Vanguard® Small-Cap Growth Index Fund
Schedule of Investments (unaudited)
As of September 30, 2023
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | |||||
Common Stocks (99.9%) | ||||||
Basic Materials (1.9%) | ||||||
Royal Gold Inc. | 945,030 | 100,485 | ||||
* | RBC Bearings Inc. | 418,010 | 97,869 | |||
Hexcel Corp. | 1,215,156 | 79,155 | ||||
Balchem Corp. | 463,815 | 57,532 | ||||
* | Livent Corp. | 2,585,501 | 47,599 | |||
NewMarket Corp. | 103,461 | 47,079 | ||||
* | MP Materials Corp. | 2,044,475 | 39,050 | |||
Quaker Chemical Corp. | 194,189 | 31,070 | ||||
* | Ingevity Corp. | 469,028 | 22,330 | |||
Hecla Mining Co. | 4,218,638 | 16,495 | ||||
Compass Minerals International Inc. | 295,992 | 8,273 | ||||
* | Century Aluminum Co. | 731,037 | 5,256 | |||
552,193 | ||||||
Consumer Discretionary (15.7%) | ||||||
* | Deckers Outdoor Corp. | 375,986 | 193,291 | |||
* | Liberty Media Corp.-Liberty Formula One Class C | 2,844,685 | 177,224 | |||
* | DraftKings Inc. Class A | 5,673,735 | 167,035 | |||
RB Global Inc. | 2,619,550 | 163,722 | ||||
* | Floor & Decor Holdings Inc. Class A | 1,454,768 | 131,656 | |||
* | Five Below Inc. | 800,810 | 128,850 | |||
Wynn Resorts Ltd. | 1,393,053 | 128,732 | ||||
Vail Resorts Inc. | 554,568 | 123,053 | ||||
Churchill Downs Inc. | 969,390 | 112,488 | ||||
Gentex Corp. | 3,358,302 | 109,279 | ||||
* | SiteOne Landscape Supply Inc. | 648,235 | 105,954 | |||
Tempur Sealy International Inc. | 2,352,888 | 101,974 | ||||
Pool Corp. | 266,865 | 95,031 | ||||
* | Skechers USA Inc. Class A | 1,933,087 | 94,625 | |||
Texas Roadhouse Inc. Class A | 960,278 | 92,283 | ||||
Wyndham Hotels & Resorts Inc. | 1,212,163 | 84,294 | ||||
* | elf Beauty Inc. | 744,275 | 81,744 | |||
* | Duolingo Inc. Class A | 483,473 | 80,194 | |||
Wingstop Inc. | 431,270 | 77,560 | ||||
* | Wayfair Inc. Class A | 1,233,601 | 74,719 | |||
* | Crocs Inc. | 842,506 | 74,334 | |||
* | Ollie's Bargain Outlet Holdings Inc. | 889,063 | 68,618 | |||
* | Caesars Entertainment Inc. | 1,471,215 | 68,191 | |||
* | Bright Horizons Family Solutions Inc. | 832,649 | 67,828 | |||
Hyatt Hotels Corp. Class A | 627,566 | 66,572 | ||||
Boyd Gaming Corp. | 1,079,102 | 65,642 | ||||
TKO Group Holdings Inc. | 748,976 | 62,959 |
Shares | Market Value ($000) | |||||
* | Fox Factory Holding Corp. | 609,525 | 60,392 | |||
* | YETI Holdings Inc. | 1,247,845 | 60,171 | |||
* | Planet Fitness Inc. Class A | 1,216,532 | 59,829 | |||
*,1 | Carvana Co. Class A | 1,379,513 | 57,912 | |||
* | Etsy Inc. | 884,593 | 57,127 | |||
* | Visteon Corp. | 405,686 | 56,013 | |||
* | RH | 211,709 | 55,967 | |||
1 | Choice Hotels International Inc. | 434,846 | 53,273 | |||
* | Grand Canyon Education Inc. | 435,558 | 50,908 | |||
* | Skyline Champion Corp. | 780,861 | 49,756 | |||
* | Hilton Grand Vacations Inc. | 1,108,248 | 45,106 | |||
Madison Square Garden Sports Corp. | 250,711 | 44,200 | ||||
LCI Industries | 346,107 | 40,640 | ||||
Columbia Sportswear Co. | 485,276 | 35,959 | ||||
* | Frontdoor Inc. | 1,155,783 | 35,355 | |||
Inter Parfums Inc. | 253,013 | 33,990 | ||||
Papa John's International Inc. | 470,956 | 32,129 | ||||
* | Shake Shack Inc. Class A | 539,343 | 31,320 | |||
*,1 | QuantumScape Corp. Class A | 4,532,369 | 30,321 | |||
* | ACV Auctions Inc. Class A | 1,943,485 | 29,502 | |||
* | Dorman Products Inc. | 385,042 | 29,171 | |||
* | LGI Homes Inc. | 287,933 | 28,646 | |||
* | Coursera Inc. | 1,507,509 | 28,175 | |||
* | Topgolf Callaway Brands Corp. | 2,001,199 | 27,697 | |||
* | Gentherm Inc. | 474,614 | 25,752 | |||
* | Sabre Corp. | 5,467,333 | 24,548 | |||
* | Six Flags Entertainment Corp. | 1,021,322 | 24,011 | |||
* | Sonos Inc. | 1,845,187 | 23,821 | |||
* | SeaWorld Entertainment Inc. | 506,165 | 23,410 | |||
* | Peloton Interactive Inc. Class A | 4,633,007 | 23,397 | |||
* | TripAdvisor Inc. | 1,350,697 | 22,395 | |||
Jack in the Box Inc. | 289,266 | 19,977 | ||||
* | Liberty Media Corp.-Liberty Formula One Class A | 344,850 | 19,498 | |||
* | Madison Square Garden Entertainment Corp. Class A | 581,902 | 19,150 | |||
* | Dave & Buster's Entertainment Inc. | 493,987 | 18,312 | |||
* | Boot Barn Holdings Inc. | 215,741 | 17,516 | |||
Allegiant Travel Co. | 225,577 | 17,338 | ||||
*,1 | Dutch Bros Inc. Class A | 740,776 | 17,223 | |||
Steven Madden Ltd. | 514,658 | 16,351 | ||||
*,1 | Luminar Technologies Inc. Class A | 3,586,436 | 16,318 | |||
* | Cavco Industries Inc. | 59,298 | 15,753 | |||
* | iRobot Corp. | 378,515 | 14,346 | |||
*,1 | Fisker Inc. Class A | 2,233,112 | 14,337 | |||
* | Sweetgreen Inc. Class A | 1,207,374 | 14,187 | |||
* | Leslie's Inc. | 2,382,413 | 13,484 | |||
* | Integral Ad Science Holding Corp. | 1,126,805 | 13,398 | |||
* | Stride Inc. | 293,780 | 13,229 | |||
Spirit Airlines Inc. | 785,170 | 12,955 | ||||
Camping World Holdings Inc. Class A | 576,782 | 11,772 | ||||
* | Figs Inc. Class A | 1,849,719 | 10,913 | |||
* | Life Time Group Holdings Inc. | 705,336 | 10,728 | |||
* | Driven Brands Holdings Inc. | 843,564 | 10,620 | |||
* | Portillo's Inc. Class A | 673,827 | 10,370 | |||
* | Overstock.com Inc. | 650,316 | 10,288 | |||
Levi Strauss & Co. Class A | 645,045 | 8,760 | ||||
* | Corsair Gaming Inc. | 591,478 | 8,594 | |||
* | Sun Country Airlines Holdings Inc. | 564,055 | 8,371 | |||
* | Revolve Group Inc. Class A | 588,166 | 8,005 |
Shares | Market Value ($000) | |||||
* | Cars.com Inc. | 454,312 | 7,660 | |||
*,1 | Cava Group Inc. | 245,009 | 7,505 | |||
* | Sphere Entertainment Co. | 200,115 | 7,436 | |||
* | Mister Car Wash Inc. | 1,348,777 | 7,432 | |||
* | Chegg Inc. | 788,323 | 7,032 | |||
* | Sciplay Corp. Class A | 305,318 | 6,952 | |||
*,1 | Dream Finders Homes Inc. Class A | 307,490 | 6,835 | |||
*,1 | Savers Value Village Inc. | 361,046 | 6,741 | |||
*,1 | Bowlero Corp. Class A | 648,377 | 6,237 | |||
* | Udemy Inc. | 649,076 | 6,166 | |||
* | Vizio Holding Corp. Class A | 950,714 | 5,143 | |||
* | Arhaus Inc. Class A | 458,930 | 4,268 | |||
*,1 | SES AI Corp. | 1,768,885 | 4,015 | |||
* | Rush Street Interactive Inc. | 845,181 | 3,905 | |||
* | BJ's Restaurants Inc. | 161,098 | 3,779 | |||
* | Frontier Group Holdings Inc. | 634,832 | 3,073 | |||
* | Angi Inc. Class A | 1,030,304 | 2,040 | |||
* | Liberty Media Corp.-Liberty Live Class C | 1 | — | |||
4,466,757 | ||||||
Consumer Staples (3.5%) | ||||||
Casey's General Stores Inc. | 536,587 | 145,694 | ||||
* | Celsius Holdings Inc. | 718,992 | 123,379 | |||
* | Darling Ingredients Inc. | 2,294,514 | 119,774 | |||
�� | Lamb Weston Holdings Inc. | 1,047,799 | 96,879 | |||
* | BellRing Brands Inc. | 1,891,021 | 77,967 | |||
* | Boston Beer Co. Inc. Class A | 131,651 | 51,282 | |||
* | Simply Good Foods Co. | 1,360,571 | 46,967 | |||
Lancaster Colony Corp. | 277,176 | 45,742 | ||||
* | Freshpet Inc. | 693,367 | 45,679 | |||
Coca-Cola Consolidated Inc. | 66,219 | 42,136 | ||||
WD-40 Co. | 195,125 | 39,657 | ||||
* | Post Holdings Inc. | 352,264 | 30,203 | |||
Cal-Maine Foods Inc. | 572,333 | 27,712 | ||||
J & J Snack Foods Corp. | 166,501 | 27,248 | ||||
* | National Beverage Corp. | 335,762 | 15,788 | |||
* | Sovos Brands Inc. | 655,910 | 14,791 | |||
Utz Brands Inc. | 933,842 | 12,542 | ||||
*,1 | Beyond Meat Inc. | 879,960 | 8,465 | |||
* | Beauty Health Co. | 1,242,618 | 7,481 | |||
Tootsie Roll Industries Inc. | 203,852 | 6,087 | ||||
Medifast Inc. | 78,354 | 5,865 | ||||
* | Olaplex Holdings Inc. | 1,412,894 | 2,755 | |||
994,093 | ||||||
Energy (7.5%) | ||||||
Targa Resources Corp. | 3,218,510 | 275,891 | ||||
TechnipFMC plc | 5,985,331 | 121,742 | ||||
EQT Corp. | 2,958,208 | 120,044 | ||||
NOV Inc. | 5,665,099 | 118,401 | ||||
Civitas Resources Inc. | 1,348,859 | 109,082 | ||||
ChampionX Corp. | 2,828,174 | 100,740 | ||||
* | Weatherford International plc | 1,036,905 | 93,664 | |||
Matador Resources Co. | 1,542,778 | 91,764 | ||||
* | Transocean Ltd. | 9,926,569 | 81,497 | |||
Texas Pacific Land Corp. | 44,182 | 80,569 | ||||
Noble Corp. plc | 1,577,741 | 79,913 | ||||
* | Denbury Inc. | 695,712 | 68,187 | |||
*,1 | Plug Power Inc. | 8,658,961 | 65,808 |
Shares | Market Value ($000) | |||||
Magnolia Oil & Gas Corp. Class A | 2,568,308 | 58,840 | ||||
Cactus Inc. Class A | 929,524 | 46,671 | ||||
* | Array Technologies Inc. | 2,064,693 | 45,816 | |||
* | Shoals Technologies Group Inc. Class A | 2,444,840 | 44,618 | |||
New Fortress Energy Inc. | 1,327,236 | 43,507 | ||||
Alpha Metallurgical Resources Inc. | 167,379 | 43,473 | ||||
Liberty Energy Inc. Class A | 2,206,286 | 40,860 | ||||
* | Oceaneering International Inc. | 1,449,901 | 37,291 | |||
* | Callon Petroleum Co. | 882,529 | 34,525 | |||
SM Energy Co. | 853,645 | 33,847 | ||||
1 | Sitio Royalties Corp. Class A | 1,174,930 | 28,445 | |||
Helmerich & Payne Inc. | 643,692 | 27,138 | ||||
* | NEXTracker Inc. Class A | 668,829 | 26,860 | |||
* | Tidewater Inc. | 340,861 | 24,225 | |||
Northern Oil & Gas Inc. | 568,656 | 22,877 | ||||
*,1 | ChargePoint Holdings Inc. | 4,574,487 | 22,735 | |||
* | Ameresco Inc. Class A | 467,424 | 18,024 | |||
Comstock Resources Inc. | 1,402,308 | 15,468 | ||||
* | Dril-Quip Inc. | 491,672 | 13,850 | |||
*,1 | Fluence Energy Inc. Class A | 596,727 | 13,719 | |||
RPC Inc. | 1,401,084 | 12,526 | ||||
* | Helix Energy Solutions Group Inc. | 1,030,656 | 11,512 | |||
*,1 | Stem Inc. | 2,129,384 | 9,029 | |||
1 | Kinetik Holdings Inc. Class A | 261,742 | 8,834 | |||
*,1 | FuelCell Energy Inc. | 6,475,876 | 8,289 | |||
Core Laboratories Inc. | 335,794 | 8,062 | ||||
*,1 | SunPower Corp. | 1,260,189 | 7,775 | |||
1 | HighPeak Energy Inc. | 368,856 | 6,226 | |||
1 | Atlas Energy Solutions Inc. Class A | 250,668 | 5,572 | |||
*,1 | EVgo Inc. Class A | 1,413,052 | 4,776 | |||
*,1 | Tellurian Inc. | 3,940,140 | 4,571 | |||
Enviva Inc. | 428,247 | 3,199 | ||||
* | OPAL Fuels Inc. Class A | 258,080 | 2,116 | |||
2,142,578 | ||||||
Financials (4.4%) | ||||||
Kinsale Capital Group Inc. | 316,563 | 131,098 | ||||
Erie Indemnity Co. Class A | 365,474 | 107,373 | ||||
* | SoFi Technologies Inc. | 11,618,487 | 92,832 | |||
* | Robinhood Markets Inc. Class A | 9,025,279 | 88,538 | |||
Morningstar Inc. | 368,182 | 86,243 | ||||
Blue Owl Capital Inc. Class A | 6,539,503 | 84,752 | ||||
Houlihan Lokey Inc. Class A | 739,799 | 79,247 | ||||
* | Ryan Specialty Holdings Inc. Class A | 1,424,015 | 68,922 | |||
MarketAxess Holdings Inc. | 270,941 | 57,884 | ||||
Hamilton Lane Inc. Class A | 471,887 | 42,677 | ||||
*,1 | Credit Acceptance Corp. | 92,232 | 42,438 | |||
Pinnacle Financial Partners Inc. | 524,543 | 35,165 | ||||
*,1 | Upstart Holdings Inc. | 1,025,820 | 29,277 | |||
PJT Partners Inc. Class A | 313,256 | 24,885 | ||||
* | Clearwater Analytics Holdings Inc. Class A | 1,266,102 | 24,486 | |||
*,1 | Riot Platforms Inc. | 2,528,423 | 23,590 | |||
Cohen & Steers Inc. | 353,408 | 22,155 | ||||
* | Goosehead Insurance Inc. Class A | 292,247 | 21,781 | |||
* | BRP Group Inc. Class A | 917,359 | 21,310 | |||
*,1 | Marathon Digital Holdings Inc. | 2,381,714 | 20,245 | |||
ServisFirst Bancshares Inc. | 352,326 | 18,381 | ||||
*,1 | Trupanion Inc. | 535,680 | 15,106 | |||
Safehold Inc. | 766,789 | 13,649 |
Shares | Market Value ($000) | |||||
StepStone Group Inc. Class A | 384,195 | 12,133 | ||||
* | Oscar Health Inc. Class A | 2,149,723 | 11,974 | |||
* | Triumph Financial Inc. | 159,062 | 10,306 | |||
* | Open Lending Corp. | 1,389,183 | 10,169 | |||
TFS Financial Corp. | 806,430 | 9,532 | ||||
* | Palomar Holdings Inc. | 169,075 | 8,581 | |||
*,1 | Lemonade Inc. | 701,856 | 8,156 | |||
P10 Inc. Class A | 630,625 | 7,347 | ||||
Live Oak Bancshares Inc. | 239,349 | 6,929 | ||||
* | AssetMark Financial Holdings Inc. | 160,061 | 4,014 | |||
* | Hagerty Inc. Class A | 303,859 | 2,482 | |||
*,1 | Net Power Inc. | 96,864 | 1,463 | |||
1,245,120 | ||||||
Health Care (17.2%) | ||||||
* | Exact Sciences Corp. | 2,599,140 | 177,313 | |||
* | Neurocrine Biosciences Inc. | 1,404,861 | 158,047 | |||
Bio-Techne Corp. | 2,275,542 | 154,896 | ||||
* | Sarepta Therapeutics Inc. | 1,274,851 | 154,537 | |||
* | Penumbra Inc. | 525,321 | 127,080 | |||
* | Repligen Corp. | 762,027 | 121,170 | |||
Chemed Corp. | 216,903 | 112,724 | ||||
* | Shockwave Medical Inc. | 528,710 | 105,266 | |||
* | Exelixis Inc. | 4,580,331 | 100,080 | |||
* | HealthEquity Inc. | 1,229,628 | 89,824 | |||
* | Ionis Pharmaceuticals Inc. | 1,958,809 | 88,852 | |||
Bruker Corp. | 1,373,222 | 85,552 | ||||
* | Globus Medical Inc. Class A | 1,688,272 | 83,823 | |||
* | Inspire Medical Systems Inc. | 422,038 | 83,749 | |||
* | Option Care Health Inc. | 2,587,759 | 83,714 | |||
* | Medpace Holdings Inc. | 329,763 | 79,846 | |||
* | agilon health Inc. | 4,375,121 | 77,702 | |||
* | Halozyme Therapeutics Inc. | 1,897,844 | 72,498 | |||
* | Charles River Laboratories International Inc. | 368,796 | 72,277 | |||
Ensign Group Inc. | 768,110 | 71,380 | ||||
* | Natera Inc. | 1,566,268 | 69,307 | |||
* | Lantheus Holdings Inc. | 984,476 | 68,401 | |||
* | Alkermes plc | 2,396,155 | 67,116 | |||
* | Haemonetics Corp. | 729,566 | 65,355 | |||
* | Intra-Cellular Therapies Inc. | 1,244,175 | 64,809 | |||
* | Masimo Corp. | 721,874 | 63,294 | |||
* | Vaxcyte Inc. | 1,215,102 | 61,946 | |||
* | Merit Medical Systems Inc. | 829,174 | 57,230 | |||
* | ImmunoGen Inc. | 3,580,869 | 56,828 | |||
* | 10X Genomics Inc. Class A | 1,338,282 | 55,204 | |||
* | Apellis Pharmaceuticals Inc. | 1,439,742 | 54,768 | |||
* | Insmed Inc. | 2,118,038 | 53,480 | |||
* | QuidelOrtho Corp. | 720,655 | 52,637 | |||
* | Neogen Corp. | 2,800,757 | 51,926 | |||
* | Amicus Therapeutics Inc. | 4,130,557 | 50,228 | |||
* | Glaukos Corp. | 664,900 | 50,034 | |||
* | Guardant Health Inc. | 1,608,507 | 47,676 | |||
CONMED Corp. | 442,239 | 44,600 | ||||
* | Blueprint Medicines Corp. | 872,736 | 43,829 | |||
* | Inari Medical Inc. | 660,079 | 43,169 | |||
* | Evolent Health Inc. Class A | 1,547,816 | 42,147 | |||
* | Teladoc Health Inc. | 2,254,586 | 41,913 | |||
* | R1 RCM Inc. | 2,712,338 | 40,875 | |||
* | Axonics Inc. | 725,952 | 40,740 |
Shares | Market Value ($000) | |||||
* | Cytokinetics Inc. | 1,377,420 | 40,579 | |||
* | Progyny Inc. | 1,166,672 | 39,690 | |||
* | iRhythm Technologies Inc. | 417,910 | 39,392 | |||
* | Arrowhead Pharmaceuticals Inc. | 1,465,009 | 39,365 | |||
* | ICU Medical Inc. | 329,870 | 39,258 | |||
* | REVOLUTION Medicines Inc. | 1,413,490 | 39,125 | |||
* | Mirati Therapeutics Inc. | 880,562 | 38,357 | |||
* | Intellia Therapeutics Inc. | 1,209,404 | 38,241 | |||
*,1 | Ginkgo Bioworks Holdings Inc. Class A | 20,729,361 | 37,520 | |||
* | ACADIA Pharmaceuticals Inc. | 1,766,600 | 36,816 | |||
* | Ultragenyx Pharmaceutical Inc. | 977,014 | 34,831 | |||
* | Doximity Inc. Class A | 1,623,097 | 34,442 | |||
* | Privia Health Group Inc. | 1,435,219 | 33,010 | |||
* | Corcept Therapeutics Inc. | 1,180,221 | 32,155 | |||
* | Denali Therapeutics Inc. | 1,482,745 | 30,589 | |||
* | Omnicell Inc. | 650,441 | 29,296 | |||
* | Surgery Partners Inc. | 1,000,960 | 29,278 | |||
* | AtriCure Inc. | 647,142 | 28,345 | |||
* | STAAR Surgical Co. | 697,750 | 28,036 | |||
* | CorVel Corp. | 135,418 | 26,630 | |||
* | Certara Inc. | 1,724,116 | 25,069 | |||
* | Beam Therapeutics Inc. | 1,025,448 | 24,662 | |||
* | PTC Therapeutics Inc. | 1,083,917 | 24,291 | |||
* | Veracyte Inc. | 1,046,629 | 23,371 | |||
* | NeoGenomics Inc. | 1,835,052 | 22,571 | |||
* | Novocure Ltd. | 1,353,825 | 21,864 | |||
* | Sotera Health Co. | 1,423,011 | 21,317 | |||
*,1 | PROCEPT BioRobotics Corp. | 607,765 | 19,941 | |||
* | Cerevel Therapeutics Holdings Inc. | 906,218 | 19,783 | |||
* | Pacira BioSciences Inc. | 634,370 | 19,462 | |||
* | Tandem Diabetes Care Inc. | 936,239 | 19,446 | |||
* | Apollo Medical Holdings Inc. | 621,100 | 19,161 | |||
* | Axsome Therapeutics Inc. | 271,477 | 18,974 | |||
* | Ironwood Pharmaceuticals Inc. Class A | 1,907,736 | 18,372 | |||
*,1 | Recursion Pharmaceuticals Inc. Class A | 2,348,070 | 17,963 | |||
* | Xencor Inc. | 871,950 | 17,570 | |||
*,1 | SpringWorks Therapeutics Inc. | 720,107 | 16,649 | |||
* | TG Therapeutics Inc. | 1,954,821 | 16,342 | |||
* | Twist Bioscience Corp. | 784,437 | 15,893 | |||
* | Warby Parker Inc. Class A | 1,190,984 | 15,673 | |||
* | Harmony Biosciences Holdings Inc. | 474,749 | 15,558 | |||
* | Zentalis Pharmaceuticals Inc. | 761,822 | 15,282 | |||
* | Maravai LifeSciences Holdings Inc. Class A | 1,518,305 | 15,183 | |||
* | Sage Therapeutics Inc. | 732,262 | 15,070 | |||
* | Amylyx Pharmaceuticals Inc. | 775,457 | 14,199 | |||
* | Relay Therapeutics Inc. | 1,669,170 | 14,038 | |||
* | Vir Biotechnology Inc. | 1,448,510 | 13,573 | |||
* | Arvinas Inc. | 654,042 | 12,845 | |||
* | Hims & Hers Health Inc. | 2,040,814 | 12,837 | |||
* | EQRx Inc. | 5,258,939 | 11,675 | |||
* | Supernus Pharmaceuticals Inc. | 373,057 | 10,285 | |||
* | Adaptive Biotechnologies Corp. | 1,872,797 | 10,207 | |||
* | Agios Pharmaceuticals Inc. | 400,891 | 9,922 | |||
* | AdaptHealth Corp. Class A | 1,076,952 | 9,800 | |||
*,1 | BioCryst Pharmaceuticals Inc. | 1,362,909 | 9,649 | |||
* | Nevro Corp. | 493,661 | 9,488 | |||
* | Alignment Healthcare Inc. | 1,355,267 | 9,406 | |||
* | REGENXBIO Inc. | 569,135 | 9,368 |
Shares | Market Value ($000) | |||||
*,1 | Novavax Inc. | 1,290,227 | 9,341 | |||
* | Editas Medicine Inc. | 1,174,347 | 9,160 | |||
* | Verve Therapeutics Inc. | 687,500 | 9,116 | |||
* | Rocket Pharmaceuticals Inc. | 434,411 | 8,901 | |||
* | Kymera Therapeutics Inc. | 597,856 | 8,310 | |||
* | Treace Medical Concepts Inc. | 619,788 | 8,125 | |||
* | Cytek Biosciences Inc. | 1,471,240 | 8,121 | |||
* | Silk Road Medical Inc. | 530,734 | 7,956 | |||
* | Health Catalyst Inc. | 778,702 | 7,880 | |||
* | Outset Medical Inc. | 716,318 | 7,794 | |||
HealthStream Inc. | 353,441 | 7,627 | ||||
* | LifeStance Health Group Inc. | 1,087,684 | 7,472 | |||
* | Phreesia Inc. | 366,773 | 6,851 | |||
* | Arcus Biosciences Inc. | 348,334 | 6,253 | |||
* | GoodRx Holdings Inc. Class A | 1,089,253 | 6,132 | |||
*,1 | Prime Medicine Inc. | 629,862 | 6,009 | |||
*,1 | Sana Biotechnology Inc. | 1,416,615 | 5,482 | |||
* | Clover Health Investments Corp. Class A | 4,854,958 | 5,243 | |||
* | Accolade Inc. | 489,656 | 5,181 | |||
* | ACELYRIN Inc. | 489,423 | 4,977 | |||
*,1 | Theravance Biopharma Inc. | 531,776 | 4,589 | |||
* | Allogene Therapeutics Inc. | 1,446,691 | 4,586 | |||
* | AnaptysBio Inc. | 248,185 | 4,457 | |||
* | OPKO Health Inc. | 2,780,503 | 4,449 | |||
*,1 | Lyell Immunopharma Inc. | 2,527,843 | 3,716 | |||
*,1 | ImmunityBio Inc. | 1,968,972 | 3,328 | |||
* | Agiliti Inc. | 485,765 | 3,153 | |||
* | Alector Inc. | 452,359 | 2,931 | |||
* | CareDx Inc. | 370,141 | 2,591 | |||
* | American Well Corp. Class A | 1,631,144 | 1,908 | |||
* | Innovage Holding Corp. | 290,891 | 1,742 | |||
* | Fate Therapeutics Inc. | 602,668 | 1,278 | |||
*,1 | Butterfly Network Inc. | 972,574 | 1,148 | |||
*,1 | ProKidney Corp. Class A | 243,667 | 1,116 | |||
* | Erasca Inc. | 543,294 | 1,070 | |||
* | FibroGen Inc. | 671,049 | 579 | |||
*,1 | P3 Health Partners Inc. | 371,612 | 546 | |||
* | Cano Health Inc. | 1,643,299 | 417 | |||
*,1 | Neumora Therapeutics Inc. | 3,598 | 51 | |||
*,2 | OmniAb Inc. 12.5 Earnout | 45,320 | — | |||
*,2 | OmniAb Inc. 15 Earnout | 45,320 | — | |||
4,889,142 | ||||||
Industrials (19.0%) | ||||||
* | Axon Enterprise Inc. | 1,021,756 | 203,319 | |||
Graco Inc. | 2,431,152 | 177,182 | ||||
Lennox International Inc. | 459,832 | 172,180 | ||||
Watsco Inc. | 442,487 | 167,136 | ||||
Nordson Corp. | 738,203 | 164,745 | ||||
* | Saia Inc. | 381,753 | 152,186 | |||
* | Fair Isaac Corp. | 169,918 | 147,579 | |||
Toro Co. | 1,494,822 | 124,220 | ||||
Advanced Drainage Systems Inc. | 1,075,499 | 122,424 | ||||
A O Smith Corp. | 1,792,407 | 118,532 | ||||
* | WEX Inc. | 617,961 | 116,232 | |||
* | TopBuild Corp. | 456,879 | 114,951 | |||
* | WillScot Mobile Mini Holdings Corp. | 2,696,638 | 112,153 | |||
* | Paylocity Holding Corp. | 603,385 | 109,635 | |||
Curtiss-Wright Corp. | 551,077 | 107,807 |
Shares | Market Value ($000) | |||||
Cognex Corp. | 2,478,698 | 105,196 | ||||
* | Chart Industries Inc. | 614,865 | 103,986 | |||
* | GXO Logistics Inc. | 1,711,091 | 100,356 | |||
BWX Technologies Inc. | 1,315,866 | 98,664 | ||||
* | Generac Holdings Inc. | 895,453 | 97,569 | |||
* | Trex Co. Inc. | 1,561,852 | 96,257 | |||
Genpact Ltd. | 2,608,502 | 94,428 | ||||
Simpson Manufacturing Co. Inc. | 613,913 | 91,970 | ||||
Landstar System Inc. | 517,148 | 91,504 | ||||
Littelfuse Inc. | 358,099 | 88,565 | ||||
Eagle Materials Inc. | 509,741 | 84,882 | ||||
Jack Henry & Associates Inc. | 524,642 | 79,294 | ||||
* | ATI Inc. | 1,849,878 | 76,122 | |||
Lincoln Electric Holdings Inc. | 412,841 | 75,050 | ||||
Maximus Inc. | 874,450 | 65,304 | ||||
* | ExlService Holdings Inc. | 2,264,939 | 63,509 | |||
Exponent Inc. | 731,530 | 62,619 | ||||
*,1 | Affirm Holdings Inc. Class A | 2,900,977 | 61,704 | |||
* | AZEK Co. Inc. Class A | 2,041,311 | 60,709 | |||
Badger Meter Inc. | 421,776 | 60,681 | ||||
AAON Inc. | 997,948 | 56,753 | ||||
* | Euronet Worldwide Inc. | 678,709 | 53,876 | |||
Woodward Inc. | 431,852 | 53,662 | ||||
Federal Signal Corp. | 877,359 | 52,405 | ||||
* | Flywire Corp. | 1,611,540 | 51,392 | |||
Insperity Inc. | 521,285 | 50,877 | ||||
Franklin Electric Co. Inc. | 565,679 | 50,476 | ||||
*,1 | TriNet Group Inc. | 424,905 | 49,493 | |||
John Bean Technologies Corp. | 458,023 | 48,157 | ||||
* | AMN Healthcare Services Inc. | 546,527 | 46,553 | |||
Armstrong World Industries Inc. | 643,350 | 46,321 | ||||
Herc Holdings Inc. | 386,628 | 45,986 | ||||
* | Middleby Corp. | 357,564 | 45,768 | |||
* | Shift4 Payments Inc. Class A | 812,373 | 44,981 | |||
Comfort Systems USA Inc. | 257,299 | 43,846 | ||||
Installed Building Products Inc. | 347,419 | 43,389 | ||||
* | Verra Mobility Corp. Class A | 2,318,754 | 43,361 | |||
FTAI Aviation Ltd. | 1,218,719 | 43,325 | ||||
* | Core & Main Inc. Class A | 1,492,728 | 43,065 | |||
* | Remitly Global Inc. | 1,694,439 | 42,734 | |||
* | AeroVironment Inc. | 378,240 | 42,185 | |||
* | Marqeta Inc. Class A | 6,847,019 | 40,945 | |||
* | Itron Inc. | 654,012 | 39,620 | |||
*,1 | Bloom Energy Corp. Class A | 2,862,128 | 37,952 | |||
* | ACI Worldwide Inc. | 1,562,326 | 35,246 | |||
* | MasTec Inc. | 453,804 | 32,660 | |||
* | Masonite International Corp. | 316,544 | 29,508 | |||
* | Mercury Systems Inc. | 795,286 | 29,497 | |||
Mueller Water Products Inc. Class A | 2,251,152 | 28,545 | ||||
* | Kratos Defense & Security Solutions Inc. | 1,842,318 | 27,672 | |||
Helios Technologies Inc. | 475,234 | 26,366 | ||||
* | Hayward Holdings Inc. | 1,839,689 | 25,940 | |||
Forward Air Corp. | 369,665 | 25,411 | ||||
*,1 | Enovix Corp. | 1,842,885 | 23,128 | |||
* | Payoneer Global Inc. | 3,616,375 | 22,132 | |||
Tennant Co. | 267,328 | 19,822 | ||||
* | Vicor Corp. | 327,431 | 19,282 | |||
* | Legalzoom.com Inc. | 1,749,371 | 19,138 |
Shares | Market Value ($000) | |||||
Lindsay Corp. | 158,370 | 18,637 | ||||
* | Dycom Industries Inc. | 200,447 | 17,840 | |||
* | Cimpress plc | 227,560 | 15,931 | |||
* | Gibraltar Industries Inc. | 218,840 | 14,774 | |||
* | Janus International Group Inc. | 1,267,359 | 13,561 | |||
* | Leonardo DRS Inc. | 753,854 | 12,589 | |||
Enerpac Tool Group Corp. Class A | 403,517 | 10,665 | ||||
*,1 | PureCycle Technologies Inc. | 1,887,408 | 10,588 | |||
*,1 | Nikola Corp. | 5,543,353 | 8,703 | |||
*,1 | Virgin Galactic Holdings Inc. | 4,489,233 | 8,081 | |||
* | Sterling Check Corp. | 485,020 | 6,121 | |||
*,1 | Symbotic Inc. Class A | 174,494 | 5,833 | |||
Gorman-Rupp Co. | 160,108 | 5,268 | ||||
* | ZipRecruiter Inc. Class A | 422,790 | 5,069 | |||
*,1 | Desktop Metal Inc. Class A | 3,253,554 | 4,750 | |||
* | CryoPort Inc. | 335,829 | 4,604 | |||
* | Paymentus Holdings Inc. Class A | 232,099 | 3,853 | |||
* | TaskUS Inc. Class A | 313,727 | 3,257 | |||
* | Microvast Holdings Inc. | 554,975 | 1,049 | |||
*,2 | GCI Liberty Inc. | 14,907 | — | |||
5,421,292 | ||||||
Real Estate (5.3%) | ||||||
Equity LifeStyle Properties Inc. | 2,411,867 | 153,660 | ||||
American Homes 4 Rent Class A | 4,419,005 | 148,876 | ||||
Rexford Industrial Realty Inc. | 2,729,619 | 134,707 | ||||
CubeSmart | 3,234,216 | 123,321 | ||||
Americold Realty Trust Inc. | 3,888,025 | 118,235 | ||||
Healthcare Realty Trust Inc. Class A | 5,479,145 | 83,666 | ||||
Host Hotels & Resorts Inc. | 5,118,782 | 82,259 | ||||
Terreno Realty Corp. | 1,207,192 | 68,568 | ||||
Spirit Realty Capital Inc. | 2,033,246 | 68,175 | ||||
Ryman Hospitality Properties Inc. | 815,799 | 67,940 | ||||
Kite Realty Group Trust | 3,156,021 | 67,602 | ||||
Lamar Advertising Co. Class A | 629,699 | 52,561 | ||||
Essential Properties Realty Trust Inc. | 2,244,385 | 48,546 | ||||
Independence Realty Trust Inc. | 3,232,767 | 45,485 | ||||
National Storage Affiliates Trust | 1,155,419 | 36,673 | ||||
Innovative Industrial Properties Inc. | 403,399 | 30,521 | ||||
St. Joe Co. | 545,851 | 29,656 | ||||
Phillips Edison & Co. Inc. | 844,497 | 28,324 | ||||
Kilroy Realty Corp. | 842,886 | 26,644 | ||||
RLJ Lodging Trust | 2,152,271 | 21,071 | ||||
* | Opendoor Technologies Inc. | 7,586,804 | 20,029 | |||
1 | eXp World Holdings Inc. | 1,104,845 | 17,943 | |||
Paramount Group Inc. | 2,657,223 | 12,276 | ||||
* | Redfin Corp. | 1,557,716 | 10,966 | |||
Universal Health Realty Income Trust | 178,945 | 7,235 | ||||
Marcus & Millichap Inc. | 165,999 | 4,870 | ||||
Alexander's Inc. | 16,522 | 3,011 | ||||
1,512,820 | ||||||
Technology (22.2%) | ||||||
* | PTC Inc. | 1,702,710 | 241,240 | |||
Entegris Inc. | 2,159,533 | 202,802 | ||||
Vertiv Holdings Co. Class A | 4,927,022 | 183,285 | ||||
* | Super Micro Computer Inc. | 641,758 | 175,983 | |||
* | Manhattan Associates Inc. | 887,218 | 175,367 | |||
* | Lattice Semiconductor Corp. | 1,983,002 | 170,399 |
Shares | Market Value ($000) | |||||
* | Dynatrace Inc. | 3,375,510 | 157,738 | |||
* | Pure Storage Inc. Class A | 4,203,106 | 149,715 | |||
* | Ceridian HCM Holding Inc. | 2,126,790 | 144,303 | |||
* | Nutanix Inc. Class A | 3,391,766 | 118,305 | |||
National Instruments Corp. | 1,910,465 | 113,902 | ||||
* | AppLovin Corp. Class A | 2,785,782 | 111,320 | |||
* | Guidewire Software Inc. | 1,171,723 | 105,455 | |||
Universal Display Corp. | 647,094 | 101,587 | ||||
* | Dropbox Inc. Class A | 3,647,138 | 99,312 | |||
* | Onto Innovation Inc. | 705,888 | 90,015 | |||
* | SPS Commerce Inc. | 527,292 | 89,961 | |||
* | UiPath Inc. Class A | 5,165,157 | 88,376 | |||
* | Elastic NV | 1,080,899 | 87,812 | |||
* | Rambus Inc. | 1,569,783 | 87,578 | |||
* | Fabrinet | 520,659 | 86,752 | |||
* | Aspen Technology Inc. | 416,810 | 85,138 | |||
* | Procore Technologies Inc. | 1,229,032 | 80,280 | |||
* | Axcelis Technologies Inc. | 472,135 | 76,982 | |||
* | Confluent Inc. Class A | 2,591,341 | 76,730 | |||
* | Qualys Inc. | 501,763 | 76,544 | |||
* | Tenable Holdings Inc. | 1,663,659 | 74,532 | |||
* | Novanta Inc. | 515,155 | 73,894 | |||
* | Smartsheet Inc. Class A | 1,826,071 | 73,883 | |||
* | Coherent Corp. | 2,163,642 | 70,621 | |||
* | New Relic Inc. | 808,249 | 69,202 | |||
* | Workiva Inc. Class A | 680,885 | 69,001 | |||
Dolby Laboratories Inc. Class A | 856,807 | 67,910 | ||||
* | Five9 Inc. | 1,038,888 | 66,800 | |||
* | Wolfspeed Inc. | 1,701,901 | 64,842 | |||
Power Integrations Inc. | 825,706 | 63,010 | ||||
* | MACOM Technology Solutions Holdings Inc. | 765,946 | 62,486 | |||
Advanced Energy Industries Inc. | 541,664 | 55,856 | ||||
* | SentinelOne Inc. Class A | 3,259,574 | 54,956 | |||
* | Gitlab Inc. Class A | 1,178,839 | 53,307 | |||
* | Toast Inc. Class A | 2,807,460 | 52,584 | |||
* | Freshworks Inc. Class A | 2,618,998 | 52,170 | |||
* | Samsara Inc. Class A | 2,057,313 | 51,865 | |||
* | Silicon Laboratories Inc. | 435,498 | 50,470 | |||
* | Diodes Inc. | 627,858 | 49,500 | |||
* | Appfolio Inc. Class A | 270,941 | 49,482 | |||
* | Altair Engineering Inc. Class A | 777,935 | 48,668 | |||
*,1 | MicroStrategy Inc. Class A | 148,221 | 48,658 | |||
* | Box Inc. Class A | 1,979,424 | 47,922 | |||
* | DoubleVerify Holdings Inc. | 1,685,871 | 47,120 | |||
* | Varonis Systems Inc. Class B | 1,498,612 | 45,768 | |||
* | BlackLine Inc. | 789,576 | 43,798 | |||
* | CommVault Systems Inc. | 631,218 | 42,677 | |||
* | ZoomInfo Technologies Inc. Class A | 2,598,249 | 42,611 | |||
* | Alarm.com Holdings Inc. | 682,086 | 41,703 | |||
* | IPG Photonics Corp. | 408,868 | 41,516 | |||
* | Yelp Inc. Class A | 939,086 | 39,057 | |||
* | FormFactor Inc. | 1,117,200 | 39,035 | |||
* | Rapid7 Inc. | 833,242 | 38,146 | |||
*,1 | C3.ai Inc. Class A | 1,482,007 | 37,821 | |||
* | Rogers Corp. | 267,813 | 35,209 | |||
*,1 | IonQ Inc. | 2,331,712 | 34,696 | |||
* | RingCentral Inc. Class A | 1,158,450 | 34,325 | |||
* | Sprout Social Inc. Class A | 662,084 | 33,025 |
Shares | Market Value ($000) | |||||
* | Alteryx Inc. Class A | 863,284 | 32,537 | |||
* | Braze Inc. Class A | 688,884 | 32,191 | |||
* | Fastly Inc. Class A | 1,672,862 | 32,069 | |||
* | Envestnet Inc. | 706,114 | 31,090 | |||
* | Allegro MicroSystems Inc. | 968,688 | 30,940 | |||
* | nCino Inc. | 968,982 | 30,814 | |||
* | HashiCorp Inc. Class A | 1,300,267 | 29,685 | |||
* | Perficient Inc. | 500,868 | 28,980 | |||
* | Ambarella Inc. | 541,257 | 28,703 | |||
* | JFrog Ltd. | 1,119,873 | 28,400 | |||
* | SiTime Corp. | 239,647 | 27,380 | |||
* | Appian Corp. Class A | 598,768 | 27,310 | |||
* | Blackbaud Inc. | 387,403 | 27,242 | |||
* | PagerDuty Inc. | 1,193,890 | 26,851 | |||
* | LiveRamp Holdings Inc. | 904,665 | 26,090 | |||
Pegasystems Inc. | 598,841 | 25,996 | ||||
* | Q2 Holdings Inc. | 798,826 | 25,778 | |||
* | Schrodinger Inc. | 902,295 | 25,508 | |||
* | Credo Technology Group Holding Ltd. | 1,618,338 | 24,680 | |||
* | Semtech Corp. | 920,109 | 23,693 | |||
* | Cargurus Inc. Class A | 1,332,503 | 23,345 | |||
* | MaxLinear Inc. Class A | 1,048,981 | 23,340 | |||
Clear Secure Inc. Class A | 1,216,170 | 23,156 | ||||
* | Squarespace Inc. Class A | 753,205 | 21,820 | |||
* | Veeco Instruments Inc. | 770,055 | 21,646 | |||
* | Asana Inc. Class A | 1,133,852 | 20,761 | |||
* | PROS Holdings Inc. | 598,230 | 20,711 | |||
* | Bumble Inc. Class A | 1,374,760 | 20,511 | |||
* | Paycor HCM Inc. | 888,918 | 20,294 | |||
* | DigitalOcean Holdings Inc. | 830,836 | 19,965 | |||
* | Upwork Inc. | 1,746,458 | 19,840 | |||
* | Sprinklr Inc. Class A | 1,344,540 | 18,608 | |||
* | Jamf Holding Corp. | 992,366 | 17,525 | |||
* | Impinj Inc. | 309,125 | 17,011 | |||
* | Zeta Global Holdings Corp. Class A | 1,968,589 | 16,438 | |||
* | Zuora Inc. Class A | 1,857,781 | 15,308 | |||
* | Vertex Inc. Class A | 635,855 | 14,688 | |||
* | Magnite Inc. | 1,871,860 | 14,114 | |||
Shutterstock Inc. | 363,305 | 13,824 | ||||
* | AvePoint Inc. | 2,000,523 | 13,443 | |||
* | Everbridge Inc. | 586,427 | 13,148 | |||
* | Intapp Inc. | 338,489 | 11,346 | |||
* | Eventbrite Inc. Class A | 1,128,140 | 11,123 | |||
* | Amplitude Inc. Class A | 948,483 | 10,974 | |||
* | EngageSmart Inc. | 602,007 | 10,830 | |||
*,1 | Xometry Inc. Class A | 586,429 | 9,958 | |||
* | Alkami Technology Inc. | 542,294 | 9,881 | |||
* | BigCommerce Holdings Inc. | 917,922 | 9,060 | |||
* | Yext Inc. | 1,427,529 | 9,036 | |||
* | Olo Inc. Class A | 1,481,187 | 8,976 | |||
* | 3D Systems Corp. | 1,824,227 | 8,957 | |||
* | Digital Turbine Inc. | 1,373,898 | 8,312 | |||
* | PubMatic Inc. Class A | 613,662 | 7,425 | |||
* | Vimeo Inc. | 2,038,707 | 7,217 | |||
* | Planet Labs PBC | 2,750,050 | 7,150 | |||
* | nLight Inc. | 635,650 | 6,611 | |||
* | Consensus Cloud Solutions Inc. | 254,396 | 6,406 | |||
* | CEVA Inc. | 322,986 | 6,263 |
Shares | Market Value ($000) | |||||
* | SmartRent Inc. Class A | 2,304,564 | 6,015 | |||
* | N-able Inc. | 459,599 | 5,929 | |||
* | Definitive Healthcare Corp. Class A | 652,243 | 5,211 | |||
*,1 | Klaviyo Inc. Class A | 138,064 | 4,763 | |||
* | NerdWallet Inc. Class A | 527,717 | 4,691 | |||
*,1 | Getty Images Holdings Inc. | 713,830 | 4,633 | |||
* | SEMrush Holdings Inc. Class A | 514,025 | 4,369 | |||
* | Matterport Inc. | 1,842,129 | 3,997 | |||
* | MeridianLink Inc. | 234,281 | 3,997 | |||
* | Enfusion Inc. Class A | 424,146 | 3,805 | |||
* | Nextdoor Holdings Inc. | 2,038,231 | 3,710 | |||
* | Thoughtworks Holding Inc. | 685,900 | 2,798 | |||
* | EverCommerce Inc. | 271,570 | 2,724 | |||
*,1 | Rumble Inc. | 444,987 | 2,269 | |||
* | MediaAlpha Inc. Class A | 269,730 | 2,228 | |||
* | SecureWorks Corp. Class A | 98,849 | 614 | |||
*,1 | Maplebear Inc. | 1,817 | 54 | |||
6,311,772 | ||||||
Telecommunications (1.8%) | ||||||
* | Ciena Corp. | 2,150,754 | 101,645 | |||
Iridium Communications Inc. | 1,619,137 | 73,655 | ||||
* | Roku Inc. Class A | 892,608 | 63,009 | |||
* | Lumentum Holdings Inc. | 911,600 | 41,186 | |||
Cable One Inc. | 64,705 | 39,835 | ||||
Cogent Communications Holdings Inc. | 632,941 | 39,179 | ||||
* | Calix Inc. | 810,992 | 37,176 | |||
* | Extreme Networks Inc. | 888,350 | 21,507 | |||
InterDigital Inc. | 189,962 | 15,243 | ||||
* | Viasat Inc. | 803,193 | 14,827 | |||
Shenandoah Telecommunications Co. | 686,882 | 14,157 | ||||
* | Globalstar Inc. | 10,358,262 | 13,569 | |||
*,1 | Infinera Corp. | 2,774,927 | 11,599 | |||
ADTRAN Holdings Inc. | 962,137 | 7,918 | ||||
* | Gogo Inc. | 462,866 | 5,522 | |||
* | fuboTV Inc. | 1,999,376 | 5,338 | |||
ATN International Inc. | 157,104 | 4,958 | ||||
* | WideOpenWest Inc. | 361,188 | 2,763 | |||
513,086 | ||||||
Utilities (1.4%) | ||||||
* | Clean Harbors Inc. | 701,138 | 117,343 | |||
Vistra Corp. | 2,644,041 | 87,729 | ||||
* | Casella Waste Systems Inc. Class A | 819,644 | 62,539 | |||
Ormat Technologies Inc. | 736,903 | 51,524 | ||||
* | Sunrun Inc. | 2,968,263 | 37,282 | |||
California Water Service Group | 415,055 | 19,636 | ||||
*,1 | Sunnova Energy International Inc. | 1,495,060 | 15,653 | |||
391,706 | ||||||
Total Common Stocks (Cost $26,029,463) | 28,440,559 |
Coupon | Shares | Market Value ($000) | ||||
Temporary Cash Investments (2.0%) | ||||||
Money Market Fund (2.0%) | ||||||
3,4 | Vanguard Market Liquidity Fund (Cost $580,730) | 5.391% | 5,809,604 | 580,902 | ||
Total Investments (101.9%) (Cost $26,610,193) | 29,021,461 | |||||
Other Assets and Liabilities—Net (-1.9%) | (548,254) | |||||
Net Assets (100%) | 28,473,207 |
Cost is in $000. | |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $517,074,000. |
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 $558,825,000 was received for securities on loan. |
Derivative Financial Instruments Outstanding as of Period End
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Elastic NV | 8/30/24 | BANA | 2,475 | (5.331) | 764 | — |
Fisker Inc. Class A | 1/31/24 | GSI | 5,584 | (5.331) | — | (457) |
Middleby Corp. | 8/30/24 | BANA | 4,077 | (5.331) | — | (509) |
Novocure Ltd. | 8/30/24 | BANA | 3,971 | (5.331) | — | (1,080) |
Watsco Inc. | 8/30/24 | BANA | 7,060 | (5.328) | 472 | — |
Watsco Inc. | 8/30/24 | BANA | 6,990 | (5.327) | 546 | — |
Wolfspeed Inc. | 8/30/24 | BANA | 4,782 | (5.331) | — | (992) |
1,782 | (3,038) |
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. |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability). The fund had no open futures contracts at September 30, 2023.
C. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily
to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
D. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments and derivatives as of September 30, 2023, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 28,440,559 | — | — | 28,440,559 |
Temporary Cash Investments | 580,902 | — | — | 580,902 |
Total | 29,021,461 | — | — | 29,021,461 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 1,782 | — | 1,782 |
Liabilities | ||||
Swap Contracts | — | 3,038 | — | 3,038 |