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—December 31, 2023
Item 1: Reports to Shareholders
Your Fund’s Performance at a Glance | 1 |
About Your Fund’s Expenses | 2 |
Performance Summary | 4 |
Financial Statements | 7 |
• | The financial markets delivered very robust returns for the 12 months ended December 31, 2023. Returns for Vanguard 500 Index Fund ranged from 26.11% for Investor Shares to 26.28% for Institutional Select Shares. It closely tracked its target index, the Standard & Poor’s 500 Index. The fund provides exposure to the stocks of the largest U.S. companies. |
• | With inflation continuing to ease, a number of major central banks left off hiking interest rates. Global growth, employment, and consumer spending showed resilience, but the prospect of rates remaining high for an extended period spurred volatility at times. Toward year-end, however, global stocks and bonds rallied as falling inflation and softening economic growth raised market expectations for rate cuts in 2024. |
• | All but two of the 11 industry sectors recorded positive returns for the 12 months. Information technology, communication services, and consumer discretionary all posted very strong results. |
• | For the 10 years ended December 31, the fund posted average annual returns of 11.88% for Investor Shares and 11.99% for both ETF Shares (based on net asset value) and Admiral Shares. Institutional Select Shares recorded an annualized return of 14.02% since their 2016 inception. |
Average Annual Total Returns Periods Ended December 31, 2023 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 26.53% | 8.97% | 15.52% |
Russell 2000 Index (Small-caps) | 16.93 | 2.22 | 9.97 |
Russell 3000 Index (Broad U.S. market) | 25.96 | 8.54 | 15.16 |
FTSE All-World ex US Index (International) | 15.82 | 1.98 | 7.52 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | 5.60% | -3.33% | 1.17% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 6.40 | -0.40 | 2.25 |
FTSE Three-Month U.S. Treasury Bill Index | 5.26 | 2.24 | 1.91 |
CPI | |||
Consumer Price Index | 3.35% | 5.60% | 4.07% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended December 31, 2023 | |||
Beginning Account Value 6/30/2023 | Ending Account Value 12/31/2023 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
500 Index Fund | |||
Investor Shares | $1,000.00 | $1,079.60 | $0.73 |
ETF Shares | 1,000.00 | 1,080.30 | 0.16 |
Admiral™ Shares | 1,000.00 | 1,080.20 | 0.21 |
Institutional Select Shares | 1,000.00 | 1,080.30 | 0.05 |
Based on Hypothetical 5% Yearly Return | |||
500 Index Fund | |||
Investor Shares | $1,000.00 | $1,024.50 | $0.71 |
ETF Shares | 1,000.00 | 1,025.05 | 0.15 |
Admiral Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Select Shares | 1,000.00 | 1,025.16 | 0.05 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
500 Index Fund Investor Shares | 26.11% | 15.53% | 11.88% | $30,725 | |
S&P 500 Index | 26.29 | 15.69 | 12.03 | 31,149 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
500 Index Fund ETF Shares Net Asset Value | 26.25% | 15.65% | 11.99% | $31,037 | |
500 Index Fund ETF Shares Market Price | 26.33 | 15.66 | 12.00 | 31,054 | |
S&P 500 Index | 26.29 | 15.69 | 12.03 | 31,149 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
500 Index Fund Admiral Shares | 26.24% | 15.65% | 11.99% | $31,043 | |
S&P 500 Index | 26.29 | 15.69 | 12.03 | 31,149 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Since Inception (6/24/2016) | Final Value of a $5,000,000,000 Investment | ||
500 Index Fund Institutional Select Shares | 26.28% | 15.68% | 14.02% | $13,406,371,500 | |
S&P 500 Index | 26.29 | 15.69 | 14.02 | 13,410,327,500 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 13.49 | 12,946,697,500 |
One Year | Five Years | Ten Years | |
500 Index Fund ETF Shares Market Price | 26.33% | 106.99% | 210.54% |
500 Index Fund ETF Shares Net Asset Value | 26.25 | 106.84 | 210.37 |
S&P 500 Index | 26.29 | 107.21 | 211.49 |
Communication Services | 8.6% |
Consumer Discretionary | 10.9 |
Consumer Staples | 6.2 |
Energy | 3.9 |
Financials | 12.9 |
Health Care | 12.6 |
Industrials | 8.8 |
Information Technology | 28.9 |
Materials | 2.4 |
Real Estate | 2.5 |
Utilities | 2.3 |
Shares | Market Value• ($000) | ||
Common Stocks (99.6%) | |||
Communication Services (8.5%) | |||
* | Alphabet Inc. Class A | 144,509,039 | 20,186,468 |
* | Meta Platforms Inc. Class A | 54,200,007 | 19,184,634 |
* | Alphabet Inc. Class C | 121,624,966 | 17,140,606 |
* | Netflix Inc. | 10,587,876 | 5,155,025 |
Comcast Corp. Class A | 98,052,056 | 4,299,583 | |
Walt Disney Co. | 44,683,849 | 4,034,505 | |
Verizon Communications Inc. | 102,662,958 | 3,870,394 | |
AT&T Inc. | 174,606,397 | 2,929,895 | |
T-Mobile US Inc. | 12,424,521 | 1,992,023 | |
* | Charter Communications Inc. Class A | 2,455,884 | 954,553 |
Electronic Arts Inc. | 5,976,212 | 817,606 | |
* | Take-Two Interactive Software Inc. | 3,861,695 | 621,540 |
* | Warner Bros Discovery Inc. | 54,181,706 | 616,588 |
Omnicom Group Inc. | 4,835,350 | 418,306 | |
* | Live Nation Entertainment Inc. | 3,466,690 | 324,482 |
Interpublic Group of Cos. Inc. | 9,352,490 | 305,265 | |
News Corp. Class A | 12,202,001 | 299,559 | |
* | Match Group Inc. | 6,637,240 | 242,259 |
Fox Corp. Class A | 5,977,661 | 177,357 | |
1 | Paramount Global Class B | 11,774,681 | 174,148 |
Fox Corp. Class B | 3,286,597 | 90,874 | |
News Corp. Class B | 1,428 | 37 | |
83,835,707 | |||
Consumer Discretionary (10.8%) | |||
* | Amazon.com Inc. | 222,063,192 | 33,740,281 |
* | Tesla Inc. | 67,534,747 | 16,781,034 |
Home Depot Inc. | 24,420,596 | 8,462,958 | |
McDonald's Corp. | 17,712,117 | 5,251,820 | |
NIKE Inc. Class B | 29,889,659 | 3,245,120 | |
Lowe's Cos. Inc. | 14,093,315 | 3,136,467 | |
* | Booking Holdings Inc. | 852,064 | 3,022,458 |
Starbucks Corp. | 27,902,973 | 2,678,964 |
Shares | Market Value• ($000) | ||
TJX Cos. Inc. | 27,939,258 | 2,620,982 | |
* | Chipotle Mexican Grill Inc. | 670,127 | 1,532,554 |
* | Airbnb Inc. Class A | 10,617,698 | 1,445,493 |
* | Lululemon Athletica Inc. | 2,811,535 | 1,437,510 |
* | O'Reilly Automotive Inc. | 1,444,697 | 1,372,578 |
Marriott International Inc. Class A | 6,023,765 | 1,358,419 | |
General Motors Co. | 33,437,882 | 1,201,089 | |
Ford Motor Co. | 96,006,048 | 1,170,314 | |
Ross Stores Inc. | 8,267,869 | 1,144,190 | |
Hilton Worldwide Holdings Inc. | 6,261,561 | 1,140,168 | |
DR Horton Inc. | 7,357,619 | 1,118,211 | |
* | AutoZone Inc. | 430,533 | 1,113,190 |
Lennar Corp. Class A | 6,045,529 | 901,026 | |
Yum! Brands Inc. | 6,844,002 | 894,237 | |
* | Royal Caribbean Cruises Ltd. | 5,755,863 | 745,327 |
* | Aptiv plc | 6,906,151 | 619,620 |
* | Ulta Beauty Inc. | 1,202,055 | 588,995 |
Tractor Supply Co. | 2,639,680 | 567,610 | |
eBay Inc. | 12,672,899 | 552,792 | |
PulteGroup Inc. | 5,263,004 | 543,247 | |
* | NVR Inc. | 77,516 | 542,647 |
* | Expedia Group Inc. | 3,255,653 | 494,176 |
Darden Restaurants Inc. | 2,937,601 | 482,648 | |
Garmin Ltd. | 3,736,865 | 480,337 | |
Genuine Parts Co. | 3,422,913 | 474,073 | |
* | Carnival Corp. | 24,597,900 | 456,045 |
Las Vegas Sands Corp. | 9,011,932 | 443,477 | |
Pool Corp. | 944,450 | 376,562 | |
Best Buy Co. Inc. | 4,729,631 | 370,235 | |
Domino's Pizza Inc. | 851,789 | 351,133 | |
LKQ Corp. | 6,534,086 | 312,264 | |
* | MGM Resorts International | 6,672,901 | 298,145 |
* | CarMax Inc. | 3,876,418 | 297,476 |
* | Caesars Entertainment Inc. | 5,266,193 | 246,879 |
Bath & Body Works Inc. | 5,552,172 | 239,632 |
Shares | Market Value• ($000) | ||
* | Etsy Inc. | 2,924,078 | 236,996 |
Wynn Resorts Ltd. | 2,344,307 | 213,590 | |
*,1 | Norwegian Cruise Line Holdings Ltd. | 10,387,593 | 208,167 |
Tapestry Inc. | 5,596,209 | 205,996 | |
BorgWarner Inc. (XNYS) | 5,737,271 | 205,681 | |
Whirlpool Corp. | 1,341,460 | 163,350 | |
Hasbro Inc. | 3,183,894 | 162,570 | |
VF Corp. | 8,068,224 | 151,683 | |
Ralph Lauren Corp. | 971,539 | 140,096 | |
* | Mohawk Industries Inc. | 1,289,678 | 133,482 |
Lennar Corp. Class B | 74,560 | 9,995 | |
106,083,989 | |||
Consumer Staples (6.1%) | |||
Procter & Gamble Co. | 57,549,941 | 8,433,368 | |
Costco Wholesale Corp. | 10,811,228 | 7,136,275 | |
PepsiCo Inc. | 33,573,094 | 5,702,054 | |
Coca-Cola Co. | 95,013,906 | 5,599,170 | |
Walmart Inc. | 34,833,145 | 5,491,445 | |
Philip Morris International Inc. | 37,910,936 | 3,566,661 | |
Mondelez International Inc. Class A | 33,223,370 | 2,406,369 | |
Altria Group Inc. | 43,184,653 | 1,742,069 | |
Target Corp. | 11,270,409 | 1,605,132 | |
Colgate-Palmolive Co. | 20,104,105 | 1,602,498 | |
* | Monster Beverage Corp. | 18,037,115 | 1,039,118 |
Kimberly-Clark Corp. | 8,251,817 | 1,002,678 | |
Constellation Brands Inc. Class A | 3,946,415 | 954,046 | |
Archer-Daniels-Midland Co. | 13,023,613 | 940,565 | |
General Mills Inc. | 14,193,544 | 924,567 | |
Kenvue Inc. | 42,082,651 | 906,040 | |
Sysco Corp. | 12,310,056 | 900,234 | |
Estee Lauder Cos. Inc. Class A | 5,674,415 | 829,883 | |
Keurig Dr Pepper Inc. | 24,594,503 | 819,489 | |
Dollar General Corp. | 5,358,750 | 728,522 | |
* | Dollar Tree Inc. | 5,102,990 | 724,880 |
Kraft Heinz Co. | 19,467,090 | 719,893 | |
Kroger Co. | 15,163,248 | 693,112 | |
Hershey Co. | 3,659,782 | 682,330 | |
Church & Dwight Co. Inc. | 6,016,232 | 568,895 | |
Walgreens Boots Alliance Inc. | 17,513,723 | 457,283 | |
Clorox Co. | 3,029,853 | 432,027 | |
McCormick & Co. Inc. | 6,135,965 | 419,823 | |
Lamb Weston Holdings Inc. | 3,538,878 | 382,517 | |
Tyson Foods Inc. Class A | 6,964,807 | 374,358 | |
Kellanova | 6,447,658 | 360,489 | |
Bunge Global SA | 3,547,808 | 358,151 | |
Conagra Brands Inc. | 11,665,693 | 334,339 | |
J M Smucker Co. | 2,591,190 | 327,475 |
Shares | Market Value• ($000) | ||
Molson Coors Beverage Co. Class B | 4,521,513 | 276,762 | |
Brown-Forman Corp. Class B | 4,465,573 | 254,984 | |
Hormel Foods Corp. | 7,066,040 | 226,891 | |
Campbell Soup Co. | 4,797,552 | 207,398 | |
60,131,790 | |||
Energy (3.9%) | |||
Exxon Mobil Corp. | 97,814,514 | 9,779,495 | |
Chevron Corp. | 42,870,453 | 6,394,557 | |
ConocoPhillips | 28,997,282 | 3,365,715 | |
Schlumberger NV | 34,887,219 | 1,815,531 | |
EOG Resources Inc. | 14,242,060 | 1,722,577 | |
Phillips 66 | 10,742,292 | 1,430,229 | |
Marathon Petroleum Corp. | 9,271,759 | 1,375,558 | |
Pioneer Natural Resources Co. | 5,698,610 | 1,281,503 | |
Valero Energy Corp. | 8,313,385 | 1,080,740 | |
Williams Cos. Inc. | 29,701,354 | 1,034,498 | |
ONEOK Inc. | 14,223,348 | 998,763 | |
Hess Corp. | 6,749,490 | 973,006 | |
Occidental Petroleum Corp. | 16,121,424 | 962,610 | |
Baker Hughes Co. | 24,568,132 | 839,739 | |
Kinder Morgan Inc. | 47,215,904 | 832,889 | |
Halliburton Co. | 21,854,154 | 790,028 | |
Devon Energy Corp. | 15,643,458 | 708,649 | |
Diamondback Energy Inc. | 4,371,798 | 677,978 | |
Targa Resources Corp. | 5,443,834 | 472,906 | |
Coterra Energy Inc. | 18,365,398 | 468,685 | |
EQT Corp. | 10,039,977 | 388,146 | |
Marathon Oil Corp. | 14,291,428 | 345,281 | |
APA Corp. | 7,489,382 | 268,719 | |
38,007,802 | |||
Financials (12.9%) | |||
* | Berkshire Hathaway Inc. Class B | 44,428,377 | 15,845,825 |
JPMorgan Chase & Co. | 70,594,395 | 12,008,107 | |
Visa Inc. Class A | 38,673,124 | 10,068,548 | |
Mastercard Inc. Class A | 20,220,757 | 8,624,355 | |
Bank of America Corp. | 168,131,956 | 5,661,003 | |
Wells Fargo & Co. | 88,683,351 | 4,364,995 | |
S&P Global Inc. | 7,911,730 | 3,485,275 | |
Morgan Stanley | 30,862,576 | 2,877,935 | |
Goldman Sachs Group Inc. | 7,314,427 | 2,821,687 | |
BlackRock Inc. | 3,414,804 | 2,772,138 | |
American Express Co. | 14,059,475 | 2,633,902 | |
Charles Schwab Corp. | 36,343,038 | 2,500,401 | |
Citigroup Inc. | 46,130,878 | 2,372,972 | |
Marsh & McLennan Cos. Inc. | 12,041,085 | 2,281,424 | |
Progressive Corp. | 14,287,553 | 2,275,721 | |
Blackstone Inc. | 17,348,538 | 2,271,271 | |
Chubb Ltd. | 9,963,497 | 2,251,750 | |
* | Fiserv Inc. | 14,654,498 | 1,946,704 |
Shares | Market Value• ($000) | ||
CME Group Inc. | 8,789,452 | 1,851,059 | |
Intercontinental Exchange Inc. | 13,978,722 | 1,795,287 | |
US Bancorp | 38,016,932 | 1,645,373 | |
* | PayPal Holdings Inc. | 26,325,168 | 1,616,629 |
PNC Financial Services Group Inc. | 9,726,394 | 1,506,132 | |
Moody's Corp. | 3,843,828 | 1,501,245 | |
Aon plc Class A (XNYS) | 4,888,647 | 1,422,694 | |
Capital One Financial Corp. | 9,298,794 | 1,219,258 | |
Truist Financial Corp. | 32,575,075 | 1,202,672 | |
Arthur J Gallagher & Co. | 5,272,292 | 1,185,633 | |
American International Group Inc. | 17,141,408 | 1,161,330 | |
MSCI Inc. | 1,931,155 | 1,092,358 | |
Aflac Inc. | 12,984,336 | 1,071,208 | |
Travelers Cos. Inc. | 5,576,576 | 1,062,282 | |
MetLife Inc. | 15,181,599 | 1,003,959 | |
Bank of New York Mellon Corp. | 18,778,540 | 977,423 | |
Ameriprise Financial Inc. | 2,470,869 | 938,510 | |
Prudential Financial Inc. | 8,814,216 | 914,122 | |
Allstate Corp. | 6,389,310 | 894,376 | |
Discover Financial Services | 6,105,386 | 686,245 | |
* | Arch Capital Group Ltd. | 9,111,049 | 676,678 |
Fidelity National Information Services Inc. | 11,105,984 | 667,136 | |
Global Payments Inc. | 5,004,141 | 635,526 | |
Willis Towers Watson plc | 2,521,341 | 608,147 | |
Hartford Financial Services Group Inc. | 7,343,113 | 590,239 | |
T Rowe Price Group Inc. | 5,456,369 | 587,596 | |
State Street Corp. | 7,535,222 | 583,678 | |
Fifth Third Bancorp | 16,624,710 | 573,386 | |
M&T Bank Corp. | 4,052,480 | 555,514 | |
Raymond James Financial Inc. | 4,588,270 | 511,592 | |
* | FleetCor Technologies Inc. | 1,762,966 | 498,232 |
Nasdaq Inc. | 8,311,333 | 483,221 | |
Cboe Global Markets Inc. | 2,577,209 | 460,186 | |
Huntington Bancshares Inc. | 35,363,297 | 449,821 | |
FactSet Research Systems Inc. | 927,407 | 442,420 | |
Regions Financial Corp. | 22,714,703 | 440,211 | |
Northern Trust Corp. | 5,054,088 | 426,464 | |
Principal Financial Group Inc. | 5,355,720 | 421,335 | |
Brown & Brown Inc. | 5,766,710 | 410,071 |
Shares | Market Value• ($000) | ||
Cincinnati Financial Corp. | 3,834,387 | 396,706 | |
Synchrony Financial | 10,105,017 | 385,911 | |
Citizens Financial Group Inc. | 11,386,572 | 377,351 | |
Everest Group Ltd. | 1,059,524 | 374,627 | |
W R Berkley Corp. | 4,973,825 | 351,749 | |
KeyCorp. | 22,850,322 | 329,045 | |
Loews Corp. | 4,473,596 | 311,318 | |
Jack Henry & Associates Inc. | 1,778,281 | 290,589 | |
MarketAxess Holdings Inc. | 925,458 | 271,020 | |
Globe Life Inc. | 2,093,147 | 254,778 | |
Assurant Inc. | 1,284,257 | 216,384 | |
Franklin Resources Inc. | 6,884,838 | 205,099 | |
Invesco Ltd. | 10,733,422 | 191,484 | |
Comerica Inc. | 3,225,519 | 180,016 | |
Zions Bancorp NA | 3,614,185 | 158,554 | |
126,127,892 | |||
Health Care (12.6%) | |||
UnitedHealth Group Inc. | 22,585,620 | 11,890,651 | |
Eli Lilly & Co. | 19,471,847 | 11,350,529 | |
Johnson & Johnson | 58,782,151 | 9,213,514 | |
Merck & Co. Inc. | 61,877,450 | 6,745,880 | |
AbbVie Inc. | 43,110,763 | 6,680,875 | |
Thermo Fisher Scientific Inc. | 9,434,887 | 5,007,944 | |
Abbott Laboratories | 42,376,428 | 4,664,373 | |
Pfizer Inc. | 137,882,469 | 3,969,636 | |
Amgen Inc. | 13,068,493 | 3,763,987 | |
Danaher Corp. | 16,059,299 | 3,715,158 | |
* | Intuitive Surgical Inc. | 8,597,869 | 2,900,577 |
Elevance Health Inc. | 5,736,997 | 2,705,338 | |
Medtronic plc | 32,492,652 | 2,676,745 | |
* | Vertex Pharmaceuticals Inc. | 6,292,668 | 2,560,424 |
Bristol-Myers Squibb Co. | 49,684,005 | 2,549,286 | |
CVS Health Corp. | 31,366,906 | 2,476,731 | |
Stryker Corp. | 8,256,850 | 2,472,596 | |
Gilead Sciences Inc. | 30,429,179 | 2,465,068 | |
* | Regeneron Pharmaceuticals Inc. | 2,616,191 | 2,297,774 |
Zoetis Inc. | 11,212,243 | 2,212,960 | |
Cigna Group | 7,144,885 | 2,139,536 | |
* | Boston Scientific Corp. | 35,750,084 | 2,066,712 |
Becton Dickinson & Co. | 7,083,181 | 1,727,092 | |
McKesson Corp. | 3,248,974 | 1,504,210 | |
Humana Inc. | 3,005,911 | 1,376,136 | |
HCA Healthcare Inc. | 4,836,323 | 1,309,096 | |
* | DexCom Inc. | 9,433,606 | 1,170,616 |
* | Edwards Lifesciences Corp. | 14,808,187 | 1,129,124 |
* | IDEXX Laboratories Inc. | 2,028,952 | 1,126,170 |
Shares | Market Value• ($000) | ||
* | IQVIA Holdings Inc. | 4,470,775 | 1,034,448 |
Agilent Technologies Inc. | 7,143,615 | 993,177 | |
* | Centene Corp. | 13,043,615 | 967,967 |
* | Biogen Inc. | 3,537,844 | 915,488 |
Cencora Inc. | 4,070,305 | 835,959 | |
* | Moderna Inc. | 8,102,097 | 805,754 |
GE Healthcare Inc. | 9,563,156 | 739,423 | |
* | Mettler-Toledo International Inc. | 529,427 | 642,174 |
West Pharmaceutical Services Inc. | 1,807,172 | 636,341 | |
Zimmer Biomet Holdings Inc. | 5,102,386 | 620,960 | |
ResMed Inc. | 3,592,809 | 618,035 | |
Cardinal Health Inc. | 6,018,304 | 606,645 | |
* | Illumina Inc. | 3,877,128 | 539,851 |
STERIS plc | 2,412,972 | 530,492 | |
* | Molina Healthcare Inc. | 1,423,447 | 514,306 |
Baxter International Inc. | 12,389,570 | 478,981 | |
* | Align Technology Inc. | 1,739,343 | 476,580 |
* | Waters Corp. | 1,444,469 | 475,563 |
Laboratory Corp. of America Holdings | 2,073,175 | 471,212 | |
Cooper Cos. Inc. | 1,208,868 | 457,484 | |
* | Hologic Inc. | 5,980,479 | 427,305 |
Quest Diagnostics Inc. | 2,747,569 | 378,835 | |
* | Insulet Corp. | 1,704,661 | 369,877 |
Revvity Inc. | 3,012,960 | 329,347 | |
Viatris Inc. | 29,283,828 | 317,144 | |
Bio-Techne Corp. | 3,860,817 | 297,901 | |
* | Charles River Laboratories International Inc. | 1,251,779 | 295,921 |
Teleflex Inc. | 1,147,351 | 286,081 | |
* | Incyte Corp. | 4,541,566 | 285,165 |
* | Henry Schein Inc. | 3,188,045 | 241,367 |
Universal Health Services Inc. Class B | 1,489,756 | 227,098 | |
* | Catalent Inc. | 4,399,263 | 197,659 |
DENTSPLY SIRONA Inc. | 5,168,107 | 183,933 | |
* | Bio-Rad Laboratories Inc. Class A | 511,608 | 165,193 |
* | DaVita Inc. | 1,314,706 | 137,729 |
*,2 | ABIOMED Inc. CVR | 180 | — |
123,370,133 | |||
Industrials (8.8%) | |||
Caterpillar Inc. | 12,457,691 | 3,683,366 | |
Union Pacific Corp. | 14,885,984 | 3,656,295 | |
* | Boeing Co. | 13,887,000 | 3,619,785 |
General Electric Co. | 26,577,986 | 3,392,148 | |
Honeywell International Inc. | 16,099,526 | 3,376,232 | |
* | Uber Technologies Inc. | 50,251,724 | 3,093,999 |
RTX Corp. | 35,108,667 | 2,954,043 | |
United Parcel Service Inc. Class B (XNYS) | 17,662,500 | 2,777,075 | |
Deere & Co. | 6,539,981 | 2,615,142 |
Shares | Market Value• ($000) | ||
Lockheed Martin Corp. | 5,392,437 | 2,444,068 | |
Eaton Corp. plc | 9,751,379 | 2,348,327 | |
Automatic Data Processing Inc. | 10,044,332 | 2,340,028 | |
Illinois Tool Works Inc. | 6,687,242 | 1,751,656 | |
CSX Corp. | 48,251,313 | 1,672,873 | |
Northrop Grumman Corp. | 3,460,889 | 1,620,181 | |
Waste Management Inc. | 8,949,102 | 1,602,784 | |
3M Co. | 13,485,495 | 1,474,234 | |
Parker-Hannifin Corp. | 3,137,208 | 1,445,312 | |
General Dynamics Corp. | 5,532,235 | 1,436,555 | |
FedEx Corp. | 5,647,562 | 1,428,664 | |
TransDigm Group Inc. | 1,350,549 | 1,366,215 | |
Trane Technologies plc | 5,576,684 | 1,360,153 | |
Emerson Electric Co. | 13,919,619 | 1,354,797 | |
Norfolk Southern Corp. | 5,521,489 | 1,305,170 | |
Cintas Corp. | 2,113,813 | 1,273,911 | |
PACCAR Inc. | 12,771,452 | 1,247,132 | |
Carrier Global Corp. | 20,486,123 | 1,176,928 | |
* | Copart Inc. | 21,343,240 | 1,045,819 |
L3Harris Technologies Inc. | 4,627,804 | 974,708 | |
Johnson Controls International plc | 16,610,859 | 957,450 | |
United Rentals Inc. | 1,654,985 | 949,002 | |
Paychex Inc. | 7,851,437 | 935,185 | |
AMETEK Inc. | 5,635,108 | 929,173 | |
Fastenal Co. | 13,951,496 | 903,638 | |
Otis Worldwide Corp. | 9,993,103 | 894,083 | |
WW Grainger Inc. | 1,078,533 | 893,770 | |
Old Dominion Freight Line Inc. | 2,184,742 | 885,541 | |
Rockwell Automation Inc. | 2,799,796 | 869,281 | |
Verisk Analytics Inc. | 3,540,915 | 845,783 | |
Cummins Inc. | 3,461,006 | 829,153 | |
Republic Services Inc. | 4,993,194 | 823,428 | |
Quanta Services Inc. | 3,547,390 | 765,527 | |
Ingersoll Rand Inc. (XYNS) | 9,885,801 | 764,568 | |
Equifax Inc. | 3,008,507 | 743,974 | |
Xylem Inc. | 5,885,662 | 673,084 | |
Delta Air Lines Inc. | 15,709,480 | 631,992 | |
Fortive Corp. | 8,580,795 | 631,804 | |
Broadridge Financial Solutions Inc. | 2,872,262 | 590,968 | |
Westinghouse Air Brake Technologies Corp. | 4,374,434 | 555,116 | |
Dover Corp. | 3,415,709 | 525,370 | |
Howmet Aerospace Inc. | 9,550,285 | 516,861 | |
* | Builders FirstSource Inc. | 3,013,992 | 503,156 |
Expeditors International of Washington Inc. | 3,552,522 | 451,881 |
Shares | Market Value• ($000) | ||
* | Axon Enterprise Inc. | 1,719,717 | 444,254 |
Veralto Corp. | 5,354,162 | 440,433 | |
Hubbell Inc. | 1,309,511 | 430,737 | |
Southwest Airlines Co. | 14,560,535 | 420,508 | |
IDEX Corp. | 1,845,929 | 400,770 | |
Jacobs Solutions Inc. | 3,076,725 | 399,359 | |
JB Hunt Transport Services Inc. | 1,989,458 | 397,374 | |
Textron Inc. | 4,785,935 | 384,885 | |
Snap-on Inc. | 1,288,697 | 372,227 | |
Stanley Black & Decker Inc. | 3,746,336 | 367,516 | |
Masco Corp. | 5,485,817 | 367,440 | |
Leidos Holdings Inc. | 3,357,875 | 363,456 | |
Nordson Corp. | 1,323,796 | 349,694 | |
* | United Airlines Holdings Inc. | 8,007,988 | 330,410 |
Rollins Inc. | 6,854,375 | 299,331 | |
Pentair plc | 4,037,909 | 293,596 | |
Allegion plc | 2,142,933 | 271,488 | |
* | Ceridian HCM Holding Inc. | 3,811,220 | 255,809 |
Huntington Ingalls Industries Inc. | 969,956 | 251,839 | |
Paycom Software Inc. | 1,197,504 | 247,548 | |
A O Smith Corp. | 2,999,138 | 247,249 | |
CH Robinson Worldwide Inc. | 2,848,249 | 246,060 | |
Robert Half Inc. | 2,585,618 | 227,328 | |
* | American Airlines Group Inc. | 15,954,881 | 219,220 |
* | Generac Holdings Inc. | 1,500,065 | 193,868 |
86,129,787 | |||
Information Technology (28.8%) | |||
Apple Inc. | 356,991,624 | 68,731,597 | |
Microsoft Corp. | 181,486,386 | 68,246,141 | |
NVIDIA Corp. | 60,314,285 | 29,868,840 | |
Broadcom Inc. | 10,718,471 | 11,964,493 | |
* | Adobe Inc. | 11,117,898 | 6,632,938 |
* | Salesforce Inc. | 23,759,517 | 6,252,079 |
* | Advanced Micro Devices Inc. | 39,453,055 | 5,815,775 |
Accenture plc Class A | 15,325,475 | 5,377,862 | |
Intel Corp. | 102,949,705 | 5,173,223 | |
Cisco Systems Inc. | 98,910,913 | 4,996,979 | |
Intuit Inc. | 6,843,673 | 4,277,501 | |
Oracle Corp. | 38,797,943 | 4,090,467 | |
QUALCOMM Inc. | 27,178,686 | 3,930,853 | |
Texas Instruments Inc. | 22,177,963 | 3,780,456 | |
International Business Machines Corp. | 22,297,573 | 3,646,768 | |
* | ServiceNow Inc. | 5,005,970 | 3,536,668 |
Applied Materials Inc. | 20,428,053 | 3,310,775 | |
Lam Research Corp. | 3,217,895 | 2,520,448 | |
Analog Devices Inc. | 12,169,513 | 2,416,378 | |
Micron Technology Inc. | 26,815,522 | 2,288,437 | |
* | Palo Alto Networks Inc. | 7,590,261 | 2,238,216 |
KLA Corp. | 3,319,775 | 1,929,785 |
Shares | Market Value• ($000) | ||
* | Synopsys Inc. | 3,713,217 | 1,911,973 |
* | Cadence Design Systems Inc. | 6,642,632 | 1,809,254 |
* | Arista Networks Inc. | 6,152,594 | 1,448,997 |
Amphenol Corp. Class A | 14,613,453 | 1,448,632 | |
NXP Semiconductors NV | 6,293,513 | 1,445,494 | |
Roper Technologies Inc. | 2,608,874 | 1,422,280 | |
* | Autodesk Inc. | 5,219,454 | 1,270,833 |
Motorola Solutions Inc. | 4,052,444 | 1,268,780 | |
Microchip Technology Inc. | 13,210,388 | 1,191,313 | |
TE Connectivity Ltd. | 7,588,470 | 1,066,180 | |
Cognizant Technology Solutions Corp. Class A | 12,242,850 | 924,702 | |
* | Fortinet Inc. | 15,562,899 | 910,896 |
* | ON Semiconductor Corp. | 10,515,923 | 878,395 |
* | Gartner Inc. | 1,903,410 | 858,647 |
* | ANSYS Inc. | 2,119,158 | 769,000 |
CDW Corp. | 3,270,885 | 743,538 | |
Monolithic Power Systems Inc. | 1,169,832 | 737,907 | |
* | Fair Isaac Corp. | 603,475 | 702,451 |
* | Keysight Technologies Inc. | 4,335,901 | 689,798 |
HP Inc. | 21,235,122 | 638,965 | |
Corning Inc. | 18,748,999 | 570,907 | |
Hewlett Packard Enterprise Co. | 31,324,804 | 531,895 | |
* | Teledyne Technologies Inc. | 1,152,958 | 514,554 |
* | PTC Inc. | 2,901,387 | 507,627 |
* | First Solar Inc. | 2,607,896 | 449,288 |
NetApp Inc. | 5,096,149 | 449,276 | |
* | VeriSign Inc. | 2,168,999 | 446,727 |
* | Enphase Energy Inc. | 3,334,224 | 440,584 |
Skyworks Solutions Inc. | 3,891,965 | 437,535 | |
* | Akamai Technologies Inc. | 3,682,997 | 435,883 |
* | Tyler Technologies Inc. | 1,027,425 | 429,587 |
* | EPAM Systems Inc. | 1,408,911 | 418,926 |
* | Western Digital Corp. | 7,916,715 | 414,598 |
Seagate Technology Holdings plc | 4,750,181 | 405,523 | |
Teradyne Inc. | 3,733,188 | 405,126 | |
Jabil Inc. | 3,125,175 | 398,147 | |
* | Zebra Technologies Corp. Class A | 1,255,168 | 343,075 |
* | Trimble Inc. | 6,073,230 | 323,096 |
Gen Digital Inc. (XNGS) | 13,760,511 | 314,015 | |
* | Qorvo Inc. | 2,377,149 | 267,691 |
* | F5 Inc. | 1,457,890 | 260,933 |
Juniper Networks Inc. | 7,786,560 | 229,548 | |
282,159,255 |
Shares | Market Value• ($000) | ||
Materials (2.4%) | |||
Linde plc | 11,840,545 | 4,863,030 | |
Sherwin-Williams Co. | 5,749,857 | 1,793,380 | |
Freeport-McMoRan Inc. | 35,012,772 | 1,490,494 | |
Air Products and Chemicals Inc. | 5,424,126 | 1,485,126 | |
Ecolab Inc. | 6,196,074 | 1,228,991 | |
Newmont Corp. | 28,139,597 | 1,164,698 | |
Nucor Corp. | 6,002,812 | 1,044,729 | |
Dow Inc. | 17,126,145 | 939,198 | |
PPG Industries Inc. | 5,757,370 | 861,015 | |
Corteva Inc. | 17,207,025 | 824,561 | |
DuPont de Nemours Inc. | 10,501,925 | 807,913 | |
Martin Marietta Materials Inc. | 1,509,061 | 752,886 | |
Vulcan Materials Co. | 3,244,158 | 736,456 | |
LyondellBasell Industries NV Class A | 6,256,800 | 594,896 | |
International Flavors & Fragrances Inc. | 6,233,145 | 504,698 | |
Ball Corp. | 7,700,031 | 442,906 | |
Steel Dynamics Inc. | 3,716,569 | 438,927 | |
1 | Albemarle Corp. | 2,864,463 | 413,858 |
Avery Dennison Corp. | 1,966,617 | 397,571 | |
Celanese Corp. | 2,446,637 | 380,134 | |
CF Industries Holdings Inc. | 4,665,266 | 370,889 | |
Packaging Corp. of America | 2,189,917 | 356,759 | |
Amcor plc | 35,302,733 | 340,318 | |
International Paper Co. | 8,447,001 | 305,359 | |
Mosaic Co. | 7,980,985 | 285,160 | |
Eastman Chemical Co. | 2,893,795 | 259,921 | |
Westrock Co. | 6,256,544 | 259,772 | |
FMC Corp. | 3,045,018 | 191,988 | |
23,535,633 | |||
Real Estate (2.5%) | |||
Prologis Inc. | 22,564,049 | 3,007,788 | |
American Tower Corp. | 11,384,264 | 2,457,635 | |
Equinix Inc. | 2,292,927 | 1,846,700 | |
Crown Castle Inc. | 10,596,628 | 1,220,626 | |
Welltower Inc. | 13,513,718 | 1,218,532 | |
Public Storage | 3,863,920 | 1,178,496 | |
Simon Property Group Inc. | 7,965,841 | 1,136,247 | |
Realty Income Corp. | 17,674,542 | 1,014,872 | |
Digital Realty Trust Inc. | 7,394,467 | 995,147 | |
* | CoStar Group Inc. | 9,970,635 | 871,334 |
Extra Space Storage Inc. | 5,158,619 | 827,081 | |
VICI Properties Inc. | 22,608,432 | 720,757 | |
* | CBRE Group Inc. Class A | 7,442,488 | 692,821 |
SBA Communications Corp. | 2,634,203 | 668,271 |
Shares | Market Value• ($000) | ||
AvalonBay Communities Inc. | 3,467,662 | 649,216 | |
Weyerhaeuser Co. | 17,824,044 | 619,742 | |
Equity Residential | 8,439,873 | 516,183 | |
Iron Mountain Inc. | 7,128,627 | 498,861 | |
Ventas Inc. | 9,825,053 | 489,681 | |
Alexandria Real Estate Equities Inc. | 3,818,779 | 484,107 | |
Invitation Homes Inc. | 14,045,519 | 479,093 | |
Essex Property Trust Inc. | 1,568,603 | 388,919 | |
Mid-America Apartment Communities Inc. | 2,849,443 | 383,136 | |
Kimco Realty Corp. | 16,237,850 | 346,029 | |
Host Hotels & Resorts Inc. | 17,225,473 | 335,380 | |
UDR Inc. | 7,389,913 | 282,960 | |
Regency Centers Corp. | 4,009,409 | 268,630 | |
Healthpeak Properties Inc. | 13,349,983 | 264,330 | |
Camden Property Trust | 2,611,161 | 259,262 | |
Boston Properties Inc. | 3,523,113 | 247,217 | |
Federal Realty Investment Trust | 1,794,871 | 184,961 | |
24,554,014 | |||
Utilities (2.3%) | |||
NextEra Energy Inc. | 50,102,430 | 3,043,221 | |
Southern Co. | 26,635,420 | 1,867,676 | |
Duke Energy Corp. | 18,822,796 | 1,826,564 | |
Sempra | 15,365,966 | 1,148,299 | |
American Electric Power Co. Inc. | 12,839,145 | 1,042,795 | |
Dominion Energy Inc. | 20,431,548 | 960,283 | |
PG&E Corp. | 52,115,806 | 939,648 | |
Constellation Energy Corp. | 7,798,126 | 911,523 | |
Exelon Corp. | 24,304,924 | 872,547 | |
Xcel Energy Inc. | 13,472,991 | 834,113 | |
Consolidated Edison Inc. | 8,429,250 | 766,809 | |
Public Service Enterprise Group Inc. | 12,167,456 | 744,040 | |
Edison International | 9,358,234 | 669,020 | |
WEC Energy Group Inc. | 7,702,077 | 648,284 | |
American Water Works Co. Inc. | 4,754,122 | 627,496 | |
DTE Energy Co. | 5,034,181 | 555,069 | |
Eversource Energy | 8,529,349 | 526,431 | |
Entergy Corp. | 5,163,463 | 522,491 | |
PPL Corp. | 17,998,168 | 487,750 | |
Ameren Corp. | 6,420,136 | 464,433 | |
FirstEnergy Corp. | 12,608,858 | 462,241 | |
CenterPoint Energy Inc. | 15,413,077 | 440,351 | |
Atmos Energy Corp. | 3,628,712 | 420,568 | |
CMS Energy Corp. | 7,121,489 | 413,545 | |
Alliant Energy Corp. | 6,231,681 | 319,685 |
Shares | Market Value• ($000) | ||
AES Corp. | 16,347,204 | 314,684 | |
Evergy Inc. | 5,607,298 | 292,701 | |
NRG Energy Inc. | 5,516,965 | 285,227 | |
NiSource Inc. | 10,088,087 | 267,839 | |
Pinnacle West Capital Corp. | 2,773,003 | 199,212 | |
22,874,545 | |||
Total Common Stocks (Cost $588,003,536) | 976,810,547 | ||
Temporary Cash Investments (0.3%) | |||
Money Market Fund (0.3%) | |||
3,4 | Vanguard Market Liquidity Fund, 5.435% (Cost $2,581,279) | 25,824,367 | 2,581,920 |
Total Investments (99.9%) (Cost $590,584,815) | 979,392,467 | ||
Other Assets and Liabilities—Net (0.1%) | 955,501 | ||
Net Assets (100%) | 980,347,968 | ||
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 $37,536,000. |
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 $40,254,000 was received for securities on loan. |
CVR—Contingent Value Rights. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2024 | 11,305 | 2,724,505 | 70,958 |
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) |
Citigroup Inc. | 8/29/25 | BANA | 30,864 | (5.931) | — | (132) |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 33,639 | (5.881) | 136 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 30,035 | (5.978) | 152 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 30,035 | (5.977) | — | (93) |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 30,035 | (5.976) | — | (88) |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 30,035 | (5.976) | — | (83) |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 30,035 | (5.975) | — | (77) |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 18,021 | (5.881) | 73 | — |
Global Payments Inc. | 8/30/24 | BANA | 172,085 | (5.931) | — | (415) |
Goldman Sachs Group Inc. | 8/29/25 | BANA | 251,136 | (6.031) | 710 | — |
Invesco Ltd. | 8/30/24 | BANA | 4,460 | (5.881) | 33 | — |
Kroger Co. | 1/31/24 | GSI | 44,110 | (5.324) | 1,522 | — |
Netflix Inc. | 8/30/24 | BANA | 48,688 | (5.331) | — | (204) |
VICI Properties Inc. | 8/30/24 | BANA | 84,482 | (5.981) | 718 | — |
Visa Inc. Class A | 8/30/24 | BANA | 65,088 | 5.231 | — | (140) |
3,344 | (1,232) |
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 $588,003,536) | 976,810,547 |
Affiliated Issuers (Cost $2,581,279) | 2,581,920 |
Total Investments in Securities | 979,392,467 |
Investment in Vanguard | 31,035 |
Cash | 2,982 |
Cash Collateral Pledged—Futures Contracts | 134,729 |
Receivables for Investment Securities Sold | 60,221 |
Receivables for Accrued Income | 928,234 |
Receivables for Capital Shares Issued | 645,981 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 3,344 |
Total Assets | 981,198,993 |
Liabilities | |
Payables for Investment Securities Purchased | 247,045 |
Collateral for Securities on Loan | 40,254 |
Payables for Capital Shares Redeemed | 541,870 |
Payables to Vanguard | 13,694 |
Variation Margin Payable—Futures Contracts | 6,930 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 1,232 |
Total Liabilities | 851,025 |
Net Assets | 980,347,968 |
1 Includes $37,536,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 609,117,816 |
Total Distributable Earnings (Loss) | 371,230,152 |
Net Assets | 980,347,968 |
Investor Shares—Net Assets | |
Applicable to 7,218,564 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,176,561 |
Net Asset Value Per Share—Investor Shares | $440.05 |
ETF Shares—Net Assets | |
Applicable to 852,102,904 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 372,050,529 |
Net Asset Value Per Share—ETF Shares | $436.63 |
Admiral Shares—Net Assets | |
Applicable to 1,038,239,890 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 456,812,377 |
Net Asset Value Per Share—Admiral Shares | $439.99 |
Institutional Select Shares—Net Assets | |
Applicable to 635,921,838 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 148,308,501 |
Net Asset Value Per Share—Institutional Select Shares | $233.22 |
Year Ended December 31, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 14,020,764 |
Interest2 | 149,303 |
Securities Lending—Net | 516 |
Total Income | 14,170,583 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 18,349 |
Management and Administrative—Investor Shares | 4,142 |
Management and Administrative—ETF Shares | 66,283 |
Management and Administrative—Admiral Shares | 136,013 |
Management and Administrative—Institutional Select Shares | 9,506 |
Marketing and Distribution—Investor Shares | 138 |
Marketing and Distribution—ETF Shares | 14,875 |
Marketing and Distribution—Admiral Shares | 16,088 |
Marketing and Distribution—Institutional Select Shares | 249 |
Custodian Fees | 3,015 |
Auditing Fees | 45 |
Shareholders’ Reports—Investor Shares | 4 |
Shareholders’ Reports—ETF Shares | 3,958 |
Shareholders’ Reports—Admiral Shares | 1,792 |
Shareholders’ Reports—Institutional Select Shares | — |
Trustees’ Fees and Expenses | 521 |
Other Expenses | 23 |
Total Expenses | 275,001 |
Expenses Paid Indirectly | (175) |
Net Expenses | 274,826 |
Net Investment Income | 13,895,757 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 20,395,522 |
Futures Contracts | 306,185 |
Swap Contracts | 94,710 |
Realized Net Gain (Loss) | 20,796,417 |
Statement of Operations (continued) | |
Year Ended December 31, 2023 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 164,440,380 |
Futures Contracts | 130,883 |
Swap Contracts | (994) |
Change in Unrealized Appreciation (Depreciation) | 164,570,269 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 199,262,443 |
1 | Dividends are net of foreign withholding taxes of $3,752,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $142,398,000, $229,000, $15,000, and ($303,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $25,287,854,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2023 ($000) | 2022 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 13,895,757 | 12,276,461 |
Realized Net Gain (Loss) | 20,796,417 | 27,249,293 |
Change in Unrealized Appreciation (Depreciation) | 164,570,269 | (197,719,707) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 199,262,443 | (158,193,953) |
Distributions | ||
Investor Shares | (46,502) | (51,118) |
ETF Shares | (5,133,943) | (4,305,991) |
Admiral Shares | (6,583,499) | (6,152,722) |
Institutional Select Shares | (2,092,603) | (1,760,089) |
Total Distributions | (13,856,547) | (12,269,920) |
Capital Share Transactions | ||
Investor Shares | (596,976) | (599,158) |
ETF Shares | 42,127,992 | 39,905,931 |
Admiral Shares | 331,303 | 2,645,315 |
Institutional Select Shares | 8,310,030 | 17,199,992 |
Net Increase (Decrease) from Capital Share Transactions | 50,172,349 | 59,152,080 |
Total Increase (Decrease) | 235,578,245 | (111,311,793) |
Net Assets | ||
Beginning of Period | 744,769,723 | 856,081,516 |
End of Period | 980,347,968 | 744,769,723 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $354.17 | $439.86 | $346.60 | $298.16 | $231.44 |
Investment Operations | |||||
Net Investment Income1 | 5.990 | 5.605 | 4.910 | 5.128 | 4.801 |
Net Realized and Unrealized Gain (Loss) on Investments | 85.860 | (85.733) | 93.389 | 48.323 | 67.211 |
Total from Investment Operations | 91.850 | (80.128) | 98.299 | 53.451 | 72.012 |
Distributions | |||||
Dividends from Net Investment Income | (5.970) | (5.562) | (5.039) | (5.011) | (5.292) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (5.970) | (5.562) | (5.039) | (5.011) | (5.292) |
Net Asset Value, End of Period | $440.05 | $354.17 | $439.86 | $346.60 | $298.16 |
Total Return2 | 26.11% | -18.23% | 28.53% | 18.25% | 31.33% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,177 | $3,093 | $4,512 | $4,504 | $4,723 |
Ratio of Total Expenses to Average Net Assets | 0.14%3 | 0.14%3 | 0.14% | 0.14% | 0.14% |
Ratio of Net Investment Income to Average Net Assets | 1.52% | 1.47% | 1.25% | 1.73% | 1.82% |
Portfolio Turnover Rate4 | 2% | 2% | 2% | 4% | 4% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.14%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $351.41 | $436.47 | $343.93 | $295.87 | $229.68 |
Investment Operations | |||||
Net Investment Income1 | 6.412 | 6.012 | 5.353 | 5.413 | 5.298 |
Net Realized and Unrealized Gain (Loss) on Investments | 85.165 | (85.125) | 92.624 | 47.950 | 66.463 |
Total from Investment Operations | 91.577 | (79.113) | 97.977 | 53.363 | 71.761 |
Distributions | |||||
Dividends from Net Investment Income | (6.357) | (5.947) | (5.437) | (5.303) | (5.571) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (6.357) | (5.947) | (5.437) | (5.303) | (5.571) |
Net Asset Value, End of Period | $436.63 | $351.41 | $436.47 | $343.93 | $295.87 |
Total Return2 | 26.25% | -18.15% | 28.66% | 18.35% | 31.46% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $372,051 | $262,211 | $279,850 | $177,991 | $130,728 |
Ratio of Total Expenses to Average Net Assets | 0.03%3 | 0.03%3 | 0.03% | 0.03% | 0.03% |
Ratio of Net Investment Income to Average Net Assets | 1.63% | 1.60% | 1.36% | 1.83% | 1.98% |
Portfolio Turnover Rate4 | 2% | 2% | 2% | 4% | 4% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements were 0.03%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $354.11 | $439.83 | $346.57 | $298.14 | $231.44 |
Investment Operations | |||||
Net Investment Income1 | 6.404 | 6.000 | 5.326 | 5.427 | 5.319 |
Net Realized and Unrealized Gain (Loss) on Investments | 85.843 | (85.767) | 93.371 | 48.314 | 66.962 |
Total from Investment Operations | 92.247 | (79.767) | 98.697 | 53.741 | 72.281 |
Distributions | |||||
Dividends from Net Investment Income | (6.367) | (5.953) | (5.437) | (5.311) | (5.581) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (6.367) | (5.953) | (5.437) | (5.311) | (5.581) |
Net Asset Value, End of Period | $439.99 | $354.11 | $439.83 | $346.57 | $298.14 |
Total Return2 | 26.24% | -18.15% | 28.66% | 18.37% | 31.46% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $456,812 | $367,498 | $453,239 | $359,553 | $319,624 |
Ratio of Total Expenses to Average Net Assets | 0.04%3 | 0.04%3 | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.62% | 1.58% | 1.35% | 1.83% | 1.97% |
Portfolio Turnover Rate4 | 2% | 2% | 2% | 4% | 4% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Select Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $187.66 | $233.06 | $183.64 | $157.98 | $122.64 |
Investment Operations | |||||
Net Investment Income1 | 3.462 | 3.249 | 2.885 | 2.924 | 2.857 |
Net Realized and Unrealized Gain (Loss) on Investments | 45.493 | (45.458) | 49.478 | 25.597 | 35.484 |
Total from Investment Operations | 48.955 | (42.209) | 52.363 | 28.521 | 38.341 |
Distributions | |||||
Dividends from Net Investment Income | (3.395) | (3.191) | (2.943) | (2.861) | (3.001) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.395) | (3.191) | (2.943) | (2.861) | (3.001) |
Net Asset Value, End of Period | $233.22 | $187.66 | $233.06 | $183.64 | $157.98 |
Total Return | 26.28% | -18.13% | 28.70% | 18.40% | 31.49% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $148,309 | $111,968 | $118,481 | $94,870 | $81,230 |
Ratio of Total Expenses to Average Net Assets | 0.01%2 | 0.01%2 | 0.01% | 0.01% | 0.01% |
Ratio of Net Investment Income to Average Net Assets | 1.65% | 1.62% | 1.38% | 1.86% | 2.00% |
Portfolio Turnover Rate3 | 2% | 2% | 2% | 4% | 4% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.01%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended December 31, 2023, custodian fee offset arrangements reduced the fund’s expenses by $175,000 (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 | 976,810,547 | — | — | 976,810,547 |
Temporary Cash Investments | 2,581,920 | — | — | 2,581,920 |
Total | 979,392,467 | — | — | 979,392,467 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 70,958 | — | — | 70,958 |
Swap Contracts | — | 3,344 | — | 3,344 |
Total | 70,958 | 3,344 | — | 74,302 |
Liabilities | ||||
Swap Contracts | — | 1,232 | — | 1,232 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
E. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable in-kind redemptions and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 25,288,331 |
Total Distributable Earnings (Loss) | (25,288,331) |
Amount ($000) | |
Undistributed Ordinary Income | 212,833 |
Undistributed Long-Term Gains | — |
Net Unrealized Gains (Losses) | 388,378,108 |
Capital Loss Carryforwards | (17,360,789) |
Qualified Late-Year Losses | — |
Other Temporary Differences | — |
Total | 371,230,152 |
Year Ended December 31, | ||
2023 Amount ($000) | 2022 Amount ($000) | |
Ordinary Income* | 13,856,547 | 12,269,920 |
Long-Term Capital Gains | — | — |
Total | 13,856,547 | 12,269,920 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 591,014,359 |
Gross Unrealized Appreciation | 413,939,478 |
Gross Unrealized Depreciation | (25,561,370) |
Net Unrealized Appreciation (Depreciation) | 388,378,108 |
F. | During the year ended December 31, 2023, the fund purchased $102,584,036,000 of investment securities and sold $52,488,052,000 of investment securities, other than temporary cash investments. Purchases and sales include $76,816,130,000 and $33,972,887,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Year Ended December 31, | |||||
2023 | 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 148,701 | 374 | 156,806 | 409 | |
Issued in Lieu of Cash Distributions | 46,496 | 117 | 51,111 | 142 | |
Redeemed | (792,173) | (2,005) | (807,075) | (2,076) | |
Net Increase (Decrease)—Investor Shares | (596,976) | (1,514) | (599,158) | (1,525) | |
ETF Shares | |||||
Issued | 73,338,523 | 182,751 | 85,049,475 | 222,763 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (31,210,531) | (76,825) | (45,143,544) | (117,750) | |
Net Increase (Decrease)—ETF Shares | 42,127,992 | 105,926 | 39,905,931 | 105,013 | |
Admiral Shares | |||||
Issued | 34,205,497 | 86,235 | 39,120,573 | 102,648 | |
Issued in Lieu of Cash Distributions | 5,732,224 | 14,309 | 5,367,387 | 14,913 | |
Redeemed | (39,606,418) | (100,108) | (41,842,645) | (110,248) | |
Net Increase (Decrease)—Admiral Shares | 331,303 | 436 | 2,645,315 | 7,313 | |
Institutional Select Shares | |||||
Issued | 20,807,286 | 97,892 | 19,836,476 | 100,749 | |
Issued in Lieu of Cash Distributions | 2,092,603 | 9,846 | 1,760,089 | 9,243 | |
Redeemed | (14,589,859) | (68,463) | (4,396,573) | (21,716) | |
Net Increase (Decrease)—Institutional Select Shares | 8,310,030 | 39,275 | 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 December 31, 2023, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
February 15, 2024
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. Mclsaac | Lauren Valente |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Vanguard Small-Cap Index Fund |
Vanguard Small-Cap Growth Index Fund |
Vanguard Small-Cap Value Index Fund |
1 | |
2 | |
4 | |
46 | |
75 |
• | The financial markets delivered robust returns for the 12 months ended December 31, 2023. Returns for the Vanguard Small-Cap Index Funds ranged from 15.86% for Investor Shares of the Small-Cap Value Index Fund to 21.44% for Institutional Shares of the Small-Cap Growth Index Fund. Strong net returns from securities lending helped most share classes of all three funds to slightly outperform their target indexes. |
• | Major central banks stopped hiking interest rates as inflation continued to ease. Global growth, employment, and consumer spending proved resilient, but the prospect of rates remaining high for an extended period spurred occasional volatility. Toward year-end, however, stocks and bonds rallied worldwide as expectations for rate cuts in 2024 rose. |
• | Strong equity returns were widespread. Consumer discretionary and industrial stocks were among the top sector-level contributors to all three funds’ target indexes. Technology shares also drove the Small-Cap Index Fund and the Small-Cap Growth Index Fund, while financials also boosted the Small-Cap Value Index Fund. Telecommunications slightly weighed on all three. |
• | For the 10 years ended December 31, 2023, the funds’ annualized returns ranged from 7.73% for Investor Shares of the Small-Cap Growth Index Fund to 8.51% for Institutional Shares of the Small-Cap Value Index Fund. The funds closely tracked their indexes. |
Average Annual Total Returns Periods Ended December 31, 2023 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 26.53% | 8.97% | 15.52% |
Russell 2000 Index (Small-caps) | 16.93 | 2.22 | 9.97 |
Russell 3000 Index (Broad U.S. market) | 25.96 | 8.54 | 15.16 |
FTSE All-World ex US Index (International) | 15.82 | 1.98 | 7.52 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | 5.60% | -3.33% | 1.17% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 6.40 | -0.40 | 2.25 |
FTSE Three-Month U.S. Treasury Bill Index | 5.26 | 2.24 | 1.91 |
CPI | |||
Consumer Price Index | 3.35% | 5.60% | 4.07% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended December 31, 2023 | |||
Beginning Account Value 6/30/2023 | Ending Account Value 12/31/2023 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Small-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,081.20 | $0.89 |
ETF Shares | 1,000.00 | 1,081.80 | 0.26 |
Admiral™ Shares | 1,000.00 | 1,081.80 | 0.26 |
Institutional Shares | 1,000.00 | 1,081.90 | 0.21 |
Institutional Plus Shares | 1,000.00 | 1,081.90 | 0.16 |
Small-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,056.00 | $0.98 |
ETF Shares | 1,000.00 | 1,056.60 | 0.36 |
Admiral Shares | 1,000.00 | 1,056.70 | 0.36 |
Institutional Shares | 1,000.00 | 1,056.70 | 0.31 |
Small-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,100.80 | $1.01 |
ETF Shares | 1,000.00 | 1,101.40 | 0.37 |
Admiral Shares | 1,000.00 | 1,101.40 | 0.37 |
Institutional Shares | 1,000.00 | 1,101.40 | 0.32 |
Based on Hypothetical 5% Yearly Return | |||
Small-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,024.35 | $0.87 |
ETF Shares | 1,000.00 | 1,024.95 | 0.26 |
Admiral Shares | 1,000.00 | 1,024.95 | 0.26 |
Institutional Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Plus Shares | 1,000.00 | 1,025.05 | 0.15 |
Small-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,024.25 | $0.97 |
ETF Shares | 1,000.00 | 1,024.85 | 0.36 |
Admiral Shares | 1,000.00 | 1,024.85 | 0.36 |
Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
Small-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,024.25 | $0.97 |
ETF Shares | 1,000.00 | 1,024.85 | 0.36 |
Admiral Shares | 1,000.00 | 1,024.85 | 0.36 |
Institutional Shares | 1,000.00 | 1,024.90 | 0.31 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Index Fund Investor Shares | 18.05% | 11.57% | 8.30% | $22,195 | |
CRSP US Small Cap Index | 18.09 | 11.66 | 8.41 | 22,413 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Index Fund ETF Shares Net Asset Value | 18.21% | 11.70% | 8.43% | $22,469 | |
Small-Cap Index Fund ETF Shares Market Price | 18.31 | 11.73 | 8.44 | 22,484 | |
CRSP US Small Cap Index | 18.09 | 11.66 | 8.41 | 22,413 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Index Fund Admiral Shares | 18.20% | 11.70% | 8.43% | $22,467 | |
CRSP US Small Cap Index | 18.09 | 11.66 | 8.41 | 22,413 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Small-Cap Index Fund Institutional Shares | 18.22% | 11.72% | 8.44% | $11,246,770 | |
CRSP US Small Cap Index | 18.09 | 11.66 | 8.41 | 11,206,742 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 14,710,990 |
One Year | Five Years | Ten Years | Final Value of a $100,000,000 Investment | ||
Small-Cap Index Fund Institutional Plus Shares | 18.22% | 11.73% | 8.46% | $225,184,560 | |
CRSP US Small Cap Index | 18.09 | 11.66 | 8.41 | 224,134,830 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 294,219,800 |
Cumulative Returns of ETF Shares: December 31, 2013, Through December 31, 2023 | |||
One Year | Five Years | Ten Years | |
Small-Cap Index Fund ETF Shares Market Price | 18.31% | 74.13% | 124.84% |
Small-Cap Index Fund ETF Shares Net Asset Value | 18.21 | 73.91 | 124.69 |
CRSP US Small Cap Index | 18.09 | 73.60 | 124.13 |
Basic Materials | 3.9% |
Consumer Discretionary | 16.2 |
Consumer Staples | 3.1 |
Energy | 5.3 |
Financials | 14.1 |
Health Care | 11.0 |
Industrials | 21.7 |
Real Estate | 7.5 |
Technology | 13.0 |
Telecommunications | 1.3 |
Utilities | 2.9 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.8%) | ||||||
Basic Materials (3.9%) | ||||||
Reliance Steel & Aluminum Co. | 1,463,615 | 409,344 | ||||
* | Cleveland-Cliffs Inc. | 12,857,161 | 262,543 | |||
United States Steel Corp. | 5,112,020 | 248,700 | ||||
Steel Dynamics Inc. | 1,957,481 | 231,178 | ||||
* | RBC Bearings Inc. | 740,709 | 211,021 | |||
Royal Gold Inc. | 1,672,945 | 202,359 | ||||
UFP Industries Inc. | 1,495,463 | 187,755 | ||||
Olin Corp. | 3,121,010 | 168,378 | ||||
Hexcel Corp. | 2,142,048 | 157,976 | ||||
Alcoa Corp. | 4,545,033 | 154,531 | ||||
Commercial Metals Co. | 2,977,173 | 148,978 | ||||
Eastman Chemical Co. | 1,508,093 | 135,457 | ||||
Element Solutions Inc. | 5,843,056 | 135,208 | ||||
Boise Cascade Co. | 1,008,209 | 130,422 | ||||
Timken Co. | 1,617,070 | 129,608 | ||||
Mueller Industries Inc. | 2,746,654 | 129,505 | ||||
* | Valvoline Inc. | 3,327,453 | 125,046 | |||
Balchem Corp. | 821,086 | 122,137 | ||||
Chemours Co. | 3,780,184 | 119,227 | ||||
Cabot Corp. | 1,408,544 | 117,613 | ||||
Huntsman Corp. | 4,303,874 | 108,156 | ||||
FMC Corp. | 1,586,868 | 100,052 | ||||
NewMarket Corp. | 183,157 | 99,973 | ||||
Ashland Inc. | 1,174,863 | 99,053 | ||||
Avient Corp. | 2,321,591 | 96,508 | ||||
Carpenter Technology Corp. | 1,192,949 | 84,461 | ||||
*,1 | Livent Corp. | 4,579,180 | 82,334 | |||
Innospec Inc. | 633,241 | 78,041 | ||||
Quaker Chemical Corp. | 343,527 | 73,315 | ||||
Hecla Mining Co. | 14,957,025 | 71,943 | ||||
* | MP Materials Corp. | 3,622,655 | 71,910 | |||
Sensient Technologies Corp. | 1,075,934 | 71,012 | ||||
Scotts Miracle-Gro Co. | 1,080,124 | 68,858 |
Shares | Market Value• ($000) | |||||
Materion Corp. | 525,681 | 68,407 | ||||
Minerals Technologies Inc. | 828,774 | 59,100 | ||||
Westlake Corp. | 407,899 | 57,090 | ||||
Stepan Co. | 541,161 | 51,167 | ||||
Tronox Holdings plc | 2,994,774 | 42,406 | ||||
* | Ingevity Corp. | 830,394 | 39,211 | |||
* | Coeur Mining Inc. | 8,768,643 | 28,586 | |||
Kaiser Aluminum Corp. | 387,444 | 27,582 | ||||
Compass Minerals International Inc. | 1,048,059 | 26,537 | ||||
* | Ecovyst Inc. | 2,661,397 | 26,002 | |||
Koppers Holdings Inc. | 503,769 | 25,803 | ||||
* | Worthington Steel Inc. | 827,080 | 23,241 | |||
Mativ Holdings Inc. | 1,311,268 | 20,075 | ||||
Schnitzer Steel Industries Inc. Class A | 626,007 | 18,880 | ||||
* | Century Aluminum Co. | 1,294,260 | 15,712 | |||
GrafTech International Ltd. | 4,905,059 | 10,742 | ||||
5,173,143 | ||||||
Consumer Discretionary (16.2%) | ||||||
* | Deckers Outdoor Corp. | 655,281 | 438,009 | |||
* | DraftKings Inc. Class A | 10,685,556 | 376,666 | |||
* | Liberty Media Corp.-Liberty Formula One Class C | 5,282,278 | 333,470 | |||
Williams-Sonoma Inc. | 1,633,301 | 329,567 | ||||
RB Global Inc. | 4,643,367 | 310,595 | ||||
* | Floor & Decor Holdings Inc. Class A | 2,578,250 | 287,630 | |||
* | Five Below Inc. | 1,347,292 | 287,189 | |||
Toll Brothers Inc. | 2,737,019 | 281,338 | ||||
Bath & Body Works Inc. | 5,790,307 | 249,910 | ||||
* | Etsy Inc. | 3,047,925 | 247,034 | |||
Service Corp. International | 3,574,509 | 244,675 |
Shares | Market Value• ($000) | |||||
* | Caesars Entertainment Inc. | 5,215,930 | 244,523 | |||
Lithia Motors Inc. Class A | 700,826 | 230,768 | ||||
Churchill Downs Inc. | 1,709,723 | 230,693 | ||||
* | American Airlines Group Inc. | 16,643,360 | 228,680 | |||
* | BJ's Wholesale Club Holdings Inc. | 3,396,780 | 226,429 | |||
Wynn Resorts Ltd. | 2,444,939 | 222,758 | ||||
*,1 | Norwegian Cruise Line Holdings Ltd. | 10,834,131 | 217,116 | |||
Tapestry Inc. | 5,836,524 | 214,842 | ||||
BorgWarner Inc. | 5,982,848 | 214,485 | ||||
Tempur Sealy International Inc. | 4,167,833 | 212,434 | ||||
* | Skechers USA Inc. Class A | 3,402,265 | 212,097 | |||
Lear Corp. | 1,483,688 | 209,512 | ||||
Texas Roadhouse Inc. Class A | 1,700,761 | 207,884 | ||||
Vail Resorts Inc. | 970,037 | 207,074 | ||||
Dick's Sporting Goods Inc. | 1,407,461 | 206,826 | ||||
* | Duolingo Inc. Class A | 866,072 | 196,468 | |||
Gentex Corp. | 5,940,145 | 194,005 | ||||
New York Times Co. Class A | 3,958,696 | 193,937 | ||||
* | elf Beauty Inc. | 1,335,425 | 192,755 | |||
Wingstop Inc. | 749,107 | 192,206 | ||||
* | Light & Wonder Inc. | 2,293,269 | 188,300 | |||
PVH Corp. | 1,538,885 | 187,929 | ||||
Aramark | 6,659,731 | 187,138 | ||||
* | SiteOne Landscape Supply Inc. | 1,149,192 | 186,744 | |||
Pool Corp. | 467,901 | 186,557 | ||||
H&R Block Inc. | 3,665,468 | 177,299 | ||||
U-Haul Holding Co. (XNYS) | 2,472,117 | 174,136 | ||||
Murphy USA Inc. | 487,666 | 173,882 | ||||
Hasbro Inc. | 3,357,135 | 171,415 | ||||
Whirlpool Corp. | 1,396,907 | 170,101 | ||||
Wyndham Hotels & Resorts Inc. | 2,112,796 | 169,890 | ||||
* | Mattel Inc. | 8,995,632 | 169,838 | |||
VF Corp. | 8,913,167 | 167,568 | ||||
Meritage Homes Corp. | 928,259 | 161,703 | ||||
Interpublic Group of Cos. Inc. | 4,876,992 | 159,185 | ||||
* | Planet Fitness Inc. Class A | 2,175,811 | 158,834 | |||
* | CarMax Inc. | 2,018,223 | 154,878 | |||
Thor Industries Inc. | 1,288,972 | 152,421 | ||||
* | Capri Holdings Ltd. | 2,959,740 | 148,697 | |||
Hyatt Hotels Corp. Class A | 1,126,157 | 146,862 |
Shares | Market Value• ($000) | |||||
Macy's Inc. | 6,970,183 | 140,240 | ||||
* | Bright Horizons Family Solutions Inc. | 1,474,632 | 138,969 | |||
* | Taylor Morrison Home Corp. Class A | 2,599,596 | 138,688 | |||
*,1 | Carvana Co. Class A | 2,613,362 | 138,351 | |||
* | Wayfair Inc. Class A | 2,231,934 | 137,710 | |||
* | Crocs Inc. | 1,465,349 | 136,878 | |||
Ralph Lauren Corp. Class A | 911,127 | 131,385 | ||||
* | AutoNation Inc. | 866,327 | 130,105 | |||
TKO Group Holdings Inc. Class A | 1,592,410 | 129,909 | ||||
Polaris Inc. | 1,366,267 | 129,481 | ||||
Nexstar Media Group Inc. Class A | 820,936 | 128,682 | ||||
* | Alaska Air Group Inc. | 3,261,095 | 127,411 | |||
* | Coty Inc. Class A | 10,218,491 | 126,914 | |||
Academy Sports & Outdoors Inc. | 1,898,198 | 125,281 | ||||
* | Lyft Inc. Class A | 8,320,499 | 124,724 | |||
* | Asbury Automotive Group Inc. | 524,032 | 117,891 | |||
Harley-Davidson Inc. | 3,192,089 | 117,597 | ||||
Signet Jewelers Ltd. | 1,085,950 | 116,479 | ||||
*,1 | GameStop Corp. Class A | 6,607,404 | 115,828 | |||
* | YETI Holdings Inc. | 2,211,827 | 114,528 | |||
KB Home | 1,818,024 | 113,554 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 3,950,930 | 113,550 | |||
* | RH | 374,859 | 109,264 | |||
Boyd Gaming Corp. | 1,744,784 | 109,241 | ||||
* | Abercrombie & Fitch Co. Class A | 1,218,313 | 107,480 | |||
* | Goodyear Tire & Rubber Co. | 7,221,003 | 103,405 | |||
Group 1 Automotive Inc. | 334,415 | 101,910 | ||||
* | Grand Canyon Education Inc. | 764,294 | 100,917 | |||
* | Penn Entertainment Inc. | 3,864,745 | 100,561 | |||
Gap Inc. | 4,724,404 | 98,787 | ||||
* | Skyline Champion Corp. | 1,320,667 | 98,073 | |||
* | Ollie's Bargain Outlet Holdings Inc. | 1,271,402 | 96,487 | |||
American Eagle Outfitters Inc. | 4,527,570 | 95,803 | ||||
Advance Auto Parts Inc. | 1,515,298 | 92,479 | ||||
1 | Paramount Global Class B | 6,213,387 | 91,896 | |||
Kontoor Brands Inc. | 1,430,699 | 89,304 | ||||
* | Visteon Corp. | 708,248 | 88,460 | |||
* | Tri Pointe Homes Inc. | 2,471,667 | 87,497 |
Shares | Market Value• ($000) | |||||
Newell Brands Inc. | 10,020,781 | 86,980 | ||||
Wendy's Co. | 4,464,918 | 86,977 | ||||
* | Madison Square Garden Sports Corp. | 469,448 | 85,360 | |||
Leggett & Platt Inc. | 3,225,390 | 84,408 | ||||
MDC Holdings Inc. | 1,521,098 | 84,041 | ||||
Rush Enterprises Inc. Class A | 1,643,685 | 82,677 | ||||
Penske Automotive Group Inc. | 513,551 | 82,430 | ||||
1 | Avis Budget Group Inc. | 461,244 | 81,760 | |||
Kohl's Corp. | 2,818,726 | 80,841 | ||||
1 | Choice Hotels International Inc. | 697,609 | 79,039 | |||
* | Hilton Grand Vacations Inc. | 1,925,067 | 77,349 | |||
LCI Industries | 612,676 | 77,020 | ||||
TEGNA Inc. | 5,016,317 | 76,750 | ||||
Steven Madden Ltd. | 1,805,018 | 75,811 | ||||
Foot Locker Inc. | 2,397,914 | 74,695 | ||||
* | Helen of Troy Ltd. | 604,635 | 73,046 | |||
* | Fox Factory Holding Corp. | 1,079,288 | 72,830 | |||
* | Liberty Media Corp.-Liberty SiriusXM | 2,512,422 | 72,308 | |||
* | Frontdoor Inc. | 2,027,703 | 71,416 | |||
* | Shake Shack Inc. Class A | 954,840 | 70,773 | |||
Marriott Vacations Worldwide Corp. | 814,052 | 69,105 | ||||
Travel + Leisure Co. | 1,752,130 | 68,491 | ||||
* | LGI Homes Inc. | 510,065 | 67,920 | |||
Red Rock Resorts Inc. Class A | 1,264,163 | 67,418 | ||||
Columbia Sportswear Co. | 847,530 | 67,413 | ||||
Carter's Inc. | 890,938 | 66,722 | ||||
Inter Parfums Inc. | 447,935 | 64,507 | ||||
Papa John's International Inc. | 834,160 | 63,588 | ||||
* | Stride Inc. | 1,048,627 | 62,257 | |||
Bloomin' Brands Inc. | 2,210,878 | 62,236 | ||||
Graham Holdings Co. Class B | 86,618 | 60,331 | ||||
* | Urban Outfitters Inc. | 1,653,902 | 59,028 | |||
*,1 | QuantumScape Corp. Class A | 8,206,774 | 57,037 | |||
* | Dorman Products Inc. | 681,592 | 56,852 | |||
* | Adtalem Global Education Inc. | 963,611 | 56,805 | |||
* | TripAdvisor Inc. | 2,560,955 | 55,137 | |||
* | Sonos Inc. | 3,187,198 | 54,629 | |||
* | PowerSchool Holdings Inc. Class A | 2,313,296 | 54,501 | |||
* | SkyWest Inc. | 1,042,768 | 54,433 |
Shares | Market Value• ($000) | |||||
* | Coursera Inc. | 2,719,358 | 52,674 | |||
* | Victoria's Secret & Co. | 1,967,890 | 52,228 | |||
Strategic Education Inc. | 559,601 | 51,690 | ||||
* | Topgolf Callaway Brands Corp. | 3,524,314 | 50,539 | |||
* | Peloton Interactive Inc. Class A | 8,284,434 | 50,452 | |||
MillerKnoll Inc. | 1,871,435 | 49,930 | ||||
* | ACV Auctions Inc. Class A | 3,294,499 | 49,912 | |||
Laureate Education Inc. | 3,606,857 | 49,450 | ||||
*,1 | Lucid Group Inc. | 11,648,294 | 49,039 | |||
* | Brinker International Inc. | 1,125,704 | 48,608 | |||
Dana Inc. | 3,308,235 | 48,333 | ||||
* | ODP Corp. | 856,728 | 48,234 | |||
Worthington Enterprises Inc. | 827,073 | 47,598 | ||||
Acushnet Holdings Corp. | 749,238 | 47,329 | ||||
* | SeaWorld Entertainment Inc. | 895,660 | 47,318 | |||
HNI Corp. | 1,126,897 | 47,138 | ||||
* | Dave & Buster's Entertainment Inc. | 874,935 | 47,115 | |||
* | JetBlue Airways Corp. | 8,487,885 | 47,108 | |||
PriceSmart Inc. | 614,542 | 46,570 | ||||
1 | Nordstrom Inc. | 2,479,909 | 45,754 | |||
1 | Spirit Airlines Inc. | 2,780,142 | 45,567 | |||
* | Six Flags Entertainment Corp. | 1,808,288 | 45,352 | |||
* | Liberty Media Corp.-Liberty Live Class C | 1,206,557 | 45,113 | |||
* | Gentherm Inc. | 835,216 | 43,732 | |||
* | Central Garden & Pet Co. Class A | 991,388 | 43,661 | |||
1 | Cracker Barrel Old Country Store Inc. | 564,308 | 43,497 | |||
*,1 | Dutch Bros Inc. Class A | 1,362,603 | 43,154 | |||
* | Sabre Corp. | 9,664,106 | 42,522 | |||
* | Under Armour Inc. Class A | 4,810,343 | 42,283 | |||
* | National Vision Holdings Inc. | 1,992,649 | 41,706 | |||
* | Knowles Corp. | 2,298,600 | 41,168 | |||
* | Under Armour Inc. Class C | 4,923,208 | 41,109 | |||
Jack in the Box Inc. | 502,629 | 41,030 | ||||
Cheesecake Factory Inc. | 1,163,723 | 40,742 | ||||
* | OPENLANE Inc. | 2,750,962 | 40,742 | |||
La-Z-Boy Inc. | 1,096,368 | 40,478 |
Shares | Market Value• ($000) | |||||
* | Cinemark Holdings Inc. | 2,786,687 | 39,264 | |||
Levi Strauss & Co. Class A | 2,292,941 | 37,925 | ||||
Oxford Industries Inc. | 377,905 | 37,791 | ||||
* | Hanesbrands Inc. | 8,468,534 | 37,770 | |||
Upbound Group Inc. | 1,106,178 | 37,577 | ||||
* | Udemy Inc. | 2,537,816 | 37,382 | |||
Buckle Inc. | 770,818 | 36,629 | ||||
* | Liberty Media Corp.-Liberty Formula One Class A | 630,457 | 36,554 | |||
Phinia Inc. | 1,188,912 | 36,012 | ||||
* | Sally Beauty Holdings Inc. | 2,706,725 | 35,945 | |||
* | PROG Holdings Inc. | 1,138,900 | 35,203 | |||
* | Cavco Industries Inc. | 100,701 | 34,905 | |||
* | G-III Apparel Group Ltd. | 989,740 | 33,631 | |||
John Wiley & Sons Inc. Class A | 1,058,579 | 33,599 | ||||
* | Lions Gate Entertainment Corp. Class B | 3,277,506 | 33,398 | |||
* | Hertz Global Holdings Inc. | 3,170,691 | 32,944 | |||
Allegiant Travel Co. | 398,326 | 32,906 | ||||
1 | Krispy Kreme Inc. | 2,146,899 | 32,397 | |||
1 | Dillard's Inc. Class A | 79,173 | 31,958 | |||
* | Beyond Inc. | 1,153,733 | 31,947 | |||
* | Chegg Inc. | 2,801,903 | 31,830 | |||
* | Integral Ad Science Holding Corp. | 2,210,974 | 31,816 | |||
*,1 | AMC Entertainment Holdings Inc. Class A | 5,050,330 | 30,908 | |||
* | Chewy Inc. Class A | 1,296,863 | 30,645 | |||
Steelcase Inc. Class A | 2,265,638 | 30,631 | ||||
* | Cars.com Inc. | 1,602,271 | 30,395 | |||
* | Boot Barn Holdings Inc. | 385,600 | 29,599 | |||
* | Leslie's Inc. | 4,217,325 | 29,142 | |||
* | Madison Square Garden Entertainment Corp. Class A | 889,908 | 28,290 | |||
Camping World Holdings Inc. Class A | 1,026,321 | 26,951 | ||||
Matthews International Corp. Class A | 735,076 | 26,941 | ||||
* | Life Time Group Holdings Inc. | 1,750,164 | 26,392 | |||
* | iRobot Corp. | 674,142 | 26,089 | |||
* | American Axle & Manufacturing Holdings Inc. | 2,832,062 | 24,950 | |||
* | Sphere Entertainment Co. | 719,284 | 24,427 |
Shares | Market Value• ($000) | |||||
* | Sweetgreen Inc. Class A | 2,151,712 | 24,314 | |||
Scholastic Corp. | 635,571 | 23,961 | ||||
*,1 | Luminar Technologies Inc. Class A | 6,986,687 | 23,545 | |||
*,1 | Figs Inc. Class A | 3,282,490 | 22,813 | |||
Monro Inc. | 760,771 | 22,321 | ||||
* | Driven Brands Holdings Inc. | 1,461,406 | 20,840 | |||
*,1 | Mister Car Wash Inc. | 2,399,474 | 20,731 | |||
Sturm Ruger & Co. Inc. | 451,321 | 20,513 | ||||
* | BJ's Restaurants Inc. | 562,193 | 20,245 | |||
* | Portillo's Inc. Class A | 1,270,682 | 20,242 | |||
* | Vista Outdoor Inc. | 665,552 | 19,680 | |||
* | Liberty Media Corp.-Liberty Live Class A | 530,344 | 19,384 | |||
* | Dream Finders Homes Inc. Class A | 544,312 | 19,339 | |||
Sonic Automotive Inc. Class A | 333,986 | 18,773 | ||||
*,1 | Cava Group Inc. | 433,752 | 18,643 | |||
Dine Brands Global Inc. | 373,609 | 18,550 | ||||
* | Sun Country Airlines Holdings Inc. | 1,134,538 | 17,846 | |||
* | Lions Gate Entertainment Corp. Class A | 1,596,930 | 17,407 | |||
1 | Guess? Inc. | 750,556 | 17,308 | |||
Wolverine World Wide Inc. | 1,924,147 | 17,106 | ||||
* | Revolve Group Inc. Class A | 1,007,382 | 16,702 | |||
* | U-Haul Holding Co. | 224,383 | 16,111 | |||
* | Instructure Holdings Inc. | 552,163 | 14,914 | |||
* | Corsair Gaming Inc. | 1,049,048 | 14,792 | |||
* | AMC Networks Inc. Class A | 775,991 | 14,581 | |||
* | Clear Channel Outdoor Holdings Inc. | 7,995,958 | 14,553 | |||
* | EW Scripps Co. Class A | 1,758,620 | 14,051 | |||
Caleres Inc. | 429,899 | 13,211 | ||||
* | Vizio Holding Corp. Class A | 1,695,016 | 13,052 | |||
* | Central Garden & Pet Co. | 240,241 | 12,038 | |||
* | Arhaus Inc. Class A | 1,015,278 | 12,031 | |||
*,1 | Savers Value Village Inc. | 639,263 | 11,110 | |||
* | GoPro Inc. Class A | 3,043,072 | 10,559 | |||
1 | Sinclair Inc. | 809,624 | 10,549 | |||
*,1 | Fisker Inc. Class A | 5,553,841 | 9,719 |
Shares | Market Value• ($000) | |||||
Designer Brands Inc. Class A | 1,091,160 | 9,657 | ||||
Interface Inc. Class A | 702,923 | 8,871 | ||||
*,1 | Bowlero Corp. Class A | 591,236 | 8,372 | |||
Smith & Wesson Brands Inc. | 587,624 | 7,968 | ||||
* | Rush Street Interactive Inc. | 1,540,361 | 6,916 | |||
* | Petco Health & Wellness Co. Inc. Class A | 2,049,829 | 6,477 | |||
*,1 | Frontier Group Holdings Inc. | 1,125,975 | 6,148 | |||
Rush Enterprises Inc. Class B | 113,786 | 6,028 | ||||
*,1 | SES AI Corp. | 3,135,954 | 5,739 | |||
Cricut Inc. Class A | 735,081 | 4,844 | ||||
* | Angi Inc. Class A | 1,835,900 | 4,571 | |||
1 | Paramount Global Class A | 104,341 | 2,051 | |||
21,618,386 | ||||||
Consumer Staples (3.1%) | ||||||
Bunge Global SA | 4,110,751 | 414,980 | ||||
* | Performance Food Group Co. | 3,962,632 | 274,016 | |||
Casey's General Stores Inc. | 949,048 | 260,741 | ||||
* | US Foods Holding Corp. | 5,634,913 | 255,881 | |||
* | Darling Ingredients Inc. | 4,062,715 | 202,486 | |||
Lamb Weston Holdings Inc. | 1,845,393 | 199,469 | ||||
* | Celsius Holdings Inc. | 3,540,254 | 193,015 | |||
* | BellRing Brands Inc. | 3,338,265 | 185,040 | |||
Ingredion Inc. | 1,660,141 | 180,175 | ||||
Molson Coors Beverage Co. Class B | 2,302,931 | 140,962 | ||||
* | Sprouts Farmers Market Inc. | 2,586,391 | 124,431 | |||
Coca-Cola Consolidated Inc. | 117,250 | 108,855 | ||||
* | Post Holdings Inc. | 1,229,607 | 108,279 | |||
* | Freshpet Inc. | 1,228,541 | 106,588 | |||
Flowers Foods Inc. | 4,301,091 | 96,818 | ||||
* | Simply Good Foods Co. | 2,283,009 | 90,407 | |||
WD-40 Co. | 345,250 | 82,539 | ||||
Lancaster Colony Corp. | 490,576 | 81,627 | ||||
* | Boston Beer Co. Inc. Class A | 232,006 | 80,179 | |||
Spectrum Brands Holdings Inc. | 863,046 | 68,845 | ||||
* | Grocery Outlet Holding Corp. | 2,275,218 | 61,340 |
Shares | Market Value• ($000) | |||||
Cal-Maine Foods Inc. | 1,012,631 | 58,115 | ||||
Energizer Holdings Inc. | 1,822,885 | 57,749 | ||||
* | TreeHouse Foods Inc. | 1,267,495 | 52,538 | |||
J & J Snack Foods Corp. | 295,395 | 49,372 | ||||
Andersons Inc. | 816,593 | 46,987 | ||||
Edgewell Personal Care Co. | 1,229,291 | 45,029 | ||||
Universal Corp. | 594,173 | 40,000 | ||||
Vector Group Ltd. | 3,375,285 | 38,073 | ||||
* | Herbalife Ltd. | 2,397,814 | 36,591 | |||
Reynolds Consumer Products Inc. | 1,337,081 | 35,887 | ||||
* | National Beverage Corp. | 594,360 | 29,552 | |||
* | Sovos Brands Inc. | 1,291,694 | 28,456 | |||
Utz Brands Inc. | 1,653,045 | 26,845 | ||||
Weis Markets Inc. | 410,998 | 26,287 | ||||
Fresh Del Monte Produce Inc. | 980,511 | 25,738 | ||||
* | Pilgrim's Pride Corp. | 904,504 | 25,019 | |||
* | Hain Celestial Group Inc. | 2,284,533 | 25,016 | |||
Nu Skin Enterprises Inc. Class A | 1,258,256 | 24,435 | ||||
* | United Natural Foods Inc. | 1,437,315 | 23,328 | |||
Seaboard Corp. | 6,156 | 21,978 | ||||
1 | B&G Foods Inc. | 2,001,990 | 21,021 | |||
Medifast Inc. | 277,366 | 18,645 | ||||
* | USANA Health Sciences Inc. | 292,330 | 15,669 | |||
ACCO Brands Corp. | 2,296,720 | 13,964 | ||||
* | Duckhorn Portfolio Inc. | 1,321,926 | 13,021 | |||
Tootsie Roll Industries Inc. | 358,036 | 11,901 | ||||
*,1 | Beyond Meat Inc. | 781,496 | 6,955 | |||
* | Olaplex Holdings Inc. | 2,501,079 | 6,353 | |||
*,1 | BRC Inc. Class A | 1,229,892 | 4,464 | |||
* | Beauty Health Co. | 1,087,546 | 3,382 | |||
4,149,043 | ||||||
Energy (5.3%) | ||||||
Targa Resources Corp. | 5,678,429 | 493,285 | ||||
Ovintiv Inc. | 6,919,239 | 303,893 | ||||
APA Corp. | 7,811,068 | 280,261 | ||||
Chesapeake Energy Corp. | 3,171,111 | 243,985 | ||||
HF Sinclair Corp. | 3,912,656 | 217,426 | ||||
TechnipFMC plc | 10,535,261 | 212,180 | ||||
NOV Inc. | 10,031,975 | 203,448 | ||||
EQT Corp. | 5,237,579 | 202,485 | ||||
* | Southwestern Energy Co. | 28,050,475 | 183,731 |
Shares | Market Value• ($000) | |||||
* | Weatherford International plc | 1,836,594 | 179,674 | |||
Range Resources Corp. | 5,837,916 | 177,706 | ||||
Permian Resources Corp. Class A | 12,377,014 | 168,327 | ||||
Chord Energy Corp. | 998,656 | 166,007 | ||||
Civitas Resources Inc. | 2,388,069 | 163,296 | ||||
Murphy Oil Corp. | 3,737,231 | 159,430 | ||||
* | Antero Resources Corp. | 6,888,428 | 156,230 | |||
Matador Resources Co. | 2,730,563 | 155,260 | ||||
ChampionX Corp. | 4,960,911 | 144,908 | ||||
Noble Corp. plc | 2,873,641 | 138,395 | ||||
DT Midstream Inc. | 2,469,543 | 135,331 | ||||
PBF Energy Inc. Class A | 2,800,867 | 123,126 | ||||
Texas Pacific Land Corp. | 78,165 | 122,911 | ||||
* | Transocean Ltd. | 18,541,943 | 117,741 | |||
Patterson-UTI Energy Inc. | 10,626,110 | 114,762 | ||||
SM Energy Co. | 2,962,162 | 114,695 | ||||
Antero Midstream Corp. | 8,551,600 | 107,152 | ||||
Equitrans Midstream Corp. | 10,481,976 | 106,706 | ||||
Arcosa Inc. | 1,241,777 | 102,620 | ||||
California Resources Corp. | 1,747,537 | 95,555 | ||||
Magnolia Oil & Gas Corp. Class A | 4,481,169 | 95,404 | ||||
Alpha Metallurgical Resources Inc. | 270,661 | 91,732 | ||||
1 | New Fortress Energy Inc. | 2,349,637 | 88,652 | |||
Northern Oil & Gas Inc. | 2,302,327 | 85,347 | ||||
Helmerich & Payne Inc. | 2,278,834 | 82,539 | ||||
Warrior Met Coal Inc. | 1,324,729 | 80,769 | ||||
* | CNX Resources Corp. | 3,843,239 | 76,865 | |||
Cactus Inc. Class A | 1,663,512 | 75,523 | ||||
Arch Resources Inc. | 444,423 | 73,748 | ||||
Liberty Energy Inc. Class A | 3,864,480 | 70,102 | ||||
*,1 | Plug Power Inc. | 15,419,974 | 69,390 | |||
Peabody Energy Corp. | 2,837,894 | 69,018 | ||||
1 | Viper Energy Inc. Class A | 2,191,446 | 68,768 | |||
* | Shoals Technologies Group Inc. Class A | 4,330,774 | 67,300 | |||
* | Array Technologies Inc. | 3,658,396 | 61,461 | |||
* | NEXTracker Inc. Class A | 1,265,029 | 59,267 | |||
Archrock Inc. | 3,775,555 | 58,144 |
Shares | Market Value• ($000) | |||||
* | Oceaneering International Inc. | 2,565,097 | 54,585 | |||
* | Callon Petroleum Co. | 1,553,386 | 50,330 | |||
Sitio Royalties Corp. Class A | 2,082,204 | 48,953 | ||||
* | Tidewater Inc. | 605,536 | 43,665 | |||
Delek US Holdings Inc. | 1,546,776 | 39,907 | ||||
*,1 | Fluence Energy Inc. | 1,448,479 | 34,546 | |||
World Kinect Corp. | 1,456,498 | 33,179 | ||||
* | NOW Inc. | 2,707,959 | 30,654 | |||
CONSOL Energy Inc. | 295,829 | 29,740 | ||||
CVR Energy Inc. | 895,907 | 27,146 | ||||
1 | Crescent Energy Co. Class A | 2,030,836 | 26,827 | |||
* | Ameresco Inc. Class A | 828,234 | 26,230 | |||
* | MRC Global Inc. | 2,039,551 | 22,455 | |||
1 | Comstock Resources Inc. | 2,481,685 | 21,963 | |||
1 | Atlas Energy Solutions Inc. Class A | 1,272,747 | 21,917 | |||
Core Laboratories Inc. | 1,189,919 | 21,014 | ||||
* | Dril-Quip Inc. | 870,556 | 20,258 | |||
* | ProPetro Holding Corp. | 2,386,345 | 19,998 | |||
*,1 | ChargePoint Holdings Inc. | 8,252,120 | 19,310 | |||
1 | Kinetik Holdings Inc. Class A | 574,436 | 19,186 | |||
* | Helix Energy Solutions Group Inc. | 1,823,157 | 18,742 | |||
*,1 | FuelCell Energy Inc. | 11,475,912 | 18,361 | |||
RPC Inc. | 2,477,923 | 18,039 | ||||
Vitesse Energy Inc. | 549,809 | 12,035 | ||||
*,1 | SunPower Corp. | 2,230,749 | 10,775 | |||
1 | HighPeak Energy Inc. | 654,060 | 9,314 | |||
*,1 | EVgo Inc. Class A | 2,505,282 | 8,969 | |||
*,1 | Stem Inc. | 1,887,772 | 7,325 | |||
*,1 | ProFrac Holding Corp. Class A | 608,842 | 5,163 | |||
* | OPAL Fuels Inc. Class A | 467,146 | 2,579 | |||
1 | Enviva Inc. | 427,191 | 425 | |||
7,088,145 | ||||||
Financials (14.1%) | ||||||
First Citizens BancShares Inc. Class A | 258,114 | 366,256 | ||||
Equitable Holdings Inc. | 8,615,598 | 286,899 | ||||
MarketAxess Holdings Inc. | 964,831 | 282,551 | ||||
Reinsurance Group of America Inc. | 1,678,398 | 271,531 | ||||
RenaissanceRe Holdings Ltd. | 1,336,880 | 262,029 |
Shares | Market Value• ($000) | |||||
Carlyle Group Inc. | 6,431,259 | 261,688 | ||||
East West Bancorp Inc. | 3,589,007 | 258,229 | ||||
Annaly Capital Management Inc. | 12,728,604 | 246,553 | ||||
Ally Financial Inc. | 6,913,267 | 241,411 | ||||
Assurant Inc. | 1,339,295 | 225,658 | ||||
Webster Financial Corp. | 4,381,159 | 222,388 | ||||
*,1 | SoFi Technologies Inc. | 21,972,687 | 218,628 | |||
Erie Indemnity Co. Class A | 646,952 | 216,677 | ||||
American Financial Group Inc. | 1,813,508 | 215,608 | ||||
Brown & Brown Inc. | 2,899,074 | 206,153 | ||||
First Horizon Corp. | 14,229,900 | 201,495 | ||||
Invesco Ltd. | 11,168,643 | 199,249 | ||||
Voya Financial Inc. | 2,660,502 | 194,110 | ||||
SEI Investments Co. | 3,015,988 | 191,666 | ||||
* | Robinhood Markets Inc. Class A | 15,035,182 | 191,548 | |||
Unum Group | 4,222,089 | 190,923 | ||||
Old Republic International Corp. | 6,426,396 | 188,936 | ||||
Kinsale Capital Group Inc. | 560,623 | 187,758 | ||||
Comerica Inc. | 3,358,319 | 187,428 | ||||
Morningstar Inc. | 652,440 | 186,754 | ||||
Primerica Inc. | 892,221 | 183,583 | ||||
New York Community Bancorp Inc. | 17,479,309 | 178,813 | ||||
Western Alliance Bancorp | 2,648,518 | 174,246 | ||||
Blue Owl Capital Inc. Class A | 11,606,281 | 172,934 | ||||
Stifel Financial Corp. | 2,467,700 | 170,641 | ||||
1 | AGNC Investment Corp. | 17,088,947 | 167,643 | |||
Zions Bancorp NA | 3,772,824 | 165,514 | ||||
SouthState Corp. | 1,937,104 | 163,588 | ||||
Pinnacle Financial Partners Inc. | 1,857,418 | 162,004 | ||||
First American Financial Corp. | 2,496,303 | 160,862 | ||||
Commerce Bancshares Inc. | 2,991,101 | 159,755 | ||||
1 | Starwood Property Trust Inc. | 7,577,976 | 159,289 | |||
Cullen/Frost Bankers Inc. | 1,467,951 | 159,258 | ||||
Houlihan Lokey Inc. Class A | 1,314,432 | 157,614 | ||||
Prosperity Bancshares Inc. | 2,267,292 | 153,564 | ||||
Selective Insurance Group Inc. | 1,542,980 | 153,496 | ||||
Jefferies Financial Group Inc. | 3,751,482 | 151,597 |
Shares | Market Value• ($000) | |||||
Popular Inc. | 1,837,507 | 150,804 | ||||
OneMain Holdings Inc. | 3,053,477 | 150,231 | ||||
Evercore Inc. Class A | 863,441 | 147,692 | ||||
RLI Corp. | 1,103,809 | 146,939 | ||||
Wintrust Financial Corp. | 1,559,485 | 144,642 | ||||
Bank OZK | 2,881,027 | 143,562 | ||||
Columbia Banking System Inc. | 5,311,660 | 141,715 | ||||
Globe Life Inc. | 1,138,515 | 138,580 | ||||
Cadence Bank | 4,650,482 | 137,608 | ||||
MGIC Investment Corp. | 7,062,424 | 136,234 | ||||
Essent Group Ltd. | 2,582,933 | 136,224 | ||||
Synovus Financial Corp. | 3,538,044 | 133,207 | ||||
Rithm Capital Corp. | 12,305,910 | 131,427 | ||||
Affiliated Managers Group Inc. | 861,017 | 130,375 | ||||
United Bankshares Inc. | 3,436,289 | 129,033 | ||||
*,1 | Marathon Digital Holdings Inc. | 5,384,754 | 126,488 | |||
Old National Bancorp | 7,452,038 | 125,865 | ||||
FNB Corp. | 9,138,210 | 125,833 | ||||
Valley National Bancorp | 10,989,655 | 119,348 | ||||
Home BancShares Inc. | 4,624,902 | 117,149 | ||||
Glacier Bancorp Inc. | 2,823,794 | 116,679 | ||||
Lincoln National Corp. | 4,320,678 | 116,529 | ||||
* | American Equity Investment Life Holding Co. | 2,012,354 | 112,289 | |||
Radian Group Inc. | 3,900,657 | 111,364 | ||||
SLM Corp. | 5,762,185 | 110,173 | ||||
* | Ryan Specialty Holdings Inc. Class A | 2,560,714 | 110,162 | |||
Axis Capital Holdings Ltd. | 1,953,725 | 108,178 | ||||
FirstCash Holdings Inc. | 976,353 | 105,827 | ||||
First Financial Bankshares Inc. | 3,452,582 | 104,613 | ||||
* | Mr Cooper Group Inc. | 1,593,347 | 103,759 | |||
Jackson Financial Inc. Class A | 2,024,684 | 103,664 | ||||
Assured Guaranty Ltd. | 1,385,284 | 103,661 | ||||
Janus Henderson Group plc | 3,375,014 | 101,757 | ||||
Hancock Whitney Corp. | 2,084,264 | 101,274 | ||||
Hamilton Lane Inc. Class A | 884,627 | 100,352 | ||||
Hanover Insurance Group Inc. | 819,691 | 99,527 | ||||
* | Enstar Group Ltd. | 326,764 | 96,183 |
Shares | Market Value• ($000) | |||||
Moelis & Co. Class A | 1,697,701 | 95,292 | ||||
Lazard Ltd. Class A | 2,728,140 | 94,939 | ||||
White Mountains Insurance Group Ltd. | 61,923 | 93,195 | ||||
Walker & Dunlop Inc. | 809,255 | 89,835 | ||||
1 | Blackstone Mortgage Trust Inc. Class A | 4,168,406 | 88,662 | |||
Ameris Bancorp | 1,670,604 | 88,626 | ||||
* | Brighthouse Financial Inc. | 1,635,128 | 86,531 | |||
United Community Banks Inc. | 2,878,517 | 84,225 | ||||
ServisFirst Bancshares Inc. | 1,247,642 | 83,130 | ||||
UMB Financial Corp. | 988,719 | 82,608 | ||||
* | Texas Capital Bancshares Inc. | 1,222,915 | 79,037 | |||
Cathay General Bancorp | 1,757,601 | 78,336 | ||||
Associated Banc-Corp | 3,651,723 | 78,110 | ||||
*,1 | Riot Platforms Inc. | 4,995,697 | 77,283 | |||
International Bancshares Corp. | 1,422,370 | 77,263 | ||||
Artisan Partners Asset Management Inc. Class A | 1,743,917 | 77,046 | ||||
* | Genworth Financial Inc. Class A | 11,486,123 | 76,727 | |||
CNO Financial Group Inc. | 2,713,787 | 75,715 | ||||
Kemper Corp. | 1,550,479 | 75,462 | ||||
*,1 | Upstart Holdings Inc. | 1,841,178 | 75,231 | |||
Piper Sandler Cos. | 428,446 | 74,922 | ||||
First Hawaiian Inc. | 3,249,830 | 74,291 | ||||
Bank of Hawaii Corp. | 1,012,294 | 73,351 | ||||
* | Axos Financial Inc. | 1,323,253 | 72,250 | |||
TPG Inc. Class A | 1,657,892 | 71,571 | ||||
Pacific Premier Bancorp Inc. | 2,442,250 | 71,094 | ||||
WSFS Financial Corp. | 1,546,654 | 71,038 | ||||
Community Bank System Inc. | 1,359,545 | 70,846 | ||||
Federated Hermes Inc. Class B | 2,086,589 | 70,652 | ||||
First Interstate BancSystem Inc. Class A | 2,272,701 | 69,886 | ||||
Independent Bank Corp. | 1,060,966 | 69,822 | ||||
Atlantic Union Bankshares Corp. | 1,910,401 | 69,806 | ||||
Fulton Financial Corp. | 4,181,361 | 68,825 | ||||
First Bancorp | 4,174,943 | 68,678 | ||||
* | Credit Acceptance Corp. | 128,029 | 68,205 | |||
CVB Financial Corp. | 3,371,026 | 68,061 | ||||
BGC Group Inc. Class A | 9,357,760 | 67,563 |
Shares | Market Value• ($000) | |||||
* | Clearwater Analytics Holdings Inc. Class A | 3,204,928 | 64,195 | |||
BankUnited Inc. | 1,894,275 | 61,431 | ||||
Simmons First National Corp. Class A | 3,028,327 | 60,082 | ||||
1 | Arbor Realty Trust Inc. | 3,820,332 | 57,993 | |||
Eastern Bankshares Inc. | 4,043,669 | 57,420 | ||||
PJT Partners Inc. Class A | 555,562 | 56,595 | ||||
First Merchants Corp. | 1,524,101 | 56,514 | ||||
PennyMac Financial Services Inc. | 635,734 | 56,180 | ||||
First Financial Bancorp | 2,301,318 | 54,656 | ||||
WaFd Inc. | 1,650,555 | 54,402 | ||||
BOK Financial Corp. | 585,284 | 50,130 | ||||
Towne Bank | 1,669,554 | 49,686 | ||||
Park National Corp. | 369,399 | 49,078 | ||||
NBT Bancorp Inc. | 1,139,211 | 47,744 | ||||
Cohen & Steers Inc. | 625,692 | 47,384 | ||||
Banner Corp. | 874,719 | 46,850 | ||||
Renasant Corp. | 1,358,290 | 45,747 | ||||
Independent Bank Group Inc. | 893,382 | 45,455 | ||||
WesBanco Inc. | 1,436,344 | 45,058 | ||||
OFG Bancorp | 1,198,390 | 44,916 | ||||
BancFirst Corp. | 461,123 | 44,881 | ||||
Virtu Financial Inc. Class A | 2,188,278 | 44,335 | ||||
StepStone Group Inc. Class A | 1,386,835 | 44,143 | ||||
Apollo Commercial Real Estate Finance Inc. | 3,600,008 | 42,264 | ||||
Virtus Investment Partners Inc. | 173,827 | 42,024 | ||||
Claros Mortgage Trust Inc. | 3,003,089 | 40,932 | ||||
Hilltop Holdings Inc. | 1,161,772 | 40,906 | ||||
Northwest Bancshares Inc. | 3,236,890 | 40,396 | ||||
* | Goosehead Insurance Inc. Class A | 529,217 | 40,115 | |||
City Holding Co. | 358,822 | 39,564 | ||||
* | BRP Group Inc. Class A | 1,637,927 | 39,343 | |||
Navient Corp. | 2,095,910 | 39,026 | ||||
Trustmark Corp. | 1,399,725 | 39,024 | ||||
Westamerica Bancorp | 678,629 | 38,281 | ||||
First Commonwealth Financial Corp. | 2,470,408 | 38,143 | ||||
National Bank Holdings Corp. Class A | 961,633 | 35,763 | ||||
* | Oscar Health Inc. Class A | 3,887,402 | 35,570 |
Shares | Market Value• ($000) | |||||
Hope Bancorp Inc. | 2,905,860 | 35,103 | ||||
Compass Diversified Holdings | 1,556,317 | 34,939 | ||||
Two Harbors Investment Corp. | 2,449,541 | 34,122 | ||||
Horace Mann Educators Corp. | 1,039,970 | 34,007 | ||||
Ladder Capital Corp. Class A | 2,908,882 | 33,481 | ||||
PennyMac Mortgage Investment Trust | 2,206,065 | 32,981 | ||||
Provident Financial Services Inc. | 1,829,155 | 32,980 | ||||
Safehold Inc. | 1,357,389 | 31,763 | ||||
* | Cannae Holdings Inc. | 1,620,903 | 31,624 | |||
S&T Bancorp Inc. | 925,022 | 30,914 | ||||
MFA Financial Inc. | 2,595,532 | 29,252 | ||||
* | Encore Capital Group Inc. | 569,216 | 28,888 | |||
Chimera Investment Corp. | 5,775,128 | 28,818 | ||||
Franklin BSP Realty Trust Inc. | 2,090,157 | 28,238 | ||||
* | SiriusPoint Ltd. | 2,347,229 | 27,228 | |||
Safety Insurance Group Inc. | 357,845 | 27,193 | ||||
Nelnet Inc. Class A | 305,423 | 26,944 | ||||
Mercury General Corp. | 705,046 | 26,305 | ||||
Berkshire Hills Bancorp Inc. | 1,056,521 | 26,233 | ||||
Employers Holdings Inc. | 655,014 | 25,808 | ||||
* | PRA Group Inc. | 949,418 | 24,875 | |||
BrightSpire Capital Inc. Class A | 3,310,280 | 24,629 | ||||
*,1 | Trupanion Inc. | 793,693 | 24,216 | |||
1 | ARMOUR Residential REIT Inc. | 1,247,634 | 24,104 | |||
Enact Holdings Inc. | 813,526 | 23,503 | ||||
Brookline Bancorp Inc. | 2,149,983 | 23,456 | ||||
National Western Life Group Inc. Class A | 48,134 | 23,250 | ||||
* | LendingClub Corp. | 2,652,594 | 23,184 | |||
* | Triumph Financial Inc. | 281,737 | 22,590 | |||
WisdomTree Inc. | 3,254,164 | 22,551 | ||||
Redwood Trust Inc. | 3,019,714 | 22,376 | ||||
F&G Annuities & Life Inc. | 479,134 | 22,040 | ||||
Eagle Bancorp Inc. | 724,020 | 21,822 | ||||
*,1 | Lemonade Inc. | 1,335,424 | 21,540 | |||
Capitol Federal Financial Inc. | 3,288,754 | 21,212 | ||||
TFS Financial Corp. | 1,427,984 | 20,977 | ||||
* | Open Lending Corp. | 2,439,750 | 20,762 | |||
Live Oak Bancshares Inc. | 424,785 | 19,328 |
Shares | Market Value• ($000) | |||||
* | Ambac Financial Group Inc. | 1,093,454 | 18,020 | |||
ProAssurance Corp. | 1,298,067 | 17,900 | ||||
Tompkins Financial Corp. | 292,379 | 17,610 | ||||
Heartland Financial USA Inc. | 461,752 | 17,367 | ||||
Victory Capital Holdings Inc. Class A | 504,096 | 17,361 | ||||
* | AssetMark Financial Holdings Inc. | 567,415 | 16,994 | |||
* | Palomar Holdings Inc. | 299,150 | 16,603 | |||
KKR Real Estate Finance Trust Inc. | 1,235,677 | 16,348 | ||||
1 | UWM Holdings Corp. Class A | 2,265,754 | 16,200 | |||
* | Columbia Financial Inc. | 668,006 | 12,879 | |||
Kearny Financial Corp. | 1,397,256 | 12,533 | ||||
United Fire Group Inc. | 611,263 | 12,299 | ||||
P10 Inc. Class A | 1,149,538 | 11,748 | ||||
* | World Acceptance Corp. | 87,138 | 11,374 | |||
GCM Grosvenor Inc. Class A | 1,042,680 | 9,342 | ||||
* | loanDepot Inc. Class A | 1,542,333 | 5,429 | |||
TPG RE Finance Trust Inc. | 792,841 | 5,154 | ||||
*,1 | Hagerty Inc. Class A | 538,637 | 4,201 | |||
Associated Capital Group Inc. Class A | 32,631 | 1,165 | ||||
18,863,577 | ||||||
Health Care (11.0%) | ||||||
* | Exact Sciences Corp. | 4,605,632 | 340,725 | |||
* | Neurocrine Biosciences Inc. | 2,502,119 | 329,679 | |||
Bio-Techne Corp. | 4,027,554 | 310,766 | ||||
* | Charles River Laboratories International Inc. | 1,305,628 | 308,650 | |||
* | United Therapeutics Corp. | 1,196,765 | 263,157 | |||
* | Karuna Therapeutics Inc. | 816,680 | 258,487 | |||
* | Repligen Corp. | 1,350,738 | 242,863 | |||
* | Penumbra Inc. | 933,750 | 234,875 | |||
Universal Health Services Inc. Class B | 1,475,987 | 224,999 | ||||
Chemed Corp. | 383,567 | 224,291 | ||||
* | Sarepta Therapeutics Inc. | 2,263,171 | 218,238 | |||
* | Cytokinetics Inc. | 2,497,015 | 208,476 | |||
* | ImmunoGen Inc. | 6,780,369 | 201,038 | |||
* | Catalent Inc. | 4,361,345 | 195,955 | |||
* | Tenet Healthcare Corp. | 2,586,175 | 195,437 |
Shares | Market Value• ($000) | |||||
DENTSPLY SIRONA Inc. | 5,395,345 | 192,020 | ||||
* | Medpace Holdings Inc. | 625,077 | 191,605 | |||
* | Exelixis Inc. | 7,919,651 | 189,992 | |||
* | Jazz Pharmaceuticals plc | 1,523,128 | 187,345 | |||
* | Elanco Animal Health Inc. | 12,549,893 | 186,993 | |||
* | Natera Inc. | 2,906,727 | 182,077 | |||
* | Shockwave Medical Inc. | 939,643 | 179,058 | |||
* | Ionis Pharmaceuticals Inc. | 3,471,076 | 175,602 | |||
* | Acadia Healthcare Co. Inc. | 2,231,021 | 173,484 | |||
Encompass Health Corp. | 2,552,658 | 170,313 | ||||
Bruker Corp. | 2,291,294 | 168,364 | ||||
* | Intra-Cellular Therapies Inc. | 2,328,164 | 166,743 | |||
Ensign Group Inc. | 1,437,550 | 161,308 | ||||
* | Globus Medical Inc. Class A | 3,009,346 | 160,368 | |||
* | Apellis Pharmaceuticals Inc. | 2,565,077 | 153,546 | |||
* | Inspire Medical Systems Inc. | 751,870 | 152,953 | |||
* | Option Care Health Inc. | 4,510,961 | 151,974 | |||
* | Masimo Corp. | 1,278,398 | 149,841 | |||
Teleflex Inc. | 597,735 | 149,039 | ||||
* | HealthEquity Inc. | 2,180,613 | 144,575 | |||
* | Blueprint Medicines Corp. | 1,548,093 | 142,796 | |||
* | Vaxcyte Inc. | 2,180,898 | 136,960 | |||
* | Bridgebio Pharma Inc. | 3,322,317 | 134,122 | |||
* | DaVita Inc. | 1,278,803 | 133,967 | |||
* | 10X Genomics Inc. Class A | 2,387,109 | 133,583 | |||
* | Henry Schein Inc. | 1,661,001 | 125,754 | |||
* | Halozyme Therapeutics Inc. | 3,364,060 | 124,336 | |||
* | Alkermes plc | 4,249,904 | 117,892 | |||
* | REVOLUTION Medicines Inc. | 3,962,302 | 113,639 | |||
* | Insmed Inc. | 3,643,401 | 112,909 | |||
Perrigo Co. plc | 3,450,889 | 111,050 | ||||
* | Haemonetics Corp. | 1,292,249 | 110,500 | |||
* | Lantheus Holdings Inc. | 1,744,182 | 108,139 | |||
* | Merit Medical Systems Inc. | 1,397,242 | 106,135 | |||
* | Amicus Therapeutics Inc. | 7,467,777 | 105,968 | |||
* | Envista Holdings Corp. | 4,364,804 | 105,017 | |||
* | Neogen Corp. | 4,957,840 | 99,702 |
Shares | Market Value• ($000) | |||||
* | ACADIA Pharmaceuticals Inc. | 3,135,812 | 98,182 | |||
* | agilon health Inc. | 7,755,347 | 97,330 | |||
* | Ultragenyx Pharmaceutical Inc. | 1,986,538 | 94,996 | |||
* | QuidelOrtho Corp. | 1,276,219 | 94,057 | |||
Organon & Co. | 6,509,356 | 93,865 | ||||
* | Glaukos Corp. | 1,180,605 | 93,846 | |||
* | Azenta Inc. | 1,429,084 | 93,091 | |||
* | Madrigal Pharmaceuticals Inc. | 402,208 | 93,063 | |||
* | Evolent Health Inc. Class A | 2,781,115 | 91,860 | |||
* | Teladoc Health Inc. | 4,215,728 | 90,849 | |||
CONMED Corp. | 783,138 | 85,761 | ||||
* | Mirati Therapeutics Inc. | 1,450,024 | 85,189 | |||
* | Integer Holdings Corp. | 848,719 | 84,091 | |||
* | Bio-Rad Laboratories Inc. Class A | 260,088 | 83,980 | |||
* | Inari Medical Inc. | 1,246,553 | 80,926 | |||
* | Axonics Inc. | 1,290,206 | 80,290 | |||
* | iRhythm Technologies Inc. | 741,550 | 79,376 | |||
* | Arrowhead Pharmaceuticals Inc. | 2,593,365 | 79,357 | |||
* | Amedisys Inc. | 831,061 | 79,001 | |||
* | Fortrea Holdings Inc. | 2,261,428 | 78,924 | |||
* | Cerevel Therapeutics Holdings Inc. | 1,836,624 | 77,873 | |||
* | Prestige Consumer Healthcare Inc. | 1,263,620 | 77,359 | |||
* | Guardant Health Inc. | 2,854,624 | 77,218 | |||
* | Progyny Inc. | 2,074,528 | 77,131 | |||
*,1 | Axsome Therapeutics Inc. | 964,040 | 76,728 | |||
* | Doximity Inc. Class A | 2,708,274 | 75,940 | |||
* | Krystal Biotech Inc. | 610,554 | 75,745 | |||
* | Integra LifeSciences Holdings Corp. | 1,692,344 | 73,702 | |||
* | Enovis Corp. | 1,251,289 | 70,097 | |||
* | Corcept Therapeutics Inc. | 2,100,105 | 68,211 | |||
Premier Inc. Class A | 3,047,652 | 68,146 | ||||
* | Pacific Biosciences of California Inc. | 6,809,717 | 66,803 | |||
* | Intellia Therapeutics Inc. | 2,166,610 | 66,060 | |||
* | Nuvalent Inc. Class A | 873,465 | 64,278 | |||
*,1 | Ginkgo Bioworks Holdings Inc. Class A | 37,116,894 | 62,728 | |||
* | Surgery Partners Inc. | 1,958,902 | 62,665 | |||
Patterson Cos. Inc. | 2,196,852 | 62,500 | ||||
* | Immunovant Inc. | 1,473,800 | 62,091 | |||
Select Medical Holdings Corp. | 2,612,109 | 61,385 |
Shares | Market Value• ($000) | |||||
* | TG Therapeutics Inc. | 3,470,301 | 59,273 | |||
* | CorVel Corp. | 239,634 | 59,240 | |||
* | Privia Health Group Inc. | 2,555,668 | 58,857 | |||
* | ICU Medical Inc. | 584,018 | 58,250 | |||
* | SpringWorks Therapeutics Inc. | 1,559,886 | 56,936 | |||
* | Denali Therapeutics Inc. | 2,639,516 | 56,644 | |||
* | Certara Inc. | 3,052,913 | 53,701 | |||
* | PTC Therapeutics Inc. | 1,921,784 | 52,964 | |||
* | NeoGenomics Inc. | 3,246,146 | 52,523 | |||
* | Twist Bioscience Corp. | 1,395,311 | 51,431 | |||
* | Veracyte Inc. | 1,860,067 | 51,170 | |||
* | Beam Therapeutics Inc. | 1,868,029 | 50,848 | |||
* | Tandem Diabetes Care Inc. | 1,660,654 | 49,122 | |||
* | Arvinas Inc. | 1,191,112 | 49,026 | |||
* | Iovance Biotherapeutics Inc. | 5,865,398 | 47,686 | |||
* | PROCEPT BioRobotics Corp. | 1,093,110 | 45,812 | |||
* | Apollo Medical Holdings Inc. | 1,187,334 | 45,475 | |||
* | Omnicell Inc. | 1,157,921 | 43,573 | |||
* | Sotera Health Co. | 2,519,132 | 42,447 | |||
*,1 | Recursion Pharmaceuticals Inc. Class A | 4,243,287 | 41,839 | |||
* | Myriad Genetics Inc. | 2,165,398 | 41,446 | |||
* | AtriCure Inc. | 1,146,637 | 40,923 | |||
* | Novocure Ltd. | 2,721,383 | 40,630 | |||
* | R1 RCM Inc. | 3,735,457 | 39,484 | |||
* | STAAR Surgical Co. | 1,243,219 | 38,801 | |||
* | Ironwood Pharmaceuticals Inc. Class A | 3,379,623 | 38,663 | |||
* | Supernus Pharmaceuticals Inc. | 1,321,749 | 38,251 | |||
* | Pacira BioSciences Inc. | 1,123,467 | 37,906 | |||
* | Owens & Minor Inc. | 1,850,820 | 35,665 | |||
* | Xencor Inc. | 1,550,284 | 32,913 | |||
* | Relay Therapeutics Inc. | 2,982,238 | 32,834 | |||
* | Hims & Hers Health Inc. | 3,629,775 | 32,305 | |||
* | Agios Pharmaceuticals Inc. | 1,423,359 | 31,698 | |||
National HealthCare Corp. | 331,715 | 30,657 | ||||
* | Ligand Pharmaceuticals Inc. | 421,840 | 30,128 | |||
* | Warby Parker Inc. Class A | 2,119,728 | 29,888 | |||
* | Sage Therapeutics Inc. | 1,298,085 | 28,130 |
Shares | Market Value• ($000) | |||||
Embecta Corp. | 1,460,069 | 27,639 | ||||
* | Vir Biotechnology Inc. | 2,740,445 | 27,569 | |||
* | Kymera Therapeutics Inc. | 1,059,794 | 26,982 | |||
* | Avanos Medical Inc. | 1,182,327 | 26,520 | |||
* | Brookdale Senior Living Inc. | 4,554,121 | 26,505 | |||
* | Harmony Biosciences Holdings Inc. | 820,414 | 26,499 | |||
* | Rocket Pharmaceuticals Inc. | 860,912 | 25,802 | |||
* | Cytek Biosciences Inc. | 2,761,384 | 25,184 | |||
* | Innoviva Inc. | 1,468,918 | 23,561 | |||
* | Amylyx Pharmaceuticals Inc. | 1,461,388 | 21,512 | |||
* | Amneal Pharmaceuticals Inc. | 3,534,128 | 21,452 | |||
* | Varex Imaging Corp. | 1,031,385 | 21,143 | |||
* | Editas Medicine Inc. | 2,079,925 | 21,070 | |||
*,1 | Verve Therapeutics Inc. | 1,500,257 | 20,914 | |||
* | Alignment Healthcare Inc. | 2,407,851 | 20,732 | |||
* | Zentalis Pharmaceuticals Inc. | 1,351,597 | 20,477 | |||
* | Pediatrix Medical Group Inc. | 2,139,826 | 19,900 | |||
* | Healthcare Services Group Inc. | 1,880,686 | 19,503 | |||
* | Nevro Corp. | 875,909 | 18,850 | |||
* | REGENXBIO Inc. | 1,008,269 | 18,098 | |||
* | Maravai LifeSciences Holdings Inc. Class A | 2,693,075 | 17,640 | |||
*,1 | ImmunityBio Inc. | 3,400,917 | 17,073 | |||
HealthStream Inc. | 616,897 | 16,675 | ||||
* | Adaptive Biotechnologies Corp. | 3,318,134 | 16,259 | |||
* | BioCryst Pharmaceuticals Inc. | 2,607,613 | 15,620 | |||
* | Phreesia Inc. | 668,530 | 15,476 | |||
* | AdaptHealth Corp. Class A | 2,083,852 | 15,191 | |||
*,1 | LifeStance Health Group Inc. | 1,928,430 | 15,100 | |||
* | OPKO Health Inc. | 9,843,800 | 14,864 | |||
* | Multiplan Corp. | 9,923,776 | 14,290 | |||
* | Treace Medical Concepts Inc. | 1,099,444 | 14,018 | |||
* | ACELYRIN Inc. | 1,858,121 | 13,862 | |||
*,1 | Novavax Inc. | 2,873,237 | 13,792 | |||
* | Kiniksa Pharmaceuticals Ltd. Class A | 766,504 | 13,444 | |||
* | Enhabit Inc. | 1,276,632 | 13,213 | |||
* | GoodRx Holdings Inc. Class A | 1,882,389 | 12,612 |
Shares | Market Value• ($000) | |||||
* | Arcus Biosciences Inc. | 619,552 | 11,833 | |||
* | Day One Biopharmaceuticals Inc. | 775,842 | 11,327 | |||
*,1 | Sana Biotechnology Inc. | 2,760,887 | 11,264 | |||
* | Accolade Inc. | 873,627 | 10,492 | |||
*,1 | Prime Medicine Inc. | 1,115,364 | 9,882 | |||
*,1 | Theravance Biopharma Inc. | 824,446 | 9,267 | |||
* | CareDx Inc. | 654,395 | 7,853 | |||
* | Agiliti Inc. | 858,511 | 6,799 | |||
* | Health Catalyst Inc. | 696,713 | 6,452 | |||
* | Silk Road Medical Inc. | 471,611 | 5,787 | |||
* | AnaptysBio Inc. | 220,195 | 4,717 | |||
*,1 | Allogene Therapeutics Inc. | 1,394,072 | 4,475 | |||
*,1 | Lyell Immunopharma Inc. | 2,247,403 | 4,360 | |||
* | Clover Health Investments Corp. Class A | 4,331,471 | 4,124 | |||
* | Outset Medical Inc. | 639,946 | 3,462 | |||
* | 23andMe Holding Co. Class A | 3,773,519 | 3,447 | |||
* | Innovage Holding Corp. | 512,072 | 3,072 | |||
Phibro Animal Health Corp. Class A | 259,238 | 3,002 | ||||
* | Mural Oncology plc | 212,710 | 1,259 | |||
*,1 | ProKidney Corp. Class A | 684,002 | 1,218 | |||
* | Neumora Therapeutics Inc. | 14,030 | 239 | |||
*,1,2 | Synergy Pharmaceuticals LLC | 2,001,166 | — | |||
*,2 | OmniAb Inc. 12.5 Earnout | 156,690 | — | |||
*,2 | OmniAb Inc. 15 Earnout | 156,690 | — | |||
14,702,510 | ||||||
Industrials (21.7%) | ||||||
* | Builders FirstSource Inc. | 3,141,249 | 524,400 | |||
* | Axon Enterprise Inc. | 1,812,869 | 468,318 | |||
Booz Allen Hamilton Holding Corp. Class A | 3,320,376 | 424,709 | ||||
IDEX Corp. | 1,925,928 | 418,138 | ||||
Carlisle Cos. Inc. | 1,239,836 | 387,362 | ||||
Graco Inc. | 4,298,460 | 372,934 | ||||
Watsco Inc. | 862,448 | 369,533 | ||||
RPM International Inc. | 3,280,810 | 366,237 | ||||
Lennox International Inc. | 814,585 | 364,543 | ||||
Nordson Corp. | 1,306,757 | 345,193 |
Shares | Market Value• ($000) | |||||
Owens Corning | 2,263,342 | 335,495 | ||||
AECOM | 3,463,201 | 320,104 | ||||
Lincoln Electric Holdings Inc. | 1,456,677 | 316,769 | ||||
Pentair plc | 4,209,593 | 306,080 | ||||
* | TopBuild Corp. | 809,155 | 302,834 | |||
* | Saia Inc. | 676,080 | 296,272 | |||
Howmet Aerospace Inc. | 5,242,559 | 283,727 | ||||
Allegion plc | 2,235,635 | 283,233 | ||||
Westrock Co. | 6,531,381 | 271,183 | ||||
Advanced Drainage Systems Inc. | 1,884,863 | 265,087 | ||||
Huntington Ingalls Industries Inc. | 1,011,631 | 262,660 | ||||
EMCOR Group Inc. | 1,198,063 | 258,099 | ||||
A O Smith Corp. | 3,128,041 | 257,876 | ||||
* | Affirm Holdings Inc. Class A | 5,240,935 | 257,540 | |||
Toro Co. | 2,644,565 | 253,852 | ||||
Regal Rexnord Corp. | 1,689,675 | 250,106 | ||||
nVent Electric plc | 4,225,225 | 249,669 | ||||
ITT Inc. | 2,090,807 | 249,475 | ||||
* | XPO Inc. | 2,805,778 | 245,758 | |||
Fortune Brands Innovations Inc. | 3,211,236 | 244,504 | ||||
* | Trex Co. Inc. | 2,765,527 | 228,958 | |||
Tetra Tech Inc. | 1,356,025 | 226,361 | ||||
WESCO International Inc. | 1,300,744 | 226,173 | ||||
Robert Half Inc. | 2,561,968 | 225,248 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 3,904,051 | 225,069 | ||||
Hubbell Inc. Class B | 682,776 | 224,586 | ||||
Curtiss-Wright Corp. | 973,871 | 216,969 | ||||
Simpson Manufacturing Co. Inc. | 1,086,727 | 215,150 | ||||
* | WEX Inc. | 1,088,375 | 211,743 | |||
Woodward Inc. | 1,528,821 | 208,118 | ||||
AptarGroup Inc. | 1,675,228 | 207,092 | ||||
* | WillScot Mobile Mini Holdings Corp. | 4,636,287 | 206,315 | |||
* | Generac Holdings Inc. | 1,564,469 | 202,192 | |||
* | Middleby Corp. | 1,365,101 | 200,902 | |||
Donaldson Co. Inc. | 3,070,990 | 200,689 | ||||
AGCO Corp. | 1,620,896 | 196,793 | ||||
Graphic Packaging Holding Co. | 7,794,104 | 192,125 | ||||
* | Axalta Coating Systems Ltd. | 5,604,809 | 190,395 | |||
Berry Global Group Inc. | 2,794,389 | 188,314 | ||||
Comfort Systems USA Inc. | 909,512 | 187,059 | ||||
* | API Group Corp. | 5,398,389 | 186,784 |
Shares | Market Value• ($000) | |||||
* | GXO Logistics Inc. | 3,029,390 | 185,277 | |||
Cognex Corp. | 4,383,864 | 182,982 | ||||
Oshkosh Corp. | 1,665,867 | 180,597 | ||||
Eagle Materials Inc. | 888,462 | 180,216 | ||||
* | FTI Consulting Inc. | 904,263 | 180,084 | |||
BWX Technologies Inc. | 2,330,517 | 178,821 | ||||
Landstar System Inc. | 915,451 | 177,277 | ||||
* | Paylocity Holding Corp. | 1,072,966 | 176,878 | |||
MKS Instruments Inc. | 1,703,174 | 175,206 | ||||
Applied Industrial Technologies Inc. | 987,077 | 170,458 | ||||
* | Fluor Corp. | 4,338,111 | 169,924 | |||
Littelfuse Inc. | 634,183 | 169,682 | ||||
Brunswick Corp. | 1,752,448 | 169,549 | ||||
Acuity Brands Inc. | 788,131 | 161,433 | ||||
MSA Safety Inc. | 951,063 | 160,568 | ||||
Genpact Ltd. | 4,619,910 | 160,357 | ||||
* | Atkore Inc. | 950,369 | 152,059 | |||
Jack Henry & Associates Inc. | 927,332 | 151,535 | ||||
* | Core & Main Inc. Class A | 3,699,223 | 149,486 | |||
* | Chart Industries Inc. | 1,088,709 | 148,424 | |||
* | ATI Inc. | 3,248,981 | 147,731 | |||
Crane Co. | 1,229,745 | 145,282 | ||||
Watts Water Technologies Inc. Class A | 696,987 | 145,210 | ||||
Sensata Technologies Holding plc | 3,854,558 | 144,816 | ||||
* | Mohawk Industries Inc. | 1,378,504 | 142,675 | |||
Crown Holdings Inc. | 1,534,585 | 141,320 | ||||
Sonoco Products Co. | 2,494,636 | 139,375 | ||||
* | AZEK Co. Inc. Class A | 3,613,493 | 138,216 | |||
Flowserve Corp. | 3,341,423 | 137,733 | ||||
Vontier Corp. | 3,930,247 | 135,790 | ||||
Sealed Air Corp. | 3,678,260 | 134,330 | ||||
Allison Transmission Holdings Inc. | 2,278,857 | 132,516 | ||||
Maximus Inc. | 1,553,398 | 130,268 | ||||
Esab Corp. | 1,458,169 | 126,307 | ||||
* | Beacon Roofing Supply Inc. | 1,447,578 | 125,968 | |||
Valmont Industries Inc. | 531,966 | 124,219 | ||||
Ryder System Inc. | 1,072,334 | 123,383 | ||||
* | ExlService Holdings Inc. | 3,989,994 | 123,091 | |||
AAON Inc. | 1,655,336 | 122,280 | ||||
CH Robinson Worldwide Inc. | 1,409,571 | 121,773 | ||||
* | MasTec Inc. | 1,605,881 | 121,597 | |||
Federal Signal Corp. | 1,551,667 | 119,075 | ||||
* | Kirby Corp. | 1,505,073 | 118,118 |
Shares | Market Value• ($000) | |||||
MSC Industrial Direct Co. Inc. Class A | 1,166,278 | 118,097 | ||||
Louisiana-Pacific Corp. | 1,652,871 | 117,073 | ||||
* | Summit Materials Inc. Class A | 3,033,410 | 116,665 | |||
Badger Meter Inc. | 747,376 | 115,372 | ||||
Exponent Inc. | 1,289,167 | 113,498 | ||||
* | Euronet Worldwide Inc. | 1,115,938 | 113,257 | |||
Air Lease Corp. Class A | 2,686,179 | 112,658 | ||||
Installed Building Products Inc. | 614,977 | 112,430 | ||||
HB Fuller Co. | 1,375,722 | 111,998 | ||||
* | SPX Technologies Inc. | 1,104,373 | 111,553 | |||
Armstrong World Industries Inc. | 1,125,118 | 110,622 | ||||
Western Union Co. | 9,279,196 | 110,608 | ||||
* | ASGN Inc. | 1,141,971 | 109,823 | |||
GATX Corp. | 904,067 | 108,687 | ||||
* | Shift4 Payments Inc. Class A | 1,448,788 | 107,703 | |||
Moog Inc. Class A | 732,174 | 106,004 | ||||
Insperity Inc. | 901,968 | 105,729 | ||||
* | BILL Holdings Inc. | 1,290,027 | 105,253 | |||
EnerSys | 1,028,857 | 103,873 | ||||
Zurn Elkay Water Solutions Corp. | 3,520,740 | 103,545 | ||||
MDU Resources Group Inc. | 5,186,037 | 102,684 | ||||
Herc Holdings Inc. | 683,878 | 101,823 | ||||
FTAI Aviation Ltd. | 2,157,400 | 100,103 | ||||
ManpowerGroup Inc. | 1,243,021 | 98,783 | ||||
Franklin Electric Co. Inc. | 998,518 | 96,507 | ||||
Brink's Co. | 1,089,994 | 95,865 | ||||
* | Knife River Corp. | 1,440,567 | 95,337 | |||
Terex Corp. | 1,628,204 | 93,557 | ||||
* | Spirit AeroSystems Holdings Inc. Class A | 2,920,041 | 92,799 | |||
* | Verra Mobility Corp. Class A | 4,023,717 | 92,666 | |||
Matson Inc. | 845,204 | 92,634 | ||||
Silgan Holdings Inc. | 2,034,182 | 92,047 | ||||
Otter Tail Corp. | 1,062,213 | 90,256 | ||||
* | AeroVironment Inc. | 694,636 | 87,552 | |||
* | Itron Inc. | 1,158,532 | 87,481 | |||
* | GMS Inc. | 1,033,771 | 85,214 | |||
Hillenbrand Inc. | 1,780,656 | 85,204 | ||||
* | ACI Worldwide Inc. | 2,768,802 | 84,725 | |||
* | TriNet Group Inc. | 707,471 | 84,140 | |||
Enpro Inc. | 532,421 | 83,452 | ||||
* | Marqeta Inc. Class A | 11,904,742 | 83,095 | |||
*,1 | Aurora Innovation Inc. Class A | 18,937,523 | 82,757 | |||
Belden Inc. | 1,061,494 | 82,000 | ||||
* | Dycom Industries Inc. | 709,772 | 81,688 |
Shares | Market Value• ($000) | |||||
Encore Wire Corp. | 381,695 | 81,530 | ||||
John Bean Technologies Corp. | 810,824 | 80,636 | ||||
Korn Ferry | 1,342,252 | 79,663 | ||||
Albany International Corp. Class A | 794,583 | 78,044 | ||||
ESCO Technologies Inc. | 656,581 | 76,840 | ||||
* | Alight Inc. Class A | 8,934,400 | 76,210 | |||
*,1 | Bloom Energy Corp. Class A | 5,135,085 | 75,999 | |||
ABM Industries Inc. | 1,668,912 | 74,817 | ||||
McGrath RentCorp | 623,686 | 74,605 | ||||
* | AMN Healthcare Services Inc. | 962,368 | 72,062 | |||
Vestis Corp. | 3,329,126 | 70,378 | ||||
UniFirst Corp. | 384,661 | 70,358 | ||||
Crane NXT Co. | 1,229,596 | 69,927 | ||||
* | Hub Group Inc. Class A | 754,620 | 69,380 | |||
* | RXO Inc. | 2,979,627 | 69,306 | |||
Griffon Corp. | 1,129,244 | 68,827 | ||||
ArcBest Corp. | 572,470 | 68,817 | ||||
EVERTEC Inc. | 1,675,565 | 68,598 | ||||
Werner Enterprises Inc. | 1,614,283 | 68,397 | ||||
* | Flywire Corp. | 2,891,981 | 66,949 | |||
* | Kratos Defense & Security Solutions Inc. | 3,283,604 | 66,624 | |||
* | Resideo Technologies Inc. | 3,534,440 | 66,518 | |||
* | O-I Glass Inc. | 3,940,355 | 64,543 | |||
* | Remitly Global Inc. | 3,300,411 | 64,094 | |||
Brady Corp. Class A | 1,083,684 | 63,601 | ||||
ADT Inc. | 8,832,590 | 60,238 | ||||
Mueller Water Products Inc. Class A | 3,985,144 | 57,386 | ||||
Granite Construction Inc. | 1,118,848 | 56,905 | ||||
Trinity Industries Inc. | 2,084,977 | 55,440 | ||||
* | Gates Industrial Corp. plc | 4,035,683 | 54,159 | |||
* | AAR Corp. | 853,884 | 53,282 | |||
*,1 | Joby Aviation Inc. | 7,980,733 | 53,072 | |||
* | OSI Systems Inc. | 410,933 | 53,031 | |||
Kennametal Inc. | 2,027,219 | 52,282 | ||||
* | AvidXchange Holdings Inc. | 4,138,467 | 51,276 | |||
* | Mercury Systems Inc. | 1,358,672 | 49,687 | |||
* | Huron Consulting Group Inc. | 477,436 | 49,080 | |||
* | Mirion Technologies Inc. Class A | 4,717,985 | 48,359 | |||
* | Hayward Holdings Inc. | 3,537,114 | 48,105 |
Shares | Market Value• ($000) | |||||
Standex International Corp. | 303,019 | 47,992 | ||||
* | Masonite International Corp. | 557,865 | 47,229 | |||
* | Hillman Solutions Corp. | 4,963,478 | 45,714 | |||
Tennant Co. | 475,704 | 44,093 | ||||
* | NCR Atleos Corp. | 1,797,842 | 43,670 | |||
Enerpac Tool Group Corp. Class A | 1,383,941 | 43,027 | ||||
Primoris Services Corp. | 1,291,007 | 42,874 | ||||
*,1 | Enovix Corp. | 3,417,930 | 42,792 | |||
Bread Financial Holdings Inc. | 1,256,266 | 41,381 | ||||
H&E Equipment Services Inc. | 789,048 | 41,283 | ||||
Forward Air Corp. | 653,503 | 41,086 | ||||
* | Legalzoom.com Inc. | 3,589,505 | 40,561 | |||
Greif Inc. Class A | 616,438 | 40,432 | ||||
* | Leonardo DRS Inc. | 2,004,116 | 40,162 | |||
Barnes Group Inc. | 1,225,986 | 40,004 | ||||
* | CoreCivic Inc. | 2,748,502 | 39,936 | |||
* | JELD-WEN Holding Inc. | 2,061,636 | 38,924 | |||
Helios Technologies Inc. | 841,761 | 38,174 | ||||
*,1 | Rocket Lab USA Inc. | 6,805,553 | 37,635 | |||
* | Janus International Group Inc. | 2,803,793 | 36,589 | |||
Lindsay Corp. | 280,891 | 36,280 | ||||
AZZ Inc. | 606,685 | 35,242 | ||||
* | Payoneer Global Inc. | 6,450,310 | 33,606 | |||
Greenbrier Cos. Inc. | 753,085 | 33,271 | ||||
* | Cimpress plc | 406,282 | 32,523 | |||
Kforce Inc. | 478,028 | 32,296 | ||||
* | Gibraltar Industries Inc. | 387,567 | 30,610 | |||
Wabash National Corp. | 1,173,717 | 30,071 | ||||
Apogee Enterprises Inc. | 562,105 | 30,022 | ||||
* | Thermon Group Holdings Inc. | 858,139 | 27,950 | |||
* | Air Transport Services Group Inc. | 1,579,297 | 27,811 | |||
TriMas Corp. | 1,054,693 | 26,715 | ||||
* | Vicor Corp. | 583,032 | 26,201 | |||
Quanex Building Products Corp. | 840,075 | 25,681 | ||||
* | Proto Labs Inc. | 656,684 | 25,584 | |||
International Seaways Inc. | 560,474 | 25,490 | ||||
Schneider National Inc. Class B | 951,656 | 24,220 | ||||
Deluxe Corp. | 1,112,690 | 23,867 | ||||
*,1 | Virgin Galactic Holdings Inc. | 9,160,117 | 22,442 |
Shares | Market Value• ($000) | |||||
* | ZipRecruiter Inc. Class A | 1,555,735 | 21,625 | |||
Astec Industries Inc. | 579,076 | 21,542 | ||||
First Advantage Corp. | 1,293,502 | 21,433 | ||||
Gorman-Rupp Co. | 567,036 | 20,147 | ||||
* | American Woodmark Corp. | 209,071 | 19,412 | |||
Pitney Bowes Inc. | 4,265,920 | 18,770 | ||||
Kaman Corp. | 719,628 | 17,235 | ||||
Heartland Express Inc. | 1,207,428 | 17,218 | ||||
Kelly Services Inc. Class A | 773,118 | 16,715 | ||||
Hyster-Yale Materials Handling Inc. | 261,932 | 16,290 | ||||
* | Triumph Group Inc. | 978,575 | 16,225 | |||
* | Conduent Inc. | 4,426,858 | 16,158 | |||
REV Group Inc. | 755,179 | 13,722 | ||||
*,1 | PureCycle Technologies Inc. | 3,342,399 | 13,537 | |||
Pactiv Evergreen Inc. | 908,940 | 12,462 | ||||
*,1 | Nikola Corp. | 14,003,335 | 12,250 | |||
National Presto Industries Inc. | 135,252 | 10,858 | ||||
TTEC Holdings Inc. | 483,062 | 10,468 | ||||
*,1 | Atmus Filtration Technologies Inc. | 435,038 | 10,219 | |||
* | Sterling Check Corp. | 720,407 | 10,028 | |||
* | CryoPort Inc. | 592,301 | 9,175 | |||
* | BrightView Holdings Inc. | 953,707 | 8,030 | |||
* | Forrester Research Inc. | 293,984 | 7,882 | |||
* | Advantage Solutions Inc. | 2,078,162 | 7,523 | |||
* | Paymentus Holdings Inc. Class A | 415,284 | 7,421 | |||
* | TaskUS Inc. Class A | 466,724 | 6,100 | |||
Kronos Worldwide Inc. | 585,908 | 5,824 | ||||
* | Green Dot Corp. Class A | 568,249 | 5,626 | |||
Greif Inc. Class B | 54,195 | 3,577 | ||||
*,1 | Desktop Metal Inc. Class A | 2,897,547 | 2,176 | |||
*,1 | MSP Recovery Inc. | 67,316 | 153 | |||
*,2 | GCI Liberty Inc. | 12,245 | — | |||
29,019,694 | ||||||
Real Estate (7.5%) | ||||||
Kimco Realty Corp. | 15,786,511 | 336,411 | ||||
Gaming & Leisure Properties Inc. | 6,459,833 | 318,793 | ||||
Equity LifeStyle Properties Inc. | 4,272,098 | 301,354 | ||||
Rexford Industrial Realty Inc. | 5,169,256 | 289,995 | ||||
American Homes 4 Rent Class A | 7,823,512 | 281,334 | ||||
CubeSmart | 5,726,386 | 265,418 |
Shares | Market Value• ($000) | |||||
Boston Properties Inc. | 3,595,117 | 252,269 | ||||
Lamar Advertising Co. Class A | 2,230,295 | 237,036 | ||||
* | Jones Lang LaSalle Inc. | 1,211,529 | 228,822 | |||
Americold Realty Trust Inc. | 7,219,902 | 218,546 | ||||
EastGroup Properties Inc. | 1,179,825 | 216,545 | ||||
Federal Realty Investment Trust | 2,078,516 | 214,191 | ||||
NNN REIT Inc. | 4,646,102 | 200,247 | ||||
Omega Healthcare Investors Inc. | 6,239,120 | 191,291 | ||||
STAG Industrial Inc. | 4,623,962 | 181,537 | ||||
Brixmor Property Group Inc. | 7,655,147 | 178,135 | ||||
First Industrial Realty Trust Inc. | 3,368,573 | 177,423 | ||||
Host Hotels & Resorts Inc. | 8,982,146 | 174,882 | ||||
Healthcare Realty Trust Inc. Class A | 9,699,571 | 167,124 | ||||
Agree Realty Corp. | 2,559,759 | 161,137 | ||||
Ryman Hospitality Properties Inc. | 1,444,543 | 158,986 | ||||
Regency Centers Corp. | 2,350,273 | 157,468 | ||||
Spirit Realty Capital Inc. | 3,599,202 | 157,249 | ||||
Healthpeak Properties Inc. | 6,958,585 | 137,780 | ||||
Terreno Realty Corp. | 2,174,435 | 136,272 | ||||
Camden Property Trust | 1,358,085 | 134,844 | ||||
Apartment Income REIT Corp. Class A | 3,743,435 | 130,010 | ||||
Kite Realty Group Trust | 5,587,017 | 127,719 | ||||
Rayonier Inc. | 3,775,905 | 126,153 | ||||
* | Zillow Group Inc. Class A | 2,187,964 | 124,101 | |||
Vornado Realty Trust | 4,367,236 | 123,374 | ||||
Kilroy Realty Corp. | 2,985,698 | 118,950 | ||||
Phillips Edison & Co. Inc. | 3,045,739 | 111,109 | ||||
Essential Properties Realty Trust Inc. | 3,973,378 | 101,560 | ||||
PotlatchDeltic Corp. | 2,021,168 | 99,239 | ||||
Cousins Properties Inc. | 3,865,179 | 94,117 | ||||
EPR Properties | 1,918,381 | 92,946 | ||||
Independence Realty Trust Inc. | 5,722,599 | 87,556 | ||||
Apple Hospitality REIT Inc. | 5,244,195 | 87,106 | ||||
Macerich Co. | 5,486,722 | 84,660 |
Shares | Market Value• ($000) | |||||
Sabra Health Care REIT Inc. | 5,888,329 | 84,027 | ||||
Broadstone Net Lease Inc. | 4,768,778 | 82,118 | ||||
Physicians Realty Trust | 6,082,979 | 80,965 | ||||
National Storage Affiliates Trust | 1,904,318 | 78,972 | ||||
1 | Hannon Armstrong Sustainable Infrastructure Capital Inc. | 2,834,191 | 78,167 | |||
Park Hotels & Resorts Inc. | 5,080,350 | 77,729 | ||||
1 | Medical Properties Trust Inc. | 15,240,323 | 74,830 | |||
1 | SL Green Realty Corp. | 1,639,976 | 74,078 | |||
LXP Industrial Trust | 7,452,439 | 73,928 | ||||
COPT Defense Properties | 2,866,163 | 73,460 | ||||
DigitalBridge Group Inc. | 4,157,223 | 72,918 | ||||
Innovative Industrial Properties Inc. | 714,094 | 71,995 | ||||
Tanger Inc. | 2,548,287 | 70,639 | ||||
* | Opendoor Technologies Inc. | 15,354,960 | 68,790 | |||
CareTrust REIT Inc. | 3,032,810 | 67,874 | ||||
* | Howard Hughes Holdings Inc. | 765,291 | 65,471 | |||
SITE Centers Corp. | 4,797,264 | 65,387 | ||||
Highwoods Properties Inc. | 2,691,620 | 61,800 | ||||
National Health Investors Inc. | 1,050,226 | 58,655 | ||||
Douglas Emmett Inc. | 4,033,934 | 58,492 | ||||
1 | Global Net Lease Inc. | 5,864,968 | 58,356 | |||
St. Joe Co. | 966,272 | 58,150 | ||||
Sunstone Hotel Investors Inc. | 5,231,989 | 56,139 | ||||
Outfront Media Inc. | 3,782,883 | 52,809 | ||||
Urban Edge Properties | 2,846,072 | 52,083 | ||||
DiamondRock Hospitality Co. | 5,338,199 | 50,126 | ||||
* | Cushman & Wakefield plc | 4,629,566 | 49,999 | |||
Equity Commonwealth | 2,581,904 | 49,573 | ||||
Pebblebrook Hotel Trust | 3,068,823 | 49,040 | ||||
RLJ Lodging Trust | 3,770,472 | 44,190 | ||||
Retail Opportunity Investments Corp. | 3,048,383 | 42,769 | ||||
JBG SMITH Properties | 2,437,686 | 41,465 | ||||
InvenTrust Properties Corp. | 1,633,835 | 41,401 | ||||
Acadia Realty Trust | 2,428,043 | 41,253 |
Shares | Market Value• ($000) | |||||
Xenia Hotels & Resorts Inc. | 2,679,179 | 36,490 | ||||
Service Properties Trust | 4,221,607 | 36,053 | ||||
Newmark Group Inc. Class A | 3,277,749 | 35,924 | ||||
Getty Realty Corp. | 1,207,840 | 35,293 | ||||
Alexander & Baldwin Inc. | 1,847,279 | 35,135 | ||||
Uniti Group Inc. | 6,078,034 | 35,131 | ||||
* | Compass Inc. Class A | 9,225,090 | 34,686 | |||
LTC Properties Inc. | 1,054,606 | 33,874 | ||||
Hudson Pacific Properties Inc. | 3,589,230 | 33,416 | ||||
* | GEO Group Inc. | 3,050,889 | 33,041 | |||
Kennedy-Wilson Holdings Inc. | 2,662,322 | 32,960 | ||||
Elme Communities | 2,236,799 | 32,657 | ||||
Empire State Realty Trust Inc. Class A | 3,290,128 | 31,881 | ||||
Veris Residential Inc. | 1,996,311 | 31,402 | ||||
1 | eXp World Holdings Inc. | 1,958,343 | 30,394 | |||
* | Redfin Corp. | 2,787,997 | 28,772 | |||
* | Zillow Group Inc. Class C | 485,956 | 28,117 | |||
RPT Realty | 2,182,845 | 28,006 | ||||
* | Apartment Investment & Management Co. Class A | 3,340,864 | 26,159 | |||
Marcus & Millichap Inc. | 586,524 | 25,619 | ||||
Paramount Group Inc. | 4,705,206 | 24,326 | ||||
Brandywine Realty Trust | 4,382,797 | 23,667 | ||||
American Assets Trust Inc. | 1,005,345 | 22,630 | ||||
Piedmont Office Realty Trust Inc. Class A | 3,150,693 | 22,401 | ||||
Centerspace | 383,314 | 22,309 | ||||
* | Anywhere Real Estate Inc. | 2,669,703 | 21,651 | |||
* | Forestar Group Inc. | 444,880 | 14,712 | |||
Universal Health Realty Income Trust | 316,835 | 13,703 | ||||
Saul Centers Inc. | 335,373 | 13,170 | ||||
Alexander's Inc. | 58,490 | 12,492 | ||||
RMR Group Inc. Class A | 380,067 | 10,729 | ||||
Summit Hotel Properties Inc. | 1,301,339 | 8,745 | ||||
Bridge Investment Group Holdings Inc. Class A | 787,588 | 7,703 | ||||
*,2 | Spirit MTA REIT | 529,410 | — | |||
9,974,585 |
Shares | Market Value• ($000) | |||||
Technology (12.9%) | ||||||
* | PTC Inc. | 2,885,040 | 504,766 | |||
Entegris Inc. | 3,824,023 | 458,194 | ||||
Vertiv Holdings Co. Class A | 8,742,571 | 419,906 | ||||
Jabil Inc. | 3,095,484 | 394,365 | ||||
* | Dynatrace Inc. | 6,746,661 | 368,975 | |||
* | Super Micro Computer Inc. | 1,202,140 | 341,720 | |||
* | Manhattan Associates Inc. | 1,567,869 | 337,594 | |||
* | Nutanix Inc. Class A | 6,102,039 | 291,006 | |||
* | F5 Inc. | 1,520,534 | 272,145 | |||
* | Pure Storage Inc. Class A | 7,547,086 | 269,129 | |||
* | Ceridian HCM Holding Inc. | 3,777,207 | 253,526 | |||
* | Lattice Semiconductor Corp. | 3,515,089 | 242,506 | |||
* | UiPath Inc. Class A | 9,249,678 | 229,762 | |||
* | Guidewire Software Inc. | 2,086,464 | 227,508 | |||
* | Elastic NV | 2,009,711 | 226,494 | |||
Universal Display Corp. | 1,145,750 | 219,136 | ||||
* | Onto Innovation Inc. | 1,249,913 | 191,112 | |||
KBR Inc. | 3,438,067 | 190,503 | ||||
Leidos Holdings Inc. | 1,750,920 | 189,520 | ||||
* | Dropbox Inc. Class A | 6,412,784 | 189,049 | |||
* | Toast Inc. Class A | 10,282,765 | 187,763 | |||
* | Rambus Inc. | 2,737,922 | 186,863 | |||
* | CACI International Inc. Class A | 567,385 | 183,753 | |||
* | SPS Commerce Inc. | 934,539 | 181,151 | |||
* | Fabrinet | 925,213 | 176,096 | |||
* | Qualys Inc. | 889,979 | 174,685 | |||
*,1 | MicroStrategy Inc. Class A | 271,810 | 171,681 | |||
* | Arrow Electronics Inc. | 1,379,292 | 168,618 | |||
* | Coherent Corp. | 3,857,703 | 167,926 | |||
Science Applications International Corp. | 1,348,115 | 167,598 | ||||
* | ZoomInfo Technologies Inc. Class A | 8,929,072 | 165,099 | |||
* | Procore Technologies Inc. | 2,375,046 | 164,401 | |||
* | AppLovin Corp. Class A | 4,044,585 | 161,177 | |||
* | SentinelOne Inc. Class A | 5,859,015 | 160,771 | |||
* | Aspen Technology Inc. | 729,980 | 160,705 | |||
* | Smartsheet Inc. Class A | 3,269,284 | 156,337 | |||
* | DocuSign Inc. Class A | 2,584,665 | 153,658 | |||
* | Novanta Inc. | 911,956 | 153,583 | |||
* | Gitlab Inc. Class A | 2,385,643 | 150,200 |
Shares | Market Value• ($000) | |||||
* | Insight Enterprises Inc. | 829,682 | 147,011 | |||
* | Five9 Inc. | 1,851,303 | 145,679 | |||
Concentrix Corp. | 1,441,378 | 141,558 | ||||
* | Qorvo Inc. | 1,238,199 | 139,434 | |||
TD SYNNEX Corp. | 1,293,521 | 139,196 | ||||
* | Wolfspeed Inc. | 3,191,580 | 138,866 | |||
* | Tenable Holdings Inc. | 2,977,887 | 137,161 | |||
Dolby Laboratories Inc. Class A | 1,507,366 | 129,905 | ||||
* | Samsara Inc. Class A | 3,880,789 | 129,541 | |||
* | DoubleVerify Holdings Inc. | 3,463,151 | 127,375 | |||
* | MACOM Technology Solutions Holdings Inc. | 1,360,060 | 126,418 | |||
* | Match Group Inc. | 3,457,310 | 126,192 | |||
* | Workiva Inc. Class A | 1,214,540 | 123,312 | |||
* | Kyndryl Holdings Inc. | 5,843,625 | 121,431 | |||
* | Varonis Systems Inc. Class B | 2,635,920 | 119,354 | |||
* | Blackbaud Inc. | 1,371,444 | 118,904 | |||
Power Integrations Inc. | 1,447,989 | 118,894 | ||||
* | Altair Engineering Inc. Class A | 1,391,167 | 117,067 | |||
Avnet Inc. | 2,304,392 | 116,141 | ||||
* | Freshworks Inc. Class A | 4,890,193 | 114,871 | |||
* | Cirrus Logic Inc. | 1,372,630 | 114,189 | |||
* | Synaptics Inc. | 998,264 | 113,882 | |||
* | DXC Technology Co. | 4,931,752 | 112,789 | |||
* | Confluent Inc. Class A | 4,747,060 | 111,081 | |||
* | Teradata Corp. | 2,490,686 | 108,370 | |||
* | Axcelis Technologies Inc. | 833,944 | 108,154 | |||
* | Silicon Laboratories Inc. | 809,244 | 107,039 | |||
Amkor Technology Inc. | 3,129,147 | 104,107 | ||||
Advanced Energy Industries Inc. | 949,410 | 103,410 | ||||
* | IAC Inc. | 1,835,106 | 96,123 | |||
* | Diodes Inc. | 1,111,392 | 89,489 | |||
* | Box Inc. Class A | 3,484,894 | 89,248 | |||
* | CommVault Systems Inc. | 1,115,265 | 89,054 | |||
* | BlackLine Inc. | 1,404,275 | 87,683 | |||
* | Appfolio Inc. Class A | 496,004 | 85,928 | |||
Dun & Bradstreet Holdings Inc. | 7,266,184 | 85,014 | ||||
* | Rapid7 Inc. | 1,486,576 | 84,884 | |||
* | FormFactor Inc. | 1,982,370 | 82,685 | |||
* | Yelp Inc. Class A | 1,656,517 | 78,420 | |||
* | Alarm.com Holdings Inc. | 1,209,363 | 78,149 | |||
* | IPG Photonics Corp. | 717,016 | 77,825 |
Shares | Market Value• ($000) | |||||
Vishay Intertechnology Inc. | 3,214,885 | 77,061 | ||||
* | Plexus Corp. | 699,489 | 75,636 | |||
*,1 | C3.ai Inc. Class A | 2,628,926 | 75,476 | |||
* | Ziff Davis Inc. | 1,112,499 | 74,749 | |||
* | CCC Intelligent Solutions Holdings Inc. | 6,466,122 | 73,649 | |||
* | Alteryx Inc. Class A | 1,545,794 | 72,900 | |||
* | Braze Inc. Class A | 1,368,883 | 72,729 | |||
* | Sprout Social Inc. Class A | 1,180,042 | 72,502 | |||
* | Sanmina Corp. | 1,375,155 | 70,642 | |||
* | JFrog Ltd. | 2,003,300 | 69,334 | |||
* | RingCentral Inc. Class A | 2,027,954 | 68,849 | |||
* | Parsons Corp. | 1,068,476 | 67,004 | |||
* | Credo Technology Group Holding Ltd. | 3,251,547 | 63,308 | |||
* | Rogers Corp. | 474,089 | 62,613 | |||
* | Envestnet Inc. | 1,252,689 | 62,033 | |||
* | Q2 Holdings Inc. | 1,418,568 | 61,580 | |||
Progress Software Corp. | 1,109,442 | 60,243 | ||||
* | LiveRamp Holdings Inc. | 1,584,926 | 60,037 | |||
* | HashiCorp Inc. Class A | 2,506,673 | 59,258 | |||
* | Ambarella Inc. | 964,795 | 59,132 | |||
* | Perficient Inc. | 885,510 | 58,284 | |||
* | nCino Inc. | 1,725,245 | 58,020 | |||
* | NCR Voyix Corp. | 3,416,074 | 57,766 | |||
* | Schrodinger Inc. | 1,601,018 | 57,316 | |||
* | Cargurus Inc. Class A | 2,329,057 | 56,270 | |||
* | Fastly Inc. Class A | 2,997,890 | 53,362 | |||
* | SiTime Corp. | 428,886 | 52,358 | |||
Pegasystems Inc. | 1,063,933 | 51,984 | ||||
* | Allegro MicroSystems Inc. | 1,715,554 | 51,930 | |||
*,1 | IonQ Inc. | 4,170,456 | 51,672 | |||
Xerox Holdings Corp. | 2,816,949 | 51,635 | ||||
* | Impinj Inc. | 551,190 | 49,624 | |||
* | PagerDuty Inc. | 2,138,623 | 49,509 | |||
*,1 | DigitalOcean Holdings Inc. | 1,314,360 | 48,224 | |||
* | Squarespace Inc. Class A | 1,458,756 | 48,154 | |||
* | Upwork Inc. | 3,119,594 | 46,388 | |||
Clear Secure Inc. Class A | 2,176,663 | 44,948 | ||||
* | MaxLinear Inc. Class A | 1,869,349 | 44,434 | |||
* | Veeco Instruments Inc. | 1,363,075 | 42,296 | |||
* | Verint Systems Inc. | 1,554,926 | 42,030 | |||
* | PROS Holdings Inc. | 1,060,299 | 41,129 | |||
* | Appian Corp. Class A | 1,062,715 | 40,022 |
Shares | Market Value• ($000) | |||||
* | TTM Technologies Inc. | 2,473,690 | 39,109 | |||
* | Paycor HCM Inc. | 1,809,011 | 39,057 | |||
CSG Systems International Inc. | 717,889 | 38,199 | ||||
* | NetScout Systems Inc. | 1,717,686 | 37,703 | |||
*,1 | Xometry Inc. Class A | 1,040,459 | 37,363 | |||
* | Bumble Inc. Class A | 2,437,744 | 35,932 | |||
* | Semtech Corp. | 1,634,292 | 35,807 | |||
*,1 | Asana Inc. Class A | 1,879,633 | 35,732 | |||
* | Informatica Inc. Class A | 1,258,094 | 35,717 | |||
* | Vertex Inc. Class A | 1,305,626 | 35,174 | |||
Adeia Inc. | 2,592,845 | 32,125 | ||||
* | Jamf Holding Corp. | 1,761,963 | 31,821 | |||
* | Zuora Inc. Class A | 3,371,654 | 31,694 | |||
* | Magnite Inc. | 3,335,081 | 31,150 | |||
* | Zeta Global Holdings Corp. Class A | 3,522,319 | 31,067 | |||
Shutterstock Inc. | 636,611 | 30,736 | ||||
* | Intapp Inc. | 797,425 | 30,318 | |||
* | Sprinklr Inc. Class A | 2,437,634 | 29,349 | |||
* | AvePoint Inc. | 3,507,961 | 28,800 | |||
* | Veradigm Inc. | 2,643,140 | 27,727 | |||
* | Everbridge Inc. | 1,045,887 | 25,426 | |||
* | ScanSource Inc. | 635,838 | 25,186 | |||
* | EngageSmart Inc. | 1,070,202 | 24,508 | |||
Benchmark Electronics Inc. | 863,295 | 23,861 | ||||
* | Alkami Technology Inc. | 971,396 | 23,556 | |||
* | E2open Parent Holdings Inc. | 5,020,680 | 22,041 | |||
* | Amplitude Inc. Class A | 1,704,568 | 21,682 | |||
* | N-able Inc. | 1,630,491 | 21,604 | |||
* | 3D Systems Corp. | 3,228,223 | 20,499 | |||
Methode Electronics Inc. | 871,241 | 19,803 | ||||
* | Cerence Inc. | 975,792 | 19,184 | |||
* | Couchbase Inc. | 779,158 | 17,547 | |||
* | PubMatic Inc. Class A | 1,059,555 | 17,281 | |||
* | Eventbrite Inc. Class A | 2,055,305 | 17,182 | |||
* | Digital Turbine Inc. | 2,450,928 | 16,813 | |||
* | BigCommerce Holdings Inc. | 1,647,053 | 16,026 | |||
* | SolarWinds Corp. | 1,267,126 | 15,826 | |||
*,1 | Klaviyo Inc. Class A | 557,665 | 15,492 | |||
* | nLight Inc. | 1,129,489 | 15,248 | |||
* | Olo Inc. Class A | 2,643,962 | 15,123 | |||
* | Vimeo Inc. | 3,827,419 | 15,003 | |||
* | Yext Inc. | 2,536,078 | 14,938 | |||
*,1 | NerdWallet Inc. Class A | 964,873 | 14,203 | |||
* | SmartRent Inc. Class A | 4,397,277 | 14,027 | |||
*,1 | Getty Images Holdings Inc. | 2,565,517 | 13,469 | |||
* | CEVA Inc. | 570,028 | 12,945 |
Shares | Market Value• ($000) | |||||
* | SEMrush Holdings Inc. Class A | 914,895 | 12,497 | |||
* | Planet Labs PBC | 5,054,851 | 12,485 | |||
* | Definitive Healthcare Corp. Class A | 1,188,158 | 11,810 | |||
* | Thoughtworks Holding Inc. | 2,432,800 | 11,702 | |||
* | MeridianLink Inc. | 402,314 | 9,965 | |||
* | Matterport Inc. | 3,308,203 | 8,899 | |||
* | Enfusion Inc. Class A | 786,812 | 7,632 | |||
* | Nextdoor Holdings Inc. | 3,940,786 | 7,448 | |||
*,1 | Rumble Inc. | 1,578,721 | 7,088 | |||
* | Consensus Cloud Solutions Inc. | 219,772 | 5,760 | |||
* | MediaAlpha Inc. Class A | 478,415 | 5,334 | |||
* | EverCommerce Inc. | 480,458 | 5,299 | |||
* | SecureWorks Corp. Class A | 188,332 | 1,390 | |||
*,1 | Maplebear Inc. | 6,951 | 163 | |||
17,311,429 | ||||||
Telecommunications (1.2%) | ||||||
Juniper Networks Inc. | 8,120,541 | 239,394 | ||||
* | Ciena Corp. | 3,765,058 | 169,465 | |||
* | Frontier Communications Parent Inc. | 6,259,392 | 158,613 | |||
* | Roku Inc. Class A | 1,592,765 | 145,993 | |||
Iridium Communications Inc. | 2,838,656 | 116,839 | ||||
* | Lumentum Holdings Inc. | 1,706,145 | 89,436 | |||
Cogent Communications Holdings Inc. | 1,114,448 | 84,765 | ||||
*,1 | Viasat Inc. | 2,853,696 | 79,761 | |||
InterDigital Inc. | 654,584 | 71,049 | ||||
Cable One Inc. | 114,473 | 63,715 | ||||
* | Calix Inc. | 1,425,811 | 62,294 | |||
* | Viavi Solutions Inc. | 5,663,587 | 57,032 | |||
Telephone & Data Systems Inc. | 2,564,321 | 47,055 | ||||
* | Lumen Technologies Inc. | 25,693,131 | 47,018 | |||
* | Globalstar Inc. | 19,353,446 | 37,546 | |||
* | DISH Network Corp. Class A | 6,406,548 | 36,966 | |||
* | Extreme Networks Inc. | 1,567,883 | 27,657 | |||
Shenandoah Telecommunications Co. | 1,216,106 | 26,292 | ||||
*,1 | Infinera Corp. | 4,912,079 | 23,332 | |||
* | Altice USA Inc. Class A | 5,538,516 | 18,000 |
Shares | Market Value• ($000) | |||||
* | United States Cellular Corp. | 331,063 | 13,752 | |||
* | EchoStar Corp. Class A | 783,991 | 12,991 | |||
* | fuboTV Inc. | 3,541,841 | 11,263 | |||
* | Gogo Inc. | 820,282 | 8,309 | |||
* | CommScope Holding Co. Inc. | 2,567,768 | 7,241 | |||
ADTRAN Holdings Inc. | 852,697 | 6,259 | ||||
* | Xperi Inc. | 526,403 | 5,801 | |||
ATN International Inc. | 127,789 | 4,980 | ||||
* | WideOpenWest Inc. | 639,748 | 2,591 | |||
1,675,409 | ||||||
Utilities (2.9%) | ||||||
Atmos Energy Corp. | 3,781,687 | 438,297 | ||||
NRG Energy Inc. | 5,749,532 | 297,251 | ||||
Essential Utilities Inc. | 6,260,738 | 233,839 | ||||
* | Clean Harbors Inc. | 1,239,649 | 216,331 | |||
Pinnacle West Capital Corp. | 2,885,672 | 207,307 | ||||
OGE Energy Corp. | 5,100,654 | 178,166 | ||||
Vistra Corp. | 4,552,961 | 175,380 | ||||
UGI Corp. | 5,334,691 | 131,233 | ||||
IDACORP Inc. | 1,288,989 | 126,733 | ||||
* | Casella Waste Systems Inc. Class A | 1,451,459 | 124,042 | |||
National Fuel Gas Co. | 2,338,582 | 117,327 | ||||
* | Stericycle Inc. | 2,356,256 | 116,776 | |||
Portland General Electric Co. | 2,575,258 | 111,612 | ||||
New Jersey Resources Corp. | 2,488,270 | 110,927 | ||||
Southwest Gas Holdings Inc. | 1,725,597 | 109,317 | ||||
*,1 | Sunrun Inc. | 5,271,180 | 103,473 | |||
Ormat Technologies Inc. | 1,306,455 | 99,016 | ||||
Black Hills Corp. | 1,731,479 | 93,413 | ||||
PNM Resources Inc. | 2,185,909 | 90,934 | ||||
ONE Gas Inc. | 1,412,213 | 89,986 | ||||
ALLETE Inc. | 1,463,740 | 89,522 | ||||
Northwestern Energy Group Inc. | 1,559,616 | 79,369 | ||||
Spire Inc. | 1,272,645 | 79,337 | ||||
California Water Service Group | 1,469,713 | 76,234 | ||||
American States Water Co. | 941,699 | 75,731 | ||||
Avista Corp. | 1,970,266 | 70,417 | ||||
MGE Energy Inc. | 920,979 | 66,596 | ||||
Clearway Energy Inc. Class C | 2,100,702 | 57,622 | ||||
*,1 | Sunnova Energy International Inc. | 2,648,057 | 40,383 | |||
1 | Hawaiian Electric Industries Inc. | 2,791,411 | 39,610 |
Shares | Market Value• ($000) | |||||
Northwest Natural Holding Co. | 893,879 | 34,808 | ||||
Clearway Energy Inc. Class A | 878,788 | 22,479 | ||||
* | Enviri Corp. | 1,017,687 | 9,159 | |||
Excelerate Energy Inc. Class A | 468,159 | 7,238 | ||||
*,1 | NuScale Power Corp. Class A | 1,464,713 | 4,819 | |||
*,1 | Net Power Inc. | 342,741 | 3,462 | |||
3,928,146 | ||||||
Total Common Stocks (Cost $100,156,763) | 133,504,067 | |||||
Temporary Cash Investments (1.5%) | ||||||
Money Market Fund (1.5%) | ||||||
3,4 | Vanguard Market Liquidity Fund, 5.435% (Cost $2,031,751) | 20,333,209 | 2,032,914 | |||
Total Investments (101.3%) (Cost $102,188,514) | 135,536,981 | |||||
Other Assets and Liabilities—Net (-1.3%) | (1,753,491) | |||||
Net Assets (100%) | 133,783,490 |
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 $1,653,618,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $1,839,571,000 was received for securities on loan. |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2024 | 793 | 81,191 | (375) |
E-mini S&P 500 Index | March 2024 | 49 | 11,809 | 391 |
E-mini S&P Mid-Cap 400 Index | March 2024 | 782 | 219,703 | 6,828 |
6,844 |
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 | 7,690 | (5.331) | — | (113) |
Invesco Ltd. | 8/30/24 | BANA | 3,996 | (5.882) | 1,037 | — |
Ollie's Bargain Outlet Holdings Inc. | 1/31/24 | GSI | 20,634 | (5.331) | 2,100 | — |
3,137 | (113) |
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 $100,156,763) | 133,504,067 |
Affiliated Issuers (Cost $2,031,751) | 2,032,914 |
Total Investments in Securities | 135,536,981 |
Investment in Vanguard | 4,012 |
Cash Collateral Pledged—Futures Contracts | 19,499 |
Receivables for Investment Securities Sold | 44,876 |
Receivables for Accrued Income | 155,324 |
Receivables for Capital Shares Issued | 129,717 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 3,137 |
Total Assets | 135,893,546 |
Liabilities | |
Due to Custodian | 56,249 |
Payables for Investment Securities Purchased | 2,791 |
Collateral for Securities on Loan | 1,839,571 |
Payables for Capital Shares Redeemed | 204,296 |
Payables to Vanguard | 2,768 |
Variation Margin Payable—Futures Contracts | 4,268 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 113 |
Total Liabilities | 2,110,056 |
Net Assets | 133,783,490 |
1 Includes $1,653,618,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 114,056,266 |
Total Distributable Earnings (Loss) | 19,727,224 |
Net Assets | 133,783,490 |
Investor Shares—Net Assets | |
Applicable to 3,674,352 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 375,455 |
Net Asset Value Per Share—Investor Shares | $102.18 |
ETF Shares—Net Assets | |
Applicable to 236,757,474 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 50,491,539 |
Net Asset Value Per Share—ETF Shares | $213.26 |
Admiral Shares—Net Assets | |
Applicable to 507,421,002 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 51,853,899 |
Net Asset Value Per Share—Admiral Shares | $102.19 |
Institutional Shares—Net Assets | |
Applicable to 200,510,855 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 20,489,629 |
Net Asset Value Per Share—Institutional Shares | $102.19 |
Institutional Plus Shares—Net Assets | |
Applicable to 35,846,826 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 10,572,968 |
Net Asset Value Per Share—Institutional Plus Shares | $294.95 |
Year Ended December 31, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 1,846,241 |
Interest2 | 35,924 |
Securities Lending—Net | 165,861 |
Total Income | 2,048,026 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 2,565 |
Management and Administrative—Investor Shares | 632 |
Management and Administrative—ETF Shares | 17,058 |
Management and Administrative—Admiral Shares | 19,456 |
Management and Administrative—Institutional Shares | 6,062 |
Management and Administrative—Institutional Plus Shares | 2,238 |
Marketing and Distribution—Investor Shares | 20 |
Marketing and Distribution—ETF Shares | 2,345 |
Marketing and Distribution—Admiral Shares | 2,182 |
Marketing and Distribution—Institutional Shares | 604 |
Marketing and Distribution—Institutional Plus Shares | 305 |
Custodian Fees | 890 |
Auditing Fees | 39 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—ETF Shares | 1,303 |
Shareholders’ Reports—Admiral Shares | 603 |
Shareholders’ Reports—Institutional Shares | 242 |
Shareholders’ Reports—Institutional Plus Shares | 74 |
Trustees’ Fees and Expenses | 72 |
Other Expenses | 23 |
Total Expenses | 56,714 |
Net Investment Income | 1,991,312 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | (603,602) |
Futures Contracts | 58,011 |
Swap Contracts | 6,635 |
Realized Net Gain (Loss) | (538,956) |
Statement of Operations (continued) | |
Year Ended December 31, 2023 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 19,055,312 |
Futures Contracts | 17,061 |
Swap Contracts | 4,458 |
Change in Unrealized Appreciation (Depreciation) | 19,076,831 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 20,529,187 |
1 | Dividends are net of foreign withholding taxes of $367,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $33,673,000, $102,000, $1,000, and $581,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $4,282,164,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2023 ($000) | 2022 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,991,312 | 1,779,640 |
Realized Net Gain (Loss) | (538,956) | 3,670,352 |
Change in Unrealized Appreciation (Depreciation) | 19,076,831 | (30,136,638) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 20,529,187 | (24,686,646) |
Distributions | ||
Investor Shares | (6,045) | (6,214) |
ETF Shares | (763,273) | (624,299) |
Admiral Shares | (806,183) | (686,977) |
Institutional Shares | (320,582) | (267,947) |
Institutional Plus Shares | (166,742) | (147,092) |
Total Distributions | (2,062,825) | (1,732,529) |
Capital Share Transactions | ||
Investor Shares | (106,228) | (85,166) |
ETF Shares | 3,096,563 | 14,486 |
Admiral Shares | (333,800) | 58,508 |
Institutional Shares | 240,484 | (448,033) |
Institutional Plus Shares | (50,188) | (1,200,734) |
Net Increase (Decrease) from Capital Share Transactions | 2,846,831 | (1,660,939) |
Total Increase (Decrease) | 21,313,193 | (28,080,114) |
Net Assets | ||
Beginning of Period | 112,470,297 | 140,550,411 |
End of Period | 133,783,490 | 112,470,297 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $87.93 | $108.35 | $93.20 | $79.35 | $63.21 |
Investment Operations | |||||
Net Investment Income1 | 1.412 | 1.256 | 1.230 | .928 | .832 |
Net Realized and Unrealized Gain (Loss) on Investments | 14.314 | (20.439) | 15.130 | 13.897 | 16.319 |
Total from Investment Operations | 15.726 | (19.183) | 16.360 | 14.825 | 17.151 |
Distributions | |||||
Dividends from Net Investment Income | (1.476) | (1.237) | (1.210) | (.975) | (1.011) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.476) | (1.237) | (1.210) | (.975) | (1.011) |
Net Asset Value, End of Period | $102.18 | $87.93 | $108.35 | $93.20 | $79.35 |
Total Return2 | 18.05% | -17.71% | 17.59% | 18.96% | 27.22% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $375 | $424 | $619 | $709 | $754 |
Ratio of Total Expenses to Average Net Assets | 0.17% | 0.17%3 | 0.17% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 1.52% | 1.34% | 1.17% | 1.26% | 1.14% |
Portfolio Turnover Rate4 | 12% | 14% | 17% | 22% | 16% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $183.52 | $226.15 | $194.54 | $165.64 | $131.94 |
Investment Operations | |||||
Net Investment Income1 | 3.218 | 2.891 | 2.769 | 2.262 | 2.298 |
Net Realized and Unrealized Gain (Loss) on Investments | 29.839 | (42.700) | 31.637 | 28.863 | 33.707 |
Total from Investment Operations | 33.057 | (39.809) | 34.406 | 31.125 | 36.005 |
Distributions | |||||
Dividends from Net Investment Income | (3.317) | (2.821) | (2.796) | (2.225) | (2.305) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.317) | (2.821) | (2.796) | (2.225) | (2.305) |
Net Asset Value, End of Period | $213.26 | $183.52 | $226.15 | $194.54 | $165.64 |
Total Return | 18.21% | -17.60% | 17.72% | 19.08% | 27.37% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $50,492 | $40,593 | $50,187 | $37,492 | $27,442 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05%2 | 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% |
Portfolio Turnover Rate3 | 12% | 14% | 17% | 22% | 16% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $87.94 | $108.37 | $93.22 | $79.37 | $63.23 |
Investment Operations | |||||
Net Investment Income1 | 1.534 | 1.383 | 1.358 | 1.029 | 1.108 |
Net Realized and Unrealized Gain (Loss) on Investments | 14.305 | (20.461) | 15.131 | 13.887 | 16.136 |
Total from Investment Operations | 15.839 | (19.078) | 16.489 | 14.916 | 17.244 |
Distributions | |||||
Dividends from Net Investment Income | (1.589) | (1.352) | (1.339) | (1.066) | (1.104) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.589) | (1.352) | (1.339) | (1.066) | (1.104) |
Net Asset Value, End of Period | $102.19 | $87.94 | $108.37 | $93.22 | $79.37 |
Total Return2 | 18.20% | -17.61% | 17.73% | 19.11% | 27.37% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $51,854 | $44,944 | $55,266 | $47,313 | $42,386 |
Ratio of Total Expenses to Average Net Assets | 0.05% | 0.05%3 | 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% |
Portfolio Turnover Rate4 | 12% | 14% | 17% | 22% | 16% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $87.93 | $108.36 | $93.22 | $79.37 | $63.22 |
Investment Operations | |||||
Net Investment Income1 | 1.544 | 1.392 | 1.367 | 1.034 | 1.101 |
Net Realized and Unrealized Gain (Loss) on Investments | 14.314 | (20.461) | 15.123 | 13.889 | 16.161 |
Total from Investment Operations | 15.858 | (19.069) | 16.490 | 14.923 | 17.262 |
Distributions | |||||
Dividends from Net Investment Income | (1.598) | (1.361) | (1.350) | (1.073) | (1.112) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.598) | (1.361) | (1.350) | (1.073) | (1.112) |
Net Asset Value, End of Period | $102.19 | $87.93 | $108.36 | $93.22 | $79.37 |
Total Return | 18.22% | -17.60% | 17.73% | 19.12% | 27.40% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $20,490 | $17,363 | $21,841 | $18,957 | $17,337 |
Ratio of Total Expenses to Average Net Assets | 0.04% | 0.04%2 | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.66% | 1.49% | 1.29% | 1.41% | 1.49% |
Portfolio Turnover Rate3 | 12% | 14% | 17% | 22% | 16% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Plus Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $253.81 | $312.78 | $269.07 | $229.09 | $182.49 |
Investment Operations | |||||
Net Investment Income1 | 4.479 | 3.998 | 4.029 | 2.988 | 3.186 |
Net Realized and Unrealized Gain (Loss) on Investments | 41.301 | (59.013) | 43.607 | 40.111 | 46.645 |
Total from Investment Operations | 45.780 | (55.015) | 47.636 | 43.099 | 49.831 |
Distributions | |||||
Dividends from Net Investment Income | (4.640) | (3.955) | (3.926) | (3.119) | (3.231) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.640) | (3.955) | (3.926) | (3.119) | (3.231) |
Net Asset Value, End of Period | $294.95 | $253.81 | $312.78 | $269.07 | $229.09 |
Total Return | 18.22% | -17.60% | 17.75% | 19.13% | 27.40% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $10,573 | $9,146 | $12,638 | $10,172 | $8,846 |
Ratio of Total Expenses to Average Net Assets | 0.03% | 0.03%2 | 0.03% | 0.03% | 0.03% |
Ratio of Net Investment Income to Average Net Assets | 1.67% | 1.48% | 1.32% | 1.41% | 1.49% |
Portfolio Turnover Rate3 | 12% | 14% | 17% | 22% | 16% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.03%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 133,504,067 | — | — | 133,504,067 |
Temporary Cash Investments | 2,032,914 | — | — | 2,032,914 |
Total | 135,536,981 | — | — | 135,536,981 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 7,219 | — | — | 7,219 |
Swap Contracts | — | 3,137 | — | 3,137 |
Total | 7,219 | 3,137 | — | 10,356 |
Liabilities | ||||
Futures Contracts1 | 375 | — | — | 375 |
Swap Contracts | — | 113 | — | 113 |
Total | 375 | 113 | — | 488 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) | |
Paid-in Capital | 4,280,774 |
Total Distributable Earnings (Loss) | (4,280,774) |
Amount ($000) | |
Undistributed Ordinary Income | 29,306 |
Undistributed Long-Term Gains | — |
Net Unrealized Gains (Losses) | 32,985,908 |
Capital Loss Carryforwards | (13,287,990) |
Qualified Late-Year Losses | — |
Other Temporary Differences | — |
Total | 19,727,224 |
Year Ended December 31, | ||
2023 Amount ($000) | 2022 Amount ($000) | |
Ordinary Income* | 2,062,825 | 1,732,529 |
Long-Term Capital Gains | — | — |
Total | 2,062,825 | 1,732,529 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 102,551,073 |
Gross Unrealized Appreciation | 45,791,683 |
Gross Unrealized Depreciation | (12,805,775) |
Net Unrealized Appreciation (Depreciation) | 32,985,908 |
Year Ended December 31, | |||||
2023 | 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 26,467 | 282 | 35,984 | 380 | |
Issued in Lieu of Cash Distributions | 6,045 | 65 | 6,214 | 70 | |
Redeemed | (138,740) | (1,494) | (127,364) | (1,341) | |
Net Increase (Decrease)—Investor Shares | (106,228) | (1,147) | (85,166) | (891) | |
ETF Shares | |||||
Issued | 9,726,067 | 49,586 | 12,638,116 | 65,853 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (6,629,504) | (34,025) | (12,623,630) | (66,575) | |
Net Increase (Decrease)—ETF Shares | 3,096,563 | 15,561 | 14,486 | (722) | |
Admiral Shares | |||||
Issued | 5,408,237 | 58,050 | 5,970,913 | 63,999 | |
Issued in Lieu of Cash Distributions | 717,481 | 7,692 | 610,188 | 6,862 | |
Redeemed | (6,459,518) | (69,419) | (6,522,593) | (69,746) | |
Net Increase (Decrease)—Admiral Shares | (333,800) | (3,677) | 58,508 | 1,115 | |
Institutional Shares | |||||
Issued | 2,724,886 | 29,484 | 2,809,736 | 30,018 | |
Issued in Lieu of Cash Distributions | 302,453 | 3,242 | 252,294 | 2,838 | |
Redeemed | (2,786,855) | (29,669) | (3,510,063) | (36,950) | |
Net Increase (Decrease)—Institutional Shares | 240,484 | 3,057 | (448,033) | (4,094) | |
Institutional Plus Shares | |||||
Issued | 658,220 | 2,444 | 1,096,807 | 4,082 | |
Issued in Lieu of Cash Distributions | 166,571 | 619 | 147,006 | 572 | |
Redeemed | (874,979) | (3,252) | (2,444,547) | (9,024) | |
Net Increase (Decrease)—Institutional Plus Shares | (50,188) | (189) | (1,200,734) | (4,370) |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Growth Index Fund Investor Shares | 21.28% | 10.41% | 7.73% | $21,053 | |
CRSP US Small Cap Growth Index | 21.28 | 10.51 | 7.82 | 21,234 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Growth Index Fund ETF Shares Net Asset Value | 21.42% | 10.54% | 7.86% | $21,313 | |
Small-Cap Growth Index Fund ETF Shares Market Price | 21.48 | 10.57 | 7.87 | 21,324 | |
CRSP US Small Cap Growth Index | 21.28 | 10.51 | 7.82 | 21,234 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Growth Index Fund Admiral Shares | 21.41% | 10.54% | 7.86% | $21,308 | |
CRSP US Small Cap Growth Index | 21.28 | 10.51 | 7.82 | 21,234 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Small-Cap Growth Index Fund Institutional Shares | 21.44% | 10.55% | 7.87% | $10,665,400 | |
CRSP US Small Cap Growth Index | 21.28 | 10.51 | 7.82 | 10,617,188 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 14,710,990 |
Cumulative Returns of ETF Shares: December 31, 2013, Through December 31, 2023 | |||
One Year | Five Years | Ten Years | |
Small-Cap Growth Index Fund ETF Shares Market Price | 21.48% | 65.26% | 113.24% |
Small-Cap Growth Index Fund ETF Shares Net Asset Value | 21.42 | 65.06 | 113.13 |
CRSP US Small Cap Growth Index | 21.28 | 64.85 | 112.34 |
Basic Materials | 2.0% |
Consumer Discretionary | 16.2 |
Consumer Staples | 3.2 |
Energy | 6.1 |
Financials | 4.9 |
Health Care | 17.6 |
Industrials | 19.1 |
Real Estate | 5.6 |
Technology | 22.4 |
Telecommunications | 1.5 |
Utilities | 1.4 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.7%) | ||||||
Basic Materials (2.0%) | ||||||
* | RBC Bearings Inc. | 413,118 | 117,693 | |||
Royal Gold Inc. | 933,112 | 112,869 | ||||
Hexcel Corp. | 1,194,249 | 88,076 | ||||
Balchem Corp. | 457,503 | 68,054 | ||||
NewMarket Corp. | 102,309 | 55,843 | ||||
*,1 | Livent Corp. | 2,548,394 | 45,820 | |||
Quaker Chemical Corp. | 191,123 | 40,790 | ||||
* | MP Materials Corp. | 2,023,419 | 40,165 | |||
Carpenter Technology Corp. | 332,786 | 23,561 | ||||
* | Ingevity Corp. | 463,836 | 21,902 | |||
Hecla Mining Co. | 4,177,181 | 20,092 | ||||
* | Century Aluminum Co. | 722,921 | 8,776 | |||
Compass Minerals International Inc. | 292,718 | 7,412 | ||||
651,053 | ||||||
Consumer Discretionary (16.1%) | ||||||
* | Deckers Outdoor Corp. | 365,639 | 244,404 | |||
* | DraftKings Inc. Class A | 5,963,820 | 210,225 | |||
* | Liberty Media Corp.-Liberty Formula One Class C | 2,947,877 | 186,099 | |||
RB Global Inc. | 2,590,739 | 173,294 | ||||
* | Floor & Decor Holdings Inc. Class A | 1,437,846 | 160,406 | |||
* | Five Below Inc. | 751,513 | 160,192 | |||
* | Etsy Inc. | 1,700,451 | 137,822 | |||
* | Caesars Entertainment Inc. | 2,915,712 | 136,689 | |||
Churchill Downs Inc. | 953,745 | 128,689 | ||||
Wynn Resorts Ltd. | 1,363,559 | 124,234 | ||||
Tempur Sealy International Inc. | 2,324,738 | 118,492 | ||||
* | Skechers USA Inc. Class A | 1,897,779 | 118,307 | |||
Texas Roadhouse Inc. Class A | 948,579 | 115,945 | ||||
Vail Resorts Inc. | 541,103 | 115,509 | ||||
* | Duolingo Inc. Class A | 482,915 | 109,549 | |||
Gentex Corp. | 3,312,920 | 108,200 |
Shares | Market Value• ($000) | |||||
* | elf Beauty Inc. | 744,834 | 107,509 | |||
Wingstop Inc. | 417,778 | 107,193 | ||||
* | SiteOne Landscape Supply Inc. | 640,705 | 104,115 | |||
Pool Corp. | 260,928 | 104,035 | ||||
Wyndham Hotels & Resorts Inc. | 1,178,055 | 94,727 | ||||
* | Planet Fitness Inc. Class A | 1,213,005 | 88,549 | |||
Hyatt Hotels Corp. Class A | 627,763 | 81,867 | ||||
* | Bright Horizons Family Solutions Inc. | 821,921 | 77,458 | |||
*,1 | Carvana Co. Class A | 1,456,989 | 77,133 | |||
* | Wayfair Inc. Class A | 1,243,987 | 76,754 | |||
* | Crocs Inc. | 816,922 | 76,309 | |||
TKO Group Holdings Inc. Class A | 889,408 | 72,558 | ||||
* | Ollie's Bargain Outlet Holdings Inc. | 877,604 | 66,601 | |||
* | YETI Holdings Inc. | 1,232,360 | 63,812 | |||
Boyd Gaming Corp. | 974,551 | 61,017 | ||||
* | RH | 208,864 | 60,880 | |||
* | Grand Canyon Education Inc. | 426,894 | 56,367 | |||
* | Skyline Champion Corp. | 735,425 | 54,613 | |||
* | Light & Wonder Inc. | 639,738 | 52,529 | |||
* | Visteon Corp. | 395,601 | 49,411 | |||
* | Madison Square Garden Sports Corp. | 262,205 | 47,677 | |||
1 | Choice Hotels International Inc. | 389,636 | 44,146 | |||
* | Hilton Grand Vacations Inc. | 1,071,328 | 43,046 | |||
LCI Industries | 340,812 | 42,843 | ||||
* | Fox Factory Holding Corp. | 600,451 | 40,518 | |||
* | Frontdoor Inc. | 1,132,585 | 39,890 | |||
* | Shake Shack Inc. Class A | 533,328 | 39,530 | |||
* | LGI Homes Inc. | 284,902 | 37,938 | |||
Columbia Sportswear Co. | 473,394 | 37,654 | ||||
Inter Parfums Inc. | 250,204 | 36,032 |
Shares | Market Value• ($000) | |||||
Papa John's International Inc. | 465,926 | 35,517 | ||||
*,1 | QuantumScape Corp. Class A | 4,583,831 | 31,858 | |||
* | Dorman Products Inc. | 380,711 | 31,755 | |||
* | TripAdvisor Inc. | 1,430,681 | 30,803 | |||
* | Sonos Inc. | 1,780,235 | 30,513 | |||
* | Coursera Inc. | 1,518,883 | 29,421 | |||
* | Topgolf Callaway Brands Corp. | 1,968,492 | 28,228 | |||
* | Peloton Interactive Inc. Class A | 4,627,230 | 28,180 | |||
* | ACV Auctions Inc. Class A | 1,840,091 | 27,877 | |||
*,1 | Lucid Group Inc. | 6,505,794 | 27,389 | |||
* | SeaWorld Entertainment Inc. | 500,227 | 26,427 | |||
* | Dave & Buster's Entertainment Inc. | 488,685 | 26,316 | |||
* | Six Flags Entertainment Corp. | 1,009,992 | 25,331 | |||
* | Gentherm Inc. | 466,512 | 24,427 | |||
*,1 | Dutch Bros Inc. Class A | 762,678 | 24,154 | |||
* | Sabre Corp. | 5,397,809 | 23,750 | |||
Jack in the Box Inc. | 280,732 | 22,916 | ||||
Steven Madden Ltd. | 504,122 | 21,173 | ||||
* | Liberty Media Corp.-Liberty Formula One Class A | 350,956 | 20,348 | |||
* | Cavco Industries Inc. | 56,253 | 19,498 | |||
Allegiant Travel Co. | 222,474 | 18,379 | ||||
* | Beyond Inc. | 644,417 | 17,844 | |||
* | Integral Ad Science Holding Corp. | 1,234,926 | 17,771 | |||
* | Stride Inc. | 292,849 | 17,386 | |||
* | Chewy Inc. Class A | 724,330 | 17,116 | |||
* | Boot Barn Holdings Inc. | 215,373 | 16,532 | |||
* | Leslie's Inc. | 2,355,544 | 16,277 | |||
* | Madison Square Garden Entertainment Corp. Class A | 497,040 | 15,801 | |||
* | Life Time Group Holdings Inc. | 977,522 | 14,741 | |||
* | iRobot Corp. | 376,549 | 14,572 | |||
* | Sweetgreen Inc. Class A | 1,201,752 | 13,580 | |||
*,1 | Luminar Technologies Inc. Class A | 3,902,322 | 13,151 | |||
* | Figs Inc. Class A | 1,833,427 | 12,742 | |||
1 | Spirit Airlines Inc. | 776,410 | 12,725 | |||
* | Driven Brands Holdings Inc. | 816,263 | 11,640 | |||
*,1 | Mister Car Wash Inc. | 1,340,217 | 11,579 | |||
* | Portillo's Inc. Class A | 709,716 | 11,306 | |||
* | Dream Finders Homes Inc. Class A | 304,010 | 10,801 | |||
Levi Strauss & Co. Class A | 640,349 | 10,591 |
Shares | Market Value• ($000) | |||||
* | Udemy Inc. | 708,728 | 10,440 | |||
*,1 | Cava Group Inc. | 242,268 | 10,413 | |||
* | Sun Country Airlines Holdings Inc. | 606,906 | 9,547 | |||
* | Revolve Group Inc. Class A | 562,680 | 9,329 | |||
* | Cars.com Inc. | 447,697 | 8,493 | |||
* | Instructure Holdings Inc. | 308,448 | 8,331 | |||
* | Corsair Gaming Inc. | 586,014 | 8,263 | |||
Camping World Holdings Inc. Class A | 286,927 | 7,535 | ||||
* | Vizio Holding Corp. Class A | 946,773 | 7,290 | |||
* | Arhaus Inc. Class A | 567,008 | 6,719 | |||
*,1 | Savers Value Village Inc. | 357,039 | 6,205 | |||
* | BJ's Restaurants Inc. | 157,012 | 5,654 | |||
*,1 | Bowlero Corp. Class A | 330,194 | 4,675 | |||
*,1 | Fisker Inc. Class A | 2,306,123 | 4,036 | |||
* | Rush Street Interactive Inc. | 865,520 | 3,886 | |||
*,1 | Frontier Group Holdings Inc. | 628,682 | 3,433 | |||
* | SES AI Corp. | 1,751,234 | 3,205 | |||
* | Angi Inc. Class A | 1,013,017 | 2,522 | |||
* | Liberty Media Corp.-Liberty Live Class C | 1 | — | |||
5,221,158 | ||||||
Consumer Staples (3.2%) | ||||||
Casey's General Stores Inc. | 529,498 | 145,474 | ||||
* | Darling Ingredients Inc. | 2,265,240 | 112,899 | |||
Lamb Weston Holdings Inc. | 1,029,209 | 111,247 | ||||
* | Celsius Holdings Inc. | 1,974,172 | 107,632 | |||
* | BellRing Brands Inc. | 1,864,649 | 103,357 | |||
Coca-Cola Consolidated Inc. | 65,460 | 60,773 | ||||
* | Freshpet Inc. | 684,312 | 59,371 | |||
* | Simply Good Foods Co. | 1,271,101 | 50,336 | |||
WD-40 Co. | 192,840 | 46,102 | ||||
Lancaster Colony Corp. | 274,035 | 45,597 | ||||
* | Boston Beer Co. Inc. Class A | 129,593 | 44,786 | |||
Cal-Maine Foods Inc. | 565,603 | 32,460 | ||||
* | Post Holdings Inc. | 343,409 | 30,241 | |||
J & J Snack Foods Corp. | 164,989 | 27,576 | ||||
* | National Beverage Corp. | 331,972 | 16,506 | |||
* | Sovos Brands Inc. | 721,489 | 15,894 | |||
Utz Brands Inc. | 923,318 | 14,995 | ||||
Tootsie Roll Industries Inc. | 199,989 | 6,648 | ||||
*,1 | Beyond Meat Inc. | 436,520 | 3,885 | |||
* | Olaplex Holdings Inc. | 699,361 | 1,776 | |||
* | Beauty Health Co. | 304,416 | 947 | |||
1,038,502 |
Shares | Market Value• ($000) | |||||
Energy (6.1%) | ||||||
Targa Resources Corp. | 3,169,601 | 275,343 | ||||
TechnipFMC plc | 5,876,456 | 118,352 | ||||
NOV Inc. | 5,593,626 | 113,439 | ||||
EQT Corp. | 2,921,273 | 112,936 | ||||
* | Weatherford International plc | 1,025,780 | 100,352 | |||
Civitas Resources Inc. | 1,331,472 | 91,046 | ||||
Matador Resources Co. | 1,522,333 | 86,560 | ||||
ChampionX Corp. | 2,765,764 | 80,788 | ||||
Noble Corp. plc | 1,604,928 | 77,293 | ||||
Texas Pacific Land Corp. | 43,665 | 68,661 | ||||
* | Transocean Ltd. | 10,327,769 | 65,581 | |||
Magnolia Oil & Gas Corp. Class A | 2,495,637 | 53,132 | ||||
Alpha Metallurgical Resources Inc. | 151,172 | 51,235 | ||||
1 | New Fortress Energy Inc. | 1,312,358 | 49,515 | |||
Northern Oil & Gas Inc. | 1,286,001 | 47,672 | ||||
Cactus Inc. Class A | 925,527 | 42,019 | ||||
Liberty Energy Inc. Class A | 2,158,492 | 39,155 | ||||
*,1 | Plug Power Inc. | 8,612,602 | 38,757 | |||
Viper Energy Inc. Class A | 1,224,037 | 38,410 | ||||
* | Shoals Technologies Group Inc. Class A | 2,418,849 | 37,589 | |||
* | Array Technologies Inc. | 2,043,332 | 34,328 | |||
* | NEXTracker Inc. Class A | 706,527 | 33,101 | |||
SM Energy Co. | 827,257 | 32,031 | ||||
* | Oceaneering International Inc. | 1,432,751 | 30,489 | |||
Sitio Royalties Corp. Class A | 1,163,023 | 27,343 | ||||
* | Tidewater Inc. | 338,217 | 24,389 | |||
Helmerich & Payne Inc. | 636,414 | 23,051 | ||||
*,1 | Fluence Energy Inc. | 809,014 | 19,295 | |||
CONSOL Energy Inc. | 165,230 | 16,611 | ||||
* | Ameresco Inc. Class A | 462,599 | 14,650 | |||
* | Callon Petroleum Co. | 434,308 | 14,072 | |||
Comstock Resources Inc. | 1,386,090 | 12,267 | ||||
Atlas Energy Solutions Inc. Class A | 710,888 | 12,241 | ||||
* | Dril-Quip Inc. | 486,234 | 11,315 | |||
*,1 | ChargePoint Holdings Inc. | 4,608,894 | 10,785 | |||
* | Helix Energy Solutions Group Inc. | 1,018,372 | 10,469 | |||
Kinetik Holdings Inc. Class A | 310,635 | 10,375 | ||||
*,1 | FuelCell Energy Inc. | 6,409,243 | 10,255 | |||
RPC Inc. | 1,384,003 | 10,076 | ||||
*,1 | SunPower Corp. | 1,245,802 | 6,017 | |||
Core Laboratories Inc. | 332,316 | 5,869 | ||||
1 | HighPeak Energy Inc. | 365,304 | 5,202 | |||
*,1 | EVgo Inc. Class A | 1,399,277 | 5,009 | |||
*,1 | Stem Inc. | 1,054,149 | 4,090 |
Shares | Market Value• ($000) | |||||
* | OPAL Fuels Inc. Class A | 129,378 | 714 | |||
1 | Enviva Inc. | 238,728 | 238 | |||
1,972,117 | ||||||
Financials (4.9%) | ||||||
MarketAxess Holdings Inc. | 538,310 | 157,644 | ||||
*,1 | SoFi Technologies Inc. | 12,247,497 | 121,863 | |||
Erie Indemnity Co. Class A | 360,855 | 120,858 | ||||
* | Robinhood Markets Inc. Class A | 8,380,518 | 106,768 | |||
Kinsale Capital Group Inc. | 312,661 | 104,713 | ||||
Morningstar Inc. | 363,842 | 104,146 | ||||
Blue Owl Capital Inc. Class A | 6,470,394 | 96,409 | ||||
Houlihan Lokey Inc. Class A | 732,793 | 87,869 | ||||
*,1 | Marathon Digital Holdings Inc. | 3,005,837 | 70,607 | |||
* | Ryan Specialty Holdings Inc. Class A | 1,430,254 | 61,529 | |||
Hamilton Lane Inc. Class A | 494,094 | 56,050 | ||||
Pinnacle Financial Partners Inc. | 518,685 | 45,240 | ||||
*,1 | Riot Platforms Inc. | 2,790,339 | 43,167 | |||
*,1 | Upstart Holdings Inc. | 1,028,356 | 42,019 | |||
* | Credit Acceptance Corp. | 71,507 | 38,094 | |||
* | Clearwater Analytics Holdings Inc. Class A | 1,790,125 | 35,856 | |||
PJT Partners Inc. Class A | 310,301 | 31,610 | ||||
Moelis & Co. Class A | 473,592 | 26,583 | ||||
Cohen & Steers Inc. | 349,456 | 26,464 | ||||
ServisFirst Bancshares Inc. | 348,403 | 23,214 | ||||
* | Goosehead Insurance Inc. Class A | 295,603 | 22,407 | |||
* | BRP Group Inc. Class A | 914,837 | 21,974 | |||
* | Oscar Health Inc. Class A | 2,171,269 | 19,867 | |||
Safehold Inc. | 758,184 | 17,741 | ||||
*,1 | Trupanion Inc. | 443,306 | 13,525 | |||
* | Triumph Financial Inc. | 157,363 | 12,617 | |||
StepStone Group Inc. Class A | 387,244 | 12,326 | ||||
*,1 | Lemonade Inc. | 745,881 | 12,031 | |||
TFS Financial Corp. | 797,549 | 11,716 | ||||
* | Open Lending Corp. | 1,362,660 | 11,596 | |||
Live Oak Bancshares Inc. | 237,245 | 10,795 | ||||
* | Palomar Holdings Inc. | 167,081 | 9,273 | |||
P10 Inc. Class A | 645,786 | 6,600 | ||||
* | AssetMark Financial Holdings Inc. | 158,388 | 4,744 | |||
UWM Holdings Corp. Class A | 632,113 | 4,520 | ||||
*,1 | Hagerty Inc. Class A | 299,506 | 2,336 | |||
1,594,771 |
Shares | Market Value• ($000) | |||||
Health Care (17.5%) | ||||||
* | Exact Sciences Corp. | 2,570,228 | 190,145 | |||
* | Neurocrine Biosciences Inc. | 1,396,221 | 183,966 | |||
Bio-Techne Corp. | 2,246,941 | 173,374 | ||||
* | Charles River Laboratories International Inc. | 728,580 | 172,236 | |||
* | Repligen Corp. | 753,327 | 135,448 | |||
* | Penumbra Inc. | 520,696 | 130,976 | |||
Chemed Corp. | 213,969 | 125,118 | ||||
* | Sarepta Therapeutics Inc. | 1,262,042 | 121,699 | |||
* | Cytokinetics Inc. | 1,393,291 | 116,326 | |||
* | ImmunoGen Inc. | 3,781,715 | 112,128 | |||
* | Medpace Holdings Inc. | 349,130 | 107,019 | |||
* | Exelixis Inc. | 4,416,714 | 105,957 | |||
* | Natera Inc. | 1,620,434 | 101,504 | |||
* | Shockwave Medical Inc. | 523,931 | 99,840 | |||
* | Ionis Pharmaceuticals Inc. | 1,935,530 | 97,918 | |||
Bruker Corp. | 1,277,631 | 93,880 | ||||
* | Intra-Cellular Therapies Inc. | 1,297,916 | 92,957 | |||
Ensign Group Inc. | 801,495 | 89,936 | ||||
* | Globus Medical Inc. Class A | 1,677,749 | 89,407 | |||
* | Apellis Pharmaceuticals Inc. | 1,429,937 | 85,596 | |||
* | Inspire Medical Systems Inc. | 419,018 | 85,241 | |||
* | Option Care Health Inc. | 2,514,549 | 84,715 | |||
* | Masimo Corp. | 712,649 | 83,530 | |||
* | HealthEquity Inc. | 1,215,440 | 80,584 | |||
* | Blueprint Medicines Corp. | 862,845 | 79,589 | |||
* | Vaxcyte Inc. | 1,215,493 | 76,333 | |||
* | 10X Genomics Inc. Class A | 1,333,527 | 74,624 | |||
* | Halozyme Therapeutics Inc. | 1,874,885 | 69,296 | |||
* | Alkermes plc | 2,373,799 | 65,849 | |||
* | REVOLUTION Medicines Inc. | 2,207,067 | 63,299 | |||
* | Insmed Inc. | 2,029,474 | 62,893 | |||
* | Haemonetics Corp. | 721,830 | 61,724 | |||
* | Lantheus Holdings Inc. | 974,169 | 60,398 | |||
* | Merit Medical Systems Inc. | 778,162 | 59,109 | |||
* | Amicus Therapeutics Inc. | 4,158,464 | 59,009 | |||
* | Neogen Corp. | 2,769,200 | 55,689 | |||
* | ACADIA Pharmaceuticals Inc. | 1,746,142 | 54,672 | |||
* | Catalent Inc. | 1,216,712 | 54,667 | |||
* | agilon health Inc. | 4,319,330 | 54,208 | |||
* | Ultragenyx Pharmaceutical Inc. | 1,106,196 | 52,898 | |||
* | QuidelOrtho Corp. | 712,799 | 52,533 |
Shares | Market Value• ($000) | |||||
* | Glaukos Corp. | 659,430 | 52,418 | |||
* | Evolent Health Inc. Class A | 1,553,397 | 51,309 | |||
* | Teladoc Health Inc. | 2,358,421 | 50,824 | |||
CONMED Corp. | 435,977 | 47,744 | ||||
* | Mirati Therapeutics Inc. | 809,869 | 47,580 | |||
* | Inari Medical Inc. | 696,250 | 45,201 | |||
* | Axonics Inc. | 720,615 | 44,844 | |||
* | iRhythm Technologies Inc. | 414,178 | 44,334 | |||
* | Arrowhead Pharmaceuticals Inc. | 1,448,497 | 44,324 | |||
* | Cerevel Therapeutics Holdings Inc. | 1,025,840 | 43,496 | |||
* | Guardant Health Inc. | 1,594,399 | 43,128 | |||
* | Progyny Inc. | 1,158,652 | 43,079 | |||
* | Axsome Therapeutics Inc. | 538,169 | 42,833 | |||
* | Doximity Inc. Class A | 1,512,762 | 42,418 | |||
* | Corcept Therapeutics Inc. | 1,173,013 | 38,099 | |||
* | Intellia Therapeutics Inc. | 1,210,141 | 36,897 | |||
*,1 | Ginkgo Bioworks Holdings Inc. Class A | 20,731,396 | 35,036 | |||
* | Surgery Partners Inc. | 1,075,012 | 34,390 | |||
* | TG Therapeutics Inc. | 1,938,305 | 33,106 | |||
* | CorVel Corp. | 133,815 | 33,080 | |||
* | Privia Health Group Inc. | 1,427,392 | 32,873 | |||
* | SpringWorks Therapeutics Inc. | 871,262 | 31,801 | |||
* | Denali Therapeutics Inc. | 1,474,320 | 31,639 | |||
* | Certara Inc. | 1,705,275 | 29,996 | |||
* | PTC Therapeutics Inc. | 1,073,404 | 29,583 | |||
* | NeoGenomics Inc. | 1,813,089 | 29,336 | |||
* | Twist Bioscience Corp. | 779,345 | 28,727 | |||
* | Veracyte Inc. | 1,038,956 | 28,582 | |||
* | Beam Therapeutics Inc. | 1,043,361 | 28,400 | |||
* | Tandem Diabetes Care Inc. | 927,560 | 27,437 | |||
* | Arvinas Inc. | 665,268 | 27,382 | |||
*,1 | PROCEPT BioRobotics Corp. | 610,532 | 25,587 | |||
* | Apollo Medical Holdings Inc. | 663,154 | 25,399 | |||
* | Sotera Health Co. | 1,407,070 | 23,709 | |||
*,1 | Recursion Pharmaceuticals Inc. Class A | 2,370,063 | 23,369 | |||
* | AtriCure Inc. | 640,451 | 22,858 | |||
* | R1 RCM Inc. | 2,086,301 | 22,052 | |||
* | STAAR Surgical Co. | 694,383 | 21,672 | |||
* | Ironwood Pharmaceuticals Inc. Class A | 1,887,701 | 21,595 | |||
* | Pacira BioSciences Inc. | 627,522 | 21,173 | |||
* | Novocure Ltd. | 1,340,020 | 20,006 | |||
* | Xencor Inc. | 865,962 | 18,384 | |||
* | Relay Therapeutics Inc. | 1,665,716 | 18,340 | |||
* | Hims & Hers Health Inc. | 2,027,351 | 18,043 |
Shares | Market Value• ($000) | |||||
* | Warby Parker Inc. Class A | 1,183,935 | 16,693 | |||
* | ICU Medical Inc. | 163,283 | 16,286 | |||
* | Sage Therapeutics Inc. | 725,047 | 15,712 | |||
* | Vir Biotechnology Inc. | 1,530,734 | 15,399 | |||
* | Kymera Therapeutics Inc. | 591,937 | 15,071 | |||
* | Harmony Biosciences Holdings Inc. | 458,226 | 14,801 | |||
* | Rocket Pharmaceuticals Inc. | 480,883 | 14,412 | |||
* | Cytek Biosciences Inc. | 1,542,345 | 14,066 | |||
* | Omnicell Inc. | 323,722 | 12,182 | |||
* | Amylyx Pharmaceuticals Inc. | 816,239 | 12,015 | |||
* | Editas Medicine Inc. | 1,161,737 | 11,768 | |||
* | Verve Therapeutics Inc. | 837,953 | 11,681 | |||
* | Alignment Healthcare Inc. | 1,344,825 | 11,579 | |||
* | Zentalis Pharmaceuticals Inc. | 754,946 | 11,437 | |||
* | Nevro Corp. | 489,252 | 10,529 | |||
* | REGENXBIO Inc. | 563,170 | 10,109 | |||
* | Maravai LifeSciences Holdings Inc. Class A | 1,504,168 | 9,852 | |||
*,1 | ImmunityBio Inc. | 1,899,559 | 9,536 | |||
HealthStream Inc. | 344,657 | 9,316 | ||||
* | Adaptive Biotechnologies Corp. | 1,853,341 | 9,081 | |||
* | Agios Pharmaceuticals Inc. | 397,514 | 8,853 | |||
* | BioCryst Pharmaceuticals Inc. | 1,456,483 | 8,724 | |||
* | Phreesia Inc. | 368,434 | 8,529 | |||
* | AdaptHealth Corp. Class A | 1,163,877 | 8,485 | |||
*,1 | LifeStance Health Group Inc. | 1,077,006 | 8,433 | |||
* | Treace Medical Concepts Inc. | 614,113 | 7,830 | |||
* | ACELYRIN Inc. | 1,037,847 | 7,742 | |||
*,1 | Novavax Inc. | 1,604,841 | 7,703 | |||
* | GoodRx Holdings Inc. Class A | 1,051,498 | 7,045 | |||
* | Arcus Biosciences Inc. | 346,053 | 6,610 | |||
* | Sana Biotechnology Inc. | 1,542,051 | 6,292 | |||
* | Accolade Inc. | 487,898 | 5,860 | |||
*,1 | Prime Medicine Inc. | 622,953 | 5,519 | |||
*,1 | Theravance Biopharma Inc. | 460,532 | 5,176 | |||
* | CareDx Inc. | 365,522 | 4,386 | |||
* | OPKO Health Inc. | 2,748,888 | 4,151 | |||
* | Agiliti Inc. | 479,427 | 3,797 | |||
* | Health Catalyst Inc. | 389,271 | 3,605 | |||
* | Silk Road Medical Inc. | 263,408 | 3,232 | |||
* | AnaptysBio Inc. | 122,987 | 2,634 | |||
* | Allogene Therapeutics Inc. | 778,670 | 2,499 | |||
* | Lyell Immunopharma Inc. | 1,255,193 | 2,435 |
Shares | Market Value• ($000) | |||||
* | Clover Health Investments Corp. Class A | 2,418,862 | 2,303 | |||
* | Outset Medical Inc. | 357,450 | 1,934 | |||
* | Innovage Holding Corp. | 297,867 | 1,787 | |||
* | Mural Oncology plc | 118,862 | 704 | |||
*,1 | ProKidney Corp. Class A | 187,080 | 333 | |||
* | Neumora Therapeutics Inc. | 3,598 | 61 | |||
* | Cano Health Inc. | 309 | 2 | |||
*,2 | OmniAb Inc. 12.5 Earnout | 45,320 | — | |||
*,2 | OmniAb Inc. 15 Earnout | 45,320 | — | |||
5,666,562 | ||||||
Industrials (19.0%) | ||||||
* | Axon Enterprise Inc. | 1,011,035 | 261,181 | |||
Graco Inc. | 2,398,978 | 208,135 | ||||
Lennox International Inc. | 454,594 | 203,440 | ||||
Nordson Corp. | 729,254 | 192,640 | ||||
Watsco Inc. | 441,225 | 189,052 | ||||
Lincoln Electric Holdings Inc. | 812,434 | 176,672 | ||||
* | TopBuild Corp. | 451,295 | 168,902 | |||
* | Saia Inc. | 377,043 | 165,228 | |||
Advanced Drainage Systems Inc. | 1,051,445 | 147,875 | ||||
A O Smith Corp. | 1,745,154 | 143,871 | ||||
* | Affirm Holdings Inc. Class A | 2,921,893 | 143,582 | |||
Toro Co. | 1,475,034 | 141,589 | ||||
* | Trex Co. Inc. | 1,544,106 | 127,837 | |||
Curtiss-Wright Corp. | 543,222 | 121,024 | ||||
Simpson Manufacturing Co. Inc. | 606,160 | 120,008 | ||||
* | WEX Inc. | 607,066 | 118,105 | |||
* | WillScot Mobile Mini Holdings Corp. | 2,585,459 | 115,053 | |||
* | Generac Holdings Inc. | 873,503 | 112,892 | |||
* | GXO Logistics Inc. | 1,689,095 | 103,305 | |||
Cognex Corp. | 2,444,032 | 102,014 | ||||
Eagle Materials Inc. | 496,259 | 100,661 | ||||
BWX Technologies Inc. | 1,299,619 | 99,720 | ||||
Landstar System Inc. | 511,331 | 99,019 | ||||
* | Paylocity Holding Corp. | 598,251 | 98,622 | |||
Littelfuse Inc. | 353,622 | 94,615 | ||||
Jack Henry & Associates Inc. | 516,987 | 84,481 | ||||
* | Core & Main Inc. Class A | 2,066,160 | 83,494 | |||
* | Chart Industries Inc. | 606,596 | 82,697 | |||
* | ATI Inc. | 1,811,050 | 82,348 | |||
Howmet Aerospace Inc. | 1,462,654 | 79,159 | ||||
* | AZEK Co. Inc. Class A | 2,013,900 | 77,032 | |||
Maximus Inc. | 867,674 | 72,763 | ||||
* | ExlService Holdings Inc. | 2,223,304 | 68,589 | |||
AAON Inc. | 922,344 | 68,134 | ||||
Federal Signal Corp. | 864,577 | 66,348 | ||||
Badger Meter Inc. | 417,447 | 64,441 |
Shares | Market Value• ($000) | |||||
Exponent Inc. | 718,197 | 63,230 | ||||
* | Euronet Worldwide Inc. | 621,687 | 63,095 | |||
Installed Building Products Inc. | 342,607 | 62,635 | ||||
Armstrong World Industries Inc. | 626,788 | 61,626 | ||||
* | Shift4 Payments Inc. Class A | 807,018 | 59,994 | |||
Insperity Inc. | 503,843 | 59,060 | ||||
* | BILL Holdings Inc. | 720,526 | 58,788 | |||
Woodward Inc. | 426,994 | 58,127 | ||||
Herc Holdings Inc. | 382,041 | 56,882 | ||||
FTAI Aviation Ltd. | 1,205,000 | 55,912 | ||||
Franklin Electric Co. Inc. | 557,706 | 53,902 | ||||
Comfort Systems USA Inc. | 253,998 | 52,240 | ||||
* | Middleby Corp. | 353,227 | 51,984 | |||
* | Verra Mobility Corp. Class A | 2,247,467 | 51,759 | |||
* | AeroVironment Inc. | 387,943 | 48,896 | |||
* | Itron Inc. | 644,949 | 48,700 | |||
* | ACI Worldwide Inc. | 1,541,201 | 47,161 | |||
* | TriNet Group Inc. | 395,171 | 46,998 | |||
* | Marqeta Inc. Class A | 6,626,428 | 46,252 | |||
John Bean Technologies Corp. | 451,332 | 44,885 | ||||
Genpact Ltd. | 1,286,975 | 44,671 | ||||
*,1 | Bloom Energy Corp. Class A | 2,868,103 | 42,448 | |||
* | AMN Healthcare Services Inc. | 537,510 | 40,249 | |||
* | Flywire Corp. | 1,615,308 | 37,394 | |||
* | Kratos Defense & Security Solutions Inc. | 1,834,031 | 37,212 | |||
* | Remitly Global Inc. | 1,843,424 | 35,799 | |||
* | MasTec Inc. | 448,476 | 33,959 | |||
Mueller Water Products Inc. Class A | 2,225,866 | 32,052 | ||||
* | Mercury Systems Inc. | 758,878 | 27,752 | |||
Tennant Co. | 265,716 | 24,629 | ||||
*,1 | Enovix Corp. | 1,909,069 | 23,902 | |||
Forward Air Corp. | 365,029 | 22,949 | ||||
* | Dycom Industries Inc. | 198,214 | 22,812 | |||
* | Legalzoom.com Inc. | 2,004,945 | 22,656 | |||
* | Leonardo DRS Inc. | 1,119,339 | 22,432 | |||
* | Janus International Group Inc. | 1,566,011 | 20,436 | |||
Lindsay Corp. | 156,902 | 20,265 | ||||
* | Payoneer Global Inc. | 3,604,456 | 18,779 | |||
* | Cimpress plc | 226,936 | 18,166 | |||
* | Gibraltar Industries Inc. | 216,466 | 17,096 | |||
* | Vicor Corp. | 325,641 | 14,634 | |||
* | Hayward Holdings Inc. | 988,781 | 13,447 | |||
* | Masonite International Corp. | 155,962 | 13,204 | |||
*,1 | Virgin Galactic Holdings Inc. | 5,116,294 | 12,535 |
Shares | Market Value• ($000) | |||||
Enerpac Tool Group Corp. Class A | 386,463 | 12,015 | ||||
Helios Technologies Inc. | 235,319 | 10,672 | ||||
*,1 | PureCycle Technologies Inc. | 1,866,888 | 7,561 | |||
*,1 | Nikola Corp. | 7,821,350 | 6,842 | |||
* | ZipRecruiter Inc. Class A | 432,964 | 6,018 | |||
Gorman-Rupp Co. | 158,344 | 5,626 | ||||
* | Sterling Check Corp. | 402,410 | 5,602 | |||
* | CryoPort Inc. | 330,820 | 5,124 | |||
* | Paymentus Holdings Inc. Class A | 231,730 | 4,141 | |||
* | TaskUS Inc. Class A | 260,662 | 3,407 | |||
*,1 | Desktop Metal Inc. Class A | 1,618,160 | 1,215 | |||
*,2 | GCI Liberty Inc. | 14,603 | — | |||
6,164,355 | ||||||
Real Estate (5.5%) | ||||||
Equity LifeStyle Properties Inc. | 2,383,903 | 168,161 | ||||
Rexford Industrial Realty Inc. | 2,883,528 | 161,766 | ||||
American Homes 4 Rent Class A | 4,365,288 | 156,976 | ||||
CubeSmart | 3,194,838 | 148,081 | ||||
Americold Realty Trust Inc. | 4,027,198 | 121,903 | ||||
Host Hotels & Resorts Inc. | 5,008,510 | 97,516 | ||||
Healthcare Realty Trust Inc. Class A | 5,408,178 | 93,183 | ||||
Ryman Hospitality Properties Inc. | 806,841 | 88,801 | ||||
Spirit Realty Capital Inc. | 2,010,374 | 87,833 | ||||
Terreno Realty Corp. | 1,211,929 | 75,952 | ||||
Kite Realty Group Trust | 3,113,490 | 71,174 | ||||
Lamar Advertising Co. Class A | 623,000 | 66,212 | ||||
Essential Properties Realty Trust Inc. | 2,213,005 | 56,564 | ||||
Independence Realty Trust Inc. | 3,184,115 | 48,717 | ||||
National Storage Affiliates Trust | 1,063,658 | 44,110 | ||||
Innovative Industrial Properties Inc. | 396,930 | 40,018 | ||||
* | Opendoor Technologies Inc. | 8,576,418 | 38,422 | |||
Kilroy Realty Corp. | 833,823 | 33,220 | ||||
St. Joe Co. | 539,679 | 32,478 | ||||
Phillips Edison & Co. Inc. | 850,586 | 31,029 | ||||
RLJ Lodging Trust | 2,105,984 | 24,682 | ||||
DigitalBridge Group Inc. | 1,159,738 | 20,342 | ||||
* | Howard Hughes Holdings Inc. | 213,502 | 18,265 | |||
1 | eXp World Holdings Inc. | 1,093,848 | 16,977 | |||
* | Redfin Corp. | 1,557,256 | 16,071 |
Shares | Market Value• ($000) | |||||
Paramount Group Inc. | 2,628,116 | 13,587 | ||||
Kennedy-Wilson Holdings Inc. | 742,805 | 9,196 | ||||
Universal Health Realty Income Trust | 176,963 | 7,654 | ||||
Alexander's Inc. | 16,341 | 3,490 | ||||
1,792,380 | ||||||
Technology (22.4%) | ||||||
* | PTC Inc. | 1,610,235 | 281,727 | |||
Entegris Inc. | 2,133,714 | 255,662 | ||||
Vertiv Holdings Co. Class A | 4,878,785 | 234,328 | ||||
* | Dynatrace Inc. | 3,764,073 | 205,857 | |||
* | Manhattan Associates Inc. | 874,998 | 188,405 | |||
* | Super Micro Computer Inc. | 630,599 | 179,254 | |||
* | Nutanix Inc. Class A | 3,404,504 | 162,361 | |||
* | Pure Storage Inc. Class A | 4,209,968 | 150,127 | |||
* | Ceridian HCM Holding Inc. | 2,105,858 | 141,345 | |||
* | Lattice Semiconductor Corp. | 1,960,200 | 135,234 | |||
* | UiPath Inc. Class A | 5,156,200 | 128,080 | |||
* | Guidewire Software Inc. | 1,163,873 | 126,909 | |||
Universal Display Corp. | 639,115 | 122,237 | ||||
* | Elastic NV | 1,080,709 | 121,796 | |||
* | Onto Innovation Inc. | 697,051 | 106,579 | |||
* | Dropbox Inc. Class A | 3,582,032 | 105,598 | |||
* | Toast Inc. Class A | 5,733,736 | 104,698 | |||
* | Rambus Inc. | 1,526,843 | 104,207 | |||
* | SPS Commerce Inc. | 521,164 | 101,022 | |||
* | Fabrinet | 515,929 | 98,197 | |||
* | Qualys Inc. | 496,308 | 97,415 | |||
* | ZoomInfo Technologies Inc. Class A | 4,978,906 | 92,060 | |||
* | Procore Technologies Inc. | 1,324,185 | 91,660 | |||
* | AppLovin Corp. Class A | 2,255,207 | 89,870 | |||
* | Aspen Technology Inc. | 407,734 | 89,763 | |||
* | SentinelOne Inc. Class A | 3,265,908 | 89,617 | |||
* | Smartsheet Inc. Class A | 1,821,922 | 87,124 | |||
* | DocuSign Inc. Class A | 1,443,684 | 85,827 | |||
* | Novanta Inc. | 508,359 | 85,613 | |||
* | Gitlab Inc. Class A | 1,329,869 | 83,729 | |||
*,1 | MicroStrategy Inc. Class A | 129,994 | 82,107 | |||
* | Five9 Inc. | 1,031,726 | 81,187 | |||
* | Qorvo Inc. | 691,605 | 77,882 | |||
* | Tenable Holdings Inc. | 1,659,747 | 76,448 | |||
* | Wolfspeed Inc. | 1,678,734 | 73,042 | |||
Dolby Laboratories Inc. Class A | 841,973 | 72,561 | ||||
* | Samsara Inc. Class A | 2,162,861 | 72,196 | |||
* | DoubleVerify Holdings Inc. | 1,929,859 | 70,980 |
Shares | Market Value• ($000) | |||||
* | MACOM Technology Solutions Holdings Inc. | 759,656 | 70,610 | |||
* | Match Group Inc. | 1,931,234 | 70,490 | |||
* | Workiva Inc. Class A | 676,801 | 68,716 | |||
* | Varonis Systems Inc. Class B | 1,468,776 | 66,506 | |||
Power Integrations Inc. | 806,880 | 66,253 | ||||
* | Altair Engineering Inc. Class A | 777,028 | 65,387 | |||
* | Freshworks Inc. Class A | 2,724,830 | 64,006 | |||
* | Confluent Inc. Class A | 2,645,481 | 61,904 | |||
* | Axcelis Technologies Inc. | 464,619 | 60,256 | |||
* | Silicon Laboratories Inc. | 450,775 | 59,624 | |||
Advanced Energy Industries Inc. | 528,574 | 57,572 | ||||
* | Diodes Inc. | 620,733 | 49,981 | |||
* | Box Inc. Class A | 1,946,784 | 49,857 | |||
* | CommVault Systems Inc. | 622,971 | 49,744 | |||
* | BlackLine Inc. | 781,219 | 48,779 | |||
* | Appfolio Inc. Class A | 277,103 | 48,005 | |||
* | Rapid7 Inc. | 830,331 | 47,412 | |||
* | Coherent Corp. | 1,074,246 | 46,762 | |||
* | FormFactor Inc. | 1,107,143 | 46,179 | |||
* | Yelp Inc. Class A | 925,482 | 43,812 | |||
* | Alarm.com Holdings Inc. | 675,511 | 43,652 | |||
* | IPG Photonics Corp. | 400,479 | 43,468 | |||
* | Alteryx Inc. Class A | 863,392 | 40,718 | |||
* | Braze Inc. Class A | 764,588 | 40,623 | |||
* | Sprout Social Inc. Class A | 659,117 | 40,496 | |||
* | JFrog Ltd. | 1,118,964 | 38,727 | |||
* | Credo Technology Group Holding Ltd. | 1,816,122 | 35,360 | |||
* | Rogers Corp. | 264,810 | 34,973 | |||
* | Envestnet Inc. | 699,718 | 34,650 | |||
* | Q2 Holdings Inc. | 792,368 | 34,397 | |||
* | LiveRamp Holdings Inc. | 885,288 | 33,535 | |||
* | Blackbaud Inc. | 383,027 | 33,208 | |||
* | HashiCorp Inc. Class A | 1,400,105 | 33,098 | |||
* | Ambarella Inc. | 538,873 | 33,028 | |||
* | Perficient Inc. | 494,608 | 32,555 | |||
* | nCino Inc. | 963,648 | 32,407 | |||
* | Schrodinger Inc. | 894,249 | 32,014 | |||
* | Cargurus Inc. Class A | 1,301,142 | 31,436 | |||
*,1 | C3.ai Inc. Class A | 1,058,387 | 30,386 | |||
* | Fastly Inc. Class A | 1,674,458 | 29,805 | |||
* | SiTime Corp. | 239,566 | 29,246 | |||
Pegasystems Inc. | 594,278 | 29,036 | ||||
* | Allegro MicroSystems Inc. | 958,226 | 29,006 | |||
*,1 | IonQ Inc. | 2,329,365 | 28,861 | |||
* | Impinj Inc. | 307,871 | 27,718 | |||
* | PagerDuty Inc. | 1,194,574 | 27,654 | |||
*,1 | DigitalOcean Holdings Inc. | 734,141 | 26,936 | |||
* | Squarespace Inc. Class A | 814,801 | 26,897 | |||
* | Upwork Inc. | 1,742,440 | 25,910 |
Shares | Market Value• ($000) | |||||
Clear Secure Inc. Class A | 1,215,785 | 25,106 | ||||
* | Veeco Instruments Inc. | 761,336 | 23,624 | |||
* | PROS Holdings Inc. | 592,244 | 22,973 | |||
* | Appian Corp. Class A | 593,590 | 22,355 | |||
* | Paycor HCM Inc. | 1,010,401 | 21,815 | |||
*,1 | Xometry Inc. Class A | 581,113 | 20,868 | |||
* | Asana Inc. Class A | 1,049,894 | 19,958 | |||
* | Vertex Inc. Class A | 729,263 | 19,646 | |||
* | RingCentral Inc. Class A | 566,985 | 19,249 | |||
* | Jamf Holding Corp. | 984,208 | 17,775 | |||
* | Zuora Inc. Class A | 1,883,287 | 17,703 | |||
* | Magnite Inc. | 1,862,810 | 17,399 | |||
* | Zeta Global Holdings Corp. Class A | 1,967,444 | 17,353 | |||
Shutterstock Inc. | 355,676 | 17,172 | ||||
* | Intapp Inc. | 445,397 | 16,934 | |||
* | Sprinklr Inc. Class A | 1,361,603 | 16,394 | |||
* | AvePoint Inc. | 1,959,383 | 16,087 | |||
* | Everbridge Inc. | 584,216 | 14,202 | |||
* | EngageSmart Inc. | 597,790 | 13,689 | |||
* | Alkami Technology Inc. | 542,595 | 13,158 | |||
* | MaxLinear Inc. Class A | 522,603 | 12,422 | |||
* | Amplitude Inc. Class A | 952,153 | 12,111 | |||
* | 3D Systems Corp. | 1,803,127 | 11,450 | |||
* | Bumble Inc. Class A | 681,836 | 10,050 | |||
* | Semtech Corp. | 456,902 | 10,011 | |||
* | PubMatic Inc. Class A | 591,796 | 9,652 | |||
* | Eventbrite Inc. Class A | 1,142,682 | 9,553 | |||
* | BigCommerce Holdings Inc. | 920,024 | 8,952 | |||
* | nLight Inc. | 630,886 | 8,517 | |||
* | Olo Inc. Class A | 1,476,856 | 8,448 | |||
* | Vimeo Inc. | 2,138,841 | 8,384 | |||
* | Yext Inc. | 1,416,599 | 8,344 | |||
* | NerdWallet Inc. Class A | 540,418 | 7,955 | |||
* | SmartRent Inc. Class A | 2,456,056 | 7,835 | |||
* | CEVA Inc. | 318,401 | 7,231 | |||
*,1 | SEMrush Holdings Inc. Class A | 511,036 | 6,981 | |||
* | Planet Labs PBC | 2,816,298 | 6,956 | |||
* | Definitive Healthcare Corp. Class A | 656,228 | 6,523 | |||
* | N-able Inc. | 455,517 | 6,036 | |||
* | MeridianLink Inc. | 224,756 | 5,567 | |||
* | Matterport Inc. | 1,845,923 | 4,966 | |||
* | Digital Turbine Inc. | 685,331 | 4,701 | |||
* | Enfusion Inc. Class A | 434,332 | 4,213 | |||
* | Nextdoor Holdings Inc. | 2,202,516 | 4,163 | |||
*,1 | Rumble Inc. | 881,700 | 3,959 | |||
*,1 | Getty Images Holdings Inc. | 714,753 | 3,752 | |||
* | Consensus Cloud Solutions Inc. | 122,753 | 3,217 | |||
* | MediaAlpha Inc. Class A | 267,030 | 2,977 | |||
* | EverCommerce Inc. | 267,958 | 2,956 |
Shares | Market Value• ($000) | |||||
* | SecureWorks Corp. Class A | 101,379 | 748 | |||
*,1 | Maplebear Inc. | 1,817 | 43 | |||
7,236,492 | ||||||
Telecommunications (1.5%) | ||||||
* | Ciena Corp. | 2,099,261 | 94,488 | |||
* | Roku Inc. Class A | 887,905 | 81,385 | |||
Iridium Communications Inc. | 1,581,508 | 65,095 | ||||
Cogent Communications Holdings Inc. | 622,435 | 47,342 | ||||
Cable One Inc. | 63,625 | 35,413 | ||||
* | Calix Inc. | 796,363 | 34,793 | |||
* | Lumentum Holdings Inc. | 473,760 | 24,834 | |||
* | Globalstar Inc. | 10,809,570 | 20,971 | |||
InterDigital Inc. | 182,825 | 19,844 | ||||
* | Extreme Networks Inc. | 875,713 | 15,448 | |||
Shenandoah Telecommunications Co. | 679,271 | 14,686 | ||||
*,1 | Infinera Corp. | 2,743,584 | 13,032 | |||
* | fuboTV Inc. | 1,978,530 | 6,292 | |||
* | Gogo Inc. | 458,165 | 4,641 | |||
ADTRAN Holdings Inc. | 476,319 | 3,496 | ||||
ATN International Inc. | 71,401 | 2,782 | ||||
* | WideOpenWest Inc. | 178,737 | 724 | |||
485,266 | ||||||
Utilities (1.5%) | ||||||
* | Clean Harbors Inc. | 691,490 | 120,672 | |||
Vistra Corp. | 2,538,723 | 97,792 | ||||
* | Casella Waste Systems Inc. Class A | 808,828 | 69,123 | |||
* | Sunrun Inc. | 2,933,535 | 57,585 | |||
Ormat Technologies Inc. | 729,719 | 55,305 | ||||
California Water Service Group | 820,457 | 42,557 | ||||
*,1 | Sunnova Energy International Inc. | 1,479,229 | 22,558 | |||
*,1 | Net Power Inc. | 99,150 | 1,002 | |||
466,594 | ||||||
Total Common Stocks (Cost $25,992,112) | 32,289,250 |
Shares | Market Value• ($000) | |||||
Temporary Cash Investments (2.2%) | ||||||
Money Market Fund (2.2%) | ||||||
3,4 | Vanguard Market Liquidity Fund, 5.435% (Cost $728,374) | 7,286,285 | 728,483 | |||
Total Investments (101.9%) (Cost $26,720,486) | 33,017,733 | |||||
Other Assets and Liabilities—Net (-1.9%) | (620,138) | |||||
Net Assets (100%) | 32,397,595 |
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 $561,906,000. |
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 $629,622,000 was received for securities on loan. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2024 | 462 | 47,302 | 731 |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
C3.ai Inc. Class A | 1/31/24 | GSI | 11,939 | (5.332) | — | (218) |
Elastic NV | 8/30/24 | BANA | 3,214 | (5.332) | 1,280 | — |
Fisker Inc. Class A | 1/31/24 | GSI | 1,296 | (5.331) | 102 | — |
MicroStrategy Inc. Class A | 1/31/24 | CITNA | 10,713 | (5.332) | 2,822 | — |
Middleby Corp. | 8/30/24 | BANA | 3,534 | (5.332) | 572 | — |
Novocure Ltd. | 8/30/24 | BANA | 2,209 | (5.332) | 470 | — |
Super Micro Computer Inc. | 1/31/24 | CITNA | 10,939 | (5.332) | 386 | — |
Watsco Inc. | 8/30/24 | BANA | 7,645 | (5.332) | 893 | — |
Watsco Inc. | 8/30/24 | BANA | 7,645 | (5.332) | 893 | — |
Wolfspeed Inc. | 8/30/24 | BANA | 3,686 | (5.332) | 650 | — |
8,068 | (218) |
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 $25,992,112) | 32,289,250 |
Affiliated Issuers (Cost $728,374) | 728,483 |
Total Investments in Securities | 33,017,733 |
Investment in Vanguard | 962 |
Cash Collateral Pledged—Futures Contracts | 3,140 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 40 |
Receivables for Investment Securities Sold | 29,616 |
Receivables for Accrued Income | 18,978 |
Receivables for Capital Shares Issued | 13,525 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 8,068 |
Total Assets | 33,092,062 |
Liabilities | |
Due to Custodian | 27,806 |
Payables for Investment Securities Purchased | 9,321 |
Collateral for Securities on Loan | 629,622 |
Payables for Capital Shares Redeemed | 25,757 |
Payables to Vanguard | 982 |
Variation Margin Payable—Futures Contracts | 761 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 218 |
Total Liabilities | 694,467 |
Net Assets | 32,397,595 |
1 Includes $561,906,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 32,928,611 |
Total Distributable Earnings (Loss) | (531,016) |
Net Assets | 32,397,595 |
Investor Shares—Net Assets | |
Applicable to 1,316,714 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 89,484 |
Net Asset Value Per Share—Investor Shares | $67.96 |
ETF Shares—Net Assets | |
Applicable to 64,320,925 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 15,546,221 |
Net Asset Value Per Share—ETF Shares | $241.70 |
Admiral Shares—Net Assets | |
Applicable to 156,507,375 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 13,300,222 |
Net Asset Value Per Share—Admiral Shares | $84.98 |
Institutional Shares—Net Assets | |
Applicable to 50,865,473 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,461,668 |
Net Asset Value Per Share—Institutional Shares | $68.06 |
Year Ended December 31, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 164,122 |
Interest2 | 2,226 |
Securities Lending—Net | 45,193 |
Total Income | 211,541 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 630 |
Management and Administrative—Investor Shares | 154 |
Management and Administrative—ETF Shares | 7,779 |
Management and Administrative—Admiral Shares | 7,508 |
Management and Administrative—Institutional Shares | 1,597 |
Marketing and Distribution—Investor Shares | 5 |
Marketing and Distribution—ETF Shares | 760 |
Marketing and Distribution—Admiral Shares | 579 |
Marketing and Distribution—Institutional Shares | 108 |
Custodian Fees | 216 |
Auditing Fees | 38 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—ETF Shares | 513 |
Shareholders’ Reports—Admiral Shares | 156 |
Shareholders’ Reports—Institutional Shares | 100 |
Trustees’ Fees and Expenses | 17 |
Other Expenses | 23 |
Total Expenses | 20,183 |
Net Investment Income | 191,358 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | (914,715) |
Futures Contracts | (326) |
Swap Contracts | (18,542) |
Realized Net Gain (Loss) | (933,583) |
Statement of Operations (continued) | |
Year Ended December 31, 2023 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 6,403,205 |
Futures Contracts | 587 |
Swap Contracts | 11,128 |
Change in Unrealized Appreciation (Depreciation) | 6,414,920 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,672,695 |
1 | Dividends are net of foreign withholding taxes of $107,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,156,000, ($52,000), $1,000, and ($63,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $1,429,578,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2023 ($000) | 2022 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 191,358 | 211,970 |
Realized Net Gain (Loss) | (933,583) | (631,355) |
Change in Unrealized Appreciation (Depreciation) | 6,414,920 | (10,014,591) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,672,695 | (10,433,976) |
Distributions | ||
Investor Shares | (527) | (378) |
ETF Shares | (102,224) | (65,152) |
Admiral Shares | (91,073) | (62,927) |
Institutional Shares | (23,803) | (16,002) |
Total Distributions | (217,627) | (144,459) |
Capital Share Transactions | ||
Investor Shares | (6,467) | (30,485) |
ETF Shares | 962,195 | 383,979 |
Admiral Shares | (478,614) | (400,974) |
Institutional Shares | (67,568) | 230,883 |
Net Increase (Decrease) from Capital Share Transactions | 409,546 | 183,403 |
Total Increase (Decrease) | 5,864,614 | (10,395,032) |
Net Assets | ||
Beginning of Period | 26,532,981 | 36,928,013 |
End of Period | 32,397,595 | 26,532,981 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $56.38 | $79.21 | $75.20 | $55.89 | $42.36 |
Investment Operations | |||||
Net Investment Income1 | .326 | .371 | .257 | .241 | .178 |
Net Realized and Unrealized Gain (Loss) on Investments | 11.639 | (22.943) | 3.938 | 19.331 | 13.617 |
Total from Investment Operations | 11.965 | (22.572) | 4.195 | 19.572 | 13.795 |
Distributions | |||||
Dividends from Net Investment Income | (.385) | (.258) | (.185) | (.262) | (.265) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.385) | (.258) | (.185) | (.262) | (.265) |
Net Asset Value, End of Period | $67.96 | $56.38 | $79.21 | $75.20 | $55.89 |
Total Return2 | 21.28% | -28.49% | 5.58% | 35.12% | 32.60% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $89 | $80 | $149 | $209 | $171 |
Ratio of Total Expenses to Average Net Assets | 0.19% | 0.19%3 | 0.19% | 0.19% | 0.19% |
Ratio of Net Investment Income to Average Net Assets | 0.53% | 0.60% | 0.32% | 0.42% | 0.35% |
Portfolio Turnover Rate4 | 19% | 24% | 29% | 24% | 18% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.19%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $200.53 | $281.61 | $267.36 | $198.68 | $150.57 |
Investment Operations | |||||
Net Investment Income1 | 1.449 | 1.623 | 1.291 | 1.129 | 1.175 |
Net Realized and Unrealized Gain (Loss) on Investments | 41.356 | (81.603) | 13.975 | 68.729 | 48.077 |
Total from Investment Operations | 42.805 | (79.980) | 15.266 | 69.858 | 49.252 |
Distributions | |||||
Dividends from Net Investment Income | (1.635) | (1.100) | (1.016) | (1.178) | (1.142) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.635) | (1.100) | (1.016) | (1.178) | (1.142) |
Net Asset Value, End of Period | $241.70 | $200.53 | $281.61 | $267.36 | $198.68 |
Total Return | 21.42% | -28.40% | 5.71% | 35.29% | 32.75% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $15,546 | $12,036 | $16,379 | $14,436 | $9,833 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07%2 | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 0.66% | 0.74% | 0.45% | 0.55% | 0.64% |
Portfolio Turnover Rate3 | 19% | 24% | 29% | 24% | 18% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $70.51 | $99.01 | $94.02 | $69.87 | $52.95 |
Investment Operations | |||||
Net Investment Income1 | .503 | .568 | .448 | .392 | .419 |
Net Realized and Unrealized Gain (Loss) on Investments | 14.542 | (28.682) | 4.899 | 24.172 | 16.902 |
Total from Investment Operations | 15.045 | (28.114) | 5.347 | 24.564 | 17.321 |
Distributions | |||||
Dividends from Net Investment Income | (.575) | (.386) | (.357) | (.414) | (.401) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.575) | (.386) | (.357) | (.414) | (.401) |
Net Asset Value, End of Period | $84.98 | $70.51 | $99.01 | $94.02 | $69.87 |
Total Return2 | 21.41% | -28.39% | 5.69% | 35.30% | 32.76% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $13,300 | $11,482 | $16,594 | $16,149 | $12,717 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07%3 | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 0.65% | 0.73% | 0.45% | 0.54% | 0.65% |
Portfolio Turnover Rate4 | 19% | 24% | 29% | 24% | 18% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $56.46 | $79.29 | $75.29 | $55.95 | $42.40 |
Investment Operations | |||||
Net Investment Income1 | .410 | .465 | .367 | .319 | .327 |
Net Realized and Unrealized Gain (Loss) on Investments | 11.656 | (22.979) | 3.927 | 19.358 | 13.550 |
Total from Investment Operations | 12.066 | (22.514) | 4.294 | 19.677 | 13.877 |
Distributions | |||||
Dividends from Net Investment Income | (.466) | (.316) | (.294) | (.337) | (.327) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.466) | (.316) | (.294) | (.337) | (.327) |
Net Asset Value, End of Period | $68.06 | $56.46 | $79.29 | $75.29 | $55.95 |
Total Return | 21.44% | -28.39% | 5.70% | 35.31% | 32.77% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,462 | $2,935 | $3,805 | $3,676 | $3,218 |
Ratio of Total Expenses to Average Net Assets | 0.06% | 0.06%2 | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 0.66% | 0.75% | 0.46% | 0.55% | 0.64% |
Portfolio Turnover Rate3 | 19% | 24% | 29% | 24% | 18% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 32,289,250 | — | — | 32,289,250 |
Temporary Cash Investments | 728,483 | — | — | 728,483 |
Total | 33,017,733 | — | — | 33,017,733 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 731 | — | — | 731 |
Swap Contracts | — | 8,068 | — | 8,068 |
Total | 731 | 8,068 | — | 8,799 |
Liabilities | ||||
Swap Contracts | — | 218 | — | 218 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) | |
Paid-in Capital | 1,429,007 |
Total Distributable Earnings (Loss) | (1,429,007) |
Amount ($000) | |
Undistributed Ordinary Income | 23,673 |
Undistributed Long-Term Gains | — |
Net Unrealized Gains (Losses) | 6,179,351 |
Capital Loss Carryforwards | (6,734,040) |
Qualified Late-Year Losses | — |
Other Temporary Differences | — |
Total | (531,016) |
Year Ended December 31, | ||
2023 Amount ($000) | 2022 Amount ($000) | |
Ordinary Income* | 217,627 | 144,459 |
Long-Term Capital Gains | — | — |
Total | 217,627 | 144,459 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 26,838,382 |
Gross Unrealized Appreciation | 9,733,509 |
Gross Unrealized Depreciation | (3,554,158) |
Net Unrealized Appreciation (Depreciation) | 6,179,351 |
Year Ended December 31, | |||||
2023 | 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 11,145 | 181 | 11,003 | 172 | |
Issued in Lieu of Cash Distributions | 527 | 8 | 378 | 7 | |
Redeemed | (18,139) | (295) | (41,866) | (639) | |
Net Increase (Decrease)—Investor Shares | (6,467) | (106) | (30,485) | (460) | |
ETF Shares | |||||
Issued | 3,836,013 | 17,299 | 4,457,870 | 20,609 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (2,873,818) | (13,000) | (4,073,891) | (18,750) | |
Net Increase (Decrease)—ETF Shares | 962,195 | 4,299 | 383,979 | 1,859 | |
Admiral Shares | |||||
Issued | 1,365,432 | 17,594 | 1,685,175 | 21,680 | |
Issued in Lieu of Cash Distributions | 80,962 | 1,033 | 56,168 | 800 | |
Redeemed | (1,925,008) | (24,971) | (2,142,317) | (27,226) | |
Net Increase (Decrease)—Admiral Shares | (478,614) | (6,344) | (400,974) | (4,746) | |
Institutional Shares | |||||
Issued | 507,362 | 8,187 | 652,486 | 10,669 | |
Issued in Lieu of Cash Distributions | 22,149 | 353 | 14,928 | 265 | |
Redeemed | (597,079) | (9,656) | (436,531) | (6,944) | |
Net Increase (Decrease)—Institutional Shares | (67,568) | (1,116) | 230,883 | 3,990 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Value Index Fund Investor Shares | 15.86% | 11.72% | 8.36% | $22,324 | |
CRSP US Small Cap Value Index | 15.91 | 11.84 | 8.50 | 22,604 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Value Index Fund ETF Shares Net Asset Value | 16.00% | 11.85% | 8.49% | $22,595 | |
Small-Cap Value Index Fund ETF Shares Market Price | 16.08 | 11.87 | 8.50 | 22,605 | |
CRSP US Small Cap Value Index | 15.91 | 11.84 | 8.50 | 22,604 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Small-Cap Value Index Fund Admiral Shares | 15.99% | 11.85% | 8.49% | $22,596 | |
CRSP US Small Cap Value Index | 15.91 | 11.84 | 8.50 | 22,604 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Small-Cap Value Index Fund Institutional Shares | 15.99% | 11.87% | 8.51% | $11,311,030 | |
CRSP US Small Cap Value Index | 15.91 | 11.84 | 8.50 | 11,301,929 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 14,710,990 |
Cumulative Returns of ETF Shares: December 31, 2013, Through December 31, 2023 | |||
One Year | Five Years | Ten Years | |
Small-Cap Value Index Fund ETF Shares Market Price | 16.08% | 75.19% | 126.05% |
Small-Cap Value Index Fund ETF Shares Net Asset Value | 16.00 | 75.06 | 125.95 |
CRSP US Small Cap Value Index | 15.91 | 74.96 | 126.04 |
Basic Materials | 5.3% |
Consumer Discretionary | 16.1 |
Consumer Staples | 3.0 |
Energy | 4.7 |
Financials | 21.2 |
Health Care | 6.0 |
Industrials | 23.8 |
Real Estate | 9.0 |
Technology | 5.7 |
Telecommunications | 1.1 |
Utilities | 4.1 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.7%) | ||||||
Basic Materials (5.3%) | ||||||
Reliance Steel & Aluminum Co. | 1,009,136 | 282,235 | ||||
* | Cleveland-Cliffs Inc. | 8,867,856 | 181,082 | |||
United States Steel Corp. | 3,525,541 | 171,518 | ||||
Steel Dynamics Inc. | 1,350,199 | 159,458 | ||||
UFP Industries Inc. | 1,031,571 | 129,514 | ||||
Olin Corp. | 2,153,065 | 116,158 | ||||
Alcoa Corp. | 3,131,406 | 106,468 | ||||
Commercial Metals Co. | 2,054,397 | 102,802 | ||||
Eastman Chemical Co. | 1,041,933 | 93,586 | ||||
Element Solutions Inc. | 4,031,805 | 93,296 | ||||
Boise Cascade Co. | 695,840 | 90,014 | ||||
Timken Co. | 1,114,204 | 89,303 | ||||
Mueller Industries Inc. | 1,892,485 | 89,231 | ||||
* | Valvoline Inc. | 2,292,813 | 86,164 | |||
Chemours Co. | 2,604,461 | 82,145 | ||||
Cabot Corp. | 972,223 | 81,181 | ||||
Huntsman Corp. | 2,965,003 | 74,511 | ||||
FMC Corp. | 1,094,527 | 69,010 | ||||
Ashland Inc. | 809,463 | 68,246 | ||||
Avient Corp. | 1,599,116 | 66,475 | ||||
Innospec Inc. | 436,200 | 53,757 | ||||
Sensient Technologies Corp. | 741,247 | 48,922 | ||||
Scotts Miracle-Gro Co. | 744,205 | 47,443 | ||||
Materion Corp. | 362,155 | 47,127 | ||||
Minerals Technologies Inc. | 570,861 | 40,708 | ||||
Westlake Corp. | 281,030 | 39,333 | ||||
Stepan Co. | 372,646 | 35,234 | ||||
Tronox Holdings plc | 2,060,588 | 29,178 | ||||
Carpenter Technology Corp. | 410,793 | 29,084 | ||||
Hecla Mining Co. | 5,142,140 | 24,734 | ||||
* | Coeur Mining Inc. | 6,065,420 | 19,773 | |||
Kaiser Aluminum Corp. | 268,020 | 19,080 | ||||
* | Ecovyst Inc. | 1,840,549 | 17,982 | |||
Koppers Holdings Inc. | 348,408 | 17,845 | ||||
* | Worthington Steel Inc. | 571,952 | 16,072 |
Shares | Market Value• ($000) | |||||
Mativ Holdings Inc. | 906,867 | 13,884 | ||||
Schnitzer Steel Industries Inc. Class A | 432,882 | 13,056 | ||||
Compass Minerals International Inc. | 362,454 | 9,177 | ||||
GrafTech International Ltd. | 3,392,113 | 7,429 | ||||
2,762,215 | ||||||
Consumer Discretionary (16.1%) | ||||||
Toll Brothers Inc. | 1,888,392 | 194,108 | ||||
Williams-Sonoma Inc. | 901,506 | 181,906 | ||||
Bath & Body Works Inc. | 3,994,053 | 172,383 | ||||
Service Corp. International | 2,465,314 | 168,751 | ||||
Lithia Motors Inc. Class A | 483,497 | 159,206 | ||||
* | American Airlines Group Inc. | 11,469,636 | 157,593 | |||
* | BJ's Wholesale Club Holdings Inc. | 2,342,624 | 156,159 | |||
*,1 | Norwegian Cruise Line Holdings Ltd. | 7,465,072 | 149,600 | |||
Tapestry Inc. | 4,026,146 | 148,202 | ||||
BorgWarner Inc. | 4,128,761 | 148,016 | ||||
Lear Corp. | 1,023,374 | 144,511 | ||||
New York Times Co. Class A | 2,730,943 | 133,789 | ||||
PVH Corp. | 1,061,805 | 129,668 | ||||
Aramark | 4,594,588 | 129,108 | ||||
H&R Block Inc. | 2,528,738 | 122,315 | ||||
U-Haul Holding Co. (XNYS) | 1,705,006 | 120,101 | ||||
Murphy USA Inc. | 336,034 | 119,816 | ||||
Hasbro Inc. | 2,315,888 | 118,249 | ||||
Whirlpool Corp. | 963,724 | 117,353 | ||||
* | Mattel Inc. | 6,205,399 | 117,158 | |||
VF Corp. | 6,149,302 | 115,607 | ||||
Meritage Homes Corp. | 640,602 | 111,593 | ||||
Interpublic Group of Cos. Inc. | 3,365,380 | 109,846 | ||||
* | CarMax Inc. | 1,394,161 | 106,988 | |||
Thor Industries Inc. | 889,465 | 105,179 |
Shares | Market Value• ($000) | |||||
Dick's Sporting Goods Inc. | 710,894 | 104,466 | ||||
* | Capri Holdings Ltd. | 2,039,699 | 102,474 | |||
Macy's Inc. | 4,809,995 | 96,777 | ||||
* | Taylor Morrison Home Corp. Class A | 1,794,367 | 95,729 | |||
Ralph Lauren Corp. Class A | 627,926 | 90,547 | ||||
* | AutoNation Inc. | 596,934 | 89,648 | |||
Polaris Inc. | 941,289 | 89,206 | ||||
Nexstar Media Group Inc. Class A | 565,630 | 88,663 | ||||
* | Alaska Air Group Inc. | 2,252,894 | 88,021 | |||
* | Coty Inc. Class A | 7,040,166 | 87,439 | |||
Academy Sports & Outdoors Inc. | 1,307,851 | 86,318 | ||||
* | Lyft Inc. Class A | 5,732,777 | 85,934 | |||
* | Asbury Automotive Group Inc. | 361,064 | 81,229 | |||
Harley-Davidson Inc. | 2,199,213 | 81,019 | ||||
Signet Jewelers Ltd. | 748,214 | 80,253 | ||||
*,1 | GameStop Corp. Class A | 4,552,460 | 79,805 | |||
KB Home | 1,252,798 | 78,250 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 2,701,456 | 77,640 | |||
* | Abercrombie & Fitch Co. Class A | 839,441 | 74,055 | |||
* | Goodyear Tire & Rubber Co. | 4,974,694 | 71,238 | |||
Group 1 Automotive Inc. | 230,425 | 70,220 | ||||
* | Penn Entertainment Inc. | 2,662,787 | 69,286 | |||
Gap Inc. | 3,253,440 | 68,029 | ||||
American Eagle Outfitters Inc. | 3,119,523 | 66,009 | ||||
* | Light & Wonder Inc. | 790,110 | 64,876 | |||
Advance Auto Parts Inc. | 1,044,006 | 63,716 | ||||
1 | Paramount Global Class B | 4,296,211 | 63,541 | |||
Kontoor Brands Inc. | 985,850 | 61,537 | ||||
* | Tri Pointe Homes Inc. | 1,703,018 | 60,287 | |||
Wendy's Co. | 3,077,170 | 59,943 | ||||
Newell Brands Inc. | 6,903,382 | 59,921 | ||||
Leggett & Platt Inc. | 2,222,581 | 58,165 | ||||
MDC Holdings Inc. | 1,048,028 | 57,904 | ||||
Penske Automotive Group Inc. | 353,826 | 56,793 | ||||
1 | Avis Budget Group Inc. | 317,812 | 56,335 | |||
Kohl's Corp. | 1,941,904 | 55,694 | ||||
Rush Enterprises Inc. Class A | 1,082,122 | 54,431 | ||||
TEGNA Inc. | 3,457,213 | 52,895 | ||||
Foot Locker Inc. | 1,652,093 | 51,463 | ||||
* | Helen of Troy Ltd. | 416,632 | 50,333 | |||
* | Liberty Media Corp.-Liberty SiriusXM | 1,745,010 | 50,221 |
Shares | Market Value• ($000) | |||||
Marriott Vacations Worldwide Corp. | 560,869 | 47,612 | ||||
Travel + Leisure Co. | 1,207,500 | 47,201 | ||||
Red Rock Resorts Inc. Class A | 871,007 | 46,451 | ||||
Carter's Inc. | 614,061 | 45,987 | ||||
Bloomin' Brands Inc. | 1,523,368 | 42,883 | ||||
Graham Holdings Co. Class B | 59,662 | 41,556 | ||||
* | Urban Outfitters Inc. | 1,139,638 | 40,674 | |||
* | Adtalem Global Education Inc. | 663,854 | 39,134 | |||
* | PowerSchool Holdings Inc. Class A | 1,593,347 | 37,539 | |||
* | SkyWest Inc. | 718,197 | 37,490 | |||
* | Victoria's Secret & Co. | 1,355,384 | 35,972 | |||
Strategic Education Inc. | 385,336 | 35,593 | ||||
MillerKnoll Inc. | 1,289,021 | 34,391 | ||||
Laureate Education Inc. | 2,483,605 | 34,050 | ||||
* | Brinker International Inc. | 774,948 | 33,462 | |||
Dana Inc. | 2,277,670 | 33,277 | ||||
* | ODP Corp. | 589,712 | 33,201 | |||
Worthington Enterprises Inc. | 569,381 | 32,768 | ||||
Acushnet Holdings Corp. | 515,787 | 32,582 | ||||
HNI Corp. | 775,683 | 32,447 | ||||
* | JetBlue Airways Corp. | 5,843,500 | 32,431 | |||
PriceSmart Inc. | 422,954 | 32,051 | ||||
1 | Nordstrom Inc. | 1,706,872 | 31,492 | |||
* | Liberty Media Corp.-Liberty Live Class C | 821,945 | 30,733 | |||
* | Central Garden & Pet Co. Class A | 681,384 | 30,008 | |||
Cracker Barrel Old Country Store Inc. | 388,370 | 29,936 | ||||
* | Under Armour Inc. Class A | 3,294,073 | 28,955 | |||
* | National Vision Holdings Inc. | 1,370,611 | 28,687 | |||
* | Under Armour Inc. Class C | 3,414,850 | 28,514 | |||
* | Knowles Corp. | 1,581,345 | 28,322 | |||
Cheesecake Factory Inc. | 805,208 | 28,190 | ||||
* | OPENLANE Inc. | 1,892,476 | 28,028 | |||
La-Z-Boy Inc. | 754,165 | 27,844 | ||||
* | Cinemark Holdings Inc. | 1,917,136 | 27,012 | |||
Steven Madden Ltd. | 624,366 | 26,223 | ||||
Oxford Industries Inc. | 261,291 | 26,129 | ||||
* | Hanesbrands Inc. | 5,820,622 | 25,960 | |||
Upbound Group Inc. | 760,657 | 25,840 | ||||
Buckle Inc. | 533,001 | 25,328 | ||||
* | Sally Beauty Holdings Inc. | 1,871,409 | 24,852 | |||
Phinia Inc. | 817,187 | 24,753 |
Shares | Market Value• ($000) | |||||
* | PROG Holdings Inc. | 782,946 | 24,201 | |||
* | G-III Apparel Group Ltd. | 680,152 | 23,112 | |||
John Wiley & Sons Inc. Class A | 727,606 | 23,094 | ||||
* | Lions Gate Entertainment Corp. Class B | 2,244,470 | 22,871 | |||
* | Hertz Global Holdings Inc. | 2,192,218 | 22,777 | |||
1 | Krispy Kreme Inc. | 1,484,834 | 22,406 | |||
1 | Dillard's Inc. Class A | 54,758 | 22,103 | |||
* | Chegg Inc. | 1,936,662 | 22,000 | |||
* | Stride Inc. | 362,633 | 21,530 | |||
* | AMC Entertainment Holdings Inc. Class A | 3,494,689 | 21,387 | |||
Steelcase Inc. Class A | 1,565,907 | 21,171 | ||||
Matthews International Corp. Class A | 508,303 | 18,629 | ||||
* | American Axle & Manufacturing Holdings Inc. | 1,958,567 | 17,255 | |||
* | Sphere Entertainment Co. | 497,149 | 16,883 | |||
Scholastic Corp. | 439,531 | 16,570 | ||||
1 | Spirit Airlines Inc. | 961,346 | 15,756 | |||
Monro Inc. | 526,083 | 15,435 | ||||
Sturm Ruger & Co. Inc. | 312,096 | 14,185 | ||||
* | Liberty Media Corp.-Liberty Live Class A | 375,430 | 13,722 | |||
* | Vista Outdoor Inc. | 460,248 | 13,610 | |||
Levi Strauss & Co. Class A | 792,832 | 13,113 | ||||
Sonic Automotive Inc. Class A | 230,990 | 12,984 | ||||
* | Udemy Inc. | 877,615 | 12,927 | |||
Dine Brands Global Inc. | 258,422 | 12,831 | ||||
* | Lions Gate Entertainment Corp. Class A | 1,111,446 | 12,115 | |||
1 | Guess? Inc. | 519,071 | 11,970 | |||
Wolverine World Wide Inc. | 1,330,770 | 11,831 | ||||
* | U-Haul Holding Co. | 155,082 | 11,135 | |||
* | Cars.com Inc. | 554,150 | 10,512 | |||
* | AMC Networks Inc. Class A | 536,680 | 10,084 | |||
* | Clear Channel Outdoor Holdings Inc. | 5,530,210 | 10,065 | |||
* | EW Scripps Co. Class A | 1,216,298 | 9,718 | |||
Camping World Holdings Inc. Class A | 354,542 | 9,310 | ||||
Caleres Inc. | 297,305 | 9,136 | ||||
* | Central Garden & Pet Co. | 166,816 | 8,359 | |||
* | GoPro Inc. Class A | 2,104,667 | 7,303 | |||
Sinclair Inc. | 559,915 | 7,296 | ||||
* | BJ's Restaurants Inc. | 194,399 | 7,000 |
Shares | Market Value• ($000) | |||||
Designer Brands Inc. Class A | 754,633 | 6,678 | ||||
Rush Enterprises Inc. Class B | 124,395 | 6,590 | ||||
Interface Inc. Class A | 486,174 | 6,136 | ||||
Smith & Wesson Brands Inc. | 406,347 | 5,510 | ||||
* | Petco Health & Wellness Co. Inc. Class A | 1,417,686 | 4,480 | |||
Cricut Inc. Class A | 508,361 | 3,350 | ||||
1 | Paramount Global Class A | 63,933 | 1,257 | |||
8,383,460 | ||||||
Consumer Staples (3.0%) | ||||||
Bunge Global SA | 2,835,024 | 286,196 | ||||
* | Performance Food Group Co. | 2,732,904 | 188,980 | |||
* | US Foods Holding Corp. | 3,886,507 | 176,486 | |||
Ingredion Inc. | 1,145,198 | 124,288 | ||||
Molson Coors Beverage Co. Class B | 1,589,224 | 97,276 | ||||
* | Sprouts Farmers Market Inc. | 1,782,051 | 85,734 | |||
Flowers Foods Inc. | 2,962,234 | 66,680 | ||||
Spectrum Brands Holdings Inc. | 594,657 | 47,436 | ||||
* | Grocery Outlet Holding Corp. | 1,567,255 | 42,253 | |||
Energizer Holdings Inc. | 1,256,011 | 39,790 | ||||
* | Post Holdings Inc. | 423,385 | 37,283 | |||
* | TreeHouse Foods Inc. | 872,681 | 36,173 | |||
Andersons Inc. | 562,039 | 32,340 | ||||
Edgewell Personal Care Co. | 846,045 | 30,991 | ||||
Universal Corp. | 408,527 | 27,502 | ||||
Vector Group Ltd. | 2,321,517 | 26,187 | ||||
* | Herbalife Ltd. | 1,658,157 | 25,303 | |||
Reynolds Consumer Products Inc. | 924,628 | 24,817 | ||||
Weis Markets Inc. | 284,190 | 18,177 | ||||
Fresh Del Monte Produce Inc. | 678,070 | 17,799 | ||||
* | Pilgrim's Pride Corp. | 625,627 | 17,305 | |||
* | Hain Celestial Group Inc. | 1,580,029 | 17,301 | |||
Nu Skin Enterprises Inc. Class A | 870,224 | 16,900 | ||||
* | United Natural Foods Inc. | 994,030 | 16,133 | |||
Seaboard Corp. | 4,243 | 15,148 | ||||
1 | B&G Foods Inc. | 1,384,601 | 14,538 | |||
Medifast Inc. | 191,711 | 12,887 | ||||
* | USANA Health Sciences Inc. | 202,107 | 10,833 | |||
ACCO Brands Corp. | 1,588,103 | 9,656 | ||||
* | Duckhorn Portfolio Inc. | 914,290 | 9,006 |
Shares | Market Value• ($000) | |||||
*,1 | BRC Inc. Class A | 835,262 | 3,032 | |||
* | Olaplex Holdings Inc. | 864,106 | 2,195 | |||
* | Beauty Health Co. | 375,420 | 1,168 | |||
1,577,793 | ||||||
Energy (4.7%) | ||||||
Ovintiv Inc. | 4,770,999 | 209,542 | ||||
APA Corp. | 5,385,857 | 193,245 | ||||
Chesapeake Energy Corp. | 2,185,153 | 168,126 | ||||
HF Sinclair Corp. | 2,698,504 | 149,956 | ||||
* | Southwestern Energy Co. | 19,351,440 | 126,752 | |||
Range Resources Corp. | 4,027,069 | 122,584 | ||||
Permian Resources Corp. Class A | 8,539,096 | 116,132 | ||||
Chord Energy Corp. | 688,875 | 114,512 | ||||
Murphy Oil Corp. | 2,577,820 | 109,970 | ||||
* | Antero Resources Corp. | 4,752,376 | 107,784 | |||
DT Midstream Inc. | 1,704,129 | 93,386 | ||||
PBF Energy Inc. Class A | 1,929,796 | 84,834 | ||||
Patterson-UTI Energy Inc. | 7,333,434 | 79,201 | ||||
Antero Midstream Corp. | 5,890,546 | 73,809 | ||||
Equitrans Midstream Corp. | 7,221,995 | 73,520 | ||||
Arcosa Inc. | 855,607 | 70,707 | ||||
California Resources Corp. | 1,203,832 | 65,826 | ||||
Warrior Met Coal Inc. | 912,768 | 55,651 | ||||
* | CNX Resources Corp. | 2,648,604 | 52,972 | |||
Arch Resources Inc. | 306,225 | 50,815 | ||||
Peabody Energy Corp. | 1,955,271 | 47,552 | ||||
Archrock Inc. | 2,600,343 | 40,045 | ||||
SM Energy Co. | 1,020,117 | 39,499 | ||||
Helmerich & Payne Inc. | 784,032 | 28,398 | ||||
Delek US Holdings Inc. | 1,064,105 | 27,454 | ||||
World Kinect Corp. | 1,007,157 | 22,943 | ||||
* | NOW Inc. | 1,872,256 | 21,194 | |||
CVR Energy Inc. | 619,541 | 18,772 | ||||
1 | Crescent Energy Co. Class A | 1,404,424 | 18,552 | |||
* | Callon Petroleum Co. | 536,488 | 17,382 | |||
* | MRC Global Inc. | 1,410,479 | 15,529 | |||
* | ProPetro Holding Corp. | 1,650,290 | 13,829 | |||
Vitesse Energy Inc. | 380,253 | 8,324 | ||||
Core Laboratories Inc. | 411,427 | 7,266 | ||||
* | ProFrac Holding Corp. Class A | 421,142 | 3,571 | |||
* | OPAL Fuels Inc. Class A | 160,016 | 883 | |||
2,450,517 | ||||||
Financials (21.2%) | ||||||
First Citizens BancShares Inc. Class A | 177,991 | 252,564 | ||||
Equitable Holdings Inc. | 5,947,677 | 198,058 |
Shares | Market Value• ($000) | |||||
Reinsurance Group of America Inc. | 1,157,315 | 187,230 | ||||
RenaissanceRe Holdings Ltd. | 921,950 | 180,702 | ||||
Carlyle Group Inc. | 4,437,133 | 180,547 | ||||
East West Bancorp Inc. | 2,475,277 | 178,096 | ||||
Annaly Capital Management Inc. | 8,788,436 | 170,232 | ||||
Ally Financial Inc. | 4,769,808 | 166,562 | ||||
Assurant Inc. | 923,657 | 155,627 | ||||
Webster Financial Corp. | 3,022,268 | 153,410 | ||||
American Financial Group Inc. | 1,250,649 | 148,690 | ||||
Brown & Brown Inc. | 1,999,884 | 142,212 | ||||
First Horizon Corp. | 9,805,297 | 138,843 | ||||
Invesco Ltd. | 7,739,393 | 138,071 | ||||
Voya Financial Inc. | 1,836,194 | 133,969 | ||||
SEI Investments Co. | 2,080,873 | 132,239 | ||||
Unum Group | 2,912,329 | 131,696 | ||||
Old Republic International Corp. | 4,432,634 | 130,319 | ||||
Comerica Inc. | 2,316,847 | 129,303 | ||||
Primerica Inc. | 615,395 | 126,624 | ||||
New York Community Bancorp Inc. | 12,059,675 | 123,370 | ||||
Western Alliance Bancorp | 1,827,166 | 120,209 | ||||
Stifel Financial Corp. | 1,702,442 | 117,724 | ||||
1 | AGNC Investment Corp. | 11,793,379 | 115,693 | |||
Zions Bancorp NA | 2,603,017 | 114,194 | ||||
SouthState Corp. | 1,336,591 | 112,875 | ||||
First American Financial Corp. | 1,722,137 | 110,975 | ||||
Commerce Bancshares Inc. | 2,063,989 | 110,238 | ||||
Cullen/Frost Bankers Inc. | 1,012,926 | 109,892 | ||||
1 | Starwood Property Trust Inc. | 5,222,084 | 109,768 | |||
Prosperity Bancshares Inc. | 1,564,560 | 105,968 | ||||
Selective Insurance Group Inc. | 1,062,931 | 105,740 | ||||
Jefferies Financial Group Inc. | 2,588,400 | 104,597 | ||||
Popular Inc. | 1,268,090 | 104,072 | ||||
OneMain Holdings Inc. | 2,104,102 | 103,522 | ||||
Evercore Inc. Class A | 595,806 | 101,913 | ||||
RLI Corp. | 760,327 | 101,215 | ||||
Wintrust Financial Corp. | 1,076,384 | 99,835 | ||||
Bank OZK | 1,988,426 | 99,083 | ||||
Columbia Banking System Inc. | 3,659,660 | 97,640 | ||||
Globe Life Inc. | 785,750 | 95,642 | ||||
Cadence Bank | 3,204,250 | 94,814 | ||||
MGIC Investment Corp. | 4,866,721 | 93,879 | ||||
Essent Group Ltd. | 1,779,841 | 93,869 |
Shares | Market Value• ($000) | |||||
Synovus Financial Corp. | 2,442,151 | 91,947 | ||||
Rithm Capital Corp. | 8,482,218 | 90,590 | ||||
Affiliated Managers Group Inc. | 593,364 | 89,847 | ||||
United Bankshares Inc. | 2,371,723 | 89,058 | ||||
Old National Bancorp | 5,143,833 | 86,879 | ||||
FNB Corp. | 6,308,402 | 86,867 | ||||
Valley National Bancorp | 7,571,772 | 82,229 | ||||
Home BancShares Inc. | 3,192,912 | 80,876 | ||||
Glacier Bancorp Inc. | 1,945,586 | 80,392 | ||||
Lincoln National Corp. | 2,977,094 | 80,292 | ||||
* | American Equity Investment Life Holding Co. | 1,389,680 | 77,544 | |||
Radian Group Inc. | 2,687,851 | 76,738 | ||||
SLM Corp. | 3,970,492 | 75,916 | ||||
Axis Capital Holdings Ltd. | 1,345,748 | 74,514 | ||||
FirstCash Holdings Inc. | 672,738 | 72,918 | ||||
First Financial Bankshares Inc. | 2,379,147 | 72,088 | ||||
* | Mr Cooper Group Inc. | 1,097,944 | 71,498 | |||
Jackson Financial Inc. Class A | 1,395,086 | 71,428 | ||||
Assured Guaranty Ltd. | 954,148 | 71,399 | ||||
Janus Henderson Group plc | 2,325,352 | 70,109 | ||||
Hancock Whitney Corp. | 1,436,294 | 69,790 | ||||
Hanover Insurance Group Inc. | 564,565 | 68,549 | ||||
* | Enstar Group Ltd. | 225,114 | 66,262 | |||
Lazard Ltd. Class A | 1,879,514 | 65,407 | ||||
White Mountains Insurance Group Ltd. | 42,671 | 64,220 | ||||
Walker & Dunlop Inc. | 557,533 | 61,892 | ||||
Ameris Bancorp | 1,151,130 | 61,067 | ||||
* | Brighthouse Financial Inc. | 1,126,239 | 59,601 | |||
United Community Banks Inc. | 1,983,377 | 58,034 | ||||
UMB Financial Corp. | 681,307 | 56,923 | ||||
Pinnacle Financial Partners Inc. | 639,970 | 55,818 | ||||
* | Texas Capital Bancshares Inc. | 842,769 | 54,468 | |||
Cathay General Bancorp | 1,211,280 | 53,987 | ||||
Associated Banc-Corp | 2,516,621 | 53,831 | ||||
International Bancshares Corp. | 980,289 | 53,249 | ||||
Artisan Partners Asset Management Inc. Class A | 1,201,690 | 53,091 | ||||
* | Genworth Financial Inc. Class A | 7,911,518 | 52,849 | |||
CNO Financial Group Inc. | 1,869,404 | 52,156 | ||||
Kemper Corp. | 1,067,942 | 51,977 |
Shares | Market Value• ($000) | |||||
Piper Sandler Cos. | 295,156 | 51,614 | ||||
First Hawaiian Inc. | 2,239,311 | 51,191 | ||||
1 | Blackstone Mortgage Trust Inc. Class A | 2,392,473 | 50,888 | |||
Bank of Hawaii Corp. | 697,498 | 50,541 | ||||
* | Axos Financial Inc. | 911,764 | 49,782 | |||
TPG Inc. Class A | 1,142,355 | 49,315 | ||||
Pacific Premier Bancorp Inc. | 1,682,645 | 48,982 | ||||
WSFS Financial Corp. | 1,065,634 | 48,945 | ||||
Community Bank System Inc. | 936,782 | 48,816 | ||||
Federated Hermes Inc. Class B | 1,437,773 | 48,683 | ||||
First Interstate BancSystem Inc. Class A | 1,565,825 | 48,149 | ||||
Independent Bank Corp. | 730,923 | 48,102 | ||||
Atlantic Union Bankshares Corp. | 1,316,292 | 48,097 | ||||
Fulton Financial Corp. | 2,881,548 | 47,430 | ||||
First Bancorp | 2,877,301 | 47,332 | ||||
CVB Financial Corp. | 2,322,603 | 46,893 | ||||
BGC Group Inc. Class A | 6,446,842 | 46,546 | ||||
1 | Arbor Realty Trust Inc. | 2,977,116 | 45,193 | |||
BankUnited Inc. | 1,305,196 | 42,328 | ||||
Simmons First National Corp. Class A | 2,086,248 | 41,391 | ||||
Eastern Bankshares Inc. | 2,785,943 | 39,560 | ||||
First Merchants Corp. | 1,049,981 | 38,933 | ||||
PennyMac Financial Services Inc. | 437,965 | 38,703 | ||||
First Financial Bancorp | 1,585,198 | 37,648 | ||||
WaFd Inc. | 1,136,838 | 37,470 | ||||
BOK Financial Corp. | 403,036 | 34,520 | ||||
Towne Bank | 1,149,587 | 34,212 | ||||
Park National Corp. | 254,328 | 33,790 | ||||
NBT Bancorp Inc. | 784,239 | 32,867 | ||||
Moelis & Co. Class A | 584,799 | 32,825 | ||||
Banner Corp. | 602,180 | 32,253 | ||||
Renasant Corp. | 934,869 | 31,486 | ||||
Independent Bank Group Inc. | 614,642 | 31,273 | ||||
WesBanco Inc. | 988,471 | 31,008 | ||||
OFG Bancorp | 824,748 | 30,912 | ||||
BancFirst Corp. | 317,312 | 30,884 | ||||
Virtu Financial Inc. Class A | 1,505,746 | 30,506 | ||||
Apollo Commercial Real Estate Finance Inc. | 2,477,701 | 29,088 | ||||
Virtus Investment Partners Inc. | 120,188 | 29,057 | ||||
ServisFirst Bancshares Inc. | 429,214 | 28,599 | ||||
Hilltop Holdings Inc. | 803,286 | 28,284 | ||||
Claros Mortgage Trust Inc. | 2,066,403 | 28,165 |
Shares | Market Value• ($000) | |||||
Northwest Bancshares Inc. | 2,238,160 | 27,932 | ||||
City Holding Co. | 248,106 | 27,356 | ||||
Navient Corp. | 1,449,554 | 26,991 | ||||
Trustmark Corp. | 962,577 | 26,837 | ||||
Westamerica Bancorp | 469,253 | 26,471 | ||||
First Commonwealth Financial Corp. | 1,708,078 | 26,373 | ||||
National Bank Holdings Corp. Class A | 664,989 | 24,731 | ||||
Hope Bancorp Inc. | 2,010,575 | 24,288 | ||||
1 | Compass Diversified Holdings | 1,069,457 | 24,009 | |||
Two Harbors Investment Corp. | 1,683,625 | 23,453 | ||||
Horace Mann Educators Corp. | 714,592 | 23,367 | ||||
Ladder Capital Corp. Class A | 1,998,932 | 23,008 | ||||
Provident Financial Services Inc. | 1,265,210 | 22,812 | ||||
PennyMac Mortgage Investment Trust | 1,516,079 | 22,665 | ||||
* | Cannae Holdings Inc. | 1,113,511 | 21,725 | |||
S&T Bancorp Inc. | 639,707 | 21,379 | ||||
MFA Financial Inc. | 1,782,277 | 20,086 | ||||
* | Encore Capital Group Inc. | 393,611 | 19,976 | |||
Chimera Investment Corp. | 3,993,885 | 19,929 | ||||
Franklin BSP Realty Trust Inc. | 1,435,032 | 19,387 | ||||
* | SiriusPoint Ltd. | 1,623,159 | 18,829 | |||
Safety Insurance Group Inc. | 247,506 | 18,808 | ||||
Nelnet Inc. Class A | 211,259 | 18,637 | ||||
Mercury General Corp. | 487,624 | 18,193 | ||||
Berkshire Hills Bancorp Inc. | 730,679 | 18,143 | ||||
Employers Holdings Inc. | 452,978 | 17,847 | ||||
* | PRA Group Inc. | 656,615 | 17,203 | |||
BrightSpire Capital Inc. Class A | 2,289,649 | 17,035 | ||||
1 | ARMOUR Residential REIT Inc. | 862,909 | 16,671 | |||
Enact Holdings Inc. | 562,533 | 16,252 | ||||
Brookline Bancorp Inc. | 1,486,815 | 16,221 | ||||
National Western Life Group Inc. Class A | 33,278 | 16,074 | ||||
* | LendingClub Corp. | 1,834,582 | 16,034 | |||
WisdomTree Inc. | 2,250,273 | 15,594 | ||||
Redwood Trust Inc. | 2,083,153 | 15,436 | ||||
StepStone Group Inc. Class A | 479,506 | 15,263 | ||||
F&G Annuities & Life Inc. | 331,346 | 15,242 | ||||
Eagle Bancorp Inc. | 500,720 | 15,092 |
Shares | Market Value• ($000) | |||||
Capitol Federal Financial Inc. | 2,274,426 | 14,670 | ||||
* | Ambac Financial Group Inc. | 756,080 | 12,460 | |||
ProAssurance Corp. | 897,648 | 12,379 | ||||
Tompkins Financial Corp. | 202,150 | 12,176 | ||||
Heartland Financial USA Inc. | 319,272 | 12,008 | ||||
Victory Capital Holdings Inc. Class A | 348,594 | 12,006 | ||||
KKR Real Estate Finance Trust Inc. | 854,685 | 11,307 | ||||
* | Columbia Financial Inc. | 461,969 | 8,907 | |||
Kearny Financial Corp. | 966,176 | 8,667 | ||||
United Fire Group Inc. | 422,676 | 8,504 | ||||
* | World Acceptance Corp. | 60,302 | 7,871 | |||
GCM Grosvenor Inc. Class A | 723,128 | 6,479 | ||||
* | AssetMark Financial Holdings Inc. | 196,149 | 5,875 | |||
1 | UWM Holdings Corp. Class A | 784,473 | 5,609 | |||
* | loanDepot Inc. Class A | 1,057,297 | 3,722 | |||
TPG RE Finance Trust Inc. | 548,417 | 3,565 | ||||
Associated Capital Group Inc. Class A | 24,652 | 880 | ||||
11,032,716 | ||||||
Health Care (6.0%) | ||||||
* | United Therapeutics Corp. | 825,314 | 181,478 | |||
* | Karuna Therapeutics Inc. | 563,340 | 178,303 | |||
Universal Health Services Inc. Class B | 1,017,930 | 155,173 | ||||
* | Tenet Healthcare Corp. | 1,783,928 | 134,811 | |||
DENTSPLY SIRONA Inc. | 3,722,101 | 132,470 | ||||
* | Jazz Pharmaceuticals plc | 1,050,710 | 129,237 | |||
* | Elanco Animal Health Inc. | 8,657,890 | 129,003 | |||
* | Acadia Healthcare Co. Inc. | 1,538,932 | 119,667 | |||
Encompass Health Corp. | 1,761,056 | 117,498 | ||||
Teleflex Inc. | 412,362 | 102,818 | ||||
* | DaVita Inc. | 881,100 | 92,304 | |||
* | Henry Schein Inc. | 1,145,643 | 86,737 | |||
* | Bridgebio Pharma Inc. | 1,992,839 | 80,451 | |||
Perrigo Co. plc | 2,377,356 | 76,503 | ||||
* | Envista Holdings Corp. | 3,007,659 | 72,364 | |||
* | Catalent Inc. | 1,502,488 | 67,507 | |||
Organon & Co. | 4,485,621 | 64,683 | ||||
* | Azenta Inc. | 984,582 | 64,136 | |||
* | Madrigal Pharmaceuticals Inc. | 277,127 | 64,122 | |||
* | Integer Holdings Corp. | 584,829 | 57,945 |
Shares | Market Value• ($000) | |||||
* | Bio-Rad Laboratories Inc. Class A | 179,389 | 57,923 | |||
* | Amedisys Inc. | 572,744 | 54,445 | |||
* | Fortrea Holdings Inc. | 1,558,080 | 54,377 | |||
* | Prestige Consumer Healthcare Inc. | 870,465 | 53,290 | |||
* | Krystal Biotech Inc. | 420,648 | 52,186 | |||
* | Integra LifeSciences Holdings Corp. | 1,166,153 | 50,786 | |||
* | Enovis Corp. | 862,181 | 48,299 | |||
Premier Inc. Class A | 2,099,414 | 46,943 | ||||
* | Pacific Biosciences of California Inc. | 4,692,414 | 46,033 | |||
* | Nuvalent Inc. Class A | 602,061 | 44,306 | |||
Patterson Cos. Inc. | 1,513,413 | 43,057 | ||||
* | Immunovant Inc. | 1,015,299 | 42,775 | |||
Select Medical Holdings Corp. | 1,799,336 | 42,284 | ||||
* | Iovance Biotherapeutics Inc. | 4,037,199 | 32,822 | |||
* | Myriad Genetics Inc. | 1,490,473 | 28,528 | |||
* | Supernus Pharmaceuticals Inc. | 913,295 | 26,431 | |||
* | Owens & Minor Inc. | 1,273,036 | 24,531 | |||
National HealthCare Corp. | 229,381 | 21,199 | ||||
* | Ligand Pharmaceuticals Inc. | 291,673 | 20,831 | |||
* | ICU Medical Inc. | 201,757 | 20,123 | |||
Embecta Corp. | 1,009,375 | 19,107 | ||||
* | Avanos Medical Inc. | 817,986 | 18,347 | |||
* | Brookdale Senior Living Inc. | 3,149,463 | 18,330 | |||
* | Innoviva Inc. | 1,015,764 | 16,293 | |||
* | Omnicell Inc. | 399,934 | 15,050 | |||
* | Amneal Pharmaceuticals Inc. | 2,444,083 | 14,836 | |||
* | Varex Imaging Corp. | 713,227 | 14,621 | |||
* | Pediatrix Medical Group Inc. | 1,479,731 | 13,761 | |||
* | Healthcare Services Group Inc. | 1,300,580 | 13,487 | |||
* | Agios Pharmaceuticals Inc. | 492,216 | 10,962 | |||
* | Multiplan Corp. | 6,863,382 | 9,883 | |||
* | Kiniksa Pharmaceuticals Ltd. Class A | 530,071 | 9,297 | |||
* | Enhabit Inc. | 882,903 | 9,138 | |||
* | Day One Biopharmaceuticals Inc. | 536,617 | 7,835 | |||
* | OPKO Health Inc. | 3,403,831 | 5,140 | |||
* | 23andMe Holding Co. Class A | 2,610,228 | 2,384 | |||
Phibro Animal Health Corp. Class A | 179,247 | 2,076 | ||||
*,1 | ProKidney Corp. Class A | 236,672 | 421 |
Shares | Market Value• ($000) | |||||
* | Neumora Therapeutics Inc. | 4,984 | 85 | |||
*,1,2 | Synergy Pharmaceuticals LLC | 1,169,882 | — | |||
*,2 | OmniAb Inc. 12.5 Earnout | 53,581 | — | |||
*,2 | OmniAb Inc. 15 Earnout | 53,581 | — | |||
3,119,432 | ||||||
Industrials (23.7%) | ||||||
* | Builders FirstSource Inc. | 2,166,419 | 361,662 | |||
Booz Allen Hamilton Holding Corp. Class A | 2,289,466 | 292,846 | ||||
IDEX Corp. | 1,327,911 | 288,303 | ||||
Carlisle Cos. Inc. | 854,890 | 267,093 | ||||
RPM International Inc. | 2,262,304 | 252,541 | ||||
Owens Corning | 1,560,899 | 231,372 | ||||
AECOM | 2,388,022 | 220,725 | ||||
Pentair plc | 2,903,898 | 211,142 | ||||
Allegion plc | 1,541,700 | 195,318 | ||||
Westrock Co. | 4,504,909 | 187,044 | ||||
Huntington Ingalls Industries Inc. | 697,654 | 181,139 | ||||
EMCOR Group Inc. | 826,228 | 177,994 | ||||
Regal Rexnord Corp. | 1,165,365 | 172,497 | ||||
nVent Electric plc | 2,914,032 | 172,190 | ||||
ITT Inc. | 1,442,388 | 172,106 | ||||
* | XPO Inc. | 1,935,352 | 169,517 | |||
Fortune Brands Innovations Inc. | 2,214,878 | 168,641 | ||||
Tetra Tech Inc. | 935,294 | 156,129 | ||||
WESCO International Inc. | 897,229 | 156,010 | ||||
Robert Half Inc. | 1,767,037 | 155,358 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 2,693,268 | 155,267 | ||||
Hubbell Inc. Class B | 470,903 | 154,894 | ||||
AptarGroup Inc. | 1,155,466 | 142,839 | ||||
Donaldson Co. Inc. | 2,118,453 | 138,441 | ||||
AGCO Corp. | 1,118,097 | 135,748 | ||||
Graphic Packaging Holding Co. | 5,376,282 | 132,525 | ||||
* | Axalta Coating Systems Ltd. | 3,866,355 | 131,340 | |||
Berry Global Group Inc. | 1,927,562 | 129,898 | ||||
* | API Group Corp. | 3,724,327 | 128,862 | |||
Oshkosh Corp. | 1,149,257 | 124,591 | ||||
* | FTI Consulting Inc. | 623,821 | 124,234 | |||
MKS Instruments Inc. | 1,175,704 | 120,945 | ||||
Applied Industrial Technologies Inc. | 680,993 | 117,601 | ||||
* | Fluor Corp. | 2,993,318 | 117,248 | |||
Brunswick Corp. | 1,208,863 | 116,958 | ||||
Acuity Brands Inc. | 543,754 | 111,377 | ||||
MSA Safety Inc. | 656,213 | 110,788 | ||||
* | Atkore Inc. | 655,702 | 104,912 |
Shares | Market Value• ($000) | |||||
Crane Co. | 848,638 | 100,258 | ||||
Watts Water Technologies Inc. Class A | 480,921 | 100,195 | ||||
Sensata Technologies Holding plc | 2,655,726 | 99,776 | ||||
* | Mohawk Industries Inc. | 951,268 | 98,456 | |||
Howmet Aerospace Inc. | 1,809,962 | 97,955 | ||||
Crown Holdings Inc. | 1,060,123 | 97,627 | ||||
Sonoco Products Co. | 1,721,473 | 96,179 | ||||
Flowserve Corp. | 2,302,347 | 94,903 | ||||
Vontier Corp. | 2,712,558 | 93,719 | ||||
Sealed Air Corp. | 2,534,372 | 92,555 | ||||
Allison Transmission Holdings Inc. | 1,570,570 | 91,329 | ||||
Esab Corp. | 1,004,644 | 87,022 | ||||
* | Beacon Roofing Supply Inc. | 997,426 | 86,796 | |||
Valmont Industries Inc. | 367,208 | 85,747 | ||||
Ryder System Inc. | 738,837 | 85,011 | ||||
CH Robinson Worldwide Inc. | 972,563 | 84,020 | ||||
* | Kirby Corp. | 1,037,115 | 81,393 | |||
MSC Industrial Direct Co. Inc. Class A | 803,724 | 81,385 | ||||
Louisiana-Pacific Corp. | 1,138,774 | 80,659 | ||||
* | Summit Materials Inc. Class A | 2,090,070 | 80,384 | |||
Air Lease Corp. Class A | 1,850,819 | 77,623 | ||||
HB Fuller Co. | 949,685 | 77,314 | ||||
* | SPX Technologies Inc. | 760,882 | 76,857 | |||
Western Union Co. | 6,394,327 | 76,220 | ||||
* | ASGN Inc. | 786,764 | 75,663 | |||
GATX Corp. | 622,930 | 74,889 | ||||
Moog Inc. Class A | 504,414 | 73,029 | ||||
Woodward Inc. | 526,705 | 71,700 | ||||
EnerSys | 708,766 | 71,557 | ||||
Zurn Elkay Water Solutions Corp. | 2,426,010 | 71,349 | ||||
MDU Resources Group Inc. | 3,574,058 | 70,766 | ||||
* | Middleby Corp. | 470,315 | 69,216 | |||
ManpowerGroup Inc. | 856,437 | 68,061 | ||||
Brink's Co. | 751,032 | 66,053 | ||||
* | Knife River Corp. | 992,582 | 65,689 | |||
Terex Corp. | 1,121,843 | 64,461 | ||||
Comfort Systems USA Inc. | 313,365 | 64,450 | ||||
* | Spirit AeroSystems Holdings Inc. Class A | 2,011,845 | 63,936 | |||
Matson Inc. | 582,365 | 63,827 | ||||
Silgan Holdings Inc. | 1,401,250 | 63,407 | ||||
Otter Tail Corp. | 731,855 | 62,186 | ||||
* | GMS Inc. | 712,306 | 58,715 | |||
Hillenbrand Inc. | 1,226,732 | 58,699 | ||||
Enpro Inc. | 366,788 | 57,490 |
Shares | Market Value• ($000) | |||||
*,1 | Aurora Innovation Inc. Class A | 13,047,982 | 57,020 | |||
Belden Inc. | 731,313 | 56,494 | ||||
Encore Wire Corp. | 262,957 | 56,168 | ||||
Genpact Ltd. | 1,591,449 | 55,239 | ||||
Korn Ferry | 924,735 | 54,883 | ||||
Albany International Corp. Class A | 547,374 | 53,763 | ||||
ESCO Technologies Inc. | 452,292 | 52,932 | ||||
* | Alight Inc. Class A | 6,155,004 | 52,502 | |||
ABM Industries Inc. | 1,149,958 | 51,553 | ||||
McGrath RentCorp | 429,671 | 51,397 | ||||
Vestis Corp. | 2,293,888 | 48,493 | ||||
UniFirst Corp. | 265,031 | 48,477 | ||||
Crane NXT Co. | 847,199 | 48,180 | ||||
* | Hub Group Inc. Class A | 520,000 | 47,809 | |||
* | RXO Inc. | 2,052,617 | 47,744 | |||
Griffon Corp. | 778,004 | 47,419 | ||||
ArcBest Corp. | 394,396 | 47,410 | ||||
EVERTEC Inc. | 1,154,445 | 47,263 | ||||
Werner Enterprises Inc. | 1,112,349 | 47,130 | ||||
* | Resideo Technologies Inc. | 2,434,654 | 45,820 | |||
* | O-I Glass Inc. | 2,714,777 | 44,468 | |||
Brady Corp. Class A | 746,862 | 43,833 | ||||
* | MasTec Inc. | 553,187 | 41,887 | |||
ADT Inc. | 6,084,232 | 41,494 | ||||
Granite Construction Inc. | 770,765 | 39,201 | ||||
Trinity Industries Inc. | 1,436,326 | 38,192 | ||||
* | Gates Industrial Corp. plc | 2,778,969 | 37,294 | |||
* | AAR Corp. | 588,189 | 36,703 | |||
*,1 | Joby Aviation Inc. | 5,497,153 | 36,556 | |||
* | OSI Systems Inc. | 283,009 | 36,522 | |||
Kennametal Inc. | 1,396,186 | 36,008 | ||||
* | AvidXchange Holdings Inc. | 2,849,848 | 35,310 | |||
* | Huron Consulting Group Inc. | 328,636 | 33,784 | |||
* | Mirion Technologies Inc. Class A | 3,248,454 | 33,297 | |||
Standex International Corp. | 208,574 | 33,034 | ||||
* | Hillman Solutions Corp. | 3,415,579 | 31,457 | |||
* | NCR Atleos Corp. | 1,237,066 | 30,048 | |||
Primoris Services Corp. | 888,274 | 29,500 | ||||
Bread Financial Holdings Inc. | 864,383 | 28,473 | ||||
H&E Equipment Services Inc. | 542,829 | 28,401 | ||||
* | Dycom Industries Inc. | 245,400 | 28,243 | |||
Greif Inc. Class A | 427,419 | 28,034 | ||||
Barnes Group Inc. | 847,633 | 27,658 | ||||
* | CoreCivic Inc. | 1,890,220 | 27,465 | |||
* | JELD-WEN Holding Inc. | 1,417,779 | 26,768 | |||
* | Rocket Lab USA Inc. | 4,701,694 | 26,000 |
Shares | Market Value• ($000) | |||||
AZZ Inc. | 419,394 | 24,363 | ||||
Greenbrier Cos. Inc. | 520,725 | 23,006 | ||||
Kforce Inc. | 328,369 | 22,185 | ||||
Wabash National Corp. | 811,888 | 20,801 | ||||
Apogee Enterprises Inc. | 388,609 | 20,756 | ||||
* | Thermon Group Holdings Inc. | 593,434 | 19,328 | |||
* | Air Transport Services Group Inc. | 1,092,058 | 19,231 | |||
TriMas Corp. | 729,363 | 18,475 | ||||
Quanex Building Products Corp. | 580,964 | 17,760 | ||||
* | Proto Labs Inc. | 454,524 | 17,708 | |||
International Seaways Inc. | 387,558 | 17,626 | ||||
Schneider National Inc. Class B | 658,020 | 16,747 | ||||
* | Hayward Holdings Inc. | 1,221,815 | 16,617 | |||
Deluxe Corp. | 769,477 | 16,505 | ||||
* | Masonite International Corp. | 192,677 | 16,312 | |||
Astec Industries Inc. | 400,447 | 14,897 | ||||
Enerpac Tool Group Corp. Class A | 478,544 | 14,878 | ||||
First Advantage Corp. | 894,496 | 14,822 | ||||
* | American Woodmark Corp. | 144,556 | 13,422 | |||
Helios Technologies Inc. | 290,753 | 13,186 | ||||
Pitney Bowes Inc. | 2,950,292 | 12,981 | ||||
Kaman Corp. | 497,694 | 11,920 | ||||
Heartland Express Inc. | 835,025 | 11,907 | ||||
Kelly Services Inc. Class A | 534,609 | 11,558 | ||||
Hyster-Yale Materials Handling Inc. | 181,137 | 11,265 | ||||
* | Triumph Group Inc. | 676,829 | 11,222 | |||
* | Conduent Inc. | 3,061,651 | 11,175 | |||
REV Group Inc. | 522,261 | 9,489 | ||||
Pactiv Evergreen Inc. | 628,664 | 8,619 | ||||
National Presto Industries Inc. | 93,543 | 7,510 | ||||
* | ZipRecruiter Inc. Class A | 533,901 | 7,421 | |||
TTEC Holdings Inc. | 334,135 | 7,241 | ||||
*,1 | Atmus Filtration Technologies Inc. | 300,871 | 7,067 | |||
Gorman-Rupp Co. | 196,069 | 6,966 | ||||
* | BrightView Holdings Inc. | 659,447 | 5,553 | |||
* | Forrester Research Inc. | 203,288 | 5,450 | |||
* | Advantage Solutions Inc. | 1,437,287 | 5,203 | |||
Kronos Worldwide Inc. | 405,264 | 4,028 | ||||
* | Green Dot Corp. Class A | 393,028 | 3,891 | |||
Greif Inc. Class B | 34,179 | 2,256 | ||||
*,1 | MSP Recovery Inc. | 45,674 | 104 | |||
12,365,398 |
Shares | Market Value• ($000) | |||||
Real Estate (8.9%) | ||||||
Kimco Realty Corp. | 10,887,394 | 232,010 | ||||
Gaming & Leisure Properties Inc. | 4,455,101 | 219,859 | ||||
Boston Properties Inc. | 2,481,508 | 174,127 | ||||
* | Jones Lang LaSalle Inc. | 835,599 | 157,820 | |||
EastGroup Properties Inc. | 813,920 | 149,387 | ||||
Federal Realty Investment Trust | 1,433,963 | 147,770 | ||||
NNN REIT Inc. | 3,205,666 | 138,164 | ||||
Omega Healthcare Investors Inc. | 4,304,192 | 131,967 | ||||
STAG Industrial Inc. | 3,190,402 | 125,255 | ||||
Brixmor Property Group Inc. | 5,282,277 | 122,919 | ||||
First Industrial Realty Trust Inc. | 2,324,526 | 122,433 | ||||
Agree Realty Corp. | 1,766,469 | 111,199 | ||||
Regency Centers Corp. | 1,622,186 | 108,686 | ||||
Healthpeak Properties Inc. | 4,800,564 | 95,051 | ||||
Camden Property Trust | 937,042 | 93,039 | ||||
Apartment Income REIT Corp. Class A | 2,580,538 | 89,622 | ||||
Rayonier Inc. | 2,601,815 | 86,927 | ||||
Vornado Realty Trust | 3,009,053 | 85,006 | ||||
Lamar Advertising Co. Class A | 768,521 | 81,678 | ||||
* | Zillow Group Inc. Class C | 1,359,223 | 78,645 | |||
PotlatchDeltic Corp. | 1,392,735 | 68,383 | ||||
Cousins Properties Inc. | 2,663,074 | 64,846 | ||||
EPR Properties | 1,322,118 | 64,057 | ||||
Apple Hospitality REIT Inc. | 3,613,777 | 60,025 | ||||
Macerich Co. | 3,780,063 | 58,326 | ||||
Sabra Health Care REIT Inc. | 4,057,472 | 57,900 | ||||
Broadstone Net Lease Inc. | 3,285,889 | 56,583 | ||||
Physicians Realty Trust | 4,191,420 | 55,788 | ||||
1 | Hannon Armstrong Sustainable Infrastructure Capital Inc. | 1,952,815 | 53,859 | |||
Park Hotels & Resorts Inc. | 3,500,167 | 53,553 | ||||
1 | Medical Properties Trust Inc. | 10,499,352 | 51,552 | |||
1 | SL Green Realty Corp. | 1,129,825 | 51,034 | |||
LXP Industrial Trust | 5,135,574 | 50,945 | ||||
COPT Defense Properties | 1,975,128 | 50,623 | ||||
Tanger Inc. | 1,756,178 | 48,681 | ||||
CareTrust REIT Inc. | 2,090,741 | 46,791 | ||||
SITE Centers Corp. | 3,306,458 | 45,067 |
Shares | Market Value• ($000) | |||||
Highwoods Properties Inc. | 1,854,452 | 42,578 | ||||
Kilroy Realty Corp. | 1,028,498 | 40,975 | ||||
National Health Investors Inc. | 723,674 | 40,417 | ||||
Douglas Emmett Inc. | 2,779,080 | 40,297 | ||||
Global Net Lease Inc. | 4,040,120 | 40,199 | ||||
Sunstone Hotel Investors Inc. | 3,604,210 | 38,673 | ||||
Phillips Edison & Co. Inc. | 1,049,109 | 38,272 | ||||
Outfront Media Inc. | 2,605,544 | 36,373 | ||||
Urban Edge Properties | 1,960,106 | 35,870 | ||||
DiamondRock Hospitality Co. | 3,675,561 | 34,514 | ||||
* | Cushman & Wakefield plc | 3,187,706 | 34,427 | |||
Equity Commonwealth | 1,785,368 | 34,279 | ||||
Pebblebrook Hotel Trust | 2,112,480 | 33,757 | ||||
Retail Opportunity Investments Corp. | 2,097,325 | 29,426 | ||||
JBG SMITH Properties | 1,676,867 | 28,524 | ||||
InvenTrust Properties Corp. | 1,124,053 | 28,484 | ||||
Acadia Realty Trust | 1,670,265 | 28,378 | ||||
Xenia Hotels & Resorts Inc. | 1,852,513 | 25,231 | ||||
DigitalBridge Group Inc. | 1,430,413 | 25,089 | ||||
Service Properties Trust | 2,919,364 | 24,931 | ||||
Newmark Group Inc. Class A | 2,251,924 | 24,681 | ||||
Getty Realty Corp. | 835,290 | 24,407 | ||||
Uniti Group Inc. | 4,202,659 | 24,291 | ||||
Alexander & Baldwin Inc. | 1,269,447 | 24,145 | ||||
* | Compass Inc. Class A | 6,379,995 | 23,989 | |||
LTC Properties Inc. | 729,366 | 23,427 | ||||
Hudson Pacific Properties Inc. | 2,481,776 | 23,105 | ||||
* | GEO Group Inc. | 2,109,338 | 22,844 | |||
Elme Communities | 1,546,765 | 22,583 | ||||
* | Howard Hughes Holdings Inc. | 263,149 | 22,512 | |||
Empire State Realty Trust Inc. Class A | 2,274,975 | 22,045 | ||||
Veris Residential Inc. | 1,380,441 | 21,714 | ||||
RPT Realty | 1,509,597 | 19,368 | ||||
* | Zillow Group Inc. Class A | 340,500 | 19,313 | |||
* | Apartment Investment & Management Co. Class A | 2,310,621 | 18,092 | |||
Marcus & Millichap Inc. | 405,410 | 17,708 | ||||
Brandywine Realty Trust | 3,031,018 | 16,368 | ||||
American Assets Trust Inc. | 695,310 | 15,651 | ||||
Piedmont Office Realty Trust Inc. Class A | 2,178,871 | 15,492 |
Shares | Market Value• ($000) | |||||
Centerspace | 265,103 | 15,429 | ||||
* | Anywhere Real Estate Inc. | 1,846,285 | 14,973 | |||
Kennedy-Wilson Holdings Inc. | 921,632 | 11,410 | ||||
* | Forestar Group Inc. | 307,588 | 10,172 | |||
Saul Centers Inc. | 231,963 | 9,109 | ||||
RMR Group Inc. Class A | 262,825 | 7,420 | ||||
Summit Hotel Properties Inc. | 900,013 | 6,048 | ||||
Bridge Investment Group Holdings Inc. Class A | 535,953 | 5,242 | ||||
Alexander's Inc. | 20,232 | 4,321 | ||||
*,2 | Spirit MTA REIT | 334,911 | — | |||
4,656,130 | ||||||
Technology (5.6%) | ||||||
Jabil Inc. | 2,135,110 | 272,013 | ||||
* | F5 Inc. | 1,048,885 | 187,729 | |||
KBR Inc. | 2,371,771 | 131,420 | ||||
Leidos Holdings Inc. | 1,207,934 | 130,747 | ||||
* | CACI International Inc. Class A | 391,409 | 126,762 | |||
* | Arrow Electronics Inc. | 951,693 | 116,344 | |||
Science Applications International Corp. | 930,110 | 115,631 | ||||
* | Insight Enterprises Inc. | 571,621 | 101,286 | |||
Concentrix Corp. | 994,798 | 97,699 | ||||
TD SYNNEX Corp. | 892,643 | 96,057 | ||||
* | Kyndryl Holdings Inc. | 4,025,914 | 83,658 | |||
Avnet Inc. | 1,587,671 | 80,019 | ||||
* | Cirrus Logic Inc. | 945,787 | 78,680 | |||
* | Synaptics Inc. | 689,082 | 78,610 | |||
* | DXC Technology Co. | 3,397,606 | 77,703 | |||
* | Teradata Corp. | 1,716,237 | 74,673 | |||
Amkor Technology Inc. | 2,156,198 | 71,737 | ||||
* | IAC Inc. | 1,264,031 | 66,210 | |||
Dun & Bradstreet Holdings Inc. | 5,005,520 | 58,565 | ||||
* | Coherent Corp. | 1,328,907 | 57,847 | |||
Vishay Intertechnology Inc. | 2,215,040 | 53,094 | ||||
* | Plexus Corp. | 481,890 | 52,107 | |||
* | Ziff Davis Inc. | 766,337 | 51,490 | |||
* | CCC Intelligent Solutions Holdings Inc. | 4,455,587 | 50,749 | |||
* | Sanmina Corp. | 947,412 | 48,669 | |||
* | Parsons Corp. | 736,290 | 46,173 | |||
Progress Software Corp. | 764,465 | 41,510 | ||||
* | Blackbaud Inc. | 472,455 | 40,962 | |||
* | NCR Voyix Corp. | 2,353,214 | 39,793 | |||
Xerox Holdings Corp. | 1,939,922 | 35,559 | ||||
* | Verint Systems Inc. | 1,070,029 | 28,923 | |||
* | TTM Technologies Inc. | 1,701,218 | 26,896 | |||
CSG Systems International Inc. | 496,465 | 26,417 |
Shares | Market Value• ($000) | |||||
* | NetScout Systems Inc. | 1,181,202 | 25,927 | |||
* | Informatica Inc. Class A | 870,046 | 24,701 | |||
* | RingCentral Inc. Class A | 700,467 | 23,781 | |||
Adeia Inc. | 1,792,073 | 22,204 | ||||
* | Veradigm Inc. | 1,827,262 | 19,168 | |||
* | ScanSource Inc. | 439,704 | 17,417 | |||
Benchmark Electronics Inc. | 596,909 | 16,499 | ||||
* | MaxLinear Inc. Class A | 645,691 | 15,348 | |||
* | E2open Parent Holdings Inc. | 3,472,236 | 15,243 | |||
Methode Electronics Inc. | 602,523 | 13,695 | ||||
* | Cerence Inc. | 674,887 | 13,268 | |||
* | Bumble Inc. Class A | 842,203 | 12,414 | |||
* | Semtech Corp. | 564,517 | 12,369 | |||
* | Couchbase Inc. | 538,835 | 12,135 | |||
* | SolarWinds Corp. | 876,293 | 10,945 | |||
*,1 | Klaviyo Inc. Class A | 385,526 | 10,710 | |||
* | Thoughtworks Holding Inc. | 1,681,552 | 8,088 | |||
* | N-able Inc. | 563,771 | 7,470 | |||
* | Digital Turbine Inc. | 846,771 | 5,809 | |||
*,1 | Getty Images Holdings Inc. | 885,752 | 4,650 | |||
*,1 | Maplebear Inc. | 2,385 | 56 | |||
2,937,629 | ||||||
Telecommunications (1.1%) | ||||||
Juniper Networks Inc. | 5,601,221 | 165,124 | ||||
* | Frontier Communications Parent Inc. | 4,318,627 | 109,434 | |||
* | Viasat Inc. | 1,965,995 | 54,949 | |||
* | Viavi Solutions Inc. | 3,901,468 | 39,288 | |||
Telephone & Data Systems Inc. | 1,765,218 | 32,392 | ||||
* | Lumen Technologies Inc. | 17,683,952 | 32,362 | |||
* | Lumentum Holdings Inc. | 589,380 | 30,895 | |||
* | DISH Network Corp. Class A | 4,427,992 | 25,549 | |||
InterDigital Inc. | 226,304 | 24,563 | ||||
* | Altice USA Inc. Class A | 3,830,480 | 12,449 | |||
* | United States Cellular Corp. | 228,935 | 9,510 | |||
*,1 | EchoStar Corp. Class A | 536,908 | 8,897 | |||
* | CommScope Holding Co. Inc. | 1,776,206 | 5,009 | |||
* | Xperi Inc. | 364,051 | 4,012 | |||
* | WideOpenWest Inc. | 221,374 | 896 | |||
555,329 | ||||||
Utilities (4.1%) | ||||||
Atmos Energy Corp. | 2,420,028 | 280,481 | ||||
NRG Energy Inc. | 3,965,679 | 205,026 | ||||
Essential Utilities Inc. | 4,318,087 | 161,280 |
Shares | Market Value• ($000) | |||||
Pinnacle West Capital Corp. | 1,990,731 | 143,014 | ||||
OGE Energy Corp. | 3,519,459 | 122,935 | ||||
UGI Corp. | 3,674,709 | 90,398 | ||||
IDACORP Inc. | 888,305 | 87,338 | ||||
National Fuel Gas Co. | 1,614,408 | 80,995 | ||||
* | Stericycle Inc. | 1,623,345 | 80,453 | |||
Portland General Electric Co. | 1,774,588 | 76,911 | ||||
New Jersey Resources Corp. | 1,718,027 | 76,590 | ||||
Southwest Gas Holdings Inc. | 1,188,874 | 75,315 | ||||
Black Hills Corp. | 1,195,960 | 64,522 | ||||
PNM Resources Inc. | 1,506,493 | 62,670 | ||||
ONE Gas Inc. | 973,047 | 62,002 | ||||
ALLETE Inc. | 1,008,580 | 61,685 | ||||
Northwestern Energy Group Inc. | 1,074,722 | 54,693 | ||||
Spire Inc. | 876,978 | 54,671 | ||||
American States Water Co. | 648,783 | 52,175 | ||||
Avista Corp. | 1,357,542 | 48,518 | ||||
MGE Energy Inc. | 634,514 | 45,882 | ||||
Clearway Energy Inc. Class C | 1,452,253 | 39,835 | ||||
1 | Hawaiian Electric Industries Inc. | 1,919,988 | 27,245 | |||
Northwest Natural Holding Co. | 618,095 | 24,069 | ||||
Clearway Energy Inc. Class A | 599,691 | 15,340 | ||||
* | Enviri Corp. | 703,842 | 6,335 | |||
Excelerate Energy Inc. Class A | 323,802 | 5,006 | ||||
*,1 | NuScale Power Corp. Class A | 1,012,512 | 3,331 | |||
*,1 | Net Power Inc. | 122,118 | 1,233 | |||
2,109,948 | ||||||
Total Common Stocks (Cost $40,798,528) | 51,950,567 |
Shares | Market Value• ($000) | |||||
Temporary Cash Investments (1.0%) | ||||||
Money Market Fund (1.0%) | ||||||
3,4 | Vanguard Market Liquidity Fund, 5.435% (Cost $538,297) | 5,386,280 | 538,520 | |||
Total Investments (100.7%) (Cost $41,336,825) | 52,489,087 | |||||
Other Assets and Liabilities—Net (-0.7%) | (356,550) | |||||
Net Assets (100%) | 52,132,537 |
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 $359,227,000. |
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 $392,410,000 was received for securities on loan, of which $390,365,000 is held in Vanguard Market Liquidity Fund and $2,045,000 is held in cash. |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2024 | 609 | 62,352 | 1,515 |
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 | 21,396 | (5.332) | 455 | — |
Blackstone Mortgage Trust Inc. Class A | 1/31/24 | GSI | 10,776 | (5.331) | — | (286) |
Bridgebio Pharma Inc. | 8/30/24 | BANA | 8,613 | (5.332) | 3,462 | — |
Dick's Sporting Goods Inc. | 1/31/24 | CITNA | 33,826 | (5.332) | 4,501 | — |
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) |
Invesco Ltd. | 8/30/24 | BANA | 2,283 | (5.882) | 593 | — |
Williams-Sonoma Inc. | 1/31/24 | CITNA | 42,197 | (5.332) | 3,029 | — |
12,040 | (286) |
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 $40,798,528) | 51,950,567 |
Affiliated Issuers (Cost $538,297) | 538,520 |
Total Investments in Securities | 52,489,087 |
Investment in Vanguard | 1,574 |
Cash | 11,200 |
Cash Collateral Pledged—Futures Contracts | 4,740 |
Receivables for Investment Securities Sold | 1,144 |
Receivables for Accrued Income | 82,910 |
Receivables for Capital Shares Issued | 16,657 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 12,040 |
Total Assets | 52,619,352 |
Liabilities | |
Payables for Investment Securities Purchased | 48,865 |
Collateral for Securities on Loan | 392,410 |
Payables for Capital Shares Redeemed | 42,520 |
Payables to Vanguard | 1,584 |
Variation Margin Payable—Futures Contracts | 1,150 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 286 |
Total Liabilities | 486,815 |
Net Assets | 52,132,537 |
1 Includes $359,227,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 46,586,540 |
Total Distributable Earnings (Loss) | 5,545,997 |
Net Assets | 52,132,537 |
Investor Shares—Net Assets | |
Applicable to 2,599,931 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 112,230 |
Net Asset Value Per Share—Investor Shares | $43.17 |
ETF Shares—Net Assets | |
Applicable to 150,202,313 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 27,035,796 |
Net Asset Value Per Share—ETF Shares | $180.00 |
Admiral Shares—Net Assets | |
Applicable to 251,099,300 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 19,420,612 |
Net Asset Value Per Share—Admiral Shares | $77.34 |
Institutional Shares—Net Assets | |
Applicable to 128,703,159 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,563,899 |
Net Asset Value Per Share—Institutional Shares | $43.23 |
Year Ended December 31, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 1,076,362 |
Interest2 | 3,805 |
Securities Lending—Net | 60,848 |
Total Income | 1,141,015 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,036 |
Management and Administrative—Investor Shares | 222 |
Management and Administrative—ETF Shares | 14,071 |
Management and Administrative—Admiral Shares | 10,699 |
Management and Administrative—Institutional Shares | 2,534 |
Marketing and Distribution—Investor Shares | 7 |
Marketing and Distribution—ETF Shares | 1,319 |
Marketing and Distribution—Admiral Shares | 903 |
Marketing and Distribution—Institutional Shares | 185 |
Custodian Fees | 645 |
Auditing Fees | 39 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—ETF Shares | 912 |
Shareholders’ Reports—Admiral Shares | 225 |
Shareholders’ Reports—Institutional Shares | 125 |
Trustees’ Fees and Expenses | 28 |
Other Expenses | 23 |
Total Expenses | 32,973 |
Expenses Paid Indirectly | (2) |
Net Expenses | 32,971 |
Net Investment Income | 1,108,044 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 1,307,965 |
Futures Contracts | 2,858 |
Swap Contracts | 19,299 |
Realized Net Gain (Loss) | 1,330,122 |
Statement of Operations (continued) | |
Year Ended December 31, 2023 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 4,732,301 |
Futures Contracts | 874 |
Swap Contracts | 13,781 |
Change in Unrealized Appreciation (Depreciation) | 4,746,956 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 7,185,122 |
1 | Dividends are net of foreign withholding taxes of $79,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $3,634,000, $28,000, $1,000, and $142,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $2,717,640,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2023 ($000) | 2022 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,108,044 | 937,395 |
Realized Net Gain (Loss) | 1,330,122 | 2,870,695 |
Change in Unrealized Appreciation (Depreciation) | 4,746,956 | (8,621,190) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 7,185,122 | (4,813,100) |
Distributions | ||
Investor Shares | (2,615) | (2,947) |
ETF Shares | (573,501) | (477,621) |
Admiral Shares | (412,279) | (352,210) |
Institutional Shares | (118,067) | (91,664) |
Total Distributions | (1,106,462) | (924,442) |
Capital Share Transactions | ||
Investor Shares | (51,145) | (38,171) |
ETF Shares | 124,360 | (34,278) |
Admiral Shares | (361,227) | 363,608 |
Institutional Shares | 105,555 | 581,216 |
Net Increase (Decrease) from Capital Share Transactions | (182,457) | 872,375 |
Total Increase (Decrease) | 5,896,203 | (4,865,167) |
Net Assets | ||
Beginning of Period | 46,236,334 | 51,101,501 |
End of Period | 52,132,537 | 46,236,334 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $38.09 | $42.87 | $34.08 | $32.86 | $27.35 |
Investment Operations | |||||
Net Investment Income1 | .855 | .722 | .724 | .550 | .543 |
Net Realized and Unrealized Gain (Loss) on Investments | 5.089 | (4.777) | 8.767 | 1.208 | 5.608 |
Total from Investment Operations | 5.944 | (4.055) | 9.491 | 1.758 | 6.151 |
Distributions | |||||
Dividends from Net Investment Income | (.864) | (.725) | (.701) | (.538) | (.641) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.864) | (.725) | (.701) | (.538) | (.641) |
Net Asset Value, End of Period | $43.17 | $38.09 | $42.87 | $34.08 | $32.86 |
Total Return2 | 15.86% | -9.43% | 27.96% | 5.72% | 22.61% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $112 | $149 | $208 | $234 | $255 |
Ratio of Total Expenses to Average Net Assets | 0.19%3 | 0.19%3 | 0.19% | 0.19% | 0.19% |
Ratio of Net Investment Income to Average Net Assets | 2.18% | 1.83% | 1.78% | 1.98% | 1.76% |
Portfolio Turnover Rate4 | 16% | 13% | 16% | 26% | 19% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.19%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $158.84 | $178.77 | $142.13 | $137.05 | $114.05 |
Investment Operations | |||||
Net Investment Income1 | 3.809 | 3.273 | 3.131 | 2.584 | 2.840 |
Net Realized and Unrealized Gain (Loss) on Investments | 21.159 | (19.975) | 36.640 | 4.884 | 22.984 |
Total from Investment Operations | 24.968 | (16.702) | 39.771 | 7.468 | 25.824 |
Distributions | |||||
Dividends from Net Investment Income | (3.808) | (3.228) | (3.131) | (2.388) | (2.824) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.808) | (3.228) | (3.131) | (2.388) | (2.824) |
Net Asset Value, End of Period | $180.00 | $158.84 | $178.77 | $142.13 | $137.05 |
Total Return | 16.00% | -9.29% | 28.07% | 5.82% | 22.76% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $27,036 | $23,786 | $26,854 | $17,837 | $14,808 |
Ratio of Total Expenses to Average Net Assets | 0.07%2 | 0.07%2 | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 2.33% | 1.99% | 1.84% | 2.23% | 2.19% |
Portfolio Turnover Rate3 | 16% | 13% | 16% | 26% | 19% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $68.25 | $76.81 | $61.07 | $58.89 | $49.01 |
Investment Operations | |||||
Net Investment Income1 | 1.630 | 1.403 | 1.381 | 1.058 | 1.230 |
Net Realized and Unrealized Gain (Loss) on Investments | 9.096 | (8.576) | 15.704 | 2.148 | 9.863 |
Total from Investment Operations | 10.726 | (7.173) | 17.085 | 3.206 | 11.093 |
Distributions | |||||
Dividends from Net Investment Income | (1.636) | (1.387) | (1.345) | (1.026) | (1.213) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.636) | (1.387) | (1.345) | (1.026) | (1.213) |
Net Asset Value, End of Period | $77.34 | $68.25 | $76.81 | $61.07 | $58.89 |
Total Return2 | 15.99% | -9.31% | 28.09% | 5.85% | 22.76% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $19,421 | $17,505 | $19,307 | $14,314 | $13,907 |
Ratio of Total Expenses to Average Net Assets | 0.07%3 | 0.07%3 | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 2.32% | 1.99% | 1.89% | 2.13% | 2.21% |
Portfolio Turnover Rate4 | 16% | 13% | 16% | 26% | 19% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $38.15 | $42.94 | $34.14 | $32.92 | $27.39 |
Investment Operations | |||||
Net Investment Income1 | .915 | .796 | .781 | .597 | .684 |
Net Realized and Unrealized Gain (Loss) on Investments | 5.083 | (4.806) | 8.775 | 1.199 | 5.527 |
Total from Investment Operations | 5.998 | (4.010) | 9.556 | 1.796 | 6.211 |
Distributions | |||||
Dividends from Net Investment Income | (.918) | (.780) | (.756) | (.576) | (.681) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.918) | (.780) | (.756) | (.576) | (.681) |
Net Asset Value, End of Period | $43.23 | $38.15 | $42.94 | $34.14 | $32.92 |
Total Return | 15.99% | -9.31% | 28.11% | 5.86% | 22.81% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $5,564 | $4,797 | $4,733 | $3,774 | $3,632 |
Ratio of Total Expenses to Average Net Assets | 0.06%2 | 0.06%2 | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 2.33% | 2.02% | 1.91% | 2.14% | 2.20% |
Portfolio Turnover Rate3 | 16% | 13% | 16% | 26% | 19% |
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 | 51,950,567 | — | — | 51,950,567 |
Temporary Cash Investments | 538,520 | — | — | 538,520 |
Total | 52,489,087 | — | — | 52,489,087 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 1,515 | — | — | 1,515 |
Swap Contracts | — | 12,040 | — | 12,040 |
Total | 1,515 | 12,040 | — | 13,555 |
Liabilities | ||||
Swap Contracts | — | 286 | — | 286 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) | |
Paid-in Capital | 2,716,602 |
Total Distributable Earnings (Loss) | (2,716,602) |
Amount ($000) | |
Undistributed Ordinary Income | 41,192 |
Undistributed Long-Term Gains | — |
Net Unrealized Gains (Losses) | 11,081,196 |
Capital Loss Carryforwards | (5,576,391) |
Qualified Late-Year Losses | — |
Other Temporary Differences | — |
Total | 5,545,997 |
Year Ended December 31, | ||
2023 Amount ($000) | 2022 Amount ($000) | |
Ordinary Income* | 1,106,462 | 924,442 |
Long-Term Capital Gains | — | — |
Total | 1,106,462 | 924,442 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 41,407,891 |
Gross Unrealized Appreciation | 14,466,450 |
Gross Unrealized Depreciation | (3,385,254) |
Net Unrealized Appreciation (Depreciation) | 11,081,196 |
Year Ended December 31, | |||||
2023 | 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 10,700 | 270 | 14,773 | 371 | |
Issued in Lieu of Cash Distributions | 2,615 | 67 | 2,947 | 78 | |
Redeemed | (64,460) | (1,642) | (55,891) | (1,394) | |
Net Increase (Decrease)—Investor Shares | (51,145) | (1,305) | (38,171) | (945) | |
ETF Shares | |||||
Issued | 5,641,115 | 34,285 | 8,743,606 | 53,827 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (5,516,755) | (33,825) | (8,777,884) | (54,300) | |
Net Increase (Decrease)—ETF Shares | 124,360 | 460 | (34,278) | (473) | |
Admiral Shares | |||||
Issued | 2,405,153 | 34,163 | 2,968,180 | 42,013 | |
Issued in Lieu of Cash Distributions | 360,909 | 5,150 | 309,221 | 4,569 | |
Redeemed | (3,127,289) | (44,688) | (2,913,793) | (41,449) | |
Net Increase (Decrease)—Admiral Shares | (361,227) | (5,375) | 363,608 | 5,133 | |
Institutional Shares | |||||
Issued | 804,902 | 20,622 | 1,285,688 | 33,018 | |
Issued in Lieu of Cash Distributions | 113,084 | 2,885 | 87,334 | 2,308 | |
Redeemed | (812,431) | (20,535) | (791,806) | (19,834) | |
Net Increase (Decrease)—Institutional Shares | 105,555 | 2,972 | 581,216 | 15,492 |
Philadelphia, Pennsylvania
February 16, 2024
Fund | Percentage |
Small-Cap Index Fund | 65.1% |
Small-Cap Growth Index Fund | 54.7 |
Small-Cap Value Index Fund | 68.8 |
Fund | ($000) |
Small-Cap Index Fund | 1,421,905 |
Small-Cap Growth Index Fund | 134,646 |
Small-Cap Value Index Fund | 823,319 |
Fund | ($000) |
Small-Cap Index Fund | 13,346 |
Small-Cap Growth Index Fund | 810 |
Small-Cap Value Index Fund | 1,438 |
Fund | ($000) |
Small-Cap Index Fund | 352,330 |
Small-Cap Growth Index Fund | 52,557 |
Small-Cap Value Index Fund | 172,719 |
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. McIsaac | Lauren Valente |
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Mid-Capitalization Portfolios
Vanguard Extended Market Index Fund |
Vanguard Mid-Cap Index Fund |
Vanguard Mid-Cap Growth Index Fund |
Vanguard Mid-Cap Value Index Fund |
Your Fund’s Performance at a Glance | 1 |
About Your Fund's Expenses | 2 |
Extended Market Index Fund | 4 |
Mid-Cap Index Fund | 49 |
Mid-Cap Growth Index Fund | 69 |
Mid-Cap Value Index Fund | 86 |
• | The financial markets delivered robust returns for the 12 months ended December 31, 2023. Returns for the Vanguard Mid-Cap Index Funds ranged from 9.62% (for Investor Shares of the Mid-Cap Value Index Fund) to 23.14% (for Admiral Shares and ETF Shares of the Mid-Cap Growth Index Fund. Returns for ETF Shares are based on net asset value.) Returns for Vanguard Extended Market Index Fund, which holds small- and mid-capitalization stocks, ranged from 25.22% for Investor Shares to 25.44% for Institutional Select Shares. The funds generally tracked their target indexes closely. The Extended Market Index Fund outperformed, thanks to skilled trading and corporate-action elections by the fund’s manager, Vanguard Equity Index Group, in addition to securities lending revenue. |
• | Major central banks stopped hiking interest rates when inflation eased. Global economic growth proved resilient, but the prospect of rates remaining high for an extended period spurred occasional volatility. Toward year-end, stocks and bonds rallied worldwide as expectations for rate cuts in 2024 rose. |
• | At the sector level, technology shares contributed most to returns of all the funds’ target indexes, except the CRSP US Mid Cap Value Index, which was powered by industrials. |
• | For the 10 years ended December 31, the funds’ annualized returns ranged from 8.36% (for Investor Shares of the Mid-Cap Value Index Fund) to 10.12% (for Admiral and ETF Shares of the Mid-Cap Growth Index Fund). The Extended Market Index Fund outperformed its target index, while the other funds closely tracked their indexes. |
• | Note that the Extended Market Index Fund uses the Global Industry Classification Standard methodology, while the other funds use the Industry Classification Benchmark methodology. |
Average Annual Total Returns Periods Ended December 31, 2023 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 26.53% | 8.97% | 15.52% |
Russell 2000 Index (Small-caps) | 16.93 | 2.22 | 9.97 |
Russell 3000 Index (Broad U.S. market) | 25.96 | 8.54 | 15.16 |
FTSE All-World ex US Index (International) | 15.82 | 1.98 | 7.52 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | 5.60% | -3.33% | 1.17% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 6.40 | -0.40 | 2.25 |
FTSE Three-Month U.S. Treasury Bill Index | 5.26 | 2.24 | 1.91 |
CPI | |||
Consumer Price Index | 3.35% | 5.60% | 4.07% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended December 31, 2023 | |||
Beginning Account Value 6/30/2023 | Ending Account Value 12/31/2023 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Extended Market Index Fund | |||
Investor Shares | $1,000.00 | $1,112.10 | $1.01 |
ETF Shares | 1,000.00 | 1,112.90 | 0.32 |
Admiral™ Shares | 1,000.00 | 1,112.80 | 0.32 |
Institutional Shares | 1,000.00 | 1,112.80 | 0.27 |
Institutional Plus Shares | 1,000.00 | 1,112.90 | 0.21 |
Institutional Select Shares | 1,000.00 | 1,113.00 | 0.11 |
Mid-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,065.10 | $0.88 |
ETF Shares | 1,000.00 | 1,065.90 | 0.21 |
Admiral Shares | 1,000.00 | 1,065.80 | 0.26 |
Institutional Shares | 1,000.00 | 1,066.00 | 0.21 |
Institutional Plus Shares | 1,000.00 | 1,065.90 | 0.16 |
Mid-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,070.70 | $0.99 |
ETF Shares | 1,000.00 | 1,071.40 | 0.37 |
Admiral Shares | 1,000.00 | 1,071.40 | 0.37 |
Mid-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,060.40 | $0.99 |
ETF Shares | 1,000.00 | 1,061.00 | 0.36 |
Admiral Shares | 1,000.00 | 1,061.00 | 0.36 |
Based on Hypothetical 5% Yearly Return | |||
Extended Market Index Fund | |||
Investor Shares | $1,000.00 | $1,024.25 | $0.97 |
ETF Shares | 1,000.00 | 1,024.90 | 0.31 |
Admiral Shares | 1,000.00 | 1,024.90 | 0.31 |
Institutional Shares | 1,000.00 | 1,024.95 | 0.26 |
Institutional Plus Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Select Shares | 1,000.00 | 1,025.10 | 0.10 |
Mid-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,024.35 | $0.87 |
ETF Shares | 1,000.00 | 1,025.00 | 0.20 |
Admiral Shares | 1,000.00 | 1,024.95 | 0.26 |
Institutional Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Plus Shares | 1,000.00 | 1,025.05 | 0.15 |
Mid-Cap Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,024.25 | $0.97 |
ETF Shares | 1,000.00 | 1,024.85 | 0.36 |
Admiral Shares | 1,000.00 | 1,024.85 | 0.36 |
Mid-Cap Value Index Fund | |||
Investor Shares | $1,000.00 | $1,024.25 | $0.97 |
ETF Shares | 1,000.00 | 1,024.85 | 0.36 |
Admiral Shares | 1,000.00 | 1,024.85 | 0.36 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Extended Market Index Fund Investor Shares | 25.22% | 11.77% | 8.40% | $22,413 | |
S&P Completion Index | 24.97 | 11.77 | 8.42 | 22,444 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Extended Market Index Fund ETF Shares Net Asset Value | 25.39% | 11.91% | 8.54% | $22,702 | |
Extended Market Index Fund ETF Shares Market Price | 25.49 | 11.92 | 8.55 | 22,716 | |
S&P Completion Index | 24.97 | 11.77 | 8.42 | 22,444 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Extended Market Index Fund Admiral Shares | 25.38% | 11.91% | 8.54% | $22,701 | |
S&P Completion Index | 24.97 | 11.77 | 8.42 | 22,444 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Extended Market Index Fund Institutional Shares | 25.41% | 11.92% | 8.56% | $11,366,202 | |
S&P Completion Index | 24.97 | 11.77 | 8.42 | 11,221,856 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 14,710,990 |
One Year | Five Years | Ten Years | Final Value of a $100,000,000 Investment | ||
Extended Market Index Fund Institutional Plus Shares | 25.41% | 11.93% | 8.57% | $227,611,590 | |
S&P Completion Index | 24.97 | 11.77 | 8.42 | 224,437,120 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 294,219,800 |
One Year | Five Years | Since Inception (6/27/2016) | Final Value of a $3,000,000,000 Investment | ||
Extended Market Index Fund Institutional Select Shares | 25.44% | 11.95% | 11.45% | $6,774,235,800 | |
S&P Completion Index | 24.97 | 11.77 | 11.26 | 6,688,184,700 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 13.82 | 7,929,434,400 |
Cumulative Returns of ETF Shares: December 31, 2013, Through December 31, 2023 | |||
One Year | Five Years | Ten Years | |
Extended Market Index Fund ETF Shares Market Price | 25.49% | 75.62% | 127.16% |
Extended Market Index Fund ETF Shares Net Asset Value | 25.39 | 75.51 | 127.02 |
S&P Completion Index | 24.97 | 74.42 | 124.44 |
Communication Services | 4.1% |
Consumer Discretionary | 11.4 |
Consumer Staples | 2.8 |
Energy | 4.4 |
Financials | 17.4 |
Health Care | 11.8 |
Industrials | 17.0 |
Information Technology | 18.9 |
Materials | 4.4 |
Real Estate | 6.0 |
Utilities | 1.8 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.6%) | ||||||
Communication Services (4.1%) | ||||||
* | Trade Desk Inc. Class A | 6,596,543 | 474,687 | |||
* | ROBLOX Corp. Class A | 7,220,475 | 330,120 | |||
* | Pinterest Inc. Class A | 8,679,981 | 321,506 | |||
* | Snap Inc. Class A | 15,242,506 | 258,056 | |||
* | Liberty Media Corp.-Liberty Formula One Class C | 3,114,045 | 196,590 | |||
* | Roku Inc. Class A | 1,848,061 | 169,393 | |||
* | Liberty Broadband Corp. Class C | 1,737,405 | 140,017 | |||
New York Times Co. Class A | 2,402,356 | 117,691 | ||||
* | Frontier Communications Parent Inc. | 3,288,944 | 83,342 | |||
* | ZoomInfo Technologies Inc. Class A | 4,404,680 | 81,443 | |||
Iridium Communications Inc. | 1,827,059 | 75,202 | ||||
Nexstar Media Group Inc. Class A | 476,838 | 74,744 | ||||
Warner Music Group Corp. Class A | 2,053,718 | 73,503 | ||||
TKO Group Holdings Inc. Class A | 887,002 | 72,362 | ||||
* | Liberty Global Ltd. Class C | 3,811,096 | 71,039 | |||
Endeavor Group Holdings Inc. Class A | 2,752,330 | 65,313 | ||||
* | Liberty Media Corp.-Liberty SiriusXM | 2,261,936 | 65,099 | |||
* | IAC Inc. | 1,027,767 | 53,834 | |||
Cogent Communications Holdings Inc. | 636,698 | 48,427 | ||||
* | Yelp Inc. Class A | 1,001,976 | 47,434 | |||
* | Ziff Davis Inc. | 675,854 | 45,411 | |||
* | Madison Square Garden Sports Corp. | 246,570 | 44,834 | |||
TEGNA Inc. | 2,901,070 | 44,386 | ||||
Cable One Inc. | 67,078 | 37,335 | ||||
* | TripAdvisor Inc. | 1,593,071 | 34,299 | |||
1 | Sirius XM Holdings Inc. | 5,665,848 | 30,992 | |||
* | Cargurus Inc. Class A | 1,262,831 | 30,510 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 1,043,900 | 30,002 | |||
* | Liberty Global Ltd. Class A | 1,647,395 | 29,274 | |||
* | Lumen Technologies Inc. | 14,873,850 | 27,219 | |||
Telephone & Data Systems Inc. | 1,442,817 | 26,476 | ||||
* | Liberty Media Corp.-Liberty Live Class C | 704,619 | 26,346 | |||
* | Cinemark Holdings Inc. | 1,590,828 | 22,415 | |||
* | AMC Entertainment Holdings Inc. Class A | 3,641,680 | 22,287 | |||
* | Bumble Inc. Class A | 1,463,190 | 21,567 | |||
* | DISH Network Corp. Class A | 3,679,970 | 21,233 | |||
* | Globalstar Inc. | 10,656,323 | 20,673 | |||
John Wiley & Sons Inc. Class A | 635,623 | 20,175 | ||||
* | Madison Square Garden Entertainment Corp. Class A | 625,801 | 19,894 | |||
* | Lions Gate Entertainment Corp. Class B | 1,797,348 | 18,315 | |||
* | Liberty Media Corp.-Liberty Formula One Class A | 314,681 | 18,245 | |||
* | Atlanta Braves Holdings Inc. Class C | 438,278 | 17,347 | |||
* | Cars.com Inc. | 903,437 | 17,138 | |||
Shutterstock Inc. | 351,723 | 16,981 | ||||
* | Magnite Inc. | 1,781,309 | 16,637 | |||
* | Liberty Broadband Corp. Class A | 201,179 | 16,223 | |||
Shenandoah Telecommunications Co. | 745,639 | 16,121 | ||||
* | ZipRecruiter Inc. Class A | 1,112,562 | 15,465 | |||
Scholastic Corp. | 404,462 | 15,248 | ||||
* | Integral Ad Science Holding Corp. | 980,154 | 14,104 | |||
* | fuboTV Inc. | 4,350,600 | 13,835 | |||
* | Sphere Entertainment Co. | 389,542 | 13,229 | |||
* | TechTarget Inc. | 378,311 | 13,188 | |||
* | Lions Gate Entertainment Corp. Class A | 1,134,040 | 12,361 | |||
* | Liberty Latin America Ltd. Class C | 1,578,600 | 11,587 | |||
*,1 | Atlanta Braves Holdings Inc. Class A | 265,212 | 11,346 |
Shares | Market Value• ($000) | |||||
* | Altice USA Inc. Class A | 3,401,473 | 11,055 | |||
* | IDT Corp. Class B | 310,485 | 10,584 | |||
Gray Television Inc. | 1,175,724 | 10,534 | ||||
* | Stagwell Inc. Class A | 1,578,610 | 10,466 | |||
* | Liberty Media Corp.-Liberty Live Class A | 283,361 | 10,357 | |||
* | Eventbrite Inc. Class A | 1,238,632 | 10,355 | |||
* | QuinStreet Inc. | 766,100 | 9,821 | |||
* | Anterix Inc. | 294,257 | 9,805 | |||
* | PubMatic Inc. Class A | 599,046 | 9,770 | |||
* | Clear Channel Outdoor Holdings Inc. | 5,330,271 | 9,701 | |||
* | Thryv Holdings Inc. | 462,991 | 9,422 | |||
* | Vimeo Inc. | 2,395,249 | 9,389 | |||
* | Gogo Inc. | 918,019 | 9,300 | |||
* | Playtika Holding Corp. | 1,024,385 | 8,933 | |||
* | United States Cellular Corp. | 203,368 | 8,448 | |||
* | AMC Networks Inc. Class A | 440,211 | 8,272 | |||
*,1 | AST SpaceMobile Inc. Class A | 1,354,173 | 8,166 | |||
*,1 | EchoStar Corp. Class A | 487,434 | 8,077 | |||
* | EW Scripps Co. Class A | 917,106 | 7,328 | |||
Sinclair Inc. | 546,544 | 7,121 | ||||
ATN International Inc. | 166,571 | 6,491 | ||||
* | Daily Journal Corp. | 18,366 | 6,259 | |||
*,1 | National CineMedia Inc. | 1,433,978 | 5,937 | |||
* | Liberty Latin America Ltd. Class A | 795,778 | 5,817 | |||
Marcus Corp. | 393,779 | 5,741 | ||||
* | Gannett Co. Inc. | 2,356,867 | 5,421 | |||
* | Cardlytics Inc. | 572,514 | 5,273 | |||
*,1 | Rumble Inc. | 1,159,992 | 5,208 | |||
* | Advantage Solutions Inc. | 1,420,480 | 5,142 | |||
* | Vivid Seats Inc. Class A | 809,764 | 5,118 | |||
Spok Holdings Inc. | 319,087 | 4,939 | ||||
* | Consolidated Communications Holdings Inc. | 1,135,214 | 4,938 | |||
* | Boston Omaha Corp. Class A | 309,921 | 4,875 | |||
* | Bandwidth Inc. Class A | 321,646 | 4,654 | |||
* | iHeartMedia Inc. Class A | 1,617,525 | 4,319 | |||
* | Nextdoor Holdings Inc. | 2,222,557 | 4,201 | |||
* | TrueCar Inc. | 1,095,565 | 3,791 | |||
* | EverQuote Inc. Class A | 304,276 | 3,724 | |||
* | Ooma Inc. | 343,937 | 3,690 | |||
* | Playstudios Inc. | 1,348,026 | 3,653 | |||
Entravision Communications Corp. Class A | 853,836 | 3,560 | ||||
* | Reservoir Media Inc. | 450,913 | 3,215 | |||
* | WideOpenWest Inc. | 773,022 | 3,131 | |||
* | MediaAlpha Inc. Class A | 276,401 | 3,082 | |||
*,1 | Getty Images Holdings Inc. | 554,938 | 2,913 | |||
* | Angi Inc. Class A | 1,077,528 | 2,683 | |||
*,1 | Grindr Inc. | 291,637 | 2,561 | |||
* | Outbrain Inc. | 475,801 | 2,084 | |||
* | Emerald Holding Inc. | 332,308 | 1,987 | |||
* | Innovid Corp. | 1,104,530 | 1,657 | |||
Townsquare Media Inc. Class A | 153,492 | 1,621 | ||||
Saga Communications Inc. Class A | 69,605 | 1,549 | ||||
* | DHI Group Inc. | 571,362 | 1,480 | |||
* | LiveOne Inc. | 996,949 | 1,386 | |||
*,1,2 | Tingo Group Inc. | 1,943,444 | 1,341 | |||
*,1 | Skillz Inc. Class A | 202,677 | 1,265 | |||
* | Cumulus Media Inc. Class A | 227,161 | 1,208 | |||
*,1 | PSQ Holdings Inc. | 199,860 | 1,047 |
Shares | Market Value• ($000) | |||||
* | Travelzoo | 106,066 | 1,011 | |||
* | Urban One Inc. Class A | 221,694 | 893 | |||
* | AdTheorent Holding Co. Inc. | 569,797 | 826 | |||
* | Golden Matrix Group Inc. | 331,376 | 799 | |||
* | comScore Inc. | 47,118 | 787 | |||
*,1 | SurgePays Inc. | 117,766 | 760 | |||
* | Urban One Inc. | 201,891 | 713 | |||
* | Harte Hanks Inc. | 101,383 | 688 | |||
*,1 | Direct Digital Holdings Inc. Class A | 45,658 | 679 | |||
*,1,2 | NII Holdings Inc. | 1,297,367 | 649 | |||
*,1 | Kartoon Studios Inc. | 445,651 | 619 | |||
* | System1 Inc. | 248,352 | 551 | |||
* | Lee Enterprises Inc. | 69,387 | 546 | |||
* | Marchex Inc. Class B | 400,912 | 545 | |||
* | Gaia Inc. Class A | 194,494 | 525 | |||
* | Arena Group Holdings Inc. | 188,072 | 448 | |||
* | KORE Group Holdings Inc. | 437,624 | 429 | |||
* | Fluent Inc. | 639,548 | 428 | |||
*,1 | Loop Media Inc. | 419,003 | 419 | |||
* | IZEA Worldwide Inc. | 196,466 | 395 | |||
* | Zedge Inc. Class B | 160,996 | 378 | |||
* | Reading International Inc. Class A | 193,566 | 370 | |||
* | FG Group Holdings Inc. | 249,852 | 367 | |||
* | Paltalk Inc. | 99,785 | 233 | |||
* | CuriosityStream Inc. | 392,619 | 212 | |||
DallasNews Corp. | 40,189 | 172 | ||||
*,1 | Stran & Co. Inc. | 106,525 | 158 | |||
*,1 | Charge Enterprises Inc. | 1,356,771 | 155 | |||
* | Dolphin Entertainment Inc. | 89,955 | 154 | |||
* | Lendway Inc. | 31,737 | 144 | |||
*,1 | Cineverse Corp. | 94,251 | 127 | |||
*,1 | SPAR Group Inc. | 120,632 | 122 | |||
*,1 | BuzzFeed Inc. Class A | 471,268 | 118 | |||
*,1 | NextPlay Technologies Inc. | 39,607 | 91 | |||
*,1 | Creative Realities Inc. | 37,517 | 89 | |||
*,1 | Leafly Holdings Inc. | 18,287 | 88 | |||
* | PodcastOne Inc. | 45,954 | 85 | |||
* | Collective Audience Inc. | 57,900 | 78 | |||
* | Liberty Global Ltd. Class B | 3,841 | 68 | |||
*,1 | FaZe Holdings Inc. | 342,307 | 62 | |||
* | Beasley Broadcast Group Inc. Class A | 66,912 | 59 | |||
* | Salem Media Group Inc. Class A | 122,967 | 48 | |||
*,1 | NextPlat Corp. | 26,703 | 44 | |||
*,1 | Chicken Soup For The Soul Entertainment Inc. Class A | 158,744 | 35 | |||
* | Motorsport Games Inc. Class A | 10,638 | 33 | |||
* | Super League Enterprise Inc. | 20,785 | 32 | |||
*,1 | Society Pass Inc. | 96,225 | 30 | |||
* | Reading International Inc. Class B | 1,884 | 27 | |||
* | Snail Inc. Class A | 11,787 | 14 | |||
*,1 | Asset Entities Inc. Class B | 9,300 | 6 | |||
* | Moving Image Technologies Inc. | 3,471 | 3 | |||
*,1 | Treasure Global Inc. | 12,230 | 1 | |||
* | Grom Social Enterprises Inc. | 177 | — | |||
3,972,678 | ||||||
Consumer Discretionary (11.4%) | ||||||
* | DoorDash Inc. Class A | 4,492,508 | 444,264 | |||
* | Deckers Outdoor Corp. | 378,781 | 253,189 | |||
* | DraftKings Inc. Class A | 6,895,476 | 243,066 | |||
*,1 | Rivian Automotive Inc. Class A | 9,986,141 | 234,275 | |||
Williams-Sonoma Inc. | 949,317 | 191,553 | ||||
* | Burlington Stores Inc. | 959,370 | 186,578 | |||
* | Five Below Inc. | 824,520 | 175,755 | |||
* | Floor & Decor Holdings Inc. Class A | 1,573,492 | 175,539 | |||
* | TopBuild Corp. | 468,522 | 175,349 | |||
Toll Brothers Inc. | 1,577,744 | 162,176 | ||||
Service Corp. International | 2,182,596 | 149,399 |
Shares | Market Value• ($000) | |||||
Churchill Downs Inc. | 1,004,765 | 135,573 | ||||
Lithia Motors Inc. Class A | 407,098 | 134,049 | ||||
Dick's Sporting Goods Inc. | 910,204 | 133,755 | ||||
Tempur Sealy International Inc. | 2,543,828 | 129,659 | ||||
* | Skechers USA Inc. Class A | 1,975,494 | 123,152 | |||
Autoliv Inc. | 1,109,866 | 122,296 | ||||
Lear Corp. | 863,006 | 121,865 | ||||
Vail Resorts Inc. | 563,565 | 120,304 | ||||
* | Duolingo Inc. Class A | 530,198 | 120,275 | |||
Texas Roadhouse Inc. Class A | 977,440 | 119,473 | ||||
Gentex Corp. | 3,449,477 | 112,660 | ||||
Wingstop Inc. | 435,543 | 111,752 | ||||
PVH Corp. | 893,636 | 109,131 | ||||
* | Light & Wonder Inc. | 1,327,860 | 109,031 | |||
Aramark | 3,861,441 | 108,507 | ||||
H&R Block Inc. | 2,126,992 | 102,883 | ||||
Murphy USA Inc. | 283,750 | 101,174 | ||||
* | Mattel Inc. | 5,229,598 | 98,735 | |||
Wyndham Hotels & Resorts Inc. | 1,226,231 | 98,601 | ||||
Brunswick Corp. | 1,018,412 | 98,531 | ||||
Meritage Homes Corp. | 542,071 | 94,429 | ||||
Thor Industries Inc. | 789,454 | 93,353 | ||||
* | Planet Fitness Inc. Class A | 1,264,995 | 92,345 | |||
* | Capri Holdings Ltd. | 1,706,446 | 85,732 | |||
Hyatt Hotels Corp. Class A | 653,697 | 85,249 | ||||
* | Taylor Morrison Home Corp. Class A | 1,574,236 | 83,986 | |||
* | Crocs Inc. | 894,685 | 83,573 | |||
Macy's Inc. | 4,049,892 | 81,484 | ||||
* | Bright Horizons Family Solutions Inc. | 854,965 | 80,572 | |||
*,1 | Carvana Co. Class A | 1,515,368 | 80,224 | |||
* | Valvoline Inc. | 2,047,728 | 76,954 | |||
* | Wayfair Inc. Class A | 1,235,349 | 76,221 | |||
Polaris Inc. | 778,001 | 73,731 | ||||
Academy Sports & Outdoors Inc. | 1,100,896 | 72,659 | ||||
Signet Jewelers Ltd. | 667,484 | 71,594 | ||||
KB Home | 1,130,447 | 70,608 | ||||
*,1 | GameStop Corp. Class A | 3,981,947 | 69,804 | |||
* | Ollie's Bargain Outlet Holdings Inc. | 911,918 | 69,205 | |||
Harley-Davidson Inc. | 1,877,968 | 69,184 | ||||
* | Asbury Automotive Group Inc. | 304,536 | 68,511 | |||
* | YETI Holdings Inc. | 1,287,732 | 66,679 | |||
Gap Inc. | 3,172,295 | 66,333 | ||||
* | RH | 226,996 | 66,165 | |||
* | Abercrombie & Fitch Co. Class A | 742,643 | 65,516 | |||
Boyd Gaming Corp. | 1,020,928 | 63,920 | ||||
Installed Building Products Inc. | 346,070 | 63,269 | ||||
Group 1 Automotive Inc. | 205,021 | 62,478 | ||||
* | Goodyear Tire & Rubber Co. | 4,190,327 | 60,006 | |||
* | Skyline Champion Corp. | 789,433 | 58,623 | |||
* | Penn Entertainment Inc. | 2,244,343 | 58,398 | |||
American Eagle Outfitters Inc. | 2,741,648 | 58,013 | ||||
* | AutoNation Inc. | 383,667 | 57,619 | |||
* | Grand Canyon Education Inc. | 428,738 | 56,611 | |||
* | M/I Homes Inc. | 409,098 | 56,349 | |||
Advance Auto Parts Inc. | 882,456 | 53,856 | ||||
* | Visteon Corp. | 413,748 | 51,677 | |||
Leggett & Platt Inc. | 1,972,195 | 51,612 | ||||
* | Tri Pointe Homes Inc. | 1,446,096 | 51,192 | |||
* | Adient plc | 1,384,331 | 50,334 | |||
Newell Brands Inc. | 5,662,373 | 49,149 | ||||
* | Mobileye Global Inc. Class A | 1,129,534 | 48,931 | |||
MDC Holdings Inc. | 874,676 | 48,326 | ||||
Wendy's Co. | 2,468,306 | 48,083 | ||||
*,1 | Lucid Group Inc. | 11,370,073 | 47,868 | |||
LCI Industries | 373,865 | 46,999 | ||||
Kohl's Corp. | 1,632,751 | 46,827 | ||||
Penske Automotive Group Inc. | 288,008 | 46,228 |
Shares | Market Value• ($000) | |||||
* | Modine Manufacturing Co. | 772,520 | 46,119 | |||
Kontoor Brands Inc. | 735,792 | 45,928 | ||||
Steven Madden Ltd. | 1,030,844 | 43,295 | ||||
* | Helen of Troy Ltd. | 351,427 | 42,456 | |||
* | Fox Factory Holding Corp. | 627,756 | 42,361 | |||
* | Hilton Grand Vacations Inc. | 1,047,735 | 42,098 | |||
Travel + Leisure Co. | 1,064,288 | 41,603 | ||||
1 | Choice Hotels International Inc. | 366,457 | 41,520 | |||
Marriott Vacations Worldwide Corp. | 486,902 | 41,333 | ||||
Carter's Inc. | 550,279 | 41,210 | ||||
* | Frontdoor Inc. | 1,168,062 | 41,139 | |||
* | Shake Shack Inc. Class A | 552,298 | 40,936 | |||
Columbia Sportswear Co. | 509,321 | 40,511 | ||||
* | LGI Homes Inc. | 301,687 | 40,173 | |||
* | Cavco Industries Inc. | 113,899 | 39,480 | |||
Red Rock Resorts Inc. Class A | 718,863 | 38,337 | ||||
Century Communities Inc. | 416,087 | 37,922 | ||||
Foot Locker Inc. | 1,208,782 | 37,654 | ||||
Papa John's International Inc. | 482,646 | 36,792 | ||||
Graham Holdings Co. Class B | 52,532 | 36,590 | ||||
Bloomin' Brands Inc. | 1,277,646 | 35,966 | ||||
*,1 | QuantumScape Corp. Class A | 5,136,692 | 35,700 | |||
* | Dorman Products Inc. | 419,018 | 34,950 | |||
* | Stride Inc. | 583,600 | 34,648 | |||
* | Chewy Inc. Class A | 1,461,081 | 34,525 | |||
* | Adtalem Global Education Inc. | 584,970 | 34,484 | |||
* | Boot Barn Holdings Inc. | 445,782 | 34,218 | |||
* | Under Armour Inc. Class C | 4,093,850 | 34,184 | |||
* | Sonos Inc. | 1,895,005 | 32,480 | |||
Winnebago Industries Inc. | 440,789 | 32,125 | ||||
* | Peloton Interactive Inc. Class A | 5,049,249 | 30,750 | |||
Patrick Industries Inc. | 305,472 | 30,654 | ||||
* | Coursera Inc. | 1,579,280 | 30,591 | |||
* | Victoria's Secret & Co. | 1,149,363 | 30,504 | |||
* | Topgolf Callaway Brands Corp. | 2,124,130 | 30,460 | |||
Strategic Education Inc. | 322,886 | 29,825 | ||||
* | Urban Outfitters Inc. | 831,849 | 29,689 | |||
Acushnet Holdings Corp. | 447,457 | 28,266 | ||||
* | Brinker International Inc. | 651,348 | 28,125 | |||
* | ODP Corp. | 494,662 | 27,850 | |||
* | SeaWorld Entertainment Inc. | 525,749 | 27,775 | |||
Dana Inc. | 1,889,941 | 27,612 | ||||
* | Dave & Buster's Entertainment Inc. | 506,494 | 27,275 | |||
Laureate Education Inc. | 1,979,083 | 27,133 | ||||
* | Six Flags Entertainment Corp. | 1,059,035 | 26,561 | |||
1 | Nordstrom Inc. | 1,426,331 | 26,316 | |||
Worthington Enterprises Inc. | 447,364 | 25,746 | ||||
* | Gentherm Inc. | 488,219 | 25,563 | |||
* | Vista Outdoor Inc. | 853,192 | 25,229 | |||
* | Sabre Corp. | 5,723,657 | 25,184 | |||
Cracker Barrel Old Country Store Inc. | 326,145 | 25,139 | ||||
*,1 | Dutch Bros Inc. Class A | 788,041 | 24,957 | |||
Levi Strauss & Co. Class A | 1,477,518 | 24,438 | ||||
Cheesecake Factory Inc. | 696,650 | 24,390 | ||||
Jack in the Box Inc. | 298,758 | 24,388 | ||||
* | National Vision Holdings Inc. | 1,155,304 | 24,181 | |||
La-Z-Boy Inc. | 641,036 | 23,667 | ||||
* | Hanesbrands Inc. | 5,258,773 | 23,454 | |||
ADT Inc. | 3,348,445 | 22,836 | ||||
Upbound Group Inc. | 668,790 | 22,719 | ||||
Oxford Industries Inc. | 218,567 | 21,857 | ||||
Phinia Inc. | 701,645 | 21,253 | ||||
* | Sally Beauty Holdings Inc. | 1,594,946 | 21,181 | |||
Buckle Inc. | 435,235 | 20,682 | ||||
1 | Dillard's Inc. Class A | 50,301 | 20,304 | |||
* | G-III Apparel Group Ltd. | 595,922 | 20,249 | |||
* | Garrett Motion Inc. | 2,072,205 | 20,038 |
Shares | Market Value• ($000) | |||||
* | Chegg Inc. | 1,708,448 | 19,408 | |||
* | Green Brick Partners Inc. | 372,277 | 19,336 | |||
* | Udemy Inc. | 1,307,069 | 19,253 | |||
* | Leslie's Inc. | 2,727,675 | 18,848 | |||
1 | Krispy Kreme Inc. | 1,243,210 | 18,760 | |||
* | Beyond Inc. | 669,076 | 18,527 | |||
* | OneSpaWorld Holdings Ltd. | 1,305,124 | 18,402 | |||
* | Rover Group Inc. Class A | 1,624,012 | 17,669 | |||
Winmark Corp. | 41,730 | 17,424 | ||||
Perdoceo Education Corp. | 969,831 | 17,030 | ||||
* | XPEL Inc. | 314,764 | 16,950 | |||
* | Malibu Boats Inc. Class A | 309,016 | 16,940 | |||
Camping World Holdings Inc. Class A | 631,583 | 16,585 | ||||
* | iRobot Corp. | 408,896 | 15,824 | |||
* | Warby Parker Inc. Class A | 1,112,268 | 15,683 | |||
Caleres Inc. | 503,858 | 15,484 | ||||
* | American Axle & Manufacturing Holdings Inc. | 1,751,910 | 15,434 | |||
* | Sweetgreen Inc. Class A | 1,352,840 | 15,287 | |||
* | Beazer Homes USA Inc. | 440,694 | 14,891 | |||
* | Everi Holdings Inc. | 1,315,259 | 14,823 | |||
* | Under Armour Inc. Class A | 1,647,437 | 14,481 | |||
* | Playa Hotels & Resorts NV | 1,665,563 | 14,407 | |||
* | Chico's FAS Inc. | 1,849,925 | 14,022 | |||
Hibbett Inc. | 190,379 | 13,711 | ||||
Monarch Casino & Resort Inc. | 197,461 | 13,654 | ||||
Monro Inc. | 460,411 | 13,508 | ||||
*,1 | Luminar Technologies Inc. Class A | 3,997,457 | 13,471 | |||
* | Life Time Group Holdings Inc. | 862,743 | 13,010 | |||
Golden Entertainment Inc. | 324,302 | 12,949 | ||||
* | Figs Inc. Class A | 1,833,636 | 12,744 | |||
* | BJ's Restaurants Inc. | 351,783 | 12,668 | |||
Sturm Ruger & Co. Inc. | 267,250 | 12,147 | ||||
Sonic Automotive Inc. Class A | 215,623 | 12,120 | ||||
* | Dream Finders Homes Inc. Class A | 340,385 | 12,094 | |||
Dine Brands Global Inc. | 235,085 | 11,672 | ||||
* | MarineMax Inc. | 297,024 | 11,554 | |||
*,1 | Mister Car Wash Inc. | 1,337,004 | 11,552 | |||
* | Vizio Holding Corp. Class A | 1,490,178 | 11,474 | |||
* | Portillo's Inc. Class A | 707,317 | 11,268 | |||
Standard Motor Products Inc. | 282,463 | 11,245 | ||||
* | Hovnanian Enterprises Inc. Class A | 71,359 | 11,105 | |||
Ethan Allen Interiors Inc. | 342,934 | 10,946 | ||||
Wolverine World Wide Inc. | 1,199,867 | 10,667 | ||||
* | Chuy's Holdings Inc. | 274,302 | 10,487 | |||
* | WW International Inc. | 1,180,251 | 10,327 | |||
Bluegreen Vacations Holding Corp. Class A | 135,600 | 10,186 | ||||
* | Revolve Group Inc. Class A | 610,070 | 10,115 | |||
Smith & Wesson Brands Inc. | 708,124 | 9,602 | ||||
*,1 | Cava Group Inc. | 221,082 | 9,502 | |||
Arko Corp. | 1,145,157 | 9,448 | ||||
Guess? Inc. | 402,541 | 9,283 | ||||
* | Accel Entertainment Inc. Class A | 896,710 | 9,209 | |||
RCI Hospitality Holdings Inc. | 130,428 | 8,642 | ||||
* | Stoneridge Inc. | 438,684 | 8,585 | |||
Shoe Carnival Inc. | 274,604 | 8,296 | ||||
* | Denny's Corp. | 749,374 | 8,153 | |||
*,1 | Bowlero Corp. Class A | 554,798 | 7,856 | |||
Haverty Furniture Cos. Inc. | 212,934 | 7,559 | ||||
* | European Wax Center Inc. Class A | 551,951 | 7,501 | |||
* | First Watch Restaurant Group Inc. | 361,527 | 7,267 | |||
* | Arhaus Inc. Class A | 608,252 | 7,208 | |||
* | America's Car-Mart Inc. | 91,019 | 6,897 | |||
Movado Group Inc. | 226,023 | 6,815 | ||||
* | GoPro Inc. Class A | 1,958,478 | 6,796 | |||
* | Kura Sushi USA Inc. Class A | 81,729 | 6,211 | |||
* | Universal Technical Institute Inc. | 492,277 | 6,163 | |||
* | Lindblad Expeditions Holdings Inc. | 538,446 | 6,068 |
Shares | Market Value• ($000) | |||||
* | Bally's Corp. | 430,091 | 5,996 | |||
* | Lovesac Co. | 229,651 | 5,868 | |||
*,1 | Savers Value Village Inc. | 322,144 | 5,599 | |||
* | OneWater Marine Inc. Class A | 164,772 | 5,568 | |||
Designer Brands Inc. Class A | 621,882 | 5,504 | ||||
Carriage Services Inc. Class A | 218,415 | 5,463 | ||||
Aaron's Co. Inc. | 498,750 | 5,426 | ||||
*,1 | EVgo Inc. Class A | 1,493,192 | 5,346 | |||
Johnson Outdoors Inc. Class A | 99,625 | 5,322 | ||||
* | Genesco Inc. | 150,302 | 5,292 | |||
* | MasterCraft Boat Holdings Inc. | 228,317 | 5,169 | |||
*,1 | Fisker Inc. Class A | 2,866,131 | 5,016 | |||
* | Stitch Fix Inc. Class A | 1,401,408 | 5,003 | |||
* | Cooper-Standard Holdings Inc. | 253,931 | 4,962 | |||
*,1 | Atmus Filtration Technologies Inc. | 209,008 | 4,910 | |||
* | Zumiez Inc. | 241,264 | 4,907 | |||
*,1 | Global Business Travel Group I | 753,364 | 4,859 | |||
* | Sleep Number Corp. | 324,970 | 4,819 | |||
* | Xponential Fitness Inc. Class A | 370,387 | 4,774 | |||
1 | Cricut Inc. Class A | 720,625 | 4,749 | |||
* | PlayAGS Inc. | 556,416 | 4,691 | |||
Build-A-Bear Workshop Inc. | 196,906 | 4,527 | ||||
* | 1-800-Flowers.com Inc. Class A | 412,357 | 4,445 | |||
* | Qurate Retail Inc. Class A | 5,071,828 | 4,440 | |||
Hooker Furnishings Corp. | 168,196 | 4,387 | ||||
*,1 | Soho House & Co. Inc. Class A | 606,096 | 4,315 | |||
* | Children's Place Inc. | 183,786 | 4,268 | |||
* | Rush Street Interactive Inc. | 928,859 | 4,171 | |||
Carrols Restaurant Group Inc. | 518,311 | 4,084 | ||||
* | Funko Inc. Class A | 520,314 | 4,022 | |||
* | Lincoln Educational Services Corp. | 392,567 | 3,941 | |||
* | Petco Health & Wellness Co. Inc. Class A | 1,228,787 | 3,883 | |||
*,1 | Target Hospitality Corp. | 397,114 | 3,864 | |||
* | Inspired Entertainment Inc. | 390,783 | 3,861 | |||
* | El Pollo Loco Holdings Inc. | 436,875 | 3,853 | |||
* | JAKKS Pacific Inc. | 107,924 | 3,837 | |||
*,1 | Groupon Inc. Class A | 296,929 | 3,813 | |||
* | Holley Inc. | 744,597 | 3,626 | |||
* | Potbelly Corp. | 346,592 | 3,612 | |||
* | Citi Trends Inc. | 125,362 | 3,545 | |||
* | Destination XL Group Inc. | 784,133 | 3,450 | |||
* | Tile Shop Holdings Inc. | 430,452 | 3,168 | |||
* | Nerdy Inc. | 918,844 | 3,152 | |||
Nathan's Famous Inc. | 40,172 | 3,134 | ||||
1 | Big Lots Inc. | 400,772 | 3,122 | |||
Rocky Brands Inc. | 103,347 | 3,119 | ||||
* | Red Robin Gourmet Burgers Inc. | 236,833 | 2,953 | |||
* | Vera Bradley Inc. | 363,887 | 2,802 | |||
Clarus Corp. | 403,456 | 2,782 | ||||
*,1 | RealReal Inc. | 1,384,079 | 2,782 | |||
Weyco Group Inc. | 88,333 | 2,770 | ||||
* | American Public Education Inc. | 285,113 | 2,751 | |||
* | AMMO Inc. | 1,264,210 | 2,655 | |||
* | Traeger Inc. | 948,235 | 2,589 | |||
Escalade Inc. | 127,326 | 2,558 | ||||
* | Motorcar Parts of America Inc. | 273,322 | 2,553 | |||
* | ThredUp Inc. Class A | 1,123,178 | 2,527 | |||
* | Tilly's Inc. Class A | 332,060 | 2,504 | |||
* | Full House Resorts Inc. | 464,696 | 2,495 | |||
* | Solo Brands Inc. Class A | 399,133 | 2,459 | |||
*,1 | Solid Power Inc. | 1,690,601 | 2,451 | |||
* | CarParts.com Inc. | 748,942 | 2,367 | |||
* | Landsea Homes Corp. | 179,360 | 2,357 | |||
PetMed Express Inc. | 308,394 | 2,331 | ||||
* | Sportsman's Warehouse Holdings Inc. | 542,914 | 2,313 | |||
* | VOXX International Corp. Class A | 215,211 | 2,298 | |||
Lakeland Industries Inc. | 119,183 | 2,210 |
Shares | Market Value• ($000) | |||||
* | GrowGeneration Corp. | 858,179 | 2,154 | |||
* | ONE Group Hospitality Inc. | 350,236 | 2,143 | |||
* | Legacy Housing Corp. | 81,971 | 2,067 | |||
Bassett Furniture Industries Inc. | 124,057 | 2,059 | ||||
1 | Big 5 Sporting Goods Corp. | 317,636 | 2,014 | |||
Superior Group of Cos. Inc. | 143,354 | 1,935 | ||||
*,1 | Snap One Holdings Corp. | 215,400 | 1,919 | |||
* | Century Casinos Inc. | 390,057 | 1,904 | |||
Marine Products Corp. | 165,436 | 1,886 | ||||
* | J. Jill Inc. | 71,057 | 1,832 | |||
*,1 | Canoo Inc. | 7,109,196 | 1,829 | |||
Cato Corp. Class A | 255,761 | 1,826 | ||||
Hamilton Beach Brands Holding Co. Class A | 103,284 | 1,806 | ||||
*,1 | ContextLogic Inc. Class A | 289,243 | 1,721 | |||
* | Universal Electronics Inc. | 180,911 | 1,699 | |||
* | Noodles & Co. Class A | 539,074 | 1,698 | |||
* | Allbirds Inc. Class A | 1,381,393 | 1,692 | |||
*,1 | Allurion Technologies Inc. | 450,926 | 1,686 | |||
* | Lands' End Inc. | 174,736 | 1,671 | |||
* | LL Flooring Holdings Inc. | 426,076 | 1,662 | |||
* | American Outdoor Brands Inc. | 197,675 | 1,661 | |||
*,1 | Mondee Holdings Inc. Class A | 562,071 | 1,551 | |||
* | Latham Group Inc. | 578,638 | 1,522 | |||
* | Duluth Holdings Inc. Class B | 270,154 | 1,453 | |||
* | 2U Inc. | 1,154,288 | 1,420 | |||
* | Unifi Inc. | 211,362 | 1,408 | |||
*,1 | RumbleON Inc. Class B | 171,283 | 1,394 | |||
* | Strattec Security Corp. | 55,293 | 1,388 | |||
* | 1stdibs.com Inc. | 293,042 | 1,371 | |||
*,1 | Tupperware Brands Corp. | 650,628 | 1,301 | |||
*,1 | Lazydays Holdings Inc. | 180,535 | 1,273 | |||
* | BARK Inc. | 1,410,207 | 1,136 | |||
* | Container Store Group Inc. | 488,250 | 1,113 | |||
*,1 | United Homes Group Inc. | 129,310 | 1,090 | |||
* | Biglari Holdings Inc. Class A | 1,351 | 1,073 | |||
* | Biglari Holdings Inc. Class B | 6,493 | 1,071 | |||
Lifetime Brands Inc. | 159,241 | 1,069 | ||||
*,1 | Vroom Inc. | 1,754,946 | 1,057 | |||
* | Superior Industries International Inc. | 325,372 | 1,041 | |||
Flexsteel Industries Inc. | 54,815 | 1,033 | ||||
* | Fossil Group Inc. | 651,683 | 951 | |||
*,1 | Mullen Automotive Inc. | 65,721 | 939 | |||
* | GAN Ltd. | 585,494 | 925 | |||
*,1 | Workhorse Group Inc. | 2,567,654 | 924 | |||
Crown Crafts Inc. | 184,550 | 915 | ||||
1 | Purple Innovation Inc. Class A | 873,128 | 899 | |||
* | Conn's Inc. | 197,329 | 876 | |||
*,1 | Torrid Holdings Inc. | 149,601 | 863 | |||
* | Culp Inc. | 147,833 | 856 | |||
*,1 | PLBY Group Inc. | 781,211 | 781 | |||
* | Barnes & Noble Education Inc. | 513,514 | 765 | |||
* | Delta Apparel Inc. | 85,609 | 610 | |||
* | Brilliant Earth Group Inc. Class A | 149,812 | 557 | |||
Ark Restaurants Corp. | 38,656 | 547 | ||||
*,1 | Kirkland's Inc. | 180,002 | 544 | |||
*,1 | Grove Collaborative Holdings | 307,237 | 544 | |||
* | Live Ventures Inc. | 20,027 | 509 | |||
*,1 | Express Inc. | 58,459 | 489 | |||
*,1 | Vacasa Inc. Class A | 52,158 | 428 | |||
*,1 | Sonder Holdings Inc. | 125,512 | 426 | |||
Canterbury Park Holding Corp. | 20,349 | 416 | ||||
AMCON Distributing Co. | 2,117 | 413 | ||||
* | Rave Restaurant Group Inc. | 176,306 | 393 | |||
*,1 | Sypris Solutions Inc. | 191,121 | 386 | |||
* | Envela Corp. | 79,294 | 385 | |||
* | Koss Corp. | 109,767 | 368 | |||
*,1 | Polished.com Inc. | 58,865 | 355 |
Shares | Market Value• ($000) | |||||
*,1 | Aterian Inc. | 996,489 | 347 | |||
* | BowFlex Inc. | 434,844 | 335 | |||
*,1 | Rent the Runway Inc. Class A | 624,498 | 329 | |||
* | Yunhong Green CTI Ltd. | 121,102 | 257 | |||
*,1 | Beachbody Co. Inc. | 30,986 | 257 | |||
* | Nephros Inc. | 69,205 | 239 | |||
* | Regis Corp. | 23,958 | 226 | |||
Flanigan's Enterprises Inc. | 8,548 | 220 | ||||
*,1 | Worksport Ltd. | 145,891 | 217 | |||
1 | FAT Brands Inc. Class A | 34,854 | 211 | |||
*,1 | Lulu's Fashion Lounge Holdings Inc. | 108,289 | 201 | |||
* | GEN Restaurant Group Inc. Class A | 25,196 | 197 | |||
* | Envirotech Vehicles Inc. | 144,960 | 191 | |||
* | Charles & Colvard Ltd. | 444,108 | 182 | |||
* | Good Times Restaurants Inc. | 66,131 | 168 | |||
* | Vince Holding Corp. | 45,422 | 157 | |||
* | Wag! Group Co. | 88,471 | 157 | |||
* | Xcel Brands Inc. | 113,190 | 146 | |||
* | BurgerFi International Inc. | 167,859 | 144 | |||
*,1 | Hall of Fame Resort & Entertainment Co. | 43,744 | 142 | |||
* | Dixie Group Inc. | 188,725 | 141 | |||
* | XWELL Inc. | 74,690 | 128 | |||
Jerash Holdings US Inc. | 38,272 | 118 | ||||
*,1 | Amesite Inc. | 43,962 | 100 | |||
* | Twin Vee PowerCats Co. | 60,192 | 84 | |||
*,1 | AYRO Inc. | 44,007 | 77 | |||
*,1 | Educational Development Corp. | 64,779 | 75 | |||
*,1 | Tandy Leather Factory Inc. | 17,293 | 74 | |||
* | Forward Industries Inc. | 101,271 | 73 | |||
*,1 | Inspirato Inc. | 19,707 | 73 | |||
*,1 | JOANN Inc. | 158,520 | 71 | |||
* | Allied Gaming & Entertainment Inc. | 61,060 | 65 | |||
*,1 | Faraday Future Intelligent Electric Inc. Class A | 209,789 | 48 | |||
*,1 | aka Brands Holding Corp. | 5,698 | 46 | |||
* | Kaival Brands Innovations Group Inc. | 155,259 | 31 | |||
* | Nova Lifestyle Inc. | 8,036 | 30 | |||
*,1 | Toughbuilt Industries Inc. | 183,720 | 29 | |||
* | Emerson Radio Corp. | 47,444 | 26 | |||
FAT Brands Inc. Class B | 4,338 | 24 | ||||
*,1 | Arcimoto Inc. | 24,956 | 21 | |||
*,1 | Forza X1 Inc. | 33,785 | 18 | |||
*,1 | MGO Global Inc. | 38,582 | 16 | |||
*,1 | Digital Brands Group Inc. | 3,261 | 11 | |||
*,1 | Lottery.com Inc. | 3,740 | 10 | |||
* | Greenlane Holdings Inc. Class A | 10,695 | 6 | |||
* | BT Brands Inc. | 1,151 | 3 | |||
*,1 | Volcon Inc. | 28,054 | 3 | |||
* | Amergent Hospitality Group Inc. | 19,975 | — | |||
* | PARTS iD Inc. | 1,100 | — | |||
* | Singing Machine Co. Inc. | 445 | — | |||
*,2 | GCI Liberty Inc. | 1,322,036 | — | |||
*,1,2 | Empire Resorts Inc. | 15,517 | — | |||
* | Esports Entertainment Group Inc. | 56 | — | |||
11,061,614 | ||||||
Consumer Staples (2.8%) | ||||||
* | Performance Food Group Co. | 2,291,360 | 158,448 | |||
* | US Foods Holding Corp. | 3,330,190 | 151,224 | |||
Casey's General Stores Inc. | 549,061 | 150,849 | ||||
Albertsons Cos. Inc. Class A | 5,843,143 | 134,392 | ||||
* | BJ's Wholesale Club Holdings Inc. | 1,980,286 | 132,006 | |||
* | Celsius Holdings Inc. | 2,197,773 | 119,823 | |||
* | elf Beauty Inc. | 817,283 | 117,967 | |||
* | Darling Ingredients Inc. | 2,359,004 | 117,573 | |||
* | BellRing Brands Inc. | 1,934,589 | 107,234 | |||
Ingredion Inc. | 956,976 | 103,861 | ||||
* | Sprouts Farmers Market Inc. | 1,502,206 | 72,271 | |||
* | Coty Inc. Class A | 5,575,774 | 69,251 |
Shares | Market Value• ($000) | |||||
* | Post Holdings Inc. | 750,787 | 66,114 | |||
Flowers Foods Inc. | 2,835,055 | 63,817 | ||||
Coca-Cola Consolidated Inc. | 68,497 | 63,593 | ||||
* | Freshpet Inc. | 714,684 | 62,006 | |||
* | Simply Good Foods Co. | 1,357,099 | 53,741 | |||
Lancaster Colony Corp. | 300,077 | 49,930 | ||||
* | Boston Beer Co. Inc. Class A | 139,768 | 48,302 | |||
WD-40 Co. | 197,462 | 47,207 | ||||
Spectrum Brands Holdings Inc. | 526,819 | 42,024 | ||||
* | Grocery Outlet Holding Corp. | 1,460,119 | 39,365 | |||
Inter Parfums Inc. | 264,589 | 38,103 | ||||
J & J Snack Foods Corp. | 225,529 | 37,695 | ||||
Cal-Maine Foods Inc. | 599,920 | 34,429 | ||||
Energizer Holdings Inc. | 978,745 | 31,007 | ||||
* | TreeHouse Foods Inc. | 744,118 | 30,844 | |||
PriceSmart Inc. | 373,606 | 28,312 | ||||
Edgewell Personal Care Co. | 756,264 | 27,702 | ||||
Andersons Inc. | 465,821 | 26,803 | ||||
Universal Corp. | 371,848 | 25,033 | ||||
MGP Ingredients Inc. | 227,758 | 22,439 | ||||
* | Herbalife Ltd. | 1,468,812 | 22,414 | |||
Vector Group Ltd. | 1,976,919 | 22,300 | ||||
Reynolds Consumer Products Inc. | 809,224 | 21,720 | ||||
* | Central Garden & Pet Co. Class A | 477,896 | 21,047 | |||
* | Sovos Brands Inc. | 906,545 | 19,971 | |||
Ingles Markets Inc. Class A | 212,582 | 18,361 | ||||
* | National Beverage Corp. | 351,606 | 17,482 | |||
Utz Brands Inc. | 1,006,389 | 16,344 | ||||
* | Pilgrim's Pride Corp. | 588,305 | 16,272 | |||
Weis Markets Inc. | 245,216 | 15,684 | ||||
* | Chefs' Warehouse Inc. | 523,151 | 15,396 | |||
* | Hain Celestial Group Inc. | 1,324,343 | 14,502 | |||
Nu Skin Enterprises Inc. Class A | 741,055 | 14,391 | ||||
* | United Natural Foods Inc. | 873,444 | 14,176 | |||
John B Sanfilippo & Son Inc. | 131,652 | 13,565 | ||||
Seaboard Corp. | 3,763 | 13,434 | ||||
1 | B&G Foods Inc. | 1,265,189 | 13,284 | |||
WK Kellogg Co. | 984,253 | 12,933 | ||||
Fresh Del Monte Produce Inc. | 490,019 | 12,863 | ||||
* | Central Garden & Pet Co. | 251,639 | 12,610 | |||
SpartanNash Co. | 501,383 | 11,507 | ||||
* | Vita Coco Co. Inc. | 447,761 | 11,485 | |||
Medifast Inc. | 161,714 | 10,870 | ||||
Tootsie Roll Industries Inc. | 272,856 | 9,070 | ||||
* | USANA Health Sciences Inc. | 165,260 | 8,858 | |||
*,1 | Beyond Meat Inc. | 956,859 | 8,516 | |||
Calavo Growers Inc. | 277,728 | 8,168 | ||||
Turning Point Brands Inc. | 271,571 | 7,148 | ||||
* | Mission Produce Inc. | 641,785 | 6,476 | |||
* | Vital Farms Inc. | 407,616 | 6,395 | |||
* | Duckhorn Portfolio Inc. | 617,984 | 6,087 | |||
Oil-Dri Corp. of America | 71,347 | 4,786 | ||||
*,1 | Westrock Coffee Co. | 463,648 | 4,734 | |||
Limoneira Co. | 217,894 | 4,495 | ||||
* | Olaplex Holdings Inc. | 1,761,768 | 4,475 | |||
* | Seneca Foods Corp. Class A | 81,005 | 4,248 | |||
* | Beauty Health Co. | 1,221,391 | 3,799 | |||
* | Honest Co. Inc. | 948,126 | 3,129 | |||
* | Nature's Sunshine Products Inc. | 180,589 | 3,122 | |||
* | HF Foods Group Inc. | 530,387 | 2,832 | |||
Village Super Market Inc. Class A | 102,748 | 2,695 | ||||
Natural Grocers by Vitamin Cottage Inc. | 145,996 | 2,336 | ||||
* | Lifecore Biomedical Inc. | 363,800 | 2,252 | |||
*,1 | BRC Inc. Class A | 572,284 | 2,077 | |||
* | Mama's Creations Inc. | 385,609 | 1,893 | |||
* | Whole Earth Brands Inc. | 532,276 | 1,815 | |||
Alico Inc. | 60,807 | 1,768 |
Shares | Market Value• ($000) | |||||
*,1 | Safety Shot Inc. | 444,257 | 1,559 | |||
* | Zevia PBC Class A | 614,323 | 1,235 | |||
Lifevantage Corp. | 195,613 | 1,174 | ||||
* | Lifeway Foods Inc. | 85,576 | 1,148 | |||
* | Farmer Bros Co. | 230,376 | 705 | |||
Natural Health Trends Corp. | 111,509 | 651 | ||||
*,1 | Veru Inc. | 844,245 | 608 | |||
* | Natural Alternatives International Inc. | 75,454 | 484 | |||
* | Rocky Mountain Chocolate Factory Inc. | 97,457 | 447 | |||
* | Willamette Valley Vineyards Inc. | 72,379 | 384 | |||
United-Guardian Inc. | 52,417 | 377 | ||||
*,1 | Benson Hill Inc. | 1,779,607 | 309 | |||
* | Seneca Foods Corp. Class B | 5,623 | 287 | |||
* | Vintage Wine Estates Inc. | 431,243 | 217 | |||
* | Splash Beverage Group Inc. | 301,169 | 166 | |||
* | Coffee Holding Co. Inc. | 164,749 | 148 | |||
*,1 | Local Bounti Corp. | 53,924 | 112 | |||
* | Real Good Food Co. Inc. Class A | 67,593 | 103 | |||
* | S&W Seed Co. | 140,870 | 99 | |||
* | Sadot Group Inc. | 236,457 | 95 | |||
* | Barfresh Food Group Inc. | 58,859 | 94 | |||
*,1 | Maplebear Inc. | 3,861 | 91 | |||
* | Upexi Inc. | 69,076 | 80 | |||
*,1 | Guardion Health Sciences Inc. | 14,852 | 78 | |||
*,1 | Better Choice Co. Inc. | 261,756 | 72 | |||
Mannatech Inc. | 7,557 | 59 | ||||
*,1 | Bridgford Foods Corp. | 5,031 | 55 | |||
* | Cyanotech Corp. | 52,822 | 46 | |||
* | Arcadia Biosciences Inc. | 14,038 | 43 | |||
*,1 | MedAvail Holdings Inc. | 9,669 | 43 | |||
*,1 | 22nd Century Group Inc. | 209,532 | 39 | |||
*,1 | Maison Solutions Inc. Class A | 27,800 | 38 | |||
*,1 | Nocera Inc. | 27,430 | 36 | |||
*,1 | Nuzee Inc. | 10,423 | 26 | |||
* | FitLife Brands Inc. | 1,265 | 24 | |||
* | Flora Growth Corp. | 16,990 | 23 | |||
*,1 | Alkaline Water Co. Inc. | 82,391 | 22 | |||
*,1 | Edible Garden AG Inc. | 35,337 | 17 | |||
*,1 | Stryve Foods Inc. Class A | 6,642 | 17 | |||
*,1 | Eastside Distilling Inc. | 8,697 | 11 | |||
* | Hempacco Co. Inc. | 967 | — | |||
2,758,372 | ||||||
Energy (4.4%) | ||||||
Cheniere Energy Inc. | 3,515,505 | 600,132 | ||||
Ovintiv Inc. | 3,738,790 | 164,208 | ||||
Texas Pacific Land Corp. | 92,120 | 144,854 | ||||
TechnipFMC plc | 6,432,087 | 129,542 | ||||
HF Sinclair Corp. | 2,316,717 | 128,740 | ||||
Chesapeake Energy Corp. | 1,625,084 | 125,034 | ||||
NOV Inc. | 5,820,212 | 118,034 | ||||
Range Resources Corp. | 3,567,579 | 108,597 | ||||
* | Southwestern Energy Co. | 16,119,439 | 105,582 | |||
* | Weatherford International plc | 1,060,511 | 103,750 | |||
Chord Energy Corp. | 603,555 | 100,329 | ||||
* | Antero Resources Corp. | 4,184,095 | 94,895 | |||
Matador Resources Co. | 1,639,403 | 93,216 | ||||
Murphy Oil Corp. | 2,175,456 | 92,805 | ||||
Civitas Resources Inc. | 1,260,167 | 86,170 | ||||
ChampionX Corp. | 2,872,089 | 83,894 | ||||
Permian Resources Corp. Class A | 6,147,350 | 83,604 | ||||
DT Midstream Inc. | 1,430,739 | 78,404 | ||||
Noble Corp. plc | 1,601,645 | 77,135 | ||||
PBF Energy Inc. Class A | 1,606,346 | 70,615 | ||||
* | Transocean Ltd. | 10,555,233 | 67,026 | |||
SM Energy Co. | 1,717,498 | 66,502 | ||||
Equitrans Midstream Corp. | 6,412,270 | 65,277 | ||||
* | Valaris Ltd. | 924,805 | 63,414 |
Shares | Market Value• ($000) | |||||
Antero Midstream Corp. | 5,052,973 | 63,314 | ||||
Magnolia Oil & Gas Corp. Class A | 2,729,275 | 58,106 | ||||
Helmerich & Payne Inc. | 1,464,195 | 53,033 | ||||
California Resources Corp. | 946,368 | 51,747 | ||||
* | Tidewater Inc. | 715,835 | 51,619 | |||
Patterson-UTI Energy Inc. | 4,705,571 | 50,820 | ||||
Northern Oil & Gas Inc. | 1,343,815 | 49,815 | ||||
* | CNX Resources Corp. | 2,298,712 | 45,974 | |||
* | Kosmos Energy Ltd. | 6,783,272 | 45,516 | |||
Cactus Inc. Class A | 980,446 | 44,512 | ||||
CONSOL Energy Inc. | 411,207 | 41,339 | ||||
Liberty Energy Inc. Class A | 2,251,603 | 40,844 | ||||
Peabody Energy Corp. | 1,640,716 | 39,902 | ||||
* | Uranium Energy Corp. | 5,779,830 | 36,991 | |||
1 | New Fortress Energy Inc. | 979,034 | 36,939 | |||
* | Oceaneering International Inc. | 1,476,772 | 31,426 | |||
Archrock Inc. | 2,018,584 | 31,086 | ||||
* | Par Pacific Holdings Inc. | 824,765 | 29,997 | |||
Sitio Royalties Corp. Class A | 1,202,273 | 28,265 | ||||
* | Callon Petroleum Co. | 821,996 | 26,633 | |||
International Seaways Inc. | 555,006 | 25,242 | ||||
Delek US Holdings Inc. | 879,637 | 22,695 | ||||
* | Green Plains Inc. | 876,612 | 22,108 | |||
Dorian LPG Ltd. | 500,287 | 21,948 | ||||
* | Helix Energy Solutions Group Inc. | 2,069,104 | 21,270 | |||
* | Talos Energy Inc. | 1,476,278 | 21,007 | |||
World Kinect Corp. | 883,139 | 20,118 | ||||
* | Expro Group Holdings NV | 1,261,571 | 20,084 | |||
* | Diamond Offshore Drilling Inc. | 1,508,925 | 19,616 | |||
* | Gulfport Energy Corp. | 142,036 | 18,919 | |||
1 | Crescent Energy Co. Class A | 1,302,097 | 17,201 | |||
* | Vital Energy Inc. | 366,224 | 16,660 | |||
1 | Atlas Energy Solutions Inc. Class A | 810,405 | 13,955 | |||
* | US Silica Holdings Inc. | 1,147,048 | 12,973 | |||
CVR Energy Inc. | 425,764 | 12,901 | ||||
Core Laboratories Inc. | 697,667 | 12,321 | ||||
* | Dril-Quip Inc. | 524,456 | 12,204 | |||
Comstock Resources Inc. | 1,340,762 | 11,866 | ||||
Kinetik Holdings Inc. Class A | 330,458 | 11,037 | ||||
* | Nabors Industries Ltd. | 133,913 | 10,931 | |||
* | ProPetro Holding Corp. | 1,275,073 | 10,685 | |||
* | REX American Resources Corp. | 219,988 | 10,405 | |||
*,1 | Centrus Energy Corp. Class A | 190,100 | 10,343 | |||
* | Bristow Group Inc. Class A | 357,417 | 10,104 | |||
* | Clean Energy Fuels Corp. | 2,619,233 | 10,032 | |||
Select Water Solutions Inc. Class A | 1,222,669 | 9,280 | ||||
RPC Inc. | 1,218,528 | 8,871 | ||||
* | Newpark Resources Inc. | 1,192,184 | 7,916 | |||
* | TETRA Technologies Inc. | 1,732,538 | 7,831 | |||
Vitesse Energy Inc. | 341,584 | 7,477 | ||||
VAALCO Energy Inc. | 1,622,051 | 7,283 | ||||
Berry Corp. | 997,885 | 7,015 | ||||
* | SilverBow Resources Inc. | 239,935 | 6,977 | |||
*,1 | Tellurian Inc. | 9,000,672 | 6,801 | |||
SandRidge Energy Inc. | 494,769 | 6,763 | ||||
* | Oil States International Inc. | 974,850 | 6,619 | |||
*,1 | NextDecade Corp. | 1,195,035 | 5,700 | |||
* | DMC Global Inc. | 294,190 | 5,537 | |||
W&T Offshore Inc. | 1,503,507 | 4,901 | ||||
Kodiak Gas Services Inc. | 236,728 | 4,754 | ||||
Overseas Shipholding Group Inc. Class A | 894,321 | 4,713 | ||||
* | SEACOR Marine Holdings Inc. | 370,021 | 4,659 | |||
Excelerate Energy Inc. Class A | 288,833 | 4,465 | ||||
*,1 | Gevo Inc. | 3,824,818 | 4,437 | |||
*,1 | Vertex Energy Inc. | 1,257,698 | 4,264 | |||
1 | HighPeak Energy Inc. | 288,949 | 4,115 | |||
Solaris Oilfield Infrastructure Inc. Class A | 464,376 | 3,696 |
Shares | Market Value• ($000) | |||||
* | Hallador Energy Co. | 379,079 | 3,351 | |||
* | Amplify Energy Corp. | 548,319 | 3,252 | |||
* | Forum Energy Technologies Inc. | 144,970 | 3,214 | |||
* | Empire Petroleum Corp. | 273,797 | 3,009 | |||
*,1 | Aemetis Inc. | 524,228 | 2,747 | |||
* | ProFrac Holding Corp. Class A | 316,581 | 2,685 | |||
Evolution Petroleum Corp. | 446,295 | 2,593 | ||||
* | Natural Gas Services Group Inc. | 150,390 | 2,418 | |||
Granite Ridge Resources Inc. | 399,914 | 2,407 | ||||
FutureFuel Corp. | 393,445 | 2,392 | ||||
* | Geospace Technologies Corp. | 183,849 | 2,383 | |||
* | KLX Energy Services Holdings Inc. | 210,328 | 2,368 | |||
NACCO Industries Inc. Class A | 60,429 | 2,206 | ||||
Ranger Energy Services Inc. Class A | 200,156 | 2,048 | ||||
* | OPAL Fuels Inc. Class A | 299,547 | 1,654 | |||
Riley Exploration Permian Inc. | 59,317 | 1,616 | ||||
Epsilon Energy Ltd. | 276,469 | 1,404 | ||||
Adams Resources & Energy Inc. | 49,775 | 1,303 | ||||
PHX Minerals Inc. | 398,834 | 1,284 | ||||
* | Mammoth Energy Services Inc. | 283,444 | 1,264 | |||
*,1 | American Resources Corp. | 824,157 | 1,228 | |||
* | Smart Sand Inc. | 599,189 | 1,156 | |||
* | Ring Energy Inc. | 642,522 | 938 | |||
* | Profire Energy Inc. | 498,092 | 902 | |||
* | Gulf Island Fabrication Inc. | 207,420 | 898 | |||
* | PrimeEnergy Resources Corp. | 7,468 | 794 | |||
*,1 | Nine Energy Service Inc. | 274,731 | 736 | |||
Energy Services of America Corp. | 120,053 | 718 | ||||
* | Comstock Inc. | 1,044,524 | 572 | |||
* | Lightbridge Corp. | 162,218 | 521 | |||
1 | Enviva Inc. | 518,012 | 516 | |||
* | Battalion Oil Corp. | 53,142 | 511 | |||
*,1 | Independence Contract Drilling Inc. | 152,868 | 375 | |||
* | Houston American Energy Corp. | 164,070 | 294 | |||
*,1 | Camber Energy Inc. | 921,210 | 210 | |||
Barnwell Industries Inc. | 80,914 | 197 | ||||
* | Dawson Geophysical Co. | 106,125 | 194 | |||
* | NCS Multistage Holdings Inc. | 10,480 | 180 | |||
Mexco Energy Corp. | 17,490 | 160 | ||||
* | PEDEVCO Corp. | 185,738 | 143 | |||
* | Superior Drilling Products Inc. | 198,912 | 142 | |||
* | Stabilis Solutions Inc. | 27,744 | 115 | |||
* | Drilling Tools International Corp. | 34,328 | 110 | |||
1 | US Energy Corp. | 102,771 | 103 | |||
* | MIND Technology Inc. | 11,431 | 75 | |||
*,1 | Verde Clean Fuels Inc. | 29,389 | 69 | |||
*,1 | ENGlobal Corp. | 37,593 | 65 | |||
* | Clean Energy Technologies Inc. | 30,357 | 45 | |||
*,1 | Enservco Corp. | 107,717 | 27 | |||
* | EzFill Holdings Inc. | 6,718 | 11 | |||
*,1 | Vivakor Inc. | 4,688 | 5 | |||
*,1 | RiskOn International Inc. | 7,425 | 2 | |||
4,297,946 | ||||||
Financials (17.3%) | ||||||
KKR & Co. Inc. | 9,814,245 | 813,110 | ||||
* | Block Inc. Class A | 8,191,550 | 633,616 | |||
Apollo Global Management Inc. | 6,455,511 | 601,589 | ||||
* | Coinbase Global Inc. Class A | 2,533,184 | 440,571 | |||
Ares Management Corp. Class A | 2,496,941 | 296,936 | ||||
* | Markel Group Inc. | 193,437 | 274,661 | |||
LPL Financial Holdings Inc. | 1,117,918 | 254,460 | ||||
First Citizens BancShares Inc. Class A | 175,670 | 249,270 | ||||
Fidelity National Financial Inc. | 3,823,761 | 195,088 | ||||
* | Affirm Holdings Inc. Class A | 3,265,163 | 160,450 | |||
Reinsurance Group of America Inc. | 975,722 | 157,852 | ||||
Equitable Holdings Inc. | 4,675,341 | 155,689 | ||||
RenaissanceRe Holdings Ltd. | 777,992 | 152,486 |
Shares | Market Value• ($000) | |||||
Tradeweb Markets Inc. Class A | 1,677,406 | 152,443 | ||||
East West Bancorp Inc. | 2,074,978 | 149,295 | ||||
Annaly Capital Management Inc. | 7,372,564 | 142,807 | ||||
*,1 | SoFi Technologies Inc. | 14,193,122 | 141,222 | |||
Ally Financial Inc. | 3,991,595 | 139,386 | ||||
Interactive Brokers Group Inc. Class A | 1,579,119 | 130,909 | ||||
Carlyle Group Inc. | 3,192,101 | 129,887 | ||||
Webster Financial Corp. | 2,523,159 | 128,076 | ||||
Erie Indemnity Co. Class A | 369,854 | 123,872 | ||||
* | WEX Inc. | 632,156 | 122,986 | |||
Unum Group | 2,713,576 | 122,708 | ||||
First Horizon Corp. | 8,234,958 | 116,607 | ||||
American Financial Group Inc. | 969,205 | 115,229 | ||||
Old Republic International Corp. | 3,852,336 | 113,259 | ||||
Voya Financial Inc. | 1,542,677 | 112,554 | ||||
Morningstar Inc. | 385,414 | 110,321 | ||||
Kinsale Capital Group Inc. | 325,729 | 109,090 | ||||
New York Community Bancorp Inc. | 10,560,036 | 108,029 | ||||
Western Alliance Bancorp | 1,622,123 | 106,719 | ||||
Primerica Inc. | 518,648 | 106,717 | ||||
Stifel Financial Corp. | 1,507,845 | 104,267 | ||||
Cullen/Frost Bankers Inc. | 947,434 | 102,787 | ||||
* | Toast Inc. Class A | 5,543,016 | 101,215 | |||
Jefferies Financial Group Inc. | 2,481,292 | 100,269 | ||||
Pinnacle Financial Partners Inc. | 1,138,805 | 99,327 | ||||
First American Financial Corp. | 1,525,684 | 98,315 | ||||
* | Robinhood Markets Inc. Class A | 7,653,494 | 97,506 | |||
1 | AGNC Investment Corp. | 9,850,827 | 96,637 | |||
SouthState Corp. | 1,124,249 | 94,943 | ||||
Prosperity Bancshares Inc. | 1,388,219 | 94,024 | ||||
Commerce Bancshares Inc. | 1,757,714 | 93,880 | ||||
1 | Starwood Property Trust Inc. | 4,403,268 | 92,557 | |||
Houlihan Lokey Inc. Class A | 764,848 | 91,713 | ||||
SEI Investments Co. | 1,425,945 | 90,619 | ||||
Blue Owl Capital Inc. Class A | 6,008,959 | 89,533 | ||||
Selective Insurance Group Inc. | 896,641 | 89,198 | ||||
Evercore Inc. Class A | 512,452 | 87,655 | ||||
Popular Inc. | 1,066,953 | 87,565 | ||||
OneMain Holdings Inc. | 1,769,989 | 87,083 | ||||
Wintrust Financial Corp. | 908,343 | 84,249 | ||||
Essent Group Ltd. | 1,577,424 | 83,193 | ||||
Columbia Banking System Inc. | 3,090,524 | 82,455 | ||||
Synovus Financial Corp. | 2,145,427 | 80,775 | ||||
Cadence Bank | 2,699,388 | 79,875 | ||||
RLI Corp. | 595,519 | 79,275 | ||||
MGIC Investment Corp. | 4,082,638 | 78,754 | ||||
Bank OZK | 1,549,635 | 77,218 | ||||
Corebridge Financial Inc. | 3,551,463 | 76,925 | ||||
Affiliated Managers Group Inc. | 497,928 | 75,396 | ||||
United Bankshares Inc. | 1,997,374 | 75,001 | ||||
Rithm Capital Corp. | 7,010,253 | 74,870 | ||||
Old National Bancorp | 4,329,636 | 73,128 | ||||
FNB Corp. | 5,272,564 | 72,603 | ||||
Home BancShares Inc. | 2,775,575 | 70,305 | ||||
Valley National Bancorp | 6,303,697 | 68,458 | ||||
Glacier Bancorp Inc. | 1,655,960 | 68,424 | ||||
Lincoln National Corp. | 2,469,146 | 66,593 | ||||
* | Euronet Worldwide Inc. | 647,981 | 65,764 | |||
* | Ryan Specialty Holdings Inc. Class A | 1,505,296 | 64,758 | |||
Radian Group Inc. | 2,257,264 | 64,445 | ||||
Hanover Insurance Group Inc. | 529,161 | 64,251 | ||||
Western Union Co. | 5,375,653 | 64,078 | ||||
SLM Corp. | 3,345,658 | 63,969 | ||||
* | Mr Cooper Group Inc. | 974,859 | 63,483 | |||
Axis Capital Holdings Ltd. | 1,145,341 | 63,418 | ||||
* | Shift4 Payments Inc. Class A | 840,734 | 62,500 | |||
Hancock Whitney Corp. | 1,282,850 | 62,334 |
Shares | Market Value• ($000) | |||||
Hamilton Lane Inc. Class A | 540,099 | 61,269 | ||||
Assured Guaranty Ltd. | 799,511 | 59,827 | ||||
Janus Henderson Group plc | 1,973,542 | 59,502 | ||||
FirstCash Holdings Inc. | 547,133 | 59,304 | ||||
* | Enstar Group Ltd. | 197,280 | 58,069 | |||
Lazard Ltd. Class A | 1,665,726 | 57,967 | ||||
First Financial Bankshares Inc. | 1,910,841 | 57,898 | ||||
White Mountains Insurance Group Ltd. | 37,178 | 55,953 | ||||
Moelis & Co. Class A | 982,434 | 55,144 | ||||
Walker & Dunlop Inc. | 492,603 | 54,684 | ||||
1 | Blackstone Mortgage Trust Inc. Class A | 2,566,586 | 54,591 | |||
UMB Financial Corp. | 642,264 | 53,661 | ||||
Jackson Financial Inc. Class A | 1,038,198 | 53,156 | ||||
United Community Banks Inc. | 1,775,780 | 51,959 | ||||
* | American Equity Investment Life Holding Co. | 909,354 | 50,742 | |||
Ameris Bancorp | 951,093 | 50,455 | ||||
* | Brighthouse Financial Inc. | 944,451 | 49,980 | |||
*,1 | Credit Acceptance Corp. | 92,934 | 49,509 | |||
Cathay General Bancorp | 1,083,028 | 48,271 | ||||
ServisFirst Bancshares Inc. | 721,511 | 48,074 | ||||
Associated Banc-Corp | 2,183,703 | 46,709 | ||||
CNO Financial Group Inc. | 1,661,830 | 46,365 | ||||
* | Texas Capital Bancshares Inc. | 706,033 | 45,631 | |||
1 | Hannon Armstrong Sustainable Infrastructure Capital Inc. | 1,650,014 | 45,507 | |||
Artisan Partners Asset Management Inc. Class A | 1,010,124 | 44,627 | ||||
* | Marqeta Inc. Class A | 6,365,232 | 44,429 | |||
* | Genworth Financial Inc. Class A | 6,632,539 | 44,305 | |||
*,1 | Upstart Holdings Inc. | 1,079,742 | 44,118 | |||
Kemper Corp. | 889,827 | 43,308 | ||||
International Bancshares Corp. | 791,986 | 43,021 | ||||
Federated Hermes Inc. Class B | 1,269,090 | 42,971 | ||||
First Hawaiian Inc. | 1,876,298 | 42,892 | ||||
Bank of Hawaii Corp. | 586,160 | 42,473 | ||||
Independent Bank Corp. | 643,532 | 42,351 | ||||
1 | Arbor Realty Trust Inc. | 2,774,611 | 42,119 | |||
* | Axos Financial Inc. | 762,980 | 41,659 | |||
BGC Group Inc. Class A | 5,749,554 | 41,512 | ||||
First Bancorp | 2,520,783 | 41,467 | ||||
WSFS Financial Corp. | 894,092 | 41,066 | ||||
Pacific Premier Bancorp Inc. | 1,409,275 | 41,024 | ||||
Community Bank System Inc. | 785,432 | 40,929 | ||||
EVERTEC Inc. | 988,802 | 40,482 | ||||
Atlantic Union Bankshares Corp. | 1,099,416 | 40,173 | ||||
Fulton Financial Corp. | 2,407,834 | 39,633 | ||||
CVB Financial Corp. | 1,951,636 | 39,404 | ||||
* | Remitly Global Inc. | 2,026,130 | 39,347 | |||
Piper Sandler Cos. | 220,565 | 38,570 | ||||
TPG Inc. Class A | 880,529 | 38,012 | ||||
PennyMac Financial Services Inc. | 425,799 | 37,628 | ||||
First Interstate BancSystem Inc. Class A | 1,218,236 | 37,461 | ||||
Seacoast Banking Corp. of Florida | 1,289,666 | 36,704 | ||||
Simmons First National Corp. Class A | 1,846,708 | 36,639 | ||||
* | Flywire Corp. | 1,565,967 | 36,252 | |||
* | NMI Holdings Inc. Class A | 1,204,546 | 35,751 | |||
BankUnited Inc. | 1,094,317 | 35,489 | ||||
BOK Financial Corp. | 412,815 | 35,358 | ||||
PJT Partners Inc. Class A | 327,540 | 33,366 | ||||
First Financial Bancorp | 1,391,533 | 33,049 | ||||
Eastern Bankshares Inc. | 2,312,320 | 32,835 | ||||
First Merchants Corp. | 875,369 | 32,459 | ||||
WaFd Inc. | 945,861 | 31,176 | ||||
* | AvidXchange Holdings Inc. | 2,515,044 | 31,161 | |||
* | Bancorp Inc. | 797,065 | 30,735 | |||
Towne Bank | 1,027,189 | 30,569 | ||||
NBT Bancorp Inc. | 698,848 | 29,289 | ||||
* | StoneX Group Inc. | 394,557 | 29,130 |
Shares | Market Value• ($000) | |||||
Park National Corp. | 214,190 | 28,457 | ||||
Cohen & Steers Inc. | 374,487 | 28,360 | ||||
Renasant Corp. | 821,118 | 27,655 | ||||
WesBanco Inc. | 877,215 | 27,518 | ||||
* | Goosehead Insurance Inc. Class A | 359,128 | 27,222 | |||
Virtu Financial Inc. Class A | 1,326,852 | 26,882 | ||||
*,1 | Rocket Cos. Inc. Class A | 1,855,903 | 26,873 | |||
Banner Corp. | 501,512 | 26,861 | ||||
Independent Bank Group Inc. | 526,060 | 26,766 | ||||
Banc of California Inc. | 1,968,036 | 26,431 | ||||
OFG Bancorp | 692,829 | 25,967 | ||||
* | Triumph Financial Inc. | 319,418 | 25,611 | |||
Trustmark Corp. | 892,865 | 24,893 | ||||
City Holding Co. | 223,310 | 24,622 | ||||
Claros Mortgage Trust Inc. | 1,806,267 | 24,619 | ||||
Lakeland Financial Corp. | 377,661 | 24,608 | ||||
Federal Agricultural Mortgage Corp. Class C | 127,596 | 24,399 | ||||
Virtus Investment Partners Inc. | 100,657 | 24,335 | ||||
Enterprise Financial Services Corp. | 544,047 | 24,292 | ||||
* | NCR Atleos Corp. | 996,640 | 24,208 | |||
StepStone Group Inc. Class A | 758,697 | 24,149 | ||||
Bread Financial Holdings Inc. | 733,028 | 24,146 | ||||
* | Enova International Inc. | 436,037 | 24,139 | |||
* | Customers Bancorp Inc. | 417,733 | 24,070 | |||
Hilltop Holdings Inc. | 674,511 | 23,750 | ||||
Stewart Information Services Corp. | 402,816 | 23,665 | ||||
1 | Ready Capital Corp. | 2,300,189 | 23,577 | |||
Northwest Bancshares Inc. | 1,880,207 | 23,465 | ||||
Navient Corp. | 1,237,202 | 23,037 | ||||
First Commonwealth Financial Corp. | 1,491,474 | 23,028 | ||||
Nelnet Inc. Class A | 260,761 | 23,004 | ||||
* | Donnelley Financial Solutions Inc. | 364,938 | 22,761 | |||
* | BRP Group Inc. Class A | 946,753 | 22,741 | |||
Live Oak Bancshares Inc. | 492,462 | 22,407 | ||||
Apollo Commercial Real Estate Finance Inc. | 1,903,333 | 22,345 | ||||
First Bancorp (XNGS) | 601,987 | 22,280 | ||||
TriCo Bancshares | 511,298 | 21,970 | ||||
Westamerica Bancorp | 388,954 | 21,941 | ||||
Heartland Financial USA Inc. | 565,101 | 21,253 | ||||
Hope Bancorp Inc. | 1,738,276 | 20,998 | ||||
* | PROG Holdings Inc. | 670,848 | 20,736 | |||
* | Palomar Holdings Inc. | 373,435 | 20,726 | |||
FB Financial Corp. | 518,856 | 20,676 | ||||
Stock Yards Bancorp Inc. | 400,315 | 20,612 | ||||
BancFirst Corp. | 211,647 | 20,600 | ||||
National Bank Holdings Corp. Class A | 553,362 | 20,580 | ||||
Pathward Financial Inc. | 382,700 | 20,256 | ||||
Horace Mann Educators Corp. | 609,165 | 19,920 | ||||
* | Payoneer Global Inc. | 3,819,041 | 19,897 | |||
Provident Financial Services Inc. | 1,099,149 | 19,818 | ||||
S&T Bancorp Inc. | 590,943 | 19,749 | ||||
First Busey Corp. | 792,298 | 19,665 | ||||
Two Harbors Investment Corp. | 1,405,293 | 19,576 | ||||
PennyMac Mortgage Investment Trust | 1,303,728 | 19,491 | ||||
* | Oscar Health Inc. Class A | 2,104,635 | 19,257 | |||
Stellar Bancorp Inc. | 685,779 | 19,092 | ||||
Ladder Capital Corp. Class A | 1,652,775 | 19,023 | ||||
Sandy Spring Bancorp Inc. | 689,285 | 18,776 | ||||
* | Cannae Holdings Inc. | 951,449 | 18,563 | |||
Victory Capital Holdings Inc. Class A | 538,756 | 18,555 | ||||
Veritex Holdings Inc. | 797,089 | 18,548 | ||||
* | Encore Capital Group Inc. | 351,980 | 17,863 | |||
CNA Financial Corp. | 400,478 | 16,944 | ||||
MFA Financial Inc. | 1,496,314 | 16,863 | ||||
Safety Insurance Group Inc. | 219,487 | 16,679 | ||||
Merchants Bancorp | 391,293 | 16,661 | ||||
Chimera Investment Corp. | 3,324,247 | 16,588 |
Shares | Market Value• ($000) | |||||
Franklin BSP Realty Trust Inc. | 1,218,586 | 16,463 | ||||
Peoples Bancorp Inc. | 483,837 | 16,334 | ||||
* | Skyward Specialty Insurance Group Inc. | 479,191 | 16,235 | |||
*,1 | Trupanion Inc. | 527,419 | 16,092 | |||
Origin Bancorp Inc. | 450,818 | 16,036 | ||||
National Western Life Group Inc. Class A | 32,960 | 15,920 | ||||
* | SiriusPoint Ltd. | 1,321,269 | 15,327 | |||
Berkshire Hills Bancorp Inc. | 614,915 | 15,268 | ||||
OceanFirst Financial Corp. | 875,977 | 15,207 | ||||
QCR Holdings Inc. | 260,129 | 15,189 | ||||
* | PRA Group Inc. | 579,350 | 15,179 | |||
*,1 | Lemonade Inc. | 936,194 | 15,101 | |||
Nicolet Bankshares Inc. | 185,981 | 14,968 | ||||
Employers Holdings Inc. | 379,671 | 14,959 | ||||
1 | Ellington Financial Inc. | 1,165,705 | 14,816 | |||
Mercury General Corp. | 395,016 | 14,738 | ||||
BrightSpire Capital Inc. Class A | 1,951,484 | 14,519 | ||||
1 | ARMOUR Residential REIT Inc. | 743,946 | 14,373 | |||
Brookline Bancorp Inc. | 1,315,560 | 14,353 | ||||
* | LendingClub Corp. | 1,618,414 | 14,145 | |||
German American Bancorp Inc. | 432,732 | 14,025 | ||||
Lakeland Bancorp Inc. | 939,523 | 13,896 | ||||
Eagle Bancorp Inc. | 459,507 | 13,850 | ||||
AMERISAFE Inc. | 290,880 | 13,607 | ||||
Dime Community Bancshares Inc. | 503,172 | 13,550 | ||||
1st Source Corp. | 241,441 | 13,267 | ||||
Premier Financial Corp. | 548,726 | 13,224 | ||||
Southside Bancshares Inc. | 420,278 | 13,163 | ||||
Preferred Bank | 179,281 | 13,096 | ||||
Redwood Trust Inc. | 1,753,092 | 12,990 | ||||
Enact Holdings Inc. | 441,260 | 12,748 | ||||
* | Open Lending Corp. | 1,476,335 | 12,564 | |||
First Bancshares Inc. | 426,202 | 12,501 | ||||
Capitol Federal Financial Inc. | 1,923,023 | 12,403 | ||||
ConnectOne Bancorp Inc. | 537,336 | 12,310 | ||||
F&G Annuities & Life Inc. | 267,490 | 12,305 | ||||
First Mid Bancshares Inc. | 347,262 | 12,036 | ||||
WisdomTree Inc. | 1,722,621 | 11,938 | ||||
KKR Real Estate Finance Trust Inc. | 882,387 | 11,674 | ||||
Tompkins Financial Corp. | 193,772 | 11,671 | ||||
New York Mortgage Trust Inc. | 1,358,928 | 11,592 | ||||
* | International Money Express Inc. | 523,834 | 11,571 | |||
* | Ambac Financial Group Inc. | 695,050 | 11,454 | |||
Bank First Corp. | 124,322 | 10,774 | ||||
Heritage Financial Corp. | 501,794 | 10,733 | ||||
TFS Financial Corp. | 727,708 | 10,690 | ||||
1 | UWM Holdings Corp. Class A | 1,477,057 | 10,561 | |||
ProAssurance Corp. | 754,883 | 10,410 | ||||
Amerant Bancorp Inc. Class A | 418,223 | 10,276 | ||||
Community Trust Bancorp Inc. | 233,917 | 10,260 | ||||
Byline Bancorp Inc. | 435,172 | 10,253 | ||||
Dynex Capital Inc. | 800,505 | 10,022 | ||||
* | Repay Holdings Corp. Class A | 1,151,557 | 9,834 | |||
* | AssetMark Financial Holdings Inc. | 324,642 | 9,723 | |||
Old Second Bancorp Inc. | 628,637 | 9,706 | ||||
Brightsphere Investment Group Inc. | 500,936 | 9,598 | ||||
Business First Bancshares Inc. | 379,259 | 9,349 | ||||
Midland States Bancorp Inc. | 338,440 | 9,327 | ||||
* | Metropolitan Bank Holding Corp. | 167,115 | 9,255 | |||
First Community Bankshares Inc. | 249,094 | 9,241 | ||||
Hanmi Financial Corp. | 474,120 | 9,198 | ||||
Heritage Commerce Corp. | 924,810 | 9,174 | ||||
Univest Financial Corp. | 416,366 | 9,173 | ||||
* | NerdWallet Inc. Class A | 608,608 | 8,959 | |||
Horizon Bancorp Inc. | 625,516 | 8,951 | ||||
Camden National Corp. | 237,527 | 8,938 | ||||
* | CrossFirst Bankshares Inc. | 657,435 | 8,928 |
Shares | Market Value• ($000) | |||||
Cass Information Systems Inc. | 195,126 | 8,790 | ||||
Cambridge Bancorp | 123,173 | 8,548 | ||||
Washington Trust Bancorp Inc. | 263,756 | 8,540 | ||||
Independent Bank Corp. (Michigan) | 327,992 | 8,534 | ||||
TrustCo Bank Corp. | 273,563 | 8,494 | ||||
Central Pacific Financial Corp. | 420,936 | 8,284 | ||||
Mercantile Bank Corp. | 200,736 | 8,106 | ||||
1 | A-Mark Precious Metals Inc. | 266,157 | 8,051 | |||
Ares Commercial Real Estate Corp. | 776,661 | 8,046 | ||||
Kearny Financial Corp. | 892,481 | 8,006 | ||||
Flushing Financial Corp. | 483,274 | 7,964 | ||||
* | Columbia Financial Inc. | 408,533 | 7,877 | |||
* | Coastal Financial Corp. | 176,352 | 7,832 | |||
1 | HCI Group Inc. | 88,678 | 7,750 | |||
Farmers National Banc Corp. | 536,169 | 7,748 | ||||
Republic Bancorp Inc. Class A | 139,443 | 7,692 | ||||
Perella Weinberg Partners Class A | 628,273 | 7,684 | ||||
Diamond Hill Investment Group Inc. | 46,332 | 7,672 | ||||
* | I3 Verticals Inc. Class A | 361,242 | 7,647 | |||
Peapack-Gladstone Financial Corp. | 254,277 | 7,583 | ||||
1 | Orchid Island Capital Inc. | 899,093 | 7,579 | |||
American National Bankshares Inc. | 152,480 | 7,433 | ||||
Southern Missouri Bancorp Inc. | 137,592 | 7,346 | ||||
First Financial Corp. | 168,086 | 7,233 | ||||
First Foundation Inc. | 746,965 | 7,231 | ||||
CNB Financial Corp. | 317,101 | 7,163 | ||||
Northfield Bancorp Inc. | 568,991 | 7,158 | ||||
Bar Harbor Bankshares | 242,276 | 7,113 | ||||
United Fire Group Inc. | 351,882 | 7,080 | ||||
Great Southern Bancorp Inc. | 119,276 | 7,079 | ||||
Amalgamated Financial Corp. | 262,251 | 7,065 | ||||
* | Green Dot Corp. Class A | 698,730 | 6,917 | |||
HarborOne Bancorp Inc. | 571,808 | 6,850 | ||||
* | World Acceptance Corp. | 52,039 | 6,793 | |||
Capital City Bank Group Inc. | 228,680 | 6,730 | ||||
* | Cantaloupe Inc. | 906,356 | 6,716 | |||
Shore Bancshares Inc. | 469,235 | 6,687 | ||||
* | EZCORP Inc. Class A | 763,399 | 6,672 | |||
Equity Bancshares Inc. Class A | 196,324 | 6,655 | ||||
Arrow Financial Corp. | 238,003 | 6,650 | ||||
P10 Inc. Class A | 641,892 | 6,560 | ||||
TPG RE Finance Trust Inc. | 995,047 | 6,468 | ||||
Invesco Mortgage Capital Inc. | 689,915 | 6,113 | ||||
Hingham Institution For Savings | 31,039 | 6,034 | ||||
Summit Financial Group Inc. | 195,596 | 6,003 | ||||
HomeTrust Bancshares Inc. | 222,554 | 5,991 | ||||
Metrocity Bankshares Inc. | 248,335 | 5,965 | ||||
MidWestOne Financial Group Inc. | 221,299 | 5,955 | ||||
Tiptree Inc. Class A | 311,448 | 5,905 | ||||
1 | Burke & Herbert Financial Services Corp. | 93,348 | 5,872 | |||
Macatawa Bank Corp. | 508,999 | 5,742 | ||||
Universal Insurance Holdings Inc. | 356,462 | 5,696 | ||||
ACNB Corp. | 126,982 | 5,684 | ||||
Alerus Financial Corp. | 248,710 | 5,569 | ||||
James River Group Holdings Ltd. | 598,900 | 5,534 | ||||
Northeast Bank | 98,294 | 5,425 | ||||
GCM Grosvenor Inc. Class A | 600,784 | 5,383 | ||||
* | Forge Global Holdings Inc. | 1,554,121 | 5,331 | |||
SmartFinancial Inc. | 211,954 | 5,191 | ||||
1 | B. Riley Financial Inc. | 246,729 | 5,179 | |||
Granite Point Mortgage Trust Inc. | 871,777 | 5,178 | ||||
Esquire Financial Holdings Inc. | 103,407 | 5,166 | ||||
Citizens & Northern Corp. | 225,043 | 5,048 | ||||
* | Moneylion Inc. | 79,895 | 5,009 | |||
* | Carter Bankshares Inc. | 334,514 | 5,008 | |||
Capstar Financial Holdings Inc. | 265,424 | 4,974 | ||||
Mid Penn Bancorp Inc. | 204,439 | 4,964 |
Shares | Market Value• ($000) | |||||
1 | NewtekOne Inc. | 350,809 | 4,841 | |||
* | LendingTree Inc. | 158,617 | 4,809 | |||
Financial Institutions Inc. | 224,124 | 4,774 | ||||
HBT Financial Inc. | 222,075 | 4,688 | ||||
* | Bridgewater Bancshares Inc. | 342,495 | 4,631 | |||
Home Bancorp Inc. | 110,046 | 4,623 | ||||
Federal Agricultural Mortgage Corp. Class A | 29,419 | 4,622 | ||||
* | Paymentus Holdings Inc. Class A | 258,184 | 4,614 | |||
South Plains Financial Inc. | 158,578 | 4,592 | ||||
Orrstown Financial Services Inc. | 155,308 | 4,582 | ||||
Peoples Financial Services Corp. | 93,073 | 4,533 | ||||
* | Southern First Bancshares Inc. | 122,020 | 4,527 | |||
Northrim Bancorp Inc. | 78,554 | 4,494 | ||||
* | Greenlight Capital Re Ltd. Class A | 389,372 | 4,447 | |||
First Bank | 299,982 | 4,410 | ||||
FS Bancorp Inc. | 119,191 | 4,405 | ||||
Bridge Investment Group Holdings Inc. Class A | 437,436 | 4,278 | ||||
Sierra Bancorp | 189,219 | 4,267 | ||||
Northeast Community Bancorp Inc. | 239,956 | 4,257 | ||||
First of Long Island Corp. | 319,955 | 4,236 | ||||
Oppenheimer Holdings Inc. Class A | 102,492 | 4,235 | ||||
West Bancorp Inc. | 199,380 | 4,227 | ||||
John Marshall Bancorp Inc. | 184,802 | 4,169 | ||||
BayCom Corp. | 175,600 | 4,142 | ||||
MBIA Inc. | 673,006 | 4,119 | ||||
Five Star Bancorp | 155,233 | 4,064 | ||||
Bank of Marin Bancorp | 183,391 | 4,038 | ||||
Citizens Financial Services Inc. | 61,514 | 3,981 | ||||
Guaranty Bancshares Inc. | 118,344 | 3,979 | ||||
Farmers & Merchants Bancorp Inc. | 159,712 | 3,961 | ||||
First Business Financial Services Inc. | 96,456 | 3,868 | ||||
Civista Bancshares Inc. | 208,665 | 3,848 | ||||
Enterprise Bancorp Inc. | 118,864 | 3,835 | ||||
*,1 | Better Home & Finance Holding Co. | 4,616,288 | 3,769 | |||
Waterstone Financial Inc. | 264,044 | 3,749 | ||||
Red River Bancshares Inc. | 65,999 | 3,703 | ||||
RBB Bancorp | 192,099 | 3,658 | ||||
Primis Financial Corp. | 286,218 | 3,624 | ||||
* | Third Coast Bancshares Inc. | 181,078 | 3,598 | |||
Regional Management Corp. | 142,217 | 3,567 | ||||
Timberland Bancorp Inc. | 113,358 | 3,566 | ||||
Fidelity D&D Bancorp Inc. | 61,342 | 3,560 | ||||
* | Blue Foundry Bancorp | 366,870 | 3,548 | |||
MVB Financial Corp. | 156,736 | 3,536 | ||||
Crawford & Co. Class B | 265,090 | 3,467 | ||||
Investors Title Co. | 21,248 | 3,445 | ||||
* | eHealth Inc. | 393,743 | 3,433 | |||
Codorus Valley Bancorp Inc. | 133,541 | 3,432 | ||||
* | Heritage Insurance Holdings Inc. | 522,196 | 3,405 | |||
Colony Bankcorp Inc. | 255,862 | 3,403 | ||||
Orange County Bancorp Inc. | 56,424 | 3,399 | ||||
*,1 | Hagerty Inc. Class A | 421,916 | 3,291 | |||
Norwood Financial Corp. | 99,904 | 3,288 | ||||
Middlefield Banc Corp. | 101,429 | 3,283 | ||||
PCB Bancorp | 176,970 | 3,262 | ||||
First Bancorp Inc. | 115,481 | 3,259 | ||||
AG Mortgage Investment Trust Inc. | 505,496 | 3,210 | ||||
Chicago Atlantic Real Estate Finance Inc. | 198,268 | 3,208 | ||||
* | Ponce Financial Group Inc. | 322,732 | 3,150 | |||
1 | Angel Oak Mortgage REIT Inc. | 296,836 | 3,146 | |||
Central Valley Community Bancorp | 139,636 | 3,121 | ||||
C&F Financial Corp. | 44,566 | 3,039 | ||||
Plumas Bancorp | 73,314 | 3,032 | ||||
*,1 | AlTi Global Inc. | 345,322 | 3,025 | |||
Capital Bancorp Inc. | 122,877 | 2,974 | ||||
* | Southern California Bancorp | 170,797 | 2,963 | |||
BCB Bancorp Inc. | 227,746 | 2,927 |
Shares | Market Value• ($000) | |||||
First Internet Bancorp | 117,894 | 2,852 | ||||
* | Ocwen Financial Corp. | 92,076 | 2,832 | |||
AFC Gamma Inc. | 235,118 | 2,828 | ||||
*,1 | American Coastal Insurance Corp. | 293,947 | 2,781 | |||
Oak Valley Bancorp | 92,100 | 2,758 | ||||
LINKBANCORP Inc. | 345,977 | 2,757 | ||||
HomeStreet Inc. | 267,514 | 2,755 | ||||
Ames National Corp. | 128,938 | 2,752 | ||||
Bankwell Financial Group Inc. | 90,469 | 2,730 | ||||
Parke Bancorp Inc. | 134,688 | 2,727 | ||||
Princeton Bancorp Inc. | 75,716 | 2,718 | ||||
* | Atlanticus Holdings Corp. | 70,011 | 2,707 | |||
National Bankshares Inc. | 83,624 | 2,705 | ||||
ChoiceOne Financial Services Inc. | 92,210 | 2,702 | ||||
Southern States Bancshares Inc. | 91,779 | 2,687 | ||||
Greene County Bancorp Inc. | 94,636 | 2,669 | ||||
Western New England Bancorp Inc. | 293,220 | 2,639 | ||||
Chemung Financial Corp. | 52,844 | 2,632 | ||||
* | FVCBankcorp Inc. | 184,619 | 2,622 | |||
*,1 | Bakkt Holdings Inc. | 1,170,281 | 2,610 | |||
Evans Bancorp Inc. | 81,839 | 2,580 | ||||
* | California Bancorp | 104,001 | 2,575 | |||
* | loanDepot Inc. Class A | 730,250 | 2,570 | |||
ESSA Bancorp Inc. | 125,382 | 2,510 | ||||
Medallion Financial Corp. | 254,706 | 2,509 | ||||
Donegal Group Inc. Class A | 178,372 | 2,495 | ||||
* | Selectquote Inc. | 1,811,793 | 2,482 | |||
Unity Bancorp Inc. | 82,977 | 2,455 | ||||
* | Provident Bancorp Inc. | 242,279 | 2,440 | |||
* | Velocity Financial Inc. | 138,380 | 2,383 | |||
* | Acacia Research Corp. | 604,723 | 2,371 | |||
Seven Hills Realty Trust | 180,973 | 2,342 | ||||
First Northwest Bancorp | 144,883 | 2,309 | ||||
* | Maiden Holdings Ltd. | 1,008,288 | 2,309 | |||
First United Corp. | 97,981 | 2,304 | ||||
Hawthorn Bancshares Inc. | 90,769 | 2,303 | ||||
*,1 | Kingsway Financial Services Inc. | 271,673 | 2,282 | |||
Virginia National Bankshares Corp. | 66,254 | 2,278 | ||||
First Community Corp. | 104,001 | 2,239 | ||||
1 | BV Financial Inc. | 157,520 | 2,234 | |||
Sachem Capital Corp. | 587,332 | 2,197 | ||||
MainStreet Bancshares Inc. | 87,327 | 2,167 | ||||
Penns Woods Bancorp Inc. | 95,148 | 2,142 | ||||
LCNB Corp. | 135,142 | 2,131 | ||||
Nexpoint Real Estate Finance Inc. | 132,816 | 2,092 | ||||
OP Bancorp | 187,294 | 2,051 | ||||
* | Finwise Bancorp | 142,628 | 2,041 | |||
Silvercrest Asset Management Group Inc. Class A | 119,306 | 2,028 | ||||
*,1 | Hippo Holdings Inc. | 220,076 | 2,007 | |||
Peoples Bancorp of North Carolina Inc. | 66,460 | 2,006 | ||||
Meridian Corp. | 143,789 | 1,999 | ||||
William Penn Bancorp | 163,334 | 1,994 | ||||
Great Ajax Corp. | 372,803 | 1,976 | ||||
* | Security National Financial Corp. Class A | 218,152 | 1,963 | |||
BankFinancial Corp. | 185,100 | 1,899 | ||||
Riverview Bancorp Inc. | 296,607 | 1,898 | ||||
* | First Western Financial Inc. | 95,670 | 1,897 | |||
Investar Holding Corp. | 122,875 | 1,832 | ||||
1 | Associated Capital Group Inc. Class A | 51,110 | 1,825 | |||
Franklin Financial Services Corp. | 57,198 | 1,805 | ||||
* | Luther Burbank Corp. | 167,843 | 1,798 | |||
Richmond Mutual Bancorp Inc. | 155,139 | 1,786 | ||||
Ellington Residential Mortgage REIT | 282,174 | 1,730 | ||||
1 | Cherry Hill Mortgage Investment Corp. | 426,678 | 1,724 | |||
Crawford & Co. Class A | 129,758 | 1,710 | ||||
Citizens Community Bancorp Inc. | 145,525 | 1,704 | ||||
*,1 | Citizens Inc. Class A | 626,169 | 1,684 |
Shares | Market Value• ($000) | |||||
* | ECB Bancorp Inc. | 133,850 | 1,676 | |||
First National Corp. | 76,797 | 1,670 | ||||
Hanover Bancorp Inc. | 93,997 | 1,658 | ||||
FNCB Bancorp Inc. | 236,131 | 1,603 | ||||
* | Sterling Bancorp Inc. | 269,676 | 1,556 | |||
*,1 | SR Bancorp Inc. | 161,257 | 1,542 | |||
* | USCB Financial Holdings Inc. | 125,822 | 1,541 | |||
* | Oportun Financial Corp. | 391,650 | 1,531 | |||
SB Financial Group Inc. | 99,089 | 1,510 | ||||
* | NI Holdings Inc. | 115,761 | 1,504 | |||
Territorial Bancorp Inc. | 133,227 | 1,485 | ||||
United Security Bancshares | 173,552 | 1,460 | ||||
CB Financial Services Inc. | 60,900 | 1,451 | ||||
Eagle Bancorp Montana Inc. | 91,045 | 1,438 | ||||
Union Bankshares Inc. | 46,833 | 1,435 | ||||
Westwood Holdings Group Inc. | 113,259 | 1,424 | ||||
First Financial Northwest Inc. | 103,807 | 1,399 | ||||
* | Paysign Inc. | 496,392 | 1,390 | |||
HMN Financial Inc. | 58,871 | 1,354 | ||||
Bank7 Corp. | 49,485 | 1,353 | ||||
* | Consumer Portfolio Services Inc. | 143,922 | 1,349 | |||
First Savings Financial Group Inc. | 78,751 | 1,323 | ||||
Lument Finance Trust Inc. | 561,340 | 1,308 | ||||
Community West Bancshares | 73,860 | 1,284 | ||||
Guild Holdings Co. Class A | 89,635 | 1,263 | ||||
CF Bankshares Inc. | 62,612 | 1,232 | ||||
*,1 | Caret Holdings Inc. Class A | 115,414 | 1,210 | |||
First Capital Inc. | 44,229 | 1,207 | ||||
* | Heritage Global Inc. | 432,887 | 1,203 | |||
Ohio Valley Banc Corp. | 52,282 | 1,202 | ||||
Finward Bancorp | 47,585 | 1,190 | ||||
Provident Financial Holdings Inc. | 92,550 | 1,167 | ||||
* | SWK Holdings Corp. | 65,383 | 1,146 | |||
*,1 | OppFi Inc. | 221,110 | 1,132 | |||
Magyar Bancorp Inc. | 97,998 | 1,098 | ||||
* | Pioneer Bancorp Inc. | 106,991 | 1,071 | |||
MarketWise Inc. | 392,321 | 1,071 | ||||
* | Catalyst Bancorp Inc. | 96,306 | 1,044 | |||
Sound Financial Bancorp Inc. | 26,610 | 1,038 | ||||
Summit State Bank | 84,229 | 1,011 | ||||
First Guaranty Bancshares Inc. | 90,349 | 1,005 | ||||
* | ACRES Commercial Realty Corp. | 103,938 | 1,000 | |||
Old Point Financial Corp. | 54,136 | 960 | ||||
Landmark Bancorp Inc. | 49,361 | 957 | ||||
* | GoHealth Inc. Class A | 70,226 | 937 | |||
* | Priority Technology Holdings Inc. | 258,431 | 920 | |||
Bank of the James Financial Group Inc. | 76,015 | 914 | ||||
* | Affinity Bancshares Inc. | 55,412 | 885 | |||
United Bancorp Inc. | 67,493 | 860 | ||||
First US Bancshares Inc. | 79,463 | 844 | ||||
* | Rhinebeck Bancorp Inc. | 100,699 | 811 | |||
* | 1895 Bancorp of Wisconsin Inc. | 113,359 | 784 | |||
AmeriServ Financial Inc. | 234,364 | 758 | ||||
* | Nicholas Financial Inc. | 107,044 | 731 | |||
Bayfirst Financial Corp. | 56,203 | 728 | ||||
Cullman Bancorp Inc. | 63,750 | 686 | ||||
Blue Ridge Bankshares Inc. | 210,890 | 639 | ||||
US Global Investors Inc. Class A | 226,209 | 638 | ||||
Auburn National Bancorp Inc. | 29,637 | 631 | ||||
TC Bancshares Inc. | 46,125 | 631 | ||||
IF Bancorp Inc. | 37,943 | 612 | ||||
* | Generations Bancorp NY Inc. | 58,856 | 601 | |||
Value Line Inc. | 10,321 | 503 | ||||
Pathfinder Bancorp Inc. | 36,034 | 498 | ||||
* | Finance of America Cos. Inc. Class A | 445,632 | 490 | |||
Manhattan Bridge Capital Inc. | 97,338 | 484 | ||||
* | Katapult Holdings Inc. | 43,485 | 475 |
Shares | Market Value• ($000) | |||||
First Seacoast Bancorp | 62,608 | 473 | ||||
*,1 | Beneficient Class A | 962,056 | 468 | |||
* | Usio Inc. | 234,439 | 403 | |||
Hennessy Advisors Inc. | 58,395 | 392 | ||||
* | Broadway Financial Corp. | 58,791 | 390 | |||
* | Bright Health Group Inc. | 47,738 | 364 | |||
* | FlexShopper Inc. | 194,566 | 325 | |||
*,1 | AppTech Payments Corp. | 149,801 | 298 | |||
* | BM Technologies Inc. | 144,374 | 296 | |||
* | Vericity Inc. | 26,227 | 293 | |||
* | Bogota Financial Corp. | 34,929 | 281 | |||
Texas Community Bancshares Inc. | 20,004 | 281 | ||||
* | Kingstone Cos. Inc. | 123,172 | 262 | |||
*,1 | Siebert Financial Corp. | 150,413 | 253 | |||
* | OptimumBank Holdings Inc. | 59,642 | 248 | |||
* | Curo Group Holdings Corp. | 301,842 | 241 | |||
Kentucky First Federal Bancorp | 53,070 | 237 | ||||
* | NSTS Bancorp Inc. | 25,211 | 237 | |||
Atlantic American Corp. | 88,541 | 211 | ||||
Safeguard Scientifics Inc. | 237,965 | 187 | ||||
*,1 | Marpai Inc. Class A | 96,992 | 170 | |||
* | PB Bankshares Inc. | 13,314 | 167 | |||
Home Federal Bancorp Inc. of Louisiana | 10,855 | 161 | ||||
* | Ryvyl Inc. | 35,394 | 148 | |||
* | Carver Bancorp Inc. | 71,288 | 140 | |||
Village Bank & Trust Financial Corp. | 3,075 | 123 | ||||
*,1 | OLB Group Inc. | 112,818 | 120 | |||
* | Income Opportunity Realty Investors Inc. | 8,889 | 119 | |||
* | Ashford Inc. | 25,046 | 92 | |||
* | Oxbridge Re Holdings Ltd. | 85,132 | 90 | |||
Glen Burnie Bancorp | 12,750 | 78 | ||||
* | FG Financial Group Inc. | 47,116 | 73 | |||
* | Patriot National Bancorp Inc. | 18,164 | 70 | |||
*,1 | LM Funding America Inc. | 99,032 | 61 | |||
* | Lake Shore Bancorp Inc. | 4,543 | 53 | |||
*,1 | SHF Holdings Inc. | 37,415 | 53 | |||
* | Hallmark Financial Services Inc. | 44,543 | 45 | |||
Cohen & Co. Inc. | 4,688 | 31 | ||||
*,1 | Central Plains Bancshares Inc. | 3,046 | 31 | |||
*,1 | Sezzle Inc. | 1,414 | 29 | |||
* | ICC Holdings Inc. | 1,786 | 27 | |||
*,1 | Conifer Holdings Inc. | 25,019 | 26 | |||
* | Reliance Global Group Inc. | 40,514 | 22 | |||
*,1 | Netcapital Inc. | 52,818 | 11 | |||
* | CFSB Bancorp Inc. | 1,166 | 7 | |||
* | Mill City Ventures III Ltd. | 492 | 1 | |||
* | Marygold Cos. Inc. | 81 | — | |||
16,822,862 | ||||||
Health Care (11.8%) | ||||||
* | Veeva Systems Inc. Class A | 2,160,260 | 415,893 | |||
* | Alnylam Pharmaceuticals Inc. | 1,857,453 | 355,535 | |||
* | BioMarin Pharmaceutical Inc. | 2,778,508 | 267,904 | |||
* | Avantor Inc. | 10,009,199 | 228,510 | |||
* | Exact Sciences Corp. | 2,673,070 | 197,754 | |||
* | Neurocrine Biosciences Inc. | 1,449,469 | 190,982 | |||
* | Karuna Therapeutics Inc. | 528,202 | 167,181 | |||
Royalty Pharma plc Class A | 5,657,156 | 158,910 | ||||
* | United Therapeutics Corp. | 691,811 | 152,122 | |||
* | Penumbra Inc. | 570,848 | 143,591 | |||
* | Repligen Corp. | 768,353 | 138,150 | |||
* | Sarepta Therapeutics Inc. | 1,382,099 | 133,276 | |||
Chemed Corp. | 222,962 | 130,377 | ||||
* | Cytokinetics Inc. | 1,470,192 | 122,746 | |||
* | Jazz Pharmaceuticals plc | 930,162 | 114,410 | |||
* | Tenet Healthcare Corp. | 1,502,690 | 113,558 | |||
* | Exelixis Inc. | 4,598,447 | 110,317 | |||
* | Elanco Animal Health Inc. | 7,277,489 | 108,435 |
Shares | Market Value• ($000) | |||||
* | Ionis Pharmaceuticals Inc. | 2,113,781 | 106,936 | |||
* | ImmunoGen Inc. | 3,584,179 | 106,271 | |||
* | Acadia Healthcare Co. Inc. | 1,363,578 | 106,032 | |||
* | Medpace Holdings Inc. | 345,721 | 105,974 | |||
* | Natera Inc. | 1,678,193 | 105,122 | |||
* | Shockwave Medical Inc. | 547,918 | 104,411 | |||
Bruker Corp. | 1,371,516 | 100,779 | ||||
Encompass Health Corp. | 1,487,877 | 99,271 | ||||
* | Intra-Cellular Therapies Inc. | 1,322,189 | 94,695 | |||
Ensign Group Inc. | 834,653 | 93,656 | ||||
* | Globus Medical Inc. Class A | 1,712,140 | 91,240 | |||
* | Apellis Pharmaceuticals Inc. | 1,510,528 | 90,420 | |||
* | Inspire Medical Systems Inc. | 437,495 | 89,000 | |||
* | Option Care Health Inc. | 2,621,818 | 88,329 | |||
* | 10X Genomics Inc. Class A | 1,542,689 | 86,329 | |||
* | HealthEquity Inc. | 1,266,880 | 83,994 | |||
* | Blueprint Medicines Corp. | 897,108 | 82,749 | |||
* | Vaxcyte Inc. | 1,297,528 | 81,485 | |||
* | Masimo Corp. | 661,072 | 77,484 | |||
* | Bridgebio Pharma Inc. | 1,913,425 | 77,245 | |||
*,1 | CRISPR Therapeutics AG | 1,180,348 | 73,890 | |||
* | Halozyme Therapeutics Inc. | 1,950,336 | 72,084 | |||
* | Alkermes plc | 2,457,722 | 68,177 | |||
* | Insmed Inc. | 2,115,162 | 65,549 | |||
* | Merit Medical Systems Inc. | 851,939 | 64,713 | |||
Perrigo Co. plc | 2,010,745 | 64,706 | ||||
* | Haemonetics Corp. | 751,477 | 64,259 | |||
* | Lantheus Holdings Inc. | 1,013,601 | 62,843 | |||
* | Envista Holdings Corp. | 2,561,192 | 61,622 | |||
* | Ultragenyx Pharmaceutical Inc. | 1,245,373 | 59,554 | |||
* | Neogen Corp. | 2,908,603 | 58,492 | |||
* | Azenta Inc. | 893,200 | 58,183 | |||
* | Glaukos Corp. | 719,552 | 57,197 | |||
* | Evolent Health Inc. Class A | 1,721,128 | 56,849 | |||
* | Amicus Therapeutics Inc. | 3,985,172 | 56,550 | |||
* | agilon health Inc. | 4,467,958 | 56,073 | |||
* | Roivant Sciences Ltd. | 4,945,232 | 55,535 | |||
* | Cerevel Therapeutics Holdings Inc. | 1,307,710 | 55,447 | |||
* | ACADIA Pharmaceuticals Inc. | 1,763,726 | 55,222 | |||
Organon & Co. | 3,797,487 | 54,760 | ||||
* | REVOLUTION Medicines Inc. | 1,907,787 | 54,715 | |||
* | QuidelOrtho Corp. | 735,956 | 54,240 | |||
* | Madrigal Pharmaceuticals Inc. | 230,050 | 53,229 | |||
* | Teladoc Health Inc. | 2,454,306 | 52,890 | |||
* | Mirati Therapeutics Inc. | 867,446 | 50,962 | |||
CONMED Corp. | 453,242 | 49,635 | ||||
* | Doximity Inc. Class A | 1,760,371 | 49,361 | |||
* | Inari Medical Inc. | 756,542 | 49,115 | |||
* | Integer Holdings Corp. | 491,096 | 48,658 | |||
* | iRhythm Technologies Inc. | 452,507 | 48,436 | |||
* | Arrowhead Pharmaceuticals Inc. | 1,580,055 | 48,350 | |||
* | Guardant Health Inc. | 1,744,191 | 47,180 | |||
* | Axonics Inc. | 747,371 | 46,509 | |||
* | Krystal Biotech Inc. | 372,789 | 46,248 | |||
* | Prestige Consumer Healthcare Inc. | 753,236 | 46,113 | |||
* | Fortrea Holdings Inc. | 1,318,012 | 45,999 | |||
* | Progyny Inc. | 1,229,604 | 45,717 | |||
*,1 | Axsome Therapeutics Inc. | 571,245 | 45,465 | |||
* | Amedisys Inc. | 476,624 | 45,308 | |||
* | Integra LifeSciences Holdings Corp. | 1,014,341 | 44,175 | |||
*,1 | Corcept Therapeutics Inc. | 1,327,129 | 43,105 | |||
* | AMN Healthcare Services Inc. | 558,749 | 41,839 | |||
* | Biohaven Ltd. | 962,003 | 41,174 | |||
* | LivaNova plc | 794,548 | 41,110 | |||
* | Enovis Corp. | 733,237 | 41,076 | |||
* | Intellia Therapeutics Inc. | 1,312,473 | 40,017 | |||
Premier Inc. Class A | 1,767,880 | 39,530 |
Shares | Market Value• ($000) | |||||
* | Denali Therapeutics Inc. | 1,828,280 | 39,235 | |||
* | Cymabay Therapeutics Inc. | 1,627,908 | 38,451 | |||
* | TransMedics Group Inc. | 483,244 | 38,142 | |||
* | Pacific Biosciences of California Inc. | 3,701,856 | 36,315 | |||
Select Medical Holdings Corp. | 1,544,837 | 36,304 | ||||
* | TG Therapeutics Inc. | 2,103,543 | 35,929 | |||
Patterson Cos. Inc. | 1,253,424 | 35,660 | ||||
* | Ideaya Biosciences Inc. | 984,155 | 35,016 | |||
* | Immunovant Inc. | 827,599 | 34,867 | |||
* | Privia Health Group Inc. | 1,512,913 | 34,842 | |||
* | Surgery Partners Inc. | 1,085,059 | 34,711 | |||
* | Amphastar Pharmaceuticals Inc. | 559,496 | 34,605 | |||
* | Nuvalent Inc. Class A | 468,846 | 34,502 | |||
* | Rhythm Pharmaceuticals Inc. | 737,287 | 33,893 | |||
* | SpringWorks Therapeutics Inc. | 926,846 | 33,830 | |||
* | Arvinas Inc. | 811,090 | 33,384 | |||
* | CorVel Corp. | 133,039 | 32,889 | |||
* | Celldex Therapeutics Inc. | 805,156 | 31,932 | |||
* | Rocket Pharmaceuticals Inc. | 1,048,472 | 31,423 | |||
* | Twist Bioscience Corp. | 845,365 | 31,160 | |||
* | RadNet Inc. | 889,860 | 30,940 | |||
* | R1 RCM Inc. | 2,922,879 | 30,895 | |||
* | PTC Therapeutics Inc. | 1,112,490 | 30,660 | |||
* | NeoGenomics Inc. | 1,882,332 | 30,456 | |||
* | Crinetics Pharmaceuticals Inc. | 850,816 | 30,272 | |||
* | ICU Medical Inc. | 299,404 | 29,863 | |||
* | Veracyte Inc. | 1,065,629 | 29,315 | |||
* | Beam Therapeutics Inc. | 1,069,404 | 29,109 | |||
* | Schrodinger Inc. | 808,338 | 28,939 | |||
* | Tandem Diabetes Care Inc. | 963,593 | 28,503 | |||
* | Certara Inc. | 1,583,116 | 27,847 | |||
* | PROCEPT BioRobotics Corp. | 657,385 | 27,551 | |||
* | Viking Therapeutics Inc. | 1,477,775 | 27,501 | |||
* | Dynavax Technologies Corp. | 1,887,744 | 26,391 | |||
* | Iovance Biotherapeutics Inc. | 3,229,262 | 26,254 | |||
* | Arcellx Inc. | 467,560 | 25,950 | |||
* | Myriad Genetics Inc. | 1,353,919 | 25,914 | |||
* | Omnicell Inc. | 670,359 | 25,226 | |||
* | AtriCure Inc. | 697,123 | 24,880 | |||
* | Sotera Health Co. | 1,476,104 | 24,872 | |||
* | Vericel Corp. | 698,335 | 24,868 | |||
* | Catalyst Pharmaceuticals Inc. | 1,467,617 | 24,671 | |||
* | Syndax Pharmaceuticals Inc. | 1,129,756 | 24,414 | |||
* | Apollo Medical Holdings Inc. | 624,592 | 23,922 | |||
* | Supernus Pharmaceuticals Inc. | 801,029 | 23,182 | |||
* | Ironwood Pharmaceuticals Inc. Class A | 2,022,686 | 23,140 | |||
* | Pacira BioSciences Inc. | 679,715 | 22,934 | |||
*,1 | Recursion Pharmaceuticals Inc. Class A | 2,322,930 | 22,904 | |||
* | STAAR Surgical Co. | 720,136 | 22,475 | |||
* | Addus HomeCare Corp. | 239,452 | 22,233 | |||
* | Ardelyx Inc. | 3,553,133 | 22,029 | |||
* | Owens & Minor Inc. | 1,130,669 | 21,788 | |||
* | Novocure Ltd. | 1,440,175 | 21,502 | |||
* | Alphatec Holdings Inc. | 1,420,369 | 21,462 | |||
* | Prothena Corp. plc | 573,906 | 20,856 | |||
US Physical Therapy Inc. | 219,499 | 20,444 | ||||
* | Protagonist Therapeutics Inc. | 842,744 | 19,324 | |||
* | BioCryst Pharmaceuticals Inc. | 3,225,610 | 19,321 | |||
* | Xencor Inc. | 907,473 | 19,266 | |||
* | Hims & Hers Health Inc. | 2,154,925 | 19,179 | |||
* | Akero Therapeutics Inc. | 816,657 | 19,069 | |||
* | UFP Technologies Inc. | 105,813 | 18,204 | |||
National HealthCare Corp. | 196,672 | 18,176 | ||||
* | Agios Pharmaceuticals Inc. | 815,904 | 18,170 | |||
* | Phreesia Inc. | 768,441 | 17,789 | |||
*,1 | Mirum Pharmaceuticals Inc. | 601,321 | 17,751 | |||
* | Ligand Pharmaceuticals Inc. | 241,757 | 17,266 |
Shares | Market Value• ($000) | |||||
* | Morphic Holding Inc. | 594,232 | 17,161 | |||
* | Veradigm Inc. | 1,629,497 | 17,093 | |||
* | Sage Therapeutics Inc. | 774,359 | 16,780 | |||
* | Kura Oncology Inc. | 1,166,602 | 16,776 | |||
* | Viridian Therapeutics Inc. | 765,362 | 16,670 | |||
* | RayzeBio Inc. | 266,077 | 16,542 | |||
LeMaitre Vascular Inc. | 290,878 | 16,510 | ||||
* | Brookdale Senior Living Inc. | 2,835,774 | 16,504 | |||
* | Harmony Biosciences Holdings Inc. | 498,577 | 16,104 | |||
Embecta Corp. | 849,848 | 16,088 | ||||
* | Avanos Medical Inc. | 693,911 | 15,564 | |||
* | MiMedx Group Inc. | 1,730,276 | 15,175 | |||
* | Arcus Biosciences Inc. | 784,288 | 14,980 | |||
* | Kymera Therapeutics Inc. | 586,527 | 14,933 | |||
* | Relay Therapeutics Inc. | 1,344,307 | 14,801 | |||
* | Geron Corp. | 6,928,820 | 14,620 | |||
* | Inhibrx Inc. | 382,499 | 14,535 | |||
* | Pliant Therapeutics Inc. | 800,058 | 14,489 | |||
* | Collegium Pharmaceutical Inc. | 470,038 | 14,468 | |||
* | MannKind Corp. | 3,960,964 | 14,418 | |||
* | ADMA Biologics Inc. | 3,130,198 | 14,148 | |||
* | Keros Therapeutics Inc. | 354,752 | 14,105 | |||
* | Quanterix Corp. | 511,944 | 13,997 | |||
* | Deciphera Pharmaceuticals Inc. | 867,019 | 13,985 | |||
* | Cytek Biosciences Inc. | 1,514,056 | 13,808 | |||
* | RxSight Inc. | 341,774 | 13,780 | |||
* | Scholar Rock Holding Corp. | 732,147 | 13,764 | |||
* | Innoviva Inc. | 847,586 | 13,595 | |||
* | Vir Biotechnology Inc. | 1,316,136 | 13,240 | |||
*,1 | Cassava Sciences Inc. | 584,288 | 13,152 | |||
* | ANI Pharmaceuticals Inc. | 234,772 | 12,945 | |||
* | Alignment Healthcare Inc. | 1,502,439 | 12,936 | |||
* | Editas Medicine Inc. | 1,276,851 | 12,935 | |||
* | Zentalis Pharmaceuticals Inc. | 845,205 | 12,805 | |||
* | Varex Imaging Corp. | 620,701 | 12,724 | |||
* | Accolade Inc. | 1,057,933 | 12,706 | |||
* | Day One Biopharmaceuticals Inc. | 866,111 | 12,645 | |||
*,1 | Cabaletta Bio Inc. | 549,179 | 12,466 | |||
* | EyePoint Pharmaceuticals Inc. | 528,857 | 12,222 | |||
* | Revance Therapeutics Inc. | 1,343,203 | 11,807 | |||
* | RAPT Therapeutics Inc. | 469,851 | 11,676 | |||
* | SI-BONE Inc. | 553,188 | 11,611 | |||
* | Cross Country Healthcare Inc. | 509,591 | 11,537 | |||
* | Arcturus Therapeutics Holdings Inc. | 362,192 | 11,420 | |||
* | Nevro Corp. | 530,009 | 11,406 | |||
*,1 | ImmunityBio Inc. | 2,258,827 | 11,339 | |||
* | Pediatrix Medical Group Inc. | 1,212,967 | 11,281 | |||
* | CryoPort Inc. | 728,094 | 11,278 | |||
*,1 | Anavex Life Sciences Corp. | 1,204,329 | 11,212 | |||
* | Olema Pharmaceuticals Inc. | 795,170 | 11,156 | |||
Simulations Plus Inc. | 244,753 | �� 10,953 | ||||
* | Alpine Immune Sciences Inc. | 573,017 | 10,922 | |||
* | Maravai LifeSciences Holdings Inc. Class A | 1,641,089 | 10,749 | |||
*,1 | LifeStance Health Group Inc. | 1,367,858 | 10,710 | |||
* | REGENXBIO Inc. | 592,302 | 10,632 | |||
* | 89bio Inc. | 948,366 | 10,593 | |||
* | Disc Medicine Inc. | 180,983 | 10,454 | |||
* | Verve Therapeutics Inc. | 731,786 | 10,201 | |||
* | Artivion Inc. | 568,947 | 10,173 | |||
HealthStream Inc. | 369,988 | 10,001 | ||||
* | CareDx Inc. | 822,434 | 9,869 | |||
* | OPKO Health Inc. | 6,425,774 | 9,703 | |||
* | Amneal Pharmaceuticals Inc. | 1,565,530 | 9,503 | |||
*,1 | Liquidia Corp. | 780,374 | 9,388 | |||
*,1 | Soleno Therapeutics Inc. | 231,926 | 9,335 | |||
* | 4D Molecular Therapeutics Inc. | 460,330 | 9,326 | |||
* | Avidity Biosciences Inc. | 1,027,349 | 9,298 |
Shares | Market Value• ($000) | |||||
* | OraSure Technologies Inc. | 1,107,698 | 9,083 | |||
*,1 | Novavax Inc. | 1,857,725 | 8,917 | |||
* | Travere Therapeutics Inc. | 986,637 | 8,870 | |||
* | Amylyx Pharmaceuticals Inc. | 599,556 | 8,825 | |||
National Research Corp. | 221,261 | 8,753 | ||||
* | AdaptHealth Corp. Class A | 1,200,424 | 8,751 | |||
* | Icosavax Inc. | 554,604 | 8,741 | |||
*,1 | Altimmune Inc. | 776,639 | 8,737 | |||
* | MacroGenics Inc. | 904,631 | 8,703 | |||
* | OmniAb Inc. | 1,395,356 | 8,609 | |||
* | Fulgent Genetics Inc. | 296,740 | 8,579 | |||
* | Castle Biosciences Inc. | 394,224 | 8,507 | |||
* | Treace Medical Concepts Inc. | 664,694 | 8,475 | |||
* | ModivCare Inc. | 192,481 | 8,467 | |||
* | Tarsus Pharmaceuticals Inc. | 414,257 | 8,389 | |||
* | BioLife Solutions Inc. | 513,794 | 8,349 | |||
*,1 | Apogee Therapeutics Inc. | 298,001 | 8,326 | |||
* | Vera Therapeutics Inc. Class A | 534,577 | 8,222 | |||
* | Surmodics Inc. | 224,931 | 8,176 | |||
* | Adaptive Biotechnologies Corp. | 1,662,205 | 8,145 | |||
* | Marinus Pharmaceuticals Inc. | 746,163 | 8,111 | |||
Mesa Laboratories Inc. | 76,258 | 7,990 | ||||
* | Enhabit Inc. | 770,635 | 7,976 | |||
* | OrthoPediatrics Corp. | 244,041 | 7,934 | |||
Atrion Corp. | 20,849 | 7,897 | ||||
* | Health Catalyst Inc. | 852,732 | 7,896 | |||
* | Kiniksa Pharmaceuticals Ltd. Class A | 448,044 | 7,859 | |||
* | GoodRx Holdings Inc. Class A | 1,166,570 | 7,816 | |||
* | Alector Inc. | 967,033 | 7,717 | |||
* | PetIQ Inc. Class A | 385,606 | 7,616 | |||
*,1 | Tango Therapeutics Inc. | 755,651 | 7,481 | |||
* | HilleVax Inc. | 466,044 | 7,480 | |||
* | Dyne Therapeutics Inc. | 560,103 | 7,449 | |||
* | Zimvie Inc. | 416,924 | 7,400 | |||
* | Pulmonx Corp. | 576,140 | 7,346 | |||
* | Paragon 28 Inc. | 589,374 | 7,326 | |||
* | Orthofix Medical Inc. | 541,502 | 7,299 | |||
* | DocGo Inc. | 1,305,623 | 7,298 | |||
* | MaxCyte Inc. | 1,521,080 | 7,149 | |||
* | Silk Road Medical Inc. | 576,141 | 7,069 | |||
* | Edgewise Therapeutics Inc. | 639,497 | 6,996 | |||
*,1 | Cargo Therapeutics Inc. | 302,109 | 6,994 | |||
* | Nurix Therapeutics Inc. | 677,350 | 6,990 | |||
* | Definitive Healthcare Corp. Class A | 702,683 | 6,985 | |||
* | Evolus Inc. | 650,114 | 6,846 | |||
* | Caribou Biosciences Inc. | 1,188,817 | 6,812 | |||
* | Replimune Group Inc. | 793,265 | 6,687 | |||
* | Cogent Biosciences Inc. | 1,120,809 | 6,590 | |||
* | Savara Inc. | 1,366,733 | 6,424 | |||
* | Cerus Corp. | 2,860,886 | 6,180 | |||
* | Pennant Group Inc. | 443,966 | 6,180 | |||
*,1 | ALX Oncology Holdings Inc. | 411,842 | 6,132 | |||
* | Community Health Systems Inc. | 1,949,719 | 6,103 | |||
* | Avid Bioservices Inc. | 937,880 | 6,096 | |||
* | Cullinan Oncology Inc. | 592,731 | 6,040 | |||
*,1 | Allogene Therapeutics Inc. | 1,874,591 | 6,017 | |||
* | SomaLogic Inc. | 2,368,415 | 5,992 | |||
* | ORIC Pharmaceuticals Inc. | 646,955 | 5,952 | |||
* | American Well Corp. Class A | 3,927,914 | 5,853 | |||
* | Sana Biotechnology Inc. | 1,412,124 | 5,761 | |||
* | AnaptysBio Inc. | 268,589 | 5,753 | |||
* | Multiplan Corp. | 3,972,628 | 5,721 | |||
*,1 | Immunome Inc. | 520,857 | 5,573 | |||
*,1 | Theravance Biopharma Inc. | 493,808 | 5,550 | |||
* | Aura Biosciences Inc. | 625,125 | 5,539 | |||
* | AN2 Therapeutics Inc. | 266,753 | 5,466 | |||
iRadimed Corp. | 114,230 | 5,422 |
Shares | Market Value• ($000) | |||||
* | Talkspace Inc. | 2,109,352 | 5,358 | |||
* | Ocular Therapeutix Inc. | 1,187,296 | 5,295 | |||
* | Avita Medical Inc. | 383,650 | 5,264 | |||
* | Sharecare Inc. | 4,858,465 | 5,247 | |||
* | Anika Therapeutics Inc. | 230,873 | 5,232 | |||
* | Astria Therapeutics Inc. | 676,567 | 5,196 | |||
*,1 | Prime Medicine Inc. | 581,890 | 5,156 | |||
* | CVRx Inc. | 163,802 | 5,150 | |||
* | Harrow Inc. | 459,070 | 5,142 | |||
* | KalVista Pharmaceuticals Inc. | 418,295 | 5,124 | |||
*,1 | Biomea Fusion Inc. | 350,703 | 5,092 | |||
* | Tactile Systems Technology Inc. | 352,892 | 5,046 | |||
*,1 | Arcutis Biotherapeutics Inc. | 1,553,202 | 5,017 | |||
*,1 | Clover Health Investments Corp. Class A | 5,211,712 | 4,962 | |||
* | AngioDynamics Inc. | 631,882 | 4,954 | |||
1 | Gyre Therapeutics Inc. | 192,756 | 4,952 | |||
Tourmaline Bio Inc. | 188,724 | 4,941 | ||||
* | WaVe Life Sciences Ltd. | 972,693 | 4,912 | |||
* | Fulcrum Therapeutics Inc. | 723,720 | 4,885 | |||
*,1 | Summit Therapeutics Inc. | 1,833,035 | 4,784 | |||
*,1 | Phathom Pharmaceuticals Inc. | 515,707 | 4,708 | |||
* | Xeris Biopharma Holdings Inc. | 1,992,277 | 4,682 | |||
*,1 | Esperion Therapeutics Inc. | 1,548,929 | 4,631 | |||
* | Coherus Biosciences Inc. | 1,386,427 | 4,617 | |||
* | Lyell Immunopharma Inc. | 2,326,975 | 4,514 | |||
*,1 | Scilex Holding Co. | 2,196,019 | 4,480 | |||
* | uniQure NV | 661,493 | 4,478 | |||
* | Fate Therapeutics Inc. | 1,183,817 | 4,427 | |||
*,1 | Neumora Therapeutics Inc. | 257,011 | 4,382 | |||
* | Organogenesis Holdings Inc. Class A | 1,063,924 | 4,351 | |||
* | Axogen Inc. | 634,944 | 4,337 | |||
* | Entrada Therapeutics Inc. | 287,212 | 4,334 | |||
* | Agenus Inc. | 5,229,774 | 4,330 | |||
* | iTeos Therapeutics Inc. | 391,052 | 4,282 | |||
*,1 | Enliven Therapeutics Inc. | 309,070 | 4,278 | |||
*,1 | Cibus Inc. Class A | 217,052 | 4,263 | |||
* | 23andMe Holding Co. Class A | 4,659,980 | 4,257 | |||
* | Arbutus Biopharma Corp. | 1,699,643 | 4,249 | |||
*,1 | Senseonics Holdings Inc. | 7,311,426 | 4,168 | |||
*,1 | Aerovate Therapeutics Inc. | 183,598 | 4,155 | |||
*,1 | ARS Pharmaceuticals Inc. | 756,587 | 4,146 | |||
Utah Medical Products Inc. | 48,796 | 4,110 | ||||
* | Accuray Inc. | 1,445,720 | 4,091 | |||
*,1 | Korro Bio Inc. | 84,896 | 4,069 | |||
* | Agiliti Inc. | 509,969 | 4,039 | |||
* | Outset Medical Inc. | 739,581 | 4,001 | |||
*,1 | Genelux Corp. | 284,060 | 3,980 | |||
*,1 | Orchestra BioMed Holdings Inc. | 420,876 | 3,843 | |||
*,1 | Shattuck Labs Inc. | 524,658 | 3,741 | |||
* | OptimizeRx Corp. | 260,729 | 3,731 | |||
* | Atea Pharmaceuticals Inc. | 1,212,939 | 3,699 | |||
*,1 | C4 Therapeutics Inc. | 654,520 | 3,698 | |||
* | Vanda Pharmaceuticals Inc. | 870,631 | 3,674 | |||
* | Voyager Therapeutics Inc. | 432,867 | 3,653 | |||
* | Rigel Pharmaceuticals Inc. | 2,415,756 | 3,503 | |||
* | Mersana Therapeutics Inc. | 1,496,337 | 3,472 | |||
*,1 | Terns Pharmaceuticals Inc. | 532,520 | 3,456 | |||
* | ACELYRIN Inc. | 461,739 | 3,445 | |||
* | Sutro Biopharma Inc. | 794,858 | 3,410 | |||
*,1 | 2seventy bio Inc. | 797,916 | 3,407 | |||
*,1 | Heron Therapeutics Inc. | 1,995,914 | 3,393 | |||
* | Semler Scientific Inc. | 75,585 | 3,348 | |||
*,1 | Zynex Inc. | 306,075 | 3,333 | |||
*,1 | LifeMD Inc. | 401,560 | 3,329 | |||
* | Poseida Therapeutics Inc. Class A | 984,240 | 3,307 | |||
Phibro Animal Health Corp. Class A | 281,737 | 3,263 | ||||
*,1 | Absci Corp. | 775,257 | 3,256 |
Shares | Market Value• ($000) | |||||
* | Akebia Therapeutics Inc. | 2,602,859 | 3,228 | |||
* | Y-mAbs Therapeutics Inc. | 467,252 | 3,187 | |||
*,1 | Pulse Biosciences Inc. | 257,244 | 3,149 | |||
* | TScan Therapeutics Inc. | 535,193 | 3,120 | |||
* | Codexis Inc. | 1,012,856 | 3,089 | |||
*,1 | Lineage Cell Therapeutics Inc. | 2,814,846 | 3,068 | |||
*,1 | Omeros Corp. | 935,998 | 3,061 | |||
SIGA Technologies Inc. | 543,594 | 3,044 | ||||
*,1 | Invivyd Inc. | 772,171 | 3,042 | |||
* | Praxis Precision Medicines Inc. | 135,958 | 3,029 | |||
* | Biote Corp. Class A | 607,184 | 2,999 | |||
* | Zevra Therapeutics Inc. | 456,805 | 2,992 | |||
* | Augmedix Inc. | 508,063 | 2,972 | |||
*,1 | Verastem Inc. | 360,608 | 2,935 | |||
* | InfuSystem Holdings Inc. | 277,339 | 2,923 | |||
* | Harvard Bioscience Inc. | 541,041 | 2,895 | |||
* | Inozyme Pharma Inc. | 679,651 | 2,895 | |||
*,1 | CorMedix Inc. | 768,400 | 2,889 | |||
*,2 | PDL BioPharma Inc. | 1,757,467 | 2,830 | |||
*,1 | Tyra Biosciences Inc. | 204,211 | 2,828 | |||
*,1 | Janux Therapeutics Inc. | 260,788 | 2,798 | |||
* | Nkarta Inc. | 423,359 | 2,794 | |||
* | Taysha Gene Therapies Inc. | 1,574,468 | 2,787 | |||
*,1 | Harpoon Therapeutics Inc. | 243,339 | 2,767 | |||
* | Allakos Inc. | 1,009,952 | 2,757 | |||
* | Nuvation Bio Inc. | 1,822,077 | 2,751 | |||
* | Merrimack Pharmaceuticals Inc. | 203,398 | 2,728 | |||
*,1 | Vistagen Therapeutics Inc. | 523,901 | 2,693 | |||
*,1 | Zomedica Corp. | 13,413,683 | 2,685 | |||
*,1 | Bluebird Bio Inc. | 1,919,822 | 2,649 | |||
* | Enanta Pharmaceuticals Inc. | 280,040 | 2,635 | |||
* | Gossamer Bio Inc. | 2,866,985 | 2,616 | |||
* | Aldeyra Therapeutics Inc. | 735,041 | 2,580 | |||
* | Annexon Inc. | 567,390 | 2,576 | |||
* | Bioventus Inc. Class A | 488,385 | 2,574 | |||
*,1 | Precigen Inc. | 1,911,098 | 2,561 | |||
*,1 | Gritstone bio Inc. | 1,239,523 | 2,529 | |||
* | Standard BioTools Inc. | 1,140,567 | 2,521 | |||
*,1 | IGM Biosciences Inc. | 298,948 | 2,484 | |||
* | Erasca Inc. | 1,163,464 | 2,478 | |||
*,1 | Quantum-Si Inc. | 1,231,019 | 2,474 | |||
* | Computer Programs & Systems Inc. | 220,691 | 2,472 | |||
* | Puma Biotechnology Inc. | 570,698 | 2,471 | |||
*,1 | Lexicon Pharmaceuticals Inc. | 1,603,104 | 2,453 | |||
* | Ovid therapeutics Inc. | 756,183 | 2,435 | |||
* | Monte Rosa Therapeutics Inc. | 428,201 | 2,419 | |||
* | Applied Therapeutics Inc. | 718,383 | 2,407 | |||
* | Humacyte Inc. | 847,058 | 2,406 | |||
*,1 | Celcuity Inc. | 164,135 | 2,391 | |||
*,1 | Alimera Sciences Inc. | 538,980 | 2,328 | |||
*,1 | Butterfly Network Inc. | 2,150,862 | 2,323 | |||
*,1 | Invitae Corp. | 3,688,951 | 2,312 | |||
* | Sight Sciences Inc. | 440,384 | 2,272 | |||
* | Third Harmonic Bio Inc. | 204,820 | 2,247 | |||
*,1 | Zura Bio Ltd. Class A | 474,460 | 2,216 | |||
* | ClearPoint Neuro Inc. | 318,881 | 2,165 | |||
* | Lexeo Therapeutics Inc. | 161,307 | 2,165 | |||
*,1 | PDS Biotechnology Corp. | 431,144 | 2,143 | |||
* | Larimar Therapeutics Inc. | 469,540 | 2,136 | |||
*,1 | Verrica Pharmaceuticals Inc. | 289,249 | 2,117 | |||
*,1 | Immuneering Corp. Class A | 287,918 | 2,116 | |||
* | Compass Therapeutics Inc. | 1,342,627 | 2,095 | |||
* | Joint Corp. | 214,460 | 2,061 | |||
*,1 | Mind Medicine MindMed Inc. | 551,691 | 2,019 | |||
*,1 | Stoke Therapeutics Inc. | 380,755 | 2,003 | |||
* | Nautilus Biotechnology Inc. Class A | 658,670 | 1,969 | |||
* | Lyra Therapeutics Inc. | 375,661 | 1,968 |
Shares | Market Value• ($000) | |||||
* | Black Diamond Therapeutics Inc. | 681,201 | 1,914 | |||
*,1 | scPharmaceuticals Inc. | 305,088 | 1,913 | |||
* | Seres Therapeutics Inc. | 1,361,249 | 1,906 | |||
* | XOMA Corp. | 102,406 | 1,895 | |||
*,1 | Annovis Bio Inc. | 101,298 | 1,894 | |||
* | G1 Therapeutics Inc. | 614,860 | 1,875 | |||
*,1 | Inmune Bio Inc. | 165,874 | 1,868 | |||
* | Tenaya Therapeutics Inc. | 572,369 | 1,854 | |||
*,1 | Actinium Pharmaceuticals Inc. | 364,779 | 1,853 | |||
* | FONAR Corp. | 94,631 | 1,851 | |||
* | Inogen Inc. | 331,291 | 1,819 | |||
* | Acumen Pharmaceuticals Inc. | 472,172 | 1,813 | |||
*,1 | CEL - SCI Corp. | 665,733 | 1,811 | |||
*,1 | Ocugen Inc. | 3,138,869 | 1,805 | |||
* | Inovio Pharmaceuticals Inc. | 3,470,978 | 1,770 | |||
* | Capricor Therapeutics Inc. | 354,443 | 1,733 | |||
* | Emergent BioSolutions Inc. | 719,861 | 1,728 | |||
* | Foghorn Therapeutics Inc. | 265,887 | 1,715 | |||
* | Ventyx Biosciences Inc. | 676,940 | 1,672 | |||
* | Aveanna Healthcare Holdings Inc. | 619,532 | 1,660 | |||
* | PMV Pharmaceuticals Inc. | 532,146 | 1,650 | |||
* | Anixa Biosciences Inc. | 420,658 | 1,632 | |||
*,1 | Sera Prognostics Inc. Class A | 265,885 | 1,590 | |||
* | Sanara Medtech Inc. | 38,451 | 1,580 | |||
* | Cue Biopharma Inc. | 597,569 | 1,578 | |||
* | GlycoMimetics Inc. | 651,187 | 1,537 | |||
* | Abeona Therapeutics Inc. | 305,507 | 1,531 | |||
* | Mineralys Therapeutics Inc. | 177,068 | 1,523 | |||
* | X4 Pharmaceuticals Inc. | 1,807,457 | 1,516 | |||
* | Stereotaxis Inc. | 865,763 | 1,515 | |||
* | Nektar Therapeutics Class A | 2,676,857 | 1,512 | |||
* | Tela Bio Inc. | 226,799 | 1,501 | |||
*,1 | Citius Pharmaceuticals Inc. | 1,957,895 | 1,481 | |||
* | Innovage Holding Corp. | 244,957 | 1,470 | |||
* | CytomX Therapeutics Inc. | 946,563 | 1,467 | |||
*,1 | Atossa Therapeutics Inc. | 1,664,345 | 1,465 | |||
* | Relmada Therapeutics Inc. | 353,625 | 1,464 | |||
*,1 | AEON Biopharma Inc. | 202,540 | 1,458 | |||
* | Syros Pharmaceuticals Inc. | 184,890 | 1,440 | |||
* | NeuroPace Inc. | 137,953 | 1,422 | |||
* | Mural Oncology plc | 236,526 | 1,400 | |||
*,1 | Assertio Holdings Inc. | 1,307,570 | 1,399 | |||
* | Kodiak Sciences Inc. | 458,129 | 1,393 | |||
* | Karyopharm Therapeutics Inc. | 1,568,362 | 1,357 | |||
*,1 | TriSalus Life Sciences Inc. | 160,000 | 1,352 | |||
* | Eton Pharmaceuticals Inc. | 307,580 | 1,347 | |||
* | BioAtla Inc. | 545,526 | 1,342 | |||
* | Longboard Pharmaceuticals Inc. | 221,401 | 1,335 | |||
* | Aquestive Therapeutics Inc. | 658,878 | 1,331 | |||
* | Akoya Biosciences Inc. | 271,764 | 1,326 | |||
*,1 | Reviva Pharmaceuticals Holdings Inc. | 252,419 | 1,300 | |||
* | Chimerix Inc. | 1,308,906 | 1,260 | |||
* | Perspective Therapeutics Inc. | 3,105,489 | 1,248 | |||
* | KORU Medical Systems Inc. | 506,625 | 1,244 | |||
* | Optinose Inc. | 948,209 | 1,223 | |||
*,1 | Renovaro Biosciences Inc. | 378,409 | 1,200 | |||
* | Generation Bio Co. | 718,076 | 1,185 | |||
*,1 | AirSculpt Technologies Inc. | 156,689 | 1,174 | |||
* | Neuronetics Inc. | 403,878 | 1,171 | |||
* | Cartesian Therapeutics Inc. | 1,696,040 | 1,169 | |||
*,1 | Vor BioPharma Inc. | 519,630 | 1,169 | |||
* | Myomo Inc. | 228,288 | 1,144 | |||
* | Personalis Inc. | 539,279 | 1,132 | |||
* | Galectin Therapeutics Inc. | 670,160 | 1,112 | |||
* | Werewolf Therapeutics Inc. | 288,006 | 1,112 | |||
* | Athira Pharma Inc. | 452,018 | 1,098 | |||
* | Apyx Medical Corp. | 414,663 | 1,086 |
Shares | Market Value• ($000) | |||||
*,1 | Asensus Surgical Inc. | 3,398,802 | 1,084 | |||
* | FibroGen Inc. | 1,214,955 | 1,077 | |||
*,1 | Vaxart Inc. | 1,872,506 | 1,073 | |||
* | Electromed Inc. | 98,146 | 1,071 | |||
* | SCYNEXIS Inc. | 479,862 | 1,070 | |||
* | ChromaDex Corp. | 747,814 | 1,069 | |||
* | Design Therapeutics Inc. | 399,505 | 1,059 | |||
* | Conduit Pharmaceuticals Inc. | 231,299 | 1,052 | |||
* | Curis Inc. | 81,306 | 1,037 | |||
* | Inotiv Inc. | 278,037 | 1,020 | |||
* | Sangamo Therapeutics Inc. | 1,876,120 | 1,019 | |||
* | Seer Inc. Class A | 517,365 | 1,004 | |||
1 | Carisma Therapeutics Inc. | 342,628 | 1,004 | |||
* | Century Therapeutics Inc. | 299,597 | 995 | |||
*,1 | Achieve Life Sciences Inc. | 240,138 | 989 | |||
* | Theseus Pharmaceuticals Inc. | 241,475 | 978 | |||
*,1 | Bionano Genomics Inc. | 505,292 | 955 | |||
* | aTyr Pharma Inc. | 662,206 | 934 | |||
* | PepGen Inc. | 137,095 | 932 | |||
* | XBiotech Inc. | 231,371 | 925 | |||
* | Adverum Biotechnologies Inc. | 1,225,295 | 922 | |||
* | Jasper Therapeutics Inc. | 1,160,011 | 915 | |||
* | MediciNova Inc. | 607,734 | 912 | |||
*,1 | Cutera Inc. | 255,224 | 900 | |||
*,1 | Delcath Systems Inc. | 212,669 | 885 | |||
*,1 | Cardiff Oncology Inc. | 590,707 | 874 | |||
*,1 | Ocuphire Pharma Inc. | 288,947 | 870 | |||
* | Eyenovia Inc. | 417,777 | 869 | |||
*,1 | Bioxcel Therapeutics Inc. | 293,322 | 865 | |||
* | Spero Therapeutics Inc. | 587,342 | 863 | |||
* | Enzo Biochem Inc. | 618,881 | 860 | |||
* | Oncology Institute Inc. | 416,922 | 851 | |||
* | Prelude Therapeutics Inc. | 198,015 | 846 | |||
*,1 | Spyre Therapeutics Inc. | 38,818 | 835 | |||
* | Cidara Therapeutics Inc. | 1,047,746 | 832 | |||
* | Omega Therapeutics Inc. | 275,181 | 828 | |||
* | Clearside Biomedical Inc. | 707,220 | 827 | |||
*,1 | ProPhase Labs Inc. | 181,391 | 820 | |||
* | Adicet Bio Inc. | 433,904 | 820 | |||
* | Aclaris Therapeutics Inc. | 777,632 | 817 | |||
* | Eagle Pharmaceuticals Inc. | 150,918 | 789 | |||
*,1 | ProKidney Corp. Class A | 442,096 | 787 | |||
*,1 | Immunic Inc. | 519,880 | 780 | |||
*,1 | Tempest Therapeutics Inc. | 174,007 | 766 | |||
* | Corvus Pharmaceuticals Inc. | 428,240 | 754 | |||
* | Graphite Bio Inc. | 287,441 | 753 | |||
*,1 | Sagimet Biosciences Inc. Class A | 138,115 | 749 | |||
*,1 | Hyperfine Inc. Class A | 665,890 | 746 | |||
*,1 | Immix Biopharma Inc. | 107,419 | 743 | |||
*,1 | Beyond Air Inc. | 374,314 | 734 | |||
* | Avrobio Inc. | 537,481 | 731 | |||
* | Kezar Life Sciences Inc. | 764,730 | 725 | |||
* | Solid Biosciences Inc. | 116,243 | 714 | |||
* | Biodesix Inc. | 384,059 | 707 | |||
* | DiaMedica Therapeutics Inc. | 247,802 | 704 | |||
* | Kronos Bio Inc. | 559,541 | 699 | |||
* | Great Elm Group Inc. | 358,816 | 696 | |||
*,1 | DermTech Inc. | 397,288 | 695 | |||
*,1 | Pyxis Oncology Inc. | 385,415 | 694 | |||
*,1 | Outlook Therapeutics Inc. | 1,758,399 | 693 | |||
*,1 | Atara Biotherapeutics Inc. | 1,340,523 | 687 | |||
*,1 | Leap Therapeutics Inc. | 162,591 | 674 | |||
* | Kewaunee Scientific Corp. | 23,122 | 672 | |||
* | Forian Inc. | 229,226 | 670 | |||
* | GeneDx Holdings Corp. Class A | 241,389 | 664 | |||
* | Trevi Therapeutics Inc. | 493,328 | 661 | |||
*,1 | CytoSorbents Corp. | 568,233 | 631 |
Shares | Market Value• ($000) | |||||
*,1 | Matinas BioPharma Holdings Inc. | 2,919,345 | 631 | |||
* | Journey Medical Corp. | 109,083 | 628 | |||
* | Ikena Oncology Inc. | 318,152 | 627 | |||
* | Kinnate Biopharma Inc. | 264,345 | 626 | |||
*,1 | Carmell Corp. | 167,084 | 620 | |||
*,1 | DarioHealth Corp. | 354,974 | 611 | |||
* | Assembly Biosciences Inc. | 729,852 | 599 | |||
*,1 | Greenwich Lifesciences Inc. | 56,481 | 594 | |||
* | Rallybio Corp. | 248,743 | 594 | |||
* | Co-Diagnostics Inc. | 444,776 | 592 | |||
* | Rockwell Medical Inc. | 312,336 | 590 | |||
* | Allovir Inc. | 858,612 | 584 | |||
*,1 | Cardio Diagnostics Holdings Inc. | 232,139 | 578 | |||
* | Vigil Neuroscience Inc. | 170,238 | 575 | |||
* | iCAD Inc. | 319,228 | 565 | |||
* | Hookipa Pharma Inc. | 692,759 | 561 | |||
*,1 | Acurx Pharmaceuticals Inc. | 145,537 | 557 | |||
*,1 | Checkpoint Therapeutics Inc. | 242,152 | 555 | |||
* | Acrivon Therapeutics Inc. | 110,293 | 543 | |||
* | enVVeno Medical Corp. | 104,973 | 540 | |||
* | Spruce Biosciences Inc. | 183,832 | 539 | |||
* | Cyteir Therapeutics Inc. | 169,688 | 516 | |||
* | CareMax Inc. | 1,028,756 | 513 | |||
* | NanoString Technologies Inc. | 679,551 | 509 | |||
* | Rezolute Inc. | 512,314 | 508 | |||
*,1 | Nutex Health Inc. | 2,816,650 | 507 | |||
* | P3 Health Partners Inc. | 355,045 | 501 | |||
* | Aadi Bioscience Inc. | 247,520 | 500 | |||
* | Sensus Healthcare Inc. | 207,423 | 490 | |||
* | NGM Biopharmaceuticals Inc. | 560,237 | 481 | |||
* | Cara Therapeutics Inc. | 645,753 | 480 | |||
*,1 | Marker Therapeutics Inc. | 87,137 | 479 | |||
* | Vaxxinity Inc. Class A | 562,125 | 478 | |||
* | Nuvectis Pharma Inc. | 57,030 | 476 | |||
*,1 | Palatin Technologies Inc. | 118,739 | 473 | |||
*,1 | Sonida Senior Living Inc. | 48,661 | 470 | |||
* | LENSAR Inc. | 133,235 | 468 | |||
* | Neurogene Inc. | 23,979 | 465 | |||
* | IRIDEX Corp. | 164,113 | 461 | |||
1 | MEI Pharma Inc. | 79,554 | 461 | |||
* | Minerva Neurosciences Inc. | 74,257 | 457 | |||
* | Ekso Bionics Holdings Inc. | 179,455 | 449 | |||
* | Reneo Pharmaceuticals Inc. | 278,541 | 446 | |||
* | Milestone Scientific Inc. | 644,533 | 445 | |||
* | Passage Bio Inc. | 440,574 | 445 | |||
*,1 | VolitionRX Ltd. | 615,921 | 442 | |||
* | Lantern Pharma Inc. | 99,265 | 425 | |||
* | HeartBeam Inc. | 171,331 | 403 | |||
* | Eledon Pharmaceuticals Inc. | 222,157 | 400 | |||
*,1 | Coya Therapeutics Inc. | 53,056 | 393 | |||
*,1 | SELLAS Life Sciences Group Inc. | 368,775 | 391 | |||
* | Moleculin Biotech Inc. | 454,705 | 390 | |||
* | Pro-Dex Inc. | 22,090 | 384 | |||
*,1 | Rani Therapeutics Holdings Inc. Class A | 113,686 | 377 | |||
* | UNITY Biotechnology Inc. | 194,785 | 376 | |||
* | Corbus Pharmaceuticals Holdings Inc. | 62,059 | 375 | |||
* | Dianthus Therapeutics Inc. | 36,059 | 375 | |||
* | Champions Oncology Inc. | 69,171 | 374 | |||
*,1 | IN8bio Inc. | 266,560 | 368 | |||
* | Vicarious Surgical Inc. Class A | 969,320 | 355 | |||
* | Cognition Therapeutics Inc. | 191,136 | 354 | |||
*,1 | Owlet Inc. | 65,981 | 348 | |||
* | ImmuCell Corp. | 66,638 | 337 | |||
* | Precision BioSciences Inc. | 913,583 | 333 | |||
* | Oncternal Therapeutics Inc. | 621,232 | 333 | |||
* | Celularity Inc. Class A | 1,338,454 | 331 | |||
* | PAVmed Inc. | 79,689 | 328 |
Shares | Market Value• ($000) | |||||
*,1 | BioSig Technologies Inc. | 687,882 | 327 | |||
* | Homology Medicines Inc. | 535,943 | 326 | |||
*,1 | NeuroOne Medical Technologies Corp. | 205,179 | 324 | |||
*,1 | Bright Green Corp. | 968,476 | 320 | |||
* | Eliem Therapeutics Inc. | 119,083 | 319 | |||
* | ElectroCore Inc. | 54,676 | 317 | |||
*,1 | Aspira Women's Health Inc. | 77,703 | 317 | |||
* | Societal CDMO Inc. | 890,262 | 312 | |||
* | Cellectar Biosciences Inc. | 110,399 | 306 | |||
* | Instil Bio Inc. | 40,207 | 306 | |||
*,1 | Quince Therapeutics Inc. | 287,348 | 302 | |||
* | Rain Oncology Inc. | 250,603 | 301 | |||
*,1 | Accelerate Diagnostics Inc. | 76,553 | 300 | |||
* | Singular Genomics Systems Inc. | 649,099 | 299 | |||
* | Armata Pharmaceuticals Inc. | 90,978 | 295 | |||
* | Dare Bioscience Inc. | 946,086 | 292 | |||
* | Exagen Inc. | 141,951 | 282 | |||
*,1 | Fortress Biotech Inc. | 93,521 | 282 | |||
*,1 | T2 Biosystems Inc. | 44,433 | 279 | |||
* | Alpha Teknova Inc. | 74,094 | 276 | |||
* | TherapeuticsMD Inc. | 122,234 | 275 | |||
* | Retractable Technologies Inc. | 246,784 | 274 | |||
* | AIM ImmunoTech Inc. | 620,229 | 273 | |||
* | Streamline Health Solutions Inc. | 630,999 | 268 | |||
*,1 | Intensity Therapeutics Inc. | 30,978 | 265 | |||
* | Protara Therapeutics Inc. | 140,668 | 263 | |||
*,1 | SAB Biotherapeutics Inc. | 375,395 | 258 | |||
* | Gain Therapeutics Inc. | 78,870 | 258 | |||
* | Dyadic International Inc. | 159,188 | 256 | |||
*,1 | Senti Biosciences Inc. Class A | 386,899 | 255 | |||
Psychemedics Corp. | 85,868 | 254 | ||||
* | Xtant Medical Holdings Inc. | 221,041 | 250 | |||
* | ARCA biopharma Inc. | 141,432 | 240 | |||
* | Onconova Therapeutics Inc. | 321,970 | 240 | |||
* | Elicio Therapeutics Inc. | 27,752 | 231 | |||
* | NextCure Inc. | 201,978 | 230 | |||
*,1 | Predictive Oncology Inc. | 69,881 | 230 | |||
*,1 | Cyclo Therapeutics Inc. | 144,172 | 229 | |||
*,1 | Alaunos Therapeutics Inc. | 3,070,777 | 217 | |||
*,1 | Durect Corp. | 363,771 | 215 | |||
* | Candel Therapeutics Inc. | 145,874 | 214 | |||
*,1 | Biomerica Inc. | 169,010 | 211 | |||
*,1 | Oncocyte Corp. | 84,999 | 211 | |||
*,1 | NRX Pharmaceuticals Inc. | 449,071 | 207 | |||
* | Vincerx Pharma Inc. | 173,353 | 205 | |||
* | Lipocine Inc. | 74,283 | 205 | |||
* | Dominari Holdings Inc. | 77,916 | 202 | |||
* | Cue Health Inc. | 1,223,161 | 199 | |||
*,1 | Clene Inc. | 665,776 | 197 | |||
* | Vivani Medical Inc. | 193,451 | 197 | |||
* | American Shared Hospital Services | 81,025 | 193 | |||
*,1 | Cosmos Health Inc. | 134,834 | 190 | |||
*,1 | BioVie Inc. Class A | 147,637 | 186 | |||
* | Molecular Templates Inc. | 49,888 | 185 | |||
* | Bolt Biotherapeutics Inc. | 164,316 | 184 | |||
*,1 | KALA BIO Inc. | 26,296 | 184 | |||
* | Science 37 Holdings Inc. | 34,509 | 184 | |||
* | Kineta Inc. | 51,504 | 183 | |||
*,1 | Biora Therapeutics Inc. | 135,901 | 183 | |||
* | Aligos Therapeutics Inc. | 274,065 | 182 | |||
* | CareCloud Inc. | 119,857 | 182 | |||
*,1 | IGC Pharma Inc. | 630,222 | 177 | |||
* | Microbot Medical Inc. | 108,034 | 177 | |||
*,1 | Cano Health Inc. | 29,930 | 176 | |||
* | Equillium Inc. | 242,412 | 175 | |||
*,1 | Surrozen Inc. | 18,127 | 172 | |||
* | Synlogic Inc. | 42,476 | 164 |
Shares | Market Value• ($000) | |||||
* | Elevation Oncology Inc. | 303,179 | 163 | |||
* | PharmaCyte Biotech Inc. | 74,919 | 162 | |||
* | Pieris Pharmaceuticals Inc. | 885,502 | 161 | |||
* | Viracta Therapeutics Inc. | 282,488 | 161 | |||
* | Hepion Pharmaceuticals Inc. | 48,908 | 160 | |||
* | Lumos Pharma Inc. | 50,828 | 159 | |||
*,1 | NanoViricides Inc. | 154,515 | 158 | |||
* | Lisata Therapeutics Inc. | 57,596 | 157 | |||
*,1 | Regulus Therapeutics Inc. | 121,722 | 156 | |||
*,1 | Turnstone Biologics Corp. | 61,126 | 156 | |||
*,1 | NightHawk Biosciences Inc. | 352,600 | 155 | |||
* | Galecto Inc. | 212,689 | 153 | |||
*,1 | Acorda Therapeutics Inc. | 10,438 | 152 | |||
* | Orgenesis Inc. | 300,650 | 151 | |||
* | Femasys Inc. | 155,261 | 151 | |||
* | Cumberland Pharmaceuticals Inc. | 84,244 | 147 | |||
* | Genprex Inc. | 598,971 | 138 | |||
*,1 | Aprea Therapeutics Inc. | 28,562 | 134 | |||
* | CervoMed Inc. | 19,318 | 134 | |||
*,1 | Novo Integrated Sciences Inc. | 163,777 | 134 | |||
*,1 | Elutia Inc. | 61,591 | 133 | |||
* | Vivos Therapeutics Inc. | 10,579 | 132 | |||
* | Strata Skin Sciences Inc. | 235,454 | 130 | |||
* | RenovoRx Inc. | 56,578 | 130 | |||
* | Cocrystal Pharma Inc. | 76,721 | 130 | |||
*,1 | Know Labs Inc. | 254,986 | 130 | |||
*,1 | Organovo Holdings Inc. Class A | 114,640 | 127 | |||
* | BioCardia Inc. | 189,240 | 126 | |||
*,1 | Bio-Path Holdings Inc. | 270,029 | 125 | |||
*,1 | eFFECTOR Therapeutics Inc. | 264,836 | 124 | |||
* | Forte Biosciences Inc. | 149,484 | 123 | |||
*,1 | Aileron Therapeutics Inc. | 40,314 | 123 | |||
* | Eiger BioPharmaceuticals Inc. | 540,723 | 121 | |||
*,1 | Virios Therapeutics Inc. | 208,883 | 120 | |||
* | Eargo Inc. | 45,480 | 118 | |||
*,1 | Biotricity Inc. | 99,728 | 118 | |||
*,1 | SeaStar Medical Holding Corp. | 261,671 | 116 | |||
*,1 | VYNE Therapeutics Inc. | 48,578 | 113 | |||
* | Precipio Inc. | 17,645 | 112 | |||
*,1 | BrainStorm Cell Therapeutics Inc. | 401,014 | 109 | |||
*,1 | VBI Vaccines Inc. | 184,436 | 108 | |||
*,1 | Applied DNA Sciences Inc. | 173,534 | 107 | |||
*,1 | MyMD Pharmaceuticals Inc. | 410,666 | 106 | |||
* | Cryo-Cell International Inc. | 18,318 | 105 | |||
*,1 | GeoVax Labs Inc. | 288,573 | 104 | |||
* | AgeX Therapeutics Inc. | 262,604 | 101 | |||
*,1 | Nutriband Inc. | 43,254 | 101 | |||
*,1 | Unicycive Therapeutics Inc. | 115,057 | 100 | |||
*,1 | ProSomnus Inc. | 102,103 | 100 | |||
* | Mustang Bio Inc. | 73,419 | 99 | |||
*,1 | MSP Recovery Inc. | 43,627 | 99 | |||
*,1 | Helius Medical Technologies Inc. Class A | 12,598 | 97 | |||
*,1 | AquaBounty Technologies Inc. | 34,020 | 97 | |||
* | ATI Physical Therapy Inc. | 15,662 | 96 | |||
*,1 | Star Equity Holdings Inc. | 93,272 | 95 | |||
* | Talis Biomedical Corp. | 12,746 | 95 | |||
*,1 | MAIA Biotechnology Inc. | 80,659 | 94 | |||
* | MiNK Therapeutics Inc. | 85,953 | 92 | |||
*,1 | Longeveron Inc. Class A | 65,090 | 89 | |||
* | Xilio Therapeutics Inc. | 160,024 | 88 | |||
* | Tivic Health Systems Inc. | 47,981 | 88 | |||
*,1 | vTv Therapeutics Inc. Class A | 7,654 | 88 | |||
* | Rapid Micro Biosystems Inc. Class A | 116,215 | 86 | |||
*,1 | Sientra Inc. | 139,870 | 85 | |||
*,1 | Theriva Biologics Inc. | 194,494 | 84 | |||
*,1 | ENDRA Life Sciences Inc. | 39,812 | 84 | |||
* | GT Biopharma Inc. | 315,126 | 80 |
Shares | Market Value• ($000) | |||||
*,1 | Creative Medical Technology Holdings Inc. | 17,629 | 80 | |||
*,1 | Processa Pharmaceuticals Inc. | 234,653 | 79 | |||
* | Coeptis Therapeutics Holdings | 100,759 | 79 | |||
* | Cyclerion Therapeutics Inc. | 23,490 | 79 | |||
* | SunLink Health Systems Inc. | 83,942 | 78 | |||
*,1 | Aytu BioPharma Inc. | 27,251 | 77 | |||
* | Anebulo Pharmaceuticals Inc. | 32,003 | 77 | |||
*,1 | Seelos Therapeutics Inc. | 55,373 | 77 | |||
*,1 | Ocean Biomedical Inc. | 113,209 | 75 | |||
* | TFF Pharmaceuticals Inc. | 10,750 | 75 | |||
*,1 | CNS Pharmaceuticals Inc. | 58,369 | 74 | |||
*,1 | INVO BioScience Inc. | 54,058 | 73 | |||
*,1 | Alzamend Neuro Inc. | 78,545 | 72 | |||
* | Edesa Biotech Inc. | 15,702 | 72 | |||
* | Sensei Biotherapeutics Inc. | 97,704 | 68 | |||
*,1 | Galera Therapeutics Inc. | 448,330 | 65 | |||
* | Lucid Diagnostics Inc. | 46,125 | 65 | |||
* | Pulmatrix Inc. | 35,082 | 65 | |||
* | Precision Optics Corp. Inc. | 10,488 | 65 | |||
* | Avinger Inc. | 23,802 | 65 | |||
*,1 | PetVivo Holdings Inc. | 59,855 | 63 | |||
* | Finch Therapeutics Group Inc. | 16,234 | 59 | |||
*,1 | Bullfrog AI Holdings Inc. | 18,100 | 59 | |||
*,1 | Lexaria Bioscience Corp. | 46,241 | 58 | |||
* | Plus Therapeutics Inc. | 32,541 | 58 | |||
* | Acutus Medical Inc. | 278,220 | 56 | |||
*,1 | Hoth Therapeutics Inc. | 38,804 | 56 | |||
* | Nexgel Inc. | 25,526 | 54 | |||
* | Benitec Biopharma Inc. | 16,701 | 54 | |||
* | NeuroMetrix Inc. | 15,124 | 54 | |||
*,1 | Atreca Inc. Class A | 393,228 | 52 | |||
* | Trevena Inc. | 72,355 | 51 | |||
*,1 | Tenax Therapeutics Inc. | 186,046 | 51 | |||
* | Oragenics Inc. | 8,737 | 49 | |||
*,1 | Cingulate Inc. | 6,351 | 49 | |||
* | Indaptus Therapeutics Inc. | 27,068 | 48 | |||
* | Akili Inc. Class A | 101,371 | 48 | |||
*,1 | Eterna Therapeutics Inc. | 26,099 | 47 | |||
*,1 | Neuraxis Inc. | 17,745 | 47 | |||
*,1 | Tracon Pharmaceuticals Inc. | 262,772 | 46 | |||
* | HCW Biologics Inc. | 37,451 | 46 | |||
*,1 | Aethlon Medical Inc. | 21,224 | 46 | |||
*,1 | Petros Pharmaceuticals Inc. | 31,811 | 45 | |||
*,1 | Telesis Bio Inc. | 110,770 | 44 | |||
*,1 | AcelRx Pharmaceuticals Inc. | 59,697 | 44 | |||
*,1 | Tonix Pharmaceuticals Holding Corp. | 108,143 | 44 | |||
*,1 | Palisade Bio Inc. | 68,054 | 40 | |||
*,1 | Agile Therapeutics Inc. | 20,477 | 40 | |||
*,1 | Aravive Inc. | 315,214 | 39 | |||
*,1 | Better Therapeutics Inc. | 198,154 | 39 | |||
*,1 | Soligenix Inc. | 50,865 | 39 | |||
* | Tenon Medical Inc. | 23,854 | 39 | |||
* | Venus Concept Inc. | 32,438 | 38 | |||
*,1 | NeuroBo Pharmaceuticals Inc. | 9,738 | 36 | |||
* | BioRestorative Therapies Inc. | 20,472 | 35 | |||
*,1 | Lipella Pharmaceuticals Inc. | 34,520 | 35 | |||
* | NanoVibronix Inc. | 30,194 | 35 | |||
*,1 | Xenetic Biosciences Inc. | 9,797 | 35 | |||
*,1 | Regional Health Properties Inc. | 16,970 | 34 | |||
*,1 | Titan Pharmaceuticals Inc. | 82,051 | 34 | |||
* | Imunon Inc. | 48,806 | 33 | |||
*,1 | ABVC BioPharma Inc. | 27,247 | 32 | |||
* | Evoke Pharma Inc. | 29,851 | 31 | |||
* | Clever Leaves Holdings Inc. | 15,135 | 31 | |||
*,1 | bioAffinity Technologies Inc. | 20,000 | 30 | |||
*,1 | Windtree Therapeutics Inc. | 41,640 | 30 | |||
*,1 | Heart Test Laboratories Inc. | 175,600 | 30 |
Shares | Market Value• ($000) | |||||
*,1 | Aditxt Inc. | 4,566 | 30 | |||
* | Nemaura Medical Inc. | 126,682 | 29 | |||
*,1 | Nuwellis Inc. | 49,955 | 29 | |||
*,1 | Jaguar Health Inc. | 192,335 | 29 | |||
* | Protagenic Therapeutics Inc. | 31,996 | 29 | |||
*,1 | Context Therapeutics Inc. | 22,612 | 26 | |||
*,1 | Sonnet BioTherapeutics Holdings Inc. | 14,726 | 26 | |||
* | Exicure Inc. | 40,093 | 24 | |||
*,1 | Enveric Biosciences Inc. | 18,198 | 24 | |||
*,1 | DMK Pharmaceuticals Corp. | 33,990 | 24 | |||
* | Silo Pharma Inc. | 16,334 | 24 | |||
*,1 | Biofrontera Inc. | 8,611 | 24 | |||
*,1 | Healthcare Triangle Inc. | 8,801 | 24 | |||
* | InVivo Therapeutics Holdings Corp. | 31,238 | 23 | |||
*,1 | OpGen Inc. | 53,275 | 22 | |||
*,1 | Virpax Pharmaceuticals Inc. | 66,294 | 21 | |||
* | ThermoGenesis Holdings Inc. | 35,419 | 21 | |||
*,1 | Innovative Eyewear Inc. | 47,233 | 20 | |||
*,1 | LogicMark Inc. | 18,939 | 20 | |||
* | Synaptogenix Inc. | 68,522 | 19 | |||
*,1 | Phio Pharmaceuticals Corp. | 24,380 | 19 | |||
*,1 | Ensysce Biosciences Inc. | 18,175 | 19 | |||
*,1 | Calidi Biotherapeutics Inc. | 12,448 | 19 | |||
* | iSpecimen Inc. | 35,987 | 18 | |||
*,1 | Aptevo Therapeutics Inc. | 91,725 | 17 | |||
*,1 | SiNtx Technologies Inc. | 43,409 | 17 | |||
*,1 | Adial Pharmaceuticals Inc. | 9,359 | 17 | |||
* | Monopar Therapeutics Inc. | 45,167 | 15 | |||
* | Modular Medical Inc. | 8,077 | 15 | |||
*,1 | Onconetix Inc. | 73,513 | 15 | |||
*,1,2 | Aceragen Inc. | 39,478 | 15 | |||
*,1 | Ampio Pharmaceuticals Inc. | 7,388 | 15 | |||
*,1 | Cyclacel Pharmaceuticals Inc. | 5,796 | 15 | |||
* | NeuBase Therapeutics Inc. | 18,981 | 14 | |||
*,1 | cbdMD Inc. | 13,042 | 14 | |||
*,1 | TRxADE HEALTH Inc. | 2,643 | 14 | |||
*,1 | Kiora Pharmaceuticals Inc. | 24,566 | 13 | |||
*,1 | Qualigen Therapeutics Inc. | 22,827 | 13 | |||
*,1 | SCWorx Corp. | 6,922 | 13 | |||
*,1 | ReShape Lifesciences Inc. | 49,874 | 12 | |||
* | Lixte Biotechnology Holdings Inc. | 5,209 | 12 | |||
*,1 | Biolase Inc. | 10,911 | 12 | |||
*,1 | Imac Holdings Inc. | 5,133 | 11 | |||
*,1 | iBio Inc. | 8,287 | 11 | |||
*,2 | Impact BioMedical Inc. (Registered) | 1,738,388 | 11 | |||
*,1 | Yield10 Bioscience Inc. | 40,451 | 10 | |||
*,1 | 180 Life Sciences Corp. | 47,852 | 10 | |||
*,1 | NexImmune Inc. | 4,306 | 10 | |||
*,1 | Salarius Pharmaceuticals Inc. | 14,563 | 9 | |||
* | Dynatronics Corp. | 16,074 | 9 | |||
* | Landos Biopharma Inc. | 2,399 | 9 | |||
*,1 | Motus GI Holdings Inc. | 6,884 | 9 | |||
*,1 | Avenue Therapeutics Inc. | 46,293 | 8 | |||
*,1 | Inhibikase Therapeutics Inc. | 6,416 | 8 | |||
* | Ontrak Inc. | 20,311 | 8 | |||
* | Vaccinex Inc. | 12,588 | 8 | |||
* | CalciMedica Inc. | 2,320 | 7 | |||
*,1 | GRI Bio Inc. | 18,539 | 7 | |||
* | 60 Degrees Pharmaceuticals Inc. | 7,048 | 7 | |||
*,1 | Envoy Medical Inc. | 3,372 | 6 | |||
* | Assure Holdings Corp. | 20,753 | 5 | |||
*,1 | NKGen Biotech Inc. | 1,786 | 5 | |||
*,1 | Panbela Therapeutics Inc. | 4,249 | 4 | |||
* | Sharps Technology Inc. | 9,956 | 4 | |||
*,1 | Ainos Inc. | 1,966 | 4 | |||
* | NovaBay Pharmaceuticals Inc. | 13,710 | 3 | |||
*,1 | Revelation Biosciences Inc. | 6,000 | 3 |
Shares | Market Value• ($000) | |||||
*,1 | Avalo Therapeutics Inc. | 300 | 3 | |||
*,1 | First Wave BioPharma Inc. | 823 | 3 | |||
*,1 | Spectral AI Inc. | 1,341 | 3 | |||
*,1 | Kintara Therapeutics Inc. | 12,455 | 2 | |||
* | Intelligent Bio Solutions Inc. | 5,798 | 2 | |||
*,1 | PaxMedica Inc. | 3,235 | 2 | |||
* | Sonoma Pharmaceuticals Inc. | 3,818 | 1 | |||
*,1 | Bluejay Diagnostics Inc. | 794 | 1 | |||
*,2 | OmniAb Inc. 12.5 Earnout | 83,004 | — | |||
*,2 | OmniAb Inc. 15 Earnout | 83,004 | — | |||
* | Aclarion Inc. | 1,800 | — | |||
*,2,3 | MYOS Corp. (Acquired 8/24/2023, Cost $—) | 20,700 | — | |||
*,1,2 | MYOS Corp. (Registered) | 48,410 | — | |||
* | Senestech Inc. | 1 | — | |||
*,1 | ZyVersa Therapeutics Inc. | 493 | — | |||
*,1 | Tharimmune Inc. | 427 | — | |||
* | iCoreConnect Inc. | 70 | — | |||
11,461,490 | ||||||
Industrials (16.9%) | ||||||
Ferguson plc | 3,008,200 | 580,793 | ||||
Vertiv Holdings Co. Class A | 5,194,717 | 249,502 | ||||
Booz Allen Hamilton Holding Corp. Class A | 1,921,755 | 245,812 | ||||
Carlisle Cos. Inc. | 720,251 | 225,028 | ||||
Graco Inc. | 2,495,313 | 216,493 | ||||
Watsco Inc. | 501,780 | 214,998 | ||||
Lennox International Inc. | 471,643 | 211,070 | ||||
TransUnion | 2,857,355 | 196,329 | ||||
Owens Corning | 1,304,994 | 193,439 | ||||
SS&C Technologies Holdings Inc. | 3,161,671 | 193,210 | ||||
AECOM | 2,057,471 | 190,172 | ||||
Lincoln Electric Holdings Inc. | 848,279 | 184,467 | ||||
RB Global Inc. | 2,700,343 | 180,626 | ||||
CNH Industrial NV | 14,349,153 | 174,773 | ||||
* | Saia Inc. | 393,047 | 172,241 | |||
* | XPO Inc. | 1,715,530 | 150,263 | |||
EMCOR Group Inc. | 697,041 | 150,164 | ||||
Toro Co. | 1,538,340 | 147,665 | ||||
Regal Rexnord Corp. | 981,727 | 145,315 | ||||
ITT Inc. | 1,215,904 | 145,082 | ||||
nVent Electric plc | 2,454,537 | 145,039 | ||||
Advanced Drainage Systems Inc. | 1,014,497 | 142,679 | ||||
Fortune Brands Innovations Inc. | 1,854,514 | 141,203 | ||||
HEICO Corp. | 773,703 | 138,392 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 2,387,156 | 137,620 | ||||
* | Trex Co. Inc. | 1,607,200 | 133,060 | |||
Tetra Tech Inc. | 787,983 | 131,538 | ||||
* | Clean Harbors Inc. | 744,998 | 130,010 | |||
* | WillScot Mobile Mini Holdings Corp. | 2,841,484 | 126,446 | |||
Curtiss-Wright Corp. | 565,745 | 126,042 | ||||
HEICO Corp. Class A | 878,098 | 125,076 | ||||
Simpson Manufacturing Co. Inc. | 631,696 | 125,063 | ||||
* | RBC Bearings Inc. | 430,617 | 122,678 | |||
Woodward Inc. | 894,707 | 121,796 | ||||
Donaldson Co. Inc. | 1,793,062 | 117,177 | ||||
* | Middleby Corp. | 794,027 | 116,857 | |||
UFP Industries Inc. | 914,107 | 114,766 | ||||
WESCO International Inc. | 650,113 | 113,042 | ||||
AGCO Corp. | 919,990 | 111,696 | ||||
KBR Inc. | 2,000,949 | 110,873 | ||||
Comfort Systems USA Inc. | 529,245 | 108,850 | ||||
* | SiteOne Landscape Supply Inc. | 667,428 | 108,457 | |||
* | GXO Logistics Inc. | 1,759,342 | 107,601 | |||
* | CACI International Inc. Class A | 329,627 | 106,753 | |||
* | Paylocity Holding Corp. | 641,302 | 105,719 | |||
* | API Group Corp. | 3,038,620 | 105,136 | |||
Oshkosh Corp. | 967,808 | 104,920 | ||||
* | FTI Consulting Inc. | 526,596 | 104,872 |
Shares | Market Value• ($000) | |||||
BWX Technologies Inc. | 1,351,574 | 103,706 | ||||
Landstar System Inc. | 530,689 | 102,768 | ||||
U-Haul Holding Co. (XNYS) | 1,436,757 | 101,205 | ||||
* | Fluor Corp. | 2,537,371 | 99,389 | |||
Applied Industrial Technologies Inc. | 574,116 | 99,144 | ||||
Science Applications International Corp. | 783,118 | 97,357 | ||||
Acuity Brands Inc. | 458,442 | 93,903 | ||||
MSA Safety Inc. | 546,726 | 92,304 | ||||
Hexcel Corp. | 1,243,608 | 91,716 | ||||
* | Atkore Inc. | 559,885 | 89,582 | |||
Genpact Ltd. | 2,467,607 | 85,651 | ||||
Crane Co. | 724,648 | 85,610 | ||||
* | Chart Industries Inc. | 621,858 | 84,778 | |||
* | AZEK Co. Inc. Class A | 2,208,073 | 84,459 | |||
Watts Water Technologies Inc. Class A | 405,310 | 84,442 | ||||
Sensata Technologies Holding plc | 2,242,063 | 84,234 | ||||
* | Core & Main Inc. Class A | 2,020,433 | 81,646 | |||
Flowserve Corp. | 1,938,787 | 79,917 | ||||
Mueller Industries Inc. | 1,682,638 | 79,336 | ||||
Allison Transmission Holdings Inc. | 1,325,939 | 77,103 | ||||
Timken Co. | 961,555 | 77,069 | ||||
* | Lyft Inc. Class A | 5,122,437 | 76,785 | |||
Boise Cascade Co. | 585,699 | 75,766 | ||||
* | ExlService Holdings Inc. | 2,446,900 | 75,487 | |||
Maximus Inc. | 899,146 | 75,402 | ||||
Ryder System Inc. | 655,056 | 75,371 | ||||
* | Beacon Roofing Supply Inc. | 860,222 | 74,857 | |||
* | Alaska Air Group Inc. | 1,900,933 | 74,269 | |||
AAON Inc. | 999,729 | 73,850 | ||||
Esab Corp. | 841,365 | 72,879 | ||||
Valmont Industries Inc. | 309,296 | 72,224 | ||||
* | Casella Waste Systems Inc. Class A | 843,395 | 72,077 | |||
MSC Industrial Direct Co. Inc. Class A | 686,263 | 69,491 | ||||
Concentrix Corp. | 706,315 | 69,367 | ||||
Federal Signal Corp. | 899,046 | 68,993 | ||||
FTAI Aviation Ltd. | 1,481,949 | 68,762 | ||||
* | Kirby Corp. | 872,963 | 68,510 | |||
* | SPX Technologies Inc. | 672,804 | 67,960 | |||
* | Stericycle Inc. | 1,367,670 | 67,782 | |||
* | MasTec Inc. | 892,540 | 67,583 | |||
* | ASGN Inc. | 696,985 | 67,029 | |||
Exponent Inc. | 749,498 | 65,986 | ||||
Armstrong World Industries Inc. | 652,061 | 64,111 | ||||
Air Lease Corp. Class A | 1,527,735 | 64,073 | ||||
* | Sunrun Inc. | 3,223,210 | 63,272 | |||
GATX Corp. | 523,486 | 62,933 | ||||
Herc Holdings Inc. | 417,940 | 62,227 | ||||
Zurn Elkay Water Solutions Corp. | 2,101,143 | 61,795 | ||||
Moog Inc. Class A | 423,288 | 61,284 | ||||
Insperity Inc. | 521,856 | 61,172 | ||||
EnerSys | 600,821 | 60,659 | ||||
MDU Resources Group Inc. | 3,004,569 | 59,490 | ||||
Arcosa Inc. | 719,717 | 59,477 | ||||
*,1 | Clarivate plc | 6,387,831 | 59,151 | |||
Brink's Co. | 665,051 | 58,491 | ||||
ManpowerGroup Inc. | 720,348 | 57,246 | ||||
Terex Corp. | 994,599 | 57,150 | ||||
Franklin Electric Co. Inc. | 588,664 | 56,894 | ||||
Matson Inc. | 514,964 | 56,440 | ||||
* | Verra Mobility Corp. Class A | 2,449,392 | 56,409 | |||
* | TriNet Group Inc. | 462,403 | 54,994 | |||
* | Spirit AeroSystems Holdings Inc. Class A | 1,702,136 | 54,094 | |||
Encore Wire Corp. | 235,366 | 50,274 | ||||
* | Dycom Industries Inc. | 433,509 | 49,893 | |||
Hillenbrand Inc. | 1,030,156 | 49,293 | ||||
* | GMS Inc. | 597,692 | 49,268 | |||
* | AeroVironment Inc. | 387,809 | 48,879 |
Shares | Market Value• ($000) | |||||
1 | Avis Budget Group Inc. | 274,172 | 48,600 | |||
Kadant Inc. | 172,546 | 48,366 | ||||
Enpro Inc. | 307,869 | 48,255 | ||||
CSW Industrials Inc. | 229,356 | 47,571 | ||||
* | Alight Inc. Class A | 5,490,704 | 46,836 | |||
John Bean Technologies Corp. | 469,240 | 46,666 | ||||
Korn Ferry | 777,379 | 46,137 | ||||
*,1 | Bloom Energy Corp. Class A | 3,109,748 | 46,024 | |||
* | CBIZ Inc. | 730,196 | 45,703 | |||
Albany International Corp. Class A | 459,712 | 45,153 | ||||
ESCO Technologies Inc. | 379,625 | 44,428 | ||||
McGrath RentCorp | 363,090 | 43,433 | ||||
ABM Industries Inc. | 967,169 | 43,358 | ||||
Rush Enterprises Inc. Class A | 852,857 | 42,899 | ||||
ArcBest Corp. | 353,924 | 42,545 | ||||
* | Hub Group Inc. Class A | 460,114 | 42,303 | |||
Vestis Corp. | 1,944,013 | 41,096 | ||||
* | Resideo Technologies Inc. | 2,168,384 | 40,809 | |||
Dun & Bradstreet Holdings Inc. | 3,476,214 | 40,672 | ||||
UniFirst Corp. | 221,716 | 40,554 | ||||
* | RXO Inc. | 1,724,556 | 40,113 | |||
* | Sterling Infrastructure Inc. | 454,822 | 39,992 | |||
Werner Enterprises Inc. | 933,919 | 39,570 | ||||
* | Shoals Technologies Group Inc. Class A | 2,513,982 | 39,067 | |||
Brady Corp. Class A | 657,815 | 38,607 | ||||
* | Kratos Defense & Security Solutions Inc. | 1,893,636 | 38,422 | |||
Griffon Corp. | 612,822 | 37,351 | ||||
* | Parsons Corp. | 592,781 | 37,173 | |||
*,1 | Plug Power Inc. | 8,075,861 | 36,341 | |||
*,1 | Joby Aviation Inc. | 5,453,440 | 36,265 | |||
* | MYR Group Inc. | 246,064 | 35,588 | |||
* | Array Technologies Inc. | 2,102,305 | 35,319 | |||
* | Gibraltar Industries Inc. | 446,533 | 35,267 | |||
ICF International Inc. | 254,066 | 34,068 | ||||
* | PGT Innovations Inc. | 837,029 | 34,067 | |||
* | NEXTracker Inc. Class A | 725,239 | 33,977 | |||
Granite Construction Inc. | 655,927 | 33,360 | ||||
Mueller Water Products Inc. Class A | 2,304,083 | 33,179 | ||||
* | AAR Corp. | 520,648 | 32,488 | |||
Alamo Group Inc. | 153,618 | 32,289 | ||||
Trinity Industries Inc. | 1,208,034 | 32,122 | ||||
* | SkyWest Inc. | 609,777 | 31,830 | |||
* | ACV Auctions Inc. Class A | 2,001,569 | 30,324 | |||
Kennametal Inc. | 1,173,695 | 30,270 | ||||
* | Gates Industrial Corp. plc | 2,186,614 | 29,344 | |||
MillerKnoll Inc. | 1,077,787 | 28,755 | ||||
HNI Corp. | 685,290 | 28,666 | ||||
* | Huron Consulting Group Inc. | 278,187 | 28,598 | |||
* | Construction Partners Inc. Class A | 654,671 | 28,491 | |||
* | Masterbrand Inc. | 1,891,329 | 28,086 | |||
* | Mercury Systems Inc. | 767,524 | 28,068 | |||
* | Masonite International Corp. | 327,207 | 27,701 | |||
Standex International Corp. | 174,121 | 27,577 | ||||
* | Upwork Inc. | 1,845,194 | 27,438 | |||
* | JetBlue Airways Corp. | 4,923,463 | 27,325 | |||
* | Hillman Solutions Corp. | 2,899,283 | 26,702 | |||
1 | Spirit Airlines Inc. | 1,605,937 | 26,321 | |||
*,1 | Enovix Corp. | 2,096,915 | 26,253 | |||
Primoris Services Corp. | 786,411 | 26,117 | ||||
* | Hayward Holdings Inc. | 1,865,699 | 25,374 | |||
Tennant Co. | 273,605 | 25,360 | ||||
Enerpac Tool Group Corp. Class A | 811,971 | 25,244 | ||||
H&E Equipment Services Inc. | 477,007 | 24,957 | ||||
* | CoreCivic Inc. | 1,689,482 | 24,548 | |||
Barnes Group Inc. | 748,859 | 24,435 | ||||
* | JELD-WEN Holding Inc. | 1,263,015 | 23,846 | |||
Forward Air Corp. | 378,935 | 23,824 |
Shares | Market Value• ($000) | |||||
* | OPENLANE Inc. | 1,600,005 | 23,696 | |||
* | American Woodmark Corp. | 241,253 | 22,400 | |||
CSG Systems International Inc. | 418,917 | 22,291 | ||||
Helios Technologies Inc. | 487,054 | 22,088 | ||||
*,1 | Xometry Inc. Class A | 611,929 | 21,974 | |||
* | Rocket Lab USA Inc. | 3,876,577 | 21,437 | |||
AZZ Inc. | 368,810 | 21,424 | ||||
* | Leonardo DRS Inc. | 1,045,286 | 20,948 | |||
* | Cimpress plc | 261,517 | 20,934 | |||
Lindsay Corp. | 162,065 | 20,932 | ||||
* | NV5 Global Inc. | 186,445 | 20,718 | |||
* | Paycor HCM Inc. | 958,320 | 20,690 | |||
Greenbrier Cos. Inc. | 466,344 | 20,603 | ||||
*,1 | Fluence Energy Inc. | 854,078 | 20,370 | |||
* | GEO Group Inc. | 1,863,265 | 20,179 | |||
* | Hertz Global Holdings Inc. | 1,934,112 | 20,095 | |||
* | Legalzoom.com Inc. | 1,775,642 | 20,065 | |||
* | Triumph Group Inc. | 1,155,858 | 19,164 | |||
Kforce Inc. | 276,827 | 18,702 | ||||
Steelcase Inc. Class A | 1,375,129 | 18,592 | ||||
Allegiant Travel Co. | 221,749 | 18,319 | ||||
* | Janus International Group Inc. | 1,386,212 | 18,090 | |||
Marten Transport Ltd. | 861,519 | 18,075 | ||||
Wabash National Corp. | 704,169 | 18,041 | ||||
Apogee Enterprises Inc. | 331,813 | 17,722 | ||||
* | NOW Inc. | 1,563,100 | 17,694 | |||
*,1 | Archer Aviation Inc. Class A | 2,817,374 | 17,299 | |||
Columbus McKinnon Corp. | 437,798 | 17,083 | ||||
* | Thermon Group Holdings Inc. | 511,007 | 16,643 | |||
Matthews International Corp. Class A | 452,893 | 16,599 | ||||
* | Energy Recovery Inc. | 837,202 | 15,773 | |||
* | Transcat Inc. | 141,109 | 15,427 | |||
* | Ameresco Inc. Class A | 476,361 | 15,086 | |||
* | Proto Labs Inc. | 384,949 | 14,998 | |||
* | SP Plus Corp. | 291,696 | 14,949 | |||
* | Vicor Corp. | 331,923 | 14,917 | |||
Quanex Building Products Corp. | 483,289 | 14,774 | ||||
* | BlueLinx Holdings Inc. | 127,327 | 14,427 | |||
Deluxe Corp. | 666,918 | 14,305 | ||||
Schneider National Inc. Class B | 552,325 | 14,057 | ||||
1 | Tecnoglass Inc. | 305,934 | 13,984 | |||
* | MRC Global Inc. | 1,266,392 | 13,943 | |||
* | Driven Brands Holdings Inc. | 949,070 | 13,534 | |||
* | Montrose Environmental Group Inc. | 410,059 | 13,175 | |||
* | Air Transport Services Group Inc. | 740,785 | 13,045 | |||
Astec Industries Inc. | 349,983 | 13,019 | ||||
Gorman-Rupp Co. | 365,969 | 13,003 | ||||
*,1 | Virgin Galactic Holdings Inc. | 5,236,899 | 12,830 | |||
VSE Corp. | 196,541 | 12,699 | ||||
* | 3D Systems Corp. | 1,980,054 | 12,573 | |||
*,1 | Symbotic Inc. Class A | 238,547 | 12,245 | |||
First Advantage Corp. | 737,270 | 12,217 | ||||
* | U-Haul Holding Co. | 170,105 | 12,214 | |||
*,1 | Nikola Corp. | 13,898,285 | 12,158 | |||
Barrett Business Services Inc. | 102,424 | 11,861 | ||||
Powell Industries Inc. | 133,243 | 11,779 | ||||
Insteel Industries Inc. | 303,239 | 11,611 | ||||
* | Healthcare Services Group Inc. | 1,118,551 | 11,599 | |||
* | Viad Corp. | 319,621 | 11,570 | |||
* | Hawaiian Holdings Inc. | 812,051 | 11,531 | |||
* | Titan International Inc. | 772,873 | 11,500 | |||
Interface Inc. Class A | 887,011 | 11,194 | ||||
* | Enviri Corp. | 1,215,310 | 10,938 | |||
* | Ducommun Inc. | 207,222 | 10,788 | |||
Pitney Bowes Inc. | 2,414,674 | 10,625 | ||||
CRA International Inc. | 107,247 | 10,601 | ||||
*,1 | FuelCell Energy Inc. | 6,550,792 | 10,481 |
Shares | Market Value• ($000) | |||||
*,1 | ChargePoint Holdings Inc. | 4,433,911 | 10,375 | |||
Rush Enterprises Inc. Class B | 193,783 | 10,267 | ||||
Kelly Services Inc. Class A | 467,298 | 10,103 | ||||
Genco Shipping & Trading Ltd. | 608,605 | 10,097 | ||||
Hyster-Yale Materials Handling Inc. | 160,963 | 10,010 | ||||
Douglas Dynamics Inc. | 334,025 | 9,914 | ||||
Heartland Express Inc. | 668,206 | 9,529 | ||||
* | Conduent Inc. | 2,581,577 | 9,423 | |||
Kaman Corp. | 393,210 | 9,417 | ||||
* | IES Holdings Inc. | 117,230 | 9,287 | |||
* | Sun Country Airlines Holdings Inc. | 585,941 | 9,217 | |||
* | CECO Environmental Corp. | 448,133 | 9,088 | |||
* | Titan Machinery Inc. | 314,400 | 9,080 | |||
* | Manitowoc Co. Inc. | 536,355 | 8,952 | |||
Heidrick & Struggles International Inc. | 301,052 | 8,890 | ||||
Ennis Inc. | 399,848 | 8,761 | ||||
Cadre Holdings Inc. | 259,420 | 8,532 | ||||
Argan Inc. | 181,788 | 8,506 | ||||
*,1 | Stem Inc. | 2,175,737 | 8,442 | |||
ACCO Brands Corp. | 1,375,638 | 8,364 | ||||
* | Hudson Technologies Inc. | 618,740 | 8,347 | |||
* | V2X Inc. | 168,049 | 7,804 | |||
* | TrueBlue Inc. | 503,564 | 7,725 | |||
* | Great Lakes Dredge & Dock Corp. | 996,188 | 7,651 | |||
Miller Industries Inc. | 179,776 | 7,603 | ||||
REV Group Inc. | 414,450 | 7,531 | ||||
Global Industrial Co. | 192,097 | 7,461 | ||||
* | Astronics Corp. | 423,465 | 7,377 | |||
* | Planet Labs PBC | 2,936,762 | 7,254 | |||
* | Franklin Covey Co. | 162,924 | 7,092 | |||
* | Blue Bird Corp. | 260,633 | 7,027 | |||
Resources Connection Inc. | 490,041 | 6,944 | ||||
Allient Inc. | 219,589 | 6,634 | ||||
* | Limbach Holdings Inc. | 145,808 | 6,630 | |||
National Presto Industries Inc. | 80,342 | 6,450 | ||||
* | Sterling Check Corp. | 461,430 | 6,423 | |||
FTAI Infrastructure Inc. | 1,626,774 | 6,328 | ||||
Preformed Line Products Co. | 46,680 | 6,249 | ||||
GrafTech International Ltd. | 2,849,673 | 6,241 | ||||
TTEC Holdings Inc. | 287,802 | 6,237 | ||||
*,1 | SunPower Corp. | 1,290,750 | 6,234 | |||
* | DXP Enterprises Inc. | 178,703 | 6,022 | |||
* | Tutor Perini Corp. | 661,759 | 6,022 | |||
*,1 | LanzaTech Global Inc. | 1,197,180 | 6,022 | |||
Covenant Logistics Group Inc. Class A | 130,074 | 5,989 | ||||
Shyft Group Inc. | 489,952 | 5,987 | ||||
1 | Eagle Bulk Shipping Inc. | 107,564 | 5,959 | |||
* | Liquidity Services Inc. | 322,659 | 5,553 | |||
* | AerSale Corp. | 437,086 | 5,549 | |||
LSI Industries Inc. | 393,761 | 5,544 | ||||
* | Bowman Consulting Group Ltd. Class A | 154,695 | 5,495 | |||
* | Daseke Inc. | 665,161 | 5,388 | |||
* | Distribution Solutions Group Inc. | 164,414 | 5,189 | |||
* | Forrester Research Inc. | 191,485 | 5,134 | |||
* | Custom Truck One Source Inc. | 794,868 | 4,912 | |||
* | BrightView Holdings Inc. | 582,703 | 4,906 | |||
* | American Superconductor Corp. | 431,433 | 4,806 | |||
*,1 | Microvast Holdings Inc. | 3,395,294 | 4,753 | |||
Alta Equipment Group Inc. | 371,262 | 4,593 | ||||
* | Northwest Pipe Co. | 149,141 | 4,513 | |||
Pangaea Logistics Solutions Ltd. | 512,373 | 4,222 | ||||
Park Aerospace Corp. | 285,826 | 4,202 | ||||
*,1 | SES AI Corp. | 2,199,001 | 4,024 | |||
Luxfer Holdings plc | 422,626 | 3,778 | ||||
* | Matrix Service Co. | 385,093 | 3,766 | |||
* | Willdan Group Inc. | 171,977 | 3,698 | |||
*,1 | Net Power Inc. | 364,602 | 3,682 |
Shares | Market Value• ($000) | |||||
Aris Water Solutions Inc. Class A | 408,070 | 3,424 | ||||
Park-Ohio Holdings Corp. | 124,171 | 3,348 | ||||
* | Radiant Logistics Inc. | 498,130 | 3,308 | |||
* | TaskUS Inc. Class A | 248,114 | 3,243 | |||
*,1 | Frontier Group Holdings Inc. | 578,476 | 3,158 | |||
* | L B Foster Co. Class A | 140,614 | 3,092 | |||
Omega Flex Inc. | 42,700 | 3,011 | ||||
* | Commercial Vehicle Group Inc. | 429,381 | 3,010 | |||
*,1 | Innodata Inc. | 364,024 | 2,963 | |||
*,1 | Blink Charging Co. | 846,731 | 2,870 | |||
Universal Logistics Holdings Inc. | 101,183 | 2,835 | ||||
* | Performant Financial Corp. | 894,514 | 2,795 | |||
* | Graham Corp. | 146,346 | 2,776 | |||
* | Asure Software Inc. | 290,815 | 2,769 | |||
* | Concrete Pumping Holdings Inc. | 336,641 | 2,760 | |||
*,1 | Desktop Metal Inc. Class A | 3,567,986 | 2,680 | |||
*,1 | Eve Holding Inc. | 365,203 | 2,673 | |||
* | Blade Air Mobility Inc. | 755,482 | 2,667 | |||
* | RCM Technologies Inc. | 91,076 | 2,645 | |||
*,1 | TPI Composites Inc. | 620,777 | 2,570 | |||
*,1 | Energy Vault Holdings Inc. | 1,087,385 | 2,534 | |||
* | Quad/Graphics Inc. | 463,634 | 2,513 | |||
* | DLH Holdings Corp. | 159,513 | 2,512 | |||
* | NN Inc. | 613,095 | 2,452 | |||
*,1 | NuScale Power Corp. Class A | 712,185 | 2,343 | |||
Twin Disc Inc. | 144,684 | 2,338 | ||||
*,1 | Eos Energy Enterprises Inc. | 2,118,481 | 2,309 | |||
* | Gencor Industries Inc. | 141,254 | 2,280 | |||
* | Orion Group Holdings Inc. | 457,435 | 2,260 | |||
* | Innovative Solutions & Support Inc. | 254,450 | 2,170 | |||
* | HireRight Holdings Corp. | 158,554 | 2,133 | |||
* | Mayville Engineering Co. Inc. | 144,533 | 2,084 | |||
Eastern Co. | 88,712 | 1,952 | ||||
Karat Packaging Inc. | 78,371 | 1,948 | ||||
* | PAM Transportation Services Inc. | 93,486 | 1,943 | |||
* | Mistras Group Inc. | 258,353 | 1,891 | |||
Virco Manufacturing Corp. | 150,864 | 1,815 | ||||
Acme United Corp. | 42,089 | 1,804 | ||||
EVI Industries Inc. | 75,711 | 1,797 | ||||
ARC Document Solutions Inc. | 533,343 | 1,749 | ||||
* | Spire Global Inc. | 223,318 | 1,746 | |||
* | Manitex International Inc. | 199,531 | 1,744 | |||
*,1 | Falcon's Beyond Global Inc. Class A | 139,961 | 1,722 | |||
* | TuSimple Holdings Inc. Class A | 1,939,428 | 1,702 | |||
Hurco Cos. Inc. | 76,118 | 1,639 | ||||
* | Willis Lease Finance Corp. | 33,042 | 1,615 | |||
*,1 | Terran Orbital Corp. | 1,396,113 | 1,592 | |||
*,1 | BlackSky Technology Inc. Class A | 1,114,386 | 1,560 | |||
* | Byrna Technologies Inc. | 242,576 | 1,550 | |||
* | Quest Resource Holding Corp. | 205,544 | 1,507 | |||
*,1 | Sky Harbour Group Corp. | 153,988 | 1,488 | |||
* | Hyliion Holdings Corp. | 1,800,424 | 1,465 | |||
* | Perma-Fix Environmental Services Inc. | 184,484 | 1,450 | |||
* | VirTra Inc. | 147,434 | 1,396 | |||
BGSF Inc. | 146,036 | 1,373 | ||||
*,1 | Amprius Technologies Inc. | 255,988 | 1,354 | |||
*,1 | Beam Global | 178,909 | 1,268 | |||
* | Markforged Holding Corp. | 1,487,790 | 1,220 | |||
* | Babcock & Wilcox Enterprises Inc. | 813,414 | 1,188 | |||
*,1 | FiscalNote Holdings Inc. | 1,039,674 | 1,185 | |||
*,1 | Odyssey Marine Exploration Inc. Class B | 247,693 | 1,152 | |||
*,1 | 374Water Inc. | 807,554 | 1,147 | |||
*,1 | Bridger Aerospace Group Holdings Inc. | 165,432 | 1,143 | |||
*,1 | Hyzon Motors Inc. | 1,219,651 | 1,092 | |||
*,1 | Surf Air Mobility Inc. | 677,622 | 1,050 | |||
*,1 | ESS Tech Inc. | 914,456 | 1,042 | |||
* | Alpha Pro Tech Ltd. | 194,654 | 1,030 |
Shares | Market Value• ($000) | |||||
* | LS Starrett Co. Class A | 84,819 | 1,026 | |||
* | SKYX Platforms Corp. | 640,728 | 1,025 | |||
* | Ultralife Corp. | 148,995 | 1,016 | |||
* | Skillsoft Corp. | 57,505 | 1,011 | |||
HireQuest Inc. | 62,700 | 962 | ||||
*,1 | Wheels Up Experience Inc. | 271,599 | 932 | |||
*,1 | Redwire Corp. | 287,325 | 819 | |||
* | GEE Group Inc. | 1,612,349 | 806 | |||
* | Taylor Devices Inc. | 36,372 | 804 | |||
* | Aqua Metals Inc. | 1,038,386 | 789 | |||
* | INNOVATE Corp. | 624,309 | 768 | |||
* | Broadwind Inc. | 275,644 | 764 | |||
* | Perma-Pipe International Holdings Inc. | 97,154 | 757 | |||
NL Industries Inc. | 134,129 | 752 | ||||
* | Servotronics Inc. | 59,661 | 746 | |||
*,1 | Southland Holdings Inc. | 141,533 | 730 | |||
* | Flux Power Holdings Inc. | 160,450 | 659 | |||
* | TechPrecision Corp. | 125,690 | 647 | |||
* | StarTek Inc. | 144,925 | 639 | |||
* | Ideal Power Inc. | 78,007 | 605 | |||
*,1 | NeoVolta Inc. | 376,441 | 602 | |||
*,1 | Complete Solaria Inc. | 354,350 | 569 | |||
* | FTC Solar Inc. | 818,583 | 567 | |||
* | Mastech Digital Inc. | 64,164 | 541 | |||
* | ClearSign Technologies Corp. | 478,114 | 531 | |||
* | Hydrofarm Holdings Group Inc. | 577,654 | 530 | |||
* | Pioneer Power Solutions Inc. | 74,764 | 508 | |||
* | FreightCar America Inc. | 184,666 | 499 | |||
* | Mesa Air Group Inc. | 474,206 | 479 | |||
* | Hudson Global Inc. | 30,771 | 479 | |||
*,1 | Velo3D Inc. | 1,137,907 | 452 | |||
*,1 | Intuitive Machines Inc. | 164,968 | 421 | |||
* | CPI Aerostructures Inc. | 152,271 | 416 | |||
*,1 | Astra Space Inc. Class A | 179,586 | 409 | |||
* | Orion Energy Systems Inc. | 453,956 | 393 | |||
*,1 | Tigo Energy Inc. | 176,330 | 369 | |||
* | Fuel Tech Inc. | 347,857 | 365 | |||
*,1 | Knightscope Inc. Class A | 601,903 | 361 | |||
*,1 | Exela Technologies Inc. | 105,337 | 354 | |||
* | Team Inc. | 52,557 | 347 | |||
* | Westwater Resources Inc. | 592,292 | 335 | |||
* | Air T Inc. | 19,387 | 320 | |||
Espey Manufacturing & Electronics Corp. | 16,768 | 314 | ||||
* | Where Food Comes From Inc. | 21,320 | 290 | |||
* | Jewett-Cameron Trading Co. Ltd. | 53,321 | 285 | |||
* | SIFCO Industries Inc. | 59,551 | 270 | |||
* | Steel Connect Inc. | 26,479 | 252 | |||
*,1 | Ocean Power Technologies Inc. | 753,871 | 238 | |||
* | Mega Matrix Corp. | 150,882 | 213 | |||
Chicago Rivet & Machine Co. | 12,203 | 207 | ||||
*,1 | Expion360 Inc. | 39,179 | 206 | |||
*,1 | Xos Inc. | 24,861 | 194 | |||
*,1 | View Inc. | 49,458 | 180 | |||
*,1 | Ideanomics Inc. | 89,726 | 179 | |||
*,1 | Air Industries Group | 53,709 | 175 | |||
*,1 | KULR Technology Group Inc. | 922,983 | 171 | |||
CompX International Inc. | 6,705 | 169 | ||||
* | Urban-Gro Inc. | 111,102 | 156 | |||
* | Professional Diversity Network Inc. | 75,021 | 152 | |||
*,1 | Sarcos Technology & Robotics Corp. | 199,748 | 144 | |||
*,1 | Energous Corp. | 68,443 | 125 | |||
*,1 | Bitcoin Depot Inc. | 38,004 | 123 | |||
* | AgEagle Aerial Systems Inc. | 1,154,532 | 121 | |||
*,1 | Advent Technologies Holdings Inc. | 506,225 | 113 | |||
*,1 | Getaround Inc. | 470,350 | 111 | |||
*,1 | Sunworks Inc. | 468,374 | 110 | |||
*,1 | LiqTech International Inc. | 31,265 | 106 |
Shares | Market Value• ($000) | |||||
* | Wilhelmina International Inc. | 23,052 | 93 | |||
*,1 | Safe & Green Holdings Corp. | 195,578 | 92 | |||
*,1 | Optex Systems Holdings Inc. | 13,331 | 88 | |||
*,1 | Nauticus Robotics Inc. | 125,161 | 85 | |||
*,1 | Dragonfly Energy Holdings Corp. | 124,806 | 68 | |||
* | TOMI Environmental Solutions Inc. | 66,377 | 67 | |||
*,1 | Jet.AI Inc. | 42,979 | 62 | |||
*,1 | Sidus Space Inc. Class A | 6,332 | 56 | |||
* | DSS Inc. | 434,597 | 52 | |||
* | Shapeways Holdings Inc. | 21,179 | 52 | |||
*,1 | JanOne Inc. | 73,304 | 41 | |||
* | FGI Industries Ltd. | 24,551 | 40 | |||
* | Laser Photonics Corp. | 32,357 | 38 | |||
* | Avalon Holdings Corp. Class A | 15,500 | 37 | |||
*,1 | Momentus Inc. | 19,933 | 34 | |||
*,1 | Polar Power Inc. | 80,105 | 33 | |||
*,1 | iSun Inc. | 97,573 | 31 | |||
* | Pineapple Energy Inc. | 52,951 | 31 | |||
* | Nuvve Holding Corp. | 177,956 | 22 | |||
* | Mobile Infrastructure Corp. Class A | 5,406 | 22 | |||
* | Art's-Way Manufacturing Co. Inc. | 10,164 | 21 | |||
* | iPower Inc. | 46,964 | 21 | |||
*,1 | Applied UV Inc. | 9,195 | 21 | |||
*,1 | Nuburu Inc. | 134,105 | 20 | |||
*,1 | Nxu Inc. Class A | 8,128 | 19 | |||
*,1 | Energy Focus Inc. | 11,850 | 18 | |||
* | CEA Industries Inc. | 30,150 | 16 | |||
*,1 | Fathom Digital Manufacturing C | 3,456 | 15 | |||
*,1 | Greenwave Technology Solutions Inc. | 22,716 | 13 | |||
* | Gaucho Group Holdings Inc. | 22,058 | 13 | |||
* | Staffing 360 Solutions Inc. | 30,990 | 12 | |||
*,1 | Agrify Corp. | 9,557 | 11 | |||
*,1 | Royalty Management Holding Corp. | 5,608 | 10 | |||
*,1 | Ault Alliance Inc. | 16,916 | 2 | |||
* | Electriq Power Holdings Inc. | 5,708 | 2 | |||
*,1 | ShiftPixy Inc. | 280 | 2 | |||
*,1,2 | FTE Networks Inc. | 82,837 | — | |||
16,419,321 | ||||||
Information Technology (18.8%) | ||||||
* | Snowflake Inc. Class A | 4,724,340 | 940,144 | |||
* | Crowdstrike Holdings Inc. Class A | 3,345,466 | 854,164 | |||
* | Workday Inc. Class A | 3,058,563 | 844,347 | |||
Marvell Technology Inc. | 12,745,623 | 768,689 | ||||
* | Atlassian Corp. Class A | 2,293,046 | 545,424 | |||
* | Datadog Inc. Class A | 4,468,669 | 542,407 | |||
* | Palantir Technologies Inc. Class A | 28,502,001 | 489,379 | |||
* | HubSpot Inc. | 744,643 | 432,295 | |||
* | MongoDB Inc. Class A | 1,054,666 | 431,200 | |||
* | Cloudflare Inc. Class A | 4,376,742 | 364,408 | |||
* | Splunk Inc. | 2,281,728 | 347,621 | |||
* | Zscaler Inc. | 1,306,588 | 289,488 | |||
Dell Technologies Inc. Class C | 3,723,323 | 284,834 | ||||
* | Zoom Video Communications Inc. Class A | 3,760,385 | 270,409 | |||
Entegris Inc. | 2,203,335 | 264,004 | ||||
* | GoDaddy Inc. Class A | 2,074,895 | 220,271 | |||
* | Okta Inc. Class A | 2,321,961 | 210,207 | |||
* | Twilio Inc. Class A | 2,682,496 | 203,521 | |||
* | Super Micro Computer Inc. | 683,773 | 194,369 | |||
* | Manhattan Associates Inc. | 899,758 | 193,736 | |||
* | Dynatrace Inc. | 3,505,467 | 191,714 | |||
* | DocuSign Inc. Class A | 3,002,110 | 178,475 | |||
Bentley Systems Inc. Class B | 3,392,456 | 177,018 | ||||
* | Nutanix Inc. Class A | 3,608,029 | 172,067 | |||
* | Pure Storage Inc. Class A | 4,314,482 | 153,854 | |||
* | UiPath Inc. Class A | 6,020,552 | 149,550 | |||
* | Unity Software Inc. | 3,533,027 | 144,465 | |||
* | Lattice Semiconductor Corp. | 2,036,787 | 140,518 |
Shares | Market Value• ($000) | |||||
* | Elastic NV | 1,197,380 | 134,945 | |||
* | Guidewire Software Inc. | 1,212,614 | 132,223 | |||
Universal Display Corp. | 637,191 | 121,869 | ||||
*,1 | MicroStrategy Inc. Class A | 185,611 | 117,236 | |||
* | Dropbox Inc. Class A | 3,764,440 | 110,976 | |||
* | BILL Holdings Inc. | 1,351,717 | 110,287 | |||
* | Onto Innovation Inc. | 719,979 | 110,085 | |||
* | Rambus Inc. | 1,573,224 | 107,373 | |||
Cognex Corp. | 2,545,916 | 106,267 | ||||
* | Qualys Inc. | 537,429 | 105,487 | |||
* | SPS Commerce Inc. | 542,414 | 105,142 | |||
* | Fabrinet | 537,943 | 102,387 | |||
Littelfuse Inc. | 369,099 | 98,756 | ||||
* | SentinelOne Inc. Class A | 3,582,203 | 98,296 | |||
* | Ciena Corp. | 2,181,690 | 98,198 | |||
* | Arrow Electronics Inc. | 798,597 | 97,628 | |||
* | Smartsheet Inc. Class A | 2,000,921 | 95,684 | |||
MKS Instruments Inc. | 929,210 | 95,588 | ||||
* | Aspen Technology Inc. | 415,061 | 91,376 | |||
* | Procore Technologies Inc. | 1,317,659 | 91,208 | |||
* | Novanta Inc. | 530,020 | 89,261 | |||
* | Coherent Corp. | 1,950,442 | 84,903 | |||
* | Five9 Inc. | 1,076,767 | 84,731 | |||
* | Wolfspeed Inc. | 1,856,516 | 80,777 | |||
* | Samsara Inc. Class A | 2,419,391 | 80,759 | |||
TD SYNNEX Corp. | 750,327 | 80,743 | ||||
* | Gitlab Inc. Class A | 1,281,444 | 80,680 | |||
* | Tenable Holdings Inc. | 1,741,808 | 80,228 | |||
* | SolarEdge Technologies Inc. | 845,411 | 79,130 | |||
Vontier Corp. | 2,278,809 | 78,733 | ||||
*,1 | Marathon Digital Holdings Inc. | 3,294,348 | 77,384 | |||
* | AppLovin Corp. Class A | 1,920,196 | 76,520 | |||
* | Confluent Inc. Class A | 3,254,521 | 76,156 | |||
* | DoubleVerify Holdings Inc. | 2,062,284 | 75,851 | |||
Dolby Laboratories Inc. Class A | 874,349 | 75,351 | ||||
* | MACOM Technology Solutions Holdings Inc. | 791,442 | 73,565 | |||
* | Varonis Systems Inc. Class B | 1,608,955 | 72,853 | |||
* | Insight Enterprises Inc. | 407,142 | 72,141 | |||
* | Workiva Inc. Class A | 704,997 | 71,578 | |||
* | Kyndryl Holdings Inc. | 3,393,677 | 70,521 | |||
* | Altair Engineering Inc. Class A | 812,881 | 68,404 | |||
Power Integrations Inc. | 824,499 | 67,700 | ||||
Avnet Inc. | 1,338,756 | 67,473 | ||||
Badger Meter Inc. | 434,075 | 67,008 | ||||
* | DXC Technology Co. | 2,865,324 | 65,530 | |||
* | Synaptics Inc. | 574,387 | 65,526 | |||
* | Cirrus Logic Inc. | 781,204 | 64,988 | |||
* | Teradata Corp. | 1,438,741 | 62,600 | |||
* | Axcelis Technologies Inc. | 479,772 | 62,222 | |||
* | Silicon Laboratories Inc. | 465,884 | 61,622 | |||
Advanced Energy Industries Inc. | 551,701 | 60,091 | ||||
* | Freshworks Inc. Class A | 2,515,504 | 59,089 | |||
* | Blackbaud Inc. | 632,940 | 54,876 | |||
* | Box Inc. Class A | 2,133,097 | 54,629 | |||
* | Diodes Inc. | 664,517 | 53,507 | |||
* | Appfolio Inc. Class A | 301,580 | 52,246 | |||
* | Lumentum Holdings Inc. | 989,265 | 51,857 | |||
* | Rapid7 Inc. | 907,279 | 51,806 | |||
* | Aurora Innovation Inc. Class A | 11,775,650 | 51,460 | |||
* | CommVault Systems Inc. | 643,067 | 51,349 | |||
* | Itron Inc. | 669,910 | 50,585 | |||
Amkor Technology Inc. | 1,497,687 | 49,828 | ||||
* | ACI Worldwide Inc. | 1,606,323 | 49,153 | |||
* | IPG Photonics Corp. | 441,708 | 47,943 | |||
Belden Inc. | 619,069 | 47,823 | ||||
* | Alarm.com Holdings Inc. | 737,106 | 47,632 | |||
* | FormFactor Inc. | 1,141,897 | 47,629 |
Shares | Market Value• ($000) | |||||
*,1 | Riot Platforms Inc. | 3,063,105 | 47,386 | |||
* | BlackLine Inc. | 749,951 | 46,827 | |||
* | Alteryx Inc. Class A | 944,769 | 44,555 | |||
Vishay Intertechnology Inc. | 1,856,884 | 44,509 | ||||
Kulicke & Soffa Industries Inc. | 810,361 | 44,343 | ||||
* | Sprout Social Inc. Class A | 719,633 | 44,214 | |||
* | Plexus Corp. | 404,461 | 43,734 | |||
* | Sanmina Corp. | 843,071 | 43,309 | |||
* | CCC Intelligent Solutions Holdings Inc. | 3,691,119 | 42,042 | |||
* | RingCentral Inc. Class A | 1,234,634 | 41,916 | |||
InterDigital Inc. | 373,786 | 40,571 | ||||
Crane NXT Co. | 710,949 | 40,432 | ||||
*,1 | C3.ai Inc. Class A | 1,386,827 | 39,816 | |||
* | Braze Inc. Class A | 746,698 | 39,672 | |||
* | HashiCorp Inc. Class A | 1,636,790 | 38,694 | |||
* | Calix Inc. | 864,906 | 37,788 | |||
* | Clearwater Analytics Holdings Inc. Class A | 1,876,990 | 37,596 | |||
* | Q2 Holdings Inc. | 863,336 | 37,477 | |||
* | LiveRamp Holdings Inc. | 967,698 | 36,656 | |||
* | Envestnet Inc. | 733,882 | 36,342 | |||
* | Credo Technology Group Holding Ltd. | 1,856,305 | 36,142 | |||
Progress Software Corp. | 641,603 | 34,839 | ||||
* | Ambarella Inc. | 560,565 | 34,357 | |||
* | Perficient Inc. | 513,115 | 33,773 | |||
* | Extreme Networks Inc. | 1,908,470 | 33,665 | |||
* | NCR Voyix Corp. | 1,980,838 | 33,496 | |||
* | Viavi Solutions Inc. | 3,313,600 | 33,368 | |||
* | Rogers Corp. | 246,126 | 32,506 | |||
* | PagerDuty Inc. | 1,372,248 | 31,768 | |||
* | Fastly Inc. Class A | 1,772,000 | 31,542 | |||
* | SiTime Corp. | 258,192 | 31,520 | |||
* | ePlus Inc. | 394,556 | 31,501 | |||
*,1 | IonQ Inc. | 2,535,221 | 31,411 | |||
* | Allegro MicroSystems Inc. | 1,036,171 | 31,365 | |||
* | OSI Systems Inc. | 239,075 | 30,853 | |||
* | Viasat Inc. | 1,103,080 | 30,831 | |||
Pegasystems Inc. | 628,252 | 30,696 | ||||
Xerox Holdings Corp. | 1,659,090 | 30,411 | ||||
* | nCino Inc. | 900,031 | 30,268 | |||
* | Impinj Inc. | 334,871 | 30,148 | |||
* | Photronics Inc. | 914,197 | 28,678 | |||
* | Mirion Technologies Inc. Class A | 2,692,403 | 27,597 | |||
* | DigitalOcean Holdings Inc. | 744,208 | 27,305 | |||
* | MaxLinear Inc. Class A | 1,090,954 | 25,932 | |||
Clear Secure Inc. Class A | 1,245,888 | 25,728 | ||||
* | Verint Systems Inc. | 948,401 | 25,635 | |||
* | Veeco Instruments Inc. | 820,967 | 25,475 | |||
* | Agilysys Inc. | 298,926 | 25,355 | |||
* | Cleanspark Inc. | 2,264,759 | 24,980 | |||
* | Squarespace Inc. Class A | 753,178 | 24,862 | |||
* | Cohu Inc. | 686,724 | 24,303 | |||
* | PROS Holdings Inc. | 625,791 | 24,274 | |||
* | TTM Technologies Inc. | 1,517,458 | 23,991 | |||
* | Knowles Corp. | 1,323,768 | 23,709 | |||
* | Ultra Clean Holdings Inc. | 685,989 | 23,420 | |||
* | Appian Corp. Class A | 611,992 | 23,048 | |||
* | NetScout Systems Inc. | 1,045,170 | 22,941 | |||
* | Asana Inc. Class A | 1,180,334 | 22,438 | |||
* | Harmonic Inc. | 1,648,784 | 21,500 | |||
* | Semtech Corp. | 942,978 | 20,661 | |||
CTS Corp. | 459,389 | 20,094 | ||||
* | PowerSchool Holdings Inc. Class A | 844,285 | 19,891 | |||
* | Zeta Global Holdings Corp. Class A | 2,235,084 | 19,713 | |||
Adeia Inc. | 1,578,504 | 19,558 | ||||
* | Vertex Inc. Class A | 696,766 | 18,771 | |||
* | Sprinklr Inc. Class A | 1,556,033 | 18,735 | |||
* | Zuora Inc. Class A | 1,934,328 | 18,183 |
Shares | Market Value• ($000) | |||||
*,1 | PAR Technology Corp. | 408,826 | 17,800 | |||
* | Intapp Inc. | 458,215 | 17,421 | |||
* | Informatica Inc. Class A | 589,832 | 16,745 | |||
* | Diebold Nixdorf Inc. | 542,890 | 15,717 | |||
* | indie Semiconductor Inc. Class A | 1,894,348 | 15,363 | |||
* | SMART Global Holdings Inc. | 797,351 | 15,094 | |||
* | EngageSmart Inc. | 654,095 | 14,979 | |||
Napco Security Technologies Inc. | 433,592 | 14,851 | ||||
* | Navitas Semiconductor Corp. Class A | 1,824,973 | 14,728 | |||
Benchmark Electronics Inc. | 530,374 | 14,660 | ||||
* | Everbridge Inc. | 602,239 | 14,640 | |||
* | PDF Solutions Inc. | 447,535 | 14,384 | |||
* | Ichor Holdings Ltd. | 426,491 | 14,343 | |||
* | ScanSource Inc. | 360,097 | 14,263 | |||
* | Alkami Technology Inc. | 582,840 | 14,134 | |||
*,1 | Infinera Corp. | 2,928,379 | 13,910 | |||
* | Model N Inc. | 511,107 | 13,764 | |||
* | Jamf Holding Corp. | 760,762 | 13,739 | |||
A10 Networks Inc. | 1,039,631 | 13,692 | ||||
* | Amplitude Inc. Class A | 1,075,572 | 13,681 | |||
* | Digi International Inc. | 525,284 | 13,657 | |||
* | ACM Research Inc. Class A | 685,369 | 13,392 | |||
* | Arlo Technologies Inc. | 1,389,946 | 13,232 | |||
* | N-able Inc. | 996,091 | 13,198 | |||
Methode Electronics Inc. | 538,616 | 12,243 | ||||
Bel Fuse Inc. Class B | 179,861 | 12,009 | ||||
* | Cerence Inc. | 592,362 | 11,646 | |||
PC Connection Inc. | 172,596 | 11,600 | ||||
* | E2open Parent Holdings Inc. | 2,584,789 | 11,347 | |||
* | AvePoint Inc. | 1,363,313 | 11,193 | |||
* | Grid Dynamics Holdings Inc. | 805,958 | 10,743 | |||
*,1 | Klaviyo Inc. Class A | 375,103 | 10,420 | |||
* | Kimball Electronics Inc. | 383,962 | 10,348 | |||
*,1 | Aehr Test Systems | 389,357 | 10,330 | |||
* | Couchbase Inc. | 454,257 | 10,230 | |||
*,1 | Applied Optoelectronics Inc. | 511,110 | 9,875 | |||
* | BigCommerce Holdings Inc. | 993,394 | 9,666 | |||
* | nLight Inc. | 714,982 | 9,652 | |||
* | SolarWinds Corp. | 747,636 | 9,338 | |||
* | Matterport Inc. | 3,462,751 | 9,315 | |||
* | Digital Turbine Inc. | 1,350,898 | 9,267 | |||
* | Mitek Systems Inc. | 704,259 | 9,184 | |||
* | Olo Inc. Class A | 1,599,593 | 9,150 | |||
* | Yext Inc. | 1,541,001 | 9,076 | |||
* | Corsair Gaming Inc. | 620,566 | 8,750 | |||
* | CommScope Holding Co. Inc. | 3,099,039 | 8,739 | |||
* | SmartRent Inc. Class A | 2,729,282 | 8,706 | |||
Ubiquiti Inc. | 61,812 | 8,626 | ||||
*,1 | Lightwave Logic Inc. | 1,712,689 | 8,529 | |||
* | Alpha & Omega Semiconductor Ltd. | 322,316 | 8,400 | |||
* | CEVA Inc. | 359,997 | 8,176 | |||
Hackett Group Inc. | 357,916 | 8,150 | ||||
ADTRAN Holdings Inc. | 1,074,094 | 7,884 | ||||
*,1 | Digimarc Corp. | 216,101 | 7,806 | |||
* | MeridianLink Inc. | 305,501 | 7,567 | |||
*,1 | MicroVision Inc. | 2,771,041 | 7,371 | |||
* | Instructure Holdings Inc. | 270,789 | 7,314 | |||
* | Xperi Inc. | 657,132 | 7,242 | |||
* | Consensus Cloud Solutions Inc. | 271,827 | 7,125 | |||
* | Vishay Precision Group Inc. | 208,474 | 7,103 | |||
* | NETGEAR Inc. | 468,581 | 6,832 | |||
* | Thoughtworks Holding Inc. | 1,418,977 | 6,825 | |||
* | 8x8 Inc. | 1,805,420 | 6,824 | |||
* | FARO Technologies Inc. | 291,058 | 6,558 | |||
*,1 | SoundHound AI Inc. Class A | 3,033,985 | 6,432 | |||
*,1 | Blend Labs Inc. Class A | 2,429,086 | 6,194 | |||
*,1 | Applied Digital Corp. | 905,614 | 6,104 |
Shares | Market Value• ($000) | |||||
* | Unisys Corp. | 1,079,220 | 6,065 | |||
* | SEMrush Holdings Inc. Class A | 430,309 | 5,878 | |||
American Software Inc. Class A | 511,963 | 5,785 | ||||
NVE Corp. | 72,132 | 5,657 | ||||
*,1 | Clearfield Inc. | 193,612 | 5,630 | |||
* | Aviat Networks Inc. | 167,276 | 5,463 | |||
* | Evolv Technologies Holdings Inc. | 1,136,658 | 5,365 | |||
* | OneSpan Inc. | 499,022 | 5,350 | |||
* | Daktronics Inc. | 626,137 | 5,310 | |||
ON24 Inc. | 662,626 | 5,221 | ||||
* | Enfusion Inc. Class A | 525,816 | 5,100 | |||
* | Domo Inc. Class B | 482,417 | 4,964 | |||
* | Weave Communications Inc. | 414,886 | 4,759 | |||
* | Backblaze Inc. Class A | 624,963 | 4,743 | |||
* | LivePerson Inc. | 1,122,286 | 4,253 | |||
*,1 | Terawulf Inc. | 1,765,586 | 4,237 | |||
*,1 | Tucows Inc. Class A | 144,551 | 3,903 | |||
* | Eastman Kodak Co. | 992,378 | 3,870 | |||
* | 908 Devices Inc. | 338,125 | 3,794 | |||
*,1 | Ouster Inc. | 491,955 | 3,773 | |||
* | Porch Group Inc. | 1,213,243 | 3,737 | |||
Climb Global Solutions Inc. | 66,690 | 3,657 | ||||
* | Ribbon Communications Inc. | 1,193,922 | 3,462 | |||
Comtech Telecommunications Corp. | 405,149 | 3,415 | ||||
* | SoundThinking Inc. | 125,531 | 3,206 | |||
*,1 | SkyWater Technology Inc. | 328,647 | 3,162 | |||
* | Luna Innovations Inc. | 472,743 | 3,144 | |||
*,1 | Rekor Systems Inc. | 937,533 | 3,122 | |||
Immersion Corp. | 437,813 | 3,091 | ||||
* | Iteris Inc. | 589,281 | 3,064 | |||
* | CS Disco Inc. | 399,811 | 3,035 | |||
*,1 | Red Violet Inc. | 150,073 | 2,997 | |||
*,1 | NextNav Inc. | 650,077 | 2,893 | |||
* | EverCommerce Inc. | 262,235 | 2,892 | |||
* | Kopin Corp. | 1,424,025 | 2,891 | |||
* | Telos Corp. | 755,369 | 2,757 | |||
* | QuickLogic Corp. | 195,221 | 2,706 | |||
* | Turtle Beach Corp. | 243,612 | 2,668 | |||
* | Identiv Inc. | 321,669 | 2,651 | |||
*,1 | Cipher Mining Inc. | 634,359 | 2,620 | |||
*,1 | Atomera Inc. | 369,491 | 2,590 | |||
* | eGain Corp. | 306,912 | 2,557 | |||
* | Rimini Street Inc. | 760,275 | 2,486 | |||
* | Lantronix Inc. | 405,729 | 2,378 | |||
Information Services Group Inc. | 476,239 | 2,243 | ||||
* | inTEST Corp. | 161,574 | 2,197 | |||
* | Everspin Technologies Inc. | 239,185 | 2,162 | |||
Richardson Electronics Ltd. | 161,606 | 2,157 | ||||
* | Rackspace Technology Inc. | 970,155 | 1,940 | |||
1 | ReposiTrak Inc. | 191,260 | 1,914 | |||
*,1 | BigBear.ai Holdings Inc. | 847,209 | 1,813 | |||
* | Powerfleet Inc. | 529,800 | 1,812 | |||
*,1 | Vuzix Corp. | 857,111 | 1,787 | |||
* | Upland Software Inc. | 413,665 | 1,750 | |||
* | Intevac Inc. | 393,579 | 1,700 | |||
* | Kaltura Inc. | 871,096 | 1,699 | |||
* | Arteris Inc. | 286,887 | 1,690 | |||
* | Expensify Inc. Class A | 634,087 | 1,566 | |||
* | Brightcove Inc. | 594,426 | 1,540 | |||
* | Viant Technology Inc. Class A | 202,577 | 1,396 | |||
* | AXT Inc. | 577,904 | 1,387 | |||
* | AstroNova Inc. | 84,578 | 1,375 | |||
*,1 | Rigetti Computing Inc. | 1,344,747 | 1,324 | |||
* | Transphorm Inc. | 361,933 | 1,321 | |||
* | CPI Card Group Inc. | 63,608 | 1,221 | |||
* | CoreCard Corp. | 84,857 | 1,174 | |||
*,1 | CompoSecure Inc. | 217,219 | 1,173 |
Shares | Market Value• ($000) | |||||
CSP Inc. | 58,064 | 1,161 | ||||
* | KVH Industries Inc. | 220,329 | 1,159 | |||
*,1 | Wrap Technologies Inc. | 373,039 | 1,156 | |||
* | Genasys Inc. | 557,665 | 1,132 | |||
* | M-Tron Industries Inc. | 31,573 | 1,127 | |||
* | Aeva Technologies Inc. | 1,365,249 | 1,034 | |||
Frequency Electronics Inc. | 93,838 | 1,028 | ||||
* | SecureWorks Corp. Class A | 136,354 | 1,006 | |||
* | Cambium Networks Corp. | 156,165 | 937 | |||
* | Pixelworks Inc. | 663,718 | 869 | |||
*,1 | Veritone Inc. | 466,521 | 844 | |||
* | TransAct Technologies Inc. | 119,373 | 833 | |||
*,1 | Akoustis Technologies Inc. | 989,060 | 825 | |||
* | Synchronoss Technologies Inc. | 131,634 | 817 | |||
1 | SilverSun Technologies Inc. | 46,703 | 799 | |||
*,1 | Ondas Holdings Inc. | 513,054 | 785 | |||
*,1 | D-Wave Quantum Inc. | 892,354 | 785 | |||
* | WM Technology Inc. | 1,087,301 | 783 | |||
* | Amtech Systems Inc. | 175,185 | 736 | |||
* | Sono-Tek Corp. | 137,634 | 714 | |||
* | Key Tronic Corp. | 156,477 | 676 | |||
* | Issuer Direct Corp. | 36,699 | 665 | |||
* | Edgio Inc. | 1,892,566 | 648 | |||
*,1 | Rubicon Technologies Inc. Class A | 348,823 | 645 | |||
* | Inuvo Inc. | 1,411,029 | 600 | |||
*,1 | Dave Inc. | 70,645 | 592 | |||
*,1 | Stronghold Digital Mining Inc. Class A | 80,567 | 588 | |||
* | Smith Micro Software Inc. | 706,442 | 584 | |||
* | GSI Technology Inc. | 216,448 | 571 | |||
*,1 | Focus Universal Inc. | 374,994 | 547 | |||
* | Airgain Inc. | 152,243 | 542 | |||
* | Quantum Corp. | 1,535,792 | 536 | |||
* | LightPath Technologies Inc. Class A | 424,658 | 535 | |||
* | Franklin Wireless Corp. | 146,912 | 498 | |||
* | Intellicheck Inc. | 243,594 | 463 | |||
*,1 | Coda Octopus Group Inc. | 75,655 | 454 | |||
* | DZS Inc. | 229,401 | 452 | |||
* | AudioEye Inc. | 82,976 | 450 | |||
* | CVD Equipment Corp. | 100,702 | 446 | |||
* | authID Inc. | 45,426 | 430 | |||
*,1 | Research Frontiers Inc. | 411,436 | 416 | |||
* | DecisionPoint Systems Inc. | 65,767 | 412 | |||
* | NetSol Technologies Inc. | 188,484 | 405 | |||
* | Movano Inc. | 512,874 | 401 | |||
* | Data I/O Corp. | 131,906 | 388 | |||
* | CPS Technologies Corp. | 164,742 | 387 | |||
* | LGL Group Inc. | 61,008 | 375 | |||
* | ZeroFox Holdings Inc. | 426,975 | 371 | |||
* | EMCORE Corp. | 754,981 | 369 | |||
*,1 | Movella Holdings Inc. | 588,741 | 356 | |||
* | One Stop Systems Inc. | 169,292 | 355 | |||
* | Red Cat Holdings Inc. | 402,998 | 355 | |||
*,1 | Meta Materials Inc. | 5,342,305 | 353 | |||
*,1 | Greenidge Generation Holdings Inc. Class A | 52,169 | 350 | |||
*,1 | Quantum Computing Inc. | 378,953 | 346 | |||
Crexendo Inc. | 67,950 | 330 | ||||
* | Research Solutions Inc. | 124,461 | 324 | |||
* | RF Industries Ltd. | 105,170 | 320 | |||
*,1 | Neonode Inc. | 139,362 | 319 | |||
1 | VirnetX Holding Corp. | 45,281 | 317 | |||
* | Mawson Infrastructure Group Inc. | 98,002 | 314 | |||
* | Aware Inc. | 182,524 | 303 | |||
* | Casa Systems Inc. | 538,466 | 285 | |||
* | Optical Cable Corp. | 101,263 | 273 | |||
*,1 | Inseego Corp. | 1,190,163 | 262 | |||
* | WidePoint Corp. | 102,130 | 237 | |||
* | SigmaTron International Inc. | 77,301 | 232 |
Shares | Market Value• ($000) | |||||
*,1 | Alpine 4 Holdings Inc. | 290,863 | 214 | |||
* | TSR Inc. | 22,667 | 204 | |||
*,1 | BK Technologies Corp. | 16,526 | 202 | |||
* | AmpliTech Group Inc. | 103,829 | 198 | |||
* | Electro-Sensors Inc. | 51,424 | 194 | |||
* | Trio-Tech International | 36,381 | 184 | |||
*,1 | Interlink Electronics Inc. | 13,613 | 174 | |||
* | Presto Automation Inc. | 317,079 | 169 | |||
* | BTCS Inc. | 87,854 | 143 | |||
* | Glimpse Group Inc. | 116,434 | 132 | |||
* | Duos Technologies Group Inc. | 45,457 | 131 | |||
* | Data Storage Corp. | 45,382 | 131 | |||
*,1 | Vislink Technologies Inc. | 33,462 | 129 | |||
* | CalAmp Corp. | 502,346 | 126 | |||
ClearOne Inc. | 114,784 | 124 | ||||
* | VerifyMe Inc. | 106,857 | 120 | |||
* | Astrotech Corp. | 13,863 | 118 | |||
*,1 | reAlpha Tech Corp. | 57,800 | 115 | |||
* | Cepton Inc. | 35,764 | 112 | |||
* | Blackboxstocks Inc. | 39,297 | 111 | |||
*,1 | Phunware Inc. | 1,323,060 | 108 | |||
*,1 | AEye Inc. | 46,220 | 106 | |||
* | Bridgeline Digital Inc. | 110,790 | 96 | |||
*,1 | Remark Holdings Inc. | 191,066 | 95 | |||
*,1 | Boxlight Corp. Class A | 87,801 | 94 | |||
* | Socket Mobile Inc. | 67,150 | 79 | |||
*,1 | Universal Security Instruments Inc. | 47,378 | 79 | |||
Taitron Components Inc. Class A | 21,640 | 76 | ||||
*,1 | Sobr Safe Inc. | 148,945 | 70 | |||
*,1 | Marin Software Inc. | 181,298 | 66 | |||
*,1 | Digital Ally Inc. | 30,556 | 64 | |||
*,1 | CISO Global Inc. | 588,914 | 60 | |||
*,1 | T Stamp Inc. Class A | 44,099 | 60 | |||
*,1 | Intrusion Inc. | 223,729 | 57 | |||
* | Peraso Inc. | 187,583 | 52 | |||
*,1 | GSE Systems Inc. | 25,559 | 52 | |||
* | Nortech Systems Inc. | 4,884 | 46 | |||
*,1 | Intellinetics Inc. | 8,825 | 45 | |||
* | Sonim Technologies Inc. | 59,810 | 44 | |||
*,1 | Auddia Inc. | 154,558 | 39 | |||
*,1 | CXApp Inc. | 27,801 | 36 | |||
*,1 | Airspan Networks Holdings Inc. | 394,024 | 35 | |||
*,1 | Inpixon | 580,094 | 33 | |||
*,1 | Cemtrex Inc. | 6,772 | 33 | |||
* | MariaDB plc | 119,196 | 33 | |||
*,1 | Soluna Holdings Inc. | 7,454 | 30 | |||
*,1 | CYNGN Inc. | 186,493 | 27 | |||
*,1 | DatChat Inc. | 9,288 | 27 | |||
*,1 | Castellum Inc. | 83,675 | 25 | |||
* | Iveda Solutions Inc. | 39,559 | 25 | |||
* | OMNIQ Corp. | 39,407 | 24 | |||
* | ADDvantage Technologies Group Inc. | 9,642 | 24 | |||
*,1 | COMSovereign Holding Corp. | 27,468 | 22 | |||
Network-1 Technologies Inc. | 9,774 | 21 | ||||
*,2 | SRAX Inc. | 284,252 | 20 | |||
* | Bio-key International Inc. | 6,653 | 20 | |||
*,1 | WaveDancer Inc. | 11,093 | 19 | |||
* | Minim Inc. | 8,992 | 18 | |||
* | Sigma Additive Solutions Inc. | 5,427 | 16 | |||
*,1 | Verb Technology Co. Inc. | 68,376 | 12 | |||
*,1 | Akerna Corp. | 24,000 | 10 | |||
*,1 | Oblong Inc. | 45,359 | 9 | |||
*,1 | FOXO Technologies Inc. | 24,238 | 8 | |||
*,1 | WiSA Technologies Inc. | 45,800 | 5 | |||
* | Spectaire Holdings Inc. | 504 | 1 | |||
* | Actelis Networks Inc. | 200 | — | |||
18,308,623 |
Shares | Market Value• ($000) | |||||
Materials (4.3%) | ||||||
Reliance Steel & Aluminum Co. | 843,616 | 235,943 | ||||
RPM International Inc. | 1,906,818 | 212,858 | ||||
Crown Holdings Inc. | 1,778,791 | 163,809 | ||||
United States Steel Corp. | 3,293,635 | 160,235 | ||||
* | Cleveland-Cliffs Inc. | 7,470,225 | 152,542 | |||
AptarGroup Inc. | 964,318 | 119,209 | ||||
Berry Global Group Inc. | 1,745,589 | 117,635 | ||||
Royal Gold Inc. | 970,945 | 117,446 | ||||
Graphic Packaging Holding Co. | 4,524,786 | 111,536 | ||||
* | Axalta Coating Systems Ltd. | 3,255,979 | 110,606 | |||
Eagle Materials Inc. | 512,214 | 103,898 | ||||
Olin Corp. | 1,815,101 | 97,925 | ||||
Alcoa Corp. | 2,640,921 | 89,791 | ||||
Commercial Metals Co. | 1,730,114 | 86,575 | ||||
* | ATI Inc. | 1,881,581 | 85,556 | |||
Sonoco Products Co. | 1,455,629 | 81,326 | ||||
Sealed Air Corp. | 2,126,943 | 77,676 | ||||
Element Solutions Inc. | 3,280,740 | 75,916 | ||||
Balchem Corp. | 476,807 | 70,925 | ||||
Chemours Co. | 2,211,884 | 69,763 | ||||
Cabot Corp. | 821,338 | 68,582 | ||||
* | Summit Materials Inc. Class A | 1,764,678 | 67,870 | |||
Louisiana-Pacific Corp. | 946,956 | 67,073 | ||||
Westlake Corp. | 471,377 | 65,974 | ||||
HB Fuller Co. | 795,884 | 64,793 | ||||
Ashland Inc. | 757,076 | 63,829 | ||||
Huntsman Corp. | 2,440,814 | 61,338 | ||||
Alpha Metallurgical Resources Inc. | 174,502 | 59,142 | ||||
NewMarket Corp. | 102,951 | 56,194 | ||||
Avient Corp. | 1,337,934 | 55,618 | ||||
* | Knife River Corp. | 834,925 | 55,255 | |||
Silgan Holdings Inc. | 1,202,550 | 54,415 | ||||
Carpenter Technology Corp. | 735,995 | 52,108 | ||||
*,1 | Livent Corp. | 2,655,658 | 47,749 | |||
Warrior Met Coal Inc. | 766,931 | 46,760 | ||||
Innospec Inc. | 366,679 | 45,190 | ||||
Arch Resources Inc. | 270,374 | 44,866 | ||||
Quaker Chemical Corp. | 204,066 | 43,552 | ||||
* | MP Materials Corp. | 2,140,426 | 42,488 | |||
Sensient Technologies Corp. | 622,321 | 41,073 | ||||
Hecla Mining Co. | 8,434,709 | 40,571 | ||||
Materion Corp. | 303,130 | 39,446 | ||||
Scotts Miracle-Gro Co. | 618,034 | 39,400 | ||||
* | O-I Glass Inc. | 2,285,857 | 37,442 | |||
Minerals Technologies Inc. | 478,996 | 34,157 | ||||
*,1 | Ginkgo Bioworks Holdings Inc. Class A | 19,811,885 | 33,482 | |||
Stepan Co. | 313,523 | 29,644 | ||||
Greif Inc. Class A | 430,312 | 28,224 | ||||
Sylvamo Corp. | 519,690 | 25,522 | ||||
Tronox Holdings plc | 1,697,390 | 24,035 | ||||
Orion SA | 852,288 | 23,634 | ||||
* | Ingevity Corp. | 499,717 | 23,597 | |||
Hawkins Inc. | 290,771 | 20,476 | ||||
* | Coeur Mining Inc. | 5,898,372 | 19,229 | |||
Kaiser Aluminum Corp. | 237,933 | 16,938 | ||||
Koppers Holdings Inc. | 319,402 | 16,360 | ||||
TriMas Corp. | 630,536 | 15,972 | ||||
Ryerson Holding Corp. | 432,365 | 14,994 | ||||
* | Ecovyst Inc. | 1,526,790 | 14,917 | |||
* | TimkenSteel Corp. | 588,716 | 13,805 | |||
SunCoke Energy Inc. | 1,236,752 | 13,283 | ||||
Compass Minerals International Inc. | 506,524 | 12,825 | ||||
Mativ Holdings Inc. | 835,643 | 12,794 | ||||
* | Aspen Aerogels Inc. | 802,686 | 12,666 | |||
* | Worthington Steel Inc. | 447,288 | 12,569 | |||
AdvanSix Inc. | 409,095 | 12,257 |
Shares | Market Value• ($000) | |||||
Schnitzer Steel Industries Inc. Class A | 385,520 | 11,627 | ||||
Haynes International Inc. | 197,413 | 11,262 | ||||
Myers Industries Inc. | 555,894 | 10,868 | ||||
* | Perimeter Solutions SA | 2,259,978 | 10,396 | |||
Olympic Steel Inc. | 148,510 | 9,906 | ||||
* | Century Aluminum Co. | 773,007 | 9,384 | |||
* | Clearwater Paper Corp. | 253,979 | 9,174 | |||
Pactiv Evergreen Inc. | 611,039 | 8,377 | ||||
*,1 | PureCycle Technologies Inc. | 1,998,707 | 8,095 | |||
1 | Ramaco Resources Inc. Class A | 470,174 | 8,078 | |||
* | LSB Industries Inc. | 859,867 | 8,005 | |||
* | Piedmont Lithium Inc. | 279,765 | 7,898 | |||
United States Lime & Minerals Inc. | 29,461 | 6,786 | ||||
Mercer International Inc. | 640,591 | 6,073 | ||||
American Vanguard Corp. | 447,788 | 4,912 | ||||
* | Gatos Silver Inc. | 695,896 | 4,551 | |||
*,1 | McEwen Mining Inc. | 594,272 | 4,285 | |||
Trinseo plc | 511,396 | 4,280 | ||||
* | Rayonier Advanced Materials Inc. | 959,517 | 3,886 | |||
*,1 | American Battery Technology Co. | 783,708 | 3,676 | |||
* | Ranpak Holdings Corp. Class A | 580,594 | 3,379 | |||
* | Intrepid Potash Inc. | 136,892 | 3,270 | |||
Kronos Worldwide Inc. | 303,357 | 3,015 | ||||
* | Alto Ingredients Inc. | 1,042,887 | 2,774 | |||
* | Smith-Midland Corp. | 59,997 | 2,370 | |||
* | Universal Stainless & Alloy Products Inc. | 117,992 | 2,369 | |||
Ramaco Resources Inc. Class B | 176,917 | 2,355 | ||||
* | Core Molding Technologies Inc. | 111,989 | 2,075 | |||
Tredegar Corp. | 382,334 | 2,068 | ||||
* | Dakota Gold Corp. | 780,224 | 2,044 | |||
*,1 | Origin Materials Inc. | 1,744,951 | 1,459 | |||
Friedman Industries Inc. | 93,681 | 1,448 | ||||
* | Glatfelter Corp. | 730,566 | 1,417 | |||
Northern Technologies International Corp. | 111,967 | 1,319 | ||||
*,1 | Danimer Scientific Inc. Class A | 1,248,536 | 1,274 | |||
*,1 | Loop Industries Inc. | 332,490 | 1,257 | |||
*,1 | Contango ORE Inc. | 59,864 | 1,084 | |||
* | Idaho Strategic Resources Inc. | 169,246 | 1,072 | |||
* | Ascent Industries Co. | 110,651 | 1,058 | |||
* | Advanced Emissions Solutions Inc. | 336,668 | 1,003 | |||
*,1 | Flotek Industries Inc. | 163,769 | 642 | |||
* | US Gold Corp. | 143,623 | 610 | |||
*,1 | 5E Advanced Materials Inc. | 422,291 | 595 | |||
*,1 | Hycroft Mining Holding Corp. Class A | 235,039 | 576 | |||
Greif Inc. Class B | 8,157 | 538 | ||||
* | Ampco-Pittsburgh Corp. | 180,060 | 492 | |||
* | Gold Resource Corp. | 1,281,600 | 482 | |||
* | Solitario Resources Corp. | 786,156 | 440 | |||
* | United States Antimony Corp. | 1,198,945 | 299 | |||
* | ASP Isotopes Inc. | 157,697 | 282 | |||
*,1 | US Goldmining Inc. | 18,138 | 132 | |||
* | Paramount Gold Nevada Corp. | 190,456 | 71 | |||
*,1 | Golden Minerals Co. | 75,719 | 39 | |||
* | Save Foods Inc. | 16,703 | 33 | |||
*,1 | Eightco Holdings Inc. | 33,455 | 17 | |||
* | Adamas One Corp. | 27,332 | 16 | |||
*,1 | Crown ElectroKinetics Corp. | 8,521 | 1 | |||
4,228,172 | ||||||
Real Estate (6.0%) | ||||||
Sun Communities Inc. | 1,839,475 | 245,846 | ||||
WP Carey Inc. | 3,224,916 | 209,007 | ||||
Equity LifeStyle Properties Inc. | 2,754,401 | 194,295 | ||||
Gaming & Leisure Properties Inc. | 3,931,002 | 193,995 | ||||
Rexford Industrial Realty Inc. | 3,127,664 | 175,462 | ||||
American Homes 4 Rent Class A | 4,682,458 | 168,381 | ||||
CubeSmart | 3,322,093 | 153,979 | ||||
* | Zillow Group Inc. Class C | 2,594,075 | 150,093 |
Shares | Market Value• ($000) | |||||
Lamar Advertising Co. Class A | 1,290,789 | 137,185 | ||||
* | Jones Lang LaSalle Inc. | 704,526 | 133,064 | |||
EastGroup Properties Inc. | 686,532 | 126,006 | ||||
Americold Realty Trust Inc. | 3,951,651 | 119,616 | ||||
NNN REIT Inc. | 2,686,456 | 115,786 | ||||
Omega Healthcare Investors Inc. | 3,625,721 | 111,165 | ||||
STAG Industrial Inc. | 2,688,552 | 105,553 | ||||
Brixmor Property Group Inc. | 4,448,118 | 103,508 | ||||
First Industrial Realty Trust Inc. | 1,958,807 | 103,170 | ||||
Healthcare Realty Trust Inc. Class A | 5,647,898 | 97,313 | ||||
Ryman Hospitality Properties Inc. | 882,450 | 97,122 | ||||
Agree Realty Corp. | 1,489,342 | 93,754 | ||||
Spirit Realty Capital Inc. | 2,071,495 | 90,504 | ||||
Terreno Realty Corp. | 1,242,517 | 77,869 | ||||
Apartment Income REIT Corp. Class A | 2,155,588 | 74,864 | ||||
Kite Realty Group Trust | 3,249,132 | 74,275 | ||||
Rayonier Inc. | 2,022,447 | 67,570 | ||||
Vornado Realty Trust | 2,366,394 | 66,851 | ||||
Phillips Edison & Co. Inc. | 1,771,472 | 64,623 | ||||
Kilroy Realty Corp. | 1,577,452 | 62,846 | ||||
Essential Properties Realty Trust Inc. | 2,294,005 | 58,635 | ||||
PotlatchDeltic Corp. | 1,170,454 | 57,469 | ||||
Cousins Properties Inc. | 2,236,367 | 54,456 | ||||
EPR Properties | 1,111,058 | 53,831 | ||||
Apple Hospitality REIT Inc. | 3,137,674 | 52,117 | ||||
Independence Realty Trust Inc. | 3,303,494 | 50,543 | ||||
Macerich Co. | 3,172,138 | 48,946 | ||||
Sabra Health Care REIT Inc. | 3,405,601 | 48,598 | ||||
National Storage Affiliates Trust | 1,148,347 | 47,622 | ||||
Park Hotels & Resorts Inc. | 3,101,116 | 47,447 | ||||
Broadstone Net Lease Inc. | 2,751,165 | 47,375 | ||||
Physicians Realty Trust | 3,505,104 | 46,653 | ||||
1 | Medical Properties Trust Inc. | 8,853,945 | 43,473 | |||
Tanger Inc. | 1,551,198 | 42,999 | ||||
1 | SL Green Realty Corp. | 950,311 | 42,926 | |||
LXP Industrial Trust | 4,290,982 | 42,567 | ||||
COPT Defense Properties | 1,652,229 | 42,347 | ||||
Innovative Industrial Properties Inc. | 414,916 | 41,832 | ||||
* | Howard Hughes Holdings Inc. | 478,502 | 40,936 | |||
CareTrust REIT Inc. | 1,762,011 | 39,434 | ||||
* | Opendoor Technologies Inc. | 8,498,534 | 38,073 | |||
DigitalBridge Group Inc. | 2,119,144 | 37,170 | ||||
Highwoods Properties Inc. | 1,567,935 | 36,000 | ||||
SITE Centers Corp. | 2,638,919 | 35,968 | ||||
National Health Investors Inc. | 639,124 | 35,695 | ||||
Douglas Emmett Inc. | 2,452,981 | 35,568 | ||||
Four Corners Property Trust Inc. | 1,327,819 | 33,594 | ||||
Sunstone Hotel Investors Inc. | 3,046,804 | 32,692 | ||||
Urban Edge Properties | 1,725,287 | 31,573 | ||||
St. Joe Co. | 523,091 | 31,480 | ||||
Outfront Media Inc. | 2,137,571 | 29,840 | ||||
* | Zillow Group Inc. Class A | 525,965 | 29,833 | |||
Equity Commonwealth | 1,541,712 | 29,601 | ||||
DiamondRock Hospitality Co. | 3,095,908 | 29,071 | ||||
Pebblebrook Hotel Trust | 1,792,943 | 28,651 | ||||
Global Net Lease Inc. | 2,872,776 | 28,584 | ||||
RLJ Lodging Trust | 2,292,060 | 26,863 | ||||
* | Cushman & Wakefield plc | 2,481,079 | 26,796 | |||
Retail Opportunity Investments Corp. | 1,851,107 | 25,971 | ||||
InvenTrust Properties Corp. | 995,958 | 25,238 | ||||
Acadia Realty Trust | 1,393,101 | 23,669 | ||||
Xenia Hotels & Resorts Inc. | 1,610,427 | 21,934 | ||||
JBG SMITH Properties | 1,280,300 | 21,778 | ||||
Kennedy-Wilson Holdings Inc. | 1,747,209 | 21,630 | ||||
Service Properties Trust | 2,462,741 | 21,032 | ||||
Alexander & Baldwin Inc. | 1,084,617 | 20,629 | ||||
Uniti Group Inc. | 3,547,389 | 20,504 |
Shares | Market Value• ($000) | |||||
Getty Realty Corp. | 698,555 | 20,412 | ||||
Newmark Group Inc. Class A | 1,813,806 | 19,879 | ||||
LTC Properties Inc. | 604,767 | 19,425 | ||||
Elme Communities | 1,321,924 | 19,300 | ||||
Veris Residential Inc. | 1,206,856 | 18,984 | ||||
Empire State Realty Trust Inc. Class A | 1,932,430 | 18,725 | ||||
Easterly Government Properties Inc. Class A | 1,384,295 | 18,605 | ||||
* | Compass Inc. Class A | 4,857,573 | 18,264 | |||
NETSTREIT Corp. | 1,005,025 | 17,940 | ||||
Hudson Pacific Properties Inc. | 1,908,322 | 17,766 | ||||
* | Redfin Corp. | 1,713,675 | 17,685 | |||
1 | eXp World Holdings Inc. | 1,133,125 | 17,586 | |||
American Assets Trust Inc. | 711,634 | 16,019 | ||||
Safehold Inc. | 683,359 | 15,991 | ||||
* | Apartment Investment & Management Co. Class A | 2,019,199 | 15,810 | |||
Marcus & Millichap Inc. | 349,759 | 15,277 | ||||
Brandywine Realty Trust | 2,584,158 | 13,954 | ||||
UMH Properties Inc. | 899,116 | 13,774 | ||||
* | Anywhere Real Estate Inc. | 1,681,889 | 13,640 | |||
Paramount Group Inc. | 2,588,884 | 13,385 | ||||
Centerspace | 227,737 | 13,254 | ||||
Piedmont Office Realty Trust Inc. Class A | 1,853,651 | 13,179 | ||||
Plymouth Industrial REIT Inc. | 545,414 | 13,128 | ||||
Armada Hoffler Properties Inc. | 994,334 | 12,300 | ||||
Diversified Healthcare Trust | 3,194,455 | 11,947 | ||||
NexPoint Residential Trust Inc. | 339,189 | 11,678 | ||||
Summit Hotel Properties Inc. | 1,655,655 | 11,126 | ||||
1 | Peakstone Realty Trust | 531,607 | 10,595 | |||
Community Healthcare Trust Inc. | 370,727 | 9,876 | ||||
Global Medical REIT Inc. | 880,804 | 9,777 | ||||
* | Forestar Group Inc. | 281,025 | 9,293 | |||
Whitestone REIT | 747,265 | 9,184 | ||||
Universal Health Realty Income Trust | 203,821 | 8,815 | ||||
1 | Farmland Partners Inc. | 698,030 | 8,711 | |||
Chatham Lodging Trust | 788,881 | 8,457 | ||||
CBL & Associates Properties Inc. | 337,670 | 8,246 | ||||
Gladstone Commercial Corp. | 615,769 | 8,153 | ||||
Alexander's Inc. | 35,568 | 7,596 | ||||
Gladstone Land Corp. | 512,464 | 7,405 | ||||
* | Tejon Ranch Co. | 414,340 | 7,127 | |||
Saul Centers Inc. | 176,966 | 6,949 | ||||
* | FRP Holdings Inc. | 104,328 | 6,560 | |||
RMR Group Inc. Class A | 213,387 | 6,024 | ||||
*,1 | Seritage Growth Properties Class A | 597,081 | 5,583 | |||
Orion Office REIT Inc. | 954,713 | 5,461 | ||||
Office Properties Income Trust | 743,231 | 5,440 | ||||
One Liberty Properties Inc. | 243,316 | 5,331 | ||||
1 | CTO Realty Growth Inc. | 305,490 | 5,294 | |||
Industrial Logistics Properties Trust | 946,492 | 4,449 | ||||
1 | NexPoint Diversified Real Estate Trust | 548,292 | 4,359 | |||
Postal Realty Trust Inc. Class A | 298,979 | 4,353 | ||||
NET Lease Office Properties | 216,101 | 3,994 | ||||
RE/MAX Holdings Inc. Class A | 298,475 | 3,979 | ||||
City Office REIT Inc. | 572,275 | 3,497 | ||||
Alpine Income Property Trust Inc. | 205,392 | 3,473 | ||||
Franklin Street Properties Corp. | 1,341,324 | 3,434 | ||||
BRT Apartments Corp. | 174,145 | 3,237 | ||||
Douglas Elliman Inc. | 1,030,775 | 3,041 | ||||
* | Star Holdings | 199,470 | 2,988 | |||
* | Stratus Properties Inc. | 94,932 | 2,740 | |||
Braemar Hotels & Resorts Inc. | 895,611 | 2,239 | ||||
* | Maui Land & Pineapple Co. Inc. | 87,860 | 1,396 | |||
* | AMREP Corp. | 56,666 | 1,245 | |||
Modiv Industrial Inc. Class C | 81,640 | 1,216 | ||||
Clipper Realty Inc. | 225,016 | 1,215 | ||||
*,1 | Offerpad Solutions Inc. | 110,705 | 1,135 | |||
*,1 | Ashford Hospitality Trust Inc. | 559,405 | 1,085 |
Shares | Market Value• ($000) | |||||
Global Self Storage Inc. | 170,518 | 790 | ||||
Bluerock Homes Trust Inc. | 54,970 | 769 | ||||
*,1 | LuxUrban Hotels Inc. | 120,402 | 719 | |||
Creative Media & Community Trust Corp. | 186,677 | 698 | ||||
*,1 | Altisource Portfolio Solutions SA | 176,732 | 629 | |||
* | Transcontinental Realty Investors Inc. | 17,849 | 617 | |||
* | Sotherly Hotels Inc. | 298,937 | 445 | |||
*,1 | Doma Holdings Inc. | 91,760 | 425 | |||
* | Fathom Holdings Inc. | 102,907 | 369 | |||
* | Rafael Holdings Inc. Class B | 172,498 | 316 | |||
* | American Realty Investors Inc. | 14,699 | 256 | |||
* | Comstock Holding Cos. Inc. Class A | 52,330 | 234 | |||
Generation Income Properties Inc. | 51,003 | 202 | ||||
* | InterGroup Corp. | 7,864 | 144 | |||
* | JW Mays Inc. | 2,413 | 103 | |||
InnSuites Hospitality Trust | 51,409 | 87 | ||||
* | CKX Lands Inc. | 5,432 | 70 | |||
*,1 | Altisource Asset Management Corp. | 15,639 | 65 | |||
1 | Strawberry Fields REIT Inc. | 8,289 | 64 | |||
* | Safe & Green Development Corp. | 43,845 | 61 | |||
* | New Concept Energy Inc. | 48,067 | 48 | |||
* | Trinity Place Holdings Inc. | 313,994 | 35 | |||
* | Power REIT | 36,007 | 23 | |||
* | Alset Inc. | 21,638 | 22 | |||
Medalist Diversified REIT Inc. | 3,943 | 20 | ||||
*,1 | Avalon GloboCare Corp. | 34,504 | 17 | |||
* | American Strategic Investment Co. | 1,126 | 9 | |||
Presidio Property Trust Inc. Class A | 4,940 | 5 | ||||
*,1 | Wheeler REIT Inc. | 12,815 | 4 | |||
*,2 | Spirit MTA REIT | 653,668 | — | |||
5,792,576 | ||||||
Utilities (1.8%) | ||||||
Vistra Corp. | 4,944,900 | 190,478 | ||||
Essential Utilities Inc. | 3,704,506 | 138,363 | ||||
OGE Energy Corp. | 2,909,470 | 101,628 | ||||
UGI Corp. | 3,105,910 | 76,405 | ||||
IDACORP Inc. | 741,839 | 72,938 | ||||
National Fuel Gas Co. | 1,357,185 | 68,090 | ||||
Portland General Electric Co. | 1,502,085 | 65,100 | ||||
New Jersey Resources Corp. | 1,442,856 | 64,323 | ||||
Ormat Technologies Inc. | 787,851 | 59,711 | ||||
Southwest Gas Holdings Inc. | 888,427 | 56,282 | ||||
Black Hills Corp. | 1,012,498 | 54,624 | ||||
Otter Tail Corp. | 615,076 | 52,263 | ||||
ONE Gas Inc. | 814,570 | 51,904 | ||||
ALLETE Inc. | 840,384 | 51,398 | ||||
PNM Resources Inc. | 1,214,491 | 50,523 | ||||
Spire Inc. | 767,978 | 47,876 | ||||
Northwestern Energy Group Inc. | 902,344 | 45,920 | ||||
California Water Service Group | 880,113 | 45,651 | ||||
American States Water Co. | 551,394 | 44,343 | ||||
Avista Corp. | 1,136,540 | 40,620 | ||||
Clearway Energy Inc. Class C | 1,390,309 | 38,136 | ||||
MGE Energy Inc. | 526,938 | 38,103 | ||||
Chesapeake Utilities Corp. | 317,805 | 33,570 | ||||
Avangrid Inc. | 1,011,878 | 32,795 | ||||
SJW Group | 424,202 | 27,722 | ||||
*,1 | Sunnova Energy International Inc. | 1,595,703 | 24,334 | |||
Hawaiian Electric Industries Inc. | 1,635,847 | 23,213 | ||||
Northwest Natural Holding Co. | 533,301 | 20,767 | ||||
Middlesex Water Co. | 267,812 | 17,574 | ||||
Unitil Corp. | 250,646 | 13,176 | ||||
Genie Energy Ltd. Class B | 335,871 | 9,448 | ||||
York Water Co. | 225,661 | 8,715 | ||||
* | Montauk Renewables Inc. | 968,457 | 8,629 | |||
Consolidated Water Co. Ltd. | 234,050 | 8,332 | ||||
Clearway Energy Inc. Class A | 309,566 | 7,919 |
Shares | Market Value• ($000) | |||||
* | Altus Power Inc. Class A | 968,598 | 6,616 | |||
Artesian Resources Corp. Class A | 122,559 | 5,080 | ||||
* | Pure Cycle Corp. | 295,865 | 3,098 | |||
RGC Resources Inc. | 127,094 | 2,585 | ||||
Global Water Resources Inc. | 147,111 | 1,924 | ||||
*,1 | Cadiz Inc. | 681,992 | 1,910 | |||
*,1 | Spruce Power Holding Corp. | 195,019 | 862 | |||
Via Renewables Inc. Class A | 37,181 | 349 | ||||
1,713,297 | ||||||
Total Common Stocks (Cost $81,492,125) | 96,836,951 | |||||
Preferred Stocks (0.0%) | ||||||
FAT Brands Inc. Pfd., 8.250%, 2/7/24 | 7,939 | 118 | ||||
Air T Funding Pfd., 8.000%, 6/7/24 | 391 | 7 | ||||
*,1,2 | Next Bridge Hydrocarbons Inc. Preference Shares | 902,467 | — | |||
*,2 | BTCS Inc. Preference Shares | 87,854 | — | |||
Total Preferred Stocks (Cost $2,745) | 125 | |||||
Rights (0.0%) | ||||||
*,2 | Frequency Therapeutics Inc. CVR | 448,505 | 888 | |||
*,2 | Tobira Therapeutics Inc. CVR Exp. 12/31/28 | 87,894 | 398 | |||
*,2 | Cartesian Therapeutics Inc. CVR | 1,696,040 | 305 | |||
*,1,2 | Palisade Bio Inc. CVR | 238,902 | 229 | |||
*,2 | Spectrum Pharmaceuticals Inc. CVR | 2,524,293 | 206 | |||
*,2 | Imara Inc. CVR | 140,767 | 176 | |||
*,2 | Strongbridge Biopharma plc CVR | 687,671 | 125 | |||
*,1 | Groupon Inc. Exp. 1/17/24 | 296,929 | 102 | |||
*,2 | Adamas Pharmaceuticals Inc. CVR | 1,055,708 | 64 | |||
*,2 | Surface Oncology Inc. CVR | 579,706 | 54 | |||
*,2 | Gyre Therapeutics Inc. CVR | 475,977 | 48 | |||
*,2 | Miromatrix Medical Inc. CVR | 280,666 | 39 | |||
*,2 | Aduro Biotech Inc. CVR | 150,581 | 28 | |||
*,2 | Aevi Genomic Medicine Inc. CVR | 631,947 | 21 | |||
*,1,2 | Oncternal Therapeutics Inc. CVR | 19,268 | 20 | |||
*,2 | Ocera Therapeutics Inc. CVR | 48,417 | 13 | |||
*,1,2 | Miragen Therapeutics Inc. CVR | 330,960 | 7 | |||
*,2 | Qualigen Therapeutics Inc. CVR | 91,096 | 6 | |||
*,2 | F-star Therapeutics Inc. CVR | 81,676 | 6 | |||
*,2 | Alexza Pharmaceuticals Inc. CVR | 128,704 | 4 | |||
*,1,2 | Seelos Therapeutics Inc. CVR | 5,736 | 3 | |||
*,1,2 | CinCor Pharma Inc. CVR | 832 | 3 | |||
*,2 | Dianthus Therapeutics Inc. CVR | 545,859 | 3 | |||
* | Ligand Pharmaceuticals Inc. Roche CVR | 395,811 | 2 |
Shares | Market Value• ($000) | |||||
*,2 | Ocuphire Pharma Inc. CVR | 13,673 | 2 | |||
*,2 | Ambit Biosciences Corp. CVR | 22,388 | — | |||
* | Ligand Pharmaceuticals Inc. Glucagon CVR | 395,811 | — | |||
* | Ligand Pharmaceuticals Inc. General CVR | 395,811 | — | |||
*,2 | NeuroBo Pharmaceuticals Inc. CVR | 5,194 | — | |||
*,2 | Achillion Pharmaceuticals Inc. CVR | 374 | — | |||
*,2 | Pineapple Energy Inc. CVR | 30,377 | — | |||
*,1,2 | Disc Medicine Inc. CVR | 238,398 | — | |||
*,2 | Sesen Bio Inc. CVR | 2,671,362 | — | |||
*,2 | Chinook Therapeutics Inc. CVR | 59 | — | |||
*,1,2 | Spyre Therapeutics Inc. CVR | 632,341 | — | |||
*,2 | Neurogene Inc. CVR | 95,916 | — | |||
Total Rights (Cost $2,593) | 2,752 | |||||
Warrants (0.0%) | ||||||
*,2 | Cassava Sciences Inc. Exp. 11/15/24 | 233,823 | 1,116 | |||
* | Ayala Pharmaceuticals Inc. Exp. 9/11/24 | 47,130 | — | |||
*,2 | Salarius Pharmaceuticals Inc. Exp. 1/20/25 | 119,407 | — | |||
*,1,2 | Imperalis Holding Corp. Exp. 4/13/28 | 930,380 | — | |||
Total Warrants (Cost $200) | 1,116 | |||||
Temporary Cash Investments (2.2%) | ||||||
Money Market Fund (2.2%) | ||||||
4,5 | Vanguard Market Liquidity Fund, 5.435% (Cost $2,088,111) | 20,896,263 | 2,089,208 | |||
Total Investments (101.8%) (Cost $83,585,774) | 98,930,152 | |||||
Other Assets and Liabilities—Net (-1.8%) | (1,722,554) | |||||
Net Assets (100%) | 97,207,598 |
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 $1,509,878,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Restricted securities totaling $0, 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 $1,733,477,000 was received for securities on loan. |
CVR—Contingent Value Rights. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini NASDAQ 100 Index | March 2024 | 272 | 92,608 | 3,876 |
E-mini Russell 2000 Index | March 2024 | 1,432 | 146,615 | 7,635 |
E-mini S&P 500 Index | March 2024 | 106 | 25,546 | 166 |
E-mini S&P Mid-Cap 400 Index | March 2024 | 88 | 24,724 | 1,309 |
12,986 |
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) |
BILL Holdings Inc. | 8/30/24 | BANA | 5,565 | (5.332) | 1,347 | — |
Chewy Inc. Class A | 1/31/24 | GSI | 6,522 | (5.331) | 792 | — |
Lucid Group Inc. | 1/31/24 | GSI | 8,777 | (5.331) | — | (1,045) |
Sirius XM Holdings Inc. | 1/31/24 | GSI | 21,600 | (5.331) | 245 | — |
Snowflake Inc. Class A | 8/30/24 | BANA | 29,653 | (5.332) | 1,666 | — |
Wayfair Inc. Class A | 8/30/24 | BANA | 7,254 | (5.332) | 737 | — |
4,787 | (1,045) |
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 $81,497,663) | 96,840,944 |
Affiliated Issuers (Cost $2,088,111) | 2,089,208 |
Total Investments in Securities | 98,930,152 |
Investment in Vanguard | 2,927 |
Cash Collateral Pledged—Futures Contracts | 20,202 |
Receivables for Investment Securities Sold | 41,354 |
Receivables for Accrued Income | 93,656 |
Receivables for Capital Shares Issued | 68,068 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 4,787 |
Total Assets | 99,161,146 |
Liabilities | |
Due to Custodian | 19,818 |
Payables for Investment Securities Purchased | 29,826 |
Collateral for Securities on Loan | 1,733,477 |
Payables for Capital Shares Redeemed | 163,855 |
Payables to Vanguard | 1,901 |
Variation Margin Payable—Futures Contracts | 3,626 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 1,045 |
Total Liabilities | 1,953,548 |
Net Assets | 97,207,598 |
1 Includes $1,509,878,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 87,284,948 |
Total Distributable Earnings (Loss) | 9,922,650 |
Net Assets | 97,207,598 |
Investor Shares—Net Assets | |
Applicable to 1,858,699 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 231,936 |
Net Asset Value Per Share—Investor Shares | $124.78 |
ETF Shares—Net Assets | |
Applicable to 107,137,209 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 17,606,486 |
Net Asset Value Per Share—ETF Shares | $164.34 |
Admiral Shares—Net Assets | |
Applicable to 189,589,142 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 23,638,744 |
Net Asset Value Per Share—Admiral Shares | $124.68 |
Institutional Shares—Net Assets | |
Applicable to 121,426,884 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 15,138,897 |
Net Asset Value Per Share—Institutional Shares | $124.68 |
Institutional Plus Shares—Net Assets | |
Applicable to 39,704,803 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 12,216,148 |
Net Asset Value Per Share—Institutional Plus Shares | $307.67 |
Institutional Select Shares—Net Assets | |
Applicable to 141,614,265 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 28,375,387 |
Net Asset Value Per Share—Institutional Select Shares | $200.37 |
Year Ended December 31, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 1,094,745 |
Interest2 | 34,640 |
Securities Lending—Net | 141,974 |
Total Income | 1,271,359 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 1,799 |
Management and Administrative—Investor Shares | 398 |
Management and Administrative—ETF Shares | 7,237 |
Management and Administrative—Admiral Shares | 11,162 |
Management and Administrative—Institutional Shares | 5,844 |
Management and Administrative—Institutional Plus Shares | 3,508 |
Management and Administrative—Institutional Select Shares | 4,150 |
Marketing and Distribution—Investor Shares | 10 |
Marketing and Distribution—ETF Shares | 836 |
Marketing and Distribution—Admiral Shares | 847 |
Marketing and Distribution—Institutional Shares | 458 |
Marketing and Distribution—Institutional Plus Shares | 370 |
Marketing and Distribution—Institutional Select Shares | 49 |
Custodian Fees | 639 |
Auditing Fees | 48 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—ETF Shares | 417 |
Shareholders’ Reports—Admiral Shares | 167 |
Shareholders’ Reports—Institutional Shares | 191 |
Shareholders’ Reports—Institutional Plus Shares | 148 |
Shareholders’ Reports—Institutional Select Shares | — |
Trustees’ Fees and Expenses | 51 |
Other Expenses | 25 |
Total Expenses | 38,355 |
Expenses Paid Indirectly | (5) |
Net Expenses | 38,350 |
Net Investment Income | 1,233,009 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 5,059,742 |
Futures Contracts | 23,830 |
Swap Contracts | 6,190 |
Realized Net Gain (Loss) | 5,089,762 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 13,569,568 |
Futures Contracts | 26,926 |
Swap Contracts | 10,301 |
Change in Unrealized Appreciation (Depreciation) | 13,606,795 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 19,929,566 |
1 | Dividends are net of foreign withholding taxes of $295,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $32,828,000, $32,000, $2,000, and $510,000, respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $5,732,517,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2023 ($000) | 2022 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,233,009 | 1,141,328 |
Realized Net Gain (Loss) | 5,089,762 | 2,411,429 |
Change in Unrealized Appreciation (Depreciation) | 13,606,795 | (32,279,720) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 19,929,566 | (28,726,963) |
Distributions | ||
Investor Shares | (2,799) | (2,370) |
ETF Shares | (216,881) | (148,188) |
Admiral Shares | (304,809) | (232,052) |
Institutional Shares | (197,911) | (154,028) |
Institutional Plus Shares | (157,589) | (131,076) |
Institutional Select Shares | (358,784) | (248,096) |
Total Distributions | (1,238,773) | (915,810) |
Capital Share Transactions | ||
Investor Shares | (44,315) | (72,334) |
ETF Shares | 1,158,186 | 344,966 |
Admiral Shares | (985,934) | (1,252,838) |
Institutional Shares | (827,656) | (1,209,959) |
Institutional Plus Shares | (656,866) | (1,175,993) |
Institutional Select Shares | 877,035 | 3,290,411 |
Net Increase (Decrease) from Capital Share Transactions | (479,550) | (75,747) |
Total Increase (Decrease) | 18,211,243 | (29,718,520) |
Net Assets | ||
Beginning of Period | 78,996,355 | 108,714,875 |
End of Period | 97,207,598 | 78,996,355 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $100.93 | $138.80 | $124.83 | $95.66 | $75.74 |
Investment Operations | |||||
Net Investment Income1 | 1.411 | 1.280 | 1.216 | .983 | .962 |
Net Realized and Unrealized Gain (Loss) on Investments | 23.876 | (38.141) | 14.134 | 29.401 | 20.089 |
Total from Investment Operations | 25.287 | (36.861) | 15.350 | 30.384 | 21.051 |
Distributions | |||||
Dividends from Net Investment Income | (1.437) | (1.009) | (1.380) | (1.214) | (1.131) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.437) | (1.009) | (1.380) | (1.214) | (1.131) |
Net Asset Value, End of Period | $124.78 | $100.93 | $138.80 | $124.83 | $95.66 |
Total Return2 | 25.22% | -26.56% | 12.31% | 32.04% | 27.87% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $232 | $229 | $399 | $454 | $455 |
Ratio of Total Expenses to Average Net Assets | 0.19%3 | 0.19%3 | 0.19% | 0.19% | 0.19% |
Ratio of Net Investment Income to Average Net Assets | 1.28% | 1.14% | 0.87% | 1.04% | 1.09% |
Portfolio Turnover Rate4 | 11% | 11% | 19% | 19% | 13% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.19%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $132.92 | $182.81 | $164.43 | $126.02 | $99.77 |
Investment Operations | |||||
Net Investment Income1 | 2.086 | 1.914 | 1.867 | 1.509 | 1.636 |
Net Realized and Unrealized Gain (Loss) on Investments | 31.415 | (50.278) | 18.576 | 38.668 | 26.255 |
Total from Investment Operations | 33.501 | (48.364) | 20.443 | 40.177 | 27.891 |
Distributions | |||||
Dividends from Net Investment Income | (2.081) | (1.526) | (2.063) | (1.767) | (1.641) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.081) | (1.526) | (2.063) | (1.767) | (1.641) |
Net Asset Value, End of Period | $164.34 | $132.92 | $182.81 | $164.43 | $126.02 |
Total Return | 25.39% | -26.46% | 12.44% | 32.20% | 28.04% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $17,606 | $13,089 | $17,593 | $13,761 | $8,119 |
Ratio of Total Expenses to Average Net Assets | 0.06%2 | 0.06%2 | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 1.44% | 1.31% | 1.02% | 1.20% | 1.40% |
Portfolio Turnover Rate3 | 11% | 11% | 19% | 19% | 13% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $100.85 | $138.70 | $124.75 | $95.61 | $75.70 |
Investment Operations | |||||
Net Investment Income1 | 1.557 | 1.437 | 1.408 | 1.112 | 1.236 |
Net Realized and Unrealized Gain (Loss) on Investments | 23.851 | (38.129) | 14.106 | 29.367 | 19.918 |
Total from Investment Operations | 25.408 | (36.692) | 15.514 | 30.479 | 21.154 |
Distributions | |||||
Dividends from Net Investment Income | (1.578) | (1.158) | (1.564) | (1.339) | (1.244) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.578) | (1.158) | (1.564) | (1.339) | (1.244) |
Net Asset Value, End of Period | $124.68 | $100.85 | $138.70 | $124.75 | $95.61 |
Total Return2 | 25.38% | -26.47% | 12.45% | 32.21% | 28.03% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $23,639 | $20,012 | $29,054 | $26,784 | $22,391 |
Ratio of Total Expenses to Average Net Assets | 0.06%3 | 0.06%3 | 0.06% | 0.06% | 0.06% |
Ratio of Net Investment Income to Average Net Assets | 1.42% | 1.29% | 1.01% | 1.18% | 1.39% |
Portfolio Turnover Rate4 | 11% | 11% | 19% | 19% | 13% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $100.84 | $138.69 | $124.74 | $95.60 | $75.69 |
Investment Operations | |||||
Net Investment Income1 | 1.567 | 1.439 | 1.413 | 1.125 | 1.239 |
Net Realized and Unrealized Gain (Loss) on Investments | 23.862 | (38.120) | 14.115 | 29.364 | 19.925 |
Total from Investment Operations | 25.429 | (36.681) | 15.528 | 30.489 | 21.164 |
Distributions | |||||
Dividends from Net Investment Income | (1.589) | (1.169) | (1.578) | (1.349) | (1.254) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.589) | (1.169) | (1.578) | (1.349) | (1.254) |
Net Asset Value, End of Period | $124.68 | $100.84 | $138.69 | $124.74 | $95.60 |
Total Return | 25.41% | -26.46% | 12.47% | 32.23% | 28.05% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $15,139 | $12,983 | $19,456 | $18,659 | $14,927 |
Ratio of Total Expenses to Average Net Assets | 0.05%2 | 0.05%2 | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 1.43% | 1.29% | 1.01% | 1.19% | 1.40% |
Portfolio Turnover Rate3 | 11% | 11% | 19% | 19% | 13% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Plus Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $248.85 | $342.27 | $307.85 | $235.94 | $186.80 |
Investment Operations | |||||
Net Investment Income1 | 3.898 | 3.597 | 3.595 | 2.798 | 3.078 |
Net Realized and Unrealized Gain (Loss) on Investments | 58.870 | (94.104) | 34.757 | 72.466 | 49.178 |
Total from Investment Operations | 62.768 | (90.507) | 38.352 | 75.264 | 52.256 |
Distributions | |||||
Dividends from Net Investment Income | (3.948) | (2.913) | (3.932) | (3.354) | (3.116) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.948) | (2.913) | (3.932) | (3.354) | (3.116) |
Net Asset Value, End of Period | $307.67 | $248.85 | $342.27 | $307.85 | $235.94 |
Total Return | 25.41% | -26.45% | 12.48% | 32.24% | 28.07% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $12,216 | $10,446 | $15,973 | $11,665 | $9,486 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04%2 | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.44% | 1.31% | 1.04% | 1.20% | 1.41% |
Portfolio Turnover Rate3 | 11% | 11% | 19% | 19% | 13% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Select Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $162.04 | $222.86 | $200.45 | $153.63 | $121.63 |
Investment Operations | |||||
Net Investment Income1 | 2.580 | 2.421 | 2.352 | 1.855 | 2.059 |
Net Realized and Unrealized Gain (Loss) on Investments | 38.338 | (61.319) | 22.661 | 47.179 | 31.999 |
Total from Investment Operations | 40.918 | (58.898) | 25.013 | 49.034 | 34.058 |
Distributions | |||||
Dividends from Net Investment Income | (2.588) | (1.922) | (2.603) | (2.214) | (2.058) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (2.588) | (1.922) | (2.603) | (2.214) | (2.058) |
Net Asset Value, End of Period | $200.37 | $162.04 | $222.86 | $200.45 | $153.63 |
Total Return | 25.44% | -26.44% | 12.50% | 32.27% | 28.09% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $28,375 | $22,239 | $26,240 | $24,472 | $19,166 |
Ratio of Total Expenses to Average Net Assets | 0.02%2 | 0.02%2 | 0.02% | 0.02% | 0.02% |
Ratio of Net Investment Income to Average Net Assets | 1.46% | 1.36% | 1.05% | 1.22% | 1.44% |
Portfolio Turnover Rate3 | 11% | 11% | 19% | 19% | 13% |
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 | 96,832,085 | — | 4,866 | 96,836,951 |
Preferred Stocks | 125 | — | — | 125 |
Rights | 2 | 102 | 2,648 | 2,752 |
Warrants | — | — | 1,116 | 1,116 |
Temporary Cash Investments | 2,089,208 | — | — | 2,089,208 |
Total | 98,921,420 | 102 | 8,630 | 98,930,152 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 12,986 | — | — | 12,986 |
Swap Contracts | — | 4,787 | — | 4,787 |
Total | 12,986 | 4,787 | — | 17,773 |
Liabilities | ||||
Swap Contracts | — | 1,045 | — | 1,045 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) | |
Paid-in Capital | 5,721,800 |
Total Distributable Earnings (Loss) | (5,721,800) |
Amount ($000) | |
Undistributed Ordinary Income | 42,694 |
Undistributed Long-Term Gains | — |
Net Unrealized Gains (Losses) | 14,687,076 |
Capital Loss Carryforwards | (4,807,120) |
Qualified Late-Year Losses | — |
Other Temporary Differences | — |
Total | 9,922,650 |
Year Ended December 31, | ||
2023 Amount ($000) | 2022 Amount ($000) | |
Ordinary Income* | 1,238,773 | 915,810 |
Long-Term Capital Gains | — | — |
Total | 1,238,773 | 915,810 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 84,243,076 |
Gross Unrealized Appreciation | 32,329,904 |
Gross Unrealized Depreciation | (17,642,828) |
Net Unrealized Appreciation (Depreciation) | 14,687,076 |
Year Ended December 31, | |||||
2023 | 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 7,047 | 64 | 10,368 | 92 | |
Issued in Lieu of Cash Distributions | 2,799 | 25 | 2,370 | 23 | |
Redeemed | (54,161) | (496) | (85,072) | (721) | |
Net Increase (Decrease)—Investor Shares | (44,315) | (407) | (72,334) | (606) |
Year Ended December 31, | |||||
2023 | 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 10,241,871 | 68,864 | 7,785,642 | 54,535 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (9,083,685) | (60,200) | (7,440,676) | (52,300) | |
Net Increase (Decrease)—ETF Shares | 1,158,186 | 8,664 | 344,966 | 2,235 | |
Admiral Shares | |||||
Issued | 1,528,622 | 13,910 | 2,057,224 | 18,437 | |
Issued in Lieu of Cash Distributions | 253,200 | 2,264 | 193,334 | 1,884 | |
Redeemed | (2,767,756) | (25,026) | (3,503,396) | (31,355) | |
Net Increase (Decrease)—Admiral Shares | (985,934) | (8,852) | (1,252,838) | (11,034) | |
Institutional Shares | |||||
Issued | 2,289,403 | 20,910 | 2,414,097 | 21,403 | |
Issued in Lieu of Cash Distributions | 183,474 | 1,642 | 143,746 | 1,400 | |
Redeemed | (3,300,533) | (29,875) | (3,767,802) | (34,333) | |
Net Increase (Decrease)—Institutional Shares | (827,656) | (7,323) | (1,209,959) | (11,530) | |
Institutional Plus Shares | |||||
Issued | 1,568,473 | 5,907 | 3,581,013 | 13,375 | |
Issued in Lieu of Cash Distributions | 152,432 | 552 | 125,346 | 495 | |
Redeemed | (2,377,771) | (8,729) | (4,882,352) | (18,563) | |
Net Increase (Decrease)—Institutional Plus Shares | (656,866) | (2,270) | (1,175,993) | (4,693) | |
Institutional Select Shares | |||||
Issued | 3,253,688 | 18,298 | 4,415,226 | 25,617 | |
Issued in Lieu of Cash Distributions | 358,784 | 1,994 | 248,096 | 1,506 | |
Redeemed | (2,735,437) | (15,917) | (1,372,911) | (7,624) | |
Net Increase (Decrease)—Institutional Select Shares | 877,035 | 4,375 | 3,290,411 | 19,499 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Index Fund Investor Shares | 15.84% | 12.57% | 9.27% | $24,275 | |
CRSP US Mid Cap Index | 15.98 | 12.73 | 9.44 | 24,643 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Index Fund ETF Shares Net Asset Value | 15.99% | 12.72% | 9.41% | $24,589 | |
Mid-Cap Index Fund ETF Shares Market Price | 16.04 | 12.73 | 9.42 | 24,595 | |
CRSP US Mid Cap Index | 15.98 | 12.73 | 9.44 | 24,643 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Index Fund Admiral Shares | 15.98% | 12.71% | 9.41% | $24,576 | |
CRSP US Mid Cap Index | 15.98 | 12.73 | 9.44 | 24,643 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Mid-Cap Index Fund Institutional Shares | 16.00% | 12.72% | 9.42% | $12,302,398 | |
CRSP US Mid Cap Index | 15.98 | 12.73 | 9.44 | 12,321,356 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 14,710,990 |
One Year | Five Years | Ten Years | Final Value of a $100,000,000 Investment | ||
Mid-Cap Index Fund Institutional Plus Shares | 16.00% | 12.73% | 9.43% | $246,303,260 | |
CRSP US Mid Cap Index | 15.98 | 12.73 | 9.44 | 246,427,120 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 294,219,800 |
Cumulative Returns of ETF Shares: December 31, 2013, Through December 31, 2023 | |||
One Year | Five Years | Ten Years | |
Mid-Cap Index Fund ETF Shares Market Price | 16.04% | 82.07% | 145.95% |
Mid-Cap Index Fund ETF Shares Net Asset Value | 15.99 | 81.93 | 145.89 |
CRSP US Mid Cap Index | 15.98 | 82.04 | 146.43 |
Basic Materials | 3.8% |
Consumer Discretionary | 13.1 |
Consumer Staples | 4.5 |
Energy | 4.9 |
Financials | 12.5 |
Health Care | 9.5 |
Industrials | 19.6 |
Real Estate | 8.3 |
Technology | 14.5 |
Telecommunications | 1.9 |
Utilities | 7.4 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.4%) | ||||||
Basic Materials (3.7%) | ||||||
Nucor Corp. | 5,510,138 | 958,984 | ||||
Fastenal Co. | 12,807,877 | 829,566 | ||||
LyondellBasell Industries NV Class A | 5,815,440 | 552,932 | ||||
Newmont Corp. | 12,918,406 | 534,693 | ||||
International Flavors & Fragrances Inc. | 5,720,526 | 463,191 | ||||
1 | Albemarle Corp. | 2,631,183 | 380,153 | |||
Celanese Corp. Class A | 2,440,605 | 379,197 | ||||
Avery Dennison Corp. | 1,805,607 | 365,022 | ||||
CF Industries Holdings Inc. | 4,280,566 | 340,305 | ||||
International Paper Co. | 7,758,070 | 280,454 | ||||
Mosaic Co. | 7,328,071 | 261,832 | ||||
Steel Dynamics Inc. | 1,723,349 | 203,528 | ||||
Eastman Chemical Co. | 1,329,717 | 119,435 | ||||
FMC Corp. | 1,399,161 | 88,217 | ||||
Westlake Corp. | 359,151 | 50,267 | ||||
5,807,776 | ||||||
Consumer Discretionary (13.1%) | ||||||
DR Horton Inc. | 6,348,401 | 964,830 | ||||
* | Copart Inc. | 19,371,336 | 949,195 | |||
Lennar Corp. Class A | 5,623,294 | 838,096 | ||||
* | Chipotle Mexican Grill Inc. Class A | 307,577 | 703,416 | |||
* | Trade Desk Inc. Class A | 9,652,553 | 694,598 | |||
Dollar General Corp. | 4,919,884 | 668,858 | ||||
* | Dollar Tree Inc. | 4,684,144 | 665,383 | |||
* | Royal Caribbean Cruises Ltd. | 4,881,373 | 632,089 | |||
* | Take-Two Interactive Software Inc. | 3,811,555 | 613,470 | |||
Delta Air Lines Inc. | 14,418,520 | 580,057 | ||||
* | Aptiv plc | 6,338,813 | 568,718 | |||
* | Warner Bros Discovery Inc. | 49,186,833 | 559,746 | |||
* | Ulta Beauty Inc. | 1,103,237 | 540,575 | |||
Hilton Worldwide Holdings Inc. | 2,873,531 | 523,241 | ||||
Tractor Supply Co. | 2,422,869 | 520,990 | ||||
* | AutoZone Inc. | 197,586 | 510,880 | |||
eBay Inc. | 11,630,981 | 507,343 | ||||
* | ROBLOX Corp. Class A | 10,926,926 | 499,579 | |||
PulteGroup Inc. | 4,831,650 | 498,723 | ||||
* | NVR Inc. | 67,696 | 473,902 | |||
* | Expedia Group Inc. | 2,987,734 | 453,508 | |||
Darden Restaurants Inc. | 2,697,631 | 443,221 | ||||
Garmin Ltd. | 3,431,963 | 441,145 | ||||
Genuine Parts Co. | 3,141,367 | 435,079 | ||||
* | Carnival Corp. | 22,589,342 | 418,806 | |||
Electronic Arts Inc. | 3,015,274 | 412,520 | ||||
*,1 | Rivian Automotive Inc. Class A | 17,037,663 | 399,704 | |||
Southwest Airlines Co. | 13,365,560 | 385,997 | ||||
Omnicom Group Inc. | 4,435,360 | 383,703 | ||||
Best Buy Co. Inc. | 4,391,733 | 343,785 | ||||
* | Live Nation Entertainment Inc. | 3,615,138 | 338,377 | |||
Domino's Pizza Inc. | 781,464 | 322,143 | ||||
* | United Airlines Holdings Inc. | 7,325,640 | 302,256 | |||
LKQ Corp. | 5,999,977 | 286,739 | ||||
Rollins Inc. | 6,511,611 | 284,362 | ||||
* | Burlington Stores Inc. | 1,446,727 | 281,359 | |||
News Corp. Class A | 10,829,977 | 265,876 | ||||
* | MGM Resorts International | 5,744,148 | 256,649 |
Shares | Market Value• ($000) | |||||
Las Vegas Sands Corp. | 4,285,219 | 210,876 | ||||
Pool Corp. | 411,943 | 164,246 | ||||
Fox Corp. Class A | 5,429,972 | 161,107 | ||||
Interpublic Group of Cos. Inc. | 4,294,545 | 140,174 | ||||
* | CarMax Inc. | 1,779,509 | 136,559 | |||
Warner Music Group Corp. Class A | 2,791,956 | 99,924 | ||||
Fox Corp. Class B | 3,029,272 | 83,759 | ||||
1 | Paramount Global Class B | 5,381,789 | 79,597 | |||
Endeavor Group Holdings Inc. Class A | 3,032,411 | 71,959 | ||||
1 | Sirius XM Holdings Inc. | 10,436,788 | 57,089 | |||
*,1 | Lucid Group Inc. | 10,269,566 | 43,235 | |||
Lennar Corp. Class B | 212,879 | 28,536 | ||||
* | Chewy Inc. Class A | 1,143,405 | 27,019 | |||
News Corp. Class B | 355,310 | 9,139 | ||||
1 | Paramount Global Class A | 156,436 | 3,076 | |||
20,285,213 | ||||||
Consumer Staples (4.5%) | ||||||
Cencora Inc. | 3,799,541 | 780,350 | ||||
Corteva Inc. | 15,798,180 | 757,049 | ||||
Kroger Co. | 14,508,195 | 663,170 | ||||
Church & Dwight Co. Inc. | 5,521,060 | 522,071 | ||||
Archer-Daniels-Midland Co. | 5,979,540 | 431,842 | ||||
Walgreens Boots Alliance Inc. | 15,496,311 | 404,609 | ||||
Brown-Forman Corp. Class B | 6,953,007 | 397,017 | ||||
Clorox Co. | 2,781,535 | 396,619 | ||||
McCormick & Co. Inc. (Non-Voting) | 5,634,230 | 385,494 | ||||
Tyson Foods Inc. Class A | 6,395,218 | 343,743 | ||||
Kellanova | 6,143,550 | 343,486 | ||||
Conagra Brands Inc. | 10,703,474 | 306,762 | ||||
J M Smucker Co. | 2,260,643 | 285,700 | ||||
Campbell Soup Co. | 4,337,446 | 187,508 | ||||
Hormel Foods Corp. | 5,676,330 | 182,267 | ||||
Lamb Weston Holdings Inc. | 1,624,728 | 175,617 | ||||
Albertsons Cos. Inc. Class A | 7,101,759 | 163,340 | ||||
Molson Coors Beverage Co. Class B | 2,027,584 | 124,108 | ||||
Brown-Forman Corp. Class A | 1,134,724 | 67,618 | ||||
6,918,370 | ||||||
Energy (4.9%) | ||||||
ONEOK Inc. | 13,056,434 | 916,823 | ||||
Hess Corp. | 6,195,569 | 893,153 | ||||
Cheniere Energy Inc. | 5,073,224 | 866,050 | ||||
Baker Hughes Co. Class A | 22,553,500 | 770,879 | ||||
Halliburton Co. | 18,054,283 | 652,662 | ||||
Devon Energy Corp. | 14,359,114 | 650,468 | ||||
Diamondback Energy Inc. | 4,011,236 | 622,063 | ||||
Williams Cos. Inc. | 13,637,669 | 475,000 | ||||
Coterra Energy Inc. | 16,021,862 | 408,878 | ||||
* | First Solar Inc. | 2,275,784 | 392,072 | |||
* | Enphase Energy Inc. | 2,908,545 | 384,335 | |||
Marathon Oil Corp. | 13,122,142 | 317,031 | ||||
EQT Corp. | 4,611,303 | 178,273 | ||||
Texas Pacific Land Corp. | 68,845 | 108,255 | ||||
7,635,942 | ||||||
Financials (12.5%) | ||||||
Arthur J Gallagher & Co. | 4,840,713 | 1,088,580 | ||||
MSCI Inc. Class A | 1,684,195 | 952,665 | ||||
Ameriprise Financial Inc. | 2,268,284 | 861,562 |
Shares | Market Value• ($000) | |||||
Prudential Financial Inc. | 8,092,373 | 839,260 | ||||
Apollo Global Management Inc. | 8,904,941 | 829,851 | ||||
Allstate Corp. | 5,865,360 | 821,033 | ||||
Discover Financial Services | 5,604,329 | 629,927 | ||||
* | Arch Capital Group Ltd. | 7,945,199 | 590,090 | |||
Willis Towers Watson plc | 2,314,181 | 558,180 | ||||
Broadridge Financial Solutions Inc. | 2,636,519 | 542,464 | ||||
Hartford Financial Services Group Inc. | 6,740,463 | 541,798 | ||||
T. Rowe Price Group Inc. | 5,008,120 | 539,324 | ||||
American International Group Inc. | 7,866,591 | 532,962 | ||||
* | Coinbase Global Inc. Class A | 3,043,269 | 529,285 | |||
Nasdaq Inc. | 9,055,226 | 526,471 | ||||
Fifth Third Bancorp | 15,261,818 | 526,380 | ||||
M&T Bank Corp. | 3,719,173 | 509,824 | ||||
State Street Corp. | 6,569,702 | 508,889 | ||||
Raymond James Financial Inc. | 4,209,492 | 469,358 | ||||
Ares Management Corp. Class A | 3,744,927 | 445,347 | ||||
Cboe Global Markets Inc. | 2,366,694 | 422,597 | ||||
Principal Financial Group Inc. | 5,342,303 | 420,279 | ||||
Huntington Bancshares Inc. | 32,447,639 | 412,734 | ||||
FactSet Research Systems Inc. | 851,745 | 406,325 | ||||
Regions Financial Corp. | 20,840,005 | 403,879 | ||||
* | Markel Group Inc. | 281,389 | 399,544 | |||
LPL Financial Holdings Inc. | 1,694,378 | 385,674 | ||||
Northern Trust Corp. | 4,406,909 | 371,855 | ||||
Cincinnati Financial Corp. | 3,515,602 | 363,724 | ||||
Everest Group Ltd. | 972,857 | 343,983 | ||||
Citizens Financial Group Inc. | 9,930,656 | 329,102 | ||||
W R Berkley Corp. | 4,336,317 | 306,664 | ||||
KeyCorp | 20,974,408 | 302,032 | ||||
Fidelity National Financial Inc. | 5,796,994 | 295,763 | ||||
Loews Corp. | 4,004,598 | 278,680 | ||||
Tradeweb Markets Inc. Class A | 2,572,288 | 233,770 | ||||
Interactive Brokers Group Inc. Class A | 2,279,441 | 188,966 | ||||
Franklin Resources Inc. | 6,099,336 | 181,699 | ||||
Brown & Brown Inc. | 2,552,415 | 181,502 | ||||
Globe Life Inc. | 1,002,388 | 122,011 | ||||
Corebridge Financial Inc. | 4,940,692 | 107,015 | ||||
*,1 | Rocket Cos. Inc. Class A | 2,841,266 | 41,142 | |||
19,342,190 | ||||||
Health Care (9.4%) | ||||||
* | Dexcom Inc. | 8,660,541 | 1,074,686 | |||
* | IQVIA Holdings Inc. | 4,090,549 | 946,471 | |||
* | Centene Corp. | 11,973,441 | 888,549 | |||
GE HealthCare Technologies Inc. | 8,672,772 | 670,579 | ||||
West Pharmaceutical Services Inc. | 1,658,223 | 583,893 | ||||
Zimmer Biomet Holdings Inc. | 4,683,507 | 569,983 | ||||
* | Veeva Systems Inc. Class A | 2,948,113 | 567,571 | |||
ResMed Inc. | 3,296,525 | 567,068 | ||||
Cardinal Health Inc. | 5,523,687 | 556,788 | ||||
* | IDEXX Laboratories Inc. | 930,604 | 516,532 | |||
* | Alnylam Pharmaceuticals Inc. | 2,683,298 | 513,610 | |||
* | Illumina Inc. | 3,560,457 | 495,758 | |||
STERIS plc | 2,214,078 | 486,765 | ||||
* | Molina Healthcare Inc. | 1,242,160 | 448,805 | |||
* | Align Technology Inc. | 1,631,357 | 446,992 | |||
Baxter International Inc. | 11,368,333 | 439,500 | ||||
Laboratory Corp. of America Holdings | 1,903,592 | 432,667 | ||||
* | Biogen Inc. | 1,623,732 | 420,173 | |||
Cooper Cos. Inc. | 1,109,720 | 419,962 | ||||
* | BioMarin Pharmaceutical Inc. | 4,220,801 | 406,970 | |||
* | Hologic Inc. | 5,381,199 | 384,487 | |||
* | Moderna Inc. | 3,845,385 | 382,423 | |||
Quest Diagnostics Inc. | 2,520,924 | 347,585 | ||||
* | Avantor Inc. | 15,165,303 | 346,224 | |||
* | Insulet Corp. | 1,565,615 | 339,707 | |||
Revvity Inc. | 2,766,934 | 302,454 |
Shares | Market Value• ($000) | |||||
Viatris Inc. | 26,898,305 | 291,309 | ||||
* | Incyte Corp. | 4,271,087 | 268,181 | |||
Royalty Pharma plc Class A | 8,478,652 | 238,165 | ||||
Teleflex Inc. | 526,049 | 131,165 | ||||
* | Henry Schein Inc. | 1,464,549 | 110,881 | |||
* | Bio-Rad Laboratories Inc. Class A | 229,359 | 74,058 | |||
14,669,961 | ||||||
Industrials (19.5%) | ||||||
TransDigm Group Inc. | 1,177,813 | 1,191,476 | ||||
Cintas Corp. | 1,940,594 | 1,169,518 | ||||
PACCAR Inc. | 11,724,879 | 1,144,934 | ||||
Carrier Global Corp. | 18,807,531 | 1,080,493 | ||||
Old Dominion Freight Line Inc. | 2,201,052 | 892,152 | ||||
Ferguson plc | 4,562,803 | 880,940 | ||||
United Rentals Inc. | 1,519,295 | 871,194 | ||||
AMETEK Inc. | 5,172,520 | 852,897 | ||||
WW Grainger Inc. | 1,001,260 | 829,734 | ||||
Otis Worldwide Corp. | 9,174,157 | 820,812 | ||||
Rockwell Automation Inc. | 2,570,061 | 797,953 | ||||
Verisk Analytics Inc. Class A | 3,249,680 | 776,219 | ||||
Cummins Inc. | 3,177,059 | 761,128 | ||||
Quanta Services Inc. | 3,256,250 | 702,699 | ||||
Ingersoll Rand Inc. | 9,072,738 | 701,686 | ||||
Martin Marietta Materials Inc. | 1,385,298 | 691,139 | ||||
Equifax Inc. | 2,761,616 | 682,920 | ||||
Vulcan Materials Co. | 2,978,094 | 676,057 | ||||
DuPont de Nemours Inc. | 8,676,192 | 667,459 | ||||
* | Keysight Technologies Inc. | 3,912,892 | 622,502 | |||
Xylem Inc. | 5,402,992 | 617,886 | ||||
* | Fair Isaac Corp. | 526,298 | 612,616 | |||
Fidelity National Information Services Inc. | 10,181,425 | 611,598 | ||||
* | Mettler-Toledo International Inc. | 485,961 | 589,451 | |||
Fortive Corp. | 7,876,111 | 579,918 | ||||
Global Payments Inc. | 4,536,241 | 576,103 | ||||
Westinghouse Air Brake Technologies Corp. | 4,014,986 | 509,502 | ||||
Dover Corp. | 3,136,498 | 482,425 | ||||
* | Teledyne Technologies Inc. | 1,057,940 | 472,148 | |||
L3Harris Technologies Inc. | 2,123,985 | 447,354 | ||||
Johnson Controls International plc | 7,623,684 | 439,429 | ||||
* | Waters Corp. | 1,324,927 | 436,206 | |||
* | FleetCor Technologies Inc. | 1,537,977 | 434,648 | |||
Veralto Corp. | 5,246,261 | 431,557 | ||||
Expeditors International of Washington Inc. | 3,259,843 | 414,652 | ||||
Ball Corp. | 7,064,977 | 406,378 | ||||
PPG Industries Inc. | 2,642,358 | 395,165 | ||||
JB Hunt Transport Services Inc. | 1,850,069 | 369,533 | ||||
Jacobs Solutions Inc. | 2,825,612 | 366,764 | ||||
Synchrony Financial | 9,278,003 | 354,327 | ||||
Textron Inc. | 4,394,701 | 353,422 | ||||
Snap-on Inc. | 1,183,395 | 341,812 | ||||
Masco Corp. | 5,033,614 | 337,151 | ||||
Stanley Black & Decker Inc. | 3,434,844 | 336,958 | ||||
Packaging Corp. of America | 2,009,479 | 327,364 | ||||
* | Zebra Technologies Corp. Class A | 1,151,539 | 314,750 | |||
TransUnion | 4,342,977 | 298,406 | ||||
* | Trimble Inc. | 5,577,634 | 296,730 | |||
Howmet Aerospace Inc. | 4,615,815 | 249,808 | ||||
HEICO Corp. Class A | 1,684,835 | 239,988 | ||||
Hubbell Inc. Class B | 601,129 | 197,729 | ||||
HEICO Corp. | 919,726 | 164,511 | ||||
Jack Henry & Associates Inc. | 816,456 | 133,417 | ||||
Crown Holdings Inc. | 1,353,067 | 124,604 | ||||
CH Robinson Worldwide Inc. | 1,242,861 | 107,371 | ||||
* | BILL Holdings Inc. | 1,137,424 | 92,802 | |||
*,1 | Symbotic Inc. Class A | 552,210 | 28,345 | |||
30,306,740 |
Shares | Market Value• ($000) | |||||
Real Estate (8.2%) | ||||||
Welltower Inc. | 12,464,889 | 1,123,959 | ||||
Realty Income Corp. | 16,225,312 | 931,657 | ||||
Digital Realty Trust Inc. | 6,788,268 | 913,565 | ||||
* | CoStar Group Inc. | 9,153,123 | 799,892 | |||
Extra Space Storage Inc. | 4,735,481 | 759,240 | ||||
VICI Properties Inc. Class A | 20,537,306 | 654,729 | ||||
SBA Communications Corp. Class A | 2,417,959 | 613,412 | ||||
* | CBRE Group Inc. Class A | 6,489,476 | 604,105 | |||
AvalonBay Communities Inc. | 3,182,795 | 595,883 | ||||
Weyerhaeuser Co. | 16,360,158 | 568,843 | ||||
Simon Property Group Inc. | 3,472,778 | 495,357 | ||||
Equity Residential | 8,088,125 | 494,670 | ||||
Alexandria Real Estate Equities Inc. | 3,894,297 | 493,680 | ||||
Invitation Homes Inc. | 13,720,867 | 468,019 | ||||
Iron Mountain Inc. | 6,543,104 | 457,886 | ||||
Ventas Inc. | 9,016,758 | 449,395 | ||||
Sun Communities Inc. | 2,788,313 | 372,658 | ||||
Essex Property Trust Inc. | 1,439,069 | 356,803 | ||||
Mid-America Apartment Communities Inc. | 2,616,265 | 351,783 | ||||
WP Carey Inc. | 4,902,815 | 317,752 | ||||
UDR Inc. | 7,374,955 | 282,387 | ||||
Host Hotels & Resorts Inc. | 7,907,988 | 153,969 | ||||
Regency Centers Corp. | 2,069,230 | 138,638 | ||||
Healthpeak Properties Inc. | 6,135,482 | 121,483 | ||||
Camden Property Trust | 1,197,466 | 118,896 | ||||
* | Zillow Group Inc. Class C | 1,732,568 | 100,246 | |||
* | Zillow Group Inc. Class A | 437,625 | 24,822 | |||
12,763,729 | ||||||
Technology (14.4%) | ||||||
Amphenol Corp. Class A | 13,410,146 | 1,329,348 | ||||
Microchip Technology Inc. | 12,126,719 | 1,093,588 | ||||
* | Atlassian Corp. Class A | 3,474,492 | 826,443 | |||
* | ON Semiconductor Corp. | 9,653,470 | 806,354 | |||
* | Palantir Technologies Inc. Class A | 43,796,781 | 751,991 | |||
* | Gartner Inc. | 1,659,756 | 748,733 | |||
* | Datadog Inc. Class A | 6,095,299 | 739,847 | |||
* | ANSYS Inc. | 1,946,964 | 706,514 | |||
* | DoorDash Inc. Class A | 7,062,935 | 698,454 | |||
CDW Corp. | 3,002,274 | 682,477 | ||||
Monolithic Power Systems Inc. | 1,020,127 | 643,476 | ||||
* | HubSpot Inc. | 1,071,608 | 622,111 | |||
* | MongoDB Inc. Class A | 1,519,028 | 621,055 | |||
HP Inc. | 19,933,985 | 599,814 | ||||
Marvell Technology Inc. | 9,668,331 | 583,097 | ||||
* | Splunk Inc. | 3,777,129 | 575,446 | |||
* | Cloudflare Inc. Class A | 6,299,715 | 524,514 | |||
Corning Inc. | 17,207,907 | 523,981 | ||||
Hewlett Packard Enterprise Co. | 28,748,844 | 488,155 | ||||
* | Pinterest Inc. Class A | 13,139,793 | 486,698 | |||
* | Zscaler Inc. | 1,978,682 | 438,397 | |||
* | Fortinet Inc. | 7,313,191 | 428,041 | |||
Cognizant Technology Solutions Corp. Class A | 5,618,831 | 424,390 | ||||
NetApp Inc. | 4,678,595 | 412,465 | ||||
Skyworks Solutions Inc. | 3,586,382 | 403,181 | ||||
* | VeriSign Inc. | 1,945,839 | 400,765 | |||
* | Akamai Technologies Inc. | 3,381,851 | 400,242 | |||
* | Snap Inc. Class A | 23,411,330 | 396,354 | |||
* | Tyler Technologies Inc. | 944,474 | 394,903 | |||
* | EPAM Systems Inc. | 1,292,855 | 384,417 | |||
* | Western Digital Corp. | 7,269,906 | 380,725 | |||
Seagate Technology Holdings plc | 4,455,632 | 380,377 | ||||
* | Zoom Video Communications Inc. Class A | 5,201,865 | 374,066 | |||
Teradyne Inc. | 3,427,739 | 371,978 | ||||
* | GoDaddy Inc. Class A | 3,157,517 | 335,202 |
Shares | Market Value• ($000) | |||||
* | Okta Inc. Class A | 3,514,548 | 318,172 | |||
* | Twilio Inc. Class A | 3,856,232 | 292,572 | |||
SS&C Technologies Holdings Inc. | 4,717,197 | 288,268 | ||||
Gen Digital Inc. | 12,210,725 | 278,649 | ||||
Bentley Systems Inc. Class B | 5,100,469 | 266,142 | ||||
* | Unity Software Inc. | 5,964,332 | 243,882 | |||
Paycom Software Inc. | 1,147,827 | 237,279 | ||||
Leidos Holdings Inc. | 1,541,529 | 166,855 | ||||
* | DocuSign Inc. Class A | 2,278,976 | 135,485 | |||
* | Qorvo Inc. | 1,091,772 | 122,944 | |||
* | Match Group Inc. | 3,048,536 | 111,272 | |||
22,439,119 | ||||||
Telecommunications (1.8%) | ||||||
* | Arista Networks Inc. | 5,578,658 | 1,313,830 | |||
Motorola Solutions Inc. | 3,720,116 | 1,164,731 | ||||
* | Liberty Broadband Corp. Class C | 2,666,823 | 214,919 | |||
* | Roku Inc. Class A | 1,402,327 | 128,537 | |||
* | Liberty Broadband Corp. Class A | 381,143 | 30,736 | |||
2,852,753 | ||||||
Utilities (7.4%) | ||||||
PG&E Corp. | 57,063,899 | 1,028,862 | ||||
Waste Connections Inc. | 5,774,462 | 861,954 | ||||
Constellation Energy Corp. | 7,158,810 | 836,793 | ||||
Xcel Energy Inc. | 12,369,766 | 765,812 | ||||
Consolidated Edison Inc. | 7,730,772 | 703,268 | ||||
Public Service Enterprise Group Inc. | 11,186,529 | 684,056 | ||||
Edison International | 8,596,398 | 614,557 | ||||
WEC Energy Group Inc. | 7,069,329 | 595,025 | ||||
American Water Works Co. Inc. | 4,363,612 | 575,953 | ||||
Eversource Energy | 7,822,772 | 482,822 | ||||
Entergy Corp. | 4,738,564 | 479,495 | ||||
FirstEnergy Corp. | 12,215,378 | 447,816 | ||||
PPL Corp. | 16,516,959 | 447,610 | ||||
DTE Energy Co. | 3,925,726 | 432,851 | ||||
Ameren Corp. | 5,866,383 | 424,374 | ||||
CenterPoint Energy Inc. | 14,112,573 | 403,196 | ||||
CMS Energy Corp. | 6,541,648 | 379,874 | ||||
Alliant Energy Corp. | 5,666,284 | 290,680 | ||||
AES Corp. | 15,013,463 | 289,009 | ||||
Evergy Inc. | 5,147,537 | 268,701 | ||||
NiSource Inc. | 10,028,854 | 266,266 | ||||
Vistra Corp. | 4,008,321 | 154,401 | ||||
Avangrid Inc. | 1,734,513 | 56,216 | ||||
11,489,591 | ||||||
Total Common Stocks (Cost $102,451,201) | 154,511,384 | |||||
Temporary Cash Investments (0.7%) | ||||||
Money Market Fund (0.7%) | ||||||
2,3 | Vanguard Market Liquidity Fund, 5.435% (Cost $1,119,168) | 11,195,073 | 1,119,284 | |||
Total Investments (100.1%) (Cost $103,570,369) | 155,630,668 | |||||
Other Assets and Liabilities—Net (-0.1%) | (169,069) | |||||
Net Assets (100%) | 155,461,599 |
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 $180,290,000. |
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 $199,138,000 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 Mid-Cap 400 Index | March 2024 | 1,040 | 292,188 | 7,544 |
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. | 8/30/24 | BANA | 21,704 | (5.332) | 2,897 | — |
Ameren Corp. | 1/31/24 | GSI | 1,076 | (5.331) | 17 | — |
Coinbase Global Inc. Class A | 1/31/24 | GSI | 59,160 | (5.331) | 10,312 | — |
CRSP US Mid Cap TR Index | 8/30/24 | BANA | 106,511 | (5.882) | 6,631 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 29,480 | (5.979) | 707 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 29,470 | (5.978) | 477 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 29,460 | (5.979) | 472 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 29,360 | (5.977) | 592 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 28,920 | (5.977) | 1,038 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 23,456 | (5.882) | 673 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 12,000 | (5.976) | — | (16) |
Global Payments Inc. | 8/30/24 | BANA | 151,372 | (5.932) | 13,355 | — |
Hormel Foods Corp. | 1/31/24 | GSI | 13,986 | (5.331) | 441 | — |
Molina Healthcare Inc. | 8/30/24 | BANA | 23,761 | (5.332) | — | (375) |
Palantir Technologies Inc. Class A | 8/30/24 | BANA | 5,373 | (5.332) | — | (794) |
Sirius XM Holdings Inc. | 1/31/24 | GSI | 13,365 | (5.331) | 151 | — |
Trade Desk Inc. Class A | 8/30/24 | BANA | 24,661 | (5.332) | 423 | — |
VICI Properties Inc. Class A | 8/30/24 | BANA | 79,209 | (5.982) | 6,005 | — |
44,191 | (1,185) |
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 $102,451,201) | 154,511,384 |
Affiliated Issuers (Cost $1,119,168) | 1,119,284 |
Total Investments in Securities | 155,630,668 |
Investment in Vanguard | 4,827 |
Cash | 3,550 |
Cash Collateral Pledged—Futures Contracts | 28,145 |
Receivables for Accrued Income | 242,977 |
Receivables for Capital Shares Issued | 79,665 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 44,191 |
Total Assets | 156,034,023 |
Liabilities | |
Payables for Investment Securities Purchased | 7,245 |
Collateral for Securities on Loan | 199,138 |
Payables for Capital Shares Redeemed | 357,218 |
Payables to Vanguard | 2,923 |
Variation Margin Payable—Futures Contracts | 4,715 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 1,185 |
Total Liabilities | 572,424 |
Net Assets | 155,461,599 |
1 Includes $180,290,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 124,561,160 |
Total Distributable Earnings (Loss) | 30,900,439 |
Net Assets | 155,461,599 |
Investor Shares—Net Assets | |
Applicable to 6,553,612 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 416,241 |
Net Asset Value Per Share—Investor Shares | $63.51 |
ETF Shares—Net Assets | |
Applicable to 255,293,710 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 59,375,822 |
Net Asset Value Per Share—ETF Shares | $232.58 |
Admiral Shares—Net Assets | |
Applicable to 199,014,585 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 57,330,173 |
Net Asset Value Per Share—Admiral Shares | $288.07 |
Institutional Shares—Net Assets | |
Applicable to 343,633,753 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 21,867,485 |
Net Asset Value Per Share—Institutional Shares | $63.64 |
Institutional Plus Shares—Net Assets | |
Applicable to 52,485,031 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 16,471,878 |
Net Asset Value Per Share—Institutional Plus Shares | $313.84 |
Year Ended December 31, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 2,386,824 |
Interest2 | 35,149 |
Securities Lending—Net | 23,785 |
Total Income | 2,445,758 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 3,060 |
Management and Administrative—Investor Shares | 703 |
Management and Administrative—ETF Shares | 15,555 |
Management and Administrative—Admiral Shares | 22,525 |
Management and Administrative—Institutional Shares | 6,976 |
Management and Administrative—Institutional Plus Shares | 3,753 |
Marketing and Distribution—Investor Shares | 21 |
Marketing and Distribution—ETF Shares | 2,978 |
Marketing and Distribution—Admiral Shares | 2,387 |
Marketing and Distribution—Institutional Shares | 657 |
Marketing and Distribution—Institutional Plus Shares | 449 |
Custodian Fees | 191 |
Auditing Fees | 37 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—ETF Shares | 1,389 |
Shareholders’ Reports—Admiral Shares | 578 |
Shareholders’ Reports—Institutional Shares | 169 |
Shareholders’ Reports—Institutional Plus Shares | 90 |
Trustees’ Fees and Expenses | 85 |
Other Expenses | 23 |
Total Expenses | 61,627 |
Expenses Paid Indirectly | (8) |
Net Expenses | 61,619 |
Net Investment Income | 2,384,139 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 560,466 |
Futures Contracts | 40,311 |
Swap Contracts | 23,882 |
Realized Net Gain (Loss) | 624,659 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 18,589,151 |
Futures Contracts | 24,275 |
Swap Contracts | 56,866 |
Change in Unrealized Appreciation (Depreciation) | 18,670,292 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 21,679,090 |
1 | Dividends are net of foreign withholding taxes of $935,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $33,917,000, $178,000, $6,000, and ($264,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $6,499,705,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2023 ($000) | 2022 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 2,384,139 | 2,185,524 |
Realized Net Gain (Loss) | 624,659 | 2,853,546 |
Change in Unrealized Appreciation (Depreciation) | 18,670,292 | (36,662,503) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 21,679,090 | (31,623,433) |
Distributions | ||
Investor Shares | (6,392) | (7,365) |
ETF Shares | (884,374) | (779,343) |
Admiral Shares | (872,711) | (818,365) |
Institutional Shares | (338,375) | (331,945) |
Institutional Plus Shares | (256,449) | (235,283) |
Total Distributions | (2,358,301) | (2,172,301) |
Capital Share Transactions | ||
Investor Shares | (116,598) | (126,905) |
ETF Shares | 2,252,186 | 3,900,034 |
Admiral Shares | (1,165,068) | (830,405) |
Institutional Shares | (1,138,787) | (1,758,614) |
Institutional Plus Shares | (455,704) | 710,097 |
Net Increase (Decrease) from Capital Share Transactions | (623,971) | 1,894,207 |
Total Increase (Decrease) | 18,696,818 | (31,901,527) |
Net Assets | ||
Beginning of Period | 136,764,781 | 168,666,308 |
End of Period | 155,461,599 | 136,764,781 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $55.66 | $69.54 | $56.52 | $48.64 | $37.71 |
Investment Operations | |||||
Net Investment Income1 | .887 | .807 | .652 | .698 | .577 |
Net Realized and Unrealized Gain (Loss) on Investments | 7.851 | (13.875) | 13.065 | 7.937 | 11.018 |
Total from Investment Operations | 8.738 | (13.068) | 13.717 | 8.635 | 11.595 |
Distributions | |||||
Dividends from Net Investment Income | (.888) | (.812) | (.697) | (.755) | (.665) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.888) | (.812) | (.697) | (.755) | (.665) |
Net Asset Value, End of Period | $63.51 | $55.66 | $69.54 | $56.52 | $48.64 |
Total Return2 | 15.84% | -18.80% | 24.36% | 18.10% | 30.86% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $416 | $476 | $740 | $834 | $877 |
Ratio of Total Expenses to Average Net Assets | 0.17%3 | 0.17%3 | 0.17% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 1.52% | 1.36% | 1.02% | 1.49% | 1.31% |
Portfolio Turnover Rate4 | 13% | 12% | 16% | 26% | 15% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $203.84 | $254.69 | $207.00 | $178.14 | $138.08 |
Investment Operations | |||||
Net Investment Income1 | 3.589 | 3.302 | 2.741 | 2.772 | 2.663 |
Net Realized and Unrealized Gain (Loss) on Investments | 28.686 | (50.886) | 47.811 | 29.084 | 40.043 |
Total from Investment Operations | 32.275 | (47.584) | 50.552 | 31.856 | 42.706 |
Distributions | |||||
Dividends from Net Investment Income | (3.535) | (3.266) | (2.862) | (2.996) | (2.646) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.535) | (3.266) | (2.862) | (2.996) | (2.646) |
Net Asset Value, End of Period | $232.58 | $203.84 | $254.69 | $207.00 | $178.14 |
Total Return | 15.99% | -18.68% | 24.52% | 18.22% | 31.04% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $59,376 | $49,861 | $57,774 | $41,587 | $29,014 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04%2 | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.68% | 1.53% | 1.16% | 1.61% | 1.62% |
Portfolio Turnover Rate3 | 13% | 12% | 16% | 26% | 15% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $252.47 | $315.46 | $256.40 | $220.66 | $171.04 |
Investment Operations | |||||
Net Investment Income1 | 4.381 | 4.028 | 3.333 | 3.418 | 3.296 |
Net Realized and Unrealized Gain (Loss) on Investments | 35.571 | (63.000) | 59.242 | 36.010 | 49.578 |
Total from Investment Operations | 39.952 | (58.972) | 62.575 | 39.428 | 52.874 |
Distributions | |||||
Dividends from Net Investment Income | (4.352) | (4.018) | (3.515) | (3.688) | (3.254) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.352) | (4.018) | (3.515) | (3.688) | (3.254) |
Net Asset Value, End of Period | $288.07 | $252.47 | $315.46 | $256.40 | $220.66 |
Total Return2 | 15.98% | -18.71% | 24.51% | 18.24% | 31.03% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $57,330 | $51,352 | $65,118 | $53,301 | $47,640 |
Ratio of Total Expenses to Average Net Assets | 0.05%3 | 0.05%3 | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 1.65% | 1.51% | 1.14% | 1.61% | 1.62% |
Portfolio Turnover Rate4 | 13% | 12% | 16% | 26% | 15% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $55.77 | $69.69 | $56.64 | $48.74 | $37.78 |
Investment Operations | |||||
Net Investment Income1 | .971 | .893 | .743 | .759 | .727 |
Net Realized and Unrealized Gain (Loss) on Investments | 7.866 | (13.919) | 13.090 | 7.961 | 10.957 |
Total from Investment Operations | 8.837 | (13.026) | 13.833 | 8.720 | 11.684 |
Distributions | |||||
Dividends from Net Investment Income | (.967) | (.894) | (.783) | (.820) | (.724) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.967) | (.894) | (.783) | (.820) | (.724) |
Net Asset Value, End of Period | $63.64 | $55.77 | $69.69 | $56.64 | $48.74 |
Total Return | 16.00% | -18.70% | 24.53% | 18.26% | 31.04% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $21,867 | $20,231 | $27,312 | $22,291 | $20,425 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04%2 | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.66% | 1.51% | 1.15% | 1.62% | 1.62% |
Portfolio Turnover Rate3 | 13% | 12% | 16% | 26% | 15% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Plus Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $275.06 | $343.68 | $279.34 | $240.40 | $186.34 |
Investment Operations | |||||
Net Investment Income1 | 4.831 | 4.458 | 3.688 | 3.774 | 3.598 |
Net Realized and Unrealized Gain (Loss) on Investments | 38.747 | (68.641) | 64.544 | 39.230 | 54.052 |
Total from Investment Operations | 43.578 | (64.183) | 68.232 | 43.004 | 57.650 |
Distributions | |||||
Dividends from Net Investment Income | (4.798) | (4.437) | (3.892) | (4.064) | (3.590) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (4.798) | (4.437) | (3.892) | (4.064) | (3.590) |
Net Asset Value, End of Period | $313.84 | $275.06 | $343.68 | $279.34 | $240.40 |
Total Return | 16.00% | -18.69% | 24.53% | 18.27% | 31.06% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $16,472 | $14,846 | $17,723 | $14,937 | $13,612 |
Ratio of Total Expenses to Average Net Assets | 0.03%2 | 0.03%2 | 0.03% | 0.03% | 0.03% |
Ratio of Net Investment Income to Average Net Assets | 1.67% | 1.53% | 1.16% | 1.63% | 1.62% |
Portfolio Turnover Rate3 | 13% | 12% | 16% | 26% | 15% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.03%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 154,511,384 | — | — | 154,511,384 |
Temporary Cash Investments | 1,119,284 | — | — | 1,119,284 |
Total | 155,630,668 | — | — | 155,630,668 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 7,544 | — | — | 7,544 |
Swap Contracts | — | 44,191 | — | 44,191 |
Total | 7,544 | 44,191 | — | 51,735 |
Liabilities | ||||
Swap Contracts | — | 1,185 | — | 1,185 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) | |
Paid-in Capital | 6,500,259 |
Total Distributable Earnings (Loss) | (6,500,259) |
Amount ($000) | |
Undistributed Ordinary Income | 122,056 |
Undistributed Long-Term Gains | — |
Net Unrealized Gains (Losses) | 51,972,233 |
Capital Loss Carryforwards | (21,193,850) |
Qualified Late-Year Losses | — |
Other Temporary Differences | — |
Total | 30,900,439 |
Year Ended December 31, | ||
2023 Amount ($000) | 2022 Amount ($000) | |
Ordinary Income* | 2,358,301 | 2,172,301 |
Long-Term Capital Gains | — | — |
Total | 2,358,301 | 2,172,301 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 103,658,435 |
Gross Unrealized Appreciation | 56,003,239 |
Gross Unrealized Depreciation | (4,031,006) |
Net Unrealized Appreciation (Depreciation) | 51,972,233 |
Year Ended December 31, | |||||
2023 | 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 24,944 | 427 | 38,431 | 646 | |
Issued in Lieu of Cash Distributions | 6,392 | 109 | 7,365 | 130 | |
Redeemed | (147,934) | (2,529) | (172,701) | (2,864) | |
Net Increase (Decrease)—Investor Shares | (116,598) | (1,993) | (126,905) | (2,088) | |
ETF Shares | |||||
Issued | 14,593,074 | 68,060 | 22,366,377 | 104,145 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (12,340,888) | (57,375) | (18,466,343) | (86,375) | |
Net Increase (Decrease)—ETF Shares | 2,252,186 | 10,685 | 3,900,034 | 17,770 | |
Admiral Shares | |||||
Issued | 5,182,979 | 19,544 | 6,210,546 | 23,079 | |
Issued in Lieu of Cash Distributions | 769,218 | 2,888 | 713,328 | 2,783 | |
Redeemed | (7,117,265) | (26,814) | (7,754,279) | (28,889) | |
Net Increase (Decrease)—Admiral Shares | (1,165,068) | (4,382) | (830,405) | (3,027) | |
Institutional Shares | |||||
Issued | 2,518,909 | 43,175 | 3,105,126 | 52,367 | |
Issued in Lieu of Cash Distributions | 314,097 | 5,340 | 306,818 | 5,408 | |
Redeemed | (3,971,793) | (67,623) | (5,170,558) | (86,962) | |
Net Increase (Decrease)—Institutional Shares | (1,138,787) | (19,108) | (1,758,614) | (29,187) |
Year Ended December 31, | |||||
2023 | 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Institutional Plus Shares | |||||
Issued | 1,384,915 | 4,823 | 2,083,499 | 7,084 | |
Issued in Lieu of Cash Distributions | 254,963 | 879 | 233,744 | 837 | |
Redeemed | (2,095,582) | (7,190) | (1,607,146) | (5,516) | |
Net Increase (Decrease)—Institutional Plus Shares | (455,704) | (1,488) | 710,097 | 2,405 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Growth Index Fund Investor Shares | 22.99% | 13.57% | 9.98% | $25,896 | |
CRSP US Mid Cap Growth Index | 23.20 | 13.75 | 10.17 | 26,341 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Growth Index Fund ETF Shares Net Asset Value | 23.14% | 13.70% | 10.12% | $26,213 | |
Mid-Cap Growth Index Fund ETF Shares Market Price | 23.21 | 13.72 | 10.12 | 26,220 | |
CRSP US Mid Cap Growth Index | 23.20 | 13.75 | 10.17 | 26,341 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Growth Index Fund Admiral Shares | 23.14% | 13.70% | 10.12% | $26,214 | |
CRSP US Mid Cap Growth Index | 23.20 | 13.75 | 10.17 | 26,341 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
Cumulative Returns of ETF Shares: December 31, 2013, Through December 31, 2023 | |||
One Year | Five Years | Ten Years | |
Mid-Cap Growth Index Fund ETF Shares Market Price | 23.21% | 90.16% | 162.20% |
Mid-Cap Growth Index Fund ETF Shares Net Asset Value | 23.14 | 90.01 | 162.13 |
CRSP US Mid Cap Growth Index | 23.20 | 90.44 | 163.41 |
Basic Materials | 1.7% |
Consumer Discretionary | 13.1 |
Consumer Staples | 1.9 |
Energy | 6.9 |
Financials | 6.9 |
Health Care | 11.5 |
Industrials | 20.2 |
Real Estate | 7.3 |
Technology | 24.8 |
Telecommunications | 3.9 |
Utilities | 1.8 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.9%) | ||||||
Basic Materials (1.7%) | ||||||
Fastenal Co. | 4,080,398 | 264,287 | ||||
1 | Albemarle Corp. | 837,911 | 121,062 | |||
385,349 | ||||||
Consumer Discretionary (13.1%) | ||||||
* | Copart Inc. | 6,171,406 | 302,399 | |||
* | Trade Desk Inc. Class A | 3,186,587 | 229,307 | |||
* | Chipotle Mexican Grill Inc. Class A | 97,988 | 224,094 | |||
* | Royal Caribbean Cruises Ltd. | 1,555,240 | 201,388 | |||
* | Take-Two Interactive Software Inc. | 1,214,435 | 195,463 | |||
* | Aptiv plc | 2,019,665 | 181,204 | |||
* | Ulta Beauty Inc. | 351,521 | 172,242 | |||
Hilton Worldwide Holdings Inc. | 915,568 | 166,716 | ||||
Tractor Supply Co. | 771,977 | 165,998 | ||||
* | AutoZone Inc. | 62,958 | 162,785 | |||
* | ROBLOX Corp. Class A | 3,481,809 | 159,188 | |||
* | Expedia Group Inc. | 951,984 | 144,502 | |||
* | Live Nation Entertainment Inc. | 1,151,271 | 107,759 | |||
LKQ Corp. | 1,910,588 | 91,307 | ||||
Rollins Inc. | 2,073,823 | 90,564 | ||||
* | Burlington Stores Inc. | 460,720 | 89,601 | |||
Domino's Pizza Inc. | 195,059 | 80,409 | ||||
* | NVR Inc. | 10,789 | 75,528 | |||
Las Vegas Sands Corp. | 1,364,743 | 67,159 | ||||
Pool Corp. | 131,134 | 52,284 | ||||
Warner Music Group Corp. Class A | 888,706 | 31,807 | ||||
* | Chewy Inc. Class A | 364,019 | 8,602 | |||
*,1 | Lucid Group Inc. | 1,632,609 | 6,873 | |||
3,007,179 | ||||||
Consumer Staples (1.9%) | ||||||
Church & Dwight Co. Inc. | 1,759,508 | 166,379 | ||||
Brown-Forman Corp. Class B | 2,215,982 | 126,533 | ||||
McCormick & Co. Inc. (Non-Voting) | 897,253 | 61,390 | ||||
Lamb Weston Holdings Inc. | 517,495 | 55,936 | ||||
Brown-Forman Corp. Class A | 361,122 | 21,519 | ||||
431,757 | ||||||
Energy (6.9%) | ||||||
Hess Corp. | 1,973,985 | 284,569 | ||||
Cheniere Energy Inc. | 1,616,298 | 275,918 | ||||
Devon Energy Corp. | 4,574,762 | 207,237 | ||||
Diamondback Energy Inc. | 1,278,145 | 198,215 | ||||
Coterra Energy Inc. | 5,102,812 | 130,224 | ||||
* | First Solar Inc. | 724,794 | 124,867 | |||
* | Enphase Energy Inc. | 926,303 | 122,402 | |||
Halliburton Co. | 2,875,983 | 103,967 | ||||
EQT Corp. | 1,468,718 | 56,780 | ||||
Marathon Oil Corp. | 2,088,749 | 50,464 | ||||
Texas Pacific Land Corp. | 21,928 | 34,481 | ||||
1,589,124 | ||||||
Financials (6.9%) | ||||||
MSCI Inc. Class A | 536,515 | 303,480 | ||||
Apollo Global Management Inc. | 2,836,905 | 264,371 | ||||
* | Coinbase Global Inc. Class A | 1,097,093 | 190,807 | |||
Broadridge Financial Solutions Inc. | 840,128 | 172,856 | ||||
Ares Management Corp. Class A | 1,192,679 | 141,833 |
Shares | Market Value• ($000) | |||||
FactSet Research Systems Inc. | 271,261 | 129,405 | ||||
LPL Financial Holdings Inc. | 539,973 | 122,909 | ||||
Tradeweb Markets Inc. Class A | 819,282 | 74,456 | ||||
* | Markel Group Inc. | 44,841 | 63,670 | |||
Interactive Brokers Group Inc. Class A | 725,997 | 60,185 | ||||
Brown & Brown Inc. | 813,048 | 57,816 | ||||
1,581,788 | ||||||
Health Care (11.5%) | ||||||
* | Dexcom Inc. | 2,758,999 | 342,364 | |||
* | IQVIA Holdings Inc. | 1,303,139 | 301,521 | |||
West Pharmaceutical Services Inc. | 528,351 | 186,043 | ||||
* | Veeva Systems Inc. Class A | 939,306 | 180,835 | |||
ResMed Inc. | 1,050,320 | 180,676 | ||||
* | Alnylam Pharmaceuticals Inc. | 896,097 | 171,522 | |||
* | IDEXX Laboratories Inc. | 296,521 | 164,584 | |||
* | Illumina Inc. | 1,133,886 | 157,882 | |||
* | Molina Healthcare Inc. | 416,322 | 150,421 | |||
* | Align Technology Inc. | 519,533 | 142,352 | |||
Cooper Cos. Inc. | 353,638 | 133,831 | ||||
* | BioMarin Pharmaceutical Inc. | 1,345,094 | 129,694 | |||
* | Moderna Inc. | 1,225,149 | 121,841 | |||
* | Insulet Corp. | 498,591 | 108,184 | |||
* | Incyte Corp. | 1,360,247 | 85,410 | |||
STERIS plc | 352,761 | 77,555 | ||||
* | Bio-Rad Laboratories Inc. Class A | 36,570 | 11,808 | |||
2,646,523 | ||||||
Industrials (20.2%) | ||||||
TransDigm Group Inc. | 375,245 | 379,598 | ||||
Cintas Corp. | 618,245 | 372,592 | ||||
Old Dominion Freight Line Inc. | 701,229 | 284,229 | ||||
AMETEK Inc. | 1,648,156 | 271,764 | ||||
WW Grainger Inc. | 318,991 | 264,345 | ||||
Verisk Analytics Inc. Class A | 1,035,355 | 247,305 | ||||
Quanta Services Inc. | 1,037,428 | 223,877 | ||||
Martin Marietta Materials Inc. | 441,347 | 220,192 | ||||
Equifax Inc. | 879,813 | 217,569 | ||||
Vulcan Materials Co. | 948,804 | 215,388 | ||||
Xylem Inc. | 1,721,414 | 196,861 | ||||
* | Fair Isaac Corp. | 167,654 | 195,151 | |||
* | Mettler-Toledo International Inc. | 154,823 | 187,794 | |||
* | Teledyne Technologies Inc. | 336,916 | 150,362 | |||
* | Waters Corp. | 422,163 | 138,989 | |||
* | FleetCor Technologies Inc. | 489,791 | 138,420 | |||
Veralto Corp. | 1,670,852 | 137,444 | ||||
Rockwell Automation Inc. | 409,389 | 127,107 | ||||
JB Hunt Transport Services Inc. | 589,161 | 117,679 | ||||
Ingersoll Rand Inc. | 1,445,233 | 111,774 | ||||
Howmet Aerospace Inc. | 1,470,078 | 79,561 | ||||
HEICO Corp. Class A | 537,160 | 76,513 | ||||
Ball Corp. | 1,125,708 | 64,751 | ||||
HEICO Corp. | 292,495 | 52,319 | ||||
TransUnion | 691,809 | 47,534 | ||||
* | Trimble Inc. | 888,463 | 47,266 | |||
Jack Henry & Associates Inc. | 259,915 | 42,473 | ||||
* | BILL Holdings Inc. | 362,220 | 29,553 | |||
*,1 | Symbotic Inc. Class A | 175,769 | 9,022 | |||
4,647,432 |
Shares | Market Value• ($000) | |||||
Real Estate (7.3%) | ||||||
Welltower Inc. | 3,971,019 | 358,067 | ||||
Realty Income Corp. | 5,169,220 | 296,817 | ||||
* | CoStar Group Inc. | 2,915,888 | 254,819 | |||
Extra Space Storage Inc. | 1,508,665 | 241,884 | ||||
SBA Communications Corp. Class A | 770,364 | 195,434 | ||||
Invitation Homes Inc. | 4,369,799 | 149,054 | ||||
Sun Communities Inc. | 888,584 | 118,759 | ||||
* | Zillow Group Inc. Class C | 552,138 | 31,947 | |||
Camden Property Trust | 190,649 | 18,929 | ||||
* | Zillow Group Inc. Class A | 138,935 | 7,880 | |||
1,673,590 | ||||||
Technology (24.7%) | ||||||
Amphenol Corp. Class A | 4,272,396 | 423,523 | ||||
Microchip Technology Inc. | 3,863,494 | 348,410 | ||||
* | Atlassian Corp. Class A | 1,106,890 | 263,285 | |||
* | ON Semiconductor Corp. | 3,075,475 | 256,894 | |||
* | Palantir Technologies Inc. Class A | 14,038,493 | 241,041 | |||
* | Gartner Inc. | 528,784 | 238,540 | |||
* | Datadog Inc. Class A | 1,941,903 | 235,708 | |||
* | ANSYS Inc. | 620,330 | 225,105 | |||
* | DoorDash Inc. Class A | 2,250,256 | 222,528 | |||
Monolithic Power Systems Inc. | 325,022 | 205,017 | ||||
* | HubSpot Inc. | 341,426 | 198,211 | |||
* | MongoDB Inc. Class A | 483,979 | 197,875 | |||
Marvell Technology Inc. | 3,080,511 | 185,786 | ||||
* | Splunk Inc. | 1,203,516 | 183,356 | |||
* | Cloudflare Inc. Class A | 2,007,243 | 167,123 | |||
* | Pinterest Inc. Class A | 4,186,814 | 155,080 | |||
* | Zscaler Inc. | 630,531 | 139,700 | |||
* | Fortinet Inc. | 2,330,432 | 136,400 | |||
Skyworks Solutions Inc. | 1,142,138 | 128,399 | ||||
* | VeriSign Inc. | 619,712 | 127,636 | |||
* | Akamai Technologies Inc. | 1,077,097 | 127,474 | |||
* | Snap Inc. Class A | 7,456,011 | 126,230 | |||
* | Tyler Technologies Inc. | 300,803 | 125,772 | |||
* | EPAM Systems Inc. | 412,003 | 122,505 | |||
* | Zoom Video Communications Inc. Class A | 1,656,605 | 119,127 | |||
Teradyne Inc. | 1,091,596 | 118,460 | ||||
* | GoDaddy Inc. Class A | 1,005,579 | 106,752 | |||
* | Okta Inc. Class A | 1,119,278 | 101,328 |
Shares | Market Value• ($000) | |||||
* | Twilio Inc. Class A | 1,228,061 | 93,173 | |||
Bentley Systems Inc. Class B | 1,624,357 | 84,759 | ||||
* | Unity Software Inc. | 1,899,441 | 77,668 | |||
Paycom Software Inc. | 365,536 | 75,564 | ||||
Seagate Technology Holdings plc | 709,472 | 60,568 | ||||
* | DocuSign Inc. Class A | 725,765 | 43,147 | |||
* | Match Group Inc. | 970,826 | 35,435 | |||
5,697,579 | ||||||
Telecommunications (3.9%) | ||||||
* | Arista Networks Inc. | 1,777,214 | 418,552 | |||
Motorola Solutions Inc. | 1,185,180 | 371,068 | ||||
* | Liberty Broadband Corp. Class C | 849,105 | 68,429 | |||
* | Roku Inc. Class A | 446,697 | 40,944 | |||
* | Liberty Broadband Corp. Class A | 121,498 | 9,798 | |||
908,791 | ||||||
Utilities (1.8%) | ||||||
Waste Connections Inc. | 1,839,805 | 274,628 | ||||
Constellation Energy Corp. | 1,140,371 | 133,298 | ||||
407,926 | ||||||
Total Common Stocks (Cost $16,089,470) | 22,977,038 | |||||
Temporary Cash Investments (0.2%) | ||||||
Money Market Fund (0.2%) | ||||||
2,3 | Vanguard Market Liquidity Fund, 5.435% (Cost $62,161) | 621,735 | 62,161 | |||
Total Investments (100.1%) (Cost $16,151,631) | 23,039,199 | |||||
Other Assets and Liabilities—Net (-0.1%) | (34,303) | |||||
Net Assets (100%) | 23,004,896 |
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 $17,419,000. |
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 $19,279,000 was received for securities on loan. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2024 | 42 | 10,122 | 66 |
E-mini S&P Mid-Cap 400 Index | March 2024 | 16 | 4,495 | (23) |
43 |
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) |
Domino's Pizza Inc. | 8/30/24 | BANA | 10,608 | (5.332) | 511 | — |
Domino's Pizza Inc. | 8/30/24 | BANA | 10,608 | (5.332) | 511 | — |
1,022 | — |
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. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $16,089,470) | 22,977,038 |
Affiliated Issuers (Cost $62,161) | 62,161 |
Total Investments in Securities | 23,039,199 |
Investment in Vanguard | 707 |
Cash Collateral Pledged—Futures Contracts | 1,670 |
Receivables for Investment Securities Sold | 281 |
Receivables for Accrued Income | 9,041 |
Receivables for Capital Shares Issued | 7,869 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 1,022 |
Total Assets | 23,059,789 |
Liabilities | |
Due to Custodian | 266 |
Payables for Investment Securities Purchased | 246 |
Collateral for Securities on Loan | 19,279 |
Payables for Capital Shares Redeemed | 34,207 |
Payables to Vanguard | 706 |
Variation Margin Payable—Futures Contracts | 189 |
Total Liabilities | 54,893 |
Net Assets | 23,004,896 |
1 Includes $17,419,000 of securities on loan. | |
At December 31, 2023, net assets consisted of: | |
Paid-in Capital | 20,611,267 |
Total Distributable Earnings (Loss) | 2,393,629 |
Net Assets | 23,004,896 |
Investor Shares—Net Assets | |
Applicable to 572,826 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 49,471 |
Net Asset Value Per Share—Investor Shares | $86.36 |
ETF Shares—Net Assets | |
Applicable to 53,966,345 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,851,141 |
Net Asset Value Per Share—ETF Shares | $219.60 |
Admiral Shares—Net Assets | |
Applicable to 117,467,797 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,104,284 |
Net Asset Value Per Share—Admiral Shares | $94.53 |
Year Ended December 31, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 176,605 |
Interest2 | 1,197 |
Securities Lending—Net | 2,061 |
Total Income | 179,863 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 446 |
Management and Administrative—Investor Shares | 82 |
Management and Administrative—ETF Shares | 6,025 |
Management and Administrative—Admiral Shares | 6,053 |
Marketing and Distribution—Investor Shares | 3 |
Marketing and Distribution—ETF Shares | 585 |
Marketing and Distribution—Admiral Shares | 528 |
Custodian Fees | 86 |
Auditing Fees | 34 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—ETF Shares | 373 |
Shareholders’ Reports—Admiral Shares | 139 |
Trustees’ Fees and Expenses | 12 |
Other Expenses | 23 |
Total Expenses | 14,389 |
Net Investment Income | 165,474 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | (359,856) |
Futures Contracts | 2,140 |
Swap Contracts | 66 |
Realized Net Gain (Loss) | (357,650) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 4,490,460 |
Futures Contracts | 282 |
Swap Contracts | 1,022 |
Change in Unrealized Appreciation (Depreciation) | 4,491,764 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,299,588 |
1 | Dividends are net of foreign withholding taxes of $279,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,140,000, ($1,000), less than $1,000, and ($25,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $792,304,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2023 ($000) | 2022 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 165,474 | 143,006 |
Realized Net Gain (Loss) | (357,650) | (287,627) |
Change in Unrealized Appreciation (Depreciation) | 4,491,764 | (7,290,573) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 4,299,588 | (7,435,194) |
Distributions | ||
Investor Shares | (311) | (306) |
ETF Shares | (83,169) | (71,823) |
Admiral Shares | (79,306) | (70,682) |
Total Distributions | (162,786) | (142,811) |
Capital Share Transactions | ||
Investor Shares | (6,325) | (17,561) |
ETF Shares | 427,802 | 298,485 |
Admiral Shares | (37,033) | 99,556 |
Net Increase (Decrease) from Capital Share Transactions | 384,444 | 380,480 |
Total Increase (Decrease) | 4,521,246 | (7,197,525) |
Net Assets | ||
Beginning of Period | 18,483,650 | 25,681,175 |
End of Period | 23,004,896 | 18,483,650 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $70.68 | $100.07 | $83.37 | $62.43 | $47.02 |
Investment Operations | |||||
Net Investment Income1 | .528 | .444 | .229 | .340 | .345 |
Net Realized and Unrealized Gain (Loss) on Investments | 15.674 | (29.381) | 16.697 | 20.984 | 15.485 |
Total from Investment Operations | 16.202 | (28.937) | 16.926 | 21.324 | 15.830 |
Distributions | |||||
Dividends from Net Investment Income | (.522) | (.453) | (.226) | (.384) | (.420) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.522) | (.453) | (.226) | (.384) | (.420) |
Net Asset Value, End of Period | $86.36 | $70.68 | $100.07 | $83.37 | $62.43 |
Total Return2 | 22.99% | -28.93% | 20.32% | 34.32% | 33.72% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $49 | $46 | $86 | $81 | $63 |
Ratio of Total Expenses to Average Net Assets | 0.19% | 0.19%3 | 0.19% | 0.19% | 0.19% |
Ratio of Net Investment Income to Average Net Assets | 0.68% | 0.57% | 0.25% | 0.51% | 0.62% |
Portfolio Turnover Rate4 | 14% | 22% | 25% | 22% | 18% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.19%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $179.73 | $254.49 | $212.00 | $158.76 | $119.58 |
Investment Operations | |||||
Net Investment Income1 | 1.601 | 1.405 | .870 | 1.074 | 1.386 |
Net Realized and Unrealized Gain (Loss) on Investments | 39.835 | (74.767) | 42.479 | 53.347 | 39.040 |
Total from Investment Operations | 41.436 | (73.362) | 43.349 | 54.421 | 40.426 |
Distributions | |||||
Dividends from Net Investment Income | (1.566) | (1.398) | (.859) | (1.181) | (1.246) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.566) | (1.398) | (.859) | (1.181) | (1.246) |
Net Asset Value, End of Period | $219.60 | $179.73 | $254.49 | $212.00 | $158.76 |
Total Return | 23.14% | -28.84% | 20.47% | 34.46% | 33.86% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $11,851 | $9,313 | $12,798 | $10,164 | $6,995 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07%2 | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 0.81% | 0.72% | 0.37% | 0.63% | 0.95% |
Portfolio Turnover Rate3 | 14% | 22% | 25% | 22% | 18% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $77.37 | $109.55 | $91.26 | $68.34 | $51.48 |
Investment Operations | |||||
Net Investment Income1 | .684 | .602 | .373 | .461 | .603 |
Net Realized and Unrealized Gain (Loss) on Investments | 17.150 | (32.180) | 18.287 | 22.967 | 16.793 |
Total from Investment Operations | 17.834 | (31.578) | 18.660 | 23.428 | 17.396 |
Distributions | |||||
Dividends from Net Investment Income | (.674) | (.602) | (.370) | (.508) | (.536) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.674) | (.602) | (.370) | (.508) | (.536) |
Net Asset Value, End of Period | $94.53 | $77.37 | $109.55 | $91.26 | $68.34 |
Total Return2 | 23.14% | -28.84% | 20.48% | 34.48% | 33.86% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $11,104 | $9,124 | $12,797 | $10,712 | $8,173 |
Ratio of Total Expenses to Average Net Assets | 0.07% | 0.07%3 | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 0.81% | 0.71% | 0.37% | 0.63% | 0.96% |
Portfolio Turnover Rate4 | 14% | 22% | 25% | 22% | 18% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 22,977,038 | — | — | 22,977,038 |
Temporary Cash Investments | 62,161 | — | — | 62,161 |
Total | 23,039,199 | — | — | 23,039,199 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 66 | — | — | 66 |
Swap Contracts | — | 1,022 | — | 1,022 |
Total | 66 | 1,022 | — | 1,088 |
Liabilities | ||||
Futures Contracts1 | 23 | — | — | 23 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) | |
Paid-in Capital | 793,305 |
Total Distributable Earnings (Loss) | (793,305) |
Amount ($000) | |
Undistributed Ordinary Income | 5,044 |
Undistributed Long-Term Gains | — |
Net Unrealized Gains (Losses) | 6,850,493 |
Capital Loss Carryforwards | (4,461,908) |
Qualified Late-Year Losses | — |
Other Temporary Differences | — |
Total | 2,393,629 |
Year Ended December 31, | ||
2023 Amount ($000) | 2022 Amount ($000) | |
Ordinary Income* | 162,786 | 142,811 |
Long-Term Capital Gains | — | — |
Total | 162,786 | 142,811 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 16,188,706 |
Gross Unrealized Appreciation | 7,690,754 |
Gross Unrealized Depreciation | (840,261) |
Net Unrealized Appreciation (Depreciation) | 6,850,493 |
Year Ended December 31, | |||||
2023 | 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 8,551 | 109 | 7,152 | 91 | |
Issued in Lieu of Cash Distributions | 311 | 4 | 306 | 4 | |
Redeemed | (15,187) | (192) | (25,019) | (303) | |
Net Increase (Decrease)—Investor Shares | (6,325) | (79) | (17,561) | (208) | |
ETF Shares | |||||
Issued | 2,058,259 | 10,398 | 4,309,536 | 22,204 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (1,630,457) | (8,250) | (4,011,051) | (20,674) | |
Net Increase (Decrease)—ETF Shares | 427,802 | 2,148 | 298,485 | 1,530 | |
Admiral Shares | |||||
Issued | 1,523,152 | 17,926 | 1,795,061 | 20,960 | |
Issued in Lieu of Cash Distributions | 70,921 | 822 | 63,404 | 794 | |
Redeemed | (1,631,106) | (19,219) | (1,758,909) | (20,629) | |
Net Increase (Decrease)—Admiral Shares | (37,033) | (471) | 99,556 | 1,125 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Value Index Fund Investor Shares | 9.62% | 11.17% | 8.36% | $22,320 | |
CRSP US Mid Cap Value Index | 9.78 | 11.34 | 8.53 | 22,667 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Value Index Fund ETF Shares Net Asset Value | 9.77% | 11.30% | 8.49% | $22,587 | |
Mid-Cap Value Index Fund ETF Shares Market Price | 9.83 | 11.31 | 8.49 | 22,589 | |
CRSP US Mid Cap Value Index | 9.78 | 11.34 | 8.53 | 22,667 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Mid-Cap Value Index Fund Admiral Shares | 9.76% | 11.31% | 8.49% | $22,591 | |
CRSP US Mid Cap Value Index | 9.78 | 11.34 | 8.53 | 22,667 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
Cumulative Returns of ETF Shares: December 31, 2013, Through December 31, 2023 | |||
One Year | Five Years | Ten Years | |
Mid-Cap Value Index Fund ETF Shares Market Price | 9.83% | 70.87% | 125.89% |
Mid-Cap Value Index Fund ETF Shares Net Asset Value | 9.77 | 70.76 | 125.87 |
CRSP US Mid Cap Value Index | 9.78 | 71.08 | 126.67 |
Basic Materials | 5.6% |
Consumer Discretionary | 13.0 |
Consumer Staples | 6.7 |
Energy | 3.2 |
Financials | 17.5 |
Health Care | 7.7 |
Industrials | 19.4 |
Real Estate | 9.2 |
Technology | 5.5 |
Utilities | 12.2 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.8%) | ||||||
Basic Materials (5.5%) | ||||||
Nucor Corp. | 1,882,126 | 327,565 | ||||
LyondellBasell Industries NV Class A | 1,986,634 | 188,889 | ||||
Newmont Corp. | 4,411,693 | 182,600 | ||||
International Flavors & Fragrances Inc. | 1,954,403 | 158,248 | ||||
Celanese Corp. Class A | 833,393 | 129,484 | ||||
Avery Dennison Corp. | 616,551 | 124,642 | ||||
CF Industries Holdings Inc. | 1,462,723 | 116,286 | ||||
International Paper Co. | 2,649,117 | 95,766 | ||||
Mosaic Co. | 2,502,256 | 89,406 | ||||
Steel Dynamics Inc. | 588,460 | 69,497 | ||||
Eastman Chemical Co. | 453,774 | 40,758 | ||||
FMC Corp. | 477,376 | 30,099 | ||||
Westlake Corp. | 122,687 | 17,171 | ||||
1,570,411 | ||||||
Consumer Discretionary (13.0%) | ||||||
DR Horton Inc. | 2,168,098 | 329,507 | ||||
Lennar Corp. Class A | 1,876,361 | 279,653 | ||||
Dollar General Corp. | 1,680,297 | 228,436 | ||||
* | Dollar Tree Inc. | 1,600,133 | 227,299 | |||
Delta Air Lines Inc. | 4,926,317 | 198,186 | ||||
* | Warner Bros Discovery Inc. | 15,262,727 | 173,690 | |||
eBay Inc. | 3,973,427 | 173,321 | ||||
PulteGroup Inc. | 1,650,455 | 170,360 | ||||
Darden Restaurants Inc. | 921,127 | 151,341 | ||||
Garmin Ltd. | 1,171,792 | 150,622 | ||||
Genuine Parts Co. | 1,073,341 | 148,658 | ||||
* | Carnival Corp. | 7,713,376 | 143,006 | |||
Electronic Arts Inc. | 1,029,604 | 140,860 | ||||
*,1 | Rivian Automotive Inc. Class A | 5,817,851 | 136,487 | |||
Southwest Airlines Co. | 4,563,854 | 131,804 | ||||
Omnicom Group Inc. | 1,515,464 | 131,103 | ||||
Best Buy Co. Inc. | 1,499,607 | 117,389 | ||||
* | United Airlines Holdings Inc. | 2,501,428 | 103,209 | |||
* | MGM Resorts International | 1,961,382 | 87,635 | |||
News Corp. Class A | 3,436,880 | 84,375 | ||||
* | NVR Inc. | 11,558 | 80,911 | |||
Fox Corp. Class A | 1,856,375 | 55,079 | ||||
Interpublic Group of Cos. Inc. | 1,466,272 | 47,859 | ||||
* | CarMax Inc. | 607,306 | 46,605 | |||
Fox Corp. Class B | 1,031,838 | 28,530 | ||||
1 | Paramount Global Class B | 1,786,952 | 26,429 | |||
Endeavor Group Holdings Inc. Class A | 1,035,765 | 24,579 | ||||
1 | Sirius XM Holdings Inc. | 4,410,743 | 24,127 | |||
Lennar Corp. Class B | 122,627 | 16,438 | ||||
News Corp. Class B | 378,120 | 9,725 | ||||
*,1 | Lucid Group Inc. | 1,753,660 | 7,383 | |||
1 | Paramount Global Class A | 93,029 | 1,829 | |||
3,676,435 | ||||||
Consumer Staples (6.7%) | ||||||
Cencora Inc. | 1,297,823 | 266,547 | ||||
Corteva Inc. | 5,396,517 | 258,601 | ||||
Kroger Co. | 4,956,343 | 226,554 | ||||
Archer-Daniels-Midland Co. | 2,041,761 | 147,456 | ||||
Walgreens Boots Alliance Inc. | 5,291,265 | 138,155 | ||||
Clorox Co. | 949,793 | 135,431 |
Shares | Market Value• ($000) | |||||
Tyson Foods Inc. Class A | 2,183,709 | 117,374 | ||||
Kellanova | 2,097,830 | 117,290 | ||||
Conagra Brands Inc. | 3,659,313 | 104,876 | ||||
J M Smucker Co. | 771,924 | 97,556 | ||||
Hormel Foods Corp. | 2,091,910 | 67,171 | ||||
McCormick & Co. Inc. (Non-Voting) | 961,933 | 65,815 | ||||
Campbell Soup Co. | 1,481,079 | 64,027 | ||||
Albertsons Cos. Inc. Class A | 2,424,846 | 55,772 | ||||
Molson Coors Beverage Co. Class B | 692,210 | 42,370 | ||||
1,904,995 | ||||||
Energy (3.2%) | ||||||
ONEOK Inc. | 4,459,982 | 313,180 | ||||
Baker Hughes Co. Class A | 7,703,652 | 263,311 | ||||
Williams Cos. Inc. | 4,656,749 | 162,194 | ||||
Halliburton Co. | 3,083,607 | 111,472 | ||||
Marathon Oil Corp. | 2,240,299 | 54,126 | ||||
904,283 | ||||||
Financials (17.4%) | ||||||
Arthur J Gallagher & Co. | 1,652,914 | 371,707 | ||||
Ameriprise Financial Inc. | 774,751 | 294,274 | ||||
Prudential Financial Inc. | 2,763,795 | 286,633 | ||||
Allstate Corp. | 2,003,460 | 280,444 | ||||
Discover Financial Services | 1,914,417 | 215,180 | ||||
* | Arch Capital Group Ltd. | 2,714,124 | 201,578 | |||
Willis Towers Watson plc | 790,554 | 190,682 | ||||
Hartford Financial Services Group Inc. | 2,302,682 | 185,090 | ||||
T. Rowe Price Group Inc. | 1,710,873 | 184,244 | ||||
American International Group Inc. | 2,687,387 | 182,070 | ||||
Fifth Third Bancorp | 5,213,809 | 179,824 | ||||
Nasdaq Inc. | 3,092,030 | 179,771 | ||||
M&T Bank Corp. | 1,270,579 | 174,171 | ||||
State Street Corp. | 2,244,370 | 173,849 | ||||
Raymond James Financial Inc. | 1,437,371 | 160,267 | ||||
Cboe Global Markets Inc. | 808,129 | 144,300 | ||||
Principal Financial Group Inc. | 1,825,273 | 143,594 | ||||
Huntington Bancshares Inc. | 11,086,473 | 141,020 | ||||
Regions Financial Corp. | 7,120,549 | 137,996 | ||||
Northern Trust Corp. | 1,505,813 | 127,060 | ||||
Cincinnati Financial Corp. | 1,201,288 | 124,285 | ||||
Everest Group Ltd. | 332,194 | 117,457 | ||||
Citizens Financial Group Inc. | 3,390,934 | 112,376 | ||||
W R Berkley Corp. | 1,480,696 | 104,715 | ||||
KeyCorp | 7,167,989 | 103,219 | ||||
Fidelity National Financial Inc. | 1,979,458 | 100,992 | ||||
Loews Corp. | 1,367,413 | 95,158 | ||||
* | Markel Group Inc. | 48,071 | 68,256 | |||
Franklin Resources Inc. | 2,082,600 | 62,041 | ||||
Globe Life Inc. | 342,217 | 41,655 | ||||
Corebridge Financial Inc. | 1,686,615 | 36,532 | ||||
*,1 | Rocket Cos. Inc. Class A | 970,641 | 14,055 | |||
4,934,495 | ||||||
Health Care (7.7%) | ||||||
* | Centene Corp. | 4,089,815 | 303,505 | |||
GE HealthCare Technologies Inc. | 2,962,514 | 229,061 | ||||
Zimmer Biomet Holdings Inc. | 1,599,948 | 194,714 | ||||
Cardinal Health Inc. | 1,886,957 | 190,205 | ||||
Baxter International Inc. | 3,884,043 | 150,157 |
Shares | Market Value• ($000) | |||||
Laboratory Corp. of America Holdings | 649,995 | 147,737 | ||||
* | Biogen Inc. | 554,662 | 143,530 | |||
* | Hologic Inc. | 1,837,462 | 131,287 | |||
Quest Diagnostics Inc. | 860,807 | 118,688 | ||||
* | Avantor Inc. | 5,178,355 | 118,222 | |||
Revvity Inc. | 944,796 | 103,276 | ||||
Viatris Inc. | 9,184,673 | 99,470 | ||||
STERIS plc | 378,207 | 83,149 | ||||
Royalty Pharma plc Class A | 2,895,149 | 81,325 | ||||
Teleflex Inc. | 179,863 | 44,847 | ||||
* | Henry Schein Inc. | 499,766 | 37,837 | |||
* | Bio-Rad Laboratories Inc. Class A | 39,158 | 12,644 | |||
2,189,654 | ||||||
Industrials (19.4%) | ||||||
PACCAR Inc. | 4,004,618 | 391,051 | ||||
Carrier Global Corp. | 6,423,612 | 369,037 | ||||
Ferguson plc | 1,558,471 | 300,894 | ||||
United Rentals Inc. | 518,930 | 297,565 | ||||
Otis Worldwide Corp. | 3,133,244 | 280,331 | ||||
Fidelity National Information Services Inc. | 4,536,029 | 272,479 | ||||
Cummins Inc. | 1,085,188 | 259,979 | ||||
Global Payments Inc. | 1,993,520 | 253,177 | ||||
DuPont de Nemours Inc. | 2,963,146 | 227,955 | ||||
* | Keysight Technologies Inc. | 1,336,735 | 212,661 | |||
Fortive Corp. | 2,690,558 | 198,106 | ||||
Westinghouse Air Brake Technologies Corp. | 1,371,630 | 174,060 | ||||
Dover Corp. | 1,070,993 | 164,729 | ||||
L3Harris Technologies Inc. | 725,552 | 152,816 | ||||
Johnson Controls International plc | 2,604,195 | 150,106 | ||||
Expeditors International of Washington Inc. | 1,113,128 | 141,590 | ||||
Rockwell Automation Inc. | 438,962 | 136,289 | ||||
PPG Industries Inc. | 902,635 | 134,989 | ||||
Jacobs Solutions Inc. | 964,841 | 125,236 | ||||
Synchrony Financial | 3,168,038 | 120,987 | ||||
Textron Inc. | 1,500,615 | 120,679 | ||||
Ingersoll Rand Inc. | 1,549,551 | 119,842 | ||||
Snap-on Inc. | 404,083 | 116,715 | ||||
Stanley Black & Decker Inc. | 1,173,748 | 115,145 | ||||
Masco Corp. | 1,718,706 | 115,119 | ||||
Packaging Corp. of America | 686,170 | 111,784 | ||||
* | Zebra Technologies Corp. Class A | 393,209 | 107,476 | |||
Ball Corp. | 1,206,969 | 69,425 | ||||
Hubbell Inc. Class B | 205,266 | 67,518 | ||||
TransUnion | 741,441 | 50,944 | ||||
* | Trimble Inc. | 952,222 | 50,658 | |||
Crown Holdings Inc. | 461,760 | 42,524 | ||||
CH Robinson Worldwide Inc. | 424,118 | 36,640 | ||||
5,488,506 | ||||||
Real Estate (9.2%) | ||||||
Digital Realty Trust Inc. | 2,318,563 | 312,032 | ||||
VICI Properties Inc. Class A | 7,920,290 | 252,499 | ||||
* | CBRE Group Inc. Class A | 2,216,785 | 206,360 | |||
AvalonBay Communities Inc. | 1,087,255 | 203,556 | ||||
Weyerhaeuser Co. | 5,588,835 | 194,324 | ||||
Simon Property Group Inc. | 1,186,407 | 169,229 | ||||
Equity Residential | 2,761,778 | 168,910 | ||||
Alexandria Real Estate Equities Inc. | 1,330,415 | 168,657 | ||||
Iron Mountain Inc. | 2,235,427 | 156,435 | ||||
Ventas Inc. | 3,080,594 | 153,537 | ||||
Essex Property Trust Inc. | 491,387 | 121,834 | ||||
Mid-America Apartment Communities Inc. | 893,361 | 120,121 | ||||
WP Carey Inc. | 1,674,150 | 108,502 | ||||
UDR Inc. | 2,518,294 | 96,425 | ||||
Host Hotels & Resorts Inc. | 2,700,134 | 52,572 |
Shares | Market Value• ($000) | |||||
Regency Centers Corp. | 706,486 | 47,335 | ||||
Healthpeak Properties Inc. | 2,093,818 | 41,458 | ||||
Camden Property Trust | 204,447 | 20,300 | ||||
2,594,086 | ||||||
Technology (5.5%) | ||||||
CDW Corp. | 1,025,594 | 233,138 | ||||
HP Inc. | 6,809,518 | 204,898 | ||||
Corning Inc. | 5,878,695 | 179,006 | ||||
Hewlett Packard Enterprise Co. | 9,821,575 | 166,770 | ||||
Cognizant Technology Solutions Corp. Class A | 1,919,409 | 144,973 | ||||
NetApp Inc. | 1,598,504 | 140,924 | ||||
* | Western Digital Corp. | 2,482,402 | 130,003 | |||
SS&C Technologies Holdings Inc. | 1,610,750 | 98,433 | ||||
Gen Digital Inc. | 4,169,521 | 95,149 | ||||
Seagate Technology Holdings plc | 760,720 | 64,943 | ||||
Leidos Holdings Inc. | 526,370 | 56,974 | ||||
* | Qorvo Inc. | 372,583 | 41,957 | |||
1,557,168 | ||||||
Utilities (12.2%) | ||||||
PG&E Corp. | 19,484,320 | 351,302 | ||||
Xcel Energy Inc. | 4,224,615 | 261,546 | ||||
Consolidated Edison Inc. | 2,640,691 | 240,224 | ||||
Public Service Enterprise Group Inc. | 3,821,156 | 233,664 | ||||
Edison International | 2,936,541 | 209,933 | ||||
WEC Energy Group Inc. | 2,414,931 | 203,265 | ||||
American Water Works Co. Inc. | 1,490,648 | 196,751 | ||||
Eversource Energy | 2,672,560 | 164,950 | ||||
Entergy Corp. | 1,618,876 | 163,814 | ||||
FirstEnergy Corp. | 4,173,368 | 152,996 | ||||
PPL Corp. | 5,643,077 | 152,927 | ||||
DTE Energy Co. | 1,341,257 | 147,887 | ||||
Ameren Corp. | 2,009,490 | 145,366 | ||||
CenterPoint Energy Inc. | 4,818,889 | 137,676 | ||||
CMS Energy Corp. | 2,233,753 | 129,714 | ||||
Constellation Energy Corp. | 894,578 | 104,567 | ||||
Alliant Energy Corp. | 1,934,816 | 99,256 | ||||
AES Corp. | 5,126,590 | 98,687 | ||||
Evergy Inc. | 1,757,698 | 91,752 | ||||
NiSource Inc. | 3,424,649 | 90,924 | ||||
Vistra Corp. | 1,368,597 | 52,718 | ||||
Avangrid Inc. | 592,501 | 19,203 | ||||
3,449,122 | ||||||
Total Common Stocks (Cost $21,606,256) | 28,269,155 | |||||
Temporary Cash Investments (0.2%) | ||||||
Money Market Fund (0.2%) | ||||||
2,3 | Vanguard Market Liquidity Fund, 5.435% (Cost $48,429) | 484,544 | 48,445 | |||
Total Investments (100.0%) (Cost $21,654,685) | 28,317,600 | |||||
Other Assets and Liabilities—Net (0.0%) | 14,034 | |||||
Net Assets (100%) | 28,331,634 |
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 $43,657,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $48,225,000 was received for securities on loan. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2024 | 26 | 6,266 | (17) |
E-mini S&P Mid-Cap 400 Index | March 2024 | 48 | 13,486 | (128) |
(145) |
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) |
Constellation Energy Corp. | 1/31/24 | CITNA | 25,176 | (5.332) | — | (909) |
Constellation Energy Corp. | 8/30/24 | BANA | 14,525 | (5.332) | — | (524) |
Warner Bros Discovery Inc. | 1/31/24 | CITNA | 16,093 | (5.332) | 1,365 | — |
1,365 | (1,433) |
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 $21,606,256) | 28,269,155 |
Affiliated Issuers (Cost $48,429) | 48,445 |
Total Investments in Securities | 28,317,600 |
Investment in Vanguard | 892 |
Cash Collateral Pledged—Futures Contracts | 1,390 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 270 |
Receivables for Investment Securities Sold | 12,908 |
Receivables for Accrued Income | 74,353 |
Receivables for Capital Shares Issued | 9,309 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 1,365 |
Total Assets | 28,418,087 |
Liabilities | |
Due to Custodian | 4,322 |
Payables for Investment Securities Purchased | 211 |
Collateral for Securities on Loan | 48,225 |
Payables for Capital Shares Redeemed | 31,213 |
Payables to Vanguard | 872 |
Variation Margin Payable—Futures Contracts | 177 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 1,433 |
Total Liabilities | 86,453 |
Net Assets | 28,331,634 |
1 Includes $43,657,000 of securities on loan. | |
At December 31, 2023, net assets consisted of: | |
Paid-in Capital | 26,772,587 |
Total Distributable Earnings (Loss) | 1,559,047 |
Net Assets | 28,331,634 |
Investor Shares—Net Assets | |
Applicable to 689,038 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 39,321 |
Net Asset Value Per Share—Investor Shares | $57.07 |
ETF Shares—Net Assets | |
Applicable to 112,610,775 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 16,320,349 |
Net Asset Value Per Share—ETF Shares | $144.93 |
Admiral Shares—Net Assets | |
Applicable to 159,460,910 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,971,964 |
Net Asset Value Per Share—Admiral Shares | $75.08 |
Year Ended December 31, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends | 666,368 |
Interest1 | 1,354 |
Securities Lending—Net | 6,750 |
Total Income | 674,472 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 602 |
Management and Administrative—Investor Shares | 72 |
Management and Administrative—ETF Shares | 8,914 |
Management and Administrative—Admiral Shares | 6,936 |
Marketing and Distribution—Investor Shares | 2 |
Marketing and Distribution—ETF Shares | 842 |
Marketing and Distribution—Admiral Shares | 629 |
Custodian Fees | 348 |
Auditing Fees | 35 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—ETF Shares | 751 |
Shareholders’ Reports—Admiral Shares | 162 |
Trustees’ Fees and Expenses | 16 |
Other Expenses | 23 |
Total Expenses | 19,332 |
Expenses Paid Indirectly | (18) |
Net Expenses | 19,314 |
Net Investment Income | 655,158 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 579,354 |
Futures Contracts | 4,634 |
Swap Contracts | 3,729 |
Realized Net Gain (Loss) | 587,717 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 1,330,296 |
Futures Contracts | 245 |
Swap Contracts | 1,375 |
Change in Unrealized Appreciation (Depreciation) | 1,331,916 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,574,791 |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,263,000, $25,000, less than $1,000, and ($5,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $1,739,804,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2023 ($000) | 2022 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 655,158 | 625,353 |
Realized Net Gain (Loss) | 587,717 | 1,031,827 |
Change in Unrealized Appreciation (Depreciation) | 1,331,916 | (4,126,567) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,574,791 | (2,469,387) |
Distributions | ||
Investor Shares | (921) | (970) |
ETF Shares | (379,681) | (356,532) |
Admiral Shares | (277,948) | (267,459) |
Total Distributions | (658,550) | (624,961) |
Capital Share Transactions | ||
Investor Shares | (7,800) | (7,678) |
ETF Shares | (785,146) | 1,666,234 |
Admiral Shares | (570,787) | (147,140) |
Net Increase (Decrease) from Capital Share Transactions | (1,363,733) | 1,511,416 |
Total Increase (Decrease) | 552,508 | (1,582,932) |
Net Assets | ||
Beginning of Period | 27,779,126 | 29,362,058 |
End of Period | 28,331,634 | 27,779,126 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $53.27 | $59.16 | $46.83 | $46.96 | $37.50 |
Investment Operations | |||||
Net Investment Income1 | 1.202 | 1.129 | 1.006 | 1.0482 | .808 |
Net Realized and Unrealized Gain (Loss) on Investments | 3.830 | (5.876) | 12.311 | (.122) | 9.566 |
Total from Investment Operations | 5.032 | (4.747) | 13.317 | .926 | 10.374 |
Distributions | |||||
Dividends from Net Investment Income | (1.232) | (1.143) | (.987) | (1.056) | (.914) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.232) | (1.143) | (.987) | (1.056) | (.914) |
Net Asset Value, End of Period | $57.07 | $53.27 | $59.16 | $46.83 | $46.96 |
Total Return3 | 9.62% | -8.00% | 28.59% | 2.43% | 27.82% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $39 | $45 | $57 | $43 | $52 |
Ratio of Total Expenses to Average Net Assets | 0.19%4 | 0.19%4 | 0.19% | 0.19% | 0.19% |
Ratio of Net Investment Income to Average Net Assets | 2.24% | 2.05% | 1.83% | 2.58%2 | 1.90% |
Portfolio Turnover Rate5 | 22% | 18% | 17% | 39% | 17% |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.142 and 0.35%, respectively, resulting from a special dividend from NortonLifeLock Inc. in February 2020. |
3 | 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 0.19%. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $135.28 | $150.26 | $118.93 | $119.27 | $95.22 |
Investment Operations | |||||
Net Investment Income1 | 3.249 | 3.091 | 2.744 | 2.7812 | 2.497 |
Net Realized and Unrealized Gain (Loss) on Investments | 9.695 | (14.996) | 31.258 | (.310) | 23.996 |
Total from Investment Operations | 12.944 | (11.905) | 34.002 | 2.471 | 26.493 |
Distributions | |||||
Dividends from Net Investment Income | (3.294) | (3.075) | (2.672) | (2.811) | (2.443) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.294) | (3.075) | (2.672) | (2.811) | (2.443) |
Net Asset Value, End of Period | $144.93 | $135.28 | $150.26 | $118.93 | $119.27 |
Total Return | 9.77% | -7.88% | 28.74% | 2.50% | 27.98% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $16,320 | $15,995 | $16,086 | $11,061 | $10,339 |
Ratio of Total Expenses to Average Net Assets | 0.07%3 | 0.07%3 | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 2.38% | 2.22% | 1.96% | 2.69%2 | 2.26% |
Portfolio Turnover Rate4 | 22% | 18% | 17% | 39% | 17% |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.362 and 0.35%, respectively, resulting from a special dividend from NortonLifeLock Inc. in February 2020. |
3 | 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. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $70.08 | $77.84 | $61.61 | $61.79 | $49.33 |
Investment Operations | |||||
Net Investment Income1 | 1.677 | 1.586 | 1.413 | 1.4382 | 1.303 |
Net Realized and Unrealized Gain (Loss) on Investments | 5.030 | (7.753) | 16.201 | (.162) | 12.422 |
Total from Investment Operations | 6.707 | (6.167) | 17.614 | 1.276 | 13.725 |
Distributions | |||||
Dividends from Net Investment Income | (1.707) | (1.593) | (1.384) | (1.456) | (1.265) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.707) | (1.593) | (1.384) | (1.456) | (1.265) |
Net Asset Value, End of Period | $75.08 | $70.08 | $77.84 | $61.61 | $61.79 |
Total Return3 | 9.76% | -7.90% | 28.76% | 2.54% | 27.99% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $11,972 | $11,740 | $13,218 | $10,092 | $11,148 |
Ratio of Total Expenses to Average Net Assets | 0.07%4 | 0.07%4 | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 2.37% | 2.19% | 1.95% | 2.69%2 | 2.28% |
Portfolio Turnover Rate5 | 22% | 18% | 17% | 39% | 17% |
1 | Calculated based on average shares outstanding. |
2 | Net investment income per share and the ratio of net investment income to average net assets include $.187 and 0.35%, respectively, resulting from a special dividend from NortonLifeLock Inc. in February 2020. |
3 | 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 0.07%. |
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. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 28,269,155 | — | — | 28,269,155 |
Temporary Cash Investments | 48,445 | — | — | 48,445 |
Total | 28,317,600 | — | — | 28,317,600 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 1,365 | — | 1,365 |
Liabilities | ||||
Futures Contracts1 | 145 | — | — | 145 |
Swap Contracts | — | 1,433 | — | 1,433 |
Total | 145 | 1,433 | — | 1,578 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) | |
Paid-in Capital | 1,739,093 |
Total Distributable Earnings (Loss) | (1,739,093) |
Amount ($000) | |
Undistributed Ordinary Income | 6,194 |
Undistributed Long-Term Gains | — |
Net Unrealized Gains (Losses) | 6,642,233 |
Capital Loss Carryforwards | (5,089,380) |
Qualified Late-Year Losses | — |
Other Temporary Differences | — |
Total | 1,559,047 |
Year Ended December 31, | ||
2023 Amount ($000) | 2022 Amount ($000) | |
Ordinary Income* | 658,550 | 624,961 |
Long-Term Capital Gains | — | — |
Total | 658,550 | 624,961 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 21,675,367 |
Gross Unrealized Appreciation | 7,258,712 |
Gross Unrealized Depreciation | (616,479) |
Net Unrealized Appreciation (Depreciation) | 6,642,233 |
Year Ended December 31, | |||||
2023 | 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 4,382 | 82 | 9,543 | 172 | |
Issued in Lieu of Cash Distributions | 921 | 17 | 970 | 18 | |
Redeemed | (13,103) | (245) | (18,191) | (326) | |
Net Increase (Decrease)—Investor Shares | (7,800) | (146) | (7,678) | (136) | |
ETF Shares | |||||
Issued | 3,747,400 | 27,552 | 6,026,513 | 43,603 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (4,532,546) | (33,175) | (4,360,279) | (32,425) | |
Net Increase (Decrease)—ETF Shares | (785,146) | (5,623) | 1,666,234 | 11,178 | |
Admiral Shares | |||||
Issued | 1,601,367 | 22,657 | 2,265,008 | 31,170 | |
Issued in Lieu of Cash Distributions | 246,708 | 3,514 | 237,416 | 3,400 | |
Redeemed | (2,418,862) | (34,228) | (2,649,564) | (36,866) | |
Net Increase (Decrease)—Admiral Shares | (570,787) | (8,057) | (147,140) | (2,296) |
Philadelphia, Pennsylvania
February 15, 2024
Fund | Percentage |
Extended Market Index Fund | 62.4% |
Mid-Cap Index Fund | 77.1 |
Mid-Cap Growth Index Fund | 82.0 |
Mid-Cap Value Index Fund | 80.8 |
Fund | ($000) |
Extended Market Index Fund | 838,526 |
Mid-Cap Index Fund | 1,992,764 |
Mid-Cap Growth Index Fund | 139,980 |
Mid-Cap Value Index Fund | 563,390 |
Fund | ($000) |
Extended Market Index Fund | 12,975 |
Mid-Cap Index Fund | 13,468 |
Mid-Cap Growth Index Fund | 427 |
Mid-Cap Value Index Fund | 499 |
Fund | ($000) |
Extended Market Index Fund | 214,308 |
Mid-Cap Index Fund | 339,831 |
Mid-Cap Growth Index Fund | 22,806 |
Mid-Cap Value Index Fund | 93,843 |
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. McIsaac | Lauren Valente |
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Vanguard Growth Index Fund |
Vanguard Value Index Fund |
Vanguard Large-Cap Index Fund |
Your Fund’s Performance at a Glance | 1 |
About Your Fund’s Expenses | 2 |
Growth Index Fund | 4 |
Value Index Fund | 27 |
Large-Cap Index Fund | 52 |
• | The financial markets delivered robust returns for the 12 months ended December 31, 2023. Returns for the funds included in this report ranged from 9.11% for Investor Shares of Vanguard Value Index Fund to 46.78% for Institutional Shares and ETF Shares of Vanguard Growth Index Fund. (Returns for ETF Shares are based on net asset value). Returns for Vanguard Large-Cap Index Fund, which invests in growth and value stocks, ranged from 27.12% for Investor Shares to 27.29% for ETF Shares. The funds generally tracked their target indexes closely. Most share classes of the Value Index Fund slightly outperformed, thanks to skilled trading and corporate-action elections by the fund’s manager, Vanguard Equity Index Group. |
• | Major central banks stopped hiking interest rates when inflation eased. Global economic growth proved resilient, but the prospect of rates remaining high for an extended period spurred occasional volatility. Toward year-end, stocks and bonds rallied worldwide as expectations for rate cuts in 2024 rose. |
• | Technology stocks powered all three funds, but strong results were widespread. Seven of the 11 sectors in the CRSP US Large Cap Index, the Large-Cap Index Fund’s benchmark, recorded double-digit gains. Energy stocks were among the laggards. |
• | For the 10 years ended December 31, 2023, the funds’ annualized returns ranged from 9.59% for Investor Shares of the Value Index Fund to 13.98% for Institutional Shares of the Growth Index Fund. |
Average Annual Total Returns Periods Ended December 31, 2023 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 26.53% | 8.97% | 15.52% |
Russell 2000 Index (Small-caps) | 16.93 | 2.22 | 9.97 |
Russell 3000 Index (Broad U.S. market) | 25.96 | 8.54 | 15.16 |
FTSE All-World ex US Index (International) | 15.82 | 1.98 | 7.52 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | 5.60% | -3.33% | 1.17% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 6.40 | -0.40 | 2.25 |
FTSE Three-Month U.S. Treasury Bill Index | 5.26 | 2.24 | 1.91 |
CPI | |||
Consumer Price Index | 3.35% | 5.60% | 4.07% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended December 31, 2023 | |||
Beginning Account Value 6/30/2023 | Ending Account Value 12/31/2023 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,101.10 | $0.95 |
ETF Shares | 1,000.00 | 1,101.90 | 0.21 |
Admiral™ Shares | 1,000.00 | 1,101.80 | 0.26 |
Institutional Shares | 1,000.00 | 1,101.90 | 0.21 |
Value Index Fund | |||
Investor Shares | $1,000.00 | $1,064.60 | $0.94 |
ETF Shares | 1,000.00 | 1,065.40 | 0.21 |
Admiral Shares | 1,000.00 | 1,065.40 | 0.26 |
Institutional Shares | 1,000.00 | 1,065.50 | 0.21 |
Large-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,084.70 | $0.89 |
ETF Shares | 1,000.00 | 1,085.40 | 0.21 |
Admiral Shares | 1,000.00 | 1,085.40 | 0.26 |
Institutional Shares | 1,000.00 | 1,085.30 | 0.21 |
Based on Hypothetical 5% Yearly Return | |||
Growth Index Fund | |||
Investor Shares | $1,000.00 | $1,024.30 | $0.92 |
ETF Shares | 1,000.00 | 1,025.00 | 0.20 |
Admiral Shares | 1,000.00 | 1,024.95 | 0.26 |
Institutional Shares | 1,000.00 | 1,025.00 | 0.20 |
Value Index Fund | |||
Investor Shares | $1,000.00 | $1,024.30 | $0.92 |
ETF Shares | 1,000.00 | 1,025.00 | 0.20 |
Admiral Shares | 1,000.00 | 1,024.95 | 0.26 |
Institutional Shares | 1,000.00 | 1,025.00 | 0.20 |
Large-Cap Index Fund | |||
Investor Shares | $1,000.00 | $1,024.35 | $0.87 |
ETF Shares | 1,000.00 | 1,025.00 | 0.20 |
Admiral Shares | 1,000.00 | 1,024.95 | 0.26 |
Institutional Shares | 1,000.00 | 1,025.00 | 0.20 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Growth Index Fund Investor Shares | 46.60% | 19.02% | 13.83% | $36,514 | |
CRSP U.S. Large Cap Growth Index | 46.86 | 19.21 | 14.02 | 37,132 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Growth Index Fund ETF Shares Net Asset Value | 46.78% | 19.17% | 13.98% | $36,992 | |
Growth Index Fund ETF Shares Market Price | 46.85 | 19.18 | 13.98 | 37,006 | |
CRSP U.S. Large Cap Growth Index | 46.86 | 19.21 | 14.02 | 37,132 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Growth Index Fund Admiral Shares | 46.77% | 19.16% | 13.97% | $36,967 | |
CRSP U.S. Large Cap Growth Index | 46.86 | 19.21 | 14.02 | 37,132 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Growth Index Fund Institutional Shares | 46.78% | 19.17% | 13.98% | $18,500,697 | |
CRSP U.S. Large Cap Growth Index | 46.86 | 19.21 | 14.02 | 18,565,986 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 14,710,990 |
One Year | Five Years | Ten Years | |
Growth Index Fund ETF Shares Market Price | 46.85% | 140.49% | 270.06% |
Growth Index Fund ETF Shares Net Asset Value | 46.78 | 140.32 | 269.92 |
CRSP U.S. Large Cap Growth Index | 46.86 | 140.79 | 271.32 |
Basic Materials | 1.4% |
Consumer Discretionary | 20.4 |
Consumer Staples | 0.7 |
Energy | 1.3 |
Financials | 2.6 |
Health Care | 7.1 |
Industrials | 8.8 |
Real Estate | 1.8 |
Technology | 54.8 |
Telecommunications | 0.9 |
Utilities | 0.2 |
Shares | Market Value• ($000) | ||
Common Stocks (99.8%) | |||
Basic Materials (1.4%) | |||
Linde plc | 4,445,542 | 1,825,828 | |
Ecolab Inc. | 2,352,971 | 466,712 | |
Fastenal Co. | 5,239,504 | 339,363 | |
1 | Albemarle Corp. | 1,075,956 | 155,454 |
2,787,357 | |||
Consumer Discretionary (20.4%) | |||
* | Amazon.com Inc. | 85,269,892 | 12,955,907 |
* | Tesla Inc. | 24,773,381 | 6,155,690 |
Costco Wholesale Corp. | 4,059,121 | 2,679,345 | |
McDonald's Corp. | 6,649,565 | 1,971,663 | |
* | Netflix Inc. | 3,912,598 | 1,904,966 |
Home Depot Inc. | 4,570,158 | 1,583,788 | |
NIKE Inc. Class B | 11,220,311 | 1,218,189 | |
* | Booking Holdings Inc. | 319,840 | 1,134,543 |
* | Uber Technologies Inc. | 17,923,830 | 1,103,570 |
Starbucks Corp. | 10,420,210 | 1,000,444 | |
TJX Cos. Inc. | 10,484,850 | 983,584 | |
Walt Disney Co. | 8,404,441 | 758,837 | |
* | Chipotle Mexican Grill Inc. | 251,695 | 575,616 |
* | Lululemon Athletica Inc. | 1,057,632 | 540,757 |
Marriott International Inc. Class A | 2,288,397 | 516,056 | |
* | O'Reilly Automotive Inc. | 542,235 | 515,167 |
* | Airbnb Inc. Class A | 3,386,147 | 460,990 |
Ross Stores Inc. | 3,102,948 | 429,417 | |
Hilton Worldwide Holdings Inc. | 2,350,948 | 428,084 | |
* | AutoZone Inc. | 161,611 | 417,863 |
* | Copart Inc. | 7,923,348 | 388,244 |
Yum! Brands Inc. | 2,568,528 | 335,604 | |
Estee Lauder Cos. Inc. Class A | 2,022,646 | 295,812 | |
* | Trade Desk Inc. Class A | 4,089,205 | 294,259 |
* | Take-Two Interactive Software Inc. | 1,559,774 | 251,046 |
* | Aptiv plc | 2,592,738 | 232,620 |
* | Ulta Beauty Inc. | 451,229 | 221,098 |
Tractor Supply Co. | 989,997 | 212,879 |
Shares | Market Value• ($000) | ||
* | Roblox Corp. Class A | 4,469,437 | 204,343 |
* | Expedia Group Inc. | 1,222,327 | 185,537 |
Las Vegas Sands Corp. | 3,504,447 | 172,454 | |
* | Live Nation Entertainment Inc. | 1,476,342 | 138,186 |
Domino's Pizza Inc. | 319,880 | 131,864 | |
* | Royal Caribbean Cruises Ltd. | 998,843 | 129,340 |
Rollins Inc. | 2,664,064 | 116,340 | |
* | Burlington Stores Inc. | 590,869 | 114,912 |
Warner Music Group Corp. Class A | 1,139,935 | 40,798 | |
Pool Corp. | 84,358 | 33,634 | |
* | Chewy Inc. Class A | 468,057 | 11,060 |
*,1 | Lucid Group Inc. | 2,090,977 | 8,803 |
40,853,309 | |||
Consumer Staples (0.7%) | |||
* | Monster Beverage Corp. | 6,678,018 | 384,721 |
Colgate-Palmolive Co. | 3,772,335 | 300,693 | |
Hershey Co. | 1,373,882 | 256,147 | |
Church & Dwight Co. Inc. | 2,260,919 | 213,792 | |
Brown-Forman Corp. Class B | 2,838,451 | 162,075 | |
Lamb Weston Holdings Inc. | 663,580 | 71,726 | |
1 | Brown-Forman Corp. Class A | 470,246 | 28,022 |
1,417,176 | |||
Energy (1.3%) | |||
Pioneer Natural Resources Co. | 2,138,602 | 480,929 | |
Hess Corp. | 2,534,468 | 365,369 | |
Cheniere Energy Inc. | 2,074,129 | 354,075 | |
Schlumberger NV | 6,525,058 | 339,564 | |
Diamondback Energy Inc. | 1,641,555 | 254,572 | |
Coterra Energy Inc. | 6,551,168 | 167,186 | |
* | First Solar Inc. | 930,663 | 160,335 |
Baker Hughes Co. | 4,613,073 | 157,675 | |
* | Enphase Energy Inc. | 1,189,426 | 157,171 |
Halliburton Co. | 3,693,758 | 133,529 | |
EQT Corp. | 1,883,270 | 72,807 |
Shares | Market Value• ($000) | ||
Texas Pacific Land Corp. | 28,227 | 44,385 | |
2,687,597 | |||
Financials (2.5%) | |||
S&P Global Inc. | 2,904,241 | 1,279,376 | |
Blackstone Inc. | 6,513,868 | 852,796 | |
Moody's Corp. | 1,425,774 | 556,850 | |
Aon plc Class A (XNYS) | 1,743,923 | 507,517 | |
MSCI Inc. | 688,787 | 389,612 | |
Apollo Global Management Inc. | 3,642,940 | 339,486 | |
* | Coinbase Global Inc. Class A | 1,408,152 | 244,906 |
Broadridge Financial Solutions Inc. | 1,078,358 | 221,872 | |
Ares Management Corp. Class A | 1,531,101 | 182,079 | |
FactSet Research Systems Inc. | 348,299 | 166,156 | |
LPL Financial Holdings Inc. | 693,358 | 157,822 | |
Tradeweb Markets Inc. Class A | 1,052,774 | 95,676 | |
Brown & Brown Inc. | 1,045,188 | 74,323 | |
Interactive Brokers Group Inc. Class A | 465,445 | 38,585 | |
5,107,056 | |||
Health Care (7.1%) | |||
Eli Lilly & Co. | 7,833,207 | 4,566,133 | |
* | Intuitive Surgical Inc. | 3,227,787 | 1,088,926 |
* | Vertex Pharmaceuticals Inc. | 2,362,535 | 961,292 |
Thermo Fisher Scientific Inc. | 1,774,158 | 941,705 | |
Stryker Corp. | 3,134,451 | 938,643 | |
* | Boston Scientific Corp. | 13,431,001 | 776,446 |
Zoetis Inc. | 3,788,032 | 747,644 | |
* | DexCom Inc. | 3,542,982 | 439,649 |
* | Edwards Lifesciences Corp. | 5,560,075 | 423,956 |
* | IDEXX Laboratories Inc. | 761,376 | 422,602 |
Agilent Technologies Inc. | 2,675,077 | 371,916 | |
* | Moderna Inc. | 3,146,258 | 312,895 |
West Pharmaceutical Services Inc. | 678,054 | 238,756 | |
* | Veeva Systems Inc. Class A | 1,204,921 | 231,971 |
ResMed Inc. | 1,348,383 | 231,949 | |
* | Alnylam Pharmaceuticals Inc. | 1,150,334 | 220,186 |
* | Illumina Inc. | 1,455,557 | 202,672 |
* | IQVIA Holdings Inc. | 837,805 | 193,851 |
* | Align Technology Inc. | 667,027 | 182,765 |
Cooper Cos. Inc. | 454,043 | 171,828 |
Shares | Market Value• ($000) | ||
* | BioMarin Pharmaceutical Inc. | 1,727,020 | 166,519 |
* | Insulet Corp. | 640,364 | 138,946 |
* | Incyte Corp. | 1,747,600 | 109,732 |
STERIS plc | 452,365 | 99,453 | |
*,2 | ABIOMED Inc. CVR | 15 | — |
14,180,435 | |||
Industrials (8.8%) | |||
Visa Inc. Class A | 14,046,205 | 3,656,929 | |
Mastercard Inc. Class A | 7,676,515 | 3,274,110 | |
Accenture plc Class A | 5,753,944 | 2,019,116 | |
* | Boeing Co. | 5,546,555 | 1,445,765 |
Automatic Data Processing Inc. | 3,770,664 | 878,452 | |
Sherwin-Williams Co. | 2,111,778 | 658,664 | |
TransDigm Group Inc. | 481,777 | 487,366 | |
Cintas Corp. | 793,553 | 478,243 | |
* | Block Inc. (XNYS) | 5,074,625 | 392,522 |
* | Fiserv Inc. | 2,756,181 | 366,131 |
Old Dominion Freight Line Inc. | 900,325 | 364,929 | |
Paychex Inc. | 2,980,663 | 355,027 | |
WW Grainger Inc. | 409,608 | 339,438 | |
Rockwell Automation Inc. | 1,051,433 | 326,449 | |
Verisk Analytics Inc. | 1,329,345 | 317,527 | |
Quanta Services Inc. | 1,332,830 | 287,625 | |
Equifax Inc. | 1,129,122 | 279,221 | |
Vulcan Materials Co. | 1,217,927 | 276,482 | |
* | Fair Isaac Corp. | 215,235 | 250,536 |
* | Mettler-Toledo International Inc. | 198,592 | 240,884 |
* | Teledyne Technologies Inc. | 432,536 | 193,036 |
* | Waters Corp. | 541,419 | 178,251 |
JB Hunt Transport Services Inc. | 755,568 | 150,917 | |
Martin Marietta Materials Inc. | 283,017 | 141,200 | |
HEICO Corp. Class A | 688,108 | 98,014 | |
Veralto Corp. | 1,073,651 | 88,319 | |
HEICO Corp. | 377,014 | 67,436 | |
Jack Henry & Associates Inc. | 333,500 | 54,497 | |
* | Bill Holdings Inc. | 465,732 | 37,999 |
*,1 | Symbotic Inc. | 225,249 | 11,562 |
17,716,647 | |||
Real Estate (1.8%) | |||
American Tower Corp. | 4,273,349 | 922,531 | |
Equinix Inc. | 860,641 | 693,152 | |
Welltower Inc. | 5,097,812 | 459,670 | |
Public Storage | 1,450,656 | 442,450 | |
* | CoStar Group Inc. | 3,744,153 | 327,202 |
SBA Communications Corp. | 988,726 | 250,830 | |
Realty Income Corp. | 3,314,381 | 190,312 | |
Sun Communities Inc. | 1,141,086 | 152,506 | |
Invitation Homes Inc. | 2,810,064 | 95,851 | |
Camden Property Trust | 245,155 | 24,341 |
Shares | Market Value• ($000) | ||
* | Zillow Group Inc. Class C | 356,290 | 20,615 |
* | Zillow Group Inc. Class A | 90,682 | 5,143 |
3,584,603 | |||
Technology (54.7%) | |||
Apple Inc. | 135,461,484 | 26,080,400 | |
Microsoft Corp. | 68,140,637 | 25,623,605 | |
NVIDIA Corp. | 21,513,345 | 10,653,839 | |
* | Alphabet Inc. Class A | 54,164,556 | 7,566,247 |
* | Meta Platforms Inc. Class A | 20,350,059 | 7,203,107 |
* | Alphabet Inc. Class C | 44,707,105 | 6,300,572 |
* | Adobe Inc. | 4,174,278 | 2,490,374 |
* | Salesforce Inc. | 8,474,637 | 2,230,016 |
* | Advanced Micro Devices Inc. | 14,811,284 | 2,183,331 |
Intuit Inc. | 2,440,927 | 1,525,653 | |
Texas Instruments Inc. | 8,325,834 | 1,419,222 | |
* | ServiceNow Inc. | 1,879,458 | 1,327,818 |
Applied Materials Inc. | 7,669,430 | 1,242,985 | |
Lam Research Corp. | 1,208,309 | 946,420 | |
* | Palo Alto Networks Inc. | 2,890,869 | 852,459 |
KLA Corp. | 1,246,168 | 724,397 | |
* | Synopsys Inc. | 1,394,430 | 718,006 |
* | Cadence Design Systems Inc. | 2,494,516 | 679,431 |
Amphenol Corp. Class A | 5,484,210 | 543,650 | |
* | Snowflake Inc. Class A | 2,720,675 | 541,414 |
Roper Technologies Inc. | 979,493 | 533,990 | |
* | Crowdstrike Holdings Inc. Class A | 2,073,114 | 529,307 |
* | Workday Inc. Class A | 1,898,136 | 523,999 |
Marvell Technology Inc. | 7,911,587 | 477,148 | |
* | Autodesk Inc. | 1,959,532 | 477,107 |
Microchip Technology Inc. | 4,959,756 | 447,271 | |
* | Fortinet Inc. | 5,984,393 | 350,267 |
* | Atlassian Corp. Ltd. Class A | 1,421,173 | 338,040 |
* | Palantir Technologies Inc. Class A | 18,025,147 | 309,492 |
* | Gartner Inc. | 678,650 | 306,146 |
* | Datadog Inc. Class A | 2,493,526 | 302,664 |
* | ANSYS Inc. | 796,219 | 288,932 |
* | DoorDash Inc. Class A | 2,889,740 | 285,766 |
Monolithic Power Systems Inc. | 417,459 | 263,325 | |
* | HubSpot Inc. | 438,521 | 254,579 |
* | MongoDB Inc. | 621,593 | 254,138 |
* | Splunk Inc. | 1,544,632 | 235,325 |
* | Cloudflare Inc. Class A | 2,576,442 | 214,515 |
* | Pinterest Inc. Class A | 5,374,481 | 199,071 |
* | Zscaler Inc. | 809,479 | 179,348 |
* | ON Semiconductor Corp. | 1,974,356 | 164,918 |
Shares | Market Value• ($000) | ||
* | VeriSign Inc. | 794,867 | 163,711 |
* | Snap Inc. Class A | 9,573,066 | 162,072 |
* | Tyler Technologies Inc. | 386,199 | 161,478 |
* | EPAM Systems Inc. | 529,066 | 157,312 |
* | Zoom Video Communications Inc. Class A | 2,127,291 | 152,973 |
Teradyne Inc. | 1,401,837 | 152,127 | |
* | GoDaddy Inc. Class A | 1,291,606 | 137,117 |
* | Okta Inc. | 1,437,776 | 130,162 |
* | Twilio Inc. Class A | 1,577,590 | 119,692 |
Bentley Systems Inc. Class B | 2,086,939 | 108,896 | |
* | Unity Software Inc. | 2,437,976 | 99,689 |
Paycom Software Inc. | 468,837 | 96,918 | |
Seagate Technology Holdings plc | 909,878 | 77,676 | |
* | DocuSign Inc. | 933,163 | 55,477 |
* | Match Group Inc. | 1,248,304 | 45,563 |
109,609,157 | |||
Telecommunications (0.9%) | |||
T-Mobile US Inc. | 4,770,407 | 764,839 | |
* | Arista Networks Inc. | 2,282,220 | 537,486 |
Motorola Solutions Inc. | 760,570 | 238,127 | |
* | Charter Communications Inc. Class A | 441,485 | 171,596 |
* | Liberty Broadband Corp. Class C | 1,090,678 | 87,898 |
* | Roku Inc. | 572,688 | 52,492 |
* | Liberty Broadband Corp. Class A | 154,112 | 12,428 |
1,864,866 | |||
Utilities (0.2%) | |||
Waste Connections Inc. (XTSE) | 2,362,465 | 352,645 | |
Total Common Stocks (Cost $96,410,356) | 200,160,848 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
3,4 | Vanguard Market Liquidity Fund, 5.435% (Cost $436,274) | 4,363,751 | 436,288 |
Total Investments (100.0%) (Cost $96,846,630) | 200,597,136 | ||
Other Assets and Liabilities—Net (0.0%) | (47,610) | ||
Net Assets (100%) | 200,549,526 | ||
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 $18,026,000. |
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 $19,678,000 was received for securities on loan. |
CVR—Contingent Value Rights. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2024 | 1,258 | 303,178 | 5,695 |
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. | 8/30/24 | BANA | 48,688 | (5.331) | — | (203) |
Visa Inc. Class A | 8/30/24 | BANA | 115,856 | (5.231) | — | (250) |
— | (453) |
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 $96,410,356) | 200,160,848 |
Affiliated Issuers (Cost $436,274) | 436,288 |
Total Investments in Securities | 200,597,136 |
Investment in Vanguard | 6,342 |
Cash Collateral Pledged—Futures Contracts | 17,765 |
Receivables for Investment Securities Sold | 3,000 |
Receivables for Accrued Income | 102,093 |
Receivables for Capital Shares Issued | 61,642 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | — |
Total Assets | 200,787,978 |
Liabilities | |
Due to Custodian | 308 |
Payables for Investment Securities Purchased | 2,280 |
Collateral for Securities on Loan | 19,678 |
Payables for Capital Shares Redeemed | 210,942 |
Payables to Vanguard | 3,834 |
Variation Margin Payable—Futures Contracts | 957 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 453 |
Total Liabilities | 238,452 |
Net Assets | 200,549,526 |
1 Includes $18,026,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 107,635,777 |
Total Distributable Earnings (Loss) | 92,913,749 |
Net Assets | 200,549,526 |
Investor Shares—Net Assets | |
Applicable to 2,592,345 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 414,928 |
Net Asset Value Per Share—Investor Shares | $160.06 |
ETF Shares—Net Assets | |
Applicable to 336,153,825 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 104,483,769 |
Net Asset Value Per Share—ETF Shares | $310.82 |
Admiral Shares—Net Assets | |
Applicable to 422,229,731 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 67,554,938 |
Net Asset Value Per Share—Admiral Shares | $160.00 |
Institutional Shares—Net Assets | |
Applicable to 175,595,011 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 28,095,891 |
Net Asset Value Per Share—Institutional Shares | $160.00 |
Year Ended December 31, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 1,176,387 |
Interest2 | 17,478 |
Securities Lending—Net | 2,334 |
Total Income | 1,196,199 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 3,706 |
Management and Administrative—Investor Shares | 611 |
Management and Administrative—ETF Shares | 27,066 |
Management and Administrative—Admiral Shares | 24,042 |
Management and Administrative—Institutional Shares | 8,014 |
Marketing and Distribution—Investor Shares | 20 |
Marketing and Distribution—ETF Shares | 3,747 |
Marketing and Distribution—Admiral Shares | 2,672 |
Marketing and Distribution—Institutional Shares | 672 |
Custodian Fees | 921 |
Auditing Fees | 33 |
Shareholders’ Reports—Investor Shares | 1 |
Shareholders’ Reports—ETF Shares | 1,637 |
Shareholders’ Reports—Admiral Shares | 444 |
Shareholders’ Reports—Institutional Shares | 97 |
Trustees’ Fees and Expenses | 102 |
Other Expenses | 23 |
Total Expenses | 73,808 |
Expenses Paid Indirectly | (165) |
Net Expenses | 73,643 |
Net Investment Income | 1,122,556 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 6,577,015 |
Futures Contracts | 23,384 |
Swap Contracts | 36,605 |
Foreign Currencies | (1) |
Realized Net Gain (Loss) | 6,637,003 |
Statement of Operations (continued) | |
Year Ended December 31, 2023 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 55,181,916 |
Futures Contracts | 6,495 |
Swap Contracts | (231) |
Change in Unrealized Appreciation (Depreciation) | 55,188,180 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 62,947,739 |
1 | Dividends are net of foreign withholding taxes of $348,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $16,936,000, $45,000, $3,000, and ($47,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $9,903,213,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2023 ($000) | 2022 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 1,122,556 | 943,411 |
Realized Net Gain (Loss) | 6,637,003 | 875,348 |
Change in Unrealized Appreciation (Depreciation) | 55,188,180 | (64,902,246) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 62,947,739 | (63,083,487) |
Distributions | ||
Investor Shares | (2,067) | (2,025) |
ETF Shares | (594,545) | (458,691) |
Admiral Shares | (382,500) | (312,198) |
Institutional Shares | (159,537) | (128,919) |
Total Distributions | (1,138,649) | (901,833) |
Capital Share Transactions | ||
Investor Shares | (71,816) | (141,965) |
ETF Shares | 4,133,790 | 9,337,505 |
Admiral Shares | 1,324,290 | (199,354) |
Institutional Shares | 1,050,251 | 35,988 |
Net Increase (Decrease) from Capital Share Transactions | 6,436,515 | 9,032,174 |
Total Increase (Decrease) | 68,245,605 | (54,953,146) |
Net Assets | ||
Beginning of Period | 132,303,921 | 187,257,067 |
End of Period | 200,549,526 | 132,303,921 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $109.76 | $165.20 | $130.50 | $93.87 | $69.10 |
Investment Operations | |||||
Net Investment Income1 | .735 | .638 | .565 | .728 | .746 |
Net Realized and Unrealized Gain (Loss) on Investments | 50.316 | (55.480) | 34.731 | 36.631 | 24.802 |
Total from Investment Operations | 51.051 | (54.842) | 35.296 | 37.359 | 25.548 |
Distributions | |||||
Dividends from Net Investment Income | (.751) | (.598) | (.596) | (.729) | (.778) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.751) | (.598) | (.596) | (.729) | (.778) |
Net Asset Value, End of Period | $160.06 | $109.76 | $165.20 | $130.50 | $93.87 |
Total Return2 | 46.60% | -33.22% | 27.10% | 40.01% | 37.08% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $415 | $345 | $692 | $750 | $572 |
Ratio of Total Expenses to Average Net Assets | 0.17%3 | 0.17%3 | 0.17% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 0.54% | 0.50% | 0.39% | 0.69% | 0.92% |
Portfolio Turnover Rate4 | 5% | 5% | 8% | 6% | 11% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $213.14 | $320.83 | $253.44 | $182.31 | $134.21 |
Investment Operations | |||||
Net Investment Income1 | 1.786 | 1.584 | 1.483 | 1.683 | 1.773 |
Net Realized and Unrealized Gain (Loss) on Investments | 97.696 | (107.775) | 67.447 | 71.131 | 48.065 |
Total from Investment Operations | 99.482 | (106.191) | 68.930 | 72.814 | 49.838 |
Distributions | |||||
Dividends from Net Investment Income | (1.802) | (1.499) | (1.540) | (1.684) | (1.738) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.802) | (1.499) | (1.540) | (1.684) | (1.738) |
Net Asset Value, End of Period | $310.82 | $213.14 | $320.83 | $253.44 | $182.31 |
Total Return | 46.78% | -33.13% | 27.26% | 40.16% | 37.26% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $104,484 | $68,198 | $90,506 | $68,474 | $46,481 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04%2 | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 0.67% | 0.64% | 0.52% | 0.81% | 1.09% |
Portfolio Turnover Rate3 | 5% | 5% | 8% | 6% | 11% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements were 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $109.72 | $165.15 | $130.46 | $93.84 | $69.09 |
Investment Operations | |||||
Net Investment Income1 | .905 | .799 | .748 | .855 | .907 |
Net Realized and Unrealized Gain (Loss) on Investments | 50.289 | (55.471) | 34.720 | 36.621 | 24.728 |
Total from Investment Operations | 51.194 | (54.672) | 35.468 | 37.476 | 25.635 |
Distributions | |||||
Dividends from Net Investment Income | (.914) | (.758) | (.778) | (.856) | (.885) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.914) | (.758) | (.778) | (.856) | (.885) |
Net Asset Value, End of Period | $160.00 | $109.72 | $165.15 | $130.46 | $93.84 |
Total Return2 | 46.77% | -33.14% | 27.26% | 40.19% | 37.23% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $67,555 | $45,295 | $68,372 | $53,928 | $38,103 |
Ratio of Total Expenses to Average Net Assets | 0.05%3 | 0.05%3 | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 0.66% | 0.63% | 0.51% | 0.80% | 1.08% |
Portfolio Turnover Rate4 | 5% | 5% | 8% | 6% | 11% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $109.72 | $165.16 | $130.47 | $93.85 | $69.09 |
Investment Operations | |||||
Net Investment Income1 | .920 | .812 | .762 | .867 | .912 |
Net Realized and Unrealized Gain (Loss) on Investments | 50.288 | (55.481) | 34.721 | 36.620 | 24.742 |
Total from Investment Operations | 51.208 | (54.669) | 35.483 | 37.487 | 25.654 |
Distributions | |||||
Dividends from Net Investment Income | (.928) | (.771) | (.793) | (.867) | (.894) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (.928) | (.771) | (.793) | (.867) | (.894) |
Net Asset Value, End of Period | $160.00 | $109.72 | $165.16 | $130.47 | $93.85 |
Total Return | 46.78% | -33.14% | 27.27% | 40.20% | 37.26% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $28,096 | $18,465 | $27,688 | $22,582 | $16,426 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04%2 | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 0.67% | 0.64% | 0.52% | 0.82% | 1.09% |
Portfolio Turnover Rate3 | 5% | 5% | 8% | 6% | 11% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended December 31, 2023, custodian fee offset arrangements reduced the fund’s expenses by $165,000 (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 | 200,160,848 | — | — | 200,160,848 |
Temporary Cash Investments | 436,288 | — | — | 436,288 |
Total | 200,597,136 | — | — | 200,597,136 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 5,695 | — | — | 5,695 |
Liabilities | ||||
Swap Contracts | — | 453 | — | 453 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
E. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable in-kind redemptions, foreign currency transactions, and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 9,903,680 |
Total Distributable Earnings (Loss) | (9,903,680) |
Amount ($000) | |
Undistributed Ordinary Income | 29,166 |
Undistributed Long-Term Gains | — |
Net Unrealized Gains (Losses) | 103,683,379 |
Capital Loss Carryforwards | (10,798,796) |
Qualified Late-Year Losses | — |
Other Temporary Differences | — |
Total | 92,913,749 |
Year Ended December 31, | ||
2023 Amount ($000) | 2022 Amount ($000) | |
Ordinary Income* | 1,138,649 | 901,833 |
Long-Term Capital Gains | — | — |
Total | 1,138,649 | 901,833 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 96,913,757 |
Gross Unrealized Appreciation | 106,926,045 |
Gross Unrealized Depreciation | (3,242,666) |
Net Unrealized Appreciation (Depreciation) | 103,683,379 |
F. | During the year ended December 31, 2023, the fund purchased $30,561,666,000 of investment securities and sold $24,199,073,000 of investment securities, other than temporary cash investments. Purchases and sales include $19,098,511,000 and $15,323,990,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Year Ended December 31, | |||||
2023 | 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 55,136 | 397 | 44,312 | 343 | |
Issued in Lieu of Cash Distributions | 2,067 | 15 | 2,025 | 17 | |
Redeemed | (129,019) | (961) | (188,302) | (1,408) | |
Net Increase (Decrease)—Investor Shares | (71,816) | (549) | (141,965) | (1,048) |
Year Ended December 31, | |||||
2023 | 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
ETF Shares | |||||
Issued | 19,484,306 | 70,663 | 17,007,616 | 69,617 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (15,350,516) | (54,475) | (7,670,111) | (31,750) | |
Net Increase (Decrease)—ETF Shares | 4,133,790 | 16,188 | 9,337,505 | 37,867 | |
Admiral Shares | |||||
Issued | 8,600,018 | 62,400 | 8,117,723 | 63,614 | |
Issued in Lieu of Cash Distributions | 341,776 | 2,406 | 277,829 | 2,333 | |
Redeemed | (7,617,504) | (55,420) | (8,594,906) | (67,109) | |
Net Increase (Decrease)—Admiral Shares | 1,324,290 | 9,386 | (199,354) | (1,162) | |
Institutional Shares | |||||
Issued | 3,413,487 | 24,671 | 2,976,818 | 23,224 | |
Issued in Lieu of Cash Distributions | 153,620 | 1,081 | 124,124 | 1,042 | |
Redeemed | (2,516,856) | (18,452) | (3,064,954) | (23,618) | |
Net Increase (Decrease)—Institutional Shares | 1,050,251 | 7,300 | 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 December 31, 2023, that would require recognition or disclosure in these financial statements. |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Value Index Fund Investor Shares | 9.11% | 11.60% | 9.59% | $24,984 | |
CRSP U.S. Large Cap Value Index | 9.17 | 11.74 | 9.75 | 25,351 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Value Index Fund ETF Shares Net Asset Value | 9.26% | 11.73% | 9.73% | $25,301 | |
Value Index Fund ETF Shares Market Price | 9.32 | 11.75 | 9.73 | 25,308 | |
CRSP U.S. Large Cap Value Index | 9.17 | 11.74 | 9.75 | 25,351 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Value Index Fund Admiral Shares | 9.24% | 11.73% | 9.72% | $25,295 | |
CRSP U.S. Large Cap Value Index | 9.17 | 11.74 | 9.75 | 25,351 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Value Index Fund Institutional Shares | 9.26% | 11.74% | 9.73% | $12,659,524 | |
CRSP U.S. Large Cap Value Index | 9.17 | 11.74 | 9.75 | 12,675,626 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 14,710,990 |
One Year | Five Years | Ten Years | |
Value Index Fund ETF Shares Market Price | 9.32% | 74.25% | 153.08% |
Value Index Fund ETF Shares Net Asset Value | 9.26 | 74.13 | 153.01 |
CRSP U.S. Large Cap Value Index | 9.17 | 74.18 | 153.51 |
Basic Materials | 2.1% |
Consumer Discretionary | 7.1 |
Consumer Staples | 9.9 |
Energy | 7.0 |
Financials | 19.2 |
Health Care | 17.7 |
Industrials | 15.5 |
Real Estate | 3.2 |
Technology | 9.2 |
Telecommunications | 3.6 |
Utilities | 5.5 |
Shares | Market Value• ($000) | ||
Common Stocks (99.7%) | |||
Basic Materials (2.1%) | |||
Freeport-McMoRan Inc. | 11,947,733 | 508,615 | |
Air Products and Chemicals Inc. | 1,851,502 | 506,941 | |
Newmont Corp. | 9,604,376 | 397,525 | |
Nucor Corp. | 2,048,456 | 356,513 | |
Dow Inc. | 5,842,476 | 320,402 | |
LyondellBasell Industries NV Class A | 2,159,135 | 205,291 | |
International Flavors & Fragrances Inc. | 2,132,275 | 172,650 | |
Celanese Corp. | 904,061 | 140,464 | |
Avery Dennison Corp. | 672,747 | 136,003 | |
CF Industries Holdings Inc. | 1,595,777 | 126,864 | |
International Paper Co. | 2,890,379 | 104,487 | |
Mosaic Co. | 2,730,072 | 97,546 | |
Steel Dynamics Inc. | 642,025 | 75,823 | |
Eastman Chemical Co. | 495,471 | 44,503 | |
FMC Corp. | 521,305 | 32,868 | |
Westlake Corp. | 133,939 | 18,746 | |
3,245,241 | |||
Consumer Discretionary (7.0%) | |||
Walmart Inc. | 12,338,831 | 1,945,217 | |
Home Depot Inc. | 4,147,577 | 1,437,343 | |
Lowe's Cos. Inc. | 4,792,058 | 1,066,472 | |
* | Walt Disney Co. | 7,624,927 | 688,455 |
Target Corp. | 3,847,252 | 547,926 | |
General Motors Co. | 11,407,893 | 409,771 | |
Ford Motor Co. | 32,756,588 | 399,303 | |
DR Horton Inc. | 2,359,857 | 358,651 | |
Lennar Corp. Class A | 2,143,766 | 319,507 | |
Electronic Arts Inc. | 2,239,884 | 306,439 | |
Dollar General Corp. | 1,826,912 | 248,369 | |
* | Dollar Tree Inc. | 1,740,040 | 247,173 |
Delta Air Lines Inc. | 5,347,403 | 215,126 | |
* | Warner Bros Discovery Inc. | 18,269,110 | 207,902 |
eBay Inc. | 4,317,313 | 188,321 | |
PulteGroup Inc. | 1,793,755 | 185,151 | |
* | NVR Inc. | 25,182 | 176,285 |
Darden Restaurants Inc. | 1,004,826 | 165,093 |
Shares | Market Value• ($000) | ||
Garmin Ltd. | 1,278,855 | 164,384 | |
Genuine Parts Co. | 1,165,559 | 161,430 | |
* | Carnival Corp. | 8,415,152 | 156,017 |
Southwest Airlines Co. | 4,979,017 | 143,794 | |
Omnicom Group Inc. | 1,644,407 | 142,258 | |
*,1 | Rivian Automotive Inc. Class A | 5,487,366 | 128,734 |
Best Buy Co. Inc. | 1,626,227 | 127,301 | |
* | Royal Caribbean Cruises Ltd. | 909,621 | 117,787 |
* | United Airlines Holdings Inc. | 2,728,513 | 112,578 |
LKQ Corp. | 2,235,300 | 106,825 | |
News Corp. Class A | 4,146,895 | 101,806 | |
* | MGM Resorts International | 2,139,930 | 95,612 |
Fox Corp. Class A | 2,127,112 | 63,111 | |
Interpublic Group of Cos. Inc. | 1,600,067 | 52,226 | |
* | CarMax Inc. | 663,035 | 50,881 |
Pool Corp. | 76,759 | 30,605 | |
1 | Paramount Global Class B | 1,939,442 | 28,684 |
Fox Corp. Class B | 1,014,642 | 28,055 | |
Endeavor Group Holdings Inc. Class A | 1,129,648 | 26,807 | |
1 | Sirius XM Holdings Inc. | 4,812,633 | 26,325 |
*,1 | Lucid Group Inc. | 1,917,142 | 8,071 |
1 | Paramount Global Class A | 114,903 | 2,259 |
Lennar Corp. Class B | 15,602 | 2,091 | |
News Corp. Class B | 27,910 | 718 | |
BorgWarner Inc. (XNYS) | 25 | 1 | |
10,990,864 | |||
Consumer Staples (9.8%) | |||
Procter & Gamble Co. | 19,644,407 | 2,878,691 | |
PepsiCo Inc. | 11,458,231 | 1,946,066 | |
Coca-Cola Co. | 32,429,819 | 1,911,089 | |
Philip Morris International Inc. | 12,934,812 | 1,216,907 | |
CVS Health Corp. | 10,725,705 | 846,902 | |
Mondelez International Inc. Class A | 11,339,461 | 821,317 | |
Altria Group Inc. | 14,733,824 | 594,362 | |
McKesson Corp. | 1,109,236 | 513,554 |
Shares | Market Value• ($000) | ||
Kimberly-Clark Corp. | 2,815,996 | 342,172 | |
Archer-Daniels-Midland Co. | 4,444,409 | 320,975 | |
General Mills Inc. | 4,842,878 | 315,465 | |
Constellation Brands Inc. Class A | 1,300,149 | 314,311 | |
Kenvue Inc. | 14,356,696 | 309,100 | |
Sysco Corp. | 4,202,470 | 307,327 | |
Cencora Inc. | 1,412,000 | 289,997 | |
Corteva Inc. | 5,870,969 | 281,337 | |
Colgate-Palmolive Co. | 3,427,948 | 273,242 | |
Keurig Dr Pepper Inc. | 8,152,040 | 271,626 | |
Kraft Heinz Co. | 6,637,608 | 245,459 | |
Kroger Co. | 4,390,071 | 200,670 | |
Walgreens Boots Alliance Inc. | 5,773,300 | 150,741 | |
Clorox Co. | 1,030,853 | 146,989 | |
McCormick & Co. Inc. | 2,099,283 | 143,633 | |
Tyson Foods Inc. Class A | 2,382,980 | 128,085 | |
Kellanova | 2,289,683 | 128,016 | |
Conagra Brands Inc. | 3,718,110 | 106,561 | |
J M Smucker Co. | 842,249 | 106,443 | |
Hormel Foods Corp. | 2,283,765 | 73,332 | |
Campbell Soup Co. | 1,616,329 | 69,874 | |
Albertsons Cos. Inc. Class A | 2,645,577 | 60,848 | |
Molson Coors Beverage Co. Class B | 755,627 | 46,252 | |
15,361,343 | |||
Energy (7.0%) | |||
Exxon Mobil Corp. | 33,386,845 | 3,338,017 | |
Chevron Corp. | 14,945,889 | 2,229,329 | |
ConocoPhillips | 9,895,718 | 1,148,596 | |
EOG Resources Inc. | 4,859,684 | 587,779 | |
Phillips 66 | 3,666,406 | 488,145 | |
Marathon Petroleum Corp. | 3,163,969 | 469,406 | |
Valero Energy Corp. | 2,837,158 | 368,831 | |
Williams Cos. Inc. | 10,137,012 | 353,072 | |
ONEOK Inc. | 4,852,882 | 340,769 | |
Occidental Petroleum Corp. | 5,500,319 | 328,424 | |
Schlumberger NV | 5,926,046 | 308,391 | |
Kinder Morgan Inc. | 15,735,520 | 277,575 | |
Devon Energy Corp. | 5,334,852 | 241,669 | |
Baker Hughes Co. | 4,201,530 | 143,608 | |
Halliburton Co. | 3,363,955 | 121,607 | |
Marathon Oil Corp. | 4,888,313 | 118,102 | |
10,863,320 | |||
Financials (19.2%) | |||
* | Berkshire Hathaway Inc. Class B | 15,217,473 | 5,427,464 |
JPMorgan Chase & Co. | 24,094,438 | 4,098,464 | |
Bank of America Corp. | 56,063,000 | 1,887,641 | |
Wells Fargo & Co. | 30,268,247 | 1,489,803 | |
Morgan Stanley | 10,258,608 | 956,615 | |
Goldman Sachs Group Inc. | 2,467,503 | 951,889 | |
BlackRock Inc. | 1,115,830 | 905,831 | |
Charles Schwab Corp. | 11,811,681 | 812,644 |
Shares | Market Value• ($000) | ||
Marsh & McLennan Cos. Inc. | 4,108,930 | 778,519 | |
Progressive Corp. | 4,875,436 | 776,559 | |
Citigroup Inc. | 14,953,711 | 769,219 | |
Chubb Ltd. | 3,399,830 | 768,362 | |
CME Group Inc. | 3,000,266 | 631,856 | |
Intercontinental Exchange Inc. | 4,770,046 | 612,617 | |
US Bancorp | 12,227,222 | 529,194 | |
PNC Financial Services Group Inc. | 3,320,642 | 514,201 | |
KKR & Co. Inc. | 5,530,308 | 458,186 | |
Truist Financial Corp. | 11,115,666 | 410,390 | |
Arthur J Gallagher & Co. | 1,798,514 | 404,450 | |
Aflac Inc. | 4,869,670 | 401,748 | |
American International Group Inc. | 5,848,826 | 396,258 | |
Travelers Cos. Inc. | 1,903,050 | 362,512 | |
Bank of New York Mellon Corp. | 6,407,348 | 333,502 | |
Ameriprise Financial Inc. | 843,056 | 320,218 | |
Prudential Financial Inc. | 3,007,660 | 311,924 | |
MetLife Inc. | 4,624,741 | 305,834 | |
Allstate Corp. | 2,180,070 | 305,166 | |
Discover Financial Services | 2,081,346 | 233,943 | |
* | Arch Capital Group Ltd. | 2,950,378 | 219,125 |
Willis Towers Watson plc | 859,155 | 207,228 | |
Hartford Financial Services Group Inc. | 2,502,110 | 201,120 | |
T Rowe Price Group Inc. | 1,859,233 | 200,221 | |
Fifth Third Bancorp | 5,667,274 | 195,464 | |
Nasdaq Inc. | 3,358,913 | 195,287 | |
M&T Bank Corp. | 1,380,831 | 189,284 | |
State Street Corp. | 2,438,454 | 188,883 | |
Raymond James Financial Inc. | 1,568,230 | 174,858 | |
Cboe Global Markets Inc. | 881,317 | 157,368 | |
Principal Financial Group Inc. | 1,981,816 | 155,909 | |
Huntington Bancshares Inc. | 12,097,196 | 153,876 | |
Regions Financial Corp. | 7,729,317 | 149,794 | |
* | Markel Group Inc. | 104,895 | 148,940 |
Northern Trust Corp. | 1,633,703 | 137,852 | |
Cincinnati Financial Corp. | 1,310,609 | 135,596 | |
Everest Group Ltd. | 362,372 | 128,127 | |
Citizens Financial Group Inc. | 3,677,222 | 121,863 | |
W R Berkley Corp. | 1,615,346 | 114,237 | |
KeyCorp. | 7,822,410 | 112,643 | |
Fidelity National Financial Inc. | 2,159,323 | 110,169 | |
Loews Corp. | 1,490,905 | 103,752 | |
Franklin Resources Inc. | 2,271,802 | 67,677 | |
Globe Life Inc. | 373,107 | 45,415 |
Shares | Market Value• ($000) | ||
Corebridge Financial Inc. | 1,837,147 | 39,793 | |
Interactive Brokers Group Inc. Class A | 424,482 | 35,190 | |
* | Berkshire Hathaway Inc. Class A | 52 | 28,217 |
*,1 | Rocket Cos. Inc. Class A | 1,056,553 | 15,299 |
Annaly Capital Management Inc. | 50 | 1 | |
29,888,197 | |||
Health Care (17.7%) | |||
UnitedHealth Group Inc. | 7,708,539 | 4,058,315 | |
Johnson & Johnson | 20,062,329 | 3,144,569 | |
Merck & Co. Inc. | 21,118,349 | 2,302,322 | |
AbbVie Inc. | 14,714,220 | 2,280,263 | |
Abbott Laboratories | 14,468,487 | 1,592,546 | |
Pfizer Inc. | 47,056,024 | 1,354,743 | |
Amgen Inc. | 4,460,073 | 1,284,590 | |
Danaher Corp. | 5,540,936 | 1,281,840 | |
Elevance Health Inc. | 1,958,296 | 923,454 | |
Medtronic plc | 11,085,341 | 913,210 | |
Bristol-Myers Squibb Co. | 16,956,669 | 870,047 | |
Thermo Fisher Scientific Inc. | 1,609,347 | 854,225 | |
Gilead Sciences Inc. | 10,384,342 | 841,236 | |
* | Regeneron Pharmaceuticals Inc. | 848,098 | 744,876 |
Cigna Group | 2,438,726 | 730,276 | |
Becton Dickinson & Co. | 2,420,096 | 590,092 | |
Humana Inc. | 1,026,045 | 469,734 | |
HCA Healthcare Inc. | 1,673,083 | 452,870 | |
* | Centene Corp. | 4,451,597 | 330,353 |
* | Biogen Inc. | 1,207,139 | 312,371 |
GE Healthcare Inc. | 3,221,704 | 249,102 | |
Zimmer Biomet Holdings Inc. | 1,738,981 | 211,634 | |
Cardinal Health Inc. | 2,051,077 | 206,749 | |
* | IQVIA Holdings Inc. | 761,837 | 176,274 |
* | Molina Healthcare Inc. | 487,061 | 175,980 |
Baxter International Inc. | 4,217,325 | 163,042 | |
Laboratory Corp. of America Holdings | 705,667 | 160,391 | |
* | Hologic Inc. | 2,004,652 | 143,232 |
* | Avantor Inc. | 5,649,232 | 128,972 |
Quest Diagnostics Inc. | 933,420 | 128,700 | |
Revvity Inc. | 1,030,826 | 112,680 | |
Viatris Inc. | 10,020,671 | 108,524 | |
STERIS plc | 412,695 | 90,731 | |
Royalty Pharma plc Class A | 3,159,359 | 88,746 | |
Teleflex Inc. | 196,426 | 48,977 | |
* | Henry Schein Inc. | 545,780 | 41,321 |
* | Bio-Rad Laboratories Inc. Class A | 85,390 | 27,572 |
27,594,559 | |||
Industrials (15.5%) | |||
Caterpillar Inc. | 4,242,513 | 1,254,384 | |
Union Pacific Corp. | 5,080,118 | 1,247,779 |
Shares | Market Value• ($000) | ||
General Electric Co. | 9,068,929 | 1,157,467 | |
Honeywell International Inc. | 5,493,619 | 1,152,067 | |
RTX Corp. | 11,981,811 | 1,008,150 | |
United Parcel Service Inc. Class B (XNYS) | 6,027,346 | 947,680 | |
Lockheed Martin Corp. | 2,067,521 | 937,083 | |
Deere & Co. | 2,160,060 | 863,743 | |
American Express Co. | 4,554,646 | 853,267 | |
Eaton Corp. plc | 3,327,101 | 801,232 | |
Illinois Tool Works Inc. | 2,382,686 | 624,121 | |
CSX Corp. | 16,464,239 | 570,815 | |
* | PayPal Holdings Inc. | 8,981,219 | 551,537 |
General Dynamics Corp. | 2,046,383 | 531,384 | |
Northrop Grumman Corp. | 1,130,771 | 529,359 | |
3M Co. | 4,601,580 | 503,045 | |
Parker-Hannifin Corp. | 1,070,393 | 493,130 | |
FedEx Corp. | 1,884,993 | 476,847 | |
Trane Technologies plc | 1,896,343 | 462,518 | |
Emerson Electric Co. | 4,750,380 | 462,355 | |
Norfolk Southern Corp. | 1,884,155 | 445,377 | |
PACCAR Inc. | 4,359,190 | 425,675 | |
Carrier Global Corp. | 6,992,079 | 401,695 | |
Capital One Financial Corp. | 3,013,965 | 395,191 | |
L3Harris Technologies Inc. | 1,578,713 | 332,509 | |
* | Fiserv Inc. | 2,497,095 | 331,714 |
United Rentals Inc. | 564,717 | 323,820 | |
Johnson Controls International plc | 5,504,808 | 317,297 | |
AMETEK Inc. | 1,922,471 | 316,996 | |
Ferguson plc | 1,628,237 | 314,364 | |
Otis Worldwide Corp. | 3,409,622 | 305,059 | |
PPG Industries Inc. | 1,963,857 | 293,695 | |
Cummins Inc. | 1,180,725 | 282,866 | |
Global Payments Inc. | 2,167,577 | 275,282 | |
Ingersoll Rand Inc. (XYNS) | 3,370,946 | 260,709 | |
DuPont de Nemours Inc. | 3,221,595 | 247,837 | |
* | Keysight Technologies Inc. | 1,453,201 | 231,190 |
Xylem Inc. | 2,006,698 | 229,486 | |
Fidelity National Information Services Inc. | 3,782,436 | 227,211 | |
Fortive Corp. | 2,924,723 | 215,347 | |
Westinghouse Air Brake Technologies Corp. | 1,490,427 | 189,135 | |
Dover Corp. | 1,168,606 | 179,743 | |
* | FleetCor Technologies Inc. | 572,390 | 161,763 |
Expeditors International of Washington Inc. | 1,214,379 | 154,469 | |
Ball Corp. | 2,620,371 | 150,724 | |
Jacobs Solutions Inc. | 1,052,602 | 136,628 | |
Synchrony Financial | 3,455,203 | 131,954 | |
Textron Inc. | 1,637,121 | 131,657 |
Shares | Market Value• ($000) | ||
Martin Marietta Materials Inc. | 257,840 | 128,639 | |
Snap-on Inc. | 440,917 | 127,354 | |
Stanley Black & Decker Inc. | 1,280,693 | 125,636 | |
Masco Corp. | 1,875,570 | 125,626 | |
Packaging Corp. of America | 748,678 | 121,967 | |
* | Zebra Technologies Corp. Class A | 429,016 | 117,263 |
TransUnion | 1,617,957 | 111,170 | |
* | Trimble Inc. | 2,078,218 | 110,561 |
Howmet Aerospace Inc. | 1,719,880 | 93,080 | |
Veralto Corp. | 977,086 | 80,375 | |
Hubbell Inc. | 223,914 | 73,652 | |
Crown Holdings Inc. | 504,268 | 46,438 | |
CH Robinson Worldwide Inc. | 463,224 | 40,018 | |
24,139,135 | |||
Real Estate (3.2%) | |||
Prologis Inc. | 7,699,291 | 1,026,315 | |
Crown Castle Inc. | 3,614,173 | 416,317 | |
Simon Property Group Inc. | 2,583,132 | 368,458 | |
Digital Realty Trust Inc. | 2,523,524 | 339,616 | |
Extra Space Storage Inc. | 1,759,609 | 282,118 | |
VICI Properties Inc. | 8,615,323 | 274,656 | |
* | CBRE Group Inc. Class A | 2,409,964 | 224,344 |
AvalonBay Communities Inc. | 1,181,976 | 221,290 | |
Weyerhaeuser Co. | 6,074,385 | 211,206 | |
Equity Residential | 3,000,384 | 183,503 | |
Alexandria Real Estate Equities Inc. | 1,445,591 | 183,258 | |
Realty Income Corp. | 3,021,946 | 173,520 | |
Iron Mountain Inc. | 2,439,119 | 170,690 | |
Ventas Inc. | 3,345,178 | 166,724 | |
Essex Property Trust Inc. | 532,956 | 132,141 | |
Mid-America Apartment Communities Inc. | 974,532 | 131,036 | |
WP Carey Inc. | 1,826,293 | 118,362 | |
UDR Inc. | 2,747,639 | 105,207 | |
Invitation Homes Inc. | 2,555,322 | 87,162 | |
Host Hotels & Resorts Inc. | 2,945,922 | 57,357 | |
Regency Centers Corp. | 771,097 | 51,663 | |
Healthpeak Properties Inc. | 2,286,450 | 45,272 | |
Camden Property Trust | 223,100 | 22,152 | |
* | Zillow Group Inc. Class C | 321,759 | 18,617 |
* | Zillow Group Inc. Class A | 82,341 | 4,670 |
Boston Properties Inc. | 15 | 1 |
Shares | Market Value• ($000) | ||
NET Lease Office Properties | 1 | — | |
5,015,655 | |||
Technology (9.2%) | |||
Broadcom Inc. | 3,698,330 | 4,128,261 | |
Intel Corp. | 35,134,069 | 1,765,487 | |
Oracle Corp. | 13,696,523 | 1,444,025 | |
QUALCOMM Inc. | 9,274,559 | 1,341,380 | |
International Business Machines Corp. | 7,608,813 | 1,244,421 | |
Analog Devices Inc. | 4,134,606 | 820,967 | |
Micron Technology Inc. | 9,149,113 | 780,785 | |
TE Connectivity Ltd. | 2,588,104 | 363,629 | |
Cognizant Technology Solutions Corp. Class A | 4,176,102 | 315,421 | |
CDW Corp. | 1,115,416 | 253,556 | |
HP Inc. | 7,399,214 | 222,642 | |
Corning Inc. | 6,414,070 | 195,309 | |
Hewlett Packard Enterprise Co. | 10,713,846 | 181,921 | |
Dell Technologies Inc. Class C | 2,123,736 | 162,466 | |
NetApp Inc. | 1,743,500 | 153,707 | |
* | ON Semiconductor Corp. | 1,798,771 | 150,251 |
Skyworks Solutions Inc. | 1,335,842 | 150,175 | |
* | Akamai Technologies Inc. | 1,259,496 | 149,061 |
* | Western Digital Corp. | 2,708,076 | 141,822 |
SS&C Technologies Holdings Inc. | 1,757,354 | 107,392 | |
Gen Digital Inc. (XNGS) | 4,548,898 | 103,806 | |
Seagate Technology Holdings plc | 829,871 | 70,846 | |
Leidos Holdings Inc. | 574,274 | 62,159 | |
* | Qorvo Inc. | 406,792 | 45,809 |
14,355,298 | |||
Telecommunications (3.6%) | |||
Cisco Systems Inc. | 30,477,940 | 1,539,746 | |
Comcast Corp. Class A | 33,462,480 | 1,467,330 | |
Verizon Communications Inc. | 31,532,920 | 1,188,791 | |
AT&T Inc. | 59,587,750 | 999,882 | |
Motorola Solutions Inc. | 690,653 | 216,237 | |
* | Charter Communications Inc. Class A | 401,413 | 156,021 |
5,568,007 | |||
Utilities (5.4%) | |||
NextEra Energy Inc. | 16,864,519 | 1,024,351 | |
Southern Co. | 9,096,359 | 637,837 | |
Duke Energy Corp. | 6,425,489 | 623,529 | |
Waste Management Inc. | 3,356,260 | 601,106 | |
Sempra | 5,241,547 | 391,701 | |
* | PG&E Corp. | 21,195,259 | 382,150 |
American Electric Power Co. Inc. | 4,291,613 | 348,565 | |
Dominion Energy Inc. | 6,971,608 | 327,666 |
Shares | Market Value• ($000) | ||
Constellation Energy Corp. | 2,661,094 | 311,055 | |
Exelon Corp. | 8,280,879 | 297,284 | |
Xcel Energy Inc. | 4,595,368 | 284,499 | |
Republic Services Inc. | 1,703,041 | 280,848 | |
Consolidated Edison Inc. | 2,871,187 | 261,192 | |
Public Service Enterprise Group Inc. | 4,155,819 | 254,128 | |
Edison International | 3,193,216 | 228,283 | |
WEC Energy Group Inc. | 2,625,459 | 220,985 | |
American Water Works Co. Inc. | 1,620,950 | 213,949 | |
Eversource Energy | 2,903,479 | 179,203 | |
Entergy Corp. | 1,766,192 | 178,721 | |
FirstEnergy Corp. | 4,553,096 | 166,916 | |
PPL Corp. | 6,155,782 | 166,822 | |
DTE Energy Co. | 1,463,249 | 161,338 | |
Ameren Corp. | 2,192,571 | 158,611 | |
CenterPoint Energy Inc. | 5,257,899 | 150,218 | |
CMS Energy Corp. | 2,436,605 | 141,494 | |
Alliant Energy Corp. | 2,111,006 | 108,295 | |
AES Corp. | 5,593,101 | 107,667 | |
Evergy Inc. | 1,917,568 | 100,097 | |
NiSource Inc. | 3,735,412 | 99,175 | |
Vistra Corp. | 1,492,501 | 57,491 | |
Avangrid Inc. | 648,504 | 21,018 | |
8,486,194 | |||
Total Common Stocks (Cost $122,266,469) | 155,507,813 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.2%) | |||
Money Market Fund (0.2%) | |||
2,3 | Vanguard Market Liquidity Fund, 5.435% (Cost $244,904) | 2,449,629 | 244,914 |
Total Investments (99.9%) (Cost $122,511,373) | 155,752,727 | ||
Other Assets and Liabilities—Net (0.1%) | 137,546 | ||
Net Assets (100%) | 155,890,273 | ||
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 $40,620,000. |
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 $45,367,000 was received for securities on loan, of which $45,356,000 is held in Vanguard Market Liquidity Fund and $11,000 is held in cash. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2024 | 605 | 145,805 | 637 |
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) |
Citigroup Inc. | 8/29/25 | BANA | 10,288 | (5.931) | — | (44) |
Conagra Brands Inc. | 8/30/24 | BANA | 7,882 | (5.331) | 63 | — |
Ferguson plc | 8/30/24 | BANA | 13,129 | (5.331) | 4 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 30,035 | (5.978) | 152 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 21,024 | (5.977) | — | (65) |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 18,021 | (5.881) | 72 | — |
Goldman Sachs Group Inc. | 8/29/25 | BANA | 96,442 | (6.031) | 273 | — |
Johnson Controls International plc | 8/30/24 | BANA | 9,395 | (5.331) | 23 | — |
Kroger Co. | 1/31/24 | GSI | 44,110 | (5.324) | 1,522 | — |
Rivian Automotive Inc. | 8/30/24 | BANA | 10,088 | (5.331) | — | (31) |
Rivian Automotive Inc. | 8/30/24 | BANA | 10,088 | (5.331) | — | (31) |
US Bancorp | 8/30/24 | BANA | 32,460 | (5.331) | 245 | — |
2,354 | (171) |
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 $122,266,469) | 155,507,813 |
Affiliated Issuers (Cost $244,904) | 244,914 |
Total Investments in Securities | 155,752,727 |
Investment in Vanguard | 4,921 |
Cash | 11 |
Cash Collateral Pledged—Futures Contracts | 6,610 |
Receivables for Investment Securities Sold | 25,560 |
Receivables for Accrued Income | 219,948 |
Receivables for Capital Shares Issued | 42,273 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 2,354 |
Total Assets | 156,054,404 |
Liabilities | |
Due to Custodian | 137 |
Payables for Investment Securities Purchased | 1,691 |
Collateral for Securities on Loan | 45,367 |
Payables for Capital Shares Redeemed | 113,550 |
Payables to Vanguard | 2,875 |
Variation Margin Payable—Futures Contracts | 340 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 171 |
Total Liabilities | 164,131 |
Net Assets | 155,890,273 |
1 Includes $40,620,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 130,477,847 |
Total Distributable Earnings (Loss) | 25,412,426 |
Net Assets | 155,890,273 |
Investor Shares—Net Assets | |
Applicable to 2,527,233 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 147,363 |
Net Asset Value Per Share—Investor Shares | $58.31 |
ETF Shares—Net Assets | |
Applicable to 709,721,806 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 106,042,468 |
Net Asset Value Per Share—ETF Shares | $149.41 |
Admiral Shares—Net Assets | |
Applicable to 575,028,549 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 33,517,529 |
Net Asset Value Per Share—Admiral Shares | $58.29 |
Institutional Shares—Net Assets | |
Applicable to 277,647,560 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 16,182,913 |
Net Asset Value Per Share—Institutional Shares | $58.29 |
Year Ended December 31, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends | 3,914,658 |
Interest1 | 10,448 |
Securities Lending—Net | 6,668 |
Total Income | 3,931,774 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 3,296 |
Management and Administrative—Investor Shares | 280 |
Management and Administrative—ETF Shares | 30,152 |
Management and Administrative—Admiral Shares | 13,147 |
Management and Administrative—Institutional Shares | 5,222 |
Marketing and Distribution—Investor Shares | 11 |
Marketing and Distribution—ETF Shares | 4,773 |
Marketing and Distribution—Admiral Shares | 1,632 |
Marketing and Distribution—Institutional Shares | 524 |
Custodian Fees | 1,010 |
Auditing Fees | 33 |
Shareholders’ Reports—Investor Shares | 2 |
Shareholders’ Reports—ETF Shares | 2,203 |
Shareholders’ Reports—Admiral Shares | 301 |
Shareholders’ Reports—Institutional Shares | 130 |
Trustees’ Fees and Expenses | 88 |
Other Expenses | 22 |
Total Expenses | 62,826 |
Expenses Paid Indirectly | (36) |
Net Expenses | 62,790 |
Net Investment Income | 3,868,984 |
Realized Net Gain (Loss) | |
Investment Securities Sold1,2 | 5,137,419 |
Futures Contracts | 35,800 |
Swap Contracts | 20,443 |
Realized Net Gain (Loss) | 5,193,662 |
Statement of Operations (continued) | |
Year Ended December 31, 2023 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 3,917,911 |
Futures Contracts | 696 |
Swap Contracts | 819 |
Change in Unrealized Appreciation (Depreciation) | 3,919,426 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 12,982,072 |
1 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $9,925,000, $119,000, less than $1,000, and ($17,000), respectively. Purchases and sales are for temporary cash investment purposes. |
2 | Includes $7,972,904,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2023 ($000) | 2022 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 3,868,984 | 3,671,256 |
Realized Net Gain (Loss) | 5,193,662 | 6,671,995 |
Change in Unrealized Appreciation (Depreciation) | 3,919,426 | (13,304,884) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 12,982,072 | (2,961,633) |
Distributions | ||
Investor Shares | (4,056) | (5,847) |
ETF Shares | (2,609,981) | (2,511,165) |
Admiral Shares | (824,747) | (791,346) |
Institutional Shares | (406,537) | (393,370) |
Total Distributions | (3,845,321) | (3,701,728) |
Capital Share Transactions | ||
Investor Shares | (93,887) | (19,293) |
ETF Shares | 438,660 | 11,181,843 |
Admiral Shares | (580,686) | 1,778,634 |
Institutional Shares | (1,225,419) | 1,710,922 |
Net Increase (Decrease) from Capital Share Transactions | (1,461,332) | 14,652,106 |
Total Increase (Decrease) | 7,675,419 | 7,988,745 |
Net Assets | ||
Beginning of Period | 148,214,854 | 140,226,109 |
End of Period | 155,890,273 | 148,214,854 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $54.78 | $57.39 | $46.43 | $46.78 | $38.18 |
Investment Operations | |||||
Net Investment Income1 | 1.332 | 1.301 | 1.177 | 1.142 | 1.093 |
Net Realized and Unrealized Gain (Loss) on Investments | 3.557 | (2.604) | 10.945 | (.362) | 8.623 |
Total from Investment Operations | 4.889 | (1.303) | 12.122 | .780 | 9.716 |
Distributions | |||||
Dividends from Net Investment Income | (1.359) | (1.307) | (1.162) | (1.130) | (1.116) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.359) | (1.307) | (1.162) | (1.130) | (1.116) |
Net Asset Value, End of Period | $58.31 | $54.78 | $57.39 | $46.43 | $46.78 |
Total Return2 | 9.11% | -2.18% | 26.31% | 2.18% | 25.67% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $147 | $233 | $264 | $273 | $328 |
Ratio of Total Expenses to Average Net Assets | 0.17%3 | 0.17%3 | 0.17% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 2.43% | 2.38% | 2.22% | 2.75% | 2.58% |
Portfolio Turnover Rate4 | 10% | 5% | 9% | 10% | 12% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $140.37 | $147.08 | $118.98 | $119.90 | $97.84 |
Investment Operations | |||||
Net Investment Income1 | 3.677 | 3.529 | 3.212 | 3.055 | 3.046 |
Net Realized and Unrealized Gain (Loss) on Investments | 9.034 | (6.707) | 28.045 | (.935) | 22.014 |
Total from Investment Operations | 12.711 | (3.178) | 31.257 | 2.120 | 25.060 |
Distributions | |||||
Dividends from Net Investment Income | (3.671) | (3.532) | (3.157) | (3.040) | (3.000) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.671) | (3.532) | (3.157) | (3.040) | (3.000) |
Net Asset Value, End of Period | $149.41 | $140.37 | $147.08 | $118.98 | $119.90 |
Total Return | 9.26% | -2.05% | 26.47% | 2.23% | 25.85% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $106,042 | $99,459 | $92,776 | $61,580 | $55,909 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04%2 | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 2.61% | 2.52% | 2.35% | 2.87% | 2.76% |
Portfolio Turnover Rate3 | 10% | 5% | 9% | 10% | 12% |
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 were 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $54.76 | $57.38 | $46.41 | $46.77 | $38.17 |
Investment Operations | |||||
Net Investment Income1 | 1.427 | 1.370 | 1.245 | 1.188 | 1.185 |
Net Realized and Unrealized Gain (Loss) on Investments | 3.529 | (2.618) | 10.951 | (.367) | 8.581 |
Total from Investment Operations | 4.956 | (1.248) | 12.196 | .821 | 9.766 |
Distributions | |||||
Dividends from Net Investment Income | (1.426) | (1.372) | (1.226) | (1.181) | (1.166) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.426) | (1.372) | (1.226) | (1.181) | (1.166) |
Net Asset Value, End of Period | $58.29 | $54.76 | $57.38 | $46.41 | $46.77 |
Total Return2 | 9.24% | -2.08% | 26.49% | 2.29% | 25.82% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $33,518 | $32,071 | $31,741 | $22,486 | $22,414 |
Ratio of Total Expenses to Average Net Assets | 0.05%3 | 0.05%3 | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 2.60% | 2.51% | 2.34% | 2.86% | 2.75% |
Portfolio Turnover Rate4 | 10% | 5% | 9% | 10% | 12% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $54.76 | $57.37 | $46.41 | $46.77 | $38.17 |
Investment Operations | |||||
Net Investment Income1 | 1.429 | 1.377 | 1.250 | 1.193 | 1.189 |
Net Realized and Unrealized Gain (Loss) on Investments | 3.533 | (2.609) | 10.941 | (.368) | 8.581 |
Total from Investment Operations | 4.962 | (1.232) | 12.191 | .825 | 9.770 |
Distributions | |||||
Dividends from Net Investment Income | (1.432) | (1.378) | (1.231) | (1.185) | (1.170) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.432) | (1.378) | (1.231) | (1.185) | (1.170) |
Net Asset Value, End of Period | $58.29 | $54.76 | $57.37 | $46.41 | $46.77 |
Total Return | 9.26% | -2.05% | 26.48% | 2.30% | 25.83% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $16,183 | $16,452 | $15,446 | $12,579 | $12,481 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04%2 | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 2.60% | 2.52% | 2.35% | 2.87% | 2.76% |
Portfolio Turnover Rate3 | 10% | 5% | 9% | 10% | 12% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended December 31, 2023, custodian fee offset arrangements reduced the fund’s expenses by $36,000 (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 | 155,507,813 | — | — | 155,507,813 |
Temporary Cash Investments | 244,914 | — | — | 244,914 |
Total | 155,752,727 | — | — | 155,752,727 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 637 | — | — | 637 |
Swap Contracts | — | 2,354 | — | 2,354 |
Total | 637 | 2,354 | — | 2,991 |
Liabilities | ||||
Swap Contracts | — | 171 | — | 171 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
E. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable in-kind redemptions, passive foreign investment companies, corporate actions, and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 7,968,653 |
Total Distributable Earnings (Loss) | (7,968,653) |
Amount ($000) | |
Undistributed Ordinary Income | 206,502 |
Undistributed Long-Term Gains | — |
Net Unrealized Gains (Losses) | 33,131,978 |
Capital Loss Carryforwards | (7,926,054) |
Qualified Late-Year Losses | — |
Other Temporary Differences | — |
Total | 25,412,426 |
Year Ended December 31, | ||
2023 Amount ($000) | 2022 Amount ($000) | |
Ordinary Income* | 3,845,321 | 3,701,728 |
Long-Term Capital Gains | — | — |
Total | 3,845,321 | 3,701,728 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 122,620,748 |
Gross Unrealized Appreciation | 38,476,906 |
Gross Unrealized Depreciation | (5,344,928) |
Net Unrealized Appreciation (Depreciation) | 33,131,978 |
F. | During the year ended December 31, 2023, the fund purchased $32,222,136,000 of investment securities and sold $33,611,248,000 of investment securities, other than temporary cash investments. Purchases and sales include $16,881,532,000 and $17,707,243,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Year Ended December 31, | |||||
2023 | 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 15,265 | 279 | 52,300 | 945 | |
Issued in Lieu of Cash Distributions | 4,056 | 74 | 5,847 | 110 | |
Redeemed | (113,208) | (2,078) | (77,440) | (1,404) | |
Net Increase (Decrease)—Investor Shares | (93,887) | (1,725) | (19,293) | (349) | |
ETF Shares | |||||
Issued | 17,753,209 | 125,354 | 28,097,278 | 198,864 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (17,314,549) | (124,175) | (16,915,435) | (121,125) | |
Net Increase (Decrease)—ETF Shares | 438,660 | 1,179 | 11,181,843 | 77,739 | |
Admiral Shares | |||||
Issued | 4,041,652 | 73,435 | 6,740,145 | 122,919 | |
Issued in Lieu of Cash Distributions | 718,875 | 13,124 | 691,593 | 13,000 | |
Redeemed | (5,341,213) | (97,180) | (5,653,104) | (103,475) | |
Net Increase (Decrease)—Admiral Shares | (580,686) | (10,621) | 1,778,634 | 32,444 | |
Institutional Shares | |||||
Issued | 2,550,479 | 46,217 | 3,365,017 | 61,474 | |
Issued in Lieu of Cash Distributions | 394,481 | 7,209 | 379,225 | 7,126 | |
Redeemed | (4,170,379) | (76,228) | (2,033,320) | (37,361) | |
Net Increase (Decrease)—Institutional Shares | (1,225,419) | (22,802) | 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 December 31, 2023, that would require recognition or disclosure in these financial statements. |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Large-Cap Index Fund Investor Shares | 27.12% | 15.46% | 11.77% | $30,416 | |
CRSP U.S. Large Cap Index | 27.28 | 15.64 | 11.95 | 30,923 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Large-Cap Index Fund ETF Shares Net Asset Value | 27.29% | 15.60% | 11.91% | $30,807 | |
Large-Cap Index Fund ETF Shares Market Price | 27.38 | 15.62 | 11.92 | 30,825 | |
CRSP U.S. Large Cap Index | 27.28 | 15.64 | 11.95 | 30,923 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Large-Cap Index Fund Admiral Shares | 27.28% | 15.60% | 11.90% | $30,788 | |
CRSP U.S. Large Cap Index | 27.28 | 15.64 | 11.95 | 30,923 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 29,422 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Large-Cap Index Fund Institutional Shares | 27.28% | 15.61% | 11.91% | $15,409,788 | |
CRSP U.S. Large Cap Index | 27.28 | 15.64 | 11.95 | 15,461,439 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 26.06 | 15.05 | 11.40 | 14,710,990 |
One Year | Five Years | Ten Years | |
Large-Cap Index Fund ETF Shares Market Price | 27.38% | 106.60% | 208.25% |
Large-Cap Index Fund ETF Shares Net Asset Value | 27.29 | 106.45 | 208.07 |
CRSP U.S. Large Cap Index | 27.28 | 106.78 | 209.23 |
Basic Materials | 1.7% |
Consumer Discretionary | 14.3 |
Consumer Staples | 4.9 |
Energy | 3.9 |
Financials | 10.3 |
Health Care | 12.0 |
Industrials | 11.9 |
Real Estate | 2.4 |
Technology | 33.8 |
Telecommunications | 2.2 |
Utilities | 2.6 |
Shares | Market Value• ($000) | ||
Common Stocks (99.8%) | |||
Basic Materials (1.7%) | |||
Linde plc | 541,447 | 222,378 | |
Freeport-McMoRan Inc. | 1,601,250 | 68,165 | |
Air Products and Chemicals Inc. | 248,126 | 67,937 | |
Ecolab Inc. | 286,558 | 56,839 | |
Newmont Corp. | 1,286,322 | 53,241 | |
Nucor Corp. | 274,517 | 47,777 | |
Dow Inc. | 783,222 | 42,952 | |
Fastenal Co. | 638,086 | 41,329 | |
LyondellBasell Industries NV Class A | 289,770 | 27,551 | |
International Flavors & Fragrances Inc. | 285,070 | 23,082 | |
Albemarle Corp. | 131,046 | 18,933 | |
Celanese Corp. | 121,552 | 18,886 | |
Avery Dennison Corp. | 89,958 | 18,186 | |
CF Industries Holdings Inc. | 213,350 | 16,961 | |
International Paper Co. | 386,445 | 13,970 | |
Mosaic Co. | 364,996 | 13,041 | |
Steel Dynamics Inc. | 85,848 | 10,139 | |
Eastman Chemical Co. | 66,138 | 5,940 | |
FMC Corp. | 69,765 | 4,399 | |
Westlake Corp. | 17,828 | 2,495 | |
774,201 | |||
Consumer Discretionary (14.2%) | |||
* | Amazon.com Inc. | 10,385,417 | 1,577,960 |
* | Tesla Inc. | 3,017,241 | 749,724 |
Home Depot Inc. | 1,111,348 | 385,138 | |
Costco Wholesale Corp. | 494,380 | 326,330 | |
Walmart Inc. | 1,652,993 | 260,594 | |
McDonald's Corp. | 809,926 | 240,151 | |
* | Netflix Inc. | 488,743 | 237,959 |
Walt Disney Co. | 2,043,792 | 184,534 | |
NIKE Inc. Class B | 1,366,784 | 148,392 | |
Lowe's Cos. Inc. | 642,072 | 142,893 | |
* | Booking Holdings Inc. | 38,962 | 138,207 |
* | Uber Technologies Inc. | 2,182,975 | 134,406 |
Starbucks Corp. | 1,269,284 | 121,864 | |
TJX Cos. Inc. | 1,277,487 | 119,841 | |
Target Corp. | 515,510 | 73,419 | |
* | Chipotle Mexican Grill Inc. | 30,649 | 70,093 |
Shares | Market Value• ($000) | ||
* | Lululemon Athletica Inc. | 128,813 | 65,861 |
Marriott International Inc. Class A | 278,764 | 62,864 | |
* | O'Reilly Automotive Inc. | 66,061 | 62,763 |
* | Airbnb Inc. Class A | 412,693 | 56,184 |
General Motors Co. | 1,529,130 | 54,926 | |
Ford Motor Co. | 4,390,604 | 53,522 | |
Ross Stores Inc. | 378,133 | 52,330 | |
Hilton Worldwide Holdings Inc. | 286,365 | 52,144 | |
* | AutoZone Inc. | 19,686 | 50,900 |
DR Horton Inc. | 316,266 | 48,066 | |
* | Copart Inc. | 965,023 | 47,286 |
Lennar Corp. Class A | 280,835 | 41,856 | |
Electronic Arts Inc. | 300,310 | 41,085 | |
Yum! Brands Inc. | 313,006 | 40,897 | |
Estee Lauder Cos. Inc. Class A | 246,407 | 36,037 | |
* | Trade Desk Inc. Class A | 498,343 | 35,861 |
Dollar General Corp. | 245,072 | 33,318 | |
* | Dollar Tree Inc. | 233,389 | 33,153 |
* | Royal Caribbean Cruises Ltd. | 243,206 | 31,493 |
* | Take-Two Interactive Software Inc. | 189,897 | 30,564 |
Delta Air Lines Inc. | 718,498 | 28,905 | |
* | Aptiv plc | 315,867 | 28,340 |
* | Warner Bros Discovery Inc. | 2,450,824 | 27,890 |
* | Ulta Beauty Inc. | 54,972 | 26,936 |
Tractor Supply Co. | 120,728 | 25,960 | |
eBay Inc. | 579,581 | 25,281 | |
* | Roblox Corp. Class A | 544,476 | 24,893 |
PulteGroup Inc. | 240,740 | 24,849 | |
* | NVR Inc. | 3,369 | 23,585 |
* | Expedia Group Inc. | 148,890 | 22,600 |
Darden Restaurants Inc. | 134,346 | 22,073 | |
Garmin Ltd. | 170,940 | 21,973 | |
Genuine Parts Co. | 156,561 | 21,684 | |
Las Vegas Sands Corp. | 426,833 | 21,004 | |
* | Carnival Corp. | 1,125,039 | 20,858 |
* | Rivian Automotive Inc. Class A | 848,514 | 19,906 |
Southwest Airlines Co. | 665,682 | 19,225 | |
Omnicom Group Inc. | 221,047 | 19,123 | |
Best Buy Co. Inc. | 218,641 | 17,115 |
Shares | Market Value• ($000) | ||
* | Live Nation Entertainment Inc. | 180,063 | 16,854 |
Domino's Pizza Inc. | 38,952 | 16,057 | |
* | United Airlines Holdings Inc. | 364,790 | 15,051 |
LKQ Corp. | 298,820 | 14,281 | |
Rollins Inc. | 324,366 | 14,165 | |
* | Burlington Stores Inc. | 72,130 | 14,028 |
* | MGM Resorts International | 286,093 | 12,783 |
News Corp. Class A | 411,294 | 10,097 | |
Fox Corp. Class A | 285,563 | 8,473 | |
Pool Corp. | 20,514 | 8,179 | |
Interpublic Group of Cos. Inc. | 213,655 | 6,974 | |
* | CarMax Inc. | 88,712 | 6,808 |
Warner Music Group Corp. Class A | 139,067 | 4,977 | |
Paramount Global Class B | 271,217 | 4,011 | |
Fox Corp. Class B | 134,373 | 3,715 | |
News Corp. Class B | 141,582 | 3,642 | |
Endeavor Group Holdings Inc. Class A | 151,031 | 3,584 | |
1 | Sirius XM Holdings Inc. | 642,896 | 3,517 |
*,1 | Lucid Group Inc. | 512,119 | 2,156 |
* | Chewy Inc. Class A | 57,055 | 1,348 |
Lennar Corp. Class B | 9,780 | 1,311 | |
1 | Paramount Global Class A | 6,125 | 120 |
6,456,946 | |||
Consumer Staples (4.9%) | |||
Procter & Gamble Co. | 2,631,728 | 385,653 | |
PepsiCo Inc. | 1,535,148 | 260,730 | |
Coca-Cola Co. | 4,344,711 | 256,034 | |
Philip Morris International Inc. | 1,733,441 | 163,082 | |
CVS Health Corp. | 1,437,012 | 113,466 | |
Mondelez International Inc. Class A | 1,519,607 | 110,065 | |
Altria Group Inc. | 1,975,282 | 79,683 | |
Colgate-Palmolive Co. | 919,331 | 73,280 | |
McKesson Corp. | 148,589 | 68,794 | |
* | Monster Beverage Corp. | 813,297 | 46,854 |
Kimberly-Clark Corp. | 377,360 | 45,853 | |
Archer-Daniels-Midland Co. | 595,634 | 43,017 | |
General Mills Inc. | 649,060 | 42,280 | |
Constellation Brands Inc. Class A | 174,336 | 42,146 | |
Kenvue Inc. | 1,924,352 | 41,431 | |
Sysco Corp. | 563,245 | 41,190 | |
Cencora Inc. | 189,304 | 38,879 | |
Corteva Inc. | 787,107 | 37,718 | |
Keurig Dr Pepper Inc. | 1,092,953 | 36,417 | |
Kroger Co. | 722,888 | 33,043 | |
Kraft Heinz Co. | 890,201 | 32,920 | |
Hershey Co. | 167,372 | 31,205 | |
Church & Dwight Co. Inc. | 275,131 | 26,016 |
Shares | Market Value• ($000) | ||
Walgreens Boots Alliance Inc. | 771,849 | 20,153 | |
Clorox Co. | 138,534 | 19,754 | |
Brown-Forman Corp. Class B | 342,420 | 19,552 | |
McCormick & Co. Inc. | 280,638 | 19,201 | |
Tyson Foods Inc. Class A | 318,633 | 17,126 | |
Kellanova | 306,025 | 17,110 | |
Conagra Brands Inc. | 533,760 | 15,298 | |
J M Smucker Co. | 112,612 | 14,232 | |
Hormel Foods Corp. | 305,238 | 9,801 | |
Campbell Soup Co. | 216,345 | 9,353 | |
Lamb Weston Holdings Inc. | 80,764 | 8,730 | |
Albertsons Cos. Inc. Class A | 354,394 | 8,151 | |
Molson Coors Beverage Co. Class B | 100,975 | 6,181 | |
Brown-Forman Corp. Class A | 60,618 | 3,612 | |
2,238,010 | |||
Energy (3.9%) | |||
Exxon Mobil Corp. | 4,473,333 | 447,244 | |
Chevron Corp. | 2,002,462 | 298,687 | |
ConocoPhillips | 1,325,908 | 153,898 | |
Schlumberger NV | 1,589,351 | 82,710 | |
EOG Resources Inc. | 651,154 | 78,757 | |
Phillips 66 | 491,270 | 65,408 | |
Marathon Petroleum Corp. | 424,000 | 62,905 | |
Pioneer Natural Resources Co. | 260,496 | 58,580 | |
Valero Energy Corp. | 380,168 | 49,422 | |
Williams Cos. Inc. | 1,358,390 | 47,313 | |
ONEOK Inc. | 650,263 | 45,661 | |
Hess Corp. | 308,673 | 44,498 | |
Occidental Petroleum Corp. | 737,256 | 44,022 | |
Cheniere Energy Inc. | 252,750 | 43,147 | |
Baker Hughes Co. | 1,123,410 | 38,398 | |
Kinder Morgan Inc. | 2,109,603 | 37,213 | |
Halliburton Co. | 899,748 | 32,526 | |
Devon Energy Corp. | 715,446 | 32,410 | |
Diamondback Energy Inc. | 199,842 | 30,991 | |
Coterra Energy Inc. | 798,428 | 20,376 | |
* | First Solar Inc. | 113,347 | 19,527 |
* | Enphase Energy Inc. | 144,855 | 19,141 |
Marathon Oil Corp. | 653,458 | 15,788 | |
EQT Corp. | 229,672 | 8,879 | |
Texas Pacific Land Corp. | 3,430 | 5,394 | |
1,782,895 | |||
Financials (10.2%) | |||
* | Berkshire Hathaway Inc. Class B | 1,961,629 | 699,635 |
JPMorgan Chase & Co. | 3,228,211 | 549,119 | |
Bank of America Corp. | 7,511,106 | 252,899 | |
Wells Fargo & Co. | 4,055,225 | 199,598 | |
S&P Global Inc. | 353,746 | 155,832 |
Shares | Market Value• ($000) | ||
Goldman Sachs Group Inc. | 364,127 | 140,469 | |
Morgan Stanley | 1,374,524 | 128,174 | |
BlackRock Inc. | 149,492 | 121,358 | |
Charles Schwab Corp. | 1,582,802 | 108,897 | |
Citigroup Inc. | 2,030,147 | 104,431 | |
Marsh & McLennan Cos. Inc. | 550,547 | 104,312 | |
Progressive Corp. | 653,278 | 104,054 | |
Blackstone Inc. | 793,423 | 103,875 | |
Chubb Ltd. | 455,540 | 102,952 | |
CME Group Inc. | 401,946 | 84,650 | |
Intercontinental Exchange Inc. | 639,068 | 82,075 | |
US Bancorp | 1,738,666 | 75,249 | |
PNC Financial Services Group Inc. | 444,817 | 68,880 | |
Moody's Corp. | 173,686 | 67,835 | |
Aon plc Class A (XNYS) | 212,388 | 61,809 | |
KKR & Co. Inc. | 741,155 | 61,405 | |
Truist Financial Corp. | 1,489,251 | 54,983 | |
Arthur J Gallagher & Co. | 241,073 | 54,212 | |
Aflac Inc. | 652,495 | 53,831 | |
American International Group Inc. | 783,864 | 53,107 | |
Travelers Cos. Inc. | 255,011 | 48,577 | |
MSCI Inc. | 83,901 | 47,459 | |
Bank of New York Mellon Corp. | 858,705 | 44,696 | |
Ameriprise Financial Inc. | 113,003 | 42,922 | |
Prudential Financial Inc. | 403,119 | 41,807 | |
Apollo Global Management Inc. | 443,522 | 41,332 | |
MetLife Inc. | 619,894 | 40,994 | |
Allstate Corp. | 292,213 | 40,904 | |
Discover Financial Services | 279,218 | 31,384 | |
* | Berkshire Hathaway Inc. Class A | 57 | 30,930 |
* | Coinbase Global Inc. Class A | 171,556 | 29,837 |
* | Arch Capital Group Ltd. | 395,851 | 29,400 |
Willis Towers Watson plc | 115,299 | 27,810 | |
Broadridge Financial Solutions Inc. | 131,443 | 27,044 | |
Hartford Financial Services Group Inc. | 335,823 | 26,993 | |
T Rowe Price Group Inc. | 249,546 | 26,874 | |
Fifth Third Bancorp | 760,586 | 26,233 | |
Nasdaq Inc. | 450,959 | 26,219 | |
M&T Bank Corp. | 185,341 | 25,406 | |
State Street Corp. | 327,361 | 25,357 | |
Raymond James Financial Inc. | 209,660 | 23,377 | |
Ares Management Corp. Class A | 186,525 | 22,182 | |
Cboe Global Markets Inc. | 117,843 | 21,042 |
Shares | Market Value• ($000) | ||
Principal Financial Group Inc. | 266,248 | 20,946 | |
Huntington Bancshares Inc. | 1,617,206 | 20,571 | |
FactSet Research Systems Inc. | 42,387 | 20,221 | |
Regions Financial Corp. | 1,038,666 | 20,129 | |
* | Markel Group Inc. | 14,022 | 19,910 |
LPL Financial Holdings Inc. | 84,442 | 19,221 | |
Northern Trust Corp. | 219,626 | 18,532 | |
Cincinnati Financial Corp. | 175,225 | 18,129 | |
Everest Group Ltd. | 48,446 | 17,129 | |
Citizens Financial Group Inc. | 494,642 | 16,392 | |
W R Berkley Corp. | 215,970 | 15,273 | |
KeyCorp. | 1,045,670 | 15,058 | |
Fidelity National Financial Inc. | 288,765 | 14,733 | |
Loews Corp. | 199,379 | 13,875 | |
Tradeweb Markets Inc. Class A | 128,108 | 11,642 | |
Interactive Brokers Group Inc. Class A | 113,526 | 9,411 | |
Franklin Resources Inc. | 303,789 | 9,050 | |
Brown & Brown Inc. | 127,133 | 9,040 | |
Globe Life Inc. | 49,854 | 6,068 | |
Corebridge Financial Inc. | 245,194 | 5,311 | |
* | Rocket Cos. Inc. Class A | 141,337 | 2,047 |
4,645,108 | |||
Health Care (12.0%) | |||
Eli Lilly & Co. | 954,031 | 556,124 | |
UnitedHealth Group Inc. | 1,032,792 | 543,734 | |
Johnson & Johnson | 2,688,049 | 421,325 | |
Merck & Co. Inc. | 2,829,587 | 308,482 | |
AbbVie Inc. | 1,971,456 | 305,517 | |
Thermo Fisher Scientific Inc. | 431,420 | 228,993 | |
Abbott Laboratories | 1,938,513 | 213,372 | |
Pfizer Inc. | 6,304,964 | 181,520 | |
Amgen Inc. | 597,595 | 172,119 | |
Danaher Corp. | 742,565 | 171,785 | |
* | Intuitive Surgical Inc. | 393,133 | 132,627 |
Elevance Health Inc. | 262,374 | 123,725 | |
Medtronic plc | 1,485,261 | 122,356 | |
* | Vertex Pharmaceuticals Inc. | 287,741 | 117,079 |
Bristol-Myers Squibb Co. | 2,272,148 | 116,584 | |
Stryker Corp. | 381,779 | 114,328 | |
Gilead Sciences Inc. | 1,391,368 | 112,715 | |
* | Regeneron Pharmaceuticals Inc. | 113,645 | 99,813 |
Cigna Group | 326,762 | 97,849 | |
* | Boston Scientific Corp. | 1,635,791 | 94,565 |
Zoetis Inc. | 461,414 | 91,069 | |
Becton Dickinson & Co. | 324,263 | 79,065 | |
Humana Inc. | 137,474 | 62,937 | |
HCA Healthcare Inc. | 224,170 | 60,678 |
Shares | Market Value• ($000) | ||
* | DexCom Inc. | 431,575 | 53,554 |
* | Edwards Lifesciences Corp. | 677,240 | 51,640 |
* | IDEXX Laboratories Inc. | 92,740 | 51,475 |
* | IQVIA Holdings Inc. | 203,762 | 47,146 |
Agilent Technologies Inc. | 326,283 | 45,363 | |
* | Centene Corp. | 596,556 | 44,270 |
* | Biogen Inc. | 161,794 | 41,867 |
* | Moderna Inc. | 383,158 | 38,105 |
GE Healthcare Inc. | 432,090 | 33,409 | |
West Pharmaceutical Services Inc. | 82,618 | 29,091 | |
Zimmer Biomet Holdings Inc. | 233,341 | 28,398 | |
* | Veeva Systems Inc. Class A | 146,925 | 28,286 |
ResMed Inc. | 164,253 | 28,255 | |
Cardinal Health Inc. | 275,263 | 27,747 | |
* | Alnylam Pharmaceuticals Inc. | 140,144 | 26,825 |
* | Illumina Inc. | 177,318 | 24,690 |
STERIS plc | 110,327 | 24,255 | |
* | Molina Healthcare Inc. | 65,113 | 23,526 |
* | Align Technology Inc. | 81,251 | 22,263 |
Baxter International Inc. | 566,469 | 21,900 | |
Laboratory Corp. of America Holdings | 94,815 | 21,551 | |
Cooper Cos. Inc. | 55,303 | 20,929 | |
* | BioMarin Pharmaceutical Inc. | 210,345 | 20,281 |
* | Hologic Inc. | 267,994 | 19,148 |
Quest Diagnostics Inc. | 125,556 | 17,312 | |
* | Avantor Inc. | 755,219 | 17,242 |
* | Insulet Corp. | 77,972 | 16,918 |
Revvity Inc. | 137,904 | 15,074 | |
Viatris Inc. | 1,339,573 | 14,508 | |
* | Incyte Corp. | 212,730 | 13,357 |
Royalty Pharma plc Class A | 422,348 | 11,864 | |
Teleflex Inc. | 26,278 | 6,552 | |
* | Henry Schein Inc. | 72,814 | 5,513 |
* | Bio-Rad Laboratories Inc. Class A | 11,429 | 3,690 |
*,2 | ABIOMED Inc. CVR | 12 | — |
5,424,365 | |||
Industrials (11.9%) | |||
Visa Inc. Class A | 1,614,874 | 420,432 | |
Mastercard Inc. Class A | 934,951 | 398,766 | |
Accenture plc Class A | 700,820 | 245,925 | |
* | Boeing Co. | 675,526 | 176,083 |
Caterpillar Inc. | 568,465 | 168,078 | |
Union Pacific Corp. | 680,694 | 167,192 | |
General Electric Co. | 1,215,307 | 155,110 | |
Honeywell International Inc. | 736,143 | 154,377 | |
RTX Corp. | 1,605,620 | 135,097 | |
United Parcel Service Inc. Class B (XNYS) | 807,611 | 126,981 | |
Lockheed Martin Corp. | 277,039 | 125,565 | |
Deere & Co. | 289,434 | 115,736 | |
American Express Co. | 610,287 | 114,331 |
Shares | Market Value• ($000) | ||
Eaton Corp. plc | 445,872 | 107,375 | |
Automatic Data Processing Inc. | 459,269 | 106,996 | |
* | Fiserv Inc. | 670,006 | 89,004 |
Illinois Tool Works Inc. | 319,201 | 83,611 | |
Sherwin-Williams Co. | 257,240 | 80,233 | |
CSX Corp. | 2,206,639 | 76,504 | |
* | PayPal Holdings Inc. | 1,203,779 | 73,924 |
General Dynamics Corp. | 274,257 | 71,216 | |
Northrop Grumman Corp. | 151,504 | 70,925 | |
3M Co. | 616,776 | 67,426 | |
Parker-Hannifin Corp. | 143,465 | 66,094 | |
FedEx Corp. | 252,654 | 63,914 | |
Trane Technologies plc | 254,141 | 61,985 | |
Emerson Electric Co. | 636,567 | 61,957 | |
Norfolk Southern Corp. | 252,460 | 59,676 | |
TransDigm Group Inc. | 58,679 | 59,360 | |
Cintas Corp. | 96,678 | 58,264 | |
PACCAR Inc. | 584,096 | 57,037 | |
Carrier Global Corp. | 936,889 | 53,824 | |
Capital One Financial Corp. | 403,966 | 52,968 | |
* | Block Inc. (XNYS) | 618,086 | 47,809 |
L3Harris Technologies Inc. | 211,650 | 44,578 | |
Old Dominion Freight Line Inc. | 109,662 | 44,449 | |
Ferguson plc | 227,314 | 43,888 | |
Johnson Controls International plc | 759,592 | 43,783 | |
United Rentals Inc. | 75,691 | 43,403 | |
Paychex Inc. | 363,045 | 43,242 | |
AMETEK Inc. | 257,705 | 42,493 | |
WW Grainger Inc. | 49,884 | 41,338 | |
Otis Worldwide Corp. | 457,034 | 40,891 | |
Rockwell Automation Inc. | 128,043 | 39,755 | |
Fidelity National Information Services Inc. | 661,450 | 39,733 | |
PPG Industries Inc. | 263,313 | 39,378 | |
Verisk Analytics Inc. | 161,887 | 38,668 | |
Cummins Inc. | 158,284 | 37,920 | |
Global Payments Inc. | 290,666 | 36,915 | |
Quanta Services Inc. | 162,245 | 35,012 | |
Ingersoll Rand Inc. (XYNS) | 452,033 | 34,960 | |
Martin Marietta Materials Inc. | 69,000 | 34,425 | |
Equifax Inc. | 137,596 | 34,026 | |
Vulcan Materials Co. | 148,329 | 33,672 | |
DuPont de Nemours Inc. | 432,201 | 33,249 | |
* | Keysight Technologies Inc. | 194,963 | 31,017 |
Xylem Inc. | 269,208 | 30,787 | |
* | Fair Isaac Corp. | 26,201 | 30,498 |
* | Mettler-Toledo International Inc. | 24,212 | 29,368 |
Fortive Corp. | 392,441 | 28,895 |
Shares | Market Value• ($000) | ||
Westinghouse Air Brake Technologies Corp. | 200,081 | 25,390 | |
Dover Corp. | 156,237 | 24,031 | |
* | Teledyne Technologies Inc. | 52,689 | 23,515 |
* | Waters Corp. | 66,020 | 21,736 |
* | FleetCor Technologies Inc. | 76,546 | 21,633 |
Veralto Corp. | 261,242 | 21,490 | |
Expeditors International of Washington Inc. | 162,359 | 20,652 | |
Ball Corp. | 352,141 | 20,255 | |
JB Hunt Transport Services Inc. | 92,222 | 18,420 | |
Jacobs Solutions Inc. | 140,731 | 18,267 | |
Synchrony Financial | 461,947 | 17,642 | |
Textron Inc. | 218,898 | 17,604 | |
Snap-on Inc. | 58,889 | 17,009 | |
Masco Corp. | 251,003 | 16,812 | |
Stanley Black & Decker Inc. | 171,212 | 16,796 | |
Packaging Corp. of America | 100,082 | 16,304 | |
* | Zebra Technologies Corp. Class A | 57,358 | 15,678 |
TransUnion | 216,308 | 14,863 | |
* | Trimble Inc. | 277,819 | 14,780 |
Howmet Aerospace Inc. | 229,934 | 12,444 | |
HEICO Corp. Class A | 83,611 | 11,910 | |
Hubbell Inc. | 29,940 | 9,848 | |
HEICO Corp. | 46,071 | 8,241 | |
Jack Henry & Associates Inc. | 40,614 | 6,637 | |
Crown Holdings Inc. | 67,356 | 6,203 | |
CH Robinson Worldwide Inc. | 61,980 | 5,354 | |
* | Bill Holdings Inc. | 56,711 | 4,627 |
*,1 | Symbotic Inc. | 27,502 | 1,412 |
5,379,671 | |||
Real Estate (2.5%) | |||
Prologis Inc. | 1,031,610 | 137,513 | |
American Tower Corp. | 520,536 | 112,373 | |
Equinix Inc. | 104,837 | 84,435 | |
Welltower Inc. | 620,912 | 55,987 | |
Crown Castle Inc. | 484,262 | 55,782 | |
Public Storage | 176,698 | 53,893 | |
Simon Property Group Inc. | 346,095 | 49,367 | |
Realty Income Corp. | 808,201 | 46,407 | |
Digital Realty Trust Inc. | 338,169 | 45,511 | |
* | CoStar Group Inc. | 456,013 | 39,851 |
Extra Space Storage Inc. | 235,920 | 37,825 | |
VICI Properties Inc. | 1,155,076 | 36,824 | |
SBA Communications Corp. | 120,467 | 30,561 | |
* | CBRE Group Inc. Class A | 323,356 | 30,101 |
AvalonBay Communities Inc. | 158,572 | 29,688 | |
Weyerhaeuser Co. | 815,148 | 28,343 | |
Equity Residential | 402,809 | 24,636 |
Shares | Market Value• ($000) | ||
Alexandria Real Estate Equities Inc. | 194,051 | 24,600 | |
Invitation Homes Inc. | 683,400 | 23,311 | |
Iron Mountain Inc. | 326,071 | 22,818 | |
Ventas Inc. | 449,336 | 22,395 | |
Sun Communities Inc. | 138,959 | 18,572 | |
Essex Property Trust Inc. | 71,675 | 17,771 | |
Mid-America Apartment Communities Inc. | 130,296 | 17,519 | |
WP Carey Inc. | 244,142 | 15,823 | |
UDR Inc. | 367,660 | 14,078 | |
Host Hotels & Resorts Inc. | 393,849 | 7,668 | |
Regency Centers Corp. | 103,161 | 6,912 | |
Healthpeak Properties Inc. | 305,906 | 6,057 | |
Camden Property Trust | 59,697 | 5,927 | |
* | Zillow Group Inc. Class C | 86,428 | 5,001 |
* | Zillow Group Inc. Class A | 21,769 | 1,235 |
1,108,784 | |||
Technology (33.7%) | |||
Apple Inc. | 16,498,566 | 3,176,469 | |
Microsoft Corp. | 8,299,114 | 3,120,799 | |
NVIDIA Corp. | 2,620,188 | 1,297,569 | |
* | Alphabet Inc. Class A | 6,601,708 | 922,193 |
* | Meta Platforms Inc. Class A | 2,478,497 | 877,289 |
* | Alphabet Inc. Class C | 5,440,442 | 766,721 |
Broadcom Inc. | 495,549 | 553,156 | |
* | Adobe Inc. | 508,401 | 303,312 |
* | Salesforce Inc. | 1,032,163 | 271,603 |
* | Advanced Micro Devices Inc. | 1,803,924 | 265,916 |
Intel Corp. | 4,707,684 | 236,561 | |
Oracle Corp. | 1,835,303 | 193,496 | |
Intuit Inc. | 297,301 | 185,822 | |
QUALCOMM Inc. | 1,242,826 | 179,750 | |
Texas Instruments Inc. | 1,014,134 | 172,869 | |
International Business Machines Corp. | 1,019,586 | 166,753 | |
* | ServiceNow Inc. | 228,903 | 161,718 |
Applied Materials Inc. | 934,110 | 151,391 | |
Lam Research Corp. | 147,169 | 115,272 | |
Analog Devices Inc. | 554,148 | 110,032 | |
Micron Technology Inc. | 1,226,094 | 104,635 | |
* | Palo Alto Networks Inc. | 352,059 | 103,815 |
KLA Corp. | 151,789 | 88,235 | |
* | Synopsys Inc. | 169,816 | 87,440 |
* | Cadence Design Systems Inc. | 303,800 | 82,746 |
Amphenol Corp. Class A | 668,089 | 66,228 | |
* | Snowflake Inc. Class A | 331,311 | 65,931 |
Roper Technologies Inc. | 119,268 | 65,021 | |
* | Crowdstrike Holdings Inc. Class A | 252,409 | 64,445 |
* | Workday Inc. Class A | 231,146 | 63,810 |
* | Autodesk Inc. | 238,705 | 58,120 |
Marvell Technology Inc. | 963,470 | 58,107 |
Shares | Market Value• ($000) | ||
Microchip Technology Inc. | 604,189 | 54,486 | |
TE Connectivity Ltd. | 347,042 | 48,759 | |
* | Fortinet Inc. | 728,874 | 42,661 |
Cognizant Technology Solutions Corp. Class A | 559,857 | 42,286 | |
* | Atlassian Corp. Ltd. Class A | 173,101 | 41,174 |
* | ON Semiconductor Corp. | 480,949 | 40,174 |
* | Palantir Technologies Inc. Class A | 2,195,259 | 37,693 |
* | Gartner Inc. | 82,691 | 37,303 |
* | Datadog Inc. Class A | 303,666 | 36,859 |
* | ANSYS Inc. | 97,013 | 35,204 |
* | DoorDash Inc. Class A | 351,864 | 34,796 |
CDW Corp. | 149,590 | 34,005 | |
Monolithic Power Systems Inc. | 50,830 | 32,062 | |
* | HubSpot Inc. | 53,388 | 30,994 |
* | MongoDB Inc. | 75,683 | 30,943 |
HP Inc. | 993,143 | 29,884 | |
* | Splunk Inc. | 188,186 | 28,670 |
* | Cloudflare Inc. Class A | 313,911 | 26,136 |
Corning Inc. | 857,496 | 26,111 | |
Hewlett Packard Enterprise Co. | 1,432,468 | 24,323 | |
* | Pinterest Inc. Class A | 654,749 | 24,252 |
* | Zscaler Inc. | 98,607 | 21,847 |
Dell Technologies Inc. Class C | 283,927 | 21,720 | |
NetApp Inc. | 233,129 | 20,553 | |
Skyworks Solutions Inc. | 178,623 | 20,081 | |
* | VeriSign Inc. | 96,912 | 19,960 |
* | Akamai Technologies Inc. | 168,402 | 19,930 |
* | Snap Inc. Class A | 1,165,960 | 19,740 |
* | Tyler Technologies Inc. | 47,045 | 19,670 |
* | EPAM Systems Inc. | 64,438 | 19,160 |
* | Western Digital Corp. | 362,050 | 18,960 |
Seagate Technology Holdings plc | 221,903 | 18,944 | |
* | Zoom Video Communications Inc. Class A | 259,073 | 18,630 |
Teradyne Inc. | 170,750 | 18,530 | |
* | GoDaddy Inc. Class A | 157,259 | 16,695 |
* | Okta Inc. | 175,039 | 15,846 |
* | Twilio Inc. Class A | 192,060 | 14,572 |
SS&C Technologies Holdings Inc. | 234,868 | 14,353 | |
Gen Digital Inc. (XNGS) | 608,170 | 13,878 | |
Bentley Systems Inc. Class B | 254,085 | 13,258 | |
* | Unity Software Inc. | 297,062 | 12,147 |
Paycom Software Inc. | 57,114 | 11,807 | |
Leidos Holdings Inc. | 76,781 | 8,311 | |
* | DocuSign Inc. | 113,631 | 6,755 |
* | Qorvo Inc. | 54,281 | 6,113 |
* | Match Group Inc. | 151,990 | 5,548 |
15,273,007 |
Shares | Market Value• ($000) | ||
Telecommunications (2.2%) | |||
Cisco Systems Inc. | 4,083,649 | 206,306 | |
Comcast Corp. Class A | 4,484,113 | 196,628 | |
Verizon Communications Inc. | 4,224,999 | 159,283 | |
AT&T Inc. | 7,984,088 | 133,973 | |
T-Mobile US Inc. | 581,107 | 93,169 | |
* | Arista Networks Inc. | 277,873 | 65,442 |
Motorola Solutions Inc. | 185,328 | 58,024 | |
* | Charter Communications Inc. Class A | 107,365 | 41,731 |
* | Liberty Broadband Corp. Class C | 132,890 | 10,710 |
* | Roku Inc. | 69,838 | 6,401 |
* | Liberty Broadband Corp. Class A | 18,691 | 1,507 |
973,174 | |||
Utilities (2.6%) | |||
NextEra Energy Inc. | 2,259,777 | 137,259 | |
Southern Co. | 1,218,790 | 85,462 | |
Duke Energy Corp. | 860,860 | 83,538 | |
Waste Management Inc. | 449,724 | 80,546 | |
Sempra | 702,722 | 52,514 | |
PG&E Corp. | 2,837,604 | 51,162 | |
American Electric Power Co. Inc. | 575,222 | 46,719 | |
Dominion Energy Inc. | 934,392 | 43,916 | |
Waste Connections Inc. (XTSE) | 287,704 | 42,946 | |
Constellation Energy Corp. | 356,641 | 41,688 | |
Exelon Corp. | 1,110,114 | 39,853 | |
Xcel Energy Inc. | 616,085 | 38,142 | |
Republic Services Inc. | 228,344 | 37,656 | |
Consolidated Edison Inc. | 385,097 | 35,032 | |
Public Service Enterprise Group Inc. | 557,354 | 34,082 | |
Edison International | 428,366 | 30,624 | |
WEC Energy Group Inc. | 352,254 | 29,649 | |
American Water Works Co. Inc. | 217,461 | 28,703 | |
Eversource Energy | 389,824 | 24,060 | |
Entergy Corp. | 236,113 | 23,892 | |
FirstEnergy Corp. | 608,721 | 22,316 | |
PPL Corp. | 823,014 | 22,304 | |
DTE Energy Co. | 195,632 | 21,570 | |
Ameren Corp. | 293,126 | 21,205 | |
CenterPoint Energy Inc. | 702,889 | 20,081 | |
CMS Energy Corp. | 325,754 | 18,916 | |
Alliant Energy Corp. | 282,215 | 14,478 | |
AES Corp. | 747,748 | 14,394 | |
Evergy Inc. | 256,343 | 13,381 | |
NiSource Inc. | 499,308 | 13,257 | |
Vistra Corp. | 199,579 | 7,688 | |
Avangrid Inc. | 86,771 | 2,812 | |
1,179,845 | |||
Total Common Stocks (Cost $23,947,666) | 45,236,006 |
Shares | Market Value• ($000) | ||
Temporary Cash Investments (0.1%) | |||
Money Market Fund (0.1%) | |||
3,4 | Vanguard Market Liquidity Fund, 5.435% (Cost $52,015) | 520,282 | 52,018 |
Total Investments (99.9%) (Cost $23,999,681) | 45,288,024 | ||
Other Assets and Liabilities—Net (0.1%) | 63,659 | ||
Net Assets (100%) | 45,351,683 | ||
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 $5,507,000. |
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 $6,112,000 was received for securities on loan. |
CVR—Contingent Value Rights. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | March 2024 | 290 | 69,890 | 1,077 |
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 | 8/30/24 | BANA | 39,053 | (5.231) | — | (84) |
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 $23,947,666) | 45,236,006 |
Affiliated Issuers (Cost $52,015) | 52,018 |
Total Investments in Securities | 45,288,024 |
Investment in Vanguard | 1,437 |
Cash | 851 |
Cash Collateral Pledged—Futures Contracts | 2,897 |
Receivables for Investment Securities Sold | 840 |
Receivables for Accrued Income | 41,823 |
Receivables for Capital Shares Issued | 30,431 |
Total Assets | 45,366,303 |
Liabilities | |
Payables for Investment Securities Purchased | 1,649 |
Collateral for Securities on Loan | 6,112 |
Payables for Capital Shares Redeemed | 5,780 |
Payables to Vanguard | 848 |
Variation Margin Payable—Futures Contracts | 147 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 84 |
Total Liabilities | 14,620 |
Net Assets | 45,351,683 |
1 Includes $5,507,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 25,444,172 |
Total Distributable Earnings (Loss) | 19,907,511 |
Net Assets | 45,351,683 |
Investor Shares—Net Assets | |
Applicable to 257,106 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 22,676 |
Net Asset Value Per Share—Investor Shares | $88.20 |
ETF Shares—Net Assets | |
Applicable to 140,730,194 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 30,728,234 |
Net Asset Value Per Share—ETF Shares | $218.35 |
Admiral Shares—Net Assets | |
Applicable to 108,397,196 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 11,952,785 |
Net Asset Value Per Share—Admiral Shares | $110.27 |
Institutional Shares—Net Assets | |
Applicable to 5,834,598 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 2,647,988 |
Net Asset Value Per Share—Institutional Shares | $453.84 |
Year Ended December 31, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 642,902 |
Interest2 | 5,352 |
Securities Lending—Net | 1,120 |
Total Income | 649,374 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 898 |
Management and Administrative—Investor Shares | 29 |
Management and Administrative—ETF Shares | 8,637 |
Management and Administrative—Admiral Shares | 4,468 |
Management and Administrative—Institutional Shares | 779 |
Marketing and Distribution—Investor Shares | 1 |
Marketing and Distribution—ETF Shares | 940 |
Marketing and Distribution—Admiral Shares | 474 |
Marketing and Distribution—Institutional Shares | 75 |
Custodian Fees | 330 |
Auditing Fees | 34 |
Shareholders’ Reports—Investor Shares | — |
Shareholders’ Reports—ETF Shares | 419 |
Shareholders’ Reports—Admiral Shares | 67 |
Shareholders’ Reports—Institutional Shares | 4 |
Trustees’ Fees and Expenses | 25 |
Other Expenses | 23 |
Total Expenses | 17,203 |
Expenses Paid Indirectly | (26) |
Net Expenses | 17,177 |
Net Investment Income | 632,197 |
Realized Net Gain (Loss) | |
Investment Securities Sold2,3 | 609,223 |
Futures Contracts | 18,903 |
Swap Contracts | 4,195 |
Foreign Currencies | — |
Realized Net Gain (Loss) | 632,321 |
Statement of Operations (continued) | |
Year Ended December 31, 2023 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 8,466,227 |
Futures Contracts | 2,398 |
Swap Contracts | (84) |
Change in Unrealized Appreciation (Depreciation) | 8,468,541 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 9,733,059 |
1 | Dividends are net of foreign withholding taxes of $44,000. |
2 | Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $5,072,000, $18,000, less than $1,000, and ($6,000), respectively. Purchases and sales are for temporary cash investment purposes. |
3 | Includes $848,994,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2023 ($000) | 2022 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 632,197 | 582,807 |
Realized Net Gain (Loss) | 632,321 | 581,223 |
Change in Unrealized Appreciation (Depreciation) | 8,468,541 | (9,661,685) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 9,733,059 | (8,497,655) |
Distributions | ||
Investor Shares | (290) | (330) |
ETF Shares | (430,519) | (393,544) |
Admiral Shares | (166,820) | (156,189) |
Institutional Shares | (36,408) | (34,496) |
Total Distributions | (634,037) | (584,559) |
Capital Share Transactions | ||
Investor Shares | 1,298 | (11,365) |
ETF Shares | 435,596 | 1,959,159 |
Admiral Shares | (43,037) | 215,566 |
Institutional Shares | 50,913 | 77,917 |
Net Increase (Decrease) from Capital Share Transactions | 444,770 | 2,241,277 |
Total Increase (Decrease) | 9,543,792 | (6,840,937) |
Net Assets | ||
Beginning of Period | 35,807,891 | 42,648,828 |
End of Period | 45,351,683 | 35,807,891 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $70.38 | $89.03 | $71.00 | $59.72 | $46.36 |
Investment Operations | |||||
Net Investment Income1 | 1.142 | 1.058 | .956 | .969 | .918 |
Net Realized and Unrealized Gain (Loss) on Investments | 17.823 | (18.646) | 18.025 | 11.268 | 13.466 |
Total from Investment Operations | 18.965 | (17.588) | 18.981 | 12.237 | 14.384 |
Distributions | |||||
Dividends from Net Investment Income | (1.145) | (1.062) | (.951) | (.957) | (1.024) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.145) | (1.062) | (.951) | (.957) | (1.024) |
Net Asset Value, End of Period | $88.20 | $70.38 | $89.03 | $71.00 | $59.72 |
Total Return2 | 27.12% | -19.78% | 26.87% | 20.89% | 31.23% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $23 | $17 | $36 | $37 | $30 |
Ratio of Total Expenses to Average Net Assets | 0.17%3 | 0.17%3 | 0.17% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 1.44% | 1.38% | 1.19% | 1.61% | 1.75% |
Portfolio Turnover Rate4 | 2% | 3% | 4% | 3% | 5% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $174.22 | $220.44 | $175.80 | $147.88 | $114.77 |
Investment Operations | |||||
Net Investment Income1 | 3.079 | 2.905 | 2.646 | 2.594 | 2.581 |
Net Realized and Unrealized Gain (Loss) on Investments | 44.134 | (46.233) | 44.617 | 27.890 | 33.204 |
Total from Investment Operations | 47.213 | (43.328) | 47.263 | 30.484 | 35.785 |
Distributions | |||||
Dividends from Net Investment Income | (3.083) | (2.892) | (2.623) | (2.564) | (2.675) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.083) | (2.892) | (2.623) | (2.564) | (2.675) |
Net Asset Value, End of Period | $218.35 | $174.22 | $220.44 | $175.80 | $147.88 |
Total Return | 27.29% | -19.68% | 27.02% | 20.99% | 31.39% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $30,728 | $24,137 | $28,242 | $21,540 | $16,270 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04%2 | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.57% | 1.55% | 1.33% | 1.74% | 1.93% |
Portfolio Turnover Rate3 | 2% | 3% | 4% | 3% | 5% |
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 were 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $87.98 | $111.33 | $88.79 | $74.69 | $57.96 |
Investment Operations | |||||
Net Investment Income1 | 1.544 | 1.456 | 1.325 | 1.303 | 1.299 |
Net Realized and Unrealized Gain (Loss) on Investments | 22.293 | (23.348) | 22.530 | 14.084 | 16.774 |
Total from Investment Operations | 23.837 | (21.892) | 23.855 | 15.387 | 18.073 |
Distributions | |||||
Dividends from Net Investment Income | (1.547) | (1.458) | (1.315) | (1.287) | (1.343) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.547) | (1.458) | (1.315) | (1.287) | (1.343) |
Net Asset Value, End of Period | $110.27 | $87.98 | $111.33 | $88.79 | $74.69 |
Total Return2 | 27.28% | -19.70% | 27.01% | 21.03% | 31.39% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $11,953 | $9,583 | $11,847 | $9,338 | $7,546 |
Ratio of Total Expenses to Average Net Assets | 0.05%3 | 0.05%3 | 0.05% | 0.05% | 0.05% |
Ratio of Net Investment Income to Average Net Assets | 1.56% | 1.54% | 1.32% | 1.73% | 1.92% |
Portfolio Turnover Rate4 | 2% | 3% | 4% | 3% | 5% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $362.12 | $458.22 | $365.43 | $307.39 | $238.57 |
Investment Operations | |||||
Net Investment Income1 | 6.401 | 6.032 | 5.477 | 5.389 | 5.363 |
Net Realized and Unrealized Gain (Loss) on Investments | 91.727 | (96.092) | 92.764 | 57.981 | 69.016 |
Total from Investment Operations | 98.128 | (90.060) | 98.241 | 63.370 | 74.379 |
Distributions | |||||
Dividends from Net Investment Income | (6.408) | (6.040) | (5.451) | (5.330) | (5.559) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (6.408) | (6.040) | (5.451) | (5.330) | (5.559) |
Net Asset Value, End of Period | $453.84 | $362.12 | $458.22 | $365.43 | $307.39 |
Total Return | 27.28% | -19.69% | 27.03% | 21.05% | 31.39% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $2,648 | $2,071 | $2,524 | $2,149 | $1,796 |
Ratio of Total Expenses to Average Net Assets | 0.04%2 | 0.04%2 | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.57% | 1.55% | 1.32% | 1.74% | 1.92% |
Portfolio Turnover Rate3 | 2% | 3% | 4% | 3% | 5% |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
C. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the year ended December 31, 2023, custodian fee offset arrangements reduced the fund’s expenses by $26,000 (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 | 45,236,006 | — | — | 45,236,006 |
Temporary Cash Investments | 52,018 | — | — | 52,018 |
Total | 45,288,024 | — | — | 45,288,024 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 1,077 | — | — | 1,077 |
Liabilities | ||||
Swap Contracts | — | 84 | — | 84 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
E. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable in-kind redemptions, passive foreign investment companies, and swap agreements were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 848,976 |
Total Distributable Earnings (Loss) | (848,976) |
Amount ($000) | |
Undistributed Ordinary Income | 24,623 |
Undistributed Long-Term Gains | — |
Net Unrealized Gains (Losses) | 21,237,263 |
Capital Loss Carryforwards | (1,354,375) |
Qualified Late-Year Losses | — |
Other Temporary Differences | — |
Total | 19,907,511 |
Year Ended December 31, | ||
2023 Amount ($000) | 2022 Amount ($000) | |
Ordinary Income* | 634,037 | 584,559 |
Long-Term Capital Gains | — | — |
Total | 634,037 | 584,559 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 24,050,761 |
Gross Unrealized Appreciation | 22,277,410 |
Gross Unrealized Depreciation | (1,040,147) |
Net Unrealized Appreciation (Depreciation) | 21,237,263 |
F. | During the year ended December 31, 2023, the fund purchased $2,536,258,000 of investment securities and sold $2,114,119,000 of investment securities, other than temporary cash investments. Purchases and sales include $1,436,121,000 and $1,201,221,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares. |
G. | Capital share transactions for each class of shares were: |
Year Ended December 31, | |||||
2023 | 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 3,063 | 40 | 5,411 | 68 | |
Issued in Lieu of Cash Distributions | 290 | 3 | 330 | 4 | |
Redeemed | (2,055) | (26) | (17,106) | (231) | |
Net Increase (Decrease)—Investor Shares | 1,298 | 17 | (11,365) | (159) | |
ETF Shares | |||||
Issued | 1,678,374 | 8,513 | 3,667,813 | 19,749 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (1,242,778) | (6,325) | (1,708,654) | (9,325) | |
Net Increase (Decrease)—ETF Shares | 435,596 | 2,188 | 1,959,159 | 10,424 | |
Admiral Shares | |||||
Issued | 1,245,186 | 12,576 | 1,800,154 | 19,196 | |
Issued in Lieu of Cash Distributions | 135,776 | 1,352 | 126,959 | 1,400 | |
Redeemed | (1,423,999) | (14,448) | (1,711,547) | (18,094) | |
Net Increase (Decrease)—Admiral Shares | (43,037) | (520) | 215,566 | 2,502 | |
Institutional Shares | |||||
Issued | 436,811 | 1,089 | 424,874 | 1,093 | |
Issued in Lieu of Cash Distributions | 31,807 | 77 | 30,324 | 81 | |
Redeemed | (417,705) | (1,050) | (377,281) | (963) | |
Net Increase (Decrease)—Institutional Shares | 50,913 | 116 | 77,917 | 211 |
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 December 31, 2023, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
February 15, 2024
Fund | Percentage |
Growth Index Fund | 90.0% |
Value Index Fund | 93.4 |
Large-Cap Index Fund | 92.9 |
Fund | ($000) |
Growth Index Fund | 1,104,262 |
Value Index Fund | 3,845,321 |
Large-Cap Index Fund | 634,037 |
Fund | ($000) |
Growth Index Fund | 6,482 |
Value Index Fund | 3,979 |
Large-Cap Index Fund | 2,012 |
Fund | ($000) |
Growth Index Fund | 34,387 |
Value Index Fund | — |
Large-Cap Index Fund | — |
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. Mclsaac | Lauren Valente |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
1 | |
2 | |
4 | |
8 |
• | For the 12 months ended December 31, 2023, returns for Vanguard Total Stock Market Index Fund ranged from 25.89% for Investor Shares to 26.05% for Institutional Select Shares. |
• | The fourth quarter of 2023 was a volatile period for the financial markets. Stocks and bonds continued to lose ground early on amid concerns that interest rates might remain elevated for an extended period. They went on to post strong gains, however, as inflation remained on a downward trend and economic growth softened, leading the markets to anticipate that policy rates had reached their peak and that cuts were likely not too far down the road. |
• | The fund, which offers investors exposure to every segment, size, and style of the U.S. equity market, closely tracked its target index, the CRSP US Total Market Index. |
• | The majority of the index’s 11 sectors recorded positive returns for the 12 months. Consumer discretionary, consumer staples, and energy stocks helped performance the most. |
Average Annual Total Returns Periods Ended December 31, 2023 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 26.53% | 8.97% | 15.52% |
Russell 2000 Index (Small-caps) | 16.93 | 2.22 | 9.97 |
Russell 3000 Index (Broad U.S. market) | 25.96 | 8.54 | 15.16 |
FTSE All-World ex US Index (International) | 15.82 | 1.98 | 7.52 |
Bonds | |||
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market) | 5.60% | -3.33% | 1.17% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 6.40 | -0.40 | 2.25 |
FTSE Three-Month U.S. Treasury Bill Index | 5.26 | 2.24 | 1.91 |
CPI | |||
Consumer Price Index | 3.35% | 5.60% | 4.07% |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended December 31, 2023 | |||
Beginning Account Value 6/30/2023 | Ending Account Value 12/31/2023 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Total Stock Market Index Fund | |||
Investor Shares | $1,000.00 | $1,084.10 | $0.74 |
ETF Shares | 1,000.00 | 1,084.80 | 0.16 |
Admiral™ Shares | 1,000.00 | 1,084.70 | 0.21 |
Institutional Shares | 1,000.00 | 1,084.70 | 0.16 |
Institutional Plus Shares | 1,000.00 | 1,084.80 | 0.11 |
Institutional Select Shares | 1,000.00 | 1,084.80 | 0.05 |
Based on Hypothetical 5% Yearly Return | |||
Total Stock Market Index Fund | |||
Investor Shares | $1,000.00 | $1,024.50 | $0.71 |
ETF Shares | 1,000.00 | 1,025.05 | 0.15 |
Admiral Shares | 1,000.00 | 1,025.00 | 0.20 |
Institutional Shares | 1,000.00 | 1,025.05 | 0.15 |
Institutional Plus Shares | 1,000.00 | 1,025.10 | 0.10 |
Institutional Select Shares | 1,000.00 | 1,025.15 | 0.05 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Total Stock Market Index Fund Investor Shares | 25.89% | 14.95% | 11.32% | $29,211 | |
CRSP US Total Market Index | 25.98 | 15.08 | 11.44 | 29,545 |
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Total Stock Market Index Fund ETF Shares Net Asset Value | 26.03% | 15.07% | 11.44% | $29,530 | |
Total Stock Market Index Fund ETF Shares Market Price | 26.11 | 15.09 | 11.44 | 29,546 | |
CRSP US Total Market Index | 25.98 | 15.08 | 11.44 | 29,545 |
Average Annual Total Returns Periods Ended December 31, 2023 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Total Stock Market Index Fund Admiral Shares | 26.01% | 15.07% | 11.43% | $29,511 | |
CRSP US Total Market Index | 25.98 | 15.08 | 11.44 | 29,545 |
One Year | Five Years | Ten Years | Final Value of a $5,000,000 Investment | ||
Total Stock Market Index Fund Institutional Shares | 26.02% | 15.08% | 11.44% | $14,770,565 | |
CRSP US Total Market Index | 25.98 | 15.08 | 11.44 | 14,772,640 |
One Year | Five Years | Since Inception (4/28/2015) | Final Value of a $100,000,000 Investment | ||
Total Stock Market Index Fund Institutional Plus Shares | 26.03% | 15.09% | 11.29% | $253,032,140 | |
CRSP US Total Market Index | 25.98 | 15.08 | 11.28 | 252,780,380 |
One Year | Five Years | Since Inception (6/27/2016) | Final Value of a $5,000,000,000 Investment | ||
Total Stock Market Index Fund Institutional Select Shares | 26.05% | 15.10% | 13.88% | $13,269,271,000 | |
CRSP US Total Market Index | 25.98 | 15.08 | 13.85 | 13,249,208,500 |
Cumulative Returns of ETF Shares: December 31, 2013, Through December 31, 2023 | |||
One Year | Five Years | Ten Years | |
Total Stock Market Index Fund ETF Shares Market Price | 26.11% | 101.91% | 195.46% |
Total Stock Market Index Fund ETF Shares Net Asset Value | 26.03 | 101.77 | 195.30 |
CRSP US Total Market Index | 25.98 | 101.85 | 195.45 |
Basic Materials | 2.0% |
Consumer Discretionary | 14.5 |
Consumer Staples | 4.7 |
Energy | 4.1 |
Financials | 10.8 |
Health Care | 12.1 |
Industrials | 13.1 |
Real Estate | 3.0 |
Technology | 31.1 |
Telecommunications | 2.0 |
Utilities | 2.6 |
Shares | Market Value• ($000) | |||||
Common Stocks (99.7%) | ||||||
Basic Materials (2.0%) | ||||||
Linde plc | 15,215,421 | 6,249,126 | ||||
Freeport-McMoRan Inc. | 45,082,646 | 1,919,168 | ||||
Air Products and Chemicals Inc. | 6,979,284 | 1,910,928 | ||||
Ecolab Inc. | 8,053,649 | 1,597,441 | ||||
Newmont Corp. | 36,198,394 | 1,498,252 | ||||
Nucor Corp. | 7,718,789 | 1,343,378 | ||||
Dow Inc. | 22,036,942 | 1,208,506 | ||||
Fastenal Co. | 17,917,428 | 1,160,512 | ||||
LyondellBasell Industries NV Class A | 8,127,069 | 772,722 | ||||
International Flavors & Fragrances Inc. | 8,010,123 | 648,580 | ||||
Steel Dynamics Inc. | 4,832,756 | 570,748 | ||||
1 | Albemarle Corp. | 3,684,336 | 532,313 | |||
Celanese Corp. Class A | 3,416,179 | 530,772 | ||||
Avery Dennison Corp. | 2,526,465 | 510,750 | ||||
Reliance Steel & Aluminum Co. | 1,798,844 | 503,101 | ||||
CF Industries Holdings Inc. | 5,986,618 | 475,936 | ||||
International Paper Co. | 10,843,662 | 391,998 | ||||
Mosaic Co. | 10,297,765 | 367,939 | ||||
Eastman Chemical Co. | 3,720,535 | 334,178 | ||||
* | Cleveland-Cliffs Inc. | 15,908,609 | 324,854 | |||
United States Steel Corp. | 6,284,695 | 305,750 | ||||
* | RBC Bearings Inc. | 912,100 | 259,848 | |||
Royal Gold Inc. | 2,060,474 | 249,235 | ||||
FMC Corp. | 3,919,469 | 247,123 | ||||
UFP Industries Inc. | 1,836,357 | 230,555 | ||||
Olin Corp. | 3,848,168 | 207,609 | ||||
Hexcel Corp. | 2,646,399 | 195,172 | ||||
Alcoa Corp. | 5,603,401 | 190,516 |
Shares | Market Value• ($000) | |||||
Commercial Metals Co. | 3,662,937 | 183,293 | ||||
Element Solutions Inc. | 7,229,788 | 167,297 | ||||
Timken Co. | 2,004,759 | 160,681 | ||||
Boise Cascade Co. | 1,241,371 | 160,584 | ||||
Mueller Industries Inc. | 3,390,170 | 159,847 | ||||
* | Valvoline Inc. | 4,119,701 | 154,818 | |||
Balchem Corp. | 1,012,353 | 150,587 | ||||
Cabot Corp. | 1,763,060 | 147,215 | ||||
Chemours Co. | 4,653,687 | 146,777 | ||||
Westlake Corp. | 1,000,421 | 140,019 | ||||
Huntsman Corp. | 5,311,450 | 133,477 | ||||
Ashland Inc. | 1,467,336 | 123,711 | ||||
NewMarket Corp. | 224,986 | 122,804 | ||||
Avient Corp. | 2,861,511 | 118,953 | ||||
Carpenter Technology Corp. | 1,463,624 | 103,625 | ||||
*,1 | Livent Corp. | 5,630,396 | 101,235 | |||
Innospec Inc. | 778,885 | 95,990 | ||||
Quaker Chemical Corp. | 424,919 | 90,686 | ||||
* | MP Materials Corp. | 4,501,073 | 89,346 | |||
Hecla Mining Co. | 18,440,684 | 88,700 | ||||
Sensient Technologies Corp. | 1,320,575 | 87,158 | ||||
Materion Corp. | 647,108 | 84,208 | ||||
Scotts Miracle-Gro Co. | 1,318,584 | 84,060 | ||||
* | Uranium Energy Corp. | 11,824,178 | 75,675 | |||
Minerals Technologies Inc. | 1,019,510 | 72,701 | ||||
Stepan Co. | 666,767 | 63,043 | ||||
Sylvamo Corp. | 1,141,927 | 56,080 | ||||
Tronox Holdings plc | 3,731,007 | 52,831 | ||||
* | Ingevity Corp. | 1,026,403 | 48,467 | |||
Hawkins Inc. | 588,517 | 41,443 | ||||
* | Coeur Mining Inc. | 11,385,405 | 37,116 | |||
Kaiser Aluminum Corp. | 500,346 | 35,620 | ||||
*,1 | Energy Fuels Inc. | 4,709,210 | 33,859 |
Shares | Market Value• ($000) | |||||
Compass Minerals International Inc. | 1,294,205 | 32,769 | ||||
Ryerson Holding Corp. | 910,099 | 31,562 | ||||
Koppers Holdings Inc. | 600,901 | 30,778 | ||||
* | TimkenSteel Corp. | 1,299,552 | 30,474 | |||
* | Ecovyst Inc. | 3,093,311 | 30,222 | |||
* | Worthington Steel Inc. | 1,022,823 | 28,741 | |||
Mativ Holdings Inc. | 1,711,358 | 26,201 | ||||
* | US Silica Holdings Inc. | 2,293,847 | 25,943 | |||
AdvanSix Inc. | 806,395 | 24,160 | ||||
Schnitzer Steel Industries Inc. Class A | 765,690 | 23,093 | ||||
*,1 | LanzaTech Global Inc. | 4,424,472 | 22,255 | |||
Haynes International Inc. | 351,719 | 20,066 | ||||
* | Century Aluminum Co. | 1,585,067 | 19,243 | |||
Olympic Steel Inc. | 285,467 | 19,041 | ||||
* | Clearwater Paper Corp. | 486,081 | 17,557 | |||
* | LSB Industries Inc. | 1,753,855 | 16,328 | |||
*,1 | Piedmont Lithium Inc. | 564,685 | 15,941 | |||
GrafTech International Ltd. | 5,984,730 | 13,107 | ||||
*,1 | Ur-Energy Inc. | 8,257,023 | 12,716 | |||
American Vanguard Corp. | 890,572 | 9,770 | ||||
* | Northwest Pipe Co. | 283,882 | 8,590 | |||
* | Rayonier Advanced Materials Inc. | 2,021,725 | 8,188 | |||
*,1 | American Battery Technology Co. | 1,618,965 | 7,593 | |||
* | Alto Ingredients Inc. | 2,655,238 | 7,063 | |||
* | Intrepid Potash Inc. | 295,437 | 7,058 | |||
Omega Flex Inc. | 89,349 | 6,300 | ||||
*,1 | NN Inc. | 1,558,286 | 6,233 | |||
FutureFuel Corp. | 789,526 | 4,800 | ||||
* | Universal Stainless & Alloy Products Inc. | 231,105 | 4,641 | |||
Tredegar Corp. | 804,870 | 4,354 | ||||
*,1 | Dakota Gold Corp. | 1,569,599 | 4,112 | |||
Eastern Co. | 163,220 | 3,591 | ||||
Northern Technologies International Corp. | 303,498 | 3,575 | ||||
* | Unifi Inc. | 515,832 | 3,435 | |||
Friedman Industries Inc. | 206,261 | 3,189 | ||||
*,1 | Origin Materials Inc. | 3,032,849 | 2,536 | |||
* | Glatfelter Corp. | 1,272,895 | 2,469 | |||
* | Idaho Strategic Resources Inc. | 277,137 | 1,755 |
Shares | Market Value• ($000) | |||||
* | Culp Inc. | 296,017 | 1,714 | |||
* | Perma-Pipe International Holdings Inc. | 203,835 | 1,588 | |||
* | Gold Resource Corp. | 3,809,091 | 1,432 | |||
*,1 | 5E Advanced Materials Inc. | 965,874 | 1,362 | |||
*,1 | Comstock Inc. | 2,159,157 | 1,183 | |||
* | Ascent Industries Co. | 120,516 | 1,152 | |||
*,1 | Hycroft Mining Holding Corp. Class A | 460,846 | 1,129 | |||
* | Ampco-Pittsburgh Corp. | 366,153 | 1,000 | |||
* | CPS Technologies Corp. | 412,694 | 970 | |||
*,1 | Contango ORE Inc. | 53,430 | 968 | |||
*,1 | Westwater Resources Inc. | 1,414,240 | 799 | |||
* | US Gold Corp. | 174,184 | 740 | |||
* | Solitario Resources Corp. | 1,173,263 | 657 | |||
* | United States Antimony Corp. | 2,524,776 | 629 | |||
United-Guardian Inc. | 75,085 | 541 | ||||
Flexible Solutions International Inc. | 277,169 | 529 | ||||
Chicago Rivet & Machine Co. | 28,369 | 482 | ||||
* | Paramount Gold Nevada Corp. | 1,223,263 | 459 | |||
*,1 | NioCorp Developments Ltd. | 103,592 | 330 | |||
* | TechPrecision Corp. | 3,764 | 19 | |||
28,706,048 | ||||||
Consumer Discretionary (14.4%) | ||||||
* | Amazon.com Inc. | 291,936,043 | 44,356,762 | |||
* | Tesla Inc. | 84,816,985 | 21,075,324 | |||
Home Depot Inc. | 31,218,717 | 10,818,846 | ||||
Costco Wholesale Corp. | 13,892,935 | 9,170,449 | ||||
Walmart Inc. | 46,447,762 | 7,322,490 | ||||
McDonald's Corp. | 22,754,516 | 6,746,942 | ||||
* | Netflix Inc. | 13,739,236 | 6,689,359 | |||
Walt Disney Co. | 57,449,775 | 5,187,140 | ||||
NIKE Inc. Class B | 38,409,213 | 4,170,088 | ||||
Lowe's Cos. Inc. | 18,036,282 | 4,013,975 | ||||
* | Booking Holdings Inc. | 1,094,935 | 3,883,975 | |||
* | Uber Technologies Inc. | 61,378,590 | 3,779,080 | |||
Starbucks Corp. | 35,668,244 | 3,424,508 | ||||
TJX Cos. Inc. | 35,865,717 | 3,364,563 | ||||
Target Corp. | 14,503,189 | 2,065,544 | ||||
* | Chipotle Mexican Grill Inc. Class A | 861,707 | 1,970,689 |
Shares | Market Value• ($000) | |||||
* | Lululemon Athletica Inc. | 3,621,016 | 1,851,389 | |||
Marriott International Inc. Class A | 7,831,299 | 1,766,036 | ||||
* | O'Reilly Automotive Inc. | 1,856,750 | 1,764,061 | |||
* | Airbnb Inc. Class A | 11,603,011 | 1,579,634 | |||
General Motors Co. | 42,988,371 | 1,544,142 | ||||
Ford Motor Co. | 123,346,777 | 1,503,597 | ||||
Ross Stores Inc. | 10,632,855 | 1,471,481 | ||||
Hilton Worldwide Holdings Inc. | 8,044,785 | 1,464,875 | ||||
* | AutoZone Inc. | 553,650 | 1,431,523 | |||
DR Horton Inc. | 8,890,780 | 1,351,221 | ||||
* | Copart Inc. | 27,162,623 | 1,330,969 | |||
Electronic Arts Inc. | 8,428,919 | 1,153,160 | ||||
Yum! Brands Inc. | 8,615,694 | 1,125,727 | ||||
Lennar Corp. Class A | 7,200,290 | 1,073,131 | ||||
Estee Lauder Cos. Inc. Class A | 6,943,908 | 1,015,547 | ||||
* | Trade Desk Inc. Class A | 13,988,530 | 1,006,615 | |||
Dollar General Corp. | 6,882,039 | 935,613 | ||||
* | Dollar Tree Inc. | 6,559,655 | 931,799 | |||
* | Royal Caribbean Cruises Ltd. | 6,831,605 | 884,625 | |||
* | Take-Two Interactive Software Inc. | 5,345,755 | 860,399 | |||
Delta Air Lines Inc. | 20,229,400 | 813,829 | ||||
* | Aptiv plc | 8,870,401 | 795,852 | |||
* | Warner Bros Discovery Inc. | 68,851,450 | 783,530 | |||
* | Ulta Beauty Inc. | 1,542,479 | 755,799 | |||
Tractor Supply Co. | 3,384,809 | 727,835 | ||||
eBay Inc. | 16,296,611 | 710,858 | ||||
* | ROBLOX Corp. Class A | 15,333,999 | 701,070 | |||
PulteGroup Inc. | 6,770,519 | 698,853 | ||||
* | NVR Inc. | 94,646 | 662,565 | |||
* | Expedia Group Inc. | 4,184,092 | 635,103 | |||
Darden Restaurants Inc. | 3,778,732 | 620,846 | ||||
Garmin Ltd. | 4,799,393 | 616,914 | ||||
Genuine Parts Co. | 4,399,266 | 609,298 | ||||
Las Vegas Sands Corp. | 11,991,371 | 590,095 | ||||
* | Carnival Corp. | 31,549,608 | 584,930 | |||
*,1 | Rivian Automotive Inc. Class A | 23,958,696 | 562,071 | |||
Southwest Airlines Co. | 18,726,088 | 540,809 | ||||
* | Deckers Outdoor Corp. | 807,182 | 539,545 | |||
Omnicom Group Inc. | 6,191,015 | 535,585 | ||||
Best Buy Co. Inc. | 6,139,256 | 480,581 |
Shares | Market Value• ($000) | |||||
* | Live Nation Entertainment Inc. | 5,052,970 | 472,958 | |||
* | DraftKings Inc. Class A | 13,217,995 | 465,934 | |||
Pool Corp. | 1,147,912 | 457,684 | ||||
Domino's Pizza Inc. | 1,094,404 | 451,146 | ||||
* | United Airlines Holdings Inc. | 10,224,231 | 421,852 | |||
Williams-Sonoma Inc. | 2,012,187 | 406,019 | ||||
LKQ Corp. | 8,351,964 | 399,140 | ||||
Rollins Inc. | 9,124,902 | 398,484 | ||||
* | Burlington Stores Inc. | 2,034,277 | 395,626 | |||
Interpublic Group of Cos. Inc. | 12,043,183 | 393,089 | ||||
* | Liberty Media Corp.-Liberty Formula One Class C | 6,077,070 | 383,645 | |||
RB Global Inc. | 5,710,362 | 381,966 | ||||
* | CarMax Inc. | 4,955,768 | 380,306 | |||
* | MGM Resorts International | 8,085,523 | 361,261 | |||
* | Five Below Inc. | 1,666,492 | 355,229 | |||
* | Floor & Decor Holdings Inc. Class A | 3,162,187 | 352,774 | |||
News Corp. Class A | 14,006,314 | 343,855 | ||||
Toll Brothers Inc. | 3,331,799 | 342,476 | ||||
Bath & Body Works Inc. | 7,168,673 | 309,400 | ||||
* | Etsy Inc. | 3,773,821 | 305,868 | |||
Service Corp. International | 4,406,219 | 301,606 | ||||
* | Caesars Entertainment Inc. | 6,410,374 | 300,518 | |||
Churchill Downs Inc. | 2,114,407 | 285,297 | ||||
Lithia Motors Inc. Class A | 865,940 | 285,137 | ||||
* | BJ's Wholesale Club Holdings Inc. | 4,208,555 | 280,542 | |||
* | American Airlines Group Inc. | 20,378,081 | 279,995 | |||
Wynn Resorts Ltd. | 3,030,566 | 276,115 | ||||
*,1 | Norwegian Cruise Line Holdings Ltd. | 13,328,790 | 267,109 | |||
BorgWarner Inc. | 7,382,471 | 264,662 | ||||
* | Skechers USA Inc. Class A | 4,217,465 | 262,917 | |||
Tapestry Inc. | 7,111,533 | 261,776 | ||||
Tempur Sealy International Inc. | 5,132,344 | 261,596 | ||||
Lear Corp. | 1,833,914 | 258,967 | ||||
Texas Roadhouse Inc. Class A | 2,095,682 | 256,155 | ||||
Dick's Sporting Goods Inc. | 1,739,677 | 255,646 | ||||
Vail Resorts Inc. | 1,186,089 | 253,194 |
Shares | Market Value• ($000) | |||||
* | Duolingo Inc. Class A | 1,071,029 | 242,963 | |||
Gentex Corp. | 7,327,970 | 239,332 | ||||
New York Times Co. Class A | 4,875,072 | 238,830 | ||||
* | elf Beauty Inc. | 1,652,157 | 238,472 | |||
Wingstop Inc. | 918,383 | 235,639 | ||||
Fox Corp. Class A | 7,930,900 | 235,310 | ||||
1 | Paramount Global Class B | 15,711,631 | 232,375 | |||
PVH Corp. | 1,900,473 | 232,086 | ||||
* | Light & Wonder Inc. | 2,812,778 | 230,957 | |||
Aramark | 8,180,487 | 229,872 | ||||
* | SiteOne Landscape Supply Inc. | 1,411,044 | 229,295 | |||
H&R Block Inc. | 4,473,759 | 216,396 | ||||
U-Haul Holding Co. (XNYS) | 3,069,293 | 216,201 | ||||
Murphy USA Inc. | 598,740 | 213,487 | ||||
Hasbro Inc. | 4,131,857 | 210,973 | ||||
* | Mattel Inc. | 11,159,843 | 210,698 | |||
Whirlpool Corp. | 1,718,083 | 209,211 | ||||
Wyndham Hotels & Resorts Inc. | 2,577,810 | 207,282 | ||||
VF Corp. | 10,997,472 | 206,752 | ||||
Meritage Homes Corp. | 1,145,598 | 199,563 | ||||
* | Planet Fitness Inc. Class A | 2,703,668 | 197,368 | |||
Thor Industries Inc. | 1,593,564 | 188,439 | ||||
* | Capri Holdings Ltd. | 3,629,883 | 182,365 | |||
Hyatt Hotels Corp. Class A | 1,396,805 | 182,157 | ||||
Macy's Inc. | 8,588,334 | 172,797 | ||||
* | Taylor Morrison Home Corp. Class A | 3,213,724 | 171,452 | |||
*,1 | Carvana Co. Class A | 3,232,170 | 171,111 | |||
* | Wayfair Inc. Class A | 2,765,509 | 170,632 | |||
* | Bright Horizons Family Solutions Inc. | 1,808,279 | 170,412 | |||
* | Crocs Inc. | 1,785,218 | 166,757 | |||
Ralph Lauren Corp. Class A | 1,123,334 | 161,985 | ||||
* | Liberty Media Corp.-Liberty SiriusXM | 5,594,991 | 161,024 | |||
Polaris Inc. | 1,697,142 | 160,838 | ||||
* | AutoNation Inc. | 1,069,274 | 160,584 | |||
Nexstar Media Group Inc. Class A | 1,008,662 | 158,108 | ||||
TKO Group Holdings Inc. Class A | 1,934,052 | 157,780 | ||||
Academy Sports & Outdoors Inc. | 2,370,224 | 156,435 | ||||
* | Alaska Air Group Inc. | 3,991,774 | 155,959 | |||
* | Coty Inc. Class A | 12,536,072 | 155,698 |
Shares | Market Value• ($000) | |||||
* | Lyft Inc. Class A | 10,359,046 | 155,282 | |||
* | Ollie's Bargain Outlet Holdings Inc. | 1,953,676 | 148,264 | |||
Harley-Davidson Inc. | 3,968,673 | 146,206 | ||||
Lennar Corp. Class B | 1,090,413 | 146,170 | ||||
* | Asbury Automotive Group Inc. | 646,341 | 145,407 | |||
Signet Jewelers Ltd. | 1,355,058 | 145,344 | ||||
*,1 | GameStop Corp. Class A | 8,108,822 | 142,148 | |||
KB Home | 2,260,447 | 141,188 | ||||
* | YETI Holdings Inc. | 2,722,296 | 140,960 | |||
Warner Music Group Corp. Class A | 3,907,597 | 139,853 | ||||
* | RH | 465,212 | 135,600 | |||
Boyd Gaming Corp. | 2,132,494 | 133,515 | ||||
* | Abercrombie & Fitch Co. Class A | 1,488,248 | 131,293 | |||
* | Goodyear Tire & Rubber Co. | 8,884,505 | 127,226 | |||
* | Penn Entertainment Inc. | 4,788,112 | 124,587 | |||
* | Grand Canyon Education Inc. | 938,607 | 123,934 | |||
Group 1 Automotive Inc. | 405,097 | 123,449 | ||||
*,1 | Lucid Group Inc. | 29,302,260 | 123,363 | |||
Gap Inc. | 5,855,107 | 122,430 | ||||
* | Skyline Champion Corp. | 1,636,945 | 121,560 | |||
American Eagle Outfitters Inc. | 5,651,108 | 119,577 | ||||
* | M/I Homes Inc. | 824,931 | 113,626 | |||
Advance Auto Parts Inc. | 1,853,842 | 113,140 | ||||
* | Visteon Corp. | 880,378 | 109,959 | |||
Kontoor Brands Inc. | 1,760,230 | 109,874 | ||||
Wendy's Co. | 5,577,948 | 108,658 | ||||
Newell Brands Inc. | 12,511,597 | 108,601 | ||||
* | Madison Square Garden Sports Corp. | 584,597 | 106,297 | |||
Fox Corp. Class B | 3,842,897 | 106,256 | ||||
* | Tri Pointe Homes Inc. | 2,984,066 | 105,636 | |||
Leggett & Platt Inc. | 3,961,707 | 103,678 | ||||
MDC Holdings Inc. | 1,860,184 | 102,775 | ||||
Penske Automotive Group Inc. | 635,305 | 101,973 | ||||
Kohl's Corp. | 3,555,381 | 101,968 | ||||
Endeavor Group Holdings Inc. Class A | 4,286,164 | 101,711 | ||||
1 | Avis Budget Group Inc. | 566,589 | 100,434 | |||
1 | Sirius XM Holdings Inc. | 18,293,199 | 100,064 | |||
* | Hilton Grand Vacations Inc. | 2,408,429 | 96,771 |
Shares | Market Value• ($000) | |||||
1 | Choice Hotels International Inc. | 853,277 | 96,676 | |||
LCI Industries | 758,619 | 95,366 | ||||
TEGNA Inc. | 6,201,334 | 94,880 | ||||
Steven Madden Ltd. | 2,223,926 | 93,405 | ||||
Foot Locker Inc. | 2,934,761 | 91,418 | ||||
* | Helen of Troy Ltd. | 753,216 | 90,996 | |||
* | Fox Factory Holding Corp. | 1,325,531 | 89,447 | |||
* | Frontdoor Inc. | 2,520,956 | 88,788 | |||
Rush Enterprises Inc. Class A | 1,739,141 | 87,479 | ||||
* | Shake Shack Inc. Class A | 1,171,622 | 86,841 | |||
* | Cavco Industries Inc. | 245,145 | 84,972 | |||
Marriott Vacations Worldwide Corp. | 987,026 | 83,789 | ||||
Red Rock Resorts Inc. Class A | 1,563,384 | 83,375 | ||||
* | LGI Homes Inc. | 624,713 | 83,187 | |||
Columbia Sportswear Co. | 1,044,393 | 83,071 | ||||
Century Communities Inc. | 911,199 | 83,047 | ||||
Travel + Leisure Co. | 2,102,095 | 82,171 | ||||
Carter's Inc. | 1,071,982 | 80,281 | ||||
Inter Parfums Inc. | 554,419 | 79,842 | ||||
Papa John's International Inc. | 1,022,129 | 77,917 | ||||
* | Stride Inc. | 1,292,903 | 76,760 | |||
*,1 | Chewy Inc. Class A | 3,241,899 | 76,606 | |||
Bloomin' Brands Inc. | 2,715,267 | 76,435 | ||||
Graham Holdings Co. Class B | 107,268 | 74,714 | ||||
* | Liberty Media Corp.-Liberty Formula One Class A | 1,288,116 | 74,685 | |||
* | Urban Outfitters Inc. | 2,061,943 | 73,591 | |||
* | Boot Barn Holdings Inc. | 935,012 | 71,772 | |||
* | Dorman Products Inc. | 838,766 | 69,961 | |||
* | TripAdvisor Inc. | 3,247,375 | 69,916 | |||
* | PowerSchool Holdings Inc. Class A | 2,956,909 | 69,665 | |||
* | SkyWest Inc. | 1,323,803 | 69,103 | |||
* | Adtalem Global Education Inc. | 1,171,522 | 69,061 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 2,395,862 | 68,857 | |||
*,1 | QuantumScape Corp. Class A | 9,885,651 | 68,705 | |||
* | Sonos Inc. | 4,006,896 | 68,678 | |||
Winnebago Industries Inc. | 913,869 | 66,603 |
Shares | Market Value• ($000) | |||||
* | Victoria's Secret & Co. | 2,474,298 | 65,668 | |||
* | Coursera Inc. | 3,383,851 | 65,545 | |||
Strategic Education Inc. | 695,725 | 64,264 | ||||
MillerKnoll Inc. | 2,389,159 | 63,743 | ||||
* | Topgolf Callaway Brands Corp. | 4,360,870 | 62,535 | |||
* | Peloton Interactive Inc. Class A | 10,078,477 | 61,378 | |||
Laureate Education Inc. | 4,443,437 | 60,920 | ||||
* | Brinker International Inc. | 1,396,109 | 60,284 | |||
Dana Inc. | 4,108,493 | 60,025 | ||||
* | ACV Auctions Inc. Class A | 3,958,132 | 59,966 | |||
* | ODP Corp. | 1,061,778 | 59,778 | |||
Acushnet Holdings Corp. | 936,380 | 59,151 | ||||
* | Under Armour Inc. Class A | 6,728,843 | 59,147 | |||
PriceSmart Inc. | 779,637 | 59,081 | ||||
Worthington Enterprises Inc. | 1,023,702 | 58,914 | ||||
* | Dave & Buster's Entertainment Inc. | 1,082,554 | 58,296 | |||
* | SeaWorld Entertainment Inc. | 1,102,240 | 58,231 | |||
* | Liberty Media Corp.-Liberty Live Class C | 1,554,885 | 58,137 | |||
HNI Corp. | 1,388,187 | 58,068 | ||||
* | JetBlue Airways Corp. | 10,415,483 | 57,806 | |||
1 | Spirit Airlines Inc. | 3,443,142 | 56,433 | |||
* | Six Flags Entertainment Corp. | 2,224,063 | 55,780 | |||
1 | Nordstrom Inc. | 3,002,654 | 55,399 | |||
* | Gentherm Inc. | 1,050,070 | 54,982 | |||
* | Sabre Corp. | 12,271,698 | 53,995 | |||
1 | Cracker Barrel Old Country Store Inc. | 697,023 | 53,727 | |||
Jack in the Box Inc. | 647,278 | 52,837 | ||||
* | Knowles Corp. | 2,918,825 | 52,276 | |||
* | National Vision Holdings Inc. | 2,480,050 | 51,907 | |||
* | OPENLANE Inc. | 3,458,235 | 51,216 | |||
Cheesecake Factory Inc. | 1,461,258 | 51,159 | ||||
*,1 | Dutch Bros Inc. Class A | 1,610,682 | 51,010 | |||
* | Atlanta Braves Holdings Inc. Class C | 1,271,801 | 50,338 | |||
La-Z-Boy Inc. | 1,353,831 | 49,983 |
Shares | Market Value• ($000) | |||||
* | Green Brick Partners Inc. | 941,204 | 48,886 | |||
* | Cinemark Holdings Inc. | 3,425,246 | 48,262 | |||
Oxford Industries Inc. | 473,074 | 47,307 | ||||
* | Hanesbrands Inc. | 10,584,496 | 47,207 | |||
Upbound Group Inc. | 1,387,144 | 47,121 | ||||
* | Vista Outdoor Inc. | 1,572,544 | 46,500 | |||
1 | Levi Strauss & Co. Class A | 2,790,822 | 46,160 | |||
* | Under Armour Inc. Class C | 5,451,414 | 45,519 | |||
* | Udemy Inc. | 3,042,528 | 44,816 | |||
Phinia Inc. | 1,463,395 | 44,326 | ||||
Buckle Inc. | 931,987 | 44,288 | ||||
* | Rover Group Inc. Class A | 4,060,625 | 44,180 | |||
* | PROG Holdings Inc. | 1,421,236 | 43,930 | |||
* | Sally Beauty Holdings Inc. | 3,300,748 | 43,834 | |||
* | Central Garden & Pet Co. Class A | 994,212 | 43,785 | |||
* | G-III Apparel Group Ltd. | 1,287,921 | 43,764 | |||
John Wiley & Sons Inc. Class A | 1,327,396 | 42,132 | ||||
1 | Krispy Kreme Inc. | 2,735,545 | 41,279 | |||
News Corp. Class B | 1,592,765 | 40,966 | ||||
Allegiant Travel Co. | 493,502 | 40,768 | ||||
* | Hertz Global Holdings Inc. | 3,853,393 | 40,037 | |||
1 | Dillard's Inc. Class A | 97,101 | 39,195 | |||
* | Integral Ad Science Holding Corp. | 2,719,909 | 39,139 | |||
* | Beyond Inc. | 1,406,301 | 38,940 | |||
*,1 | AMC Entertainment Holdings Inc. Class A | 6,325,872 | 38,714 | |||
* | Chegg Inc. | 3,373,772 | 38,326 | |||
Winmark Corp. | 90,427 | 37,758 | ||||
* | Cars.com Inc. | 1,982,139 | 37,601 | |||
Steelcase Inc. Class A | 2,780,543 | 37,593 | ||||
* | Leslie's Inc. | 5,395,474 | 37,283 | |||
* | Lions Gate Entertainment Corp. Class B | 3,609,636 | 36,782 | |||
* | Madison Square Garden Entertainment Corp. Class A | 1,109,809 | 35,281 | |||
* | XPEL Inc. | 654,711 | 35,256 | |||
* | Life Time Group Holdings Inc. | 2,286,887 | 34,486 | |||
Matthews International Corp. Class A | 937,734 | 34,368 |
Shares | Market Value• ($000) | |||||
Perdoceo Education Corp. | 1,951,264 | 34,264 | ||||
Camping World Holdings Inc. Class A | 1,302,180 | 34,195 | ||||
Caleres Inc. | 1,065,952 | 32,757 | ||||
* | Malibu Boats Inc. Class A | 588,972 | 32,287 | |||
* | iRobot Corp. | 833,053 | 32,239 | |||
* | Beazer Homes USA Inc. | 931,444 | 31,473 | |||
Scholastic Corp. | 809,222 | 30,508 | ||||
* | Sweetgreen Inc. Class A | 2,692,782 | 30,428 | |||
* | American Axle & Manufacturing Holdings Inc. | 3,422,003 | 30,148 | |||
* | Everi Holdings Inc. | 2,607,749 | 29,389 | |||
* | Sphere Entertainment Co. | 862,977 | 29,307 | |||
* | Arlo Technologies Inc. | 3,025,279 | 28,801 | |||
Monro Inc. | 979,030 | 28,725 | ||||
Monarch Casino & Resort Inc. | 414,055 | 28,632 | ||||
* | Chico's FAS Inc. | 3,692,504 | 27,989 | |||
*,1 | Figs Inc. Class A | 4,002,813 | 27,820 | |||
1 | Hibbett Inc. | 372,701 | 26,842 | |||
*,1 | Mister Car Wash Inc. | 3,063,543 | 26,469 | |||
*,1 | Luminar Technologies Inc. Class A | 7,726,058 | 26,037 | |||
*,1 | Lions Gate Entertainment Corp. Class A | 2,384,374 | 25,990 | |||
* | Driven Brands Holdings Inc. | 1,801,573 | 25,690 | |||
Golden Entertainment Inc. | 638,631 | 25,501 | ||||
* | MarineMax Inc. | 651,461 | 25,342 | |||
* | Central Garden & Pet Co. | 503,252 | 25,218 | |||
Sonic Automotive Inc. Class A | 444,708 | 24,997 | ||||
Sturm Ruger & Co. Inc. | 549,209 | 24,962 | ||||
* | BJ's Restaurants Inc. | 690,579 | 24,868 | |||
* | Portillo's Inc. Class A | 1,511,719 | 24,082 | |||
Gray Television Inc. | 2,622,613 | 23,499 | ||||
*,1 | Cava Group Inc. | 544,510 | 23,403 | |||
Ethan Allen Interiors Inc. | 705,592 | 22,522 | ||||
Dine Brands Global Inc. | 452,134 | 22,448 | ||||
Interface Inc. Class A | 1,745,201 | 22,024 | ||||
* | Liberty Media Corp.-Liberty Live Class A | 601,616 | 21,989 |
Shares | Market Value• ($000) | |||||
* | Hawaiian Holdings Inc. | 1,532,692 | 21,764 | |||
* | Dream Finders Homes Inc. Class A | 611,208 | 21,716 | |||
Standard Motor Products Inc. | 542,883 | 21,612 | ||||
Wolverine World Wide Inc. | 2,402,640 | 21,359 | ||||
* | Instructure Holdings Inc. | 789,800 | 21,333 | |||
* | Sun Country Airlines Holdings Inc. | 1,351,214 | 21,255 | |||
* | Revolve Group Inc. Class A | 1,280,737 | 21,235 | |||
* | WW International Inc. | 2,397,137 | 20,975 | |||
* | Viad Corp. | 577,927 | 20,921 | |||
* | Chuy's Holdings Inc. | 537,332 | 20,542 | |||
1 | Guess? Inc. | 889,181 | 20,505 | |||
* | Clean Energy Fuels Corp. | 5,270,102 | 20,184 | |||
Bluegreen Vacations Holding Corp. Class A | 268,375 | 20,160 | ||||
* | Clear Channel Outdoor Holdings Inc. | 11,024,013 | 20,064 | |||
* | Thryv Holdings Inc. | 980,395 | 19,951 | |||
* | Hovnanian Enterprises Inc. Class A | 128,184 | 19,948 | |||
Rush Enterprises Inc. Class B | 369,345 | 19,568 | ||||
*,1 | U-Haul Holding Co. | 271,612 | 19,502 | |||
Smith & Wesson Brands Inc. | 1,433,189 | 19,434 | ||||
* | QuinStreet Inc. | 1,509,277 | 19,349 | |||
* | EW Scripps Co. Class A | 2,380,474 | 19,020 | |||
* | Denny's Corp. | 1,741,210 | 18,944 | |||
1 | A-Mark Precious Metals Inc. | 600,243 | 18,157 | |||
* | Arhaus Inc. Class A | 1,502,715 | 17,807 | |||
* | Stagwell Inc. Class A | 2,659,382 | 17,632 | |||
* | Corsair Gaming Inc. | 1,232,424 | 17,377 | |||
* | AMC Networks Inc. Class A | 918,757 | 17,263 | |||
RCI Hospitality Holdings Inc. | 257,289 | 17,048 | ||||
* | Accel Entertainment Inc. Class A | 1,651,081 | 16,957 | |||
Shoe Carnival Inc. | 523,116 | 15,803 | ||||
*,1 | Wheels Up Experience Inc. | 4,516,667 | 15,492 | |||
Haverty Furniture Cos. Inc. | 432,133 | 15,341 |
Shares | Market Value• ($000) | |||||
* | First Watch Restaurant Group Inc. | 740,198 | 14,878 | |||
Arko Corp. | 1,798,970 | 14,842 | ||||
* | Stoneridge Inc. | 753,568 | 14,747 | |||
Movado Group Inc. | 468,835 | 14,135 | ||||
* | Vizio Holding Corp. Class A | 1,798,846 | 13,851 | |||
* | Daily Journal Corp. | 40,386 | 13,764 | |||
* | Liquidity Services Inc. | 795,167 | 13,685 | |||
* | GoPro Inc. Class A | 3,924,228 | 13,617 | |||
* | Genesco Inc. | 385,373 | 13,569 | |||
*,1 | Savers Value Village Inc. | 766,904 | 13,329 | |||
* | America's Car-Mart Inc. | 175,495 | 13,297 | |||
Designer Brands Inc. Class A | 1,479,836 | 13,097 | ||||
* | Kura Sushi USA Inc. Class A | 169,216 | 12,860 | |||
* | European Wax Center Inc. Class A | 926,577 | 12,592 | |||
1 | Sinclair Inc. | 954,858 | 12,442 | |||
* | Bally's Corp. | 868,349 | 12,105 | |||
* | MasterCraft Boat Holdings Inc. | 519,098 | 11,752 | |||
*,1 | Bowlero Corp. Class A | 829,598 | 11,747 | |||
*,1 | Fisker Inc. Class A | 6,621,961 | 11,588 | |||
* | Lindblad Expeditions Holdings Inc. | 1,020,179 | 11,497 | |||
* | Lovesac Co. | 428,899 | 10,958 | |||
* | Potbelly Corp. | 1,030,823 | 10,741 | |||
Hooker Furnishings Corp. | 410,853 | 10,715 | ||||
Marcus Corp. | 734,527 | 10,709 | ||||
* | Gannett Co. Inc. | 4,639,277 | 10,670 | |||
* | Boston Omaha Corp. Class A | 670,390 | 10,545 | |||
* | Cardlytics Inc. | 1,144,674 | 10,542 | |||
* | Universal Technical Institute Inc. | 822,926 | 10,303 | |||
* | PlayAGS Inc. | 1,193,838 | 10,064 | |||
Carriage Services Inc. Class A | 402,181 | 10,059 | ||||
* | Sleep Number Corp. | 665,131 | 9,864 | |||
* | OneWater Marine Inc. Class A | 282,871 | 9,558 | |||
* | Xponential Fitness Inc. Class A | 741,194 | 9,554 | |||
* | Cooper-Standard Holdings Inc. | 482,479 | 9,428 | |||
* | Qurate Retail Inc. Class A | 10,684,542 | 9,354 | |||
* | Zumiez Inc. | 459,022 | 9,337 | |||
Aaron's Co. Inc. | 853,131 | 9,282 |
Shares | Market Value• ($000) | |||||
Build-A-Bear Workshop Inc. | 398,931 | 9,171 | ||||
* | 1-800-Flowers.com Inc. Class A | 819,124 | 8,830 | |||
* | Children's Place Inc. | 378,236 | 8,783 | |||
* | iHeartMedia Inc. Class A | 3,272,276 | 8,737 | |||
* | Stitch Fix Inc. Class A | 2,447,324 | 8,737 | |||
*,1 | Atlanta Braves Holdings Inc. Class A | 201,557 | 8,623 | |||
* | Holley Inc. | 1,753,269 | 8,538 | |||
* | National CineMedia Inc. | 2,010,420 | 8,323 | |||
* | Citi Trends Inc. | 287,674 | 8,135 | |||
Alta Equipment Group Inc. | 655,855 | 8,113 | ||||
* | Eastman Kodak Co. | 2,070,366 | 8,074 | |||
* | Petco Health & Wellness Co. Inc. Class A | 2,513,685 | 7,943 | |||
Johnson Outdoors Inc. Class A | 142,149 | 7,594 | ||||
* | JAKKS Pacific Inc. | 213,410 | 7,587 | |||
Carrols Restaurant Group Inc. | 945,470 | 7,450 | ||||
*,1 | Frontier Group Holdings Inc. | 1,358,099 | 7,415 | |||
* | J. Jill Inc. | 284,934 | 7,346 | |||
Rocky Brands Inc. | 242,614 | 7,322 | ||||
* | Destination XL Group Inc. | 1,645,333 | 7,239 | |||
* | Rush Street Interactive Inc. | 1,587,271 | 7,127 | |||
* | Funko Inc. Class A | 918,414 | 7,099 | |||
* | Legacy Housing Corp. | 273,001 | 6,885 | |||
*,1 | SES AI Corp. | 3,668,700 | 6,714 | |||
* | Lincoln Educational Services Corp. | 660,298 | 6,629 | |||
Entravision Communications Corp. Class A | 1,589,251 | 6,627 | ||||
*,1 | Red Robin Gourmet Burgers Inc. | 528,783 | 6,594 | |||
* | Playstudios Inc. | 2,424,521 | 6,570 | |||
Weyco Group Inc. | 208,741 | 6,546 | ||||
Climb Global Solutions Inc. | 119,168 | 6,534 | ||||
1 | Big Lots Inc. | 829,589 | 6,463 | |||
Clarus Corp. | 935,808 | 6,452 | ||||
* | Vera Bradley Inc. | 803,599 | 6,188 | |||
* | Landsea Homes Corp. | 470,898 | 6,188 | |||
1 | Escalade Inc. | 306,383 | 6,155 |
Shares | Market Value• ($000) | |||||
Hamilton Beach Brands Holding Co. Class A | 344,356 | 6,023 | ||||
* | Full House Resorts Inc. | 1,115,067 | 5,988 | |||
* | CarParts.com Inc. | 1,883,644 | 5,952 | |||
* | American Public Education Inc. | 615,683 | 5,941 | |||
* | Selectquote Inc. | 4,324,874 | 5,925 | |||
* | Outbrain Inc. | 1,344,551 | 5,889 | |||
Superior Group of Cos. Inc. | 435,584 | 5,880 | ||||
* | ONE Group Hospitality Inc. | 946,750 | 5,794 | |||
* | El Pollo Loco Holdings Inc. | 645,328 | 5,692 | |||
* | Tilly's Inc. Class A | 737,525 | 5,561 | |||
*,1 | Angi Inc. Class A | 2,202,894 | 5,485 | |||
*,1 | Blink Charging Co. | 1,617,867 | 5,485 | |||
*,1 | ThredUp Inc. Class A | 2,409,149 | 5,421 | |||
* | AMMO Inc. | 2,577,445 | 5,413 | |||
Cricut Inc. Class A | 817,539 | 5,388 | ||||
* | Nerdy Inc. | 1,554,944 | 5,333 | |||
* | Century Casinos Inc. | 1,084,503 | 5,292 | |||
Bassett Furniture Industries Inc. | 318,476 | 5,287 | ||||
Lakeland Industries Inc. | 278,050 | 5,155 | ||||
* | Solo Brands Inc. Class A | 833,123 | 5,132 | |||
*,1 | RealReal Inc. | 2,548,706 | 5,123 | |||
* | Motorcar Parts of America Inc. | 536,128 | 5,007 | |||
* | Tile Shop Holdings Inc. | 667,742 | 4,915 | |||
* | Noodles & Co. Class A | 1,557,750 | 4,907 | |||
*,1 | Snap One Holdings Corp. | 531,350 | 4,734 | |||
* | Sportsman's Warehouse Holdings Inc. | 1,060,404 | 4,517 | |||
*,1 | Surf Air Mobility Inc. | 2,894,155 | 4,486 | |||
* | LL Flooring Holdings Inc. | 1,140,348 | 4,447 | |||
Nathan's Famous Inc. | 56,557 | 4,412 | ||||
1 | Big 5 Sporting Goods Corp. | 685,570 | 4,347 | |||
*,1 | Vuzix Corp. | 2,028,819 | 4,230 | |||
* | VOXX International Corp. Class A | 389,401 | 4,159 | |||
* | Emerald Holding Inc. | 692,957 | 4,144 | |||
*,1 | Canoo Inc. | 15,747,112 | 4,050 | |||
* | American Outdoor Brands Inc. | 479,165 | 4,025 | |||
Cato Corp. Class A | 551,948 | 3,941 | ||||
* | Allbirds Inc. Class A | 3,156,493 | 3,867 |
Shares | Market Value• ($000) | |||||
*,1 | ContextLogic Inc. Class A | 619,250 | 3,685 | |||
* | Lands' End Inc. | 385,220 | 3,683 | |||
Townsquare Media Inc. Class A | 347,347 | 3,668 | ||||
Acme United Corp. | 85,287 | 3,655 | ||||
* | Strattec Security Corp. | 145,120 | 3,644 | |||
*,1 | Mondee Holdings Inc. Class A | 1,309,000 | 3,613 | |||
* | Traeger Inc. | 1,319,878 | 3,603 | |||
*,1 | Reservoir Media Inc. | 489,336 | 3,489 | |||
* | Universal Electronics Inc. | 344,481 | 3,235 | |||
* | Urban One Inc. | 872,038 | 3,078 | |||
* | Biglari Holdings Inc. Class B | 18,317 | 3,021 | |||
*,1 | 2U Inc. | 2,445,776 | 3,008 | |||
Saga Communications Inc. Class A | 134,076 | 2,985 | ||||
Marine Products Corp. | 255,346 | 2,911 | ||||
* | Turtle Beach Corp. | 265,654 | 2,909 | |||
* | Superior Industries International Inc. | 883,561 | 2,827 | |||
* | Kewaunee Scientific Corp. | 96,393 | 2,802 | |||
* | Container Store Group Inc. | 1,219,767 | 2,781 | |||
* | Latham Group Inc. | 1,051,361 | 2,765 | |||
Canterbury Park Holding Corp. | 133,795 | 2,735 | ||||
Lifetime Brands Inc. | 401,793 | 2,696 | ||||
Flexsteel Industries Inc. | 141,758 | 2,672 | ||||
* | Duluth Holdings Inc. Class B | 488,310 | 2,627 | |||
* | Travelzoo | 274,335 | 2,614 | |||
*,1 | Tupperware Brands Corp. | 1,306,065 | 2,612 | |||
*,1 | BARK Inc. | 3,242,000 | 2,611 | |||
*,1 | RumbleON Inc. Class B | 319,763 | 2,603 | |||
* | Cumulus Media Inc. Class A | 422,698 | 2,249 | |||
*,1 | LiveOne Inc. | 1,608,595 | 2,236 | |||
* | Fossil Group Inc. | 1,471,211 | 2,148 | |||
*,1 | Ondas Holdings Inc. | 1,363,437 | 2,086 | |||
* | Conn's Inc. | 411,902 | 1,829 | |||
* | Barnes & Noble Education Inc. | 1,154,766 | 1,721 | |||
*,1 | Spruce Power Holding Corp. | 388,404 | 1,717 | |||
* | Delta Apparel Inc. | 238,958 | 1,704 | |||
1 | Purple Innovation Inc. Class A | 1,645,889 | 1,695 |
Shares | Market Value• ($000) | |||||
CompX International Inc. | 64,007 | 1,618 | ||||
Crown Crafts Inc. | 322,459 | 1,599 | ||||
* | Envela Corp. | 323,754 | 1,573 | |||
*,1 | Loop Media Inc. | 1,562,500 | 1,563 | |||
* | Biglari Holdings Inc. Class A | 1,924 | 1,528 | |||
* | Brilliant Earth Group Inc. Class A | 381,195 | 1,418 | |||
*,1 | Kirkland's Inc. | 458,478 | 1,385 | |||
*,1 | Lazydays Holdings Inc. | 194,354 | 1,370 | |||
*,1 | Focus Universal Inc. | 932,363 | 1,361 | |||
Virco Manufacturing Corp. | 112,729 | 1,356 | ||||
* | Harte Hanks Inc. | 194,041 | 1,318 | |||
* | Lee Enterprises Inc. | 167,206 | 1,316 | |||
*,1 | Kartoon Studios Inc. | 940,003 | 1,307 | |||
*,1 | Lulu's Fashion Lounge Holdings Inc. | 692,559 | 1,288 | |||
*,1 | Vacasa Inc. Class A | 153,870 | 1,262 | |||
* | Gaia Inc. Class A | 447,999 | 1,210 | |||
* | Live Ventures Inc. | 45,160 | 1,147 | |||
*,1 | Mesa Air Group Inc. | 1,084,447 | 1,095 | |||
*,1 | Grove Collaborative Holdings | 606,752 | 1,074 | |||
*,1 | Sonder Holdings Inc. | 304,152 | 1,031 | |||
1 | FAT Brands Inc. Class A | 153,984 | 933 | |||
NL Industries Inc. | 159,132 | 893 | ||||
* | Good Times Restaurants Inc. | 350,945 | 891 | |||
*,1 | Rent the Runway Inc. Class A | 1,617,196 | 853 | |||
*,1 | Reading International Inc. Class A | 438,093 | 837 | |||
*,1 | Express Inc. | 98,917 | 828 | |||
*,1 | Owlet Inc. | 155,507 | 821 | |||
Ark Restaurants Corp. | 55,702 | 788 | ||||
* | Marchex Inc. Class B | 565,612 | 769 | |||
* | BowFlex Inc. | 987,578 | 760 | |||
DallasNews Corp. | 176,590 | 754 | ||||
*,1 | Red Cat Holdings Inc. | 849,136 | 747 | |||
*,1 | Aterian Inc. | 2,126,982 | 741 | |||
*,1 | FlexShopper Inc. | 425,184 | 710 | |||
*,1 | Mullen Automotive Inc. | 47,497 | 679 | |||
*,1 | Fluent Inc. | 1,010,603 | 677 | |||
*,1 | Regis Corp. | 70,385 | 665 | |||
* | CuriosityStream Inc. | 986,623 | 533 | |||
* | Koss Corp. | 150,699 | 505 | |||
*,1 | Envirotech Vehicles Inc. | 313,755 | 414 |
Shares | Market Value• ($000) | |||||
* | Dolphin Entertainment Inc. | 229,216 | 392 | |||
*,1 | Allied Gaming & Entertainment Inc. | 342,015 | 363 | |||
*,2 | Luby's Inc. | 449,752 | 351 | |||
*,1 | Cineverse Corp. | 242,635 | 328 | |||
* | Xcel Brands Inc. | 251,214 | 324 | |||
1 | Flanigan's Enterprises Inc. | 11,919 | 307 | |||
* | Vince Holding Corp. | 85,410 | 296 | |||
*,1 | Hall of Fame Resort & Entertainment Co. | 85,677 | 278 | |||
* | Beasley Broadcast Group Inc. Class A | 314,502 | 276 | |||
* | Dixie Group Inc. | 359,932 | 268 | |||
*,1 | BurgerFi International Inc. | 310,543 | 267 | |||
*,1 | Charles & Colvard Ltd. | 610,246 | 250 | |||
Jerash Holdings US Inc. | 80,817 | 248 | ||||
*,1 | Sadot Group Inc. | 608,212 | 244 | |||
*,1 | Inspirato Inc. | 55,734 | 206 | |||
*,1 | InterGroup Corp. | 10,732 | 196 | |||
*,1 | United Homes Group Inc. | 21,683 | 183 | |||
*,1 | XWELL Inc. | 104,340 | 179 | |||
*,1 | Salem Media Group Inc. Class A | 419,347 | 164 | |||
*,1 | Sobr Safe Inc. | 310,977 | 146 | |||
*,1 | JOANN Inc. | 323,778 | 144 | |||
*,1 | Stran & Co. Inc. | 97,248 | 144 | |||
* | Rave Restaurant Group Inc. | 46,126 | 103 | |||
1 | FAT Brands Inc. Class B | 17,809 | 96 | |||
*,1 | Faraday Future Intelligent Electric Inc. Class A | 393,706 | 91 | |||
* | Forward Industries Inc. | 117,209 | 84 | |||
* | Twin Vee PowerCats Co. | 34,923 | 49 | |||
* | Moving Image Technologies Inc. | 48,384 | 46 | |||
*,1 | AYRO Inc. | 24,804 | 44 | |||
*,2 | SRAX Inc. | 590,641 | 41 | |||
* | EzFill Holdings Inc. | 24,047 | 39 | |||
* | Yunhong Green CTI Ltd. | 17,688 | 38 | |||
* | Getaround Inc. | 117,845 | 28 | |||
* | SRM Entertainment Inc. | 16,042 | 25 | |||
* | GEN Restaurant Group Inc. Class A | 2,800 | 22 | |||
* | Emerson Radio Corp. | 6,500 | 4 |
Shares | Market Value• ($000) | |||||
* | Tandy Leather Factory Inc. | 500 | 2 | |||
* | Wilhelmina International Inc. | 442 | 2 | |||
*,1,2 | Empire Resorts Inc. | 96,356 | — | |||
210,349,410 | ||||||
Consumer Staples (4.7%) | ||||||
Procter & Gamble Co. | 73,967,537 | 10,839,203 | ||||
PepsiCo Inc. | 43,131,669 | 7,325,483 | ||||
Coca-Cola Co. | 122,030,194 | 7,191,239 | ||||
Philip Morris International Inc. | 48,747,332 | 4,586,149 | ||||
CVS Health Corp. | 40,406,129 | 3,190,468 | ||||
Mondelez International Inc. Class A | 42,730,464 | 3,094,968 | ||||
Altria Group Inc. | 55,353,895 | 2,232,976 | ||||
Colgate-Palmolive Co. | 25,787,168 | 2,055,495 | ||||
McKesson Corp. | 4,174,496 | 1,932,708 | ||||
* | Monster Beverage Corp. | 22,917,718 | 1,320,290 | |||
Kimberly-Clark Corp. | 10,585,549 | 1,286,250 | ||||
Archer-Daniels-Midland Co. | 16,746,061 | 1,209,401 | ||||
General Mills Inc. | 18,241,161 | 1,188,229 | ||||
Constellation Brands Inc. Class A | 4,906,458 | 1,186,136 | ||||
Kenvue Inc. | 54,119,715 | 1,165,198 | ||||
Sysco Corp. | 15,798,785 | 1,155,365 | ||||
Cencora Inc. | 5,304,363 | 1,089,410 | ||||
Corteva Inc. | 22,171,535 | 1,062,460 | ||||
Keurig Dr Pepper Inc. | 30,686,046 | 1,022,459 | ||||
Kroger Co. | 20,360,209 | 930,665 | ||||
Kraft Heinz Co. | 25,011,090 | 924,910 | ||||
Hershey Co. | 4,705,718 | 877,334 | ||||
Church & Dwight Co. Inc. | 7,714,063 | 729,442 | ||||
Walgreens Boots Alliance Inc. | 21,800,031 | 569,199 | ||||
Clorox Co. | 3,882,721 | 553,637 | ||||
Brown-Forman Corp. Class B | 9,682,517 | 552,872 | ||||
McCormick & Co. Inc. (Non-Voting) | 7,884,820 | 539,479 | ||||
Bunge Global SA | 5,075,322 | 512,354 | ||||
Lamb Weston Holdings Inc. | 4,553,654 | 492,205 | ||||
Kellanova | 8,649,740 | 483,607 | ||||
Tyson Foods Inc. Class A | 8,959,978 | 481,599 | ||||
Conagra Brands Inc. | 15,001,656 | 429,948 | ||||
J M Smucker Co. | 3,161,197 | 399,512 | ||||
Molson Coors Beverage Co. Class B | 5,672,253 | 347,199 |
Shares | Market Value• ($000) | |||||
* | Performance Food Group Co. | 4,895,921 | 338,553 | |||
Casey's General Stores Inc. | 1,171,299 | 321,803 | ||||
* | US Foods Holding Corp. | 6,973,734 | 316,677 | |||
Hormel Foods Corp. | 8,580,482 | 275,519 | ||||
Campbell Soup Co. | 6,066,612 | 262,260 | ||||
* | Darling Ingredients Inc. | 5,020,693 | 250,231 | |||
*,1 | Celsius Holdings Inc. | 4,384,104 | 239,021 | |||
* | BellRing Brands Inc. | 4,103,119 | 227,436 | |||
Albertsons Cos. Inc. Class A | 9,827,443 | 226,031 | ||||
Ingredion Inc. | 2,044,572 | 221,897 | ||||
* | Sprouts Farmers Market Inc. | 3,194,287 | 153,677 | |||
* | Post Holdings Inc. | 1,539,609 | 135,578 | |||
Coca-Cola Consolidated Inc. | 144,888 | 134,514 | ||||
* | Freshpet Inc. | 1,538,541 | 133,484 | |||
Flowers Foods Inc. | 5,298,033 | 119,259 | ||||
* | Simply Good Foods Co. | 2,844,191 | 112,630 | |||
WD-40 Co. | 425,094 | 101,627 | ||||
Lancaster Colony Corp. | 608,983 | 101,329 | ||||
* | Boston Beer Co. Inc. Class A | 286,622 | 99,054 | |||
1 | Brown-Forman Corp. Class A | 1,648,803 | 98,252 | |||
Spectrum Brands Holdings Inc. | 1,090,150 | 86,961 | ||||
* | Grocery Outlet Holding Corp. | 2,787,724 | 75,157 | |||
Cal-Maine Foods Inc. | 1,253,578 | 71,943 | ||||
Primo Water Corp. | 4,773,493 | 71,841 | ||||
Energizer Holdings Inc. | 2,257,547 | 71,519 | ||||
* | TreeHouse Foods Inc. | 1,523,930 | 63,167 | |||
J & J Snack Foods Corp. | 367,900 | 61,491 | ||||
Andersons Inc. | 1,010,398 | 58,138 | ||||
Edgewell Personal Care Co. | 1,547,749 | 56,694 | ||||
Universal Corp. | 735,460 | 49,511 | ||||
Vector Group Ltd. | 4,172,849 | 47,070 | ||||
* | Herbalife Ltd. | 3,053,237 | 46,592 | |||
Reynolds Consumer Products Inc. | 1,690,710 | 45,379 | ||||
MGP Ingredients Inc. | 449,025 | 44,238 | ||||
Ingles Markets Inc. Class A | 442,146 | 38,188 | ||||
* | National Beverage Corp. | 743,862 | 36,985 | |||
* | Sovos Brands Inc. | 1,613,068 | 35,536 | |||
Utz Brands Inc. | 2,062,507 | 33,495 |
Shares | Market Value• ($000) | |||||
* | Chefs' Warehouse Inc. | 1,119,739 | 32,954 | |||
Weis Markets Inc. | 508,993 | 32,555 | ||||
* | Vita Coco Co. Inc. | 1,248,717 | 32,030 | |||
Nu Skin Enterprises Inc. Class A | 1,644,073 | 31,928 | ||||
* | Pilgrim's Pride Corp. | 1,114,855 | 30,837 | |||
* | Hain Celestial Group Inc. | 2,798,829 | 30,647 | |||
WK Kellogg Co. | 2,320,989 | 30,498 | ||||
* | United Natural Foods Inc. | 1,861,429 | 30,211 | |||
Fresh Del Monte Produce Inc. | 1,141,145 | 29,955 | ||||
1 | B&G Foods Inc. | 2,716,263 | 28,521 | |||
Seaboard Corp. | 7,493 | 26,751 | ||||
John B Sanfilippo & Son Inc. | 238,465 | 24,571 | ||||
SpartanNash Co. | 1,017,792 | 23,358 | ||||
Medifast Inc. | 337,612 | 22,694 | ||||
* | USANA Health Sciences Inc. | 340,345 | 18,243 | |||
*,1 | Beyond Meat Inc. | 1,926,592 | 17,147 | |||
ACCO Brands Corp. | 2,700,003 | 16,416 | ||||
Turning Point Brands Inc. | 575,320 | 15,142 | ||||
Calavo Growers Inc. | 512,935 | 15,085 | ||||
Tootsie Roll Industries Inc. | 452,012 | 15,025 | ||||
* | Duckhorn Portfolio Inc. | 1,427,054 | 14,057 | |||
* | Mission Produce Inc. | 1,350,087 | 13,622 | |||
1 | Limoneira Co. | 586,683 | 12,103 | |||
*,1 | Westrock Coffee Co. | 1,154,372 | 11,786 | |||
* | Vital Farms Inc. | 742,708 | 11,653 | |||
Oil-Dri Corp. of America | 162,617 | 10,908 | ||||
*,1 | Cibus Inc. Class A | 464,861 | 9,130 | |||
* | Seneca Foods Corp. Class A | 162,763 | 8,535 | |||
* | Beauty Health Co. | 2,693,942 | 8,378 | |||
* | Olaplex Holdings Inc. | 3,027,448 | 7,690 | |||
* | Nature's Sunshine Products Inc. | 395,918 | 6,845 | |||
Natural Grocers by Vitamin Cottage Inc. | 424,248 | 6,788 | ||||
*,1 | Lifecore Biomedical Inc. | 937,582 | 5,804 | |||
Village Super Market Inc. Class A | 220,062 | 5,772 | ||||
* | HF Foods Group Inc. | 1,044,744 | 5,579 | |||
* | Honest Co. Inc. | 1,538,602 | 5,077 | |||
* | Mama's Creations Inc. | 994,476 | 4,883 | |||
PetMed Express Inc. | 640,080 | 4,839 | ||||
* | LifeMD Inc. | 568,168 | 4,710 |
Shares | Market Value• ($000) | |||||
* | Whole Earth Brands Inc. | 1,332,300 | 4,543 | |||
* | GrowGeneration Corp. | 1,753,390 | 4,401 | |||
*,1 | BRC Inc. Class A | 1,202,500 | 4,365 | |||
*,1 | Veru Inc. | 3,724,907 | 2,682 | |||
* | Lifeway Foods Inc. | 172,782 | 2,317 | |||
*,1 | ProPhase Labs Inc. | 408,045 | 1,844 | |||
* | Farmer Bros Co. | 511,916 | 1,567 | |||
Lifevantage Corp. | 253,547 | 1,521 | ||||
AMCON Distributing Co. | 7,756 | 1,512 | ||||
*,1 | PLBY Group Inc. | 1,487,321 | 1,487 | |||
* | Zevia PBC Class A | 544,118 | 1,094 | |||
*,1 | Natural Alternatives International Inc. | 162,521 | 1,043 | |||
* | Real Good Food Co. Inc. Class A | 562,143 | 854 | |||
* | Willamette Valley Vineyards Inc. | 152,433 | 808 | |||
*,1 | Benson Hill Inc. | 3,980,438 | 692 | |||
* | Vintage Wine Estates Inc. | 1,296,027 | 651 | |||
* | Rocky Mountain Chocolate Factory Inc. | 128,662 | 591 | |||
*,1 | Splash Beverage Group Inc. | 950,644 | 525 | |||
*,1 | Bridgford Foods Corp. | 42,038 | 460 | |||
* | S&W Seed Co. | 558,871 | 391 | |||
*,1 | Barfresh Food Group Inc. | 233,784 | 374 | |||
*,1 | Urban-Gro Inc. | 227,616 | 319 | |||
*,1 | Local Bounti Corp. | 130,217 | 270 | |||
Mannatech Inc. | 30,953 | 243 | ||||
*,1 | AquaBounty Technologies Inc. | 45,065 | 128 | |||
Alico Inc. | 4,320 | 126 | ||||
*,1 | Kaival Brands Innovations Group Inc. | 582,869 | 117 | |||
*,1 | Maison Solutions Inc. Class A | 77,000 | 106 | |||
*,1 | 22nd Century Group Inc. | 247,632 | 46 | |||
*,1 | MedAvail Holdings Inc. | 4,362 | 19 | |||
*,1 | Stryve Foods Inc. Class A | 2,189 | 6 | |||
68,518,415 | ||||||
Energy (4.1%) | ||||||
Exxon Mobil Corp. | 125,741,000 | 12,571,585 | ||||
Chevron Corp. | 56,281,472 | 8,394,944 | ||||
ConocoPhillips | 37,278,213 | 4,326,882 | ||||
Schlumberger NV | 44,706,076 | 2,326,504 | ||||
EOG Resources Inc. | 18,314,751 | 2,215,169 |
Shares | Market Value• ($000) | |||||
Phillips 66 | 13,815,147 | 1,839,349 | ||||
Marathon Petroleum Corp. | 11,917,416 | 1,768,068 | ||||
Pioneer Natural Resources Co. | 7,320,701 | 1,646,279 | ||||
Valero Energy Corp. | 10,686,807 | 1,389,285 | ||||
Williams Cos. Inc. | 38,131,661 | 1,328,126 | ||||
ONEOK Inc. | 18,252,480 | 1,281,689 | ||||
Hess Corp. | 8,666,210 | 1,249,321 | ||||
Occidental Petroleum Corp. | 20,716,100 | 1,236,958 | ||||
Cheniere Energy Inc. | 7,093,964 | 1,211,011 | ||||
Baker Hughes Co. Class A | 31,517,109 | 1,077,255 | ||||
Kinder Morgan Inc. | 59,319,149 | 1,046,390 | ||||
Halliburton Co. | 25,324,661 | 915,487 | ||||
Devon Energy Corp. | 20,081,157 | 909,676 | ||||
Diamondback Energy Inc. | 5,614,964 | 870,769 | ||||
Targa Resources Corp. | 7,005,378 | 608,557 | ||||
Coterra Energy Inc. | 22,492,038 | 573,997 | ||||
* | First Solar Inc. | 3,184,010 | 548,541 | |||
* | Enphase Energy Inc. | 4,058,333 | 536,268 | |||
EQT Corp. | 12,889,857 | 498,322 | ||||
Marathon Oil Corp. | 18,308,764 | 442,340 | ||||
Ovintiv Inc. | 8,535,024 | 374,858 | ||||
APA Corp. | 9,633,764 | 345,659 | ||||
Texas Pacific Land Corp. | 192,838 | 303,228 | ||||
Chesapeake Energy Corp. | 3,853,561 | 296,493 | ||||
HF Sinclair Corp. | 4,796,487 | 266,541 | ||||
TechnipFMC plc | 13,049,762 | 262,822 | ||||
NOV Inc. | 12,375,780 | 250,981 | ||||
* | Southwestern Energy Co. | 34,249,181 | 224,332 | |||
* | Weatherford International plc | 2,253,743 | 220,484 | |||
Range Resources Corp. | 7,198,883 | 219,134 | ||||
Permian Resources Corp. Class A | 15,268,929 | 207,657 | ||||
Chord Energy Corp. | 1,226,339 | 203,854 | ||||
Civitas Resources Inc. | 2,931,872 | 200,481 | ||||
Murphy Oil Corp. | 4,649,419 | 198,344 | ||||
* | Antero Resources Corp. | 8,502,420 | 192,835 | |||
Matador Resources Co. | 3,380,394 | 192,209 | ||||
ChampionX Corp. | 6,140,698 | 179,370 | ||||
Noble Corp. plc | 3,564,751 | 171,678 | ||||
DT Midstream Inc. | 3,052,643 | 167,285 | ||||
PBF Energy Inc. Class A | 3,441,198 | 151,275 | ||||
* | Transocean Ltd. | 23,281,326 | 147,836 |
Shares | Market Value• ($000) | |||||
SM Energy Co. | 3,697,875 | 143,182 | ||||
Patterson-UTI Energy Inc. | 13,183,653 | 142,383 | ||||
Equitrans Midstream Corp. | 13,021,268 | 132,557 | ||||
Antero Midstream Corp. | 10,496,458 | 131,521 | ||||
Arcosa Inc. | 1,527,302 | 126,216 | ||||
California Resources Corp. | 2,191,357 | 119,823 | ||||
Magnolia Oil & Gas Corp. Class A | 5,570,494 | 118,596 | ||||
Alpha Metallurgical Resources Inc. | 335,573 | 113,732 | ||||
1 | New Fortress Energy Inc. | 2,923,816 | 110,316 | |||
* | Tidewater Inc. | 1,507,898 | 108,735 | |||
Northern Oil & Gas Inc. | 2,801,454 | 103,850 | ||||
Helmerich & Payne Inc. | 2,833,474 | 102,628 | ||||
Warrior Met Coal Inc. | 1,627,500 | 99,229 | ||||
* | CNX Resources Corp. | 4,632,686 | 92,654 | |||
Cactus Inc. Class A | 2,037,183 | 92,488 | ||||
Arch Resources Inc. | 549,420 | 91,171 | ||||
Liberty Energy Inc. Class A | 4,776,711 | 86,650 | ||||
Peabody Energy Corp. | 3,525,752 | 85,746 | ||||
Viper Energy Inc. Class A | 2,723,497 | 85,463 | ||||
*,1 | Plug Power Inc. | 18,864,450 | 84,890 | |||
* | Shoals Technologies Group Inc. Class A | 5,342,466 | 83,022 | |||
* | Array Technologies Inc. | 4,516,733 | 75,881 | |||
CONSOL Energy Inc. | 741,722 | 74,565 | ||||
Archrock Inc. | 4,689,675 | 72,221 | ||||
* | NEXTracker Inc. Class A | 1,506,984 | 70,602 | |||
* | Oceaneering International Inc. | 3,158,148 | 67,205 | |||
* | Callon Petroleum Co. | 1,930,771 | 62,557 | |||
* | Par Pacific Holdings Inc. | 1,707,225 | 62,092 | |||
Sitio Royalties Corp. Class A | 2,576,671 | 60,578 | ||||
* | Gulfport Energy Corp. | 403,753 | 53,780 | |||
Delek US Holdings Inc. | 1,996,486 | 51,509 | ||||
* | Talos Energy Inc. | 3,481,418 | 49,541 | |||
* | Helix Energy Solutions Group Inc. | 4,519,929 | 46,465 | |||
* | Green Plains Inc. | 1,777,608 | 44,831 | |||
*,1 | Fluence Energy Inc. | 1,778,892 | 42,427 | |||
World Kinect Corp. | 1,843,525 | 41,996 |
Shares | Market Value• ($000) | |||||
* | Diamond Offshore Drilling Inc. | 3,198,220 | 41,577 | |||
* | NOW Inc. | 3,493,831 | 39,550 | |||
* | Vital Energy Inc. | 834,123 | 37,944 | |||
CVR Energy Inc. | 1,101,317 | 33,370 | ||||
1 | Crescent Energy Co. Class A | 2,438,586 | 32,214 | |||
* | Ameresco Inc. Class A | 1,012,501 | 32,066 | |||
* | MRC Global Inc. | 2,579,179 | 28,397 | |||
1 | Comstock Resources Inc. | 3,136,753 | 27,760 | |||
1 | Atlas Energy Solutions Inc. Class A | 1,611,422 | 27,749 | |||
SunCoke Energy Inc. | 2,522,025 | 27,087 | ||||
Core Laboratories Inc. | 1,464,154 | 25,857 | ||||
* | ProPetro Holding Corp. | 3,073,248 | 25,754 | |||
* | Dril-Quip Inc. | 1,087,564 | 25,308 | |||
*,1 | ChargePoint Holdings Inc. | 9,936,424 | 23,251 | |||
* | Nabors Industries Ltd. | 284,778 | 23,246 | |||
1 | Kinetik Holdings Inc. Class A | 684,135 | 22,850 | |||
*,1 | NextDecade Corp. | 4,771,090 | 22,758 | |||
*,1 | FuelCell Energy Inc. | 14,142,790 | 22,628 | |||
* | REX American Resources Corp. | 477,153 | 22,569 | |||
RPC Inc. | 3,025,849 | 22,028 | ||||
* | Centrus Energy Corp. Class A | 394,915 | 21,487 | |||
* | SilverBow Resources Inc. | 678,107 | 19,719 | |||
* | Bristow Group Inc. Class A | 696,250 | 19,683 | |||
Select Water Solutions Inc. Class A | 2,504,296 | 19,008 | ||||
*,1 | Stem Inc. | 4,714,276 | 18,291 | |||
* | TETRA Technologies Inc. | 3,630,548 | 16,410 | |||
* | Newpark Resources Inc. | 2,449,089 | 16,262 | |||
Vitesse Energy Inc. | 730,922 | 16,000 | ||||
* | Montauk Renewables Inc. | 1,737,042 | 15,477 | |||
VAALCO Energy Inc. | 3,343,681 | 15,013 | ||||
Berry Corp. | 1,914,730 | 13,461 | ||||
*,1 | SunPower Corp. | 2,745,685 | 13,262 | |||
*,1 | Tellurian Inc. | 17,249,662 | 13,034 | |||
Kodiak Gas Services Inc. | 637,940 | 12,810 | ||||
SandRidge Energy Inc. | 933,349 | 12,759 | ||||
1 | HighPeak Energy Inc. | 884,700 | 12,598 |
Shares | Market Value• ($000) | |||||
* | Oil States International Inc. | 1,847,876 | 12,547 | |||
1 | Ramaco Resources Inc. Class A | 701,380 | 12,050 | |||
*,1 | EVgo Inc. Class A | 3,179,153 | 11,381 | |||
* | DMC Global Inc. | 540,379 | 10,170 | |||
W&T Offshore Inc. | 2,896,052 | 9,441 | ||||
* | SEACOR Marine Holdings Inc. | 735,140 | 9,255 | |||
* | American Superconductor Corp. | 824,756 | 9,188 | |||
*,1 | Gevo Inc. | 6,871,435 | 7,971 | |||
* | Matrix Service Co. | 785,548 | 7,683 | |||
Solaris Oilfield Infrastructure Inc. Class A | 935,530 | 7,447 | ||||
* | Forum Energy Technologies Inc. | 324,803 | 7,201 | |||
* | Hallador Energy Co. | 722,014 | 6,383 | |||
* | Amplify Energy Corp. | 1,044,290 | 6,193 | |||
Riley Exploration Permian Inc. | 222,250 | 6,054 | ||||
Granite Ridge Resources Inc. | 1,004,600 | 6,048 | ||||
* | Geospace Technologies Corp. | 460,675 | 5,970 | |||
*,1 | Aemetis Inc. | 1,111,968 | 5,827 | |||
*,1 | ProFrac Holding Corp. Class A | 655,619 | 5,560 | |||
Evolution Petroleum Corp. | 895,061 | 5,200 | ||||
*,1 | TPI Composites Inc. | 1,239,552 | 5,132 | |||
* | Natural Gas Services Group Inc. | 310,277 | 4,989 | |||
*,1 | Solid Power Inc. | 3,190,948 | 4,627 | |||
NACCO Industries Inc. Class A | 121,068 | 4,419 | ||||
* | KLX Energy Services Holdings Inc. | 389,409 | 4,385 | |||
Ranger Energy Services Inc. Class A | 406,911 | 4,163 | ||||
*,1 | Ring Energy Inc. | 2,669,972 | 3,898 | |||
PHX Minerals Inc. | 1,009,748 | 3,251 | ||||
1 | Epsilon Energy Ltd. | 638,076 | 3,241 | |||
*,1 | American Resources Corp. | 1,873,823 | 2,792 | |||
* | OPAL Fuels Inc. Class A | 490,434 | 2,707 | |||
*,1 | Empire Petroleum Corp. | 238,346 | 2,619 | |||
*,1 | Beam Global | 317,644 | 2,252 | |||
* | Battalion Oil Corp. | 223,426 | 2,147 | |||
*,1 | PrimeEnergy Resources Corp. | 19,756 | 2,101 |
Shares | Market Value• ($000) | |||||
*,1 | ESS Tech Inc. | 1,593,000 | 1,816 | |||
Ramaco Resources Inc. Class B | 135,153 | 1,799 | ||||
* | Smart Sand Inc. | 860,390 | 1,661 | |||
*,1 | Nine Energy Service Inc. | 609,231 | 1,633 | |||
* | Gulf Island Fabrication Inc. | 358,485 | 1,552 | |||
* | Profire Energy Inc. | 830,050 | 1,502 | |||
* | Mammoth Energy Services Inc. | 308,591 | 1,376 | |||
* | Ideal Power Inc. | 177,061 | 1,374 | |||
Energy Services of America Corp. | 200,540 | 1,199 | ||||
*,1 | Flotek Industries Inc. | 305,077 | 1,196 | |||
*,1 | FTC Solar Inc. | 1,574,728 | 1,091 | |||
1 | Enviva Inc. | 928,942 | 925 | |||
Adams Resources & Energy Inc. | 31,232 | 818 | ||||
*,1 | Stabilis Solutions Inc. | 169,932 | 705 | |||
Barnwell Industries Inc. | 267,900 | 651 | ||||
* | PEDEVCO Corp. | 768,132 | 592 | |||
*,1 | Independence Contract Drilling Inc. | 225,114 | 552 | |||
*,1 | Houston American Energy Corp. | 231,528 | 414 | |||
Mexco Energy Corp. | 44,605 | 407 | ||||
*,1 | Ocean Power Technologies Inc. | 1,001,472 | 316 | |||
*,1 | Sunworks Inc. | 1,299,138 | 305 | |||
*,1 | Dawson Geophysical Co. | 163,584 | 299 | |||
* | Superior Drilling Products Inc. | 258,628 | 185 | |||
*,1 | Advent Technologies Holdings Inc. | 760,618 | 169 | |||
US Energy Corp. | 133,545 | 134 | ||||
*,1 | Camber Energy Inc. | 332,001 | 76 | |||
* | Pineapple Energy Inc. | 95,645 | 57 | |||
* | NCS Multistage Holdings Inc. | 1,912 | 33 | |||
59,767,596 | ||||||
Financials (10.8%) | ||||||
* | Berkshire Hathaway Inc. Class B | 55,960,019 | 19,958,700 | |||
JPMorgan Chase & Co. | 90,715,286 | 15,430,670 | ||||
Bank of America Corp. | 211,026,559 | 7,105,264 | ||||
Wells Fargo & Co. | 113,959,217 | 5,609,073 | ||||
S&P Global Inc. | 9,938,743 | 4,378,215 | ||||
Goldman Sachs Group Inc. | 9,380,537 | 3,618,730 | ||||
Morgan Stanley | 38,628,950 | 3,602,150 |
Shares | Market Value• ($000) | |||||
BlackRock Inc. | 4,198,995 | 3,408,744 | ||||
Charles Schwab Corp. | 44,500,704 | 3,061,648 | ||||
Marsh & McLennan Cos. Inc. | 15,457,336 | 2,928,701 | ||||
Progressive Corp. | 18,381,600 | 2,927,821 | ||||
Blackstone Inc. | 22,312,200 | 2,921,113 | ||||
Citigroup Inc. | 56,307,325 | 2,896,449 | ||||
Chubb Ltd. | 12,810,982 | 2,895,282 | ||||
CME Group Inc. | 11,295,900 | 2,378,917 | ||||
Intercontinental Exchange Inc. | 17,952,621 | 2,305,655 | ||||
US Bancorp | 48,877,749 | 2,115,429 | ||||
PNC Financial Services Group Inc. | 12,503,943 | 1,936,236 | ||||
Moody's Corp. | 4,878,274 | 1,905,259 | ||||
Aon plc Class A | 5,972,498 | 1,738,116 | ||||
KKR & Co. Inc. | 20,867,825 | 1,728,899 | ||||
Truist Financial Corp. | 41,889,412 | 1,546,557 | ||||
Arthur J Gallagher & Co. | 6,789,146 | 1,526,743 | ||||
Aflac Inc. | 18,328,770 | 1,512,124 | ||||
American International Group Inc. | 22,029,284 | 1,492,484 | ||||
Travelers Cos. Inc. | 7,181,982 | 1,368,096 | ||||
MSCI Inc. Class A | 2,355,676 | 1,332,488 | ||||
Bank of New York Mellon Corp. | 24,131,039 | 1,256,021 | ||||
Ameriprise Financial Inc. | 3,170,574 | 1,204,279 | ||||
Prudential Financial Inc. | 11,329,886 | 1,175,022 | ||||
Apollo Global Management Inc. | 12,495,132 | 1,164,421 | ||||
MetLife Inc. | 17,438,256 | 1,153,192 | ||||
Allstate Corp. | 8,215,350 | 1,149,985 | ||||
Discover Financial Services | 7,866,556 | 884,201 | ||||
* | Coinbase Global Inc. Class A | 4,824,495 | 839,076 | |||
* | Arch Capital Group Ltd. | 11,112,943 | 825,358 | |||
Willis Towers Watson plc | 3,250,003 | 783,901 | ||||
Broadridge Financial Solutions Inc. | 3,695,680 | 760,386 | ||||
Hartford Financial Services Group Inc. | 9,432,663 | 758,197 | ||||
T. Rowe Price Group Inc. | 7,016,831 | 755,643 | ||||
Nasdaq Inc. | 12,711,425 | 739,042 | ||||
Fifth Third Bancorp | 21,385,315 | 737,580 | ||||
State Street Corp. | 9,225,900 | 714,638 | ||||
M&T Bank Corp. | 5,208,043 | 713,919 | ||||
Raymond James Financial Inc. | 5,896,988 | 657,514 |
Shares | Market Value• ($000) | |||||
Ares Management Corp. Class A | 5,275,406 | 627,351 | ||||
Principal Financial Group Inc. | 7,512,694 | 591,024 | ||||
Cboe Global Markets Inc. | 3,304,755 | 590,097 | ||||
Huntington Bancshares Inc. | 45,303,021 | 576,254 | ||||
* | Berkshire Hathaway Inc. Class A | 1,051 | 570,299 | |||
FactSet Research Systems Inc. | 1,190,901 | 568,119 | ||||
Regions Financial Corp. | 29,191,495 | 565,731 | ||||
* | Markel Group Inc. | 394,366 | 559,960 | |||
LPL Financial Holdings Inc. | 2,370,573 | 539,590 | ||||
Northern Trust Corp. | 6,168,982 | 520,539 | ||||
Brown & Brown Inc. | 7,177,212 | 510,372 | ||||
Cincinnati Financial Corp. | 4,916,035 | 508,613 | ||||
Everest Group Ltd. | 1,360,655 | 481,100 | ||||
Citizens Financial Group Inc. | 13,880,377 | 459,996 | ||||
First Citizens BancShares Inc. Class A | 316,931 | 449,716 | ||||
W R Berkley Corp. | 6,054,434 | 428,170 | ||||
KeyCorp | 29,488,147 | 424,629 | ||||
Fidelity National Financial Inc. | 8,095,927 | 413,054 | ||||
Loews Corp. | 5,566,684 | 387,386 | ||||
Equitable Holdings Inc. | 10,622,456 | 353,728 | ||||
MarketAxess Holdings Inc. | 1,193,070 | 349,391 | ||||
Globe Life Inc. | 2,792,645 | 339,921 | ||||
Reinsurance Group of America Inc. | 2,070,383 | 334,947 | ||||
Tradeweb Markets Inc. Class A | 3,597,954 | 326,982 | ||||
Carlyle Group Inc. | 7,976,682 | 324,571 | ||||
RenaissanceRe Holdings Ltd. | 1,653,901 | 324,165 | ||||
East West Bancorp Inc. | 4,433,484 | 318,989 | ||||
Annaly Capital Management Inc. | 15,853,352 | 307,079 | ||||
Ally Financial Inc. | 8,469,124 | 295,742 | ||||
Assurant Inc. | 1,660,179 | 279,724 | ||||
Webster Financial Corp. | 5,423,284 | 275,286 | ||||
*,1 | SoFi Technologies Inc. | 27,222,334 | 270,862 | |||
Erie Indemnity Co. Class A | 799,295 | 267,700 |
Shares | Market Value• ($000) | |||||
American Financial Group Inc. | 2,229,453 | 265,060 | ||||
Interactive Brokers Group Inc. Class A | 3,178,400 | 263,489 | ||||
Franklin Resources Inc. | 8,586,125 | 255,781 | ||||
First Horizon Corp. | 17,528,794 | 248,208 | ||||
Invesco Ltd. | 13,771,835 | 245,690 | ||||
Voya Financial Inc. | 3,310,981 | 241,569 | ||||
* | Robinhood Markets Inc. Class A | 18,634,684 | 237,406 | |||
Unum Group | 5,206,991 | 235,460 | ||||
SEI Investments Co. | 3,661,513 | 232,689 | ||||
Old Republic International Corp. | 7,903,704 | 232,369 | ||||
Kinsale Capital Group Inc. | 691,796 | 231,689 | ||||
Comerica Inc. | 4,123,000 | 230,105 | ||||
Morningstar Inc. | 803,775 | 230,073 | ||||
Primerica Inc. | 1,095,602 | 225,431 | ||||
New York Community Bancorp Inc. | 21,421,737 | 219,144 | ||||
Western Alliance Bancorp | 3,260,585 | 214,514 | ||||
Blue Owl Capital Inc. Class A | 14,356,656 | 213,914 | ||||
Stifel Financial Corp. | 3,016,293 | 208,577 | ||||
1 | AGNC Investment Corp. | 20,946,116 | 205,481 | |||
Zions Bancorp NA | 4,647,119 | 203,869 | ||||
SouthState Corp. | 2,382,493 | 201,202 | ||||
Pinnacle Financial Partners Inc. | 2,302,546 | 200,828 | ||||
Commerce Bancshares Inc. | 3,731,621 | 199,306 | ||||
First American Financial Corp. | 3,073,507 | 198,057 | ||||
Cullen/Frost Bankers Inc. | 1,817,890 | 197,223 | ||||
Houlihan Lokey Inc. Class A | 1,628,749 | 195,303 | ||||
1 | Starwood Property Trust Inc. | 9,281,318 | 195,093 | |||
Prosperity Bancshares Inc. | 2,796,395 | 189,400 | ||||
Selective Insurance Group Inc. | 1,902,285 | 189,239 | ||||
Jefferies Financial Group Inc. | 4,637,688 | 187,409 | ||||
Popular Inc. | 2,269,437 | 186,253 | ||||
OneMain Holdings Inc. | 3,769,704 | 185,469 | ||||
Evercore Inc. Class A | 1,070,476 | 183,105 | ||||
RLI Corp. | 1,354,950 | 180,371 | ||||
Bank OZK | 3,578,146 | 178,299 |
Shares | Market Value• ($000) | |||||
Wintrust Financial Corp. | 1,912,930 | 177,424 | ||||
Columbia Banking System Inc. | 6,542,542 | 174,555 | ||||
Cadence Bank | 5,763,236 | 170,534 | ||||
MGIC Investment Corp. | 8,750,300 | 168,793 | ||||
Essent Group Ltd. | 3,138,176 | 165,507 | ||||
Synovus Financial Corp. | 4,364,048 | 164,306 | ||||
United Bankshares Inc. | 4,241,350 | 159,263 | ||||
Rithm Capital Corp. | 14,886,706 | 158,990 | ||||
*,1 | Marathon Digital Holdings Inc. | 6,679,783 | 156,908 | |||
Affiliated Managers Group Inc. | 1,033,290 | 156,461 | ||||
Old National Bancorp | 9,180,985 | 155,067 | ||||
FNB Corp. | 11,244,311 | 154,834 | ||||
Corebridge Financial Inc. | 6,913,340 | 149,743 | ||||
Valley National Bancorp | 13,572,293 | 147,395 | ||||
Home BancShares Inc. | 5,785,274 | 146,541 | ||||
Glacier Bancorp Inc. | 3,490,659 | 144,234 | ||||
Lincoln National Corp. | 5,310,535 | 143,225 | ||||
SLM Corp. | 7,222,660 | 138,097 | ||||
Radian Group Inc. | 4,727,530 | 134,971 | ||||
* | American Equity Investment Life Holding Co. | 2,415,443 | 134,782 | |||
* | Ryan Specialty Holdings Inc. Class A | 3,128,426 | 134,585 | |||
Axis Capital Holdings Ltd. | 2,400,377 | 132,909 | ||||
FirstCash Holdings Inc. | 1,212,666 | 131,441 | ||||
First Financial Bankshares Inc. | 4,269,541 | 129,367 | ||||
* | Mr Cooper Group Inc. | 1,969,975 | 128,285 | |||
Jackson Financial Inc. Class A | 2,486,629 | 127,315 | ||||
Assured Guaranty Ltd. | 1,678,489 | 125,601 | ||||
Hamilton Lane Inc. Class A | 1,103,726 | 125,207 | ||||
Janus Henderson Group plc | 4,132,505 | 124,595 | ||||
Hancock Whitney Corp. | 2,563,770 | 124,574 | ||||
Hanover Insurance Group Inc. | 1,010,971 | 122,752 | ||||
Moelis & Co. Class A | 2,134,419 | 119,805 | ||||
* | Enstar Group Ltd. | 404,319 | 119,011 |
Shares | Market Value• ($000) | |||||
Lazard Ltd. Class A | 3,363,039 | 117,034 | ||||
White Mountains Insurance Group Ltd. | 76,901 | 115,737 | ||||
Ameris Bancorp | 2,098,444 | 111,322 | ||||
1 | Blackstone Mortgage Trust Inc. Class A | 5,198,296 | 110,568 | |||
Walker & Dunlop Inc. | 986,437 | 109,504 | ||||
* | Brighthouse Financial Inc. | 2,061,205 | 109,079 | |||
United Community Banks Inc. | 3,555,927 | 104,046 | ||||
ServisFirst Bancshares Inc. | 1,544,023 | 102,878 | ||||
UMB Financial Corp. | 1,226,359 | 102,462 | ||||
* | Texas Capital Bancshares Inc. | 1,512,894 | 97,778 | |||
Cathay General Bancorp | 2,176,762 | 97,018 | ||||
*,1 | Riot Platforms Inc. | 6,210,523 | 96,077 | |||
Associated Banc-Corp | 4,470,347 | 95,621 | ||||
International Bancshares Corp. | 1,759,816 | 95,593 | ||||
CNO Financial Group Inc. | 3,421,522 | 95,460 | ||||
Artisan Partners Asset Management Inc. Class A | 2,122,843 | 93,787 | ||||
Piper Sandler Cos. | 535,561 | 93,654 | ||||
Kemper Corp. | 1,921,292 | 93,509 | ||||
* | Genworth Financial Inc. Class A | 13,806,986 | 92,231 | |||
First Hawaiian Inc. | 4,029,346 | 92,111 | ||||
*,1 | Upstart Holdings Inc. | 2,237,848 | 91,438 | |||
* | Axos Financial Inc. | 1,662,755 | 90,786 | |||
Bank of Hawaii Corp. | 1,250,932 | 90,643 | ||||
First Interstate BancSystem Inc. Class A | 2,939,739 | 90,397 | ||||
TPG Inc. Class A | 2,072,871 | 89,486 | ||||
WSFS Financial Corp. | 1,938,156 | 89,019 | ||||
Federated Hermes Inc. Class B | 2,614,392 | 88,523 | ||||
Community Bank System Inc. | 1,688,469 | 87,986 | ||||
Pacific Premier Bancorp Inc. | 3,013,123 | 87,712 | ||||
Independent Bank Corp. | 1,327,970 | 87,394 | ||||
First Bancorp | 5,272,270 | 86,729 | ||||
Atlantic Union Bankshares Corp. | 2,368,116 | 86,531 | ||||
* | Credit Acceptance Corp. | 161,035 | 85,788 |
Shares | Market Value• ($000) | |||||
Fulton Financial Corp. | 5,203,897 | 85,656 | ||||
CVB Financial Corp. | 4,241,821 | 85,642 | ||||
BGC Group Inc. Class A | 11,775,831 | 85,021 | ||||
* | Clearwater Analytics Holdings Inc. Class A | 3,948,529 | 79,089 | |||
* | NMI Holdings Inc. Class A | 2,611,555 | 77,511 | |||
BankUnited Inc. | 2,388,475 | 77,458 | ||||
Seacoast Banking Corp. of Florida | 2,695,122 | 76,703 | ||||
Simmons First National Corp. Class A | 3,802,363 | 75,439 | ||||
1 | Arbor Realty Trust Inc. | 4,834,620 | 73,390 | |||
Eastern Bankshares Inc. | 5,005,394 | 71,077 | ||||
PennyMac Financial Services Inc. | 802,766 | 70,940 | ||||
PJT Partners Inc. Class A | 694,322 | 70,731 | ||||
First Merchants Corp. | 1,857,218 | 68,866 | ||||
WaFd Inc. | 2,057,503 | 67,815 | ||||
First Financial Bancorp | 2,817,524 | 66,916 | ||||
Towne Bank | 2,122,686 | 63,171 | ||||
BOK Financial Corp. | 736,866 | 63,113 | ||||
* | StoneX Group Inc. | 828,785 | 61,189 | |||
Park National Corp. | 457,960 | 60,845 | ||||
* | Bancorp Inc. | 1,562,705 | 60,258 | |||
*,1 | Rocket Cos. Inc. Class A | 4,074,451 | 58,998 | |||
NBT Bancorp Inc. | 1,401,918 | 58,754 | ||||
Cohen & Steers Inc. | 770,629 | 58,360 | ||||
Banner Corp. | 1,079,019 | 57,792 | ||||
Virtu Financial Inc. Class A | 2,823,145 | 57,197 | ||||
OFG Bancorp | 1,510,460 | 56,612 | ||||
Independent Bank Group Inc. | 1,110,951 | 56,525 | ||||
* | Triumph Financial Inc. | 701,794 | 56,270 | |||
Renasant Corp. | 1,669,901 | 56,242 | ||||
BancFirst Corp. | 576,481 | 56,109 | ||||
WesBanco Inc. | 1,776,472 | 55,728 | ||||
1 | Ready Capital Corp. | 5,389,324 | 55,241 | |||
StepStone Group Inc. Class A | 1,695,189 | 53,958 | ||||
Banc of California Inc. | 3,978,554 | 53,432 | ||||
Virtus Investment Partners Inc. | 215,598 | 52,123 | ||||
Apollo Commercial Real Estate Finance Inc. | 4,416,882 | 51,854 | ||||
Federal Agricultural Mortgage Corp. Class C | 270,904 | 51,802 |
Shares | Market Value• ($000) | |||||
Hilltop Holdings Inc. | 1,437,585 | 50,617 | ||||
Stewart Information Services Corp. | 852,559 | 50,088 | ||||
Claros Mortgage Trust Inc. | 3,665,552 | 49,961 | ||||
Northwest Bancshares Inc. | 3,989,936 | 49,794 | ||||
Enterprise Financial Services Corp. | 1,103,275 | 49,261 | ||||
Lakeland Financial Corp. | 752,901 | 49,059 | ||||
* | Goosehead Insurance Inc. Class A | 645,903 | 48,959 | |||
First Commonwealth Financial Corp. | 3,163,276 | 48,841 | ||||
City Holding Co. | 437,529 | 48,242 | ||||
* | Customers Bancorp Inc. | 835,298 | 48,130 | |||
* | BRP Group Inc. Class A | 1,998,235 | 47,998 | |||
Live Oak Bancshares Inc. | 1,034,676 | 47,078 | ||||
Trustmark Corp. | 1,687,931 | 47,060 | ||||
Navient Corp. | 2,513,015 | 46,792 | ||||
* | Enova International Inc. | 843,965 | 46,722 | |||
First Bancorp (XNGS) | 1,237,620 | 45,804 | ||||
Westamerica Bancorp | 791,697 | 44,660 | ||||
FB Financial Corp. | 1,116,367 | 44,487 | ||||
Pathward Financial Inc. | 839,479 | 44,434 | ||||
National Bank Holdings Corp. Class A | 1,172,694 | 43,612 | ||||
* | Oscar Health Inc. Class A | 4,685,148 | 42,869 | |||
Horace Mann Educators Corp. | 1,309,876 | 42,833 | ||||
Hope Bancorp Inc. | 3,494,977 | 42,219 | ||||
Heartland Financial USA Inc. | 1,120,449 | 42,140 | ||||
Stock Yards Bancorp Inc. | 818,043 | 42,121 | ||||
Compass Diversified Holdings | 1,867,334 | 41,922 | ||||
Two Harbors Investment Corp. | 2,970,456 | 41,378 | ||||
PennyMac Mortgage Investment Trust | 2,763,682 | 41,317 | ||||
Victory Capital Holdings Inc. Class A | 1,198,838 | 41,288 | ||||
First Busey Corp. | 1,657,232 | 41,132 | ||||
Ladder Capital Corp. Class A | 3,555,544 | 40,924 |
Shares | Market Value• ($000) | |||||
* | Palomar Holdings Inc. | 734,361 | 40,757 | |||
Provident Financial Services Inc. | 2,230,718 | 40,220 | ||||
Safehold Inc. | 1,659,651 | 38,836 | ||||
S&T Bancorp Inc. | 1,140,060 | 38,101 | ||||
Stellar Bancorp Inc. | 1,365,491 | 38,015 | ||||
Veritex Holdings Inc. | 1,607,760 | 37,413 | ||||
* | Cannae Holdings Inc. | 1,883,947 | 36,756 | |||
Chimera Investment Corp. | 7,339,545 | 36,624 | ||||
Sandy Spring Bancorp Inc. | 1,325,600 | 36,109 | ||||
Peoples Bancorp Inc. | 1,058,510 | 35,735 | ||||
MFA Financial Inc. | 3,141,703 | 35,407 | ||||
* | Encore Capital Group Inc. | 680,681 | 34,545 | |||
Nelnet Inc. Class A | 390,170 | 34,421 | ||||
Safety Insurance Group Inc. | 449,806 | 34,181 | ||||
* | SiriusPoint Ltd. | 2,946,652 | 34,181 | |||
BrightSpire Capital Inc. Class A | 4,543,526 | 33,804 | ||||
Employers Holdings Inc. | 848,434 | 33,428 | ||||
Franklin BSP Realty Trust Inc. | 2,472,504 | 33,404 | ||||
* | Skyward Specialty Insurance Group Inc. | 985,265 | 33,381 | |||
TriCo Bancshares | 765,759 | 32,905 | ||||
Origin Bancorp Inc. | 913,084 | 32,478 | ||||
Mercury General Corp. | 867,129 | 32,353 | ||||
Berkshire Hills Bancorp Inc. | 1,296,581 | 32,194 | ||||
Nicolet Bankshares Inc. | 393,817 | 31,694 | ||||
OceanFirst Financial Corp. | 1,779,868 | 30,898 | ||||
* | PRA Group Inc. | 1,170,822 | 30,676 | |||
QCR Holdings Inc. | 514,779 | 30,058 | ||||
*,1 | Trupanion Inc. | 981,307 | 29,940 | |||
1 | ARMOUR Residential REIT Inc. | 1,541,014 | 29,772 | |||
1 | Ellington Financial Inc. | 2,341,448 | 29,760 | |||
Dime Community Bancshares Inc. | 1,101,151 | 29,654 | ||||
* | LendingClub Corp. | 3,283,854 | 28,701 | |||
Eagle Bancorp Inc. | 951,714 | 28,685 | ||||
Enact Holdings Inc. | 988,708 | 28,564 | ||||
Southside Bancshares Inc. | 911,789 | 28,557 | ||||
AMERISAFE Inc. | 609,096 | 28,493 | ||||
Preferred Bank | 389,302 | 28,438 | ||||
National Western Life Group Inc. Class A | 58,275 | 28,148 |
Shares | Market Value• ($000) | |||||
Brookline Bancorp Inc. | 2,542,527 | 27,739 | ||||
Lakeland Bancorp Inc. | 1,862,506 | 27,546 | ||||
ConnectOne Bancorp Inc. | 1,192,696 | 27,325 | ||||
German American Bancorp Inc. | 840,496 | 27,240 | ||||
*,1 | Lemonade Inc. | 1,674,937 | 27,017 | |||
WisdomTree Inc. | 3,780,368 | 26,198 | ||||
Redwood Trust Inc. | 3,489,302 | 25,856 | ||||
Premier Financial Corp. | 1,072,357 | 25,844 | ||||
First Bancshares Inc. | 874,751 | 25,656 | ||||
Capitol Federal Financial Inc. | 3,952,960 | 25,497 | ||||
TFS Financial Corp. | 1,714,510 | 25,186 | ||||
1 | F&G Annuities & Life Inc. | 544,128 | 25,030 | |||
* | Open Lending Corp. | 2,935,132 | 24,978 | |||
New York Mortgage Trust Inc. | 2,825,845 | 24,104 | ||||
Bank First Corp. | 277,228 | 24,025 | ||||
Heritage Financial Corp. | 1,102,412 | 23,581 | ||||
Amerant Bancorp Inc. Class A | 951,334 | 23,374 | ||||
1st Source Corp. | 425,256 | 23,368 | ||||
First Mid Bancshares Inc. | 671,439 | 23,272 | ||||
* | Ambac Financial Group Inc. | 1,386,506 | 22,850 | |||
ProAssurance Corp. | 1,647,124 | 22,714 | ||||
Community Trust Bancorp Inc. | 515,007 | 22,588 | ||||
1 | UWM Holdings Corp. Class A | 3,092,429 | 22,111 | |||
Dynex Capital Inc. | 1,723,960 | 21,584 | ||||
Old Second Bancorp Inc. | 1,367,182 | 21,109 | ||||
Tompkins Financial Corp. | 345,569 | 20,814 | ||||
1 | HCI Group Inc. | 225,301 | 19,691 | |||
KKR Real Estate Finance Trust Inc. | 1,451,080 | 19,198 | ||||
* | AssetMark Financial Holdings Inc. | 640,865 | 19,194 | |||
Brightsphere Investment Group Inc. | 981,747 | 18,810 | ||||
Hanmi Financial Corp. | 968,596 | 18,791 | ||||
Business First Bancshares Inc. | 759,255 | 18,716 | ||||
Univest Financial Corp. | 848,090 | 18,683 |
Shares | Market Value• ($000) | |||||
Amalgamated Financial Corp. | 689,657 | 18,579 | ||||
Merchants Bancorp | 434,604 | 18,505 | ||||
Farmers National Banc Corp. | 1,273,130 | 18,397 | ||||
Byline Bancorp Inc. | 777,481 | 18,317 | ||||
Great Southern Bancorp Inc. | 302,904 | 17,977 | ||||
Mercantile Bank Corp. | 445,144 | 17,975 | ||||
Washington Trust Bancorp Inc. | 552,876 | 17,902 | ||||
1 | Orchid Island Capital Inc. | 2,091,609 | 17,632 | |||
* | Metropolitan Bank Holding Corp. | 311,071 | 17,227 | |||
TrustCo Bank Corp. | 550,930 | 17,106 | ||||
Heritage Commerce Corp. | 1,711,952 | 16,983 | ||||
Midland States Bancorp Inc. | 614,037 | 16,923 | ||||
* | Columbia Financial Inc. | 872,234 | 16,817 | |||
Kearny Financial Corp. | 1,871,083 | 16,784 | ||||
HarborOne Bancorp Inc. | 1,385,460 | 16,598 | ||||
Southern Missouri Bancorp Inc. | 310,151 | 16,559 | ||||
* | CrossFirst Bankshares Inc. | 1,202,409 | 16,329 | |||
Horizon Bancorp Inc. | 1,130,130 | 16,172 | ||||
Northfield Bancorp Inc. | 1,279,932 | 16,102 | ||||
Central Pacific Financial Corp. | 801,026 | 15,764 | ||||
First Community Bankshares Inc. | 423,255 | 15,703 | ||||
Independent Bank Corp. (Michigan) | 599,260 | 15,593 | ||||
Cambridge Bancorp | 222,214 | 15,422 | ||||
Camden National Corp. | 403,181 | 15,172 | ||||
First Foundation Inc. | 1,567,086 | 15,169 | ||||
Equity Bancshares Inc. Class A | 443,588 | 15,038 | ||||
American National Bankshares Inc. | 302,173 | 14,731 | ||||
Peapack-Gladstone Financial Corp. | 493,833 | 14,726 | ||||
HomeTrust Bancshares Inc. | 539,258 | 14,517 | ||||
Diamond Hill Investment Group Inc. | 87,521 | 14,493 | ||||
United Fire Group Inc. | 714,514 | 14,376 |
Shares | Market Value• ($000) | |||||
* | EZCORP Inc. Class A | 1,624,375 | 14,197 | |||
Republic Bancorp Inc. Class A | 253,793 | 13,999 | ||||
P10 Inc. Class A | 1,343,205 | 13,728 | ||||
* | Coastal Financial Corp. | 308,378 | 13,695 | |||
Flushing Financial Corp. | 829,310 | 13,667 | ||||
Shore Bancshares Inc. | 944,911 | 13,465 | ||||
Metrocity Bankshares Inc. | 558,211 | 13,408 | ||||
CNB Financial Corp. | 588,697 | 13,299 | ||||
Universal Insurance Holdings Inc. | 826,787 | 13,212 | ||||
First Financial Corp. | 303,927 | 13,078 | ||||
GCM Grosvenor Inc. Class A | 1,437,229 | 12,878 | ||||
1 | Burke & Herbert Financial Services Corp. | 202,900 | 12,762 | |||
Tiptree Inc. Class A | 651,681 | 12,356 | ||||
* | World Acceptance Corp. | 94,353 | 12,316 | |||
Bar Harbor Bankshares | 412,183 | 12,102 | ||||
1 | B. Riley Financial Inc. | 573,323 | 12,034 | |||
Alerus Financial Corp. | 537,268 | 12,029 | ||||
Arrow Financial Corp. | 425,176 | 11,879 | ||||
TPG RE Finance Trust Inc. | 1,817,114 | 11,811 | ||||
1 | Invesco Mortgage Capital Inc. | 1,324,933 | 11,739 | |||
1 | NewtekOne Inc. | 847,975 | 11,702 | |||
Capital City Bank Group Inc. | 397,180 | 11,689 | ||||
Northeast Bank | 206,474 | 11,395 | ||||
First Bank | 770,907 | 11,332 | ||||
ACNB Corp. | 240,241 | 10,753 | ||||
*,1 | Forge Global Holdings Inc. | 3,118,181 | 10,695 | |||
* | Carter Bankshares Inc. | 712,025 | 10,659 | |||
* | LendingTree Inc. | 347,613 | 10,540 | |||
Macatawa Bank Corp. | 925,613 | 10,441 | ||||
Hingham Institution For Savings | 53,653 | 10,430 | ||||
SmartFinancial Inc. | 423,631 | 10,375 | ||||
Esquire Financial Holdings Inc. | 206,705 | 10,327 | ||||
Northrim Bancorp Inc. | 176,916 | 10,121 | ||||
Bank of Marin Bancorp | 447,868 | 9,862 | ||||
BayCom Corp. | 415,597 | 9,804 |
Shares | Market Value• ($000) | |||||
Crawford & Co. Class B | 747,804 | 9,781 | ||||
Financial Institutions Inc. | 450,573 | 9,597 | ||||
Orrstown Financial Services Inc. | 324,496 | 9,573 | ||||
Granite Point Mortgage Trust Inc. | 1,592,579 | 9,460 | ||||
Capstar Financial Holdings Inc. | 501,635 | 9,401 | ||||
Summit Financial Group Inc. | 304,535 | 9,346 | ||||
Citizens & Northern Corp. | 410,526 | 9,208 | ||||
Civista Bancshares Inc. | 497,943 | 9,182 | ||||
Mid Penn Bancorp Inc. | 374,344 | 9,089 | ||||
* | Southern California Bancorp | 523,200 | 9,078 | |||
Sierra Bancorp | 399,592 | 9,011 | ||||
First of Long Island Corp. | 676,836 | 8,961 | ||||
* | Greenlight Capital Re Ltd. Class A | 776,574 | 8,868 | |||
First Bancorp Inc. | 312,385 | 8,815 | ||||
West Bancorp Inc. | 414,402 | 8,785 | ||||
Peoples Financial Services Corp. | 179,285 | 8,731 | ||||
FS Bancorp Inc. | 235,608 | 8,708 | ||||
Home Bancorp Inc. | 206,339 | 8,668 | ||||
Primis Financial Corp. | 682,667 | 8,643 | ||||
Waterstone Financial Inc. | 604,252 | 8,580 | ||||
Citizens Financial Services Inc. | 131,902 | 8,537 | ||||
James River Group Holdings Ltd. | 921,185 | 8,512 | ||||
South Plains Financial Inc. | 292,506 | 8,471 | ||||
MBIA Inc. | 1,382,103 | 8,458 | ||||
First Business Financial Services Inc. | 210,016 | 8,422 | ||||
Codorus Valley Bancorp Inc. | 327,297 | 8,412 | ||||
* | Southern First Bancshares Inc. | 226,710 | 8,411 | |||
RBB Bancorp | 440,333 | 8,384 | ||||
Unity Bancorp Inc. | 282,715 | 8,366 | ||||
Farmers & Merchants Bancorp Inc. | 333,453 | 8,270 | ||||
Guaranty Bancshares Inc. | 245,483 | 8,253 | ||||
Enterprise Bancorp Inc. | 255,668 | 8,248 |
Shares | Market Value• ($000) | |||||
1 | NexPoint Diversified Real Estate Trust | 1,031,167 | 8,198 | |||
MidWestOne Financial Group Inc. | 298,754 | 8,039 | ||||
Donegal Group Inc. Class A | 562,139 | 7,864 | ||||
John Marshall Bancorp Inc. | 346,600 | 7,819 | ||||
* | Bridgewater Bancshares Inc. | 574,377 | 7,766 | |||
Fidelity D&D Bancorp Inc. | 132,823 | 7,708 | ||||
Five Star Bancorp | 293,908 | 7,694 | ||||
Norwood Financial Corp. | 233,197 | 7,675 | ||||
Timberland Bancorp Inc. | 242,733 | 7,636 | ||||
* | Blue Foundry Bancorp | 782,802 | 7,570 | |||
1 | Chicago Atlantic Real Estate Finance Inc. | 466,820 | 7,553 | |||
Middlefield Banc Corp. | 232,314 | 7,520 | ||||
Central Valley Community Bancorp | 335,244 | 7,493 | ||||
PCB Bancorp | 401,511 | 7,400 | ||||
Colony Bankcorp Inc. | 550,804 | 7,326 | ||||
* | FVCBankcorp Inc. | 514,940 | 7,312 | |||
* | Third Coast Bancshares Inc. | 367,175 | 7,296 | |||
Oak Valley Bancorp | 239,900 | 7,185 | ||||
Red River Bancshares Inc. | 127,746 | 7,168 | ||||
* | eHealth Inc. | 816,369 | 7,119 | |||
Plumas Bancorp | 168,907 | 6,984 | ||||
1 | Medallion Financial Corp. | 698,986 | 6,885 | |||
Princeton Bancorp Inc. | 191,688 | 6,882 | ||||
MVB Financial Corp. | 303,098 | 6,838 | ||||
C&F Financial Corp. | 99,227 | 6,766 | ||||
Orange County Bancorp Inc. | 111,832 | 6,737 | ||||
Virginia National Bankshares Corp. | 195,778 | 6,731 | ||||
Oppenheimer Holdings Inc. Class A | 158,975 | 6,569 | ||||
1 | AFC Gamma Inc. | 544,493 | 6,550 | |||
Ames National Corp. | 304,055 | 6,489 | ||||
HBT Financial Inc. | 305,390 | 6,447 | ||||
Seven Hills Realty Trust | 482,900 | 6,249 | ||||
Western New England Bancorp Inc. | 692,944 | 6,236 |
Shares | Market Value• ($000) | |||||
National Bankshares Inc. | 192,376 | 6,223 | ||||
Parke Bancorp Inc. | 306,015 | 6,197 | ||||
ChoiceOne Financial Services Inc. | 210,670 | 6,173 | ||||
AG Mortgage Investment Trust Inc. | 965,155 | 6,129 | ||||
Investors Title Co. | 37,598 | 6,096 | ||||
Bankwell Financial Group Inc. | 201,545 | 6,083 | ||||
1 | Sachem Capital Corp. | 1,619,896 | 6,058 | |||
* | Ponce Financial Group Inc. | 620,432 | 6,055 | |||
Capital Bancorp Inc. | 250,159 | 6,054 | ||||
Southern States Bancshares Inc. | 206,492 | 6,046 | ||||
* | Sterling Bancorp Inc. | 1,047,247 | 6,043 | |||
First Internet Bancorp | 247,933 | 5,997 | ||||
LINKBANCORP Inc. | 752,326 | 5,996 | ||||
* | Ocwen Financial Corp. | 193,274 | 5,945 | |||
Greene County Bancorp Inc. | 210,368 | 5,932 | ||||
Regional Management Corp. | 234,220 | 5,874 | ||||
MainStreet Bancshares Inc. | 235,247 | 5,836 | ||||
Silvercrest Asset Management Group Inc. Class A | 330,416 | 5,617 | ||||
Northeast Community Bancorp Inc. | 315,219 | 5,592 | ||||
BCB Bancorp Inc. | 430,285 | 5,529 | ||||
HomeStreet Inc. | 535,464 | 5,515 | ||||
First Community Corp. | 254,872 | 5,487 | ||||
* | California Bancorp | 219,318 | 5,430 | |||
Chemung Financial Corp. | 107,126 | 5,335 | ||||
LCNB Corp. | 335,831 | 5,296 | ||||
Peoples Bancorp of North Carolina Inc. | 172,294 | 5,202 | ||||
Evans Bancorp Inc. | �� 164,147 | 5,176 | ||||
ESSA Bancorp Inc. | 257,669 | 5,159 | ||||
Meridian Corp. | 367,884 | 5,114 | ||||
*,1 | Hagerty Inc. Class A | 651,800 | 5,084 | |||
1 | Angel Oak Mortgage REIT Inc. | 472,039 | 5,004 | |||
* | Pioneer Bancorp Inc. | 497,336 | 4,978 | |||
Investar Holding Corp. | 331,586 | 4,944 | ||||
* | Provident Bancorp Inc. | 470,772 | 4,741 | |||
* | Heritage Insurance Holdings Inc. | 724,037 | 4,721 |
Shares | Market Value• ($000) | |||||
OP Bancorp | 427,154 | 4,677 | ||||
* | NI Holdings Inc. | 346,693 | 4,504 | |||
First United Corp. | 188,849 | 4,440 | ||||
* | First Western Financial Inc. | 222,640 | 4,415 | |||
Penns Woods Bancorp Inc. | 190,732 | 4,293 | ||||
*,1 | American Coastal Insurance Corp. | 440,681 | 4,169 | |||
Hawthorn Bancshares Inc. | 164,209 | 4,166 | ||||
Eagle Bancorp Montana Inc. | 257,546 | 4,067 | ||||
*,1 | Bakkt Holdings Inc. | 1,805,265 | 4,026 | |||
Bank7 Corp. | 146,279 | 4,001 | ||||
First Northwest Bancorp | 246,872 | 3,935 | ||||
* | Heritage Global Inc. | 1,401,176 | 3,895 | |||
William Penn Bancorp | 318,150 | 3,885 | ||||
* | Velocity Financial Inc. | 225,504 | 3,883 | |||
Guild Holdings Co. Class A | 272,500 | 3,840 | ||||
* | ECB Bancorp Inc. | 306,402 | 3,836 | |||
Federal Agricultural Mortgage Corp. Class A | 24,386 | 3,832 | ||||
Nexpoint Real Estate Finance Inc. | 241,453 | 3,803 | ||||
*,1 | Citizens Inc. Class A | 1,402,435 | 3,773 | |||
* | Oportun Financial Corp. | 960,206 | 3,754 | |||
Great Ajax Corp. | 691,162 | 3,663 | ||||
Riverview Bancorp Inc. | 571,750 | 3,659 | ||||
*,1 | Hippo Holdings Inc. | 399,918 | 3,647 | |||
First National Corp. | 165,138 | 3,592 | ||||
Westwood Holdings Group Inc. | 277,674 | 3,490 | ||||
1 | Cherry Hill Mortgage Investment Corp. | 845,975 | 3,418 | |||
* | loanDepot Inc. Class A | 961,855 | 3,386 | |||
* | Maiden Holdings Ltd. | 1,475,921 | 3,380 | |||
BankFinancial Corp. | 328,418 | 3,370 | ||||
* | Luther Burbank Corp. | 304,937 | 3,266 | |||
First Financial Northwest Inc. | 230,131 | 3,102 | ||||
1 | Ellington Residential Mortgage REIT | 486,682 | 2,983 | |||
United Security Bancshares | 353,209 | 2,970 | ||||
*,1 | Consumer Portfolio Services Inc. | 316,832 | 2,969 | |||
1 | BV Financial Inc. | 207,878 | 2,948 | |||
* | Finwise Bancorp | 200,082 | 2,863 | |||
*,1 | Caret Holdings Inc. Class A | 270,892 | 2,839 |
Shares | Market Value• ($000) | |||||
Union Bankshares Inc. | 92,353 | 2,831 | ||||
*,1 | OppFi Inc. | 543,794 | 2,784 | |||
* | Security National Financial Corp. Class A | 308,551 | 2,777 | |||
First Savings Financial Group Inc. | 159,427 | 2,678 | ||||
Franklin Financial Services Corp. | 82,388 | 2,599 | ||||
Finward Bancorp | 101,400 | 2,535 | ||||
Territorial Bancorp Inc. | 226,146 | 2,522 | ||||
*,1 | SWK Holdings Corp. | 138,755 | 2,432 | |||
* | ACRES Commercial Realty Corp. | 245,355 | 2,360 | |||
*,3 | 1895 Bancorp of Wisconsin Inc. | 331,179 | 2,291 | |||
* | USCB Financial Holdings Inc. | 185,252 | 2,269 | |||
Provident Financial Holdings Inc. | 178,916 | 2,256 | ||||
Summit State Bank | 181,477 | 2,178 | ||||
Old Point Financial Corp. | 119,700 | 2,122 | ||||
TC Bancshares Inc. | 151,263 | 2,071 | ||||
First Guaranty Bancshares Inc. | 167,977 | 1,868 | ||||
Lument Finance Trust Inc. | 799,449 | 1,863 | ||||
*,1 | Dave Inc. | 214,024 | 1,795 | |||
* | NSTS Bancorp Inc. | 186,636 | 1,752 | |||
* | Broadway Financial Corp. | 264,266 | 1,752 | |||
Associated Capital Group Inc. Class A | 48,920 | 1,747 | ||||
*,1 | SR Bancorp Inc. | 174,600 | 1,669 | |||
* | Catalyst Bancorp Inc. | 151,200 | 1,639 | |||
* | Finance of America Cos. Inc. Class A | 1,481,602 | 1,630 | |||
Blue Ridge Bankshares Inc. | 525,645 | 1,593 | ||||
First Capital Inc. | 56,504 | 1,542 | ||||
*,1 | GoHealth Inc. Class A | 103,499 | 1,381 | |||
Manhattan Bridge Capital Inc. | 262,659 | 1,305 | ||||
* | Great Elm Group Inc. | 643,568 | 1,249 | |||
1 | Hennessy Advisors Inc. | 185,534 | 1,245 | |||
AmeriServ Financial Inc. | 351,357 | 1,137 | ||||
*,1 | NeuroOne Medical Technologies Corp. | 712,451 | 1,126 | |||
US Global Investors Inc. Class A | 376,672 | 1,062 |
Shares | Market Value• ($000) | |||||
*,1 | Nicholas Financial Inc. | 148,305 | 1,013 | |||
* | Bogota Financial Corp. | 117,122 | 942 | |||
* | Kingsway Financial Services Inc. | 110,758 | 930 | |||
Hanover Bancorp Inc. | 52,401 | 924 | ||||
Bayfirst Financial Corp. | 65,679 | 851 | ||||
MarketWise Inc. | 304,854 | 832 | ||||
Bank of the James Financial Group Inc. | 66,294 | 798 | ||||
*,1 | Doma Holdings Inc. | 164,352 | 761 | |||
*,1 | Curo Group Holdings Corp. | 735,347 | 588 | |||
* | Lake Shore Bancorp Inc. | 49,379 | 577 | |||
*,1 | Daxor Corp. | 47,328 | 454 | |||
* | PB Bankshares Inc. | 34,141 | 428 | |||
* | Kingstone Cos. Inc. | 193,591 | 412 | |||
* | BM Technologies Inc. | 196,926 | 404 | |||
* | Patriot National Bancorp Inc. | 101,605 | 389 | |||
* | Ashford Inc. | 104,740 | 385 | |||
* | Siebert Financial Corp. | 188,535 | 317 | |||
Safeguard Scientifics Inc. | 385,500 | 302 | ||||
*,1 | Bitcoin Depot Inc. | 83,372 | 269 | |||
* | Carver Bancorp Inc. | 133,111 | 262 | |||
Village Bank & Trust Financial Corp. | 5,610 | 224 | ||||
* | OptimumBank Holdings Inc. | 53,069 | 220 | |||
* | BioRestorative Therapies Inc. | 100,161 | 171 | |||
Texas Community Bancshares Inc. | 9,328 | 131 | ||||
First Seacoast Bancorp | 17,374 | 131 | ||||
Atlantic American Corp. | 30,638 | 73 | ||||
*,1 | CXApp Inc. | 50,571 | 65 | |||
* | FG Financial Group Inc. | 35,157 | 55 | |||
* | Vericity Inc. | 3,536 | 40 | |||
* | Generations Bancorp NY Inc. | 3,634 | 37 | |||
* | SHF Holdings Inc. | 20,499 | 29 | |||
* | CaliberCos Inc. Class A | 7,900 | 10 | |||
* | Hallmark Financial Services Inc. | 3,070 | 3 | |||
* | Conifer Holdings Inc. | 1,497 | 2 | |||
157,159,411 | ||||||
Health Care (12.0%) | ||||||
Eli Lilly & Co. | 26,822,326 | 15,635,270 |
Shares | Market Value• ($000) | |||||
UnitedHealth Group Inc. | 29,032,311 | 15,284,641 | ||||
Johnson & Johnson | 75,569,538 | 11,844,769 | ||||
Merck & Co. Inc. | 79,570,231 | 8,674,747 | ||||
AbbVie Inc. | 55,427,844 | 8,589,653 | ||||
Thermo Fisher Scientific Inc. | 12,126,517 | 6,436,634 | ||||
Abbott Laboratories | 54,507,932 | 5,999,688 | ||||
Pfizer Inc. | 177,271,872 | 5,103,657 | ||||
Amgen Inc. | 16,803,951 | 4,839,874 | ||||
Danaher Corp. | 20,879,269 | 4,830,210 | ||||
* | Intuitive Surgical Inc. | 11,062,748 | 3,732,129 | |||
Elevance Health Inc. | 7,379,960 | 3,480,094 | ||||
Medtronic plc | 41,766,386 | 3,440,715 | ||||
* | Vertex Pharmaceuticals Inc. | 8,093,235 | 3,293,056 | |||
Bristol-Myers Squibb Co. | 63,874,220 | 3,277,386 | ||||
Stryker Corp. | 10,738,705 | 3,215,813 | ||||
Gilead Sciences Inc. | 39,139,396 | 3,170,682 | ||||
* | Regeneron Pharmaceuticals Inc. | 3,196,827 | 2,807,741 | |||
Cigna Group | 9,190,550 | 2,752,110 | ||||
* | Boston Scientific Corp. | 46,026,637 | 2,660,800 | |||
Zoetis Inc. Class A | 12,973,759 | 2,560,631 | ||||
Becton Dickinson & Co. | 9,121,263 | 2,224,038 | ||||
Humana Inc. | 3,867,859 | 1,770,745 | ||||
HCA Healthcare Inc. | 6,305,635 | 1,706,809 | ||||
* | Dexcom Inc. | 12,125,470 | 1,504,650 | |||
* | Edwards Lifesciences Corp. | 19,055,067 | 1,452,949 | |||
* | IDEXX Laboratories Inc. | 2,610,285 | 1,448,839 | |||
* | IQVIA Holdings Inc. | 5,730,084 | 1,325,827 | |||
Agilent Technologies Inc. | 9,185,699 | 1,277,088 | ||||
* | Centene Corp. | 16,797,712 | 1,246,558 | |||
* | Biogen Inc. | 4,558,606 | 1,179,630 | |||
* | Moderna Inc. | 10,801,509 | 1,074,210 | |||
GE HealthCare Technologies Inc. | 12,125,570 | 937,549 | ||||
West Pharmaceutical Services Inc. | 2,325,488 | 818,851 | ||||
Zimmer Biomet Holdings Inc. | 6,559,400 | 798,279 | ||||
* | Veeva Systems Inc. Class A | 4,135,783 | 796,221 | |||
ResMed Inc. | 4,617,511 | 794,304 | ||||
Cardinal Health Inc. | 7,729,568 | 779,140 | ||||
* | Alnylam Pharmaceuticals Inc. | 3,959,777 | 757,941 | |||
* | Illumina Inc. | 4,973,266 | 692,478 | |||
STERIS plc | 3,099,855 | 681,503 | ||||
* | Molina Healthcare Inc. | 1,828,965 | 660,823 |
Shares | Market Value• ($000) | |||||
* | Align Technology Inc. | 2,282,857 | 625,503 | |||
Baxter International Inc. | 15,912,640 | 615,183 | ||||
Laboratory Corp. of America Holdings | 2,662,879 | 605,246 | ||||
Cooper Cos. Inc. | 1,554,955 | 588,457 | ||||
* | BioMarin Pharmaceutical Inc. | 5,909,902 | 569,833 | |||
* | Hologic Inc. | 7,567,981 | 540,732 | |||
Quest Diagnostics Inc. | 3,523,191 | 485,778 | ||||
* | Avantor Inc. | 21,177,199 | 483,475 | |||
* | Insulet Corp. | 2,188,573 | 474,877 | |||
Revvity Inc. | 3,895,266 | 425,792 | ||||
* | Exact Sciences Corp. | 5,667,673 | 419,294 | |||
* | Neurocrine Biosciences Inc. | 3,109,713 | 409,736 | |||
Viatris Inc. | 37,642,800 | 407,672 | ||||
Bio-Techne Corp. | 4,968,087 | 383,338 | ||||
* | Charles River Laboratories International Inc. | 1,609,522 | 380,491 | |||
* | Incyte Corp. | 5,965,113 | 374,549 | |||
Teleflex Inc. | 1,479,681 | 368,944 | ||||
Royalty Pharma plc Class A | 11,939,033 | 335,367 | ||||
* | Karuna Therapeutics Inc. | 1,031,346 | 326,431 | |||
* | United Therapeutics Corp. | 1,475,870 | 324,529 | |||
* | Henry Schein Inc. | 4,094,456 | 309,991 | |||
* | Repligen Corp. | 1,658,869 | 298,265 | |||
* | Penumbra Inc. | 1,147,047 | 288,528 | |||
Chemed Corp. | 472,350 | 276,207 | ||||
Universal Health Services Inc. Class B | 1,809,896 | 275,901 | ||||
* | Sarepta Therapeutics Inc. | 2,788,735 | 268,918 | |||
* | Cytokinetics Inc. | 3,154,850 | 263,398 | |||
* | ImmunoGen Inc. | 8,400,555 | 249,076 | |||
* | Tenet Healthcare Corp. | 3,200,333 | 241,849 | |||
* | Catalent Inc. | 5,373,843 | 241,447 | |||
* | Medpace Holdings Inc. | 772,458 | 236,782 | |||
DENTSPLY SIRONA Inc. | 6,636,783 | 236,203 | ||||
* | Exelixis Inc. | 9,766,182 | 234,291 | |||
* | Jazz Pharmaceuticals plc | 1,899,704 | 233,664 | |||
* | Elanco Animal Health Inc. | 15,515,619 | 231,183 | |||
* | Natera Inc. | 3,624,753 | 227,055 | |||
* | Shockwave Medical Inc. | 1,151,359 | 219,403 | |||
* | Ionis Pharmaceuticals Inc. | 4,275,916 | 216,319 |
Shares | Market Value• ($000) | |||||
* | Acadia Healthcare Co. Inc. | 2,761,951 | 214,769 | |||
Encompass Health Corp. | 3,157,194 | 210,648 | ||||
Bruker Corp. | 2,853,983 | 209,711 | ||||
* | Intra-Cellular Therapies Inc. | 2,918,925 | 209,053 | |||
* | Bio-Rad Laboratories Inc. Class A | 640,305 | 206,748 | |||
Ensign Group Inc. | 1,789,367 | 200,785 | ||||
* | Globus Medical Inc. Class A | 3,678,084 | 196,005 | |||
* | Option Care Health Inc. | 5,607,168 | 188,906 | |||
* | Apellis Pharmaceuticals Inc. | 3,137,929 | 187,836 | |||
* | Inspire Medical Systems Inc. | 922,920 | 187,750 | |||
* | Masimo Corp. | 1,584,157 | 185,679 | |||
* | HealthEquity Inc. | 2,680,070 | 177,689 | |||
* | Blueprint Medicines Corp. | 1,922,505 | 177,332 | |||
* | Vaxcyte Inc. | 2,657,954 | 166,920 | |||
* | Bridgebio Pharma Inc. | 4,132,646 | 166,835 | |||
* | DaVita Inc. | 1,573,652 | 164,856 | |||
* | 10X Genomics Inc. Class A | 2,931,539 | 164,049 | |||
* | Halozyme Therapeutics Inc. | 4,144,894 | 153,195 | |||
* | Alkermes plc | 5,211,206 | 144,559 | |||
* | REVOLUTION Medicines Inc. | 4,955,001 | 142,109 | |||
* | Insmed Inc. | 4,574,547 | 141,765 | |||
Perrigo Co. plc | 4,250,975 | 136,796 | ||||
* | Haemonetics Corp. | 1,589,471 | 135,916 | |||
* | Amicus Therapeutics Inc. | 9,569,161 | 135,786 | |||
* | Lantheus Holdings Inc. | 2,152,010 | 133,425 | |||
* | Merit Medical Systems Inc. | 1,738,225 | 132,036 | |||
* | Envista Holdings Corp. | 5,479,292 | 131,832 | |||
* | Neogen Corp. | 6,107,016 | 122,812 | |||
* | Ultragenyx Pharmaceutical Inc. | 2,537,788 | 121,357 | |||
* | ACADIA Pharmaceuticals Inc. | 3,848,518 | 120,497 | |||
* | agilon health Inc. | 9,550,403 | 119,858 | |||
* | Teladoc Health Inc. | 5,465,436 | 117,780 | |||
* | QuidelOrtho Corp. | 1,574,859 | 116,067 | |||
Organon & Co. | 8,016,096 | 115,592 | ||||
* | Glaukos Corp. | 1,452,067 | 115,425 | |||
* | Madrigal Pharmaceuticals Inc. | 493,669 | 114,225 | |||
* | Azenta Inc. | 1,724,869 | 112,358 |
Shares | Market Value• ($000) | |||||
* | Evolent Health Inc. Class A | 3,385,625 | 111,827 | |||
* | Mirati Therapeutics Inc. | 1,816,862 | 106,741 | |||
CONMED Corp. | 959,204 | 105,042 | ||||
* | Integer Holdings Corp. | 1,041,796 | 103,221 | |||
* | Inari Medical Inc. | 1,562,826 | 101,459 | |||
* | Arrowhead Pharmaceuticals Inc. | 3,245,289 | 99,306 | |||
* | Axonics Inc. | 1,588,517 | 98,853 | |||
* | iRhythm Technologies Inc. | 918,208 | 98,285 | |||
* | Cerevel Therapeutics Holdings Inc. | 2,309,137 | 97,907 | |||
* | Fortrea Holdings Inc. | 2,776,994 | 96,917 | |||
* | Amedisys Inc. | 1,014,044 | 96,395 | |||
* | Progyny Inc. | 2,582,108 | 96,003 | |||
* | Prestige Consumer Healthcare Inc. | 1,566,174 | 95,881 | |||
* | Guardant Health Inc. | 3,517,527 | 95,149 | |||
* | Krystal Biotech Inc. | 765,032 | 94,910 | |||
* | Doximity Inc. Class A | 3,384,748 | 94,908 | |||
*,1 | Axsome Therapeutics Inc. | 1,190,855 | 94,780 | |||
* | Integra LifeSciences Holdings Corp. | 2,058,729 | 89,658 | |||
* | Rhythm Pharmaceuticals Inc. | 1,901,409 | 87,408 | |||
* | Enovis Corp. | 1,546,372 | 86,628 | |||
* | Pacific Biosciences of California Inc. | 8,579,841 | 84,168 | |||
* | Corcept Therapeutics Inc. | 2,579,198 | 83,772 | |||
Premier Inc. Class A | 3,734,693 | 83,508 | ||||
* | Cymabay Therapeutics Inc. | 3,476,988 | 82,126 | |||
* | Intellia Therapeutics Inc. | 2,636,708 | 80,393 | |||
* | Immunovant Inc. | 1,875,846 | 79,029 | |||
* | Nuvalent Inc. Class A | 1,071,131 | 78,825 | |||
Patterson Cos. Inc. | 2,763,530 | 78,622 | ||||
* | TransMedics Group Inc. | 979,745 | 77,331 | |||
*,1 | Ginkgo Bioworks Holdings Inc. Class A | 45,147,591 | 76,299 | |||
* | Surgery Partners Inc. | 2,381,871 | 76,196 | |||
Select Medical Holdings Corp. | 3,195,924 | 75,104 | ||||
* | CorVel Corp. | 294,506 | 72,805 | |||
* | TG Therapeutics Inc. | 4,256,351 | 72,698 | |||
* | ICU Medical Inc. | 722,563 | 72,068 | |||
* | Privia Health Group Inc. | 3,126,701 | 72,008 | |||
* | Amphastar Pharmaceuticals Inc. | 1,161,880 | 71,862 |
Shares | Market Value• ($000) | |||||
* | SpringWorks Therapeutics Inc. | 1,922,406 | 70,168 | |||
* | Crinetics Pharmaceuticals Inc. | 1,970,199 | 70,100 | |||
* | Denali Therapeutics Inc. | 3,257,822 | 69,913 | |||
* | Celldex Therapeutics Inc. | 1,717,439 | 68,114 | |||
* | Rocket Pharmaceuticals Inc. | 2,242,118 | 67,196 | |||
* | Certara Inc. | 3,814,093 | 67,090 | |||
* | Ideaya Biosciences Inc. | 1,863,817 | 66,315 | |||
* | NeoGenomics Inc. | 4,085,347 | 66,101 | |||
* | PTC Therapeutics Inc. | 2,372,118 | 65,376 | |||
* | Arcellx Inc. | 1,175,998 | 65,268 | |||
* | RadNet Inc. | 1,863,273 | 64,786 | |||
* | Twist Bioscience Corp. | 1,719,854 | 63,394 | |||
* | Beam Therapeutics Inc. | 2,302,115 | 62,664 | |||
* | Veracyte Inc. | 2,277,635 | 62,658 | |||
* | Tandem Diabetes Care Inc. | 2,073,609 | 61,337 | |||
* | Dynavax Technologies Corp. | 4,219,116 | 58,983 | |||
* | Arvinas Inc. | 1,422,199 | 58,538 | |||
* | Apollo Medical Holdings Inc. | 1,525,379 | 58,422 | |||
* | Iovance Biotherapeutics Inc. | 7,104,401 | 57,759 | |||
*,1 | PROCEPT BioRobotics Corp. | 1,329,448 | 55,717 | |||
* | Omnicell Inc. | 1,424,491 | 53,604 | |||
* | Vericel Corp. | 1,497,790 | 53,336 | |||
* | Catalyst Pharmaceuticals Inc. | 3,145,237 | 52,871 | |||
* | Sotera Health Co. | 3,119,148 | 52,558 | |||
* | Viking Therapeutics Inc. | 2,816,935 | 52,423 | |||
* | Syndax Pharmaceuticals Inc. | 2,397,295 | 51,806 | |||
* | AtriCure Inc. | 1,422,532 | 50,770 | |||
* | R1 RCM Inc. | 4,793,504 | 50,667 | |||
* | Myriad Genetics Inc. | 2,645,322 | 50,631 | |||
* | Novocure Ltd. | 3,379,432 | 50,455 | |||
*,1 | Recursion Pharmaceuticals Inc. Class A | 5,116,069 | 50,444 | |||
* | Ironwood Pharmaceuticals Inc. Class A | 4,175,083 | 47,763 | |||
* | Addus HomeCare Corp. | 513,720 | 47,699 | |||
* | Supernus Pharmaceuticals Inc. | 1,641,380 | 47,502 | |||
* | STAAR Surgical Co. | 1,512,658 | 47,210 | |||
* | RayzeBio Inc. | 758,478 | 47,155 |
Shares | Market Value• ($000) | |||||
* | Pacira BioSciences Inc. | 1,393,966 | 47,032 | |||
*,1 | Mirum Pharmaceuticals Inc. | 1,516,303 | 44,761 | |||
* | Alphatec Holdings Inc. | 2,945,236 | 44,503 | |||
* | Owens & Minor Inc. | 2,294,526 | 44,216 | |||
US Physical Therapy Inc. | 463,233 | 43,146 | ||||
* | Ardelyx Inc. | 6,867,148 | 42,576 | |||
* | Inhibrx Inc. | 1,098,031 | 41,725 | |||
* | BioCryst Pharmaceuticals Inc. | 6,927,612 | 41,496 | |||
* | Xencor Inc. | 1,922,471 | 40,814 | |||
National HealthCare Corp. | 436,033 | 40,298 | ||||
* | Hims & Hers Health Inc. | 4,519,954 | 40,228 | |||
* | Relay Therapeutics Inc. | 3,651,716 | 40,205 | |||
* | Agios Pharmaceuticals Inc. | 1,756,423 | 39,116 | |||
* | UFP Technologies Inc. | 226,753 | 39,011 | |||
* | Protagonist Therapeutics Inc. | 1,700,416 | 38,991 | |||
* | Phreesia Inc. | 1,607,539 | 37,215 | |||
* | Viridian Therapeutics Inc. | 1,706,889 | 37,176 | |||
* | Warby Parker Inc. Class A | 2,577,087 | 36,337 | |||
LeMaitre Vascular Inc. | 625,200 | 35,486 | ||||
* | Ligand Pharmaceuticals Inc. | 495,497 | 35,388 | |||
* | Akero Therapeutics Inc. | 1,504,408 | 35,128 | |||
* | Sage Therapeutics Inc. | 1,591,020 | 34,477 | |||
* | Geron Corp. | 16,290,065 | 34,372 | |||
* | Morphic Holding Inc. | 1,169,956 | 33,788 | |||
Embecta Corp. | 1,784,266 | 33,776 | ||||
* | Harmony Biosciences Holdings Inc. | 1,030,691 | 33,291 | |||
* | Kymera Therapeutics Inc. | 1,283,411 | 32,676 | |||
* | Brookdale Senior Living Inc. | 5,605,895 | 32,626 | |||
* | Avanos Medical Inc. | 1,449,219 | 32,506 | |||
* | Scholar Rock Holding Corp. | 1,715,795 | 32,257 | |||
* | Vir Biotechnology Inc. | 3,201,683 | 32,209 | |||
* | RxSight Inc. | 797,938 | 32,173 | |||
* | Kura Oncology Inc. | 2,207,564 | 31,745 | |||
* | Keros Therapeutics Inc. | 784,812 | 31,204 | |||
* | Innoviva Inc. | 1,926,684 | 30,904 |
Shares | Market Value• ($000) | |||||
* | Collegium Pharmaceutical Inc. | 991,246 | 30,511 | |||
* | Cytek Biosciences Inc. | 3,288,520 | 29,991 | |||
* | RAPT Therapeutics Inc. | 1,200,884 | 29,842 | |||
* | MiMedx Group Inc. | 3,362,582 | 29,490 | |||
* | Arcus Biosciences Inc. | 1,528,425 | 29,193 | |||
* | MannKind Corp. | 7,997,219 | 29,110 | |||
* | Pliant Therapeutics Inc. | 1,606,245 | 29,089 | |||
* | ADMA Biologics Inc. | 6,411,673 | 28,981 | |||
*,1 | EyePoint Pharmaceuticals Inc. | 1,253,709 | 28,973 | |||
* | Quanterix Corp. | 1,054,687 | 28,835 | |||
* | Deciphera Pharmaceuticals Inc. | 1,760,798 | 28,402 | |||
* | Day One Biopharmaceuticals Inc. | 1,932,967 | 28,221 | |||
* | ANI Pharmaceuticals Inc. | 506,983 | 27,955 | |||
*,1 | Soleno Therapeutics Inc. | 692,700 | 27,881 | |||
*,1 | Cassava Sciences Inc. | 1,237,880 | 27,865 | |||
* | 89bio Inc. | 2,417,463 | 27,003 | |||
* | Disc Medicine Inc. | 466,139 | 26,924 | |||
*,1 | Cabaletta Bio Inc. | 1,172,821 | 26,623 | |||
* | Editas Medicine Inc. | 2,598,006 | 26,318 | |||
*,1 | Verve Therapeutics Inc. | 1,846,281 | 25,737 | |||
* | Accolade Inc. | 2,115,278 | 25,405 | |||
* | Amylyx Pharmaceuticals Inc. | 1,724,366 | 25,383 | |||
* | Zentalis Pharmaceuticals Inc. | 1,654,319 | 25,063 | |||
* | Amneal Pharmaceuticals Inc. | 4,061,878 | 24,656 | |||
* | Varex Imaging Corp. | 1,183,858 | 24,269 | |||
*,1 | Alpine Immune Sciences Inc. | 1,271,329 | 24,232 | |||
* | Healthcare Services Group Inc. | 2,327,311 | 24,134 | |||
* | SI-BONE Inc. | 1,147,891 | 24,094 | |||
* | Revance Therapeutics Inc. | 2,727,369 | 23,974 | |||
* | Pediatrix Medical Group Inc. | 2,551,252 | 23,727 | |||
* | Alignment Healthcare Inc. | 2,719,836 | 23,418 | |||
National Research Corp. | 588,072 | 23,264 | ||||
* | Olema Pharmaceuticals Inc. | 1,650,326 | 23,154 | |||
* | Nevro Corp. | 1,073,584 | 23,104 |
Shares | Market Value• ($000) | |||||
* | 4D Molecular Therapeutics Inc. | 1,139,344 | 23,083 | |||
* | Arcturus Therapeutics Holdings Inc. | 716,967 | 22,606 | |||
* | REGENXBIO Inc. | 1,239,237 | 22,244 | |||
* | Maravai LifeSciences Holdings Inc. Class A | 3,290,910 | 21,555 | |||
* | Travere Therapeutics Inc. | 2,383,520 | 21,428 | |||
*,1 | ImmunityBio Inc. | 4,255,631 | 21,363 | |||
*,1 | Anavex Life Sciences Corp. | 2,266,872 | 21,105 | |||
* | Zymeworks Inc. | 2,028,900 | 21,080 | |||
* | Avidity Biosciences Inc. | 2,312,947 | 20,932 | |||
* | OmniAb Inc. | 3,296,609 | 20,340 | |||
* | Artivion Inc. | 1,123,317 | 20,085 | |||
* | Adaptive Biotechnologies Corp. | 4,084,649 | 20,015 | |||
*,1 | Apogee Therapeutics Inc. | 709,568 | 19,825 | |||
HealthStream Inc. | 721,873 | 19,512 | ||||
* | Dyne Therapeutics Inc. | 1,453,532 | 19,332 | |||
* | CareDx Inc. | 1,607,580 | 19,291 | |||
* | OPKO Health Inc. | 12,728,537 | 19,220 | |||
* | Ambrx Biopharma Inc. | 1,340,800 | 19,093 | |||
* | BioLife Solutions Inc. | 1,173,331 | 19,067 | |||
* | Savara Inc. | 3,930,071 | 18,471 | |||
* | Tarsus Pharmaceuticals Inc. | 911,649 | 18,461 | |||
*,1 | Liquidia Corp. | 1,531,173 | 18,420 | |||
*,1 | LifeStance Health Group Inc. | 2,350,645 | 18,406 | |||
*,1 | Novavax Inc. | 3,816,536 | 18,319 | |||
*,1 | Altimmune Inc. | 1,617,739 | 18,200 | |||
* | ACELYRIN Inc. | 2,415,024 | 18,016 | |||
* | MacroGenics Inc. | 1,839,450 | 17,696 | |||
* | OraSure Technologies Inc. | 2,157,546 | 17,692 | |||
* | Treace Medical Concepts Inc. | 1,378,355 | 17,574 | |||
* | Fulgent Genetics Inc. | 603,703 | 17,453 | |||
* | ModivCare Inc. | 394,429 | 17,351 | |||
* | Multiplan Corp. | 12,035,952 | 17,332 | |||
* | Evolus Inc. | 1,640,561 | 17,275 | |||
* | Icosavax Inc. | 1,095,971 | 17,273 | |||
* | Castle Biosciences Inc. | 796,167 | 17,181 | |||
* | PetIQ Inc. Class A | 867,296 | 17,129 | |||
* | AdaptHealth Corp. Class A | 2,337,979 | 17,044 | |||
*,1 | Tango Therapeutics Inc. | 1,700,696 | 16,837 |
Shares | Market Value• ($000) | |||||
*,1 | Marinus Pharmaceuticals Inc. | 1,507,998 | 16,392 | |||
* | Alector Inc. | 2,043,595 | 16,308 | |||
* | Enhabit Inc. | 1,542,041 | 15,960 | |||
* | Zimvie Inc. | 886,345 | 15,733 | |||
* | Kiniksa Pharmaceuticals Ltd. Class A | 893,713 | 15,676 | |||
* | GoodRx Holdings Inc. Class A | 2,333,432 | 15,634 | |||
* | AN2 Therapeutics Inc. | 749,421 | 15,356 | |||
* | Surmodics Inc. | 421,394 | 15,318 | |||
Atrion Corp. | 39,845 | 15,093 | ||||
* | Health Catalyst Inc. | 1,626,169 | 15,058 | |||
* | Cogent Biosciences Inc. | 2,552,205 | 15,007 | |||
*,1 | Nurix Therapeutics Inc. | 1,429,349 | 14,751 | |||
* | Ocular Therapeutix Inc. | 3,289,162 | 14,670 | |||
* | Orthofix Medical Inc. | 1,079,096 | 14,546 | |||
* | OrthoPediatrics Corp. | 446,225 | 14,507 | |||
* | Silk Road Medical Inc. | 1,168,288 | 14,335 | |||
Tourmaline Bio Inc. | 544,450 | 14,254 | ||||
* | DocGo Inc. | 2,537,297 | 14,184 | |||
* | KalVista Pharmaceuticals Inc. | 1,153,121 | 14,126 | |||
* | Organogenesis Holdings Inc. Class A | 3,432,061 | 14,037 | |||
*,1 | Theravance Biopharma Inc. | 1,226,993 | 13,791 | |||
* | MaxCyte Inc. | 2,818,256 | 13,246 | |||
* | Edgewise Therapeutics Inc. | 1,198,693 | 13,114 | |||
* | Pulmonx Corp. | 1,028,344 | 13,111 | |||
* | Caribou Biosciences Inc. | 2,272,290 | 13,020 | |||
*,1 | Vera Therapeutics Inc. Class A | 835,574 | 12,851 | |||
* | Avid Bioservices Inc. | 1,945,642 | 12,647 | |||
* | Paragon 28 Inc. | 1,009,325 | 12,546 | |||
* | Replimune Group Inc. | 1,483,980 | 12,510 | |||
*,1 | Immunome Inc. | 1,168,900 | 12,507 | |||
* | Community Health Systems Inc. | 3,983,855 | 12,469 | |||
*,1 | Allogene Therapeutics Inc. | 3,876,439 | 12,443 | |||
*,1 | ORIC Pharmaceuticals Inc. | 1,349,104 | 12,412 | |||
* | ALX Oncology Holdings Inc. | 831,579 | 12,382 | |||
* | AnaptysBio Inc. | 574,301 | 12,302 |
Shares | Market Value• ($000) | |||||
* | Sana Biotechnology Inc. | 2,968,610 | 12,112 | |||
*,1 | Prime Medicine Inc. | 1,363,505 | 12,081 | |||
*,1 | Lyell Immunopharma Inc. | 6,174,266 | 11,978 | |||
*,1 | HilleVax Inc. | 734,955 | 11,796 | |||
* | Pennant Group Inc. | 840,720 | 11,703 | |||
* | Fulcrum Therapeutics Inc. | 1,694,516 | 11,438 | |||
* | Voyager Therapeutics Inc. | 1,344,790 | 11,350 | |||
*,1 | Fennec Pharmaceuticals Inc. | 1,004,000 | 11,265 | |||
*,1 | Avita Medical Inc. | 816,217 | 11,199 | |||
*,1 | Harrow Inc. | 992,128 | 11,112 | |||
* | Cerus Corp. | 5,068,933 | 10,949 | |||
*,1 | Coherus Biosciences Inc. | 3,264,178 | 10,870 | |||
*,1 | Biomea Fusion Inc. | 745,055 | 10,818 | |||
* | SomaLogic Inc. | 4,157,015 | 10,517 | |||
* | American Well Corp. Class A | 6,917,282 | 10,307 | |||
*,1 | Phathom Pharmaceuticals Inc. | 1,108,452 | 10,120 | |||
* | Tactile Systems Technology Inc. | 702,000 | 10,039 | |||
* | CVRx Inc. | 316,816 | 9,961 | |||
* | Anika Therapeutics Inc. | 438,739 | 9,942 | |||
* | Clover Health Investments Corp. Class A | 10,280,134 | 9,788 | |||
iRadimed Corp. | 204,905 | 9,727 | ||||
*,1 | Scilex Holding Co. | 4,763,028 | 9,717 | |||
*,1 | Enliven Therapeutics Inc. | 699,300 | 9,678 | |||
* | Xeris Biopharma Holdings Inc. | 4,106,991 | 9,651 | |||
* | Fate Therapeutics Inc. | 2,562,686 | 9,584 | |||
* | Sharecare Inc. | 8,872,250 | 9,582 | |||
*,1 | Summit Therapeutics Inc. | 3,662,182 | 9,558 | |||
* | AngioDynamics Inc. | 1,212,644 | 9,507 | |||
* | Cullinan Oncology Inc. | 922,529 | 9,401 | |||
* | Axogen Inc. | 1,375,595 | 9,395 | |||
*,1 | Entrada Therapeutics Inc. | 602,072 | 9,085 | |||
* | Outset Medical Inc. | 1,666,098 | 9,014 | |||
* | Semler Scientific Inc. | 202,309 | 8,960 | |||
* | Talkspace Inc. | 3,519,033 | 8,938 | |||
* | Accuray Inc. | 3,121,853 | 8,835 | |||
* | Astria Therapeutics Inc. | 1,134,044 | 8,709 | |||
*,1 | 908 Devices Inc. | 758,127 | 8,506 | |||
* | iTeos Therapeutics Inc. | 771,420 | 8,447 |
Shares | Market Value• ($000) | |||||
*,1 | Korro Bio Inc. | 175,933 | 8,432 | |||
*,1 | Bluebird Bio Inc. | 6,048,441 | 8,347 | |||
*,1 | Genelux Corp. | 591,200 | 8,283 | |||
*,1 | Arbutus Biopharma Corp. | 3,300,543 | 8,251 | |||
* | Aura Biosciences Inc. | 924,293 | 8,189 | |||
Utah Medical Products Inc. | 96,930 | 8,163 | ||||
*,1 | Arcutis Biotherapeutics Inc. | 2,501,217 | 8,079 | |||
*,1 | Esperion Therapeutics Inc. | 2,691,796 | 8,048 | |||
* | Applied Therapeutics Inc. | 2,396,489 | 8,028 | |||
*,1 | Celcuity Inc. | 550,479 | 8,020 | |||
* | Agiliti Inc. | 1,009,959 | 7,999 | |||
*,1 | Zynex Inc. | 732,906 | 7,981 | |||
* | Mersana Therapeutics Inc. | 3,413,782 | 7,920 | |||
* | Y-mAbs Therapeutics Inc. | 1,159,178 | 7,906 | |||
* | Terns Pharmaceuticals Inc. | 1,218,066 | 7,905 | |||
*,1 | Agenus Inc. | 9,494,960 | 7,861 | |||
*,1 | Taysha Gene Therapies Inc. | 4,387,426 | 7,766 | |||
*,1 | 23andMe Holding Co. Class A | 8,501,758 | 7,766 | |||
* | Rigel Pharmaceuticals Inc. | 5,156,463 | 7,477 | |||
*,1 | Aerovate Therapeutics Inc. | 328,971 | 7,445 | |||
*,1 | Senseonics Holdings Inc. | 12,947,685 | 7,381 | |||
* | Sutro Biopharma Inc. | 1,708,596 | 7,330 | |||
* | Vanda Pharmaceuticals Inc. | 1,722,130 | 7,267 | |||
* | OptimizeRx Corp. | 505,901 | 7,239 | |||
*,1 | Absci Corp. | 1,708,381 | 7,175 | |||
*,1 | C4 Therapeutics Inc. | 1,268,599 | 7,168 | |||
*,1 | Gossamer Bio Inc. | 7,830,376 | 7,145 | |||
* | Viemed Healthcare Inc. | 907,059 | 7,120 | |||
* | TScan Therapeutics Inc. | 1,190,934 | 6,943 | |||
* | Atea Pharmaceuticals Inc. | 2,253,893 | 6,874 | |||
*,1 | Harpoon Therapeutics Inc. | 603,141 | 6,858 | |||
* | InfuSystem Holdings Inc. | 645,855 | 6,807 | |||
*,1 | Zomedica Corp. | 33,687,896 | 6,744 | |||
* | Harvard Bioscience Inc. | 1,259,834 | 6,740 | |||
SIGA Technologies Inc. | 1,189,862 | 6,663 | ||||
Phibro Animal Health Corp. Class A | 569,430 | 6,594 |
Shares | Market Value• ($000) | |||||
*,1 | Vistagen Therapeutics Inc. | 1,277,510 | 6,566 | |||
* | Invivyd Inc. | 1,620,200 | 6,384 | |||
*,1 | Orchestra BioMed Holdings Inc. | 697,362 | 6,367 | |||
*,1 | Tyra Biosciences Inc. | 458,562 | 6,351 | |||
*,1 | Zevra Therapeutics Inc. | 967,269 | 6,336 | |||
* | Codexis Inc. | 2,072,588 | 6,321 | |||
* | Standard BioTools Inc. | 2,856,696 | 6,313 | |||
* | Nuvation Bio Inc. | 4,178,976 | 6,310 | |||
*,1 | ARS Pharmaceuticals Inc. | 1,134,600 | 6,218 | |||
*,1 | CorMedix Inc. | 1,649,126 | 6,201 | |||
*,1 | 2seventy bio Inc. | 1,443,176 | 6,162 | |||
*,1 | Nkarta Inc. | 931,700 | 6,149 | |||
*,1 | Heron Therapeutics Inc. | 3,607,037 | 6,132 | |||
* | Puma Biotechnology Inc. | 1,414,207 | 6,124 | |||
*,1 | Verastem Inc. | 746,247 | 6,074 | |||
*,1 | Quantum-Si Inc. | 3,012,870 | 6,056 | |||
*,1 | Verrica Pharmaceuticals Inc. | 814,672 | 5,963 | |||
* | Ovid therapeutics Inc. | 1,851,578 | 5,962 | |||
*,1 | Omeros Corp. | 1,822,044 | 5,958 | |||
* | Aldeyra Therapeutics Inc. | 1,696,710 | 5,955 | |||
*,1 | Janux Therapeutics Inc. | 548,511 | 5,886 | |||
*,1 | Akebia Therapeutics Inc. | 4,709,482 | 5,840 | |||
* | Inozyme Pharma Inc. | 1,351,902 | 5,759 | |||
*,1 | Lexicon Pharmaceuticals Inc. | 3,702,774 | 5,665 | |||
* | Third Harmonic Bio Inc. | 516,335 | 5,664 | |||
* | Mineralys Therapeutics Inc. | 658,659 | 5,664 | |||
* | Enanta Pharmaceuticals Inc. | 592,129 | 5,572 | |||
*,1 | ClearPoint Neuro Inc. | 819,120 | 5,562 | |||
* | FONAR Corp. | 282,837 | 5,532 | |||
*,1 | Stoke Therapeutics Inc. | 1,029,440 | 5,415 | |||
*,1 | Gritstone bio Inc. | 2,636,056 | 5,378 | |||
*,1 | Precigen Inc. | 3,991,343 | 5,348 | |||
*,1 | scPharmaceuticals Inc. | 847,334 | 5,313 | |||
*,1 | Shattuck Labs Inc. | 731,691 | 5,217 | |||
* | Tenaya Therapeutics Inc. | 1,610,005 | 5,216 | |||
* | Nautilus Biotechnology Inc. Class A | 1,742,974 | 5,212 |
Shares | Market Value• ($000) | |||||
* | Computer Programs & Systems Inc. | 463,726 | 5,194 | |||
*,1 | Invitae Corp. | 8,208,345 | 5,145 | |||
* | Acumen Pharmaceuticals Inc. | 1,319,129 | 5,065 | |||
* | Poseida Therapeutics Inc. Class A | 1,506,603 | 5,062 | |||
*,1 | XOMA Corp. | 272,821 | 5,047 | |||
* | Allakos Inc. | 1,821,663 | 4,973 | |||
*,1 | Lineage Cell Therapeutics Inc. | 4,523,730 | 4,931 | |||
* | Praxis Precision Medicines Inc. | 219,483 | 4,890 | |||
* | Myomo Inc. | 958,764 | 4,803 | |||
* | Annexon Inc. | 1,055,049 | 4,790 | |||
*,1 | Monte Rosa Therapeutics Inc. | 844,219 | 4,770 | |||
* | PMV Pharmaceuticals Inc. | 1,524,487 | 4,726 | |||
* | Humacyte Inc. | 1,620,693 | 4,603 | |||
*,1 | Immuneering Corp. Class A | 616,596 | 4,532 | |||
* | Joint Corp. | 469,145 | 4,508 | |||
*,1 | Sight Sciences Inc. | 863,824 | 4,457 | |||
*,1 | Butterfly Network Inc. | 4,113,565 | 4,443 | |||
*,1 | X4 Pharmaceuticals Inc. | 5,283,949 | 4,431 | |||
*,1 | Ocugen Inc. | 7,596,773 | 4,368 | |||
* | Akoya Biosciences Inc. | 881,015 | 4,299 | |||
* | Merrimack Pharmaceuticals Inc. | 318,128 | 4,266 | |||
*,1 | Tela Bio Inc. | 642,283 | 4,252 | |||
*,1 | Annovis Bio Inc. | 225,507 | 4,217 | |||
*,1 | Inovio Pharmaceuticals Inc. | 8,260,428 | 4,213 | |||
*,1 | PDS Biotechnology Corp. | 845,684 | 4,203 | |||
* | Syros Pharmaceuticals Inc. | 535,713 | 4,173 | |||
*,1 | Seres Therapeutics Inc. | 2,966,502 | 4,153 | |||
*,1 | Inmune Bio Inc. | 361,452 | 4,070 | |||
*,1 | Actinium Pharmaceuticals Inc. | 794,173 | 4,034 | |||
* | Ventyx Biosciences Inc. | 1,608,361 | 3,973 | |||
*,1 | G1 Therapeutics Inc. | 1,295,502 | 3,951 | |||
*,1 | GlycoMimetics Inc. | 1,661,637 | 3,921 | |||
* | Erasca Inc. | 1,830,279 | 3,899 | |||
* | Perspective Therapeutics Inc. | 9,673,312 | 3,889 | |||
*,1 | IGM Biosciences Inc. | 460,333 | 3,825 | |||
*,1 | Innovage Holding Corp. | 630,750 | 3,785 | |||
* | Inogen Inc. | 688,056 | 3,777 |
Shares | Market Value• ($000) | |||||
*,1 | Capricor Therapeutics Inc. | 767,235 | 3,752 | |||
* | Relmada Therapeutics Inc. | 904,705 | 3,745 | |||
* | Aveanna Healthcare Holdings Inc. | 1,391,988 | 3,731 | |||
*,1 | Emergent BioSolutions Inc. | 1,543,545 | 3,705 | |||
*,1 | Abeona Therapeutics Inc. | 738,626 | 3,701 | |||
* | Larimar Therapeutics Inc. | 811,421 | 3,692 | |||
*,2 | PDL BioPharma Inc. | 2,258,201 | 3,636 | |||
*,1 | CEL - SCI Corp. | 1,336,126 | 3,634 | |||
*,1 | Pulse Biosciences Inc. | 296,203 | 3,626 | |||
*,1 | Reviva Pharmaceuticals Holdings Inc. | 700,442 | 3,607 | |||
* | Anixa Biosciences Inc. | 927,841 | 3,600 | |||
* | Bioventus Inc. Class A | 679,103 | 3,579 | |||
*,1 | Foghorn Therapeutics Inc. | 550,850 | 3,553 | |||
*,1 | Sera Prognostics Inc. Class A | 586,201 | 3,505 | |||
*,1 | Biote Corp. Class A | 708,040 | 3,498 | |||
* | Lyra Therapeutics Inc. | 661,817 | 3,468 | |||
* | Compass Therapeutics Inc. | 2,187,972 | 3,413 | |||
*,1 | Optinose Inc. | 2,642,428 | 3,409 | |||
* | Black Diamond Therapeutics Inc. | 1,204,957 | 3,386 | |||
*,1 | CytomX Therapeutics Inc. | 2,182,220 | 3,382 | |||
*,1 | Atossa Therapeutics Inc. | 3,779,376 | 3,326 | |||
* | Lexeo Therapeutics Inc. | 247,281 | 3,319 | |||
* | Augmedix Inc. | 564,821 | 3,304 | |||
* | Nektar Therapeutics Class A | 5,846,571 | 3,303 | |||
* | Assertio Holdings Inc. | 3,013,166 | 3,224 | |||
*,1 | Omega Therapeutics Inc. | 1,055,010 | 3,176 | |||
* | Cue Biopharma Inc. | 1,190,778 | 3,144 | |||
* | ChromaDex Corp. | 2,196,484 | 3,141 | |||
*,1 | Citius Pharmaceuticals Inc. | 4,132,683 | 3,126 | |||
* | BioAtla Inc. | 1,267,868 | 3,119 | |||
* | Seer Inc. Class A | 1,594,055 | 3,092 | |||
1 | Carisma Therapeutics Inc. | 1,054,783 | 3,091 | |||
* | Mural Oncology plc | 520,278 | 3,080 | |||
* | Prelude Therapeutics Inc. | 720,427 | 3,076 |
Shares | Market Value• ($000) | |||||
*,1 | Eton Pharmaceuticals Inc. | 681,717 | 2,986 | |||
* | Kodiak Sciences Inc. | 980,492 | 2,981 | |||
*,1 | Sanara Medtech Inc. | 71,464 | 2,937 | |||
* | Personalis Inc. | 1,375,373 | 2,888 | |||
* | Athira Pharma Inc. | 1,183,657 | 2,876 | |||
* | KORU Medical Systems Inc. | 1,140,651 | 2,800 | |||
* | Chimerix Inc. | 2,904,360 | 2,795 | |||
*,1 | Karyopharm Therapeutics Inc. | 3,209,249 | 2,776 | |||
* | Electromed Inc. | 253,800 | 2,769 | |||
* | NeuroPace Inc. | 267,456 | 2,757 | |||
* | Longboard Pharmaceuticals Inc. | 454,801 | 2,742 | |||
*,1 | Hyperfine Inc. Class A | 2,390,349 | 2,677 | |||
*,1 | Apyx Medical Corp. | 1,015,930 | 2,662 | |||
*,1 | Inotiv Inc. | 720,906 | 2,646 | |||
*,1 | Cartesian Therapeutics Inc. | 3,799,067 | 2,619 | |||
* | Neuronetics Inc. | 902,726 | 2,618 | |||
* | Oncology Institute Inc. | 1,273,384 | 2,598 | |||
*,1 | FibroGen Inc. | 2,912,350 | 2,581 | |||
* | Stereotaxis Inc. | 1,470,512 | 2,573 | |||
* | Generation Bio Co. | 1,555,025 | 2,566 | |||
*,1 | AirSculpt Technologies Inc. | 341,234 | 2,556 | |||
* | Graphite Bio Inc. | 969,009 | 2,539 | |||
*,1 | XBiotech Inc. | 622,546 | 2,490 | |||
*,1 | Asensus Surgical Inc. | 7,734,650 | 2,467 | |||
*,1 | Vaxart Inc. | 4,069,328 | 2,331 | |||
* | aTyr Pharma Inc. | 1,652,835 | 2,331 | |||
* | Sangamo Therapeutics Inc. | 4,281,700 | 2,326 | |||
* | SCYNEXIS Inc. | 1,040,219 | 2,320 | |||
*,1 | Bionano Genomics Inc. | 1,218,851 | 2,304 | |||
*,1 | Vor BioPharma Inc. | 990,141 | 2,228 | |||
* | Aquestive Therapeutics Inc. | 1,096,885 | 2,216 | |||
* | Werewolf Therapeutics Inc. | 567,665 | 2,191 | |||
* | Jasper Therapeutics Inc. | 2,773,673 | 2,188 | |||
* | Aclaris Therapeutics Inc. | 1,999,428 | 2,099 | |||
* | Adverum Biotechnologies Inc. | 2,788,554 | 2,099 | |||
*,1 | Cutera Inc. | 594,164 | 2,094 | |||
* | Century Therapeutics Inc. | 625,729 | 2,077 | |||
*,1 | PepGen Inc. | 304,943 | 2,074 | |||
* | Ikena Oncology Inc. | 1,031,034 | 2,031 | |||
* | Trevi Therapeutics Inc. | 1,502,831 | 2,014 |
Shares | Market Value• ($000) | |||||
*,1 | Galectin Therapeutics Inc. | 1,189,409 | 1,974 | |||
*,1 | ProKidney Corp. Class A | 1,064,701 | 1,895 | |||
*,1 | Bioxcel Therapeutics Inc. | 640,245 | 1,889 | |||
* | Spruce Biosciences Inc. | 638,558 | 1,871 | |||
*,1 | Cardiff Oncology Inc. | 1,254,717 | 1,857 | |||
*,1 | Ocuphire Pharma Inc. | 611,415 | 1,840 | |||
* | Adicet Bio Inc. | 968,997 | 1,831 | |||
* | Vigil Neuroscience Inc. | 531,740 | 1,797 | |||
* | Kezar Life Sciences Inc. | 1,877,555 | 1,779 | |||
* | Eagle Pharmaceuticals Inc. | 336,766 | 1,761 | |||
* | Theseus Pharmaceuticals Inc. | 431,873 | 1,749 | |||
* | Kinnate Biopharma Inc. | 730,663 | 1,732 | |||
*,1 | Immunic Inc. | 1,150,800 | 1,726 | |||
*,1 | Rani Therapeutics Holdings Inc. Class A | 518,702 | 1,722 | |||
*,1 | Cidara Therapeutics Inc. | 2,166,543 | 1,720 | |||
* | Pro-Dex Inc. | 98,013 | 1,703 | |||
*,1 | Co-Diagnostics Inc. | 1,279,125 | 1,701 | |||
*,1 | Cargo Therapeutics Inc. | 73,218 | 1,695 | |||
*,1 | DermTech Inc. | 967,000 | 1,692 | |||
* | Enzo Biochem Inc. | 1,187,908 | 1,651 | |||
*,1 | Palatin Technologies Inc. | 409,703 | 1,631 | |||
* | Pyxis Oncology Inc. | 903,923 | 1,627 | |||
* | Clearside Biomedical Inc. | 1,383,654 | 1,619 | |||
*,1 | Greenwich Lifesciences Inc. | 153,459 | 1,614 | |||
*,1 | Eyenovia Inc. | 775,664 | 1,613 | |||
* | Cyteir Therapeutics Inc. | 517,703 | 1,574 | |||
*,1 | Acrivon Therapeutics Inc. | 309,500 | 1,523 | |||
* | Rallybio Corp. | 636,414 | 1,521 | |||
*,1 | Curis Inc. | 119,269 | 1,521 | |||
* | Passage Bio Inc. | 1,496,581 | 1,512 | |||
* | Nuvectis Pharma Inc. | 181,040 | 1,510 | |||
*,1 | Corvus Pharmaceuticals Inc. | 857,417 | 1,509 | |||
*,1 | Beyond Air Inc. | 763,374 | 1,496 | |||
* | Forian Inc. | 507,760 | 1,485 | |||
* | Spero Therapeutics Inc. | 1,007,326 | 1,481 | |||
*,1 | CytoSorbents Corp. | 1,302,216 | 1,445 | |||
* | Xtant Medical Holdings Inc. | 1,278,952 | 1,445 |
Shares | Market Value• ($000) | |||||
* | DiaMedica Therapeutics Inc. | 506,271 | 1,438 | |||
*,1 | Rockwell Medical Inc. | 759,624 | 1,436 | |||
* | Avrobio Inc. | 1,051,279 | 1,430 | |||
*,1 | Outlook Therapeutics Inc. | 3,610,237 | 1,422 | |||
*,1 | Atara Biotherapeutics Inc. | 2,710,236 | 1,390 | |||
*,1 | Kronos Bio Inc. | 1,070,954 | 1,339 | |||
*,1 | Achieve Life Sciences Inc. | 320,421 | 1,320 | |||
*,1 | CareMax Inc. | 2,648,343 | 1,319 | |||
* | Sensus Healthcare Inc. | 555,562 | 1,311 | |||
*,1 | Matinas BioPharma Holdings Inc. | 6,020,598 | 1,302 | |||
* | iCAD Inc. | 726,680 | 1,286 | |||
*,1 | Vaxxinity Inc. Class A | 1,489,274 | 1,266 | |||
*,1 | Delcath Systems Inc. | 302,558 | 1,259 | |||
*,1 | P3 Health Partners Inc. | 868,499 | 1,225 | |||
* | Elicio Therapeutics Inc. | 144,639 | 1,206 | |||
*,1 | Allovir Inc. | 1,771,721 | 1,204 | |||
* | Solid Biosciences Inc. | 190,097 | 1,167 | |||
1 | MEI Pharma Inc. | 201,106 | 1,166 | |||
*,1 | Oncternal Therapeutics Inc. | 2,159,797 | 1,158 | |||
*,1 | Hookipa Pharma Inc. | 1,396,133 | 1,131 | |||
* | Assembly Biosciences Inc. | 1,377,385 | 1,130 | |||
* | Alpha Teknova Inc. | 303,047 | 1,130 | |||
*,1 | GeneDx Holdings Corp. Class A | 410,782 | 1,130 | |||
*,1 | enVVeno Medical Corp. | 216,998 | 1,115 | |||
* | Lantern Pharma Inc. | 256,113 | 1,096 | |||
* | NGM Biopharmaceuticals Inc. | 1,269,403 | 1,090 | |||
* | Design Therapeutics Inc. | 411,201 | 1,090 | |||
* | Dianthus Therapeutics Inc. | 103,857 | 1,080 | |||
*,1 | IRIDEX Corp. | 373,047 | 1,048 | |||
*,1 | Vicarious Surgical Inc. Class A | 2,852,321 | 1,046 | |||
*,1 | Cellectar Biosciences Inc. | 365,704 | 1,013 | |||
* | Aadi Bioscience Inc. | 499,926 | 1,010 | |||
* | Cara Therapeutics Inc. | 1,354,313 | 1,006 | |||
*,1 | Milestone Scientific Inc. | 1,447,898 | 999 | |||
*,1 | Acurx Pharmaceuticals Inc. | 260,850 | 999 |
Shares | Market Value• ($000) | |||||
* | NanoString Technologies Inc. | 1,330,066 | 995 | |||
* | LENSAR Inc. | 282,930 | 993 | |||
*,1 | Leap Therapeutics Inc. | 235,604 | 977 | |||
*,1 | Movano Inc. | 1,233,783 | 964 | |||
*,1 | Dyadic International Inc. | 596,383 | 960 | |||
*,1 | Cognition Therapeutics Inc. | 517,783 | 958 | |||
* | Reneo Pharmaceuticals Inc. | 596,113 | 954 | |||
* | Precision BioSciences Inc. | 2,436,960 | 890 | |||
* | PAVmed Inc. | 213,896 | 881 | |||
*,1 | Accelerate Diagnostics Inc. | 223,456 | 876 | |||
*,1 | Bolt Biotherapeutics Inc. | 747,881 | 838 | |||
* | Rezolute Inc. | 841,974 | 836 | |||
*,1 | Eledon Pharmaceuticals Inc. | 459,998 | 828 | |||
*,1 | Homology Medicines Inc. | 1,354,738 | 824 | |||
*,1 | Bright Health Group Inc. | 104,371 | 796 | |||
* | Minerva Neurosciences Inc. | 128,899 | 793 | |||
*,1 | SELLAS Life Sciences Group Inc. | 742,353 | 787 | |||
*,1 | BioSig Technologies Inc. | 1,638,452 | 778 | |||
*,1 | Fortress Biotech Inc. | 258,336 | 778 | |||
*,1 | Marker Therapeutics Inc. | 135,408 | 745 | |||
* | HeartBeam Inc. | 315,883 | 742 | |||
* | Biodesix Inc. | 400,114 | 736 | |||
*,1 | Dare Bioscience Inc. | 2,375,133 | 734 | |||
* | Societal CDMO Inc. | 2,064,292 | 724 | |||
* | ImmuCell Corp. | 139,968 | 707 | |||
*,1 | Quince Therapeutics Inc. | 663,318 | 697 | |||
*,1 | UNITY Biotechnology Inc. | 357,567 | 690 | |||
* | Corbus Pharmaceuticals Holdings Inc. | 112,022 | 677 | |||
*,1 | Checkpoint Therapeutics Inc. | 293,542 | 672 | |||
* | Instil Bio Inc. | 85,903 | 655 | |||
* | Exagen Inc. | 326,266 | 649 | |||
*,1 | Context Therapeutics Inc. | 573,400 | 648 | |||
*,1 | Science 37 Holdings Inc. | 118,985 | 635 | |||
*,1 | Rain Oncology Inc. | 518,612 | 622 | |||
*,1 | Ekso Bionics Holdings Inc. | 243,385 | 608 |
Shares | Market Value• ($000) | |||||
* | NextCure Inc. | 530,127 | 604 | |||
* | Lumos Pharma Inc. | 187,322 | 586 | |||
* | AIM ImmunoTech Inc. | 1,311,599 | 577 | |||
* | Celularity Inc. Class A | 2,316,900 | 573 | |||
* | Microbot Medical Inc. | 348,549 | 572 | |||
*,1 | Clene Inc. | 1,911,118 | 567 | |||
*,1 | TherapeuticsMD Inc. | 249,657 | 562 | |||
*,1 | Biomerica Inc. | 440,355 | 550 | |||
*,1 | Singular Genomics Systems Inc. | 1,180,133 | 543 | |||
* | Synlogic Inc. | 139,449 | 537 | |||
* | Protara Therapeutics Inc. | 284,301 | 532 | |||
* | ARCA biopharma Inc. | 312,166 | 531 | |||
* | Moleculin Biotech Inc. | 616,108 | 529 | |||
* | ElectroCore Inc. | 91,007 | 527 | |||
*,1 | Incannex Healthcare Inc. | 112,351 | 521 | |||
* | Turnstone Biologics Corp. | 200,545 | 510 | |||
* | Eliem Therapeutics Inc. | 189,734 | 509 | |||
*,1 | Elutia Inc. | 233,593 | 505 | |||
*,1 | Biora Therapeutics Inc. | 372,034 | 502 | |||
Psychemedics Corp. | 165,415 | 490 | ||||
* | Cumberland Pharmaceuticals Inc. | 280,820 | 489 | |||
* | Neurogene Inc. | 24,677 | 478 | |||
*,1 | Aligos Therapeutics Inc. | 712,990 | 473 | |||
* | Retractable Technologies Inc. | 421,212 | 468 | |||
*,1 | Viracta Therapeutics Inc. | 813,922 | 464 | |||
*,1 | Aspira Women's Health Inc. | 113,506 | 463 | |||
* | Elevation Oncology Inc. | 854,850 | 459 | |||
*,1 | NRX Pharmaceuticals Inc. | 978,921 | 450 | |||
* | Sonida Senior Living Inc. | 46,397 | 448 | |||
* | Intensity Therapeutics Inc. | 52,091 | 446 | |||
* | Rapid Micro Biosystems Inc. Class A | 594,568 | 440 | |||
*,1 | Alaunos Therapeutics Inc. | 6,058,963 | 428 | |||
*,1 | Bright Green Corp. | 1,286,273 | 425 | |||
*,1 | Cano Health Inc. | 71,958 | 422 | |||
* | Cryo-Cell International Inc. | 72,821 | 419 |
Shares | Market Value• ($000) | |||||
*,1 | Sagimet Biosciences Inc. Class A | 76,983 | 417 | |||
* | Equillium Inc. | 570,835 | 413 | |||
*,1 | SAB Biotherapeutics Inc. | 598,672 | 412 | |||
*,1 | Candel Therapeutics Inc. | 279,875 | 411 | |||
* | Cue Health Inc. | 2,505,948 | 407 | |||
* | Xilio Therapeutics Inc. | 739,563 | 407 | |||
*,1 | Indaptus Therapeutics Inc. | 229,197 | 406 | |||
*,1 | CareCloud Inc. | 266,292 | 405 | |||
*,1 | Lucid Diagnostics Inc. | 286,266 | 404 | |||
*,1 | Durect Corp. | 684,963 | 404 | |||
*,1 | Forte Biosciences Inc. | 487,429 | 401 | |||
* | Vincerx Pharma Inc. | 334,111 | 394 | |||
*,1 | Lipocine Inc. | 141,076 | 389 | |||
*,1 | Oncocyte Corp. | 153,986 | 382 | |||
*,1 | Alimera Sciences Inc. | 87,394 | 378 | |||
*,1 | Immix Biopharma Inc. | 52,979 | 367 | |||
* | Kineta Inc. | 99,876 | 355 | |||
* | Nephros Inc. | 102,105 | 352 | |||
*,1 | Hepion Pharmaceuticals Inc. | 104,005 | 340 | |||
*,1 | Cyclo Therapeutics Inc. | 211,053 | 336 | |||
* | Coya Therapeutics Inc. | 44,096 | 327 | |||
*,1 | Strata Skin Sciences Inc. | 593,248 | 326 | |||
* | Cocrystal Pharma Inc. | 191,359 | 325 | |||
*,1 | Lisata Therapeutics Inc. | 118,336 | 323 | |||
* | Seelos Therapeutics Inc. | 224,893 | 313 | |||
*,1 | NanoViricides Inc. | 300,189 | 306 | |||
*,1 | Sensei Biotherapeutics Inc. | 441,585 | 306 | |||
* | ATI Physical Therapy Inc. | 49,713 | 305 | |||
*,1 | BioCardia Inc. | 457,496 | 304 | |||
* | Anebulo Pharmaceuticals Inc. | 121,000 | 293 | |||
* | Dominari Holdings Inc. | 111,013 | 288 | |||
* | Orgenesis Inc. | 566,688 | 284 | |||
* | Neumora Therapeutics Inc. | 16,451 | 281 | |||
*,1 | Eiger BioPharmaceuticals Inc. | 1,244,467 | 279 | |||
*,1 | Onconova Therapeutics Inc. | 365,661 | 273 |
Shares | Market Value• ($000) | |||||
*,1 | Organovo Holdings Inc. Class A | 238,972 | 265 | |||
*,1 | Molecular Templates Inc. | 71,577 | 265 | |||
*,1 | Vivani Medical Inc. | 258,649 | 264 | |||
*,1 | BrainStorm Cell Therapeutics Inc. | 951,371 | 260 | |||
* | Genprex Inc. | 1,127,694 | 259 | |||
*,1 | MyMD Pharmaceuticals Inc. | 986,327 | 255 | |||
* | Upexi Inc. | 214,062 | 248 | |||
*,1 | Predictive Oncology Inc. | 69,297 | 228 | |||
*,1 | Modular Medical Inc. | 115,726 | 211 | |||
* | Regulus Therapeutics Inc. | 164,709 | 211 | |||
*,1 | Senti Biosciences Inc. Class A | 320,153 | 211 | |||
* | PharmaCyte Biotech Inc. | 96,416 | 208 | |||
*,1 | IN8bio Inc. | 150,136 | 207 | |||
* | HCW Biologics Inc. | 167,691 | 205 | |||
*,1 | GT Biopharma Inc. | 766,308 | 195 | |||
*,1 | vTv Therapeutics Inc. Class A | 15,627 | 180 | |||
*,1 | Longeveron Inc. Class A | 125,885 | 171 | |||
* | AgeX Therapeutics Inc. | 426,190 | 164 | |||
* | Armata Pharmaceuticals Inc. | 50,136 | 162 | |||
*,1 | BioVie Inc. Class A | 128,489 | 162 | |||
*,1 | GeoVax Labs Inc. | 439,870 | 159 | |||
*,1 | MiNK Therapeutics Inc. | 148,229 | 159 | |||
* | TFF Pharmaceuticals Inc. | 22,507 | 158 | |||
* | Mustang Bio Inc. | 104,168 | 141 | |||
*,1 | eFFECTOR Therapeutics Inc. | 300,033 | 140 | |||
* | Talis Biomedical Corp. | 18,267 | 136 | |||
* | Surrozen Inc. | 13,278 | 126 | |||
* | Precipio Inc. | 19,779 | 125 | |||
*,1 | Telesis Bio Inc. | 307,523 | 123 | |||
* | Precision Optics Corp. Inc. | 19,998 | 123 | |||
*,1 | Tonix Pharmaceuticals Holding Corp. | 297,302 | 120 | |||
*,1 | Sientra Inc. | 181,333 | 111 | |||
*,1 | MAIA Biotechnology Inc. | 93,500 | 109 | |||
* | Know Labs Inc. | 211,143 | 107 | |||
* | Eargo Inc. | 40,636 | 105 | |||
* | Nutriband Inc. | 41,970 | 98 |
Shares | Market Value• ($000) | |||||
*,1 | Aravive Inc. | 779,481 | 96 | |||
*,1 | Inhibikase Therapeutics Inc. | 75,629 | 96 | |||
* | Journey Medical Corp. | 15,723 | 91 | |||
* | American Shared Hospital Services | 36,859 | 88 | |||
*,1 | AcelRx Pharmaceuticals Inc. | 112,873 | 83 | |||
*,1 | Finch Therapeutics Group Inc. | 22,530 | 81 | |||
*,1 | Theriva Biologics Inc. | 172,086 | 74 | |||
*,1 | Atreca Inc. Class A | 485,847 | 64 | |||
* | Champions Oncology Inc. | 11,573 | 63 | |||
*,1 | Novo Integrated Sciences Inc. | 77,105 | 63 | |||
*,1 | Star Equity Holdings Inc. | 53,681 | 55 | |||
* | iSpecimen Inc. | 98,114 | 49 | |||
*,1 | NightHawk Biosciences Inc. | 107,297 | 47 | |||
* | Venus Concept Inc. | 37,158 | 43 | |||
*,2 | Impact BioMedical Inc. (Registered) | 5,171,052 | 33 | |||
*,1 | Vaccinex Inc. | 35,633 | 24 | |||
*,1 | Aprea Therapeutics Inc. | 4,990 | 23 | |||
* | KALA BIO Inc. | 907 | 6 | |||
* | Coeptis Therapeutics Holdings | 7,950 | 6 | |||
* | Acorda Therapeutics Inc. | 370 | 5 | |||
*,1,2 | Synergy Pharmaceuticals LLC | 5,148,145 | — | |||
*,2 | OmniAb Inc. 12.5 Earnout | 186,267 | — | |||
*,2 | OmniAb Inc. 15 Earnout | 186,267 | — | |||
175,231,349 | ||||||
Industrials (13.1%) | ||||||
Visa Inc. Class A | 49,161,229 | 12,799,126 | ||||
Mastercard Inc. Class A | 26,261,902 | 11,200,964 | ||||
Accenture plc Class A | 19,693,641 | 6,910,696 | ||||
* | Boeing Co. | 18,995,096 | 4,951,262 | |||
Caterpillar Inc. | 15,980,540 | 4,724,966 | ||||
Union Pacific Corp. | 19,125,414 | 4,697,584 | ||||
General Electric Co. | 34,192,214 | 4,363,952 | ||||
Honeywell International Inc. | 20,699,356 | 4,340,862 | ||||
RTX Corp. | 45,157,308 | 3,799,536 | ||||
United Parcel Service Inc. Class B | 22,672,144 | 3,564,741 |
Shares | Market Value• ($000) | |||||
Lockheed Martin Corp. | 7,781,461 | 3,526,869 | ||||
Deere & Co. | 8,138,787 | 3,254,457 | ||||
American Express Co. | 17,154,973 | 3,213,813 | ||||
Eaton Corp. plc | 12,546,651 | 3,021,484 | ||||
Automatic Data Processing Inc. | 12,902,739 | 3,005,951 | ||||
* | Fiserv Inc. | 18,841,756 | 2,502,939 | |||
Illinois Tool Works Inc. | 8,953,776 | 2,345,352 | ||||
Sherwin-Williams Co. | 7,230,256 | 2,255,117 | ||||
CSX Corp. | 62,017,878 | 2,150,160 | ||||
* | PayPal Holdings Inc. | 33,872,041 | 2,080,082 | |||
General Dynamics Corp. | 7,708,880 | 2,001,765 | ||||
Northrop Grumman Corp. | 4,262,306 | 1,995,356 | ||||
3M Co. | 17,337,401 | 1,895,325 | ||||
Parker-Hannifin Corp. | 4,037,796 | 1,860,213 | ||||
FedEx Corp. | 7,097,384 | 1,795,425 | ||||
Emerson Electric Co. | 17,906,942 | 1,742,883 | ||||
Trane Technologies plc | 7,143,049 | 1,742,190 | ||||
Norfolk Southern Corp. | 7,102,500 | 1,678,889 | ||||
TransDigm Group Inc. | 1,651,003 | 1,670,155 | ||||
Cintas Corp. | 2,713,465 | 1,635,297 | ||||
PACCAR Inc. | 16,424,461 | 1,603,849 | ||||
Carrier Global Corp. | 26,379,345 | 1,515,493 | ||||
Capital One Financial Corp. | 11,354,942 | 1,488,860 | ||||
* | Block Inc. Class A | 17,397,837 | 1,345,723 | |||
L3Harris Technologies Inc. | 5,964,325 | 1,256,206 | ||||
Old Dominion Freight Line Inc. | 3,085,860 | 1,250,792 | ||||
Ferguson plc | 6,395,035 | 1,234,689 | ||||
Johnson Controls International plc | 21,332,887 | 1,229,628 | ||||
United Rentals Inc. | 2,130,772 | 1,221,827 | ||||
Paychex Inc. | 10,204,499 | 1,215,458 | ||||
AMETEK Inc. | 7,233,454 | 1,192,724 | ||||
WW Grainger Inc. | 1,400,571 | 1,160,639 | ||||
Otis Worldwide Corp. | 12,819,033 | 1,146,919 | ||||
Rockwell Automation Inc. | 3,602,718 | 1,118,572 | ||||
PPG Industries Inc. | 7,410,874 | 1,108,296 | ||||
Verisk Analytics Inc. Class A | 4,544,939 | 1,085,604 | ||||
Cummins Inc. | 4,445,252 | 1,064,949 | ||||
Quanta Services Inc. | 4,571,620 | 986,556 | ||||
Ingersoll Rand Inc. | 12,738,470 | 985,193 | ||||
Martin Marietta Materials Inc. | 1,938,346 | 967,060 | ||||
Equifax Inc. | 3,877,318 | 958,822 | ||||
Vulcan Materials Co. | 4,162,545 | 944,939 |
Shares | Market Value• ($000) | |||||
DuPont de Nemours Inc. | 12,162,157 | 935,635 | ||||
* | Keysight Technologies Inc. | 5,489,430 | 873,313 | |||
Fidelity National Information Services Inc. | 14,459,338 | 868,572 | ||||
Xylem Inc. | 7,589,530 | 867,939 | ||||
* | Fair Isaac Corp. | 735,800 | 856,479 | |||
* | Mettler-Toledo International Inc. | 680,609 | 825,551 | |||
Fortive Corp. | 11,037,637 | 812,701 | ||||
Global Payments Inc. | 6,382,137 | 810,531 | ||||
Westinghouse Air Brake Technologies Corp. | 5,623,695 | 713,647 | ||||
Howmet Aerospace Inc. | 12,952,631 | 700,996 | ||||
Dover Corp. | 4,380,164 | 673,713 | ||||
* | Teledyne Technologies Inc. | 1,485,955 | 663,167 | |||
* | Builders FirstSource Inc. | 3,875,784 | 647,023 | |||
* | FleetCor Technologies Inc. | 2,157,390 | 609,700 | |||
* | Waters Corp. | 1,851,713 | 609,639 | |||
Veralto Corp. | 7,355,556 | 605,068 | ||||
Expeditors International of Washington Inc. | 4,550,400 | 578,811 | ||||
* | Axon Enterprise Inc. | 2,228,508 | 575,690 | |||
Ball Corp. | 9,897,934 | 569,329 | ||||
Hubbell Inc. Class B | 1,680,691 | 552,830 | ||||
Booz Allen Hamilton Holding Corp. Class A | 4,103,391 | 524,865 | ||||
JB Hunt Transport Services Inc. | 2,592,145 | 517,755 | ||||
IDEX Corp. | 2,368,862 | 514,304 | ||||
Jacobs Solutions Inc. | 3,945,611 | 512,140 | ||||
Textron Inc. | 6,147,423 | 494,376 | ||||
Synchrony Financial | 12,942,016 | 494,256 | ||||
Carlisle Cos. Inc. | 1,531,899 | 478,611 | ||||
Snap-on Inc. | 1,654,023 | 477,748 | ||||
Stanley Black & Decker Inc. | 4,817,212 | 472,568 | ||||
Masco Corp. | 7,020,867 | 470,258 | ||||
Graco Inc. | 5,303,248 | 460,110 | ||||
Packaging Corp. of America | 2,811,341 | 457,996 | ||||
Watsco Inc. | 1,062,287 | 455,158 | ||||
RPM International Inc. | 4,050,066 | 452,109 | ||||
HEICO Corp. Class A | 3,156,132 | 449,559 | ||||
Lennox International Inc. | 1,000,356 | 447,679 | ||||
* | Zebra Technologies Corp. Class A | 1,613,130 | 440,917 |
Shares | Market Value• ($000) | |||||
Nordson Corp. | 1,610,023 | 425,304 | ||||
TransUnion | 6,066,423 | 416,824 | ||||
* | Trimble Inc. | 7,797,185 | 414,810 | |||
Owens Corning | 2,780,589 | 412,167 | ||||
AECOM | 4,270,648 | 394,736 | ||||
Lincoln Electric Holdings Inc. | 1,803,568 | 392,204 | ||||
Pentair plc | 5,168,650 | 375,813 | ||||
Jack Henry & Associates Inc. | 2,289,612 | 374,145 | ||||
* | TopBuild Corp. | 993,761 | 371,925 | |||
* | Saia Inc. | 831,141 | 364,223 | |||
Crown Holdings Inc. | 3,785,508 | 348,607 | ||||
Allegion plc | 2,748,722 | 348,236 | ||||
Westrock Co. | 8,060,395 | 334,668 | ||||
Advanced Drainage Systems Inc. | 2,327,318 | 327,314 | ||||
Huntington Ingalls Industries Inc. | 1,252,546 | 325,211 | ||||
* | Affirm Holdings Inc. Class A | 6,475,512 | 318,207 | |||
EMCOR Group Inc. | 1,475,815 | 317,935 | ||||
A O Smith Corp. | 3,847,110 | 317,156 | ||||
Toro Co. | 3,270,698 | 313,954 | ||||
Regal Rexnord Corp. | 2,085,500 | 308,696 | ||||
nVent Electric plc | 5,214,751 | 308,140 | ||||
ITT Inc. | 2,573,973 | 307,126 | ||||
* | XPO Inc. | 3,456,853 | 302,786 | |||
Fortune Brands Innovations Inc. | 3,975,372 | 302,685 | ||||
CH Robinson Worldwide Inc. | 3,469,735 | 299,750 | ||||
* | Trex Co. Inc. | 3,410,508 | 282,356 | |||
WESCO International Inc. | 1,608,522 | 279,690 | ||||
Tetra Tech Inc. | 1,667,432 | 278,344 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 4,811,777 | 277,399 | ||||
Robert Half Inc. | 3,133,597 | 275,506 | ||||
Curtiss-Wright Corp. | 1,202,484 | 267,901 | ||||
Simpson Manufacturing Co. Inc. | 1,339,098 | 265,115 | ||||
* | WEX Inc. | 1,341,277 | 260,945 | |||
* | BILL Holdings Inc. | 3,168,013 | 258,478 | |||
Woodward Inc. | 1,881,834 | 256,174 | ||||
* | WillScot Mobile Mini Holdings Corp. | 5,734,476 | 255,184 | |||
AptarGroup Inc. | 2,059,579 | 254,605 | ||||
* | Generac Holdings Inc. | 1,936,201 | 250,235 | |||
* | Middleby Corp. | 1,689,281 | 248,611 | |||
Donaldson Co. Inc. | 3,799,667 | 248,308 | ||||
AGCO Corp. | 2,002,968 | 243,180 |
Shares | Market Value• ($000) | |||||
Graphic Packaging Holding Co. | 9,619,485 | 237,120 | ||||
* | Axalta Coating Systems Ltd. | 6,950,605 | 236,112 | |||
Berry Global Group Inc. | 3,454,285 | 232,784 | ||||
Comfort Systems USA Inc. | 1,121,465 | 230,652 | ||||
* | API Group Corp. | 6,622,280 | 229,131 | |||
* | GXO Logistics Inc. | 3,725,476 | 227,850 | |||
Cognex Corp. | 5,431,807 | 226,724 | ||||
* | FTI Consulting Inc. | 1,123,121 | 223,670 | |||
Oshkosh Corp. | 2,052,249 | 222,484 | ||||
Eagle Materials Inc. | 1,093,690 | 221,844 | ||||
BWX Technologies Inc. | 2,874,120 | 220,531 | ||||
Landstar System Inc. | 1,123,765 | 217,617 | ||||
* | Paylocity Holding Corp. | 1,317,553 | 217,199 | |||
MKS Instruments Inc. | 2,103,748 | 216,413 | ||||
* | Fluor Corp. | 5,382,618 | 210,837 | |||
Brunswick Corp. | 2,173,615 | 210,297 | ||||
Applied Industrial Technologies Inc. | 1,212,155 | 209,327 | ||||
Littelfuse Inc. | 781,738 | 209,162 | ||||
Acuity Brands Inc. | 978,607 | 200,448 | ||||
MSA Safety Inc. | 1,172,240 | 197,909 | ||||
Genpact Ltd. | 5,677,082 | 197,052 | ||||
* | Atkore Inc. | 1,179,645 | 188,743 | |||
* | Core & Main Inc. Class A | 4,556,433 | 184,125 | |||
* | ATI Inc. | 4,036,679 | 183,548 | |||
* | Chart Industries Inc. | 1,340,271 | 182,719 | |||
Watts Water Technologies Inc. Class A | 861,374 | 179,459 | ||||
Sensata Technologies Holding plc | 4,773,439 | 179,338 | ||||
Crane Co. | 1,516,964 | 179,214 | ||||
* | Mohawk Industries Inc. | 1,697,249 | 175,665 | |||
Sonoco Products Co. | 3,071,043 | 171,579 | ||||
* | AZEK Co. Inc. Class A | 4,460,705 | 170,622 | |||
Flowserve Corp. | 4,105,918 | 169,246 | ||||
Vontier Corp. | 4,860,826 | 167,942 | ||||
Sealed Air Corp. | 4,526,984 | 165,325 | ||||
Allison Transmission Holdings Inc. | 2,798,549 | 162,736 | ||||
Maximus Inc. | 1,901,331 | 159,446 | ||||
Esab Corp. | 1,795,188 | 155,499 | ||||
Valmont Industries Inc. | 665,601 | 155,424 | ||||
* | Beacon Roofing Supply Inc. | 1,783,310 | 155,184 |
Shares | Market Value• ($000) | |||||
* | ExlService Holdings Inc. | 4,952,750 | 152,792 | |||
AAON Inc. | 2,065,185 | 152,555 | ||||
* | MasTec Inc. | 1,989,900 | 150,675 | |||
Ryder System Inc. | 1,307,353 | 150,424 | ||||
Federal Signal Corp. | 1,933,564 | 148,382 | ||||
* | Kirby Corp. | 1,867,841 | 146,588 | |||
Louisiana-Pacific Corp. | 2,029,306 | 143,736 | ||||
* | Summit Materials Inc. Class A | 3,730,080 | 143,459 | |||
MSC Industrial Direct Co. Inc. Class A | 1,410,861 | 142,864 | ||||
Badger Meter Inc. | 919,945 | 142,012 | ||||
* | Euronet Worldwide Inc. | 1,391,863 | 141,260 | |||
Exponent Inc. | 1,600,869 | 140,941 | ||||
Air Lease Corp. Class A | 3,299,684 | 138,389 | ||||
HB Fuller Co. | 1,696,560 | 138,117 | ||||
* | SPX Technologies Inc. | 1,361,272 | 137,502 | |||
Installed Building Products Inc. | 751,953 | 137,472 | ||||
Armstrong World Industries Inc. | 1,373,045 | 134,998 | ||||
Western Union Co. | 11,305,217 | 134,758 | ||||
* | Shift4 Payments Inc. Class A | 1,803,814 | 134,096 | |||
GATX Corp. | 1,109,705 | 133,409 | ||||
* | ASGN Inc. | 1,384,045 | 133,104 | |||
Moog Inc. Class A | 903,945 | 130,873 | ||||
EnerSys | 1,287,262 | 129,962 | ||||
Insperity Inc. | 1,095,357 | 128,398 | ||||
Zurn Elkay Water Solutions Corp. | 4,346,362 | 127,827 | ||||
MDU Resources Group Inc. | 6,378,160 | 126,288 | ||||
Herc Holdings Inc. | 843,483 | 125,586 | ||||
ManpowerGroup Inc. | 1,549,825 | 123,165 | ||||
FTAI Aviation Ltd. | 2,651,151 | 123,013 | ||||
Franklin Electric Co. Inc. | 1,245,465 | 120,374 | ||||
* | Knife River Corp. | 1,775,012 | 117,470 | |||
HEICO Corp. | 654,552 | 117,080 | ||||
Brink's Co. | 1,324,343 | 116,476 | ||||
Matson Inc. | 1,060,722 | 116,255 | ||||
Terex Corp. | 2,014,965 | 115,780 | ||||
* | Spirit AeroSystems Holdings Inc. Class A | 3,597,853 | 114,340 | |||
Silgan Holdings Inc. | 2,474,104 | 111,953 | ||||
* | Verra Mobility Corp. Class A | 4,847,621 | 111,641 | |||
Otter Tail Corp. | 1,306,480 | 111,012 | ||||
* | Itron Inc. | 1,420,982 | 107,298 | |||
Hillenbrand Inc. | 2,239,011 | 107,137 |
Shares | Market Value• ($000) | |||||
* | AeroVironment Inc. | 838,771 | 105,719 | |||
* | ACI Worldwide Inc. | 3,395,998 | 103,918 | |||
* | TriNet Group Inc. | 872,127 | 103,722 | |||
* | Marqeta Inc. Class A | 14,849,394 | 103,649 | |||
*,1 | Aurora Innovation Inc. Class A | 23,673,451 | 103,453 | |||
Kadant Inc. | 367,507 | 103,016 | ||||
Enpro Inc. | 656,503 | 102,900 | ||||
* | GMS Inc. | 1,243,622 | 102,512 | |||
CSW Industrials Inc. | 491,371 | 101,915 | ||||
* | Dycom Industries Inc. | 879,131 | 101,179 | |||
Encore Wire Corp. | 471,228 | 100,654 | ||||
Korn Ferry | 1,688,993 | 100,242 | ||||
John Bean Technologies Corp. | 1,001,457 | 99,595 | ||||
Belden Inc. | 1,280,052 | 98,884 | ||||
Albany International Corp. Class A | 981,654 | 96,418 | ||||
ESCO Technologies Inc. | 813,320 | 95,183 | ||||
*,1 | Bloom Energy Corp. Class A | 6,400,837 | 94,732 | |||
* | Alight Inc. Class A | 11,026,060 | 94,052 | |||
* | CBIZ Inc. | 1,493,595 | 93,484 | |||
ABM Industries Inc. | 2,069,008 | 92,754 | ||||
* | Modine Manufacturing Co. | 1,551,325 | 92,614 | |||
McGrath RentCorp | 766,858 | 91,732 | ||||
* | AMN Healthcare Services Inc. | 1,184,561 | 88,700 | |||
UniFirst Corp. | 475,839 | 87,036 | ||||
Werner Enterprises Inc. | 2,047,074 | 86,735 | ||||
Vestis Corp. | 4,092,494 | 86,515 | ||||
ArcBest Corp. | 719,604 | 86,504 | ||||
Crane NXT Co. | 1,511,205 | 85,942 | ||||
* | RXO Inc. | 3,675,662 | 85,496 | |||
* | Hub Group Inc. Class A | 929,525 | 85,461 | |||
EVERTEC Inc. | 2,065,778 | 84,573 | ||||
* | Resideo Technologies Inc. | 4,411,658 | 83,027 | |||
Griffon Corp. | 1,353,941 | 82,523 | ||||
* | Flywire Corp. | 3,528,738 | 81,690 | |||
* | Kratos Defense & Security Solutions Inc. | 4,024,600 | 81,659 | |||
* | Remitly Global Inc. | 4,150,145 | 80,596 | |||
* | Sterling Infrastructure Inc. | 915,171 | 80,471 | |||
Brady Corp. Class A | 1,366,372 | 80,192 | ||||
* | O-I Glass Inc. | 4,837,829 | 79,244 | |||
ICF International Inc. | 590,565 | 79,189 | ||||
* | MYR Group Inc. | 540,799 | 78,216 |
Shares | Market Value• ($000) | |||||
* | Gibraltar Industries Inc. | 988,085 | 78,039 | |||
ADT Inc. | 11,042,433 | 75,309 | ||||
Mueller Water Products Inc. Class A | 4,910,327 | 70,709 | ||||
Granite Construction Inc. | 1,378,302 | 70,100 | ||||
Trinity Industries Inc. | 2,601,392 | 69,171 | ||||
* | OSI Systems Inc. | 527,329 | 68,052 | |||
*,1 | Joby Aviation Inc. | 10,165,192 | 67,599 | |||
Alamo Group Inc. | 320,750 | 67,418 | ||||
Patrick Industries Inc. | 665,868 | 66,820 | ||||
* | Gates Industrial Corp. plc | 4,973,804 | 66,748 | |||
* | PGT Innovations Inc. | 1,639,775 | 66,739 | |||
* | AAR Corp. | 1,044,223 | 65,160 | |||
Kennametal Inc. | 2,510,741 | 64,752 | ||||
International Seaways Inc. | 1,402,851 | 63,802 | ||||
* | Mercury Systems Inc. | 1,735,610 | 63,471 | |||
* | Hayward Holdings Inc. | 4,505,474 | 61,274 | |||
* | AvidXchange Holdings Inc. | 4,909,739 | 60,832 | |||
* | Masterbrand Inc. | 4,058,821 | 60,273 | |||
Standex International Corp. | 379,590 | 60,119 | ||||
* | Mirion Technologies Inc. Class A | 5,790,755 | 59,355 | |||
* | Masonite International Corp. | 696,945 | 59,003 | |||
* | Hillman Solutions Corp. | 6,384,493 | 58,801 | |||
* | Huron Consulting Group Inc. | 571,594 | 58,760 | |||
* | Construction Partners Inc. Class A | 1,299,192 | 56,541 | |||
* | NCR Atleos Corp. | 2,300,517 | 55,880 | |||
Enerpac Tool Group Corp. Class A | 1,784,191 | 55,470 | ||||
Primoris Services Corp. | 1,662,971 | 55,227 | ||||
Greif Inc. Class A | 837,914 | 54,959 | ||||
Tennant Co. | 568,086 | 52,656 | ||||
Forward Air Corp. | 831,073 | 52,250 | ||||
H&E Equipment Services Inc. | 985,625 | 51,568 | ||||
* | Leonardo DRS Inc. | 2,572,522 | 51,553 | |||
*,1 | Enovix Corp. | 4,092,703 | 51,241 | |||
Bread Financial Holdings Inc. | 1,547,275 | 50,967 | ||||
* | NV5 Global Inc. | 450,683 | 50,080 | |||
* | Legalzoom.com Inc. | 4,423,719 | 49,988 | |||
Barnes Group Inc. | 1,507,243 | 49,181 |
Shares | Market Value• ($000) | |||||
* | CoreCivic Inc. | 3,380,191 | 49,114 | |||
* | American Woodmark Corp. | 520,003 | 48,282 | |||
* | Donnelley Financial Solutions Inc. | 766,118 | 47,783 | |||
* | JELD-WEN Holding Inc. | 2,523,083 | 47,636 | |||
* | Janus International Group Inc. | 3,613,805 | 47,160 | |||
Helios Technologies Inc. | 1,024,698 | 46,470 | ||||
*,1 | Rocket Lab USA Inc. | 8,353,301 | 46,194 | |||
Lindsay Corp. | 349,443 | 45,134 | ||||
Greenbrier Cos. Inc. | 982,764 | 43,419 | ||||
AZZ Inc. | 742,578 | 43,136 | ||||
* | Triumph Group Inc. | 2,536,121 | 42,049 | |||
Kforce Inc. | 621,799 | 42,009 | ||||
* | Payoneer Global Inc. | 7,851,095 | 40,904 | |||
*,1 | Symbotic Inc. Class A | 784,229 | 40,254 | |||
* | Cimpress plc | 494,191 | 39,560 | |||
Wabash National Corp. | 1,464,767 | 37,527 | ||||
Marten Transport Ltd. | 1,772,306 | 37,183 | ||||
Apogee Enterprises Inc. | 679,634 | 36,299 | ||||
* | Air Transport Services Group Inc. | 2,058,061 | 36,242 | |||
*,1 | Archer Aviation Inc. Class A | 5,798,126 | 35,600 | |||
Napco Security Technologies Inc. | 1,022,669 | 35,026 | ||||
TriMas Corp. | 1,346,325 | 34,102 | ||||
Columbus McKinnon Corp. | 867,216 | 33,839 | ||||
* | Aspen Aerogels Inc. | 2,091,646 | 33,006 | |||
* | Thermon Group Holdings Inc. | 1,006,633 | 32,786 | |||
Quanex Building Products Corp. | 1,048,907 | 32,065 | ||||
* | Proto Labs Inc. | 821,262 | 31,996 | |||
* | Vicor Corp. | 705,525 | 31,706 | |||
* | SP Plus Corp. | 601,630 | 30,834 | |||
*,1 | Nikola Corp. | 34,458,847 | 30,145 | |||
* | Energy Recovery Inc. | 1,596,651 | 30,081 | |||
Schneider National Inc. Class B | 1,180,186 | 30,036 | ||||
* | BlueLinx Holdings Inc. | 258,113 | 29,247 | |||
*,1 | Virgin Galactic Holdings Inc. | 11,696,553 | 28,657 | |||
* | Transcat Inc. | 258,027 | 28,210 | |||
Deluxe Corp. | 1,314,727 | 28,201 | ||||
* | Montrose Environmental Group Inc. | 864,555 | 27,778 | |||
Astec Industries Inc. | 742,110 | 27,606 |
Shares | Market Value• ($000) | |||||
* | ZipRecruiter Inc. Class A | 1,957,712 | 27,212 | |||
VSE Corp. | 407,011 | 26,297 | ||||
First Advantage Corp. | 1,578,966 | 26,163 | ||||
Powell Industries Inc. | 282,335 | 24,958 | ||||
* | Cross Country Healthcare Inc. | 1,087,862 | 24,629 | |||
Barrett Business Services Inc. | 211,351 | 24,474 | ||||
Gorman-Rupp Co. | 674,820 | 23,976 | ||||
* | Blue Bird Corp. | 859,376 | 23,169 | |||
* | International Money Express Inc. | 1,047,443 | 23,138 | |||
* | Titan International Inc. | 1,526,933 | 22,721 | |||
Hyster-Yale Materials Handling Inc. | 361,598 | 22,488 | ||||
* | CryoPort Inc. | 1,449,481 | 22,452 | |||
* | Ducommun Inc. | 421,727 | 21,955 | |||
Pitney Bowes Inc. | 4,751,486 | 20,907 | ||||
CRA International Inc. | 210,751 | 20,833 | ||||
Myers Industries Inc. | 1,064,615 | 20,813 | ||||
Insteel Industries Inc. | 535,957 | 20,522 | ||||
Heartland Express Inc. | 1,428,621 | 20,372 | ||||
* | Conduent Inc. | 5,553,255 | 20,269 | |||
Douglas Dynamics Inc. | 676,869 | 20,089 | ||||
Argan Inc. | 427,894 | 20,021 | ||||
Kelly Services Inc. Class A | 921,762 | 19,928 | ||||
* | Repay Holdings Corp. Class A | 2,322,791 | 19,837 | |||
Kaman Corp. | 815,429 | 19,530 | ||||
* | IES Holdings Inc. | 235,697 | 18,672 | |||
* | Titan Machinery Inc. | 640,698 | 18,503 | |||
REV Group Inc. | 1,017,861 | 18,495 | ||||
Cass Information Systems Inc. | 408,138 | 18,387 | ||||
* | Manitowoc Co. Inc. | 1,083,726 | 18,087 | |||
Cadre Holdings Inc. | 528,400 | 17,379 | ||||
Ennis Inc. | 789,811 | 17,305 | ||||
*,1 | PureCycle Technologies Inc. | 4,248,447 | 17,206 | |||
Heidrick & Struggles International Inc. | 580,522 | 17,143 | ||||
* | CECO Environmental Corp. | 843,032 | 17,097 | |||
Mesa Laboratories Inc. | 159,129 | 16,672 | ||||
* | DXP Enterprises Inc. | 478,217 | 16,116 | |||
Perella Weinberg Partners Class A | 1,278,425 | 15,635 | ||||
* | Hudson Technologies Inc. | 1,149,613 | 15,508 | |||
* | Franklin Covey Co. | 349,702 | 15,223 |
Shares | Market Value• ($000) | |||||
Resources Connection Inc. | 1,068,324 | 15,138 | ||||
* | Cantaloupe Inc. | 2,042,575 | 15,135 | |||
* | I3 Verticals Inc. Class A | 707,059 | 14,968 | |||
* | V2X Inc. | 316,924 | 14,718 | |||
Pactiv Evergreen Inc. | 1,068,389 | 14,648 | ||||
* | TrueBlue Inc. | 942,024 | 14,451 | |||
National Presto Industries Inc. | 179,509 | 14,411 | ||||
* | Great Lakes Dredge & Dock Corp. | 1,843,428 | 14,158 | |||
*,1 | Atmus Filtration Technologies Inc. | 601,023 | 14,118 | |||
* | Astronics Corp. | 808,671 | 14,087 | |||
*,1 | Evolv Technologies Holdings Inc. | 2,974,460 | 14,039 | |||
* | Green Dot Corp. Class A | 1,377,254 | 13,635 | |||
Miller Industries Inc. | 314,326 | 13,293 | ||||
* | Sterling Check Corp. | 939,412 | 13,077 | |||
United States Lime & Minerals Inc. | 54,808 | 12,625 | ||||
* | Limbach Holdings Inc. | 273,917 | 12,455 | |||
FTAI Infrastructure Inc. | 3,188,200 | 12,402 | ||||
* | FARO Technologies Inc. | 546,929 | 12,322 | |||
TTEC Holdings Inc. | 567,356 | 12,295 | ||||
* | Vishay Precision Group Inc. | 346,096 | 11,791 | |||
Shyft Group Inc. | 964,741 | 11,789 | ||||
Allient Inc. | 388,182 | 11,727 | ||||
* | Concrete Pumping Holdings Inc. | 1,403,777 | 11,511 | |||
* | Daseke Inc. | 1,397,196 | 11,317 | |||
* | Custom Truck One Source Inc. | 1,831,243 | 11,317 | |||
* | AerSale Corp. | 886,801 | 11,258 | |||
1 | Eagle Bulk Shipping Inc. | 202,315 | 11,208 | |||
* | Tutor Perini Corp. | 1,210,073 | 11,012 | |||
LSI Industries Inc. | 777,330 | 10,945 | ||||
* | Radiant Logistics Inc. | 1,602,191 | 10,639 | |||
* | BrightView Holdings Inc. | 1,219,101 | 10,265 | |||
* | Distribution Solutions Group Inc. | 319,072 | 10,070 | |||
*,1 | Bowman Consulting Group Ltd. Class A | 281,436 | 9,997 | |||
*,1 | Target Hospitality Corp. | 995,822 | 9,689 | |||
Covenant Logistics Group Inc. Class A | 209,606 | 9,650 | ||||
* | Forrester Research Inc. | 359,746 | 9,645 |
Shares | Market Value• ($000) | |||||
* | L B Foster Co. Class A | 413,355 | 9,090 | |||
Park Aerospace Corp. | 613,019 | 9,011 | ||||
Overseas Shipholding Group Inc. Class A | 1,689,920 | 8,906 | ||||
* | TaskUS Inc. Class A | 680,818 | 8,898 | |||
* | Moneylion Inc. | 139,245 | 8,729 | |||
* | Willdan Group Inc. | 399,927 | 8,598 | |||
* | Advantage Solutions Inc. | 2,262,148 | 8,189 | |||
* | Iteris Inc. | 1,518,768 | 7,898 | |||
* | Ranpak Holdings Corp. Class A | 1,271,849 | 7,402 | |||
* | Luna Innovations Inc. | 1,112,056 | 7,395 | |||
* | Paymentus Holdings Inc. Class A | 408,611 | 7,302 | |||
* | Graham Corp. | 377,551 | 7,162 | |||
* | SoundThinking Inc. | 274,829 | 7,019 | |||
Park-Ohio Holdings Corp. | 258,617 | 6,972 | ||||
* | Performant Financial Corp. | 2,204,695 | 6,890 | |||
* | Commercial Vehicle Group Inc. | 969,649 | 6,797 | |||
Information Services Group Inc. | 1,420,253 | 6,689 | ||||
Kronos Worldwide Inc. | 666,260 | 6,623 | ||||
*,1 | Microvast Holdings Inc. | 4,691,275 | 6,568 | |||
Universal Logistics Holdings Inc. | 230,693 | 6,464 | ||||
* | Blade Air Mobility Inc. | 1,780,179 | 6,284 | |||
*,1 | Eos Energy Enterprises Inc. | 5,747,383 | 6,265 | |||
* | Quad/Graphics Inc. | 1,103,900 | 5,983 | |||
* | Atlanticus Holdings Corp. | 150,156 | 5,807 | |||
* | Mistras Group Inc. | 778,795 | 5,701 | |||
* | Manitex International Inc. | 640,610 | 5,599 | |||
Twin Disc Inc. | 344,051 | 5,560 | ||||
Karat Packaging Inc. | 216,891 | 5,390 | ||||
* | Gencor Industries Inc. | 332,487 | 5,366 | |||
* | Acacia Research Corp. | 1,364,575 | 5,349 | |||
* | CS Disco Inc. | 700,982 | 5,320 | |||
*,1 | Rekor Systems Inc. | 1,590,214 | 5,295 | |||
*,1 | Desktop Metal Inc. Class A | 7,049,819 | 5,294 | |||
* | Smith-Midland Corp. | 132,192 | 5,222 | |||
* | DLH Holdings Corp. | 326,878 | 5,148 | |||
* | Orion Group Holdings Inc. | 939,452 | 4,641 |
Shares | Market Value• ($000) | |||||
* | RCM Technologies Inc. | 159,492 | 4,632 | |||
ARC Document Solutions Inc. | 1,338,175 | 4,389 | ||||
* | DHI Group Inc. | 1,659,630 | 4,298 | |||
* | HireRight Holdings Corp. | 312,786 | 4,207 | |||
Hurco Cos. Inc. | 194,394 | 4,185 | ||||
* | Mayville Engineering Co. Inc. | 283,525 | 4,088 | |||
* | PAM Transportation Services Inc. | 196,206 | 4,077 | |||
* | Core Molding Technologies Inc. | 210,686 | 3,904 | |||
*,1 | TuSimple Holdings Inc. Class A | 4,277,881 | 3,755 | |||
1 | EVI Industries Inc. | 155,167 | 3,682 | |||
*,1 | BlackSky Technology Inc. Class A | 2,623,844 | 3,673 | |||
BGSF Inc. | 359,805 | 3,382 | ||||
*,1 | Byrna Technologies Inc. | 515,082 | 3,291 | |||
*,1 | Amprius Technologies Inc. | 593,900 | 3,142 | |||
*,1 | Hyliion Holdings Corp. | 3,720,847 | 3,028 | |||
* | Innovative Solutions & Support Inc. | 353,301 | 3,014 | |||
*,1 | Danimer Scientific Inc. Class A | 2,920,239 | 2,979 | |||
*,1 | Spire Global Inc. | 372,090 | 2,910 | |||
*,1 | Terran Orbital Corp. | 2,419,100 | 2,758 | |||
*,1 | CompoSecure Inc. | 505,739 | 2,731 | |||
* | Babcock & Wilcox Enterprises Inc. | 1,843,405 | 2,691 | |||
* | Willis Lease Finance Corp. | 53,245 | 2,603 | |||
*,1 | CPI Card Group Inc. | 133,343 | 2,559 | |||
*,1 | Skillsoft Corp. | 145,044 | 2,550 | |||
*,1 | Markforged Holding Corp. | 3,063,363 | 2,512 | |||
* | VirTra Inc. | 265,149 | 2,511 | |||
Frequency Electronics Inc. | 228,179 | 2,499 | ||||
1 | HireQuest Inc. | 159,520 | 2,449 | |||
* | Alpha Pro Tech Ltd. | 462,840 | 2,448 | |||
*,1 | 374Water Inc. | 1,698,615 | 2,412 | |||
* | Ultralife Corp. | 348,051 | 2,374 | |||
*,1 | Paysign Inc. | 842,113 | 2,358 | |||
*,1,2 | Tingo Group Inc. | 3,254,473 | 2,246 | |||
* | Research Solutions Inc. | 846,894 | 2,202 | |||
*,1 | SKYX Platforms Corp. | 1,335,481 | 2,137 | |||
*,1 | Redwire Corp. | 737,344 | 2,101 |
Shares | Market Value• ($000) | |||||
*,1 | Wrap Technologies Inc. | 672,384 | 2,084 | |||
* | LS Starrett Co. Class A | 166,241 | 2,012 | |||
*,1 | Hyzon Motors Inc. | 2,227,561 | 1,994 | |||
* | GEE Group Inc. | 3,870,957 | 1,936 | |||
* | Broadwind Inc. | 689,278 | 1,909 | |||
*,1 | Velo3D Inc. | 4,791,156 | 1,905 | |||
*,1 | Workhorse Group Inc. | 5,121,723 | 1,844 | |||
*,1 | Where Food Comes From Inc. | 133,053 | 1,811 | |||
*,1 | INNOVATE Corp. | 1,428,742 | 1,757 | |||
* | Hudson Global Inc. | 107,683 | 1,676 | |||
*,1 | Odyssey Marine Exploration Inc. Class B | 349,692 | 1,626 | |||
*,1 | Coda Octopus Group Inc. | 222,690 | 1,336 | |||
* | Usio Inc. | 757,304 | 1,303 | |||
* | Lightbridge Corp. | 383,955 | 1,232 | |||
*,1 | Knightscope Inc. Class A | 1,984,525 | 1,191 | |||
* | LightPath Technologies Inc. Class A | 875,201 | 1,103 | |||
*,1 | FreightCar America Inc. | 351,606 | 949 | |||
*,1 | Hydrofarm Holdings Group Inc. | 950,421 | 872 | |||
* | Priority Technology Holdings Inc. | 239,738 | 853 | |||
*,1 | Astra Space Inc. Class A | 361,787 | 825 | |||
*,1 | Sono-Tek Corp. | 158,428 | 822 | |||
* | M-Tron Industries Inc. | 22,400 | 800 | |||
* | RF Industries Ltd. | 249,088 | 757 | |||
* | IZEA Worldwide Inc. | 369,547 | 743 | |||
* | Pioneer Power Solutions Inc. | 107,157 | 728 | |||
*,1 | Katapult Holdings Inc. | 65,728 | 718 | |||
* | StarTek Inc. | 158,219 | 698 | |||
Espey Manufacturing & Electronics Corp. | 36,920 | 690 | ||||
* | Orion Energy Systems Inc. | 765,432 | 663 | |||
* | ClearSign Technologies Corp. | 588,974 | 654 | |||
*,1 | Sypris Solutions Inc. | 311,226 | 629 | |||
*,1 | AppTech Payments Corp. | 289,967 | 577 | |||
* | Air T Inc. | 32,860 | 542 | |||
*,1 | Cepton Inc. | 170,313 | 535 | |||
* | TOMI Environmental Solutions Inc. | 484,669 | 490 | |||
* | Mega Matrix Corp. | 339,000 | 478 |
Shares | Market Value• ($000) | |||||
* | TSR Inc. | 50,537 | 455 | |||
* | Fuel Tech Inc. | 430,339 | 452 | |||
*,1 | Team Inc. | 67,315 | 444 | |||
Taitron Components Inc. Class A | 125,572 | 438 | ||||
* | Taylor Devices Inc. | 15,808 | 349 | |||
* | FG Group Holdings Inc. | 226,990 | 334 | |||
*,1 | Dragonfly Energy Holdings Corp. | 610,200 | 331 | |||
* | Astrotech Corp. | 38,881 | 330 | |||
*,1 | MSP Recovery Inc. | 140,320 | 319 | |||
*,1 | Xos Inc. | 39,986 | 311 | |||
*,1 | Momentus Inc. | 174,015 | 301 | |||
*,1 | AmpliTech Group Inc. | 135,900 | 259 | |||
*,1 | AEye Inc. | 108,615 | 249 | |||
* | Servotronics Inc. | 19,533 | 244 | |||
*,1 | Sarcos Technology & Robotics Corp. | 335,368 | 242 | |||
*,1 | Applied DNA Sciences Inc. | 346,633 | 214 | |||
*,1 | AgEagle Aerial Systems Inc. | 1,950,222 | 205 | |||
* | LGL Group Inc. | 30,781 | 189 | |||
* | Jewett-Cameron Trading Co. Ltd. | 33,538 | 179 | |||
*,1 | Air Industries Group | 52,840 | 172 | |||
* | DSS Inc. | 1,292,763 | 155 | |||
* | Professional Diversity Network Inc. | 68,106 | 138 | |||
* | Ryvyl Inc. | 32,268 | 135 | |||
* | OLB Group Inc. | 113,427 | 120 | |||
*,1 | Shapeways Holdings Inc. | 44,252 | 109 | |||
*,1 | ENGlobal Corp. | 50,641 | 87 | |||
*,1 | CISO Global Inc. | 726,500 | 74 | |||
* | CPI Aerostructures Inc. | 24,969 | 68 | |||
*,1 | Polar Power Inc. | 156,102 | 63 | |||
*,1 | Energous Corp. | 33,731 | 62 | |||
*,1 | Digital Ally Inc. | 15,845 | 33 | |||
* | Safe & Green Development Corp. | 23,128 | 32 | |||
* | Art's-Way Manufacturing Co. Inc. | 6,594 | 14 | |||
* | Interlink Electronics Inc. | 438 | 6 | |||
Greif Inc. Class B | 76 | 5 | ||||
* | Electro-Sensors Inc. | 1,400 | 5 | |||
* | Intuitive Machines Inc. | 2,154 | 5 | |||
* | Fathom Digital Manufacturing C | 673 | 3 | |||
*,2 | Patriot National Inc. | 129,819 | — |
Shares | Market Value• ($000) | |||||
* | Ardagh Group SA Class A | 37 | — | |||
*,2 | GCI Liberty Inc. | 2,704,635 | — | |||
* | Sidus Space Inc. Class A | 1 | — | |||
190,298,744 | ||||||
Real Estate (3.0%) | ||||||
Prologis Inc. | 29,005,186 | 3,866,391 | ||||
American Tower Corp. | 14,638,758 | 3,160,215 | ||||
Equinix Inc. | 2,945,648 | 2,372,395 | ||||
Welltower Inc. | 17,468,904 | 1,575,171 | ||||
Crown Castle Inc. | 13,605,475 | 1,567,215 | ||||
Public Storage | 4,963,106 | 1,513,747 | ||||
Simon Property Group Inc. | 9,714,257 | 1,385,642 | ||||
Realty Income Corp. | 22,692,481 | 1,303,002 | ||||
Digital Realty Trust Inc. | 9,502,319 | 1,278,822 | ||||
* | CoStar Group Inc. | 12,807,972 | 1,119,289 | |||
Extra Space Storage Inc. | 6,623,048 | 1,061,873 | ||||
VICI Properties Inc. Class A | 27,557,957 | 878,548 | ||||
SBA Communications Corp. Class A | 3,393,340 | 860,856 | ||||
* | CBRE Group Inc. Class A | 9,076,794 | 844,959 | |||
AvalonBay Communities Inc. | 4,449,033 | 832,948 | ||||
Weyerhaeuser Co. | 22,894,971 | 796,058 | ||||
Equity Residential | 11,345,969 | 693,920 | ||||
Alexandria Real Estate Equities Inc. | 5,472,500 | 693,749 | ||||
Invitation Homes Inc. | 19,168,024 | 653,821 | ||||
Iron Mountain Inc. | 9,184,877 | 642,758 | ||||
Ventas Inc. | 12,624,557 | 629,208 | ||||
Sun Communities Inc. | 3,905,724 | 522,000 | ||||
Essex Property Trust Inc. | 2,011,599 | 498,756 | ||||
Mid-America Apartment Communities Inc. | 3,655,450 | 491,512 | ||||
WP Carey Inc. | 6,855,834 | 444,327 | ||||
Host Hotels & Resorts Inc. | 22,055,499 | 429,421 | ||||
Kimco Realty Corp. | 19,473,694 | 414,984 | ||||
UDR Inc. | 10,306,683 | 394,643 | ||||
Gaming & Leisure Properties Inc. | 7,907,997 | 390,260 | ||||
Regency Centers Corp. | 5,783,019 | 387,462 | ||||
Equity LifeStyle Properties Inc. | 5,255,010 | 370,688 |
Shares | Market Value• ($000) | |||||
Rexford Industrial Realty Inc. | 6,422,060 | 360,278 | ||||
American Homes 4 Rent Class A | 9,614,830 | 345,749 | ||||
Healthpeak Properties Inc. | 17,152,943 | 339,628 | ||||
Camden Property Trust | 3,337,097 | 331,340 | ||||
CubeSmart | 7,045,568 | 326,562 | ||||
Boston Properties Inc. | 4,428,187 | 310,726 | ||||
Lamar Advertising Co. Class A | 2,748,855 | 292,148 | ||||
* | Zillow Group Inc. Class C | 4,925,065 | 284,964 | |||
* | Jones Lang LaSalle Inc. | 1,499,720 | 283,252 | |||
Americold Realty Trust Inc. | 8,974,599 | 271,661 | ||||
EastGroup Properties Inc. | 1,456,377 | 267,303 | ||||
Federal Realty Investment Trust | 2,556,057 | 263,402 | ||||
NNN REIT Inc. | 5,692,087 | 245,329 | ||||
Omega Healthcare Investors Inc. | 7,671,282 | 235,202 | ||||
STAG Industrial Inc. | 5,735,930 | 225,193 | ||||
Brixmor Property Group Inc. | 9,378,601 | 218,240 | ||||
First Industrial Realty Trust Inc. | 4,127,491 | 217,395 | ||||
Healthcare Realty Trust Inc. Class A | 12,017,829 | 207,067 | ||||
Agree Realty Corp. | 3,131,670 | 197,139 | ||||
Ryman Hospitality Properties Inc. | 1,771,070 | 194,924 | ||||
Spirit Realty Capital Inc. | 4,399,673 | 192,222 | ||||
Terreno Realty Corp. | 2,717,924 | 170,332 | ||||
Apartment Income REIT Corp. Class A | 4,567,210 | 158,619 | ||||
Kite Realty Group Trust | 6,884,009 | 157,368 | ||||
Rayonier Inc. | 4,681,076 | 156,395 | ||||
Vornado Realty Trust | 5,436,828 | 153,590 | ||||
Kilroy Realty Corp. | 3,681,965 | 146,690 | ||||
Phillips Edison & Co. Inc. | 3,767,274 | 137,430 | ||||
Essential Properties Realty Trust Inc. | 4,897,772 | 125,187 | ||||
PotlatchDeltic Corp. | 2,503,279 | 122,911 | ||||
Cousins Properties Inc. | 4,763,164 | 115,983 | ||||
EPR Properties | 2,364,241 | 114,548 | ||||
Independence Realty Trust Inc. | 7,070,134 | 108,173 | ||||
Apple Hospitality REIT Inc. | 6,403,559 | 106,363 |
Shares | Market Value• ($000) | |||||
Macerich Co. | 6,786,795 | 104,720 | ||||
Sabra Health Care REIT Inc. | 7,292,221 | 104,060 | ||||
Broadstone Net Lease Inc. | 5,879,915 | 101,252 | ||||
Physicians Realty Trust | 7,451,241 | 99,176 | ||||
National Storage Affiliates Trust | 2,372,607 | 98,392 | ||||
Park Hotels & Resorts Inc. | 6,413,483 | 98,126 | ||||
1 | Hannon Armstrong Sustainable Infrastructure Capital Inc. | 3,540,979 | 97,660 | |||
1 | Medical Properties Trust Inc. | 18,769,212 | 92,157 | |||
LXP Industrial Trust | 9,270,070 | 91,959 | ||||
1 | SL Green Realty Corp. | 2,028,359 | 91,621 | |||
COPT Defense Properties | 3,524,705 | 90,338 | ||||
DigitalBridge Group Inc. | 5,086,461 | 89,217 | ||||
Innovative Industrial Properties Inc. | 878,122 | 88,532 | ||||
Tanger Inc. | 3,112,038 | 86,266 | ||||
* | Opendoor Technologies Inc. | 19,195,131 | 85,994 | |||
CareTrust REIT Inc. | 3,740,748 | 83,718 | ||||
SITE Centers Corp. | 6,138,966 | 83,674 | ||||
* | Howard Hughes Holdings Inc. | 968,271 | 82,836 | |||
Highwoods Properties Inc. | 3,321,104 | 76,253 | ||||
1 | Global Net Lease Inc. | 7,608,379 | 75,703 | |||
Douglas Emmett Inc. | 5,065,522 | 73,450 | ||||
National Health Investors Inc. | 1,300,502 | 72,633 | ||||
St. Joe Co. | 1,195,695 | 71,957 | ||||
Four Corners Property Trust Inc. | 2,804,407 | 70,952 | ||||
Sunstone Hotel Investors Inc. | 6,496,227 | 69,705 | ||||
* | Zillow Group Inc. Class A | 1,163,369 | 65,986 | |||
Outfront Media Inc. | 4,638,794 | 64,758 | ||||
* | Cushman & Wakefield plc | 5,937,720 | 64,127 | |||
Urban Edge Properties | 3,466,910 | 63,444 | ||||
Pebblebrook Hotel Trust | 3,927,532 | 62,762 | ||||
DiamondRock Hospitality Co. | 6,497,620 | 61,013 | ||||
Equity Commonwealth | 3,150,949 | 60,498 | ||||
RLJ Lodging Trust | 4,823,853 | 56,536 |
Shares | Market Value• ($000) | |||||
Retail Opportunity Investments Corp. | 3,784,433 | 53,096 | ||||
Acadia Realty Trust | 2,997,012 | 50,919 | ||||
InvenTrust Properties Corp. | 2,007,100 | 50,860 | ||||
JBG SMITH Properties | 2,933,752 | 49,903 | ||||
* | Compass Inc. Class A | 11,889,624 | 44,705 | |||
Service Properties Trust | 5,220,401 | 44,582 | ||||
Newmark Group Inc. Class A | 4,036,442 | 44,239 | ||||
Alexander & Baldwin Inc. | 2,277,884 | 43,325 | ||||
Uniti Group Inc. | 7,463,005 | 43,136 | ||||
Xenia Hotels & Resorts Inc. | 3,165,313 | 43,112 | ||||
LTC Properties Inc. | 1,324,789 | 42,552 | ||||
Kennedy-Wilson Holdings Inc. | 3,429,394 | 42,456 | ||||
Getty Realty Corp. | 1,428,700 | 41,747 | ||||
Elme Communities | 2,813,618 | 41,079 | ||||
Hudson Pacific Properties Inc. | 4,402,588 | 40,988 | ||||
* | GEO Group Inc. | 3,736,646 | 40,468 | |||
Easterly Government Properties Inc. Class A | 2,891,300 | 38,859 | ||||
Empire State Realty Trust Inc. Class A | 3,990,347 | 38,666 | ||||
Veris Residential Inc. | 2,448,747 | 38,519 | ||||
1 | eXp World Holdings Inc. | 2,432,851 | 37,758 | |||
NETSTREIT Corp. | 2,063,533 | 36,834 | ||||
* | Redfin Corp. | 3,457,551 | 35,682 | |||
* | Apartment Investment & Management Co. Class A | 4,437,902 | 34,749 | |||
UMH Properties Inc. | 2,256,065 | 34,563 | ||||
RPT Realty | 2,665,717 | 34,201 | ||||
Plymouth Industrial REIT Inc. | 1,371,217 | 33,005 | ||||
Marcus & Millichap Inc. | 755,429 | 32,997 | ||||
Paramount Group Inc. | 6,004,698 | 31,044 | ||||
Brandywine Realty Trust | 5,445,069 | 29,403 | ||||
Piedmont Office Realty Trust Inc. Class A | 3,892,835 | 27,678 | ||||
Diversified Healthcare Trust | 7,325,882 | 27,399 | ||||
* | Anywhere Real Estate Inc. | 3,293,319 | 26,709 | |||
Centerspace | 454,649 | 26,461 |
Shares | Market Value• ($000) | |||||
American Assets Trust Inc. | 1,155,723 | 26,015 | ||||
Armada Hoffler Properties Inc. | 1,896,036 | 23,454 | ||||
NexPoint Residential Trust Inc. | 676,829 | 23,303 | ||||
Summit Hotel Properties Inc. | 3,209,693 | 21,569 | ||||
1 | Peakstone Realty Trust | 1,076,600 | 21,457 | |||
Global Medical REIT Inc. | 1,861,159 | 20,659 | ||||
Community Healthcare Trust Inc. | 747,617 | 19,917 | ||||
Whitestone REIT | 1,541,690 | 18,947 | ||||
1 | Farmland Partners Inc. | 1,486,534 | 18,552 | |||
1 | CBL & Associates Properties Inc. | 732,574 | 17,889 | |||
Universal Health Realty Income Trust | 413,444 | 17,881 | ||||
* | Forestar Group Inc. | 538,939 | 17,823 | |||
Saul Centers Inc. | 439,170 | 17,246 | ||||
Gladstone Land Corp. | 1,118,425 | 16,161 | ||||
Alexander's Inc. | 75,137 | 16,047 | ||||
Chatham Lodging Trust | 1,474,768 | 15,810 | ||||
1 | Ares Commercial Real Estate Corp. | 1,521,592 | 15,764 | |||
Gladstone Commercial Corp. | 1,186,750 | 15,713 | ||||
RMR Group Inc. Class A | 443,704 | 12,526 | ||||
One Liberty Properties Inc. | 549,453 | 12,039 | ||||
Office Properties Income Trust | 1,518,403 | 11,115 | ||||
1 | CTO Realty Growth Inc. | 633,230 | 10,974 | |||
* | FRP Holdings Inc. | 170,118 | 10,697 | |||
* | Tejon Ranch Co. | 619,353 | 10,653 | |||
Orion Office REIT Inc. | 1,829,577 | 10,465 | ||||
*,1 | Seritage Growth Properties Class A | 1,116,701 | 10,441 | |||
Industrial Logistics Properties Trust | 2,135,037 | 10,035 | ||||
NET Lease Office Properties | 497,306 | 9,190 | ||||
*,1 | Stratus Properties Inc. | 274,453 | 7,921 | |||
Alpine Income Property Trust Inc. | 467,309 | 7,902 | ||||
Bridge Investment Group Holdings Inc. Class A | 806,505 | 7,888 | ||||
Postal Realty Trust Inc. Class A | 503,164 | 7,326 |
Shares | Market Value• ($000) | |||||
City Office REIT Inc. | 1,177,661 | 7,196 | ||||
Franklin Street Properties Corp. | 2,758,628 | 7,062 | ||||
RE/MAX Holdings Inc. Class A | 519,322 | 6,923 | ||||
BRT Apartments Corp. | 355,802 | 6,614 | ||||
Douglas Elliman Inc. | 2,057,383 | 6,069 | ||||
*,1 | Offerpad Solutions Inc. | 568,364 | 5,826 | |||
* | Star Holdings | 384,803 | 5,764 | |||
Braemar Hotels & Resorts Inc. | 2,097,772 | 5,244 | ||||
Modiv Industrial Inc. Class C | 224,372 | 3,343 | ||||
* | Maui Land & Pineapple Co. Inc. | 201,600 | 3,203 | |||
* | AMREP Corp. | 115,952 | 2,548 | |||
*,1 | Ashford Hospitality Trust Inc. | 1,242,653 | 2,411 | |||
Clipper Realty Inc. | 405,295 | 2,189 | ||||
Creative Media & Community Trust Corp. | 477,630 | 1,786 | ||||
Bluerock Homes Trust Inc. | 109,382 | 1,530 | ||||
Global Self Storage Inc. | 319,661 | 1,480 | ||||
*,1 | Altisource Portfolio Solutions SA | 399,728 | 1,423 | |||
* | Fathom Holdings Inc. | 347,914 | 1,249 | |||
* | Comstock Holding Cos. Inc. Class A | 164,051 | 733 | |||
* | Rafael Holdings Inc. Class B | 381,611 | 698 | |||
* | Sotherly Hotels Inc. | 337,859 | 503 | |||
*,1 | LuxUrban Hotels Inc. | 43,833 | 262 | |||
1 | Presidio Property Trust Inc. Class A | 184,525 | 190 | |||
*,2 | New York REIT Liquidating LLC | 19,100 | 133 | |||
* | Alset Inc. | 77,598 | 80 | |||
* | Trinity Place Holdings Inc. | 467,678 | 52 | |||
*,1 | Avalon GloboCare Corp. | 33,944 | 16 | |||
* | American Strategic Investment Co. | 254 | 2 | |||
*,2 | Spirit MTA REIT | 2,854,330 | — | |||
* | CKX Lands Inc. | 30 | — | |||
43,977,030 | ||||||
Technology (31.0%) | ||||||
Apple Inc. | 463,748,976 | 89,285,590 | ||||
Microsoft Corp. | 233,278,085 | 87,721,891 | ||||
NVIDIA Corp. | 73,651,336 | 36,473,615 | ||||
* | Alphabet Inc. Class A | 185,773,154 | 25,950,652 |
Shares | Market Value• ($000) | |||||
* | Meta Platforms Inc. Class A | 69,669,051 | 24,660,057 | |||
* | Alphabet Inc. Class C | 152,719,604 | 21,522,774 | |||
Broadcom Inc. | 13,928,914 | 15,548,150 | ||||
* | Adobe Inc. | 14,289,771 | 8,525,277 | |||
* | Salesforce Inc. | 29,009,098 | 7,633,454 | |||
* | Advanced Micro Devices Inc. | 50,708,088 | 7,474,879 | |||
Intel Corp. | 132,347,697 | 6,650,472 | ||||
Oracle Corp. | 51,580,874 | 5,438,172 | ||||
Intuit Inc. | 8,354,502 | 5,221,814 | ||||
QUALCOMM Inc. | 34,922,133 | 5,050,788 | ||||
Texas Instruments Inc. | 28,482,478 | 4,855,123 | ||||
International Business Machines Corp. | 28,640,079 | 4,684,085 | ||||
* | ServiceNow Inc. | 6,432,254 | 4,544,323 | |||
Applied Materials Inc. | 26,252,722 | 4,254,779 | ||||
Lam Research Corp. | 4,136,298 | 3,239,797 | ||||
Analog Devices Inc. | 15,570,646 | 3,091,707 | ||||
Micron Technology Inc. | 34,472,657 | 2,941,897 | ||||
* | Palo Alto Networks Inc. | 9,898,099 | 2,918,751 | |||
KLA Corp. | 4,265,906 | 2,479,771 | ||||
* | Synopsys Inc. | 4,773,109 | 2,457,722 | |||
* | Cadence Design Systems Inc. | 8,539,101 | 2,325,795 | |||
Amphenol Corp. Class A | 18,761,794 | 1,859,857 | ||||
* | Snowflake Inc. Class A | 9,321,315 | 1,854,942 | |||
Roper Technologies Inc. | 3,344,804 | 1,823,487 | ||||
* | Crowdstrike Holdings Inc. Class A | 7,101,528 | 1,813,162 | |||
* | Workday Inc. Class A | 6,496,043 | 1,793,298 | |||
Marvell Technology Inc. | 27,105,912 | 1,634,758 | ||||
* | Autodesk Inc. | 6,710,560 | 1,633,887 | |||
Microchip Technology Inc. | 16,985,836 | 1,531,783 | ||||
TE Connectivity Ltd. | 9,755,583 | 1,370,659 | ||||
* | Fortinet Inc. | 20,480,474 | 1,198,722 | |||
Cognizant Technology Solutions Corp. Class A | 15,721,910 | 1,187,476 | ||||
* | Atlassian Corp. Class A | 4,872,748 | 1,159,032 | |||
* | ON Semiconductor Corp. | 13,527,613 | 1,129,962 | |||
* | Palantir Technologies Inc. Class A | 61,738,653 | 1,060,053 | |||
* | Gartner Inc. | 2,324,409 | 1,048,564 | |||
* | Datadog Inc. Class A | 8,542,756 | 1,036,920 |
Shares | Market Value• ($000) | |||||
* | ANSYS Inc. | 2,732,569 | 991,595 | |||
* | DoorDash Inc. Class A | 9,905,913 | 979,596 | |||
CDW Corp. | 4,202,456 | 955,302 | ||||
Monolithic Power Systems Inc. | 1,430,997 | 902,644 | ||||
* | HubSpot Inc. | 1,504,140 | 873,213 | |||
* | MongoDB Inc. Class A | 2,129,759 | 870,752 | |||
HP Inc. | 27,909,533 | 839,798 | ||||
* | Splunk Inc. | 5,285,897 | 805,306 | |||
* | Cloudflare Inc. Class A | 8,843,863 | 736,340 | |||
Corning Inc. | 24,073,700 | 733,044 | ||||
* | Pinterest Inc. Class A | 18,434,979 | 682,832 | |||
Hewlett Packard Enterprise Co. | 40,193,075 | 682,478 | ||||
* | PTC Inc. | 3,553,734 | 621,761 | |||
* | Zscaler Inc. | 2,780,423 | 616,031 | |||
Dell Technologies Inc. Class C | 7,987,767 | 611,064 | ||||
NetApp Inc. | 6,542,088 | 576,750 | ||||
Entegris Inc. | 4,709,616 | 564,306 | ||||
Skyworks Solutions Inc. | 5,003,941 | 562,543 | ||||
* | Akamai Technologies Inc. | 4,726,953 | 559,435 | |||
* | VeriSign Inc. | 2,707,716 | 557,681 | |||
* | Snap Inc. Class A | 32,820,879 | 555,657 | |||
* | Tyler Technologies Inc. | 1,318,991 | 551,497 | |||
* | EPAM Systems Inc. | 1,815,236 | 539,742 | |||
* | Western Digital Corp. | 10,228,792 | 535,682 | |||
Seagate Technology Holdings plc | 6,263,163 | 534,686 | ||||
* | Zoom Video Communications Inc. Class A | 7,294,702 | 524,562 | |||
Teradyne Inc. | 4,798,838 | 520,770 | ||||
Vertiv Holdings Co. Class A | 10,734,535 | 515,580 | ||||
Jabil Inc. | 3,819,661 | 486,625 | ||||
* | GoDaddy Inc. Class A | 4,416,070 | 468,810 | |||
Leidos Holdings Inc. | 4,307,704 | 466,266 | ||||
* | Dynatrace Inc. | 8,298,026 | 453,819 | |||
* | Okta Inc. Class A | 4,933,901 | 446,666 | |||
* | Super Micro Computer Inc. | 1,484,478 | 421,978 | |||
* | Manhattan Associates Inc. | 1,929,732 | 415,510 | |||
* | Twilio Inc. Class A | 5,390,398 | 408,969 | |||
SS&C Technologies Holdings Inc. | 6,603,738 | 403,554 | ||||
Gen Digital Inc. | 17,013,885 | 388,257 | ||||
* | DocuSign Inc. Class A | 6,383,307 | 379,488 |
Shares | Market Value• ($000) | |||||
Bentley Systems Inc. Class B | 7,104,361 | 370,706 | ||||
* | Nutanix Inc. Class A | 7,537,563 | 359,466 | |||
* | Qorvo Inc. | 3,060,986 | 344,698 | |||
* | Unity Software Inc. | 8,377,996 | 342,576 | |||
* | F5 Inc. | 1,874,185 | 335,442 | |||
* | Pure Storage Inc. Class A | 9,351,311 | 333,468 | |||
Paycom Software Inc. | 1,611,545 | 333,139 | ||||
* | Match Group Inc. | 8,547,566 | 311,986 | |||
* | Ceridian HCM Holding Inc. | 4,643,544 | 311,675 | |||
* | Lattice Semiconductor Corp. | 4,325,177 | 298,394 | |||
* | UiPath Inc. Class A | 11,446,235 | 284,324 | |||
* | Guidewire Software Inc. | 2,565,214 | 279,711 | |||
* | Elastic NV | 2,460,399 | 277,287 | |||
Universal Display Corp. | 1,414,440 | 270,526 | ||||
* | Onto Innovation Inc. | 1,548,803 | 236,812 | |||
* | Toast Inc. Class A | 12,794,225 | 233,623 | |||
KBR Inc. | 4,212,871 | 233,435 | ||||
* | Dropbox Inc. Class A | 7,860,970 | 231,741 | |||
* | Rambus Inc. | 3,373,203 | 230,221 | |||
* | CACI International Inc. Class A | 697,124 | 225,771 | |||
* | SPS Commerce Inc. | 1,147,711 | 222,472 | |||
* | Fabrinet | 1,146,909 | 218,291 | |||
* | Qualys Inc. | 1,088,222 | 213,596 | |||
*,1 | MicroStrategy Inc. Class A | 335,693 | 212,030 | |||
Science Applications International Corp. | 1,670,248 | 207,645 | ||||
* | Arrow Electronics Inc. | 1,688,600 | 206,431 | |||
* | Coherent Corp. | 4,734,643 | 206,099 | |||
* | Procore Technologies Inc. | 2,958,877 | 204,813 | |||
* | ZoomInfo Technologies Inc. Class A | 11,047,729 | 204,273 | |||
* | Aspen Technology Inc. | 908,813 | 200,075 | |||
* | SentinelOne Inc. Class A | 7,279,356 | 199,746 | |||
* | AppLovin Corp. Class A | 4,995,377 | 199,066 | |||
* | Smartsheet Inc. Class A | 4,066,946 | 194,481 | |||
* | Novanta Inc. | 1,121,519 | 188,875 | |||
* | Gitlab Inc. Class A | 2,960,462 | 186,391 | |||
* | Insight Enterprises Inc. | 1,023,704 | 181,390 | |||
* | Five9 Inc. | 2,285,318 | 179,832 |
Shares | Market Value• ($000) | |||||
Concentrix Corp. | 1,802,617 | 177,035 | ||||
TD SYNNEX Corp. | 1,592,946 | 171,417 | ||||
* | Wolfspeed Inc. | 3,924,135 | 170,739 | |||
* | Tenable Holdings Inc. | 3,622,318 | 166,844 | |||
Dolby Laboratories Inc. Class A | 1,869,036 | 161,074 | ||||
* | Samsara Inc. Class A | 4,811,159 | 160,596 | |||
* | DoubleVerify Holdings Inc. | 4,266,288 | 156,914 | |||
* | MACOM Technology Solutions Holdings Inc. | 1,666,094 | 154,863 | |||
* | Workiva Inc. Class A | 1,478,338 | 150,096 | |||
* | Kyndryl Holdings Inc. | 7,208,446 | 149,792 | |||
* | Varonis Systems Inc. Class B | 3,262,196 | 147,712 | |||
Power Integrations Inc. | 1,792,895 | 147,215 | ||||
* | Blackbaud Inc. | 1,682,256 | 145,852 | |||
* | Freshworks Inc. Class A | 6,131,296 | 144,024 | |||
Avnet Inc. | 2,852,864 | 143,784 | ||||
* | Altair Engineering Inc. Class A | 1,701,833 | 143,209 | |||
* | Synaptics Inc. | 1,237,297 | 141,151 | |||
* | DXC Technology Co. | 6,089,036 | 139,256 | |||
* | Cirrus Logic Inc. | 1,672,600 | 139,144 | |||
* | Confluent Inc. Class A | 5,914,880 | 138,408 | |||
* | Silicon Laboratories Inc. | 1,013,366 | 134,038 | |||
* | Teradata Corp. | 3,068,278 | 133,501 | |||
* | Axcelis Technologies Inc. | 1,024,591 | 132,879 | |||
Amkor Technology Inc. | 3,891,601 | 129,474 | ||||
Advanced Energy Industries Inc. | 1,184,350 | 128,999 | ||||
* | IAC Inc. | 2,284,679 | 119,671 | |||
* | CommVault Systems Inc. | 1,393,172 | 111,245 | |||
* | Box Inc. Class A | 4,293,090 | 109,946 | |||
* | Diodes Inc. | 1,359,694 | 109,483 | |||
* | BlackLine Inc. | 1,713,216 | 106,973 | |||
* | Appfolio Inc. Class A | 617,010 | 106,891 | |||
Dun & Bradstreet Holdings Inc. | 9,096,127 | 106,425 | ||||
* | Rapid7 Inc. | 1,806,242 | 103,136 | |||
* | FormFactor Inc. | 2,432,698 | 101,468 | |||
* | IPG Photonics Corp. | 909,901 | 98,761 | |||
* | Yelp Inc. Class A | 2,046,689 | 96,890 | |||
* | Alarm.com Holdings Inc. | 1,492,446 | 96,442 | |||
Vishay Intertechnology Inc. | 4,017,559 | 96,301 | ||||
* | Plexus Corp. | 873,706 | 94,474 |
Shares | Market Value• ($000) | |||||
* | Ziff Davis Inc. | 1,403,453 | 94,298 | |||
*,1 | C3.ai Inc. Class A | 3,240,409 | 93,032 | |||
* | CCC Intelligent Solutions Holdings Inc. | 8,089,183 | 92,136 | |||
* | Braze Inc. Class A | 1,714,321 | 91,082 | |||
* | Alteryx Inc. Class A | 1,871,539 | 88,262 | |||
* | Sprout Social Inc. Class A | 1,434,106 | 88,111 | |||
* | Sanmina Corp. | 1,698,911 | 87,273 | |||
* | JFrog Ltd. | 2,507,959 | 86,800 | |||
* | RingCentral Inc. Class A | 2,523,615 | 85,677 | |||
* | Parsons Corp. | 1,333,802 | 83,643 | |||
* | Credo Technology Group Holding Ltd. | 4,006,330 | 78,003 | |||
* | Rogers Corp. | 590,355 | 77,968 | |||
* | Envestnet Inc. | 1,536,522 | 76,089 | |||
* | Q2 Holdings Inc. | 1,736,011 | 75,360 | |||
* | HashiCorp Inc. Class A | 3,147,025 | 74,396 | |||
* | LiveRamp Holdings Inc. | 1,963,284 | 74,369 | |||
Progress Software Corp. | 1,367,690 | 74,266 | ||||
* | Perficient Inc. | 1,089,931 | 71,739 | |||
* | Ambarella Inc. | 1,169,817 | 71,698 | |||
* | nCino Inc. | 2,120,722 | 71,320 | |||
* | Schrodinger Inc. | 1,982,406 | 70,970 | |||
* | NCR Voyix Corp. | 4,169,167 | 70,501 | |||
* | Cargurus Inc. Class A | 2,872,703 | 69,405 | |||
* | ePlus Inc. | 842,988 | 67,304 | |||
* | Allegro MicroSystems Inc. | 2,168,466 | 65,639 | |||
* | SiTime Corp. | 530,377 | 64,748 | |||
*,1 | Fastly Inc. Class A | 3,626,374 | 64,549 | |||
Pegasystems Inc. | 1,302,725 | 63,651 | ||||
*,1 | IonQ Inc. | 5,052,628 | 62,602 | |||
*,1 | Impinj Inc. | 694,053 | 62,486 | |||
Xerox Holdings Corp. | 3,403,634 | 62,389 | ||||
*,1 | DigitalOcean Holdings Inc. | 1,664,786 | 61,081 | |||
* | PagerDuty Inc. | 2,588,630 | 59,927 | |||
* | Squarespace Inc. Class A | 1,798,427 | 59,366 | |||
* | Upwork Inc. | 3,788,967 | 56,342 | |||
Clear Secure Inc. Class A | 2,648,213 | 54,686 | ||||
* | Photronics Inc. | 1,730,995 | 54,301 | |||
* | MaxLinear Inc. Class A | 2,266,415 | 53,873 | |||
* | Agilysys Inc. | 634,411 | 53,811 | |||
* | Verint Systems Inc. | 1,962,609 | 53,049 | |||
* | Veeco Instruments Inc. | 1,661,047 | 51,542 | |||
* | Cleanspark Inc. | 4,610,798 | 50,857 | |||
* | PROS Holdings Inc. | 1,299,892 | 50,423 |
Shares | Market Value• ($000) | |||||
* | Cohu Inc. | 1,420,203 | 50,261 | |||
* | TTM Technologies Inc. | 3,165,196 | 50,042 | |||
* | Appian Corp. Class A | 1,311,913 | 49,407 | |||
* | NetScout Systems Inc. | 2,151,820 | 47,232 | |||
* | Ultra Clean Holdings Inc. | 1,366,150 | 46,640 | |||
* | Informatica Inc. Class A | 1,614,836 | 45,845 | |||
*,1 | Xometry Inc. Class A | 1,271,417 | 45,657 | |||
CSG Systems International Inc. | 846,686 | 45,052 | ||||
* | Bumble Inc. Class A | 3,047,003 | 44,913 | |||
* | Vertex Inc. Class A | 1,665,584 | 44,871 | |||
* | Paycor HCM Inc. | 2,030,807 | 43,845 | |||
* | Semtech Corp. | 1,987,195 | 43,539 | |||
*,1 | Asana Inc. Class A | 2,235,408 | 42,495 | |||
CTS Corp. | 957,527 | 41,882 | ||||
*,1 | PAR Technology Corp. | 917,640 | 39,954 | |||
Adeia Inc. | 3,077,516 | 38,130 | ||||
* | Magnite Inc. | 4,064,385 | 37,961 | |||
* | Zeta Global Holdings Corp. Class A | 4,278,341 | 37,735 | |||
1 | Shutterstock Inc. | 777,507 | 37,538 | |||
* | Jamf Holding Corp. | 2,073,381 | 37,445 | |||
* | Intapp Inc. | 984,678 | 37,437 | |||
* | indie Semiconductor Inc. Class A | 4,558,066 | 36,966 | |||
* | Sprinklr Inc. Class A | 3,066,236 | 36,917 | |||
* | Zuora Inc. Class A | 3,917,211 | 36,822 | |||
* | AvePoint Inc. | 4,421,969 | 36,304 | |||
* | PDF Solutions Inc. | 1,123,545 | 36,111 | |||
* | Veradigm Inc. | 3,282,514 | 34,434 | |||
* | ScanSource Inc. | 836,936 | 33,151 | |||
* | EngageSmart Inc. | 1,369,819 | 31,369 | |||
* | Everbridge Inc. | 1,271,286 | 30,905 | |||
* | Model N Inc. | 1,110,025 | 29,893 | |||
* | Alkami Technology Inc. | 1,220,260 | 29,591 | |||
Benchmark Electronics Inc. | 1,065,589 | 29,453 | ||||
* | TechTarget Inc. | 831,768 | 28,995 | |||
A10 Networks Inc. | 2,174,205 | 28,634 | ||||
* | Amplitude Inc. Class A | 2,250,274 | 28,623 | |||
* | ACM Research Inc. Class A | 1,463,522 | 28,597 | |||
* | Ichor Holdings Ltd. | 846,634 | 28,472 | |||
* | Navitas Semiconductor Corp. Class A | 3,461,400 | 27,933 | |||
* | SMART Global Holdings Inc. | 1,470,356 | 27,834 |
Shares | Market Value• ($000) | |||||
* | E2open Parent Holdings Inc. | 6,164,124 | 27,061 | |||
* | N-able Inc. | 1,965,948 | 26,049 | |||
* | 3D Systems Corp. | 4,013,073 | 25,483 | |||
Methode Electronics Inc. | 1,103,207 | 25,076 | ||||
* | Couchbase Inc. | 1,066,263 | 24,012 | |||
* | Cerence Inc. | 1,201,324 | 23,618 | |||
*,1 | Aehr Test Systems | 886,185 | 23,510 | |||
PC Connection Inc. | 343,225 | 23,068 | ||||
* | Grid Dynamics Holdings Inc. | 1,666,570 | 22,215 | |||
* | Diebold Nixdorf Inc. | 749,600 | 21,701 | |||
Simulations Plus Inc. | 475,654 | 21,286 | ||||
* | Eventbrite Inc. Class A | 2,533,728 | 21,182 | |||
* | Matterport Inc. | 7,851,178 | 21,120 | |||
* | Vimeo Inc. | 5,339,889 | 20,932 | |||
*,1 | Klaviyo Inc. Class A | 735,788 | 20,440 | |||
* | SolarWinds Corp. | 1,618,452 | 20,214 | |||
* | PubMatic Inc. Class A | 1,239,124 | 20,210 | |||
* | Digital Turbine Inc. | 2,901,678 | 19,906 | |||
* | BigCommerce Holdings Inc. | 1,977,724 | 19,243 | |||
* | Yext Inc. | 3,172,438 | 18,686 | |||
* | Kimball Electronics Inc. | 677,296 | 18,253 | |||
*,1 | SEMrush Holdings Inc. Class A | 1,332,280 | 18,199 | |||
* | Mitek Systems Inc. | 1,391,563 | 18,146 | |||
*,1 | Digimarc Corp. | 494,615 | 17,865 | |||
* | SmartRent Inc. Class A | 5,566,988 | 17,759 | |||
* | Olo Inc. Class A | 3,067,735 | 17,547 | |||
*,1 | Getty Images Holdings Inc. | 3,254,300 | 17,085 | |||
* | nLight Inc. | 1,264,578 | 17,072 | |||
* | Alpha & Omega Semiconductor Ltd. | 643,490 | 16,769 | |||
*,1 | Blend Labs Inc. Class A | 6,432,185 | 16,402 | |||
* | Vivid Seats Inc. Class A | 2,588,800 | 16,361 | |||
*,1 | NerdWallet Inc. Class A | 1,106,720 | 16,291 | |||
* | Weave Communications Inc. | 1,413,748 | 16,216 | |||
Hackett Group Inc. | 689,753 | 15,706 | ||||
*,1 | MicroVision Inc. | 5,662,357 | 15,062 | |||
* | CEVA Inc. | 645,647 | 14,663 | |||
* | Planet Labs PBC | 5,801,296 | 14,329 | |||
* | Consensus Cloud Solutions Inc. | 544,091 | 14,261 | |||
* | Thoughtworks Holding Inc. | 2,936,882 | 14,126 |
Shares | Market Value• ($000) | |||||
* | Definitive Healthcare Corp. Class A | 1,415,958 | 14,075 | |||
*,1 | Applied Digital Corp. | 1,988,300 | 13,401 | |||
*,1 | SoundHound AI Inc. Class A | 6,118,998 | 12,972 | |||
* | MeridianLink Inc. | 509,328 | 12,616 | |||
*,1 | Terawulf Inc. | 4,846,555 | 11,632 | |||
NVE Corp. | 145,801 | 11,435 | ||||
* | OneSpan Inc. | 1,058,980 | 11,352 | |||
* | Daktronics Inc. | 1,325,348 | 11,239 | |||
* | Unisys Corp. | 1,935,305 | 10,876 | |||
American Software Inc. Class A | 921,406 | 10,412 | ||||
* | Enfusion Inc. Class A | 1,069,947 | 10,378 | |||
*,1 | Rumble Inc. | 2,181,400 | 9,794 | |||
* | Domo Inc. Class B | 900,573 | 9,267 | |||
* | Bandwidth Inc. Class A | 631,073 | 9,132 | |||
*,1 | Groupon Inc. Class A | 698,916 | 8,974 | |||
* | TrueCar Inc. | 2,570,193 | 8,893 | |||
Immersion Corp. | 1,189,827 | 8,400 | ||||
* | LivePerson Inc. | 2,161,862 | 8,193 | |||
* | eGain Corp. | 977,552 | 8,143 | |||
*,1 | QuickLogic Corp. | 584,273 | 8,098 | |||
* | EverQuote Inc. Class A | 645,954 | 7,906 | |||
*,1 | Porch Group Inc. | 2,459,734 | 7,576 | |||
*,1 | Tucows Inc. Class A | 280,369 | 7,570 | |||
* | Kopin Corp. | 3,713,434 | 7,538 | |||
* | Backblaze Inc. Class A | 948,030 | 7,196 | |||
* | Rimini Street Inc. | 2,193,828 | 7,174 | |||
* | Nextdoor Holdings Inc. | 3,659,313 | 6,916 | |||
* | Identiv Inc. | 821,350 | 6,768 | |||
*,1 | Innodata Inc. | 826,077 | 6,724 | |||
ON24 Inc. | 852,030 | 6,714 | ||||
*,1 | Ouster Inc. | 864,088 | 6,628 | |||
* | inTEST Corp. | 471,536 | 6,413 | |||
*,1 | Red Violet Inc. | 320,472 | 6,400 | |||
* | MediaAlpha Inc. Class A | 555,905 | 6,198 | |||
* | Asure Software Inc. | 650,426 | 6,192 | |||
* | Telos Corp. | 1,644,309 | 6,002 | |||
*,1 | Atomera Inc. | 855,596 | 5,998 | |||
*,1 | SkyWater Technology Inc. | 621,278 | 5,977 | |||
*,1 | NextNav Inc. | 1,285,569 | 5,721 | |||
*,1 | Cipher Mining Inc. | 1,308,472 | 5,404 | |||
* | EverCommerce Inc. | 458,280 | 5,055 | |||
* | Arteris Inc. | 816,270 | 4,808 | |||
* | Innovid Corp. | 3,010,125 | 4,515 | |||
1 | ReposiTrak Inc. | 446,046 | 4,465 | |||
* | Everspin Technologies Inc. | 491,754 | 4,445 |
Shares | Market Value• ($000) | |||||
Richardson Electronics Ltd. | 332,253 | 4,436 | ||||
*,1 | CoreCard Corp. | 314,332 | 4,347 | |||
* | Upland Software Inc. | 980,074 | 4,146 | |||
* | AstroNova Inc. | 251,021 | 4,082 | |||
* | AXT Inc. | 1,622,032 | 3,893 | |||
* | 1stdibs.com Inc. | 822,834 | 3,851 | |||
* | Pixelworks Inc. | 2,796,204 | 3,663 | |||
* | Brightcove Inc. | 1,404,266 | 3,637 | |||
* | Viant Technology Inc. Class A | 509,873 | 3,513 | |||
* | Rackspace Technology Inc. | 1,690,995 | 3,382 | |||
* | Transphorm Inc. | 898,488 | 3,279 | |||
* | Intevac Inc. | 712,652 | 3,079 | |||
* | Expensify Inc. Class A | 1,226,965 | 3,031 | |||
*,1 | FiscalNote Holdings Inc. | 2,641,300 | 3,011 | |||
*,1 | Aeva Technologies Inc. | 3,931,094 | 2,979 | |||
*,1 | Rigetti Computing Inc. | 2,946,700 | 2,902 | |||
1 | CSP Inc. | 139,445 | 2,789 | |||
* | Synchronoss Technologies Inc. | 422,273 | 2,622 | |||
*,1 | Vroom Inc. | 4,332,182 | 2,610 | |||
*,1 | WM Technology Inc. | 3,203,513 | 2,307 | |||
*,1 | Veritone Inc. | 1,137,370 | 2,059 | |||
1 | SilverSun Technologies Inc. | 118,790 | 2,032 | |||
* | Amtech Systems Inc. | 477,101 | 2,004 | |||
* | Issuer Direct Corp. | 110,039 | 1,995 | |||
* | comScore Inc. | 118,989 | 1,987 | |||
* | SecureWorks Corp. Class A | 263,152 | 1,942 | |||
* | TransAct Technologies Inc. | 269,345 | 1,880 | |||
*,1 | Nutex Health Inc. | 9,268,251 | 1,668 | |||
*,1 | Smith Micro Software Inc. | 2,009,704 | 1,660 | |||
* | Inuvo Inc. | 3,857,320 | 1,639 | |||
*,1 | System1 Inc. | 726,600 | 1,613 | |||
*,1 | BigBear.ai Holdings Inc. | 739,669 | 1,583 | |||
*,1 | Stronghold Digital Mining Inc. Class A | 211,910 | 1,547 | |||
*,1 | GSI Technology Inc. | 574,548 | 1,517 | |||
*,1 | Sphere 3D Corp. | 450,035 | 1,494 | |||
*,1 | Direct Digital Holdings Inc. Class A | 90,848 | 1,352 | |||
* | Intellicheck Inc. | 685,145 | 1,302 | |||
* | Edgio Inc. | 3,619,157 | 1,240 | |||
*,1 | Skillz Inc. Class A | 196,381 | 1,225 | |||
*,1 | Steel Connect Inc. | 126,263 | 1,202 |
Shares | Market Value• ($000) | |||||
*,1 | Flux Power Holdings Inc. | 287,084 | 1,180 | |||
* | Key Tronic Corp. | 270,500 | 1,169 | |||
* | Quantum Corp. | 3,321,825 | 1,159 | |||
* | AudioEye Inc. | 211,717 | 1,148 | |||
* | DecisionPoint Systems Inc. | 179,250 | 1,122 | |||
* | Aware Inc. | 646,876 | 1,074 | |||
* | Zedge Inc. Class B | 455,536 | 1,071 | |||
* | One Stop Systems Inc. | 498,283 | 1,046 | |||
* | KORE Group Holdings Inc. | 1,047,448 | 1,027 | |||
* | NetSol Technologies Inc. | 448,836 | 965 | |||
* | AdTheorent Holding Co. Inc. | 654,100 | 948 | |||
*,1 | Arena Group Holdings Inc. | 382,903 | 911 | |||
*,1 | Greenidge Generation Holdings Inc. Class A | 134,326 | 901 | |||
* | CVD Equipment Corp. | 198,073 | 877 | |||
1 | VirnetX Holding Corp. | 116,102 | 813 | |||
*,1 | Quantum Computing Inc. | 880,269 | 804 | |||
* | Presto Automation Inc. | 1,445,442 | 768 | |||
* | Wag! Group Co. | 404,431 | 716 | |||
*,1 | authID Inc. | 73,845 | 699 | |||
* | EMCORE Corp. | 1,425,083 | 697 | |||
* | ZeroFox Holdings Inc. | 799,152 | 695 | |||
* | WidePoint Corp. | 265,533 | 616 | |||
* | Mastech Digital Inc. | 69,007 | 582 | |||
*,1 | Urgent.ly Inc. | 182,809 | 580 | |||
* | Trio-Tech International | 108,490 | 550 | |||
* | Data I/O Corp. | 180,859 | 532 | |||
*,1 | BuzzFeed Inc. Class A | 2,108,022 | 527 | |||
*,1 | Beachbody Co. Inc. | 60,943 | 505 | |||
*,1 | Glimpse Group Inc. | 437,150 | 494 | |||
*,1 | Alpine 4 Holdings Inc. | 649,415 | 477 | |||
* | Duos Technologies Group Inc. | 158,934 | 458 | |||
* | BTCS Inc. | 280,193 | 457 | |||
* | Streamline Health Solutions Inc. | 1,027,543 | 437 | |||
*,1 | KULR Technology Group Inc. | 2,126,566 | 393 | |||
* | Bridgeline Digital Inc. | 419,181 | 363 | |||
* | SigmaTron International Inc. | 98,274 | 295 | |||
*,1 | Phunware Inc. | 3,434,695 | 282 | |||
*,1 | Creative Realities Inc. | 113,471 | 268 | |||
*,1 | Maplebear Inc. | 9,188 | 216 |
Shares | Market Value• ($000) | |||||
* | Boxlight Corp. Class A | 189,451 | 203 | |||
* | Rubicon Technologies Inc. Class A | 106,092 | 196 | |||
* | Data Storage Corp. | 64,393 | 185 | |||
* | iPower Inc. | 386,294 | 174 | |||
* | Paltalk Inc. | 65,588 | 153 | |||
* | VerifyMe Inc. | 111,129 | 124 | |||
*,1 | Intrusion Inc. | 416,377 | 105 | |||
*,1 | Leafly Holdings Inc. | 17,934 | 86 | |||
*,1 | T Stamp Inc. Class A | 61,734 | 85 | |||
*,1 | CYNGN Inc. | 525,965 | 76 | |||
*,1 | OMNIQ Corp. | 90,005 | 56 | |||
* | Nortech Systems Inc. | 5,000 | 48 | |||
* | Laser Photonics Corp. | 28,091 | 33 | |||
*,1 | Remark Holdings Inc. | 40,096 | 20 | |||
* | Intellinetics Inc. | 1,500 | 8 | |||
452,045,607 | ||||||
Telecommunications (2.0%) | ||||||
Cisco Systems Inc. | 114,726,249 | 5,795,970 | ||||
Comcast Corp. Class A | 125,965,855 | 5,523,603 | ||||
Verizon Communications Inc. | 118,780,572 | 4,478,028 | ||||
AT&T Inc. | 224,727,919 | 3,770,935 | ||||
T-Mobile US Inc. | 16,301,046 | 2,613,547 | ||||
* | Arista Networks Inc. | 7,816,629 | 1,840,894 | |||
Motorola Solutions Inc. | 5,202,023 | 1,628,701 | ||||
* | Charter Communications Inc. Class A | 3,018,969 | 1,173,413 | |||
* | Roku Inc. Class A | 3,935,179 | 360,699 | |||
* | Liberty Broadband Corp. Class C | 3,744,468 | 301,767 | |||
Juniper Networks Inc. | 10,068,162 | 296,809 | ||||
* | Ciena Corp. | 4,686,757 | 210,951 | |||
* | Frontier Communications Parent Inc. | 7,714,044 | 195,474 | |||
Iridium Communications Inc. | 3,563,840 | 146,688 | ||||
* | Lumentum Holdings Inc. | 2,146,621 | 112,526 | |||
Cogent Communications Holdings Inc. | 1,371,442 | 104,312 | ||||
*,1 | Viasat Inc. | 3,551,415 | 99,262 | |||
InterDigital Inc. | 793,108 | 86,084 | ||||
Cable One Inc. | 141,428 | 78,717 | ||||
* | Calix Inc. | 1,769,868 | 77,326 | |||
* | Viavi Solutions Inc. | 7,026,436 | 70,756 |
Shares | Market Value• ($000) | |||||
* | Extreme Networks Inc. | 3,875,543 | 68,365 | |||
Telephone & Data Systems Inc. | 3,251,568 | 59,666 | ||||
* | Lumen Technologies Inc. | 31,781,128 | 58,159 | |||
* | DISH Network Corp. Class A | 7,857,323 | 45,337 | |||
* | Harmonic Inc. | 3,320,726 | 43,302 | |||
* | Globalstar Inc. | 22,256,913 | 43,178 | |||
* | Liberty Broadband Corp. Class A | 522,829 | 42,161 | |||
Shenandoah Telecommunications Co. | 1,565,246 | 33,841 | ||||
* | fuboTV Inc. | 9,076,840 | 28,864 | |||
*,1 | Infinera Corp. | 5,831,136 | 27,698 | |||
* | Digi International Inc. | 1,039,708 | 27,032 | |||
Bel Fuse Inc. Class B | 379,156 | 25,316 | ||||
* | IDT Corp. Class B | 645,387 | 22,001 | |||
* | Altice USA Inc. Class A | 6,717,067 | 21,831 | |||
* | Gogo Inc. | 1,931,306 | 19,564 | |||
* | United States Cellular Corp. | 461,155 | 19,156 | |||
*,1 | Applied Optoelectronics Inc. | 943,878 | 18,236 | |||
* | CommScope Holding Co. Inc. | 6,269,922 | 17,681 | |||
*,1 | Lightwave Logic Inc. | 3,319,973 | 16,533 | |||
* | EchoStar Corp. Class A | 979,864 | 16,236 | |||
ADTRAN Holdings Inc. | 2,181,394 | 16,011 | ||||
*,1 | AST SpaceMobile Inc. Class A | 2,482,967 | 14,972 | |||
* | Anterix Inc. | 414,796 | 13,821 | |||
* | Xperi Inc. | 1,204,322 | 13,272 | |||
ATN International Inc. | 324,753 | 12,656 | ||||
* | NETGEAR Inc. | 857,738 | 12,506 | |||
* | 8x8 Inc. | 3,289,503 | 12,434 | |||
*,1 | Clearfield Inc. | 406,637 | 11,825 | |||
* | Aviat Networks Inc. | 301,106 | 9,834 | |||
* | Consolidated Communications Holdings Inc. | 2,207,355 | 9,602 | |||
* | Ribbon Communications Inc. | 2,867,787 | 8,317 | |||
Spok Holdings Inc. | 518,466 | 8,026 | ||||
Comtech Telecommunications Corp. | 862,269 | 7,269 | ||||
* | Ooma Inc. | 671,112 | 7,201 | |||
* | WideOpenWest Inc. | 1,564,532 | 6,336 | |||
* | Kaltura Inc. | 2,537,683 | 4,949 | |||
* | Lantronix Inc. | 822,470 | 4,820 |
Shares | Market Value• ($000) | |||||
* | KVH Industries Inc. | 623,125 | 3,278 | |||
*,1 | Powerfleet Inc. | 952,316 | 3,257 | |||
* | Cambium Networks Corp. | 375,529 | 2,253 | |||
*,1 | SurgePays Inc. | 345,312 | 2,227 | |||
* | Genasys Inc. | 1,069,984 | 2,172 | |||
*,1 | Akoustis Technologies Inc. | 2,123,996 | 1,771 | |||
Crexendo Inc. | 345,906 | 1,678 | ||||
* | Airgain Inc. | 355,805 | 1,267 | |||
* | DZS Inc. | 641,747 | 1,264 | |||
Network-1 Technologies Inc. | 570,833 | 1,244 | ||||
*,1 | Inseego Corp. | 3,041,116 | 668 | |||
* | Casa Systems Inc. | 957,382 | 507 | |||
* | Franklin Wireless Corp. | 119,754 | 406 | |||
* | Charge Enterprises Inc. | 2,547,177 | 291 | |||
*,1 | CalAmp Corp. | 1,119,100 | 281 | |||
ClearOne Inc. | 249,029 | 269 | ||||
* | Optical Cable Corp. | 93,055 | 251 | |||
Bel Fuse Inc. Class A | 3,626 | 233 | ||||
* | Sonim Technologies Inc. | 239,926 | 176 | |||
*,1 | Vislink Technologies Inc. | 34,830 | 134 | |||
* | BK Technologies Corp. | 300 | 4 | |||
*,1,2 | FTE Networks Inc. | 84,180 | — | |||
29,818,101 | ||||||
Utilities (2.6%) | ||||||
NextEra Energy Inc. | 63,541,375 | 3,859,503 | ||||
Southern Co. | 34,268,056 | 2,402,876 | ||||
Duke Energy Corp. | 24,220,815 | 2,350,388 | ||||
Waste Management Inc. | 12,632,897 | 2,262,552 | ||||
Sempra | 19,738,916 | 1,475,089 | ||||
PG&E Corp. | 79,899,019 | 1,440,579 | ||||
American Electric Power Co. Inc. | 16,190,090 | 1,314,959 | ||||
Dominion Energy Inc. | 26,271,237 | 1,234,748 | ||||
Waste Connections Inc. | 8,082,030 | 1,206,405 | ||||
Constellation Energy Corp. | 10,034,899 | 1,172,979 | ||||
Exelon Corp. | 31,178,428 | 1,119,306 | ||||
Xcel Energy Inc. | 17,348,689 | 1,074,057 | ||||
Republic Services Inc. Class A | 6,405,767 | 1,056,375 | ||||
Consolidated Edison Inc. | 10,818,867 | 984,192 | ||||
Public Service Enterprise Group Inc. | 15,547,472 | 950,728 | ||||
Edison International | 12,029,114 | 859,961 |
Shares | Market Value• ($000) | |||||
WEC Energy Group Inc. | 9,912,059 | 834,298 | ||||
American Water Works Co. Inc. | 6,153,045 | 812,140 | ||||
Eversource Energy | 10,949,537 | 675,805 | ||||
Entergy Corp. | 6,626,534 | 670,539 | ||||
PPL Corp. | 23,112,577 | 626,351 | ||||
FirstEnergy Corp. | 17,065,571 | 625,624 | ||||
DTE Energy Co. | 5,491,047 | 605,443 | ||||
Ameren Corp. | 8,245,107 | 596,451 | ||||
CenterPoint Energy Inc. | 19,733,836 | 563,796 | ||||
Atmos Energy Corp. | 4,643,847 | 538,222 | ||||
CMS Energy Corp. | 9,145,216 | 531,063 | ||||
Vistra Corp. | 11,232,423 | 432,673 | ||||
Alliant Energy Corp. | 7,909,642 | 405,765 | ||||
AES Corp. | 21,029,862 | 404,825 | ||||
Evergy Inc. | 7,195,391 | 375,599 | ||||
NiSource Inc. | 13,906,297 | 369,212 | ||||
NRG Energy Inc. | 7,107,443 | 367,455 | ||||
Essential Utilities Inc. | 7,817,034 | 291,966 | ||||
* | Clean Harbors Inc. | 1,530,586 | 267,103 | |||
Pinnacle West Capital Corp. | 3,540,701 | 254,364 | ||||
OGE Energy Corp. | 6,267,999 | 218,941 | ||||
UGI Corp. | 6,585,644 | 162,007 | ||||
IDACORP Inc. | 1,579,715 | 155,318 | ||||
* | Casella Waste Systems Inc. Class A | 1,795,026 | 153,403 | |||
National Fuel Gas Co. | 2,884,451 | 144,713 | ||||
* | Stericycle Inc. | 2,899,419 | 143,695 | |||
Portland General Electric Co. | 3,227,195 | 139,867 | ||||
New Jersey Resources Corp. | 3,067,467 | 136,748 | ||||
Southwest Gas Holdings Inc. | 2,127,158 | 134,755 | ||||
*,1 | Sunrun Inc. | 6,468,884 | 126,984 | |||
Ormat Technologies Inc. | 1,604,698 | 121,620 | ||||
Black Hills Corp. | 2,191,346 | 118,223 | ||||
PNM Resources Inc. | 2,685,521 | 111,718 | ||||
ONE Gas Inc. | 1,740,759 | 110,921 | ||||
ALLETE Inc. | 1,810,125 | 110,707 | ||||
Northwestern Energy Group Inc. | 1,980,171 | 100,771 | ||||
Spire Inc. | 1,564,013 | 97,501 | ||||
American States Water Co. | 1,169,730 | 94,070 | ||||
California Water Service Group | 1,808,764 | 93,821 | ||||
Avista Corp. | 2,411,770 | 86,197 | ||||
MGE Energy Inc. | 1,149,589 | 83,127 | ||||
Avangrid Inc. | 2,501,060 | 81,059 | ||||
Chesapeake Utilities Corp. | 679,933 | 71,821 |
Shares | Market Value• ($000) | |||||
Clearway Energy Inc. Class C | 2,398,522 | 65,791 | ||||
SJW Group | 891,147 | 58,236 | ||||
*,1 | Sunnova Energy International Inc. | 3,224,684 | 49,176 | |||
1 | Hawaiian Electric Industries Inc. | 3,431,740 | 48,696 | |||
Northwest Natural Holding Co. | 1,097,419 | 42,734 | ||||
Middlesex Water Co. | 560,187 | 36,759 | ||||
Clearway Energy Inc. Class A | 1,275,884 | 32,637 | ||||
Unitil Corp. | 501,679 | 26,373 | ||||
* | Enviri Corp. | 2,563,153 | 23,068 | |||
Genie Energy Ltd. Class B | 742,474 | 20,886 | ||||
* | Altus Power Inc. Class A | 2,139,508 | 14,613 | |||
York Water Co. | 329,364 | 12,720 | ||||
Artesian Resources Corp. Class A | 279,248 | 11,575 | ||||
*,1 | Vertex Energy Inc. | 2,948,032 | 9,994 | |||
Excelerate Energy Inc. Class A | 635,447 | 9,824 | ||||
Aris Water Solutions Inc. Class A | 797,758 | 6,693 | ||||
*,1 | NuScale Power Corp. Class A | 2,004,840 | 6,596 | |||
* | Pure Cycle Corp. | 574,922 | 6,019 | |||
Global Water Resources Inc. | 429,961 | 5,624 | ||||
1 | RGC Resources Inc. | 254,995 | 5,187 | |||
*,1 | Net Power Inc. | 487,100 | 4,920 | |||
* | Quest Resource Holding Corp. | 558,617 | 4,095 | |||
*,1 | Cadiz Inc. | 1,161,900 | 3,253 | |||
* | Perma-Fix Environmental Services Inc. | 384,758 | 3,024 | |||
*,1 | Aqua Metals Inc. | 2,952,345 | 2,244 | |||
* | Advanced Emissions Solutions Inc. | 469,776 | 1,400 | |||
Via Renewables Inc. Class A | 133,126 | 1,251 | ||||
* | Clean Energy Technologies Inc. | 5,877 | 9 | |||
* | Vivakor Inc. | 6,500 | 7 | |||
38,324,782 | ||||||
Total Common Stocks (Cost $697,129,605) | 1,454,196,493 | |||||
Preferred Stocks (0.0%) | ||||||
Air T Funding Pfd., 8.000%, 6/7/24 | 956 | 16 | ||||
*,1,2 | Next Bridge Hydrocarbons Inc. Preference Shares | 1,763,201 | — |
Shares | Market Value• ($000) | |||||
*,2 | BTCS Inc. Preference Shares | 280,193 | — | |||
Total Preferred Stocks (Cost $5,124) | 16 | |||||
Rights (0.0%) | ||||||
*,1,2 | Frequency Therapeutics Inc. CVR | 1,246,700 | 2,469 | |||
*,1,2 | Tobira Therapeutics Inc. CVR Exp. 12/31/28 | 201,001 | 911 | |||
*,1,2 | Cartesian Therapeutics Inc. CVR | 3,799,067 | 684 | |||
*,2 | Spectrum Pharmaceuticals Inc. CVR | 5,990,797 | 488 | |||
*,2 | Imara Inc. CVR | 370,003 | 463 | |||
*,2 | Strongbridge Biopharma plc CVR | 1,399,363 | 253 | |||
*,1 | Groupon Inc. Exp. 1/17/24 | 698,916 | 239 | |||
*,1,2 | Palisade Bio Inc. CVR | 204,224 | 196 | |||
*,2 | Ocera Therapeutics Inc. CVR | 653,477 | 176 | |||
*,2 | Surface Oncology Inc. CVR | 1,709,153 | 161 | |||
*,2 | Adamas Pharmaceuticals Inc. CVR | 2,522,158 | 152 | |||
*,1,2 | CinCor Pharma Inc. CVR | 28,710 | 88 | |||
*,2 | Gyre Therapeutics Inc. CVR | 826,502 | 83 | |||
*,2 | Aduro Biotech Inc. CVR | 415,255 | 76 | |||
*,2 | OncoMed Pharmaceuticals Inc. CVR | 255,777 | 61 | |||
*,1,2 | Miragen Therapeutics Inc. CVR | 1,753,041 | 35 | |||
*,2 | Alexza Pharmaceuticals Inc. CVR | 327,391 | 12 | |||
*,1,2 | Oncternal Therapeutics Inc. CVR | 8,933 | 9 | |||
*,2 | F-star Therapeutics Inc. CVR | 122,042 | 8 | |||
*,2 | Dianthus Therapeutics Inc. CVR | 1,432,921 | 7 | |||
*,2 | Ambit Biosciences Corp. CVR | 201,330 | — |
Shares | Market Value• ($000) | |||||
*,2 | Pineapple Energy Inc. CVR | 69,639 | — | |||
*,2 | ABIOMED Inc. CVR | 264 | — | |||
*,1,2 | Disc Medicine Inc. CVR | 275,152 | — | |||
*,1,2 | Sesen Bio Inc. CVR | 6,822,627 | — | |||
*,2 | Neurogene Inc. CVR | 98,708 | — | |||
Total Rights (Cost $5,213) | 6,571 | |||||
Warrants (0.0%) | ||||||
*,2 | Cassava Sciences Inc. Exp. 11/15/24 | 495,152 | 2,364 | |||
* | Geron Corp. Exp. 12/31/25 | 1,202,419 | 487 | |||
* | Presidio Property Trust Inc. Exp. 1/24/27 | 110,319 | 7 | |||
* | Hycroft Mining Holding Corp. Exp. 10/6/25 | 155,000 | 5 | |||
* | LGL Group Inc. Exp. 12/16/25 | 2,391 | 1 | |||
* | Ayala Pharmaceuticals Inc. Exp. 9/11/24 | 157,660 | — | |||
* | SELLAS Life Sciences Group Inc. Exp. 4/5/27 | 40,000 | — | |||
* | Athenex Inc. Exp. 8/15/27 | 535,168 | — | |||
*,1,2 | Imperalis Holding Corp. Exp. 4/13/28 | 1,503,700 | — | |||
Total Warrants (Cost $9) | 2,864 |
Shares | Market Value• ($000) | |||||
Temporary Cash Investments (0.4%) | ||||||
Money Market Fund (0.4%) | ||||||
4,5 | Vanguard Market Liquidity Fund, 5.435% (Cost $5,978,690) | 59,806,782 | 5,979,482 | |||
Total Investments (100.1%) (Cost $703,118,641) | 1,460,185,426 | |||||
Other Assets and Liabilities—Net (-0.1%) | (1,643,962) | |||||
Net Assets (100%) | 1,458,541,464 |
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 $3,088,263,000. |
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 | 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 $3,557,335,000 was received for securities on loan. |
CVR—Contingent Value Rights. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2024 | 4,453 | 455,920 | 32,365 |
E-mini S&P 500 Index | March 2024 | 11,234 | 2,707,394 | 8,382 |
E-mini S&P Mid-Cap 400 Index | March 2024 | 240 | 67,428 | 3,569 |
44,316 |
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 | 7,690 | (5.331) | — | (112) |
Citigroup Inc. | 8/29/25 | BANA | 32,270 | (5.932) | 3,589 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 32,838 | (5.882) | 942 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 32,838 | (5.882) | 942 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 30,000 | (5.976) | — | (40) |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 29,480 | (5.979) | 707 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 29,470 | (5.978) | 477 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 29,460 | (5.979) | 472 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 29,360 | (5.977) | 592 | — |
Fidelity National Information Services Inc. | 8/30/24 | BANA | 28,920 | (5.977) | 1,038 | — |
Global Payments Inc. | 8/30/24 | BANA | 210,756 | (5.932) | 18,594 | — |
Goldman Sachs Group Inc. | 8/29/25 | BANA | 290,651 | (6.032) | 38,617 | — |
Invesco Ltd. | 8/30/24 | BANA | 3,996 | (5.882) | 1,037 | — |
Invesco Ltd. | 8/30/24 | BANA | 856 | (5.882) | 222 | — |
Paycor HCM Inc. | 1/31/24 | CITNA | 4,242 | (5.332) | 59 | — |
VICI Properties Inc. Class A | 8/30/24 | BANA | 141,978 | (5.982) | 10,763 | — |
Visa Inc. Class A | 8/30/24 | BANA | 57,753 | (5.232) | 708 | — |
Visa Inc. Class A | 8/30/24 | BANA | 51,336 | (5.332) | 625 | — |
Yum! Brands Inc. | 8/30/24 | BANA | 21,971 | (5.332) | 909 | — |
80,293 | (152) |
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 $697,136,333) | 1,454,203,653 |
Affiliated Issuers (Cost $5,982,308) | 5,981,773 |
Total Investments in Securities | 1,460,185,426 |
Investment in Vanguard | 45,961 |
Cash | 34,993 |
Cash Collateral Pledged—Futures Contracts | 155,110 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts | 60 |
Receivables for Investment Securities Sold | 69,834 |
Receivables for Accrued Income | 1,368,254 |
Receivables for Capital Shares Issued | 1,101,323 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 80,293 |
Total Assets | 1,463,041,254 |
Liabilities | |
Payables for Investment Securities Purchased | 38,873 |
Collateral for Securities on Loan | 3,557,335 |
Payables for Capital Shares Redeemed | 871,000 |
Payables for Distributions | 3 |
Payables to Vanguard | 18,400 |
Variation Margin Payable—Futures Contracts | 14,027 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 152 |
Total Liabilities | 4,499,790 |
Net Assets | 1,458,541,464 |
1 Includes $3,088,263,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At December 31, 2023, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 728,471,377 |
Total Distributable Earnings (Loss) | 730,070,087 |
Net Assets | 1,458,541,464 |
Investor Shares—Net Assets | |
Applicable to 177,030,981 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 20,442,743 |
Net Asset Value Per Share—Investor Shares | $115.48 |
ETF Shares—Net Assets | |
Applicable to 1,466,627,292 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 347,955,269 |
Net Asset Value Per Share—ETF Shares | $237.25 |
Admiral Shares—Net Assets | |
Applicable to 2,947,229,792 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 340,379,287 |
Net Asset Value Per Share—Admiral Shares | $115.49 |
Institutional Shares—Net Assets | |
Applicable to 704,613,647 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 81,389,149 |
Net Asset Value Per Share—Institutional Shares | $115.51 |
Institutional Plus Shares—Net Assets | |
Applicable to 2,802,586,697 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 607,187,771 |
Net Asset Value Per Share—Institutional Plus Shares | $216.65 |
Institutional Select Shares—Net Assets | |
Applicable to 269,108,803 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 61,187,245 |
Net Asset Value Per Share—Institutional Select Shares | $227.37 |
Year Ended December 31, 2023 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers1 | 20,631,366 |
Dividends—Affiliated Issuers | 149 |
Interest—Unaffiliated Issuers | 13,676 |
Interest—Affiliated Issuers | 243,599 |
Securities Lending—Net | 308,413 |
Total Income | 21,197,203 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 32,625 |
Management and Administrative—Investor Shares | 25,438 |
Management and Administrative—ETF Shares | 67,204 |
Management and Administrative—Admiral Shares | 101,815 |
Management and Administrative—Institutional Shares | 18,148 |
Management and Administrative—Institutional Plus Shares | 76,033 |
Management and Administrative—Institutional Select Shares | 3,812 |
Marketing and Distribution—Investor Shares | 1,054 |
Marketing and Distribution—ETF Shares | 12,195 |
Marketing and Distribution—Admiral Shares | 12,251 |
Marketing and Distribution—Institutional Shares | 2,279 |
Marketing and Distribution—Institutional Plus Shares | 14,384 |
Marketing and Distribution—Institutional Select Shares | 101 |
Custodian Fees | 1,876 |
Auditing Fees | 253 |
Shareholders’ Reports—Investor Shares | 188 |
Shareholders’ Reports—ETF Shares | 3,033 |
Shareholders’ Reports—Admiral Shares | 1,239 |
Shareholders’ Reports—Institutional Shares | 64 |
Shareholders’ Reports—Institutional Plus Shares | 2,413 |
Shareholders’ Reports—Institutional Select Shares | — |
Trustees’ Fees and Expenses | 787 |
Interest Expense | — |
Other Expenses | 138 |
Total Expenses | 377,330 |
Expenses Paid Indirectly | (8) |
Net Expenses | 377,322 |
Net Investment Income | 20,819,881 |
Statement of Operations (continued) | |
Year Ended December 31, 2023 | |
($000) | |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received—Affiliated Issuers | 13 |
Investment Securities Sold—Unaffiliated Issuers2 | 24,251,460 |
Investment Securities Sold—Affiliated Issuers3 | 2,246 |
Futures Contracts | 760,654 |
Swap Contracts | (23,641) |
Realized Net Gain (Loss) | 24,990,732 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers | 256,421,058 |
Investment Securities—Affiliated Issuers | (2,621) |
Futures Contracts | 231,959 |
Swap Contracts | 130,344 |
Change in Unrealized Appreciation (Depreciation) | 256,780,740 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 302,591,353 |
1 | Dividends are net of foreign withholding taxes of $2,051,000. |
2 | Includes $25,907,196,000 of net gain (loss) resulting from in-kind redemptions. |
3 | Includes $582,000 of net gain (loss) resulting from in-kind redemptions. |
Year Ended December 31, | ||
2023 ($000) | 2022 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 20,819,881 | 18,662,820 |
Realized Net Gain (Loss) | 24,990,732 | 5,664,235 |
Change in Unrealized Appreciation (Depreciation) | 256,780,740 | (294,464,966) |
Net Increase (Decrease) in Net Assets Resulting from Operations | 302,591,353 | (270,137,911) |
Distributions | ||
Investor Shares | (289,384) | (284,794) |
ETF Shares | (4,851,485) | (4,187,918) |
Admiral Shares | (4,859,268) | (4,513,747) |
Institutional Shares | (1,178,824) | (1,107,318) |
Institutional Plus Shares | (8,827,594) | (7,915,118) |
Institutional Select Shares | (811,797) | (713,492) |
Total Distributions | (20,818,352) | (18,722,387) |
Capital Share Transactions | ||
Investor Shares | (2,239,443) | (104,300,286) |
ETF Shares | 21,896,112 | 25,952,138 |
Admiral Shares | (108,385) | 4,099,576 |
Institutional Shares | (1,318,438) | (155,304,571) |
Institutional Plus Shares | (188,430) | 295,703,507 |
Institutional Select Shares | 5,800,564 | 2,223,565 |
Net Increase (Decrease) from Capital Share Transactions | 23,841,980 | 68,373,929 |
Total Increase (Decrease) | 305,614,981 | (220,486,369) |
Net Assets | ||
Beginning of Period | 1,152,926,483 | 1,373,412,852 |
End of Period | 1,458,541,464 | 1,152,926,483 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $93.09 | $117.53 | $94.71 | $79.66 | $62.08 |
Investment Operations | |||||
Net Investment Income1 | 1.536 | 1.335 | 1.284 | 1.284 | 1.279 |
Capital Gain Distributions Received | .0001,2 | .0001,2 | .0001,2 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 22.401 | (24.344) | 22.837 | 15.026 | 17.634 |
Total from Investment Operations | 23.937 | (23.009) | 24.121 | 16.310 | 18.913 |
Distributions | |||||
Dividends from Net Investment Income | (1.547) | (1.431) | (1.301) | (1.260) | (1.333) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.547) | (1.431) | (1.301) | (1.260) | (1.333) |
Net Asset Value, End of Period | $115.48 | $93.09 | $117.53 | $94.71 | $79.66 |
Total Return3 | 25.89% | -19.60% | 25.59% | 20.87% | 30.65% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $20,443 | $18,409 | $133,977 | $153,845 | $139,686 |
Ratio of Total Expenses to Average Net Assets | 0.14%4 | 0.14%4 | 0.14% | 0.14% | 0.14% |
Ratio of Net Investment Income to Average Net Assets | 1.48% | 1.28% | 1.20% | 1.62% | 1.78% |
Portfolio Turnover Rate5 | 2% | 3% | 4% | 8% | 4% |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.14%. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
ETF Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $191.25 | $241.49 | $194.61 | $163.70 | $127.56 |
Investment Operations | |||||
Net Investment Income1 | 3.411 | 3.191 | 2.912 | 2.831 | 2.809 |
Capital Gain Distributions Received | .0001,2 | .0001,2 | .0001,2 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 46.002 | (50.248) | 46.898 | 30.848 | 36.236 |
Total from Investment Operations | 49.413 | (47.057) | 49.810 | 33.679 | 39.045 |
Distributions | |||||
Dividends from Net Investment Income | (3.413) | (3.183) | (2.930) | (2.769) | (2.905) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.413) | (3.183) | (2.930) | (2.769) | (2.905) |
Net Asset Value, End of Period | $237.25 | $191.25 | $241.49 | $194.61 | $163.70 |
Total Return | 26.03% | -19.50% | 25.72% | 20.95% | 30.80% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $347,955 | $261,084 | $299,088 | $202,075 | $138,067 |
Ratio of Total Expenses to Average Net Assets | 0.03%3 | 0.03%3 | 0.03% | 0.03% | 0.03% |
Ratio of Net Investment Income to Average Net Assets | 1.60% | 1.55% | 1.31% | 1.73% | 1.89% |
Portfolio Turnover Rate4 | 2% | 3% | 4% | 8% | 4% |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.03%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $93.10 | $117.56 | $94.74 | $79.69 | $62.09 |
Investment Operations | |||||
Net Investment Income1 | 1.645 | 1.540 | 1.402 | 1.364 | 1.360 |
Capital Gain Distributions Received | .0001,2 | .0001,2 | .0001,2 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 22.396 | (24.460) | 22.833 | 15.025 | 17.646 |
Total from Investment Operations | 24.041 | (22.920) | 24.235 | 16.389 | 19.006 |
Distributions | |||||
Dividends from Net Investment Income | (1.651) | (1.540) | (1.415) | (1.339) | (1.406) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.651) | (1.540) | (1.415) | (1.339) | (1.406) |
Net Asset Value, End of Period | $115.49 | $93.10 | $117.56 | $94.74 | $79.69 |
Total Return3 | 26.01% | -19.53% | 25.71% | 20.99% | 30.80% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $340,379 | $274,489 | $341,733 | $273,622 | $252,536 |
Ratio of Total Expenses to Average Net Assets | 0.04%4 | 0.04%4 | 0.04% | 0.04% | 0.04% |
Ratio of Net Investment Income to Average Net Assets | 1.59% | 1.54% | 1.30% | 1.72% | 1.88% |
Portfolio Turnover Rate5 | 2% | 3% | 4% | 8% | 4% |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $93.12 | $117.58 | $94.75 | $79.70 | $62.10 |
Investment Operations | |||||
Net Investment Income1 | 1.655 | 1.497 | 1.416 | 1.374 | 1.365 |
Capital Gain Distributions Received | .0001,2 | .0001,2 | .0001,2 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 22.397 | (24.407) | 22.841 | 15.024 | 17.649 |
Total from Investment Operations | 24.052 | (22.910) | 24.257 | 16.398 | 19.014 |
Distributions | |||||
Dividends from Net Investment Income | (1.662) | (1.550) | (1.427) | (1.348) | (1.414) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (1.662) | (1.550) | (1.427) | (1.348) | (1.414) |
Net Asset Value, End of Period | $115.51 | $93.12 | $117.58 | $94.75 | $79.70 |
Total Return | 26.02% | -19.51% | 25.73% | 21.00% | 30.81% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $81,389 | $66,751 | $249,282 | $180,586 | $152,716 |
Ratio of Total Expenses to Average Net Assets | 0.03%3 | 0.03%3 | 0.03% | 0.03% | 0.03% |
Ratio of Net Investment Income to Average Net Assets | 1.60% | 1.46% | 1.31% | 1.73% | 1.89% |
Portfolio Turnover Rate4 | 2% | 3% | 4% | 8% | 4% |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.03%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Plus Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $174.63 | $220.49 | $177.69 | $149.47 | $116.46 |
Investment Operations | |||||
Net Investment Income1 | 3.123 | 2.960 | 2.672 | 2.591 | 2.575 |
Capital Gain Distributions Received | .0001,2 | .0001,2 | .0001,2 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 42.014 | (45.906) | 42.823 | 28.172 | 33.100 |
Total from Investment Operations | 45.137 | (42.946) | 45.495 | 30.763 | 35.675 |
Distributions | |||||
Dividends from Net Investment Income | (3.117) | (2.914) | (2.695) | (2.543) | (2.665) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.117) | (2.914) | (2.695) | (2.543) | (2.665) |
Net Asset Value, End of Period | $216.65 | $174.63 | $220.49 | $177.69 | $149.47 |
Total Return | 26.03% | -19.51% | 25.74% | 21.02% | 30.82% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $607,188 | $488,093 | $296,554 | $226,288 | $188,188 |
Ratio of Total Expenses to Average Net Assets | 0.02%3 | 0.02%3 | 0.02% | 0.02% | 0.02% |
Ratio of Net Investment Income to Average Net Assets | 1.61% | 1.59% | 1.32% | 1.74% | 1.90% |
Portfolio Turnover Rate4 | 2% | 3% | 4% | 8% | 4% |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.02%. |
4 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Select Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended December 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net Asset Value, Beginning of Period | $183.25 | $231.36 | $186.45 | $156.83 | $122.20 |
Investment Operations | |||||
Net Investment Income1 | 3.312 | 3.093 | 2.821 | 2.772 | 2.709 |
Capital Gain Distributions Received | .0001,2 | .0001,2 | .0001,2 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 44.079 | (48.139) | 44.937 | 29.532 | 34.731 |
Total from Investment Operations | 47.391 | (45.046) | 47.758 | 32.304 | 37.440 |
Distributions | |||||
Dividends from Net Investment Income | (3.271) | (3.064) | (2.848) | (2.684) | (2.810) |
Distributions from Realized Capital Gains | — | — | — | — | — |
Total Distributions | (3.271) | (3.064) | (2.848) | (2.684) | (2.810) |
Net Asset Value, End of Period | $227.37 | $183.25 | $231.36 | $186.45 | $156.83 |
Total Return | 26.05% | -19.50% | 25.75% | 21.03% | 30.84% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $61,187 | $44,101 | $52,780 | $44,296 | $26,431 |
Ratio of Total Expenses to Average Net Assets | 0.01%3 | 0.01%3 | 0.01% | 0.01% | 0.01% |
Ratio of Net Investment Income to Average Net Assets | 1.62% | 1.57% | 1.33% | 1.76% | 1.91% |
Portfolio Turnover Rate4 | 2% | 3% | 4% | 8% | 4% |
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 | 1,454,190,053 | — | 6,440 | 1,454,196,493 |
Preferred Stocks | 16 | — | — | 16 |
Rights | — | 239 | 6,332 | 6,571 |
Warrants | 13 | 487 | 2,364 | 2,864 |
Temporary Cash Investments | 5,979,482 | — | — | 5,979,482 |
Total | 1,460,169,564 | 726 | 15,136 | 1,460,185,426 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 44,316 | — | — | 44,316 |
Swap Contracts | — | 80,293 | — | 80,293 |
Total | 44,316 | 80,293 | — | 124,609 |
Liabilities | ||||
Swap Contracts | — | 152 | — | 152 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) | |
Paid-in Capital | 25,908,235 |
Total Distributable Earnings (Loss) | (25,908,235) |
Amount ($000) | |
Undistributed Ordinary Income | 860,016 |
Undistributed Long-Term Gains | — |
Net Unrealized Gains (Losses) | 754,330,507 |
Capital Loss Carryforwards | (25,120,436) |
Qualified Late-Year Losses | — |
Other Temporary Differences | — |
Total | 730,070,087 |
Year Ended December 31, | ||
2023 Amount ($000) | 2022 Amount ($000) | |
Ordinary Income* | 20,818,352 | 18,722,387 |
Long-Term Capital Gains | — | — |
Total | 20,818,352 | 18,722,387 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 705,854,919 |
Gross Unrealized Appreciation | 804,253,337 |
Gross Unrealized Depreciation | (49,922,830) |
Net Unrealized Appreciation (Depreciation) | 754,330,507 |
Year Ended December 31, | |||||
2023 | 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 317,778 | 3,167 | 3,914,517 | 36,574 | |
Issued in Lieu of Cash Distributions | 289,384 | 2,758 | 284,794 | 2,978 | |
Redeemed | (2,846,605) | (26,651) | (108,499,597) | (981,740) | |
Net Increase (Decrease)—Investor Shares | (2,239,443) | (20,726) | (104,300,286) | (942,188) | |
ETF Shares | |||||
Issued | 52,502,894 | 241,918 | 50,798,717 | 249,707 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | (30,606,782) | (140,400) | (24,846,579) | (123,100) | |
Net Increase (Decrease)—ETF Shares | 21,896,112 | 101,518 | 25,952,138 | 126,607 | |
Admiral Shares | |||||
Issued | 26,313,081 | 254,268 | 31,898,755 | 317,329 | |
Issued in Lieu of Cash Distributions | 4,050,962 | 38,521 | 3,762,619 | 39,309 | |
Redeemed | (30,472,428) | (293,822) | (31,561,798) | (315,336) | |
Net Increase (Decrease)—Admiral Shares | (108,385) | (1,033) | 4,099,576 | 41,302 |
Year Ended December 31, | |||||
2023 | 2022 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Institutional Shares | |||||
Issued | 7,372,614 | 71,232 | 9,249,702 | 92,024 | |
Issued in Lieu of Cash Distributions | 949,403 | 9,031 | 903,770 | 9,433 | |
Redeemed | (9,640,455) | (92,509) | (165,458,043) | (1,504,789) | |
Net Increase (Decrease)—Institutional Shares | (1,318,438) | (12,246) | (155,304,571) | (1,403,332) | |
Institutional Plus Shares | |||||
Issued | 35,342,057 | 188,265 | 320,489,415 | 1,582,401 | |
Issued in Lieu of Cash Distributions | 8,750,147 | 44,372 | 7,850,659 | 43,753 | |
Redeemed | (44,280,634) | (224,992) | (32,636,567) | (176,178) | |
Net Increase (Decrease)—Institutional Plus Shares | (188,430) | 7,645 | 295,703,507 | 1,449,976 | |
Institutional Select Shares | |||||
Issued | 15,363,880 | 73,855 | 6,711,633 | 34,640 | |
Issued in Lieu of Cash Distributions | 811,797 | 3,913 | 713,492 | 3,786 | |
Redeemed | (10,375,113) | (49,312) | (5,201,560) | (25,901) | |
Net Increase (Decrease)—Institutional Select Shares | 5,800,564 | 28,456 | 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) | Dec. 31, 2023 Market Value ($000) | |
1895 Bancorp of Wisconsin Inc. | NA1 | 74 | 25 | (12) | (1,029) | — | — | 2,291 |
Franklin Financial Services Corp. | NA1 | 6,573 | 4,827 | 582 | 271 | 149 | — | NA2 |
Vanguard Market Liquidity Fund | 10,588,790 | NA3 | NA3 | 1,676 | (1,863) | 243,599 | 13 | 5,979,482 |
Total | 10,588,790 | 6,647 | 4,852 | 2,246 | (2,621) | 243,748 | 13 | 5,981,773 |
1 | Not applicable—at December 31, 2022, the issuer was not an affiliated company of the fund. |
2 | Not applicable—at December 31, 2023, the security was still held, but the issuer was no longer an affiliated company of the fund. |
3 | Not applicable—purchases and sales are for temporary cash investment purposes. |
Philadelphia, Pennsylvania
February 16, 2024
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
Chris D. McIsaac | Lauren Valente |
Who Are Deaf or Hard of Hearing > 800-749-7273
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Item 2: Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert.
All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) | Audit Fees. |
Audit Fees of the Registrant.
Fiscal Year Ended December 31, 2023: $668,000
Fiscal Year Ended December 31, 2022: $632,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended December 31, 2023: $9,326,156
Fiscal Year Ended December 31, 2022: $10,494,508
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(b) | Audit-Related Fees. |
Fiscal Year Ended December 31, 2023: $3,295,934
Fiscal Year Ended December 31, 2022: $2,757,764
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) | Tax Fees. |
Fiscal Year Ended December 31, 2023: $1,678,928
Fiscal Year Ended December 31, 2022: $5,202,689
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) | All Other Fees. |
Fiscal Year Ended December 31, 2023: $25,000
Fiscal Year Ended December 31, 2022: $298,000
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended December 31, 2023: $1,703,928
Fiscal Year Ended December 31, 2022: $5,500,689
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. There were no significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control during the period covered by this report, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Code of Ethics filed herewith. |
(a)(2) | Certifications filed herewith. |
(b) | Certifications filed herewith. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD INDEX FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: February 23, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD INDEX FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: February 23, 2024
VANGUARD INDEX FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: February 23, 2024
* 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.