Vanguard® Small-Cap Value Index Fund
Schedule of Investments (unaudited)
As of March 31, 2024
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 (5.8%) | ||||||
Reliance Inc. | 983,977 | 328,825 | ||||
Eastman Chemical Co. | 2,015,586 | 202,002 | ||||
Steel Dynamics Inc. | 1,320,063 | 195,673 | ||||
* | Cleveland-Cliffs Inc. | 8,558,144 | 194,612 | |||
United States Steel Corp. | 3,457,007 | 140,977 | ||||
FMC Corp. | 2,142,449 | 136,474 | ||||
UFP Industries Inc. | 1,009,217 | 124,144 | ||||
Olin Corp. | 2,063,663 | 121,343 | ||||
Commercial Metals Co. | 1,997,963 | 117,420 | ||||
Boise Cascade Co. | 679,540 | 104,221 | ||||
Alcoa Corp. | 3,082,235 | 104,149 | ||||
Mueller Industries Inc. | 1,853,786 | 99,975 | ||||
* | Valvoline Inc. | 2,228,771 | 99,336 | |||
Element Solutions Inc. | 3,946,133 | 98,574 | ||||
Timken Co. | 1,091,456 | 95,426 | ||||
Mosaic Co. | 2,760,626 | 89,610 | ||||
Cabot Corp. | 952,902 | 87,858 | ||||
Huntsman Corp. | 2,905,424 | 75,628 | ||||
Ashland Inc. | 775,118 | 75,473 | ||||
Avient Corp. | 1,567,875 | 68,046 | ||||
Chemours Co. | 2,551,897 | 67,013 | ||||
Innospec Inc. | 427,576 | 55,132 | ||||
Scotts Miracle-Gro Co. | 731,015 | 54,526 | ||||
Sensient Technologies Corp. | 728,166 | 50,382 | ||||
Hecla Mining Co. | 10,212,167 | 49,121 | ||||
Materion Corp. | 354,974 | 46,768 | ||||
Westlake Corp. | 275,565 | 42,106 | ||||
Minerals Technologies Inc. | 556,480 | 41,892 | ||||
Tronox Holdings plc | 2,023,186 | 35,102 | ||||
Stepan Co. | 365,649 | 32,923 | ||||
Worthington Steel Inc. | 860,930 | 30,864 | ||||
Carpenter Technology Corp. | 402,084 | 28,717 | ||||
Kaiser Aluminum Corp. | 260,729 | 23,299 | ||||
* | Coeur Mining Inc. | 5,953,642 | 22,445 | |||
* | Ecovyst Inc. | 1,789,763 | 19,956 | |||
Koppers Holdings Inc. | 338,792 | 18,691 | ||||
Mativ Holdings Inc. | 881,985 | 16,537 | ||||
* | Ingevity Corp. | 279,173 | 13,317 | |||
Radius Recycling Inc. | 426,368 | 9,009 | ||||
Compass Minerals International Inc. | 353,732 | 5,568 |
Shares | Market Value ($000) | |||||
GrafTech International Ltd. | 1,869,620 | 2,580 | ||||
3,225,714 | ||||||
Consumer Discretionary (15.9%) | ||||||
Williams-Sonoma Inc. | 876,754 | 278,396 | ||||
Toll Brothers Inc. | 1,791,089 | 231,713 | ||||
Bath & Body Works Inc. | 3,880,567 | 194,106 | ||||
Tapestry Inc. | 3,939,253 | 187,036 | ||||
Service Corp. International | 2,382,806 | 176,828 | ||||
* | BJ's Wholesale Club Holdings Inc. | 2,290,827 | 173,301 | |||
* | American Airlines Group Inc. | 11,215,782 | 172,162 | |||
Dick's Sporting Goods Inc. | 689,156 | 154,964 | ||||
*,1 | Norwegian Cruise Line Holdings Ltd. | 7,305,333 | 152,901 | |||
Aramark | 4,506,165 | 146,541 | ||||
PVH Corp. | 1,023,983 | 143,982 | ||||
Lithia Motors Inc. Class A | 472,511 | 142,160 | ||||
Lear Corp. | 979,399 | 141,895 | ||||
BorgWarner Inc. | 3,947,376 | 137,132 | ||||
Murphy USA Inc. | 321,490 | 134,769 | ||||
Hasbro Inc. | 2,263,252 | 127,919 | ||||
* | Mattel Inc. | 6,064,728 | 120,142 | |||
* | CarMax Inc. | 1,355,487 | 118,077 | |||
H&R Block Inc. | 2,394,960 | 117,617 | ||||
New York Times Co. Class A | 2,663,867 | 115,132 | ||||
Gap Inc. | 4,137,938 | 114,000 | ||||
Ralph Lauren Corp. Class A | 603,969 | 113,401 | ||||
Whirlpool Corp. | 937,914 | 112,203 | ||||
U-Haul Holding Co. (XNYS) | 1,670,438 | 111,385 | ||||
* | Lyft Inc. Class A | 5,708,950 | 110,468 | |||
Meritage Homes Corp. | 621,656 | 109,076 | ||||
* | Taylor Morrison Home Corp. Class A | 1,737,611 | 108,027 | |||
Interpublic Group of Cos. Inc. | 3,250,781 | 106,073 | ||||
1 | Paramount Global Class B | 8,941,546 | 105,242 | |||
* | Abercrombie & Fitch Co. Class A | 823,067 | 103,155 | |||
Thor Industries Inc. | 870,612 | 102,158 | ||||
Nexstar Media Group Inc. Class A | 553,274 | 95,324 | ||||
* | AutoNation Inc. | 572,878 | 94,857 | |||
Harley-Davidson Inc. | 2,154,369 | 94,232 | ||||
Macy's Inc. | 4,711,097 | 94,175 | ||||
* | Alaska Air Group Inc. | 2,166,684 | 93,146 | |||
VF Corp. | 6,016,006 | 92,286 | ||||
Polaris Inc. | 921,094 | 92,220 | ||||
* | Capri Holdings Ltd. | 2,003,582 | 90,762 | |||
Advance Auto Parts Inc. | 1,022,918 | 87,040 | ||||
Academy Sports & Outdoors Inc. | 1,274,697 | 86,093 | ||||
* | Asbury Automotive Group Inc. | 353,730 | 83,402 | |||
KB Home | 1,173,278 | 83,162 | ||||
* | Coty Inc. Class A | 6,926,088 | 82,836 | |||
American Eagle Outfitters Inc. | 3,055,981 | 78,814 | ||||
Signet Jewelers Ltd. | 723,739 | 72,425 | ||||
*,1 | Rivian Automotive Inc. Class A | 6,533,011 | 71,536 | |||
* | Liberty Media Corp.-Liberty SiriusXM Class A | 2,257,716 | 67,054 | |||
* | Goodyear Tire & Rubber Co. | 4,879,639 | 66,997 | |||
Group 1 Automotive Inc. | 223,478 | 65,307 | ||||
MDC Holdings Inc. | 961,986 | 60,519 | ||||
* | Tri Pointe Homes Inc. | 1,558,036 | 60,234 | |||
Marriott Vacations Worldwide Corp. | 549,525 | 59,200 | ||||
Kontoor Brands Inc. | 965,657 | 58,181 | ||||
Travel + Leisure Co. | 1,159,843 | 56,786 |
Shares | Market Value ($000) | |||||
Rush Enterprises Inc. Class A | 1,058,237 | 56,637 | ||||
Wendy's Co. | 3,000,329 | 56,526 | ||||
Penske Automotive Group Inc. | 345,542 | 55,974 | ||||
*,1 | GameStop Corp. Class A | 4,464,490 | 55,895 | |||
Kohl's Corp. | 1,902,808 | 55,467 | ||||
Newell Brands Inc. | 6,767,334 | 54,342 | ||||
* | Liberty Media Corp.-Liberty SiriusXM | 1,819,753 | 54,065 | |||
Red Rock Resorts Inc. Class A | 864,904 | 51,739 | ||||
Carter's Inc. | 601,205 | 50,910 | ||||
TEGNA Inc. | 3,386,201 | 50,590 | ||||
* | Urban Outfitters Inc. | 1,116,450 | 48,476 | |||
* | Penn Entertainment Inc. | 2,620,389 | 47,717 | |||
* | Helen of Troy Ltd. | 408,197 | 47,041 | |||
Foot Locker Inc. | 1,619,169 | 46,146 | ||||
* | SkyWest Inc. | 656,820 | 45,373 | |||
Graham Holdings Co. Class B | 58,490 | 44,902 | ||||
* | JetBlue Airways Corp. | 5,835,484 | 43,299 | |||
Bloomin' Brands Inc. | 1,492,060 | 42,792 | ||||
Leggett & Platt Inc. | 2,177,465 | 41,698 | ||||
Strategic Education Inc. | 377,907 | 39,348 | ||||
* | Brinker International Inc. | 760,595 | 37,786 | |||
Avis Budget Group Inc. | 305,155 | 37,369 | ||||
Laureate Education Inc. | 2,440,099 | 35,552 | ||||
PriceSmart Inc. | 419,934 | 35,274 | ||||
* | Liberty Media Corp.-Liberty Live Class C | 788,723 | 34,562 | |||
HNI Corp. | 761,314 | 34,358 | ||||
1 | Nordstrom Inc. | 1,676,585 | 33,984 | |||
* | Cinemark Holdings Inc. | 1,882,152 | 33,822 | |||
Acushnet Holdings Corp. | 506,275 | 33,389 | ||||
* | Hanesbrands Inc. | 5,740,410 | 33,294 | |||
* | PowerSchool Holdings Inc. Class A | 1,563,513 | 33,287 | |||
* | Adtalem Global Education Inc. | 640,686 | 32,931 | |||
* | OPENLANE Inc. | 1,860,028 | 32,179 | |||
Worthington Enterprises Inc. | 516,170 | 32,121 | ||||
MillerKnoll Inc. | 1,252,113 | 31,002 | ||||
* | Central Garden & Pet Co. Class A | 839,259 | 30,985 | |||
Phinia Inc. | 803,615 | 30,883 | ||||
* | ODP Corp. | 579,101 | 30,721 | |||
Endeavor Group Holdings Inc. Class A | 1,163,640 | 29,940 | ||||
* | National Vision Holdings Inc. | 1,346,601 | 29,841 | |||
Oxford Industries Inc. | 255,651 | 28,735 | ||||
Cheesecake Factory Inc. | 782,420 | 28,285 | ||||
Dana Inc. | 2,225,493 | 28,264 | ||||
Upbound Group Inc. | 790,596 | 27,837 | ||||
1 | Cracker Barrel Old Country Store Inc. | 379,890 | 27,629 | |||
La-Z-Boy Inc. | 730,333 | 27,475 | ||||
John Wiley & Sons Inc. Class A | 710,822 | 27,104 | ||||
* | Victoria's Secret & Co. | 1,334,068 | 25,854 | |||
PROG Holdings Inc. | 748,511 | 25,779 | ||||
Steven Madden Ltd. | 606,859 | 25,658 | ||||
* | Knowles Corp. | 1,535,018 | 24,714 | |||
1 | Dillard's Inc. Class A | 52,385 | 24,707 | |||
* | Under Armour Inc. Class A | 3,257,297 | 24,039 | |||
* | Sphere Entertainment Co. | 487,302 | 23,917 | |||
* | Under Armour Inc. Class C | 3,267,696 | 23,331 | |||
* | Sally Beauty Holdings Inc. | 1,795,700 | 22,303 | |||
* | Stride Inc. | 352,835 | 22,246 | |||
1 | Krispy Kreme Inc. | 1,443,995 | 21,999 |
Shares | Market Value ($000) | |||||
Buckle Inc. | 518,349 | 20,874 | ||||
* | Lions Gate Entertainment Corp. Class B | 2,211,429 | 20,588 | |||
* | G-III Apparel Group Ltd. | 665,682 | 19,311 | |||
Steelcase Inc. Class A | 1,446,866 | 18,925 | ||||
1 | Guess? Inc. | 597,756 | 18,811 | |||
* | Cars.com Inc. | 1,068,916 | 18,364 | |||
* | Hertz Global Holdings Inc. | 2,091,437 | 16,376 | |||
* | Liberty Media Corp.-Liberty Live Class A | 386,096 | 16,351 | |||
Levi Strauss & Co. Class A | 790,157 | 15,795 | ||||
*,1 | AMC Entertainment Holdings Inc. Class A | 4,218,947 | 15,695 | |||
Matthews International Corp. Class A | 499,182 | 15,515 | ||||
Monro Inc. | 486,492 | 15,344 | ||||
* | Vista Outdoor Inc. | 448,131 | 14,690 | |||
Wolverine World Wide Inc. | 1,297,426 | 14,544 | ||||
* | American Axle & Manufacturing Holdings Inc. | 1,904,715 | 14,019 | |||
Sturm Ruger & Co. Inc. | 302,517 | 13,961 | ||||
Sonic Automotive Inc. Class A | 225,577 | 12,844 | ||||
Scholastic Corp. | 338,448 | 12,763 | ||||
* | Chegg Inc. | 1,675,019 | 12,680 | |||
Dine Brands Global Inc. | 264,482 | 12,293 | ||||
Caleres Inc. | 288,812 | 11,850 | ||||
* | Lions Gate Entertainment Corp. Class A | 1,069,742 | 10,644 | |||
* | U-Haul Holding Co. | 147,913 | 9,990 | |||
Camping World Holdings Inc. Class A | 346,953 | 9,663 | ||||
* | Udemy Inc. | 853,411 | 9,370 | |||
* | Clear Channel Outdoor Holdings Inc. | 5,377,283 | 8,873 | |||
Interface Inc. Class A | 472,722 | 7,951 | ||||
* | Sabre Corp. | 3,248,488 | 7,861 | |||
Designer Brands Inc. Class A | 715,107 | 7,816 | ||||
Sinclair Inc. | 544,561 | 7,335 | ||||
* | BJ's Restaurants Inc. | 189,044 | 6,840 | |||
Smith & Wesson Brands Inc. | 390,817 | 6,785 | ||||
Arhaus Inc. Class A | 432,382 | 6,654 | ||||
* | AMC Networks Inc. Class A | 522,068 | 6,333 | |||
* | Central Garden & Pet Co. | 142,936 | 6,122 | |||
Rush Enterprises Inc. Class B | 110,595 | 5,894 | ||||
1 | Spirit Airlines Inc. | 937,462 | 4,537 | |||
* | Petco Health & Wellness Co. Inc. Class A | 1,382,798 | 3,153 | |||
Cricut Inc. Class A | 629,134 | 2,995 | ||||
1 | Paramount Global Class A | 131,034 | 2,861 | |||
* | EW Scripps Co. Class A | 591,673 | 2,325 | |||
* | GoPro Inc. Class A | 1,006,014 | 2,243 | |||
8,828,480 | ||||||
Consumer Staples (3.0%) | ||||||
Bunge Global SA | 2,463,700 | 252,578 | ||||
* | US Foods Holding Corp. | 3,996,453 | 215,688 | |||
* | Performance Food Group Co. | 2,672,392 | 199,467 | |||
Ingredion Inc. | 1,125,825 | 131,553 | ||||
* | Sprouts Farmers Market Inc. | 1,739,775 | 112,181 | |||
Molson Coors Beverage Co. Class B | 1,531,285 | 102,979 | ||||
Flowers Foods Inc. | 2,897,362 | 68,812 | ||||
Albertsons Cos. Inc. Class A | 2,722,240 | 58,365 | ||||
* | Post Holdings Inc. | 417,376 | 44,359 | |||
* | Grocery Outlet Holding Corp. | 1,536,300 | 44,215 | |||
Spectrum Brands Holdings Inc. | 494,424 | 44,009 | ||||
Energizer Holdings Inc. | 1,234,605 | 36,347 | ||||
Edgewell Personal Care Co. | 859,204 | 33,200 | ||||
* | TreeHouse Foods Inc. | 837,922 | 32,637 |
Shares | Market Value ($000) | |||||
Andersons Inc. | 553,262 | 31,741 | ||||
Reynolds Consumer Products Inc. | 899,124 | 25,679 | ||||
Vector Group Ltd. | 2,309,281 | 25,310 | ||||
* | Pilgrim's Pride Corp. | 608,349 | 20,878 | |||
Universal Corp. | 399,822 | 20,679 | ||||
Weis Markets Inc. | 276,397 | 17,800 | ||||
Fresh Del Monte Produce Inc. | 659,409 | 17,085 | ||||
* | Herbalife Ltd. | 1,614,925 | 16,230 | |||
1 | B&G Foods Inc. | 1,346,510 | 15,404 | |||
Seaboard Corp. | 4,161 | 13,415 | ||||
* | Hain Celestial Group Inc. | 1,538,468 | 12,092 | |||
Nu Skin Enterprises Inc. Class A | 846,357 | 11,705 | ||||
* | United Natural Foods Inc. | 966,558 | 11,106 | |||
* | USANA Health Sciences Inc. | 196,564 | 9,533 | |||
* | Duckhorn Portfolio Inc. | 889,078 | 8,277 | |||
ACCO Brands Corp. | 772,512 | 4,334 | ||||
Medifast Inc. | 93,321 | 3,576 | ||||
*,1 | BRC Inc. Class A | 822,304 | 3,519 | |||
* | Olaplex Holdings Inc. | 1,681,652 | 3,229 | |||
1,647,982 | ||||||
Energy (4.8%) | ||||||
Ovintiv Inc. | 4,688,110 | 243,313 | ||||
1 | Chesapeake Energy Corp. | 2,134,069 | 189,569 | |||
APA Corp. | 4,977,932 | 171,141 | ||||
HF Sinclair Corp. | 2,728,233 | 164,703 | ||||
* | Southwestern Energy Co. | 18,912,635 | 143,358 | |||
* | Antero Resources Corp. | 4,691,369 | 136,050 | |||
Range Resources Corp. | 3,949,617 | 135,985 | ||||
Chord Energy Corp. | 672,676 | 119,898 | ||||
Murphy Oil Corp. | 2,519,608 | 115,146 | ||||
DT Midstream Inc. | 1,664,695 | 101,713 | ||||
PBF Energy Inc. Class A | 1,746,791 | 100,563 | ||||
Equitrans Midstream Corp. | 7,080,864 | 88,440 | ||||
Patterson-UTI Energy Inc. | 7,173,854 | 85,656 | ||||
Antero Midstream Corp. | 5,773,491 | 81,175 | ||||
Permian Resources Corp. | 4,486,130 | 79,225 | ||||
Arcosa Inc. | 838,140 | 71,963 | ||||
California Resources Corp. | 1,190,764 | 65,611 | ||||
* | CNX Resources Corp. | 2,477,295 | 58,761 | |||
Warrior Met Coal Inc. | 898,158 | 54,518 | ||||
Archrock Inc. | 2,705,544 | 53,218 | ||||
SM Energy Co. | 994,846 | 49,593 | ||||
Peabody Energy Corp. | 2,028,125 | 49,202 | ||||
Arch Resources Inc. | 299,804 | 48,206 | ||||
* | Callon Petroleum Co. | 1,029,432 | 36,813 | |||
Helmerich & Payne Inc. | 765,363 | 32,191 | ||||
Delek US Holdings Inc. | 1,045,600 | 32,142 | ||||
* | DNOW Inc. | 1,818,667 | 27,644 | |||
World Kinect Corp. | 985,494 | 26,066 | ||||
CVR Energy Inc. | 602,593 | 21,488 | ||||
Crescent Energy Co. Class A | 1,596,974 | 19,004 | ||||
* | MRC Global Inc. | 1,373,011 | 17,259 | |||
* | ProPetro Holding Corp. | 1,593,784 | 12,878 | |||
Vitesse Energy Inc. | 380,962 | 9,040 | ||||
Core Laboratories Inc. | 401,203 | 6,853 |
Shares | Market Value ($000) | |||||
*,1 | ProFrac Holding Corp. Class A | 409,432 | 3,423 | |||
* | OPAL Fuels Inc. Class A | 335,225 | 1,683 | |||
2,653,491 | ||||||
Financials (20.1%) | ||||||
First Citizens BancShares Inc. Class A | 185,741 | 303,687 | ||||
Equitable Holdings Inc. | 5,732,265 | 217,883 | ||||
Reinsurance Group of America Inc. | 1,127,221 | 217,418 | ||||
RenaissanceRe Holdings Ltd. | 905,145 | 212,736 | ||||
East West Bancorp Inc. | 2,419,304 | 191,391 | ||||
Ally Financial Inc. | 4,696,934 | 190,649 | ||||
Carlyle Group Inc. | 4,041,299 | 189,577 | ||||
Brown & Brown Inc. | 1,963,198 | 171,858 | ||||
Annaly Capital Management Inc. | 8,589,149 | 169,120 | ||||
Assurant Inc. | 892,622 | 168,027 | ||||
American Financial Group Inc. | 1,220,466 | 166,569 | ||||
Primerica Inc. | 601,676 | 152,200 | ||||
Unum Group | 2,795,340 | 149,998 | ||||
Webster Financial Corp. | 2,951,130 | 149,829 | ||||
First Horizon Corp. | 9,593,689 | 147,743 | ||||
SEI Investments Co. | 2,029,646 | 145,932 | ||||
Old Republic International Corp. | 4,332,873 | 133,106 | ||||
Stifel Financial Corp. | 1,676,708 | 131,068 | ||||
Voya Financial Inc. | 1,768,319 | 130,714 | ||||
Invesco Ltd. | 7,552,790 | 125,301 | ||||
Comerica Inc. | 2,266,546 | 124,637 | ||||
1 | AGNC Investment Corp. | 11,931,711 | 118,124 | |||
Western Alliance Bancorp | 1,788,031 | 114,774 | ||||
Selective Insurance Group Inc. | 1,042,607 | 113,821 | ||||
Jefferies Financial Group Inc. | 2,547,332 | 112,337 | ||||
Evercore Inc. Class A | 582,727 | 112,227 | ||||
Cullen/Frost Bankers Inc. | 991,853 | 111,653 | ||||
SouthState Corp. | 1,304,261 | 110,901 | ||||
RLI Corp. | 745,273 | 110,651 | ||||
Zions Bancorp NA | 2,546,500 | 110,518 | ||||
Wintrust Financial Corp. | 1,051,019 | 109,716 | ||||
Popular Inc. | 1,238,374 | 109,088 | ||||
Commerce Bancshares Inc. | 2,006,557 | 106,749 | ||||
OneMain Holdings Inc. | 2,060,898 | 105,291 | ||||
1 | Starwood Property Trust Inc. | 5,111,579 | 103,918 | |||
Essent Group Ltd. | 1,745,039 | 103,847 | ||||
MGIC Investment Corp. | 4,634,349 | 103,624 | ||||
First American Financial Corp. | 1,683,792 | 102,796 | ||||
Prosperity Bancshares Inc. | 1,528,140 | 100,521 | ||||
Synovus Financial Corp. | 2,395,323 | 95,957 | ||||
Affiliated Managers Group Inc. | 563,639 | 94,393 | ||||
Globe Life Inc. | 808,838 | 94,124 | ||||
Lincoln National Corp. | 2,910,912 | 92,945 | ||||
Rithm Capital Corp. | 8,303,273 | 92,665 | ||||
Cadence Bank | 3,143,505 | 91,162 | ||||
Jackson Financial Inc. Class A | 1,349,590 | 89,262 | ||||
Bank OZK | 1,944,595 | 88,401 | ||||
Radian Group Inc. | 2,632,754 | 88,118 | ||||
Old National Bancorp | 5,031,047 | 87,591 | ||||
FNB Corp. | 6,156,344 | 86,804 | ||||
Axis Capital Holdings Ltd. | 1,319,593 | 85,800 | ||||
FirstCash Holdings Inc. | 659,160 | 84,069 | ||||
* | Mr Cooper Group Inc. | 1,075,323 | 83,821 | |||
United Bankshares Inc. | 2,315,598 | 82,875 |
Shares | Market Value ($000) | |||||
SLM Corp. | 3,787,243 | 82,524 | ||||
Assured Guaranty Ltd. | 934,981 | 81,577 | ||||
Lazard Inc. Class A | 1,841,439 | 77,101 | ||||
Glacier Bancorp Inc. | 1,906,340 | 76,787 | ||||
* | American Equity Investment Life Holding Co. | 1,363,178 | 76,638 | |||
First Financial Bankshares Inc. | 2,330,982 | 76,480 | ||||
Home BancShares Inc. | 3,111,418 | 76,448 | ||||
Hanover Insurance Group Inc. | 554,316 | 75,481 | ||||
White Mountains Insurance Group Ltd. | 41,818 | 75,034 | ||||
Janus Henderson Group plc | 2,278,022 | 74,924 | ||||
Columbia Banking System Inc. | 3,585,653 | 69,382 | ||||
* | Enstar Group Ltd. | 208,952 | 64,934 | |||
Hancock Whitney Corp. | 1,406,735 | 64,766 | ||||
UMB Financial Corp. | 712,113 | 61,947 | ||||
Kemper Corp. | 995,383 | 61,634 | ||||
Valley National Bancorp | 7,418,407 | 59,051 | ||||
Piper Sandler Cos. | 290,721 | 57,705 | ||||
TPG Inc. Class A | 1,271,342 | 56,829 | ||||
* | Brighthouse Financial Inc. | 1,081,645 | 55,748 | |||
Walker & Dunlop Inc. | 547,442 | 55,325 | ||||
Ameris Bancorp | 1,127,361 | 54,542 | ||||
International Bancshares Corp. | 960,038 | 53,897 | ||||
Pinnacle Financial Partners Inc. | 626,943 | 53,842 | ||||
Associated Banc-Corp | 2,466,659 | 53,058 | ||||
Artisan Partners Asset Management Inc. Class A | 1,126,573 | 51,563 | ||||
United Community Banks Inc. | 1,943,878 | 51,163 | ||||
First Bancorp | 2,909,177 | 51,027 | ||||
Federated Hermes Inc. Class B | 1,408,373 | 50,870 | ||||
* | Texas Capital Bancshares Inc. | 814,866 | 50,155 | |||
BGC Group Inc. Class A | 6,370,389 | 49,498 | ||||
* | Genworth Financial Inc. Class A | 7,682,162 | 49,396 | |||
CNO Financial Group Inc. | 1,785,912 | 49,077 | ||||
First Hawaiian Inc. | 2,193,742 | 48,175 | ||||
* | Axos Financial Inc. | 880,213 | 47,567 | |||
WSFS Financial Corp. | 1,040,662 | 46,975 | ||||
1 | Blackstone Mortgage Trust Inc. Class A | 2,356,617 | 46,920 | |||
Atlantic Union Bankshares Corp. | 1,291,064 | 45,587 | ||||
Cathay General Bancorp | 1,186,670 | 44,892 | ||||
Fulton Financial Corp. | 2,822,070 | 44,843 | ||||
Community Bank System Inc. | 916,866 | 44,037 | ||||
1 | Bank of Hawaii Corp. | 683,294 | 42,631 | |||
First Interstate BancSystem Inc. Class A | 1,519,127 | 41,335 | ||||
CVB Financial Corp. | 2,276,071 | 40,605 | ||||
Simmons First National Corp. Class A | 2,045,039 | 39,796 | ||||
Pacific Premier Bancorp Inc. | 1,648,484 | 39,564 | ||||
PennyMac Financial Services Inc. | 433,600 | 39,497 | ||||
1 | Arbor Realty Trust Inc. | 2,917,333 | 38,655 | |||
1 | New York Community Bancorp Inc. | 11,790,875 | 37,967 | |||
Independent Bank Corp. | 716,543 | 37,275 | ||||
Eastern Bankshares Inc. | 2,701,543 | 37,227 | ||||
BOK Financial Corp. | 391,755 | 36,041 | ||||
BankUnited Inc. | 1,279,411 | 35,824 | ||||
First Merchants Corp. | 1,022,290 | 35,678 | ||||
First Financial Bancorp | 1,553,968 | 34,840 | ||||
Park National Corp. | 249,573 | 33,905 | ||||
WaFd Inc. | 1,126,946 | 32,715 | ||||
Moelis & Co. Class A | 573,761 | 32,572 | ||||
Towne Bank | 1,128,522 | 31,666 |
Shares | Market Value ($000) | |||||
Virtu Financial Inc. Class A | 1,455,206 | 29,861 | ||||
OFG Bancorp | 810,333 | 29,828 | ||||
Virtus Investment Partners Inc. | 117,541 | 29,148 | ||||
WesBanco Inc. | 971,412 | 28,958 | ||||
Renasant Corp. | 918,618 | 28,771 | ||||
Banner Corp. | 591,577 | 28,396 | ||||
NBT Bancorp Inc. | 770,619 | 28,266 | ||||
ServisFirst Bancshares Inc. | 422,148 | 28,014 | ||||
Independent Bank Group Inc. | 604,375 | 27,590 | ||||
BancFirst Corp. | 310,209 | 27,308 | ||||
Apollo Commercial Real Estate Finance Inc. | 2,447,252 | 27,262 | ||||
Trustmark Corp. | 941,826 | 26,475 | ||||
Horace Mann Educators Corp. | 703,666 | 26,029 | ||||
Northwest Bancshares Inc. | 2,177,184 | 25,364 | ||||
Compass Diversified Holdings | 1,053,062 | 25,347 | ||||
City Holding Co. | 241,329 | 25,151 | ||||
Mercury General Corp. | 474,239 | 24,471 | ||||
Hilltop Holdings Inc. | 781,086 | 24,464 | ||||
* | Cannae Holdings Inc. | 1,089,594 | 24,233 | |||
Navient Corp. | 1,367,100 | 23,788 | ||||
Two Harbors Investment Corp. | 1,783,108 | 23,608 | ||||
National Bank Holdings Corp. Class A | 647,257 | 23,347 | ||||
First Commonwealth Financial Corp. | 1,661,321 | 23,126 | ||||
Hope Bancorp Inc. | 1,954,502 | 22,496 | ||||
Ladder Capital Corp. Class A | 1,965,509 | 21,876 | ||||
PennyMac Mortgage Investment Trust | 1,483,986 | 21,785 | ||||
Westamerica Bancorp | 433,924 | 21,210 | ||||
* | SiriusPoint Ltd. | 1,583,633 | 20,128 | |||
WisdomTree Inc. | 2,188,366 | 20,111 | ||||
Employers Holdings Inc. | 440,493 | 19,994 | ||||
S&T Bancorp Inc. | 622,027 | 19,955 | ||||
MFA Financial Inc. | 1,748,320 | 19,948 | ||||
Safety Insurance Group Inc. | 240,655 | 19,779 | ||||
Claros Mortgage Trust Inc. | 2,020,098 | 19,716 | ||||
Nelnet Inc. Class A | 205,428 | 19,444 | ||||
Chimera Investment Corp. | 4,134,558 | 19,060 | ||||
Franklin BSP Realty Trust Inc. | 1,417,226 | 18,934 | ||||
Provident Financial Services Inc. | 1,228,956 | 17,906 | ||||
* | Encore Capital Group Inc. | 382,985 | 17,468 | |||
National Western Life Group Inc. Class A | 35,310 | 17,371 | ||||
Enact Holdings Inc. | 547,116 | 17,059 | ||||
StepStone Group Inc. Class A | 466,398 | 16,669 | ||||
* | PRA Group Inc. | 638,541 | 16,653 | |||
1 | ARMOUR Residential REIT Inc. | 835,712 | 16,522 | |||
Victory Capital Holdings Inc. Class A | 385,144 | 16,342 | ||||
Berkshire Hills Bancorp Inc. | 707,749 | 16,222 | ||||
* | LendingClub Corp. | 1,796,339 | 15,790 | |||
BrightSpire Capital Inc. Class A | 2,226,079 | 15,338 | ||||
Brookline Bancorp Inc. | 1,446,303 | 14,405 | ||||
Redwood Trust Inc. | 2,251,756 | 14,344 | ||||
F&G Annuities & Life Inc. | 324,553 | 13,161 | ||||
Capitol Federal Financial Inc. | 2,061,288 | 12,285 | ||||
* | Ambac Financial Group Inc. | 735,340 | 11,493 | |||
Eagle Bancorp Inc. | 486,883 | 11,437 | ||||
* | ProAssurance Corp. | 872,910 | 11,226 | |||
Heartland Financial USA Inc. | 310,710 | 10,921 | ||||
Tompkins Financial Corp. | 197,360 | 9,925 | ||||
Safehold Inc. | 456,360 | 9,401 |
Shares | Market Value ($000) | |||||
KKR Real Estate Finance Trust Inc. | 831,004 | 8,360 | ||||
* | World Acceptance Corp. | 57,273 | 8,303 | |||
* | Columbia Financial Inc. | 449,205 | 7,731 | |||
United Fire Group Inc. | 346,172 | 7,536 | ||||
* | AssetMark Financial Holdings Inc. | 191,053 | 6,765 | |||
GCM Grosvenor Inc. Class A | 699,413 | 6,756 | ||||
TPG RE Finance Trust Inc. | 533,442 | 4,118 | ||||
Kearny Financial Corp. | 469,187 | 3,022 | ||||
* | loanDepot Inc. Class A | 1,035,031 | 2,681 | |||
Associated Capital Group Inc. Class A | 22,047 | 721 | ||||
11,174,350 | ||||||
Health Care (6.1%) | ||||||
* | United Therapeutics Corp. | 808,350 | 185,694 | |||
Teleflex Inc. | 807,237 | 182,573 | ||||
Universal Health Services Inc. Class B | 995,393 | 181,619 | ||||
* | Tenet Healthcare Corp. | 1,717,398 | 180,516 | |||
* | Henry Schein Inc. | 2,242,912 | 169,385 | |||
Encompass Health Corp. | 1,721,147 | 142,132 | ||||
* | Elanco Animal Health Inc. | 8,460,932 | 137,744 | |||
* | Jazz Pharmaceuticals plc | 1,026,811 | 123,649 | |||
DENTSPLY SIRONA Inc. | 3,637,873 | 120,741 | ||||
* | Acadia Healthcare Co. Inc. | 1,504,099 | 119,155 | |||
* | Bio-Rad Laboratories Inc. Class A | 341,892 | 118,250 | |||
* | DaVita Inc. | 829,122 | 114,460 | |||
* | Catalent Inc. | 1,475,827 | 83,310 | |||
Organon & Co. | 4,393,922 | 82,606 | ||||
* | Madrigal Pharmaceuticals Inc. | 288,517 | 77,046 | |||
Perrigo Co. plc | 2,329,635 | 74,991 | ||||
* | Krystal Biotech Inc. | 412,203 | 73,343 | |||
* | Integer Holdings Corp. | 574,304 | 67,010 | |||
* | Iovance Biotherapeutics Inc. | 4,315,647 | 63,958 | |||
* | Envista Holdings Corp. | 2,949,595 | 63,062 | |||
* | Prestige Consumer Healthcare Inc. | 853,618 | 61,939 | |||
* | Fortrea Holdings Inc. | 1,526,620 | 61,279 | |||
* | Biohaven Ltd. | 1,034,687 | 56,587 | |||
* | Azenta Inc. | 910,820 | 54,904 | |||
Select Medical Holdings Corp. | 1,765,651 | 53,234 | ||||
* | Enovis Corp. | 845,251 | 52,786 | |||
* | Amedisys Inc. | 533,290 | 49,148 | |||
Premier Inc. Class A | 2,060,047 | 45,527 | ||||
* | Nuvalent Inc. Class A | 602,352 | 45,231 | |||
* | ICU Medical Inc. | 394,395 | 42,326 | |||
* | Integra LifeSciences Holdings Corp. | 1,142,615 | 40,506 | |||
Patterson Cos. Inc. | 1,433,864 | 39,646 | ||||
* | Immunovant Inc. | 1,124,586 | 36,335 | |||
* | Owens & Minor Inc. | 1,252,218 | 34,699 | |||
* | Myriad Genetics Inc. | 1,463,268 | 31,197 | |||
* | Supernus Pharmaceuticals Inc. | 893,350 | 30,472 | |||
* | Bridgebio Pharma Inc. | 890,087 | 27,522 | |||
* | Omnicell Inc. | 778,755 | 22,763 | |||
National HealthCare Corp. | 223,440 | 21,117 | ||||
* | Ligand Pharmaceuticals Inc. | 283,592 | 20,731 | |||
* | Brookdale Senior Living Inc. | 3,080,533 | 20,362 | |||
*,1 | CG oncology Inc. | 398,434 | 17,491 | |||
* | Pacific Biosciences of California Inc. | 4,580,211 | 17,176 | |||
* | Avanos Medical Inc. | 791,286 | 15,755 | |||
* | Healthcare Services Group Inc. | 1,260,187 | 15,727 | |||
* | Pediatrix Medical Group Inc. | 1,440,711 | 14,450 |
Shares | Market Value ($000) | |||||
* | Amneal Pharmaceuticals Inc. | 2,362,495 | 14,317 | |||
* | Innoviva Inc. | 932,955 | 14,218 | |||
* | Agios Pharmaceuticals Inc. | 481,185 | 14,070 | |||
Embecta Corp. | 986,072 | 13,085 | ||||
* | Varex Imaging Corp. | 695,333 | 12,586 | |||
* | Kiniksa Pharmaceuticals Ltd. Class A | 515,464 | 10,170 | |||
*,1 | BrightSpring Health Services Inc. | 879,420 | 9,559 | |||
* | Day One Biopharmaceuticals Inc. | 521,727 | 8,619 | |||
* | Multiplan Corp. | 6,674,040 | 5,414 | |||
* | Enhabit Inc. | 429,387 | 5,002 | |||
*,1 | OPKO Health Inc. | 2,387,665 | 2,865 | |||
*,1,2 | Synergy Pharmaceuticals LLC | 1,169,882 | — | |||
*,2 | OmniAb Inc. 12.5 Earnout | 53,581 | — | |||
*,2 | OmniAb Inc. 15 Earnout | 53,581 | — | |||
3,400,059 | ||||||
Industrials (24.7%) | ||||||
* | Builders FirstSource Inc. | 2,094,359 | 436,779 | |||
Booz Allen Hamilton Holding Corp. Class A | 2,229,118 | 330,890 | ||||
Carlisle Cos. Inc. | 820,331 | 321,447 | ||||
IDEX Corp. | 1,299,619 | 317,133 | ||||
EMCOR Group Inc. | 808,153 | 283,015 | ||||
RPM International Inc. | 2,213,928 | 263,347 | ||||
Owens Corning | 1,494,454 | 249,275 | ||||
Pentair plc | 2,839,944 | 242,645 | ||||
* | XPO Inc. | 1,894,676 | 231,207 | |||
AECOM | 2,336,364 | 229,151 | ||||
Westrock Co. | 4,414,277 | 218,286 | ||||
nVent Electric plc | 2,835,426 | 213,791 | ||||
Regal Rexnord Corp. | 1,138,721 | 205,084 | ||||
Allegion plc | 1,503,629 | 202,554 | ||||
Huntington Ingalls Industries Inc. | 679,880 | 198,165 | ||||
ITT Inc. | 1,409,996 | 191,802 | ||||
Hubbell Inc. Class B | 460,523 | 191,140 | ||||
Fortune Brands Innovations Inc. | 2,165,234 | 183,330 | ||||
Tetra Tech Inc. | 918,275 | 169,615 | ||||
Crown Holdings Inc. | 2,072,099 | 164,235 | ||||
AptarGroup Inc. | 1,133,695 | 163,127 | ||||
Donaldson Co. Inc. | 2,062,930 | 154,060 | ||||
Graphic Packaging Holding Co. | 5,255,536 | 153,357 | ||||
MKS Instruments Inc. | 1,147,738 | 152,649 | ||||
WESCO International Inc. | 874,960 | 149,863 | ||||
* | API Group Corp. | 3,814,103 | 149,780 | |||
CH Robinson Worldwide Inc. | 1,907,091 | 145,206 | ||||
Knight-Swift Transportation Holdings Inc. Class A | 2,634,596 | 144,955 | ||||
Acuity Brands Inc. | 529,139 | 142,196 | ||||
Oshkosh Corp. | 1,123,066 | 140,058 | ||||
Robert Half Inc. | 1,715,874 | 136,034 | ||||
AGCO Corp. | 1,092,727 | 134,427 | ||||
Applied Industrial Technologies Inc. | 663,881 | 131,150 | ||||
* | Axalta Coating Systems Ltd. | 3,779,491 | 129,977 | |||
* | FTI Consulting Inc. | 610,125 | 128,303 | |||
MSA Safety Inc. | 641,336 | 124,156 | ||||
* | Fluor Corp. | 2,925,413 | 123,686 | |||
Allison Transmission Holdings Inc. | 1,498,760 | 121,639 | ||||
* | Mohawk Industries Inc. | 929,294 | 121,635 | |||
Atkore Inc. | 631,166 | 120,149 | ||||
Vontier Corp. | 2,641,820 | 119,833 | ||||
Berry Global Group Inc. | 1,890,083 | 114,312 |
Shares | Market Value ($000) | |||||
Brunswick Corp. | 1,171,874 | 113,109 | ||||
Crane Co. | 829,026 | 112,026 | ||||
Esab Corp. | 982,831 | 108,672 | ||||
* | Beacon Roofing Supply Inc. | 1,085,460 | 106,397 | |||
Flowserve Corp. | 2,255,698 | 103,040 | ||||
Genpact Ltd. | 3,080,958 | 101,518 | ||||
Watts Water Technologies Inc. Class A | 470,084 | 99,916 | ||||
Sonoco Products Co. | 1,681,291 | 97,246 | ||||
* | SPX Technologies Inc. | 784,696 | 96,620 | |||
* | Kirby Corp. | 1,004,396 | 95,739 | |||
Sensata Technologies Holding plc | 2,601,932 | 95,595 | ||||
Louisiana-Pacific Corp. | 1,116,059 | 93,649 | ||||
* | Summit Materials Inc. Class A | 2,092,927 | 93,282 | |||
Air Lease Corp. Class A | 1,812,845 | 93,253 | ||||
Sealed Air Corp. | 2,482,950 | 92,366 | ||||
MDU Resources Group Inc. | 3,494,071 | 88,051 | ||||
Ryder System Inc. | 717,165 | 86,196 | ||||
Western Union Co. | 5,881,266 | 82,220 | ||||
Valmont Industries Inc. | 359,124 | 81,981 | ||||
GATX Corp. | 610,278 | 81,796 | ||||
* | ASGN Inc. | 770,846 | 80,754 | |||
Woodward Inc. | 518,124 | 79,853 | ||||
Zurn Elkay Water Solutions Corp. | 2,364,908 | 79,153 | ||||
Moog Inc. Class A | 494,262 | 78,909 | ||||
* | Knife River Corp. | 972,445 | 78,846 | |||
MSC Industrial Direct Co. Inc. Class A | 775,369 | 75,242 | ||||
HB Fuller Co. | 931,881 | 74,308 | ||||
* | Middleby Corp. | 460,745 | 74,083 | |||
* | Spirit AeroSystems Holdings Inc. Class A | 1,995,004 | 71,960 | |||
Terex Corp. | 1,094,033 | 70,456 | ||||
Brink's Co. | 735,707 | 67,965 | ||||
Encore Wire Corp. | 257,418 | 67,644 | ||||
Silgan Holdings Inc. | 1,373,417 | 66,693 | ||||
* | GMS Inc. | 684,246 | 66,605 | |||
EnerSys | 694,788 | 65,630 | ||||
Belden Inc. | 706,323 | 65,413 | ||||
* | Alight Inc. Class A | 6,587,867 | 64,890 | |||
ManpowerGroup Inc. | 829,181 | 64,378 | ||||
Matson Inc. | 570,442 | 64,118 | ||||
Otter Tail Corp. | 716,976 | 61,947 | ||||
Hillenbrand Inc. | 1,206,154 | 60,657 | ||||
Enpro Inc. | 359,367 | 60,650 | ||||
Korn Ferry | 903,246 | 59,397 | ||||
* | Gates Industrial Corp. plc | 3,179,684 | 56,312 | |||
ArcBest Corp. | 386,425 | 55,066 | ||||
Griffon Corp. | 744,073 | 54,570 | ||||
* | Resideo Technologies Inc. | 2,373,073 | 53,204 | |||
McGrath RentCorp | 421,019 | 51,941 | ||||
Crane NXT Co. | 831,891 | 51,494 | ||||
* | MasTec Inc. | 542,047 | 50,546 | |||
Albany International Corp. Class A | 536,474 | 50,166 | ||||
ABM Industries Inc. | 1,080,608 | 48,217 | ||||
ESCO Technologies Inc. | 443,612 | 47,489 | ||||
*,1 | Atmus Filtration Technologies Inc. | 1,432,067 | 46,184 | |||
EVERTEC Inc. | 1,131,205 | 45,135 | ||||
UniFirst Corp. | 259,837 | 45,064 | ||||
ADT Inc. | 6,591,667 | 44,296 | ||||
Hub Group Inc. Class A | 1,019,347 | 44,056 |
Shares | Market Value ($000) | |||||
* | RXO Inc. | 2,013,402 | 44,033 | |||
* | O-I Glass Inc. | 2,642,277 | 43,835 | |||
Vestis Corp. | 2,259,638 | 43,543 | ||||
Brady Corp. Class A | 731,434 | 43,359 | ||||
Granite Construction Inc. | 755,352 | 43,153 | ||||
Werner Enterprises Inc. | 1,090,992 | 42,680 | ||||
* | OSI Systems Inc. | 278,486 | 39,773 | |||
Trinity Industries Inc. | 1,407,817 | 39,208 | ||||
Standex International Corp. | 204,133 | 37,197 | ||||
Primoris Services Corp. | 871,897 | 37,117 | ||||
* | Aurora Innovation Inc. Class A | 13,073,221 | 36,866 | |||
* | AvidXchange Holdings Inc. | 2,795,295 | 36,758 | |||
* | Hayward Holdings Inc. | 2,389,052 | 36,576 | |||
* | Mirion Technologies Inc. Class A | 3,191,144 | 36,283 | |||
* | Hillman Solutions Corp. | 3,358,092 | 35,730 | |||
* | AAR Corp. | 579,948 | 34,721 | |||
* | Dycom Industries Inc. | 239,728 | 34,408 | |||
H&E Equipment Services Inc. | 531,083 | 34,085 | ||||
Kennametal Inc. | 1,363,815 | 34,014 | ||||
Insperity Inc. | 304,785 | 33,407 | ||||
*,1 | Joby Aviation Inc. | 5,991,771 | 32,116 | |||
Bread Financial Holdings Inc. | 850,452 | 31,671 | ||||
AZZ Inc. | 408,104 | 31,551 | ||||
* | Huron Consulting Group Inc. | 322,642 | 31,174 | |||
Barnes Group Inc. | 828,540 | 30,780 | ||||
* | JELD-WEN Holding Inc. | 1,393,036 | 29,574 | |||
Greif Inc. Class A | 416,126 | 28,733 | ||||
* | CoreCivic Inc. | 1,832,954 | 28,612 | |||
1 | Greenbrier Cos. Inc. | 505,967 | 26,361 | |||
* | Masonite International Corp. | 187,095 | 24,594 | |||
* | NCR Atleos Corp. | 1,213,848 | 23,973 | |||
Kforce Inc. | 321,514 | 22,673 | ||||
Apogee Enterprises Inc. | 378,325 | 22,397 | ||||
Kaman Corp. | 484,998 | 22,247 | ||||
Wabash National Corp. | 733,555 | 21,963 | ||||
Quanex Building Products Corp. | 565,498 | 21,732 | ||||
International Seaways Inc. | 397,891 | 21,168 | ||||
*,1 | Rocket Lab USA Inc. | 4,991,836 | 20,516 | |||
* | AMN Healthcare Services Inc. | 324,557 | 20,288 | |||
TriMas Corp. | 709,269 | 18,959 | ||||
* | Thermon Group Holdings Inc. | 577,391 | 18,892 | |||
REV Group Inc. | 801,133 | 17,697 | ||||
Astec Industries Inc. | 389,434 | 17,022 | ||||
Enerpac Tool Group Corp. Class A | 463,509 | 16,529 | ||||
Schneider National Inc. Class B | 719,942 | 16,299 | ||||
* | Proto Labs Inc. | 440,517 | 15,748 | |||
Deluxe Corp. | 750,991 | 15,463 | ||||
* | Air Transport Services Group Inc. | 1,061,989 | 14,613 | |||
First Advantage Corp. | 869,883 | 14,109 | ||||
* | American Woodmark Corp. | 137,240 | 13,952 | |||
Kelly Services Inc. Class A | 520,136 | 13,024 | ||||
Helios Technologies Inc. | 283,023 | 12,648 | ||||
Pitney Bowes Inc. | 2,871,934 | 12,435 | ||||
Hyster-Yale Materials Handling Inc. | 164,436 | 10,552 | ||||
* | Triumph Group Inc. | 658,191 | 9,899 | |||
* | Conduent Inc. | 2,876,847 | 9,724 | |||
Heartland Express Inc. | 744,500 | 8,889 | ||||
Pactiv Evergreen Inc. | 611,277 | 8,753 |
Shares | Market Value ($000) | |||||
* | BrightView Holdings Inc. | 727,574 | 8,658 | |||
National Presto Industries Inc. | 90,963 | 7,623 | ||||
Gorman-Rupp Co. | 179,450 | 7,097 | ||||
Forward Air Corp. | 214,381 | 6,669 | ||||
* | Advantage Solutions Inc. | 1,397,860 | 6,053 | |||
* | ZipRecruiter Inc. Class A | 522,039 | 5,998 | |||
Kronos Worldwide Inc. | 393,972 | 4,649 | ||||
* | Sterling Check Corp. | 242,140 | 3,894 | |||
TTEC Holdings Inc. | 324,861 | 3,369 | ||||
Greif Inc. Class B | 37,174 | 2,584 | ||||
* | Forrester Research Inc. | 98,865 | 2,132 | |||
13,692,208 | ||||||
Real Estate (8.4%) | ||||||
Kimco Realty Corp. | 11,537,692 | 226,254 | ||||
Gaming & Leisure Properties Inc. | 4,356,589 | 200,708 | ||||
Regency Centers Corp. | 3,170,418 | 192,001 | ||||
Camden Property Trust | 1,837,290 | 180,789 | ||||
* | Jones Lang LaSalle Inc. | 816,853 | 159,360 | |||
Boston Properties Inc. | 2,425,243 | 158,393 | ||||
EastGroup Properties Inc. | 823,484 | 148,038 | ||||
Federal Realty Investment Trust | 1,421,254 | 145,138 | ||||
NNN REIT Inc. | 3,132,717 | 133,892 | ||||
Omega Healthcare Investors Inc. | 4,211,688 | 133,384 | ||||
Brixmor Property Group Inc. | 5,159,687 | 120,995 | ||||
STAG Industrial Inc. | 3,120,713 | 119,960 | ||||
First Industrial Realty Trust Inc. | 2,270,717 | 119,303 | ||||
Healthpeak Properties Inc. | 6,078,710 | 113,976 | ||||
Agree Realty Corp. | 1,727,944 | 98,700 | ||||
Lamar Advertising Co. Class A | 752,645 | 89,873 | ||||
Vornado Realty Trust | 2,947,843 | 84,809 | ||||
Rayonier Inc. | 2,544,305 | 84,573 | ||||
Apartment Income REIT Corp. Class A | 2,366,388 | 76,837 | ||||
Kilroy Realty Corp. | 2,015,584 | 73,428 | ||||
* | Zillow Group Inc. Class C | 1,330,439 | 64,899 | |||
PotlatchDeltic Corp. | 1,366,729 | 64,264 | ||||
Macerich Co. | 3,712,794 | 63,971 | ||||
Cousins Properties Inc. | 2,608,789 | 62,715 | ||||
1 | SL Green Realty Corp. | 1,112,665 | 61,341 | |||
Apple Hospitality REIT Inc. | 3,735,990 | 61,196 | ||||
Park Hotels & Resorts Inc. | 3,428,704 | 59,968 | ||||
Sabra Health Care REIT Inc. | 3,974,515 | 58,704 | ||||
EPR Properties | 1,294,692 | 54,960 | ||||
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 1,932,964 | 54,896 | ||||
CareTrust REIT Inc. | 2,242,818 | 54,657 | ||||
Tanger Inc. | 1,776,251 | 52,453 | ||||
Broadstone Net Lease Inc. | 3,227,232 | 50,571 | ||||
1 | Medical Properties Trust Inc. | 10,298,125 | 48,401 | |||
Highwoods Properties Inc. | 1,816,934 | 47,567 | ||||
SITE Centers Corp. | 3,237,892 | 47,435 | ||||
COPT Defense Properties | 1,934,488 | 46,757 | ||||
National Health Investors Inc. | 708,955 | 44,544 | ||||
LXP Industrial Trust | 4,806,887 | 43,358 | ||||
Outfront Media Inc. | 2,424,348 | 40,705 | ||||
Sunstone Hotel Investors Inc. | 3,532,039 | 39,347 | ||||
Douglas Emmett Inc. | 2,734,421 | 37,926 | ||||
Phillips Edison & Co. Inc. | 1,050,658 | 37,687 | ||||
DiamondRock Hospitality Co. | 3,606,137 | 34,655 | ||||
Urban Edge Properties | 1,923,330 | 33,216 |
Shares | Market Value ($000) | |||||
* | Equity Commonwealth | 1,740,713 | 32,865 | |||
* | Cushman & Wakefield plc | 3,130,068 | 32,740 | |||
Pebblebrook Hotel Trust | 2,069,788 | 31,895 | ||||
Global Net Lease Inc. | 3,965,185 | 30,809 | ||||
Acadia Realty Trust | 1,766,004 | 30,040 | ||||
* | GEO Group Inc. | 2,053,447 | 28,995 | |||
InvenTrust Properties Corp. | 1,109,315 | 28,520 | ||||
* | Compass Inc. Class A | 7,619,198 | 27,429 | |||
Xenia Hotels & Resorts Inc. | 1,801,794 | 27,045 | ||||
DigitalBridge Group Inc. | 1,397,601 | 26,932 | ||||
Retail Opportunity Investments Corp. | 2,076,745 | 26,624 | ||||
JBG SMITH Properties | 1,574,135 | 25,265 | ||||
Newmark Group Inc. Class A | 2,204,273 | 24,445 | ||||
Uniti Group Inc. | 4,111,495 | 24,258 | ||||
LTC Properties Inc. | 742,345 | 24,134 | ||||
Getty Realty Corp. | 831,735 | 22,748 | ||||
Empire State Realty Trust Inc. Class A | 2,212,940 | 22,417 | ||||
Elme Communities | 1,505,045 | 20,950 | ||||
Alexander & Baldwin Inc. | 1,242,277 | 20,460 | ||||
Veris Residential Inc. | 1,342,607 | 20,421 | ||||
Service Properties Trust | 2,839,481 | 19,252 | ||||
* | Apartment Investment & Management Co. Class A | 2,246,637 | 18,400 | |||
American Assets Trust Inc. | 782,172 | 17,137 | ||||
* | Zillow Group Inc. Class A | 332,134 | 15,896 | |||
Hudson Pacific Properties Inc. | 2,415,432 | 15,580 | ||||
Piedmont Office Realty Trust Inc. Class A | 2,120,351 | 14,906 | ||||
Centerspace | 255,331 | 14,590 | ||||
Brandywine Realty Trust | 2,947,350 | 14,147 | ||||
Marcus & Millichap Inc. | 394,723 | 13,488 | ||||
* | Forestar Group Inc. | 299,215 | 12,025 | |||
* | Anywhere Real Estate Inc. | 1,606,466 | 9,928 | |||
Saul Centers Inc. | 205,032 | 7,892 | ||||
RMR Group Inc. Class A | 255,581 | 6,134 | ||||
Summit Hotel Properties Inc. | 875,180 | 5,697 | ||||
Alexander's Inc. | 19,677 | 4,273 | ||||
Bridge Investment Group Holdings Inc. Class A | 498,167 | 3,412 | ||||
*,2 | Spirit MTA REIT | 334,911 | — | |||
4,648,353 | ||||||
Technology (5.5%) | ||||||
Jabil Inc. | 2,081,193 | 278,776 | ||||
* | F5 Inc. | 1,009,817 | 191,451 | |||
Leidos Holdings Inc. | 1,165,647 | 152,805 | ||||
KBR Inc. | 2,319,510 | 147,660 | ||||
* | CACI International Inc. Class A | 382,654 | 144,961 | |||
TD SYNNEX Corp. | 1,071,405 | 121,176 | ||||
* | Arrow Electronics Inc. | 923,643 | 119,575 | |||
Science Applications International Corp. | 893,699 | 116,529 | ||||
* | Insight Enterprises Inc. | 559,346 | 103,770 | |||
* | Kyndryl Holdings Inc. | 3,956,097 | 86,085 | |||
* | Cirrus Logic Inc. | 927,138 | 85,816 | |||
* | Coherent Corp. | 1,304,810 | 79,098 | |||
Avnet Inc. | 1,553,041 | 77,000 | ||||
Amkor Technology Inc. | 2,113,420 | 68,137 | ||||
* | Parsons Corp. | 818,439 | 67,890 | |||
* | DXC Technology Co. | 3,143,762 | 66,679 | |||
* | IAC Inc. | 1,238,511 | 66,062 | |||
* | Synaptics Inc. | 675,685 | 65,920 | |||
* | Teradata Corp. | 1,680,968 | 65,003 |
Shares | Market Value ($000) | |||||
Concentrix Corp. | 968,886 | 64,160 | ||||
* | CCC Intelligent Solutions Holdings Inc. | 5,198,107 | 62,169 | |||
* | Sanmina Corp. | 910,819 | 56,635 | |||
Dun & Bradstreet Holdings Inc. | 4,904,092 | 49,237 | ||||
Vishay Intertechnology Inc. | 2,155,426 | 48,885 | ||||
* | Ziff Davis Inc. | 750,863 | 47,334 | |||
* | RingCentral Inc. Class A | 1,345,710 | 46,750 | |||
* | Plexus Corp. | 474,740 | 45,015 | |||
Progress Software Corp. | 754,351 | 40,214 | ||||
* | Verint Systems Inc. | 1,084,022 | 35,935 | |||
* | Blackbaud Inc. | 459,984 | 34,103 | |||
Xerox Holdings Corp. | 1,903,474 | 34,072 | ||||
* | Informatica Inc. Class A | 860,136 | 30,105 | |||
* | NCR Voyix Corp. | 2,309,219 | 29,165 | |||
* | TTM Technologies Inc. | 1,664,321 | 26,047 | |||
* | NetScout Systems Inc. | 1,162,044 | 25,379 | |||
CSG Systems International Inc. | 481,972 | 24,841 | ||||
* | IPG Photonics Corp. | 236,820 | 21,477 | |||
* | Bumble Inc. Class A | 1,756,962 | 19,942 | |||
Adeia Inc. | 1,743,701 | 19,041 | ||||
* | ScanSource Inc. | 431,077 | 18,985 | |||
Benchmark Electronics Inc. | 580,551 | 17,422 | ||||
* | E2open Parent Holdings Inc. | 3,668,320 | 16,287 | |||
* | Couchbase Inc. | 576,285 | 15,162 | |||
* | Semtech Corp. | 550,465 | 15,132 | |||
*,1 | Astera Labs Inc. | 196,576 | 14,584 | |||
* | Zeta Global Holdings Corp. Class A | 1,184,028 | 12,941 | |||
* | MaxLinear Inc. Class A | 631,378 | 11,788 | |||
* | SolarWinds Corp. | 856,403 | 10,808 | |||
* | Cerence Inc. | 678,033 | 10,679 | |||
* | Klaviyo Inc. Class A | 375,077 | 9,557 | |||
* | Reddit Inc. Class A | 190,092 | 9,375 | |||
* | N-able Inc. | 549,160 | 7,178 | |||
Methode Electronics Inc. | 579,180 | 7,054 | ||||
* | Thoughtworks Holding Inc. | 1,636,046 | 4,139 | |||
*,1 | Getty Images Holdings Inc. | 862,701 | 3,580 | |||
* | Digital Turbine Inc. | 827,908 | 2,169 | |||
3,051,739 | ||||||
Telecommunications (1.0%) | ||||||
Juniper Networks Inc. | 5,528,314 | 204,879 | ||||
* | Frontier Communications Parent Inc. | 4,225,338 | 103,521 | |||
* | Viasat Inc. | 1,940,461 | 35,103 | |||
* | Viavi Solutions Inc. | 3,826,752 | 34,785 | |||
* | EchoStar Corp. Class A | 2,049,629 | 29,207 | |||
Telephone & Data Systems Inc. | 1,734,212 | 27,782 | ||||
* | Lumentum Holdings Inc. | 577,452 | 27,342 | |||
* | Lumen Technologies Inc. | 17,388,134 | 27,126 | |||
InterDigital Inc. | 218,267 | 23,237 | ||||
* | Altice USA Inc. Class A | 3,723,705 | 9,719 | |||
* | United States Cellular Corp. | 222,663 | 8,127 | |||
530,828 | ||||||
Utilities (4.4%) | ||||||
Atmos Energy Corp. | 2,403,177 | 285,666 | ||||
NRG Energy Inc. | 3,878,356 | 262,526 | ||||
Essential Utilities Inc. | 4,222,456 | 156,442 | ||||
Pinnacle West Capital Corp. | 1,945,487 | 145,386 | ||||
OGE Energy Corp. | 3,437,843 | 117,918 |
Shares | Market Value ($000) | |||||
AES Corp. | 6,096,328 | 109,307 | ||||
NiSource Inc. | 3,839,914 | 106,212 | ||||
Evergy Inc. | 1,969,812 | 105,149 | ||||
Southwest Gas Holdings Inc. | 1,168,059 | 88,924 | ||||
UGI Corp. | 3,602,849 | 88,414 | ||||
National Fuel Gas Co. | 1,580,688 | 84,915 | ||||
* | Stericycle Inc. | 1,590,542 | 83,901 | |||
IDACORP Inc. | 868,499 | 80,675 | ||||
Portland General Electric Co. | 1,738,781 | 73,029 | ||||
New Jersey Resources Corp. | 1,690,154 | 72,524 | ||||
Black Hills Corp. | 1,172,189 | 64,002 | ||||
ONE Gas Inc. | 972,005 | 62,723 | ||||
ALLETE Inc. | 989,808 | 59,032 | ||||
PNM Resources Inc. | 1,475,180 | 55,526 | ||||
Northwestern Energy Group Inc. | 1,052,968 | 53,628 | ||||
Spire Inc. | 869,264 | 53,347 | ||||
1 | MGE Energy Inc. | 621,687 | 48,939 | |||
Avista Corp. | 1,343,627 | 47,054 | ||||
American States Water Co. | 636,000 | 45,945 | ||||
Clearway Energy Inc. Class C | 1,413,895 | 32,590 | ||||
Northwest Natural Holding Co. | 629,880 | 23,444 | ||||
Hawaiian Electric Industries Inc. | 1,877,183 | 21,156 | ||||
Clearway Energy Inc. Class A | 598,693 | 12,878 | ||||
* | Enviri Corp. | 683,630 | 6,255 | |||
*,1 | NuScale Power Corp. Class A | 986,121 | 5,236 | |||
Excelerate Energy Inc. Class A | 314,810 | 5,043 | ||||
* | Net Power Inc. | 212,823 | 2,424 | |||
2,460,210 | ||||||
Total Common Stocks (Cost $41,476,054) | 55,313,414 | |||||
Coupon | ||||||
Temporary Cash Investments (0.8%) | ||||||
Money Market Fund (0.8%) | ||||||
3,4 | Vanguard Market Liquidity Fund (Cost $456,741) | 5.407% | 4,570,573 | 456,966 | ||
Total Investments (100.5%) (Cost $41,932,795) | 55,770,380 | |||||
Other Assets and Liabilities—Net (-0.5%) | (264,465) | |||||
Net Assets (100%) | 55,505,915 |
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 $343,478,000. |
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 $371,652,000 was received for securities on loan, of which $370,254,000 is held in Vanguard Market Liquidity Fund and $1,398,000 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 | June 2024 | 218 | 23,390 | 344 |
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. | 1/31/25 | CITNA | 21,227 | (5.329) | 1,187 | — |
Blackstone Mortgage Trust Inc. Class A | 1/31/25 | GSI | 9,662 | (5.332) | 178 | — |
Bridgebio Pharma Inc. | 8/30/24 | BANA | 10,245 | (5.328) | — | (1,010) |
Dick's Sporting Goods Inc. | 1/31/25 | CITNA | 46,251 | (5.329) | 12,313 | — |
Invesco Ltd. | 8/30/24 | BANA | 2,466 | (5.878) | 210 | — |
Williams-Sonoma Inc. | 1/31/25 | CITNA | 52,994 | (5.329) | 18,238 | — |
32,126 | (1,010) |
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. |
At March 31, 2024, the counterparties had deposited in segregated accounts cash of $30,300,000 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 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 March 31, 2024, based on the inputs used to value them:
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 55,313,414 | — | — | 55,313,414 |
Temporary Cash Investments | 456,966 | — | — | 456,966 |
Total | 55,770,380 | — | — | 55,770,380 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 344 | — | — | 344 |
Swap Contracts | — | 32,126 | — | 32,126 |
Total | 344 | 32,126 | — | 32,470 |
Liabilities | ||||
Swap Contracts | — | 1,010 | — | 1,010 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |