Vanguard® Explorer™ Fund
Schedule of Investments (unaudited)
As of January 31, 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 (96.1%) | |||
Communication Services (3.4%) | |||
New York Times Co. Class A | 2,784,978 | 97,029 | |
* | Bumble Inc. Class A | 3,505,103 | 90,256 |
* | Live Nation Entertainment Inc. | 1,116,656 | 89,880 |
* | Ziff Davis Inc. | 851,840 | 76,223 |
* | Cargurus Inc. | 3,156,813 | 55,718 |
* | ZipRecruiter Inc. Class A | 2,713,206 | 53,287 |
* | Cinemark Holdings Inc. | 4,173,685 | 49,834 |
* | Take-Two Interactive Software Inc. | 364,212 | 41,240 |
Warner Music Group Corp. Class A | 1,063,704 | 38,772 | |
Electronic Arts Inc. | 236,116 | 30,383 | |
* | Iridium Communications Inc. | 326,788 | 19,555 |
* | Yelp Inc. Class A | 539,541 | 17,001 |
* | Spotify Technology SA | 66,985 | 7,550 |
Cable One Inc. | 6,772 | 5,349 | |
* | Clear Channel Outdoor Holdings Inc. | 1,948,279 | 3,721 |
* | Playtika Holding Corp. | 328,111 | 3,442 |
* | TechTarget Inc. | 54,080 | 2,679 |
* | TripAdvisor Inc. | 97,344 | 2,268 |
* | Bandwidth Inc. Class A | 68,221 | 1,697 |
* | Integral Ad Science Holding Corp. | 107,028 | 1,100 |
* | PubMatic Inc. Class A | 62,376 | 956 |
* | WideOpenWest Inc. | 82,232 | 945 |
* | Vimeo Inc. | 190,905 | 867 |
* | EverQuote Inc. Class A | 47,437 | 740 |
* | Madison Square Garden Sports Corp. | 3,883 | 706 |
691,198 | |||
Consumer Discretionary (11.3%) | |||
* | Burlington Stores Inc. | 804,056 | 184,796 |
* | Skyline Champion Corp. | 1,789,017 | 105,463 |
Wingstop Inc. | 663,451 | 105,137 | |
Texas Roadhouse Inc. Class A | 979,289 | 98,350 | |
Levi Strauss & Co. Class A | 5,121,583 | 94,237 | |
* | Five Below Inc. | 469,972 | 92,646 |
Steven Madden Ltd. | 2,484,941 | 89,085 | |
* | YETI Holdings Inc. | 1,756,788 | 78,634 |
* | frontdoor Inc. | 2,882,768 | 78,354 |
Acushnet Holdings Corp. | 1,617,357 | 75,935 | |
* | Deckers Outdoor Corp. | 154,074 | 65,864 |
Churchill Downs Inc. | 237,533 | 58,932 | |
* | Floor & Decor Holdings Inc. Class A | 647,618 | 58,784 |
Carter's Inc. | 694,006 | 57,859 | |
* | Skechers USA Inc. Class A | 1,046,329 | 50,381 |
Shares | Market Value ($000) | ||
* | Etsy Inc. | 352,305 | 48,470 |
* | Leslie's Inc. | 2,759,406 | 42,743 |
* | Sally Beauty Holdings Inc. | 2,562,250 | 39,920 |
* | Callaway Golf Co. | 1,626,472 | 39,832 |
Domino's Pizza Inc. | 111,036 | 39,196 | |
* | Farfetch Ltd. Class A | 5,351,417 | 36,497 |
Papa John's International Inc. | 405,439 | 36,364 | |
* | Ulta Beauty Inc. | 68,857 | 35,390 |
* | Dollar Tree Inc. | 234,794 | 35,261 |
* | National Vision Holdings Inc. | 855,968 | 35,180 |
* | Under Armour Inc. Class C | 3,172,857 | 34,584 |
* | Canada Goose Holdings Inc. | 1,245,834 | 30,137 |
Pool Corp. | 77,668 | 29,950 | |
* | Grand Canyon Education Inc. | 236,265 | 27,539 |
* | Petco Health & Wellness Co. Inc. Class A | 2,082,802 | 24,348 |
* | Revolve Group Inc. | 841,800 | 24,025 |
Tractor Supply Co. | 103,272 | 23,545 | |
*,1 | Sportradar Holding AG Class A | 1,812,553 | 22,748 |
Hanesbrands Inc. | 2,495,045 | 21,058 | |
* | Fox Factory Holding Corp. | 170,607 | 20,147 |
* | Chegg Inc. | 896,186 | 18,605 |
Boyd Gaming Corp. | 297,511 | 18,538 | |
Murphy USA Inc. | 66,668 | 18,136 | |
* | Bright Horizons Family Solutions Inc. | 232,132 | 17,823 |
Tapestry Inc. | 368,937 | 16,812 | |
Williams-Sonoma Inc. | 117,330 | 15,832 | |
Buckle Inc. | 355,170 | 15,627 | |
Travel + Leisure Co. | 290,446 | 12,306 | |
* | Cavco Industries Inc. | 43,767 | 11,646 |
* | Tri Pointe Homes Inc. | 509,141 | 11,247 |
Toll Brothers Inc. | 185,611 | 11,042 | |
* | SeaWorld Entertainment Inc. | 169,834 | 10,596 |
Shutterstock Inc. | 119,938 | 9,028 | |
Patrick Industries Inc. | 100,460 | 7,130 | |
* | Everi Holdings Inc. | 387,131 | 6,724 |
Oxford Industries Inc. | 55,871 | 6,549 | |
* | American Axle & Manufacturing Holdings Inc. | 735,363 | 6,523 |
Signet Jewelers Ltd. | 84,876 | 6,519 | |
* | CarParts.com Inc. | 932,394 | 6,359 |
* | Six Flags Entertainment Corp. | 217,363 | 5,836 |
* | Visteon Corp. | 37,122 | 5,804 |
* | RH | 18,414 | 5,745 |
* | Master Craft Boat Holdings Inc. | 194,458 | 5,593 |
Dine Brands Global Inc. | 68,827 | 5,321 | |
* | Perdoceo Education Corp. | 354,118 | 5,301 |
* | Malibu Boats Inc. Class A | 83,664 | 5,069 |
* | Boot Barn Holdings Inc. | 52,825 | 4,410 |
* | Taylor Morrison Home Corp. Class A | 119,320 | 4,272 |
* | Hilton Grand Vacations Inc. | 88,599 | 4,196 |
* | Dave & Buster's Entertainment Inc. | 93,982 | 4,074 |
* | Brinker International Inc. | 102,618 | 4,049 |
Ruth's Hospitality Group Inc. | 233,538 | 4,043 | |
Brunswick Corp. | 47,007 | 3,964 | |
Caleres Inc. | 149,388 | 3,887 | |
*,1 | Stitch Fix Inc. Class A | 731,869 | 3,813 |
* | Chico's FAS Inc. | 691,912 | 3,646 |
Wendy's Co. | 153,173 | 3,416 | |
Vail Resorts Inc. | 12,771 | 3,350 |
Shares | Market Value ($000) | ||
* | MarineMax Inc. | 106,970 | 3,343 |
* | Golden Entertainment Inc. | 83,224 | 3,287 |
Academy Sports & Outdoors Inc. | 54,150 | 3,163 | |
* | Monarch Casino & Resort Inc. | 41,033 | 3,144 |
Winnebago Industries Inc. | 47,651 | 3,034 | |
* | Dorman Products Inc. | 30,124 | 2,924 |
Hibbett Inc. | 40,557 | 2,691 | |
Carriage Services Inc. Class A | 80,893 | 2,623 | |
*,1 | Luminar Technologies Inc. Class A | 273,696 | 1,826 |
Installed Building Products Inc. | 16,153 | 1,778 | |
* | Shake Shack Inc. Class A | 29,709 | 1,690 |
Standard Motor Products Inc. | 40,577 | 1,642 | |
* | International Game Technology plc | 60,336 | 1,596 |
* | Denny's Corp. | 109,135 | 1,312 |
*,1 | Rent the Runway Inc. Class A | 280,483 | 1,203 |
* | Quotient Technology Inc. | 290,641 | 1,177 |
*,1 | Workhorse Group Inc. | 481,001 | 1,063 |
Shoe Carnival Inc. | 30,156 | 824 | |
* | Stride Inc. | 19,032 | 817 |
PulteGroup Inc. | 14,352 | 816 | |
* | Build-A-Bear Workshop Inc. | 32,373 | 795 |
* | Children's Place Inc. | 17,404 | 790 |
* | Target Hospitality Corp. | 50,303 | 772 |
* | Neogames SA | 59,624 | 769 |
* | Norwegian Cruise Line Holdings Ltd. | 39,632 | 603 |
* | RCI Hospitality Holdings Inc. | 6,265 | 569 |
*,1 | Torrid Holdings Inc. | 151,156 | 562 |
Aaron's Co. Inc. | 37,036 | 543 | |
* | Red Robin Gourmet Burgers Inc. | 39,006 | 349 |
2,299,927 | |||
Consumer Staples (3.2%) | |||
* | Performance Food Group Co. | 2,870,726 | 176,033 |
* | BJ's Wholesale Club Holdings Inc. | 1,550,339 | 112,353 |
Nu Skin Enterprises Inc. Class A | 1,937,581 | 83,084 | |
Casey's General Stores Inc. | 266,643 | 62,904 | |
MGP Ingredients Inc. | 391,395 | 38,177 | |
* | Celsius Holdings Inc. | 348,094 | 34,921 |
* | BellRing Brands Inc. | 955,384 | 27,095 |
* | Freshpet Inc. | 363,166 | 22,999 |
Coca-Cola Consolidated Inc. | 34,925 | 17,699 | |
Cal-Maine Foods Inc. | 307,030 | 17,568 | |
* | elf Beauty Inc. | 252,486 | 14,531 |
Lamb Weston Holdings Inc. | 108,339 | 10,822 | |
* | Pilgrim's Pride Corp. | 363,017 | 8,814 |
* | Herbalife Nutrition Ltd. | 360,148 | 6,328 |
Medifast Inc. | 53,082 | 5,916 | |
* | Darling Ingredients Inc. | 69,233 | 4,589 |
Vector Group Ltd. | 261,190 | 3,382 | |
John B Sanfilippo & Son Inc. | 38,525 | 3,256 | |
* | USANA Health Sciences Inc. | 43,366 | 2,534 |
Turning Point Brands Inc. | 75,086 | 1,743 | |
Inter Parfums Inc. | 14,739 | 1,742 | |
* | Olaplex Holdings Inc. | 179,724 | 1,134 |
* | Sprouts Farmers Market Inc. | 26,476 | 846 |
* | Rite Aid Corp. | 175,960 | 642 |
659,112 |
Shares | Market Value ($000) | ||
Energy (4.0%) | |||
Magnolia Oil & Gas Corp. Class A | 4,817,326 | 113,737 | |
Chord Energy Corp. | 781,119 | 111,958 | |
Viper Energy Partners LP | 3,144,217 | 99,829 | |
PDC Energy Inc. | 1,200,890 | 81,336 | |
ChampionX Corp. | 1,872,698 | 61,836 | |
Matador Resources Co. | 632,320 | 41,834 | |
* | Southwestern Energy Co. | 5,894,844 | 32,540 |
Cactus Inc. Class A | 520,162 | 28,146 | |
EQT Corp. | 752,900 | 24,597 | |
* | TechnipFMC plc | 1,339,876 | 18,611 |
Coterra Energy Inc. | 727,852 | 18,218 | |
Pioneer Natural Resources Co. | 67,346 | 15,513 | |
Texas Pacific Land Corp. | 5,971 | 11,917 | |
* | Kosmos Energy Ltd. | 1,451,245 | 11,479 |
* | Nabors Industries Ltd. (XNYS) | 61,375 | 10,897 |
SM Energy Co. | 331,085 | 10,883 | |
Liberty Energy Inc. Class A | 583,022 | 9,229 | |
Diamondback Energy Inc. | 60,958 | 8,907 | |
* | Weatherford International plc | 138,656 | 7,887 |
Range Resources Corp. | 303,830 | 7,602 | |
* | Talos Energy Inc. | 381,405 | 7,556 |
* | Par Pacific Holdings Inc. | 248,374 | 6,639 |
* | W&T Offshore Inc. | 1,017,972 | 6,332 |
* | Denbury Inc. | 58,214 | 5,052 |
PBF Energy Inc. Class A | 115,182 | 4,836 | |
Ovintiv Inc. (XNYS) | 97,759 | 4,813 | |
Delek US Holdings Inc. | 179,642 | 4,807 | |
* | Antero Resources Corp. | 148,713 | 4,289 |
* | Amplify Energy Corp. | 458,191 | 3,968 |
Patterson-UTI Energy Inc. | 213,365 | 3,585 | |
CONSOL Energy Inc. | 54,575 | 3,156 | |
* | NexTier Oilfield Solutions Inc. | 308,839 | 2,909 |
CVR Energy Inc. | 85,853 | 2,850 | |
* | US Silica Holdings Inc. | 208,045 | 2,546 |
* | Callon Petroleum Co. | 54,997 | 2,340 |
* | Oceaneering International Inc. | 90,329 | 1,929 |
* | Comstock Resources Inc. | 151,255 | 1,838 |
* | TETRA Technologies Inc. | 387,026 | 1,533 |
Arch Resources Inc. | 8,036 | 1,189 | |
* | Gulfport Energy Corp. | 13,321 | 908 |
Solaris Oilfield Infrastructure Inc. Class A | 82,776 | 877 | |
Murphy Oil Corp. | 12,140 | 529 | |
801,437 | |||
Financials (8.4%) | |||
LPL Financial Holdings Inc. | 571,020 | 135,400 | |
Synovus Financial Corp. | 2,931,733 | 122,986 | |
Assured Guaranty Ltd. | 1,744,302 | 109,193 | |
Webster Financial Corp. | 2,059,377 | 108,426 | |
Prosperity Bancshares Inc. | 1,367,216 | 103,717 | |
Voya Financial Inc. | 1,358,922 | 94,812 | |
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 2,366,328 | 87,341 | |
Tradeweb Markets Inc. Class A | 1,158,041 | 86,320 | |
MGIC Investment Corp. | 5,962,478 | 84,190 | |
Valley National Bancorp | 6,984,311 | 82,974 | |
StepStone Group Inc. Class A | 2,730,778 | 79,712 | |
American Financial Group Inc. | 500,652 | 71,388 | |
Houlihan Lokey Inc. Class A | 637,412 | 63,148 |
Shares | Market Value ($000) | ||
FirstCash Holdings Inc. | 556,424 | 51,291 | |
Western Alliance Bancorp | 610,417 | 46,007 | |
Assurant Inc. | 343,381 | 45,529 | |
MarketAxess Holdings Inc. | 124,684 | 45,366 | |
* | PRA Group Inc. | 1,045,899 | 42,087 |
WisdomTree Inc. | 5,758,737 | 33,170 | |
* | Ryan Specialty Holdings Inc. | 702,355 | 29,934 |
Piper Sandler Cos. | 183,011 | 26,006 | |
FactSet Research Systems Inc. | 55,014 | 23,268 | |
* | Palomar Holdings Inc. | 434,125 | 22,188 |
Everest Re Group Ltd. | 51,335 | 17,951 | |
Kinsale Capital Group Inc. | 49,086 | 13,668 | |
Virtus Investment Partners Inc. | 60,974 | 13,102 | |
RLI Corp. | 74,648 | 9,887 | |
* | LendingClub Corp. | 995,831 | 9,650 |
* | Focus Financial Partners Inc. Class A | 161,738 | 7,303 |
* | NMI Holdings Inc. Class A | 185,962 | 4,320 |
* | Donnelley Financial Solutions Inc. | 88,166 | 4,021 |
* | Green Dot Corp. Class A | 199,769 | 3,612 |
Westamerica BanCorp | 64,966 | 3,610 | |
Brightsphere Investment Group Inc. | 127,564 | 2,991 | |
* | Federated Hermes Inc. | 65,384 | 2,570 |
First BanCorp (XNYS) | 183,195 | 2,464 | |
* | Avantax Inc. | 82,850 | 2,414 |
Veritex Holdings Inc. | 69,423 | 1,954 | |
Lincoln National Corp. | 49,653 | 1,759 | |
* | Victory Capital Holdings Inc. Class A | 53,551 | 1,587 |
Brown & Brown Inc. | 22,982 | 1,346 | |
PJT Partners Inc. Class A | 15,101 | 1,209 | |
* | Metropolitan Bank Holding Corp. | 17,549 | 1,042 |
Cohen & Steers Inc. | 11,210 | 824 | |
* | Bancorp Inc. | 24,050 | 816 |
* | Open Lending Corp. Class A | 87,853 | 771 |
Hamilton Lane Inc. Class A | 8,813 | 686 | |
Bank of NT Butterfield & Son Ltd. | 19,548 | 625 | |
1,704,635 | |||
Health Care (19.6%) | |||
* | ICON plc | 845,083 | 194,969 |
* | Acadia Healthcare Co. Inc. | 1,643,491 | 138,086 |
* | Omnicell Inc. | 1,952,237 | 108,291 |
Bio-Techne Corp. | 1,170,419 | 93,236 | |
* | QuidelOrtho Corp. | 1,063,999 | 91,089 |
* | Haemonetics Corp. | 1,058,119 | 89,517 |
Encompass Health Corp. | 1,422,619 | 88,843 | |
* | Globus Medical Inc. Class A | 1,173,877 | 88,628 |
* | ICU Medical Inc. | 457,762 | 88,453 |
* | Merit Medical Systems Inc. | 1,237,542 | 88,299 |
* | Veracyte Inc. | 3,301,623 | 82,970 |
* | Charles River Laboratories International Inc. | 328,744 | 79,967 |
* | Insulet Corp. | 274,127 | 78,762 |
* | Amedisys Inc. | 812,384 | 78,525 |
STERIS plc | 363,722 | 75,112 | |
* | Glaukos Corp. | 1,514,085 | 74,266 |
* | Surgery Partners Inc. | 2,195,137 | 72,879 |
* | Myriad Genetics Inc. | 3,693,440 | 72,835 |
* | Penumbra Inc. | 283,091 | 70,889 |
* | Ultragenyx Pharmaceutical Inc. | 1,515,288 | 68,688 |
* | HealthEquity Inc. | 1,050,499 | 63,923 |
Shares | Market Value ($000) | ||
* | Repligen Corp. | 287,751 | 53,320 |
* | Henry Schein Inc. | 613,432 | 52,847 |
Cooper Cos. Inc. | 150,364 | 52,467 | |
* | Doximity Inc. Class A | 1,432,692 | 50,531 |
* | Horizon Therapeutics plc | 446,304 | 48,968 |
* | Kymera Therapeutics Inc. | 1,257,716 | 47,013 |
* | Exelixis Inc. | 2,489,078 | 43,858 |
* | Cytokinetics Inc. | 1,007,865 | 42,814 |
* | DexCom Inc. | 397,861 | 42,607 |
* | Neurocrine Biosciences Inc. | 383,506 | 42,542 |
* | Certara Inc. | 2,148,425 | 41,679 |
* | Molina Healthcare Inc. | 131,653 | 41,053 |
* | REVOLUTION Medicines Inc. | 1,522,986 | 40,725 |
* | Intra-Cellular Therapies Inc. | 828,616 | 39,707 |
* | Mettler-Toledo International Inc. | 25,875 | 39,664 |
* | Zentalis Pharmaceuticals Inc. | 1,678,842 | 39,621 |
* | Integra LifeSciences Holdings Corp. | 690,369 | 39,558 |
ResMed Inc. | 171,664 | 39,203 | |
* | Ascendis Pharma A/S ADR | 315,857 | 39,192 |
* | Hologic Inc. | 479,970 | 39,055 |
Stevanato Group SpA | 1,857,902 | 36,564 | |
* | Celldex Therapeutics Inc. | 828,961 | 36,524 |
* | Apellis Pharmaceuticals Inc. | 675,658 | 35,627 |
* | Halozyme Therapeutics Inc. | 666,081 | 34,483 |
* | Supernus Pharmaceuticals Inc. | 810,645 | 33,245 |
* | IDEXX Laboratories Inc. | 68,300 | 32,818 |
* | Nevro Corp. | 865,182 | 31,769 |
* | Blueprint Medicines Corp. | 634,116 | 29,639 |
* | Sotera Health Co. | 1,675,132 | 28,879 |
* | NuVasive Inc. | 594,322 | 27,101 |
* | CareDx Inc. | 1,749,172 | 26,133 |
Bruker Corp. | 367,278 | 25,754 | |
* | Pediatrix Medical Group Inc. | 1,615,995 | 24,806 |
Teleflex Inc. | 100,338 | 24,424 | |
* | SpringWorks Therapeutics Inc. | 704,117 | 22,109 |
* | Pacira BioSciences Inc. | 557,637 | 21,898 |
* | Sage Therapeutics Inc. | 478,803 | 21,230 |
* | Neogen Corp. | 968,623 | 20,738 |
* | Inspire Medical Systems Inc. | 81,567 | 20,641 |
Chemed Corp. | 40,811 | 20,615 | |
* | Azenta Inc. | 363,802 | 20,337 |
* | Align Technology Inc. | 70,939 | 19,134 |
* | iRhythm Technologies Inc. | 193,516 | 19,023 |
* | Relay Therapeutics Inc. | 876,069 | 18,800 |
* | Agios Pharmaceuticals Inc. | 627,486 | 18,498 |
* | Tandem Diabetes Care Inc. | 446,493 | 18,190 |
* | Maravai LifeSciences Holdings Inc. Class A | 1,231,667 | 18,056 |
* | C4 Therapeutics Inc. | 2,276,224 | 17,732 |
* | AMN Healthcare Services Inc. | 183,947 | 17,629 |
* | Medpace Holdings Inc. | 79,001 | 17,465 |
* | Legend Biotech Corp. ADR | 338,682 | 17,103 |
* | Alkermes plc | 594,462 | 17,025 |
* | Catalent Inc. | 310,797 | 16,643 |
* | Ligand Pharmaceuticals Inc. | 222,433 | 15,504 |
* | Arvinas Inc. | 463,734 | 15,197 |
* | Immatics NV | 1,786,300 | 14,487 |
* | Ionis Pharmaceuticals Inc. | 361,752 | 14,423 |
* | Illumina Inc. | 66,053 | 14,149 |
Shares | Market Value ($000) | ||
* | Sarepta Therapeutics Inc. | 109,014 | 13,623 |
* | Definitive Healthcare Corp. Class A | 977,500 | 12,101 |
* | Lantheus Holdings Inc. | 207,392 | 11,925 |
* | Evolent Health Inc. Class A | 361,853 | 11,659 |
* | Shockwave Medical Inc. | 60,169 | 11,308 |
* | Teladoc Health Inc. | 368,582 | 10,836 |
* | Avantor Inc. | 432,855 | 10,345 |
* | Axogen Inc. | 1,072,597 | 10,158 |
* | Exact Sciences Corp. | 135,337 | 9,138 |
* | Deciphera Pharmaceuticals Inc. | 531,148 | 9,035 |
* | Intercept Pharmaceuticals Inc. | 488,431 | 8,919 |
* | ACADIA Pharmaceuticals Inc. | 437,664 | 8,329 |
* | Veeva Systems Inc. Class A | 48,445 | 8,262 |
* | FibroGen Inc. | 348,277 | 8,219 |
* | Schrodinger Inc. | 337,465 | 8,160 |
* | STAAR Surgical Co. | 114,542 | 8,081 |
Ensign Group Inc. | 80,101 | 7,469 | |
* | CorVel Corp. | 40,848 | 7,277 |
* | Agenus Inc. | 2,471,590 | 6,451 |
* | Tenet Healthcare Corp. | 115,643 | 6,343 |
* | Axonics Inc. | 98,203 | 6,030 |
* | Natera Inc. | 131,598 | 5,650 |
* | Atara Biotherapeutics Inc. | 1,112,882 | 5,642 |
* | PTC Therapeutics Inc. | 117,544 | 5,394 |
* | Novocure Ltd. | 56,067 | 5,112 |
* | Sangamo Therapeutics Inc. | 1,395,270 | 4,870 |
* | Arrowhead Pharmaceuticals Inc. | 128,416 | 4,493 |
* | Voyager Therapeutics Inc. | 457,063 | 4,315 |
* | AtriCure Inc. | 97,699 | 4,228 |
* | TG Therapeutics Inc. | 272,006 | 4,143 |
* | Karyopharm Therapeutics Inc. | 1,170,620 | 3,863 |
* | Option Care Health Inc. | 129,218 | 3,731 |
* | ViewRay Inc. | 800,777 | 3,676 |
*,1 | Novavax Inc. | 328,624 | 3,585 |
* | Puma Biotechnology Inc. | 777,390 | 3,343 |
* | Inogen Inc. | 140,851 | 3,286 |
* | Seres Therapeutics Inc. | 542,644 | 2,968 |
* | Fate Therapeutics Inc. | 497,138 | 2,963 |
*,1 | Akebia Therapeutics Inc. | 4,698,164 | 2,960 |
* | Bridgebio Pharma Inc. | 307,643 | 2,855 |
* | Esperion Therapeutics Inc. | 445,798 | 2,835 |
* | Protagonist Therapeutics Inc. | 196,775 | 2,615 |
* | Kiniksa Pharmaceuticals Ltd. Class A | 169,216 | 2,447 |
* | Phreesia Inc. | 62,880 | 2,357 |
* | Health Catalyst Inc. | 169,456 | 2,355 |
* | CytomX Therapeutics Inc. | 820,461 | 2,215 |
* | Silk Road Medical Inc. | 40,573 | 2,206 |
* | LivaNova plc | 38,414 | 2,159 |
* | Alector Inc. | 236,904 | 2,090 |
* | Masimo Corp. | 12,204 | 2,076 |
* | Allscripts Healthcare Solutions Inc. | 115,239 | 2,064 |
* | MacroGenics Inc. | 352,568 | 2,034 |
* | Coherus Biosciences Inc. | 226,611 | 1,922 |
*,1 | Heron Therapeutics Inc. | 688,101 | 1,865 |
* | Arcturus Therapeutics Holdings Inc. | 83,981 | 1,775 |
* | Cerus Corp. | 552,469 | 1,735 |
* | OmniAb Inc. (XNMS) | 409,443 | 1,695 |
* | Fortress Biotech Inc. | 1,732,308 | 1,576 |
Shares | Market Value ($000) | ||
* | Joint Corp. | 81,335 | 1,478 |
* | Gossamer Bio Inc. | 555,356 | 1,466 |
* | ImmunoGen Inc. | 314,654 | 1,447 |
* | IVERIC bio Inc. | 61,587 | 1,423 |
* | Lexicon Pharmaceuticals Inc. | 542,066 | 1,214 |
* | Codexis Inc. | 186,328 | 1,146 |
* | Amicus Therapeutics Inc. | 78,779 | 1,027 |
* | DaVita Inc. | 12,140 | 1,000 |
* | Privia Health Group Inc. | 36,950 | 999 |
* | ModivCare Inc. | 9,225 | 989 |
* | Affimed NV | 756,672 | 976 |
* | Morphic Holding Inc. | 29,762 | 974 |
* | Selecta Biosciences Inc. | 528,838 | 936 |
* | Sesen Bio Inc. | 1,476,709 | 913 |
US Physical Therapy Inc. | 9,115 | 904 | |
* | Pennant Group Inc. | 66,647 | 862 |
West Pharmaceutical Services Inc. | 3,141 | 834 | |
* | Alignment Healthcare Inc. | 58,124 | 718 |
* | Contra Scilex Holding Co. | 98,470 | 699 |
* | RadNet Inc. | 32,572 | 686 |
* | Sorrento Therapeutics Inc. | 698,309 | 669 |
Embecta Corp. | 25,159 | 664 | |
* | Infinity Pharmaceuticals Inc. | 1,053,408 | 654 |
* | Madrigal Pharmaceuticals Inc. | 2,178 | 628 |
* | Amneal Pharmaceuticals Inc. | 244,539 | 538 |
* | Multiplan Corp. | 302,330 | 399 |
* | Precision BioSciences Inc. | 342,301 | 397 |
* | Atea Pharmaceuticals Inc. | 81,077 | 375 |
* | MEI Pharma Inc. | 1,232,433 | 352 |
* | Organogenesis Holdings Inc. Class A | 126,114 | 323 |
* | Tactile Systems Technology Inc. | 22,060 | 286 |
* | NextCure Inc. | 171,519 | 286 |
* | Molecular Templates Inc. | 424,818 | 229 |
* | Personalis Inc. | 96,118 | 226 |
* | Retractable Technologies Inc. | 107,784 | 208 |
* | Cue Biopharma Inc. | 46,345 | 159 |
*,1 | Syros Pharmaceuticals Inc. | 23,659 | 121 |
* | Athenex Inc. | 602,458 | 110 |
2 | OmniAb Inc. 12.5 Earnout | 84,348 | — |
2 | OmniAb Inc. 15 Earnout | 84,348 | — |
3,965,124 | |||
Industrials (19.8%) | |||
* | Kirby Corp. | 1,869,952 | 132,355 |
* | AerCap Holdings NV | 1,991,001 | 125,851 |
* | Fluor Corp. | 3,333,293 | 122,499 |
* | Middleby Corp. | 759,669 | 118,091 |
Science Applications International Corp. | 1,081,467 | 112,235 | |
Herc Holdings Inc. | 709,045 | 110,129 | |
* | TriNet Group Inc. | 1,451,081 | 109,484 |
Spirit AeroSystems Holdings Inc. Class A | 2,914,954 | 105,376 | |
* | RBC Bearings Inc. | 427,357 | 104,262 |
* | Builders FirstSource Inc. | 1,278,690 | 101,912 |
GATX Corp. | 842,618 | 96,438 | |
Rush Enterprises Inc. Class A | 1,734,829 | 93,351 | |
* | WillScot Mobile Mini Holdings Corp. | 1,925,867 | 93,328 |
1 | Ritchie Bros Auctioneers Inc. | 1,535,162 | 92,831 |
Kennametal Inc. | 3,184,949 | 90,771 | |
Flowserve Corp. | 2,590,489 | 89,165 |
Shares | Market Value ($000) | ||
Sensata Technologies Holding plc | 1,699,056 | 86,397 | |
* | Alight Inc. Class A | 8,844,911 | 83,054 |
* | Gibraltar Industries Inc. | 1,458,504 | 78,132 |
* | Mercury Systems Inc. | 1,491,214 | 74,538 |
IDEX Corp. | 308,180 | 73,865 | |
Fortune Brands Innovations Inc. | 1,116,781 | 72,044 | |
* | Trex Co. Inc. | 1,316,631 | 69,413 |
* | Clean Harbors Inc. | 531,062 | 69,197 |
Regal Rexnord Corp. | 482,193 | 67,121 | |
Acuity Brands Inc. | 353,785 | 66,696 | |
* | Axon Enterprise Inc. | 329,111 | 64,321 |
* | Masonite International Corp. | 652,204 | 59,494 |
Zurn Elkay Water Solutions Corp. | 2,720,550 | 59,471 | |
* | ACV Auctions Inc. Class A | 5,986,632 | 58,669 |
* | API Group Corp. | 2,579,955 | 57,378 |
* | Sterling Check Corp. | 3,958,602 | 55,222 |
Forward Air Corp. | 487,316 | 52,557 | |
Tennant Co. | 624,548 | 43,800 | |
* | Shoals Technologies Group Inc. Class A | 1,489,613 | 41,545 |
* | United Rentals Inc. | 88,430 | 38,993 |
* | GXO Logistics Inc. | 710,045 | 37,157 |
HEICO Corp. Class A | 275,721 | 36,858 | |
Verisk Analytics Inc. Class A | 197,505 | 35,904 | |
Matson Inc. | 537,194 | 35,519 | |
* | SiteOne Landscape Supply Inc. | 232,356 | 35,204 |
John Bean Technologies Corp. | 279,185 | 31,193 | |
* | Generac Holdings Inc. | 246,443 | 29,721 |
Vertiv Holdings Co. Class A | 2,039,279 | 28,999 | |
Rockwell Automation Inc. | 98,390 | 27,749 | |
* | AeroVironment Inc. | 308,220 | 27,422 |
* | XPO Logistics Inc. | 671,745 | 26,776 |
Applied Industrial Technologies Inc. | 186,642 | 26,729 | |
* | Atkore Inc. | 200,637 | 26,133 |
* | Bloom Energy Corp. Class A | 1,035,000 | 25,803 |
UFP Industries Inc. | 274,281 | 25,659 | |
* | CoStar Group Inc. | 329,309 | 25,653 |
* | Ameresco Inc. Class A | 387,477 | 24,981 |
BWX Technologies Inc. | 373,500 | 22,731 | |
Allison Transmission Holdings Inc. | 503,635 | 22,704 | |
* | GMS Inc. | 375,265 | 22,261 |
* | Kratos Defense & Security Solutions Inc. | 1,923,712 | 22,026 |
Terex Corp. | 423,548 | 21,588 | |
* | Cimpress plc | 613,320 | 20,049 |
Tetra Tech Inc. | 127,317 | 19,800 | |
EMCOR Group Inc. | 130,452 | 19,339 | |
JB Hunt Transport Services Inc. | 97,176 | 18,371 | |
Watts Water Technologies Inc. Class A | 108,704 | 17,775 | |
AGCO Corp. | 115,686 | 15,980 | |
Booz Allen Hamilton Holding Corp. Class A | 161,518 | 15,286 | |
* | ASGN Inc. | 159,114 | 14,471 |
* | AZEK Co. Inc. Class A | 579,264 | 13,978 |
* | Kornit Digital Ltd. | 519,660 | 13,101 |
Heartland Express Inc. | 777,833 | 13,083 | |
Carlisle Cos. Inc. | 51,632 | 12,952 | |
* | Rocket Lab USA Inc. | 2,513,726 | 12,493 |
Lincoln Electric Holdings Inc. | 72,317 | 12,068 | |
GrafTech International Ltd. | 1,825,711 | 11,940 | |
Valmont Industries Inc. | 34,424 | 11,351 |
Shares | Market Value ($000) | ||
Boise Cascade Co. | 142,516 | 10,684 | |
Korn Ferry | 197,870 | 10,683 | |
* | Masterbrand Inc. | 1,119,087 | 10,296 |
H&E Equipment Services Inc. | 193,240 | 9,834 | |
Advanced Drainage Systems Inc. | 96,238 | 9,705 | |
Robert Half International Inc. | 115,175 | 9,670 | |
Howmet Aerospace Inc. | 237,533 | 9,665 | |
Kforce Inc. | 171,199 | 9,609 | |
* | Lyft Inc. Class A | 564,339 | 9,170 |
Exponent Inc. | 67,829 | 6,955 | |
Donaldson Co. Inc. | 109,048 | 6,799 | |
* | Titan International Inc. | 371,644 | 6,203 |
* | Veritiv Corp. | 46,779 | 5,849 |
* | Huron Consulting Group Inc. | 71,911 | 4,893 |
Franklin Electric Co. Inc. | 48,830 | 4,409 | |
Mueller Industries Inc. | 66,114 | 4,334 | |
* | TrueBlue Inc. | 216,816 | 4,256 |
* | MRC Global Inc. | 309,677 | 4,212 |
* | MYR Group Inc. | 36,914 | 3,657 |
Marten Transport Ltd. | 148,387 | 3,278 | |
* | Array Technologies Inc. | 145,025 | 3,224 |
* | RXO Inc. | 149,256 | 2,734 |
Wabash National Corp. | 101,887 | 2,625 | |
Nordson Corp. | 10,636 | 2,588 | |
* | Brink's Co. | 37,696 | 2,473 |
* | Saia Inc. | 9,000 | 2,455 |
* | Air Transport Services Group Inc. | 74,473 | 2,108 |
* | Chart Industries Inc. | 15,347 | 2,056 |
Brady Corp. Class A | 37,743 | 2,018 | |
* | Hudson Technologies Inc. | 186,079 | 1,900 |
* | Enerpac Tool Group Corp. Class A | 67,758 | 1,798 |
Kadant Inc. | 8,754 | 1,784 | |
* | BlueLinx Holdings Inc. | 18,096 | 1,571 |
Simpson Manufacturing Co. Inc. | 13,714 | 1,469 | |
* | First Advantage Corp. | 100,264 | 1,392 |
* | MSA Safety Inc. | 8,855 | 1,208 |
Primoris Services Corp. | 43,424 | 1,155 | |
Lindsay Corp. | 6,673 | 1,045 | |
* | Janus International Group Inc. | 92,812 | 1,021 |
Pitney Bowes Inc. | 233,155 | 1,005 | |
* | Franklin Covey Co. | 20,352 | 944 |
*,1 | Enovix Corp. | 116,944 | 929 |
* | Dycom Industries Inc. | 9,462 | 902 |
* | Frontier Group Holdings Inc. | 58,954 | 742 |
Moog Inc. Class A | 7,332 | 699 | |
* | CRA International Inc. | 5,856 | 696 |
ArcBest Corp. | 7,703 | 643 | |
Allegion plc | 5,313 | 625 | |
*,1 | SunPower Corp. | 35,231 | 614 |
AECOM | 6,965 | 608 | |
* | Hireright Holdings Corp. | 36,992 | 423 |
4,020,407 | |||
Information Technology (18.3%) | |||
* | Five9 Inc. | 2,207,555 | 173,911 |
* | Guidewire Software Inc. | 1,914,156 | 140,193 |
Power Integrations Inc. | 1,539,233 | 132,513 | |
* | New Relic Inc. | 2,110,198 | 128,828 |
* | GoDaddy Inc. Class A | 1,221,300 | 100,305 |
Shares | Market Value ($000) | ||
* | Cirrus Logic Inc. | 1,064,641 | 96,233 |
* | First Solar Inc. | 526,089 | 93,433 |
Concentrix Corp. | 594,073 | 84,246 | |
* | Smartsheet Inc. Class A | 1,901,883 | 82,180 |
* | Dynatrace Inc. | 2,104,110 | 80,861 |
Monolithic Power Systems Inc. | 180,500 | 76,994 | |
* | Jamf Holding Corp. | 3,658,045 | 72,685 |
* | Viavi Solutions Inc. | 6,382,312 | 72,120 |
* | Manhattan Associates Inc. | 550,454 | 71,757 |
*,1 | Informatica Inc. Class A | 3,875,209 | 68,979 |
* | Euronet Worldwide Inc. | 564,868 | 63,649 |
* | Silicon Laboratories Inc. | 393,199 | 61,697 |
* | Cadence Design Systems Inc. | 322,055 | 58,881 |
* | Trimble Inc. | 994,165 | 57,721 |
* | Teledyne Technologies Inc. | 132,410 | 56,176 |
* | Momentive Global Inc. | 7,087,970 | 54,648 |
* | HubSpot Inc. | 134,569 | 46,697 |
* | Wix.com Ltd. | 533,095 | 46,369 |
* | Lattice Semiconductor Corp. | 600,586 | 45,518 |
* | PTC Inc. | 318,526 | 42,963 |
* | Onto Innovation Inc. | 539,899 | 42,463 |
Maximus Inc. | 561,411 | 42,022 | |
* | Envestnet Inc. | 618,898 | 40,228 |
* | Paycor HCM Inc. | 1,578,757 | 39,643 |
* | Okta Inc. | 530,836 | 39,075 |
* | Palo Alto Networks Inc. | 244,962 | 38,861 |
* | ON Semiconductor Corp. | 526,394 | 38,664 |
* | Box Inc. Class A | 1,202,067 | 38,454 |
*,1 | Monday.com Ltd. | 294,824 | 38,383 |
* | Globant SA | 233,112 | 37,806 |
*,1 | GLOBALFOUNDRIES Inc. | 634,636 | 37,621 |
* | Tower Semiconductor Ltd. | 880,513 | 36,797 |
* | N-Able Inc. | 3,334,258 | 34,243 |
* | Consensus Cloud Solutions Inc. | 554,182 | 32,569 |
National Instruments Corp. | 598,048 | 32,295 | |
* | WEX Inc. | 171,797 | 31,777 |
* | CyberArk Software Ltd. | 224,703 | 31,656 |
Microchip Technology Inc. | 402,808 | 31,266 | |
*,3 | 8x8 Inc. | 6,470,576 | 30,476 |
* | Everbridge Inc. | 929,481 | 29,706 |
Jabil Inc. | 373,849 | 29,396 | |
* | Toast Inc. Class A | 1,313,712 | 29,309 |
* | Black Knight Inc. | 475,572 | 28,815 |
* | Procore Technologies Inc. | 505,100 | 28,260 |
* | RingCentral Inc. Class A | 712,036 | 27,791 |
* | Rapid7 Inc. | 696,186 | 27,757 |
* | Tyler Technologies Inc. | 85,764 | 27,682 |
* | Enphase Energy Inc. | 122,700 | 27,163 |
* | Fair Isaac Corp. | 38,053 | 25,341 |
* | Ambarella Inc. | 268,391 | 24,112 |
Cognex Corp. | 440,031 | 24,087 | |
* | Dropbox Inc. Class A | 1,023,087 | 23,766 |
* | Allegro MicroSystems Inc. | 622,400 | 23,757 |
*,1 | Freshworks Inc. Class A | 1,465,200 | 23,707 |
* | Tenable Holdings Inc. | 580,923 | 23,371 |
* | Fortinet Inc. | 437,523 | 22,900 |
* | Axcelis Technologies Inc. | 205,300 | 22,573 |
* | Qualtrics International Inc. Class A | 1,378,248 | 21,735 |
Shares | Market Value ($000) | ||
* | Sumo Logic Inc. | 1,713,860 | 20,275 |
* | Nutanix Inc. Class A | 712,353 | 19,853 |
* | Elastic NV | 336,278 | 19,787 |
Bentley Systems Inc. Class B | 485,000 | 18,939 | |
* | Paylocity Holding Corp. | 90,438 | 18,837 |
* | ANSYS Inc. | 69,172 | 18,425 |
Clear Secure Inc. Class A | 578,300 | 18,153 | |
* | Extreme Networks Inc. | 978,649 | 17,645 |
* | Qualys Inc. | 149,899 | 17,292 |
* | Aspen Technology Inc. | 77,388 | 15,381 |
* | CommScope Holding Co. Inc. | 1,805,456 | 15,166 |
* | CommVault Systems Inc. | 233,057 | 14,503 |
* | Q2 Holdings Inc. | 437,156 | 14,304 |
* | Varonis Systems Inc. Class B | 553,560 | 14,304 |
* | MaxLinear Inc. | 318,206 | 13,110 |
* | Impinj Inc. | 99,326 | 12,891 |
* | PROS Holdings Inc. | 509,666 | 12,844 |
* | Diodes Inc. | 142,496 | 12,709 |
* | SentinelOne Inc. Class A | 779,800 | 11,767 |
* | Teradata Corp. | 325,347 | 11,348 |
A10 Networks Inc. | 696,445 | 10,781 | |
* | Synaptics Inc. | 85,017 | 10,630 |
* | Yext Inc. | 1,452,718 | 10,096 |
* | ExlService Holdings Inc. | 57,465 | 9,804 |
Amkor Technology Inc. | 330,034 | 9,657 | |
* | Super Micro Computer Inc. | 132,565 | 9,588 |
CSG Systems International Inc. | 151,605 | 9,046 | |
* | Domo Inc. Class B | 576,480 | 8,941 |
* | Pure Storage Inc. Class A | 289,994 | 8,392 |
* | Agilysys Inc. | 94,162 | 7,868 |
TTEC Holdings Inc. | 150,769 | 7,665 | |
* | SMART Global Holdings Inc. | 350,636 | 6,028 |
Pegasystems Inc. | 141,617 | 5,506 | |
* | Confluent Inc. Class A | 233,444 | 5,393 |
* | Fabrinet | 38,015 | 5,005 |
* | eGain Corp. | 440,680 | 4,283 |
* | Infinera Corp. | 573,807 | 4,200 |
* | EPAM Systems Inc. | 12,449 | 4,141 |
* | ePlus Inc. | 80,163 | 3,991 |
* | Semtech Corp. | 117,718 | 3,888 |
Hackett Group Inc. | 170,934 | 3,778 | |
* | LivePerson Inc. | 291,253 | 3,751 |
* | Arrow Electronics Inc. | 31,262 | 3,673 |
* | Brightcove Inc. | 524,919 | 3,328 |
* | Ultra Clean Holdings Inc. | 89,846 | 3,023 |
* | AvidXchange Holdings Inc. | 225,893 | 2,512 |
Jack Henry & Associates Inc. | 12,919 | 2,327 | |
* | BigCommerce Holdings Inc. Series 1 | 169,692 | 2,080 |
* | ACM Research Inc. Class A | 164,323 | 2,052 |
* | Upland Software Inc. | 233,415 | 2,038 |
* | ACI Worldwide Inc. | 71,312 | 1,992 |
* | Perficient Inc. | 26,114 | 1,936 |
Vishay Intertechnology Inc. | 83,285 | 1,906 | |
* | Itron Inc. | 31,870 | 1,832 |
* | Alarm.com Holdings Inc. | 32,459 | 1,740 |
* | Eastman Kodak Co. | 451,327 | 1,629 |
* | Cambium Networks Corp. | 74,883 | 1,605 |
* | Zuora Inc. Class A | 201,576 | 1,597 |
Shares | Market Value ($000) | ||
* | EngageSmart Inc. | 77,198 | 1,521 |
* | Diebold Nixdorf Inc. | 589,155 | 1,408 |
* | NCR Corp. | 48,211 | 1,322 |
* | Unisys Corp. | 228,189 | 1,235 |
* | Workiva Inc. Class A | 12,877 | 1,114 |
* | FormFactor Inc. | 31,333 | 882 |
* | Plexus Corp. | 8,011 | 769 |
* | OSI Systems Inc. | 7,962 | 754 |
* | Arlo Technologies Inc. | 176,325 | 661 |
* | Squarespace Inc. Class A | 26,104 | 619 |
* | International Money Express Inc. | 26,170 | 596 |
* | Couchbase Inc. | 32,929 | 487 |
3,711,687 | |||
Materials (3.5%) | |||
Graphic Packaging Holding Co. | 6,763,587 | 162,935 | |
Methanex Corp. | 1,991,434 | 94,255 | |
Cabot Corp. | 1,158,477 | 87,268 | |
Louisiana-Pacific Corp. | 1,095,543 | 74,596 | |
* | Summit Materials Inc. Class A | 1,862,087 | 61,188 |
Ashland Inc. | 474,900 | 51,892 | |
Balchem Corp. | 174,943 | 22,853 | |
Eagle Materials Inc. | 148,714 | 21,724 | |
Chemours Co. | 522,379 | 19,009 | |
Olin Corp. | 229,096 | 14,797 | |
Warrior Met Coal Inc. | 359,536 | 13,619 | |
* | O-I Glass Inc. | 439,634 | 8,463 |
* | Ingevity Corp. | 99,547 | 8,207 |
Avery Dennison Corp. | 39,485 | 7,480 | |
Sensient Technologies Corp. | 85,307 | 6,457 | |
AdvanSix Inc. | 130,940 | 5,662 | |
Alpha Metallurgical Resources Inc. | 31,972 | 5,145 | |
Innospec Inc. | 42,392 | 4,791 | |
Steel Dynamics Inc. | 34,879 | 4,208 | |
* | Constellium SE Class A | 277,734 | 4,035 |
* | Berry Global Group Inc. | 61,686 | 3,808 |
* | LSB Industries Inc. | 266,545 | 3,388 |
Sylvamo Corp. | 57,284 | 2,723 | |
American Vanguard Corp. | 119,450 | 2,698 | |
Sealed Air Corp. | 46,762 | 2,561 | |
Orion Engineered Carbons SA | 95,525 | 2,008 | |
Greif Inc. Class A | 24,713 | 1,765 | |
* | Livent Corp. | 63,250 | 1,639 |
Schnitzer Steel Industries Inc. Class A | 26,655 | 902 | |
* | Compass Minerals International Inc. | 18,898 | 882 |
Ryerson Holding Corp. | 20,978 | 801 | |
* | Century Aluminum Co. | 67,544 | 759 |
Ramaco Resources Inc. | 56,463 | 589 | |
Kronos Worldwide Inc. | 39,611 | 461 | |
703,568 | |||
Other (0.6%) | |||
4 | Vanguard Small-Cap ETF | 604,672 | 122,253 |
Real Estate (3.0%) | |||
Essential Properties Realty Trust Inc. | 3,665,627 | 93,400 | |
Phillips Edison & Co. Inc. | 2,751,014 | 92,214 | |
Rexford Industrial Realty Inc. | 1,411,877 | 89,612 | |
Life Storage Inc. | 741,052 | 80,063 | |
Douglas Emmett Inc. | 3,819,325 | 63,974 |
Shares | Market Value ($000) | ||
Pebblebrook Hotel Trust | 2,724,889 | 44,688 | |
Americold Realty Trust Inc. | 1,266,700 | 39,787 | |
Xenia Hotels & Resorts Inc. | 2,601,086 | 38,756 | |
Outfront Media Inc. | 903,237 | 17,974 | |
National Storage Affiliates Trust | 310,937 | 12,686 | |
DigitalBridge Group Inc. | 495,574 | 7,335 | |
Equity LifeStyle Properties Inc. | 96,584 | 6,933 | |
CareTrust REIT Inc. | 255,759 | 5,299 | |
NexPoint Residential Trust Inc. | 101,354 | 5,118 | |
Camden Property Trust | 23,784 | 2,930 | |
RMR Group Inc. Class A | 75,418 | 2,340 | |
Alexander's Inc. | 9,841 | 2,335 | |
Tanger Factory Outlet Centers Inc. | 118,870 | 2,272 | |
Gladstone Commercial Corp. | 109,587 | 1,862 | |
Douglas Elliman Inc. | 254,240 | 1,185 | |
Newmark Group Inc. Class A | 123,335 | 1,057 | |
611,820 | |||
Utilities (1.0%) | |||
Atlantica Sustainable Infrastructure plc | 2,892,055 | 79,300 | |
Portland General Electric Co. | 1,640,592 | 78,059 | |
Vistra Corp. | 646,830 | 14,916 | |
National Fuel Gas Co. | 245,502 | 14,254 | |
Otter Tail Corp. | 136,709 | 8,770 | |
Brookfield Infrastructure Corp. Class A (XTSE) | 58,677 | 2,595 | |
MGE Energy Inc. | 16,382 | 1,197 | |
199,091 | |||
Total Common Stocks (Cost $16,295,528) | 19,490,259 | ||
Temporary Cash Investments (4.3%) | |||
Money Market Fund (3.4%) | |||
5,6 | Vanguard Market Liquidity Fund, 4.437% | 6,985,202 | 698,450 |
Face Amount ($000) | Market Value ($000) | ||
Repurchase Agreement (0.9%) | |||
Deutsche Bank Securities Inc. 4.290%, 2/1/23 (Dated 1/31/23, Repurchase Value $174,121,000, collateralized by Fannie Mae 1.500%, 4/1/51, and Freddie Mac 2.000%–5.500%, 1/1/34–2/1/53, with a value of $177,582,000) | 174,100 | 174,100 | |
Total Temporary Cash Investments (Cost $872,431) | 872,550 | ||
Total Investments (100.4%) (Cost $17,167,959) | 20,362,809 | ||
Other Assets and Liabilities—Net (-0.4%) | (88,583) | ||
Net Assets (100%) | 20,274,226 | ||
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 $130,280,000. |
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 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
5 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
6 | Collateral of $131,516,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
REIT—Real Estate Investment Trust. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini Russell 2000 Index | March 2023 | 3,501 | 339,492 | 18,187 |
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. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.
B. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
C. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.
D. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. 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).
E. 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 January 31, 2023, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 19,489,560 | 699 | — | 19,490,259 |
Temporary Cash Investments | 698,450 | 174,100 | — | 872,550 |
Total | 20,188,010 | 174,799 | — | 20,362,809 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 18,187 | — | — | 18,187 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |
F. Certain of the fund’s investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company or the issuer is another member of The Vanguard Group. Transactions during the period in securities of these companies were as follows:
Current Period Transactions | ||||||||
Oct. 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) | Jan. 31, 2023 Market Value ($000) | |
8x8 Inc. | NA1 | 4,632 | 1,456 | (2,734) | 5,501 | — | — | 30,476 |
Vanguard Market Liquidity Fund | 716,694 | NA2 | NA2 | 65 | 2 | 5,361 | 1 | 698,450 |
Vanguard Small-Cap ETF | 217,998 | — | 103,119 | 207 | 7,167 | 1,171 | — | 122,253 |
Veracyte Inc. | 79,133 | 4,190 | 20,884 | (10,276) | 30,808 | — | — | NA3 |
Total | 1,013,825 | 8,822 | 125,459 | (12,738) | 43,478 | 6,532 | 1 | 851,179 |
1 | Not applicable—at October 31, 2022, the issuer was not an affiliated company of the fund. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
3 | Not applicable—at January 31, 2023, the security was still held, but the issuer was no longer an affiliated company of the fund. |