Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
As of September 30, 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 (99.7%) | ||||||
Basic Materials (5.1%) | ||||||
Reliance Steel & Aluminum Co. | 1,055,300 | 276,731 | ||||
Steel Dynamics Inc. | 1,417,880 | 152,025 | ||||
* | Cleveland-Cliffs Inc. | 9,167,462 | 143,287 | |||
United States Steel Corp. | 3,616,350 | 117,459 | ||||
Olin Corp. | 2,267,598 | 113,335 | ||||
UFP Industries Inc. | 1,059,026 | 108,444 | ||||
Commercial Metals Co. | 2,104,757 | 103,996 | ||||
Alcoa Corp. | 3,216,298 | 93,466 | ||||
Timken Co. | 1,152,246 | 84,679 | ||||
Element Solutions Inc. | 4,134,917 | 81,086 | ||||
Valvoline Inc. | 2,498,391 | 80,548 | ||||
Chemours Co. | 2,668,889 | 74,862 | ||||
Huntsman Corp. | 3,046,133 | 74,326 | ||||
Boise Cascade Co. | 713,202 | 73,488 | ||||
Mueller Industries Inc. | 971,690 | 73,032 | ||||
Cabot Corp. | 1,008,021 | 69,826 | ||||
Ashland Inc. | 831,127 | 67,887 | ||||
Carpenter Technology Corp. | 880,691 | 59,191 | ||||
Avient Corp. | 1,642,391 | 58,009 | ||||
Innospec Inc. | 448,169 | 45,803 | ||||
Sensient Technologies Corp. | 760,377 | 44,467 | ||||
Scotts Miracle-Gro Co. | 759,122 | 39,231 | ||||
Materion Corp. | 371,953 | 37,906 | ||||
Worthington Industries Inc. | 585,400 | 36,189 | ||||
Westlake Corp. | 287,729 | 35,871 | ||||
Minerals Technologies Inc. | 586,693 | 32,127 | ||||
Stepan Co. | 382,914 | 28,707 | ||||
Tronox Holdings plc | 2,121,230 | 28,509 | ||||
Hecla Mining Co. | 5,298,534 | 20,717 | ||||
Kaiser Aluminum Corp. | 274,984 | 20,695 | ||||
* | Ecovyst Inc. | 1,898,702 | 18,683 | |||
Koppers Holdings Inc. | 355,742 | 14,070 | ||||
Mativ Holdings Inc. | 932,221 | 13,294 | ||||
GrafTech International Ltd. | 3,453,288 | 13,226 | ||||
* | Coeur Mining Inc. | 5,700,879 | 12,656 | |||
Schnitzer Steel Industries Inc. Class A | 440,885 | 12,279 | ||||
Compass Minerals International Inc. | 369,069 | 10,316 | ||||
2,370,423 | ||||||
Consumer Discretionary (15.9%) | ||||||
* | BJ's Wholesale Club Holdings Inc. | 2,421,509 | 172,823 | |||
Aramark | 4,704,282 | 163,239 |
Shares | Market Value ($000) | |||||
Hasbro Inc. | 2,375,274 | 157,101 | ||||
* | American Airlines Group Inc. | 11,774,383 | 150,830 | |||
Service Corp. International | 2,582,483 | 147,563 | ||||
Lithia Motors Inc. Class A | 496,670 | 146,682 | ||||
Williams-Sonoma Inc. | 930,891 | 144,660 | ||||
Lear Corp. | 1,058,756 | 142,085 | ||||
* | Mattel Inc. | 6,382,073 | 140,597 | |||
Toll Brothers Inc. | 1,871,775 | 138,436 | ||||
Bath & Body Works Inc. | 3,918,890 | 132,458 | ||||
Whirlpool Corp. | 987,873 | 132,079 | ||||
* | Norwegian Cruise Line Holdings Ltd. | 7,667,099 | 126,354 | |||
Murphy USA Inc. | 347,881 | 118,881 | ||||
Tapestry Inc. | 4,098,462 | 117,831 | ||||
* | Light & Wonder Inc. | 1,646,458 | 117,442 | |||
New York Times Co. Class A | 2,800,645 | 115,387 | ||||
H&R Block Inc. | 2,648,848 | 114,059 | ||||
VF Corp. | 6,307,385 | 111,451 | ||||
* | Capri Holdings Ltd. | 2,092,872 | 110,106 | |||
Polaris Inc. | 970,415 | 101,059 | ||||
Interpublic Group of Cos. Inc. | 3,469,105 | 99,425 | ||||
* | AutoNation Inc. | 634,967 | 96,134 | |||
U-Haul Holding Co. (XNYS) | 1,738,807 | 91,096 | ||||
Thor Industries Inc. | 912,615 | 86,817 | ||||
PVH Corp. | 1,130,334 | 86,482 | ||||
Nexstar Media Group Inc. Class A | 600,734 | 86,127 | ||||
Dick's Sporting Goods Inc. | 791,949 | 85,990 | ||||
BorgWarner Inc. | 2,118,273 | 85,515 | ||||
* | Asbury Automotive Group Inc. | 370,745 | 85,297 | |||
* | Alaska Air Group Inc. | 2,293,326 | 85,037 | |||
Meritage Homes Corp. | 662,586 | 81,094 | ||||
* | Taylor Morrison Home Corp. Class A | 1,873,789 | 79,842 | |||
* | Coty Inc. Class A | 7,223,700 | 79,244 | |||
*,1 | GameStop Corp. Class A | 4,668,195 | 76,838 | |||
Ralph Lauren Corp. Class A | 655,007 | 76,040 | ||||
Harley-Davidson Inc. | 2,298,019 | 75,972 | ||||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 2,712,742 | 69,039 | |||
Wendy's Co. | 3,205,713 | 65,429 | ||||
Academy Sports & Outdoors Inc. | 1,377,975 | 65,137 | ||||
Group 1 Automotive Inc. | 240,586 | 64,648 | ||||
Newell Brands Inc. | 7,092,336 | 64,044 | ||||
* | Goodyear Tire & Rubber Co. | 5,109,588 | 63,512 | |||
* | Avis Budget Group Inc. | 349,078 | 62,726 | |||
* | Penn Entertainment Inc. | 2,712,735 | 62,257 | |||
* | Lyft Inc. Class A | 5,785,189 | 60,976 | |||
Penske Automotive Group Inc. | 363,749 | 60,768 | ||||
KB Home | 1,307,242 | 60,499 | ||||
Advance Auto Parts Inc. | 1,071,643 | 59,937 | ||||
Leggett & Platt Inc. | 2,282,066 | 57,987 | ||||
Macy's Inc. | 4,928,915 | 57,225 | ||||
Marriott Vacations Worldwide Corp. | 559,131 | 56,265 | ||||
Signet Jewelers Ltd. | 778,030 | 55,870 | ||||
American Eagle Outfitters Inc. | 3,201,964 | 53,185 | ||||
TEGNA Inc. | 3,632,447 | 52,925 | ||||
Gap Inc. | 4,974,037 | 52,874 | ||||
* | Helen of Troy Ltd. | 434,294 | 50,621 | |||
* | Tri Pointe Homes Inc. | 1,783,997 | 48,792 | |||
* | Abercrombie & Fitch Co. Class A | 857,035 | 48,311 | |||
Rush Enterprises Inc. Class A | 1,143,965 | 46,708 |
Shares | Market Value ($000) | |||||
Travel + Leisure Co. | 1,263,943 | 46,425 | ||||
Kontoor Brands Inc. | 1,011,407 | 44,411 | ||||
MDC Holdings Inc. | 1,074,587 | 44,305 | ||||
Carter's Inc. | 637,198 | 44,062 | ||||
* | Liberty Media Corp.-Liberty SiriusXM | 1,582,581 | 40,293 | |||
Kohl's Corp. | 1,892,713 | 39,671 | ||||
Bloomin' Brands Inc. | 1,569,474 | 38,593 | ||||
Graham Holdings Co. Class B | 63,069 | 36,769 | ||||
Red Rock Resorts Inc. Class A | 894,603 | 36,679 | ||||
* | Cinemark Holdings Inc. | 1,972,458 | 36,195 | |||
Laureate Education Inc. | 2,549,921 | 35,954 | ||||
* | Urban Outfitters Inc. | 1,086,381 | 35,514 | |||
Dana Inc. | 2,341,956 | 34,356 | ||||
MillerKnoll Inc. | 1,365,731 | 33,392 | ||||
PriceSmart Inc. | 447,668 | 33,320 | ||||
* | SkyWest Inc. | 758,329 | 31,804 | |||
* | Adtalem Global Education Inc. | 711,438 | 30,485 | |||
Strategic Education Inc. | 396,777 | 29,857 | ||||
* | OPENLANE Inc. | 1,973,697 | 29,448 | |||
Foot Locker Inc. | 1,693,609 | 29,384 | ||||
Acushnet Holdings Corp. | 540,005 | 28,642 | ||||
* | ODP Corp. | 617,545 | 28,500 | |||
* | Central Garden & Pet Co. Class A | 701,866 | 28,138 | |||
John Wiley & Sons Inc. Class A | 749,813 | 27,871 | ||||
* | JetBlue Airways Corp. | 6,008,992 | 27,641 | |||
HNI Corp. | 797,813 | 27,628 | ||||
* | Hertz Global Holdings Inc. | 2,245,264 | 27,504 | |||
* | PROG Holdings Inc. | 824,920 | 27,396 | |||
Cracker Barrel Old Country Store Inc. | 399,748 | 26,863 | ||||
1 | Nordstrom Inc. | 1,748,522 | 26,123 | |||
Oxford Industries Inc. | 269,531 | 25,910 | ||||
* | Liberty Media Corp.-Liberty Live Class C | 798,120 | 25,620 | |||
* | Brinker International Inc. | 805,753 | 25,454 | |||
Cheesecake Factory Inc. | 832,971 | 25,239 | ||||
* | Knowles Corp. | 1,645,351 | 24,368 | |||
La-Z-Boy Inc. | 777,265 | 24,002 | ||||
Upbound Group Inc. | 808,480 | 23,810 | ||||
Hanesbrands Inc. | 6,002,302 | 23,769 | ||||
* | Under Armour Inc. Class A | 3,438,295 | 23,552 | |||
*,1 | PowerSchool Holdings Inc. Class A | 1,033,650 | 23,423 | |||
* | Victoria's Secret & Co. | 1,392,712 | 23,230 | |||
*,1 | AMC Entertainment Holdings Inc. Class A | 2,858,543 | 22,840 | |||
* | National Vision Holdings Inc. | 1,411,428 | 22,837 | |||
Phinia Inc. | 849,461 | 22,757 | ||||
* | Under Armour Inc. Class C | 3,551,723 | 22,660 | |||
Steven Madden Ltd. | 646,695 | 20,545 | ||||
Matthews International Corp. Class A | 523,120 | 20,355 | ||||
Krispy Kreme Inc. | 1,520,122 | 18,956 | ||||
1 | Dillard's Inc. Class A | 56,527 | 18,700 | |||
Buckle Inc. | 547,434 | 18,279 | ||||
* | Lions Gate Entertainment Corp. Class B | 2,296,235 | 18,071 | |||
Steelcase Inc. Class A | 1,608,949 | 17,972 | ||||
Scholastic Corp. | 460,836 | 17,576 | ||||
* | G-III Apparel Group Ltd. | 701,484 | 17,481 | |||
* | Stride Inc. | 369,481 | 16,638 | |||
Sturm Ruger & Co. Inc. | 317,993 | 16,574 | ||||
* | Vista Outdoor Inc. | 498,930 | 16,525 | |||
* | Sally Beauty Holdings Inc. | 1,951,289 | 16,352 |
Shares | Market Value ($000) | |||||
Spirit Airlines Inc. | 978,836 | 16,151 | ||||
Monro Inc. | 540,551 | 15,011 | ||||
* | American Axle & Manufacturing Holdings Inc. | 1,994,923 | 14,483 | |||
Dine Brands Global Inc. | 264,998 | 13,104 | ||||
Sonic Automotive Inc. Class A | 251,902 | 12,031 | ||||
1 | Guess? Inc. | 528,049 | 11,427 | |||
1 | Designer Brands Inc. Class A | 888,047 | 11,243 | |||
* | Liberty Media Corp.-Liberty Live Class A | 348,312 | 11,118 | |||
Levi Strauss & Co. Class A | 804,613 | 10,927 | ||||
Wolverine World Wide Inc. | 1,355,018 | 10,921 | ||||
* | Lions Gate Entertainment Corp. Class A | 1,151,673 | 9,766 | |||
* | Clear Channel Outdoor Holdings Inc. | 6,064,761 | 9,582 | |||
* | Cars.com Inc. | 565,703 | 9,538 | |||
* | Sphere Entertainment Co. | 249,296 | 9,264 | |||
* | U-Haul Holding Co. | 168,974 | 9,221 | |||
Caleres Inc. | 308,773 | 8,880 | ||||
* | Chegg Inc. | 981,423 | 8,754 | |||
* | Udemy Inc. | 808,855 | 7,684 | |||
* | Central Garden & Pet Co. | 169,325 | 7,474 | |||
* | EW Scripps Co. Class A | 1,236,179 | 6,774 | |||
* | GoPro Inc. Class A | 2,154,851 | 6,766 | |||
Sinclair Inc. | 569,016 | 6,384 | ||||
* | AMC Networks Inc. Class A | 541,804 | 6,382 | |||
Rush Enterprises Inc. Class B | 131,094 | 5,937 | ||||
* | Petco Health & Wellness Co. Inc. Class A | 1,441,466 | 5,896 | |||
Smith & Wesson Brands Inc. | 413,994 | 5,345 | ||||
Interface Inc. Class A | 499,255 | 4,898 | ||||
1 | Cricut Inc. Class A | 522,676 | 4,856 | |||
* | BJ's Restaurants Inc. | 202,545 | 4,752 | |||
* | Sleep Number Corp. | 190,867 | 4,693 | |||
* | iHeartMedia Inc. Class A | 939,038 | 2,967 | |||
7,370,755 | ||||||
Consumer Staples (3.5%) | ||||||
Bunge Ltd. | 2,714,912 | 293,889 | ||||
* | Performance Food Group Co. | 2,814,766 | 165,677 | |||
* | US Foods Holding Corp. | 4,004,524 | 158,980 | |||
Ingredion Inc. | 1,132,511 | 111,439 | ||||
Molson Coors Beverage Co. Class B | 1,629,784 | 103,638 | ||||
* | Hostess Brands Inc. Class A | 2,394,434 | 79,758 | |||
* | Sprouts Farmers Market Inc. | 1,838,313 | 78,680 | |||
Flowers Foods Inc. | 3,047,488 | 67,593 | ||||
Spectrum Brands Holdings Inc. | 610,831 | 47,859 | ||||
* | Grocery Outlet Holding Corp. | 1,599,816 | 46,155 | |||
Energizer Holdings Inc. | 1,287,125 | 41,239 | ||||
* | TreeHouse Foods Inc. | 914,795 | 39,867 | |||
* | Post Holdings Inc. | 441,624 | 37,865 | |||
Edgewell Personal Care Co. | 869,986 | 32,155 | ||||
Andersons Inc. | 578,080 | 29,777 | ||||
Vector Group Ltd. | 2,392,310 | 25,454 | ||||
Reynolds Consumer Products Inc. | 948,459 | 24,309 | ||||
* | Herbalife Ltd. | 1,698,148 | 23,757 | |||
Universal Corp. | 423,104 | 19,975 | ||||
Nu Skin Enterprises Inc. Class A | 903,324 | 19,159 | ||||
Weis Markets Inc. | 291,863 | 18,387 | ||||
Fresh Del Monte Produce Inc. | 690,619 | 17,845 | ||||
* | Hain Celestial Group Inc. | 1,620,038 | 16,800 | |||
Seaboard Corp. | 4,175 | 15,669 | ||||
* | United Natural Foods Inc. | 1,050,998 | 14,861 |
Shares | Market Value ($000) | |||||
* | Pilgrim's Pride Corp. | 637,228 | 14,548 | |||
1 | B&G Foods Inc. | 1,232,075 | 12,185 | |||
* | USANA Health Sciences Inc. | 207,758 | 12,177 | |||
ACCO Brands Corp. | 1,614,249 | 9,266 | ||||
* | Duckhorn Portfolio Inc. | 826,863 | 8,484 | |||
Medifast Inc. | 97,631 | 7,308 | ||||
*,1 | BRC Inc. Class A | 824,381 | 2,959 | |||
1,597,714 | ||||||
Energy (5.5%) | ||||||
Ovintiv Inc. | 4,917,734 | 233,937 | ||||
APA Corp. | 5,537,095 | 227,575 | ||||
Chesapeake Energy Corp. | 2,265,620 | 195,364 | ||||
HF Sinclair Corp. | 2,654,272 | 151,108 | ||||
Range Resources Corp. | 4,131,873 | 133,914 | ||||
* | Southwestern Energy Co. | 19,847,562 | 128,017 | |||
* | Antero Resources Corp. | 4,872,057 | 123,653 | |||
Murphy Oil Corp. | 2,673,160 | 121,228 | ||||
Chord Energy Corp. | 710,814 | 115,202 | ||||
PBF Energy Inc. Class A | 2,004,528 | 107,302 | ||||
Patterson-UTI Energy Inc. | 7,100,477 | 98,271 | ||||
DT Midstream Inc. | 1,746,138 | 92,406 | ||||
Antero Midstream Corp. | 6,050,199 | 72,481 | ||||
California Resources Corp. | 1,242,580 | 69,597 | ||||
Equitrans Midstream Corp. | 7,417,693 | 69,504 | ||||
Permian Resources Corp. Class A | 4,929,330 | 68,813 | ||||
Arcosa Inc. | 878,687 | 63,178 | ||||
* | CNX Resources Corp. | 2,763,534 | 62,401 | |||
Arch Resources Inc. | 310,324 | 52,960 | ||||
Peabody Energy Corp. | 2,034,016 | 52,864 | ||||
Warrior Met Coal Inc. | 937,493 | 47,887 | ||||
SM Energy Co. | 1,069,125 | 42,391 | ||||
Helmerich & Payne Inc. | 806,026 | 33,982 | ||||
Archrock Inc. | 2,678,928 | 33,754 | ||||
Delek US Holdings Inc. | 1,109,823 | 31,530 | ||||
World Kinect Corp. | 1,032,509 | 23,159 | ||||
* | NOW Inc. | 1,925,887 | 22,860 | |||
CVR Energy Inc. | 545,431 | 18,561 | ||||
* | ProPetro Holding Corp. | 1,733,978 | 18,432 | |||
1 | Crescent Energy Co. Class A | 1,415,716 | 17,895 | |||
* | MRC Global Inc. | 1,430,686 | 14,664 | |||
Core Laboratories Inc. | 418,598 | 10,050 | ||||
Vitesse Energy Inc. | 386,986 | 8,858 | ||||
*,1 | ProFrac Holding Corp. Class A | 431,992 | 4,700 | |||
2,568,498 | ||||||
Financials (20.7%) | ||||||
First Citizens BancShares Inc. Class A | 182,657 | 252,085 | ||||
RenaissanceRe Holdings Ltd. | 922,410 | 182,563 | ||||
Reinsurance Group of America Inc. | 1,193,279 | 173,252 | ||||
Unum Group | 2,996,707 | 147,408 | ||||
American Financial Group Inc. | 1,300,015 | 145,173 | ||||
Brown & Brown Inc. | 2,044,158 | 142,764 | ||||
New York Community Bancorp Inc. | 12,368,091 | 140,254 | ||||
Assurant Inc. | 955,593 | 137,204 | ||||
East West Bancorp Inc. | 2,549,608 | 134,390 | ||||
Ally Financial Inc. | 4,892,528 | 130,533 | ||||
SEI Investments Co. | 2,146,486 | 129,283 | ||||
Carlyle Group Inc. | 4,216,692 | 127,175 |
Shares | Market Value ($000) | |||||
Voya Financial Inc. | 1,906,300 | 126,674 | ||||
Webster Financial Corp. | 3,122,003 | 125,848 | ||||
Primerica Inc. | 644,605 | 125,060 | ||||
Old Republic International Corp. | 4,616,467 | 124,368 | ||||
Invesco Ltd. | 7,925,516 | 115,078 | ||||
Selective Insurance Group Inc. | 1,091,587 | 112,619 | ||||
First Horizon Corp. | 10,068,278 | 110,952 | ||||
Stifel Financial Corp. | 1,788,264 | 109,871 | ||||
RLI Corp. | 776,951 | 105,580 | ||||
1 | Starwood Property Trust Inc. | 5,353,558 | 103,591 | |||
1 | AGNC Investment Corp. | 10,920,572 | 103,090 | |||
Jefferies Financial Group Inc. | 2,787,359 | 102,101 | ||||
First American Financial Corp. | 1,765,059 | 99,708 | ||||
Comerica Inc. | 2,374,758 | 98,671 | ||||
Commerce Bancshares Inc. | 2,022,407 | 97,035 | ||||
Cullen/Frost Bankers Inc. | 1,039,943 | 94,853 | ||||
Zions Bancorp NA | 2,669,793 | 93,149 | ||||
SouthState Corp. | 1,369,542 | 92,252 | ||||
Equitable Holdings Inc. | 3,129,643 | 88,851 | ||||
Globe Life Inc. | 811,590 | 88,244 | ||||
Prosperity Bancshares Inc. | 1,604,404 | 87,568 | ||||
Essent Group Ltd. | 1,831,672 | 86,620 | ||||
Western Alliance Bancorp | 1,874,711 | 86,180 | ||||
MGIC Investment Corp. | 5,087,712 | 84,914 | ||||
OneMain Holdings Inc. | 2,114,973 | 84,789 | ||||
Evercore Inc. Class A | 614,570 | 84,737 | ||||
Annaly Capital Management Inc. | 4,449,464 | 83,694 | ||||
Wintrust Financial Corp. | 1,102,987 | 83,276 | ||||
Affiliated Managers Group Inc. | 631,572 | 82,319 | ||||
Popular Inc. | 1,299,757 | 81,898 | ||||
Rithm Capital Corp. | 8,705,970 | 80,878 | ||||
Axis Capital Holdings Ltd. | 1,382,421 | 77,927 | ||||
Old National Bancorp | 5,271,988 | 76,655 | ||||
Columbia Banking System Inc. | 3,758,699 | 76,302 | ||||
Lincoln National Corp. | 3,057,485 | 75,489 | ||||
Home BancShares Inc. | 3,467,841 | 72,617 | ||||
American Equity Investment Life Holding Co. | 1,340,385 | 71,898 | ||||
Bank OZK | 1,936,859 | 71,799 | ||||
Radian Group Inc. | 2,836,886 | 71,234 | ||||
Cadence Bank | 3,290,865 | 69,832 | ||||
FNB Corp. | 6,465,732 | 69,765 | ||||
Synovus Financial Corp. | 2,502,295 | 69,564 | ||||
United Bankshares Inc. | 2,431,790 | 67,093 | ||||
Valley National Bancorp | 7,776,439 | 66,566 | ||||
White Mountains Insurance Group Ltd. | 43,844 | 65,577 | ||||
FirstCash Holdings Inc. | 650,416 | 65,289 | ||||
Hanover Insurance Group Inc. | 579,946 | 64,362 | ||||
1 | Blackstone Mortgage Trust Inc. Class A | 2,949,691 | 64,156 | |||
Janus Henderson Group plc | 2,388,538 | 61,672 | ||||
First Financial Bankshares Inc. | 2,444,581 | 61,408 | ||||
Assured Guaranty Ltd. | 1,003,932 | 60,758 | ||||
Lazard Ltd. Class A | 1,931,216 | 59,887 | ||||
* | Mr Cooper Group Inc. | 1,084,881 | 58,106 | |||
* | Brighthouse Financial Inc. | 1,180,749 | 57,786 | |||
Glacier Bancorp Inc. | 1,999,442 | 56,984 | ||||
Jackson Financial Inc. Class A | 1,476,096 | 56,416 | ||||
* | Enstar Group Ltd. | 231,331 | 55,982 | |||
SLM Corp. | 4,078,276 | 55,546 |
Shares | Market Value ($000) | |||||
Hancock Whitney Corp. | 1,476,017 | 54,598 | ||||
Moelis & Co. Class A | 1,199,713 | 54,143 | ||||
United Community Banks Inc. | 2,037,445 | 51,771 | ||||
Federated Hermes Inc. Class B | 1,513,039 | 51,247 | ||||
* | Texas Capital Bancshares Inc. | 866,201 | 51,019 | |||
* | Genworth Financial Inc. Class A | 8,348,202 | 48,920 | |||
Artisan Partners Asset Management Inc. Class A | 1,233,540 | 46,159 | ||||
Kemper Corp. | 1,096,913 | 46,103 | ||||
CNO Financial Group Inc. | 1,934,663 | 45,910 | ||||
1 | Arbor Realty Trust Inc. | 3,024,116 | 45,906 | |||
Ameris Bancorp | 1,183,607 | 45,439 | ||||
Associated Banc-Corp | 2,580,756 | 44,157 | ||||
Piper Sandler Cos. | 303,878 | 44,157 | ||||
Pinnacle Financial Partners Inc. | 657,068 | 44,050 | ||||
International Bancshares Corp. | 1,006,033 | 43,601 | ||||
UMB Financial Corp. | 698,726 | 43,356 | ||||
First Bancorp | 3,211,907 | 43,232 | ||||
Cathay General Bancorp | 1,241,823 | 43,166 | ||||
Walker & Dunlop Inc. | 570,187 | 42,331 | ||||
First Hawaiian Inc. | 2,297,468 | 41,469 | ||||
Community Bank System Inc. | 963,885 | 40,686 | ||||
WSFS Financial Corp. | 1,100,412 | 40,165 | ||||
CVB Financial Corp. | 2,383,863 | 39,501 | ||||
Atlantic Union Bankshares Corp. | 1,351,664 | 38,901 | ||||
First Interstate BancSystem Inc. Class A | 1,513,749 | 37,753 | ||||
Pacific Premier Bancorp Inc. | 1,728,086 | 37,603 | ||||
Independent Bank Corp. | 755,592 | 37,092 | ||||
Simmons First National Corp. Class A | 2,161,375 | 36,657 | ||||
* | Axos Financial Inc. | 955,877 | 36,190 | |||
Eastern Bankshares Inc. | 2,859,543 | 35,859 | ||||
Fulton Financial Corp. | 2,955,356 | 35,789 | ||||
Bank of Hawaii Corp. | 715,935 | 35,575 | ||||
BGC Group Inc. Class A | 6,666,795 | 35,201 | ||||
BOK Financial Corp. | 418,686 | 33,487 | ||||
TPG Inc. Class A | 1,107,488 | 33,358 | ||||
First Financial Bancorp | 1,628,950 | 31,927 | ||||
BankUnited Inc. | 1,341,527 | 30,453 | ||||
First Merchants Corp. | 1,076,819 | 29,957 | ||||
PennyMac Financial Services Inc. | 449,582 | 29,942 | ||||
Washington Federal Inc. | 1,167,137 | 29,902 | ||||
BancFirst Corp. | 326,753 | 28,339 | ||||
Virtu Financial Inc. Class A | 1,610,553 | 27,814 | ||||
Towne Bank | 1,182,556 | 27,116 | ||||
Navient Corp. | 1,536,131 | 26,452 | ||||
Banner Corp. | 619,731 | 26,264 | ||||
Apollo Commercial Real Estate Finance Inc. | 2,550,140 | 25,833 | ||||
NBT Bancorp Inc. | 807,380 | 25,586 | ||||
OFG Bancorp | 850,705 | 25,402 | ||||
Renasant Corp. | 962,670 | 25,212 | ||||
Virtus Investment Partners Inc. | 124,342 | 25,116 | ||||
Independent Bank Group Inc. | 633,025 | 25,036 | ||||
WesBanco Inc. | 1,017,838 | 24,856 | ||||
Park National Corp. | 262,419 | 24,804 | ||||
Claros Mortgage Trust Inc. | 2,123,813 | 23,532 | ||||
Northwest Bancshares Inc. | 2,295,286 | 23,481 | ||||
Hilltop Holdings Inc. | 822,890 | 23,337 | ||||
City Holding Co. | 257,474 | 23,263 | ||||
ServisFirst Bancshares Inc. | 442,290 | 23,074 |
Shares | Market Value ($000) | |||||
Two Harbors Investment Corp. | 1,735,895 | 22,983 | ||||
Chimera Investment Corp. | 4,094,263 | 22,355 | ||||
* | Cannae Holdings Inc. | 1,192,649 | 22,231 | |||
Horace Mann Educators Corp. | 737,733 | 21,675 | ||||
Trustmark Corp. | 993,086 | 21,580 | ||||
First Commonwealth Financial Corp. | 1,757,863 | 21,464 | ||||
Ladder Capital Corp. Class A | 2,063,371 | 21,170 | ||||
Westamerica Bancorp | 481,611 | 20,830 | ||||
Compass Diversified Holdings | 1,103,859 | 20,719 | ||||
National Bank Holdings Corp. Class A | 681,788 | 20,290 | ||||
Provident Financial Services Inc. | 1,288,607 | 19,703 | ||||
Franklin BSP Realty Trust Inc. | 1,485,356 | 19,666 | ||||
PennyMac Mortgage Investment Trust | 1,568,710 | 19,452 | ||||
* | Encore Capital Group Inc. | 403,550 | 19,274 | |||
Nelnet Inc. Class A | 215,159 | 19,218 | ||||
Argo Group International Holdings Ltd. | 636,534 | 18,994 | ||||
Employers Holdings Inc. | 467,672 | 18,684 | ||||
Hope Bancorp Inc. | 2,045,330 | 18,101 | ||||
ProAssurance Corp. | 942,012 | 17,795 | ||||
S&T Bancorp Inc. | 651,779 | 17,650 | ||||
MFA Financial Inc. | 1,828,246 | 17,569 | ||||
1 | ARMOUR Residential REIT Inc. | 4,129,072 | 17,549 | |||
Safety Insurance Group Inc. | 252,113 | 17,192 | ||||
PacWest Bancorp | 2,145,893 | 16,974 | ||||
* | SiriusPoint Ltd. | 1,637,802 | 16,656 | |||
WisdomTree Inc. | 2,291,185 | 16,038 | ||||
* | Avantax Inc. | 626,306 | 16,021 | |||
Enact Holdings Inc. | 574,024 | 15,631 | ||||
StepStone Group Inc. Class A | 478,873 | 15,123 | ||||
Berkshire Hills Bancorp Inc. | 749,934 | 15,036 | ||||
National Western Life Group Inc. Class A | 33,905 | 14,833 | ||||
Redwood Trust Inc. | 2,048,710 | 14,607 | ||||
BrightSpire Capital Inc. Class A | 2,331,161 | 14,593 | ||||
Mercury General Corp. | 496,664 | 13,921 | ||||
Brookline Bancorp Inc. | 1,511,046 | 13,766 | ||||
* | PRA Group Inc. | 668,714 | 12,846 | |||
* | LendingClub Corp. | 1,848,907 | 11,278 | |||
Capitol Federal Financial Inc. | 2,321,086 | 11,072 | ||||
Eagle Bancorp Inc. | 509,688 | 10,933 | ||||
Victory Capital Holdings Inc. Class A | 324,186 | 10,808 | ||||
KKR Real Estate Finance Trust Inc. | 867,234 | 10,294 | ||||
Tompkins Financial Corp. | 206,169 | 10,100 | ||||
Heartland Financial USA Inc. | 324,417 | 9,548 | ||||
* | Ambac Financial Group Inc. | 771,942 | 9,310 | |||
United Fire Group Inc. | 428,974 | 8,472 | ||||
1 | UWM Holdings Corp. Class A | 1,583,712 | 7,681 | |||
TPG RE Finance Trust Inc. | 1,121,745 | 7,549 | ||||
Kearny Financial Corp. | 1,085,336 | 7,521 | ||||
* | Columbia Financial Inc. | 472,518 | 7,423 | |||
* | World Acceptance Corp. | 55,994 | 7,115 | |||
GCM Grosvenor Inc. Class A | 707,776 | 5,492 | ||||
* | AssetMark Financial Holdings Inc. | 200,838 | 5,037 | |||
F&G Annuities & Life Inc. | 168,721 | 4,734 | ||||
Invesco Mortgage Capital Inc. | 399,659 | 4,001 | ||||
Northfield Bancorp Inc. | 363,574 | 3,436 | ||||
*,1 | Net Power Inc. | 120,372 | 1,818 | |||
* | loanDepot Inc. Class A | 1,043,191 | 1,794 |
Shares | Market Value ($000) | |||||
Associated Capital Group Inc. Class A | 24,350 | 889 | ||||
9,566,965 | ||||||
Health Care (5.7%) | ||||||
* | United Therapeutics Corp. | 845,820 | 191,045 | |||
* | Catalent Inc. | 3,086,413 | 140,524 | |||
* | Jazz Pharmaceuticals plc | 1,080,932 | 139,916 | |||
Universal Health Services Inc. Class B | 1,063,967 | 133,773 | ||||
DENTSPLY SIRONA Inc. | 3,816,276 | 130,364 | ||||
* | Tenet Healthcare Corp. | 1,829,979 | 120,577 | |||
Encompass Health Corp. | 1,716,316 | 115,268 | ||||
* | Acadia Healthcare Co. Inc. | 1,578,247 | 110,967 | |||
* | Elanco Animal Health Inc. | 8,879,766 | 99,809 | |||
* | Karuna Therapeutics Inc. | 577,090 | 97,580 | |||
* | DaVita Inc. | 905,135 | 85,562 | |||
* | Envista Holdings Corp. | 2,953,250 | 82,337 | |||
Organon & Co. | 4,606,156 | 79,963 | ||||
Perrigo Co. plc | 2,440,315 | 77,968 | ||||
* | Amedisys Inc. | 588,128 | 54,931 | |||
* | Azenta Inc. | 1,084,217 | 54,417 | |||
* | Prestige Consumer Healthcare Inc. | 893,599 | 51,105 | |||
* | Krystal Biotech Inc. | 429,215 | 49,789 | |||
* | Integra LifeSciences Holdings Corp. | 1,248,589 | 47,684 | |||
* | Integer Holdings Corp. | 600,451 | 47,093 | |||
* | Enovis Corp. | 885,077 | 46,670 | |||
Select Medical Holdings Corp. | 1,833,603 | 46,335 | ||||
Premier Inc. Class A | 2,147,893 | 46,180 | ||||
* | Bridgebio Pharma Inc. | 1,749,796 | 46,142 | |||
Patterson Cos. Inc. | 1,545,863 | 45,819 | ||||
* | Fortrea Holdings Inc. | 1,600,385 | 45,755 | |||
* | Immunovant Inc. | 1,155,495 | 44,359 | |||
* | Madrigal Pharmaceuticals Inc. | 284,266 | 41,514 | |||
* | Pacific Biosciences of California Inc. | 4,064,448 | 33,938 | |||
* | NextGen Healthcare Inc. | 1,148,340 | 27,250 | |||
*,1 | Axsome Therapeutics Inc. | 340,950 | 23,829 | |||
* | Myriad Genetics Inc. | 1,404,523 | 22,529 | |||
* | Owens & Minor Inc. | 1,313,766 | 21,230 | |||
* | Pediatrix Medical Group Inc. | 1,518,079 | 19,295 | |||
* | Iovance Biotherapeutics Inc. | 4,007,308 | 18,233 | |||
* | Ligand Pharmaceuticals Inc. | 298,251 | 17,871 | |||
* | Avanos Medical Inc. | 840,827 | 17,001 | |||
Embecta Corp. | 1,028,014 | 15,472 | ||||
National HealthCare Corp. | 233,642 | 14,948 | ||||
Healthcare Services Group Inc. | 1,330,945 | 13,882 | ||||
* | Innoviva Inc. | 1,050,642 | 13,648 | |||
* | Varex Imaging Corp. | 724,743 | 13,618 | |||
* | Brookdale Senior Living Inc. | 3,207,666 | 13,280 | |||
* | Supernus Pharmaceuticals Inc. | 464,958 | 12,819 | |||
* | Agios Pharmaceuticals Inc. | 499,454 | 12,361 | |||
* | Multiplan Corp. | 6,990,261 | 11,744 | |||
* | Nuvalent Inc. Class A | 254,457 | 11,697 | |||
* | Amneal Pharmaceuticals Inc. | 2,499,801 | 10,549 | |||
* | Enhabit Inc. | 898,781 | 10,111 | |||
* | Kiniksa Pharmaceuticals Ltd. Class A | 537,002 | 9,328 | |||
* | Day One Biopharmaceuticals Inc. | 546,512 | 6,706 | |||
* | OPKO Health Inc. | 3,440,970 | 5,506 | |||
* | 23andMe Holding Co. Class A | 5,194,455 | 5,079 | |||
Phibro Animal Health Corp. Class A | 368,412 | 4,705 | ||||
*,1 | ProKidney Corp. Class A | 306,797 | 1,405 |
Shares | Market Value ($000) | |||||
*,1 | Neumora Therapeutics Inc. | 4,984 | 70 | |||
*,1,2 | Synergy Pharmaceuticals LLC | 1,169,882 | — | |||
*,2 | OmniAb Inc. 12.5 Earnout | 53,581 | — | |||
*,2 | OmniAb Inc. 15 Earnout | 53,581 | — | |||
2,661,550 | ||||||
Industrials (23.8%) | ||||||
IDEX Corp. | 1,362,371 | 283,400 | ||||
* | Builders FirstSource Inc. | 2,253,261 | 280,508 | |||
Booz Allen Hamilton Holding Corp. Class A | 2,362,858 | 258,190 | ||||
Carlisle Cos. Inc. | 899,569 | 233,222 | ||||
Owens Corning | 1,618,700 | 220,807 | ||||
RPM International Inc. | 2,326,312 | 220,558 | ||||
AECOM | 2,499,815 | 207,585 | ||||
Pentair plc | 2,975,441 | 192,660 | ||||
EMCOR Group Inc. | 849,357 | 178,696 | ||||
Regal Rexnord Corp. | 1,194,931 | 170,732 | ||||
Westrock Co. | 4,618,919 | 165,357 | ||||
Allegion plc | 1,581,728 | 164,816 | ||||
Howmet Aerospace Inc. | 3,527,864 | 163,164 | ||||
nVent Electric plc | 2,987,073 | 158,285 | ||||
Hubbell Inc. Class B | 483,133 | 151,419 | ||||
* | XPO Inc. | 1,985,541 | 148,241 | |||
AptarGroup Inc. | 1,182,846 | 147,903 | ||||
Huntington Ingalls Industries Inc. | 718,389 | 146,968 | ||||
Tetra Tech Inc. | 959,555 | 145,881 | ||||
ITT Inc. | 1,479,460 | 144,854 | ||||
Fortune Brands Innovations Inc. | 2,286,630 | 142,137 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 2,761,703 | 138,499 | ||||
AGCO Corp. | 1,147,014 | 135,669 | ||||
Robert Half Inc. | 1,833,153 | 134,333 | ||||
WESCO International Inc. | 926,106 | 133,193 | ||||
Donaldson Co. Inc. | 2,184,871 | 130,306 | ||||
Berry Global Group Inc. | 2,021,932 | 125,178 | ||||
Graphic Packaging Holding Co. | 5,535,998 | 123,342 | ||||
Oshkosh Corp. | 1,176,801 | 112,302 | ||||
* | FTI Consulting Inc. | 613,265 | 109,413 | |||
Applied Industrial Technologies Inc. | 696,499 | 107,686 | ||||
* | Axalta Coating Systems Ltd. | 3,995,525 | 107,480 | |||
MSA Safety Inc. | 672,912 | 106,085 | ||||
MKS Instruments Inc. | 1,203,362 | 104,139 | ||||
Sensata Technologies Holding plc | 2,746,200 | 103,861 | ||||
* | Atkore Inc. | 680,968 | 101,594 | |||
Brunswick Corp. | 1,258,504 | 99,422 | ||||
Sonoco Products Co. | 1,765,145 | 95,936 | ||||
Acuity Brands Inc. | 561,973 | 95,710 | ||||
Allison Transmission Holdings Inc. | 1,613,521 | 95,295 | ||||
* | Fluor Corp. | 2,583,537 | 94,816 | |||
Flowserve Corp. | 2,364,601 | 94,040 | ||||
Lincoln Electric Holdings Inc. | 517,251 | 94,031 | ||||
Western Union Co. | 6,749,210 | 88,955 | ||||
* | Kirby Corp. | 1,072,215 | 88,779 | |||
* | API Group Corp. | 3,398,307 | 88,118 | |||
Valmont Industries Inc. | 359,705 | 86,405 | ||||
Vontier Corp. | 2,788,911 | 86,233 | ||||
Sealed Air Corp. | 2,602,600 | 85,521 | ||||
Watts Water Technologies Inc. Class A | 493,457 | 85,279 | ||||
MSC Industrial Direct Co. Inc. Class A | 853,588 | 83,780 | ||||
* | Mohawk Industries Inc. | 975,588 | 83,715 |
Shares | Market Value ($000) | |||||
Ryder System Inc. | 779,492 | 83,367 | ||||
Crane Co. | 869,768 | 77,270 | ||||
Air Lease Corp. Class A | 1,900,528 | 74,900 | ||||
* | Beacon Roofing Supply Inc. | 966,149 | 74,558 | |||
Belden Inc. | 762,257 | 73,596 | ||||
Esab Corp. | 1,031,731 | 72,448 | ||||
MDU Resources Group Inc. | 3,668,593 | 71,831 | ||||
EnerSys | 739,375 | 69,997 | ||||
Zurn Elkay Water Solutions Corp. | 2,493,393 | 69,865 | ||||
GATX Corp. | 637,779 | 69,410 | ||||
* | ASGN Inc. | 828,601 | 67,680 | |||
Woodward Inc. | 540,977 | 67,222 | ||||
* | Summit Materials Inc. Class A | 2,142,608 | 66,721 | |||
HB Fuller Co. | 970,836 | 66,609 | ||||
Terex Corp. | 1,153,937 | 66,490 | ||||
ManpowerGroup Inc. | 893,498 | 65,511 | ||||
Louisiana-Pacific Corp. | 1,169,326 | 64,629 | ||||
Silgan Holdings Inc. | 1,486,201 | 64,070 | ||||
* | SPX Technologies Inc. | 780,707 | 63,550 | |||
* | Middleby Corp. | 482,964 | 61,819 | |||
Moog Inc. Class A | 518,024 | 58,516 | ||||
Brink's Co. | 795,353 | 57,774 | ||||
Otter Tail Corp. | 752,016 | 57,093 | ||||
Comfort Systems USA Inc. | 322,239 | 54,913 | ||||
Matson Inc. | 604,099 | 53,596 | ||||
Hillenbrand Inc. | 1,261,140 | 53,359 | ||||
Encore Wire Corp. | 287,609 | 52,477 | ||||
ESCO Technologies Inc. | 464,651 | 48,528 | ||||
Albany International Corp. Class A | 562,274 | 48,513 | ||||
Crane NXT Co. | 868,768 | 48,277 | ||||
ABM Industries Inc. | 1,191,879 | 47,687 | ||||
* | GMS Inc. | 734,329 | 46,975 | |||
* | O-I Glass Inc. | 2,794,452 | 46,751 | |||
Korn Ferry | 965,530 | 45,805 | ||||
EnPro Industries Inc. | 376,234 | 45,596 | ||||
* | Knife River Corp. | 917,516 | 44,802 | |||
* | Alight Inc. Class A | 6,283,416 | 44,549 | |||
UniFirst Corp. | 272,212 | 44,373 | ||||
McGrath RentCorp | 440,378 | 44,144 | ||||
EVERTEC Inc. | 1,164,522 | 43,297 | ||||
Brady Corp. Class A | 785,783 | 43,155 | ||||
* | Hub Group Inc. Class A | 537,936 | 42,250 | |||
ArcBest Corp. | 411,318 | 41,810 | ||||
* | RXO Inc. | 2,108,483 | 41,600 | |||
* | MasTec Inc. | 568,440 | 40,911 | |||
*,1 | Joby Aviation Inc. | 6,252,878 | 40,331 | |||
Werner Enterprises Inc. | 1,028,258 | 40,051 | ||||
* | Resideo Technologies Inc. | 2,525,338 | 39,900 | |||
ADT Inc. | 6,246,923 | 37,482 | ||||
Trinity Industries Inc. | 1,475,307 | 35,924 | ||||
Kennametal Inc. | 1,436,439 | 35,739 | ||||
* | Huron Consulting Group Inc. | 342,851 | 35,711 | |||
* | AAR Corp. | 598,994 | 35,658 | |||
Griffon Corp. | 836,521 | 33,185 | ||||
* | OSI Systems Inc. | 271,412 | 32,037 | |||
Standex International Corp. | 213,648 | 31,126 | ||||
Bread Financial Holdings Inc. | 905,483 | 30,968 | ||||
* | Spirit AeroSystems Holdings Inc. Class A | 1,898,643 | 30,644 |
Shares | Market Value ($000) | |||||
* | Gates Industrial Corp. plc | 2,618,287 | 30,398 | |||
Granite Construction Inc. | 791,567 | 30,095 | ||||
Primoris Services Corp. | 913,173 | 29,888 | ||||
*,1 | Aurora Innovation Inc. Class A | 12,627,740 | 29,675 | |||
Greif Inc. Class A | 441,741 | 29,513 | ||||
Barnes Group Inc. | 867,269 | 29,461 | ||||
* | Hillman Solutions Corp. | 3,511,862 | 28,973 | |||
* | AvidXchange Holdings Inc. | 2,736,189 | 25,939 | |||
* | Air Transport Services Group Inc. | 1,212,798 | 25,311 | |||
* | Mirion Technologies Inc. Class A | 3,342,967 | 24,972 | |||
H&E Equipment Services Inc. | 557,890 | 24,095 | ||||
* | Dycom Industries Inc. | 251,533 | 22,386 | |||
* | CoreCivic Inc. | 1,950,030 | 21,938 | |||
Greenbrier Cos. Inc. | 530,106 | 21,204 | ||||
* | Rocket Lab USA Inc. | 4,804,023 | 21,042 | |||
Kforce Inc. | 345,332 | 20,603 | ||||
AZZ Inc. | 429,439 | 19,574 | ||||
* | JELD-WEN Holding Inc. | 1,462,849 | 19,544 | |||
Astec Industries Inc. | 411,088 | 19,366 | ||||
Apogee Enterprises Inc. | 399,244 | 18,796 | ||||
Schneider National Inc. Class B | 673,747 | 18,656 | ||||
TriMas Corp. | 749,049 | 18,546 | ||||
Wabash National Corp. | 849,898 | 17,950 | ||||
International Seaways Inc. | 397,996 | 17,910 | ||||
* | Thermon Group Holdings Inc. | 608,940 | 16,728 | |||
Quanex Building Products Corp. | 591,019 | 16,649 | ||||
Deluxe Corp. | 782,369 | 14,779 | ||||
Enerpac Tool Group Corp. Class A | 503,202 | 13,300 | ||||
First Advantage Corp. | 911,091 | 12,564 | ||||
* | Proto Labs Inc. | 468,118 | 12,358 | |||
Heartland Express Inc. | 779,429 | 11,450 | ||||
* | Green Dot Corp. Class A | 798,236 | 11,119 | |||
* | American Woodmark Corp. | 146,862 | 11,104 | |||
* | Conduent Inc. | 3,123,123 | 10,868 | |||
Kaman Corp. | 506,225 | 9,947 | ||||
Kelly Services Inc. Class A | 546,235 | 9,936 | ||||
Pitney Bowes Inc. | 3,039,154 | 9,178 | ||||
TTEC Holdings Inc. | 344,370 | 9,029 | ||||
REV Group Inc. | 540,466 | 8,647 | ||||
Hyster-Yale Materials Handling Inc. | 167,393 | 7,462 | ||||
National Presto Industries Inc. | 96,815 | 7,015 | ||||
Gorman-Rupp Co. | 203,229 | 6,686 | ||||
*,1 | Atmus Filtration Technologies Inc. | 306,326 | 6,387 | |||
* | ZipRecruiter Inc. Class A | 527,021 | 6,319 | |||
* | Forrester Research Inc. | 206,507 | 5,968 | |||
* | BrightView Holdings Inc. | 750,115 | 5,813 | |||
* | Triumph Group Inc. | 688,019 | 5,270 | |||
Pactiv Evergreen Inc. | 645,804 | 5,250 | ||||
* | Advantage Solutions Inc. | 1,467,921 | 4,169 | |||
* | TrueBlue Inc. | 264,085 | 3,874 | |||
Kronos Worldwide Inc. | 416,807 | 3,230 | ||||
Greif Inc. Class B | 31,209 | 2,077 | ||||
* | Microvast Holdings Inc. | 762,824 | 1,442 | |||
*,1 | MSP Recovery Inc. | 1,126,818 | 242 | |||
11,006,243 | ||||||
Real Estate (8.3%) | ||||||
Gaming & Leisure Properties Inc. | 4,495,746 | 204,781 | ||||
Kimco Realty Corp. | 11,170,715 | 196,493 |
Shares | Market Value ($000) | |||||
Omega Healthcare Investors Inc. | 4,412,817 | 146,329 | ||||
EastGroup Properties Inc. | 818,060 | 136,232 | ||||
Federal Realty Investment Trust | 1,468,989 | 133,134 | ||||
* | Jones Lang LaSalle Inc. | 859,465 | 121,339 | |||
NNN REIT Inc. | 3,286,263 | 116,137 | ||||
First Industrial Realty Trust Inc. | 2,383,020 | 113,408 | ||||
Brixmor Property Group Inc. | 5,416,639 | 112,558 | ||||
STAG Industrial Inc. | 3,237,367 | 111,722 | ||||
Regency Centers Corp. | 1,663,507 | 98,879 | ||||
Agree Realty Corp. | 1,734,247 | 95,800 | ||||
Apartment Income REIT Corp. Class A | 2,688,859 | 82,548 | ||||
Rayonier Inc. | 2,672,081 | 76,047 | ||||
Boston Properties Inc. | 1,272,201 | 75,671 | ||||
Vornado Realty Trust | 3,090,978 | 70,103 | ||||
Lamar Advertising Co. Class A | 788,770 | 65,839 | ||||
PotlatchDeltic Corp. | 1,440,142 | 65,368 | ||||
1 | Medical Properties Trust Inc. | 10,792,406 | 58,819 | |||
Sabra Health Care REIT Inc. | 4,169,403 | 58,121 | ||||
Apple Hospitality REIT Inc. | 3,713,333 | 56,963 | ||||
EPR Properties | 1,358,437 | 56,429 | ||||
Cousins Properties Inc. | 2,737,152 | 55,756 | ||||
Physicians Realty Trust | 4,295,942 | 52,368 | ||||
DigitalBridge Group Inc. | 2,928,567 | 51,484 | ||||
COPT Defense Properties | 2,027,890 | 48,325 | ||||
Broadstone Net Lease Inc. | 3,373,842 | 48,246 | ||||
LXP Industrial Trust | 5,273,336 | 46,933 | ||||
Park Hotels & Resorts Inc. | 3,688,785 | 45,446 | ||||
* | Howard Hughes Holdings Inc. | 587,157 | 43,526 | |||
1 | SL Green Realty Corp. | 1,160,545 | 43,288 | |||
Macerich Co. | 3,874,743 | 42,273 | ||||
1 | Hannon Armstrong Sustainable Infrastructure Capital Inc. | 1,936,324 | 41,050 | |||
Tanger Factory Outlet Centers Inc. | 1,800,307 | 40,687 | ||||
SITE Centers Corp. | 3,205,499 | 39,524 | ||||
Highwoods Properties Inc. | 1,904,066 | 39,243 | ||||
National Health Investors Inc. | 743,113 | 38,166 | ||||
CareTrust REIT Inc. | 1,791,777 | 36,731 | ||||
Douglas Emmett Inc. | 2,855,078 | 36,431 | ||||
Phillips Edison & Co. Inc. | 1,057,169 | 35,457 | ||||
Sunstone Hotel Investors Inc. | 3,733,138 | 34,905 | ||||
Equity Commonwealth | 1,878,508 | 34,508 | ||||
Global Net Lease Inc. | 3,506,800 | 33,700 | ||||
Kilroy Realty Corp. | 1,056,024 | 33,381 | ||||
Urban Edge Properties | 2,014,447 | 30,740 | ||||
Pebblebrook Hotel Trust | 2,172,762 | 29,528 | ||||
DiamondRock Hospitality Co. | 3,591,403 | 28,839 | ||||
Kennedy-Wilson Holdings Inc. | 1,886,837 | 27,812 | ||||
InvenTrust Properties Corp. | 1,157,131 | 27,551 | ||||
Outfront Media Inc. | 2,679,412 | 27,062 | ||||
JBG SMITH Properties | 1,866,539 | 26,990 | ||||
Retail Opportunity Investments Corp. | 2,159,135 | 26,730 | ||||
Acadia Realty Trust | 1,720,013 | 24,682 | ||||
LTC Properties Inc. | 747,623 | 24,021 | ||||
* | Cushman & Wakefield plc | 3,076,696 | 23,444 | |||
Veris Residential Inc. | 1,412,893 | 23,313 | ||||
Service Properties Trust | 2,988,435 | 22,981 | ||||
Xenia Hotels & Resorts Inc. | 1,937,080 | 22,819 | ||||
Getty Realty Corp. | 820,725 | 22,759 | ||||
Alexander & Baldwin Inc. | 1,311,594 | 21,943 |
Shares | Market Value ($000) | |||||
Elme Communities | 1,586,143 | 21,635 | ||||
Uniti Group Inc. | 4,315,521 | 20,369 | ||||
Empire State Realty Trust Inc. Class A | 2,317,209 | 18,630 | ||||
* | GEO Group Inc. | 2,148,846 | 17,578 | |||
* | Compass Inc. Class A | 5,853,003 | 16,974 | |||
Hudson Pacific Properties Inc. | 2,550,358 | 16,960 | ||||
RPT Realty | 1,556,636 | 16,438 | ||||
* | Apartment Investment & Management Co. Class A | 2,387,245 | 16,233 | |||
Centerspace | 268,176 | 16,160 | ||||
American Assets Trust Inc. | 816,837 | 15,888 | ||||
Newmark Group Inc. Class A | 2,461,595 | 15,828 | ||||
Brandywine Realty Trust | 3,087,163 | 14,016 | ||||
Piedmont Office Realty Trust Inc. Class A | 2,218,827 | 12,470 | ||||
* | Anywhere Real Estate Inc. | 1,880,752 | 12,093 | |||
* | Forestar Group Inc. | 312,854 | 8,428 | |||
Saul Centers Inc. | 235,656 | 8,312 | ||||
RMR Group Inc. Class A | 270,685 | 6,637 | ||||
Marcus & Millichap Inc. | 210,971 | 6,190 | ||||
Summit Hotel Properties Inc. | 924,676 | 5,363 | ||||
Bridge Investment Group Holdings Inc. Class A | 542,921 | 4,995 | ||||
Alexander's Inc. | 20,602 | 3,754 | ||||
*,2 | Spirit MTA REIT | 334,911 | — | |||
3,860,313 | ||||||
Technology (5.8%) | ||||||
Jabil Inc. | 2,240,714 | 284,324 | ||||
* | F5 Inc. | 1,068,772 | 172,222 | |||
KBR Inc. | 2,431,185 | 143,294 | ||||
* | CACI International Inc. Class A | 410,847 | 128,977 | |||
* | Arrow Electronics Inc. | 1,003,122 | 125,631 | |||
Leidos Holdings Inc. | 1,237,591 | 114,056 | ||||
Science Applications International Corp. | 967,339 | 102,093 | ||||
* | Insight Enterprises Inc. | 641,124 | 93,284 | |||
TD SYNNEX Corp. | 844,822 | 84,364 | ||||
* | Teradata Corp. | 1,800,205 | 81,045 | |||
Avnet Inc. | 1,648,887 | 79,460 | ||||
* | DXC Technology Co. | 3,697,931 | 77,028 | |||
* | Cirrus Logic Inc. | 985,932 | 72,920 | |||
* | IAC Inc. | 1,370,899 | 69,080 | |||
* | NCR Corp. | 2,412,303 | 65,060 | |||
Concentrix Corp. | 797,824 | 63,914 | ||||
* | Kyndryl Holdings Inc. | 4,125,665 | 62,298 | |||
* | Synaptics Inc. | 695,324 | 62,190 | |||
Vishay Intertechnology Inc. | 2,289,691 | 56,601 | ||||
* | Sanmina Corp. | 980,976 | 53,247 | |||
Dun & Bradstreet Holdings Inc. | 5,145,232 | 51,401 | ||||
* | Ziff Davis Inc. | 796,609 | 50,736 | |||
* | Plexus Corp. | 495,350 | 46,058 | |||
* | CCC Intelligent Solutions Holdings Inc. | 3,418,231 | 45,633 | |||
Amkor Technology Inc. | 1,993,186 | 45,046 | ||||
* | Parsons Corp. | 756,019 | 41,090 | |||
Progress Software Corp. | 781,291 | 41,080 | ||||
* | NetScout Systems Inc. | 1,234,309 | 34,585 | |||
* | Blackbaud Inc. | 485,232 | 34,122 | |||
Xerox Holdings Corp. | 1,954,546 | 30,667 | ||||
CSG Systems International Inc. | 543,860 | 27,802 | ||||
* | Verint Systems Inc. | 1,101,935 | 25,333 | |||
* | Veradigm Inc. | 1,873,906 | 24,623 | |||
* | TTM Technologies Inc. | 1,782,246 | 22,955 |
Shares | Market Value ($000) | |||||
Adeia Inc. | 1,833,958 | 19,587 | ||||
* | E2open Parent Holdings Inc. | 3,566,169 | 16,190 | |||
Benchmark Electronics Inc. | 607,795 | 14,745 | ||||
Methode Electronics Inc. | 636,293 | 14,539 | ||||
* | Cerence Inc. | 687,362 | 14,002 | |||
* | Informatica Inc. Class A | 656,190 | 13,826 | |||
* | ScanSource Inc. | 445,650 | 13,508 | |||
* | Couchbase Inc. | 500,012 | 8,580 | |||
* | SolarWinds Corp. | 889,512 | 8,397 | |||
* | N-able Inc. | 569,712 | 7,349 | |||
*,1 | Klaviyo Inc. Class A | 172,378 | 5,947 | |||
*,1 | Getty Images Holdings Inc. | 889,452 | 5,773 | |||
Ebix Inc. | 443,440 | 4,381 | ||||
* | Thoughtworks Holding Inc. | 854,210 | 3,485 | |||
*,1 | Rumble Inc. | 554,713 | 2,829 | |||
* | Rackspace Technology Inc. | 487,016 | 1,144 | |||
*,1 | Maplebear Inc. | 2,385 | 71 | |||
2,666,572 | ||||||
Telecommunications (1.0%) | ||||||
Juniper Networks Inc. | 5,791,548 | 160,947 | ||||
* | Frontier Communications Parent Inc. | 4,429,513 | 69,322 | |||
* | Viavi Solutions Inc. | 3,991,949 | 36,486 | |||
Telephone & Data Systems Inc. | 1,708,001 | 31,274 | ||||
* | DISH Network Corp. Class A | 4,530,923 | 26,551 | |||
* | Lumen Technologies Inc. | 18,195,416 | 25,837 | |||
InterDigital Inc. | 238,758 | 19,158 | ||||
* | Viasat Inc. | 1,008,855 | 18,623 | |||
* | Altice USA Inc. Class A | 3,880,673 | 12,690 | |||
* | CommScope Holding Co. Inc. | 3,611,260 | 12,134 | |||
* | EchoStar Corp. Class A | 615,852 | 10,316 | |||
* | United States Cellular Corp. | 234,168 | 10,062 | |||
* | Xperi Inc. | 741,040 | 7,307 | |||
* | WideOpenWest Inc. | 448,031 | 3,427 | |||
444,134 | ||||||
Utilities (4.4%) | ||||||
Atmos Energy Corp. | 2,486,917 | 263,439 | ||||
NRG Energy Inc. | 4,128,812 | 159,042 | ||||
Pinnacle West Capital Corp. | 2,041,404 | 150,411 | ||||
Essential Utilities Inc. | 4,288,479 | 147,224 | ||||
OGE Energy Corp. | 3,607,544 | 120,239 | ||||
UGI Corp. | 3,775,237 | 86,830 | ||||
National Fuel Gas Co. | 1,654,325 | 85,876 | ||||
IDACORP Inc. | 911,658 | 85,377 | ||||
* | Stericycle Inc. | 1,667,308 | 74,545 | |||
Southwest Gas Holdings Inc. | 1,221,114 | 73,768 | ||||
Portland General Electric Co. | 1,820,802 | 73,706 | ||||
New Jersey Resources Corp. | 1,757,502 | 71,407 | ||||
PNM Resources Inc. | 1,546,073 | 68,970 | ||||
ONE Gas Inc. | 998,987 | 68,211 | ||||
Black Hills Corp. | 1,208,764 | 61,151 | ||||
ALLETE Inc. | 1,034,551 | 54,624 | ||||
American States Water Co. | 666,787 | 52,463 | ||||
Northwestern Energy Group Inc. | 1,081,557 | 51,980 | ||||
Spire Inc. | 901,448 | 51,004 | ||||
MGE Energy Inc. | 651,372 | 44,626 | ||||
Avista Corp. | 1,378,456 | 44,621 | ||||
Clearway Energy Inc. Class C | 1,499,525 | 31,730 |
Shares | Market Value ($000) | |||||
California Water Service Group | 520,197 | 24,611 | ||||
1 | Hawaiian Electric Industries Inc. | 1,977,613 | 24,344 | |||
Northwest Natural Holding Co. | 633,240 | 24,164 | ||||
Clearway Energy Inc. Class A | 635,595 | 12,661 | ||||
* | Enviri Corp. | 1,430,725 | 10,330 | |||
Excelerate Energy Inc. Class A | 327,522 | 5,581 | ||||
*,1 | NuScale Power Corp. Class A | 999,428 | 4,897 | |||
2,027,832 | ||||||
Total Common Stocks (Cost $40,641,581) | 46,140,999 | |||||
Coupon | ||||||
Temporary Cash Investments (1.0%) | ||||||
Money Market Fund (1.0%) | ||||||
3,4 | Vanguard Market Liquidity Fund (Cost $493,243) | 5.391% | 4,935,556 | 493,506 | ||
Total Investments (100.7%) (Cost $41,134,824) | 46,634,505 | |||||
Other Assets and Liabilities—Net (-0.7%) | (342,293) | |||||
Net Assets (100%) | 46,292,212 |
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 $365,721,000. |
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 $389,815,000 was received for securities on loan, of which $389,333,000 is held in Vanguard Market Liquidity Fund and $482,000 is held in cash. |
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 2023 | 656 | 58,994 | (128) |
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 | 21,799 | (5.331) | — | (1,835) |
Bridgebio Pharma Inc. | 8/30/24 | BANA | 8,973 | (5.331) | — | (1,099) |
Dick's Sporting Goods Inc. | 1/31/24 | CITNA | 29,068 | (5.328) | — | (672) |
Invesco Ltd. | 8/30/24 | BANA | 2,547 | (5.881) | — | (204) |
OneMain Holdings Inc. | 1/31/24 | GSI | 1,477 | (5.831) | — | (36) |
OneMain Holdings Inc. | 1/31/24 | GSI | 1,026 | (5.831) | — | (25) |
Williams-Sonoma Inc. | 1/31/24 | CITNA | 31,770 | (5.331) | 3,063 | — |
3,063 | (3,871) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
CITNA—Citibank, 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 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 or indexes 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, 2023, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 46,140,999 | — | — | 46,140,999 |
Temporary Cash Investments | 493,506 | — | — | 493,506 |
Total | 46,634,505 | — | — | 46,634,505 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 3,063 | — | 3,063 |
Liabilities | ||||
Futures Contracts1 | 128 | — | — | 128 |
Swap Contracts | — | 3,871 | — | 3,871 |
Total | 128 | 3,871 | — | 3,999 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |