Vanguard® Russell 2000 Value Index Fund
Schedule of Investments (unaudited)
As of May 31, 2026
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 (99.8%)
Basic Materials (5.1%)
  Coeur Mining Inc.   402,409     7,775
  Hecla Mining Co.   383,231     6,810
  Commercial Metals Co.    87,960     6,689
* SSR Mining Inc. (XTSE)   160,422     5,008
* Perimeter Solutions Inc.   109,935     3,549
  UFP Industries Inc.    43,597     3,531
  Materion Corp.    13,140     2,891
  Avient Corp.    72,379     2,564
* Energy Fuels Inc.   135,425     2,467
* Constellium SE    68,131     2,334
* USA Rare Earth Inc.    73,362     2,055
  Minerals Technologies Inc.    24,895     1,917
  Quaker Chemical Corp.    10,881     1,562
  Innospec Inc.    18,746     1,555
* Ecovyst Inc.    89,449     1,180
  Kaiser Aluminum Corp.     6,078     1,106
  Worthington Steel Inc.    26,054     1,099
  Ryerson Holding Corp.    34,524       987
  Stepan Co.    16,926       895
* NWPX Infrastructure Inc.     7,404       873
  Sylvamo Corp.    19,148       752
  Tronox Holdings plc    93,769       745
  Koppers Holdings Inc.    14,887       607
* Metallus Inc.    28,688       564
* LSB Industries Inc.    42,224       530
  AdvanSix Inc.    20,712       465
* Rayonier Advanced Materials Inc.    50,782       465
  Ferroglobe plc    94,806       411
  Mativ Holdings Inc.    43,252       384
  Orion SA    44,787       342
* Intrepid Potash Inc.     8,658       338
*,1 Critical Metals Corp.    29,135       326
  Caledonia Mining Corp. plc    13,227       314
* Magnera Corp.    24,955       284
  Cabot Corp.     2,670       234
*,1 Encore Energy Corp.   141,539       226
* Clearwater Paper Corp.    12,402       202
* Compass Minerals International Inc.     5,790       185
* American Battery Technology Co.    45,118       163
* Tredegar Corp.    20,675       162
* Ivanhoe Electric Inc.    12,001       162
* Novagold Resources Inc.    15,037       129
  Friedman Industries Inc.     5,217       122
* Ascent Industries Co.     6,344        86
* American Vanguard Corp.    19,814        51
  Valhi Inc.     1,911        28
* Elmet Group Co.       287         4
* Rare Earths Americas Inc.       193         4
* Silver Bow Mining Corp.       300         3
               65,135
Consumer Discretionary (11.1%)
  Garrett Motion Inc.   139,920     4,584
* Taylor Morrison Home Corp.    75,777     4,433
  Meritage Homes Corp.    53,219     3,472
  Dana Inc.    89,289     3,162
* OPENLANE Inc.    82,849     3,157
* Sphere Entertainment Co.    21,435     2,968
  Polaris Inc.    42,004     2,964
* Asbury Automotive Group Inc.    15,294     2,871

    Shares Market
Value
($000)
  Advance Auto Parts Inc.    47,240     2,846
  Graham Holdings Co. Class B     2,537     2,784
  Academy Sports & Outdoors Inc.    52,237     2,758
  Signet Jewelers Ltd.    31,498     2,753
* SkyWest Inc.    31,913     2,733
* M/I Homes Inc.    20,552     2,705
  Visteon Corp.    21,624     2,558
* Urban Outfitters Inc.    33,538     2,437
  KB Home    48,640     2,377
* Knowles Corp.    62,742     2,347
  Phinia Inc.    30,219     2,335
* Lionsgate Studios Corp.   161,749     2,321
  Steven Madden Ltd.    51,514     2,238
* Victoria's Secret & Co.    38,742     2,131
* Laureate Education Inc.    65,444     2,094
  American Eagle Outfitters Inc.   125,846     1,988
  Marriott Vacations Worldwide Corp.    22,071     1,873
  LCI Industries    16,653     1,815
* Capri Holdings Ltd.    93,979     1,740
  Group 1 Automotive Inc.     5,209     1,648
  Perdoceo Education Corp.    50,828     1,646
* Callaway Golf Co.   104,231     1,605
  Rush Enterprises Inc. Class A    21,846     1,515
* Adient plc    62,140     1,420
  Strategic Education Inc.    18,294     1,404
* Goodyear Tire & Rubber Co.   216,486     1,321
* Central Garden & Pet Co. Class A    38,549     1,316
* Peloton Interactive Inc. Class A   201,368     1,289
* JetBlue Airways Corp.   233,029     1,275
  La-Z-Boy Inc.    33,084     1,243
  Kohl's Corp.    86,366     1,240
* Dauch Corp.   180,973     1,202
  Interface Inc.    40,497     1,199
  PROG Holdings Inc.    31,509     1,159
* Allegiant Travel Co.    12,032     1,102
  Leggett & Platt Inc.   106,653     1,095
* Green Brick Partners Inc.    16,176     1,088
  Carter's Inc.    27,887     1,076
  Century Communities Inc.    20,004     1,057
* National Vision Holdings Inc.    61,652     1,033
* Sally Beauty Holdings Inc.    77,772     1,033
  HNI Corp.    32,535     1,015
  Red Rock Resorts Inc. Class A    17,375     1,014
  Worthington Enterprises Inc.    16,744       951
  Brightstar Lottery plc    82,116       922
  G-III Apparel Group Ltd.    28,460       920
  Winmark Corp.     2,333       883
  MillerKnoll Inc.    53,600       867
* Gentherm Inc.    23,663       821
  Papa John's International Inc.    23,484       803
* LGI Homes Inc.    16,082       769
* AMC Entertainment Holdings Inc. Class A   412,344       713
* Pursuit Attractions & Hospitality Inc.    15,632       700
* GigaCloud Technology Inc. Class A    18,790       677
  Scholastic Corp.    16,189       656
  Standard Motor Products Inc.    16,585       650
  Winnebago Industries Inc.    21,391       635
  Gold.com Inc.    14,884       630
  Sonic Automotive Inc. Class A     7,593       627
  Matthews International Corp. Class A    23,435       622
* RealReal Inc.    62,188       599
  Kontoor Brands Inc.     8,254       592
* Beazer Homes USA Inc.    21,816       554
  Smith & Wesson Brands Inc.    34,979       532
* TripAdvisor Inc.    46,739       523
  Upbound Group Inc.    27,050       520
* MarineMax Inc.    14,553       501
  Oxford Industries Inc.    11,146       497
* Helen of Troy Ltd.    18,154       493
* Eastman Kodak Co.    49,327       489

    Shares Market
Value
($000)
  Movado Group Inc.    12,118       464
* Fox Factory Holding Corp.    24,875       449
* Corsair Gaming Inc.    36,164       439
  Cracker Barrel Old Country Store Inc.    12,803       433
* Cars.com Inc.    41,310       425
  Sinclair Inc.    30,594       423
* Hovnanian Enterprises Inc. Class A     3,805       420
* iHeartMedia Inc. Class A    94,785       408
* Cooper-Standard Holdings Inc.    13,416       407
* Malibu Boats Inc. Class A    14,660       403
  Arko Corp.    49,856       387
* Sabre Corp.   216,480       381
  Ethan Allen Interiors Inc.    18,407       380
  Caleres Inc.    25,666       374
  Entravision Communications Corp. Class A    40,522       368
  Monro Inc.    22,309       367
  Marcus Corp.    18,214       344
* Bed Bath & Beyond Inc.    55,359       339
* El Pollo Loco Holdings Inc.    22,373       333
* Newsmax Inc.    38,365       326
* Six Flags Entertainment Corp.    14,940       314
* MasterCraft Boat Holdings Inc.    13,167       307
  Dine Brands Global Inc.     9,663       303
  Atmus Filtration Technologies Inc.     6,345       297
* Stitch Fix Inc. Class A    82,972       295
  Sturm Ruger & Co. Inc.     7,332       287
* Clean Energy Fuels Corp.   138,893       283
  Gray Media Inc.    69,792       280
* Genesco Inc.     7,242       278
* Central Garden & Pet Co.     7,166       276
* Dream Finders Homes Inc. Class A    17,281       267
  Shoe Carnival Inc.    14,948       265
* BJ's Restaurants Inc.     5,609       264
  Haverty Furniture Cos. Inc.    10,955       254
* Strattec Security Corp.     3,119       249
* Zumiez Inc.    10,051       248
* AMC Global Media Inc.    23,625       230
* Portillo's Inc. Class A    53,222       228
  Rocky Brands Inc.     5,790       224
  Rush Enterprises Inc. Class B     3,356       218
* Boston Omaha Corp. Class A    16,425       212
* Starz Entertainment Corp.     8,845       207
  Bloomin' Brands Inc.    24,191       204
  Johnson Outdoors Inc. Class A     4,539       203
  Designer Brands Inc. Class A    25,757       199
* Nexxen International Ltd.    23,749       199
* Petco Health & Wellness Co. Inc.    61,516       185
* Krispy Kreme Inc.    51,813       182
* Funko Inc. Class A    31,146       177
* EW Scripps Co. Class A    50,766       172
*,1 Webtoon Entertainment Inc.    13,796       170
* Citi Trends Inc.     3,659       168
* Outdoor Holding Co.    81,389       168
  Weyco Group Inc.     4,716       166
  National CineMedia Inc.    51,446       162
  Flexsteel Industries Inc.     2,796       161
* Holley Inc.    58,682       160
* Reservoir Media Inc.    15,445       159
* Legacy Housing Corp.     6,581       158
  Cricut Inc. Class A    36,860       153
  JAKKS Pacific Inc.     6,939       153
* Biglari Holdings Inc. Class B       520       151
  Escalade Inc.     7,799       146
* Barnes & Noble Education Inc.    12,625       131
  Playtika Holding Corp.    32,884       124
* Sonos Inc.     7,602       120
* Motorcar Parts of America Inc.    10,241       113
* Daily Journal Corp.       215       111
  Hamilton Beach Brands Holding Co. Class A     5,464       111
  Superior Group of Cos. Inc.     8,441       108

    Shares Market
Value
($000)
* Global Business Travel Group I    11,076       103
* OneWater Marine Inc. Class A     8,797        97
* American Outdoor Brands Inc.     9,349        95
  Bassett Furniture Industries Inc.     6,202        93
* Frontier Group Holdings Inc.    14,504        88
* USA TODAY Co. Inc.    10,882        85
* 1-800-Flowers.com Inc. Class A    18,471        84
* Lands' End Inc.     6,806        80
  John Wiley & Sons Inc. Class A     1,821        77
* McGraw Hill Inc.     6,346        76
  Buckle Inc.     1,637        75
  Lakeland Industries Inc.     6,913        75
  J Jill Inc.     5,600        71
* America's Car-Mart Inc.     5,641        69
  Clarus Corp.    22,434        69
* Lovesac Co.     3,886        60
  RCI Hospitality Holdings Inc.     2,149        54
*,1 Faraday Future Intelligent Electric Inc.   148,619        54
  Virco Mfg. Corp.     8,541        51
* Turtle Beach Corp.     3,821        50
*,1 Falcon's Beyond Global Inc. Class A     3,232        50
* Black Rock Coffee Bar Inc. Class A     5,336        44
* United Parks & Resorts Inc.     1,027        41
* Torrid Holdings Inc.    25,896        41
* American Public Education Inc.       749        37
* Playstudios Inc.    67,503        37
* Traeger Inc.       485        34
  Phoenix Education Partners Inc.     1,082        33
* Teads Holding Co.    27,576        32
* Gaia Inc.    12,979        30
* Jack in the Box Inc.     2,260        28
* Latham Group Inc.     5,008        26
  Nathan's Famous Inc.       208        21
* Savers Value Village Inc.     2,058        18
*,1 Sleep Number Corp.    14,412        17
*,1 NextNRG Inc.    24,493        16
* Vuzix Corp.     3,288        15
* flyExclusive Inc.     5,388        14
* BARK Inc.     1,228        12
  CompX International Inc.       347         9
* Yesway Inc. Class A       375         8
  CuriosityStream Inc.     2,441         7
* Bob's Discount Furniture Inc.       144         2
              140,733
Consumer Staples (1.3%)
* United Natural Foods Inc.    47,183     2,423
  Andersons Inc.    25,532     1,802
  Spectrum Brands Holdings Inc.    17,976     1,415
  Ingles Markets Inc. Class A    11,593     1,026
  Universal Corp.    18,963       984
  Fresh Del Monte Produce Inc.    26,055       837
  Weis Markets Inc.    10,762       785
  Dole plc    52,761       738
* Grocery Outlet Holding Corp.    74,523       634
  Edgewell Personal Care Co.    35,453       621
* Seneca Foods Corp. Class A     3,670       528
  Utz Brands Inc.    58,172       426
* Mission Produce Inc.    34,789       388
  Village Super Market Inc. Class A     7,318       340
* Simply Good Foods Co.    24,428       281
  ACCO Brands Corp.    68,096       270
  B&G Foods Inc.    62,300       255
* Herbalife Ltd.    20,589       246
*,1 Beyond Meat Inc.   306,807       242
* Olaplex Holdings Inc.   107,926       220
  Nu Skin Enterprises Inc. Class A    37,845       219
* Nature's Sunshine Products Inc.     9,948       212
  Energizer Holdings Inc.    11,028       201
  MGP Ingredients Inc.    10,977       194

    Shares Market
Value
($000)
  John B Sanfilippo & Son Inc.     2,590       194
  Alico Inc.     4,365       177
  Limoneira Co.    12,712       162
* USANA Health Sciences Inc.     8,331       152
  Turning Point Brands Inc.     1,650       140
* Honest Co. Inc.    36,134       126
  Oil-Dri Corp. of America     1,594       122
* Medifast Inc.     8,338       105
* HF Foods Group Inc.    30,626        60
* Hain Celestial Group Inc.    69,066        55
*,1 Waldencast plc Class A    39,198        48
* SkinHealth Systems Inc.    13,227        10
* Once Upon a Farm PBC       239         4
* Suja Life Inc. Class A       148         2
               16,644
Energy (8.7%)
  SM Energy Co.   196,777     6,043
  Noble Corp. plc    99,522     4,626
* Valaris Ltd.    49,157     4,553
* Transocean Ltd. (XNYS)   733,513     4,540
* Plug Power Inc. 1,046,239     4,133
  Warrior Met Coal Inc.    41,108     3,886
  Murphy Oil Corp.   106,746     3,863
  Golar LNG Ltd.    76,920     3,827
* CNX Resources Corp.   108,563     3,657
  Liberty Energy Inc.   124,492     3,643
* Nextpower Inc. Class A    23,103     3,613
  California Resources Corp.    57,743     3,424
  Magnolia Oil & Gas Corp. Class A   114,051     3,120
  Patterson-UTI Energy Inc.   272,987     3,060
  Helmerich & Payne Inc.    78,044     2,977
  PBF Energy Inc. Class A    65,936     2,684
  Peabody Energy Corp.    96,324     2,606
  Crescent Energy Co. Class A   202,452     2,340
  Core Natural Resources Inc.    26,247     2,321
* DNOW Inc.   146,720     1,877
* Calumet Inc.    48,103     1,706
* T1 Energy Inc.   160,852     1,699
  Northern Oil & Gas Inc.    75,611     1,646
* Par Pacific Holdings Inc.    27,778     1,560
* Seadrill Ltd.    31,468     1,484
* Talos Energy Inc.   100,398     1,473
* Shoals Technologies Group Inc. Class A   110,609     1,377
* Alpha Metallurgical Resources Inc.     6,420     1,277
  Select Water Solutions Inc.    71,011     1,273
* ProPetro Holding Corp.    77,566     1,184
* National Energy Services Reunited Corp.    47,513     1,157
* Borr Drilling Ltd.   225,273     1,129
  World Kinect Corp.    37,575     1,083
* Kosmos Energy Ltd.   371,781     1,041
* Nabors Industries Ltd. (XNYS)    11,194     1,037
* TETRA Technologies Inc.   100,653     1,030
* Expro Group Holdings NV    64,209       948
  Bristow Group Inc.    22,558       939
* NPK International Inc.    64,233       933
* Ameresco Inc. Class A    25,155       905
* Array Technologies Inc.    93,312       847
* Green Plains Inc.    53,683       841
* Innovex International Inc.    30,394       812
* REX American Resources Corp.    16,746       783
* Helix Energy Solutions Group Inc.    83,375       780
  Diversified Energy Co.    49,403       719
  SunCoke Energy Inc.    67,356       607
* Centrus Energy Corp. Class A     2,978       543
* BKV Corp.    19,894       528
  Core Laboratories Inc.    36,882       504
  Kinetik Holdings Inc.    10,264       472
  RPC Inc.    70,291       465
* Solid Power Inc.   127,061       421

    Shares Market
Value
($000)
* Forum Energy Technologies Inc.     8,356       420
  Vitesse Energy Inc.    23,350       403
  VAALCO Energy Inc.    72,344       378
* Oil States International Inc.    44,397       377
  SandRidge Energy Inc.    24,962       366
* Oceaneering International Inc.     9,123       349
* Gevo Inc.   186,338       347
  Riley Exploration Permian Inc.     9,636       320
  W&T Offshore Inc.    79,227       292
  Atlas Energy Solutions Inc.    17,526       292
  Ranger Energy Services Inc. Class A    17,505       271
* Fluence Energy Inc.    13,703       259
* Comstock Resources Inc.    18,198       243
  Natural Gas Services Group Inc.     6,038       237
* Matrix Service Co.    16,406       215
  Granite Ridge Resources Inc.    43,634       212
* EVgo Inc.    84,213       187
* Summit Midstream Corp.     7,033       187
  Flowco Holdings Inc. Class A     7,486       175
  NACCO Industries Inc. Class A     3,295       167
* Flotek Industries Inc.     7,949       159
* Tidewater Inc.     2,075       152
* Infinity Natural Resources Inc. Class A    10,260       139
* ProFrac Holding Corp. Class A    22,027       135
* SEACOR Marine Holdings Inc.    17,258       130
  HighPeak Energy Inc.    17,046       121
* Kolibri Global Energy Inc.    18,187        93
  Epsilon Energy Ltd.    15,181        86
  FutureFuel Corp.    19,208        80
*,1 New Fortress Energy Inc.   134,742        76
* Montauk Renewables Inc.    40,411        70
* DMC Global Inc.    10,023        68
* Mammoth Energy Services Inc.    18,418        62
* PrimeEnergy Resources Corp.       311        51
*,1 SunPower Inc.    47,927        51
* X-Energy Inc.       778        21
  Evolution Petroleum Corp.     2,811        12
*,1 XCF Global Inc. Class A    23,199        12
* HMH Holding Inc. Class A       368         8
* OPAL Fuels Inc. Class A     3,298         7
* Solv Energy Inc. Class A       145         5
  ARKO Petroleum Corp.       123         2
* Empire Petroleum Corp. (XASE)       384         1
              111,234
Financials (23.9%)
* Riot Platforms Inc.   274,810     7,450
  UMB Financial Corp.    52,529     6,895
  Old National Bancorp   244,897     5,880
  Jackson Financial Inc. Class A    53,280     5,494
  United Bankshares Inc.   110,277     4,787
  Hancock Whitney Corp.    66,109     4,503
  Ameris Bancorp    51,603     4,351
* MARA Holdings Inc.   298,923     4,299
  Essent Group Ltd.    73,288     4,243
  Atlantic Union Bankshares Corp.   112,393     4,228
  Valley National Bancorp   289,581     3,988
  Home BancShares Inc.   148,766     3,981
  Glacier Bancorp Inc.    81,245     3,863
  Radian Group Inc.   107,159     3,659
  Associated Banc-Corp.   131,087     3,646
  CNO Financial Group Inc.    74,424     3,421
  Eastern Bankshares Inc.   171,573     3,385
  Flagstar Bank NA   239,103     3,362
  Fulton Financial Corp.   151,135     3,278
* Axos Financial Inc.    37,335     3,245
  Bread Financial Holdings Inc.    36,072     3,213
  United Community Banks Inc.    96,358     3,175
  Independent Bank Corp. (XNGS)    39,282     3,106
  Renasant Corp.    74,218     3,022

    Shares Market
Value
($000)
  WSFS Financial Corp.    42,031     3,003
* Texas Capital Bancshares Inc.    29,774     2,962
  Cathay General Bancorp    50,861     2,933
  International Bancshares Corp.    38,521     2,780
  BankUnited Inc.    59,015     2,738
  CVB Financial Corp.   132,392     2,696
* Genworth Financial Inc.   312,115     2,672
  First Financial Bancorp    81,727     2,514
  Simmons First National Corp. Class A   114,636     2,459
  WesBanco Inc.    70,577     2,445
  First Interstate BancSystem Inc. Class A    67,813     2,414
  Seacoast Banking Corp. of Florida    76,591     2,321
  Towne Bank    67,767     2,309
  Blackstone Mortgage Trust Inc. Class A   125,362     2,292
* NMI Holdings Inc.    60,652     2,177
  WaFd Inc.    59,938     2,131
  Mercury General Corp.    21,210     2,079
  Community Financial System Inc.    32,521     2,070
  Dynex Capital Inc.   157,602     2,063
  Park National Corp.    11,644     1,998
  PennyMac Financial Services Inc.    23,300     1,954
  Banc of California Inc.   100,032     1,923
  Beacon Financial Corp.    65,860     1,916
  Trustmark Corp.    43,392     1,916
  First Bancorp / Southern Pines NC    31,970     1,881
  Provident Financial Services Inc.    84,635     1,878
  First Merchants Corp.    46,505     1,874
  Bank of NT Butterfield & Son Ltd.    32,824     1,853
  FB Financial Corp.    35,069     1,848
  First Busey Corp.    66,839     1,829
  NBT Bancorp Inc.    38,328     1,772
  Enterprise Financial Services Corp.    29,044     1,760
* Customers Bancorp Inc.    23,330     1,753
  Banner Corp.    26,612     1,730
  Nicolet Bankshares Inc.    11,715     1,643
  Northwest Bancshares Inc.   114,949     1,627
* LendingClub Corp.    89,719     1,601
  OFG Bancorp    34,056     1,552
  Stewart Information Services Corp.    23,843     1,549
* SiriusPoint Ltd.    72,568     1,549
  First Commonwealth Financial Corp.    81,331     1,540
  ARMOUR Residential REIT Inc.    89,148     1,529
  Horace Mann Educators Corp.    32,249     1,475
* Encore Capital Group Inc.    17,192     1,374
  First BanCorp (XNYS)    57,239     1,373
  Stellar Bancorp Inc.    36,551     1,365
  Nelnet Inc. Class A    10,196     1,331
  S&T Bancorp Inc.    29,209     1,317
  Ellington Financial Inc.    96,344     1,307
  Hilltop Holdings Inc.    34,427     1,299
  Walker & Dunlop Inc.    25,883     1,299
  National Bank Holdings Corp. Class A    30,017     1,256
  German American Bancorp Inc.    28,468     1,245
  Banco Latinoamericano de Comercio Exterior SA    22,296     1,245
* Webull Corp.   189,217     1,211
  TriCo Bancshares    23,740     1,206
  QCR Holdings Inc.    12,929     1,191
  Hope Bancorp Inc.    91,869     1,152
  1st Source Corp.    14,538     1,073
  Origin Bancorp Inc.    22,221     1,059
  Westamerica BanCorp    18,688     1,037
  Hamilton Insurance Group Ltd. Class B    34,953     1,035
1 Orchid Island Capital Inc.   147,307       999
* ProAssurance Corp.    40,292       967
  Dime Community Bancshares Inc.    25,689       961
  Merchants Bancorp    20,357       960
  Peoples Bancorp Inc.    27,252       948
  Bank First Corp.     6,779       942
  Pelagos Insurance Capital Ltd.    43,548       940
  Ladder Capital Corp.    89,966       919

    Shares Market
Value
($000)
  Enact Holdings Inc.    21,952       917
  Tompkins Financial Corp.    10,599       913
  Chimera Investment Corp.    64,825       883
  Preferred Bank     9,183       880
1 Arbor Realty Trust Inc.   152,489       877
  Univest Financial Corp.    22,033       869
  Old Second Bancorp Inc.    40,200       857
  ConnectOne Bancorp Inc.    28,172       847
  Community Trust Bancorp Inc.    12,552       839
  Artisan Partners Asset Management Inc. Class A    22,143       829
  OceanFirst Financial Corp.    44,019       827
  Burke & Herbert Financial Services Corp.    12,852       817
  Safety Insurance Group Inc.    11,614       815
  Byline Bancorp Inc.    24,429       808
  MFA Financial Inc.    80,432       772
  Employers Holdings Inc.    17,573       764
  Amalgamated Financial Corp.    18,327       760
  Southside Bancshares Inc.    23,127       758
  F&G Annuities & Life Inc.    27,301       757
  First Mid Bancshares Inc.    17,119       754
  Capitol Federal Financial Inc.    96,479       750
  Horizon Bancorp Inc.    39,675       736
  United Fire Group Inc.    16,548       734
  Heritage Financial Corp.    26,836       731
  Virtus Investment Partners Inc.     5,043       721
  Marex Group plc    13,557       718
  TrustCo Bank Corp. NY    13,825       716
  PennyMac Mortgage Investment Trust    68,394       715
  Business First Bancshares Inc.    24,763       705
  CNB Financial Corp.    22,916       703
  Hanmi Financial Corp.    23,270       701
  Mercantile Bank Corp.    13,196       699
* Triumph Financial Inc.     9,795       698
  Central Pacific Financial Corp.    20,298       697
  Camden National Corp.    13,216       661
* Firstsun Capital Bancorp    17,996       638
  NB Bancorp Inc.    31,364       628
* Slide Insurance Holdings Inc.    34,494       622
  Equity Bancshares Inc. Class A    13,462       621
  Farmers National Banc Corp.    43,572       618
  Adamas Trust Inc.    66,730       614
  Apollo Commercial Real Estate Finance Inc.    55,588       609
* Strive Inc. Class A    34,236       605
  Live Oak Bancshares Inc.    15,781       600
* Compass Diversified Holdings    52,779       599
  Brightspire Capital Inc.   101,227       584
  HomeTrust Bancshares Inc.    12,335       573
  Redwood Trust Inc.   105,802       573
  Mechanics Bancorp Class A    38,740       570
  Universal Insurance Holdings Inc.    15,393       570
  First Community Bankshares Inc.    13,071       563
  Financial Institutions Inc.    15,408       558
  Franklin BSP Realty Trust Inc. REIT    64,278       557
  Orrstown Financial Services Inc.    14,693       546
  Bank of Hawaii Corp.     7,111       545
  First Financial Corp.     7,855       543
  Independent Bank Corp.    15,751       541
  Republic Bancorp Inc. Class A     6,619       536
  Alerus Financial Corp.    18,572       531
  Lakeland Financial Corp.     8,731       529
  Mid Penn Bancorp Inc.    15,431       504
  City Holding Co.     4,042       502
  Capital City Bank Group Inc.    10,939       499
  Cannae Holdings Inc.    33,279       494
  Two Harbors Investment Corp.    40,044       494
  Washington Trust Bancorp Inc.    14,995       488
  Selective Insurance Group Inc.     5,620       486
  Eagle Bancorp Inc.    17,758       485
  Southern Missouri Bancorp Inc.     6,967       481
  Metropolitan Bank Holding Corp.     5,364       480

    Shares Market
Value
($000)
  Invesco Mortgage Capital Inc. REIT    60,758       478
  TPG RE Finance Trust Inc.    56,443       474
* PRA Group Inc.    30,544       466
  Great Southern Bancorp Inc.     6,460       464
  Navient Corp.    53,667       459
  Bar Harbor Bankshares    12,974       453
  Arrow Financial Corp.    12,175       447
  Midland States Bancorp Inc.    16,091       447
  ACNB Corp.     8,030       436
* Miami International Holdings Inc.     9,113       431
  Shore Bancshares Inc.    20,466       423
  Civista Bancshares Inc.    16,140       418
  SmartFinancial Inc.     9,955       415
  Flushing Financial Corp.    25,550       408
* Columbia Financial Inc.    20,168       406
  South Plains Financial Inc.     9,745       396
  Peoples Financial Services Corp.     6,626       394
* Third Coast Bancshares Inc.    10,214       391
  Amerant Bancorp Inc.    17,167       390
  Carter Bankshares Inc.    14,303       390
  Brookfield Business Corp. Class A    11,849       389
  Community West Bancshares    15,812       380
  Kearny Financial Corp.    45,498       375
  Red River Bancshares Inc.     4,039       367
  Northfield Bancorp Inc.    25,755       365
  Sierra Bancorp     9,578       364
* Southern First Bancshares Inc.     6,181       357
  ChoiceOne Financial Services Inc.    11,319       355
  Hingham Institution for Savings     1,180       341
  First Business Financial Services Inc.     5,906       340
  Home Bancorp Inc.     5,267       339
* Greenlight Capital Re Ltd. Class A    20,752       325
  Peapack-Gladstone Financial Corp.     7,463       323
  Colony Bankcorp Inc.    15,852       314
* World Acceptance Corp.     1,882       311
  RBB Bancorp    12,950       310
  KKR Real Estate Finance Trust Inc.    45,361       303
  Northeast Bank     2,382       300
* Ponce Financial Group Inc.    15,670       296
  Bank of Marin Bancorp    11,326       293
  California BanCorp    15,275       290
  Citizens & Northern Corp.    13,714       289
  Farmers & Merchants Bancorp Inc.    10,153       284
  Northpointe Bancshares Inc.    16,622       284
  Investar Holding Corp.     9,866       279
  Burford Capital Ltd.    59,760       277
  Plumas Bancorp     5,247       276
  First Bank    16,738       262
  NewtekOne Inc.    18,894       262
  HBT Financial Inc.     8,931       256
  Northeast Community Bancorp Inc.    10,343       251
  West BanCorp. Inc.    10,311       247
  BayCom Corp.     7,887       243
  Timberland Bancorp Inc.     5,982       243
  Primis Financial Corp.    16,865       243
  First Bancorp Inc. (XNGS)     8,262       241
  Bankwell Financial Group Inc.     4,562       239
  Tiptree Inc.    13,031       238
  Parke Bancorp Inc.     7,550       232
  Citizens Financial Services Inc.     3,553       231
  MVB Financial Corp.     8,567       229
  Chemung Financial Corp.     3,309       227
  Norwood Financial Corp.     7,403       224
  FS Bancorp Inc.     5,459       222
  Regional Management Corp.     6,041       222
  Capital Bancorp Inc.     6,947       222
  Metrocity Bankshares Inc.     6,807       222
  Investors Title Co.       943       221
  Donegal Group Inc. Class A    12,920       219
  Orange County Bancorp Inc.     6,382       218

    Shares Market
Value
($000)
  Waterstone Financial Inc.    11,681       216
  John Marshall Bancorp Inc.    10,032       213
  AMERISAFE Inc.     6,924       212
  Northrim BanCorp Inc.     8,464       209
* MBIA Inc.    35,466       208
  Ares Commercial Real Estate Corp.    40,580       200
  Ready Capital Corp.   112,504       200
  Jefferson Capital Inc.    11,719       199
  Ames National Corp.     6,840       197
* GBank Financial Holdings Inc.     6,551       195
  Abacus Global Management Inc.    21,632       194
* Citizens Inc.    36,620       190
* Onity Group Inc.     5,488       190
  FVCBankcorp Inc.    12,005       189
  Western New England Bancorp Inc.    13,985       186
  Franklin Financial Services Corp.     3,204       186
* Innventure Inc.    34,764       185
  Oak Valley Bancorp     5,594       184
* FB Bancorp Inc.    13,197       184
  First United Corp.     4,620       183
  Fidelity D&D Bancorp Inc.     3,879       181
  C&F Financial Corp.     2,442       180
* Open Lending Corp.    78,034       178
  Five Star Bancorp     4,223       178
  LCNB Corp.    10,362       177
  PCB Bancorp     7,193       177
  Virginia National Bankshares Corp.     4,074       177
* Octave Specialty Group Inc.    31,900       175
* Oportun Financial Corp.    32,181       174
* Hippo Holdings Inc.     6,703       173
  Blue Ridge Bankshares Inc.    51,821       171
* Claros Mortgage Trust Inc.    70,549       171
  TPG Mortgage Investment Trust Inc.    21,848       169
  National Bankshares Inc.     4,758       167
  Unity Bancorp Inc.     2,970       166
  Hawthorn Bancshares Inc.     4,509       165
  CoastalSouth Bancshares Inc.     6,281       160
  Chicago Atlantic Real Estate Finance Inc.    14,012       159
* Bridgewater Bancshares Inc.     8,395       158
  First National Corp.     5,620       156
* Velocity Financial Inc.     8,857       155
  First Capital Inc.     2,506       155
  NexPoint Diversified Real Estate Trust    28,226       151
  Citizens Community Bancorp Inc.     7,301       149
  Seven Hills Realty Trust    17,257       147
  BancFirst Corp.     1,320       146
  Ohio Valley Banc Corp.     2,929       141
  Bank7 Corp.     3,174       140
* Porch Group Inc.    13,065       136
  Peoples Bancorp of North Carolina Inc.     3,197       135
*,1 Better Home & Finance Holding Co.     4,635       135
  Commercial Bancgroup Inc.     4,689       135
  Eagle Financial Services Inc.     3,356       132
  Cohen & Steers Inc.     1,876       131
* Goosehead Insurance Inc. Class A     3,789       130
  First Community Corp.     4,289       129
* Pioneer Bancorp Inc.     8,556       128
  Princeton Bancorp Inc.     3,559       128
  CB Financial Services Inc.     3,549       127
* Security National Financial Corp. Class A    12,957       126
  Eagle Bancorp Montana Inc.     5,651       125
  BCB Bancorp Inc.    11,842       124
  Medallion Financial Corp.    12,388       121
  Federal Agricultural Mortgage Corp. Class C       672       119
* First Western Financial Inc.     4,075       119
  MainStreet Bancshares Inc.     5,098       117
  OP Bancorp     8,226       116
  CF Bankshares Inc.     3,974       113
  James River Group Holdings Inc.    28,291       111
* AlTi Global Inc.    32,962       109

    Shares Market
Value
($000)
  USCB Financial Holdings Inc.     5,851       108
  SR Bancorp Inc.     5,744       108
* Wealthfront Corp.     8,844       108
*,1 Bakkt Inc.     9,792       106
* ECB Bancorp Inc.     5,759       105
  Meridian Corp.     5,764       104
* BV Financial Inc.     5,276       104
  Landmark Bancorp Inc.     3,614       103
* loanDepot Inc. Class A    76,973       102
  SB Financial Group Inc.     4,510        97
  American Integrity Insurance Group Inc.     5,798        95
  Westwood Holdings Group Inc.     5,686        94
* Heritage Insurance Holdings Inc.     4,239        92
  American Coastal Insurance Corp.     8,793        92
  Richmond Mutual BanCorp. Inc.     6,231        90
  Nexpoint Real Estate Finance Inc.     5,633        88
  Riverview Bancorp Inc.    15,570        87
  Finward Bancorp     2,617        86
* Ategrity Specialty Holdings LLC     4,385        86
  Stock Yards Bancorp Inc.     1,187        85
* ACRES Commercial Realty Corp.     4,082        83
  Rithm Property Trust Inc.     5,616        82
  Hanover Bancorp Inc.     3,379        79
* Consumer Portfolio Services Inc.     7,565        75
  First Internet Bancorp     3,061        74
* NI Holdings Inc.     5,221        73
* Finance of America Cos. Inc. Class A     3,491        70
  Sound Financial Bancorp Inc.     1,647        69
  Sunrise Realty Trust Inc.     7,788        69
* Avidbank Holdings Inc.     1,970        61
* Chain Bridge Bancorp Inc. Class A     1,660        60
  Silvercrest Asset Management Group Inc. Class A     5,097        58
  Greene County Bancorp Inc.     2,151        56
* Rhinebeck Bancorp Inc.     3,451        56
  Angel Oak Mortgage REIT Inc.     6,638        55
  GCM Grosvenor Inc. Class A     5,044        54
* Exzeo Group Inc.     3,735        52
* Finwise Bancorp     2,764        40
  Lument Finance Trust Inc.    34,843        37
* eHealth Inc.    21,964        34
* Selectquote Inc.    29,777        30
  MarketWise Inc.     1,479        26
* Prairie Operating Co.    28,253        25
* LendingTree Inc.       488        19
* Siebert Financial Corp.     9,678        18
  Kingstone Cos. Inc.       587         9
* Lincoln International Inc.       291         7
* Kestrel Group Ltd.       518         6
  Union Bankshares Inc.       203         5
* GoHealth Inc. Class A     7,498         5
* Fold Holdings Inc.     3,484         3
  Value Line Inc.        50         2
*,2 Sterling Bancorp Inc.    14,650        —
              304,427
Health Care (10.0%)
* Cytokinetics Inc.    90,737     6,965
* Praxis Precision Medicines Inc.    18,703     6,545
* Vaxcyte Inc.    97,821     5,028
* CRISPR Therapeutics AG    71,986     4,044
* LivaNova plc    42,944     3,169
* Ligand Pharmaceuticals Inc.    13,498     3,131
* Dianthus Therapeutics Inc.    25,826     2,402
* Denali Therapeutics Inc.   105,169     2,213
* Oruka Therapeutics Inc.    36,416     2,131
* GRAIL Inc.    27,764     1,990
* Ideaya Biosciences Inc.    66,404     1,957
* Tango Therapeutics Inc.    87,518     1,924
* Erasca Inc.   149,722     1,922
* 10X Genomics Inc. Class A    66,012     1,868

    Shares Market
Value
($000)
* Celldex Therapeutics Inc.    59,388     1,867
  National HealthCare Corp.    10,019     1,848
* Supernus Pharmaceuticals Inc.    39,955     1,845
* Relay Therapeutics Inc.   117,153     1,646
* Omnicell Inc.    35,226     1,555
* Neogen Corp.   172,816     1,550
* Prestige Consumer Healthcare Inc.    30,784     1,463
* Pediatrix Medical Group Inc.    67,405     1,452
* Spyre Therapeutics Inc.    19,426     1,428
* Nurix Therapeutics Inc.    79,804     1,417
  Select Medical Holdings Corp.    84,747     1,398
* Dyne Therapeutics Inc.    71,083     1,374
* Alkermes plc    31,849     1,344
* Agios Pharmaceuticals Inc.    44,358     1,304
* Definium Therapeutics Inc.    53,075     1,284
* Intellia Therapeutics Inc.    87,056     1,225
* Alumis Inc.    53,684     1,160
* Fortrea Holdings Inc.    73,096     1,125
* Kodiak Sciences Inc.    29,632     1,088
* Iovance Biotherapeutics Inc.   264,398     1,084
* Enovis Corp.    44,866     1,018
* NeoGenomics Inc.    91,560       963
* Monte Rosa Therapeutics Inc.    47,410       934
* Rapport Therapeutics Inc.    23,046       910
  CONMED Corp.    24,432       872
* AMN Healthcare Services Inc.    30,075       871
* Avanos Medical Inc.    35,072       870
* Teladoc Health Inc.   113,054       860
* Integra LifeSciences Holdings Corp.    53,408       857
* PTC Therapeutics Inc.    11,574       855
* Nuvation Bio Inc.   174,078       832
* EyePoint Inc.    60,822       826
* Surgery Partners Inc.    60,730       811
* AdaptHealth Corp.    79,782       808
* Azenta Inc.    32,877       752
* Inhibrx Biosciences Inc.     7,100       738
* Olema Pharmaceuticals Inc.    54,737       722
* MBX Biosciences Inc.    22,326       703
* Vir Biotechnology Inc.    73,391       700
* Cullinan Therapeutics Inc.    42,461       698
* Pacira BioSciences Inc.    29,751       691
* Kura Oncology Inc.    66,519       679
* Tyra Biosciences Inc.    20,304       678
* Addus HomeCare Corp.     7,347       674
* Xencor Inc.    56,348       669
* ICU Medical Inc.     4,733       641
* Healthcare Services Group Inc.    30,311       624
* RadNet Inc.    10,248       569
* Annexon Inc.   103,454       561
*,1 Jade Biosciences Inc.    25,312       533
* Indivior Pharmaceuticals Inc.    14,257       514
* Maze Therapeutics Inc.    19,397       513
* Septerna Inc.    16,907       511
* Bicara Therapeutics Inc.    23,316       507
* Amphastar Pharmaceuticals Inc.    26,262       495
* Replimune Group Inc.    55,327       481
* OPKO Health Inc.   326,167       476
* Castle Biosciences Inc.    22,588       476
* Personalis Inc.    41,082       468
* LifeStance Health Group Inc.    58,291       449
* Arcus Biosciences Inc.    17,511       444
* Tactile Systems Technology Inc.    17,475       430
* Maravai LifeSciences Holdings Inc. Class A    87,724       421
* BioAge Labs Inc.    23,860       413
* QuidelOrtho Corp.    30,579       398
* Esperion Therapeutics Inc.   126,638       396
* Sana Biotechnology Inc.   119,630       395
* Cytek Biosciences Inc.    93,441       392
* Emergent BioSolutions Inc.    41,537       379
* Arvinas Inc.    39,528       355

    Shares Market
Value
($000)
* 4D Molecular Therapeutics Inc.    35,199       349
* Solid Biosciences Inc.    47,297       347
* Zenas Biopharma Inc.    18,728       345
* Varex Imaging Corp.    33,059       338
* Janux Therapeutics Inc.    23,095       337
* Aclaris Therapeutics Inc.    73,214       333
* Pacific Biosciences of California Inc.   219,226       327
* Prothena Corp. plc    31,719       323
* ORIC Pharmaceuticals Inc.    37,641       318
*,1 ImmunityBio Inc.    41,244       310
* Fulgent Genetics Inc.    16,967       308
* Fulcrum Therapeutics Inc.    44,303       307
  US Physical Therapy Inc.     4,710       303
* Vanda Pharmaceuticals Inc.    45,236       292
* Ginkgo Bioworks Holdings Inc.    31,118       292
  HealthStream Inc.    11,635       291
* Myriad Genetics Inc.    73,299       291
* Orthofix Medical Inc.    31,138       289
* Enanta Pharmaceuticals Inc.    21,793       287
* Scholar Rock Holding Corp.     5,685       280
* Prime Medicine Inc.    78,912       280
* Brookdale Senior Living Inc.    21,278       274
* Lexeo Therapeutics Inc.    53,208       273
* AngioDynamics Inc.    23,467       269
* Keros Therapeutics Inc.    23,859       268
* REGENXBIO Inc.    37,725       264
* Editas Medicine Inc.    75,517       261
* Allogene Therapeutics Inc.   119,752       260
* Phathom Pharmaceuticals Inc.    27,063       260
* Waystar Holding Corp.    12,999       259
* Standard BioTools Inc.   221,467       255
* Atea Pharmaceuticals Inc.    54,047       252
* Neurogene Inc.     8,684       246
* Puma Biotechnology Inc.    33,085       237
* Evolent Health Inc. Class A    59,702       236
* Fate Therapeutics Inc.    83,030       236
* OraSure Technologies Inc.    53,758       231
* Amylyx Pharmaceuticals Inc.    16,063       231
* Viridian Therapeutics Inc.    13,044       230
* Cogent Biosciences Inc.     6,406       224
* HeartFlow Inc.     7,236       224
* Novavax Inc.    20,340       223
*,1 Tectonic Therapeutic Inc.     6,993       218
* Aquestive Therapeutics Inc.    52,713       212
* Upstream Bio Inc.    25,380       212
* LB Pharmaceuticals Inc.     7,462       209
* Eledon Pharmaceuticals Inc.    53,969       206
* MapLight Therapeutics Inc.     7,044       206
* OmniAb Inc.    75,613       204
* Merit Medical Systems Inc.     3,199       202
* Amneal Pharmaceuticals Inc.    14,711       194
* Design Therapeutics Inc.    18,470       194
* Travere Therapeutics Inc.     3,994       188
* Perspective Therapeutics Inc.    47,669       188
* Akebia Therapeutics Inc.   183,585       187
* Aura Biosciences Inc.    24,909       186
* Protara Therapeutics Inc.    39,575       184
* Celcuity Inc.     1,365       181
* Omada Health Inc.     9,719       175
* Rocket Pharmaceuticals Inc.    55,412       170
* OrthoPediatrics Corp.     9,859       169
* BioCryst Pharmaceuticals Inc.    18,597       166
* Accendra Health Inc.    58,540       166
* Fennec Pharmaceuticals Inc.    16,459       163
* Entrada Therapeutics Inc.    22,673       160
*,1 Quantum-Si Inc.   132,626       158
* Aktis Oncology Inc.     7,607       158
* UroGen Pharma Ltd.     5,556       156
  Utah Medical Products Inc.     2,330       155
* Ardent Health Inc.    16,621       153

    Shares Market
Value
($000)
* Innoviva Inc.     7,049       151
* Absci Corp.    21,697       146
  Embecta Corp.    42,021       142
* Artivion Inc.     6,334       141
* Anika Therapeutics Inc.     9,661       140
* Alector Inc.    64,157       139
* Voyager Therapeutics Inc.    35,568       138
* Inhibikase Therapeutics Inc.    75,662       132
  Concentra Group Holdings Parent Inc.     5,264       131
* Tonix Pharmaceuticals Holding Corp.    10,431       129
* Larimar Therapeutics Inc.    36,214       126
*,1 Humacyte Inc.    96,784       126
* Lumexa Imaging Holdings Inc.    16,004       125
* Nkarta Inc.    37,902       123
* Inogen Inc.    18,133       118
* STAAR Surgical Co.     3,736       112
* Compass Therapeutics Inc.    46,665       111
  Acme United Corp.     2,545       107
* Arcturus Therapeutics Holdings Inc.    12,611       100
* Community Health Systems Inc.    35,888        98
* Verastem Inc.    22,643        98
* MeiraGTx Holdings plc     8,961        95
* MaxCyte Inc.    77,156        93
* Theravance Biopharma Inc.     5,744        92
* XOMA Royalty Corp.     2,172        91
* Heron Therapeutics Inc.   103,673        90
* Evommune Inc.     3,866        90
* Coherus Oncology Inc.    54,650        87
* Syndax Pharmaceuticals Inc.     4,416        87
* Quanterix Corp.    28,105        86
* PACS Group Inc.     2,338        86
* WaVe Life Sciences Ltd.    12,313        81
*,1 Nano-X Imaging Ltd.    41,689        80
* Aveanna Healthcare Holdings Inc.    10,327        74
* Innovage Holding Corp.     9,525        72
* Health Catalyst Inc.    51,455        71
* Korro Bio Inc.     5,064        68
* Omeros Corp.     6,001        66
* TriSalus Life Sciences Inc.    17,689        60
* Sonida Senior Living Inc.     1,546        55
* Cartesian Therapeutics Inc. (XNMS)     7,239        55
* Kestra Medical Technologies Ltd.     2,581        55
* Arbutus Biopharma Corp.    10,462        48
*,1 Cardiff Oncology Inc.    25,068        48
* CapsoVision Inc.     6,927        47
* DocGo Inc.    70,277        46
* Palvella Therapeutics Inc.       392        46
* Beta Bionics Inc.     3,591        44
* Precigen Inc.     9,976        43
* 908 Devices Inc.     4,885        41
* Lucid Diagnostics Inc.    39,786        41
* LifeMD Inc.     8,950        38
* Outset Medical Inc.     7,847        38
* Shoulder Innovations Inc.     2,616        38
* Foghorn Therapeutics Inc.     8,309        36
* Ironwood Pharmaceuticals Inc.     9,807        35
* Codexis Inc.    12,306        34
* Biote Corp. Class A    15,617        31
* Lifecore Biomedical Inc.     5,876        30
  SIGA Technologies Inc.     6,497        30
* Rezolute Inc.     8,326        27
* Abeona Therapeutics Inc.     4,446        26
* SBC Medical Group Holdings Inc.     7,982        26
* Candel Therapeutics Inc.     3,025        25
* Carlsmed Inc.     2,166        25
* Kailera Therapeutics Inc.       989        23
* Definitive Healthcare Corp.    22,401        21
* Aardvark Therapeutics Inc.     4,264        18
*,1 AirSculpt Technologies Inc.     3,166        17
*,1 Avalyn Pharma Inc.       582        17

    Shares Market
Value
($000)
* Aldeyra Therapeutics Inc.     7,734        14
* Tvardi Therapeutics Inc.     3,820        13
* VeraDermics Inc.       122        12
* Atrium Therapeutics Inc.       724         9
* GMR Solutions Inc. Class A       669         8
* MediWound Ltd.       471         7
* Odyssey Therapeutics Inc.       438         7
* Stereotaxis Inc.     3,268         6
* Alamar Biosciences Inc.       296         6
*,1 Hemab Therapeutics Holdings Inc.       222         6
* Mobia Medical Inc.       438         6
*,2 Inhibrx Inc. CVR     7,780         5
* Atlantic International Corp.     3,059         5
* Eikon Therapeutics Inc.       367         4
*,1 Seaport Therapeutics Inc.       240         4
* Accuray Inc.     5,055         2
* aTyr Pharma Inc.     4,561         2
* Alpha Teknova Inc.       399         2
* SpyGlass Pharma Inc.       101         2
* Tevogen Bio Holdings Inc.       166         1
*,2 Third Harmonic Bio Inc.    16,307        —
*,2 OmniAb Inc. 12.5 Earnout     4,268        —
*,2 OmniAb Inc. 15 Earnout     4,268        —
* Picard Medical Inc.       991        —
              127,785
Industrials (12.6%)
  EnerSys    27,396     6,245
* Fluor Corp.   126,884     5,806
  Enpro Inc.    14,504     4,453
  GATX Corp.    26,122     4,417
  Matson Inc.    24,299     4,405
* Mercury Systems Inc.    33,082     3,695
* Intuitive Machines Inc.    82,561     3,619
  Arcosa Inc.    27,541     3,491
* Resideo Technologies Inc.   101,828     3,184
* RXO Inc.   120,645     3,086
  UniFirst Corp.    11,530     3,060
  Terex Corp.    50,785     2,955
  JBT Marel Corp.    21,381     2,873
  HB Fuller Co.    43,067     2,760
  Scorpio Tankers Inc.    35,651     2,656
* AAR Corp.    23,184     2,611
  Bel Fuse Inc. Class B     9,319     2,558
  Tutor Perini Corp.    35,131     2,512
  International Seaways Inc.    31,774     2,453
  Otter Tail Corp.    28,264     2,449
  ArcBest Corp.    17,687     2,418
  Atkore Inc.    26,548     2,198
  Helios Technologies Inc.    26,118     2,170
  Boise Cascade Co.    29,372     2,048
  Kennametal Inc.    59,874     1,964
  Hub Group Inc. Class A    47,118     1,957
  ABM Industries Inc.    47,316     1,848
  DHT Holdings Inc.   106,547     1,739
* Ducommun Inc.    10,954     1,667
  Werner Enterprises Inc.    38,854     1,613
* V2X Inc.    19,319     1,606
  Korn Ferry    22,381     1,566
* Itron Inc.    18,490     1,525
* Legence Corp. Class A    17,520     1,467
* CoreCivic Inc.    69,032     1,455
* Proto Labs Inc.    18,858     1,429
* Masterbrand Inc.   158,516     1,376
* Thermon Group Holdings Inc.    22,479     1,374
  Teekay Tankers Ltd. Class A    18,956     1,334
  Pitney Bowes Inc.    80,759     1,300
  Tennant Co.    14,445     1,244
  Greif Inc. Class A    18,751     1,187
  Dorian LPG Ltd.    29,412     1,183

    Shares Market
Value
($000)
* Vishay Precision Group Inc.     9,408     1,179
* Hillman Solutions Corp.   158,081     1,179
  Greenbrier Cos. Inc.    24,002     1,131
  Trinity Industries Inc.    33,805     1,097
  SFL Corp. Ltd.    96,055     1,060
* Cimpress plc    10,602     1,045
  TriMas Corp.    25,011     1,024
  Albany International Corp. Class A    15,757     1,019
  ICF International Inc.    14,468       996
* TIC Solutions Inc.   121,738       995
* Vestis Corp.    71,885       929
* Gibraltar Industries Inc.    23,414       905
  Astec Industries Inc.    17,942       904
  Deluxe Corp.    35,057       852
  Alamo Group Inc.     5,622       847
  Nordic American Tankers Ltd.   162,506       837
  Allient Inc.    10,557       836
* O-I Glass Inc.    91,122       797
  Marten Transport Ltd.    45,836       790
* Everforth Inc.    32,744       743
* Hyliion Holdings Corp.    99,148       693
* BrightView Holdings Inc.    55,806       690
  Preformed Line Products Co.     1,866       690
  Quanex Building Products Corp.    36,172       673
* Alliance Laundry Holdings Inc.    26,481       669
  Granite Construction Inc.     4,770       653
  Apogee Enterprises Inc.    16,592       637
* Marqeta Inc. Class A   153,185       622
*,1 FLEX LNG Ltd.    20,782       619
  Genco Shipping & Trading Ltd.    24,859       598
  Myers Industries Inc.    25,087       572
* Green Dot Corp. Class A    42,593       548
* Voyager Technologies Inc. Class A    11,064       548
  VSE Corp.     2,921       541
  Costamare Inc.    34,875       536
  Heartland Express Inc.    34,616       519
  National Presto Industries Inc.     4,088       517
  McGrath RentCorp.     4,636       505
  PagSeguro Digital Ltd. Class A    53,621       501
  Navigator Holdings Ltd.    22,663       492
  Standex International Corp.     1,755       486
  Teekay Corp. Ltd.    41,981       482
* CryoPort Inc.    30,371       477
* Custom Truck One Source Inc.    47,553       456
  Ardmore Shipping Corp.    27,195       437
* Target Hospitality Corp.    25,120       436
  Miller Industries Inc.     8,743       419
* Onterris Inc.    25,965       416
* 3D Systems Corp.   114,028       407
  Covenant Logistics Group Inc.     9,824       390
  Ennis Inc.    19,050       390
  Primoris Services Corp.     2,910       366
* Titan Machinery Inc.    16,780       366
* Janus International Group Inc.    67,688       361
  Columbus McKinnon Corp.    22,524       359
  Willis Lease Finance Corp.     2,010       356
  Hyster-Yale Inc.     9,774       355
  Luxfer Holdings plc    20,769       354
  Alight Inc. Class A   374,419       353
* Strata Critical Medical Inc.    55,792       352
  Aebi Schmidt Holding AG    27,948       349
* Atlanticus Holdings Corp.     3,984       343
* Aspen Aerogels Inc.    53,261       341
* Orion Group Holdings Inc.    24,461       337
* I3 Verticals Inc. Class A    16,489       336
  Ardagh Metal Packaging SA    83,046       335
* Firefly Aerospace Inc.     7,139       332
* Cross Country Healthcare Inc.    25,103       329
* L B Foster Co. Class A     7,999       329
* Himalaya Shipping Ltd.    22,307       329

    Shares Market
Value
($000)
* Manitowoc Co. Inc.    27,493       325
* Willdan Group Inc.     3,579       325
* First Advantage Corp.    20,196       323
  Bel Fuse Inc. Class A     1,305       320
* BlueLinx Holdings Inc.     6,100       317
  Greif Inc. Class B     3,822       307
* Transcat Inc.     3,527       298
  Kelly Services Inc. Class A    23,532       273
* Titan International Inc.    37,741       272
* Mayville Engineering Co. Inc.     9,539       256
  Park-Ohio Holdings Corp.     7,822       255
* Ranpak Holdings Corp.    36,376       251
* Radiant Logistics Inc.    29,157       248
  Safe Bulkers Inc.    39,480       247
  Wabash National Corp.    31,039       246
* Resolute Holdings Management Inc.     2,033       242
* Cardinal Infrastructure Group Inc. Class A     4,584       238
* Donnelley Financial Solutions Inc.     5,485       218
  Park Aerospace Corp.     6,652       212
* Repay Holdings Corp.    51,739       201
*,1 Palladyne AI Corp.    23,217       196
* Paysafe Ltd.    24,956       193
* Conduent Inc.   110,323       191
* Astronics Corp.     2,085       181
* AerSale Corp.    27,503       181
  Insteel Industries Inc.     6,520       179
  GPGI Inc. Class A    14,496       176
* Beta Technologies Inc. Class A     9,581       176
  Pangaea Logistics Solutions Ltd.    22,796       173
*,1 York Space Systems Inc.     5,119       167
* Core Molding Technologies Inc.     6,706       159
* Hudson Technologies Inc.    29,470       157
* Mistras Group Inc.     8,431       148
* JELD-WEN Holding Inc.    65,448       141
* Flywire Corp.     8,675       139
* TrueBlue Inc.    21,850       136
* Sezzle Inc.     1,112       131
* Satellogic Inc. Class A    13,554       129
* Concrete Pumping Holdings Inc.    16,241       127
  LSI Industries Inc.     5,042       122
* Acacia Research Corp.    26,088       121
  Kronos Worldwide Inc.    16,648       120
* Gencor Industries Inc.     7,892       111
* Forward Air Corp.    10,506       111
  Resources Connection Inc.    24,399       110
* AirJoule Technologies Corp.    24,132       108
* Advantage Solutions Inc.     2,878       108
* Proficient Auto Logistics Inc.    19,089       104
  Douglas Dynamics Inc.     2,306       103
* Costamare Bulkers Holdings Ltd.     6,325       102
  Kforce Inc.     2,141       101
  Eastern Co.     4,460        96
  EVI Industries Inc.     5,279        92
* Microvast Holdings Inc.    54,999        85
  Universal Logistics Holdings Inc.     5,170        82
* Alta Equipment Group Inc.    12,746        79
  Information Services Group Inc.    17,221        78
* Forrester Research Inc.     8,739        62
  HireQuest Inc.     3,837        50
  Cass Information Systems Inc.     1,060        49
  Quad / Graphics Inc.     6,562        49
* PAMT Corp.     3,513        48
  NLI Holdings Inc.     7,115        43
* TTEC Holdings Inc.    15,197        41
* AIRO Group Holdings Inc.     4,556        41
* Madison Air Solutions Corp. Class A       879        38
* Forgent Power Solutions Inc.       538        29
* Franklin Covey Co.     1,164        28
*,1 Skillsoft Corp.     3,760        27
* Power Solutions International Inc.       562        23

    Shares Market
Value
($000)
* Distribution Solutions Group Inc.       716        19
  Public Policy Holding Co. Inc.     1,676        17
* Bowman Consulting Group Ltd.       523        16
* Arxis Inc. Class A       352        16
* Southland Holdings Inc.     9,888        12
* Aevex Corp. Class A       251        10
* Arrive AI Inc.     2,710         2
  Trinseo plc       120        —
              160,229
Other (0.0%)3
*,2 Aduro Biotech Inc. CVR       724        —
Real Estate (9.0%)
  CareTrust REIT Inc.   159,635     6,516
  Terreno Realty Corp.    80,739     5,304
  Macerich Co.   218,161     4,913
  Essential Properties Realty Trust Inc.   156,764     4,794
  Kite Realty Group Trust   171,564     4,704
  American Healthcare REIT Inc.    91,115     4,455
  HA Sustainable Infrastructure Capital Inc.    98,778     4,050
  Sabra Health Care REIT Inc.   196,352     3,905
  Phillips Edison & Co. Inc.    81,827     3,285
  Independence Realty Trust Inc.   189,878     3,082
  Broadstone Net Lease Inc.   149,594     3,026
  COPT Defense Properties    89,907     2,882
  SL Green Realty Corp.    57,288     2,601
  Apple Hospitality REIT Inc.   176,059     2,586
  LXP Industrial Trust    45,869     2,369
* Cushman & Wakefield Ltd.   185,225     2,304
  Acadia Realty Trust   104,298     2,297
  Urban Edge Properties   100,157     2,248
  Curbline Properties Corp.    76,623     2,232
  DigitalBridge Group Inc.   139,521     2,182
  National Health Investors Inc.    28,652     2,100
  Four Corners Property Trust Inc.    83,363     2,076
  InvenTrust Properties Corp.    61,385     2,034
  Newmark Group Inc. Class A   119,117     1,664
  Douglas Emmett Inc.   129,029     1,502
  Global Net Lease Inc.   156,684     1,468
  Sunstone Hotel Investors Inc.   134,082     1,451
  Diversified Healthcare Trust   173,770     1,446
  LTC Properties Inc.    37,274     1,394
  Getty Realty Corp.    42,660     1,388
  Smartstop Self Storage REIT Inc.    43,691     1,365
  Pebblebrook Hotel Trust    88,185     1,345
  Sila Realty Trust Inc.    44,020     1,331
  Innovative Industrial Properties Inc.    21,782     1,263
  Xenia Hotels & Resorts Inc.    63,418     1,102
  Kennedy-Wilson Holdings Inc.    94,959     1,046
  NETSTREIT Corp.    49,654     1,006
* Compass Inc. Class A   118,928       979
  RLJ Lodging Trust    98,508       959
  American Assets Trust Inc.    40,751       950
  Centerspace    13,390       904
* Piedmont Realty Trust Inc.   100,847       838
  Easterly Government Properties Inc.    33,216       797
  Service Properties Trust   428,775       768
  DiamondRock Hospitality Co.    67,461       741
  JBG SMITH Properties    47,022       690
  Whitestone REIT    35,691       681
  Safehold Inc.    44,087       660
  Empire State Realty Trust Inc. Class A   110,197       631
  Marcus & Millichap Inc.    18,913       534
  CTO Realty Growth Inc.    24,730       508
* Hudson Pacific Properties Inc.    41,973       503
  Summit Hotel Properties Inc.    84,236       486
  Postal Realty Trust Inc. Class A    19,628       452
  AH Realty Trust Inc.    63,475       432
  Brandywine Realty Trust   136,214       422

    Shares Market
Value
($000)
* Forestar Group Inc.    15,282       420
  Chatham Lodging Trust    37,816       410
  Industrial Logistics Properties Trust    44,304       397
  Gladstone Commercial Corp.    31,122       392
  Community Healthcare Trust Inc.    21,754       375
  Chiron Real Estate Inc.    10,153       366
  NexPoint Residential Trust Inc.    11,978       348
  One Liberty Properties Inc.    14,211       335
* Tejon Ranch Co.    16,756       324
  Farmland Partners Inc.    30,869       317
  Tanger Inc.     8,702       314
  FrontView REIT Inc.    16,486       292
  Gladstone Land Corp.    26,997       256
  RMR Group Inc. Class A    12,158       243
* FRP Holdings Inc.     9,963       230
  SITE Centers Corp.    40,844       206
  Alpine Income Property Trust Inc.    10,281       198
  CBL & Associates Properties Inc.     3,394       163
* Stratus Properties Inc.     5,146       147
* Seaport Entertainment Group Inc.     5,692       144
  Modiv Industrial Inc.     7,860       143
  NET Lease Office Properties    11,435       137
* RE / MAX Holdings Inc. Class A    13,987       133
  BRT Apartments Corp.     8,272       120
  Braemar Hotels & Resorts Inc.    42,773       105
* Douglas Elliman Inc.    55,922       101
  Universal Health Realty Income Trust     1,313        54
  Franklin Street Properties Corp.    75,545        40
* Transcontinental Realty Investors Inc.       855        33
  Clipper Realty Inc.     9,812        31
  Saul Centers Inc.       762        26
* National Healthcare Properties Inc.     1,712        25
* Mobile Infrastructure Corp.    10,830        24
* American Realty Investors Inc.       945        14
* Janus Living Inc. Class A       464        12
  Strawberry Fields REIT Inc.       527         7
* Logistic Properties of The Americas Class A     2,402         7
* Maui Land & Pineapple Co. Inc.       323         5
              114,545
Technology (9.8%)
* TTM Technologies Inc.    80,788    14,034
* Hut 8 Corp.    77,381     9,659
* Cipher Digital Inc.   255,656     6,046
* Sanmina Corp.    23,225     6,032
* MaxLinear Inc.    56,010     5,205
  Vishay Intertechnology Inc.    95,385     4,965
* Synaptics Inc.    28,073     3,854
* Diodes Inc.    36,176     3,810
* Cleanspark Inc.   199,591     3,650
* Navitas Semiconductor Corp.   133,266     3,545
* ACM Research Inc. Class A    40,466     3,503
* Axcelis Technologies Inc.    22,716     3,417
* Ultra Clean Holdings Inc.    32,684     2,797
* Veeco Instruments Inc.    46,984     2,708
* nLight Inc.    35,018     2,595
  Benchmark Electronics Inc.    27,808     2,349
* Penguin Solutions Inc.    41,089     2,294
* NetScout Systems Inc.    55,076     2,292
* Applied Digital Corp.    45,131     2,134
* Rogers Corp.    14,255     2,017
* Fastly Inc. Class A   111,222     1,976
* FormFactor Inc.    15,471     1,927
* Cohu Inc.    36,396     1,920
* Ichor Holdings Ltd.    26,805     1,917
  ePlus Inc.    20,816     1,709
  Kulicke & Soffa Industries Inc.    16,778     1,709
* Insight Enterprises Inc.    15,250     1,622
* Photronics Inc.    44,923     1,453
* Ziff Davis Inc.    31,127     1,403

    Shares Market
Value
($000)
* BigBear.ai Holdings Inc.   260,705     1,314
  CTS Corp.    19,763     1,269
* Bandwidth Inc. Class A    16,684     1,084
* Core Scientific Inc.    38,356     1,030
* Alpha & Omega Semiconductor Ltd.    19,813       898
* ScanSource Inc.    17,529       811
* Arteris Inc.    22,225       799
* NCR Voyix Corp.   109,457       787
* Box Inc. Class A    26,276       708
  PC Connection Inc.     8,714       606
*,1 Rumble Inc.    64,561       593
* Daktronics Inc.    25,758       533
* Bit Digital Inc.   255,302       516
* Consensus Cloud Solutions Inc.    14,953       514
* Kimball Electronics Inc.    19,109       495
*,1 indie Semiconductor Inc. Class A    97,803       488
* Mitek Systems Inc.    28,157       484
* Aehr Test Systems     4,595       424
* Plexus Corp.     1,535       412
* Ambiq Micro Inc.     5,045       402
* Powerfleet Inc. NJ    99,368       388
* Terawulf Inc.    15,129       387
* Nextdoor Holdings Inc.   181,618       383
  OneSpan Inc.    25,753       372
* PubMatic Inc. Class A    29,947       350
  Shutterstock Inc.    20,249       301
* Cerence Inc.    23,393       301
  Methode Electronics Inc.    25,766       297
  Xerox Holdings Corp.    91,073       295
  Adeia Inc.    10,773       288
* Digital Turbine Inc.    30,029       264
* Rackspace Technology Inc.    50,872       263
  A10 Networks Inc.     8,352       252
*,1 Chaince Digital Holdings Inc.    27,978       230
* N-able Inc.    59,558       220
* PAR Technology Corp.    12,888       199
* Aeluma Inc.     8,788       190
* Telos Corp.    39,154       188
* Blackbaud Inc.     5,709       175
  Richardson Electronics Ltd.    10,044       171
* Asure Software Inc.    18,112       167
* Angi Inc.    27,506       161
* Bumble Inc. Class A    49,390       157
  Immersion Corp.    21,450       139
* Rimini Street Inc.    30,857       121
* Navan Inc. Class A     5,598       120
* CEVA Inc.     2,435        97
* TechTarget Inc.    19,969        92
* Diebold Nixdorf Inc.     1,117        91
*,1 Whitefiber Inc.     2,969        88
* Grid Dynamics Holdings Inc.     9,547        69
* Tucows Inc. Class A     4,362        66
*,1 Getty Images Holdings Inc.    61,459        64
* Silvaco Group Inc.     6,173        60
* Serve Robotics Inc.     5,765        54
*,1 MicroVision Inc.    85,875        52
* Unisys Corp.    10,335        47
* Blaize Holdings Inc.    24,395        43
* eGain Corp.     4,058        30
* Expensify Inc. Class A    21,110        25
* CS Disco Inc.     5,909        24
* Via Transportation Inc. Class A     1,559        24
  Hackett Group Inc.     1,465        17
* Vivid Seats Inc. Class A     1,848        16
* Domo Inc. Class B     3,510        15
* Airship AI Holdings Inc.     3,293        10
  CSP Inc.       864         9
* Vroom Inc.       740         9

    Shares Market
Value
($000)
* Neonode Inc.     1,015         2
              124,092
Telecommunications (2.9%)
* EchoStar Corp. Class A   107,001    13,824
* Viasat Inc.    97,586     7,867
  Telephone & Data Systems Inc.    78,495     3,070
* Digi International Inc.    29,297     1,957
* Applied Optoelectronics Inc.    10,688     1,693
  Uniti Group Inc.   132,162     1,483
* Harmonic Inc.    65,348       987
* Lumen Technologies Inc.    86,923       955
* Liberty Latin America Ltd. Class C   108,482       890
* Vistance Networks Inc.    65,643       819
  Shenandoah Telecommunications Co.    40,010       638
* NETGEAR Inc.    21,495       559
* Xperi Inc.    35,895       285
* Clearfield Inc.     5,026       237
* 8x8 Inc.   110,517       229
  ATN International Inc.     8,067       227
* Ribbon Communications Inc.    72,752       224
* Cable One Inc.     4,083       215
* Liberty Latin America Ltd. Class A    23,471       189
  Spok Holdings Inc.    15,653       166
* Aviat Networks Inc.     8,952       159
  IDT Corp. Class B     2,816       155
* Optimum Communications Inc. Class A   170,902       113
* Inseego Corp.     8,634       113
* Hawkeye 360 Inc.       289        10
               37,064
Utilities (5.4%)
  Ormat Technologies Inc. (XNYS)    48,122     6,604
  TXNM Energy Inc.    78,913     4,672
  Southwest Gas Holdings Inc.    54,184     4,671
  Portland General Electric Co.    89,366     4,479
  New Jersey Resources Corp.    79,748     4,406
  Black Hills Corp.    60,100     4,376
  Brookfield Infrastructure Corp. Class A (XTSE)    94,886     3,941
*,1 Oklo Inc.    58,669     3,924
  Spire Inc.    46,090     3,791
  ONE Gas Inc.    47,282     3,676
  Northwestern Energy Group Inc.    48,669     3,437
* Sunrun Inc.   178,874     2,991
  Avista Corp.    63,991     2,654
  California Water Service Group    47,371     2,136
* Hawaiian Electric Industries Inc.   129,364     1,721
  Northwest Natural Holding Co.    32,840     1,592
  H2O America    26,373     1,525
  Chesapeake Utilities Corp.    12,167     1,500
* Enviri Corp.    60,038     1,246
  MGE Energy Inc.    13,895     1,049
  American States Water Co.    10,486       810
  Unitil Corp.    13,998       700
  Middlesex Water Co.    12,250       644
  Excelerate Energy Inc. Class A    18,668       615
  York Water Co.     9,551       286
  Consolidated Water Co. Ltd.     8,457       255
  Genie Energy Ltd. Class B    14,691       204
* Pure Cycle Corp.    15,990       166
  RGC Resources Inc.     5,997       138
* Perma-Fix Environmental Services Inc.    11,156       110
* Arq Inc.    24,578        68
* Net Power Inc.    32,085        64
* NANO Nuclear Energy Inc.     1,810        52
* Hallador Energy Co.     1,759        34
* Fervo Energy Co. Class A       530        19
* EagleRock Land LLC Class A       437        10

    Shares Market
Value
($000)
  Global Water Resources Inc.       842         6
               68,572
Total Common Stocks (Cost $1,014,407) 1,270,460
Warrants (0.0%)
*,1 Pulse Biosciences Inc. Exp. 6/27/2029 (Cost $—)       853          12
Temporary Cash Investments (0.7%)
Money Market Fund (0.7%)
4,5 Vanguard Market Liquidity Fund, 3.667% (Cost $8,591)    85,930          8,592
Total Investments (100.5%) (Cost $1,022,998) 1,279,064
Other Assets and Liabilities—Net (-0.5%) (6,537)
Net Assets (100%) 1,272,527
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 $6,929.
2 Security value determined using significant unobservable inputs.
3 “Other” represents securities that are not classified by the fund’s benchmark index.
4 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5 Collateral of $7,715 was received for securities on loan.
  CVR—Contingent Value Rights.
  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 2026 14 2,047 29
    
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)
Oklo Inc. 8/31/2026 BANA 1,031 (3.620) (28)
1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/(paid) monthly.
  BANA—Bank of America, N.A.
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. 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 May 31, 2026, based on the inputs used to value them:
  Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments        
Assets        
Common Stocks 1,270,455 5 1,270,460
Warrants 12 12
Temporary Cash Investments 8,592 8,592
Total 1,279,047 12 5 1,279,064
Derivative Financial Instruments        
Assets        
Futures Contracts1 29 29
Liabilities        
Swap Contracts (28) (28)
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.