Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
As of September 30, 2022
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
Shares | Market Value ($000) | |||||
Common Stocks (99.8%) | ||||||
Basic Materials (5.2%) | ||||||
Steel Dynamics Inc. | 3,007,618 | 213,390 | ||||
Reliance Steel & Aluminum Co. | 1,045,548 | 182,354 | ||||
*,1 | Cleveland-Cliffs Inc. | 8,069,933 | 108,702 | |||
Alcoa Corp. | 3,119,081 | 104,988 | ||||
Olin Corp. | 2,389,079 | 102,444 | ||||
Ashland Inc. | 844,739 | 80,225 | ||||
Valvoline Inc. | 3,068,882 | 77,765 | ||||
Commercial Metals Co. | 2,089,346 | 74,130 | ||||
UFP Industries Inc. | 1,015,142 | 73,253 | ||||
Huntsman Corp. | 2,968,252 | 72,841 | ||||
Timken Co. | 1,146,251 | 67,675 | ||||
United States Steel Corp. | 3,701,383 | 67,069 | ||||
Chemours Co. | 2,689,132 | 66,287 | ||||
* | Univar Solutions Inc. | 2,892,698 | 65,780 | |||
Element Solutions Inc. | 4,041,555 | 65,756 | ||||
Cabot Corp. | 976,456 | 62,386 | ||||
Mueller Industries Inc. | 934,344 | 55,537 | ||||
Sensient Technologies Corp. | 729,479 | 50,582 | ||||
Avient Corp. | 1,577,450 | 47,797 | ||||
Boise Cascade Co. | 685,277 | 40,747 | ||||
Hecla Mining Co. | 9,375,068 | 36,938 | ||||
Innospec Inc. | 429,122 | 36,763 | ||||
Stepan Co. | 366,782 | 34,356 | ||||
* | Arconic Corp. | 1,776,935 | 30,279 | |||
Scotts Miracle-Gro Co. | 671,205 | 28,694 | ||||
Materion Corp. | 355,235 | 28,419 | ||||
Minerals Technologies Inc. | 564,194 | 27,877 | ||||
Carpenter Technology Corp. | 839,454 | 26,141 | ||||
Tronox Holdings plc Class A | 2,004,676 | 24,557 | ||||
Westlake Corp. | 276,806 | 24,049 | ||||
Compass Minerals International Inc. | 590,576 | 22,755 | ||||
Mativ Holdings Inc. | 950,494 | 20,987 | ||||
Worthington Industries Inc. | 514,383 | 19,618 | ||||
Kaiser Aluminum Corp. | 276,504 | 16,963 | ||||
* | Coeur Mining Inc. | 4,366,589 | 14,934 | |||
GrafTech International Ltd. | 3,330,618 | 14,355 | ||||
Schnitzer Steel Industries Inc. Class A | 424,473 | 12,080 | ||||
Ecovyst Inc. | 1,301,875 | 10,988 | ||||
Koppers Holdings Inc. | 348,996 | 7,252 | ||||
2,117,713 |
Shares | Market Value ($000) | |||||
Consumer Discretionary (14.1%) | ||||||
* | BJ's Wholesale Club Holdings Inc. | 2,342,667 | 170,570 | |||
Service Corp. International | 2,597,302 | 149,968 | ||||
Aramark | 4,467,998 | 139,402 | ||||
Williams-Sonoma Inc. | 1,162,461 | 136,996 | ||||
Nielsen Holdings plc | 4,364,657 | 120,988 | ||||
Tapestry Inc. | 4,181,285 | 118,874 | ||||
H&R Block Inc. | 2,771,461 | 117,898 | ||||
* | Mattel Inc. | 6,120,030 | 115,913 | |||
* | Wynn Resorts Ltd. | 1,776,844 | 111,994 | |||
Lithia Motors Inc. Class A | 477,048 | 102,351 | ||||
Murphy USA Inc. | 364,193 | 100,120 | ||||
Dick's Sporting Goods Inc. | 915,950 | 95,845 | ||||
Polaris Inc. | 980,865 | 93,820 | ||||
* | Capri Holdings Ltd. | 2,392,456 | 91,966 | |||
Newell Brands Inc. | 6,450,894 | 89,603 | ||||
Interpublic Group of Cos. Inc. | 3,389,467 | 86,770 | ||||
* | Alaska Air Group Inc. | 2,194,989 | 85,934 | |||
* | Norwegian Cruise Line Holdings Ltd. | 7,313,180 | 83,078 | |||
* | Terminix Global Holdings Inc. | 2,106,837 | 80,671 | |||
TEGNA Inc. | 3,867,954 | 79,989 | ||||
Harley-Davidson Inc. | 2,280,556 | 79,546 | ||||
Toll Brothers Inc. | 1,893,568 | 79,530 | ||||
* | AutoNation Inc. | 776,215 | 79,073 | |||
New York Times Co. Class A | 2,726,515 | 78,387 | ||||
AMERCO | 152,962 | 77,891 | ||||
Leggett & Platt Inc. | 2,299,074 | 76,375 | ||||
Marriott Vacations Worldwide Corp. | 613,207 | 74,725 | ||||
* | Avis Budget Group Inc. | 499,984 | 74,228 | |||
Macy's Inc. | 4,701,044 | 73,665 | ||||
* | American Airlines Group Inc. | 5,650,369 | 68,030 | |||
Thor Industries Inc. | 898,781 | 62,897 | ||||
*,1 | AMC Entertainment Holdings Inc. Class A | 8,959,679 | 62,449 | |||
Academy Sports & Outdoors Inc. | 1,476,107 | 62,262 | ||||
Lear Corp. | 514,810 | 61,618 | ||||
Bath & Body Works Inc. | 1,880,876 | 61,317 | ||||
* | Asbury Automotive Group Inc. | 383,911 | 58,009 | |||
*,1 | GameStop Corp. Class A | 2,245,293 | 56,424 | |||
Kohl's Corp. | 2,228,155 | 56,038 | ||||
Wendy's Co. | 2,946,290 | 55,066 | ||||
PVH Corp. | 1,161,828 | 52,050 | ||||
Foot Locker Inc. | 1,641,211 | 51,091 | ||||
*,1 | Hertz Global Holdings Inc. | 3,126,251 | 50,895 | |||
* | Goodyear Tire & Rubber Co. | 4,906,747 | 49,509 | |||
Travel + Leisure Co. | 1,381,769 | 47,146 | ||||
* | Meritage Homes Corp. | 634,794 | 44,607 | |||
Penske Automotive Group Inc. | 449,507 | 44,245 | ||||
Signet Jewelers Ltd. | 764,806 | 43,739 | ||||
* | Taylor Morrison Home Corp. Class A | 1,875,075 | 43,727 | |||
Carter's Inc. | 643,720 | 42,183 | ||||
Hanesbrands Inc. | 6,058,825 | 42,169 | ||||
* | Coty Inc. Class A | 6,555,924 | 41,433 | |||
* | Helen of Troy Ltd. | 415,096 | 40,032 | |||
* | Victoria's Secret & Co. | 1,294,173 | 37,686 | |||
* | JetBlue Airways Corp. | 5,627,712 | 37,312 | |||
Group 1 Automotive Inc. | 259,828 | 37,122 | ||||
Gap Inc. | 4,458,291 | 36,603 | ||||
Cracker Barrel Old Country Store Inc. | 394,418 | 36,515 |
Shares | Market Value ($000) | |||||
KB Home | 1,363,874 | 35,352 | ||||
* | Light & Wonder Inc. | 816,020 | 34,991 | |||
Graham Holdings Co. Class B | 63,771 | 34,308 | ||||
Rush Enterprises Inc. Class A | 746,815 | 32,755 | ||||
1 | Nordstrom Inc. | 1,937,849 | 32,420 | |||
Kontoor Brands Inc. | 958,576 | 32,218 | ||||
Ralph Lauren Corp. Class A | 334,050 | 28,371 | ||||
Bloomin' Brands Inc. | 1,544,328 | 28,308 | ||||
John Wiley & Sons Inc. Class A | 726,944 | 27,304 | ||||
* | Adtalem Global Education Inc. | 744,198 | 27,126 | |||
MDC Holdings Inc. | 985,111 | 27,012 | ||||
* | Tri Pointe Homes Inc. | 1,758,854 | 26,576 | |||
American Eagle Outfitters Inc. | 2,654,965 | 25,833 | ||||
Dana Inc. | 2,233,060 | 25,524 | ||||
* | ODP Corp. | 715,487 | 25,149 | |||
Cheesecake Factory Inc. | 858,779 | 25,145 | ||||
* | Tenneco Inc. Class A | 1,441,730 | 25,072 | |||
PriceSmart Inc. | 428,730 | 24,691 | ||||
Acushnet Holdings Corp. | 554,236 | 24,104 | ||||
Strategic Education Inc. | 383,765 | 23,567 | ||||
Oxford Industries Inc. | 261,902 | 23,514 | ||||
* | Central Garden & Pet Co. Class A | 686,272 | 23,443 | |||
* | Sally Beauty Holdings Inc. | 1,851,210 | 23,325 | |||
* | PowerSchool Holdings Inc. Class A | 1,372,547 | 22,908 | |||
* | Cinemark Holdings Inc. | 1,880,033 | 22,767 | |||
* | KAR Auction Services Inc. | 2,004,789 | 22,394 | |||
* | National Vision Holdings Inc. | 682,968 | 22,299 | |||
* | Under Armour Inc. Class A | 3,260,019 | 21,679 | |||
Laureate Education Inc. Class A | 1,995,043 | 21,048 | ||||
Wolverine World Wide Inc. | 1,362,748 | 20,973 | ||||
* | Under Armour Inc. Class C | 3,449,376 | 20,558 | |||
MillerKnoll Inc. | 1,312,740 | 20,479 | ||||
* | Urban Outfitters Inc. | 1,037,011 | 20,377 | |||
* | Knowles Corp. | 1,586,366 | 19,306 | |||
1 | Dillard's Inc. Class A | 70,242 | 19,159 | |||
* | Brinker International Inc. | 758,651 | 18,951 | |||
HNI Corp. | 679,678 | 18,018 | ||||
Spirit Airlines Inc. | 942,127 | 17,731 | ||||
La-Z-Boy Inc. | 744,894 | 16,812 | ||||
Buckle Inc. | 520,333 | 16,474 | ||||
Steven Madden Ltd. | 615,271 | 16,409 | ||||
Dine Brands Global Inc. | 257,817 | 16,387 | ||||
* | elf Beauty Inc. | 431,267 | 16,224 | |||
Sturm Ruger & Co. Inc. | 305,558 | 15,519 | ||||
Rent-A-Center Inc. | 875,475 | 15,330 | ||||
Designer Brands Inc. Class A | 975,556 | 14,936 | ||||
* | Stride Inc. | 352,653 | 14,822 | |||
* | SkyWest Inc. | 880,785 | 14,322 | |||
Sonic Automotive Inc. Class A | 330,008 | 14,289 | ||||
* | iHeartMedia Inc. Class A | 1,911,595 | 14,012 | |||
* | Lions Gate Entertainment Corp. Class B | 2,004,440 | 13,931 | |||
1 | Krispy Kreme Inc. | 1,161,438 | 13,391 | |||
* | PROG Holdings Inc. | 873,569 | 13,086 | |||
Sinclair Broadcast Group Inc. Class A | 717,623 | 12,982 | ||||
* | Abercrombie & Fitch Co. Class A | 829,548 | 12,899 | |||
* | American Axle & Manufacturing Holdings Inc. | 1,887,463 | 12,891 | |||
* | Cars.com Inc. | 1,116,036 | 12,834 | |||
Monro Inc. | 279,542 | 12,149 |
Shares | Market Value ($000) | |||||
Scholastic Corp. | 393,649 | 12,109 | ||||
* | Vista Outdoor Inc. | 489,051 | 11,894 | |||
* | Udemy Inc. | 973,463 | 11,769 | |||
Qurate Retail Inc. Class A | 5,816,856 | 11,692 | ||||
Inter Parfums Inc. | 151,276 | 11,415 | ||||
Matthews International Corp. Class A | 503,338 | 11,280 | ||||
* | Hawaiian Holdings Inc. | 844,585 | 11,106 | |||
* | GoPro Inc. Class A | 2,240,835 | 11,047 | |||
* | G-III Apparel Group Ltd. | 711,427 | 10,636 | |||
Steelcase Inc. Class A | 1,517,251 | 9,892 | ||||
* | AMC Networks Inc. Class A | 460,623 | 9,351 | |||
* | BJ's Restaurants Inc. | 384,818 | 9,178 | |||
Interface Inc. Class A | 1,017,213 | 9,145 | ||||
* | Clear Channel Outdoor Holdings Inc. | 6,182,370 | 8,470 | |||
1 | Guess? Inc. | 566,790 | 8,315 | |||
* | Lions Gate Entertainment Corp. Class A | 1,015,101 | 7,542 | |||
Big Lots Inc. | 477,280 | 7,450 | ||||
Caleres Inc. | 302,119 | 7,317 | ||||
* | Sleep Number Corp. | 180,573 | 6,105 | |||
* | EW Scripps Co. Class A | 525,543 | 5,923 | |||
Rush Enterprises Inc. Class B | 121,895 | 5,840 | ||||
* | Zumiez Inc. | 268,490 | 5,781 | |||
* | Central Garden & Pet Co. | 152,111 | 5,482 | |||
*,1 | SES AI Corp. | 1,053,461 | 5,141 | |||
* | Genesco Inc. | 112,574 | 4,426 | |||
*,1 | Bowlero Corp. | 336,804 | 4,146 | |||
Smith & Wesson Brands Inc. | 399,320 | 4,141 | ||||
* | Life Time Group Holdings Inc. | 419,724 | 4,092 | |||
Global Industrial Co. | 146,765 | 3,938 | ||||
*,1 | Cricut Inc. Class A | 424,085 | 3,927 | |||
* | Children's Place Inc. | 108,137 | 3,340 | |||
* | Cardlytics Inc. | 272,013 | 2,557 | |||
Aaron's Co. Inc. | 253,373 | 2,463 | ||||
* | WW International Inc. | 457,291 | 1,797 | |||
1 | Weber Inc. Class A | 183,949 | 1,209 | |||
* | Traeger Inc. | 254,193 | 717 | |||
5,733,431 | ||||||
Consumer Staples (3.4%) | ||||||
Bunge Ltd. | 2,633,950 | 217,485 | ||||
* | Performance Food Group Co. | 2,691,461 | 115,598 | |||
* | US Foods Holding Corp. | 3,503,574 | 92,634 | |||
Ingredion Inc. | 1,078,937 | 86,876 | ||||
Flowers Foods Inc. | 3,121,571 | 77,072 | ||||
Molson Coors Beverage Co. Class B | 1,563,165 | 75,016 | ||||
* | Hostess Brands Inc. Class A | 2,368,467 | 55,043 | |||
* | Sprouts Farmers Market Inc. | 1,864,956 | 51,753 | |||
* | Grocery Outlet Holding Corp. | 1,510,912 | 50,298 | |||
Lamb Weston Holdings Inc. | 622,027 | 48,132 | ||||
* | TreeHouse Foods Inc. | 973,360 | 41,290 | |||
* | Post Holdings Inc. | 467,039 | 38,255 | |||
* | Herbalife Nutrition Ltd. | 1,873,102 | 37,256 | |||
* | United Natural Foods Inc. | 1,012,318 | 34,793 | |||
Edgewell Personal Care Co. | 897,075 | 33,551 | ||||
Energizer Holdings Inc. | 1,239,194 | 31,153 | ||||
Nu Skin Enterprises Inc. Class A | 831,724 | 27,755 | ||||
Spectrum Brands Holdings Inc. | 708,573 | 27,656 | ||||
* | Hain Celestial Group Inc. | 1,545,469 | 26,088 | |||
Lancaster Colony Corp. | 166,714 | 25,054 |
Shares | Market Value ($000) | |||||
Reynolds Consumer Products Inc. | 908,108 | 23,620 | ||||
1 | B&G Foods Inc. | 1,240,394 | 20,454 | |||
Vector Group Ltd. | 2,277,600 | 20,066 | ||||
Weis Markets Inc. | 279,299 | 19,897 | ||||
* | Pilgrim's Pride Corp. | 827,364 | 19,046 | |||
Universal Corp. | 404,501 | 18,623 | ||||
Andersons Inc. | 526,748 | 16,345 | ||||
Fresh Del Monte Produce Inc. | 662,994 | 15,408 | ||||
Seaboard Corp. | 4,004 | 13,624 | ||||
* | Duckhorn Portfolio Inc. | 697,689 | 10,068 | |||
Utz Brands Inc. | 594,800 | 8,981 | ||||
ACCO Brands Corp. | 1,549,531 | 7,593 | ||||
*,1 | BRC Inc. Class A | 341,474 | 2,640 | |||
*,1 | Rite Aid Corp. | 454,486 | 2,250 | |||
1,391,373 | ||||||
Energy (6.5%) | ||||||
* | First Solar Inc. | 1,663,303 | 220,005 | |||
Ovintiv Inc. | 4,407,455 | 202,743 | ||||
APA Corp. | 5,658,773 | 193,474 | ||||
Chesapeake Energy Corp. | 1,989,706 | 187,450 | ||||
* | Antero Resources Corp. | 4,774,505 | 145,766 | |||
HF Sinclair Corp. | 2,629,814 | 141,589 | ||||
Marathon Oil Corp. | 5,872,314 | 132,597 | ||||
* | Southwestern Energy Co. | 19,313,628 | 118,200 | |||
NOV Inc. | 6,812,810 | 110,231 | ||||
Range Resources Corp. | 4,328,670 | 109,342 | ||||
Chord Energy Corp. | 682,930 | 93,404 | ||||
Murphy Oil Corp. | 2,560,765 | 90,062 | ||||
DT Midstream Inc. | 1,676,765 | 87,007 | ||||
* | PBF Energy Inc. Class A | 1,886,935 | 66,345 | |||
Helmerich & Payne Inc. | 1,643,402 | 60,757 | ||||
Equitrans Midstream Corp. | 7,507,266 | 56,154 | ||||
California Resources Corp. | 1,307,788 | 50,258 | ||||
Antero Midstream Corp. | 5,396,838 | 49,543 | ||||
* | Peabody Energy Corp. | 1,992,032 | 49,442 | |||
* | CNX Resources Corp. | 3,123,244 | 48,504 | |||
Arcosa Inc. | 836,975 | 47,858 | ||||
Patterson-UTI Energy Inc. | 3,762,695 | 43,948 | ||||
SM Energy Co. | 1,061,837 | 39,936 | ||||
1 | Arch Resources Inc. | 322,184 | 38,211 | |||
Delek US Holdings Inc. | 1,234,038 | 33,492 | ||||
* | Transocean Ltd. | 10,992,858 | 27,152 | |||
*,1 | SunPower Corp. | 1,113,568 | 25,657 | |||
Warrior Met Coal Inc. | 893,991 | 25,425 | ||||
World Fuel Services Corp. | 1,018,041 | 23,863 | ||||
* | NOW Inc. | 1,918,719 | 19,283 | |||
Archrock Inc. | 2,694,350 | 17,298 | ||||
CVR Energy Inc. | 525,131 | 15,218 | ||||
* | NexTier Oilfield Solutions Inc. | 1,799,360 | 13,315 | |||
* | ProPetro Holding Corp. | 1,535,492 | 12,361 | |||
* | Permian Resources Corp. Class A | 1,726,142 | 11,738 | |||
Core Laboratories NV | 799,401 | 10,776 | ||||
* | MRC Global Inc. | 1,377,153 | 9,902 | |||
*,1 | Fluence Energy Inc. Class A | 593,575 | 8,660 | |||
1 | Crescent Energy Co. Class A | 618,875 | 8,336 | |||
* | ProFrac Holding Corp. Class A | 322,187 | 4,901 |
Shares | Market Value ($000) | |||||
*,1 | EVgo Inc. | 595,725 | 4,712 | |||
*,1 | OPAL Fuels Inc. | 32,715 | 271 | |||
2,655,186 | ||||||
Financials (22.6%) | ||||||
First Horizon Corp. | 9,293,267 | 212,816 | ||||
First Citizens BancShares Inc. Class A | 208,031 | 165,890 | ||||
Signature Bank | 1,090,863 | 164,720 | ||||
East West Bancorp Inc. | 2,441,807 | 163,943 | ||||
Comerica Inc. | 2,267,970 | 161,253 | ||||
American Financial Group Inc. | 1,255,059 | 154,284 | ||||
Reinsurance Group of America Inc. | 1,161,962 | 146,186 | ||||
Webster Financial Corp. | 3,046,842 | 137,717 | ||||
Assurant Inc. | 922,728 | 134,045 | ||||
Zions Bancorp NA | 2,607,097 | 132,597 | ||||
Cullen/Frost Bankers Inc. | 1,000,995 | 132,352 | ||||
Commerce Bancshares Inc. | 1,869,418 | 123,681 | ||||
Brown & Brown Inc. | 1,958,369 | 118,442 | ||||
Unum Group | 2,945,826 | 114,298 | ||||
Carlyle Group Inc. | 4,390,100 | 113,440 | ||||
Invesco Ltd. | 7,884,058 | 108,012 | ||||
RenaissanceRe Holdings Ltd. | 757,446 | 106,338 | ||||
SouthState Corp. | 1,311,332 | 103,753 | ||||
SEI Investments Co. | 2,112,987 | 103,642 | ||||
Voya Financial Inc. | 1,697,559 | 102,702 | ||||
Old Republic International Corp. | 4,818,297 | 100,847 | ||||
Prosperity Bancshares Inc. | 1,501,617 | 100,128 | ||||
First Financial Bankshares Inc. | 2,347,237 | 98,185 | ||||
Glacier Bancorp Inc. | 1,919,974 | 94,328 | ||||
Popular Inc. | 1,300,017 | 93,679 | ||||
Starwood Property Trust Inc. | 5,090,552 | 92,750 | ||||
Stifel Financial Corp. | 1,747,597 | 90,718 | ||||
Synovus Financial Corp. | 2,394,300 | 89,810 | ||||
Wintrust Financial Corp. | 1,052,818 | 85,857 | ||||
Selective Insurance Group Inc. | 1,045,917 | 85,138 | ||||
Old National Bancorp | 5,077,413 | 83,625 | ||||
United Bankshares Inc. | 2,333,317 | 83,416 | ||||
Jefferies Financial Group Inc. | 2,820,235 | 83,197 | ||||
Valley National Bancorp | 7,460,767 | 80,576 | ||||
Cadence Bank | 3,163,544 | 80,386 | ||||
Primerica Inc. | 649,197 | 80,143 | ||||
First American Financial Corp. | 1,715,395 | 79,080 | ||||
Bank OZK | 1,948,636 | 77,088 | ||||
RLI Corp. | 747,266 | 76,505 | ||||
AGNC Investment Corp. | 9,071,323 | 76,381 | ||||
Home BancShares Inc. | 3,377,858 | 76,036 | ||||
Globe Life Inc. | 760,233 | 75,795 | ||||
Affiliated Managers Group Inc. | 662,711 | 74,124 | ||||
Hanover Insurance Group Inc. | 556,130 | 71,262 | ||||
FNB Corp. | 6,081,685 | 70,548 | ||||
MGIC Investment Corp. | 5,262,007 | 67,459 | ||||
New York Community Bancorp Inc. | 7,679,184 | 65,503 | ||||
Blackstone Mortgage Trust Inc. Class A | 2,804,947 | 65,467 | ||||
Axis Capital Holdings Ltd. | 1,321,364 | 64,945 | ||||
Hancock Whitney Corp. | 1,412,298 | 64,697 | ||||
Umpqua Holdings Corp. | 3,770,395 | 64,436 | ||||
First Interstate BancSystem Inc. Class A | 1,575,089 | 63,555 | ||||
Essent Group Ltd. | 1,774,430 | 61,874 | ||||
SLM Corp. | 4,360,950 | 61,010 |
Shares | Market Value ($000) | |||||
Rithm Capital Corp. | 8,096,283 | 59,265 | ||||
1 | Lazard Ltd. Class A | 1,860,559 | 59,222 | |||
Western Alliance Bancorp | 892,713 | 58,687 | ||||
Lincoln National Corp. | 1,329,886 | 58,395 | ||||
CVB Financial Corp. | 2,304,277 | 58,344 | ||||
United Community Banks Inc. | 1,748,547 | 57,877 | ||||
OneMain Holdings Inc. | 1,930,732 | 56,995 | ||||
UMB Financial Corp. | 670,495 | 56,516 | ||||
Independent Bank Corp. (Massachusetts) | 756,590 | 56,389 | ||||
Community Bank System Inc. | 932,292 | 56,012 | ||||
White Mountains Insurance Group Ltd. | 42,383 | 55,226 | ||||
Eastern Bankshares Inc. | 2,785,515 | 54,708 | ||||
First Hawaiian Inc. | 2,216,000 | 54,580 | ||||
* | Brighthouse Financial Inc. | 1,245,775 | 54,092 | |||
Radian Group Inc. | 2,803,944 | 54,088 | ||||
Bank of Hawaii Corp. | 697,399 | 53,086 | ||||
WSFS Financial Corp. | 1,103,089 | 51,250 | ||||
Ameris Bancorp | 1,143,422 | 51,122 | ||||
* | Texas Capital Bancshares Inc. | 865,832 | 51,110 | |||
Pacific Premier Bancorp Inc. | 1,648,335 | 51,032 | ||||
Associated Banc-Corp | 2,478,335 | 49,765 | ||||
Assured Guaranty Ltd. | 1,020,974 | 49,466 | ||||
Federated Hermes Inc. Class B | 1,469,620 | 48,674 | ||||
FirstCash Holdings Inc. | 651,301 | 47,773 | ||||
Cathay General Bancorp | 1,227,998 | 47,229 | ||||
Janus Henderson Group plc | 2,293,660 | 46,584 | ||||
BankUnited Inc. | 1,352,679 | 46,221 | ||||
Simmons First National Corp. Class A | 2,116,241 | 46,113 | ||||
PacWest Bancorp | 2,039,410 | 46,091 | ||||
Fulton Financial Corp. | 2,896,412 | 45,763 | ||||
Walker & Dunlop Inc. | 545,351 | 45,662 | ||||
Kemper Corp. | 1,105,125 | 45,597 | ||||
American Equity Investment Life Holding Co. | 1,213,359 | 45,246 | ||||
* | Mr Cooper Group Inc. | 1,116,044 | 45,200 | |||
Evercore Inc. Class A | 542,012 | 44,580 | ||||
First Bancorp | 3,253,847 | 44,513 | ||||
BOK Financial Corp. | 471,032 | 41,856 | ||||
International Bancshares Corp. | 969,579 | 41,207 | ||||
First Merchants Corp. | 1,033,435 | 39,973 | ||||
Atlantic Union Bankshares Corp. | 1,297,375 | 39,414 | ||||
Columbia Banking System Inc. | 1,361,230 | 39,326 | ||||
Moelis & Co. Class A | 1,109,030 | 37,496 | ||||
Independent Bank Group Inc. | 605,584 | 37,177 | ||||
Jackson Financial Inc. Class A | 1,321,817 | 36,680 | ||||
CNO Financial Group Inc. | 1,987,574 | 35,717 | ||||
Banner Corp. | 591,774 | 34,962 | ||||
Washington Federal Inc. | 1,130,552 | 33,894 | ||||
First Financial Bancorp | 1,564,822 | 32,986 | ||||
WesBanco Inc. | 981,639 | 32,757 | ||||
Houlihan Lokey Inc. Class A | 429,790 | 32,398 | ||||
Arbor Realty Trust Inc. | 2,814,008 | 32,361 | ||||
Towne Bank | 1,195,814 | 32,084 | ||||
* | Axos Financial Inc. | 929,517 | 31,817 | |||
Park National Corp. | 253,223 | 31,521 | ||||
* | Genworth Financial Inc. Class A | 8,716,352 | 30,507 | |||
* | Enstar Group Ltd. | 179,771 | 30,487 | |||
Piper Sandler Cos. | 286,692 | 30,028 | ||||
Artisan Partners Asset Management Inc. Class A | 1,108,529 | 29,853 |
Shares | Market Value ($000) | |||||
* | Ryan Specialty Holdings Inc. Class A | 725,542 | 29,472 | |||
Flagstar Bancorp Inc. | 876,928 | 29,289 | ||||
Trustmark Corp. | 953,348 | 29,201 | ||||
TPG Inc. Class A | 1,044,096 | 29,068 | ||||
Renasant Corp. | 923,325 | 28,882 | ||||
Northwest Bancshares Inc. | 2,096,055 | 28,318 | ||||
BancFirst Corp. | 312,141 | 27,927 | ||||
* | Cannae Holdings Inc. | 1,317,912 | 27,228 | |||
Navient Corp. | 1,841,797 | 27,056 | ||||
NBT Bancorp Inc. | 704,363 | 26,731 | ||||
Horace Mann Educators Corp. | 707,797 | 24,978 | ||||
Eagle Bancorp Inc. | 555,151 | 24,882 | ||||
Hope Bancorp Inc. | 1,964,137 | 24,827 | ||||
1 | Claros Mortgage Trust Inc. | 2,051,447 | 24,084 | |||
Westamerica Bancorp | 442,512 | 23,139 | ||||
Provident Financial Services Inc. | 1,172,997 | 22,873 | ||||
City Holding Co. | 244,313 | 21,668 | ||||
* | PRA Group Inc. | 640,802 | 21,057 | |||
Chimera Investment Corp. | 4,011,699 | 20,941 | ||||
OFG Bancorp | 823,144 | 20,686 | ||||
Berkshire Hills Bancorp Inc. | 750,978 | 20,502 | ||||
Apollo Commercial Real Estate Finance Inc. | 2,455,433 | 20,380 | ||||
Two Harbors Investment Corp. | 5,971,916 | 19,827 | ||||
Safety Insurance Group Inc. | 242,343 | 19,765 | ||||
First Commonwealth Financial Corp. | 1,535,483 | 19,716 | ||||
PennyMac Financial Services Inc. | 454,052 | 19,479 | ||||
1 | Hilltop Holdings Inc. | 782,362 | 19,442 | |||
National Bank Holdings Corp. Class A | 520,685 | 19,260 | ||||
Virtus Investment Partners Inc. | 119,654 | 19,087 | ||||
1 | Compass Diversified Holdings | 1,055,246 | 19,058 | |||
Capitol Federal Financial Inc. | 2,283,919 | 18,957 | ||||
S&T Bancorp Inc. | 643,706 | 18,867 | ||||
* | LendingClub Corp. | 1,704,404 | 18,834 | |||
PennyMac Mortgage Investment Trust | 1,568,010 | 18,471 | ||||
ProAssurance Corp. | 933,968 | 18,222 | ||||
* | Encore Capital Group Inc. | 392,608 | 17,856 | |||
BGC Partners Inc. Class A | 5,666,936 | 17,794 | ||||
Ladder Capital Corp. Class A | 1,976,225 | 17,707 | ||||
1 | Franklin BSP Realty Trust Inc. | 1,447,684 | 15,592 | |||
Employers Holdings Inc. | 448,962 | 15,485 | ||||
* | Blucora Inc. | 785,206 | 15,186 | |||
Brookline Bancorp Inc. | 1,260,925 | 14,690 | ||||
Tompkins Financial Corp. | 200,451 | 14,557 | ||||
* | Columbia Financial Inc. | 669,667 | 14,150 | |||
MFA Financial Inc. | 1,762,103 | 13,709 | ||||
KKR Real Estate Finance Trust Inc. | 839,066 | 13,635 | ||||
Mercury General Corp. | 479,475 | 13,627 | ||||
Heartland Financial USA Inc. | 313,340 | 13,586 | ||||
iStar Inc. | 1,403,862 | 13,000 | ||||
Nelnet Inc. Class A | 160,745 | 12,729 | ||||
Enact Holdings Inc. | 563,191 | 12,486 | ||||
United Fire Group Inc. | 415,557 | 11,939 | ||||
Kearny Financial Corp. | 1,094,072 | 11,619 | ||||
Redwood Trust Inc. | 2,014,441 | 11,563 | ||||
Broadmark Realty Capital Inc. | 2,185,453 | 11,168 | ||||
Northfield Bancorp Inc. | 754,812 | 10,801 | ||||
Argo Group International Holdings Ltd. | 545,527 | 10,507 | ||||
WisdomTree Investments Inc. | 2,154,808 | 10,084 |
Shares | Market Value ($000) | |||||
* | Ambac Financial Group Inc. | 778,217 | 9,922 | |||
BrightSpire Capital Inc. Class A | 1,563,029 | 9,863 | ||||
ARMOUR Residential REIT Inc. | 1,984,829 | 9,666 | ||||
Central Pacific Financial Corp. | 450,474 | 9,320 | ||||
* | SiriusPoint Ltd. | 1,585,187 | 7,847 | |||
TPG RE Finance Trust Inc. | 1,069,019 | 7,483 | ||||
1 | Invesco Mortgage Capital Inc. | 568,960 | 6,315 | |||
GCM Grosvenor Inc. Class A | 728,247 | 5,746 | ||||
National Western Life Group Inc. Class A | 32,655 | 5,577 | ||||
* | World Acceptance Corp. | 54,380 | 5,265 | |||
Victory Capital Holdings Inc. Class A | 207,394 | 4,834 | ||||
1 | UWM Holdings Corp. Class A | 1,432,728 | 4,198 | |||
* | AssetMark Financial Holdings Inc. | 189,785 | 3,471 | |||
Granite Point Mortgage Trust Inc. | 452,907 | 2,917 | ||||
*,1 | Bakkt Holdings Inc. | 1,005,209 | 2,292 | |||
*,1 | Hagerty Inc. Class A | 178,538 | 1,605 | |||
Associated Capital Group Inc. Class A | 28,984 | 1,065 | ||||
loanDepot Inc. Class A | 724,499 | 956 | ||||
9,209,619 | ||||||
Health Care (5.3%) | ||||||
* | Molina Healthcare Inc. | 503,500 | 166,074 | |||
* | United Therapeutics Corp. | 788,646 | 165,127 | |||
* | Jazz Pharmaceuticals plc | 1,031,750 | 137,522 | |||
* | Acadia Healthcare Co. Inc. | 1,574,555 | 123,099 | |||
* | Karuna Therapeutics Inc. | 463,921 | 104,350 | |||
Organon & Co. | 4,406,927 | 103,122 | ||||
* | Tenet Healthcare Corp. | 1,870,470 | 96,479 | |||
* | Envista Holdings Corp. | 2,833,928 | 92,981 | |||
Perrigo Co. plc | 2,333,663 | 83,218 | ||||
Encompass Health Corp. | 1,729,689 | 78,234 | ||||
Premier Inc. Class A | 1,946,710 | 66,071 | ||||
DENTSPLY SIRONA Inc. | 1,870,161 | 53,019 | ||||
* | Elanco Animal Health Inc. | 3,911,419 | 48,541 | |||
Universal Health Services Inc. Class B | 540,081 | 47,624 | ||||
* | Prestige Consumer Healthcare Inc. | 861,394 | 42,923 | |||
* | Syneos Health Inc. | 892,794 | 42,095 | |||
* | agilon health Inc. | 1,778,139 | 41,644 | |||
Select Medical Holdings Corp. | 1,743,577 | 38,533 | ||||
* | Enovis Corp. | 799,723 | 36,843 | |||
Patterson Cos. Inc. | 1,516,285 | 36,421 | ||||
* | Integer Holdings Corp. | 573,277 | 35,675 | |||
* | Mirati Therapeutics Inc. | 433,288 | 30,261 | |||
Owens & Minor Inc. | 1,253,229 | 30,203 | ||||
Embecta Corp. | 1,000,817 | 28,813 | ||||
* | Myriad Genetics Inc. | 1,331,183 | 25,399 | |||
* | Axsome Therapeutics Inc. | 558,037 | 24,900 | |||
* | Iovance Biotherapeutics Inc. | 2,594,828 | 24,858 | |||
* | Meridian Bioscience Inc. | 756,850 | 23,863 | |||
* | Pediatrix Medical Group Inc. | 1,387,137 | 22,902 | |||
* | Pacific Biosciences of California Inc. | 3,502,652 | 20,333 | |||
* | Avanos Medical Inc. | 804,536 | 17,523 | |||
* | Multiplan Corp. | 6,095,247 | 17,432 | |||
* | NextGen Healthcare Inc. | 941,687 | 16,668 | |||
* | Emergent BioSolutions Inc. | 776,630 | 16,301 | |||
Healthcare Services Group Inc. | 1,281,697 | 15,496 | ||||
National HealthCare Corp. | 241,714 | 15,310 | ||||
* | Supernus Pharmaceuticals Inc. | 443,336 | 15,007 | |||
* | Bridgebio Pharma Inc. | 1,493,166 | 14,842 |
Shares | Market Value ($000) | |||||
* | Varex Imaging Corp. | 690,276 | 14,592 | |||
* | Madrigal Pharmaceuticals Inc. | 221,683 | 14,407 | |||
* | Agios Pharmaceuticals Inc. | 474,489 | 13,419 | |||
* | Brookdale Senior Living Inc. | 3,093,358 | 13,209 | |||
* | Enhabit Inc. | 858,807 | 12,058 | |||
* | Ligand Pharmaceuticals Inc. | 138,655 | 11,940 | |||
* | Reata Pharmaceuticals Inc. Class A | 463,147 | 11,639 | |||
* | NGM Biopharmaceuticals Inc. | 695,808 | 9,101 | |||
*,1 | Day One Biopharmaceuticals Inc. | 349,820 | 7,007 | |||
* | OPKO Health Inc. | 3,675,579 | 6,947 | |||
* | Kiniksa Pharmaceuticals Ltd. Class A | 537,313 | 6,899 | |||
*,1 | 23andMe Holding Co. | 2,136,061 | 6,109 | |||
* | Stoke Therapeutics Inc. | 377,310 | 4,845 | |||
* | Amneal Pharmaceuticals Inc. | 2,378,271 | 4,804 | |||
Phibro Animal Health Corp. Class A | 350,503 | 4,658 | ||||
* | Immunovant Inc. | 740,587 | 4,132 | |||
* | Atea Pharmaceuticals Inc. | 644,300 | 3,666 | |||
*,1 | Nuvalent Inc. Class A | 186,070 | 3,617 | |||
* | Orthofix Medical Inc. | 164,575 | 3,145 | |||
* | Allovir Inc. | 322,384 | 2,544 | |||
* | ALX Oncology Holdings Inc. | 157,439 | 1,507 | |||
* | Innovage Holding Corp. | 176,329 | 1,037 | |||
*,1 | P3 Health Partners Inc. | 216,372 | 1,000 | |||
* | Invivyd Inc. | 235,683 | 738 | |||
* | Aveanna Healthcare Holdings Inc. | 397,468 | 596 | |||
*,1,2 | Zogenix Inc. CVR | 265,295 | 531 | |||
*,1 | Bright Green Corp. | 171,575 | 185 | |||
*,1,2 | Synergy Pharmaceuticals LLC | 1,169,882 | — | |||
2,164,038 | ||||||
Industrials (20.9%) | ||||||
IDEX Corp. | 1,307,803 | 261,364 | ||||
Carlisle Cos. Inc. | 896,368 | 251,351 | ||||
Booz Allen Hamilton Holding Corp. Class A | 2,293,389 | 211,794 | ||||
Howmet Aerospace Inc. | 6,479,413 | 200,408 | ||||
RPM International Inc. | 2,235,858 | 186,269 | ||||
AECOM | 2,421,079 | 165,529 | ||||
Regal Rexnord Corp. | 1,152,067 | 161,704 | ||||
* | Builders FirstSource Inc. | 2,704,730 | 159,363 | |||
Quanta Services Inc. | 1,240,022 | 157,966 | ||||
Huntington Ingalls Industries Inc. | 692,782 | 153,451 | ||||
Robert Half International Inc. | 1,804,195 | 138,021 | ||||
Allegion plc | 1,523,073 | 136,589 | ||||
Owens Corning | 1,667,312 | 131,067 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 2,644,489 | 129,395 | ||||
Lincoln Electric Holdings Inc. | 1,004,532 | 126,290 | ||||
Tetra Tech Inc. | 924,032 | 118,766 | ||||
Pentair plc | 2,849,892 | 115,791 | ||||
Sealed Air Corp. | 2,516,133 | 111,993 | ||||
AptarGroup Inc. | 1,132,219 | 107,595 | ||||
Graphic Packaging Holding Co. | 5,333,830 | 105,290 | ||||
* | WESCO International Inc. | 880,553 | 105,120 | |||
Donaldson Co. Inc. | 2,129,321 | 104,358 | ||||
Hubbell Inc. Class B | 465,220 | 103,744 | ||||
Sensata Technologies Holding plc | 2,692,964 | 100,394 | ||||
AGCO Corp. | 1,034,451 | 99,483 | ||||
Valmont Industries Inc. | 370,065 | 99,407 | ||||
EMCOR Group Inc. | 855,471 | 98,790 | ||||
MDU Resources Group Inc. | 3,524,260 | 96,389 |
Shares | Market Value ($000) | |||||
Sonoco Products Co. | 1,689,796 | 95,862 | ||||
* | FTI Consulting Inc. | 568,930 | 94,277 | |||
ITT Inc. | 1,433,596 | 93,671 | ||||
nVent Electric plc | 2,886,589 | 91,245 | ||||
Western Union Co. | 6,686,196 | 90,264 | ||||
Acuity Brands Inc. | 567,246 | 89,324 | ||||
* | Mohawk Industries Inc. | 935,770 | 85,333 | |||
Brunswick Corp. | 1,289,446 | 84,394 | ||||
* | XPO Logistics Inc. | 1,894,866 | 84,359 | |||
* | Axalta Coating Systems Ltd. | 3,822,777 | 80,508 | |||
Oshkosh Corp. | 1,133,271 | 79,658 | ||||
MSA Safety Inc. | 644,540 | 70,435 | ||||
Applied Industrial Technologies Inc. | 667,625 | 68,618 | ||||
Crane Holdings Co. | 778,255 | 68,128 | ||||
Louisiana-Pacific Corp. | 1,281,342 | 65,592 | ||||
Ryder System Inc. | 843,561 | 63,680 | ||||
* | Kirby Corp. | 1,038,874 | 63,132 | |||
* | MasTec Inc. | 982,664 | 62,399 | |||
* | Fluor Corp. | 2,464,927 | 61,352 | |||
Zurn Elkay Water Solutions Corp. | 2,468,493 | 60,478 | ||||
Silgan Holdings Inc. | 1,433,697 | 60,273 | ||||
* | Middleby Corp. | 467,436 | 59,911 | |||
Watts Water Technologies Inc. Class A | 473,641 | 59,551 | ||||
Triton International Ltd. | 1,075,654 | 58,871 | ||||
ManpowerGroup Inc. | 897,843 | 58,081 | ||||
MSC Industrial Direct Co. Inc. Class A | 779,833 | 56,780 | ||||
Air Lease Corp. Class A | 1,827,210 | 56,662 | ||||
Allison Transmission Holdings Inc. | 1,669,732 | 56,370 | ||||
* | Atkore Inc. | 717,590 | 55,836 | |||
HB Fuller Co. | 922,371 | 55,434 | ||||
Flowserve Corp. | 2,267,267 | 55,095 | ||||
GATX Corp. | 612,500 | 52,154 | ||||
* | Summit Materials Inc. Class A | 2,049,651 | 49,110 | |||
* | Resideo Technologies Inc. | 2,529,886 | 48,220 | |||
* | Atlas Air Worldwide Holdings Inc. | 491,606 | 46,983 | |||
* | Beacon Roofing Supply Inc. | 846,261 | 46,307 | |||
* | API Group Corp. | 3,451,261 | 45,798 | |||
Vontier Corp. | 2,740,442 | 45,793 | ||||
Belden Inc. | 753,369 | 45,217 | ||||
Korn Ferry | 948,259 | 44,521 | ||||
Otter Tail Corp. | 722,643 | 44,457 | ||||
ABM Industries Inc. | 1,159,509 | 44,328 | ||||
UniFirst Corp. | 262,159 | 44,103 | ||||
Albany International Corp. Class A | 540,082 | 42,575 | ||||
Matson Inc. | 676,743 | 41,633 | ||||
* | SPX Technologies Inc. | 743,460 | 41,054 | |||
EnerSys | 703,699 | 40,934 | ||||
Spirit AeroSystems Holdings Inc. Class A | 1,819,650 | 39,887 | ||||
Hillenbrand Inc. | 1,085,762 | 39,869 | ||||
Woodward Inc. | 496,147 | 39,821 | ||||
Brink's Co. | 818,433 | 39,645 | ||||
* | Hub Group Inc. Class A | 560,776 | 38,682 | |||
Altra Industrial Motion Corp. | 1,126,175 | 37,862 | ||||
Werner Enterprises Inc. | 991,547 | 37,282 | ||||
Encore Wire Corp. | 314,433 | 36,330 | ||||
EVERTEC Inc. | 1,143,592 | 35,852 | ||||
* | Alight Inc. Class A | 4,836,650 | 35,453 | |||
Moog Inc. Class A | 503,110 | 35,394 |
Shares | Market Value ($000) | |||||
McGrath RentCorp | 421,967 | 35,386 | ||||
* | O-I Glass Inc. | 2,695,102 | 34,902 | |||
Terex Corp. | 1,114,834 | 33,155 | ||||
ESCO Technologies Inc. | 447,471 | 32,862 | ||||
Brady Corp. Class A | 767,609 | 32,032 | ||||
EnPro Industries Inc. | 360,056 | 30,598 | ||||
Trinity Industries Inc. | 1,419,450 | 30,305 | ||||
Comfort Systems USA Inc. | 309,623 | 30,136 | ||||
* | ATI Inc. | 1,124,622 | 29,926 | |||
Esab Corp. | 883,363 | 29,469 | ||||
ArcBest Corp. | 403,329 | 29,334 | ||||
Kennametal Inc. | 1,407,910 | 28,975 | ||||
* | GMS Inc. | 701,250 | 28,057 | |||
ADT Inc. | 3,710,986 | 27,795 | ||||
* | Marqeta Inc. Class A | 3,858,253 | 27,471 | |||
Bread Financial Holdings Inc. | 862,650 | 27,130 | ||||
Greif Inc. Class A | 440,338 | 26,231 | ||||
Griffon Corp. | 888,570 | 26,231 | ||||
Barnes Group Inc. | 830,715 | 23,991 | ||||
* | Huron Consulting Group Inc. | 359,735 | 23,832 | |||
* | Dycom Industries Inc. | 242,182 | 23,136 | |||
Maxar Technologies Inc. | 1,220,031 | 22,839 | ||||
* | AAR Corp. | 583,065 | 20,885 | |||
Kforce Inc. | 348,201 | 20,422 | ||||
Granite Construction Inc. | 763,085 | 19,375 | ||||
* | OSI Systems Inc. | 263,499 | 18,988 | |||
* | Enovix Corp. | 1,019,948 | 18,701 | |||
TriMas Corp. | 727,082 | 18,228 | ||||
* | CoreCivic Inc. | 2,035,992 | 17,998 | |||
*,1 | Proterra Inc. | 3,506,785 | 17,464 | |||
* | AvidXchange Holdings Inc. | 2,052,176 | 17,279 | |||
Standex International Corp. | 207,145 | 16,913 | ||||
* | Gates Industrial Corp. plc | 1,710,372 | 16,693 | |||
* | Rocket Lab USA Inc. | 4,058,870 | 16,520 | |||
*,1 | Joby Aviation Inc. | 3,688,711 | 15,972 | |||
*,1 | Mirion Technologies Inc. | 2,077,527 | 15,519 | |||
International Seaways Inc. | 429,295 | 15,081 | ||||
H&E Equipment Services Inc. | 530,936 | 15,047 | ||||
* | Green Dot Corp. Class A | 790,825 | 15,010 | |||
Primoris Services Corp. | 921,032 | 14,967 | ||||
AZZ Inc. | 408,551 | 14,916 | ||||
Apogee Enterprises Inc. | 383,047 | 14,640 | ||||
TTEC Holdings Inc. | 326,919 | 14,486 | ||||
Kaman Corp. | 486,007 | 13,574 | ||||
Schneider National Inc. Class B | 659,522 | 13,388 | ||||
Greenbrier Cos. Inc. | 535,540 | 12,998 | ||||
* | Payoneer Global Inc. | 2,091,814 | 12,655 | |||
Deluxe Corp. | 747,620 | 12,448 | ||||
Wabash National Corp. | 798,469 | 12,424 | ||||
Astec Industries Inc. | 395,416 | 12,333 | ||||
* | JELD-WEN Holding Inc. | 1,385,670 | 12,125 | |||
* | ZipRecruiter Inc. Class A | 722,890 | 11,928 | |||
* | First Advantage Corp. | 928,352 | 11,911 | |||
Heartland Express Inc. | 817,531 | 11,699 | ||||
Quanex Building Products Corp. | 575,941 | 10,459 | ||||
* | TrueBlue Inc. | 537,474 | 10,255 | |||
* | Conduent Inc. | 2,813,446 | 9,397 | |||
Enerpac Tool Group Corp. Class A | 503,345 | 8,975 |
Shares | Market Value ($000) | |||||
* | Thermon Group Holdings Inc. | 579,381 | 8,928 | |||
Kelly Services Inc. Class A | 568,647 | 7,728 | ||||
Pitney Bowes Inc. | 2,694,475 | 6,278 | ||||
* | American Woodmark Corp. | 142,783 | 6,262 | |||
* | Vivint Smart Home Inc. | 913,945 | 6,014 | |||
National Presto Industries Inc. | 91,543 | 5,955 | ||||
REV Group Inc. | 527,966 | 5,823 | ||||
* | BrightView Holdings Inc. | 723,843 | 5,747 | |||
Pactiv Evergreen Inc. | 613,925 | 5,360 | ||||
Greif Inc. Class B | 75,953 | 4,618 | ||||
* | Triumph Group Inc. | 506,116 | 4,348 | |||
Gorman-Rupp Co. | 180,335 | 4,290 | ||||
Kronos Worldwide Inc. | 398,342 | 3,721 | ||||
Hyster-Yale Materials Handling Inc. | 158,046 | 3,400 | ||||
* | Advantage Solutions Inc. | 1,370,147 | 2,918 | |||
*,1 | Microvast Holdings Inc. | 1,301,623 | 2,356 | |||
* | Tutor Perini Corp. | 355,782 | 1,964 | |||
8,513,694 | ||||||
Real Estate (9.5%) | ||||||
Kimco Realty Corp. | 10,723,827 | 197,426 | ||||
Gaming & Leisure Properties Inc. | 4,225,333 | 186,929 | ||||
Life Storage Inc. | 1,463,312 | 162,076 | ||||
STORE Capital Corp. | 4,407,543 | 138,088 | ||||
Federal Realty Investment Trust | 1,401,724 | 126,323 | ||||
* | Jones Lang LaSalle Inc. | 830,518 | 125,466 | |||
Medical Properties Trust Inc. | 10,378,712 | 123,092 | ||||
National Retail Properties Inc. | 3,068,491 | 122,310 | ||||
Omega Healthcare Investors Inc. | 4,056,325 | 119,621 | ||||
EastGroup Properties Inc. | 754,877 | 108,959 | ||||
Apartment Income REIT Corp. Class A | 2,671,980 | 103,192 | ||||
First Industrial Realty Trust Inc. | 2,288,569 | 102,551 | ||||
Brixmor Property Group Inc. | 5,193,100 | 95,917 | ||||
Agree Realty Corp. | 1,383,567 | 93,501 | ||||
Regency Centers Corp. | 1,483,143 | 79,867 | ||||
Rayonier Inc. | 2,538,347 | 76,074 | ||||
Vornado Realty Trust | 2,993,094 | 69,320 | ||||
Lamar Advertising Co. Class A | 755,780 | 62,344 | ||||
Cousins Properties Inc. | 2,625,982 | 61,317 | ||||
Physicians Realty Trust | 3,924,810 | 59,029 | ||||
PotlatchDeltic Corp. | 1,331,698 | 54,653 | ||||
Sabra Health Care REIT Inc. | 4,007,399 | 52,577 | ||||
Douglas Emmett Inc. | 2,898,228 | 51,965 | ||||
Apple Hospitality REIT Inc. | 3,575,217 | 50,268 | ||||
Highwoods Properties Inc. | 1,827,237 | 49,262 | ||||
EPR Properties | 1,301,688 | 46,679 | ||||
Corporate Office Properties Trust | 1,951,738 | 45,339 | ||||
1 | SL Green Realty Corp. | 1,113,305 | 44,710 | |||
Equity Commonwealth | 1,834,595 | 44,691 | ||||
LXP Industrial Trust | 4,858,580 | 44,505 | ||||
STAG Industrial Inc. | 1,556,839 | 44,261 | ||||
Kilroy Realty Corp. | 1,014,774 | 42,732 | ||||
National Health Investors Inc. | 736,494 | 41,634 | ||||
Park Hotels & Resorts Inc. | 3,516,910 | 39,600 | ||||
Outfront Media Inc. | 2,569,168 | 39,026 | ||||
JBG SMITH Properties | 1,979,911 | 36,787 | ||||
DigitalBridge Group Inc. | 2,836,749 | 35,488 | ||||
Sunstone Hotel Investors Inc. | 3,674,738 | 34,616 | ||||
SITE Centers Corp. | 3,149,059 | 33,726 |
Shares | Market Value ($000) | |||||
Pebblebrook Hotel Trust | 2,274,800 | 33,007 | ||||
Kennedy-Wilson Holdings Inc. | 2,037,117 | 31,494 | ||||
* | Cushman & Wakefield plc | 2,734,180 | 31,306 | |||
Phillips Edison & Co. Inc. | 1,009,875 | 28,327 | ||||
Retail Opportunity Investments Corp. | 2,048,266 | 28,184 | ||||
Macerich Co. | 3,531,537 | 28,040 | ||||
Xenia Hotels & Resorts Inc. | 1,989,696 | 27,438 | ||||
DiamondRock Hospitality Co. | 3,650,782 | 27,417 | ||||
Washington REIT | 1,512,636 | 26,562 | ||||
LTC Properties Inc. | 701,085 | 26,256 | ||||
Urban Edge Properties | 1,931,198 | 25,762 | ||||
Hudson Pacific Properties Inc. | 2,329,158 | 25,504 | ||||
InvenTrust Properties Corp. | 1,114,466 | 23,772 | ||||
Tanger Factory Outlet Centers Inc. | 1,714,977 | 23,461 | ||||
Piedmont Office Realty Trust Inc. Class A | 2,135,844 | 22,555 | ||||
American Assets Trust Inc. | 838,289 | 21,561 | ||||
Alexander & Baldwin Inc. | 1,258,936 | 20,873 | ||||
Acadia Realty Trust | 1,643,146 | 20,736 | ||||
Brandywine Realty Trust | 2,969,788 | 20,046 | ||||
Newmark Group Inc. Class A | 2,458,319 | 19,814 | ||||
Broadstone Net Lease Inc. | 1,264,646 | 19,640 | ||||
Global Net Lease Inc. | 1,794,629 | 19,113 | ||||
Getty Realty Corp. | 688,551 | 18,515 | ||||
Empire State Realty Trust Inc. Class A | 2,815,073 | 18,467 | ||||
Apartment Investment & Management Co. Class A | 2,501,770 | 18,263 | ||||
Centerspace | 266,396 | 17,934 | ||||
* | Howard Hughes Corp. | 302,320 | 16,745 | |||
* | GEO Group Inc. | 2,040,323 | 15,710 | |||
* | Anywhere Real Estate Inc. | 1,880,628 | 15,252 | |||
* | Veris Residential Inc. | 1,339,351 | 15,228 | |||
CareTrust REIT Inc. | 839,342 | 15,200 | ||||
Service Properties Trust | 2,857,389 | 14,830 | ||||
Necessity Retail REIT Inc. Class A | 2,309,299 | 13,579 | ||||
Office Properties Income Trust | 838,854 | 11,786 | ||||
* | Compass Inc. Class A | 4,862,484 | 11,281 | |||
RPT Realty | 1,477,487 | 11,170 | ||||
Saul Centers Inc. | 226,950 | 8,511 | ||||
Bridge Investment Group Holdings Inc. Class A | 477,187 | 6,919 | ||||
*,1 | WeWork Inc. | 2,455,547 | 6,507 | |||
RMR Group Inc. Class A | 271,193 | 6,425 | ||||
Industrial Logistics Properties Trust | 1,132,709 | 6,230 | ||||
Summit Hotel Properties Inc. | 897,875 | 6,034 | ||||
Urstadt Biddle Properties Inc. Class A | 259,500 | 4,025 | ||||
Alexander's Inc. | 17,723 | 3,703 | ||||
* | Forestar Group Inc. | 301,477 | 3,374 | |||
* | Seritage Growth Properties Class A | 291,109 | 2,626 | |||
Douglas Elliman Inc. | 563,312 | 2,310 | ||||
Franklin Street Properties Corp. | 804,297 | 2,115 | ||||
Diversified Healthcare Trust | 2,068,660 | 2,048 | ||||
Urstadt Biddle Properties Inc. | 22,687 | 358 | ||||
*,2 | Spirit MTA REIT | 334,911 | — | |||
3,871,934 | ||||||
Technology (6.0%) | ||||||
Jabil Inc. | 2,145,013 | 123,789 | ||||
* | Change Healthcare Inc. | 4,266,984 | 117,299 | |||
* | CACI International Inc. Class A | 405,815 | 105,942 | |||
KBR Inc. | 2,409,430 | 104,136 | ||||
Leidos Holdings Inc. | 1,183,045 | 103,481 |
Shares | Market Value ($000) | |||||
* | Arrow Electronics Inc. | 1,112,043 | 102,519 | |||
* | DXC Technology Co. | 3,984,431 | 97,539 | |||
Science Applications International Corp. | 965,256 | 85,358 | ||||
Concentrix Corp. | 677,538 | 75,634 | ||||
* | F5 Inc. | 516,646 | 74,774 | |||
* | Synaptics Inc. | 687,793 | 68,098 | |||
* | Cirrus Logic Inc. | 970,140 | 66,746 | |||
TD SYNNEX Corp. | 748,029 | 60,732 | ||||
Avnet Inc. | 1,642,055 | 59,311 | ||||
Dun & Bradstreet Holdings Inc. | 4,516,692 | 55,962 | ||||
* | Ziff Davis Inc. | 778,923 | 53,341 | |||
* | Teradata Corp. | 1,697,687 | 52,730 | |||
* | Insight Enterprises Inc. | 609,225 | 50,206 | |||
* | Rambus Inc. | 1,918,950 | 48,780 | |||
* | Sanmina Corp. | 953,457 | 43,935 | |||
* | NCR Corp. | 2,257,571 | 42,916 | |||
* | Super Micro Computer Inc. | 765,960 | 42,181 | |||
* | Plexus Corp. | 479,654 | 41,999 | |||
* | SentinelOne Inc. Class A | 1,638,333 | 41,876 | |||
Vishay Intertechnology Inc. | 2,261,852 | 40,238 | ||||
* | Covetrus Inc. | 1,822,792 | 38,060 | |||
* | IAC Inc. | 685,398 | 37,957 | |||
* | Verint Systems Inc. | 1,119,374 | 37,589 | |||
* | NetScout Systems Inc. | 1,175,420 | 36,814 | |||
Amkor Technology Inc. | 1,907,002 | 32,514 | ||||
Progress Software Corp. | 752,214 | 32,007 | ||||
* | Kyndryl Holdings Inc. | 3,532,377 | 29,213 | |||
CSG Systems International Inc. | 527,619 | 27,901 | ||||
Azenta Inc. | 648,973 | 27,815 | ||||
* | Allscripts Healthcare Solutions Inc. | 1,821,623 | 27,743 | |||
* | Parsons Corp. | 627,147 | 24,584 | |||
Xerox Holdings Corp. | 1,876,305 | 24,542 | ||||
Adeia Inc. | 1,726,162 | 24,408 | ||||
* | CCC Intelligent Solutions Holdings Inc. | 2,668,704 | 24,285 | |||
Methode Electronics Inc. | 604,318 | 22,450 | ||||
* | TTM Technologies Inc. | 1,591,960 | 20,982 | |||
*,1 | C3.ai Inc. Class A | 1,633,730 | 20,422 | |||
* | Blackbaud Inc. | 459,774 | 20,258 | |||
Benchmark Electronics Inc. | 583,054 | 14,448 | ||||
* | Allegro MicroSystems Inc. | 579,873 | 12,670 | |||
* | Informatica Inc. Class A | 616,151 | 12,366 | |||
* | ScanSource Inc. | 435,391 | 11,499 | |||
*,1 | Expensify Inc. Class A | 708,789 | 10,547 | |||
* | Cerence Inc. | 656,667 | 10,343 | |||
* | Squarespace Inc. Class A | 434,522 | 9,281 | |||
*,1 | Samsara Inc. Class A | 705,204 | 8,512 | |||
* | Unisys Corp. | 1,109,944 | 8,380 | |||
* | Olo Inc. Class A | 841,364 | 6,647 | |||
* | Amplitude Inc. Class A | 401,451 | 6,210 | |||
* | Couchbase Inc. | 385,690 | 5,504 | |||
SolarWinds Corp. | 691,897 | 5,362 | ||||
* | N-able Inc. | 542,442 | 5,007 | |||
*,1 | Rackspace Technology Inc. | 1,090,017 | 4,447 | |||
* | AvePoint Inc. | 1,043,427 | 4,184 | |||
Ebix Inc. | 213,415 | 4,048 | ||||
* | Vertex Inc. Class A | 293,569 | 4,013 | |||
1 | Vivid Seats Inc. Class A | 426,297 | 3,265 | |||
* | Nextdoor Holdings Inc. | 930,353 | 2,596 |
Shares | Market Value ($000) | |||||
* | SmartRent Inc. Class A | 1,027,224 | 2,332 | |||
*,1 | Groupon Inc. Class A | 157,383 | 1,253 | |||
*,1 | Avaya Holdings Corp. | 602,083 | 957 | |||
*,1 | BuzzFeed Inc. | 271,289 | 423 | |||
2,423,360 | ||||||
Telecommunications (1.1%) | ||||||
* | Frontier Communications Parent Inc. | 4,248,985 | 99,554 | |||
* | Iridium Communications Inc. | 1,983,382 | 88,002 | |||
Juniper Networks Inc. | 2,796,859 | 73,054 | ||||
* | Viavi Solutions Inc. | 3,929,347 | 51,278 | |||
* | CommScope Holding Co. Inc. | 3,424,519 | 31,540 | |||
Telephone & Data Systems Inc. | 1,751,429 | 24,345 | ||||
* | Altice USA Inc. Class A | 3,742,884 | 21,821 | |||
InterDigital Inc. | 513,287 | 20,747 | ||||
Shenandoah Telecommunications Co. | 823,564 | 14,017 | ||||
*,1 | fuboTV Inc. | 2,886,750 | 10,248 | |||
* | EchoStar Corp. Class A | 583,432 | 9,609 | |||
* | NETGEAR Inc. | 471,710 | 9,453 | |||
* | United States Cellular Corp. | 272,868 | 7,103 | |||
460,771 | ||||||
Utilities (5.2%) | ||||||
Atmos Energy Corp. | 2,423,863 | 246,870 | ||||
Essential Utilities Inc. | 4,089,928 | 169,241 | ||||
NRG Energy Inc. | 4,076,398 | 156,004 | ||||
OGE Energy Corp. | 3,468,268 | 126,453 | ||||
Pinnacle West Capital Corp. | 1,958,323 | 126,331 | ||||
UGI Corp. | 3,627,478 | 117,276 | ||||
National Fuel Gas Co. | 1,585,305 | 97,575 | ||||
IDACORP Inc. | 876,389 | 86,771 | ||||
Southwest Gas Holdings Inc. | 1,100,942 | 76,791 | ||||
Black Hills Corp. | 1,128,234 | 76,415 | ||||
South Jersey Industries Inc. | 2,123,754 | 70,976 | ||||
PNM Resources Inc. | 1,488,646 | 68,076 | ||||
* | Stericycle Inc. | 1,598,282 | 67,304 | |||
Portland General Electric Co. | 1,547,295 | 67,245 | ||||
ONE Gas Inc. | 938,839 | 66,085 | ||||
New Jersey Resources Corp. | 1,668,831 | 64,584 | ||||
Hawaiian Electric Industries Inc. | 1,803,624 | 62,514 | ||||
Spire Inc. | 865,217 | 53,929 | ||||
American States Water Co. | 641,702 | 50,021 | ||||
ALLETE Inc. | 990,218 | 49,560 | ||||
NorthWestern Corp. | 974,557 | 48,026 | ||||
Avista Corp. | 1,266,740 | 46,933 | ||||
MGE Energy Inc. | 625,952 | 41,081 | ||||
Northwest Natural Holding Co. | 595,222 | 25,821 | ||||
California Water Service Group | 470,498 | 24,791 | ||||
Excelerate Energy Inc. Class A | 353,461 | 8,271 | ||||
* | Harsco Corp. | 1,372,636 | 5,134 | |||
*,1 | NuScale Power Corp. | 126,674 | 1,480 | |||
2,101,558 | ||||||
Total Common Stocks (Cost $38,139,356) | 40,642,677 |
Coupon | Shares | Market Value ($000) | ||||
Temporary Cash Investments (0.8%) | ||||||
Money Market Fund (0.8%) | ||||||
3,4 | Vanguard Market Liquidity Fund (Cost $321,518) | 2.828% | 3,216,592 | 321,563 | ||
Total Investments (100.6%) (Cost $38,460,874) | 40,964,240 | |||||
Other Assets and Liabilities—Net (-0.6%) | (257,741) | |||||
Net Assets (100%) | 40,706,499 |
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 $294,174,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $320,145,000 was received for securities on loan. |
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 | December 2022 | 782 | 65,289 | (369) |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
Bridgebio Pharma Inc. | 8/31/23 | BANA | 3,150 | (2.581) | — | (174) |
SunPower Corp. | 1/31/23 | GSI | 10,418 | (2.998) | — | (1,373) |
— | (1,547) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
C. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily
to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
D. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments and derivatives as of September 30, 2022, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 40,642,146 | — | 531 | 40,642,677 |
Temporary Cash Investments | 321,563 | — | — | 321,563 |
Total | 40,963,709 | — | 531 | 40,964,240 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 369 | — | — | 369 |
Swap Contracts | — | 1,547 | — | 1,547 |
Total | 369 | 1,547 | — | 1,916 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |