc. | 531,936 | 2,771 | |||
* | SWK Holdings Corp. | 156,426 | 2,759 | |||
*,1 | Guild Holdings Co. Class A | 271,900 | 2,743 | |||
* | Heritage Global Inc. | 1,122,609 | 2,638 | |||
1 | LINKBANCORP Inc. | 279,587 | 2,614 | |||
Curo Group Holdings Corp. | 735,347 | 2,610 | ||||
* | Republic First Bancorp Inc. | 1,174,692 | 2,526 | |||
Provident Financial Holdings Inc. | 178,916 | 2,464 | ||||
*,1 | Consumer Portfolio Services Inc. | 276,673 | 2,449 |
Shares | Market Value• ($000) | |||||
TC Bancshares Inc. | 151,263 | 2,248 | ||||
* | Velocity Financial Inc. | 225,504 | 2,176 | |||
Sound Financial Bancorp Inc. | 53,437 | 2,163 | ||||
1 | Union Bankshares Inc. | 92,353 | 2,162 | |||
*,1 | Rigetti Computing Inc. | 2,946,700 | 2,149 | |||
*,1 | Bakkt Holdings Inc. | 1,805,265 | 2,148 | |||
* | Security National Financial Corp. Class A | 293,859 | 2,145 | |||
* | Broadway Financial Corp. | 2,114,129 | 2,135 | |||
*,1 | USCB Financial Holdings Inc. | 173,225 | 2,113 | |||
Western Asset Mortgage Capital Corp. | 228,767 | 2,084 | ||||
Associated Capital Group Inc. Class A | 48,920 | 2,054 | ||||
* | ACRES Commercial Realty Corp. | 245,355 | 2,027 | |||
* | Bogota Financial Corp. | 175,708 | 1,964 | |||
*,1 | Sunlight Financial Holdings Inc. | 1,506,790 | 1,944 | |||
* | Catalyst Bancorp Inc. | 151,200 | 1,935 | |||
* | NSTS Bancorp Inc. | 186,636 | 1,891 | |||
*,1 | Finance of America Cos. Inc. Class A | 1,481,602 | 1,882 | |||
* | Finwise Bancorp | 196,982 | 1,824 | |||
*,1 | Dave Inc. | 6,160,800 | 1,787 | |||
* | Doma Holdings Inc. | 3,765,455 | 1,705 | |||
* | Elevate Credit Inc. | 957,460 | 1,676 | |||
CF Bankshares Inc. | 77,960 | 1,651 | ||||
Bayfirst Financial Corp. | 95,510 | 1,597 | ||||
Heritage Insurance Holdings Inc. | 864,537 | 1,556 | ||||
1 | Hennessy Advisors Inc. | 182,750 | 1,535 | |||
loanDepot Inc. Class A | 927,893 | 1,531 | ||||
IF Bancorp Inc. | 85,645 | 1,476 | ||||
Auburn National Bancorp Inc. | 63,021 | 1,461 | ||||
Lument Finance Trust Inc. | 736,731 | 1,400 | ||||
AmeriServ Financial Inc. | 351,198 | 1,380 | ||||
Manhattan Bridge Capital Inc. | 253,648 | 1,367 | ||||
* | Great Elm Group Inc. | 643,568 | 1,300 | |||
* | Safeguard Scientifics Inc. | 417,279 | 1,294 | |||
*,1 | Root Inc. Class A | 270,892 | 1,216 |
Shares | Market Value• ($000) | |||||
US Global Investors Inc. Class A | 375,986 | 1,087 | ||||
*,1 | GoHealth Inc. Class A | 103,498 | 1,082 | |||
* | Patriot National Bancorp Inc. | 101,605 | 1,077 | |||
1 | Angel Oak Mortgage Inc. | 216,627 | 1,025 | |||
* | Affinity Bancshares Inc. | 62,333 | 941 | |||
* | Nicholas Financial Inc. | 148,305 | 936 | |||
* | Ashford Inc. | 63,617 | 883 | |||
*,1 | OppFi Inc. | 405,300 | 831 | |||
* | FFBW Inc. | 70,764 | 824 | |||
* | Generations Bancorp NY Inc. | 67,225 | 726 | |||
*,1 | Midwest Holding Inc. | 54,287 | 692 | |||
Lake Shore Bancorp Inc. | 49,379 | 596 | ||||
* | Carver Bancorp Inc. | 133,111 | 547 | |||
*,1 | MarketWise Inc. | 304,854 | 512 | |||
Mid-Southern Bancorp Inc. | 33,699 | 443 | ||||
United Insurance Holdings Corp. | 346,040 | 367 | ||||
* | Biorestorative Therapies Inc. | 121,046 | 333 | |||
Oconee Federal Financial Corp. | 13,734 | 325 | ||||
* | PB Bankshares Inc. | 22,618 | 307 | |||
Kentucky First Federal Bancorp | 44,526 | 302 | ||||
Village Bank & Trust Financial Corp. | 5,510 | 299 | ||||
Kingstone Cos. Inc. | 193,591 | 261 | ||||
*,1,2 | Palisade Bio Inc. CVR | 204,224 | 196 | |||
* | OptimumBank Holdings Inc. | 48,881 | 195 | |||
* | Hallmark Financial Services Inc. | 308,158 | 180 | |||
* | First Seacoast Bancorp | 18,095 | 174 | |||
* | Oxbridge Re Holdings Ltd. | 132,133 | 155 | |||
* | LM Funding America Inc. | 214,624 | 118 | |||
* | Texas Community Bancshares Inc. | 7,372 | 113 | |||
*,1 | FG Financial Group Inc. | 35,157 | 100 | |||
*,1 | NeuroOne Medical Technologies Corp. | 73,065 | 88 | |||
Atlantic American Corp. | 36,081 | 83 | ||||
* | Reliance Global Group Inc. | 109,418 | 62 |
Shares | Market Value• ($000) | |||||
1 | Cincinnati Bancorp Inc. | 3,324 | 51 | |||
* | Siebert Financial Corp. | 23,651 | 32 | |||
* | Vericity Inc. | 2,636 | 18 | |||
1 | Cohen & Co. Inc. | 446 | 4 | |||
* | CFSB Bancorp Inc. | 546 | 4 | |||
*,1,2 | Cogent Biosciences Inc. CVR | 400,874 | — | |||
135,589,572 | ||||||
Health Care (14.8%) | ||||||
UnitedHealth Group Inc. | 28,415,783 | 15,065,480 | ||||
Johnson & Johnson | 79,515,153 | 14,046,352 | ||||
Eli Lilly & Co. | 26,009,578 | 9,515,344 | ||||
Pfizer Inc. | 170,728,317 | 8,748,119 | ||||
AbbVie Inc. | 53,784,710 | 8,692,147 | ||||
Merck & Co. Inc. | 77,112,203 | 8,555,599 | ||||
Thermo Fisher Scientific Inc. | 11,928,276 | 6,568,782 | ||||
Abbott Laboratories | 53,029,301 | 5,822,087 | ||||
Danaher Corp. | 19,927,821 | 5,289,242 | ||||
Bristol-Myers Squibb Co. | 64,669,470 | 4,652,968 | ||||
Amgen Inc. | 16,226,652 | 4,261,768 | ||||
Elevance Health Inc. | 7,263,234 | 3,725,821 | ||||
Gilead Sciences Inc. | 38,145,447 | 3,274,787 | ||||
Medtronic plc | 40,458,637 | 3,144,445 | ||||
Cigna Corp. | 9,297,488 | 3,080,630 | ||||
* | Intuitive Surgical Inc. | 10,749,250 | 2,852,314 | |||
Stryker Corp. | 10,360,849 | 2,533,124 | ||||
* | Vertex Pharmaceuticals Inc. | 7,807,473 | 2,254,642 | |||
* | Regeneron Pharmaceuticals Inc. | 3,094,021 | 2,232,305 | |||
Becton Dickinson & Co. | 8,619,067 | 2,191,829 | ||||
* | Boston Scientific Corp. | 43,559,138 | 2,015,481 | |||
Humana Inc. | 3,849,566 | 1,971,709 | ||||
Zoetis Inc. Class A | 12,762,557 | 1,870,353 | ||||
* | Moderna Inc. | 9,932,159 | 1,784,014 | |||
HCA Healthcare Inc. | 6,449,762 | 1,547,685 | ||||
* | Centene Corp. | 17,222,448 | 1,412,413 | |||
* | Edwards Lifesciences Corp. | 18,809,167 | 1,403,352 | |||
Agilent Technologies Inc. | 8,970,368 | 1,342,416 | ||||
* | Dexcom Inc. | 11,745,487 | 1,330,059 | |||
* | Biogen Inc. | 4,379,712 | 1,212,830 | |||
* | IQVIA Holdings Inc. | 5,647,498 | 1,157,116 | |||
* | IDEXX Laboratories Inc. | 2,519,323 | 1,027,783 | |||
* | Illumina Inc. | 4,785,825 | 967,694 | |||
ResMed Inc. | 4,456,660 | 927,565 |
Shares | Market Value• ($000) | |||||
* | Alnylam Pharmaceuticals Inc. | 3,743,830 | 889,721 | |||
Zimmer Biomet Holdings Inc. | 6,381,776 | 813,676 | ||||
* | Horizon Therapeutics plc | 6,893,035 | 784,427 | |||
Baxter International Inc. | 15,342,053 | 781,984 | ||||
* | Veeva Systems Inc. Class A | 4,273,209 | 689,610 | |||
Laboratory Corp. of America Holdings | 2,694,389 | 634,475 | ||||
* | Insulet Corp. | 2,112,710 | 621,961 | |||
Cardinal Health Inc. | 7,962,622 | 612,087 | ||||
* | Molina Healthcare Inc. | 1,775,735 | 586,383 | |||
* | BioMarin Pharmaceutical Inc. | 5,648,372 | 584,550 | |||
STERIS plc | 3,038,531 | 561,186 | ||||
* | Hologic Inc. | 7,477,778 | 559,413 | |||
* | Seagen Inc. | 4,237,243 | 544,528 | |||
Quest Diagnostics Inc. | 3,460,879 | 541,420 | ||||
PerkinElmer Inc. | 3,844,726 | 539,108 | ||||
West Pharmaceutical Services Inc. | 2,250,237 | 529,593 | ||||
Cooper Cos. Inc. | 1,500,512 | 496,174 | ||||
* | Align Technology Inc. | 2,255,883 | 475,766 | |||
* | Incyte Corp. | 5,749,995 | 461,840 | |||
Royalty Pharma plc Class A | 11,401,079 | 450,571 | ||||
* | Avantor Inc. | 19,502,276 | 411,303 | |||
Viatris Inc. | 36,903,458 | 410,736 | ||||
Bio-Techne Corp. | 4,771,662 | 395,475 | ||||
* | United Therapeutics Corp. | 1,386,283 | 385,511 | |||
Teleflex Inc. | 1,427,266 | 356,288 | ||||
* | Neurocrine Biosciences Inc. | 2,926,666 | 349,561 | |||
* | Charles River Laboratories International Inc. | 1,546,417 | 336,964 | |||
* | Henry Schein Inc. | 4,124,341 | 329,411 | |||
* | Sarepta Therapeutics Inc. | 2,538,178 | 328,897 | |||
* | Jazz Pharmaceuticals plc | 1,819,163 | 289,811 | |||
* | Repligen Corp. | 1,687,930 | 285,783 | |||
* | Bio-Rad Laboratories Inc. Class A | 641,825 | 269,881 | |||
* | Exact Sciences Corp. | 5,409,124 | 267,806 | |||
Universal Health Services Inc. Class B | 1,853,760 | 261,176 | ||||
* | Penumbra Inc. | 1,096,066 | 243,831 | |||
* | Catalent Inc. | 5,207,680 | 234,398 | |||
* | Novocure Ltd. | 3,187,723 | 233,820 |
Shares | Market Value• ($000) | |||||
* | Halozyme Therapeutics Inc. | 4,107,739 | 233,730 | |||
Chemed Corp. | 451,874 | 230,650 | ||||
* | Acadia Healthcare Co. Inc. | 2,764,127 | 227,543 | |||
* | Shockwave Medical Inc. | 1,099,027 | 225,971 | |||
* | Masimo Corp. | 1,519,029 | 224,740 | |||
* | Inspire Medical Systems Inc. | 880,085 | 221,676 | |||
Organon & Co. | 7,732,294 | 215,963 | ||||
Bruker Corp. | 3,138,805 | 214,537 | ||||
DENTSPLY SIRONA Inc. | 6,550,242 | 208,560 | ||||
Encompass Health Corp. | 3,026,887 | 181,038 | ||||
* | Elanco Animal Health Inc. | 14,457,656 | 176,673 | |||
* | Globus Medical Inc. Class A | 2,358,288 | 175,150 | |||
* | Envista Holdings Corp. | 4,950,104 | 166,670 | |||
* | Karuna Therapeutics Inc. | 839,916 | 165,044 | |||
* | Tenet Healthcare Corp. | 3,291,327 | 160,584 | |||
* | HealthEquity Inc. | 2,574,770 | 158,709 | |||
* | Exelixis Inc. | 9,844,888 | 157,912 | |||
* | Ionis Pharmaceuticals Inc. | 4,123,619 | 155,749 | |||
Ensign Group Inc. | 1,604,049 | 151,759 | ||||
* | Medpace Holdings Inc. | 707,299 | 150,237 | |||
* | Apellis Pharmaceuticals Inc. | 2,853,130 | 147,535 | |||
* | LHC Group Inc. | 892,848 | 144,365 | |||
* | Option Care Health Inc. | 4,713,574 | 141,831 | |||
Perrigo Co. plc | 4,088,690 | 139,383 | ||||
* | Intra-Cellular Therapies Inc. | 2,590,508 | 137,090 | |||
* | Azenta Inc. | 2,275,885 | 132,502 | |||
* | Alkermes plc | 5,008,697 | 130,877 | |||
* | QuidelOrtho Corp. | 1,505,204 | 128,951 | |||
* | Natera Inc. | 3,155,165 | 126,743 | |||
Premier Inc. Class A | 3,618,402 | 126,572 | ||||
* | Cytokinetics Inc. | 2,728,906 | 125,038 | |||
* | Arrowhead Pharmaceuticals Inc. | 3,055,993 | 123,951 | |||
* | Merit Medical Systems Inc. | 1,725,090 | 121,826 | |||
* | Haemonetics Corp. | 1,548,506 | 121,790 | |||
* | Integra LifeSciences Holdings Corp. | 2,168,260 | 121,574 | |||
* | Prometheus Biosciences Inc. | 1,060,660 | 116,673 | |||
* | Syneos Health Inc. | 3,120,064 | 114,444 | |||
* | DaVita Inc. | 1,520,050 | 113,502 |
Shares | Market Value• ($000) | |||||
* | Madrigal Pharmaceuticals Inc. | 390,270 | 113,276 | |||
* | ICU Medical Inc. | 691,543 | 108,904 | |||
* | Lantheus Holdings Inc. | 2,089,822 | 106,497 | |||
* | Teladoc Health Inc. | 4,462,216 | 105,531 | |||
* | Vaxcyte Inc. | 2,174,250 | 104,255 | |||
* | Amicus Therapeutics Inc. | 8,522,463 | 104,059 | |||
* | agilon health Inc. | 6,291,482 | 101,545 | |||
* | 10X Genomics Inc. Class A | 2,754,526 | 100,375 | |||
* | Doximity Inc. Class A | 2,936,329 | 98,543 | |||
* | Prestige Consumer Healthcare Inc. | 1,515,823 | 94,891 | |||
* | Axonics Inc. | 1,513,435 | 94,635 | |||
* | Ultragenyx Pharmaceutical Inc. | 2,025,106 | 93,823 | |||
* | 1Life Healthcare Inc. | 5,580,123 | 93,244 | |||
* | Tandem Diabetes Care Inc. | 1,958,242 | 88,023 | |||
* | Oak Street Health Inc. | 4,071,745 | 87,583 | |||
* | Denali Therapeutics Inc. | 3,139,302 | 87,304 | |||
* | IVERIC bio Inc. | 4,060,026 | 86,925 | |||
* | Intellia Therapeutics Inc. | 2,453,538 | 85,604 | |||
* | PTC Therapeutics Inc. | 2,182,071 | 83,290 | |||
* | Inari Medical Inc. | 1,298,597 | 82,539 | |||
CONMED Corp. | 931,087 | 82,532 | ||||
* | Amedisys Inc. | 984,374 | 82,235 | |||
* | Insmed Inc. | 4,113,502 | 82,188 | |||
* | iRhythm Technologies Inc. | 872,382 | 81,716 | |||
*,1 | Axsome Therapeutics Inc. | 1,056,977 | 81,525 | |||
* | Guardant Health Inc. | 2,945,329 | 80,113 | |||
* | Blueprint Medicines Corp. | 1,821,967 | 79,820 | |||
* | Beam Therapeutics Inc. | 2,025,500 | 79,217 | |||
* | Evolent Health Inc. Class A | 2,781,234 | 78,097 | |||
* | Vir Biotechnology Inc. | 3,036,900 | 76,864 | |||
Select Medical Holdings Corp. | 3,078,278 | 76,434 | ||||
* | Enovis Corp. | 1,404,607 | 75,175 | |||
Patterson Cos. Inc. | 2,676,814 | 75,031 | ||||
* | Akero Therapeutics Inc. | 1,359,624 | 74,507 | |||
* | Neogen Corp. | 4,790,433 | 72,958 | |||
* | Mirati Therapeutics Inc. | 1,597,297 | 72,374 | |||
* | STAAR Surgical Co. | 1,461,345 | 70,934 | |||
* | Progyny Inc. | 2,272,416 | 70,786 | |||
* | Integer Holdings Corp. | 1,012,842 | 69,339 |
Shares | Market Value• ($000) | |||||
* | Omnicell Inc. | 1,356,587 | 68,399 | |||
* | NuVasive Inc. | 1,578,063 | 65,079 | |||
* | BioCryst Pharmaceuticals Inc. | 5,651,958 | 64,884 | |||
* | Celldex Therapeutics Inc. | 1,434,388 | 63,931 | |||
* | Signify Health Inc. Class A | 2,158,525 | 61,863 | |||
* | Glaukos Corp. | 1,377,745 | 60,180 | |||
* | Cerevel Therapeutics Holdings Inc. | 1,905,773 | 60,108 | |||
* | AtriCure Inc. | 1,349,439 | 59,888 | |||
*,1 | Ginkgo Bioworks Holdings Inc. Class A | 35,303,793 | 59,663 | |||
* | REVOLUTION Medicines Inc. | 2,487,653 | 59,256 | |||
* | ACADIA Pharmaceuticals Inc. | 3,719,591 | 59,216 | |||
* | Sage Therapeutics Inc. | 1,551,751 | 59,184 | |||
* | Certara Inc. | 3,675,092 | 59,059 | |||
* | Silk Road Medical Inc. | 1,095,550 | 57,900 | |||
* | TransMedics Group Inc. | 925,736 | 57,136 | |||
* | Corcept Therapeutics Inc. | 2,787,567 | 56,616 | |||
* | Catalyst Pharmaceuticals Inc. | 3,020,411 | 56,180 | |||
* | Amylyx Pharmaceuticals Inc. | 1,506,333 | 55,659 | |||
* | Supernus Pharmaceuticals Inc. | 1,555,942 | �� 55,500 | |||
* | Krystal Biotech Inc. | 684,424 | 54,220 | |||
* | Relay Therapeutics Inc. | 3,540,393 | 52,893 | |||
* | Veracyte Inc. | 2,187,978 | 51,921 | |||
* | Surgery Partners Inc. | 1,850,820 | 51,564 | |||
* | Pacira BioSciences Inc. | 1,320,139 | 50,971 | |||
* | Pacific Biosciences of California Inc. | 6,173,678 | 50,501 | |||
* | Rhythm Pharmaceuticals Inc. | 1,719,237 | 50,064 | |||
* | Harmony Biosciences Holdings Inc. | 906,037 | 49,923 | |||
* | Ironwood Pharmaceuticals Inc. Class A | 3,969,615 | 49,184 | |||
* | Syndax Pharmaceuticals Inc. | 1,926,725 | 49,035 | |||
* | Phreesia Inc. | 1,514,768 | 49,018 | |||
* | Xencor Inc. | 1,872,695 | 48,765 | |||
* | Addus HomeCare Corp. | 486,397 | 48,392 |
Shares | Market Value• ($000) | |||||
* | Maravai LifeSciences Holdings Inc. Class A | 3,378,339 | 48,344 | |||
* | Agios Pharmaceuticals Inc. | 1,708,008 | 47,961 | |||
* | Arvinas Inc. | 1,396,926 | 47,789 | |||
* | TG Therapeutics Inc. | 3,965,159 | 46,908 | |||
* | Revance Therapeutics Inc. | 2,492,680 | 46,015 | |||
*,1 | PROCEPT BioRobotics Corp. | 1,094,681 | 45,473 | |||
* | Chinook Therapeutics Inc. | 1,709,444 | 44,787 | |||
* | Avidity Biosciences Inc. | 2,014,502 | 44,702 | |||
Embecta Corp. | 1,753,507 | 44,346 | ||||
* | Meridian Bioscience Inc. | 1,326,187 | 44,043 | |||
* | AdaptHealth Corp. Class A | 2,267,917 | 43,589 | |||
* | Owens & Minor Inc. | 2,187,613 | 42,724 | |||
* | Travere Therapeutics Inc. | 1,975,007 | 41,534 | |||
* | FibroGen Inc. | 2,558,266 | 40,983 | |||
* | Nevro Corp. | 1,025,242 | 40,600 | |||
* | MannKind Corp. | 7,586,771 | 39,982 | |||
* | Twist Bioscience Corp. | 1,667,735 | 39,709 | |||
* | Privia Health Group Inc. | 1,728,903 | 39,263 | |||
* | Dynavax Technologies Corp. | 3,686,504 | 39,224 | |||
* | CorVel Corp. | 269,513 | 39,168 | |||
* | Avanos Medical Inc. | 1,437,070 | 38,887 | |||
* | SpringWorks Therapeutics Inc. | 1,459,000 | 37,949 | |||
* | Outset Medical Inc. | 1,468,445 | 37,915 | |||
* | Vericel Corp. | 1,428,955 | 37,639 | |||
*,1 | Cassava Sciences Inc. | 1,233,334 | 36,433 | |||
* | Replimune Group Inc. | 1,335,904 | 36,337 | |||
* | Pediatrix Medical Group Inc. | 2,426,012 | 36,051 | |||
* | Apollo Medical Holdings Inc. | 1,197,565 | 35,436 | |||
* | R1 RCM Inc. | 3,193,070 | 34,964 | |||
*,1 | DICE Therapeutics Inc. | 1,112,917 | 34,723 | |||
* | ModivCare Inc. | 386,099 | 34,645 | |||
* | Viridian Therapeutics Inc. | 1,181,587 | 34,514 | |||
* | Myriad Genetics Inc. | 2,332,306 | 33,842 | |||
* | NeoGenomics Inc. | 3,640,498 | 33,638 | |||
*,1 | Warby Parker Inc. Class A | 2,461,174 | 33,201 | |||
* | ImmunoGen Inc. | 6,685,222 | 33,159 |
Shares | Market Value• ($000) | |||||
* | Ligand Pharmaceuticals Inc. | 496,070 | 33,137 | |||
* | Rocket Pharmaceuticals Inc. | 1,677,825 | 32,835 | |||
*,1 | Day One Biopharmaceuticals Inc. | 1,482,586 | 31,905 | |||
US Physical Therapy Inc. | 390,135 | 31,613 | ||||
* | Amphastar Pharmaceuticals Inc. | 1,120,042 | 31,384 | |||
* | Reata Pharmaceuticals Inc. Class A | 822,629 | 31,252 | |||
* | NextGen Healthcare Inc. | 1,618,246 | 30,391 | |||
* | Alignment Healthcare Inc. | 2,571,193 | 30,237 | |||
* | Kymera Therapeutics Inc. | 1,197,647 | 29,893 | |||
* | Adaptive Biotechnologies Corp. | 3,882,344 | 29,661 | |||
* | Keros Therapeutics Inc. | 612,068 | 29,392 | |||
* | Arcus Biosciences Inc. | 1,419,782 | 29,361 | |||
* | Iovance Biotherapeutics Inc. | 4,582,219 | 29,280 | |||
* | Ventyx Biosciences Inc. | 868,284 | 28,471 | |||
* | Immunovant Inc. | 1,594,573 | 28,304 | |||
* | Aclaris Therapeutics Inc. | 1,786,979 | 28,145 | |||
* | Geron Corp. | 11,611,470 | 28,100 | |||
* | Enanta Pharmaceuticals Inc. | 588,655 | 27,384 | |||
* | Arcellx Inc. | 877,147 | 27,174 | |||
LeMaitre Vascular Inc. | 587,008 | 27,014 | ||||
*,1 | Provention Bio Inc. | 2,553,871 | 26,994 | |||
* | RadNet Inc. | 1,415,800 | 26,660 | |||
*,1 | Altimmune Inc. | 1,617,739 | 26,612 | |||
Healthcare Services Group Inc. | 2,212,503 | 26,550 | ||||
* | REGENXBIO Inc. | 1,167,740 | 26,484 | |||
*,1 | Novavax Inc. | 2,572,931 | 26,450 | |||
* | Ideaya Biosciences Inc. | 1,438,344 | 26,135 | |||
* | Fate Therapeutics Inc. | 2,562,686 | 25,858 | |||
* | Zentalis Pharmaceuticals Inc. | 1,282,651 | 25,833 | |||
* | Avid Bioservices Inc. | 1,873,520 | 25,798 | |||
* | Imago Biosciences Inc. | 714,290 | 25,679 | |||
* | Innoviva Inc. | 1,926,684 | 25,529 | |||
* | Sotera Health Co. | 3,012,420 | 25,093 |
Shares | Market Value• ($000) | |||||
* | Nuvalent Inc. Class A | 838,651 | 24,975 | |||
* | Inhibrx Inc. | 1,008,455 | 24,848 | |||
* | Morphic Holding Inc. | 928,813 | 24,846 | |||
* | Crinetics Pharmaceuticals Inc. | 1,351,469 | 24,732 | |||
* | Cytek Biosciences Inc. | 2,421,555 | 24,724 | |||
* | Treace Medical Concepts Inc. | 1,063,312 | 24,446 | |||
* | Kura Oncology Inc. | 1,969,608 | 24,443 | |||
National HealthCare Corp. | 410,079 | 24,400 | ||||
* | Pliant Therapeutics Inc. | 1,256,914 | 24,296 | |||
* | ADMA Biologics Inc. | 6,244,828 | 24,230 | |||
* | Cutera Inc. | 543,164 | 24,019 | |||
* | Recursion Pharmaceuticals Inc. Class A | 3,109,298 | 23,973 | |||
* | Bridgebio Pharma Inc. | 3,145,370 | 23,968 | |||
* | UFP Technologies Inc. | 203,088 | 23,942 | |||
* | Varex Imaging Corp. | 1,173,432 | 23,821 | |||
* | Alphatec Holdings Inc. | 1,913,581 | 23,633 | |||
* | Deciphera Pharmaceuticals Inc. | 1,439,564 | 23,594 | |||
* | Verve Therapeutics Inc. | 1,210,541 | 23,424 | |||
* | Cogent Biosciences Inc. | 2,026,040 | 23,421 | |||
* | Hims & Hers Health Inc. | 3,571,326 | 22,892 | |||
* | Arcutis Biotherapeutics Inc. | 1,539,117 | 22,779 | |||
* | ViewRay Inc. | 5,066,099 | 22,696 | |||
Atrion Corp. | 39,886 | 22,314 | ||||
*,1 | EQRx Inc. | 8,997,500 | 22,134 | |||
* | Collegium Pharmaceutical Inc. | 934,245 | 21,675 | |||
* | Agenus Inc. | 8,886,270 | 21,327 | |||
* | BioLife Solutions Inc. | 1,153,686 | 20,997 | |||
*,1 | Anavex Life Sciences Corp. | 2,266,872 | 20,991 | |||
* | Viking Therapeutics Inc. | 2,231,261 | 20,974 | |||
* | CTI BioPharma Corp. | 3,484,904 | 20,944 | |||
National Research Corp. | 545,986 | 20,365 | ||||
* | Enhabit Inc. | 1,501,468 | 19,759 | |||
* | American Well Corp. Class A | 6,917,282 | 19,576 | |||
* | Castle Biosciences Inc. | 819,406 | 19,289 | |||
* | Heska Corp. | 309,784 | 19,256 | |||
* | Editas Medicine Inc. Class A | 2,161,413 | 19,172 |
Shares | Market Value• ($000) | |||||
*,1 | Theravance Biopharma Inc. | 1,701,393 | 19,090 | |||
* | Alector Inc. | 2,043,595 | 18,862 | |||
* | Cerus Corp. | 5,068,933 | 18,502 | |||
* | Bluebird Bio Inc. | 2,663,630 | 18,432 | |||
*,1 | 23andMe Holding Co. | 8,501,758 | 18,364 | |||
* | CareDx Inc. | 1,607,708 | 18,344 | |||
* | Coherus Biosciences Inc. | 2,298,127 | 18,201 | |||
*,1 | Point Biopharma Global Inc. | 2,479,082 | 18,073 | |||
* | HealthStream Inc. | 721,873 | 17,931 | |||
* | Fulgent Genetics Inc. | 586,434 | 17,464 | |||
* | OrthoPediatrics Corp. | 436,239 | 17,332 | |||
* | Health Catalyst Inc. | 1,626,169 | 17,286 | |||
* | RAPT Therapeutics Inc. | 869,450 | 17,215 | |||
* | Community Health Systems Inc. | 3,983,855 | 17,210 | |||
* | AnaptysBio Inc. | 544,680 | 16,880 | |||
* | Accolade Inc. | 2,117,310 | 16,494 | |||
*,1 | Agiliti Inc. | 1,009,959 | 16,472 | |||
* | 4D Molecular Therapeutics Inc. | 733,244 | 16,285 | |||
* | Paragon 28 Inc. | 849,890 | 16,241 | |||
* | Emergent BioSolutions Inc. | 1,352,002 | 15,967 | |||
* | OPKO Health Inc. | 12,728,537 | 15,911 | |||
* | Seres Therapeutics Inc. | 2,835,302 | 15,878 | |||
* | Cardiovascular Systems Inc. | 1,154,654 | 15,726 | |||
* | ANI Pharmaceuticals Inc. | 389,590 | 15,673 | |||
* | AVEO Pharmaceuticals Inc. | 1,039,472 | 15,540 | |||
* | DocGo Inc. | 2,195,997 | 15,526 | |||
* | Mersana Therapeutics Inc. | 2,637,451 | 15,455 | |||
* | AngioDynamics Inc. | 1,113,842 | 15,338 | |||
* | MaxCyte Inc. | 2,801,647 | 15,297 | |||
* | Allakos Inc. | 1,814,261 | 15,276 | |||
* | Protagonist Therapeutics Inc. | 1,393,645 | 15,205 | |||
* | Mirum Pharmaceuticals Inc. | 777,288 | 15,157 | |||
* | Cymabay Therapeutics Inc. | 2,398,201 | 15,037 | |||
*,1 | Zymeworks Inc. | 1,911,300 | 15,023 | |||
* | Ardelyx Inc. | 5,265,872 | 15,008 | |||
* | iTeos Therapeutics Inc. | 750,688 | 14,661 | |||
* | Brookdale Senior Living Inc. | 5,329,226 | 14,549 | |||
* | Cara Therapeutics Inc. | 1,354,313 | 14,545 | |||
* | Quanterix Corp. | 1,026,087 | 14,211 |
Shares | Market Value• ($000) | |||||
*,1 | Sharecare Inc. | 8,867,300 | 14,188 | |||
* | Lyell Immunopharma Inc. | 4,077,466 | 14,149 | |||
*,1 | 89bio Inc. | 1,102,700 | 14,037 | |||
* | Intercept Pharmaceuticals Inc. | 1,123,441 | 13,897 | |||
*,1 | Invitae Corp. | 7,454,414 | 13,865 | |||
*,1 | Bioxcel Therapeutics Inc. | 645,295 | 13,861 | |||
* | Sorrento Therapeutics Inc. | 15,624,325 | 13,843 | |||
*,1 | Esperion Therapeutics Inc. | 2,216,547 | 13,809 | |||
* | Sutro Biopharma Inc. | 1,708,596 | 13,805 | |||
*,1 | Allogene Therapeutics Inc. | 2,181,839 | 13,724 | |||
* | Artivion Inc. | 1,123,317 | 13,615 | |||
* | Kiniksa Pharmaceuticals Ltd. Class A | 893,713 | 13,388 | |||
*,1 | Senseonics Holdings Inc. | 12,947,685 | 13,336 | |||
* | Nurix Therapeutics Inc. | 1,214,146 | 13,331 | |||
* | Surmodics Inc. | 388,090 | 13,242 | |||
* | Kezar Life Sciences Inc. | 1,877,555 | 13,218 | |||
* | Nektar Therapeutics Class A | 5,846,571 | 13,213 | |||
* | Sangamo Therapeutics Inc. | 4,164,900 | 13,078 | |||
*,1 | Bionano Genomics Inc. | 8,898,523 | 12,992 | |||
* | Anika Therapeutics Inc. | 438,739 | 12,987 | |||
* | Inovio Pharmaceuticals Inc. | 8,260,428 | 12,886 | |||
* | Albireo Pharma Inc. | 593,770 | 12,831 | |||
* | Inogen Inc. | 642,617 | 12,666 | |||
* | MacroGenics Inc. | 1,875,612 | 12,585 | |||
* | Dyne Therapeutics Inc. | 1,079,732 | 12,514 | |||
* | Tango Therapeutics Inc. | 1,700,696 | 12,330 | |||
* | Arcturus Therapeutics Holdings Inc. | 716,967 | 12,160 | |||
*,1 | ImmunityBio Inc. | 2,397,295 | 12,154 | |||
* | SI-BONE Inc. | 885,948 | 12,049 | |||
* | Multiplan Corp. | 10,447,112 | 12,014 | |||
*,1 | Sana Biotechnology Inc. | 2,968,610 | 11,726 | |||
* | Vanda Pharmaceuticals Inc. | 1,581,120 | 11,684 | |||
* | Aldeyra Therapeutics Inc. | 1,678,186 | 11,680 | |||
*,1 | Harrow Health Inc. | 783,528 | 11,565 | |||
* | Scholar Rock Holding Corp. | 1,264,195 | 11,441 |
Shares | Market Value• ($000) | |||||
*,1 | LifeStance Health Group Inc. | 2,276,264 | 11,245 | |||
* | NanoString Technologies Inc. | 1,409,732 | 11,236 | |||
* | Orthofix Medical Inc. | 547,257 | 11,235 | |||
* | Computer Programs & Systems Inc. | 407,736 | 11,099 | |||
*,1 | Compass Therapeutics Inc. | 2,187,972 | 11,006 | |||
* | Tarsus Pharmaceuticals Inc. | 748,349 | 10,971 | |||
* | GoodRx Holdings Inc. Class A | 2,333,432 | 10,874 | |||
* | Atea Pharmaceuticals Inc. | 2,253,893 | 10,841 | |||
* | BioAtla Inc. | 1,302,896 | 10,749 | |||
* | Edgewise Therapeutics Inc. | 1,189,398 | 10,633 | |||
* | Sight Sciences Inc. | 863,824 | 10,547 | |||
* | SomaLogic Inc. | 4,157,015 | 10,434 | |||
* | OraSure Technologies Inc. | 2,157,546 | 10,399 | |||
* | 2seventy bio Inc. | 1,108,531 | 10,387 | |||
* | PMV Pharmaceuticals Inc. | 1,192,114 | 10,371 | |||
1 | Zynex Inc. | 732,906 | 10,195 | |||
*,1 | PDS Biotechnology Corp. | 754,695 | 9,962 | |||
* | Axogen Inc. | 990,595 | 9,886 | |||
* | Liquidia Corp. | 1,531,173 | 9,754 | |||
Utah Medical Products Inc. | 96,930 | 9,744 | ||||
* | Cullinan Oncology Inc. | 922,529 | 9,733 | |||
*,1 | ARS Pharmaceuticals Inc. | 1,134,600 | 9,678 | |||
* | CareMax Inc. | 2,648,343 | 9,666 | |||
* | SeaSpine Holdings Corp. | 1,143,457 | 9,548 | |||
* | Apollo Endosurgery Inc. | 948,117 | 9,453 | |||
* | MiMedx Group Inc. | 3,362,582 | 9,348 | |||
* | Caribou Biosciences Inc. | 1,479,875 | 9,294 | |||
* | Eagle Pharmaceuticals Inc. | 314,910 | 9,205 | |||
*,1 | Clover Health Investments Corp. Class A | 9,752,612 | 9,065 | |||
*,1 | Butterfly Network Inc. | 3,615,330 | 8,894 | |||
* | Atara Biotherapeutics Inc. | 2,710,236 | 8,890 | |||
* | Adicet Bio Inc. | 983,730 | 8,795 | |||
SIGA Technologies Inc. | 1,189,862 | 8,757 |
Shares | Market Value• ($000) | |||||
* | Fulcrum Therapeutics Inc. | 1,199,920 | 8,735 | |||
* | Seer Inc. Class A | 1,499,055 | 8,695 | |||
* | OmniAb Inc. | 2,406,909 | 8,665 | |||
* | Codexis Inc. | 1,820,160 | 8,482 | |||
*,1 | Ocugen Inc. | 6,504,099 | 8,455 | |||
* | Heron Therapeutics Inc. | 3,357,971 | 8,395 | |||
*,1 | Aerovate Therapeutics Inc. | 284,834 | 8,346 | |||
* | Pennant Group Inc. | 758,088 | 8,324 | |||
* | Evolus Inc. | 1,102,093 | 8,277 | |||
* | Terns Pharmaceuticals Inc. | 800,066 | 8,145 | |||
*,1 | Entrada Therapeutics Inc. | 600,633 | 8,121 | |||
* | Actinium Pharmaceuticals Inc. | 760,573 | 8,100 | |||
* | Nuvation Bio Inc. | 4,178,976 | 8,024 | |||
* | PetIQ Inc. Class A | 867,296 | 7,996 | |||
* | Poseida Therapeutics Inc. Class A | 1,506,603 | 7,985 | |||
* | Amneal Pharmaceuticals Inc. | 3,989,978 | 7,940 | |||
*,1 | Vera Therapeutics Inc. Class A | 409,785 | 7,929 | |||
*,1 | Erasca Inc. | 1,830,279 | 7,889 | |||
* | Tactile Systems Technology Inc. | 686,887 | 7,885 | |||
* | Zimvie Inc. | 838,745 | 7,834 | |||
* | Rigel Pharmaceuticals Inc. | 5,156,463 | 7,735 | |||
Phibro Animal Health Corp. Class A | 574,011 | 7,698 | ||||
* | Arbutus Biopharma Corp. | 3,300,543 | 7,690 | |||
* | Pulmonx Corp. | 892,990 | 7,528 | |||
* | Gritstone bio Inc. | 2,168,030 | 7,480 | |||
* | Karyopharm Therapeutics Inc. | 2,183,595 | 7,424 | |||
*,1 | CinCor Pharma Inc. | 603,738 | 7,420 | |||
* | C4 Therapeutics Inc. | 1,244,099 | 7,340 | |||
* | OptimizeRx Corp. | 430,224 | 7,228 | |||
* | Concert Pharmaceuticals Inc. | 1,222,223 | 7,138 | |||
* | G1 Therapeutics Inc. | 1,295,502 | 7,035 | |||
* | Cano Health Inc. | 5,128,280 | 7,026 | |||
* | Kodiak Sciences Inc. | 980,492 | 7,020 | |||
* | Viemed Healthcare Inc. | 907,059 | 6,857 | |||
* | Phathom Pharmaceuticals Inc. | 608,134 | 6,823 | |||
*,1 | Vigil Neuroscience Inc. | 531,740 | 6,647 | |||
* | Astria Therapeutics Inc. | 445,544 | 6,634 |
Shares | Market Value• ($000) | |||||
*,1 | Vor BioPharma Inc. | 990,141 | 6,584 | |||
* | Allovir Inc. | 1,272,621 | 6,529 | |||
* | Ocular Therapeutix Inc. | 2,307,462 | 6,484 | |||
*,1 | HilleVax Inc. | 385,505 | 6,450 | |||
* | NGM Biopharmaceuticals Inc. | 1,269,403 | 6,372 | |||
* | Tela Bio Inc. | 544,647 | 6,263 | |||
*,1 | Alpine Immune Sciences Inc. | 851,829 | 6,261 | |||
*,1 | Assertio Holdings Inc. | 1,450,548 | 6,237 | |||
*,1 | ORIC Pharmaceuticals Inc. | 1,058,147 | 6,233 | |||
* | ALX Oncology Holdings Inc. | 544,979 | 6,142 | |||
*,1 | ClearPoint Neuro Inc. | 725,080 | 6,141 | |||
* | RxSight Inc. | 468,338 | 5,934 | |||
*,1 | Monte Rosa Therapeutics Inc. | 776,911 | 5,912 | |||
* | Voyager Therapeutics Inc. | 965,356 | 5,889 | |||
* | CVRx Inc. | 316,816 | 5,814 | |||
*,1 | Marinus Pharmaceuticals Inc. | 1,455,215 | 5,792 | |||
iRadimed Corp. | 204,005 | 5,771 | ||||
* | Accuray Inc. | 2,748,522 | 5,744 | |||
* | Aadi Bioscience Inc. | 445,926 | 5,721 | |||
* | Aura Biosciences Inc. | 543,093 | 5,702 | |||
* | Stoke Therapeutics Inc. | 615,840 | 5,684 | |||
* | Y-mAbs Therapeutics Inc. | 1,159,178 | 5,657 | |||
*,1 | IGM Biosciences Inc. | 331,533 | 5,639 | |||
*,1 | Cabaletta Bio Inc. | 601,842 | 5,567 | |||
*,1 | 908 Devices Inc. | 727,330 | 5,542 | |||
* | Akoya Biosciences Inc. | 577,915 | 5,531 | |||
* | Berkeley Lights Inc. | 2,057,763 | 5,515 | |||
*,1 | Zomedica Corp. | 33,520,591 | 5,464 | |||
*,1 | Xeris Biopharma Holdings Inc. | 4,106,991 | 5,462 | |||
*,1 | Quantum-Si Inc. | 2,938,592 | 5,378 | |||
*,1 | Prime Medicine Inc. | 287,205 | 5,336 | |||
* | Generation Bio Co. | 1,356,025 | 5,329 | |||
* | Semler Scientific Inc. | 160,229 | 5,288 | |||
*,1 | Gossamer Bio Inc. | 2,417,239 | 5,245 | |||
* | Lexicon Pharmaceuticals Inc. | 2,717,874 | 5,191 | |||
*,1 | Cue Health Inc. | 2,505,948 | 5,187 | |||
* | InfuSystem Holdings Inc. | 596,955 | 5,182 | |||
*,1 | scPharmaceuticals Inc. | 718,034 | 5,148 | |||
* | Organogenesis Holdings Inc. Class A | 1,884,061 | 5,068 |
Shares | Market Value• ($000) | |||||
* | Savara Inc. | 3,255,385 | 5,046 | |||
*,1 | CorMedix Inc. | 1,193,591 | 5,037 | |||
* | Avita Medical Inc. | 755,807 | 4,988 | |||
* | Chimerix Inc. | 2,670,560 | 4,967 | |||
* | KalVista Pharmaceuticals Inc. | 733,821 | 4,961 | |||
* | Neuronetics Inc. | 718,657 | 4,937 | |||
* | Janux Therapeutics Inc. | 374,211 | 4,928 | |||
* | Joint Corp. | 352,141 | 4,923 | |||
* | Beyond Air Inc. | 749,067 | 4,861 | |||
* | Biomea Fusion Inc. | 575,055 | 4,848 | |||
* | Puma Biotechnology Inc. | 1,141,707 | 4,829 | |||
*,1 | Lineage Cell Therapeutics Inc. | 4,125,846 | 4,827 | |||
* | Frequency Therapeutics Inc. | 1,246,700 | 4,800 | |||
* | Nkarta Inc. | 793,900 | 4,755 | |||
*,1 | Annexon Inc. | 915,149 | 4,731 | |||
*,1 | Innovage Holding Corp. | 630,750 | 4,529 | |||
*,1 | Bright Health Group Inc. | 6,885,777 | 4,475 | |||
*,1 | AN2 Therapeutics Inc. | 466,278 | 4,444 | |||
* | Precigen Inc. | 2,901,233 | 4,410 | |||
*,1 | Greenwich Lifesciences Inc. | 282,263 | 4,290 | |||
*,1 | Optinose Inc. | 2,317,428 | 4,287 | |||
* | GlycoMimetics Inc. | 1,406,037 | 4,260 | |||
* | Prelude Therapeutics Inc. | 704,828 | 4,257 | |||
* | Icosavax Inc. | 535,192 | 4,249 | |||
* | Merrimack Pharmaceuticals Inc. | 369,998 | 4,240 | |||
*,1 | KemPharm Inc. | 920,269 | 4,224 | |||
*,1 | Design Therapeutics Inc. | 411,201 | 4,219 | |||
* | Rallybio Corp. | 636,414 | 4,181 | |||
* | Sonendo Inc. | 1,470,409 | 4,161 | |||
*,1 | Omeros Corp. | 1,822,044 | 4,118 | |||
* | Tabula Rasa HealthCare Inc. | 826,607 | 4,092 | |||
* | XOMA Corp. | 221,997 | 4,085 | |||
*,1 | PepGen Inc. | 304,943 | 4,077 | |||
* | Summit Therapeutics Inc. | 929,216 | 3,949 | |||
* | Anixa Biosciences Inc. | 927,841 | 3,943 | |||
*,1 | Vaxart Inc. | 4,069,328 | 3,910 | |||
*,1 | Selecta Biosciences Inc. | 3,446,145 | 3,894 | |||
* | Kinnate Biopharma Inc. | 637,863 | 3,891 | |||
*,1 | Sesen Bio Inc. | 6,362,488 | 3,878 |
Shares | Market Value• ($000) | |||||
* | Sensus Healthcare Inc. | 518,680 | 3,849 | |||
* | Celcuity Inc. | 273,679 | 3,834 | |||
*,1 | Outlook Therapeutics Inc. | 3,489,864 | 3,769 | |||
*,1 | Alaunos Therapeutics Inc. | 5,807,002 | 3,769 | |||
* | Athira Pharma Inc. | 1,183,657 | 3,752 | |||
* | Larimar Therapeutics Inc. | 853,025 | 3,523 | |||
*,1 | Mallinckrodt plc | 454,500 | 3,522 | |||
* | Foghorn Therapeutics Inc. | 550,850 | 3,514 | |||
* | FONAR Corp. | 206,318 | 3,456 | |||
* | Ovid therapeutics Inc. | 1,851,578 | 3,444 | |||
*,1 | Omega Therapeutics Inc. | 602,610 | 3,441 | |||
*,1 | Evelo Biosciences Inc. | 2,090,967 | 3,366 | |||
*,1 | Standard BioTools Inc. | 2,856,696 | 3,342 | |||
*,1 | Co-Diagnostics Inc. | 1,279,125 | 3,223 | |||
* | Graphite Bio Inc. | 969,009 | 3,217 | |||
* | Century Therapeutics Inc. | 625,729 | 3,210 | |||
* | Inotiv Inc. | 647,206 | 3,197 | |||
*,1 | Sanara Medtech Inc. | 69,768 | 3,174 | |||
* | Relmada Therapeutics Inc. | 904,705 | 3,157 | |||
*,1 | Citius Pharmaceuticals Inc. | 3,958,982 | 3,128 | |||
*,1 | Humacyte Inc. | 1,480,153 | 3,123 | |||
* | EyePoint Pharmaceuticals Inc. | 890,209 | 3,116 | |||
*,1 | Rani Therapeutics Holdings Inc. Class A | 522,155 | 3,081 | |||
*,1 | Societal CDMO Inc. | 2,064,292 | 3,076 | |||
*,1 | Absci Corp. | 1,453,297 | 3,052 | |||
* | KORU Medical Systems Inc. | 842,318 | 3,007 | |||
*,1 | Immuneering Corp. Class A | 614,133 | 2,979 | |||
* | Capricor Therapeutics Inc. | 767,235 | 2,962 | |||
* | ChromaDex Corp. | 1,762,037 | 2,960 | |||
* | Matinas BioPharma Holdings Inc. | 5,866,959 | 2,934 | |||
*,1 | Tyra Biosciences Inc. | 384,648 | 2,923 | |||
* | X4 Pharmaceuticals Inc. | 2,903,141 | 2,883 | |||
* | Stereotaxis Inc. | 1,388,482 | 2,874 | |||
*,1 | CEL - SCI Corp. | 1,220,994 | 2,869 | |||
*,2 | PDL BioPharma Inc. | 2,258,201 | 2,845 | |||
* | Cue Biopharma Inc. | 975,866 | 2,781 | |||
*,1 | Vicarious Surgical Inc. Class A | 1,352,238 | 2,732 |
Shares | Market Value• ($000) | |||||
* | Personalis Inc. | 1,370,373 | 2,713 | |||
* | Paratek Pharmaceuticals Inc. | 1,443,552 | 2,699 | |||
*,1 | Asensus Surgical Inc. Class A | 7,734,650 | 2,685 | |||
*,1 | Rain Oncology Inc. | 333,919 | 2,671 | |||
*,1 | Acumen Pharmaceuticals Inc. | 491,029 | 2,652 | |||
* | Electromed Inc. | 249,774 | 2,620 | |||
* | Taysha Gene Therapies Inc. | 1,157,514 | 2,616 | |||
* | Precision BioSciences Inc. | 2,188,905 | 2,605 | |||
* | Tenaya Therapeutics Inc. | 1,283,462 | 2,580 | |||
* | Praxis Precision Medicines Inc. | 1,071,276 | 2,550 | |||
* | Olema Pharmaceuticals Inc. | 1,006,591 | 2,466 | |||
* | Opiant Pharmaceuticals Inc. | 120,263 | 2,439 | |||
*,1 | Invivyd Inc. | 1,620,200 | 2,430 | |||
* | Vapotherm Inc. | 882,373 | 2,382 | |||
*,1 | Singular Genomics Systems Inc. | 1,180,133 | 2,372 | |||
* | CytomX Therapeutics Inc. | 1,468,702 | 2,350 | |||
*,1 | Biodesix Inc. | 1,017,561 | 2,340 | |||
* | Durect Corp. | 663,463 | 2,296 | |||
*,1 | Inmune Bio Inc. | 361,452 | 2,292 | |||
* | Verastem Inc. | 5,682,571 | 2,287 | |||
*,1 | Seelos Therapeutics Inc. | 3,356,797 | 2,279 | |||
* | Verrica Pharmaceuticals Inc. | 814,672 | 2,240 | |||
* | Apyx Medical Corp. | 945,007 | 2,211 | |||
* | XBiotech Inc. | 622,546 | 2,185 | |||
*,1 | Annovis Bio Inc. | 161,007 | 2,162 | |||
* | Oncternal Therapeutics Inc. | 2,159,797 | 2,160 | |||
*,1 | Oncology Institute Inc. | 1,273,384 | 2,101 | |||
* | Celularity Inc. Class A | 1,625,100 | 2,096 | |||
*,1 | Vaxxinity Inc. Class A | 1,489,274 | 2,085 | |||
* | Akumin Inc. | 2,890,700 | 2,078 | |||
* | Passage Bio Inc. | 1,496,581 | 2,065 | |||
* | Nautilus Biotechnology Inc. Class A | 1,137,499 | 2,048 | |||
* | Trevi Therapeutics Inc. | 1,049,601 | 2,026 | |||
*,1 | Theseus Pharmaceuticals Inc. | 405,973 | 2,022 | |||
* | CytoSorbents Corp. | 1,302,216 | 2,018 | |||
*,1 | Third Harmonic Bio Inc. | 467,005 | 2,008 | |||
*,1 | Atossa Therapeutics Inc. | 3,779,376 | 1,997 |
Shares | Market Value• ($000) | |||||
* | Xilio Therapeutics Inc. | 739,563 | 1,989 | |||
* | Spectrum Pharmaceuticals Inc. | 5,348,837 | 1,971 | |||
* | Dare Bioscience Inc. | 2,375,133 | 1,971 | |||
* | Thorne HealthTech Inc. | 540,104 | 1,961 | |||
* | Harvard Bioscience Inc. | 682,174 | 1,890 | |||
*,1 | Talkspace Inc. | 3,039,403 | 1,855 | |||
* | Cardiff Oncology Inc. | 1,285,846 | 1,800 | |||
* | Assembly Biosciences Inc. | 1,377,385 | 1,791 | |||
* | Homology Medicines Inc. | 1,395,301 | 1,758 | |||
*,1 | Bioventus Inc. Class A | 673,435 | 1,758 | |||
* | Rezolute Inc. | 841,974 | 1,743 | |||
* | Ikena Oncology Inc. | 654,658 | 1,741 | |||
* | PharmaCyte Biotech Inc. | 590,900 | 1,725 | |||
* | Shattuck Labs Inc. | 731,691 | 1,683 | |||
*,1 | Genprex Inc. | 1,127,694 | 1,635 | |||
* | aTyr Pharma Inc. | 737,935 | 1,616 | |||
*,1 | Eton Pharmaceuticals Inc. | 575,285 | 1,611 | |||
*,1 | P3 Health Partners Inc. | 866,984 | 1,595 | |||
* | Ocuphire Pharma Inc. | 451,409 | 1,593 | |||
*,1 | Accelerate Diagnostics Inc. | 2,234,561 | 1,578 | |||
*,1 | BrainStorm Cell Therapeutics Inc. | 951,371 | 1,560 | |||
* | Clearside Biomedical Inc. | 1,383,654 | 1,550 | |||
* | Lantern Pharma Inc. | 256,113 | 1,547 | |||
* | Adverum Biotechnologies Inc. | 2,661,554 | 1,542 | |||
*,1 | SCYNEXIS Inc. | 985,620 | 1,538 | |||
* | Lyra Therapeutics Inc. | 476,157 | 1,495 | |||
* | Eiger BioPharmaceuticals Inc. | 1,261,824 | 1,489 | |||
* | Enzo Biochem Inc. | 1,040,908 | 1,489 | |||
*,1 | Impel Pharmaceuticals Inc. | 396,809 | 1,488 | |||
* | Infinity Pharmaceuticals Inc. | 2,556,398 | 1,419 | |||
* | Fortress Biotech Inc. | 2,146,747 | 1,406 | |||
* | Surface Oncology Inc. | 1,709,153 | 1,402 | |||
*,1 | SELLAS Life Sciences Group Inc. | 592,271 | 1,398 | |||
*,1 | TherapeuticsMD Inc. | 249,657 | 1,396 | |||
* | Akebia Therapeutics Inc. | 2,410,502 | 1,391 | |||
*,1 | Forian Inc. | 507,760 | 1,386 | |||
*,1 | Nuvectis Pharma Inc. | 181,040 | 1,360 |
Shares | Market Value• ($000) | |||||
* | Cidara Therapeutics Inc. | 1,796,543 | 1,359 | |||
*,1 | Reviva Pharmaceuticals Holdings Inc. | 319,823 | 1,359 | |||
*,1 | Galectin Therapeutics Inc. | 1,189,409 | 1,344 | |||
* | IMARA Inc. | 326,756 | 1,336 | |||
* | Pro-Dex Inc. | 83,413 | 1,305 | |||
* | iCAD Inc. | 695,170 | 1,272 | |||
*,1 | SmileDirectClub Inc. Class A | 3,592,430 | 1,265 | |||
1 | AirSculpt Technologies Inc. | 341,234 | 1,263 | |||
* | Biomerica Inc. | 374,536 | 1,255 | |||
*,1 | PAVmed Inc. | 2,495,928 | 1,198 | |||
* | Alpha Teknova Inc. | 210,918 | 1,190 | |||
* | Viracta Therapeutics Inc. | 813,922 | 1,188 | |||
*,1 | Miromatrix Medical Inc. | 391,565 | 1,171 | |||
* | Kronos Bio Inc. | 715,054 | 1,158 | |||
* | Synlogic Inc. | 1,521,748 | 1,157 | |||
* | Pear Therapeutics Inc. | 977,960 | 1,154 | |||
* | MyMD Pharmaceuticals Inc. | 986,327 | 1,134 | |||
* | Hookipa Pharma Inc. | 1,396,133 | 1,131 | |||
* | Sema4 Holdings Corp. | 4,245,465 | 1,120 | |||
*,1 | enVVeno Medical Corp. | 216,998 | 1,107 | |||
* | Orgenesis Inc. | 566,688 | 1,105 | |||
*,1 | NRX Pharmaceuticals Inc. | 978,921 | 1,087 | |||
* | Aveanna Healthcare Holdings Inc. | 1,391,988 | 1,086 | |||
* | Instil Bio Inc. | 1,718,076 | 1,082 | |||
*,1 | Spero Therapeutics Inc. | 617,531 | 1,068 | |||
* | Eledon Pharmaceuticals Inc. | 459,998 | 1,067 | |||
* | Jounce Therapeutics Inc. | 950,782 | 1,055 | |||
*,1 | Syros Pharmaceuticals Inc. | 292,279 | 1,049 | |||
* | Pardes Biosciences Inc. Class A | 615,600 | 1,040 | |||
* | Leap Therapeutics Inc. | 2,289,511 | 1,030 | |||
* | Curis Inc. | 1,852,559 | 1,019 | |||
*,1 | Cognition Therapeutics Inc. | 485,183 | 1,019 | |||
*,1 | Checkpoint Therapeutics Inc. | 197,736 | 1,010 | |||
* | Eyenovia Inc. | 617,303 | 1,006 | |||
*,1 | Pyxis Oncology Inc. | 748,923 | 1,004 |
Shares | Market Value• ($000) | |||||
*,1 | Immunic Inc. | 710,074 | 994 | |||
*,1 | Decibel Therapeutics Inc. | 483,353 | 991 | |||
* | Oncocyte Corp. | 3,079,720 | 988 | |||
*,1 | Science 37 Holdings Inc. | 2,379,691 | 988 | |||
*,1 | MEI Pharma Inc. | 4,022,132 | 980 | |||
* | TCR2 Therapeutics Inc. | 981,016 | 980 | |||
* | UNITY Biotechnology Inc. | 357,567 | 980 | |||
*,1 | Bolt Biotherapeutics Inc. | 747,881 | 972 | |||
*,1 | Pulse Biosciences Inc. | 350,609 | 971 | |||
*,1 | Acutus Medical Inc. | 835,044 | 960 | |||
* | BioCardia Inc. | 457,496 | 956 | |||
*,1 | DermTech Inc. | 534,767 | 947 | |||
* | Lipocine Inc. | 2,398,282 | 921 | |||
*,1 | Delcath Systems Inc. | 255,213 | 919 | |||
*,1,2 | Tobira Therapeutics Inc. CVR Exp. 12/31/28 | 201,001 | 911 | |||
*,1 | IsoRay Inc. | 3,609,244 | 892 | |||
* | Inozyme Pharma Inc. | 842,985 | 885 | |||
* | Longboard Pharmaceuticals Inc. | 278,227 | 879 | |||
*,1 | Black Diamond Therapeutics Inc. | 481,157 | 866 | |||
* | ImmuCell Corp. | 139,968 | 857 | |||
*,1 | Solid Biosciences Inc. | 159,271 | 857 | |||
* | Xtant Medical Holdings Inc. | 1,278,952 | 844 | |||
* | LENSAR Inc. | 282,930 | 837 | |||
* | Aziyo Biologics Inc. Class A | 195,766 | 832 | |||
* | Cyteir Therapeutics Inc. | 498,303 | 822 | |||
Psychemedics Corp. | 165,415 | 817 | ||||
*,1 | Zynerba Pharmaceuticals Inc. | 1,521,801 | 807 | |||
* | DiaMedica Therapeutics Inc. | 506,271 | 800 | |||
* | Alzamend Neuro Inc. | 1,412,695 | 798 | |||
*,1 | Novan Inc. | 545,361 | 796 | |||
* | Exagen Inc. | 326,266 | 783 | |||
* | Talaris Therapeutics Inc. | 764,850 | 780 | |||
* | Protara Therapeutics Inc. | 284,301 | 762 | |||
*,1 | ATI Physical Therapy Inc. | 2,485,615 | 758 | |||
* | IRIDEX Corp. | 373,047 | 750 | |||
* | CareCloud Inc. | 266,292 | 748 | |||
* | Cyclerion Therapeutics Inc. | 1,138,259 | 747 | |||
* | NextCure Inc. | 530,127 | 747 |
Shares | Market Value• ($000) | |||||
*,1 | ARCA biopharma Inc. | 312,166 | 737 | |||
* | Dyadic International Inc. | 596,383 | 734 | |||
* | Movano Inc. | 562,483 | 731 | |||
* | Corvus Pharmaceuticals Inc. | 853,716 | 726 | |||
*,1 | Atreca Inc. Class A | 905,470 | 725 | |||
*,1 | Abeona Therapeutics Inc. | 235,366 | 725 | |||
*,1 | Gelesis Holdings Inc. | 2,478,100 | 720 | |||
* | GT Biopharma Inc. | 804,500 | 719 | |||
*,1 | Acer Therapeutics Inc. | 278,634 | 699 | |||
* | IsoPlexis Corp. | 449,112 | 696 | |||
*,1 | Milestone Scientific Inc. | 1,447,898 | 695 | |||
*,1 | Adamis Pharmaceuticals Corp. | 4,096,010 | 693 | |||
* | Aligos Therapeutics Inc. | 712,990 | 679 | |||
*,1 | Eliem Therapeutics Inc. | 189,734 | 679 | |||
* | Aquestive Therapeutics Inc. | 751,948 | 678 | |||
* | Lumos Pharma Inc. | 187,322 | 676 | |||
* | Geron Corp. Warrants Exp. 12/31/25 | 1,202,419 | 673 | |||
*,1 | Rapid Micro Biosystems Inc. Class A | 594,568 | 672 | |||
* | Sensei Biotherapeutics Inc. | 441,585 | 658 | |||
*,1 | Moleculin Biotech Inc. | 616,108 | 653 | |||
* | Werewolf Therapeutics Inc. | 314,965 | 646 | |||
* | Retractable Technologies Inc. | 392,689 | 644 | |||
* | Cumberland Pharmaceuticals Inc. | 280,820 | 632 | |||
*,1 | Palatin Technologies Inc. | 246,703 | 632 | |||
* | Equillium Inc. | 570,835 | 628 | |||
* | Hepion Pharmaceuticals Inc. | 2,070,833 | 621 | |||
* | Mustang Bio Inc. | 1,562,523 | 617 | |||
* | Avalo Therapeutics Inc. | 119,822 | 610 | |||
*,1 | Clene Inc. | 592,311 | 592 | |||
* | TFF Pharmaceuticals Inc. | 562,689 | 591 | |||
*,1 | Conformis Inc. | 177,088 | 588 | |||
* | Aeglea BioTherapeutics Inc. | 1,282,021 | 577 | |||
*,1 | Achieve Life Sciences Inc. | 230,562 | 570 |
Shares | Market Value• ($000) | |||||
* | Galera Therapeutics Inc. | 381,675 | 569 | |||
*,1 | NightHawk Biosciences Inc. | 705,534 | 568 | |||
* | Magenta Therapeutics Inc. | 1,432,921 | 566 | |||
*,1 | Aspira Women's Health Inc. | 1,702,595 | 566 | |||
* | 9 Meters Biopharma Inc. | 445,647 | 562 | |||
*,1 | Soligenix Inc. | 1,217,959 | 551 | |||
*,1 | Disc Medicine Inc. Class A | 27,515 | 547 | |||
*,1 | Immunome Inc. | 233,400 | 514 | |||
* | Biora Therapeutics Inc. | 3,875,866 | 510 | |||
*,1 | Harpoon Therapeutics Inc. | 691,063 | 502 | |||
* | Reneo Pharmaceuticals Inc. | 214,913 | 501 | |||
* | Athenex Inc. | 3,316,592 | 489 | |||
* | Sio Gene Therapies Inc. | 1,124,834 | 489 | |||
* | Forte Biosciences Inc. | 487,429 | 487 | |||
*,1 | SQZ Biotechnologies Co. | 657,886 | 487 | |||
* | Candel Therapeutics Inc. | 269,900 | 483 | |||
*,1 | Invacare Corp. | 1,122,314 | 471 | |||
* | Satsuma Pharmaceuticals Inc. | 522,516 | 470 | |||
* | Strata Skin Sciences Inc. | 593,248 | 469 | |||
*,1 | Bright Green Corp. | 992,772 | 466 | |||
*,1 | Microbot Medical Inc. | 153,549 | 462 | |||
*,1 | Aridis Pharmaceuticals Inc. | 388,959 | 459 | |||
* | Applied Molecular Transport Inc. | 1,089,900 | 458 | |||
* | Tracon Pharmaceuticals Inc. | 306,490 | 457 | |||
* | Avrobio Inc. | 630,579 | 450 | |||
* | Daxor Corp. | 47,328 | 437 | |||
Catalyst Biosciences Inc. | 826,502 | 436 | ||||
*,1 | Enochian Biosciences Inc. | 416,683 | 429 | |||
* | Five Star Senior Living Inc. | 775,241 | 426 | |||
* | Predictive Oncology Inc. | 1,385,931 | 425 | |||
* | Sonida Senior Living Inc. | 33,836 | 423 | |||
* | Angion Biomedica Corp. | 515,996 | 419 |
Shares | Market Value• ($000) | |||||
* | Finch Therapeutics Group Inc. | 855,860 | 411 | |||
*,1 | AIM ImmunoTech Inc. | 1,311,599 | 409 | |||
* | Applied Therapeutics Inc. | 536,460 | 408 | |||
* | vTv Therapeutics Inc. Class A | 625,032 | 408 | |||
* | Upexi Inc. | 134,054 | 402 | |||
*,1 | Senti Biosciences Inc. Class A | 282,432 | 398 | |||
*,1 | Lucid Diagnostics Inc. | 286,266 | 389 | |||
*,1 | Quince Therapeutics Inc. | 606,618 | 387 | |||
*,1 | Codex DNA Inc. | 307,523 | 384 | |||
*,1 | Longeveron Inc. | 118,115 | 380 | |||
* | Context Therapeutics Inc. | 573,400 | 379 | |||
*,1 | Sientra Inc. | 1,852,556 | 376 | |||
*,1 | Oragenics Inc. | 3,556,869 | 374 | |||
*,1 | NeuroMetrix Inc. | 252,738 | 372 | |||
* | Augmedix Inc. | 237,719 | 371 | |||
* | Cocrystal Pharma Inc. | 191,359 | 369 | |||
*,1 | Aptevo Therapeutics Inc. | 158,476 | 368 | |||
* | Aptinyx Inc. Class A | 1,251,830 | 367 | |||
* | Precipio Inc. | 662,055 | 367 | |||
* | Better Therapeutics Inc. | 326,043 | 365 | |||
* | TScan Therapeutics Inc. | 220,934 | 360 | |||
*,1 | Vaccinex Inc. | 534,485 | 352 | |||
* | ElectroCore Inc. | 1,341,498 | 345 | |||
* | Vincerx Pharma Inc. | 334,111 | 341 | |||
* | Aravive Inc. | 257,022 | 339 | |||
*,1 | Molecular Templates Inc. | 1,030,942 | 338 | |||
*,1 | NanoViricides Inc. | 300,189 | 333 | |||
* | Processa Pharmaceuticals Inc. | 299,657 | 330 | |||
*,1 | Indaptus Therapeutics Inc. | 229,197 | 330 | |||
*,1 | Trevena Inc. | 217,018 | 310 | |||
Cryo-Cell International Inc. | 72,236 | 306 | ||||
* | IN8bio Inc. | 132,077 | 305 | |||
* | HCW Biologics Inc. | 153,473 | 295 | |||
* | Lisata Therapeutics Inc. | 118,336 | 295 | |||
* | Ekso Bionics Holdings Inc. | 243,385 | 290 | |||
* | Plus Therapeutics Inc. | 897,484 | 285 | |||
* | GeoVax Labs Inc. | 439,870 | 277 | |||
*,1 | UpHealth Inc. | 166,349 | 271 |
Shares | Market Value• ($000) | |||||
*,1 | NeuroPace Inc. | 180,700 | 269 | |||
* | Jupiter Wellness Inc. | 355,834 | 267 | |||
* | Venus Concept Inc. | 824,933 | 264 | |||
*,1 | AcelRx Pharmaceuticals Inc. | 112,873 | 255 | |||
*,2 | Strongbridge Biopharma plc CVR | 1,399,363 | 253 | |||
* | Elevation Oncology Inc. | 265,550 | 252 | |||
* | Neoleukin Therapeutics Inc. | 493,540 | 251 | |||
*,1 | Cyclo Therapeutics Inc. | 176,807 | 251 | |||
*,1 | Organovo Holdings Inc. | 175,314 | 249 | |||
*,1 | Corbus Pharmaceuticals Holdings Inc. | 2,188,069 | 242 | |||
* | Ontrak Inc. | 657,410 | 242 | |||
*,1 | Eargo Inc. | 418,952 | 241 | |||
* | Inhibikase Therapeutics Inc. | 475,753 | 238 | |||
*,1 | BioSig Technologies Inc. | 564,517 | 237 | |||
* | Alimera Sciences Inc. | 87,148 | 236 | |||
* | AgeX Therapeutics Inc. | 426,190 | 235 | |||
* | Onconova Therapeutics Inc. | 365,661 | 235 | |||
* | ABVC BioPharma Inc. | 375,142 | 235 | |||
*,1 | Chembio Diagnostics Inc. | 1,058,315 | 233 | |||
*,1 | Modular Medical Inc. | 106,826 | 229 | |||
* | Sera Prognostics Inc. Class A | 183,767 | 226 | |||
*,1 | Tonix Pharmaceuticals Holding Corp. | 580,543 | 226 | |||
*,1 | Regulus Therapeutics Inc. | 162,509 | 223 | |||
*,1 | Tricida Inc. | 1,439,241 | 220 | |||
* | Codiak Biosciences Inc. | 552,448 | 220 | |||
*,1 | NantHealth Inc. | 59,606 | 218 | |||
* | Surgalign Holdings Inc. | 110,253 | 216 | |||
*,1 | Marpai Inc. Class A | 293,017 | 211 | |||
*,1 | Biocept Inc. | 394,514 | 209 | |||
*,1 | Diffusion Pharmaceuticals Inc. | 41,002 | 209 | |||
1 | Kineta Inc. | 32,976 | 209 | |||
*,1 | Minerva Neurosciences Inc. | 128,899 | 205 | |||
*,1 | Idera Pharmaceuticals Inc. | 576,093 | 202 | |||
* | Marker Therapeutics Inc. | 759,500 | 200 |
Shares | Market Value• ($000) | |||||
*,1 | SAB Biotherapeutics Inc. | 338,972 | 200 | |||
*,1 | Synaptogenix Inc. | 171,031 | 198 | |||
*,1 | T2 Biosystems Inc. | 130,994 | 186 | |||
*,1 | Athersys Inc. | 220,627 | 185 | |||
*,1 | Rubius Therapeutics Inc. | 1,066,867 | 184 | |||
*,1 | Bio-Path Holdings Inc. | 121,084 | 183 | |||
* | CASI Pharmaceuticals Inc. | 102,469 | 179 | |||
*,2 | Ocera Therapeutics Inc. CVR | 653,477 | 176 | |||
* | iSpecimen Inc. | 126,917 | 175 | |||
* | cbdMD Inc. | 759,341 | 172 | |||
* | Vivos Therapeutics Inc. | 426,060 | 171 | |||
* | Tempest Therapeutics Inc. | 147,142 | 171 | |||
* | Cellectar Biosciences Inc. | 99,704 | 171 | |||
* | Aileron Therapeutics Inc. | 70,526 | 167 | |||
*,1 | Graybug Vision Inc. | 318,437 | 159 | |||
*,1 | Jasper Therapeutics Inc. | 325,773 | 155 | |||
*,1 | Axcella Health Inc. | 462,695 | 152 | |||
*,2 | Adamas Pharmaceuticals Inc. CVR | 2,522,158 | 152 | |||
*,1 | Theriva Biologics Inc. | 330,873 | 151 | |||
*,1 | iBio Inc. | 336,211 | 149 | |||
*,1 | Vivani Medical Inc. | 173,362 | 147 | |||
*,1 | VYNE Therapeutics Inc. | 893,188 | 134 | |||
* | eFFECTOR Therapeutics Inc. | 300,033 | 128 | |||
*,1 | 180 Life Sciences Corp. | 37,583 | 127 | |||
* | Monopar Therapeutics Inc. | 52,392 | 124 | |||
*,1 | VistaGen Therapeutics Inc. | 1,183,241 | 122 | |||
* | Talis Biomedical Corp. | 274,003 | 122 | |||
* | Immix Biopharma Inc. | 52,979 | 121 | |||
*,1 | Aytu BioPharma Inc. | 634,538 | 120 | |||
*,1 | Artelo Biosciences Inc. | 40,554 | 117 | |||
*,1 | Surrozen Inc. | 199,181 | 116 | |||
* | Femasys Inc. | 128,310 | 115 | |||
* | Nephros Inc. | 102,105 | 114 | |||
* | INVO BioScience Inc. | 259,122 | 113 | |||
*,1 | Biolase Inc. | 167,042 | 109 | |||
* | American Shared Hospital Services | 36,338 | 106 |
Shares | Market Value• ($000) | |||||
* | NeuBase Therapeutics Inc. | 543,821 | 103 | |||
* | Imac Holdings Inc. | 508,049 | 102 | |||
*,1 | Rockwell Medical Inc. | 98,674 | 100 | |||
*,1 | Lannett Co. Inc. | 185,256 | 97 | |||
* | ENDRA Life Sciences Inc. | 23,331 | 95 | |||
*,1 | Biofrontera Inc. | 98,114 | 90 | |||
*,1 | NanoVibronix Inc. | 347,433 | 87 | |||
*,1 | NexImmune Inc. | 344,561 | 84 | |||
* | Nutriband Inc. | 22,490 | 81 | |||
* | Navidea Biopharmaceuticals Inc. | 381,102 | 80 | |||
*,1 | Metacrine Inc. | 179,530 | 80 | |||
* | Imunon Inc. | 57,488 | 78 | |||
*,2 | Aduro Biotech Inc. CVR | 415,255 | 76 | |||
*,1 | Qualigen Therapeutics Inc. | 56,774 | 74 | |||
* | Vyant Bio Inc. | 101,063 | 71 | |||
*,2 | OncoMed Pharmaceuticals Inc. CVR | 255,777 | 67 | |||
*,1 | Oncorus Inc. | 264,842 | 67 | |||
* | Pulmatrix Inc. | 17,004 | 66 | |||
* | Sigilon Therapeutics Inc. | 181,760 | 64 | |||
* | Avinger Inc. | 58,389 | 63 | |||
* | Virpax Pharmaceuticals Inc. | 96,777 | 60 | |||
*,1 | Bellicum Pharmaceuticals Inc. | 82,034 | 59 | |||
*,1 | Adial Pharmaceuticals Inc. | 275,517 | 59 | |||
* | Lucira Health Inc. | 464,745 | 52 | |||
*,1 | Kintara Therapeutics Inc. | 7,268 | 50 | |||
* | MiNK Therapeutics Inc. | 18,490 | 48 | |||
* | TRxADE HEALTH Inc. | 119,112 | 46 | |||
* | Star Equity Holdings Inc. | 53,681 | 46 | |||
* | Protagenic Therapeutics Inc. | 104,510 | 44 | |||
*,1 | Jaguar Health Inc. | 448,409 | 39 | |||
* | Cohbar Inc. | 23,045 | 39 | |||
*,1,2 | Miragen Therapeutics Inc. CVR | 1,753,041 | 35 | |||
* | Novo Integrated Sciences Inc. | 174,830 | 35 | |||
* | Salarius Pharmaceuticals Inc. | 21,884 | 34 | |||
* | Aprea Therapeutics Inc. | 99,800 | 32 |
Shares | Market Value• ($000) | |||||
*,1 | Eterna Therapeutics Inc. | 10,000 | 32 | |||
*,1 | Virios Therapeutics Inc. | 127,853 | 30 | |||
* | Journey Medical Corp. | 15,723 | 30 | |||
* | Eloxx Pharmaceuticals Inc. | 16,840 | 30 | |||
* | Pasithea Therapeutics Corp. | 39,188 | 25 | |||
* | RenovoRx Inc. | 10,815 | 25 | |||
*,1 | Acurx Pharmaceuticals Inc. | 6,127 | 24 | |||
* | Xenetic Biosciences Inc. | 61,641 | 18 | |||
* | Lixte Biotechnology Holdings Inc. | 32,745 | 17 | |||
*,1 | Unicycive Therapeutics Inc. | 22,695 | 12 | |||
*,2 | Alexza Pharmaceuticals Inc. CVR | 327,391 | 11 | |||
*,1 | Spruce Biosciences Inc. | 8,958 | 10 | |||
*,1,2 | Oncternal Therapeutics Inc. CVR | 8,933 | 9 | |||
*,1 | CNS Pharmaceuticals Inc. | 3,360 | 8 | |||
*,2 | F-star Therapeutics Inc. CVR | 61,021 | 4 | |||
* | Aethlon Medical Inc. | 5,764 | 2 | |||
*,2 | Ambit Biosciences Corp. CVR | 201,330 | — | |||
*,2 | Biosante Pharmaceuticals Inc. CVR | 253,823 | — | |||
*,1 | Synergy Pharmaceuticals LLC | 5,148,145 | — | |||
* | Advaxis Inc. Warrants Exp. 9/11/24 | 157,660 | — | |||
*,2 | Lantheus Holdings Inc. CVR | 2,319,511 | — | |||
* | SELLAS Life Sciences Group Inc. Warrants Exp. 4/5/27 | 40,000 | — | |||
* | Athenex Inc. Warrants Exp. 8/15/27 | 535,168 | — | |||
*,2 | OmniAb Inc. (Earnout Shares) | 372,534 | — | |||
*,2 | ABIOMED Inc. CVR | 264 | — |
Shares | Market Value• ($000) | |||||
*,1 | SiNtx Technologies Inc. | 1 | — | |||
* | Disc Medicine Inc. CVR | 275,152 | — | |||
171,027,041 | ||||||
Industrials (13.6%) | ||||||
Visa Inc. Class A | 49,292,699 | 10,241,051 | ||||
Mastercard Inc. Class A | 26,107,377 | 9,078,318 | ||||
Accenture plc Class A | 19,128,358 | 5,104,211 | ||||
Raytheon Technologies Corp. | 44,697,254 | 4,510,847 | ||||
Honeywell International Inc. | 20,445,124 | 4,381,390 | ||||
Union Pacific Corp. | 18,698,697 | 3,871,939 | ||||
United Parcel Service Inc. Class B | 22,194,977 | 3,858,375 | ||||
Caterpillar Inc. | 15,827,377 | 3,791,606 | ||||
Lockheed Martin Corp. | 7,793,644 | 3,791,530 | ||||
Deere & Co. | 8,260,842 | 3,541,919 | ||||
* | Boeing Co. | 18,126,460 | 3,452,909 | |||
Automatic Data Processing Inc. | 12,617,999 | 3,013,935 | ||||
General Electric Co. | 33,237,288 | 2,784,952 | ||||
American Express Co. | 17,042,755 | 2,518,067 | ||||
* | PayPal Holdings Inc. | 34,600,429 | 2,464,243 | |||
Northrop Grumman Corp. | 4,212,417 | 2,298,337 | ||||
3M Co. | 17,033,443 | 2,042,650 | ||||
CSX Corp. | 63,942,562 | 1,980,941 | ||||
Eaton Corp. plc | 12,099,061 | 1,898,948 | ||||
General Dynamics Corp. | 7,511,656 | 1,863,717 | ||||
Illinois Tool Works Inc. | 8,404,325 | 1,851,473 | ||||
* | Fiserv Inc. | 17,386,068 | 1,757,210 | |||
Norfolk Southern Corp. | 7,042,389 | 1,735,385 | ||||
Emerson Electric Co. | 17,990,270 | 1,728,145 | ||||
Sherwin-Williams Co. | 7,093,432 | 1,683,484 | ||||
Johnson Controls International plc | 20,885,890 | 1,336,697 | ||||
FedEx Corp. | 7,123,562 | 1,233,801 | ||||
Fidelity National Information Services Inc. | 18,003,010 | 1,221,504 | ||||
L3Harris Technologies Inc. | 5,790,126 | 1,205,562 | ||||
Cintas Corp. | 2,623,291 | 1,184,731 | ||||
Trane Technologies plc | 7,004,750 | 1,177,428 | ||||
Paychex Inc. | 9,868,426 | 1,140,395 | ||||
Parker-Hannifin Corp. | 3,903,417 | 1,135,894 |
Shares | Market Value• ($000) | |||||
Capital One Financial Corp. | 11,601,225 | 1,078,450 | ||||
Carrier Global Corp. | 25,427,634 | 1,048,890 | ||||
Cummins Inc. | 4,287,767 | 1,038,883 | ||||
* | Block Inc. Class A | 16,348,606 | 1,027,346 | |||
Otis Worldwide Corp. | 12,671,166 | 992,279 | ||||
TransDigm Group Inc. | 1,570,664 | 988,969 | ||||
* | Mettler-Toledo International Inc. | 678,023 | 980,048 | |||
AMETEK Inc. | 6,987,799 | 976,335 | ||||
PACCAR Inc. | 9,514,982 | 941,698 | ||||
DuPont de Nemours Inc. | 13,597,978 | 933,229 | ||||
* | Keysight Technologies Inc. | 5,430,166 | 928,938 | |||
Rockwell Automation Inc. | 3,495,082 | 900,228 | ||||
PPG Industries Inc. | 7,147,932 | 898,781 | ||||
Old Dominion Freight Line Inc. | 3,025,000 | 858,434 | ||||
Verisk Analytics Inc. Class A | 4,753,413 | 838,597 | ||||
Ferguson plc | 6,379,009 | 809,943 | ||||
Global Payments Inc. | 7,853,195 | 779,979 | ||||
WW Grainger Inc. | 1,382,754 | 769,157 | ||||
* | United Rentals Inc. | 2,107,479 | 749,040 | |||
Equifax Inc. | 3,724,193 | 723,834 | ||||
Fortive Corp. | 10,757,488 | 691,169 | ||||
Vulcan Materials Co. | 3,839,775 | 672,383 | ||||
Ingersoll Rand Inc. | 12,317,486 | 643,589 | ||||
Martin Marietta Materials Inc. | 1,887,811 | 638,023 | ||||
Quanta Services Inc. | 4,346,235 | 619,338 | ||||
* | Waters Corp. | 1,806,424 | 618,845 | |||
Xylem Inc. | 5,482,567 | 606,207 | ||||
Dover Corp. | 4,267,658 | 577,884 | ||||
* | Teledyne Technologies Inc. | 1,426,497 | 570,470 | |||
Westinghouse Air Brake Technologies Corp. | 5,255,168 | 524,518 | ||||
IDEX Corp. | 2,292,913 | 523,541 | ||||
Expeditors International of Washington Inc. | 4,833,473 | 502,294 | ||||
Ball Corp. | 9,544,364 | 488,099 | ||||
Jacobs Solutions Inc. | 3,842,541 | 461,374 | ||||
* | Fair Isaac Corp. | 759,405 | 454,565 | |||
Textron Inc. | 6,363,811 | 450,558 | ||||
Synchrony Financial | 13,677,419 | 449,440 | ||||
Howmet Aerospace Inc. | 11,301,525 | 445,393 | ||||
JB Hunt Transport Services Inc. | 2,520,605 | 439,493 | ||||
Booz Allen Hamilton Holding Corp. Class A | 4,019,282 | 420,095 |
Shares | Market Value• ($000) | |||||
* | Zebra Technologies Corp. Class A | 1,570,456 | 402,681 | |||
* | FleetCor Technologies Inc. | 2,133,790 | 391,935 | |||
Jack Henry & Associates Inc. | 2,219,752 | 389,700 | ||||
RPM International Inc. | 3,931,747 | 383,149 | ||||
Hubbell Inc. Class B | 1,631,883 | 382,970 | ||||
* | Trimble Inc. | 7,501,631 | 379,282 | |||
Nordson Corp. | 1,565,794 | 372,221 | ||||
Carlisle Cos. Inc. | 1,570,664 | 370,127 | ||||
Snap-on Inc. | 1,616,533 | 369,362 | ||||
Packaging Corp. of America | 2,812,093 | 359,695 | ||||
Toro Co. | 3,169,508 | 358,788 | ||||
AECOM | 4,221,908 | 358,567 | ||||
HEICO Corp. Class A | 2,984,460 | 357,688 | ||||
Stanley Black & Decker Inc. | 4,646,624 | 349,054 | ||||
Graco Inc. | 5,122,535 | 344,542 | ||||
* | Axon Enterprise Inc. | 2,056,127 | 341,173 | |||
TransUnion | 5,864,039 | 332,784 | ||||
* | Bill.com Holdings Inc. | 3,051,875 | 332,532 | |||
CH Robinson Worldwide Inc. | 3,580,841 | 327,862 | ||||
Masco Corp. | 6,851,765 | 319,772 | ||||
Crown Holdings Inc. | 3,651,096 | 300,157 | ||||
* | Builders FirstSource Inc. | 4,470,939 | 290,075 | |||
* | WillScot Mobile Mini Holdings Corp. | 6,344,301 | 286,572 | |||
Allegion plc | 2,667,416 | 280,772 | ||||
Huntington Ingalls Industries Inc. | 1,211,994 | 279,583 | ||||
Westrock Co. | 7,743,883 | 272,275 | ||||
AGCO Corp. | 1,926,875 | 267,238 | ||||
Genpact Ltd. | 5,586,945 | 258,787 | ||||
Lincoln Electric Holdings Inc. | 1,754,749 | 253,544 | ||||
Watsco Inc. | 1,012,343 | 252,478 | ||||
* | Paylocity Holding Corp. | 1,268,222 | 246,365 | |||
Knight-Swift Transportation Holdings Inc. Class A | 4,639,544 | 243,158 | ||||
Owens Corning | 2,837,516 | 242,040 | ||||
Regal Rexnord Corp. | 2,016,333 | 241,920 | ||||
Cognex Corp. | 4,998,324 | 235,471 | ||||
Tetra Tech Inc. | 1,615,671 | 234,579 | ||||
Lennox International Inc. | 967,985 | 231,571 | ||||
Robert Half International Inc. | 3,132,492 | 231,272 | ||||
Berry Global Group Inc. | 3,774,930 | 228,119 |
Shares | Market Value• ($000) | |||||
Pentair plc | 4,998,843 | 224,848 | ||||
Fortune Brands Innovations Inc. | 3,894,987 | 222,443 | ||||
A O Smith Corp. | 3,853,715 | 220,587 | ||||
Sealed Air Corp. | 4,408,270 | 219,884 | ||||
Donaldson Co. Inc. | 3,729,429 | 219,551 | ||||
* | Middleby Corp. | 1,637,048 | 219,201 | |||
AptarGroup Inc. | 1,988,372 | 218,681 | ||||
* | WEX Inc. | 1,325,240 | 216,876 | |||
EMCOR Group Inc. | 1,450,258 | 214,798 | ||||
Valmont Industries Inc. | 649,021 | 214,612 | ||||
Graphic Packaging Holding Co. | 9,319,117 | 207,350 | ||||
ITT Inc. | 2,512,878 | 203,794 | ||||
* | Generac Holdings Inc. | 1,936,542 | 194,932 | |||
nVent Electric plc | 5,066,955 | 194,926 | ||||
Curtiss-Wright Corp. | 1,164,395 | 194,442 | ||||
* | WESCO International Inc. | 1,549,968 | 194,056 | |||
MDU Resources Group Inc. | 6,200,700 | 188,129 | ||||
Sensata Technologies Holding plc | 4,650,619 | 187,792 | ||||
Advanced Drainage Systems Inc. | 2,269,857 | 186,060 | ||||
Sonoco Products Co. | 2,969,044 | 180,251 | ||||
Landstar System Inc. | 1,092,215 | 177,922 | ||||
Woodward Inc. | 1,823,545 | 176,173 | ||||
Oshkosh Corp. | 1,992,675 | 175,734 | ||||
MKS Instruments Inc. | 2,019,698 | 171,129 | ||||
* | Axalta Coating Systems Ltd. | 6,692,790 | 170,465 | |||
* | Saia Inc. | 802,877 | 168,347 | |||
* | Mohawk Industries Inc. | 1,640,489 | 167,691 | |||
Littelfuse Inc. | 755,836 | 166,435 | ||||
MSA Safety Inc. | 1,132,179 | 163,249 | ||||
*,1 | MasTec Inc. | 1,904,436 | 162,506 | |||
* | ExlService Holdings Inc. | 955,736 | 161,930 | |||
Acuity Brands Inc. | 977,223 | 161,838 | ||||
Western Union Co. | 11,742,087 | 161,689 | ||||
BWX Technologies Inc. | 2,768,562 | 160,798 | ||||
Brunswick Corp. | 2,200,964 | 158,645 | ||||
* | FTI Consulting Inc. | 993,842 | 157,822 | |||
* | GXO Logistics Inc. | 3,603,587 | 153,837 | |||
Exponent Inc. | 1,545,077 | 153,102 | ||||
* | TopBuild Corp. | 973,317 | 152,314 | |||
* | Fluor Corp. | 4,319,943 | 149,729 | |||
* | Chart Industries Inc. | 1,295,904 | 149,327 | |||
Eagle Materials Inc. | 1,119,233 | 148,690 | ||||
Applied Industrial Technologies Inc. | 1,174,382 | 148,007 |
Shares | Market Value• ($000) | |||||
Crane Holdings Co. | 1,449,337 | 145,586 | ||||
* | Trex Co. Inc. | 3,349,411 | 141,781 | |||
* | Atkore Inc. | 1,209,213 | 137,149 | |||
Maximus Inc. | 1,850,954 | 135,730 | ||||
* | Euronet Worldwide Inc. | 1,437,952 | 135,714 | |||
* | AMN Healthcare Services Inc. | 1,319,713 | 135,693 | |||
Silgan Holdings Inc. | 2,509,906 | 130,114 | ||||
* | Aerojet Rocketdyne Holdings Inc. | 2,322,849 | 129,917 | |||
ManpowerGroup Inc. | 1,538,044 | 127,981 | ||||
Comfort Systems USA Inc. | 1,085,800 | 124,954 | ||||
Insperity Inc. | 1,093,509 | 124,223 | ||||
Air Lease Corp. Class A | 3,209,146 | 123,295 | ||||
Triton International Ltd. | 1,790,495 | 123,150 | ||||
Watts Water Technologies Inc. Class A | 832,694 | 121,765 | ||||
Ryder System Inc. | 1,454,613 | 121,562 | ||||
Flowserve Corp. | 3,958,413 | 121,444 | ||||
Altra Industrial Motion Corp. | 1,979,106 | 118,252 | ||||
* | ASGN Inc. | 1,445,757 | 117,800 | |||
* | ATI Inc. | 3,938,044 | 117,590 | |||
* | Kirby Corp. | 1,823,180 | 117,322 | |||
Allison Transmission Holdings Inc. | 2,802,501 | 116,584 | ||||
Louisiana-Pacific Corp. | 1,963,421 | 116,235 | ||||
Simpson Manufacturing Co. Inc. | 1,309,768 | 116,124 | ||||
HB Fuller Co. | 1,613,318 | 115,546 | ||||
GATX Corp. | 1,079,432 | 114,787 | ||||
Maxar Technologies Inc. | 2,156,303 | 111,567 | ||||
MSC Industrial Direct Co. Inc. Class A | 1,360,822 | 111,179 | ||||
* | XPO Inc. | 3,313,070 | 110,292 | |||
* | API Group Corp. | 5,748,963 | 108,138 | |||
* | Summit Materials Inc. Class A | 3,611,326 | 102,526 | |||
HEICO Corp. | 654,552 | 100,565 | ||||
Herc Holdings Inc. | 752,794 | 99,045 | ||||
AAON Inc. | 1,307,527 | 98,483 | ||||
Badger Meter Inc. | 890,027 | 97,040 | ||||
Armstrong World Industries Inc. | 1,399,052 | 95,961 | ||||
Franklin Electric Co. Inc. | 1,196,312 | 95,406 | ||||
Spirit AeroSystems Holdings Inc. Class A | 3,200,138 | 94,724 |
Shares | Market Value• ($000) | |||||
1 | ADT Inc. | 10,394,832 | 94,281 | |||
Belden Inc. | 1,309,757 | 94,172 | ||||
* | Bloom Energy Corp. Class A | 4,925,234 | 94,170 | |||
Vontier Corp. | 4,823,331 | 93,235 | ||||
Albany International Corp. Class A | 944,218 | 93,090 | ||||
EnerSys | 1,242,476 | 91,744 | ||||
* | Marqeta Inc. Class A | 14,942,723 | 91,300 | |||
Zurn Elkay Water Solutions Corp. | 4,315,875 | 91,281 | ||||
ABM Industries Inc. | 2,025,405 | 89,968 | ||||
UniFirst Corp. | 459,727 | 88,723 | ||||
John Bean Technologies Corp. | 965,300 | 88,161 | ||||
* | Atlas Air Worldwide Holdings Inc. | 862,194 | 86,909 | |||
* | SPX Technologies Inc. | 1,311,548 | 86,103 | |||
Federal Signal Corp. | 1,852,223 | 86,073 | ||||
Forward Air Corp. | 819,494 | 85,957 | ||||
* | Shift4 Payments Inc. Class A | 1,532,163 | 85,694 | |||
Terex Corp. | 1,954,860 | 83,512 | ||||
Korn Ferry | 1,641,858 | 83,111 | ||||
Esab Corp. | 1,740,280 | 81,654 | ||||
Hillenbrand Inc. | 1,885,758 | 80,465 | ||||
* | Dycom Industries Inc. | 853,396 | 79,878 | |||
* | Beacon Roofing Supply Inc. | 1,480,209 | 78,140 | |||
* | O-I Glass Inc. | 4,708,486 | 78,020 | |||
*,1 | TriNet Group Inc. | 1,132,617 | 76,791 | |||
Moog Inc. Class A | 872,834 | 76,600 | ||||
* | ACI Worldwide Inc. | 3,263,940 | 75,071 | |||
* | Mercury Systems Inc. | 1,674,353 | 74,911 | |||
* | Hub Group Inc. Class A | 941,707 | 74,856 | |||
Otter Tail Corp. | 1,269,746 | 74,547 | ||||
Trinity Industries Inc. | 2,470,445 | 73,051 | ||||
McGrath RentCorp | 739,349 | 73,003 | ||||
* | Resideo Technologies Inc. | 4,432,712 | 72,918 | |||
Encore Wire Corp. | 528,462 | 72,695 | ||||
Brink's Co. | 1,335,739 | 71,743 | ||||
Matson Inc. | 1,144,914 | 71,569 | ||||
* | Alight Inc. Class A | 8,498,896 | 71,051 | |||
* | Itron Inc. | 1,383,037 | 70,051 | |||
Werner Enterprises Inc. | 1,736,203 | 69,900 | ||||
EnPro Industries Inc. | 642,484 | 69,832 | ||||
ESCO Technologies Inc. | 788,440 | 69,020 | ||||
* | CBIZ Inc. | 1,466,418 | 68,702 | |||
* | Flywire Corp. | 2,718,322 | 66,517 | |||
* | AZEK Co. Inc. Class A | 3,221,271 | 65,456 |
Shares | Market Value• ($000) | |||||
EVERTEC Inc. | 1,995,334 | 64,609 | ||||
* | GMS Inc. | 1,290,138 | 64,249 | |||
* | Verra Mobility Corp. Class A | 4,637,206 | 64,133 | |||
Kadant Inc. | 355,221 | 63,098 | ||||
Brady Corp. Class A | 1,335,210 | 62,888 | ||||
* | AeroVironment Inc. | 721,498 | 61,804 | |||
Installed Building Products Inc. | 704,655 | 60,318 | ||||
Kennametal Inc. | 2,504,105 | 60,249 | ||||
* | RXO Inc. | 3,494,991 | 60,114 | |||
Barnes Group Inc. | 1,459,573 | 59,624 | ||||
* | Air Transport Services Group Inc. | 2,220,026 | 57,676 | |||
*,1 | Affirm Holdings Inc. Class A | 5,962,437 | 57,657 | |||
ICF International Inc. | 576,291 | 57,082 | ||||
Bread Financial Holdings Inc. | 1,505,564 | 56,700 | ||||
CSW Industrials Inc. | 483,294 | 56,028 | ||||
Griffon Corp. | 1,559,314 | 55,808 | ||||
* | Masonite International Corp. | 684,892 | 55,209 | |||
Lindsay Corp. | 336,731 | 54,837 | ||||
Helios Technologies Inc. | 989,120 | 53,848 | ||||
* | NV5 Global Inc. | 405,637 | 53,674 | |||
Greif Inc. Class A | 791,276 | 53,063 | ||||
Mueller Water Products Inc. Class A | 4,768,560 | 51,310 | ||||
International Seaways Inc. | 1,341,283 | 49,654 | ||||
ArcBest Corp. | 702,329 | 49,191 | ||||
* | Evo Payments Inc. Class A | 1,452,726 | 49,160 | |||
Veritiv Corp. | 387,255 | 47,133 | ||||
* | MYR Group Inc. | 509,211 | 46,883 | |||
Granite Construction Inc. | 1,322,561 | 46,382 | ||||
* | AAR Corp. | 1,013,774 | 45,518 | |||
Enerpac Tool Group Corp. Class A | 1,770,748 | 45,066 | ||||
* | Gibraltar Industries Inc. | 970,231 | 44,514 | |||
FTAI Aviation Ltd. | 2,596,900 | 44,459 | ||||
* | Huron Consulting Group Inc. | 604,616 | 43,895 | |||
Alamo Group Inc. | 309,690 | 43,852 | ||||
H&E Equipment Services Inc. | 933,448 | 42,379 | ||||
* | CoreCivic Inc. | 3,584,068 | 41,432 | |||
* | Enovix Corp. | 3,326,542 | 41,382 | |||
* | Core & Main Inc. Class A | 2,120,695 | 40,951 | |||
* | Payoneer Global Inc. | 7,439,917 | 40,696 |
Shares | Market Value• ($000) | |||||
* | Kratos Defense & Security Solutions Inc. | 3,873,242 | 39,972 | |||
Patrick Industries Inc. | 651,206 | 39,463 | ||||
Standex International Corp. | 370,891 | 37,983 | ||||
* | OSI Systems Inc. | 474,159 | 37,705 | |||
* | Vicor Corp. | 687,153 | 36,934 | |||
TriMas Corp. | 1,317,739 | 36,554 | ||||
* | AvidXchange Holdings Inc. | 3,641,244 | 36,194 | |||
* | Gates Industrial Corp. plc | 3,055,726 | 34,866 | |||
Primoris Services Corp. | 1,587,771 | 34,836 | ||||
Marten Transport Ltd. | 1,741,453 | 34,446 | ||||
Kforce Inc. | 622,514 | 34,132 | ||||
Tennant Co. | 548,199 | 33,753 | ||||
* | Montrose Environmental Group Inc. | 753,788 | 33,461 | |||
Greenbrier Cos. Inc. | 948,862 | 31,815 | ||||
* | Energy Recovery Inc. | 1,542,662 | 31,609 | |||
* | PGT Innovations Inc. | 1,744,942 | 31,339 | |||
* | Construction Partners Inc. Class A | 1,171,251 | 31,261 | |||
Wabash National Corp. | 1,364,206 | 30,831 | ||||
* | Hillman Solutions Corp. | 4,261,443 | 30,725 | |||
*,1 | Rocket Lab USA Inc. | 8,071,932 | 30,431 | |||
* | Masterbrand Inc. | 3,912,619 | 29,540 | |||
* | Modine Manufacturing Co. | 1,483,829 | 29,469 | |||
Apogee Enterprises Inc. | 656,760 | 29,200 | ||||
AZZ Inc. | 726,124 | 29,190 | ||||
* | Remitly Global Inc. | 2,545,529 | 29,146 | |||
* | Sterling Infrastructure Inc. | 873,382 | 28,647 | |||
* | Cross Country Healthcare Inc. | 1,065,059 | 28,299 | |||
* | Hayward Holdings Inc. | 3,008,475 | 28,280 | |||
* | Donnelley Financial Solutions Inc. | 703,483 | 27,190 | |||
Astec Industries Inc. | 668,601 | 27,185 | ||||
Schneider National Inc. Class B | 1,144,186 | 26,774 | ||||
* | Napco Security Technologies Inc. | 972,857 | 26,734 | |||
CRA International Inc. | 210,751 | 25,802 | ||||
Mesa Laboratories Inc. | 154,969 | 25,757 |
Shares | Market Value• ($000) | |||||
Columbus McKinnon Corp. | 792,747 | 25,740 | ||||
*,1 | Joby Aviation Inc. | 7,648,252 | 25,622 | |||
TTEC Holdings Inc. | 567,356 | 25,037 | ||||
Quanex Building Products Corp. | 1,048,900 | 24,838 | ||||
* | International Money Express Inc. | 1,007,480 | 24,552 | |||
* | Titan Machinery Inc. | 612,978 | 24,354 | |||
* | CryoPort Inc. | 1,396,316 | 24,226 | |||
* | Mirion Technologies Inc. | 3,655,360 | 24,162 | |||
Douglas Dynamics Inc. | 666,232 | 24,091 | ||||
* | American Woodmark Corp. | 487,299 | 23,809 | |||
* | JELD-WEN Holding Inc. | 2,453,900 | 23,680 | |||
Myers Industries Inc. | 1,064,615 | 23,666 | ||||
* | Titan International Inc. | 1,526,933 | 23,393 | |||
Shyft Group Inc. | 929,754 | 23,114 | ||||
* | Proterra Inc. | 6,100,871 | 23,000 | |||
*,1 | Nikola Corp. | 10,513,601 | 22,709 | |||
*,1 | Legalzoom.com Inc. | 2,932,007 | 22,694 | |||
*,1 | Virgin Galactic Holdings Inc. | 6,498,979 | 22,616 | |||
* | Conduent Inc. | 5,553,255 | 22,491 | |||
* | Aspen Aerogels Inc. | 1,894,081 | 22,331 | |||
Deluxe Corp. | 1,314,727 | 22,324 | ||||
Heartland Express Inc. | 1,421,064 | 21,799 | ||||
* | Green Dot Corp. Class A | 1,377,254 | 21,788 | |||
*,1 | PureCycle Technologies Inc. | 3,186,067 | 21,538 | |||
* | Paya Holdings Inc. | 2,690,758 | 21,176 | |||
* | Proto Labs Inc. | 822,107 | 20,988 | |||
* | SP Plus Corp. | 601,630 | 20,889 | |||
* | First Advantage Corp. | 1,578,966 | 20,527 | |||
* | ZipRecruiter Inc. Class A | 1,244,212 | 20,430 | |||
* | Leonardo DRS Inc. | 1,588,300 | 20,298 | |||
* | Thermon Group Holdings Inc. | 995,677 | 19,993 | |||
Barrett Business Services Inc. | 211,351 | 19,715 | ||||
Chase Corp. | 228,012 | 19,668 | ||||
* | Vivint Smart Home Inc. | 1,596,857 | 19,003 | |||
* | Triumph Group Inc. | 1,794,321 | 18,876 | |||
Cass Information Systems Inc. | 408,138 | 18,701 | ||||
* | Repay Holdings Corp. Class A | 2,322,791 | 18,698 | |||
* | Janus International Group Inc. | 1,950,110 | 18,565 | |||
* | TrueBlue Inc. | 942,024 | 18,445 |
Shares | Market Value• ($000) | |||||
* | BlueLinx Holdings Inc. | 258,113 | 18,354 | |||
Kaman Corp. | 815,429 | 18,184 | ||||
Pitney Bowes Inc. | 4,751,486 | 18,056 | ||||
* | I3 Verticals Inc. Class A | 707,059 | 17,210 | |||
Ennis Inc. | 770,417 | 17,072 | ||||
Gorman-Rupp Co. | 665,592 | 17,052 | ||||
Resources Connection Inc. | 902,924 | 16,596 | ||||
* | Franklin Covey Co. | 349,702 | 16,356 | |||
Heidrick & Struggles International Inc. | 580,522 | 16,237 | ||||
* | FARO Technologies Inc. | 546,929 | 16,085 | |||
* | Ducommun Inc. | 315,153 | 15,745 | |||
Argan Inc. | 426,696 | 15,737 | ||||
Kelly Services Inc. Class A | 921,762 | 15,578 | ||||
Insteel Industries Inc. | 533,757 | 14,689 | ||||
* | Transcat Inc. | 203,696 | 14,436 | |||
* | TaskUS Inc. Class A | 839,369 | 14,185 | |||
* | CIRCOR International Inc. | 591,811 | 14,180 | |||
1 | Eagle Bulk Shipping Inc. | 283,417 | 14,154 | |||
VSE Corp. | 291,711 | 13,675 | ||||
Allied Motion Technologies Inc. | 388,182 | 13,513 | ||||
* | Target Hospitality Corp. | 883,697 | 13,379 | |||
* | Vishay Precision Group Inc. | 346,096 | 13,377 | |||
* | Cimpress plc | 477,287 | 13,178 | |||
* | DXP Enterprises Inc. | 478,217 | 13,175 | |||
*,1 | Aurora Innovation Inc. | 10,860,578 | 13,141 | |||
* | V2X Inc. | 316,924 | 13,086 | |||
* | Forrester Research Inc. | 359,746 | 12,865 | |||
REV Group Inc. | 1,017,861 | 12,845 | ||||
Perella Weinberg Partners Class A | 1,278,425 | 12,529 | ||||
Pactiv Evergreen Inc. | 1,068,389 | 12,137 | ||||
National Presto Industries Inc. | 174,466 | 11,944 | ||||
* | Hudson Technologies Inc. | 1,149,613 | 11,634 | |||
* | Custom Truck One Source Inc. | 1,831,243 | 11,573 | |||
* | Great Lakes Dredge & Dock Corp. | 1,843,428 | 10,968 | |||
* | Babcock & Wilcox Enterprises Inc. | 1,843,405 | 10,636 | |||
* | Manitowoc Co. Inc. | 1,083,726 | 9,927 | |||
* | CECO Environmental Corp. | 843,032 | 9,847 | |||
Cadre Holdings Inc. | 488,900 | 9,846 |
Shares | Market Value• ($000) | |||||
* | AerSale Corp. | 605,262 | 9,817 | |||
Powell Industries Inc. | 271,733 | 9,560 | ||||
LSI Industries Inc. | 777,330 | 9,515 | ||||
*,1 | Desktop Metal Inc. Class A | 6,996,405 | 9,515 | |||
FTAI Infrastructure Inc. | 3,188,200 | 9,405 | ||||
* | Tutor Perini Corp. | 1,210,073 | 9,136 | |||
* | ShotSpotter Inc. | 260,978 | 8,829 | |||
* | Sterling Check Corp. | 566,975 | 8,771 | |||
*,1 | Hyliion Holdings Corp. | 3,720,847 | 8,707 | |||
* | Luna Innovations Inc. | 960,256 | 8,441 | |||
* | BrightView Holdings Inc. | 1,219,101 | 8,400 | |||
* | IES Holdings Inc. | 235,697 | 8,384 | |||
* | Astronics Corp. | 808,671 | 8,329 | |||
*,1 | Velo3D Inc. | 4,652,256 | 8,328 | |||
Miller Industries Inc. | 308,624 | 8,228 | ||||
Park Aerospace Corp. | 610,019 | 8,180 | ||||
* | HireRight Holdings Corp. | 676,654 | 8,025 | |||
Universal Logistics Holdings Inc. | 230,693 | 7,714 | ||||
United States Lime & Minerals Inc. | 53,708 | 7,560 | ||||
* | Daseke Inc. | 1,310,814 | 7,459 | |||
*,1 | Workhorse Group Inc. | 4,801,523 | 7,298 | |||
Covenant Logistics Group Inc. Class A | 209,606 | 7,246 | ||||
*,1 | Microvast Holdings Inc. | 4,657,800 | 7,126 | |||
*,1 | TuSimple Holdings Inc. Class A | 4,277,881 | 7,016 | |||
* | Radiant Logistics Inc. | 1,368,861 | 6,967 | |||
* | Archer Aviation Inc. Class A | 3,679,429 | 6,881 | |||
Hyster-Yale Materials Handling Inc. | 269,570 | 6,823 | ||||
* | Willdan Group Inc. | 379,924 | 6,782 | |||
Greif Inc. Class B | 85,951 | 6,724 | ||||
* | Commercial Vehicle Group Inc. | 986,674 | 6,719 | |||
* | Cantaloupe Inc. | 1,518,675 | 6,606 | |||
* | DHI Group Inc. | 1,239,544 | 6,557 | |||
* | Ranpak Holdings Corp. Class A | 1,135,957 | 6,554 | |||
* | Performant Financial Corp. | 1,777,229 | 6,416 | |||
*,1 | Blade Air Mobility Inc. | 1,780,179 | 6,373 | |||
Kronos Worldwide Inc. | 666,260 | 6,263 | ||||
*,1 | ShiftPixy Inc. | 298,600 | 6,256 |
Shares | Market Value• ($000) | |||||
* | Overseas Shipholding Group Inc. Class A | 2,157,938 | 6,236 | |||
* | Bowman Consulting Group Ltd. Class A | 281,036 | 6,141 | |||
* | Acacia Research Corp. | 1,349,295 | 5,681 | |||
* | Distribution Solutions Group Inc. | 144,378 | 5,322 | |||
*,1 | Danimer Scientific Inc. Class A | 2,920,239 | 5,227 | |||
* | PAM Transportation Services Inc. | 196,206 | 5,082 | |||
BGSF Inc. | 327,376 | 5,015 | ||||
Hurco Cos. Inc. | 189,475 | 4,951 | ||||
* | Blue Bird Corp. | 456,096 | 4,885 | |||
* | CPI Card Group Inc. | 132,336 | 4,775 | |||
* | Advantage Solutions Inc. | 2,262,148 | 4,705 | |||
* | Iteris Inc. | 1,478,666 | 4,599 | |||
* | Atlas Technical Consultants Inc. Class A | 880,011 | 4,532 | |||
* | Quad/Graphics Inc. | 1,103,900 | 4,504 | |||
Information Services Group Inc. | 977,121 | 4,495 | ||||
* | Evolv Technologies Holdings Inc. | 1,718,460 | 4,451 | |||
* | CS Disco Inc. | 700,982 | 4,430 | |||
* | Velodyne Lidar Inc. | 5,956,174 | 4,400 | |||
* | Concrete Pumping Holdings Inc. | 737,042 | 4,312 | |||
* | Yellow Corp. | 1,705,847 | 4,282 | |||
* | Core Molding Technologies Inc. | 316,688 | 4,114 | |||
* | L B Foster Co. Class A | 421,226 | 4,077 | |||
*,1 | View Inc. | 4,168,453 | 4,022 | |||
*,1 | BlackSky Technology Inc. Class A | 2,605,410 | 4,012 | |||
* | Atlanticus Holdings Corp. | 150,156 | 3,934 | |||
*,1 | Terran Orbital Corp. | 2,419,100 | 3,822 | |||
*,1 | Virgin Orbit Holdings Inc. | 2,044,300 | 3,782 | |||
*,1 | Skillsoft Corp. | 2,900,886 | 3,771 | |||
* | EVI Industries Inc. | 155,167 | 3,704 | |||
*,1 | Byrna Technologies Inc. | 472,114 | 3,701 | |||
*,1 | Global Business Travel Group I | 544,900 | 3,678 | |||
* | RCM Technologies Inc. | 294,549 | 3,635 | |||
* | Graham Corp. | 377,551 | 3,632 | |||
* | Mistras Group Inc. | 709,943 | 3,500 | |||
* | DLH Holdings Corp. | 292,132 | 3,466 |
Shares | Market Value• ($000) | |||||
*,1 | Hyzon Motors Inc. | 2,227,561 | 3,453 | |||
PFSweb Inc. | 559,304 | 3,440 | ||||
* | Gencor Industries Inc. | 332,487 | 3,358 | |||
* | Twin Disc Inc. | 342,600 | 3,330 | |||
*,1 | Paymentus Holdings Inc. Class A | 404,533 | 3,240 | |||
* | Mayville Engineering Co. Inc. | 251,155 | 3,180 | |||
Park-Ohio Holdings Corp. | 258,617 | 3,163 | ||||
* | Willis Lease Finance Corp. | 53,245 | 3,142 | |||
*,1 | Markforged Holding Corp. | 2,651,263 | 3,075 | |||
*,1 | SKYX Platforms Corp. | 1,219,153 | 3,072 | |||
ARC Document Solutions Inc. | 1,040,504 | 3,049 | ||||
*,1 | MSP Recovery Inc. | 1,855,915 | 2,969 | |||
* | Innovative Solutions & Support Inc. | 353,301 | 2,904 | |||
*,1 | Spire Global Inc. | 2,946,300 | 2,828 | |||
* | Paysign Inc. | 1,077,060 | 2,779 | |||
*,1 | Smith-Midland Corp. | 127,258 | 2,609 | |||
*,1 | Moneylion Inc. | 4,172,254 | 2,587 | |||
*,1 | INNOVATE Corp. | 1,371,484 | 2,565 | |||
*,1 | Eos Energy Enterprises Inc. | 1,694,200 | 2,507 | |||
*,1 | MICT Inc. | 2,994,134 | 2,485 | |||
Karat Packaging Inc. | 171,091 | 2,459 | ||||
* | Limbach Holdings Inc. | 232,517 | 2,420 | |||
HireQuest Inc. | 149,263 | 2,360 | ||||
*,1 | Astra Space Inc. | 5,320,648 | 2,308 | |||
* | Hudson Global Inc. | 100,173 | 2,267 | |||
* | Orion Group Holdings Inc. | 939,452 | 2,236 | |||
*,1 | Cepton Inc. | 1,753,500 | 2,227 | |||
* | Latch Inc. | 3,068,500 | 2,178 | |||
*,1 | Knightscope Inc. Class A | 1,010,525 | 1,910 | |||
* | StarTek Inc. | 457,203 | 1,714 | |||
* | GEE Group Inc. | 3,354,057 | 1,643 | |||
*,1 | Energous Corp. | 1,958,094 | 1,637 | |||
* | Frequency Electronics Inc. | 228,179 | 1,609 | |||
* | Alpha Pro Tech Ltd. | 398,671 | 1,603 | |||
*,1 | Katapult Holdings Inc. | 1,643,191 | 1,572 | |||
*,1 | AEye Inc. | 3,258,500 | 1,566 | |||
* | Hydrofarm Holdings Group Inc. | 950,421 | 1,473 | |||
* | Orion Energy Systems Inc. | 765,432 | 1,393 |
Shares | Market Value• ($000) | |||||
* | US Xpress Enterprises Inc. Class A | 752,668 | 1,362 | |||
* | Research Solutions Inc. | 700,394 | 1,352 | |||
* | Lightbridge Corp. | 345,233 | 1,343 | |||
* | Ultralife Corp. | 348,051 | 1,343 | |||
* | Sarcos Technology & Robotics Corp. | 2,362,032 | 1,326 | |||
*,1 | Momentus Inc. Class A | 1,648,139 | 1,285 | |||
* | RF Industries Ltd. | 249,088 | 1,270 | |||
* | Priority Technology Holdings Inc. | 239,738 | 1,261 | |||
*,1 | Coda Octopus Group Inc. | 183,470 | 1,259 | |||
* | VirTra Inc. | 262,879 | 1,230 | |||
* | LS Starrett Co. Class A | 166,241 | 1,224 | |||
* | Usio Inc. | 757,304 | 1,212 | |||
*,1 | Rekor Systems Inc. | 1,005,498 | 1,207 | |||
*,1 | Berkshire Grey Inc. | 1,873,972 | 1,132 | |||
*,1 | Odyssey Marine Exploration Inc. Class B | 290,463 | 1,127 | |||
* | FreightCar America Inc. | 350,356 | 1,121 | |||
*,1 | Wrap Technologies Inc. | 658,952 | 1,114 | |||
*,1 | Redwire Corp. | 562,616 | 1,114 | |||
* | Sono-Tek Corp. | 157,600 | 1,012 | |||
*,1 | BitNile Holdings Inc. | 8,202,267 | 1,005 | |||
*,1 | Where Food Comes From Inc. | 69,360 | 969 | |||
* | Air T Inc. | 32,860 | 824 | |||
* | IZEA Worldwide Inc. | 1,398,592 | 759 | |||
* | LightPath Technologies Inc. Class A | 619,617 | 756 | |||
* | Broadwind Inc. | 385,036 | 689 | |||
*,1 | AgEagle Aerial Systems Inc. | 1,950,222 | 683 | |||
* | Wireless Telecom Group Inc. | 339,257 | 607 | |||
* | FG Group Holdings Inc. | 226,990 | 595 | |||
* | Sypris Solutions Inc. | 286,226 | 578 | |||
*,1 | Applied DNA Sciences Inc. | 346,633 | 575 | |||
*,1 | Lightning eMotors Inc. | 1,485,715 | 545 | |||
* | Fuel Tech Inc. | 424,566 | 539 | |||
*,1 | Xos Inc. | 1,199,595 | 531 | |||
* | Espey Manufacturing & Electronics Corp. | 36,920 | 524 | |||
*,1 | Orbital Infrastructure Group Inc. | 2,398,886 | 473 |
Shares | Market Value• ($000) | |||||
Taitron Components Inc. Class A | 126,100 | 434 | ||||
*,1 | CompoSecure Inc. | 79,739 | 392 | |||
* | Astrotech Corp. | 38,881 | 388 | |||
* | Biotricity Inc. | 845,735 | 381 | |||
* | Williams Industrial Services Group Inc. | 366,258 | 374 | |||
*,1 | Dominari Holdings Inc. | 111,013 | 361 | |||
* | Team Inc. | 67,315 | 353 | |||
* | TSR Inc. | 50,537 | 343 | |||
* | ClearSign Technologies Corp. | 584,529 | 313 | |||
*,1 | Air Industries Group | 69,263 | 294 | |||
* | ENGlobal Corp. | 378,679 | 292 | |||
*,1 | Pioneer Power Solutions Inc. | 107,157 | 287 | |||
* | Horizon Global Corp. | 737,857 | 287 | |||
*,1 | AmpliTech Group Inc. | 132,700 | 281 | |||
*,1 | Aeroclean Technologies Inc. | 77,685 | 243 | |||
*,1 | Digital Ally Inc. | 1,045,002 | 243 | |||
*,1 | TOMI Environmental Solutions Inc. | 484,669 | 238 | |||
* | DSS Inc. | 1,292,763 | 212 | |||
*,1 | Polar Power Inc. | 156,102 | 201 | |||
* | Jewett-Cameron Trading Co. Ltd. | 33,538 | 193 | |||
* | Shapeways Holdings Inc. | 354,017 | 193 | |||
* | M-Tron Industries Inc. | 21,794 | 191 | |||
*,1 | Safe & Green Holdings Corp. | 124,227 | 170 | |||
*,1 | Nuvve Holding Corp. | 234,173 | 157 | |||
* | Sidus Space Inc. Class A | 134,281 | 146 | |||
*,1 | OLB Group Inc. | 172,095 | 144 | |||
* | LGL Group Inc. | 30,781 | 125 | |||
*,1 | Ryvyl Inc. | 263,629 | 121 | |||
* | Socket Mobile Inc. | 60,175 | 117 | |||
P&F Industries Inc. Class A | 19,762 | 99 | ||||
* | Servotronics Inc. | 8,633 | 91 | |||
Autoscope Technologies Corp. | 20,187 | 73 | ||||
* | Manitex International Inc. | 8,258 | 33 | |||
*,1 | Staffing 360 Solutions Inc. | 8,115 | 23 | |||
* | Fathom Digital Manufacturing C | 8,300 | 11 | |||
*,1 | AppTech Payments Corp. | 4,100 | 10 | |||
* | Art's-Way Manufacturing Co. Inc. | 4,484 | 9 |
Shares | Market Value• ($000) | |||||
*,2 | Patriot National Inc. | 129,819 | — | |||
* | Ardagh Group SA Class A | 37 | — | |||
* | LGL Group Inc. Warrants Exp. 12/16/25 | 2,391 | — | |||
156,778,170 | ||||||
Real Estate (3.4%) | ||||||
Prologis Inc. | 28,071,854 | 3,164,540 | ||||
American Tower Corp. | 14,159,997 | 2,999,937 | ||||
Equinix Inc. | 2,814,333 | 1,843,473 | ||||
Crown Castle Inc. | 13,169,960 | 1,786,373 | ||||
Public Storage | 4,540,330 | 1,272,155 | ||||
Realty Income Corp. | 19,064,759 | 1,209,278 | ||||
Simon Property Group Inc. | 9,944,803 | 1,168,315 | ||||
* | CoStar Group Inc. | 12,365,660 | 955,618 | |||
Welltower Inc. | 14,371,569 | 942,056 | ||||
SBA Communications Corp. Class A | 3,281,949 | 919,963 | ||||
Digital Realty Trust Inc. | 8,745,029 | 876,864 | ||||
VICI Properties Inc. | 25,554,170 | 827,955 | ||||
Alexandria Real Estate Equities Inc. | 4,990,552 | 726,974 | ||||
* | CBRE Group Inc. Class A | 9,149,676 | 704,159 | |||
Weyerhaeuser Co. | 22,372,185 | 693,538 | ||||
AvalonBay Communities Inc. | 4,254,627 | 687,207 | ||||
Equity Residential | 10,920,323 | 644,299 | ||||
Extra Space Storage Inc. | 4,071,709 | 599,274 | ||||
Mid-America Apartment Communities Inc. | 3,511,214 | 551,226 | ||||
Invitation Homes Inc. | 18,595,550 | 551,172 | ||||
Ventas Inc. | 12,161,508 | 547,876 | ||||
Sun Communities Inc. | 3,765,629 | 538,485 | ||||
WP Carey Inc. | 6,327,113 | 494,464 | ||||
Iron Mountain Inc. | 8,833,577 | 440,354 | ||||
Essex Property Trust Inc. | 1,970,033 | 417,489 | ||||
Healthpeak Properties Inc. | 16,344,278 | 409,751 | ||||
Kimco Realty Corp. | 18,769,832 | 397,545 | ||||
Gaming & Leisure Properties Inc. | 7,434,538 | 387,265 | ||||
UDR Inc. | 9,888,406 | 382,978 | ||||
Camden Property Trust | 3,235,736 | 362,014 | ||||
Host Hotels & Resorts Inc. | 21,754,252 | 349,156 |
Shares | Market Value• ($000) | |||||
Equity LifeStyle Properties Inc. | 5,089,517 | 328,783 | ||||
Regency Centers Corp. | 5,198,185 | 324,887 | ||||
Rexford Industrial Realty Inc. | 5,573,334 | 304,527 | ||||
Boston Properties Inc. | 4,284,619 | 289,555 | ||||
CubeSmart | 6,816,908 | 274,381 | ||||
American Homes 4 Rent Class A | 8,586,374 | 258,793 | ||||
Life Storage Inc. | 2,587,160 | 254,835 | ||||
Lamar Advertising Co. Class A | 2,649,309 | 250,095 | ||||
Federal Realty Investment Trust | 2,467,526 | 249,319 | ||||
National Retail Properties Inc. | 5,419,969 | 248,018 | ||||
STORE Capital Corp. | 7,721,004 | 247,535 | ||||
Americold Realty Trust Inc. | 8,198,633 | 232,103 | ||||
* | Jones Lang LaSalle Inc. | 1,444,748 | 230,250 | |||
Healthcare Realty Trust Inc. Class A | 11,569,048 | 222,936 | ||||
Brixmor Property Group Inc. | 9,072,087 | 205,664 | ||||
Medical Properties Trust Inc. | 18,158,335 | 202,284 | ||||
Omega Healthcare Investors Inc. | 7,119,301 | 198,984 | ||||
EastGroup Properties Inc. | 1,325,066 | 196,189 | ||||
First Industrial Realty Trust Inc. | 4,004,015 | 193,234 | ||||
Agree Realty Corp. | 2,681,423 | 190,193 | ||||
STAG Industrial Inc. | 5,462,419 | 176,491 | ||||
Spirit Realty Capital Inc. | 4,263,338 | 170,235 | ||||
Apartment Income REIT Corp. Class A | 4,605,051 | 157,999 | ||||
* | Zillow Group Inc. Class C | 4,899,243 | 157,805 | |||
Rayonier Inc. | 4,447,915 | 146,603 | ||||
Kite Realty Group Trust | 6,639,872 | 139,769 | ||||
Kilroy Realty Corp. | 3,545,183 | 137,092 | ||||
Ryman Hospitality Properties Inc. | 1,589,519 | 129,991 | ||||
Terreno Realty Corp. | 2,208,805 | 125,615 | ||||
Cousins Properties Inc. | 4,617,142 | 116,768 | ||||
Independence Realty Trust Inc. | 6,823,832 | 115,050 | ||||
Phillips Edison & Co. Inc. | 3,548,191 | 112,974 | ||||
Vornado Realty Trust | 5,281,480 | 109,908 | ||||
PotlatchDeltic Corp. | 2,450,399 | 107,793 |
Shares | Market Value• ($000) | |||||
Essential Properties Realty Trust Inc. | 4,374,284 | 102,664 | ||||
Physicians Realty Trust | 6,929,270 | 100,267 | ||||
Apple Hospitality REIT Inc. | 6,222,898 | 98,197 | ||||
National Storage Affiliates Trust | 2,630,659 | 95,019 | ||||
Highwoods Properties Inc. | 3,217,026 | 90,012 | ||||
Corporate Office Properties Trust | 3,428,085 | 88,925 | ||||
Sabra Health Care REIT Inc. | 6,970,017 | 86,637 | ||||
Innovative Industrial Properties Inc. | 849,282 | 86,075 | ||||
EPR Properties | 2,274,676 | 85,801 | ||||
LXP Industrial Trust | 8,489,172 | 85,062 | ||||
Broadstone Net Lease Inc. | 5,022,510 | 81,415 | ||||
Equity Commonwealth | 3,194,059 | 79,756 | ||||
Douglas Emmett Inc. | 5,070,434 | 79,504 | ||||
*,1 | Howard Hughes Corp. | 1,034,131 | 79,028 | |||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 2,723,437 | 78,925 | ||||
Park Hotels & Resorts Inc. | 6,490,659 | 76,525 | ||||
SITE Centers Corp. | 5,519,346 | 75,394 | ||||
Outfront Media Inc. | 4,478,178 | 74,248 | ||||
Macerich Co. | 6,555,435 | 73,814 | ||||
JBG SMITH Properties | 3,473,430 | 65,926 | ||||
1 | SL Green Realty Corp. | 1,940,860 | 65,446 | |||
Four Corners Property Trust Inc. | 2,518,781 | 65,312 | ||||
National Health Investors Inc. | 1,243,893 | 64,956 | ||||
Sunstone Hotel Investors Inc. | 6,406,404 | 61,886 | ||||
* | Cushman & Wakefield plc | 4,793,912 | 59,732 | |||
Kennedy-Wilson Holdings Inc. | 3,583,854 | 56,374 | ||||
CareTrust REIT Inc. | 2,941,443 | 54,652 | ||||
Retail Opportunity Investments Corp. | 3,627,228 | 54,517 | ||||
Pebblebrook Hotel Trust | 4,024,072 | 53,882 | ||||
Tanger Factory Outlet Centers Inc. | 2,995,208 | 53,734 | ||||
DigitalBridge Group Inc. | 4,854,511 | 53,108 |
Shares | Market Value• ($000) | |||||
DiamondRock Hospitality Co. | 6,398,737 | 52,406 | ||||
RLJ Lodging Trust | 4,945,600 | 52,374 | ||||
Elme Communities | 2,726,831 | 48,538 | ||||
Urban Edge Properties | 3,402,084 | 47,935 | ||||
InvenTrust Properties Corp. | 1,959,753 | 46,387 | ||||
Xenia Hotels & Resorts Inc. | 3,493,149 | 46,040 | ||||
LTC Properties Inc. | 1,221,233 | 43,390 | ||||
Getty Realty Corp. | 1,266,179 | 42,860 | ||||
* | Veris Residential Inc. | 2,686,816 | 42,801 | |||
Hudson Pacific Properties Inc. | 4,370,707 | 42,527 | ||||
Acadia Realty Trust | 2,912,504 | 41,794 | ||||
Alexander & Baldwin Inc. | 2,211,166 | 41,415 | ||||
Easterly Government Properties Inc. Class A | 2,814,966 | 40,170 | ||||
Uniti Group Inc. | 7,164,853 | 39,622 | ||||
American Assets Trust Inc. | 1,488,186 | 39,437 | ||||
Global Net Lease Inc. | 3,135,658 | 39,415 | ||||
* | GEO Group Inc. | 3,590,246 | 39,313 | |||
St. Joe Co. | 999,745 | 38,640 | ||||
Service Properties Trust | 5,050,565 | 36,819 | ||||
Paramount Group Inc. | 5,914,575 | 35,133 | ||||
Piedmont Office Realty Trust Inc. Class A | 3,788,999 | 34,745 | ||||
* | Zillow Group Inc. Class A | 1,083,087 | 33,803 | |||
Empire State Realty Trust Inc. Class A | 5,005,870 | 33,740 | ||||
Brandywine Realty Trust | 5,380,893 | 33,093 | ||||
Newmark Group Inc. Class A | 3,957,178 | 31,539 | ||||
Apartment Investment & Management Co. Class A | 4,331,912 | 30,843 | ||||
NexPoint Residential Trust Inc. | 677,616 | 29,490 | ||||
NETSTREIT Corp. | 1,549,386 | 28,400 | ||||
* | Radius Global Infrastructure Inc. | 2,290,762 | 27,077 | |||
RPT Realty | 2,686,489 | 26,972 | ||||
Centerspace | 455,138 | 26,703 | ||||
Community Healthcare Trust Inc. | 740,782 | 26,520 | ||||
Plymouth Industrial REIT Inc. | 1,354,907 | 25,987 |
Shares | Market Value• ($000) | |||||
Marcus & Millichap Inc. | 742,423 | 25,576 | ||||
1 | eXp World Holdings Inc. | 2,296,413 | 25,444 | |||
UMH Properties Inc. | 1,524,833 | 24,550 | ||||
Armada Hoffler Properties Inc. | 2,118,054 | 24,358 | ||||
Necessity Retail REIT Inc. Class A | 3,941,256 | 23,372 | ||||
Summit Hotel Properties Inc. | 3,173,275 | 22,911 | ||||
Gladstone Commercial Corp. | 1,182,896 | 21,884 | ||||
Safehold Inc. | 761,747 | 21,801 | ||||
* | Anywhere Real Estate Inc. | 3,293,319 | 21,044 | |||
Office Properties Income Trust | 1,553,526 | 20,740 | ||||
Gladstone Land Corp. | 1,118,425 | 20,523 | ||||
* | Compass Inc. Class A | 8,507,087 | 19,822 | |||
*,1 | Opendoor Technologies Inc. | 16,341,522 | 18,956 | |||
Chatham Lodging Trust | 1,474,768 | 18,095 | ||||
Saul Centers Inc. | 432,397 | 17,590 | ||||
Farmland Partners Inc. | 1,408,234 | 17,547 | ||||
Global Medical REIT Inc. | 1,827,279 | 17,323 | ||||
Universal Health Realty Income Trust | 355,007 | 16,944 | ||||
1 | Ares Commercial Real Estate Corp. | 1,520,824 | 15,649 | |||
Orion Office REIT Inc. | 1,773,249 | 15,144 | ||||
Whitestone REIT | 1,512,138 | 14,577 | ||||
* | Redfin Corp. | 3,051,525 | 12,938 | |||
Alexander's Inc. | 58,505 | 12,875 | ||||
RMR Group Inc. Class A | 443,704 | 12,535 | ||||
*,1 | WeWork Inc. | 8,465,950 | 12,106 | |||
* | Seritage Growth Properties Class A | 1,013,232 | 11,987 | |||
One Liberty Properties Inc. | 534,493 | 11,876 | ||||
Urstadt Biddle Properties Inc. Class A | 614,832 | 11,651 | ||||
CTO Realty Growth Inc. | 630,295 | 11,522 | ||||
* | Tejon Ranch Co. | 610,106 | 11,494 | |||
City Office REIT Inc. | 1,177,661 | 9,869 | ||||
Bridge Investment Group Holdings Inc. Class A | 806,505 | 9,718 |
Shares | Market Value• ($000) | |||||
RE/MAX Holdings Inc. Class A | 519,322 | 9,680 | ||||
Hersha Hospitality Trust Class A | 1,109,885 | 9,456 | ||||
* | FRP Holdings Inc. | 170,118 | 9,163 | |||
Indus Realty Trust Inc. | 136,973 | 8,696 | ||||
Braemar Hotels & Resorts Inc. | 2,097,772 | 8,622 | ||||
* | Forestar Group Inc. | 538,939 | 8,305 | |||
Douglas Elliman Inc. | 1,920,937 | 7,818 | ||||
Franklin Street Properties Corp. | 2,758,628 | 7,531 | ||||
Postal Realty Trust Inc. Class A | 503,103 | 7,310 | ||||
Industrial Logistics Properties Trust | 2,135,037 | 6,982 | ||||
BRT Apartments Corp. | 355,404 | 6,980 | ||||
Alpine Income Property Trust Inc. | 326,561 | 6,231 | ||||
Urstadt Biddle Properties Inc. | 340,991 | 6,209 | ||||
* | Ashford Hospitality Trust Inc. | 1,160,323 | 5,187 | |||
Stratus Properties Inc. | 235,957 | 4,552 | ||||
Diversified Healthcare Trust | 6,421,459 | 4,153 | ||||
Modiv Inc. Class C | 224,372 | 2,692 | ||||
Clipper Realty Inc. | 405,295 | 2,594 | ||||
Creative Media & Community Trust Corp. | 477,630 | 2,340 | ||||
* | Bluerock Homes Trust Inc. | 109,382 | 2,331 | |||
* | Altisource Portfolio Solutions SA | 195,665 | 1,851 | |||
* | Maui Land & Pineapple Co. Inc. | 192,501 | 1,813 | |||
Global Self Storage Inc. | 319,661 | 1,560 | ||||
* | AMREP Corp. | 115,952 | 1,339 | |||
* | Rafael Holdings Inc. Class B | 381,611 | 714 | |||
* | Comstock Holding Cos. Inc. Class A | 164,051 | 699 | |||
1 | New York City REIT Inc. Class A | 395,144 | 699 | |||
CorEnergy Infrastructure Trust Inc. | 293,803 | 614 | ||||
* | Sotherly Hotels Inc. | 337,859 | 612 | |||
* | Fathom Holdings Inc. | 144,051 | 612 | |||
* | Trinity Place Holdings Inc. | 756,919 | 560 |
Shares | Market Value• ($000) | |||||
*,1 | Offerpad Solutions Inc. | 1,145,520 | 528 | |||
* | Power REIT | 72,668 | 287 | |||
* | Avalon GloboCare Corp. | 486,240 | 253 | |||
*,2 | New York REIT Liquidating LLC | 19,100 | 214 | |||
1 | Presidio Property Trust Inc. Class A | 184,525 | 185 | |||
* | Wheeler REIT Inc. | 130,830 | 179 | |||
*,1 | Alset Inc. | 77,598 | 178 | |||
1 | Generation Income Properties Inc. | 32,616 | 158 | |||
*,1 | Harbor Custom Development Inc. | 127,370 | 50 | |||
Medalist Diversified REIT Inc. | 48,881 | 35 | ||||
* | Presidio Property Trust Inc. Warrants Exp. 1/24/27 | 110,319 | 6 | |||
* | JW Mays Inc. | 100 | 5 | |||
*,2 | Spirit MTA REIT | 2,854,330 | — | |||
*,1 | Pennsylvania REIT | 3 | — | |||
38,923,536 | ||||||
Technology (23.3%) | ||||||
Apple Inc. | 459,623,200 | 59,718,842 | ||||
Microsoft Corp. | 226,710,185 | 54,369,637 | ||||
* | Alphabet Inc. Class A | 181,777,406 | 16,038,220 | |||
* | Alphabet Inc. Class C | 157,203,318 | 13,948,650 | |||
NVIDIA Corp. | 71,076,358 | 10,387,099 | ||||
* | Meta Platforms Inc. Class A | 68,388,680 | 8,229,894 | |||
Broadcom Inc. | 12,316,850 | 6,886,720 | ||||
* | Adobe Inc. | 14,138,391 | 4,757,993 | |||
Texas Instruments Inc. | 27,596,559 | 4,559,503 | ||||
International Business Machines Corp. | 27,498,107 | 3,874,208 | ||||
* | Salesforce Inc. | 28,893,138 | 3,830,941 | |||
QUALCOMM Inc. | 34,093,490 | 3,748,238 | ||||
Oracle Corp. | 45,096,132 | 3,686,158 | ||||
Intel Corp. | 125,513,881 | 3,317,332 | ||||
* | Advanced Micro Devices Inc. | 49,036,817 | 3,176,115 | |||
Intuit Inc. | 8,116,959 | 3,159,283 | ||||
Applied Materials Inc. | 26,165,880 | 2,548,033 | ||||
Analog Devices Inc. | 15,487,728 | 2,540,452 | ||||
* | ServiceNow Inc. | 6,143,380 | 2,385,290 | |||
Lam Research Corp. | 4,147,939 | 1,743,379 | ||||
Micron Technology Inc. | 33,061,567 | 1,652,417 | ||||
KLA Corp. | 4,308,991 | 1,624,619 | ||||
* | Synopsys Inc. | 4,649,526 | 1,484,547 | |||
Roper Technologies Inc. | 3,224,370 | 1,393,218 |
Shares | Market Value• ($000) | |||||
Amphenol Corp. Class A | 18,109,473 | 1,378,855 | ||||
* | Cadence Design Systems Inc. | 8,340,108 | 1,339,755 | |||
* | Palo Alto Networks Inc. | 9,195,817 | 1,283,184 | |||
* | Autodesk Inc. | 6,561,625 | 1,226,171 | |||
* | Snowflake Inc. Class A | 8,271,044 | 1,187,226 | |||
Microchip Technology Inc. | 16,727,199 | 1,175,086 | ||||
TE Connectivity Ltd. | 9,655,712 | 1,108,476 | ||||
* | Workday Inc. Class A | 6,113,831 | 1,023,027 | |||
* | Fortinet Inc. | 20,193,591 | 987,265 | |||
Marvell Technology Inc. | 25,943,566 | 960,950 | ||||
Cognizant Technology Solutions Corp. Class A | 15,638,586 | 894,371 | ||||
* | VMware Inc. Class A | 7,103,355 | 872,008 | |||
* | ON Semiconductor Corp. | 13,152,359 | 820,313 | |||
* | Gartner Inc. | 2,282,610 | 767,277 | |||
HP Inc. | 27,540,071 | 740,002 | ||||
Corning Inc. | 23,159,196 | 739,705 | ||||
CDW Corp. | 4,118,435 | 735,470 | ||||
* | Crowdstrike Holdings Inc. Class A | 6,533,823 | 687,946 | |||
* | ANSYS Inc. | 2,648,559 | 639,865 | |||
Hewlett Packard Enterprise Co. | 39,154,154 | 624,900 | ||||
* | Datadog Inc. Class A | 7,996,299 | 587,728 | |||
* | Atlassian Corp. Class A | 4,510,535 | 580,416 | |||
* | VeriSign Inc. | 2,740,406 | 562,989 | |||
* | EPAM Systems Inc. | 1,662,085 | 544,732 | |||
* | Paycom Software Inc. | 1,549,505 | 480,827 | |||
Monolithic Power Systems Inc. | 1,356,612 | 479,712 | ||||
Skyworks Solutions Inc. | 4,871,359 | 443,927 | ||||
Leidos Holdings Inc. | 4,157,814 | 437,360 | ||||
* | Pinterest Inc. Class A | 17,849,136 | 433,377 | |||
* | Zoom Video Communications Inc. Class A | 6,334,134 | 429,074 | |||
* | DoorDash Inc. Class A | 8,748,963 | 427,124 | |||
* | Splunk Inc. | 4,943,142 | 425,555 | |||
Teradyne Inc. | 4,734,131 | 413,526 | ||||
* | Tyler Technologies Inc. | 1,264,675 | 407,744 | |||
* | HubSpot Inc. | 1,404,674 | 406,133 | |||
* | Akamai Technologies Inc. | 4,786,431 | 403,496 | |||
NetApp Inc. | 6,612,339 | 397,137 |
Shares | Market Value• ($000) | |||||
* | MongoDB Inc. Class A | 1,983,423 | 390,417 | |||
* | PTC Inc. | 3,211,622 | 385,523 | |||
* | Cloudflare Inc. Class A | 8,219,486 | 371,603 | |||
Gen Digital Inc. | 16,823,719 | 360,532 | ||||
* | GoDaddy Inc. Class A | 4,723,189 | 353,389 | |||
* | Match Group Inc. | 8,498,001 | 352,582 | |||
SS&C Technologies Holdings Inc. | 6,527,138 | 339,803 | ||||
* | DocuSign Inc. Class A | 6,099,472 | 338,033 | |||
* | Palantir Technologies Inc. Class A | 51,181,704 | 328,587 | |||
* | ZoomInfo Technologies Inc. Class A | 10,438,973 | 314,317 | |||
Seagate Technology Holdings plc | 5,963,204 | 313,724 | ||||
* | Western Digital Corp. | 9,674,998 | 305,246 | |||
Dell Technologies Inc. Class C | 7,493,533 | 301,390 | ||||
* | Okta Inc. Class A | 4,380,062 | 299,290 | |||
Entegris Inc. | 4,529,661 | 297,100 | ||||
* | Zscaler Inc. | 2,626,856 | 293,945 | |||
* | Ceridian HCM Holding Inc. | 4,433,498 | 284,409 | |||
* | Qorvo Inc. | 3,081,737 | 279,329 | |||
* | Black Knight Inc. | 4,505,585 | 278,220 | |||
* | Snap Inc. Class A | 30,928,419 | 276,809 | |||
* | Lattice Semiconductor Corp. | 4,162,734 | 270,078 | |||
*,1 | Unity Software Inc. | 9,432,774 | 269,683 | |||
Jabil Inc. | 3,891,428 | 265,395 | ||||
* | F5 Inc. | 1,835,758 | 263,450 | |||
* | Wolfspeed Inc. | 3,780,608 | 261,013 | |||
* | Twilio Inc. Class A | 5,313,520 | 260,150 | |||
Bentley Systems Inc. Class B | 6,733,363 | 248,865 | ||||
* | Dynatrace Inc. | 6,122,275 | 234,483 | |||
* | Pure Storage Inc. Class A | 8,624,313 | 230,787 | |||
* | Manhattan Associates Inc. | 1,899,341 | 230,580 | |||
KBR Inc. | 4,171,222 | 220,241 | ||||
* | CACI International Inc. Class A | 714,865 | 214,881 | |||
* | Arrow Electronics Inc. | 1,872,469 | 195,804 | |||
Science Applications International Corp. | 1,674,191 | 185,718 | ||||
* | Coupa Software Inc. | 2,309,715 | 182,860 | |||
* | Nutanix Inc. Class A | 6,990,900 | 182,113 | |||
* | Aspen Technology Inc. | 884,115 | 181,597 |
Shares | Market Value• ($000) | |||||
* | Dropbox Inc. Class A | 8,065,440 | 180,505 | |||
* | DXC Technology Co. | 6,809,525 | 180,452 | |||
* | Toast Inc. Class A | 9,138,626 | 164,769 | |||
Concentrix Corp. | 1,181,625 | 157,345 | ||||
* | Guidewire Software Inc. | 2,483,233 | 155,351 | |||
* | Smartsheet Inc. Class A | 3,778,599 | 148,726 | |||
National Instruments Corp. | 3,995,646 | 147,439 | ||||
* | Five9 Inc. | 2,146,116 | 145,635 | |||
* | Fabrinet | 1,116,412 | 143,146 | |||
* | SPS Commerce Inc. | 1,097,206 | 140,914 | |||
* | Novanta Inc. | 1,035,825 | 140,738 | |||
Universal Display Corp. | 1,294,919 | 139,903 | ||||
* | Tenable Holdings Inc. | 3,445,763 | 131,456 | |||
* | Silicon Laboratories Inc. | 962,814 | 130,625 | |||
* | Box Inc. Class A | 4,119,789 | 128,249 | |||
Dolby Laboratories Inc. Class A | 1,813,862 | 127,950 | ||||
* | Coherent Corp. | 3,588,687 | 125,963 | |||
Vertiv Holdings Co. Class A | 9,212,615 | 125,844 | ||||
* | Cirrus Logic Inc. | 1,679,565 | 125,094 | |||
Power Integrations Inc. | 1,737,467 | 124,611 | ||||
TD SYNNEX Corp. | 1,314,534 | 124,500 | ||||
* | Elastic NV | 2,310,512 | 118,991 | |||
* | Workiva Inc. Class A | 1,413,247 | 118,670 | |||
* | UiPath Inc. Class A | 9,254,895 | 117,630 | |||
* | Qualys Inc. | 1,042,269 | 116,974 | |||
* | Rambus Inc. | 3,260,139 | 116,778 | |||
Avnet Inc. | 2,784,963 | 115,799 | ||||
* | Synaptics Inc. | 1,215,585 | 115,675 | |||
* | Super Micro Computer Inc. | 1,367,278 | 112,254 | |||
* | Blackline Inc. | 1,630,363 | 109,675 | |||
* | Ziff Davis Inc. | 1,358,788 | 107,480 | |||
* | IAC Inc. | 2,399,808 | 106,551 | |||
* | Insight Enterprises Inc. | 1,060,003 | 106,287 | |||
* | Teradata Corp. | 3,087,709 | 103,932 | |||
* | Envestnet Inc. | 1,675,931 | 103,405 | |||
* | Onto Innovation Inc. | 1,501,599 | 102,244 | |||
*,1 | Gitlab Inc. Class A | 2,246,106 | 102,063 | |||
* | MACOM Technology Solutions Holdings Inc. | 1,606,931 | 101,205 | |||
* | Diodes Inc. | 1,323,264 | 100,753 | |||
* | Procore Technologies Inc. | 2,089,862 | 98,600 | |||
Dun & Bradstreet Holdings Inc. | 7,939,091 | 97,333 |
Shares | Market Value• ($000) | |||||
Advanced Energy Industries Inc. | 1,133,618 | 97,242 | ||||
* | Sanmina Corp. | 1,653,982 | 94,757 | |||
* | Blackbaud Inc. | 1,607,289 | 94,605 | |||
* | New Relic Inc. | 1,668,059 | 94,162 | |||
* | NCR Corp. | 3,962,274 | 92,757 | |||
* | RingCentral Inc. Class A | 2,609,410 | 92,373 | |||
* | Ambarella Inc. | 1,106,533 | 90,990 | |||
* | Alteryx Inc. Class A | 1,758,997 | 89,128 | |||
* | Plexus Corp. | 845,566 | 87,034 | |||
* | SentinelOne Inc. Class A | 5,963,407 | 87,006 | |||
Vishay Intertechnology Inc. | 3,931,123 | 84,794 | ||||
* | IPG Photonics Corp. | 891,864 | 84,433 | |||
* | CommVault Systems Inc. | 1,343,452 | 84,423 | |||
* | Confluent Inc. Class A | 3,787,774 | 84,240 | |||
* | Sprout Social Inc. Class A | 1,438,284 | 81,206 | |||
Amkor Technology Inc. | 3,364,074 | 80,670 | ||||
* | Varonis Systems Inc. Class B | 3,187,820 | 76,316 | |||
* | Axcelis Technologies Inc. | 943,370 | 74,866 | |||
* | Perficient Inc. | 1,052,876 | 73,522 | |||
* | Altair Engineering Inc. Class A | 1,613,509 | 73,366 | |||
* | Impinj Inc. | 669,226 | 73,066 | |||
* | MaxLinear Inc. Class A | 2,149,267 | 72,968 | |||
* | Alarm.com Holdings Inc. | 1,441,425 | 71,322 | |||
* | Kyndryl Holdings Inc. | 6,255,300 | 69,559 | |||
*,1 | Freshworks Inc. Class A | 4,677,671 | 68,809 | |||
* | Rogers Corp. | 572,290 | 68,297 | |||
* | Verint Systems Inc. | 1,875,379 | 68,039 | |||
* | NetScout Systems Inc. | 2,087,777 | 67,874 | |||
Clear Secure Inc. Class A | 2,473,067 | 67,836 | ||||
* | PagerDuty Inc. | 2,473,155 | 65,687 | |||
Progress Software Corp. | 1,299,409 | 65,555 | ||||
* | KnowBe4 Inc. Class A | 2,610,582 | 64,690 | |||
* | Allegro MicroSystems Inc. | 2,044,537 | 61,377 | |||
* | Appfolio Inc. Class A | 559,535 | 58,964 | |||
* | nCino Inc. | 2,215,710 | 58,583 | |||
* | Rapid7 Inc. | 1,699,591 | 57,752 | |||
*,1 | AppLovin Corp. Class A | 5,314,404 | 55,961 |
Shares | Market Value• ($000) | |||||
* | Allscripts Healthcare Solutions Inc. | 3,161,338 | 55,766 | |||
* | Semtech Corp. | 1,929,162 | 55,348 | |||
* | Yelp Inc. Class A | 2,013,343 | 55,045 | |||
* | DoubleVerify Holdings Inc. | 2,483,915 | 54,547 | |||
* | Bumble Inc. Class A | 2,559,851 | 53,885 | |||
CSG Systems International Inc. | 925,548 | 52,941 | ||||
*,1 | HashiCorp Inc. Class A | 1,912,703 | 52,293 | |||
* | FormFactor Inc. | 2,343,232 | 52,090 | |||
* | Parsons Corp. | 1,095,312 | 50,658 | |||
* | DigitalOcean Holdings Inc. | 1,917,500 | 48,839 | |||
* | Agilysys Inc. | 609,866 | 48,265 | |||
Xerox Holdings Corp. | 3,279,828 | 47,885 | ||||
Methode Electronics Inc. | 1,061,221 | 47,086 | ||||
* | LiveRamp Holdings Inc. | 1,985,001 | 46,528 | |||
* | SiTime Corp. | 453,792 | 46,114 | |||
* | Model N Inc. | 1,103,089 | 44,741 | |||
* | Q2 Holdings Inc. | 1,661,343 | 44,640 | |||
* | Cohu Inc. | 1,376,278 | 44,110 | |||
* | Ultra Clean Holdings Inc. | 1,314,737 | 43,584 | |||
* | Digital Turbine Inc. | 2,845,488 | 43,365 | |||
* | Jamf Holding Corp. | 2,029,942 | 43,238 | |||
Pegasystems Inc. | 1,259,450 | 43,124 | ||||
* | TTM Technologies Inc. | 2,798,390 | 42,200 | |||
* | JFrog Ltd. | 1,969,517 | 42,010 | |||
* | Cargurus Inc. Class A | 2,959,535 | 41,463 | |||
* | CCC Intelligent Solutions Holdings Inc. | 4,726,454 | 41,120 | |||
* | Paycor HCM Inc. | 1,660,032 | 40,621 | |||
* | Magnite Inc. | 3,831,249 | 40,573 | |||
*,1 | MicroStrategy Inc. Class A | 285,067 | 40,357 | |||
*,1 | Xometry Inc. Class A | 1,223,667 | 39,439 | |||
* | Appian Corp. Class A | 1,194,983 | 38,909 | |||
* | E2open Parent Holdings Inc. | 6,465,136 | 37,950 | |||
* | Upwork Inc. | 3,570,489 | 37,276 | |||
Shutterstock Inc. | 702,876 | 37,056 | ||||
CTS Corp. | 909,709 | 35,861 | ||||
* | TechTarget Inc. | 813,687 | 35,851 | |||
* | Everbridge Inc. | 1,210,506 | 35,807 | |||
*,1 | Samsara Inc. Class A | 2,877,656 | 35,769 | |||
* | ePlus Inc. | 801,946 | 35,510 | |||
A10 Networks Inc. | 2,126,311 | 35,361 | ||||
* | Qualtrics International Inc. Class A | 3,394,615 | 35,236 |
Shares | Market Value• ($000) | |||||
* | Zeta Global Holdings Corp. Class A | 4,017,660 | 32,824 | |||
*,1 | Credo Technology Group Holding Ltd. | 2,448,300 | 32,587 | |||
*,1 | C3.ai Inc. Class A | 2,867,884 | 32,092 | |||
* | Squarespace Inc. Class A | 1,354,064 | 30,020 | |||
* | Thoughtworks Holding Inc. | 2,936,882 | 29,927 | |||
* | Schrodinger Inc. | 1,592,005 | 29,755 | |||
* | ForgeRock Inc. Class A | 1,304,911 | 29,713 | |||
* | PROS Holdings Inc. | 1,222,742 | 29,664 | |||
* | Photronics Inc. | 1,758,193 | 29,590 | |||
* | Veeco Instruments Inc. | 1,592,329 | 29,585 | |||
* | Consensus Cloud Solutions Inc. | 544,091 | 29,250 | |||
Adeia Inc. | 3,049,495 | 28,909 | ||||
*,1 | Asana Inc. Class A | 2,088,403 | 28,757 | |||
Benchmark Electronics Inc. | 1,049,006 | 27,998 | ||||
*,1 | Braze Inc. Class A | 1,023,274 | 27,915 | |||
* | 3D Systems Corp. | 3,732,912 | 27,624 | |||
* | Fastly Inc. Class A | 3,361,313 | 27,529 | |||
* | Momentive Global Inc. | 3,822,194 | 26,755 | |||
* | Duck Creek Technologies Inc. | 2,215,353 | 26,695 | |||
* | Avid Technology Inc. | 1,000,776 | 26,611 | |||
* | PDF Solutions Inc. | 917,483 | 26,167 | |||
*,1 | Planet Labs PBC | 5,705,087 | 24,817 | |||
* | Sprinklr Inc. Class A | 2,987,601 | 24,409 | |||
* | Zuora Inc. Class A | 3,711,427 | 23,605 | |||
* | Sumo Logic Inc. | 2,845,248 | 23,047 | |||
* | Ichor Holdings Ltd. | 847,475 | 22,729 | |||
*,1 | Matterport Inc. | 7,851,178 | 21,983 | |||
* | Cerence Inc. | 1,185,156 | 21,961 | |||
* | LivePerson Inc. | 2,152,384 | 21,825 | |||
* | ScanSource Inc. | 729,236 | 21,308 | |||
* | SMART Global Holdings Inc. | 1,409,909 | 20,979 | |||
* | Yext Inc. | 3,175,521 | 20,736 | |||
*,1 | PAR Technology Corp. | 786,360 | 20,500 | |||
*,1 | UserTesting Inc. | 2,597,409 | 19,507 | |||
* | N-able Inc. | 1,882,441 | 19,351 | |||
* | Olo Inc. Class A | 3,067,735 | 19,173 | |||
* | Grid Dynamics Holdings Inc. | 1,666,570 | 18,699 | |||
* | Alpha & Omega Semiconductor Ltd. | 643,490 | 18,385 | |||
*,1 | AvePoint Inc. | 4,421,969 | 18,174 | |||
Simulations Plus Inc. | 475,654 | 17,395 | ||||
* | Informatica Inc. Class A | 1,056,927 | 17,217 | |||
*,1 | IonQ Inc. | 4,817,950 | 16,622 |
Shares | Market Value• ($000) | |||||
* | CEVA Inc. | 645,647 | 16,516 | |||
PC Connection Inc. | 342,881 | 16,081 | ||||
* | Vertex Inc. Class A | 1,081,312 | 15,690 | |||
* | Alkami Technology Inc. | 1,064,985 | 15,538 | |||
* | BigCommerce Holdings Inc. | 1,768,100 | 15,453 | |||
* | PubMatic Inc. Class A | 1,205,268 | 15,439 | |||
* | Kimball Electronics Inc. | 681,124 | 15,387 | |||
Ebix Inc. | 765,121 | 15,272 | ||||
* | SolarWinds Corp. | 1,618,452 | 15,149 | |||
* | Eventbrite Inc. Class A | 2,533,728 | 14,848 | |||
*,1 | Aehr Test Systems | 732,904 | 14,731 | |||
Hackett Group Inc. | 689,753 | 14,050 | ||||
* | Amplitude Inc. Class A | 1,158,040 | 13,989 | |||
* | Vimeo Inc. | 3,982,389 | 13,660 | |||
* | Bandwidth Inc. Class A | 590,854 | 13,560 | |||
American Software Inc. Class A | 921,406 | 13,526 | ||||
* | Mitek Systems Inc. | 1,391,563 | 13,484 | |||
* | indie Semiconductor Inc. Class A | 2,256,789 | 13,157 | |||
* | EngageSmart Inc. | 739,319 | 13,012 | |||
* | nLight Inc. | 1,264,578 | 12,823 | |||
* | Definitive Healthcare Corp. Class A | 1,161,629 | 12,766 | |||
* | Domo Inc. Class B | 876,577 | 12,482 | |||
*,1 | Cvent Holding Corp. Class A | 2,269,000 | 12,253 | |||
*,1 | MicroVision Inc. | 4,838,257 | 11,370 | |||
* | Intapp Inc. | 453,545 | 11,311 | |||
* | OneSpan Inc. | 973,180 | 10,890 | |||
* | Expensify Inc. Class A | 1,226,965 | 10,834 | |||
* | NerdWallet Inc. Class A | 1,080,320 | 10,371 | |||
* | ACM Research Inc. Class A | 1,295,355 | 9,987 | |||
* | Couchbase Inc. | 747,916 | 9,917 | |||
*,1 | SmartRent Inc. Class A | 4,002,742 | 9,727 | |||
* | Unisys Corp. | 1,893,734 | 9,677 | |||
* | Benefitfocus Inc. | 917,128 | 9,593 | |||
* | EverQuote Inc. Class A | 645,954 | 9,521 | |||
*,1 | Tucows Inc. Class A | 278,469 | 9,446 | |||
NVE Corp. | 145,801 | 9,441 | ||||
* | Blend Labs Inc. Class A | 6,432,185 | 9,262 | |||
* | ON24 Inc. | 1,062,930 | 9,173 | |||
*,1 | Digimarc Corp. | 490,852 | 9,076 |
Shares | Market Value• ($000) | |||||
*,1 | Navitas Semiconductor Corp. | 2,424,400 | 8,510 | |||
*,1 | SoundHound AI Inc. | 4,658,401 | 8,245 | |||
* | Immersion Corp. | 1,102,930 | 7,754 | |||
* | Nextdoor Holdings Inc. | 3,659,313 | 7,538 | |||
* | Red Violet Inc. | 320,472 | 7,377 | |||
* | MediaAlpha Inc. Class A | 726,568 | 7,229 | |||
* | Telos Corp. | 1,351,503 | 6,879 | |||
*,1 | Enfusion Inc. Class A | 707,347 | 6,840 | |||
* | SEMrush Holdings Inc. Class A | 822,251 | 6,693 | |||
Richardson Electronics Ltd. | 309,653 | 6,605 | ||||
* | EverCommerce Inc. | 865,323 | 6,438 | |||
* | TrueCar Inc. | 2,547,978 | 6,395 | |||
* | MeridianLink Inc. | 461,628 | 6,338 | |||
* | CoreCard Corp. | 218,240 | 6,322 | |||
* | Brightcove Inc. | 1,198,403 | 6,268 | |||
*,1 | NextNav Inc. | 2,126,531 | 6,231 | |||
* | Upland Software Inc. | 853,856 | 6,088 | |||
*,1 | Groupon Inc. Class A | 698,916 | 5,997 | |||
* | eGain Corp. | 657,552 | 5,938 | |||
* | Asure Software Inc. | 632,680 | 5,909 | |||
*,1 | Veritone Inc. | 1,079,319 | 5,720 | |||
*,1 | Rackspace Technology Inc. | 1,911,506 | 5,639 | |||
* | Rimini Street Inc. | 1,477,020 | 5,627 | |||
* | Aeva Technologies Inc. | 3,931,094 | 5,346 | |||
*,1 | Rumble Inc. | 873,200 | 5,196 | |||
* | Porch Group Inc. | 2,673,021 | 5,025 | |||
* | Computer Task Group Inc. | 621,005 | 4,695 | |||
*,1 | Atomera Inc. | 742,219 | 4,617 | |||
* | Intevac Inc. | 709,768 | 4,592 | |||
*,1 | Innovid Corp. | 2,584,769 | 4,420 | |||
*,1 | Vroom Inc. | 4,332,182 | 4,419 | |||
*,1 | SkyWater Technology Inc. | 621,278 | 4,417 | |||
* | Transphorm Inc. | 793,700 | 4,318 | |||
* | AXT Inc. | 967,301 | 4,237 | |||
* | Edgio Inc. | 3,619,157 | 4,090 | |||
*,1 | Cleanspark Inc. | 1,947,178 | 3,972 | |||
*,1 | Weave Communications Inc. | 843,625 | 3,864 | |||
* | Daktronics Inc. | 1,325,348 | 3,737 | |||
* | Pixelworks Inc. | 2,099,613 | 3,716 | |||
*,1 | Ouster Inc. | 4,276,255 | 3,690 | |||
*,1 | Smith Micro Software Inc. | 1,731,542 | 3,636 | |||
* | Diebold Nixdorf Inc. | 2,523,583 | 3,583 | |||
* | Kopin Corp. | 2,889,183 | 3,583 |
Shares | Market Value• ($000) | |||||
* | Everspin Technologies Inc. | 636,377 | 3,538 | |||
* | inTEST Corp. | 338,791 | 3,490 | |||
* | Identiv Inc. | 476,807 | 3,452 | |||
*,1 | System1 Inc. | 726,600 | 3,408 | |||
*,1 | Applied Digital Corp. | 1,836,200 | 3,379 | |||
* | Quantum Corp. | 3,061,313 | 3,337 | |||
* | WM Technology Inc. | 3,203,513 | 3,236 | |||
*,1 | Arena Group Holdings Inc. | 301,686 | 3,201 | |||
* | AstroNova Inc. | 241,721 | 3,099 | |||
*,1 | VirnetX Holding Corp. | 2,309,933 | 3,003 | |||
* | 1stdibs.com Inc. | 570,459 | 2,898 | |||
* | comScore Inc. | 2,442,580 | 2,833 | |||
*,1 | Alpine 4 Holdings Inc. | 5,195,298 | 2,746 | |||
* | QuickLogic Corp. | 525,294 | 2,700 | |||
* | Mastech Digital Inc. | 243,683 | 2,683 | |||
*,1 | LiveVox Holdings Inc. | 898,787 | 2,669 | |||
* | Arteris Inc. | 586,203 | 2,521 | |||
*,1 | eMagin Corp. | 2,923,838 | 2,485 | |||
*,1 | Vinco Ventures Inc. | 5,348,103 | 2,482 | |||
* | Innodata Inc. | 818,315 | 2,426 | |||
* | Backblaze Inc. Class A | 378,125 | 2,325 | |||
*,1 | Phunware Inc. | 2,995,747 | 2,317 | |||
*,1 | Skillz Inc. Class A | 4,509,252 | 2,284 | |||
* | Amtech Systems Inc. | 299,830 | 2,279 | |||
*,1 | KULR Technology Group Inc. | 1,895,666 | 2,275 | |||
* | Issuer Direct Corp. | 89,309 | 2,236 | |||
*,1 | Cyxtera Technologies Inc. | 1,124,515 | 2,159 | |||
* | Synchronoss Technologies Inc. | 3,129,535 | 1,934 | |||
* | Steel Connect Inc. | 1,333,595 | 1,907 | |||
1 | Park City Group Inc. | 344,056 | 1,703 | |||
* | SecureWorks Corp. Class A | 263,152 | 1,682 | |||
* | TransAct Technologies Inc. | 268,278 | 1,669 | |||
*,1 | Beachbody Co. Inc. | 3,047,190 | 1,603 | |||
*,1 | Embark Technology Inc. | 482,700 | 1,588 | |||
* | Research Frontiers Inc. | 799,655 | 1,535 | |||
*,1 | BuzzFeed Inc. | 2,108,022 | 1,454 | |||
* | Streamline Health Solutions Inc. | 916,198 | 1,448 | |||
* | EMCORE Corp. | 1,425,083 | 1,372 | |||
*,1 | Glimpse Group Inc. | 441,350 | 1,337 | |||
*,1 | Terawulf Inc. | 1,992,318 | 1,326 | |||
*,1 | DecisionPoint Systems Inc. | 160,700 | 1,302 | |||
CSP Inc. | 129,793 | 1,224 | ||||
* | Loyalty Ventures Inc. | 505,277 | 1,218 |
Shares | Market Value• ($000) | |||||
* | Viant Technology Inc. Class A | 299,468 | 1,204 | |||
* | Key Tronic Corp. | 270,500 | 1,171 | |||
* | Aware Inc. | 617,876 | 1,057 | |||
*,1 | Flux Power Holdings Inc. | 265,036 | 1,052 | |||
* | Intellicheck Inc. | 524,781 | 1,050 | |||
*,1 | KORE Group Holdings Inc. | 823,448 | 1,038 | |||
*,1 | Intrusion Inc. | 327,757 | 1,036 | |||
*,1 | Quantum Computing Inc. | 675,564 | 1,020 | |||
* | One Stop Systems Inc. | 331,059 | 996 | |||
* | CVD Equipment Corp. | 172,490 | 950 | |||
* | NetSol Technologies Inc. | 324,880 | 926 | |||
* | GSI Technology Inc. | 481,492 | 833 | |||
* | OMNIQ Corp. | 175,600 | 799 | |||
* | Zedge Inc. Class B | 433,006 | 762 | |||
*,1 | Cipher Mining Inc. | 1,308,472 | 733 | |||
* | Inuvo Inc. | 3,288,909 | 728 | |||
* | Data I/O Corp. | 180,859 | 718 | |||
* | AudioEye Inc. | 162,397 | 617 | |||
*,1 | SeaChange International Inc. | 1,192,825 | 562 | |||
*,1 | Verb Technology Co. Inc. | 3,198,586 | 525 | |||
* | WidePoint Corp. | 265,533 | 483 | |||
* | Trio-Tech International | 105,180 | 473 | |||
*,1 | Boxlight Corp. Class A | 1,499,605 | 466 | |||
*,1 | Avaya Holdings Corp. | 2,265,900 | 444 | |||
*,1 | IronNet Inc. | 1,890,753 | 435 | |||
* | SigmaTron International Inc. | 98,274 | 377 | |||
* | BSQUARE Corp. | 329,095 | 372 | |||
* | GSE Systems Inc. | 541,861 | 368 | |||
* | Peraso Inc. | 496,038 | 362 | |||
* | PetVivo Holdings Inc. | 173,200 | 346 | |||
*,1 | Remark Holdings Inc. | 310,306 | 341 | |||
* | CYNGN Inc. | 479,651 | 325 | |||
* | authID Inc. | 553,374 | 325 | |||
* | SilverSun Technologies Inc. | 104,551 | 309 | |||
*,1 | NextPlay Technologies Inc. | 2,541,646 | 291 | |||
* | Super League Gaming Inc. | 736,401 | 250 | |||
* | Direct Digital Holdings Inc. Class A | 90,848 | 223 | |||
* | Bridgeline Digital Inc. | 210,329 | 221 | |||
*,1 | American Virtual Cloud Technologies Inc. | 180,236 | 207 |
Shares | Market Value• ($000) | |||||
* | Leafly Holdings Inc. | 310,600 | 202 | |||
* | Kubient Inc. | 295,586 | 189 | |||
* | BTCS Inc. | 280,193 | 177 | |||
* | Duos Technologies Group Inc. | 73,218 | 154 | |||
*,1 | iPower Inc. | 386,294 | 147 | |||
* | Creative Realities Inc. | 170,766 | 99 | |||
* | VerifyMe Inc. | 85,157 | 99 | |||
*,1 | Data Storage Corp. | 64,393 | 94 | |||
* | Paltalk Inc. | 65,588 | 87 | |||
*,1 | Greenidge Generation Holdings Inc. Class A | 254,255 | 74 | |||
* | Soluna Holdings Inc. | 260,638 | 70 | |||
* | Nortech Systems Inc. | 5,000 | 63 | |||
*,1 | LogicMark Inc. | 124,022 | 57 | |||
* | Recruiter.com Group Inc. | 123,854 | 54 | |||
* | T Stamp Inc. Class A | 71,835 | 37 | |||
*,1 | Exela Technologies Inc. | 433,800 | 36 | |||
* | WaveDancer Inc. | 27,707 | 13 | |||
* | Cryptyde Inc. | 66,466 | 13 | |||
* | Sigma Additive Solutions Inc. | 26,358 | 11 | |||
* | Inpixon | 6,333 | 11 | |||
*,1 | Waitr Holdings Inc. | 5,949 | 2 | |||
*,2 | Ikonics Corp. CVR | 7,226 | — | |||
268,168,078 | ||||||
Telecommunications (2.4%) | ||||||
Cisco Systems Inc. | 112,455,321 | 5,357,371 | ||||
Verizon Communications Inc. | 121,358,404 | 4,781,521 | ||||
Comcast Corp. Class A | 130,976,593 | 4,580,251 | ||||
AT&T Inc. | 216,754,884 | 3,990,457 | ||||
* | T-Mobile US Inc. | 18,916,548 | 2,648,317 | |||
Motorola Solutions Inc. | 5,086,888 | 1,310,942 | ||||
* | Charter Communications Inc. Class A | 3,071,157 | 1,041,429 | |||
* | Arista Networks Inc. | 6,972,899 | 846,161 | |||
Juniper Networks Inc. | 9,878,142 | 315,705 | ||||
* | Liberty Broadband Corp. Class C | 3,663,318 | 279,401 | |||
* | Ciena Corp. | 4,505,869 | 229,709 | |||
* | Frontier Communications Parent Inc. | 7,453,365 | 189,912 | |||
* | Iridium Communications Inc. | 3,447,007 | 177,176 |
Shares | Market Value• ($000) | |||||
Lumen Technologies Inc. | 31,457,441 | 164,208 | ||||
* | Roku Inc. Class A | 3,710,537 | 151,019 | |||
Cable One Inc. | 177,213 | 126,151 | ||||
* | Calix Inc. | 1,698,043 | 116,197 | |||
* | DISH Network Corp. Class A | 7,572,131 | 106,313 | |||
* | Lumentum Holdings Inc. | 1,965,814 | 102,557 | |||
Cogent Communications Holdings Inc. | 1,313,070 | 74,950 | ||||
* | Extreme Networks Inc. | 3,973,332 | 72,752 | |||
* | Viavi Solutions Inc. | 6,898,039 | 72,498 | |||
* | Viasat Inc. | 2,194,013 | 69,441 | |||
InterDigital Inc. | 894,912 | 44,280 | ||||
* | CommScope Holding Co. Inc. | 5,995,636 | 44,068 | |||
* | Harmonic Inc. | 3,182,421 | 41,690 | |||
ADTRAN Holdings Inc. | 2,164,947 | 40,679 | ||||
* | Infinera Corp. | 5,672,577 | 38,233 | |||
* | Liberty Broadband Corp. Class A | 503,030 | 38,155 | |||
* | Digi International Inc. | 1,020,276 | 37,291 | |||
* | Clearfield Inc. | 385,400 | 36,282 | |||
Telephone & Data Systems Inc. | 3,065,247 | 32,154 | ||||
* | Altice USA Inc. Class A | 6,570,329 | 30,224 | |||
* | Globalstar Inc. | 21,677,414 | 28,831 | |||
* | Gogo Inc. | 1,933,605 | 28,540 | |||
Shenandoah Telecommunications Co. | 1,395,384 | 22,159 | ||||
* | EchoStar Corp. Class A | 1,106,964 | 18,464 | |||
* | IDT Corp. Class B | 640,184 | 18,034 | |||
ATN International Inc. | 324,753 | 14,715 | ||||
* | NETGEAR Inc. | 802,059 | 14,525 | |||
* | WideOpenWest Inc. | 1,564,532 | 14,253 | |||
*,1 | Lightwave Logic Inc. | 3,299,828 | 14,222 | |||
* | 8x8 Inc. | 3,289,503 | 14,211 | |||
Bel Fuse Inc. Class B | 379,156 | 12,482 | ||||
* | Anterix Inc. | 369,725 | 11,894 | |||
*,1 | fuboTV Inc. | 6,082,840 | 10,584 | |||
* | Xperi Inc. | 1,203,602 | 10,363 | |||
Comtech Telecommunications Corp. | 846,569 | 10,277 | ||||
* | United States Cellular Corp. | 461,155 | 9,615 | |||
* | Aviat Networks Inc. | 301,106 | 9,392 | |||
* | Ooma Inc. | 671,112 | 9,141 | |||
*,1 | AST SpaceMobile Inc. Class A | 1,767,881 | 8,521 |
Shares | Market Value• ($000) | |||||
* | DZS Inc. | 641,747 | 8,137 | |||
* | Consolidated Communications Holdings Inc. | 2,207,355 | 7,902 | |||
* | Cambium Networks Corp. | 347,319 | 7,526 | |||
* | Ribbon Communications Inc. | 2,258,211 | 6,300 | |||
* | KVH Industries Inc. | 523,973 | 5,355 | |||
* | CalAmp Corp. | 1,083,412 | 4,854 | |||
*,1 | Akoustis Technologies Inc. | 1,659,890 | 4,681 | |||
* | Lantronix Inc. | 1,043,968 | 4,510 | |||
Spok Holdings Inc. | 517,811 | 4,241 | ||||
* | Genasys Inc. | 1,014,600 | 3,754 | |||
*,1 | Kaltura Inc. | 2,119,548 | 3,646 | |||
* | Charge Enterprises Inc. | 2,488,228 | 3,085 | |||
* | Casa Systems Inc. | 957,382 | 2,614 | |||
*,1 | Inseego Corp. | 3,041,116 | 2,562 | |||
* | Powerfleet Inc. | 952,316 | 2,562 | |||
*,1 | SurgePays Inc. | 345,312 | 2,265 | |||
* | PCTEL Inc. | 471,713 | 2,028 | |||
* | Airgain Inc. | 309,957 | 2,018 | |||
*,1 | Applied Optoelectronics Inc. | 828,961 | 1,567 | |||
Network-1 Technologies Inc. | 570,833 | 1,256 | ||||
* | Franklin Wireless Corp. | 243,722 | 1,087 | |||
*,1 | Airspan Networks Holdings Inc. | 614,890 | 806 | |||
* | TESSCO Technologies Inc. | 138,125 | 666 | |||
Crexendo Inc. | 345,906 | 657 | ||||
*,1 | Vislink Technologies Inc. | 1,119,195 | 627 | |||
* | Optical Cable Corp. | 92,325 | 384 | |||
* | ClearOne Inc. | 230,450 | 350 | |||
* | ADDvantage Technologies Group Inc. | 96,416 | 140 | |||
* | Minim Inc. | 701,390 | 137 | |||
*,1,2 | FTE Networks Inc. | 84,180 | 126 | |||
Bel Fuse Inc. Class A | 3,626 | 121 | ||||
*,1 | ComSovereign Holding Corp. | 1,145,207 | 82 | |||
27,553,763 | ||||||
Utilities (3.4%) | ||||||
NextEra Energy Inc. | 60,435,187 | 5,052,382 | ||||
Duke Energy Corp. | 23,412,482 | 2,411,252 | ||||
Southern Co. | 33,106,568 | 2,364,140 | ||||
Waste Management Inc. | 12,478,073 | 1,957,560 | ||||
Dominion Energy Inc. | 25,347,149 | 1,554,287 |
Shares | Market Value• ($000) | |||||
American Electric Power Co. Inc. | 15,626,852 | 1,483,770 | ||||
Sempra Energy | 9,560,971 | 1,477,552 | ||||
Exelon Corp. | 30,160,292 | 1,303,829 | ||||
Xcel Energy Inc. | 16,642,045 | 1,166,774 | ||||
Waste Connections Inc. | 7,822,938 | 1,037,009 | ||||
* | PG&E Corp. | 63,707,628 | 1,035,886 | |||
Consolidated Edison Inc. | 10,795,591 | 1,028,928 | ||||
Public Service Enterprise Group Inc. | 15,175,439 | 929,799 | ||||
WEC Energy Group Inc. | 9,602,901 | 900,368 | ||||
Eversource Energy | 10,592,579 | 888,082 | ||||
Constellation Energy Corp. | 9,933,893 | 856,401 | ||||
American Water Works Co. Inc. | 5,525,567 | 842,207 | ||||
Republic Services Inc. Class A | 6,248,575 | 806,004 | ||||
Edison International | 11,619,107 | 739,208 | ||||
Ameren Corp. | 7,859,173 | 698,838 | ||||
Entergy Corp. | 6,184,424 | 695,748 | ||||
FirstEnergy Corp. | 16,515,664 | 692,667 | ||||
PPL Corp. | 21,255,386 | 621,082 | ||||
DTE Energy Co. | 5,004,197 | 588,143 | ||||
AES Corp. | 20,306,354 | 584,011 | ||||
CenterPoint Energy Inc. | 19,111,005 | 573,139 | ||||
CMS Energy Corp. | 8,820,983 | 558,633 | ||||
Atmos Energy Corp. | 4,277,327 | 479,360 | ||||
Evergy Inc. | 6,974,290 | 438,892 | ||||
Alliant Energy Corp. | 7,629,292 | 421,213 | ||||
Essential Utilities Inc. | 7,181,559 | 342,776 | ||||
NiSource Inc. | 12,320,434 | 337,826 | ||||
Vistra Corp. | 12,113,266 | 281,028 | ||||
Pinnacle West Capital Corp. | 3,428,826 | 260,728 | ||||
OGE Energy Corp. | 6,071,822 | 240,141 | ||||
UGI Corp. | 6,372,594 | 236,232 | ||||
NRG Energy Inc. | 6,996,145 | 222,617 | ||||
* | Clean Harbors Inc. | 1,558,741 | 177,884 | |||
National Fuel Gas Co. | 2,776,317 | 175,741 | ||||
IDACORP Inc. | 1,539,427 | 166,027 | ||||
* | Sunrun Inc. | 6,141,032 | 147,508 | |||
* | Evoqua Water Technologies Corp. | 3,700,358 | 146,534 | |||
New Jersey Resources Corp. | 2,931,211 | 145,447 | ||||
* | Stericycle Inc. | 2,812,255 | 140,303 | |||
Hawaiian Electric Industries Inc. | 3,342,412 | 139,880 | ||||
Black Hills Corp. | 1,982,721 | 139,465 |
Shares | Market Value• ($000) | |||||
Portland General Electric Co. | 2,707,023 | 132,644 | ||||
South Jersey Industries Inc. | 3,710,507 | 131,834 | ||||
PNM Resources Inc. | 2,599,819 | 126,845 | ||||
Ormat Technologies Inc. | 1,453,270 | 125,679 | ||||
ONE Gas Inc. | 1,646,361 | 124,662 | ||||
* | Casella Waste Systems Inc. Class A | 1,542,658 | 122,348 | |||
Southwest Gas Holdings Inc. | 1,931,270 | 119,507 | ||||
ALLETE Inc. | 1,731,008 | 111,667 | ||||
Spire Inc. | 1,521,349 | 104,760 | ||||
American States Water Co. | 1,131,515 | 104,722 | ||||
NorthWestern Corp. | 1,759,477 | 104,407 | ||||
Avangrid Inc. | 2,375,146 | 102,084 | ||||
California Water Service Group | 1,663,549 | 100,878 | ||||
Avista Corp. | 2,246,550 | 99,612 | ||||
MGE Energy Inc. | 1,122,106 | 78,996 | ||||
Clearway Energy Inc. Class C | 2,306,682 | 73,514 | ||||
SJW Group | 845,979 | 68,685 | ||||
Chesapeake Utilities Corp. | 520,461 | 61,508 | ||||
* | Sunnova Energy International Inc. | 2,974,743 | 53,575 | |||
Northwest Natural Holding Co. | 1,065,570 | 50,710 | ||||
Middlesex Water Co. | 543,787 | 42,780 | ||||
Clearway Energy Inc. Class A | 1,249,501 | 37,385 | ||||
Unitil Corp. | 502,176 | 25,792 | ||||
York Water Co. | 433,004 | 19,476 | ||||
* | Harsco Corp. | 2,563,153 | 16,122 | |||
Excelerate Energy Inc. Class A | 635,447 | 15,918 | ||||
* | Heritage-Crystal Clean Inc. | 487,171 | 15,823 | |||
Artesian Resources Corp. Class A | 248,665 | 14,567 | ||||
*,1 | NuScale Power Corp. | 1,294,240 | 13,279 | |||
Aris Water Solution Inc. Class A | 797,758 | 11,496 | ||||
*,1 | Vertex Energy Inc. | 1,808,451 | 11,212 | |||
*,1 | Altus Power Inc. Class A | 1,153,700 | 7,522 | |||
RGC Resources Inc. | 297,109 | 6,551 | ||||
Genie Energy Ltd. Class B | 626,553 | 6,479 | ||||
* | Pure Cycle Corp. | 599,533 | 6,283 | |||
Global Water Resources Inc. | 429,961 | 5,710 |
Shares | Market Value• ($000) | |||||
* | Quest Resource Holding Corp. | 558,617 | 3,413 | |||
*,1 | Cadiz Inc. | 819,649 | 2,049 | |||
*,1 | Aqua Metals Inc. | 1,524,663 | 1,906 | |||
Via Renewables Inc. Class A | 344,223 | 1,759 | ||||
* | Perma-Fix Environmental Services Inc. | 325,244 | 1,148 | |||
* | Advanced Emissions Solutions Inc. | 440,948 | 1,071 | |||
* | Charah Solutions Inc. | 43,176 | 233 | |||
*,1 | Stronghold Digital Mining Inc. Class A | 398,400 | 191 | |||
39,754,103 | ||||||
Total Common Stocks (Cost $643,671,180) | 1,144,316,873 | |||||
Preferred Stock (0.0%) | ||||||
Air T Funding Pfd., 8.000%, 6/7/24 (Cost $36) | 1,727 | 36 | ||||
Temporary Cash Investments (0.9%) | ||||||
Money Market Fund (0.9%) | ||||||
3,4 | Vanguard Market Liquidity Fund, 4.334% (Cost $10,586,135) | 105,898,486 | 10,588,790 | |||
Total Investments (100.2%) (Cost $654,257,351) | 1,154,905,699 | |||||
Other Assets and Liabilities—Net (-0.2%) | (1,979,216) | |||||
Net Assets (100%) | 1,152,926,483 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $2,776,937,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $3,130,152,000 was received for securities on loan. |
CVR—Contingent Value Rights. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2023 | 4,453 | 394,291 | (9,075) |
E-mini S&P 500 Index | March 2023 | 37,805 | 7,298,255 | (177,510) |
E-mini S&P Mid-Cap 400 Index | March 2023 | 240 | 58,623 | (1,058) |
(187,643) |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
ACI Worldwide Inc. | 8/31/23 | BANA | 1,306 | (4.515) | 126 | — |
ACI Worldwide Inc. | 8/31/23 | BANA | 1,568 | (4.515) | 152 | — |
ACI Worldwide Inc. | 8/31/23 | BANA | 1,400 | (4.515) | 136 | — |
DXC Technology Co. | 8/31/23 | BANA | 5,934 | (4.515) | — | (655) |
Global Payments Inc. | 8/31/23 | BANA | 8,951 | (4.749) | — | (8) |
Global Payments Inc. | 8/31/23 | BANA | 13,950 | (4.727) | — | (41) |
Global Payments Inc. | 8/31/23 | BANA | 13,695 | (4.707) | 213 | — |
Goldman Sachs Group Inc. | 8/30/24 | BANA | 243,275 | (4.715) | — | (26,288) |
Goldman Sachs Group Inc. | 8/30/24 | BANA | 66,032 | (4.715) | — | (7,135) |
Goldman Sachs Group Inc. | 8/30/24 | BANA | 19,308 | (4.715) | — | (2,086) |
Lockheed Martin Corp. | 8/31/23 | BANA | 41,241 | (4.115) | 230 | — |
Lockheed Martin Corp. | 8/31/23 | BANA | 43,667 | (4.115) | 243 | — |
Paycor HCM Inc. | 1/31/24 | CITNA | 5,432 | (4.277) | — | (549) |
State Street Corp. | 8/30/24 | BANA | 205,150 | (4.715) | — | (4,560) |
State Street Corp. | 8/30/24 | BANA | 9,560 | (4.715) | — | (213) |
State Street Corp. | 8/30/24 | BANA | 9,560 | (4.715) | — | (213) |
VICI Properties Inc. | 8/31/23 | BANA | 162,450 | (4.665) | — | (7,304) |
Virtu Financial Inc. Class A | 8/31/23 | BANA | 1,087 | (4.515) | — | (79) |
Virtu Financial Inc. Class A | 8/31/23 | BANA | 510 | (4.515) | — | (37) |
Visa Inc. Class A | 8/31/23 | BANA | 48,825 | (4.015) | — | (2,135) |
1,100 | (51,303) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
CITNA—Citibank, N.A. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $643,671,216) | 1,144,316,909 |
Affiliated Issuers (Cost $10,586,135) | 10,588,790 |
Total Investments in Securities | 1,154,905,699 |
Investment in Vanguard | 44,075 |
Cash | 104,849 |
Cash Collateral Pledged—Futures Contracts | 426,640 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 49,910 |
Receivables for Investment Securities Sold | 24,827 |
Receivables for Accrued Income | 1,074,581 |
Receivables for Capital Shares Issued | 762,690 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 1,100 |
Total Assets | 1,157,394,371 |
Liabilities | |
Payables for Investment Securities Purchased | 1,039,534 |
Collateral for Securities on Loan | 3,130,152 |
Payables for Capital Shares Redeemed | 210,418 |
Payables for Distributions | 13 |
Payables to Vanguard | 14,719 |
Variation Margin Payable—Futures Contracts | 21,749 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 51,303 |
Total Liabilities | 4,467,888 |
Net Assets | 1,152,926,483 |
1 Includes $2,776,937,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2022, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 678,721,162 |
Total Distributable Earnings (Loss) | 474,205,321 |
Net Assets | 1,152,926,483 |
Investor Shares—Net Assets | |
Applicable to 197,756,979 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 18,409,235 |
Net Asset Value Per Share—Investor Shares | $93.09 |
ETF Shares—Net Assets | |
Applicable to 1,365,109,194 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 261,083,828 |
Net Asset Value Per Share—ETF Shares | $191.25 |
Admiral Shares—Net Assets | |
Applicable to 2,948,262,764 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 274,488,864 |
Net Asset Value Per Share—Admiral Shares | $93.10 |
Institutional Shares—Net Assets | |
Applicable to 716,859,646 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 66,751,142 |
Net Asset Value Per Share—Institutional Shares | $93.12 |
Institutional Plus Shares—Net Assets | |
Applicable to 2,794,942,329 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 488,092,664 |
Net Asset Value Per Share—Institutional Plus Shares | $174.63 |
Institutional Select Shares—Net Assets | |
Applicable to 240,652,808 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 44,100,750 |
Net Asset Value Per Share—Institutional Select Shares | $183.25 |
Year Ended December 31, 2022 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers1 | 18,676,000 |
Dividends—Affiliated Issuers | — |
Interest—Unaffiliated Issuers | 3,395 |
Interest—Affiliated Issuers | 104,414 |
Securities Lending—Net | 247,749 |
Total Income | 19,031,558 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 23,150 |
Management and Administrative—Investor Shares | 40,508 |
Management and Administrative—ETF Shares | 63,071 |
Management and Administrative—Admiral Shares | 101,568 |
Management and Administrative—Institutional Shares | 21,299 |
Management and Administrative—Institutional Plus Shares | 70,619 |
Management and Administrative—Institutional Select Shares | 3,905 |
Marketing and Distribution—Investor Shares | 1,876 |
Marketing and Distribution—ETF Shares | 9,890 |
Marketing and Distribution—Admiral Shares | 10,123 |
Marketing and Distribution—Institutional Shares | 3,051 |
Marketing and Distribution—Institutional Plus Shares | 10,121 |
Marketing and Distribution—Institutional Select Shares | 6 |
Custodian Fees | 1,961 |
Auditing Fees | 238 |
Shareholders’ Reports—Investor Shares | 82 |
Shareholders’ Reports—ETF Shares | 2,979 |
Shareholders’ Reports—Admiral Shares | 1,274 |
Shareholders’ Reports—Institutional Shares | 653 |
Shareholders’ Reports—Institutional Plus Shares | 2,097 |
Shareholders’ Reports—Institutional Select Shares | — |
Trustees’ Fees and Expenses | 449 |
Other Expenses | 131 |
Total Expenses | 369,051 |
Expenses Paid Indirectly | (313) |
Net Expenses | 368,738 |
Net Investment Income | 18,662,820 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received—Affiliated Issuers | 23 |
Statement of Operations (continued) | |
Year Ended December 31, 2022 | |
($000) | |
Investment Securities Sold—Unaffiliated Issuers2 | 6,536,956 |
Investment Securities Sold—Affiliated Issuers | (4,131) |
Futures Contracts | (889,682) |
Swap Contracts | 21,069 |
Realized Net Gain (Loss) | 5,664,235 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers | (294,093,642) |
Investment Securities—Affiliated Issuers | 3,468 |
Futures Contracts | (288,691) |
Swap Contracts | (86,101) |
Change in Unrealized Appreciation (Depreciation) | (294,464,966) |
Net Increase (Decrease) in Net Assets Resulting from Operations | (270,137,911) |
1 | Dividends are net of foreign withholding taxes of $1,329,000. |
2 | Includes $19,138,772,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2022 ($000) | 2021 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 18,662,820 | 16,173,398 |
Realized Net Gain (Loss) | 5,664,235 | 25,405,131 |
Change in Unrealized Appreciation (Depreciation) | (294,464,966) | 238,495,999 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (270,137,911) | 280,074,528 |
Distributions | ||
Investor Shares | (284,794) | (1,676,741) |
ETF Shares | (4,187,918) | (3,403,927) |
Admiral Shares | (4,513,747) | (4,103,816) |
Institutional Shares | (1,107,318) | (2,969,898) |
Institutional Plus Shares | (7,915,118) | (3,559,330) |
Institutional Select Shares | (713,492) | (647,913) |
Total Distributions | (18,722,387) | (16,361,625) |
Capital Share Transactions | ||
Investor Shares | (104,300,286) | (51,574,306) |
ETF Shares | 25,952,138 | 44,386,309 |
Admiral Shares | 4,099,576 | 1,876,942 |
Institutional Shares | (155,304,571) | 22,144,976 |
Institutional Plus Shares | 295,703,507 | 14,016,596 |
Institutional Select Shares | 2,223,565 | (1,862,868) |
Net Increase (Decrease) from Capital Share Transactions | 68,373,929 | 28,987,649 |
Total Increase (Decrease) | (220,486,369) | 292,700,552 |
Net Assets | ||
Beginning of Period | 1,373,412,852 | 1,080,712,300 |
End of Period | 1,152,926,483 | 1,373,412,852 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $117.53 | $94.71 | $79.66 | $62.08 | $66.70 |
Investment Operations | |||||
Net Investment Income1 | 1.335 | 1.284 | 1.284 | 1.279 | 1.275 |
Capital Gain Distributions Received | .0001,2 | .0001,2 | — | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | (24.344) | 22.837 | 15.026 | 17.634 | (4.703) |
Total from Investment Operations | (23.009) | 24.121 | 16.310 | 18.913 | (3.428) |
Distributions | |||||
Dividends from Net Investment Income | (1.431) | (1.301) | (1.260) | (1.333) | (1.192) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.431) | (1.301) | (1.260) | (1.333) | (1.192) |
Net Asset Value, End of Period | $93.09 | $117.53 | $94.71 | $79.66 | $62.08 |
Total Return3 | -19.60% | 25.59% | 20.87% | 30.65% | -5.26% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $18,409 | $133,977 | $153,845 | $139,686 | $121,266 |
Ratio of Total Expenses to Average Net Assets | 0.14%4 | 0.14% | 0.14% | 0.14% | 0.14% |
Ratio of Net Investment Income to Average Net Assets | 1.28% | 1.20% | 1.62% | 1.78% | 1.86% |
Portfolio Turnover Rate5 | 3% | 4% | 8% | 4% | 3% |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.14%. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $241.49 | $194.61 | $163.70 | $127.56 | $137.06 |
Investment Operations | |||||
Net Investment Income1 | 3.191 | 2.912 | 2.831 | 2.809 | 2.781 |
Capital Gain Distributions Received | .0001,2 | .0001,2 | — | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | (50.248) | 46.898 | 30.848 | 36.236 | (9.676) |
Total from Investment Operations | (47.057) | 49.810 | 33.679 | 39.045 | (6.895) |
Distributions | |||||
Dividends from Net Investment Income | (3.183) | (2.930) | (2.769) | (2.905) | (2.605) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.183) | (2.930) | (2.769) | (2.905) | (2.605) |
Net Asset Value, End of Period | $191.25 | $241.49 | $194.61 | $163.70 | $127.56 |
Total Return | -19.50% | 25.72% | 20.95% | 30.80% | -5.13% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $261,084 | $299,088 | $202,075 | $138,067 | $94,809 |
Ratio of Total Expenses to Average Net Assets | 0.03%3 | 0.03% | 0.03% | 0.03% | 0.03% |
Ratio of Net Investment Income to Average Net Assets | 1.55% | 1.31% | 1.73% | 1.89% | 1.97% |
Portfolio Turnover Rate4 | 3% | 4% | 8% | 4% | 3% |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.03%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $117.56 | $94.74 | $79.69 | $62.09 | $66.72 |
Investment Operations | |||||
Net Investment Income1 | 1.540 | 1.402 | 1.364 | 1.360 | 1.344 |
Capital Gain Distributions Received | .0001,2 | .0001,2 | — | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | (24.460) | 22.833 | 15.025 | 17.646 | (4.711) |
Total from Investment Operations | (22.920) | 24.235 | 16.389 | 19.006 | (3.367) |
Distributions | |||||
Dividends from Net Investment Income | (1.540) | (1.415) | (1.339) | (1.406) | (1.263) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.540) | (1.415) | (1.339) | (1.406) | (1.263) |
Net Asset Value, End of Period | $93.10 | $117.56 | $94.74 | $79.69 | $62.09 |
Total Return3 | -19.53% | 25.71% | 20.99% | 30.80% | -5.17% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $274,489 | $341,733 | $273,622 | $252,536 | $185,102 |
Ratio of Total Expenses to Average Net Assets | 0.04%4 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.54% | 1.30% | 1.72% | 1.88% | 1.96% |
Portfolio Turnover Rate5 | 3% | 4% | 8% | 4% | 3% |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $117.58 | $94.75 | $79.70 | $62.10 | $66.73 |
Investment Operations | |||||
Net Investment Income1 | 1.497 | 1.416 | 1.374 | 1.365 | 1.354 |
Capital Gain Distributions Received | .0001,2 | .0001,2 | — | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | (24.407) | 22.841 | 15.024 | 17.649 | (4.715) |
Total from Investment Operations | (22.910) | 24.257 | 16.398 | 19.014 | (3.361) |
Distributions | |||||
Dividends from Net Investment Income | (1.550) | (1.427) | (1.348) | (1.414) | (1.269) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.550) | (1.427) | (1.348) | (1.414) | (1.269) |
Net Asset Value, End of Period | $93.12 | $117.58 | $94.75 | $79.70 | $62.10 |
Total Return | -19.51% | 25.73% | 21.00% | 30.81% | -5.16% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $66,751 | $249,282 | $180,586 | $152,716 | $115,115 |
Ratio of Total Expenses to Average Net Assets | 0.03%3 | 0.03% | 0.03% | 0.03% | 0.03% |
Ratio of Net Investment Income to Average Net Assets | 1.46% | 1.31% | 1.73% | 1.89% | 1.97% |
Portfolio Turnover Rate4 | 3% | 4% | 8% | 4% | 3% |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.03%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Plus Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $220.49 | $177.69 | $149.47 | $116.46 | $125.14 |
Investment Operations | |||||
Net Investment Income1 | 2.960 | 2.672 | 2.591 | 2.575 | 2.555 |
Capital Gain Distributions Received | .0001,2 | .0001,2 | — | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | (45.906) | 42.823 | 28.172 | 33.100 | (8.842) |
Total from Investment Operations | (42.946) | 45.495 | 30.763 | 35.675 | (6.287) |
Distributions | |||||
Dividends from Net Investment Income | (2.914) | (2.695) | (2.543) | (2.665) | (2.393) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.914) | (2.695) | (2.543) | (2.665) | (2.393) |
Net Asset Value, End of Period | $174.63 | $220.49 | $177.69 | $149.47 | $116.46 |
Total Return | -19.51% | 25.74% | 21.02% | 30.82% | -5.15% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $488,093 | $296,554 | $226,288 | $188,188 | $135,641 |
Ratio of Total Expenses to Average Net Assets | 0.02%3 | 0.02% | 0.02% | 0.02% | 0.02% |
Ratio of Net Investment Income to Average Net Assets | 1.59% | 1.32% | 1.74% | 1.90% | 1.98% |
Portfolio Turnover Rate4 | 3% | 4% | 8% | 4% | 3% |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.02%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Select Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net Asset Value, Beginning of Period | $231.36 | $186.45 | $156.83 | $122.20 | $131.31 |
Investment Operations | |||||
Net Investment Income1 | 3.093 | 2.821 | 2.772 | 2.709 | 2.704 |
Capital Gain Distributions Received | .0001,2 | .0001,2 | — | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | (48.139) | 44.937 | 29.532 | 34.731 | (9.290) |
Total from Investment Operations | (45.046) | 47.758 | 32.304 | 37.440 | (6.586) |
Distributions | |||||
Dividends from Net Investment Income | (3.064) | (2.848) | (2.684) | (2.810) | (2.524) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.064) | (2.848) | (2.684) | (2.810) | (2.524) |
Net Asset Value, End of Period | $183.25 | $231.36 | $186.45 | $156.83 | $122.20 |
Total Return | -19.50% | 25.75% | 21.03% | 30.84% | -5.14% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $44,101 | $52,780 | $44,296 | $26,431 | $20,262 |
Ratio of Total Expenses to Average Net Assets | 0.01%3 | 0.01% | 0.01% | 0.01% | 0.01% |
Ratio of Net Investment Income to Average Net Assets | 1.57% | 1.33% | 1.76% | 1.91% | 1.99% |
Portfolio Turnover Rate4 | 3% | 4% | 8% | 4% | 3% |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.01%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 1,144,305,105 | 673 | 11,095 | 1,144,316,873 |
Preferred Stock | 36 | — | — | 36 |
Temporary Cash Investments | 10,588,790 | — | — | 10,588,790 |
Total | 1,154,893,931 | 673 | 11,095 | 1,154,905,699 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 1,100 | — | 1,100 |
Liabilities | ||||
Futures Contracts1 | 187,643 | — | — | 187,643 |
Swap Contracts | — | 51,303 | — | 51,303 |
Total | 187,643 | 51,303 | — | 238,946 |
1 | Includes 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. |
Amount ($000) | |
Paid-in Capital | 19,139,428 |
Total Distributable Earnings (Loss) | (19,139,428) |
Amount ($000) | |
Undistributed Ordinary Income | 142,762 |
Undistributed Long-Term Gains | — |
Capital Loss Carryforwards | (23,659,027) |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 497,721,586 |
Year Ended December 31, | ||
2022 Amount ($000) | 2021 Amount ($000) | |
Ordinary Income* | 18,722,387 | 16,361,625 |
Long-Term Capital Gains | — | — |
Total | 18,722,387 | 16,361,625 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 657,184,113 |
Gross Unrealized Appreciation | 564,431,072 |
Gross Unrealized Depreciation | (66,709,486) |
Net Unrealized Appreciation (Depreciation) | 497,721,586 |
Year Ended December 31, | |||||
2022 | 2021 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 3,914,517 | 36,574 | 496,590 | 4,799 | |
Issued in Lieu of Cash Distributions | 284,794 | 2,978 | 1,676,741 | 15,550 | |
Redeemed | (108,499,597) | (981,740) | (53,747,637) | (504,787) | |
Net Increase (Decrease)—Investor Shares | (104,300,286) | (942,188) | (51,574,306) | (484,438) | |
ETF Shares | |||||
Issued | 50,798,717 | 249,707 | 69,095,066 | 308,260 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (24,846,579) | (123,100) | (24,708,757) | (108,100) | |
Net Increase (Decrease)—ETF Shares | 25,952,138 | 126,607 | 44,386,309 | 200,160 | |
Admiral Shares | |||||
Issued | 31,898,755 | 317,329 | 37,025,893 | 347,554 | |
Issued in Lieu of Cash Distributions | 3,762,619 | 39,309 | 3,424,237 | 31,536 | |
Redeemed | (31,561,798) | (315,336) | (38,573,188) | (360,387) | |
Net Increase (Decrease)—Admiral Shares | 4,099,576 | 41,302 | 1,876,942 | 18,703 | |
Institutional Shares | |||||
Issued | 9,249,702 | 92,024 | 44,920,917 | 425,435 | |
Issued in Lieu of Cash Distributions | 903,770 | 9,433 | 2,799,517 | 25,726 | |
Redeemed | (165,458,043) | (1,504,789) | (25,575,458) | (236,871) | |
Net Increase (Decrease)—Institutional Shares | (155,304,571) | (1,403,332) | 22,144,976 | 214,290 | |
Institutional Plus Shares | |||||
Issued | 320,489,415 | 1,582,401 | 27,268,129 | 137,022 | |
Issued in Lieu of Cash Distributions | 7,850,659 | 43,753 | 3,498,917 | 17,171 | |
Redeemed | (32,636,567) | (176,178) | (16,750,450) | (82,739) | |
Net Increase (Decrease)—Institutional Plus Shares | 295,703,507 | 1,449,976 | 14,016,596 | 71,454 | |
Institutional Select Shares | |||||
Issued | 6,711,633 | 34,640 | 5,779,241 | 28,270 | |
Issued in Lieu of Cash Distributions | 713,492 | 3,786 | 647,913 | 3,034 | |
Redeemed | (5,201,560) | (25,901) | (8,290,022) | (40,759) | |
Net Increase (Decrease)—Institutional Select Shares | 2,223,565 | 12,525 | (1,862,868) | (9,455) |
Current Period Transactions | ||||||||
Dec. 31, 2021 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Dec. 31, 2022 Market Value ($000) | |
1895 Bancorp of Wisconsin Inc. | NA1 | 3,706 | 262 | (35) | (297) | — | — | NA2 |
Asure Software Inc. | NA1 | 4,449 | 5,246 | (2,085) | 1,458 | — | — | NA2 |
Vanguard Market Liquidity Fund | 8,612,238 | NA3 | NA3 | (2,011) | 2,307 | 104,414 | 23 | 10,588,790 |
Total | 8,612,238 | 8,155 | 5,508 | (4,131) | 3,468 | 104,414 | 23 | 10,588,790 |
1 | Not applicable—at December 31, 2021, the issuer was not an affiliated company of the fund. |
2 | Not applicable—at December 31, 2022, the security was still held, but the issuer was no longer an affiliated company of the fund. |
3 | Not applicable—purchases and sales are for temporary cash investment purposes. |
Philadelphia, Pennsylvania
February 16, 2023
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. McIsaac | Lauren Valente |
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
U.S. Patent No. 6,879,964.
Vanguard Marketing Corporation, Distributor.
Item 2: Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert.
All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant.
Fiscal Year Ended December 31, 2022: $632,000
Fiscal Year Ended December 31, 2021: $827,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended December 31, 2022: $10,494,508
Fiscal Year Ended December 31, 2021: $11,244,694
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended December 31, 2022: $2,757,764
Fiscal Year Ended December 31, 2021: $2,955,181
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended December 31, 2022: $5,202,689
Fiscal Year Ended December 31, 2021: $2,047,574
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended December 31, 2022: $298,000
Fiscal Year Ended December 31, 2021: $280,000
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended December 31, 2022: $5,500,689
Fiscal Year Ended December 31, 2021: $2,327,574
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
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. There were no significant changes in the 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) | Code of Ethics filed herewith. | |
(a)(2) | Certifications filed herewith. | |
(b) | Certifications filed 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 INDEX FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: February 17, 2023
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 INDEX FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: February 17, 2023
VANGUARD INDEX FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: February 17, 2023
* By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on October 11, 2022 (see File Number 333-11763), Incorporated by Reference.