Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
As of March 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 (99.8%) | ||||||
Basic Materials (6.0%) | ||||||
Reliance Steel & Aluminum Co. | 1,078,994 | 277,021 | ||||
* | Cleveland-Cliffs Inc. | 9,450,335 | 173,225 | |||
Steel Dynamics Inc. | 1,530,751 | 173,067 | ||||
Alcoa Corp. | 3,274,334 | 139,356 | ||||
Olin Corp. | 2,415,925 | 134,084 | ||||
Valvoline Inc. | 3,155,438 | 110,251 | ||||
Commercial Metals Co. | 2,149,797 | 105,125 | ||||
* | Univar Solutions Inc. | 2,902,048 | 101,659 | |||
Timken Co. | 1,195,863 | 97,726 | ||||
United States Steel Corp. | 3,743,257 | 97,699 | ||||
Ashland Inc. | 896,499 | 92,079 | ||||
Huntsman Corp. | 3,349,565 | 91,644 | ||||
UFP Industries Inc. | 1,074,907 | 85,423 | ||||
Chemours Co. | 2,723,169 | 81,532 | ||||
Cabot Corp. | 1,034,167 | 79,259 | ||||
Element Solutions Inc. | 3,987,958 | 77,007 | ||||
Mueller Industries Inc. | 992,090 | 72,899 | ||||
Avient Corp. | 1,670,709 | 68,766 | ||||
Hecla Mining Co. | 10,603,833 | 67,122 | ||||
Sensient Technologies Corp. | 773,386 | 59,210 | ||||
Scotts Miracle-Gro Co. | 771,057 | 53,773 | ||||
* | Arconic Corp. | 1,826,449 | 47,908 | |||
Innospec Inc. | 453,965 | 46,609 | ||||
Boise Cascade Co. | 725,359 | 45,879 | ||||
Materion Corp. | 377,726 | 43,816 | ||||
Stepan Co. | 388,360 | 40,013 | ||||
Carpenter Technology Corp. | 892,342 | 39,941 | ||||
Minerals Technologies Inc. | 598,754 | 36,177 | ||||
Worthington Industries Inc. | 548,741 | 35,476 | ||||
Westlake Corp. | 291,671 | 33,828 | ||||
Tronox Holdings plc | 2,122,839 | 30,526 | ||||
Kaiser Aluminum Corp. | 292,018 | 21,793 | ||||
Mativ Holdings Inc. | 1,006,293 | 21,605 | ||||
* | Coeur Mining Inc. | 4,875,102 | 19,452 | |||
* | Ecovyst Inc. | 1,651,345 | 18,247 | |||
GrafTech International Ltd. | 3,525,725 | 17,135 | ||||
Schnitzer Steel Industries Inc. Class A | 447,554 | 13,919 | ||||
Compass Minerals International Inc. | 375,591 | 12,879 | ||||
Koppers Holdings Inc. | 363,658 | 12,717 | ||||
2,775,847 |
Shares | Market Value ($000) | |||||
Consumer Discretionary (15.3%) | ||||||
* | Wynn Resorts Ltd. | 1,768,088 | 197,867 | |||
* | BJ's Wholesale Club Holdings Inc. | 2,468,101 | 187,748 | |||
Tapestry Inc. | 4,332,685 | 186,782 | ||||
Service Corp. International | 2,669,085 | 183,580 | ||||
1 | Aramark | 4,781,488 | 171,177 | |||
Dick's Sporting Goods Inc. | 1,043,665 | 148,086 | ||||
Whirlpool Corp. | 1,000,188 | 132,045 | ||||
Interpublic Group of Cos. Inc. | 3,535,329 | 131,656 | ||||
Williams-Sonoma Inc. | 997,146 | 121,313 | ||||
* | Mattel Inc. | 6,531,545 | 120,246 | |||
Toll Brothers Inc. | 1,927,077 | 115,682 | ||||
Lithia Motors Inc. Class A | 501,900 | 114,900 | ||||
New York Times Co. Class A | 2,872,074 | 111,666 | ||||
Polaris Inc. | 995,483 | 110,130 | ||||
*,1 | GameStop Corp. Class A | 4,753,210 | 109,419 | |||
* | Capri Holdings Ltd. | 2,307,097 | 108,434 | |||
* | Norwegian Cruise Line Holdings Ltd. | 7,737,286 | 104,066 | |||
PVH Corp. | 1,163,294 | 103,719 | ||||
* | Light & Wonder Inc. | 1,719,402 | 103,250 | |||
H&R Block Inc. | 2,795,334 | 98,535 | ||||
* | Alaska Air Group Inc. | 2,342,417 | 98,288 | |||
Academy Sports & Outdoors Inc. | 1,434,688 | 93,613 | ||||
Murphy USA Inc. | 358,596 | 92,536 | ||||
* | AutoNation Inc. | 688,707 | 92,535 | |||
U-Haul Holding Co. (XNYS) | 1,775,124 | 92,040 | ||||
Harley-Davidson Inc. | 2,415,412 | 91,713 | ||||
* | American Airlines Group Inc. | 5,980,582 | 88,214 | |||
Macy's Inc. | 4,977,025 | 87,048 | ||||
* | Asbury Automotive Group Inc. | 406,327 | 85,329 | |||
Newell Brands Inc. | 6,834,005 | 85,015 | ||||
Marriott Vacations Worldwide Corp. | 619,269 | 83,515 | ||||
Ralph Lauren Corp. Class A | 678,995 | 79,218 | ||||
Lear Corp. | 542,762 | 75,710 | ||||
* | Coty Inc. Class A | 6,260,339 | 75,500 | |||
Meritage Homes Corp. | 637,940 | 74,486 | ||||
Thor Industries Inc. | 933,571 | 74,350 | ||||
Leggett & Platt Inc. | 2,312,158 | 73,712 | ||||
Bath & Body Works Inc. | 1,992,146 | 72,873 | ||||
* | Taylor Morrison Home Corp. Class A | 1,889,422 | 72,289 | |||
* | Avis Budget Group Inc. | 362,407 | 70,597 | |||
TEGNA Inc. | 4,100,532 | 69,340 | ||||
Wendy's Co. | 3,129,319 | 68,157 | ||||
Foot Locker Inc. | 1,714,064 | 68,031 | ||||
Hasbro Inc. | 1,206,878 | 64,797 | ||||
Signet Jewelers Ltd. | 792,780 | 61,662 | ||||
* | Goodyear Tire & Rubber Co. | 5,200,680 | 57,311 | |||
Group 1 Automotive Inc. | 248,127 | 56,181 | ||||
KB Home | 1,388,536 | 55,791 | ||||
Penske Automotive Group Inc. | 380,750 | 53,994 | ||||
Travel + Leisure Co. | 1,354,495 | 53,096 | ||||
* | Victoria's Secret & Co. | 1,485,912 | 50,744 | |||
Kontoor Brands Inc. | 1,019,279 | 49,323 | ||||
Carter's Inc. | 666,653 | 47,946 | ||||
Kohl's Corp. | 2,031,388 | 47,819 | ||||
*,1 | AMC Entertainment Holdings Inc. Class A | 9,514,672 | 47,668 | |||
* | Tri Pointe Homes Inc. | 1,856,989 | 47,019 | |||
1 | Cracker Barrel Old Country Store Inc. | 408,035 | 46,353 |
Shares | Market Value ($000) | |||||
Gap Inc. | 4,363,612 | 43,811 | ||||
* | JetBlue Airways Corp. | 5,957,195 | 43,368 | |||
Rush Enterprises Inc. Class A | 772,328 | 42,169 | ||||
* | Helen of Troy Ltd. | 441,159 | 41,985 | |||
American Eagle Outfitters Inc. | 3,101,530 | 41,685 | ||||
* | Penn Entertainment Inc. | 1,402,543 | 41,599 | |||
MDC Holdings Inc. | 1,068,009 | 41,513 | ||||
Bloomin' Brands Inc. | 1,601,663 | 41,083 | ||||
Red Rock Resorts Inc. Class A | 904,741 | 40,324 | ||||
Graham Holdings Co. Class B | 67,076 | 39,967 | ||||
* | Hertz Global Holdings Inc. | 2,370,905 | 38,622 | |||
Strategic Education Inc. | 404,073 | 36,298 | ||||
* | ODP Corp. | 797,569 | 35,875 | |||
Dana Inc. | 2,374,677 | 35,739 | ||||
Hanesbrands Inc. | 6,430,397 | 33,824 | ||||
* | Under Armour Inc. Class A | 3,504,104 | 33,254 | |||
PriceSmart Inc. | 457,210 | 32,681 | ||||
* | Brinker International Inc. | 807,218 | 30,674 | |||
* | Sally Beauty Holdings Inc. | 1,966,217 | 30,634 | |||
* | Adtalem Global Education Inc. | 790,975 | 30,547 | |||
Laureate Education Inc. Class A | 2,588,320 | 30,439 | ||||
* | Urban Outfitters Inc. | 1,097,594 | 30,425 | |||
John Wiley & Sons Inc. Class A | 771,276 | 29,902 | ||||
1 | Cheesecake Factory Inc. | 847,661 | 29,710 | |||
Acushnet Holdings Corp. | 578,769 | 29,482 | ||||
* | Cinemark Holdings Inc. | 1,985,460 | 29,365 | |||
Oxford Industries Inc. | 274,421 | 28,976 | ||||
* | Under Armour Inc. Class C | 3,396,208 | 28,970 | |||
1 | Nordstrom Inc. | 1,759,666 | 28,630 | |||
* | Central Garden & Pet Co. Class A | 730,600 | 28,545 | |||
* | Knowles Corp. | 1,671,082 | 28,408 | |||
MillerKnoll Inc. | 1,384,750 | 28,318 | ||||
* | Lyft Inc. Class A | 2,990,647 | 27,723 | |||
* | KAR Auction Services Inc. | 1,995,132 | 27,293 | |||
* | National Vision Holdings Inc. | 1,448,079 | 27,282 | |||
* | Abercrombie & Fitch Co. Class A | 897,806 | 24,914 | |||
* | Lions Gate Entertainment Corp. Class B | 2,260,341 | 23,462 | |||
Wolverine World Wide Inc. | 1,373,436 | 23,417 | ||||
Steven Madden Ltd. | 642,047 | 23,114 | ||||
La-Z-Boy Inc. | 790,259 | 22,981 | ||||
1 | Dillard's Inc. Class A | 72,233 | 22,225 | |||
* | PROG Holdings Inc. | 879,802 | 20,930 | |||
* | SkyWest Inc. | 924,116 | 20,488 | |||
* | PowerSchool Holdings Inc. Class A | 1,023,850 | 20,293 | |||
HNI Corp. | 719,854 | 20,041 | ||||
Upbound Group Inc. | 815,675 | 19,992 | ||||
Buckle Inc. | 550,629 | 19,652 | ||||
1 | Krispy Kreme Inc. | 1,232,004 | 19,158 | |||
Matthews International Corp. Class A | 529,406 | 19,090 | ||||
Sturm Ruger & Co. Inc. | 322,264 | 18,511 | ||||
Dine Brands Global Inc. | 272,894 | 18,459 | ||||
Scholastic Corp. | 533,547 | 18,258 | ||||
Spirit Airlines Inc. | 999,528 | 17,162 | ||||
* | American Axle & Manufacturing Holdings Inc. | 1,994,072 | 15,574 | |||
* | Stride Inc. | 375,130 | 14,724 | |||
* | Vista Outdoor Inc. | 518,279 | 14,361 | |||
Sonic Automotive Inc. Class A | 263,799 | 14,335 | ||||
Monro Inc. | 287,521 | 14,212 |
Shares | Market Value ($000) | |||||
Steelcase Inc. Class A | 1,610,349 | 13,559 | ||||
Sinclair Broadcast Group Inc. Class A | 756,151 | 12,976 | ||||
* | Lions Gate Entertainment Corp. Class A | 1,151,534 | 12,747 | |||
* | BJ's Restaurants Inc. | 407,037 | 11,861 | |||
* | Sleep Number Corp. | 383,071 | 11,649 | |||
* | G-III Apparel Group Ltd. | 739,549 | 11,500 | |||
* | GoPro Inc. Class A | 2,237,698 | 11,256 | |||
* | Cars.com Inc. | 573,457 | 11,068 | |||
* | EW Scripps Co. Class A | 1,114,307 | 10,486 | |||
1 | U-Haul Holding Co. | 167,822 | 10,011 | |||
1 | Guess? Inc. | 498,671 | 9,704 | |||
* | AMC Networks Inc. Class A | 548,734 | 9,647 | |||
Interface Inc. Class A | 1,012,000 | 8,217 | ||||
* | Hawaiian Holdings Inc. | 895,046 | 8,199 | |||
Designer Brands Inc. Class A | 921,630 | 8,055 | ||||
* | Clear Channel Outdoor Holdings Inc. | 6,539,819 | 7,848 | |||
* | iHeartMedia Inc. Class A | 2,007,280 | 7,828 | |||
* | Central Garden & Pet Co. | 164,993 | 6,775 | |||
Caleres Inc. | 309,916 | 6,703 | ||||
* | Petco Health & Wellness Co. Inc. Class A | 733,695 | 6,603 | |||
* | Udemy Inc. | 711,804 | 6,285 | |||
* | Qurate Retail Inc. Class A | 6,162,980 | 6,088 | |||
Rush Enterprises Inc. Class B | 93,738 | 5,614 | ||||
Smith & Wesson Brands Inc. | 422,495 | 5,201 | ||||
1 | Cricut Inc. Class A | 439,638 | 4,484 | |||
* | Children's Place Inc. | 106,367 | 4,281 | |||
* | Genesco Inc. | 109,700 | 4,046 | |||
*,1 | SES AI Corp. | 1,135,886 | 3,351 | |||
1 | Big Lots Inc. | 251,002 | 2,751 | |||
* | Zumiez Inc. | 143,283 | 2,642 | |||
7,140,022 | ||||||
Consumer Staples (3.6%) | ||||||
Bunge Ltd. | 2,750,017 | 262,682 | ||||
* | Performance Food Group Co. | 2,866,435 | 172,961 | |||
* | US Foods Holding Corp. | 3,706,306 | 136,911 | |||
Ingredion Inc. | 1,150,113 | 117,001 | ||||
Flowers Foods Inc. | 3,297,593 | 90,387 | ||||
Molson Coors Beverage Co. Class B | 1,652,327 | 85,392 | ||||
* | Sprouts Farmers Market Inc. | 1,944,303 | 68,109 | |||
* | Hostess Brands Inc. Class A | 2,452,256 | 61,012 | |||
* | TreeHouse Foods Inc. | 1,030,938 | 51,990 | |||
Spectrum Brands Holdings Inc. | 753,771 | 49,915 | ||||
Energizer Holdings Inc. | 1,313,011 | 45,561 | ||||
* | Grocery Outlet Holding Corp. | 1,609,372 | 45,481 | |||
* | Post Holdings Inc. | 487,412 | 43,804 | |||
Edgewell Personal Care Co. | 902,107 | 38,267 | ||||
Lancaster Colony Corp. | 176,796 | 35,868 | ||||
Nu Skin Enterprises Inc. Class A | 864,525 | 33,984 | ||||
Vector Group Ltd. | 2,444,631 | 29,360 | ||||
* | United Natural Foods Inc. | 1,096,083 | 28,882 | |||
* | Herbalife Nutrition Ltd. | 1,793,855 | 28,881 | |||
* | Hain Celestial Group Inc. | 1,637,995 | 28,092 | |||
Reynolds Consumer Products Inc. | 961,140 | 26,431 | ||||
Weis Markets Inc. | 295,689 | 25,036 | ||||
Andersons Inc. | 583,817 | 24,123 | ||||
Universal Corp. | 427,257 | 22,598 | ||||
Fresh Del Monte Produce Inc. | 701,084 | 21,110 | ||||
1 | B&G Foods Inc. | 1,312,929 | 20,390 |
Shares | Market Value ($000) | |||||
Seaboard Corp. | 4,299 | 16,207 | ||||
* | Pilgrim's Pride Corp. | 649,768 | 15,062 | |||
* | Duckhorn Portfolio Inc. | 738,104 | 11,736 | |||
ACCO Brands Corp. | 1,640,488 | 8,727 | ||||
* | USANA Health Sciences Inc. | 105,994 | 6,667 | |||
*,1 | BRC Inc. Class A | 349,436 | 1,796 | |||
1,654,423 | ||||||
Energy (4.7%) | ||||||
APA Corp. | 5,707,391 | 205,809 | ||||
Chesapeake Energy Corp. | 2,348,917 | 178,612 | ||||
Ovintiv Inc. | 4,556,881 | 164,412 | ||||
HF Sinclair Corp. | 2,763,393 | 133,693 | ||||
* | Antero Resources Corp. | 4,878,290 | 112,640 | |||
Range Resources Corp. | 4,214,496 | 111,558 | ||||
* | Southwestern Energy Co. | 20,191,018 | 100,955 | |||
Murphy Oil Corp. | 2,711,140 | 100,258 | ||||
Chord Energy Corp. | 723,291 | 97,355 | ||||
PBF Energy Inc. Class A | 2,130,771 | 92,390 | ||||
DT Midstream Inc. | 1,778,727 | 87,816 | ||||
Antero Midstream Corp. | 5,714,306 | 59,943 | ||||
* | Peabody Energy Corp. | 2,247,398 | 57,533 | |||
Arcosa Inc. | 888,620 | 56,081 | ||||
California Resources Corp. | 1,350,033 | 51,976 | ||||
* | CNX Resources Corp. | 2,969,722 | 47,575 | |||
Equitrans Midstream Corp. | 7,987,257 | 46,166 | ||||
Patterson-UTI Energy Inc. | 3,929,256 | 45,972 | ||||
1 | Arch Resources Inc. | 321,939 | 42,322 | |||
* | Transocean Ltd. | 6,342,640 | 40,339 | |||
Permian Resources Corp. Class A | 3,714,611 | 39,003 | ||||
Warrior Met Coal Inc. | 951,310 | 34,923 | ||||
SM Energy Co. | 1,116,915 | 31,452 | ||||
Helmerich & Payne Inc. | 861,377 | 30,794 | ||||
Delek US Holdings Inc. | 1,276,760 | 29,302 | ||||
World Fuel Services Corp. | 1,077,625 | 27,533 | ||||
Archrock Inc. | 2,741,890 | 26,788 | ||||
* | NOW Inc. | 2,020,991 | 22,534 | |||
CVR Energy Inc. | 552,541 | 18,112 | ||||
* | NexTier Oilfield Solutions Inc. | 1,819,119 | 14,462 | |||
* | MRC Global Inc. | 1,455,507 | 14,148 | |||
* | ProPetro Holding Corp. | 1,791,585 | 12,881 | |||
* | NEXTracker Inc. Class A | 273,145 | 9,904 | |||
Core Laboratories NV | 427,377 | 9,424 | ||||
1 | Crescent Energy Co. Class A | 707,478 | 8,002 | |||
1 | Vitesse Energy Inc. | 418,251 | 7,959 | |||
*,1 | Fluence Energy Inc. Class A | 371,162 | 7,516 | |||
* | ProFrac Holding Corp. Class A | 398,543 | 5,050 | |||
* | Atlas Energy Solutions Inc. Class A | 161,344 | 2,748 | |||
*,1 | OPAL Fuels Inc. Class A | 105,829 | 738 | |||
2,186,678 | ||||||
Financials (20.1%) | ||||||
First Citizens BancShares Inc. Class A | 185,814 | 180,816 | ||||
First Horizon Corp. | 9,855,599 | 175,233 | ||||
Reinsurance Group of America Inc. | 1,224,005 | 162,499 | ||||
American Financial Group Inc. | 1,329,280 | 161,508 | ||||
RenaissanceRe Holdings Ltd. | 802,734 | 160,820 | ||||
Carlyle Group Inc. | 4,679,309 | 145,339 | ||||
East West Bancorp Inc. | 2,587,157 | 143,587 |
Shares | Market Value ($000) | |||||
Invesco Ltd. | 8,345,375 | 136,864 | ||||
SEI Investments Co. | 2,217,419 | 127,612 | ||||
Voya Financial Inc. | 1,783,788 | 127,470 | ||||
Webster Financial Corp. | 3,194,030 | 125,909 | ||||
Old Republic International Corp. | 5,025,353 | 125,483 | ||||
Unum Group | 3,078,183 | 121,773 | ||||
Commerce Bancshares Inc. | 2,061,039 | 120,262 | ||||
Brown & Brown Inc. | 2,079,614 | 119,411 | ||||
Primerica Inc. | 677,391 | 116,674 | ||||
Assurant Inc. | 971,577 | 116,657 | ||||
Cullen/Frost Bankers Inc. | 1,063,258 | 112,004 | ||||
Stifel Financial Corp. | 1,860,620 | 109,944 | ||||
New York Community Bancorp Inc. | 11,877,700 | 107,374 | ||||
AGNC Investment Corp. | 10,551,305 | 106,357 | ||||
Selective Insurance Group Inc. | 1,108,012 | 105,627 | ||||
RLI Corp. | 791,516 | 105,200 | ||||
Comerica Inc. | 2,410,849 | 104,679 | ||||
First American Financial Corp. | 1,798,618 | 100,111 | ||||
SouthState Corp. | 1,389,524 | 99,017 | ||||
Prosperity Bancshares Inc. | 1,592,288 | 97,958 | ||||
1 | Starwood Property Trust Inc. | 5,398,170 | 95,494 | |||
Affiliated Managers Group Inc. | 658,161 | 93,735 | ||||
Jefferies Financial Group Inc. | 2,923,989 | 92,807 | ||||
Globe Life Inc. | 797,137 | 87,701 | ||||
United Bankshares Inc. | 2,473,712 | 87,075 | ||||
Glacier Bancorp Inc. | 2,033,864 | 85,443 | ||||
OneMain Holdings Inc. | 2,218,325 | 82,256 | ||||
Columbia Banking System Inc. | 3,819,134 | 81,806 | ||||
Zions Bancorp NA | 2,728,950 | 81,677 | ||||
Wintrust Financial Corp. | 1,116,229 | 81,429 | ||||
First Financial Bankshares Inc. | 2,489,264 | 79,408 | ||||
Synovus Financial Corp. | 2,537,661 | 78,236 | ||||
Old National Bancorp | 5,378,704 | 77,561 | ||||
FNB Corp. | 6,620,193 | 76,794 | ||||
Axis Capital Holdings Ltd. | 1,398,939 | 76,270 | ||||
Popular Inc. | 1,319,651 | 75,761 | ||||
Hanover Insurance Group Inc. | 588,382 | 75,607 | ||||
Essent Group Ltd. | 1,885,886 | 75,530 | ||||
Valley National Bancorp | 7,903,771 | 73,031 | ||||
Home BancShares Inc. | 3,362,315 | 72,996 | ||||
MGIC Investment Corp. | 5,335,653 | 71,604 | ||||
Bank OZK | 2,044,321 | 69,916 | ||||
Lincoln National Corp. | 3,108,625 | 69,851 | ||||
Rithm Capital Corp. | 8,701,746 | 69,614 | ||||
Cadence Bank | 3,350,824 | 69,563 | ||||
Evercore Inc. Class A | 570,528 | 65,828 | ||||
Lazard Ltd. Class A | 1,967,137 | 65,132 | ||||
FirstCash Holdings Inc. | 680,274 | 64,878 | ||||
Janus Henderson Group plc | 2,433,745 | 64,835 | ||||
Kemper Corp. | 1,174,740 | 64,211 | ||||
Radian Group Inc. | 2,885,758 | 63,775 | ||||
Ally Financial Inc. | 2,473,816 | 63,058 | ||||
Federated Hermes Inc. Class B | 1,553,079 | 62,341 | ||||
White Mountains Insurance Group Ltd. | 44,953 | 61,922 | ||||
Jackson Financial Inc. Class A | 1,526,078 | 57,091 | ||||
United Community Banks Inc. | 2,007,820 | 56,460 | ||||
SLM Corp. | 4,432,866 | 54,923 | ||||
* | Brighthouse Financial Inc. | 1,244,218 | 54,882 |
Shares | Market Value ($000) | |||||
Hancock Whitney Corp. | 1,495,648 | 54,442 | ||||
American Equity Investment Life Holding Co. | 1,480,008 | 54,006 | ||||
1 | Blackstone Mortgage Trust Inc. Class A | 3,008,905 | 53,709 | |||
Assured Guaranty Ltd. | 1,047,938 | 52,680 | ||||
Independent Bank Corp. | 795,024 | 52,169 | ||||
Community Bank System Inc. | 987,249 | 51,821 | ||||
First Hawaiian Inc. | 2,335,101 | 48,173 | ||||
Atlantic Union Bankshares Corp. | 1,373,005 | 48,124 | ||||
Associated Banc-Corp | 2,628,581 | 47,262 | ||||
* | Mr Cooper Group Inc. | 1,145,888 | 46,947 | |||
First Interstate BancSystem Inc. Class A | 1,536,019 | 45,866 | ||||
* | Genworth Financial Inc. Class A | 9,107,851 | 45,721 | |||
Moelis & Co. Class A | 1,176,224 | 45,214 | ||||
Ameris Bancorp | 1,211,070 | 44,301 | ||||
* | Enstar Group Ltd. | 191,109 | 44,297 | |||
CNO Financial Group Inc. | 1,991,183 | 44,184 | ||||
International Bancshares Corp. | 1,028,063 | 44,022 | ||||
Cathay General Bancorp | 1,270,296 | 43,851 | ||||
* | Texas Capital Bancshares Inc. | 886,976 | 43,426 | |||
Piper Sandler Cos. | 312,595 | 43,329 | ||||
Fulton Financial Corp. | 3,079,192 | 42,554 | ||||
WSFS Financial Corp. | 1,129,365 | 42,475 | ||||
Pacific Premier Bancorp Inc. | 1,746,825 | 41,959 | ||||
Walker & Dunlop Inc. | 547,089 | 41,672 | ||||
UMB Financial Corp. | 713,383 | 41,176 | ||||
CVB Financial Corp. | 2,442,163 | 40,735 | ||||
Houlihan Lokey Inc. Class A | 463,822 | 40,580 | ||||
Simmons First National Corp. Class A | 2,219,472 | 38,819 | ||||
* | Axos Financial Inc. | 1,048,353 | 38,705 | |||
First Bancorp | 3,360,431 | 38,376 | ||||
Bank of Hawaii Corp. | 735,948 | 38,328 | ||||
Artisan Partners Asset Management Inc. Class A | 1,186,773 | 37,953 | ||||
Eastern Bankshares Inc. | 2,917,029 | 36,813 | ||||
BOK Financial Corp. | 431,225 | 36,400 | ||||
Washington Federal Inc. | 1,203,487 | 36,249 | ||||
First Financial Bancorp | 1,657,988 | 36,094 | ||||
First Merchants Corp. | 1,088,334 | 35,861 | ||||
1 | Arbor Realty Trust Inc. | 2,978,359 | 34,221 | |||
Banner Corp. | 626,376 | 34,056 | ||||
Western Alliance Bancorp | 953,864 | 33,900 | ||||
TPG Inc. Class A | 1,105,267 | 32,417 | ||||
Towne Bank | 1,204,254 | 32,093 | ||||
Park National Corp. | 269,350 | 31,937 | ||||
WesBanco Inc. | 1,030,303 | 31,630 | ||||
BankUnited Inc. | 1,375,733 | 31,064 | ||||
BGC Partners Inc. Class A | 5,932,739 | 31,028 | ||||
Renasant Corp. | 973,788 | 29,778 | ||||
Independent Bank Group Inc. | 641,484 | 29,733 | ||||
Navient Corp. | 1,785,934 | 28,557 | ||||
Northwest Bancshares Inc. | 2,327,149 | 27,996 | ||||
BancFirst Corp. | 331,273 | 27,529 | ||||
* | Cannae Holdings Inc. | 1,357,649 | 27,397 | |||
Two Harbors Investment Corp. | 1,804,107 | 26,538 | ||||
* | PRA Group Inc. | 678,205 | 26,423 | |||
1 | Claros Mortgage Trust Inc. | 2,183,365 | 25,436 | |||
NBT Bancorp Inc. | 745,522 | 25,132 | ||||
Provident Financial Services Inc. | 1,308,121 | 25,090 | ||||
Horace Mann Educators Corp. | 749,223 | 25,084 |
Shares | Market Value ($000) | |||||
Trustmark Corp. | 1,005,383 | 24,833 | ||||
Hilltop Holdings Inc. | 829,623 | 24,615 | ||||
PennyMac Financial Services Inc. | 412,501 | 24,589 | ||||
Chimera Investment Corp. | 4,274,102 | 24,106 | ||||
Apollo Commercial Real Estate Finance Inc. | 2,588,211 | 24,096 | ||||
Virtus Investment Partners Inc. | 125,826 | 23,956 | ||||
City Holding Co. | 256,496 | 23,310 | ||||
National Bank Holdings Corp. Class A | 688,914 | 23,051 | ||||
First Commonwealth Financial Corp. | 1,790,369 | 22,254 | ||||
OFG Bancorp | 871,596 | 21,738 | ||||
Compass Diversified Holdings | 1,124,218 | 21,450 | ||||
PacWest Bancorp | 2,202,665 | 21,432 | ||||
S&T Bancorp Inc. | 678,733 | 21,346 | ||||
Employers Holdings Inc. | 498,153 | 20,768 | ||||
Westamerica Bancorp | 468,362 | 20,748 | ||||
* | Encore Capital Group Inc. | 405,823 | 20,474 | |||
Hope Bancorp Inc. | 2,079,791 | 20,424 | ||||
PennyMac Mortgage Investment Trust | 1,629,083 | 20,087 | ||||
Nelnet Inc. Class A | 217,859 | 20,019 | ||||
Ladder Capital Corp. Class A | 2,085,628 | 19,709 | ||||
Berkshire Hills Bancorp Inc. | 771,917 | 19,344 | ||||
Eagle Bancorp Inc. | 574,224 | 19,219 | ||||
Safety Insurance Group Inc. | 257,489 | 19,188 | ||||
1 | ARMOUR Residential REIT Inc. | 3,534,917 | 18,558 | |||
MFA Financial Inc. | 1,864,823 | 18,499 | ||||
ProAssurance Corp. | 988,479 | 18,267 | ||||
*,1 | Avantax Inc. | 691,708 | 18,206 | |||
Franklin BSP Realty Trust Inc. | 1,520,358 | 18,138 | ||||
Argo Group International Holdings Ltd. | 577,973 | 16,929 | ||||
Brookline Bancorp Inc. | 1,550,066 | 16,276 | ||||
Virtu Financial Inc. Class A | 854,622 | 16,152 | ||||
Mercury General Corp. | 507,124 | 16,096 | ||||
Capitol Federal Financial Inc. | 2,369,005 | 15,943 | ||||
Tompkins Financial Corp. | 212,762 | 14,087 | ||||
Redwood Trust Inc. | 2,078,428 | 14,009 | ||||
Enact Holdings Inc. | 596,646 | 13,639 | ||||
* | LendingClub Corp. | 1,854,188 | 13,369 | |||
WisdomTree Inc. | 2,280,939 | 13,366 | ||||
BrightSpire Capital Inc. Class A | 2,242,748 | 13,232 | ||||
* | Columbia Financial Inc. | 698,477 | 12,768 | |||
* | Ambac Financial Group Inc. | 823,995 | 12,755 | |||
Heartland Financial USA Inc. | 330,650 | 12,684 | ||||
* | SiriusPoint Ltd. | 1,484,559 | 12,069 | |||
United Fire Group Inc. | 438,497 | 11,642 | ||||
Broadmark Realty Capital Inc. | 2,313,227 | 10,872 | ||||
KKR Real Estate Finance Trust Inc. | 885,992 | 10,091 | ||||
Northfield Bancorp Inc. | 781,932 | 9,211 | ||||
Kearny Financial Corp. | 1,110,641 | 9,018 | ||||
Central Pacific Financial Corp. | 470,244 | 8,417 | ||||
National Western Life Group Inc. Class A | 34,616 | 8,399 | ||||
TPG RE Finance Trust Inc. | 1,134,365 | 8,236 | ||||
Invesco Mortgage Capital Inc. | 709,013 | 7,863 | ||||
Victory Capital Holdings Inc. Class A | 246,735 | 7,222 | ||||
1 | UWM Holdings Corp. Class A | 1,441,078 | 7,076 | |||
* | AssetMark Financial Holdings Inc. | 203,931 | 6,414 | |||
* | World Acceptance Corp. | 74,807 | 6,231 | |||
GCM Grosvenor Inc. Class A | 761,780 | 5,950 | ||||
* | Star Holdings | 115,876 | 2,015 |
Shares | Market Value ($000) | |||||
*,1 | Hagerty Inc. Class A | 189,034 | 1,652 | |||
loanDepot Inc. Class A | 928,579 | 1,495 | ||||
Associated Capital Group Inc. Class A | 30,952 | 1,144 | ||||
*,1 | Bakkt Holdings Inc. | 536,356 | 923 | |||
1 | Signature Bank | 367,746 | 67 | |||
9,361,757 | ||||||
Health Care (5.7%) | ||||||
* | United Therapeutics Corp. | 850,104 | 190,389 | |||
* | Jazz Pharmaceuticals plc | 1,098,313 | 160,716 | |||
DENTSPLY SIRONA Inc. | 3,946,084 | 155,002 | ||||
* | Envista Holdings Corp. | 2,996,735 | 122,507 | |||
* | Acadia Healthcare Co. Inc. | 1,670,469 | 120,691 | |||
* | Tenet Healthcare Corp. | 1,877,717 | 111,574 | |||
Organon & Co. | 4,669,326 | 109,823 | ||||
Encompass Health Corp. | 1,832,036 | 99,113 | ||||
* | Karuna Therapeutics Inc. | 543,473 | 98,716 | |||
Perrigo Co. plc | 2,472,600 | 88,692 | ||||
* | Elanco Animal Health Inc. | 8,708,932 | 81,864 | |||
* | DaVita Inc. | 912,463 | 74,010 | |||
Universal Health Services Inc. Class B | 559,514 | 71,114 | ||||
Premier Inc. Class A | 2,183,031 | 70,665 | ||||
* | Syneos Health Inc. | 1,895,714 | 67,525 | |||
* | Madrigal Pharmaceuticals Inc. | 266,549 | 64,574 | |||
* | IVERIC bio Inc. | 2,497,218 | 60,757 | |||
* | Prestige Consumer Healthcare Inc. | 912,936 | 57,177 | |||
* | Azenta Inc. | 1,267,928 | 56,575 | |||
Select Medical Holdings Corp. | 1,869,973 | 48,339 | ||||
* | Enovis Corp. | 897,291 | 47,996 | |||
* | Integer Holdings Corp. | 610,833 | 47,340 | |||
* | Pacific Biosciences of California Inc. | 4,028,887 | 46,655 | |||
* | Reata Pharmaceuticals Inc. Class A | 495,882 | 45,086 | |||
Patterson Cos. Inc. | 1,606,127 | 42,996 | ||||
*,1 | Axsome Therapeutics Inc. | 638,884 | 39,406 | |||
* | Prometheus Biosciences Inc. | 323,101 | 34,675 | |||
* | Myriad Genetics Inc. | 1,410,223 | 32,759 | |||
Embecta Corp. | 1,049,205 | 29,504 | ||||
* | Bridgebio Pharma Inc. | 1,754,251 | 29,085 | |||
* | Avanos Medical Inc. | 853,576 | 25,385 | |||
* | Amedisys Inc. | 299,219 | 22,008 | |||
* | Ligand Pharmaceuticals Inc. | 294,005 | 21,627 | |||
* | Pediatrix Medical Group Inc. | 1,445,065 | 21,546 | |||
* | Owens & Minor Inc. | 1,326,779 | 19,305 | |||
Healthcare Services Group Inc. | 1,362,843 | 18,903 | ||||
* | Mirati Therapeutics Inc. | 474,665 | 17,648 | |||
* | Supernus Pharmaceuticals Inc. | 470,374 | 17,042 | |||
* | NextGen Healthcare Inc. | 967,149 | 16,838 | |||
* | Iovance Biotherapeutics Inc. | 2,456,694 | 15,010 | |||
* | Immunovant Inc. | 952,966 | 14,781 | |||
National HealthCare Corp. | 253,210 | 14,704 | ||||
* | Varex Imaging Corp. | 734,501 | 13,361 | |||
* | Enhabit Inc. | 909,136 | 12,646 | |||
* | Agios Pharmaceuticals Inc. | 506,234 | 11,628 | |||
*,1 | 23andMe Holding Co. Class A | 5,024,551 | 11,456 | |||
* | Brookdale Senior Living Inc. | 3,257,803 | 9,611 | |||
* | Emergent BioSolutions Inc. | 822,430 | 8,520 | |||
* | Multiplan Corp. | 6,470,535 | 6,859 | |||
* | Nuvalent Inc. Class A | 257,782 | 6,726 | |||
* | Innoviva Inc. | 577,178 | 6,493 |
Shares | Market Value ($000) | |||||
* | Kiniksa Pharmaceuticals Ltd. Class A | 569,191 | 6,124 | |||
* | Day One Biopharmaceuticals Inc. | 437,869 | 5,854 | |||
Phibro Animal Health Corp. Class A | 372,345 | 5,704 | ||||
* | OPKO Health Inc. | 3,903,002 | 5,698 | |||
*,1 | ProKidney Corp. Class A | 480,707 | 5,442 | |||
* | Amneal Pharmaceuticals Inc. | 2,523,487 | 3,508 | |||
* | NGM Biopharmaceuticals Inc. | 409,616 | 1,671 | |||
* | Allovir Inc. | 341,406 | 1,345 | |||
*,1,2 | Synergy Pharmaceuticals LLC | 1,169,882 | — | |||
*,2 | OmniAb Inc. 12.5 Earnout | 53,581 | — | |||
*,2 | OmniAb Inc. 15 Earnout | 53,581 | — | |||
2,652,768 | ||||||
Industrials (23.1%) | ||||||
IDEX Corp. | 1,386,167 | 320,246 | ||||
* | Builders FirstSource Inc. | 2,701,560 | 239,845 | |||
Booz Allen Hamilton Holding Corp. Class A | 2,428,069 | 225,058 | ||||
Carlisle Cos. Inc. | 938,887 | 212,254 | ||||
RPM International Inc. | 2,369,513 | 206,716 | ||||
AECOM | 2,422,435 | 204,260 | ||||
Lincoln Electric Holdings Inc. | 1,056,788 | 178,703 | ||||
Allegion plc | 1,612,787 | 172,133 | ||||
Regal Rexnord Corp. | 1,195,169 | 168,196 | ||||
Pentair plc | 3,020,268 | 166,930 | ||||
Owens Corning | 1,666,064 | 159,609 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 2,805,930 | 158,760 | ||||
AGCO Corp. | 1,163,881 | 157,357 | ||||
Huntington Ingalls Industries Inc. | 731,633 | 151,463 | ||||
Robert Half International Inc. | 1,878,272 | 151,332 | ||||
Donaldson Co. Inc. | 2,232,842 | 145,894 | ||||
WESCO International Inc. | 937,944 | 144,950 | ||||
Howmet Aerospace Inc. | 3,405,036 | 144,271 | ||||
Graphic Packaging Holding Co. | 5,637,975 | 143,712 | ||||
Tetra Tech Inc. | 977,223 | 143,564 | ||||
EMCOR Group Inc. | 875,302 | 142,315 | ||||
AptarGroup Inc. | 1,200,588 | 141,898 | ||||
Sensata Technologies Holding plc | 2,799,332 | 140,023 | ||||
Fortune Brands Innovations Inc. | 2,349,391 | 137,980 | ||||
nVent Electric plc | 3,058,179 | 131,318 | ||||
ITT Inc. | 1,518,056 | 131,008 | ||||
Valmont Industries Inc. | 391,607 | 125,032 | ||||
Berry Global Group Inc. | 2,116,208 | 124,645 | ||||
* | Axalta Coating Systems Ltd. | 4,057,611 | 122,905 | |||
Sealed Air Corp. | 2,642,200 | 121,303 | ||||
Hubbell Inc. Class B | 491,966 | 119,700 | ||||
* | FTI Consulting Inc. | 591,765 | 116,785 | |||
MDU Resources Group Inc. | 3,731,886 | 113,748 | ||||
Sonoco Products Co. | 1,789,928 | 109,186 | ||||
MKS Instruments Inc. | 1,220,510 | 108,162 | ||||
Acuity Brands Inc. | 588,466 | 107,530 | ||||
Brunswick Corp. | 1,306,334 | 107,119 | ||||
* | Atkore Inc. | 725,237 | 101,881 | |||
* | MasTec Inc. | 1,077,166 | 101,728 | |||
Applied Industrial Technologies Inc. | 708,547 | 100,706 | ||||
Oshkosh Corp. | 1,201,047 | 99,903 | ||||
Crane Holdings Co. | 875,922 | 99,417 | ||||
* | Mohawk Industries Inc. | 991,504 | 99,369 | |||
MSA Safety Inc. | 684,088 | 91,326 | ||||
Watts Water Technologies Inc. Class A | 501,370 | 84,391 |
Shares | Market Value ($000) | |||||
Flowserve Corp. | 2,394,764 | 81,422 | ||||
Silgan Holdings Inc. | 1,515,431 | 81,333 | ||||
* | Fluor Corp. | 2,613,306 | 80,777 | |||
Vontier Corp. | 2,850,733 | 77,939 | ||||
* | API Group Corp. | 3,435,867 | 77,238 | |||
* | Kirby Corp. | 1,101,949 | 76,806 | |||
ManpowerGroup Inc. | 929,546 | 76,715 | ||||
Western Union Co. | 6,858,777 | 76,475 | ||||
Allison Transmission Holdings Inc. | 1,687,331 | 76,335 | ||||
Air Lease Corp. Class A | 1,934,849 | 76,175 | ||||
* | Middleby Corp. | 494,696 | 72,527 | |||
Ryder System Inc. | 807,609 | 72,071 | ||||
GATX Corp. | 648,405 | 71,338 | ||||
MSC Industrial Direct Co. Inc. Class A | 825,384 | 69,332 | ||||
Belden Inc. | 786,311 | 68,228 | ||||
HB Fuller Co. | 988,204 | 67,643 | ||||
Spirit AeroSystems Holdings Inc. Class A | 1,932,991 | 66,746 | ||||
Maxar Technologies Inc. | 1,303,482 | 66,556 | ||||
Triton International Ltd. | 1,035,509 | 65,465 | ||||
EnerSys | 750,227 | 65,180 | ||||
* | O-I Glass Inc. | 2,834,869 | 64,380 | |||
Louisiana-Pacific Corp. | 1,186,162 | 64,302 | ||||
* | XPO Inc. | 2,015,141 | 64,283 | |||
* | Summit Materials Inc. Class A | 2,174,756 | 61,959 | |||
Esab Corp. | 1,048,520 | 61,936 | ||||
* | Alight Inc. Class A | 6,573,999 | 60,547 | |||
Encore Wire Corp. | 318,855 | 59,093 | ||||
Terex Corp. | 1,178,450 | 57,013 | ||||
* | SPX Technologies Inc. | 789,077 | 55,693 | |||
Zurn Elkay Water Solutions Corp. | 2,587,885 | 55,277 | ||||
Otter Tail Corp. | 764,837 | 55,275 | ||||
ABM Industries Inc. | 1,214,368 | 54,574 | ||||
Hillenbrand Inc. | 1,147,595 | 54,545 | ||||
Brink's Co. | 810,764 | 54,159 | ||||
Woodward Inc. | 548,697 | 53,427 | ||||
Moog Inc. Class A | 526,485 | 53,043 | ||||
* | Beacon Roofing Supply Inc. | 896,576 | 52,764 | |||
Albany International Corp. Class A | 572,028 | 51,116 | ||||
Korn Ferry | 968,968 | 50,134 | ||||
UniFirst Corp. | 277,538 | 48,911 | ||||
Comfort Systems USA Inc. | 328,444 | 47,940 | ||||
* | Hub Group Inc. Class A | 568,426 | 47,714 | |||
Werner Enterprises Inc. | 1,045,936 | 47,580 | ||||
* | Resideo Technologies Inc. | 2,559,988 | 46,797 | |||
ESCO Technologies Inc. | 474,394 | 45,281 | ||||
* | GMS Inc. | 765,199 | 44,297 | |||
Brady Corp. Class A | 804,800 | 43,242 | ||||
* | RXO Inc. | 2,140,547 | 42,040 | |||
McGrath RentCorp | 448,511 | 41,851 | ||||
Kennametal Inc. | 1,480,998 | 40,846 | ||||
EVERTEC Inc. | 1,192,473 | 40,246 | ||||
ADT Inc. | 5,524,386 | 39,941 | ||||
EnPro Industries Inc. | 382,569 | 39,745 | ||||
Matson Inc. | 659,948 | 39,379 | ||||
ArcBest Corp. | 424,994 | 39,278 | ||||
Trinity Industries Inc. | 1,492,613 | 36,360 | ||||
* | ASGN Inc. | 435,718 | 36,021 | |||
Barnes Group Inc. | 884,529 | 35,629 |
Shares | Market Value ($000) | |||||
Granite Construction Inc. | 805,138 | 33,075 | ||||
* | AAR Corp. | 602,262 | 32,853 | |||
* | Mirion Technologies Inc. Class A | 3,592,914 | 30,684 | |||
* | Huron Consulting Group Inc. | 365,188 | 29,350 | |||
Griffon Corp. | 890,282 | 28,498 | ||||
* | OSI Systems Inc. | 277,825 | 28,438 | |||
Greif Inc. Class A | 444,751 | 28,184 | ||||
Bread Financial Holdings Inc. | 913,285 | 27,691 | ||||
Standex International Corp. | 218,742 | 26,783 | ||||
* | Gates Industrial Corp. plc | 1,811,857 | 25,167 | |||
H&E Equipment Services Inc. | 565,596 | 25,016 | ||||
* | Dycom Industries Inc. | 257,196 | 24,086 | |||
* | Hillman Solutions Corp. | 2,855,853 | 24,046 | |||
Primoris Services Corp. | 972,955 | 23,993 | ||||
Kforce Inc. | 361,153 | 22,839 | ||||
*,1 | Joby Aviation Inc. | 5,127,051 | 22,251 | |||
TriMas Corp. | 759,704 | 21,165 | ||||
Schneider National Inc. Class B | 783,515 | 20,959 | ||||
Wabash National Corp. | 826,856 | 20,332 | ||||
* | Rocket Lab USA Inc. | 4,767,853 | 19,262 | |||
* | JELD-WEN Holding Inc. | 1,472,201 | 18,638 | |||
* | AvidXchange Holdings Inc. | 2,366,598 | 18,459 | |||
Greenbrier Cos. Inc. | 570,490 | 18,353 | ||||
* | CoreCivic Inc. | 1,984,680 | 18,259 | |||
AZZ Inc. | 433,213 | 17,866 | ||||
Apogee Enterprises Inc. | 406,876 | 17,597 | ||||
Astec Industries Inc. | 415,983 | 17,159 | ||||
International Seaways Inc. | 404,544 | 16,861 | ||||
* | Proto Labs Inc. | 489,507 | 16,227 | |||
* | Thermon Group Holdings Inc. | 613,609 | 15,291 | |||
* | Green Dot Corp. Class A | 818,381 | 14,060 | |||
* | ZipRecruiter Inc. Class A | 877,743 | 13,991 | |||
Heartland Express Inc. | 868,021 | 13,819 | ||||
* | First Advantage Corp. | 974,011 | 13,597 | |||
Enerpac Tool Group Corp. Class A | 521,745 | 13,305 | ||||
Quanex Building Products Corp. | 608,742 | 13,106 | ||||
TTEC Holdings Inc. | 345,918 | 12,879 | ||||
Deluxe Corp. | 790,215 | 12,643 | ||||
Kaman Corp. | 513,382 | 11,736 | ||||
Pitney Bowes Inc. | 2,871,879 | 11,172 | ||||
* | Conduent Inc. | 3,209,333 | 11,008 | |||
* | TrueBlue Inc. | 571,147 | 10,166 | |||
Kelly Services Inc. Class A | 588,695 | 9,766 | ||||
* | American Woodmark Corp. | 152,231 | 7,927 | |||
Hyster-Yale Materials Handling Inc. | 157,209 | 7,843 | ||||
National Presto Industries Inc. | 96,969 | 6,991 | ||||
REV Group Inc. | 545,876 | 6,545 | ||||
* | Triumph Group Inc. | 538,449 | 6,241 | |||
* | Leonardo DRS Inc. | 469,561 | 6,090 | |||
* | Proterra Inc. | 3,511,451 | 5,337 | |||
Pactiv Evergreen Inc. | 651,415 | 5,211 | ||||
Gorman-Rupp Co. | 204,086 | 5,102 | ||||
Greif Inc. Class B | 60,325 | 4,616 | ||||
* | BrightView Holdings Inc. | 770,243 | 4,329 | |||
Kronos Worldwide Inc. | 425,079 | 3,915 | ||||
*,1 | Symbotic Inc. Class A | 130,722 | 2,986 | |||
* | Advantage Solutions Inc. | 1,463,428 | 2,312 |
Shares | Market Value ($000) | |||||
* | Microvast Holdings Inc. | 1,439,553 | 1,785 | |||
*,1 | MSP Recovery Inc. | 1,101,020 | 936 | |||
10,756,346 | ||||||
Real Estate (9.1%) | ||||||
Gaming & Leisure Properties Inc. | 4,573,291 | 238,086 | ||||
Kimco Realty Corp. | 11,351,343 | 221,692 | ||||
Life Storage Inc. | 1,560,282 | 204,537 | ||||
Federal Realty Investment Trust | 1,492,989 | 147,552 | ||||
National Retail Properties Inc. | 3,329,599 | 147,002 | ||||
EastGroup Properties Inc. | 799,551 | 132,182 | ||||
First Industrial Realty Trust Inc. | 2,426,284 | 129,078 | ||||
* | Jones Lang LaSalle Inc. | 871,276 | 126,762 | |||
Brixmor Property Group Inc. | 5,514,550 | 118,673 | ||||
Omega Healthcare Investors Inc. | 4,299,770 | 117,857 | ||||
Agree Realty Corp. | 1,654,953 | 113,546 | ||||
STAG Industrial Inc. | 3,291,986 | 111,335 | ||||
Apartment Income REIT Corp. Class A | 2,779,156 | 99,522 | ||||
Regency Centers Corp. | 1,572,164 | 96,185 | ||||
1 | Medical Properties Trust Inc. | 10,967,913 | 90,156 | |||
Rayonier Inc. | 2,688,168 | 89,408 | ||||
Lamar Advertising Co. Class A | 800,891 | 80,001 | ||||
PotlatchDeltic Corp. | 1,463,707 | 72,454 | ||||
Physicians Realty Trust | 4,287,750 | 64,016 | ||||
Cousins Properties Inc. | 2,785,435 | 59,553 | ||||
Apple Hospitality REIT Inc. | 3,783,226 | 58,716 | ||||
Broadstone Net Lease Inc. | 3,422,947 | 58,224 | ||||
LXP Industrial Trust | 5,375,505 | 55,421 | ||||
EPR Properties | 1,384,501 | 52,750 | ||||
Corporate Office Properties Trust | 2,066,088 | 48,987 | ||||
Sabra Health Care REIT Inc. | 4,251,766 | 48,895 | ||||
Vornado Realty Trust | 3,174,872 | 48,798 | ||||
Park Hotels & Resorts Inc. | 3,877,915 | 47,931 | ||||
* | Howard Hughes Corp. | 596,271 | 47,702 | |||
Highwoods Properties Inc. | 1,934,441 | 44,860 | ||||
Outfront Media Inc. | 2,729,935 | 44,307 | ||||
Macerich Co. | 4,125,839 | 43,734 | ||||
SITE Centers Corp. | 3,288,633 | 40,384 | ||||
Equity Commonwealth | 1,914,052 | 39,640 | ||||
National Health Investors Inc. | 758,068 | 39,101 | ||||
Douglas Emmett Inc. | 3,072,690 | 37,886 | ||||
Sunstone Hotel Investors Inc. | 3,829,912 | 37,840 | ||||
Tanger Factory Outlet Centers Inc. | 1,826,522 | 35,855 | ||||
Kennedy-Wilson Holdings Inc. | 2,157,713 | 35,796 | ||||
CareTrust REIT Inc. | 1,825,981 | 35,753 | ||||
DigitalBridge Group Inc. | 2,939,738 | 35,247 | ||||
Phillips Edison & Co. Inc. | 1,079,036 | 35,198 | ||||
Kilroy Realty Corp. | 1,072,426 | 34,747 | ||||
Pebblebrook Hotel Trust | 2,307,419 | 32,396 | ||||
JBG SMITH Properties | 2,099,321 | 31,616 | ||||
DiamondRock Hospitality Co. | 3,835,271 | 31,181 | ||||
Urban Edge Properties | 2,054,781 | 30,945 | ||||
* | Cushman & Wakefield plc | 2,894,977 | 30,513 | |||
Retail Opportunity Investments Corp. | 2,179,567 | 30,427 | ||||
Service Properties Trust | 3,030,907 | 30,188 | ||||
Elme Communities | 1,614,965 | 28,843 | ||||
Getty Realty Corp. | 770,382 | 27,757 | ||||
1 | SL Green Realty Corp. | 1,179,116 | 27,733 | |||
InvenTrust Properties Corp. | 1,174,083 | 27,474 |
Shares | Market Value ($000) | |||||
Xenia Hotels & Resorts Inc. | 2,085,447 | 27,299 | ||||
LTC Properties Inc. | 757,882 | 26,624 | ||||
Alexander & Baldwin Inc. | 1,328,426 | 25,121 | ||||
Global Net Lease Inc. | 1,901,278 | 24,450 | ||||
Acadia Realty Trust | 1,742,198 | 24,304 | ||||
* | Veris Residential Inc. | 1,586,320 | 23,224 | |||
Apartment Investment & Management Co. Class A | 2,638,396 | 20,289 | ||||
Empire State Realty Trust Inc. Class A | 2,938,515 | 19,071 | ||||
Hudson Pacific Properties Inc. | 2,584,096 | 17,184 | ||||
*,1 | GEO Group Inc. | 2,160,740 | 17,048 | |||
* | Compass Inc. Class A | 5,184,950 | 16,747 | |||
Newmark Group Inc. Class A | 2,344,025 | 16,596 | ||||
Piedmont Office Realty Trust Inc. Class A | 2,264,850 | 16,533 | ||||
American Assets Trust Inc. | 833,838 | 15,501 | ||||
Necessity Retail REIT Inc. Class A | 2,458,486 | 15,439 | ||||
RPT Realty | 1,583,167 | 15,056 | ||||
Centerspace | 275,081 | 15,028 | ||||
Brandywine Realty Trust | 3,145,688 | 14,879 | ||||
Office Properties Income Trust | 889,528 | 10,941 | ||||
* | Anywhere Real Estate Inc. | 1,904,693 | 10,057 | |||
Saul Centers Inc. | 240,494 | 9,379 | ||||
Uniti Group Inc. | 2,179,534 | 7,737 | ||||
RMR Group Inc. Class A | 285,683 | 7,496 | ||||
Summit Hotel Properties Inc. | 929,506 | 6,507 | ||||
Bridge Investment Group Holdings Inc. Class A | 481,917 | 5,460 | ||||
* | Forestar Group Inc. | 320,705 | 4,990 | |||
Urstadt Biddle Properties Inc. Class A | 275,720 | 4,844 | ||||
Alexander's Inc. | 18,516 | 3,587 | ||||
* | Seritage Growth Properties Class A | 335,045 | 2,637 | |||
* | WeWork Inc. | 2,605,774 | 2,025 | |||
Urstadt Biddle Properties Inc. | 4,911 | 78 | ||||
*,2 | Spirit MTA REIT | 334,911 | — | |||
4,222,573 | ||||||
Technology (6.1%) | ||||||
Jabil Inc. | 2,324,177 | 204,899 | ||||
KBR Inc. | 2,507,297 | 138,027 | ||||
* | Arrow Electronics Inc. | 1,069,748 | 133,579 | |||
* | CACI International Inc. Class A | 431,600 | 127,875 | |||
Leidos Holdings Inc. | 1,256,606 | 115,683 | ||||
* | Cirrus Logic Inc. | 1,014,364 | 110,951 | |||
Science Applications International Corp. | 1,002,805 | 107,761 | ||||
* | DXC Technology Co. | 4,179,667 | 106,832 | |||
* | Rambus Inc. | 1,973,431 | 101,158 | |||
Concentrix Corp. | 764,764 | 92,957 | ||||
* | Super Micro Computer Inc. | 837,080 | 89,191 | |||
* | Insight Enterprises Inc. | 620,742 | 88,741 | |||
TD SYNNEX Corp. | 868,493 | 84,061 | ||||
* | F5 Inc. | 552,071 | 80,431 | |||
* | Synaptics Inc. | 723,434 | 80,410 | |||
Avnet Inc. | 1,678,426 | 75,865 | ||||
* | Teradata Corp. | 1,869,724 | 75,313 | |||
* | IAC Inc. | 1,449,835 | 74,812 | |||
* | Ziff Davis Inc. | 823,653 | 64,286 | |||
* | Sanmina Corp. | 1,018,663 | 62,128 | |||
* | Kyndryl Holdings Inc. | 4,180,012 | 61,697 | |||
* | NCR Corp. | 2,408,642 | 56,820 | |||
Dun & Bradstreet Holdings Inc. | 4,802,432 | 56,381 | ||||
Vishay Intertechnology Inc. | 2,359,837 | 53,380 |
Shares | Market Value ($000) | |||||
* | Plexus Corp. | 509,114 | 49,674 | |||
Amkor Technology Inc. | 1,802,547 | 46,902 | ||||
Progress Software Corp. | 796,702 | 45,771 | ||||
* | Verint Systems Inc. | 1,150,489 | 42,844 | |||
* | NetScout Systems Inc. | 1,235,021 | 35,383 | |||
* | Parsons Corp. | 767,518 | 34,339 | |||
* | Blackbaud Inc. | 486,035 | 33,682 | |||
Xerox Holdings Corp. | 1,985,868 | 30,582 | ||||
CSG Systems International Inc. | 546,880 | 29,368 | ||||
Methode Electronics Inc. | 628,061 | 27,559 | ||||
* | CCC Intelligent Solutions Holdings Inc. | 2,842,610 | 25,498 | |||
* | Veradigm Inc. | 1,901,273 | 24,812 | |||
* | TTM Technologies Inc. | 1,685,057 | 22,731 | |||
* | Cerence Inc. | 699,954 | 19,662 | |||
Adeia Inc. | 1,827,776 | 16,194 | ||||
Benchmark Electronics Inc. | 612,142 | 14,502 | ||||
* | ScanSource Inc. | 464,335 | 14,134 | |||
* | E2open Parent Holdings Inc. | 1,944,486 | 11,317 | |||
* | Informatica Inc. Class A | 658,711 | 10,803 | |||
* | N-able Inc. | 579,662 | 7,652 | |||
* | SolarWinds Corp. | 889,807 | 7,652 | |||
Ebix Inc. | 452,870 | 5,973 | ||||
* | Couchbase Inc. | 412,215 | 5,796 | |||
* | Expensify Inc. Class A | 690,842 | 5,630 | |||
* | AvePoint Inc. | 1,288,481 | 5,309 | |||
*,1 | Rumble Inc. | 256,538 | 2,565 | |||
* | Nextdoor Holdings Inc. | 984,695 | 2,117 | |||
* | Rackspace Technology Inc. | 972,120 | 1,828 | |||
2,823,517 | ||||||
Telecommunications (1.0%) | ||||||
* | Frontier Communications Parent Inc. | 4,500,712 | 102,481 | |||
Juniper Networks Inc. | 2,973,978 | 102,364 | ||||
Lumen Technologies Inc. | 18,985,964 | 50,313 | ||||
* | Viavi Solutions Inc. | 4,134,243 | 44,774 | |||
* | CommScope Holding Co. Inc. | 3,627,927 | 23,110 | |||
* | DISH Network Corp. Class A | 2,287,104 | 21,339 | |||
InterDigital Inc. | 271,661 | 19,804 | ||||
Telephone & Data Systems Inc. | 1,828,435 | 19,217 | ||||
Shenandoah Telecommunications Co. | 873,727 | 16,618 | ||||
* | Altice USA Inc. Class A | 3,981,980 | 13,619 | |||
* | EchoStar Corp. Class A | 619,423 | 11,329 | |||
* | NETGEAR Inc. | 501,350 | 9,280 | |||
* | Xperi Inc. | 769,382 | 8,409 | |||
* | United States Cellular Corp. | 235,613 | 4,884 | |||
* | fuboTV Inc. | 844,938 | 1,023 | |||
448,564 | ||||||
Utilities (5.1%) | ||||||
Atmos Energy Corp. | 2,439,344 | 274,085 | ||||
Essential Utilities Inc. | 4,332,383 | 189,108 | ||||
Pinnacle West Capital Corp. | 2,076,095 | 164,510 | ||||
NRG Energy Inc. | 4,217,837 | 144,630 | ||||
OGE Energy Corp. | 3,673,288 | 138,336 | ||||
UGI Corp. | 3,846,877 | 133,717 | ||||
IDACORP Inc. | 928,263 | 100,559 | ||||
National Fuel Gas Co. | 1,684,813 | 97,281 | ||||
New Jersey Resources Corp. | 1,778,626 | 94,623 | ||||
ONE Gas Inc. | 1,016,542 | 80,541 |
Shares | Market Value ($000) | |||||
Portland General Electric Co. | 1,639,449 | 80,153 | ||||
Hawaiian Electric Industries Inc. | 2,009,534 | 77,166 | ||||
Southwest Gas Holdings Inc. | 1,228,709 | 76,733 | ||||
PNM Resources Inc. | 1,575,646 | 76,702 | ||||
Black Hills Corp. | 1,213,894 | 76,597 | ||||
* | Stericycle Inc. | 1,693,896 | 73,871 | |||
ALLETE Inc. | 1,051,648 | 67,694 | ||||
Spire Inc. | 917,295 | 64,339 | ||||
NorthWestern Corp. | 1,097,756 | 63,516 | ||||
American States Water Co. | 679,471 | 60,398 | ||||
Avista Corp. | 1,378,747 | 58,528 | ||||
MGE Energy Inc. | 664,476 | 51,610 | ||||
Clearway Energy Inc. Class C | 1,521,598 | 47,672 | ||||
Northwest Natural Holding Co. | 642,948 | 30,578 | ||||
California Water Service Group | 502,089 | 29,221 | ||||
Clearway Energy Inc. Class A | 622,667 | 18,699 | ||||
* | Harsco Corp. | 1,455,812 | 9,943 | |||
Excelerate Energy Inc. Class A | 336,448 | 7,449 | ||||
*,1 | NuScale Power Corp. | 357,848 | 3,253 | |||
2,391,512 | ||||||
Total Common Stocks (Cost $40,401,454) | 46,414,007 | |||||
Coupon | ||||||
Temporary Cash Investments (1.0%) | ||||||
Money Market Fund (1.0%) | ||||||
3,4 | Vanguard Market Liquidity Fund (Cost $472,357) | 4.839% | 4,724,964 | 472,449 | ||
Total Investments (100.8%) (Cost $40,873,811) | 46,886,456 | |||||
Other Assets and Liabilities—Net (-0.8%) | (361,917) | |||||
Net Assets (100%) | 46,524,539 |
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 $427,268,000. |
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 $449,397,000 was received for securities on loan. |
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 | June 2023 | 666 | 60,390 | 787 |
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) |
Atmos Energy Corp. | 1/31/24 | CITNA | 21,208 | (4.661) | — | (167) |
Bridgebio Pharma Inc. | 8/31/23 | BANA | 3,426 | (4.661) | 1,535 | — |
Williams-Sonoma Inc. | 1/31/24 | CITNA | 28,107 | (4.661) | — | (842) |
1,535 | (1,009) |
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. | |
CITNA—Citibank, N.A. |
At March 31, 2023, the counterparties had deposited in segregated accounts securities with a value of $1,923,000 in connection with open over-the-counter swap contracts.
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
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 March 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 | 46,414,007 | — | — | 46,414,007 |
Temporary Cash Investments | 472,449 | — | — | 472,449 |
Total | 46,886,456 | — | — | 46,886,456 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 787 | — | — | 787 |
Swap Contracts | — | 1,535 | — | 1,535 |
Total | 787 | 1,535 | — | 2,322 |
Liabilities | ||||
Swap Contracts | — | 1,009 | — | 1,009 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |