NPORT-EX 2 vg_smallcapindexfund.htm
Vanguard® Small-Cap Index Fund
Schedule of Investments (unaudited)
As of March 31, 2024
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
          Shares Market
Value
($000)
Common Stocks (99.9%)
Basic Materials (4.1%)
  Reliance Inc.  1,460,805     488,172
  Eastman Chemical Co.  2,992,616     299,920
  Steel Dynamics Inc.  1,961,396     290,738
* Cleveland-Cliffs Inc. 12,709,903     289,023
  United States Steel Corp.  5,135,529     209,427
  Royal Gold Inc.  1,675,855     204,136
  FMC Corp.  3,182,063     202,697
* RBC Bearings Inc.    744,906     201,385
  UFP Industries Inc.  1,497,708     184,233
  Olin Corp.  3,068,433     180,424
  Commercial Metals Co.  2,968,889     174,482
  Hexcel Corp.  2,152,433     156,805
  Alcoa Corp. 4,580,081 154,761
  Boise Cascade Co. 1,008,594 154,688
  Mueller Industries Inc. 2,750,713 148,346
* Valvoline Inc. 3,307,222 147,403
  Element Solutions Inc. 5,864,388 146,492
  Timken Co. 1,619,481 141,591
  Mosaic Co. 4,106,425 133,295
  Cabot Corp. 1,413,897 130,361
  Balchem Corp. 823,172 127,551
*,1 Arcadium Lithium plc 27,397,268 118,082
  NewMarket Corp. 183,427 116,406
  Huntsman Corp. 4,310,627 112,206
  Ashland Inc. 1,150,021 111,978
  Avient Corp. 2,326,255 100,960
  Chemours Co. 3,786,214 99,426
  Carpenter Technology Corp. 1,197,404 85,519
  Innospec Inc. 634,495 81,812
  Scotts Miracle-Gro Co. 1,084,535 80,895
  Sensient Technologies Corp. 1,080,390 74,752
  Hecla Mining Co. 15,150,612 72,874
  Quaker Chemical Corp. 344,104 70,627
  Materion Corp. 526,805 69,407
  Westlake Corp. 408,892 62,479
  Minerals Technologies Inc. 825,760 62,163
  Tronox Holdings plc 3,001,677 52,079
*,1 MP Materials Corp. 3,630,755 51,920
  Stepan Co. 542,482 48,845
  Worthington Steel Inc. 1,283,165 46,001
* Ingevity Corp. 833,276 39,747

          Shares Market
Value
($000)
  Kaiser Aluminum Corp.    387,917      34,664
* Coeur Mining Inc.  8,857,384      33,392
* Ecovyst Inc.  2,662,404      29,686
  Koppers Holdings Inc.    506,239      27,929
  Mativ Holdings Inc.  1,313,249      24,623
* Century Aluminum Co.  1,297,182      19,964
  Compass Minerals International Inc.  1,051,264      16,547
  Radius Recycling Inc.    633,645      13,389
  GrafTech International Ltd.  2,778,684       3,835
            5,928,137
Consumer Discretionary (16.3%)
* Deckers Outdoor Corp.    654,829     616,364
  Williams-Sonoma Inc.  1,636,335     519,585
* DraftKings Inc. Class A 10,875,362     493,850
  RB Global Inc. 4,655,723 354,626
  Toll Brothers Inc. 2,660,747 344,221
* Floor & Decor Holdings Inc. Class A 2,587,944 335,449
* Liberty Media Corp.-Liberty Formula One Class C 5,042,417 330,783
  Dick's Sporting Goods Inc. 1,410,294 317,119
  Bath & Body Works Inc. 5,763,294 288,280
  Tapestry Inc. 5,853,122 277,906
  Wingstop Inc. 748,664 274,311
* elf Beauty Inc. 1,345,130 263,686
  Texas Roadhouse Inc. Class A 1,704,150 263,240
  Service Corp. International 3,538,409 262,585
* BJ's Wholesale Club Holdings Inc. 3,403,903 257,505
* American Airlines Group Inc. 16,673,931 255,945
  Wynn Resorts Ltd. 2,449,953 250,459
* Five Below Inc. 1,337,427 242,583
  Tempur Sealy International Inc. 4,208,990 239,155
*,1 Carvana Co. Class A 2,669,419 234,669
* Light & Wonder Inc. 2,296,748 234,475
* Caesars Entertainment Inc. 5,242,122 229,290
*,1 Norwegian Cruise Line Holdings Ltd. 10,851,087 227,113
  Aramark 6,693,940 217,687
  Vail Resorts Inc. 968,333 215,774
  PVH Corp. 1,521,148 213,889
  Gentex Corp. 5,904,110 213,257
  Lithia Motors Inc. Class A 702,015 211,208
* Crocs Inc. 1,466,010 210,812
  Lear Corp. 1,454,453 210,721
  Churchill Downs Inc. 1,691,430 209,315
* Skechers USA Inc. Class A 3,407,375 208,736
* Etsy Inc. 3,022,627 207,715
  BorgWarner Inc. 5,861,984 203,645
* SiteOne Landscape Supply Inc. 1,151,427 200,982
  Murphy USA Inc. 477,591 200,206
* Duolingo Inc. Class A 867,451 191,342
  Hasbro Inc. 3,363,819 190,123
  Pool Corp. 468,940 189,217
* Mattel Inc. 9,009,406 178,476
* CarMax Inc. 2,014,060 175,445
  H&R Block Inc. 3,558,245 174,745
  New York Times Co. Class A 3,957,512 171,044
  Hyatt Hotels Corp. Class A 1,071,450 171,025
  Gap Inc. 6,148,350 169,387
  Ralph Lauren Corp. Class A 896,177 168,266
* Bright Horizons Family Solutions Inc. 1,476,858 167,417

          Shares Market
Value
($000)
  Whirlpool Corp.  1,393,779     166,738
  U-Haul Holding Co. (XNYS)  2,490,490     166,066
* Lyft Inc. Class A  8,482,059     164,128
  Meritage Homes Corp.    922,547     161,870
* Taylor Morrison Home Corp. Class A  2,578,936     160,332
  Wyndham Hotels & Resorts Inc.  2,065,881     158,556
  Interpublic Group of Cos. Inc.  4,834,550     157,751
1 Paramount Global Class B 13,263,100     156,107
* Wayfair Inc. Class A  2,293,804     155,703
* Abercrombie & Fitch Co. Class A  1,221,256     153,060
  Thor Industries Inc.  1,291,973     151,600
  Nexstar Media Group Inc. Class A    822,210     141,659
* AutoNation Inc.    850,086     140,757
  Harley-Davidson Inc.  3,196,892     139,832
  Macy's Inc. 6,989,964 139,729
* Planet Fitness Inc. Class A 2,212,795 138,587
* Alaska Air Group Inc. 3,215,513 138,235
  TKO Group Holdings Inc. Class A 1,594,948 137,820
  VF Corp. 8,925,873 136,923
  Polaris Inc. 1,366,494 136,813
* Capri Holdings Ltd. 2,973,122 134,682
* RH 371,780 129,476
  Advance Auto Parts Inc. 1,517,738 129,144
  Academy Sports & Outdoors Inc. 1,891,372 127,743
* Ollie's Bargain Outlet Holdings Inc. 1,571,072 125,010
* Asbury Automotive Group Inc. 524,926 123,767
  KB Home 1,741,216 123,417
* Coty Inc. Class A 10,275,369 122,893
  Boyd Gaming Corp. 1,747,067 117,613
  American Eagle Outfitters Inc. 4,534,425 116,943
* Skyline Champion Corp. 1,325,824 112,708
*,1 Cava Group Inc. 1,593,592 111,631
  Signet Jewelers Ltd. 1,073,867 107,462
*,1 Rivian Automotive Inc. Class A 9,689,926 106,105
* Grand Canyon Education Inc. 765,467 104,264
* Shake Shack Inc. Class A 956,409 99,495
* Goodyear Tire & Rubber Co. 7,240,294 99,409
* Liberty Media Corp.-Liberty SiriusXM Class A 3,327,326 98,822
  Group 1 Automotive Inc. 331,638 96,915
1 Choice Hotels International Inc. 758,285 95,809
* Hilton Grand Vacations Inc. 1,928,125 91,027
  MDC Holdings Inc. 1,427,652 89,814
* Tri Pointe Homes Inc. 2,312,373 89,396
  Marriott Vacations Worldwide Corp. 815,335 87,836
* Madison Square Garden Sports Corp. 470,593 86,834
  Rush Enterprises Inc. Class A 1,614,215 86,393
  Kontoor Brands Inc. 1,432,918 86,333
* YETI Holdings Inc. 2,215,061 85,391
  Travel + Leisure Co. 1,721,166 84,268
  Wendy's Co. 4,452,298 83,881
  Penske Automotive Group Inc. 512,784 83,066
*,1 GameStop Corp. Class A 6,624,075 82,933
* Visteon Corp. 700,909 82,434
  Kohl's Corp. 2,823,556 82,307
* Liberty Media Corp.-Liberty SiriusXM 2,721,523 80,856
  Newell Brands Inc. 10,040,255 80,623
  Red Rock Resorts Inc. Class A 1,283,537 76,781
  Steven Madden Ltd. 1,807,861 76,436

          Shares Market
Value
($000)
  Carter's Inc.    892,164      75,548
  LCI Industries    613,615      75,512
  TEGNA Inc.  5,024,656      75,068
* Urban Outfitters Inc.  1,656,560      71,928
* TripAdvisor Inc.  2,552,696      70,939
* Penn Entertainment Inc.  3,887,767      70,796
* Helen of Troy Ltd.    605,704      69,801
  Columbia Sportswear Co.    849,072      68,928
  Foot Locker Inc.  2,402,788      68,480
* SkyWest Inc.    974,919      67,347
*,1 Lucid Group Inc. 23,459,390      66,859
  Graham Holdings Co. Class B     86,758      66,602
* Stride Inc.  1,051,011      66,266
* Frontdoor Inc.  2,031,165      66,175
* Dorman Products Inc. 682,768 65,812
* JetBlue Airways Corp. 8,655,275 64,222
  Bloomin' Brands Inc. 2,214,526 63,513
  Inter Parfums Inc. 448,780 63,058
  Leggett & Platt Inc. 3,231,144 61,876
* ACV Auctions Inc. Class A 3,238,316 60,783
* Sonos Inc. 3,159,493 60,220
*,1 Dutch Bros Inc. Class A 1,804,005 59,532
* LGI Homes Inc. 511,456 59,518
  Strategic Education Inc. 560,715 58,382
* Topgolf Callaway Brands Corp. 3,532,801 57,125
* Fox Factory Holding Corp. 1,081,625 56,320
* Brinker International Inc. 1,128,638 56,071
  Papa John's International Inc. 835,716 55,659
  Avis Budget Group Inc. 452,758 55,445
* Sweetgreen Inc. Class A 2,157,102 54,488
  Laureate Education Inc. 3,620,367 52,749
  PriceSmart Inc. 623,167 52,346
* Liberty Media Corp.-Liberty Live Class C 1,185,506 51,949
*,1 QuantumScape Corp. Class A 8,227,674 51,752
* Dave & Buster's Entertainment Inc. 820,598 51,369
  HNI Corp. 1,129,683 50,983
* United Parks & Resorts Inc. 897,966 50,475
1 Nordstrom Inc. 2,487,320 50,418
* Cinemark Holdings Inc. 2,792,708 50,185
  Acushnet Holdings Corp. 751,164 49,539
* Hanesbrands Inc. 8,516,153 49,394
*,1 PowerSchool Holdings Inc. Class A 2,319,792 49,388
* Adtalem Global Education Inc. 950,478 48,855
* Six Flags Entertainment Corp. 1,825,558 48,049
* OPENLANE Inc. 2,759,231 47,735
  Worthington Enterprises Inc. 765,836 47,658
  Levi Strauss & Co. Class A 2,356,578 47,108
* Gentherm Inc. 805,672 46,391
* Central Garden & Pet Co. Class A 1,246,576 46,024
  MillerKnoll Inc. 1,858,112 46,007
* Chewy Inc. Class A 2,882,520 45,861
  Phinia Inc. 1,192,118 45,813
* ODP Corp. 859,090 45,575
  Endeavor Group Holdings Inc. Class A 1,725,317 44,392
* National Vision Holdings Inc. 1,997,768 44,271
  Oxford Industries Inc. 379,225 42,625
  Cheesecake Factory Inc. 1,167,071 42,190
  Dana Inc. 3,306,754 41,996

          Shares Market
Value
($000)
* Beyond Inc.  1,160,047      41,657
  Upbound Group Inc.  1,179,086      41,516
1 Cracker Barrel Old Country Store Inc.    566,772      41,221
  La-Z-Boy Inc.  1,089,314      40,980
* Cavco Industries Inc.    101,299      40,424
  John Wiley & Sons Inc. Class A  1,054,245      40,198
* Coursera Inc.  2,805,954      39,340
  PROG Holdings Inc.  1,116,498      38,452
* Victoria's Secret & Co.  1,978,452      38,342
* Knowles Corp.  2,290,691      36,880
1 Dillard's Inc. Class A     78,189      36,877
* Boot Barn Holdings Inc.    386,026      36,730
* Peloton Interactive Inc. Class A  8,467,900      36,285
* Liberty Media Corp.-Liberty Formula One Class A    615,527      36,156
* Under Armour Inc. Class A 4,898,409 36,150
* Sphere Entertainment Co. 722,569 35,464
  Jack in the Box Inc. 499,194 34,185
* Under Armour Inc. Class C 4,777,809 34,114
* Sally Beauty Holdings Inc. 2,681,771 33,308
* Madison Square Garden Entertainment Corp. Class A 841,324 32,988
1 Krispy Kreme Inc. 2,148,661 32,735
  Buckle Inc. 774,141 31,175
* Lions Gate Entertainment Corp. Class B 3,284,596 30,580
  Allegiant Travel Co. 398,796 29,993
  Camping World Holdings Inc. Class A 1,032,566 28,757
* G-III Apparel Group Ltd. 989,712 28,712
  Steelcase Inc. Class A 2,161,771 28,276
1 Guess? Inc. 889,468 27,992
* Udemy Inc. 2,539,826 27,887
* Leslie's Inc. 4,247,932 27,612
* Cars.com Inc. 1,597,926 27,452
* Life Time Group Holdings Inc. 1,750,224 27,164
* Hertz Global Holdings Inc. 3,107,644 24,333
* Integral Ad Science Holding Corp. 2,410,281 24,031
* Dream Finders Homes Inc. Class A 543,920 23,786
* Liberty Media Corp.-Liberty Live Class A 556,407 23,564
*,1 AMC Entertainment Holdings Inc. Class A 6,302,127 23,444
* Sabre Corp. 9,656,414 23,369
* Driven Brands Holdings Inc. 1,460,441 23,060
  Matthews International Corp. Class A 741,772 23,054
  Monro Inc. 723,900 22,832
* Vista Outdoor Inc. 665,861 21,827
  Wolverine World Wide Inc. 1,927,995 21,613
* Revolve Group Inc. Class A 1,006,606 21,310
  Sturm Ruger & Co. Inc. 452,812 20,897
* American Axle & Manufacturing Holdings Inc. 2,830,167 20,830
* Portillo's Inc. Class A 1,457,783 20,671
* BJ's Restaurants Inc. 561,779 20,325
* Vizio Holding Corp. Class A 1,847,535 20,212
  Arhaus Inc. Class A 1,285,320 19,781
  Sonic Automotive Inc. Class A 335,190 19,086
  Scholastic Corp. 502,966 18,967
* Chegg Inc. 2,488,797 18,840
*,1 Mister Car Wash Inc. 2,406,188 18,648
  Dine Brands Global Inc. 392,986 18,266
  Caleres Inc. 429,195 17,610
* Sun Country Airlines Holdings Inc. 1,084,952 16,372
* Figs Inc. Class A 3,280,043 16,335

          Shares Market
Value
($000)
* Lions Gate Entertainment Corp. Class A  1,590,831      15,829
* U-Haul Holding Co.    211,861      14,309
*,1 Luminar Technologies Inc. Class A  6,981,545      13,754
1 Spirit Airlines Inc.  2,785,836      13,483
* Clear Channel Outdoor Holdings Inc.  7,989,768      13,183
* Corsair Gaming Inc.  1,047,969      12,932
* Instructure Holdings Inc.    554,527      11,856
  Interface Inc. Class A    702,563      11,817
* Savers Value Village Inc.    612,555      11,810
1 Designer Brands Inc. Class A  1,062,702      11,615
  Sinclair Inc.    809,142      10,899
* Rush Street Interactive Inc.  1,549,107      10,085
  Smith & Wesson Brands Inc.    580,714      10,081
* AMC Networks Inc. Class A    775,659       9,409
*,1 Frontier Group Holdings Inc. 1,136,841 9,220
* Central Garden & Pet Co. 211,077 9,040
1 Bowlero Corp. Class A 580,220 7,949
  Rush Enterprises Inc. Class B 120,872 6,441
*,1 SES AI Corp. 3,133,423 5,264
* Angi Inc. Class A 1,841,576 4,825
* Petco Health & Wellness Co. Inc. Class A 2,054,760 4,685
1 Cricut Inc. Class A 934,684 4,449
1 Paramount Global Class A 198,717 4,338
* EW Scripps Co. Class A 879,549 3,457
* GoPro Inc. Class A 1,495,248 3,334
*,1 iRobot Corp. 336,896 2,951
            23,738,866
Consumer Staples (3.1%)
  Bunge Global SA 3,659,294 375,151
* Celsius Holdings Inc. 4,432,586 367,550
* US Foods Holding Corp. 5,936,623 320,400
  Casey's General Stores Inc. 946,467 301,402
* Performance Food Group Co. 3,968,132 296,181
* BellRing Brands Inc. 3,342,922 197,333
  Lamb Weston Holdings Inc. 1,842,385 196,269
  Ingredion Inc. 1,671,483 195,313
* Darling Ingredients Inc. 4,070,060 189,298
* Sprouts Farmers Market Inc. 2,581,395 166,448
  Molson Coors Beverage Co. Class B 2,271,777 152,777
* Freshpet Inc. 1,230,421 142,557
* Post Holdings Inc. 1,238,134 131,589
  Coca-Cola Consolidated Inc. 128,052 108,384
  Flowers Foods Inc. 4,297,586 102,068
  Lancaster Colony Corp. 491,391 102,028
  WD-40 Co. 345,837 87,604
  Albertsons Cos. Inc. Class A 4,036,802 86,549
* Simply Good Foods Co. 2,291,440 77,978
* Grocery Outlet Holding Corp. 2,279,270 65,597
  Spectrum Brands Holdings Inc. 733,737 65,310
  Cal-Maine Foods Inc. 1,014,494 59,703
* Boston Beer Co. Inc. Class A 180,862 55,058
  Energizer Holdings Inc. 1,832,083 53,937
  Edgewell Personal Care Co. 1,274,855 49,260
* TreeHouse Foods Inc. 1,243,198 48,423
  Andersons Inc. 820,784 47,088
  J & J Snack Foods Corp. 297,005 42,935
  Reynolds Consumer Products Inc. 1,341,613 38,316
  Vector Group Ltd. 3,424,620 37,534

          Shares Market
Value
($000)
* Pilgrim's Pride Corp.    908,362      31,175
  Universal Corp.    597,046      30,879
  Utz Brands Inc.  1,558,097      28,731
* National Beverage Corp.    597,380      28,352
  Weis Markets Inc.    413,060      26,601
  Fresh Del Monte Produce Inc.    978,673      25,357
* Herbalife Ltd.  2,399,552      24,116
1 B&G Foods Inc.  2,000,824      22,889
  Seaboard Corp.      6,198      19,982
* Hain Celestial Group Inc.  2,285,965      17,968
  Nu Skin Enterprises Inc. Class A  1,257,555      17,392
* United Natural Foods Inc.  1,436,392      16,504
* USANA Health Sciences Inc.    292,151      14,169
* Duckhorn Portfolio Inc.  1,321,233      12,301
  Tootsie Roll Industries Inc. 368,746 11,811
*,1 Beyond Meat Inc. 780,058 6,459
  ACCO Brands Corp. 1,148,329 6,442
  Medifast Inc. 138,665 5,314
*,1 BRC Inc. Class A 1,221,892 5,230
* Olaplex Holdings Inc. 2,498,607 4,797
            4,516,509
Energy (5.6%)
  Targa Resources Corp. 5,692,482 637,501
  Ovintiv Inc. 6,962,949 361,377
1 Chesapeake Energy Corp. 3,170,600 281,644
  TechnipFMC plc 10,557,615 265,102
  APA Corp. 7,398,123 254,347
  HF Sinclair Corp. 4,053,968 244,738
  Permian Resources Corp. 13,319,449 235,221
* Weatherford International plc 1,845,729 213,034
* Southwestern Energy Co. 28,091,733 212,935
  EQT Corp. 5,616,525 208,205
* Antero Resources Corp. 6,968,970 202,100
  Range Resources Corp. 5,866,709 201,991
  NOV Inc. 10,047,113 196,120
  Civitas Resources Inc. 2,574,954 195,465
* NEXTracker Inc. Class A 3,308,360 186,161
  Matador Resources Co. 2,744,223 183,232
  Chord Energy Corp. 1,000,091 178,256
  ChampionX Corp. 4,873,241 174,901
  Murphy Oil Corp. 3,742,527 171,034
  DT Midstream Inc. 2,472,288 151,057
  PBF Energy Inc. Class A 2,591,767 149,208
  SM Energy Co. 2,951,686 147,142
  Noble Corp. plc 2,871,915 139,259
  Texas Pacific Land Corp. 234,699 135,776
  Equitrans Midstream Corp. 10,506,350 131,224
  Patterson-UTI Energy Inc. 10,643,402 127,082
  Antero Midstream Corp. 8,565,406 120,430
* Transocean Ltd. 18,574,394 116,647
1 Magnolia Oil & Gas Corp. Class A 4,419,545 114,687
* Tidewater Inc. 1,212,945 111,591
  Arcosa Inc. 1,243,895 106,801
  California Resources Corp. 1,766,687 97,344
  Helmerich & Payne Inc. 2,268,621 95,418
  Northern Oil & Gas Inc. 2,306,238 91,512
  Alpha Metallurgical Resources Inc. 271,047 89,763
  Viper Energy Inc. Class A 2,287,897 87,993

          Shares Market
Value
($000)
* CNX Resources Corp.  3,676,700      87,211
  Cactus Inc. Class A  1,666,408      83,470
  Warrior Met Coal Inc.  1,332,764      80,899
  Liberty Energy Inc. Class A  3,825,579      79,266
  Archrock Inc.  4,014,120      78,958
  Peabody Energy Corp.  3,008,857      72,995
1 New Fortress Energy Inc.  2,353,412      71,991
  Arch Resources Inc.    444,889      71,534
* Oceaneering International Inc.  2,570,273      60,144
* Array Technologies Inc.  3,668,113      54,692
* Callon Petroleum Co.  1,527,647      54,629
*,1 Plug Power Inc. 15,453,424      53,160
  Sitio Royalties Corp. Class A  1,983,365      49,029
* Shoals Technologies Group Inc. Class A  4,340,100      48,522
  Delek US Holdings Inc. 1,551,089 47,680
* DNOW Inc. 2,712,071 41,223
  World Kinect Corp. 1,461,546 38,658
  Kinetik Holdings Inc. Class A 835,683 33,319
  CVR Energy Inc. 899,632 32,081
1 Atlas Energy Solutions Inc. Class A 1,279,590 28,944
  Crescent Energy Co. Class A 2,386,483 28,399
* Fluence Energy Inc. 1,617,411 28,046
* MRC Global Inc. 2,052,189 25,796
  CONSOL Energy Inc. 282,504 23,663
  Core Laboratories Inc. 1,201,433 20,520
* Ameresco Inc. Class A 827,576 19,969
* Helix Energy Solutions Group Inc. 1,821,779 19,748
* Dril-Quip Inc. 876,405 19,745
1 Comstock Resources Inc. 2,125,941 19,729
  RPC Inc. 2,476,503 19,168
* ProPetro Holding Corp. 2,368,429 19,137
*,1 ChargePoint Holdings Inc. 9,571,627 18,186
*,1 FuelCell Energy Inc. 11,495,547 13,680
  Vitesse Energy Inc. 566,245 13,437
1 HighPeak Energy Inc. 490,322 7,732
*,1 SunPower Corp. 2,230,730 6,692
*,1 EVgo Inc. Class A 2,503,065 6,283
*,1 ProFrac Holding Corp. Class A 608,549 5,087
* OPAL Fuels Inc. Class A 507,386 2,547
            8,102,267
Financials (13.5%)
  First Citizens BancShares Inc. Class A 275,755 450,859
  Equitable Holdings Inc. 8,517,112 323,735
  Reinsurance Group of America Inc. 1,673,751 322,833
  RenaissanceRe Holdings Ltd. 1,344,613 316,024
* Robinhood Markets Inc. Class A 15,213,106 306,240
  Kinsale Capital Group Inc. 561,776 294,786
  East West Bancorp Inc. 3,594,244 284,341
  Ally Financial Inc. 6,981,211 283,367
  Carlyle Group Inc. 6,003,914 281,644
  Erie Indemnity Co. Class A 647,969 260,205
  Brown & Brown Inc. 2,916,984 255,353
  Annaly Capital Management Inc. 12,754,670 251,139
  Assurant Inc. 1,325,702 249,550
  American Financial Group Inc. 1,812,602 247,384
  Primerica Inc. 893,672 226,063
  Unum Group 4,151,405 222,764
  Webster Financial Corp. 4,387,391 222,748

          Shares Market
Value
($000)
  First Horizon Corp. 14,251,336     219,471
  Blue Owl Capital Inc. Class A 11,623,883     219,226
  SEI Investments Co.  3,014,746     216,760
  MarketAxess Holdings Inc.    965,838     211,760
  Morningstar Inc.    653,449     201,504
  Old Republic International Corp.  6,435,522     197,699
  Stifel Financial Corp.  2,490,749     194,702
  Voya Financial Inc.  2,627,006     194,188
  Invesco Ltd. 11,186,539     185,585
  Comerica Inc.  3,363,818     184,976
1 AGNC Investment Corp. 17,726,515     175,492
  Houlihan Lokey Inc. Class A  1,329,247     170,396
  Western Alliance Bancorp  2,653,293     170,315
  Selective Insurance Group Inc.  1,546,938     168,879
  Jefferies Financial Group Inc. 3,784,683 166,905
  Evercore Inc. Class A 865,356 166,659
  Cullen/Frost Bankers Inc. 1,473,822 165,908
  SouthState Corp. 1,939,101 164,882
  RLI Corp. 1,105,779 164,175
  Zions Bancorp NA 3,779,201 164,017
*,1 SoFi Technologies Inc. 22,406,428 163,567
  Wintrust Financial Corp. 1,562,015 163,059
  Popular Inc. 1,840,318 162,114
  Pinnacle Financial Partners Inc. 1,860,889 159,813
  Commerce Bancshares Inc. 2,981,855 158,635
  OneMain Holdings Inc. 3,057,921 156,229
  Starwood Property Trust Inc. 7,595,309 154,413
  Essent Group Ltd. 2,589,698 154,113
  MGIC Investment Corp. 6,877,587 153,783
  First American Financial Corp. 2,498,327 152,523
  Prosperity Bancshares Inc. 2,271,031 149,388
  Synovus Financial Corp. 3,554,147 142,379
  Affiliated Managers Group Inc. 836,370 140,067
  Globe Life Inc. 1,200,137 139,660
  Lincoln National Corp. 4,328,225 138,200
  Rithm Capital Corp. 12,324,002 137,536
  Cadence Bank 4,664,094 135,259
  Ryan Specialty Holdings Inc. Class A 2,414,099 133,982
  Jackson Financial Inc. Class A 2,006,279 132,695
  Bank OZK 2,885,507 131,175
  Radian Group Inc. 3,906,889 130,764
  Old National Bancorp 7,465,751 129,979
  FNB Corp. 9,153,568 129,065
  Axis Capital Holdings Ltd. 1,957,975 127,308
  FirstCash Holdings Inc. 978,055 124,741
* Mr Cooper Group Inc. 1,595,638 124,380
  United Bankshares Inc. 3,442,737 123,216
  SLM Corp. 5,619,495 122,449
*,1 Marathon Digital Holdings Inc. 5,394,189 121,801
  Assured Guaranty Ltd. 1,387,514 121,061
  Lazard Inc. Class A 2,731,994 114,389
  Glacier Bancorp Inc. 2,828,436 113,929
* American Equity Investment Life Holding Co. 2,022,129 113,684
  Home BancShares Inc. 4,626,677 113,677
  First Financial Bankshares Inc. 3,458,554 113,475
  Hanover Insurance Group Inc. 822,472 111,996
  White Mountains Insurance Group Ltd. 62,031 111,302
  Janus Henderson Group plc 3,380,048 111,170

          Shares Market
Value
($000)
  Hamilton Lane Inc. Class A    980,330     110,542
  Columbia Banking System Inc.  5,319,997     102,942
  Moelis & Co. Class A  1,700,441      96,534
* Enstar Group Ltd.    310,113      96,371
  Hancock Whitney Corp.  2,087,431      96,105
  UMB Financial Corp.  1,056,728      91,925
  Kemper Corp.  1,476,805      91,444
  Valley National Bancorp 11,006,866      87,615
  Piper Sandler Cos.    431,310      85,611
  TPG Inc. Class A  1,886,216      84,314
1 Blackstone Mortgage Trust Inc. Class A  4,208,673      83,795
  ServisFirst Bancshares Inc.  1,250,379      82,975
* Brighthouse Financial Inc.  1,604,688      82,706
  Walker & Dunlop Inc.    812,216      82,083
  Ameris Bancorp 1,673,027 80,941
  International Bancshares Corp. 1,424,844 79,991
  Associated Banc-Corp 3,660,382 78,735
  Artisan Partners Asset Management Inc. Class A 1,671,582 76,508
  United Community Banks Inc. 2,884,404 75,918
  First Bancorp 4,317,685 75,732
  Federated Hermes Inc. Class B 2,089,490 75,472
* Texas Capital Bancshares Inc. 1,209,154 74,423
  BGC Group Inc. Class A 9,451,643 73,439
* Genworth Financial Inc. Class A 11,399,238 73,297
  CNO Financial Group Inc. 2,650,273 72,829
  First Hawaiian Inc. 3,255,540 71,492
* Axos Financial Inc. 1,306,154 70,585
  WSFS Financial Corp. 1,544,422 69,715
* Credit Acceptance Corp. 125,515 69,228
  Atlantic Union Bankshares Corp. 1,915,900 67,650
  Cathay General Bancorp 1,761,340 66,631
  Fulton Financial Corp. 4,188,661 66,558
* Clearwater Analytics Holdings Inc. Class A 3,704,177 65,527
  Community Bank System Inc. 1,360,573 65,348
  Bank of Hawaii Corp. 1,014,076 63,268
  First Interstate BancSystem Inc. Class A 2,254,353 61,341
  CVB Financial Corp. 3,377,671 60,258
  Simmons First National Corp. Class A 3,034,996 59,061
* Oscar Health Inc. Class A 3,964,607 58,954
  Pacific Premier Bancorp Inc. 2,446,402 58,714
  PennyMac Financial Services Inc. 643,389 58,606
*,1 Riot Platforms Inc. 4,743,703 58,063
1 New York Community Bancorp Inc. 17,496,213 56,338
  Independent Bank Corp. 1,063,254 55,310
  Eastern Bankshares Inc. 4,008,921 55,243
  BOK Financial Corp. 581,274 53,477
  BankUnited Inc. 1,898,261 53,151
  First Merchants Corp. 1,516,981 52,943
1 PJT Partners Inc. Class A 556,710 52,475
  First Financial Bancorp 2,305,807 51,696
1 Arbor Realty Trust Inc. 3,829,037 50,735
*,1 Upstart Holdings Inc. 1,875,959 50,445
  Park National Corp. 370,333 50,310
  StepStone Group Inc. Class A 1,390,656 49,702
  WaFd Inc. 1,671,955 48,537
  Cohen & Steers Inc. 627,365 48,238
* BRP Group Inc. Class A 1,641,889 47,516
  Towne Bank 1,674,217 46,979

          Shares Market
Value
($000)
  Virtu Financial Inc. Class A  2,168,981      44,507
  OFG Bancorp  1,202,059      44,248
  Virtus Investment Partners Inc.    174,346      43,234
  WesBanco Inc.  1,441,146      42,961
  Renasant Corp.  1,362,554      42,675
  Banner Corp.    877,466      42,118
  NBT Bancorp Inc.  1,142,956      41,924
  Independent Bank Group Inc.    896,110      40,907
  BancFirst Corp.    462,726      40,734
  Apollo Commercial Real Estate Finance Inc.  3,630,271      40,441
  Trustmark Corp.  1,405,003      39,495
  Horace Mann Educators Corp.  1,043,610      38,603
  Northwest Bancshares Inc.  3,248,573      37,846
  Compass Diversified Holdings  1,561,897      37,595
  City Holding Co. 360,061 37,526
  Mercury General Corp. 707,739 36,519
  Hilltop Holdings Inc. 1,160,761 36,355
* Goosehead Insurance Inc. Class A 544,690 36,287
* Cannae Holdings Inc. 1,626,432 36,172
  Navient Corp. 2,040,179 35,499
1 Two Harbors Investment Corp. 2,643,686 35,002
  National Bank Holdings Corp. Class A 966,003 34,844
  First Commonwealth Financial Corp. 2,480,235 34,525
  Hope Bancorp Inc. 2,919,253 33,601
  Ladder Capital Corp. Class A 2,914,090 32,434
  PennyMac Mortgage Investment Trust 2,205,094 32,371
  Westamerica Bancorp 647,958 31,672
* SiriusPoint Ltd. 2,365,347 30,064
  WisdomTree Inc. 3,268,285 30,036
  Employers Holdings Inc. 658,013 29,867
  S&T Bancorp Inc. 926,332 29,717
  MFA Financial Inc. 2,598,054 29,644
  Safety Insurance Group Inc. 359,463 29,544
  Claros Mortgage Trust Inc. 3,017,098 29,447
  Nelnet Inc. Class A 305,425 28,908
  Chimera Investment Corp. 6,176,523 28,474
  Franklin BSP Realty Trust Inc. 2,117,362 28,288
  Safehold Inc. 1,364,111 28,101
  Provident Financial Services Inc. 1,826,541 26,613
* Encore Capital Group Inc. 570,218 26,008
  National Western Life Group Inc. Class A 52,468 25,812
  Enact Holdings Inc. 813,332 25,360
* Palomar Holdings Inc. 299,465 25,104
* PRA Group Inc. 948,831 24,746
1 ARMOUR Residential REIT Inc. 1,241,808 24,551
  Victory Capital Holdings Inc. Class A 572,200 24,278
  Berkshire Hills Bancorp Inc. 1,053,236 24,140
* LendingClub Corp. 2,669,359 23,464
  BrightSpire Capital Inc. Class A 3,308,683 22,797
* Triumph Financial Inc. 281,958 22,365
*,1 Trupanion Inc. 798,895 22,057
*,1 Lemonade Inc. 1,334,558 21,900
  Redwood Trust Inc. 3,370,822 21,472
  Brookline Bancorp Inc. 2,149,404 21,408
* AssetMark Financial Holdings Inc. 567,813 20,106
  F&G Annuities & Life Inc. 482,264 19,556
  Capitol Federal Financial Inc. 3,063,053 18,256
  TFS Financial Corp. 1,429,295 17,952

          Shares Market
Value
($000)
  Live Oak Bancshares Inc.    425,751      17,673
* Ambac Financial Group Inc.  1,092,662      17,078
  Eagle Bancorp Inc.    723,521      16,995
* ProAssurance Corp.  1,297,109      16,681
1 UWM Holdings Corp. Class A  2,263,967      16,436
  Heartland Financial USA Inc.    461,730      16,230
* Open Lending Corp.  2,437,752      15,260
  Tompkins Financial Corp.    293,346      14,752
  KKR Real Estate Finance Trust Inc.  1,235,024      12,424
* World Acceptance Corp.     85,074      12,334
* Columbia Financial Inc.    667,703      11,491
  United Fire Group Inc.    514,492      11,200
  GCM Grosvenor Inc. Class A  1,039,846      10,045
  P10 Inc. Class A  1,148,886       9,674
  TPG RE Finance Trust Inc. 792,751 6,120
* Hagerty Inc. Class A 538,536 4,928
  Kearny Financial Corp. 697,707 4,493
* loanDepot Inc. Class A 1,556,391 4,031
  Associated Capital Group Inc. Class A 33,634 1,100
            19,674,926
Health Care (10.6%)
* Charles River Laboratories International Inc. 1,310,205 355,000
* Neurocrine Biosciences Inc. 2,538,476 350,107
* Exact Sciences Corp. 4,631,495 319,851
* Shockwave Medical Inc. 941,315 306,520
* Sarepta Therapeutics Inc. 2,267,246 293,518
  Bio-Techne Corp. 4,010,488 282,298
* United Therapeutics Corp. 1,200,490 275,777
  Teleflex Inc. 1,199,004 271,179
  Universal Health Services Inc. Class B 1,479,009 269,860
* Tenet Healthcare Corp. 2,550,727 268,107
* Natera Inc. 2,912,085 266,339
* Medpace Holdings Inc. 627,992 253,803
* Henry Schein Inc. 3,332,421 251,664
* Repligen Corp. 1,351,811 248,625
* Catalent Inc. 4,380,278 247,267
  Chemed Corp. 384,150 246,597
  Bruker Corp. 2,294,904 215,583
  Encompass Health Corp. 2,556,438 211,111
* Penumbra Inc. 938,098 209,365
* Elanco Animal Health Inc. 12,573,674 204,699
* Jazz Pharmaceuticals plc 1,526,616 183,835
  Ensign Group Inc. 1,445,283 179,822
  DENTSPLY SIRONA Inc. 5,405,751 179,417
* HealthEquity Inc. 2,188,466 178,644
* Masimo Corp. 1,213,030 178,133
* Acadia Healthcare Co. Inc. 2,234,560 177,022
* Bio-Rad Laboratories Inc. Class A 507,937 175,680
* Cytokinetics Inc. 2,500,993 175,345
* Exelixis Inc. 7,347,186 174,349
* DaVita Inc. 1,230,198 169,829
* Vaxcyte Inc. 2,474,623 169,041
* Intra-Cellular Therapies Inc. 2,345,824 162,331
* Inspire Medical Systems Inc. 754,612 162,083
* Globus Medical Inc. Class A 2,905,301 155,840
* Insulet Corp. 890,749 152,674
* Apellis Pharmaceuticals Inc. 2,569,174 151,016
* Option Care Health Inc. 4,425,386 148,427

          Shares Market
Value
($000)
* Blueprint Medicines Corp.  1,561,900     148,162
* Ionis Pharmaceuticals Inc.  3,160,348     137,001
* Halozyme Therapeutics Inc.  3,234,787     131,591
* REVOLUTION Medicines Inc.  3,969,368     127,933
  Organon & Co.  6,519,333     122,563
* Alkermes plc  4,261,526     115,360
* Madrigal Pharmaceuticals Inc.    428,059     114,309
* Glaukos Corp.  1,190,194     112,223
  Perrigo Co. plc  3,456,363     111,260
* Haemonetics Corp.  1,295,349     110,558
* Bridgebio Pharma Inc.  3,528,728     109,108
* Krystal Biotech Inc.    611,548     108,813
* Lantheus Holdings Inc.  1,747,775     108,782
* Merit Medical Systems Inc.  1,399,341     106,000
* Insmed Inc. 3,788,032 102,769
* Viking Therapeutics Inc. 1,227,466 100,652
* Integer Holdings Corp. 852,047 99,417
* Iovance Biotherapeutics Inc. 6,403,174 94,895
* Envista Holdings Corp. 4,375,716 93,553
* Ultragenyx Pharmaceutical Inc. 1,995,597 93,174
* Prestige Consumer Healthcare Inc. 1,266,542 91,900
* Evolent Health Inc. Class A 2,785,923 91,350
* Fortrea Holdings Inc. 2,265,046 90,919
* 10X Genomics Inc. Class A 2,413,112 90,564
* Axonics Inc. 1,300,817 89,717
* Amicus Therapeutics Inc. 7,480,833 88,124
* iRhythm Technologies Inc. 750,704 87,082
* Arrowhead Pharmaceuticals Inc. 3,002,427 85,869
* Biohaven Ltd. 1,534,714 83,934
* SpringWorks Therapeutics Inc. 1,686,996 83,034
* Azenta Inc. 1,351,398 81,462
* Progyny Inc. 2,077,742 79,266
  Select Medical Holdings Corp. 2,619,562 78,980
* Neogen Corp. 4,970,536 78,435
* Enovis Corp. 1,253,929 78,308
* Cerevel Therapeutics Holdings Inc. 1,851,201 78,250
*,1 Axsome Therapeutics Inc. 966,285 77,110
* Amedisys Inc. 790,591 72,861
* Doximity Inc. Class A 2,648,766 71,278
  Premier Inc. Class A 3,056,482 67,548
* Nuvalent Inc. Class A 893,648 67,104
* Arvinas Inc. 1,561,032 64,439
* Teladoc Health Inc. 4,251,272 64,194
*,1 Intellia Therapeutics Inc. 2,329,525 64,085
* CorVel Corp. 239,869 63,076
  CONMED Corp. 784,478 62,821
* ICU Medical Inc. 585,116 62,795
* Beam Therapeutics Inc. 1,871,181 61,824
* QuidelOrtho Corp. 1,278,472 61,290
* Guardant Health Inc. 2,950,561 60,870
* Integra LifeSciences Holdings Corp. 1,695,423 60,103
* Inari Medical Inc. 1,249,394 59,946
* Tandem Diabetes Care Inc. 1,675,485 59,329
  Patterson Cos. Inc. 2,127,907 58,837
* ACADIA Pharmaceuticals Inc. 3,141,539 58,087
* Surgery Partners Inc. 1,936,628 57,770
* Hims & Hers Health Inc. 3,637,460 56,272
* PTC Therapeutics Inc. 1,925,586 56,015

          Shares Market
Value
($000)
* Certara Inc.  3,058,997      54,695
* Denali Therapeutics Inc.  2,645,203      54,280
* PROCEPT BioRobotics Corp.  1,095,493      54,139
* Immunovant Inc.  1,668,614      53,913
* Corcept Therapeutics Inc.  2,113,686      53,244
* TG Therapeutics Inc.  3,477,507      52,893
* Owens & Minor Inc.  1,857,822      51,480
* NeoGenomics Inc.  3,257,522      51,208
* Privia Health Group Inc.  2,561,194      50,174
* Kymera Therapeutics Inc.  1,247,830      50,163
* Astrana Health Inc.  1,190,334      49,982
* R1 RCM Inc.  3,745,609      48,243
* Twist Bioscience Corp.  1,402,118      48,107
* STAAR Surgical Co.  1,246,239      47,706
* agilon health Inc. 7,778,087 47,446
* Myriad Genetics Inc. 2,170,907 46,284
* Supernus Pharmaceuticals Inc. 1,325,294 45,206
* Veracyte Inc. 1,934,470 42,868
* Novocure Ltd. 2,735,580 42,757
*,1 Recursion Pharmaceuticals Inc. Class A 4,254,229 42,415
* Agios Pharmaceuticals Inc. 1,435,185 41,965
*,1 Ginkgo Bioworks Holdings Inc. Class A 35,172,073 40,800
* Sotera Health Co. 3,249,351 39,025
* AtriCure Inc. 1,155,072 35,137
* Xencor Inc. 1,555,982 34,434
* Omnicell Inc. 1,162,560 33,982
*,1 Sana Biotechnology Inc. 3,358,186 33,582
* Pacira BioSciences Inc. 1,127,763 32,953
  National HealthCare Corp. 333,661 31,534
* Ligand Pharmaceuticals Inc. 423,621 30,967
* Brookdale Senior Living Inc. 4,602,528 30,423
* Ironwood Pharmaceuticals Inc. Class A 3,392,953 29,553
* Warby Parker Inc. Class A 2,118,180 28,828
* Vir Biotechnology Inc. 2,752,964 27,888
* Harmony Biosciences Holdings Inc. 794,549 26,681
* Relay Therapeutics Inc. 3,182,699 26,416
*,1 CG oncology Inc. 592,072 25,992
* Pacific Biosciences of California Inc. 6,805,565 25,521
* Sage Therapeutics Inc. 1,304,612 24,448
* AdaptHealth Corp. Class A 2,082,545 23,970
* REGENXBIO Inc. 1,122,083 23,642
* Avanos Medical Inc. 1,179,710 23,488
* Healthcare Services Group Inc. 1,872,518 23,369
* Maravai LifeSciences Holdings Inc. Class A 2,691,052 23,331
* Rocket Pharmaceuticals Inc. 860,343 23,178
* Verve Therapeutics Inc. 1,636,929 21,738
* Pediatrix Medical Group Inc. 2,140,852 21,473
* Amneal Pharmaceuticals Inc. 3,510,613 21,274
* Innoviva Inc. 1,386,397 21,129
  Embecta Corp. 1,465,277 19,444
* Varex Imaging Corp. 1,033,424 18,705
* Cytek Biosciences Inc. 2,759,579 18,517
*,1 ImmunityBio Inc. 3,398,327 18,249
  HealthStream Inc. 622,616 16,599
* Phreesia Inc. 672,508 16,093
* Zentalis Pharmaceuticals Inc. 990,714 15,614
* Editas Medicine Inc. 2,078,411 15,422
* Kiniksa Pharmaceuticals Ltd. Class A 765,970 15,113

          Shares Market
Value
($000)
* Treace Medical Concepts Inc.  1,098,630      14,337
*,1 BrightSpring Health Services Inc.  1,306,965      14,207
*,1 Novavax Inc.  2,871,647      13,726
* GoodRx Holdings Inc. Class A  1,881,066      13,356
* BioCryst Pharmaceuticals Inc.  2,605,914      13,238
* Day One Biopharmaceuticals Inc.    775,278      12,808
*,1 ACELYRIN Inc.  1,857,825      12,540
*,1 Prime Medicine Inc.  1,722,718      12,059
* Arcus Biosciences Inc.    635,836      12,005
* Alignment Healthcare Inc.  2,406,036      11,934
*,1 LifeStance Health Group Inc.  1,926,896      11,889
* Adaptive Biotechnologies Corp.  3,322,688      10,666
* Accolade Inc.    886,445       9,290
* Agiliti Inc.    857,942       8,682
* Silk Road Medical Inc. 470,755 8,624
*,1 OPKO Health Inc. 7,097,251 8,517
* Multiplan Corp. 9,918,860 8,046
* Enhabit Inc. 638,310 7,436
* CareDx Inc. 653,934 6,925
* Nevro Corp. 439,874 6,352
*,1 Allogene Therapeutics Inc. 1,284,700 5,743
* Lyell Immunopharma Inc. 2,243,636 5,003
* AnaptysBio Inc. 219,872 4,952
* Amylyx Pharmaceuticals Inc. 1,466,016 4,163
*,1 Theravance Biopharma Inc. 411,935 3,695
* Innovage Holding Corp. 512,739 2,277
*,1,2 Synergy Pharmaceuticals LLC 2,001,166
*,2 OmniAb Inc. 12.5 Earnout 156,690
*,2 OmniAb Inc. 15 Earnout 156,690
            15,423,879
Industrials (22.5%)
* Builders FirstSource Inc. 3,110,710 648,739
* Axon Enterprise Inc. 1,816,040 568,203
  Booz Allen Hamilton Holding Corp. Class A 3,310,109 491,353
  Carlisle Cos. Inc. 1,218,283 477,384
  IDEX Corp. 1,929,251 470,776
  EMCOR Group Inc. 1,200,263 420,332
  Graco Inc. 4,288,998 400,850
  Lennox International Inc. 817,087 399,359
* Saia Inc. 677,261 396,198
  RPM International Inc. 3,286,908 390,978
  Watsco Inc. 864,105 373,267
  Lincoln Electric Holdings Inc. 1,459,344 372,775
  Owens Corning 2,219,996 370,295
  Nordson Corp. 1,312,781 360,411
  Pentair plc 4,218,284 360,410
* TopBuild Corp. 810,547 357,232
* XPO Inc. 2,814,696 343,477
  Advanced Drainage Systems Inc. 1,980,529 341,126
  AECOM 3,469,310 340,270
  Westrock Co. 6,554,363 324,113
  nVent Electric plc 4,212,316 317,609
  Regal Rexnord Corp. 1,691,388 304,619
  Allegion plc 2,233,056 300,815
  Huntington Ingalls Industries Inc. 1,010,229 294,451
  Comfort Systems USA Inc. 910,659 289,325
  ITT Inc. 2,093,925 284,837
  Hubbell Inc. Class B 684,211 283,982

          Shares Market
Value
($000)
  A O Smith Corp.  3,093,548     276,749
* Trex Co. Inc.  2,771,310     276,438
* Core & Main Inc. Class A  4,781,638     273,749
  Fortune Brands Innovations Inc.  3,216,116     272,309
* WEX Inc.  1,090,607     259,052
  Tetra Tech Inc.  1,364,533     252,043
  Curtiss-Wright Corp.    974,490     249,411
  Toro Co.  2,664,346     244,134
  Crown Holdings Inc.  3,078,847     244,029
  AptarGroup Inc.  1,683,847     242,289
  BWX Technologies Inc.  2,334,033     239,518
  Eagle Materials Inc.    878,563     238,749
  Woodward Inc.  1,537,991     237,035
  Donaldson Co. Inc.  3,063,537     228,785
  Graphic Packaging Holding Co. 7,806,214 227,785
  MKS Instruments Inc. 1,706,662 226,986
  Simpson Manufacturing Co. Inc. 1,088,402 223,318
* API Group Corp. 5,669,385 222,637
  WESCO International Inc. 1,299,771 222,625
* Middleby Corp. 1,368,156 219,986
  CH Robinson Worldwide Inc. 2,832,244 215,647
  Knight-Swift Transportation Holdings Inc. Class A 3,913,259 215,308
* WillScot Mobile Mini Holdings Corp. 4,603,025 214,041
  Acuity Brands Inc. 786,008 211,224
* Affirm Holdings Inc. Class A 5,628,263 209,709
  Oshkosh Corp. 1,669,538 208,208
  Robert Half Inc. 2,550,736 202,222
  AGCO Corp. 1,624,499 199,846
  Applied Industrial Technologies Inc. 986,222 194,828
* Generac Holdings Inc. 1,537,369 193,924
* Axalta Coating Systems Ltd. 5,614,692 193,089
* FTI Consulting Inc. 906,365 190,599
* AZEK Co. Inc. Class A 3,719,402 186,788
  Cognex Corp. 4,378,567 185,739
* Paylocity Holding Corp. 1,077,763 185,224
  MSA Safety Inc. 952,789 184,450
* Fluor Corp. 4,346,567 183,773
* Mohawk Industries Inc. 1,380,743 180,725
  Allison Transmission Holdings Inc. 2,226,015 180,663
* Chart Industries Inc. 1,090,682 179,657
  Atkore Inc. 937,792 178,518
  Vontier Corp. 3,925,067 178,041
  Landstar System Inc. 916,829 176,728
* BILL Holdings Inc. 2,547,657 175,075
  Berry Global Group Inc. 2,808,317 169,847
  Brunswick Corp. 1,738,569 167,807
* ATI Inc. 3,254,155 166,515
  Crane Co. 1,231,696 166,439
* GXO Logistics Inc. 3,042,768 163,579
  Esab Corp. 1,460,511 161,489
  Jack Henry & Associates Inc. 929,127 161,417
  Installed Building Products Inc. 614,906 159,095
* Beacon Roofing Supply Inc. 1,610,907 157,901
  Littelfuse Inc. 635,556 154,027
  Flowserve Corp. 3,346,901 152,886
  Genpact Ltd. 4,578,054 150,847
* MasTec Inc. 1,608,407 149,984
  Watts Water Technologies Inc. Class A 697,544 148,263

          Shares Market
Value
($000)
  FTAI Aviation Ltd.  2,173,061     146,247
  AAON Inc.  1,657,905     146,061
  Sonoco Products Co.  2,499,077     144,547
* SPX Technologies Inc.  1,164,315     143,362
* Kirby Corp.  1,492,597     142,274
  Sensata Technologies Holding plc  3,860,551     141,837
  Louisiana-Pacific Corp.  1,658,815     139,191
  Armstrong World Industries Inc.  1,117,365     138,799
* Summit Materials Inc. Class A  3,110,718     138,645
  Air Lease Corp. Class A  2,690,635     138,406
  Sealed Air Corp.  3,683,994     137,045
  Federal Signal Corp.  1,553,971     131,886
  MDU Resources Group Inc.  5,195,991     130,939
  Maximus Inc.  1,556,759     130,612
  Ryder System Inc. 1,064,201 127,906
* ExlService Holdings Inc. 3,996,626 127,093
  Western Union Co. 8,726,646 121,999
* Euronet Worldwide Inc. 1,109,358 121,952
  Valmont Industries Inc. 532,881 121,646
  GATX Corp. 905,734 121,396
  Badger Meter Inc. 748,598 121,131
* ASGN Inc. 1,143,802 119,825
  Zurn Elkay Water Solutions Corp. 3,510,051 117,481
  Moog Inc. Class A 733,513 117,105
* Knife River Corp. 1,442,999 116,998
  Herc Holdings Inc. 686,235 115,493
  MSC Industrial Direct Co. Inc. Class A 1,150,832 111,677
  HB Fuller Co. 1,382,768 110,262
* AeroVironment Inc. 717,604 109,994
* Itron Inc. 1,160,214 107,343
  Franklin Electric Co. Inc. 1,000,185 106,830
  Exponent Inc. 1,291,323 106,780
* Spirit AeroSystems Holdings Inc. Class A 2,960,053 106,769
  Terex Corp. 1,623,262 104,538
* Dycom Industries Inc. 710,864 102,030
  Brink's Co. 1,091,589 100,841
* Verra Mobility Corp. Class A 4,029,955 100,628
  Encore Wire Corp. 381,948 100,368
  Insperity Inc. 903,454 99,028
  Silgan Holdings Inc. 2,037,999 98,965
* GMS Inc. 1,015,551 98,854
  EnerSys 1,030,973 97,386
  Belden Inc. 1,047,863 97,043
* Alight Inc. Class A 9,773,695 96,271
*,1 Shift4 Payments Inc. Class A 1,450,907 95,861
  ManpowerGroup Inc. 1,230,411 95,529
  Matson Inc. 846,284 95,122
  TriNet Group Inc. 709,338 93,980
* ACI Worldwide Inc. 2,773,186 92,098
  Otter Tail Corp. 1,063,881 91,919
  Hillenbrand Inc. 1,789,656 90,002
  Enpro Inc. 533,215 89,991
  Korn Ferry 1,340,287 88,137
  John Bean Technologies Corp. 812,148 85,186
* Gates Industrial Corp. plc 4,717,962 83,555
  ArcBest Corp. 573,377 81,706
  Griffon Corp. 1,104,410 80,997
* Resideo Technologies Inc. 3,522,146 78,967

          Shares Market
Value
($000)
  McGrath RentCorp    624,836      77,086
  Crane NXT Co.  1,234,317      76,404
  Albany International Corp. Class A    795,990      74,433
* Masonite International Corp.    557,163      73,239
* Flywire Corp.  2,896,596      71,865
  ABM Industries Inc.  1,603,427      71,545
* Marqeta Inc. Class A 11,923,293      71,063
  ESCO Technologies Inc.    658,215      70,462
* Kratos Defense & Security Solutions Inc.  3,741,064      68,761
* Remitly Global Inc.  3,306,009      68,567
* Atmus Filtration Technologies Inc.  2,126,024      68,564
  EVERTEC Inc.  1,678,467      66,971
  UniFirst Corp.    385,503      66,858
  ADT Inc.  9,779,963      65,721
  Hub Group Inc. Class A 1,512,479 65,369
* RXO Inc. 2,987,366 65,334
* O-I Glass Inc. 3,920,427 65,040
  Vestis Corp. 3,353,135 64,615
  Brady Corp. Class A 1,085,537 64,351
  Mueller Water Products Inc. Class A 3,984,436 64,110
  Granite Construction Inc. 1,121,077 64,047
  Werner Enterprises Inc. 1,618,863 63,330
* AMN Healthcare Services Inc. 966,791 60,434
* Modine Manufacturing Co. 632,417 60,200
* OSI Systems Inc. 413,221 59,016
  Trinity Industries Inc. 2,089,136 58,182
*,1 Bloom Energy Corp. Class A 5,168,951 58,099
  Tennant Co. 475,228 57,792
  Standex International Corp. 302,939 55,202
  Primoris Services Corp. 1,293,806 55,077
* Aurora Innovation Inc. Class A 19,393,133 54,689
* AvidXchange Holdings Inc. 4,147,510 54,540
* Hayward Holdings Inc. 3,545,214 54,277
* Janus International Group Inc. 3,559,230 53,851
* Mirion Technologies Inc. Class A 4,734,558 53,832
* Hillman Solutions Corp. 4,982,589 53,015
* AAR Corp. 860,652 51,527
  H&E Equipment Services Inc. 791,480 50,797
  Kennametal Inc. 2,023,674 50,470
  Enerpac Tool Group Corp. Class A 1,382,142 49,287
  Kadant Inc. 149,345 49,000
* Legalzoom.com Inc. 3,598,124 47,999
*,1 Joby Aviation Inc. 8,888,901 47,645
* CBIZ Inc. 603,833 47,401
  AZZ Inc. 608,362 47,032
  Bread Financial Holdings Inc. 1,261,754 46,988
  CSW Industrials Inc. 198,159 46,488
* Huron Consulting Group Inc. 478,697 46,252
  Barnes Group Inc. 1,229,221 45,666
* Leonardo DRS Inc. 2,009,878 44,398
* JELD-WEN Holding Inc. 2,076,897 44,093
  Greif Inc. Class A 631,717 43,620
* CoreCivic Inc. 2,732,627 42,656
1 Greenbrier Cos. Inc. 754,800 39,325
* Mercury Systems Inc. 1,289,326 38,035
  Helios Technologies Inc. 844,669 37,748
* Cimpress plc 408,405 36,148
* NCR Atleos Corp. 1,811,634 35,780

          Shares Market
Value
($000)
  Kforce Inc.    479,931      33,845
  Apogee Enterprises Inc.    564,683      33,429
  Kaman Corp.    724,047      33,212
  Lindsay Corp.    282,026      33,183
  Wabash National Corp.  1,095,378      32,796
  Quanex Building Products Corp.    844,147      32,441
  International Seaways Inc.    594,037      31,603
* Payoneer Global Inc.  6,481,575      31,500
* Gibraltar Industries Inc.    389,265      31,348
*,1 Rocket Lab USA Inc.  7,461,788      30,668
  TriMas Corp.  1,060,007      28,334
* Thermon Group Holdings Inc.    862,913      28,235
*,1 Enovix Corp.  3,412,971      27,338
  REV Group Inc.  1,188,605      26,256
  Astec Industries Inc. 582,514 25,462
  Schneider National Inc. Class B 1,076,490 24,372
* Proto Labs Inc. 655,175 23,423
  Deluxe Corp. 1,116,077 22,980
* Vicor Corp. 582,594 22,278
* Air Transport Services Group Inc. 1,578,068 21,714
  Gorman-Rupp Co. 533,495 21,100
  First Advantage Corp. 1,293,019 20,973
*,1 PureCycle Technologies Inc. 3,339,873 20,774
* American Woodmark Corp. 203,930 20,732
  Forward Air Corp. 637,319 19,827
  Kelly Services Inc. Class A 772,963 19,355
  Pitney Bowes Inc. 4,267,943 18,480
* ZipRecruiter Inc. Class A 1,551,381 17,825
  Hyster-Yale Materials Handling Inc. 244,398 15,683
* Triumph Group Inc. 978,054 14,710
* Nikola Corp. 13,992,314 14,552
* Conduent Inc. 4,275,046 14,450
*,1 Virgin Galactic Holdings Inc. 9,154,290 13,548
  Heartland Express Inc. 1,106,611 13,213
  Pactiv Evergreen Inc. 908,478 13,009
* BrightView Holdings Inc. 1,081,386 12,868
* Sterling Check Corp. 719,918 11,576
  National Presto Industries Inc. 135,242 11,333
* CryoPort Inc. 591,870 10,476
* Paymentus Holdings Inc. Class A 415,088 9,443
* Advantage Solutions Inc. 2,077,438 8,995
  Kronos Worldwide Inc. 585,532 6,909
* TaskUS Inc. Class A 441,768 5,147
  TTEC Holdings Inc. 482,690 5,005
* Forrester Research Inc. 146,983 3,169
  Greif Inc. Class B 40,374 2,807
*,2 GCI Liberty Inc. 12,245
            32,718,140
Real Estate (6.9%)
  Kimco Realty Corp. 17,138,267 336,081
  Gaming & Leisure Properties Inc. 6,472,425 298,185
  American Homes 4 Rent Class A 7,838,202 288,289
  Regency Centers Corp. 4,707,026 285,058
  Equity LifeStyle Properties Inc. 4,280,515 275,665
  Camden Property Trust 2,728,400 268,475
  Lamar Advertising Co. Class A 2,234,915 266,871
  Rexford Industrial Realty Inc. 5,280,900 265,629
  CubeSmart 5,734,928 259,333

          Shares Market
Value
($000)
* Jones Lang LaSalle Inc.  1,213,934     236,826
  Boston Properties Inc.  3,603,918     235,372
  EastGroup Properties Inc.  1,223,062     219,870
  Federal Realty Investment Trust  2,110,942     215,569
  NNN REIT Inc.  4,653,527     198,892
  Omega Healthcare Investors Inc.  6,256,409     198,140
  Host Hotels & Resorts Inc.  8,971,133     185,523
  Americold Realty Trust Inc.  7,233,320     180,254
  Brixmor Property Group Inc.  7,665,753     179,762
  STAG Industrial Inc.  4,636,273     178,218
  First Industrial Realty Trust Inc.  3,373,327     177,235
  Healthpeak Properties Inc.  9,033,966     169,387
  Ryman Hospitality Properties Inc.  1,446,613     167,243
  Terreno Realty Corp.  2,385,779     158,416
  UDR Inc. 4,200,789 157,152
  Agree Realty Corp. 2,563,630 146,435
  Healthcare Realty Trust Inc. Class A 9,723,857 137,593
  Vornado Realty Trust 4,373,761 125,833
  Rayonier Inc. 3,781,985 125,713
  Kite Realty Group Trust 5,596,044 121,322
  Apartment Income REIT Corp. Class A 3,511,224 114,009
  Essential Properties Realty Trust Inc. 4,236,080 112,934
  Phillips Edison & Co. Inc. 3,116,808 111,800
  Kilroy Realty Corp. 2,990,245 108,935
  PotlatchDeltic Corp. 2,027,925 95,353
  Macerich Co. 5,508,601 94,913
  Cousins Properties Inc. 3,870,623 93,050
  Independence Realty Trust Inc. 5,731,032 92,442
* Zillow Group Inc. Class A 1,923,002 92,035
1 SL Green Realty Corp. 1,650,798 91,009
  Apple Hospitality REIT Inc. 5,543,359 90,800
  Park Hotels & Resorts Inc. 5,087,297 88,977
  Sabra Health Care REIT Inc. 5,897,362 87,104
  EPR Properties 1,921,148 81,553
1 Hannon Armstrong Sustainable Infrastructure Capital Inc. 2,867,896 81,448
  CareTrust REIT Inc. 3,327,749 81,097
  DigitalBridge Group Inc. 4,160,882 80,180
  Tanger Inc. 2,635,641 77,830
  Broadstone Net Lease Inc. 4,788,569 75,037
  National Storage Affiliates Trust 1,906,955 74,676
  Innovative Industrial Properties Inc. 715,160 74,048
1 Medical Properties Trust Inc. 15,278,789 71,810
  Highwoods Properties Inc. 2,695,778 70,575
  SITE Centers Corp. 4,805,002 70,393
  COPT Defense Properties 2,870,302 69,375
  National Health Investors Inc. 1,052,066 66,101
  LXP Industrial Trust 7,132,062 64,331
  Outfront Media Inc. 3,597,447 60,401
  Sunstone Hotel Investors Inc. 5,241,850 58,394
  Douglas Emmett Inc. 4,057,362 56,276
  St. Joe Co. 967,197 56,068
* Howard Hughes Holdings Inc. 765,255 55,573
  DiamondRock Hospitality Co. 5,350,725 51,420
  Urban Edge Properties 2,853,369 49,278
* Equity Commonwealth 2,594,562 48,985
* Cushman & Wakefield plc 4,640,149 48,536
* Opendoor Technologies Inc. 15,620,080 47,329
  Pebblebrook Hotel Trust 3,070,804 47,321

          Shares Market
Value
($000)
  Global Net Lease Inc.  5,882,384      45,706
  RLJ Lodging Trust  3,780,631      44,687
  Acadia Realty Trust  2,619,609      44,560
* GEO Group Inc.  3,060,555      43,215
  InvenTrust Properties Corp.  1,645,568      42,308
* Compass Inc. Class A 11,295,886      40,665
  Xenia Hotels & Resorts Inc.  2,687,373      40,337
  Retail Opportunity Investments Corp.  3,079,933      39,485
  JBG SMITH Properties  2,348,524      37,694
  Newmark Group Inc. Class A  3,285,413      36,435
  Uniti Group Inc.  6,097,620      35,976
  LTC Properties Inc.  1,102,136      35,830
  Getty Realty Corp.  1,241,521      33,956
  Empire State Realty Trust Inc. Class A  3,303,116      33,461
  Elme Communities 2,247,361 31,283
  Alexander & Baldwin Inc. 1,855,546 30,561
  Veris Residential Inc. 2,005,276 30,500
  Service Properties Trust 4,242,446 28,764
* Zillow Group Inc. Class C 582,374 28,408
* Apartment Investment & Management Co. Class A 3,358,618 27,507
  American Assets Trust Inc. 1,162,414 25,469
  Hudson Pacific Properties Inc. 3,591,875 23,168
  Kennedy-Wilson Holdings Inc. 2,647,620 22,717
  Piedmont Office Realty Trust Inc. Class A 3,151,062 22,152
  Paramount Group Inc. 4,715,684 22,117
  Centerspace 379,440 21,681
  Brandywine Realty Trust 4,380,080 21,024
1 eXp World Holdings Inc. 1,966,152 20,310
  Marcus & Millichap Inc. 584,377 19,968
* Redfin Corp. 2,784,072 18,514
* Forestar Group Inc. 443,686 17,832
* Anywhere Real Estate Inc. 2,384,153 14,734
  Alexander's Inc. 58,487 12,700
  Saul Centers Inc. 304,819 11,733
  Universal Health Realty Income Trust 316,621 11,623
  RMR Group Inc. Class A 377,454 9,059
  Summit Hotel Properties Inc. 1,301,052 8,470
  Bridge Investment Group Holdings Inc. Class A 740,315 5,071
*,2 Spirit MTA REIT 529,410
            9,989,417
Technology (12.9%)
*,1 MicroStrategy Inc. Class A 382,764 652,444
* PTC Inc. 2,897,156 547,389
  Entegris Inc. 3,836,346 539,160
  Jabil Inc. 3,090,749 414,006
* Pure Storage Inc. Class A 7,658,549 398,168
* Manhattan Associates Inc. 1,570,765 393,053
* Nutanix Inc. Class A 6,190,667 382,088
  Vertiv Holdings Co. Class A 4,626,359 377,835
* Dynatrace Inc. 7,173,190 333,123
* DocuSign Inc. Class A 5,202,606 309,815
* F5 Inc. 1,500,329 284,447
* Qorvo Inc. 2,463,283 282,859
* Lattice Semiconductor Corp. 3,508,714 274,487
* Match Group Inc. 6,932,805 251,522
* Dayforce Inc. 3,788,842 250,859
* Toast Inc. Class A 9,849,737 245,455
* Guidewire Software Inc. 2,089,838 243,905

          Shares Market
Value
($000)
* AppLovin Corp. Class A  3,427,697     237,265
* Coherent Corp.  3,872,342     234,741
  Leidos Holdings Inc.  1,731,369     226,965
* Onto Innovation Inc.  1,252,591     226,819
* UiPath Inc. Class A  9,871,744     223,792
  KBR Inc.  3,445,186     219,321
* CACI International Inc. Class A    568,384     215,321
* Elastic NV  2,032,806     203,768
* Procore Technologies Inc.  2,379,500     195,523
  Universal Display Corp.  1,147,618     193,316
  TD SYNNEX Corp.  1,591,905     180,044
* Arrow Electronics Inc.  1,372,361     177,666
* Fabrinet    925,979     175,029
* SPS Commerce Inc.    943,233     174,404
  Science Applications International Corp. 1,327,757 173,126
* Rambus Inc. 2,741,963 169,481
* Samsara Inc. Class A 4,336,850 163,890
* Novanta Inc. 913,497 159,652
* Dropbox Inc. Class A 6,385,676 155,172
* Insight Enterprises Inc. 831,151 154,195
* Qualys Inc. 895,830 149,487
* Confluent Inc. Class A 4,896,574 149,443
* SentinelOne Inc. Class A 6,344,378 147,887
* Tenable Holdings Inc. 2,988,030 147,698
* MACOM Technology Solutions Holdings Inc. 1,470,320 140,621
* ZoomInfo Technologies Inc. Class A 8,716,849 139,731
* Aspen Technology Inc. 648,437 138,299
* Gitlab Inc. Class A 2,339,170 136,420
* Twilio Inc. Class A 2,193,574 134,137
* Kyndryl Holdings Inc. 5,869,377 127,718
* Cirrus Logic Inc. 1,375,493 127,316
  Dolby Laboratories Inc. Class A 1,517,424 127,115
* Smartsheet Inc. Class A 3,301,630 127,113
* Varonis Systems Inc. Class B 2,643,398 124,689
  Paycom Software Inc. 624,023 124,187
* Appfolio Inc. Class A 499,249 123,185
* Altair Engineering Inc. Class A 1,422,861 122,579
* DoubleVerify Holdings Inc. 3,468,368 121,948
* Silicon Laboratories Inc. 813,681 116,942
* Five9 Inc. 1,870,224 116,160
  Avnet Inc. 2,304,528 114,258
* CommVault Systems Inc. 1,113,524 112,945
* Workiva Inc. Class A 1,233,039 104,562
  Power Integrations Inc. 1,450,719 103,799
* Blackbaud Inc. 1,364,065 101,132
  Amkor Technology Inc. 3,135,348 101,084
* Parsons Corp. 1,214,418 100,736
* DXC Technology Co. 4,663,865 98,921
* Box Inc. Class A 3,478,536 98,512
* IAC Inc. 1,838,545 98,068
* Synaptics Inc. 1,002,348 97,789
  Advanced Energy Industries Inc. 951,977 97,083
* Teradata Corp. 2,493,938 96,441
* Freshworks Inc. Class A 5,285,580 96,250
* JFrog Ltd. 2,168,922 95,910
  Concentrix Corp. 1,437,576 95,196
* Wolfspeed Inc. 3,208,608 94,654
* Axcelis Technologies Inc. 833,445 92,946

          Shares Market
Value
($000)
* CCC Intelligent Solutions Holdings Inc.  7,711,673      92,232
* BlackLine Inc.  1,406,315      90,820
* FormFactor Inc.  1,985,195      90,584
* Unity Software Inc.  3,391,698      90,558
* Alarm.com Holdings Inc.  1,210,240      87,706
* Sanmina Corp.  1,351,286      84,023
* Diodes Inc.  1,112,964      78,464
* HashiCorp Inc. Class A  2,843,320      76,627
* Q2 Holdings Inc.  1,431,294      75,229
* Credo Technology Group Holding Ltd.  3,489,925      73,951
  Dun & Bradstreet Holdings Inc.  7,276,110      73,052
* Rapid7 Inc.  1,488,834      73,012
* Envestnet Inc.  1,254,796      72,665
  Vishay Intertechnology Inc.  3,198,231      72,536
*,1 C3.ai Inc. Class A 2,671,090 72,306
* Impinj Inc. 554,963 71,263
* Sprout Social Inc. Class A 1,193,172 71,244
* Ziff Davis Inc. 1,114,930 70,285
* RingCentral Inc. Class A 1,996,320 69,352
  Pegasystems Inc. 1,069,996 69,165
* Plexus Corp. 704,364 66,788
* Yelp Inc. Class A 1,659,501 65,384
* nCino Inc. 1,732,416 64,758
* IPG Photonics Corp. 705,574 63,988
* Braze Inc. Class A 1,399,438 61,995
  Progress Software Corp. 1,119,549 59,683
* Rogers Corp. 474,607 56,331
* LiveRamp Holdings Inc. 1,604,418 55,352
* Cargurus Inc. Class A 2,334,162 53,872
* Verint Systems Inc. 1,608,411 53,319
* Squarespace Inc. Class A 1,462,473 53,292
* Allegro MicroSystems Inc. 1,970,965 53,137
* DigitalOcean Holdings Inc. 1,390,169 53,077
* Veeco Instruments Inc. 1,438,964 50,608
  Xerox Holdings Corp. 2,823,957 50,549
* Perficient Inc. 887,387 49,951
* Ambarella Inc. 975,983 49,551
  Clear Secure Inc. Class A 2,297,324 48,864
* PagerDuty Inc. 2,111,126 47,880
* Semtech Corp. 1,642,626 45,156
* Informatica Inc. Class A 1,282,140 44,875
* Vertex Inc. Class A 1,400,116 44,468
* Schrodinger Inc. 1,605,697 43,354
*,1 Astera Labs Inc. 583,374 43,280
* NCR Voyix Corp. 3,425,473 43,264
*,1 IonQ Inc. 4,183,766 41,796
* Appian Corp. Class A 1,024,436 40,926
* SiTime Corp. 434,812 40,537
* Fastly Inc. Class A 3,085,269 40,016
* Paycor HCM Inc. 2,046,647 39,787
* PROS Holdings Inc. 1,074,774 39,047
* TTM Technologies Inc. 2,482,518 38,851
* Upwork Inc. 3,158,861 38,728
* Zeta Global Holdings Corp. Class A 3,534,158 38,628
* Intapp Inc. 1,107,829 37,999
* NetScout Systems Inc. 1,723,745 37,647
  CSG Systems International Inc. 714,784 36,840
* Everbridge Inc. 1,055,815 36,774

          Shares Market
Value
($000)
* Magnite Inc.  3,346,111      35,971
* Sprinklr Inc. Class A  2,904,365      35,637
* MaxLinear Inc. Class A  1,884,801      35,189
* Jamf Holding Corp.  1,768,890      32,459
* Zuora Inc. Class A  3,452,589      31,488
* Asana Inc. Class A  1,923,194      29,790
* Bumble Inc. Class A  2,615,412      29,685
  Shutterstock Inc.    634,562      29,069
  Adeia Inc.  2,604,644      28,443
* ScanSource Inc.    644,155      28,369
* AvePoint Inc.  3,525,453      27,922
* Reddit Inc. Class A    564,190      27,826
  Benchmark Electronics Inc.    862,719      25,890
* PubMatic Inc. Class A  1,058,927      25,118
* E2open Parent Holdings Inc. 5,474,877 24,308
* Alkami Technology Inc. 971,580 23,872
* Couchbase Inc. 856,304 22,529
* N-able Inc. 1,632,028 21,331
* Amplitude Inc. Class A 1,750,962 19,050
* Xometry Inc. Class A 1,039,706 17,561
* SolarWinds Corp. 1,272,801 16,063
* Cerence Inc. 1,007,490 15,868
* Vimeo Inc. 3,835,291 15,686
* NerdWallet Inc. Class A 1,038,020 15,259
* Yext Inc. 2,526,075 15,232
* nLight Inc. 1,128,696 14,673
* 3D Systems Corp. 3,225,622 14,322
* Olo Inc. Class A 2,587,213 14,204
* Klaviyo Inc. Class A 557,310 14,200
* Planet Labs PBC 5,085,926 12,969
* CEVA Inc. 569,715 12,938
*,1 Rumble Inc. 1,577,504 12,746
* SmartRent Inc. Class A 4,394,364 11,777
* BigCommerce Holdings Inc. 1,652,907 11,389
* Eventbrite Inc. Class A 2,054,084 11,256
* MeridianLink Inc. 598,959 11,201
*,1 Getty Images Holdings Inc. 2,563,939 10,640
  Methode Electronics Inc. 860,741 10,484
* MediaAlpha Inc. Class A 512,710 10,444
* SEMrush Holdings Inc. Class A 761,967 10,104
* Definitive Healthcare Corp. Class A 1,184,284 9,557
* Nextdoor Holdings Inc. 3,938,629 8,862
* Matterport Inc. 3,305,336 7,470
* Enfusion Inc. Class A 674,119 6,236
* Thoughtworks Holding Inc. 2,430,804 6,150
* EverCommerce Inc. 480,566 4,527
* Digital Turbine Inc. 1,233,726 3,232
* SecureWorks Corp. Class A 180,004 1,210
            18,728,698
Telecommunications (1.2%)
  Juniper Networks Inc. 8,212,779 304,366
* Roku Inc. Class A 3,218,343 209,739
* Ciena Corp. 3,701,153 183,022
* Frontier Communications Parent Inc. 6,269,498 153,603
* Liberty Broadband Corp. Class C 1,483,659 84,910
* Lumentum Holdings Inc. 1,718,832 81,387
  Iridium Communications Inc. 2,811,447 73,547
  Cogent Communications Holdings Inc. 1,116,227 72,923

          Shares Market
Value
($000)
  InterDigital Inc.    650,089      69,209
* Viasat Inc.  2,879,098      52,083
* Viavi Solutions Inc.  5,679,125      51,623
  Cable One Inc.    114,742      48,551
* Calix Inc.  1,429,255      47,394
* EchoStar Corp. Class A  3,040,361      43,325
  Telephone & Data Systems Inc.  2,572,281      41,208
* Lumen Technologies Inc. 25,791,058      40,234
*,1 Infinera Corp.  4,908,606      29,599
* Globalstar Inc. 19,442,569      28,581
  Shenandoah Telecommunications Co.  1,217,121      21,141
* Extreme Networks Inc.  1,556,089      17,957
* Altice USA Inc. Class A  5,532,773      14,441
* Liberty Broadband Corp. Class A    212,103      12,115
* United States Cellular Corp. 330,851 12,076
* Gogo Inc. 819,608 7,196
* fuboTV Inc. 3,539,293 5,592
            1,705,822
Utilities (3.2%)
  Atmos Energy Corp. 3,846,858 457,276
  NRG Energy Inc. 5,758,958 389,824
  Vistra Corp. 4,559,684 317,582
* Clean Harbors Inc. 1,238,964 249,416
  Essential Utilities Inc. 6,270,535 232,323
  Pinnacle West Capital Corp. 2,889,618 215,941
  OGE Energy Corp. 5,105,692 175,125
  AES Corp. 9,061,635 162,475
  NiSource Inc. 5,709,345 157,920
  Evergy Inc. 2,929,250 156,363
* Casella Waste Systems Inc. Class A 1,454,066 143,763
  Southwest Gas Holdings Inc. 1,733,197 131,948
  UGI Corp. 5,345,468 131,178
  National Fuel Gas Co. 2,349,856 126,234
* Stericycle Inc. 2,359,880 124,484
  IDACORP Inc. 1,291,363 119,955
  Portland General Electric Co. 2,580,362 108,375
  New Jersey Resources Corp. 2,508,068 107,621
  Black Hills Corp. 1,739,456 94,974
  ONE Gas Inc. 1,442,305 93,072
  ALLETE Inc. 1,469,079 87,616
  Ormat Technologies Inc. 1,309,218 86,657
  PNM Resources Inc. 2,188,935 82,392
  Northwestern Energy Group Inc. 1,562,761 79,591
  Spire Inc. 1,289,923 79,163
1 MGE Energy Inc. 922,513 72,620
* Sunrun Inc. 5,324,320 70,175
  Avista Corp. 1,994,002 69,830
  California Water Service Group 1,472,735 68,453
  American States Water Co. 943,649 68,169
  Clearway Energy Inc. Class C 2,089,936 48,173
  Northwest Natural Holding Co. 940,192 34,994
  Hawaiian Electric Industries Inc. 2,804,230 31,604
  Clearway Energy Inc. Class A 897,560 19,307
*,1 Sunnova Energy International Inc. 2,647,812 16,231
* Enviri Corp. 1,015,940 9,296
*,1 NuScale Power Corp. Class A 1,465,220 7,780
  Excelerate Energy Inc. Class A 467,893 7,496

          Shares Market
Value
($000)
*,1 Net Power Inc.    632,373       7,203
            4,642,599
Total Common Stocks (Cost $103,657,270) 145,169,260
      Coupon      
Temporary Cash Investments (1.4%)
Money Market Fund (1.4%)
3,4 Vanguard Market Liquidity Fund
(Cost $2,032,347)
5.407%   20,338,626   2,033,456
Total Investments (101.3%) (Cost $105,689,617)   147,202,716
Other Assets and Liabilities—Net (-1.3%)   (1,918,126)
Net Assets (100%)   145,284,590
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 $1,802,409,000.
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 $2,020,764,000 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 2024 231 24,785 126
E-mini S&P 500 Index June 2024 49 13,006 287
E-mini S&P Mid-Cap 400 Index June 2024 309 95,092 1,600
        2,013
    
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)
Arbor Realty Trust Inc. 1/31/25 GSI 6,480 (5.332) 136
Invesco Ltd. 8/30/24 BANA 4,315 (5.878) 367
          503
1 Based on USD Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly.
  BANA—Bank of America, N.A.
  GSI—Goldman Sachs International.

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

to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
D.   Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments and derivatives as of March 31, 2024, based on the inputs used to value them:
  Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments        
Assets        
Common Stocks 145,169,260 145,169,260
Temporary Cash Investments 2,033,456 2,033,456
Total 147,202,716 147,202,716
Derivative Financial Instruments        
Assets        
Futures Contracts1 2,013 2,013
Swap Contracts 503 503
Total 2,013 503 2,516
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.