Vanguard® Explorer™ Fund
Schedule of Investments (unaudited)
As of July 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 (96.4%) | |||
Communication Services (3.8%) | |||
New York Times Co. Class A | 2,357,187 | 96,079 | |
* | Ziff Davis Inc. | 1,298,209 | 94,146 |
* | Live Nation Entertainment Inc. | 1,011,655 | 88,773 |
* | Cinemark Holdings Inc. | 4,407,721 | 73,565 |
* | Bumble Inc. Class A | 3,928,260 | 72,751 |
* | Cargurus Inc. | 2,938,360 | 66,583 |
* | ZipRecruiter Inc. Class A | 3,284,938 | 60,837 |
* | Take-Two Interactive Software Inc. | 331,528 | 50,704 |
Iridium Communications Inc. | 754,180 | 39,632 | |
Warner Music Group Corp. Class A | 1,144,967 | 36,124 | |
Electronic Arts Inc. | 251,686 | 34,317 | |
* | IAC Inc. | 404,838 | 28,177 |
* | Yelp Inc. Class A | 497,073 | 22,393 |
* | Spotify Technology SA | 108,982 | 16,283 |
* | Playtika Holding Corp. | 611,844 | 7,305 |
* | TripAdvisor Inc. | 279,406 | 5,211 |
* | Clear Channel Outdoor Holdings Inc. | 1,948,279 | 3,507 |
* | Vimeo Inc. | 754,350 | 3,108 |
* | ZoomInfo Technologies Inc. Class A | 109,465 | 2,799 |
* | Bandwidth Inc. Class A | 138,727 | 2,102 |
* | Integral Ad Science Holding Corp. | 92,652 | 1,932 |
Shutterstock Inc. | 37,458 | 1,927 | |
* | TechTarget Inc. | 54,080 | 1,756 |
* | PubMatic Inc. Class A | 62,376 | 1,247 |
* | Eventbrite Inc. Class A | 72,975 | 840 |
* | EverQuote Inc. Class A | 47,437 | 336 |
812,434 | |||
Consumer Discretionary (10.6%) | |||
* | Burlington Stores Inc. | 993,409 | 176,449 |
* | Five Below Inc. | 513,187 | 106,917 |
* | Crocs Inc. | 872,898 | 94,579 |
* | Skyline Champion Corp. | 1,329,721 | 92,628 |
Wingstop Inc. | 515,869 | 86,965 | |
Levi Strauss & Co. Class A | 5,750,066 | 86,653 | |
* | YETI Holdings Inc. | 1,997,566 | 85,096 |
Steven Madden Ltd. | 2,466,475 | 82,331 | |
Meritage Homes Corp. | 541,578 | 80,668 | |
Texas Roadhouse Inc. Class A | 714,960 | 79,754 | |
Acushnet Holdings Corp. | 1,131,853 | 67,492 | |
Carter's Inc. | 863,697 | 64,786 | |
Churchill Downs Inc. | 520,938 | 60,351 | |
* | Floor & Decor Holdings Inc. Class A | 471,054 | 54,101 |
Shares | Market Value ($000) | ||
* | Skechers USA Inc. Class A | 962,379 | 53,489 |
Pool Corp. | 127,744 | 49,148 | |
Domino's Pizza Inc. | 111,036 | 44,052 | |
* | Deckers Outdoor Corp. | 75,922 | 41,278 |
* | Fox Factory Holding Corp. | 363,443 | 40,669 |
* | Etsy Inc. | 358,505 | 36,442 |
* | frontdoor Inc. | 963,090 | 33,631 |
* | Topgolf Callaway Brands Corp. | 1,655,172 | 33,054 |
* | National Vision Holdings Inc. | 1,503,184 | 32,514 |
*,1 | Farfetch Ltd. Class A | 5,581,143 | 32,259 |
* | Sally Beauty Holdings Inc. | 2,613,772 | 31,287 |
Papa John's International Inc. | 365,649 | 30,239 | |
* | Grand Canyon Education Inc. | 267,212 | 29,006 |
*,1 | Sportradar Holding AG Class A | 1,968,065 | 28,990 |
* | Under Armour Inc. Class C | 3,862,475 | 28,660 |
Tractor Supply Co. | 120,542 | 27,000 | |
*,1 | Canada Goose Holdings Inc. | 1,382,901 | 25,224 |
Murphy USA Inc. | 75,917 | 23,309 | |
* | Bright Horizons Family Solutions Inc. | 232,132 | 22,524 |
Installed Building Products Inc. | 140,615 | 20,814 | |
Boyd Gaming Corp. | 254,261 | 17,371 | |
* | Ulta Beauty Inc. | 38,097 | 16,946 |
Williams-Sonoma Inc. | 117,330 | 16,267 | |
* | Tri Pointe Homes Inc. | 509,141 | 16,231 |
Toll Brothers Inc. | 185,611 | 14,910 | |
* | SeaWorld Entertainment Inc. | 243,511 | 13,483 |
Hanesbrands Inc. | 2,495,045 | 13,149 | |
Travel & Leisure Co. | 290,446 | 11,830 | |
* | Cavco Industries Inc. | 38,948 | 11,515 |
Buckle Inc. | 294,272 | 10,759 | |
* | Shake Shack Inc. Class A | 117,595 | 9,132 |
* | Abercrombie & Fitch Co. Class A | 229,163 | 9,077 |
Tapestry Inc. | 205,560 | 8,870 | |
* | Brinker International Inc. | 213,305 | 8,379 |
Patrick Industries Inc. | 75,508 | 6,535 | |
* | Master Craft Boat Holdings Inc. | 213,187 | 6,534 |
* | Visteon Corp. | 41,412 | 6,381 |
* | Malibu Boats Inc. Class A | 105,472 | 6,323 |
* | Wayfair Inc. Class A | 75,282 | 5,862 |
* | Taylor Morrison Home Corp. Class A | 119,320 | 5,777 |
* | Everi Holdings Inc. | 387,131 | 5,745 |
Jack in the Box Inc. | 57,684 | 5,734 | |
Signet Jewelers Ltd. | 70,780 | 5,697 | |
Monarch Casino & Resort Inc. | 73,568 | 5,100 | |
* | Green Brick Partners Inc. | 90,210 | 5,099 |
Wendy's Co. | 235,719 | 5,066 | |
* | Perdoceo Education Corp. | 354,118 | 4,727 |
* | CarParts.com Inc. | 932,394 | 4,681 |
Red Rock Resorts Inc. Class A | 92,090 | 4,466 | |
* | Modine Manufacturing Co. | 118,662 | 4,457 |
Valvoline Inc. | 116,262 | 4,414 | |
Dine Brands Global Inc. | 68,827 | 4,152 | |
* | Hilton Grand Vacations Inc. | 88,599 | 4,120 |
Wynn Resorts Ltd. | 37,418 | 4,078 | |
* | American Axle & Manufacturing Holdings Inc. | 405,796 | 3,835 |
Bloomin' Brands Inc. | 132,873 | 3,570 | |
* | Golden Entertainment Inc. | 83,224 | 3,524 |
Winnebago Industries Inc. | 47,651 | 3,278 |
Shares | Market Value ($000) | ||
International Game Technology plc | 95,767 | 3,240 | |
* | Stride Inc. | 84,793 | 3,240 |
Academy Sports & Outdoors Inc. | 54,150 | 3,238 | |
* | Norwegian Cruise Line Holdings Ltd. | 146,268 | 3,228 |
* | Stitch Fix Inc. Class A | 587,457 | 3,002 |
Upbound Group Inc. | 80,837 | 2,799 | |
* | Boot Barn Holdings Inc. | 29,789 | 2,797 |
* | Duolingo Inc. | 17,091 | 2,652 |
Carriage Services Inc. Class A | 80,893 | 2,619 | |
Build-A-Bear Workshop Inc. | 106,302 | 2,610 | |
*,1 | Warby Parker Inc. Class A | 173,626 | 2,594 |
* | Dave & Buster's Entertainment Inc. | 55,858 | 2,558 |
* | Chico's FAS Inc. | 414,400 | 2,528 |
* | Victoria's Secret & Co. | 102,995 | 2,110 |
* | Six Flags Entertainment Corp. | 84,755 | 2,026 |
Standard Motor Products Inc. | 40,577 | 1,549 | |
1 | Dillard's Inc. Class A | 4,284 | 1,470 |
* | Denny's Corp. | 109,135 | 1,283 |
PulteGroup Inc. | 14,352 | 1,211 | |
*,1 | Red Robin Gourmet Burgers Inc. | 82,673 | 1,203 |
* | BJ's Restaurants Inc. | 21,613 | 814 |
* | Sleep Number Corp. | 27,329 | 757 |
Oxford Industries Inc. | 6,142 | 662 | |
* | Chuy's Holdings Inc. | 15,554 | 647 |
RCI Hospitality Holdings Inc. | 6,265 | 437 | |
*,1 | Torrid Holdings Inc. | 126,348 | 344 |
*,1 | Rent the Runway Inc. Class A | 138,160 | 256 |
2,231,307 | |||
Consumer Staples (2.9%) | |||
* | Performance Food Group Co. | 2,350,384 | 140,459 |
* | BJ's Wholesale Club Holdings Inc. | 1,713,119 | 113,597 |
Casey's General Stores Inc. | 294,343 | 74,369 | |
* | Celsius Holdings Inc. | 401,651 | 58,119 |
MGP Ingredients Inc. | 442,154 | 50,410 | |
*,1 | Freshpet Inc. | 629,337 | 46,281 |
* | BellRing Brands Inc. | 955,384 | 34,346 |
Coca-Cola Consolidated Inc. | 33,903 | 21,474 | |
* | elf Beauty Inc. | 145,260 | 16,955 |
Lamb Weston Holdings Inc. | 119,923 | 12,428 | |
Cal-Maine Foods Inc. | 191,676 | 8,853 | |
Vector Group Ltd. | 449,117 | 5,892 | |
John B Sanfilippo & Son Inc. | 49,690 | 5,412 | |
Energizer Holdings Inc. | 146,891 | 5,244 | |
PriceSmart Inc. | 66,637 | 5,180 | |
* | USANA Health Sciences Inc. | 43,366 | 2,815 |
* | Vita Coco Co. Inc. | 101,216 | 2,674 |
Medifast Inc. | 25,558 | 2,604 | |
Turning Point Brands Inc. | 75,086 | 1,791 | |
Inter Parfums Inc. | 10,838 | 1,621 | |
* | Herbalife Ltd. | 95,680 | 1,554 |
Primo Water Corp. | 105,798 | 1,499 | |
* | TreeHouse Foods Inc. | 23,841 | 1,230 |
* | Sprouts Farmers Market Inc. | 18,538 | 728 |
* | Simply Good Foods Co. | 17,541 | 679 |
616,214 | |||
Energy (4.4%) | |||
Chord Energy Corp. | 781,119 | 122,511 |
Shares | Market Value ($000) | ||
Magnolia Oil & Gas Corp. Class A | 5,414,317 | 119,927 | |
Viper Energy Partners LP | 4,067,889 | 110,321 | |
PDC Energy Inc. | 1,168,536 | 88,680 | |
ChampionX Corp. | 2,015,984 | 71,769 | |
* | Seadrill Ltd. | 1,398,045 | 68,378 |
EQT Corp. | 1,025,000 | 43,234 | |
Matador Resources Co. | 730,145 | 40,618 | |
* | TechnipFMC plc | 1,950,593 | 35,774 |
* | Southwestern Energy Co. | 4,744,099 | 30,742 |
Cactus Inc. Class A | 520,162 | 26,414 | |
* | Weatherford International plc | 269,120 | 22,364 |
* | Par Pacific Holdings Inc. | 641,216 | 20,185 |
Coterra Energy Inc. | 727,852 | 20,045 | |
Liberty Energy Inc. Class A | 1,090,390 | 17,959 | |
Pioneer Natural Resources Co. | 67,346 | 15,198 | |
* | Nabors Industries Ltd. (XNYS) | 82,966 | 10,162 |
Diamondback Energy Inc. | 60,958 | 8,980 | |
Delek US Holdings Inc. | 313,899 | 8,660 | |
SM Energy Co. | 158,037 | 5,735 | |
Range Resources Corp. | 164,100 | 5,158 | |
Murphy Oil Corp. | 117,091 | 5,067 | |
* | Oceaneering International Inc. | 198,363 | 4,453 |
Patterson-UTI Energy Inc. | 270,191 | 4,280 | |
* | US Silica Holdings Inc. | 255,517 | 3,324 |
Dorian LPG Ltd. | 97,600 | 2,903 | |
* | Amplify Energy Corp. | 363,162 | 2,666 |
Texas Pacific Land Corp. | 1,426 | 2,148 | |
RPC Inc. | 219,650 | 1,827 | |
* | Tidewater Inc. | 27,874 | 1,759 |
* | TETRA Technologies Inc. | 387,026 | 1,738 |
CONSOL Energy Inc. | 22,424 | 1,671 | |
Equitrans Midstream Corp. | 129,959 | 1,348 | |
PBF Energy Inc. Class A | 20,333 | 965 | |
* | Kosmos Energy Ltd. | 132,914 | 944 |
Solaris Oilfield Infrastructure Inc. Class A | 82,776 | 905 | |
CVR Energy Inc. | 23,550 | 865 | |
929,677 | |||
Financials (8.7%) | |||
Houlihan Lokey Inc. Class A | 1,509,965 | 150,770 | |
LPL Financial Holdings Inc. | 600,582 | 137,749 | |
Webster Financial Corp. | 2,271,822 | 107,503 | |
Tradeweb Markets Inc. Class A | 1,296,941 | 106,077 | |
Assured Guaranty Ltd. | 1,744,302 | 104,274 | |
Voya Financial Inc. | 1,358,922 | 100,914 | |
StepStone Group Inc. Class A | 3,161,355 | 88,739 | |
Assurant Inc. | 630,256 | 84,776 | |
American Financial Group Inc. | 669,227 | 81,385 | |
MGIC Investment Corp. | 4,797,223 | 80,305 | |
Prosperity Bancshares Inc. | 1,217,776 | 77,110 | |
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 2,847,000 | 74,335 | |
* | Euronet Worldwide Inc. | 750,254 | 65,925 |
FirstCash Holdings Inc. | 565,442 | 53,875 | |
Pinnacle Financial Partners Inc. | 645,705 | 49,009 | |
MarketAxess Holdings Inc. | 156,130 | 42,033 | |
WisdomTree Inc. | 5,579,674 | 38,834 | |
* | WEX Inc. | 191,166 | 36,197 |
* | Palomar Holdings Inc. | 542,284 | 32,841 |
Piper Sandler Cos. | 216,530 | 31,691 |
Shares | Market Value ($000) | ||
* | Ryan Specialty Holdings Inc. Class A | 702,355 | 30,440 |
FactSet Research Systems Inc. | 61,740 | 26,859 | |
* | Shift4 Payments Inc. Class A | 339,870 | 23,448 |
Everest Group Ltd. | 55,275 | 19,927 | |
* | Toast Inc. Class A | 841,219 | 18,566 |
Equitable Holdings Inc. | 638,798 | 18,327 | |
Virtus Investment Partners Inc. | 77,110 | 15,864 | |
* | AvidXchange Holdings Inc. | 1,105,123 | 13,715 |
* | StoneCo. Ltd. Class A | 783,568 | 11,354 |
RenaissanceRe Holdings Ltd. | 57,533 | 10,745 | |
* | NMI Holdings Inc. Class A | 389,076 | 10,392 |
RLI Corp. | 64,545 | 8,611 | |
* | Flywire Corp. | 237,297 | 8,101 |
Federated Hermes Inc. | 215,625 | 7,295 | |
* | PROG Holdings Inc. | 159,789 | 6,484 |
Victory Capital Holdings Inc. Class A | 192,721 | 6,391 | |
Brown & Brown Inc. | 78,827 | 5,553 | |
Lincoln National Corp. | 184,691 | 5,179 | |
* | Green Dot Corp. Class A | 261,866 | 5,119 |
Westamerica BanCorp | 103,214 | 5,077 | |
Synovus Financial Corp. | 111,516 | 3,780 | |
* | Donnelley Financial Solutions Inc. | 66,681 | 3,154 |
Bank of NT Butterfield & Son Ltd. | 90,902 | 2,921 | |
Brightsphere Investment Group Inc. | 127,564 | 2,715 | |
Pathward Financial Inc. | 51,125 | 2,656 | |
Western Union Co. | 208,457 | 2,539 | |
* | Payoneer Global Inc. | 449,569 | 2,392 |
* | PagSeguro Digital Ltd. Class A | 174,796 | 1,986 |
* | Bancorp Inc. | 51,358 | 1,946 |
* | LendingTree Inc. | 79,419 | 1,938 |
* | StoneX Group Inc. | 16,635 | 1,531 |
* | LendingClub Corp. | 178,375 | 1,497 |
* | International Money Express Inc. | 56,012 | 1,357 |
First BanCorp (XNYS) | 82,534 | 1,226 | |
SLM Corp. | 64,681 | 1,046 | |
* | Open Lending Corp. Class A | 87,853 | 992 |
National Bank Holdings Corp. Class A | 25,107 | 863 | |
Cohen & Steers Inc. | 11,210 | 721 | |
Patria Investments Ltd. Class A | 40,232 | 612 | |
* | SiriusPoint Ltd. | 64,206 | 600 |
* | Skyward Specialty Insurance Group Inc. | 23,953 | 567 |
1,838,828 | |||
Health Care (19.6%) | |||
* | ICON plc ADR | 849,783 | 213,644 |
* | Acadia Healthcare Co. Inc. | 1,714,037 | 135,460 |
Bio-Techne Corp. | 1,462,380 | 121,962 | |
* | Omnicell Inc. | 1,728,376 | 109,147 |
* | Penumbra Inc. | 340,801 | 103,385 |
* | Haemonetics Corp. | 1,031,719 | 95,166 |
Encompass Health Corp. | 1,422,619 | 93,936 | |
* | QuidelOrtho Corp. | 1,055,490 | 92,208 |
* | Veracyte Inc. | 3,282,532 | 90,105 |
* | Inspire Medical Systems Inc. | 306,326 | 88,164 |
* | Globus Medical Inc. Class A | 1,403,350 | 84,580 |
STERIS plc | 354,611 | 79,983 | |
* | HealthEquity Inc. | 1,153,649 | 78,379 |
* | Insulet Corp. | 278,927 | 77,193 |
* | Ultragenyx Pharmaceutical Inc. | 1,740,383 | 75,045 |
Shares | Market Value ($000) | ||
* | Surgery Partners Inc. | 1,913,165 | 73,906 |
* | Myriad Genetics Inc. | 3,198,220 | 71,480 |
* | ICU Medical Inc. | 392,828 | 69,994 |
* | Glaukos Corp. | 882,150 | 68,049 |
* | Halozyme Therapeutics Inc. | 1,440,850 | 61,899 |
* | Charles River Laboratories International Inc. | 293,640 | 61,529 |
* | Amedisys Inc. | 674,341 | 61,257 |
* | Henry Schein Inc. | 758,237 | 59,741 |
* | Merit Medical Systems Inc. | 781,026 | 58,319 |
* | Alkermes plc | 1,983,251 | 58,070 |
* | Doximity Inc. Class A | 1,591,605 | 56,868 |
* | Exelixis Inc. | 2,835,561 | 55,889 |
Cooper Cos. Inc. | 133,856 | 52,372 | |
* | Sotera Health Co. | 2,647,395 | 50,248 |
* | DexCom Inc. | 397,861 | 49,558 |
Stevanato Group SpA | 1,562,423 | 48,794 | |
* | Intra-Cellular Therapies Inc. | 743,586 | 45,983 |
* | Neurocrine Biosciences Inc. | 444,706 | 45,311 |
* | Blueprint Medicines Corp. | 666,297 | 43,976 |
* | Repligen Corp. | 254,032 | 43,582 |
* | REVOLUTION Medicines Inc. | 1,558,612 | 40,914 |
* | Molina Healthcare Inc. | 131,653 | 40,087 |
* | Celldex Therapeutics Inc. | 1,084,669 | 38,354 |
* | Hologic Inc. | 479,970 | 38,119 |
* | IDEXX Laboratories Inc. | 68,300 | 37,888 |
* | Cytokinetics Inc. | 1,120,186 | 37,358 |
ResMed Inc. | 165,247 | 36,743 | |
Teleflex Inc. | 128,390 | 32,248 | |
* | Integra LifeSciences Holdings Corp. | 702,569 | 31,946 |
* | Certara Inc. | 1,468,806 | 28,598 |
* | Ascendis Pharma A/S ADR | 315,857 | 28,475 |
* | Nevro Corp. | 1,129,058 | 28,215 |
* | Supernus Pharmaceuticals Inc. | 894,425 | 27,450 |
* | Legend Biotech Corp. ADR | 361,465 | 27,298 |
* | Mettler-Toledo International Inc. | 21,375 | 26,878 |
Bruker Corp. | 360,103 | 24,746 | |
* | Neogen Corp. | 1,056,876 | 24,509 |
* | Kymera Therapeutics Inc. | 1,113,445 | 24,362 |
* | Tandem Diabetes Care Inc. | 695,004 | 24,270 |
* | Ionis Pharmaceuticals Inc. | 578,723 | 23,976 |
* | Pacira BioSciences Inc. | 647,800 | 23,548 |
* | Zentalis Pharmaceuticals Inc. | 847,549 | 22,638 |
* | SpringWorks Therapeutics Inc. | 704,117 | 22,095 |
* | Syneos Health Inc. | 518,282 | 21,980 |
*,1 | Immatics NV | 1,786,300 | 21,275 |
* | ACADIA Pharmaceuticals Inc. | 696,511 | 20,366 |
* | iRhythm Technologies Inc. | 193,516 | 20,331 |
* | Arvinas Inc. | 819,769 | 20,265 |
* | Medpace Holdings Inc. | 79,001 | 20,001 |
Chemed Corp. | 36,870 | 19,213 | |
* | Apellis Pharmaceuticals Inc. | 742,670 | 19,124 |
* | Karuna Therapeutics Inc. | 93,177 | 18,614 |
* | Agios Pharmaceuticals Inc. | 682,914 | 18,111 |
* | Teladoc Health Inc. | 606,729 | 18,062 |
* | Morphic Holding Inc. | 303,332 | 17,208 |
* | NuVasive Inc. | 417,058 | 17,187 |
* | Azenta Inc. | 363,802 | 17,091 |
* | Illumina Inc. | 88,337 | 16,974 |
Shares | Market Value ($000) | ||
* | Sage Therapeutics Inc. | 478,803 | 16,605 |
* | Masimo Corp. | 133,010 | 16,267 |
* | Schrodinger Inc. | 299,066 | 15,644 |
* | Ligand Pharmaceuticals Inc. | 222,433 | 14,887 |
* | Shockwave Medical Inc. | 54,061 | 14,088 |
* | Sarepta Therapeutics Inc. | 126,656 | 13,728 |
* | Exact Sciences Corp. | 135,337 | 13,201 |
* | Axonics Inc. | 216,926 | 13,096 |
* | Lantheus Holdings Inc. | 144,518 | 12,499 |
* | Relay Therapeutics Inc. | 979,922 | 12,347 |
* | Maravai LifeSciences Holdings Inc. Class A | 1,082,367 | 12,242 |
* | Axogen Inc. | 1,399,112 | 12,088 |
* | Jazz Pharmaceuticals plc | 92,666 | 12,085 |
* | Option Care Health Inc. | 340,873 | 11,515 |
* | ImmunoGen Inc. | 623,526 | 11,111 |
* | Arrowhead Pharmaceuticals Inc. | 299,704 | 10,346 |
* | Inmode Ltd. | 236,053 | 10,129 |
* | Veeva Systems Inc. Class A | 48,445 | 9,893 |
* | Intercept Pharmaceuticals Inc. | 873,648 | 9,435 |
* | AtriCure Inc. | 167,853 | 9,291 |
* | CorVel Corp. | 43,571 | 8,913 |
* | Avantor Inc. | 432,855 | 8,904 |
* | Tenet Healthcare Corp. | 115,643 | 8,642 |
* | Phreesia Inc. | 266,367 | 8,449 |
* | Coherus Biosciences Inc. | 1,693,303 | 8,162 |
* | LivaNova plc | 129,443 | 7,566 |
* | UFP Technologies Inc. | 33,842 | 6,588 |
* | PTC Therapeutics Inc. | 159,775 | 6,445 |
* | Amphastar Pharmaceuticals Inc. | 102,214 | 6,203 |
* | Fate Therapeutics Inc. | 1,438,594 | 5,941 |
* | Bridgebio Pharma Inc. | 168,744 | 5,908 |
* | Madrigal Pharmaceuticals Inc. | 25,105 | 5,154 |
* | Deciphera Pharmaceuticals Inc. | 366,577 | 4,956 |
*,1 | Novavax Inc. | 530,926 | 4,927 |
* | 10X Genomics Inc. Class A | 71,953 | 4,532 |
* | Natera Inc. | 95,741 | 4,329 |
* | Voyager Therapeutics Inc. | 457,063 | 4,260 |
* | Karyopharm Therapeutics Inc. | 2,262,243 | 4,072 |
* | Addus HomeCare Corp. | 41,514 | 3,801 |
* | Agenus Inc. | 2,486,576 | 3,780 |
* | SI-BONE Inc. | 145,559 | 3,750 |
* | STAAR Surgical Co. | 65,874 | 3,608 |
* | AMN Healthcare Services Inc. | 32,614 | 3,495 |
Ensign Group Inc. | 34,519 | 3,344 | |
* | Akero Therapeutics Inc. | 67,103 | 2,912 |
* | Puma Biotechnology Inc. | 777,390 | 2,814 |
* | Vaxcyte Inc. | 57,051 | 2,742 |
* | DaVita Inc. | 25,963 | 2,648 |
* | Tactile Systems Technology Inc. | 108,595 | 2,488 |
* | Atara Biotherapeutics Inc. | 1,112,882 | 2,459 |
* | Arcturus Therapeutics Holdings Inc. | 69,112 | 2,416 |
* | Travere Thrapeutics Inc. | 140,412 | 2,414 |
* | Ventyx Biosciences Inc. | 64,545 | 2,391 |
* | Health Catalyst Inc. | 169,456 | 2,377 |
* | Protagonist Therapeutics Inc. | 115,736 | 2,245 |
* | Immunovant Inc. | 97,561 | 2,227 |
* | Hims & Hers Health Inc. | 241,759 | 2,169 |
* | Prothena Corp. plc | 30,317 | 2,088 |
Shares | Market Value ($000) | ||
* | TransMedics Group Inc. | 22,184 | 2,067 |
* | BioCryst Pharmaceuticals Inc. | 263,165 | 1,945 |
* | ANI Pharmaceuticals Inc. | 35,501 | 1,866 |
* | Viridian Therapeutics Inc. | 99,461 | 1,866 |
* | ADMA Biologics Inc. | 448,085 | 1,860 |
* | Sangamo Therapeutics Inc. | 1,395,270 | 1,835 |
* | Pediatrix Medical Group Inc. | 126,346 | 1,735 |
* | Rapt Therapeutics Inc. | 71,951 | 1,720 |
* | MacroGenics Inc. | 352,568 | 1,682 |
* | Kiniksa Pharmaceuticals Ltd. Class A | 86,363 | 1,627 |
* | Alector Inc. | 236,904 | 1,625 |
* | Veradigm Inc. | 115,239 | 1,558 |
* | Quanterix Corp. | 59,600 | 1,480 |
*,1 | CytomX Therapeutics Inc. | 820,461 | 1,428 |
* | 89bio Inc. | 83,125 | 1,317 |
* | Keros Therapeutics Inc. | 31,245 | 1,309 |
* | MannKind Corp. | 277,305 | 1,267 |
* | Arcellx Inc. | 35,940 | 1,231 |
* | TG Therapeutics Inc. | 57,272 | 1,185 |
* | Cogent Biosciences Inc. | 88,171 | 1,145 |
* | Heron Therapeutics Inc. | 688,101 | 1,142 |
* | Cerus Corp. | 359,734 | 1,104 |
*,1 | Aldeyra Therapeutics Inc. | 135,440 | 1,099 |
* | Joint Corp. | 81,335 | 1,098 |
* | 4D Molecular Therapeutics Inc. | 59,968 | 1,097 |
* | Lexicon Pharmaceuticals Inc. | 542,066 | 1,090 |
* | Enanta Pharmaceuticals Inc. | 57,271 | 1,086 |
* | Surmodics Inc. | 33,543 | 1,076 |
* | Amicus Therapeutics Inc. | 78,779 | 1,073 |
* | Geron Corp. (XNGS) | 320,930 | 1,040 |
* | Fortress Biotech Inc. | 1,732,308 | 987 |
* | Pliant Therapeutics Inc. | 50,779 | 906 |
* | Progyny Inc. | 21,557 | 900 |
* | RxSight Inc. | 25,603 | 854 |
* | Axsome Therapeutics Inc. | 10,490 | 823 |
* | NanoString Technologies Inc. | 172,121 | 819 |
* | NeoGenomics Inc. | 47,012 | 815 |
LeMaitre Vascular Inc. | 12,697 | 803 | |
* | Dyne Therapeutics Inc. | 65,723 | 801 |
* | Amneal Pharmaceuticals Inc. | 244,539 | 783 |
* | Pennant Group Inc. | 66,647 | 765 |
* | Aclaris Therapeutics Inc. | 73,649 | 727 |
* | Esperion Therapeutics Inc. | 445,798 | 700 |
* | Codexis Inc. | 186,328 | 671 |
*,1 | PDS Biotechnology Corp. | 115,106 | 658 |
* | Catalyst Pharmaceuticals Inc. | 46,876 | 648 |
Embecta Corp. | 28,751 | 614 | |
* | Crinetics Pharmaceuticals Inc. | 31,232 | 593 |
* | Point Biopharma Global Inc. | 65,002 | 581 |
*,1 | Selecta Biosciences Inc. | 528,838 | 576 |
* | Organogenesis Holdings Inc. Class A | 126,114 | 539 |
* | FibroGen Inc. | 246,795 | 508 |
*,2 | Scilex Holding Co. (Acquired 1/6/23, Cost $1,032) | 98,470 | 485 |
*,1 | Affimed NV | 756,672 | 446 |
*,1 | Mei Pharma Inc. | 61,621 | 436 |
* | ModivCare Inc. | 9,225 | 403 |
* | NextCure Inc. | 171,519 | 295 |
* | Atea Pharmaceuticals Inc. | 81,077 | 278 |
Shares | Market Value ($000) | ||
* | Personalis Inc. | 96,118 | 227 |
* | Precision BioSciences Inc. | 342,301 | 198 |
* | Cue Biopharma Inc. | 46,345 | 177 |
*,1 | Syros Pharmaceuticals Inc. | 23,659 | 94 |
*,3 | OmniAb Inc. 12.5 Earnout | 84,348 | — |
*,3 | OmniAb Inc. 15 Earnout | 84,348 | — |
4,134,078 | |||
Industrials (21.6%) | |||
* | Kirby Corp. | 1,993,652 | 162,443 |
* | Builders FirstSource Inc. | 909,019 | 131,290 |
Science Applications International Corp. | 1,081,467 | 131,225 | |
* | AerCap Holdings NV | 1,991,001 | 127,046 |
* | Middleby Corp. | 790,987 | 120,111 |
* | Shoals Technologies Group Inc. Class A | 4,465,357 | 115,921 |
Rush Enterprises Inc. Class A | 1,698,900 | 109,885 | |
RB Global Inc. | 1,662,395 | 107,191 | |
Zurn Elkay Water Solutions Corp. | 3,426,725 | 104,310 | |
* | Fluor Corp. | 3,333,293 | 103,265 |
* | RBC Bearings Inc. | 446,401 | 100,909 |
* | AZEK Co. Inc. Class A | 3,170,370 | 98,916 |
Flowserve Corp. | 2,590,489 | 97,817 | |
Sensata Technologies Holding plc | 2,281,679 | 96,401 | |
GATX Corp. | 760,403 | 95,324 | |
* | Alight Inc. Class A | 9,735,302 | 95,211 |
* | Gibraltar Industries Inc. | 1,471,808 | 95,182 |
* | WillScot Mobile Mini Holdings Corp. | 1,953,567 | 93,674 |
* | Trex Co. Inc. | 1,333,631 | 92,207 |
* | Clean Harbors Inc. | 531,062 | 88,294 |
Kennametal Inc. | 2,728,337 | 83,160 | |
Fortune Brands Innovations Inc. | 1,142,814 | 81,220 | |
Herc Holdings Inc. | 603,061 | 80,708 | |
* | TriNet Group Inc. | 721,687 | 75,943 |
Matson Inc. | 799,724 | 74,742 | |
* | Alaska Air Group Inc. | 1,474,686 | 71,714 |
IDEX Corp. | 313,580 | 70,809 | |
* | ACV Auctions Inc. Class A | 3,919,839 | 68,558 |
Maximus Inc. | 745,249 | 62,422 | |
* | Axon Enterprise Inc. | 333,782 | 62,060 |
*,4 | Sterling Check Corp. | 4,922,228 | 59,116 |
Acuity Brands Inc. | 353,785 | 58,459 | |
* | Mercury Systems Inc. | 1,491,214 | 56,636 |
* | API Group Corp. | 1,962,455 | 56,440 |
Vertiv Holdings Co. Class A | 2,161,251 | 56,214 | |
* | SiteOne Landscape Supply Inc. | 329,456 | 56,008 |
Applied Industrial Technologies Inc. | 365,243 | 52,957 | |
Forward Air Corp. | 444,511 | 52,826 | |
Verisk Analytics Inc. Class A | 214,559 | 49,121 | |
* | GXO Logistics Inc. | 722,545 | 48,461 |
* | Masonite International Corp. | 461,417 | 48,241 |
* | XPO Inc. | 683,645 | 47,336 |
* | Paycor HCM Inc. | 1,606,657 | 43,155 |
* | AeroVironment Inc. | 411,848 | 39,233 |
HEICO Corp. Class A | 275,721 | 38,697 | |
* | Generac Holdings Inc. | 244,965 | 37,651 |
* | Cimpress plc | 512,549 | 35,622 |
BWX Technologies Inc. | 488,300 | 33,693 | |
Rockwell Automation Inc. | 98,390 | 33,088 | |
John Bean Technologies Corp. | 240,453 | 29,722 |
Shares | Market Value ($000) | ||
Tennant Co. | 364,964 | 29,285 | |
* | Kratos Defense & Security Solutions Inc. | 1,923,712 | 29,029 |
* | Atkore Inc. | 178,234 | 28,280 |
EMCOR Group Inc. | 126,994 | 27,309 | |
* | Paylocity Holding Corp. | 114,264 | 25,921 |
* | FTI Consulting Inc. | 141,974 | 24,868 |
United Rentals Inc. | 53,030 | 24,642 | |
* | Ameresco Inc. Class A | 387,477 | 22,555 |
* | GMS Inc. | 288,984 | 21,295 |
Terex Corp. | 360,600 | 21,142 | |
UFP Industries Inc. | 204,499 | 21,014 | |
Watts Water Technologies Inc. Class A | 108,704 | 20,277 | |
* | American Airlines Group Inc. | 1,191,066 | 19,950 |
JB Hunt Transport Services Inc. | 97,176 | 19,818 | |
Allison Transmission Holdings Inc. | 337,498 | 19,808 | |
*,1 | Bloom Energy Corp. Class A | 1,035,000 | 18,485 |
Toro Co. | 172,450 | 17,530 | |
* | ExlService Holdings Inc. | 121,870 | 17,178 |
AGCO Corp. | 123,805 | 16,478 | |
* | Kornit Digital Ltd. | 519,660 | 16,468 |
* | ATS Corp. | 350,050 | 15,892 |
Heartland Express Inc. | 777,833 | 12,718 | |
Howmet Aerospace Inc. | 237,533 | 12,147 | |
H&E Equipment Services Inc. | 246,118 | 11,956 | |
Hubbell Inc. Class B | 36,360 | 11,344 | |
Tetra Tech Inc. | 66,183 | 11,199 | |
Comfort Systems USA Inc. | 61,863 | 10,762 | |
Donaldson Co. Inc. | 153,545 | 9,647 | |
* | ASGN Inc. | 117,167 | 8,942 |
Franklin Electric Co. Inc. | 82,010 | 8,104 | |
CSG Systems International Inc. | 151,605 | 7,821 | |
* | Huron Consulting Group Inc. | 81,442 | 7,702 |
Graco Inc. | 95,801 | 7,600 | |
* | Rocket Lab USA Inc. | 1,015,356 | 7,483 |
Exponent Inc. | 79,887 | 7,156 | |
Kforce Inc. | 111,140 | 7,051 | |
WESCO International Inc. | 39,115 | 6,867 | |
EnerSys | 61,894 | 6,704 | |
Insperity Inc. | 56,807 | 6,683 | |
Valmont Industries Inc. | 24,689 | 6,536 | |
* | Upwork Inc. | 576,795 | 6,016 |
Wabash National Corp. | 246,533 | 5,838 | |
* | MYR Group Inc. | 40,941 | 5,837 |
Booz Allen Hamilton Holding Corp. Class A | 43,077 | 5,216 | |
* | Lyft Inc. Class A | 403,550 | 5,129 |
* | MRC Global Inc. | 442,185 | 4,992 |
Brink's Co. | 68,376 | 4,989 | |
* | LegalZoom.Com Inc. | 315,276 | 4,817 |
TTEC Holdings Inc. | 133,353 | 4,593 | |
Boise Cascade Co. | 43,222 | 4,473 | |
Alamo Group Inc. | 21,542 | 4,174 | |
AAON Inc. | 38,203 | 4,021 | |
* | Titan International Inc. | 319,736 | 3,993 |
Marten Transport Ltd. | 175,503 | 3,977 | |
Veritiv Corp. | 26,301 | 3,686 | |
Brady Corp. Class A | 71,005 | 3,662 | |
* | TrueBlue Inc. | 216,816 | 3,241 |
Griffon Corp. | 74,415 | 3,105 |
Shares | Market Value ($000) | ||
* | Sterling Infrastructure Inc. | 50,230 | 3,013 |
* | Masterbrand Inc. | 205,388 | 2,537 |
Lincoln Electric Holdings Inc. | 12,583 | 2,526 | |
Mueller Industries Inc. | 27,510 | 2,230 | |
Apogee Enterprises Inc. | 40,965 | 2,029 | |
Kadant Inc. | 8,754 | 1,951 | |
* | JELD-WEN Holding Inc. | 108,714 | 1,936 |
Enerpac Tool Group Corp. Class A | 67,758 | 1,862 | |
* | SPX Technologies Inc. | 19,572 | 1,656 |
ArcBest Corp. | 13,894 | 1,616 | |
* | First Advantage Corp. | 100,264 | 1,504 |
* | Array Technologies Inc. | 68,521 | 1,305 |
Robert Half International Inc. | 16,913 | 1,254 | |
* | Allegiant Travel Co. | 9,578 | 1,185 |
* | Janus International Group Inc. | 92,812 | 1,060 |
* | BlueLinx Holdings Inc. | 10,970 | 1,034 |
* | Hudson Technologies Inc. | 111,677 | 1,015 |
* | Franklin Covey Co. | 20,352 | 970 |
* | PGT Innovations Inc. | 32,309 | 924 |
Pitney Bowes Inc. | 233,155 | 919 | |
Genpact Ltd. | 22,978 | 829 | |
CSW Industrials Inc. | 4,428 | 799 | |
Federal Signal Corp. | 11,453 | 700 | |
* | American Woodmark Corp. | 8,699 | 667 |
* | Air Transport Services Group Inc. | 32,474 | 655 |
Primoris Services Corp. | 20,434 | 649 | |
* | Limbach Holdings Inc. | 24,131 | 638 |
Allegion plc | 5,313 | 621 | |
* | Blue Bird Corp. | 28,420 | 595 |
CRA International Inc. | 717 | 72 | |
4,576,790 | |||
Information Technology (16.4%) | |||
* | Guidewire Software Inc. | 1,914,156 | 162,359 |
* | New Relic Inc. | 1,865,114 | 156,632 |
* | Dynatrace Inc. | 2,482,386 | 135,762 |
* | Five9 Inc. | 1,459,320 | 128,055 |
Monolithic Power Systems Inc. | 183,700 | 102,778 | |
Power Integrations Inc. | 971,117 | 94,334 | |
* | GoDaddy Inc. Class A | 1,221,300 | 94,150 |
* | Manhattan Associates Inc. | 480,577 | 91,608 |
* | Jamf Holding Corp. | 3,930,067 | 85,361 |
* | Smartsheet Inc. Class A | 1,894,341 | 84,109 |
* | Sprout Social Inc. Class A | 1,448,054 | 82,742 |
* | HubSpot Inc. | 136,969 | 79,517 |
* | Viavi Solutions Inc. | 7,189,842 | 78,154 |
* | Trimble Inc. | 1,391,186 | 74,846 |
* | Informatica Inc. Class A | 3,875,209 | 73,784 |
* | Onto Innovation Inc. | 543,299 | 67,543 |
* | Cadence Design Systems Inc. | 288,366 | 67,481 |
* | Tenable Holdings Inc. | 1,378,862 | 67,095 |
* | Cirrus Logic Inc. | 816,299 | 65,957 |
* | Wix.com Ltd. | 573,932 | 54,133 |
* | Palo Alto Networks Inc. | 216,496 | 54,115 |
* | Silicon Laboratories Inc. | 359,012 | 53,543 |
* | Teledyne Technologies Inc. | 134,710 | 51,800 |
* | Globant SA | 275,038 | 48,057 |
* | Okta Inc. | 614,410 | 47,224 |
*,1 | GLOBALFOUNDRIES Inc. | 733,464 | 46,714 |
Shares | Market Value ($000) | ||
* | Lattice Semiconductor Corp. | 511,169 | 46,486 |
* | Pure Storage Inc. Class A | 1,234,094 | 45,649 |
* | Envestnet Inc. | 646,581 | 40,075 |
* | ON Semiconductor Corp. | 367,171 | 39,563 |
* | Procore Technologies Inc. | 514,000 | 38,987 |
* | PTC Inc. | 263,476 | 38,417 |
* | CyberArk Software Ltd. | 224,703 | 37,303 |
Microchip Technology Inc. | 370,505 | 34,805 | |
* | Tyler Technologies Inc. | 85,764 | 34,017 |
* | Fortinet Inc. | 437,523 | 34,004 |
* | Rapid7 Inc. | 736,538 | 33,814 |
* | Box Inc. Class A | 1,058,783 | 33,087 |
Jabil Inc. | 298,540 | 33,039 | |
* | Allegro MicroSystems Inc. | 633,400 | 32,690 |
Bentley Systems Inc. Class B | 550,000 | 29,634 | |
* | RingCentral Inc. Class A | 716,236 | 29,624 |
*,4 | 8x8 Inc. | 6,111,407 | 28,968 |
* | Freshworks Inc. Class A | 1,491,100 | 27,824 |
* | Everbridge Inc. | 834,011 | 25,721 |
* | Monday.com Ltd. | 131,865 | 23,839 |
* | ANSYS Inc. | 69,172 | 23,664 |
* | N-Able Inc. | 1,644,313 | 23,135 |
* | Ambarella Inc. | 268,391 | 22,389 |
Clear Secure Inc. Class A | 931,200 | 22,079 | |
* | Elastic NV | 326,550 | 21,699 |
* | Dropbox Inc. Class A | 790,480 | 21,303 |
* | Qualys Inc. | 149,899 | 20,806 |
* | Consensus Cloud Solutions Inc. | 640,482 | 20,758 |
* | Varonis Systems Inc. Class B | 701,418 | 20,131 |
* | Axcelis Technologies Inc. | 99,604 | 19,969 |
* | Nutanix Inc. Class A | 654,791 | 19,775 |
* | Super Micro Computer Inc. | 58,887 | 19,449 |
* | PROS Holdings Inc. | 509,666 | 19,367 |
* | Blackline Inc. | 331,241 | 19,238 |
* | CommVault Systems Inc. | 212,028 | 16,523 |
Cognex Corp. | 295,926 | 16,163 | |
* | Aspen Technology Inc. | 77,388 | 13,814 |
* | SentinelOne Inc. Class A | 793,600 | 13,229 |
* | CommScope Holding Co. Inc. | 2,873,198 | 12,929 |
* | Domo Inc. Class B | 689,400 | 12,320 |
* | Diodes Inc. | 121,698 | 11,499 |
* | Yext Inc. | 1,154,695 | 11,224 |
* | Synaptics Inc. | 123,264 | 11,132 |
* | Teradata Corp. | 191,738 | 10,900 |
A10 Networks Inc. | 696,445 | 10,809 | |
* | SMART Global Holdings Inc. | 391,410 | 10,411 |
* | UiPath Inc. Class A | 523,935 | 9,473 |
Pegasystems Inc. | 170,017 | 8,968 | |
Amkor Technology Inc. | 282,937 | 8,231 | |
* | Arrow Electronics Inc. | 56,850 | 8,103 |
* | PagerDuty Inc. | 303,760 | 7,873 |
* | Asana Inc. Class A | 306,139 | 7,433 |
* | Extreme Networks Inc. | 270,516 | 7,193 |
* | Arlo Technologies Inc. | 592,537 | 6,731 |
* | Impinj Inc. | 100,368 | 6,686 |
* | Itron Inc. | 83,484 | 6,568 |
* | MicroStrategy Inc. Class A | 14,375 | 6,295 |
* | Ultra Clean Holdings Inc. | 161,569 | 6,156 |
Shares | Market Value ($000) | ||
* | BigCommerce Holdings Inc. Series 1 | 554,246 | 5,991 |
* | Sprinklr Inc. Class A | 404,894 | 5,685 |
* | MaxLinear Inc. | 215,960 | 5,328 |
* | Confluent Inc. Class A | 151,095 | 5,219 |
* | Zuora Inc. Class A | 404,335 | 4,743 |
* | Fabrinet | 38,015 | 4,700 |
* | Q2 Holdings Inc. | 128,869 | 4,571 |
* | ePlus Inc. | 80,163 | 4,517 |
Hackett Group Inc. | 166,549 | 3,872 | |
* | Infinera Corp. | 722,166 | 3,250 |
* | eGain Corp. | 440,680 | 3,248 |
* | FormFactor Inc. | 84,193 | 3,129 |
* | Gitlab Inc. Class A | 60,942 | 3,025 |
* | ACM Research Inc. Class A | 227,864 | 2,985 |
* | Agilysys Inc. | 39,858 | 2,935 |
* | Fair Isaac Corp. | 3,415 | 2,862 |
* | LivePerson Inc. | 587,318 | 2,790 |
* | Plexus Corp. | 26,959 | 2,655 |
* | Eastman Kodak Co. | 451,327 | 2,478 |
*,1 | Maxeon Solar Technologies Ltd. | 99,729 | 2,462 |
* | Brightcove Inc. | 524,919 | 2,357 |
* | Squarespace Inc. Class A | 66,885 | 2,217 |
* | EngageSmart Inc. | 116,691 | 2,212 |
* | HashiCorp Inc. Class A | 67,562 | 2,000 |
* | Weave Communications Inc. | 130,059 | 1,561 |
* | PDF Solutions Inc. | 31,888 | 1,467 |
* | inTEST Corp. | 58,088 | 1,229 |
* | Cambium Networks Corp. | 74,883 | 1,213 |
*,1 | Marathon Digital Holdings Inc. | 69,808 | 1,213 |
* | Olo Inc. Class A | 149,775 | 1,177 |
* | OSI Systems Inc. | 7,962 | 949 |
* | Workiva Inc. Class A | 8,981 | 946 |
* | Upland Software Inc. | 233,415 | 922 |
Bel Fuse Inc. Class B | 16,161 | 867 | |
* | Alpha & Omega Semiconductor Ltd. | 26,248 | 863 |
* | AppLovin Corp. Class A | 25,614 | 804 |
* | Sanmina Corp. | 10,650 | 655 |
* | Amplitude Inc. Class A | 56,128 | 650 |
* | Alarm.com Holdings Inc. | 11,720 | 647 |
Vontier Corp. | 20,381 | 630 | |
* | Couchbase Inc. | 32,929 | 550 |
* | ACI Worldwide Inc. | 23,195 | 538 |
3,471,936 | |||
Materials (3.5%) | |||
Graphic Packaging Holding Co. | 7,528,192 | 182,182 | |
Cabot Corp. | 1,307,993 | 92,868 | |
Methanex Corp. | 1,991,434 | 89,694 | |
* | Livent Corp. | 3,112,459 | 76,629 |
Louisiana-Pacific Corp. | 835,652 | 63,618 | |
* | Summit Materials Inc. Class A | 1,581,687 | 57,225 |
Ashland Inc. | 483,300 | 44,154 | |
Eagle Materials Inc. | 138,810 | 25,592 | |
Balchem Corp. | 145,522 | 19,608 | |
Warrior Met Coal Inc. | 305,413 | 13,515 | |
* | O-I Glass Inc. | 478,895 | 10,995 |
Chemours Co. | 185,398 | 6,856 | |
Berry Global Group Inc. | 101,746 | 6,672 | |
Innospec Inc. | 56,052 | 6,005 |
Shares | Market Value ($000) | ||
Ryerson Holding Corp. | 127,008 | 5,397 | |
Olin Corp. | 92,677 | 5,346 | |
Sensient Technologies Corp. | 74,976 | 4,801 | |
* | Constellium SE Class A | 240,581 | 4,593 |
Steel Dynamics Inc. | 34,879 | 3,717 | |
AdvanSix Inc. | 78,953 | 3,167 | |
Orion SA | 125,065 | 2,741 | |
American Vanguard Corp. | 101,448 | 1,832 | |
* | Ingevity Corp. | 17,376 | 1,112 |
* | LSB Industries Inc. | 97,871 | 1,093 |
Schnitzer Steel Industries Inc. Class A | 26,655 | 965 | |
Sylvamo Corp. | 19,618 | 963 | |
Avient Corp. | 22,319 | 905 | |
* | Ecovyst Inc. | 69,364 | 853 |
Greif Inc. Class A | 9,098 | 673 | |
733,771 | |||
Other (0.9%) | |||
5 | Vanguard Small-Cap ETF | 894,715 | 186,772 |
*,3 | Sesen Bio CVR | 1,476,709 | — |
186,772 | |||
Real Estate (2.7%) | |||
Phillips Edison & Co. Inc. | 2,751,014 | 97,138 | |
PotlatchDeltic Corp. | 1,650,467 | 88,515 | |
Essential Properties Realty Trust Inc. | 3,559,424 | 87,384 | |
Rexford Industrial Realty Inc. | 1,411,877 | 77,780 | |
Douglas Emmett Inc. | 3,819,325 | 56,144 | |
Americold Realty Trust Inc. | 1,289,100 | 41,793 | |
Xenia Hotels & Resorts Inc. | 2,990,372 | 37,978 | |
* | CoStar Group Inc. | 329,309 | 27,652 |
* | Zillow Group Inc. Class C | 172,405 | 9,338 |
Outfront Media Inc. | 439,995 | 6,802 | |
Lamar Advertising Co. Class A | 68,904 | 6,801 | |
Tanger Factory Outlet Centers Inc. | 267,478 | 6,262 | |
Ryman Hospitality Properties Inc. | 43,154 | 4,112 | |
* | Redfin Corp. | 259,284 | 3,884 |
Equity LifeStyle Properties Inc. | 44,160 | 3,143 | |
NexPoint Residential Trust Inc. | 65,306 | 2,714 | |
CareTrust REIT Inc. | 130,341 | 2,710 | |
* | Opendoor Technologies Inc. | 491,087 | 2,509 |
Alexander's Inc. | 9,841 | 1,903 | |
RMR Group Inc. Class A | 75,418 | 1,778 | |
Gladstone Commercial Corp. | 109,587 | 1,458 | |
Newmark Group Inc. Class A | 209,536 | 1,450 | |
569,248 | |||
Utilities (1.3%) | |||
Ormat Technologies Inc. (XNYS) | 1,003,371 | 81,574 | |
Atlantica Sustainable Infrastructure plc | 3,337,514 | 80,501 | |
Portland General Electric Co. | 1,640,592 | 78,207 | |
Vistra Corp. | 784,586 | 22,015 | |
Otter Tail Corp. | 122,848 | 9,952 | |
National Fuel Gas Co. | 143,960 | 7,646 | |
Clearway Energy Inc. Class C | 116,798 | 3,085 | |
MGE Energy Inc. | 10,109 | 811 | |
283,791 | |||
Total Common Stocks (Cost $16,270,944) | 20,384,846 |
Shares | Market Value ($000) | ||
Temporary Cash Investments (3.9%) | |||
Money Market Fund (2.9%) | |||
6,7 | Vanguard Market Liquidity Fund, 5.274% | 6,122,742 | 612,152 |
Face Amount ($000) | |||
Repurchase Agreement (1.0%) | |||
Deutsche Bank Securities, Inc. 5.300%, 8/1/23 (Dated 7/31/23, Repurchase Value $209,631,000, collateralized by Fannie Mae 1.500%–6.000%, 11/1/47–6/1/53, with a value of $213,792,000) | 209,600 | 209,600 | |
Total Temporary Cash Investments (Cost $821,674) | 821,752 | ||
Total Investments (100.3%) (Cost $17,092,618) | 21,206,598 | ||
Other Assets and Liabilities—Net (-0.3%) | (68,583) | ||
Net Assets (100%) | 21,138,015 | ||
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 $97,596,000. |
2 | Restricted securities totaling $485,000, representing 0.0% of net assets. |
3 | Security value determined using significant unobservable inputs. |
4 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
5 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
6 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
7 | Collateral of $99,885,000 was received for securities on loan. |
ADR—American Depositary Receipt. | |
CVR—Contingent Value Rights. | |
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 | September 2023 | 2,124 | 213,844 | 12,910 |
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 July 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 | 20,384,361 | 485 | — | 20,384,846 |
Temporary Cash Investments | 612,152 | 209,600 | — | 821,752 |
Total | 20,996,513 | 210,085 | — | 21,206,598 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 12,910 | — | — | 12,910 |
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) | Jul. 31, 2023 Market Value ($000) | |
8x8 Inc. | NA1 | 5,679 | 4,471 | (10,462) | 13,690 | — | — | 28,968 |
Sterling Check Corp. | NA1 | 15,741 | 15,271 | (7,510) | (26,636) | — | — | 59,116 |
Vanguard Market Liquidity Fund | 716,694 | NA2 | NA2 | 41 | (40) | 19,954 | 1 | 612,152 |
Vanguard Small-Cap ETF | 217,998 | 118,144 | 160,464 | (3,625) | 14,719 | 2,539 | — | 186,772 |
Veracyte Inc. | 79,133 | 5,801 | 23,331 | (11,715) | 40,217 | — | — | NA3 |
Total | 1,013,825 | 145,365 | 203,537 | (33,271) | 41,950 | 22,493 | 1 | 887,008 |
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 July 31, 2023, the security was still held, but the issuer was no longer an affiliated company of the fund. |