NPORT-EX 2 vg_smallcapindexfund.htm
Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
As of March 31, 2023
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
          Shares Market
Value
($000)
Common Stocks (99.2%)
Basic Materials (4.3%)
  Reliance Steel & Aluminum Co.  1,538,219     394,922
* Cleveland-Cliffs Inc. 13,471,452     246,932
  Steel Dynamics Inc.  2,182,132     246,712
  Royal Gold Inc.  1,717,767     222,812
  Alcoa Corp.  4,667,275     198,639
  Olin Corp.  3,444,205     191,153
* RBC Bearings Inc.    759,496     176,757
  Valvoline Inc.  4,498,614     157,182
  Hexcel Corp.  2,205,594     150,532
  Commercial Metals Co.  3,064,596     149,859
* Univar Solutions Inc.  4,137,796     144,947
  Timken Co.  1,704,906     139,325
  United States Steel Corp. 5,336,754 139,289
  Ashland Inc. 1,277,971 131,260
  Huntsman Corp. 4,775,373 130,654
  UFP Industries Inc. 1,532,466 121,785
  Chemours Co. 3,881,769 116,220
  Cabot Corp. 1,473,963 112,964
  Element Solutions Inc. 5,684,544 109,769
  Balchem Corp. 841,024 106,373
  Mueller Industries Inc. 1,413,689 103,878
* Livent Corp. 4,694,195 101,958
  Avient Corp. 2,380,749 97,992
  Hecla Mining Co. 15,110,897 95,652
  Sensient Technologies Corp. 1,101,380 84,322
* MP Materials Corp. 2,787,890 78,591
  Scotts Miracle-Gro Co. 1,098,387 76,601
  Quaker Chemical Corp. 352,321 69,742
* Arconic Corp. 2,601,111 68,227
  Innospec Inc. 648,108 66,541
* Ingevity Corp. 929,005 66,442
  Boise Cascade Co. 1,033,101 65,344
  NewMarket Corp. 177,391 64,744
  Materion Corp. 537,619 62,364
  Stepan Co. 552,659 56,940
  Carpenter Technology Corp. 1,269,473 56,822
  Minerals Technologies Inc. 851,809 51,466
  Worthington Industries Inc. 780,636 50,468
  Westlake Corp. 416,720 48,331
  Tronox Holdings plc 3,033,975 43,629
  Compass Minerals International Inc. 1,077,430 36,945

          Shares Market
Value
($000)
  Kaiser Aluminum Corp.    418,096      31,202
  Mativ Holdings Inc.  1,440,641      30,931
* Coeur Mining Inc.  6,943,781      27,706
* Ecovyst Inc.  2,366,667      26,152
  GrafTech International Ltd.  5,021,964      24,407
  Schnitzer Steel Industries Inc. Class A    641,657      19,956
  Koppers Holdings Inc.    517,990      18,114
* Century Aluminum Co.  1,328,650      13,286
*,1 Amyris Inc.  6,641,319       9,032
            5,035,871
Consumer Discretionary (15.3%)
* Liberty Media Corp.-Liberty Formula One Class C  5,125,868     383,569
* Deckers Outdoor Corp.    689,791     310,096
* Five Below Inc.  1,380,066     284,252
* Wynn Resorts Ltd. 2,520,349 282,052
* BJ's Wholesale Club Holdings Inc. 3,517,733 267,594
  Tapestry Inc. 6,177,090 266,294
  Service Corp. International 3,804,594 261,680
* Floor & Decor Holdings Inc. Class A 2,640,059 259,307
1 Aramark 6,816,311 244,024
  Churchill Downs Inc. 880,229 226,263
  Williams-Sonoma Inc. 1,742,130 211,948
  Dick's Sporting Goods Inc. 1,487,655 211,083
* DraftKings Inc. Class A 10,045,731 194,485
* Crocs Inc. 1,535,090 194,097
  Texas Roadhouse Inc. Class A 1,750,749 189,186
  Whirlpool Corp. 1,426,273 188,297
  Interpublic Group of Cos. Inc. 5,039,439 187,669
  Gentex Corp. 6,127,201 171,745
* Mattel Inc. 9,309,415 171,386
* Planet Fitness Inc. Class A 2,183,073 169,559
  Tempur Sealy International Inc. 4,278,201 168,946
* Skechers USA Inc. Class A 3,511,784 166,880
  Pool Corp. 485,430 166,231
  Toll Brothers Inc. 2,748,470 164,991
  Lithia Motors Inc. Class A 715,435 163,785
  Nexstar Media Group Inc. Class A 937,712 161,905
* SiteOne Landscape Supply Inc. 1,176,962 161,091
  New York Times Co. Class A 4,093,491 159,155
  Polaris Inc. 1,418,935 156,977
*,1 GameStop Corp. Class A 6,775,252 155,966
* Capri Holdings Ltd. 3,289,366 154,600
  Wyndham Hotels & Resorts Inc. 2,259,353 153,297
* Norwegian Cruise Line Holdings Ltd. 11,027,459 148,319
  PVH Corp. 1,658,259 147,850
* Light & Wonder Inc. 2,451,071 147,187
  Wingstop Inc. 783,300 143,798
  H&R Block Inc. 3,984,828 140,465
* Alaska Air Group Inc. 3,337,172 140,028
* Fox Factory Holding Corp. 1,106,223 134,262
  Academy Sports & Outdoors Inc. 2,045,001 133,436
* AutoNation Inc. 981,824 131,918
  Murphy USA Inc. 511,168 131,907
* Hyatt Hotels Corp. Class A 1,176,482 131,519
  U-Haul Holding Co. (XNYS) 2,533,141 131,343
  Harley-Davidson Inc. 3,442,458 130,710
* American Airlines Group Inc. 8,521,495 125,692
  Macy's Inc. 7,094,516 124,083

          Shares Market
Value
($000)
  Vail Resorts Inc.    527,452     123,255
  Boyd Gaming Corp.  1,911,390     122,558
* Asbury Automotive Group Inc.    579,203     121,633
  Newell Brands Inc.  9,742,188     121,193
  Marriott Vacations Worldwide Corp.    882,509     119,015
* Penn Entertainment Inc.  3,993,064     118,434
* Bright Horizons Family Solutions Inc.  1,511,377     116,361
* Visteon Corp.    737,575     115,674
  Ralph Lauren Corp. Class A    967,754     112,908
* RH    452,680     110,250
* elf Beauty Inc.  1,324,836     109,100
  Lear Corp.    773,556     107,903
* Coty Inc. Class A  8,922,578     107,606
* Skyline Champion Corp.  1,418,289     106,698
  Meritage Homes Corp. 909,131 106,150
  Thor Industries Inc. 1,330,443 105,956
  Leggett & Platt Inc. 3,295,891 105,073
* Duolingo Inc. Class A 736,693 105,045
  Bath & Body Works Inc. 2,839,437 103,867
  World Wrestling Entertainment Inc. Class A 1,134,489 103,533
* Taylor Morrison Home Corp. Class A 2,692,455 103,013
* Avis Budget Group Inc. 516,431 100,601
* Hilton Grand Vacations Inc. 2,257,912 100,319
  TEGNA Inc. 5,845,130 98,841
  Choice Hotels International Inc. 836,772 98,061
  Wendy's Co. 4,458,262 97,101
  Foot Locker Inc. 2,442,190 96,931
* Grand Canyon Education Inc. 812,162 92,505
  Hasbro Inc. 1,718,512 92,267
* Peloton Interactive Inc. Class A 8,133,134 92,230
* YETI Holdings Inc. 2,257,140 90,286
  Madison Square Garden Sports Corp. 455,910 88,834
  Signet Jewelers Ltd. 1,129,788 87,875
* Goodyear Tire & Rubber Co. 7,406,693 81,622
  Group 1 Automotive Inc. 353,204 79,972
  KB Home 1,977,988 79,476
* Lyft Inc. Class A 8,515,824 78,942
* Topgolf Callaway Brands Corp. 3,628,158 78,441
* Ollie's Bargain Outlet Holdings Inc. 1,328,831 76,992
  Penske Automotive Group Inc. 542,279 76,901
  Travel + Leisure Co. 1,927,843 75,571
  Columbia Sportswear Co. 813,428 73,404
* Victoria's Secret & Co. 2,115,515 72,245
  Kontoor Brands Inc. 1,451,601 70,243
  LCI Industries 632,259 69,466
  Carter's Inc. 948,730 68,233
  Kohl's Corp. 2,891,613 68,069
*,1 AMC Entertainment Holdings Inc. Class A 13,546,002 67,865
* Tri Pointe Homes Inc. 2,644,330 66,954
  Steven Madden Ltd. 1,834,434 66,040
1 Cracker Barrel Old Country Store Inc. 580,957 65,997
* Sonos Inc. 3,332,723 65,388
  Inter Parfums Inc. 458,633 65,236
  Rush Enterprises Inc. Class A 1,166,198 63,674
*,1 Wayfair Inc. Class A 1,844,280 63,333
  Gap Inc. 6,210,774 62,356
* JetBlue Airways Corp. 8,476,887 61,712
  Papa John's International Inc. 816,867 61,208

          Shares Market
Value
($000)
* Dorman Products Inc.    699,021      60,298
* Helen of Troy Ltd.    627,959      59,763
* Frontdoor Inc.  2,132,816      59,463
  American Eagle Outfitters Inc.  4,414,604      59,332
* LGI Homes Inc.    518,486      59,123
  MDC Holdings Inc.  1,520,130      59,087
  Bloomin' Brands Inc.  2,278,820      58,452
  Red Rock Resorts Inc. Class A  1,289,947      57,493
  Graham Holdings Co. Class B     95,451      56,874
* SeaWorld Entertainment Inc.    919,591      56,380
* Hertz Global Holdings Inc.  3,374,853      54,976
* Shake Shack Inc. Class A    977,454      54,239
* TripAdvisor Inc.  2,683,505      53,294
* Gentherm Inc.    868,998      52,505
  Strategic Education Inc. 574,836 51,638
* Chegg Inc. 3,146,579 51,289
* ODP Corp. 1,139,040 51,234
  Dana Inc. 3,377,783 50,836
* Leslie's Inc. 4,561,537 50,223
*,1 QuantumScape Corp. Class A 6,066,839 49,627
* Six Flags Entertainment Corp. 1,850,486 49,426
  Spirit Airlines Inc. 2,856,564 49,047
  Hanesbrands Inc. 9,146,711 48,112
  Jack in the Box Inc. 539,291 47,236
* Driven Brands Holdings Inc. 1,534,241 46,503
  PriceSmart Inc. 650,408 46,491
* Under Armour Inc. Class A 4,840,355 45,935
* Brinker International Inc. 1,154,044 43,854
* Sally Beauty Holdings Inc. 2,810,652 43,790
* Adtalem Global Education Inc. 1,130,765 43,670
  Laureate Education Inc. Class A 3,699,981 43,512
* Urban Outfitters Inc. 1,569,160 43,497
* Liberty Media Corp.-Liberty Formula One Class A 635,090 42,869
* Under Armour Inc. Class C 5,015,932 42,786
  John Wiley & Sons Inc. Class A 1,096,869 42,526
  Cheesecake Factory Inc. 1,211,899 42,477
  Acushnet Holdings Corp. 827,466 42,151
* Stride Inc. 1,072,509 42,096
* Cinemark Holdings Inc. 2,839,081 41,990
  Levi Strauss & Co. Class A 2,275,128 41,476
  Oxford Industries Inc. 392,359 41,429
* ACV Auctions Inc. Class A 3,175,104 40,991
1 Nordstrom Inc. 2,516,222 40,939
* Madison Square Garden Entertainment Corp. 689,201 40,711
  Monro Inc. 822,437 40,653
* Knowles Corp. 2,390,253 40,634
  MillerKnoll Inc. 1,979,810 40,487
* Central Garden & Pet Co. Class A 1,030,654 40,268
* KAR Auction Services Inc. 2,853,761 39,039
* National Vision Holdings Inc. 2,067,596 38,953
*,1 Luminar Technologies Inc. Class A 5,914,983 38,388
* Allegiant Travel Co. 409,895 37,702
* Dave & Buster's Entertainment Inc. 1,012,169 37,238
* Sabre Corp. 8,613,617 36,952
* Abercrombie & Fitch Co. Class A 1,284,731 35,651
* Cavco Industries Inc. 108,260 34,399
*,1 Dutch Bros Inc. Class A 1,074,520 33,987
* Lions Gate Entertainment Corp. Class B 3,263,311 33,873

          Shares Market
Value
($000)
  Wolverine World Wide Inc.  1,966,154      33,523
  La-Z-Boy Inc.  1,130,974      32,889
* Cars.com Inc.  1,647,858      31,804
1 Dillard's Inc. Class A    103,336      31,794
* Coursera Inc.  2,747,539      31,652
* PROG Holdings Inc.  1,259,921      29,974
* Boot Barn Holdings Inc.    390,933      29,961
* iRobot Corp.    683,381      29,823
* SkyWest Inc.  1,324,071      29,355
* PowerSchool Holdings Inc. Class A  1,466,012      29,056
  HNI Corp.  1,030,727      28,695
  Upbound Group Inc.  1,168,569      28,642
* Revolve Group Inc. Class A  1,069,514      28,128
  Buckle Inc.    784,218      27,989
1 Krispy Kreme Inc. 1,764,654 27,440
  Matthews International Corp. Class A 758,419 27,349
* Portillo's Inc. Class A 1,261,338 26,955
  Dine Brands Global Inc. 390,867 26,438
  Sturm Ruger & Co. Inc. 459,068 26,369
  Scholastic Corp. 764,423 26,159
*,1 Fisker Inc. Class A 4,242,244 26,047
*,1 Carvana Co. Class A 2,491,509 24,392
* Overstock.com Inc. 1,173,142 23,780
* Integral Ad Science Holding Corp. 1,605,545 22,911
* American Axle & Manufacturing Holdings Inc. 2,840,782 22,186
  Camping World Holdings Inc. Class A 1,044,410 21,797
* Figs Inc. Class A 3,321,136 20,558
* Vista Outdoor Inc. 738,135 20,454
  Sonic Automotive Inc. Class A 375,875 20,425
* Life Time Group Holdings Inc. 1,266,560 20,214
* Sun Country Airlines Holdings Inc. 973,753 19,962
* Corsair Gaming Inc. 1,054,065 19,342
  Steelcase Inc. Class A 2,294,212 19,317
* Petco Health & Wellness Co. Inc. Class A 2,083,489 18,751
  Sinclair Broadcast Group Inc. Class A 1,076,594 18,474
* Udemy Inc. 2,028,332 17,910
* Lions Gate Entertainment Corp. Class A 1,614,761 17,875
*,1 Mister Car Wash Inc. 1,989,679 17,151
* Sweetgreen Inc. Class A 2,172,426 17,032
*,1 Bowlero Corp. 1,002,136 16,986
* BJ's Restaurants Inc. 579,867 16,897
* Sleep Number Corp. 545,727 16,596
* G-III Apparel Group Ltd. 1,053,302 16,379
* GoPro Inc. Class A 3,188,850 16,040
* EW Scripps Co. Class A 1,587,245 14,936
  U-Haul Holding Co. 236,994 14,137
1 Guess? Inc. 709,924 13,815
* AMC Networks Inc. Class A 781,655 13,741
* 2U Inc. 1,962,838 13,445
* Vizio Holding Corp. Class A 1,381,589 12,683
  Interface Inc. Class A 1,442,260 11,711
* Hawaiian Holdings Inc. 1,271,975 11,651
  Designer Brands Inc. Class A 1,312,986 11,475
* iHeartMedia Inc. Class A 2,860,250 11,155
* Clear Channel Outdoor Holdings Inc. 9,292,385 11,151
* Central Garden & Pet Co. 243,245 9,988
  Caleres Inc. 441,449 9,549
* Sciplay Corp. Class A 559,764 9,494

          Shares Market
Value
($000)
*,1 SES AI Corp.  3,205,628       9,457
* Qurate Retail Inc. Class A  8,749,230       8,642
* Frontier Group Holdings Inc.    857,657       8,439
  Smith & Wesson Brands Inc.    600,731       7,395
*,1 Dream Finders Homes Inc. Class A    546,180       7,237
1 Cricut Inc. Class A    626,360       6,389
* Children's Place Inc.    151,615       6,102
* Genesco Inc.    156,344       5,766
* Stitch Fix Inc. Class A  1,009,011       5,156
*,1 Arhaus Inc. Class A    556,454       4,613
* Rush Street Interactive Inc.  1,431,443       4,452
* Angi Inc. Class A  1,937,440       4,398
  Rush Enterprises Inc. Class B     67,591       4,048
1 Big Lots Inc.    359,297       3,938
* Zumiez Inc. 204,321 3,768
*,1 ContextLogic Inc. Class A 7,510,715 3,348
*,1 Vacasa Inc. Class A 3,393,921 3,266
*,1 Canoo Inc. 4,582,484 2,991
*,1 Allbirds Inc. Class A 1,182,497 1,419
* Brilliant Earth Group Inc. Class A 265,681 1,039
  Ritchie Bros Auctioneers Inc. 76 4
            17,905,476
Consumer Staples (3.4%)
  Bunge Ltd. 3,920,056 374,444
* Performance Food Group Co. 4,085,391 246,512
* Darling Ingredients Inc. 4,194,187 244,941
  Casey's General Stores Inc. 974,887 211,024
  Lamb Weston Holdings Inc. 1,881,969 196,703
* US Foods Holding Corp. 5,282,475 195,135
  Ingredion Inc. 1,639,284 166,764
  Flowers Foods Inc. 4,698,159 128,777
* Post Holdings Inc. 1,387,305 124,677
  Molson Coors Beverage Co. Class B 2,355,020 121,707
* BellRing Brands Inc. 3,517,588 119,598
* Simply Good Foods Co. 2,603,618 103,546
  Lancaster Colony Corp. 505,034 102,461
* Sprouts Farmers Market Inc. 2,769,968 97,032
* Celsius Holdings Inc. 997,336 92,692
* Hostess Brands Inc. Class A 3,493,001 86,906
* Boston Beer Co. Inc. Class A 240,542 79,066
*,1 Freshpet Inc. 1,193,889 79,023
* TreeHouse Foods Inc. 1,468,184 74,040
  Spectrum Brands Holdings Inc. 1,073,095 71,060
  Energizer Holdings Inc. 1,868,944 64,852
* Grocery Outlet Holding Corp. 2,291,635 64,762
  Coca-Cola Consolidated Inc. 120,446 64,448
  WD-40 Co. 355,563 63,308
  Cal-Maine Foods Inc. 981,694 59,775
  Edgewell Personal Care Co. 1,283,728 54,456
  Nu Skin Enterprises Inc. Class A 1,229,755 48,342
  J & J Snack Foods Corp. 302,103 44,778
  Vector Group Ltd. 3,478,117 41,772
* United Natural Foods Inc. 1,567,348 41,300
* Herbalife Nutrition Ltd. 2,564,382 41,287
* Hain Celestial Group Inc. 2,342,516 40,174
  Reynolds Consumer Products Inc. 1,374,402 37,796
  Weis Markets Inc. 422,940 35,810
  Andersons Inc. 835,231 34,512

          Shares Market
Value
($000)
  Universal Corp.    611,553      32,345
* National Beverage Corp.    611,909      32,260
  Fresh Del Monte Produce Inc.  1,003,575      30,218
  Medifast Inc.    284,461      29,490
1 B&G Foods Inc.  1,880,281      29,201
*,1 Beauty Health Co.  2,255,206      28,483
  Utz Brands Inc.  1,695,783      27,930
*,1 Beyond Meat Inc.  1,497,150      24,299
  Seaboard Corp.      6,066      22,869
* Pilgrim's Pride Corp.    925,350      21,450
* USANA Health Sciences Inc.    300,657      18,911
  Tootsie Roll Industries Inc.    373,291      16,764
* Duckhorn Portfolio Inc.  1,051,941      16,726
* Sovos Brands Inc.    929,473      15,504
  ACCO Brands Corp. 2,332,104 12,407
* Olaplex Holdings Inc. 2,541,742 10,853
*,1 BRC Inc. Class A 996,742 5,123
* Vital Farms Inc. 320,764 4,908
*,2 Fresh Market Inc. 709,594
            4,033,221
Energy (5.4%)
  Targa Resources Corp. 5,930,468 432,628
  APA Corp. 8,137,199 293,427
* First Solar Inc. 1,325,080 288,205
  Chesapeake Energy Corp. 3,349,237 254,676
  Ovintiv Inc. 6,496,869 234,407
  HF Sinclair Corp. 3,939,580 190,597
  NOV Inc. 10,279,290 190,270
* Antero Resources Corp. 6,954,060 160,569
  Range Resources Corp. 6,007,412 159,016
  PDC Energy Inc. 2,313,168 148,459
* Southwestern Energy Co. 28,784,851 143,924
  Civitas Resources Inc. 2,099,209 143,460
  Murphy Oil Corp. 3,864,749 142,918
  ChampionX Corp. 5,197,745 141,015
  Matador Resources Co. 2,957,306 140,916
  Chord Energy Corp. 1,031,168 138,795
  Texas Pacific Land Corp. 80,598 137,099
  EQT Corp. 4,243,814 135,420
  PBF Energy Inc. Class A 3,037,610 131,711
  DT Midstream Inc. 2,535,311 125,168
* Transocean Ltd. 18,055,341 114,832
* Noble Corp. plc 2,813,701 111,057
* Weatherford International plc 1,854,889 110,088
* Denbury Inc. 1,239,077 108,580
* Shoals Technologies Group Inc. Class A 4,383,341 99,896
  Magnolia Oil & Gas Corp. Class A 4,524,261 98,991
  SM Energy Co. 3,191,091 89,861
  Helmerich & Payne Inc. 2,460,855 87,976
  Antero Midstream Corp. 8,139,898 85,387
* Peabody Energy Corp. 3,200,834 81,941
* Array Technologies Inc. 3,741,272 81,859
  Arcosa Inc. 1,265,600 79,872
*,1 ChargePoint Holdings Inc. 7,153,711 74,899
  California Resources Corp. 1,922,785 74,027
  Cactus Inc. Class A 1,662,375 68,540
* CNX Resources Corp. 4,229,703 67,760
  Equitrans Midstream Corp. 11,370,869 65,724

          Shares Market
Value
($000)
  Patterson-UTI Energy Inc.  5,591,264      65,418
  Arch Resources Inc.    458,229      60,239
  Alpha Metallurgical Resources Inc.    357,260      55,732
  Permian Resources Corp. Class A  5,306,761      55,721
* Callon Petroleum Co.  1,613,007      53,939
  Liberty Energy Inc. Class A  4,148,061      53,137
  Warrior Met Coal Inc.  1,359,149      49,894
  New Fortress Energy Inc.  1,639,787      48,259
* Oceaneering International Inc.  2,624,838      46,276
1 Sitio Royalties Corp.  1,998,979      45,177
  Delek US Holdings Inc.  1,825,040      41,885
* Ameresco Inc. Class A    844,083      41,546
* NexTier Oilfield Solutions Inc.  5,201,900      41,355
  World Fuel Services Corp.  1,540,973      39,372
  Archrock Inc. 3,898,829 38,091
* NOW Inc. 2,892,789 32,255
*,1 SunPower Corp. 2,284,680 31,620
*,1 FuelCell Energy Inc. 10,644,135 30,336
* NEXTracker Inc. Class A 777,998 28,210
  Comstock Resources Inc. 2,548,634 27,500
  Core Laboratories NV 1,223,925 26,987
  CVR Energy Inc. 786,909 25,795
* Dril-Quip Inc. 890,791 25,557
  Enviva Inc. 786,345 22,710
* Stem Inc. 3,832,108 21,728
*,1 Fluence Energy Inc. Class A 1,061,034 21,486
* MRC Global Inc. 2,073,770 20,157
* ProPetro Holding Corp. 2,552,631 18,353
  RPC Inc. 2,261,339 17,390
* Helix Energy Solutions Group Inc. 1,880,607 14,556
*,1 EVgo Inc. Class A 1,803,289 14,048
1 Crescent Energy Co. Class A 1,005,161 11,368
  Vitesse Energy Inc. 595,575 11,334
1 Kinetik Holdings Inc. Class A 280,869 8,791
*,1 Tellurian Inc. 6,591,438 8,107
*,1 Atlas Energy Solutions Inc. Class A 458,416 7,807
* ProFrac Holding Corp. Class A 566,578 7,178
*,1 OPAL Fuels Inc. Class A 301,677 2,103
* Denbury Inc. Warrants Exp. 9/18/23 2
            6,405,387
Financials (13.1%)
  First Citizens BancShares Inc. Class A 264,885 257,760
  First Horizon Corp. 14,051,089 249,828
  Reinsurance Group of America Inc. 1,744,777 231,637
  American Financial Group Inc. 1,895,045 230,248
  RenaissanceRe Holdings Ltd. 1,144,066 229,202
  Carlyle Group Inc. 6,671,412 207,214
  East West Bancorp Inc. 3,688,382 204,705
  Invesco Ltd. 11,899,728 195,156
  SEI Investments Co. 3,161,358 181,936
  Voya Financial Inc. 2,542,755 181,705
  Webster Financial Corp. 4,553,769 179,510
  Old Republic International Corp. 7,165,929 178,933
  Unum Group 4,388,530 173,610
  Kinsale Capital Group Inc. 573,805 172,228
  Commerce Bancshares Inc. 2,938,594 171,467
  Brown & Brown Inc. 2,964,347 170,213
  Primerica Inc. 965,565 166,309

          Shares Market
Value
($000)
  Assurant Inc.  1,384,986     166,295
  Cullen/Frost Bankers Inc.  1,515,743     159,668
  Stifel Financial Corp.  2,652,546     156,739
* Robinhood Markets Inc. Class A 16,014,012     155,496
  Erie Indemnity Co. Class A    664,779     154,003
  New York Community Bancorp Inc. 16,935,484     153,097
  AGNC Investment Corp. 15,041,793     151,621
  Selective Insurance Group Inc.  1,579,076     150,533
  RLI Corp.  1,128,135     149,940
  Comerica Inc.  3,437,372     149,251
  First American Financial Corp.  2,564,027     142,714
  SouthState Corp.  1,980,969     141,164
  Prosperity Bancshares Inc.  2,269,649     139,629
1 Starwood Property Trust Inc.  7,698,493     136,186
  Morningstar Inc. 666,475 135,314
  Affiliated Managers Group Inc. 938,234 133,623
  Jefferies Financial Group Inc. 4,168,106 132,296
  Blue Owl Capital Inc. Class A 11,648,233 129,062
  Globe Life Inc. 1,135,854 124,967
  United Bankshares Inc. 3,525,949 124,113
  Glacier Bancorp Inc. 2,899,344 121,801
*,1 SoFi Technologies Inc. 19,551,605 118,678
  OneMain Holdings Inc. 3,161,703 117,236
  Columbia Banking System Inc. 5,442,882 116,587
  Zions Bancorp NA 3,890,151 116,432
  Wintrust Financial Corp. 1,590,891 116,055
  Houlihan Lokey Inc. Class A 1,320,194 115,504
  First Financial Bankshares Inc. 3,548,088 113,184
  Synovus Financial Corp. 3,616,905 111,509
  Old National Bancorp 7,665,199 110,532
  FNB Corp. 9,431,871 109,410
  Axis Capital Holdings Ltd. 1,994,104 108,719
  Popular Inc. 1,880,314 107,949
  Hanover Insurance Group Inc. 838,544 107,753
  Essent Group Ltd. 2,687,269 107,625
  Pinnacle Financial Partners Inc. 1,902,056 104,917
  Valley National Bancorp 11,263,897 104,078
  Home BancShares Inc. 4,790,639 104,005
  MGIC Investment Corp. 7,598,371 101,970
  Bank OZK 2,912,935 99,622
  Lincoln National Corp. 4,429,214 99,524
  Rithm Capital Corp. 12,401,287 99,210
  Cadence Bank 4,774,928 99,128
  Western Alliance Bancorp 2,725,170 96,853
  Evercore Inc. Class A 812,904 93,793
  Lazard Ltd. Class A 2,803,348 92,819
  FirstCash Holdings Inc. 969,081 92,421
  Janus Henderson Group plc 3,468,357 92,397
  Kemper Corp. 1,673,989 91,500
  Radian Group Inc. 4,109,814 90,827
  Ally Financial Inc. 3,525,074 89,854
  Federated Hermes Inc. Class B 2,211,817 88,782
* Ryan Specialty Holdings Inc. Class A 2,205,725 88,758
  White Mountains Insurance Group Ltd. 64,088 88,281
  Jackson Financial Inc. Class A 2,173,156 81,298
  United Community Banks Inc. 2,859,931 80,421
  SLM Corp. 6,311,690 78,202
* Brighthouse Financial Inc. 1,771,781 78,153

          Shares Market
Value
($000)
  Hancock Whitney Corp.  2,130,471      77,549
  American Equity Investment Life Holding Co.  2,108,432      76,937
1 Blackstone Mortgage Trust Inc. Class A  4,286,941      76,522
  Assured Guaranty Ltd.  1,491,699      74,988
  Independent Bank Corp.  1,134,704      74,459
  Community Bank System Inc.  1,406,375      73,821
*,1 Credit Acceptance Corp.    167,889      73,206
  ServisFirst Bancshares Inc.  1,281,422      70,004
  First Hawaiian Inc.  3,332,797      68,756
  Atlantic Union Bankshares Corp.  1,955,016      68,523
  Associated Banc-Corp  3,742,594      67,292
* Focus Financial Partners Inc. Class A  1,293,750      67,107
* Mr Cooper Group Inc.  1,631,459      66,841
  First Interstate BancSystem Inc. Class A  2,186,913      65,301
* Genworth Financial Inc. Class A 12,964,683 65,083
  Moelis & Co. Class A 1,674,688 64,375
  CNO Financial Group Inc. 2,842,903 63,084
  Ameris Bancorp 1,723,967 63,063
* Enstar Group Ltd. 272,018 63,051
  International Bancshares Corp. 1,463,503 62,667
  Cathay General Bancorp 1,808,426 62,427
  Hamilton Lane Inc. Class A 842,473 62,326
* Texas Capital Bancshares Inc. 1,262,010 61,788
  Piper Sandler Cos. 445,084 61,693
  WSFS Financial Corp. 1,612,506 60,646
  Fulton Financial Corp. 4,382,840 60,571
  Pacific Premier Bancorp Inc. 2,487,572 59,751
  Walker & Dunlop Inc. 778,776 59,319
  UMB Financial Corp. 1,015,537 58,617
  CVB Financial Corp. 3,476,278 57,984
  Simmons First National Corp. Class A 3,159,799 55,265
* Axos Financial Inc. 1,491,800 55,077
  First Bancorp 4,781,697 54,607
  Bank of Hawaii Corp. 1,047,043 54,530
  Artisan Partners Asset Management Inc. Class A 1,688,353 53,994
  Eastern Bankshares Inc. 4,150,757 52,383
  BOK Financial Corp. 615,972 51,994
  Washington Federal Inc. 1,711,975 51,565
  First Financial Bancorp 2,359,413 51,364
  First Merchants Corp. 1,549,031 51,041
1 Arbor Realty Trust Inc. 4,237,352 48,687
  Banner Corp. 895,167 48,670
  TPG Inc. Class A 1,579,553 46,328
  Virtu Financial Inc. Class A 2,435,941 46,039
  Towne Bank 1,713,338 45,660
  Park National Corp. 383,171 45,433
  WesBanco Inc. 1,472,369 45,202
  BGC Partners Inc. Class A 8,480,535 44,353
  BankUnited Inc. 1,956,819 44,185
  Renasant Corp. 1,391,925 42,565
  Independent Bank Group Inc. 916,719 42,490
  PJT Partners Inc. Class A 575,415 41,539
*,1 Trupanion Inc. 967,283 41,487
* BRP Group Inc. Class A 1,609,109 40,968
  Navient Corp. 2,553,457 40,830
  Cohen & Steers Inc. 637,961 40,804
  Northwest Bancshares Inc. 3,327,421 40,029
*,1 Riot Platforms Inc. 3,948,338 39,444

          Shares Market
Value
($000)
  BancFirst Corp.    473,684      39,363
* Cannae Holdings Inc.  1,942,225      39,194
* PRA Group Inc.    970,013      37,792
  Two Harbors Investment Corp.  2,531,475      37,238
1 Claros Mortgage Trust Inc.  3,102,448      36,144
  NBT Bancorp Inc.  1,066,351      35,947
  Provident Financial Services Inc.  1,871,107      35,888
  Horace Mann Educators Corp.  1,071,757      35,882
  Trustmark Corp.  1,438,342      35,527
  Hilltop Holdings Inc.  1,186,980      35,218
  PennyMac Financial Services Inc.    590,096      35,176
  Apollo Commercial Real Estate Finance Inc.  3,702,949      34,474
  Virtus Investment Partners Inc.    180,225      34,313
1 Chimera Investment Corp.  6,079,412      34,288
  StepStone Group Inc. Class A 1,399,301 33,961
  City Holding Co. 367,053 33,358
  National Bank Holdings Corp. Class A 986,006 32,992
  First Commonwealth Financial Corp. 2,561,921 31,845
* Clearwater Analytics Holdings Inc. Class A 1,975,414 31,528
  OFG Bancorp 1,247,471 31,112
  Compass Diversified Holdings 1,609,474 30,709
  PacWest Bancorp 3,152,669 30,675
  S&T Bancorp Inc. 971,445 30,552
  Employers Holdings Inc. 713,306 29,738
  Westamerica Bancorp 670,466 29,702
* Encore Capital Group Inc. 581,259 29,325
1 Safehold Inc. 998,393 29,323
  Hope Bancorp Inc. 2,977,728 29,241
*,1 Upstart Holdings Inc. 1,805,164 28,684
  Nelnet Inc. Class A 312,032 28,673
  PennyMac Mortgage Investment Trust 2,320,896 28,617
* Goosehead Insurance Inc. Class A 542,709 28,329
  Ladder Capital Corp. Class A 2,986,464 28,222
  Berkshire Hills Bancorp Inc. 1,099,810 27,561
  Eagle Bancorp Inc. 822,360 27,524
  Safety Insurance Group Inc. 368,763 27,480
1 ARMOUR Residential REIT Inc. 5,033,768 26,427
  MFA Financial Inc. 2,657,552 26,363
  ProAssurance Corp. 1,408,276 26,025
*,1 Avantax Inc. 985,478 25,938
  Franklin BSP Realty Trust Inc. 2,165,454 25,834
*,1 Marathon Digital Holdings Inc. 2,896,863 25,261
  Argo Group International Holdings Ltd. 823,379 24,117
  Brookline Bancorp Inc. 2,208,462 23,189
  Mercury General Corp. 722,614 22,936
  Capitol Federal Financial Inc. 3,375,572 22,718
* Oscar Health Inc. Class A 3,301,738 21,593
  Tompkins Financial Corp. 303,291 20,081
  Redwood Trust Inc. 2,963,210 19,972
* Open Lending Corp. Class A 2,801,674 19,724
  Enact Holdings Inc. 849,592 19,422
* LendingClub Corp. 2,642,084 19,049
  WisdomTree Inc. 3,249,523 19,042
  BrightSpire Capital Inc. Class A 3,194,603 18,848
  TFS Financial Corp. 1,462,632 18,473
* Columbia Financial Inc. 995,050 18,190
* AssetMark Financial Holdings Inc. 577,939 18,176
* Ambac Financial Group Inc. 1,173,173 18,161

          Shares Market
Value
($000)
  Heartland Financial USA Inc.    471,098      18,071
*,1 Lemonade Inc.  1,263,847      18,022
* SiriusPoint Ltd.  2,116,113      17,204
* Palomar Holdings Inc.    310,193      17,123
  United Fire Group Inc.    624,659      16,585
* Triumph Financial Inc.    271,153      15,743
  Broadmark Realty Capital Inc.  3,293,940      15,482
  KKR Real Estate Finance Trust Inc.  1,262,219      14,377
  Northfield Bancorp Inc.  1,114,215      13,125
  Kearny Financial Corp.  1,582,793      12,852
  National Western Life Group Inc. Class A     49,756      12,072
  Central Pacific Financial Corp.    670,272      11,998
  TPG RE Finance Trust Inc.  1,613,406      11,713
1 Invesco Mortgage Capital Inc.  1,011,232      11,215
  P10 Inc. Class A 1,063,736 10,754
  Live Oak Bancshares Inc. 429,592 10,469
  Victory Capital Holdings Inc. Class A 351,317 10,283
1 UWM Holdings Corp. Class A 2,053,433 10,082
* World Acceptance Corp. 105,404 8,779
  GCM Grosvenor Inc. Class A 1,085,423 8,477
*,1 Hagerty Inc. Class A 541,680 4,734
* LendingTree Inc. 142,748 3,806
* Star Holdings 165,103 2,871
  loanDepot Inc. Class A 1,324,959 2,133
  Associated Capital Group Inc. Class A 43,286 1,599
*,1 Bakkt Holdings Inc. 772,574 1,329
*,1 Silvergate Capital Corp. Class A 594,754 963
  Signature Bank 521,899 96
            15,334,534
Health Care (11.6%)
* Exact Sciences Corp. 4,663,706 316,246
  Bio-Techne Corp. 4,115,444 305,325
* Sarepta Therapeutics Inc. 2,182,301 300,787
* United Therapeutics Corp. 1,211,662 271,364
* Penumbra Inc. 949,035 264,487
* Neurocrine Biosciences Inc. 2,527,595 255,843
* Repligen Corp. 1,381,317 232,559
* Jazz Pharmaceuticals plc 1,565,292 229,049
* Masimo Corp. 1,237,923 228,446
  DENTSPLY SIRONA Inc. 5,623,670 220,898
  Bruker Corp. 2,694,058 212,400
  Chemed Corp. 389,114 209,246
* Shockwave Medical Inc. 945,849 205,088
* Inspire Medical Systems Inc. 760,100 177,917
* Envista Holdings Corp. 4,271,181 174,606
* Acadia Healthcare Co. Inc. 2,380,696 172,005
* Apellis Pharmaceuticals Inc. 2,546,139 167,943
* Novocure Ltd. 2,759,593 165,962
* Exelixis Inc. 8,481,608 164,628
* Tenet Healthcare Corp. 2,676,535 159,040
  Organon & Co. 6,656,530 156,562
* Natera Inc. 2,745,793 152,446
* Lantheus Holdings Inc. 1,767,434 145,919
  Encompass Health Corp. 2,611,085 141,260
* Karuna Therapeutics Inc. 774,479 140,676
* Oak Street Health Inc. 3,497,717 135,292
* Halozyme Therapeutics Inc. 3,542,447 135,286
* 10X Genomics Inc. Class A 2,414,925 134,729

          Shares Market
Value
($000)
* Charles River Laboratories International Inc.    667,075     134,629
* Option Care Health Inc.  4,228,284     134,333
  Ensign Group Inc.  1,385,464     132,367
* HealthEquity Inc.  2,215,045     130,045
*,1 agilon health Inc.  5,388,983     127,988
* Ionis Pharmaceuticals Inc.  3,554,128     127,025
  Perrigo Co. plc  3,523,713     126,396
* Alkermes plc  4,302,282     121,281
* Intra-Cellular Therapies Inc.  2,230,676     120,791
* Elanco Animal Health Inc. 12,411,277     116,666
* QuidelOrtho Corp.  1,305,320     116,291
* Globus Medical Inc. Class A  2,037,194     115,387
* Medpace Holdings Inc.    609,351     114,588
* Merit Medical Systems Inc.  1,489,158     110,123
* Haemonetics Corp. 1,320,025 109,232
* DaVita Inc. 1,301,150 105,536
* Integra LifeSciences Holdings Corp. 1,815,712 104,240
  Universal Health Services Inc. Class B 797,477 101,359
  Premier Inc. Class A 3,110,351 100,682
* Teladoc Health Inc. 3,835,448 99,338
* ICU Medical Inc. 596,165 98,343
* Syneos Health Inc. 2,701,742 96,236
* Neogen Corp. 5,090,884 94,283
* PTC Therapeutics Inc. 1,931,836 93,578
* iRhythm Technologies Inc. 748,611 92,850
* Madrigal Pharmaceuticals Inc. 379,724 91,992
*,1 Doximity Inc. Class A 2,795,545 90,520
* IVERIC bio Inc. 3,561,192 86,644
  CONMED Corp. 798,173 82,898
* Cytokinetics Inc. 2,352,872 82,798
* Intellia Therapeutics Inc. 2,188,473 81,564
* Amicus Therapeutics Inc. 7,352,551 81,540
* Prestige Consumer Healthcare Inc. 1,300,361 81,442
* STAAR Surgical Co. 1,262,311 80,725
* Azenta Inc. 1,808,375 80,690
* Evolent Health Inc. Class A 2,383,159 77,334
* Axonics Inc. 1,296,186 70,720
* Blueprint Medicines Corp. 1,569,978 70,633
* Certara Inc. 2,924,845 70,518
* Ultragenyx Pharmaceutical Inc. 1,746,012 70,015
* Inari Medical Inc. 1,123,321 69,354
  Select Medical Holdings Corp. 2,662,653 68,830
* Tandem Diabetes Care Inc. 1,688,743 68,580
* Omnicell Inc. 1,168,685 68,567
* Arrowhead Pharmaceuticals Inc. 2,693,101 68,405
* Enovis Corp. 1,277,166 68,316
* Integer Holdings Corp. 869,663 67,399
* Pacific Biosciences of California Inc. 5,733,248 66,391
* Vaxcyte Inc. 1,756,888 65,848
* Reata Pharmaceuticals Inc. Class A 705,781 64,170
* Amedisys Inc. 851,929 62,659
* Surgery Partners Inc. 1,815,619 62,584
* Progyny Inc. 1,944,773 62,466
* Denali Therapeutics Inc. 2,666,187 61,429
  Patterson Cos. Inc. 2,286,319 61,205
* Insmed Inc. 3,570,240 60,873
* Vir Biotechnology Inc. 2,615,253 60,857
* Guardant Health Inc. 2,552,448 59,829

          Shares Market
Value
($000)
* ACADIA Pharmaceuticals Inc.  3,178,644      59,822
* Glaukos Corp.  1,187,174      59,477
* NuVasive Inc.  1,365,768      56,420
*,1 Axsome Therapeutics Inc.    909,164      56,077
* REVOLUTION Medicines Inc.  2,588,940      56,076
* Sage Therapeutics Inc.  1,328,452      55,742
* NeoGenomics Inc.  3,140,123      54,670
* Beam Therapeutics Inc.  1,752,329      53,656
*,1 Corcept Therapeutics Inc.  2,395,099      51,878
* TG Therapeutics Inc.  3,423,238      51,485
* Mirati Therapeutics Inc.  1,356,433      50,432
* Relay Therapeutics Inc.  3,018,814      49,720
* Prometheus Biosciences Inc.    460,468      49,417
* Supernus Pharmaceuticals Inc.  1,344,135      48,698
* Bridgebio Pharma Inc. 2,936,587 48,689
* AtriCure Inc. 1,158,061 48,002
* Myriad Genetics Inc. 2,015,189 46,813
* Pacira BioSciences Inc. 1,141,134 46,570
* Sotera Health Co. 2,584,908 46,296
* Xencor Inc. 1,568,978 43,759
*,1 Ginkgo Bioworks Holdings Inc. Class A 32,246,869 42,888
* CorVel Corp. 224,638 42,744
  Embecta Corp. 1,499,328 42,161
* Veracyte Inc. 1,879,227 41,907
* FibroGen Inc. 2,214,688 41,326
* Privia Health Group Inc. 1,495,792 41,299
* Maravai LifeSciences Holdings Inc. Class A 2,928,472 41,028
* R1 RCM Inc. 2,728,410 40,926
* Amylyx Pharmaceuticals Inc. 1,388,001 40,724
* Apollo Medical Holdings Inc. 1,113,935 40,625
* Cerevel Therapeutics Holdings Inc. 1,641,448 40,035
* Silk Road Medical Inc. 948,839 37,128
* Avanos Medical Inc. 1,220,791 36,306
* Ironwood Pharmaceuticals Inc. Class A 3,433,402 36,119
* Agios Pharmaceuticals Inc. 1,449,434 33,293
* Arvinas Inc. 1,187,223 32,435
* Nevro Corp. 885,388 32,007
* SpringWorks Therapeutics Inc. 1,226,946 31,582
* Hims & Hers Health Inc. 3,136,654 31,116
* Ligand Pharmaceuticals Inc. 420,900 30,961
* Pediatrix Medical Group Inc. 2,068,548 30,842
* Kymera Therapeutics Inc. 1,013,279 30,023
* Adaptive Biotechnologies Corp. 3,381,096 29,855
* Harmony Biosciences Holdings Inc. 859,272 28,055
* Treace Medical Concepts Inc. 1,106,643 27,876
* Owens & Minor Inc. 1,901,552 27,668
  Healthcare Services Group Inc. 1,952,411 27,080
* PROCEPT BioRobotics Corp. 938,879 26,664
* AdaptHealth Corp. Class A 1,944,315 24,168
* NextGen Healthcare Inc. 1,378,821 24,005
* Outset Medical Inc. 1,275,885 23,476
*,1 Warby Parker Inc. Class A 2,128,253 22,538
* Iovance Biotherapeutics Inc. 3,501,419 21,394
* Twist Bioscience Corp. 1,412,669 21,303
* Phreesia Inc. 653,857 21,113
* Immunovant Inc. 1,358,590 21,072
  National HealthCare Corp. 360,558 20,938
* BioCryst Pharmaceuticals Inc. 2,432,659 20,288

          Shares Market
Value
($000)
* Cytek Biosciences Inc.  2,111,370      19,403
* REGENXBIO Inc.  1,017,011      19,232
* Zentalis Pharmaceuticals Inc.  1,117,008      19,213
* Varex Imaging Corp.  1,046,350      19,033
* Recursion Pharmaceuticals Inc. Class A  2,845,155      18,977
*,1 EQRx Inc.  9,565,074      18,556
* Innoviva Inc.  1,638,589      18,434
* Enhabit Inc.  1,294,785      18,010
* HealthStream Inc.    638,470      17,303
* 23andMe Holding Co. Class A  7,158,545      16,321
* Theravance Biopharma Inc.  1,493,547      16,205
*,1 OPKO Health Inc. 11,076,662      16,172
* Health Catalyst Inc.  1,356,870      15,835
*,1 ProKidney Corp. Class A  1,366,015      15,463
*,1 Novavax Inc. 2,218,379 15,373
* Verve Therapeutics Inc. 1,044,973 15,069
*,1 LifeStance Health Group Inc. 1,977,116 14,690
* Alignment Healthcare Inc. 2,198,959 13,985
*,1 Agiliti Inc. 869,936 13,902
* Brookdale Senior Living Inc. 4,682,180 13,812
* American Well Corp. Class A 5,792,526 13,670
* Rocket Pharmaceuticals Inc. 770,437 13,198
* Editas Medicine Inc. Class A 1,805,074 13,087
* Fate Therapeutics Inc. 2,175,060 12,398
* Accolade Inc. 858,409 12,344
* CareDx Inc. 1,327,335 12,132
* Emergent BioSolutions Inc. 1,168,332 12,104
* GoodRx Holdings Inc. Class A 1,847,110 11,544
* Arcus Biosciences Inc. 611,730 11,158
* AnaptysBio Inc. 486,998 10,597
* Alector Inc. 1,612,904 9,984
* Multiplan Corp. 9,273,505 9,830
* Nuvalent Inc. Class A 364,289 9,504
*,1 Allogene Therapeutics Inc. 1,875,352 9,264
* Kiniksa Pharmaceuticals Ltd. Class A 807,467 8,688
*,1 Lyell Immunopharma Inc. 3,590,653 8,474
* Day One Biopharmaceuticals Inc. 621,752 8,313
*,1 Sana Biotechnology Inc. 2,500,310 8,176
  Phibro Animal Health Corp. Class A 530,387 8,126
* Clover Health Investments Corp. Class A 9,063,131 7,659
* Cullinan Oncology Inc. 667,130 6,825
*,1 Butterfly Network Inc. 3,428,888 6,446
* Amneal Pharmaceuticals Inc. 3,579,004 4,975
* Pulmonx Corp. 441,854 4,940
*,1 Erasca Inc. 1,606,052 4,834
*,1 Innovage Holding Corp. 537,700 4,291
*,1 Invitae Corp. 3,167,745 4,276
*,1 Cano Health Inc. 4,494,745 4,090
*,1 ImmunityBio Inc. 2,101,523 3,825
* Inogen Inc. 284,152 3,546
* Sangamo Therapeutics Inc. 1,872,770 3,296
*,1 Prime Medicine Inc. 246,519 3,032
* NGM Biopharmaceuticals Inc. 586,932 2,395
* Allovir Inc. 488,832 1,926
* Nektar Therapeutics Class A 2,453,255 1,724
*,1 Design Therapeutics Inc. 182,812 1,055
*,1 Gossamer Bio Inc. 679,344 856
*,1 P3 Health Partners Inc. 301,547 320

          Shares Market
Value
($000)
*,1,2 Synergy Pharmaceuticals LLC  2,001,166          —
*,2 OmniAb Inc. 12.5 Earnout    156,690          —
*,2 OmniAb Inc. 15 Earnout    156,690          —
            13,613,948
Industrials (21.3%)
  IDEX Corp.  1,976,036     456,524
* Fair Isaac Corp.    625,266     439,368
* Axon Enterprise Inc.  1,676,032     376,856
* Builders FirstSource Inc.  3,851,413     341,928
  Booz Allen Hamilton Holding Corp. Class A  3,461,293     320,827
  Graco Inc.  4,390,045     320,517
  Toro Co.  2,738,899     304,456
  Carlisle Cos. Inc.  1,338,514     302,598
  Nordson Corp.  1,348,604     299,741
  RPM International Inc. 3,377,864 294,685
  AECOM 3,453,592 291,207
  Watsco Inc. 870,548 276,974
  Lincoln Electric Holdings Inc. 1,506,662 254,777
* WillScot Mobile Mini Holdings Corp. 5,384,670 252,433
  Allegion plc 2,299,432 245,418
  Regal Rexnord Corp. 1,703,616 239,750
  Pentair plc 4,305,828 237,983
  Owens Corning 2,375,450 227,568
  Knight-Swift Transportation Holdings Inc. Class A 4,000,669 226,358
  A O Smith Corp. 3,270,463 226,152
  AGCO Corp. 1,659,302 224,338
  Genpact Ltd. 4,786,716 221,242
* Paylocity Holding Corp. 1,094,545 217,574
  Huntington Ingalls Industries Inc. 1,042,923 215,906
  Robert Half International Inc. 2,677,441 215,721
  Cognex Corp. 4,289,555 212,547
  Lennox International Inc. 835,481 209,940
* WEX Inc. 1,140,794 209,781
  Donaldson Co. Inc. 3,183,847 208,033
* Middleby Corp. 1,410,007 206,721
  WESCO International Inc. 1,337,244 206,658
  Howmet Aerospace Inc. 4,853,896 205,660
  Graphic Packaging Holding Co. 8,036,828 204,859
  Tetra Tech Inc. 1,392,804 204,617
  EMCOR Group Inc. 1,247,746 202,871
  AptarGroup Inc. 1,711,396 202,270
  Sensata Technologies Holding plc 3,990,326 199,596
  Fortune Brands Innovations Inc. 3,350,254 196,760
* Saia Inc. 694,215 188,882
  nVent Electric plc 4,358,997 187,175
  ITT Inc. 2,164,135 186,765
  Valmont Industries Inc. 558,219 178,228
  Berry Global Group Inc. 3,017,699 177,742
  Curtiss-Wright Corp. 1,001,565 176,536
* Axalta Coating Systems Ltd. 5,783,873 175,193
* Generac Holdings Inc. 1,619,568 174,930
  Littelfuse Inc. 648,320 173,808
  Sealed Air Corp. 3,767,410 172,962
* TopBuild Corp. 828,775 172,501
  Hubbell Inc. Class B 701,189 170,606
  Landstar System Inc. 940,005 168,505
* FTI Consulting Inc. 843,419 166,449
  MDU Resources Group Inc. 5,320,941 162,182

          Shares Market
Value
($000)
  Advanced Drainage Systems Inc.  1,913,335     161,122
* GXO Logistics Inc.  3,108,388     156,849
  Sonoco Products Co.  2,551,897     155,666
  MKS Instruments Inc.  1,740,415     154,236
  Acuity Brands Inc.    838,708     153,257
  Brunswick Corp.  1,862,066     152,689
  Woodward Inc.  1,563,064     152,196
  BWX Technologies Inc.  2,388,709     150,584
* Atkore Inc.  1,033,816     145,230
* MasTec Inc.  1,535,434     145,006
  Jack Henry & Associates Inc.    954,975     143,934
  Applied Industrial Technologies Inc.  1,010,214     143,582
  Oshkosh Corp.  1,712,361     142,434
  Crane Holdings Co.  1,248,793     141,738
* Mohawk Industries Inc. 1,413,447 141,656
* Trex Co. Inc. 2,872,121 139,786
* Chart Industries Inc. 1,113,844 139,676
* Euronet Worldwide Inc. 1,238,714 138,612
  Eagle Materials Inc. 943,308 138,430
  Comfort Systems USA Inc. 935,125 136,491
* ExlService Holdings Inc. 827,930 133,984
* ATI Inc. 3,386,389 133,627
  Exponent Inc. 1,325,266 132,116
  MSA Safety Inc. 974,933 130,154
  Maximus Inc. 1,590,369 125,162
  Simpson Manufacturing Co. Inc. 1,114,986 122,247
  Watts Water Technologies Inc. Class A 714,713 120,300
  Flowserve Corp. 3,413,501 116,059
  Silgan Holdings Inc. 2,160,226 115,939
* Fluor Corp. 3,724,753 115,132
  Insperity Inc. 941,210 114,404
* Aerojet Rocketdyne Holdings Inc. 2,004,779 112,608
  Vontier Corp. 4,062,766 111,076
* API Group Corp. 4,897,010 110,085
* Kirby Corp. 1,570,473 109,462
  ManpowerGroup Inc. 1,324,701 109,328
  Western Union Co. 9,777,542 109,020
  Allison Transmission Holdings Inc. 2,403,524 108,735
  Air Lease Corp. Class A 2,758,097 108,586
  AAON Inc. 1,113,748 107,688
  Ryder System Inc. 1,150,668 102,686
* ASGN Inc. 1,240,931 102,588
  GATX Corp. 924,030 101,662
* Shift4 Payments Inc. Class A 1,317,820 99,891
  MSC Industrial Direct Co. Inc. Class A 1,176,535 98,829
  Belden Inc. 1,120,053 97,187
  Franklin Electric Co. Inc. 1,027,383 96,677
  HB Fuller Co. 1,407,715 96,358
  Spirit AeroSystems Holdings Inc. Class A 2,754,398 95,109
  Maxar Technologies Inc. 1,857,157 94,826
  Badger Meter Inc. 766,636 93,392
  Triton International Ltd. 1,475,013 93,250
  EnerSys 1,068,983 92,873
* O-I Glass Inc. 4,039,225 91,731
  Louisiana-Pacific Corp. 1,690,461 91,640
* XPO Inc. 2,871,465 91,600
  John Bean Technologies Corp. 832,473 90,981
* Bloom Energy Corp. Class A 4,484,551 89,377

          Shares Market
Value
($000)
* AMN Healthcare Services Inc.  1,074,737      89,160
* Summit Materials Inc. Class A  3,098,538      88,277
  Esab Corp.  1,493,668      88,231
* Alight Inc. Class A  9,367,527      86,275
  Federal Signal Corp.  1,586,753      86,018
  Armstrong World Industries Inc.  1,189,228      84,721
  Encore Wire Corp.    454,243      84,185
  Terex Corp.  1,678,029      81,183
* ACI Worldwide Inc.  2,940,638      79,338
* SPX Technologies Inc.  1,123,422      79,291
  Zurn Elkay Water Solutions Corp.  3,687,023      78,755
1 Otter Tail Corp.  1,089,351      78,727
  Herc Holdings Inc.    686,054      78,142
  ABM Industries Inc.  1,729,781      77,736
  Hillenbrand Inc. 1,634,726 77,699
  Brink's Co. 1,154,960 77,151
* TriNet Group Inc. 941,966 75,932
  Moog Inc. Class A 751,558 75,719
* Beacon Roofing Supply Inc. 1,277,346 75,172
  Forward Air Corp. 695,894 74,990
* AZEK Co. Inc. Class A 3,155,992 74,292
* Mercury Systems Inc. 1,444,982 73,867
  Albany International Corp. Class A 814,164 72,754
  Korn Ferry 1,379,620 71,382
  UniFirst Corp. 395,108 69,630
* Dycom Industries Inc. 734,851 68,819
* Flywire Corp. 2,322,288 68,182
* Hub Group Inc. Class A 811,666 68,131
  Werner Enterprises Inc. 1,488,857 67,728
  Installed Building Products Inc. 592,718 67,588
* Resideo Technologies Inc. 3,646,059 66,650
* Verra Mobility Corp. Class A 3,922,276 66,365
* Itron Inc. 1,182,492 65,569
  ESCO Technologies Inc. 675,461 64,473
* GMS Inc. 1,089,610 63,077
  FTAI Aviation Ltd. 2,217,257 61,994
  Brady Corp. Class A 1,148,522 61,710
* RXO Inc. 3,046,315 59,830
  McGrath RentCorp 638,557 59,584
*,1 Affirm Holdings Inc. Class A 5,203,942 58,648
* Marqeta Inc. Class A 12,831,382 58,639
  Kennametal Inc. 2,107,715 58,131
* AeroVironment Inc. 625,570 57,340
  EVERTEC Inc. 1,697,158 57,279
  Mueller Water Products Inc. Class A 4,090,584 57,023
  ADT Inc. 7,865,731 56,869
  EnPro Industries Inc. 544,670 56,586
  ArcBest Corp. 607,079 56,106
  Matson Inc. 939,345 56,051
  Helios Technologies Inc. 852,402 55,747
* Masonite International Corp. 579,998 52,646
  Trinity Industries Inc. 2,123,759 51,735
  Barnes Group Inc. 1,258,351 50,686
  Granite Construction Inc. 1,145,089 47,040
* AAR Corp. 856,860 46,742
*,1 Enovix Corp. 3,094,676 46,142
* Remitly Global Inc. 2,681,269 45,447
* Kratos Defense & Security Solutions Inc. 3,316,477 44,706

          Shares Market
Value
($000)
* Mirion Technologies Inc. Class A  5,127,018      43,785
  Lindsay Corp.    288,241      43,562
* Huron Consulting Group Inc.    522,053      41,957
* Core & Main Inc. Class A  1,806,612      41,733
  Griffon Corp.  1,273,173      40,754
* OSI Systems Inc.    397,318      40,669
  Greif Inc. Class A    640,637      40,597
* Payoneer Global Inc.  6,422,260      40,332
* Air Transport Services Group Inc.  1,904,933      39,680
  Bread Financial Holdings Inc.  1,306,132      39,602
  Standex International Corp.    313,000      38,324
  Enerpac Tool Group Corp. Class A  1,492,415      38,057
* Gates Industrial Corp. plc  2,591,997      36,003
* Hayward Holdings Inc.  3,064,802      35,919
  H&E Equipment Services Inc. 809,285 35,795
* Hillman Solutions Corp. 4,080,022 34,354
  Primoris Services Corp. 1,391,966 34,326
  Tennant Co. 485,570 33,276
  Kforce Inc. 516,924 32,690
*,1 Joby Aviation Inc. 7,340,544 31,858
  TriMas Corp. 1,087,990 30,311
  Schneider National Inc. Class B 1,121,143 29,991
  Wabash National Corp. 1,184,069 29,116
* Vicor Corp. 590,023 27,696
* Rocket Lab USA Inc. 6,830,255 27,594
* JELD-WEN Holding Inc. 2,109,643 26,708
  Greenbrier Cos. Inc. 817,588 26,302
* AvidXchange Holdings Inc. 3,370,034 26,286
* CoreCivic Inc. 2,843,938 26,164
  AZZ Inc. 617,225 25,454
  Apogee Enterprises Inc. 579,749 25,074
  Astec Industries Inc. 596,517 24,606
  International Seaways Inc. 576,213 24,017
* Legalzoom.com Inc. 2,513,391 23,576
* Proto Labs Inc. 696,277 23,082
* Thermon Group Holdings Inc. 874,104 21,783
*,1 Virgin Galactic Holdings Inc. 5,373,842 21,764
* Green Dot Corp. Class A 1,166,103 20,034
* ZipRecruiter Inc. Class A 1,249,834 19,922
  Heartland Express Inc. 1,236,218 19,681
* Gibraltar Industries Inc. 401,656 19,480
*,1 PureCycle Technologies Inc. 2,773,630 19,415
* First Advantage Corp. 1,387,486 19,369
  Quanex Building Products Corp. 867,237 18,672
  TTEC Holdings Inc. 492,806 18,347
  Deluxe Corp. 1,125,670 18,011
* Cimpress plc 410,377 17,983
* Leonardo DRS Inc. 1,330,776 17,260
* Janus International Group Inc. 1,721,657 16,976
  Kaman Corp. 731,619 16,725
  Pitney Bowes Inc. 4,085,402 15,892
* Conduent Inc. 4,571,418 15,680
* CryoPort Inc. 606,354 14,552
* TrueBlue Inc. 816,015 14,525
  Gorman-Rupp Co. 578,970 14,474
*,1 Desktop Metal Inc. Class A 6,233,535 14,337
*,1 Nikola Corp. 11,528,080 13,949
  Kelly Services Inc. Class A 838,813 13,916

          Shares Market
Value
($000)
* Aurora Innovation Inc.  9,959,269      13,843
* FARO Technologies Inc.    489,214      12,040
* American Woodmark Corp.    216,387      11,267
  Hyster-Yale Materials Handling Inc.    222,180      11,085
  National Presto Industries Inc.    137,640       9,922
* TaskUS Inc. Class A    682,749       9,859
* Forrester Research Inc.    298,411       9,654
  REV Group Inc.    778,867       9,339
* Triumph Group Inc.    767,849       8,899
*,1 Symbotic Inc. Class A    371,650       8,488
* Proterra Inc.  5,003,310       7,605
  Pactiv Evergreen Inc.    923,085       7,385
*,1 Hyliion Holdings Corp.  3,538,884       7,007
  Greif Inc. Class B     81,971       6,272
* BrightView Holdings Inc. 1,098,889 6,176
* Sterling Check Corp. 503,472 5,614
  Kronos Worldwide Inc. 606,336 5,584
*,1 Paymentus Holdings Inc. Class A 408,289 3,617
* Advantage Solutions Inc. 2,102,258 3,322
* Ranpak Holdings Corp. Class A 559,559 2,921
* TuSimple Holdings Inc. Class A 1,843,221 2,710
* Microvast Holdings Inc. 2,018,165 2,503
*,1 Global Business Travel Group I 355,916 2,360
* CS Disco Inc. 308,621 2,049
*,1 MSP Recovery Inc. 1,182,675 1,005
            24,967,634
Real Estate (7.7%)
  Gaming & Leisure Properties Inc. 6,520,946 339,480
  Kimco Realty Corp. 16,183,615 316,066
  Equity LifeStyle Properties Inc. 4,384,482 294,330
  Life Storage Inc. 2,224,203 291,571
  Rexford Industrial Realty Inc. 4,847,311 289,142
  CubeSmart 5,876,567 271,615
  American Homes 4 Rent Class A 7,386,108 232,293
  Lamar Advertising Co. Class A 2,283,306 228,079
  Federal Realty Investment Trust 2,128,698 210,379
  National Retail Properties Inc. 4,746,912 209,576
  Americold Realty Trust Inc. 7,060,630 200,875
  Healthcare Realty Trust Inc. Class A 9,960,020 192,527
  EastGroup Properties Inc. 1,139,793 188,431
  First Industrial Realty Trust Inc. 3,459,313 184,035
* Jones Lang LaSalle Inc. 1,242,299 180,742
  Brixmor Property Group Inc. 7,863,434 169,221
  Omega Healthcare Investors Inc. 6,130,355 168,033
  Agree Realty Corp. 2,359,210 161,865
  STAG Industrial Inc. 4,693,021 158,718
  Host Hotels & Resorts Inc. 9,334,743 153,930
  Spirit Realty Capital Inc. 3,654,436 145,593
  Apartment Income REIT Corp. Class A 3,961,944 141,877
  Terreno Realty Corp. 2,145,226 138,582
  Regency Centers Corp. 2,241,223 137,118
1 Medical Properties Trust Inc. 15,637,421 128,540
  Rayonier Inc. 3,832,070 127,455
  Ryman Hospitality Properties Inc. 1,371,353 123,052
  Kite Realty Group Trust 5,736,264 120,003
  PotlatchDeltic Corp. 2,085,236 103,219
  Phillips Edison & Co. Inc. 3,069,786 100,136
  Essential Properties Realty Trust Inc. 4,008,814 99,619

          Shares Market
Value
($000)
  Kilroy Realty Corp.  3,064,992      99,306
  National Storage Affiliates Trust  2,259,274      94,392
  Independence Realty Trust Inc.  5,872,183      94,131
  Physicians Realty Trust  6,105,262      91,152
  Cousins Properties Inc.  3,966,605      84,806
  Apple Hospitality REIT Inc.  5,385,646      83,585
  Broadstone Net Lease Inc.  4,876,429      82,948
  LXP Industrial Trust  7,657,156      78,945
  EPR Properties  1,970,546      75,078
  Corporate Office Properties Trust  2,942,483      69,766
  Sabra Health Care REIT Inc.  6,051,254      69,589
  Vornado Realty Trust  4,520,634      69,482
  Park Hotels & Resorts Inc.  5,521,848      68,250
1 Hannon Armstrong Sustainable Infrastructure Capital Inc.  2,382,232      68,132
* Howard Hughes Corp. 849,118 67,929
  Highwoods Properties Inc. 2,754,445 63,876
  Outfront Media Inc. 3,886,760 63,082
  Macerich Co. 5,872,361 62,247
  SITE Centers Corp. 4,680,227 57,473
  Equity Commonwealth 2,723,534 56,404
  National Health Investors Inc. 1,078,863 55,648
  Innovative Industrial Properties Inc. 732,026 55,627
  Douglas Emmett Inc. 4,373,846 53,930
  Sunstone Hotel Investors Inc. 5,448,727 53,833
  Tanger Factory Outlet Centers Inc. 2,598,371 51,006
  CareTrust REIT Inc. 2,604,703 51,000
  Kennedy-Wilson Holdings Inc. 3,071,037 50,949
  DigitalBridge Group Inc. 4,182,342 50,146
  Pebblebrook Hotel Trust 3,299,160 46,320
  JBG SMITH Properties 2,986,458 44,976
  DiamondRock Hospitality Co. 5,483,640 44,582
  Urban Edge Properties 2,923,195 44,023
* Cushman & Wakefield plc 4,139,169 43,627
  Retail Opportunity Investments Corp. 3,101,846 43,302
  Service Properties Trust 4,333,740 43,164
  RLJ Lodging Trust 4,032,780 42,747
  Elme Communities 2,297,486 41,033
  Getty Realty Corp. 1,101,655 39,693
1 SL Green Realty Corp. 1,687,323 39,686
  InvenTrust Properties Corp. 1,679,631 39,303
  Xenia Hotels & Resorts Inc. 2,983,165 39,050
  LTC Properties Inc. 1,084,036 38,082
  Alexander & Baldwin Inc. 1,900,877 35,946
  St. Joe Co. 840,942 34,992
  Global Net Lease Inc. 2,720,972 34,992
  Acadia Realty Trust 2,494,167 34,794
* Veris Residential Inc. 2,271,042 33,248
  Apartment Investment & Management Co. Class A 3,759,179 28,908
  Empire State Realty Trust Inc. Class A 4,186,981 27,174
1 eXp World Holdings Inc. 1,992,462 25,284
* Redfin Corp. 2,733,605 24,766
  Hudson Pacific Properties Inc. 3,682,206 24,487
* GEO Group Inc. 3,077,551 24,282
* Compass Inc. Class A 7,386,534 23,859
*,1 Opendoor Technologies Inc. 13,472,960 23,712
  Newmark Group Inc. Class A 3,339,324 23,642
  Piedmont Office Realty Trust Inc. Class A 3,227,468 23,561
  American Assets Trust Inc. 1,188,361 22,092

          Shares Market
Value
($000)
  Necessity Retail REIT Inc. Class A  3,503,888      22,004
  Uniti Group Inc.  6,189,885      21,974
  Paramount Group Inc.  4,814,925      21,956
  RPT Realty  2,269,120      21,579
  Centerspace    392,164      21,424
  Marcus & Millichap Inc.    665,699      21,376
  Brandywine Realty Trust  4,483,695      21,208
  Office Properties Income Trust  1,267,917      15,595
  Universal Health Realty Income Trust    324,011      15,588
* Anywhere Real Estate Inc.  2,715,392      14,337
  Saul Centers Inc.    342,275      13,349
  RMR Group Inc. Class A    406,983      10,679
  Alexander's Inc.     53,045      10,278
  Summit Hotel Properties Inc.  1,318,937       9,233
  Bridge Investment Group Holdings Inc. Class A 686,958 7,783
* Forestar Group Inc. 457,428 7,118
  Urstadt Biddle Properties Inc. Class A 396,988 6,975
* WeWork Inc. 7,435,464 5,780
* Seritage Growth Properties Class A 478,046 3,762
*,2 Spirit MTA REIT 529,410
            9,036,139
Technology (12.1%)
* PTC Inc. 2,784,960 357,115
* Lattice Semiconductor Corp. 3,594,833 343,307
  Entegris Inc. 3,909,089 320,584
  Jabil Inc. 3,312,863 292,062
* Ceridian HCM Holding Inc. 3,824,756 280,049
* Manhattan Associates Inc. 1,635,281 253,223
* Dynatrace Inc. 5,672,775 239,958
* Wolfspeed Inc. 3,255,940 211,473
  KBR Inc. 3,573,926 196,745
* Pure Storage Inc. Class A 7,523,012 191,912
* Arrow Electronics Inc. 1,525,171 190,448
* CACI International Inc. Class A 615,236 182,282
  National Instruments Corp. 3,440,678 180,326
* Guidewire Software Inc. 2,142,424 175,786
* Aspen Technology Inc. 762,708 174,561
  Universal Display Corp. 1,112,904 172,645
  Leidos Holdings Inc. 1,791,552 164,930
* Cirrus Logic Inc. 1,445,808 158,142
* Nutanix Inc. Class A 6,021,461 156,498
* Smartsheet Inc. Class A 3,264,921 156,063
  Science Applications International Corp. 1,429,535 153,618
* DXC Technology Co. 5,958,037 152,287
* Dropbox Inc. Class A 6,860,100 148,315
* SPS Commerce Inc. 950,164 144,710
* Rambus Inc. 2,812,425 144,165
* Novanta Inc. 887,392 141,175
* Tenable Holdings Inc. 2,958,528 140,560
* Silicon Laboratories Inc. 792,983 138,843
  Dolby Laboratories Inc. Class A 1,562,658 133,482
* Five9 Inc. 1,845,015 133,376
  Concentrix Corp. 1,090,186 132,512
* Super Micro Computer Inc. 1,193,115 127,126
* Insight Enterprises Inc. 884,505 126,449
  Power Integrations Inc. 1,491,090 126,206
* Workiva Inc. Class A 1,223,221 125,270
* Procore Technologies Inc. 1,986,306 124,402

          Shares Market
Value
($000)
  TD SYNNEX Corp.  1,237,989     119,825
* Coherent Corp.  3,091,598     117,728
* Elastic NV  2,001,574     115,891
* Synaptics Inc.  1,031,100     114,607
* F5 Inc.    786,419     114,573
* Onto Innovation Inc.  1,295,705     113,867
* Fabrinet    958,108     113,785
* Qualys Inc.    871,527     113,316
  Vertiv Holdings Co. Class A  7,900,530     113,057
* New Relic Inc.  1,442,024     108,570
  Avnet Inc.  2,391,241     108,084
* Teradata Corp.  2,663,494     107,286
* IAC Inc.  2,065,436     106,576
* Diodes Inc.  1,130,725     104,886
* Altair Engineering Inc. Class A 1,371,113 98,871
* Allegro MicroSystems Inc. 2,056,214 98,678
* MACOM Technology Solutions Holdings Inc. 1,388,101 98,333
* Blackbaud Inc. 1,388,587 96,229
  Advanced Energy Industries Inc. 980,627 96,101
* Box Inc. Class A 3,552,595 95,174
* Blackline Inc. 1,414,214 94,964
* IPG Photonics Corp. 755,849 93,204
* Ziff Davis Inc. 1,173,228 91,570
* Alteryx Inc. Class A 1,532,291 90,160
* Sanmina Corp. 1,450,704 88,478
* Kyndryl Holdings Inc. 5,953,664 87,876
* SentinelOne Inc. Class A 5,343,887 87,426
* Envestnet Inc. 1,447,518 84,926
* DoubleVerify Holdings Inc. 2,815,676 84,893
*,1 C3.ai Inc. Class A 2,514,212 84,402
* NCR Corp. 3,430,259 80,920
* Rogers Corp. 492,381 80,470
  Dun & Bradstreet Holdings Inc. 6,842,261 80,328
* Impinj Inc. 581,760 78,840
* Confluent Inc. Class A 3,218,565 77,471
  Vishay Intertechnology Inc. 3,359,711 75,997
* Ambarella Inc. 963,455 74,591
* PagerDuty Inc. 2,119,241 74,131
* Toast Inc. Class A 4,158,339 73,811
*,1 MicroStrategy Inc. Class A 250,788 73,310
* Sprout Social Inc. Class A 1,184,988 72,142
* Plexus Corp. 724,932 70,732
* UiPath Inc. Class A 4,000,609 70,251
* Varonis Systems Inc. Class B 2,675,365 69,586
* Gitlab Inc. Class A 2,028,651 69,562
* RingCentral Inc. Class A 2,238,863 68,666
* Rapid7 Inc. 1,472,802 67,616
  Amkor Technology Inc. 2,567,209 66,799
* AppLovin Corp. Class A 4,217,867 66,431
* CommVault Systems Inc. 1,165,732 66,144
* Perficient Inc. 906,255 65,423
* MaxLinear Inc. Class A 1,854,920 65,312
  Progress Software Corp. 1,133,693 65,131
*,1 DigitalOcean Holdings Inc. 1,649,535 64,612
* FormFactor Inc. 2,015,993 64,209
* Freshworks Inc. Class A 4,128,396 63,412
* Alarm.com Holdings Inc. 1,240,860 62,390
* Verint Systems Inc. 1,638,081 61,002

          Shares Market
Value
($000)
* Appfolio Inc. Class A    486,363      60,542
* Samsara Inc. Class A  2,968,142      58,532
* Axcelis Technologies Inc.    429,115      57,180
* SiTime Corp.    392,840      55,874
  Clear Secure Inc. Class A  2,128,629      55,706
* Yelp Inc. Class A  1,733,316      53,213
  Pegasystems Inc.  1,079,214      52,320
* Qualtrics International Inc. Class A  2,903,453      51,769
* Fastly Inc. Class A  2,897,828      51,465
* NetScout Systems Inc.  1,764,422      50,551
* HashiCorp Inc. Class A  1,716,162      50,266
* Bumble Inc. Class A  2,555,057      49,951
* Parsons Corp.  1,096,457      49,055
* Appian Corp. Class A  1,082,528      48,043
* Cargurus Inc. Class A 2,559,716 47,815
  Shutterstock Inc. 609,794 44,271
  Xerox Holdings Corp. 2,838,497 43,713
* nCino Inc. 1,744,956 43,240
* Paycor HCM Inc. 1,617,640 42,900
* Asana Inc. Class A 2,000,596 42,273
  CSG Systems International Inc. 777,802 41,768
* Semtech Corp. 1,670,664 40,330
  Methode Electronics Inc. 898,267 39,416
* Zeta Global Holdings Corp. Class A 3,444,485 37,304
* Squarespace Inc. Class A 1,165,947 37,042
* CCC Intelligent Solutions Holdings Inc. 4,065,329 36,466
* Schrodinger Inc. 1,382,844 36,410
* Everbridge Inc. 1,046,225 36,273
* Veradigm Inc. 2,719,898 35,495
* Q2 Holdings Inc. 1,437,850 35,400
* LiveRamp Holdings Inc. 1,611,044 35,330
* Upwork Inc. 3,114,338 35,254
* 3D Systems Corp. 3,266,768 35,020
* Jamf Holding Corp. 1,749,826 33,982
* JFrog Ltd. 1,719,471 33,874
* Sprinklr Inc. Class A 2,602,666 33,731
*,1 Braze Inc. Class A 971,940 33,600
* Sumo Logic Inc. 2,727,168 32,671
* TTM Technologies Inc. 2,412,293 32,542
* Zuora Inc. Class A 3,287,292 32,478
* E2open Parent Holdings Inc. 5,548,443 32,292
* Momentive Global Inc. 3,336,871 31,100
* Magnite Inc. 3,351,654 31,036
* Digital Turbine Inc. 2,470,778 30,539
* PROS Holdings Inc. 1,081,640 29,637
* Veeco Instruments Inc. 1,355,003 28,631
* Cerence Inc. 1,003,046 28,176
* Yext Inc. 2,548,719 24,493
*,1 IonQ Inc. 3,913,517 24,068
* ForgeRock Inc. Class A 1,133,816 23,357
  Adeia Inc. 2,604,341 23,074
* N-able Inc. 1,651,403 21,799
* Olo Inc. Class A 2,604,362 21,252
  Benchmark Electronics Inc. 871,977 20,657
* ScanSource Inc. 661,480 20,135
* Credo Technology Group Holding Ltd. 2,111,687 19,892
* Vertex Inc. Class A 953,785 19,734
* Planet Labs PBC 4,907,589 19,287

          Shares Market
Value
($000)
* Intapp Inc.    416,382      18,671
* Eventbrite Inc. Class A  2,114,607      18,143
* Thoughtworks Holding Inc.  2,464,335      18,137
* CEVA Inc.    574,842      17,492
* EngageSmart Inc.    867,108      16,692
* Amplitude Inc. Class A  1,297,382      16,139
*,1 Cvent Holding Corp. Class A  1,909,502      15,963
* Consensus Cloud Solutions Inc.    465,671      15,875
*,1 Xometry Inc. Class A  1,051,298      15,738
* Informatica Inc. Class A    938,222      15,387
* AvePoint Inc.  3,652,204      15,047
* NerdWallet Inc. Class A    921,811      14,915
* PubMatic Inc. Class A  1,070,408      14,793
* BigCommerce Holdings Inc.  1,535,986      13,732
* Vimeo Inc. 3,476,646 13,316
* Alkami Technology Inc. 953,525 12,072
* nLight Inc. 1,120,967 11,411
* SolarWinds Corp. 1,280,371 11,011
* SmartRent Inc. Class A 3,882,723 9,901
* MediaAlpha Inc. Class A 621,066 9,304
* Matterport Inc. 3,245,189 8,859
* Definitive Healthcare Corp. Class A 823,012 8,502
  Ebix Inc. 642,738 8,478
* Couchbase Inc. 588,027 8,268
* LivePerson Inc. 1,867,479 8,236
*,1 EverCommerce Inc. 761,073 8,052
* Expensify Inc. Class A 984,635 8,025
* MeridianLink Inc. 424,855 7,350
*,1 Rumble Inc. 732,228 7,322
* Nextdoor Holdings Inc. 2,777,937 5,973
* Enfusion Inc. Class A 449,921 4,724
* Bandwidth Inc. Class A 260,187 3,955
* SEMrush Holdings Inc. Class A 341,167 3,429
* Rackspace Technology Inc. 1,388,873 2,611
* SecureWorks Corp. Class A 210,465 1,804
            14,164,781
Telecommunications (1.4%)
* Ciena Corp. 3,902,921 204,981
  Iridium Communications Inc. 2,967,107 183,753
* Frontier Communications Parent Inc. 6,412,696 146,017
  Juniper Networks Inc. 4,236,738 145,828
  Cable One Inc. 152,113 106,783
* Lumentum Holdings Inc. 1,702,923 91,975
* Calix Inc. 1,471,146 78,839
  Cogent Communications Holdings Inc. 1,131,381 72,092
  Lumen Technologies Inc. 27,090,581 71,790
* Viasat Inc. 1,898,780 64,255
* Viavi Solutions Inc. 5,881,376 63,695
  InterDigital Inc. 776,213 56,586
* Infinera Corp. 4,908,665 38,091
* CommScope Holding Co. Inc. 5,191,816 33,072
* DISH Network Corp. Class A 3,248,733 30,311
  ADTRAN Holdings Inc. 1,833,269 29,076
  Telephone & Data Systems Inc. 2,619,846 27,534
  Shenandoah Telecommunications Co. 1,244,672 23,674
* Globalstar Inc. 18,799,664 21,808
* Altice USA Inc. Class A 5,674,150 19,405
* EchoStar Corp. Class A 884,286 16,173

          Shares Market
Value
($000)
* WideOpenWest Inc.  1,352,948      14,382
* NETGEAR Inc.    723,435      13,391
* Xperi Inc.  1,100,805      12,032
* Gogo Inc.    828,832      12,018
  ATN International Inc.    287,303      11,756
* 8x8 Inc.  2,805,189      11,698
* United States Cellular Corp.    337,530       6,997
*,1 fuboTV Inc.  2,421,366       2,930
            1,610,942
Utilities (3.6%)
  Atmos Energy Corp.  3,745,735     420,871
  Essential Utilities Inc.  6,176,076     269,586
  Pinnacle West Capital Corp.  2,960,072     234,556
  NRG Energy Inc.  6,012,822     206,180
  OGE Energy Corp. 5,238,356 197,276
* Clean Harbors Inc. 1,344,297 191,643
  UGI Corp. 5,483,763 190,616
* Evoqua Water Technologies Corp. 3,197,527 158,981
  IDACORP Inc. 1,323,223 143,345
  National Fuel Gas Co. 2,401,991 138,691
  New Jersey Resources Corp. 2,535,308 134,878
  ONE Gas Inc. 1,448,705 114,781
  Portland General Electric Co. 2,336,965 114,254
  Ormat Technologies Inc. 1,334,810 113,152
  Hawaiian Electric Industries Inc. 2,864,453 109,995
* Casella Waste Systems Inc. Class A 1,327,384 109,722
  Southwest Gas Holdings Inc. 1,751,110 109,357
  PNM Resources Inc. 2,244,581 109,266
  Black Hills Corp. 1,729,556 109,135
* Sunrun Inc. 5,330,733 107,414
* Stericycle Inc. 2,413,938 105,272
  ALLETE Inc. 1,498,075 96,431
  Spire Inc. 1,306,471 91,636
  NorthWestern Corp. 1,563,667 90,474
  American States Water Co. 967,255 85,979
  California Water Service Group 1,434,947 83,514
  Avista Corp. 1,963,274 83,341
  MGE Energy Inc. 946,507 73,515
  Clearway Energy Inc. Class C 2,176,268 68,182
  Northwest Natural Holding Co. 919,204 43,717
*,1 Sunnova Energy International Inc. 2,561,015 40,003
  Clearway Energy Inc. Class A 876,883 26,333
* Harsco Corp. 2,074,067 14,166
  Excelerate Energy Inc. Class A 479,702 10,621
*,1 NuScale Power Corp. 1,010,949 9,189
            4,206,072
Total Common Stocks (Cost $98,282,781) 116,314,005

      Coupon   Shares Market
Value
($000)
Temporary Cash Investments (2.3%)
Money Market Fund (2.3%)
3,4 Vanguard Market Liquidity Fund
(Cost $2,638,746)
4.839%   26,396,112   2,639,347
Total Investments (101.5%) (Cost $100,921,527)   118,953,352
Other Assets and Liabilities—Net (-1.5%)   (1,736,494)
Net Assets (100%)   117,216,858
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 $1,767,274,000.
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 $1,858,156,000 was received for securities on loan.
    
  REIT—Real Estate Investment Trust.


Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini Russell 2000 Index June 2023 4,325 392,169 10,245
E-mini S&P 500 Index June 2023 160 33,102 1,941
E-mini S&P Mid-Cap 400 Index June 2023 1,807 457,117 14,058
        26,244
    
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)
Ollie's Bargain Outlet Holdings Inc. 1/31/24 GSI 15,834 (4.778) 1,517
1 Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly.
  GSI—Goldman Sachs International.
At March 31, 2023, the counterparties had deposited in segregated accounts securities with a value of $1,337,000 in connection with open over-the-counter swap contracts.

A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).
C. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily

to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
D.  Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments and derivatives as of March 31, 2023, based on the inputs used to value them:
  Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments        
Assets        
Common Stocks 116,314,005 116,314,005
Temporary Cash Investments 2,639,347 2,639,347
Total 118,953,352 118,953,352
Derivative Financial Instruments        
Assets        
Futures Contracts1 26,244 26,244
Swap Contracts 1,517 1,517
Total 26,244 1,517 27,761
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.