Shares | Market Value ($000) | ||
Common Stocks (98.9%) | |||
Banks (27.3%) | |||
JPMorgan Chase & Co. | 4,310,821 | 873,502 | |
Bank of America Corp. | 10,659,160 | 426,260 | |
Wells Fargo & Co. | 5,313,701 | 318,397 | |
Citigroup Inc. | 2,874,733 | 179,125 | |
US Bancorp | 2,339,328 | 94,860 | |
PNC Financial Services Group Inc. | 597,038 | 93,968 | |
Truist Financial Corp. | 2,003,902 | 75,647 | |
Fifth Third Bancorp | 1,026,316 | 38,405 | |
M&T Bank Corp. | 250,128 | 37,919 | |
Huntington Bancshares Inc. | 2,185,817 | 30,427 | |
Regions Financial Corp. | 1,379,558 | 26,694 | |
First Citizens BancShares Inc. Class A | 15,236 | 25,877 | |
Citizens Financial Group Inc. | 688,094 | 24,283 | |
KeyCorp | 1,392,174 | 20,006 | |
East West Bancorp Inc. | 209,810 | 15,566 | |
First Horizon Corp. | 831,667 | 13,174 | |
Webster Financial Corp. | 258,438 | 11,428 | |
Commerce Bancshares Inc. | 185,951 | 10,346 | |
Comerica Inc. | 199,260 | 10,210 | |
Western Alliance Bancorp | 157,466 | 9,925 | |
Popular Inc. | 108,211 | 9,632 | |
Zions Bancorp NA | 222,920 | 9,628 | |
Cullen/Frost Bankers Inc. | 91,160 | 9,260 | |
Wintrust Financial Corp. | 93,046 | 9,175 | |
Pinnacle Financial Partners Inc. | 115,121 | 9,153 | |
SouthState Corp. | 113,907 | 8,806 | |
Synovus Financial Corp. | 219,906 | 8,728 | |
Prosperity Bancshares Inc. | 139,883 | 8,715 | |
Old National Bancorp | 474,224 | 8,104 | |
Cadence Bank | 273,837 | 7,818 | |
FNB Corp. | 542,496 | 7,470 | |
Home BancShares Inc. | 286,571 | 6,740 | |
Bank OZK | 160,749 | 6,732 | |
United Bankshares Inc. | 202,365 | 6,565 | |
Glacier Bancorp Inc. | 170,305 | 6,366 | |
Hancock Whitney Corp. | 130,019 | 6,076 | |
Columbia Banking System Inc. | 313,846 | 6,051 | |
UMB Financial Corp. | 69,365 | 5,718 | |
First Financial Bankshares Inc. | 182,357 | 5,467 | |
Ameris Bancorp | 99,232 | 4,957 | |
Associated Banc-Corp. | 227,104 | 4,865 | |
ServisFirst Bancshares Inc. | 77,717 | 4,803 | |
International Bancshares Corp. | 84,103 | 4,780 | |
Valley National Bancorp | 651,366 | 4,644 | |
United Community Banks Inc. | 177,101 | 4,544 | |
Fulton Financial Corp. | 268,220 | 4,517 | |
First BanCorp (XNYS) | 250,213 | 4,436 | |
Atlantic Union Bankshares Corp. | 133,933 | 4,370 | |
* | Axos Financial Inc. | 80,554 | 4,339 |
* | Texas Capital Bancshares Inc. | 71,183 | 4,291 |
BOK Financial Corp. | 44,061 | 3,993 | |
WSFS Financial Corp. | 90,193 | 3,974 | |
First Hawaiian Inc. | 192,369 | 3,911 | |
Cathay General Bancorp | 103,413 | 3,810 | |
First Interstate BancSystem Inc. Class A | 138,498 | 3,676 | |
Community Bank System Inc. | 79,289 | 3,604 | |
New York Community Bancorp Inc. | 1,076,728 | 3,542 | |
CVB Financial Corp. | 209,597 | 3,467 | |
Bank of Hawaii Corp. | 59,847 | 3,456 | |
Park National Corp. | 24,200 | 3,327 |
Shares | Market Value ($000) | ||
Eastern Bankshares Inc. | 238,396 | 3,266 | |
Simmons First National Corp. Class A | 186,615 | 3,243 | |
BankUnited Inc. | 111,986 | 3,213 | |
Pacific Premier Bancorp Inc. | 144,073 | 3,204 | |
Independent Bank Corp. (XNGS) | 63,028 | 3,201 | |
First Financial Bancorp | 143,142 | 3,192 | |
Towne Bank | 112,433 | 3,057 | |
Seacoast Banking Corp. of Florida | 127,271 | 3,012 | |
Banc of California Inc. | 213,367 | 2,957 | |
First Merchants Corp. | 89,475 | 2,957 | |
WaFd Inc. | 103,978 | 2,912 | |
BancFirst Corp. | 32,174 | 2,772 | |
Heartland Financial USA Inc. | 60,719 | 2,669 | |
OFG Bancorp | 71,667 | 2,663 | |
Provident Financial Services Inc. | 184,871 | 2,662 | |
NBT Bancorp Inc. | 70,594 | 2,625 | |
Independent Bank Group Inc. | 55,845 | 2,571 | |
Trustmark Corp. | 87,251 | 2,543 | |
Renasant Corp. | 84,279 | 2,538 | |
* | Bancorp Inc. | 74,585 | 2,505 |
* | Triumph Financial Inc. | 33,283 | 2,473 |
WesBanco Inc. | 89,190 | 2,462 | |
Banner Corp. | 51,412 | 2,408 | |
Lakeland Financial Corp. | 38,666 | 2,398 | |
City Holding Co. | 22,149 | 2,264 | |
Hilltop Holdings Inc. | 73,023 | 2,234 | |
Enterprise Financial Services Corp. | 56,103 | 2,171 | |
First Commonwealth Financial Corp. | 155,059 | 2,095 | |
FB Financial Corp. | 56,229 | 2,080 | |
National Bank Holdings Corp. Class A | 56,433 | 2,058 | |
* | Customers Bancorp Inc. | 45,204 | 2,048 |
Pathward Financial Inc. | 37,701 | 2,010 | |
Northwest Bancshares Inc. | 180,375 | 1,975 | |
Westamerica BanCorp | 40,426 | 1,974 | |
Stock Yards Bancorp Inc. | 41,495 | 1,944 | |
First Bancorp/Southern Pines NC | 61,397 | 1,937 | |
First Busey Corp. | 85,165 | 1,926 | |
Hope Bancorp Inc. | 180,292 | 1,898 | |
S&T Bancorp Inc. | 58,786 | 1,876 | |
TriCo Bancshares | 47,573 | 1,812 | |
Live Oak Bancshares Inc. | 49,699 | 1,714 | |
Veritex Holdings Inc. | 81,496 | 1,663 | |
Nicolet Bankshares Inc. | 19,783 | 1,593 | |
Sandy Spring Bancorp Inc. | 67,186 | 1,575 | |
Stellar Bancorp Inc. | 67,708 | 1,530 | |
Berkshire Hills Bancorp Inc. | 66,816 | 1,485 | |
Preferred Bank | 19,422 | 1,451 | |
Peoples Bancorp Inc. | 49,605 | 1,446 | |
QCR Holdings Inc. | 25,327 | 1,435 | |
1st Source Corp. | 27,853 | 1,432 | |
German American Bancorp Inc. | 44,367 | 1,404 | |
Origin Bancorp Inc. | 43,984 | 1,375 | |
OceanFirst Financial Corp. | 89,153 | 1,342 | |
Brookline Bancorp Inc. | 133,926 | 1,158 | |
First Bancshares Inc. | 45,583 | 1,156 | |
Southside Bancshares Inc. | 41,632 | 1,116 | |
Bank First Corp. | 13,173 | 1,075 | |
Premier Financial Corp. | 53,659 | 1,058 | |
ConnectOne Bancorp Inc. | 55,940 | 1,043 | |
First Mid Bancshares Inc. | 31,841 | 1,011 | |
Capitol Federal Financial Inc. | 194,421 | 1,005 | |
Dime Community Bancshares Inc. | 52,588 | 971 | |
Community Trust Bancorp Inc. | 22,952 | 966 | |
Univest Financial Corp. | 44,121 | 962 | |
Heritage Financial Corp. | 52,922 | 959 | |
Old Second Bancorp Inc. | 66,209 | 957 | |
* | NB Bancorp Inc. | 61,060 | 923 |
Byline Bancorp Inc. | 39,915 | 922 | |
First Community Bankshares Inc. | 25,246 | 877 | |
Mercantile Bank Corp. | 22,844 | 875 |
Shares | Market Value ($000) | ||
Tompkins Financial Corp. | 18,617 | 873 | |
* | CrossFirst Bankshares Inc. | 65,563 | 858 |
Central Pacific Financial Corp. | 40,675 | 825 | |
Cambridge Bancorp | 11,922 | 798 | |
Horizon Bancorp Inc. | 65,264 | 798 | |
TrustCo Bank Corp. NY | 28,658 | 797 | |
Amerant Bancorp Inc. | 36,055 | 795 | |
Independent Bank Corp. | 31,388 | 787 | |
Eagle Bancorp Inc. | 43,230 | 779 | |
Business First Bancshares Inc. | 36,217 | 777 | |
Great Southern Bancorp Inc. | 14,607 | 767 | |
Heritage Commerce Corp. | 91,746 | 748 | |
Hanmi Financial Corp. | 45,845 | 723 | |
Midland States Bancorp Inc. | 31,789 | 722 | |
Camden National Corp. | 21,983 | 713 | |
* | Coastal Financial Corp. | 16,013 | 710 |
Equity Bancshares Inc. Class A | 20,950 | 706 | |
Farmers National Banc Corp. | 56,604 | 692 | |
Metrocity Bankshares Inc. | 27,915 | 688 | |
HarborOne Bancorp Inc. | 65,396 | 681 | |
Washington Trust Bancorp Inc. | 25,638 | 673 | |
* | Columbia Financial Inc. | 45,663 | 662 |
Arrow Financial Corp. | 25,790 | 648 | |
Amalgamated Financial Corp. | 25,406 | 642 | |
First Financial Corp. | 16,947 | 628 | |
Southern Missouri Bancorp Inc. | 14,883 | 627 | |
* | Metropolitan Bank Holding Corp. | 14,631 | 615 |
CNB Financial Corp. | 31,600 | 613 | |
Bar Harbor Bankshares | 22,906 | 602 | |
Capital City Bank Group Inc. | 21,741 | 590 | |
Northfield Bancorp Inc. | 63,350 | 561 | |
Peapack-Gladstone Financial Corp. | 24,145 | 524 | |
South Plains Financial Inc. | 18,554 | 504 | |
SmartFinancial Inc. | 21,732 | 503 | |
Kearny Financial Corp. | 87,261 | 495 | |
Flushing Financial Corp. | 38,331 | 488 | |
Mid Penn Bancorp Inc. | 22,478 | 481 | |
* | Carter Bankshares Inc. | 35,957 | 458 |
First Foundation Inc. | 76,188 | 451 | |
Hingham Institution for Savings | 2,238 | 382 | |
Bank of Marin Bancorp | 21,841 | 336 | |
HomeStreet Inc. | 29,028 | 265 | |
2,732,798 | |||
Capital Markets (23.1%) | |||
Goldman Sachs Group Inc. | 487,054 | 222,350 | |
S&P Global Inc. | 480,674 | 205,493 | |
Morgan Stanley | 1,840,796 | 180,104 | |
BlackRock Inc. | 223,556 | 172,592 | |
Charles Schwab Corp. | 2,262,621 | 165,805 | |
Blackstone Inc. | 1,072,674 | 129,257 | |
Intercontinental Exchange Inc. | 859,804 | 115,128 | |
CME Group Inc. | 540,388 | 109,688 | |
Moody's Corp. | 246,604 | 97,899 | |
KKR & Co. Inc. | 929,939 | 95,635 | |
Bank of New York Mellon Corp. | 1,132,014 | 67,479 | |
Ameriprise Financial Inc. | 150,354 | 65,646 | |
* | Coinbase Global Inc. Class A | 278,844 | 62,996 |
MSCI Inc. | 118,912 | 58,883 | |
T Rowe Price Group Inc. | 336,093 | 39,602 | |
Ares Management Corp. Class A | 270,768 | 37,954 | |
Raymond James Financial Inc. | 298,004 | 36,580 | |
Nasdaq Inc. | 605,060 | 35,717 | |
State Street Corp. | 453,081 | 34,248 | |
LPL Financial Holdings Inc. | 111,739 | 31,981 | |
Cboe Global Markets Inc. | 158,466 | 27,413 | |
Northern Trust Corp. | 306,167 | 25,792 | |
FactSet Research Systems Inc. | 57,250 | 23,144 | |
Interactive Brokers Group Inc. Class A | 152,419 | 19,162 | |
Tradeweb Markets Inc. Class A | 174,001 | 18,968 |
Shares | Market Value ($000) | ||
* | Robinhood Markets Inc. Class A | 788,175 | 16,473 |
Carlyle Group Inc. | 352,185 | 15,130 | |
Stifel Financial Corp. | 153,934 | 12,461 | |
Morningstar Inc. | 41,678 | 12,014 | |
Jefferies Financial Group Inc. | 255,128 | 11,869 | |
MarketAxess Holdings Inc. | 56,966 | 11,332 | |
Blue Owl Capital Inc. | 629,074 | 11,317 | |
SEI Investments Co. | 167,027 | 11,309 | |
Evercore Inc. Class A | 55,121 | 11,186 | |
Houlihan Lokey Inc. | 78,556 | 10,633 | |
Franklin Resources Inc. | 434,540 | 10,255 | |
Invesco Ltd. | 506,760 | 7,961 | |
Affiliated Managers Group Inc. | 48,652 | 7,911 | |
Hamilton Lane Inc. Class A | 57,697 | 7,240 | |
Janus Henderson Group plc | 194,000 | 6,499 | |
Moelis & Co. Class A | 99,988 | 5,660 | |
Piper Sandler Cos. | 26,640 | 5,642 | |
Lazard Inc. | 131,429 | 5,287 | |
BGC Group Inc. Class A | 551,794 | 4,784 | |
Artisan Partners Asset Management Inc. Class A | 104,153 | 4,586 | |
TPG Inc. | 103,995 | 4,360 | |
Federated Hermes Inc. | 118,826 | 3,941 | |
PJT Partners Inc. Class A | 34,306 | 3,659 | |
StepStone Group Inc. Class A | 81,932 | 3,518 | |
* | StoneX Group Inc. | 43,099 | 3,235 |
Victory Capital Holdings Inc. Class A | 57,946 | 3,015 | |
Cohen & Steers Inc. | 40,656 | 2,858 | |
Virtu Financial Inc. Class A | 129,161 | 2,842 | |
Virtus Investment Partners Inc. | 10,495 | 2,399 | |
* | Donnelley Financial Solutions Inc. | 39,254 | 2,393 |
*,1 | Freedom Holding Corp. | 26,810 | 2,044 |
WisdomTree Inc. | 182,291 | 1,817 | |
Perella Weinberg Partners | 68,876 | 1,063 | |
* | Open Lending Corp. Class A | 152,024 | 984 |
Brightsphere Investment Group Inc. | 44,282 | 982 | |
1 | B Riley Financial Inc. | 26,128 | 626 |
Diamond Hill Investment Group Inc. | 3,962 | 594 | |
P10 Inc. Class A | 71,034 | 574 | |
Bridge Investment Group Holdings Inc. Class A | 56,467 | 437 | |
Associated Capital Group Inc. Class A | 4,649 | 160 | |
2,310,566 | |||
Consumer Finance (4.4%) | |||
American Express Co. | 864,523 | 207,486 | |
Capital One Financial Corp. | 573,352 | 78,910 | |
Discover Financial Services | 376,706 | 46,207 | |
Synchrony Financial | 610,265 | 26,730 | |
Ally Financial Inc. | 410,518 | 15,998 | |
*,1 | SoFi Technologies Inc. | 1,507,030 | 10,399 |
OneMain Holdings Inc. | 170,714 | 8,385 | |
FirstCash Holdings Inc. | 57,839 | 6,820 | |
SLM Corp. | 297,078 | 6,375 | |
* | Credit Acceptance Corp. | 10,145 | 4,979 |
Bread Financial Holdings Inc. | 75,197 | 3,140 | |
*,1 | Upstart Holdings Inc. | 111,775 | 2,763 |
* | Enova International Inc. | 41,137 | 2,536 |
PROG Holdings Inc. | 65,515 | 2,476 | |
Nelnet Inc. Class A | 21,523 | 2,231 | |
Navient Corp. | 124,785 | 1,881 | |
* | Encore Capital Group Inc. | 35,055 | 1,551 |
* | LendingClub Corp. | 171,205 | 1,527 |
* | PRA Group Inc. | 54,736 | 1,181 |
* | EZCorp. Inc. Class A | 78,000 | 818 |
* | NerdWallet Inc. Class A | 58,226 | 812 |
* | Moneylion Inc. | 7,907 | 779 |
* | LendingTree Inc. | 17,251 | 742 |
* | Green Dot Corp. Class A | 70,317 | 697 |
* | World Acceptance Corp. | 5,193 | 667 |
436,090 |
Shares | Market Value ($000) | ||
Financial Services (26.0%) | |||
* | Berkshire Hathaway Inc. Class B | 1,967,765 | 815,442 |
Mastercard Inc. Class A | 1,250,505 | 559,063 | |
Visa Inc. Class A | 1,982,890 | 540,258 | |
* | Fiserv Inc. | 886,122 | 132,706 |
* | PayPal Holdings Inc. | 1,500,949 | 94,545 |
Apollo Global Management Inc. | 596,975 | 69,345 | |
Fidelity National Information Services Inc. | 865,269 | 65,657 | |
* | Block Inc. (XNYS) | 833,351 | 53,401 |
Global Payments Inc. | 387,211 | 39,437 | |
* | Corpay Inc. | 102,446 | 27,422 |
Equitable Holdings Inc. | 491,529 | 20,394 | |
Jack Henry & Associates Inc. | 109,321 | 18,003 | |
* | Toast Inc. Class A | 524,856 | 12,717 |
* | WEX Inc. | 62,642 | 11,734 |
Voya Financial Inc. | 152,459 | 11,559 | |
Corebridge Financial Inc. | 374,028 | 10,910 | |
* | Affirm Holdings Inc. | 350,802 | 10,268 |
Essent Group Ltd. | 160,816 | 9,118 | |
Jackson Financial Inc. Class A | 114,858 | 8,730 | |
MGIC Investment Corp. | 404,336 | 8,491 | |
* | Mr Cooper Group Inc. | 96,849 | 8,077 |
* | Euronet Worldwide Inc. | 65,665 | 7,655 |
Radian Group Inc. | 226,359 | 7,072 | |
Western Union Co. | 513,303 | 6,570 | |
PennyMac Financial Services Inc. | 64,040 | 5,805 | |
* | Shift4 Payments Inc. Class A | 81,992 | 5,516 |
Walker & Dunlop Inc. | 50,033 | 4,803 | |
* | NMI Holdings Inc. Class A | 116,140 | 3,854 |
EVERTEC Inc. | 97,903 | 3,424 | |
* | Marqeta Inc. Class A | 623,937 | 3,319 |
* | NCR Atleos Corp. | 102,387 | 2,849 |
* | Flywire Corp. | 160,655 | 2,755 |
* | Remitly Global Inc. | 208,598 | 2,711 |
* | Payoneer Global Inc. | 448,105 | 2,684 |
* | Rocket Cos. Inc. Class A | 190,611 | 2,650 |
* | AvidXchange Holdings Inc. | 244,115 | 2,585 |
Federal Agricultural Mortgage Corp. Class C | 14,015 | 2,448 | |
Compass Diversified Holdings | 102,077 | 2,323 | |
* | Cannae Holdings Inc. | 84,716 | 1,540 |
* | Repay Holdings Corp. | 127,322 | 1,240 |
A-Mark Precious Metals Inc. | 28,326 | 1,075 | |
Merchants Bancorp | 26,038 | 1,043 | |
* | International Money Express Inc. | 48,934 | 1,021 |
UWM Holdings Corp. | 134,897 | 994 | |
Cass Information Systems Inc. | 19,620 | 831 | |
* | I3 Verticals Inc. Class A | 34,792 | 678 |
* | Paymentus Holdings Inc. Class A | 25,646 | 480 |
Guild Holdings Co. Class A | 5,047 | 73 | |
2,605,275 | |||
Insurance (17.3%) | |||
Progressive Corp. | 879,078 | 185,644 | |
Chubb Ltd. | 609,352 | 165,025 | |
Marsh & McLennan Cos. Inc. | 738,009 | 153,196 | |
Aon plc Class A (XNYS) | 297,974 | 83,921 | |
Arthur J Gallagher & Co. | 325,465 | 82,450 | |
American International Group Inc. | 1,011,526 | 79,728 | |
Travelers Cos. Inc. | 343,719 | 74,140 | |
Aflac Inc. | 820,445 | 73,733 | |
MetLife Inc. | 922,379 | 66,753 | |
Allstate Corp. | 395,894 | 66,320 | |
Prudential Financial Inc. | 538,806 | 64,845 | |
* | Arch Capital Group Ltd. | 563,090 | 57,790 |
Hartford Financial Services Group Inc. | 446,256 | 46,165 | |
Willis Towers Watson plc | 153,833 | 39,272 | |
Brown & Brown Inc. | 364,691 | 32,643 | |
* | Markel Group Inc. | 19,676 | 32,300 |
Principal Financial Group Inc. | 352,983 | 28,959 | |
Cincinnati Financial Corp. | 235,012 | 27,633 |
Shares | Market Value ($000) | ||
Everest Group Ltd. | 65,457 | 25,589 | |
W R Berkley Corp. | 308,068 | 24,963 | |
Loews Corp. | 283,296 | 21,757 | |
Reinsurance Group of America Inc. | 98,672 | 20,701 | |
Fidelity National Financial Inc. | 390,025 | 19,642 | |
RenaissanceRe Holdings Ltd. | 79,096 | 18,023 | |
Unum Group | 287,344 | 15,476 | |
American Financial Group Inc. | 106,979 | 13,898 | |
Erie Indemnity Co. Class A | 38,013 | 13,777 | |
Assurant Inc. | 78,003 | 13,531 | |
Kinsale Capital Group Inc. | 33,230 | 12,748 | |
Old Republic International Corp. | 392,732 | 12,481 | |
Primerica Inc. | 52,452 | 11,848 | |
Globe Life Inc. | 141,522 | 11,712 | |
RLI Corp. | 61,669 | 9,002 | |
Selective Insurance Group Inc. | 91,055 | 8,888 | |
Axis Capital Holdings Ltd. | 120,101 | 8,873 | |
First American Financial Corp. | 153,862 | 8,552 | |
Lincoln National Corp. | 255,010 | 8,413 | |
Ryan Specialty Holdings Inc. | 151,082 | 8,390 | |
Hanover Insurance Group Inc. | 53,762 | 7,093 | |
White Mountains Insurance Group Ltd. | 3,852 | 6,961 | |
Assured Guaranty Ltd. | 79,072 | 6,145 | |
Kemper Corp. | 96,227 | 5,758 | |
* | Enstar Group Ltd. | 18,212 | 5,703 |
CNO Financial Group Inc. | 162,959 | 4,675 | |
* | Brighthouse Financial Inc. | 93,948 | 4,182 |
* | Genworth Financial Inc. Class A | 658,962 | 4,145 |
* | Oscar Health Inc. Class A | 202,373 | 4,039 |
* | Baldwin Insurance Group Inc. | 97,243 | 3,275 |
* | Palomar Holdings Inc. | 37,537 | 3,185 |
Stewart Information Services Corp. | 41,241 | 2,611 | |
Mercury General Corp. | 41,736 | 2,330 | |
* | Goosehead Insurance Inc. Class A | 36,026 | 2,324 |
Horace Mann Educators Corp. | 61,576 | 2,104 | |
* | SiriusPoint Ltd. | 150,912 | 1,984 |
* | Skyward Specialty Insurance Group Inc. | 50,798 | 1,896 |
Safety Insurance Group Inc. | 22,326 | 1,727 | |
Employers Holdings Inc. | 38,351 | 1,618 | |
National Western Life Group Inc. Class A | 3,182 | 1,561 | |
*,1 | Trupanion Inc. | 48,774 | 1,457 |
*,1 | Lemonade Inc. | 77,845 | 1,285 |
AMERISAFE Inc. | 29,060 | 1,274 | |
* | Ambac Financial Group Inc. | 67,981 | 1,205 |
* | ProAssurance Corp. | 81,282 | 1,168 |
HCI Group Inc. | 11,979 | 1,149 | |
Universal Insurance Holdings Inc. | 41,367 | 815 | |
United Fire Group Inc. | 31,995 | 712 | |
Tiptree Inc. | 36,031 | 630 | |
* | Root Inc. Class A | 10,110 | 514 |
* | Hamilton Insurance Group Ltd. Class B | 29,758 | 513 |
James River Group Holdings Ltd. | 56,485 | 441 | |
* | Hippo Holdings Inc. | 23,830 | 420 |
* | Hagerty Inc. Class A | 37,139 | 357 |
Donegal Group Inc. Class A | 24,661 | 327 | |
1,734,364 | |||
Mortgage Real Estate Investment Trusts (REITs) (0.8%) | |||
Annaly Capital Management Inc. | 752,430 | 14,823 | |
AGNC Investment Corp. | 1,044,329 | 10,015 | |
Starwood Property Trust Inc. | 447,355 | 8,697 | |
Rithm Capital Corp. | 724,695 | 8,124 | |
Hannon Armstrong Sustainable Infrastructure Capital Inc. | 170,820 | 5,687 | |
1 | Blackstone Mortgage Trust Inc. Class A | 246,465 | 4,298 |
1 | Arbor Realty Trust Inc. | 280,441 | 3,837 |
Ready Capital Corp. | 248,046 | 2,059 | |
Apollo Commercial Real Estate Finance Inc. | 201,689 | 2,037 | |
Two Harbors Investment Corp. | 155,273 | 1,995 | |
Ladder Capital Corp. | 171,204 | 1,914 | |
PennyMac Mortgage Investment Trust | 128,278 | 1,755 |
Shares | Market Value ($000) | ||
MFA Financial Inc. REIT | 153,384 | 1,641 | |
Franklin BSP Realty Trust Inc. REIT | 124,674 | 1,588 | |
Ellington Financial Inc. | 127,853 | 1,550 | |
1 | ARMOUR Residential REIT Inc. | 74,313 | 1,437 |
Chimera Investment Corp. | 120,687 | 1,436 | |
Claros Mortgage Trust Inc. | 167,812 | 1,324 | |
Redwood Trust Inc. | 197,702 | 1,253 | |
Brightspire Capital Inc. | 197,942 | 1,198 | |
Dynex Capital Inc. | 88,194 | 1,080 | |
KKR Real Estate Finance Trust Inc. | 88,510 | 837 | |
New York Mortgage Trust Inc. | 137,619 | 819 | |
TPG RE Finance Trust Inc. | 82,003 | 704 | |
Invesco Mortgage Capital Inc. REIT | 74,101 | 688 | |
1 | Orchid Island Capital Inc. | 80,382 | 683 |
Ares Commercial Real Estate Corp. | 73,778 | 514 | |
81,993 | |||
Total Common Stocks (Cost $8,282,433) | 9,901,086 | ||
Temporary Cash Investments (1.1%) | |||
Money Market Fund (1.1%) | |||
2,3 | Vanguard Market Liquidity Fund, 5.397% (Cost $111,757) | 1,117,848 | 111,773 |
Total Investments (100.0%) (Cost $8,394,190) | 10,012,859 | ||
Other Assets and Liabilities—Net (0.0%) | (4,996) | ||
Net Assets (100.0%) | 10,007,863 | ||
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 $15,155,000. |
2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
3 | Collateral of $16,000,000 was received for securities on loan. |
REIT—Real Estate Investment Trust. |
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) |
Visa Inc. Class A | 8/30/24 | BANA | 81,738 | (5.229) | — | (125) |
Visa Inc. Class A | 8/29/25 | BANA | 24,794 | (5.329) | — | (39) |
— | (164) |
1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. |
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. | 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. |
C. | 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 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 9,901,086 | — | — | 9,901,086 |
Temporary Cash Investments | 111,773 | — | — | 111,773 |
Total | 10,012,859 | — | — | 10,012,859 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Swap Contracts | — | 164 | — | 164 |