SHENANDOAH TELECOMMUNICATION

Ticker: SHEN CUSIP: 82312B106 Class: Common Stock

Note: Option positions (PUT/CALL) are excluded.

InstitutionSharesValue ($000)
BlackRock, Inc.7,017,163$81,118
GCM Grosvenor Holdings, LLC4,105,126$47,455
ECP ControlCo, LLC3,457,105$39,964
VANGUARD GROUP INC3,428,108$39,629
SOUTHEASTERN ASSET MANAGEMENT INC/TN/2,940,296$33,990
DIMENSIONAL FUND ADVISORS LP2,486,910$28,749
STATE STREET CORP1,927,155$22,278
GEODE CAPITAL MANAGEMENT, LLC1,206,253$13,946
MILLENNIUM MANAGEMENT LLC1,087,246$12,569
AMERICAN CENTURY COMPANIES INC1,085,281$12,546
COOPER INVESTORS PTY LTD950,951$10,993
Broad Run Investment Management, LLC891,096$10,301
CHARLES SCHWAB INVESTMENT MANAGEMENT INC796,076$9,203
Cerity Partners LLC643,172$7,435
Invesco Ltd.607,617$7,024
NORTHERN TRUST CORP457,005$5,283
Whitebark Investors LP423,063$4,891
MORGAN STANLEY372,671$4,308
BRIDGEWAY CAPITAL MANAGEMENT, LLC353,132$4,082
FMR LLC289,340$3,345
Bank of New York Mellon Corp277,676$3,210
GAMCO INVESTORS, INC. ET AL263,126$3,042
TWO SIGMA INVESTMENTS, LP252,179$2,915
Empowered Funds, LLC228,132$2,637
PRINCIPAL FINANCIAL GROUP INC217,360$2,513
GABELLI FUNDS LLC198,530$2,295
GOLDMAN SACHS GROUP INC190,497$2,202
HRT FINANCIAL LP166,189$2
Public Sector Pension Investment Board157,903$1,825
UBS Group AG145,131$1,678
RHUMBLINE ADVISERS141,332$1,634
Brandywine Global Investment Management, LLC134,050$1,550
UBS ASSET MANAGEMENT AMERICAS INC128,346$1,484
Squarepoint Ops LLC125,572$1,452
Adviser Investments LLC119,465$1,381
Legal & General Group Plc118,655$1,372
Nuveen, LLC109,177$1,262
Quantinno Capital Management LP95,673$1,106
Swiss National Bank92,072$1,064
BARCLAYS PLC79,220$916
ExodusPoint Capital Management, LP76,692$887
AMERIPRISE FINANCIAL INC75,562$873
CWM, LLC73,263$1
JANE STREET GROUP, LLC70,738$818
Creative Planning68,781$795
PRICE T ROWE ASSOCIATES INC /MD/68,126$1
NEW YORK STATE TEACHERS RETIREMENT SYSTEM67,436$1
RENAISSANCE TECHNOLOGIES LLC65,100$753
NATURAL INVESTMENTS, LLC62,373$1
BANK OF AMERICA CORP /DE/62,142$718
ALLIANCEBERNSTEIN L.P.60,086$695
WELLS FARGO & COMPANY/MN58,219$673
FIRST TRUST ADVISORS LP57,838$669
TWO SIGMA ADVISERS, LP54,700$632
Pathstone Holdings, LLC44,986$520
JPMORGAN CHASE & CO44,196$511
PRUDENTIAL FINANCIAL INC43,269$500
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM43,113$498
AlphaQuest LLC42,498$491
CITADEL ADVISORS LLC42,082$486
DEUTSCHE BANK AG\42,021$486
ACORN FINANCIAL ADVISORY SERVICES INC /ADV41,686$482
Capital Investment Advisory Services, LLC41,000$474
GREAT WEST LIFE ASSURANCE CO /CAN/38,693$0
BEACON INVESTMENT ADVISORS LLC37,346$432
LPL Financial LLC36,749$425
ROYCE & ASSOCIATES LP36,519$422
Cornerstone Advisory, LLC35,301$408
FULLER & THALER ASSET MANAGEMENT, INC.33,860$391
Thrivent Financial for Lutherans31,309$0
Janney Montgomery Scott LLC30,763$0
Trek Financial, LLC29,896$346
ROYAL BANK OF CANADA28,948$334
MetLife Investment Management, LLC27,737$321
Aquatic Capital Management LLC27,666$320
State of Alaska, Department of Revenue24,504$0
DAVENPORT & Co LLC24,472$283
Visionary Wealth Advisors24,275$281
Illinois Municipal Retirement Fund23,786$275
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.23,576$273
GUGGENHEIM CAPITAL LLC22,840$264
Brevan Howard Capital Management LP22,633$262
SG Americas Securities, LLC22,096$0
Graves Light Lenhart Wealth, Inc.21,665$250
Verition Fund Management LLC20,927$242
Louisiana State Employees Retirement System20,900$242
JANUS HENDERSON GROUP PLC20,897$242
PNC Financial Services Group, Inc.20,127$233
Kestra Advisory Services, LLC19,919$230
INTECH INVESTMENT MANAGEMENT LLC19,620$227
INCEPTIONR LLC19,101$221
Salvus Wealth Management, LLC19,067$220
CITIGROUP INC18,789$217
SUSQUEHANNA INTERNATIONAL GROUP, LLP17,967$208
MANUFACTURERS LIFE INSURANCE COMPANY, THE15,749$182
Graham Capital Management, L.P.15,317$177
CAXTON ASSOCIATES LLP14,553$168
Police & Firemen's Retirement System of New Jersey14,045$162
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM13,870$160
AMALGAMATED BANK13,828$0
59 other institutions229,100$2,388
Total (159 institutions)40,189,368$457,418