| Shares | Market Value ($000) | ||
| Common Stocks (99.8%) | |||
| Aerospace & Defense (18.9%) | |||
| General Electric Co. | 1,218,131 | 201,162 | |
| RTX Corp. | 1,481,171 | 159,685 | |
| * | Boeing Co. | 645,839 | 114,707 |
| Lockheed Martin Corp. | 241,138 | 113,417 | |
| TransDigm Group Inc. | 61,956 | 83,221 | |
| General Dynamics Corp. | 259,473 | 77,782 | |
| Northrop Grumman Corp. | 156,797 | 70,679 | |
| L3Harris Technologies Inc. | 211,794 | 47,618 | |
| Howmet Aerospace Inc. | 432,253 | 36,590 | |
| * | Axon Enterprise Inc. | 79,877 | 22,499 |
| Textron Inc. | 214,325 | 18,777 | |
| HEICO Corp. Class A | 83,206 | 14,616 | |
| Woodward Inc. | 67,179 | 12,529 | |
| Curtiss-Wright Corp. | 42,572 | 12,040 | |
| Huntington Ingalls Industries Inc. | 44,133 | 11,170 | |
| HEICO Corp. | 49,318 | 10,937 | |
| BWX Technologies Inc. | 101,753 | 9,375 | |
| Hexcel Corp. | 92,581 | 6,376 | |
| * | AeroVironment Inc. | 31,337 | 6,335 |
| Moog Inc. Class A | 32,034 | 5,428 | |
| * | Spirit AeroSystems Holdings Inc. Class A | 129,512 | 3,927 |
| * | Kratos Defense & Security Solutions Inc. | 167,081 | 3,632 |
| * | AAR Corp. | 39,521 | 2,806 |
| * | Leonardo DRS Inc. | 87,807 | 2,068 |
| * | Mercury Systems Inc. | 56,224 | 1,740 |
| *,1 | Rocket Lab USA Inc. | 354,533 | 1,549 |
| * | Triumph Group Inc. | 86,204 | 1,216 |
| Cadre Holdings Inc. | 28,815 | 946 | |
| * | Ducommun Inc. | 13,856 | 806 |
| *,1 | Archer Aviation Inc. Class A | 237,499 | 777 |
| * | V2X Inc. | 13,999 | 674 |
| National Presto Industries Inc. | 6,120 | 456 | |
| *,1 | Virgin Galactic Holdings Inc. | 418,884 | 362 |
| * | Aersale Corp. | 35,504 | 269 |
| 1,056,171 | |||
| Air Freight & Logistics (3.9%) | |||
| United Parcel Service Inc. Class B (XNYS) | 810,963 | 112,667 | |
| FedEx Corp. | 260,672 | 66,200 | |
| Expeditors International of Washington Inc. | 160,309 | 19,381 | |
| CH Robinson Worldwide Inc. | 128,907 | 11,134 | |
| * | GXO Logistics Inc. | 132,838 | 6,673 |
| Hub Group Inc. Class A | 69,325 | 2,991 | |
| * | Air Transport Services Group Inc. | 59,528 | 804 |
| Forward Air Corp. | 30,002 | 504 | |
| 220,354 | |||
| Building Products (7.5%) | |||
| Trane Technologies plc | 253,007 | 82,850 | |
| Carrier Global Corp. | 902,643 | 57,038 | |
| Johnson Controls International plc | 759,322 | 54,603 | |
| Carlisle Cos. Inc. | 53,264 | 22,280 | |
| * | Builders FirstSource Inc. | 135,865 | 21,846 |
| Lennox International Inc. | 35,722 | 17,954 | |
| Owens Corning | 96,925 | 17,550 | |
| Masco Corp. | 244,850 | 17,120 | |
| Advanced Drainage Systems Inc. | 77,840 | 13,504 | |
| Allegion plc | 97,565 | 11,885 | |
| A O Smith Corp. | 135,164 | 11,305 | |
| * | Trex Co. Inc. | 121,039 | 10,467 |
| Fortune Brands Innovations Inc. | 140,683 | 9,856 | |
| Shares | Market Value ($000) | ||
| UFP Industries Inc. | 68,562 | 8,192 | |
| Simpson Manufacturing Co. Inc. | 47,291 | 7,847 | |
| * | AZEK Co. Inc. | 146,245 | 7,014 |
| AAON Inc. | 77,762 | 5,836 | |
| Armstrong World Industries Inc. | 48,817 | 5,653 | |
| Zurn Elkay Water Solutions Corp. | 162,890 | 5,100 | |
| CSW Industrials Inc. | 17,259 | 4,388 | |
| * | Resideo Technologies Inc. | 162,255 | 3,505 |
| Griffon Corp. | 44,078 | 2,977 | |
| AZZ Inc. | 30,911 | 2,593 | |
| * | Gibraltar Industries Inc. | 34,046 | 2,569 |
| * | Hayward Holdings Inc. | 167,216 | 2,423 |
| * | Masterbrand Inc. | 140,848 | 2,354 |
| * | Janus International Group Inc. | 153,742 | 2,134 |
| Apogee Enterprises Inc. | 24,428 | 1,587 | |
| * | American Woodmark Corp. | 17,673 | 1,522 |
| * | JELD-WEN Holding Inc. | 95,371 | 1,479 |
| Quanex Building Products Corp. | 36,531 | 1,204 | |
| Insteel Industries Inc. | 21,357 | 702 | |
| 417,337 | |||
| Commercial Services & Supplies (7.9%) | |||
| Waste Management Inc. | 447,448 | 94,291 | |
| Cintas Corp. | 101,744 | 68,979 | |
| * | Copart Inc. | 964,568 | 51,180 |
| Waste Connections Inc. (XTSE) | 287,112 | 47,178 | |
| Republic Services Inc. | 245,651 | 45,492 | |
| Veralto Corp. | 274,730 | 27,083 | |
| Rollins Inc. | 323,656 | 14,788 | |
| Tetra Tech Inc. | 59,570 | 12,479 | |
| * | Clean Harbors Inc. | 57,051 | 12,357 |
| MSA Safety Inc. | 41,618 | 7,491 | |
| * | Casella Waste Systems Inc. Class A | 63,530 | 6,390 |
| * | Stericycle Inc. | 103,129 | 5,315 |
| Brink's Co. | 49,830 | 5,144 | |
| Brady Corp. Class A | 49,891 | 3,406 | |
| ABM Industries Inc. | 70,503 | 3,333 | |
| * | ACV Auctions Inc. Class A | 164,460 | 2,936 |
| UniFirst Corp. | 16,881 | 2,677 | |
| HNI Corp. | 52,675 | 2,478 | |
| MillerKnoll Inc. | 80,135 | 2,210 | |
| * | OPENLANE Inc. | 120,648 | 2,081 |
| * | GEO Group Inc. | 141,360 | 2,055 |
| * | CoreCivic Inc. | 125,429 | 2,013 |
| Vestis Corp. | 139,879 | 1,723 | |
| * | Cimpress plc | 19,367 | 1,598 |
| * | Montrose Environmental Group Inc. | 32,455 | 1,526 |
| VSE Corp. | 17,928 | 1,468 | |
| Steelcase Inc. Class A | 94,700 | 1,294 | |
| Deluxe Corp. | 49,040 | 1,115 | |
| Interface Inc. | 65,027 | 1,048 | |
| Pitney Bowes Inc. | 176,123 | 955 | |
| * | BrightView Holdings Inc. | 68,360 | 944 |
| Matthews International Corp. Class A | 32,408 | 918 | |
| * | Healthcare Services Group Inc. | 81,880 | 883 |
| * | Driven Brands Holdings Inc. | 73,971 | 850 |
| * | CECO Environmental Corp. | 33,091 | 828 |
| * | Viad Corp. | 23,512 | 822 |
| * | Enviri Corp. | 87,580 | 775 |
| Ennis Inc. | 28,855 | 607 | |
| ACCO Brands Corp. | 104,714 | 533 | |
| * | Liquidity Services Inc. | 26,317 | 516 |
| 439,759 | |||
| Construction & Engineering (3.0%) | |||
| Quanta Services Inc. | 163,119 | 45,011 | |
| EMCOR Group Inc. | 52,441 | 20,382 | |
| AECOM | 151,589 | 13,240 | |
| Comfort Systems USA Inc. | 39,762 | 13,016 | |
| * | WillScot Mobile Mini Holdings Corp. | 211,694 | 8,347 |
| * | Fluor Corp. | 189,478 | 8,223 |
| Shares | Market Value ($000) | ||
| * | MasTec Inc. | 70,677 | 7,934 |
| * | API Group Corp. | 218,728 | 7,795 |
| * | Dycom Industries Inc. | 32,417 | 5,834 |
| Valmont Industries Inc. | 22,528 | 5,664 | |
| MDU Resources Group Inc. | 215,656 | 5,443 | |
| Arcosa Inc. | 54,133 | 4,759 | |
| * | Sterling Infrastructure Inc. | 34,466 | 4,235 |
| Primoris Services Corp. | 59,554 | 3,261 | |
| Granite Construction Inc. | 48,798 | 3,040 | |
| * | MYR Group Inc. | 18,658 | 2,893 |
| * | Construction Partners Inc. Class A | 48,848 | 2,843 |
| * | IES Holdings Inc. | 10,142 | 1,546 |
| * | Ameresco Inc. Class A | 36,130 | 1,319 |
| * | Tutor Perini Corp. | 49,285 | 1,087 |
| Argan Inc. | 13,952 | 985 | |
| * | Great Lakes Dredge & Dock Corp. | 73,074 | 669 |
| 167,526 | |||
| Electrical Equipment (9.2%) | |||
| Eaton Corp. plc | 445,562 | 148,305 | |
| Emerson Electric Co. | 636,993 | 71,445 | |
| * | GE Vernova Inc. | 305,391 | 53,718 |
| AMETEK Inc. | 257,616 | 43,687 | |
| Vertiv Holdings Co. Class A | 404,312 | 39,651 | |
| Rockwell Automation Inc. | 127,701 | 32,887 | |
| Hubbell Inc. | 59,752 | 23,237 | |
| nVent Electric plc | 183,917 | 14,967 | |
| Regal Rexnord Corp. | 74,100 | 11,081 | |
| * | Generac Holdings Inc. | 67,151 | 9,885 |
| Acuity Brands Inc. | 34,314 | 8,908 | |
| * | NEXTracker Inc. Class A | 136,921 | 7,554 |
| Sensata Technologies Holding plc | 167,646 | 6,927 | |
| Atkore Inc. | 40,964 | 6,233 | |
| Encore Wire Corp. | 17,626 | 5,089 | |
| EnerSys | 45,029 | 4,856 | |
| *,1 | Bloom Energy Corp. Class A | 226,428 | 3,695 |
| * | Sunrun Inc. | 245,263 | 3,547 |
| *,1 | Plug Power Inc. | 724,701 | 2,413 |
| * | Array Technologies Inc. | 169,058 | 2,397 |
| Powell Industries Inc. | 10,718 | 1,928 | |
| * | Fluence Energy Inc. | 70,839 | 1,780 |
| *,1 | Enovix Corp. | 159,711 | 1,696 |
| * | Shoals Technologies Group Inc. Class A | 190,921 | 1,503 |
| * | Thermon Group Holdings Inc. | 37,689 | 1,272 |
| * | Vicor Corp. | 25,316 | 886 |
| *,1 | ChargePoint Holdings Inc. | 430,287 | 723 |
| *,1 | FuelCell Energy Inc. | 496,014 | 445 |
| Allient Inc. | 15,903 | 431 | |
| *,1 | NuScale Power Corp. | 48,045 | 420 |
| Preformed Line Products Co. | 2,743 | 369 | |
| *,1 | SunPower Corp. | 105,584 | 353 |
| * | GrafTech International Ltd. | 211,837 | 350 |
| * | Blink Charging Co. | 107,128 | 333 |
| *,1 | Freyr Battery Inc. | 120,757 | 290 |
| * | TPI Composites Inc. | 47,443 | 260 |
| *,1 | Stem Inc. | 161,751 | 215 |
| *,1 | Net Power Inc. | 20,111 | 211 |
| * | SES AI Corp. | 102,704 | 128 |
| *,1 | Energy Vault Holdings Inc. | 90,992 | 119 |
| *,1 | ESS Tech Inc. | 60,908 | 45 |
| 514,239 | |||
| Ground Transportation (9.9%) | |||
| Union Pacific Corp. | 679,415 | 158,181 | |
| * | Uber Technologies Inc. | 2,087,405 | 134,763 |
| CSX Corp. | 2,182,781 | 73,669 | |
| Norfolk Southern Corp. | 251,693 | 56,581 | |
| Old Dominion Freight Line Inc. | 218,230 | 38,245 | |
| JB Hunt Transport Services Inc. | 92,126 | 14,809 | |
| * | XPO Inc. | 129,371 | 13,840 |
| * | Saia Inc. | 29,624 | 12,130 |
| Shares | Market Value ($000) | ||
| Knight-Swift Transportation Holdings Inc. | 179,585 | 8,665 | |
| Landstar System Inc. | 39,790 | 7,243 | |
| U-Haul Holding Co. | 108,187 | 6,577 | |
| * | Lyft Inc. Class A | 414,211 | 6,466 |
| Ryder System Inc. | 49,329 | 5,992 | |
| ArcBest Corp. | 26,064 | 2,750 | |
| * | RXO Inc. | 130,988 | 2,673 |
| Werner Enterprises Inc. | 67,166 | 2,523 | |
| Avis Budget Group Inc. | 19,753 | 2,246 | |
| Schneider National Inc. Class B | 62,872 | 1,413 | |
| Marten Transport Ltd. | 67,697 | 1,198 | |
| FTAI Infrastructure Inc. | 113,643 | 972 | |
| * | Hertz Global Holdings Inc. | 135,905 | 593 |
| Heartland Express Inc. | 52,287 | 592 | |
| Covenant Logistics Group Inc. | 8,975 | 427 | |
| Universal Logistics Holdings Inc. | 8,908 | 390 | |
| 552,938 | |||
| Industrial Conglomerates (3.7%) | |||
| Honeywell International Inc. | 726,643 | 146,920 | |
| 3M Co. | 615,833 | 61,669 | |
| 208,589 | |||
| Machinery (19.6%) | |||
| Caterpillar Inc. | 556,380 | 188,346 | |
| Deere & Co. | 294,635 | 110,417 | |
| Parker-Hannifin Corp. | 143,077 | 76,048 | |
| Illinois Tool Works Inc. | 310,911 | 75,474 | |
| PACCAR Inc. | 583,845 | 62,763 | |
| Otis Worldwide Corp. | 451,748 | 44,813 | |
| Cummins Inc. | 152,356 | 42,923 | |
| Ingersoll Rand Inc. (XYNS) | 449,394 | 41,816 | |
| Xylem Inc. | 269,389 | 37,989 | |
| Westinghouse Air Brake Technologies Corp. | 197,237 | 33,378 | |
| Fortive Corp. | 391,513 | 29,144 | |
| Dover Corp. | 153,053 | 28,134 | |
| IDEX Corp. | 84,286 | 17,585 | |
| Snap-on Inc. | 58,735 | 16,026 | |
| Graco Inc. | 187,682 | 15,155 | |
| Pentair plc | 184,339 | 15,002 | |
| Stanley Black & Decker Inc. | 171,371 | 14,938 | |
| Nordson Corp. | 60,540 | 14,210 | |
| Lincoln Electric Holdings Inc. | 63,316 | 12,433 | |
| ITT Inc. | 91,658 | 12,180 | |
| CNH Industrial NV | 970,865 | 10,252 | |
| Donaldson Co. Inc. | 134,115 | 9,882 | |
| Toro Co. | 116,334 | 9,329 | |
| * | RBC Bearings Inc. | 30,919 | 9,130 |
| Oshkosh Corp. | 73,058 | 8,309 | |
| Crane Co. | 54,015 | 8,053 | |
| * | Middleby Corp. | 59,726 | 7,699 |
| AGCO Corp. | 70,615 | 7,579 | |
| * | Chart Industries Inc. | 47,107 | 7,397 |
| Allison Transmission Holdings Inc. | 97,154 | 7,365 | |
| Flowserve Corp. | 146,391 | 7,276 | |
| * | SPX Technologies Inc. | 50,842 | 7,088 |
| Mueller Industries Inc. | 120,097 | 7,075 | |
| Esab Corp. | 63,886 | 6,569 | |
| Timken Co. | 74,245 | 6,451 | |
| Federal Signal Corp. | 67,998 | 6,257 | |
| Watts Water Technologies Inc. Class A | 30,473 | 6,068 | |
| Terex Corp. | 74,796 | 4,463 | |
| Franklin Electric Co. Inc. | 43,671 | 4,344 | |
| * | Gates Industrial Corp. plc | 220,875 | 3,848 |
| Kadant Inc. | 13,059 | 3,735 | |
| Hillenbrand Inc. | 78,178 | 3,635 | |
| Enpro Inc. | 22,320 | 3,421 | |
| John Bean Technologies Corp. | 35,458 | 3,387 | |
| Mueller Water Products Inc. Class A | 174,003 | 3,230 | |
| ESCO Technologies Inc. | 28,748 | 3,137 | |
| Albany International Corp. Class A | 34,697 | 3,044 | |
| Shares | Market Value ($000) | ||
| Trinity Industries Inc. | 91,221 | 2,869 | |
| * | Atmus Filtration Technologies Inc. | 93,034 | 2,869 |
| Enerpac Tool Group Corp. | 60,452 | 2,377 | |
| Alamo Group Inc. | 12,081 | 2,295 | |
| Standex International Corp. | 13,287 | 2,235 | |
| Kennametal Inc. | 84,217 | 2,169 | |
| Tennant Co. | 20,114 | 2,065 | |
| * | Hillman Solutions Corp. | 217,805 | 2,002 |
| Barnes Group Inc. | 50,834 | 1,957 | |
| * | Blue Bird Corp. | 34,070 | 1,942 |
| Greenbrier Cos. Inc. | 34,686 | 1,916 | |
| Helios Technologies Inc. | 36,909 | 1,848 | |
| * | Symbotic Inc. | 39,313 | 1,556 |
| REV Group Inc. | 54,892 | 1,505 | |
| Lindsay Corp. | 12,345 | 1,418 | |
| Columbus McKinnon Corp. | 32,051 | 1,253 | |
| Wabash National Corp. | 50,440 | 1,141 | |
| * | Proto Labs Inc. | 29,007 | 898 |
| * | Energy Recovery Inc. | 64,390 | 869 |
| Gorman-Rupp Co. | 23,376 | 807 | |
| Miller Industries Inc. | 12,774 | 777 | |
| Astec Industries Inc. | 23,776 | 773 | |
| Hyster-Yale Materials Handling Inc. | 9,406 | 683 | |
| *,1 | Nikola Corp. | 1,265,467 | 648 |
| Douglas Dynamics Inc. | 25,267 | 628 | |
| * | 3D Systems Corp. | 148,639 | 523 |
| * | Manitowoc Co. Inc. | 38,722 | 481 |
| Shyft Group Inc. | 36,431 | 462 | |
| * | Titan International Inc. | 55,471 | 459 |
| Luxfer Holdings plc | 29,676 | 366 | |
| * | Hyliion Holdings Corp. | 136,655 | 202 |
| *,1 | Desktop Metal Inc. Class A | 251,119 | 142 |
| *,1 | Hyzon Motors Inc. | 150,800 | 80 |
| *,1 | Microvast Holdings Inc. | 211,907 | 79 |
| *,1 | Velo3D Inc. | 205,510 | 31 |
| 1,099,122 | |||
| Marine Transportation (0.2%) | |||
| * | Kirby Corp. | 65,123 | 8,087 |
| Matson Inc. | 38,402 | 4,923 | |
| Genco Shipping & Trading Ltd. | 45,795 | 1,031 | |
| 14,041 | |||
| Passenger Airlines (1.8%) | |||
| Delta Air Lines Inc. | 719,032 | 36,685 | |
| * | United Airlines Holdings Inc. | 366,357 | 19,413 |
| Southwest Airlines Co. | 666,615 | 17,892 | |
| * | American Airlines Group Inc. | 731,058 | 8,407 |
| * | Alaska Air Group Inc. | 140,171 | 5,890 |
| * | SkyWest Inc. | 44,788 | 3,344 |
| * | JetBlue Airways Corp. | 359,285 | 2,009 |
| *,1 | Joby Aviation Inc. | 391,916 | 1,909 |
| Allegiant Travel Co. | 17,367 | 924 | |
| * | Hawaiian Holdings Inc. | 56,901 | 777 |
| * | Sun Country Airlines Holdings Inc. | 48,440 | 513 |
| 1 | Spirit Airlines Inc. | 120,885 | 441 |
| * | Frontier Group Holdings Inc. | 75,027 | 411 |
| 98,615 | |||
| Professional Services (8.8%) | |||
| Automatic Data Processing Inc. | 457,710 | 112,102 | |
| Paychex Inc. | 360,974 | 43,375 | |
| Verisk Analytics Inc. | 159,041 | 40,202 | |
| Equifax Inc. | 138,428 | 32,031 | |
| Broadridge Financial Solutions Inc. | 131,229 | 26,347 | |
| Booz Allen Hamilton Holding Corp. | 144,483 | 21,992 | |
| Leidos Holdings Inc. | 143,029 | 21,032 | |
| Jacobs Solutions Inc. | 140,002 | 19,508 | |
| TransUnion | 216,416 | 15,565 | |
| SS&C Technologies Holdings Inc. | 247,888 | 15,381 | |
| * | CACI International Inc. Class A | 24,832 | 10,541 |
| KBR Inc. | 150,521 | 9,883 | |
| Shares | Market Value ($000) | ||
| * | FTI Consulting Inc. | 39,710 | 8,530 |
| Paycom Software Inc. | 57,310 | 8,328 | |
| * | Dayforce Inc. | 164,467 | 8,135 |
| Science Applications International Corp. | 57,544 | 7,748 | |
| Robert Half Inc. | 117,104 | 7,522 | |
| * | Paylocity Holding Corp. | 50,215 | 7,139 |
| Maximus Inc. | 67,896 | 5,846 | |
| * | ExlService Holdings Inc. | 184,417 | 5,507 |
| Exponent Inc. | 56,213 | 5,347 | |
| * | Verra Mobility Corp. | 176,357 | 4,698 |
| * | Parsons Corp. | 53,077 | 4,042 |
| ManpowerGroup Inc. | 53,900 | 4,022 | |
| Korn Ferry | 58,136 | 3,833 | |
| TriNet Group Inc. | 36,720 | 3,818 | |
| * | CBIZ Inc. | 50,178 | 3,804 |
| Insperity Inc. | 39,370 | 3,729 | |
| * | Alight Inc. Class A | 427,328 | 3,312 |
| Dun & Bradstreet Holdings Inc. | 317,896 | 3,049 | |
| ICF International Inc. | 20,818 | 2,972 | |
| Concentrix Corp. | 47,708 | 2,926 | |
| * | Clarivate plc | 335,156 | 1,910 |
| * | Huron Consulting Group Inc. | 20,679 | 1,826 |
| * | Upwork Inc. | 145,461 | 1,537 |
| * | NV5 Global Inc. | 16,052 | 1,509 |
| CSG Systems International Inc. | 32,732 | 1,412 | |
| CRA International Inc. | 7,804 | 1,373 | |
| Kforce Inc. | 20,701 | 1,279 | |
| * | Legalzoom.com Inc. | 137,570 | 1,208 |
| * | Paycor HCM Inc. | 80,210 | 992 |
| Barrett Business Services Inc. | 7,282 | 964 | |
| First Advantage Corp. | 56,737 | 911 | |
| Heidrick & Struggles International Inc. | 22,797 | 781 | |
| Kelly Services Inc. Class A | 35,864 | 780 | |
| * | Conduent Inc. | 173,330 | 607 |
| * | Sterling Check Corp. | 33,057 | 508 |
| * | Franklin Covey Co. | 12,382 | 458 |
| * | Planet Labs PBC | 220,541 | 410 |
| Resources Connection Inc. | 35,164 | 403 | |
| * | TrueBlue Inc. | 35,791 | 387 |
| * | TaskUS Inc. Class A | 20,188 | 289 |
| * | Hireright Holdings Corp. | 18,804 | 269 |
| * | Forrester Research Inc. | 14,122 | 254 |
| TTEC Holdings Inc. | 20,826 | 131 | |
| 492,464 | |||
| Trading Companies & Distributors (5.4%) | |||
| United Rentals Inc. | 74,865 | 50,115 | |
| Ferguson plc | 225,968 | 46,491 | |
| WW Grainger Inc. | 49,309 | 45,436 | |
| Fastenal Co. | 637,917 | 42,090 | |
| Watsco Inc. | 37,811 | 17,956 | |
| * | Core & Main Inc. Class A | 214,213 | 12,330 |
| FTAI Aviation Ltd. | 111,686 | 9,417 | |
| WESCO International Inc. | 51,135 | 9,178 | |
| Applied Industrial Technologies Inc. | 43,027 | 8,304 | |
| * | SiteOne Landscape Supply Inc. | 50,293 | 7,786 |
| * | Beacon Roofing Supply Inc. | 70,682 | 6,860 |
| Boise Cascade Co. | 44,139 | 6,060 | |
| Air Lease Corp. | 117,994 | 5,621 | |
| GATX Corp. | 37,656 | 5,195 | |
| Herc Holdings Inc. | 30,014 | 4,354 | |
| MSC Industrial Direct Co. Inc. Class A | 50,164 | 4,309 | |
| * | GMS Inc. | 42,151 | 3,961 |
| Rush Enterprises Inc. Class A | 68,835 | 3,107 | |
| McGrath RentCorp. | 27,352 | 2,981 | |
| * | DNOW Inc. | 121,294 | 1,770 |
| H&E Equipment Services Inc. | 36,603 | 1,734 | |
| * | Transcat Inc. | 10,178 | 1,297 |
| * | MRC Global Inc. | 94,919 | 1,262 |
| * | BlueLinx Holdings Inc. | 9,153 | 942 |
| Shares | Market Value ($000) | ||
| * | DXP Enterprises Inc. | 15,448 | 767 |
| Global Industrial Co. | 21,219 | 734 | |
| * | Xometry Inc. Class A | 43,821 | 672 |
| * | Titan Machinery Inc. | 22,458 | 423 |
| * | Hudson Technologies Inc. | 44,950 | 401 |
| Karat Packaging Inc. | 8,925 | 255 | |
| Alta Equipment Group Inc. | 22,419 | 189 | |
| 301,997 | |||
| Total Common Stocks (Cost $4,683,147) | 5,583,152 | ||
| Temporary Cash Investments (0.2%) | |||
| Money Market Fund (0.2%) | |||
| 2,3 | Vanguard Market Liquidity Fund, 5.397% (Cost $12,120) | 121,234 | 12,122 |
| Total Investments (100.0%) (Cost $4,695,267) | 5,595,274 | ||
| Other Assets and Liabilities—Net (0.0%) | 138 | ||
| Net Assets (100.0%) | 5,595,412 | ||
| 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 $8,889,000. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $10,721,000 was received for securities on loan. |
| 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) |
| Illinois Tool Works Inc. | 1/31/25 | CITNA | 5,341 | (5.325) | — | (12) |
| 1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
| CITNA—Citibank, N.A. |
| A. | Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. |
| B. | Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments. |
| C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 5,583,152 | — | — | 5,583,152 |
| Temporary Cash Investments | 12,122 | — | — | 12,122 |
| Total | 5,595,274 | — | — | 5,595,274 |
| Derivative Financial Instruments | ||||
| Liabilities | ||||
| Swap Contracts | — | 12 | — | 12 |