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, 2023—June 30, 2023
Item 1: Reports to Shareholders
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangement | 27 |
Liquidity Risk Management | 29 |
• | 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 June 30, 2023 | |||
Beginning Account Value 12/31/2022 | Ending Account Value 6/30/2023 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
500 Index Fund | |||
Investor Shares | $1,000.00 | $1,168.10 | $0.75 |
ETF Shares | 1,000.00 | 1,168.70 | 0.16 |
Admiral™ Shares | 1,000.00 | 1,168.70 | 0.22 |
Institutional Select Shares | 1,000.00 | 1,168.90 | 0.05 |
Based on Hypothetical 5% Yearly Return | |||
500 Index Fund | |||
Investor Shares | $1,000.00 | $1,024.10 | $0.70 |
ETF Shares | 1,000.00 | 1,024.65 | 0.15 |
Admiral Shares | 1,000.00 | 1,024.60 | 0.20 |
Institutional Select Shares | 1,000.00 | 1,024.75 | 0.05 |
Communication Services | 8.4% |
Consumer Discretionary | 10.6 |
Consumer Staples | 6.7 |
Energy | 4.1 |
Financials | 12.4 |
Health Care | 13.4 |
Industrials | 8.5 |
Information Technology | 28.3 |
Materials | 2.5 |
Real Estate | 2.5 |
Utilities | 2.6 |
Shares | Market Value• ($000) | ||
Common Stocks (99.7%) | |||
Communication Services (8.4%) | |||
* | Alphabet Inc. Class A | 141,453,080 | 16,931,934 |
* | Meta Platforms Inc. Class A | 52,671,671 | 15,115,716 |
* | Alphabet Inc. Class C | 121,682,871 | 14,719,977 |
* | Netflix Inc. | 10,484,394 | 4,618,271 |
Comcast Corp. Class A | 99,037,000 | 4,114,987 | |
* | Walt Disney Co. | 43,508,380 | 3,884,428 |
Verizon Communications Inc. | 100,096,965 | 3,722,606 | |
AT&T Inc. | 170,217,653 | 2,714,972 | |
* | T-Mobile US Inc. | 13,713,987 | 1,904,873 |
* | Activision Blizzard Inc. | 17,033,664 | 1,435,938 |
* | Charter Communications Inc. Class A | 2,473,863 | 908,823 |
Electronic Arts Inc. | 6,202,896 | 804,516 | |
* | Warner Bros Discovery Inc. | 52,783,436 | 661,904 |
* | Take-Two Interactive Software Inc. | 3,776,317 | 555,723 |
Omnicom Group Inc. | 4,751,083 | 452,065 | |
Interpublic Group of Cos. Inc. | 9,186,222 | 354,404 | |
* | Live Nation Entertainment Inc. | 3,426,965 | 312,231 |
* | Match Group Inc. | 6,626,977 | 277,339 |
News Corp. Class A | 11,891,878 | 231,892 | |
Fox Corp. Class A | 6,399,533 | 217,584 | |
1 | Paramount Global Class B | 12,072,526 | 192,074 |
Fox Corp. Class B | 3,262,591 | 104,044 | |
News Corp. Class B | 1,428 | 28 | |
74,236,329 | |||
Consumer Discretionary (10.6%) | |||
* | Amazon.com Inc. | 212,539,454 | 27,706,643 |
* | Tesla Inc. | 64,145,824 | 16,791,452 |
Home Depot Inc. | 24,112,093 | 7,490,181 | |
McDonald's Corp. | 17,383,485 | 5,187,406 | |
NIKE Inc. Class B | 29,336,681 | 3,237,889 | |
Lowe's Cos. Inc. | 14,199,292 | 3,204,780 | |
Starbucks Corp. | 27,295,862 | 2,703,928 | |
* | Booking Holdings Inc. | 879,344 | 2,374,519 |
TJX Cos. Inc. | 27,417,447 | 2,324,725 | |
Ford Motor Co. | 93,571,085 | 1,415,730 |
Shares | Market Value• ($000) | ||
* | Chipotle Mexican Grill Inc. Class A | 657,346 | 1,406,063 |
* | O'Reilly Automotive Inc. | 1,449,826 | 1,385,019 |
General Motors Co. | 33,098,984 | 1,276,297 | |
Marriott International Inc. Class A | 6,139,820 | 1,127,824 | |
* | AutoZone Inc. | 438,045 | 1,092,204 |
Yum! Brands Inc. | 6,668,821 | 923,965 | |
Hilton Worldwide Holdings Inc. | 6,300,754 | 917,075 | |
Ross Stores Inc. | 8,144,491 | 913,242 | |
DR Horton Inc. | 7,390,237 | 899,318 | |
Lennar Corp. Class A | 5,977,351 | 749,022 | |
* | Aptiv plc | 6,440,238 | 657,484 |
Tractor Supply Co. | 2,608,757 | 576,796 | |
eBay Inc. | 12,732,195 | 569,002 | |
Genuine Parts Co. | 3,346,283 | 566,291 | |
* | Ulta Beauty Inc. | 1,192,822 | 561,336 |
* | Royal Caribbean Cruises Ltd. | 5,236,637 | 543,249 |
Darden Restaurants Inc. | 2,878,174 | 480,885 | |
* | NVR Inc. | 71,973 | 457,073 |
* | Las Vegas Sands Corp. | 7,824,509 | 453,822 |
* | Carnival Corp. | 23,914,246 | 450,305 |
PulteGroup Inc. | 5,312,230 | 412,654 | |
Garmin Ltd. | 3,645,693 | 380,209 | |
Best Buy Co. Inc. | 4,633,932 | 379,751 | |
* | Expedia Group Inc. | 3,395,312 | 371,413 |
LKQ Corp. | 6,046,883 | 352,352 | |
Pool Corp. | 929,180 | 348,108 | |
MGM Resorts International | 7,195,551 | 316,029 | |
* | CarMax Inc. | 3,766,924 | 315,292 |
Domino's Pizza Inc. | 841,886 | 283,707 | |
BorgWarner Inc. (XNYS) | 5,580,834 | 272,959 | |
* | Caesars Entertainment Inc. | 5,123,638 | 261,152 |
Wynn Resorts Ltd. | 2,465,656 | 260,398 | |
* | Etsy Inc. | 2,937,239 | 248,520 |
Tapestry Inc. | 5,523,295 | 236,397 | |
* | Norwegian Cruise Line Holdings Ltd. | 10,099,084 | 219,857 |
Bath & Body Works Inc. | 5,451,513 | 204,432 | |
Hasbro Inc. | 3,102,583 | 200,954 | |
Whirlpool Corp. | 1,303,883 | 194,005 |
Shares | Market Value• ($000) | ||
VF Corp. | 7,855,227 | 149,956 | |
* | Mohawk Industries Inc. | 1,256,894 | 129,661 |
Ralph Lauren Corp. Class A | 977,959 | 120,582 | |
Advance Auto Parts Inc. | 1,415,266 | 99,493 | |
Newell Brands Inc. | 8,964,242 | 77,989 | |
Lennar Corp. Class B | 74,560 | 8,424 | |
94,287,819 | |||
Consumer Staples (6.6%) | |||
Procter & Gamble Co. | 56,119,393 | 8,515,557 | |
PepsiCo Inc. | 32,802,971 | 6,075,766 | |
Costco Wholesale Corp. | 10,559,382 | 5,684,960 | |
Coca-Cola Co. | 92,671,323 | 5,580,667 | |
Walmart Inc. | 33,395,389 | 5,249,087 | |
Philip Morris International Inc. | 36,957,438 | 3,607,785 | |
Mondelez International Inc. Class A | 32,427,777 | 2,365,282 | |
Altria Group Inc. | 42,502,189 | 1,925,349 | |
Colgate-Palmolive Co. | 19,752,197 | 1,521,709 | |
Target Corp. | 10,989,618 | 1,449,531 | |
Kimberly-Clark Corp. | 8,033,223 | 1,109,067 | |
Estee Lauder Cos. Inc. Class A | 5,521,080 | 1,084,230 | |
General Mills Inc. | 13,985,267 | 1,072,670 | |
* | Monster Beverage Corp. | 18,192,912 | 1,045,001 |
Archer-Daniels-Midland Co. | 12,967,642 | 979,835 | |
Constellation Brands Inc. Class A | 3,839,055 | 944,907 | |
Sysco Corp. | 12,063,945 | 895,145 | |
Dollar General Corp. | 5,216,913 | 885,727 | |
Hershey Co. | 3,507,012 | 875,701 | |
* | Dollar Tree Inc. | 4,950,633 | 710,416 |
Kroger Co. | 14,549,519 | 683,827 | |
Kraft Heinz Co. | 18,993,978 | 674,286 | |
Keurig Dr Pepper Inc. | 20,055,006 | 627,120 | |
Church & Dwight Co. Inc. | 5,815,908 | 582,928 | |
McCormick & Co. Inc. | 5,972,438 | 520,976 | |
Walgreens Boots Alliance Inc. | 17,050,671 | 485,774 | |
Clorox Co. | 2,943,556 | 468,143 | |
Kellogg Co. | 6,120,889 | 412,548 | |
Lamb Weston Holdings Inc. | 3,469,308 | 398,797 | |
Conagra Brands Inc. | 11,355,538 | 382,909 | |
J M Smucker Co. | 2,537,903 | 374,772 | |
Tyson Foods Inc. Class A | 6,800,078 | 347,076 | |
Bunge Ltd. | 3,585,360 | 338,279 | |
Molson Coors Beverage Co. Class B | 4,468,408 | 294,200 | |
Brown-Forman Corp. Class B | 4,355,271 | 290,845 | |
Hormel Foods Corp. | 6,896,917 | 277,394 | |
Campbell Soup Co. | 4,774,809 | 218,256 | |
58,956,522 | |||
Energy (4.1%) | |||
Exxon Mobil Corp. | 96,265,828 | 10,324,510 | |
Chevron Corp. | 41,494,364 | 6,529,138 |
Shares | Market Value• ($000) | ||
ConocoPhillips | 28,811,907 | 2,985,202 | |
Schlumberger NV | 33,935,112 | 1,666,893 | |
EOG Resources Inc. | 13,925,326 | 1,593,614 | |
Marathon Petroleum Corp. | 10,103,075 | 1,178,019 | |
Pioneer Natural Resources Co. | 5,565,147 | 1,152,987 | |
Phillips 66 | 10,925,567 | 1,042,081 | |
Valero Energy Corp. | 8,608,512 | 1,009,778 | |
Occidental Petroleum Corp. | 17,107,672 | 1,005,931 | |
Williams Cos. Inc. | 29,004,879 | 946,429 | |
Hess Corp. | 6,579,868 | 894,533 | |
Kinder Morgan Inc. | 46,959,922 | 808,650 | |
Baker Hughes Co. Class A | 24,101,938 | 761,862 | |
Devon Energy Corp. | 15,279,381 | 738,605 | |
Halliburton Co. | 21,488,653 | 708,911 | |
ONEOK Inc. | 10,653,575 | 657,539 | |
Diamondback Energy Inc. | 4,312,017 | 566,427 | |
Coterra Energy Inc. | 18,035,819 | 456,306 | |
Targa Resources Corp. | 5,380,605 | 409,464 | |
EQT Corp. | 8,611,020 | 354,171 | |
Marathon Oil Corp. | 14,705,448 | 338,519 | |
APA Corp. | 7,348,267 | 251,090 | |
36,380,659 | |||
Financials (12.3%) | |||
* | Berkshire Hathaway Inc. Class B | 42,460,812 | 14,479,137 |
JPMorgan Chase & Co. | 69,579,074 | 10,119,581 | |
Visa Inc. Class A | 38,279,933 | 9,090,718 | |
Mastercard Inc. Class A | 19,923,210 | 7,835,798 | |
Bank of America Corp. | 165,080,139 | 4,736,149 | |
Wells Fargo & Co. | 89,342,707 | 3,813,147 | |
S&P Global Inc. | 7,809,562 | 3,130,775 | |
Morgan Stanley | 31,019,537 | 2,649,068 | |
American Express Co. | 14,157,475 | 2,466,232 | |
BlackRock Inc. | 3,565,759 | 2,464,439 | |
Goldman Sachs Group Inc. | 7,264,763 | 2,343,177 | |
Marsh & McLennan Cos. Inc. | 11,779,212 | 2,215,434 | |
Citigroup Inc. | 46,352,223 | 2,134,056 | |
Charles Schwab Corp. | 35,384,592 | 2,005,599 | |
Chubb Ltd. | 9,861,499 | 1,898,930 | |
* | Fiserv Inc. | 14,698,721 | 1,854,244 |
Progressive Corp. | 13,937,297 | 1,844,880 | |
* | PayPal Holdings Inc. | 26,565,574 | 1,772,721 |
Aon plc Class A (XNYS) | 4,862,939 | 1,678,687 | |
CME Group Inc. | 8,565,045 | 1,587,017 | |
Intercontinental Exchange Inc. | 13,330,308 | 1,507,391 | |
Moody's Corp. | 3,757,102 | 1,306,419 | |
PNC Financial Services Group Inc. | 9,502,885 | 1,196,888 | |
Arthur J Gallagher & Co. | 5,100,056 | 1,119,819 | |
US Bancorp | 33,214,211 | 1,097,398 | |
Capital One Financial Corp. | 9,090,770 | 994,258 | |
American International Group Inc. | 17,232,580 | 991,563 | |
Truist Financial Corp. | 31,713,168 | 962,495 |
Shares | Market Value• ($000) | ||
Travelers Cos. Inc. | 5,499,517 | 955,046 | |
Aflac Inc. | 13,091,749 | 913,804 | |
MSCI Inc. Class A | 1,906,261 | 894,589 | |
MetLife Inc. | 15,316,741 | 865,855 | |
Ameriprise Financial Inc. | 2,480,879 | 824,049 | |
Fidelity National Information Services Inc. | 14,104,214 | 771,500 | |
Prudential Financial Inc. | 8,690,206 | 766,650 | |
Bank of New York Mellon Corp. | 16,699,146 | 743,446 | |
Discover Financial Services | 6,046,958 | 706,587 | |
Allstate Corp. | 6,260,373 | 682,631 | |
* | Arch Capital Group Ltd. | 8,867,490 | 663,732 |
T Rowe Price Group Inc. | 5,347,230 | 598,997 | |
Willis Towers Watson plc | 2,533,461 | 596,630 | |
State Street Corp. | 7,959,341 | 582,465 | |
Hartford Financial Services Group Inc. | 7,386,439 | 531,971 | |
M&T Bank Corp. | 3,949,579 | 488,800 | |
Global Payments Inc. | 4,882,065 | 480,981 | |
Raymond James Financial Inc. | 4,540,856 | 471,205 | |
* | FleetCor Technologies Inc. | 1,757,754 | 441,337 |
Fifth Third Bancorp | 16,208,374 | 424,821 | |
Principal Financial Group Inc. | 5,375,553 | 407,682 | |
Nasdaq Inc. | 8,058,799 | 401,731 | |
Regions Financial Corp. | 22,342,379 | 398,141 | |
Brown & Brown Inc. | 5,605,650 | 385,893 | |
Huntington Bancshares Inc. | 34,349,958 | 370,293 | |
Northern Trust Corp. | 4,960,480 | 367,770 | |
FactSet Research Systems Inc. | 912,774 | 365,703 | |
Cincinnati Financial Corp. | 3,742,947 | 364,264 | |
Everest Re Group Ltd. | 1,021,049 | 349,056 | |
Cboe Global Markets Inc. | 2,513,939 | 346,949 | |
Synchrony Financial | 10,204,526 | 346,138 | |
Citizens Financial Group Inc. | 11,524,749 | 300,565 | |
Jack Henry & Associates Inc. | 1,734,896 | 290,300 | |
W R Berkley Corp. | 4,780,902 | 284,751 | |
Loews Corp. | 4,503,872 | 267,440 | |
MarketAxess Holdings Inc. | 896,586 | 234,385 | |
Globe Life Inc. | 2,115,682 | 231,921 | |
KeyCorp. | 22,269,208 | 205,767 | |
Invesco Ltd. | 10,909,227 | 183,384 | |
Franklin Resources Inc. | 6,797,989 | 181,574 | |
Assurant Inc. | 1,265,848 | 159,142 | |
Comerica Inc. | 3,135,060 | 132,801 | |
Lincoln National Corp. | 3,677,413 | 94,730 | |
Zions Bancorp NA | 3,526,647 | 94,726 | |
109,466,222 |
Shares | Market Value• ($000) | ||
Health Care (13.4%) | |||
UnitedHealth Group Inc. | 22,167,773 | 10,654,718 | |
Johnson & Johnson | 61,875,763 | 10,241,676 | |
Eli Lilly & Co. | 18,759,903 | 8,798,019 | |
Merck & Co. Inc. | 60,415,926 | 6,971,394 | |
AbbVie Inc. | 42,008,061 | 5,659,746 | |
Pfizer Inc. | 134,412,930 | 4,930,266 | |
Thermo Fisher Scientific Inc. | 9,184,131 | 4,791,820 | |
Abbott Laboratories | 41,404,621 | 4,513,932 | |
Danaher Corp. | 15,811,966 | 3,794,872 | |
Bristol-Myers Squibb Co. | 50,021,466 | 3,198,873 | |
* | Intuitive Surgical Inc. | 8,342,759 | 2,852,723 |
Amgen Inc. | 12,722,074 | 2,824,555 | |
Medtronic plc | 31,677,275 | 2,790,768 | |
Elevance Health Inc. | 5,644,219 | 2,507,670 | |
Stryker Corp. | 8,044,228 | 2,454,214 | |
Gilead Sciences Inc. | 29,699,256 | 2,288,922 | |
* | Vertex Pharmaceuticals Inc. | 6,132,464 | 2,158,075 |
CVS Health Corp. | 30,524,792 | 2,110,179 | |
Cigna Group | 7,044,485 | 1,976,682 | |
Zoetis Inc. | 11,002,844 | 1,894,800 | |
* | Boston Scientific Corp. | 34,231,548 | 1,851,584 |
* | Regeneron Pharmaceuticals Inc. | 2,569,221 | 1,846,088 |
Becton Dickinson and Co. | 6,762,337 | 1,785,325 | |
HCA Healthcare Inc. | 4,912,776 | 1,490,929 | |
McKesson Corp. | 3,228,575 | 1,379,602 | |
* | Edwards Lifesciences Corp. | 14,434,281 | 1,361,586 |
Humana Inc. | 2,974,672 | 1,330,065 | |
* | DexCom Inc. | 9,229,631 | 1,186,100 |
* | IQVIA Holdings Inc. | 4,419,058 | 993,272 |
* | IDEXX Laboratories Inc. | 1,976,520 | 992,668 |
* | Biogen Inc. | 3,446,401 | 981,707 |
* | Moderna Inc. | 7,805,817 | 948,407 |
* | Centene Corp. | 13,065,909 | 881,296 |
Agilent Technologies Inc. | 7,040,759 | 846,651 | |
ResMed Inc. | 3,498,105 | 764,336 | |
GE Healthcare Inc. | 9,309,344 | 756,291 | |
AmerisourceBergen Corp. Class A | 3,856,594 | 742,124 | |
Zimmer Biomet Holdings Inc. | 4,965,931 | 723,040 | |
* | Illumina Inc. | 3,764,347 | 705,777 |
* | Mettler-Toledo International Inc. | 524,263 | 687,644 |
West Pharmaceutical Services Inc. | 1,767,265 | 675,926 | |
* | Align Technology Inc. | 1,694,672 | 599,304 |
Cardinal Health Inc. | 6,060,944 | 573,183 | |
Baxter International Inc. | 12,044,241 | 548,736 | |
STERIS plc | 2,364,424 | 531,948 | |
Laboratory Corp. of America Holdings | 2,110,081 | 509,226 | |
* | Insulet Corp. | 1,659,362 | 478,460 |
* | Hologic Inc. | 5,857,888 | 474,313 |
Cooper Cos. Inc. | 1,177,843 | 451,620 |
Shares | Market Value• ($000) | ||
* | Molina Healthcare Inc. | 1,388,241 | 418,194 |
Quest Diagnostics Inc. | 2,666,980 | 374,871 | |
* | Waters Corp. | 1,405,279 | 374,563 |
Revvity Inc. | 2,986,586 | 354,777 | |
Bio-Techne Corp. | 3,750,509 | 306,154 | |
Viatris Inc. | 28,548,118 | 284,910 | |
* | Incyte Corp. | 4,408,710 | 274,442 |
Teleflex Inc. | 1,118,519 | 270,715 | |
* | Charles River Laboratories International Inc. | 1,218,538 | 256,198 |
* | Henry Schein Inc. | 3,119,198 | 252,967 |
Universal Health Services Inc. Class B | 1,498,165 | 236,366 | |
DENTSPLY SIRONA Inc. | 5,058,960 | 202,460 | |
* | Bio-Rad Laboratories Inc. Class A | 508,335 | 192,720 |
* | Catalent Inc. | 4,291,682 | 186,087 |
* | DaVita Inc. | 1,317,177 | 132,337 |
Organon & Co. | 6,078,912 | 126,502 | |
*,2 | ABIOMED Inc. CVR | 180 | — |
118,755,375 | |||
Industrials (8.5%) | |||
Raytheon Technologies Corp. | 34,789,686 | 3,407,998 | |
Honeywell International Inc. | 15,843,688 | 3,287,565 | |
United Parcel Service Inc. Class B (XNYS) | 17,257,026 | 3,093,322 | |
Caterpillar Inc. | 12,270,763 | 3,019,221 | |
Union Pacific Corp. | 14,517,058 | 2,970,480 | |
General Electric Co. | 25,928,074 | 2,848,199 | |
* | Boeing Co. | 13,464,541 | 2,843,172 |
Deere & Co. | 6,420,358 | 2,601,465 | |
Lockheed Martin Corp. | 5,366,759 | 2,470,748 | |
Automatic Data Processing Inc. | 9,836,538 | 2,161,973 | |
Eaton Corp. plc | 9,490,627 | 1,908,565 | |
CSX Corp. | 48,410,104 | 1,650,785 | |
Illinois Tool Works Inc. | 6,584,660 | 1,647,219 | |
Northrop Grumman Corp. | 3,398,729 | 1,549,141 | |
Waste Management Inc. | 8,814,454 | 1,528,603 | |
FedEx Corp. | 5,505,973 | 1,364,931 | |
3M Co. | 13,135,090 | 1,314,691 | |
Emerson Electric Co. | 13,607,299 | 1,229,964 | |
Norfolk Southern Corp. | 5,420,304 | 1,229,108 | |
Parker-Hannifin Corp. | 3,054,473 | 1,191,367 | |
General Dynamics Corp. | 5,356,263 | 1,152,400 | |
Johnson Controls International plc | 16,333,300 | 1,112,951 | |
TransDigm Group Inc. | 1,242,145 | 1,110,689 | |
PACCAR Inc. | 12,442,505 | 1,040,816 | |
Trane Technologies plc | 5,430,498 | 1,038,637 | |
Cintas Corp. | 2,058,455 | 1,023,217 | |
Carrier Global Corp. | 19,878,179 | 988,144 | |
* | Copart Inc. | 10,213,035 | 931,531 |
Rockwell Automation Inc. | 2,735,207 | 901,114 | |
AMETEK Inc. | 5,487,392 | 888,299 |
Shares | Market Value• ($000) | ||
L3Harris Technologies Inc. | 4,510,815 | 883,082 | |
Otis Worldwide Corp. | 9,840,472 | 875,900 | |
Paychex Inc. | 7,639,093 | 854,585 | |
WW Grainger Inc. | 1,062,920 | 838,208 | |
Cummins Inc. | 3,370,627 | 826,343 | |
Fastenal Co. | 13,596,228 | 802,041 | |
Old Dominion Freight Line Inc. | 2,141,126 | 791,681 | |
Verisk Analytics Inc. Class A | 3,448,026 | 779,357 | |
Republic Services Inc. Class A | 4,894,957 | 749,761 | |
United Rentals Inc. | 1,636,598 | 728,892 | |
* | Delta Air Lines Inc. | 15,302,774 | 727,494 |
Equifax Inc. | 2,920,422 | 687,175 | |
Quanta Services Inc. | 3,456,574 | 679,044 | |
Xylem Inc. | 5,697,145 | 641,612 | |
Ingersoll Rand Inc. (XYNS) | 9,633,433 | 629,641 | |
Fortive Corp. | 8,417,765 | 629,396 | |
Southwest Airlines Co. | 14,168,440 | 513,039 | |
Dover Corp. | 3,329,373 | 491,582 | |
Westinghouse Air Brake Technologies Corp. | 4,282,767 | 469,691 | |
Broadridge Financial Solutions Inc. | 2,808,776 | 465,218 | |
Expeditors International of Washington Inc. | 3,638,274 | 440,704 | |
Howmet Aerospace Inc. | 8,762,945 | 434,292 | |
* | United Airlines Holdings Inc. | 7,808,881 | 428,473 |
IDEX Corp. | 1,799,699 | 387,403 | |
Paycom Software Inc. | 1,157,140 | 371,720 | |
Snap-on Inc. | 1,260,756 | 363,337 | |
Jacobs Solutions Inc. | 3,020,445 | 359,101 | |
JB Hunt Transport Services Inc. | 1,973,173 | 357,203 | |
Stanley Black & Decker Inc. | 3,646,053 | 341,672 | |
* | Axon Enterprise Inc. | 1,671,069 | 326,059 |
Textron Inc. | 4,802,175 | 324,771 | |
Nordson Corp. | 1,281,701 | 318,093 | |
Masco Corp. | 5,357,662 | 307,423 | |
Leidos Holdings Inc. | 3,266,347 | 289,006 | |
* | American Airlines Group Inc. | 15,544,747 | 278,873 |
CH Robinson Worldwide Inc. | 2,772,549 | 261,590 | |
Pentair plc | 3,927,192 | 253,697 | |
Allegion plc | 2,094,230 | 251,349 | |
* | Ceridian HCM Holding Inc. | 3,691,152 | 247,196 |
Rollins Inc. | 5,515,379 | 236,224 | |
* | Generac Holdings Inc. | 1,480,690 | 220,815 |
Huntington Ingalls Industries Inc. | 948,795 | 215,946 | |
A O Smith Corp. | 2,965,606 | 215,837 | |
Robert Half International Inc. | 2,567,270 | 193,110 | |
* | Alaska Air Group Inc. | 3,045,466 | 161,958 |
75,155,909 |
Shares | Market Value• ($000) | ||
Information Technology (28.2%) | |||
Apple Inc. | 352,032,288 | 68,283,703 | |
Microsoft Corp. | 177,039,014 | 60,288,866 | |
NVIDIA Corp. | 58,884,844 | 24,909,467 | |
Broadcom Inc. | 9,927,050 | 8,611,021 | |
* | Adobe Inc. | 10,921,555 | 5,340,531 |
Cisco Systems Inc. | 97,521,499 | 5,045,762 | |
* | Salesforce Inc. | 23,310,820 | 4,924,644 |
Accenture plc Class A | 15,036,690 | 4,640,022 | |
* | Advanced Micro Devices Inc. | 38,342,521 | 4,367,597 |
Oracle Corp. | 36,640,875 | 4,363,562 | |
Texas Instruments Inc. | 21,611,261 | 3,890,459 | |
Intel Corp. | 99,310,088 | 3,320,929 | |
QUALCOMM Inc. | 26,524,847 | 3,157,518 | |
Intuit Inc. | 6,679,688 | 3,060,566 | |
Applied Materials Inc. | 20,122,408 | 2,908,493 | |
International Business Machines Corp. | 21,620,299 | 2,893,012 | |
* | ServiceNow Inc. | 4,850,988 | 2,726,110 |
Analog Devices Inc. | 12,044,286 | 2,346,347 | |
Lam Research Corp. | 3,198,729 | 2,056,335 | |
* | Palo Alto Networks Inc. | 7,195,872 | 1,838,617 |
Micron Technology Inc. | 26,057,234 | 1,644,472 | |
KLA Corp. | 3,266,925 | 1,584,524 | |
* | Synopsys Inc. | 3,626,678 | 1,579,092 |
* | Cadence Design Systems Inc. | 6,492,663 | 1,522,659 |
NXP Semiconductors NV | 6,184,106 | 1,265,763 | |
Roper Technologies Inc. | 2,537,681 | 1,220,117 | |
Amphenol Corp. Class A | 14,174,228 | 1,204,101 | |
* | Fortinet Inc. | 15,516,934 | 1,172,925 |
Motorola Solutions Inc. | 3,993,309 | 1,171,158 | |
Microchip Technology Inc. | 13,043,004 | 1,168,523 | |
TE Connectivity Ltd. | 7,502,696 | 1,051,578 | |
* | Autodesk Inc. | 5,098,979 | 1,043,302 |
* | ON Semiconductor Corp. | 10,282,851 | 972,552 |
* | Arista Networks Inc. | 5,945,451 | 963,520 |
Cognizant Technology Solutions Corp. Class A | 12,082,849 | 788,768 | |
* | Keysight Technologies Inc. | 4,241,859 | 710,299 |
* | ANSYS Inc. | 2,063,472 | 681,503 |
* | Gartner Inc. | 1,882,186 | 659,349 |
Corning Inc. | 18,217,369 | 638,337 | |
HP Inc. | 20,640,760 | 633,878 | |
CDW Corp. | 3,209,198 | 588,888 | |
Monolithic Power Systems Inc. | 1,072,323 | 579,301 | |
* | Enphase Energy Inc. | 3,263,183 | 546,518 |
Hewlett Packard Enterprise Co. | 30,854,424 | 518,354 | |
* | VeriSign Inc. | 2,155,677 | 487,118 |
* | Fair Isaac Corp. | 595,106 | 481,566 |
* | Teledyne Technologies Inc. | 1,120,218 | 460,533 |
* | First Solar Inc. | 2,365,272 | 449,614 |
Shares | Market Value• ($000) | ||
Skyworks Solutions Inc. | 3,789,620 | 419,473 | |
* | Tyler Technologies Inc. | 998,195 | 415,718 |
Teradyne Inc. | 3,691,382 | 410,962 | |
NetApp Inc. | 5,093,344 | 389,131 | |
* | Zebra Technologies Corp. Class A | 1,224,412 | 362,218 |
* | SolarEdge Technologies Inc. | 1,341,621 | 360,963 |
* | PTC Inc. | 2,535,903 | 360,859 |
* | Akamai Technologies Inc. | 3,624,106 | 325,698 |
* | Trimble Inc. | 5,898,563 | 312,270 |
* | EPAM Systems Inc. | 1,378,745 | 309,873 |
* | Western Digital Corp. | 7,617,690 | 288,939 |
Seagate Technology Holdings plc | 4,585,546 | 283,708 | |
Gen Digital Inc. (XNGS) | 13,547,444 | 251,305 | |
* | Qorvo Inc. | 2,378,636 | 242,692 |
Juniper Networks Inc. | 7,657,542 | 239,911 | |
* | F5 Inc. | 1,440,021 | 210,617 |
* | DXC Technology Co. | 5,430,688 | 145,108 |
250,091,318 | |||
Materials (2.5%) | |||
Linde plc | 11,657,341 | 4,442,379 | |
Air Products and Chemicals Inc. | 5,288,629 | 1,584,103 | |
Sherwin-Williams Co. | 5,587,777 | 1,483,667 | |
Freeport-McMoRan Inc. | 34,125,765 | 1,365,031 | |
Ecolab Inc. | 5,897,772 | 1,101,055 | |
Nucor Corp. | 5,981,557 | 980,856 | |
Corteva Inc. | 16,926,019 | 969,861 | |
Dow Inc. | 16,840,832 | 896,943 | |
PPG Industries Inc. | 5,605,397 | 831,280 | |
Newmont Corp. | 18,922,054 | 807,215 | |
DuPont de Nemours Inc. | 10,928,874 | 780,759 | |
Vulcan Materials Co. | 3,167,884 | 714,168 | |
Martin Marietta Materials Inc. | 1,475,919 | 681,417 | |
Albemarle Corp. | 2,793,563 | 623,216 | |
LyondellBasell Industries NV Class A | 6,043,759 | 554,998 | |
International Flavors & Fragrances Inc. | 6,073,518 | 483,391 | |
Ball Corp. | 7,489,333 | 435,954 | |
Steel Dynamics Inc. | 3,823,536 | 416,498 | |
Amcor plc | 35,036,047 | 349,660 | |
Avery Dennison Corp. | 1,921,295 | 330,078 | |
CF Industries Holdings Inc. | 4,641,096 | 322,185 | |
FMC Corp. | 2,977,008 | 310,621 | |
Packaging Corp. of America | 2,141,589 | 283,032 | |
Mosaic Co. | 7,907,531 | 276,764 | |
Celanese Corp. Class A | 2,382,958 | 275,946 | |
International Paper Co. | 8,263,855 | 262,873 | |
Eastman Chemical Co. | 2,836,993 | 237,513 | |
Westrock Co. | 6,098,205 | 177,275 | |
Sealed Air Corp. | 3,438,869 | 137,555 | |
22,116,293 |
Shares | Market Value• ($000) | ||
Real Estate (2.5%) | |||
Prologis Inc. | 21,987,184 | 2,696,288 | |
American Tower Corp. | 11,096,278 | 2,152,012 | |
Equinix Inc. | 2,226,900 | 1,745,756 | |
Crown Castle Inc. | 10,325,392 | 1,176,475 | |
Public Storage | 3,767,428 | 1,099,637 | |
Realty Income Corp. | 16,028,161 | 958,324 | |
Welltower Inc. | 11,833,415 | 957,205 | |
Simon Property Group Inc. | 7,785,589 | 899,080 | |
* | CoStar Group Inc. | 9,726,895 | 865,694 |
Digital Realty Trust Inc. | 6,936,659 | 789,877 | |
VICI Properties Inc. Class A | 21,260,843 | 668,228 | |
AvalonBay Communities Inc. | 3,380,811 | 639,886 | |
SBA Communications Corp. Class A | 2,579,718 | 597,875 | |
* | CBRE Group Inc. Class A | 7,401,201 | 597,351 |
Weyerhaeuser Co. | 17,436,766 | 584,306 | |
Equity Residential | 8,119,213 | 535,624 | |
Extra Space Storage Inc. | 3,215,386 | 478,610 | |
Invitation Homes Inc. | 13,840,920 | 476,128 | |
Ventas Inc. | 9,525,052 | 450,249 | |
Alexandria Real Estate Equities Inc. | 3,748,270 | 425,391 | |
Mid-America Apartment Communities Inc. | 2,777,551 | 421,799 | |
Iron Mountain Inc. | 6,943,479 | 394,528 | |
Essex Property Trust Inc. | 1,528,473 | 358,121 | |
UDR Inc. | 7,367,542 | 316,510 | |
Kimco Realty Corp. | 14,759,928 | 291,066 | |
Host Hotels & Resorts Inc. | 16,934,553 | 285,009 | |
Camden Property Trust | 2,541,849 | 276,731 | |
Healthpeak Properties Inc. | 13,024,404 | 261,790 | |
Regency Centers Corp. | 3,660,687 | 226,121 | |
Boston Properties Inc. | 3,399,698 | 195,789 | |
Federal Realty Investment Trust | 1,746,694 | 169,028 | |
21,990,488 | |||
Utilities (2.6%) | |||
NextEra Energy Inc. | 48,176,487 | 3,574,695 | |
Southern Co. | 25,962,504 | 1,823,866 | |
Duke Energy Corp. | 18,349,151 | 1,646,653 | |
Sempra Energy (XNYS) | 7,491,834 | 1,090,736 | |
American Electric Power Co. Inc. | 12,257,345 | 1,032,068 | |
Dominion Energy Inc. | 19,903,532 | 1,030,804 | |
Exelon Corp. | 23,680,802 | 964,756 | |
Xcel Energy Inc. | 13,103,816 | 814,664 |
Shares | Market Value• ($000) | ||
Consolidated Edison Inc. | 8,251,328 | 745,920 | |
Public Service Enterprise Group Inc. | 11,880,067 | 743,811 | |
Constellation Energy Corp. | 7,724,231 | 707,153 | |
* | PG&E Corp. | 38,491,199 | 665,128 |
WEC Energy Group Inc. | 7,510,417 | 662,719 | |
American Water Works Co. Inc. | 4,634,386 | 661,559 | |
Edison International | 9,118,646 | 633,290 | |
Eversource Energy | 8,306,086 | 589,068 | |
DTE Energy Co. | 4,907,044 | 539,873 | |
Ameren Corp. | 6,252,495 | 510,641 | |
FirstEnergy Corp. | 12,957,546 | 503,789 | |
Entergy Corp. | 5,034,274 | 490,187 | |
PPL Corp. | 17,549,779 | 464,367 | |
CenterPoint Energy Inc. | 15,025,072 | 437,981 | |
CMS Energy Corp. | 6,944,407 | 407,984 | |
Atmos Energy Corp. | 3,440,575 | 400,277 | |
AES Corp. | 15,936,712 | 330,368 | |
Evergy Inc. | 5,468,183 | 319,451 | |
Alliant Energy Corp. | 5,985,940 | 314,142 | |
NiSource Inc. | 9,836,108 | 269,018 | |
Pinnacle West Capital Corp. | 2,696,791 | 219,681 | |
NRG Energy Inc. | 5,477,847 | 204,817 | |
22,799,466 | |||
Total Common Stocks (Cost $544,648,036) | 884,236,400 | ||
Temporary Cash Investments (0.4%) | |||
Money Market Fund (0.4%) | |||
3,4 | Vanguard Market Liquidity Fund, 5.150% (Cost $3,422,757) | 34,240,631 | 3,423,378 |
Total Investments (100.1%) (Cost $548,070,793) | 887,659,778 | ||
Other Assets and Liabilities—Net (-0.1%) | (643,906) | ||
Net Assets (100%) | 887,015,872 | ||
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 $53,419,000. |
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 $57,079,000 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 | September 2023 | 10,010 | 2,246,369 | 57,839 |
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) |
Bank of New York Mellon Corp. | 8/31/23 | BANA | 17,808 | (5.522) | — | (74) |
Global Payments Inc. | 8/31/23 | BANA | 59,112 | (5.618) | — | (60) |
Global Payments Inc. | 8/31/23 | BANA | 29,556 | (5.617) | — | (15) |
Global Payments Inc. | 8/31/23 | BANA | 13,793 | (5.522) | — | (28) |
Global Payments Inc. | 8/31/23 | BANA | 13,793 | (5.522) | — | (28) |
Global Payments Inc. | 8/31/23 | BANA | 9,852 | (5.522) | — | (20) |
Global Payments Inc. | 8/31/23 | BANA | 7,389 | (5.522) | — | (15) |
Goldman Sachs Group Inc. | 8/30/24 | BANA | 154,819 | (5.672) | 465 | — |
Goldman Sachs Group Inc. | 8/30/24 | BANA | 55,154 | (5.672) | 166 | — |
Kroger Co. | 1/31/24 | GSI | 45,940 | (5.066) | 963 | — |
Netflix Inc. | 8/31/23 | BANA | 44,049 | (5.072) | — | (167) |
VICI Properties Inc. Class A | 8/31/23 | BANA | 83,290 | (5.622) | 650 | — |
Visa Inc. Class A | 8/31/23 | BANA | 59,370 | (4.972) | — | (116) |
2,244 | (523) |
1 | Based on Overnight Bank Funding Rate as of the most recent reset 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 $544,648,036) | 884,236,400 |
Affiliated Issuers (Cost $3,422,757) | 3,423,378 |
Total Investments in Securities | 887,659,778 |
Investment in Vanguard | 29,151 |
Cash Collateral Pledged—Futures Contracts | 113,379 |
Receivables for Investment Securities Sold | 12,154 |
Receivables for Accrued Income | 660,562 |
Receivables for Capital Shares Issued | 420,346 |
Variation Margin Receivable—Futures Contracts | 26,566 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 2,244 |
Total Assets | 888,924,180 |
Liabilities | |
Due to Custodian | 78,084 |
Payables for Investment Securities Purchased | 118,301 |
Collateral for Securities on Loan | 57,079 |
Payables for Capital Shares Redeemed | 393,679 |
Payables for Distributions | 1,249,142 |
Payables to Vanguard | 11,500 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 523 |
Total Liabilities | 1,908,308 |
Net Assets | 887,015,872 |
1 Includes $53,419,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At June 30, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 555,960,925 |
Total Distributable Earnings (Loss) | 331,054,947 |
Net Assets | 887,015,872 |
Investor Shares—Net Assets | |
Applicable to 7,669,553 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,149,379 |
Net Asset Value Per Share—Investor Shares | $410.63 |
ETF Shares—Net Assets | |
Applicable to 800,034,668 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 325,949,536 |
Net Asset Value Per Share—ETF Shares | $407.42 |
Admiral Shares—Net Assets | |
Applicable to 1,035,493,734 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 425,129,392 |
Net Asset Value Per Share—Admiral Shares | $410.56 |
Institutional Select Shares—Net Assets | |
Applicable to 610,248,539 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 132,787,565 |
Net Asset Value Per Share—Institutional Select Shares | $217.60 |
Six Months Ended June 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 6,612,907 |
Interest2 | 57,777 |
Securities Lending—Net | 438 |
Total Income | 6,671,122 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 9,011 |
Management and Administrative—Investor Shares | 2,068 |
Management and Administrative—ETF Shares | 29,431 |
Management and Administrative—Admiral Shares | 63,056 |
Management and Administrative—Institutional Select Shares | 4,296 |
Marketing and Distribution—Investor Shares | 71 |
Marketing and Distribution—ETF Shares | 7,429 |
Marketing and Distribution—Admiral Shares | 8,808 |
Marketing and Distribution—Institutional Select Shares | 126 |
Custodian Fees | 1,426 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—ETF Shares | 1,818 |
Shareholders’ Reports—Admiral Shares | 900 |
Shareholders’ Reports—Institutional Select Shares | — |
Trustees’ Fees and Expenses | 209 |
Other Expenses | 13 |
Total Expenses | 128,663 |
Expenses Paid Indirectly | (111) |
Net Expenses | 128,552 |
Net Investment Income | 6,542,570 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 4,465,416 |
Futures Contracts | 152,413 |
Swap Contracts | 3,298 |
Realized Net Gain (Loss) | 4,621,127 |
Statement of Operations (continued) | |
Six Months Ended June 30, 2023 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 115,221,713 |
Futures Contracts | 117,764 |
Swap Contracts | (1,385) |
Change in Unrealized Appreciation (Depreciation) | 115,338,092 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 126,501,789 |
1 | Dividends are net of foreign withholding taxes of $1,844,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $54,938,000, $55,000, and ($323,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $7,325,439,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 6,542,570 | 12,276,461 | |
Realized Net Gain (Loss) | 4,621,127 | 27,249,293 | |
Change in Unrealized Appreciation (Depreciation) | 115,338,092 | (197,719,707) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 126,501,789 | (158,193,953) | |
Distributions | |||
Investor Shares | (23,477) | (51,118) | |
ETF Shares | (2,375,716) | (4,305,991) | |
Admiral Shares | (3,167,500) | (6,152,722) | |
Institutional Select Shares | (992,736) | (1,760,089) | |
Total Distributions | (6,559,429) | (12,269,920) | |
Capital Share Transactions | |||
Investor Shares | (411,083) | (599,158) | |
ETF Shares | 20,839,421 | 39,905,931 | |
Admiral Shares | (820,390) | 2,645,315 | |
Institutional Select Shares | 2,695,841 | 17,199,992 | |
Net Increase (Decrease) from Capital Share Transactions | 22,303,789 | 59,152,080 | |
Total Increase (Decrease) | 142,246,149 | (111,311,793) | |
Net Assets | |||
Beginning of Period | 744,769,723 | 856,081,516 | |
End of Period | 887,015,872 | 744,769,723 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $354.17 | $439.86 | $346.60 | $298.16 | $231.44 | $246.82 |
Investment Operations | ||||||
Net Investment Income1 | 2.881 | 5.605 | 4.910 | 5.128 | 4.801 | 4.896 |
Net Realized and Unrealized Gain (Loss) on Investments | 56.444 | (85.733) | 93.389 | 48.323 | 67.211 | (15.776) |
Total from Investment Operations | 59.325 | (80.128) | 98.299 | 53.451 | 72.012 | (10.880) |
Distributions | ||||||
Dividends from Net Investment Income | (2.865) | (5.562) | (5.039) | (5.011) | (5.292) | (4.500) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.865) | (5.562) | (5.039) | (5.011) | (5.292) | (4.500) |
Net Asset Value, End of Period | $410.63 | $354.17 | $439.86 | $346.60 | $298.16 | $231.44 |
Total Return2 | 16.81% | -18.23% | 28.53% | 18.25% | 31.33% | -4.52% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,149 | $3,093 | $4,512 | $4,504 | $4,723 | $23,162 |
Ratio of Total Expenses to Average Net Assets | 0.14%3 | 0.14%3 | 0.14% | 0.14% | 0.14% | 0.14% |
Ratio of Net Investment Income to Average Net Assets | 1.51% | 1.47% | 1.25% | 1.73% | 1.82% | 1.95% |
Portfolio Turnover Rate4 | 1% | 2% | 2% | 4% | 4% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $351.41 | $436.47 | $343.93 | $295.87 | $229.68 | $244.94 |
Investment Operations | ||||||
Net Investment Income1 | 3.066 | 6.012 | 5.353 | 5.413 | 5.298 | 5.196 |
Net Realized and Unrealized Gain (Loss) on Investments | 56.008 | (85.125) | 92.624 | 47.950 | 66.463 | (15.719) |
Total from Investment Operations | 59.074 | (79.113) | 97.977 | 53.363 | 71.761 | (10.523) |
Distributions | ||||||
Dividends from Net Investment Income | (3.064) | (5.947) | (5.437) | (5.303) | (5.571) | (4.737) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (3.064) | (5.947) | (5.437) | (5.303) | (5.571) | (4.737) |
Net Asset Value, End of Period | $407.42 | $351.41 | $436.47 | $343.93 | $295.87 | $229.68 |
Total Return2 | 16.87% | -18.15% | 28.66% | 18.35% | 31.46% | -4.42% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $325,950 | $262,211 | $279,850 | $177,991 | $130,728 | $90,639 |
Ratio of Total Expenses to Average Net Assets | 0.03%3 | 0.03%3 | 0.03% | 0.03% | 0.03% | 0.03% |
Ratio of Net Investment Income to Average Net Assets | 1.62% | 1.60% | 1.36% | 1.83% | 1.98% | 2.06% |
Portfolio Turnover Rate4 | 1% | 2% | 2% | 4% | 4% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $354.11 | $439.83 | $346.57 | $298.14 | $231.44 | $246.82 |
Investment Operations | ||||||
Net Investment Income1 | 3.070 | 6.000 | 5.326 | 5.427 | 5.319 | 5.181 |
Net Realized and Unrealized Gain (Loss) on Investments | 56.447 | (85.767) | 93.371 | 48.314 | 66.962 | (15.808) |
Total from Investment Operations | 59.517 | (79.767) | 98.697 | 53.741 | 72.281 | (10.627) |
Distributions | ||||||
Dividends from Net Investment Income | (3.067) | (5.953) | (5.437) | (5.311) | (5.581) | (4.753) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (3.067) | (5.953) | (5.437) | (5.311) | (5.581) | (4.753) |
Net Asset Value, End of Period | $410.56 | $354.11 | $439.83 | $346.57 | $298.14 | $231.44 |
Total Return2 | 16.87% | -18.15% | 28.66% | 18.37% | 31.46% | -4.43% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $425,129 | $367,498 | $453,239 | $359,553 | $319,624 | $230,375 |
Ratio of Total Expenses to Average Net Assets | 0.04%3 | 0.04%3 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.61% | 1.58% | 1.35% | 1.83% | 1.97% | 2.05% |
Portfolio Turnover Rate4 | 1% | 2% | 2% | 4% | 4% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $187.66 | $233.06 | $183.64 | $157.98 | $122.64 | $130.79 |
Investment Operations | ||||||
Net Investment Income1 | 1.658 | 3.249 | 2.885 | 2.924 | 2.857 | 2.808 |
Net Realized and Unrealized Gain (Loss) on Investments | 29.918 | (45.458) | 49.478 | 25.597 | 35.484 | (8.400) |
Total from Investment Operations | 31.576 | (42.209) | 52.363 | 28.521 | 38.341 | (5.592) |
Distributions | ||||||
Dividends from Net Investment Income | (1.636) | (3.191) | (2.943) | (2.861) | (3.001) | (2.558) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.636) | (3.191) | (2.943) | (2.861) | (3.001) | (2.558) |
Net Asset Value, End of Period | $217.60 | $187.66 | $233.06 | $183.64 | $157.98 | $122.64 |
Total Return | 16.89% | -18.13% | 28.70% | 18.40% | 31.49% | -4.40% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $132,788 | $111,968 | $118,481 | $94,870 | $81,230 | $56,531 |
Ratio of Total Expenses to Average Net Assets | 0.01%2 | 0.01%2 | 0.01% | 0.01% | 0.01% | 0.01% |
Ratio of Net Investment Income to Average Net Assets | 1.64% | 1.62% | 1.38% | 1.86% | 2.00% | 2.08% |
Portfolio Turnover Rate3 | 1% | 2% | 2% | 4% | 4% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 six months ended June 30, 2023, custodian fee offset arrangements reduced the fund’s expenses by $111,000 (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 | 884,236,400 | — | — | 884,236,400 |
Temporary Cash Investments | 3,423,378 | — | — | 3,423,378 |
Total | 887,659,778 | — | — | 887,659,778 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 57,839 | — | — | 57,839 |
Swap Contracts | — | 2,244 | — | 2,244 |
Total | 57,839 | 2,244 | — | 60,083 |
Liabilities | ||||
Swap Contracts | — | 523 | — | 523 |
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. | As of June 30, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 548,426,838 |
Gross Unrealized Appreciation | 359,162,330 |
Gross Unrealized Depreciation | (19,871,551) |
Net Unrealized Appreciation (Depreciation) | 339,290,779 |
F. | During the six months ended June 30, 2023, the fund purchased $37,507,609,000 of investment securities and sold $14,838,977,000 of investment securities, other than temporary cash investments. Purchases and sales include $29,510,907,000 and $9,900,948,000, 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: |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 72,112 | 190 | 156,806 | 409 | |
Issued in Lieu of Cash Distributions | 23,474 | 61 | 51,111 | 142 | |
Redeemed | (506,669) | (1,314) | (807,075) | (2,076) | |
Net Increase (Decrease)—Investor Shares | (411,083) | (1,063) | (599,158) | (1,525) | |
ETF Shares | |||||
Issued | 27,666,236 | 71,983 | 85,049,475 | 222,763 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (6,826,815) | (18,125) | (45,143,544) | (117,750) | |
Net Increase (Decrease)—ETF Shares | 20,839,421 | 53,858 | 39,905,931 | 105,013 | |
Admiral Shares | |||||
Issued | 16,044,848 | 42,333 | 39,120,573 | 102,648 | |
Issued in Lieu of Cash Distributions | 2,758,815 | 7,194 | 5,367,387 | 14,913 | |
Redeemed | (19,624,053) | (51,837) | (41,842,645) | (110,248) | |
Net Increase (Decrease)—Admiral Shares | (820,390) | (2,310) | 2,645,315 | 7,313 | |
Institutional Select Shares | |||||
Issued | 7,799,662 | 38,963 | 19,836,476 | 100,749 | |
Issued in Lieu of Cash Distributions | 992,737 | 4,884 | 1,760,089 | 9,243 | |
Redeemed | (6,096,558) | (30,245) | (4,396,573) | (21,716) | |
Net Increase (Decrease)—Institutional Select Shares | 2,695,841 | 13,602 | 17,199,992 | 88,276 |
H. | Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
I. | Management has determined that no events or transactions occurred subsequent to June 30, 2023, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Vanguard Small-Cap Index Fund |
Vanguard Small-Cap Growth Index Fund |
Vanguard Small-Cap Value Index Fund |
• | 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 June 30, 2023 | |||
Beginning Account Value 12/31/2022 | Ending Account Value 6/30/2023 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Small-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,091.90 | $0.88 |
ETF Shares | 1,000.00 | 1,092.60 | 0.26 |
Admiral™ Shares | 1,000.00 | 1,092.60 | 0.26 |
Institutional Shares | 1,000.00 | 1,092.70 | 0.21 |
Institutional Plus Shares | 1,000.00 | 1,092.70 | 0.16 |
Small-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,148.50 | $1.01 |
ETF Shares | 1,000.00 | 1,149.10 | 0.37 |
Admiral Shares | 1,000.00 | 1,149.00 | 0.37 |
Institutional Shares | 1,000.00 | 1,149.20 | 0.32 |
Small-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,052.50 | $0.97 |
ETF Shares | 1,000.00 | 1,053.20 | 0.36 |
Admiral Shares | 1,000.00 | 1,053.10 | 0.36 |
Institutional Shares | 1,000.00 | 1,053.10 | 0.31 |
Based on Hypothetical 5% Yearly Return | |||
Small-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,023.95 | $0.85 |
ETF Shares | 1,000.00 | 1,024.55 | 0.25 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.25 |
Institutional Shares | 1,000.00 | 1,024.60 | 0.20 |
Institutional Plus Shares | 1,000.00 | 1,024.65 | 0.15 |
Small-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,023.85 | $0.95 |
ETF Shares | 1,000.00 | 1,024.45 | 0.35 |
Admiral Shares | 1,000.00 | 1,024.45 | 0.35 |
Institutional Shares | 1,000.00 | 1,024.50 | 0.30 |
Small-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,023.85 | $0.95 |
ETF Shares | 1,000.00 | 1,024.45 | 0.35 |
Admiral Shares | 1,000.00 | 1,024.45 | 0.35 |
Institutional Shares | 1,000.00 | 1,024.50 | 0.30 |
Basic Materials | 4.0% |
Consumer Discretionary | 15.6 |
Consumer Staples | 3.4 |
Energy | 5.2 |
Financials | 12.9 |
Health Care | 11.9 |
Industrials | 22.2 |
Real Estate | 7.5 |
Technology | 12.7 |
Telecommunications | 1.3 |
Utilities | 3.3 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.4%) | ||||||
Basic Materials (4.0%) | ||||||
Reliance Steel & Aluminum Co. | 1,518,615 | 412,441 | ||||
Steel Dynamics Inc. | 2,073,901 | 225,910 | ||||
* | Cleveland-Cliffs Inc. | 13,303,893 | 222,973 | |||
Royal Gold Inc. | 1,696,357 | 194,708 | ||||
Olin Corp. | 3,380,220 | 173,709 | ||||
Hexcel Corp. | 2,179,178 | 165,661 | ||||
* | RBC Bearings Inc. | 749,651 | 163,027 | |||
Commercial Metals Co. | 3,025,049 | 159,299 | ||||
Alcoa Corp. | 4,607,897 | 156,346 | ||||
Timken Co. | 1,682,950 | 154,040 | ||||
UFP Industries Inc. | 1,523,663 | 147,871 | ||||
* | Univar Solutions Inc. | 4,074,496 | 146,030 | |||
Chemours Co. | 3,852,498 | 142,119 | ||||
1 | Valvoline Inc. | 3,586,356 | 134,524 | |||
United States Steel Corp. | 5,264,180 | 131,657 | ||||
* | Livent Corp. | 4,641,155 | 127,307 | |||
Mueller Industries Inc. | 1,398,574 | 122,068 | ||||
Huntsman Corp. | 4,507,057 | 121,781 | ||||
Balchem Corp. | 832,452 | 112,223 | ||||
Element Solutions Inc. | 5,612,026 | 107,751 | ||||
Ashland Inc. | 1,227,450 | 106,678 | ||||
Cabot Corp. | 1,450,233 | 97,006 | ||||
Avient Corp. | 2,352,327 | 96,210 | ||||
Boise Cascade Co. | 1,022,619 | 92,394 | ||||
Sensient Technologies Corp. | 1,091,123 | 77,612 | ||||
Hecla Mining Co. | 15,032,428 | 77,417 | ||||
* | Arconic Corp. | 2,589,263 | 76,590 | |||
Carpenter Technology Corp. | 1,254,007 | 70,387 | ||||
NewMarket Corp. | 174,065 | 69,995 | ||||
* | MP Materials Corp. | 2,981,864 | 68,225 | |||
Scotts Miracle-Gro Co. | 1,086,227 | 68,096 | ||||
Quaker Chemical Corp. | 348,309 | 67,885 | ||||
Innospec Inc. | 642,384 | 64,521 | ||||
Materion Corp. | 532,343 | 60,794 |
Shares | Market Value• ($000) | |||||
Worthington Industries Inc. | 771,033 | 53,564 | ||||
Stepan Co. | 548,175 | 52,384 | ||||
* | Ingevity Corp. | 891,499 | 51,850 | |||
Westlake Corp. | 412,134 | 49,238 | ||||
Minerals Technologies Inc. | 840,529 | 48,490 | ||||
Tronox Holdings plc | 3,036,037 | 38,588 | ||||
Compass Minerals International Inc. | 1,062,628 | 36,129 | ||||
* | Ecovyst Inc. | 2,550,296 | 29,226 | |||
Kaiser Aluminum Corp. | 392,060 | 28,087 | ||||
GrafTech International Ltd. | 4,972,778 | 25,063 | ||||
* | Coeur Mining Inc. | 7,741,005 | 21,984 | |||
Mativ Holdings Inc. | 1,345,800 | 20,348 | ||||
Schnitzer Steel Industries Inc. Class A | 633,649 | 19,003 | ||||
Koppers Holdings Inc. | 511,072 | 17,428 | ||||
* | Century Aluminum Co. | 1,311,571 | 11,437 | |||
*,1 | Amyris Inc. | 3,342,214 | 3,442 | |||
4,921,516 | ||||||
Consumer Discretionary (15.5%) | ||||||
* | Liberty Media Corp.-Liberty Formula One Class C | 5,064,842 | 381,281 | |||
* | Deckers Outdoor Corp. | 680,867 | 359,266 | |||
Aramark | 6,731,225 | 289,779 | ||||
* | Five Below Inc. | 1,437,664 | 282,558 | |||
* | Floor & Decor Holdings Inc. Class A | 2,607,593 | 271,085 | |||
* | DraftKings Inc. Class A | 10,139,798 | 269,414 | |||
Wynn Resorts Ltd. | 2,498,379 | 263,854 | ||||
Tapestry Inc. | 5,987,150 | 256,250 | ||||
Churchill Downs Inc. | 1,740,412 | 242,213 | ||||
Service Corp. International | 3,709,326 | 239,585 |
Shares | Market Value• ($000) | |||||
* | Norwegian Cruise Line Holdings Ltd. | 10,955,604 | 238,504 | |||
Hasbro Inc. | 3,399,521 | 220,187 | ||||
Lear Corp. | 1,523,814 | 218,744 | ||||
* | BJ's Wholesale Club Holdings Inc. | 3,471,023 | 218,709 | |||
Lithia Motors Inc. Class A | 711,053 | 216,238 | ||||
Toll Brothers Inc. | 2,717,067 | 214,839 | ||||
Bath & Body Works Inc. | 5,615,258 | 210,572 | ||||
Whirlpool Corp. | 1,414,263 | 210,428 | ||||
Williams-Sonoma Inc. | 1,658,810 | 207,584 | ||||
Dick's Sporting Goods Inc. | 1,537,473 | 203,239 | ||||
* | SiteOne Landscape Supply Inc. | 1,161,928 | 194,460 | |||
Texas Roadhouse Inc. Class A | 1,730,533 | 194,304 | ||||
Interpublic Group of Cos. Inc. | 4,985,419 | 192,337 | ||||
* | Skechers USA Inc. Class A | 3,468,074 | 182,629 | |||
Pool Corp. | 478,923 | 179,424 | ||||
* | Mattel Inc. | 9,142,272 | 178,640 | |||
Gentex Corp. | 6,036,336 | 176,623 | ||||
* | Alaska Air Group Inc. | 3,303,767 | 175,694 | |||
* | Crocs Inc. | 1,521,986 | 171,132 | |||
Tempur Sealy International Inc. | 4,222,147 | 169,181 | ||||
Polaris Inc. | 1,396,301 | 168,855 | ||||
*,1 | GameStop Corp. Class A | 6,689,885 | 162,230 | |||
* | Light & Wonder Inc. | 2,353,511 | 161,827 | |||
New York Times Co. Class A | 4,021,579 | 158,370 | ||||
Murphy USA Inc. | 506,370 | 157,537 | ||||
* | AutoNation Inc. | 942,462 | 155,139 | |||
Wingstop Inc. | 774,017 | 154,927 | ||||
Wyndham Hotels & Resorts Inc. | 2,217,749 | 152,071 | ||||
* | American Airlines Group Inc. | 8,431,203 | 151,256 | |||
* | elf Beauty Inc. | 1,319,398 | 150,715 | |||
* | Planet Fitness Inc. Class A | 2,194,311 | 147,984 | |||
Nexstar Media Group Inc. Class A | 879,903 | 146,548 | ||||
* | RH | 427,059 | 140,754 | |||
*,1 | Wayfair Inc. Class A | 2,124,664 | 138,124 | |||
* | Bright Horizons Family Solutions Inc. | 1,493,195 | 138,046 | |||
PVH Corp. | 1,621,798 | 137,804 | ||||
* | Caesars Entertainment Inc. | 2,637,866 | 134,452 | |||
* | Asbury Automotive Group Inc. | 556,264 | 133,737 |
Shares | Market Value• ($000) | |||||
Hyatt Hotels Corp. Class A | 1,148,148 | 131,555 | ||||
Vail Resorts Inc. | 520,821 | 131,122 | ||||
* | Taylor Morrison Home Corp. Class A | 2,677,275 | 130,571 | |||
Thor Industries Inc. | 1,244,110 | 128,765 | ||||
Meritage Homes Corp. | 902,085 | 128,340 | ||||
U-Haul Holding Co. (XNYS) | 2,511,304 | 127,248 | ||||
Boyd Gaming Corp. | 1,826,612 | 126,712 | ||||
H&R Block Inc. | 3,933,270 | 125,353 | ||||
* | Duolingo Inc. Class A | 852,222 | 121,817 | |||
* | Fox Factory Holding Corp. | 1,092,666 | 118,565 | |||
Ralph Lauren Corp. Class A | 955,373 | 117,798 | ||||
Harley-Davidson Inc. | 3,341,871 | 117,667 | ||||
* | Avis Budget Group Inc. | 513,513 | 117,425 | |||
* | Capri Holdings Ltd. | 3,246,881 | 116,531 | |||
World Wrestling Entertainment Inc. Class A | 1,064,989 | 115,519 | ||||
Macy's Inc. | 7,033,754 | 112,892 | ||||
* | Coty Inc. Class A | 8,810,610 | 108,282 | |||
Academy Sports & Outdoors Inc. | 1,990,279 | 107,575 | ||||
* | Visteon Corp. | 732,235 | 105,156 | |||
* | Goodyear Tire & Rubber Co. | 7,320,618 | 100,146 | |||
Marriott Vacations Worldwide Corp. | 808,197 | 99,182 | ||||
KB Home | 1,917,586 | 99,158 | ||||
Leggett & Platt Inc. | 3,266,104 | 96,742 | ||||
* | Penn Entertainment Inc. | 3,980,514 | 95,652 | |||
Wendy's Co. | 4,354,422 | 94,709 | ||||
TEGNA Inc. | 5,812,200 | 94,390 | ||||
1 | Choice Hotels International Inc. | 790,298 | 92,876 | |||
* | Skyline Champion Corp. | 1,399,775 | 91,615 | |||
* | Hilton Grand Vacations Inc. | 2,014,418 | 91,535 | |||
Group 1 Automotive Inc. | 346,992 | 89,559 | ||||
Penske Automotive Group Inc. | 534,643 | 89,088 | ||||
* | YETI Holdings Inc. | 2,238,054 | 86,926 | |||
VF Corp. | 4,513,160 | 86,156 | ||||
* | Tri Pointe Homes Inc. | 2,585,454 | 84,958 | |||
Madison Square Garden Sports Corp. | 450,158 | 84,652 | ||||
Newell Brands Inc. | 9,626,074 | 83,747 | ||||
* | Grand Canyon Education Inc. | 793,598 | 81,907 | |||
LCI Industries | 620,801 | 78,444 |
Shares | Market Value• ($000) | |||||
* | Lyft Inc. Class A | 8,112,970 | 77,803 | |||
Travel + Leisure Co. | 1,872,297 | 75,528 | ||||
* | Ollie's Bargain Outlet Holdings Inc. | 1,300,042 | 75,311 | |||
* | Shake Shack Inc. Class A | 966,884 | 75,146 | |||
* | JetBlue Airways Corp. | 8,469,366 | 75,039 | |||
Signet Jewelers Ltd. | 1,107,170 | 72,254 | ||||
* | Topgolf Callaway Brands Corp. | 3,595,406 | 71,369 | |||
MDC Holdings Inc. | 1,510,787 | 70,660 | ||||
* | LGI Homes Inc. | 516,668 | 69,693 | |||
Rush Enterprises Inc. Class A | 1,146,738 | 69,653 | ||||
Columbia Sportswear Co. | 881,278 | 68,070 | ||||
* | Frontdoor Inc. | 2,110,920 | 67,338 | |||
Carter's Inc. | 924,767 | 67,138 | ||||
* | Helen of Troy Ltd. | 620,901 | 67,070 | |||
Kohl's Corp. | 2,860,372 | 65,932 | ||||
1 | Foot Locker Inc. | 2,413,188 | 65,422 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class C | 1,973,612 | 64,596 | |||
*,1 | Carvana Co. Class A | 2,468,296 | 63,978 | |||
Gap Inc. | 7,124,548 | 63,622 | ||||
* | Peloton Interactive Inc. Class A | 8,247,995 | 63,427 | |||
Papa John's International Inc. | 843,420 | 62,270 | ||||
Inter Parfums Inc. | 454,785 | 61,501 | ||||
Kontoor Brands Inc. | 1,448,379 | 60,977 | ||||
Bloomin' Brands Inc. | 2,254,630 | 60,627 | ||||
* | Hertz Global Holdings Inc. | 3,256,934 | 59,895 | |||
Red Rock Resorts Inc. Class A | 1,277,823 | 59,777 | ||||
*,1 | AMC Entertainment Holdings Inc. Class A | 13,410,046 | 59,004 | |||
Steven Madden Ltd. | 1,766,920 | 57,761 | ||||
Dana Inc. | 3,355,082 | 57,036 | ||||
* | ACV Auctions Inc. Class A | 3,179,931 | 54,917 | |||
* | Dorman Products Inc. | 690,890 | 54,463 | |||
* | Sonos Inc. | 3,314,339 | 54,123 | |||
Advance Auto Parts Inc. | 766,869 | 53,911 | ||||
American Eagle Outfitters Inc. | 4,545,684 | 53,639 | ||||
Cracker Barrel Old Country Store Inc. | 572,115 | 53,310 | ||||
Graham Holdings Co. Class B | 92,719 | 52,987 | ||||
* | Urban Outfitters Inc. | 1,555,901 | 51,547 | |||
Jack in the Box Inc. | 526,608 | 51,360 | ||||
1 | Nordstrom Inc. | 2,501,558 | 51,207 |
Shares | Market Value• ($000) | |||||
* | Allegiant Travel Co. | 404,562 | 51,088 | |||
* | SeaWorld Entertainment Inc. | 907,526 | 50,831 | |||
*,1 | QuantumScape Corp. Class A | 6,273,909 | 50,129 | |||
* | National Vision Holdings Inc. | 2,016,902 | 48,991 | |||
Spirit Airlines Inc. | 2,819,521 | 48,383 | ||||
* | Gentherm Inc. | 855,629 | 48,352 | |||
* | Six Flags Entertainment Corp. | 1,828,478 | 47,504 | |||
PriceSmart Inc. | 640,581 | 47,441 | ||||
* | SkyWest Inc. | 1,147,835 | 46,740 | |||
* | Cinemark Holdings Inc. | 2,826,303 | 46,634 | |||
* | Abercrombie & Fitch Co. Class A | 1,228,244 | 46,280 | |||
* | PowerSchool Holdings Inc. Class A | 2,331,085 | 44,617 | |||
Laureate Education Inc. | 3,653,672 | 44,173 | ||||
* | OPENLANE Inc. | 2,820,720 | 42,931 | |||
Acushnet Holdings Corp. | 783,001 | 42,815 | ||||
* | Knowles Corp. | 2,360,266 | 42,626 | |||
* | Dave & Buster's Entertainment Inc. | 951,186 | 42,385 | |||
*,1 | Luminar Technologies Inc. Class A | 6,159,475 | 42,377 | |||
* | ODP Corp. | 897,444 | 42,018 | |||
* | Liberty Media Corp.-Liberty Formula One Class A | 620,531 | 41,960 | |||
* | Brinker International Inc. | 1,144,072 | 41,873 | |||
* | TripAdvisor Inc. | 2,504,968 | 41,307 | |||
Cheesecake Factory Inc. | 1,193,694 | 41,278 | ||||
* | Driven Brands Holdings Inc. | 1,514,792 | 40,990 | |||
* | Leslie's Inc. | 4,273,753 | 40,131 | |||
* | Stride Inc. | 1,056,107 | 39,319 | |||
Hanesbrands Inc. | 8,576,916 | 38,939 | ||||
Strategic Education Inc. | 571,686 | 38,783 | ||||
* | PROG Holdings Inc. | 1,207,406 | 38,782 | |||
Oxford Industries Inc. | 387,031 | 38,092 | ||||
* | Overstock.com Inc. | 1,167,411 | 38,023 | |||
* | Central Garden & Pet Co. Class A | 1,013,468 | 36,951 | |||
* | Adtalem Global Education Inc. | 1,070,146 | 36,749 | |||
John Wiley & Sons Inc. Class A | 1,079,209 | 36,725 | ||||
Upbound Group Inc. | 1,155,761 | 35,979 | ||||
* | Coursera Inc. | 2,725,047 | 35,480 |
Shares | Market Value• ($000) | |||||
* | Under Armour Inc. Class A | 4,875,301 | 35,200 | |||
* | Victoria's Secret & Co. | 2,008,159 | 35,002 | |||
* | Sally Beauty Holdings Inc. | 2,777,983 | 34,308 | |||
Levi Strauss & Co. Class A | 2,297,334 | 33,151 | ||||
1 | Dillard's Inc. Class A | 101,304 | 33,053 | |||
* | Boot Barn Holdings Inc. | 386,305 | 32,716 | |||
* | Cars.com Inc. | 1,637,126 | 32,448 | |||
* | Integral Ad Science Holding Corp. | 1,800,778 | 32,378 | |||
HNI Corp. | 1,138,954 | 32,096 | ||||
La-Z-Boy Inc. | 1,114,259 | 31,912 | ||||
Matthews International Corp. Class A | 747,374 | 31,853 | ||||
* | Cavco Industries Inc. | 106,328 | 31,367 | |||
Monro Inc. | 770,907 | 31,322 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 949,672 | 31,159 | |||
1 | Camping World Holdings Inc. Class A | 1,033,666 | 31,113 | |||
* | Under Armour Inc. Class C | 4,574,341 | 30,694 | |||
* | iRobot Corp. | 677,111 | 30,639 | |||
*,1 | Dutch Bros Inc. Class A | 1,061,518 | 30,200 | |||
MillerKnoll Inc. | 1,953,410 | 28,871 | ||||
*,1 | Fisker Inc. Class A | 5,110,653 | 28,824 | |||
* | Portillo's Inc. Class A | 1,278,599 | 28,807 | |||
* | Madison Square Garden Entertainment Corp. Class A | 853,443 | 28,693 | |||
Wolverine World Wide Inc. | 1,949,067 | 28,632 | ||||
Scholastic Corp. | 729,775 | 28,381 | ||||
* | Sweetgreen Inc. Class A | 2,155,368 | 27,632 | |||
* | Sabre Corp. | 8,576,572 | 27,359 | |||
Buckle Inc. | 781,962 | 27,056 | ||||
* | Lions Gate Entertainment Corp. Class B | 3,185,626 | 26,600 | |||
* | Chegg Inc. | 2,937,674 | 26,087 | |||
1 | Krispy Kreme Inc. | 1,737,782 | 25,598 | |||
* | Figs Inc. Class A | 3,092,164 | 25,572 | |||
* | Life Time Group Holdings Inc. | 1,259,394 | 24,772 | |||
Sturm Ruger & Co. Inc. | 457,366 | 24,222 | ||||
* | American Axle & Manufacturing Holdings Inc. | 2,871,355 | 23,746 | |||
*,1 | Mister Car Wash Inc. | 2,390,240 | 23,066 |
Shares | Market Value• ($000) | |||||
* | Udemy Inc. | 2,085,005 | 22,372 | |||
Dine Brands Global Inc. | 384,339 | 22,303 | ||||
* | Sun Country Airlines Holdings Inc. | 944,331 | 21,229 | |||
* | Vista Outdoor Inc. | 737,195 | 20,398 | |||
* | Sphere Entertainment Co. | 715,232 | 19,590 | |||
* | G-III Apparel Group Ltd. | 1,001,003 | 19,289 | |||
* | Corsair Gaming Inc. | 1,054,471 | 18,706 | |||
* | Petco Health & Wellness Co. Inc. Class A | 2,071,087 | 18,433 | |||
* | BJ's Restaurants Inc. | 577,628 | 18,369 | |||
Steelcase Inc. Class A | 2,295,213 | 17,696 | ||||
* | Cava Group Inc. | 431,474 | 17,669 | |||
* | Revolve Group Inc. Class A | 1,053,913 | 17,284 | |||
Sonic Automotive Inc. Class A | 362,505 | 17,281 | ||||
* | EW Scripps Co. Class A | 1,775,905 | 16,250 | |||
1 | Guess? Inc. | 790,609 | 15,377 | |||
* | Lions Gate Entertainment Corp. Class A | 1,625,125 | 14,350 | |||
*,1 | Dream Finders Homes Inc. Class A | 552,410 | 13,584 | |||
* | Bowlero Corp. | 1,163,982 | 13,549 | |||
* | GoPro Inc. Class A | 3,175,156 | 13,145 | |||
* | Clear Channel Outdoor Holdings Inc. | 9,353,430 | 12,814 | |||
1 | Designer Brands Inc. Class A | 1,265,290 | 12,779 | |||
U-Haul Holding Co. | 224,172 | 12,401 | ||||
* | Vizio Holding Corp. Class A | 1,685,383 | 11,376 | |||
1 | Sinclair Inc. | 811,554 | 11,216 | |||
* | Sciplay Corp. Class A | 546,980 | 10,765 | |||
Caleres Inc. | 445,805 | 10,668 | ||||
* | Central Garden & Pet Co. | 245,665 | 9,524 | |||
* | AMC Networks Inc. Class A | 785,699 | 9,389 | |||
1 | Cricut Inc. Class A | 730,066 | 8,907 | |||
* | Frontier Group Holdings Inc. | 846,580 | 8,186 | |||
*,1 | SES AI Corp. | 3,162,876 | 7,717 | |||
* | Sleep Number Corp. | 272,103 | 7,423 | |||
Smith & Wesson Brands Inc. | 563,170 | 7,344 | ||||
* | Hawaiian Holdings Inc. | 633,164 | 6,819 | |||
Interface Inc. Class A | 712,524 | 6,263 | ||||
* | Angi Inc. Class A | 1,856,386 | 6,126 | |||
*,1 | Arhaus Inc. Class A | 546,770 | 5,703 |
Shares | Market Value• ($000) | |||||
* | Rush Street Interactive Inc. | 1,565,257 | 4,884 | |||
* | iHeartMedia Inc. Class A | 1,340,084 | 4,878 | |||
Rush Enterprises Inc. Class B | 68,801 | 4,683 | ||||
* | Qurate Retail Inc. Class A | 4,559,229 | 4,513 | |||
* | 2U Inc. | 987,631 | 3,980 | |||
*,1 | Vacasa Inc. Class A | 1,698,093 | 1,152 | |||
* | Savers Value Village Inc. | 45,753 | 1,084 | |||
* | Brilliant Earth Group Inc. Class A | 142,774 | 554 | |||
* | ContextLogic Inc. Class A | 4,450 | 29 | |||
RB Global Inc. | 74 | 4 | ||||
19,089,085 | ||||||
Consumer Staples (3.3%) | ||||||
Bunge Ltd. | 3,889,726 | 366,996 | ||||
* | Darling Ingredients Inc. | 4,121,355 | 262,901 | |||
* | US Foods Holding Corp. | 5,768,543 | 253,816 | |||
* | Performance Food Group Co. | 4,033,020 | 242,949 | |||
Casey's General Stores Inc. | 962,417 | 234,714 | ||||
Lamb Weston Holdings Inc. | 1,881,657 | 216,296 | ||||
Ingredion Inc. | 1,619,848 | 171,623 | ||||
* | Celsius Holdings Inc. | 1,090,725 | 162,725 | |||
Molson Coors Beverage Co. Class B | 2,328,976 | 153,340 | ||||
* | BellRing Brands Inc. | 3,430,157 | 125,544 | |||
* | Post Holdings Inc. | 1,317,086 | 114,125 | |||
Flowers Foods Inc. | 4,377,525 | 108,913 | ||||
Lancaster Colony Corp. | 497,566 | 100,056 | ||||
* | Sprouts Farmers Market Inc. | 2,661,645 | 97,762 | |||
* | Simply Good Foods Co. | 2,570,349 | 94,049 | |||
* | Hostess Brands Inc. Class A | 3,431,400 | 86,883 | |||
Spectrum Brands Holdings Inc. | 1,059,093 | 82,662 | ||||
*,1 | Freshpet Inc. | 1,242,803 | 81,789 | |||
Coca-Cola Consolidated Inc. | 118,936 | 75,646 | ||||
* | TreeHouse Foods Inc. | 1,454,554 | 73,280 | |||
* | Boston Beer Co. Inc. Class A | 237,162 | 73,150 | |||
* | Grocery Outlet Holding Corp. | 2,284,739 | 69,936 | |||
WD-40 Co. | 350,532 | 66,128 |
Shares | Market Value• ($000) | |||||
Energizer Holdings Inc. | 1,846,115 | 61,992 | ||||
Edgewell Personal Care Co. | 1,255,646 | 51,871 | ||||
J & J Snack Foods Corp. | 298,307 | 47,240 | ||||
Vector Group Ltd. | 3,424,329 | 43,866 | ||||
Cal-Maine Foods Inc. | 970,027 | 43,651 | ||||
Nu Skin Enterprises Inc. Class A | 1,288,872 | 42,791 | ||||
Reynolds Consumer Products Inc. | 1,356,004 | 38,307 | ||||
Andersons Inc. | 784,234 | 36,192 | ||||
* | Herbalife Ltd. | 2,427,228 | 32,136 | |||
Universal Corp. | 602,557 | 30,092 | ||||
* | United Natural Foods Inc. | 1,534,234 | 29,994 | |||
* | National Beverage Corp. | 602,813 | 29,146 | |||
* | Hain Celestial Group Inc. | 2,310,245 | 28,901 | |||
Utz Brands Inc. | 1,675,531 | 27,412 | ||||
Weis Markets Inc. | 416,854 | 26,766 | ||||
Medifast Inc. | 281,215 | 25,917 | ||||
Fresh Del Monte Produce Inc. | 991,850 | 25,500 | ||||
1 | B&G Foods Inc. | 1,771,952 | 24,666 | |||
* | Sovos Brands Inc. | 1,176,635 | 23,015 | |||
Seaboard Corp. | 5,978 | 21,286 | ||||
*,1 | Beyond Meat Inc. | 1,575,884 | 20,455 | |||
* | Pilgrim's Pride Corp. | 917,196 | 19,711 | |||
* | USANA Health Sciences Inc. | 299,061 | 18,853 | |||
* | Beauty Health Co. | 2,227,074 | 18,641 | |||
* | Duckhorn Portfolio Inc. | 1,041,751 | 13,511 | |||
Tootsie Roll Industries Inc. | 369,521 | 13,085 | ||||
ACCO Brands Corp. | 2,329,129 | 12,135 | ||||
* | Olaplex Holdings Inc. | 2,534,860 | 9,430 | |||
*,1 | BRC Inc. Class A | 1,135,233 | 5,858 | |||
* | Vital Farms Inc. | 316,510 | 3,795 | |||
*,1,2 | Fresh Market Inc. | 709,594 | — | |||
4,141,498 | ||||||
Energy (5.2%) | ||||||
Targa Resources Corp. | 5,837,868 | 444,262 | ||||
Chesapeake Energy Corp. | 3,284,774 | 274,870 | ||||
APA Corp. | 7,970,742 | 272,360 | ||||
Ovintiv Inc. | 6,315,798 | 240,442 | ||||
EQT Corp. | 4,669,942 | 192,075 | ||||
Range Resources Corp. | 5,920,544 | 174,064 | ||||
* | Southwestern Energy Co. | 28,444,376 | 170,951 | |||
HF Sinclair Corp. | 3,725,408 | 166,190 |
Shares | Market Value• ($000) | |||||
NOV Inc. | 10,169,400 | 163,117 | ||||
PDC Energy Inc. | 2,258,949 | 160,702 | ||||
* | Antero Resources Corp. | 6,976,828 | 160,676 | |||
ChampionX Corp. | 5,113,484 | 158,723 | ||||
Chord Energy Corp. | 1,019,545 | 156,806 | ||||
Matador Resources Co. | 2,924,453 | 153,007 | ||||
Murphy Oil Corp. | 3,830,223 | 146,698 | ||||
Civitas Resources Inc. | 2,077,622 | 144,125 | ||||
* | Transocean Ltd. | 17,816,905 | 124,897 | |||
DT Midstream Inc. | 2,502,530 | 124,050 | ||||
* | Weatherford International plc | 1,861,335 | 123,630 | |||
PBF Energy Inc. Class A | 2,931,349 | 120,009 | ||||
* | Noble Corp. plc | 2,864,387 | 118,328 | |||
* | Shoals Technologies Group Inc. Class A | 4,386,212 | 112,112 | |||
* | Denbury Inc. | 1,233,653 | 106,415 | |||
Texas Pacific Land Corp. | 79,424 | 104,562 | ||||
Equitrans Midstream Corp. | 10,629,779 | 101,621 | ||||
Antero Midstream Corp. | 8,671,696 | 100,592 | ||||
SM Energy Co. | 3,112,833 | 98,459 | ||||
Magnolia Oil & Gas Corp. Class A | 4,665,560 | 97,510 | ||||
Arcosa Inc. | 1,251,089 | 94,795 | ||||
Helmerich & Payne Inc. | 2,384,692 | 84,537 | ||||
* | Array Technologies Inc. | 3,701,550 | 83,655 | |||
California Resources Corp. | 1,822,248 | 82,530 | ||||
*,1 | Plug Power Inc. | 7,748,430 | 80,506 | |||
* | CNX Resources Corp. | 4,062,854 | 71,994 | |||
Cactus Inc. Class A | 1,666,931 | 70,545 | ||||
Peabody Energy Corp. | 3,176,840 | 68,810 | ||||
Permian Resources Corp. Class A | 6,087,504 | 66,719 | ||||
*,1 | ChargePoint Holdings Inc. | 7,295,500 | 64,127 | |||
Patterson-UTI Energy Inc. | 5,110,205 | 61,169 | ||||
* | Callon Petroleum Co. | 1,598,029 | 56,043 | |||
1 | Sitio Royalties Corp. Class A | 2,082,843 | 54,716 | |||
Liberty Energy Inc. Class A | 4,070,622 | 54,424 | ||||
Warrior Met Coal Inc. | 1,342,798 | 52,302 | ||||
Alpha Metallurgical Resources Inc. | 317,802 | 52,234 | ||||
1 | Arch Resources Inc. | 458,227 | 51,670 | |||
*,1 | NEXTracker Inc. Class A | 1,241,341 | 49,418 |
Shares | Market Value• ($000) | |||||
* | Oceaneering International Inc. | 2,602,747 | 48,671 | |||
* | NexTier Oilfield Solutions Inc. | 5,060,522 | 45,241 | |||
New Fortress Energy Inc. | 1,588,750 | 42,547 | ||||
* | Ameresco Inc. Class A | 837,286 | 40,717 | |||
Delek US Holdings Inc. | 1,697,876 | 40,664 | ||||
Archrock Inc. | 3,844,955 | 39,411 | ||||
World Kinect Corp. | 1,524,569 | 31,528 | ||||
1 | Comstock Resources Inc. | 2,508,700 | 29,101 | |||
* | NOW Inc. | 2,763,329 | 28,628 | |||
*,1 | Fluence Energy Inc. Class A | 1,057,023 | 28,159 | |||
Core Laboratories Inc. | 1,205,275 | 28,023 | ||||
CVR Energy Inc. | 778,953 | 23,337 | ||||
*,1 | FuelCell Energy Inc. | 10,479,790 | 22,636 | |||
*,1 | SunPower Corp. | 2,259,536 | 22,144 | |||
*,1 | Stem Inc. | 3,816,305 | 21,829 | |||
* | ProPetro Holding Corp. | 2,529,908 | 20,846 | |||
* | MRC Global Inc. | 2,066,590 | 20,811 | |||
* | Dril-Quip Inc. | 882,703 | 20,541 | |||
RPC Inc. | 2,514,642 | 17,980 | ||||
* | Helix Energy Solutions Group Inc. | 1,858,845 | 13,718 | |||
Kinetik Holdings Inc. Class A | 380,034 | 13,354 | ||||
Vitesse Energy Inc. | 557,293 | 12,483 | ||||
*,1 | EVgo Inc. Class A | 2,635,840 | 10,543 | |||
1 | Crescent Energy Co. Class A | 999,351 | 10,413 | |||
*,1 | Tellurian Inc. | 6,904,898 | 9,736 | |||
1 | Enviva Inc. | 787,189 | 8,541 | |||
1 | Atlas Energy Solutions Inc. Class A | 450,064 | 7,813 | |||
* | ProFrac Holding Corp. Class A | 615,961 | 6,874 | |||
*,1 | OPAL Fuels Inc. Class A | 464,767 | 3,467 | |||
* | Denbury Inc. Warrants Exp. 9/18/23 | 2 | — | |||
6,381,203 | ||||||
Financials (12.8%) | ||||||
First Citizens BancShares Inc. Class A | 261,787 | 335,991 | ||||
RenaissanceRe Holdings Ltd. | 1,297,407 | 241,992 | ||||
Reinsurance Group of America Inc. | 1,718,689 | 238,365 | ||||
American Financial Group Inc. | 1,870,013 | 222,064 |
Shares | Market Value• ($000) | |||||
Kinsale Capital Group Inc. | 568,171 | 212,610 | ||||
New York Community Bancorp Inc. | 18,651,577 | 209,644 | ||||
Carlyle Group Inc. | 6,547,080 | 209,179 | ||||
Unum Group | 4,326,565 | 206,377 | ||||
Brown & Brown Inc. | 2,930,432 | 201,731 | ||||
Invesco Ltd. | 11,833,904 | 198,928 | ||||
East West Bancorp Inc. | 3,653,667 | 192,877 | ||||
Ally Financial Inc. | 6,989,639 | 188,790 | ||||
Primerica Inc. | 942,831 | 186,454 | ||||
SEI Investments Co. | 3,098,824 | 184,752 | ||||
Voya Financial Inc. | 2,538,173 | 182,012 | ||||
Assurant Inc. | 1,372,831 | 172,592 | ||||
*,1 | SoFi Technologies Inc. | 20,655,670 | 172,268 | |||
Old Republic International Corp. | 6,805,898 | 171,304 | ||||
Webster Financial Corp. | 4,513,430 | 170,382 | ||||
Cullen/Frost Bankers Inc. | 1,496,997 | 160,972 | ||||
* | Robinhood Markets Inc. Class A | 16,024,294 | 159,922 | |||
First Horizon Corp. | 13,890,928 | 156,551 | ||||
AGNC Investment Corp. | 15,385,827 | 155,858 | ||||
Stifel Financial Corp. | 2,604,260 | 155,396 | ||||
RLI Corp. | 1,113,420 | 151,948 | ||||
Selective Insurance Group Inc. | 1,562,403 | 149,913 | ||||
1 | Starwood Property Trust Inc. | 7,657,650 | 148,558 | |||
First American Financial Corp. | 2,532,616 | 144,410 | ||||
Comerica Inc. | 3,400,838 | 144,060 | ||||
Commerce Bancshares Inc. | 2,899,097 | 141,186 | ||||
Jefferies Financial Group Inc. | 4,219,897 | 139,974 | ||||
Affiliated Managers Group Inc. | 932,430 | 139,762 | ||||
Erie Indemnity Co. Class A | 656,213 | 137,811 | ||||
OneMain Holdings Inc. | 3,114,570 | 136,076 | ||||
Blue Owl Capital Inc. Class A | 11,516,353 | 134,166 | ||||
Prosperity Bancshares Inc. | 2,313,307 | 130,656 | ||||
Morningstar Inc. | 659,409 | 129,290 | ||||
SouthState Corp. | 1,960,986 | 129,033 | ||||
Houlihan Lokey Inc. Class A | 1,307,912 | 128,581 | ||||
1 | Annaly Capital Management Inc. | 6,372,229 | 127,508 | |||
Equitable Holdings Inc. | 4,594,229 | 124,779 |
Shares | Market Value• ($000) | |||||
Essent Group Ltd. | 2,631,865 | 123,171 | ||||
Globe Life Inc. | 1,110,611 | 121,745 | ||||
MGIC Investment Corp. | 7,403,029 | 116,894 | ||||
Rithm Capital Corp. | 12,475,421 | 116,645 | ||||
Bank OZK | 2,875,198 | 115,468 | ||||
Wintrust Financial Corp. | 1,580,474 | 114,774 | ||||
Home BancShares Inc. | 4,975,901 | 113,451 | ||||
Lincoln National Corp. | 4,379,535 | 112,817 | ||||
Popular Inc. | 1,858,947 | 112,504 | ||||
* | Ryan Specialty Holdings Inc. Class A | 2,492,758 | 111,900 | |||
Evercore Inc. Class A | 891,362 | 110,163 | ||||
Columbia Banking System Inc. | 5,384,191 | 109,191 | ||||
Synovus Financial Corp. | 3,585,276 | 108,455 | ||||
FNB Corp. | 9,325,860 | 106,688 | ||||
Pinnacle Financial Partners Inc. | 1,883,028 | 106,674 | ||||
Axis Capital Holdings Ltd. | 1,980,543 | 106,613 | ||||
Old National Bancorp | 7,557,469 | 105,351 | ||||
United Bankshares Inc. | 3,485,146 | 103,404 | ||||
Zions Bancorp NA | 3,825,216 | 102,745 | ||||
SLM Corp. | 6,260,374 | 102,169 | ||||
Radian Group Inc. | 4,038,405 | 102,091 | ||||
First Financial Bankshares Inc. | 3,502,226 | 99,778 | ||||
American Equity Investment Life Holding Co. | 1,912,593 | 99,665 | ||||
Western Alliance Bancorp | 2,686,910 | 97,992 | ||||
Hanover Insurance Group Inc. | 830,472 | 93,868 | ||||
Janus Henderson Group plc | 3,423,063 | 93,279 | ||||
Cadence Bank | 4,718,923 | 92,680 | ||||
Glacier Bancorp Inc. | 2,863,687 | 89,261 | ||||
Lazard Ltd. Class A | 2,766,929 | 88,542 | ||||
1 | Blackstone Mortgage Trust Inc. Class A | 4,227,393 | 87,972 | |||
FirstCash Holdings Inc. | 939,536 | 87,687 | ||||
White Mountains Insurance Group Ltd. | 62,914 | 87,382 | ||||
Valley National Bancorp | 11,150,096 | 86,413 | ||||
*,1 | Credit Acceptance Corp. | 165,783 | 84,206 | |||
* | Brighthouse Financial Inc. | 1,726,948 | 81,771 | |||
Assured Guaranty Ltd. | 1,456,059 | 81,248 |
Shares | Market Value• ($000) | |||||
Hancock Whitney Corp. | 2,112,075 | 81,061 | ||||
* | Enstar Group Ltd. | 331,097 | 80,867 | |||
* | Mr Cooper Group Inc. | 1,582,015 | 80,113 | |||
Kemper Corp. | 1,652,827 | 79,765 | ||||
Federated Hermes Inc. Class B | 2,196,325 | 78,738 | ||||
Moelis & Co. Class A | 1,719,236 | 77,950 | ||||
* | Focus Financial Partners Inc. Class A | 1,449,095 | 76,092 | |||
United Community Banks Inc. | 2,825,610 | 70,612 | ||||
Artisan Partners Asset Management Inc. Class A | 1,768,015 | 69,501 | ||||
Hamilton Lane Inc. Class A | 843,901 | 67,495 | ||||
CNO Financial Group Inc. | 2,810,778 | 66,531 | ||||
Jackson Financial Inc. Class A | 2,130,631 | 65,219 | ||||
Community Bank System Inc. | 1,387,706 | 65,056 | ||||
*,1 | Upstart Holdings Inc. | 1,814,972 | 64,994 | |||
Walker & Dunlop Inc. | 818,070 | 64,701 | ||||
International Bancshares Corp. | 1,443,938 | 63,822 | ||||
* | Texas Capital Bancshares Inc. | 1,236,386 | 63,674 | |||
* | Genworth Financial Inc. Class A | 12,345,565 | 61,728 | |||
UMB Financial Corp. | 1,002,342 | 61,043 | ||||
Associated Banc-Corp | 3,702,469 | 60,091 | ||||
WSFS Financial Corp. | 1,587,177 | 59,868 | ||||
First Hawaiian Inc. | 3,295,712 | 59,356 | ||||
Ameris Bancorp | 1,702,244 | 58,234 | ||||
Cathay General Bancorp | 1,779,832 | 57,293 | ||||
* | Axos Financial Inc. | 1,450,457 | 57,206 | |||
*,1 | Marathon Digital Holdings Inc. | 4,106,425 | 56,915 | |||
First Bancorp | 4,643,706 | 56,746 | ||||
Piper Sandler Cos. | 435,340 | 56,272 | ||||
1 | Arbor Realty Trust Inc. | 3,710,879 | 54,995 | |||
Simmons First National Corp. Class A | 3,124,320 | 53,895 | ||||
ServisFirst Bancshares Inc. | 1,261,859 | 51,635 | ||||
First Interstate BancSystem Inc. Class A | 2,156,684 | 51,415 | ||||
Pacific Premier Bancorp Inc. | 2,474,369 | 51,170 | ||||
Fulton Financial Corp. | 4,274,443 | 50,951 | ||||
*,1 | Riot Platforms Inc. | 4,295,611 | 50,774 | |||
Eastern Bankshares Inc. | 4,098,995 | 50,295 |
Shares | Market Value• ($000) | |||||
Atlantic Union Bankshares Corp. | 1,936,996 | 50,265 | ||||
BOK Financial Corp. | 602,075 | 48,636 | ||||
Independent Bank Corp. | 1,082,739 | 48,193 | ||||
First Financial Bancorp | 2,334,870 | 47,725 | ||||
TPG Inc. Class A | 1,586,251 | 46,414 | ||||
CVB Financial Corp. | 3,417,760 | 45,388 | ||||
PennyMac Financial Services Inc. | 644,721 | 45,330 | ||||
Washington Federal Inc. | 1,699,365 | 45,067 | ||||
First Merchants Corp. | 1,541,442 | 43,515 | ||||
BancFirst Corp. | 467,382 | 42,999 | ||||
Navient Corp. | 2,286,737 | 42,488 | ||||
Bank of Hawaii Corp. | 1,024,064 | 42,222 | ||||
BankUnited Inc. | 1,921,877 | 41,416 | ||||
Apollo Commercial Real Estate Finance Inc. | 3,650,640 | 41,325 | ||||
* | BRP Group Inc. Class A | 1,646,231 | 40,794 | |||
PJT Partners Inc. Class A | 576,481 | 40,146 | ||||
Virtu Financial Inc. Class A | 2,341,102 | 40,009 | ||||
Towne Bank | 1,693,328 | 39,353 | ||||
Banner Corp. | 886,872 | 38,730 | ||||
BGC Partners Inc. Class A | 8,742,420 | 38,729 | ||||
Park National Corp. | 376,093 | 38,482 | ||||
* | Cannae Holdings Inc. | 1,876,991 | 37,934 | |||
WesBanco Inc. | 1,453,739 | 37,230 | ||||
Hilltop Holdings Inc. | 1,175,636 | 36,986 | ||||
Cohen & Steers Inc. | 634,353 | 36,786 | ||||
Renasant Corp. | 1,376,369 | 35,965 | ||||
Virtus Investment Partners Inc. | 178,819 | 35,311 | ||||
Northwest Bancshares Inc. | 3,281,885 | 34,788 | ||||
Two Harbors Investment Corp. | 2,498,405 | 34,678 | ||||
Chimera Investment Corp. | 5,995,074 | 34,592 | ||||
Claros Mortgage Trust Inc. | 3,037,975 | 34,451 | ||||
1 | Compass Diversified Holdings | 1,579,538 | 34,260 | |||
StepStone Group Inc. Class A | 1,378,245 | 34,194 | ||||
NBT Bancorp Inc. | 1,052,746 | 33,530 | ||||
City Holding Co. | 369,783 | 33,277 | ||||
Nelnet Inc. Class A | 343,728 | 33,163 | ||||
* | Goosehead Insurance Inc. Class A | 515,483 | 32,419 | |||
Ladder Capital Corp. Class A | 2,950,992 | 32,018 |
Shares | Market Value• ($000) | |||||
OFG Bancorp | 1,227,563 | 32,015 | ||||
First Commonwealth Financial Corp. | 2,524,676 | 31,937 | ||||
* | Clearwater Analytics Holdings Inc. Class A | 2,001,030 | 31,756 | |||
Horace Mann Educators Corp. | 1,054,950 | 31,290 | ||||
Independent Bank Group Inc. | 906,155 | 31,290 | ||||
PennyMac Mortgage Investment Trust | 2,261,534 | 30,486 | ||||
Provident Financial Services Inc. | 1,854,081 | 30,296 | ||||
Franklin BSP Realty Trust Inc. | 2,125,228 | 30,093 | ||||
Trustmark Corp. | 1,419,665 | 29,983 | ||||
MFA Financial Inc. | 2,632,328 | 29,587 | ||||
1 | Safehold Inc. | 1,238,406 | 29,387 | |||
National Bank Holdings Corp. Class A | 974,040 | 28,286 | ||||
* | Encore Capital Group Inc. | 576,220 | 28,016 | |||
*,1 | Lemonade Inc. | 1,615,042 | 27,213 | |||
1 | ARMOUR Residential REIT Inc. | 5,049,702 | 26,915 | |||
Argo Group International Holdings Ltd. | 908,259 | 26,894 | ||||
* | Oscar Health Inc. Class A | 3,312,868 | 26,702 | |||
Westamerica Bancorp | 688,267 | 26,361 | ||||
* | Open Lending Corp. | 2,493,343 | 26,205 | |||
Safety Insurance Group Inc. | 364,793 | 26,163 | ||||
S&T Bancorp Inc. | 956,170 | 25,998 | ||||
Employers Holdings Inc. | 694,174 | 25,969 | ||||
* | LendingClub Corp. | 2,637,073 | 25,711 | |||
PacWest Bancorp | 3,048,832 | 24,848 | ||||
Hope Bancorp Inc. | 2,942,694 | 24,778 | ||||
BrightSpire Capital Inc. Class A | 3,356,178 | 22,587 | ||||
Berkshire Hills Bancorp Inc. | 1,086,450 | 22,522 | ||||
WisdomTree Inc. | 3,277,009 | 22,480 | ||||
* | PRA Group Inc. | 961,144 | 21,962 | |||
Mercury General Corp. | 715,119 | 21,647 | ||||
* | Avantax Inc. | 946,882 | 21,191 | |||
ProAssurance Corp. | 1,395,557 | 21,059 | ||||
Enact Holdings Inc. | 834,712 | 20,976 | ||||
Capitol Federal Financial Inc. | 3,341,000 | 20,614 | ||||
National Western Life Group Inc. Class A | 48,840 | 20,296 | ||||
Brookline Bancorp Inc. | 2,175,629 | 19,015 | ||||
* | SiriusPoint Ltd. | 2,104,472 | 19,003 |
Shares | Market Value• ($000) | |||||
* | Trupanion Inc. | 958,305 | 18,859 | |||
Redwood Trust Inc. | 2,945,271 | 18,761 | ||||
TFS Financial Corp. | 1,448,002 | 18,201 | ||||
* | Palomar Holdings Inc. | 304,989 | 17,702 | |||
* | Triumph Financial Inc. | 286,765 | 17,412 | |||
* | AssetMark Financial Holdings Inc. | 572,897 | 16,992 | |||
Tompkins Financial Corp. | 299,995 | 16,710 | ||||
Eagle Bancorp Inc. | 753,830 | 15,951 | ||||
* | Ambac Financial Group Inc. | 1,112,137 | 15,837 | |||
KKR Real Estate Finance Trust Inc. | 1,249,348 | 15,205 | ||||
Victory Capital Holdings Inc. Class A | 474,974 | 14,981 | ||||
United Fire Group Inc. | 619,321 | 14,034 | ||||
Heartland Financial USA Inc. | 467,196 | 13,021 | ||||
1 | UWM Holdings Corp. Class A | 2,284,249 | 12,792 | |||
P10 Inc. Class A | 1,117,639 | 12,629 | ||||
Northfield Bancorp Inc. | 1,081,730 | 11,877 | ||||
TPG RE Finance Trust Inc. | 1,599,828 | 11,855 | ||||
* | World Acceptance Corp. | 88,372 | 11,843 | |||
* | Columbia Financial Inc. | 683,567 | 11,819 | |||
Live Oak Bancshares Inc. | 429,201 | 11,292 | ||||
Kearny Financial Corp. | 1,536,317 | 10,831 | ||||
GCM Grosvenor Inc. Class A | 1,027,627 | 7,748 | ||||
1 | Invesco Mortgage Capital Inc. | 538,333 | 6,175 | |||
Central Pacific Financial Corp. | 331,595 | 5,209 | ||||
*,1 | Hagerty Inc. Class A | 547,004 | 5,120 | |||
* | loanDepot Inc. Class A | 1,487,552 | 3,154 | |||
Associated Capital Group Inc. Class A | 40,970 | 1,450 | ||||
15,773,251 | ||||||
Health Care (11.9%) | ||||||
* | Exact Sciences Corp. | 4,659,182 | 437,497 | |||
Bio-Techne Corp. | 4,066,377 | 331,938 | ||||
* | Penumbra Inc. | 938,623 | 322,943 | |||
* | Shockwave Medical Inc. | 946,040 | 270,009 | |||
* | United Therapeutics Corp. | 1,210,221 | 267,156 | |||
* | Sarepta Therapeutics Inc. | 2,285,558 | 261,742 | |||
* | Inspire Medical Systems Inc. | 753,482 | 244,610 |
Shares | Market Value• ($000) | |||||
Universal Health Services Inc. Class B | 1,543,466 | 243,513 | ||||
* | Neurocrine Biosciences Inc. | 2,520,175 | 237,653 | |||
* | Apellis Pharmaceuticals Inc. | 2,556,707 | 232,916 | |||
DENTSPLY SIRONA Inc. | 5,488,135 | 219,635 | ||||
* | Tenet Healthcare Corp. | 2,632,891 | 214,265 | |||
* | Masimo Corp. | 1,295,341 | 213,148 | |||
Chemed Corp. | 387,986 | 210,160 | ||||
* | Jazz Pharmaceuticals plc | 1,570,480 | 194,692 | |||
* | Repligen Corp. | 1,366,198 | 193,262 | |||
Bruker Corp. | 2,463,560 | 182,106 | ||||
* | Acadia Healthcare Co. Inc. | 2,258,371 | 179,857 | |||
* | Karuna Therapeutics Inc. | 821,973 | 178,245 | |||
Encompass Health Corp. | 2,459,939 | 166,562 | ||||
* | Exelixis Inc. | 8,410,839 | 160,731 | |||
* | Lantheus Holdings Inc. | 1,764,958 | 148,115 | |||
* | Ionis Pharmaceuticals Inc. | 3,511,101 | 144,060 | |||
* | Option Care Health Inc. | 4,410,680 | 143,303 | |||
* | Envista Holdings Corp. | 4,228,232 | 143,083 | |||
* | Medpace Holdings Inc. | 590,851 | 141,905 | |||
* | Intra-Cellular Therapies Inc. | 2,229,852 | 141,194 | |||
* | IVERIC bio Inc. | 3,558,709 | 140,000 | |||
* | HealthEquity Inc. | 2,207,551 | 139,385 | |||
* | Charles River Laboratories International Inc. | 661,009 | 138,977 | |||
Organon & Co. | 6,587,841 | 137,093 | ||||
* | Natera Inc. | 2,804,614 | 136,473 | |||
* | agilon health Inc. | 7,849,745 | 136,115 | |||
* | Alkermes plc | 4,290,684 | 134,298 | |||
Ensign Group Inc. | 1,373,709 | 131,134 | ||||
* | DaVita Inc. | 1,288,489 | 129,454 | |||
* | Elanco Animal Health Inc. | 12,721,648 | 127,980 | |||
* | 10X Genomics Inc. Class A | 2,281,119 | 127,378 | |||
* | Merit Medical Systems Inc. | 1,485,013 | 124,206 | |||
* | Halozyme Therapeutics Inc. | 3,401,272 | 122,684 | |||
* | Globus Medical Inc. Class A | 2,012,230 | 119,808 | |||
Perrigo Co. plc | 3,495,364 | 118,668 | ||||
* | Novocure Ltd. | 2,743,249 | 113,845 |
Shares | Market Value• ($000) | |||||
* | Syneos Health Inc. | 2,677,055 | 112,811 | |||
* | Haemonetics Corp. | 1,305,463 | 111,147 | |||
* | Neogen Corp. | 5,026,321 | 109,322 | |||
* | Vaxcyte Inc. | 2,177,728 | 108,756 | |||
CONMED Corp. | 789,704 | 107,313 | ||||
* | QuidelOrtho Corp. | 1,290,800 | 106,956 | |||
* | ICU Medical Inc. | 590,473 | 105,216 | |||
* | Teladoc Health Inc. | 4,015,772 | 101,679 | |||
* | Guardant Health Inc. | 2,828,264 | 101,252 | |||
* | Blueprint Medicines Corp. | 1,561,820 | 98,707 | |||
* | Catalent Inc. | 2,207,428 | 95,714 | |||
* | Doximity Inc. Class A | 2,759,336 | 93,873 | |||
* | Arrowhead Pharmaceuticals Inc. | 2,623,108 | 93,540 | |||
* | Amicus Therapeutics Inc. | 7,350,153 | 92,318 | |||
* | R1 RCM Inc. | 4,858,796 | 89,645 | |||
* | Intellia Therapeutics Inc. | 2,162,736 | 88,196 | |||
* | Madrigal Pharmaceuticals Inc. | 377,855 | 87,285 | |||
* | TG Therapeutics Inc. | 3,472,762 | 86,263 | |||
* | Omnicell Inc. | 1,164,351 | 85,778 | |||
Premier Inc. Class A | 3,075,688 | 85,074 | ||||
* | Glaukos Corp. | 1,182,879 | 84,233 | |||
* | Evolent Health Inc. Class A | 2,764,135 | 83,753 | |||
Select Medical Holdings Corp. | 2,626,780 | 83,689 | ||||
* | Enovis Corp. | 1,266,804 | 81,227 | |||
* | Surgery Partners Inc. | 1,796,677 | 80,833 | |||
* | Ultragenyx Pharmaceutical Inc. | 1,737,548 | 80,153 | |||
* | Azenta Inc. | 1,683,267 | 78,575 | |||
* | Denali Therapeutics Inc. | 2,651,780 | 78,254 | |||
* | iRhythm Technologies Inc. | 747,663 | 77,996 | |||
* | PTC Therapeutics Inc. | 1,916,304 | 77,936 | |||
* | Pacific Biosciences of California Inc. | 5,808,838 | 77,258 | |||
* | Amedisys Inc. | 841,649 | 76,960 | |||
* | Progyny Inc. | 1,950,692 | 76,740 | |||
* | Cytokinetics Inc. | 2,346,757 | 76,551 | |||
* | Prestige Consumer Healthcare Inc. | 1,283,537 | 76,281 | |||
* | Integer Holdings Corp. | 859,522 | 76,162 | |||
Patterson Cos. Inc. | 2,271,258 | 75,542 | ||||
* | ACADIA Pharmaceuticals Inc. | 3,150,302 | 75,450 | |||
* | Insmed Inc. | 3,523,923 | 74,355 | |||
* | Integra LifeSciences Holdings Corp. | 1,798,170 | 73,959 | |||
* | Reata Pharmaceuticals Inc. Class A | 725,200 | 73,941 |
Shares | Market Value• ($000) | |||||
* | Privia Health Group Inc. | 2,688,829 | 70,205 | |||
*,1 | Axsome Therapeutics Inc. | 962,311 | 69,152 | |||
* | Inari Medical Inc. | 1,181,258 | 68,678 | |||
*,1 | Ginkgo Bioworks Holdings Inc. Class A | 36,847,087 | 68,536 | |||
* | REVOLUTION Medicines Inc. | 2,471,466 | 66,112 | |||
* | Axonics Inc. | 1,301,312 | 65,677 | |||
* | STAAR Surgical Co. | 1,248,434 | 65,630 | |||
* | Vir Biotechnology Inc. | 2,595,351 | 63,664 | |||
* | ImmunoGen Inc. | 3,302,716 | 62,322 | |||
* | Sage Therapeutics Inc. | 1,312,073 | 61,694 | |||
* | Beam Therapeutics Inc. | 1,870,086 | 59,712 | |||
* | AtriCure Inc. | 1,159,235 | 57,220 | |||
* | Certara Inc. | 3,095,933 | 56,377 | |||
* | NuVasive Inc. | 1,354,770 | 56,345 | |||
* | NeoGenomics Inc. | 3,295,073 | 52,952 | |||
* | Bridgebio Pharma Inc. | 2,901,925 | 49,913 | |||
* | Mirati Therapeutics Inc. | 1,352,618 | 48,870 | |||
* | Sotera Health Co. | 2,553,927 | 48,116 | |||
* | Veracyte Inc. | 1,870,511 | 47,642 | |||
* | CorVel Corp. | 243,766 | 47,169 | |||
*,1 | Corcept Therapeutics Inc. | 2,099,088 | 46,705 | |||
* | Myriad Genetics Inc. | 2,001,186 | 46,387 | |||
* | Pacira BioSciences Inc. | 1,128,459 | 45,217 | |||
* | Cerevel Therapeutics Holdings Inc. | 1,417,928 | 45,076 | |||
* | Tandem Diabetes Care Inc. | 1,669,091 | 40,959 | |||
* | Agios Pharmaceuticals Inc. | 1,435,565 | 40,655 | |||
* | Supernus Pharmaceuticals Inc. | 1,336,698 | 40,181 | |||
* | Xencor Inc. | 1,559,819 | 38,949 | |||
* | Relay Therapeutics Inc. | 2,984,112 | 37,480 | |||
* | Iovance Biotherapeutics Inc. | 5,215,909 | 36,720 | |||
* | Ironwood Pharmaceuticals Inc. Class A | 3,410,486 | 36,288 | |||
* | Maravai LifeSciences Holdings Inc. Class A | 2,895,563 | 35,992 | |||
* | Owens & Minor Inc. | 1,869,920 | 35,603 | |||
* | Apollo Medical Holdings Inc. | 1,114,825 | 35,228 | |||
* | PROCEPT BioRobotics Corp. | 988,992 | 34,961 | |||
* | Zentalis Pharmaceuticals Inc. | 1,228,959 | 34,669 | |||
* | Hims & Hers Health Inc. | 3,632,560 | 34,146 |
Shares | Market Value• ($000) | |||||
* | SpringWorks Therapeutics Inc. | 1,291,864 | 33,873 | |||
* | Krystal Biotech Inc. | 282,894 | 33,212 | |||
Embecta Corp. | 1,479,840 | 31,965 | ||||
* | Silk Road Medical Inc. | 950,347 | 30,877 | |||
* | Avanos Medical Inc. | 1,205,441 | 30,811 | |||
* | Pediatrix Medical Group Inc. | 2,163,324 | 30,741 | |||
* | Ligand Pharmaceuticals Inc. | 423,614 | 30,543 | |||
* | Harmony Biosciences Holdings Inc. | 851,742 | 29,973 | |||
* | Amylyx Pharmaceuticals Inc. | 1,388,048 | 29,940 | |||
* | Arvinas Inc. | 1,172,338 | 29,097 | |||
* | Twist Bioscience Corp. | 1,402,255 | 28,690 | |||
Healthcare Services Group Inc. | 1,916,368 | 28,611 | ||||
* | Treace Medical Concepts Inc. | 1,108,933 | 28,367 | |||
* | Outset Medical Inc. | 1,271,569 | 27,809 | |||
* | Immunovant Inc. | 1,347,387 | 25,560 | |||
* | Warby Parker Inc. Class A | 2,117,157 | 24,750 | |||
* | Varex Imaging Corp. | 1,043,509 | 24,596 | |||
* | AdaptHealth Corp. Class A | 1,906,037 | 23,196 | |||
* | Kymera Therapeutics Inc. | 1,000,001 | 22,990 | |||
* | Adaptive Biotechnologies Corp. | 3,354,698 | 22,510 | |||
* | Cytek Biosciences Inc. | 2,627,584 | 22,440 | |||
* | Nevro Corp. | 878,900 | 22,342 | |||
* | NextGen Healthcare Inc. | 1,363,209 | 22,111 | |||
*,1 | OPKO Health Inc. | 9,979,657 | 21,656 | |||
*,1 | Recursion Pharmaceuticals Inc. Class A | 2,861,436 | 21,375 | |||
* | Multiplan Corp. | 10,116,398 | 21,346 | |||
*,1 | Verve Therapeutics Inc. | 1,119,685 | 20,994 | |||
National HealthCare Corp. | 337,133 | 20,842 | ||||
* | Phreesia Inc. | 657,091 | 20,376 | |||
* | REGENXBIO Inc. | 1,010,425 | 20,198 | |||
* | Brookdale Senior Living Inc. | 4,618,346 | 19,489 | |||
* | Innoviva Inc. | 1,522,834 | 19,386 | |||
*,1 | ACELYRIN Inc. | 878,606 | 18,363 | |||
*,1 | LifeStance Health Group Inc. | 1,946,304 | 17,770 | |||
* | EQRx Inc. | 9,441,284 | 17,561 | |||
* | Health Catalyst Inc. | 1,382,028 | 17,275 | |||
* | Editas Medicine Inc. | 2,096,697 | 17,256 |
Shares | Market Value• ($000) | |||||
* | BioCryst Pharmaceuticals Inc. | 2,439,915 | 17,177 | |||
*,1 | Novavax Inc. | 2,229,155 | 16,563 | |||
HealthStream Inc. | 633,873 | 15,568 | ||||
* | Rocket Pharmaceuticals Inc. | 779,387 | 15,486 | |||
* | Nuvalent Inc. Class A | 365,019 | 15,393 | |||
* | Enhabit Inc. | 1,293,965 | 14,881 | |||
*,1 | Sana Biotechnology Inc. | 2,473,198 | 14,740 | |||
*,1 | Prime Medicine Inc. | 1,003,908 | 14,707 | |||
*,1 | Lyell Immunopharma Inc. | 4,512,280 | 14,349 | |||
* | Agiliti Inc. | 868,298 | 14,327 | |||
* | Alignment Healthcare Inc. | 2,432,627 | 13,988 | |||
* | Arcus Biosciences Inc. | 613,680 | 12,464 | |||
* | 23andMe Holding Co. Class A | 7,085,512 | 12,400 | |||
* | American Well Corp. Class A | 5,763,214 | 12,103 | |||
* | Accolade Inc. | 855,879 | 11,529 | |||
* | Kiniksa Pharmaceuticals Ltd. Class A | 812,953 | 11,446 | |||
* | Amneal Pharmaceuticals Inc. | 3,564,557 | 11,050 | |||
*,1 | Theravance Biopharma Inc. | 1,045,501 | 10,821 | |||
* | Fate Therapeutics Inc. | 2,160,056 | 10,282 | |||
* | GoodRx Holdings Inc. Class A | 1,825,210 | 10,075 | |||
*,1 | ProKidney Corp. Class A | 875,345 | 9,795 | |||
* | Alector Inc. | 1,614,730 | 9,705 | |||
*,1 | Allogene Therapeutics Inc. | 1,883,540 | 9,361 | |||
* | Day One Biopharmaceuticals Inc. | 769,430 | 9,187 | |||
*,1 | AnaptysBio Inc. | 444,721 | 9,046 | |||
*,1 | Cano Health Inc. | 6,482,156 | 9,010 | |||
*,1 | Clover Health Investments Corp. Class A | 9,152,848 | 8,211 | |||
*,1 | Butterfly Network Inc. | 3,417,536 | 7,860 | |||
*,1 | ImmunityBio Inc. | 2,814,554 | 7,824 | |||
Phibro Animal Health Corp. Class A | 525,361 | 7,197 | ||||
* | FibroGen Inc. | 2,394,234 | 6,464 | |||
* | CareDx Inc. | 660,653 | 5,616 | |||
* | Erasca Inc. | 1,946,834 | 5,373 | |||
* | Emergent BioSolutions Inc. | 586,953 | 4,314 | |||
*,1 | Innovage Holding Corp. | 525,574 | 3,942 | |||
* | Cullinan Oncology Inc. | 330,724 | 3,559 |
Shares | Market Value• ($000) | |||||
*,1 | P3 Health Partners Inc. | 1,143,288 | 3,418 | |||
*,1,2 | Synergy Pharmaceuticals LLC | 2,001,166 | — | |||
*,2 | OmniAb Inc. 12.5 Earnout | 156,690 | — | |||
*,2 | OmniAb Inc. 15 Earnout | 156,690 | — | |||
14,651,815 | ||||||
Industrials (22.0%) | ||||||
* | Fair Isaac Corp. | 613,257 | 496,254 | |||
* | Builders FirstSource Inc. | 3,310,904 | 450,283 | |||
IDEX Corp. | 1,952,036 | 420,195 | ||||
Booz Allen Hamilton Holding Corp. Class A | 3,416,506 | 381,282 | ||||
Graco Inc. | 4,130,812 | 356,696 | ||||
* | Axon Enterprise Inc. | 1,812,772 | 353,708 | |||
Carlisle Cos. Inc. | 1,316,423 | 337,702 | ||||
Nordson Corp. | 1,331,064 | 330,343 | ||||
Watsco Inc. | 863,271 | 329,312 | ||||
AECOM | 3,589,953 | 304,033 | ||||
Owens Corning | 2,327,433 | 303,730 | ||||
RPM International Inc. | 3,329,608 | 298,766 | ||||
Lincoln Electric Holdings Inc. | 1,486,986 | 295,360 | ||||
Pentair plc | 4,260,452 | 275,225 | ||||
Toro Co. | 2,693,552 | 273,800 | ||||
Allegion plc | 2,271,583 | 272,635 | ||||
Lennox International Inc. | 825,243 | 269,087 | ||||
Regal Rexnord Corp. | 1,711,816 | 263,448 | ||||
Howmet Aerospace Inc. | 5,070,305 | 251,284 | ||||
Cognex Corp. | 4,461,016 | 249,906 | ||||
* | WillScot Mobile Mini Holdings Corp. | 5,225,693 | 249,736 | |||
* | Generac Holdings Inc. | 1,606,393 | 239,561 | |||
WESCO International Inc. | 1,324,290 | 237,127 | ||||
Fortune Brands Innovations Inc. | 3,272,856 | 235,482 | ||||
* | Saia Inc. | 685,311 | 234,657 | |||
Huntington Ingalls Industries Inc. | 1,030,374 | 234,513 | ||||
A O Smith Corp. | 3,216,635 | 234,107 | ||||
Hubbell Inc. Class B | 692,037 | 229,452 | ||||
EMCOR Group Inc. | 1,228,118 | 226,932 | ||||
Tetra Tech Inc. | 1,374,888 | 225,124 | ||||
nVent Electric plc | 4,279,005 | 221,096 | ||||
Advanced Drainage Systems Inc. | 1,937,658 | 220,467 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 3,951,230 | 219,530 | ||||
* | TopBuild Corp. | 819,993 | 218,135 |
Shares | Market Value• ($000) | |||||
AGCO Corp. | 1,643,608 | 216,003 | ||||
* | Middleby Corp. | 1,382,235 | 204,336 | |||
* | WEX Inc. | 1,106,554 | 201,470 | |||
* | Paylocity Holding Corp. | 1,081,185 | 199,511 | |||
Robert Half International Inc. | 2,644,203 | 198,897 | ||||
ITT Inc. | 2,128,319 | 198,381 | ||||
AptarGroup Inc. | 1,692,386 | 196,080 | ||||
Donaldson Co. Inc. | 3,132,455 | 195,810 | ||||
* | GXO Logistics Inc. | 3,071,785 | 192,970 | |||
* | MasTec Inc. | 1,629,347 | 192,214 | |||
Graphic Packaging Holding Co. | 7,933,079 | 190,632 | ||||
Berry Global Group Inc. | 2,924,848 | 188,185 | ||||
* | Axalta Coating Systems Ltd. | 5,721,930 | 187,737 | |||
Littelfuse Inc. | 641,395 | 186,845 | ||||
MKS Instruments Inc. | 1,724,547 | 186,424 | ||||
Woodward Inc. | 1,550,602 | 184,382 | ||||
* | Trex Co. Inc. | 2,810,258 | 184,241 | |||
Curtiss-Wright Corp. | 990,337 | 181,885 | ||||
Genpact Ltd. | 4,756,399 | 178,698 | ||||
Landstar System Inc. | 928,081 | 178,693 | ||||
Sensata Technologies Holding plc | 3,949,021 | 177,666 | ||||
* | Chart Industries Inc. | 1,103,629 | 176,349 | |||
Eagle Materials Inc. | 913,955 | 170,379 | ||||
BWX Technologies Inc. | 2,362,022 | 169,050 | ||||
* | XPO Inc. | 2,842,858 | 167,729 | |||
MSA Safety Inc. | 963,463 | 167,604 | ||||
* | FTI Consulting Inc. | 877,636 | 166,926 | |||
Brunswick Corp. | 1,826,461 | 158,245 | ||||
Jack Henry & Associates Inc. | 941,163 | 157,485 | ||||
* | Atkore Inc. | 995,924 | 155,304 | |||
Simpson Manufacturing Co. Inc. | 1,102,165 | 152,650 | ||||
Comfort Systems USA Inc. | 923,795 | 151,687 | ||||
Valmont Industries Inc. | 516,668 | 150,376 | ||||
Sonoco Products Co. | 2,530,115 | 149,327 | ||||
Sealed Air Corp. | 3,729,227 | 149,169 | ||||
* | ATI Inc. | 3,320,313 | 146,857 | |||
Oshkosh Corp. | 1,687,005 | 146,078 | ||||
Applied Industrial Technologies Inc. | 998,390 | 144,597 | ||||
* | Mohawk Industries Inc. | 1,398,033 | 144,221 | |||
* | Euronet Worldwide Inc. | 1,217,649 | 142,915 | |||
Acuity Brands Inc. | 821,289 | 133,936 | ||||
Allison Transmission Holdings Inc. | 2,351,869 | 132,787 |
Shares | Market Value• ($000) | |||||
Maximus Inc. | 1,569,989 | 132,680 | ||||
* | API Group Corp. | 4,860,267 | 132,491 | |||
Watts Water Technologies Inc. Class A | 707,931 | 130,068 | ||||
Vontier Corp. | 4,019,387 | 129,464 | ||||
Flowserve Corp. | 3,387,426 | 125,843 | ||||
Louisiana-Pacific Corp. | 1,674,709 | 125,570 | ||||
* | ExlService Holdings Inc. | 815,808 | 123,236 | |||
Exponent Inc. | 1,312,987 | 122,528 | ||||
* | Kirby Corp. | 1,549,711 | 119,250 | |||
Triton International Ltd. | 1,422,308 | 118,421 | ||||
GATX Corp. | 911,816 | 117,387 | ||||
* | Summit Materials Inc. Class A | 3,068,923 | 116,159 | |||
EnerSys | 1,056,636 | 114,666 | ||||
Air Lease Corp. Class A | 2,724,186 | 114,007 | ||||
Western Union Co. | 9,671,891 | 113,451 | ||||
* | AMN Healthcare Services Inc. | 1,024,050 | 111,744 | |||
Badger Meter Inc. | 757,138 | 111,723 | ||||
Insperity Inc. | 937,681 | 111,547 | ||||
Crane Co. | 1,245,389 | 110,989 | ||||
MSC Industrial Direct Co. Inc. Class A | 1,159,641 | 110,491 | ||||
MDU Resources Group Inc. | 5,259,745 | 110,139 | ||||
* | Fluor Corp. | 3,699,688 | 109,511 | |||
* | Aerojet Rocketdyne Holdings Inc. | 1,981,527 | 108,726 | |||
AAON Inc. | 1,121,048 | 106,287 | ||||
* | AZEK Co. Inc. Class A | 3,508,597 | 106,275 | |||
Belden Inc. | 1,099,110 | 105,130 | ||||
Franklin Electric Co. Inc. | 1,014,157 | 104,357 | ||||
ManpowerGroup Inc. | 1,302,419 | 103,412 | ||||
* | Beacon Roofing Supply Inc. | 1,235,028 | 102,483 | |||
* | Shift4 Payments Inc. Class A | 1,479,112 | 100,446 | |||
Silgan Holdings Inc. | 2,135,772 | 100,146 | ||||
John Bean Technologies Corp. | 821,854 | 99,691 | ||||
Terex Corp. | 1,663,628 | 99,535 | ||||
HB Fuller Co. | 1,389,552 | 99,367 | ||||
Esab Corp. | 1,477,680 | 98,325 | ||||
Zurn Elkay Water Solutions Corp. | 3,606,214 | 96,971 | ||||
Ryder System Inc. | 1,140,795 | 96,728 | ||||
Westrock Co. | 3,304,817 | 96,071 | ||||
Federal Signal Corp. | 1,494,144 | 95,670 | ||||
Herc Holdings Inc. | 698,930 | 95,649 | ||||
* | SPX Technologies Inc. | 1,116,447 | 94,865 | |||
* | ASGN Inc. | 1,209,658 | 91,486 |
Shares | Market Value• ($000) | |||||
Installed Building Products Inc. | 623,581 | 87,401 | ||||
Armstrong World Industries Inc. | 1,165,378 | 85,609 | ||||
* | O-I Glass Inc. | 4,010,528 | 85,545 | |||
Otter Tail Corp. | 1,077,324 | 85,066 | ||||
* | Itron Inc. | 1,173,208 | 84,588 | |||
* | Alight Inc. Class A | 8,990,342 | 83,071 | |||
Hillenbrand Inc. | 1,617,310 | 82,936 | ||||
* | Dycom Industries Inc. | 720,321 | 81,864 | |||
Moog Inc. Class A | 741,790 | 80,432 | ||||
* | TriNet Group Inc. | 844,103 | 80,164 | |||
Encore Wire Corp. | 431,088 | 80,152 | ||||
*,1 | Affirm Holdings Inc. Class A | 5,177,539 | 79,372 | |||
Spirit AeroSystems Holdings Inc. Class A | 2,717,591 | 79,326 | ||||
* | Flywire Corp. | 2,530,911 | 78,559 | |||
* | Bloom Energy Corp. Class A | 4,732,104 | 77,370 | |||
Brink's Co. | 1,139,187 | 77,271 | ||||
*,1 | Joby Aviation Inc. | 7,333,790 | 75,245 | |||
Albany International Corp. Class A | 805,850 | 75,170 | ||||
* | Core & Main Inc. Class A | 2,388,740 | 74,863 | |||
* | GMS Inc. | 1,066,970 | 73,834 | |||
ABM Industries Inc. | 1,707,468 | 72,824 | ||||
EnPro Industries Inc. | 539,294 | 72,012 | ||||
Forward Air Corp. | 670,523 | 71,149 | ||||
Crane NXT Co. | 1,245,489 | 70,295 | ||||
FTAI Aviation Ltd. | 2,188,136 | 69,276 | ||||
* | Verra Mobility Corp. Class A | 3,496,312 | 68,947 | |||
ESCO Technologies Inc. | 665,282 | 68,943 | ||||
* | RXO Inc. | 3,019,910 | 68,461 | |||
Matson Inc. | 879,916 | 68,396 | ||||
Korn Ferry | 1,353,722 | 67,063 | ||||
Mueller Water Products Inc. Class A | 4,040,286 | 65,574 | ||||
Werner Enterprises Inc. | 1,473,269 | 65,089 | ||||
* | ACI Worldwide Inc. | 2,797,913 | 64,828 | |||
* | Hub Group Inc. Class A | 804,152 | 64,589 | |||
* | Resideo Technologies Inc. | 3,609,866 | 63,750 | |||
* | AeroVironment Inc. | 619,913 | 63,405 | |||
EVERTEC Inc. | 1,680,809 | 61,904 | ||||
* | Marqeta Inc. Class A | 12,547,672 | 61,107 | |||
UniFirst Corp. | 390,080 | 60,466 | ||||
Kennametal Inc. | 2,073,430 | 58,865 | ||||
* | Masonite International Corp. | 571,116 | 58,505 | |||
McGrath RentCorp | 632,249 | 58,470 | ||||
ArcBest Corp. | 587,774 | 58,072 |
Shares | Market Value• ($000) | |||||
* | Knife River Corp. | 1,314,933 | 57,200 | |||
* | Remitly Global Inc. | 2,987,269 | 56,220 | |||
Helios Technologies Inc. | 843,222 | 55,729 | ||||
*,1 | Enovix Corp. | 3,063,801 | 55,271 | |||
ADT Inc. | 8,954,686 | 53,997 | ||||
Trinity Industries Inc. | 2,096,011 | 53,888 | ||||
Brady Corp. Class A | 1,126,546 | 53,590 | ||||
Barnes Group Inc. | 1,241,876 | 52,395 | ||||
Griffon Corp. | 1,255,907 | 50,613 | ||||
* | Mercury Systems Inc. | 1,427,810 | 49,388 | |||
* | AAR Corp. | 851,630 | 49,190 | |||
* | Kratos Defense & Security Solutions Inc. | 3,295,880 | 47,263 | |||
* | OSI Systems Inc. | 388,890 | 45,823 | |||
Granite Construction Inc. | 1,133,372 | 45,086 | ||||
* | Gates Industrial Corp. plc | 3,313,039 | 44,660 | |||
Greif Inc. Class A | 637,329 | 43,906 | ||||
Standex International Corp. | 307,400 | 43,488 | ||||
* | Hillman Solutions Corp. | 4,775,550 | 43,028 | |||
* | Hayward Holdings Inc. | 3,298,040 | 42,380 | |||
Primoris Services Corp. | 1,376,310 | 41,936 | ||||
* | Rocket Lab USA Inc. | 6,799,789 | 40,799 | |||
Bread Financial Holdings Inc. | 1,294,512 | 40,635 | ||||
* | AvidXchange Holdings Inc. | 3,898,015 | 40,461 | |||
* | Mirion Technologies Inc. Class A | 4,784,553 | 40,429 | |||
* | Huron Consulting Group Inc. | 471,433 | 40,029 | |||
Enerpac Tool Group Corp. Class A | 1,476,927 | 39,877 | ||||
Tennant Co. | 478,063 | 38,776 | ||||
* | JELD-WEN Holding Inc. | 2,084,975 | 36,570 | |||
H&E Equipment Services Inc. | 798,824 | 36,546 | ||||
*,1 | PureCycle Technologies Inc. | 3,381,373 | 36,147 | |||
Lindsay Corp. | 284,345 | 33,934 | ||||
Greenbrier Cos. Inc. | 783,324 | 33,761 | ||||
* | Air Transport Services Group Inc. | 1,756,438 | 33,144 | |||
* | Legalzoom.com Inc. | 2,714,803 | 32,795 | |||
* | Vicor Corp. | 587,131 | 31,705 | |||
Wabash National Corp. | 1,226,302 | 31,442 | ||||
* | Payoneer Global Inc. | 6,502,732 | 31,278 | |||
Kforce Inc. | 499,156 | 31,277 | ||||
TriMas Corp. | 1,071,792 | 29,464 |
Shares | Market Value• ($000) | |||||
*,1 | Aurora Innovation Inc. | 9,962,093 | 29,289 | |||
Schneider National Inc. Class B | 985,656 | 28,308 | ||||
* | ZipRecruiter Inc. Class A | 1,538,382 | 27,322 | |||
Apogee Enterprises Inc. | 575,207 | 27,305 | ||||
*,1 | Symbotic Inc. Class A | 634,660 | 27,170 | |||
Astec Industries Inc. | 586,725 | 26,661 | ||||
AZZ Inc. | 611,275 | 26,566 | ||||
* | CoreCivic Inc. | 2,788,958 | 26,244 | |||
* | Gibraltar Industries Inc. | 392,728 | 24,710 | |||
* | Cimpress plc | 407,991 | 24,267 | |||
*,1 | Virgin Galactic Holdings Inc. | 6,203,358 | 24,069 | |||
* | Proto Labs Inc. | 676,796 | 23,661 | |||
Quanex Building Products Corp. | 858,568 | 23,053 | ||||
* | Thermon Group Holdings Inc. | 865,351 | 23,018 | |||
*,1 | Leonardo DRS Inc. | 1,317,287 | 22,842 | |||
* | Janus International Group Inc. | 2,084,270 | 22,218 | |||
* | Green Dot Corp. Class A | 1,142,517 | 21,411 | |||
International Seaways Inc. | 540,424 | 20,666 | ||||
* | First Advantage Corp. | 1,322,313 | 20,377 | |||
Heartland Express Inc. | 1,224,205 | 20,089 | ||||
Deluxe Corp. | 1,122,517 | 19,622 | ||||
Kaman Corp. | 727,782 | 17,707 | ||||
Gorman-Rupp Co. | 574,798 | 16,571 | ||||
TTEC Holdings Inc. | 488,246 | 16,522 | ||||
* | American Woodmark Corp. | 214,865 | 16,409 | |||
* | Conduent Inc. | 4,514,065 | 15,348 | |||
Pitney Bowes Inc. | 4,309,246 | 15,255 | ||||
Kelly Services Inc. Class A | 803,891 | 14,157 | ||||
Hyster-Yale Materials Handling Inc. | 241,808 | 13,503 | ||||
* | TrueBlue Inc. | 761,296 | 13,483 | |||
*,1 | Desktop Metal Inc. Class A | 6,642,109 | 11,757 | |||
*,1 | Nikola Corp. | 7,623,047 | 10,520 | |||
REV Group Inc. | 767,961 | 10,183 | ||||
National Presto Industries Inc. | 137,096 | 10,035 | ||||
* | Triumph Group Inc. | 802,865 | 9,931 | |||
* | CryoPort Inc. | 558,887 | 9,641 | |||
* | Sterling Check Corp. | 750,223 | 9,198 | |||
* | Forrester Research Inc. | 297,515 | 8,655 | |||
* | BrightView Holdings Inc. | 1,086,829 | 7,803 | |||
* | TaskUS Inc. Class A | 664,175 | 7,518 |
Shares | Market Value• ($000) | |||||
* | Atmus Filtration Technologies Inc. | 322,719 | 7,087 | |||
Pactiv Evergreen Inc. | 921,034 | 6,972 | ||||
Greif Inc. Class B | 82,697 | 6,388 | ||||
Kronos Worldwide Inc. | 594,436 | 5,189 | ||||
* | Advantage Solutions Inc. | 2,076,623 | 4,859 | |||
*,1 | Global Business Travel Group I | 631,843 | 4,568 | |||
*,1 | Paymentus Holdings Inc. Class A | 412,403 | 4,355 | |||
* | FARO Technologies Inc. | 232,169 | 3,761 | |||
*,1 | Microvast Holdings Inc. | 1,970,555 | 3,153 | |||
*,1 | TuSimple Holdings Inc. Class A | 1,820,107 | 3,021 | |||
* | Proterra Inc. | 2,493,224 | 2,992 | |||
* | Hyliion Holdings Corp. | 1,636,846 | 2,734 | |||
*,1 | MSP Recovery Inc. | 1,621,439 | 532 | |||
*,2 | Godha Cabcon & Insulation Ltd. | 582 | — | |||
27,179,307 | ||||||
Real Estate (7.4%) | ||||||
Kimco Realty Corp. | 16,011,090 | 315,739 | ||||
Gaming & Leisure Properties Inc. | 6,437,431 | 311,958 | ||||
Life Storage Inc. | 2,197,723 | 292,209 | ||||
Equity LifeStyle Properties Inc. | 4,328,642 | 289,543 | ||||
American Homes 4 Rent Class A | 7,928,145 | 281,053 | ||||
CubeSmart | 5,803,163 | 259,169 | ||||
Rexford Industrial Realty Inc. | 4,893,248 | 255,525 | ||||
Americold Realty Trust Inc. | 6,978,039 | 225,391 | ||||
Lamar Advertising Co. Class A | 2,259,665 | 224,272 | ||||
Federal Realty Investment Trust | 2,105,456 | 203,745 | ||||
NNN REIT Inc. | 4,703,108 | 201,246 | ||||
EastGroup Properties Inc. | 1,147,038 | 199,126 | ||||
* | Jones Lang LaSalle Inc. | 1,233,691 | 192,209 | |||
Omega Healthcare Investors Inc. | 6,053,068 | 185,769 | ||||
Healthcare Realty Trust Inc. Class A | 9,836,061 | 185,508 | ||||
First Industrial Realty Trust Inc. | 3,415,672 | 179,801 | ||||
Brixmor Property Group Inc. | 7,762,761 | 170,781 | ||||
STAG Industrial Inc. | 4,633,077 | 166,235 | ||||
Agree Realty Corp. | 2,407,139 | 157,403 |
Shares | Market Value• ($000) | |||||
Host Hotels & Resorts Inc. | 9,185,252 | 154,588 | ||||
Spirit Realty Capital Inc. | 3,649,522 | 143,718 | ||||
1 | Medical Properties Trust Inc. | 15,453,406 | 143,099 | |||
Apartment Income REIT Corp. Class A | 3,851,139 | 138,988 | ||||
Regency Centers Corp. | 2,208,352 | 136,410 | ||||
Ryman Hospitality Properties Inc. | 1,450,275 | 134,760 | ||||
Terreno Realty Corp. | 2,150,481 | 129,244 | ||||
Kite Realty Group Trust | 5,664,973 | 126,555 | ||||
Rayonier Inc. | 3,828,382 | 120,211 | ||||
PotlatchDeltic Corp. | 2,064,156 | 109,091 | ||||
Independence Realty Trust Inc. | 5,800,909 | 105,693 | ||||
Boston Properties Inc. | 1,821,188 | 104,882 | ||||
Phillips Edison & Co. Inc. | 3,029,723 | 103,253 | ||||
Kilroy Realty Corp. | 3,025,145 | 91,027 | ||||
EPR Properties | 1,944,417 | 90,999 | ||||
Essential Properties Realty Trust Inc. | 3,844,487 | 90,499 | ||||
Cousins Properties Inc. | 3,918,157 | 89,334 | ||||
Physicians Realty Trust | 6,157,431 | 86,142 | ||||
Vornado Realty Trust | 4,460,504 | 80,914 | ||||
Apple Hospitality REIT Inc. | 5,323,716 | 80,441 | ||||
Broadstone Net Lease Inc. | 4,835,316 | 74,657 | ||||
LXP Industrial Trust | 7,557,054 | 73,681 | ||||
National Storage Affiliates Trust | 2,052,868 | 71,501 | ||||
Sabra Health Care REIT Inc. | 5,971,555 | 70,285 | ||||
Corporate Office Properties Trust | 2,906,126 | 69,020 | ||||
Park Hotels & Resorts Inc. | 5,291,230 | 67,834 | ||||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 2,709,614 | 67,740 | ||||
* | Howard Hughes Corp. | 839,237 | 66,233 | |||
Highwoods Properties Inc. | 2,723,814 | 65,126 | ||||
Macerich Co. | 5,555,949 | 62,616 | ||||
DigitalBridge Group Inc. | 4,181,245 | 61,506 | ||||
SITE Centers Corp. | 4,594,176 | 60,735 | ||||
Outfront Media Inc. | 3,835,245 | 60,290 | ||||
Tanger Factory Outlet Centers Inc. | 2,580,873 | 56,960 |
Shares | Market Value• ($000) | |||||
National Health Investors Inc. | 1,064,664 | 55,810 | ||||
Equity Commonwealth | 2,691,829 | 54,536 | ||||
Sunstone Hotel Investors Inc. | 5,349,292 | 54,135 | ||||
* | Opendoor Technologies Inc. | 13,405,721 | 53,891 | |||
Innovative Industrial Properties Inc. | 724,139 | 52,869 | ||||
1 | Douglas Emmett Inc. | 4,166,841 | 52,377 | |||
CareTrust REIT Inc. | 2,569,339 | 51,027 | ||||
Kennedy-Wilson Holdings Inc. | 3,060,221 | 49,973 | ||||
1 | SL Green Realty Corp. | 1,662,820 | 49,968 | |||
St. Joe Co. | 979,894 | 47,368 | ||||
Urban Edge Properties | 2,884,771 | 44,512 | ||||
Pebblebrook Hotel Trust | 3,180,020 | 44,329 | ||||
JBG SMITH Properties | 2,878,869 | 43,298 | ||||
Retail Opportunity Investments Corp. | 3,092,361 | 41,778 | ||||
DiamondRock Hospitality Co. | 5,148,047 | 41,236 | ||||
1 | eXp World Holdings Inc. | 1,981,611 | 40,187 | |||
RLJ Lodging Trust | 3,905,259 | 40,107 | ||||
Getty Realty Corp. | 1,150,447 | 38,908 | ||||
InvenTrust Properties Corp. | 1,656,529 | 38,332 | ||||
Elme Communities | 2,265,832 | 37,250 | ||||
Service Properties Trust | 4,273,282 | 37,135 | ||||
Acadia Realty Trust | 2,459,352 | 35,390 | ||||
LTC Properties Inc. | 1,069,237 | 35,306 | ||||
Alexander & Baldwin Inc. | 1,875,053 | 34,838 | ||||
Xenia Hotels & Resorts Inc. | 2,828,121 | 34,814 | ||||
* | Redfin Corp. | 2,718,804 | 33,768 | |||
* | Cushman & Wakefield plc | 4,105,324 | 33,582 | |||
* | Veris Residential Inc. | 2,013,069 | 32,310 | |||
Apartment Investment & Management Co. Class A | 3,646,831 | 31,071 | ||||
* | Compass Inc. Class A | 8,336,766 | 29,179 | |||
Uniti Group Inc. | 6,162,157 | 28,469 | ||||
Global Net Lease Inc. | 2,682,332 | 27,574 | ||||
Empire State Realty Trust Inc. Class A | 3,294,537 | 24,676 | ||||
Centerspace | 386,436 | 23,712 | ||||
Necessity Retail REIT Inc. Class A | 3,466,157 | 23,431 | ||||
RPT Realty | 2,239,117 | 23,399 |
Shares | Market Value• ($000) | |||||
Piedmont Office Realty Trust Inc. Class A | 3,193,769 | 23,219 | ||||
American Assets Trust Inc. | 1,176,264 | 22,584 | ||||
Newmark Group Inc. Class A | 3,561,468 | 22,152 | ||||
* | GEO Group Inc. | 3,092,297 | 22,141 | |||
Paramount Group Inc. | 4,769,276 | 21,128 | ||||
Brandywine Realty Trust | 4,440,724 | 20,649 | ||||
Marcus & Millichap Inc. | 596,381 | 18,792 | ||||
* | Anywhere Real Estate Inc. | 2,707,804 | 18,088 | |||
Hudson Pacific Properties Inc. | 3,639,458 | 15,358 | ||||
Universal Health Realty Income Trust | 320,882 | 15,268 | ||||
Saul Centers Inc. | 339,963 | 12,521 | ||||
* | Forestar Group Inc. | 451,076 | 10,172 | |||
Alexander's Inc. | 52,779 | 9,704 | ||||
RMR Group Inc. Class A | 383,330 | 8,882 | ||||
Bridge Investment Group Holdings Inc. Class A | 759,998 | 8,626 | ||||
Summit Hotel Properties Inc. | 1,318,659 | 8,584 | ||||
Urstadt Biddle Properties Inc. Class A | 393,046 | 8,356 | ||||
Office Properties Income Trust | 627,855 | 4,834 | ||||
*,1 | WeWork Inc. Class A | 6,812,502 | 1,740 | |||
*,2 | Spirit MTA REIT | 529,410 | — | |||
9,178,057 | ||||||
Technology (12.7%) | ||||||
Entegris Inc. | 3,866,151 | 428,447 | ||||
* | PTC Inc. | 2,903,970 | 413,235 | |||
Jabil Inc. | 3,255,761 | 351,394 | ||||
* | Lattice Semiconductor Corp. | 3,555,256 | 341,553 | |||
* | Manhattan Associates Inc. | 1,602,093 | 320,226 | |||
* | Dynatrace Inc. | 5,625,727 | 289,556 | |||
* | Super Micro Computer Inc. | 1,152,356 | 287,225 | |||
* | Pure Storage Inc. Class A | 7,558,464 | 278,303 | |||
* | Ceridian HCM Holding Inc. | 3,803,987 | 254,753 | |||
* | F5 Inc. | 1,561,045 | 228,318 | |||
KBR Inc. | 3,505,557 | 228,072 | ||||
* | Arrow Electronics Inc. | 1,459,023 | 208,976 | |||
* | CACI International Inc. Class A | 588,736 | 200,665 |
Shares | Market Value• ($000) | |||||
National Instruments Corp. | 3,396,410 | 194,954 | ||||
Vertiv Holdings Co. Class A | 7,846,462 | 194,357 | ||||
* | Coherent Corp. | 3,599,515 | 183,503 | |||
* | SPS Commerce Inc. | 943,595 | 181,227 | |||
* | Rambus Inc. | 2,811,368 | 180,405 | |||
*,1 | Wolfspeed Inc. | 3,214,975 | 178,720 | |||
* | Dropbox Inc. Class A | 6,580,279 | 175,496 | |||
* | Nutanix Inc. Class A | 6,088,899 | 170,794 | |||
* | Novanta Inc. | 924,772 | 170,250 | |||
Universal Display Corp. | 1,161,394 | 167,392 | ||||
* | Guidewire Software Inc. | 2,106,771 | 160,283 | |||
Science Applications International Corp. | 1,394,566 | 156,861 | ||||
Leidos Holdings Inc. | 1,771,368 | 156,731 | ||||
* | Axcelis Technologies Inc. | 844,534 | 154,828 | |||
* | Five9 Inc. | 1,838,410 | 151,577 | |||
* | Onto Innovation Inc. | 1,264,169 | 147,238 | |||
* | DXC Technology Co. | 5,457,341 | 145,820 | |||
* | Confluent Inc. Class A | 4,121,882 | 145,544 | |||
* | UiPath Inc. Class A | 8,639,738 | 143,160 | |||
Power Integrations Inc. | 1,481,302 | 140,235 | ||||
* | Teradata Corp. | 2,611,328 | 139,471 | |||
* | Procore Technologies Inc. | 1,995,908 | 129,874 | |||
* | Tenable Holdings Inc. | 2,965,964 | 129,168 | |||
Dolby Laboratories Inc. Class A | 1,534,744 | 128,427 | ||||
* | Elastic NV | 1,993,868 | 127,847 | |||
* | Aspen Technology Inc. | 754,010 | 126,380 | |||
* | Insight Enterprises Inc. | 859,147 | 125,728 | |||
* | Smartsheet Inc. Class A | 3,260,945 | 124,764 | |||
* | Silicon Laboratories Inc. | 785,127 | 123,846 | |||
* | Workiva Inc. Class A | 1,215,674 | 123,585 | |||
* | IAC Inc. | 1,964,637 | 123,379 | |||
* | Fabrinet | 937,496 | 121,762 | |||
Avnet Inc. | 2,360,746 | 119,100 | ||||
* | AppLovin Corp. Class A | 4,545,230 | 116,949 | |||
* | Qualys Inc. | 905,289 | 116,936 | |||
* | Cirrus Logic Inc. | 1,415,790 | 114,693 | |||
TD SYNNEX Corp. | 1,218,524 | 114,541 | ||||
* | Black Knight Inc. | 1,819,304 | 108,667 | |||
* | DoubleVerify Holdings Inc. | 2,791,750 | 108,655 | |||
Advanced Energy Industries Inc. | 969,400 | 108,040 | ||||
* | Gitlab Inc. Class A | 2,092,142 | 106,929 |
Shares | Market Value• ($000) | |||||
* | Altair Engineering Inc. Class A | 1,379,665 | 104,634 | |||
* | Box Inc. Class A | 3,540,703 | 104,026 | |||
* | Diodes Inc. | 1,121,811 | 103,756 | |||
* | Toast Inc. Class A | 4,461,079 | 100,687 | |||
* | Samsara Inc. Class A | 3,615,665 | 100,190 | |||
* | IPG Photonics Corp. | 733,101 | 99,570 | |||
* | Blackbaud Inc. | 1,391,234 | 99,028 | |||
Vishay Intertechnology Inc. | 3,295,442 | 96,886 | ||||
* | New Relic Inc. | 1,450,702 | 94,934 | |||
Concentrix Corp. | 1,142,941 | 92,292 | ||||
*,1 | C3.ai Inc. Class A | 2,526,998 | 92,059 | |||
* | MACOM Technology Solutions Holdings Inc. | 1,373,139 | 89,982 | |||
* | Synaptics Inc. | 1,020,818 | 87,157 | |||
* | SentinelOne Inc. Class A | 5,766,205 | 87,070 | |||
* | NCR Corp. | 3,445,039 | 86,815 | |||
* | Sanmina Corp. | 1,427,332 | 86,025 | |||
* | Appfolio Inc. Class A | 482,803 | 83,110 | |||
* | CommVault Systems Inc. | 1,135,814 | 82,483 | |||
* | Ziff Davis Inc. | 1,160,194 | 81,283 | |||
* | Ambarella Inc. | 971,402 | 81,277 | |||
* | Schrodinger Inc. | 1,610,563 | 80,399 | |||
Dun & Bradstreet Holdings Inc. | 6,808,531 | 78,775 | ||||
* | Allegro MicroSystems Inc. | 1,733,691 | 78,259 | |||
* | Kyndryl Holdings Inc. | 5,876,197 | 78,036 | |||
* | Rogers Corp. | 480,575 | 77,819 | |||
*,1 | MicroStrategy Inc. Class A | 227,158 | 77,783 | |||
* | BlackLine Inc. | 1,406,100 | 75,676 | |||
Amkor Technology Inc. | 2,537,817 | 75,500 | ||||
* | Envestnet Inc. | 1,264,875 | 75,070 | |||
* | Perficient Inc. | 899,763 | 74,977 | |||
* | Varonis Systems Inc. Class B | 2,692,093 | 71,744 | |||
* | Plexus Corp. | 714,137 | 70,157 | |||
* | Alteryx Inc. Class A | 1,535,096 | 69,693 | |||
* | RingCentral Inc. Class A | 2,102,353 | 68,810 | |||
* | Freshworks Inc. Class A | 3,906,224 | 68,671 | |||
* | FormFactor Inc. | 1,992,516 | �� 68,184 | |||
* | Rapid7 Inc. | 1,480,822 | 67,052 | |||
* | Verint Systems Inc. | 1,909,237 | 66,938 | |||
Progress Software Corp. | 1,118,579 | 64,989 | ||||
* | Alarm.com Holdings Inc. | 1,222,947 | 63,202 | |||
* | Yelp Inc. Class A | 1,689,035 | 61,498 | |||
* | HashiCorp Inc. Class A | 2,313,697 | 60,573 |
Shares | Market Value• ($000) | |||||
*,1 | DigitalOcean Holdings Inc. | 1,491,113 | 59,853 | |||
* | MaxLinear Inc. Class A | 1,859,166 | 58,675 | |||
*,1 | IonQ Inc. | 4,153,559 | 56,198 | |||
* | Braze Inc. Class A | 1,277,563 | 55,944 | |||
* | CCC Intelligent Solutions Holdings Inc. | 4,867,875 | 54,569 | |||
* | Sprout Social Inc. Class A | 1,178,933 | 54,420 | |||
* | NetScout Systems Inc. | 1,748,296 | 54,110 | |||
* | Cargurus Inc. Class A | 2,388,007 | 54,041 | |||
Pegasystems Inc. | 1,071,416 | 52,821 | ||||
* | Impinj Inc. | 585,068 | 52,451 | |||
* | nCino Inc. | 1,738,592 | 52,366 | |||
* | Parsons Corp. | 1,083,397 | 52,155 | |||
Clear Secure Inc. Class A | 2,214,750 | 51,316 | ||||
* | Appian Corp. Class A | 1,076,176 | 51,226 | |||
* | JFrog Ltd. | 1,841,980 | 51,023 | |||
* | SiTime Corp. | 425,167 | 50,157 | |||
* | PagerDuty Inc. | 2,123,762 | 47,742 | |||
* | Fastly Inc. Class A | 2,952,176 | 46,556 | |||
* | LiveRamp Holdings Inc. | 1,628,516 | 46,510 | |||
* | Magnite Inc. | 3,326,711 | 45,410 | |||
* | Asana Inc. Class A | 2,031,850 | 44,782 | |||
* | Q2 Holdings Inc. | 1,428,067 | 44,127 | |||
* | Semtech Corp. | 1,651,970 | 42,059 | |||
* | Bumble Inc. Class A | 2,487,348 | 41,738 | |||
Xerox Holdings Corp. | 2,799,729 | 41,688 | ||||
CSG Systems International Inc. | 777,416 | 41,001 | ||||
* | Paycor HCM Inc. | 1,595,962 | 37,776 | |||
* | TTM Technologies Inc. | 2,649,476 | 36,828 | |||
* | Zuora Inc. Class A | 3,337,291 | 36,610 | |||
* | Credo Technology Group Holding Ltd. | 2,102,253 | 36,453 | |||
* | Squarespace Inc. Class A | 1,127,452 | 35,560 | |||
* | Jamf Holding Corp. | 1,761,369 | 34,382 | |||
* | Veradigm Inc. | 2,680,858 | 33,779 | |||
* | Sprinklr Inc. Class A | 2,410,197 | 33,333 | |||
* | PROS Holdings Inc. | 1,070,342 | 32,966 | |||
* | Veeco Instruments Inc. | 1,268,412 | 32,573 | |||
* | 3D Systems Corp. | 3,218,240 | 31,957 | |||
* | Zeta Global Holdings Corp. Class A | 3,498,276 | 29,875 | |||
Methode Electronics Inc. | 883,066 | 29,600 | ||||
Shutterstock Inc. | 605,244 | 29,457 | ||||
* | Yext Inc. | 2,568,691 | 29,052 | |||
* | Upwork Inc. | 3,102,586 | 28,978 | |||
* | Cerence Inc. | 989,118 | 28,912 |
Shares | Market Value• ($000) | |||||
Adeia Inc. | 2,609,191 | 28,727 | ||||
* | E2open Parent Holdings Inc. | 5,077,655 | 28,435 | |||
* | Everbridge Inc. | 1,047,285 | 28,172 | |||
* | Intapp Inc. | 607,688 | 25,468 | |||
* | ForgeRock Inc. Class A | 1,204,220 | 24,735 | |||
* | N-able Inc. | 1,645,706 | 23,715 | |||
* | Digital Turbine Inc. | 2,440,524 | 22,648 | |||
Benchmark Electronics Inc. | 874,143 | 22,579 | ||||
*,1 | Xometry Inc. Class A | 1,050,004 | 22,239 | |||
* | Vertex Inc. Class A | 1,112,847 | 21,700 | |||
* | EngageSmart Inc. | 1,076,555 | 20,551 | |||
* | PubMatic Inc. Class A | 1,102,606 | 20,156 | |||
* | AvePoint Inc. | 3,464,176 | 19,954 | |||
* | Eventbrite Inc. Class A | 2,020,698 | 19,298 | |||
* | ScanSource Inc. | 643,164 | 19,012 | |||
* | Thoughtworks Holding Inc. | 2,458,227 | 18,560 | |||
* | Informatica Inc. Class A | 938,493 | 17,362 | |||
* | nLight Inc. | 1,125,146 | 17,350 | |||
* | Olo Inc. Class A | 2,562,998 | 16,557 | |||
* | BigCommerce Holdings Inc. | 1,636,605 | 16,284 | |||
Ebix Inc. | 638,530 | 16,091 | ||||
* | Amplitude Inc. Class A | 1,443,802 | 15,882 | |||
* | Planet Labs PBC | 4,916,710 | 15,832 | |||
*,1 | SmartRent Inc. Class A | 4,121,243 | 15,784 | |||
* | Alkami Technology Inc. | 959,463 | 15,726 | |||
*,1 | Rumble Inc. | 1,726,540 | 15,401 | |||
* | Vimeo Inc. | 3,635,081 | 14,976 | |||
* | CEVA Inc. | 574,626 | 14,682 | |||
* | Consensus Cloud Solutions Inc. | 457,069 | 14,169 | |||
* | SolarWinds Corp. | 1,268,609 | 13,016 | |||
* | Couchbase Inc. | 712,904 | 11,278 | |||
* | Definitive Healthcare Corp. Class A | 996,165 | 10,958 | |||
* | MeridianLink Inc. | 520,688 | 10,830 | |||
* | Matterport Inc. | 3,243,662 | 10,218 | |||
* | Nextdoor Holdings Inc. | 2,877,002 | 9,379 | |||
*,1 | SEMrush Holdings Inc. Class A | 916,798 | 8,774 | |||
* | NerdWallet Inc. Class A | 931,007 | 8,761 | |||
* | Enfusion Inc. Class A | 678,607 | 7,614 | |||
* | EverCommerce Inc. | 485,682 | 5,750 | |||
*,1 | MediaAlpha Inc. Class A | 517,380 | 5,334 | |||
* | LivePerson Inc. | 969,677 | 4,383 | |||
* | Expensify Inc. Class A | 442,934 | 3,535 |
Shares | Market Value• ($000) | |||||
* | Rackspace Technology Inc. | 695,203 | 1,891 | |||
* | SecureWorks Corp. Class A | 197,388 | 1,427 | |||
15,642,130 | ||||||
Telecommunications (1.3%) | ||||||
Iridium Communications Inc. | 2,927,252 | 181,841 | ||||
* | Ciena Corp. | 3,852,614 | 163,698 | |||
Juniper Networks Inc. | 4,153,085 | 130,116 | ||||
* | Frontier Communications Parent Inc. | 6,337,193 | 118,125 | |||
* | Roku Inc. Class A | 1,591,697 | 101,805 | |||
* | Lumentum Holdings Inc. | 1,685,656 | 95,627 | |||
* | Viasat Inc. | 1,887,180 | 77,865 | |||
Cable One Inc. | 117,415 | 77,151 | ||||
Cogent Communications Holdings Inc. | 1,122,983 | 75,566 | ||||
* | Calix Inc. | 1,454,316 | 72,585 | |||
InterDigital Inc. | 690,738 | 66,691 | ||||
* | Viavi Solutions Inc. | 5,745,475 | 65,096 | |||
Lumen Technologies Inc. | 25,941,673 | 58,628 | ||||
* | DISH Network Corp. Class A | 6,455,484 | 42,542 | |||
* | CommScope Holding Co. Inc. | 5,147,674 | 28,981 | |||
Shenandoah Telecommunications Co. | 1,232,964 | 23,957 | ||||
* | Infinera Corp. | 4,957,413 | 23,944 | |||
Telephone & Data Systems Inc. | 2,579,729 | 21,231 | ||||
* | Globalstar Inc. | 18,732,651 | 20,231 | |||
ADTRAN Holdings Inc. | 1,828,372 | 19,253 | ||||
* | Altice USA Inc. Class A | 5,586,094 | 16,870 | |||
* | EchoStar Corp. Class A | 885,598 | 15,356 | |||
* | Gogo Inc. | 830,360 | 14,124 | |||
* | Xperi Inc. | 1,043,331 | 13,720 | |||
* | WideOpenWest Inc. | 1,315,436 | 11,102 | |||
ATN International Inc. | 284,632 | 10,418 | ||||
*,1 | fuboTV Inc. | 3,579,516 | 7,445 | |||
* | United States Cellular Corp. | 334,018 | 5,889 | |||
* | 8x8 Inc. | 1,388,341 | 5,873 | |||
* | NETGEAR Inc. | 356,747 | 5,052 | |||
1,570,782 | ||||||
Utilities (3.3%) | ||||||
Atmos Energy Corp. | 3,731,865 | 434,165 | ||||
Essential Utilities Inc. | 6,145,700 | 245,275 |
Shares | Market Value• ($000) | |||||
Pinnacle West Capital Corp. | 2,925,252 | 238,291 | ||||
NRG Energy Inc. | 5,946,608 | 222,344 | ||||
* | Clean Harbors Inc. | 1,257,773 | 206,816 | |||
OGE Energy Corp. | 5,173,171 | 185,769 | ||||
UGI Corp. | 5,406,748 | 145,820 | ||||
IDACORP Inc. | 1,307,141 | 134,113 | ||||
* | Casella Waste Systems Inc. Class A | 1,481,804 | 134,029 | |||
Vistra Corp. | 4,813,012 | 126,342 | ||||
National Fuel Gas Co. | 2,371,210 | 121,785 | ||||
New Jersey Resources Corp. | 2,504,443 | 118,210 | ||||
Portland General Electric Co. | 2,495,453 | 116,862 | ||||
Southwest Gas Holdings Inc. | 1,750,098 | 111,394 | ||||
* | Stericycle Inc. | 2,387,788 | 110,889 | |||
ONE Gas Inc. | 1,430,633 | 109,887 | ||||
Ormat Technologies Inc. | 1,310,831 | 105,469 | ||||
Black Hills Corp. | 1,721,777 | 103,754 | ||||
Hawaiian Electric Industries Inc. | 2,830,165 | 102,452 | ||||
PNM Resources Inc. | 2,217,043 | 99,989 | ||||
* | Sunrun Inc. | 5,290,508 | 94,488 | |||
NorthWestern Corp. | 1,543,805 | 87,626 | ||||
ALLETE Inc. | 1,480,387 | 85,818 | ||||
American States Water Co. | 955,082 | 83,092 | ||||
Spire Inc. | 1,290,551 | 81,872 | ||||
Avista Corp. | 1,956,888 | 76,847 | ||||
California Water Service Group | 1,446,231 | 74,669 | ||||
MGE Energy Inc. | 934,089 | 73,896 | ||||
Clearway Energy Inc. Class C | 2,135,568 | 60,992 | ||||
*,1 | Sunnova Energy International Inc. | 2,553,031 | 46,746 |
Shares | Market Value• ($000) | |||||
Northwest Natural Holding Co. | 906,647 | 39,031 | ||||
Clearway Energy Inc. Class A | 885,890 | 23,919 | ||||
* | Enviri Corp. | 2,059,552 | 20,328 | |||
Excelerate Energy Inc. Class A | 474,692 | 9,650 | ||||
*,1 | NuScale Power Corp. | 1,364,213 | 9,277 | |||
4,041,906 | ||||||
Total Common Stocks (Cost $98,357,044) | 122,570,550 | |||||
Temporary Cash Investments (2.2%) | ||||||
Money Market Fund (2.2%) | ||||||
3,4 | Vanguard Market Liquidity Fund, 5.150% (Cost $2,779,381) | 27,803,463 | 2,779,790 | |||
Total Investments (101.6%) (Cost $101,136,425) | 125,350,340 | |||||
Other Assets and Liabilities—Net (-1.6%) | (2,020,680) | |||||
Net Assets (100%) | 123,329,660 |
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 $2,029,287,000. |
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 $2,147,389,000 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 | September 2023 | 3,169 | 301,641 | 1,833 |
E-mini S&P 500 Index | September 2023 | 160 | 35,906 | 1,112 |
E-mini S&P Mid-Cap 400 Index | September 2023 | 1,539 | 406,927 | 9,040 |
11,985 |
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) |
Arbor Realty Trust Inc. | 1/31/24 | GSI | 7,095 | (5.076) | 301 | — |
Ollie's Bargain Outlet Holdings Inc. | 1/31/24 | GSI | 18,372 | (5.076) | — | (1,029) |
301 | (1,029) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
GSI—Goldman Sachs International. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $98,357,044) | 122,570,550 |
Affiliated Issuers (Cost $2,779,381) | 2,779,790 |
Total Investments in Securities | 125,350,340 |
Investment in Vanguard | 4,001 |
Cash | 115,244 |
Cash Collateral Pledged—Futures Contracts | 43,609 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 840 |
Receivables for Investment Securities Sold | 202 |
Receivables for Accrued Income | 127,913 |
Receivables for Capital Shares Issued | 57,974 |
Variation Margin Receivable—Futures Contracts | 3,847 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 301 |
Total Assets | 125,704,271 |
Liabilities | |
Payables for Investment Securities Purchased | 142,642 |
Collateral for Securities on Loan | 2,147,389 |
Payables for Capital Shares Redeemed | 81,209 |
Payables to Vanguard | 2,342 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 1,029 |
Total Liabilities | 2,374,611 |
Net Assets | 123,329,660 |
1 Includes $2,029,287,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At June 30, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 108,370,504 |
Total Distributable Earnings (Loss) | 14,959,156 |
Net Assets | 123,329,660 |
Investor Shares—Net Assets | |
Applicable to 4,151,102 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 395,618 |
Net Asset Value Per Share—Investor Shares | $95.30 |
ETF Shares—Net Assets | |
Applicable to 226,868,402 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 45,125,225 |
Net Asset Value Per Share—ETF Shares | $198.90 |
Admiral Shares—Net Assets | |
Applicable to 508,712,464 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 48,485,917 |
Net Asset Value Per Share—Admiral Shares | $95.31 |
Institutional Shares—Net Assets | |
Applicable to 202,714,475 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 19,320,119 |
Net Asset Value Per Share—Institutional Shares | $95.31 |
Institutional Plus Shares—Net Assets | |
Applicable to 36,361,894 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 10,002,781 |
Net Asset Value Per Share—Institutional Plus Shares | $275.09 |
Six Months Ended June 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 822,133 |
Interest2 | 17,719 |
Securities Lending—Net | 95,750 |
Total Income | 935,602 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,316 |
Management and Administrative—Investor Shares | 328 |
Management and Administrative—ETF Shares | 8,124 |
Management and Administrative—Admiral Shares | 9,400 |
Management and Administrative—Institutional Shares | 2,954 |
Management and Administrative—Institutional Plus Shares | 1,081 |
Marketing and Distribution—Investor Shares | 11 |
Marketing and Distribution—ETF Shares | 1,267 |
Marketing and Distribution—Admiral Shares | 1,236 |
Marketing and Distribution—Institutional Shares | 307 |
Marketing and Distribution—Institutional Plus Shares | 172 |
Custodian Fees | 298 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—ETF Shares | 665 |
Shareholders’ Reports—Admiral Shares | 309 |
Shareholders’ Reports—Institutional Shares | 109 |
Shareholders’ Reports—Institutional Plus Shares | 38 |
Trustees’ Fees and Expenses | 30 |
Other Expenses | 13 |
Total Expenses | 27,659 |
Net Investment Income | 907,943 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | (510,963) |
Futures Contracts | 3,318 |
Swap Contracts | 4,439 |
Realized Net Gain (Loss) | (503,206) |
Statement of Operations (continued) | |
Six Months Ended June 30, 2023 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 9,920,760 |
Futures Contracts | 22,202 |
Swap Contracts | 706 |
Change in Unrealized Appreciation (Depreciation) | 9,943,668 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 10,348,405 |
1 | Dividends are net of foreign withholding taxes of $3,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $16,664,000, ($30,000), and ($173,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $2,105,983,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 907,943 | 1,779,640 | |
Realized Net Gain (Loss) | (503,206) | 3,670,352 | |
Change in Unrealized Appreciation (Depreciation) | 9,943,668 | (30,136,638) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 10,348,405 | (24,686,646) | |
Distributions | |||
Investor Shares | (2,915) | (6,214) | |
ETF Shares | (340,175) | (624,299) | |
Admiral Shares | (366,368) | (686,977) | |
Institutional Shares | (145,105) | (267,947) | |
Institutional Plus Shares | (76,322) | (147,092) | |
Total Distributions | (930,885) | (1,732,529) | |
Capital Share Transactions | |||
Investor Shares | (61,506) | (85,166) | |
ETF Shares | 1,165,834 | 14,486 | |
Admiral Shares | (224,521) | 58,508 | |
Institutional Shares | 470,794 | (448,033) | |
Institutional Plus Shares | 91,242 | (1,200,734) | |
Net Increase (Decrease) from Capital Share Transactions | 1,441,843 | (1,660,939) | |
Total Increase (Decrease) | 10,859,363 | (28,080,114) | |
Net Assets | |||
Beginning of Period | 112,470,297 | 140,550,411 | |
End of Period | 123,329,660 | 112,470,297 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $87.93 | $108.35 | $93.20 | $79.35 | $63.21 | $70.76 |
Investment Operations | ||||||
Net Investment Income1 | .648 | 1.256 | 1.230 | .928 | .832 | .967 |
Net Realized and Unrealized Gain (Loss) on Investments | 7.387 | (20.439) | 15.130 | 13.897 | 16.319 | (7.552) |
Total from Investment Operations | 8.035 | (19.183) | 16.360 | 14.825 | 17.151 | (6.585) |
Distributions | ||||||
Dividends from Net Investment Income | (.665) | (1.237) | (1.210) | (.975) | (1.011) | (.965) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.665) | (1.237) | (1.210) | (.975) | (1.011) | (.965) |
Net Asset Value, End of Period | $95.30 | $87.93 | $108.35 | $93.20 | $79.35 | $63.21 |
Total Return2 | 9.19% | -17.71% | 17.59% | 18.96% | 27.22% | -9.43% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $396 | $424 | $619 | $709 | $754 | $3,332 |
Ratio of Total Expenses to Average Net Assets | 0.17% | 0.17%3 | 0.17% | 0.17% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 1.53% | 1.34% | 1.17% | 1.26% | 1.14% | 1.34% |
Portfolio Turnover Rate4 | 5% | 14% | 17% | 22% | 16% | 15% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $183.52 | $226.15 | $194.54 | $165.64 | $131.94 | $147.71 |
Investment Operations | ||||||
Net Investment Income1 | 1.473 | 2.891 | 2.769 | 2.262 | 2.298 | 2.239 |
Net Realized and Unrealized Gain (Loss) on Investments | 15.412 | (42.700) | 31.637 | 28.863 | 33.707 | (15.808) |
Total from Investment Operations | 16.885 | (39.809) | 34.406 | 31.125 | 36.005 | (13.569) |
Distributions | ||||||
Dividends from Net Investment Income | (1.505) | (2.821) | (2.796) | (2.225) | (2.305) | (2.201) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.505) | (2.821) | (2.796) | (2.225) | (2.305) | (2.201) |
Net Asset Value, End of Period | $198.90 | $183.52 | $226.15 | $194.54 | $165.64 | $131.94 |
Total Return | 9.26% | -17.60% | 17.72% | 19.08% | 27.37% | -9.30% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $45,125 | $40,593 | $50,187 | $37,492 | $27,442 | $20,914 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05%2 | 0.05% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 1.66% | 1.49% | 1.25% | 1.47% | 1.49% | 1.46% |
Portfolio Turnover Rate3 | 5% | 14% | 17% | 22% | 16% | 15% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $87.94 | $108.37 | $93.22 | $79.37 | $63.23 | $70.78 |
Investment Operations | ||||||
Net Investment Income1 | .703 | 1.383 | 1.358 | 1.029 | 1.108 | 1.067 |
Net Realized and Unrealized Gain (Loss) on Investments | 7.388 | (20.461) | 15.131 | 13.887 | 16.136 | (7.563) |
Total from Investment Operations | 8.091 | (19.078) | 16.489 | 14.916 | 17.244 | (6.496) |
Distributions | ||||||
Dividends from Net Investment Income | (.721) | (1.352) | (1.339) | (1.066) | (1.104) | (1.054) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.721) | (1.352) | (1.339) | (1.066) | (1.104) | (1.054) |
Net Asset Value, End of Period | $95.31 | $87.94 | $108.37 | $93.22 | $79.37 | $63.23 |
Total Return2 | 9.26% | -17.61% | 17.73% | 19.11% | 27.37% | -9.31% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $48,486 | $44,944 | $55,266 | $47,313 | $42,386 | $31,382 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05%3 | 0.05% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 1.65% | 1.48% | 1.29% | 1.40% | 1.50% | 1.46% |
Portfolio Turnover Rate4 | 5% | 14% | 17% | 22% | 16% | 15% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $87.93 | $108.36 | $93.22 | $79.37 | $63.22 | $70.78 |
Investment Operations | ||||||
Net Investment Income1 | .708 | 1.392 | 1.367 | 1.034 | 1.101 | 1.076 |
Net Realized and Unrealized Gain (Loss) on Investments | 7.398 | (20.461) | 15.123 | 13.889 | 16.161 | (7.575) |
Total from Investment Operations | 8.106 | (19.069) | 16.490 | 14.923 | 17.262 | (6.499) |
Distributions | ||||||
Dividends from Net Investment Income | (.726) | (1.361) | (1.350) | (1.073) | (1.112) | (1.061) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.726) | (1.361) | (1.350) | (1.073) | (1.112) | (1.061) |
Net Asset Value, End of Period | $95.31 | $87.93 | $108.36 | $93.22 | $79.37 | $63.22 |
Total Return | 9.27% | -17.60% | 17.73% | 19.12% | 27.40% | -9.32% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $19,320 | $17,363 | $21,841 | $18,957 | $17,337 | $14,454 |
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.67% | 1.49% | 1.29% | 1.41% | 1.49% | 1.47% |
Portfolio Turnover Rate3 | 5% | 14% | 17% | 22% | 16% | 15% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $253.81 | $312.78 | $269.07 | $229.09 | $182.49 | $204.30 |
Investment Operations | ||||||
Net Investment Income1 | 2.055 | 3.998 | 4.029 | 2.988 | 3.186 | 3.102 |
Net Realized and Unrealized Gain (Loss) on Investments | 21.332 | (59.013) | 43.607 | 40.111 | 46.645 | (21.825) |
Total from Investment Operations | 23.387 | (55.015) | 47.636 | 43.099 | 49.831 | (18.723) |
Distributions | ||||||
Dividends from Net Investment Income | (2.107) | (3.955) | (3.926) | (3.119) | (3.231) | (3.087) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.107) | (3.955) | (3.926) | (3.119) | (3.231) | (3.087) |
Net Asset Value, End of Period | $275.09 | $253.81 | $312.78 | $269.07 | $229.09 | $182.49 |
Total Return | 9.27% | -17.60% | 17.75% | 19.13% | 27.40% | -9.30% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $10,003 | $9,146 | $12,638 | $10,172 | $8,846 | $7,866 |
Ratio of Total Expenses to Average Net Assets | 0.03% | 0.03%2 | 0.03% | 0.03% | 0.03% | 0.03% |
Ratio of Net Investment Income to Average Net Assets | 1.68% | 1.48% | 1.32% | 1.41% | 1.49% | 1.48% |
Portfolio Turnover Rate3 | 5% | 14% | 17% | 22% | 16% | 15% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | 122,570,550 | — | — | 122,570,550 |
Temporary Cash Investments | 2,779,790 | — | — | 2,779,790 |
Total | 125,350,340 | — | — | 125,350,340 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 11,985 | — | — | 11,985 |
Swap Contracts | — | 301 | — | 301 |
Total | 11,985 | 301 | — | 12,286 |
Liabilities | ||||
Swap Contracts | — | 1,029 | — | 1,029 |
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) | |
Tax Cost | 101,512,403 |
Gross Unrealized Appreciation | 39,460,290 |
Gross Unrealized Depreciation | (15,611,096) |
Net Unrealized Appreciation (Depreciation) | 23,849,194 |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 14,677 | 159 | 35,984 | 380 | |
Issued in Lieu of Cash Distributions | 2,915 | 33 | 6,214 | 70 | |
Redeemed | (79,098) | (862) | (127,364) | (1,341) | |
Net Increase (Decrease)—Investor Shares | (61,506) | (670) | (85,166) | (891) | |
ETF Shares | |||||
Issued | 4,661,142 | 24,247 | 12,638,116 | 65,853 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (3,495,308) | (18,575) | (12,623,630) | (66,575) | |
Net Increase (Decrease)—ETF Shares | 1,165,834 | 5,672 | 14,486 | (722) | |
Admiral Shares | |||||
Issued | 2,647,389 | 28,830 | 5,970,913 | 63,999 | |
Issued in Lieu of Cash Distributions | 326,416 | 3,650 | 610,188 | 6,862 | |
Redeemed | (3,198,326) | (34,866) | (6,522,593) | (69,746) | |
Net Increase (Decrease)—Admiral Shares | (224,521) | (2,386) | 58,508 | 1,115 | |
Institutional Shares | |||||
Issued | 1,597,710 | 17,448 | 2,809,736 | 30,018 | |
Issued in Lieu of Cash Distributions | 136,787 | 1,529 | 252,294 | 2,838 | |
Redeemed | (1,263,703) | (13,717) | (3,510,063) | (36,950) | |
Net Increase (Decrease)—Institutional Shares | 470,794 | 5,260 | (448,033) | (4,094) | |
Institutional Plus Shares | |||||
Issued | 407,992 | 1,518 | 1,096,807 | 4,082 | |
Issued in Lieu of Cash Distributions | 76,244 | 295 | 147,006 | 572 | |
Redeemed | (392,994) | (1,487) | (2,444,547) | (9,024) | |
Net Increase (Decrease)—Institutional Plus Shares | 91,242 | 326 | (1,200,734) | (4,370) |
Basic Materials | 2.1% |
Consumer Discretionary | 15.3 |
Consumer Staples | 3.3 |
Energy | 6.1 |
Financials | 3.8 |
Health Care | 19.4 |
Industrials | 19.8 |
Real Estate | 5.7 |
Technology | 21.2 |
Telecommunications | 1.9 |
Utilities | 1.4 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.9%) | ||||||
Basic Materials (2.0%) | ||||||
Royal Gold Inc. | 969,785 | 111,312 | ||||
Hexcel Corp. | 1,245,499 | 94,683 | ||||
* | RBC Bearings Inc. | 428,446 | 93,174 | |||
* | Livent Corp. | 2,651,285 | 72,725 | |||
Balchem Corp. | 475,413 | 64,090 | ||||
NewMarket Corp. | 99,631 | 40,063 | ||||
* | MP Materials Corp. | 1,707,038 | 39,057 | |||
Quaker Chemical Corp. | 199,400 | 38,863 | ||||
* | Ingevity Corp. | 510,346 | 29,682 | |||
Hecla Mining Co. | 4,301,216 | 22,151 | ||||
Compass Minerals International Inc. | 304,173 | 10,342 | ||||
* | Century Aluminum Co. | 750,913 | 6,548 | |||
*,1 | Amyris Inc. | 1,912,332 | 1,970 | |||
624,660 | ||||||
Consumer Discretionary (15.3%) | ||||||
* | Liberty Media Corp.-Liberty Formula One Class C | 2,899,213 | 218,253 | |||
* | Deckers Outdoor Corp. | 389,447 | 205,496 | |||
* | Five Below Inc. | 822,255 | 161,606 | |||
* | Floor & Decor Holdings Inc. Class A | 1,490,556 | 154,958 | |||
* | DraftKings Inc. Class A | 5,794,817 | 153,968 | |||
Churchill Downs Inc. | 995,180 | 138,499 | ||||
* | SiteOne Landscape Supply Inc. | 664,187 | 111,158 | |||
Texas Roadhouse Inc. Class A | 989,289 | 111,077 | ||||
* | Skechers USA Inc. Class A | 1,982,410 | 104,394 | |||
Pool Corp. | 273,735 | 102,552 | ||||
Gentex Corp. | 3,450,250 | 100,954 | ||||
* | Crocs Inc. | 869,873 | 97,809 | |||
Tempur Sealy International Inc. | 2,413,119 | 96,694 | ||||
Wingstop Inc. | 442,338 | 88,538 | ||||
Wyndham Hotels & Resorts Inc. | 1,267,393 | 86,905 | ||||
* | elf Beauty Inc. | 753,939 | 86,122 |
Shares | Market Value• ($000) | |||||
* | Planet Fitness Inc. Class A | 1,253,959 | 84,567 | |||
* | RH | 243,964 | 80,408 | |||
*,1 | Wayfair Inc. Class A | 1,216,384 | 79,077 | |||
* | Bright Horizons Family Solutions Inc. | 853,148 | 78,874 | |||
* | Caesars Entertainment Inc. | 1,510,959 | 77,014 | |||
Wynn Resorts Ltd. | 714,855 | 75,496 | ||||
Hyatt Hotels Corp. Class A | 655,955 | 75,159 | ||||
Vail Resorts Inc. | 297,559 | 74,913 | ||||
Boyd Gaming Corp. | 1,045,683 | 72,539 | ||||
* | Duolingo Inc. Class A | 487,874 | 69,737 | |||
* | Fox Factory Holding Corp. | 623,994 | 67,710 | |||
World Wrestling Entertainment Inc. Class A | 609,662 | 66,130 | ||||
* | Visteon Corp. | 418,173 | 60,054 | |||
1 | Choice Hotels International Inc. | 452,391 | 53,165 | |||
* | Ollie's Bargain Outlet Holdings Inc. | 913,453 | 52,916 | |||
* | Skyline Champion Corp. | 798,985 | 52,294 | |||
* | Hilton Grand Vacations Inc. | 1,149,852 | 52,249 | |||
* | YETI Holdings Inc. | 1,276,911 | 49,595 | |||
Madison Square Garden Sports Corp. | 257,684 | 48,457 | ||||
* | Grand Canyon Education Inc. | 454,251 | 46,883 | |||
LCI Industries | 354,152 | 44,751 | ||||
* | Shake Shack Inc. Class A | 553,512 | 43,019 | |||
Nexstar Media Group Inc. Class A | 251,018 | 41,807 | ||||
* | Topgolf Callaway Brands Corp. | 2,058,337 | 40,858 | |||
* | LGI Homes Inc. | 295,782 | 39,898 | |||
Columbia Sportswear Co. | 504,539 | 38,971 | ||||
* | Frontdoor Inc. | 1,208,331 | 38,546 | |||
*,1 | Carvana Co. Class A | 1,413,004 | 36,625 |
Shares | Market Value• ($000) | |||||
* | Peloton Interactive Inc. Class A | 4,721,493 | 36,308 | |||
Papa John's International Inc. | 482,862 | 35,650 | ||||
Inter Parfums Inc. | 260,326 | 35,204 | ||||
* | ACV Auctions Inc. Class A | 1,820,370 | 31,438 | |||
* | Dorman Products Inc. | 395,518 | 31,179 | |||
* | Sonos Inc. | 1,897,407 | 30,985 | |||
Jack in the Box Inc. | 301,480 | 29,403 | ||||
* | Allegiant Travel Co. | 231,667 | 29,255 | |||
* | SeaWorld Entertainment Inc. | 519,565 | 29,101 | |||
*,1 | QuantumScape Corp. Class A | 3,591,756 | 28,698 | |||
* | Gentherm Inc. | 489,863 | 27,682 | |||
* | Six Flags Entertainment Corp. | 1,046,738 | 27,194 | |||
* | Dave & Buster's Entertainment Inc. | 544,509 | 24,263 | |||
*,1 | Luminar Technologies Inc. Class A | 3,526,204 | 24,260 | |||
* | Liberty Media Corp.-Liberty Formula One Class A | 351,785 | 23,788 | |||
* | TripAdvisor Inc. | 1,434,096 | 23,648 | |||
* | Driven Brands Holdings Inc. | 867,172 | 23,466 | |||
* | Leslie's Inc. | 2,446,617 | 22,974 | |||
* | Overstock.com Inc. | 668,396 | 21,770 | |||
* | Coursera Inc. | 1,559,870 | 20,309 | |||
* | Boot Barn Holdings Inc. | 221,136 | 18,728 | |||
* | Cars.com Inc. | 937,142 | 18,574 | |||
* | Integral Ad Science Holding Corp. | 1,030,864 | 18,535 | |||
* | Cavco Industries Inc. | 60,872 | 17,957 | |||
1 | Camping World Holdings Inc. Class A | 591,793 | 17,813 | |||
* | iRobot Corp. | 387,635 | 17,540 | |||
*,1 | Dutch Bros Inc. Class A | 607,722 | 17,290 | |||
Steven Madden Ltd. | 505,792 | 16,534 | ||||
* | Portillo's Inc. Class A | 730,987 | 16,469 | |||
* | Madison Square Garden Entertainment Corp. Class A | 488,073 | 16,409 | |||
* | Sweetgreen Inc. Class A | 1,233,953 | 15,819 | |||
* | Sabre Corp. | 4,909,983 | 15,663 | |||
* | Chegg Inc. | 1,681,528 | 14,932 | |||
* | Figs Inc. Class A | 1,770,103 | 14,639 | |||
* | Life Time Group Holdings Inc. | 721,007 | 14,182 | |||
Spirit Airlines Inc. | 807,435 | 13,856 | ||||
* | Mister Car Wash Inc. | 1,368,287 | 13,204 | |||
* | Sun Country Airlines Holdings Inc. | 540,769 | 12,156 | |||
*,1 | Fisker Inc. Class A | 2,125,970 | 11,990 | |||
* | Stride Inc. | 302,208 | 11,251 |
Shares | Market Value• ($000) | |||||
* | Sphere Entertainment Co. | 409,519 | 11,217 | |||
* | Corsair Gaming Inc. | 603,676 | 10,709 | |||
* | Revolve Group Inc. Class A | 603,397 | 9,896 | |||
Levi Strauss & Co. Class A | 657,915 | 9,494 | ||||
Monro Inc. | 220,723 | 8,968 | ||||
* | Bowlero Corp. | 666,422 | 7,757 | |||
*,1 | Dream Finders Homes Inc. Class A | 314,934 | 7,744 | |||
* | Vizio Holding Corp. Class A | 965,123 | 6,515 | |||
* | Udemy Inc. | 586,240 | 6,290 | |||
* | Sciplay Corp. Class A | 314,060 | 6,181 | |||
* | Petco Health & Wellness Co. Inc. Class A | 592,544 | 5,274 | |||
* | BJ's Restaurants Inc. | 165,349 | 5,258 | |||
* | Cava Group Inc. | 123,508 | 5,058 | |||
* | Frontier Group Holdings Inc. | 481,823 | 4,659 | |||
* | Angi Inc. Class A | 1,063,250 | 3,509 | |||
*,1 | Arhaus Inc. Class A | 308,535 | 3,218 | |||
* | Rush Street Interactive Inc. | 896,627 | 2,797 | |||
*,1 | SES AI Corp. | 919,495 | 2,244 | |||
* | 2U Inc. | 282,803 | 1,140 | |||
*,1 | Vacasa Inc. Class A | 487,698 | 331 | |||
* | Brilliant Earth Group Inc. Class A | 82,084 | 318 | |||
* | Savers Value Village Inc. | 11,969 | 284 | |||
4,649,672 | ||||||
Consumer Staples (3.3%) | ||||||
* | Darling Ingredients Inc. | 2,356,787 | 150,339 | |||
Casey's General Stores Inc. | 550,279 | 134,202 | ||||
Lamb Weston Holdings Inc. | 1,075,819 | 123,665 | ||||
* | Celsius Holdings Inc. | 623,381 | 93,002 | |||
* | BellRing Brands Inc. | 1,959,512 | 71,718 | |||
* | Simply Good Foods Co. | 1,467,298 | 53,688 | |||
*,1 | Freshpet Inc. | 711,487 | 46,823 | |||
Coca-Cola Consolidated Inc. | 68,060 | 43,288 | ||||
* | Boston Beer Co. Inc. Class A | 135,761 | 41,874 | |||
WD-40 Co. | 200,690 | 37,860 | ||||
* | Post Holdings Inc. | 376,962 | 32,664 | |||
Lancaster Colony Corp. | 142,415 | 28,638 | ||||
J & J Snack Foods Corp. | 170,792 | 27,047 | ||||
Cal-Maine Foods Inc. | 555,304 | 24,989 | ||||
* | National Beverage Corp. | 345,094 | 16,685 | |||
Utz Brands Inc. | 959,167 | 15,692 | ||||
Medifast Inc. | 160,978 | 14,836 | ||||
* | Sovos Brands Inc. | 673,512 | 13,174 | |||
*,1 | Beyond Meat Inc. | 902,200 | 11,711 | |||
* | Beauty Health Co. | 1,274,938 | 10,671 |
Shares | Market Value• ($000) | |||||
Tootsie Roll Industries Inc. | 211,522 | 7,490 | ||||
* | Olaplex Holdings Inc. | 1,451,219 | 5,399 | |||
* | USANA Health Sciences Inc. | 85,614 | 5,397 | |||
* | Vital Farms Inc. | 183,259 | 2,197 | |||
1,013,049 | ||||||
Energy (6.1%) | ||||||
Targa Resources Corp. | 3,339,829 | 254,161 | ||||
EQT Corp. | 2,669,770 | 109,808 | ||||
NOV Inc. | 5,808,820 | 93,173 | ||||
PDC Energy Inc. | 1,290,982 | 91,840 | ||||
ChampionX Corp. | 2,921,848 | 90,694 | ||||
Matador Resources Co. | 1,670,830 | 87,418 | ||||
Civitas Resources Inc. | 1,187,076 | 82,347 | ||||
* | Transocean Ltd. | 10,197,830 | 71,487 | |||
* | Weatherford International plc | 1,065,514 | 70,771 | |||
* | Noble Corp. plc | 1,639,781 | 67,739 | |||
* | Shoals Technologies Group Inc. Class A | 2,510,872 | 64,178 | |||
* | Denbury Inc. | 706,223 | 60,919 | |||
Texas Pacific Land Corp. | 45,387 | 59,752 | ||||
Magnolia Oil & Gas Corp. Class A | 2,670,987 | 55,824 | ||||
* | Array Technologies Inc. | 2,118,897 | 47,887 | |||
*,1 | Plug Power Inc. | 4,438,052 | 46,111 | |||
Cactus Inc. Class A | 949,190 | 40,170 | ||||
*,1 | ChargePoint Holdings Inc. | 4,179,508 | 36,738 | |||
* | Callon Petroleum Co. | 914,842 | 32,083 | |||
1 | Sitio Royalties Corp. Class A | 1,192,445 | 31,326 | |||
Liberty Energy Inc. Class A | 2,330,292 | 31,156 | ||||
Alpha Metallurgical Resources Inc. | 181,906 | 29,898 | ||||
* | NEXTracker Inc. Class A | 709,865 | 28,260 | |||
SM Energy Co. | 891,044 | 28,184 | ||||
* | Oceaneering International Inc. | 1,489,996 | 27,863 | |||
New Fortress Energy Inc. | 909,508 | 24,357 | ||||
Helmerich & Payne Inc. | 682,581 | 24,197 | ||||
* | Ameresco Inc. Class A | 479,293 | 23,308 | |||
Comstock Resources Inc. | 1,436,225 | 16,660 | ||||
*,1 | Fluence Energy Inc. Class A | 604,984 | 16,117 | |||
*,1 | FuelCell Energy Inc. | 5,998,786 | 12,957 | |||
* | NexTier Oilfield Solutions Inc. | 1,448,474 | 12,949 | |||
*,1 | SunPower Corp. | 1,293,318 | 12,674 | |||
*,1 | Stem Inc. | 2,184,551 | 12,496 | |||
* | Dril-Quip Inc. | 505,362 | 11,760 | |||
RPC Inc. | 1,439,718 | 10,294 | ||||
Core Laboratories Inc. | 345,027 | 8,022 | ||||
* | Helix Energy Solutions Group Inc. | 1,064,261 | 7,854 |
Shares | Market Value• ($000) | |||||
1 | Kinetik Holdings Inc. Class A | 217,659 | 7,649 | |||
*,1 | EVgo Inc. Class A | 1,508,940 | 6,036 | |||
*,1 | Tellurian Inc. | 3,924,825 | 5,534 | |||
1 | Enviva Inc. | 450,780 | 4,891 | |||
Atlas Energy Solutions Inc. Class A | 257,578 | 4,472 | ||||
* | OPAL Fuels Inc. Class A | 266,098 | 1,985 | |||
1,863,999 | ||||||
Financials (3.8%) | ||||||
Kinsale Capital Group Inc. | 324,825 | 121,550 | ||||
*,1 | SoFi Technologies Inc. | 11,802,736 | 98,435 | |||
* | Robinhood Markets Inc. Class A | 9,152,885 | 91,346 | |||
Erie Indemnity Co. Class A | 375,613 | 78,882 | ||||
Blue Owl Capital Inc. Class A | 6,576,707 | 76,619 | ||||
Morningstar Inc. | 376,749 | 73,869 | ||||
* | Ryan Specialty Holdings Inc. Class A | 1,426,959 | 64,056 | |||
*,1 | Credit Acceptance Corp. | 94,905 | 48,205 | |||
* | Focus Financial Partners Inc. Class A | 829,545 | 43,559 | |||
Hamilton Lane Inc. Class A | 483,111 | 38,639 | ||||
*,1 | Upstart Holdings Inc. | 1,038,990 | 37,206 | |||
Houlihan Lokey Inc. Class A | 374,337 | 36,801 | ||||
*,1 | Marathon Digital Holdings Inc. | 2,351,159 | 32,587 | |||
Pinnacle Financial Partners Inc. | 535,315 | 30,326 | ||||
*,1 | Riot Platforms Inc. | 2,459,165 | 29,067 | |||
* | BRP Group Inc. Class A | 942,429 | 23,353 | |||
PJT Partners Inc. Class A | 330,010 | 22,982 | ||||
Cohen & Steers Inc. | 363,117 | 21,057 | ||||
* | Goosehead Insurance Inc. Class A | 295,117 | 18,560 | |||
* | Clearwater Analytics Holdings Inc. Class A | 1,144,707 | 18,167 | |||
Safehold Inc. | 709,123 | 16,828 | ||||
*,1 | Lemonade Inc. | 924,703 | 15,581 | |||
* | Oscar Health Inc. Class A | 1,896,525 | 15,286 | |||
* | Open Lending Corp. | 1,427,249 | 15,000 | |||
ServisFirst Bancshares Inc. | 361,325 | 14,785 | ||||
*,1 | Trupanion Inc. | 548,603 | 10,797 | |||
TFS Financial Corp. | 829,441 | 10,426 | ||||
* | Palomar Holdings Inc. | 174,586 | 10,133 | |||
* | Triumph Financial Inc. | 164,158 | 9,968 | |||
StepStone Group Inc. Class A | 394,668 | 9,792 | ||||
P10 Inc. Class A | 639,825 | 7,230 | ||||
Live Oak Bancshares Inc. | 245,763 | 6,466 |
Shares | Market Value• ($000) | |||||
* | AssetMark Financial Holdings Inc. | 163,955 | 4,863 | |||
*,1 | Hagerty Inc. Class A | 311,962 | 2,920 | |||
1,155,341 | ||||||
Health Care (19.4%) | ||||||
* | Exact Sciences Corp. | 2,663,840 | 250,135 | |||
Bio-Techne Corp. | 2,325,864 | 189,860 | ||||
* | Penumbra Inc. | 536,873 | 184,717 | |||
* | Shockwave Medical Inc. | 540,949 | 154,392 | |||
* | Sarepta Therapeutics Inc. | 1,306,778 | 149,652 | |||
* | Inspire Medical Systems Inc. | 430,807 | 139,857 | |||
* | Neurocrine Biosciences Inc. | 1,441,200 | 135,905 | |||
* | Apellis Pharmaceuticals Inc. | 1,461,899 | 133,179 | |||
* | Masimo Corp. | 740,624 | 121,870 | |||
Chemed Corp. | 221,808 | 120,147 | ||||
* | Repligen Corp. | 780,669 | 110,433 | |||
Bruker Corp. | 1,408,168 | 104,092 | ||||
* | Exelixis Inc. | 4,807,000 | 91,862 | |||
* | Lantheus Holdings Inc. | 1,008,738 | 84,653 | |||
* | Ionis Pharmaceuticals Inc. | 2,006,354 | 82,321 | |||
* | Option Care Health Inc. | 2,520,041 | 81,876 | |||
* | Medpace Holdings Inc. | 338,215 | 81,229 | |||
* | Intra-Cellular Therapies Inc. | 1,274,258 | 80,686 | |||
* | HealthEquity Inc. | 1,261,383 | 79,644 | |||
* | Charles River Laboratories International Inc. | 378,387 | 79,556 | |||
* | Natera Inc. | 1,605,046 | 78,102 | |||
* | agilon health Inc. | 4,484,891 | 77,768 | |||
* | Alkermes plc | 2,451,709 | 76,738 | |||
Ensign Group Inc. | 784,811 | 74,918 | ||||
* | 10X Genomics Inc. Class A | 1,302,795 | 72,748 | |||
* | Merit Medical Systems Inc. | 850,081 | 71,101 | |||
* | Halozyme Therapeutics Inc. | 1,942,910 | 70,081 | |||
* | Globus Medical Inc. Class A | 1,149,299 | 68,429 | |||
* | Haemonetics Corp. | 747,284 | 63,624 | |||
* | Neogen Corp. | 2,870,507 | 62,434 | |||
* | Vaxcyte Inc. | 1,246,964 | 62,273 | |||
CONMED Corp. | 450,897 | 61,272 | ||||
* | QuidelOrtho Corp. | 738,936 | 61,228 | |||
* | ICU Medical Inc. | 337,211 | 60,088 | |||
* | Guardant Health Inc. | 1,619,094 | 57,964 | |||
* | Teladoc Health Inc. | 2,279,682 | 57,722 | |||
* | Novocure Ltd. | 1,390,389 | 57,701 | |||
* | Blueprint Medicines Corp. | 891,142 | 56,320 | |||
* | Doximity Inc. Class A | 1,579,574 | 53,737 |
Shares | Market Value• ($000) | |||||
* | Arrowhead Pharmaceuticals Inc. | 1,501,592 | 53,547 | |||
* | Amicus Therapeutics Inc. | 4,195,780 | 52,699 | |||
* | R1 RCM Inc. | 2,782,195 | 51,331 | |||
* | Intellia Therapeutics Inc. | 1,238,089 | 50,489 | |||
* | TG Therapeutics Inc. | 1,988,026 | 49,383 | |||
* | Omnicell Inc. | 666,563 | 49,106 | |||
* | Glaukos Corp. | 677,167 | 48,221 | |||
* | Evolent Health Inc. Class A | 1,582,487 | 47,949 | |||
* | Surgery Partners Inc. | 1,028,571 | 46,275 | |||
* | Ultragenyx Pharmaceutical Inc. | 990,880 | 45,709 | |||
* | Denali Therapeutics Inc. | 1,518,028 | 44,797 | |||
* | iRhythm Technologies Inc. | 428,009 | 44,650 | |||
* | PTC Therapeutics Inc. | 1,096,971 | 44,614 | |||
*,1 | Progyny Inc. | 1,116,719 | 43,932 | |||
* | Cytokinetics Inc. | 1,343,438 | 43,823 | |||
* | ACADIA Pharmaceuticals Inc. | 1,803,411 | 43,192 | |||
* | Insmed Inc. | 2,017,337 | 42,566 | |||
*,1 | Privia Health Group Inc. | 1,539,158 | 40,187 | |||
* | Inari Medical Inc. | 676,256 | 39,318 | |||
*,1 | Ginkgo Bioworks Holdings Inc. Class A | 21,095,230 | 39,237 | |||
* | REVOLUTION Medicines Inc. | 1,414,764 | 37,845 | |||
* | Axonics Inc. | 744,962 | 37,598 | |||
* | STAAR Surgical Co. | 714,651 | 37,569 | |||
* | Vir Biotechnology Inc. | 1,485,746 | 36,445 | |||
* | ImmunoGen Inc. | 1,891,702 | 35,696 | |||
* | Sage Therapeutics Inc. | 751,096 | 35,317 | |||
* | Beam Therapeutics Inc. | 1,070,589 | 34,184 | |||
* | AtriCure Inc. | 663,597 | 32,755 | |||
* | Certara Inc. | 1,772,354 | 32,275 | |||
* | NuVasive Inc. | 775,521 | 32,254 | |||
* | NeoGenomics Inc. | 1,886,342 | 30,314 | |||
* | Mirati Therapeutics Inc. | 774,183 | 27,971 | |||
* | Sotera Health Co. | 1,462,055 | 27,545 | |||
* | Veracyte Inc. | 1,070,790 | 27,273 | |||
* | CorVel Corp. | 139,546 | 27,002 | |||
*,1 | Corcept Therapeutics Inc. | 1,201,611 | 26,736 | |||
* | Pacira BioSciences Inc. | 646,035 | 25,887 | |||
* | Cerevel Therapeutics Holdings Inc. | 811,669 | 25,803 | |||
* | Tandem Diabetes Care Inc. | 955,503 | 23,448 | |||
* | Xencor Inc. | 892,984 | 22,298 | |||
* | Relay Therapeutics Inc. | 1,708,312 | 21,456 | |||
* | Integra LifeSciences Holdings Corp. | 514,879 | 21,177 | |||
* | Ironwood Pharmaceuticals Inc. Class A | 1,952,456 | 20,774 | |||
* | Maravai LifeSciences Holdings Inc. Class A | 1,657,575 | 20,604 |
Shares | Market Value• ($000) | |||||
* | Apollo Medical Holdings Inc. | 638,193 | 20,167 | |||
* | PROCEPT BioRobotics Corp. | 566,172 | 20,014 | |||
* | Zentalis Pharmaceuticals Inc. | 703,539 | 19,847 | |||
* | Hims & Hers Health Inc. | 2,079,669 | 19,549 | |||
* | SpringWorks Therapeutics Inc. | 739,567 | 19,391 | |||
* | Silk Road Medical Inc. | 544,010 | 17,675 | |||
* | Harmony Biosciences Holdings Inc. | 487,582 | 17,158 | |||
* | Amylyx Pharmaceuticals Inc. | 794,607 | 17,140 | |||
* | Arvinas Inc. | 671,142 | 16,658 | |||
* | Twist Bioscience Corp. | 802,788 | 16,425 | |||
* | Treace Medical Concepts Inc. | 634,788 | 16,238 | |||
* | Outset Medical Inc. | 727,890 | 15,919 | |||
*,1 | Warby Parker Inc. Class A | 1,212,121 | 14,170 | |||
* | AdaptHealth Corp. Class A | 1,091,282 | 13,281 | |||
* | Kymera Therapeutics Inc. | 572,461 | 13,161 | |||
* | Adaptive Biotechnologies Corp. | 1,920,496 | 12,887 | |||
* | Cytek Biosciences Inc. | 1,504,379 | 12,847 | |||
* | Nevro Corp. | 503,128 | 12,789 | |||
* | Recursion Pharmaceuticals Inc. Class A | 1,638,095 | 12,237 | |||
* | Verve Therapeutics Inc. | 641,019 | 12,019 | |||
* | Phreesia Inc. | 376,173 | 11,665 | |||
* | Agios Pharmaceuticals Inc. | 410,964 | 11,638 | |||
* | REGENXBIO Inc. | 578,486 | 11,564 | |||
* | Supernus Pharmaceuticals Inc. | 382,679 | 11,503 | |||
*,1 | LifeStance Health Group Inc. | 1,114,229 | 10,173 | |||
* | EQRx Inc. | 5,405,194 | 10,054 | |||
* | Health Catalyst Inc. | 790,298 | 9,879 | |||
* | BioCryst Pharmaceuticals Inc. | 1,396,854 | 9,834 | |||
* | Editas Medicine Inc. | 1,162,578 | 9,568 | |||
*,1 | Novavax Inc. | 1,276,101 | 9,481 | |||
HealthStream Inc. | 362,928 | 8,913 | ||||
* | Rocket Pharmaceuticals Inc. | 446,152 | 8,865 | |||
*,1 | Sana Biotechnology Inc. | 1,415,849 | 8,438 | |||
*,1 | Prime Medicine Inc. | 574,937 | 8,423 | |||
*,1 | Lyell Immunopharma Inc. | 2,583,591 | 8,216 | |||
* | Agiliti Inc. | 497,112 | 8,202 | |||
* | Alignment Healthcare Inc. | 1,392,739 | 8,008 | |||
* | Arcus Biosciences Inc. | 351,336 | 7,136 | |||
* | American Well Corp. Class A | 3,299,775 | 6,930 |
Shares | Market Value• ($000) | |||||
* | Accolade Inc. | 490,015 | 6,600 | |||
* | OPKO Health Inc. | 2,857,106 | 6,200 | |||
* | Theravance Biopharma Inc. | 598,451 | 6,194 | |||
* | Fate Therapeutics Inc. | 1,235,154 | 5,879 | |||
* | GoodRx Holdings Inc. Class A | 1,045,017 | 5,768 | |||
* | Alector Inc. | 924,483 | 5,556 | |||
*,1 | Allogene Therapeutics Inc. | 1,076,678 | 5,351 | |||
* | ACELYRIN Inc. | 251,507 | 5,256 | |||
* | AnaptysBio Inc. | 254,661 | 5,180 | |||
* | Cano Health Inc. | 3,711,610 | 5,159 | |||
*,1 | Clover Health Investments Corp. Class A | 5,235,235 | 4,697 | |||
*,1 | Butterfly Network Inc. | 1,960,942 | 4,510 | |||
*,1 | ImmunityBio Inc. | 1,611,516 | 4,480 | |||
* | FibroGen Inc. | 1,370,689 | 3,701 | |||
* | CareDx Inc. | 378,073 | 3,214 | |||
* | Erasca Inc. | 1,114,856 | 3,077 | |||
*,1 | ProKidney Corp. Class A | 250,485 | 2,803 | |||
* | Innovage Holding Corp. | 298,153 | 2,236 | |||
* | Cullinan Oncology Inc. | 189,340 | 2,037 | |||
*,1 | P3 Health Partners Inc. | 654,846 | 1,958 | |||
*,2 | OmniAb Inc. 12.5 Earnout | 45,320 | — | |||
*,2 | OmniAb Inc. 15 Earnout | 45,320 | — | |||
5,909,483 | ||||||
Industrials (19.8%) | ||||||
* | Fair Isaac Corp. | 350,823 | 283,889 | |||
Graco Inc. | 2,362,821 | 204,030 | ||||
* | Axon Enterprise Inc. | 1,036,802 | 202,301 | |||
Nordson Corp. | 761,339 | 188,949 | ||||
Watsco Inc. | 493,744 | 188,349 | ||||
Toro Co. | 1,540,383 | 156,580 | ||||
Lennox International Inc. | 471,948 | 153,888 | ||||
Cognex Corp. | 2,551,067 | 142,911 | ||||
* | WillScot Mobile Mini Holdings Corp. | 2,988,288 | 142,810 | |||
* | Generac Holdings Inc. | 917,612 | 136,843 | |||
* | Saia Inc. | 391,839 | 134,170 | |||
A O Smith Corp. | 1,839,238 | 133,860 | ||||
Advanced Drainage Systems Inc. | 1,107,908 | 126,058 | ||||
* | TopBuild Corp. | 468,849 | 124,723 | |||
* | WEX Inc. | 632,167 | 115,099 | |||
* | Paylocity Holding Corp. | 617,783 | 113,999 | |||
* | GXO Logistics Inc. | 1,755,781 | 110,298 | |||
Littelfuse Inc. | 366,623 | 106,801 | ||||
* | Trex Co. Inc. | 1,606,278 | 105,308 | |||
Curtiss-Wright Corp. | 566,102 | 103,970 | ||||
Landstar System Inc. | 530,547 | 102,152 | ||||
Genpact Ltd. | 2,718,836 | 102,147 | ||||
* | Chart Industries Inc. | 630,758 | 100,789 | |||
Eagle Materials Inc. | 522,330 | 97,373 | ||||
BWX Technologies Inc. | 1,349,950 | 96,616 |
Shares | Market Value• ($000) | |||||
Jack Henry & Associates Inc. | 537,851 | 89,999 | ||||
Simpson Manufacturing Co. Inc. | 629,802 | 87,228 | ||||
* | ATI Inc. | 1,897,075 | 83,908 | |||
* | Euronet Worldwide Inc. | 695,599 | 81,642 | |||
Maximus Inc. | 896,981 | 75,804 | ||||
* | ExlService Holdings Inc. | 466,004 | 70,395 | |||
Exponent Inc. | 750,126 | 70,002 | ||||
Badger Meter Inc. | 432,456 | 63,813 | ||||
* | AMN Healthcare Services Inc. | 584,754 | 63,808 | |||
Insperity Inc. | 535,550 | 63,709 | ||||
* | Aerojet Rocketdyne Holdings Inc. | 1,134,319 | 62,240 | |||
AAON Inc. | 641,718 | 60,840 | ||||
* | AZEK Co. Inc. Class A | 2,003,109 | 60,674 | |||
Franklin Electric Co. Inc. | 580,544 | 59,738 | ||||
* | Shift4 Payments Inc. Class A | 846,780 | 57,505 | |||
John Bean Technologies Corp. | 469,261 | 56,921 | ||||
* | MasTec Inc. | 466,240 | 55,002 | |||
Federal Signal Corp. | 855,272 | 54,763 | ||||
Herc Holdings Inc. | 398,891 | 54,588 | ||||
* | Middleby Corp. | 367,621 | 54,345 | |||
Woodward Inc. | 443,837 | 52,777 | ||||
Installed Building Products Inc. | 357,001 | 50,037 | ||||
Armstrong World Industries Inc. | 667,113 | 49,006 | ||||
* | Itron Inc. | 669,534 | 48,273 | |||
* | TriNet Group Inc. | 483,185 | 45,888 | |||
*,1 | Affirm Holdings Inc. Class A | 2,964,003 | 45,438 | |||
* | Flywire Corp. | 1,448,916 | 44,974 | |||
*,1 | Bloom Energy Corp. Class A | 2,708,911 | 44,291 | |||
Comfort Systems USA Inc. | 264,422 | 43,418 | ||||
* | Core & Main Inc. Class A | 1,367,244 | 42,849 | |||
Forward Air Corp. | 383,852 | 40,731 | ||||
FTAI Aviation Ltd. | 1,252,537 | 39,655 | ||||
* | Verra Mobility Corp. Class A | 2,001,344 | 39,467 | |||
Mueller Water Products Inc. Class A | 2,312,851 | 37,538 | ||||
* | ACI Worldwide Inc. | 1,601,656 | 37,110 | |||
* | AeroVironment Inc. | 354,877 | 36,297 | |||
* | Marqeta Inc. Class A | 7,183,175 | 34,982 | |||
* | Masonite International Corp. | 326,961 | 33,494 | |||
* | Remitly Global Inc. | 1,710,170 | 32,185 | |||
Helios Technologies Inc. | 482,700 | 31,902 | ||||
*,1 | Enovix Corp. | 1,753,834 | 31,639 | |||
* | Mercury Systems Inc. | 817,399 | 28,274 |
Shares | Market Value• ($000) | |||||
* | Kratos Defense & Security Solutions Inc. | 1,886,835 | 27,057 | |||
* | Hayward Holdings Inc. | 1,887,978 | 24,261 | |||
* | Dycom Industries Inc. | 206,168 | 23,431 | |||
Tennant Co. | 273,696 | 22,199 | ||||
*,1 | PureCycle Technologies Inc. | 1,935,919 | 20,695 | |||
Lindsay Corp. | 162,764 | 19,424 | ||||
* | Legalzoom.com Inc. | 1,554,175 | 18,774 | |||
* | Vicor Corp. | 336,053 | 18,147 | |||
* | Payoneer Global Inc. | 3,717,205 | 17,880 | |||
* | Gibraltar Industries Inc. | 224,839 | 14,147 | |||
* | Cimpress plc | 233,529 | 13,890 | |||
*,1 | Virgin Galactic Holdings Inc. | 3,551,517 | 13,780 | |||
*,1 | Leonardo DRS Inc. | 753,963 | 13,074 | |||
* | Janus International Group Inc. | 1,193,310 | 12,721 | |||
Enerpac Tool Group Corp. Class A | 422,748 | 11,414 | ||||
* | Air Transport Services Group Inc. | 503,031 | 9,492 | |||
* | ZipRecruiter Inc. Class A | 440,406 | 7,822 | |||
*,1 | Symbotic Inc. Class A | 181,682 | 7,778 | |||
*,1 | Desktop Metal Inc. Class A | 3,802,708 | 6,731 | |||
*,1 | Nikola Corp. | 4,363,012 | 6,021 | |||
* | CryoPort Inc. | 319,925 | 5,519 | |||
* | Sterling Check Corp. | 429,548 | 5,266 | |||
Gorman-Rupp Co. | 164,642 | 4,747 | ||||
* | TaskUS Inc. Class A | 380,235 | 4,304 | |||
*,1 | Global Business Travel Group I | 361,908 | 2,617 | |||
* | Forrester Research Inc. | 85,240 | 2,480 | |||
* | Paymentus Holdings Inc. Class A | 232,575 | 2,456 | |||
* | FARO Technologies Inc. | 132,913 | 2,153 | |||
*,1 | Atmus Filtration Technologies Inc. | 90,593 | 1,989 | |||
*,1 | TuSimple Holdings Inc. Class A | 1,027,873 | 1,706 | |||
* | Hyliion Holdings Corp. | 936,805 | 1,564 | |||
* | Microvast Holdings Inc. | 572,011 | 915 | |||
*,2 | Godha Cabcon & Insulation Ltd. | 289 | — | |||
6,035,516 | ||||||
Real Estate (5.7%) | ||||||
Equity LifeStyle Properties Inc. | 2,475,702 | 165,600 | ||||
American Homes 4 Rent Class A | 4,534,429 | 160,746 | ||||
CubeSmart | 3,318,693 | 148,213 | ||||
Rexford Industrial Realty Inc. | 2,797,981 | 146,111 | ||||
Americold Realty Trust Inc. | 3,989,922 | 128,874 |
Shares | Market Value• ($000) | |||||
Healthcare Realty Trust Inc. Class A | 5,622,836 | 106,047 | ||||
Host Hotels & Resorts Inc. | 5,249,163 | 88,343 | ||||
Spirit Realty Capital Inc. | 2,085,387 | 82,123 | ||||
Ryman Hospitality Properties Inc. | 830,214 | 77,143 | ||||
Terreno Realty Corp. | 1,228,457 | 73,830 | ||||
Kite Realty Group Trust | 3,235,663 | 72,285 | ||||
Lamar Advertising Co. Class A | 646,784 | 64,193 | ||||
Independence Realty Trust Inc. | 3,307,055 | 60,255 | ||||
Essential Properties Realty Trust Inc. | 2,200,723 | 51,805 | ||||
National Storage Affiliates Trust | 1,175,135 | 40,930 | ||||
* | Opendoor Technologies Inc. | 7,674,419 | 30,851 | |||
Innovative Industrial Properties Inc. | 414,529 | 30,265 | ||||
Phillips Edison & Co. Inc. | 867,241 | 29,556 | ||||
St. Joe Co. | 561,015 | 27,119 | ||||
Kilroy Realty Corp. | 865,985 | 26,057 | ||||
1 | eXp World Holdings Inc. | 1,134,435 | 23,006 | |||
RLJ Lodging Trust | 2,235,833 | 22,962 | ||||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 775,840 | 19,396 | ||||
* | Redfin Corp. | 1,556,496 | 19,332 | |||
Paramount Group Inc. | 2,731,389 | 12,100 | ||||
Universal Health Realty Income Trust | 183,749 | 8,743 | ||||
Marcus & Millichap Inc. | 170,844 | 5,383 | ||||
Alexander's Inc. | 14,957 | 2,750 | ||||
1,724,018 | ||||||
Technology (21.2%) | ||||||
Entegris Inc. | 2,210,728 | 244,993 | ||||
* | PTC Inc. | 1,661,351 | 236,410 | |||
* | Lattice Semiconductor Corp. | 2,033,480 | 195,356 | |||
* | Manhattan Associates Inc. | 916,334 | 183,157 | |||
* | Dynatrace Inc. | 3,215,955 | 165,525 | |||
* | Pure Storage Inc. Class A | 4,322,300 | 159,147 | |||
* | Ceridian HCM Holding Inc. | 2,173,540 | 145,562 | |||
National Instruments Corp. | 1,941,681 | 111,453 | ||||
Vertiv Holdings Co. Class A | 4,483,538 | 111,057 | ||||
* | Coherent Corp. | 2,057,404 | 104,886 | |||
* | SPS Commerce Inc. | 539,345 | 103,587 | |||
* | Dropbox Inc. Class A | 3,760,994 | 100,306 | |||
* | Nutanix Inc. Class A | 3,480,375 | 97,625 | |||
* | Novanta Inc. | 528,555 | 97,307 |
Shares | Market Value• ($000) | |||||
* | Wolfspeed Inc. | 1,737,508 | 96,588 | |||
Universal Display Corp. | 663,788 | 95,672 | ||||
* | Guidewire Software Inc. | 1,203,529 | 91,565 | |||
* | Axcelis Technologies Inc. | 482,674 | 88,489 | |||
* | Five9 Inc. | 1,049,743 | 86,551 | |||
* | Onto Innovation Inc. | 722,291 | 84,125 | |||
* | Confluent Inc. Class A | 2,353,460 | 83,101 | |||
* | Super Micro Computer Inc. | 329,722 | 82,183 | |||
* | UiPath Inc. Class A | 4,947,387 | 81,978 | |||
Power Integrations Inc. | 846,298 | 80,119 | ||||
* | Procore Technologies Inc. | 1,139,011 | 74,115 | |||
* | Tenable Holdings Inc. | 1,693,630 | 73,758 | |||
Dolby Laboratories Inc. Class A | 878,548 | 73,517 | ||||
* | Aspen Technology Inc. | 430,394 | 72,138 | |||
* | Smartsheet Inc. Class A | 1,862,699 | 71,267 | |||
* | Silicon Laboratories Inc. | 448,457 | 70,740 | |||
* | Workiva Inc. Class A | 694,305 | 70,583 | |||
* | Elastic NV | 1,097,335 | 70,361 | |||
* | Fabrinet | 535,522 | 69,554 | |||
* | AppLovin Corp. Class A | 2,602,077 | 66,951 | |||
* | Qualys Inc. | 517,057 | 66,788 | |||
* | DoubleVerify Holdings Inc. | 1,598,141 | 62,200 | |||
Advanced Energy Industries Inc. | 553,574 | 61,696 | ||||
* | Gitlab Inc. Class A | 1,197,704 | 61,215 | |||
* | Altair Engineering Inc. Class A | 789,760 | 59,895 | |||
* | Diodes Inc. | 642,210 | 59,398 | |||
* | Box Inc. Class A | 2,021,642 | 59,396 | |||
* | Toast Inc. Class A | 2,553,889 | 57,641 | |||
* | Samsara Inc. Class A | 2,069,995 | 57,360 | |||
* | IPG Photonics Corp. | 419,679 | 57,001 | |||
* | New Relic Inc. | 830,450 | 54,345 | |||
*,1 | C3.ai Inc. Class A | 1,446,615 | 52,700 | |||
* | Rambus Inc. | 804,384 | 51,617 | |||
* | MACOM Technology Solutions Holdings Inc. | 786,050 | 51,510 | |||
* | SentinelOne Inc. Class A | 3,301,021 | 49,845 | |||
* | Appfolio Inc. Class A | 276,342 | 47,570 | |||
* | CommVault Systems Inc. | 650,171 | 47,215 | |||
* | Ambarella Inc. | 554,232 | 46,373 | |||
* | Schrodinger Inc. | 922,073 | 46,030 | |||
* | Allegro MicroSystems Inc. | 992,357 | 44,795 | |||
* | Rogers Corp. | 275,147 | 44,555 | |||
*,1 | MicroStrategy Inc. Class A | 130,054 | 44,533 | |||
* | BlackLine Inc. | 804,934 | 43,322 | |||
* | Envestnet Inc. | 723,991 | 42,969 | |||
* | Perficient Inc. | 515,112 | 42,924 | |||
* | Varonis Systems Inc. Class B | 1,541,069 | 41,070 | |||
* | Alteryx Inc. Class A | 878,794 | 39,897 |
Shares | Market Value• ($000) | |||||
* | RingCentral Inc. Class A | 1,203,492 | 39,390 | |||
* | Freshworks Inc. Class A | 2,236,088 | 39,310 | |||
* | FormFactor Inc. | 1,140,662 | 39,033 | |||
* | Rapid7 Inc. | 847,735 | 38,385 | |||
* | Alarm.com Holdings Inc. | 700,077 | 36,180 | |||
* | Yelp Inc. Class A | 967,026 | 35,209 | |||
* | HashiCorp Inc. Class A | 1,324,676 | 34,680 | |||
*,1 | DigitalOcean Holdings Inc. | 853,594 | 34,263 | |||
* | MaxLinear Inc. Class A | 1,064,340 | 33,591 | |||
*,1 | IonQ Inc. | 2,377,861 | 32,172 | |||
* | Braze Inc. Class A | 731,459 | 32,031 | |||
* | Sprout Social Inc. Class A | 674,895 | 31,153 | |||
* | Cargurus Inc. Class A | 1,367,081 | 30,937 | |||
Pegasystems Inc. | 613,329 | 30,237 | ||||
* | Impinj Inc. | 334,944 | 30,028 | |||
* | nCino Inc. | 995,276 | 29,978 | |||
Clear Secure Inc. Class A | 1,267,860 | 29,376 | ||||
* | Appian Corp. Class A | 616,047 | 29,324 | |||
* | JFrog Ltd. | 1,054,477 | 29,209 | |||
* | SiTime Corp. | 243,429 | 28,717 | |||
* | Blackbaud Inc. | 398,189 | 28,343 | |||
* | PagerDuty Inc. | 1,215,744 | 27,330 | |||
* | Fastly Inc. Class A | 1,690,023 | 26,652 | |||
* | LiveRamp Holdings Inc. | 932,735 | 26,639 | |||
* | Magnite Inc. | 1,904,404 | 25,995 | |||
* | Asana Inc. Class A | 1,155,113 | 25,459 | |||
* | Q2 Holdings Inc. | 817,509 | 25,261 | |||
* | Semtech Corp. | 945,693 | 24,077 | |||
* | Bumble Inc. Class A | 1,423,994 | 23,895 | |||
* | Paycor HCM Inc. | 913,612 | 21,625 | |||
* | Zuora Inc. Class A | 1,909,329 | 20,945 | |||
* | Credo Technology Group Holding Ltd. | 1,203,467 | 20,868 | |||
* | Squarespace Inc. Class A | 645,398 | 20,356 | |||
* | Jamf Holding Corp. | 1,008,327 | 19,683 | |||
* | Sprinklr Inc. Class A | 1,379,626 | 19,080 | |||
* | PROS Holdings Inc. | 612,741 | 18,872 | |||
* | Veeco Instruments Inc. | 726,128 | 18,647 | |||
* | 3D Systems Corp. | 1,842,428 | 18,295 | |||
* | Zeta Global Holdings Corp. Class A | 1,990,377 | 16,998 | |||
Shutterstock Inc. | 346,495 | 16,864 | ||||
* | Yext Inc. | 1,470,419 | 16,630 | |||
* | Upwork Inc. | 1,776,125 | 16,589 | |||
* | Everbridge Inc. | 599,565 | 16,128 | |||
* | Intapp Inc. | 347,858 | 14,579 | |||
* | ForgeRock Inc. Class A | 689,351 | 14,159 | |||
* | Digital Turbine Inc. | 1,397,118 | 12,965 | |||
*,1 | Xometry Inc. Class A | 601,065 | 12,731 | |||
* | Vertex Inc. Class A | 637,078 | 12,423 | |||
* | EngageSmart Inc. | 616,319 | 11,766 | |||
* | PubMatic Inc. Class A | 630,963 | 11,534 | |||
* | AvePoint Inc. | 1,982,689 | 11,420 | |||
* | Eventbrite Inc. Class A | 1,156,946 | 11,049 |
Shares | Market Value• ($000) | |||||
* | Thoughtworks Holding Inc. | 1,407,277 | 10,625 | |||
* | nLight Inc. | 644,141 | 9,933 | |||
* | Olo Inc. Class A | 1,467,256 | 9,479 | |||
* | BigCommerce Holdings Inc. | 936,999 | 9,323 | |||
* | Amplitude Inc. Class A | 826,583 | 9,092 | |||
* | Planet Labs PBC | 2,814,705 | 9,063 | |||
* | SmartRent Inc. Class A | 2,359,448 | 9,037 | |||
* | Alkami Technology Inc. | 548,710 | 8,993 | |||
* | Vimeo Inc. | 2,081,520 | 8,576 | |||
* | CEVA Inc. | 328,979 | 8,405 | |||
* | Consensus Cloud Solutions Inc. | 261,627 | 8,110 | |||
* | N-able Inc. | 471,017 | 6,787 | |||
* | Definitive Healthcare Corp. Class A | 570,396 | 6,274 | |||
*,1 | MeridianLink Inc. | 298,137 | 6,201 | |||
* | Matterport Inc. | 1,843,415 | 5,807 | |||
* | Nextdoor Holdings Inc. | 1,647,534 | 5,371 | |||
* | NerdWallet Inc. Class A | 535,988 | 5,044 | |||
* | SEMrush Holdings Inc. Class A | 525,024 | 5,025 | |||
*,1 | Rumble Inc. | 494,362 | 4,410 | |||
* | Enfusion Inc. Class A | 388,558 | 4,360 | |||
* | EverCommerce Inc. | 277,974 | 3,291 | |||
*,1 | MediaAlpha Inc. Class A | 295,698 | 3,049 | |||
* | LivePerson Inc. | 554,950 | 2,508 | |||
* | SecureWorks Corp. Class A | 112,127 | 811 | |||
6,464,220 | ||||||
Telecommunications (1.9%) | ||||||
Iridium Communications Inc. | 1,673,262 | 103,943 | ||||
* | Ciena Corp. | 2,201,860 | 93,557 | |||
* | Roku Inc. Class A | 911,689 | 58,312 | |||
* | Lumentum Holdings Inc. | 964,996 | 54,744 | |||
* | Viasat Inc. | 1,080,364 | 44,576 | |||
Cable One Inc. | 66,973 | 44,007 | ||||
Cogent Communications Holdings Inc. | 640,570 | 43,104 | ||||
* | Calix Inc. | 832,544 | 41,552 | |||
InterDigital Inc. | 197,698 | 19,088 | ||||
*,1 | Infinera Corp. | 2,835,531 | 13,696 | |||
* | Globalstar Inc. | 10,723,833 | 11,582 | |||
ADTRAN Holdings Inc. | 1,046,772 | 11,022 | ||||
* | Gogo Inc. | 475,340 | 8,085 | |||
Shenandoah Telecommunications Co. | 352,843 | 6,856 | ||||
ATN International Inc. | 162,944 | 5,964 | ||||
*,1 | fuboTV Inc. | 2,049,688 | 4,263 | |||
* | 8x8 Inc. | 794,379 | 3,360 | |||
* | WideOpenWest Inc. | 376,828 | 3,180 | |||
570,891 | ||||||
Utilities (1.4%) | ||||||
* | Clean Harbors Inc. | 719,049 | 118,233 |
Shares | Market Value• ($000) | |||||
* | Casella Waste Systems Inc. Class A | 831,622 | 75,220 | |||
Vistra Corp. | 2,756,701 | 72,363 | ||||
Ormat Technologies Inc. | 750,342 | 60,373 | ||||
* | Sunrun Inc. | 3,028,546 | 54,090 | |||
*,1 | Sunnova Energy International Inc. | 1,461,526 | 26,761 | |||
California Water Service Group | 413,932 | 21,371 | ||||
*,1 | NuScale Power Corp. | 390,285 | 2,654 | |||
431,065 | ||||||
Total Common Stocks (Cost $26,131,912) | 30,441,914 | |||||
Temporary Cash Investments (2.6%) | ||||||
Money Market Fund (2.6%) | ||||||
3,4 | Vanguard Market Liquidity Fund, 5.150% (Cost $802,673) | 8,029,422 | 802,781 | |||
Total Investments (102.5%) (Cost $26,934,585) | 31,244,695 | |||||
Other Assets and Liabilities—Net (-2.5%) | (769,688) | |||||
Net Assets (100%) | 30,475,007 |
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 $729,107,000. |
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 $771,498,000 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 | September 2023 | 166 | 15,801 | 109 |
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) |
Elastic NV | 8/31/23 | BANA | 2,913 | (5.073) | — | (360) |
Fisker Inc. Class A | 1/31/24 | GSI | 4,816 | (5.076) | — | (313) |
Middleby Corp. | 8/31/23 | BANA | 3,696 | (5.073) | 428 | — |
Novocure Ltd. | 8/31/23 | BANA | 12,926 | (5.073) | — | (5,509) |
Wolfspeed Inc. | 8/31/23 | BANA | 4,804 | (5.073) | 736 | — |
1,164 | (6,182) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent reset 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 $26,131,912) | 30,441,914 |
Affiliated Issuers (Cost $802,673) | 802,781 |
Total Investments in Securities | 31,244,695 |
Investment in Vanguard | 1,001 |
Cash Collateral Pledged—Futures Contracts | 530 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 5,310 |
Receivables for Investment Securities Sold | 17,838 |
Receivables for Accrued Income | 14,539 |
Receivables for Capital Shares Issued | 8,171 |
Variation Margin Receivable—Futures Contracts | 26 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 1,164 |
Total Assets | 31,293,274 |
Liabilities | |
Due to Custodian | 18,509 |
Payables for Investment Securities Purchased | 10,343 |
Collateral for Securities on Loan | 771,498 |
Payables for Capital Shares Redeemed | 10,885 |
Payables to Vanguard | 850 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 6,182 |
Total Liabilities | 818,267 |
Net Assets | 30,475,007 |
1 Includes $729,107,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At June 30, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 31,193,584 |
Total Distributable Earnings (Loss) | (718,577) |
Net Assets | 30,475,007 |
Investor Shares—Net Assets | |
Applicable to 1,385,411 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 89,467 |
Net Asset Value Per Share—Investor Shares | $64.58 |
ETF Shares—Net Assets | |
Applicable to 61,781,268 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 14,189,161 |
Net Asset Value Per Share—ETF Shares | $229.67 |
Admiral Shares—Net Assets | |
Applicable to 159,510,323 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 12,880,680 |
Net Asset Value Per Share—Admiral Shares | $80.75 |
Institutional Shares—Net Assets | |
Applicable to 51,272,835 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,315,699 |
Net Asset Value Per Share—Institutional Shares | $64.67 |
Six Months Ended June 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends | 58,818 |
Interest1 | 1,038 |
Securities Lending—Net | 27,540 |
Total Income | 87,396 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 324 |
Management and Administrative—Investor Shares | 76 |
Management and Administrative—ETF Shares | 3,682 |
Management and Administrative—Admiral Shares | 3,643 |
Management and Administrative—Institutional Shares | 775 |
Marketing and Distribution—Investor Shares | 3 |
Marketing and Distribution—ETF Shares | 405 |
Marketing and Distribution—Admiral Shares | 333 |
Marketing and Distribution—Institutional Shares | 54 |
Custodian Fees | 132 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—ETF Shares | 260 |
Shareholders’ Reports—Admiral Shares | 84 |
Shareholders’ Reports—Institutional Shares | 55 |
Trustees’ Fees and Expenses | 7 |
Other Expenses | 13 |
Total Expenses | 9,846 |
Net Investment Income | 77,550 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | (554,930) |
Futures Contracts | 789 |
Swap Contracts | (6,099) |
Realized Net Gain (Loss) | (560,240) |
Statement of Operations (continued) | |
Six Months Ended June 30, 2023 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 4,416,068 |
Futures Contracts | (35) |
Swap Contracts | (1,740) |
Change in Unrealized Appreciation (Depreciation) | 4,414,293 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,931,603 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $998,000, ($37,000), and ($64,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $571,522,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 77,550 | 211,970 | |
Realized Net Gain (Loss) | (560,240) | (631,355) | |
Change in Unrealized Appreciation (Depreciation) | 4,414,293 | (10,014,591) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,931,603 | (10,433,976) | |
Distributions | |||
Investor Shares | (225) | (378) | |
ETF Shares | (42,950) | (65,152) | |
Admiral Shares | (39,571) | (62,927) | |
Institutional Shares | (10,357) | (16,002) | |
Total Distributions | (93,103) | (144,459) | |
Capital Share Transactions | |||
Investor Shares | (2,254) | (30,485) | |
ETF Shares | 401,673 | 383,979 | |
Admiral Shares | (250,963) | (400,974) | |
Institutional Shares | (44,930) | 230,883 | |
Net Increase (Decrease) from Capital Share Transactions | 103,526 | 183,403 | |
Total Increase (Decrease) | 3,942,026 | (10,395,032) | |
Net Assets | |||
Beginning of Period | 26,532,981 | 36,928,013 | |
End of Period | 30,475,007 | 26,532,981 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $56.38 | $79.21 | $75.20 | $55.89 | $42.36 | $45.24 |
Investment Operations | ||||||
Net Investment Income1 | .125 | .371 | .257 | .241 | .178 | .274 |
Net Realized and Unrealized Gain (Loss) on Investments | 8.236 | (22.943) | 3.938 | 19.331 | 13.617 | (2.879) |
Total from Investment Operations | 8.361 | (22.572) | 4.195 | 19.572 | 13.795 | (2.605) |
Distributions | ||||||
Dividends from Net Investment Income | (.161) | (.258) | (.185) | (.262) | (.265) | (.275) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.161) | (.258) | (.185) | (.262) | (.265) | (.275) |
Net Asset Value, End of Period | $64.58 | $56.38 | $79.21 | $75.20 | $55.89 | $42.36 |
Total Return2 | 14.85% | -28.49% | 5.58% | 35.12% | 32.60% | -5.80% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $89 | $80 | $149 | $209 | $171 | $1,461 |
Ratio of Total Expenses to Average Net Assets | 0.19% | 0.19%3 | 0.19% | 0.19% | 0.19% | 0.19% |
Ratio of Net Investment Income to Average Net Assets | 0.56% | 0.60% | 0.32% | 0.42% | 0.35% | 0.58% |
Portfolio Turnover Rate4 | 9% | 24% | 29% | 24% | 18% | 22% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $200.53 | $281.61 | $267.36 | $198.68 | $150.57 | $160.81 |
Investment Operations | ||||||
Net Investment Income1 | .587 | 1.623 | 1.291 | 1.129 | 1.175 | 1.214 |
Net Realized and Unrealized Gain (Loss) on Investments | 29.256 | (81.603) | 13.975 | 68.729 | 48.077 | (10.263) |
Total from Investment Operations | 29.843 | (79.980) | 15.266 | 69.858 | 49.252 | (9.049) |
Distributions | ||||||
Dividends from Net Investment Income | (.703) | (1.100) | (1.016) | (1.178) | (1.142) | (1.191) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.703) | (1.100) | (1.016) | (1.178) | (1.142) | (1.191) |
Net Asset Value, End of Period | $229.67 | $200.53 | $281.61 | $267.36 | $198.68 | $150.57 |
Total Return | 14.91% | -28.40% | 5.71% | 35.29% | 32.75% | -5.68% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $14,189 | $12,036 | $16,379 | $14,436 | $9,833 | $7,286 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07%2 | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 0.70% | 0.74% | 0.45% | 0.55% | 0.64% | 0.70% |
Portfolio Turnover Rate3 | 9% | 24% | 29% | 24% | 18% | 22% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $70.51 | $99.01 | $94.02 | $69.87 | $52.95 | $56.55 |
Investment Operations | ||||||
Net Investment Income1 | .205 | .568 | .448 | .392 | .419 | .423 |
Net Realized and Unrealized Gain (Loss) on Investments | 10.282 | (28.682) | 4.899 | 24.172 | 16.902 | (3.605) |
Total from Investment Operations | 10.487 | (28.114) | 5.347 | 24.564 | 17.321 | (3.182) |
Distributions | ||||||
Dividends from Net Investment Income | (.247) | (.386) | (.357) | (.414) | (.401) | (.418) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.247) | (.386) | (.357) | (.414) | (.401) | (.418) |
Net Asset Value, End of Period | $80.75 | $70.51 | $99.01 | $94.02 | $69.87 | $52.95 |
Total Return2 | 14.90% | -28.39% | 5.69% | 35.30% | 32.76% | -5.68% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $12,881 | $11,482 | $16,594 | $16,149 | $12,717 | $8,560 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07%3 | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 0.69% | 0.73% | 0.45% | 0.54% | 0.65% | 0.70% |
Portfolio Turnover Rate4 | 9% | 24% | 29% | 24% | 18% | 22% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $56.46 | $79.29 | $75.29 | $55.95 | $42.40 | $45.29 |
Investment Operations | ||||||
Net Investment Income1 | .167 | .465 | .367 | .319 | .327 | .335 |
Net Realized and Unrealized Gain (Loss) on Investments | 8.244 | (22.979) | 3.927 | 19.358 | 13.550 | (2.886) |
Total from Investment Operations | 8.411 | (22.514) | 4.294 | 19.677 | 13.877 | (2.551) |
Distributions | ||||||
Dividends from Net Investment Income | (.201) | (.316) | (.294) | (.337) | (.327) | (.339) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.201) | (.316) | (.294) | (.337) | (.327) | (.339) |
Net Asset Value, End of Period | $64.67 | $56.46 | $79.29 | $75.29 | $55.95 | $42.40 |
Total Return | 14.92% | -28.39% | 5.70% | 35.31% | 32.77% | -5.69% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,316 | $2,935 | $3,805 | $3,676 | $3,218 | $2,858 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06%2 | 0.06% | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 0.70% | 0.75% | 0.46% | 0.55% | 0.64% | 0.71% |
Portfolio Turnover Rate3 | 9% | 24% | 29% | 24% | 18% | 22% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | 30,441,914 | — | — | 30,441,914 |
Temporary Cash Investments | 802,781 | — | — | 802,781 |
Total | 31,244,695 | — | — | 31,244,695 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 109 | — | — | 109 |
Swap Contracts | — | 1,164 | — | 1,164 |
Total | 109 | 1,164 | — | 1,273 |
Liabilities | ||||
Swap Contracts | — | 6,182 | — | 6,182 |
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) | |
Tax Cost | 27,065,619 |
Gross Unrealized Appreciation | 8,555,675 |
Gross Unrealized Depreciation | (4,381,508) |
Net Unrealized Appreciation (Depreciation) | 4,174,167 |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 6,569 | 107 | 11,003 | 172 | |
Issued in Lieu of Cash Distributions | 225 | 3 | 378 | 7 | |
Redeemed | (9,048) | (148) | (41,866) | (639) | |
Net Increase (Decrease)—Investor Shares | (2,254) | (38) | (30,485) | (460) | |
ETF Shares | |||||
Issued | 1,868,265 | 8,559 | 4,457,870 | 20,609 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (1,466,592) | (6,800) | (4,073,891) | (18,750) | |
Net Increase (Decrease)—ETF Shares | 401,673 | 1,759 | 383,979 | 1,859 | |
Admiral Shares | |||||
Issued | 675,925 | 8,842 | 1,685,175 | 21,680 | |
Issued in Lieu of Cash Distributions | 35,251 | 467 | 56,168 | 800 | |
Redeemed | (962,139) | (12,650) | (2,142,317) | (27,226) | |
Net Increase (Decrease)—Admiral Shares | (250,963) | (3,341) | (400,974) | (4,746) | |
Institutional Shares | |||||
Issued | 282,003 | 4,623 | 652,486 | 10,669 | |
Issued in Lieu of Cash Distributions | 9,663 | 160 | 14,928 | 265 | |
Redeemed | (336,596) | (5,491) | (436,531) | (6,944) | |
Net Increase (Decrease)—Institutional Shares | (44,930) | (708) | 230,883 | 3,990 |
Basic Materials | 5.5% |
Consumer Discretionary | 15.8 |
Consumer Staples | 3.4 |
Energy | 4.5 |
Financials | 19.9 |
Health Care | 6.2 |
Industrials | 24.0 |
Real Estate | 8.9 |
Technology | 6.3 |
Telecommunications | 0.8 |
Utilities | 4.7 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.8%) | ||||||
Basic Materials (5.5%) | ||||||
Reliance Steel & Aluminum Co. | 1,052,218 | 285,772 | ||||
Steel Dynamics Inc. | 1,437,405 | 156,577 | ||||
* | Cleveland-Cliffs Inc. | 9,221,053 | 154,545 | |||
Olin Corp. | 2,342,879 | 120,401 | ||||
Commercial Metals Co. | 2,096,470 | 110,400 | ||||
Alcoa Corp. | 3,194,745 | 108,398 | ||||
Timken Co. | 1,166,566 | 106,776 | ||||
UFP Industries Inc. | 1,056,064 | 102,491 | ||||
* | Univar Solutions Inc. | 2,823,048 | 101,178 | |||
Chemours Co. | 2,670,229 | 98,505 | ||||
Valvoline Inc. | 2,485,262 | 93,222 | ||||
United States Steel Corp. | 3,647,349 | 91,220 | ||||
Mueller Industries Inc. | 969,008 | 84,575 | ||||
Huntsman Corp. | 3,122,736 | 84,376 | ||||
Element Solutions Inc. | 3,888,959 | 74,668 | ||||
Ashland Inc. | 850,228 | 73,893 | ||||
Cabot Corp. | 1,004,651 | 67,201 | ||||
Avient Corp. | 1,629,966 | 66,666 | ||||
Boise Cascade Co. | 708,357 | 64,000 | ||||
Sensient Technologies Corp. | 755,809 | 53,761 | ||||
* | Arconic Corp. | 1,793,499 | 53,052 | |||
Carpenter Technology Corp. | 868,685 | 48,759 | ||||
Scotts Miracle-Gro Co. | 752,196 | 47,155 | ||||
Innospec Inc. | 444,920 | 44,688 | ||||
Materion Corp. | 368,702 | 42,106 | ||||
Worthington Industries Inc. | 534,076 | 37,102 | ||||
Stepan Co. | 379,691 | 36,283 | ||||
Westlake Corp. | 285,447 | 34,102 | ||||
Minerals Technologies Inc. | 582,236 | 33,589 | ||||
Hecla Mining Co. | 5,207,511 | 26,819 | ||||
Tronox Holdings plc | 2,102,973 | 26,729 | ||||
* | Ecovyst Inc. | 1,766,492 | 20,244 | |||
Kaiser Aluminum Corp. | 271,551 | 19,454 |
Shares | Market Value• ($000) | |||||
GrafTech International Ltd. | 3,444,503 | 17,360 | ||||
* | Coeur Mining Inc. | 5,362,257 | 15,229 | |||
Mativ Holdings Inc. | 932,122 | 14,094 | ||||
Schnitzer Steel Industries Inc. Class A | 438,855 | 13,161 | ||||
Compass Minerals International Inc. | 368,004 | 12,512 | ||||
Koppers Holdings Inc. | 354,002 | 12,071 | ||||
2,653,134 | ||||||
Consumer Discretionary (15.8%) | ||||||
Aramark | 4,664,907 | 200,824 | ||||
Tapestry Inc. | 4,149,534 | 177,600 | ||||
Service Corp. International | 2,570,541 | 166,031 | ||||
* | Norwegian Cruise Line Holdings Ltd. | 7,594,451 | 165,331 | |||
Hasbro Inc. | 2,357,285 | 152,681 | ||||
Lear Corp. | 1,056,877 | 151,715 | ||||
* | BJ's Wholesale Club Holdings Inc. | 2,405,487 | 151,570 | |||
Lithia Motors Inc. Class A | 492,844 | 149,879 | ||||
Toll Brothers Inc. | 1,882,878 | 148,879 | ||||
Bath & Body Works Inc. | 3,893,445 | 146,004 | ||||
Whirlpool Corp. | 980,604 | 145,904 | ||||
Dick's Sporting Goods Inc. | 1,065,573 | 140,858 | ||||
Interpublic Group of Cos. Inc. | 3,455,858 | 133,327 | ||||
* | Mattel Inc. | 6,337,416 | 123,833 | |||
* | Alaska Air Group Inc. | 2,290,803 | 121,825 | |||
Polaris Inc. | 967,807 | 117,037 | ||||
Williams-Sonoma Inc. | 925,072 | 115,763 | ||||
*,1 | GameStop Corp. Class A | 4,636,853 | 112,444 | |||
* | Light & Wonder Inc. | 1,631,711 | 112,196 | |||
New York Times Co. Class A | 2,788,039 | 109,793 | ||||
Murphy USA Inc. | 350,973 | 109,191 | ||||
* | AutoNation Inc. | 653,217 | 107,526 | |||
* | American Airlines Group Inc. | 5,842,489 | 104,814 |
Shares | Market Value• ($000) | |||||
PVH Corp. | 1,124,038 | 95,509 | ||||
* | Asbury Automotive Group Inc. | 385,482 | 92,678 | |||
Wynn Resorts Ltd. | 865,521 | 91,408 | ||||
* | Taylor Morrison Home Corp. Class A | 1,855,052 | 90,471 | |||
Thor Industries Inc. | 862,240 | 89,242 | ||||
Meritage Homes Corp. | 625,065 | 88,928 | ||||
U-Haul Holding Co. (XNYS) | 1,739,653 | 88,148 | ||||
H&R Block Inc. | 2,725,732 | 86,869 | ||||
Ralph Lauren Corp. Class A | 661,904 | 81,613 | ||||
Harley-Davidson Inc. | 2,315,868 | 81,542 | ||||
* | Avis Budget Group Inc. | 355,773 | 81,355 | |||
* | Capri Holdings Ltd. | 2,250,002 | 80,753 | |||
Macy's Inc. | 4,873,289 | 78,216 | ||||
* | Coty Inc. Class A | 6,103,322 | 75,010 | |||
Academy Sports & Outdoors Inc. | 1,378,613 | 74,514 | ||||
* | Goodyear Tire & Rubber Co. | 5,071,762 | 69,382 | |||
Marriott Vacations Worldwide Corp. | 559,784 | 68,697 | ||||
KB Home | 1,328,384 | 68,691 | ||||
Leggett & Platt Inc. | 2,262,747 | 67,023 | ||||
* | Penn Entertainment Inc. | 2,758,020 | 66,275 | |||
Wendy's Co. | 3,016,324 | 65,605 | ||||
TEGNA Inc. | 4,026,966 | 65,398 | ||||
Group 1 Automotive Inc. | 240,383 | 62,043 | ||||
Penske Automotive Group Inc. | 370,358 | 61,713 | ||||
VF Corp. | 3,129,933 | 59,750 | ||||
* | Tri Pointe Homes Inc. | 1,790,859 | 58,848 | |||
Newell Brands Inc. | 6,667,042 | 58,003 | ||||
* | Lyft Inc. Class A | 5,618,107 | 53,878 | |||
Travel + Leisure Co. | 1,296,725 | 52,310 | ||||
* | JetBlue Airways Corp. | 5,866,953 | 51,981 | |||
Nexstar Media Group Inc. Class A | 304,704 | 50,748 | ||||
Signet Jewelers Ltd. | 767,160 | 50,065 | ||||
MDC Holdings Inc. | 1,046,539 | 48,947 | ||||
Carter's Inc. | 640,527 | 46,502 | ||||
* | Helen of Troy Ltd. | 430,035 | 46,452 | |||
Kohl's Corp. | 1,981,007 | 45,662 | ||||
Rush Enterprises Inc. Class A | 749,388 | 45,518 | ||||
Foot Locker Inc. | 1,671,393 | 45,311 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class C | 1,363,230 | 44,618 | |||
Gap Inc. | 4,934,646 | 44,066 | ||||
Kontoor Brands Inc. | 1,003,252 | 42,237 | ||||
Bloomin' Brands Inc. | 1,561,833 | 41,998 | ||||
* | Hertz Global Holdings Inc. | 2,255,898 | 41,486 |
Shares | Market Value• ($000) | |||||
Red Rock Resorts Inc. Class A | 884,964 | 41,399 | ||||
*,1 | AMC Entertainment Holdings Inc. Class A | 9,286,208 | 40,859 | |||
Dana Inc. | 2,324,252 | 39,512 | ||||
Advance Auto Parts Inc. | 531,471 | 37,362 | ||||
American Eagle Outfitters Inc. | 3,148,648 | 37,154 | ||||
Cracker Barrel Old Country Store Inc. | 396,253 | 36,923 | ||||
Graham Holdings Co. Class B | 64,222 | 36,702 | ||||
* | Urban Outfitters Inc. | 1,077,550 | 35,699 | |||
1 | Nordstrom Inc. | 1,732,365 | 35,461 | |||
* | National Vision Holdings Inc. | 1,396,816 | 33,929 | |||
PriceSmart Inc. | 443,710 | 32,861 | ||||
* | SkyWest Inc. | 794,999 | 32,372 | |||
* | Cinemark Holdings Inc. | 1,957,260 | 32,295 | |||
* | Abercrombie & Fitch Co. Class A | 850,743 | 32,056 | |||
* | PowerSchool Holdings Inc. Class A | 1,614,915 | 30,909 | |||
Laureate Education Inc. | 2,530,698 | 30,596 | ||||
* | OPENLANE Inc. | 1,953,820 | 29,737 | |||
Acushnet Holdings Corp. | 542,324 | 29,654 | ||||
* | Knowles Corp. | 1,635,116 | 29,530 | |||
* | ODP Corp. | 621,505 | 29,099 | |||
* | Brinker International Inc. | 792,506 | 29,006 | |||
Cheesecake Factory Inc. | 826,829 | 28,592 | ||||
Hanesbrands Inc. | 5,940,680 | 26,971 | ||||
* | PROG Holdings Inc. | 836,295 | 26,862 | |||
Strategic Education Inc. | 395,866 | 26,856 | ||||
Oxford Industries Inc. | 268,100 | 26,386 | ||||
* | Central Garden & Pet Co. Class A | 702,838 | 25,625 | |||
* | Adtalem Global Education Inc. | 740,933 | 25,444 | |||
John Wiley & Sons Inc. Class A | 747,000 | 25,420 | ||||
Upbound Group Inc. | 800,547 | 24,921 | ||||
* | Under Armour Inc. Class A | 3,377,388 | 24,385 | |||
* | Victoria's Secret & Co. | 1,390,943 | 24,244 | |||
* | Sally Beauty Holdings Inc. | 1,924,228 | 23,764 | |||
1 | Dillard's Inc. Class A | 70,167 | 22,894 | |||
HNI Corp. | 788,885 | 22,231 | ||||
La-Z-Boy Inc. | 771,814 | 22,105 | ||||
Matthews International Corp. Class A | 517,679 | 22,063 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 664,407 | 21,799 | |||
* | Under Armour Inc. Class C | 3,167,249 | 21,252 |
Shares | Market Value• ($000) | |||||
Steven Madden Ltd. | 611,937 | 20,004 | ||||
MillerKnoll Inc. | 1,353,028 | 19,998 | ||||
Wolverine World Wide Inc. | 1,350,033 | 19,832 | ||||
Scholastic Corp. | 505,477 | 19,658 | ||||
Buckle Inc. | 541,618 | 18,740 | ||||
* | Lions Gate Entertainment Corp. Class B | 2,215,141 | 18,496 | |||
Krispy Kreme Inc. | 1,203,681 | 17,730 | ||||
Sturm Ruger & Co. Inc. | 316,811 | 16,778 | ||||
Spirit Airlines Inc. | 976,479 | 16,756 | ||||
* | American Axle & Manufacturing Holdings Inc. | 1,988,870 | 16,448 | |||
Dine Brands Global Inc. | 266,222 | 15,449 | ||||
* | Vista Outdoor Inc. | 510,647 | 14,130 | |||
* | Stride Inc. | 365,724 | 13,616 | |||
* | G-III Apparel Group Ltd. | 693,316 | 13,360 | |||
Steelcase Inc. Class A | 1,589,783 | 12,257 | ||||
Sonic Automotive Inc. Class A | 251,085 | 11,969 | ||||
Levi Strauss & Co. Class A | 795,479 | 11,479 | ||||
* | EW Scripps Co. Class A | 1,230,117 | 11,256 | |||
Monro Inc. | 266,993 | 10,848 | ||||
1 | Guess? Inc. | 547,688 | 10,653 | |||
* | Lions Gate Entertainment Corp. Class A | 1,117,428 | 9,867 | |||
* | GoPro Inc. Class A | 2,199,174 | 9,105 | |||
* | Clear Channel Outdoor Holdings Inc. | 6,478,721 | 8,876 | |||
1 | Designer Brands Inc. Class A | 876,393 | 8,852 | |||
U-Haul Holding Co. | 155,795 | 8,619 | ||||
1 | Sinclair Inc. | 562,008 | 7,767 | |||
* | Udemy Inc. | 723,743 | 7,766 | |||
Caleres Inc. | 308,458 | 7,381 | ||||
* | Central Garden & Pet Co. | 169,327 | 6,565 | |||
* | AMC Networks Inc. Class A | 544,210 | 6,503 | |||
* | Petco Health & Wellness Co. Inc. Class A | 717,255 | 6,384 | |||
* | BJ's Restaurants Inc. | 200,097 | 6,363 | |||
1 | Cricut Inc. Class A | 505,744 | 6,170 | |||
Rush Enterprises Inc. Class B | 90,177 | 6,137 | ||||
* | Cava Group Inc. | 149,773 | 6,133 | |||
* | Sleep Number Corp. | 188,563 | 5,144 | |||
Smith & Wesson Brands Inc. | 390,052 | 5,086 | ||||
* | Hawaiian Holdings Inc. | 438,125 | 4,719 | |||
Interface Inc. Class A | 493,111 | 4,334 |
Shares | Market Value• ($000) | |||||
* | iHeartMedia Inc. Class A | 927,384 | 3,376 | |||
* | Qurate Retail Inc. Class A | 3,156,028 | 3,124 | |||
*,1 | SES AI Corp. | 1,095,279 | 2,672 | |||
* | 2U Inc. | 341,549 | 1,376 | |||
* | Vacasa Inc. Class A | 586,884 | 398 | |||
* | Savers Value Village Inc. | 15,560 | 369 | |||
* | Cars.com Inc. | 140 | 3 | |||
Big Lots Inc. | 63 | 1 | ||||
* | Children's Place Inc. | 28 | 1 | |||
* | Genesco Inc. | 21 | 1 | |||
* | Zumiez Inc. | 35 | 1 | |||
7,571,967 | ||||||
Consumer Staples (3.4%) | ||||||
Bunge Ltd. | 2,695,616 | 254,331 | ||||
* | US Foods Holding Corp. | 3,998,275 | 175,924 | |||
* | Performance Food Group Co. | 2,795,453 | 168,398 | |||
Ingredion Inc. | 1,122,753 | 118,956 | ||||
Molson Coors Beverage Co. Class B | 1,614,249 | 106,282 | ||||
Flowers Foods Inc. | 3,032,509 | 75,449 | ||||
* | Sprouts Farmers Market Inc. | 1,843,356 | 67,707 | |||
* | Hostess Brands Inc. Class A | 2,377,160 | 60,190 | |||
Spectrum Brands Holdings Inc. | 733,650 | 57,261 | ||||
* | TreeHouse Foods Inc. | 1,007,508 | 50,758 | |||
* | Grocery Outlet Holding Corp. | 1,582,308 | 48,434 | |||
Energizer Holdings Inc. | 1,278,802 | 42,942 | ||||
* | Post Holdings Inc. | 456,122 | 39,523 | |||
Edgewell Personal Care Co. | 869,763 | 35,930 | ||||
Lancaster Colony Corp. | 172,337 | 34,655 | ||||
Vector Group Ltd. | 2,372,118 | 30,387 | ||||
Nu Skin Enterprises Inc. Class A | 892,737 | 29,639 | ||||
Reynolds Consumer Products Inc. | 939,317 | 26,536 | ||||
Andersons Inc. | 543,151 | 25,066 | ||||
* | Herbalife Ltd. | 1,681,281 | 22,260 | |||
Universal Corp. | 417,351 | 20,843 | ||||
* | United Natural Foods Inc. | 1,062,659 | 20,775 | |||
* | Hain Celestial Group Inc. | 1,600,195 | 20,018 | |||
Weis Markets Inc. | 288,736 | 18,540 | ||||
Fresh Del Monte Produce Inc. | 687,002 | 17,663 | ||||
1 | B&G Foods Inc. | 1,227,287 | 17,084 | |||
Seaboard Corp. | 4,153 | 14,788 | ||||
* | Pilgrim's Pride Corp. | 635,290 | 13,652 | |||
* | Duckhorn Portfolio Inc. | 721,498 | 9,358 | |||
ACCO Brands Corp. | 1,613,216 | 8,405 |
Shares | Market Value• ($000) | |||||
* | USANA Health Sciences Inc. | 103,578 | 6,530 | |||
*,1 | BRC Inc. Class A | 786,289 | 4,057 | |||
1,642,341 | ||||||
Energy (4.5%) | ||||||
Chesapeake Energy Corp. | 2,275,940 | 190,451 | ||||
APA Corp. | 5,523,272 | 188,730 | ||||
Ovintiv Inc. | 4,376,758 | 166,623 | ||||
Range Resources Corp. | 4,103,265 | 120,636 | ||||
* | Southwestern Energy Co. | 19,711,161 | 118,464 | |||
HF Sinclair Corp. | 2,581,597 | 115,165 | ||||
* | Antero Resources Corp. | 4,835,992 | 111,373 | |||
Chord Energy Corp. | 706,714 | 108,693 | ||||
Murphy Oil Corp. | 2,655,290 | 101,698 | ||||
DT Midstream Inc. | 1,734,415 | 85,975 | ||||
PBF Energy Inc. Class A | 2,031,084 | 83,153 | ||||
Equitrans Midstream Corp. | 7,364,042 | 70,400 | ||||
Antero Midstream Corp. | 6,007,627 | 69,688 | ||||
Arcosa Inc. | 866,697 | 65,670 | ||||
California Resources Corp. | 1,262,312 | 57,170 | ||||
* | CNX Resources Corp. | 2,814,248 | 49,868 | |||
Peabody Energy Corp. | 2,200,957 | 47,673 | ||||
Permian Resources Corp. Class A | 4,217,554 | 46,224 | ||||
Patterson-UTI Energy Inc. | 3,540,237 | 42,377 | ||||
Warrior Met Coal Inc. | 930,535 | 36,244 | ||||
Arch Resources Inc. | 317,505 | 35,802 | ||||
SM Energy Co. | 1,078,076 | 34,100 | ||||
Helmerich & Payne Inc. | 825,886 | 29,278 | ||||
Delek US Holdings Inc. | 1,175,959 | 28,164 | ||||
Archrock Inc. | 2,663,553 | 27,301 | ||||
World Kinect Corp. | 1,055,962 | 21,837 | ||||
* | NOW Inc. | 1,913,827 | 19,827 | |||
CVR Energy Inc. | 539,570 | 16,166 | ||||
* | NexTier Oilfield Solutions Inc. | 1,752,610 | 15,668 | |||
* | ProPetro Holding Corp. | 1,752,315 | 14,439 | |||
* | MRC Global Inc. | 1,431,281 | 14,413 | |||
Core Laboratories Inc. | 417,424 | 9,705 | ||||
Vitesse Energy Inc. | 386,288 | 8,653 | ||||
1 | Crescent Energy Co. Class A | 692,157 | 7,212 | |||
*,1 | ProFrac Holding Corp. Class A | 426,664 | 4,762 | |||
* | Transocean Ltd. | 1,540 | 11 | |||
* | NEXTracker Inc. Class A | 70 | 3 | |||
* | Fluence Energy Inc. Class A | 91 | 2 |
Shares | Market Value• ($000) | |||||
Atlas Energy Solutions Inc. Class A | 42 | 1 | ||||
* | OPAL Fuels Inc. Class A | 28 | — | |||
2,163,619 | ||||||
Financials (19.8%) | ||||||
First Citizens BancShares Inc. Class A | 181,397 | 232,814 | ||||
RenaissanceRe Holdings Ltd. | 899,054 | 167,692 | ||||
Reinsurance Group of America Inc. | 1,191,001 | 165,180 | ||||
American Financial Group Inc. | 1,295,705 | 153,865 | ||||
New York Community Bancorp Inc. | 12,927,767 | 145,308 | ||||
Carlyle Group Inc. | 4,538,390 | 145,002 | ||||
Unum Group | 2,998,262 | 143,017 | ||||
Brown & Brown Inc. | 2,030,504 | 139,780 | ||||
Invesco Ltd. | 8,204,421 | 137,916 | ||||
East West Bancorp Inc. | 2,533,376 | 133,737 | ||||
Ally Financial Inc. | 4,847,845 | 130,940 | ||||
Primerica Inc. | 653,468 | 129,230 | ||||
SEI Investments Co. | 2,146,874 | 127,997 | ||||
Voya Financial Inc. | 1,759,865 | 126,200 | ||||
Assurant Inc. | 951,483 | 119,620 | ||||
Old Republic International Corp. | 4,716,248 | 118,708 | ||||
Webster Financial Corp. | 3,129,594 | 118,142 | ||||
Cullen/Frost Bankers Inc. | 1,037,785 | 111,593 | ||||
First Horizon Corp. | 9,628,047 | 108,508 | ||||
AGNC Investment Corp. | 10,666,877 | 108,056 | ||||
Stifel Financial Corp. | 1,805,189 | 107,716 | ||||
RLI Corp. | 771,604 | 105,301 | ||||
Selective Insurance Group Inc. | 1,082,901 | 103,904 | ||||
1 | Starwood Property Trust Inc. | 5,308,937 | 102,993 | |||
First American Financial Corp. | 1,755,728 | 100,112 | ||||
Comerica Inc. | 2,357,407 | 99,860 | ||||
Commerce Bancshares Inc. | 2,009,205 | 97,848 | ||||
Jefferies Financial Group Inc. | 2,924,677 | 97,012 | ||||
Affiliated Managers Group Inc. | 646,068 | 96,839 | ||||
OneMain Holdings Inc. | 2,159,290 | 94,339 | ||||
Prosperity Bancshares Inc. | 1,605,822 | 90,697 | ||||
SouthState Corp. | 1,361,318 | 89,575 | ||||
Annaly Capital Management Inc. | 4,422,274 | 88,490 | ||||
Equitable Holdings Inc. | 3,187,682 | 86,577 | ||||
Essent Group Ltd. | 1,824,241 | 85,375 | ||||
Globe Life Inc. | 768,764 | 84,272 |
Shares | Market Value• ($000) | |||||
MGIC Investment Corp. | 5,129,893 | 81,001 | ||||
Rithm Capital Corp. | 8,648,472 | 80,863 | ||||
Bank OZK | 1,992,342 | 80,012 | ||||
Wintrust Financial Corp. | 1,095,284 | 79,540 | ||||
Home BancShares Inc. | 3,448,121 | 78,617 | ||||
Lincoln National Corp. | 3,035,421 | 78,192 | ||||
Popular Inc. | 1,288,019 | 77,951 | ||||
Evercore Inc. Class A | 617,569 | 76,325 | ||||
Columbia Banking System Inc. | 3,731,622 | 75,677 | ||||
Synovus Financial Corp. | 2,484,342 | 75,151 | ||||
FNB Corp. | 6,461,086 | 73,915 | ||||
Axis Capital Holdings Ltd. | 1,372,434 | 73,878 | ||||
Old National Bancorp | 5,236,211 | 72,993 | ||||
United Bankshares Inc. | 2,414,937 | 71,651 | ||||
Zions Bancorp NA | 2,650,378 | 71,189 | ||||
SLM Corp. | 4,338,345 | 70,802 | ||||
Radian Group Inc. | 2,797,724 | 70,726 | ||||
First Financial Bankshares Inc. | 2,426,751 | 69,138 | ||||
American Equity Investment Life Holding Co. | 1,324,722 | 69,031 | ||||
Western Alliance Bancorp | 1,861,630 | 67,894 | ||||
Hanover Insurance Group Inc. | 575,463 | 65,045 | ||||
Janus Henderson Group plc | 2,370,900 | 64,607 | ||||
Cadence Bank | 3,269,771 | 64,218 | ||||
Glacier Bancorp Inc. | 1,984,015 | 61,842 | ||||
Lazard Ltd. Class A | 1,916,771 | 61,337 | ||||
1 | Blackstone Mortgage Trust Inc. Class A | 2,929,587 | 60,965 | |||
FirstCash Holdings Inc. | 650,779 | 60,737 | ||||
White Mountains Insurance Group Ltd. | 43,568 | 60,512 | ||||
Valley National Bancorp | 7,723,843 | 59,860 | ||||
* | Brighthouse Financial Inc. | 1,196,205 | 56,640 | |||
Assured Guaranty Ltd. | 1,008,892 | 56,296 | ||||
Hancock Whitney Corp. | 1,463,078 | 56,153 | ||||
* | Enstar Group Ltd. | 229,438 | 56,038 | |||
* | Mr Cooper Group Inc. | 1,095,803 | 55,491 | |||
Kemper Corp. | 1,145,061 | 55,261 | ||||
Federated Hermes Inc. Class B | 1,521,333 | 54,540 | ||||
1 | Moelis & Co. Class A | 1,190,680 | 53,985 | |||
United Community Banks Inc. | 1,957,351 | 48,914 | ||||
Artisan Partners Asset Management Inc. Class A | 1,224,586 | 48,139 | ||||
CNO Financial Group Inc. | 1,946,782 | 46,080 |
Shares | Market Value• ($000) | |||||
Jackson Financial Inc. Class A | 1,475,806 | 45,174 | ||||
Community Bank System Inc. | 961,148 | 45,059 | ||||
Walker & Dunlop Inc. | 566,657 | 44,817 | ||||
Houlihan Lokey Inc. Class A | 452,990 | 44,533 | ||||
International Bancshares Corp. | 1,000,010 | 44,200 | ||||
* | Texas Capital Bancshares Inc. | 856,365 | 44,103 | |||
1 | Arbor Realty Trust Inc. | 2,917,226 | 43,233 | |||
* | Genworth Financial Inc. Class A | 8,549,982 | 42,750 | |||
UMB Financial Corp. | 694,091 | 42,270 | ||||
Associated Banc-Corp | 2,564,323 | 41,619 | ||||
WSFS Financial Corp. | 1,099,145 | 41,460 | ||||
First Hawaiian Inc. | 2,282,535 | 41,108 | ||||
Ameris Bancorp | 1,178,990 | 40,333 | ||||
Cathay General Bancorp | 1,237,251 | 39,827 | ||||
* | Axos Financial Inc. | 1,004,508 | 39,618 | |||
First Bancorp | 3,216,343 | 39,304 | ||||
Piper Sandler Cos. | 301,510 | 38,973 | ||||
Simmons First National Corp. Class A | 2,163,981 | 37,329 | ||||
Pinnacle Financial Partners Inc. | 652,012 | 36,937 | ||||
First Interstate BancSystem Inc. Class A | 1,493,593 | 35,607 | ||||
Pacific Premier Bancorp Inc. | 1,720,900 | 35,588 | ||||
Fulton Financial Corp. | 2,960,524 | 35,289 | ||||
Eastern Bankshares Inc. | 2,838,655 | 34,830 | ||||
Atlantic Union Bankshares Corp. | 1,341,634 | 34,815 | ||||
BOK Financial Corp. | 416,952 | 33,681 | ||||
Independent Bank Corp. | 749,857 | 33,376 | ||||
First Financial Bancorp | 1,617,213 | 33,056 | ||||
TPG Inc. Class A | 1,098,742 | 32,149 | ||||
CVB Financial Corp. | 2,367,143 | 31,436 | ||||
PennyMac Financial Services Inc. | 446,586 | 31,399 | ||||
Washington Federal Inc. | 1,177,066 | 31,216 | ||||
First Merchants Corp. | 1,067,640 | 30,140 | ||||
BancFirst Corp. | 323,736 | 29,784 | ||||
Navient Corp. | 1,583,593 | 29,423 | ||||
Bank of Hawaii Corp. | 709,346 | 29,246 | ||||
BankUnited Inc. | 1,331,178 | 28,687 | ||||
Apollo Commercial Real Estate Finance Inc. | 2,528,768 | 28,626 | ||||
Virtu Financial Inc. Class A | 1,621,538 | 27,712 | ||||
Towne Bank | 1,172,622 | 27,252 | ||||
BGC Partners Inc. Class A | 6,055,708 | 26,827 | ||||
Banner Corp. | 614,265 | 26,825 |
Shares | Market Value• ($000) | |||||
Park National Corp. | 260,497 | 26,654 | ||||
* | Cannae Holdings Inc. | 1,300,026 | 26,274 | |||
WesBanco Inc. | 1,006,965 | 25,788 | ||||
Hilltop Holdings Inc. | 814,323 | 25,619 | ||||
Renasant Corp. | 953,367 | 24,912 | ||||
Two Harbors Investment Corp. | 1,764,576 | 24,492 | ||||
Virtus Investment Partners Inc. | 123,874 | 24,461 | ||||
Northwest Bancshares Inc. | 2,273,248 | 24,096 | ||||
Chimera Investment Corp. | 4,153,738 | 23,967 | ||||
Claros Mortgage Trust Inc. | 2,104,314 | 23,863 | ||||
Compass Diversified Holdings | 1,094,109 | 23,731 | ||||
NBT Bancorp Inc. | 729,207 | 23,225 | ||||
City Holding Co. | 256,132 | 23,049 | ||||
Nelnet Inc. Class A | 238,138 | 22,976 | ||||
Ladder Capital Corp. Class A | 2,044,147 | 22,179 | ||||
OFG Bancorp | 850,308 | 22,176 | ||||
First Commonwealth Financial Corp. | 1,748,752 | 22,122 | ||||
Independent Bank Group Inc. | 627,705 | 21,675 | ||||
Horace Mann Educators Corp. | 730,721 | 21,673 | ||||
PennyMac Mortgage Investment Trust | 1,566,460 | 21,116 | ||||
Provident Financial Services Inc. | 1,284,239 | 20,985 | ||||
Franklin BSP Realty Trust Inc. | 1,472,079 | 20,845 | ||||
Trustmark Corp. | 983,307 | 20,767 | ||||
MFA Financial Inc. | 1,823,292 | 20,494 | ||||
National Bank Holdings Corp. Class A | 674,663 | 19,592 | ||||
* | Encore Capital Group Inc. | 399,102 | 19,404 | |||
1 | ARMOUR Residential REIT Inc. | 3,497,840 | 18,644 | |||
Argo Group International Holdings Ltd. | 629,190 | 18,630 | ||||
Westamerica Bancorp | 477,137 | 18,274 | ||||
Safety Insurance Group Inc. | 252,654 | 18,120 | ||||
S&T Bancorp Inc. | 662,294 | 18,008 | ||||
Employers Holdings Inc. | 480,856 | 17,989 | ||||
ServisFirst Bancshares Inc. | 436,903 | 17,878 | ||||
* | LendingClub Corp. | 1,826,525 | 17,809 | |||
PacWest Bancorp | 2,111,735 | 17,211 | ||||
Hope Bancorp Inc. | 2,038,228 | 17,162 | ||||
BrightSpire Capital Inc. Class A | 2,324,784 | 15,646 |
Shares | Market Value• ($000) | |||||
Berkshire Hills Bancorp Inc. | 752,535 | 15,600 | ||||
WisdomTree Inc. | 2,269,886 | 15,571 | ||||
* | PRA Group Inc. | 665,732 | 15,212 | |||
Mercury General Corp. | 495,309 | 14,993 | ||||
* | Avantax Inc. | 655,862 | 14,678 | |||
ProAssurance Corp. | 966,580 | 14,586 | ||||
Enact Holdings Inc. | 578,170 | 14,529 | ||||
Capitol Federal Financial Inc. | 2,314,170 | 14,278 | ||||
National Western Life Group Inc. Class A | 33,810 | 14,050 | ||||
Brookline Bancorp Inc. | 1,506,954 | 13,171 | ||||
* | SiriusPoint Ltd. | 1,457,699 | 13,163 | |||
Redwood Trust Inc. | 2,040,019 | 12,995 | ||||
StepStone Group Inc. Class A | 477,163 | 11,838 | ||||
Tompkins Financial Corp. | 207,801 | 11,575 | ||||
Eagle Bancorp Inc. | 522,059 | 11,047 | ||||
* | Ambac Financial Group Inc. | 770,345 | 10,970 | |||
KKR Real Estate Finance Trust Inc. | 865,312 | 10,531 | ||||
Victory Capital Holdings Inc. Class A | 329,074 | 10,379 | ||||
United Fire Group Inc. | 428,932 | 9,720 | ||||
Heartland Financial USA Inc. | 323,597 | 9,019 | ||||
1 | UWM Holdings Corp. Class A | 1,582,338 | 8,861 | |||
Northfield Bancorp Inc. | 749,246 | 8,227 | ||||
* | World Acceptance Corp. | 61,287 | 8,213 | |||
TPG RE Finance Trust Inc. | 1,107,970 | 8,210 | ||||
* | Columbia Financial Inc. | 473,304 | 8,183 | |||
Kearny Financial Corp. | 1,064,054 | 7,502 | ||||
* | AssetMark Financial Holdings Inc. | 198,390 | 5,884 | |||
1 | GCM Grosvenor Inc. Class A | 711,675 | 5,366 | |||
1 | Invesco Mortgage Capital Inc. | 372,627 | 4,274 | |||
Central Pacific Financial Corp. | 229,554 | 3,606 | ||||
* | loanDepot Inc. Class A | 1,030,270 | 2,184 | |||
Associated Capital Group Inc. Class A | 28,772 | 1,019 | ||||
* | Bakkt Holdings Inc. | 126 | — | |||
* | Hagerty Inc. Class A | 42 | — | |||
9,535,972 | ||||||
Health Care (6.2%) | ||||||
* | United Therapeutics Corp. | 838,757 | 185,156 | |||
Universal Health Services Inc. Class B | 1,070,077 | 168,826 | ||||
DENTSPLY SIRONA Inc. | 3,803,918 | 152,233 |
Shares | Market Value• ($000) | |||||
* | Tenet Healthcare Corp. | 1,824,778 | 148,500 | |||
* | Jazz Pharmaceuticals plc | 1,088,764 | 134,974 | |||
* | Acadia Healthcare Co. Inc. | 1,565,373 | 124,666 | |||
* | Karuna Therapeutics Inc. | 569,886 | 123,580 | |||
Encompass Health Corp. | 1,704,847 | 115,435 | ||||
* | Envista Holdings Corp. | 2,930,808 | 99,179 | |||
* | IVERIC bio Inc. | 2,466,533 | 97,033 | |||
Organon & Co. | 4,566,359 | 95,026 | ||||
* | DaVita Inc. | 892,979 | 89,718 | |||
* | Elanco Animal Health Inc. | 8,819,267 | 88,722 | |||
Perrigo Co. plc | 2,422,630 | 82,248 | ||||
* | Syneos Health Inc. | 1,854,791 | 78,161 | |||
* | Catalent Inc. | 1,531,052 | 66,386 | |||
* | Madrigal Pharmaceuticals Inc. | 261,725 | 60,458 | |||
Premier Inc. Class A | 2,131,348 | 58,953 | ||||
Select Medical Holdings Corp. | 1,819,774 | 57,978 | ||||
* | Enovis Corp. | 877,632 | 56,274 | |||
* | Azenta Inc. | 1,165,895 | 54,424 | |||
* | Pacific Biosciences of California Inc. | 4,023,127 | 53,508 | |||
* | Amedisys Inc. | 582,935 | 53,304 | |||
* | Prestige Consumer Healthcare Inc. | 888,995 | 52,833 | |||
* | Integer Holdings Corp. | 595,348 | 52,754 | |||
Patterson Cos. Inc. | 1,574,156 | 52,356 | ||||
* | Reata Pharmaceuticals Inc. Class A | 502,282 | 51,213 | |||
*,1 | Axsome Therapeutics Inc. | 666,782 | 47,915 | |||
* | Myriad Genetics Inc. | 1,386,113 | 32,130 | |||
* | Bridgebio Pharma Inc. | 1,709,949 | 29,411 | |||
* | Integra LifeSciences Holdings Corp. | 622,607 | 25,608 | |||
* | Iovance Biotherapeutics Inc. | 3,612,752 | 25,434 | |||
* | Owens & Minor Inc. | 1,295,205 | 24,661 | |||
* | Krystal Biotech Inc. | 196,028 | 23,014 | |||
Embecta Corp. | 1,025,019 | 22,140 | ||||
* | Avanos Medical Inc. | 834,901 | 21,340 | |||
* | Pediatrix Medical Group Inc. | 1,498,487 | 21,293 | |||
* | Ligand Pharmaceuticals Inc. | 293,560 | 21,166 | |||
Healthcare Services Group Inc. | 1,327,397 | 19,818 | ||||
* | Immunovant Inc. | 933,233 | 17,703 | |||
* | Varex Imaging Corp. | 722,785 | 17,036 | |||
* | NextGen Healthcare Inc. | 944,344 | 15,317 | |||
*,1 | Multiplan Corp. | 7,007,572 | 14,786 |
Shares | Market Value• ($000) | |||||
National HealthCare Corp. | 233,517 | 14,436 | ||||
* | Agios Pharmaceuticals Inc. | 497,177 | 14,080 | |||
* | Supernus Pharmaceuticals Inc. | 462,928 | 13,916 | |||
* | Brookdale Senior Living Inc. | 3,198,902 | 13,499 | |||
* | Innoviva Inc. | 1,054,580 | 13,425 | |||
* | Nuvalent Inc. Class A | 252,812 | 10,661 | |||
* | Enhabit Inc. | 896,312 | 10,308 | |||
*,1 | 23andMe Holding Co. Class A | 4,907,386 | 8,588 | |||
* | Kiniksa Pharmaceuticals Ltd. Class A | 563,076 | 7,928 | |||
* | Amneal Pharmaceuticals Inc. | 2,468,872 | 7,654 | |||
* | OPKO Health Inc. | 3,455,783 | 7,499 | |||
* | Day One Biopharmaceuticals Inc. | 532,919 | 6,363 | |||
* | ACELYRIN Inc. | 304,301 | 6,360 | |||
Phibro Animal Health Corp. Class A | 363,795 | 4,984 | ||||
*,1 | ProKidney Corp. Class A | 303,053 | 3,391 | |||
* | Emergent BioSolutions Inc. | 406,216 | 2,986 | |||
* | Mirati Therapeutics Inc. | 119 | 4 | |||
* | NGM Biopharmaceuticals Inc. | 98 | — | |||
*,1,2 | Synergy Pharmaceuticals LLC | 1,169,882 | — | |||
* | Allovir Inc. | 77 | — | |||
*,2 | OmniAb Inc. 12.5 Earnout | 53,581 | — | |||
*,2 | OmniAb Inc. 15 Earnout | 53,581 | — | |||
2,978,752 | ||||||
Industrials (24.0%) | ||||||
* | Builders FirstSource Inc. | 2,293,733 | 311,948 | |||
IDEX Corp. | 1,352,768 | 291,197 | ||||
Booz Allen Hamilton Holding Corp. Class A | 2,367,411 | 264,203 | ||||
Carlisle Cos. Inc. | 912,149 | 233,993 | ||||
AECOM | 2,487,863 | 210,697 | ||||
Owens Corning | 1,612,585 | 210,442 | ||||
RPM International Inc. | 2,307,345 | 207,038 | ||||
Lincoln Electric Holdings Inc. | 1,030,526 | 204,693 | ||||
Pentair plc | 2,953,066 | 190,768 | ||||
Allegion plc | 1,573,940 | 188,904 | ||||
Regal Rexnord Corp. | 1,186,430 | 182,592 | ||||
Howmet Aerospace Inc. | 3,516,352 | 174,270 | ||||
WESCO International Inc. | 917,934 | 164,365 | ||||
Fortune Brands Innovations Inc. | 2,268,301 | 163,204 |
Shares | Market Value• ($000) | |||||
Huntington Ingalls Industries Inc. | 714,337 | 162,583 | ||||
Hubbell Inc. Class B | 479,499 | 158,983 | ||||
EMCOR Group Inc. | 851,142 | 157,274 | ||||
Tetra Tech Inc. | 952,908 | 156,029 | ||||
nVent Electric plc | 2,965,573 | 153,231 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 2,739,427 | 152,203 | ||||
AGCO Corp. | 1,139,060 | 149,695 | ||||
Robert Half International Inc. | 1,833,026 | 137,880 | ||||
ITT Inc. | 1,475,847 | 137,564 | ||||
AptarGroup Inc. | 1,172,911 | 135,893 | ||||
Donaldson Co. Inc. | 2,171,284 | 135,727 | ||||
Graphic Packaging Holding Co. | 5,497,441 | 132,103 | ||||
Berry Global Group Inc. | 2,027,133 | 130,426 | ||||
* | Axalta Coating Systems Ltd. | 3,966,290 | 130,134 | |||
MKS Instruments Inc. | 1,195,544 | 129,238 | ||||
Sensata Technologies Holding plc | 2,737,261 | 123,149 | ||||
* | XPO Inc. | 1,970,551 | 116,262 | |||
MSA Safety Inc. | 667,940 | 116,195 | ||||
* | FTI Consulting Inc. | 608,225 | 115,684 | |||
Brunswick Corp. | 1,266,163 | 109,700 | ||||
* | Atkore Inc. | 690,286 | 107,643 | |||
Valmont Industries Inc. | 358,151 | 104,240 | ||||
Sonoco Products Co. | 1,753,540 | 103,494 | ||||
Sealed Air Corp. | 2,585,046 | 103,402 | ||||
Oshkosh Corp. | 1,169,439 | 101,262 | ||||
Applied Industrial Technologies Inc. | 692,082 | 100,234 | ||||
* | Mohawk Industries Inc. | 969,228 | 99,986 | |||
Acuity Brands Inc. | 569,239 | 92,831 | ||||
Allison Transmission Holdings Inc. | 1,629,623 | 92,008 | ||||
* | API Group Corp. | 3,368,719 | 91,831 | |||
Watts Water Technologies Inc. Class A | 490,642 | 90,146 | ||||
Vontier Corp. | 2,785,687 | 89,727 | ||||
Flowserve Corp. | 2,347,744 | 87,219 | ||||
Louisiana-Pacific Corp. | 1,160,246 | 86,995 | ||||
* | Kirby Corp. | 1,073,548 | 82,610 | |||
Triton International Ltd. | 985,192 | 82,027 | ||||
GATX Corp. | 631,890 | 81,350 | ||||
* | Summit Materials Inc. Class A | 2,125,879 | 80,465 | |||
EnerSys | 732,214 | 79,460 | ||||
Air Lease Corp. Class A | 1,887,803 | 79,005 | ||||
Western Union Co. | 6,701,514 | 78,609 | ||||
Crane Co. | 862,761 | 76,889 | ||||
MSC Industrial Direct Co. Inc. Class A | 803,336 | 76,542 |
Shares | Market Value• ($000) | |||||
MDU Resources Group Inc. | 3,643,329 | 76,291 | ||||
* | Fluor Corp. | 2,563,574 | 75,882 | |||
Belden Inc. | 761,495 | 72,837 | ||||
ManpowerGroup Inc. | 902,564 | 71,664 | ||||
* | Beacon Roofing Supply Inc. | 855,693 | 71,005 | |||
* | Middleby Corp. | 478,728 | 70,770 | |||
Silgan Holdings Inc. | 1,479,324 | 69,365 | ||||
Terex Corp. | 1,152,443 | 68,951 | ||||
HB Fuller Co. | 962,707 | 68,843 | ||||
Esab Corp. | 1,023,740 | 68,120 | ||||
Zurn Elkay Water Solutions Corp. | 2,498,599 | 67,187 | ||||
Ryder System Inc. | 790,206 | 67,002 | ||||
Westrock Co. | 2,292,563 | 66,645 | ||||
* | MasTec Inc. | 564,530 | 66,598 | |||
* | SPX Technologies Inc. | 773,513 | 65,725 | |||
Woodward Inc. | 537,118 | 63,869 | ||||
* | ASGN Inc. | 838,361 | 63,405 | |||
* | O-I Glass Inc. | 2,777,965 | 59,254 | |||
Otter Tail Corp. | 746,256 | 58,924 | ||||
* | Alight Inc. Class A | 6,227,339 | 57,541 | |||
Hillenbrand Inc. | 1,120,263 | 57,447 | ||||
Moog Inc. Class A | 513,906 | 55,723 | ||||
Encore Wire Corp. | 298,589 | 55,517 | ||||
Spirit AeroSystems Holdings Inc. Class A | 1,882,154 | 54,940 | ||||
Brink's Co. | 789,304 | 53,538 | ||||
Comfort Systems USA Inc. | 319,975 | 52,540 | ||||
Albany International Corp. Class A | 559,835 | 52,221 | ||||
*,1 | Joby Aviation Inc. | 5,077,069 | 52,091 | |||
* | GMS Inc. | 739,022 | 51,140 | |||
ABM Industries Inc. | 1,182,758 | 50,445 | ||||
EnPro Industries Inc. | 373,531 | 49,878 | ||||
Crane NXT Co. | 862,682 | 48,690 | ||||
ESCO Technologies Inc. | 460,847 | 47,758 | ||||
* | RXO Inc. | 2,091,885 | 47,423 | |||
Matson Inc. | 609,421 | 47,370 | ||||
Korn Ferry | 937,666 | 46,452 | ||||
Werner Enterprises Inc. | 1,020,492 | 45,085 | ||||
* | Hub Group Inc. Class A | 557,001 | 44,738 | |||
* | Resideo Technologies Inc. | 2,500,621 | 44,161 | |||
EVERTEC Inc. | 1,164,450 | 42,887 | ||||
UniFirst Corp. | 270,264 | 41,894 | ||||
Kennametal Inc. | 1,436,162 | 40,773 | ||||
McGrath RentCorp | 437,822 | 40,490 | ||||
ArcBest Corp. | 407,086 | 40,220 | ||||
* | Knife River Corp. | 910,837 | 39,621 | |||
ADT Inc. | 6,202,972 | 37,404 | ||||
Trinity Industries Inc. | 1,451,931 | 37,329 | ||||
Brady Corp. Class A | 780,352 | 37,121 | ||||
Barnes Group Inc. | 860,228 | 36,293 |
Shares | Market Value• ($000) | |||||
Griffon Corp. | 870,145 | 35,067 | ||||
* | AAR Corp. | 589,973 | 34,077 | |||
* | OSI Systems Inc. | 269,334 | 31,736 | |||
Granite Construction Inc. | 785,137 | 31,233 | ||||
* | Gates Industrial Corp. plc | 2,294,760 | 30,933 | |||
Greif Inc. Class A | 443,160 | 30,529 | ||||
Standex International Corp. | 212,964 | 30,128 | ||||
* | Hillman Solutions Corp. | 3,307,461 | 29,800 | |||
Primoris Services Corp. | 953,275 | 29,046 | ||||
* | Dycom Industries Inc. | 249,463 | 28,351 | |||
*,1 | Rocket Lab USA Inc. | 4,709,923 | 28,260 | |||
Bread Financial Holdings Inc. | 896,684 | 28,147 | ||||
* | AvidXchange Holdings Inc. | 2,700,260 | 28,029 | |||
* | Mirion Technologies Inc. Class A | 3,313,737 | 28,001 | |||
* | Huron Consulting Group Inc. | 326,540 | 27,726 | |||
* | JELD-WEN Holding Inc. | 1,444,189 | 25,331 | |||
H&E Equipment Services Inc. | 553,267 | 25,312 | ||||
Greenbrier Cos. Inc. | 542,570 | 23,385 | ||||
Wabash National Corp. | 849,446 | 21,780 | ||||
Kforce Inc. | 345,722 | 21,663 | ||||
TriMas Corp. | 742,399 | 20,409 | ||||
*,1 | Aurora Innovation Inc. | 6,898,523 | 20,282 | |||
Schneider National Inc. Class B | 682,680 | 19,607 | ||||
Apogee Enterprises Inc. | 398,440 | 18,914 | ||||
Astec Industries Inc. | 406,397 | 18,467 | ||||
AZZ Inc. | 423,412 | 18,401 | ||||
* | CoreCivic Inc. | 1,931,737 | 18,178 | |||
* | Proto Labs Inc. | 468,777 | 16,388 | |||
Quanex Building Products Corp. | 594,660 | 15,967 | ||||
* | Thermon Group Holdings Inc. | 599,410 | 15,944 | |||
* | Green Dot Corp. Class A | 791,359 | 14,830 | |||
International Seaways Inc. | 374,335 | 14,315 | ||||
* | First Advantage Corp. | 915,841 | 14,113 | |||
Heartland Express Inc. | 847,922 | 13,914 | ||||
Enerpac Tool Group Corp. Class A | 511,500 | 13,810 | ||||
Deluxe Corp. | 777,530 | 13,591 | ||||
Kaman Corp. | 504,075 | 12,264 | ||||
* | Air Transport Services Group Inc. | 608,116 | 11,475 | |||
TTEC Holdings Inc. | 338,147 | 11,443 | ||||
* | American Woodmark Corp. | 148,809 | 11,365 | |||
* | Conduent Inc. | 3,126,390 | 10,630 | |||
Pitney Bowes Inc. | 2,984,905 | 10,567 |
Shares | Market Value• ($000) | |||||
Kelly Services Inc. Class A | 556,724 | 9,804 | ||||
* | ZipRecruiter Inc. Class A | 533,011 | 9,466 | |||
*,1 | Symbotic Inc. Class A | 219,842 | 9,411 | |||
Hyster-Yale Materials Handling Inc. | 167,510 | 9,354 | ||||
* | TrueBlue Inc. | 527,284 | 9,338 | |||
REV Group Inc. | 531,846 | 7,052 | ||||
National Presto Industries Inc. | 94,958 | 6,951 | ||||
* | Triumph Group Inc. | 556,161 | 6,880 | |||
Gorman-Rupp Co. | 199,048 | 5,739 | ||||
* | BrightView Holdings Inc. | 752,731 | 5,405 | |||
Pactiv Evergreen Inc. | 637,884 | 4,829 | ||||
Greif Inc. Class B | 55,713 | 4,304 | ||||
Kronos Worldwide Inc. | 411,671 | 3,594 | ||||
* | Advantage Solutions Inc. | 1,449,768 | 3,392 | |||
* | Forrester Research Inc. | 103,017 | 2,997 | |||
*,1 | Atmus Filtration Technologies Inc. | 111,770 | 2,454 | |||
*,1 | Proterra Inc. | 1,725,452 | 2,071 | |||
*,1 | Microvast Holdings Inc. | 692,086 | 1,107 | |||
*,1 | MSP Recovery Inc. | 1,112,905 | 365 | |||
* | Leonardo DRS Inc. | 112 | 2 | |||
11,515,232 | ||||||
Real Estate (8.9%) | ||||||
Kimco Realty Corp. | 11,100,648 | 218,905 | ||||
Gaming & Leisure Properties Inc. | 4,459,871 | 216,125 | ||||
Life Storage Inc. | 1,523,066 | 202,507 | ||||
Federal Realty Investment Trust | 1,459,792 | 141,264 | ||||
NNN REIT Inc. | 3,259,140 | 139,459 | ||||
EastGroup Properties Inc. | 795,322 | 138,068 | ||||
* | Jones Lang LaSalle Inc. | 855,437 | 133,277 | |||
Omega Healthcare Investors Inc. | 4,195,676 | 128,765 | ||||
First Industrial Realty Trust Inc. | 2,368,226 | 124,663 | ||||
Brixmor Property Group Inc. | 5,382,266 | 118,410 | ||||
STAG Industrial Inc. | 3,211,865 | 115,242 | ||||
Agree Realty Corp. | 1,668,586 | 109,109 | ||||
1 | Medical Properties Trust Inc. | 10,712,365 | 99,197 | |||
Apartment Income REIT Corp. Class A | 2,669,756 | 96,352 | ||||
Regency Centers Corp. | 1,530,363 | 94,531 | ||||
Rayonier Inc. | 2,653,561 | 83,322 | ||||
Lamar Advertising Co. Class A | 782,775 | 77,690 | ||||
PotlatchDeltic Corp. | 1,430,554 | 75,605 | ||||
Boston Properties Inc. | 1,263,460 | 72,763 | ||||
EPR Properties | 1,347,224 | 63,050 |
Shares | Market Value• ($000) | |||||
Cousins Properties Inc. | 2,715,207 | 61,907 | ||||
Physicians Realty Trust | 4,266,862 | 59,693 | ||||
Vornado Realty Trust | 3,090,036 | 56,053 | ||||
Apple Hospitality REIT Inc. | 3,687,762 | 55,722 | ||||
Broadstone Net Lease Inc. | 3,350,151 | 51,726 | ||||
LXP Industrial Trust | 5,234,601 | 51,037 | ||||
Sabra Health Care REIT Inc. | 4,136,142 | 48,682 | ||||
Corporate Office Properties Trust | 2,012,992 | 47,809 | ||||
Park Hotels & Resorts Inc. | 3,664,181 | 46,975 | ||||
* | Howard Hughes Corp. | 581,262 | 45,873 | |||
Highwoods Properties Inc. | 1,886,704 | 45,111 | ||||
Macerich Co. | 3,847,888 | 43,366 | ||||
DigitalBridge Group Inc. | 2,895,711 | 42,596 | ||||
SITE Centers Corp. | 3,182,022 | 42,066 | ||||
Outfront Media Inc. | 2,656,326 | 41,757 | ||||
Tanger Factory Outlet Centers Inc. | 1,787,621 | 39,453 | ||||
National Health Investors Inc. | 737,403 | 38,655 | ||||
Equity Commonwealth | 1,864,384 | 37,772 | ||||
Sunstone Hotel Investors Inc. | 3,704,701 | 37,492 | ||||
Douglas Emmett Inc. | 2,886,188 | 36,279 | ||||
1 | Phillips Edison & Co. Inc. | 1,049,200 | 35,757 | |||
1 | CareTrust REIT Inc. | 1,779,543 | 35,342 | |||
Kennedy-Wilson Holdings Inc. | 2,119,395 | 34,610 | ||||
1 | SL Green Realty Corp. | 1,151,701 | 34,609 | |||
Kilroy Realty Corp. | 1,047,599 | 31,522 | ||||
Urban Edge Properties | 1,998,202 | 30,832 | ||||
Pebblebrook Hotel Trust | 2,202,609 | 30,704 | ||||
JBG SMITH Properties | 1,993,449 | 29,981 | ||||
Retail Opportunity Investments Corp. | 2,141,965 | 28,938 | ||||
DiamondRock Hospitality Co. | 3,565,690 | 28,561 | ||||
Getty Realty Corp. | 796,948 | 26,953 | ||||
InvenTrust Properties Corp. | 1,147,405 | 26,551 | ||||
Elme Communities | 1,569,429 | 25,801 | ||||
Service Properties Trust | 2,959,966 | 25,722 | ||||
Acadia Realty Trust | 1,703,426 | 24,512 | ||||
LTC Properties Inc. | 740,625 | 24,455 | ||||
Alexander & Baldwin Inc. | 1,298,780 | 24,131 | ||||
Xenia Hotels & Resorts Inc. | 1,958,818 | 24,113 | ||||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 937,792 | 23,445 |
Shares | Market Value• ($000) | |||||
* | Cushman & Wakefield plc | 2,843,589 | 23,261 | |||
* | Veris Residential Inc. | 1,394,276 | 22,378 | |||
Apartment Investment & Management Co. Class A | 2,525,985 | 21,521 | ||||
* | Compass Inc. Class A | 5,774,973 | 20,212 | |||
Uniti Group Inc. | 4,267,856 | 19,718 | ||||
Global Net Lease Inc. | 1,857,891 | 19,099 | ||||
1 | Empire State Realty Trust Inc. Class A | 2,281,591 | 17,089 | |||
Centerspace | 267,657 | 16,423 | ||||
Necessity Retail REIT Inc. Class A | 2,400,749 | 16,229 | ||||
RPT Realty | 1,550,908 | 16,207 | ||||
Piedmont Office Realty Trust Inc. Class A | 2,212,040 | 16,082 | ||||
American Assets Trust Inc. | 814,710 | 15,642 | ||||
Newmark Group Inc. Class A | 2,467,009 | 15,345 | ||||
* | GEO Group Inc. | 2,141,928 | 15,336 | |||
Brandywine Realty Trust | 3,075,624 | 14,302 | ||||
* | Anywhere Real Estate Inc. | 1,875,405 | 12,528 | |||
Hudson Pacific Properties Inc. | 2,520,695 | 10,637 | ||||
Saul Centers Inc. | 235,452 | 8,672 | ||||
* | Forestar Group Inc. | 312,455 | 7,046 | |||
Marcus & Millichap Inc. | 206,461 | 6,506 | ||||
RMR Group Inc. Class A | 265,480 | 6,151 | ||||
Bridge Investment Group Holdings Inc. Class A | 526,425 | 5,975 | ||||
Summit Hotel Properties Inc. | 913,300 | 5,946 | ||||
Urstadt Biddle Properties Inc. Class A | 267,688 | 5,691 | ||||
Alexander's Inc. | 18,277 | 3,360 | ||||
Office Properties Income Trust | 434,511 | 3,346 | ||||
*,1 | WeWork Inc. Class A | 4,717,194 | 1,205 | |||
Urstadt Biddle Properties Inc. | 4,911 | 103 | ||||
* | Seritage Growth Properties Class A | 84 | 1 | |||
*,2 | Spirit MTA REIT | 334,911 | — | |||
* | Star Holdings | 28 | — | |||
4,270,878 | ||||||
Technology (6.2%) | ||||||
Jabil Inc. | 2,256,359 | 243,529 | ||||
* | F5 Inc. | 1,082,703 | 158,356 | |||
KBR Inc. | 2,429,336 | 158,053 | ||||
* | Arrow Electronics Inc. | 1,011,489 | 144,876 | |||
* | CACI International Inc. Class A | 408,027 | 139,072 |
Shares | Market Value• ($000) | |||||
Science Applications International Corp. | 966,631 | 108,727 | ||||
Leidos Holdings Inc. | 1,227,764 | 108,633 | ||||
* | DXC Technology Co. | 3,782,701 | 101,074 | |||
* | Super Micro Computer Inc. | 399,137 | 99,485 | |||
* | Teradata Corp. | 1,809,819 | 96,662 | |||
* | Insight Enterprises Inc. | 595,263 | 87,111 | |||
* | IAC Inc. | 1,361,813 | 85,522 | |||
Avnet Inc. | 1,635,861 | 82,529 | ||||
* | Cirrus Logic Inc. | 980,616 | 79,440 | |||
TD SYNNEX Corp. | 844,407 | 79,374 | ||||
* | Black Knight Inc. | 1,260,784 | 75,307 | |||
Vishay Intertechnology Inc. | 2,282,816 | 67,115 | ||||
Concentrix Corp. | 791,846 | 63,942 | ||||
* | Rambus Inc. | 973,770 | 62,487 | |||
* | Synaptics Inc. | 707,006 | 60,364 | |||
* | NCR Corp. | 2,386,216 | 60,133 | |||
* | Sanmina Corp. | 988,674 | 59,587 | |||
* | Ziff Davis Inc. | 803,686 | 56,306 | |||
Dun & Bradstreet Holdings Inc. | 4,716,073 | 54,565 | ||||
* | Kyndryl Holdings Inc. | 4,070,122 | 54,051 | |||
Amkor Technology Inc. | 1,757,699 | 52,291 | ||||
* | Plexus Corp. | 494,640 | 48,593 | |||
* | Verint Systems Inc. | 1,322,488 | 46,366 | |||
Progress Software Corp. | 774,633 | 45,006 | ||||
* | CCC Intelligent Solutions Holdings Inc. | 3,371,777 | 37,798 | |||
* | NetScout Systems Inc. | 1,211,055 | 37,482 | |||
* | Parsons Corp. | 750,423 | 36,125 | |||
* | Blackbaud Inc. | 481,817 | 34,296 | |||
Xerox Holdings Corp. | 1,939,259 | 28,876 | ||||
CSG Systems International Inc. | 538,481 | 28,399 | ||||
* | TTM Technologies Inc. | 1,835,283 | 25,510 | |||
* | Veradigm Inc. | 1,856,990 | 23,398 | |||
Methode Electronics Inc. | 611,621 | 20,501 | ||||
* | Cerence Inc. | 685,092 | 20,025 | |||
Adeia Inc. | 1,807,310 | 19,898 | ||||
* | E2open Parent Holdings Inc. | 3,516,181 | 19,691 | |||
Benchmark Electronics Inc. | 605,461 | 15,639 | ||||
* | ScanSource Inc. | 445,487 | 13,169 | |||
* | Informatica Inc. Class A | 649,996 | 12,025 | |||
Ebix Inc. | 442,274 | 11,145 | ||||
* | SolarWinds Corp. | 878,554 | 9,014 | |||
* | N-able Inc. | 569,930 | 8,213 | |||
* | Couchbase Inc. | 493,836 | 7,812 | |||
*,1 | Rumble Inc. | 598,186 | 5,336 | |||
* | Expensify Inc. Class A | 306,488 | 2,446 | |||
* | Rackspace Technology Inc. | 481,016 | 1,308 |
Shares | Market Value• ($000) | |||||
* | AvePoint Inc. | 308 | 2 | |||
* | Nextdoor Holdings Inc. | 238 | 1 | |||
2,996,665 | ||||||
Telecommunications (0.8%) | ||||||
Juniper Networks Inc. | 2,876,888 | 90,133 | ||||
* | Frontier Communications Parent Inc. | 4,391,383 | 81,855 | |||
* | Viavi Solutions Inc. | 3,980,089 | 45,094 | |||
Lumen Technologies Inc. | 17,957,090 | 40,583 | ||||
*,1 | DISH Network Corp. Class A | 4,472,947 | 29,477 | |||
InterDigital Inc. | 239,221 | 23,097 | ||||
* | CommScope Holding Co. Inc. | 3,565,570 | 20,074 | |||
Telephone & Data Systems Inc. | 1,786,799 | 14,705 | ||||
* | Altice USA Inc. Class A | 3,869,224 | 11,685 | |||
* | EchoStar Corp. Class A | 613,388 | 10,636 | |||
* | Xperi Inc. | 722,376 | 9,499 | |||
Shenandoah Telecommunications Co. | 427,102 | 8,299 | ||||
* | United States Cellular Corp. | 231,288 | 4,078 | |||
* | WideOpenWest Inc. | 455,419 | 3,844 | |||
* | NETGEAR Inc. | 246,987 | 3,497 | |||
* | fuboTV Inc. | 203 | 1 | |||
396,557 | ||||||
Utilities (4.7%) | ||||||
Atmos Energy Corp. | 2,398,350 | 279,024 | ||||
Essential Utilities Inc. | 4,258,077 | 169,940 | ||||
Pinnacle West Capital Corp. | 2,026,852 | 165,107 | ||||
NRG Energy Inc. | 4,122,051 | 154,124 | ||||
OGE Energy Corp. | 3,585,767 | 128,765 | ||||
UGI Corp. | 3,748,473 | 101,096 | ||||
IDACORP Inc. | 905,819 | 92,937 | ||||
National Fuel Gas Co. | 1,643,339 | 84,402 | ||||
New Jersey Resources Corp. | 1,735,446 | 81,913 | ||||
Portland General Electric Co. | 1,729,154 | 80,976 | ||||
Southwest Gas Holdings Inc. | 1,212,940 | 77,204 | ||||
* | Stericycle Inc. | 1,655,072 | 76,862 | |||
ONE Gas Inc. | 991,445 | 76,153 | ||||
Black Hills Corp. | 1,192,710 | 71,873 | ||||
Hawaiian Electric Industries Inc. | 1,960,863 | 70,983 | ||||
PNM Resources Inc. | 1,535,160 | 69,236 | ||||
NorthWestern Corp. | 1,069,346 | 60,696 | ||||
ALLETE Inc. | 1,025,444 | 59,445 | ||||
American States Water Co. | 662,104 | 57,603 | ||||
Spire Inc. | 894,225 | 56,730 |
Shares | Market Value• ($000) | |||||
Avista Corp. | 1,355,469 | 53,229 | ||||
MGE Energy Inc. | 647,159 | 51,197 | ||||
Clearway Energy Inc. Class C | 1,475,571 | 42,142 | ||||
Northwest Natural Holding Co. | 627,950 | 27,033 | ||||
California Water Service Group | 500,856 | 25,859 | ||||
Clearway Energy Inc. Class A | 617,547 | 16,674 | ||||
* | Enviri Corp. | 1,426,561 | 14,080 | |||
Excelerate Energy Inc. Class A | 328,789 | 6,684 | ||||
*,1 | NuScale Power Corp. | 472,545 | 3,213 | |||
�� | 2,255,180 | |||||
Total Common Stocks (Cost $40,135,876) | 47,980,297 | |||||
Temporary Cash Investments (1.3%) | ||||||
Money Market Fund (1.3%) | ||||||
3,4 | Vanguard Market Liquidity Fund, 5.150% (Cost $645,188) | 6,453,605 | 645,231 | |||
Total Investments (101.1%) (Cost $40,781,064) | 48,625,528 | |||||
Other Assets and Liabilities—Net (-1.1%) | (541,628) | |||||
Net Assets (100%) | 48,083,900 |
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 $583,708,000. |
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 $620,707,000 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 | September 2023 | 501 | 47,688 | 182 |
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) |
Atmos Energy Corp. | 1/31/24 | CITNA | 21,673 | (5.073) | 250 | — |
Bridgebio Pharma Inc. | 8/31/23 | BANA | 4,116 | (5.073) | 1,027 | — |
Williams-Sonoma Inc. | 1/31/24 | CITNA | 25,540 | (5.073) | 2,512 | — |
3,789 | — |
1 | Based on USD Overnight Bank Funding Rate as of the most recent reset 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 $40,135,876) | 47,980,297 |
Affiliated Issuers (Cost $645,188) | 645,231 |
Total Investments in Securities | 48,625,528 |
Investment in Vanguard | 1,565 |
Cash Collateral Pledged—Futures Contracts | 2,740 |
Receivables for Investment Securities Sold | 6,950 |
Receivables for Accrued Income | 69,512 |
Receivables for Capital Shares Issued | 20,264 |
Variation Margin Receivable—Futures Contracts | 125 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 3,789 |
Total Assets | 48,730,473 |
Liabilities | |
Due to Custodian | 6,204 |
Payables for Investment Securities Purchased | 438 |
Collateral for Securities on Loan | 620,707 |
Payables for Capital Shares Redeemed | 17,881 |
Payables to Vanguard | 1,343 |
Total Liabilities | 646,573 |
Net Assets | 48,083,900 |
1 Includes $583,708,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At June 30, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 44,072,116 |
Total Distributable Earnings (Loss) | 4,011,784 |
Net Assets | 48,083,900 |
Investor Shares—Net Assets | |
Applicable to 3,061,768 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 121,430 |
Net Asset Value Per Share—Investor Shares | $39.66 |
ETF Shares—Net Assets | |
Applicable to 149,851,127 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 24,781,863 |
Net Asset Value Per Share—ETF Shares | $165.38 |
Admiral Shares—Net Assets | |
Applicable to 253,374,883 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 18,004,912 |
Net Asset Value Per Share—Admiral Shares | $71.06 |
Institutional Shares—Net Assets | |
Applicable to 130,307,412 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,175,695 |
Net Asset Value Per Share—Institutional Shares | $39.72 |
Six Months Ended June 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 496,116 |
Interest2 | 1,254 |
Securities Lending—Net | 33,710 |
Total Income | 531,080 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 534 |
Management and Administrative—Investor Shares | 120 |
Management and Administrative—ETF Shares | 6,888 |
Management and Administrative—Admiral Shares | 5,223 |
Management and Administrative—Institutional Shares | 1,247 |
Marketing and Distribution—Investor Shares | 4 |
Marketing and Distribution—ETF Shares | 698 |
Marketing and Distribution—Admiral Shares | 516 |
Marketing and Distribution—Institutional Shares | 94 |
Custodian Fees | 252 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—ETF Shares | 461 |
Shareholders’ Reports—Admiral Shares | 118 |
Shareholders’ Reports—Institutional Shares | 57 |
Trustees’ Fees and Expenses | 12 |
Other Expenses | 13 |
Total Expenses | 16,237 |
Net Investment Income | 514,843 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 411,629 |
Futures Contracts | (3,284) |
Swap Contracts | (6,218) |
Realized Net Gain (Loss) | 402,127 |
Statement of Operations (continued) | |
Six Months Ended June 30, 2023 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 1,424,503 |
Futures Contracts | (459) |
Swap Contracts | 5,816 |
Change in Unrealized Appreciation (Depreciation) | 1,429,860 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,346,830 |
1 | Dividends are net of foreign withholding taxes of $4,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,174,000, $3,000, and ($38,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $1,349,390,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 514,843 | 937,395 | |
Realized Net Gain (Loss) | 402,127 | 2,870,695 | |
Change in Unrealized Appreciation (Depreciation) | 1,429,860 | (8,621,190) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,346,830 | (4,813,100) | |
Distributions | |||
Investor Shares | (1,377) | (2,947) | |
ETF Shares | (268,313) | (477,621) | |
Admiral Shares | (193,821) | (352,210) | |
Institutional Shares | (55,474) | (91,664) | |
Total Distributions | (518,985) | (924,442) | |
Capital Share Transactions | |||
Investor Shares | (32,531) | (38,171) | |
ETF Shares | 80,725 | (34,278) | |
Admiral Shares | (201,309) | 363,608 | |
Institutional Shares | 172,836 | 581,216 | |
Net Increase (Decrease) from Capital Share Transactions | 19,721 | 872,375 | |
Total Increase (Decrease) | 1,847,566 | (4,865,167) | |
Net Assets | |||
Beginning of Period | 46,236,334 | 51,101,501 | |
End of Period | 48,083,900 | 46,236,334 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $38.09 | $42.87 | $34.08 | $32.86 | $27.35 | $31.82 |
Investment Operations | ||||||
Net Investment Income1 | .400 | .722 | .724 | .550 | .543 | .603 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.572 | (4.777) | 8.767 | 1.208 | 5.608 | (4.471) |
Total from Investment Operations | 1.972 | (4.055) | 9.491 | 1.758 | 6.151 | (3.868) |
Distributions | ||||||
Dividends from Net Investment Income | (.402) | (.725) | (.701) | (.538) | (.641) | (.602) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.402) | (.725) | (.701) | (.538) | (.641) | (.602) |
Net Asset Value, End of Period | $39.66 | $38.09 | $42.87 | $34.08 | $32.86 | $27.35 |
Total Return2 | 5.25% | -9.43% | 27.96% | 5.72% | 22.61% | -12.34% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $121 | $149 | $208 | $234 | $255 | $1,501 |
Ratio of Total Expenses to Average Net Assets | 0.19% | 0.19%3 | 0.19% | 0.19% | 0.19% | 0.19% |
Ratio of Net Investment Income to Average Net Assets | 2.19% | 1.83% | 1.78% | 1.98% | 1.76% | 1.92% |
Portfolio Turnover Rate4 | 7% | 13% | 16% | 26% | 19% | 18% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $158.84 | $178.77 | $142.13 | $137.05 | $114.05 | $132.71 |
Investment Operations | ||||||
Net Investment Income1 | 1.763 | 3.273 | 3.131 | 2.584 | 2.840 | 2.720 |
Net Realized and Unrealized Gain (Loss) on Investments | 6.556 | (19.975) | 36.640 | 4.884 | 22.984 | (18.702) |
Total from Investment Operations | 8.319 | (16.702) | 39.771 | 7.468 | 25.824 | (15.982) |
Distributions | ||||||
Dividends from Net Investment Income | (1.779) | (3.228) | (3.131) | (2.388) | (2.824) | (2.678) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.779) | (3.228) | (3.131) | (2.388) | (2.824) | (2.678) |
Net Asset Value, End of Period | $165.38 | $158.84 | $178.77 | $142.13 | $137.05 | $114.05 |
Total Return | 5.32% | -9.29% | 28.07% | 5.82% | 22.76% | -12.22% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $24,782 | $23,786 | $26,854 | $17,837 | $14,808 | $11,560 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07%2 | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 2.31% | 1.99% | 1.84% | 2.23% | 2.19% | 2.04% |
Portfolio Turnover Rate3 | 7% | 13% | 16% | 26% | 19% | 18% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $68.25 | $76.81 | $61.07 | $58.89 | $49.01 | $57.02 |
Investment Operations | ||||||
Net Investment Income1 | .754 | 1.403 | 1.381 | 1.058 | 1.230 | 1.165 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.820 | (8.576) | 15.704 | 2.148 | 9.863 | (8.024) |
Total from Investment Operations | 3.574 | (7.173) | 17.085 | 3.206 | 11.093 | (6.859) |
Distributions | ||||||
Dividends from Net Investment Income | (.764) | (1.387) | (1.345) | (1.026) | (1.213) | (1.151) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.764) | (1.387) | (1.345) | (1.026) | (1.213) | (1.151) |
Net Asset Value, End of Period | $71.06 | $68.25 | $76.81 | $61.07 | $58.89 | $49.01 |
Total Return2 | 5.31% | -9.31% | 28.09% | 5.85% | 22.76% | -12.23% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $18,005 | $17,505 | $19,307 | $14,314 | $13,907 | $10,167 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07%3 | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 2.30% | 1.99% | 1.89% | 2.13% | 2.21% | 2.04% |
Portfolio Turnover Rate4 | 7% | 13% | 16% | 26% | 19% | 18% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $38.15 | $42.94 | $34.14 | $32.92 | $27.39 | $31.87 |
Investment Operations | ||||||
Net Investment Income1 | .423 | .796 | .781 | .597 | .684 | .651 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.576 | (4.806) | 8.775 | 1.199 | 5.527 | (4.485) |
Total from Investment Operations | 1.999 | (4.010) | 9.556 | 1.796 | 6.211 | (3.834) |
Distributions | ||||||
Dividends from Net Investment Income | (.429) | (.780) | (.756) | (.576) | (.681) | (.646) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.429) | (.780) | (.756) | (.576) | (.681) | (.646) |
Net Asset Value, End of Period | $39.72 | $38.15 | $42.94 | $34.14 | $32.92 | $27.39 |
Total Return | 5.31% | -9.31% | 28.11% | 5.86% | 22.81% | -12.23% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $5,176 | $4,797 | $4,733 | $3,774 | $3,632 | $3,077 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06%2 | 0.06% | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 2.31% | 2.02% | 1.91% | 2.14% | 2.20% | 2.05% |
Portfolio Turnover Rate3 | 7% | 13% | 16% | 26% | 19% | 18% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | 47,980,297 | — | — | 47,980,297 |
Temporary Cash Investments | 645,231 | — | — | 645,231 |
Total | 48,625,528 | — | — | 48,625,528 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 182 | — | — | 182 |
Swap Contracts | — | 3,789 | — | 3,789 |
Total | 182 | 3,789 | — | 3,971 |
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) | |
Tax Cost | 40,852,273 |
Gross Unrealized Appreciation | 12,326,555 |
Gross Unrealized Depreciation | (4,549,329) |
Net Unrealized Appreciation (Depreciation) | 7,777,226 |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 5,668 | 146 | 14,773 | 371 | |
Issued in Lieu of Cash Distributions | 1,377 | 37 | 2,947 | 78 | |
Redeemed | (39,576) | (1,026) | (55,891) | (1,394) | |
Net Increase (Decrease)—Investor Shares | (32,531) | (843) | (38,171) | (945) | |
ETF Shares | |||||
Issued | 2,756,495 | 17,109 | 8,743,606 | 53,827 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (2,675,770) | (17,000) | (8,777,884) | (54,300) | |
Net Increase (Decrease)—ETF Shares | 80,725 | 109 | (34,278) | (473) | |
Admiral Shares | |||||
Issued | 1,326,227 | 19,017 | 2,968,180 | 42,013 | |
Issued in Lieu of Cash Distributions | 169,843 | 2,537 | 309,221 | 4,569 | |
Redeemed | (1,697,379) | (24,653) | (2,913,793) | (41,449) | |
Net Increase (Decrease)—Admiral Shares | (201,309) | (3,099) | 363,608 | 5,133 | |
Institutional Shares | |||||
Issued | 504,518 | 13,055 | 1,285,688 | 33,018 | |
Issued in Lieu of Cash Distributions | 52,989 | 1,415 | 87,334 | 2,308 | |
Redeemed | (384,671) | (9,894) | (791,806) | (19,834) | |
Net Increase (Decrease)—Institutional Shares | 172,836 | 4,576 | 581,216 | 15,492 |
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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 |
About Your Fund's Expenses | 1 |
Extended Market Index Fund | 3 |
Mid-Cap Index Fund | 45 |
Mid-Cap Growth Index Fund | 63 |
Mid-Cap Value Index Fund | 76 |
Trustees Approve Advisory Arrangements | 91 |
Liquidity Risk Management | 92 |
• | 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 June 30, 2023 | |||
Beginning Account Value 12/31/2022 | Ending Account Value 6/30/2023 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Extended Market Index Fund | |||
Investor Shares | $1,000.00 | $1,126.10 | $1.00 |
ETF Shares | 1,000.00 | 1,126.70 | 0.32 |
Admiral™ Shares | 1,000.00 | 1,126.70 | 0.32 |
Institutional Shares | 1,000.00 | 1,126.90 | 0.26 |
Institutional Plus Shares | 1,000.00 | 1,126.90 | 0.21 |
Institutional Select Shares | 1,000.00 | 1,127.10 | 0.11 |
Mid-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,087.60 | $0.88 |
ETF Shares | 1,000.00 | 1,088.20 | 0.21 |
Admiral Shares | 1,000.00 | 1,088.10 | 0.26 |
Institutional Shares | 1,000.00 | 1,088.20 | 0.21 |
Institutional Plus Shares | 1,000.00 | 1,088.20 | 0.16 |
Mid-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,148.70 | $1.01 |
ETF Shares | 1,000.00 | 1,149.40 | 0.37 |
Admiral Shares | 1,000.00 | 1,149.30 | 0.37 |
Mid-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,033.80 | $0.96 |
ETF Shares | 1,000.00 | 1,034.60 | 0.35 |
Admiral Shares | 1,000.00 | 1,034.50 | 0.35 |
Based on Hypothetical 5% Yearly Return | |||
Extended Market Index Fund | |||
Investor Shares | $1,000.00 | $1,023.85 | $0.95 |
ETF Shares | 1,000.00 | 1,024.50 | 0.30 |
Admiral Shares | 1,000.00 | 1,024.50 | 0.30 |
Institutional Shares | 1,000.00 | 1,024.55 | 0.25 |
Institutional Plus Shares | 1,000.00 | 1,024.60 | 0.20 |
Institutional Select Shares | 1,000.00 | 1,024.70 | 0.10 |
Mid-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,023.95 | $0.85 |
ETF Shares | 1,000.00 | 1,024.60 | 0.20 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.25 |
Institutional Shares | 1,000.00 | 1,024.60 | 0.20 |
Institutional Plus Shares | 1,000.00 | 1,024.65 | 0.15 |
Mid-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,023.85 | $0.95 |
ETF Shares | 1,000.00 | 1,024.45 | 0.35 |
Admiral Shares | 1,000.00 | 1,024.45 | 0.35 |
Mid-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,023.85 | $0.95 |
ETF Shares | 1,000.00 | 1,024.45 | 0.35 |
Admiral Shares | 1,000.00 | 1,024.45 | 0.35 |
Communication Services | 4.0% |
Consumer Discretionary | 12.0 |
Consumer Staples | 2.7 |
Energy | 4.3 |
Financials | 15.8 |
Health Care | 13.1 |
Industrials | 18.2 |
Information Technology | 17.7 |
Materials | 4.2 |
Real Estate | 6.1 |
Utilities | 1.9 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.1%) | ||||||
Communication Services (4.0%) | ||||||
* | Trade Desk Inc. Class A | 6,126,367 | 473,078 | |||
* | Pinterest Inc. Class A | 8,203,970 | 224,297 | |||
* | Liberty Media Corp.-Liberty Formula One Class C | 2,884,400 | 217,138 | |||
* | ROBLOX Corp. Class A | 5,125,409 | 206,554 | |||
* | Snap Inc. Class A | 13,826,236 | 163,703 | |||
* | Liberty Broadband Corp. Class C | 1,659,788 | 132,966 | |||
* | Roku Inc. Class A | 1,705,660 | 109,094 | |||
Iridium Communications Inc. | 1,733,025 | 107,656 | ||||
* | ZoomInfo Technologies Inc. Class A | 3,715,569 | 94,338 | |||
New York Times Co. Class A | 2,257,050 | 88,883 | ||||
Nexstar Media Group Inc. Class A | 495,564 | 82,536 | ||||
* | Liberty Global plc Class C | 4,340,775 | 77,136 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class C | 2,040,659 | 66,791 | |||
* | IAC Inc. | 1,061,453 | 66,659 | |||
World Wrestling Entertainment Inc. Class A | 603,720 | 65,486 | ||||
* | Endeavor Group Holdings Inc. Class A | 2,513,426 | 60,121 | |||
* | Frontier Communications Parent Inc. | 3,111,233 | 57,993 | |||
TEGNA Inc. | 3,067,923 | 49,823 | ||||
Madison Square Garden Sports Corp. | 248,446 | 46,720 | ||||
* | Ziff Davis Inc. | 662,624 | 46,423 | |||
Warner Music Group Corp. Class A | 1,643,583 | 42,881 | ||||
Cable One Inc. | 65,182 | 42,830 | ||||
Cogent Communications Holdings Inc. | 588,940 | 39,630 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 1,079,352 | 35,414 | |||
* | Yelp Inc. Class A | 934,909 | 34,040 | |||
*,1 | AMC Entertainment Holdings Inc. Class A | 7,240,193 | 31,857 | |||
Lumen Technologies Inc. | 12,696,799 | 28,695 | ||||
* | Cargurus Inc. Class A | 1,199,220 | 27,138 | |||
1 | Sirius XM Holdings Inc. | 5,637,774 | 25,539 | |||
* | Cinemark Holdings Inc. | 1,494,019 | 24,651 | |||
* | Liberty Global plc Class A | 1,444,056 | 24,347 | |||
* | TripAdvisor Inc. | 1,448,840 | 23,891 | |||
* | Bumble Inc. Class A | 1,388,865 | 23,305 | |||
* | DISH Network Corp. Class A | 3,496,553 | 23,042 | |||
* | Magnite Inc. | 1,617,309 | 22,076 | |||
* | Liberty Media Corp.-Liberty Formula One Class A | 314,548 | 21,270 | |||
John Wiley & Sons Inc. Class A | 601,015 | 20,453 | ||||
* | Liberty Media Corp.-Liberty Braves Class C | 430,714 | 17,065 | |||
* | Radius Global Infrastructure Inc. Class A | 1,143,905 | 17,044 | |||
* | Cars.com Inc. | 839,373 | 16,636 | |||
Scholastic Corp. | 410,149 | 15,951 | ||||
Shutterstock Inc. | 325,012 | 15,818 | ||||
* | Liberty Broadband Corp. Class A | 191,877 | 15,298 | |||
* | Gogo Inc. | 886,229 | 15,075 | |||
* | Madison Square Garden Entertainment Corp. Class A | 437,731 | 14,717 | |||
* | Playtika Holding Corp. | 1,260,790 | 14,625 | |||
* | Liberty Latin America Ltd. Class C | 1,603,482 | 13,822 | |||
Shenandoah Telecommunications Co. | 709,981 | 13,795 | ||||
* | ZipRecruiter Inc. Class A | 686,938 | 12,200 | |||
* | Integral Ad Science Holding Corp. | 662,520 | 11,912 | |||
* | Lions Gate Entertainment Corp. Class B | 1,417,633 | 11,837 | |||
Telephone & Data Systems Inc. | 1,385,167 | 11,400 | ||||
* | PubMatic Inc. Class A | 614,190 | 11,227 | |||
* | Eventbrite Inc. Class A | 1,134,805 | 10,837 | |||
*,1 | Liberty Media Corp.-Liberty Braves Class A | 262,945 | 10,760 | |||
* | TechTarget Inc. | 337,144 | 10,495 |
Shares | Market Value• ($000) | |||||
* | Thryv Holdings Inc. | 426,509 | 10,492 | |||
* | Globalstar Inc. | 9,690,006 | 10,465 | |||
* | Stagwell Inc. Class A | 1,434,874 | 10,345 | |||
* | Sphere Entertainment Co. | 370,565 | 10,150 | |||
*,1 | Rumble Inc. | 1,120,068 | 9,991 | |||
Gray Television Inc. | 1,221,823 | 9,628 | ||||
* | Clear Channel Outdoor Holdings Inc. | 6,770,970 | 9,276 | |||
* | Altice USA Inc. Class A | 3,038,465 | 9,176 | |||
* | Vimeo Inc. | 2,220,169 | 9,147 | |||
* | Lions Gate Entertainment Corp. Class A | 988,639 | 8,730 | |||
* | Anterix Inc. | 273,356 | 8,663 | |||
*,1 | fuboTV Inc. | 4,143,943 | 8,619 | |||
* | EchoStar Corp. Class A | 478,600 | 8,299 | |||
* | EW Scripps Co. Class A | 832,665 | 7,619 | |||
* | IDT Corp. Class B | 288,018 | 7,445 | |||
* | Liberty Latin America Ltd. Class A | 840,919 | 7,358 | |||
1 | Sinclair Inc. | 499,922 | 6,909 | |||
* | WideOpenWest Inc. | 752,434 | 6,351 | |||
* | QuinStreet Inc. | 703,902 | 6,215 | |||
* | Nextdoor Holdings Inc. | 1,903,221 | 6,204 | |||
* | Sciplay Corp. Class A | 299,830 | 5,901 | |||
*,1 | Playstudios Inc. | 1,200,420 | 5,894 | |||
Entravision Communications Corp. Class A | 1,268,899 | 5,570 | ||||
ATN International Inc. | 147,808 | 5,410 | ||||
Marcus Corp. | 361,679 | 5,364 | ||||
* | iHeartMedia Inc. Class A | 1,467,380 | 5,341 | |||
* | Boston Omaha Corp. Class A | 272,475 | 5,128 | |||
* | Gannett Co. Inc. | 2,171,925 | 4,887 | |||
* | Quotient Technology Inc. | 1,229,698 | 4,722 | |||
* | Ooma Inc. | 309,138 | 4,628 | |||
* | AMC Networks Inc. Class A | 378,737 | 4,526 | |||
* | Consolidated Communications Holdings Inc. | 1,092,541 | 4,184 | |||
* | Bandwidth Inc. Class A | 302,865 | 4,143 | |||
Spok Holdings Inc. | 308,675 | 4,102 | ||||
*,1 | AST SpaceMobile Inc. Class A | 867,598 | 4,078 | |||
* | United States Cellular Corp. | 198,492 | 3,499 | |||
* | Angi Inc. Class A | 1,019,806 | 3,365 | |||
* | Advantage Solutions Inc. | 1,363,499 | 3,191 | |||
* | Daily Journal Corp. | 10,958 | 3,170 | |||
*,1 | MediaAlpha Inc. Class A | 306,314 | 3,158 | |||
*,1 | Cardlytics Inc. | 467,562 | 2,955 | |||
*,1 | Reservoir Media Inc. | 449,209 | 2,704 | |||
* | TrueCar Inc. | 1,090,228 | 2,464 | |||
* | Vivid Seats Inc. Class A | 303,590 | 2,404 | |||
* | Outbrain Inc. | 475,801 | 2,341 | |||
* | DHI Group Inc. | 571,362 | 2,188 | |||
*,1 | Skillz Inc. Class A | 202,677 | 1,844 | |||
* | Grindr Inc. | 322,994 | 1,786 | |||
Townsquare Media Inc. Class A | 147,626 | 1,758 | ||||
*,1 | LiveOne Inc. | 965,016 | 1,698 | |||
* | EverQuote Inc. Class A | 259,776 | 1,689 | |||
* | Emerald Holding Inc. | 361,008 | 1,480 | |||
Saga Communications Inc. Class A | 61,976 | 1,324 | ||||
*,1 | Charge Enterprises Inc. | 1,295,690 | 1,270 | |||
* | Urban One Inc. Class A | 207,616 | 1,244 | |||
* | Innovid Corp. | 1,082,122 | 1,180 | |||
*,1 | System1 Inc. | 241,575 | 1,087 | |||
* | Cumulus Media Inc. Class A | 227,161 | 931 |
Shares | Market Value• ($000) | |||||
*,1 | Lee Enterprises Inc. | 68,489 | 923 | |||
*,1 | Golden Matrix Group Inc. | 331,376 | 855 | |||
*,1 | Kartoon Studios Inc. | 445,653 | 851 | |||
* | Marchex Inc. Class B | 400,779 | 850 | |||
* | Loop Media Inc. | 355,818 | 850 | |||
* | Travelzoo | 102,473 | 809 | |||
*,1 | AdTheorent Holding Co. Inc. | 569,797 | 798 | |||
* | comScore Inc. | 942,364 | 763 | |||
*,1 | Arena Group Holdings Inc. | 166,131 | 761 | |||
* | Liberty TripAdvisor Holdings Inc. Class A | 1,019,344 | 663 | |||
*,1,2 | NII Holdings Inc. | 1,297,367 | 649 | |||
*,1 | SurgePays Inc. | 80,963 | 592 | |||
* | KORE Group Holdings Inc. | 433,857 | 529 | |||
* | Reading International Inc. Class A | 189,883 | 503 | |||
* | FG Group Holdings Inc. | 249,852 | 480 | |||
*,1 | IZEA Worldwide Inc. | 196,466 | 475 | |||
* | Harte Hanks Inc. | 83,924 | 460 | |||
* | Gaia Inc. Class A | 194,494 | 449 | |||
*,1 | Fluent Inc. | 639,548 | 401 | |||
*,1 | CuriosityStream Inc. | 392,619 | 366 | |||
* | Zedge Inc. Class B | 160,996 | 361 | |||
*,1 | BuzzFeed Inc. Class A | 471,268 | 238 | |||
*,1 | Chicken Soup For The Soul Entertainment Inc. Class A | 158,744 | 188 | |||
*,1 | Paltalk Inc. | 99,785 | 187 | |||
*,1 | Cineverse Corp. | 94,251 | 180 | |||
* | Urban One Inc. | 29,714 | 178 | |||
*,1 | FaZe Holdings Inc. | 342,307 | 169 | |||
*,1 | Vinco Ventures Inc. | 131,924 | 161 | |||
*,1 | Super League Gaming Inc. | 415,710 | 158 | |||
*,1 | Stran & Co. Inc. | 103,837 | 157 | |||
*,1 | SPAR Group Inc. | 120,508 | 152 | |||
* | Dolphin Entertainment Inc. | 86,620 | 149 | |||
*,1 | Insignia Systems Inc. | 17,941 | 135 | |||
* | Salem Media Group Inc. Class A | 122,967 | 118 | |||
DallasNews Corp. | 29,018 | 113 | ||||
*,1 | Leafly Holdings Inc. | 365,726 | 106 | |||
*,1 | Direct Digital Holdings Inc. Class A | 32,227 | 92 | |||
* | Liberty Global plc Class B | 4,446 | 78 | |||
*,1 | Creative Realities Inc. | 25,523 | 78 | |||
* | Beasley Broadcast Group Inc. Class A | 66,912 | 68 | |||
* | Kubient Inc. | 116,009 | 64 | |||
*,1 | Troika Media Group Inc. | 28,193 | 63 | |||
*,1 | Society Pass Inc. | 96,225 | 49 | |||
*,1 | Motorsport Games Inc. Class A | 10,638 | 44 | |||
*,1 | NextPlay Technologies Inc. | 28,329 | 33 | |||
* | Asset Entities Inc. Class B | 9,300 | 16 | |||
*,1 | Cuentas Inc. | 3,165 | 13 | |||
*,1 | Digital Media Solutions Inc. Class A | 33,770 | 11 | |||
* | Treasure Global Inc. | 10,664 | 11 | |||
*,1 | Mobiquity Technologies Inc. | 79,002 | 9 | |||
*,1 | NextPlat Corp. | 300 | 1 | |||
*,1 | Grom Social Enterprises Inc. | 3,532 | 1 | |||
3,499,066 | ||||||
Consumer Discretionary (11.9%) | ||||||
* | Airbnb Inc. Class A | 5,484,014 | 702,831 | |||
* | Lululemon Athletica Inc. | 1,599,809 | 605,528 | |||
* | DoorDash Inc. Class A | 3,637,536 | 277,980 | |||
* | Deckers Outdoor Corp. | 362,216 | 191,127 | |||
* | DraftKings Inc. Class A | 6,419,905 | 170,577 | |||
Aramark | 3,573,783 | 153,851 | ||||
* | Floor & Decor Holdings Inc. Class A | 1,466,321 | 152,439 | |||
* | Five Below Inc. | 766,039 | 150,557 | |||
* | Burlington Stores Inc. | 898,611 | 141,432 | |||
Vail Resorts Inc. | 554,806 | 139,678 | ||||
Service Corp. International | 2,090,175 | 135,004 | ||||
* | Rivian Automotive Inc. Class A | 7,657,205 | 127,569 |
Shares | Market Value• ($000) | |||||
Churchill Downs Inc. | 903,111 | 125,686 | ||||
* | TopBuild Corp. | 437,891 | 116,488 | |||
Lear Corp. | 811,217 | 116,450 | ||||
Lithia Motors Inc. Class A | 379,063 | 115,277 | ||||
Williams-Sonoma Inc. | 901,954 | 112,871 | ||||
Dick's Sporting Goods Inc. | 846,000 | 111,833 | ||||
Toll Brothers Inc. | 1,389,479 | 109,866 | ||||
Texas Roadhouse Inc. Class A | 915,980 | 102,846 | ||||
* | Skechers USA Inc. Class A | 1,846,064 | 97,214 | |||
* | Crocs Inc. | 850,116 | 95,587 | |||
* | Mattel Inc. | 4,884,606 | 95,445 | |||
Tempur Sealy International Inc. | 2,380,802 | 95,399 | ||||
Gentex Corp. | 3,214,235 | 94,049 | ||||
Autoliv Inc. | 1,060,886 | 90,218 | ||||
Polaris Inc. | 738,500 | 89,307 | ||||
* | Light & Wonder Inc. | 1,260,047 | 86,641 | |||
Murphy USA Inc. | 274,744 | 85,476 | ||||
*,1 | GameStop Corp. Class A | 3,496,635 | 84,793 | |||
Brunswick Corp. | 977,073 | 84,654 | ||||
Wingstop Inc. | 411,914 | 82,449 | ||||
* | RH | 247,306 | 81,510 | |||
Wyndham Hotels & Resorts Inc. | 1,187,135 | 81,402 | ||||
* | Planet Fitness Inc. Class A | 1,174,087 | 79,180 | |||
Thor Industries Inc. | 729,372 | 75,490 | ||||
PVH Corp. | 872,066 | 74,099 | ||||
Hyatt Hotels Corp. Class A | 640,733 | 73,415 | ||||
* | Taylor Morrison Home Corp. Class A | 1,504,607 | 73,380 | |||
* | Bright Horizons Family Solutions Inc. | 793,712 | 73,379 | |||
Boyd Gaming Corp. | 1,049,261 | 72,787 | ||||
* | AutoNation Inc. | 436,835 | 71,907 | |||
Valvoline Inc. | 1,915,759 | 71,860 | ||||
* | Asbury Automotive Group Inc. | 296,891 | 71,379 | |||
Meritage Homes Corp. | 499,836 | 71,112 | ||||
H&R Block Inc. | 2,078,020 | 66,226 | ||||
* | Wayfair Inc. Class A | 1,014,471 | 65,951 | |||
*,1 | Lucid Group Inc. | 9,543,462 | 65,754 | |||
Harley-Davidson Inc. | 1,809,455 | 63,711 | ||||
* | Capri Holdings Ltd. | 1,768,277 | 63,463 | |||
* | Fox Factory Holding Corp. | 581,955 | 63,148 | |||
Marriott Vacations Worldwide Corp. | 504,815 | 61,951 | ||||
Macy's Inc. | 3,728,742 | 59,846 | ||||
Academy Sports & Outdoors Inc. | 1,070,910 | 57,883 | ||||
KB Home | 1,103,244 | 57,049 | ||||
Penske Automotive Group Inc. | 335,696 | 55,937 | ||||
* | Duolingo Inc. Class A | 389,707 | 55,705 | |||
* | Visteon Corp. | 386,622 | 55,523 | |||
Leggett & Platt Inc. | 1,807,742 | 53,545 | ||||
* | Goodyear Tire & Rubber Co. | 3,867,775 | 52,911 | |||
* | Penn Entertainment Inc. | 2,157,008 | 51,833 | |||
Wendy's Co. | 2,321,645 | 50,496 | ||||
* | Adient plc | 1,296,813 | 49,694 | |||
Group 1 Automotive Inc. | 191,746 | 49,490 | ||||
* | Hilton Grand Vacations Inc. | 1,060,646 | 48,196 | |||
* | Skyline Champion Corp. | 726,293 | 47,536 | |||
* | YETI Holdings Inc. | 1,199,668 | 46,595 | |||
* | Ollie's Bargain Outlet Holdings Inc. | 796,018 | 46,113 | |||
Installed Building Products Inc. | 320,700 | 44,949 | ||||
* | Tri Pointe Homes Inc. | 1,361,706 | 44,746 | |||
LCI Industries | 348,205 | 43,999 | ||||
* | Grand Canyon Education Inc. | 424,012 | 43,762 | |||
1 | Choice Hotels International Inc. | 364,880 | 42,881 | |||
Travel + Leisure Co. | 1,056,784 | 42,631 | ||||
Signet Jewelers Ltd. | 621,917 | 40,586 | ||||
*,1 | Mobileye Global Inc. Class A | 1,052,475 | 40,436 | |||
* | Chewy Inc. Class A | 1,021,801 | 40,330 | |||
* | Shake Shack Inc. Class A | 513,804 | 39,933 | |||
Columbia Sportswear Co. | 495,471 | 38,270 |
Shares | Market Value• ($000) | |||||
Carter's Inc. | 526,259 | 38,206 | ||||
* | LGI Homes Inc. | 281,165 | 37,926 | |||
MDC Holdings Inc. | 810,200 | 37,893 | ||||
* | Topgolf Callaway Brands Corp. | 1,907,543 | 37,865 | |||
* | Peloton Interactive Inc. Class A | 4,668,896 | 35,904 | |||
* | Helen of Troy Ltd. | 329,635 | 35,607 | |||
*,1 | Carvana Co. Class A | 1,372,239 | 35,568 | |||
* | Frontdoor Inc. | 1,113,273 | 35,513 | |||
* | Boot Barn Holdings Inc. | 409,853 | 34,710 | |||
Kohl's Corp. | 1,493,209 | 34,418 | ||||
*,1 | QuantumScape Corp. Class A | 4,140,401 | 33,082 | |||
* | Cavco Industries Inc. | 110,719 | 32,662 | |||
* | M/I Homes Inc. | 371,683 | 32,407 | |||
Bloomin' Brands Inc. | 1,198,960 | 32,240 | ||||
Red Rock Resorts Inc. Class A | 674,159 | 31,537 | ||||
Steven Madden Ltd. | 960,828 | 31,409 | ||||
1 | Nordstrom Inc. | 1,530,197 | 31,323 | |||
* | Dorman Products Inc. | 394,145 | 31,070 | |||
Papa John's International Inc. | 413,512 | 30,530 | ||||
* | SeaWorld Entertainment Inc. | 544,152 | 30,478 | |||
Graham Holdings Co. Class B | 52,735 | 30,137 | ||||
American Eagle Outfitters Inc. | 2,553,954 | 30,137 | ||||
Dana Inc. | 1,763,855 | 29,986 | ||||
Century Communities Inc. | 385,680 | 29,551 | ||||
Foot Locker Inc. | 1,089,633 | 29,540 | ||||
* | Sonos Inc. | 1,741,145 | 28,433 | |||
Cracker Barrel Old Country Store Inc. | 304,937 | 28,414 | ||||
Kontoor Brands Inc. | 674,482 | 28,396 | ||||
Jack in the Box Inc. | 285,555 | 27,850 | ||||
Winnebago Industries Inc. | 413,379 | 27,568 | ||||
* | Urban Outfitters Inc. | 823,577 | 27,285 | |||
* | Six Flags Entertainment Corp. | 1,029,781 | 26,754 | |||
* | Under Armour Inc. Class C | 3,938,005 | 26,424 | |||
* | National Vision Holdings Inc. | 1,082,342 | 26,290 | |||
Gap Inc. | 2,925,182 | 26,122 | ||||
* | Abercrombie & Fitch Co. Class A | 685,409 | 25,826 | |||
* | Gentherm Inc. | 456,453 | 25,794 | |||
* | Dave & Buster's Entertainment Inc. | 540,931 | 24,104 | |||
*,1 | Luminar Technologies Inc. Class A | 3,459,466 | 23,801 | |||
* | Modine Manufacturing Co. | 715,134 | 23,614 | |||
Patrick Industries Inc. | 294,774 | 23,582 | ||||
Cheesecake Factory Inc. | 661,928 | 22,889 | ||||
Acushnet Holdings Corp. | 418,436 | 22,880 | ||||
* | XPEL Inc. | 270,764 | 22,804 | |||
Laureate Education Inc. | 1,867,122 | 22,573 | ||||
* | ODP Corp. | 475,015 | 22,240 | |||
Hanesbrands Inc. | 4,893,356 | 22,216 | ||||
* | Brinker International Inc. | 604,801 | 22,136 | |||
* | Vista Outdoor Inc. | 779,454 | 21,567 | |||
Upbound Group Inc. | 681,537 | 21,216 | ||||
* | Green Brick Partners Inc. | 370,147 | 21,024 | |||
* | Stride Inc. | 564,138 | 21,003 | |||
Strategic Education Inc. | 306,160 | 20,770 | ||||
* | Overstock.com Inc. | 626,411 | 20,402 | |||
Oxford Industries Inc. | 205,419 | 20,217 | ||||
* | Adtalem Global Education Inc. | 588,668 | 20,215 | |||
* | Leslie's Inc. | 2,086,710 | 19,594 | |||
Levi Strauss & Co. Class A | 1,349,127 | 19,468 | ||||
* | Victoria's Secret & Co. | 1,091,823 | 19,030 | |||
* | Sally Beauty Holdings Inc. | 1,467,547 | 18,124 | |||
ADT Inc. | 3,000,921 | 18,096 | ||||
1 | Camping World Holdings Inc. Class A | 599,034 | 18,031 | |||
* | Everi Holdings Inc. | 1,232,226 | 17,818 | |||
La-Z-Boy Inc. | 604,435 | 17,311 | ||||
Monro Inc. | 425,896 | 17,304 | ||||
* | iRobot Corp. | 376,187 | 17,022 | |||
* | Malibu Boats Inc. Class A | 287,096 | 16,841 |
Shares | Market Value• ($000) | |||||
Wolverine World Wide Inc. | 1,105,048 | 16,233 | ||||
* | Coursera Inc. | 1,190,459 | 15,500 | |||
* | Life Time Group Holdings Inc. | 776,643 | 15,277 | |||
* | Sabre Corp. | 4,529,435 | 14,449 | |||
1 | Dillard's Inc. Class A | 44,020 | 14,363 | |||
* | Chegg Inc. | 1,601,468 | 14,221 | |||
*,1 | Fisker Inc. Class A | 2,519,239 | 14,209 | |||
Buckle Inc. | 404,575 | 13,998 | ||||
1 | Krispy Kreme Inc. | 939,825 | 13,844 | |||
* | Playa Hotels & Resorts NV | 1,672,039 | 13,610 | |||
* | Sweetgreen Inc. Class A | 1,046,329 | 13,414 | |||
* | American Axle & Manufacturing Holdings Inc. | 1,608,169 | 13,300 | |||
Monarch Casino & Resort Inc. | 188,147 | 13,255 | ||||
Sturm Ruger & Co. Inc. | 249,245 | 13,200 | ||||
Dine Brands Global Inc. | 219,716 | 12,750 | ||||
* | Golden Entertainment Inc. | 302,074 | 12,627 | |||
Winmark Corp. | 37,690 | 12,531 | ||||
Caleres Inc. | 499,986 | 11,965 | ||||
* | Portillo's Inc. Class A | 528,418 | 11,905 | |||
*,1 | Dutch Bros Inc. Class A | 411,523 | 11,708 | |||
* | Beazer Homes USA Inc. | 411,400 | 11,638 | |||
* | Perdoceo Education Corp. | 914,791 | 11,224 | |||
Sonic Automotive Inc. Class A | 229,603 | 10,945 | ||||
* | Mister Car Wash Inc. | 1,124,837 | 10,855 | |||
* | Under Armour Inc. Class A | 1,492,741 | 10,778 | |||
* | BJ's Restaurants Inc. | 328,617 | 10,450 | |||
* | G-III Apparel Group Ltd. | 538,574 | 10,378 | |||
* | Chuy's Holdings Inc. | 252,351 | 10,301 | |||
* | MarineMax Inc. | 301,209 | 10,289 | |||
* | OneSpaWorld Holdings Ltd. | 846,166 | 10,239 | |||
*,1 | Warby Parker Inc. Class A | 865,169 | 10,114 | |||
* | Denny's Corp. | 799,841 | 9,854 | |||
* | Udemy Inc. | 917,615 | 9,846 | |||
* | Petco Health & Wellness Co. Inc. Class A | 1,103,105 | 9,818 | |||
* | Chico's FAS Inc. | 1,754,193 | 9,385 | |||
* | Revolve Group Inc. Class A | 570,354 | 9,354 | |||
1 | Franchise Group Inc. | 326,383 | 9,348 | |||
RCI Hospitality Holdings Inc. | 119,694 | 9,096 | ||||
Standard Motor Products Inc. | 241,502 | 9,061 | ||||
Ethan Allen Interiors Inc. | 319,776 | 9,043 | ||||
Smith & Wesson Brands Inc. | 654,653 | 8,537 | ||||
* | America's Car-Mart Inc. | 84,949 | 8,476 | |||
* | Sleep Number Corp. | 310,172 | 8,461 | |||
Arko Corp. | 1,048,743 | 8,338 | ||||
1 | Guess? Inc. | 426,810 | 8,301 | |||
1 | Cricut Inc. Class A | 660,454 | 8,058 | |||
* | MasterCraft Boat Holdings Inc. | 258,050 | 7,909 | |||
* | Stoneridge Inc. | 400,019 | 7,540 | |||
*,1 | Dream Finders Homes Inc. Class A | 304,898 | 7,497 | |||
*,1 | European Wax Center Inc. Class A | 401,258 | 7,475 | |||
* | GoPro Inc. Class A | 1,792,809 | 7,422 | |||
Designer Brands Inc. Class A | 721,351 | 7,286 | ||||
* | Accel Entertainment Inc. Class A | 675,740 | 7,136 | |||
* | Rover Group Inc. Class A | 1,405,316 | 6,900 | |||
*,1 | Kura Sushi USA Inc. Class A | 72,165 | 6,708 | |||
* | Hovnanian Enterprises Inc. Class A | 67,459 | 6,693 | |||
Carriage Services Inc. Class A | 199,461 | 6,476 | ||||
Aaron's Co. Inc. | 455,833 | 6,445 | ||||
Hibbett Inc. | 177,101 | 6,427 | ||||
Movado Group Inc. | 237,101 | 6,361 | ||||
* | Garrett Motion Inc. | 835,563 | 6,325 | |||
* | Bally's Corp. | 385,601 | 6,000 | |||
Shoe Carnival Inc. | 251,945 | 5,916 | ||||
Haverty Furniture Cos. Inc. | 195,574 | 5,910 | ||||
* | Lovesac Co. | 217,326 | 5,857 | |||
*,1 | OneWater Marine Inc. Class A | 160,334 | 5,810 | |||
* | Bowlero Corp. | 477,043 | 5,553 |
Shares | Market Value• ($000) | |||||
* | Xponential Fitness Inc. Class A | 313,150 | 5,402 | |||
* | Vizio Holding Corp. Class A | 794,134 | 5,360 | |||
* | WW International Inc. | 767,322 | 5,156 | |||
Johnson Outdoors Inc. Class A | 83,556 | 5,135 | ||||
* | Lindblad Expeditions Holdings Inc. | 469,598 | 5,109 | |||
* | Inspired Entertainment Inc. | 345,622 | 5,084 | |||
* | Funko Inc. Class A | 460,492 | 4,983 | |||
* | Qurate Retail Inc. Class A | 4,886,418 | 4,837 | |||
*,1 | Target Hospitality Corp. | 335,367 | 4,501 | |||
* | 2U Inc. | 1,115,434 | 4,495 | |||
*,1 | Vuzix Corp. | 857,111 | 4,371 | |||
1 | PetMed Express Inc. | 308,394 | 4,253 | |||
* | Genesco Inc. | 168,975 | 4,231 | |||
Bluegreen Vacations Holding Corp. Class A | 118,631 | 4,229 | ||||
* | Zumiez Inc. | 241,393 | 4,022 | |||
*,1 | EVgo Inc. Class A | 993,783 | 3,975 | |||
*,1 | Stitch Fix Inc. Class A | 1,005,915 | 3,873 | |||
* | Children's Place Inc. | 166,535 | 3,865 | |||
*,1 | Solid Power Inc. | 1,508,954 | 3,833 | |||
Build-A-Bear Workshop Inc. | 177,521 | 3,802 | ||||
* | Destination XL Group Inc. | 758,889 | 3,719 | |||
Clarus Corp. | 400,506 | 3,661 | ||||
* | Traeger Inc. | 861,349 | 3,661 | |||
* | Nerdy Inc. | 852,534 | 3,555 | |||
1 | Big Lots Inc. | 400,772 | 3,539 | |||
* | Cooper-Standard Holdings Inc. | 238,346 | 3,399 | |||
* | Red Robin Gourmet Burgers Inc. | 236,833 | 3,275 | |||
*,1 | Soho House & Co. Inc. Class A | 603,784 | 3,273 | |||
* | Universal Technical Institute Inc. | 471,716 | 3,260 | |||
Nathan's Famous Inc. | 40,172 | 3,155 | ||||
*,1 | RealReal Inc. | 1,417,679 | 3,147 | |||
Hooker Furnishings Corp. | 168,196 | 3,139 | ||||
* | Sportsman's Warehouse Holdings Inc. | 542,634 | 3,093 | |||
* | Full House Resorts Inc. | 455,996 | 3,055 | |||
*,1 | Arhaus Inc. Class A | 292,536 | 3,051 | |||
* | Legacy Housing Corp. | 131,177 | 3,042 | |||
* | Potbelly Corp. | 344,835 | 3,028 | |||
* | Holley Inc. | 729,914 | 2,985 | |||
* | 1-800-Flowers.com Inc. Class A | 381,575 | 2,976 | |||
* | CarParts.com Inc. | 683,987 | 2,907 | |||
* | GrowGeneration Corp. | 819,983 | 2,788 | |||
1 | Big 5 Sporting Goods Corp. | 302,104 | 2,767 | |||
* | Century Casinos Inc. | 379,530 | 2,695 | |||
*,1 | VOXX International Corp. Class A | 215,211 | 2,686 | |||
*,1 | Faraday Future Intelligent Electric Inc. | 13,278,208 | 2,656 | |||
*,1 | AMMO Inc. | 1,224,675 | 2,609 | |||
* | ONE Group Hospitality Inc. | 344,457 | 2,521 | |||
* | Carrols Restaurant Group Inc. | 498,367 | 2,512 | |||
* | Rush Street Interactive Inc. | 800,834 | 2,499 | |||
* | First Watch Restaurant Group Inc. | 147,893 | 2,499 | |||
*,1 | Vroom Inc. | 1,710,946 | 2,464 | |||
1 | Purple Innovation Inc. Class A | 873,128 | 2,427 | |||
*,1 | Lincoln Educational Services Corp. | 358,920 | 2,419 | |||
El Pollo Loco Holdings Inc. | 275,575 | 2,417 | ||||
* | PlayAGS Inc. | 424,264 | 2,397 | |||
* | Tile Shop Holdings Inc. | 430,452 | 2,385 | |||
*,1 | Snap One Holdings Corp. | 200,107 | 2,331 | |||
* | Vera Bradley Inc. | 363,887 | 2,325 | |||
* | Tilly's Inc. Class A | 331,460 | 2,324 | |||
Marine Products Corp. | 136,536 | 2,302 | ||||
* | ThredUp Inc. Class A | 941,516 | 2,297 | |||
Weyco Group Inc. | 85,402 | 2,279 | ||||
* | Citi Trends Inc. | 123,862 | 2,187 | |||
Rocky Brands Inc. | 103,347 | 2,170 | ||||
* | Motorcar Parts of America Inc. | 273,322 | 2,116 | |||
* | Latham Group Inc. | 564,399 | 2,094 | |||
* | Fiesta Restaurant Group Inc. | 262,779 | 2,086 |
Shares | Market Value• ($000) | |||||
Cato Corp. Class A | 255,761 | 2,054 | ||||
*,1 | Workhorse Group Inc. | 2,303,750 | 2,008 | |||
* | JAKKS Pacific Inc. | 100,442 | 2,006 | |||
*,1 | Canoo Inc. | 4,150,314 | 1,990 | |||
Bassett Furniture Industries Inc. | 124,057 | 1,866 | ||||
Flexsteel Industries Inc. | 91,106 | 1,796 | ||||
* | Noodles & Co. Class A | 526,174 | 1,778 | |||
* | Solo Brands Inc. Class A | 307,929 | 1,743 | |||
* | Universal Electronics Inc. | 180,911 | 1,740 | |||
*,1 | BARK Inc. | 1,299,760 | 1,729 | |||
* | American Outdoor Brands Inc. | 197,675 | 1,716 | |||
Lakeland Industries Inc. | 119,183 | 1,715 | ||||
*,1 | RumbleON Inc. Class B | 137,316 | 1,697 | |||
1 | Escalade Inc. | 126,910 | 1,694 | |||
* | Landsea Homes Corp. | 179,360 | 1,675 | |||
*,1 | Global Business Travel Group I | 231,672 | 1,675 | |||
*,1 | Allbirds Inc. Class A | 1,324,793 | 1,669 | |||
* | Fossil Group Inc. | 646,773 | 1,662 | |||
* | LL Flooring Holdings Inc. | 426,076 | 1,632 | |||
*,1 | Groupon Inc. Class A | 275,112 | 1,626 | |||
*,1 | ContextLogic Inc. Class A | 243,943 | 1,605 | |||
* | Unifi Inc. | 195,974 | 1,582 | |||
* | Container Store Group Inc. | 488,250 | 1,533 | |||
*,1 | United Homes Group Inc. | 133,491 | 1,490 | |||
*,1 | Lazydays Holdings Inc. | 124,718 | 1,442 | |||
* | J. Jill Inc. | 66,357 | 1,422 | |||
* | Lands' End Inc. | 174,736 | 1,356 | |||
* | American Public Education Inc. | 285,113 | 1,351 | |||
* | Biglari Holdings Inc. Class B | 6,418 | 1,265 | |||
* | Biglari Holdings Inc. Class A | 1,331 | 1,264 | |||
*,1 | Rent the Runway Inc. Class A | 624,498 | 1,237 | |||
Superior Group of Cos. Inc. | 130,652 | 1,220 | ||||
* | Superior Industries International Inc. | 325,372 | 1,171 | |||
* | Duluth Holdings Inc. Class B | 181,218 | 1,138 | |||
* | 1stdibs.com Inc. | 291,754 | 1,091 | |||
*,1 | PLBY Group Inc. | 624,482 | 1,049 | |||
* | Strattec Security Corp. | 55,293 | 1,006 | |||
1 | Hamilton Beach Brands Holding Co. Class A | 99,979 | 966 | |||
*,1 | Sonder Holdings Inc. | 1,801,153 | 956 | |||
* | GAN Ltd. | 552,394 | 906 | |||
Lifetime Brands Inc. | 159,241 | 900 | ||||
* | Delta Apparel Inc. | 85,609 | 897 | |||
* | Culp Inc. | 147,833 | 735 | |||
* | Conn's Inc. | 197,229 | 730 | |||
1 | Ark Restaurants Corp. | 38,656 | 715 | |||
*,1 | Vacasa Inc. Class A | 1,043,170 | 708 | |||
*,1 | Polished.com Inc. | 1,466,710 | 675 | |||
* | Barnes & Noble Education Inc. | 513,514 | 647 | |||
*,1 | Express Inc. | 1,019,173 | 605 | |||
* | Savers Value Village Inc. | 24,924 | 591 | |||
* | Brilliant Earth Group Inc. Class A | 149,812 | 581 | |||
* | Beachbody Co. Inc. | 1,378,384 | 577 | |||
* | Live Ventures Inc. | 20,027 | 534 | |||
*,1 | Nautilus Inc. | 434,844 | 531 | |||
Crown Crafts Inc. | 105,674 | 529 | ||||
*,1 | Regis Corp. | 456,411 | 507 | |||
*,1 | Kirkland's Inc. | 180,002 | 502 | |||
* | Rave Restaurant Group Inc. | 246,505 | 498 | |||
* | Envela Corp. | 67,466 | �� 497 | |||
* | Cava Group Inc. | 11,913 | 488 | |||
* | Atmus Filtration Technologies Inc. | 21,046 | 462 | |||
*,1 | Aterian Inc. | 996,489 | 458 | |||
*,1 | Hall of Fame Resort & Entertainment Co. | 43,743 | 457 | |||
*,1 | Tupperware Brands Corp. | 566,950 | 454 | |||
AMCON Distributing Co. | 2,117 | 430 | ||||
* | Charles & Colvard Ltd. | 444,108 | 424 | |||
*,1 | Torrid Holdings Inc. | 149,601 | 420 |
Shares | Market Value• ($000) | |||||
Canterbury Park Holding Corp. | 17,626 | 410 | ||||
* | Sypris Solutions Inc. | 190,358 | 388 | |||
* | Inspirato Inc. | 394,156 | 386 | |||
*,1 | Shift Technologies Inc. Class A | 164,265 | 356 | |||
* | Koss Corp. | 94,918 | 351 | |||
*,1 | Envirotech Vehicles Inc. | 144,960 | 304 | |||
*,1 | XWELL Inc. | 1,493,810 | 300 | |||
*,1 | BurgerFi International Inc. | 167,859 | 264 | |||
Flanigan's Enterprises Inc. | 8,548 | 263 | ||||
* | Dixie Group Inc. | 188,725 | 251 | |||
*,1 | AYRO Inc. | 352,055 | 241 | |||
*,1 | Lulu's Fashion Lounge Holdings Inc. | 92,833 | 235 | |||
* | F45 Training Holdings Inc. | 453,331 | 227 | |||
*,1 | Worksport Ltd. | 91,632 | 221 | |||
*,1 | Grove Collaborative Holdings | 113,167 | 200 | |||
*,1 | Xcel Brands Inc. | 113,190 | 198 | |||
*,1 | Muscle Maker Inc. | 145,574 | 173 | |||
*,1 | Yunhong CTI Ltd. | 81,921 | 161 | |||
*,1 | Amesite Inc. | 43,962 | 159 | |||
* | Good Times Restaurants Inc. | 46,289 | 157 | |||
FAT Brands Inc. Class A | 21,108 | 145 | ||||
* | Wag! Group Co. | 68,425 | 144 | |||
1 | JOANN Inc. | 158,520 | 139 | |||
*,1 | Kaival Brands Innovations Group Inc. | 155,259 | 122 | |||
* | Vince Holding Corp. | 40,186 | 117 | |||
* | Nephros Inc. | 62,193 | 96 | |||
* | Mullen Automotive Inc. | 890,023 | 96 | |||
* | Forward Industries Inc. | 93,434 | 90 | |||
*,1 | MGO Global Inc. | 38,582 | 86 | |||
* | Twin Vee PowerCats Co. | 39,000 | 83 | |||
* | Volcon Inc. | 140,268 | 80 | |||
* | Educational Development Corp. | 64,779 | 77 | |||
*,1 | Allied Gaming & Entertainment Inc. | 61,060 | 64 | |||
*,1 | Toughbuilt Industries Inc. | 183,720 | 55 | |||
Jerash Holdings US Inc. | 12,887 | 48 | ||||
*,1 | Harbor Custom Development Inc. | 12,480 | 38 | |||
*,1 | Arcimoto Inc. | 19,661 | 29 | |||
*,1 | Emerson Radio Corp. | 47,382 | 28 | |||
*,1 | Esports Entertainment Group Inc. | 21,956 | 26 | |||
*,1 | aka Brands Holding Corp. | 50,960 | 22 | |||
*,1 | Digital Brands Group Inc. | 26,240 | 17 | |||
*,1 | Nova Lifestyle Inc. | 8,036 | 17 | |||
*,1 | iMedia Brands Inc. | 90,859 | 12 | |||
*,1 | Greenlane Holdings Inc. Class A | 8,895 | 9 | |||
*,1 | Forza X1 Inc. | 4,452 | 7 | |||
* | Amergent Hospitality Group Inc. | 19,975 | 3 | |||
FAT Brands Inc. Class B | 436 | 3 | ||||
* | EBET Inc. | 27,607 | 3 | |||
*,1 | Elys Game Technology Corp. | 5,285 | 2 | |||
* | BT Brands Inc. | 755 | 2 | |||
* | Tandy Leather Factory Inc. | 26 | — | |||
* | PARTS iD Inc. | 1,100 | — | |||
* | Singing Machine Co. Inc. | 100 | — | |||
10,403,706 | ||||||
Consumer Staples (2.7%) | ||||||
* | Darling Ingredients Inc. | 2,205,211 | 140,670 | |||
* | US Foods Holding Corp. | 3,125,310 | 137,514 | |||
* | Performance Food Group Co. | 2,138,636 | 128,831 | |||
Casey's General Stores Inc. | 511,513 | 124,748 | ||||
* | BJ's Wholesale Club Holdings Inc. | 1,847,575 | 116,416 | |||
Ingredion Inc. | 908,503 | 96,256 | ||||
* | Celsius Holdings Inc. | 562,515 | 83,922 | |||
* | elf Beauty Inc. | 696,278 | 79,536 | |||
* | BellRing Brands Inc. | 1,840,903 | 67,377 | |||
Flowers Foods Inc. | 2,628,543 | 65,398 | ||||
* | Post Holdings Inc. | 730,395 | 63,289 | |||
* | Coty Inc. Class A | 5,092,727 | 62,590 |
Shares | Market Value• ($000) | |||||
Albertsons Cos. Inc. Class A | 2,719,015 | 59,329 | ||||
Lancaster Colony Corp. | 271,409 | 54,578 | ||||
* | Sprouts Farmers Market Inc. | 1,408,113 | 51,720 | |||
* | Hostess Brands Inc. Class A | 1,826,320 | 46,242 | |||
Spectrum Brands Holdings Inc. | 567,172 | 44,268 | ||||
*,1 | Freshpet Inc. | 669,273 | 44,045 | |||
* | Simply Good Foods Co. | 1,157,752 | 42,362 | |||
* | Boston Beer Co. Inc. Class A | 129,953 | 40,083 | |||
Coca-Cola Consolidated Inc. | 62,680 | 39,866 | ||||
* | Grocery Outlet Holding Corp. | 1,240,057 | 37,958 | |||
WD-40 Co. | 186,346 | 35,154 | ||||
* | TreeHouse Foods Inc. | 696,949 | 35,112 | |||
Inter Parfums Inc. | 247,359 | 33,450 | ||||
J & J Snack Foods Corp. | 205,107 | 32,481 | ||||
Energizer Holdings Inc. | 898,969 | 30,187 | ||||
Edgewell Personal Care Co. | 715,890 | 29,573 | ||||
PriceSmart Inc. | 346,665 | 25,674 | ||||
Cal-Maine Foods Inc. | 518,545 | 23,335 | ||||
Vector Group Ltd. | 1,811,501 | 23,205 | ||||
MGP Ingredients Inc. | 211,765 | 22,506 | ||||
Nu Skin Enterprises Inc. Class A | 671,900 | 22,307 | ||||
Reynolds Consumer Products Inc. | 761,024 | 21,499 | ||||
Andersons Inc. | 433,517 | 20,007 | ||||
* | Herbalife Ltd. | 1,353,869 | 17,925 | |||
Universal Corp. | 346,513 | 17,305 | ||||
* | Chefs' Warehouse Inc. | 470,589 | 16,828 | |||
* | Central Garden & Pet Co. Class A | 457,896 | 16,695 | |||
Ingles Markets Inc. Class A | 199,465 | 16,486 | ||||
* | United Natural Foods Inc. | 814,483 | 15,923 | |||
* | Hain Celestial Group Inc. | 1,230,955 | 15,399 | |||
* | National Beverage Corp. | 316,137 | 15,285 | |||
Utz Brands Inc. | 931,952 | 15,247 | ||||
John B Sanfilippo & Son Inc. | 124,618 | 14,614 | ||||
Weis Markets Inc. | 227,310 | 14,596 | ||||
1 | B&G Foods Inc. | 1,003,279 | 13,966 | |||
Medifast Inc. | 149,980 | 13,822 | ||||
* | Pilgrim's Pride Corp. | 629,377 | 13,525 | |||
* | Sovos Brands Inc. | 677,870 | 13,259 | |||
Seaboard Corp. | 3,539 | 12,601 | ||||
SpartanNash Co. | 503,094 | 11,325 | ||||
Fresh Del Monte Produce Inc. | 432,338 | 11,115 | ||||
*,1 | Beyond Meat Inc. | 849,293 | 11,024 | |||
*,1 | Beauty Health Co. | 1,277,363 | 10,692 | |||
* | USANA Health Sciences Inc. | 150,838 | 9,509 | |||
* | Central Garden & Pet Co. | 243,707 | 9,449 | |||
* | Vita Coco Co. Inc. | 329,914 | 8,865 | |||
1 | Tootsie Roll Industries Inc. | 249,780 | 8,845 | |||
* | Duckhorn Portfolio Inc. | 597,830 | 7,754 | |||
Calavo Growers Inc. | 257,422 | 7,470 | ||||
* | Mission Produce Inc. | 566,780 | 6,869 | |||
Turning Point Brands Inc. | 228,247 | 5,480 | ||||
* | Olaplex Holdings Inc. | 1,197,492 | 4,455 | |||
* | Vital Farms Inc. | 368,547 | 4,419 | |||
Oil-Dri Corp. of America | 69,624 | 4,107 | ||||
*,1 | Lifecore Biomedical Inc. | 363,800 | 3,518 | |||
1 | Limoneira Co. | 204,001 | 3,174 | |||
*,1 | BRC Inc. Class A | 507,984 | 2,621 | |||
* | Zevia PBC Class A | 573,415 | 2,471 | |||
* | HF Foods Group Inc. | 523,729 | 2,456 | |||
* | Seneca Foods Corp. Class A | 74,375 | 2,431 | |||
* | Nature's Sunshine Products Inc. | 171,423 | 2,340 | |||
*,1 | Benson Hill Inc. | 1,779,607 | 2,313 | |||
Village Super Market Inc. Class A | 97,557 | 2,226 | ||||
*,1 | Whole Earth Brands Inc. | 532,276 | 2,140 | |||
*,1 | Westrock Coffee Co. | 175,292 | 1,905 | |||
Natural Grocers by Vitamin Cottage Inc. | 145,996 | 1,790 | ||||
Alico Inc. | 59,255 | 1,509 |
Shares | Market Value• ($000) | |||||
* | Honest Co. Inc. | 798,415 | 1,341 | |||
*,1 | Rite Aid Corp. | 802,574 | 1,212 | |||
*,1 | 22nd Century Group Inc. | 3,132,816 | 1,199 | |||
*,1 | Thorne HealthTech Inc. | 237,244 | 1,115 | |||
*,1 | Veru Inc. | 745,233 | 887 | |||
Lifevantage Corp. | 195,613 | 851 | ||||
*,1 | Farmer Bros Co. | 228,647 | 633 | |||
Natural Health Trends Corp. | 109,082 | 598 | ||||
* | Lifeway Foods Inc. | 85,576 | 576 | |||
* | Natural Alternatives International Inc. | 75,454 | 560 | |||
* | Rocky Mountain Chocolate Factory Inc. | 96,109 | 520 | |||
United-Guardian Inc. | 52,417 | 447 | ||||
* | Seneca Foods Corp. Class B | 13,939 | 444 | |||
* | Willamette Valley Vineyards Inc. | 71,862 | 415 | |||
*,1 | AppHarvest Inc. | 997,425 | 369 | |||
* | Vintage Wine Estates Inc. | 431,243 | 369 | |||
*,1 | Tattooed Chef Inc. | 669,353 | 365 | |||
* | MamaMancini's Holdings Inc. | 118,906 | 359 | |||
* | Splash Beverage Group Inc. | 301,169 | 337 | |||
*,1 | Blue Apron Holdings Inc. Class A | 27,402 | 160 | |||
* | S&W Seed Co. | 127,046 | 155 | |||
*,1 | Alkaline Water Co. Inc. | 82,391 | 127 | |||
* | Upexi Inc. | 52,088 | 117 | |||
Mannatech Inc. | 7,366 | 92 | ||||
*,1 | Real Good Food Co. Inc. Class A | 26,297 | 91 | |||
*,1 | Local Bounti Corp. | 32,585 | 89 | |||
*,1 | Barfresh Food Group Inc. | 58,821 | 88 | |||
*,1 | Zivo Bioscience Inc. | 29,851 | 72 | |||
*,1 | RiceBran Technologies | 65,025 | 72 | |||
* | Coffee Holding Co. Inc. | 44,321 | 62 | |||
* | Better Choice Co. Inc. | 261,756 | 55 | |||
* | Cyanotech Corp. | 52,089 | 47 | |||
*,1 | Edible Garden AG Inc. | 35,337 | 44 | |||
*,1 | Bridgford Foods Corp. | 3,336 | 38 | |||
*,1 | Arcadia Biosciences Inc. | 9,749 | 38 | |||
*,1 | Stryve Foods Inc. Class A | 58,942 | 36 | |||
*,1 | Eastside Distilling Inc. | 7,879 | 25 | |||
*,1 | Guardion Health Sciences Inc. | 3,165 | 24 | |||
*,1 | MedAvail Holdings Inc. | 63,468 | 16 | |||
*,1 | Jupiter Wellness Inc. | 10,439 | 4 | |||
2,391,285 | ||||||
Energy (4.2%) | ||||||
Cheniere Energy Inc. | 3,342,513 | 509,265 | ||||
Ovintiv Inc. | 3,361,688 | 127,979 | ||||
Chesapeake Energy Corp. | 1,448,105 | 121,177 | ||||
Texas Pacific Land Corp. | 84,895 | 111,764 | ||||
* | TechnipFMC plc | 6,119,670 | 101,709 | |||
Range Resources Corp. | 3,322,075 | 97,669 | ||||
* | Southwestern Energy Co. | 15,202,600 | 91,368 | |||
Chord Energy Corp. | 570,124 | 87,685 | ||||
NOV Inc. | 5,466,251 | 87,679 | ||||
* | Antero Resources Corp. | 3,793,928 | 87,374 | |||
PDC Energy Inc. | 1,195,057 | 85,016 | ||||
ChampionX Corp. | 2,719,525 | 84,414 | ||||
Matador Resources Co. | 1,567,806 | 82,028 | ||||
HF Sinclair Corp. | 1,764,684 | 78,723 | ||||
Murphy Oil Corp. | 2,004,592 | 76,776 | ||||
* | Transocean Ltd. | 9,767,625 | 68,471 | |||
DT Midstream Inc. | 1,348,159 | 66,828 | ||||
PBF Energy Inc. Class A | 1,500,798 | 61,443 | ||||
* | Weatherford International plc | 901,794 | 59,897 | |||
* | Noble Corp. plc | 1,430,530 | 59,095 | |||
* | Denbury Inc. | 684,454 | 59,041 | |||
Equitrans Midstream Corp. | 5,981,118 | 57,180 | ||||
Antero Midstream Corp. | 4,664,476 | 54,108 | ||||
SM Energy Co. | 1,667,215 | 52,734 | ||||
* | Valaris Ltd. | 824,281 | 51,872 |
Shares | Market Value• ($000) | |||||
Helmerich & Payne Inc. | 1,389,910 | 49,272 | ||||
Magnolia Oil & Gas Corp. Class A | 2,350,488 | 49,125 | ||||
Civitas Resources Inc. | 682,546 | 47,348 | ||||
California Resources Corp. | 963,988 | 43,659 | ||||
* | CNX Resources Corp. | 2,239,847 | 39,690 | |||
* | Tidewater Inc. | 695,455 | 38,556 | |||
Northern Oil & Gas Inc. | 1,103,598 | 37,876 | ||||
* | Kosmos Energy Ltd. | 6,275,029 | 37,587 | |||
Cactus Inc. Class A | 879,189 | 37,207 | ||||
Permian Resources Corp. Class A | 3,223,100 | 35,325 | ||||
Peabody Energy Corp. | 1,598,768 | 34,629 | ||||
Patterson-UTI Energy Inc. | 2,827,937 | 33,850 | ||||
CONSOL Energy Inc. | 445,269 | 30,194 | ||||
1 | Sitio Royalties Corp. Class A | 1,143,440 | 30,038 | |||
Arch Resources Inc. | 259,757 | 29,290 | ||||
Liberty Energy Inc. Class A | 2,012,396 | 26,906 | ||||
* | Green Plains Inc. | 816,637 | 26,328 | |||
* | Oceaneering International Inc. | 1,378,334 | 25,775 | |||
* | Callon Petroleum Co. | 700,322 | 24,560 | |||
Delek US Holdings Inc. | 896,740 | 21,477 | ||||
International Seaways Inc. | 558,255 | 21,348 | ||||
* | Talos Energy Inc. | 1,496,847 | 20,761 | |||
* | Par Pacific Holdings Inc. | 761,001 | 20,250 | |||
* | Diamond Offshore Drilling Inc. | 1,386,616 | 19,745 | |||
Archrock Inc. | 1,862,358 | 19,089 | ||||
New Fortress Energy Inc. | 675,564 | 18,092 | ||||
World Kinect Corp. | 856,854 | 17,720 | ||||
* | NexTier Oilfield Solutions Inc. | 1,977,078 | 17,675 | |||
*,1 | Uranium Energy Corp. | 5,096,178 | 17,327 | |||
* | Expro Group Holdings NV | 943,637 | 16,721 | |||
* | Gulfport Energy Corp. | 152,064 | 15,977 | |||
Core Laboratories Inc. | 648,963 | 15,088 | ||||
1 | Comstock Resources Inc. | 1,237,362 | 14,353 | |||
* | Helix Energy Solutions Group Inc. | 1,939,045 | 14,310 | |||
* | US Silica Holdings Inc. | 1,042,415 | 12,645 | |||
1 | Kinetik Holdings Inc. Class A | 349,342 | 12,276 | |||
* | Clean Energy Fuels Corp. | 2,418,413 | 11,995 | |||
* | Vital Energy Inc. | 265,659 | 11,995 | |||
CVR Energy Inc. | 400,144 | 11,988 | ||||
Dorian LPG Ltd. | 458,010 | 11,748 | ||||
* | Nabors Industries Ltd. | 124,635 | 11,595 | |||
* | Dril-Quip Inc. | 485,566 | 11,299 | |||
* | ProPetro Holding Corp. | 1,323,347 | 10,904 | |||
*,1 | Tellurian Inc. | 7,252,902 | 10,227 | |||
* | Bristow Group Inc. Class A | 330,269 | 9,489 | |||
Select Water Solutions Inc. Class A | 1,153,966 | 9,347 | ||||
RPC Inc. | 1,105,704 | 7,906 | ||||
* | REX American Resources Corp. | 226,188 | 7,874 | |||
*,1 | Earthstone Energy Inc. Class A | 516,976 | 7,388 | |||
*,1 | NextDecade Corp. | 847,352 | 6,957 | |||
Vitesse Energy Inc. | 303,302 | 6,794 | ||||
SandRidge Energy Inc. | 434,804 | 6,631 | ||||
* | Oil States International Inc. | 880,553 | 6,578 | |||
Berry Corp. | 920,992 | 6,336 | ||||
* | Newpark Resources Inc. | 1,107,202 | 5,791 | |||
1 | Crescent Energy Co. Class A | 544,553 | 5,674 | |||
VAALCO Energy Inc. | 1,485,620 | 5,586 | ||||
*,1 | Centrus Energy Corp. Class A | 168,029 | 5,471 | |||
*,1 | SilverBow Resources Inc. | 186,760 | 5,438 | |||
* | Vertex Energy Inc. | 867,819 | 5,424 | |||
* | TETRA Technologies Inc. | 1,575,879 | 5,327 | |||
Excelerate Energy Inc. Class A | 258,567 | 5,257 | ||||
*,1 | Gevo Inc. | 3,429,071 | 5,212 | |||
*,1 | ProFrac Holding Corp. Class A | 461,945 | 5,155 | |||
* | W&T Offshore Inc. | 1,313,880 | 5,085 | |||
1 | Enviva Inc. | 424,010 | 4,601 | |||
* | DMC Global Inc. | 257,334 | 4,570 |
Shares | Market Value• ($000) | |||||
Atlas Energy Solutions Inc. Class A | 234,677 | 4,074 | ||||
* | Overseas Shipholding Group Inc. Class A | 960,289 | 4,004 | |||
Solaris Oilfield Infrastructure Inc. Class A | 464,376 | 3,868 | ||||
* | Forum Energy Technologies Inc. | 146,570 | 3,751 | |||
* | SEACOR Marine Holdings Inc. | 316,050 | 3,612 | |||
Evolution Petroleum Corp. | 443,351 | 3,578 | ||||
*,1 | Aemetis Inc. | 464,381 | 3,404 | |||
* | Amplify Energy Corp. | 493,760 | 3,343 | |||
* | Hallador Energy Co. | 357,615 | 3,065 | |||
*,1 | Ring Energy Inc. | 1,459,997 | 2,497 | |||
1 | HighPeak Energy Inc. | 182,451 | 1,985 | |||
1 | Riley Exploration Permian Inc. | 54,699 | 1,954 | |||
NACCO Industries Inc. Class A | 55,748 | 1,932 | ||||
*,1 | KLX Energy Services Holdings Inc. | 184,569 | 1,796 | |||
*,1 | Ranger Energy Services Inc. Class A | 172,254 | 1,764 | |||
* | Natural Gas Services Group Inc. | 150,390 | 1,489 | |||
*,1 | American Resources Corp. | 734,307 | 1,439 | |||
Epsilon Energy Ltd. | 263,353 | 1,406 | ||||
*,1 | Geospace Technologies Corp. | 178,649 | 1,388 | |||
PHX Minerals Inc. | 392,299 | 1,224 | ||||
* | Mammoth Energy Services Inc. | 240,366 | 1,161 | |||
*,1 | Empire Petroleum Corp. | 127,607 | 1,161 | |||
1 | Granite Ridge Resources Inc. | 168,414 | 1,117 | |||
* | Smart Sand Inc. | 607,401 | 996 | |||
*,1 | Lightbridge Corp. | 148,161 | 862 | |||
Adams Resources & Energy Inc. | 22,932 | 806 | ||||
*,1 | Nine Energy Service Inc. | 198,126 | 759 | |||
* | Kodiak Gas Services Inc. | 43,479 | 706 | |||
* | Gulf Island Fabrication Inc. | 205,792 | 669 | |||
* | PrimeEnergy Resources Corp. | 6,028 | 555 | |||
* | Profire Energy Inc. | 414,587 | 510 | |||
*,1 | OPAL Fuels Inc. Class A | 61,785 | 461 | |||
*,1 | Comstock Inc. | 600,439 | 438 | |||
*,1 | Battalion Oil Corp. | 53,142 | 303 | |||
*,1 | Houston American Energy Corp. | 137,786 | 294 | |||
*,1 | Independence Contract Drilling Inc. | 90,120 | 246 | |||
* | Superior Drilling Products Inc. | 198,912 | 245 | |||
Mexco Energy Corp. | 16,905 | 203 | ||||
*,1 | Camber Energy Inc. | 303,719 | 194 | |||
Barnwell Industries Inc. | 74,864 | 191 | ||||
Energy Services of America Corp. | 62,494 | 181 | ||||
* | NCS Multistage Holdings Inc. | 10,064 | 178 | |||
*,1 | PEDEVCO Corp. | 174,199 | 159 | |||
1 | US Energy Corp. | 102,771 | 146 | |||
* | Stabilis Solutions Inc. | 25,689 | 129 | |||
* | ENGlobal Corp. | 300,740 | 113 | |||
* | MIND Technology Inc. | 100,023 | 63 | |||
*,1 | New Concept Energy Inc. | 44,822 | 55 | |||
*,1 | Clean Energy Technologies Inc. | 19,700 | 35 | |||
*,1 | Enservco Corp. | 73,250 | 24 | |||
*,1 | BitNile Metaverse Inc. | 7,425 | 9 | |||
3,693,548 | ||||||
Financials (15.7%) | ||||||
Blackstone Inc. | 9,752,866 | 906,724 | ||||
* | Block Inc. Class A | 7,558,995 | 503,202 | |||
Apollo Global Management Inc. | 5,943,515 | 456,521 | ||||
KKR & Co. Inc. | 7,960,129 | 445,767 | ||||
* | Markel Group Inc. | 184,209 | 254,794 | |||
LPL Financial Holdings Inc. | 1,070,153 | 232,683 | ||||
Ares Management Corp. Class A | 2,208,237 | 212,764 | ||||
First Citizens BancShares Inc. Class A | 164,952 | 211,708 | ||||
*,1 | Coinbase Global Inc. Class A | 2,311,395 | 165,380 | |||
Annaly Capital Management Inc. | 6,750,537 | 135,078 | ||||
Fidelity National Financial Inc. | 3,736,331 | 134,508 | ||||
RenaissanceRe Holdings Ltd. | 691,811 | 129,037 | ||||
Reinsurance Group of America Inc. | 917,885 | 127,301 | ||||
Equitable Holdings Inc. | 4,569,751 | 124,114 |
Shares | Market Value• ($000) | |||||
Unum Group | 2,542,088 | 121,258 | ||||
Interactive Brokers Group Inc. Class A | 1,415,375 | 117,575 | ||||
American Financial Group Inc. | 959,098 | 113,893 | ||||
New York Community Bancorp Inc. | 10,042,766 | 112,881 | ||||
Ally Financial Inc. | 4,149,079 | 112,067 | ||||
Kinsale Capital Group Inc. | 299,371 | 112,025 | ||||
Tradeweb Markets Inc. Class A | 1,584,566 | 108,511 | ||||
* | WEX Inc. | 590,892 | 107,584 | |||
* | Toast Inc. Class A | 4,683,616 | 105,709 | |||
East West Bancorp Inc. | 1,951,235 | 103,006 | ||||
Primerica Inc. | 498,424 | 98,568 | ||||
Voya Financial Inc. | 1,354,262 | 97,114 | ||||
*,1 | SoFi Technologies Inc. | 11,481,779 | 95,758 | |||
Cullen/Frost Bankers Inc. | 886,780 | 95,355 | ||||
Carlyle Group Inc. | 2,972,712 | 94,978 | ||||
Old Republic International Corp. | 3,717,230 | 93,563 | ||||
Webster Financial Corp. | 2,391,212 | 90,268 | ||||
Stifel Financial Corp. | 1,470,086 | 87,720 | ||||
Jefferies Financial Group Inc. | 2,568,737 | 85,205 | ||||
1 | Starwood Property Trust Inc. | 4,320,289 | 83,814 | |||
First Horizon Corp. | 7,405,547 | 83,461 | ||||
SEI Investments Co. | 1,397,940 | 83,345 | ||||
AGNC Investment Corp. | 8,172,070 | 82,783 | ||||
First American Financial Corp. | 1,422,247 | 81,097 | ||||
Selective Insurance Group Inc. | 835,117 | 80,129 | ||||
RLI Corp. | 559,101 | 76,301 | ||||
* | Euronet Worldwide Inc. | 645,710 | 75,787 | |||
Commerce Bancshares Inc. | 1,550,899 | 75,529 | ||||
OneMain Holdings Inc. | 1,674,016 | 73,138 | ||||
Prosperity Bancshares Inc. | 1,293,053 | 73,032 | ||||
Affiliated Managers Group Inc. | 480,677 | 72,049 | ||||
* | Robinhood Markets Inc. Class A | 7,184,707 | 71,703 | |||
Erie Indemnity Co. Class A | 341,198 | 71,655 | ||||
Essent Group Ltd. | 1,482,529 | 69,382 | ||||
Morningstar Inc. | 349,977 | 68,620 | ||||
SouthState Corp. | 1,041,095 | 68,504 | ||||
Houlihan Lokey Inc. Class A | 691,221 | 67,954 | ||||
Rithm Capital Corp. | 6,652,473 | 62,201 | ||||
Wintrust Financial Corp. | 848,223 | 61,598 | ||||
Synovus Financial Corp. | 2,034,567 | 61,546 | ||||
MGIC Investment Corp. | 3,861,301 | 60,970 | ||||
Popular Inc. | 1,001,138 | 60,589 | ||||
Western Union Co. | 5,158,972 | 60,515 | ||||
Evercore Inc. Class A | 485,398 | 59,990 | ||||
Home BancShares Inc. | 2,612,311 | 59,561 | ||||
Bank OZK | 1,479,023 | 59,398 | ||||
Pinnacle Financial Partners Inc. | 1,043,544 | 59,117 | ||||
Columbia Banking System Inc. | 2,897,340 | 58,758 | ||||
Blue Owl Capital Inc. Class A | 4,982,629 | 58,048 | ||||
* | Ryan Specialty Holdings Inc. Class A | 1,281,283 | 57,517 | |||
FNB Corp. | 5,014,160 | 57,362 | ||||
Axis Capital Holdings Ltd. | 1,053,887 | 56,731 | ||||
Old National Bancorp | 4,025,896 | 56,121 | ||||
Western Alliance Bancorp | 1,524,480 | 55,598 | ||||
United Bankshares Inc. | 1,859,326 | 55,166 | ||||
Hanover Insurance Group Inc. | 486,341 | 54,971 | ||||
SLM Corp. | 3,338,407 | 54,483 | ||||
Radian Group Inc. | 2,127,551 | 53,784 | ||||
* | Shift4 Payments Inc. Class A | 790,159 | 53,660 | |||
First Financial Bankshares Inc. | 1,799,465 | 51,267 | ||||
Janus Henderson Group plc | 1,849,887 | 50,409 | ||||
Lazard Ltd. Class A | 1,567,697 | 50,166 | ||||
White Mountains Insurance Group Ltd. | 35,400 | 49,167 | ||||
Cadence Bank | 2,499,856 | 49,097 | ||||
1 | Blackstone Mortgage Trust Inc. Class A | 2,336,796 | 48,629 | |||
* | Mr Cooper Group Inc. | 945,491 | 47,880 | |||
Glacier Bancorp Inc. | 1,527,925 | 47,625 |
Shares | Market Value• ($000) | |||||
FirstCash Holdings Inc. | 500,556 | 46,717 | ||||
*,1 | Affirm Holdings Inc. Class A | 2,975,630 | 45,616 | |||
American Equity Investment Life Holding Co. | 875,050 | 45,599 | ||||
* | Enstar Group Ltd. | 185,482 | 45,302 | |||
Assured Guaranty Ltd. | 809,361 | 45,162 | ||||
Hancock Whitney Corp. | 1,168,111 | 44,832 | ||||
Valley National Bancorp | 5,768,455 | 44,706 | ||||
Kemper Corp. | 893,056 | 43,099 | ||||
*,1 | Credit Acceptance Corp. | 84,373 | 42,856 | |||
Federated Hermes Inc. Class B | 1,188,679 | 42,614 | ||||
* | Brighthouse Financial Inc. | 891,959 | 42,234 | |||
Moelis & Co. Class A | 919,880 | 41,707 | ||||
* | Focus Financial Partners Inc. Class A | 789,468 | 41,455 | |||
Hamilton Lane Inc. Class A | 490,391 | 39,221 | ||||
United Community Banks Inc. | 1,560,675 | 39,001 | ||||
CNO Financial Group Inc. | 1,562,433 | 36,983 | ||||
1 | Arbor Realty Trust Inc. | 2,466,417 | 36,552 | |||
UMB Financial Corp. | 598,400 | 36,443 | ||||
Artisan Partners Asset Management Inc. Class A | 924,157 | 36,329 | ||||
Corebridge Financial Inc. | 2,056,743 | 36,322 | ||||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 1,416,643 | 35,416 | ||||
*,1 | Upstart Holdings Inc. | 983,683 | 35,226 | |||
Community Bank System Inc. | 737,012 | 34,551 | ||||
* | Texas Capital Bancshares Inc. | 660,818 | 34,032 | |||
Walker & Dunlop Inc. | 424,319 | 33,559 | ||||
Associated Banc-Corp | 2,036,119 | 33,046 | ||||
* | Genworth Financial Inc. Class A | 6,563,682 | 32,818 | |||
EVERTEC Inc. | 887,975 | 32,704 | ||||
Cathay General Bancorp | 991,528 | 31,917 | ||||
WSFS Financial Corp. | 839,258 | 31,657 | ||||
First Hawaiian Inc. | 1,757,438 | 31,651 | ||||
International Bancshares Corp. | 714,019 | 31,560 | ||||
BOK Financial Corp. | 385,482 | 31,139 | ||||
Ameris Bancorp | 895,358 | 30,630 | ||||
First Bancorp | 2,477,127 | 30,271 | ||||
Simmons First National Corp. Class A | 1,734,649 | 29,923 | ||||
* | NMI Holdings Inc. Class A | 1,143,654 | 29,529 | |||
* | Marqeta Inc. Class A | 6,042,510 | 29,427 | |||
First Interstate BancSystem Inc. Class A | 1,224,042 | 29,181 | ||||
PennyMac Financial Services Inc. | 409,454 | 28,789 | ||||
* | Axos Financial Inc. | 721,638 | 28,461 | |||
* | Flywire Corp. | 908,357 | 28,195 | |||
ServisFirst Bancshares Inc. | 675,629 | 27,647 | ||||
Fulton Financial Corp. | 2,268,229 | 27,037 | ||||
Eastern Bankshares Inc. | 2,198,239 | 26,972 | ||||
Pacific Premier Bancorp Inc. | 1,298,137 | 26,845 | ||||
Piper Sandler Cos. | 207,140 | 26,775 | ||||
* | Remitly Global Inc. | 1,413,142 | 26,595 | |||
Atlantic Union Bankshares Corp. | 1,023,134 | 26,550 | ||||
Independent Bank Corp. | 595,204 | 26,493 | ||||
First Financial Bancorp | 1,288,868 | 26,344 | ||||
Navient Corp. | 1,380,490 | 25,650 | ||||
1 | Ready Capital Corp. | 2,239,612 | 25,263 | |||
Seacoast Banking Corp. of Florida | 1,138,868 | 25,169 | ||||
* | Bancorp Inc. | 757,449 | 24,731 | |||
CVB Financial Corp. | 1,834,519 | 24,362 | ||||
Jackson Financial Inc. Class A | 795,493 | 24,350 | ||||
Nelnet Inc. Class A | 248,375 | 23,963 | ||||
Washington Federal Inc. | 889,394 | 23,587 | ||||
First Merchants Corp. | 819,136 | 23,124 | ||||
PJT Partners Inc. Class A | 331,526 | 23,087 | ||||
* | Enova International Inc. | 429,461 | 22,813 | |||
Bank of Hawaii Corp. | 551,218 | 22,727 | ||||
BancFirst Corp. | 240,493 | 22,125 | ||||
Bread Financial Holdings Inc. | 697,445 | 21,893 | ||||
BankUnited Inc. | 1,003,841 | 21,633 |
Shares | Market Value• ($000) | |||||
* | BRP Group Inc. Class A | 865,450 | 21,446 | |||
BGC Partners Inc. Class A | 4,805,918 | 21,290 | ||||
Towne Bank | 902,490 | 20,974 | ||||
WesBanco Inc. | 817,330 | 20,932 | ||||
* | PROG Holdings Inc. | 642,351 | 20,632 | |||
Virtu Financial Inc. Class A | 1,203,173 | 20,562 | ||||
* | Goosehead Insurance Inc. Class A | 326,814 | 20,553 | |||
TPG Inc. Class A | 701,555 | 20,528 | ||||
Park National Corp. | 199,677 | 20,431 | ||||
Apollo Commercial Real Estate Finance Inc. | 1,800,740 | 20,384 | ||||
Banner Corp. | 465,405 | 20,324 | ||||
* | Palomar Holdings Inc. | 350,091 | 20,319 | |||
* | StoneX Group Inc. | 240,442 | 19,976 | |||
Renasant Corp. | 762,932 | 19,935 | ||||
Enterprise Financial Services Corp. | 508,323 | 19,875 | ||||
Hilltop Holdings Inc. | 624,899 | 19,659 | ||||
Cohen & Steers Inc. | 338,369 | 19,622 | ||||
* | Cannae Holdings Inc. | 958,556 | 19,372 | |||
Claros Mortgage Trust Inc. | 1,692,880 | 19,197 | ||||
NBT Bancorp Inc. | 601,801 | 19,167 | ||||
* | AvidXchange Holdings Inc. | 1,838,066 | 19,079 | |||
City Holding Co. | 209,746 | 18,875 | ||||
* | Triumph Financial Inc. | 309,969 | 18,821 | |||
Northwest Bancshares Inc. | 1,769,464 | 18,756 | ||||
Stock Yards Bancorp Inc. | 410,410 | 18,620 | ||||
Virtus Investment Partners Inc. | 93,422 | 18,448 | ||||
Chimera Investment Corp. | 3,182,636 | 18,364 | ||||
Two Harbors Investment Corp. | 1,311,933 | 18,210 | ||||
Pathward Financial Inc. | 386,596 | 17,923 | ||||
First Commonwealth Financial Corp. | 1,396,655 | 17,668 | ||||
Trustmark Corp. | 832,130 | 17,575 | ||||
Lakeland Financial Corp. | 352,255 | 17,091 | ||||
Independent Bank Group Inc. | 489,765 | 16,912 | ||||
OFG Bancorp | 646,219 | 16,853 | ||||
Provident Financial Services Inc. | 1,030,797 | 16,843 | ||||
Federal Agricultural Mortgage Corp. Class C | 116,944 | 16,810 | ||||
Horace Mann Educators Corp. | 565,798 | 16,782 | ||||
Ladder Capital Corp. Class A | 1,532,205 | 16,624 | ||||
First Bancorp (XNGS) | 557,077 | 16,573 | ||||
PennyMac Mortgage Investment Trust | 1,224,180 | 16,502 | ||||
StepStone Group Inc. Class A | 658,943 | 16,348 | ||||
Franklin BSP Realty Trust Inc. | 1,146,607 | 16,236 | ||||
* | Encore Capital Group Inc. | 326,386 | 15,869 | |||
TriCo Bancshares | 472,873 | 15,699 | ||||
* | Donnelley Financial Solutions Inc. | 343,234 | 15,627 | |||
Stewart Information Services Corp. | 376,818 | 15,502 | ||||
* | Rocket Cos. Inc. Class A | 1,725,561 | 15,461 | |||
1 | ARMOUR Residential REIT Inc. | 2,824,323 | 15,054 | |||
National Bank Holdings Corp. Class A | 514,740 | 14,948 | ||||
Argo Group International Holdings Ltd. | 503,738 | 14,916 | ||||
S&T Bancorp Inc. | 546,970 | 14,872 | ||||
First Busey Corp. | 736,220 | 14,798 | ||||
Safety Insurance Group Inc. | 202,623 | 14,532 | ||||
Heartland Financial USA Inc. | 520,931 | 14,518 | ||||
Sandy Spring Bancorp Inc. | 639,784 | 14,510 | ||||
Stellar Bancorp Inc. | 633,632 | 14,504 | ||||
AMERISAFE Inc. | 271,879 | 14,497 | ||||
Employers Holdings Inc. | 385,360 | 14,416 | ||||
CNA Financial Corp. | 371,908 | 14,363 | ||||
National Western Life Group Inc. Class A | 34,352 | 14,275 | ||||
MFA Financial Inc. | 1,268,252 | 14,255 | ||||
* | LendingClub Corp. | 1,452,641 | 14,163 | |||
Westamerica Bancorp | 364,645 | 13,966 | ||||
* | Open Lending Corp. | 1,316,608 | 13,838 | |||
FB Financial Corp. | 481,225 | 13,498 | ||||
Hope Bancorp Inc. | 1,594,101 | 13,422 | ||||
Veritex Holdings Inc. | 741,044 | 13,287 |
Shares | Market Value• ($000) | |||||
* | Payoneer Global Inc. | 2,756,898 | 13,261 | |||
PacWest Bancorp | 1,624,855 | 13,243 | ||||
Berkshire Hills Bancorp Inc. | 620,593 | 12,865 | ||||
Nicolet Bankshares Inc. | 189,277 | 12,854 | ||||
* | Oscar Health Inc. Class A | 1,571,946 | 12,670 | |||
OceanFirst Financial Corp. | 806,135 | 12,592 | ||||
New York Mortgage Trust Inc. | 1,253,109 | 12,431 | ||||
* | Green Dot Corp. Class A | 657,691 | 12,325 | |||
* | Avantax Inc. | 547,608 | 12,255 | |||
* | PRA Group Inc. | 535,046 | 12,226 | |||
* | Customers Bancorp Inc. | 402,137 | 12,169 | |||
Origin Bancorp Inc. | 415,232 | 12,166 | ||||
1 | Ellington Financial Inc. | 878,946 | 12,129 | |||
BrightSpire Capital Inc. Class A | 1,797,583 | 12,098 | ||||
Live Oak Bancshares Inc. | 459,390 | 12,087 | ||||
Victory Capital Holdings Inc. Class A | 373,882 | 11,792 | ||||
Peoples Bancorp Inc. | 435,509 | 11,563 | ||||
ProAssurance Corp. | 752,412 | 11,354 | ||||
* | International Money Express Inc. | 461,723 | 11,326 | |||
Lakeland Bancorp Inc. | 840,475 | 11,254 | ||||
Mercury General Corp. | 362,548 | 10,974 | ||||
Capitol Federal Financial Inc. | 1,767,392 | 10,905 | ||||
WisdomTree Inc. | 1,587,323 | 10,889 | ||||
German American Bancorp Inc. | 395,665 | 10,754 | ||||
* | SiriusPoint Ltd. | 1,185,222 | 10,703 | |||
Brookline Bancorp Inc. | 1,212,452 | 10,597 | ||||
*,1 | Lemonade Inc. | 626,266 | 10,553 | |||
1 | B. Riley Financial Inc. | 224,619 | 10,328 | |||
1st Source Corp. | 245,108 | 10,277 | ||||
Tompkins Financial Corp. | 183,756 | 10,235 | ||||
Preferred Bank | 184,719 | 10,158 | ||||
Redwood Trust Inc. | 1,593,331 | 10,150 | ||||
First Bancshares Inc. | 392,552 | 10,144 | ||||
Southside Bancshares Inc. | 384,796 | 10,066 | ||||
Enact Holdings Inc. | 399,309 | 10,035 | ||||
James River Group Holdings Ltd. | 547,131 | 9,991 | ||||
KKR Real Estate Finance Trust Inc. | 811,452 | 9,875 | ||||
QCR Holdings Inc. | 239,130 | 9,812 | ||||
Brightsphere Investment Group Inc. | 464,792 | 9,737 | ||||
* | Trupanion Inc. | 483,834 | 9,522 | |||
A-Mark Precious Metals Inc. | 249,799 | 9,351 | ||||
* | Ambac Financial Group Inc. | 651,046 | 9,271 | |||
Merchants Bancorp | 360,296 | 9,216 | ||||
Dynex Capital Inc. | 730,664 | 9,199 | ||||
Eagle Bancorp Inc. | 424,175 | 8,976 | ||||
Banc of California Inc. | 772,472 | 8,945 | ||||
Bank First Corp. | 107,447 | 8,940 | ||||
* | AssetMark Financial Holdings Inc. | 296,414 | 8,792 | |||
Heritage Financial Corp. | 522,304 | 8,446 | ||||
* | Repay Holdings Corp. Class A | 1,062,067 | 8,316 | |||
TFS Financial Corp. | 650,959 | 8,183 | ||||
ConnectOne Bancorp Inc. | 493,003 | 8,179 | ||||
1 | Ares Commercial Real Estate Corp. | 800,745 | 8,128 | |||
Premier Financial Corp. | 504,511 | 8,082 | ||||
Dime Community Bancshares Inc. | 454,968 | 8,021 | ||||
Univest Financial Corp. | 439,966 | 7,955 | ||||
* | Columbia Financial Inc. | 456,930 | 7,900 | |||
1 | UWM Holdings Corp. Class A | 1,368,932 | 7,666 | |||
Community Trust Bancorp Inc. | 214,426 | 7,627 | ||||
Old Second Bancorp Inc. | 575,991 | 7,522 | ||||
* | I3 Verticals Inc. Class A | 327,468 | 7,486 | |||
1 | Invesco Mortgage Capital Inc. | 642,548 | 7,370 | |||
Diamond Hill Investment Group Inc. | 42,417 | 7,266 | ||||
United Fire Group Inc. | 315,981 | 7,160 | ||||
Heritage Commerce Corp. | 851,614 | 7,051 | ||||
Cass Information Systems Inc. | 174,823 | 6,780 | ||||
Kearny Financial Corp. | 958,984 | 6,761 |
Shares | Market Value• ($000) | |||||
TrustCo Bank Corp. | 236,313 | 6,761 | ||||
TPG RE Finance Trust Inc. | 901,196 | 6,678 | ||||
Northfield Bancorp Inc. | 606,628 | 6,661 | ||||
Camden National Corp. | 214,561 | 6,645 | ||||
Great Southern Bancorp Inc. | 130,985 | 6,645 | ||||
F&G Annuities & Life Inc. | 265,958 | 6,590 | ||||
*,1 | EZCORP Inc. Class A | 786,107 | 6,588 | |||
* | Cantaloupe Inc. | 826,649 | 6,580 | |||
First Community Bankshares Inc. | 220,420 | 6,553 | ||||
Hanmi Financial Corp. | 432,358 | 6,455 | ||||
Amerant Bancorp Inc. Class A | 374,769 | 6,442 | ||||
* | World Acceptance Corp. | 47,995 | 6,432 | |||
Washington Trust Bancorp Inc. | 239,404 | 6,418 | ||||
P10 Inc. Class A | 555,216 | 6,274 | ||||
Universal Insurance Holdings Inc. | 405,316 | 6,254 | ||||
Capital City Bank Group Inc. | 203,323 | 6,230 | ||||
First Mid Bancshares Inc. | 256,624 | 6,195 | ||||
Peapack-Gladstone Financial Corp. | 228,390 | 6,185 | ||||
Cambridge Bancorp | 112,945 | 6,134 | ||||
* | MBIA Inc. | 708,974 | 6,126 | |||
1 | NewtekOne Inc. | 383,700 | 6,101 | |||
Midland States Bancorp Inc. | 305,553 | 6,084 | ||||
HCI Group Inc. | 98,235 | 6,069 | ||||
* | Coastal Financial Corp. | 160,482 | 6,042 | |||
Central Pacific Financial Corp. | 384,271 | 6,037 | ||||
Farmers National Banc Corp. | 482,134 | 5,964 | ||||
Mercantile Bank Corp. | 214,260 | 5,918 | ||||
Byline Bancorp Inc. | 325,257 | 5,884 | ||||
* | CrossFirst Bankshares Inc. | 584,166 | 5,842 | |||
Horizon Bancorp Inc. | 559,018 | 5,819 | ||||
1 | Orchid Island Capital Inc. | 559,033 | 5,786 | |||
HarborOne Bancorp Inc. | 635,198 | 5,514 | ||||
* | Metropolitan Bank Holding Corp. | 154,911 | 5,380 | |||
Bar Harbor Bankshares | 214,959 | 5,297 | ||||
Republic Bancorp Inc. Class A | 124,051 | 5,272 | ||||
Flushing Financial Corp. | 428,123 | 5,262 | ||||
Independent Bank Corp. (Michigan) | 302,913 | 5,137 | ||||
Business First Bancshares Inc. | 340,522 | 5,132 | ||||
Arrow Financial Corp. | 252,086 | 5,077 | ||||
CNB Financial Corp. | 287,207 | 5,069 | ||||
First Financial Corp. | 155,420 | 5,046 | ||||
Metrocity Bankshares Inc. | 278,163 | 4,976 | ||||
Equity Bancshares Inc. Class A | 213,681 | 4,868 | ||||
* | Carter Bankshares Inc. | 325,330 | 4,812 | |||
Perella Weinberg Partners Class A | 573,584 | 4,778 | ||||
Esquire Financial Holdings Inc. | 102,758 | 4,700 | ||||
Hingham Institution For Savings | 21,451 | 4,573 | ||||
Bridge Investment Group Holdings Inc. Class A | 401,160 | 4,553 | ||||
SmartFinancial Inc. | 210,884 | 4,536 | ||||
GCM Grosvenor Inc. Class A | 601,260 | 4,534 | ||||
Citizens Financial Services Inc. | 60,659 | 4,517 | ||||
Southern Missouri Bancorp Inc. | 117,181 | 4,506 | ||||
Regional Management Corp. | 142,217 | 4,338 | ||||
* | Acacia Research Corp. | 1,035,740 | 4,309 | |||
Tiptree Inc. Class A | 285,214 | 4,281 | ||||
South Plains Financial Inc. | 187,668 | 4,224 | ||||
* | NerdWallet Inc. Class A | 447,421 | 4,210 | |||
Amalgamated Financial Corp. | 260,683 | 4,194 | ||||
HBT Financial Inc. | 222,075 | 4,095 | ||||
Northeast Bank | 98,222 | 4,093 | ||||
*,1 | Hagerty Inc. Class A | 435,390 | 4,075 | |||
Mid Penn Bancorp Inc. | 183,703 | 4,056 | ||||
Summit Financial Group Inc. | 195,678 | 4,043 | ||||
1 | Oppenheimer Holdings Inc. Class A | 100,492 | 4,038 | |||
* | Greenlight Capital Re Ltd. Class A | 382,987 | 4,035 | |||
Peoples Financial Services Corp. | 92,105 | 4,033 | ||||
American National Bankshares Inc. | 137,746 | 3,992 |
Shares | Market Value• ($000) | |||||
MidWestOne Financial Group Inc. | 186,210 | 3,979 | ||||
Bank of Marin Bancorp | 225,140 | 3,978 | ||||
Granite Point Mortgage Trust Inc. | 750,521 | 3,978 | ||||
Citizens & Northern Corp. | 205,821 | 3,972 | ||||
ACNB Corp. | 119,145 | 3,952 | ||||
HomeTrust Bancshares Inc. | 186,029 | 3,886 | ||||
First of Long Island Corp. | 317,043 | 3,811 | ||||
Alerus Financial Corp. | 209,355 | 3,764 | ||||
* | Blue Foundry Bancorp | 366,870 | 3,709 | |||
Waterstone Financial Inc. | 254,396 | 3,686 | ||||
Home Bancorp Inc. | 110,046 | 3,655 | ||||
West Bancorp Inc. | 196,726 | 3,622 | ||||
Federal Agricultural Mortgage Corp. Class A | 29,518 | 3,601 | ||||
*,1 | Hippo Holdings Inc. | 217,449 | 3,594 | |||
FS Bancorp Inc. | 119,191 | 3,584 | ||||
Northeast Community Bancorp Inc. | 238,256 | 3,545 | ||||
Farmers & Merchants Bancorp Inc. | 157,325 | 3,541 | ||||
* | LendingTree Inc. | 158,669 | 3,508 | |||
Civista Bancshares Inc. | 201,483 | 3,506 | ||||
Five Star Bancorp | 153,311 | 3,430 | ||||
Donegal Group Inc. Class A | 235,814 | 3,403 | ||||
Financial Institutions Inc. | 215,480 | 3,392 | ||||
*,1 | Forge Global Holdings Inc. | 1,384,507 | 3,364 | |||
* | Bridgewater Bancshares Inc. | 339,479 | 3,344 | |||
*,1 | Skyward Specialty Insurance Group Inc. | 131,024 | 3,328 | |||
* | Selectquote Inc. | 1,696,874 | 3,309 | |||
MVB Financial Corp. | 155,613 | 3,280 | ||||
Capstar Financial Holdings Inc. | 265,553 | 3,258 | ||||
Sierra Bancorp | 189,219 | 3,211 | ||||
Red River Bancshares Inc. | 64,959 | 3,192 | ||||
Enterprise Bancorp Inc. | 108,824 | 3,149 | ||||
* | Velocity Financial Inc. | 271,680 | 3,132 | |||
John Marshall Bancorp Inc. | 153,949 | 3,093 | ||||
Investors Title Co. | 20,747 | 3,029 | ||||
* | Southern First Bancshares Inc. | 122,020 | 3,020 | |||
Northrim Bancorp Inc. | 76,598 | 3,013 | ||||
Guaranty Bancshares Inc. | 111,107 | 3,009 | ||||
* | eHealth Inc. | 373,139 | 3,000 | |||
* | Atlanticus Holdings Corp. | 70,011 | 2,941 | |||
Orrstown Financial Services Inc. | 153,208 | 2,934 | ||||
BayCom Corp. | 175,600 | 2,929 | ||||
Shore Bancshares Inc. | 253,151 | 2,926 | ||||
Norwood Financial Corp. | 98,347 | 2,904 | ||||
Macatawa Bank Corp. | 310,564 | 2,882 | ||||
* | Third Coast Bancshares Inc. | 181,078 | 2,874 | |||
AFC Gamma Inc. | 228,835 | 2,849 | ||||
Greenhill & Co. Inc. | 194,330 | 2,847 | ||||
First Business Financial Services Inc. | 95,966 | 2,830 | ||||
Greene County Bancorp Inc. | 94,186 | 2,807 | ||||
* | Ponce Financial Group Inc. | 322,732 | 2,805 | |||
* | Ocwen Financial Corp. | 92,076 | 2,760 | |||
Fidelity D&D Bancorp Inc. | 56,163 | 2,729 | ||||
First Bancorp Inc. | 111,881 | 2,723 | ||||
Crawford & Co. Class A | 240,318 | 2,665 | ||||
First Foundation Inc. | 665,220 | 2,641 | ||||
BCB Bancorp Inc. | 224,625 | 2,637 | ||||
Plumas Bancorp | 73,314 | 2,617 | ||||
PCB Bancorp | 176,970 | 2,603 | ||||
Timberland Bancorp Inc. | 99,653 | 2,549 | ||||
Crawford & Co. Class B | 265,090 | 2,489 | ||||
Sculptor Capital Management Inc. Class A | 278,461 | 2,459 | ||||
National Bankshares Inc. | 83,145 | 2,427 | ||||
Middlefield Banc Corp. | 90,108 | 2,415 | ||||
C&F Financial Corp. | 44,566 | 2,393 | ||||
* | Guild Holdings Co. Class A | 208,789 | 2,372 | |||
Codorus Valley Bancorp Inc. | 120,108 | 2,355 | ||||
1 | Angel Oak Mortgage REIT Inc. | 283,978 | 2,340 |
Shares | Market Value• ($000) | |||||
* | Oportun Financial Corp. | 390,828 | 2,333 | |||
*,1 | AlTi Global Inc. | 301,584 | 2,310 | |||
First Bank | 221,214 | 2,296 | ||||
Penns Woods Bancorp Inc. | 91,315 | 2,286 | ||||
Great Ajax Corp. | 372,803 | 2,285 | ||||
Oak Valley Bancorp | 88,230 | 2,223 | ||||
*,1 | Arlington Asset Investment Corp. Class A | 478,910 | 2,217 | |||
Silvercrest Asset Management Group Inc. Class A | 109,439 | 2,216 | ||||
* | Paymentus Holdings Inc. Class A | 209,178 | 2,209 | |||
Capital Bancorp Inc. | 121,048 | 2,191 | ||||
Parke Bancorp Inc. | 127,804 | 2,171 | ||||
Ames National Corp. | 118,022 | 2,128 | ||||
*,1 | Maiden Holdings Ltd. | 1,004,655 | 2,110 | |||
Central Valley Community Bancorp | 135,939 | 2,100 | ||||
Colony Bankcorp Inc. | 222,001 | 2,091 | ||||
Princeton Bancorp Inc. | 75,716 | 2,069 | ||||
Virginia National Bankshares Corp. | 63,645 | 2,046 | ||||
1 | AG Mortgage Investment Trust Inc. | 331,054 | 2,026 | |||
Bankwell Financial Group Inc. | 82,961 | 2,023 | ||||
RBB Bancorp | 166,994 | 1,994 | ||||
Medallion Financial Corp. | 250,706 | 1,983 | ||||
ChoiceOne Financial Services Inc. | 86,073 | 1,980 | ||||
Community Financial Corp. | 73,029 | 1,978 | ||||
Provident Bancorp Inc. | 238,782 | 1,977 | ||||
Evans Bancorp Inc. | 78,753 | 1,963 | ||||
* | FVCBankcorp Inc. | 181,118 | 1,951 | |||
Primis Financial Corp. | 231,732 | 1,951 | ||||
1 | Nexpoint Real Estate Finance Inc. | 124,768 | 1,945 | |||
Unity Bancorp Inc. | 81,077 | 1,913 | ||||
MainStreet Bancshares Inc. | 83,794 | 1,899 | ||||
1 | Sachem Capital Corp. | 542,036 | 1,892 | |||
Orange County Bancorp Inc. | 50,926 | 1,884 | ||||
ESSA Bancorp Inc. | 125,382 | 1,874 | ||||
Blue Ridge Bankshares Inc. | 209,840 | 1,857 | ||||
* | Security National Financial Corp. Class A | 207,764 | 1,843 | |||
Seven Hills Realty Trust | 177,373 | 1,820 | ||||
Associated Capital Group Inc. Class A | 51,110 | 1,809 | ||||
LCNB Corp. | 121,255 | 1,790 | ||||
1 | Cherry Hill Mortgage Investment Corp. | 363,777 | 1,757 | |||
* | Kingsway Financial Services Inc. | 212,689 | 1,733 | |||
Southern States Bancshares Inc. | 82,041 | 1,731 | ||||
* | ECB Bancorp Inc. | 132,307 | 1,731 | |||
Chemung Financial Corp. | 45,037 | 1,730 | ||||
First Internet Bancorp | 115,794 | 1,720 | ||||
* | NI Holdings Inc. | 115,761 | 1,719 | |||
Richmond Mutual Bancorp Inc. | 155,106 | 1,712 | ||||
*,1 | Consumer Portfolio Services Inc. | 141,466 | 1,651 | |||
William Penn Bancorp | 161,491 | 1,639 | ||||
First Northwest Bancorp | 143,833 | 1,637 | ||||
Salisbury Bancorp Inc. | 66,500 | 1,575 | ||||
Territorial Bancorp Inc. | 128,027 | 1,572 | ||||
Hawthorn Bancshares Inc. | 87,426 | 1,569 | ||||
First Community Corp. | 89,303 | 1,550 | ||||
* | First Western Financial Inc. | 83,045 | 1,545 | |||
OP Bancorp | 182,318 | 1,537 | ||||
* | Malvern Bancorp Inc. | 96,817 | 1,525 | |||
Franklin Financial Services Corp. | 54,643 | 1,516 | ||||
*,1 | Citizens Inc. Class A | 625,430 | 1,507 | |||
1 | Ellington Residential Mortgage REIT | 208,054 | 1,500 | |||
Luther Burbank Corp. | 167,843 | 1,497 | ||||
BankFinancial Corp. | 181,233 | 1,482 | ||||
Riverview Bancorp Inc. | 292,678 | 1,475 | ||||
* | Sterling Bancorp Inc. | 269,676 | 1,475 | |||
Investar Holding Corp. | 121,401 | 1,470 | ||||
* | loanDepot Inc. Class A | 686,280 | 1,455 | |||
* | California Bancorp | 96,513 | 1,448 | |||
Meridian Corp. | 143,789 | 1,409 |
Shares | Market Value• ($000) | |||||
Westwood Holdings Group Inc. | 113,259 | 1,404 | ||||
First United Corp. | 97,981 | 1,397 | ||||
FNCB Bancorp Inc. | 232,813 | 1,381 | ||||
*,1 | GoHealth Inc. Class A | 69,839 | 1,377 | |||
* | Heritage Insurance Holdings Inc. | 353,212 | 1,360 | |||
Western New England Bancorp Inc. | 232,098 | 1,355 | ||||
HomeStreet Inc. | 225,014 | 1,332 | ||||
Citizens Community Bancorp Inc. | 145,525 | 1,288 | ||||
First Capital Inc. | 41,652 | 1,288 | ||||
* | Finwise Bancorp | 142,628 | 1,277 | |||
Summit State Bank | 84,229 | 1,273 | ||||
SB Financial Group Inc. | 98,496 | 1,247 | ||||
Ohio Valley Banc Corp. | 50,393 | 1,235 | ||||
* | Paysign Inc. | 496,392 | 1,216 | |||
* | Heritage Global Inc. | 335,661 | 1,215 | |||
*,1 | United Insurance Holdings Corp. | 269,203 | 1,201 | |||
*,1 | Bakkt Holdings Inc. | 973,007 | 1,197 | |||
Provident Financial Holdings Inc. | 91,950 | 1,188 | ||||
Peoples Bancorp of North Carolina Inc. | 65,127 | 1,187 | ||||
United Security Bancshares | 172,133 | 1,146 | ||||
* | USCB Financial Holdings Inc. | 111,390 | 1,136 | |||
Eagle Bancorp Montana Inc. | 84,219 | 1,114 | ||||
1 | Chicago Atlantic Real Estate Finance Inc. | 73,248 | 1,110 | |||
First Financial Northwest Inc. | 97,386 | 1,107 | ||||
*,1 | SWK Holdings Corp. | 65,383 | 1,095 | |||
First National Corp. | 64,501 | 1,071 | ||||
Lument Finance Trust Inc. | 561,340 | 1,067 | ||||
* | Catalyst Bancorp Inc. | 96,277 | 1,062 | |||
Bank7 Corp. | 41,219 | 1,011 | ||||
First Guaranty Bancshares Inc. | 89,595 | 1,008 | ||||
Magyar Bancorp Inc. | 97,323 | 1,008 | ||||
First Savings Financial Group Inc. | 76,028 | 1,004 | ||||
Bank of South Carolina Corp. | 72,460 | 1,000 | ||||
LINKBANCORP Inc. | 165,700 | 994 | ||||
* | Pioneer Bancorp Inc. | 106,991 | 958 | |||
Landmark Bancorp Inc. | 43,715 | 953 | ||||
CF Bankshares Inc. | 62,612 | 952 | ||||
Finward Bancorp | 41,690 | 951 | ||||
Union Bankshares Inc. | 41,209 | 946 | ||||
* | Priority Technology Holdings Inc. | 258,431 | 936 | |||
CB Financial Services Inc. | 45,102 | 916 | ||||
* | ACRES Commercial Realty Corp. | 99,249 | 877 | |||
Western Asset Mortgage Capital Corp. | 98,287 | 872 | ||||
*,1 | Root Inc. Class A | 94,925 | 849 | |||
* | 1895 Bancorp of Wisconsin Inc. | 112,911 | 846 | |||
HMN Financial Inc. | 44,937 | 842 | ||||
Old Point Financial Corp. | 47,285 | 820 | ||||
Sound Financial Bancorp Inc. | 22,812 | 815 | ||||
*,1 | Midwest Holding Inc. | 30,230 | 809 | |||
United Bancorp Inc. | 67,080 | 801 | ||||
* | Finance of America Cos. Inc. Class A | 413,375 | 790 | |||
Bayfirst Financial Corp. | 55,268 | 746 | ||||
Community West Bancshares | 60,747 | 745 | ||||
*,1 | Katapult Holdings Inc. | 820,549 | 739 | |||
Bank of the James Financial Group Inc. | 76,007 | 705 | ||||
MarketWise Inc. | 339,965 | 680 | ||||
Citizens Holding Co. | 54,265 | 662 | ||||
* | Republic First Bancorp Inc. | 731,904 | 659 | |||
First US Bancshares Inc. | 76,705 | 654 | ||||
TC Bancshares Inc. | 44,357 | 634 | ||||
US Global Investors Inc. Class A | 200,865 | 615 | ||||
Partners Bancorp | 97,068 | 601 | ||||
* | Affinity Bancshares Inc. | 50,723 | 596 | |||
AmeriServ Financial Inc. | 234,196 | 595 | ||||
*,1 | Bright Health Group Inc. | 47,738 | 583 | |||
*,1 | Moneylion Inc. | 48,127 | 578 | |||
* | Nicholas Financial Inc. | 107,044 | 537 |
Shares | Market Value• ($000) | |||||
IF Bancorp Inc. | 35,981 | 520 | ||||
Pathfinder Bancorp Inc. | 32,919 | 459 | ||||
* | Usio Inc. | 234,439 | 436 | |||
*,1 | BM Technologies Inc. | 144,374 | 430 | |||
1 | Value Line Inc. | 9,206 | 423 | |||
Auburn National Bancorp Inc. | 19,679 | 422 | ||||
Manhattan Bridge Capital Inc. | 82,224 | 415 | ||||
Cullman Bancorp Inc. | 38,273 | 408 | ||||
1 | Curo Group Holdings Corp. | 301,842 | 407 | |||
Hennessy Advisors Inc. | 56,949 | 403 | ||||
* | Safeguard Scientifics Inc. | 237,965 | 393 | |||
*,1 | OppFi Inc. | 192,600 | 393 | |||
*,1 | Siebert Financial Corp. | 145,922 | 362 | |||
* | Broadway Financial Corp. | 325,176 | 315 | |||
*,1 | AppTech Payments Corp. | 149,801 | 295 | |||
First Seacoast Bancorp | 35,615 | 294 | ||||
* | FlexShopper Inc. | 194,566 | 249 | |||
* | Bogota Financial Corp. | 30,040 | 245 | |||
* | Ashford Inc. | 22,502 | 219 | |||
Oconee Federal Financial Corp. | 13,359 | 190 | ||||
*,1 | Ryvyl Inc. | 242,066 | 182 | |||
*,1 | Atlantic American Corp. | 88,541 | 171 | |||
* | Vericity Inc. | 26,227 | 162 | |||
* | Hallmark Financial Services Inc. | 28,429 | 159 | |||
Kingstone Cos. Inc. | 123,172 | 158 | ||||
*,1 | Oxbridge Re Holdings Ltd. | 85,132 | 152 | |||
*,1 | Sunlight Financial Holdings Inc. | 518,421 | 150 | |||
* | Rhinebeck Bancorp Inc. | 21,536 | 146 | |||
Home Federal Bancorp Inc. of Louisiana | 9,434 | 138 | ||||
* | NSTS Bancorp Inc. | 14,679 | 137 | |||
Mid-Southern Bancorp Inc. | 10,317 | 134 | ||||
* | Carver Bancorp Inc. | 48,690 | 131 | |||
*,1 | OLB Group Inc. | 112,818 | 103 | |||
* | Income Opportunity Realty Investors Inc. | 8,889 | 102 | |||
Texas Community Bancshares Inc. | 7,844 | 95 | ||||
*,1 | Marpai Inc. Class A | 54,224 | 93 | |||
Village Bank & Trust Financial Corp. | 1,766 | 77 | ||||
Glen Burnie Bancorp | 9,312 | 73 | ||||
*,1 | LM Funding America Inc. | 99,032 | 71 | |||
Hanover Bancorp Inc. | 3,908 | 70 | ||||
* | Patriot National Bancorp Inc. | 6,315 | 54 | |||
*,1 | Netcapital Inc. | 45,304 | 50 | |||
* | Conifer Holdings Inc. | 24,973 | 44 | |||
* | PB Bankshares Inc. | 2,618 | 36 | |||
* | ICC Holdings Inc. | 1,528 | 25 | |||
1 | Cohen & Co. Inc. | 4,588 | 19 | |||
* | Generations Bancorp NY Inc. | 1,974 | 18 | |||
Kentucky First Federal Bancorp | 2,147 | 13 | ||||
* | OptimumBank Holdings Inc. | 4,064 | 12 | |||
* | FG Financial Group Inc. | 2,572 | 5 | |||
Lake Shore Bancorp Inc. | 138 | 2 | ||||
* | CFSB Bancorp Inc. | 100 | 1 | |||
* | Reliance Global Group Inc. | 132 | 1 | |||
*,2 | Cogent Biosciences Inc. CVR | 101,693 | — | |||
* | Marygold Cos. Inc. | 81 | — | |||
13,738,479 | ||||||
Health Care (12.9%) | ||||||
* | Veeva Systems Inc. Class A | 2,007,518 | 396,947 | |||
* | Seagen Inc. | 1,912,048 | 367,993 | |||
* | Alnylam Pharmaceuticals Inc. | 1,714,458 | 325,644 | |||
* | Horizon Therapeutics plc | 3,118,328 | 320,720 | |||
* | Exact Sciences Corp. | 2,498,239 | 234,585 | |||
* | BioMarin Pharmaceutical Inc. | 2,590,110 | 224,511 | |||
* | Avantor Inc. | 9,305,370 | 191,132 | |||
* | Penumbra Inc. | 527,998 | 181,663 | |||
Royalty Pharma plc Class A | 5,210,485 | 160,170 | ||||
* | Sarepta Therapeutics Inc. | 1,288,598 | 147,570 |
Shares | Market Value• ($000) | |||||
* | Shockwave Medical Inc. | 506,283 | 144,498 | |||
* | United Therapeutics Corp. | 648,489 | 143,154 | |||
* | Inspire Medical Systems Inc. | 400,174 | 129,913 | |||
* | Neurocrine Biosciences Inc. | 1,346,701 | 126,994 | |||
* | Apellis Pharmaceuticals Inc. | 1,370,957 | 124,894 | |||
* | Tenet Healthcare Corp. | 1,414,432 | 115,106 | |||
Chemed Corp. | 207,434 | 112,361 | ||||
* | Masimo Corp. | 667,269 | 109,799 | |||
* | Jazz Pharmaceuticals plc | 878,378 | 108,893 | |||
Bruker Corp. | 1,376,349 | 101,740 | ||||
* | Repligen Corp. | 717,875 | 101,551 | |||
* | Acadia Healthcare Co. Inc. | 1,272,370 | 101,332 | |||
Encompass Health Corp. | 1,370,678 | 92,809 | ||||
* | Karuna Therapeutics Inc. | 422,453 | 91,609 | |||
* | Exelixis Inc. | 4,509,453 | 86,176 | |||
* | Medpace Holdings Inc. | 339,542 | 81,548 | |||
* | Ionis Pharmaceuticals Inc. | 1,983,021 | 81,363 | |||
* | Lantheus Holdings Inc. | 945,490 | 79,346 | |||
* | Natera Inc. | 1,589,796 | 77,359 | |||
* | Intra-Cellular Therapies Inc. | 1,219,192 | 77,199 | |||
* | 10X Genomics Inc. Class A | 1,363,609 | 76,144 | |||
* | Envista Holdings Corp. | 2,236,112 | 75,670 | |||
* | HealthEquity Inc. | 1,173,888 | 74,119 | |||
* | Option Care Health Inc. | 2,265,261 | 73,598 | |||
Ensign Group Inc. | 769,239 | 73,432 | ||||
* | Alkermes plc | 2,277,630 | 71,290 | |||
* | IVERIC bio Inc. | 1,809,958 | 71,204 | |||
* | agilon health Inc. | 3,999,003 | 69,343 | |||
* | Merit Medical Systems Inc. | 799,860 | 66,900 | |||
* | Elanco Animal Health Inc. | 6,515,214 | 65,543 | |||
* | Halozyme Therapeutics Inc. | 1,816,951 | 65,537 | |||
* | Globus Medical Inc. Class A | 1,089,921 | 64,894 | |||
* | Neogen Corp. | 2,968,394 | 64,563 | |||
Perrigo Co. plc | 1,877,957 | 63,757 | ||||
* | QuidelOrtho Corp. | 750,781 | 62,210 | |||
*,1 | CRISPR Therapeutics AG | 1,092,570 | 61,337 | |||
* | ImmunoGen Inc. | 3,221,309 | 60,786 | |||
* | Syneos Health Inc. | 1,439,050 | 60,642 | |||
* | Haemonetics Corp. | 695,904 | 59,249 | |||
* | AMN Healthcare Services Inc. | 540,386 | 58,967 | |||
* | Teladoc Health Inc. | 2,306,924 | 58,411 | |||
* | Guardant Health Inc. | 1,597,696 | 57,198 | |||
CONMED Corp. | 420,671 | 57,165 | ||||
* | Doximity Inc. Class A | 1,649,926 | 56,130 | |||
*,1 | Vaxcyte Inc. | 1,067,291 | 53,301 | |||
* | Blueprint Medicines Corp. | 831,858 | 52,573 | |||
* | Novocure Ltd. | 1,265,783 | 52,530 | |||
* | Arrowhead Pharmaceuticals Inc. | 1,455,033 | 51,886 | |||
* | Intellia Therapeutics Inc. | 1,233,461 | 50,301 | |||
* | ICU Medical Inc. | 281,437 | 50,149 | |||
* | TG Therapeutics Inc. | 1,954,707 | 48,555 | |||
* | Glaukos Corp. | 656,416 | 46,743 | |||
Select Medical Holdings Corp. | 1,428,456 | 45,511 | ||||
* | Omnicell Inc. | 617,679 | 45,504 | |||
Premier Inc. Class A | 1,637,059 | 45,281 | ||||
* | Ultragenyx Pharmaceutical Inc. | 980,591 | 45,235 | |||
* | Denali Therapeutics Inc. | 1,519,305 | 44,835 | |||
* | Surgery Partners Inc. | 971,936 | 43,727 | |||
* | Amicus Therapeutics Inc. | 3,462,807 | 43,493 | |||
* | iRhythm Technologies Inc. | 414,021 | 43,191 | |||
* | Pacific Biosciences of California Inc. | 3,221,149 | 42,841 | |||
* | Cytokinetics Inc. | 1,311,991 | 42,797 | |||
* | Azenta Inc. | 906,429 | 42,312 | |||
* | PTC Therapeutics Inc. | 1,039,238 | 42,266 | |||
* | Enovis Corp. | 657,594 | 42,165 | |||
* | Inari Medical Inc. | 720,016 | 41,862 | |||
* | Progyny Inc. | 1,063,548 | 41,840 |
Shares | Market Value• ($000) | |||||
* | Madrigal Pharmaceuticals Inc. | 180,127 | 41,609 | |||
* | Amedisys Inc. | 453,413 | 41,460 | |||
* | Prestige Consumer Healthcare Inc. | 694,617 | 41,281 | |||
* | Reata Pharmaceuticals Inc. Class A | 402,150 | 41,003 | |||
* | Integra LifeSciences Holdings Corp. | 984,920 | 40,510 | |||
* | Evolent Health Inc. Class A | 1,332,971 | 40,389 | |||
* | Integer Holdings Corp. | 454,336 | 40,259 | |||
* | ACADIA Pharmaceuticals Inc. | 1,655,973 | 39,661 | |||
* | Insmed Inc. | 1,878,422 | 39,635 | |||
Patterson Cos. Inc. | 1,183,403 | 39,360 | ||||
* | Prothena Corp. plc | 565,968 | 38,644 | |||
* | LivaNova plc | 736,770 | 37,892 | |||
* | TransMedics Group Inc. | 440,866 | 37,024 | |||
* | Schrodinger Inc. | 740,316 | 36,957 | |||
*,1 | Axsome Therapeutics Inc. | 513,848 | 36,925 | |||
* | Krystal Biotech Inc. | 299,398 | 35,149 | |||
* | REVOLUTION Medicines Inc. | 1,305,043 | 34,910 | |||
* | STAAR Surgical Co. | 663,084 | 34,858 | |||
* | R1 RCM Inc. | 1,885,927 | 34,795 | |||
* | Axonics Inc. | 682,145 | 34,428 | |||
* | Sage Therapeutics Inc. | 719,152 | 33,815 | |||
* | Privia Health Group Inc. | 1,281,448 | 33,459 | |||
* | AtriCure Inc. | 652,102 | 32,188 | |||
* | Amphastar Pharmaceuticals Inc. | 525,983 | 30,228 | |||
* | NuVasive Inc. | 713,562 | 29,677 | |||
* | Beam Therapeutics Inc. | 918,228 | 29,319 | |||
* | Revance Therapeutics Inc. | 1,147,368 | 29,040 | |||
* | Cerevel Therapeutics Holdings Inc. | 888,976 | 28,261 | |||
* | Morphic Holding Inc. | 489,042 | 28,037 | |||
* | NeoGenomics Inc. | 1,737,777 | 27,926 | |||
* | Bridgebio Pharma Inc. | 1,623,482 | 27,924 | |||
*,1 | Corcept Therapeutics Inc. | 1,247,914 | 27,766 | |||
* | Certara Inc. | 1,474,325 | 26,847 | |||
* | Mirati Therapeutics Inc. | 726,032 | 26,232 | |||
* | Sotera Health Co. | 1,391,239 | 26,211 | |||
* | Myriad Genetics Inc. | 1,121,707 | 26,001 | |||
* | RadNet Inc. | 791,397 | 25,815 | |||
* | Chinook Therapeutics Inc. | 668,261 | 25,675 | |||
* | Vir Biotechnology Inc. | 1,040,205 | 25,516 | |||
* | Pacira BioSciences Inc. | 634,937 | 25,442 | |||
* | Veracyte Inc. | 985,860 | 25,110 | |||
US Physical Therapy Inc. | 204,167 | 24,784 | ||||
* | Vericel Corp. | 653,326 | 24,545 | |||
* | CorVel Corp. | 124,714 | 24,132 | |||
* | Akero Therapeutics Inc. | 497,615 | 23,234 | |||
* | Phreesia Inc. | 731,941 | 22,698 | |||
* | Supernus Pharmaceuticals Inc. | 747,317 | 22,464 | |||
* | Zentalis Pharmaceuticals Inc. | 788,284 | 22,238 | |||
* | Celldex Therapeutics Inc. | 653,485 | 22,173 | |||
* | Tandem Diabetes Care Inc. | 901,460 | 22,122 | |||
* | DICE Therapeutics Inc. | 469,674 | 21,821 | |||
* | Agios Pharmaceuticals Inc. | 753,362 | 21,335 | |||
* | Biohaven Ltd. | 883,743 | 21,139 | |||
* | Xencor Inc. | 842,151 | 21,029 | |||
* | Protagonist Therapeutics Inc. | 758,068 | 20,938 | |||
* | Dynavax Technologies Corp. | 1,609,707 | 20,797 | |||
* | Addus HomeCare Corp. | 223,184 | 20,689 | |||
* | Alphatec Holdings Inc. | 1,133,908 | 20,388 | |||
* | Viking Therapeutics Inc. | 1,254,409 | 20,334 | |||
* | Owens & Minor Inc. | 1,047,522 | 19,945 | |||
* | Ironwood Pharmaceuticals Inc. Class A | 1,869,910 | 19,896 | |||
* | Geron Corp. | 6,176,860 | 19,828 | |||
* | Iovance Biotherapeutics Inc. | 2,784,308 | 19,602 | |||
* | UFP Technologies Inc. | 98,753 | 19,143 | |||
* | Veradigm Inc. | 1,518,766 | 19,136 | |||
* | Maravai LifeSciences Holdings Inc. Class A | 1,534,980 | 19,080 | |||
* | Syndax Pharmaceuticals Inc. | 890,087 | 18,630 |
Shares | Market Value• ($000) | |||||
* | BioCryst Pharmaceuticals Inc. | 2,576,263 | 18,137 | |||
LeMaitre Vascular Inc. | 269,319 | 18,120 | ||||
* | Catalyst Pharmaceuticals Inc. | 1,307,874 | 17,578 | |||
* | Apollo Medical Holdings Inc. | 547,979 | 17,316 | |||
Embecta Corp. | 795,619 | 17,185 | ||||
* | Silk Road Medical Inc. | 526,987 | 17,122 | |||
* | Arvinas Inc. | 677,925 | 16,826 | |||
* | Ideaya Biosciences Inc. | 703,481 | 16,532 | |||
* | Avanos Medical Inc. | 642,840 | 16,431 | |||
* | Ligand Pharmaceuticals Inc. | 225,056 | 16,227 | |||
* | PROCEPT BioRobotics Corp. | 455,774 | 16,112 | |||
* | Pediatrix Medical Group Inc. | 1,131,922 | 16,085 | |||
* | SpringWorks Therapeutics Inc. | 609,820 | 15,989 | |||
* | Twist Bioscience Corp. | 781,482 | 15,989 | |||
* | Rocket Pharmaceuticals Inc. | 799,177 | 15,880 | |||
* | Hims & Hers Health Inc. | 1,675,600 | 15,751 | |||
*,1 | Roivant Sciences Ltd. | 1,548,282 | 15,607 | |||
* | Relay Therapeutics Inc. | 1,240,296 | 15,578 | |||
* | Nuvalent Inc. Class A | 359,994 | 15,181 | |||
* | 89bio Inc. | 793,885 | 15,044 | |||
* | MannKind Corp. | 3,651,587 | 14,862 | |||
* | Viridian Therapeutics Inc. | 623,109 | 14,824 | |||
* | Arcus Biosciences Inc. | 729,091 | 14,808 | |||
* | Outset Medical Inc. | 670,247 | 14,658 | |||
* | Immunovant Inc. | 770,433 | 14,615 | |||
* | Figs Inc. Class A | 1,759,506 | 14,551 | |||
* | Harmony Biosciences Holdings Inc. | 412,057 | 14,500 | |||
* | Travere Therapeutics Inc. | 893,983 | 13,732 | |||
* | Cymabay Therapeutics Inc. | 1,252,335 | 13,713 | |||
* | Varex Imaging Corp. | 579,361 | 13,656 | |||
* | Cogent Biosciences Inc. | 1,151,461 | 13,633 | |||
* | Cross Country Healthcare Inc. | 485,376 | 13,629 | |||
* | Recursion Pharmaceuticals Inc. Class A | 1,816,606 | 13,570 | |||
* | Arcellx Inc. | 421,494 | 13,328 | |||
*,1 | Cassava Sciences Inc. | 542,350 | 13,298 | |||
* | AdaptHealth Corp. Class A | 1,059,446 | 12,893 | |||
* | OPKO Health Inc. | 5,840,717 | 12,674 | |||
* | Ventyx Biosciences Inc. | 382,954 | 12,561 | |||
* | Nevro Corp. | 493,053 | 12,533 | |||
* | Kymera Therapeutics Inc. | 538,247 | 12,374 | |||
* | Treace Medical Concepts Inc. | 482,579 | 12,344 | |||
* | Replimune Group Inc. | 528,767 | 12,278 | |||
* | Avid Bioservices Inc. | 865,701 | 12,094 | |||
* | NextGen Healthcare Inc. | 745,346 | 12,090 | |||
*,1 | LifeStance Health Group Inc. | 1,309,175 | 11,953 | |||
* | Accolade Inc. | 880,266 | 11,857 | |||
* | Amylyx Pharmaceuticals Inc. | 548,816 | 11,838 | |||
* | ANI Pharmaceuticals Inc. | 211,146 | 11,366 | |||
* | SI-BONE Inc. | 421,255 | 11,365 | |||
* | Deciphera Pharmaceuticals Inc. | 801,229 | 11,281 | |||
* | Brookdale Senior Living Inc. | 2,652,608 | 11,194 | |||
* | Crinetics Pharmaceuticals Inc. | 618,498 | 11,145 | |||
* | Keros Therapeutics Inc. | 276,742 | 11,120 | |||
Atrion Corp. | 19,397 | 10,973 | ||||
National HealthCare Corp. | 176,820 | 10,931 | ||||
* | Inhibrx Inc. | 419,696 | 10,895 | |||
* | Quanterix Corp. | 480,663 | 10,839 | |||
* | Pliant Therapeutics Inc. | 595,211 | 10,785 | |||
* | DocGo Inc. | 1,146,359 | 10,741 | |||
*,1 | Verve Therapeutics Inc. | 572,208 | 10,729 | |||
* | MiMedx Group Inc. | 1,619,115 | 10,702 | |||
* | ADMA Biologics Inc. | 2,899,635 | 10,700 | |||
* | CryoPort Inc. | 620,029 | 10,696 | |||
* | REGENXBIO Inc. | 530,237 | 10,599 | |||
* | BioLife Solutions Inc. | 476,555 | 10,532 | |||
*,1 | Rhythm Pharmaceuticals Inc. | 628,199 | 10,359 | |||
* | Adaptive Biotechnologies Corp. | 1,539,139 | 10,328 |
Shares | Market Value• ($000) | |||||
* | Artivion Inc. | 596,939 | 10,261 | |||
* | Avidity Biosciences Inc. | 920,055 | 10,203 | |||
* | Innoviva Inc. | 787,042 | 10,019 | |||
* | Fulgent Genetics Inc. | 270,356 | 10,011 | |||
* | Collegium Pharmaceutical Inc. | 465,586 | 10,005 | |||
Simulations Plus Inc. | 227,081 | 9,839 | ||||
* | OrthoPediatrics Corp. | 224,312 | 9,836 | |||
* | Ardelyx Inc. | 2,890,063 | 9,797 | |||
* | Health Catalyst Inc. | 782,489 | 9,781 | |||
*,1 | Point Biopharma Global Inc. | 1,078,110 | 9,768 | |||
* | Arcturus Therapeutics Holdings Inc. | 337,486 | 9,679 | |||
* | 4D Molecular Therapeutics Inc. | 528,158 | 9,544 | |||
* | Cytek Biosciences Inc. | 1,096,704 | 9,366 | |||
* | ACELYRIN Inc. | 444,134 | 9,282 | |||
* | Kura Oncology Inc. | 876,651 | 9,275 | |||
* | Mirum Pharmaceuticals Inc. | 348,144 | 9,006 | |||
*,1 | Novavax Inc. | 1,208,717 | 8,981 | |||
*,1 | Anavex Life Sciences Corp. | 1,099,596 | 8,940 | |||
Mesa Laboratories Inc. | 69,330 | 8,909 | ||||
* | Orthofix Medical Inc. | 491,065 | 8,869 | |||
National Research Corp. | 203,525 | 8,855 | ||||
HealthStream Inc. | 341,389 | 8,385 | ||||
* | Editas Medicine Inc. | 1,010,455 | 8,316 | |||
* | Enhabit Inc. | 710,640 | 8,172 | |||
* | ModivCare Inc. | 177,361 | 8,019 | |||
* | 2seventy bio Inc. | 778,548 | 7,879 | |||
*,1 | Sharecare Inc. | 4,446,787 | 7,782 | |||
* | Community Health Systems Inc. | 1,762,201 | 7,754 | |||
* | Agiliti Inc. | 469,375 | 7,745 | |||
* | Aclaris Therapeutics Inc. | 734,920 | 7,621 | |||
* | Agenus Inc. | 4,758,154 | 7,613 | |||
*,1 | OmniAb Inc. | 1,481,753 | 7,453 | |||
*,1 | Harrow Health Inc. | 391,331 | 7,451 | |||
* | American Well Corp. Class A | 3,517,992 | 7,388 | |||
*,1 | Sana Biotechnology Inc. | 1,230,434 | 7,333 | |||
* | Theravance Biopharma Inc. | 707,015 | 7,318 | |||
* | 23andMe Holding Co. Class A | 4,167,511 | 7,293 | |||
* | Tactile Systems Technology Inc. | 292,487 | 7,292 | |||
* | Marinus Pharmaceuticals Inc. | 654,107 | 7,104 | |||
* | Multiplan Corp. | 3,313,970 | 6,992 | |||
* | Pulmonx Corp. | 526,520 | 6,903 | |||
* | RxSight Inc. | 239,259 | 6,891 | |||
*,1 | Biomea Fusion Inc. | 310,355 | 6,812 | |||
* | uniQure NV | 592,770 | 6,793 | |||
* | Day One Biopharmaceuticals Inc. | 563,329 | 6,726 | |||
* | Surmodics Inc. | 214,515 | 6,716 | |||
* | RAPT Therapeutics Inc. | 356,554 | 6,668 | |||
* | Alignment Healthcare Inc. | 1,155,674 | 6,645 | |||
*,1 | Lyell Immunopharma Inc. | 2,079,395 | 6,612 | |||
*,1 | Allogene Therapeutics Inc. | 1,307,113 | 6,496 | |||
* | CareDx Inc. | 760,371 | 6,463 | |||
* | Vera Therapeutics Inc. Class A | 399,872 | 6,418 | |||
* | Cerus Corp. | 2,598,929 | 6,393 | |||
* | Paragon 28 Inc. | 359,517 | 6,378 | |||
* | Seres Therapeutics Inc. | 1,322,272 | 6,334 | |||
* | Definitive Healthcare Corp. Class A | 558,150 | 6,140 | |||
* | Nurix Therapeutics Inc. | 614,441 | 6,138 | |||
* | AnaptysBio Inc. | 299,399 | 6,090 | |||
* | EQRx Inc. | 3,247,668 | 6,041 | |||
* | Avita Medical Inc. | 354,573 | 6,031 | |||
* | GoodRx Holdings Inc. Class A | 1,092,115 | 6,028 | |||
*,1 | Enliven Therapeutics Inc. | 294,247 | 6,006 | |||
* | AngioDynamics Inc. | 568,802 | 5,933 | |||
*,1 | Aldeyra Therapeutics Inc. | 700,726 | 5,879 | |||
* | MaxCyte Inc. | 1,276,100 | 5,857 | |||
* | Anika Therapeutics Inc. | 224,939 | 5,844 | |||
* | Enanta Pharmaceuticals Inc. | 270,925 | 5,798 |
Shares | Market Value• ($000) | |||||
* | Ocular Therapeutix Inc. | 1,117,397 | 5,766 | |||
* | Axogen Inc. | 616,194 | 5,626 | |||
*,1 | ImmunityBio Inc. | 2,013,545 | 5,598 | |||
* | Vanda Pharmaceuticals Inc. | 847,379 | 5,584 | |||
* | Intercept Pharmaceuticals Inc. | 504,099 | 5,575 | |||
* | Liquidia Corp. | 705,015 | 5,534 | |||
* | Dyne Therapeutics Inc. | 490,469 | 5,518 | |||
* | Fate Therapeutics Inc. | 1,149,385 | 5,471 | |||
* | Arcutis Biotherapeutics Inc. | 573,880 | 5,469 | |||
* | Kiniksa Pharmaceuticals Ltd. Class A | 387,848 | 5,461 | |||
* | Accuray Inc. | 1,402,919 | 5,429 | |||
* | PetIQ Inc. Class A | 357,674 | 5,426 | |||
* | Alector Inc. | 882,271 | 5,302 | |||
*,1 | Senseonics Holdings Inc. | 6,845,982 | 5,224 | |||
* | Computer Programs & Systems Inc. | 211,384 | 5,219 | |||
* | OraSure Technologies Inc. | 1,025,893 | 5,140 | |||
*,1 | Xeris Biopharma Holdings Inc. | 1,932,975 | 5,064 | |||
* | Tarsus Pharmaceuticals Inc. | 276,799 | 5,002 | |||
* | SomaLogic Inc. | 2,159,198 | 4,988 | |||
* | Pennant Group Inc. | 402,819 | 4,947 | |||
* | Mersana Therapeutics Inc. | 1,493,150 | 4,912 | |||
*,1 | Omeros Corp. | 895,025 | 4,869 | |||
iRadimed Corp. | 101,929 | 4,866 | ||||
*,3 | Scilex Holding Co. (Acquired 1/23/23, Cost $10,167) | 970,179 | 4,864 | |||
*,1 | Bluebird Bio Inc. | 1,477,717 | 4,862 | |||
* | Castle Biosciences Inc. | 348,527 | 4,782 | |||
*,1 | Butterfly Network Inc. | 2,063,371 | 4,746 | |||
*,1 | Phathom Pharmaceuticals Inc. | 331,351 | 4,745 | |||
*,1 | Terns Pharmaceuticals Inc. | 542,050 | 4,743 | |||
* | Emergent BioSolutions Inc. | 634,305 | 4,662 | |||
* | iTeos Therapeutics Inc. | 347,829 | 4,605 | |||
* | Edgewise Therapeutics Inc. | 587,747 | 4,555 | |||
*,1 | Cabaletta Bio Inc. | 349,323 | 4,510 | |||
* | Olema Pharmaceuticals Inc. | 492,386 | 4,446 | |||
Utah Medical Products Inc. | 47,574 | 4,434 | ||||
* | Disc Medicine Inc. | 99,197 | 4,404 | |||
* | Allakos Inc. | 1,007,369 | 4,392 | |||
* | Atea Pharmaceuticals Inc. | 1,166,202 | 4,362 | |||
* | Amneal Pharmaceuticals Inc. | 1,386,147 | 4,297 | |||
* | Voyager Therapeutics Inc. | 374,880 | 4,292 | |||
*,1 | Clover Health Investments Corp. Class A | 4,766,297 | 4,276 | |||
*,1 | Compass Therapeutics Inc. | 1,342,627 | 4,270 | |||
* | Aura Biosciences Inc. | 342,033 | 4,224 | |||
* | MacroGenics Inc. | 765,722 | 4,097 | |||
* | Cullinan Oncology Inc. | 376,395 | 4,050 | |||
* | Coherus Biosciences Inc. | 940,624 | 4,016 | |||
* | Evolus Inc. | 543,715 | 3,953 | |||
*,1 | Assertio Holdings Inc. | 717,986 | 3,891 | |||
* | Savara Inc. | 1,216,164 | 3,886 | |||
*,1 | Cutera Inc. | 255,046 | 3,859 | |||
* | Scholar Rock Holding Corp. | 507,860 | 3,829 | |||
* | Inogen Inc. | 331,291 | 3,826 | |||
* | Arbutus Biopharma Corp. | 1,609,542 | 3,702 | |||
*,1 | Entrada Therapeutics Inc. | 240,431 | 3,640 | |||
Phibro Animal Health Corp. Class A | 261,957 | 3,589 | ||||
*,1 | Summit Therapeutics Inc. | 1,423,420 | 3,573 | |||
* | Sutro Biopharma Inc. | 764,370 | 3,554 | |||
* | Stoke Therapeutics Inc. | 334,235 | 3,553 | |||
*,1 | Invitae Corp. | 3,141,204 | 3,550 | |||
*,1 | Alpine Immune Sciences Inc. | 345,108 | 3,548 | |||
* | Generation Bio Co. | 643,302 | 3,538 | |||
* | OptimizeRx Corp. | 247,129 | 3,531 | |||
*,1 | Cano Health Inc. | 2,516,459 | 3,498 | |||
*,1 | ARS Pharmaceuticals Inc. | 494,005 | 3,310 | |||
*,1 | ORIC Pharmaceuticals Inc. | 425,939 | 3,305 | |||
* | FibroGen Inc. | 1,214,955 | 3,280 | |||
* | Lexicon Pharmaceuticals Inc. | 1,420,383 | 3,253 |
Shares | Market Value• ($000) | |||||
* | Caribou Biosciences Inc. | 764,543 | 3,249 | |||
*,1 | WaVe Life Sciences Ltd. | 888,567 | 3,234 | |||
* | Zimvie Inc. | 287,523 | 3,229 | |||
* | Nuvation Bio Inc. | 1,782,922 | 3,209 | |||
*,1 | CareMax Inc. | 1,028,756 | 3,199 | |||
* | Y-mAbs Therapeutics Inc. | 467,252 | 3,173 | |||
* | Kodiak Sciences Inc. | 458,129 | 3,161 | |||
* | Organogenesis Holdings Inc. Class A | 946,908 | 3,144 | |||
* | Rigel Pharmaceuticals Inc. | 2,396,416 | 3,091 | |||
* | Sight Sciences Inc. | 359,874 | 2,980 | |||
*,1 | Tyra Biosciences Inc. | 174,518 | 2,972 | |||
*,1 | EyePoint Pharmaceuticals Inc. | 338,295 | 2,943 | |||
*,1 | X4 Pharmaceuticals Inc. | 1,516,167 | 2,941 | |||
*,1 | Zynex Inc. | 306,075 | 2,935 | |||
* | Eagle Pharmaceuticals Inc. | 150,918 | 2,934 | |||
* | Janux Therapeutics Inc. | 247,042 | 2,932 | |||
* | Astria Therapeutics Inc. | 350,636 | 2,921 | |||
* | Harvard Bioscience Inc. | 524,232 | 2,878 | |||
* | Tabula Rasa HealthCare Inc. | 348,345 | 2,874 | |||
* | PMV Pharmaceuticals Inc. | 448,370 | 2,807 | |||
* | Monte Rosa Therapeutics Inc. | 407,475 | 2,791 | |||
* | Joint Corp. | 206,277 | 2,785 | |||
*,1 | HilleVax Inc. | 161,925 | 2,784 | |||
*,1 | Mineralys Therapeutics Inc. | 161,668 | 2,756 | |||
* | Karyopharm Therapeutics Inc. | 1,514,162 | 2,710 | |||
*,1 | Icosavax Inc. | 272,178 | 2,703 | |||
* | Tenaya Therapeutics Inc. | 458,363 | 2,691 | |||
SIGA Technologies Inc. | 530,694 | 2,680 | ||||
*,1 | Erasca Inc. | 969,736 | 2,676 | |||
*,1 | Zomedica Corp. | 13,318,083 | 2,664 | |||
*,1 | Actinium Pharmaceuticals Inc. | 356,801 | 2,647 | |||
* | NanoString Technologies Inc. | 653,151 | 2,645 | |||
1 | Carisma Therapeutics Inc. | 294,528 | 2,583 | |||
* | Codexis Inc. | 905,512 | 2,535 | |||
* | Nautilus Biotechnology Inc. Class A | 654,149 | 2,532 | |||
*,1 | Outlook Therapeutics Inc. | 1,449,173 | 2,522 | |||
*,1 | Design Therapeutics Inc. | 399,505 | 2,517 | |||
* | KalVista Pharmaceuticals Inc. | 275,995 | 2,484 | |||
*,1 | Bionano Genomics Inc. | 4,065,411 | 2,480 | |||
* | InfuSystem Holdings Inc. | 254,071 | 2,447 | |||
* | Sangamo Therapeutics Inc. | 1,876,120 | 2,439 | |||
*,1 | Merrimack Pharmaceuticals Inc. | 198,199 | 2,438 | |||
*,1 | Immuneering Corp. Class A | 239,601 | 2,430 | |||
* | Spectrum Pharmaceuticals Inc. | 2,524,293 | 2,423 | |||
* | CVRx Inc. | 155,497 | 2,401 | |||
* | Akebia Therapeutics Inc. | 2,602,859 | 2,382 | |||
*,1 | Lineage Cell Therapeutics Inc. | 1,683,994 | 2,374 | |||
*,1 | scPharmaceuticals Inc. | 231,956 | 2,364 | |||
*,1 | CorMedix Inc. | 587,909 | 2,331 | |||
*,1 | Citius Pharmaceuticals Inc. | 1,925,707 | 2,311 | |||
* | Fulcrum Therapeutics Inc. | 692,005 | 2,284 | |||
*,1 | Ovid therapeutics Inc. | 695,684 | 2,282 | |||
*,1 | Zevra Therapeutics Inc. | 445,705 | 2,273 | |||
* | Aerovate Therapeutics Inc. | 131,361 | 2,253 | |||
* | Altimmune Inc. | 621,625 | 2,194 | |||
* | Allovir Inc. | 643,888 | 2,189 | |||
* | Humacyte Inc. | 757,718 | 2,167 | |||
* | Atara Biotherapeutics Inc. | 1,340,523 | 2,158 | |||
* | Quantum-Si Inc. | 1,202,081 | 2,152 | |||
* | ALX Oncology Holdings Inc. | 285,123 | 2,141 | |||
* | Seer Inc. Class A | 500,174 | 2,136 | |||
*,1 | Atossa Therapeutics Inc. | 1,664,345 | 2,097 | |||
*,1 | ClearPoint Neuro Inc. | 289,540 | 2,096 | |||
*,1 | Ikena Oncology Inc. | 318,152 | 2,087 | |||
* | Tela Bio Inc. | 205,738 | 2,084 | |||
* | Apyx Medical Corp. | 413,692 | 2,081 | |||
* | Gritstone bio Inc. | 1,055,881 | 2,059 |
Shares | Market Value• ($000) | |||||
* | Precigen Inc. | 1,790,730 | 2,059 | |||
* | CytoSorbents Corp. | 568,233 | 2,040 | |||
* | Inozyme Pharma Inc. | 365,151 | 2,034 | |||
* | Augmedix Inc. | 417,939 | 2,010 | |||
*,1 | PDS Biotechnology Corp. | 398,487 | 2,004 | |||
* | Annexon Inc. | 567,390 | 1,997 | |||
* | Cue Biopharma Inc. | 545,877 | 1,992 | |||
*,1 | Theseus Pharmaceuticals Inc. | 211,791 | 1,976 | |||
*,1 | Mind Medicine MindMed Inc. | 551,691 | 1,970 | |||
*,1 | Adverum Biotechnologies Inc. | 1,225,295 | 1,948 | |||
* | Semler Scientific Inc. | 73,885 | 1,939 | |||
* | Selecta Biosciences Inc. | 1,696,040 | 1,900 | |||
* | Puma Biotechnology Inc. | 532,748 | 1,881 | |||
* | Kezar Life Sciences Inc. | 764,730 | 1,874 | |||
*,1 | Foghorn Therapeutics Inc. | 263,568 | 1,856 | |||
*,1 | Bioxcel Therapeutics Inc. | 275,722 | 1,836 | |||
* | Standard BioTools Inc. | 949,518 | 1,833 | |||
*,1 | Innovage Holding Corp. | 243,699 | 1,828 | |||
* | Cara Therapeutics Inc. | 645,753 | 1,827 | |||
*,1 | Reneo Pharmaceuticals Inc. | 278,541 | 1,827 | |||
*,1 | XOMA Corp. | 95,557 | 1,805 | |||
* | Akoya Biosciences Inc. | 244,280 | 1,805 | |||
*,1 | Prime Medicine Inc. | 123,074 | 1,803 | |||
*,1 | Heron Therapeutics Inc. | 1,541,911 | 1,789 | |||
*,1 | Tango Therapeutics Inc. | 530,525 | 1,761 | |||
* | Perspective Therapeutics Inc. | 2,611,176 | 1,744 | |||
*,1 | Seelos Therapeutics Inc. | 1,459,138 | 1,744 | |||
*,1 | Ocugen Inc. | 3,064,568 | 1,664 | |||
*,1 | ProKidney Corp. Class A | 147,496 | 1,650 | |||
* | BioAtla Inc. | 545,526 | 1,637 | |||
* | Verastem Inc. | 220,008 | 1,637 | |||
*,1 | CytomX Therapeutics Inc. | 946,563 | 1,628 | |||
* | KORU Medical Systems Inc. | 469,412 | 1,619 | |||
*,1 | Asensus Surgical Inc. Class A | 3,205,099 | 1,619 | |||
* | Capricor Therapeutics Inc. | 335,757 | 1,605 | |||
*,1 | Vigil Neuroscience Inc. | 170,238 | 1,600 | |||
* | C4 Therapeutics Inc. | 579,975 | 1,595 | |||
* | Jasper Therapeutics Inc. | 1,160,011 | 1,589 | |||
* | Talkspace Inc. | 1,240,756 | 1,576 | |||
*,1 | Beyond Air Inc. | 369,793 | 1,575 | |||
*,1 | Zura Bio Ltd. Class A | 192,000 | 1,574 | |||
*,1 | Celcuity Inc. | 143,261 | 1,573 | |||
*,1 | Durect Corp. | 315,066 | 1,560 | |||
*,1 | Vor BioPharma Inc. | 504,670 | 1,559 | |||
* | Paratek Pharmaceuticals Inc. | 704,989 | 1,558 | |||
* | FONAR Corp. | 90,135 | 1,541 | |||
* | Nektar Therapeutics Class A | 2,676,857 | 1,540 | |||
*,1 | Esperion Therapeutics Inc. | 1,101,879 | 1,532 | |||
*,1 | Alaunos Therapeutics Inc. | 2,987,660 | 1,524 | |||
*,1 | Verrica Pharmaceuticals Inc. | 263,323 | 1,519 | |||
*,1 | Inmune Bio Inc. | 165,874 | 1,506 | |||
* | Inovio Pharmaceuticals Inc. | 3,354,371 | 1,498 | |||
*,1 | Pulse Biosciences Inc. | 206,645 | 1,486 | |||
*,1 | Omega Therapeutics Inc. | 261,194 | 1,463 | |||
* | G1 Therapeutics Inc. | 583,255 | 1,452 | |||
* | NGM Biopharmaceuticals Inc. | 560,237 | 1,451 | |||
*,1 | GeneDx Holdings Corp. Class A | 241,389 | 1,439 | |||
*,1 | Aadi Bioscience Inc. | 209,941 | 1,436 | |||
*,1 | CEL - SCI Corp. | 591,633 | 1,426 | |||
* | aTyr Pharma Inc. | 659,358 | 1,424 | |||
*,1 | Hyperfine Inc. Class A | 661,431 | 1,422 | |||
*,1 | Vaxxinity Inc. Class A | 562,125 | 1,417 | |||
* | Chimerix Inc. | 1,151,189 | 1,393 | |||
*,1 | MediciNova Inc. | 601,244 | 1,383 | |||
*,1 | Genelux Corp. | 42,277 | 1,383 | |||
*,1 | Bioventus Inc. Class A | 477,735 | 1,381 | |||
*,1 | Acrivon Therapeutics Inc. | 105,537 | 1,368 |
Shares | Market Value• ($000) | |||||
*,1 | Gossamer Bio Inc. | 1,124,386 | 1,349 | |||
*,1 | Sanara Medtech Inc. | 33,592 | 1,347 | |||
*,1 | Rallybio Corp. | 235,891 | 1,335 | |||
* | Athira Pharma Inc. | 452,018 | 1,333 | |||
*,1 | XBiotech Inc. | 222,303 | 1,320 | |||
*,1 | SCYNEXIS Inc. | 442,770 | 1,306 | |||
* | Biote Corp. Class A | 192,149 | 1,299 | |||
*,1 | Reviva Pharmaceuticals Holdings Inc. | 221,249 | 1,297 | |||
*,1 | Vaxart Inc. | 1,768,943 | 1,291 | |||
* | Poseida Therapeutics Inc. Class A | 727,378 | 1,280 | |||
*,1 | Black Diamond Therapeutics Inc. | 252,352 | 1,274 | |||
* | LifeMD Inc. | 292,563 | 1,273 | |||
*,1 | ProPhase Labs Inc. | 173,884 | 1,262 | |||
* | Immunic Inc. | 502,478 | 1,261 | |||
* | Longboard Pharmaceuticals Inc. | 171,646 | 1,260 | |||
* | Anixa Biosciences Inc. | 387,898 | 1,241 | |||
*,1 | Lyra Therapeutics Inc. | 301,686 | 1,240 | |||
* | Larimar Therapeutics Inc. | 392,615 | 1,229 | |||
* | PepGen Inc. | 137,095 | 1,226 | |||
* | Shattuck Labs Inc. | 381,483 | 1,190 | |||
*,1 | Inotiv Inc. | 244,868 | 1,168 | |||
* | ChromaDex Corp. | 743,337 | 1,167 | |||
*,1 | Annovis Bio Inc. | 80,474 | 1,150 | |||
*,1 | Ocuphire Pharma Inc. | 263,683 | 1,144 | |||
1 | AirSculpt Technologies Inc. | 132,658 | 1,144 | |||
* | Enzo Biochem Inc. | 618,343 | 1,138 | |||
*,1 | Achieve Life Sciences Inc. | 217,311 | 1,128 | |||
*,1 | DarioHealth Corp. | 280,481 | 1,125 | |||
*,1 | IGM Biosciences Inc. | 121,071 | 1,118 | |||
*,1 | Orchestra BioMed Holdings Inc. | 156,059 | 1,092 | |||
* | GlycoMimetics Inc. | 624,423 | 1,087 | |||
* | Trevi Therapeutics Inc. | 453,073 | 1,083 | |||
*,1 | Eton Pharmaceuticals Inc. | 307,580 | 1,073 | |||
*,1 | P3 Health Partners Inc. | 355,045 | 1,062 | |||
* | Adicet Bio Inc. | 433,904 | 1,054 | |||
* | Electromed Inc. | 98,146 | 1,051 | |||
* | Cidara Therapeutics Inc. | 908,104 | 1,026 | |||
*,1 | Rezolute Inc. | 512,314 | 1,014 | |||
* | Personalis Inc. | 534,786 | 1,005 | |||
*,1 | Absci Corp. | 659,168 | 1,002 | |||
*,1 | Immunome Inc. | 125,570 | 993 | |||
* | Galera Therapeutics Inc. | 317,979 | 992 | |||
* | DiaMedica Therapeutics Inc. | 228,620 | 988 | |||
*,1 | Vicarious Surgical Inc. Class A | 539,936 | 988 | |||
*,1 | Bright Green Corp. | 968,476 | 978 | |||
* | Acumen Pharmaceuticals Inc. | 202,972 | 976 | |||
* | Optinose Inc. | 787,017 | 968 | |||
* | Stereotaxis Inc. | 631,157 | 966 | |||
*,1 | Eyenovia Inc. | 407,168 | 965 | |||
*,1 | Galectin Therapeutics Inc. | 670,160 | 965 | |||
*,1 | DermTech Inc. | 369,368 | 960 | |||
* | Kronos Bio Inc. | 553,029 | 951 | |||
* | Century Therapeutics Inc. | 299,597 | 947 | |||
* | Nkarta Inc. | 423,359 | 927 | |||
*,1 | Aveanna Healthcare Holdings Inc. | 538,008 | 909 | |||
*,1 | Corvus Pharmaceuticals Inc. | 382,533 | 876 | |||
* | Curis Inc. | 1,054,023 | 875 | |||
* | Neuronetics Inc. | 403,878 | 868 | |||
* | Relmada Therapeutics Inc. | 352,855 | 868 | |||
* | Cardiff Oncology Inc. | 590,707 | 868 | |||
* | Dare Bioscience Inc. | 942,149 | 857 | |||
*,1 | Pyxis Oncology Inc. | 330,179 | 845 | |||
* | Spero Therapeutics Inc. | 582,090 | 844 | |||
*,1 | Matinas BioPharma Holdings Inc. | 2,321,925 | 836 | |||
*,1 | BrainStorm Cell Therapeutics Inc. | 401,014 | 826 | |||
* | Abeona Therapeutics Inc. | 202,479 | 816 | |||
* | Aquestive Therapeutics Inc. | 493,675 | 815 |
Shares | Market Value• ($000) | |||||
*,1 | SmileDirectClub Inc. Class A | 1,523,499 | 807 | |||
*,1 | Invivyd Inc. | 747,479 | 785 | |||
* | Clearside Biomedical Inc. | 697,789 | 782 | |||
*,1 | Rockwell Medical Inc. | 142,230 | 777 | |||
* | Streamline Health Solutions Inc. | 604,798 | 768 | |||
*,1 | Prelude Therapeutics Inc. | 169,409 | 762 | |||
*,2 | PDL BioPharma Inc. | 1,757,467 | 743 | |||
*,1 | Delcath Systems Inc. | 123,297 | 719 | |||
* | ViewRay Inc. | 1,999,273 | 704 | |||
*,1 | VolitionRX Ltd. | 506,680 | 704 | |||
* | Societal CDMO Inc. | 630,198 | 693 | |||
* | Talaris Therapeutics Inc. | 227,965 | 693 | |||
*,1 | Third Harmonic Bio Inc. | 143,047 | 688 | |||
*,1 | Minerva Neurosciences Inc. | 74,257 | 679 | |||
* | Great Elm Group Inc. | 328,530 | 674 | |||
*,1 | Praxis Precision Medicines Inc. | 576,833 | 663 | |||
*,1 | Sensus Healthcare Inc. | 207,423 | 653 | |||
*,1 | Kinnate Biopharma Inc. | 215,647 | 653 | |||
*,1 | BioVie Inc. Class A | 147,637 | 636 | |||
* | Pardes Biosciences Inc. Class A | 349,795 | 633 | |||
* | Graphite Bio Inc. | 242,746 | 631 | |||
*,1 | BioSig Technologies Inc. | 500,006 | 625 | |||
*,1 | MyMD Pharmaceuticals Inc. | 410,666 | 616 | |||
* | Sonendo Inc. | 441,583 | 601 | |||
*,1 | Alzamend Neuro Inc. | 1,178,178 | 601 | |||
* | Assembly Biosciences Inc. | 520,411 | 598 | |||
*,1 | Hepion Pharmaceuticals Inc. | 54,538 | 573 | |||
*,1 | Nuvectis Pharma Inc. | 35,718 | 570 | |||
*,1 | Genprex Inc. | 598,971 | 568 | |||
* | LENSAR Inc. | 133,235 | 566 | |||
* | Forian Inc. | 229,226 | 562 | |||
* | Milestone Scientific Inc. | 644,153 | 561 | |||
* | Lantern Pharma Inc. | 99,265 | 560 | |||
*,1 | Fortress Biotech Inc. | 1,003,004 | 552 | |||
* | Applied Therapeutics Inc. | 430,495 | 551 | |||
* | Singular Genomics Systems Inc. | 649,099 | 539 | |||
*,1 | Greenwich Lifesciences Inc. | 54,752 | 528 | |||
* | iCAD Inc. | 319,228 | 520 | |||
*,1 | AN2 Therapeutics Inc. | 60,179 | 512 | |||
*,1 | Avrobio Inc. | 537,481 | 511 | |||
* | BioCardia Inc. | 189,240 | 505 | |||
*,1 | SELLAS Life Sciences Group Inc. | 318,241 | 500 | |||
* | Decibel Therapeutics Inc. | 129,540 | 499 | |||
*,1 | UNITY Biotechnology Inc. | 194,785 | 497 | |||
* | Co-Diagnostics Inc. | 444,776 | 494 | |||
*,1 | TherapeuticsMD Inc. | 119,900 | 494 | |||
* | NeuroPace Inc. | 109,361 | 491 | |||
*,1 | Corbus Pharmaceuticals Holdings Inc. | 62,059 | 487 | |||
* | Instil Bio Inc. | 874,673 | 482 | |||
*,1 | MEI Pharma Inc. | 73,294 | 482 | |||
* | Homology Medicines Inc. | 535,943 | 474 | |||
* | Surface Oncology Inc. | 536,790 | 467 | |||
*,1 | Accelerate Diagnostics Inc. | 572,179 | 463 | |||
*,1 | Rani Therapeutics Holdings Inc. Class A | 110,975 | 457 | |||
*,1 | Cue Health Inc. | 1,223,161 | 451 | |||
*,1 | Celularity Inc. Class A | 843,244 | 449 | |||
* | Precision BioSciences Inc. | 851,883 | 448 | |||
*,1 | Mustang Bio Inc. | 71,434 | 444 | |||
*,1 | Sera Prognostics Inc. Class A | 134,305 | 443 | |||
*,1 | Syros Pharmaceuticals Inc. | 140,119 | 441 | |||
*,1 | PAVmed Inc. | 1,071,449 | 437 | |||
* | PhenomeX Inc. | 885,758 | 434 | |||
*,1 | Checkpoint Therapeutics Inc. | 172,212 | 425 | |||
*,1 | Sonida Senior Living Inc. | 48,661 | 424 | |||
* | Werewolf Therapeutics Inc. | 138,536 | 423 | |||
*,1 | Miromatrix Medical Inc. | 241,350 | 422 | |||
*,1 | Clene Inc. | 477,286 | 420 |
Shares | Market Value• ($000) | |||||
* | Orgenesis Inc. | 300,650 | 418 | |||
* | AIM ImmunoTech Inc. | 620,229 | 416 | |||
* | Champions Oncology Inc. | 65,914 | 415 | |||
* | Passage Bio Inc. | 439,575 | 414 | |||
* | Exagen Inc. | 141,951 | 412 | |||
*,1 | Cosmos Health Inc. | 134,834 | 403 | |||
*,1 | Quince Therapeutics Inc. | 265,538 | 400 | |||
*,2 | Tobira Therapeutics Inc. CVR | 87,894 | 398 | |||
*,1 | Aravive Inc. | 315,214 | 397 | |||
* | Neoleukin Therapeutics Inc. | 478,838 | 397 | |||
* | Xilio Therapeutics Inc. | 147,846 | 387 | |||
*,1 | Atreca Inc. Class A | 393,228 | 385 | |||
*,1 | Kala Pharmaceuticals Inc. | 26,296 | 384 | |||
*,1 | Eiger BioPharmaceuticals Inc. | 540,723 | 381 | |||
* | Onconova Therapeutics Inc. | 321,970 | 380 | |||
*,1 | Viracta Therapeutics Inc. | 269,120 | 379 | |||
*,1 | Lipocine Inc. | 74,283 | 371 | |||
* | NextCure Inc. | 201,781 | 363 | |||
Psychemedics Corp. | 78,306 | 357 | ||||
* | IRIDEX Corp. | 164,113 | 356 | |||
* | CareCloud Inc. | 119,857 | 354 | |||
* | Magenta Therapeutics Inc. | 464,208 | 352 | |||
*,1 | Biotricity Inc. | 551,341 | 351 | |||
* | Hookipa Pharma Inc. | 395,449 | 348 | |||
* | Galecto Inc. | 137,447 | 346 | |||
*,1 | Predictive Oncology Inc. | 69,881 | 340 | |||
* | Protara Therapeutics Inc. | 140,668 | 336 | |||
* | Kewaunee Scientific Corp. | 21,503 | 333 | |||
*,1 | Pro-Dex Inc. | 17,455 | 333 | |||
* | ImmuCell Corp. | 65,129 | 332 | |||
*,1 | Biora Therapeutics Inc. | 84,729 | 326 | |||
* | enVVeno Medical Corp. | 104,365 | 321 | |||
*,1 | Owlet Inc. | 923,752 | 314 | |||
*,1 | Cognition Therapeutics Inc. | 170,607 | 312 | |||
*,1 | Solid Biosciences Inc. | 58,895 | 309 | |||
* | Elevation Oncology Inc. | 201,738 | 307 | |||
*,1 | Rain Oncology Inc. | 250,603 | 301 | |||
*,1 | SAB Biotherapeutics Inc. | 356,201 | 296 | |||
*,1 | Sientra Inc. | 100,386 | 294 | |||
*,1 | GreenLight Biosciences Holdings PBC | 982,201 | 293 | |||
*,1 | Virios Therapeutics Inc. | 208,883 | 288 | |||
*,1 | Aeglea BioTherapeutics Inc. | 632,341 | 285 | |||
*,1 | Microbot Medical Inc. | 104,821 | 285 | |||
*,1 | Leap Therapeutics Inc. | 91,063 | 285 | |||
* | Retractable Technologies Inc. | 246,784 | 284 | |||
*,1 | ARCA biopharma Inc. | 138,329 | 281 | |||
* | Biodesix Inc. | 227,201 | 279 | |||
* | Eledon Pharmaceuticals Inc. | 201,259 | 276 | |||
*,1 | Molecular Templates Inc. | 566,562 | 272 | |||
*,1 | Marker Therapeutics Inc. | 87,137 | 270 | |||
* | Synlogic Inc. | 624,203 | 268 | |||
* | Infinity Pharmaceuticals Inc. | 1,260,434 | 265 | |||
* | TScan Therapeutics Inc. | 105,856 | 265 | |||
* | Moleculin Biotech Inc. | 454,705 | 263 | |||
* | Ekso Bionics Holdings Inc. | 179,455 | 257 | |||
* | Taysha Gene Therapies Inc. | 384,542 | 254 | |||
*,1 | Oncocyte Corp. | 1,101,689 | 253 | |||
* | Acutus Medical Inc. | 278,220 | 247 | |||
* | Gain Therapeutics Inc. | 54,603 | 245 | |||
* | Aligos Therapeutics Inc. | 250,431 | 243 | |||
*,1 | Palatin Technologies Inc. | 115,668 | 243 | |||
*,1 | Dyadic International Inc. | 123,690 | 239 | |||
* | IN8bio Inc. | 155,490 | 239 | |||
*,1 | NightHawk Biosciences Inc. | 352,600 | 236 | |||
* | ElectroCore Inc. | 48,008 | 235 | |||
* | AgeX Therapeutics Inc. | 259,263 | 232 | |||
*,1 | Conformis Inc. | 104,898 | 230 |
Shares | Market Value• ($000) | |||||
*,1 | Biomerica Inc. | 168,196 | 229 | |||
*,1,2 | Palisade Bio Inc. CVR | 238,902 | 229 | |||
* | Oncology Institute Inc. | 416,082 | 229 | |||
* | Eliem Therapeutics Inc. | 80,918 | 227 | |||
*,1 | vTv Therapeutics Inc. Class A | 305,107 | 226 | |||
* | Dominari Holdings Inc. | 77,687 | 226 | |||
* | Vincerx Pharma Inc. | 173,353 | 225 | |||
* | Strata Skin Sciences Inc. | 235,454 | 224 | |||
* | Spruce Biosciences Inc. | 104,176 | 224 | |||
*,1 | UpHealth Inc. | 118,970 | 224 | |||
*,1 | Longeveron Inc. | 65,090 | 220 | |||
* | Harpoon Therapeutics Inc. | 308,935 | 219 | |||
*,1 | NRX Pharmaceuticals Inc. | 448,671 | 217 | |||
* | Oncternal Therapeutics Inc. | 621,232 | 214 | |||
*,1 | Soleno Therapeutics Inc. | 49,939 | 214 | |||
*,1 | Eargo Inc. | 43,485 | 214 | |||
*,1 | Cyteir Therapeutics Inc. | 81,271 | 211 | |||
*,1 | Lisata Therapeutics Inc. | 56,770 | 210 | |||
*,1 | AquaBounty Technologies Inc. | 580,668 | 206 | |||
*,1 | Applied DNA Sciences Inc. | 156,293 | 202 | |||
* | Bolt Biotherapeutics Inc. | 157,452 | 202 | |||
*,1 | NeuroOne Medical Technologies Corp. | 168,499 | 202 | |||
* | PharmaCyte Biotech Inc. | 69,840 | 200 | |||
*,1 | Aspira Women's Health Inc. | 60,237 | 199 | |||
* | Zynerba Pharmaceuticals Inc. | 604,155 | 197 | |||
* | Alpha Teknova Inc. | 73,641 | 197 | |||
*,1 | Know Labs Inc. | 195,367 | 197 | |||
* | Tempest Therapeutics Inc. | 154,153 | 196 | |||
*,1 | VBI Vaccines Inc. | 59,707 | 196 | |||
*,1 | Theriva Biologics Inc. | 194,494 | 195 | |||
*,1 | Bio-Path Holdings Inc. | 108,929 | 193 | |||
* | Mallinckrodt plc | 160,900 | 190 | |||
* | Vivani Medical Inc. | 154,717 | 187 | |||
* | Equillium Inc. | 242,412 | 182 | |||
* | MiNK Therapeutics Inc. | 85,953 | 181 | |||
*,1 | NanoViricides Inc. | 154,515 | 178 | |||
*,1 | VYNE Therapeutics Inc. | 43,891 | 178 | |||
*,1 | Organovo Holdings Inc. | 104,510 | 177 | |||
*,1 | Regulus Therapeutics Inc. | 120,151 | 177 | |||
*,2 | Imara Inc. CVR | 140,767 | 176 | |||
*,1 | Telesis Bio Inc. | 110,770 | 175 | |||
* | Candel Therapeutics Inc. | 134,169 | 169 | |||
* | Cocrystal Pharma Inc. | 70,301 | 168 | |||
* | Sigilon Therapeutics Inc. | 7,319 | 165 | |||
* | American Shared Hospital Services | 63,508 | 162 | |||
*,1 | GeoVax Labs Inc. | 288,573 | 159 | |||
*,1 | Tonix Pharmaceuticals Holding Corp. | 100,843 | 159 | |||
*,1 | Alimera Sciences Inc. | 54,245 | 158 | |||
*,1 | Evelo Biosciences Inc. | 48,600 | 158 | |||
*,1 | HeartBeam Inc. | 64,906 | 156 | |||
*,1 | Frequency Therapeutics Inc. | 448,505 | 155 | |||
* | Forte Biosciences Inc. | 149,084 | 155 | |||
*,1 | Science 37 Holdings Inc. | 710,569 | 151 | |||
*,1 | Vistagen Therapeutics Inc. | 80,762 | 151 | |||
*,1 | Surrozen Inc. | 271,911 | 150 | |||
*,1 | Unicycive Therapeutics Inc. | 115,057 | 147 | |||
*,1 | Senti Biosciences Inc. Class A | 232,999 | 145 | |||
*,1 | Pieris Pharmaceuticals Inc. | 872,701 | 144 | |||
*,1 | ATI Physical Therapy Inc. | 15,661 | 143 | |||
*,1 | Vapotherm Inc. | 318,785 | 142 | |||
*,1 | Elicio Therapeutics Inc. | 14,903 | 142 | |||
*,1 | Immix Biopharma Inc. | 52,378 | 141 | |||
* | Lumos Pharma Inc. | 42,183 | 139 | |||
*,1 | Precipio Inc. | 352,910 | 138 | |||
* | Aziyo Biologics Inc. Class A | 57,608 | 136 | |||
* | Vivos Therapeutics Inc. | 261,932 | 134 | |||
*,1 | Cyclo Therapeutics Inc. | 80,332 | 128 |
Shares | Market Value• ($000) | |||||
*,1 | Cellectar Biosciences Inc. | 65,482 | 128 | |||
*,1 | Coeptis Therapeutics Holdings | 81,672 | 127 | |||
*,1 | Enochian Biosciences Inc. | 222,701 | 126 | |||
* | TFF Pharmaceuticals Inc. | 268,770 | 126 | |||
*,1 | RVL Pharmaceuticals plc | 224,896 | 126 | |||
*,2 | Strongbridge Biopharma plc CVR | 687,671 | 125 | |||
*,1 | Akumin Inc. | 695,610 | 125 | |||
* | Cumberland Pharmaceuticals Inc. | 83,119 | 122 | |||
*,1 | Impel Pharmaceuticals Inc. | 96,137 | 122 | |||
*,1 | Better Therapeutics Inc. | 112,436 | 121 | |||
*,1 | Nemaura Medical Inc. | 126,682 | 118 | |||
*,1 | PetVivo Holdings Inc. | 59,855 | 118 | |||
* | Rapid Micro Biosystems Inc. Class A | 113,865 | 114 | |||
*,1 | Cingulate Inc. | 123,016 | 114 | |||
* | Sensei Biotherapeutics Inc. | 97,704 | 111 | |||
*,1 | Acer Therapeutics Inc. | 118,495 | 109 | |||
*,1 | Apexigen Inc. | 253,880 | 109 | |||
*,1 | Novan Inc. | 251,875 | 108 | |||
*,1 | 9 Meters Biopharma Inc. | 161,178 | 108 | |||
*,1 | Nutriband Inc. | 35,226 | 106 | |||
*,1 | Humanigen Inc. | 683,489 | 104 | |||
*,1 | Acorda Therapeutics Inc. | 7,989 | 104 | |||
*,1 | Aptevo Therapeutics Inc. | 70,348 | 103 | |||
*,1 | Athersys Inc. | 118,213 | 103 | |||
*,1 | iBio Inc. | 165,747 | 101 | |||
*,1 | Bellerophon Therapeutics Inc. | 142,168 | 98 | |||
* | Cyclerion Therapeutics Inc. | 23,490 | 97 | |||
* | Diffusion Pharmaceuticals Inc. | 28,978 | ��� 96 | |||
*,1 | Timber Pharmaceuticals Inc. | 38,687 | 94 | |||
* | NeuroMetrix Inc. | 95,051 | 93 | |||
* | Acurx Pharmaceuticals Inc. | 34,277 | 91 | |||
*,1 | Yield10 Bioscience Inc. | 40,451 | 90 | |||
* | Talis Biomedical Corp. | 186,773 | 90 | |||
* | Clever Leaves Holdings Inc. | 441,494 | 89 | |||
*,1 | GT Biopharma Inc. | 276,175 | 86 | |||
*,1 | Edesa Biotech Inc. | 106,260 | 85 | |||
*,1 | RenovoRx Inc. | 37,328 | 84 | |||
*,1 | Creative Medical Technology Holdings Inc. | 17,629 | 82 | |||
*,1 | eFFECTOR Therapeutics Inc. | 94,449 | 78 | |||
*,1 | Eloxx Pharmaceuticals Inc. | 19,893 | 77 | |||
* | Tracon Pharmaceuticals Inc. | 262,772 | 76 | |||
* | SunLink Health Systems Inc. | 83,942 | 76 | |||
*,1 | Cardio Diagnostics Holdings Inc. | 64,022 | 76 | |||
*,1 | ReShape Lifesciences Inc. | 49,874 | 74 | |||
*,1 | Lipella Pharmaceuticals Inc. | 34,520 | 74 | |||
1 | Kineta Inc. | 28,255 | 73 | |||
*,1 | Adamis Pharmaceuticals Corp. | 30,090 | 72 | |||
*,1 | Virpax Pharmaceuticals Inc. | 65,145 | 71 | |||
* | Aileron Therapeutics Inc. | 39,934 | 71 | |||
*,1 | Phio Pharmaceuticals Corp. | 24,380 | 70 | |||
* | Axcella Health Inc. | 315,295 | 69 | |||
*,1 | Aethlon Medical Inc. | 190,657 | 69 | |||
* | Vaccinex Inc. | 188,819 | 67 | |||
*,1 | SQZ Biotechnologies Co. | 241,040 | 65 | |||
*,1 | Nuwellis Inc. | 24,097 | 65 | |||
* | Petros Pharmaceuticals Inc. | 31,811 | 65 | |||
* | ProSomnus Inc. | 21,741 | 65 | |||
* | Protagenic Therapeutics Inc. | 31,781 | 65 | |||
*,1 | Armata Pharmaceuticals Inc. | 55,926 | 64 | |||
*,1 | Aceragen Inc. | 39,478 | 64 | |||
*,2 | Adamas Pharmaceuticals Inc. CVR | 1,055,708 | 64 | |||
*,1 | Biofrontera Inc. | 120,938 | 63 | |||
* | HCW Biologics Inc. | 28,400 | 62 | |||
*,1 | Trevena Inc. | 70,176 | 62 | |||
* | Imunon Inc. | 46,782 | 60 | |||
*,1 | Palisade Bio Inc. | 35,569 | 60 | |||
* | Pasithea Therapeutics Corp. | 121,007 | 59 |
Shares | Market Value• ($000) | |||||
*,1 | Ontrak Inc. | 121,862 | 58 | |||
*,1 | Applied Molecular Transport Inc. | 222,651 | 57 | |||
*,1 | Pulmatrix Inc. | 21,390 | 57 | |||
*,1 | Blue Water Biotech Inc. | 49,709 | 56 | |||
*,1 | NanoVibronix Inc. | 16,201 | 56 | |||
*,1 | LogicMark Inc. | 18,939 | 55 | |||
*,1 | Titan Pharmaceuticals Inc. | 82,051 | 53 | |||
*,1 | CNS Pharmaceuticals Inc. | 23,765 | 53 | |||
*,1 | Cyclacel Pharmaceuticals Inc. | 86,949 | 51 | |||
* | iSpecimen Inc. | 35,987 | 51 | |||
*,1 | Cohbar Inc. | 17,665 | 50 | |||
* | Evoke Pharma Inc. | 29,851 | 49 | |||
*,1 | SiNtx Technologies Inc. | 38,309 | 48 | |||
*,2 | Catalyst Biosciences Inc. CVR | 475,977 | 48 | |||
*,1 | Akili Inc. Class A | 43,316 | 48 | |||
*,1 | Lucid Diagnostics Inc. | 33,567 | 47 | |||
*,1 | Exicure Inc. | 34,318 | 45 | |||
*,1 | ThermoGenesis Holdings Inc. | 35,419 | 44 | |||
*,1 | Histogen Inc. | 60,166 | 43 | |||
*,1 | PaxMedica Inc. | 54,959 | 43 | |||
*,1 | SCWorx Corp. | 103,826 | 42 | |||
*,1 | Adial Pharmaceuticals Inc. | 203,358 | 42 | |||
*,1 | Enveric Biosciences Inc. | 12,515 | 42 | |||
*,1 | Innovative Eyewear Inc. | 47,233 | 42 | |||
*,1 | AcelRx Pharmaceuticals Inc. | 37,371 | 41 | |||
*,1 | Eterna Therapeutics Inc. | 18,551 | 41 | |||
*,1 | Jaguar Health Inc. | 79,361 | 41 | |||
* | Avinger Inc. | 55,516 | 40 | |||
*,1 | Cibus Inc. | 3,847 | 40 | |||
*,1 | Monopar Therapeutics Inc. | 45,167 | 39 | |||
*,1 | Indaptus Therapeutics Inc. | 21,151 | 39 | |||
* | Regional Health Properties Inc. | 10,499 | 38 | |||
*,1 | Hoth Therapeutics Inc. | 12,232 | 37 | |||
*,1 | ENDRA Life Sciences Inc. | 25,739 | 37 | |||
*,1 | InVivo Therapeutics Holdings Corp. | 26,246 | 36 | |||
*,1 | Novo Integrated Sciences Inc. | 238,861 | 35 | |||
* | Anebulo Pharmaceuticals Inc. | 16,032 | 35 | |||
*,1 | NeuBase Therapeutics Inc. | 18,981 | 35 | |||
*,1 | Finch Therapeutics Group Inc. | 4,148 | 35 | |||
*,1 | TRxADE HEALTH Inc. | 2,643 | 35 | |||
* | Ocean Biomedical Inc. | 5,580 | 34 | |||
*,1 | Xenetic Biosciences Inc. | 9,699 | 31 | |||
*,1 | Kintara Therapeutics Inc. | 7,563 | 30 | |||
*,1 | OpGen Inc. | 36,701 | 30 | |||
*,1 | Aprea Therapeutics Inc. | 9,375 | 30 | |||
*,1 | Venus Concept Inc. | 14,306 | 30 | |||
*,1 | Aridis Pharmaceuticals Inc. | 129,880 | 29 | |||
* | MSP Recovery Inc. | 88,633 | 29 | |||
*,1 | Baudax Bio Inc. | 24,900 | 29 | |||
*,2 | Aduro Biotech Inc. CVR | 150,581 | 28 | |||
* | Ensysce Biosciences Inc. | 15,419 | 28 | |||
*,1 | Precision Optics Corp. Inc. | 4,557 | 28 | |||
*,1 | NexImmune Inc. | 97,320 | 27 | |||
* | BioRestorative Therapies Inc. | 5,910 | 26 | |||
*,1 | Avalo Therapeutics Inc. | 72,041 | 26 | |||
*,1 | First Wave BioPharma Inc. | 16,477 | 26 | |||
*,1 | Plus Therapeutics Inc. | 13,030 | 26 | |||
*,1 | Navidea Biopharmaceuticals Inc. | 276,491 | 25 | |||
*,1 | Lexaria Bioscience Corp. | 33,329 | 24 | |||
*,1 | ContraFect Corp. | 16,304 | 24 | |||
* | Processa Pharmaceuticals Inc. | 46,013 | 23 | |||
*,1 | INVO BioScience Inc. | 105,539 | 22 | |||
*,1 | Comera Life Sciences Holdings Inc. | 44,098 | 22 | |||
*,2 | Aevi Genomic Medicine Inc. CVR | 631,947 | 21 | |||
*,1 | Aditxt Inc. | 46,465 | 21 | |||
*,1 | Salarius Pharmaceuticals Inc. | 14,263 | 21 | |||
*,1,2 | Oncternal Therapeutics Inc. CVR | 19,268 | 20 |
Shares | Market Value• ($000) | |||||
*,1 | Inhibikase Therapeutics Inc. | 5,756 | 20 | |||
*,1 | Soligenix Inc. | 26,765 | 19 | |||
*,1 | Benitec Biopharma Inc. | 74,773 | 18 | |||
*,1 | 180 Life Sciences Corp. | 15,379 | 18 | |||
*,1 | cbdMD Inc. | 13,042 | 18 | |||
*,1 | Synaptogenix Inc. | 17,391 | 16 | |||
*,1 | Fresh Tracks Therapeutics Inc. | 23,060 | 16 | |||
*,1 | Aytu BioPharma Inc. | 9,995 | 16 | |||
*,2 | Ocera Therapeutics Inc. CVR | 48,417 | 13 | |||
*,1 | bioAffinity Technologies Inc. | 6,629 | 12 | |||
* | Dynatronics Corp. | 16,074 | 12 | |||
*,1 | Intelligent Bio Solutions Inc. | 4,157 | 12 | |||
* | Star Equity Holdings Inc. | 10,285 | 11 | |||
*,1 | Windtree Therapeutics Inc. | 8,882 | 11 | |||
*,1 | Kiromic BioPharma Inc. | 4,213 | 11 | |||
*,1 | Agile Therapeutics Inc. | 3,765 | 11 | |||
*,1 | Avenue Therapeutics Inc. | 9,082 | 10 | |||
*,1 | Landos Biopharma Inc. | 2,399 | 10 | |||
*,1 | Panbela Therapeutics Inc. | 4,248 | 10 | |||
Cryo-Cell International Inc. | 1,552 | 9 | ||||
*,1 | Sonnet BioTherapeutics Holdings Inc. | 18,057 | 9 | |||
*,2 | Aeglea BioTherapeutics Inc. CVR | 632,341 | 9 | |||
*,1 | Journey Medical Corp. | 5,310 | 8 | |||
* | Imac Holdings Inc. | 62,631 | 7 | |||
*,1,2 | Miragen Therapeutics Inc. CVR | 330,960 | 7 | |||
* | Biolase Inc. | 92,558 | 7 | |||
*,1 | Kiora Pharmaceuticals Inc. | 10,503 | 7 | |||
*,1 | NovaBay Pharmaceuticals Inc. | 9,912 | 7 | |||
* | Ainos Inc. | 9,831 | 7 | |||
*,2 | Qualigen Therapeutics Inc. CVR | 91,096 | 6 | |||
*,1 | ABVC BioPharma Inc. | 12,371 | 6 | |||
*,1 | Bullfrog AI Holdings Inc. | 1,600 | 6 | |||
*,2 | F-star Therapeutics Inc. CVR | 81,676 | 6 | |||
*,2 | Alexza Pharmaceuticals Inc. CVR | 128,704 | 5 | |||
* | Minerva Surgical Inc. | 19,180 | 5 | |||
* | Femasys Inc. | 8,823 | 5 | |||
*,1 | SeaStar Medical Holding Corp. | 9,979 | 5 | |||
*,1 | Biocept Inc. | 4,434 | 5 | |||
* | Ligand Pharmaceuticals Inc. General CVR Rights | 395,811 | 4 | |||
*,1 | Bluejay Diagnostics Inc. | 15,899 | 4 | |||
*,1 | ZyVersa Therapeutics Inc. | 17,194 | 4 | |||
*,1,2 | Seelos Therapeutics Inc. CVR | 5,736 | 3 | |||
*,1,2 | CinCor Pharma Inc. CVR | 832 | 3 | |||
*,1 | Tenax Therapeutics Inc. | 8,691 | 3 | |||
*,2 | Ocuphire Pharma Inc. CVR | 13,673 | 2 | |||
*,1 | Context Therapeutics Inc. | 1,300 | 2 | |||
*,1 | Hillstream Biopharma Inc. | 4,719 | 2 | |||
* | Nexgel Inc. | 864 | 2 | |||
*,1 | Coya Therapeutics Inc. | 400 | 2 | |||
*,1 | GRI Bio Inc. | 427 | 2 | |||
* | Ligand Pharmaceuticals Inc. Glucagon CVR Rights | 395,811 | 1 | |||
*,1 | Sonoma Pharmaceuticals Inc. | 630 | 1 | |||
*,1 | Tenon Medical Inc. | 3,534 | 1 | |||
*,1 | NeuroBo Pharmaceuticals Inc. | 1,984 | 1 | |||
* | Aclarion Inc. | 1,800 | 1 | |||
* | Revelation Biosciences Inc. | 600 | 1 | |||
*,2 | Ambit Biosciences Corp. CVR | 22,388 | — | |||
*,2 | Biosante Pharmaceuticals Inc. CVR | 44,795 | — | |||
*,1 | Xtant Medical Holdings Inc. | 100 | — | |||
* | Ligand Pharmaceuticals Inc. Roche CVR Rights | 395,811 | — | |||
*,2 | NeuroBo Pharmaceuticals Inc. CVR | 5,194 | — | |||
* | Ayala Pharmaceuticals Inc. Warrants Exp. 9/11/24 | 47,130 | — | |||
*,2 | Achillion Pharmaceuticals Inc. CVR | 374 | — | |||
*,2 | Salarius Pharmaceuticals Inc. Warrants Exp. 1/20/25 | 119,407 | — | |||
* | Modular Medical Inc. | 306 | — | |||
*,1,2 | Next Bridge Hydrocarbons Inc. | 902,467 | — | |||
*,1,2 | Disc Medicine Inc. CVR | 238,398 | — |
Shares | Market Value• ($000) | |||||
*,2 | OmniAb Inc. 12.5 Earnout | 83,004 | — | |||
*,2 | OmniAb Inc. 15 Earnout | 83,004 | — | |||
* | Oragenics Inc. | 100 | — | |||
*,2 | Sesen Bio Inc. CVR | 2,671,362 | — | |||
* | Sharps Technology Inc. | 300 | — | |||
* | Heart Test Laboratories Inc. | 100 | — | |||
11,334,836 | ||||||
Industrials (18.1%) | ||||||
* | Uber Technologies Inc. | 28,105,079 | 1,213,296 | |||
Ferguson plc | 2,818,901 | 443,441 | ||||
Hubbell Inc. Class B | 738,521 | 244,864 | ||||
* | Builders FirstSource Inc. | 1,774,683 | 241,357 | |||
TransUnion | 2,663,298 | 208,616 | ||||
Booz Allen Hamilton Holding Corp. Class A | 1,821,017 | 203,226 | ||||
Graco Inc. | 2,315,576 | 199,950 | ||||
Carlisle Cos. Inc. | 704,998 | 180,853 | ||||
SS&C Technologies Holdings Inc. | 2,971,703 | 180,085 | ||||
Watsco Inc. | 460,263 | 175,577 | ||||
Owens Corning | 1,250,787 | 163,228 | ||||
AECOM | 1,906,871 | 161,493 | ||||
Lincoln Electric Holdings Inc. | 793,179 | 157,549 | ||||
RB Global Inc. | 2,503,278 | 150,197 | ||||
Lennox International Inc. | 450,672 | 146,951 | ||||
Toro Co. | 1,438,084 | 146,181 | ||||
Regal Rexnord Corp. | 916,368 | 141,029 | ||||
* | WillScot Mobile Mini Holdings Corp. | 2,792,237 | 133,441 | |||
Fortune Brands Innovations Inc. | 1,757,309 | 126,438 | ||||
HEICO Corp. Class A | 899,065 | 126,409 | ||||
* | Saia Inc. | 364,542 | 124,823 | |||
Knight-Swift Transportation Holdings Inc. Class A | 2,217,629 | 123,211 | ||||
KBR Inc. | 1,860,495 | 121,044 | ||||
EMCOR Group Inc. | 653,482 | 120,750 | ||||
Tetra Tech Inc. | 733,314 | 120,073 | ||||
nVent Electric plc | 2,266,031 | 117,086 | ||||
* | Clean Harbors Inc. | 690,923 | 113,608 | |||
WESCO International Inc. | 629,520 | 112,722 | ||||
AGCO Corp. | 852,152 | 111,990 | ||||
* | Middleby Corp. | 737,557 | 109,033 | |||
* | CACI International Inc. Class A | 315,676 | 107,595 | |||
ITT Inc. | 1,133,829 | 105,684 | ||||
HEICO Corp. | 594,501 | 105,191 | ||||
* | Paylocity Holding Corp. | 568,068 | 104,826 | |||
* | SiteOne Landscape Supply Inc. | 625,216 | 104,636 | |||
Vertiv Holdings Co. Class A | 4,215,561 | 104,419 | ||||
Donaldson Co. Inc. | 1,660,367 | 103,790 | ||||
* | GXO Logistics Inc. | 1,637,010 | 102,837 | |||
* | Trex Co. Inc. | 1,521,214 | 99,731 | |||
Advanced Drainage Systems Inc. | 871,367 | 99,144 | ||||
Woodward Inc. | 822,410 | 97,793 | ||||
Curtiss-Wright Corp. | 526,746 | 96,742 | ||||
* | MasTec Inc. | 815,417 | 96,195 | |||
* | XPO Inc. | 1,609,213 | 94,944 | |||
Sensata Technologies Holding plc | 2,109,565 | 94,909 | ||||
Landstar System Inc. | 491,026 | 94,542 | ||||
* | Chart Industries Inc. | 575,990 | 92,037 | |||
BWX Technologies Inc. | 1,254,045 | 89,752 | ||||
* | FTI Consulting Inc. | 470,695 | 89,526 | |||
MSA Safety Inc. | 506,457 | 88,103 | ||||
Hexcel Corp. | 1,155,459 | 87,838 | ||||
Genpact Ltd. | 2,336,830 | 87,795 | ||||
* | RBC Bearings Inc. | 399,909 | 86,968 | |||
Valmont Industries Inc. | 292,910 | 85,251 | ||||
Science Applications International Corp. | 743,070 | 83,581 | ||||
* | Atkore Inc. | 532,768 | 83,080 | |||
Timken Co. | 906,118 | 82,937 | ||||
UFP Industries Inc. | 849,434 | 82,438 | ||||
Simpson Manufacturing Co. Inc. | 590,681 | 81,809 |
Shares | Market Value• ($000) | |||||
Comfort Systems USA Inc. | 492,896 | 80,934 | ||||
* | Univar Solutions Inc. | 2,202,287 | 78,930 | |||
*,1 | Plug Power Inc. | 7,527,206 | 78,208 | |||
Applied Industrial Technologies Inc. | 534,266 | 77,378 | ||||
Oshkosh Corp. | 891,816 | 77,222 | ||||
* | Avis Budget Group Inc. | 335,360 | 76,687 | |||
* | API Group Corp. | 2,786,794 | 75,968 | |||
Acuity Brands Inc. | 439,238 | 71,631 | ||||
Allison Transmission Holdings Inc. | 1,252,670 | 70,726 | ||||
Maximus Inc. | 833,749 | 70,460 | ||||
* | Casella Waste Systems Inc. Class A | 774,888 | 70,089 | |||
Watts Water Technologies Inc. Class A | 377,002 | 69,267 | ||||
* | ExlService Holdings Inc. | 453,918 | 68,569 | |||
Mueller Industries Inc. | 779,851 | 68,065 | ||||
Flowserve Corp. | 1,786,988 | 66,387 | ||||
Exponent Inc. | 693,062 | 64,677 | ||||
* | Kirby Corp. | 835,980 | 64,329 | |||
GATX Corp. | 487,146 | 62,715 | ||||
Triton International Ltd. | 752,253 | 62,633 | ||||
U-Haul Holding Co. (XNYS) | 1,221,725 | 61,905 | ||||
MSC Industrial Direct Co. Inc. Class A | 649,618 | 61,896 | ||||
EnerSys | 562,376 | 61,029 | ||||
Air Lease Corp. Class A | 1,446,994 | 60,557 | ||||
* | Shoals Technologies Group Inc. Class A | 2,339,173 | 59,789 | |||
* | Stericycle Inc. | 1,284,885 | 59,670 | |||
Crane Co. | 665,437 | 59,304 | ||||
Insperity Inc. | 495,029 | 58,889 | ||||
MDU Resources Group Inc. | 2,770,827 | 58,021 | ||||
* | Fluor Corp. | 1,956,484 | 57,912 | |||
* | Clarivate plc | 6,044,369 | 57,603 | |||
* | Aerojet Rocketdyne Holdings Inc. | 1,038,154 | 56,964 | |||
AAON Inc. | 595,774 | 56,485 | ||||
* | Beacon Roofing Supply Inc. | 677,151 | 56,190 | |||
ManpowerGroup Inc. | 697,270 | 55,363 | ||||
Terex Corp. | 921,181 | 55,114 | ||||
Franklin Electric Co. Inc. | 535,523 | 55,105 | ||||
Ryder System Inc. | 633,347 | 53,701 | ||||
* | Sunrun Inc. | 3,002,059 | 53,617 | |||
Federal Signal Corp. | 836,942 | 53,589 | ||||
* | SPX Technologies Inc. | 623,935 | 53,016 | |||
John Bean Technologies Corp. | 436,481 | 52,945 | ||||
Zurn Elkay Water Solutions Corp. | 1,942,811 | 52,242 | ||||
* | ASGN Inc. | 681,823 | 51,566 | |||
* | AZEK Co. Inc. Class A | 1,681,713 | 50,939 | |||
Arcosa Inc. | 665,656 | 50,437 | ||||
Hillenbrand Inc. | 952,302 | 48,834 | ||||
Boise Cascade Co. | 538,383 | 48,643 | ||||
*,1 | Joby Aviation Inc. | 4,738,737 | 48,619 | |||
Esab Corp. | 718,947 | 47,839 | ||||
Concentrix Corp. | 578,481 | 46,712 | ||||
* | Dycom Industries Inc. | 405,388 | 46,072 | |||
* | TriNet Group Inc. | 483,292 | 45,898 | |||
Herc Holdings Inc. | 331,176 | 45,321 | ||||
Encore Wire Corp. | 243,389 | 45,253 | ||||
Armstrong World Industries Inc. | 610,877 | 44,875 | ||||
FTAI Aviation Ltd. | 1,383,516 | 43,802 | ||||
* | Lyft Inc. Class A | 4,564,238 | 43,771 | |||
* | Array Technologies Inc. | 1,925,049 | 43,506 | |||
Brink's Co. | 640,228 | 43,427 | ||||
* | Alight Inc. Class A | 4,696,028 | 43,391 | |||
Spirit AeroSystems Holdings Inc. Class A | 1,472,759 | 42,990 | ||||
Moog Inc. Class A | 395,149 | 42,846 | ||||
* | Hertz Global Holdings Inc. | 2,245,123 | 41,288 | |||
* | Bloom Energy Corp. Class A | 2,494,802 | 40,790 | |||
Albany International Corp. Class A | 430,900 | 40,194 | ||||
* | GMS Inc. | 575,314 | 39,812 | |||
* | JetBlue Airways Corp. | 4,467,677 | 39,584 |
Shares | Market Value• ($000) | |||||
ABM Industries Inc. | 899,713 | 38,373 | ||||
EnPro Industries Inc. | 286,531 | 38,260 | ||||
* | Core & Main Inc. Class A | 1,219,155 | 38,208 | |||
Matson Inc. | 490,900 | 38,158 | ||||
* | Verra Mobility Corp. Class A | 1,910,526 | 37,676 | |||
Crane NXT Co. | 667,104 | 37,651 | ||||
Forward Air Corp. | 351,291 | 37,275 | ||||
ESCO Technologies Inc. | 356,997 | 36,996 | ||||
* | CBIZ Inc. | 691,829 | 36,861 | |||
* | RXO Inc. | 1,625,477 | 36,850 | |||
Werner Enterprises Inc. | 829,563 | 36,650 | ||||
* | Hub Group Inc. Class A | 449,243 | 36,083 | |||
Kadant Inc. | 162,057 | 35,993 | ||||
CSW Industrials Inc. | 215,595 | 35,830 | ||||
Korn Ferry | 715,744 | 35,458 | ||||
Dun & Bradstreet Holdings Inc. | 3,059,397 | 35,397 | ||||
* | Resideo Technologies Inc. | 2,001,465 | 35,346 | |||
* | AeroVironment Inc. | 344,649 | 35,251 | |||
Mueller Water Products Inc. Class A | 2,139,156 | 34,719 | ||||
ArcBest Corp. | 334,513 | 33,050 | ||||
*,1 | ChargePoint Holdings Inc. | 3,709,334 | 32,605 | |||
Rush Enterprises Inc. Class A | 531,911 | 32,308 | ||||
UniFirst Corp. | 206,620 | 32,028 | ||||
* | MYR Group Inc. | 229,709 | 31,778 | |||
* | Masonite International Corp. | 307,369 | 31,487 | |||
McGrath RentCorp | 340,227 | 31,464 | ||||
Kennametal Inc. | 1,106,244 | 31,406 | ||||
* | ACV Auctions Inc. Class A | 1,780,628 | 30,751 | |||
Brady Corp. Class A | 634,183 | 30,168 | ||||
Helios Technologies Inc. | 452,261 | 29,890 | ||||
Barnes Group Inc. | 703,382 | 29,676 | ||||
ICF International Inc. | 234,963 | 29,227 | ||||
Trinity Industries Inc. | 1,125,251 | 28,930 | ||||
* | Mercury Systems Inc. | 811,334 | 28,064 | |||
* | Allegiant Travel Co. | 217,316 | 27,443 | |||
*,1 | Enovix Corp. | 1,518,680 | 27,397 | |||
Griffon Corp. | 658,330 | 26,531 | ||||
Alamo Group Inc. | 143,454 | 26,383 | ||||
Spirit Airlines Inc. | 1,500,960 | 25,756 | ||||
* | Gibraltar Industries Inc. | 409,178 | 25,745 | |||
* | AAR Corp. | 443,922 | 25,641 | |||
* | NEXTracker Inc. Class A | 629,733 | 25,070 | |||
* | SkyWest Inc. | 611,203 | 24,888 | |||
* | Kratos Defense & Security Solutions Inc. | 1,729,637 | 24,803 | |||
* | Hayward Holdings Inc. | 1,920,144 | 24,674 | |||
Granite Construction Inc. | 613,939 | 24,422 | ||||
* | Sterling Infrastructure Inc. | 428,891 | 23,932 | |||
Standex International Corp. | 167,211 | 23,655 | ||||
Veritiv Corp. | 186,184 | 23,387 | ||||
* | Gates Industrial Corp. plc | 1,733,611 | 23,369 | |||
* | PGT Innovations Inc. | 790,977 | 23,057 | |||
* | Ameresco Inc. Class A | 467,741 | 22,746 | |||
* | Parsons Corp. | 471,240 | 22,685 | |||
* | OPENLANE Inc. | 1,486,333 | 22,622 | |||
Primoris Services Corp. | 729,726 | 22,235 | ||||
CSG Systems International Inc. | 419,858 | 22,143 | ||||
* | Huron Consulting Group Inc. | 259,510 | 22,035 | |||
* | Energy Recovery Inc. | 775,938 | 21,687 | |||
H&E Equipment Services Inc. | 468,605 | 21,439 | ||||
Enerpac Tool Group Corp. Class A | 792,312 | 21,392 | ||||
* | Hillman Solutions Corp. | 2,362,202 | 21,283 | |||
* | Driven Brands Holdings Inc. | 782,971 | 21,187 | |||
* | Masterbrand Inc. | 1,794,053 | 20,865 | |||
Tennant Co. | 256,098 | 20,772 | ||||
* | JELD-WEN Holding Inc. | 1,180,354 | 20,703 | |||
* | NV5 Global Inc. | 171,397 | 18,986 | |||
* | 3D Systems Corp. | 1,837,813 | 18,249 |
Shares | Market Value• ($000) | |||||
*,1 | Rocket Lab USA Inc. | 3,040,732 | 18,244 | |||
* | American Woodmark Corp. | 238,568 | 18,219 | |||
HNI Corp. | 641,919 | 18,089 | ||||
* | Construction Partners Inc. Class A | 576,184 | 18,086 | |||
Lindsay Corp. | 151,103 | 18,033 | ||||
Greenbrier Cos. Inc. | 416,050 | 17,932 | ||||
Matthews International Corp. Class A | 420,349 | 17,915 | ||||
Marten Transport Ltd. | 797,529 | 17,147 | ||||
Wabash National Corp. | 661,719 | 16,966 | ||||
* | Vicor Corp. | 309,917 | 16,736 | |||
Kforce Inc. | 265,746 | 16,652 | ||||
Columbus McKinnon Corp. | 405,301 | 16,475 | ||||
* | Cimpress plc | 273,364 | 16,260 | |||
* | CIRCOR International Inc. | 283,805 | 16,021 | |||
* | Montrose Environmental Group Inc. | 378,259 | 15,932 | |||
* | Paycor HCM Inc. | 671,177 | 15,887 | |||
* | NOW Inc. | 1,529,189 | 15,842 | |||
AZZ Inc. | 361,458 | 15,709 | ||||
Healthcare Services Group Inc. | 1,048,331 | 15,652 | ||||
* | Legalzoom.com Inc. | 1,295,589 | 15,651 | |||
* | Upwork Inc. | 1,652,705 | 15,436 | |||
* | Aurora Innovation Inc. | 5,247,315 | 15,427 | |||
MillerKnoll Inc. | 1,038,130 | 15,344 | ||||
* | CoreCivic Inc. | 1,587,468 | 14,938 | |||
Astec Industries Inc. | 323,609 | 14,705 | ||||
Schneider National Inc. Class B | 511,310 | 14,685 | ||||
Apogee Enterprises Inc. | 308,250 | 14,633 | ||||
Tecnoglass Inc. | 282,560 | 14,597 | ||||
* | Air Transport Services Group Inc. | 762,561 | 14,390 | |||
*,1 | Fluence Energy Inc. Class A | 511,454 | 13,625 | |||
GrafTech International Ltd. | 2,648,543 | 13,349 | ||||
*,1 | Virgin Galactic Holdings Inc. | 3,292,005 | 12,773 | |||
Quanex Building Products Corp. | 475,044 | 12,755 | ||||
* | Thermon Group Holdings Inc. | 471,873 | 12,552 | |||
* | Janus International Group Inc. | 1,164,980 | 12,419 | |||
*,1 | Leonardo DRS Inc. | 713,225 | 12,367 | |||
* | First Advantage Corp. | 799,645 | 12,323 | |||
* | GEO Group Inc. | 1,713,580 | 12,269 | |||
*,1 | FuelCell Energy Inc. | 5,668,637 | 12,244 | |||
* | Proto Labs Inc. | 349,242 | 12,210 | |||
* | Sun Country Airlines Holdings Inc. | 538,417 | 12,104 | |||
* | BlueLinx Holdings Inc. | 127,262 | 11,935 | |||
* | MRC Global Inc. | 1,167,047 | 11,752 | |||
*,1 | SunPower Corp. | 1,176,518 | 11,530 | |||
*,1 | Stem Inc. | 2,007,553 | 11,483 | |||
* | Triumph Group Inc. | 907,209 | 11,222 | |||
* | Enviri Corp. | 1,125,664 | 11,110 | |||
* | SP Plus Corp. | 283,058 | 11,070 | |||
Heartland Express Inc. | 667,735 | 10,958 | ||||
*,1 | Nikola Corp. | 7,855,874 | 10,841 | |||
Deluxe Corp. | 619,459 | 10,828 | ||||
Rush Enterprises Inc. Class B | 152,823 | 10,401 | ||||
Kaman Corp. | 414,028 | 10,073 | ||||
CRA International Inc. | 98,285 | 10,025 | ||||
Douglas Dynamics Inc. | 334,822 | 10,004 | ||||
Shyft Group Inc. | 451,475 | 9,960 | ||||
Steelcase Inc. Class A | 1,282,522 | 9,888 | ||||
Barrett Business Services Inc. | 110,213 | 9,611 | ||||
* | Manitowoc Co. Inc. | 489,721 | 9,221 | |||
*,1 | Symbotic Inc. Class A | 212,620 | 9,102 | |||
Gorman-Rupp Co. | 315,476 | 9,095 | ||||
TTEC Holdings Inc. | 265,764 | 8,993 | ||||
* | Transcat Inc. | 104,657 | 8,928 | |||
*,1 | Xometry Inc. Class A | 415,627 | 8,803 | |||
Insteel Industries Inc. | 280,359 | 8,725 | ||||
*,1 | Planet Labs PBC | 2,681,006 | 8,633 | |||
* | Heritage-Crystal Clean Inc. | 223,736 | 8,455 |
Shares | Market Value• ($000) | |||||
* | Titan Machinery Inc. | 285,821 | 8,432 | |||
VSE Corp. | 150,439 | 8,228 | ||||
* | TrueBlue Inc. | 462,282 | 8,187 | |||
*,1 | Archer Aviation Inc. Class A | 1,985,885 | 8,182 | |||
* | Titan International Inc. | 712,330 | 8,178 | |||
Powell Industries Inc. | 134,456 | 8,147 | ||||
* | Conduent Inc. | 2,355,957 | 8,010 | |||
Pitney Bowes Inc. | 2,261,468 | 8,006 | ||||
Hyster-Yale Materials Handling Inc. | 142,597 | 7,963 | ||||
Allied Motion Technologies Inc. | 199,230 | 7,957 | ||||
* | Viad Corp. | 295,847 | 7,952 | |||
* | Hawaiian Holdings Inc. | 734,342 | 7,909 | |||
* | Astronics Corp. | 387,890 | 7,704 | |||
1 | U-Haul Holding Co. | 138,555 | 7,665 | |||
Argan Inc. | 194,464 | 7,664 | ||||
* | V2X Inc. | 152,419 | 7,554 | |||
* | Franklin Covey Co. | 171,659 | 7,498 | |||
Ennis Inc. | 367,121 | 7,482 | ||||
ACCO Brands Corp. | 1,413,633 | 7,365 | ||||
Kelly Services Inc. Class A | 414,109 | 7,292 | ||||
Heidrick & Struggles International Inc. | 274,993 | 7,279 | ||||
Genco Shipping & Trading Ltd. | 516,817 | 7,251 | ||||
Interface Inc. Class A | 817,629 | 7,187 | ||||
*,1 | Eos Energy Enterprises Inc. | 1,650,724 | 7,164 | |||
Resources Connection Inc. | 446,942 | 7,021 | ||||
* | DXP Enterprises Inc. | 190,068 | 6,920 | |||
* | IES Holdings Inc. | 121,255 | 6,897 | |||
1 | Eagle Bulk Shipping Inc. | 141,732 | 6,809 | |||
* | Ducommun Inc. | 155,422 | 6,772 | |||
* | Great Lakes Dredge & Dock Corp. | 822,660 | 6,713 | |||
Alta Equipment Group Inc. | 386,455 | 6,697 | ||||
Global Industrial Co. | 241,106 | 6,696 | ||||
Preformed Line Products Co. | 42,600 | 6,650 | ||||
* | Babcock & Wilcox Enterprises Inc. | 1,065,941 | 6,289 | |||
*,1 | Custom Truck One Source Inc. | 928,537 | 6,258 | |||
REV Group Inc. | 464,187 | 6,155 | ||||
* | TPI Composites Inc. | 579,357 | 6,008 | |||
*,1 | Desktop Metal Inc. Class A | 3,386,397 | 5,994 | |||
* | Liquidity Services Inc. | 343,553 | 5,669 | |||
Miller Industries Inc. | 159,802 | 5,668 | ||||
* | CECO Environmental Corp. | 412,871 | 5,516 | |||
* | Hudson Technologies Inc. | 572,453 | 5,507 | |||
National Presto Industries Inc. | 74,209 | 5,432 | ||||
Luxfer Holdings plc | 381,716 | 5,432 | ||||
* | Blue Bird Corp. | 240,276 | 5,401 | |||
FTAI Infrastructure Inc. | 1,457,391 | 5,378 | ||||
LSI Industries Inc. | 427,864 | 5,374 | ||||
* | Frontier Group Holdings Inc. | 541,264 | 5,234 | |||
Covenant Logistics Group Inc. Class A | 118,013 | 5,173 | ||||
* | Forrester Research Inc. | 171,398 | 4,986 | |||
*,1 | SES AI Corp. | 2,003,667 | 4,889 | |||
Cadre Holdings Inc. | 221,287 | 4,824 | ||||
* | Daseke Inc. | 655,591 | 4,674 | |||
*,1 | NuScale Power Corp. | 677,475 | 4,607 | |||
* | Commercial Vehicle Group Inc. | 410,198 | 4,553 | |||
* | Northwest Pipe Co. | 147,084 | 4,448 | |||
Omega Flex Inc. | 41,210 | 4,277 | ||||
*,1 | Microvast Holdings Inc. | 2,667,439 | 4,268 | |||
* | Tutor Perini Corp. | 592,727 | 4,238 | |||
* | Bowman Consulting Group Ltd. Class A | 129,955 | 4,143 | |||
* | TaskUS Inc. Class A | 362,864 | 4,108 | |||
* | Sterling Check Corp. | 332,840 | 4,081 | |||
*,1 | Blink Charging Co. | 681,061 | 4,080 | |||
* | Distribution Solutions Group Inc. | 77,767 | 4,049 | |||
Aris Water Solutions Inc. Class A | 382,946 | 3,952 | ||||
Park Aerospace Corp. | 285,826 | 3,944 | ||||
* | BrightView Holdings Inc. | 540,811 | 3,883 |
Shares | Market Value• ($000) | |||||
*,1 | FiscalNote Holdings Inc. | 1,039,674 | 3,784 | |||
*,1 | Innodata Inc. | 321,499 | 3,643 | |||
1 | Pangaea Logistics Solutions Ltd. | 512,373 | 3,469 | |||
* | Limbach Holdings Inc. | 133,834 | 3,310 | |||
* | Asure Software Inc. | 271,191 | 3,298 | |||
* | Radiant Logistics Inc. | 483,270 | 3,248 | |||
* | TuSimple Holdings Inc. Class A | 1,937,806 | 3,217 | |||
*,1 | Proterra Inc. | 2,662,324 | 3,195 | |||
* | AerSale Corp. | 216,428 | 3,181 | |||
* | Willdan Group Inc. | 165,082 | 3,163 | |||
* | Hyliion Holdings Corp. | 1,800,424 | 3,007 | |||
* | HireRight Holdings Corp. | 263,518 | 2,980 | |||
*,1 | Red Violet Inc. | 141,874 | 2,918 | |||
Universal Logistics Holdings Inc. | 99,783 | 2,875 | ||||
* | US Xpress Enterprises Inc. Class A | 437,371 | 2,685 | |||
*,1 | Blade Air Mobility Inc. | 650,215 | 2,562 | |||
* | Concrete Pumping Holdings Inc. | 314,728 | 2,527 | |||
*,1 | Energy Vault Holdings Inc. | 919,348 | 2,510 | |||
* | PAM Transportation Services Inc. | 93,486 | 2,503 | |||
Park-Ohio Holdings Corp. | 123,687 | 2,350 | ||||
* | American Superconductor Corp. | 368,286 | 2,305 | |||
*,1 | BlackSky Technology Inc. Class A | 1,031,106 | 2,289 | |||
* | Matrix Service Co. | 386,352 | 2,276 | |||
* | Performant Financial Corp. | 836,367 | 2,258 | |||
* | Gencor Industries Inc. | 135,482 | 2,111 | |||
*,1 | Perma-Fix Environmental Services Inc. | 184,484 | 2,026 | |||
* | L B Foster Co. Class A | 140,614 | 2,008 | |||
* | Mistras Group Inc. | 257,405 | 1,987 | |||
* | Graham Corp. | 146,346 | 1,943 | |||
*,1 | 374Water Inc. | 807,554 | 1,930 | |||
*,1 | Velo3D Inc. | 848,107 | 1,832 | |||
* | Mayville Engineering Co. Inc. | 141,969 | 1,769 | |||
* | Innovative Solutions & Support Inc. | 245,290 | 1,759 | |||
* | Quad/Graphics Inc. | 463,634 | 1,743 | |||
ARC Document Solutions Inc. | 527,443 | 1,709 | ||||
* | RCM Technologies Inc. | 91,076 | 1,676 | |||
*,1 | EVI Industries Inc. | 73,860 | 1,625 | |||
*,1 | FTC Solar Inc. | 499,566 | 1,609 | |||
Eastern Co. | 87,943 | 1,591 | ||||
Hurco Cos. Inc. | 73,342 | 1,588 | ||||
*,1 | Intuitive Machines Inc. | 191,502 | 1,568 | |||
*,1 | LanzaTech Global Inc. | 227,742 | 1,555 | |||
* | Twin Disc Inc. | 132,018 | 1,487 | |||
*,1 | SKYX Platforms Corp. | 555,591 | 1,478 | |||
*,1 | NN Inc. | 613,095 | 1,465 | |||
* | DLH Holdings Corp. | 139,229 | 1,427 | |||
*,1 | Skillsoft Corp. | 1,150,107 | 1,426 | |||
* | Quest Resource Holding Corp. | 205,544 | 1,340 | |||
*,1 | ESS Tech Inc. | 911,864 | 1,340 | |||
*,1 | Amprius Technologies Inc. | 184,011 | 1,321 | |||
*,1 | Terran Orbital Corp. | 872,870 | 1,309 | |||
*,1 | Beam Global | 125,179 | 1,296 | |||
BGSF Inc. | 135,335 | 1,290 | ||||
* | Orion Group Holdings Inc. | 457,435 | 1,285 | |||
Karat Packaging Inc. | 69,778 | 1,273 | ||||
*,1 | Markforged Holding Corp. | 1,049,745 | 1,270 | |||
1 | HireQuest Inc. | 47,766 | 1,243 | |||
* | Mesa Air Group Inc. | 474,206 | 1,209 | |||
*,1 | Willis Lease Finance Corp. | 30,889 | 1,209 | |||
*,1 | NeoVolta Inc. | 365,718 | 1,198 | |||
*,1 | Hyzon Motors Inc. | 1,219,651 | 1,169 | |||
*,1 | Southland Holdings Inc. | 141,533 | 1,162 | |||
*,1 | Aqua Metals Inc. | 991,526 | 1,160 | |||
*,1 | Byrna Technologies Inc. | 227,449 | 1,140 | |||
*,1 | INNOVATE Corp. | 623,568 | 1,091 | |||
* | VirTra Inc. | 140,111 | 1,066 | |||
* | Broadwind Inc. | 275,644 | 1,053 |
Shares | Market Value• ($000) | |||||
* | Manitex International Inc. | 195,901 | 1,050 | |||
*,1 | Ideal Power Inc. | 78,007 | 920 | |||
* | Berkshire Grey Inc. | 632,070 | 891 | |||
*,1 | TechPrecision Corp. | 116,387 | 860 | |||
Acme United Corp. | 33,689 | 840 | ||||
* | GEE Group Inc. | 1,612,349 | 826 | |||
* | Perma-Pipe International Holdings Inc. | 85,815 | 816 | |||
NL Industries Inc. | 134,129 | 742 | ||||
* | Orion Energy Systems Inc. | 453,956 | 740 | |||
* | Alpha Pro Tech Ltd. | 185,664 | 739 | |||
*,1 | Spire Global Inc. | 1,427,770 | 735 | |||
*,1 | Redwire Corp. | 287,325 | 733 | |||
* | LS Starrett Co. Class A | 66,934 | 699 | |||
* | Taylor Devices Inc. | 25,721 | 669 | |||
*,1 | Odyssey Marine Exploration Inc. Class B | 175,314 | 631 | |||
* | Virco Manufacturing Corp. | 150,864 | 629 | |||
*,1 | Astra Space Inc. | 1,702,284 | 627 | |||
* | Flux Power Holdings Inc. | 145,285 | 626 | |||
* | Mastech Digital Inc. | 62,642 | 619 | |||
* | Hudson Global Inc. | 26,888 | 598 | |||
* | FreightCar America Inc. | 183,976 | 548 | |||
* | Ultralife Corp. | 110,686 | 536 | |||
*,1 | KULR Technology Group Inc. | 825,496 | 528 | |||
*,1 | Pioneer Power Solutions Inc. | 62,065 | 521 | |||
*,1 | Sunworks Inc. | 455,623 | 515 | |||
*,1 | Air T Inc. | 19,387 | 487 | |||
* | Fuel Tech Inc. | 347,637 | 461 | |||
*,1 | Westwater Resources Inc. | 555,995 | 457 | |||
*,1 | Ocean Power Technologies Inc. | 753,871 | 452 | |||
*,1 | Hydrofarm Holdings Group Inc. | 577,654 | 452 | |||
* | StarTek Inc. | 144,925 | 423 | |||
* | Team Inc. | 48,257 | 401 | |||
*,1 | Sarcos Technology & Robotics Corp. | 1,198,490 | 385 | |||
*,1 | Yellow Corp. | 554,752 | 382 | |||
* | Molekule Group Inc. | 137,932 | 323 | |||
* | CPI Aerostructures Inc. | 80,838 | 314 | |||
*,1 | Heliogen Inc. | 1,269,609 | 311 | |||
*,1 | Advent Technologies Holdings Inc. | 506,225 | 298 | |||
* | Wheels Up Experience Inc. | 253,787 | 297 | |||
*,1 | Professional Diversity Network Inc. | 65,221 | 290 | |||
*,1 | Knightscope Inc. Class A | 479,866 | 255 | |||
* | Servotronics Inc. | 19,017 | 254 | |||
* | Capstone Green Energy Corp. | 210,940 | 253 | |||
*,1 | AgEagle Aerial Systems Inc. | 1,081,707 | 249 | |||
*,1 | Bird Global Inc. Class A | 120,251 | 243 | |||
* | Energous Corp. | 928,548 | 223 | |||
*,1 | Momentus Inc. Class A | 709,095 | 223 | |||
*,1 | Nauticus Robotics Inc. | 98,330 | 208 | |||
* | Jewett-Cameron Trading Co. Ltd. | 44,897 | 198 | |||
*,1 | IGC Pharma Inc. | 630,222 | 196 | |||
*,1 | Safe & Green Holdings Corp. | 183,382 | 174 | |||
* | Mega Matrix Corp. | 133,416 | 173 | |||
*,1 | Dragonfly Energy Holdings Corp. | 110,106 | 163 | |||
*,1 | Xos Inc. | 745,878 | 162 | |||
* | DSS Inc. | 434,597 | 156 | |||
*,1 | Expion360 Inc. | 30,525 | 152 | |||
* | SIFCO Industries Inc. | 59,551 | 147 | |||
* | Air Industries Group | 41,109 | 146 | |||
*,1 | Exela Technologies Inc. | 31,366 | 146 | |||
Espey Manufacturing & Electronics Corp. | 8,021 | 134 | ||||
*,1 | Urban-Gro Inc. | 111,102 | 131 | |||
Chicago Rivet & Machine Co. | 4,461 | 115 | ||||
*,1 | Nuvve Holding Corp. | 177,956 | 106 | |||
*,1 | Polar Power Inc. | 80,105 | 105 | |||
*,1 | Laser Photonics Corp. | 32,357 | 101 | |||
*,1 | LiqTech International Inc. | 30,838 | 100 | |||
*,1 | Steel Connect Inc. | 11,791 | 99 |
Shares | Market Value• ($000) | |||||
* | Williams Industrial Services Group Inc. | 251,338 | 96 | |||
*,1 | View Inc. | 769,206 | 93 | |||
*,1 | Nuburu Inc. | 134,105 | 91 | |||
* | Wilhelmina International Inc. | 22,891 | 87 | |||
*,1 | Ault Alliance Inc. | 16,916 | 87 | |||
*,1 | Lightning eMotors Inc. | 23,890 | 86 | |||
* | Imperalis Holding Corp. | 676,640 | 81 | |||
*,1 | Orbital Infrastructure Group Inc. | 29,990 | 64 | |||
* | Pineapple Energy Inc. | 44,970 | 62 | |||
P&F Industries Inc. Class A | 9,701 | 61 | ||||
*,1 | Getaround Inc. | 166,284 | 58 | |||
*,1 | Where Food Comes From Inc. | 3,516 | 49 | |||
* | iPower Inc. | 42,702 | 47 | |||
*,1 | Sky Harbour Group Corp. | 10,037 | 47 | |||
*,1 | TOMI Environmental Solutions Inc. | 65,117 | 43 | |||
*,1 | Shapeways Holdings Inc. | 11,457 | 43 | |||
*,1 | JanOne Inc. | 38,143 | 40 | |||
* | FGI Industries Ltd. | 22,905 | 40 | |||
* | Patriot Transportation Holding Inc. | 4,633 | 39 | |||
*,1 | iSun Inc. | 97,573 | 39 | |||
*,1 | Agrify Corp. | 189,123 | 36 | |||
*,1 | Nxu Inc. | 66,186 | 35 | |||
CompX International Inc. | 958 | 21 | ||||
*,1 | Energy Focus Inc. | 11,650 | 21 | |||
* | Staffing 360 Solutions Inc. | 30,990 | 20 | |||
*,1 | CEA Industries Inc. | 22,679 | 16 | |||
*,1 | ShiftPixy Inc. | 6,699 | 15 | |||
*,1 | Fathom Digital Manufacturing C | 32,848 | 13 | |||
*,1 | Greenwave Technology Solutions Inc. | 12,936 | 10 | |||
* | Sidus Space Inc. Class A | 51,039 | 9 | |||
*,1 | Micromobility.com Inc. | 74,383 | 8 | |||
*,1 | Applied UV Inc. | 8,125 | 8 | |||
* | Art's-Way Manufacturing Co. Inc. | 1,702 | 4 | |||
* | Gaucho Group Holdings Inc. | 1,700 | 1 | |||
* | Avalon Holdings Corp. Class A | 42 | — | |||
*,1,2 | FTE Networks Inc. | 82,837 | — | |||
*,2 | Pineapple Energy Inc. CVR | 30,377 | — | |||
*,2 | Godha Cabcon & Insulation Ltd. | 1,390,449 | — | |||
*,2 | Imperalis Holding Corp. Warrants Exp. 4/13/28 | 676,640 | — | |||
15,835,757 | ||||||
Information Technology (17.6%) | ||||||
Marvell Technology Inc. | 11,838,372 | 707,698 | ||||
* | Snowflake Inc. Class A | 3,859,601 | 679,213 | |||
* | Workday Inc. Class A | 2,830,123 | 639,296 | |||
* | Crowdstrike Holdings Inc. Class A | 3,088,950 | 453,674 | |||
* | VMware Inc. Class A | 2,891,665 | 415,503 | |||
* | MongoDB Inc. Class A | 972,518 | 399,695 | |||
* | Palantir Technologies Inc. Class A | 24,856,860 | 381,056 | |||
* | HubSpot Inc. | 683,194 | 363,521 | |||
* | Atlassian Corp. Class A | 2,100,554 | 352,494 | |||
* | Datadog Inc. Class A | 3,345,138 | 329,095 | |||
* | Cloudflare Inc. Class A | 4,022,484 | 262,950 | |||
Entegris Inc. | 2,064,531 | 228,791 | ||||
* | Splunk Inc. | 2,101,548 | 222,953 | |||
* | Zoom Video Communications Inc. Class A | 3,041,486 | 206,456 | |||
Jabil Inc. | 1,823,481 | 196,808 | ||||
Dell Technologies Inc. Class C | 3,523,102 | 190,635 | ||||
* | Lattice Semiconductor Corp. | 1,900,870 | 182,617 | |||
* | Zscaler Inc. | 1,180,639 | 172,727 | |||
* | Manhattan Associates Inc. | 847,495 | 169,397 | |||
* | GoDaddy Inc. Class A | 2,103,233 | 158,016 | |||
* | Super Micro Computer Inc. | 624,015 | 155,536 | |||
* | Twilio Inc. Class A | 2,429,712 | 154,578 | |||
* | Dynatrace Inc. | 2,978,113 | 153,283 | |||
Bentley Systems Inc. Class B | 2,764,489 | 149,918 | ||||
* | Okta Inc. Class A | 2,144,319 | 148,709 | |||
* | Pure Storage Inc. Class A | 4,002,303 | 147,365 |
Shares | Market Value• ($000) | |||||
* | BILL Holdings Inc. | 1,240,148 | 144,911 | |||
* | DocuSign Inc. Class A | 2,797,604 | 142,930 | |||
* | Unity Software Inc. | 3,103,589 | 134,758 | |||
Cognex Corp. | 2,387,088 | 133,725 | ||||
* | Black Knight Inc. | 2,148,944 | 128,356 | |||
* | Arrow Electronics Inc. | 783,302 | 112,192 | |||
National Instruments Corp. | 1,795,727 | 103,075 | ||||
Littelfuse Inc. | 344,649 | 100,400 | ||||
* | Dropbox Inc. Class A | 3,750,659 | 100,030 | |||
* | Coherent Corp. | 1,908,467 | 97,294 | |||
* | SPS Commerce Inc. | 501,998 | 96,414 | |||
* | Wolfspeed Inc. | 1,710,254 | 95,073 | |||
* | Rambus Inc. | 1,478,275 | 94,861 | |||
* | Confluent Inc. Class A | 2,600,580 | 91,826 | |||
* | Novanta Inc. | 492,141 | 90,603 | |||
* | Nutanix Inc. Class A | 3,176,031 | 89,088 | |||
* | Ciena Corp. | 2,059,889 | 87,525 | |||
Universal Display Corp. | 601,619 | 86,711 | ||||
MKS Instruments Inc. | 793,193 | 85,744 | ||||
* | Guidewire Software Inc. | 1,121,936 | 85,357 | |||
* | UiPath Inc. Class A | 4,940,397 | 81,862 | |||
* | Five9 Inc. | 988,832 | 81,529 | |||
* | Axcelis Technologies Inc. | 443,367 | 81,282 | |||
* | Onto Innovation Inc. | 668,722 | 77,886 | |||
Power Integrations Inc. | 788,441 | 74,642 | ||||
* | Teradata Corp. | 1,382,935 | 73,863 | |||
* | Smartsheet Inc. Class A | 1,837,849 | 70,316 | |||
* | Elastic NV | 1,085,986 | 69,633 | |||
* | Tenable Holdings Inc. | 1,590,427 | 69,263 | |||
Vontier Corp. | 2,146,864 | 69,150 | ||||
* | Silicon Laboratories Inc. | 437,097 | 68,948 | |||
Dolby Laboratories Inc. Class A | 804,195 | 67,295 | ||||
* | Aspen Technology Inc. | 398,541 | 66,799 | |||
* | Workiva Inc. Class A | 645,741 | 65,646 | |||
* | Fabrinet | 502,136 | 65,217 | |||
Avnet Inc. | 1,263,290 | 63,733 | ||||
* | Procore Technologies Inc. | 964,605 | 62,767 | |||
* | Cirrus Logic Inc. | 765,071 | 61,978 | |||
* | Qualys Inc. | 461,350 | 59,593 | |||
Badger Meter Inc. | 402,400 | 59,378 | ||||
* | Insight Enterprises Inc. | 400,432 | 58,599 | |||
* | Box Inc. Class A | 1,965,502 | 57,746 | |||
* | Diodes Inc. | 623,199 | 57,640 | |||
* | IPG Photonics Corp. | 423,162 | 57,474 | |||
Advanced Energy Industries Inc. | 511,003 | 56,951 | ||||
* | Altair Engineering Inc. Class A | 738,660 | 56,020 | |||
Belden Inc. | 584,217 | 55,880 | ||||
TD SYNNEX Corp. | 577,155 | 54,253 | ||||
* | Lumentum Holdings Inc. | 945,943 | 53,663 | |||
* | New Relic Inc. | 797,553 | 52,192 | |||
*,1 | MicroStrategy Inc. Class A | 151,208 | 51,777 | |||
Vishay Intertechnology Inc. | 1,752,074 | 51,511 | ||||
* | SentinelOne Inc. Class A | 3,266,022 | 49,317 | |||
* | NCR Corp. | 1,913,525 | 48,221 | |||
* | Sanmina Corp. | 798,893 | 48,149 | |||
* | DoubleVerify Holdings Inc. | 1,221,474 | 47,540 | |||
* | Samsara Inc. Class A | 1,698,896 | 47,076 | |||
* | Gitlab Inc. Class A | 914,140 | 46,722 | |||
* | MACOM Technology Solutions Holdings Inc. | 701,623 | 45,977 | |||
* | Extreme Networks Inc. | 1,762,880 | 45,923 | |||
* | Synaptics Inc. | 535,122 | 45,689 | |||
Kulicke & Soffa Industries Inc. | 755,284 | 44,902 | ||||
* | Appfolio Inc. Class A | 260,336 | 44,814 | |||
* | Envestnet Inc. | 753,271 | 44,707 | |||
* | Itron Inc. | 619,946 | 44,698 | |||
* | Blackbaud Inc. | 627,070 | 44,635 | |||
* | AppLovin Corp. Class A | 1,728,222 | 44,467 |
Shares | Market Value• ($000) | |||||
*,1 | C3.ai Inc. Class A | 1,203,723 | 43,852 | |||
* | CommVault Systems Inc. | 603,726 | 43,843 | |||
* | Viasat Inc. | 1,056,323 | 43,584 | |||
* | Ambarella Inc. | 509,648 | 42,642 | |||
* | Rogers Corp. | 258,742 | 41,898 | |||
* | Freshworks Inc. Class A | 2,340,118 | 41,139 | |||
Amkor Technology Inc. | 1,353,250 | 40,259 | ||||
* | Allegro MicroSystems Inc. | 891,709 | 40,252 | |||
* | BlackLine Inc. | 747,513 | 40,231 | |||
* | Perficient Inc. | 475,708 | 39,641 | |||
* | Varonis Systems Inc. Class B | 1,481,930 | 39,493 | |||
* | Alteryx Inc. Class A | 861,566 | 39,115 | |||
* | Calix Inc. | 780,083 | 38,934 | |||
* | Kyndryl Holdings Inc. | 2,868,271 | 38,091 | |||
* | Rapid7 Inc. | 841,221 | 38,090 | |||
* | Plexus Corp. | 384,325 | 37,756 | |||
* | FormFactor Inc. | 1,043,024 | 35,692 | |||
InterDigital Inc. | 367,850 | 35,516 | ||||
* | Alarm.com Holdings Inc. | 685,981 | 35,451 | |||
* | RingCentral Inc. Class A | 1,081,414 | 35,395 | |||
* | HashiCorp Inc. Class A | 1,333,742 | 34,917 | |||
* | Viavi Solutions Inc. | 3,074,896 | 34,839 | |||
Progress Software Corp. | 592,146 | 34,404 | ||||
* | ACI Worldwide Inc. | 1,473,310 | 34,137 | |||
* | nCino Inc. | 1,068,348 | 32,179 | |||
*,1 | Marathon Digital Holdings Inc. | 2,306,967 | 31,975 | |||
* | Verint Systems Inc. | 889,787 | 31,196 | |||
*,1 | DigitalOcean Holdings Inc. | 776,439 | 31,166 | |||
* | MaxLinear Inc. Class A | 986,500 | 31,134 | |||
* | Sprout Social Inc. Class A | 648,025 | 29,913 | |||
* | NetScout Systems Inc. | 930,315 | 28,793 | |||
*,1 | Riot Platforms Inc. | 2,422,970 | 28,640 | |||
Pegasystems Inc. | 574,771 | 28,336 | ||||
*,1 | IonQ Inc. | 2,077,132 | 28,104 | |||
* | Impinj Inc. | 301,919 | 27,067 | |||
* | Appian Corp. Class A | 566,104 | 26,947 | |||
* | Cohu Inc. | 643,964 | 26,763 | |||
* | SiTime Corp. | 223,954 | 26,420 | |||
Clear Secure Inc. Class A | 1,140,163 | 26,418 | ||||
* | OSI Systems Inc. | 217,866 | 25,671 | |||
* | LiveRamp Holdings Inc. | 898,709 | 25,667 | |||
* | PagerDuty Inc. | 1,119,949 | 25,176 | |||
* | Q2 Holdings Inc. | 803,190 | 24,819 | |||
* | Fastly Inc. Class A | 1,552,540 | 24,484 | |||
* | Asana Inc. Class A | 1,105,173 | 24,358 | |||
* | Harmonic Inc. | 1,500,226 | 24,259 | |||
*,1 | Braze Inc. Class A | 534,939 | 23,425 | |||
* | Ultra Clean Holdings Inc. | 607,476 | 23,364 | |||
* | Semtech Corp. | 876,208 | 22,308 | |||
* | Knowles Corp. | 1,222,627 | 22,081 | |||
Xerox Holdings Corp. | 1,477,266 | 21,996 | ||||
* | Credo Technology Group Holding Ltd. | 1,253,058 | 21,728 | |||
* | Photronics Inc. | 832,715 | 21,476 | |||
* | ePlus Inc. | 379,285 | 21,354 | |||
* | TTM Technologies Inc. | 1,404,850 | 19,527 | |||
* | Zuora Inc. Class A | 1,755,571 | 19,259 | |||
* | SMART Global Holdings Inc. | 662,658 | 19,224 | |||
* | Digi International Inc. | 486,765 | 19,174 | |||
* | Agilysys Inc. | 274,275 | 18,826 | |||
CTS Corp. | 435,835 | 18,580 | ||||
* | PDF Solutions Inc. | 401,073 | 18,088 | |||
* | Veeco Instruments Inc. | 700,049 | 17,977 | |||
* | Squarespace Inc. Class A | 567,335 | 17,894 | |||
* | Clearwater Analytics Holdings Inc. Class A | 1,109,813 | 17,613 | |||
* | PROS Holdings Inc. | 568,856 | 17,521 | |||
Methode Electronics Inc. | 503,784 | 16,887 | ||||
* | CCC Intelligent Solutions Holdings Inc. | 1,476,516 | 16,552 |
Shares | Market Value• ($000) | |||||
* | Model N Inc. | 467,122 | 16,517 | |||
* | CommScope Holding Co. Inc. | 2,870,112 | 16,159 | |||
* | Yext Inc. | 1,425,375 | 16,121 | |||
* | Cerence Inc. | 551,105 | 16,109 | |||
Adeia Inc. | 1,449,395 | 15,958 | ||||
* | Sprinklr Inc. Class A | 1,102,154 | 15,243 | |||
* | Zeta Global Holdings Corp. Class A | 1,740,415 | 14,863 | |||
* | Everbridge Inc. | 551,676 | 14,840 | |||
* | Ichor Holdings Ltd. | 388,634 | 14,574 | |||
*,1 | Aehr Test Systems | 352,101 | 14,524 | |||
* | Mirion Technologies Inc. Class A | 1,694,855 | 14,322 | |||
Napco Security Technologies Inc. | 405,435 | 14,048 | ||||
* | Arlo Technologies Inc. | 1,258,513 | 13,730 | |||
* | E2open Parent Holdings Inc. | 2,368,383 | 13,263 | |||
* | N-able Inc. | 919,981 | 13,257 | |||
*,1 | Infinera Corp. | 2,676,249 | 12,926 | |||
A10 Networks Inc. | 874,275 | 12,756 | ||||
* | Intapp Inc. | 302,548 | 12,680 | |||
* | Jamf Holding Corp. | 632,500 | 12,346 | |||
* | PAR Technology Corp. | 374,588 | 12,335 | |||
Benchmark Electronics Inc. | 468,707 | 12,107 | ||||
* | Avid Technology Inc. | 449,970 | 11,474 | |||
* | Digital Turbine Inc. | 1,235,210 | 11,463 | |||
*,1 | Navitas Semiconductor Corp. Class A | 1,086,109 | 11,448 | |||
*,1 | indie Semiconductor Inc. Class A | 1,210,476 | 11,378 | |||
*,1 | MicroVision Inc. | 2,384,294 | 10,920 | |||
*,1 | Lightwave Logic Inc. | 1,559,962 | 10,873 | |||
* | ScanSource Inc. | 360,438 | 10,655 | |||
* | PowerSchool Holdings Inc. Class A | 551,955 | 10,564 | |||
ADTRAN Holdings Inc. | 991,655 | 10,442 | ||||
* | ForgeRock Inc. Class A | 498,629 | 10,242 | |||
* | Informatica Inc. Class A | 550,207 | 10,179 | |||
* | nLight Inc. | 657,506 | 10,139 | |||
* | Amplitude Inc. Class A | 920,053 | 10,121 | |||
* | Matterport Inc. | 3,145,777 | 9,909 | |||
1 | Ubiquiti Inc. | 55,820 | 9,810 | |||
* | Vertex Inc. Class A | 499,746 | 9,745 | |||
Bel Fuse Inc. Class B | 169,525 | 9,732 | ||||
* | Kimball Electronics Inc. | 348,448 | 9,628 | |||
* | Olo Inc. Class A | 1,464,539 | 9,461 | |||
* | Corsair Gaming Inc. | 527,232 | 9,353 | |||
* | Alpha & Omega Semiconductor Ltd. | 284,215 | 9,322 | |||
* | BigCommerce Holdings Inc. | 871,578 | 8,672 | |||
* | Alkami Technology Inc. | 519,891 | 8,521 | |||
*,1 | Clearfield Inc. | 179,422 | 8,496 | |||
* | CEVA Inc. | 331,929 | 8,481 | |||
Ebix Inc. | 322,279 | 8,121 | ||||
*,1 | SoundHound AI Inc. Class A | 1,767,004 | 8,040 | |||
* | EngageSmart Inc. | 409,959 | 7,826 | |||
* | Xperi Inc. | 594,026 | 7,811 | |||
* | Consensus Cloud Solutions Inc. | 245,610 | 7,614 | |||
* | OneSpan Inc. | 501,416 | 7,441 | |||
* | ACM Research Inc. Class A | 560,794 | 7,335 | |||
Hackett Group Inc. | 324,943 | 7,262 | ||||
* | AvePoint Inc. | 1,259,720 | 7,256 | |||
PC Connection Inc. | 160,679 | 7,247 | ||||
* | SolarWinds Corp. | 695,076 | 7,131 | |||
* | Mitek Systems Inc. | 653,173 | 7,080 | |||
* | Thoughtworks Holding Inc. | 936,041 | 7,067 | |||
*,1 | Cleanspark Inc. | 1,631,721 | 7,000 | |||
* | Vishay Precision Group Inc. | 187,229 | 6,956 | |||
*,1 | SmartRent Inc. Class A | 1,749,197 | 6,699 | |||
* | Grid Dynamics Holdings Inc. | 723,289 | 6,690 | |||
* | 8x8 Inc. | 1,574,694 | 6,661 | |||
* | Domo Inc. Class B | 445,820 | 6,536 | |||
NVE Corp. | 62,631 | 6,103 | ||||
* | NETGEAR Inc. | 425,254 | 6,022 |
Shares | Market Value• ($000) | |||||
* | Instructure Holdings Inc. | 239,052 | 6,015 | |||
*,1 | Evolv Technologies Holdings Inc. | 980,479 | 5,883 | |||
*,1 | Digimarc Corp. | 198,794 | 5,852 | |||
*,1 | MeridianLink Inc. | 276,265 | 5,746 | |||
* | Couchbase Inc. | 346,786 | 5,486 | |||
* | SEMrush Holdings Inc. Class A | 528,547 | 5,058 | |||
* | Expensify Inc. Class A | 632,105 | 5,044 | |||
ON24 Inc. | 612,514 | 4,974 | ||||
American Software Inc. Class A | 468,440 | 4,923 | ||||
* | EverCommerce Inc. | 405,323 | 4,799 | |||
* | Aviat Networks Inc. | 138,309 | 4,615 | |||
* | Eastman Kodak Co. | 996,106 | 4,602 | |||
* | FARO Technologies Inc. | 280,630 | 4,546 | |||
* | Weave Communications Inc. | 398,356 | 4,426 | |||
* | LivePerson Inc. | 966,434 | 4,368 | |||
* | Luna Innovations Inc. | 452,007 | 4,122 | |||
* | Unisys Corp. | 1,015,996 | 4,044 | |||
*,1 | Tucows Inc. Class A | 144,551 | 4,010 | |||
* | Enfusion Inc. Class A | 339,724 | 3,812 | |||
* | inTEST Corp. | 141,748 | 3,722 | |||
* | Daktronics Inc. | 577,361 | 3,695 | |||
* | Rimini Street Inc. | 703,322 | 3,369 | |||
Comtech Telecommunications Corp. | 364,160 | 3,328 | ||||
* | Ribbon Communications Inc. | 1,167,488 | 3,257 | |||
Climb Global Solutions Inc. | 66,690 | 3,192 | ||||
* | Akoustis Technologies Inc. | 989,060 | 3,145 | |||
Immersion Corp. | 426,793 | 3,022 | ||||
*,1 | Terawulf Inc. | 1,621,420 | 2,837 | |||
*,1 | Atomera Inc. | 321,354 | 2,818 | |||
* | Turtle Beach Corp. | 228,012 | 2,656 | |||
Richardson Electronics Ltd. | 157,483 | 2,598 | ||||
* | SoundThinking Inc. | 118,135 | 2,582 | |||
Information Services Group Inc. | 476,239 | 2,553 | ||||
* | Identiv Inc. | 302,124 | 2,541 | |||
* | Kopin Corp. | 1,118,479 | 2,405 | |||
* | Iteris Inc. | 587,916 | 2,328 | |||
*,1 | Tingo Group Inc. | 1,906,269 | 2,307 | |||
* | eGain Corp. | 306,912 | 2,299 | |||
* | Cambium Networks Corp. | 150,465 | 2,290 | |||
* | Brightcove Inc. | 570,442 | 2,287 | |||
* | Blend Labs Inc. Class A | 2,367,760 | 2,243 | |||
*,1 | Rackspace Technology Inc. | 809,129 | 2,201 | |||
* | CoreCard Corp. | 84,857 | 2,152 | |||
* | eMagin Corp. | 1,055,483 | 2,090 | |||
*,1 | Applied Optoelectronics Inc. | 349,064 | 2,080 | |||
*,1 | 908 Devices Inc. | 301,499 | 2,068 | |||
* | KVH Industries Inc. | 218,168 | 1,994 | |||
1 | Park City Group Inc. | 191,260 | 1,930 | |||
* | CS Disco Inc. | 234,293 | 1,926 | |||
* | Everspin Technologies Inc. | 206,988 | 1,906 | |||
* | Telos Corp. | 734,969 | 1,882 | |||
* | AXT Inc. | 530,891 | 1,826 | |||
*,1 | Kaltura Inc. | 851,605 | 1,805 | |||
* | Arteris Inc. | 258,459 | 1,763 | |||
*,1 | Ouster Inc. | 352,656 | 1,742 | |||
*,1 | Aeva Technologies Inc. | 1,365,249 | 1,707 | |||
*,1 | Veritone Inc. | 431,805 | 1,693 | |||
* | Latch Inc. | 1,213,129 | 1,686 | |||
* | Quantum Corp. | 1,535,792 | 1,659 | |||
*,1 | Cipher Mining Inc. | 563,659 | 1,612 | |||
* | Amtech Systems Inc. | 167,022 | 1,597 | |||
*,1 | Porch Group Inc. | 1,153,541 | 1,592 | |||
* | Powerfleet Inc. | 529,800 | 1,589 | |||
* | Lantronix Inc. | 352,224 | 1,483 | |||
* | CPI Card Group Inc. | 63,608 | 1,479 | |||
* | QuickLogic Corp. | 157,856 | 1,451 | |||
* | Upland Software Inc. | 402,122 | 1,448 |
Shares | Market Value• ($000) | |||||
* | Computer Task Group Inc. | 183,868 | 1,399 | |||
* | Genasys Inc. | 533,566 | 1,387 | |||
PCTEL Inc. | 277,156 | 1,329 | ||||
*,1 | Movella Holdings Inc. | 602,777 | 1,284 | |||
* | Edgio Inc. | 1,892,566 | 1,276 | |||
* | Intevac Inc. | 339,294 | 1,272 | |||
*,1 | D-Wave Quantum Inc. | 589,694 | 1,232 | |||
* | Transphorm Inc. | 361,933 | 1,231 | |||
* | GSI Technology Inc. | 216,448 | 1,197 | |||
*,1 | Rigetti Computing Inc. | 1,002,753 | 1,178 | |||
* | AstroNova Inc. | 80,322 | 1,165 | |||
* | Pixelworks Inc. | 662,328 | 1,146 | |||
* | Synchronoss Technologies Inc. | 1,184,703 | 1,101 | |||
PFSweb Inc. | 236,404 | 1,069 | ||||
* | TransAct Technologies Inc. | 118,370 | 1,061 | |||
*,1 | SkyWater Technology Inc. | 111,238 | 1,048 | |||
*,1 | Rekor Systems Inc. | 586,057 | 1,043 | |||
*,1 | Presto Automation Inc. | 196,350 | 1,025 | |||
* | SecureWorks Corp. Class A | 135,366 | 979 | |||
*,1 | Neonode Inc. | 118,968 | 961 | |||
*,1 | Meta Materials Inc. | 4,431,226 | 954 | |||
*,1 | DZS Inc. | 229,401 | 911 | |||
* | LiveVox Holdings Inc. | 316,097 | 869 | |||
* | Viant Technology Inc. Class A | 187,801 | 866 | |||
* | Key Tronic Corp. | 152,077 | 862 | |||
* | TESSCO Technologies Inc. | 95,601 | 856 | |||
* | Airgain Inc. | 152,243 | 822 | |||
*,1 | WM Technology Inc. | 970,839 | 813 | |||
*,1 | NextNav Inc. | 274,760 | 808 | |||
*,1 | Sono-Tek Corp. | 136,487 | 737 | |||
*,1 | Smith Micro Software Inc. | 658,346 | 731 | |||
*,1 | Inseego Corp. | 1,104,106 | 711 | |||
CSP Inc. | 58,064 | 692 | ||||
*,1 | Phunware Inc. | 1,225,460 | 662 | |||
*,1 | Casa Systems Inc. | 538,466 | 657 | |||
* | Issuer Direct Corp. | 34,289 | 644 | |||
* | Intellicheck Inc. | 242,394 | 599 | |||
* | Backblaze Inc. Class A | 137,575 | 596 | |||
Frequency Electronics Inc. | 89,809 | 595 | ||||
* | ClearSign Technologies Corp. | 449,128 | 588 | |||
* | Research Frontiers Inc. | 361,375 | 578 | |||
*,1 | Focus Universal Inc. | 374,994 | 574 | |||
*,1 | Embark Technology Inc. | 199,238 | 570 | |||
* | Data I/O Corp. | 131,493 | 564 | |||
* | Movano Inc. | 512,874 | 559 | |||
* | Franklin Wireless Corp. | 145,394 | 542 | |||
* | CalAmp Corp. | 502,346 | 532 | |||
* | Wireless Telecom Group Inc. | 249,702 | 524 | |||
*,1 | Alpine 4 Holdings Inc. | 252,011 | 509 | |||
* | CVD Equipment Corp. | 68,555 | 505 | |||
* | LightPath Technologies Inc. Class A | 369,843 | 499 | |||
*,1 | Wrap Technologies Inc. | 338,065 | 494 | |||
* | One Stop Systems Inc. | 168,631 | 484 | |||
*,1 | Red Cat Holdings Inc. | 382,360 | 455 | |||
* | NetSol Technologies Inc. | 188,484 | 445 | |||
1 | VirnetX Holding Corp. | 905,638 | 421 | |||
*,1 | ZeroFox Holdings Inc. | 413,025 | 413 | |||
*,1 | CompoSecure Inc. | 59,861 | 411 | |||
* | Optical Cable Corp. | 101,263 | 409 | |||
* | CPS Technologies Corp. | 140,086 | 392 | |||
*,1 | AudioEye Inc. | 77,975 | 381 | |||
*,1 | Coda Octopus Group Inc. | 46,152 | 379 | |||
*,1 | Dave Inc. | 70,423 | 375 | |||
* | RF Industries Ltd. | 89,996 | 373 | |||
* | EMCORE Corp. | 485,072 | 365 | |||
*,1 | Ondas Holdings Inc. | 423,162 | 364 | |||
*,1 | Quantum Computing Inc. | 302,053 | 356 |
Shares | Market Value• ($000) | |||||
* | M-Tron Industries Inc. | 31,573 | 350 | |||
*,1 | Glimpse Group Inc. | 97,688 | 348 | |||
* | DecisionPoint Systems Inc. | 57,607 | 317 | |||
*,1 | Inuvo Inc. | 1,411,029 | 313 | |||
* | LGL Group Inc. | 60,905 | 290 | |||
* | Aware Inc. | 182,324 | 288 | |||
*,1 | AEye Inc. | 1,519,255 | 274 | |||
* | authID Inc. | 282,129 | 251 | |||
* | BSQUARE Corp. | 189,580 | 246 | |||
* | Research Solutions Inc. | 118,116 | 241 | |||
* | AgileThought Inc. Class A | 314,783 | 236 | |||
* | SeaChange International Inc. | 28,195 | 230 | |||
* | Electro-Sensors Inc. | 51,199 | 229 | |||
*,1 | Stronghold Digital Mining Inc. Class A | 47,959 | 200 | |||
*,1 | Boxlight Corp. Class A | 87,801 | 195 | |||
*,1 | Sobr Safe Inc. | 113,980 | 194 | |||
*,1 | Intrusion Inc. | 157,729 | 192 | |||
* | WidePoint Corp. | 102,130 | 190 | |||
*,1 | Duos Technologies Group Inc. | 31,963 | 190 | |||
*,1 | Vislink Technologies Inc. | 33,437 | 190 | |||
*,1 | SigmaTron International Inc. | 54,299 | 176 | |||
* | Trio-Tech International | 36,247 | 174 | |||
*,1 | OMNIQ Corp. | 39,407 | 159 | |||
* | AmpliTech Group Inc. | 66,524 | 154 | |||
* | TSR Inc. | 22,667 | 153 | |||
* | SilverSun Technologies Inc. | 44,899 | 151 | |||
Bel Fuse Inc. Class A | 2,558 | 149 | ||||
* | VerifyMe Inc. | 105,037 | 145 | |||
*,1 | Astrotech Corp. | 9,822 | 139 | |||
*,1 | IronNet Inc. | 622,931 | 130 | |||
* | Cepton Inc. | 266,193 | 129 | |||
*,1 | CYNGN Inc. | 101,175 | 126 | |||
* | Bridgeline Digital Inc. | 104,290 | 123 | |||
*,1 | Blackboxstocks Inc. | 39,297 | 118 | |||
*,1 | Universal Security Instruments Inc. | 47,378 | 112 | |||
*,1 | Marin Software Inc. | 181,298 | 107 | |||
* | BTCS Inc. (XNCM) | 87,854 | 104 | |||
*,1 | Digital Ally Inc. | 25,905 | 104 | |||
*,1 | CISO Global Inc. | 568,658 | 101 | |||
* | Socket Mobile Inc. | 67,030 | 98 | |||
ClearOne Inc. | 114,033 | 94 | ||||
* | GSE Systems Inc. | 255,595 | 92 | |||
*,1 | Data Storage Corp. | 39,104 | 90 | |||
*,1 | CXApp Inc. Class C | 8,901 | 87 | |||
* | Bio-key International Inc. | 109,444 | 84 | |||
*,1 | Greenidge Generation Holdings Inc. Class A | 28,702 | 81 | |||
*,1 | FOXO Technologies Inc. | 242,378 | 75 | |||
BK Technologies Corp. | 4,443 | 74 | ||||
*,1 | CXApp Inc. | 6,700 | 73 | |||
*,1 | Airspan Networks Holdings Inc. | 394,024 | 66 | |||
*,1 | Sonim Technologies Inc. | 56,107 | 65 | |||
*,1 | Auddia Inc. | 154,558 | 64 | |||
*,1 | Oblong Inc. | 45,359 | 64 | |||
*,1 | MariaDB plc | 71,534 | 62 | |||
* | ADDvantage Technologies Group Inc. | 96,423 | 61 | |||
Crexendo Inc. | 32,741 | 58 | ||||
*,1 | WiSA Technologies Inc. | 45,800 | 58 | |||
*,1 | T Stamp Inc. Class A | 42,631 | 55 | |||
*,1 | DatChat Inc. | 86,875 | 47 | |||
*,1 | COMSovereign Holding Corp. | 27,468 | 47 | |||
*,1 | Remark Holdings Inc. | 45,125 | 44 | |||
*,1 | Inpixon | 229,798 | 41 | |||
*,1 | Sigma Additive Solutions Inc. | 108,527 | 38 | |||
*,1 | Rubicon Technologies Inc. | 102,639 | 38 | |||
* | Sonic Foundry Inc. | 38,709 | 34 | |||
*,1 | Iveda Solutions Inc. | 22,987 | 25 | |||
*,1 | Verb Technology Co. Inc. | 23,175 | 25 |
Shares | Market Value• ($000) | |||||
*,2 | SRAX Inc. | 284,252 | 20 | |||
Taitron Components Inc. Class A | 4,095 | 17 | ||||
* | WaveDancer Inc. | 38,923 | 12 | |||
*,1 | Castellum Inc. | 22,993 | 11 | |||
*,1 | Cemtrex Inc. | 1,154 | 9 | |||
*,1 | Near Intelligence Inc. | 4,776 | 7 | |||
* | Nortech Systems Inc. | 573 | 6 | |||
* | Transphorm Inc. Rights | 361,933 | 3 | |||
Network-1 Technologies Inc. | 958 | 2 | ||||
*,1 | SpringBig Holdings Inc. | 4,301 | 2 | |||
* | Intellinetics Inc. | 151 | 1 | |||
*,2 | BTCS Inc. (XNAS) | 87,854 | — | |||
15,383,631 | ||||||
Materials (4.1%) | ||||||
Reliance Steel & Aluminum Co. | 806,406 | 219,012 | ||||
RPM International Inc. | 1,775,583 | 159,323 | ||||
Crown Holdings Inc. | 1,647,789 | 143,143 | ||||
* | Cleveland-Cliffs Inc. | 7,111,278 | 119,185 | |||
AptarGroup Inc. | 906,344 | 105,009 | ||||
Berry Global Group Inc. | 1,627,809 | 104,733 | ||||
Royal Gold Inc. | 905,197 | 103,898 | ||||
Graphic Packaging Holding Co. | 4,213,899 | 101,260 | ||||
* | Axalta Coating Systems Ltd. | 3,041,460 | 99,790 | |||
Eagle Materials Inc. | 491,087 | 91,548 | ||||
Olin Corp. | 1,650,565 | 84,823 | ||||
Commercial Metals Co. | 1,607,029 | 84,626 | ||||
Alcoa Corp. | 2,473,628 | 83,930 | ||||
Sonoco Products Co. | 1,356,300 | 80,049 | ||||
* | ATI Inc. | 1,775,794 | 78,543 | |||
United States Steel Corp. | 3,132,882 | 78,353 | ||||
Chemours Co. | 2,060,366 | 76,007 | ||||
Louisiana-Pacific Corp. | 985,574 | 73,898 | ||||
* | Livent Corp. | 2,469,253 | 67,732 | |||
Huntsman Corp. | 2,368,600 | 64,000 | ||||
* | Summit Materials Inc. Class A | 1,623,715 | 61,458 | |||
Balchem Corp. | 445,290 | 60,030 | ||||
Element Solutions Inc. | 3,079,740 | 59,131 | ||||
Ashland Inc. | 675,383 | 58,698 | ||||
Westlake Corp. | 476,299 | 56,903 | ||||
Silgan Holdings Inc. | 1,165,426 | 54,647 | ||||
HB Fuller Co. | 730,406 | 52,231 | ||||
Cabot Corp. | 775,873 | 51,898 | ||||
Avient Corp. | 1,169,014 | 47,813 | ||||
* | O-I Glass Inc. | 2,114,702 | 45,107 | |||
Hecla Mining Co. | 7,988,816 | 41,142 | ||||
* | Arconic Corp. | 1,389,340 | 41,097 | |||
Sensient Technologies Corp. | 577,196 | 41,056 | ||||
Carpenter Technology Corp. | 661,817 | 37,148 | ||||
Quaker Chemical Corp. | 187,560 | 36,555 | ||||
NewMarket Corp. | 89,741 | 36,087 | ||||
Scotts Miracle-Gro Co. | 574,344 | 36,006 | ||||
Innospec Inc. | 344,843 | 34,636 | ||||
Materion Corp. | 283,021 | 32,321 | ||||
* | Knife River Corp. | 707,723 | 30,786 | |||
Greif Inc. Class A | 431,586 | 29,732 | ||||
Alpha Metallurgical Resources Inc. | 180,613 | 29,686 | ||||
* | MP Materials Corp. | 1,292,214 | 29,566 | |||
Worthington Industries Inc. | 415,265 | 28,848 | ||||
*,1 | Ginkgo Bioworks Holdings Inc. Class A | 15,453,237 | 28,743 | |||
Stepan Co. | 293,606 | 28,057 | ||||
* | Ingevity Corp. | 479,329 | 27,878 | |||
Warrior Met Coal Inc. | 710,801 | 27,686 | ||||
Minerals Technologies Inc. | 448,241 | 25,859 | ||||
Tronox Holdings plc | 1,559,166 | 19,817 | ||||
*,1 | PureCycle Technologies Inc. | 1,845,156 | 19,725 | |||
Sylvamo Corp. | 431,099 | 17,438 | ||||
Orion SA | 785,510 | 16,668 |
Shares | Market Value• ($000) | |||||
Compass Minerals International Inc. | 475,525 | 16,168 | ||||
TriMas Corp. | 581,793 | 15,993 | ||||
Kaiser Aluminum Corp. | 220,531 | 15,799 | ||||
* | Coeur Mining Inc. | 4,735,978 | 13,450 | |||
AdvanSix Inc. | 376,565 | 13,172 | ||||
* | Piedmont Lithium Inc. | 227,924 | 13,153 | |||
Hawkins Inc. | 274,686 | 13,100 | ||||
* | Perimeter Solutions SA | 2,095,277 | 12,886 | |||
Chase Corp. | 104,143 | 12,624 | ||||
Ryerson Holding Corp. | 278,707 | 12,090 | ||||
* | TimkenSteel Corp. | 547,219 | 11,803 | |||
Mativ Holdings Inc. | 774,332 | 11,708 | ||||
Schnitzer Steel Industries Inc. Class A | 356,726 | 10,698 | ||||
* | Ecovyst Inc. | 930,222 | 10,660 | |||
Koppers Holdings Inc. | 294,481 | 10,042 | ||||
Myers Industries Inc. | 514,821 | 10,003 | ||||
Haynes International Inc. | 181,199 | 9,209 | ||||
*,1 | Diversey Holdings Ltd. | 1,083,884 | 9,094 | |||
SunCoke Energy Inc. | 1,050,879 | 8,270 | ||||
*,1 | Origin Materials Inc. | 1,739,291 | 7,409 | |||
* | Clearwater Paper Corp. | 235,461 | 7,375 | |||
American Vanguard Corp. | 405,708 | 7,250 | ||||
Olympic Steel Inc. | 136,097 | 6,669 | ||||
* | Aspen Aerogels Inc. | 797,814 | 6,295 | |||
* | Century Aluminum Co. | 711,991 | 6,209 | |||
Trinseo plc | 479,701 | 6,078 | ||||
* | LSB Industries Inc. | 587,805 | 5,790 | |||
United States Lime & Minerals Inc. | 25,341 | 5,293 | ||||
Mercer International Inc. | 570,813 | 4,606 | ||||
Pactiv Evergreen Inc. | 540,341 | 4,090 | ||||
*,1 | McEwen Mining Inc. | 552,830 | 3,975 | |||
* | Rayonier Advanced Materials Inc. | 881,241 | 3,772 | |||
*,1 | Amyris Inc. | 3,657,378 | 3,767 | |||
FutureFuel Corp. | 376,247 | 3,330 | ||||
* | Intrepid Potash Inc. | 132,962 | 3,017 | |||
*,1 | Danimer Scientific Inc. Class A | 1,248,536 | 2,971 | |||
Ramaco Resources Inc. Class A | 335,927 | 2,835 | ||||
* | Alto Ingredients Inc. | 954,700 | 2,759 | |||
Kronos Worldwide Inc. | 295,057 | 2,576 | ||||
* | Core Molding Technologies Inc. | 111,989 | 2,548 | |||
* | Gatos Silver Inc. | 666,494 | 2,519 | |||
Tredegar Corp. | 368,004 | 2,455 | ||||
* | Ranpak Holdings Corp. Class A | 537,527 | 2,430 | |||
* | Glatfelter Corp. | 730,566 | 2,206 | |||
* | Dakota Gold Corp. | 735,903 | 2,149 | |||
* | Universal Stainless & Alloy Products Inc. | 112,627 | 1,578 | |||
*,1 | Smith-Midland Corp. | 58,550 | 1,391 | |||
*,1 | 5E Advanced Materials Inc. | 422,291 | 1,385 | |||
Friedman Industries Inc. | 89,221 | 1,124 | ||||
*,1 | Loop Industries Inc. | 332,490 | 1,071 | |||
* | Ascent Industries Co. | 107,956 | 981 | |||
Northern Technologies International Corp. | 90,526 | 970 | ||||
* | Idaho Strategic Resources Inc. | 169,246 | 904 | |||
Gold Resource Corp. | 1,281,600 | 807 | ||||
*,1 | Contango ORE Inc. | 29,429 | 750 | |||
* | Ramaco Resources Inc. Class B | 67,185 | 713 | |||
*,1 | Hycroft Mining Holding Corp. Class A | 2,350,391 | 694 | |||
*,1 | Flotek Industries Inc. | 942,212 | 692 | |||
* | US Gold Corp. | 143,623 | 639 | |||
Greif Inc. Class B | 6,973 | 539 | ||||
* | Advanced Emissions Solutions Inc. | 280,591 | 522 | |||
* | Ampco-Pittsburgh Corp. | 158,887 | 505 | |||
* | Solitario Zinc Corp. | 785,656 | 452 | |||
* | United States Antimony Corp. | 1,198,945 | 377 | |||
*,1 | Golden Minerals Co. | 54,570 | 88 | |||
*,1 | Crown ElectroKinetics Corp. | 511,195 | 67 | |||
* | Paramount Gold Nevada Corp. | 190,456 | 60 |
Shares | Market Value• ($000) | |||||
*,1 | Eightco Holdings Inc. | 33,311 | 47 | |||
*,1 | US Goldmining Inc. | 1,100 | 14 | |||
*,2 | Ikonics Corp. CVR | 12,227 | — | |||
3,619,980 | ||||||
Real Estate (6.0%) | ||||||
Sun Communities Inc. | 1,711,729 | 223,312 | ||||
WP Carey Inc. | 2,945,790 | 199,018 | ||||
Gaming & Leisure Properties Inc. | 3,611,937 | 175,034 | ||||
Equity LifeStyle Properties Inc. | 2,405,427 | 160,899 | ||||
Life Storage Inc. | 1,172,706 | 155,923 | ||||
American Homes 4 Rent Class A | 4,320,246 | 153,153 | ||||
Rexford Industrial Realty Inc. | 2,773,111 | 144,812 | ||||
CubeSmart | 3,091,370 | 138,061 | ||||
Lamar Advertising Co. Class A | 1,214,509 | 120,540 | ||||
Americold Realty Trust Inc. | 3,722,487 | 120,236 | ||||
* | Zillow Group Inc. Class C | 2,322,262 | 116,717 | |||
EastGroup Properties Inc. | 610,737 | 106,024 | ||||
NNN REIT Inc. | 2,464,563 | 105,459 | ||||
* | Jones Lang LaSalle Inc. | 661,733 | 103,098 | |||
Omega Healthcare Investors Inc. | 3,230,257 | 99,137 | ||||
Healthcare Realty Trust Inc. Class A | 5,228,551 | 98,610 | ||||
First Industrial Realty Trust Inc. | 1,809,807 | 95,268 | ||||
Brixmor Property Group Inc. | 4,111,873 | 90,461 | ||||
STAG Industrial Inc. | 2,473,127 | 88,736 | ||||
Agree Realty Corp. | 1,279,859 | 83,690 | ||||
Spirit Realty Capital Inc. | 1,957,365 | 77,081 | ||||
1 | Medical Properties Trust Inc. | 8,323,708 | 77,078 | |||
Ryman Hospitality Properties Inc. | 815,479 | 75,774 | ||||
Apartment Income REIT Corp. Class A | 2,046,310 | 73,851 | ||||
Kite Realty Group Trust | 3,026,737 | 67,617 | ||||
Rayonier Inc. | 2,022,358 | 63,502 | ||||
Terreno Realty Corp. | 1,031,493 | 61,993 | ||||
PotlatchDeltic Corp. | 1,098,299 | 58,045 | ||||
Independence Realty Trust Inc. | 3,096,262 | 56,414 | ||||
Phillips Edison & Co. Inc. | 1,616,287 | 55,083 | ||||
Essential Properties Realty Trust Inc. | 2,072,825 | 48,794 | ||||
EPR Properties | 1,038,375 | 48,596 | ||||
Cousins Properties Inc. | 2,115,697 | 48,238 | ||||
Physicians Realty Trust | 3,340,536 | 46,734 | ||||
Kilroy Realty Corp. | 1,465,587 | 44,100 | ||||
Apple Hospitality REIT Inc. | 2,898,656 | 43,799 | ||||
Vornado Realty Trust | 2,229,873 | 40,450 | ||||
Broadstone Net Lease Inc. | 2,610,120 | 40,300 | ||||
LXP Industrial Trust | 4,106,024 | 40,034 | ||||
National Storage Affiliates Trust | 1,131,772 | 39,420 | ||||
Park Hotels & Resorts Inc. | 2,978,476 | 38,184 | ||||
* | Howard Hughes Corp. | 481,220 | 37,978 | |||
Sabra Health Care REIT Inc. | 3,159,302 | 37,185 | ||||
Corporate Office Properties Trust | 1,552,783 | 36,879 | ||||
Highwoods Properties Inc. | 1,450,974 | 34,693 | ||||
SITE Centers Corp. | 2,527,028 | 33,407 | ||||
* | Zillow Group Inc. Class A | 677,002 | 33,308 | |||
Macerich Co. | 2,943,888 | 33,178 | ||||
National Health Investors Inc. | 602,876 | 31,603 | ||||
Outfront Media Inc. | 2,004,752 | 31,515 | ||||
Tanger Factory Outlet Centers Inc. | 1,425,182 | 31,454 | ||||
Four Corners Property Trust Inc. | 1,230,785 | 31,262 | ||||
Equity Commonwealth | 1,512,010 | 30,633 | ||||
Douglas Emmett Inc. | 2,344,124 | 29,466 | ||||
Sunstone Hotel Investors Inc. | 2,868,995 | 29,034 | ||||
DigitalBridge Group Inc. | 1,972,721 | 29,019 | ||||
* | Opendoor Technologies Inc. | 7,152,615 | 28,753 | |||
Innovative Industrial Properties Inc. | 383,701 | 28,014 | ||||
1 | SL Green Realty Corp. | 891,155 | 26,779 | |||
Kennedy-Wilson Holdings Inc. | 1,629,706 | 26,613 | ||||
CareTrust REIT Inc. | 1,332,330 | 26,460 | ||||
Urban Edge Properties | 1,591,704 | 24,560 |
Shares | Market Value• ($000) | |||||
Pebblebrook Hotel Trust | 1,690,633 | 23,567 | ||||
Retail Opportunity Investments Corp. | 1,727,999 | 23,345 | ||||
St. Joe Co. | 476,236 | 23,021 | ||||
DiamondRock Hospitality Co. | 2,863,254 | 22,935 | ||||
RLJ Lodging Trust | 2,229,330 | 22,895 | ||||
Getty Realty Corp. | 646,591 | 21,868 | ||||
InvenTrust Properties Corp. | 927,626 | 21,465 | ||||
Elme Communities | 1,229,383 | 20,211 | ||||
1 | eXp World Holdings Inc. | 990,218 | 20,082 | |||
Service Properties Trust | 2,293,293 | 19,929 | ||||
JBG SMITH Properties | 1,297,139 | 19,509 | ||||
* | Redfin Corp. | 1,536,312 | 19,081 | |||
Alexander & Baldwin Inc. | 1,005,647 | 18,685 | ||||
Acadia Realty Trust | 1,291,448 | 18,584 | ||||
LTC Properties Inc. | 561,722 | 18,548 | ||||
Xenia Hotels & Resorts Inc. | 1,493,705 | 18,387 | ||||
Easterly Government Properties Inc. Class A | 1,257,649 | 18,236 | ||||
* | Cushman & Wakefield plc | 2,228,482 | 18,229 | |||
* | Veris Residential Inc. | 1,126,189 | 18,075 | |||
Apartment Investment & Management Co. Class A | 2,063,620 | 17,582 | ||||
NETSTREIT Corp. | 921,156 | 16,461 | ||||
Uniti Group Inc. | 3,322,918 | 15,352 | ||||
Global Net Lease Inc. | 1,442,731 | 14,831 | ||||
NexPoint Residential Trust Inc. | 312,436 | 14,210 | ||||
1 | Peakstone Realty Trust | 497,084 | 13,879 | |||
Empire State Realty Trust Inc. Class A | 1,842,024 | 13,797 | ||||
American Assets Trust Inc. | 715,472 | 13,737 | ||||
Safehold Inc. | 560,209 | 13,294 | ||||
Centerspace | 210,744 | 12,931 | ||||
Plymouth Industrial REIT Inc. | 559,866 | 12,888 | ||||
* | Compass Inc. Class A | 3,584,471 | 12,546 | |||
Necessity Retail REIT Inc. Class A | 1,840,262 | 12,440 | ||||
Piedmont Office Realty Trust Inc. Class A | 1,707,032 | 12,410 | ||||
RPT Realty | 1,172,236 | 12,250 | ||||
UMH Properties Inc. | 764,902 | 12,223 | ||||
Armada Hoffler Properties Inc. | 992,712 | 11,595 | ||||
Community Healthcare Trust Inc. | 336,688 | 11,117 | ||||
Brandywine Realty Trust | 2,380,921 | 11,071 | ||||
Paramount Group Inc. | 2,396,344 | 10,616 | ||||
* | Anywhere Real Estate Inc. | 1,562,267 | 10,436 | |||
Newmark Group Inc. Class A | 1,667,206 | 10,370 | ||||
Summit Hotel Properties Inc. | 1,526,870 | 9,940 | ||||
Marcus & Millichap Inc. | 308,480 | 9,720 | ||||
Universal Health Realty Income Trust | 184,943 | 8,800 | ||||
Global Medical REIT Inc. | 909,847 | 8,307 | ||||
1 | CBL & Associates Properties Inc. | 361,348 | 7,964 | |||
Urstadt Biddle Properties Inc. Class A | 368,370 | 7,832 | ||||
Diversified Healthcare Trust | 3,358,607 | 7,557 | ||||
Gladstone Land Corp. | 464,245 | 7,553 | ||||
Hudson Pacific Properties Inc. | 1,782,387 | 7,522 | ||||
1 | Farmland Partners Inc. | 585,873 | 7,153 | |||
Saul Centers Inc. | 188,985 | 6,960 | ||||
Gladstone Commercial Corp. | 560,757 | 6,937 | ||||
Chatham Lodging Trust | 710,327 | 6,649 | ||||
Whitestone REIT | 677,332 | 6,570 | ||||
* | Tejon Ranch Co. | 362,277 | 6,235 | |||
Alexander's Inc. | 31,938 | 5,872 | ||||
* | Forestar Group Inc. | 259,498 | 5,852 | |||
1 | NexPoint Diversified Real Estate Trust | 463,978 | 5,809 | |||
Orion Office REIT Inc. | 832,763 | 5,505 | ||||
* | FRP Holdings Inc. | 91,384 | 5,261 | |||
1 | CTO Realty Growth Inc. | 301,036 | 5,160 | |||
Office Properties Income Trust | 668,932 | 5,151 | ||||
RE/MAX Holdings Inc. Class A | 255,554 | 4,922 | ||||
One Liberty Properties Inc. | 238,209 | 4,840 | ||||
*,1 | Seritage Growth Properties Class A | 538,587 | 4,804 | |||
RMR Group Inc. Class A | 195,962 | 4,540 |
Shares | Market Value• ($000) | |||||
Postal Realty Trust Inc. Class A | 273,920 | 4,029 | ||||
1 | Braemar Hotels & Resorts Inc. | 895,611 | 3,600 | |||
BRT Apartments Corp. | 170,142 | 3,369 | ||||
Alpine Income Property Trust Inc. | 200,992 | 3,266 | ||||
*,1 | Offerpad Solutions Inc. | 247,328 | 3,205 | |||
Hersha Hospitality Trust Class A | 521,474 | 3,176 | ||||
City Office REIT Inc. | 563,275 | 3,137 | ||||
Industrial Logistics Properties Trust | 946,492 | 3,123 | ||||
*,1 | WeWork Inc. Class A | 11,714,656 | 2,992 | |||
* | Star Holdings | 195,370 | 2,866 | |||
Stratus Properties Inc. | 94,932 | 2,492 | ||||
Douglas Elliman Inc. | 984,775 | 2,186 | ||||
* | Ashford Hospitality Trust Inc. | 555,235 | 2,071 | |||
Franklin Street Properties Corp. | 1,292,044 | 1,873 | ||||
* | Maui Land & Pineapple Co. Inc. | 87,520 | 1,246 | |||
Clipper Realty Inc. | 219,065 | 1,242 | ||||
Modiv Inc. Class C | 75,929 | 1,139 | ||||
* | AMREP Corp. | 56,666 | 1,016 | |||
Creative Media & Community Trust Corp. | 186,677 | 932 | ||||
* | Bluerock Homes Trust Inc. | 51,161 | 826 | |||
*,1 | Altisource Portfolio Solutions SA | 144,638 | 824 | |||
* | Transcontinental Realty Investors Inc. | 17,772 | 651 | |||
*,1 | Fathom Holdings Inc. | 81,037 | 579 | |||
*,1 | Altisource Asset Management Corp. | 9,199 | 517 | |||
* | Sotherly Hotels Inc. | 264,487 | 500 | |||
Global Self Storage Inc. | 98,662 | 498 | ||||
*,1 | Doma Holdings Inc. | 91,759 | 453 | |||
* | Rafael Holdings Inc. Class B | 147,734 | 309 | |||
*,1 | American Realty Investors Inc. | 12,489 | 272 | |||
1 | CorEnergy Infrastructure Trust Inc. | 234,448 | 263 | |||
* | InterGroup Corp. | 6,315 | 225 | |||
* | Comstock Holding Cos. Inc. Class A | 52,330 | 219 | |||
*,1 | American Strategic Investment Co. | 21,669 | 171 | |||
* | Trinity Place Holdings Inc. | 313,994 | 170 | |||
1 | InnSuites Hospitality Trust | 51,409 | 123 | |||
*,1 | LuxUrban Hotels Inc. | 31,683 | 100 | |||
* | Wheeler REIT Inc. | 128,151 | 79 | |||
1 | Generation Income Properties Inc. | 17,342 | 69 | |||
* | Power REIT | 36,007 | 59 | |||
*,1 | Avalon GloboCare Corp. | 34,505 | 53 | |||
* | Alset Inc. | 21,638 | 34 | |||
*,1 | Appreciate Holdings Inc. | 61,366 | 23 | |||
1 | Medalist Diversified REIT Inc. | 2,707 | 14 | |||
Presidio Property Trust Inc. Class A | 1,625 | 1 | ||||
*,2 | Spirit MTA REIT | 653,668 | — | |||
* | JW Mays Inc. | 5 | — | |||
5,275,163 | ||||||
Utilities (1.9%) | ||||||
Essential Utilities Inc. | 3,321,292 | 132,553 | ||||
Vistra Corp. | 4,830,651 | 126,805 | ||||
OGE Energy Corp. | 2,742,602 | 98,487 | ||||
UGI Corp. | 2,906,861 | 78,398 | ||||
IDACORP Inc. | 690,078 | 70,802 | ||||
National Fuel Gas Co. | 1,271,688 | 65,314 | ||||
New Jersey Resources Corp. | 1,322,847 | 62,438 | ||||
Portland General Electric Co. | 1,333,097 | 62,429 | ||||
ONE Gas Inc. | 763,388 | 58,636 | ||||
Ormat Technologies Inc. | 722,406 | 58,125 | ||||
Southwest Gas Holdings Inc. | 897,621 | 57,134 | ||||
Black Hills Corp. | 921,727 | 55,543 | ||||
Hawaiian Electric Industries Inc. | 1,491,340 | 53,987 | ||||
PNM Resources Inc. | 1,181,605 | 53,290 |
Shares | Market Value• ($000) | |||||
NorthWestern Corp. | 826,611 | 46,918 | ||||
Spire Inc. | 725,588 | 46,031 | ||||
ALLETE Inc. | 777,803 | 45,089 | ||||
1 | Otter Tail Corp. | 568,753 | 44,909 | |||
American States Water Co. | 507,930 | 44,190 | ||||
California Water Service Group | 806,408 | 41,635 | ||||
Avista Corp. | 1,048,884 | 41,190 | ||||
MGE Energy Inc. | 504,016 | 39,873 | ||||
Clearway Energy Inc. Class C | 1,284,785 | 36,694 | ||||
Avangrid Inc. | 958,476 | 36,115 | ||||
Chesapeake Utilities Corp. | 239,640 | 28,517 | ||||
SJW Group | 369,556 | 25,910 | ||||
*,1 | Sunnova Energy International Inc. | 1,360,372 | 24,908 | |||
Northwest Natural Holding Co. | 482,011 | 20,751 | ||||
Middlesex Water Co. | 248,094 | 20,011 | ||||
Unitil Corp. | 230,002 | 11,663 | ||||
Clearway Energy Inc. Class A | 309,566 | 8,358 | ||||
York Water Co. | 193,554 | 7,988 | ||||
* | Montauk Renewables Inc. | 891,411 | 6,632 | |||
1 | Consolidated Water Co. Ltd. | 215,681 | 5,226 | |||
Artesian Resources Corp. Class A | 103,200 | 4,873 | ||||
Genie Energy Ltd. Class B | 307,588 | 4,349 | ||||
* | Pure Cycle Corp. | 273,022 | 3,003 | |||
*,1 | Cadiz Inc. | 681,992 | 2,769 | |||
*,1 | Altus Power Inc. Class A | 492,604 | 2,660 | |||
RGC Resources Inc. | 100,582 | 2,015 | ||||
Global Water Resources Inc. | 128,559 | 1,630 | ||||
*,1 | Spruce Power Holding Corp. | 1,466,250 | 1,190 | |||
1 | Via Renewables Inc. Class A | 37,181 | 259 | |||
1,639,297 | ||||||
Total Common Stocks (Cost $77,236,167) | 86,814,748 | |||||
Preferred Stocks (0.0%) | ||||||
1 | FAT Brands Inc. Pfd., 8.250%, 8/8/23 | 7,939 | 122 | |||
Air T Funding Pfd., 8.000%, 6/7/24 | 704 | 15 | ||||
Total Preferred Stocks (Cost $139) | 137 | |||||
Temporary Cash Investments (3.0%) | ||||||
Money Market Fund (3.0%) | ||||||
4,5 | Vanguard Market Liquidity Fund, 5.150% (Cost $2,650,935) | 26,518,637 | 2,651,333 | |||
Total Investments (102.1%) (Cost $79,887,241) | 89,466,218 | |||||
Other Assets and Liabilities—Net (-2.1%) | (1,820,459) | |||||
Net Assets (100%) | 87,645,759 |
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 $1,733,298,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Restricted securities totaling $4,864,000, representing 0.0% of net assets. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $1,926,439,000 was received for securities on loan, of which $1,926,352,000 is held in Vanguard Market Liquidity Fund and $87,000 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 NASDAQ 100 Index | September 2023 | 407 | 124,843 | 4,871 |
E-mini Russell 2000 Index | September 2023 | 6,063 | 577,107 | 5,131 |
10,002 |
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) |
Airbnb Inc. Class A | 8/31/23 | BANA | 25,247 | (5.073) | 4,127 | — |
BILL Holdings Inc. | 8/31/23 | BANA | 8,804 | (5.073) | 1,092 | — |
Chewy Inc. Class A | 1/31/24 | GSI | 12,561 | (5.073) | — | (350) |
Datadog Inc. Class A | 8/31/23 | BANA | 12,338 | (5.073) | 401 | — |
Lucid Group Inc. | 1/31/24 | GSI | 12,126 | (5.073) | 528 | — |
Sirius XM Holdings Inc. | 1/31/24 | GSI | 15,320 | (5.073) | 2,770 | — |
Snowflake Inc. Class A | 8/31/23 | BANA | 26,127 | (5.073) | 1,571 | — |
Wayfair Inc. Class A | 8/31/23 | BANA | 5,242 | (5.073) | 3,188 | — |
13,677 | (350) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent reset 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 $77,236,306) | 86,814,885 |
Affiliated Issuers (Cost $2,650,935) | 2,651,333 |
Total Investments in Securities | 89,466,218 |
Investment in Vanguard | 2,869 |
Cash | 51,807 |
Cash Collateral Pledged—Futures Contracts | 44,432 |
Receivables for Investment Securities Sold | 67,494 |
Receivables for Accrued Income | 79,491 |
Receivables for Capital Shares Issued | 36,551 |
Variation Margin Receivable—Futures Contracts | 3,625 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 13,677 |
Total Assets | 89,766,164 |
Liabilities | |
Payables for Investment Securities Purchased | 63,374 |
Collateral for Securities on Loan | 1,926,439 |
Payables for Capital Shares Redeemed | 77,204 |
Payables for Distributions | 51,445 |
Payables to Vanguard | 1,593 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 350 |
Total Liabilities | 2,120,405 |
Net Assets | 87,645,759 |
1 Includes $1,733,298,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At June 30, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 81,323,751 |
Total Distributable Earnings (Loss) | 6,322,008 |
Net Assets | 87,645,759 |
Investor Shares—Net Assets | |
Applicable to 1,911,741 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 215,989 |
Net Asset Value Per Share—Investor Shares | $112.98 |
ETF Shares—Net Assets | |
Applicable to 103,483,161 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 15,396,529 |
Net Asset Value Per Share—ETF Shares | $148.78 |
Admiral Shares—Net Assets | |
Applicable to 195,013,741 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 22,013,851 |
Net Asset Value Per Share—Admiral Shares | $112.88 |
Institutional Shares—Net Assets | |
Applicable to 124,076,514 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 14,005,166 |
Net Asset Value Per Share—Institutional Shares | $112.88 |
Institutional Plus Shares—Net Assets | |
Applicable to 40,733,890 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,346,542 |
Net Asset Value Per Share—Institutional Plus Shares | $278.55 |
Institutional Select Shares—Net Assets | |
Applicable to 135,988,272 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 24,667,682 |
Net Asset Value Per Share—Institutional Select Shares | $181.40 |
Six Months Ended June 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 484,892 |
Interest2 | 17,798 |
Securities Lending—Net | 77,965 |
Total Income | 580,655 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 922 |
Management and Administrative—Investor Shares | 205 |
Management and Administrative—ETF Shares | 3,347 |
Management and Administrative—Admiral Shares | 5,375 |
Management and Administrative—Institutional Shares | 2,834 |
Management and Administrative—Institutional Plus Shares | 1,718 |
Management and Administrative—Institutional Select Shares | 1,988 |
Marketing and Distribution—Investor Shares | 6 |
Marketing and Distribution—ETF Shares | 435 |
Marketing and Distribution—Admiral Shares | 484 |
Marketing and Distribution—Institutional Shares | 233 |
Marketing and Distribution—Institutional Plus Shares | 195 |
Marketing and Distribution—Institutional Select Shares | 24 |
Custodian Fees | 302 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—ETF Shares | 205 |
Shareholders’ Reports—Admiral Shares | 85 |
Shareholders’ Reports—Institutional Shares | 106 |
Shareholders’ Reports—Institutional Plus Shares | 78 |
Shareholders’ Reports—Institutional Select Shares | — |
Trustees’ Fees and Expenses | 21 |
Other Expenses | 14 |
Total Expenses | 18,577 |
Expenses Paid Indirectly | (5) |
Net Expenses | 18,572 |
Net Investment Income | 562,083 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 1,489,806 |
Futures Contracts | 23,386 |
Swap Contracts | 347 |
Realized Net Gain (Loss) | 1,513,539 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 7,804,167 |
Futures Contracts | 23,942 |
Swap Contracts | 19,886 |
Change in Unrealized Appreciation (Depreciation) | 7,847,995 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 9,923,617 |
1 | Dividends are net of foreign withholding taxes of $11,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $16,951,000, ($10,000), and ($189,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $2,053,949,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 562,083 | 1,141,328 | |
Realized Net Gain (Loss) | 1,513,539 | 2,411,429 | |
Change in Unrealized Appreciation (Depreciation) | 7,847,995 | (32,279,720) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 9,923,617 | (28,726,963) | |
Distributions | |||
Investor Shares | (1,308) | (2,370) | |
ETF Shares | (94,839) | (148,188) | |
Admiral Shares | (138,263) | (232,052) | |
Institutional Shares | (89,655) | (154,028) | |
Institutional Plus Shares | (72,411) | (131,076) | |
Institutional Select Shares | (158,790) | (248,096) | |
Total Distributions | (555,266) | (915,810) | |
Capital Share Transactions | |||
Investor Shares | (38,243) | (72,334) | |
ETF Shares | 707,728 | 344,966 | |
Admiral Shares | (366,237) | (1,252,838) | |
Institutional Shares | (505,637) | (1,209,959) | |
Institutional Plus Shares | (335,686) | (1,175,993) | |
Institutional Select Shares | (180,872) | 3,290,411 | |
Net Increase (Decrease) from Capital Share Transactions | (718,947) | (75,747) | |
Total Increase (Decrease) | 8,649,404 | (29,718,520) | |
Net Assets | |||
Beginning of Period | 78,996,355 | 108,714,875 | |
End of Period | 87,645,759 | 78,996,355 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $100.93 | $138.80 | $124.83 | $95.66 | $75.74 | $84.80 |
Investment Operations | ||||||
Net Investment Income1 | .643 | 1.280 | 1.216 | .983 | .962 | 1.193 |
Net Realized and Unrealized Gain (Loss) on Investments | 12.040 | (38.141) | 14.134 | 29.401 | 20.089 | (9.104) |
Total from Investment Operations | 12.683 | (36.861) | 15.350 | 30.384 | 21.051 | (7.911) |
Distributions | ||||||
Dividends from Net Investment Income | (.633) | (1.009) | (1.380) | (1.214) | (1.131) | (1.149) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.633) | (1.009) | (1.380) | (1.214) | (1.131) | (1.149) |
Net Asset Value, End of Period | $112.98 | $100.93 | $138.80 | $124.83 | $95.66 | $75.74 |
Total Return2 | 12.61% | -26.56% | 12.31% | 32.04% | 27.87% | -9.47% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $216 | $229 | $399 | $454 | $455 | $1,139 |
Ratio of Total Expenses to Average Net Assets | 0.19%3 | 0.19%3 | 0.19% | 0.19% | 0.19% | 0.19% |
Ratio of Net Investment Income to Average Net Assets | 1.31% | 1.14% | 0.87% | 1.04% | 1.09% | 1.38% |
Portfolio Turnover Rate4 | 4% | 11% | 19% | 19% | 13% | 10% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $132.92 | $182.81 | $164.43 | $126.02 | $99.77 | $111.72 |
Investment Operations | ||||||
Net Investment Income1 | .943 | 1.914 | 1.867 | 1.509 | 1.636 | 1.742 |
Net Realized and Unrealized Gain (Loss) on Investments | 15.848 | (50.278) | 18.576 | 38.668 | 26.255 | (12.036) |
Total from Investment Operations | 16.791 | (48.364) | 20.443 | 40.177 | 27.891 | (10.294) |
Distributions | ||||||
Dividends from Net Investment Income | (.931) | (1.526) | (2.063) | (1.767) | (1.641) | (1.656) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.931) | (1.526) | (2.063) | (1.767) | (1.641) | (1.656) |
Net Asset Value, End of Period | $148.78 | $132.92 | $182.81 | $164.43 | $126.02 | $99.77 |
Total Return | 12.67% | -26.46% | 12.44% | 32.20% | 28.04% | -9.37% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $15,397 | $13,089 | $17,593 | $13,761 | $8,119 | $6,095 |
Ratio of Total Expenses to Average Net Assets | 0.06%2 | 0.06%2 | 0.06% | 0.06% | 0.06% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 1.45% | 1.31% | 1.02% | 1.20% | 1.40% | 1.50% |
Portfolio Turnover Rate3 | 4% | 11% | 19% | 19% | 13% | 10% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $100.85 | $138.70 | $124.75 | $95.61 | $75.70 | $84.76 |
Investment Operations | ||||||
Net Investment Income1 | .709 | 1.437 | 1.408 | 1.112 | 1.236 | 1.307 |
Net Realized and Unrealized Gain (Loss) on Investments | 12.027 | (38.129) | 14.106 | 29.367 | 19.918 | (9.111) |
Total from Investment Operations | 12.736 | (36.692) | 15.514 | 30.479 | 21.154 | (7.804) |
Distributions | ||||||
Dividends from Net Investment Income | (.706) | (1.158) | (1.564) | (1.339) | (1.244) | (1.256) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.706) | (1.158) | (1.564) | (1.339) | (1.244) | (1.256) |
Net Asset Value, End of Period | $112.88 | $100.85 | $138.70 | $124.75 | $95.61 | $75.70 |
Total Return2 | 12.67% | -26.47% | 12.45% | 32.21% | 28.03% | -9.36% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $22,014 | $20,012 | $29,054 | $26,784 | $22,391 | $17,644 |
Ratio of Total Expenses to Average Net Assets | 0.06%3 | 0.06%3 | 0.06% | 0.06% | 0.06% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 1.44% | 1.29% | 1.01% | 1.18% | 1.39% | 1.50% |
Portfolio Turnover Rate4 | 4% | 11% | 19% | 19% | 13% | 10% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $100.84 | $138.69 | $124.74 | $95.60 | $75.69 | $84.75 |
Investment Operations | ||||||
Net Investment Income1 | .712 | 1.439 | 1.413 | 1.125 | 1.239 | 1.319 |
Net Realized and Unrealized Gain (Loss) on Investments | 12.040 | (38.120) | 14.115 | 29.364 | 19.925 | (9.113) |
Total from Investment Operations | 12.752 | (36.681) | 15.528 | 30.489 | 21.164 | (7.794) |
Distributions | ||||||
Dividends from Net Investment Income | (.712) | (1.169) | (1.578) | (1.349) | (1.254) | (1.266) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.712) | (1.169) | (1.578) | (1.349) | (1.254) | (1.266) |
Net Asset Value, End of Period | $112.88 | $100.84 | $138.69 | $124.74 | $95.60 | $75.69 |
Total Return | 12.69% | -26.46% | 12.47% | 32.23% | 28.05% | -9.35% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $14,005 | $12,983 | $19,456 | $18,659 | $14,927 | $12,443 |
Ratio of Total Expenses to Average Net Assets | 0.05%2 | 0.05%2 | 0.05% | 0.05% | 0.05% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 1.44% | 1.29% | 1.01% | 1.19% | 1.40% | 1.51% |
Portfolio Turnover Rate3 | 4% | 11% | 19% | 19% | 13% | 10% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $248.85 | $342.27 | $307.85 | $235.94 | $186.80 | $209.16 |
Investment Operations | ||||||
Net Investment Income1 | 1.780 | 3.597 | 3.595 | 2.798 | 3.078 | 3.208 |
Net Realized and Unrealized Gain (Loss) on Investments | 29.690 | (94.104) | 34.757 | 72.466 | 49.178 | (22.426) |
Total from Investment Operations | 31.470 | (90.507) | 38.352 | 75.264 | 52.256 | (19.218) |
Distributions | ||||||
Dividends from Net Investment Income | (1.770) | (2.913) | (3.932) | (3.354) | (3.116) | (3.142) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.770) | (2.913) | (3.932) | (3.354) | (3.116) | (3.142) |
Net Asset Value, End of Period | $278.55 | $248.85 | $342.27 | $307.85 | $235.94 | $186.80 |
Total Return | 12.69% | -26.45% | 12.48% | 32.24% | 28.07% | -9.35% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $11,347 | $10,446 | $15,973 | $11,665 | $9,486 | $7,559 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 1.46% | 1.31% | 1.04% | 1.20% | 1.41% | 1.52% |
Portfolio Turnover Rate3 | 4% | 11% | 19% | 19% | 13% | 10% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $162.04 | $222.86 | $200.45 | $153.63 | $121.63 | $136.19 |
Investment Operations | ||||||
Net Investment Income1 | 1.173 | 2.421 | 2.352 | 1.855 | 2.059 | 2.184 |
Net Realized and Unrealized Gain (Loss) on Investments | 19.348 | (61.319) | 22.661 | 47.179 | 31.999 | (14.655) |
Total from Investment Operations | 20.521 | (58.898) | 25.013 | 49.034 | 34.058 | (12.471) |
Distributions | ||||||
Dividends from Net Investment Income | (1.161) | (1.922) | (2.603) | (2.214) | (2.058) | (2.089) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.161) | (1.922) | (2.603) | (2.214) | (2.058) | (2.089) |
Net Asset Value, End of Period | $181.40 | $162.04 | $222.86 | $200.45 | $153.63 | $121.63 |
Total Return | 12.71% | -26.44% | 12.50% | 32.27% | 28.09% | -9.32% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $24,668 | $22,239 | $26,240 | $24,472 | $19,166 | $13,390 |
Ratio of Total Expenses to Average Net Assets | 0.02%2 | 0.02%2 | 0.02% | 0.02% | 0.02% | 0.02% |
Ratio of Net Investment Income to Average Net Assets | 1.48% | 1.36% | 1.05% | 1.22% | 1.44% | 1.55% |
Portfolio Turnover Rate3 | 4% | 11% | 19% | 19% | 13% | 10% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | 86,807,219 | 4,954 | 2,575 | 86,814,748 |
Preferred Stocks | 137 | — | — | 137 |
Temporary Cash Investments | 2,651,333 | — | — | 2,651,333 |
Total | 89,458,689 | 4,954 | 2,575 | 89,466,218 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 10,002 | — | — | 10,002 |
Swap Contracts | — | 13,677 | — | 13,677 |
Total | 10,002 | 13,677 | — | 23,679 |
Liabilities | ||||
Swap Contracts | — | 350 | — | 350 |
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) | |
Tax Cost | 80,396,599 |
Gross Unrealized Appreciation | 28,002,404 |
Gross Unrealized Depreciation | (18,909,456) |
Net Unrealized Appreciation (Depreciation) | 9,092,948 |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 2,572 | 24 | 10,368 | 92 | |
Issued in Lieu of Cash Distributions | 1,308 | 13 | 2,370 | 23 | |
Redeemed | (42,123) | (391) | (85,072) | (721) | |
Net Increase (Decrease)—Investor Shares | (38,243) | (354) | (72,334) | (606) | |
ETF Shares | |||||
Issued | 2,743,179 | 19,360 | 7,785,642 | 54,535 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (2,035,451) | (14,350) | (7,440,676) | (52,300) | |
Net Increase (Decrease)—ETF Shares | 707,728 | 5,010 | 344,966 | 2,235 | |
Admiral Shares | |||||
Issued | 801,348 | 7,474 | 2,057,224 | 18,437 | |
Issued in Lieu of Cash Distributions | 115,081 | 1,083 | 193,334 | 1,884 | |
Redeemed | (1,282,666) | (11,984) | (3,503,396) | (31,355) | |
Net Increase (Decrease)—Admiral Shares | (366,237) | (3,427) | (1,252,838) | (11,034) | |
Institutional Shares | |||||
Issued | 1,000,875 | 9,404 | 2,414,097 | 21,403 | |
Issued in Lieu of Cash Distributions | 83,368 | 785 | 143,746 | 1,400 | |
Redeemed | (1,589,880) | (14,862) | (3,767,802) | (34,333) | |
Net Increase (Decrease)—Institutional Shares | (505,637) | (4,673) | (1,209,959) | (11,530) | |
Institutional Plus Shares | |||||
Issued | 587,096 | 2,236 | 3,581,013 | 13,375 | |
Issued in Lieu of Cash Distributions | 69,007 | 263 | 125,346 | 495 | |
Redeemed | (991,789) | (3,740) | (4,882,352) | (18,563) | |
Net Increase (Decrease)—Institutional Plus Shares | (335,686) | (1,241) | (1,175,993) | (4,693) | |
Institutional Select Shares | |||||
Issued | 1,528,300 | 8,881 | 4,415,226 | 25,617 | |
Issued in Lieu of Cash Distributions | 158,790 | 930 | 248,096 | 1,506 | |
Redeemed | (1,867,962) | (11,062) | (1,372,911) | (7,624) | |
Net Increase (Decrease)—Institutional Select Shares | (180,872) | (1,251) | 3,290,411 | 19,499 |
Basic Materials | 3.8% |
Consumer Discretionary | 14.1 |
Consumer Staples | 5.0 |
Energy | 5.1 |
Financials | 11.8 |
Health Care | 11.1 |
Industrials | 17.5 |
Real Estate | 8.5 |
Technology | 14.1 |
Telecommunications | 1.7 |
Utilities | 7.3 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.5%) | ||||||
Basic Materials (3.8%) | ||||||
Nucor Corp. | 5,823,390 | 954,919 | ||||
Fastenal Co. | 13,234,470 | 780,701 | ||||
Albemarle Corp. | 2,719,788 | 606,758 | ||||
LyondellBasell Industries NV Class A | 6,031,736 | 553,894 | ||||
International Flavors & Fragrances Inc. | 5,912,859 | 470,604 | ||||
Avery Dennison Corp. | 1,871,240 | 321,479 | ||||
CF Industries Holdings Inc. | 4,518,159 | 313,651 | ||||
FMC Corp. | 2,898,378 | 302,417 | ||||
Mosaic Co. | 7,698,243 | 269,439 | ||||
Celanese Corp. Class A | 2,269,470 | 262,805 | ||||
International Paper Co. | 8,044,648 | 255,900 | ||||
Eastman Chemical Co. | 2,761,518 | 231,194 | ||||
Steel Dynamics Inc. | 1,861,219 | 202,743 | ||||
Westlake Corp. | 369,844 | 44,185 | ||||
5,570,689 | ||||||
Consumer Discretionary (14.0%) | ||||||
* | Copart Inc. | 9,942,401 | 906,846 | |||
DR Horton Inc. | 7,115,291 | 865,860 | ||||
* | Trade Desk Inc. Class A | 10,310,674 | 796,190 | |||
Lennar Corp. Class A | 5,949,348 | 745,513 | ||||
* | Delta Air Lines Inc. | 14,897,732 | 708,238 | |||
* | Dollar Tree Inc. | 4,871,497 | 699,060 | |||
* | Chipotle Mexican Grill Inc. Class A | 319,754 | 683,954 | |||
* | Aptiv plc | 6,270,174 | 640,122 | |||
* | Warner Bros Discovery Inc. | 49,509,237 | 620,846 | |||
* | Take-Two Interactive Software Inc. | 3,914,993 | 576,130 | |||
Tractor Supply Co. | 2,539,758 | 561,540 | ||||
eBay Inc. | 12,389,495 | 553,687 | ||||
Genuine Parts Co. | 3,257,098 | 551,199 | ||||
* | Ulta Beauty Inc. | 1,163,534 | 547,553 | |||
* | AutoZone Inc. | 213,220 | 531,634 | |||
* | Royal Caribbean Cruises Ltd. | 5,038,631 | 522,708 | |||
Southwest Airlines Co. | 13,793,449 | 499,461 | ||||
Darden Restaurants Inc. | 2,803,119 | 468,345 | ||||
* | NVR Inc. | 71,518 | 454,184 | |||
Hilton Worldwide Holdings Inc. | 3,066,997 | 446,401 | ||||
Omnicom Group Inc. | 4,624,975 | 440,066 | ||||
* | Carnival Corp. | 23,281,589 | 438,392 | |||
* | United Airlines Holdings Inc. | 7,573,405 | 415,553 | |||
PulteGroup Inc. | 5,174,292 | 401,939 | ||||
Best Buy Co. Inc. | 4,561,791 | 373,839 | ||||
Garmin Ltd. | 3,547,175 | 369,935 | ||||
* | Expedia Group Inc. | 3,305,629 | 361,603 | |||
LKQ Corp. | 6,195,624 | 361,019 | ||||
* | ROBLOX Corp. Class A | 8,446,078 | 340,377 | |||
* | Live Nation Entertainment Inc. | 3,730,287 | 339,866 | |||
* | CarMax Inc. | 3,667,162 | 306,941 | |||
MGM Resorts International | 6,746,601 | 296,311 | ||||
Domino's Pizza Inc. | 819,143 | 276,043 | ||||
*,1 | Rivian Automotive Inc. Class A | 16,193,436 | 269,783 | |||
BorgWarner Inc. | 5,432,580 | 265,707 | ||||
Rollins Inc. | 5,711,261 | 244,613 | ||||
* | Etsy Inc. | 2,859,256 | 241,922 | |||
* | Burlington Stores Inc. | 1,506,045 | 237,036 | |||
* | Las Vegas Sands Corp. | 3,985,960 | 231,186 |
Shares | Market Value• ($000) | |||||
News Corp. Class A | 11,164,559 | 217,709 | ||||
Fox Corp. Class A | 6,232,684 | 211,911 | ||||
1 | Paramount Global Class B | 11,319,841 | 180,099 | |||
Interpublic Group of Cos. Inc. | 4,474,435 | 172,624 | ||||
Pool Corp. | 429,806 | 161,023 | ||||
* | American Airlines Group Inc. | 7,566,445 | 135,742 | |||
*,1 | Lucid Group Inc. | 18,444,350 | 127,082 | |||
* | Caesars Entertainment Inc. | 2,373,344 | 120,969 | |||
Vail Resorts Inc. | 467,434 | 117,681 | ||||
Fox Corp. Class B | 3,009,329 | 95,967 | ||||
* | Chewy Inc. Class A | 2,155,383 | 85,073 | |||
* | Endeavor Group Holdings Inc. Class A | 3,476,263 | 83,152 | |||
VF Corp. | 4,060,621 | 77,517 | ||||
Warner Music Group Corp. Class A | 2,725,576 | 71,110 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class C | 1,767,084 | 57,837 | |||
1 | Sirius XM Holdings Inc. | 10,977,757 | 49,729 | |||
Advance Auto Parts Inc. | 689,942 | 48,503 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 863,579 | 28,334 | |||
Lennar Corp. Class B | 212,879 | 24,051 | ||||
News Corp. Class B | 355,310 | 7,007 | ||||
1 | Paramount Global Class A | 195,090 | 3,621 | |||
20,668,343 | ||||||
Consumer Staples (5.0%) | ||||||
Corteva Inc. | 15,650,895 | 896,796 | ||||
AmerisourceBergen Corp. | 3,983,321 | 766,511 | ||||
Kroger Co. | 14,967,316 | 703,464 | ||||
Church & Dwight Co. Inc. | 5,661,865 | 567,489 | ||||
McCormick & Co. Inc. (Non-Voting) | 5,814,277 | 507,179 | ||||
Archer-Daniels-Midland Co. | 6,312,199 | 476,950 | ||||
Clorox Co. | 2,865,489 | 455,727 | ||||
Kellogg Co. | 5,958,669 | 401,614 | ||||
Conagra Brands Inc. | 11,054,414 | 372,755 | ||||
J M Smucker Co. | 2,348,193 | 346,758 | ||||
Tyson Foods Inc. Class A | 6,620,058 | 337,888 | ||||
Walgreens Boots Alliance Inc. | 8,485,622 | 241,755 | ||||
Brown-Forman Corp. Class B | 3,591,569 | 239,845 | ||||
Hormel Foods Corp. | 5,884,166 | 236,661 | ||||
Campbell Soup Co. | 4,512,121 | 206,249 | ||||
Lamb Weston Holdings Inc. | 1,688,639 | 194,109 | ||||
Albertsons Cos. Inc. Class A | 7,310,217 | 159,509 | ||||
Molson Coors Beverage Co. Class B | 2,090,164 | 137,617 | ||||
Brown-Forman Corp. Class A | 582,727 | 39,666 | ||||
7,288,542 | ||||||
Energy (5.1%) | ||||||
Hess Corp. | 6,405,602 | 870,842 | ||||
Cheniere Energy Inc. | 5,350,534 | 815,207 | ||||
Baker Hughes Co. Class A | 23,465,801 | 741,754 | ||||
Devon Energy Corp. | 14,874,663 | 719,041 | ||||
Halliburton Co. | 18,821,013 | 620,905 | ||||
ONEOK Inc. | 9,915,412 | 611,979 | ||||
Diamondback Energy Inc. | 4,197,728 | 551,414 | ||||
* | Enphase Energy Inc. | 3,176,575 | 532,013 | |||
Williams Cos. Inc. | 14,118,406 | 460,684 | ||||
* | First Solar Inc. | 2,350,395 | 446,787 | |||
Coterra Energy Inc. | 16,680,550 | 422,018 | ||||
Marathon Oil Corp. | 14,316,199 | 329,559 | ||||
EQT Corp. | 4,190,612 | 172,360 |
Shares | Market Value• ($000) | |||||
Texas Pacific Land Corp. | 71,341 | 93,920 | ||||
*,1 | Plug Power Inc. | 6,970,790 | 72,426 | |||
7,460,909 | ||||||
Financials (11.8%) | ||||||
Arthur J Gallagher & Co. | 4,966,003 | 1,090,385 | ||||
MSCI Inc. Class A | 1,763,029 | 827,372 | ||||
Ameriprise Financial Inc. | 2,414,820 | 802,107 | ||||
Apollo Global Management Inc. | 9,206,599 | 707,159 | ||||
Discover Financial Services | 5,886,591 | 687,848 | ||||
* | Arch Capital Group Ltd. | 8,200,855 | 613,834 | |||
T. Rowe Price Group Inc. | 5,205,424 | 583,112 | ||||
Willis Towers Watson plc | 2,466,648 | 580,896 | ||||
State Street Corp. | 7,360,868 | 538,668 | ||||
Hartford Financial Services Group Inc. | 7,191,237 | 517,913 | ||||
American International Group Inc. | 8,388,293 | 482,662 | ||||
M&T Bank Corp. | 3,844,827 | 475,836 | ||||
Raymond James Financial Inc. | 4,420,873 | 458,754 | ||||
Nasdaq Inc. | 9,100,458 | 453,658 | ||||
Broadridge Financial Solutions Inc. | 2,734,684 | 452,946 | ||||
Principal Financial Group Inc. | 5,627,353 | 426,778 | ||||
Fifth Third Bancorp | 15,778,668 | 413,559 | ||||
* | Markel Group Inc. | 293,895 | 406,510 | |||
LPL Financial Holdings Inc. | 1,800,334 | 391,447 | ||||
Regions Financial Corp. | 21,749,362 | 387,574 | ||||
Prudential Financial Inc. | 4,223,262 | 372,576 | ||||
Huntington Bancshares Inc. | 33,462,134 | 360,722 | ||||
Ares Management Corp. Class A | 3,723,205 | 358,731 | ||||
FactSet Research Systems Inc. | 888,234 | 355,871 | ||||
Cincinnati Financial Corp. | 3,644,091 | 354,643 | ||||
Everest Re Group Ltd. | 1,006,343 | 344,028 | ||||
Northern Trust Corp. | 4,587,791 | 340,139 | ||||
Cboe Global Markets Inc. | 2,447,171 | 337,734 | ||||
Allstate Corp. | 3,041,363 | 331,630 | ||||
Citizens Financial Group Inc. | 10,658,590 | 277,976 | ||||
W R Berkley Corp. | 4,533,551 | 270,018 | ||||
Loews Corp. | 4,490,444 | 266,643 | ||||
MarketAxess Holdings Inc. | 873,156 | 228,260 | ||||
*,1 | Coinbase Global Inc. Class A | 3,065,290 | 219,321 | |||
Fidelity National Financial Inc. | 5,993,769 | 215,776 | ||||
KeyCorp | 21,678,723 | 200,311 | ||||
Interactive Brokers Group Inc. Class A | 2,267,976 | 188,401 | ||||
Franklin Resources Inc. | 6,965,815 | 186,057 | ||||
Tradeweb Markets Inc. Class A | 2,659,058 | 182,092 | ||||
Brown & Brown Inc. | 2,629,858 | 181,039 | ||||
Annaly Capital Management Inc. | 5,733,225 | 114,722 | ||||
Equitable Holdings Inc. | 4,133,852 | 112,275 | ||||
Globe Life Inc. | 996,726 | 109,261 | ||||
Corebridge Financial Inc. | 3,755,923 | 66,330 | ||||
*,1 | Rocket Cos. Inc. Class A | 2,649,578 | 23,740 | |||
17,297,314 | ||||||
Health Care (11.0%) | ||||||
* | Dexcom Inc. | 8,985,104 | 1,154,676 | |||
* | IQVIA Holdings Inc. | 4,300,908 | 966,715 | |||
* | Centene Corp. | 12,720,240 | 857,980 | |||
ResMed Inc. | 3,405,762 | 744,159 | ||||
Zimmer Biomet Holdings Inc. | 4,834,557 | 703,911 | ||||
* | Veeva Systems Inc. Class A | 3,376,860 | 667,707 | |||
West Pharmaceutical Services Inc. | 1,720,885 | 658,187 | ||||
* | Seagen Inc. | 3,259,653 | 627,353 | |||
* | Align Technology Inc. | 1,684,986 | 595,878 | |||
Cardinal Health Inc. | 5,901,609 | 558,115 | ||||
* | Horizon Therapeutics plc | 5,299,276 | 545,031 | |||
Baxter International Inc. | 11,717,678 | 533,857 | ||||
* | Alnylam Pharmaceuticals Inc. | 2,757,421 | 523,745 | |||
STERIS plc | 2,301,352 | 517,758 | ||||
Laboratory Corp. of America Holdings | 2,053,707 | 495,621 |
Shares | Market Value• ($000) | |||||
* | IDEXX Laboratories Inc. | 961,985 | 483,138 | |||
* | Insulet Corp. | 1,615,497 | 465,812 | |||
* | Hologic Inc. | 5,704,880 | 461,924 | |||
Cooper Cos. Inc. | 1,146,338 | 439,540 | ||||
* | Molina Healthcare Inc. | 1,351,361 | 407,084 | |||
* | BioMarin Pharmaceutical Inc. | 4,350,719 | 377,120 | |||
Quest Diagnostics Inc. | 2,596,296 | 364,935 | ||||
GE HealthCare Technologies Inc. | 4,479,158 | 363,887 | ||||
Revvity Inc. | 2,907,678 | 345,403 | ||||
* | Illumina Inc. | 1,829,325 | 342,980 | |||
* | Avantor Inc. | 15,647,224 | 321,394 | |||
Viatris Inc. | 27,793,458 | 277,379 | ||||
* | Incyte Corp. | 4,395,372 | 273,612 | |||
Royalty Pharma plc Class A | 8,830,513 | 271,450 | ||||
Teleflex Inc. | 1,088,773 | 263,516 | ||||
* | Henry Schein Inc. | 3,036,595 | 246,268 | |||
* | Bio-Rad Laboratories Inc. Class A | 483,409 | 183,270 | |||
* | Charles River Laboratories International Inc. | 593,168 | 124,714 | |||
* | Catalent Inc. | 1,986,087 | 86,117 | |||
16,250,236 | ||||||
Industrials (17.4%) | ||||||
TransDigm Group Inc. | 1,209,546 | 1,081,540 | ||||
PACCAR Inc. | 12,113,069 | 1,013,258 | ||||
Cintas Corp. | 2,003,784 | 996,041 | ||||
Carrier Global Corp. | 19,350,948 | 961,936 | ||||
Rockwell Automation Inc. | 2,662,738 | 877,239 | ||||
AMETEK Inc. | 5,342,239 | 864,802 | ||||
Old Dominion Freight Line Inc. | 2,287,514 | 845,808 | ||||
WW Grainger Inc. | 1,046,567 | 825,312 | ||||
Verisk Analytics Inc. Class A | 3,356,602 | 758,693 | ||||
Ferguson plc | 4,746,554 | 746,680 | ||||
United Rentals Inc. | 1,593,174 | 709,552 | ||||
Vulcan Materials Co. | 3,084,228 | 695,308 | ||||
* | Keysight Technologies Inc. | 4,129,138 | 691,424 | |||
* | Mettler-Toledo International Inc. | 510,397 | 669,457 | |||
Equifax Inc. | 2,842,772 | 668,904 | ||||
Martin Marietta Materials Inc. | 1,437,034 | 663,464 | ||||
Quanta Services Inc. | 3,365,015 | 661,057 | ||||
Xylem Inc. | 5,548,087 | 624,826 | ||||
Ingersoll Rand Inc. | 9,376,549 | 612,851 | ||||
Fortive Corp. | 8,195,062 | 612,745 | ||||
Dover Corp. | 3,241,672 | 478,633 | ||||
Global Payments Inc. | 4,766,930 | 469,638 | ||||
Westinghouse Air Brake Technologies Corp. | 4,168,944 | 457,208 | ||||
* | Teledyne Technologies Inc. | 1,090,480 | 448,307 | |||
Expeditors International of Washington Inc. | 3,541,887 | 429,029 | ||||
Otis Worldwide Corp. | 4,789,923 | 426,351 | ||||
Ball Corp. | 7,291,006 | 424,409 | ||||
* | FleetCor Technologies Inc. | 1,625,835 | 408,215 | |||
Cummins Inc. | 1,637,953 | 401,561 | ||||
* | Waters Corp. | 1,368,364 | 364,724 | |||
Snap-on Inc. | 1,226,955 | 353,596 | ||||
* | Zebra Technologies Corp. Class A | 1,192,125 | 352,666 | |||
TransUnion | 4,478,240 | 350,781 | ||||
Jacobs Solutions Inc. | 2,940,298 | 349,572 | ||||
JB Hunt Transport Services Inc. | 1,922,010 | 347,941 | ||||
DuPont de Nemours Inc. | 4,780,008 | 341,484 | ||||
Synchrony Financial | 9,934,309 | 336,972 | ||||
Stanley Black & Decker Inc. | 3,549,564 | 332,630 | ||||
Textron Inc. | 4,674,944 | 316,166 | ||||
* | Trimble Inc. | 5,742,606 | 304,014 | |||
Masco Corp. | 5,217,401 | 299,374 | ||||
Packaging Corp. of America | 2,084,575 | 275,497 | ||||
* | BILL Holdings Inc. | 2,340,134 | 273,445 | |||
CH Robinson Worldwide Inc. | 2,698,977 | 254,648 | ||||
Crown Holdings Inc. | 2,783,830 | 241,831 | ||||
HEICO Corp. Class A | 1,717,792 | 241,522 |
Shares | Market Value• ($000) | |||||
Howmet Aerospace Inc. | 4,550,004 | 225,498 | ||||
Hubbell Inc. Class B | 621,085 | 205,927 | ||||
HEICO Corp. | 950,315 | 168,149 | ||||
Jack Henry & Associates Inc. | 844,610 | 141,329 | ||||
Westrock Co. | 2,973,342 | 86,435 | ||||
25,688,449 | ||||||
Real Estate (8.5%) | ||||||
Realty Income Corp. | 15,604,399 | 932,987 | ||||
Welltower Inc. | 11,520,639 | 931,905 | ||||
* | CoStar Group Inc. | 9,469,616 | 842,796 | |||
Digital Realty Trust Inc. | 6,753,239 | 768,991 | ||||
VICI Properties Inc. Class A | 20,627,637 | 648,327 | ||||
AvalonBay Communities Inc. | 3,291,370 | 622,958 | ||||
SBA Communications Corp. Class A | 2,511,228 | 582,002 | ||||
Weyerhaeuser Co. | 16,974,161 | 568,804 | ||||
* | CBRE Group Inc. Class A | 6,844,844 | 552,447 | |||
Equity Residential | 8,343,613 | 550,428 | ||||
Invitation Homes Inc. | 14,183,904 | 487,926 | ||||
Extra Space Storage Inc. | 3,130,335 | 465,950 | ||||
Alexandria Real Estate Equities Inc. | 4,010,352 | 455,135 | ||||
Ventas Inc. | 9,272,932 | 438,332 | ||||
Simon Property Group Inc. | 3,600,487 | 415,784 | ||||
Mid-America Apartment Communities Inc. | 2,704,076 | 410,641 | ||||
Iron Mountain Inc. | 6,759,605 | 384,081 | ||||
Sun Communities Inc. | 2,883,697 | 376,207 | ||||
Essex Property Trust Inc. | 1,487,719 | 348,573 | ||||
WP Carey Inc. | 4,957,878 | 334,954 | ||||
UDR Inc. | 7,630,043 | 327,787 | ||||
Camden Property Trust | 2,474,702 | 269,421 | ||||
Healthpeak Properties Inc. | 12,678,999 | 254,848 | ||||
* | Zillow Group Inc. Class C | 3,555,995 | 178,724 | |||
Host Hotels & Resorts Inc. | 8,243,111 | 138,732 | ||||
Regency Centers Corp. | 1,981,843 | 122,418 | ||||
Boston Properties Inc. | 1,638,590 | 94,366 | ||||
* | Zillow Group Inc. Class A | 931,325 | 45,821 | |||
12,551,345 | ||||||
Technology (14.0%) | ||||||
Amphenol Corp. Class A | 13,799,098 | 1,172,233 | ||||
Microchip Technology Inc. | 12,697,568 | 1,137,575 | ||||
* | ON Semiconductor Corp. | 10,010,550 | 946,798 | |||
* | ANSYS Inc. | 2,008,756 | 663,432 | |||
* | MongoDB Inc. Class A | 1,553,088 | 638,304 | |||
Corning Inc. | 17,734,836 | 621,429 | ||||
* | Gartner Inc. | 1,740,549 | 609,732 | |||
* | Datadog Inc. Class A | 6,180,453 | 608,033 | |||
* | Palantir Technologies Inc. Class A | 39,407,498 | 604,117 | |||
Marvell Technology Inc. | 9,931,115 | 593,682 | ||||
* | Atlassian Corp. Class A | 3,520,500 | 590,775 | |||
* | Fortinet Inc. | 7,735,071 | 584,694 | |||
* | HubSpot Inc. | 1,093,049 | 581,600 | |||
CDW Corp. | 3,124,300 | 573,309 | ||||
Monolithic Power Systems Inc. | 1,044,248 | 564,134 | ||||
* | DoorDash Inc. Class A | 6,692,658 | 511,453 | |||
Hewlett Packard Enterprise Co. | 30,037,610 | 504,632 | ||||
* | VeriSign Inc. | 2,050,982 | 463,460 | |||
* | Cloudflare Inc. Class A | 6,375,221 | 416,748 | |||
Skyworks Solutions Inc. | 3,689,111 | 408,348 | ||||
* | Splunk Inc. | 3,837,670 | 407,138 | |||
* | Tyler Technologies Inc. | 971,813 | 404,731 | |||
Teradyne Inc. | 3,593,731 | 400,090 | ||||
Paycom Software Inc. | 1,187,910 | 381,604 | ||||
NetApp Inc. | 4,958,259 | 378,811 | ||||
* | Pinterest Inc. Class A | 13,776,140 | 376,640 | |||
* | Zoom Video Communications Inc. Class A | 5,155,719 | 349,970 | |||
* | Akamai Technologies Inc. | 3,623,087 | 325,607 | |||
HP Inc. | 10,260,792 | 315,109 |
Shares | Market Value• ($000) | |||||
* | EPAM Systems Inc. | 1,342,090 | 301,635 | |||
SS&C Technologies Holdings Inc. | 4,908,452 | 297,452 | ||||
* | Zscaler Inc. | 2,018,265 | 295,272 | |||
Bentley Systems Inc. Class B | 5,224,874 | 283,345 | ||||
Seagate Technology Holdings plc | 4,560,023 | 282,129 | ||||
* | Western Digital Corp. | 7,415,953 | 281,287 | |||
* | Snap Inc. Class A | 23,427,167 | 277,378 | |||
* | Match Group Inc. | 6,454,600 | 270,125 | |||
* | GoDaddy Inc. Class A | 3,574,323 | 268,539 | |||
* | Twilio Inc. Class A | 4,040,493 | 257,056 | |||
* | Unity Software Inc. | 5,705,678 | 247,740 | |||
* | Okta Inc. Class A | 3,569,304 | 247,531 | |||
* | DocuSign Inc. Class A | 4,689,513 | 239,587 | |||
Gen Digital Inc. | 12,592,421 | 233,589 | ||||
* | Qorvo Inc. | 2,288,706 | 233,517 | |||
* | ZoomInfo Technologies Inc. Class A | 7,927,017 | 201,267 | |||
Leidos Holdings Inc. | 1,589,710 | 140,658 | ||||
* | Black Knight Inc. | 1,637,886 | 97,831 | |||
* | Toast Inc. Class A | 4,003,241 | 90,353 | |||
20,680,479 | ||||||
Telecommunications (1.7%) | ||||||
Motorola Solutions Inc. | 3,887,568 | 1,140,146 | ||||
* | Arista Networks Inc. | 5,359,320 | 868,531 | |||
* | Liberty Broadband Corp. Class C | 2,769,876 | 221,895 | |||
Juniper Networks Inc. | 3,727,241 | 116,775 | ||||
* | Roku Inc. Class A | 1,432,100 | 91,597 | |||
* | Liberty Broadband Corp. Class A | 383,732 | 30,595 | |||
2,469,539 | ||||||
Utilities (7.2%) | ||||||
* | PG&E Corp. | 54,463,063 | 941,122 | |||
Waste Connections Inc. | 5,969,998 | 853,292 | ||||
Consolidated Edison Inc. | 8,032,939 | 726,178 | ||||
Constellation Energy Corp. | 7,571,876 | 693,205 | ||||
WEC Energy Group Inc. | 7,311,574 | 645,173 | ||||
American Water Works Co. Inc. | 4,511,639 | 644,036 | ||||
Edison International | 8,877,303 | 616,529 | ||||
Eversource Energy | 8,085,900 | 573,452 | ||||
Ameren Corp. | 6,068,771 | 495,636 | ||||
FirstEnergy Corp. | 12,614,040 | 490,434 | ||||
Entergy Corp. | 4,901,156 | 477,225 | ||||
DTE Energy Co. | 4,298,946 | 472,970 | ||||
PPL Corp. | 17,084,647 | 452,060 | ||||
CenterPoint Energy Inc. | 14,589,867 | 425,295 | ||||
CMS Energy Corp. | 6,760,384 | 397,173 | ||||
Public Service Enterprise Group Inc. | 5,773,338 | 361,469 | ||||
AES Corp. | 15,514,625 | 321,618 | ||||
Evergy Inc. | 5,321,589 | 310,887 | ||||
Alliant Energy Corp. | 5,826,988 | 305,800 | ||||
NiSource Inc. | 9,574,611 | 261,866 | ||||
Vistra Corp. | 4,331,290 | 113,696 | ||||
Avangrid Inc. | 1,792,535 | 67,543 | ||||
10,646,659 | ||||||
Total Common Stocks (Cost $102,342,435) | 146,572,504 |
Shares | Market Value• ($000) | |||||
Temporary Cash Investments (0.5%) | ||||||
Money Market Fund (0.5%) | ||||||
2,3 | Vanguard Market Liquidity Fund, 5.150% (Cost $708,041) | 7,083,872 | 708,245 | |||
Total Investments (100.0%) (Cost $103,050,476) | 147,280,749 | |||||
Other Assets and Liabilities—Net (0.0%) | 18,889 | |||||
Net Assets (100%) | 147,299,638 |
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 $376,855,000. |
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 $401,913,000 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 | September 2023 | 612 | 58,253 | 331 |
E-mini S&P 500 Index | September 2023 | 617 | 138,463 | 2,878 |
E-mini S&P Mid-Cap 400 Index | September 2023 | 464 | 122,686 | 2,698 |
5,907 |
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) |
Alnylam Pharmaceuticals Inc. | 8/31/23 | BANA | 7,955 | (5.073) | 179 | — |
Alnylam Pharmaceuticals Inc. | 8/31/23 | BANA | 7,955 | (5.073) | 179 | — |
Alnylam Pharmaceuticals Inc. | 8/31/23 | BANA | 7,955 | (5.073) | 179 | — |
Ameren Corp. | 1/31/24 | GSI | 1,260 | (5.076) | — | (27) |
Coinbase Global Inc. Class A | 1/31/24 | GSI | 21,700 | (5.076) | 6,877 | — |
CRSP US Mid Cap TR Index | 8/31/23 | BANA | 99,921 | (5.473) | 7,359 | — |
Global Payments Inc. | 8/31/23 | BANA | 61,146 | (5.620) | — | (2,094) |
Global Payments Inc. | 8/31/23 | BANA | 50,435 | (5.619) | — | (1,215) |
Global Payments Inc. | 8/31/23 | BANA | 9,769 | (5.523) | 65 | — |
Global Payments Inc. | 8/31/23 | BANA | 9,769 | (5.523) | 65 | — |
Hormel Foods Corp. | 1/31/24 | GSI | 18,585 | (5.076) | — | (523) |
ONEOK Inc. | 8/31/23 | BANA | 12,918 | (5.073) | 1,101 | — |
ONEOK Inc. | 8/31/23 | BANA | 12,918 | (5.073) | 1,101 | — |
Palantir Technologies Inc. Class A | 8/31/23 | BANA | 3,942 | (5.073) | 150 | — |
Sirius XM Holdings Inc. | 1/31/24 | GSI | 9,479 | (5.076) | 1,714 | — |
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) |
VICI Properties Inc. Class A | 8/31/23 | BANA | 81,965 | (5.623) | 1,987 | — |
Warner Bros Discovery Inc. | 8/31/23 | BANA | 14,326 | (5.073) | 1,542 | — |
22,498 | (3,859) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent reset 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 $102,342,435) | 146,572,504 |
Affiliated Issuers (Cost $708,041) | 708,245 |
Total Investments in Securities | 147,280,749 |
Investment in Vanguard | 4,814 |
Cash | 38,390 |
Cash Collateral Pledged—Futures Contracts | 17,395 |
Due from Broker | 238,924 |
Receivables for Accrued Income | 169,792 |
Receivables for Capital Shares Issued | 56,746 |
Variation Margin Receivable—Futures Contracts | 2,547 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 22,498 |
Total Assets | 147,831,855 |
Liabilities | |
Payables for Investment Securities Purchased | 24,640 |
Collateral for Securities on Loan | 401,913 |
Payables for Capital Shares Redeemed | 99,248 |
Payables to Vanguard | 2,557 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 3,859 |
Total Liabilities | 532,217 |
Net Assets | 147,299,638 |
1 Includes $376,855,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At June 30, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 118,285,720 |
Total Distributable Earnings (Loss) | 29,013,918 |
Net Assets | 147,299,638 |
Investor Shares—Net Assets | |
Applicable to 7,238,703 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 435,164 |
Net Asset Value Per Share—Investor Shares | $60.12 |
ETF Shares—Net Assets | |
Applicable to 247,506,850 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 54,485,345 |
Net Asset Value Per Share—ETF Shares | $220.14 |
Admiral Shares—Net Assets | |
Applicable to 201,759,452 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 55,011,793 |
Net Asset Value Per Share—Admiral Shares | $272.66 |
Institutional Shares—Net Assets | |
Applicable to 355,156,997 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 21,391,755 |
Net Asset Value Per Share—Institutional Shares | $60.23 |
Institutional Plus Shares—Net Assets | |
Applicable to 53,780,783 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 15,975,581 |
Net Asset Value Per Share—Institutional Plus Shares | $297.05 |
Six Months Ended June 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 1,076,656 |
Interest2 | 18,897 |
Securities Lending—Net | 15,387 |
Total Income | 1,110,940 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,576 |
Management and Administrative—Investor Shares | 362 |
Management and Administrative—ETF Shares | 7,347 |
Management and Administrative—Admiral Shares | 10,860 |
Management and Administrative—Institutional Shares | 3,435 |
Management and Administrative—Institutional Plus Shares | 1,814 |
Marketing and Distribution—Investor Shares | 12 |
Marketing and Distribution—ETF Shares | 1,587 |
Marketing and Distribution—Admiral Shares | 1,355 |
Marketing and Distribution—Institutional Shares | 341 |
Marketing and Distribution—Institutional Plus Shares | 236 |
Custodian Fees | 100 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—ETF Shares | 697 |
Shareholders’ Reports—Admiral Shares | 307 |
Shareholders’ Reports—Institutional Shares | 90 |
Shareholders’ Reports—Institutional Plus Shares | 47 |
Trustees’ Fees and Expenses | 36 |
Other Expenses | 13 |
Total Expenses | 30,216 |
Expenses Paid Indirectly | (8) |
Net Expenses | 30,208 |
Net Investment Income | 1,080,732 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 90,698 |
Futures Contracts | 32,661 |
Swap Contracts | (33,582) |
Realized Net Gain (Loss) | 89,777 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 10,759,125 |
Futures Contracts | 22,638 |
Swap Contracts | 32,499 |
Change in Unrealized Appreciation (Depreciation) | 10,814,262 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 11,984,771 |
1 | Dividends are net of foreign withholding taxes of $458,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $18,056,000, $130,000, and ($176,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $3,316,030,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 1,080,732 | 2,185,524 | |
Realized Net Gain (Loss) | 89,777 | 2,853,546 | |
Change in Unrealized Appreciation (Depreciation) | 10,814,262 | (36,662,503) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 11,984,771 | (31,623,433) | |
Distributions | |||
Investor Shares | (2,993) | (7,365) | |
ETF Shares | (388,153) | (779,343) | |
Admiral Shares | (391,217) | (818,365) | |
Institutional Shares | (153,550) | (331,945) | |
Institutional Plus Shares | (114,849) | (235,283) | |
Total Distributions | (1,050,762) | (2,172,301) | |
Capital Share Transactions | |||
Investor Shares | (76,016) | (126,905) | |
ETF Shares | 627,406 | 3,900,034 | |
Admiral Shares | (432,317) | (830,405) | |
Institutional Shares | (444,847) | (1,758,614) | |
Institutional Plus Shares | (73,378) | 710,097 | |
Net Increase (Decrease) from Capital Share Transactions | (399,152) | 1,894,207 | |
Total Increase (Decrease) | 10,534,857 | (31,901,527) | |
Net Assets | |||
Beginning of Period | 136,764,781 | 168,666,308 | |
End of Period | 147,299,638 | 136,764,781 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $55.66 | $69.54 | $56.52 | $48.64 | $37.71 | $42.23 |
Investment Operations | ||||||
Net Investment Income1 | .402 | .807 | .652 | .698 | .577 | .640 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.449 | (13.875) | 13.065 | 7.937 | 11.018 | (4.528) |
Total from Investment Operations | 4.851 | (13.068) | 13.717 | 8.635 | 11.595 | (3.888) |
Distributions | ||||||
Dividends from Net Investment Income | (.391) | (.812) | (.697) | (.755) | (.665) | (.632) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.391) | (.812) | (.697) | (.755) | (.665) | (.632) |
Net Asset Value, End of Period | $60.12 | $55.66 | $69.54 | $56.52 | $48.64 | $37.71 |
Total Return2 | 8.76% | -18.80% | 24.36% | 18.10% | 30.86% | -9.34% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $435 | $476 | $740 | $834 | $877 | $3,043 |
Ratio of Total Expenses to Average Net Assets | 0.17%3 | 0.17%3 | 0.17% | 0.17% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 1.47% | 1.36% | 1.02% | 1.49% | 1.31% | 1.49% |
Portfolio Turnover Rate4 | 4% | 12% | 16% | 26% | 15% | 16% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $203.84 | $254.69 | $207.00 | $178.14 | $138.08 | $154.65 |
Investment Operations | ||||||
Net Investment Income1 | 1.623 | 3.302 | 2.741 | 2.772 | 2.663 | 2.535 |
Net Realized and Unrealized Gain (Loss) on Investments | 16.251 | (50.886) | 47.811 | 29.084 | 40.043 | (16.584) |
Total from Investment Operations | 17.874 | (47.584) | 50.552 | 31.856 | 42.706 | (14.049) |
Distributions | ||||||
Dividends from Net Investment Income | (1.574) | (3.266) | (2.862) | (2.996) | (2.646) | (2.521) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.574) | (3.266) | (2.862) | (2.996) | (2.646) | (2.521) |
Net Asset Value, End of Period | $220.14 | $203.84 | $254.69 | $207.00 | $178.14 | $138.08 |
Total Return | 8.82% | -18.68% | 24.52% | 18.22% | 31.04% | -9.21% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $54,485 | $49,861 | $57,774 | $41,587 | $29,014 | $21,261 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.61% | 1.53% | 1.16% | 1.61% | 1.62% | 1.62% |
Portfolio Turnover Rate3 | 4% | 12% | 16% | 26% | 15% | 16% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $252.47 | $315.46 | $256.40 | $220.66 | $171.04 | $191.55 |
Investment Operations | ||||||
Net Investment Income1 | 1.986 | 4.028 | 3.333 | 3.418 | 3.296 | 3.135 |
Net Realized and Unrealized Gain (Loss) on Investments | 20.140 | (63.000) | 59.242 | 36.010 | 49.578 | (20.539) |
Total from Investment Operations | 22.126 | (58.972) | 62.575 | 39.428 | 52.874 | (17.404) |
Distributions | ||||||
Dividends from Net Investment Income | (1.936) | (4.018) | (3.515) | (3.688) | (3.254) | (3.106) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.936) | (4.018) | (3.515) | (3.688) | (3.254) | (3.106) |
Net Asset Value, End of Period | $272.66 | $252.47 | $315.46 | $256.40 | $220.66 | $171.04 |
Total Return2 | 8.81% | -18.71% | 24.51% | 18.24% | 31.03% | -9.23% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $55,012 | $51,352 | $65,118 | $53,301 | $47,640 | $34,754 |
Ratio of Total Expenses to Average Net Assets | 0.05%3 | 0.05%3 | 0.05% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 1.59% | 1.51% | 1.14% | 1.61% | 1.62% | 1.61% |
Portfolio Turnover Rate4 | 4% | 12% | 16% | 26% | 15% | 16% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $55.77 | $69.69 | $56.64 | $48.74 | $37.78 | $42.32 |
Investment Operations | ||||||
Net Investment Income1 | .441 | .893 | .743 | .759 | .727 | .697 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.450 | (13.919) | 13.090 | 7.961 | 10.957 | (4.547) |
Total from Investment Operations | 4.891 | (13.026) | 13.833 | 8.720 | 11.684 | (3.850) |
Distributions | ||||||
Dividends from Net Investment Income | (.431) | (.894) | (.783) | (.820) | (.724) | (.690) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.431) | (.894) | (.783) | (.820) | (.724) | (.690) |
Net Asset Value, End of Period | $60.23 | $55.77 | $69.69 | $56.64 | $48.74 | $37.78 |
Total Return | 8.82% | -18.70% | 24.53% | 18.26% | 31.04% | -9.24% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $21,392 | $20,231 | $27,312 | $22,291 | $20,425 | $16,524 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.60% | 1.51% | 1.15% | 1.62% | 1.62% | 1.62% |
Portfolio Turnover Rate3 | 4% | 12% | 16% | 26% | 15% | 16% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $275.06 | $343.68 | $279.34 | $240.40 | $186.34 | $208.69 |
Investment Operations | ||||||
Net Investment Income1 | 2.191 | 4.458 | 3.688 | 3.774 | 3.598 | 3.464 |
Net Realized and Unrealized Gain (Loss) on Investments | 21.937 | (68.641) | 64.544 | 39.230 | 54.052 | (22.388) |
Total from Investment Operations | 24.128 | (64.183) | 68.232 | 43.004 | 57.650 | (18.924) |
Distributions | ||||||
Dividends from Net Investment Income | (2.138) | (4.437) | (3.892) | (4.064) | (3.590) | (3.426) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.138) | (4.437) | (3.892) | (4.064) | (3.590) | (3.426) |
Net Asset Value, End of Period | $297.05 | $275.06 | $343.68 | $279.34 | $240.40 | $186.34 |
Total Return | 8.82% | -18.69% | 24.53% | 18.27% | 31.06% | -9.21% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $15,976 | $14,846 | $17,723 | $14,937 | $13,612 | $11,426 |
Ratio of Total Expenses to Average Net Assets | 0.03%2 | 0.03%2 | 0.03% | 0.03% | 0.03% | 0.03% |
Ratio of Net Investment Income to Average Net Assets | 1.61% | 1.53% | 1.16% | 1.63% | 1.62% | 1.63% |
Portfolio Turnover Rate3 | 4% | 12% | 16% | 26% | 15% | 16% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | 146,572,504 | — | — | 146,572,504 |
Temporary Cash Investments | 708,245 | — | — | 708,245 |
Total | 147,280,749 | — | — | 147,280,749 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 5,907 | — | — | 5,907 |
Swap Contracts | — | 22,498 | — | 22,498 |
Total | 5,907 | 22,498 | — | 28,405 |
Liabilities | ||||
Swap Contracts | — | 3,859 | — | 3,859 |
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) | |
Tax Cost | 103,138,941 |
Gross Unrealized Appreciation | 51,446,365 |
Gross Unrealized Depreciation | (7,280,011) |
Net Unrealized Appreciation (Depreciation) | 44,166,354 |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 14,104 | 244 | 38,431 | 646 | |
Issued in Lieu of Cash Distributions | 2,993 | 53 | 7,365 | 130 | |
Redeemed | (93,113) | (1,605) | (172,701) | (2,864) | |
Net Increase (Decrease)—Investor Shares | (76,016) | (1,308) | (126,905) | (2,088) | |
ETF Shares | |||||
Issued | 7,056,692 | 33,548 | 22,366,377 | 104,145 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (6,429,286) | (30,650) | (18,466,343) | (86,375) | |
Net Increase (Decrease)—ETF Shares | 627,406 | 2,898 | 3,900,034 | 17,770 | |
Admiral Shares | |||||
Issued | 2,663,267 | 10,162 | 6,210,546 | 23,079 | |
Issued in Lieu of Cash Distributions | 345,174 | 1,344 | 713,328 | 2,783 | |
Redeemed | (3,440,758) | (13,144) | (7,754,279) | (28,889) | |
Net Increase (Decrease)—Admiral Shares | (432,317) | (1,638) | (830,405) | (3,027) | |
Institutional Shares | |||||
Issued | 1,421,262 | 24,710 | 3,105,126 | 52,367 | |
Issued in Lieu of Cash Distributions | 142,207 | 2,506 | 306,818 | 5,408 | |
Redeemed | (2,008,316) | (34,801) | (5,170,558) | (86,962) | |
Net Increase (Decrease)—Institutional Shares | (444,847) | (7,585) | (1,758,614) | (29,187) | |
Institutional Plus Shares | |||||
Issued | 888,628 | 3,130 | 2,083,499 | 7,084 | |
Issued in Lieu of Cash Distributions | 114,108 | 408 | 233,744 | 837 | |
Redeemed | (1,076,114) | (3,730) | (1,607,146) | (5,516) | |
Net Increase (Decrease)—Institutional Plus Shares | (73,378) | (192) | 710,097 | 2,405 |
Basic Materials | 2.3% |
Consumer Discretionary | 14.1 |
Consumer Staples | 1.8 |
Energy | 7.5 |
Financials | 6.1 |
Health Care | 14.1 |
Industrials | 19.1 |
Real Estate | 7.0 |
Technology | 23.5 |
Telecommunications | 3.3 |
Utilities | 1.2 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.9%) | ||||||
Basic Materials (2.3%) | ||||||
Fastenal Co. | 3,963,459 | 233,805 | ||||
Albemarle Corp. | 814,515 | 181,710 | ||||
FMC Corp. | 433,870 | 45,270 | ||||
Mosaic Co. | 1,153,025 | 40,356 | ||||
501,141 | ||||||
Consumer Discretionary (14.0%) | ||||||
* | Copart Inc. | 2,977,541 | 271,582 | |||
* | Trade Desk Inc. Class A | 3,087,760 | 238,437 | |||
* | Chipotle Mexican Grill Inc. Class A | 95,760 | 204,831 | |||
* | Aptiv plc | 1,877,787 | 191,703 | |||
* | Take-Two Interactive Software Inc. | 1,172,460 | 172,539 | |||
Tractor Supply Co. | 760,604 | 168,170 | ||||
* | Ulta Beauty Inc. | 348,444 | 163,976 | |||
* | AutoZone Inc. | 63,856 | 159,216 | |||
* | Royal Caribbean Cruises Ltd. | 1,508,962 | 156,540 | |||
* | NVR Inc. | 21,413 | 135,986 | |||
Hilton Worldwide Holdings Inc. | 918,494 | 133,687 | ||||
* | Expedia Group Inc. | 989,900 | 108,285 | |||
LKQ Corp. | 1,855,537 | 108,122 | ||||
* | ROBLOX Corp. Class A | 2,529,464 | 101,937 | |||
* | Live Nation Entertainment Inc. | 1,117,088 | 101,778 | |||
Domino's Pizza Inc. | 245,314 | 82,668 | ||||
Rollins Inc. | 1,710,257 | 73,250 | ||||
* | Etsy Inc. | 856,223 | 72,445 | |||
* | Burlington Stores Inc. | 450,989 | 70,981 | |||
* | Las Vegas Sands Corp. | 1,193,590 | 69,228 | |||
Pool Corp. | 128,694 | 48,214 | ||||
MGM Resorts International | 1,009,864 | 44,353 | ||||
* | Caesars Entertainment Inc. | 709,810 | 36,179 | |||
Vail Resorts Inc. | 140,017 | 35,251 | ||||
* | Chewy Inc. Class A | 645,437 | 25,475 | |||
Warner Music Group Corp. Class A | 816,029 | 21,290 | ||||
* | Endeavor Group Holdings Inc. Class A | 520,765 | 12,457 | |||
3,008,580 | ||||||
Consumer Staples (1.8%) | ||||||
Church & Dwight Co. Inc. | 1,695,635 | 169,954 | ||||
McCormick & Co. Inc. (Non-Voting) | 870,644 | 75,946 | ||||
Brown-Forman Corp. Class B | 1,076,610 | 71,896 | ||||
Lamb Weston Holdings Inc. | 505,638 | 58,123 | ||||
Brown-Forman Corp. Class A | 175,547 | 11,949 | ||||
387,868 | ||||||
Energy (7.5%) | ||||||
Hess Corp. | 1,918,305 | 260,794 | ||||
Cheniere Energy Inc. | 1,602,207 | 244,112 | ||||
Devon Energy Corp. | 4,454,439 | 215,328 | ||||
Diamondback Energy Inc. | 1,257,079 | 165,130 | ||||
* | Enphase Energy Inc. | 951,315 | 159,326 | |||
* | First Solar Inc. | 704,472 | 133,913 | |||
Coterra Energy Inc. | 4,995,037 | 126,375 | ||||
Marathon Oil Corp. | 4,287,157 | 98,690 | ||||
Halliburton Co. | 2,818,182 | 92,972 | ||||
EQT Corp. | 1,255,482 | 51,638 |
Shares | Market Value• ($000) | |||||
Texas Pacific Land Corp. | 21,359 | 28,119 | ||||
*,1 | Plug Power Inc. | 2,085,000 | 21,663 | |||
1,598,060 | ||||||
Financials (6.1%) | ||||||
MSCI Inc. Class A | 527,991 | 247,781 | ||||
Apollo Global Management Inc. | 2,757,134 | 211,775 | ||||
Broadridge Financial Solutions Inc. | 818,992 | 135,650 | ||||
LPL Financial Holdings Inc. | 539,158 | 117,229 | ||||
Ares Management Corp. Class A | 1,115,104 | 107,440 | ||||
FactSet Research Systems Inc. | 266,013 | 106,578 | ||||
*,1 | Coinbase Global Inc. Class A | 1,037,751 | 74,251 | |||
MarketAxess Holdings Inc. | 261,468 | 68,353 | ||||
* | Markel Group Inc. | 44,005 | 60,867 | |||
Interactive Brokers Group Inc. Class A | 679,086 | 56,412 | ||||
Tradeweb Markets Inc. Class A | 796,228 | 54,526 | ||||
Brown & Brown Inc. | 787,440 | 54,207 | ||||
1,295,069 | ||||||
Health Care (14.1%) | ||||||
* | Dexcom Inc. | 2,690,848 | 345,801 | |||
* | IQVIA Holdings Inc. | 1,288,034 | 289,511 | |||
ResMed Inc. | 1,019,950 | 222,859 | ||||
* | Veeva Systems Inc. Class A | 1,011,350 | 199,974 | |||
West Pharmaceutical Services Inc. | 515,372 | 197,114 | ||||
* | Seagen Inc. | 976,197 | 187,879 | |||
* | Align Technology Inc. | 504,598 | 178,446 | |||
* | Alnylam Pharmaceuticals Inc. | 864,420 | 164,188 | |||
* | Horizon Therapeutics plc | 1,587,023 | 163,225 | |||
* | IDEXX Laboratories Inc. | 288,098 | 144,692 | |||
* | Insulet Corp. | 483,807 | 139,501 | |||
Cooper Cos. Inc. | 343,309 | 131,635 | ||||
* | Molina Healthcare Inc. | 404,702 | 121,913 | |||
* | BioMarin Pharmaceutical Inc. | 1,302,962 | 112,941 | |||
* | Illumina Inc. | 548,743 | 102,884 | |||
* | Incyte Corp. | 1,316,325 | 81,941 | |||
STERIS plc | 344,584 | 77,525 | ||||
* | Bio-Rad Laboratories Inc. Class A | 144,749 | 54,877 | |||
* | Avantor Inc. | 2,342,610 | 48,117 | |||
* | Charles River Laboratories International Inc. | 177,700 | 37,361 | |||
* | Catalent Inc. | 593,982 | 25,755 | |||
3,028,139 | ||||||
Industrials (19.1%) | ||||||
TransDigm Group Inc. | 362,232 | 323,897 | ||||
Cintas Corp. | 600,090 | 298,293 | ||||
AMETEK Inc. | 1,599,876 | 258,988 | ||||
Old Dominion Freight Line Inc. | 685,052 | 253,298 | ||||
WW Grainger Inc. | 313,421 | 247,161 | ||||
Verisk Analytics Inc. Class A | 1,005,102 | 227,183 | ||||
Vulcan Materials Co. | 923,669 | 208,232 | ||||
* | Mettler-Toledo International Inc. | 152,860 | 200,497 | |||
Equifax Inc. | 851,361 | 200,325 | ||||
Martin Marietta Materials Inc. | 430,370 | 198,698 | ||||
Quanta Services Inc. | 1,007,764 | 197,975 | ||||
Xylem Inc. | 1,661,533 | 187,122 | ||||
* | Teledyne Technologies Inc. | 326,578 | 134,260 | |||
* | FleetCor Technologies Inc. | 486,913 | 122,254 | |||
* | Waters Corp. | 409,801 | 109,228 | |||
* | Zebra Technologies Corp. Class A | 357,014 | 105,615 |
Shares | Market Value• ($000) | |||||
TransUnion | 1,341,147 | 105,052 | ||||
JB Hunt Transport Services Inc. | 575,597 | 104,200 | ||||
Ingersoll Rand Inc. | 1,404,050 | 91,769 | ||||
* | Trimble Inc. | 1,719,785 | 91,045 | |||
* | BILL Holdings Inc. | 700,795 | 81,888 | |||
HEICO Corp. Class A | 514,360 | 72,319 | ||||
Howmet Aerospace Inc. | 1,362,615 | 67,531 | ||||
Ball Corp. | 1,091,618 | 63,543 | ||||
HEICO Corp. | 284,664 | 50,368 | ||||
Masco Corp. | 781,049 | 44,817 | ||||
Jack Henry & Associates Inc. | 253,018 | 42,338 | ||||
4,087,896 | ||||||
Real Estate (7.0%) | ||||||
Realty Income Corp. | 4,673,262 | 279,414 | ||||
Welltower Inc. | 3,450,226 | 279,089 | ||||
* | CoStar Group Inc. | 2,835,964 | 252,401 | |||
SBA Communications Corp. Class A | 752,056 | 174,296 | ||||
Invitation Homes Inc. | 4,247,714 | 146,121 | ||||
Extra Space Storage Inc. | 937,465 | 139,542 | ||||
Sun Communities Inc. | 863,598 | 112,665 | ||||
* | Zillow Group Inc. Class C | 1,065,719 | 53,563 | |||
Camden Property Trust | 370,667 | 40,355 | ||||
* | Zillow Group Inc. Class A | 278,103 | 13,683 | |||
1,491,129 | ||||||
Technology (23.5%) | ||||||
Amphenol Corp. Class A | 4,132,534 | 351,059 | ||||
Microchip Technology Inc. | 3,802,627 | 340,677 | ||||
* | ON Semiconductor Corp. | 2,997,925 | 283,544 | |||
* | ANSYS Inc. | 601,585 | 198,686 | |||
* | MongoDB Inc. Class A | 465,127 | 191,163 | |||
* | Gartner Inc. | 521,258 | 182,602 | |||
* | Palantir Technologies Inc. Class A | 11,882,082 | 182,152 | |||
* | Datadog Inc. Class A | 1,850,952 | 182,097 | |||
Marvell Technology Inc. | 2,974,161 | 177,795 | ||||
* | Atlassian Corp. Class A | 1,054,330 | 176,927 | |||
* | Fortinet Inc. | 2,316,528 | 175,106 | |||
* | HubSpot Inc. | 327,351 | 174,180 | |||
Monolithic Power Systems Inc. | 312,735 | 168,949 | ||||
* | DoorDash Inc. Class A | 2,004,305 | 153,169 | |||
* | VeriSign Inc. | 614,231 | 138,798 | |||
* | Cloudflare Inc. Class A | 1,909,265 | 124,809 | |||
Skyworks Solutions Inc. | 1,104,796 | 122,290 | ||||
* | Splunk Inc. | 1,149,323 | 121,932 | |||
* | Tyler Technologies Inc. | 291,039 | 121,209 | |||
Teradyne Inc. | 1,076,228 | 119,817 | ||||
Paycom Software Inc. | 355,757 | 114,283 | ||||
* | Pinterest Inc. Class A | 4,125,653 | 112,795 |
Shares | Market Value• ($000) | |||||
* | Zoom Video Communications Inc. Class A | 1,544,193 | 104,820 | |||
* | Akamai Technologies Inc. | 1,085,039 | 97,511 | |||
* | EPAM Systems Inc. | 401,966 | 90,342 | |||
* | Zscaler Inc. | 604,431 | 88,428 | |||
Bentley Systems Inc. Class B | 1,564,727 | 84,855 | ||||
* | Snap Inc. Class A | 7,015,876 | 83,068 | |||
* | Match Group Inc. | 1,932,932 | 80,893 | |||
* | GoDaddy Inc. Class A | 1,070,377 | 80,417 | |||
* | Twilio Inc. Class A | 1,209,976 | 76,979 | |||
* | Unity Software Inc. | 1,708,446 | 74,181 | |||
* | Okta Inc. Class A | 1,068,872 | 74,126 | |||
* | DocuSign Inc. Class A | 1,404,332 | 71,747 | |||
* | ZoomInfo Technologies Inc. Class A | 2,373,627 | 60,266 | |||
* | Black Knight Inc. | 489,250 | 29,223 | |||
* | Toast Inc. Class A | 1,198,829 | 27,058 | |||
5,037,953 | ||||||
Telecommunications (3.3%) | ||||||
Motorola Solutions Inc. | 1,164,241 | 341,448 | ||||
* | Arista Networks Inc. | 1,605,003 | 260,107 | |||
* | Liberty Broadband Corp. Class C | 830,367 | 66,521 | |||
* | Roku Inc. Class A | 428,295 | 27,394 | |||
* | Liberty Broadband Corp. Class A | 113,950 | 9,085 | |||
704,555 | ||||||
Utilities (1.2%) | ||||||
Waste Connections Inc. | 1,787,892 | 255,543 | ||||
Total Common Stocks (Cost $16,168,325) | 21,395,933 | |||||
Temporary Cash Investments (0.5%) | ||||||
Money Market Fund (0.5%) | ||||||
2,3 | Vanguard Market Liquidity Fund, 5.150% (Cost $111,268) | 1,113,039 | 111,282 | |||
Total Investments (100.4%) (Cost $16,279,593) | 21,507,215 | |||||
Other Assets and Liabilities—Net (-0.4%) | (87,672) | |||||
Net Assets (100%) | 21,419,543 |
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 $87,900,000. |
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 $91,538,000 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 | September 2023 | 58 | 13,016 | 287 |
E-mini S&P Mid-Cap 400 Index | September 2023 | 49 | 12,956 | 315 |
602 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $16,168,325) | 21,395,933 |
Affiliated Issuers (Cost $111,268) | 111,282 |
Total Investments in Securities | 21,507,215 |
Investment in Vanguard | 695 |
Cash | 2,485 |
Cash Collateral Pledged—Futures Contracts | 1,360 |
Receivables for Investment Securities Sold | 11,834 |
Receivables for Accrued Income | 6,286 |
Receivables for Capital Shares Issued | 5,040 |
Variation Margin Receivable—Futures Contracts | 233 |
Total Assets | 21,535,148 |
Liabilities | |
Payables for Investment Securities Purchased | 5,667 |
Collateral for Securities on Loan | 91,538 |
Payables for Capital Shares Redeemed | 17,795 |
Payables to Vanguard | 605 |
Total Liabilities | 115,605 |
Net Assets | 21,419,543 |
1 Includes $87,900,000 of securities on loan. | |
At June 30, 2023, net assets consisted of: | |
Paid-in Capital | 19,677,469 |
Total Distributable Earnings (Loss) | 1,742,074 |
Net Assets | 21,419,543 |
Investor Shares—Net Assets | |
Applicable to 572,904 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 46,377 |
Net Asset Value Per Share—Investor Shares | $80.95 |
ETF Shares—Net Assets | |
Applicable to 53,256,868 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 10,962,022 |
Net Asset Value Per Share—ETF Shares | $205.83 |
Admiral Shares—Net Assets | |
Applicable to 117,502,814 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 10,411,144 |
Net Asset Value Per Share—Admiral Shares | $88.60 |
Six Months Ended June 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 75,831 |
Interest2 | 222 |
Securities Lending—Net | 1,659 |
Total Income | 77,712 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 225 |
Management and Administrative—Investor Shares | 40 |
Management and Administrative—ETF Shares | 2,844 |
Management and Administrative—Admiral Shares | 2,902 |
Marketing and Distribution—Investor Shares | 2 |
Marketing and Distribution—ETF Shares | 307 |
Marketing and Distribution—Admiral Shares | 295 |
Custodian Fees | 13 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—ETF Shares | 198 |
Shareholders’ Reports—Admiral Shares | 75 |
Trustees’ Fees and Expenses | 5 |
Other Expenses | 13 |
Total Expenses | 6,919 |
Net Investment Income | 70,793 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | (138,691) |
Futures Contracts | 434 |
Realized Net Gain (Loss) | (138,257) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 2,830,514 |
Futures Contracts | 841 |
Change in Unrealized Appreciation (Depreciation) | 2,831,355 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,763,891 |
1 | Dividends are net of foreign withholding taxes of $134,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $206,000, $3,000, and ($11,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $485,517,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 70,793 | 143,006 | |
Realized Net Gain (Loss) | (138,257) | (287,627) | |
Change in Unrealized Appreciation (Depreciation) | 2,831,355 | (7,290,573) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,763,891 | (7,435,194) | |
Distributions | |||
Investor Shares | (138) | (306) | |
ETF Shares | (36,467) | (71,823) | |
Admiral Shares | (35,344) | (70,682) | |
Total Distributions | (71,949) | (142,811) | |
Capital Share Transactions | |||
Investor Shares | (6,165) | (17,561) | |
ETF Shares | 283,695 | 298,485 | |
Admiral Shares | (33,579) | 99,556 | |
Net Increase (Decrease) from Capital Share Transactions | 243,951 | 380,480 | |
Total Increase (Decrease) | 2,935,893 | (7,197,525) | |
Net Assets | |||
Beginning of Period | 18,483,650 | 25,681,175 | |
End of Period | 21,419,543 | 18,483,650 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $70.68 | $100.07 | $83.37 | $62.43 | $47.02 | $50.21 |
Investment Operations | ||||||
Net Investment Income1 | .218 | .444 | .229 | .340 | .345 | .333 |
Net Realized and Unrealized Gain (Loss) on Investments | 10.278 | (29.381) | 16.697 | 20.984 | 15.485 | (3.193) |
Total from Investment Operations | 10.496 | (28.937) | 16.926 | 21.324 | 15.830 | (2.860) |
Distributions | ||||||
Dividends from Net Investment Income | (.226) | (.453) | (.226) | (.384) | (.420) | (.330) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.226) | (.453) | (.226) | (.384) | (.420) | (.330) |
Net Asset Value, End of Period | $80.95 | $70.68 | $100.07 | $83.37 | $62.43 | $47.02 |
Total Return2 | 14.87% | -28.93% | 20.32% | 34.32% | 33.72% | -5.74% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $46 | $46 | $86 | $81 | $63 | $405 |
Ratio of Total Expenses to Average Net Assets | 0.19% | 0.19%3 | 0.19% | 0.19% | 0.19% | 0.19% |
Ratio of Net Investment Income to Average Net Assets | 0.61% | 0.57% | 0.25% | 0.51% | 0.62% | 0.64% |
Portfolio Turnover Rate4 | 5% | 22% | 25% | 22% | 18% | 25% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $179.73 | $254.49 | $212.00 | $158.76 | $119.58 | $127.67 |
Investment Operations | ||||||
Net Investment Income1 | .690 | 1.405 | .870 | 1.074 | 1.386 | 1.016 |
Net Realized and Unrealized Gain (Loss) on Investments | 26.106 | (74.767) | 42.479 | 53.347 | 39.040 | (8.101) |
Total from Investment Operations | 26.796 | (73.362) | 43.349 | 54.421 | 40.426 | (7.085) |
Distributions | ||||||
Dividends from Net Investment Income | (.696) | (1.398) | (.859) | (1.181) | (1.246) | (1.005) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.696) | (1.398) | (.859) | (1.181) | (1.246) | (1.005) |
Net Asset Value, End of Period | $205.83 | $179.73 | $254.49 | $212.00 | $158.76 | $119.58 |
Total Return | 14.94% | -28.84% | 20.47% | 34.46% | 33.86% | -5.60% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $10,962 | $9,313 | $12,798 | $10,164 | $6,995 | $4,956 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07%2 | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 0.75% | 0.72% | 0.37% | 0.63% | 0.95% | 0.76% |
Portfolio Turnover Rate3 | 5% | 22% | 25% | 22% | 18% | 25% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $77.37 | $109.55 | $91.26 | $68.34 | $51.48 | $54.96 |
Investment Operations | ||||||
Net Investment Income1 | .294 | .602 | .373 | .461 | .603 | .437 |
Net Realized and Unrealized Gain (Loss) on Investments | 11.236 | (32.180) | 18.287 | 22.967 | 16.793 | (3.485) |
Total from Investment Operations | 11.530 | (31.578) | 18.660 | 23.428 | 17.396 | (3.048) |
Distributions | ||||||
Dividends from Net Investment Income | (.300) | (.602) | (.370) | (.508) | (.536) | (.432) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.300) | (.602) | (.370) | (.508) | (.536) | (.432) |
Net Asset Value, End of Period | $88.60 | $77.37 | $109.55 | $91.26 | $68.34 | $51.48 |
Total Return2 | 14.93% | -28.84% | 20.48% | 34.48% | 33.86% | -5.60% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $10,411 | $9,124 | $12,797 | $10,712 | $8,173 | $5,544 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07%3 | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 0.75% | 0.71% | 0.37% | 0.63% | 0.96% | 0.76% |
Portfolio Turnover Rate4 | 5% | 22% | 25% | 22% | 18% | 25% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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) | |
Tax Cost | 16,293,551 |
Gross Unrealized Appreciation | 6,628,375 |
Gross Unrealized Depreciation | (1,414,109) |
Net Unrealized Appreciation (Depreciation) | 5,214,266 |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 3,363 | 45 | 7,152 | 91 | |
Issued in Lieu of Cash Distributions | 138 | 2 | 306 | 4 | |
Redeemed | (9,666) | (126) | (25,019) | (303) | |
Net Increase (Decrease)—Investor Shares | (6,165) | (79) | (17,561) | (208) | |
ETF Shares | |||||
Issued | 1,264,828 | 6,514 | 4,309,536 | 22,204 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (981,133) | (5,075) | (4,011,051) | (20,674) | |
Net Increase (Decrease)—ETF Shares | 283,695 | 1,439 | 298,485 | 1,530 |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Admiral Shares | |||||
Issued | 802,635 | 9,670 | 1,795,061 | 20,960 | |
Issued in Lieu of Cash Distributions | 31,669 | 384 | 63,404 | 794 | |
Redeemed | (867,883) | (10,490) | (1,758,909) | (20,629) | |
Net Increase (Decrease)—Admiral Shares | (33,579) | (436) | 99,556 | 1,125 |
Basic Materials | 5.2% |
Consumer Discretionary | 14.1 |
Consumer Staples | 8.0 |
Energy | 2.8 |
Financials | 17.2 |
Health Care | 8.2 |
Industrials | 16.1 |
Real Estate | 10.1 |
Technology | 5.1 |
Telecommunications | 0.2 |
Utilities | 13.0 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.9%) | ||||||
Basic Materials (5.2%) | ||||||
Nucor Corp. | 2,160,852 | 354,337 | ||||
LyondellBasell Industries NV Class A | 2,238,247 | 205,538 | ||||
International Flavors & Fragrances Inc. | 2,194,168 | 174,634 | ||||
Avery Dennison Corp. | 694,389 | 119,296 | ||||
CF Industries Holdings Inc. | 1,676,569 | 116,387 | ||||
Celanese Corp. Class A | 842,169 | 97,523 | ||||
International Paper Co. | 2,985,260 | 94,961 | ||||
Eastman Chemical Co. | 1,024,783 | 85,795 | ||||
Steel Dynamics Inc. | 690,657 | 75,233 | ||||
FMC Corp. | 537,753 | 56,109 | ||||
Mosaic Co. | 1,428,302 | 49,991 | ||||
Westlake Corp. | 137,157 | 16,386 | ||||
1,446,190 | ||||||
Consumer Discretionary (14.1%) | ||||||
DR Horton Inc. | 2,640,252 | 321,292 | ||||
Lennar Corp. Class A | 2,169,146 | 271,816 | ||||
* | Delta Air Lines Inc. | 5,528,258 | 262,813 | |||
* | Dollar Tree Inc. | 1,807,715 | 259,407 | |||
* | Warner Bros Discovery Inc. | 18,858,623 | 236,487 | |||
eBay Inc. | 4,597,453 | 205,460 | ||||
Genuine Parts Co. | 1,208,611 | 204,533 | ||||
Southwest Airlines Co. | 5,118,463 | 185,340 | ||||
Darden Restaurants Inc. | 1,040,154 | 173,789 | ||||
Omnicom Group Inc. | 1,716,118 | 163,289 | ||||
* | Carnival Corp. | 8,639,404 | 162,680 | |||
* | United Airlines Holdings Inc. | 2,810,331 | 154,203 | |||
PulteGroup Inc. | 1,919,955 | 149,142 | ||||
Best Buy Co. Inc. | 1,692,741 | 138,720 | ||||
Garmin Ltd. | 1,316,245 | 137,271 | ||||
* | CarMax Inc. | 1,360,814 | 113,900 | |||
* | Rivian Automotive Inc. Class A | 6,009,327 | 100,115 | |||
BorgWarner Inc. | 2,015,967 | 98,601 | ||||
Fox Corp. Class A | 2,309,538 | 78,524 | ||||
News Corp. Class A | 3,895,978 | 75,972 | ||||
1 | Paramount Global Class B | 4,176,725 | 66,452 | |||
Interpublic Group of Cos. Inc. | 1,660,653 | 64,068 | ||||
MGM Resorts International | 1,251,698 | 54,975 | ||||
* | American Airlines Group Inc. | 2,807,798 | 50,372 | |||
*,1 | Lucid Group Inc. | 6,844,419 | 47,158 | |||
Fox Corp. Class B | 1,119,611 | 35,704 | ||||
VF Corp. | 1,503,413 | 28,700 | ||||
1 | Sirius XM Holdings Inc. | 4,994,643 | 22,626 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class C | 654,282 | 21,415 | |||
Advance Auto Parts Inc. | 255,799 | 17,983 | ||||
* | Endeavor Group Holdings Inc. Class A | 644,810 | 15,424 | |||
Lennar Corp. Class B | 122,627 | 13,854 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 320,487 | 10,515 | |||
News Corp. Class B | 378,120 | 7,456 | ||||
1 | Paramount Global Class A | 93,029 | 1,727 | |||
3,951,783 | ||||||
Consumer Staples (8.0%) | ||||||
Corteva Inc. | 5,807,149 | 332,750 | ||||
AmerisourceBergen Corp. | 1,478,111 | 284,433 | ||||
Kroger Co. | 5,554,038 | 261,040 | ||||
Archer-Daniels-Midland Co. | 2,342,292 | 176,984 |
Shares | Market Value• ($000) | |||||
Clorox Co. | 1,063,336 | 169,113 | ||||
Kellogg Co. | 2,211,093 | 149,028 | ||||
Conagra Brands Inc. | 4,101,996 | 138,319 | ||||
J M Smucker Co. | 871,337 | 128,670 | ||||
Tyson Foods Inc. Class A | 2,456,565 | 125,383 | ||||
Hormel Foods Corp. | 2,350,410 | 94,534 | ||||
McCormick & Co. Inc. (Non-Voting) | 1,078,773 | 94,101 | ||||
Walgreens Boots Alliance Inc. | 3,154,093 | 89,860 | ||||
Campbell Soup Co. | 1,674,392 | 76,536 | ||||
Albertsons Cos. Inc. Class A | 2,715,141 | 59,244 | ||||
Molson Coors Beverage Co. Class B | 775,609 | 51,066 | ||||
2,231,061 | ||||||
Energy (2.8%) | ||||||
Baker Hughes Co. Class A | 8,707,696 | 275,250 | ||||
ONEOK Inc. | 3,848,641 | 237,538 | ||||
Williams Cos. Inc. | 5,239,026 | 170,950 | ||||
Halliburton Co. | 3,492,057 | 115,203 | ||||
798,941 | ||||||
Financials (17.2%) | ||||||
Arthur J Gallagher & Co. | 1,842,792 | 404,622 | ||||
Ameriprise Financial Inc. | 896,078 | 297,641 | ||||
Discover Financial Services | 2,184,278 | 255,233 | ||||
* | Arch Capital Group Ltd. | 3,043,147 | 227,780 | |||
T. Rowe Price Group Inc. | 1,931,644 | 216,383 | ||||
Willis Towers Watson plc | 915,291 | 215,551 | ||||
State Street Corp. | 2,731,341 | 199,880 | ||||
Hartford Financial Services Group Inc. | 2,668,400 | 192,178 | ||||
American International Group Inc. | 3,112,630 | 179,101 | ||||
M&T Bank Corp. | 1,426,702 | 176,569 | ||||
Raymond James Financial Inc. | 1,640,447 | 170,229 | ||||
Nasdaq Inc. | 3,377,003 | 168,344 | ||||
Principal Financial Group Inc. | 2,088,190 | 158,368 | ||||
Fifth Third Bancorp | 5,855,109 | 153,462 | ||||
Regions Financial Corp. | 8,070,707 | 143,820 | ||||
Prudential Financial Inc. | 1,569,791 | 138,487 | ||||
Huntington Bancshares Inc. | 12,417,041 | 133,856 | ||||
Cincinnati Financial Corp. | 1,352,257 | 131,602 | ||||
Everest Re Group Ltd. | 373,428 | 127,660 | ||||
Northern Trust Corp. | 1,702,447 | 126,219 | ||||
Cboe Global Markets Inc. | 908,068 | 125,322 | ||||
Allstate Corp. | 1,130,450 | 123,264 | ||||
Citizens Financial Group Inc. | 3,954,855 | 103,143 | ||||
W R Berkley Corp. | 1,682,227 | 100,193 | ||||
Loews Corp. | 1,666,190 | 98,938 | ||||
Fidelity National Financial Inc. | 2,224,208 | 80,072 | ||||
* | Markel Group Inc. | 54,530 | 75,425 | |||
KeyCorp | 8,044,747 | 74,333 | ||||
Franklin Resources Inc. | 2,585,165 | 69,050 | ||||
Annaly Capital Management Inc. | 2,122,706 | 42,475 | ||||
Equitable Holdings Inc. | 1,531,437 | 41,594 | ||||
Globe Life Inc. | 369,850 | 40,543 | ||||
Corebridge Financial Inc. | 1,394,306 | 24,623 | ||||
*,1 | Rocket Cos. Inc. Class A | 982,263 | 8,801 | |||
4,824,761 | ||||||
Health Care (8.2%) | ||||||
* | Centene Corp. | 4,720,163 | 318,375 | |||
Zimmer Biomet Holdings Inc. | 1,793,980 | 261,203 |
Shares | Market Value• ($000) | |||||
Cardinal Health Inc. | 2,189,894 | 207,098 | ||||
Baxter International Inc. | 4,348,213 | 198,105 | ||||
Laboratory Corp. of America Holdings | 762,082 | 183,913 | ||||
* | Hologic Inc. | 2,116,944 | 171,409 | |||
Quest Diagnostics Inc. | 963,427 | 135,419 | ||||
GE HealthCare Technologies Inc. | 1,662,111 | 135,030 | ||||
Revvity Inc. | 1,078,969 | 128,171 | ||||
Viatris Inc. | 10,313,330 | 102,927 | ||||
Royalty Pharma plc Class A | 3,276,837 | 100,730 | ||||
Teleflex Inc. | 404,025 | 97,786 | ||||
STERIS plc | 426,996 | 96,066 | ||||
* | Henry Schein Inc. | 1,126,805 | 91,384 | |||
* | Avantor Inc. | 2,903,457 | 59,637 | |||
2,287,253 | ||||||
Industrials (16.1%) | ||||||
PACCAR Inc. | 4,494,867 | 375,996 | ||||
Carrier Global Corp. | 7,180,681 | 356,952 | ||||
Rockwell Automation Inc. | 988,078 | 325,522 | ||||
Ferguson plc | 1,761,294 | 277,069 | ||||
United Rentals Inc. | 591,182 | 263,295 | ||||
* | Keysight Technologies Inc. | 1,532,231 | 256,572 | |||
Fortive Corp. | 3,040,996 | 227,375 | ||||
Global Payments Inc. | 2,253,175 | 221,983 | ||||
Dover Corp. | 1,202,911 | 177,610 | ||||
Westinghouse Air Brake Technologies Corp. | 1,547,115 | 169,672 | ||||
Expeditors International of Washington Inc. | 1,314,210 | 159,190 | ||||
Otis Worldwide Corp. | 1,777,409 | 158,207 | ||||
Cummins Inc. | 608,808 | 149,255 | ||||
Snap-on Inc. | 455,279 | 131,207 | ||||
Jacobs Solutions Inc. | 1,091,079 | 129,718 | ||||
DuPont de Nemours Inc. | 1,776,688 | 126,927 | ||||
Synchrony Financial | 3,686,308 | 125,040 | ||||
Stanley Black & Decker Inc. | 1,317,260 | 123,440 | ||||
Textron Inc. | 1,734,711 | 117,318 | ||||
Ingersoll Rand Inc. | 1,739,723 | 113,708 | ||||
Packaging Corp. of America | 773,559 | 102,234 | ||||
CH Robinson Worldwide Inc. | 1,001,532 | 94,495 | ||||
Crown Holdings Inc. | 1,033,051 | 89,741 | ||||
Ball Corp. | 1,352,818 | 78,748 | ||||
Hubbell Inc. Class B | 230,489 | 76,421 | ||||
Masco Corp. | 968,010 | 55,544 | ||||
Westrock Co. | 1,100,881 | 32,003 | ||||
4,515,242 | ||||||
Real Estate (10.1%) | ||||||
Digital Realty Trust Inc. | 2,505,995 | 285,358 | ||||
VICI Properties Inc. Class A | 8,637,826 | 271,487 | ||||
AvalonBay Communities Inc. | 1,221,389 | 231,172 | ||||
Weyerhaeuser Co. | 6,298,769 | 211,072 | ||||
* | CBRE Group Inc. Class A | 2,539,942 | 204,999 | |||
Equity Residential | 3,096,161 | 204,254 | ||||
Alexandria Real Estate Equities Inc. | 1,488,171 | 168,892 | ||||
Ventas Inc. | 3,441,021 | 162,657 | ||||
Simon Property Group Inc. | 1,335,982 | 154,279 | ||||
Mid-America Apartment Communities Inc. | 1,003,444 | 152,383 | ||||
Iron Mountain Inc. | 2,508,394 | 142,527 | ||||
Essex Property Trust Inc. | 552,056 | 129,347 | ||||
WP Carey Inc. | 1,839,808 | 124,297 | ||||
UDR Inc. | 2,831,392 | 121,637 | ||||
Healthpeak Properties Inc. | 4,705,030 | 94,571 | ||||
Host Hotels & Resorts Inc. | 3,058,891 | 51,481 | ||||
Camden Property Trust | 459,172 | 49,990 | ||||
Regency Centers Corp. | 735,437 | 45,428 | ||||
Boston Properties Inc. | 606,671 | 34,938 | ||||
2,840,769 |
Shares | Market Value• ($000) | |||||
Technology (5.1%) | ||||||
Corning Inc. | 6,581,047 | 230,600 | ||||
CDW Corp. | 1,159,349 | 212,740 | ||||
Hewlett Packard Enterprise Co. | 11,146,247 | 187,257 | ||||
NetApp Inc. | 1,839,864 | 140,566 | ||||
HP Inc. | 3,813,797 | 117,122 | ||||
SS&C Technologies Holdings Inc. | 1,821,410 | 110,377 | ||||
Seagate Technology Holdings plc | 1,692,151 | 104,693 | ||||
* | Western Digital Corp. | 2,751,935 | 104,381 | |||
Gen Digital Inc. | 4,672,807 | 86,681 | ||||
* | Qorvo Inc. | 849,256 | 86,650 | |||
Leidos Holdings Inc. | 589,901 | 52,194 | ||||
1,433,261 | ||||||
Telecommunications (0.1%) | ||||||
Juniper Networks Inc. | 1,383,063 | 43,331 | ||||
Utilities (13.0%) | ||||||
* | PG&E Corp. | 20,211,791 | 349,260 | |||
Consolidated Edison Inc. | 2,980,666 | 269,452 | ||||
Constellation Energy Corp. | 2,809,753 | 257,233 | ||||
WEC Energy Group Inc. | 2,713,166 | 239,410 | ||||
American Water Works Co. Inc. | 1,674,213 | 238,994 | ||||
Edison International | 3,294,183 | 228,781 | ||||
Eversource Energy | 3,000,496 | 212,795 | ||||
Ameren Corp. | 2,257,656 | 184,383 | ||||
FirstEnergy Corp. | 4,680,801 | 181,990 | ||||
Entergy Corp. | 1,818,717 | 177,089 | ||||
DTE Energy Co. | 1,595,540 | 175,541 | ||||
PPL Corp. | 6,339,683 | 167,748 | ||||
CenterPoint Energy Inc. | 5,413,997 | 157,818 | ||||
CMS Energy Corp. | 2,508,665 | 147,384 | ||||
Public Service Enterprise Group Inc. | 2,145,890 | 134,354 | ||||
AES Corp. | 5,757,264 | 119,348 | ||||
Evergy Inc. | 1,974,707 | 115,362 | ||||
Alliant Energy Corp. | 2,162,256 | 113,475 | ||||
NiSource Inc. | 3,552,965 | 97,174 | ||||
Vistra Corp. | 1,604,281 | 42,112 | ||||
Avangrid Inc. | 665,416 | 25,073 | ||||
3,634,776 | ||||||
Total Common Stocks (Cost $22,072,611) | 28,007,368 | |||||
Temporary Cash Investments (0.3%) | ||||||
Money Market Fund (0.3%) | ||||||
2,3 | Vanguard Market Liquidity Fund, 5.150% (Cost $75,145) | 751,760 | 75,161 | |||
Total Investments (100.2%) (Cost $22,147,756) | 28,082,529 | |||||
Other Assets and Liabilities—Net (-0.2%) | (44,844) | |||||
Net Assets (100%) | 28,037,685 |
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 $68,254,000. |
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 $76,368,000 was received for securities on loan, of which $75,155,000 is held in Vanguard Market Liquidity Fund and $1,213,000 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 | September 2023 | 30 | 6,732 | 148 |
E-mini S&P Mid-Cap 400 Index | September 2023 | 102 | 26,970 | 720 |
868 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $22,072,611) | 28,007,368 |
Affiliated Issuers (Cost $75,145) | 75,161 |
Total Investments in Securities | 28,082,529 |
Investment in Vanguard | 923 |
Cash | 1,213 |
Cash Collateral Pledged—Futures Contracts | 1,810 |
Receivables for Investment Securities Sold | 2,619 |
Receivables for Accrued Income | 55,505 |
Receivables for Capital Shares Issued | 7,742 |
Variation Margin Receivable—Futures Contracts | 247 |
Total Assets | 28,152,588 |
Liabilities | |
Due to Custodian | 6,605 |
Payables for Investment Securities Purchased | 21,504 |
Collateral for Securities on Loan | 76,368 |
Payables for Capital Shares Redeemed | 9,627 |
Payables to Vanguard | 799 |
Total Liabilities | 114,903 |
Net Assets | 28,037,685 |
1 Includes $68,254,000 of securities on loan. | |
At June 30, 2023, net assets consisted of: | |
Paid-in Capital | 26,028,760 |
Total Distributable Earnings (Loss) | 2,008,925 |
Net Assets | 28,037,685 |
Investor Shares—Net Assets | |
Applicable to 755,756 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 41,190 |
Net Asset Value Per Share—Investor Shares | $54.50 |
ETF Shares—Net Assets | |
Applicable to 116,904,245 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 16,180,945 |
Net Asset Value Per Share—ETF Shares | $138.41 |
Admiral Shares—Net Assets | |
Applicable to 164,785,513 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,815,550 |
Net Asset Value Per Share—Admiral Shares | $71.70 |
Six Months Ended June 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends | 313,293 |
Interest1 | 224 |
Securities Lending—Net | 3,585 |
Total Income | 317,102 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 316 |
Management and Administrative—Investor Shares | 36 |
Management and Administrative—ETF Shares | 4,449 |
Management and Administrative—Admiral Shares | 3,436 |
Marketing and Distribution—Investor Shares | 1 |
Marketing and Distribution—ETF Shares | 449 |
Marketing and Distribution—Admiral Shares | 363 |
Custodian Fees | 148 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—ETF Shares | 396 |
Shareholders’ Reports—Admiral Shares | 88 |
Trustees’ Fees and Expenses | 7 |
Other Expenses | 13 |
Total Expenses | 9,703 |
Expenses Paid Indirectly | (8) |
Net Expenses | 9,695 |
Net Investment Income | 307,407 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 8,514 |
Futures Contracts | 1,580 |
Swap Contracts | 1,729 |
Realized Net Gain (Loss) | 11,823 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 602,154 |
Futures Contracts | 1,258 |
Swap Contracts | 1,443 |
Change in Unrealized Appreciation (Depreciation) | 604,855 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 924,085 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $187,000, $1,000, and ($5,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $676,105,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 307,407 | 625,353 | |
Realized Net Gain (Loss) | 11,823 | 1,031,827 | |
Change in Unrealized Appreciation (Depreciation) | 604,855 | (4,126,567) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 924,085 | (2,469,387) | |
Distributions | |||
Investor Shares | (428) | (970) | |
ETF Shares | (171,472) | (356,532) | |
Admiral Shares | (125,159) | (267,459) | |
Total Distributions | (297,059) | (624,961) | |
Capital Share Transactions | |||
Investor Shares | (4,245) | (7,678) | |
ETF Shares | (174,297) | 1,666,234 | |
Admiral Shares | (189,925) | (147,140) | |
Net Increase (Decrease) from Capital Share Transactions | (368,467) | 1,511,416 | |
Total Increase (Decrease) | 258,559 | (1,582,932) | |
Net Assets | |||
Beginning of Period | 27,779,126 | 29,362,058 | |
End of Period | 28,037,685 | 27,779,126 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $53.27 | $59.16 | $46.83 | $46.96 | $37.50 | $43.89 |
Investment Operations | ||||||
Net Investment Income1 | .558 | 1.129 | 1.006 | 1.0482 | .808 | 1.0013 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.213 | (5.876) | 12.311 | (.122) | 9.566 | (6.415) |
Total from Investment Operations | 1.771 | (4.747) | 13.317 | .926 | 10.374 | (5.414) |
Distributions | ||||||
Dividends from Net Investment Income | (.541) | (1.143) | (.987) | (1.056) | (.914) | (.976) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.541) | (1.143) | (.987) | (1.056) | (.914) | (.976) |
Net Asset Value, End of Period | $54.50 | $53.27 | $59.16 | $46.83 | $46.96 | $37.50 |
Total Return4 | 3.38% | -8.00% | 28.59% | 2.43% | 27.82% | -12.53% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $41 | $45 | $57 | $43 | $52 | $508 |
Ratio of Total Expenses to Average Net Assets | 0.19%5 | 0.19%5 | 0.19% | 0.19% | 0.19% | 0.19% |
Ratio of Net Investment Income to Average Net Assets | 2.18% | 2.05% | 1.83% | 2.58%2 | 1.90% | 2.29%3 |
Portfolio Turnover Rate6 | 9% | 18% | 17% | 39% | 17% | 17% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $135.28 | $150.26 | $118.93 | $119.27 | $95.22 | $111.47 |
Investment Operations | ||||||
Net Investment Income1 | 1.503 | 3.091 | 2.744 | 2.7812 | 2.497 | 2.6453 |
Net Realized and Unrealized Gain (Loss) on Investments | 3.085 | (14.996) | 31.258 | (.310) | 23.996 | (16.278) |
Total from Investment Operations | 4.588 | (11.905) | 34.002 | 2.471 | 26.493 | (13.633) |
Distributions | ||||||
Dividends from Net Investment Income | (1.458) | (3.075) | (2.672) | (2.811) | (2.443) | (2.617) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.458) | (3.075) | (2.672) | (2.811) | (2.443) | (2.617) |
Net Asset Value, End of Period | $138.41 | $135.28 | $150.26 | $118.93 | $119.27 | $95.22 |
Total Return | 3.46% | -7.88% | 28.74% | 2.50% | 27.98% | -12.41% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $16,181 | $15,995 | $16,086 | $11,061 | $10,339 | $7,898 |
Ratio of Total Expenses to Average Net Assets | 0.07%4 | 0.07%4 | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 2.31% | 2.22% | 1.96% | 2.69%2 | 2.26% | 2.41%3 |
Portfolio Turnover Rate5 | 9% | 18% | 17% | 39% | 17% | 17% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $70.08 | $77.84 | $61.61 | $61.79 | $49.33 | $57.74 |
Investment Operations | ||||||
Net Investment Income1 | .776 | 1.586 | 1.413 | 1.4382 | 1.303 | 1.3853 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.599 | (7.753) | 16.201 | (.162) | 12.422 | (8.439) |
Total from Investment Operations | 2.375 | (6.167) | 17.614 | 1.276 | 13.725 | (7.054) |
Distributions | ||||||
Dividends from Net Investment Income | (.755) | (1.593) | (1.384) | (1.456) | (1.265) | (1.356) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.755) | (1.593) | (1.384) | (1.456) | (1.265) | (1.356) |
Net Asset Value, End of Period | $71.70 | $70.08 | $77.84 | $61.61 | $61.79 | $49.33 |
Total Return4 | 3.45% | -7.90% | 28.76% | 2.54% | 27.99% | -12.42% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $11,816 | $11,740 | $13,218 | $10,092 | $11,148 | $7,738 |
Ratio of Total Expenses to Average Net Assets | 0.07%5 | 0.07%5 | 0.07% | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 2.30% | 2.19% | 1.95% | 2.69%2 | 2.28% | 2.41%3 |
Portfolio Turnover Rate6 | 9% | 18% | 17% | 39% | 17% | 17% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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. |
Amount ($000) | |
Tax Cost | 22,181,076 |
Gross Unrealized Appreciation | 6,999,426 |
Gross Unrealized Depreciation | (1,097,105) |
Net Unrealized Appreciation (Depreciation) | 5,902,321 |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 2,669 | 50 | 9,543 | 172 | |
Issued in Lieu of Cash Distributions | 428 | 8 | 970 | 18 | |
Redeemed | (7,342) | (137) | (18,191) | (326) | |
Net Increase (Decrease)—Investor Shares | (4,245) | (79) | (7,678) | (136) | |
ETF Shares | |||||
Issued | 1,737,026 | 12,995 | 6,026,513 | 43,603 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (1,911,323) | (14,325) | (4,360,279) | (32,425) | |
Net Increase (Decrease)—ETF Shares | (174,297) | (1,330) | 1,666,234 | 11,178 | |
Admiral Shares | |||||
Issued | 901,759 | 12,775 | 2,265,008 | 31,170 | |
Issued in Lieu of Cash Distributions | 111,189 | 1,636 | 237,416 | 3,400 | |
Redeemed | (1,202,873) | (17,143) | (2,649,564) | (36,866) | |
Net Increase (Decrease)—Admiral Shares | (189,925) | (2,732) | (147,140) | (2,296) |
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Vanguard Growth Index Fund |
Vanguard Value Index Fund |
Vanguard Large-Cap Index Fund |
About Your Fund’s Expenses | 1 |
Growth Index Fund | 3 |
Value Index Fund | 23 |
Large-Cap Index Fund | 46 |
Trustees Approve Advisory Arrangements | 69 |
Liquidity Risk Management | 71 |
• | 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 June 30, 2023 | |||
Beginning Account Value 12/31/2022 | Ending Account Value 6/30/2023 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,331.30 | $0.98 |
ETF Shares | 1,000.00 | 1,332.10 | 0.23 |
Admiral™ Shares | 1,000.00 | 1,332.00 | 0.29 |
Institutional Shares | 1,000.00 | 1,332.10 | 0.23 |
Value Index Fund | |||
Investor Shares | $1,000.00 | $1,024.90 | $0.85 |
ETF Shares | 1,000.00 | 1,025.50 | 0.20 |
Admiral Shares | 1,000.00 | 1,025.30 | 0.25 |
Institutional Shares | 1,000.00 | 1,025.40 | 0.20 |
Large-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,171.90 | $0.92 |
ETF Shares | 1,000.00 | 1,172.80 | 0.22 |
Admiral Shares | 1,000.00 | 1,172.70 | 0.27 |
Institutional Shares | 1,000.00 | 1,172.80 | 0.22 |
Based on Hypothetical 5% Yearly Return | |||
Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,023.95 | $0.85 |
ETF Shares | 1,000.00 | 1,024.60 | 0.20 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.25 |
Institutional Shares | 1,000.00 | 1,024.60 | 0.20 |
Value Index Fund | |||
Investor Shares | $1,000.00 | $1,023.95 | $0.85 |
ETF Shares | 1,000.00 | 1,024.60 | 0.20 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.25 |
Institutional Shares | 1,000.00 | 1,024.60 | 0.20 |
Large-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,023.95 | $0.85 |
ETF Shares | 1,000.00 | 1,024.60 | 0.20 |
Admiral Shares | 1,000.00 | 1,024.55 | 0.25 |
Institutional Shares | 1,000.00 | 1,024.60 | 0.20 |
Basic Materials | 1.4% |
Consumer Discretionary | 21.2 |
Consumer Staples | 0.8 |
Energy | 1.4 |
Financials | 2.3 |
Health Care | 8.4 |
Industrials | 9.3 |
Real Estate | 2.0 |
Technology | 52.0 |
Telecommunications | 1.0 |
Utilities | 0.2 |
Shares | Market Value• ($000) | ||
Common Stocks (99.8%) | |||
Basic Materials (1.4%) | |||
Linde plc | 4,170,427 | 1,589,266 | |
Ecolab Inc. | 2,179,840 | 406,954 | |
Fastenal Co. | 4,854,555 | 286,370 | |
Albemarle Corp. | 998,527 | 222,762 | |
2,505,352 | |||
Consumer Discretionary (21.2%) | |||
* | Amazon.com Inc. | 74,190,829 | 9,671,516 |
* | Tesla Inc. | 22,918,089 | 5,999,268 |
Home Depot Inc. | 8,552,365 | 2,656,707 | |
Costco Wholesale Corp. | 3,772,576 | 2,031,079 | |
McDonald's Corp. | 6,210,802 | 1,853,365 | |
* | Netflix Inc. | 3,681,666 | 1,621,737 |
* | Walt Disney Co. | 15,544,842 | 1,387,843 |
NIKE Inc. Class B | 10,480,907 | 1,156,778 | |
Starbucks Corp. | 9,752,468 | 966,079 | |
* | Booking Holdings Inc. | 314,189 | 848,414 |
TJX Cos. Inc. | 9,796,239 | 830,623 | |
* | Uber Technologies Inc. | 16,357,421 | 706,150 |
Lowe's Cos. Inc. | 2,516,901 | 568,065 | |
* | Chipotle Mexican Grill Inc. Class A | 234,689 | 502,000 |
* | O'Reilly Automotive Inc. | 517,825 | 494,678 |
* | Airbnb Inc. Class A | 3,157,453 | 404,659 |
Marriott International Inc. Class A | 2,193,483 | 402,921 | |
* | AutoZone Inc. | 156,516 | 390,251 |
* | Lululemon Athletica Inc. | 987,613 | 373,812 |
Estee Lauder Cos. Inc. Class A | 1,775,439 | 348,661 | |
* | Copart Inc. | 3,649,284 | 332,851 |
Yum! Brands Inc. | 2,382,858 | 330,145 | |
Hilton Worldwide Holdings Inc. | 2,251,735 | 327,740 | |
Ross Stores Inc. | 2,910,198 | 326,320 | |
Dollar General Corp. | 1,864,225 | 316,508 | |
Electronic Arts Inc. | 2,320,314 | 300,945 | |
* | Trade Desk Inc. Class A | 3,762,586 | 290,547 |
* | Activision Blizzard Inc. | 3,177,550 | 267,867 |
* | Aptiv plc | 2,301,960 | 235,007 |
* | Take-Two Interactive Software Inc. | 1,436,102 | 211,337 |
Tractor Supply Co. | 931,611 | 205,979 | |
* | Ulta Beauty Inc. | 426,779 | 200,840 |
Shares | Market Value• ($000) | ||
* | Las Vegas Sands Corp. | 2,924,233 | 169,606 |
* | Expedia Group Inc. | 1,212,473 | 132,632 |
* | Roblox Corp. Class A | 3,100,622 | 124,955 |
* | Live Nation Entertainment Inc. | 1,368,259 | 124,662 |
Domino's Pizza Inc. | 300,467 | 101,254 | |
* | Royal Caribbean Cruises Ltd. | 924,215 | 95,878 |
Rollins Inc. | 2,094,861 | 89,723 | |
* | Etsy Inc. | 1,048,815 | 88,740 |
* | Burlington Stores Inc. | 552,444 | 86,949 |
Pool Corp. | 157,681 | 59,074 | |
MGM Resorts International | 1,237,424 | 54,348 | |
* | Caesars Entertainment Inc. | 869,287 | 44,308 |
Vail Resorts Inc. | 171,451 | 43,165 | |
* | Chewy Inc. Class A | 790,676 | 31,208 |
Warner Music Group Corp. Class A | 999,693 | 26,082 | |
* | Endeavor Group Holdings Inc. Class A | 637,744 | 15,255 |
37,848,531 | |||
Consumer Staples (0.8%) | |||
* | Monster Beverage Corp. | 6,233,168 | 358,033 |
Hershey Co. | 1,253,067 | 312,891 | |
Colgate-Palmolive Co. | 3,526,685 | 271,696 | |
Church & Dwight Co. Inc. | 2,078,978 | 208,376 | |
Brown-Forman Corp. Class B | 2,632,571 | 175,803 | |
Lamb Weston Holdings Inc. | 619,134 | 71,169 | |
Brown-Forman Corp. Class A | 434,949 | 29,607 | |
1,427,575 | |||
Energy (1.4%) | |||
Pioneer Natural Resources Co. | 1,988,317 | 411,940 | |
Hess Corp. | 2,351,096 | 319,632 | |
Cheniere Energy Inc. | 1,963,819 | 299,207 | |
Schlumberger NV | 6,063,607 | 297,844 | |
Diamondback Energy Inc. | 1,541,306 | 202,466 | |
* | Enphase Energy Inc. | 1,166,338 | 195,338 |
* | First Solar Inc. | 863,867 | 164,213 |
Shares | Market Value• ($000) | ||
Coterra Energy Inc. | 6,118,236 | 154,791 | |
Baker Hughes Co. Class A | 4,303,810 | 136,043 | |
Halliburton Co. | 3,451,943 | 113,880 | |
EQT Corp. | 1,537,413 | 63,234 | |
Marathon Oil Corp. | 2,625,747 | 60,445 | |
Texas Pacific Land Corp. | 26,162 | 34,442 | |
*,1 | Plug Power Inc. | 2,553,426 | 26,530 |
2,480,005 | |||
Financials (2.3%) | |||
S&P Global Inc. | 2,729,143 | 1,094,086 | |
Aon plc Class A (XNYS) | 1,650,378 | 569,711 | |
Blackstone Inc. | 6,005,738 | 558,353 | |
Moody's Corp. | 1,326,753 | 461,339 | |
MSCI Inc. Class A | 647,108 | 303,681 | |
Apollo Global Management Inc. | 3,379,752 | 259,599 | |
Broadridge Financial Solutions Inc. | 1,003,126 | 166,148 | |
LPL Financial Holdings Inc. | 660,408 | 143,593 | |
Ares Management Corp. Class A | 1,365,863 | 131,601 | |
FactSet Research Systems Inc. | 325,808 | 130,535 | |
*,1 | Coinbase Global Inc. Class A | 1,271,185 | 90,953 |
MarketAxess Holdings Inc. | 320,275 | 83,726 | |
Tradeweb Markets Inc. Class A | 975,441 | 66,798 | |
Brown & Brown Inc. | 964,690 | 66,409 | |
Interactive Brokers Group Inc. Class A | 415,929 | 34,551 | |
4,161,083 | |||
Health Care (8.4%) | |||
Eli Lilly & Co. | 7,267,854 | 3,408,478 | |
Thermo Fisher Scientific Inc. | 3,281,183 | 1,711,957 | |
* | Intuitive Surgical Inc. | 2,980,899 | 1,019,289 |
Stryker Corp. | 2,906,481 | 886,738 | |
* | Vertex Pharmaceuticals Inc. | 2,191,227 | 771,115 |
Danaher Corp. | 2,825,028 | 678,007 | |
* | Boston Scientific Corp. | 12,435,732 | 672,649 |
Zoetis Inc. | 3,537,547 | 609,201 | |
* | Edwards Lifesciences Corp. | 5,156,635 | 486,425 |
* | DexCom Inc. | 3,297,461 | 423,757 |
* | IQVIA Holdings Inc. | 1,578,557 | 354,812 |
* | IDEXX Laboratories Inc. | 706,175 | 354,662 |
* | Moderna Inc. | 2,756,628 | 334,930 |
* | Regeneron Pharmaceuticals Inc. | 436,012 | 313,292 |
Agilent Technologies Inc. | 2,509,889 | 301,814 | |
ResMed Inc. | 1,250,183 | 273,165 | |
* | Illumina Inc. | 1,345,239 | 252,219 |
* | Veeva Systems Inc. Class A | 1,239,793 | 245,144 |
West Pharmaceutical Services Inc. | 631,248 | 241,434 |
Shares | Market Value• ($000) | ||
* | Seagen Inc. | 1,196,726 | 230,322 |
* | Align Technology Inc. | 618,047 | 218,566 |
* | Alnylam Pharmaceuticals Inc. | 1,058,794 | 201,107 |
* | Horizon Therapeutics plc | 1,943,852 | 199,925 |
* | Insulet Corp. | 592,579 | 170,864 |
Cooper Cos. Inc. | 420,487 | 161,227 | |
* | BioMarin Pharmaceutical Inc. | 1,595,944 | 138,337 |
* | Incyte Corp. | 1,612,287 | 100,365 |
STERIS plc | 422,075 | 94,959 | |
* | Bio-Rad Laboratories Inc. Class A | 177,329 | 67,229 |
* | Avantor Inc. | 2,870,260 | 58,955 |
* | Charles River Laboratories International Inc. | 108,819 | 22,879 |
* | Catalent Inc. | 363,744 | 15,772 |
*,2 | ABIOMED Inc. CVR | 15 | — |
15,019,595 | |||
Industrials (9.3%) | |||
Visa Inc. Class A | 13,320,745 | 3,163,410 | |
Mastercard Inc. Class A | 7,198,041 | 2,830,990 | |
Accenture plc Class A | 5,372,496 | 1,657,845 | |
* | Boeing Co. | 5,117,714 | 1,080,656 |
Automatic Data Processing Inc. | 3,514,701 | 772,496 | |
* | PayPal Holdings Inc. | 9,489,764 | 633,252 |
* | Fiserv Inc. | 4,989,750 | 629,457 |
Union Pacific Corp. | 2,592,975 | 530,575 | |
Sherwin-Williams Co. | 1,974,237 | 524,199 | |
TransDigm Group Inc. | 443,917 | 396,937 | |
Cintas Corp. | 735,423 | 365,564 | |
Rockwell Automation Inc. | 977,362 | 321,992 | |
Old Dominion Freight Line Inc. | 839,109 | 310,261 | |
Paychex Inc. | 2,760,489 | 308,816 | |
* | Block Inc. (XNYS) | 4,630,630 | 308,261 |
WW Grainger Inc. | 384,170 | 302,953 | |
Verisk Analytics Inc. Class A | 1,232,001 | 278,469 | |
Vulcan Materials Co. | 1,132,354 | 255,278 | |
* | Keysight Technologies Inc. | 1,515,838 | 253,827 |
* | Mettler-Toledo International Inc. | 187,391 | 245,790 |
Equifax Inc. | 1,043,659 | 245,573 | |
Quanta Services Inc. | 1,235,434 | 242,701 | |
* | Teledyne Technologies Inc. | 399,999 | 164,444 |
* | Waters Corp. | 501,924 | 133,783 |
JB Hunt Transport Services Inc. | 704,995 | 127,625 | |
Martin Marietta Materials Inc. | 263,576 | 121,690 | |
* | Bill Holdings Inc. | 858,420 | 100,306 |
HEICO Corp. Class A | 630,755 | 88,684 | |
* | Zebra Technologies Corp. Class A | 218,650 | 64,683 |
HEICO Corp. | 348,077 | 61,589 | |
* | Trimble Inc. | 1,053,324 | 55,763 |
Shares | Market Value• ($000) | ||
Jack Henry & Associates Inc. | 309,828 | 51,843 | |
16,629,712 | |||
Real Estate (2.0%) | |||
American Tower Corp. | 3,965,003 | 768,973 | |
Equinix Inc. | 795,709 | 623,788 | |
Public Storage | 1,346,058 | 392,887 | |
Welltower Inc. | 4,229,233 | 342,103 | |
* | CoStar Group Inc. | 3,476,041 | 309,368 |
SBA Communications Corp. Class A | 922,026 | 213,689 | |
Crown Castle Inc. | 1,843,791 | 210,082 | |
Invitation Homes Inc. | 5,208,723 | 179,180 | |
Realty Income Corp. | 2,861,959 | 171,116 | |
Sun Communities Inc. | 1,057,785 | 137,999 | |
* | Zillow Group Inc. Class C | 1,306,198 | 65,649 |
UDR Inc. | 1,399,415 | 60,119 | |
Camden Property Trust | 453,900 | 49,416 | |
* | Zillow Group Inc. Class A | 339,738 | 16,715 |
3,541,084 | |||
Technology (51.9%) | |||
Apple Inc. | 127,110,633 | 24,655,650 | |
Microsoft Corp. | 63,252,418 | 21,539,978 | |
NVIDIA Corp. | 19,986,689 | 8,454,769 | |
* | Alphabet Inc. Class A | 50,536,760 | 6,049,250 |
* | Meta Platforms Inc. Class A | 18,818,491 | 5,400,531 |
* | Alphabet Inc. Class C | 42,475,770 | 5,138,294 |
* | Adobe Inc. | 3,902,126 | 1,908,101 |
* | Salesforce Inc. | 8,081,577 | 1,707,314 |
* | Advanced Micro Devices Inc. | 13,699,116 | 1,560,466 |
Texas Instruments Inc. | 7,721,045 | 1,389,943 | |
Applied Materials Inc. | 7,189,266 | 1,039,137 | |
Intuit Inc. | 2,263,435 | 1,037,083 | |
* | ServiceNow Inc. | 1,733,292 | 974,058 |
Lam Research Corp. | 1,142,895 | 734,721 | |
* | Palo Alto Networks Inc. | 2,601,530 | 664,717 |
KLA Corp. | 1,166,936 | 565,987 | |
QUALCOMM Inc. | 4,739,137 | 564,147 | |
* | Synopsys Inc. | 1,294,259 | 563,533 |
* | Cadence Design Systems Inc. | 2,319,445 | 543,956 |
Roper Technologies Inc. | 906,760 | 435,970 | |
Marvell Technology Inc. | 7,289,005 | 435,737 | |
Amphenol Corp. Class A | 5,064,340 | 430,216 | |
* | Fortinet Inc. | 5,677,619 | 429,171 |
Microchip Technology Inc. | 4,659,971 | 417,487 | |
* | Snowflake Inc. Class A | 2,349,984 | 413,550 |
* | Workday Inc. Class A | 1,735,445 | 392,020 |
* | Autodesk Inc. | 1,827,154 | 373,854 |
* | Crowdstrike Holdings Inc. Class A | 1,811,636 | 266,075 |
* | ANSYS Inc. | 737,488 | 243,570 |
* | MongoDB Inc. Class A | 570,237 | 234,362 |
* | Gartner Inc. | 639,025 | 223,857 |
Shares | Market Value• ($000) | ||
* | Palantir Technologies Inc. Class A | 14,566,364 | 223,302 |
* | Datadog Inc. Class A | 2,269,040 | 223,228 |
* | Atlassian Corp. Ltd. Class A | 1,292,515 | 216,897 |
* | HubSpot Inc. | 400,957 | 213,345 |
Monolithic Power Systems Inc. | 383,434 | 207,143 | |
* | DoorDash Inc. Class A | 2,454,983 | 187,610 |
* | ON Semiconductor Corp. | 1,836,009 | 173,650 |
* | VeriSign Inc. | 752,299 | 169,997 |
* | Cloudflare Inc. Class A | 2,338,552 | 152,871 |
Skyworks Solutions Inc. | 1,353,198 | 149,786 | |
* | Splunk Inc. | 1,407,761 | 149,349 |
* | Tyler Technologies Inc. | 356,493 | 148,469 |
Teradyne Inc. | 1,318,192 | 146,754 | |
Paycom Software Inc. | 435,763 | 139,985 | |
* | Pinterest Inc. Class A | 5,053,267 | 138,156 |
* | Zoom Video Communications Inc. Class A | 1,891,433 | 128,390 |
* | EPAM Systems Inc. | 492,354 | 110,657 |
* | Zscaler Inc. | 740,368 | 108,316 |
Bentley Systems Inc. Class B | 1,916,685 | 103,942 | |
* | Snap Inc. Class A | 8,607,575 | 101,914 |
* | Match Group Inc. | 2,367,656 | 99,086 |
* | GoDaddy Inc. Class A | 1,311,119 | 98,504 |
* | Twilio Inc. Class A | 1,482,127 | 94,293 |
*,1 | Unity Software Inc. | 2,092,767 | 90,868 |
* | Okta Inc. | 1,309,305 | 90,800 |
* | DocuSign Inc. Class A | 1,720,286 | 87,889 |
* | ZoomInfo Technologies Inc. Class A | 2,907,746 | 73,828 |
* | Toast Inc. Class A | 1,468,726 | 33,149 |
* | Black Knight Inc. | 300,290 | 17,936 |
92,667,618 | |||
Telecommunications (0.9%) | |||
* | T-Mobile US Inc. | 5,104,183 | 708,971 |
* | Arista Networks Inc. | 1,967,076 | 318,784 |
* | Charter Communications Inc. Class A | 832,763 | 305,932 |
Motorola Solutions Inc. | 713,010 | 209,112 | |
* | Liberty Broadband Corp. Class C | 1,018,439 | 81,587 |
* | Roku Inc. | 524,525 | 33,549 |
* | Liberty Broadband Corp. Class A | 138,212 | 11,020 |
1,668,955 | |||
Utilities (0.2%) | |||
Waste Connections Inc. (XTSE) | 2,191,327 | 313,206 | |
Total Common Stocks (Cost $87,833,617) | 178,262,716 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
3,4 | Vanguard Market Liquidity Fund, 5.150% (Cost $364,111) | 3,642,167 | 364,144 |
Total Investments (100.0%) (Cost $88,197,728) | 178,626,860 | ||
Other Assets and Liabilities—Net (0.0%) | (8,110) | ||
Net Assets (100%) | 178,618,750 | ||
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 $77,383,000. |
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 $80,497,000 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 | September 2023 | 881 | 197,707 | 4,108 |
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) |
Netflix Inc. | 8/31/23 | BANA | 44,049 | (5.072) | — | (167) |
Visa Inc. Class A | 8/31/23 | BANA | 105,679 | (4.972) | — | (207) |
— | (374) |
1 | Based on Overnight Bank Funding Rate as of the most recent reset 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 $87,833,617) | 178,262,716 |
Affiliated Issuers (Cost $364,111) | 364,144 |
Total Investments in Securities | 178,626,860 |
Investment in Vanguard | 5,904 |
Cash | 5,999 |
Cash Collateral Pledged—Futures Contracts | 9,875 |
Receivables for Investment Securities Sold | 12,104 |
Receivables for Accrued Income | 32,357 |
Receivables for Capital Shares Issued | 89,708 |
Variation Margin Receivable—Futures Contracts | 2,313 |
Total Assets | 178,785,120 |
Liabilities | |
Payables for Investment Securities Purchased | 1,512 |
Collateral for Securities on Loan | 80,497 |
Payables for Capital Shares Redeemed | 80,829 |
Payables to Vanguard | 3,158 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 374 |
Total Liabilities | 166,370 |
Net Assets | 178,618,750 |
1 Includes $77,383,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At June 30, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 93,781,172 |
Total Distributable Earnings (Loss) | 84,837,578 |
Net Assets | 178,618,750 |
Investor Shares—Net Assets | |
Applicable to 2,691,838 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 392,310 |
Net Asset Value Per Share—Investor Shares | $145.74 |
ETF Shares—Net Assets | |
Applicable to 327,482,382 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 92,678,229 |
Net Asset Value Per Share—ETF Shares | $283.00 |
Admiral Shares—Net Assets | |
Applicable to 417,387,306 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 60,803,347 |
Net Asset Value Per Share—Admiral Shares | $145.68 |
Institutional Shares—Net Assets | |
Applicable to 169,853,846 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 24,744,864 |
Net Asset Value Per Share—Institutional Shares | $145.68 |
Six Months Ended June 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 534,203 |
Interest2 | 6,812 |
Securities Lending—Net | 1,947 |
Total Income | 542,962 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,782 |
Management and Administrative—Investor Shares | 279 |
Management and Administrative—ETF Shares | 11,961 |
Management and Administrative—Admiral Shares | 10,641 |
Management and Administrative—Institutional Shares | 3,589 |
Marketing and Distribution—Investor Shares | 10 |
Marketing and Distribution—ETF Shares | 1,919 |
Marketing and Distribution—Admiral Shares | 1,424 |
Marketing and Distribution—Institutional Shares | 316 |
Custodian Fees | 421 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—ETF Shares | 832 |
Shareholders’ Reports—Admiral Shares | 235 |
Shareholders’ Reports—Institutional Shares | 49 |
Trustees’ Fees and Expenses | 40 |
Other Expenses | 13 |
Total Expenses | 33,511 |
Expenses Paid Indirectly | (13) |
Net Expenses | 33,498 |
Net Investment Income | 509,464 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 1,944,581 |
Futures Contracts | 11,614 |
Swap Contracts | 25,261 |
Foreign Currencies | 2 |
Realized Net Gain (Loss) | 1,981,458 |
Statement of Operations (continued) | |
Six Months Ended June 30, 2023 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 41,860,542 |
Futures Contracts | 4,908 |
Swap Contracts | (152) |
Change in Unrealized Appreciation (Depreciation) | 41,865,298 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 44,356,220 |
1 | Dividends are net of foreign withholding taxes of $167,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $6,605,000, $29,000, and ($28,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $3,571,288,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 509,464 | 943,411 | |
Realized Net Gain (Loss) | 1,981,458 | 875,348 | |
Change in Unrealized Appreciation (Depreciation) | 41,865,298 | (64,902,246) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 44,356,220 | (63,083,487) | |
Distributions | |||
Investor Shares | (1,004) | (2,025) | |
ETF Shares | (275,215) | (458,691) | |
Admiral Shares | (177,339) | (312,198) | |
Institutional Shares | (73,423) | (128,919) | |
Total Distributions | (526,981) | (901,833) | |
Capital Share Transactions | |||
Investor Shares | (56,716) | (141,965) | |
ETF Shares | 1,737,584 | 9,337,505 | |
Admiral Shares | 601,725 | (199,354) | |
Institutional Shares | 202,997 | 35,988 | |
Net Increase (Decrease) from Capital Share Transactions | 2,485,590 | 9,032,174 | |
Total Increase (Decrease) | 46,314,829 | (54,953,146) | |
Net Assets | |||
Beginning of Period | 132,303,921 | 187,257,067 | |
End of Period | 178,618,750 | 132,303,921 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $109.76 | $165.20 | $130.50 | $93.87 | $69.10 | $72.36 |
Investment Operations | ||||||
Net Investment Income1 | .340 | .638 | .565 | .728 | .746 | .823 |
Net Realized and Unrealized Gain (Loss) on Investments | 35.991 | (55.480) | 34.731 | 36.631 | 24.802 | (3.271) |
Total from Investment Operations | 36.331 | (54.842) | 35.296 | 37.359 | 25.548 | (2.448) |
Distributions | ||||||
Dividends from Net Investment Income | (.351) | (.598) | (.596) | (.729) | (.778) | (.812) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.351) | (.598) | (.596) | (.729) | (.778) | (.812) |
Net Asset Value, End of Period | $145.74 | $109.76 | $165.20 | $130.50 | $93.87 | $69.10 |
Total Return2 | 33.13% | -33.22% | 27.10% | 40.01% | 37.08% | -3.46% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $392 | $345 | $692 | $750 | $572 | $2,654 |
Ratio of Total Expenses to Average Net Assets | 0.17%3 | 0.17%3 | 0.17% | 0.17% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 0.55% | 0.50% | 0.39% | 0.69% | 0.92% | 1.08% |
Portfolio Turnover Rate4 | 3% | 5% | 8% | 6% | 11% | 11% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $213.14 | $320.83 | $253.44 | $182.31 | $134.21 | $140.55 |
Investment Operations | ||||||
Net Investment Income1 | .816 | 1.584 | 1.483 | 1.683 | 1.773 | 1.807 |
Net Realized and Unrealized Gain (Loss) on Investments | 69.885 | (107.775) | 67.447 | 71.131 | 48.065 | (6.373) |
Total from Investment Operations | 70.701 | (106.191) | 68.930 | 72.814 | 49.838 | (4.566) |
Distributions | ||||||
Dividends from Net Investment Income | (.841) | (1.499) | (1.540) | (1.684) | (1.738) | (1.774) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.841) | (1.499) | (1.540) | (1.684) | (1.738) | (1.774) |
Net Asset Value, End of Period | $283.00 | $213.14 | $320.83 | $253.44 | $182.31 | $134.21 |
Total Return | 33.21% | -33.13% | 27.26% | 40.16% | 37.26% | -3.32% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $92,678 | $68,198 | $90,506 | $68,474 | $46,481 | $32,489 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 0.68% | 0.64% | 0.52% | 0.81% | 1.09% | 1.21% |
Portfolio Turnover Rate3 | 3% | 5% | 8% | 6% | 11% | 11% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $109.72 | $165.15 | $130.46 | $93.84 | $69.09 | $72.35 |
Investment Operations | ||||||
Net Investment Income1 | .414 | .799 | .748 | .855 | .907 | .921 |
Net Realized and Unrealized Gain (Loss) on Investments | 35.973 | (55.471) | 34.720 | 36.621 | 24.728 | (3.274) |
Total from Investment Operations | 36.387 | (54.672) | 35.468 | 37.476 | 25.635 | (2.353) |
Distributions | ||||||
Dividends from Net Investment Income | (.427) | (.758) | (.778) | (.856) | (.885) | (.907) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.427) | (.758) | (.778) | (.856) | (.885) | (.907) |
Net Asset Value, End of Period | $145.68 | $109.72 | $165.15 | $130.46 | $93.84 | $69.09 |
Total Return2 | 33.20% | -33.14% | 27.26% | 40.19% | 37.23% | -3.34% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $60,803 | $45,295 | $68,372 | $53,928 | $38,103 | $25,609 |
Ratio of Total Expenses to Average Net Assets | 0.05%3 | 0.05%3 | 0.05% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 0.67% | 0.63% | 0.51% | 0.80% | 1.08% | 1.20% |
Portfolio Turnover Rate4 | 3% | 5% | 8% | 6% | 11% | 11% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $109.72 | $165.16 | $130.47 | $93.85 | $69.09 | $72.35 |
Investment Operations | ||||||
Net Investment Income1 | .420 | .812 | .762 | .867 | .912 | .928 |
Net Realized and Unrealized Gain (Loss) on Investments | 35.973 | (55.481) | 34.721 | 36.620 | 24.742 | (3.274) |
Total from Investment Operations | 36.393 | (54.669) | 35.483 | 37.487 | 25.654 | (2.346) |
Distributions | ||||||
Dividends from Net Investment Income | (.433) | (.771) | (.793) | (.867) | (.894) | (.914) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.433) | (.771) | (.793) | (.867) | (.894) | (.914) |
Net Asset Value, End of Period | $145.68 | $109.72 | $165.16 | $130.47 | $93.85 | $69.09 |
Total Return | 33.21% | -33.14% | 27.27% | 40.20% | 37.26% | -3.33% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $24,745 | $18,465 | $27,688 | $22,582 | $16,426 | $12,400 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 0.68% | 0.64% | 0.52% | 0.82% | 1.09% | 1.21% |
Portfolio Turnover Rate3 | 3% | 5% | 8% | 6% | 11% | 11% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 six months ended June 30, 2023, custodian fee offset arrangements reduced the fund’s expenses by $13,000 (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 | 178,262,716 | — | — | 178,262,716 |
Temporary Cash Investments | 364,144 | — | — | 364,144 |
Total | 178,626,860 | — | — | 178,626,860 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 4,108 | — | — | 4,108 |
Liabilities | ||||
Swap Contracts | — | 374 | — | 374 |
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. | As of June 30, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 88,249,772 |
Gross Unrealized Appreciation | 95,064,829 |
Gross Unrealized Depreciation | (4,683,633) |
Net Unrealized Appreciation (Depreciation) | 90,381,196 |
F. | During the six months ended June 30, 2023, the fund purchased $12,539,928,000 of investment securities and sold $10,121,713,000 of investment securities, other than temporary cash investments. Purchases and sales include $6,888,842,000 and $5,260,078,000, 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: |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 27,538 | 213 | 44,312 | 343 | |
Issued in Lieu of Cash Distributions | 1,003 | 8 | 2,025 | 17 | |
Redeemed | (85,257) | (670) | (188,302) | (1,408) | |
Net Increase (Decrease)—Investor Shares | (56,716) | (449) | (141,965) | (1,048) | |
ETF Shares | |||||
Issued | 7,082,673 | 28,316 | 17,007,616 | 69,617 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (5,345,089) | (20,800) | (7,670,111) | (31,750) | |
Net Increase (Decrease)—ETF Shares | 1,737,584 | 7,516 | 9,337,505 | 37,867 | |
Admiral Shares | |||||
Issued | 3,999,781 | 31,374 | 8,117,723 | 63,614 | |
Issued in Lieu of Cash Distributions | 158,523 | 1,201 | 277,829 | 2,333 | |
Redeemed | (3,556,579) | (28,032) | (8,594,906) | (67,109) | |
Net Increase (Decrease)—Admiral Shares | 601,725 | 4,543 | (199,354) | (1,162) | |
Institutional Shares | |||||
Issued | 1,498,528 | 11,741 | 2,976,818 | 23,224 | |
Issued in Lieu of Cash Distributions | 70,648 | 535 | 124,124 | 1,042 | |
Redeemed | (1,366,179) | (10,717) | (3,064,954) | (23,618) | |
Net Increase (Decrease)—Institutional Shares | 202,997 | 1,559 | 35,988 | 648 |
H. | Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
I. | Management has determined that no events or transactions occurred subsequent to June 30, 2023, that would require recognition or disclosure in these financial statements. |
Basic Materials | 2.2% |
Consumer Discretionary | 5.9 |
Consumer Staples | 11.1 |
Energy | 7.6 |
Financials | 18.8 |
Health Care | 18.3 |
Industrials | 15.0 |
Real Estate | 3.1 |
Technology | 8.1 |
Telecommunications | 3.8 |
Utilities | 6.1 |
Shares | Market Value• ($000) | ||
Common Stocks (99.7%) | |||
Basic Materials (2.2%) | |||
Air Products and Chemicals Inc. | 1,920,543 | 575,260 | |
Freeport-McMoRan Inc. | 12,389,470 | 495,579 | |
Nucor Corp. | 2,171,492 | 356,081 | |
Dow Inc. | 6,116,973 | 325,790 | |
Newmont Corp. | 6,863,603 | 292,801 | |
LyondellBasell Industries NV Class A | 2,250,884 | 206,699 | |
International Flavors & Fragrances Inc. | 2,205,221 | 175,514 | |
Avery Dennison Corp. | 696,889 | 119,725 | |
CF Industries Holdings Inc. | 1,682,231 | 116,780 | |
FMC Corp. | 1,078,418 | 112,522 | |
Mosaic Co. | 2,862,780 | 100,197 | |
Celanese Corp. Class A | 843,565 | 97,685 | |
International Paper Co. | 3,014,831 | 95,902 | |
Eastman Chemical Co. | 1,034,899 | 86,642 | |
Steel Dynamics Inc. | 695,813 | 75,795 | |
Westlake Corp. | 138,320 | 16,525 | |
3,249,497 | |||
Consumer Discretionary (5.9%) | |||
Walmart Inc. | 12,825,146 | 2,015,857 | |
Lowe's Cos. Inc. | 2,560,045 | 577,802 | |
Target Corp. | 3,989,631 | 526,232 | |
Ford Motor Co. | 33,961,091 | 513,831 | |
General Motors Co. | 11,410,855 | 440,003 | |
DR Horton Inc. | 2,652,362 | 322,766 | |
Lennar Corp. Class A | 2,274,538 | 285,022 | |
* | Activision Blizzard Inc. | 3,225,364 | 271,898 |
* | Delta Air Lines Inc. | 5,557,889 | 264,222 |
* | Dollar Tree Inc. | 1,819,698 | 261,127 |
* | Warner Bros Discovery Inc. | 18,974,978 | 237,946 |
eBay Inc. | 4,624,030 | 206,648 | |
Genuine Parts Co. | 1,214,419 | 205,516 | |
Southwest Airlines Co. | 5,142,156 | 186,198 | |
Darden Restaurants Inc. | 1,044,314 | 174,484 | |
* | NVR Inc. | 26,709 | 169,619 |
Omnicom Group Inc. | 1,724,353 | 164,072 | |
* | Carnival Corp. | 8,675,988 | 163,369 |
* | United Airlines Holdings Inc. | 2,822,090 | 154,848 |
PulteGroup Inc. | 1,928,283 | 149,789 | |
Best Buy Co. Inc. | 1,700,176 | 139,329 |
Shares | Market Value• ($000) | ||
Garmin Ltd. | 1,322,201 | 137,892 | |
LKQ Corp. | 2,307,505 | 134,458 | |
* | CarMax Inc. | 1,364,886 | 114,241 |
* | Rivian Automotive Inc. Class A | 6,063,797 | 101,023 |
BorgWarner Inc. (XNYS) | 2,035,237 | 99,543 | |
* | Royal Caribbean Cruises Ltd. | 941,271 | 97,648 |
News Corp. Class A | 4,288,761 | 83,631 | |
Fox Corp. Class A | 2,334,070 | 79,358 | |
1 | Paramount Global Class B | 4,193,002 | 66,711 |
Interpublic Group of Cos. Inc. | 1,672,705 | 64,533 | |
MGM Resorts International | 1,259,695 | 55,326 | |
* | American Airlines Group Inc. | 2,829,547 | 50,762 |
*,1 | Lucid Group Inc. | 6,909,280 | 47,605 |
Fox Corp. Class B | 1,104,343 | 35,218 | |
VF Corp. | 1,519,804 | 29,013 | |
1 | Sirius XM Holdings Inc. | 5,050,178 | 22,877 |
* | Liberty Media Corp.- Liberty SiriusXM Class C | 638,760 | 20,907 |
Advance Auto Parts Inc. | 257,985 | 18,136 | |
Endeavor Group Holdings Inc. Class A | 650,222 | 15,553 | |
* | Liberty Media Corp.- Liberty SiriusXM Class A | 344,964 | 11,318 |
1 | Paramount Global Class A | 114,903 | 2,133 |
Lennar Corp. Class B | 15,603 | 1,763 | |
News Corp. Class B | 27,910 | 550 | |
8,720,777 | |||
Consumer Staples (11.0%) | |||
Procter & Gamble Co. | 20,374,754 | 3,091,665 | |
PepsiCo Inc. | 11,908,912 | 2,205,769 | |
Coca-Cola Co. | 33,643,592 | 2,026,017 | |
Philip Morris International Inc. | 13,418,734 | 1,309,937 | |
Mondelez International Inc. Class A | 11,768,783 | 858,415 | |
CVS Health Corp. | 11,084,358 | 766,262 | |
Altria Group Inc. | 15,431,787 | 699,060 | |
McKesson Corp. | 1,172,576 | 501,053 | |
Kimberly-Clark Corp. | 2,918,387 | 402,913 | |
General Mills Inc. | 5,077,429 | 389,439 |
Shares | Market Value• ($000) | ||
Archer-Daniels-Midland Co. | 4,708,761 | 355,794 | |
Constellation Brands Inc. Class A | 1,425,126 | 350,766 | |
Corteva Inc. | 5,835,789 | 334,391 | |
Sysco Corp. | 4,380,428 | 325,028 | |
AmerisourceBergen Corp. Class A | 1,484,348 | 285,633 | |
Colgate-Palmolive Co. | 3,585,401 | 276,219 | |
Keurig Dr Pepper Inc. | 8,507,392 | 266,026 | |
Kraft Heinz Co. | 6,904,333 | 245,104 | |
Kroger Co. | 4,574,785 | 215,015 | |
McCormick & Co. Inc. | 2,170,209 | 189,307 | |
Walgreens Boots Alliance Inc. | 6,345,045 | 180,770 | |
Clorox Co. | 1,068,605 | 169,951 | |
Kellogg Co. | 2,222,211 | 149,777 | |
Conagra Brands Inc. | 3,844,911 | 129,650 | |
J M Smucker Co. | 874,808 | 129,183 | |
Tyson Foods Inc. Class A | 2,465,734 | 125,851 | |
Hormel Foods Corp. | 2,375,156 | 95,529 | |
Campbell Soup Co. | 1,690,912 | 77,292 | |
Albertsons Cos. Inc. Class A | 2,741,051 | 59,810 | |
Molson Coors Beverage Co. Class B | 782,008 | 51,487 | |
16,263,113 | |||
Energy (7.6%) | |||
Exxon Mobil Corp. | 34,951,545 | 3,748,553 | |
Chevron Corp. | 15,559,991 | 2,448,365 | |
ConocoPhillips | 10,476,535 | 1,085,474 | |
EOG Resources Inc. | 5,056,212 | 578,633 | |
Marathon Petroleum Corp. | 3,668,366 | 427,732 | |
Phillips 66 | 3,985,450 | 380,132 | |
Valero Energy Corp. | 3,125,750 | 366,650 | |
Williams Cos. Inc. | 10,533,059 | 343,694 | |
Occidental Petroleum Corp. | 5,780,426 | 339,889 | |
Schlumberger NV | 6,160,352 | 302,597 | |
Kinder Morgan Inc. | 16,468,704 | 283,591 | |
Devon Energy Corp. | 5,547,265 | 268,155 | |
ONEOK Inc. | 3,872,783 | 239,028 | |
Baker Hughes Co. Class A | 4,364,139 | 137,950 | |
Halliburton Co. | 3,519,429 | 116,106 | |
Marathon Oil Corp. | 2,675,520 | 61,590 | |
11,128,139 | |||
Financials (18.8%) | |||
* | Berkshire Hathaway Inc. Class B | 15,769,601 | 5,377,434 |
JPMorgan Chase & Co. | 25,264,141 | 3,674,417 | |
Bank of America Corp. | 58,561,524 | 1,680,130 | |
Wells Fargo & Co. | 32,439,256 | 1,384,507 | |
Morgan Stanley | 10,827,072 | 924,632 | |
Goldman Sachs Group Inc. | 2,623,651 | 846,232 | |
Marsh & McLennan Cos. Inc. | 4,278,554 | 804,710 | |
BlackRock Inc. | 1,100,237 | 760,418 | |
Charles Schwab Corp. | 12,999,815 | 736,830 | |
Citigroup Inc. | 15,989,654 | 736,164 | |
Chubb Ltd. | 3,579,375 | 689,244 | |
Progressive Corp. | 5,059,168 | 669,682 | |
CME Group Inc. | 3,109,653 | 576,188 |
Shares | Market Value• ($000) | ||
Intercontinental Exchange Inc. | 4,838,896 | 547,182 | |
US Bancorp | 13,254,212 | 437,919 | |
PNC Financial Services Group Inc. | 3,450,968 | 434,649 | |
Arthur J Gallagher & Co. | 1,851,080 | 406,442 | |
American International Group Inc. | 6,255,150 | 359,921 | |
Truist Financial Corp. | 11,516,506 | 349,526 | |
Travelers Cos. Inc. | 1,995,785 | 346,588 | |
Aflac Inc. | 4,697,146 | 327,861 | |
KKR & Co. Inc. | 5,592,703 | 313,191 | |
Ameriprise Financial Inc. | 899,727 | 298,853 | |
Bank of New York Mellon Corp. | 6,307,560 | 280,813 | |
MetLife Inc. | 4,958,988 | 280,332 | |
Prudential Financial Inc. | 3,151,450 | 278,021 | |
Discover Financial Services | 2,197,833 | 256,817 | |
Allstate Corp. | 2,274,755 | 248,039 | |
* | Arch Capital Group Ltd. | 3,059,796 | 229,026 |
T Rowe Price Group Inc. | 1,941,037 | 217,435 | |
Willis Towers Watson plc | 920,340 | 216,740 | |
State Street Corp. | 2,744,389 | 200,834 | |
Hartford Financial Services Group Inc. | 2,681,588 | 193,128 | |
M&T Bank Corp. | 1,434,509 | 177,535 | |
Raymond James Financial Inc. | 1,648,507 | 171,066 | |
Nasdaq Inc. | 3,392,123 | 169,097 | |
Principal Financial Group Inc. | 2,098,128 | 159,122 | |
Fifth Third Bancorp | 5,884,983 | 154,245 | |
* | Markel Group Inc. | 109,509 | 151,471 |
Regions Financial Corp. | 8,108,808 | 144,499 | |
Huntington Bancshares Inc. | 12,471,315 | 134,441 | |
Cincinnati Financial Corp. | 1,357,532 | 132,115 | |
Everest Re Group Ltd. | 374,643 | 128,075 | |
Northern Trust Corp. | 1,708,338 | 126,656 | |
Cboe Global Markets Inc. | 910,804 | 125,700 | |
Citizens Financial Group Inc. | 3,965,583 | 103,422 | |
W R Berkley Corp. | 1,697,058 | 101,077 | |
Loews Corp. | 1,668,961 | 99,103 | |
Fidelity National Financial Inc. | 2,245,773 | 80,848 | |
KeyCorp. | 8,126,141 | 75,086 | |
Franklin Resources Inc. | 2,607,693 | 69,651 | |
Annaly Capital Management Inc. | 2,135,894 | 42,739 | |
Equitable Holdings Inc. | 1,527,132 | 41,477 | |
Globe Life Inc. | 372,386 | 40,821 | |
Interactive Brokers Group Inc. Class A | 423,950 | 35,218 | |
* | Berkshire Hathaway Inc. Class A | 52 | 26,926 |
Corebridge Financial Inc. | 1,392,331 | 24,589 | |
*,1 | Rocket Cos. Inc. Class A | 980,749 | 8,788 |
27,607,672 |
Shares | Market Value• ($000) | ||
Health Care (18.3%) | |||
UnitedHealth Group Inc. | 8,049,006 | 3,868,674 | |
Johnson & Johnson | 22,467,344 | 3,718,795 | |
Merck & Co. Inc. | 21,937,097 | 2,531,322 | |
AbbVie Inc. | 15,253,156 | 2,055,058 | |
Pfizer Inc. | 48,807,478 | 1,790,258 | |
Abbott Laboratories | 15,031,131 | 1,638,694 | |
Bristol-Myers Squibb Co. | 18,164,128 | 1,161,596 | |
Amgen Inc. | 4,619,808 | 1,025,690 | |
Medtronic plc | 11,499,897 | 1,013,141 | |
Elevance Health Inc. | 2,049,410 | 910,532 | |
Gilead Sciences Inc. | 10,796,558 | 832,091 | |
Cigna Group | 2,557,936 | 717,757 | |
Danaher Corp. | 2,868,593 | 688,462 | |
Becton Dickinson and Co. | 2,456,869 | 648,638 | |
HCA Healthcare Inc. | 1,784,171 | 541,460 | |
Humana Inc. | 1,080,113 | 482,951 | |
* | Biogen Inc. | 1,251,185 | 356,400 |
* | Centene Corp. | 4,742,584 | 319,887 |
* | Regeneron Pharmaceuticals Inc. | 443,222 | 318,473 |
GE Healthcare Inc. | 3,345,892 | 271,820 | |
Zimmer Biomet Holdings Inc. | 1,805,068 | 262,818 | |
Cardinal Health Inc. | 2,201,692 | 208,214 | |
Baxter International Inc. | 4,372,388 | 199,206 | |
Laboratory Corp. of America Holdings | 766,108 | 184,885 | |
* | Hologic Inc. | 2,125,979 | 172,140 |
* | Molina Healthcare Inc. | 503,830 | 151,774 |
Quest Diagnostics Inc. | 967,414 | 135,980 | |
Revvity Inc. | 1,082,758 | 128,621 | |
Viatris Inc. | 10,341,688 | 103,210 | |
Royalty Pharma plc Class A | 3,286,159 | 101,016 | |
Teleflex Inc. | 407,778 | 98,694 | |
STERIS plc | 430,433 | 96,839 | |
* | Henry Schein Inc. | 1,137,860 | 92,280 |
* | Avantor Inc. | 2,923,799 | 60,055 |
* | Charles River Laboratories International Inc. | 110,726 | 23,280 |
* | Catalent Inc. | 370,449 | 16,063 |
26,926,774 | |||
Industrials (14.9%) | |||
Raytheon Technologies Corp. | 12,630,921 | 1,237,325 | |
Honeywell International Inc. | 5,755,288 | 1,194,222 | |
United Parcel Service Inc. Class B (XNYS) | 6,265,811 | 1,123,147 | |
Caterpillar Inc. | 4,455,137 | 1,096,186 | |
General Electric Co. | 9,412,319 | 1,033,943 | |
Lockheed Martin Corp. | 2,189,547 | 1,008,024 | |
Deere & Co. | 2,305,558 | 934,189 | |
American Express Co. | 4,817,562 | 839,219 | |
Eaton Corp. plc | 3,445,098 | 692,809 | |
CSX Corp. | 17,577,531 | 599,394 | |
Illinois Tool Works Inc. | 2,234,115 | 558,886 | |
Union Pacific Corp. | 2,633,702 | 538,908 | |
Northrop Grumman Corp. | 1,181,653 | 538,597 | |
FedEx Corp. | 1,955,417 | 484,748 | |
3M Co. | 4,770,827 | 477,512 |
Shares | Market Value• ($000) | ||
General Dynamics Corp. | 2,135,101 | 459,367 | |
Emerson Electric Co. | 4,939,748 | 446,504 | |
Norfolk Southern Corp. | 1,968,352 | 446,343 | |
Parker-Hannifin Corp. | 1,109,031 | 432,566 | |
Johnson Controls International plc | 5,768,223 | 393,047 | |
PACCAR Inc. | 4,519,198 | 378,031 | |
Trane Technologies plc | 1,971,357 | 377,042 | |
Carrier Global Corp. | 7,216,109 | 358,713 | |
Capital One Financial Corp. | 3,133,669 | 342,729 | |
AMETEK Inc. | 1,990,979 | 322,300 | |
L3Harris Technologies Inc. | 1,637,587 | 320,590 | |
Otis Worldwide Corp. | 3,567,175 | 317,514 | |
PPG Industries Inc. | 2,032,789 | 301,463 | |
Cummins Inc. | 1,223,801 | 300,027 | |
Fidelity National Information Services Inc. | 5,109,408 | 279,485 | |
Ferguson plc | 1,702,373 | 267,800 | |
United Rentals Inc. | 595,080 | 265,031 | |
DuPont de Nemours Inc. | 3,574,819 | 255,385 | |
Xylem Inc. | 2,071,355 | 233,276 | |
Ingersoll Rand Inc. (XYNS) | 3,500,559 | 228,797 | |
Fortive Corp. | 3,059,368 | 228,749 | |
Global Payments Inc. | 2,261,623 | 222,815 | |
Dover Corp. | 1,209,683 | 178,610 | |
Westinghouse Air Brake Technologies Corp. | 1,555,188 | 170,557 | |
Expeditors International of Washington Inc. | 1,320,941 | 160,006 | |
Ball Corp. | 2,718,805 | 158,262 | |
* | FleetCor Technologies Inc. | 603,787 | 151,599 |
Snap-on Inc. | 457,235 | 131,771 | |
TransUnion | 1,668,287 | 130,677 | |
Jacobs Solutions Inc. | 1,095,715 | 130,270 | |
Synchrony Financial | 3,697,604 | 125,423 | |
Stanley Black & Decker Inc. | 1,322,141 | 123,898 | |
Martin Marietta Materials Inc. | 268,206 | 123,828 | |
Textron Inc. | 1,740,882 | 117,736 | |
Masco Corp. | 1,955,126 | 112,185 | |
Packaging Corp. of America | 775,747 | 102,523 | |
CH Robinson Worldwide Inc. | 1,011,598 | 95,444 | |
Crown Holdings Inc. | 1,043,082 | 90,612 | |
Howmet Aerospace Inc. | 1,701,824 | 84,342 | |
Hubbell Inc. Class B | 232,154 | 76,973 | |
* | Zebra Technologies Corp. Class A | 222,906 | 65,942 |
* | Trimble Inc. | 1,053,537 | 55,774 |
Westrock Co. | 1,112,851 | 32,351 | |
21,953,466 | |||
Real Estate (3.0%) | |||
Prologis Inc. | 7,981,318 | 978,749 | |
Simon Property Group Inc. | 2,684,235 | 309,975 | |
Digital Realty Trust Inc. | 2,522,294 | 287,214 |
Shares | Market Value• ($000) | ||
VICI Properties Inc. Class A | 8,670,259 | 272,506 | |
AvalonBay Communities Inc. | 1,228,830 | 232,581 | |
Crown Castle Inc. | 1,874,521 | 213,583 | |
Weyerhaeuser Co. | 6,334,795 | 212,279 | |
* | CBRE Group Inc. Class A | 2,553,526 | 206,095 |
Equity Residential | 3,114,383 | 205,456 | |
Extra Space Storage Inc. | 1,167,040 | 173,714 | |
Realty Income Corp. | 2,902,905 | 173,565 | |
Alexandria Real Estate Equities Inc. | 1,495,329 | 169,705 | |
Ventas Inc. | 3,457,109 | 163,418 | |
Mid-America Apartment Communities Inc. | 1,008,248 | 153,112 | |
Iron Mountain Inc. | 2,519,117 | 143,136 | |
Essex Property Trust Inc. | 554,297 | 129,872 | |
WP Carey Inc. | 1,846,857 | 124,774 | |
Healthpeak Properties Inc. | 4,750,659 | 95,488 | |
UDR Inc. | 1,427,263 | 61,315 | |
Host Hotels & Resorts Inc. | 3,081,848 | 51,867 | |
Camden Property Trust | 463,098 | 50,417 | |
Regency Centers Corp. | 742,263 | 45,850 | |
Boston Properties Inc. | 613,261 | 35,318 | |
4,489,989 | |||
Technology (8.1%) | |||
Broadcom Inc. | 3,604,545 | 3,126,690 | |
Oracle Corp. | 12,835,786 | 1,528,614 | |
Intel Corp. | 36,060,532 | 1,205,864 | |
International Business Machines Corp. | 7,849,333 | 1,050,319 | |
Analog Devices Inc. | 4,335,581 | 844,615 | |
Micron Technology Inc. | 9,461,645 | 597,124 | |
QUALCOMM Inc. | 4,813,113 | 572,953 | |
TE Connectivity Ltd. | 2,724,963 | 381,931 | |
* | VMware Inc. Class A | 2,034,958 | 292,403 |
Cognizant Technology Solutions Corp. Class A | 4,393,121 | 286,783 | |
HP Inc. | 7,673,817 | 235,663 | |
Corning Inc. | 6,622,677 | 232,059 | |
CDW Corp. | 1,166,149 | 213,988 | |
Hewlett Packard Enterprise Co. | 11,204,759 | 188,240 | |
* | ON Semiconductor Corp. | 1,863,816 | 176,280 |
NetApp Inc. | 1,846,999 | 141,111 | |
* | Akamai Technologies Inc. | 1,348,407 | 121,181 |
Dell Technologies Inc. Class C | 2,097,848 | 113,515 | |
SS&C Technologies Holdings Inc. | 1,827,994 | 110,776 | |
Seagate Technology Holdings plc | 1,696,430 | 104,958 | |
* | Western Digital Corp. | 2,758,084 | 104,614 |
* | Qorvo Inc. | 857,655 | 87,507 |
Gen Digital Inc. (XNGS) | 4,716,632 | 87,493 | |
Leidos Holdings Inc. | 595,248 | 52,668 | |
* | Black Knight Inc. | 305,455 | 18,245 |
11,875,594 |
Shares | Market Value• ($000) | ||
Telecommunications (3.8%) | |||
Cisco Systems Inc. | 31,710,004 | 1,640,676 | |
Comcast Corp. Class A | 35,951,100 | 1,493,768 | |
Verizon Communications Inc. | 32,709,136 | 1,216,453 | |
AT&T Inc. | 61,797,801 | 985,675 | |
Motorola Solutions Inc. | 724,136 | 212,374 | |
Juniper Networks Inc. | 1,394,968 | 43,704 | |
5,592,650 | |||
Utilities (6.1%) | |||
NextEra Energy Inc. | 17,491,084 | 1,297,838 | |
Southern Co. | 9,438,279 | 663,039 | |
Waste Management Inc. | 3,516,676 | 609,862 | |
Duke Energy Corp. | 6,670,339 | 598,596 | |
Sempra Energy (XNYS) | 2,720,981 | 396,148 | |
American Electric Power Co. Inc. | 4,450,583 | 374,739 | |
Dominion Energy Inc. | 7,230,018 | 374,443 | |
* | PG&E Corp. | 20,310,101 | 350,959 |
Exelon Corp. | 8,592,807 | 350,071 | |
Xcel Energy Inc. | 4,753,606 | 295,532 | |
Republic Services Inc. Class A | 1,779,575 | 272,578 | |
Consolidated Edison Inc. | 2,990,889 | 270,376 | |
Public Service Enterprise Group Inc. | 4,308,696 | 269,767 | |
Constellation Energy Corp. | 2,827,837 | 258,889 | |
WEC Energy Group Inc. | 2,730,563 | 240,945 | |
American Water Works Co. Inc. | 1,683,179 | 240,274 | |
Edison International | 3,315,536 | 230,264 | |
Eversource Energy | 3,018,895 | 214,100 | |
Ameren Corp. | 2,270,210 | 185,408 | |
FirstEnergy Corp. | 4,705,464 | 182,948 | |
Entergy Corp. | 1,828,997 | 178,089 | |
DTE Energy Co. | 1,603,937 | 176,465 | |
PPL Corp. | 6,370,174 | 168,555 | |
CenterPoint Energy Inc. | 5,439,973 | 158,575 | |
CMS Energy Corp. | 2,519,986 | 148,049 | |
AES Corp. | 5,773,034 | 119,675 | |
Evergy Inc. | 1,974,007 | 115,322 | |
Alliant Energy Corp. | 2,169,938 | 113,878 | |
NiSource Inc. | 3,560,652 | 97,384 | |
Vistra Corp. | 1,617,237 | 42,452 | |
Avangrid Inc. | 669,450 | 25,225 | |
9,020,445 | |||
Total Common Stocks (Cost $120,010,630) | 146,828,116 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.1%) | |||
Money Market Fund (0.1%) | |||
2,3 | Vanguard Market Liquidity Fund, 5.150% (Cost $165,856) | 1,659,037 | 165,879 |
Total Investments (99.8%) (Cost $120,176,486) | 146,993,995 | ||
Other Assets and Liabilities—Net (0.2%) | 238,020 | ||
Net Assets (100%) | 147,232,015 | ||
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 $76,059,000. |
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 $83,297,000 was received for securities on loan, of which $83,280,000 is held in Vanguard Market Liquidity Fund and $17,000 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 | September 2023 | 1,058 | 237,428 | 2,849 |
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) |
Bank of New York Mellon Corp. | 8/31/23 | BANA | 7,346 | (5.522) | — | (30) |
Conagra Brands Inc. | 8/31/23 | BANA | 9,273 | (5.072) | — | (40) |
Ferguson plc | 8/31/23 | BANA | 10,697 | (5.072) | 9 | — |
Goldman Sachs Group Inc. | 8/30/24 | BANA | 59,670 | (5.672) | 179 | — |
Goldman Sachs Group Inc. | 8/30/24 | BANA | 20,965 | (5.672) | 63 | — |
Johnson Controls International plc | 8/31/23 | BANA | 11,107 | (5.072) | 19 | — |
Kroger Co. | 1/31/24 | GSI | 45,940 | (5.066) | 963 | — |
1,233 | (70) |
1 | Based on Overnight Bank Funding Rate as of the most recent reset 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 $120,010,630) | 146,828,116 |
Affiliated Issuers (Cost $165,856) | 165,879 |
Total Investments in Securities | 146,993,995 |
Investment in Vanguard | 4,966 |
Cash | 13,677 |
Cash Collateral Pledged—Futures Contracts | 11,850 |
Receivables for Investment Securities Sold | 601,688 |
Receivables for Accrued Income | 183,164 |
Receivables for Capital Shares Issued | 777,563 |
Variation Margin Receivable—Futures Contracts | 2,777 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 1,233 |
Total Assets | 148,590,913 |
Liabilities | |
Payables for Investment Securities Purchased | 1,442 |
Collateral for Securities on Loan | 83,297 |
Payables for Capital Shares Redeemed | 1,271,537 |
Payables to Vanguard | 2,552 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 70 |
Total Liabilities | 1,358,898 |
Net Assets | 147,232,015 |
1 Includes $76,059,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At June 30, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 121,370,350 |
Total Distributable Earnings (Loss) | 25,861,665 |
Net Assets | 147,232,015 |
Investor Shares—Net Assets | |
Applicable to 2,776,308 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 153,990 |
Net Asset Value Per Share—Investor Shares | $55.47 |
ETF Shares—Net Assets | |
Applicable to 700,272,773 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 99,523,095 |
Net Asset Value Per Share—ETF Shares | $142.12 |
Admiral Shares—Net Assets | |
Applicable to 581,643,245 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 32,248,135 |
Net Asset Value Per Share—Admiral Shares | $55.44 |
Institutional Shares—Net Assets | |
Applicable to 276,093,372 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 15,306,795 |
Net Asset Value Per Share—Institutional Shares | $55.44 |
Six Months Ended June 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends | 1,932,153 |
Interest1 | 4,355 |
Securities Lending—Net | 3,584 |
Total Income | 1,940,092 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,709 |
Management and Administrative—Investor Shares | 153 |
Management and Administrative—ETF Shares | 14,740 |
Management and Administrative—Admiral Shares | 6,360 |
Management and Administrative—Institutional Shares | 2,682 |
Marketing and Distribution—Investor Shares | 6 |
Marketing and Distribution—ETF Shares | 2,539 |
Marketing and Distribution—Admiral Shares | 922 |
Marketing and Distribution—Institutional Shares | 262 |
Custodian Fees | 501 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—ETF Shares | 1,133 |
Shareholders’ Reports—Admiral Shares | 163 |
Shareholders’ Reports—Institutional Shares | 65 |
Trustees’ Fees and Expenses | 38 |
Other Expenses | 13 |
Total Expenses | 31,287 |
Expenses Paid Indirectly | (3) |
Net Expenses | 31,284 |
Net Investment Income | 1,908,808 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 4,035,712 |
Futures Contracts | 19,093 |
Swap Contracts | (3,256) |
Realized Net Gain (Loss) | 4,051,549 |
Statement of Operations (continued) | |
Six Months Ended June 30, 2023 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | (2,505,934) |
Futures Contracts | 2,908 |
Swap Contracts | (201) |
Change in Unrealized Appreciation (Depreciation) | (2,503,227) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,457,130 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $4,104,000, $61,000, and ($4,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $5,370,639,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 1,908,808 | 3,671,256 | |
Realized Net Gain (Loss) | 4,051,549 | 6,671,995 | |
Change in Unrealized Appreciation (Depreciation) | (2,503,227) | (13,304,884) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,457,130 | (2,961,633) | |
Distributions | |||
Investor Shares | (2,184) | (5,847) | |
ETF Shares | (1,243,842) | (2,511,165) | |
Admiral Shares | (394,058) | (791,346) | |
Institutional Shares | (199,709) | (393,370) | |
Total Distributions | (1,839,793) | (3,701,728) | |
Capital Share Transactions | |||
Investor Shares | (79,952) | (19,293) | |
ETF Shares | (983,393) | 11,181,843 | |
Admiral Shares | (220,624) | 1,778,634 | |
Institutional Shares | (1,316,207) | 1,710,922 | |
Net Increase (Decrease) from Capital Share Transactions | (2,600,176) | 14,652,106 | |
Total Increase (Decrease) | (982,839) | 7,988,745 | |
Net Assets | |||
Beginning of Period | 148,214,854 | 140,226,109 | |
End of Period | 147,232,015 | 148,214,854 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $54.78 | $57.39 | $46.43 | $46.78 | $38.18 | $41.42 |
Investment Operations | ||||||
Net Investment Income1 | .651 | 1.301 | 1.177 | 1.142 | 1.093 | 1.009 |
Net Realized and Unrealized Gain (Loss) on Investments | .682 | (2.604) | 10.945 | (.362) | 8.623 | (3.261) |
Total from Investment Operations | 1.333 | (1.303) | 12.122 | .780 | 9.716 | (2.252) |
Distributions | ||||||
Dividends from Net Investment Income | (.643) | (1.307) | (1.162) | (1.130) | (1.116) | (.988) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.643) | (1.307) | (1.162) | (1.130) | (1.116) | (.988) |
Net Asset Value, End of Period | $55.47 | $54.78 | $57.39 | $46.43 | $46.78 | $38.18 |
Total Return2 | 2.49% | -2.18% | 26.31% | 2.18% | 25.67% | -5.55% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $154 | $233 | $264 | $273 | $328 | $1,381 |
Ratio of Total Expenses to Average Net Assets | 0.17%3 | 0.17%3 | 0.17% | 0.17% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 2.39% | 2.38% | 2.22% | 2.75% | 2.58% | 2.43% |
Portfolio Turnover Rate4 | 3% | 5% | 9% | 10% | 12% | 8% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $140.37 | $147.08 | $118.98 | $119.90 | $97.84 | $106.14 |
Investment Operations | ||||||
Net Investment Income1 | 1.791 | 3.529 | 3.212 | 3.055 | 3.046 | 2.722 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.702 | (6.707) | 28.045 | (.935) | 22.014 | (8.352) |
Total from Investment Operations | 3.493 | (3.178) | 31.257 | 2.120 | 25.060 | (5.630) |
Distributions | ||||||
Dividends from Net Investment Income | (1.743) | (3.532) | (3.157) | (3.040) | (3.000) | (2.670) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.743) | (3.532) | (3.157) | (3.040) | (3.000) | (2.670) |
Net Asset Value, End of Period | $142.12 | $140.37 | $147.08 | $118.98 | $119.90 | $97.84 |
Total Return | 2.55% | -2.05% | 26.47% | 2.23% | 25.85% | -5.39% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $99,523 | $99,459 | $92,776 | $61,580 | $55,909 | $41,510 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 2.57% | 2.52% | 2.35% | 2.87% | 2.76% | 2.56% |
Portfolio Turnover Rate3 | 3% | 5% | 9% | 10% | 12% | 8% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $54.76 | $57.38 | $46.41 | $46.77 | $38.17 | $41.41 |
Investment Operations | ||||||
Net Investment Income1 | .695 | 1.370 | 1.245 | 1.188 | 1.185 | 1.059 |
Net Realized and Unrealized Gain (Loss) on Investments | .662 | (2.618) | 10.951 | (.367) | 8.581 | (3.261) |
Total from Investment Operations | 1.357 | (1.248) | 12.196 | .821 | 9.766 | (2.202) |
Distributions | ||||||
Dividends from Net Investment Income | (.677) | (1.372) | (1.226) | (1.181) | (1.166) | (1.038) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.677) | (1.372) | (1.226) | (1.181) | (1.166) | (1.038) |
Net Asset Value, End of Period | $55.44 | $54.76 | $57.38 | $46.41 | $46.77 | $38.17 |
Total Return2 | 2.53% | -2.08% | 26.49% | 2.29% | 25.82% | -5.43% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $32,248 | $32,071 | $31,741 | $22,486 | $22,414 | $16,522 |
Ratio of Total Expenses to Average Net Assets | 0.05%3 | 0.05%3 | 0.05% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 2.55% | 2.51% | 2.34% | 2.86% | 2.75% | 2.55% |
Portfolio Turnover Rate4 | 3% | 5% | 9% | 10% | 12% | 8% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $54.76 | $57.37 | $46.41 | $46.77 | $38.17 | $41.41 |
Investment Operations | ||||||
Net Investment Income1 | .697 | 1.377 | 1.250 | 1.193 | 1.189 | 1.063 |
Net Realized and Unrealized Gain (Loss) on Investments | .663 | (2.609) | 10.941 | (.368) | 8.581 | (3.260) |
Total from Investment Operations | 1.360 | (1.232) | 12.191 | .825 | 9.770 | (2.197) |
Distributions | ||||||
Dividends from Net Investment Income | (.680) | (1.378) | (1.231) | (1.185) | (1.170) | (1.043) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.680) | (1.378) | (1.231) | (1.185) | (1.170) | (1.043) |
Net Asset Value, End of Period | $55.44 | $54.76 | $57.37 | $46.41 | $46.77 | $38.17 |
Total Return | 2.54% | -2.05% | 26.48% | 2.30% | 25.83% | -5.42% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $15,307 | $16,452 | $15,446 | $12,579 | $12,481 | $9,789 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 2.56% | 2.52% | 2.35% | 2.87% | 2.76% | 2.56% |
Portfolio Turnover Rate3 | 3% | 5% | 9% | 10% | 12% | 8% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 six months ended June 30, 2023, custodian fee offset arrangements reduced the fund’s expenses by $3,000 (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 | 146,828,116 | — | — | 146,828,116 |
Temporary Cash Investments | 165,879 | — | — | 165,879 |
Total | 146,993,995 | — | — | 146,993,995 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 2,849 | — | — | 2,849 |
Swap Contracts | — | 1,233 | — | 1,233 |
Total | 2,849 | 1,233 | — | 4,082 |
Liabilities | ||||
Swap Contracts | — | 70 | — | 70 |
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. | As of June 30, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 120,257,319 |
Gross Unrealized Appreciation | 32,021,258 |
Gross Unrealized Depreciation | (5,281,733) |
Net Unrealized Appreciation (Depreciation) | 26,739,525 |
F. | During the six months ended June 30, 2023, the fund purchased $14,746,867,000 of investment securities and sold $17,290,614,000 of investment securities, other than temporary cash investments. Purchases and sales include $10,046,827,000 and $12,089,002,000, 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: |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 9,816 | 180 | 52,300 | 945 | |
Issued in Lieu of Cash Distributions | 2,184 | 41 | 5,847 | 110 | |
Redeemed | (91,952) | (1,697) | (77,440) | (1,404) | |
Net Increase (Decrease)—Investor Shares | (79,952) | (1,476) | (19,293) | (349) | |
ETF Shares | |||||
Issued | 10,669,809 | 75,930 | 28,097,278 | 198,864 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (11,653,202) | (84,200) | (16,915,435) | (121,125) | |
Net Increase (Decrease)—ETF Shares | (983,393) | (8,270) | 11,181,843 | 77,739 | |
Admiral Shares | |||||
Issued | 2,154,485 | 39,467 | 6,740,145 | 122,919 | |
Issued in Lieu of Cash Distributions | 343,898 | 6,465 | 691,593 | 13,000 | |
Redeemed | (2,719,007) | (49,939) | (5,653,104) | (103,475) | |
Net Increase (Decrease)—Admiral Shares | (220,624) | (4,007) | 1,778,634 | 32,444 | |
Institutional Shares | |||||
Issued | 1,581,901 | 28,832 | 3,365,017 | 61,474 | |
Issued in Lieu of Cash Distributions | 193,875 | 3,647 | 379,225 | 7,126 | |
Redeemed | (3,091,983) | (56,836) | (2,033,320) | (37,361) | |
Net Increase (Decrease)—Institutional Shares | (1,316,207) | (24,357) | 1,710,922 | 31,239 |
H. | Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
I. | Management has determined that no events or transactions occurred subsequent to June 30, 2023, that would require recognition or disclosure in these financial statements. |
Basic Materials | 1.8% |
Consumer Discretionary | 14.4 |
Consumer Staples | 5.4 |
Energy | 4.2 |
Financials | 9.7 |
Health Care | 12.9 |
Industrials | 11.8 |
Real Estate | 2.5 |
Technology | 32.3 |
Telecommunications | 2.2 |
Utilities | 2.8 |
Shares | Market Value• ($000) | ||
Common Stocks (99.7%) | |||
Basic Materials (1.8%) | |||
Linde plc | 535,532 | 204,081 | |
Air Products and Chemicals Inc. | 242,600 | 72,666 | |
Freeport-McMoRan Inc. | 1,565,578 | 62,623 | |
Ecolab Inc. | 279,870 | 52,249 | |
Nucor Corp. | 274,419 | 44,999 | |
Dow Inc. | 773,317 | 41,187 | |
Newmont Corp. | 868,098 | 37,033 | |
Fastenal Co. | 623,930 | 36,806 | |
Albemarle Corp. | 128,179 | 28,595 | |
LyondellBasell Industries NV Class A | 284,265 | 26,104 | |
International Flavors & Fragrances Inc. | 278,864 | 22,195 | |
Avery Dennison Corp. | 88,223 | 15,157 | |
CF Industries Holdings Inc. | 212,967 | 14,784 | |
FMC Corp. | 136,585 | 14,251 | |
Mosaic Co. | 362,835 | 12,699 | |
Celanese Corp. Class A | 106,975 | 12,388 | |
International Paper Co. | 379,239 | 12,064 | |
Eastman Chemical Co. | 130,188 | 10,899 | |
Steel Dynamics Inc. | 87,708 | 9,554 | |
Westlake Corp. | 17,327 | 2,070 | |
732,404 | |||
Consumer Discretionary (14.4%) | |||
* | Amazon.com Inc. | 9,527,087 | 1,241,951 |
* | Tesla Inc. | 2,942,994 | 770,388 |
Home Depot Inc. | 1,098,263 | 341,164 | |
Costco Wholesale Corp. | 484,468 | 260,828 | |
Walmart Inc. | 1,620,570 | 254,721 | |
McDonald's Corp. | 797,498 | 237,981 | |
* | Netflix Inc. | 485,617 | 213,909 |
* | Walt Disney Co. | 1,996,054 | 178,208 |
NIKE Inc. Class B | 1,345,902 | 148,547 | |
Lowe's Cos. Inc. | 646,697 | 145,959 | |
Starbucks Corp. | 1,252,287 | 124,052 | |
* | Booking Holdings Inc. | 40,343 | 108,939 |
TJX Cos. Inc. | 1,257,824 | 106,651 | |
* | Uber Technologies Inc. | 2,100,235 | 90,667 |
* | Activision Blizzard Inc. | 815,721 | 68,765 |
Target Corp. | 504,219 | 66,506 | |
Ford Motor Co. | 4,292,921 | 64,952 | |
* | Chipotle Mexican Grill Inc. Class A | 30,131 | 64,450 |
* | O'Reilly Automotive Inc. | 66,504 | 63,531 |
General Motors Co. | 1,442,531 | 55,624 |
Shares | Market Value• ($000) | ||
* | Airbnb Inc. Class A | 405,455 | 51,963 |
Marriott International Inc. Class A | 281,702 | 51,746 | |
* | AutoZone Inc. | 20,108 | 50,136 |
* | Lululemon Athletica Inc. | 126,813 | 47,999 |
Estee Lauder Cos. Inc. Class A | 227,947 | 44,764 | |
* | Copart Inc. | 468,579 | 42,739 |
Yum! Brands Inc. | 305,914 | 42,384 | |
Hilton Worldwide Holdings Inc. | 289,096 | 42,078 | |
Ross Stores Inc. | 373,648 | 41,897 | |
DR Horton Inc. | 335,332 | 40,807 | |
Dollar General Corp. | 239,372 | 40,641 | |
Electronic Arts Inc. | 297,874 | 38,634 | |
* | Trade Desk Inc. Class A | 485,960 | 37,526 |
Lennar Corp. Class A | 277,173 | 34,733 | |
* | Delta Air Lines Inc. | 702,060 | 33,376 |
* | Dollar Tree Inc. | 229,484 | 32,931 |
* | Aptiv plc | 295,670 | 30,185 |
* | Warner Bros Discovery Inc. | 2,395,025 | 30,034 |
* | Take-Two Interactive Software Inc. | 184,482 | 27,148 |
Tractor Supply Co. | 119,699 | 26,465 | |
eBay Inc. | 583,996 | 26,099 | |
Genuine Parts Co. | 153,410 | 25,962 | |
* | Ulta Beauty Inc. | 54,824 | 25,800 |
* | Royal Caribbean Cruises Ltd. | 237,513 | 24,640 |
Southwest Airlines Co. | 650,622 | 23,559 | |
Darden Restaurants Inc. | 132,116 | 22,074 | |
* | Las Vegas Sands Corp. | 375,655 | 21,788 |
* | NVR Inc. | 3,382 | 21,478 |
Omnicom Group Inc. | 217,932 | 20,736 | |
* | Carnival Corp. | 1,097,481 | 20,666 |
* | United Airlines Holdings Inc. | 356,533 | 19,563 |
PulteGroup Inc. | 243,872 | 18,944 | |
Best Buy Co. Inc. | 215,057 | 17,624 | |
Garmin Ltd. | 167,137 | 17,431 | |
* | Expedia Group Inc. | 155,809 | 17,044 |
LKQ Corp. | 291,971 | 17,013 | |
* | Roblox Corp. Class A | 398,047 | 16,041 |
* | Live Nation Entertainment Inc. | 175,829 | 16,020 |
* | CarMax Inc. | 172,747 | 14,459 |
MGM Resorts International | 317,640 | 13,951 | |
Domino's Pizza Inc. | 38,591 | 13,005 |
Shares | Market Value• ($000) | ||
* | Rivian Automotive Inc. Class A | 763,220 | 12,715 |
BorgWarner Inc. (XNYS) | 255,994 | 12,521 | |
Rollins Inc. | 268,866 | 11,516 | |
* | Etsy Inc. | 134,791 | 11,405 |
* | Burlington Stores Inc. | 70,972 | 11,170 |
Fox Corp. Class A | 294,660 | 10,018 | |
1 | Paramount Global Class B | 537,480 | 8,551 |
Interpublic Group of Cos. Inc. | 210,821 | 8,133 | |
News Corp. Class A | 399,796 | 7,796 | |
Pool Corp. | 20,316 | 7,611 | |
* | American Airlines Group Inc. | 356,822 | 6,401 |
*,1 | Lucid Group Inc. | 869,020 | 5,988 |
* | Caesars Entertainment Inc. | 111,723 | 5,695 |
Vail Resorts Inc. | 21,960 | 5,529 | |
Fox Corp. Class B | 140,699 | 4,487 | |
* | Chewy Inc. Class A | 101,663 | 4,013 |
* | Endeavor Group Holdings Inc. Class A | 163,901 | 3,920 |
VF Corp. | 191,331 | 3,652 | |
Warner Music Group Corp. Class A | 128,397 | 3,350 | |
1 | Sirius XM Holdings Inc. | 635,105 | 2,877 |
News Corp. Class B | 143,175 | 2,823 | |
* | Liberty Media Corp.- Liberty SiriusXM Class C | 82,455 | 2,699 |
Advance Auto Parts Inc. | 32,490 | 2,284 | |
Lennar Corp. Class B | 13,672 | 1,545 | |
* | Liberty Media Corp.- Liberty SiriusXM Class A | 41,372 | 1,357 |
1 | Paramount Global Class A | 6,125 | 114 |
5,968,046 | |||
Consumer Staples (5.4%) | |||
Procter & Gamble Co. | 2,574,566 | 390,665 | |
PepsiCo Inc. | 1,504,838 | 278,726 | |
Coca-Cola Co. | 4,251,274 | 256,012 | |
Philip Morris International Inc. | 1,695,624 | 165,527 | |
Mondelez International Inc. Class A | 1,487,447 | 108,494 | |
CVS Health Corp. | 1,400,469 | 96,814 | |
Altria Group Inc. | 1,949,800 | 88,326 | |
Colgate-Palmolive Co. | 906,217 | 69,815 | |
McKesson Corp. | 148,147 | 63,305 | |
Kimberly-Clark Corp. | 368,624 | 50,892 | |
General Mills Inc. | 641,613 | 49,212 | |
* | Monster Beverage Corp. | 800,430 | 45,977 |
Archer-Daniels-Midland Co. | 594,983 | 44,957 | |
Constellation Brands Inc. Class A | 180,143 | 44,339 | |
Corteva Inc. | 737,511 | 42,259 | |
Sysco Corp. | 553,598 | 41,077 | |
Hershey Co. | 160,885 | 40,173 | |
AmerisourceBergen Corp. Class A | 187,819 | 36,142 | |
Keurig Dr Pepper Inc. | 1,073,337 | 33,563 | |
Kroger Co. | 705,493 | 33,158 | |
Kraft Heinz Co. | 871,273 | 30,930 |
Shares | Market Value• ($000) | ||
Church & Dwight Co. Inc. | 266,911 | 26,752 | |
McCormick & Co. Inc. | 273,943 | 23,896 | |
Walgreens Boots Alliance Inc. | 801,253 | 22,828 | |
Brown-Forman Corp. Class B | 338,414 | 22,599 | |
Clorox Co. | 135,089 | 21,485 | |
Kellogg Co. | 280,928 | 18,934 | |
Conagra Brands Inc. | 521,017 | 17,569 | |
J M Smucker Co. | 110,642 | 16,338 | |
Tyson Foods Inc. Class A | 312,253 | 15,937 | |
Hormel Foods Corp. | 299,002 | 12,026 | |
Campbell Soup Co. | 212,924 | 9,733 | |
Lamb Weston Holdings Inc. | 79,599 | 9,150 | |
Albertsons Cos. Inc. Class A | 345,089 | 7,530 | |
Molson Coors Beverage Co. Class B | 98,507 | 6,486 | |
Brown-Forman Corp. Class A | 55,980 | 3,811 | |
2,245,437 | |||
Energy (4.1%) | |||
Exxon Mobil Corp. | 4,416,412 | 473,660 | |
Chevron Corp. | 1,966,127 | 309,370 | |
ConocoPhillips | 1,323,835 | 137,162 | |
Schlumberger NV | 1,557,047 | 76,482 | |
EOG Resources Inc. | 638,913 | 73,117 | |
Marathon Petroleum Corp. | 463,473 | 54,041 | |
Pioneer Natural Resources Co. | 255,351 | 52,904 | |
Phillips 66 | 503,486 | 48,022 | |
Valero Energy Corp. | 394,936 | 46,326 | |
Williams Cos. Inc. | 1,330,472 | 43,413 | |
Occidental Petroleum Corp. | 730,578 | 42,958 | |
Hess Corp. | 301,900 | 41,043 | |
Cheniere Energy Inc. | 252,152 | 38,418 | |
Kinder Morgan Inc. | 2,080,803 | 35,831 | |
Baker Hughes Co. Class A | 1,105,457 | 34,943 | |
Devon Energy Corp. | 701,135 | 33,893 | |
ONEOK Inc. | 488,853 | 30,172 | |
Halliburton Co. | 887,195 | 29,269 | |
Diamondback Energy Inc. | 197,868 | 25,992 | |
* | Enphase Energy Inc. | 149,716 | 25,074 |
* | First Solar Inc. | 110,840 | 21,070 |
Coterra Energy Inc. | 786,357 | 19,895 | |
Marathon Oil Corp. | 674,701 | 15,532 | |
EQT Corp. | 197,585 | 8,127 | |
Texas Pacific Land Corp. | 3,367 | 4,433 | |
*,1 | Plug Power Inc. | 327,984 | 3,408 |
1,724,555 | |||
Financials (9.7%) | |||
* | Berkshire Hathaway Inc. Class B | 1,917,506 | 653,870 |
JPMorgan Chase & Co. | 3,192,254 | 464,281 | |
Bank of America Corp. | 7,399,234 | 212,284 | |
Wells Fargo & Co. | 4,098,751 | 174,935 | |
S&P Global Inc. | 350,407 | 140,475 | |
Goldman Sachs Group Inc. | 362,989 | 117,078 |
Shares | Market Value• ($000) | ||
Morgan Stanley | 1,368,162 | 116,841 | |
Marsh & McLennan Cos. Inc. | 540,733 | 101,701 | |
BlackRock Inc. | 139,046 | 96,100 | |
Charles Schwab Corp. | 1,642,688 | 93,108 | |
Citigroup Inc. | 2,020,105 | 93,006 | |
Chubb Ltd. | 452,316 | 87,098 | |
Progressive Corp. | 639,371 | 84,634 | |
Aon plc Class A (XNYS) | 211,927 | 73,157 | |
CME Group Inc. | 392,992 | 72,818 | |
Blackstone Inc. | 771,337 | 71,711 | |
Intercontinental Exchange Inc. | 611,504 | 69,149 | |
Moody's Corp. | 170,367 | 59,240 | |
US Bancorp | 1,674,555 | 55,327 | |
PNC Financial Services Group Inc. | 435,994 | 54,913 | |
Arthur J Gallagher & Co. | 233,990 | 51,377 | |
American International Group Inc. | 790,485 | 45,485 | |
Truist Financial Corp. | 1,455,017 | 44,160 | |
Travelers Cos. Inc. | 252,248 | 43,805 | |
Aflac Inc. | 593,869 | 41,452 | |
KKR & Co. Inc. | 707,096 | 39,597 | |
MSCI Inc. Class A | 83,090 | 38,993 | |
Ameriprise Financial Inc. | 113,799 | 37,799 | |
Bank of New York Mellon Corp. | 818,758 | 36,451 | |
MetLife Inc. | 627,331 | 35,463 | |
Prudential Financial Inc. | 398,646 | 35,169 | |
Apollo Global Management Inc. | 433,513 | 33,298 | |
Discover Financial Services | 277,374 | 32,411 | |
Allstate Corp. | 287,106 | 31,306 | |
* | Berkshire Hathaway Inc. Class A | 57 | 29,515 |
* | Arch Capital Group Ltd. | 386,420 | 28,924 |
T Rowe Price Group Inc. | 245,328 | 27,482 | |
Willis Towers Watson plc | 116,227 | 27,371 | |
State Street Corp. | 346,854 | 25,383 | |
Hartford Financial Services Group Inc. | 338,836 | 24,403 | |
M&T Bank Corp. | 181,232 | 22,429 | |
Raymond James Financial Inc. | 208,361 | 21,622 | |
Nasdaq Inc. | 428,853 | 21,378 | |
Broadridge Financial Solutions Inc. | 128,900 | 21,350 | |
Principal Financial Group Inc. | 265,315 | 20,122 | |
Fifth Third Bancorp | 743,812 | 19,495 | |
* | Markel Group Inc. | 13,844 | 19,149 |
LPL Financial Holdings Inc. | 84,859 | 18,451 | |
Regions Financial Corp. | 1,025,323 | 18,271 | |
Huntington Bancshares Inc. | 1,578,159 | 17,013 | |
Ares Management Corp. Class A | 175,512 | 16,911 | |
FactSet Research Systems Inc. | 41,864 | 16,773 | |
Cincinnati Financial Corp. | 171,607 | 16,701 |
Shares | Market Value• ($000) | ||
Everest Re Group Ltd. | 47,415 | 16,209 | |
Northern Trust Corp. | 216,241 | 16,032 | |
Cboe Global Markets Inc. | 115,210 | 15,900 | |
Citizens Financial Group Inc. | 502,343 | 13,101 | |
W R Berkley Corp. | 213,625 | 12,724 | |
Loews Corp. | 211,591 | 12,564 | |
*,1 | Coinbase Global Inc. Class A | 163,314 | 11,685 |
MarketAxess Holdings Inc. | 41,085 | 10,740 | |
Fidelity National Financial Inc. | 282,384 | 10,166 | |
KeyCorp. | 1,022,329 | 9,446 | |
Interactive Brokers Group Inc. Class A | 106,749 | 8,868 | |
Franklin Resources Inc. | 327,928 | 8,759 | |
Tradeweb Markets Inc. Class A | 125,367 | 8,585 | |
Brown & Brown Inc. | 124,133 | 8,545 | |
Annaly Capital Management Inc. | 269,389 | 5,390 | |
Equitable Holdings Inc. | 193,060 | 5,244 | |
Globe Life Inc. | 46,972 | 5,149 | |
Corebridge Financial Inc. | 176,950 | 3,125 | |
*,1 | Rocket Cos. Inc. Class A | 124,042 | 1,111 |
4,034,578 | |||
Health Care (12.8%) | |||
UnitedHealth Group Inc. | 1,017,049 | 488,834 | |
Johnson & Johnson | 2,838,800 | 469,878 | |
Eli Lilly & Co. | 933,281 | 437,690 | |
Merck & Co. Inc. | 2,771,847 | 319,843 | |
AbbVie Inc. | 1,927,283 | 259,663 | |
Pfizer Inc. | 6,166,879 | 226,201 | |
Thermo Fisher Scientific Inc. | 421,324 | 219,826 | |
Abbott Laboratories | 1,899,562 | 207,090 | |
Danaher Corp. | 725,421 | 174,101 | |
Bristol-Myers Squibb Co. | 2,294,976 | 146,764 | |
* | Intuitive Surgical Inc. | 382,801 | 130,895 |
Amgen Inc. | 583,694 | 129,592 | |
Medtronic plc | 1,453,404 | 128,045 | |
Elevance Health Inc. | 258,948 | 115,048 | |
Stryker Corp. | 373,188 | 113,856 | |
Gilead Sciences Inc. | 1,364,178 | 105,137 | |
* | Vertex Pharmaceuticals Inc. | 281,356 | 99,012 |
Cigna Group | 323,190 | 90,687 | |
* | Boston Scientific Corp. | 1,596,495 | 86,354 |
Becton Dickinson and Co. | 310,556 | 81,990 | |
* | Regeneron Pharmaceuticals Inc. | 111,960 | 80,448 |
Zoetis Inc. | 454,333 | 78,241 | |
HCA Healthcare Inc. | 225,448 | 68,419 | |
* | Edwards Lifesciences Corp. | 662,248 | 62,470 |
Humana Inc. | 136,504 | 61,035 | |
* | DexCom Inc. | 423,456 | 54,418 |
* | IQVIA Holdings Inc. | 202,634 | 45,546 |
* | IDEXX Laboratories Inc. | 90,684 | 45,544 |
* | Biogen Inc. | 158,115 | 45,039 |
* | Moderna Inc. | 353,979 | 43,008 |
Shares | Market Value• ($000) | ||
* | Centene Corp. | 599,511 | 40,437 |
Agilent Technologies Inc. | 322,259 | 38,752 | |
ResMed Inc. | 160,544 | 35,079 | |
GE Healthcare Inc. | 422,066 | 34,289 | |
Zimmer Biomet Holdings Inc. | 227,813 | 33,170 | |
* | Illumina Inc. | 172,708 | 32,381 |
* | Veeva Systems Inc. Class A | 159,205 | 31,480 |
West Pharmaceutical Services Inc. | 81,105 | 31,020 | |
* | Seagen Inc. | 153,614 | 29,565 |
* | Align Technology Inc. | 79,404 | 28,080 |
Cardinal Health Inc. | 278,205 | 26,310 | |
* | Alnylam Pharmaceuticals Inc. | 136,027 | 25,837 |
* | Horizon Therapeutics plc | 249,730 | 25,685 |
Baxter International Inc. | 552,207 | 25,159 | |
STERIS plc | 108,529 | 24,417 | |
Laboratory Corp. of America Holdings | 96,724 | 23,342 | |
* | Insulet Corp. | 76,148 | 21,956 |
* | Hologic Inc. | 268,689 | 21,756 |
Cooper Cos. Inc. | 53,999 | 20,705 | |
* | Molina Healthcare Inc. | 63,696 | 19,188 |
* | BioMarin Pharmaceutical Inc. | 205,084 | 17,777 |
Quest Diagnostics Inc. | 122,366 | 17,200 | |
Revvity Inc. | 137,030 | 16,278 | |
* | Avantor Inc. | 737,563 | 15,149 |
Viatris Inc. | 1,310,160 | 13,075 | |
* | Incyte Corp. | 207,185 | 12,897 |
Royalty Pharma plc Class A | 416,382 | 12,800 | |
Teleflex Inc. | 51,290 | 12,414 | |
* | Henry Schein Inc. | 143,208 | 11,614 |
* | Bio-Rad Laboratories Inc. Class A | 22,758 | 8,628 |
* | Charles River Laboratories International Inc. | 28,043 | 5,896 |
* | Catalent Inc. | 93,485 | 4,053 |
*,2 | ABIOMED Inc. CVR | 12 | — |
5,331,063 | |||
Industrials (11.8%) | |||
Visa Inc. Class A | 1,617,243 | 384,063 | |
Mastercard Inc. Class A | 924,026 | 363,419 | |
Accenture plc Class A | 689,871 | 212,880 | |
Raytheon Technologies Corp. | 1,596,069 | 156,351 | |
Honeywell International Inc. | 727,153 | 150,884 | |
United Parcel Service Inc. Class B (XNYS) | 791,797 | 141,930 | |
* | Boeing Co. | 657,146 | 138,763 |
Caterpillar Inc. | 562,949 | 138,514 | |
Union Pacific Corp. | 666,021 | 136,281 | |
General Electric Co. | 1,189,594 | 130,677 | |
Lockheed Martin Corp. | 276,637 | 127,358 | |
Deere & Co. | 291,278 | 118,023 | |
American Express Co. | 608,886 | 106,068 | |
Automatic Data Processing Inc. | 451,281 | 99,187 | |
Eaton Corp. plc | 435,365 | 87,552 | |
* | PayPal Holdings Inc. | 1,218,455 | 81,308 |
Shares | Market Value• ($000) | ||
* | Fiserv Inc. | 640,099 | 80,748 |
CSX Corp. | 2,220,825 | 75,730 | |
Illinois Tool Works Inc. | 282,208 | 70,597 | |
Northrop Grumman Corp. | 149,307 | 68,054 | |
Sherwin-Williams Co. | 253,544 | 67,321 | |
FedEx Corp. | 247,108 | 61,258 | |
3M Co. | 602,698 | 60,324 | |
General Dynamics Corp. | 269,678 | 58,021 | |
Emerson Electric Co. | 624,300 | 56,430 | |
Norfolk Southern Corp. | 248,677 | 56,390 | |
Parker-Hannifin Corp. | 140,154 | 54,666 | |
Johnson Controls International plc | 749,471 | 51,069 | |
TransDigm Group Inc. | 57,003 | 50,970 | |
PACCAR Inc. | 570,961 | 47,761 | |
Trane Technologies plc | 249,128 | 47,648 | |
Cintas Corp. | 94,431 | 46,940 | |
Carrier Global Corp. | 912,005 | 45,336 | |
Capital One Financial Corp. | 396,148 | 43,327 | |
Rockwell Automation Inc. | 125,520 | 41,353 | |
AMETEK Inc. | 251,689 | 40,743 | |
L3Harris Technologies Inc. | 206,990 | 40,522 | |
Otis Worldwide Corp. | 451,588 | 40,196 | |
Old Dominion Freight Line Inc. | 107,821 | 39,867 | |
Paychex Inc. | 354,475 | 39,655 | |
* | Block Inc. (XNYS) | 594,369 | 39,567 |
WW Grainger Inc. | 49,323 | 38,896 | |
PPG Industries Inc. | 257,212 | 38,145 | |
Cummins Inc. | 154,645 | 37,913 | |
Verisk Analytics Inc. Class A | 158,177 | 35,753 | |
Fidelity National Information Services Inc. | 646,683 | 35,374 | |
Ferguson plc | 223,739 | 35,196 | |
United Rentals Inc. | 75,096 | 33,446 | |
Vulcan Materials Co. | 145,208 | 32,736 | |
* | Keysight Technologies Inc. | 194,605 | 32,587 |
DuPont de Nemours Inc. | 451,290 | 32,240 | |
* | Mettler-Toledo International Inc. | 24,056 | 31,553 |
Equifax Inc. | 133,995 | 31,529 | |
Martin Marietta Materials Inc. | 67,683 | 31,249 | |
Quanta Services Inc. | 158,636 | 31,164 | |
Xylem Inc. | 261,366 | 29,435 | |
Ingersoll Rand Inc. (XYNS) | 441,948 | 28,886 | |
Fortive Corp. | 386,234 | 28,879 | |
Global Payments Inc. | 285,826 | 28,160 | |
Dover Corp. | 152,820 | 22,564 | |
Westinghouse Air Brake Technologies Corp. | 196,529 | 21,553 | |
* | Teledyne Technologies Inc. | 51,405 | 21,133 |
Expeditors International of Washington Inc. | 166,923 | 20,219 | |
Ball Corp. | 343,928 | 20,020 | |
* | FleetCor Technologies Inc. | 76,530 | 19,215 |
Shares | Market Value• ($000) | ||
* | Waters Corp. | 64,500 | 17,192 |
Snap-on Inc. | 57,849 | 16,672 | |
* | Zebra Technologies Corp. Class A | 56,197 | 16,625 |
TransUnion | 210,896 | 16,519 | |
Jacobs Solutions Inc. | 138,615 | 16,480 | |
JB Hunt Transport Services Inc. | 90,639 | 16,408 | |
Synchrony Financial | 468,022 | 15,875 | |
Stanley Black & Decker Inc. | 167,314 | 15,679 | |
Textron Inc. | 220,389 | 14,905 | |
* | Trimble Inc. | 270,749 | 14,333 |
Masco Corp. | 245,770 | 14,102 | |
Packaging Corp. of America | 98,292 | 12,990 | |
* | Bill Holdings Inc. | 110,385 | 12,898 |
CH Robinson Worldwide Inc. | 127,154 | 11,997 | |
Crown Holdings Inc. | 131,159 | 11,394 | |
HEICO Corp. Class A | 80,132 | 11,267 | |
Howmet Aerospace Inc. | 214,517 | 10,631 | |
Hubbell Inc. Class B | 29,254 | 9,699 | |
HEICO Corp. | 45,484 | 8,048 | |
Jack Henry & Associates Inc. | 39,625 | 6,630 | |
Westrock Co. | 139,992 | 4,070 | |
4,890,010 | |||
Real Estate (2.5%) | |||
Prologis Inc. | 1,008,718 | 123,699 | |
American Tower Corp. | 509,080 | 98,731 | |
Equinix Inc. | 102,172 | 80,097 | |
Crown Castle Inc. | 473,733 | 53,977 | |
Public Storage | 172,845 | 50,450 | |
Realty Income Corp. | 735,233 | 43,960 | |
Welltower Inc. | 542,918 | 43,917 | |
* | CoStar Group Inc. | 446,286 | 39,719 |
Simon Property Group Inc. | 339,368 | 39,190 | |
Digital Realty Trust Inc. | 318,256 | 36,240 | |
VICI Properties Inc. Class A | 1,096,951 | 34,477 | |
AvalonBay Communities Inc. | 155,105 | 29,357 | |
SBA Communications Corp. Class A | 118,376 | 27,435 | |
Weyerhaeuser Co. | 800,543 | 26,826 | |
* | CBRE Group Inc. Class A | 322,547 | 26,033 |
Equity Residential | 393,228 | 25,941 | |
Invitation Homes Inc. | 668,597 | 23,000 | |
Extra Space Storage Inc. | 147,533 | 21,960 | |
Alexandria Real Estate Equities Inc. | 188,905 | 21,439 | |
Ventas Inc. | 437,107 | 20,662 | |
Mid-America Apartment Communities Inc. | 127,463 | 19,357 | |
Iron Mountain Inc. | 318,635 | 18,105 | |
Sun Communities Inc. | 135,915 | 17,731 | |
Essex Property Trust Inc. | 70,116 | 16,428 | |
WP Carey Inc. | 233,692 | 15,788 | |
UDR Inc. | 359,689 | 15,452 | |
Camden Property Trust | 116,681 | 12,703 | |
Healthpeak Properties Inc. | 597,587 | 12,012 |
Shares | Market Value• ($000) | ||
* | Zillow Group Inc. Class C | 149,391 | 7,508 |
Host Hotels & Resorts Inc. | 388,465 | 6,538 | |
Regency Centers Corp. | 93,688 | 5,787 | |
Boston Properties Inc. | 77,176 | 4,445 | |
* | Zillow Group Inc. Class A | 62,686 | 3,084 |
1,022,048 | |||
Technology (32.2%) | |||
Apple Inc. | 16,322,812 | 3,166,136 | |
Microsoft Corp. | 8,122,476 | 2,766,028 | |
NVIDIA Corp. | 2,566,536 | 1,085,696 | |
* | Alphabet Inc. Class A | 6,490,410 | 776,902 |
* | Meta Platforms Inc. Class A | 2,416,557 | 693,504 |
* | Alphabet Inc. Class C | 5,453,738 | 659,739 |
Broadcom Inc. | 455,432 | 395,055 | |
* | Adobe Inc. | 501,084 | 245,025 |
* | Salesforce Inc. | 1,037,763 | 219,238 |
* | Advanced Micro Devices Inc. | 1,759,125 | 200,382 |
Oracle Corp. | 1,622,035 | 193,168 | |
Texas Instruments Inc. | 991,482 | 178,487 | |
Intel Corp. | 4,556,272 | 152,362 | |
QUALCOMM Inc. | 1,216,917 | 144,862 | |
Applied Materials Inc. | 923,278 | 133,451 | |
Intuit Inc. | 290,624 | 133,161 | |
International Business Machines Corp. | 991,870 | 132,722 | |
* | ServiceNow Inc. | 222,571 | 125,078 |
Analog Devices Inc. | 547,725 | 106,702 | |
Lam Research Corp. | 146,749 | 94,339 | |
* | Palo Alto Networks Inc. | 334,104 | 85,367 |
Micron Technology Inc. | 1,195,459 | 75,445 | |
KLA Corp. | 149,885 | 72,697 | |
* | Synopsys Inc. | 166,221 | 72,374 |
* | Cadence Design Systems Inc. | 297,883 | 69,860 |
Roper Technologies Inc. | 116,430 | 55,980 | |
Marvell Technology Inc. | 936,086 | 55,959 | |
Amphenol Corp. Class A | 650,308 | 55,244 | |
* | Fortinet Inc. | 729,110 | 55,113 |
Microchip Technology Inc. | 598,489 | 53,619 | |
* | Snowflake Inc. Class A | 301,771 | 53,106 |
* | Workday Inc. Class A | 222,852 | 50,340 |
TE Connectivity Ltd. | 344,233 | 48,248 | |
* | Autodesk Inc. | 234,632 | 48,008 |
* | ON Semiconductor Corp. | 471,950 | 44,637 |
* | VMware Inc. Class A | 257,438 | 36,991 |
Cognizant Technology Solutions Corp. Class A | 554,326 | 36,186 | |
* | Crowdstrike Holdings Inc. Class A | 232,610 | 34,163 |
* | ANSYS Inc. | 94,660 | 31,263 |
* | MongoDB Inc. Class A | 73,195 | 30,082 |
HP Inc. | 968,831 | 29,753 | |
Corning Inc. | 835,900 | 29,290 | |
* | Gartner Inc. | 82,064 | 28,748 |
* | Palantir Technologies Inc. Class A | 1,869,852 | 28,665 |
* | Datadog Inc. Class A | 291,290 | 28,657 |
Shares | Market Value• ($000) | ||
* | Atlassian Corp. Ltd. Class A | 165,930 | 27,845 |
* | HubSpot Inc. | 51,523 | 27,415 |
CDW Corp. | 147,262 | 27,023 | |
Monolithic Power Systems Inc. | 49,221 | 26,591 | |
* | DoorDash Inc. Class A | 315,424 | 24,105 |
Hewlett Packard Enterprise Co. | 1,415,237 | 23,776 | |
* | VeriSign Inc. | 96,658 | 21,842 |
* | Cloudflare Inc. Class A | 300,461 | 19,641 |
Skyworks Solutions Inc. | 173,894 | 19,248 | |
* | Splunk Inc. | 180,890 | 19,191 |
* | Tyler Technologies Inc. | 45,798 | 19,073 |
Teradyne Inc. | 169,380 | 18,857 | |
Paycom Software Inc. | 56,050 | 18,005 | |
NetApp Inc. | 233,676 | 17,853 | |
* | Pinterest Inc. Class A | 648,758 | 17,737 |
* | Zoom Video Communications Inc. Class A | 243,016 | 16,496 |
* | Akamai Technologies Inc. | 170,740 | 15,344 |
Dell Technologies Inc. Class C | 265,762 | 14,380 | |
* | EPAM Systems Inc. | 63,254 | 14,216 |
SS&C Technologies Holdings Inc. | 231,445 | 14,026 | |
* | Zscaler Inc. | 95,116 | 13,915 |
Bentley Systems Inc. Class B | 246,338 | 13,359 | |
Seagate Technology Holdings plc | 214,944 | 13,299 | |
* | Western Digital Corp. | 349,480 | 13,256 |
* | Snap Inc. Class A | 1,104,139 | 13,073 |
* | Match Group Inc. | 304,263 | 12,733 |
* | GoDaddy Inc. Class A | 168,461 | 12,656 |
* | Twilio Inc. Class A | 190,207 | 12,101 |
* | Unity Software Inc. | 268,875 | 11,675 |
* | Okta Inc. | 168,203 | 11,665 |
* | DocuSign Inc. Class A | 221,050 | 11,293 |
* | Qorvo Inc. | 107,874 | 11,006 |
Gen Digital Inc. (XNGS) | 593,306 | 11,006 | |
* | ZoomInfo Technologies Inc. Class A | 373,770 | 9,490 |
Leidos Holdings Inc. | 74,977 | 6,634 | |
* | Black Knight Inc. | 77,352 | 4,620 |
* | Toast Inc. Class A | 188,387 | 4,252 |
13,400,529 | |||
Telecommunications (2.2%) | |||
Cisco Systems Inc. | 4,006,264 | 207,284 | |
Comcast Corp. Class A | 4,543,469 | 188,781 | |
Verizon Communications Inc. | 4,132,948 | 153,704 | |
AT&T Inc. | 7,809,215 | 124,557 | |
* | T-Mobile US Inc. | 655,334 | 91,026 |
Motorola Solutions Inc. | 183,227 | 53,737 | |
* | Arista Networks Inc. | 252,581 | 40,933 |
* | Charter Communications Inc. Class A | 106,913 | 39,277 |
* | Liberty Broadband Corp. Class C | 130,695 | 10,470 |
Juniper Networks Inc. | 175,756 | 5,506 | |
* | Roku Inc. | 67,393 | 4,311 |
Shares | Market Value• ($000) | ||
* | Liberty Broadband Corp. Class A | 17,958 | 1,432 |
921,018 | |||
Utilities (2.8%) | |||
NextEra Energy Inc. | 2,210,259 | 164,001 | |
Southern Co. | 1,192,194 | 83,752 | |
Waste Management Inc. | 444,328 | 77,055 | |
Duke Energy Corp. | 841,985 | 75,560 | |
Sempra Energy (XNYS) | 343,698 | 50,039 | |
American Electric Power Co. Inc. | 562,265 | 47,343 | |
Dominion Energy Inc. | 913,187 | 47,294 | |
* | PG&E Corp. | 2,566,788 | 44,354 |
Exelon Corp. | 1,085,895 | 44,239 | |
Waste Connections Inc. (XTSE) | 281,382 | 40,218 | |
Xcel Energy Inc. | 601,183 | 37,376 | |
Republic Services Inc. Class A | 224,622 | 34,405 | |
Consolidated Edison Inc. | 378,428 | 34,210 | |
Public Service Enterprise Group Inc. | 544,989 | 34,122 | |
Constellation Energy Corp. | 356,935 | 32,677 | |
WEC Energy Group Inc. | 344,427 | 30,392 | |
American Water Works Co. Inc. | 212,728 | 30,367 | |
Edison International | 418,490 | 29,064 | |
Eversource Energy | 381,143 | 27,031 | |
Ameren Corp. | 286,766 | 23,420 | |
FirstEnergy Corp. | 594,589 | 23,118 | |
Entergy Corp. | 231,057 | 22,498 | |
DTE Energy Co. | 202,644 | 22,295 | |
PPL Corp. | 805,265 | 21,307 | |
CenterPoint Energy Inc. | 687,992 | 20,055 | |
CMS Energy Corp. | 318,625 | 18,719 | |
AES Corp. | 731,098 | 15,156 | |
Evergy Inc. | 250,875 | 14,656 | |
Alliant Energy Corp. | 274,499 | 14,406 | |
NiSource Inc. | 451,390 | 12,345 | |
Vistra Corp. | 203,690 | 5,347 | |
Avangrid Inc. | 84,583 | 3,187 | |
1,180,008 | |||
Total Common Stocks (Cost $23,081,783) | 41,449,696 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
3,4 | Vanguard Market Liquidity Fund, 5.150% (Cost $112,635) | 1,126,614 | 112,639 |
Total Investments (100.0%) (Cost $23,194,418) | 41,562,335 | ||
Other Assets and Liabilities—Net (0.0%) | 7,294 | ||
Net Assets (100%) | 41,569,629 | ||
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 $23,696,000. |
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 $25,894,000 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 | September 2023 | 372 | 83,481 | 2,081 |
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) |
Visa Inc. Class A | 8/31/23 | BANA | 35,622 | (4.970) | — | (113) |
1 | Based on Overnight Bank Funding Rate as of the most recent reset 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 $23,081,783) | 41,449,696 |
Affiliated Issuers (Cost $112,635) | 112,639 |
Total Investments in Securities | 41,562,335 |
Investment in Vanguard | 1,388 |
Cash Collateral Pledged—Futures Contracts | 4,227 |
Receivables for Investment Securities Sold | 4,602 |
Receivables for Accrued Income | 27,420 |
Receivables for Capital Shares Issued | 6,490 |
Variation Margin Receivable—Futures Contracts | 989 |
Total Assets | 41,607,451 |
Liabilities | |
Due to Custodian | 2,430 |
Payables for Investment Securities Purchased | 613 |
Collateral for Securities on Loan | 25,894 |
Payables for Capital Shares Redeemed | 8,050 |
Payables to Vanguard | 722 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 113 |
Total Liabilities | 37,822 |
Net Assets | 41,569,629 |
1 Includes $23,696,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At June 30, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 24,047,987 |
Total Distributable Earnings (Loss) | 17,521,642 |
Net Assets | 41,569,629 |
Investor Shares—Net Assets | |
Applicable to 253,200 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 20,738 |
Net Asset Value Per Share—Investor Shares | $81.90 |
ETF Shares—Net Assets | |
Applicable to 138,586,012 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 28,099,359 |
Net Asset Value Per Share—ETF Shares | $202.76 |
Admiral Shares—Net Assets | |
Applicable to 108,030,800 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,061,806 |
Net Asset Value Per Share—Admiral Shares | $102.39 |
Institutional Shares—Net Assets | |
Applicable to 5,665,690 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,387,726 |
Net Asset Value Per Share—Institutional Shares | $421.44 |
Six Months Ended June 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 307,357 |
Interest2 | 1,836 |
Securities Lending—Net | 691 |
Total Income | 309,884 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 444 |
Management and Administrative—Investor Shares | 14 |
Management and Administrative—ETF Shares | 4,000 |
Management and Administrative—Admiral Shares | 2,065 |
Management and Administrative—Institutional Shares | 358 |
Marketing and Distribution—Investor Shares | 1 |
Marketing and Distribution—ETF Shares | 491 |
Marketing and Distribution—Admiral Shares | 261 |
Marketing and Distribution—Institutional Shares | 36 |
Custodian Fees | 173 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—ETF Shares | 209 |
Shareholders’ Reports—Admiral Shares | 37 |
Shareholders’ Reports—Institutional Shares | 2 |
Trustees’ Fees and Expenses | 10 |
Other Expenses | 13 |
Total Expenses | 8,114 |
Net Investment Income | 301,770 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 298,875 |
Futures Contracts | 9,506 |
Swap Contracts | 1,607 |
Foreign Currencies | — |
Realized Net Gain (Loss) | 309,988 |
Statement of Operations (continued) | |
Six Months Ended June 30, 2023 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 5,545,801 |
Futures Contracts | 3,402 |
Swap Contracts | (113) |
Change in Unrealized Appreciation (Depreciation) | 5,549,090 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 6,160,848 |
1 | Dividends are net of foreign withholding taxes of $21,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,718,000, $10,000, and ($5,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $459,305,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 301,770 | 582,807 | |
Realized Net Gain (Loss) | 309,988 | 581,223 | |
Change in Unrealized Appreciation (Depreciation) | 5,549,090 | (9,661,685) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 6,160,848 | (8,497,655) | |
Distributions | |||
Investor Shares | (134) | (330) | |
ETF Shares | (201,503) | (393,544) | |
Admiral Shares | (78,327) | (156,189) | |
Institutional Shares | (16,707) | (34,496) | |
Total Distributions | (296,671) | (584,559) | |
Capital Share Transactions | |||
Investor Shares | 1,002 | (11,365) | |
ETF Shares | (1,039) | 1,959,159 | |
Admiral Shares | (81,681) | 215,566 | |
Institutional Shares | (20,721) | 77,917 | |
Net Increase (Decrease) from Capital Share Transactions | (102,439) | 2,241,277 | |
Total Increase (Decrease) | 5,761,738 | (6,840,937) | |
Net Assets | |||
Beginning of Period | 35,807,891 | 42,648,828 | |
End of Period | 41,569,629 | 35,807,891 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $70.38 | $89.03 | $71.00 | $59.72 | $46.36 | $49.48 |
Investment Operations | ||||||
Net Investment Income1 | .545 | 1.058 | .956 | .969 | .918 | .966 |
Net Realized and Unrealized Gain (Loss) on Investments | 11.513 | (18.646) | 18.025 | 11.268 | 13.466 | (3.184) |
Total from Investment Operations | 12.058 | (17.588) | 18.981 | 12.237 | 14.384 | (2.218) |
Distributions | ||||||
Dividends from Net Investment Income | (.538) | (1.062) | (.951) | (.957) | (1.024) | (.902) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.538) | (1.062) | (.951) | (.957) | (1.024) | (.902) |
Net Asset Value, End of Period | $81.90 | $70.38 | $89.03 | $71.00 | $59.72 | $46.36 |
Total Return2 | 17.19% | -19.78% | 26.87% | 20.89% | 31.23% | -4.59% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $21 | $17 | $36 | $37 | $30 | $344 |
Ratio of Total Expenses to Average Net Assets | 0.17% | 0.17%3 | 0.17% | 0.17% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 1.46% | 1.38% | 1.19% | 1.61% | 1.75% | 1.91% |
Portfolio Turnover Rate4 | 1% | 3% | 4% | 3% | 5% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $174.22 | $220.44 | $175.80 | $147.88 | $114.77 | $122.49 |
Investment Operations | ||||||
Net Investment Income1 | 1.474 | 2.905 | 2.646 | 2.594 | 2.581 | 2.572 |
Net Realized and Unrealized Gain (Loss) on Investments | 28.515 | (46.233) | 44.617 | 27.890 | 33.204 | (7.896) |
Total from Investment Operations | 29.989 | (43.328) | 47.263 | 30.484 | 35.785 | (5.324) |
Distributions | ||||||
Dividends from Net Investment Income | (1.449) | (2.892) | (2.623) | (2.564) | (2.675) | (2.396) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.449) | (2.892) | (2.623) | (2.564) | (2.675) | (2.396) |
Net Asset Value, End of Period | $202.76 | $174.22 | $220.44 | $175.80 | $147.88 | $114.77 |
Total Return | 17.28% | -19.68% | 27.02% | 20.99% | 31.39% | -4.44% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $28,099 | $24,137 | $28,242 | $21,540 | $16,270 | $12,358 |
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.59% | 1.55% | 1.33% | 1.74% | 1.93% | 2.04% |
Portfolio Turnover Rate3 | 1% | 3% | 4% | 3% | 5% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $87.98 | $111.33 | $88.79 | $74.69 | $57.96 | $61.86 |
Investment Operations | ||||||
Net Investment Income1 | .739 | 1.456 | 1.325 | 1.303 | 1.299 | 1.288 |
Net Realized and Unrealized Gain (Loss) on Investments | 14.398 | (23.348) | 22.530 | 14.084 | 16.774 | (3.983) |
Total from Investment Operations | 15.137 | (21.892) | 23.855 | 15.387 | 18.073 | (2.695) |
Distributions | ||||||
Dividends from Net Investment Income | (.727) | (1.458) | (1.315) | (1.287) | (1.343) | (1.205) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.727) | (1.458) | (1.315) | (1.287) | (1.343) | (1.205) |
Net Asset Value, End of Period | $102.39 | $87.98 | $111.33 | $88.79 | $74.69 | $57.96 |
Total Return2 | 17.27% | -19.70% | 27.01% | 21.03% | 31.39% | -4.47% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $11,062 | $9,583 | $11,847 | $9,338 | $7,546 | $5,306 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05%3 | 0.05% | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 1.58% | 1.54% | 1.32% | 1.73% | 1.92% | 2.03% |
Portfolio Turnover Rate4 | 1% | 3% | 4% | 3% | 5% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | 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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $362.12 | $458.22 | $365.43 | $307.39 | $238.57 | $254.60 |
Investment Operations | ||||||
Net Investment Income1 | 3.064 | 6.032 | 5.477 | 5.389 | 5.363 | 5.345 |
Net Realized and Unrealized Gain (Loss) on Investments | 59.268 | (96.092) | 92.764 | 57.981 | 69.016 | (16.390) |
Total from Investment Operations | 62.332 | (90.060) | 98.241 | 63.370 | 74.379 | (11.045) |
Distributions | ||||||
Dividends from Net Investment Income | (3.012) | (6.040) | (5.451) | (5.330) | (5.559) | (4.985) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (3.012) | (6.040) | (5.451) | (5.330) | (5.559) | (4.985) |
Net Asset Value, End of Period | $421.44 | $362.12 | $458.22 | $365.43 | $307.39 | $238.57 |
Total Return | 17.28% | -19.69% | 27.03% | 21.05% | 31.39% | -4.46% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $2,388 | $2,071 | $2,524 | $2,149 | $1,796 | $1,178 |
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.04%2 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.59% | 1.55% | 1.32% | 1.74% | 1.92% | 2.04% |
Portfolio Turnover Rate3 | 1% | 3% | 4% | 3% | 5% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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. | 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 | 41,449,696 | — | — | 41,449,696 |
Temporary Cash Investments | 112,639 | — | — | 112,639 |
Total | 41,562,335 | — | — | 41,562,335 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 2,081 | — | — | 2,081 |
Liabilities | ||||
Swap Contracts | — | 113 | — | 113 |
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. |
D. | As of June 30, 2023, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 23,245,468 |
Gross Unrealized Appreciation | 19,185,204 |
Gross Unrealized Depreciation | (866,256) |
Net Unrealized Appreciation (Depreciation) | 18,318,948 |
E. | During the six months ended June 30, 2023, the fund purchased $857,848,000 of investment securities and sold $991,305,000 of investment securities, other than temporary cash investments. Purchases and sales include $480,177,000 and $653,392,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
F. | Capital share transactions for each class of shares were: |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 1,745 | 23 | 5,411 | 68 | |
Issued in Lieu of Cash Distributions | 134 | 2 | 330 | 4 | |
Redeemed | (877) | (12) | (17,106) | (231) | |
Net Increase (Decrease)—Investor Shares | 1,002 | 13 | (11,365) | (159) | |
ETF Shares | |||||
Issued | 673,698 | 3,619 | 3,667,813 | 19,749 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (674,737) | (3,575) | (1,708,654) | (9,325) | |
Net Increase (Decrease)—ETF Shares | (1,039) | 44 | 1,959,159 | 10,424 | |
Admiral Shares | |||||
Issued | 577,189 | 6,106 | 1,800,154 | 19,196 | |
Issued in Lieu of Cash Distributions | 63,639 | 667 | 126,959 | 1,400 | |
Redeemed | (722,509) | (7,659) | (1,711,547) | (18,094) | |
Net Increase (Decrease)—Admiral Shares | (81,681) | (886) | 215,566 | 2,502 | |
Institutional Shares | |||||
Issued | 238,959 | 622 | 424,874 | 1,093 | |
Issued in Lieu of Cash Distributions | 14,550 | 37 | 30,324 | 81 | |
Redeemed | (274,230) | (712) | (377,281) | (963) | |
Net Increase (Decrease)—Institutional Shares | (20,721) | (53) | 77,917 | 211 |
G. | Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
H. | Management has determined that no events or transactions occurred subsequent to June 30, 2023, that would require recognition or disclosure in these financial statements. |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
• | 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 June 30, 2023 | |||
Beginning Account Value 12/31/2022 | Ending Account Value 6/30/2023 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Total Stock Market Index Fund | |||
Investor Shares | $1,000.00 | $1,161.20 | $0.75 |
ETF Shares | 1,000.00 | 1,161.80 | 0.16 |
Admiral™ Shares | 1,000.00 | 1,161.70 | 0.21 |
Institutional Shares | 1,000.00 | 1,161.80 | 0.16 |
Institutional Plus Shares | 1,000.00 | 1,161.80 | 0.11 |
Institutional Select Shares | 1,000.00 | 1,161.90 | 0.05 |
Based on Hypothetical 5% Yearly Return | |||
Total Stock Market Index Fund | |||
Investor Shares | $1,000.00 | $1,024.10 | $0.70 |
ETF Shares | 1,000.00 | 1,024.65 | 0.15 |
Admiral Shares | 1,000.00 | 1,024.60 | 0.20 |
Institutional Shares | 1,000.00 | 1,024.65 | 0.15 |
Institutional Plus Shares | 1,000.00 | 1,024.70 | 0.10 |
Institutional Select Shares | 1,000.00 | 1,024.75 | 0.05 |
Basic Materials | 2.0% |
Consumer Discretionary | 14.5 |
Consumer Staples | 5.2 |
Energy | 4.3 |
Financials | 10.2 |
Health Care | 12.9 |
Industrials | 13.0 |
Real Estate | 3.0 |
Technology | 29.9 |
Telecommunications | 2.1 |
Utilities | 2.9 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.8%) | ||||||
Basic Materials (2.0%) | ||||||
Linde plc | 15,283,856 | 5,824,372 | ||||
Air Products and Chemicals Inc. | 6,948,403 | 2,081,255 | ||||
Freeport-McMoRan Inc. | 44,744,067 | 1,789,763 | ||||
Ecolab Inc. | 7,992,178 | 1,492,060 | ||||
Nucor Corp. | 7,837,472 | 1,285,189 | ||||
Dow Inc. | 22,080,540 | 1,176,010 | ||||
Newmont Corp. | 24,761,050 | 1,056,306 | ||||
Fastenal Co. | 17,795,149 | 1,049,736 | ||||
Albemarle Corp. | 3,653,386 | 815,034 | ||||
LyondellBasell Industries NV Class A | 8,132,568 | 746,814 | ||||
International Flavors & Fragrances Inc. | 7,952,893 | 632,971 | ||||
Steel Dynamics Inc. | 5,015,109 | 546,296 | ||||
Reliance Steel & Aluminum Co. | 1,831,001 | 497,282 | ||||
Avery Dennison Corp. | 2,518,447 | 432,669 | ||||
CF Industries Holdings Inc. | 6,099,925 | 423,457 | ||||
FMC Corp. | 3,883,348 | 405,189 | ||||
Mosaic Co. | 10,356,897 | 362,491 | ||||
Celanese Corp. Class A | 3,044,243 | 352,523 | ||||
International Paper Co. | 10,899,562 | 346,715 | ||||
Eastman Chemical Co. | 3,703,231 | 310,034 | ||||
* | Cleveland-Cliffs Inc. | 16,076,171 | 269,437 | |||
Royal Gold Inc. | 2,049,627 | 235,256 | ||||
Olin Corp. | 4,098,945 | 210,645 | ||||
Hexcel Corp. | 2,621,432 | 199,281 | ||||
* | RBC Bearings Inc. | 907,432 | 197,339 | |||
Commercial Metals Co. | 3,644,704 | 191,930 | ||||
Alcoa Corp. | 5,569,974 | 188,989 | ||||
Timken Co. | 2,034,910 | 186,255 | ||||
UFP Industries Inc. | 1,827,214 | 177,331 |
Shares | Market Value• ($000) | |||||
* | Univar Solutions Inc. | 4,925,392 | 176,526 | |||
Chemours Co. | 4,627,077 | 170,693 | ||||
Valvoline Inc. | 4,328,802 | 162,373 | ||||
United States Steel Corp. | 6,339,205 | 158,543 | ||||
* | Livent Corp. | 5,598,935 | 153,579 | |||
Huntsman Corp. | 5,477,319 | 147,997 | ||||
Mueller Industries Inc. | 1,686,767 | 147,221 | ||||
Balchem Corp. | 1,002,401 | 135,134 | ||||
Element Solutions Inc. | 6,751,296 | 129,625 | ||||
Ashland Inc. | 1,460,187 | 126,905 | ||||
Westlake Corp. | 995,218 | 118,899 | ||||
Cabot Corp. | 1,752,036 | 117,194 | ||||
Avient Corp. | 2,839,421 | 116,132 | ||||
Boise Cascade Co. | 1,227,363 | 110,892 | ||||
Sensient Technologies Corp. | 1,311,867 | 93,313 | ||||
Hecla Mining Co. | 18,112,150 | 93,278 | ||||
* | Arconic Corp. | 3,103,203 | 91,793 | |||
NewMarket Corp. | 212,866 | 85,598 | ||||
Carpenter Technology Corp. | 1,512,159 | 84,877 | ||||
* | MP Materials Corp. | 3,682,583 | 84,257 | |||
Quaker Chemical Corp. | 421,839 | 82,216 | ||||
Scotts Miracle-Gro Co. | 1,310,513 | 82,156 | ||||
Innospec Inc. | 771,760 | 77,516 | ||||
Materion Corp. | 640,800 | 73,179 | ||||
Worthington Industries Inc. | 932,687 | 64,794 | ||||
* | Ingevity Corp. | 1,100,211 | 63,988 | |||
Stepan Co. | 660,484 | 63,116 | ||||
Minerals Technologies Inc. | 1,009,941 | 58,263 | ||||
Tronox Holdings plc | 3,629,281 | 46,128 | ||||
Sylvamo Corp. | 1,131,764 | 45,780 | ||||
Compass Minerals International Inc. | 1,296,993 | 44,098 | ||||
*,1 | Uranium Energy Corp. | 11,434,730 | 38,878 |
Shares | Market Value• ($000) | |||||
Ryerson Holding Corp. | 882,399 | 38,278 | ||||
Kaiser Aluminum Corp. | 500,346 | 35,845 | ||||
* | Ecovyst Inc. | 3,076,111 | 35,252 | |||
* | Piedmont Lithium Inc. | 549,285 | 31,699 | |||
GrafTech International Ltd. | 5,984,730 | 30,163 | ||||
*,1 | Energy Fuels Inc. | 4,677,812 | 29,190 | |||
AdvanSix Inc. | 806,395 | 28,208 | ||||
* | TimkenSteel Corp. | 1,299,552 | 28,031 | |||
* | US Silica Holdings Inc. | 2,244,740 | �� 27,229 | |||
Hawkins Inc. | 555,705 | 26,502 | ||||
Mativ Holdings Inc. | 1,711,358 | 25,876 | ||||
* | Coeur Mining Inc. | 8,941,174 | 25,393 | |||
Schnitzer Steel Industries Inc. Class A | 765,690 | 22,963 | ||||
Koppers Holdings Inc. | 600,901 | 20,491 | ||||
Haynes International Inc. | 351,719 | 17,874 | ||||
* | LSB Industries Inc. | 1,753,855 | 17,275 | |||
American Vanguard Corp. | 890,572 | 15,915 | ||||
* | Clearwater Paper Corp. | 486,081 | 15,224 | |||
Olympic Steel Inc. | 285,467 | 13,988 | ||||
* | Century Aluminum Co. | 1,585,067 | 13,822 | |||
*,1 | Origin Materials Inc. | 3,032,849 | 12,920 | |||
Omega Flex Inc. | 88,289 | 9,163 | ||||
* | Rayonier Advanced Materials Inc. | 2,021,725 | 8,653 | |||
* | Northwest Pipe Co. | 283,882 | 8,585 | |||
*,1 | Ur-Energy Inc. | 7,542,623 | 7,920 | |||
* | Alto Ingredients Inc. | 2,655,238 | 7,674 | |||
*,1 | Amyris Inc. | 6,996,944 | 7,207 | |||
FutureFuel Corp. | 789,526 | 6,987 | ||||
* | Intrepid Potash Inc. | 295,437 | 6,703 | |||
Tredegar Corp. | 804,870 | 5,368 | ||||
* | Dakota Gold Corp. | 1,512,493 | 4,416 | |||
* | Unifi Inc. | 515,832 | 4,163 | |||
*,1 | NN Inc. | 1,558,286 | 3,724 | |||
* | Glatfelter Corp. | 1,227,978 | 3,708 | |||
* | Universal Stainless & Alloy Products Inc. | 231,105 | 3,238 | |||
Northern Technologies International Corp. | 300,638 | 3,220 | ||||
*,1 | 5E Advanced Materials Inc. | 968,490 | 3,177 | |||
Eastern Co. | 163,220 | 2,953 | ||||
Friedman Industries Inc. | 206,261 | 2,599 |
Shares | Market Value• ($000) | |||||
Gold Resource Corp. | 3,809,091 | 2,400 | ||||
* | Perma-Pipe International Holdings Inc. | 203,835 | 1,938 | |||
* | Idaho Strategic Resources Inc. | 277,137 | 1,480 | |||
* | Culp Inc. | 296,017 | 1,471 | |||
*,1 | Hycroft Mining Holding Corp. Class A | 4,608,476 | 1,361 | |||
* | Comstock Inc. | 1,603,057 | 1,170 | |||
* | Ampco-Pittsburgh Corp. | 366,153 | 1,164 | |||
*,1 | Westwater Resources Inc. | 1,414,240 | 1,162 | |||
* | CPS Technologies Corp. | 412,694 | 1,156 | |||
* | Ascent Industries Co. | 110,151 | 1,001 | |||
* | United States Antimony Corp. | 2,524,776 | 795 | |||
*,1 | US Gold Corp. | 174,184 | 775 | |||
1 | Flexible Solutions International Inc. | 277,169 | 740 | |||
Chicago Rivet & Machine Co. | 28,369 | 729 | ||||
* | Solitario Zinc Corp. | 1,173,263 | 675 | |||
United-Guardian Inc. | 73,136 | 623 | ||||
* | Paramount Gold Nevada Corp. | 1,223,263 | 385 | |||
*,1 | Golden Minerals Co. | 179,334 | 290 | |||
* | Hycroft Mining Holding Corp. Warrants Exp. 10/6/25 | 155,000 | 4 | |||
27,358,485 | ||||||
Consumer Discretionary (14.5%) | ||||||
* | Amazon.com Inc. | 271,951,841 | 35,451,642 | |||
* | Tesla Inc. | 83,996,143 | 21,987,670 | |||
Home Depot Inc. | 31,339,740 | 9,735,377 | ||||
Costco Wholesale Corp. | 13,824,250 | 7,442,700 | ||||
Walmart Inc. | 46,264,303 | 7,271,823 | ||||
McDonald's Corp. | 22,767,853 | 6,794,155 | ||||
* | Netflix Inc. | 13,856,352 | 6,103,584 | |||
* | Walt Disney Co. | 56,944,151 | 5,083,974 | |||
NIKE Inc. Class B | 38,378,640 | 4,235,850 | ||||
Lowe's Cos. Inc. | 18,460,883 | 4,166,621 | ||||
Starbucks Corp. | 35,731,536 | 3,539,566 | ||||
* | Booking Holdings Inc. | 1,151,750 | 3,110,105 | |||
TJX Cos. Inc. | 35,875,982 | 3,041,925 | ||||
* | Uber Technologies Inc. | 59,942,027 | 2,587,697 | |||
* | Activision Blizzard Inc. | 23,281,969 | 1,962,670 | |||
Target Corp. | 14,461,096 | 1,907,419 | ||||
Ford Motor Co. | 122,494,671 | 1,853,344 |
Shares | Market Value• ($000) | |||||
* | Chipotle Mexican Grill Inc. Class A | 861,030 | 1,841,743 | |||
* | O'Reilly Automotive Inc. | 1,897,476 | 1,812,659 | |||
General Motors Co. | 41,131,735 | 1,586,040 | ||||
* | Airbnb Inc. Class A | 11,575,301 | 1,483,491 | |||
Marriott International Inc. Class A | 8,047,611 | 1,478,266 | ||||
* | AutoZone Inc. | 573,064 | 1,428,855 | |||
* | Lululemon Athletica Inc. | 3,622,519 | 1,371,123 | |||
Estee Lauder Cos. Inc. Class A | 6,503,977 | 1,277,251 | ||||
* | Copart Inc. | 13,355,447 | 1,218,150 | |||
Yum! Brands Inc. | 8,726,569 | 1,209,066 | ||||
Hilton Worldwide Holdings Inc. | 8,265,478 | 1,203,040 | ||||
Ross Stores Inc. | 10,650,759 | 1,194,270 | ||||
Dollar General Corp. | 6,844,445 | 1,162,050 | ||||
DR Horton Inc. | 9,548,999 | 1,162,018 | ||||
Electronic Arts Inc. | 8,494,813 | 1,101,777 | ||||
* | Trade Desk Inc. Class A | 13,850,302 | 1,069,520 | |||
* | Delta Air Lines Inc. | 20,108,096 | 955,939 | |||
* | Dollar Tree Inc. | 6,554,898 | 940,628 | |||
Lennar Corp. Class A | 7,267,443 | 910,683 | ||||
* | Aptiv plc | 8,440,971 | 861,739 | |||
* | Warner Bros Discovery Inc. | 68,235,565 | 855,674 | |||
* | Take-Two Interactive Software Inc. | 5,260,276 | 774,102 | |||
Tractor Supply Co. | 3,407,386 | 753,373 | ||||
eBay Inc. | 16,651,633 | 744,161 | ||||
Genuine Parts Co. | 4,389,625 | 742,856 | ||||
* | Ulta Beauty Inc. | 1,562,535 | 735,321 | |||
* | Royal Caribbean Cruises Ltd. | 6,767,803 | 702,092 | |||
Southwest Airlines Co. | 18,534,284 | 671,126 | ||||
Darden Restaurants Inc. | 3,764,464 | 628,967 | ||||
* | Las Vegas Sands Corp. | 10,727,621 | 622,202 | |||
* | NVR Inc. | 96,083 | 610,187 | |||
Omnicom Group Inc. | 6,231,496 | 592,927 | ||||
*,1 | Carnival Corp. | 31,293,565 | 589,258 | |||
* | United Airlines Holdings Inc. | 10,175,722 | 558,342 | |||
PulteGroup Inc. | 6,988,582 | 542,873 | ||||
Best Buy Co. Inc. | 6,122,905 | 501,772 | ||||
Garmin Ltd. | 4,776,322 | 498,123 | ||||
* | Expedia Group Inc. | 4,445,349 | 486,277 | |||
LKQ Corp. | 8,315,486 | 484,543 | ||||
Interpublic Group of Cos. Inc. | 12,016,335 | 463,590 |
Shares | Market Value• ($000) | |||||
* | ROBLOX Corp. Class A | 11,384,964 | 458,814 | |||
* | Live Nation Entertainment Inc. | 4,995,405 | 455,131 | |||
* | Deckers Outdoor Corp. | 821,703 | 433,580 | |||
Pool Corp. | 1,156,398 | 433,233 | ||||
* | Liberty Media Corp.-Liberty Formula One Class C | 5,652,001 | 425,483 | |||
* | CarMax Inc. | 4,930,462 | 412,680 | |||
MGM Resorts International | 9,079,969 | 398,792 | ||||
Domino's Pizza Inc. | 1,104,641 | 372,253 | ||||
* | Rivian Automotive Inc. Class A | 22,038,657 | 367,164 | |||
* | American Airlines Group Inc. | 20,305,228 | 364,276 | |||
BorgWarner Inc. | 7,288,197 | 356,466 | ||||
Aramark | 8,116,373 | 349,410 | ||||
* | Five Below Inc. | 1,735,094 | 341,015 | |||
Rollins Inc. | 7,697,437 | 329,681 | ||||
* | Floor & Decor Holdings Inc. Class A | 3,146,338 | 327,093 | |||
* | DraftKings Inc. Class A | 12,288,007 | 326,492 | |||
* | Caesars Entertainment Inc. | 6,377,016 | 325,037 | |||
* | Etsy Inc. | 3,829,181 | 323,987 | |||
* | Burlington Stores Inc. | 2,029,136 | 319,366 | |||
Wynn Resorts Ltd. | 2,999,934 | 316,823 | ||||
Vail Resorts Inc. | 1,255,552 | 316,098 | ||||
Tapestry Inc. | 7,214,362 | 308,775 | ||||
Churchill Downs Inc. | 2,095,350 | 291,610 | ||||
Service Corp. International | 4,460,600 | 288,110 | ||||
* | Norwegian Cruise Line Holdings Ltd. | 13,166,359 | 286,632 | |||
Fox Corp. Class A | 8,080,247 | 274,728 | ||||
News Corp. Class A | 14,060,760 | 274,185 | ||||
Hasbro Inc. | 4,093,484 | 265,135 | ||||
Lear Corp. | 1,842,576 | 264,502 | ||||
* | BJ's Wholesale Club Holdings Inc. | 4,186,580 | 263,796 | |||
Lithia Motors Inc. Class A | 851,551 | 258,965 | ||||
Toll Brothers Inc. | 3,268,760 | 258,461 | ||||
Bath & Body Works Inc. | 6,767,453 | 253,779 | ||||
Whirlpool Corp. | 1,702,400 | 253,300 | ||||
Williams-Sonoma Inc. | 1,995,339 | 249,697 | ||||
1 | Paramount Global Class B | 15,528,647 | 247,061 |
Shares | Market Value• ($000) | |||||
Dick's Sporting Goods Inc. | 1,853,097 | 244,961 | ||||
* | SiteOne Landscape Supply Inc. | 1,403,550 | 234,898 | |||
Texas Roadhouse Inc. Class A | 2,085,510 | 234,161 | ||||
* | Skechers USA Inc. Class A | 4,195,548 | 220,938 | |||
* | Mattel Inc. | 11,102,846 | 216,950 | |||
Gentex Corp. | 7,298,870 | 213,565 | ||||
* | Alaska Air Group Inc. | 3,970,589 | 211,156 | |||
VF Corp. | 10,937,844 | 208,803 | ||||
* | Crocs Inc. | 1,823,471 | 205,031 | |||
Polaris Inc. | 1,690,092 | 204,383 | ||||
Tempur Sealy International Inc. | 5,088,422 | 203,893 | ||||
*,1 | GameStop Corp. Class A | 8,063,137 | 195,531 | |||
* | Light & Wonder Inc. | 2,841,829 | 195,404 | |||
New York Times Co. Class A | 4,888,068 | 192,492 | ||||
Murphy USA Inc. | 608,092 | 189,184 | ||||
Wingstop Inc. | 934,043 | 186,958 | ||||
* | AutoNation Inc. | 1,134,046 | 186,675 | |||
Wyndham Hotels & Resorts Inc. | 2,691,689 | 184,569 | ||||
* | elf Beauty Inc. | 1,578,354 | 180,295 | |||
* | Planet Fitness Inc. Class A | 2,672,256 | 180,217 | |||
Nexstar Media Group Inc. Class A | 1,067,027 | 177,713 | ||||
*,1 | Lucid Group Inc. | 24,815,896 | 170,982 | |||
* | RH | 517,953 | 170,712 | |||
PVH Corp. | 1,980,565 | 168,289 | ||||
*,1 | Wayfair Inc. Class A | 2,581,277 | 167,809 | |||
* | Bright Horizons Family Solutions Inc. | 1,798,837 | 166,302 | |||
* | Asbury Automotive Group Inc. | 667,671 | 160,521 | |||
Hyatt Hotels Corp. Class A | 1,400,155 | 160,430 | ||||
* | Taylor Morrison Home Corp. Class A | 3,198,174 | 155,975 | |||
Thor Industries Inc. | 1,503,138 | 155,575 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class C | 4,704,315 | 153,972 | |||
U-Haul Holding Co. (XNYS) | 3,037,150 | 153,892 | ||||
Meritage Homes Corp. | 1,076,142 | 153,103 | ||||
Boyd Gaming Corp. | 2,198,406 | 152,503 | ||||
H&R Block Inc. | 4,734,869 | 150,900 | ||||
* | Duolingo Inc. Class A | 1,034,117 | 147,817 | |||
Harley-Davidson Inc. | 4,106,841 | 144,602 | ||||
1 | Ralph Lauren Corp. Class A | 1,168,366 | 144,060 |
Shares | Market Value• ($000) | |||||
* | Fox Factory Holding Corp. | 1,318,122 | 143,029 | |||
Fox Corp. Class B | 4,429,597 | 141,260 | ||||
* | Capri Holdings Ltd. | 3,925,138 | 140,873 | |||
* | Avis Budget Group Inc. | 613,255 | 140,233 | |||
World Wrestling Entertainment Inc. Class A | 1,284,225 | 139,300 | ||||
Macy's Inc. | 8,452,138 | 135,657 | ||||
Academy Sports & Outdoors Inc. | 2,430,344 | 131,360 | ||||
* | Coty Inc. Class A | 10,625,492 | 130,587 | |||
Advance Auto Parts Inc. | 1,842,798 | 129,549 | ||||
* | Visteon Corp. | 874,982 | 125,656 | |||
Lennar Corp. Class B | 1,090,413 | 123,195 | ||||
KB Home | 2,365,844 | 122,338 | ||||
* | Goodyear Tire & Rubber Co. | 8,831,203 | 120,811 | |||
Marriott Vacations Worldwide Corp. | 980,895 | 120,375 | ||||
* | Chewy Inc. Class A | 2,934,649 | 115,831 | |||
Leggett & Platt Inc. | 3,908,715 | 115,776 | ||||
Wendy's Co. | 5,299,198 | 115,258 | ||||
* | Penn Entertainment Inc. | 4,760,459 | 114,394 | |||
* | Endeavor Group Holdings Inc. Class A | 4,765,155 | 113,983 | |||
TEGNA Inc. | 7,007,496 | 113,802 | ||||
* | Ollie's Bargain Outlet Holdings Inc. | 1,942,371 | 112,522 | |||
1 | Choice Hotels International Inc. | 952,375 | 111,923 | |||
* | Hilton Grand Vacations Inc. | 2,462,410 | 111,892 | |||
* | Skyline Champion Corp. | 1,688,382 | 110,505 | |||
Group 1 Automotive Inc. | 419,517 | 108,277 | ||||
Penske Automotive Group Inc. | 644,599 | 107,410 | ||||
* | YETI Holdings Inc. | 2,689,872 | 104,475 | |||
Madison Square Garden Sports Corp. | 548,279 | 103,104 | ||||
* | Tri Pointe Homes Inc. | 3,128,860 | 102,814 | |||
Newell Brands Inc. | 11,579,484 | 100,742 | ||||
* | Grand Canyon Education Inc. | 969,113 | 100,022 | |||
Warner Music Group Corp. Class A | 3,673,561 | 95,843 | ||||
LCI Industries | 753,882 | 95,261 | ||||
* | Lyft Inc. Class A | 9,718,411 | 93,200 | |||
Travel + Leisure Co. | 2,286,095 | 92,221 | ||||
* | Shake Shack Inc. Class A | 1,163,890 | 90,458 |
Shares | Market Value• ($000) | |||||
* | JetBlue Airways Corp. | 10,162,426 | 90,039 | |||
Signet Jewelers Ltd. | 1,355,699 | 88,473 | ||||
* | Topgolf Callaway Brands Corp. | 4,327,138 | 85,894 | |||
* | Liberty Media Corp.-Liberty Formula One Class A | 1,268,595 | 85,782 | |||
MDC Holdings Inc. | 1,827,034 | 85,450 | ||||
* | LGI Homes Inc. | 619,719 | 83,594 | |||
1 | Sirius XM Holdings Inc. | 18,389,162 | 83,303 | |||
Columbia Sportswear Co. | 1,075,991 | 83,110 | ||||
Carter's Inc. | 1,133,078 | 82,261 | ||||
* | Helen of Troy Ltd. | 749,295 | 80,939 | |||
* | Frontdoor Inc. | 2,528,411 | 80,656 | |||
Kohl's Corp. | 3,453,022 | 79,592 | ||||
Foot Locker Inc. | 2,914,859 | 79,022 | ||||
* | Boot Barn Holdings Inc. | 928,981 | 78,675 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 2,379,758 | 78,080 | |||
Gap Inc. | 8,740,151 | 78,050 | ||||
*,1 | Carvana Co. Class A | 3,006,607 | 77,931 | |||
* | Cavco Industries Inc. | 260,329 | 76,797 | |||
* | Peloton Interactive Inc. Class A | 9,806,864 | 75,415 | |||
Rush Enterprises Inc. Class A | 1,232,564 | 74,866 | ||||
Inter Parfums Inc. | 550,766 | 74,480 | ||||
* | M/I Homes Inc. | 848,634 | 73,992 | |||
* | Hertz Global Holdings Inc. | 4,021,558 | 73,956 | |||
Papa John's International Inc. | 993,295 | 73,335 | ||||
Kontoor Brands Inc. | 1,732,355 | 72,932 | ||||
Bloomin' Brands Inc. | 2,696,933 | 72,521 | ||||
Steven Madden Ltd. | 2,199,824 | 71,912 | ||||
Red Rock Resorts Inc. Class A | 1,533,758 | 71,749 | ||||
*,1 | AMC Entertainment Holdings Inc. Class A | 16,202,454 | 71,291 | |||
Dana Inc. | 4,074,658 | 69,269 | ||||
Century Communities Inc. | 888,000 | 68,039 | ||||
American Eagle Outfitters Inc. | 5,659,414 | 66,781 | ||||
* | ACV Auctions Inc. Class A | 3,866,908 | 66,781 | |||
Graham Holdings Co. Class B | 115,138 | 65,799 | ||||
* | Dorman Products Inc. | 831,924 | 65,581 |
Shares | Market Value• ($000) | |||||
* | Sonos Inc. | 3,976,700 | 64,940 | |||
Cracker Barrel Old Country Store Inc. | 692,132 | 64,493 | ||||
*,1 | QuantumScape Corp. Class A | 7,956,037 | 63,569 | |||
Jack in the Box Inc. | 643,092 | 62,721 | ||||
* | Urban Outfitters Inc. | 1,871,849 | 62,014 | |||
* | Allegiant Travel Co. | 488,957 | 61,745 | |||
* | SeaWorld Entertainment Inc. | 1,092,991 | 61,218 | |||
1 | Nordstrom Inc. | 2,977,962 | 60,959 | |||
Winnebago Industries Inc. | 907,320 | 60,509 | ||||
* | National Vision Holdings Inc. | 2,459,263 | 59,735 | |||
* | Gentherm Inc. | 1,041,754 | 58,870 | |||
* | SkyWest Inc. | 1,441,686 | 58,705 | |||
Spirit Airlines Inc. | 3,411,987 | 58,550 | ||||
* | Abercrombie & Fitch Co. Class A | 1,545,322 | 58,228 | |||
* | Six Flags Entertainment Corp. | 2,208,767 | 57,384 | |||
PriceSmart Inc. | 772,460 | 57,208 | ||||
* | Cinemark Holdings Inc. | 3,404,029 | 56,166 | |||
* | PowerSchool Holdings Inc. Class A | 2,882,510 | 55,171 | |||
* | XPEL Inc. | 649,043 | 54,662 | |||
Acushnet Holdings Corp. | 985,118 | 53,866 | ||||
* | Dave & Buster's Entertainment Inc. | 1,198,466 | 53,404 | |||
Laureate Education Inc. | 4,411,164 | 53,331 | ||||
*,1 | Luminar Technologies Inc. Class A | 7,715,082 | 53,080 | |||
* | ODP Corp. | 1,118,971 | 52,390 | |||
* | Knowles Corp. | 2,884,598 | 52,096 | |||
* | OPENLANE Inc. | 3,368,972 | 51,276 | |||
* | Leslie's Inc. | 5,399,352 | 50,700 | |||
Cheesecake Factory Inc. | 1,449,370 | 50,119 | ||||
* | Brinker International Inc. | 1,361,440 | 49,829 | |||
* | PROG Holdings Inc. | 1,528,955 | 49,110 | |||
* | Driven Brands Holdings Inc. | 1,806,389 | 48,881 | |||
* | Vista Outdoor Inc. | 1,743,410 | 48,240 | |||
* | Stride Inc. | 1,281,967 | 47,728 | |||
* | TripAdvisor Inc. | 2,886,335 | 47,596 | |||
Strategic Education Inc. | 689,546 | 46,779 | ||||
Oxford Industries Inc. | 468,912 | 46,150 | ||||
* | Overstock.com Inc. | 1,406,542 | 45,811 | |||
Hanesbrands Inc. | 9,994,698 | 45,376 |
Shares | Market Value• ($000) | |||||
* | Green Brick Partners Inc. | 788,793 | 44,803 | |||
John Wiley & Sons Inc. Class A | 1,315,565 | 44,769 | ||||
* | Victoria's Secret & Co. | 2,505,633 | 43,673 | |||
* | Coursera Inc. | 3,353,581 | 43,664 | |||
* | Adtalem Global Education Inc. | 1,247,323 | 42,833 | |||
Upbound Group Inc. | 1,372,167 | 42,716 | ||||
* | Sally Beauty Holdings Inc. | 3,312,155 | 40,905 | |||
* | Under Armour Inc. Class A | 5,656,721 | 40,842 | |||
* | Liberty Media Corp.-Liberty Braves Class C | 1,028,819 | 40,762 | |||
* | Everi Holdings Inc. | 2,775,781 | 40,138 | |||
Monro Inc. | 981,457 | 39,877 | ||||
Levi Strauss & Co. Class A | 2,742,642 | 39,576 | ||||
1 | Dillard's Inc. Class A | 121,251 | 39,562 | |||
Matthews International Corp. Class A | 921,816 | 39,288 | ||||
* | Cars.com Inc. | 1,982,139 | 39,286 | |||
1 | Camping World Holdings Inc. Class A | 1,302,180 | 39,196 | |||
* | Integral Ad Science Holding Corp. | 2,169,509 | 39,008 | |||
HNI Corp. | 1,374,876 | 38,744 | ||||
* | Malibu Boats Inc. Class A | 659,406 | 38,681 | |||
La-Z-Boy Inc. | 1,320,956 | 37,832 | ||||
* | iRobot Corp. | 809,357 | 36,623 | |||
*,1 | Fisker Inc. Class A | 6,485,583 | 36,579 | |||
* | Under Armour Inc. Class C | 5,421,506 | 36,378 | |||
* | Central Garden & Pet Co. Class A | 997,380 | 36,364 | |||
Scholastic Corp. | 925,597 | 35,996 | ||||
*,1 | Dutch Bros Inc. Class A | 1,262,242 | 35,911 | |||
Wolverine World Wide Inc. | 2,402,640 | 35,295 | ||||
MillerKnoll Inc. | 2,365,995 | 34,969 | ||||
* | Madison Square Garden Entertainment Corp. Class A | 1,030,939 | 34,660 | |||
* | Portillo's Inc. Class A | 1,511,719 | 34,059 | |||
* | Chegg Inc. | 3,755,310 | 33,347 | |||
* | Sweetgreen Inc. Class A | 2,597,085 | 33,295 | |||
* | Figs Inc. Class A | 4,002,813 | 33,103 | |||
* | Sabre Corp. | 10,306,747 | 32,879 | |||
Buckle Inc. | 916,866 | 31,724 |
Shares | Market Value• ($000) | |||||
1 | Krispy Kreme Inc. | 2,090,545 | 30,794 | |||
Winmark Corp. | 90,427 | 30,064 | ||||
News Corp. Class B | 1,514,377 | 29,864 | ||||
* | Life Time Group Holdings Inc. | 1,512,087 | 29,743 | |||
* | Mister Car Wash Inc. | 3,063,543 | 29,563 | |||
* | Lions Gate Entertainment Corp. Class B | 3,535,615 | 29,522 | |||
Monarch Casino & Resort Inc. | 415,714 | 29,287 | ||||
Sturm Ruger & Co. Inc. | 549,209 | 29,086 | ||||
* | Arlo Technologies Inc. | 2,553,179 | 27,855 | |||
* | American Axle & Manufacturing Holdings Inc. | 3,338,669 | 27,611 | |||
* | Thryv Holdings Inc. | 1,117,856 | 27,499 | |||
* | Golden Entertainment Inc. | 638,631 | 26,695 | |||
Dine Brands Global Inc. | 452,134 | 26,237 | ||||
* | Sun Country Airlines Holdings Inc. | 1,145,414 | 25,749 | |||
Caleres Inc. | 1,065,952 | 25,508 | ||||
* | Beazer Homes USA Inc. | 900,475 | 25,474 | |||
* | Udemy Inc. | 2,370,324 | 25,434 | |||
* | Clean Energy Fuels Corp. | 5,109,503 | 25,343 | |||
* | G-III Apparel Group Ltd. | 1,290,084 | 24,860 | |||
* | Perdoceo Education Corp. | 1,951,264 | 23,942 | |||
* | Sphere Entertainment Co. | 826,242 | 22,631 | |||
A-Mark Precious Metals Inc. | 600,243 | 22,470 | ||||
* | Petco Health & Wellness Co. Inc. Class A | 2,517,985 | 22,410 | |||
* | MarineMax Inc. | 651,461 | 22,254 | |||
* | BJ's Restaurants Inc. | 690,579 | 21,960 | |||
* | Chuy's Holdings Inc. | 537,332 | 21,934 | |||
* | Corsair Gaming Inc. | 1,232,424 | 21,863 | |||
* | EW Scripps Co. Class A | 2,380,474 | 21,781 | |||
* | Denny's Corp. | 1,741,210 | 21,452 | |||
*,1 | Cava Group Inc. | 521,210 | 21,344 | |||
Sonic Automotive Inc. Class A | 444,708 | 21,199 | ||||
* | Revolve Group Inc. Class A | 1,280,737 | 21,004 | |||
Steelcase Inc. Class A | 2,712,443 | 20,913 | ||||
Gray Television Inc. | 2,622,613 | 20,666 | ||||
1 | Guess? Inc. | 1,061,862 | 20,653 |
Shares | Market Value• ($000) | |||||
*,1 | Liberty Media Corp.-Liberty Braves Class A | 503,130 | 20,588 | |||
* | Stagwell Inc. Class A | 2,835,195 | 20,442 | |||
Standard Motor Products Inc. | 542,883 | 20,369 | ||||
* | Lions Gate Entertainment Corp. Class A | 2,269,727 | 20,042 | |||
Ethan Allen Interiors Inc. | 705,592 | 19,954 | ||||
* | Chico's FAS Inc. | 3,692,504 | 19,755 | |||
Arko Corp. | 2,482,070 | 19,732 | ||||
RCI Hospitality Holdings Inc. | 255,051 | 19,381 | ||||
*,1 | Dream Finders Homes Inc. Class A | 778,333 | 19,139 | |||
* | Central Garden & Pet Co. | 487,494 | 18,900 | |||
Smith & Wesson Brands Inc. | 1,433,189 | 18,689 | ||||
* | Rover Group Inc. Class A | 3,641,764 | 17,881 | |||
* | America's Car-Mart Inc. | 175,495 | 17,511 | |||
* | Accel Entertainment Inc. Class A | 1,651,081 | 17,435 | |||
* | Sleep Number Corp. | 633,551 | 17,283 | |||
*,1 | European Wax Center Inc. Class A | 926,577 | 17,262 | |||
1 | Franchise Group Inc. | 586,985 | 16,811 | |||
*,1 | WW International Inc. | 2,486,637 | 16,710 | |||
* | Hawaiian Holdings Inc. | 1,548,316 | 16,675 | |||
Rush Enterprises Inc. Class B | 244,440 | 16,637 | ||||
* | GoPro Inc. Class A | 3,924,228 | 16,246 | |||
1 | Designer Brands Inc. Class A | 1,590,136 | 16,060 | |||
* | MasterCraft Boat Holdings Inc. | 519,098 | 15,910 | |||
*,1 | Bowlero Corp. | 1,359,327 | 15,823 | |||
*,1 | Kura Sushi USA Inc. Class A | 169,216 | 15,729 | |||
* | Viad Corp. | 577,927 | 15,535 | |||
Interface Inc. Class A | 1,745,201 | 15,340 | ||||
* | Clear Channel Outdoor Holdings Inc. | 11,059,231 | 15,151 | |||
1 | U-Haul Holding Co. | 271,612 | 15,026 | |||
* | Stoneridge Inc. | 753,568 | 14,205 | |||
* | Sciplay Corp. Class A | 705,371 | 13,882 | |||
* | Xponential Fitness Inc. Class A | 804,094 | 13,871 | |||
* | Bally's Corp. | 868,349 | 13,512 | |||
* | QuinStreet Inc. | 1,509,277 | 13,327 |
Shares | Market Value• ($000) | |||||
1 | Sinclair Inc. | 954,858 | 13,196 | |||
* | Liquidity Services Inc. | 795,167 | 13,120 | |||
Carriage Services Inc. Class A | 402,181 | 13,059 | ||||
Haverty Furniture Cos. Inc. | 432,133 | 13,059 | ||||
Hibbett Inc. | 355,884 | 12,915 | ||||
* | Hovnanian Enterprises Inc. Class A | 128,184 | 12,717 | |||
* | Boston Omaha Corp. Class A | 670,390 | 12,617 | |||
Movado Group Inc. | 468,835 | 12,579 | ||||
* | First Watch Restaurant Group Inc. | 740,198 | 12,509 | |||
Aaron's Co. Inc. | 853,131 | 12,063 | ||||
* | iHeartMedia Inc. Class A | 3,280,407 | 11,941 | |||
*,1 | Playstudios Inc. | 2,424,521 | 11,904 | |||
* | Vizio Holding Corp. Class A | 1,759,243 | 11,875 | |||
* | Daily Journal Corp. | 40,386 | 11,683 | |||
*,1 | Mondee Holdings Inc. Class A | 1,309,000 | 11,663 | |||
* | Lovesac Co. | 428,899 | 11,559 | |||
Shoe Carnival Inc. | 491,916 | 11,550 | ||||
* | Lindblad Expeditions Holdings Inc. | 1,015,079 | 11,044 | |||
* | AMC Networks Inc. Class A | 918,757 | 10,979 | |||
1 | Marcus Corp. | 734,527 | 10,893 | |||
* | Qurate Retail Inc. Class A | 10,852,494 | 10,742 | |||
* | Gannett Co. Inc. | 4,639,277 | 10,438 | |||
El Pollo Loco Holdings Inc. | 1,182,928 | 10,374 | ||||
*,1 | OneWater Marine Inc. Class A | 282,871 | 10,251 | |||
*,1 | Vuzix Corp. | 1,963,662 | 10,015 | |||
* | Funko Inc. Class A | 918,414 | 9,937 | |||
Alta Equipment Group Inc. | 568,355 | 9,850 | ||||
*,1 | Blink Charging Co. | 1,624,762 | 9,732 | |||
* | Genesco Inc. | 385,373 | 9,650 | |||
* | Eastman Kodak Co. | 2,070,366 | 9,565 | |||
* | 2U Inc. | 2,364,776 | 9,530 | |||
* | Frontier Group Holdings Inc. | 984,399 | 9,519 | |||
* | Stitch Fix Inc. Class A | 2,447,324 | 9,422 | |||
* | Quotient Technology Inc. | 2,441,688 | 9,376 | |||
1 | Cricut Inc. Class A | 743,230 | 9,067 | |||
*,1 | SES AI Corp. | 3,668,700 | 8,952 | |||
* | Children's Place Inc. | 378,236 | 8,779 |
Shares | Market Value• ($000) | |||||
Johnson Outdoors Inc. Class A | 142,149 | 8,735 | ||||
Build-A-Bear Workshop Inc. | 398,931 | 8,545 | ||||
* | Selectquote Inc. | 4,324,874 | 8,434 | |||
* | Destination XL Group Inc. | 1,645,333 | 8,062 | |||
Bluegreen Vacations Holding Corp. Class A | 218,751 | 7,798 | ||||
Clarus Corp. | 837,408 | 7,654 | ||||
* | Zumiez Inc. | 459,022 | 7,647 | |||
1 | Big Lots Inc. | 829,589 | 7,325 | |||
*,1 | Red Robin Gourmet Burgers Inc. | 528,783 | 7,313 | |||
* | Angi Inc. Class A | 2,202,894 | 7,270 | |||
*,1 | Holley Inc. | 1,753,269 | 7,171 | |||
Entravision Communications Corp. Class A | 1,589,251 | 6,977 | ||||
* | ONE Group Hospitality Inc. | 940,019 | 6,881 | |||
* | Cooper-Standard Holdings Inc. | 482,479 | 6,880 | |||
*,1 | RealReal Inc. | 3,060,752 | 6,795 | |||
* | CarParts.com Inc. | 1,596,734 | 6,786 | |||
* | PlayAGS Inc. | 1,193,838 | 6,745 | |||
* | Century Casinos Inc. | 943,928 | 6,702 | |||
* | Full House Resorts Inc. | 992,078 | 6,647 | |||
* | Nerdy Inc. | 1,554,944 | 6,484 | |||
*,1 | Arhaus Inc. Class A | 621,273 | 6,480 | |||
* | Universal Technical Institute Inc. | 935,402 | 6,464 | |||
* | 1-800-Flowers.com Inc. Class A | 819,124 | 6,389 | |||
* | Legacy Housing Corp. | 273,001 | 6,331 | |||
*,1 | Canoo Inc. | 13,188,697 | 6,323 | |||
*,1 | Faraday Future Intelligent Electric Inc. | 31,496,407 | 6,299 | |||
* | Cardlytics Inc. | 995,092 | 6,289 | |||
1 | Big 5 Sporting Goods Corp. | 685,570 | 6,280 | |||
*,1 | Snap One Holdings Corp. | 531,350 | 6,190 | |||
* | Turtle Beach Corp. | 525,515 | 6,122 | |||
* | Sportsman's Warehouse Holdings Inc. | 1,060,404 | 6,044 | |||
*,1 | ThredUp Inc. Class A | 2,409,149 | 5,878 | |||
1 | Hooker Furnishings Corp. | 304,815 | 5,688 | |||
*,1 | Traeger Inc. | 1,319,878 | 5,609 | |||
Weyco Group Inc. | 207,541 | 5,539 | ||||
* | Potbelly Corp. | 629,299 | 5,525 |
Shares | Market Value• ($000) | |||||
*,1 | AMMO Inc. | 2,526,145 | 5,381 | |||
1 | Purple Innovation Inc. Class A | 1,927,691 | 5,359 | |||
* | Urban One Inc. | 872,038 | 5,232 | |||
* | Tilly's Inc. Class A | 737,525 | 5,170 | |||
Climb Global Solutions Inc. | 106,414 | 5,093 | ||||
* | Citi Trends Inc. | 287,674 | 5,080 | |||
*,1 | RumbleON Inc. Class B | 404,083 | 4,994 | |||
*,1 | Vera Bradley Inc. | 774,558 | 4,949 | |||
* | Rush Street Interactive Inc. | 1,572,928 | 4,908 | |||
* | Noodles & Co. Class A | 1,439,247 | 4,865 | |||
*,1 | VOXX International Corp. Class A | 389,401 | 4,860 | |||
* | Outbrain Inc. | 980,890 | 4,826 | |||
Bassett Furniture Industries Inc. | 318,476 | 4,790 | ||||
* | Carrols Restaurant Group Inc. | 945,470 | 4,765 | |||
* | Solo Brands Inc. Class A | 833,123 | 4,715 | |||
Rocky Brands Inc. | 223,452 | 4,692 | ||||
1 | Nathan's Famous Inc. | 56,557 | 4,442 | |||
Cato Corp. Class A | 551,948 | 4,432 | ||||
* | LL Flooring Holdings Inc. | 1,140,348 | 4,368 | |||
Marine Products Corp. | 255,346 | 4,305 | ||||
* | Fiesta Restaurant Group Inc. | 536,731 | 4,262 | |||
* | American Outdoor Brands Inc. | 479,165 | 4,159 | |||
* | Motorcar Parts of America Inc. | 536,128 | 4,150 | |||
1 | Townsquare Media Inc. Class A | 347,347 | 4,137 | |||
1 | Escalade Inc. | 306,383 | 4,090 | |||
*,1 | ContextLogic Inc. Class A | 619,250 | 4,075 | |||
Superior Group of Cos. Inc. | 435,584 | 4,068 | ||||
Lakeland Industries Inc. | 278,050 | 4,001 | ||||
* | Fossil Group Inc. | 1,551,367 | 3,987 | |||
* | Allbirds Inc. Class A | 3,156,493 | 3,977 | |||
* | Latham Group Inc. | 1,051,361 | 3,901 | |||
* | Container Store Group Inc. | 1,219,767 | 3,830 | |||
* | JAKKS Pacific Inc. | 187,996 | 3,754 | |||
*,1 | Loop Media Inc. | 1,562,500 | 3,734 | |||
* | Tile Shop Holdings Inc. | 654,754 | 3,627 | |||
* | Landsea Homes Corp. | 387,698 | 3,621 |
Shares | Market Value• ($000) | |||||
* | Biglari Holdings Inc. Class B | 18,317 | 3,611 | |||
*,1 | BARK Inc. | 2,707,298 | 3,601 | |||
*,1 | Lincoln Educational Services Corp. | 517,099 | 3,485 | |||
* | Universal Electronics Inc. | 334,328 | 3,216 | |||
*,1 | Rent the Runway Inc. Class A | 1,617,196 | 3,202 | |||
* | Superior Industries International Inc. | 883,561 | 3,181 | |||
Canterbury Park Holding Corp. | 133,695 | 3,112 | ||||
* | Duluth Holdings Inc. Class B | 488,310 | 3,067 | |||
* | Lands' End Inc. | 385,220 | 2,989 | |||
*,1 | Sonder Holdings Inc. | 5,595,300 | 2,968 | |||
* | J. Jill Inc. | 137,916 | 2,956 | |||
*,1 | Reservoir Media Inc. | 489,336 | 2,946 | |||
* | American Public Education Inc. | 615,683 | 2,918 | |||
Saga Communications Inc. Class A | 134,076 | 2,864 | ||||
*,1 | Emerald Holding Inc. | 690,955 | 2,833 | |||
* | Mesa Air Group Inc. | 1,109,713 | 2,830 | |||
Flexsteel Industries Inc. | 141,758 | 2,794 | ||||
* | LiveOne Inc. | 1,540,686 | 2,712 | |||
* | Strattec Security Corp. | 145,120 | 2,641 | |||
1 | Hamilton Beach Brands Holding Co. Class A | 266,756 | 2,577 | |||
*,1 | Delta Apparel Inc. | 238,958 | 2,504 | |||
*,1 | Spruce Power Holding Corp. | 3,048,837 | 2,475 | |||
* | Envela Corp. | 323,554 | 2,381 | |||
Lifetime Brands Inc. | 401,793 | 2,270 | ||||
* | Liberty TripAdvisor Holdings Inc. Class A | 3,456,321 | 2,247 | |||
* | Travelzoo | 274,335 | 2,165 | |||
Acme United Corp. | 85,287 | 2,127 | ||||
*,1 | Vacasa Inc. Class A | 3,077,400 | 2,088 | |||
*,1 | Lee Enterprises Inc. | 154,206 | 2,077 | |||
* | Biglari Holdings Inc. Class A | 1,924 | 1,828 | |||
*,1 | Kartoon Studios Inc. | 940,003 | 1,795 | |||
*,1 | Lulu's Fashion Lounge Holdings Inc. | 692,559 | 1,752 | |||
* | Cumulus Media Inc. Class A | 422,698 | 1,733 | |||
*,1 | Polished.com Inc. | 3,683,713 | 1,695 | |||
Crown Crafts Inc. | 322,459 | 1,616 | ||||
*,1 | Regis Corp. | 1,407,700 | 1,563 | |||
* | Conn's Inc. | 411,902 | 1,524 |
Shares | Market Value• ($000) | |||||
* | Barnes & Noble Education Inc. | 1,197,964 | 1,509 | |||
*,1 | Lazydays Holdings Inc. | 129,804 | 1,501 | |||
* | Kewaunee Scientific Corp. | 96,393 | 1,493 | |||
* | Brilliant Earth Group Inc. Class A | 381,195 | 1,479 | |||
*,1 | Focus Universal Inc. | 928,512 | 1,421 | |||
CompX International Inc. | 64,007 | 1,395 | ||||
*,1 | Express Inc. | 2,253,471 | 1,337 | |||
* | Savers Value Village Inc. | 55,904 | 1,325 | |||
*,1 | Kirkland's Inc. | 458,478 | 1,279 | |||
* | Nautilus Inc. | 987,578 | 1,205 | |||
* | Live Ventures Inc. | 45,160 | 1,204 | |||
* | Good Times Restaurants Inc. | 350,945 | 1,193 | |||
* | Marchex Inc. Class B | 546,577 | 1,159 | |||
* | Reading International Inc. Class A | 433,226 | 1,148 | |||
*,1 | Inspirato Inc. | 1,093,600 | 1,072 | |||
*,1 | Tupperware Brands Corp. | 1,336,831 | 1,069 | |||
*,1 | Harte Hanks Inc. | 194,041 | 1,063 | |||
1 | FAT Brands Inc. Class A | 153,984 | 1,059 | |||
* | Gaia Inc. Class A | 447,999 | 1,035 | |||
Ark Restaurants Corp. | 55,702 | 1,030 | ||||
*,1 | Red Cat Holdings Inc. | 849,136 | 1,010 | |||
*,1 | Aterian Inc. | 2,126,982 | 978 | |||
*,1 | Ondas Holdings Inc. | 1,071,044 | 922 | |||
*,1 | CuriosityStream Inc. | 986,623 | 920 | |||
*,1 | Hall of Fame Resort & Entertainment Co. | 85,677 | 895 | |||
NL Industries Inc. | 148,433 | 821 | ||||
*,2 | Luby's Inc. | 449,752 | 801 | |||
*,1 | Shift Technologies Inc. Class A | 347,304 | 754 | |||
*,1 | Owlet Inc. | 2,177,118 | 740 | |||
*,1 | Muscle Maker Inc. | 608,212 | 724 | |||
DallasNews Corp. | 176,590 | 687 | ||||
* | Envirotech Vehicles Inc. | 313,755 | 659 | |||
*,1 | Chicken Soup For The Soul Entertainment Inc. Class A | 536,840 | 636 | |||
*,1 | Fluent Inc. | 1,010,603 | 633 | |||
*,1 | XWELL Inc. | 3,134,508 | 629 | |||
*,1 | Wheels Up Experience Inc. | 523,272 | 612 |
Shares | Market Value• ($000) | |||||
*,1 | F45 Training Holdings Inc. | 1,211,284 | 606 | |||
* | Charles & Colvard Ltd. | 610,246 | 583 | |||
* | Urban One Inc. Class A | 96,863 | 580 | |||
* | Koss Corp. | 150,699 | 558 | |||
* | FlexShopper Inc. | 425,184 | 544 | |||
*,1 | Sobr Safe Inc. | 310,977 | 529 | |||
*,1 | Bird Global Inc. Class A | 254,268 | 514 | |||
* | BurgerFi International Inc. | 310,543 | 488 | |||
* | Dixie Group Inc. | 359,932 | 479 | |||
*,1 | AYRO Inc. | 673,813 | 461 | |||
*,1 | Cineverse Corp. | 240,390 | 458 | |||
*,1 | Xcel Brands Inc. | 251,214 | 440 | |||
* | InterGroup Corp. | 12,233 | 436 | |||
* | Salem Media Group Inc. Class A | 419,347 | 402 | |||
*,1 | Dolphin Entertainment Inc. | 229,216 | 394 | |||
Flanigan's Enterprises Inc. | 11,919 | 367 | ||||
* | Allied Gaming & Entertainment Inc. | 342,015 | 359 | |||
* | Beasley Broadcast Group Inc. Class A | 314,502 | 321 | |||
1 | JOANN Inc. | 360,480 | 315 | |||
Jerash Holdings US Inc. | 80,817 | 301 | ||||
*,1 | Vince Holding Corp. | 85,410 | 249 | |||
* | Mullen Automotive Inc. | 2,135,011 | 230 | |||
* | Educational Development Corp. | 187,438 | 223 | |||
*,1 | Volcon Inc. | 362,634 | 207 | |||
* | Moving Image Technologies Inc. | 128,637 | 151 | |||
*,1 | Stran & Co. Inc. | 97,248 | 147 | |||
* | Forward Industries Inc. | 144,468 | 139 | |||
RB Global Inc. | 2,322 | 139 | ||||
1 | FAT Brands Inc. Class B | 17,809 | 115 | |||
* | EzFill Holdings Inc. | 48,226 | 113 | |||
*,1 | Wag! Group Co. | 53,366 | 112 | |||
* | Grove Collaborative Holdings | 55,483 | 98 | |||
*,1 | Arcimoto Inc. | 54,305 | 79 | |||
* | Twin Vee PowerCats Co. | 34,923 | 74 | |||
*,1 | PARTS iD Inc. | 144,290 | 60 | |||
*,1 | Digital Media Solutions Inc. Class A | 151,164 | 50 | |||
*,1 | Rave Restaurant Group Inc. | 21,026 | 42 |
Shares | Market Value• ($000) | |||||
*,2 | SRAX Inc. | 590,641 | 41 | |||
* | Yunhong CTI Ltd. | 15,471 | 30 | |||
*,1 | Applied UV Inc. | 7,719 | 7 | |||
* | Emerson Radio Corp. | 6,500 | 4 | |||
*,2 | Tuesday Morning Corp. | 1 | — | |||
195,530,942 | ||||||
Consumer Staples (5.2%) | ||||||
Procter & Gamble Co. | 73,493,745 | 11,151,941 | ||||
PepsiCo Inc. | 42,949,810 | 7,955,164 | ||||
Coca-Cola Co. | 121,366,759 | 7,308,706 | ||||
Philip Morris International Inc. | 48,406,289 | 4,725,422 | ||||
Mondelez International Inc. Class A | 42,445,033 | 3,095,941 | ||||
CVS Health Corp. | 39,961,001 | 2,762,504 | ||||
Altria Group Inc. | 55,674,103 | 2,522,037 | ||||
Colgate-Palmolive Co. | 25,891,822 | 1,994,706 | ||||
McKesson Corp. | 4,221,118 | 1,803,726 | ||||
Kimberly-Clark Corp. | 10,517,376 | 1,452,029 | ||||
General Mills Inc. | 18,330,781 | 1,405,971 | ||||
* | Monster Beverage Corp. | 22,862,941 | 1,313,247 | |||
Archer-Daniels-Midland Co. | 16,992,549 | 1,283,957 | ||||
Constellation Brands Inc. Class A | 5,155,437 | 1,268,908 | ||||
Corteva Inc. | 21,094,512 | 1,208,716 | ||||
Sysco Corp. | 15,824,774 | 1,174,198 | ||||
Hershey Co. | 4,597,570 | 1,148,013 | ||||
AmerisourceBergen Corp. | 5,431,273 | 1,045,140 | ||||
Keurig Dr Pepper Inc. | 30,628,872 | 957,765 | ||||
Kroger Co. | 20,093,596 | 944,399 | ||||
Kraft Heinz Co. | 24,826,959 | 881,357 | ||||
Church & Dwight Co. Inc. | 7,615,376 | 763,289 | ||||
McCormick & Co. Inc. (Non-Voting) | 7,824,214 | 682,506 | ||||
Walgreens Boots Alliance Inc. | 22,882,299 | 651,917 | ||||
Brown-Forman Corp. Class B | 9,625,097 | 642,764 | ||||
Clorox Co. | 3,852,289 | 612,668 | ||||
Kellogg Co. | 7,989,251 | 538,476 | ||||
Lamb Weston Holdings Inc. | 4,541,534 | 522,049 | ||||
Conagra Brands Inc. | 14,856,659 | 500,967 | ||||
J M Smucker Co. | 3,157,125 | 466,213 | ||||
Tyson Foods Inc. Class A | 8,894,281 | 453,964 | ||||
Bunge Ltd. | 4,671,586 | 440,764 |
Shares | Market Value• ($000) | |||||
Molson Coors Beverage Co. Class B | 5,615,771 | 369,742 | ||||
Hormel Foods Corp. | 8,527,252 | 342,966 | ||||
* | Darling Ingredients Inc. | 4,994,151 | 318,577 | |||
* | US Foods Holding Corp. | 6,961,534 | 306,307 | |||
* | Performance Food Group Co. | 4,854,944 | 292,462 | |||
Casey's General Stores Inc. | 1,161,999 | 283,388 | ||||
Campbell Soup Co. | 6,075,266 | 277,700 | ||||
Albertsons Cos. Inc. Class A | 9,755,262 | 212,860 | ||||
Ingredion Inc. | 1,947,809 | 206,370 | ||||
* | Celsius Holdings Inc. | 1,321,892 | 197,213 | |||
* | BellRing Brands Inc. | 4,185,835 | 153,202 | |||
* | Post Holdings Inc. | 1,590,472 | 137,814 | |||
Flowers Foods Inc. | 5,373,474 | 133,692 | ||||
Lancaster Colony Corp. | 600,289 | 120,712 | ||||
* | Sprouts Farmers Market Inc. | 3,175,073 | 116,620 | |||
* | Simply Good Foods Co. | 3,100,206 | 113,437 | |||
1 | Brown-Forman Corp. Class A | 1,626,545 | 110,719 | |||
* | Hostess Brands Inc. Class A | 4,158,032 | 105,281 | |||
*,1 | Freshpet Inc. | 1,529,139 | 100,633 | |||
Spectrum Brands Holdings Inc. | 1,274,793 | 99,498 | ||||
Coca-Cola Consolidated Inc. | 143,973 | 91,570 | ||||
* | TreeHouse Foods Inc. | 1,751,266 | 88,229 | |||
* | Boston Beer Co. Inc. Class A | 285,028 | 87,914 | |||
* | Grocery Outlet Holding Corp. | 2,737,956 | 83,809 | |||
WD-40 Co. | �� 422,292 | 79,665 | ||||
Energizer Holdings Inc. | 2,228,622 | 74,837 | ||||
Edgewell Personal Care Co. | 1,534,385 | 63,385 | ||||
Primo Water Corp. | 4,735,904 | 59,388 | ||||
J & J Snack Foods Corp. | 364,030 | 57,648 | ||||
Nu Skin Enterprises Inc. Class A | 1,633,035 | 54,217 | ||||
Vector Group Ltd. | 4,125,538 | 52,848 | ||||
Cal-Maine Foods Inc. | 1,166,773 | 52,505 | ||||
MGP Ingredients Inc. | 477,336 | 50,731 | ||||
Andersons Inc. | 999,551 | 46,129 | ||||
Reynolds Consumer Products Inc. | 1,632,808 | 46,127 | ||||
* | Herbalife Ltd. | 3,029,881 | 40,116 |
Shares | Market Value• ($000) | |||||
* | Chefs' Warehouse Inc. | 1,079,281 | 38,595 | |||
Universal Corp. | 739,731 | 36,942 | ||||
Ingles Markets Inc. Class A | 443,265 | 36,636 | ||||
* | United Natural Foods Inc. | 1,861,429 | 36,391 | |||
* | National Beverage Corp. | 728,505 | 35,223 | |||
* | Hain Celestial Group Inc. | 2,798,829 | 35,013 | |||
Utz Brands Inc. | 2,062,507 | 33,743 | ||||
Weis Markets Inc. | 510,496 | 32,779 | ||||
Medifast Inc. | 337,612 | 31,114 | ||||
1 | B&G Foods Inc. | 2,211,063 | 30,778 | |||
Fresh Del Monte Produce Inc. | 1,141,145 | 29,339 | ||||
John B Sanfilippo & Son Inc. | 238,376 | 27,954 | ||||
* | Sovos Brands Inc. | 1,418,968 | 27,755 | |||
Seaboard Corp. | 7,493 | 26,680 | ||||
* | Vita Coco Co. Inc. | 963,753 | 25,896 | |||
* | Pilgrim's Pride Corp. | 1,114,855 | 23,958 | |||
*,1 | Beyond Meat Inc. | 1,838,192 | 23,860 | |||
SpartanNash Co. | 1,017,792 | 22,910 | ||||
* | Beauty Health Co. | 2,693,942 | 22,548 | |||
* | USANA Health Sciences Inc. | 340,345 | 21,455 | |||
* | Duckhorn Portfolio Inc. | 1,427,054 | 18,509 | |||
* | Mission Produce Inc. | 1,350,087 | 16,363 | |||
Tootsie Roll Industries Inc. | 452,012 | 16,006 | ||||
Calavo Growers Inc. | 512,935 | 14,885 | ||||
ACCO Brands Corp. | 2,700,003 | 14,067 | ||||
Turning Point Brands Inc. | 575,320 | 13,813 | ||||
*,1 | Westrock Coffee Co. | 1,118,100 | 12,154 | |||
* | Olaplex Holdings Inc. | 3,027,448 | 11,262 | |||
Oil-Dri Corp. of America | 162,617 | 9,593 | ||||
1 | Limoneira Co. | 586,683 | 9,129 | |||
*,1 | Lifecore Biomedical Inc. | 937,582 | 9,066 | |||
* | Vital Farms Inc. | 742,708 | 8,905 | |||
1 | PetMed Express Inc. | 640,080 | 8,827 | |||
*,1 | BRC Inc. Class A | 1,202,500 | 6,205 | |||
* | GrowGeneration Corp. | 1,753,390 | 5,962 | |||
* | Whole Earth Brands Inc. | 1,332,300 | 5,356 | |||
* | Nature's Sunshine Products Inc. | 389,518 | 5,317 | |||
* | Seneca Foods Corp. Class A | 162,229 | 5,302 | |||
Natural Grocers by Vitamin Cottage Inc. | 424,248 | 5,201 |
Shares | Market Value• ($000) | |||||
Village Super Market Inc. Class A | 220,062 | 5,022 | ||||
* | HF Foods Group Inc. | 1,043,844 | 4,896 | |||
*,1 | Benson Hill Inc. | 3,328,592 | 4,327 | |||
Alico Inc. | 154,013 | 3,921 | ||||
*,1 | Rite Aid Corp. | 1,996,707 | 3,015 | |||
*,1 | ProPhase Labs Inc. | 408,045 | 2,962 | |||
*,1 | Honest Co. Inc. | 1,538,602 | 2,585 | |||
*,1 | MamaMancini's Holdings Inc. | 853,676 | 2,578 | |||
*,1 | 22nd Century Group Inc. | 6,085,365 | 2,329 | |||
*,1 | Veru Inc. | 1,923,707 | 2,289 | |||
* | LifeMD Inc. | 431,468 | 1,877 | |||
*,1 | PLBY Group Inc. | 969,862 | 1,629 | |||
AMCON Distributing Co. | 7,756 | 1,574 | ||||
*,1 | AppHarvest Inc. | 3,854,745 | 1,426 | |||
*,1 | Farmer Bros Co. | 511,916 | 1,418 | |||
* | Natural Alternatives International Inc. | 162,521 | 1,206 | |||
*,1 | Zevia PBC Class A | 271,418 | 1,170 | |||
* | Lifeway Foods Inc. | 172,782 | 1,163 | |||
* | Vintage Wine Estates Inc. | 1,296,027 | 1,109 | |||
Lifevantage Corp. | 253,547 | 1,103 | ||||
* | Splash Beverage Group Inc. | 950,644 | 1,065 | |||
* | Willamette Valley Vineyards Inc. | 152,433 | 880 | |||
* | AquaBounty Technologies Inc. | 1,988,764 | 706 | |||
* | Rocky Mountain Chocolate Factory Inc. | 128,662 | 696 | |||
* | S&W Seed Co. | 558,871 | 682 | |||
*,1 | Real Good Food Co. Inc. Class A | 175,743 | 610 | |||
*,1 | Tattooed Chef Inc. | 1,086,098 | 593 | |||
*,1 | Bridgford Foods Corp. | 41,022 | 472 | |||
*,1 | Kaival Brands Innovations Group Inc. | 582,869 | 458 | |||
1 | Mannatech Inc. | 30,953 | 385 | |||
*,1 | Barfresh Food Group Inc. | 233,784 | 351 | |||
* | Coffee Holding Co. Inc. | 202,975 | 282 | |||
*,1 | Urban-Gro Inc. | 227,616 | 269 | |||
*,1 | MedAvail Holdings Inc. | 967,300 | 237 | |||
*,1 | Alkaline Water Co. Inc. | 151,584 | 233 | |||
*,1 | Local Bounti Corp. | 85,217 | 232 | |||
* | Zivo Bioscience Inc. | 81,788 | 198 |
Shares | Market Value• ($000) | |||||
*,1 | Blue Apron Holdings Inc. Class A | 28,291 | 165 | |||
*,1 | Yield10 Bioscience Inc. | 65,737 | 146 | |||
* | Better Choice Co. Inc. | 413,653 | 87 | |||
*,1 | Stryve Foods Inc. Class A | 32,837 | 20 | |||
* | Fresh Vine Wine Inc. | 4,620 | 1 | |||
*,1,2 | Fresh Market Inc. | 661,450 | — | |||
69,559,593 | ||||||
Energy (4.3%) | ||||||
Exxon Mobil Corp. | 126,053,383 | 13,519,225 | ||||
Chevron Corp. | 56,112,342 | 8,829,277 | ||||
ConocoPhillips | 37,807,922 | 3,917,279 | ||||
Schlumberger NV | 44,443,467 | 2,183,063 | ||||
EOG Resources Inc. | 18,250,341 | 2,088,569 | ||||
Marathon Petroleum Corp. | 13,215,387 | 1,540,914 | ||||
Pioneer Natural Resources Co. | 7,290,775 | 1,510,503 | ||||
Phillips 66 | 14,362,693 | 1,369,914 | ||||
Valero Energy Corp. | 11,262,824 | 1,321,129 | ||||
Williams Cos. Inc. | 37,999,459 | 1,239,922 | ||||
Occidental Petroleum Corp. | 20,849,301 | 1,225,939 | ||||
Hess Corp. | 8,620,067 | 1,171,898 | ||||
Cheniere Energy Inc. | 7,196,250 | 1,096,421 | ||||
Kinder Morgan Inc. | 59,285,297 | 1,020,893 | ||||
Baker Hughes Co. Class A | 31,568,279 | 997,873 | ||||
Devon Energy Corp. | 20,017,401 | 967,641 | ||||
ONEOK Inc. | 13,938,128 | 860,261 | ||||
Halliburton Co. | 25,379,969 | 837,285 | ||||
Diamondback Energy Inc. | 5,658,036 | 743,240 | ||||
* | Enphase Energy Inc. | 4,283,753 | 717,443 | |||
* | First Solar Inc. | 3,162,337 | 601,129 | |||
Coterra Energy Inc. | 22,486,349 | 568,905 | ||||
Targa Resources Corp. | 7,058,992 | 537,189 | ||||
EQT Corp. | 11,266,766 | 463,402 | ||||
Marathon Oil Corp. | 19,304,214 | 444,383 | ||||
Chesapeake Energy Corp. | 3,990,674 | 333,940 | ||||
APA Corp. | 9,685,465 | 330,952 | ||||
Ovintiv Inc. | 7,594,347 | 289,117 | ||||
Texas Pacific Land Corp. | 192,064 | 252,852 | ||||
Range Resources Corp. | 7,162,479 | 210,577 | ||||
* | Southwestern Energy Co. | 34,224,506 | 205,689 | |||
HF Sinclair Corp. | 4,488,148 | 200,216 | ||||
NOV Inc. | 12,270,321 | 196,816 |
Shares | Market Value• ($000) | |||||
* | Antero Resources Corp. | 8,537,003 | 196,607 | |||
*,1 | Plug Power Inc. | 18,896,186 | 196,331 | |||
PDC Energy Inc. | 2,756,119 | 196,070 | ||||
ChampionX Corp. | 6,201,140 | 192,483 | ||||
Chord Energy Corp. | 1,225,593 | 188,496 | ||||
Matador Resources Co. | 3,524,783 | 184,417 | ||||
Murphy Oil Corp. | 4,600,046 | 176,182 | ||||
Civitas Resources Inc. | 2,496,554 | 173,186 | ||||
* | Transocean Ltd. | 21,560,552 | 151,139 | |||
DT Midstream Inc. | 3,036,846 | 150,536 | ||||
* | Weatherford International plc | 2,225,341 | 147,807 | |||
* | Noble Corp. plc | 3,543,799 | 146,394 | |||
PBF Energy Inc. Class A | 3,500,299 | 143,302 | ||||
* | Shoals Technologies Group Inc. Class A | 5,267,540 | 134,638 | |||
* | Denbury Inc. | 1,472,913 | 127,053 | |||
Antero Midstream Corp. | 10,738,372 | 124,565 | ||||
Equitrans Midstream Corp. | 13,022,065 | 124,491 | ||||
Magnolia Oil & Gas Corp. Class A | 5,755,560 | 120,291 | ||||
SM Energy Co. | 3,791,409 | 119,922 | ||||
Arcosa Inc. | 1,514,265 | 114,736 | ||||
Helmerich & Payne Inc. | 2,939,816 | 104,216 | ||||
* | Array Technologies Inc. | 4,449,806 | 100,566 | |||
California Resources Corp. | 2,177,521 | 98,620 | ||||
Northern Oil & Gas Inc. | 2,581,578 | 88,600 | ||||
* | CNX Resources Corp. | 4,786,549 | 84,818 | |||
Cactus Inc. Class A | 1,991,758 | 84,291 | ||||
Peabody Energy Corp. | 3,816,607 | 82,668 | ||||
Permian Resources Corp. Class A | 7,507,469 | 82,282 | ||||
*,1 | ChargePoint Holdings Inc. | 9,062,922 | 79,663 | |||
* | Tidewater Inc. | 1,418,941 | 78,666 | |||
Patterson-UTI Energy Inc. | 6,199,811 | 74,212 | ||||
1 | Sitio Royalties Corp. Class A | 2,643,326 | 69,440 | |||
* | Callon Petroleum Co. | 1,918,946 | 67,297 | |||
Liberty Energy Inc. Class A | 4,917,265 | 65,744 | ||||
Warrior Met Coal Inc. | 1,617,535 | 63,003 | ||||
Alpha Metallurgical Resources Inc. | 381,415 | 62,689 | ||||
Arch Resources Inc. | 546,611 | 61,636 |
Shares | Market Value• ($000) | |||||
* | NEXTracker Inc. Class A | 1,497,779 | 59,627 | |||
* | Oceaneering International Inc. | 3,134,887 | 58,622 | |||
* | Green Plains Inc. | 1,749,167 | 56,393 | |||
* | NexTier Oilfield Solutions Inc. | 6,198,303 | 55,413 | |||
CONSOL Energy Inc. | 808,281 | 54,809 | ||||
New Fortress Energy Inc. | 1,958,175 | 52,440 | ||||
* | Ameresco Inc. Class A | 1,005,838 | 48,914 | |||
Delek US Holdings Inc. | 1,979,927 | 47,419 | ||||
Archrock Inc. | 4,587,221 | 47,019 | ||||
* | Talos Energy Inc. | 3,351,463 | 46,485 | |||
* | Par Pacific Holdings Inc. | 1,671,199 | 44,471 | |||
* | Diamond Offshore Drilling Inc. | 3,054,954 | 43,502 | |||
World Kinect Corp. | 1,827,108 | 37,785 | ||||
1 | Comstock Resources Inc. | 3,136,753 | 36,386 | |||
* | Gulfport Energy Corp. | 345,894 | 36,343 | |||
* | NOW Inc. | 3,468,298 | 35,932 | |||
Core Laboratories Inc. | 1,464,154 | 34,042 | ||||
*,1 | Fluence Energy Inc. Class A | 1,255,813 | 33,455 | |||
* | Helix Energy Solutions Group Inc. | 4,466,722 | 32,964 | |||
CVR Energy Inc. | 936,117 | 28,046 | ||||
*,1 | Earthstone Energy Inc. Class A | 1,944,086 | 27,781 | |||
*,1 | FuelCell Energy Inc. | 12,547,591 | 27,103 | |||
*,1 | SunPower Corp. | 2,745,685 | 26,908 | |||
* | MRC Global Inc. | 2,579,179 | 25,972 | |||
*,1 | Stem Inc. | 4,531,301 | 25,919 | |||
* | Nabors Industries Ltd. | 277,528 | 25,818 | |||
* | ProPetro Holding Corp. | 3,073,248 | 25,324 | |||
* | Dril-Quip Inc. | 1,087,564 | 25,308 | |||
*,1 | Tellurian Inc. | 16,208,795 | 22,854 | |||
* | Vital Energy Inc. | 500,598 | 22,602 | |||
Select Water Solutions Inc. Class A | 2,504,296 | 20,285 | ||||
RPC Inc. | 2,816,529 | 20,138 | ||||
* | Bristow Group Inc. Class A | 693,278 | 19,918 | |||
*,1 | NextDecade Corp. | 2,424,790 | 19,907 | |||
SunCoke Energy Inc. | 2,522,025 | 19,848 | ||||
1 | Kinetik Holdings Inc. Class A | 538,522 | 18,924 | |||
* | REX American Resources Corp. | 477,153 | 16,610 |
Shares | Market Value• ($000) | |||||
1 | Vitesse Energy Inc. | 730,922 | 16,373 | |||
SandRidge Energy Inc. | 933,349 | 14,234 | ||||
* | Oil States International Inc. | 1,848,601 | 13,809 | |||
*,1 | SilverBow Resources Inc. | 469,507 | 13,672 | |||
Berry Corp. | 1,914,730 | 13,173 | ||||
* | Montauk Renewables Inc. | 1,737,042 | 12,924 | |||
* | TPI Composites Inc. | 1,239,552 | 12,854 | |||
* | Newpark Resources Inc. | 2,449,089 | 12,809 | |||
*,1 | EVgo Inc. Class A | 3,179,153 | 12,717 | |||
VAALCO Energy Inc. | 3,343,681 | 12,572 | ||||
* | Centrus Energy Corp. Class A | 371,662 | 12,101 | |||
* | TETRA Technologies Inc. | 3,494,648 | 11,812 | |||
1 | Crescent Energy Co. Class A | 1,091,086 | 11,369 | |||
* | W&T Offshore Inc. | 2,896,052 | 11,208 | |||
*,1 | Gevo Inc. | 6,871,435 | 10,445 | |||
Enviva Inc. | 949,277 | 10,300 | ||||
* | DMC Global Inc. | 534,243 | 9,488 | |||
Atlas Energy Solutions Inc. Class A | 538,222 | 9,343 | ||||
*,1 | SEACOR Marine Holdings Inc. | 735,140 | 8,403 | |||
*,1 | Forum Energy Technologies Inc. | 324,803 | 8,312 | |||
*,1 | Aemetis Inc. | 1,111,968 | 8,151 | |||
*,1 | Solid Power Inc. | 3,190,048 | 8,103 | |||
Solaris Oilfield Infrastructure Inc. Class A | 935,530 | 7,793 | ||||
*,1 | ProFrac Holding Corp. Class A | 655,618 | 7,317 | |||
* | Amplify Energy Corp. | 1,044,290 | 7,070 | |||
Evolution Petroleum Corp. | 849,097 | 6,852 | ||||
1 | Granite Ridge Resources Inc. | 1,004,600 | 6,660 | |||
*,1 | Hallador Energy Co. | 722,014 | 6,188 | |||
1 | Ramaco Resources Inc. Class A | 675,765 | 5,703 | |||
* | American Superconductor Corp. | 824,756 | 5,163 | |||
*,1 | FTC Solar Inc. | 1,483,424 | 4,777 | |||
*,1 | Matrix Service Co. | 785,548 | 4,627 | |||
1 | Riley Exploration Permian Inc. | 125,900 | 4,497 | |||
*,1 | Ring Energy Inc. | 2,558,293 | 4,375 |
Shares | Market Value• ($000) | |||||
NACCO Industries Inc. Class A | 120,968 | 4,193 | ||||
*,1 | Ranger Energy Services Inc. Class A | 406,911 | 4,167 | |||
*,1 | OPAL Fuels Inc. Class A | 490,434 | 3,659 | |||
* | Geospace Technologies Corp. | 460,675 | 3,579 | |||
*,1 | American Resources Corp. | 1,756,997 | 3,444 | |||
*,1 | KLX Energy Services Holdings Inc. | 348,116 | 3,387 | |||
*,1 | Beam Global | 317,644 | 3,288 | |||
PHX Minerals Inc. | 1,009,748 | 3,150 | ||||
* | Natural Gas Services Group Inc. | 310,277 | 3,072 | |||
Epsilon Energy Ltd. | 514,276 | 2,746 | ||||
*,1 | ESS Tech Inc. | 1,593,000 | 2,342 | |||
*,1 | Empire Petroleum Corp. | 238,346 | 2,169 | |||
*,1 | Nine Energy Service Inc. | 508,263 | 1,947 | |||
* | Ideal Power Inc. | 149,114 | 1,759 | |||
*,1 | PrimeEnergy Resources Corp. | 19,076 | 1,756 | |||
* | Kodiak Gas Services Inc. | 97,540 | 1,584 | |||
* | Mammoth Energy Services Inc. | 308,591 | 1,490 | |||
*,1 | Sunworks Inc. | 1,299,138 | 1,468 | |||
*,1 | Ramaco Resources Inc. Class B | 135,153 | 1,434 | |||
* | Smart Sand Inc. | 860,390 | 1,411 | |||
*,1 | Flotek Industries Inc. | 1,811,795 | 1,330 | |||
*,1 | Battalion Oil Corp. | 223,426 | 1,276 | |||
*,1 | Heliogen Inc. | 4,874,100 | 1,194 | |||
* | Gulf Island Fabrication Inc. | 358,485 | 1,165 | |||
Adams Resources & Energy Inc. | 31,232 | 1,098 | ||||
* | Profire Energy Inc. | 830,050 | 1,021 | |||
*,1 | Stabilis Solutions Inc. | 169,932 | 855 | |||
* | PEDEVCO Corp. | 768,132 | 703 | |||
Barnwell Industries Inc. | 267,900 | 683 | ||||
*,1 | Independence Contract Drilling Inc. | 225,114 | 615 | |||
*,1 | Ocean Power Technologies Inc. | 1,001,472 | 601 | |||
*,1 | Dawson Geophysical Co. | 275,110 | 558 | |||
Mexco Energy Corp. | 44,605 | 536 | ||||
*,1 | Houston American Energy Corp. | 231,528 | 493 |
Shares | Market Value• ($000) | |||||
*,1 | Advent Technologies Holdings Inc. | 760,618 | 448 | |||
*,1 | Capstone Green Energy Corp. | 297,760 | 357 | |||
Energy Services of America Corp. | 121,699 | 353 | ||||
* | Superior Drilling Products Inc. | 258,628 | 318 | |||
*,1 | Pineapple Energy Inc. | 163,316 | 224 | |||
*,1 | Camber Energy Inc. | 332,002 | 212 | |||
1 | US Energy Corp. | 108,748 | 154 | |||
*,1 | iSun Inc. | 242,226 | 97 | |||
*,1 | Enservco Corp. | 189,900 | 61 | |||
* | NCS Multistage Holdings Inc. | 800 | 14 | |||
* | Tidewater Inc. Class A Warrants Exp. 7/31/23 | 8,839 | 10 | |||
*,1 | Tidewater Inc. Class B Warrants Exp. 7/31/23 | 9,555 | 2 | |||
*,2 | Pineapple Energy Inc. CVR | 69,639 | — | |||
*,1,2 | Next Bridge Hydrocarbons Inc. | 1,763,201 | — | |||
57,923,816 | ||||||
Financials (10.1%) | ||||||
* | Berkshire Hathaway Inc. Class B | 55,589,985 | 18,956,185 | |||
JPMorgan Chase & Co. | 91,109,505 | 13,250,966 | ||||
Bank of America Corp. | 211,121,739 | 6,057,083 | ||||
Wells Fargo & Co. | 117,001,006 | 4,993,603 | ||||
S&P Global Inc. | 9,994,204 | 4,006,576 | ||||
Morgan Stanley | 39,035,878 | 3,333,664 | ||||
Goldman Sachs Group Inc. | 9,506,478 | 3,066,219 | ||||
Marsh & McLennan Cos. Inc. | 15,423,667 | 2,900,883 | ||||
BlackRock Inc. | 3,971,444 | 2,744,824 | ||||
Charles Schwab Corp. | 46,901,480 | 2,658,376 | ||||
Citigroup Inc. | 57,631,337 | 2,653,347 | ||||
Chubb Ltd. | 12,900,182 | 2,484,059 | ||||
Progressive Corp. | 18,256,995 | 2,416,678 | ||||
Aon plc Class A | 6,040,842 | 2,085,299 | ||||
CME Group Inc. | 11,220,961 | 2,079,132 | ||||
Blackstone Inc. | 22,018,732 | 2,047,082 | ||||
Intercontinental Exchange Inc. | 17,432,509 | 1,971,268 | ||||
Moody's Corp. | 4,855,272 | 1,688,275 | ||||
US Bancorp | 47,741,790 | 1,577,389 | ||||
PNC Financial Services Group Inc. | 12,461,770 | 1,569,560 |
Shares | Market Value• ($000) | |||||
Arthur J Gallagher & Co. | 6,678,473 | 1,466,392 | ||||
American International Group Inc. | 22,560,966 | 1,298,158 | ||||
Travelers Cos. Inc. | 7,273,728 | 1,263,156 | ||||
Truist Financial Corp. | 41,556,223 | 1,261,231 | ||||
Aflac Inc. | 16,991,267 | 1,185,990 | ||||
KKR & Co. Inc. | 20,159,790 | 1,128,948 | ||||
MSCI Inc. Class A | 2,368,479 | 1,111,504 | ||||
Ameriprise Financial Inc. | 3,249,356 | 1,079,306 | ||||
Bank of New York Mellon Corp. | 22,969,247 | 1,022,591 | ||||
MetLife Inc. | 17,905,748 | 1,012,212 | ||||
Prudential Financial Inc. | 11,354,334 | 1,001,679 | ||||
Apollo Global Management Inc. | 12,411,502 | 953,327 | ||||
Discover Financial Services | 7,902,537 | 923,411 | ||||
Allstate Corp. | 8,216,941 | 895,975 | ||||
* | Arch Capital Group Ltd. | 11,046,784 | 826,852 | |||
T. Rowe Price Group Inc. | 6,997,969 | 783,913 | ||||
Willis Towers Watson plc | 3,320,247 | 781,918 | ||||
State Street Corp. | 9,908,386 | 725,096 | ||||
Hartford Financial Services Group Inc. | 9,691,983 | 698,017 | ||||
M&T Bank Corp. | 5,186,694 | 641,905 | ||||
Raymond James Financial Inc. | 5,962,364 | 618,715 | ||||
Nasdaq Inc. | 12,210,841 | 608,710 | ||||
Broadridge Financial Solutions Inc. | 3,669,830 | 607,834 | ||||
Principal Financial Group Inc. | 7,573,856 | 574,401 | ||||
Fifth Third Bancorp | 21,283,786 | 557,848 | ||||
* | Markel Group Inc. | 394,017 | 544,996 | |||
* | Berkshire Hathaway Inc. Class A | 1,051 | 544,218 | |||
LPL Financial Holdings Inc. | 2,422,741 | 526,777 | ||||
Regions Financial Corp. | 29,360,820 | 523,210 | ||||
Brown & Brown Inc. | 7,068,710 | 486,610 | ||||
Ares Management Corp. Class A | 5,038,845 | 485,493 | ||||
Huntington Bancshares Inc. | 44,930,070 | 484,346 | ||||
FactSet Research Systems Inc. | 1,193,287 | 478,090 | ||||
Cincinnati Financial Corp. | 4,911,547 | 477,992 |
Shares | Market Value• ($000) | |||||
Everest Re Group Ltd. | 1,353,999 | 462,878 | ||||
Northern Trust Corp. | 6,189,466 | 458,887 | ||||
Cboe Global Markets Inc. | 3,301,394 | 455,625 | ||||
First Citizens BancShares Inc. Class A | 315,420 | 404,826 | ||||
Citizens Financial Group Inc. | 14,353,375 | 374,336 | ||||
W R Berkley Corp. | 6,102,780 | 363,482 | ||||
Loews Corp. | 6,044,218 | 358,906 | ||||
*,1 | Coinbase Global Inc. Class A | 4,678,786 | 334,767 | |||
Annaly Capital Management Inc. | 15,393,605 | 308,026 | ||||
MarketAxess Holdings Inc. | 1,172,156 | 306,425 | ||||
Equitable Holdings Inc. | 11,141,966 | 302,616 | ||||
Globe Life Inc. | 2,754,034 | 301,897 | ||||
RenaissanceRe Holdings Ltd. | 1,565,983 | 292,087 | ||||
Fidelity National Financial Inc. | 8,054,699 | 289,969 | ||||
Reinsurance Group of America Inc. | 2,080,292 | 288,516 | ||||
American Financial Group Inc. | 2,261,222 | 268,520 | ||||
KeyCorp | 29,032,610 | 268,261 | ||||
Kinsale Capital Group Inc. | 683,775 | 255,869 | ||||
Carlyle Group Inc. | 7,925,330 | 253,214 | ||||
New York Community Bancorp Inc. | 22,507,026 | 252,979 | ||||
Interactive Brokers Group Inc. Class A | 3,043,736 | 252,843 | ||||
Franklin Resources Inc. | 9,358,373 | 249,962 | ||||
Unum Group | 5,218,549 | 248,925 | ||||
Tradeweb Markets Inc. Class A | 3,606,364 | 246,964 | ||||
Invesco Ltd. | 14,142,082 | 237,728 | ||||
East West Bancorp Inc. | �� 4,382,324 | 231,343 | ||||
Ally Financial Inc. | 8,388,138 | 226,564 | ||||
SEI Investments Co. | 3,759,116 | 224,119 | ||||
Primerica Inc. | 1,125,958 | 222,669 | ||||
Voya Financial Inc. | 3,036,060 | 217,716 | ||||
*,1 | SoFi Technologies Inc. | 25,017,189 | 208,643 | |||
Assurant Inc. | 1,651,663 | 207,647 | ||||
Old Republic International Corp. | 8,228,982 | 207,123 | ||||
Webster Financial Corp. | 5,410,587 | 204,250 |
Shares | Market Value• ($000) | |||||
* | Robinhood Markets Inc. Class A | 19,604,938 | 195,657 | |||
Cullen/Frost Bankers Inc. | 1,808,531 | 194,471 | ||||
AGNC Investment Corp. | 18,878,193 | 191,236 | ||||
First Horizon Corp. | 16,711,575 | 188,339 | ||||
Stifel Financial Corp. | 3,156,316 | 188,337 | ||||
RLI Corp. | 1,342,444 | 183,203 | ||||
Selective Insurance Group Inc. | 1,885,269 | 180,892 | ||||
1 | Starwood Property Trust Inc. | 9,155,724 | 177,621 | |||
First American Financial Corp. | 3,057,537 | 174,341 | ||||
Comerica Inc. | 4,079,566 | 172,810 | ||||
Commerce Bancshares Inc. | 3,501,485 | 170,522 | ||||
Jefferies Financial Group Inc. | 5,138,386 | 170,440 | ||||
Affiliated Managers Group Inc. | 1,118,449 | 167,644 | ||||
Erie Indemnity Co. Class A | 794,972 | 166,952 | ||||
OneMain Holdings Inc. | 3,759,265 | 164,242 | ||||
Blue Owl Capital Inc. Class A | 13,871,916 | 161,608 | ||||
Prosperity Bancshares Inc. | 2,846,189 | 160,753 | ||||
Morningstar Inc. | 795,331 | 155,941 | ||||
SouthState Corp. | 2,356,515 | 155,059 | ||||
Houlihan Lokey Inc. Class A | 1,572,972 | 154,639 | ||||
Essent Group Ltd. | 3,192,787 | 149,422 | ||||
Rithm Capital Corp. | 15,346,099 | 143,486 | ||||
Home BancShares Inc. | 6,194,214 | 141,228 | ||||
Bank OZK | 3,453,712 | 138,701 | ||||
MGIC Investment Corp. | 8,745,690 | 138,094 | ||||
Wintrust Financial Corp. | 1,884,586 | 136,859 | ||||
Lincoln National Corp. | 5,281,545 | 136,053 | ||||
Popular Inc. | 2,239,678 | 135,545 | ||||
* | Ryan Specialty Holdings Inc. Class A | 3,008,712 | 135,061 | |||
Evercore Inc. Class A | 1,079,872 | 133,461 | ||||
Columbia Banking System Inc. | 6,460,579 | 131,021 | ||||
Synovus Financial Corp. | 4,308,294 | 130,326 | ||||
Pinnacle Financial Partners Inc. | 2,266,279 | 128,385 | ||||
FNB Corp. | 11,178,896 | 127,887 |
Shares | Market Value• ($000) | |||||
Axis Capital Holdings Ltd. | 2,375,279 | 127,861 | ||||
Old National Bancorp | 9,129,913 | 127,271 | ||||
United Bankshares Inc. | 4,211,663 | 124,960 | ||||
Zions Bancorp NA | 4,623,114 | 124,177 | ||||
Radian Group Inc. | 4,894,540 | 123,734 | ||||
SLM Corp. | 7,519,878 | 122,724 | ||||
First Financial Bankshares Inc. | 4,236,893 | 120,709 | ||||
American Equity Investment Life Holding Co. | 2,302,090 | 119,962 | ||||
Western Alliance Bancorp | 3,228,317 | 117,737 | ||||
Hanover Insurance Group Inc. | 999,665 | 112,992 | ||||
Janus Henderson Group plc | 4,111,679 | 112,043 | ||||
Cadence Bank | 5,670,028 | 111,359 | ||||
Glacier Bancorp Inc. | 3,464,359 | 107,984 | ||||
FirstCash Holdings Inc. | 1,155,581 | 107,850 | ||||
1 | Blackstone Mortgage Trust Inc. Class A | 5,163,500 | 107,452 | |||
Lazard Ltd. Class A | 3,338,556 | 106,834 | ||||
White Mountains Insurance Group Ltd. | 76,291 | 105,961 | ||||
Valley National Bancorp | 13,393,057 | 103,796 | ||||
* | Enstar Group Ltd. | 418,218 | 102,146 | |||
*,1 | Credit Acceptance Corp. | 200,458 | 101,819 | |||
* | Brighthouse Financial Inc. | 2,123,657 | 100,555 | |||
Assured Guaranty Ltd. | 1,783,589 | 99,524 | ||||
* | Mr Cooper Group Inc. | 1,944,181 | 98,453 | |||
Hancock Whitney Corp. | 2,523,404 | 96,848 | ||||
Kemper Corp. | 1,994,221 | 96,241 | ||||
Moelis & Co. Class A | 2,121,391 | 96,184 | ||||
Federated Hermes Inc. Class B | 2,619,733 | 93,917 | ||||
* | Focus Financial Partners Inc. Class A | 1,719,490 | 90,290 | |||
Corebridge Financial Inc. | 5,053,909 | 89,252 | ||||
Artisan Partners Asset Management Inc. Class A | 2,204,107 | 86,643 | ||||
United Community Banks Inc. | 3,424,614 | 85,581 |
Shares | Market Value• ($000) | |||||
Walker & Dunlop Inc. | 1,025,419 | 81,100 | ||||
CNO Financial Group Inc. | 3,394,823 | 80,355 | ||||
Hamilton Lane Inc. Class A | 995,680 | 79,634 | ||||
Jackson Financial Inc. Class A | 2,589,748 | 79,272 | ||||
Community Bank System Inc. | 1,675,031 | 78,525 | ||||
*,1 | Upstart Holdings Inc. | 2,171,327 | 77,755 | |||
* | Texas Capital Bancshares Inc. | 1,502,392 | 77,373 | |||
International Bancshares Corp. | 1,733,719 | 76,630 | ||||
UMB Financial Corp. | 1,202,759 | 73,248 | ||||
* | Genworth Financial Inc. Class A | 14,495,451 | 72,477 | |||
WSFS Financial Corp. | 1,918,263 | 72,357 | ||||
Associated Banc-Corp | 4,436,542 | 72,005 | ||||
First Hawaiian Inc. | 3,962,876 | 71,371 | ||||
Ameris Bancorp | 2,077,820 | 71,082 | ||||
First Bancorp | 5,740,729 | 70,152 | ||||
* | Axos Financial Inc. | 1,767,979 | 69,729 | |||
*,1 | Marathon Digital Holdings Inc. | 5,024,743 | 69,643 | |||
Cathay General Bancorp | 2,159,000 | 69,498 | ||||
Piper Sandler Cos. | 531,191 | 68,662 | ||||
* | NMI Holdings Inc. Class A | 2,592,013 | 66,926 | |||
1 | Arbor Realty Trust Inc. | 4,488,396 | 66,518 | |||
Simmons First National Corp. Class A | 3,755,637 | 64,785 | ||||
ServisFirst Bancshares Inc. | 1,531,757 | 62,680 | ||||
First Interstate BancSystem Inc. Class A | 2,623,039 | 62,533 | ||||
*,1 | Riot Platforms Inc. | 5,269,992 | 62,291 | |||
Fulton Financial Corp. | 5,158,597 | 61,490 | ||||
Eastern Bankshares Inc. | 4,956,254 | 60,813 | ||||
Pacific Premier Bancorp Inc. | 2,935,874 | 60,714 | ||||
Independent Bank Corp. | 1,353,319 | 60,236 | ||||
Atlantic Union Bankshares Corp. | 2,320,293 | 60,212 | ||||
BOK Financial Corp. | 731,033 | 59,053 | ||||
Seacoast Banking Corp. of Florida | 2,668,651 | 58,977 | ||||
First Financial Bancorp | 2,785,969 | 56,945 |
Shares | Market Value• ($000) | |||||
PennyMac Financial Services Inc. | 796,231 | 55,983 | ||||
CVB Financial Corp. | 4,204,136 | 55,831 | ||||
TPG Inc. Class A | 1,878,183 | 54,956 | ||||
Ready Capital Corp. | 4,850,686 | 54,716 | ||||
Washington Federal Inc. | 2,032,255 | 53,895 | ||||
First Merchants Corp. | 1,830,358 | 51,671 | ||||
Navient Corp. | 2,774,763 | 51,555 | ||||
BancFirst Corp. | 558,673 | 51,398 | ||||
Bank of Hawaii Corp. | 1,241,953 | 51,206 | ||||
BankUnited Inc. | 2,369,028 | 51,053 | ||||
* | Bancorp Inc. | 1,551,841 | 50,668 | |||
Virtu Financial Inc. Class A | 2,943,322 | 50,301 | ||||
* | Enova International Inc. | 936,341 | 49,738 | |||
Apollo Commercial Real Estate Finance Inc. | 4,347,135 | 49,210 | ||||
Towne Bank | 2,091,042 | 48,596 | ||||
PJT Partners Inc. Class A | 688,730 | 47,963 | ||||
* | Cannae Holdings Inc. | 2,370,436 | 47,907 | |||
* | BRP Group Inc. Class A | 1,900,572 | 47,096 | |||
Banner Corp. | 1,063,032 | 46,423 | ||||
Park National Corp. | 451,927 | 46,241 | ||||
* | StoneX Group Inc. | 547,760 | 45,508 | |||
BGC Partners Inc. Class A | 10,246,361 | 45,391 | ||||
WesBanco Inc. | 1,749,375 | 44,802 | ||||
Cohen & Steers Inc. | 762,112 | 44,195 | ||||
Hilltop Holdings Inc. | 1,400,750 | 44,068 | ||||
Renasant Corp. | 1,646,358 | 43,019 | ||||
Enterprise Financial Services Corp. | 1,094,017 | 42,776 | ||||
Nelnet Inc. Class A | 439,845 | 42,436 | ||||
* | Palomar Holdings Inc. | 730,244 | 42,383 | |||
Virtus Investment Partners Inc. | 213,585 | 42,177 | ||||
Chimera Investment Corp. | 7,252,311 | 41,846 | ||||
StepStone Group Inc. Class A | 1,678,978 | 41,655 | ||||
Northwest Bancshares Inc. | 3,929,591 | 41,654 | ||||
Claros Mortgage Trust Inc. | 3,612,379 | 40,964 | ||||
Two Harbors Investment Corp. | 2,950,722 | 40,956 | ||||
1 | Compass Diversified Holdings | 1,861,617 | 40,378 | |||
NBT Bancorp Inc. | 1,267,025 | 40,355 | ||||
* | Goosehead Insurance Inc. Class A | 641,031 | 40,314 |
Shares | Market Value• ($000) | |||||
First Commonwealth Financial Corp. | 3,148,479 | 39,828 | ||||
* | Triumph Financial Inc. | 652,994 | 39,650 | |||
Pathward Financial Inc. | 854,891 | 39,633 | ||||
City Holding Co. | 433,270 | 38,990 | ||||
OFG Bancorp | 1,488,977 | 38,833 | ||||
Safehold Inc. | 1,622,951 | 38,513 | ||||
Federal Agricultural Mortgage Corp. Class C | 267,201 | 38,407 | ||||
Horace Mann Educators Corp. | 1,291,179 | 38,296 | ||||
* | Clearwater Analytics Holdings Inc. Class A | 2,410,178 | 38,250 | |||
Ladder Capital Corp. Class A | 3,521,228 | 38,205 | ||||
Victory Capital Holdings Inc. Class A | 1,198,838 | 37,811 | ||||
Independent Bank Group Inc. | 1,079,873 | 37,288 | ||||
PennyMac Mortgage Investment Trust | 2,763,682 | 37,254 | ||||
Stock Yards Bancorp Inc. | 813,249 | 36,897 | ||||
First Bancorp (XNGS) | 1,232,444 | 36,665 | ||||
Provident Financial Services Inc. | 2,230,718 | 36,450 | ||||
Lakeland Financial Corp. | 750,722 | 36,425 | ||||
Trustmark Corp. | 1,681,109 | 35,505 | ||||
MFA Financial Inc. | 3,151,750 | 35,426 | ||||
Franklin BSP Realty Trust Inc. | 2,479,804 | 35,114 | ||||
*,1 | Lemonade Inc. | 2,060,137 | 34,713 | |||
Argo Group International Holdings Ltd. | 1,160,903 | 34,374 | ||||
1 | ARMOUR Residential REIT Inc. | 6,431,773 | 34,281 | |||
Stewart Information Services Corp. | 832,823 | 34,262 | ||||
National Bank Holdings Corp. Class A | 1,165,379 | 33,843 | ||||
First Busey Corp. | 1,657,232 | 33,310 | ||||
* | Encore Capital Group Inc. | 672,352 | 32,690 | |||
AMERISAFE Inc. | 611,177 | 32,588 | ||||
*,1 | Rocket Cos. Inc. Class A | 3,583,839 | 32,111 | |||
Safety Insurance Group Inc. | 446,732 | 32,040 | ||||
* | LendingClub Corp. | 3,283,854 | 32,018 | |||
Employers Holdings Inc. | 851,294 | 31,847 |
Shares | Market Value• ($000) | |||||
* | Oscar Health Inc. Class A | 3,936,237 | 31,726 | |||
Stellar Bancorp Inc. | 1,369,973 | 31,359 | ||||
Heartland Financial USA Inc. | 1,120,040 | 31,216 | ||||
FB Financial Corp. | 1,112,191 | 31,197 | ||||
S&T Bancorp Inc. | 1,140,060 | �� 30,998 | ||||
* | Open Lending Corp. | 2,935,132 | 30,848 | |||
PacWest Bancorp | 3,743,639 | 30,511 | ||||
TriCo Bancshares | 913,476 | 30,327 | ||||
Westamerica Bancorp | 791,697 | 30,322 | ||||
Sandy Spring Bancorp Inc. | 1,325,600 | 30,065 | ||||
1 | Ellington Financial Inc. | 2,098,573 | 28,960 | |||
Hope Bancorp Inc. | 3,426,966 | 28,855 | ||||
Veritex Holdings Inc. | 1,607,760 | 28,827 | ||||
* | Customers Bancorp Inc. | 938,563 | 28,401 | |||
New York Mortgage Trust Inc. | 2,841,360 | 28,186 | ||||
Bank First Corp. | 336,118 | 27,965 | ||||
OceanFirst Financial Corp. | 1,780,077 | 27,805 | ||||
Live Oak Bancshares Inc. | 1,036,424 | 27,268 | ||||
Berkshire Hills Bancorp Inc. | 1,301,404 | 26,978 | ||||
Origin Bancorp Inc. | 916,754 | 26,861 | ||||
* | PRA Group Inc. | 1,170,822 | 26,753 | |||
Nicolet Bankshares Inc. | 393,817 | 26,744 | ||||
Mercury General Corp. | 867,129 | 26,248 | ||||
* | Avantax Inc. | 1,160,382 | 25,969 | |||
WisdomTree Inc. | 3,780,368 | 25,933 | ||||
Peoples Bancorp Inc. | 963,346 | 25,577 | ||||
BrightSpire Capital Inc. Class A | 3,762,826 | 25,324 | ||||
Lakeland Bancorp Inc. | 1,860,651 | 24,914 | ||||
ProAssurance Corp. | 1,647,124 | 24,855 | ||||
Enact Holdings Inc. | 988,708 | 24,846 | ||||
Capitol Federal Financial Inc. | 3,952,960 | 24,390 | ||||
1 | B. Riley Financial Inc. | 521,564 | 23,982 | |||
Southside Bancshares Inc. | 911,789 | 23,852 | ||||
National Western Life Group Inc. Class A | 55,873 | 23,219 | ||||
German American Bancorp Inc. | 845,495 | 22,981 | ||||
First Bancshares Inc. | 878,809 | 22,708 | ||||
*,1 | Trupanion Inc. | 1,151,229 | 22,656 | |||
Redwood Trust Inc. | 3,510,195 | 22,360 | ||||
* | SiriusPoint Ltd. | 2,468,652 | 22,292 |
Shares | Market Value• ($000) | |||||
Brookline Bancorp Inc. | 2,542,527 | 22,222 | ||||
1 | Dynex Capital Inc. | 1,723,960 | 21,705 | |||
Preferred Bank | 389,302 | 21,408 | ||||
TFS Financial Corp. | 1,691,987 | 21,268 | ||||
QCR Holdings Inc. | 514,779 | 21,121 | ||||
Eagle Bancorp Inc. | 997,446 | 21,106 | ||||
Brightsphere Investment Group Inc. | 981,747 | 20,568 | ||||
ConnectOne Bancorp Inc. | 1,192,696 | 19,787 | ||||
* | Ambac Financial Group Inc. | 1,386,506 | 19,744 | |||
Dime Community Bancshares Inc. | 1,101,151 | 19,413 | ||||
Tompkins Financial Corp. | 348,113 | 19,390 | ||||
* | AssetMark Financial Holdings Inc. | 640,865 | 19,008 | |||
Community Trust Bancorp Inc. | 515,007 | 18,319 | ||||
Banc of California Inc. | 1,550,511 | 17,955 | ||||
1 | UWM Holdings Corp. Class A | 3,194,929 | 17,892 | |||
Old Second Bancorp Inc. | 1,367,182 | 17,855 | ||||
Heritage Financial Corp. | 1,102,412 | 17,826 | ||||
KKR Real Estate Finance Trust Inc. | 1,451,080 | 17,660 | ||||
Premier Financial Corp. | 1,072,357 | 17,179 | ||||
James River Group Holdings Ltd. | 921,185 | 16,821 | ||||
Amerant Bancorp Inc. Class A | 951,334 | 16,353 | ||||
United Fire Group Inc. | 714,514 | 16,191 | ||||
TrustCo Bank Corp. | 550,930 | 15,762 | ||||
Farmers National Banc Corp. | 1,273,130 | 15,749 | ||||
Great Southern Bancorp Inc. | 302,904 | 15,366 | ||||
Univest Financial Corp. | 848,090 | 15,333 | ||||
P10 Inc. Class A | 1,343,205 | 15,178 | ||||
* | Columbia Financial Inc. | 872,234 | 15,081 | |||
Diamond Hill Investment Group Inc. | 87,521 | 14,992 | ||||
Washington Trust Bancorp Inc. | 552,876 | 14,823 | ||||
Hanmi Financial Corp. | 968,596 | 14,461 |
Shares | Market Value• ($000) | |||||
Heritage Commerce Corp. | 1,711,952 | 14,175 | ||||
Byline Bancorp Inc. | 777,481 | 14,065 | ||||
Northfield Bancorp Inc. | 1,279,932 | 14,054 | ||||
First Mid Bancshares Inc. | 570,379 | 13,769 | ||||
*,1 | EZCORP Inc. Class A | 1,624,375 | 13,612 | |||
F&G Annuities & Life Inc. | 544,128 | 13,484 | ||||
1 | NewtekOne Inc. | 847,975 | 13,483 | |||
TPG RE Finance Trust Inc. | 1,817,114 | 13,465 | ||||
1 | Invesco Mortgage Capital Inc. | 1,170,252 | 13,423 | |||
Peapack-Gladstone Financial Corp. | 493,833 | 13,373 | ||||
Kearny Financial Corp. | 1,871,083 | 13,191 | ||||
Universal Insurance Holdings Inc. | 826,787 | 12,757 | ||||
First Community Bankshares Inc. | 427,273 | 12,703 | ||||
* | World Acceptance Corp. | 94,353 | 12,644 | |||
1 | NexPoint Diversified Real Estate Trust | 1,006,100 | 12,596 | |||
Central Pacific Financial Corp. | 801,026 | 12,584 | ||||
1 | Orchid Island Capital Inc. | 1,210,826 | 12,532 | |||
Camden National Corp. | 403,181 | 12,487 | ||||
Mercantile Bank Corp. | 445,144 | 12,295 | ||||
Midland States Bancorp Inc. | 614,037 | 12,225 | ||||
Capital City Bank Group Inc. | 397,180 | 12,170 | ||||
Cambridge Bancorp | 222,214 | 12,068 | ||||
HarborOne Bancorp Inc. | 1,385,460 | 12,026 | ||||
* | CrossFirst Bankshares Inc. | 1,202,409 | 12,024 | |||
* | MBIA Inc. | 1,382,103 | 11,941 | |||
Southern Missouri Bancorp Inc. | 310,151 | 11,925 | ||||
Horizon Bancorp Inc. | 1,130,130 | 11,765 | ||||
* | Coastal Financial Corp. | 308,378 | 11,610 | |||
1 | HCI Group Inc. | 187,501 | 11,584 | |||
Business First Bancshares Inc. | 759,255 | 11,442 | ||||
Hingham Institution For Savings | 53,653 | 11,438 | ||||
HomeTrust Bancshares Inc. | 539,258 | 11,265 | ||||
Merchants Bancorp | 434,604 | 11,117 |
Shares | Market Value• ($000) | |||||
Amalgamated Financial Corp. | 689,657 | 11,097 | ||||
GCM Grosvenor Inc. Class A | 1,437,229 | 10,837 | ||||
* | Metropolitan Bank Holding Corp. | 311,071 | 10,804 | |||
Republic Bancorp Inc. Class A | 253,793 | 10,786 | ||||
* | Carter Bankshares Inc. | 712,025 | 10,531 | |||
* | Skyward Specialty Insurance Group Inc. | 410,865 | 10,436 | |||
CNB Financial Corp. | 588,697 | 10,391 | ||||
Flushing Financial Corp. | 829,310 | 10,192 | ||||
Independent Bank Corp. (Michigan) | 599,260 | 10,163 | ||||
Bar Harbor Bankshares | 412,183 | 10,156 | ||||
Equity Bancshares Inc. Class A | 443,588 | 10,105 | ||||
Metrocity Bankshares Inc. | 558,211 | 9,986 | ||||
First Financial Corp. | 303,859 | 9,866 | ||||
1st Source Corp. | 234,956 | 9,852 | ||||
Citizens Financial Services Inc. | 131,902 | 9,823 | ||||
Tiptree Inc. Class A | 651,681 | 9,782 | ||||
Alerus Financial Corp. | 537,268 | 9,660 | ||||
Esquire Financial Holdings Inc. | 206,705 | 9,455 | ||||
SmartFinancial Inc. | 428,719 | 9,222 | ||||
American National Bankshares Inc. | 302,173 | 8,757 | ||||
Waterstone Financial Inc. | 604,252 | 8,756 | ||||
Civista Bancshares Inc. | 497,943 | 8,664 | ||||
Northeast Bank | 206,474 | 8,604 | ||||
Macatawa Bank Corp. | 925,613 | 8,590 | ||||
Granite Point Mortgage Trust Inc. | 1,592,579 | 8,441 | ||||
Arrow Financial Corp. | 412,793 | 8,314 | ||||
Mid Penn Bancorp Inc. | 374,344 | 8,266 | ||||
* | Greenlight Capital Re Ltd. Class A | 776,574 | 8,181 | |||
First of Long Island Corp. | 676,836 | 8,136 | ||||
Northeast Community Bancorp Inc. | 542,663 | 8,075 | ||||
Donegal Group Inc. Class A | 556,771 | 8,034 |
Shares | Market Value• ($000) | |||||
Norwood Financial Corp. | 270,795 | 7,997 | ||||
Citizens & Northern Corp. | 410,526 | 7,923 | ||||
Bank of Marin Bancorp | 447,868 | 7,914 | ||||
* | Blue Foundry Bancorp | 782,802 | 7,914 | |||
ACNB Corp. | 236,741 | 7,853 | ||||
Peoples Financial Services Corp. | 179,285 | 7,851 | ||||
West Bancorp Inc. | 414,402 | 7,629 | ||||
First Bancorp Inc. | 312,385 | 7,603 | ||||
*,1 | Forge Global Holdings Inc. | 3,118,181 | 7,577 | |||
Farmers & Merchants Bancorp Inc. | 333,453 | 7,506 | ||||
Enterprise Bancorp Inc. | 255,668 | 7,399 | ||||
* | LendingTree Inc. | 321,603 | 7,111 | |||
Financial Institutions Inc. | 450,573 | 7,092 | ||||
FS Bancorp Inc. | 235,608 | 7,085 | ||||
Crawford & Co. Class B | 747,804 | 7,022 | ||||
John Marshall Bancorp Inc. | 346,600 | 6,963 | ||||
Northrim Bancorp Inc. | 176,916 | 6,958 | ||||
BayCom Corp. | 415,597 | 6,932 | ||||
Home Bancorp Inc. | 206,339 | 6,853 | ||||
Regional Management Corp. | 224,220 | 6,839 | ||||
Sierra Bancorp | 394,292 | 6,691 | ||||
Unity Bancorp Inc. | 282,715 | 6,669 | ||||
Guaranty Bancshares Inc. | 245,483 | 6,648 | ||||
1 | Chicago Atlantic Real Estate Finance Inc. | 438,773 | 6,647 | |||
South Plains Financial Inc. | 292,506 | 6,584 | ||||
AFC Gamma Inc. | 528,841 | 6,584 | ||||
Five Star Bancorp | 293,908 | 6,575 | ||||
* | eHealth Inc. | 816,369 | 6,564 | |||
3 | Franklin Financial Services Corp. | 233,400 | 6,475 | |||
Codorus Valley Bancorp Inc. | 327,297 | 6,418 | ||||
First Bank | 617,725 | 6,412 | ||||
MVB Financial Corp. | 303,098 | 6,389 | ||||
Oppenheimer Holdings Inc. Class A | 158,975 | 6,388 | ||||
MidWestOne Financial Group Inc. | 298,754 | 6,384 | ||||
Fidelity D&D Bancorp Inc. | 130,243 | 6,329 |
Shares | Market Value• ($000) | |||||
Virginia National Bankshares Corp. | 195,778 | 6,294 | ||||
Summit Financial Group Inc. | 304,535 | 6,292 | ||||
Red River Bancshares Inc. | 127,746 | 6,277 | ||||
Greene County Bancorp Inc. | 210,368 | 6,269 | ||||
Middlefield Banc Corp. | 232,314 | 6,226 | ||||
First Foundation Inc. | 1,567,086 | 6,221 | ||||
Orrstown Financial Services Inc. | 324,496 | 6,214 | ||||
Timberland Bancorp Inc. | 242,733 | 6,209 | ||||
Capstar Financial Holdings Inc. | 501,635 | 6,155 | ||||
*,1 | Hagerty Inc. Class A | 651,800 | 6,101 | |||
First Business Financial Services Inc. | 205,340 | 6,055 | ||||
Plumas Bancorp | 168,907 | 6,028 | ||||
*,1 | Hippo Holdings Inc. | 362,560 | 5,993 | |||
PCB Bancorp | 401,511 | 5,906 | ||||
Shore Bancshares Inc. | 509,859 | 5,894 | ||||
* | Third Coast Bancshares Inc. | 367,175 | 5,827 | |||
* | Ocwen Financial Corp. | 193,274 | 5,792 | |||
Silvercrest Asset Management Group Inc. Class A | 285,560 | 5,783 | ||||
Primis Financial Corp. | 682,667 | 5,748 | ||||
* | Oportun Financial Corp. | 960,206 | 5,732 | |||
* | Bridgewater Bancshares Inc. | 574,377 | 5,658 | |||
National Bankshares Inc. | 192,376 | 5,615 | ||||
* | Southern First Bancshares Inc. | 226,710 | 5,611 | |||
HBT Financial Inc. | 302,790 | 5,583 | ||||
* | FVCBankcorp Inc. | 514,940 | 5,546 | |||
1 | Medallion Financial Corp. | 698,986 | 5,529 | |||
Investors Title Co. | 37,598 | 5,489 | ||||
Ames National Corp. | 304,055 | 5,482 | ||||
*,1 | Ponce Financial Group Inc. | 620,432 | 5,392 | |||
MainStreet Bancshares Inc. | 235,247 | 5,331 | ||||
C&F Financial Corp. | 99,227 | 5,329 | ||||
*,1 | Arlington Asset Investment Corp. Class A | 1,148,538 | 5,318 | |||
Princeton Bancorp Inc. | 191,688 | 5,237 |
Shares | Market Value• ($000) | |||||
Parke Bancorp Inc. | 306,015 | 5,199 | ||||
RBB Bancorp | 435,114 | 5,195 | ||||
Colony Bankcorp Inc. | 550,804 | 5,189 | ||||
Central Valley Community Bancorp | 335,244 | 5,180 | ||||
* | NI Holdings Inc. | 346,493 | 5,145 | |||
Greenhill & Co. Inc. | 347,793 | 5,095 | ||||
Community Financial Corp. | 186,822 | 5,061 | ||||
BCB Bancorp Inc. | 430,285 | 5,052 | ||||
LCNB Corp. | 335,831 | 4,957 | ||||
Bankwell Financial Group Inc. | 201,545 | 4,914 | ||||
ChoiceOne Financial Services Inc. | 210,670 | 4,845 | ||||
1 | Seven Hills Realty Trust | 466,244 | 4,784 | |||
Penns Woods Bancorp Inc. | 190,432 | 4,767 | ||||
*,1 | Heritage Global Inc. | 1,309,445 | 4,740 | |||
Blue Ridge Bankshares Inc. | 525,645 | 4,652 | ||||
* | Malvern Bancorp Inc. | 282,834 | 4,455 | |||
Capital Bancorp Inc. | 244,772 | 4,430 | ||||
First Community Corp. | 254,872 | 4,425 | ||||
* | First Western Financial Inc. | 222,640 | 4,141 | |||
Great Ajax Corp. | 672,741 | 4,124 | ||||
Evans Bancorp Inc. | 164,147 | 4,092 | ||||
Sculptor Capital Management Inc. Class A | 462,486 | 4,084 | ||||
Western New England Bancorp Inc. | 692,944 | 4,047 | ||||
Investar Holding Corp. | 331,586 | 4,016 | ||||
1 | Sachem Capital Corp. | 1,149,710 | 4,013 | |||
* | ECB Bancorp Inc. | 306,402 | 4,008 | |||
Chemung Financial Corp. | 103,526 | 3,976 | ||||
Orange County Bancorp Inc. | 107,232 | 3,968 | ||||
Provident Bancorp Inc. | 470,772 | 3,898 | ||||
ESSA Bancorp Inc. | 257,669 | 3,852 | ||||
AG Mortgage Investment Trust Inc. | 622,463 | 3,809 | ||||
Salisbury Bancorp Inc. | 159,453 | 3,777 | ||||
1 | Nexpoint Real Estate Finance Inc. | 241,453 | 3,764 | |||
* | Consumer Portfolio Services Inc. | 316,832 | 3,697 |
Shares | Market Value• ($000) | |||||
First Internet Bancorp | 247,933 | 3,682 | ||||
Meridian Corp. | 367,884 | 3,605 | ||||
OP Bancorp | 427,154 | 3,601 | ||||
Bank7 Corp. | 146,279 | 3,588 | ||||
Westwood Holdings Group Inc. | 277,372 | 3,439 | ||||
* | Pioneer Bancorp Inc. | 382,436 | 3,423 | |||
Eagle Bancorp Montana Inc. | 257,546 | 3,407 | ||||
*,1 | Citizens Inc. Class A | 1,402,435 | 3,380 | |||
Southern States Bancshares Inc. | 158,092 | 3,336 | ||||
* | Heritage Insurance Holdings Inc. | 864,537 | 3,328 | |||
* | California Bancorp | 219,318 | 3,290 | |||
*,1 | SWK Holdings Corp. | 195,910 | 3,280 | |||
* | Sterling Bancorp Inc. | 590,269 | 3,229 | |||
William Penn Bancorp | 318,150 | 3,229 | ||||
HMN Financial Inc. | 169,922 | 3,184 | ||||
HomeStreet Inc. | 535,464 | 3,170 | ||||
Peoples Bancorp of North Carolina Inc. | 172,294 | 3,141 | ||||
*,1 | Maiden Holdings Ltd. | 1,475,921 | 3,099 | |||
* | Guild Holdings Co. Class A | 272,500 | 3,096 | |||
1 | Cherry Hill Mortgage Investment Corp. | 638,375 | 3,083 | |||
Federal Agricultural Mortgage Corp. Class A | 24,971 | 3,046 | ||||
*,1 | Kingsway Financial Services Inc. | 365,337 | 2,978 | |||
* | Bogota Financial Corp. | 364,181 | 2,972 | |||
Hawthorn Bancshares Inc. | 164,209 | 2,948 | ||||
Riverview Bancorp Inc. | 571,750 | 2,882 | ||||
* | Finance of America Cos. Inc. Class A | 1,481,602 | 2,830 | |||
First Northwest Bancorp | 246,872 | 2,809 | ||||
Territorial Bancorp Inc. | 226,146 | 2,777 | ||||
Summit State Bank | 181,477 | 2,742 | ||||
Luther Burbank Corp. | 304,937 | 2,720 | ||||
First United Corp. | 188,849 | 2,693 | ||||
BankFinancial Corp. | 328,418 | 2,686 | ||||
Hanover Bancorp Inc. | 145,775 | 2,621 | ||||
First Financial Northwest Inc. | 230,131 | 2,617 | ||||
* | Security National Financial Corp. Class A | 293,859 | 2,607 | |||
* | Velocity Financial Inc. | 225,504 | 2,600 |
Shares | Market Value• ($000) | |||||
*,3 | 1895 Bancorp of Wisconsin Inc. | 331,179 | 2,480 | |||
*,1 | Root Inc. Class A | 270,892 | 2,422 | |||
Provident Financial Holdings Inc. | 178,916 | 2,312 | ||||
Finward Bancorp | 101,400 | 2,312 | ||||
*,1 | Bakkt Holdings Inc. | 1,805,265 | 2,220 | |||
* | ACRES Commercial Realty Corp. | 245,355 | 2,169 | |||
TC Bancshares Inc. | 151,263 | 2,163 | ||||
Union Bankshares Inc. | 92,353 | 2,120 | ||||
Old Point Financial Corp. | 119,700 | 2,076 | ||||
1 | Ellington Residential Mortgage REIT | 285,662 | 2,060 | |||
* | Broadway Financial Corp. | 2,114,129 | 2,051 | |||
*,1 | GoHealth Inc. Class A | 103,498 | 2,040 | |||
First Savings Financial Group Inc. | 153,781 | 2,030 | ||||
* | loanDepot Inc. Class A | 957,261 | 2,029 | |||
Western Asset Mortgage Capital Corp. | 228,767 | 2,029 | ||||
First Guaranty Bancshares Inc. | 167,977 | 1,890 | ||||
* | USCB Financial Holdings Inc. | 181,956 | 1,856 | |||
LINKBANCORP Inc. | 306,437 | 1,839 | ||||
1 | Angel Oak Mortgage REIT Inc. | 216,627 | 1,785 | |||
* | Finwise Bancorp | 196,982 | 1,763 | |||
* | NSTS Bancorp Inc. | 186,636 | 1,747 | |||
Associated Capital Group Inc. Class A | 48,920 | 1,732 | ||||
* | Catalyst Bancorp Inc. | 151,200 | 1,668 | |||
*,1 | United Insurance Holdings Corp. | 367,379 | 1,639 | |||
Partners Bancorp | 255,395 | 1,581 | ||||
*,1 | BM Technologies Inc. | 520,345 | 1,551 | |||
First Capital Inc. | 47,706 | 1,475 | ||||
*,1 | Midwest Holding Inc. | 54,287 | 1,453 | |||
1 | Lument Finance Trust Inc. | 736,731 | 1,400 | |||
Manhattan Bridge Capital Inc. | 262,659 | 1,326 | ||||
* | Great Elm Group Inc. | 643,568 | 1,319 | |||
1 | Hennessy Advisors Inc. | 185,534 | 1,314 | |||
Bayfirst Financial Corp. | 95,510 | 1,289 | ||||
CF Bankshares Inc. | 78,617 | 1,195 | ||||
US Global Investors Inc. Class A | 376,672 | 1,153 |
Shares | Market Value• ($000) | |||||
*,1 | Dave Inc. | 214,024 | 1,141 | |||
IF Bancorp Inc. | 74,957 | 1,082 | ||||
* | Republic First Bancorp Inc. | 1,174,692 | 1,057 | |||
*,1 | Ashford Inc. | 104,740 | 1,018 | |||
*,1 | OppFi Inc. | 489,345 | 998 | |||
1 | Curo Group Holdings Corp. | 735,347 | 993 | |||
AmeriServ Financial Inc. | 351,198 | 892 | ||||
* | Patriot National Bancorp Inc. | 101,605 | 869 | |||
* | Altisource Asset Management Corp. | 13,490 | 758 | |||
* | Nicholas Financial Inc. | 148,305 | 744 | |||
*,1 | Doma Holdings Inc. | 150,618 | 744 | |||
CB Financial Services Inc. | 34,085 | 693 | ||||
* | Safeguard Scientifics Inc. | 417,279 | 689 | |||
1 | MarketWise Inc. | 304,854 | 610 | |||
* | Generations Bancorp NY Inc. | 66,721 | 605 | |||
* | CXApp Inc. | 50,571 | 552 | |||
Lake Shore Bancorp Inc. | 49,379 | 547 | ||||
Bank of the James Financial Group Inc. | 57,500 | 534 | ||||
*,1 | BioRestorative Therapies Inc. | 121,046 | 534 | |||
*,1 | Siebert Financial Corp. | 188,535 | 468 | |||
* | PB Bankshares Inc. | 34,141 | 468 | |||
*,1 | Sunlight Financial Holdings Inc. | 1,506,790 | 437 | |||
* | Carver Bancorp Inc. | 133,111 | 359 | |||
*,1 | NeuroOne Medical Technologies Corp. | 268,451 | 322 | |||
Kentucky First Federal Bancorp | 44,324 | 275 | ||||
Kingstone Cos. Inc. | 193,591 | 248 | ||||
Village Bank & Trust Financial Corp. | 5,510 | 240 | ||||
*,1 | Oxbridge Re Holdings Ltd. | 130,164 | 233 | |||
*,1,2 | Palisade Bio Inc. CVR | 204,224 | 196 | |||
* | Hallmark Financial Services Inc. | 27,447 | 154 | |||
* | OptimumBank Holdings Inc. | 48,881 | 145 | |||
*,1 | Ault Alliance Inc. | 27,340 | 141 | |||
First Seacoast Bancorp | 15,123 | 125 | ||||
Texas Community Bancshares Inc. | 8,728 | 106 | ||||
FNCB Bancorp Inc. | 15,430 | 92 |
Shares | Market Value• ($000) | |||||
* | Atlantic American Corp. | 36,081 | 70 | |||
* | FG Financial Group Inc. | 35,157 | 65 | |||
* | CFSB Bancorp Inc. | 4,406 | 35 | |||
* | Vericity Inc. | 2,736 | 17 | |||
*,1 | SHF Holdings Inc. | 20,499 | 11 | |||
*,1,2 | Cogent Biosciences Inc. CVR | 400,874 | — | |||
136,925,014 | ||||||
Health Care (12.9%) | ||||||
UnitedHealth Group Inc. | 29,027,945 | 13,951,991 | ||||
Johnson & Johnson | 81,039,927 | 13,413,729 | ||||
Eli Lilly & Co. | 26,639,610 | 12,493,444 | ||||
Merck & Co. Inc. | 79,146,697 | 9,132,737 | ||||
AbbVie Inc. | 55,022,189 | 7,413,140 | ||||
Pfizer Inc. | 176,033,715 | 6,456,917 | ||||
Thermo Fisher Scientific Inc. | 12,025,032 | 6,274,060 | ||||
Abbott Laboratories | 54,229,759 | 5,912,128 | ||||
Danaher Corp. | 20,694,550 | 4,966,692 | ||||
Bristol-Myers Squibb Co. | 65,512,455 | 4,189,521 | ||||
* | Intuitive Surgical Inc. | 10,924,299 | 3,735,455 | |||
Amgen Inc. | 16,654,313 | 3,697,591 | ||||
Medtronic plc | 41,496,945 | 3,655,881 | ||||
Elevance Health Inc. | 7,392,558 | 3,284,440 | ||||
Stryker Corp. | 10,655,910 | 3,251,012 | ||||
Gilead Sciences Inc. | 38,962,195 | 3,002,816 | ||||
* | Vertex Pharmaceuticals Inc. | 8,032,653 | 2,826,771 | |||
Cigna Group | 9,227,847 | 2,589,334 | ||||
* | Boston Scientific Corp. | 45,605,093 | 2,466,779 | |||
Becton Dickinson & Co. | 8,877,505 | 2,343,750 | ||||
* | Regeneron Pharmaceuticals Inc. | 3,197,785 | 2,297,736 | |||
Zoetis Inc. Class A | 12,973,999 | 2,234,252 | ||||
HCA Healthcare Inc. | 6,430,232 | 1,951,447 | ||||
* | Edwards Lifesciences Corp. | 18,908,263 | 1,783,616 | |||
Humana Inc. | 3,897,769 | 1,742,809 | ||||
* | Dexcom Inc. | 12,095,361 | 1,554,375 | |||
* | IQVIA Holdings Inc. | 5,788,549 | 1,301,092 | |||
* | IDEXX Laboratories Inc. | 2,586,726 | 1,299,131 | |||
* | Biogen Inc. | 4,507,097 | 1,283,847 | |||
* | Moderna Inc. | 10,107,606 | 1,228,074 | |||
* | Centene Corp. | 17,119,514 | 1,154,711 | |||
Agilent Technologies Inc. | 9,171,888 | 1,102,920 | ||||
ResMed Inc. | 4,581,249 | 1,001,003 | ||||
GE HealthCare Technologies Inc. | 12,053,000 | 979,186 |
Shares | Market Value• ($000) | |||||
Zimmer Biomet Holdings Inc. | 6,511,845 | 948,125 | ||||
* | Illumina Inc. | 4,927,191 | 923,799 | |||
* | Veeva Systems Inc. Class A | 4,538,495 | 897,397 | |||
West Pharmaceutical Services Inc. | 2,311,015 | 883,894 | ||||
* | Seagen Inc. | 4,394,026 | 845,674 | |||
* | Align Technology Inc. | 2,272,423 | 803,620 | |||
Cardinal Health Inc. | 7,931,196 | 750,053 | ||||
* | Alnylam Pharmaceuticals Inc. | 3,874,507 | 735,924 | |||
* | Horizon Therapeutics plc | 7,118,518 | 732,140 | |||
Baxter International Inc. | 15,752,244 | 717,672 | ||||
STERIS plc | 3,097,828 | 696,949 | ||||
Laboratory Corp. of America Holdings | 2,760,194 | 666,118 | ||||
* | Insulet Corp. | 2,169,683 | 625,606 | |||
* | Hologic Inc. | 7,690,018 | 622,661 | |||
Cooper Cos. Inc. | 1,541,490 | 591,054 | ||||
* | Molina Healthcare Inc. | 1,823,587 | 549,337 | |||
* | Exact Sciences Corp. | 5,638,444 | 529,450 | |||
* | BioMarin Pharmaceutical Inc. | 5,885,695 | 510,172 | |||
Quest Diagnostics Inc. | 3,506,169 | 492,827 | ||||
Revvity Inc. | 3,896,015 | 462,808 | ||||
* | Avantor Inc. | 21,030,083 | 431,958 | |||
Bio-Techne Corp. | 4,905,834 | 400,463 | ||||
* | Penumbra Inc. | 1,130,001 | 388,788 | |||
Viatris Inc. | 37,285,886 | 372,113 | ||||
Royalty Pharma plc Class A | 11,959,653 | 367,640 | ||||
* | Incyte Corp. | 5,901,668 | 367,379 | |||
Teleflex Inc. | 1,464,924 | 354,556 | ||||
* | Charles River Laboratories International Inc. | 1,587,738 | 333,822 | |||
* | Henry Schein Inc. | 4,095,886 | 332,176 | |||
* | Shockwave Medical Inc. | 1,145,240 | 326,863 | |||
* | United Therapeutics Corp. | 1,468,122 | 324,088 | |||
* | Sarepta Therapeutics Inc. | 2,773,917 | 317,669 | |||
Universal Health Services Inc. Class B | 1,863,469 | 294,000 | ||||
* | Inspire Medical Systems Inc. | 904,411 | 293,608 | |||
* | Neurocrine Biosciences Inc. | 3,024,839 | 285,242 | |||
* | Apellis Pharmaceuticals Inc. | 3,104,672 | 282,836 |
Shares | Market Value• ($000) | |||||
DENTSPLY SIRONA Inc. | 6,583,206 | 263,460 | ||||
* | Masimo Corp. | 1,575,805 | 259,299 | |||
* | Tenet Healthcare Corp. | 3,184,477 | 259,153 | |||
Chemed Corp. | 463,402 | 251,011 | ||||
* | Bio-Rad Laboratories Inc. Class A | 650,521 | 246,626 | |||
* | Jazz Pharmaceuticals plc | 1,926,271 | 238,800 | |||
* | Repligen Corp. | 1,645,288 | 232,742 | |||
* | Catalent Inc. | 5,330,149 | 231,115 | |||
Bruker Corp. | 2,974,005 | 219,838 | ||||
* | Acadia Healthcare Co. Inc. | 2,746,550 | 218,735 | |||
* | Karuna Therapeutics Inc. | 1,005,995 | 218,150 | |||
Encompass Health Corp. | 2,989,561 | 202,423 | ||||
* | Exelixis Inc. | 10,094,218 | 192,901 | |||
* | Lantheus Holdings Inc. | 2,118,285 | 177,766 | |||
* | Ionis Pharmaceuticals Inc. | 4,249,964 | 174,376 | |||
* | Medpace Holdings Inc. | 724,924 | 174,105 | |||
* | Option Care Health Inc. | 5,357,678 | 174,071 | |||
* | Envista Holdings Corp. | 5,075,110 | 171,742 | |||
* | Intra-Cellular Therapies Inc. | 2,674,047 | 169,321 | |||
* | IVERIC bio Inc. | 4,272,035 | 168,062 | |||
* | HealthEquity Inc. | 2,651,216 | 167,398 | |||
* | Natera Inc. | 3,427,267 | 166,771 | |||
Organon & Co. | 7,925,161 | 164,923 | ||||
* | agilon health Inc. | 9,473,078 | 164,263 | |||
* | Alkermes plc | 5,146,725 | 161,092 | |||
* | Elanco Animal Health Inc. | 15,679,846 | 157,739 | |||
Ensign Group Inc. | 1,650,061 | 157,515 | ||||
* | DaVita Inc. | 1,555,050 | 156,236 | |||
* | 10X Genomics Inc. Class A | 2,767,484 | 154,536 | |||
* | ImmunoGen Inc. | 8,073,383 | 152,345 | |||
* | Merit Medical Systems Inc. | 1,788,051 | 149,553 | |||
* | Halozyme Therapeutics Inc. | 4,078,162 | 147,099 | |||
* | Globus Medical Inc. Class A | 2,419,351 | 144,048 | |||
Perrigo Co. plc | 4,198,655 | 142,544 | ||||
* | Novocure Ltd. | 3,303,330 | 137,088 | |||
* | Syneos Health Inc. | 3,221,851 | 135,769 | |||
* | Haemonetics Corp. | 1,572,207 | 133,858 | |||
* | Vaxcyte Inc. | 2,677,025 | 133,691 | |||
CONMED Corp. | 953,346 | 129,550 |
Shares | Market Value• ($000) | |||||
* | QuidelOrtho Corp. | 1,559,279 | 129,202 | |||
* | Teladoc Health Inc. | 5,092,856 | 128,951 | |||
* | ICU Medical Inc. | 710,956 | 126,685 | |||
* | Guardant Health Inc. | 3,413,985 | 122,221 | |||
* | Blueprint Medicines Corp. | 1,882,365 | 118,965 | |||
* | Arrowhead Pharmaceuticals Inc. | 3,224,365 | 114,981 | |||
* | Doximity Inc. Class A | 3,333,877 | 113,418 | |||
* | Amicus Therapeutics Inc. | 8,816,119 | 110,730 | |||
* | R1 RCM Inc. | 5,919,559 | 109,216 | |||
* | Intellia Therapeutics Inc. | 2,622,264 | 106,936 | |||
* | TG Therapeutics Inc. | 4,275,911 | 106,214 | |||
* | Madrigal Pharmaceuticals Inc. | 452,831 | 104,604 | |||
* | Omnicell Inc. | 1,398,071 | 102,996 | |||
Premier Inc. Class A | 3,710,344 | 102,628 | ||||
* | Evolent Health Inc. Class A | 3,364,776 | 101,953 | |||
* | Glaukos Corp. | 1,421,647 | 101,235 | |||
Select Medical Holdings Corp. | 3,171,917 | 101,057 | ||||
* | Neogen Corp. | 4,568,786 | 99,371 | |||
* | Enovis Corp. | 1,535,130 | 98,433 | |||
* | Surgery Partners Inc. | 2,165,021 | 97,404 | |||
* | Ultragenyx Pharmaceutical Inc. | 2,095,429 | 96,662 | |||
* | Pacific Biosciences of California Inc. | 7,183,906 | 95,546 | |||
* | Azenta Inc. | 2,037,198 | 95,096 | |||
* | PTC Therapeutics Inc. | 2,319,543 | 94,336 | |||
* | Denali Therapeutics Inc. | 3,195,420 | 94,297 | |||
* | Amedisys Inc. | 1,019,532 | �� 93,226 | |||
* | iRhythm Technologies Inc. | 892,694 | 93,126 | |||
* | Prestige Consumer Healthcare Inc. | 1,552,184 | 92,246 | |||
* | Cytokinetics Inc. | 2,823,409 | 92,100 | |||
* | Integer Holdings Corp. | 1,035,142 | 91,724 | |||
* | Progyny Inc. | 2,327,400 | 91,560 | |||
Patterson Cos. Inc. | 2,744,897 | 91,295 | ||||
* | Reata Pharmaceuticals Inc. Class A | 893,223 | 91,073 | |||
* | ACADIA Pharmaceuticals Inc. | 3,788,447 | 90,733 | |||
* | Insmed Inc. | 4,276,884 | 90,242 | |||
* | Integra LifeSciences Holdings Corp. | 2,163,793 | 88,997 | |||
* | Inari Medical Inc. | 1,469,263 | 85,423 | |||
*,1 | Ginkgo Bioworks Holdings Inc. Class A | 45,722,150 | 85,043 |
Shares | Market Value• ($000) | |||||
*,1 | Privia Health Group Inc. | 3,221,435 | 84,112 | |||
*,1 | Axsome Therapeutics Inc. | 1,161,045 | 83,433 | |||
* | Krystal Biotech Inc. | 691,299 | 81,159 | |||
* | TransMedics Group Inc. | 954,831 | 80,187 | |||
* | STAAR Surgical Co. | 1,502,940 | 79,010 | |||
* | REVOLUTION Medicines Inc. | 2,951,207 | 78,945 | |||
* | Axonics Inc. | 1,550,272 | 78,242 | |||
* | Vir Biotechnology Inc. | 3,119,430 | 76,520 | |||
* | Beam Therapeutics Inc. | 2,373,833 | 75,796 | |||
* | Sage Therapeutics Inc. | 1,603,510 | 75,397 | |||
* | Akero Therapeutics Inc. | 1,494,927 | 69,798 | |||
* | Certara Inc. | 3,787,131 | 68,964 | |||
* | AtriCure Inc. | 1,390,991 | 68,659 | |||
* | NuVasive Inc. | 1,626,685 | 67,654 | |||
* | Chinook Therapeutics Inc. | 1,733,981 | 66,620 | |||
* | NeoGenomics Inc. | 4,058,246 | 65,216 | |||
* | Revance Therapeutics Inc. | 2,557,025 | 64,718 | |||
* | Amphastar Pharmaceuticals Inc. | 1,117,347 | 64,214 | |||
* | Bridgebio Pharma Inc. | 3,525,900 | 60,645 | |||
* | CorVel Corp. | 311,706 | 60,315 | |||
* | RadNet Inc. | 1,848,287 | 60,291 | |||
* | Morphic Holding Inc. | 1,051,451 | 60,280 | |||
* | Mirati Therapeutics Inc. | 1,625,375 | 58,725 | |||
* | Sotera Health Co. | 3,097,696 | 58,361 | |||
* | Cerevel Therapeutics Holdings Inc. | 1,795,406 | 57,076 | |||
* | Veracyte Inc. | 2,222,792 | 56,615 | |||
* | Myriad Genetics Inc. | 2,416,904 | 56,024 | |||
*,1 | Corcept Therapeutics Inc. | 2,512,032 | 55,893 | |||
US Physical Therapy Inc. | 458,225 | 55,624 | ||||
* | Vericel Corp. | 1,467,340 | 55,128 | |||
* | Pacira BioSciences Inc. | 1,355,764 | 54,325 | |||
* | Dynavax Technologies Corp. | 4,187,112 | 54,097 | |||
* | Geron Corp. | 16,323,452 | 52,398 | |||
* | DICE Therapeutics Inc. | 1,110,362 | 51,587 | |||
* | Celldex Therapeutics Inc. | 1,484,024 | 50,353 | |||
* | Tandem Diabetes Care Inc. | 2,017,498 | 49,509 | |||
* | Agios Pharmaceuticals Inc. | 1,730,342 | 49,003 |
Shares | Market Value• ($000) | |||||
* | Phreesia Inc. | 1,571,319 | 48,727 | |||
* | Supernus Pharmaceuticals Inc. | 1,605,289 | 48,255 | |||
* | Xencor Inc. | 1,894,502 | 47,306 | |||
* | Addus HomeCare Corp. | 507,702 | 47,064 | |||
* | Ventyx Biosciences Inc. | 1,417,946 | 46,509 | |||
* | Alphatec Holdings Inc. | 2,586,336 | 46,502 | |||
* | Iovance Biotherapeutics Inc. | 6,583,733 | 46,349 | |||
* | Protagonist Therapeutics Inc. | 1,657,276 | �� 45,774 | |||
* | Relay Therapeutics Inc. | 3,632,704 | 45,627 | |||
* | Viking Therapeutics Inc. | 2,770,879 | 44,916 | |||
* | PROCEPT BioRobotics Corp. | 1,264,456 | 44,699 | |||
* | Zentalis Pharmaceuticals Inc. | 1,583,344 | 44,666 | |||
* | SpringWorks Therapeutics Inc. | 1,668,330 | 43,744 | |||
* | Ironwood Pharmaceuticals Inc. Class A | 4,107,483 | 43,704 | |||
* | Maravai LifeSciences Holdings Inc. Class A | 3,507,001 | 43,592 | |||
* | Owens & Minor Inc. | 2,279,062 | 43,393 | |||
* | UFP Technologies Inc. | 222,253 | 43,084 | |||
* | Hims & Hers Health Inc. | 4,519,954 | 42,488 | |||
* | Apollo Medical Holdings Inc. | 1,339,899 | 42,341 | |||
* | Syndax Pharmaceuticals Inc. | 2,007,243 | 42,012 | |||
* | Catalyst Pharmaceuticals Inc. | 3,068,916 | 41,246 | |||
* | BioCryst Pharmaceuticals Inc. | 5,854,541 | 41,216 | |||
* | Ideaya Biosciences Inc. | 1,719,946 | 40,419 | |||
LeMaitre Vascular Inc. | 587,904 | 39,554 | ||||
Embecta Corp. | 1,785,361 | 38,564 | ||||
* | Rocket Pharmaceuticals Inc. | 1,880,723 | 37,370 | |||
* | Avanos Medical Inc. | 1,453,009 | 37,139 | |||
* | Arcellx Inc. | 1,164,439 | 36,820 | |||
* | Nuvalent Inc. Class A | 868,748 | 36,635 | |||
* | Silk Road Medical Inc. | 1,118,088 | 36,327 | |||
* | Harmony Biosciences Holdings Inc. | 1,030,401 | 36,260 |
Shares | Market Value• ($000) | |||||
* | Amylyx Pharmaceuticals Inc. | 1,658,566 | 35,775 | |||
* | Ligand Pharmaceuticals Inc. | 495,497 | 35,725 | |||
* | Travere Therapeutics Inc. | 2,315,408 | 35,565 | |||
* | Arvinas Inc. | 1,431,237 | 35,523 | |||
* | Pediatrix Medical Group Inc. | 2,481,048 | 35,256 | |||
Healthcare Services Group Inc. | 2,327,311 | 34,747 | ||||
* | 89bio Inc. | 1,816,267 | 34,418 | |||
* | Twist Bioscience Corp. | 1,665,793 | 34,082 | |||
* | Treace Medical Concepts Inc. | 1,315,755 | 33,657 | |||
* | Outset Medical Inc. | 1,530,598 | 33,474 | |||
* | Replimune Group Inc. | 1,418,904 | 32,947 | |||
* | Viridian Therapeutics Inc. | 1,378,789 | 32,801 | |||
* | Cymabay Therapeutics Inc. | 2,986,738 | 32,705 | |||
* | MannKind Corp. | 7,757,777 | 31,574 | |||
* | SI-BONE Inc. | 1,147,891 | 30,970 | |||
* | Immunovant Inc. | 1,627,709 | 30,878 | |||
*,1 | Cassava Sciences Inc. | 1,231,881 | 30,206 | |||
* | Arcus Biosciences Inc. | 1,454,232 | 29,535 | |||
*,1 | Warby Parker Inc. Class A | 2,505,204 | 29,286 | |||
* | Cogent Biosciences Inc. | 2,470,640 | 29,252 | |||
* | Crinetics Pharmaceuticals Inc. | 1,609,013 | 28,994 | |||
*,1 | Rhythm Pharmaceuticals Inc. | 1,741,954 | 28,725 | |||
*,1 | Multiplan Corp. | 13,533,512 | 28,556 | |||
* | Accolade Inc. | 2,115,278 | 28,493 | |||
* | AdaptHealth Corp. Class A | 2,337,979 | 28,453 | |||
National Research Corp. | 649,903 | 28,277 | ||||
* | Cytek Biosciences Inc. | 3,288,520 | 28,084 | |||
* | Pliant Therapeutics Inc. | 1,547,645 | 28,043 | |||
* | Varex Imaging Corp. | 1,183,858 | 27,904 | |||
* | OPKO Health Inc. | 12,728,537 | 27,621 | |||
* | Kymera Therapeutics Inc. | 1,196,248 | 27,502 | |||
* | Avid Bioservices Inc. | 1,945,642 | 27,181 | |||
National HealthCare Corp. | 436,033 | 26,956 | ||||
* | Mirum Pharmaceuticals Inc. | 1,037,813 | 26,848 |
Shares | Market Value• ($000) | |||||
* | ANI Pharmaceuticals Inc. | 494,490 | 26,618 | |||
* | Nevro Corp. | 1,046,584 | 26,604 | |||
* | Adaptive Biotechnologies Corp. | 3,938,397 | 26,427 | |||
* | Avidity Biosciences Inc. | 2,380,299 | 26,398 | |||
* | Recursion Pharmaceuticals Inc. Class A | 3,518,932 | 26,286 | |||
* | NextGen Healthcare Inc. | 1,616,270 | 26,216 | |||
* | Inhibrx Inc. | 1,008,455 | 26,179 | |||
* | BioLife Solutions Inc. | 1,173,331 | 25,931 | |||
* | Keros Therapeutics Inc. | 628,012 | 25,234 | |||
* | Deciphera Pharmaceuticals Inc. | 1,760,798 | 24,792 | |||
* | REGENXBIO Inc. | 1,239,237 | 24,772 | |||
* | Innoviva Inc. | 1,926,684 | 24,527 | |||
* | DocGo Inc. | 2,537,297 | 23,774 | |||
* | ADMA Biologics Inc. | 6,411,673 | 23,659 | |||
* | ACELYRIN Inc. | 1,131,724 | 23,653 | |||
* | Brookdale Senior Living Inc. | 5,604,636 | 23,652 | |||
* | Verve Therapeutics Inc. | 1,246,541 | 23,373 | |||
*,1 | Ardelyx Inc. | 6,867,148 | 23,280 | |||
* | Kura Oncology Inc. | 2,195,764 | 23,231 | |||
* | Quanterix Corp. | 1,026,087 | 23,138 | |||
*,1 | Point Biopharma Global Inc. | 2,497,527 | 22,628 | |||
Atrion Corp. | 39,845 | 22,540 | ||||
* | RAPT Therapeutics Inc. | 1,200,884 | 22,457 | |||
* | Fulgent Genetics Inc. | 603,703 | 22,355 | |||
* | MiMedx Group Inc. | 3,362,582 | 22,227 | |||
* | Day One Biopharmaceuticals Inc. | 1,857,067 | 22,173 | |||
*,1 | EQRx Inc. | 11,586,300 | 21,551 | |||
*,1 | LifeStance Health Group Inc. | 2,350,645 | 21,461 | |||
* | Collegium Pharmaceutical Inc. | 991,246 | 21,302 | |||
* | 4D Molecular Therapeutics Inc. | 1,139,344 | 20,588 | |||
* | Arcturus Therapeutics Holdings Inc. | 716,967 | 20,563 | |||
*,1 | Editas Medicine Inc. | 2,492,584 | 20,514 | |||
* | Health Catalyst Inc. | 1,626,169 | 20,327 | |||
*,1 | Prime Medicine Inc. | 1,363,505 | 19,975 | |||
*,1 | Lyell Immunopharma Inc. | 6,174,266 | 19,634 | |||
*,1 | Novavax Inc. | 2,637,431 | 19,596 | |||
* | OrthoPediatrics Corp. | 446,225 | 19,567 | |||
* | Artivion Inc. | 1,123,317 | 19,310 |
Shares | Market Value• ($000) | |||||
* | Aclaris Therapeutics Inc. | 1,838,428 | 19,064 | |||
* | Orthofix Medical Inc. | 1,023,278 | 18,480 | |||
*,1 | Anavex Life Sciences Corp. | 2,266,872 | 18,430 | |||
* | RxSight Inc. | 632,138 | 18,206 | |||
*,1 | Harrow Health Inc. | 948,928 | 18,068 | |||
* | ModivCare Inc. | 396,009 | 17,904 | |||
* | Enhabit Inc. | 1,542,041 | 17,733 | |||
HealthStream Inc. | 721,873 | 17,729 | ||||
*,1 | Sana Biotechnology Inc. | 2,968,610 | 17,693 | |||
* | Paragon 28 Inc. | 990,890 | 17,578 | |||
* | Community Health Systems Inc. | 3,983,855 | 17,529 | |||
* | Tactile Systems Technology Inc. | 702,000 | 17,501 | |||
*,1 | Disc Medicine Inc. | 384,215 | 17,059 | |||
* | Agiliti Inc. | 1,009,959 | 16,664 | |||
* | OmniAb Inc. | 3,296,609 | 16,582 | |||
*,1 | Zymeworks Inc. | 1,911,300 | 16,514 | |||
* | Marinus Pharmaceuticals Inc. | 1,507,998 | 16,377 | |||
*,1 | Biomea Fusion Inc. | 745,055 | 16,354 | |||
* | Dyne Therapeutics Inc. | 1,453,532 | 16,352 | |||
*,1 | Phathom Pharmaceuticals Inc. | 1,108,452 | 15,873 | |||
* | Nurix Therapeutics Inc. | 1,571,546 | 15,700 | |||
*,1 | Sharecare Inc. | 8,872,250 | 15,526 | |||
* | Alignment Healthcare Inc. | 2,680,972 | 15,416 | |||
* | Voyager Therapeutics Inc. | 1,344,790 | 15,398 | |||
* | Agenus Inc. | 9,346,776 | 14,955 | |||
*,1 | 23andMe Holding Co. Class A | 8,501,758 | 14,878 | |||
*,1 | Cabaletta Bio Inc. | 1,142,580 | 14,751 | |||
* | Arcutis Biotherapeutics Inc. | 1,539,117 | 14,668 | |||
* | 2seventy bio Inc. | 1,443,176 | 14,605 | |||
* | American Well Corp. Class A | 6,917,282 | 14,526 | |||
*,1 | Enliven Therapeutics Inc. | 699,300 | 14,273 | |||
*,1 | Scilex Holding Co. | 2,559,800 | 14,258 | |||
*,1 | Aldeyra Therapeutics Inc. | 1,696,710 | 14,235 | |||
*,1 | Seres Therapeutics Inc. | 2,966,502 | 14,210 | |||
* | CareDx Inc. | 1,662,508 | 14,131 | |||
*,1 | Avita Medical Inc. | 816,217 | 13,884 | |||
* | Tarsus Pharmaceuticals Inc. | 748,349 | 13,523 | |||
* | Pulmonx Corp. | 1,028,344 | 13,482 |
Shares | Market Value• ($000) | |||||
*,1 | Vera Therapeutics Inc. Class A | 835,574 | 13,411 | |||
* | Surmodics Inc. | 421,394 | 13,194 | |||
* | PetIQ Inc. Class A | 867,296 | 13,157 | |||
* | MaxCyte Inc. | 2,818,256 | 12,936 | |||
* | Enanta Pharmaceuticals Inc. | 602,469 | 12,893 | |||
* | GoodRx Holdings Inc. Class A | 2,333,432 | 12,881 | |||
*,1 | ProKidney Corp. Class A | 1,135,200 | 12,703 | |||
*,1 | Theravance Biopharma Inc. | 1,226,993 | 12,699 | |||
* | Kiniksa Pharmaceuticals Ltd. Class A | 893,713 | 12,583 | |||
* | Axogen Inc. | 1,375,595 | 12,559 | |||
* | Cerus Corp. | 5,068,933 | 12,470 | |||
* | Intercept Pharmaceuticals Inc. | 1,123,441 | 12,425 | |||
* | Amneal Pharmaceuticals Inc. | 3,989,978 | 12,369 | |||
* | Alector Inc. | 2,043,595 | 12,282 | |||
* | Fate Therapeutics Inc. | 2,562,686 | 12,198 | |||
*,1 | Cano Health Inc. | 8,751,480 | 12,165 | |||
* | Accuray Inc. | 3,121,853 | 12,082 | |||
*,1 | Liquidia Corp. | 1,531,173 | 12,020 | |||
* | Ocular Therapeutix Inc. | 2,311,862 | 11,929 | |||
*,1 | AnaptysBio Inc. | 574,301 | 11,681 | |||
*,1 | Coherus Biosciences Inc. | 2,731,727 | 11,664 | |||
*,1 | Allogene Therapeutics Inc. | 2,346,639 | 11,663 | |||
* | AngioDynamics Inc. | 1,113,842 | 11,617 | |||
* | Anika Therapeutics Inc. | 438,739 | 11,398 | |||
* | Vanda Pharmaceuticals Inc. | 1,722,130 | 11,349 | |||
* | Castle Biosciences Inc. | 819,406 | 11,242 | |||
* | Mersana Therapeutics Inc. | 3,413,782 | 11,231 | |||
* | Mineralys Therapeutics Inc. | 658,659 | 11,230 | |||
* | Bluebird Bio Inc. | 3,387,541 | 11,145 | |||
*,4 | Scilex Holding Co. (Acquired 1/23/23, Cost $23,090) | 2,203,228 | 11,045 | |||
* | Stoke Therapeutics Inc. | 1,029,440 | 10,943 | |||
* | OraSure Technologies Inc. | 2,157,546 | 10,809 | |||
*,1 | Xeris Biopharma Holdings Inc. | 4,106,991 | 10,760 |
Shares | Market Value• ($000) | |||||
* | Terns Pharmaceuticals Inc. | 1,218,066 | 10,658 | |||
* | Emergent BioSolutions Inc. | 1,443,279 | 10,608 | |||
*,1 | Savara Inc. | 3,255,385 | 10,401 | |||
* | KalVista Pharmaceuticals Inc. | 1,153,121 | 10,378 | |||
* | Pennant Group Inc. | 840,720 | 10,324 | |||
*,1 | X4 Pharmaceuticals Inc. | 5,283,949 | 10,251 | |||
* | Computer Programs & Systems Inc. | 407,736 | 10,067 | |||
* | MacroGenics Inc. | 1,875,612 | 10,035 | |||
* | Zimvie Inc. | 886,345 | 9,954 | |||
* | iTeos Therapeutics Inc. | 750,688 | 9,939 | |||
* | Cullinan Oncology Inc. | 922,529 | 9,926 | |||
*,1 | Omeros Corp. | 1,822,044 | 9,912 | |||
*,1 | Senseonics Holdings Inc. | 12,947,685 | 9,880 | |||
iRadimed Corp. | 204,005 | 9,739 | ||||
*,1 | HilleVax Inc. | 566,155 | 9,732 | |||
* | SomaLogic Inc. | 4,157,015 | 9,603 | |||
*,1 | Scholar Rock Holding Corp. | 1,264,195 | 9,532 | |||
*,1 | Butterfly Network Inc. | 4,113,565 | 9,461 | |||
1 | Carisma Therapeutics Inc. | 1,054,782 | 9,250 | |||
*,1 | Clover Health Investments Corp. Class A | 10,280,134 | 9,222 | |||
* | Edgewise Therapeutics Inc. | 1,189,398 | 9,218 | |||
*,1 | Summit Therapeutics Inc. | 3,662,182 | 9,192 | |||
*,1 | Entrada Therapeutics Inc. | 600,633 | 9,094 | |||
*,1 | Olema Pharmaceuticals Inc. | 1,006,591 | 9,090 | |||
Utah Medical Products Inc. | 96,930 | 9,034 | ||||
*,1 | Assertio Holdings Inc. | 1,658,779 | 8,991 | |||
*,1 | ORIC Pharmaceuticals Inc. | 1,154,936 | 8,962 | |||
* | Viemed Healthcare Inc. | 907,059 | 8,871 | |||
*,1 | P3 Health Partners Inc. | 2,966,384 | 8,869 | |||
* | Alpine Immune Sciences Inc. | 851,829 | 8,757 | |||
* | Lexicon Pharmaceuticals Inc. | 3,702,774 | 8,479 | |||
* | Atea Pharmaceuticals Inc. | 2,253,893 | 8,430 | |||
*,1 | Invitae Corp. | 7,454,414 | 8,423 |
Shares | Market Value• ($000) | |||||
*,1 | CareMax Inc. | 2,648,343 | 8,236 | |||
* | Cutera Inc. | 543,164 | 8,218 | |||
* | FibroGen Inc. | 3,038,920 | 8,205 | |||
* | Evolus Inc. | 1,102,093 | 8,012 | |||
* | Sutro Biopharma Inc. | 1,708,596 | 7,945 | |||
*,1 | Allakos Inc. | 1,814,261 | 7,910 | |||
* | PMV Pharmaceuticals Inc. | 1,262,487 | 7,903 | |||
* | Y-mAbs Therapeutics Inc. | 1,159,178 | 7,871 | |||
Phibro Animal Health Corp. Class A | 571,019 | 7,823 | ||||
*,1 | EyePoint Pharmaceuticals Inc. | 890,209 | 7,745 | |||
*,1 | scPharmaceuticals Inc. | 749,134 | 7,634 | |||
* | Astria Therapeutics Inc. | 915,144 | 7,623 | |||
*,1 | ARS Pharmaceuticals Inc. | 1,134,600 | 7,602 | |||
*,1 | Arbutus Biopharma Corp. | 3,300,543 | 7,591 | |||
*,1 | Tenaya Therapeutics Inc. | 1,283,462 | 7,534 | |||
* | Nuvation Bio Inc. | 4,178,976 | 7,522 | |||
* | Generation Bio Co. | 1,356,025 | 7,458 | |||
* | Inogen Inc. | 642,617 | 7,422 | |||
*,1 | ImmunityBio Inc. | 2,581,131 | 7,176 | |||
* | Sight Sciences Inc. | 863,824 | 7,152 | |||
*,1 | Zynex Inc. | 732,906 | 7,029 | |||
*,1 | Compass Therapeutics Inc. | 2,187,972 | 6,958 | |||
* | Kodiak Sciences Inc. | 980,492 | 6,765 | |||
* | Nautilus Biotechnology Inc. Class A | 1,742,974 | 6,745 | |||
*,1 | Zomedica Corp. | 33,687,896 | 6,738 | |||
* | Aura Biosciences Inc. | 543,093 | 6,707 | |||
* | OptimizeRx Corp. | 467,466 | 6,680 | |||
* | Rigel Pharmaceuticals Inc. | 5,156,463 | 6,652 | |||
*,1 | Tyra Biosciences Inc. | 384,948 | 6,556 | |||
* | Eagle Pharmaceuticals Inc. | 336,766 | 6,547 | |||
*,1 | CorMedix Inc. | 1,649,126 | 6,539 | |||
* | Akoya Biosciences Inc. | 881,015 | 6,511 | |||
*,1 | Perspective Therapeutics Inc. | 9,673,312 | 6,462 | |||
* | Harvard Bioscience Inc. | 1,168,372 | 6,414 | |||
* | Seer Inc. Class A | 1,499,055 | 6,401 | |||
*,1 | Lineage Cell Therapeutics Inc. | 4,523,730 | 6,378 | |||
* | Caribou Biosciences Inc. | 1,479,875 | 6,289 | |||
*,1 | Outlook Therapeutics Inc. | 3,610,237 | 6,282 |
Shares | Market Value• ($000) | |||||
* | Organogenesis Holdings Inc. Class A | 1,884,061 | 6,255 | |||
*,1 | Immuneering Corp. Class A | 614,133 | 6,227 | |||
*,1 | InfuSystem Holdings Inc. | 639,955 | 6,163 | |||
* | Karyopharm Therapeutics Inc. | 3,405,595 | 6,096 | |||
*,1 | Black Diamond Therapeutics Inc. | 1,204,957 | 6,085 | |||
* | Ovid therapeutics Inc. | 1,851,578 | 6,073 | |||
*,1 | Celcuity Inc. | 550,479 | 6,044 | |||
*,1 | Allovir Inc. | 1,771,721 | 6,024 | |||
1 | SIGA Technologies Inc. | 1,189,862 | 6,009 | |||
*,1 | Omega Therapeutics Inc. | 1,055,010 | 5,908 | |||
*,1 | Actinium Pharmaceuticals Inc. | 794,173 | 5,893 | |||
* | Altimmune Inc. | 1,617,739 | 5,711 | |||
* | NanoString Technologies Inc. | 1,409,732 | 5,709 | |||
* | Joint Corp. | 422,157 | 5,699 | |||
*,1 | Tango Therapeutics Inc. | 1,700,696 | 5,646 | |||
* | Fulcrum Therapeutics Inc. | 1,694,516 | 5,592 | |||
*,1 | ClearPoint Neuro Inc. | 771,259 | 5,584 | |||
*,1 | 908 Devices Inc. | 811,830 | 5,569 | |||
* | Verastem Inc. | 746,247 | 5,552 | |||
* | Spectrum Pharmaceuticals Inc. | 5,766,451 | 5,536 | |||
* | Tela Bio Inc. | 544,647 | 5,517 | |||
*,1 | Standard BioTools Inc. | 2,856,696 | 5,513 | |||
*,1 | Bionano Genomics Inc. | 8,898,523 | 5,428 | |||
* | Sangamo Therapeutics Inc. | 4,164,900 | 5,414 | |||
*,1 | Quantum-Si Inc. | 3,012,870 | 5,393 | |||
* | Semler Scientific Inc. | 205,389 | 5,389 | |||
*,1 | Icosavax Inc. | 536,611 | 5,329 | |||
* | Monte Rosa Therapeutics Inc. | 776,911 | 5,322 | |||
*,1 | XOMA Corp. | 272,821 | 5,154 | |||
*,1 | Apyx Medical Corp. | 1,015,930 | 5,110 | |||
* | Codexis Inc. | 1,820,160 | 5,096 | |||
* | Erasca Inc. | 1,830,279 | 5,052 | |||
*,1 | Vigil Neuroscience Inc. | 531,740 | 4,998 | |||
* | Puma Biotechnology Inc. | 1,414,207 | 4,992 | |||
*,1 | Zevra Therapeutics Inc. | 967,269 | 4,933 | |||
*,1 | Aerovate Therapeutics Inc. | 286,391 | 4,912 |
Shares | Market Value• ($000) | |||||
*,1 | CVRx Inc. | 316,816 | 4,892 | |||
*,1 | Precigen Inc. | 4,228,391 | 4,863 | |||
*,1 | Gritstone bio Inc. | 2,488,599 | 4,853 | |||
*,1 | Citius Pharmaceuticals Inc. | 3,999,283 | 4,799 | |||
* | Biote Corp. Class A | 708,040 | 4,786 | |||
*,1 | Atossa Therapeutics Inc. | 3,779,376 | 4,762 | |||
*,1 | Innovage Holding Corp. | 630,750 | 4,731 | |||
*,1 | Verrica Pharmaceuticals Inc. | 814,672 | 4,701 | |||
*,1 | Inozyme Pharma Inc. | 842,985 | 4,695 | |||
* | CytoSorbents Corp. | 1,302,216 | 4,675 | |||
*,1 | Humacyte Inc. | 1,620,693 | 4,635 | |||
* | FONAR Corp. | 270,847 | 4,631 | |||
* | Kezar Life Sciences Inc. | 1,877,555 | 4,600 | |||
*,1 | Janux Therapeutics Inc. | 374,211 | 4,442 | |||
* | Atara Biotherapeutics Inc. | 2,710,236 | 4,363 | |||
*,1 | Bioxcel Therapeutics Inc. | 645,295 | 4,298 | |||
*,1 | Ikena Oncology Inc. | 654,658 | 4,295 | |||
*,1 | Selecta Biosciences Inc. | 3,799,067 | 4,255 | |||
*,1 | PDS Biotechnology Corp. | 845,684 | 4,254 | |||
*,1 | IGM Biosciences Inc. | 460,333 | 4,249 | |||
*,1 | Adverum Biotechnologies Inc. | 2,661,554 | 4,232 | |||
*,1 | Heron Therapeutics Inc. | 3,607,037 | 4,184 | |||
* | Cue Biopharma Inc. | 1,134,878 | �� 4,142 | |||
*,1 | Ocugen Inc. | 7,596,773 | 4,126 | |||
* | ALX Oncology Holdings Inc. | 544,979 | 4,093 | |||
*,1 | Seelos Therapeutics Inc. | 3,356,797 | 4,011 | |||
*,1 | AN2 Therapeutics Inc. | 466,278 | 3,963 | |||
* | Reneo Pharmaceuticals Inc. | 596,113 | 3,911 | |||
* | BioAtla Inc. | 1,302,896 | 3,909 | |||
*,1 | Asensus Surgical Inc. Class A | 7,734,650 | 3,906 | |||
*,1 | Foghorn Therapeutics Inc. | 550,850 | 3,878 | |||
*,1 | KORU Medical Systems Inc. | 1,120,899 | 3,867 | |||
* | Talkspace Inc. | 3,039,403 | 3,860 | |||
* | Cara Therapeutics Inc. | 1,354,313 | 3,833 | |||
*,1 | Theseus Pharmaceuticals Inc. | 405,973 | 3,788 | |||
*,1 | CytomX Therapeutics Inc. | 2,182,220 | 3,753 |
Shares | Market Value• ($000) | |||||
*,1 | Vaxxinity Inc. Class A | 1,489,274 | 3,753 | |||
*,1 | Akebia Therapeutics Inc. | 4,069,247 | 3,723 | |||
*,1 | XBiotech Inc. | 622,546 | 3,698 | |||
*,1 | Inovio Pharmaceuticals Inc. | 8,260,428 | 3,688 | |||
* | Capricor Therapeutics Inc. | 767,235 | 3,667 | |||
*,1 | Rallybio Corp. | 636,414 | 3,602 | |||
* | Tabula Rasa HealthCare Inc. | 433,909 | 3,580 | |||
*,1 | Merrimack Pharmaceuticals Inc. | 286,028 | 3,518 | |||
* | Chimerix Inc. | 2,904,360 | 3,514 | |||
*,1 | Athira Pharma Inc. | 1,183,657 | 3,492 | |||
* | ChromaDex Corp. | 2,196,484 | 3,448 | |||
*,1 | Inotiv Inc. | 720,906 | 3,439 | |||
* | C4 Therapeutics Inc. | 1,244,099 | 3,421 | |||
* | aTyr Pharma Inc. | 1,570,835 | 3,393 | |||
* | Nektar Therapeutics Class A | 5,846,571 | 3,363 | |||
* | NGM Biopharmaceuticals Inc. | 1,269,403 | 3,288 | |||
*,1 | Galera Therapeutics Inc. | 1,052,598 | 3,284 | |||
*,1 | Durect Corp. | 663,463 | 3,284 | |||
*,1 | Inmune Bio Inc. | 361,452 | 3,282 | |||
*,1 | Beyond Air Inc. | 763,374 | 3,252 | |||
*,1 | Jasper Therapeutics Inc. | 2,369,073 | 3,246 | |||
*,1 | Prelude Therapeutics Inc. | 720,427 | 3,242 | |||
*,1 | G1 Therapeutics Inc. | 1,295,502 | 3,226 | |||
*,1 | Annexon Inc. | 915,149 | 3,221 | |||
*,1 | Paratek Pharmaceuticals Inc. | 1,443,552 | 3,190 | |||
*,1 | Acrivon Therapeutics Inc. | 245,300 | 3,179 | |||
* | Esperion Therapeutics Inc. | 2,282,296 | 3,172 | |||
*,1 | Vor BioPharma Inc. | 990,141 | 3,060 | |||
* | Aadi Bioscience Inc. | 445,926 | 3,050 | |||
*,1 | TScan Therapeutics Inc. | 1,190,934 | 2,977 | |||
*,1 | Vaxart Inc. | 4,069,328 | 2,971 | |||
* | Anixa Biosciences Inc. | 927,841 | 2,969 | |||
*,1 | CEL - SCI Corp. | 1,231,748 | 2,969 | |||
*,1 | Alaunos Therapeutics Inc. | 5,815,002 | 2,966 | |||
*,1 | Trevi Therapeutics Inc. | 1,230,831 | 2,942 | |||
1 | AirSculpt Technologies Inc. | 341,234 | 2,941 | |||
* | Hyperfine Inc. Class A | 1,353,918 | 2,911 | |||
*,1 | SCYNEXIS Inc. | 985,620 | 2,908 |
Shares | Market Value• ($000) | |||||
*,1 | Nuvectis Pharma Inc. | 181,040 | 2,891 | |||
*,1 | Longboard Pharmaceuticals Inc. | 392,301 | 2,879 | |||
* | Immunic Inc. | 1,139,791 | 2,861 | |||
*,1 | Optinose Inc. | 2,317,428 | 2,850 | |||
*,1 | Sanara Medtech Inc. | 69,964 | 2,806 | |||
*,1 | GlycoMimetics Inc. | 1,580,937 | 2,751 | |||
*,1 | PepGen Inc. | 304,943 | 2,726 | |||
* | Electromed Inc. | 253,800 | 2,718 | |||
* | Augmedix Inc. | 564,821 | 2,717 | |||
*,1 | Vicarious Surgical Inc. Class A | 1,465,021 | 2,681 | |||
* | Larimar Therapeutics Inc. | 853,025 | 2,670 | |||
*,1 | Poseida Therapeutics Inc. Class A | 1,506,603 | 2,652 | |||
*,1 | Design Therapeutics Inc. | 411,201 | 2,591 | |||
* | Personalis Inc. | 1,375,373 | 2,586 | |||
*,1 | Thorne HealthTech Inc. | 540,104 | 2,538 | |||
* | Graphite Bio Inc. | 969,009 | 2,519 | |||
*,1 | Third Harmonic Bio Inc. | 516,335 | 2,484 | |||
*,1 | Gossamer Bio Inc. | 2,056,839 | 2,468 | |||
*,1 | Ocuphire Pharma Inc. | 567,684 | 2,464 | |||
* | Cidara Therapeutics Inc. | 2,166,543 | 2,448 | |||
*,1 | GeneDx Holdings Corp. Class A | 410,782 | 2,448 | |||
*,1 | Adicet Bio Inc. | 983,730 | 2,390 | |||
* | Acumen Pharmaceuticals Inc. | 491,029 | 2,362 | |||
*,1 | Aveanna Healthcare Holdings Inc. | 1,391,988 | 2,352 | |||
* | Talaris Therapeutics Inc. | 764,850 | 2,325 | |||
*,1 | Annovis Bio Inc. | 161,007 | 2,301 | |||
* | Shattuck Labs Inc. | 731,691 | 2,283 | |||
*,1 | Societal CDMO Inc. | 2,064,292 | 2,271 | |||
* | Relmada Therapeutics Inc. | 904,705 | 2,226 | |||
*,1 | Stereotaxis Inc. | 1,454,173 | 2,225 | |||
* | Kinnate Biopharma Inc. | 730,663 | 2,214 | |||
*,1 | Absci Corp. | 1,453,297 | 2,209 | |||
*,1 | Eton Pharmaceuticals Inc. | 630,465 | 2,200 | |||
*,1 | DiaMedica Therapeutics Inc. | 506,271 | 2,187 | |||
*,1 | Reviva Pharmaceuticals Holdings Inc. | 372,562 | 2,183 | |||
*,1 | Matinas BioPharma Holdings Inc. | 6,020,598 | 2,167 | |||
* | Dare Bioscience Inc. | 2,375,133 | 2,162 |
Shares | Market Value• ($000) | |||||
*,1 | Rani Therapeutics Holdings Inc. Class A | 522,155 | 2,151 | |||
*,1 | Greenwich Lifesciences Inc. | 213,890 | 2,063 | |||
*,1 | DermTech Inc. | 792,000 | 2,059 | |||
* | Nkarta Inc. | 916,200 | 2,006 | |||
* | Sonendo Inc. | 1,470,409 | 2,000 | |||
* | Century Therapeutics Inc. | 625,729 | 1,977 | |||
*,1 | Praxis Precision Medicines Inc. | 1,714,988 | 1,972 | |||
*,1 | BrainStorm Cell Therapeutics Inc. | 951,371 | 1,960 | |||
*,1 | Lyra Therapeutics Inc. | 476,157 | 1,957 | |||
*,1 | Corvus Pharmaceuticals Inc. | 853,716 | 1,955 | |||
*,1 | Bioventus Inc. Class A | 673,435 | 1,946 | |||
* | Neuronetics Inc. | 902,726 | 1,941 | |||
* | Xilio Therapeutics Inc. | 739,563 | 1,938 | |||
*,1 | Sera Prognostics Inc. Class A | 586,201 | 1,932 | |||
*,1 | Pyxis Oncology Inc. | 748,923 | 1,917 | |||
* | Enzo Biochem Inc. | 1,040,908 | 1,915 | |||
*,1 | SmileDirectClub Inc. Class A | 3,592,430 | 1,904 | |||
* | Cardiff Oncology Inc. | 1,285,846 | 1,890 | |||
*,1 | Pro-Dex Inc. | 98,013 | 1,867 | |||
* | Decibel Therapeutics Inc. | 483,353 | 1,861 | |||
*,1 | Immunome Inc. | 233,400 | 1,846 | |||
* | Curis Inc. | 2,182,993 | 1,812 | |||
*,1 | Accelerate Diagnostics Inc. | 2,234,561 | 1,810 | |||
* | ViewRay Inc. | 5,066,099 | 1,784 | |||
* | Sensus Healthcare Inc. | 555,562 | 1,750 | |||
*,1 | Galectin Therapeutics Inc. | 1,189,409 | 1,713 | |||
*,1 | Invivyd Inc. | 1,620,200 | 1,701 | |||
*,1 | Kronos Bio Inc. | 976,154 | 1,679 | |||
*,1 | Eyenovia Inc. | 707,303 | 1,676 | |||
* | Rezolute Inc. | 841,974 | 1,667 | |||
* | Abeona Therapeutics Inc. | 410,126 | 1,653 | |||
*,1 | Achieve Life Sciences Inc. | 315,331 | 1,637 | |||
* | Assembly Biosciences Inc. | 1,377,385 | 1,584 | |||
* | Clearside Biomedical Inc. | 1,383,654 | 1,550 | |||
* | Aquestive Therapeutics Inc. | 932,703 | 1,539 | |||
*,1 | Aravive Inc. | 1,184,039 | 1,492 | |||
* | Delcath Systems Inc. | 255,213 | 1,488 | |||
* | Surface Oncology Inc. | 1,709,153 | 1,486 |
Shares | Market Value• ($000) | |||||
*,1 | MyMD Pharmaceuticals Inc. | 986,327 | 1,479 | |||
*,1 | Clene Inc. | 1,654,318 | 1,456 | |||
* | Lantern Pharma Inc. | 256,113 | 1,444 | |||
*,1 | Co-Diagnostics Inc. | 1,279,125 | 1,420 | |||
* | Passage Bio Inc. | 1,496,581 | 1,409 | |||
*,1 | BioSig Technologies Inc. | 1,083,652 | 1,355 | |||
*,1 | MEI Pharma Inc. | 201,106 | 1,323 | |||
* | Elevation Oncology Inc. | 854,850 | 1,299 | |||
*,1 | Bright Green Corp. | 1,286,273 | 1,299 | |||
*,1 | Spero Therapeutics Inc. | 895,295 | 1,298 | |||
*,1 | Cyteir Therapeutics Inc. | 498,303 | 1,296 | |||
* | Precision BioSciences Inc. | 2,436,960 | 1,282 | |||
*,1 | Milestone Scientific Inc. | 1,447,898 | 1,260 | |||
*,1 | Biodesix Inc. | 1,017,561 | 1,252 | |||
*,1 | Forian Inc. | 507,760 | 1,244 | |||
* | Homology Medicines Inc. | 1,395,301 | 1,235 | |||
* | Hookipa Pharma Inc. | 1,396,133 | 1,229 | |||
*,1 | PhenomeX Inc. | 2,497,303 | 1,224 | |||
*,1 | BioCardia Inc. | 457,496 | 1,222 | |||
* | LENSAR Inc. | 282,930 | 1,202 | |||
*,1 | Xtant Medical Holdings Inc. | 1,278,952 | 1,189 | |||
*,1 | Fortress Biotech Inc. | 2,146,747 | 1,181 | |||
* | Minerva Neurosciences Inc. | 128,899 | 1,178 | |||
*,1 | NeuroPace Inc. | 261,129 | 1,172 | |||
*,1 | Dyadic International Inc. | 596,383 | 1,151 | |||
* | Geron Corp. Warrants Exp. 12/31/25 | 1,202,419 | 1,148 | |||
*,1 | Viracta Therapeutics Inc. | 813,922 | 1,148 | |||
* | iCAD Inc. | 695,170 | 1,133 | |||
* | Pardes Biosciences Inc. Class A | 615,600 | 1,114 | |||
*,1 | Hepion Pharmaceuticals Inc. | 103,542 | 1,087 | |||
* | Magenta Therapeutics Inc. | 1,432,921 | 1,086 | |||
*,1 | Genprex Inc. | 1,127,694 | 1,070 | |||
*,1 | Bright Health Group Inc. | 86,072 | 1,052 | |||
*,1 | TherapeuticsMD Inc. | 249,657 | 1,029 | |||
*,1 | PAVmed Inc. | 2,495,928 | 1,018 | |||
*,1 | Syros Pharmaceuticals Inc. | 321,949 | 1,014 | |||
* | Singular Genomics Systems Inc. | 1,180,133 | 980 |
Shares | Market Value• ($000) | |||||
* | Werewolf Therapeutics Inc. | 314,965 | 961 | |||
*,1 | Bolt Biotherapeutics Inc. | 747,881 | 957 | |||
* | NextCure Inc. | 530,127 | 954 | |||
*,2 | PDL BioPharma Inc. | 2,258,201 | 954 | |||
* | Instil Bio Inc. | 1,718,076 | 947 | |||
* | Exagen Inc. | 326,266 | 946 | |||
*,1 | SELLAS Life Sciences Group Inc. | 592,271 | 930 | |||
*,1 | Cue Health Inc. | 2,505,948 | 925 | |||
*,1 | Context Therapeutics Inc. | 573,400 | 917 | |||
*,1 | Quince Therapeutics Inc. | 606,618 | 913 | |||
*,1 | UNITY Biotechnology Inc. | 357,567 | 912 | |||
*,1,2 | Tobira Therapeutics Inc. CVR | 201,001 | 911 | |||
*,1 | Solid Biosciences Inc. | 169,652 | 889 | |||
*,1 | Eiger BioPharmaceuticals Inc. | 1,261,824 | 888 | |||
*,1 | Cognition Therapeutics Inc. | 485,183 | 888 | |||
*,1 | Atreca Inc. Class A | 905,470 | ��887 | |||
*,1 | AIM ImmunoTech Inc. | 1,311,599 | 879 | |||
*,1 | Corbus Pharmaceuticals Holdings Inc. | 112,022 | 878 | |||
*,1 | Celularity Inc. Class A | 1,625,100 | 866 | |||
*,1 | Alpha Teknova Inc. | 314,915 | 841 | |||
*,1 | IRIDEX Corp. | 373,047 | 810 | |||
* | Orgenesis Inc. | 566,688 | 788 | |||
* | CareCloud Inc. | 266,292 | 786 | |||
* | Taysha Gene Therapies Inc. | 1,157,514 | 765 | |||
Psychemedics Corp. | 165,415 | 754 | ||||
* | Oncternal Therapeutics Inc. | 2,159,797 | 745 | |||
* | Acutus Medical Inc. | 835,044 | 742 | |||
* | Movano Inc. | 668,013 | 728 | |||
*,1 | Leap Therapeutics Inc. | 228,950 | 717 | |||
* | ImmuCell Corp. | 139,968 | 714 | |||
*,1 | Oncocyte Corp. | 3,079,720 | 708 | |||
*,1 | Lipocine Inc. | 141,076 | 705 | |||
*,1 | Oncology Institute Inc. | 1,273,384 | 701 | |||
* | Aligos Therapeutics Inc. | 712,990 | 692 | |||
*,1 | Applied Therapeutics Inc. | 536,460 | 687 | |||
*,1 | Miromatrix Medical Inc. | 391,565 | 685 |
Shares | Market Value• ($000) | |||||
* | Protara Therapeutics Inc. | 284,301 | 679 | |||
* | enVVeno Medical Corp. | 216,998 | 668 | |||
*,1 | Rain Oncology Inc. | 554,761 | 666 | |||
* | Synlogic Inc. | 1,521,748 | 654 | |||
*,1 | Mustang Bio Inc. | 104,168 | 647 | |||
*,1 | ARCA biopharma Inc. | 312,166 | 634 | |||
* | Eledon Pharmaceuticals Inc. | 459,998 | 630 | |||
*,1 | Lumos Pharma Inc. | 187,322 | 618 | |||
*,1 | Avrobio Inc. | 630,579 | 599 | |||
*,1 | Biora Therapeutics Inc. | 155,034 | 597 | |||
*,1 | Rapid Micro Biosystems Inc. Class A | 594,568 | 595 | |||
* | Strata Skin Sciences Inc. | 593,248 | 564 | |||
*,1 | Sientra Inc. | 185,254 | 543 | |||
*,1 | Biomerica Inc. | 398,336 | 542 | |||
*,1 | Rockwell Medical Inc. | 98,674 | 539 | |||
* | Infinity Pharmaceuticals Inc. | 2,556,398 | 538 | |||
*,1 | Mallinckrodt plc | 454,500 | 536 | |||
*,1 | Eliem Therapeutics Inc. | 189,734 | 531 | |||
* | Akumin Inc. | 2,890,700 | 520 | |||
*,1 | Palatin Technologies Inc. | 246,703 | 518 | |||
* | Retractable Technologies Inc. | 440,666 | 507 | |||
* | Forte Biosciences Inc. | 487,429 | 507 | |||
*,1 | Science 37 Holdings Inc. | 2,379,691 | 506 | |||
*,1 | Impel Pharmaceuticals Inc. | 396,809 | 504 | |||
*,1 | Sensei Biotherapeutics Inc. | 441,585 | 503 | |||
* | Zynerba Pharmaceuticals Inc. | 1,521,801 | 496 | |||
*,1 | Molecular Templates Inc. | 1,030,942 | 495 | |||
* | Harpoon Therapeutics Inc. | 691,063 | 491 | |||
*,1 | Elicio Therapeutics Inc. | 51,599 | 490 | |||
*,1 | Checkpoint Therapeutics Inc. | 197,736 | 488 | |||
*,1 | Telesis Bio Inc. | 307,523 | 486 | |||
*,1 | SAB Biotherapeutics Inc. | 584,472 | 485 | |||
*,1 | Upexi Inc. | 214,062 | 482 | |||
*,1 | NightHawk Biosciences Inc. | 705,534 | 473 |
Shares | Market Value• ($000) | |||||
*,1 | NRX Pharmaceuticals Inc. | 978,921 | 473 | |||
*,1 | Tonix Pharmaceuticals Holding Corp. | 297,302 | 470 | |||
*,2 | Imara Inc. CVR | 370,003 | 463 | |||
*,1 | vTv Therapeutics Inc. Class A | 625,032 | 462 | |||
* | Aziyo Biologics Inc. Class A | 195,766 | 462 | |||
*,1 | Daxor Corp. | 47,328 | 461 | |||
* | Cocrystal Pharma Inc. | 191,359 | 457 | |||
*,1 | ATI Physical Therapy Inc. | 49,712 | 455 | |||
Cryo-Cell International Inc. | 72,236 | 439 | ||||
*,1 | Lisata Therapeutics Inc. | 118,336 | 438 | |||
* | ElectroCore Inc. | 89,433 | 438 | |||
*,1 | Alzamend Neuro Inc. | 857,075 | 437 | |||
* | Vincerx Pharma Inc. | 334,111 | 434 | |||
*,1 | Frequency Therapeutics Inc. | 1,246,700 | 431 | |||
* | Onconova Therapeutics Inc. | 365,661 | 431 | |||
*,1 | Equillium Inc. | 570,835 | 428 | |||
*,1 | Indaptus Therapeutics Inc. | 229,197 | 419 | |||
*,1 | Microbot Medical Inc. | 153,549 | 418 | |||
* | Cumberland Pharmaceuticals Inc. | 280,820 | 413 | |||
* | Neoleukin Therapeutics Inc. | 493,540 | 410 | |||
*,1 | Longeveron Inc. | 118,115 | 399 | |||
*,1 | Lucid Diagnostics Inc. | 286,266 | 398 | |||
* | Vapotherm Inc. | 882,373 | 393 | |||
* | AgeX Therapeutics Inc. | 426,190 | 381 | |||
*,1 | Aspira Women's Health Inc. | 113,506 | 376 | |||
*,1 | Moleculin Biotech Inc. | 616,108 | 357 | |||
* | Better Therapeutics Inc. | 326,043 | 352 | |||
*,1 | Ekso Bionics Holdings Inc. | 243,385 | 348 | |||
*,1 | NanoViricides Inc. | 300,189 | 345 | |||
*,1 | HCW Biologics Inc. | 158,691 | 344 | |||
*,1 | PetVivo Holdings Inc. | 173,200 | 341 | |||
* | Candel Therapeutics Inc. | 269,900 | 340 | |||
*,1 | Evelo Biosciences Inc. | 104,549 | 340 | |||
*,1 | Predictive Oncology Inc. | 69,297 | 337 |
Shares | Market Value• ($000) | |||||
*,1 | Theriva Biologics Inc. | 330,873 | 331 | |||
* | Dominari Holdings Inc. | 111,013 | 323 | |||
*,1 | Sigilon Therapeutics Inc. | 13,981 | 315 | |||
*,1 | UpHealth Inc. | 166,349 | 313 | |||
*,1 | MiNK Therapeutics Inc. | 148,229 | 311 | |||
*,1 | Ontrak Inc. | 657,410 | 310 | |||
*,1 | Vivani Medical Inc. | 253,893 | 307 | |||
* | Spruce Biosciences Inc. | 140,088 | 301 | |||
*,1 | 9 Meters Biopharma Inc. | 445,647 | 299 | |||
*,1 | Organovo Holdings Inc. | 175,314 | 296 | |||
* | Sonida Senior Living Inc. | 33,836 | 295 | |||
*,1 | Applied Molecular Transport Inc. | 1,089,900 | 281 | |||
* | Cyclo Therapeutics Inc. | 176,807 | 281 | |||
* | PharmaCyte Biotech Inc. | 96,416 | 276 | |||
*,1 | Inhibikase Therapeutics Inc. | 79,292 | 276 | |||
*,1 | Acer Therapeutics Inc. | 296,570 | 274 | |||
* | TFF Pharmaceuticals Inc. | 562,689 | 264 | |||
*,1 | Precipio Inc. | 662,055 | 258 | |||
*,1 | Alimera Sciences Inc. | 87,148 | 254 | |||
*,2 | Strongbridge Biopharma plc CVR | 1,399,363 | 253 | |||
*,1 | Vistagen Therapeutics Inc. | 135,050 | 253 | |||
* | GT Biopharma Inc. | 804,500 | 251 | |||
*,1 | eFFECTOR Therapeutics Inc. | 300,033 | 249 | |||
*,1 | Finch Therapeutics Group Inc. | 28,528 | 243 | |||
*,1 | GeoVax Labs Inc. | 439,870 | 242 | |||
*,1 | Regulus Therapeutics Inc. | 162,509 | 239 | |||
*,1 | Novan Inc. | 545,361 | 235 | |||
*,1 | Athersys Inc. | 270,506 | 235 | |||
*,1 | Marker Therapeutics Inc. | 75,950 | 235 | |||
*,1 | Cyclerion Therapeutics Inc. | 56,679 | 233 | |||
* | Aptevo Therapeutics Inc. | 158,476 | 231 | |||
* | Acurx Pharmaceuticals Inc. | 86,767 | 230 | |||
* | Vivos Therapeutics Inc. | 426,060 | 217 | |||
*,1 | Bio-Path Holdings Inc. | 121,084 | 214 |
Shares | Market Value• ($000) | |||||
*,1 | MAIA Biotechnology Inc. | 93,500 | 206 | |||
*,1 | iBio Inc. | 336,211 | 205 | |||
*,1 | IN8bio Inc. | 132,077 | 203 | |||
*,1 | CASI Pharmaceuticals Holdings Inc. | 81,389 | 203 | |||
*,1 | Senti Biosciences Inc. Class A | 320,153 | 200 | |||
*,1 | Eargo Inc. | 40,636 | 200 | |||
*,1 | Cellectar Biosciences Inc. | 99,704 | 194 | |||
*,1 | ABVC BioPharma Inc. | 375,142 | 191 | |||
* | Vaccinex Inc. | 534,485 | 190 | |||
* | Tempest Therapeutics Inc. | 147,142 | 187 | |||
*,1 | HeartBeam Inc. | 77,425 | 187 | |||
* | iSpecimen Inc. | 126,917 | 181 | |||
*,1 | SQZ Biotechnologies Co. | 657,886 | 178 | |||
*,2 | Ocera Therapeutics Inc. CVR | 653,477 | 176 | |||
* | Nephros Inc. | 102,105 | 158 | |||
*,1 | Humanigen Inc. | 1,009,167 | 154 | |||
*,2 | Adamas Pharmaceuticals Inc. CVR | 2,522,158 | 152 | |||
* | NeuroMetrix Inc. | 154,248 | 150 | |||
* | Processa Pharmaceuticals Inc. | 299,657 | 149 | |||
*,1 | Blue Water Biotech Inc. | 127,574 | 144 | |||
*,1 | Immix Biopharma Inc. | 52,979 | 143 | |||
*,1 | Tracon Pharmaceuticals Inc. | 478,040 | 139 | |||
* | Talis Biomedical Corp. | 274,003 | 132 | |||
* | Nutriband Inc. | 41,970 | 126 | |||
*,1 | AcelRx Pharmaceuticals Inc. | 112,873 | 125 | |||
*,1 | Marpai Inc. Class A | 73,254 | 125 | |||
*,1 | Plus Therapeutics Inc. | 59,831 | 121 | |||
*,1 | Venus Concept Inc. | 54,996 | 117 | |||
* | Diffusion Pharmaceuticals Inc. | 34,471 | 114 | |||
* | Surrozen Inc. | 199,181 | 110 | |||
* | Modular Medical Inc. | 106,826 | 105 | |||
*,1 | Jupiter Wellness Inc. | 240,068 | 103 | |||
*,1 | Axcella Health Inc. | 462,695 | 101 | |||
* | American Shared Hospital Services | 36,338 | 93 | |||
*,1,2 | CinCor Pharma Inc. CVR | 28,710 | 88 | |||
1 | Kineta Inc. | 32,976 | 85 |
Shares | Market Value• ($000) | |||||
*,2 | Catalyst Biosciences Inc. CVR | 826,502 | 83 | |||
*,2 | Aduro Biotech Inc. CVR | 415,255 | 76 | |||
* | Imunon Inc. | 57,488 | 74 | |||
* | Femasys Inc. | 128,310 | 65 | |||
*,2 | OncoMed Pharmaceuticals Inc. CVR | 255,777 | 61 | |||
*,1 | Star Equity Holdings Inc. | 53,681 | 56 | |||
*,1 | Aceragen Inc. | 33,887 | 55 | |||
*,1 | Biofrontera Inc. | 98,114 | 51 | |||
*,1 | Monopar Therapeutics Inc. | 52,392 | 45 | |||
*,1 | Avalo Therapeutics Inc. | 119,822 | 43 | |||
*,1 | RenovoRx Inc. | 18,155 | 41 | |||
*,1,2 | Miragen Therapeutics Inc. CVR | 1,753,041 | 35 | |||
*,1 | Journey Medical Corp. | 15,723 | 25 | |||
* | Lixte Biotechnology Holdings Inc. | 3,275 | 19 | |||
* | Aprea Therapeutics Inc. | 4,990 | 16 | |||
*,2 | Alexza Pharmaceuticals Inc. CVR | 327,391 | 11 | |||
*,1,2 | Oncternal Therapeutics Inc. CVR | 8,933 | 9 | |||
*,2 | F-star Therapeutics Inc. CVR | 122,042 | 8 | |||
*,1 | Precision Optics Corp. Inc. | 280 | 2 | |||
*,2 | Ambit Biosciences Corp. CVR | 201,330 | — | |||
*,2 | Biosante Pharmaceuticals Inc. CVR | 253,823 | — | |||
*,1,2 | Synergy Pharmaceuticals LLC | 5,148,145 | — | |||
* | Ayala Pharmaceuticals Inc. Warrants Exp. 9/11/24 | 157,660 | — | |||
* | SELLAS Life Sciences Group Inc. Warrants Exp. 4/5/27 | 40,000 | — | |||
* | Athenex Inc. Warrants Exp. 8/15/27 | 535,168 | — | |||
*,2 | ABIOMED Inc. CVR | 264 | — |
Shares | Market Value• ($000) | |||||
*,1,2 | Disc Medicine Inc. CVR | 275,152 | — | |||
*,2 | OmniAb Inc. 12.5 Earnout | 186,267 | — | |||
*,2 | OmniAb Inc. 15 Earnout | 186,267 | — | |||
*,1,2 | Sesen Bio Inc. CVR | 6,822,627 | — | |||
* | VYNE Therapeutics Inc. | 1 | — | |||
174,373,364 | ||||||
Industrials (13.0%) | ||||||
Visa Inc. Class A | 50,235,856 | 11,930,011 | ||||
Mastercard Inc. Class A | 26,384,402 | 10,376,985 | ||||
Accenture plc Class A | 19,687,349 | 6,075,122 | ||||
Raytheon Technologies Corp. | 45,577,224 | 4,464,745 | ||||
Honeywell International Inc. | 20,770,099 | 4,309,796 | ||||
United Parcel Service Inc. Class B | 22,602,680 | 4,051,530 | ||||
* | Boeing Co. | 18,757,059 | 3,960,741 | |||
Caterpillar Inc. | 16,070,575 | 3,954,165 | ||||
Union Pacific Corp. | 19,013,675 | 3,890,578 | ||||
General Electric Co. | 33,978,117 | 3,732,496 | ||||
Lockheed Martin Corp. | 7,892,871 | 3,633,720 | ||||
Deere & Co. | 8,318,369 | 3,370,520 | ||||
American Express Co. | 17,368,734 | 3,025,633 | ||||
Automatic Data Processing Inc. | 12,871,331 | 2,828,990 | ||||
Eaton Corp. plc | 12,421,104 | 2,497,884 | ||||
* | PayPal Holdings Inc. | 34,775,921 | 2,320,597 | |||
* | Fiserv Inc. | 18,263,523 | 2,303,943 | |||
CSX Corp. | 63,411,025 | 2,162,316 | ||||
Illinois Tool Works Inc. | 8,064,553 | 2,017,429 | ||||
Northrop Grumman Corp. | 4,266,050 | 1,944,466 | ||||
Sherwin-Williams Co. | 7,231,503 | 1,920,109 | ||||
3M Co. | 17,454,268 | 1,746,998 | ||||
FedEx Corp. | 7,046,657 | 1,746,866 | ||||
General Dynamics Corp. | 7,702,030 | 1,657,092 | ||||
Emerson Electric Co. | 17,830,675 | 1,611,715 | ||||
Norfolk Southern Corp. | 7,103,980 | 1,610,899 | ||||
Parker-Hannifin Corp. | 4,000,302 | 1,560,278 | ||||
TransDigm Group Inc. | 1,629,887 | 1,457,396 | ||||
Johnson Controls International plc | 21,371,676 | 1,456,266 | ||||
PACCAR Inc. | 16,296,898 | 1,363,236 | ||||
Trane Technologies plc | 7,105,306 | 1,358,961 | ||||
Cintas Corp. | 2,692,959 | 1,338,616 |
Shares | Market Value• ($000) | |||||
Carrier Global Corp. | 26,026,956 | 1,293,800 | ||||
Capital One Financial Corp. | 11,321,784 | 1,238,264 | ||||
Rockwell Automation Inc. | 3,581,385 | 1,179,887 | ||||
AMETEK Inc. | 7,185,517 | 1,163,191 | ||||
L3Harris Technologies Inc. | 5,913,312 | 1,157,649 | ||||
Otis Worldwide Corp. | 12,880,568 | 1,146,499 | ||||
Old Dominion Freight Line Inc. | 3,073,115 | 1,136,284 | ||||
Paychex Inc. | 10,111,800 | 1,131,207 | ||||
* | Block Inc. Class A | 16,972,249 | 1,129,843 | |||
WW Grainger Inc. | 1,408,712 | 1,110,896 | ||||
PPG Industries Inc. | 7,336,460 | 1,087,997 | ||||
Cummins Inc. | 4,408,167 | 1,080,706 | ||||
Verisk Analytics Inc. Class A | 4,521,168 | 1,021,920 | ||||
Fidelity National Information Services Inc. | 18,445,294 | 1,008,958 | ||||
Ferguson plc | 6,385,644 | 1,004,526 | ||||
United Rentals Inc. | 2,144,048 | 954,895 | ||||
Vulcan Materials Co. | 4,145,587 | 934,581 | ||||
* | Keysight Technologies Inc. | 5,546,757 | 928,804 | |||
DuPont de Nemours Inc. | 12,866,334 | 919,171 | ||||
Equifax Inc. | 3,819,497 | 898,728 | ||||
* | Mettler-Toledo International Inc. | 685,026 | 898,508 | |||
Martin Marietta Materials Inc. | 1,937,790 | 894,658 | ||||
Quanta Services Inc. | 4,533,845 | 890,674 | ||||
Xylem Inc. | 7,465,245 | 840,736 | ||||
Ingersoll Rand Inc. | 12,633,024 | 825,694 | ||||
Fortive Corp. | 11,013,853 | 823,506 | ||||
Dover Corp. | 4,359,396 | 643,665 | ||||
Global Payments Inc. | 6,349,596 | 625,562 | ||||
Westinghouse Air Brake Technologies Corp. | 5,646,580 | 619,260 | ||||
Howmet Aerospace Inc. | 12,359,915 | 612,557 | ||||
* | Teledyne Technologies Inc. | 1,463,513 | 601,665 | |||
* | Fair Isaac Corp. | 738,903 | 597,928 | |||
Expeditors International of Washington Inc. | 4,765,321 | 577,223 | ||||
Ball Corp. | 9,808,751 | 570,967 | ||||
Hubbell Inc. Class B | 1,672,106 | 554,403 | ||||
* | FleetCor Technologies Inc. | 2,186,248 | 548,923 | |||
* | Builders FirstSource Inc. | 3,985,405 | 542,015 | |||
IDEX Corp. | 2,357,776 | 507,535 | ||||
* | Waters Corp. | 1,850,434 | 493,215 |
Shares | Market Value• ($000) | |||||
Snap-on Inc. | 1,657,213 | 477,592 | ||||
* | Zebra Technologies Corp. Class A | 1,604,938 | 474,789 | |||
TransUnion | 6,016,399 | 471,265 | ||||
Jacobs Solutions Inc. | 3,952,605 | 469,925 | ||||
JB Hunt Transport Services Inc. | 2,584,864 | 467,938 | ||||
Booz Allen Hamilton Holding Corp. Class A | 4,123,277 | 460,158 | ||||
Stanley Black & Decker Inc. | 4,810,168 | 450,761 | ||||
Synchrony Financial | 13,281,120 | 450,496 | ||||
HEICO Corp. Class A | 3,107,214 | 436,874 | ||||
Graco Inc. | 4,957,336 | 428,066 | ||||
Textron Inc. | 6,321,670 | 427,535 | ||||
* | Axon Enterprise Inc. | 2,189,505 | 427,216 | |||
Carlisle Cos. Inc. | 1,595,377 | 409,262 | ||||
* | Trimble Inc. | 7,712,082 | 408,278 | |||
Masco Corp. | 7,031,333 | 403,458 | ||||
Nordson Corp. | 1,607,808 | 399,026 | ||||
Watsco Inc. | 1,036,402 | 395,356 | ||||
Jack Henry & Associates Inc. | 2,278,196 | 381,211 | ||||
Packaging Corp. of America | 2,797,170 | 369,674 | ||||
* | BILL Holdings Inc. | 3,152,153 | 368,329 | |||
AECOM | 4,333,845 | 367,033 | ||||
Owens Corning | 2,787,613 | 363,783 | ||||
RPM International Inc. | 4,022,101 | 360,903 | ||||
Lincoln Electric Holdings Inc. | 1,794,800 | 356,501 | ||||
CH Robinson Worldwide Inc. | 3,630,941 | 342,579 | ||||
Toro Co. | 3,259,901 | 331,369 | ||||
Pentair plc | 5,128,535 | 331,303 | ||||
Allegion plc | 2,736,392 | 328,422 | ||||
Crown Holdings Inc. | 3,739,852 | 324,881 | ||||
Lennox International Inc. | 995,759 | 324,687 | ||||
Regal Rexnord Corp. | 2,074,249 | 319,227 | ||||
Cognex Corp. | 5,425,111 | 303,915 | ||||
* | WillScot Mobile Mini Holdings Corp. | 6,316,072 | 301,845 | |||
* | Generac Holdings Inc. | 1,930,153 | 287,844 | |||
WESCO International Inc. | 1,593,705 | 285,369 | ||||
A O Smith Corp. | 3,894,847 | 283,467 | ||||
* | Saia Inc. | 826,871 | 283,129 | |||
Huntington Ingalls Industries Inc. | 1,242,392 | 282,768 | ||||
Fortune Brands Innovations Inc. | 3,924,744 | 282,385 | ||||
EMCOR Group Inc. | 1,486,497 | 274,675 | ||||
Tetra Tech Inc. | 1,659,254 | 271,686 |
Shares | Market Value• ($000) | |||||
nVent Electric plc | 5,199,741 | 268,671 | ||||
Advanced Drainage Systems Inc. | 2,345,184 | 266,835 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 4,768,652 | 264,946 | ||||
* | TopBuild Corp. | 985,788 | 262,239 | |||
AGCO Corp. | 1,977,222 | 259,847 | ||||
* | Middleby Corp. | 1,681,084 | 248,515 | |||
* | WEX Inc. | 1,334,406 | 242,955 | |||
* | Paylocity Holding Corp. | 1,304,811 | 240,777 | |||
ITT Inc. | 2,578,046 | 240,300 | ||||
Robert Half International Inc. | 3,188,206 | 239,817 | ||||
AptarGroup Inc. | 2,049,665 | 237,474 | ||||
Donaldson Co. Inc. | 3,796,012 | 237,289 | ||||
* | MasTec Inc. | 1,979,364 | 233,506 | |||
* | GXO Logistics Inc. | 3,705,549 | 232,783 | |||
Westrock Co. | 7,952,024 | 231,165 | ||||
Graphic Packaging Holding Co. | 9,576,109 | 230,114 | ||||
Berry Global Group Inc. | 3,512,029 | 225,964 | ||||
* | Axalta Coating Systems Ltd. | 6,886,115 | 225,933 | |||
Littelfuse Inc. | 773,348 | 225,284 | ||||
* | Trex Co. Inc. | 3,417,828 | 224,073 | |||
MKS Instruments Inc. | 2,072,590 | 224,047 | ||||
Woodward Inc. | 1,866,412 | 221,935 | ||||
Curtiss-Wright Corp. | 1,192,145 | 218,949 | ||||
Landstar System Inc. | 1,118,559 | 215,367 | ||||
Genpact Ltd. | 5,692,331 | 213,861 | ||||
Sensata Technologies Holding plc | 4,751,246 | 213,759 | ||||
* | Chart Industries Inc. | 1,328,427 | 212,269 | |||
BWX Technologies Inc. | 2,848,670 | 203,879 | ||||
Eagle Materials Inc. | 1,091,185 | 203,419 | ||||
* | FTI Consulting Inc. | 1,065,158 | 202,593 | |||
* | XPO Inc. | 3,417,593 | 201,638 | |||
MSA Safety Inc. | 1,158,874 | 201,598 | ||||
Brunswick Corp. | 2,216,450 | 192,033 | ||||
* | Atkore Inc. | 1,196,174 | 186,531 | |||
Simpson Manufacturing Co. Inc. | 1,331,904 | 184,469 | ||||
Valmont Industries Inc. | 631,679 | 183,850 | ||||
Comfort Systems USA Inc. | 1,115,929 | 183,236 | ||||
Sonoco Products Co. | 3,043,202 | 179,610 | ||||
Sealed Air Corp. | 4,482,784 | 179,311 | ||||
* | ATI Inc. | 4,031,486 | 178,313 | |||
Oshkosh Corp. | 2,042,339 | 176,846 |
Shares | Market Value• ($000) | |||||
Applied Industrial Technologies Inc. | 1,205,910 | 174,652 | ||||
* | Mohawk Industries Inc. | 1,688,515 | 174,187 | |||
* | Euronet Worldwide Inc. | 1,481,280 | 173,858 | |||
Acuity Brands Inc. | 1,000,085 | 163,094 | ||||
Allison Transmission Holdings Inc. | 2,856,565 | 161,282 | ||||
Maximus Inc. | 1,890,878 | 159,798 | ||||
* | API Group Corp. | 5,849,317 | 159,452 | |||
Watts Water Technologies Inc. Class A | 851,300 | 156,409 | ||||
Vontier Corp. | 4,837,748 | 155,824 | ||||
Louisiana-Pacific Corp. | 2,019,722 | 151,439 | ||||
Flowserve Corp. | 4,066,567 | 151,073 | ||||
* | ExlService Holdings Inc. | 985,153 | 148,817 | |||
Exponent Inc. | 1,574,675 | 146,949 | ||||
* | Kirby Corp. | 1,867,315 | 143,690 | |||
GATX Corp. | 1,102,775 | 141,971 | ||||
Triton International Ltd. | 1,694,960 | 141,122 | ||||
* | Summit Materials Inc. Class A | 3,686,587 | 139,537 | |||
EnerSys | 1,279,690 | 138,872 | ||||
Air Lease Corp. Class A | 3,282,628 | 137,378 | ||||
Western Union Co. | 11,672,727 | 136,921 | ||||
Badger Meter Inc. | 914,758 | 134,982 | ||||
* | AMN Healthcare Services Inc. | 1,236,176 | 134,892 | |||
Insperity Inc. | 1,124,024 | 133,714 | ||||
Crane Co. | 1,499,866 | 133,668 | ||||
MSC Industrial Direct Co. Inc. Class A | 1,401,145 | 133,501 | ||||
MDU Resources Group Inc. | 6,352,492 | 133,021 | ||||
* | Fluor Corp. | 4,431,341 | 131,168 | |||
* | Aerojet Rocketdyne Holdings Inc. | 2,367,330 | 129,895 | |||
* | AZEK Co. Inc. Class A | 4,235,168 | 128,283 | |||
Belden Inc. | 1,340,827 | 128,250 | ||||
AAON Inc. | 1,345,620 | 127,578 | ||||
Franklin Electric Co. Inc. | 1,224,818 | 126,034 | ||||
* | Beacon Roofing Supply Inc. | 1,518,498 | 126,005 | |||
ManpowerGroup Inc. | 1,571,734 | 124,796 | ||||
* | Shift4 Payments Inc. Class A | 1,793,604 | 121,804 | |||
Silgan Holdings Inc. | 2,576,192 | 120,798 | ||||
John Bean Technologies Corp. | 994,369 | 120,617 |
Shares | Market Value• ($000) | |||||
HB Fuller Co. | 1,685,096 | 120,501 | ||||
Terex Corp. | 2,003,280 | 119,856 | ||||
Zurn Elkay Water Solutions Corp. | 4,418,237 | 118,806 | ||||
Esab Corp. | 1,780,685 | 118,487 | ||||
Herc Holdings Inc. | 857,205 | 117,309 | ||||
Ryder System Inc. | 1,370,405 | 116,197 | ||||
HEICO Corp. | 654,552 | 115,816 | ||||
Federal Signal Corp. | 1,802,036 | 115,384 | ||||
* | SPX Technologies Inc. | 1,344,459 | 114,239 | |||
* | ASGN Inc. | 1,482,149 | 112,095 | |||
Installed Building Products Inc. | 772,253 | 108,239 | ||||
Armstrong World Industries Inc. | 1,417,996 | 104,166 | ||||
* | O-I Glass Inc. | 4,808,289 | 102,561 | |||
Otter Tail Corp. | 1,292,356 | 102,044 | ||||
* | Itron Inc. | 1,411,346 | 101,758 | |||
Hillenbrand Inc. | 1,947,674 | 99,877 | ||||
* | Dycom Industries Inc. | 873,703 | 99,296 | |||
* | Alight Inc. Class A | 10,676,425 | 98,650 | |||
* | TriNet Group Inc. | 1,029,255 | 97,748 | |||
* | Flywire Corp. | 3,117,904 | 96,780 | |||
Moog Inc. Class A | 890,445 | 96,551 | ||||
Spirit AeroSystems Holdings Inc. Class A | 3,281,099 | 95,775 | ||||
Encore Wire Corp. | 511,847 | 95,168 | ||||
*,1 | Affirm Holdings Inc. Class A | 6,207,666 | 95,164 | |||
*,1 | Bloom Energy Corp. Class A | 5,813,646 | 95,053 | |||
Brink's Co. | 1,375,596 | 93,307 | ||||
*,1 | Joby Aviation Inc. | 8,976,144 | 92,095 | |||
Albany International Corp. Class A | 973,507 | 90,809 | ||||
* | Core & Main Inc. Class A | 2,883,060 | 90,355 | |||
* | GMS Inc. | 1,304,811 | 90,293 | |||
Forward Air Corp. | 825,684 | 87,613 | ||||
ABM Industries Inc. | 2,038,167 | 86,928 | ||||
EnPro Industries Inc. | 648,750 | 86,628 | ||||
* | Verra Mobility Corp. Class A | 4,296,014 | 84,717 | |||
Crane NXT Co. | 1,488,282 | 83,999 | ||||
ESCO Technologies Inc. | 806,039 | 83,530 | ||||
FTAI Aviation Ltd. | 2,635,877 | 83,452 | ||||
* | RXO Inc. | 3,647,909 | 82,698 | |||
Matson Inc. | 1,053,500 | 81,889 | ||||
Korn Ferry | 1,652,733 | 81,876 | ||||
CSW Industrials Inc. | 487,880 | 81,081 | ||||
Kadant Inc. | 365,030 | 81,073 | ||||
Mueller Water Products Inc. Class A | 4,870,772 | 79,053 |
Shares | Market Value• ($000) | |||||
* | CBIZ Inc. | 1,480,249 | 78,868 | |||
Werner Enterprises Inc. | 1,766,736 | 78,054 | ||||
* | Hub Group Inc. Class A | 961,293 | 77,211 | |||
* | Resideo Technologies Inc. | 4,330,642 | 76,479 | |||
* | AeroVironment Inc. | 747,047 | 76,408 | |||
* | ACI Worldwide Inc. | 3,277,785 | 75,946 | |||
EVERTEC Inc. | 2,047,275 | 75,401 | ||||
* | Marqeta Inc. Class A | 15,343,211 | 74,721 | |||
* | MYR Group Inc. | 537,154 | 74,310 | |||
UniFirst Corp. | 472,031 | 73,170 | ||||
ICF International Inc. | 585,985 | 72,891 | ||||
ArcBest Corp. | 723,266 | 71,459 | ||||
* | Masonite International Corp. | 690,846 | 70,770 | |||
Kennametal Inc. | 2,488,850 | 70,658 | ||||
McGrath RentCorp | 760,428 | 70,324 | ||||
* | Remitly Global Inc. | 3,686,239 | 69,375 | |||
* | Knife River Corp. | 1,588,023 | 69,079 | |||
Helios Technologies Inc. | 1,015,347 | 67,104 | ||||
*,1 | Enovix Corp. | 3,717,252 | 67,059 | |||
ADT Inc. | 10,963,301 | 66,109 | ||||
Trinity Industries Inc. | 2,538,719 | 65,270 | ||||
Brady Corp. Class A | 1,358,003 | 64,600 | ||||
Barnes Group Inc. | 1,493,290 | 63,002 | ||||
* | Gibraltar Industries Inc. | 979,774 | 61,647 | |||
Griffon Corp. | 1,525,002 | 61,458 | ||||
* | Mercury Systems Inc. | 1,722,896 | 59,595 | |||
* | AAR Corp. | 1,024,633 | 59,183 | |||
Alamo Group Inc. | 317,596 | 58,409 | ||||
Greif Inc. Class A | 829,246 | 57,127 | ||||
* | Kratos Defense & Security Solutions Inc. | 3,950,310 | 56,647 | |||
* | OSI Systems Inc. | 472,982 | 55,731 | |||
* | Gates Industrial Corp. plc | 4,102,736 | 55,305 | |||
Granite Construction Inc. | 1,366,331 | 54,353 | ||||
Standex International Corp. | 376,066 | 53,202 | ||||
Patrick Industries Inc. | 659,593 | 52,767 | ||||
* | PGT Innovations Inc. | 1,778,705 | 51,849 | |||
* | Hillman Solutions Corp. | 5,745,214 | 51,764 | |||
* | Hayward Holdings Inc. | 3,964,462 | 50,943 | |||
* | AvidXchange Holdings Inc. | 4,873,307 | 50,585 | |||
Primoris Services Corp. | 1,643,733 | 50,085 |
Shares | Market Value• ($000) | |||||
* | Modine Manufacturing Co. | 1,510,555 | 49,879 | |||
Veritiv Corp. | 396,310 | 49,781 | ||||
* | Sterling Infrastructure Inc. | 889,706 | 49,646 | |||
* | NV5 Global Inc. | 446,649 | 49,475 | |||
International Seaways Inc. | 1,271,195 | 48,610 | ||||
*,1 | Rocket Lab USA Inc. | 8,049,423 | 48,297 | |||
Bread Financial Holdings Inc. | 1,537,915 | 48,275 | ||||
* | Huron Consulting Group Inc. | 562,877 | 47,794 | |||
Enerpac Tool Group Corp. Class A | 1,765,701 | 47,674 | ||||
* | Masterbrand Inc. | 4,027,957 | 46,845 | |||
* | Mirion Technologies Inc. Class A | 5,511,433 | 46,572 | |||
Tennant Co. | 562,831 | 45,651 | ||||
*,1 | PureCycle Technologies Inc. | 4,254,262 | 45,478 | |||
* | Energy Recovery Inc. | 1,591,504 | 44,483 | |||
* | JELD-WEN Holding Inc. | 2,493,410 | 43,734 | |||
H&E Equipment Services Inc. | 951,920 | 43,550 | ||||
Greenbrier Cos. Inc. | 976,627 | 42,093 | ||||
Lindsay Corp. | 345,777 | 41,265 | ||||
* | Legalzoom.com Inc. | 3,364,790 | 40,647 | |||
* | American Woodmark Corp. | 517,579 | 39,528 | |||
Kforce Inc. | 621,799 | 38,962 | ||||
* | Air Transport Services Group Inc. | 2,060,611 | 38,884 | |||
*,1 | Aurora Innovation Inc. | 13,148,581 | 38,657 | |||
Marten Transport Ltd. | 1,761,815 | 37,879 | ||||
* | Vicor Corp. | 700,845 | 37,846 | |||
* | Donnelley Financial Solutions Inc. | 818,536 | 37,268 | |||
* | Payoneer Global Inc. | 7,662,339 | 36,856 | |||
* | Construction Partners Inc. Class A | 1,173,718 | 36,843 | |||
TriMas Corp. | 1,336,997 | 36,754 | ||||
* | Montrose Environmental Group Inc. | 864,555 | 36,415 | |||
Wabash National Corp. | 1,408,067 | 36,103 | ||||
Napco Security Technologies Inc. | 1,022,669 | 35,435 | ||||
Columbus McKinnon Corp. | 869,049 | 35,327 | ||||
* | CIRCOR International Inc. | 619,411 | 34,966 |
Shares | Market Value• ($000) | |||||
* | ZipRecruiter Inc. Class A | 1,957,712 | 34,769 | |||
Schneider National Inc. Class B | 1,180,186 | 33,895 | ||||
*,1 | Symbotic Inc. Class A | 784,800 | 33,597 | |||
Astec Industries Inc. | 736,569 | 33,470 | ||||
Apogee Enterprises Inc. | 679,634 | 32,262 | ||||
* | CoreCivic Inc. | 3,353,768 | 31,559 | |||
AZZ Inc. | 725,270 | 31,520 | ||||
*,1 | Virgin Galactic Holdings Inc. | 8,008,155 | 31,072 | |||
* | Cross Country Healthcare Inc. | 1,087,862 | 30,547 | |||
* | Cimpress plc | 484,144 | 28,797 | |||
* | Proto Labs Inc. | 821,262 | 28,711 | |||
* | Janus International Group Inc. | 2,642,706 | 28,171 | |||
Quanex Building Products Corp. | 1,047,862 | 28,135 | ||||
*,1 | Nikola Corp. | 20,229,101 | 27,916 | |||
Chase Corp. | 228,012 | 27,640 | ||||
*,1 | Leonardo DRS Inc. | 1,588,300 | 27,541 | |||
* | Thermon Group Holdings Inc. | 1,010,816 | 26,888 | |||
* | Green Dot Corp. Class A | 1,377,254 | 25,810 | |||
* | International Money Express Inc. | 1,047,443 | 25,694 | |||
* | CryoPort Inc. | 1,449,481 | 25,004 | |||
* | First Advantage Corp. | 1,578,966 | 24,332 | |||
* | BlueLinx Holdings Inc. | 258,113 | 24,206 | |||
Heartland Express Inc. | 1,434,566 | 23,541 | ||||
* | SP Plus Corp. | 601,630 | 23,530 | |||
Deluxe Corp. | 1,314,727 | 22,981 | ||||
* | Triumph Group Inc. | 1,794,321 | 22,196 | |||
CRA International Inc. | 210,751 | 21,497 | ||||
Shyft Group Inc. | 964,741 | 21,282 | ||||
Myers Industries Inc. | 1,064,615 | 20,685 | ||||
Mesa Laboratories Inc. | 159,129 | 20,448 | ||||
* | Manitowoc Co. Inc. | 1,083,726 | 20,407 | |||
Douglas Dynamics Inc. | 676,869 | 20,225 | ||||
Kaman Corp. | 815,429 | 19,839 | ||||
VSE Corp. | 359,011 | 19,634 | ||||
Gorman-Rupp Co. | 679,248 | 19,583 | ||||
TTEC Holdings Inc. | 567,356 | 19,199 | ||||
* | Titan Machinery Inc. | 640,698 | 18,901 | |||
* | Conduent Inc. | 5,553,255 | 18,881 | |||
Barrett Business Services Inc. | 211,351 | 18,430 | ||||
* | Ducommun Inc. | 421,727 | 18,375 |
Shares | Market Value• ($000) | |||||
* | Transcat Inc. | 213,427 | 18,207 | |||
* | Repay Holdings Corp. Class A | 2,322,791 | 18,187 | |||
*,1 | Evolv Technologies Holdings Inc. | 2,974,460 | 17,847 | |||
* | Titan International Inc. | 1,526,933 | 17,529 | |||
*,1 | Eos Energy Enterprises Inc. | 4,013,883 | 17,420 | |||
* | DXP Enterprises Inc. | 478,217 | 17,412 | |||
Argan Inc. | 427,894 | 16,863 | ||||
Pitney Bowes Inc. | 4,751,486 | 16,820 | ||||
Resources Connection Inc. | 1,068,324 | 16,783 | ||||
* | TrueBlue Inc. | 942,024 | 16,683 | |||
Insteel Industries Inc. | 535,957 | 16,679 | ||||
Powell Industries Inc. | 271,733 | 16,464 | ||||
* | Cantaloupe Inc. | 2,042,575 | 16,259 | |||
Kelly Services Inc. Class A | 921,762 | 16,232 | ||||
*,1 | Archer Aviation Inc. Class A | 3,931,726 | 16,199 | |||
* | I3 Verticals Inc. Class A | 707,059 | 16,163 | |||
* | Aspen Aerogels Inc. | 2,047,939 | 16,158 | |||
Ennis Inc. | 791,702 | 16,135 | ||||
* | Astronics Corp. | 808,671 | 16,060 | |||
Cass Information Systems Inc. | 408,138 | 15,828 | ||||
* | V2X Inc. | 316,924 | 15,707 | |||
Allied Motion Technologies Inc. | 388,182 | 15,504 | ||||
Heidrick & Struggles International Inc. | 580,522 | 15,366 | ||||
* | Franklin Covey Co. | 349,702 | 15,275 | |||
Hyster-Yale Materials Handling Inc. | 269,570 | 15,053 | ||||
* | Great Lakes Dredge & Dock Corp. | 1,843,428 | 15,042 | |||
* | Blue Bird Corp. | 649,098 | 14,592 | |||
1 | Eagle Bulk Shipping Inc. | 302,417 | 14,528 | |||
REV Group Inc. | 1,017,861 | 13,497 | ||||
* | IES Holdings Inc. | 235,697 | 13,406 | |||
National Presto Industries Inc. | 180,729 | 13,229 | ||||
*,1 | Desktop Metal Inc. Class A | 7,350,559 | 13,010 | |||
* | Vishay Precision Group Inc. | 346,096 | 12,857 | |||
* | Custom Truck One Source Inc. | 1,831,243 | 12,343 | |||
FTAI Infrastructure Inc. | 3,188,200 | 11,764 | ||||
*,1 | AerSale Corp. | 797,962 | 11,730 | |||
Cadre Holdings Inc. | 527,200 | 11,493 | ||||
* | CECO Environmental Corp. | 843,032 | 11,263 |
Shares | Market Value• ($000) | |||||
United States Lime & Minerals Inc. | 53,708 | 11,219 | ||||
Miller Industries Inc. | 314,326 | 11,149 | ||||
* | Sterling Check Corp. | 905,375 | 11,100 | |||
* | Hudson Technologies Inc. | 1,149,613 | 11,059 | |||
* | Babcock & Wilcox Enterprises Inc. | 1,843,405 | 10,876 | |||
* | Radiant Logistics Inc. | 1,602,191 | 10,767 | |||
Perella Weinberg Partners Class A | 1,278,425 | 10,649 | ||||
* | Forrester Research Inc. | 359,746 | 10,465 | |||
*,1 | Velo3D Inc. | 4,791,156 | 10,349 | |||
* | Concrete Pumping Holdings Inc. | 1,268,108 | 10,183 | |||
* | Commercial Vehicle Group Inc. | 906,349 | 10,060 | |||
LSI Industries Inc. | 777,330 | 9,763 | ||||
* | TaskUS Inc. Class A | 839,369 | 9,502 | |||
* | Daseke Inc. | 1,310,814 | 9,346 | |||
Covenant Logistics Group Inc. Class A | 209,606 | 9,187 | ||||
*,1 | Bowman Consulting Group Ltd. Class A | 281,036 | 8,959 | |||
* | FARO Technologies Inc. | 546,929 | 8,860 | |||
*,1 | Luna Innovations Inc. | 960,256 | 8,758 | |||
* | BrightView Holdings Inc. | 1,219,101 | 8,753 | |||
* | Tutor Perini Corp. | 1,210,073 | 8,652 | |||
*,1 | Atmus Filtration Technologies Inc. | 389,410 | 8,551 | |||
Park Aerospace Corp. | 613,019 | 8,460 | ||||
* | Distribution Solutions Group Inc. | 159,536 | 8,305 | |||
Pactiv Evergreen Inc. | 1,068,389 | 8,088 | ||||
* | Willdan Group Inc. | 399,927 | 7,663 | |||
* | HireRight Holdings Corp. | 676,654 | 7,653 | |||
*,1 | Microvast Holdings Inc. | 4,657,800 | 7,452 | |||
* | Proterra Inc. | 6,100,871 | 7,321 | |||
*,1 | TuSimple Holdings Inc. Class A | 4,277,881 | 7,101 | |||
* | Overseas Shipholding Group Inc. Class A | 1,689,920 | 7,047 | |||
*,1 | Blade Air Mobility Inc. | 1,780,179 | 7,014 | |||
Information Services Group Inc. | 1,301,732 | 6,977 | ||||
*,1 | Danimer Scientific Inc. Class A | 2,920,239 | 6,950 | |||
*,1 | Target Hospitality Corp. | 512,222 | 6,874 |
Shares | Market Value• ($000) | |||||
*,1 | Limbach Holdings Inc. | 273,917 | 6,774 | |||
Universal Logistics Holdings Inc. | 230,693 | 6,646 | ||||
* | Atlanticus Holdings Corp. | 150,156 | 6,308 | |||
*,1 | Hyliion Holdings Corp. | 3,720,847 | 6,214 | |||
* | Mistras Group Inc. | 778,795 | 6,012 | |||
*,1 | Performant Financial Corp. | 2,204,695 | 5,953 | |||
* | L B Foster Co. Class A | 413,355 | 5,903 | |||
* | Iteris Inc. | 1,478,661 | 5,855 | |||
Kronos Worldwide Inc. | 666,260 | 5,816 | ||||
*,1 | BlackSky Technology Inc. Class A | 2,605,410 | 5,784 | |||
* | CS Disco Inc. | 700,982 | 5,762 | |||
* | Ranpak Holdings Corp. Class A | 1,271,849 | 5,749 | |||
* | SoundThinking Inc. | 260,978 | 5,705 | |||
*,1 | Acacia Research Corp. | 1,364,575 | 5,677 | |||
* | DHI Group Inc. | 1,473,030 | 5,642 | |||
* | Advantage Solutions Inc. | 2,262,148 | 5,293 | |||
* | PAM Transportation Services Inc. | 196,206 | 5,252 | |||
* | Gencor Industries Inc. | 332,487 | 5,180 | |||
* | Graham Corp. | 377,551 | 5,014 | |||
Park-Ohio Holdings Corp. | 258,617 | 4,914 | ||||
* | US Xpress Enterprises Inc. Class A | 794,800 | 4,880 | |||
ARC Document Solutions Inc. | 1,338,175 | 4,336 | ||||
* | Paymentus Holdings Inc. Class A | 404,533 | 4,272 | |||
*,1 | Latch Inc. | 3,068,500 | 4,265 | |||
*,1 | Amprius Technologies Inc. | 593,900 | 4,264 | |||
Hurco Cos. Inc. | 194,394 | 4,209 | ||||
*,1 | Workhorse Group Inc. | 4,801,523 | 4,185 | |||
* | Quad/Graphics Inc. | 1,103,900 | 4,151 | |||
* | Core Molding Technologies Inc. | 181,412 | 4,127 | |||
*,1 | 374Water Inc. | 1,698,615 | 4,060 | |||
1 | HireQuest Inc. | 153,033 | 3,983 | |||
*,1 | Global Business Travel Group I | 544,900 | 3,940 | |||
*,1 | Tingo Group Inc. | 3,254,473 | 3,938 | |||
* | Twin Disc Inc. | 342,600 | 3,858 |
Shares | Market Value• ($000) | |||||
*,1 | Terran Orbital Corp. | 2,419,100 | 3,629 | |||
*,1 | Markforged Holding Corp. | 2,984,063 | 3,611 | |||
*,1 | Skillsoft Corp. | 2,900,886 | 3,597 | |||
*,1 | CompoSecure Inc. | 505,739 | 3,469 | |||
BGSF Inc. | 359,805 | 3,429 | ||||
Greif Inc. Class B | 44,351 | 3,426 | ||||
*,1 | EVI Industries Inc. | 155,167 | 3,414 | |||
* | DLH Holdings Corp. | 326,878 | 3,351 | |||
*,1 | SKYX Platforms Corp. | 1,219,153 | 3,243 | |||
* | Mayville Engineering Co. Inc. | 260,125 | 3,241 | |||
*,1 | Smith-Midland Corp. | 132,192 | 3,140 | |||
Karat Packaging Inc. | 171,091 | 3,122 | ||||
* | CPI Card Group Inc. | 132,336 | 3,077 | |||
*,1 | Berkshire Grey Inc. | 1,873,972 | 2,642 | |||
* | Orion Group Holdings Inc. | 939,452 | 2,640 | |||
* | Broadwind Inc. | 689,278 | 2,633 | |||
1 | PFSweb Inc. | 579,591 | 2,620 | |||
*,1 | Rekor Systems Inc. | 1,469,497 | 2,616 | |||
*,1 | Byrna Technologies Inc. | 521,296 | 2,612 | |||
* | Innovative Solutions & Support Inc. | ��� 353,301 | 2,533 | |||
*,1 | INNOVATE Corp. | 1,371,484 | 2,400 | |||
* | Hudson Global Inc. | 107,683 | 2,396 | |||
*,1 | Hyzon Motors Inc. | 2,227,561 | 2,135 | |||
* | RCM Technologies Inc. | 114,059 | 2,099 | |||
*,1 | Willis Lease Finance Corp. | 53,245 | 2,083 | |||
*,1 | Paysign Inc. | 825,440 | 2,022 | |||
* | Lightbridge Corp. | 345,233 | 2,009 | |||
* | VirTra Inc. | 262,879 | 2,001 | |||
*,1 | GEE Group Inc. | 3,870,957 | 1,983 | |||
*,1 | Astra Space Inc. | 5,320,648 | 1,961 | |||
* | Alpha Pro Tech Ltd. | 462,840 | 1,842 | |||
*,1 | Coda Octopus Group Inc. | 222,690 | 1,828 | |||
* | LS Starrett Co. Class A | 166,241 | 1,737 | |||
* | Ultralife Corp. | 348,051 | 1,685 | |||
*,1 | Moneylion Inc. | 139,074 | 1,670 | |||
*,1 | Spire Global Inc. | 2,976,722 | 1,533 | |||
Frequency Electronics Inc. | 228,179 | 1,511 | ||||
*,1 | Katapult Holdings Inc. | 1,643,191 | 1,479 | |||
* | Research Solutions Inc. | 716,815 | 1,462 | |||
*,1 | Redwire Corp. | 562,616 | 1,435 | |||
* | Usio Inc. | 757,304 | 1,409 | |||
*,1 | Yellow Corp. | 2,021,847 | 1,392 | |||
* | Orion Energy Systems Inc. | 765,432 | 1,248 |
Shares | Market Value• ($000) | |||||
*,1 | Odyssey Marine Exploration Inc. Class B | 311,944 | 1,123 | |||
*,1 | FreightCar America Inc. | 351,606 | 1,048 | |||
* | RF Industries Ltd. | 249,088 | 1,034 | |||
*,1 | Wrap Technologies Inc. | 672,384 | 982 | |||
*,1 | Where Food Comes From Inc. | 69,785 | 976 | |||
* | LightPath Technologies Inc. Class A | 670,500 | 905 | |||
*,1 | Dragonfly Energy Holdings Corp. | 610,200 | 903 | |||
*,1 | Pioneer Power Solutions Inc. | 107,157 | 900 | |||
* | StarTek Inc. | 304,624 | 890 | |||
* | Priority Technology Holdings Inc. | 239,738 | 868 | |||
* | Sono-Tek Corp. | 157,600 | 851 | |||
* | IZEA Worldwide Inc. | 349,648 | 846 | |||
*,1 | Cepton Inc. | 1,703,137 | 826 | |||
* | Air T Inc. | 32,860 | 825 | |||
* | ClearSign Technologies Corp. | 584,529 | 766 | |||
*,1 | Sarcos Technology & Robotics Corp. | 2,362,032 | 759 | |||
*,1 | Hydrofarm Holdings Group Inc. | 950,421 | 743 | |||
* | Wireless Telecom Group Inc. | 339,257 | 712 | |||
Espey Manufacturing & Electronics Corp. | 36,920 | 618 | ||||
*,1 | MSP Recovery Inc. | 1,855,915 | 609 | |||
*,1 | AEye Inc. | 3,258,500 | 587 | |||
*,1 | Sypris Solutions Inc. | 286,226 | 584 | |||
*,1 | AppTech Payments Corp. | 289,967 | 571 | |||
* | Fuel Tech Inc. | 424,566 | 563 | |||
*,1 | Team Inc. | 67,315 | 559 | |||
* | Astrotech Corp. | 38,881 | 551 | |||
* | Biotricity Inc. | 845,735 | 539 | |||
*,1 | Knightscope Inc. Class A | 1,010,525 | 536 | |||
Taitron Components Inc. Class A | 126,100 | 526 | ||||
*,1 | Momentus Inc. Class A | 1,648,139 | 519 | |||
*,1 | View Inc. | 4,168,453 | 505 | |||
*,1 | Energous Corp. | 1,958,094 | 470 | |||
*,1 | DSS Inc. | 1,292,763 | 464 | |||
* | AgEagle Aerial Systems Inc. | 1,950,222 | 449 | |||
*,1 | Applied DNA Sciences Inc. | 346,633 | 447 |
Shares | Market Value• ($000) | |||||
* | FG Group Holdings Inc. | 226,990 | 436 | |||
* | Mega Matrix Corp. | 329,100 | 428 | |||
* | TSR Inc. | 50,537 | 342 | |||
* | Taylor Devices Inc. | 12,774 | 332 | |||
*,1 | TOMI Environmental Solutions Inc. | 484,669 | 322 | |||
* | AmpliTech Group Inc. | 132,700 | 307 | |||
*,1 | Lightning eMotors Inc. | 74,285 | 267 | |||
*,1 | Xos Inc. | 1,199,595 | 261 | |||
*,1 | Air Industries Group | 69,263 | 246 | |||
* | M-Tron Industries Inc. | 21,794 | 242 | |||
*,1 | Professional Diversity Network Inc. | 50,372 | 224 | |||
*,1 | Polar Power Inc. | 156,102 | 204 | |||
*,1 | Ryvyl Inc. | 263,629 | 198 | |||
* | Molekule Group Inc. | 77,685 | 182 | |||
*,1 | Shapeways Holdings Inc. | 44,252 | 166 | |||
*,1 | Digital Ally Inc. | 41,055 | 165 | |||
*,1 | OLB Group Inc. | 172,095 | 157 | |||
* | Jewett-Cameron Trading Co. Ltd. | 33,538 | 148 | |||
* | LGL Group Inc. | 30,781 | 147 | |||
*,1 | ENGlobal Corp. | 378,679 | 143 | |||
* | Williams Industrial Services Group Inc. | 366,258 | 139 | |||
*,1 | Nuvve Holding Corp. | 234,173 | 139 | |||
* | Imperalis Holding Corp. | 1,093,600 | 131 | |||
P&F Industries Inc. Class A | 19,762 | 125 | ||||
*,1 | Safe & Green Holdings Corp. | 124,227 | 118 | |||
*,1 | Servotronics Inc. | 8,633 | 115 | |||
*,1 | Orbital Infrastructure Group Inc. | 53,477 | 114 | |||
* | Sidus Space Inc. Class A | 499,778 | 90 | |||
* | Socket Mobile Inc. | 57,047 | 83 | |||
* | CPI Aerostructures Inc. | 14,212 | 55 | |||
* | Patriot Transportation Holding Inc. | 1,381 | 12 | |||
* | Art's-Way Manufacturing Co. Inc. | 4,484 | 10 | |||
*,1 | Fathom Digital Manufacturing C | 8,300 | 3 | |||
*,2 | Patriot National Inc. | 129,819 | — | |||
* | Ardagh Group SA Class A | 37 | — | |||
* | LGL Group Inc. Warrants Exp. 12/16/25 | 2,391 | — |
Shares | Market Value• ($000) | |||||
*,2 | Godha Cabcon & Insulation Ltd. | 2,704,920 | — | |||
*,2 | Imperalis Holding Corp. Warrants | 1,093,600 | — | |||
175,754,476 | ||||||
Real Estate (3.0%) | ||||||
Prologis Inc. | 28,796,844 | 3,531,357 | ||||
American Tower Corp. | 14,518,832 | 2,815,782 | ||||
Equinix Inc. | 2,914,986 | 2,285,174 | ||||
Crown Castle Inc. | 13,507,877 | 1,539,087 | ||||
Public Storage | 4,925,566 | 1,437,674 | ||||
Welltower Inc. | 15,515,472 | 1,255,047 | ||||
Realty Income Corp. | 20,959,104 | 1,253,145 | ||||
* | CoStar Group Inc. | 12,753,523 | 1,135,064 | |||
Simon Property Group Inc. | 9,686,542 | 1,118,602 | ||||
Digital Realty Trust Inc. | 9,080,865 | 1,034,038 | ||||
AvalonBay Communities Inc. | 4,442,758 | 840,881 | ||||
VICI Properties Inc. Class A | 26,537,142 | 834,062 | ||||
SBA Communications Corp. Class A | 3,367,785 | 780,518 | ||||
Weyerhaeuser Co. | 22,826,787 | 764,926 | ||||
* | CBRE Group Inc. Class A | 9,231,354 | 745,063 | |||
Equity Residential | 11,229,185 | 740,789 | ||||
Invitation Homes Inc. | 19,073,433 | 656,126 | ||||
Extra Space Storage Inc. | 4,217,786 | 627,817 | ||||
Alexandria Real Estate Equities Inc. | 5,400,128 | 612,860 | ||||
Ventas Inc. | 12,477,125 | 589,794 | ||||
Mid-America Apartment Communities Inc. | 3,633,538 | 551,789 | ||||
Iron Mountain Inc. | 9,063,824 | 515,006 | ||||
Sun Communities Inc. | 3,872,226 | 505,171 | ||||
Essex Property Trust Inc. | 1,991,889 | 466,700 | ||||
WP Carey Inc. | 6,674,450 | 450,926 | ||||
UDR Inc. | 10,264,495 | 440,963 | ||||
Kimco Realty Corp. | 19,276,840 | 380,139 | ||||
Gaming & Leisure Properties Inc. | 7,767,207 | 376,399 | ||||
Host Hotels & Resorts Inc. | 22,221,790 | 373,993 | ||||
Camden Property Trust | 3,322,898 | 361,764 | ||||
Life Storage Inc. | 2,644,730 | 351,643 | ||||
Equity LifeStyle Properties Inc. | 5,231,410 | 349,929 |
Shares | Market Value• ($000) | |||||
Healthpeak Properties Inc. | 17,031,433 | 342,332 | ||||
American Homes 4 Rent Class A | 9,595,127 | 340,147 | ||||
Regency Centers Corp. | 5,345,148 | 330,170 | ||||
CubeSmart | 6,993,051 | 312,310 | ||||
Rexford Industrial Realty Inc. | 5,927,099 | 309,513 | ||||
Americold Realty Trust Inc. | 8,421,070 | 272,001 | ||||
Lamar Advertising Co. Class A | 2,713,896 | 269,354 | ||||
Boston Properties Inc. | 4,404,815 | 253,673 | ||||
* | Zillow Group Inc. Class C | 4,906,618 | 246,607 | |||
Federal Realty Investment Trust | 2,533,564 | 245,173 | ||||
EastGroup Properties Inc. | 1,401,619 | 243,321 | ||||
NNN REIT Inc. | 5,646,254 | 241,603 | ||||
* | Jones Lang LaSalle Inc. | 1,484,508 | 231,286 | |||
Healthcare Realty Trust Inc. Class A | 11,876,911 | 223,999 | ||||
Omega Healthcare Investors Inc. | 7,296,207 | 223,921 | ||||
First Industrial Realty Trust Inc. | 4,110,184 | 216,360 | ||||
Brixmor Property Group Inc. | 9,336,532 | 205,404 | ||||
STAG Industrial Inc. | 5,590,799 | 200,598 | ||||
Agree Realty Corp. | 2,906,137 | 190,032 | ||||
Spirit Realty Capital Inc. | 4,470,216 | 176,037 | ||||
1 | Medical Properties Trust Inc. | 18,660,399 | 172,795 | |||
Apartment Income REIT Corp. Class A | 4,717,104 | 170,240 | ||||
Ryman Hospitality Properties Inc. | 1,750,346 | 162,642 | ||||
Terreno Realty Corp. | 2,630,843 | 158,114 | ||||
Kite Realty Group Trust | 6,844,325 | 152,902 | ||||
Rayonier Inc. | 4,562,397 | 143,259 | ||||
PotlatchDeltic Corp. | 2,481,769 | 131,161 | ||||
Independence Realty Trust Inc. | 7,014,722 | 127,808 | ||||
Phillips Edison & Co. Inc. | 3,651,315 | 124,437 | ||||
Kilroy Realty Corp. | 3,657,585 | 110,057 | ||||
EPR Properties | 2,350,185 | 109,989 | ||||
Cousins Properties Inc. | 4,726,672 | 107,768 | ||||
Essential Properties Realty Trust Inc. | 4,573,316 | 107,656 |
Shares | Market Value• ($000) | |||||
Physicians Realty Trust | 7,302,943 | 102,168 | ||||
Vornado Realty Trust | 5,403,934 | 98,027 | ||||
Apple Hospitality REIT Inc. | 6,366,337 | 96,195 | ||||
Broadstone Net Lease Inc. | 5,833,913 | 90,076 | ||||
LXP Industrial Trust | 9,190,131 | 89,604 | ||||
National Storage Affiliates Trust | 2,540,055 | 88,470 | ||||
Sabra Health Care REIT Inc. | 7,244,668 | 85,270 | ||||
Corporate Office Properties Trust | 3,496,358 | 83,038 | ||||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 3,270,720 | 81,768 | ||||
* | Howard Hughes Corp. | 1,025,131 | 80,903 | |||
Park Hotels & Resorts Inc. | 6,219,982 | 79,740 | ||||
Highwoods Properties Inc. | 3,294,293 | 78,767 | ||||
DigitalBridge Group Inc. | 5,052,740 | 74,326 | ||||
Macerich Co. | 6,578,698 | 74,142 | ||||
SITE Centers Corp. | 5,556,748 | 73,460 | ||||
Outfront Media Inc. | 4,595,059 | 72,234 | ||||
Four Corners Property Trust Inc. | 2,726,394 | 69,250 | ||||
Tanger Factory Outlet Centers Inc. | 3,059,874 | 67,531 | ||||
National Health Investors Inc. | 1,281,511 | 67,177 | ||||
*,1 | Opendoor Technologies Inc. | 16,325,402 | 65,628 | |||
Equity Commonwealth | 3,230,956 | 65,459 | ||||
Sunstone Hotel Investors Inc. | 6,451,357 | 65,288 | ||||
Douglas Emmett Inc. | 5,183,684 | 65,159 | ||||
Innovative Industrial Properties Inc. | 868,411 | 63,403 | ||||
1 | CareTrust REIT Inc. | 3,150,497 | 62,569 | |||
St. Joe Co. | 1,267,150 | 61,254 | ||||
Kennedy-Wilson Holdings Inc. | 3,702,960 | 60,469 | ||||
1 | SL Green Realty Corp. | 1,992,944 | 59,888 | |||
* | Zillow Group Inc. Class A | 1,129,014 | 55,547 | |||
Pebblebrook Hotel Trust | 3,897,044 | 54,325 | ||||
Urban Edge Properties | 3,434,583 | 52,996 | ||||
JBG SMITH Properties | 3,498,670 | 52,620 |
Shares | Market Value• ($000) | |||||
DiamondRock Hospitality Co. | 6,447,786 | 51,647 | ||||
Getty Realty Corp. | 1,520,152 | 51,412 | ||||
Retail Opportunity Investments Corp. | 3,658,756 | 49,430 | ||||
RLJ Lodging Trust | 4,785,222 | 49,144 | ||||
1 | eXp World Holdings Inc. | 2,410,307 | 48,881 | |||
InvenTrust Properties Corp. | 1,981,023 | 45,841 | ||||
Elme Communities | 2,770,419 | 45,546 | ||||
Service Properties Trust | 5,154,287 | 44,791 | ||||
Xenia Hotels & Resorts Inc. | 3,523,902 | 43,379 | ||||
LTC Properties Inc. | 1,307,867 | 43,186 | ||||
Acadia Realty Trust | 2,957,938 | 42,565 | ||||
Alexander & Baldwin Inc. | 2,240,535 | 41,629 | ||||
* | Cushman & Wakefield plc | 5,037,275 | 41,205 | |||
1 | Easterly Government Properties Inc. Class A | 2,838,963 | 41,165 | |||
* | Redfin Corp. | 3,243,766 | 40,288 | |||
* | Veris Residential Inc. | 2,424,434 | 38,912 | |||
Apartment Investment & Management Co. Class A | 4,437,468 | 37,807 | ||||
* | Compass Inc. Class A | 10,404,324 | 36,415 | |||
* | Radius Global Infrastructure Inc. Class A | 2,371,626 | 35,337 | |||
Uniti Group Inc. | 7,282,174 | 33,644 | ||||
UMH Properties Inc. | 2,094,666 | 33,473 | ||||
Global Net Lease Inc. | 3,198,862 | 32,884 | ||||
Empire State Realty Trust Inc. Class A | 4,306,397 | 32,255 | ||||
NETSTREIT Corp. | 1,773,271 | 31,688 | ||||
Plymouth Industrial REIT Inc. | 1,369,955 | 31,536 | ||||
NexPoint Residential Trust Inc. | 676,829 | 30,782 | ||||
1 | Peakstone Realty Trust | 1,069,900 | 29,872 | |||
Centerspace | 456,296 | 27,998 | ||||
RPT Realty | 2,676,277 | 27,967 | ||||
Piedmont Office Realty Trust Inc. Class A | 3,844,391 | 27,949 | ||||
Necessity Retail REIT Inc. Class A | 4,035,234 | 27,278 | ||||
American Assets Trust Inc. | 1,393,785 | 26,761 | ||||
Paramount Group Inc. | 6,014,102 | 26,642 |
Shares | Market Value• ($000) | |||||
* | GEO Group Inc. | 3,655,153 | 26,171 | |||
Brandywine Realty Trust | 5,472,335 | 25,446 | ||||
Community Healthcare Trust Inc. | 751,341 | 24,809 | ||||
Newmark Group Inc. Class A | 3,952,472 | 24,584 | ||||
Marcus & Millichap Inc. | 754,564 | 23,776 | ||||
Armada Hoffler Properties Inc. | 1,903,636 | 22,234 | ||||
* | Anywhere Real Estate Inc. | 3,293,319 | 21,999 | |||
Summit Hotel Properties Inc. | 3,225,930 | 21,001 | ||||
Universal Health Realty Income Trust | 413,444 | 19,672 | ||||
Hudson Pacific Properties Inc. | 4,402,588 | 18,579 | ||||
Gladstone Land Corp. | 1,118,425 | 18,197 | ||||
1 | Farmland Partners Inc. | 1,486,534 | 18,151 | |||
Global Medical REIT Inc. | 1,861,159 | 16,992 | ||||
Diversified Healthcare Trust | 7,363,201 | 16,567 | ||||
Saul Centers Inc. | 441,962 | 16,277 | ||||
CBL & Associates Properties Inc. | 732,574 | 16,146 | ||||
1 | Ares Commercial Real Estate Corp. | 1,521,592 | 15,444 | |||
Whitestone REIT | 1,541,690 | 14,954 | ||||
Gladstone Commercial Corp. | 1,186,750 | 14,680 | ||||
Chatham Lodging Trust | 1,474,768 | 13,804 | ||||
Urstadt Biddle Properties Inc. Class A | 616,137 | 13,099 | ||||
* | Forestar Group Inc. | 538,939 | 12,153 | |||
Office Properties Income Trust | 1,575,871 | 12,134 | ||||
Orion Office REIT Inc. | 1,829,577 | 12,093 | ||||
One Liberty Properties Inc. | 549,453 | 11,165 | ||||
1 | CTO Realty Growth Inc. | 633,230 | 10,854 | |||
Alexander's Inc. | 58,505 | 10,757 | ||||
* | Tejon Ranch Co. | 619,026 | 10,653 | |||
RMR Group Inc. Class A | 443,704 | 10,281 | ||||
RE/MAX Holdings Inc. Class A | 519,322 | 10,002 | ||||
*,1 | Seritage Growth Properties Class A | 1,116,701 | 9,961 | |||
* | FRP Holdings Inc. | 170,118 | 9,794 |
Shares | Market Value• ($000) | |||||
Bridge Investment Group Holdings Inc. Class A | 806,505 | 9,154 | ||||
Braemar Hotels & Resorts Inc. | 2,097,772 | 8,433 | ||||
Postal Realty Trust Inc. Class A | 503,174 | 7,402 | ||||
Urstadt Biddle Properties Inc. | 342,422 | 7,205 | ||||
Stratus Properties Inc. | 274,453 | 7,204 | ||||
1 | Alpine Income Property Trust Inc. | 436,561 | 7,094 | |||
Industrial Logistics Properties Trust | 2,135,037 | 7,046 | ||||
BRT Apartments Corp. | 355,802 | 7,045 | ||||
Hersha Hospitality Trust Class A | 1,109,885 | 6,759 | ||||
City Office REIT Inc. | 1,177,661 | 6,560 | ||||
* | Star Holdings | 384,803 | 5,645 | |||
*,1 | Ashford Hospitality Trust Inc. | 1,242,653 | 4,635 | |||
Douglas Elliman Inc. | 2,016,983 | 4,478 | ||||
Franklin Street Properties Corp. | 2,758,628 | 4,000 | ||||
1 | Modiv Inc. Class C | 224,372 | 3,366 | |||
* | Maui Land & Pineapple Co. Inc. | 201,600 | 2,871 | |||
Creative Media & Community Trust Corp. | 477,630 | 2,383 | ||||
Clipper Realty Inc. | 405,295 | 2,298 | ||||
*,1 | WeWork Inc. Class A | 8,952,950 | 2,287 | |||
* | AMREP Corp. | 115,952 | 2,080 | |||
*,1 | Bluerock Homes Trust Inc. | 109,382 | 1,765 | |||
Global Self Storage Inc. | 319,661 | 1,614 | ||||
*,1 | Altisource Portfolio Solutions SA | 244,328 | 1,393 | |||
*,1 | Fathom Holdings Inc. | 189,801 | 1,355 | |||
*,1 | Offerpad Solutions Inc. | 76,367 | 990 | |||
* | Rafael Holdings Inc. Class B | 381,611 | 798 | |||
* | Comstock Holding Cos. Inc. Class A | 164,051 | 687 | |||
* | Sotherly Hotels Inc. | 337,859 | 639 | |||
* | Trinity Place Holdings Inc. | 756,919 | 409 | |||
*,1 | American Strategic Investment Co. | 49,393 | 391 | |||
1 | CorEnergy Infrastructure Trust Inc. | 293,803 | 329 | |||
1 | Presidio Property Trust Inc. Class A | 184,525 | 167 |
Shares | Market Value• ($000) | |||||
*,2 | New York REIT Liquidating LLC | 19,100 | 138 | |||
1 | Generation Income Properties Inc. | 32,616 | 129 | |||
*,1 | Alset Inc. | 77,598 | 120 | |||
* | JW Mays Inc. | 2,000 | 94 | |||
* | Power REIT | 55,763 | 91 | |||
*,1 | Avalon GloboCare Corp. | 48,625 | 75 | |||
* | Wheeler REIT Inc. | 116,519 | 72 | |||
Medalist Diversified REIT Inc. | 6,100 | 31 | ||||
* | Presidio Property Trust Inc. Warrants Exp. 1/24/27 | 110,319 | 5 | |||
*,2 | Spirit MTA REIT | 2,854,330 | — | |||
* | Pennsylvania REIT | 3 | — | |||
40,802,623 | ||||||
Technology (29.8%) | ||||||
Apple Inc. | 465,937,820 | 90,377,960 | ||||
Microsoft Corp. | 231,855,777 | 78,956,166 | ||||
NVIDIA Corp. | 73,258,733 | 30,989,909 | ||||
* | Alphabet Inc. Class A | 185,298,074 | 22,180,179 | |||
* | Meta Platforms Inc. Class A | 68,977,723 | 19,795,227 | |||
* | Alphabet Inc. Class C | 155,638,663 | 18,827,609 | |||
Broadcom Inc. | 13,002,487 | 11,278,747 | ||||
* | Adobe Inc. | 14,299,194 | 6,992,163 | |||
* | Salesforce Inc. | 29,615,077 | 6,256,481 | |||
* | Advanced Micro Devices Inc. | 50,197,471 | 5,717,994 | |||
Oracle Corp. | 46,271,859 | 5,510,516 | ||||
Texas Instruments Inc. | 28,302,061 | 5,094,937 | ||||
Intel Corp. | 130,033,317 | 4,348,314 | ||||
QUALCOMM Inc. | 34,725,169 | 4,133,684 | ||||
Applied Materials Inc. | 26,342,526 | 3,807,549 | ||||
Intuit Inc. | 8,292,581 | 3,799,578 | ||||
International Business Machines Corp. | 28,307,370 | 3,787,809 | ||||
* | ServiceNow Inc. | 6,348,888 | 3,567,885 | |||
Analog Devices Inc. | 15,631,133 | 3,045,101 | ||||
Lam Research Corp. | 4,185,878 | 2,690,934 | ||||
* | Palo Alto Networks Inc. | 9,533,865 | 2,435,998 | |||
Micron Technology Inc. | 34,140,973 | 2,154,637 | ||||
KLA Corp. | 4,279,608 | 2,075,695 | ||||
* | Synopsys Inc. | 4,747,351 | 2,067,044 | |||
* | Cadence Design Systems Inc. | 8,506,753 | 1,995,004 | |||
Marvell Technology Inc. | 26,729,389 | 1,597,883 | ||||
Roper Technologies Inc. | 3,320,719 | 1,596,602 |
Shares | Market Value• ($000) | |||||
Amphenol Corp. Class A | 18,551,242 | 1,575,928 | ||||
* | Fortinet Inc. | 20,803,633 | 1,572,547 | |||
Microchip Technology Inc. | 17,073,665 | 1,529,630 | ||||
* | Snowflake Inc. Class A | 8,616,216 | 1,516,282 | |||
* | Workday Inc. Class A | 6,359,995 | 1,436,659 | |||
TE Connectivity Ltd. | 9,835,574 | 1,378,554 | ||||
* | Autodesk Inc. | 6,694,988 | 1,369,861 | |||
* | ON Semiconductor Corp. | 13,472,581 | 1,274,237 | |||
* | VMware Inc. Class A | 7,349,865 | 1,056,102 | |||
Cognizant Technology Solutions Corp. Class A | 15,804,353 | 1,031,708 | ||||
* | Crowdstrike Holdings Inc. Class A | 6,645,401 | 976,010 | |||
* | ANSYS Inc. | 2,699,235 | 891,476 | |||
* | MongoDB Inc. Class A | 2,090,925 | 859,349 | |||
HP Inc. | 27,747,943 | 852,139 | ||||
Corning Inc. | 23,784,784 | 833,419 | ||||
* | Gartner Inc. | 2,341,092 | 820,108 | |||
* | Datadog Inc. Class A | 8,322,252 | 818,743 | |||
* | Palantir Technologies Inc. Class A | 53,390,974 | 818,484 | |||
* | Atlassian Corp. Class A | 4,740,827 | 795,558 | |||
* | HubSpot Inc. | 1,471,706 | 783,080 | |||
CDW Corp. | 4,196,567 | 770,070 | ||||
Monolithic Power Systems Inc. | 1,407,084 | 760,149 | ||||
* | DoorDash Inc. Class A | 8,984,948 | 686,630 | |||
Hewlett Packard Enterprise Co. | 40,407,269 | 678,842 | ||||
* | VeriSign Inc. | 2,761,175 | 623,943 | |||
* | Cloudflare Inc. Class A | 8,584,578 | 561,174 | |||
Skyworks Solutions Inc. | 4,951,359 | 548,066 | ||||
* | Splunk Inc. | 5,166,035 | 548,065 | |||
* | Tyler Technologies Inc. | 1,303,654 | 542,933 | |||
Teradyne Inc. | 4,814,414 | 535,989 | ||||
Entegris Inc. | 4,658,583 | 516,264 | ||||
Paycom Software Inc. | 1,598,591 | 513,531 | ||||
NetApp Inc. | 6,648,836 | 507,971 | ||||
* | Pinterest Inc. Class A | 18,535,647 | 506,765 | |||
* | PTC Inc. | 3,501,580 | 498,275 | |||
* | Zoom Video Communications Inc. Class A | 6,948,909 | 471,692 |
Shares | Market Value• ($000) | |||||
* | Akamai Technologies Inc. | 4,849,096 | 435,788 | |||
Jabil Inc. | 3,942,841 | 425,551 | ||||
* | Lattice Semiconductor Corp. | 4,277,010 | 410,892 | |||
Dell Technologies Inc. Class C | 7,591,490 | 410,776 | ||||
* | EPAM Systems Inc. | 1,809,186 | 406,615 | |||
* | Zscaler Inc. | 2,730,245 | 399,435 | |||
SS&C Technologies Holdings Inc. | 6,586,991 | 399,172 | ||||
* | Manhattan Associates Inc. | 1,924,050 | 384,579 | |||
Bentley Systems Inc. Class B | 7,049,252 | 382,281 | ||||
Seagate Technology Holdings plc | 6,117,988 | 378,520 | ||||
* | Western Digital Corp. | 9,968,489 | 378,105 | |||
Leidos Holdings Inc. | 4,265,850 | 377,442 | ||||
* | Snap Inc. Class A | 31,573,477 | 373,830 | |||
* | Match Group Inc. | 8,701,387 | 364,153 | |||
* | GoDaddy Inc. Class A | 4,777,186 | 358,910 | |||
* | Super Micro Computer Inc. | 1,395,042 | 347,714 | |||
* | Dynatrace Inc. | 6,744,986 | 347,164 | |||
* | Twilio Inc. Class A | 5,446,314 | 346,494 | |||
* | Pure Storage Inc. Class A | 9,178,865 | 337,966 | |||
* | Okta Inc. Class A | 4,827,143 | 334,762 | |||
*,1 | Unity Software Inc. | 7,694,636 | 334,101 | |||
* | DocuSign Inc. Class A | 6,267,709 | 320,217 | |||
Gen Digital Inc. | 16,929,545 | 314,043 | ||||
* | Qorvo Inc. | 3,065,226 | 312,745 | |||
* | Ceridian HCM Holding Inc. | 4,560,819 | 305,438 | |||
KBR Inc. | 4,260,238 | 277,171 | ||||
* | F5 Inc. | 1,874,389 | 274,148 | |||
* | ZoomInfo Technologies Inc. Class A | 10,705,038 | 271,801 | |||
* | Black Knight Inc. | 4,373,318 | 261,218 | |||
* | Arrow Electronics Inc. | 1,759,178 | 251,967 | |||
* | Toast Inc. Class A | 10,816,192 | 244,121 | |||
* | CACI International Inc. Class A | 714,398 | 243,495 | |||
National Instruments Corp. | 4,096,275 | 235,126 | ||||
Vertiv Holdings Co. Class A | 9,430,269 | 233,588 | ||||
* | Coherent Corp. | 4,382,231 | 223,406 | |||
* | Rambus Inc. | 3,427,623 | 219,951 | |||
* | SPS Commerce Inc. | 1,130,916 | 217,204 | |||
* | Wolfspeed Inc. | 3,880,857 | 215,737 | |||
* | Dropbox Inc. Class A | 7,900,531 | 210,707 |
Shares | Market Value• ($000) | |||||
* | Novanta Inc. | 1,134,702 | 208,899 | |||
* | Nutanix Inc. Class A | 7,397,819 | 207,509 | |||
Universal Display Corp. | 1,407,238 | 202,825 | ||||
* | Guidewire Software Inc. | 2,552,088 | 194,163 | |||
Science Applications International Corp. | 1,702,315 | 191,476 | ||||
* | Axcelis Technologies Inc. | 1,019,291 | 186,867 | |||
* | Five9 Inc. | 2,201,500 | 181,514 | |||
* | Onto Innovation Inc. | 1,545,704 | 180,028 | |||
* | DXC Technology Co. | 6,660,333 | 177,964 | |||
* | Confluent Inc. Class A | 5,010,837 | 176,933 | |||
* | UiPath Inc. Class A | 10,490,419 | 173,826 | |||
* | Teradata Corp. | 3,174,295 | 169,539 | |||
Power Integrations Inc. | 1,782,481 | 168,747 | ||||
* | Procore Technologies Inc. | 2,442,986 | 158,965 | |||
Dolby Laboratories Inc. Class A | 1,859,582 | 155,610 | ||||
* | Tenable Holdings Inc. | 3,540,750 | 154,200 | |||
* | Elastic NV | 2,385,085 | 152,932 | |||
* | Aspen Technology Inc. | 908,514 | 152,276 | |||
* | Insight Enterprises Inc. | 1,021,974 | 149,556 | |||
* | Smartsheet Inc. Class A | 3,895,419 | 149,039 | |||
* | IAC Inc. | 2,371,529 | 148,932 | |||
* | Silicon Laboratories Inc. | 942,779 | 148,714 | |||
* | Workiva Inc. Class A | 1,462,279 | 148,655 | |||
* | Fabrinet | 1,140,955 | 148,187 | |||
Avnet Inc. | 2,838,156 | 143,185 | ||||
* | AppLovin Corp. Class A | 5,523,287 | 142,114 | |||
* | Qualys Inc. | 1,100,062 | 142,095 | |||
* | Cirrus Logic Inc. | 1,724,836 | 139,729 | |||
TD SYNNEX Corp. | 1,474,416 | 138,595 | ||||
Advanced Energy Industries Inc. | 1,176,815 | 131,156 | ||||
* | DoubleVerify Holdings Inc. | 3,347,534 | 130,286 | |||
* | Gitlab Inc. Class A | 2,539,395 | 129,788 | |||
* | Altair Engineering Inc. Class A | 1,692,010 | 128,322 | |||
* | Diodes Inc. | 1,341,895 | 124,112 | |||
* | Box Inc. Class A | 4,214,019 | 123,808 | |||
* | IPG Photonics Corp. | 903,839 | 122,759 | |||
* | Samsara Inc. Class A | 4,386,096 | 121,539 | |||
* | Blackbaud Inc. | 1,649,838 | 117,435 | |||
Vishay Intertechnology Inc. | 3,993,190 | 117,400 |
Shares | Market Value• ($000) | |||||
* | New Relic Inc. | 1,732,464 | 113,372 | |||
Concentrix Corp. | 1,390,718 | 112,300 | ||||
*,1 | C3.ai Inc. Class A | 3,031,894 | 110,452 | |||
* | MACOM Technology Solutions Holdings Inc. | 1,647,772 | 107,978 | |||
* | SentinelOne Inc. Class A | 7,034,806 | 106,226 | |||
* | Sanmina Corp. | 1,747,124 | 105,299 | |||
* | Synaptics Inc. | 1,229,909 | 105,010 | |||
* | NCR Corp. | 4,102,751 | 103,389 | |||
* | CommVault Systems Inc. | 1,384,592 | 100,549 | |||
* | Appfolio Inc. Class A | 577,871 | 99,475 | |||
* | Schrodinger Inc. | 1,970,605 | 98,373 | |||
* | Ziff Davis Inc. | 1,392,117 | 97,532 | |||
* | Ambarella Inc. | 1,160,993 | 97,140 | |||
* | Allegro MicroSystems Inc. | 2,114,331 | 95,441 | |||
* | Rogers Corp. | 586,292 | 94,938 | |||
*,1 | MicroStrategy Inc. Class A | 277,128 | 94,894 | |||
* | Kyndryl Holdings Inc. | 7,110,734 | 94,431 | |||
Dun & Bradstreet Holdings Inc. | 8,138,811 | 94,166 | ||||
* | Envestnet Inc. | 1,573,678 | 93,398 | |||
Amkor Technology Inc. | 3,077,058 | 91,542 | ||||
* | BlackLine Inc. | 1,683,912 | 90,628 | |||
* | Perficient Inc. | 1,082,261 | 90,185 | |||
* | Plexus Corp. | 865,757 | 85,052 | |||
* | Varonis Systems Inc. Class B | 3,190,312 | 85,022 | |||
* | Verint Systems Inc. | 2,375,616 | 83,289 | |||
* | FormFactor Inc. | 2,415,822 | 82,669 | |||
* | Alteryx Inc. Class A | 1,815,018 | 82,402 | |||
* | RingCentral Inc. Class A | 2,510,005 | 82,152 | |||
* | Freshworks Inc. Class A | 4,623,884 | 81,288 | |||
* | Rapid7 Inc. | 1,763,098 | 79,833 | |||
Progress Software Corp. | 1,358,745 | 78,943 | ||||
* | Alarm.com Holdings Inc. | 1,482,779 | 76,630 | |||
* | HashiCorp Inc. Class A | 2,839,042 | 74,326 | |||
* | Yelp Inc. Class A | 2,031,007 | 73,949 | |||
*,1 | DigitalOcean Holdings Inc. | 1,838,357 | 73,792 | |||
* | MaxLinear Inc. Class A | 2,215,919 | 69,934 | |||
* | Braze Inc. Class A | 1,580,528 | 69,211 | |||
* | CCC Intelligent Solutions Holdings Inc. | 6,119,618 | 68,601 | |||
*,1 | IonQ Inc. | 4,967,292 | 67,207 |
Shares | Market Value• ($000) | |||||
* | NetScout Systems Inc. | 2,105,073 | 65,152 | |||
* | Sprout Social Inc. Class A | 1,409,367 | 65,056 | |||
* | Cargurus Inc. Class A | 2,852,912 | 64,561 | |||
* | JFrog Ltd. | 2,305,762 | 63,870 | |||
* | Parsons Corp. | 1,326,270 | 63,847 | |||
Clear Secure Inc. Class A | 2,745,226 | 63,607 | ||||
Pegasystems Inc. | 1,289,414 | 63,568 | ||||
* | nCino Inc. | 2,106,697 | 63,454 | |||
* | SiTime Corp. | 526,552 | 62,117 | |||
* | Impinj Inc. | 691,272 | 61,973 | |||
* | Appian Corp. Class A | 1,300,734 | 61,915 | |||
* | Cohu Inc. | 1,407,346 | 58,489 | |||
* | PagerDuty Inc. | 2,534,813 | 56,983 | |||
* | Fastly Inc. Class A | 3,510,833 | 55,366 | |||
* | LiveRamp Holdings Inc. | 1,924,396 | 54,961 | |||
* | Magnite Inc. | 3,972,446 | 54,224 | |||
* | Q2 Holdings Inc. | 1,723,260 | 53,249 | |||
* | Asana Inc. Class A | 2,387,467 | 52,620 | |||
* | Ultra Clean Holdings Inc. | 1,352,591 | 52,021 | |||
* | Bumble Inc. Class A | 3,017,444 | 50,633 | |||
Xerox Holdings Corp. | 3,375,191 | 50,257 | ||||
* | Semtech Corp. | 1,969,320 | 50,139 | |||
CSG Systems International Inc. | 935,084 | 49,316 | ||||
* | TTM Technologies Inc. | 3,469,769 | 48,230 | |||
* | ePlus Inc. | 824,885 | 46,441 | |||
* | Photronics Inc. | 1,733,082 | 44,696 | |||
* | Credo Technology Group Holding Ltd. | 2,526,287 | 43,806 | |||
* | PDF Solutions Inc. | 969,445 | 43,722 | |||
* | Squarespace Inc. Class A | 1,381,000 | 43,557 | |||
* | Agilysys Inc. | 626,484 | 43,002 | |||
* | Zuora Inc. Class A | 3,917,211 | 42,972 | |||
* | Sprinklr Inc. Class A | 3,032,669 | 41,942 | |||
* | SMART Global Holdings Inc. | 1,439,470 | 41,759 | |||
* | Paycor HCM Inc. | 1,734,754 | 41,062 | |||
* | Veradigm Inc. | 3,246,839 | 40,910 | |||
* | Veeco Instruments Inc. | 1,590,473 | 40,843 | |||
CTS Corp. | 945,291 | 40,298 | ||||
*,1 | Jamf Holding Corp. | 2,053,789 | 40,090 | |||
* | Model N Inc. | 1,112,804 | 39,349 | |||
* | 3D Systems Corp. | 3,852,133 | 38,252 | |||
* | PROS Holdings Inc. | 1,232,474 | 37,960 | |||
*,1 | Navitas Semiconductor Corp. Class A | 3,461,400 | 36,483 | |||
*,1 | Aehr Test Systems | 882,404 | 36,399 |
Shares | Market Value• ($000) | |||||
Methode Electronics Inc. | 1,074,089 | 36,003 | ||||
Shutterstock Inc. | 737,707 | 35,904 | ||||
* | Yext Inc. | 3,172,438 | 35,880 | |||
* | Zeta Global Holdings Corp. Class A | 4,140,218 | 35,357 | |||
* | Cerence Inc. | 1,201,324 | 35,115 | |||
* | Upwork Inc. | 3,733,886 | 34,874 | |||
*,1 | indie Semiconductor Inc. Class A | 3,703,666 | 34,814 | |||
Adeia Inc. | 3,061,811 | 33,711 | ||||
* | Everbridge Inc. | 1,247,714 | 33,563 | |||
* | E2open Parent Holdings Inc. | 5,747,753 | 32,187 | |||
* | Ichor Holdings Ltd. | 846,634 | 31,749 | |||
A10 Networks Inc. | 2,174,205 | 31,722 | ||||
* | Intapp Inc. | 734,867 | 30,798 | |||
* | N-able Inc. | 1,946,300 | 28,046 | |||
Benchmark Electronics Inc. | 1,068,217 | 27,592 | ||||
* | Vertex Inc. Class A | 1,409,745 | 27,490 | |||
* | ForgeRock Inc. Class A | 1,337,302 | 27,468 | |||
* | EngageSmart Inc. | 1,418,119 | 27,072 | |||
*,1 | Xometry Inc. Class A | 1,271,417 | 26,929 | |||
* | Digital Turbine Inc. | 2,901,678 | 26,928 | |||
* | PAR Technology Corp. | 794,296 | 26,156 | |||
* | Avid Technology Inc. | 1,022,457 | 26,073 | |||
*,1 | MicroVision Inc. | 5,662,357 | 25,934 | |||
* | TechTarget Inc. | 831,768 | 25,893 | |||
* | AvePoint Inc. | 4,421,969 | 25,471 | |||
* | ScanSource Inc. | 836,936 | 24,740 | |||
* | Matterport Inc. | 7,851,178 | 24,731 | |||
* | Eventbrite Inc. Class A | 2,533,728 | 24,197 | |||
*,1 | SoundHound AI Inc. Class A | 5,205,601 | 23,685 | |||
* | PubMatic Inc. Class A | 1,239,124 | 22,651 | |||
* | Thoughtworks Holding Inc. | 2,936,882 | 22,173 | |||
* | SmartRent Inc. Class A | 5,566,988 | 21,322 | |||
* | Alpha & Omega Semiconductor Ltd. | 643,490 | 21,106 | |||
* | Informatica Inc. Class A | 1,125,336 | 20,819 | |||
Simulations Plus Inc. | 475,654 | 20,610 | ||||
* | Olo Inc. Class A | 3,067,735 | 19,818 | |||
* | nLight Inc. | 1,264,578 | 19,500 | |||
*,1 | Rumble Inc. | 2,181,400 | 19,458 | |||
Ebix Inc. | 765,121 | 19,281 | ||||
* | BigCommerce Holdings Inc. | 1,899,824 | 18,903 |
Shares | Market Value• ($000) | |||||
* | Kimball Electronics Inc. | 678,099 | 18,736 | |||
*,1 | Planet Labs PBC | 5,801,296 | 18,680 | |||
* | Amplitude Inc. Class A | 1,624,774 | 17,872 | |||
* | Alkami Technology Inc. | 1,064,985 | 17,455 | |||
* | ACM Research Inc. Class A | 1,331,267 | 17,413 | |||
*,1 | Applied Digital Corp. | 1,851,300 | 17,310 | |||
*,1 | Cleanspark Inc. | 3,999,678 | 17,159 | |||
* | OneSpan Inc. | 1,153,080 | 17,112 | |||
* | Consensus Cloud Solutions Inc. | 544,091 | 16,867 | |||
* | MeridianLink Inc. | 805,728 | 16,759 | |||
* | SolarWinds Corp. | 1,618,452 | 16,605 | |||
* | CEVA Inc. | 645,647 | 16,496 | |||
* | Vimeo Inc. | 3,982,389 | 16,407 | |||
*,1 | Definitive Healthcare Corp. Class A | 1,450,631 | 15,957 | |||
PC Connection Inc. | 343,225 | 15,479 | ||||
Hackett Group Inc. | 689,753 | 15,416 | ||||
* | Grid Dynamics Holdings Inc. | 1,666,570 | 15,416 | |||
* | Mitek Systems Inc. | 1,391,563 | 15,085 | |||
*,1 | Digimarc Corp. | 490,852 | 14,451 | |||
NVE Corp. | 145,801 | 14,207 | ||||
* | Domo Inc. Class B | 900,573 | 13,202 | |||
*,1 | SEMrush Holdings Inc. Class A | 1,339,751 | 12,821 | |||
ON24 Inc. | 1,517,830 | 12,325 | ||||
* | Enfusion Inc. Class A | 1,069,947 | 12,005 | |||
*,1 | Nextdoor Holdings Inc. | 3,659,313 | 11,929 | |||
* | Couchbase Inc. | 747,916 | 11,832 | |||
* | NerdWallet Inc. Class A | 1,080,320 | 10,166 | |||
*,1 | Expensify Inc. Class A | 1,226,965 | 9,791 | |||
* | LivePerson Inc. | 2,161,862 | 9,772 | |||
American Software Inc. Class A | 921,406 | 9,684 | ||||
*,1 | FiscalNote Holdings Inc. | 2,641,300 | 9,614 | |||
* | Weave Communications Inc. | 862,525 | 9,583 | |||
*,1 | Innodata Inc. | 826,077 | 9,359 | |||
*,1 | inTEST Corp. | 350,032 | 9,192 | |||
*,1 | Terawulf Inc. | 4,941,318 | 8,647 | |||
* | Bandwidth Inc. Class A | 631,073 | 8,633 | |||
* | Daktronics Inc. | 1,325,348 | 8,482 | |||
* | Kopin Corp. | 3,713,434 | 7,984 | |||
* | Asure Software Inc. | 639,226 | 7,773 |
Shares | Market Value• ($000) | |||||
*,1 | Tucows Inc. Class A | 278,469 | 7,725 | |||
* | Unisys Corp. | 1,935,305 | 7,702 | |||
*,1 | Presto Automation Inc. | 1,445,442 | 7,545 | |||
*,1 | Atomera Inc. | 855,596 | 7,504 | |||
Immersion Corp. | 1,053,734 | 7,460 | ||||
* | Rimini Street Inc. | 1,477,020 | 7,075 | |||
* | Identiv Inc. | 821,350 | 6,908 | |||
*,1 | Red Violet Inc. | 320,472 | 6,592 | |||
*,1 | MediaAlpha Inc. Class A | 621,568 | 6,408 | |||
*,1 | Vroom Inc. | 4,332,182 | 6,238 | |||
*,1 | Blend Labs Inc. Class A | 6,432,185 | 6,093 | |||
*,1 | SkyWater Technology Inc. | 621,278 | 5,852 | |||
* | TrueCar Inc. | 2,570,193 | 5,809 | |||
* | CoreCard Corp. | 221,175 | 5,609 | |||
* | Everspin Technologies Inc. | 600,337 | 5,529 | |||
Richardson Electronics Ltd. | 332,253 | 5,482 | ||||
*,1 | eMagin Corp. | 2,762,947 | 5,471 | |||
* | Rackspace Technology Inc. | 1,911,506 | 5,199 | |||
* | EverCommerce Inc. | 427,123 | 5,057 | |||
* | eGain Corp. | 657,552 | 4,925 | |||
*,1 | Aeva Technologies Inc. | 3,931,094 | 4,914 | |||
*,1 | QuickLogic Corp. | 528,914 | 4,861 | |||
* | Brightcove Inc. | 1,155,702 | 4,634 | |||
*,1 | Ouster Inc. | 916,271 | 4,526 | |||
*,1 | Veritone Inc. | 1,137,370 | 4,458 | |||
*,1 | Arteris Inc. | 646,449 | 4,409 | |||
1 | Park City Group Inc. | 426,240 | 4,301 | |||
* | EverQuote Inc. Class A | 645,954 | 4,199 | |||
* | Amtech Systems Inc. | 433,501 | 4,144 | |||
*,1 | Groupon Inc. Class A | 698,916 | 4,131 | |||
* | AXT Inc. | 1,175,531 | 4,044 | |||
* | Pixelworks Inc. | 2,210,677 | 3,824 | |||
*,1 | Nutex Health Inc. | 9,055,751 | 3,818 | |||
*,1 | Cipher Mining Inc. | 1,308,472 | 3,742 | |||
*,1 | Porch Group Inc. | 2,673,021 | 3,689 | |||
* | Quantum Corp. | 3,321,825 | 3,588 | |||
* | Upland Software Inc. | 980,074 | 3,528 | |||
* | AstroNova Inc. | 241,721 | 3,505 | |||
*,1 | NextNav Inc. | 1,188,312 | 3,494 | |||
*,1 | Rigetti Computing Inc. | 2,946,700 | 3,462 | |||
* | Telos Corp. | 1,351,503 | 3,460 | |||
*,1 | System1 Inc. | 726,600 | 3,270 | |||
*,1 | Innovid Corp. | 2,584,769 | 2,817 | |||
* | Synchronoss Technologies Inc. | 3,017,451 | 2,803 | |||
* | Transphorm Inc. | 819,666 | 2,787 |
Shares | Market Value• ($000) | |||||
* | Computer Task Group Inc. | 354,158 | 2,695 | |||
* | WM Technology Inc. | 3,203,513 | 2,683 | |||
*,1 | Intevac Inc. | 712,652 | 2,672 | |||
*,1 | GSI Technology Inc. | 481,492 | 2,663 | |||
* | Edgio Inc. | 3,619,157 | 2,439 | |||
* | TransAct Technologies Inc. | 268,278 | 2,404 | |||
* | Viant Technology Inc. Class A | 509,873 | 2,351 | |||
*,1 | LiveVox Holdings Inc. | 823,213 | 2,264 | |||
*,1 | Smith Micro Software Inc. | 2,009,704 | 2,231 | |||
*,1 | Skillz Inc. Class A | 241,611 | 2,199 | |||
*,1 | Backblaze Inc. Class A | 507,205 | 2,196 | |||
*,1 | Phunware Inc. | 3,924,649 | 2,119 | |||
* | Issuer Direct Corp. | 110,039 | 2,068 | |||
*,1 | comScore Inc. | 2,442,580 | 1,978 | |||
* | SecureWorks Corp. Class A | 263,152 | 1,903 | |||
CSP Inc. | 139,445 | 1,661 | ||||
*,1 | Intellicheck Inc. | 671,745 | 1,659 | |||
*,1 | BigBear.ai Holdings Inc. | 686,740 | 1,614 | |||
*,1 | Glimpse Group Inc. | 437,150 | 1,556 | |||
* | Key Tronic Corp. | 270,500 | 1,534 | |||
*,1 | Embark Technology Inc. | 533,700 | 1,526 | |||
*,1 | Arena Group Holdings Inc. | 332,403 | 1,522 | |||
* | CVD Equipment Corp. | 198,073 | 1,460 | |||
* | 1stdibs.com Inc. | 386,479 | 1,445 | |||
* | One Stop Systems Inc. | 498,283 | 1,430 | |||
*,1 | KULR Technology Group Inc. | 2,126,566 | 1,361 | |||
*,1 | Alpine 4 Holdings Inc. | 649,413 | 1,312 | |||
* | Streamline Health Solutions Inc. | 1,027,543 | 1,305 | |||
*,1 | Beachbody Co. Inc. | 3,047,190 | 1,276 | |||
* | Flux Power Holdings Inc. | 287,084 | 1,237 | |||
1 | VirnetX Holding Corp. | 2,322,044 | 1,080 | |||
* | EMCORE Corp. | 1,425,083 | 1,073 | |||
*,1 | BuzzFeed Inc. Class A | 2,108,022 | 1,065 | |||
*,1 | Steel Connect Inc. | 126,263 | 1,058 | |||
*,1 | Quantum Computing Inc. | 880,269 | 1,039 | |||
* | AudioEye Inc. | 211,717 | 1,035 | |||
* | Aware Inc. | 646,876 | 1,022 | |||
* | Zedge Inc. Class B | 455,536 | 1,020 | |||
*,1 | KORE Group Holdings Inc. | 823,448 | 1,005 |
Shares | Market Value• ($000) | |||||
* | DecisionPoint Systems Inc. | 179,250 | 986 | |||
* | NetSol Technologies Inc. | 391,833 | 925 | |||
*,1 | Inuvo Inc. | 3,857,320 | 856 | |||
* | Data I/O Corp. | 180,859 | 776 | |||
*,1 | OMNIQ Corp. | 175,600 | 709 | |||
* | Bridgeline Digital Inc. | 510,114 | 602 | |||
*,1 | CYNGN Inc. | 479,651 | 600 | |||
* | Mastech Digital Inc. | 57,522 | 568 | |||
*,1 | Intrusion Inc. | 416,377 | 508 | |||
* | Trio-Tech International | 105,180 | 506 | |||
* | WidePoint Corp. | 265,533 | 494 | |||
* | authID Inc. | 553,374 | 492 | |||
* | SeaChange International Inc. | 59,642 | 487 | |||
* | BSQUARE Corp. | 370,084 | 481 | |||
* | Duos Technologies Group Inc. | 73,218 | 435 | |||
* | iPower Inc. | 386,294 | 425 | |||
*,1 | Boxlight Corp. Class A | 187,451 | 416 | |||
* | SilverSun Technologies Inc. | 118,790 | 400 | |||
*,1 | IronNet Inc. | 1,890,753 | 395 | |||
*,1 | BTCS Inc. (XNCM) | 280,193 | 332 | |||
*,1 | Vinco Ventures Inc. | 267,407 | 326 | |||
*,1 | SigmaTron International Inc. | 98,274 | 318 | |||
*,1 | Remark Holdings Inc. | 310,306 | 304 | |||
*,1 | Super League Gaming Inc. | 736,401 | 280 | |||
*,1 | Direct Digital Holdings Inc. Class A | 90,848 | 259 | |||
* | Peraso Inc. | 436,157 | 216 | |||
*,1 | Research Frontiers Inc. | 128,114 | 205 | |||
* | GSE Systems Inc. | 541,861 | 195 | |||
*,1 | Laser Photonics Corp. | 59,452 | 186 | |||
*,1 | Creative Realities Inc. | 56,922 | 174 | |||
* | Kubient Inc. | 295,586 | 163 | |||
*,1 | Data Storage Corp. | 64,393 | 149 | |||
* | Paltalk Inc. | 65,588 | 123 | |||
* | VerifyMe Inc. | 85,157 | 118 | |||
*,1 | Leafly Holdings Inc. | 310,600 | 90 | |||
*,1 | Greenidge Generation Holdings Inc. Class A | 25,426 | 72 | |||
*,1 | T Stamp Inc. Class A | 44,450 | 57 | |||
* | Nortech Systems Inc. | 5,000 | 49 | |||
* | Intellinetics Inc. | 1,500 | 6 | |||
* | Transphorm Inc. Rights | 819,666 | 6 |
Shares | Market Value• ($000) | |||||
*,2 | Ikonics Corp. CVR | 7,226 | — | |||
*,2 | BTCS Inc. (XNAS) | 280,193 | — | |||
402,740,858 | ||||||
Telecommunications (2.1%) | ||||||
Cisco Systems Inc. | 114,353,406 | 5,916,645 | ||||
Comcast Corp. Class A | 129,634,528 | 5,386,315 | ||||
Verizon Communications Inc. | 117,970,128 | 4,387,309 | ||||
AT&T Inc. | 223,261,446 | 3,561,020 | ||||
* | T-Mobile US Inc. | 18,701,688 | 2,597,664 | |||
Motorola Solutions Inc. | 5,235,834 | 1,535,565 | ||||
* | Arista Networks Inc. | 7,213,410 | 1,169,005 | |||
* | Charter Communications Inc. Class A | 3,051,057 | 1,120,867 | |||
Juniper Networks Inc. | 10,096,685 | 316,329 | ||||
* | Liberty Broadband Corp. Class C | 3,741,940 | 299,767 | |||
* | Roku Inc. Class A | 3,817,278 | 244,153 | |||
Iridium Communications Inc. | 3,542,865 | 220,083 | ||||
* | Ciena Corp. | 4,644,354 | 197,339 | |||
* | Frontier Communications Parent Inc. | 7,667,911 | 142,930 | |||
* | Lumentum Holdings Inc. | 2,032,793 | 115,320 | |||
* | Extreme Networks Inc. | 4,035,655 | 105,129 | |||
Cable One Inc. | 144,813 | 95,154 | ||||
* | Viasat Inc. | 2,271,053 | 93,704 | |||
Cogent Communications Holdings Inc. | 1,364,475 | 91,816 | ||||
* | Calix Inc. | 1,747,520 | 87,219 | |||
InterDigital Inc. | 838,432 | 80,951 | ||||
* | Viavi Solutions Inc. | 6,961,143 | 78,870 | |||
Lumen Technologies Inc. | 30,131,904 | 68,098 | ||||
* | Harmonic Inc. | 3,255,717 | 52,645 | |||
* | DISH Network Corp. Class A | 7,842,726 | 51,684 | |||
* | Liberty Broadband Corp. Class A | 514,680 | 41,035 | |||
* | Digi International Inc. | 1,039,708 | 40,954 | |||
* | CommScope Holding Co. Inc. | 6,269,922 | 35,300 | |||
* | Gogo Inc. | 1,931,306 | 32,852 | |||
Shenandoah Telecommunications Co. | 1,552,599 | 30,167 | ||||
*,1 | Infinera Corp. | 5,831,136 | 28,164 |
Shares | Market Value• ($000) | |||||
Telephone & Data Systems Inc. | 3,151,054 | 25,933 | ||||
* | Globalstar Inc. | 21,655,685 | 23,388 | |||
*,1 | Lightwave Logic Inc. | 3,299,828 | 23,000 | |||
ADTRAN Holdings Inc. | 2,181,394 | 22,970 | ||||
Bel Fuse Inc. Class B | 379,156 | 21,767 | ||||
* | Altice USA Inc. Class A | 6,717,067 | 20,286 | |||
*,1 | fuboTV Inc. | 9,311,740 | 19,368 | |||
* | Clearfield Inc. | 406,637 | 19,254 | |||
* | EchoStar Corp. Class A | 1,106,964 | 19,195 | |||
* | IDT Corp. Class B | 640,184 | 16,549 | |||
* | Xperi Inc. | 1,203,602 | 15,827 | |||
*,1 | 8x8 Inc. | 3,289,503 | 13,915 | |||
* | WideOpenWest Inc. | 1,564,532 | 13,205 | |||
ATN International Inc. | 324,753 | 11,886 | ||||
* | Anterix Inc. | 371,637 | 11,777 | |||
*,1 | AST SpaceMobile Inc. Class A | 2,482,967 | 11,670 | |||
* | NETGEAR Inc. | 802,059 | 11,357 | |||
* | Aviat Networks Inc. | 301,106 | 10,048 | |||
* | Ooma Inc. | 671,112 | 10,047 | |||
* | Consolidated Communications Holdings Inc. | 2,207,355 | 8,454 | |||
* | United States Cellular Corp. | 461,155 | 8,130 | |||
* | Ribbon Communications Inc. | 2,867,787 | 8,001 | |||
Comtech Telecommunications Corp. | 846,569 | 7,738 | ||||
* | Akoustis Technologies Inc. | 2,271,105 | 7,222 | |||
1 | Spok Holdings Inc. | 518,466 | 6,890 | |||
* | KVH Industries Inc. | 599,619 | 5,481 | |||
* | Cambium Networks Corp. | 347,319 | 5,286 | |||
*,1 | Applied Optoelectronics Inc. | 828,961 | 4,941 | |||
*,1 | Kaltura Inc. | 2,319,059 | 4,916 | |||
* | Lantronix Inc. | 761,992 | 3,208 | |||
* | Powerfleet Inc. | 952,316 | 2,857 | |||
* | Genasys Inc. | 1,014,600 | 2,638 | |||
* | DZS Inc. | 641,747 | 2,548 | |||
*,1 | SurgePays Inc. | 345,312 | 2,524 | |||
* | Charge Enterprises Inc. | 2,547,177 | 2,496 | |||
PCTEL Inc. | 485,049 | 2,326 | ||||
*,1 | Inseego Corp. | 3,041,116 | 1,957 | |||
* | Airgain Inc. | 355,805 | 1,921 | |||
Network-1 Technologies Inc. | 570,833 | 1,319 |
Shares | Market Value• ($000) | |||||
* | CalAmp Corp. | 1,222,612 | 1,296 | |||
* | TESSCO Technologies Inc. | 138,125 | 1,236 | |||
*,1 | Casa Systems Inc. | 957,382 | 1,168 | |||
* | Franklin Wireless Corp. | 243,722 | 909 | |||
Crexendo Inc. | 345,906 | 609 | ||||
* | Optical Cable Corp. | 92,325 | 373 | |||
*,1 | Vislink Technologies Inc. | 55,959 | 318 | |||
*,1 | Sonim Technologies Inc. | 239,926 | 276 | |||
Bel Fuse Inc. Class A | 3,626 | 211 | ||||
ClearOne Inc. | 249,029 | 206 | ||||
*,1 | Airspan Networks Holdings Inc. | 614,890 | 102 | |||
* | ADDvantage Technologies Group Inc. | 88,780 | 56 | |||
*,1 | COMSovereign Holding Corp. | 1,444 | 2 | |||
*,1,2 | FTE Networks Inc. | 84,180 | — | |||
28,643,110 | ||||||
Utilities (2.9%) | ||||||
NextEra Energy Inc. | 63,096,302 | 4,681,746 | ||||
Southern Co. | 34,024,712 | 2,390,236 | ||||
Waste Management Inc. | 12,678,940 | 2,198,782 | ||||
Duke Energy Corp. | 24,066,349 | 2,159,714 | ||||
Sempra Energy | 9,805,383 | 1,427,566 | ||||
American Electric Power Co. Inc. | 16,084,183 | 1,354,288 | ||||
Dominion Energy Inc. | 26,055,993 | 1,349,440 | ||||
* | PG&E Corp. | 73,181,506 | 1,264,576 | |||
Exelon Corp. | 30,975,601 | 1,261,946 | ||||
Waste Connections Inc. | 8,028,403 | 1,147,500 | ||||
Xcel Energy Inc. | 17,142,641 | 1,065,758 | ||||
Republic Services Inc. Class A | 6,403,938 | 980,891 | ||||
Consolidated Edison Inc. | 10,766,521 | 973,293 | ||||
Public Service Enterprise Group Inc. | 15,540,152 | 972,969 | ||||
Constellation Energy Corp. | 10,190,228 | 932,915 | ||||
American Water Works Co. Inc. | 6,092,648 | 869,725 | ||||
WEC Energy Group Inc. | 9,846,190 | 868,828 | ||||
Edison International | 11,935,575 | 828,926 | ||||
Eversource Energy | 10,870,560 | 770,940 | ||||
Ameren Corp. | 8,244,494 | 673,328 | ||||
FirstEnergy Corp. | 16,956,115 | 659,254 | ||||
Entergy Corp. | 6,585,765 | 641,256 |
Shares | Market Value• ($000) | |||||
DTE Energy Co. | 5,795,120 | 637,579 | ||||
PPL Corp. | 22,923,273 | 606,550 | ||||
CenterPoint Energy Inc. | 19,636,264 | 572,397 | ||||
CMS Energy Corp. | 9,074,782 | 533,143 | ||||
Atmos Energy Corp. | 4,502,599 | 523,832 | ||||
AES Corp. | 20,840,520 | 432,024 | ||||
Evergy Inc. | 7,162,013 | 418,405 | ||||
Alliant Energy Corp. | 7,832,785 | 411,065 | ||||
NiSource Inc. | 12,839,605 | 351,163 | ||||
Vistra Corp. | 11,722,706 | 307,721 | ||||
Essential Utilities Inc. | 7,480,664 | 298,553 | ||||
Pinnacle West Capital Corp. | 3,516,311 | 286,439 | ||||
NRG Energy Inc. | 7,173,588 | 268,220 | ||||
* | Clean Harbors Inc. | 1,522,633 | 250,367 | |||
OGE Energy Corp. | 6,239,245 | 224,051 | ||||
UGI Corp. | 6,542,670 | 176,456 | ||||
IDACORP Inc. | 1,572,025 | 161,290 | ||||
* | Casella Waste Systems Inc. Class A | 1,750,531 | 158,336 | |||
National Fuel Gas Co. | 2,858,388 | 146,807 | ||||
Portland General Electric Co. | 3,070,130 | 143,774 | ||||
New Jersey Resources Corp. | 3,018,513 | 142,474 | ||||
* | Stericycle Inc. | 2,869,324 | 133,251 | |||
ONE Gas Inc. | 1,730,219 | 132,898 | ||||
Southwest Gas Holdings Inc. | 2,077,493 | 132,232 | ||||
Ormat Technologies Inc. | 1,581,248 | 127,227 | ||||
Black Hills Corp. | 2,051,589 | 123,629 | ||||
Hawaiian Electric Industries Inc. | 3,407,452 | 123,350 | ||||
PNM Resources Inc. | 2,671,354 | 120,478 | ||||
* | Sunrun Inc. | 6,352,586 | 113,457 | |||
NorthWestern Corp. | 1,869,594 | 106,118 | ||||
ALLETE Inc. | 1,780,879 | 103,238 | ||||
American States Water Co. | 1,159,795 | 100,902 | ||||
Spire Inc. | 1,553,788 | 98,572 | ||||
Avangrid Inc. | 2,448,416 | 92,256 | ||||
Avista Corp. | 2,347,756 | 92,196 | ||||
MGE Energy Inc. | 1,136,576 | 89,915 | ||||
California Water Service Group | 1,720,608 | 88,835 | ||||
Clearway Energy Inc. Class C | 2,375,578 | 67,847 | ||||
Chesapeake Utilities Corp. | 525,844 | 62,575 | ||||
SJW Group | 859,967 | 60,292 | ||||
*,1 | Sunnova Energy International Inc. | 3,072,177 | 56,252 | |||
Northwest Natural Holding Co. | 1,077,269 | 46,376 |
Shares | Market Value• ($000) | |||||
Middlesex Water Co. | 551,360 | 44,473 | ||||
Clearway Energy Inc. Class A | 1,266,427 | 34,194 | ||||
Unitil Corp. | 501,679 | 25,440 | ||||
* | Enviri Corp. | 2,563,153 | 25,298 | |||
* | Heritage-Crystal Clean Inc. | 569,023 | 21,503 | |||
York Water Co. | 335,520 | 13,847 | ||||
*,1 | NuScale Power Corp. | 2,004,840 | 13,633 | |||
Artesian Resources Corp. Class A | 278,092 | 13,131 | ||||
Excelerate Energy Inc. Class A | 635,447 | 12,919 | ||||
*,1 | Vertex Energy Inc. | 1,969,532 | 12,310 | |||
*,1 | Altus Power Inc. Class A | 2,139,508 | 11,553 | |||
Genie Energy Ltd. Class B | 742,474 | 10,499 | ||||
Aris Water Solutions Inc. Class A | 797,758 | 8,233 | ||||
* | Pure Cycle Corp. | 574,922 | 6,324 | |||
Global Water Resources Inc. | 429,961 | 5,452 | ||||
1 | RGC Resources Inc. | 254,708 | 5,102 | |||
*,1 | Cadiz Inc. | 1,127,137 | 4,576 | |||
* | Quest Resource Holding Corp. | 558,617 | 3,642 | |||
*,1 | Perma-Fix Environmental Services Inc. | 325,244 | 3,571 | |||
*,1 | Aqua Metals Inc. | 1,891,145 | 2,213 | |||
1 | Via Renewables Inc. Class A | 133,126 | 927 | |||
* | Advanced Emissions Solutions Inc. | 440,948 | 820 | |||
*,1 | Stronghold Digital Mining Inc. Class A | 66,711 | 279 | |||
38,876,358 | ||||||
Total Common Stocks (Cost $677,915,619) | 1,348,488,639 |
Shares | Market Value• ($000) | |||||
Preferred Stock (0.0%) | ||||||
Air T Funding Pfd., 8.000%, 6/7/24 (Cost $36) | 1,727 | 37 | ||||
Temporary Cash Investments (0.5%) | ||||||
Money Market Fund (0.5%) | ||||||
5,6 | Vanguard Market Liquidity Fund, 5.150% (Cost $6,845,828) | 68,482,365 | 6,846,867 | |||
Total Investments (100.3%) (Cost $684,761,483) | 1,355,335,543 | |||||
Other Assets and Liabilities—Net (-0.3%) | (4,163,572) | |||||
Net Assets (100%) | 1,351,171,971 |
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 $4,376,408,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
4 | Restricted securities totaling $11,045,000, representing 0.0% of net assets. |
5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
6 | Collateral of $4,832,001,000 was received for securities on loan, of which $4,829,605,000 is held in Vanguard Market Liquidity Fund and $2,396,000 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 | September 2023 | 4,453 | 423,859 | 3,768 |
E-mini S&P 500 Index | September 2023 | 6,851 | 1,537,450 | 30,048 |
E-mini S&P Mid-Cap 400 Index | September 2023 | 240 | 63,458 | 1,829 |
35,645 |
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) |
Arbor Realty Trust Inc. | 1/31/24 | GSI | 7,095 | (5.076) | 301 | — |
Bank of New York Mellon Corp. | 8/31/23 | BANA | 16,080 | (5.523) | 1,657 | — |
Global Payments Inc. | 8/31/23 | BANA | 61,146 | (5.620) | — | (2,094) |
Global Payments Inc. | 8/31/23 | BANA | 50,435 | (5.619) | — | (1,215) |
Global Payments Inc. | 8/31/23 | BANA | 14,267 | (5.620) | — | (489) |
Global Payments Inc. | 8/31/23 | BANA | 13,677 | (5.523) | 90 | — |
Global Payments Inc. | 8/31/23 | BANA | 13,677 | (5.523) | 90 | — |
Global Payments Inc. | 8/31/23 | BANA | 9,769 | (5.523) | 65 | — |
Global Payments Inc. | 8/31/23 | BANA | 9,769 | (5.523) | 65 | — |
Global Payments Inc. | 8/31/23 | BANA | 8,792 | (5.523) | 58 | — |
Goldman Sachs Group Inc. | 8/30/24 | BANA | 204,057 | (5.673) | — | (215) |
Goldman Sachs Group Inc. | 8/30/24 | BANA | 55,387 | (5.673) | — | (58) |
Goldman Sachs Group Inc. | 8/30/24 | BANA | 16,195 | (5.673) | — | (17) |
Paycor HCM Inc. | 1/31/24 | CITNA | 4,398 | (5.073) | 318 | — |
VICI Properties Inc. Class A | 8/31/23 | BANA | 146,918 | (5.623) | 3,562 | — |
Visa Inc. Class A | 8/31/23 | BANA | 49,732 | (4.973) | 3,603 | — |
9,809 | (4,088) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
CITNA—Citibank, N.A. | |
GSI—Goldman Sachs International. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $677,905,463) | 1,348,479,721 |
Affiliated Issuers (Cost $6,856,020) | 6,855,822 |
Total Investments in Securities | 1,355,335,543 |
Investment in Vanguard | 44,940 |
Cash | 2,396 |
Cash Collateral Pledged—Futures Contracts | 170,620 |
Receivables for Investment Securities Sold | 151,964 |
Receivables for Accrued Income | 930,637 |
Receivables for Capital Shares Issued | 1,471,335 |
Variation Margin Receivable—Futures Contracts | 35,123 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 9,809 |
Total Assets | 1,358,152,367 |
Liabilities | |
Due to Custodian | 87,244 |
Payables for Investment Securities Purchased | 339,801 |
Collateral for Securities on Loan | 4,832,001 |
Payables for Capital Shares Redeemed | 1,701,386 |
Payables to Vanguard | 15,876 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 4,088 |
Total Liabilities | 6,980,396 |
Net Assets | 1,351,171,971 |
1 Includes $4,376,408,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At June 30, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 698,504,956 |
Total Distributable Earnings (Loss) | 652,667,015 |
Net Assets | 1,351,171,971 |
Investor Shares—Net Assets | |
Applicable to 191,836,838 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 20,585,092 |
Net Asset Value Per Share—Investor Shares | $107.31 |
ETF Shares—Net Assets | |
Applicable to 1,405,309,167 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 309,815,167 |
Net Asset Value Per Share—ETF Shares | $220.46 |
Admiral Shares—Net Assets | |
Applicable to 2,951,549,011 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 316,757,414 |
Net Asset Value Per Share—Admiral Shares | $107.32 |
Institutional Shares—Net Assets | |
Applicable to 713,194,169 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 76,550,802 |
Net Asset Value Per Share—Institutional Shares | $107.34 |
Institutional Plus Shares—Net Assets | |
Applicable to 2,862,617,704 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 576,278,457 |
Net Asset Value Per Share—Institutional Plus Shares | $201.31 |
Institutional Select Shares—Net Assets | |
Applicable to 242,285,036 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 51,185,039 |
Net Asset Value Per Share—Institutional Select Shares | $211.26 |
Six Months Ended June 30, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers1 | 9,776,855 |
Dividends—Affiliated Issuers | — |
Interest—Unaffiliated Issuers | 8,705 |
Interest—Affiliated Issuers | 158,554 |
Securities Lending—Net | 171,759 |
Total Income | 10,115,873 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 16,456 |
Management and Administrative—Investor Shares | 12,401 |
Management and Administrative—ETF Shares | 30,600 |
Management and Administrative—Admiral Shares | 47,336 |
Management and Administrative—Institutional Shares | 8,409 |
Management and Administrative—Institutional Plus Shares | 35,463 |
Management and Administrative—Institutional Select Shares | 1,698 |
Marketing and Distribution—Investor Shares | 538 |
Marketing and Distribution—ETF Shares | 6,320 |
Marketing and Distribution—Admiral Shares | 6,774 |
Marketing and Distribution—Institutional Shares | 1,326 |
Marketing and Distribution—Institutional Plus Shares | 7,303 |
Marketing and Distribution—Institutional Select Shares | 47 |
Custodian Fees | 806 |
Shareholders’ Reports—Investor Shares | 110 |
Shareholders’ Reports—ETF Shares | 1,542 |
Shareholders’ Reports—Admiral Shares | 617 |
Shareholders’ Reports—Institutional Shares | 31 |
Shareholders’ Reports—Institutional Plus Shares | 1,207 |
Shareholders’ Reports—Institutional Select Shares | — |
Trustees’ Fees and Expenses | 323 |
Other Expenses | 57 |
Total Expenses | 179,364 |
Expenses Paid Indirectly | (5) |
Net Expenses | 179,359 |
Net Investment Income | 9,936,514 |
Realized Net Gain (Loss) | |
Investment Securities Sold—Unaffiliated Issuers2 | 7,569,047 |
Investment Securities Sold—Affiliated Issuers3 | 946 |
Statement of Operations (continued) | |
Six Months Ended June 30, 2023 | |
($000) | |
Futures Contracts | 637,722 |
Swap Contracts | (68,983) |
Realized Net Gain (Loss) | 8,138,732 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers | 169,928,266 |
Investment Securities—Affiliated Issuers | (2,554) |
Futures Contracts | 223,288 |
Swap Contracts | 55,924 |
Change in Unrealized Appreciation (Depreciation) | 170,204,924 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 188,280,170 |
1 | Dividends are net of foreign withholding taxes of $908,000. |
2 | Includes $9,503,302,000 of net gain (loss) resulting from in-kind redemptions. |
3 | Includes less than $1,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 9,936,514 | 18,662,820 | |
Realized Net Gain (Loss) | 8,138,732 | 5,664,235 | |
Change in Unrealized Appreciation (Depreciation) | 170,204,924 | (294,464,966) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 188,280,170 | (270,137,911) | |
Distributions | |||
Investor Shares | (141,790) | (284,794) | |
ETF Shares | (2,242,983) | (4,187,918) | |
Admiral Shares | (2,297,861) | (4,513,747) | |
Institutional Shares | (560,907) | (1,107,318) | |
Institutional Plus Shares | (4,202,141) | (7,915,118) | |
Institutional Select Shares | (372,794) | (713,492) | |
Total Distributions | (9,818,476) | (18,722,387) | |
Capital Share Transactions | |||
Investor Shares | (606,377) | (104,300,286) | |
ETF Shares | 8,235,684 | 25,952,138 | |
Admiral Shares | 308,314 | 4,099,576 | |
Institutional Shares | (392,924) | (155,304,571) | |
Institutional Plus Shares | 11,934,282 | 295,703,507 | |
Institutional Select Shares | 304,815 | 2,223,565 | |
Net Increase (Decrease) from Capital Share Transactions | 19,783,794 | 68,373,929 | |
Total Increase (Decrease) | 198,245,488 | (220,486,369) | |
Net Assets | |||
Beginning of Period | 1,152,926,483 | 1,373,412,852 | |
End of Period | 1,351,171,971 | 1,152,926,483 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $93.09 | $117.53 | $94.71 | $79.66 | $62.08 | $66.70 |
Investment Operations | ||||||
Net Investment Income1 | .738 | 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 | 14.213 | (24.344) | 22.837 | 15.026 | 17.634 | (4.703) |
Total from Investment Operations | 14.951 | (23.009) | 24.121 | 16.310 | 18.913 | (3.428) |
Distributions | ||||||
Dividends from Net Investment Income | (.731) | (1.431) | (1.301) | (1.260) | (1.333) | (1.192) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.731) | (1.431) | (1.301) | (1.260) | (1.333) | (1.192) |
Net Asset Value, End of Period | $107.31 | $93.09 | $117.53 | $94.71 | $79.66 | $62.08 |
Total Return3 | 16.12% | -19.60% | 25.59% | 20.87% | 30.65% | -5.26% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $20,585 | $18,409 | $133,977 | $153,845 | $139,686 | $121,266 |
Ratio of Total Expenses to Average Net Assets | 0.14%4 | 0.14%4 | 0.14% | 0.14% | 0.14% | 0.14% |
Ratio of Net Investment Income to Average Net Assets | 1.52% | 1.28% | 1.20% | 1.62% | 1.78% | 1.86% |
Portfolio Turnover Rate5 | 1% | 3% | 4% | 8% | 4% | 3% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $191.25 | $241.49 | $194.61 | $163.70 | $127.56 | $137.06 |
Investment Operations | ||||||
Net Investment Income1 | 1.630 | 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 | 29.193 | (50.248) | 46.898 | 30.848 | 36.236 | (9.676) |
Total from Investment Operations | 30.823 | (47.057) | 49.810 | 33.679 | 39.045 | (6.895) |
Distributions | ||||||
Dividends from Net Investment Income | (1.613) | (3.183) | (2.930) | (2.769) | (2.905) | (2.605) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.613) | (3.183) | (2.930) | (2.769) | (2.905) | (2.605) |
Net Asset Value, End of Period | $220.46 | $191.25 | $241.49 | $194.61 | $163.70 | $127.56 |
Total Return | 16.18% | -19.50% | 25.72% | 20.95% | 30.80% | -5.13% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $309,815 | $261,084 | $299,088 | $202,075 | $138,067 | $94,809 |
Ratio of Total Expenses to Average Net Assets | 0.03%3 | 0.03%3 | 0.03% | 0.03% | 0.03% | 0.03% |
Ratio of Net Investment Income to Average Net Assets | 1.63% | 1.55% | 1.31% | 1.73% | 1.89% | 1.97% |
Portfolio Turnover Rate4 | 1% | 3% | 4% | 8% | 4% | 3% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $93.10 | $117.56 | $94.74 | $79.69 | $62.09 | $66.72 |
Investment Operations | ||||||
Net Investment Income1 | .787 | 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 | 14.213 | (24.460) | 22.833 | 15.025 | 17.646 | (4.711) |
Total from Investment Operations | 15.000 | (22.920) | 24.235 | 16.389 | 19.006 | (3.367) |
Distributions | ||||||
Dividends from Net Investment Income | (.780) | (1.540) | (1.415) | (1.339) | (1.406) | (1.263) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.780) | (1.540) | (1.415) | (1.339) | (1.406) | (1.263) |
Net Asset Value, End of Period | $107.32 | $93.10 | $117.56 | $94.74 | $79.69 | $62.09 |
Total Return3 | 16.17% | -19.53% | 25.71% | 20.99% | 30.80% | -5.17% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $316,757 | $274,489 | $341,733 | $273,622 | $252,536 | $185,102 |
Ratio of Total Expenses to Average Net Assets | 0.04%4 | 0.04%4 | 0.04% | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.62% | 1.54% | 1.30% | 1.72% | 1.88% | 1.96% |
Portfolio Turnover Rate5 | 1% | 3% | 4% | 8% | 4% | 3% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $93.12 | $117.58 | $94.75 | $79.70 | $62.10 | $66.73 |
Investment Operations | ||||||
Net Investment Income1 | .792 | 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 | 14.213 | (24.407) | 22.841 | 15.024 | 17.649 | (4.715) |
Total from Investment Operations | 15.005 | (22.910) | 24.257 | 16.398 | 19.014 | (3.361) |
Distributions | ||||||
Dividends from Net Investment Income | (.785) | (1.550) | (1.427) | (1.348) | (1.414) | (1.269) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.785) | (1.550) | (1.427) | (1.348) | (1.414) | (1.269) |
Net Asset Value, End of Period | $107.34 | $93.12 | $117.58 | $94.75 | $79.70 | $62.10 |
Total Return | 16.18% | -19.51% | 25.73% | 21.00% | 30.81% | -5.16% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $76,551 | $66,751 | $249,282 | $180,586 | $152,716 | $115,115 |
Ratio of Total Expenses to Average Net Assets | 0.03%3 | 0.03%3 | 0.03% | 0.03% | 0.03% | 0.03% |
Ratio of Net Investment Income to Average Net Assets | 1.63% | 1.46% | 1.31% | 1.73% | 1.89% | 1.97% |
Portfolio Turnover Rate4 | 1% | 3% | 4% | 8% | 4% | 3% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $174.63 | $220.49 | $177.69 | $149.47 | $116.46 | $125.14 |
Investment Operations | ||||||
Net Investment Income1 | 1.496 | 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 | 26.657 | (45.906) | 42.823 | 28.172 | 33.100 | (8.842) |
Total from Investment Operations | 28.153 | (42.946) | 45.495 | 30.763 | 35.675 | (6.287) |
Distributions | ||||||
Dividends from Net Investment Income | (1.473) | (2.914) | (2.695) | (2.543) | (2.665) | (2.393) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.473) | (2.914) | (2.695) | (2.543) | (2.665) | (2.393) |
Net Asset Value, End of Period | $201.31 | $174.63 | $220.49 | $177.69 | $149.47 | $116.46 |
Total Return | 16.18% | -19.51% | 25.74% | 21.02% | 30.82% | -5.15% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $576,278 | $488,093 | $296,554 | $226,288 | $188,188 | $135,641 |
Ratio of Total Expenses to Average Net Assets | 0.02%3 | 0.02%3 | 0.02% | 0.02% | 0.02% | 0.02% |
Ratio of Net Investment Income to Average Net Assets | 1.64% | 1.59% | 1.32% | 1.74% | 1.90% | 1.98% |
Portfolio Turnover Rate4 | 1% | 3% | 4% | 8% | 4% | 3% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | Six Months Ended June 30, 2023 | Year Ended December 31, | ||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net Asset Value, Beginning of Period | $183.25 | $231.36 | $186.45 | $156.83 | $122.20 | $131.31 |
Investment Operations | ||||||
Net Investment Income1 | 1.576 | 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 | 27.979 | (48.139) | 44.937 | 29.532 | 34.731 | (9.290) |
Total from Investment Operations | 29.555 | (45.046) | 47.758 | 32.304 | 37.440 | (6.586) |
Distributions | ||||||
Dividends from Net Investment Income | (1.545) | (3.064) | (2.848) | (2.684) | (2.810) | (2.524) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.545) | (3.064) | (2.848) | (2.684) | (2.810) | (2.524) |
Net Asset Value, End of Period | $211.26 | $183.25 | $231.36 | $186.45 | $156.83 | $122.20 |
Total Return | 16.19% | -19.50% | 25.75% | 21.03% | 30.84% | -5.14% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $51,185 | $44,101 | $52,780 | $44,296 | $26,431 | $20,262 |
Ratio of Total Expenses to Average Net Assets | 0.01%3 | 0.01%3 | 0.01% | 0.01% | 0.01% | 0.01% |
Ratio of Net Investment Income to Average Net Assets | 1.64% | 1.57% | 1.33% | 1.76% | 1.91% | 1.99% |
Portfolio Turnover Rate4 | 1% | 3% | 4% | 8% | 4% | 3% |
The expense ratio and net investment income ratio for the current period have been annualized. |
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 | 1,348,471,984 | 12,199 | 4,456 | 1,348,488,639 |
Preferred Stock | 37 | — | — | 37 |
Temporary Cash Investments | 6,846,867 | — | — | 6,846,867 |
Total | 1,355,318,888 | 12,199 | 4,456 | 1,355,335,543 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 35,645 | — | — | 35,645 |
Swap Contracts | — | 9,809 | — | 9,809 |
Total | 35,645 | 9,809 | — | 45,454 |
Liabilities | ||||
Swap Contracts | — | 4,088 | — | 4,088 |
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) | |
Tax Cost | 687,532,069 |
Gross Unrealized Appreciation | 722,139,787 |
Gross Unrealized Depreciation | (54,294,947) |
Net Unrealized Appreciation (Depreciation) | 667,844,840 |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 191,144 | 1,933 | 3,914,517 | 36,574 | |
Issued in Lieu of Cash Distributions | 141,790 | 1,416 | 284,794 | 2,978 | |
Redeemed | (939,311) | (9,269) | (108,499,597) | (981,740) | |
Net Increase (Decrease)—Investor Shares | (606,377) | (5,920) | (104,300,286) | (942,188) | |
ETF Shares | |||||
Issued | 17,930,607 | 87,200 | 50,798,717 | 249,707 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (9,694,923) | (47,000) | (24,846,579) | (123,100) | |
Net Increase (Decrease)—ETF Shares | 8,235,684 | 40,200 | 25,952,138 | 126,607 | |
Admiral Shares | |||||
Issued | 13,005,639 | 131,033 | 31,898,755 | 317,329 | |
Issued in Lieu of Cash Distributions | 1,915,887 | 19,129 | 3,762,619 | 39,309 | |
Redeemed | (14,613,212) | (146,876) | (31,561,798) | (315,336) | |
Net Increase (Decrease)—Admiral Shares | 308,314 | 3,286 | 4,099,576 | 41,302 | |
Institutional Shares | |||||
Issued | 3,356,089 | 33,836 | 9,249,702 | 92,024 | |
Issued in Lieu of Cash Distributions | 453,182 | 4,525 | 903,770 | 9,433 | |
Redeemed | (4,202,195) | (42,027) | (165,458,043) | (1,504,789) | |
Net Increase (Decrease)—Institutional Shares | (392,924) | (3,666) | (155,304,571) | (1,403,332) | |
Institutional Plus Shares | |||||
Issued | 24,504,524 | 133,889 | 320,489,415 | 1,582,401 | |
Issued in Lieu of Cash Distributions | 4,167,818 | 22,180 | 7,850,659 | 43,753 | |
Redeemed | (16,738,060) | (88,393) | (32,636,567) | (176,178) | |
Net Increase (Decrease)—Institutional Plus Shares | 11,934,282 | 67,676 | 295,703,507 | 1,449,976 |
Six Months Ended June 30, 2023 | Year Ended December 31, 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Institutional Select Shares | |||||
Issued | 2,795,341 | 14,271 | 6,711,633 | 34,640 | |
Issued in Lieu of Cash Distributions | 372,794 | 1,892 | 713,492 | 3,786 | |
Redeemed | (2,863,320) | (14,531) | (5,201,560) | (25,901) | |
Net Increase (Decrease)—Institutional Select Shares | 304,815 | 1,632 | 2,223,565 | 12,525 |
Current Period Transactions | ||||||||
Dec. 31, 2022 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) | Jun. 30, 2023 Market Value ($000) | |
1895 Bancorp of Wisconsin Inc. | NA1 | 74 | 25 | (12) | (840) | — | — | 2,480 |
Franklin Financial Services Corp. | NA1 | 6,573 | — | — | (98) | — | — | 6,475 |
Vanguard Market Liquidity Fund | 10,588,790 | NA2 | NA2 | 958 | (1,616) | 158,554 | — | 6,846,867 |
Total | 10,588,790 | 6,647 | 25 | 946 | (2,554) | 158,554 | — | 6,855,822 |
1 | Not applicable—at December 31, 2022, the issuer was not an affiliated company of the fund. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
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Vanguard Marketing Corporation, Distributor.
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. 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) | Not applicable. |
(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: August 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: August 17, 2023
VANGUARD INDEX FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: August 17, 2023
* By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on July 21, 2023 (see File Number 33-53683) and to a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.