NPORT-EX 2 vg_esgusstocketf.htm
Vanguard® ESG U.S. Stock ETF
Schedule of Investments (unaudited)
As of May 31, 2024
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
          Shares Market
Value
($000)
Common Stocks (99.5%)
Basic Materials (1.6%)
  Linde plc 98,422 42,865
  Air Products and Chemicals Inc. 44,800 11,948
  Newmont Corp. 233,455 9,791
  Nucor Corp. 49,731 8,397
  Fastenal Co. 115,139 7,597
  LyondellBasell Industries NV Class A 52,301 5,200
  International Flavors & Fragrances Inc. 51,683 4,971
  Steel Dynamics Inc. 30,929 4,140
  Avery Dennison Corp. 16,304 3,711
  Reliance Inc. 11,574 3,481
  International Paper Co. 69,708 3,143
  CF Industries Holdings Inc. 38,832 3,096
  Albemarle Corp. 23,691 2,904
  Mosaic Co. 65,947 2,040
  United States Steel Corp. 44,712 1,715
  Royal Gold Inc. 13,290 1,704
  FMC Corp. 25,341 1,545
  UFP Industries Inc. 12,214 1,459
  Cabot Corp. 10,784 1,103
  Boise Cascade Co. 8,007 1,099
  Element Solutions Inc. 45,748 1,099
* Valvoline Inc. 26,477 1,075
  Westlake Corp. 6,536 1,049
  Ashland Inc. 10,232 1,025
  Balchem Corp. 6,439 989
* Arcadium Lithium plc 205,981 913
  Avient Corp. 18,710 836
  Huntsman Corp. 33,409 829
  Hecla Mining Co. 119,423 703
  NewMarket Corp. 1,214 650
  Innospec Inc. 4,972 650
  Sensient Technologies Corp. 8,321 646
  Scotts Miracle-Gro Co. 8,537 595
  Minerals Technologies Inc. 6,543 568
* Constellium SE Class A 25,750 558
  Quaker Chemical Corp. 2,790 506
  Sylvamo Corp. 6,797 485
  Tronox Holdings plc 24,337 482
* Coeur Mining Inc. 70,828 407
  Stepan Co. 4,363 380
* Ingevity Corp. 6,781 331
* MP Materials Corp. 19,392 315
  Kaiser Aluminum Corp. 2,930 287
  Orion SA 10,441 260
  Worthington Steel Inc. 6,101 201
* Century Aluminum Co. 10,032 184
*,1 Sigma Lithium Corp. 11,984 183
  Compass Minerals International Inc. 6,328 82
            138,197
Consumer Discretionary (15.1%)
* Amazon.com Inc. 1,824,482 321,912
* Tesla Inc. 559,253 99,592
  Costco Wholesale Corp. 89,783 72,714
  Home Depot Inc. 202,987 67,974
* Netflix Inc. 86,538 55,525
  Walt Disney Co. 369,927 38,439
  McDonald's Corp. 147,869 38,282
  Booking Holdings Inc. 7,057 26,650
  Lowe's Cos. Inc. 116,834 25,854
* Uber Technologies Inc. 398,005 25,695
  TJX Cos. Inc. 230,608 23,776
  NIKE Inc. Class B 237,743 22,597
          Shares Market
Value
($000)
  Starbucks Corp. 224,714 18,027
* Chipotle Mexican Grill Inc. Class A 5,573 17,441
* MercadoLibre Inc. 9,368 16,165
  Target Corp. 92,991 14,521
* Airbnb Inc. Class A 83,727 12,135
* O'Reilly Automotive Inc. 11,941 11,502
  Marriott International Inc. Class A 48,491 11,210
  Hilton Worldwide Holdings Inc. 50,443 10,119
* AutoZone Inc. 3,497 9,686
  Ford Motor Co. 794,496 9,637
  Ross Stores Inc. 66,908 9,351
* Copart Inc. 173,827 9,223
* Spotify Technology SA 28,343 8,412
* Trade Desk Inc. Class A 89,151 8,271
  Lennar Corp. Class A 50,171 8,045
  Yum! Brands Inc. 56,594 7,778
  Electronic Arts Inc. 54,611 7,257
* Lululemon Athletica Inc. 22,516 7,025
* Royal Caribbean Cruises Ltd. 47,175 6,967
  Tractor Supply Co. 21,895 6,246
  Dollar General Corp. 44,298 6,065
  Estee Lauder Cos. Inc. Class A 46,520 5,739
  eBay Inc. 105,025 5,694
* Deckers Outdoor Corp. 5,157 5,641
* Take-Two Interactive Software Inc. 33,350 5,348
  Garmin Ltd. 31,098 5,095
  PulteGroup Inc. 43,273 5,077
* Coupang Inc. 221,658 5,040
* Dollar Tree Inc. 41,555 4,901
* Aptiv plc 54,742 4,558
* NVR Inc. 582 4,470
  Genuine Parts Co. 28,315 4,081
* Ulta Beauty Inc. 9,844 3,889
  Williams-Sonoma Inc. 12,930 3,791
  Omnicom Group Inc. 39,630 3,684
* Warner Bros Discovery Inc. 446,506 3,679
  Domino's Pizza Inc. 7,112 3,617
  Best Buy Co. Inc. 38,963 3,305
* ROBLOX Corp. Class A 94,963 3,193
* Burlington Stores Inc. 13,130 3,152
* Expedia Group Inc. 26,901 3,036
* Carnival Corp. 200,910 3,030
* Live Nation Entertainment Inc. 31,647 2,967
* Liberty Media Corp.-Liberty Formula One Class C 38,800 2,877
  Pool Corp. 7,619 2,770
  News Corp. Class A 98,863 2,688
  Toll Brothers Inc. 21,097 2,566
* Floor & Decor Holdings Inc. Class A 21,050 2,460
  Interpublic Group of Cos. Inc. 78,156 2,452
* BJ's Wholesale Club Holdings Inc. 26,979 2,376
  Rollins Inc. 51,868 2,370
  Bath & Body Works Inc. 45,626 2,370
  LKQ Corp. 54,073 2,327
* CarMax Inc. 31,991 2,248
  Wingstop Inc. 5,988 2,207
* Grab Holdings Ltd. Class A 599,623 2,201
  Fox Corp. Class A 61,793 2,128
  Service Corp. International 29,150 2,089
* Carvana Co. Class A 20,671 2,067
* elf Beauty Inc. 10,867 2,031
  Tapestry Inc. 46,341 2,015
* Skechers USA Inc. Class A 26,996 1,928
  Autoliv Inc. 14,978 1,911
* Crocs Inc. 12,061 1,877
* On Holding AG Class A 42,338 1,801
  Tempur Sealy International Inc. 33,738 1,733
  Murphy USA Inc. 3,877 1,701
  Aramark 52,539 1,689
* Abercrombie & Fitch Co. Class A 9,726 1,681
  BorgWarner Inc. 47,051 1,678
          Shares Market
Value
($000)
  New York Times Co. Class A 32,609 1,670
  Delta Air Lines Inc. 32,277 1,647
  Gentex Corp. 46,912 1,642
  Hasbro Inc. 26,473 1,583
* Etsy Inc. 24,110 1,530
* Five Below Inc. 11,057 1,527
* Rivian Automotive Inc. Class A 136,914 1,495
  Ralph Lauren Corp. Class A 7,958 1,487
  Lear Corp. 11,776 1,476
  Vail Resorts Inc. 7,707 1,454
  PVH Corp. 12,071 1,449
  H&R Block Inc. 29,001 1,440
* Norwegian Cruise Line Holdings Ltd. 85,177 1,414
  Lithia Motors Inc. Class A 5,552 1,405
* SiteOne Landscape Supply Inc. 9,054 1,402
  Paramount Global Class B 116,999 1,393
  TKO Group Holdings Inc. Class A 12,451 1,358
  Hyatt Hotels Corp. Class A 8,804 1,298
  Meritage Homes Corp. 7,291 1,286
* GameStop Corp. Class A 54,270 1,256
* Bright Horizons Family Solutions Inc. 11,703 1,230
* Taylor Morrison Home Corp. Class A 20,492 1,185
  Wyndham Hotels & Resorts Inc. 16,483 1,166
  U-Haul Holding Co. 18,985 1,154
* Duolingo Inc. Class A 6,026 1,153
  Gap Inc. 39,389 1,141
* Lyft Inc. Class A 70,631 1,103
* Planet Fitness Inc. Class A 17,283 1,100
  Nexstar Media Group Inc. Class A 6,569 1,088
  Macy's Inc. 54,690 1,065
* Ollie's Bargain Outlet Holdings Inc. 12,570 1,036
  Thor Industries Inc. 10,405 1,033
  Whirlpool Corp. 10,981 1,022
* Wayfair Inc. Class A 17,004 1,012
* Asbury Automotive Group Inc. 4,226 993
  KB Home 13,892 981
* AutoNation Inc. 5,642 961
  VF Corp. 70,940 942
  Signet Jewelers Ltd. 8,564 938
* Liberty Media Corp.-Liberty SiriusXM Class A 40,927 930
  SharkNinja Inc. 12,021 921
  Harley-Davidson Inc. 25,546 917
* United Airlines Holdings Inc. 16,567 878
* Grand Canyon Education Inc. 6,037 860
  Group 1 Automotive Inc. 2,762 859
* RH 3,151 857
  Advance Auto Parts Inc. 12,081 853
  American Eagle Outfitters Inc. 37,208 817
  Kontoor Brands Inc. 11,055 811
  Southwest Airlines Co. 29,988 805
* Capri Holdings Ltd. 22,960 793
* Coty Inc. Class A 75,999 787
* Skyline Champion Corp. 11,125 774
* Tri Pointe Homes Inc. 19,019 737
* YETI Holdings Inc. 17,933 731
* Boot Barn Holdings Inc. 5,996 713
* Goodyear Tire & Rubber Co. 57,803 712
* M/I Homes Inc. 5,369 671
  Choice Hotels International Inc. 5,919 670
* Madison Square Garden Sports Corp. 3,600 665
* Hilton Grand Vacations Inc. 15,964 660
  Steven Madden Ltd. 14,808 658
  Marriott Vacations Worldwide Corp. 7,040 635
* Visteon Corp. 5,694 634
  Travel + Leisure Co. 14,398 633
  Wendy's Co. 35,337 617
  Newell Brands Inc. 77,788 601
* Frontdoor Inc. 16,959 600
  Penske Automotive Group Inc. 3,840 584
* Cavco Industries Inc. 1,632 583
          Shares Market
Value
($000)
  TEGNA Inc. 38,773 578
  Columbia Sportswear Co. 6,706 574
  Rush Enterprises Inc. Class A 12,417 560
  LCI Industries 5,063 556
* Urban Outfitters Inc. 12,808 534
* Adient plc 18,832 532
* Helen of Troy Ltd. 4,944 528
  Strategic Education Inc. 4,648 527
  Graham Holdings Co. Class B 674 507
  Kohl's Corp. 22,580 506
  Nordstrom Inc. 22,786 504
* Dorman Products Inc. 5,352 492
  Carter's Inc. 7,171 490
  Century Communities Inc. 5,764 487
* Adtalem Global Education Inc. 7,401 477
* Topgolf Callaway Brands Corp. 28,825 451
  HNI Corp. 9,497 447
  Fox Corp. Class B 13,912 444
  PriceSmart Inc. 5,259 443
  Inter Parfums Inc. 3,683 441
  Foot Locker Inc. 15,456 429
  Laureate Education Inc. 27,243 427
*,1 Lucid Group Inc. 148,918 423
* Fox Factory Holding Corp. 8,940 417
  Avis Budget Group Inc. 3,614 411
* LGI Homes Inc. 4,236 407
* TripAdvisor Inc. 21,992 404
* Under Armour Inc. Class C 58,004 404
* United Parks & Resorts Inc. 7,543 394
* Cinemark Holdings Inc. 22,765 393
  Phinia Inc. 8,785 393
* OPENLANE Inc. 22,485 388
* Central Garden & Pet Co. Class A 10,378 388
  MillerKnoll Inc. 14,018 387
* QuantumScape Corp. Class A 65,490 387
* Atlanta Braves Holdings Inc. Class C 9,650 386
  Acushnet Holdings Corp. 5,765 380
* Six Flags Entertainment Corp. 14,893 379
* Sonos Inc. 23,806 376
* American Airlines Group Inc. 31,781 365
* Victoria's Secret & Co. 15,848 361
* Hanesbrands Inc. 70,338 360
* Liberty Media Corp.-Liberty Formula One Class A 5,217 357
  Dana Inc. 24,167 340
  Winnebago Industries Inc. 5,424 337
* Liberty Media Corp.-Liberty Live Class A 9,214 337
  Upbound Group Inc. 10,248 336
* Gentherm Inc. 6,142 331
* Liberty Media Corp.-Liberty SiriusXM 14,498 329
  PROG Holdings Inc. 8,606 325
  Leggett & Platt Inc. 27,811 323
  Papa John's International Inc. 6,928 322
  Oxford Industries Inc. 2,841 314
  Dillard's Inc. Class A 700 313
  La-Z-Boy Inc. 8,038 302
* Madison Square Garden Entertainment Corp. Class A 7,900 281
* Green Brick Partners Inc. 4,800 262
* Alaska Air Group Inc. 5,965 251
* National Vision Holdings Inc. 16,097 243
  John Wiley & Sons Inc. Class A 6,655 243
* Sally Beauty Holdings Inc. 19,766 241
* ODP Corp. 6,106 239
* Peloton Interactive Inc. Class A 65,350 238
  Steelcase Inc. Class A 17,201 235
* G-III Apparel Group Ltd. 7,685 231
  Cracker Barrel Old Country Store Inc. 4,611 225
* PowerSchool Holdings Inc. Class A 10,402 223
  Buckle Inc. 5,669 218
* Sabre Corp. 68,724 215
  Jack in the Box Inc. 3,757 208
          Shares Market
Value
($000)
* Sphere Entertainment Co. 5,632 206
* Coursera Inc. 26,779 204
* U-Haul Holding Co. (XNYS) 3,073 194
* AMC Entertainment Holdings Inc. Class A 44,854 194
* Lions Gate Entertainment Corp. Class B 24,160 187
* Leslie's Inc. 32,579 186
  Scholastic Corp. 5,051 183
  Lennar Corp. Class B 1,209 177
* Liberty Media Corp.-Liberty Live Class C 4,610 175
* Under Armour Inc. Class A 23,720 171
  Krispy Kreme Inc. 16,200 169
* American Axle & Manufacturing Holdings Inc. 20,865 159
  Matthews International Corp. Class A 5,538 157
1 Sirius XM Holdings Inc. 54,052 152
* Driven Brands Holdings Inc. 12,264 141
  Monro Inc. 5,761 136
* IMAX Corp. 8,288 136
* Beyond Inc. 8,359 126
  Guess? Inc. 5,338 124
  Gray Television Inc. 19,078 119
* Figs Inc. Class A 22,386 119
*,1 Luminar Technologies Inc. Class A 66,693 109
* Hertz Global Holdings Inc. 24,403 106
* Mister Car Wash Inc. 14,000 98
* Chegg Inc. 24,612 94
* JetBlue Airways Corp. 15,750 88
* Lions Gate Entertainment Corp. Class A 10,517 87
* iRobot Corp. 6,990 67
  News Corp. Class B 2,132 59
* Atlanta Braves Holdings Inc. Class A 1,384 58
  Allegiant Travel Co. 883 47
  Spirit Airlines Inc. 9,024 33
            1,288,619
Consumer Staples (4.5%)
  Procter & Gamble Co. 476,689 78,434
  Coca-Cola Co. 788,863 49,643
  PepsiCo Inc. 279,383 48,305
  Mondelez International Inc. Class A 274,745 18,828
  CVS Health Corp. 258,952 15,434
  Colgate-Palmolive Co. 165,880 15,420
  McKesson Corp. 26,900 15,322
  Kimberly-Clark Corp. 68,235 9,096
  Corteva Inc. 142,764 7,986
  General Mills Inc. 114,637 7,881
* Monster Beverage Corp. 150,603 7,819
  Cencora Inc. 33,983 7,700
  Sysco Corp. 100,760 7,337
  Kroger Co. 132,274 6,927
  Archer-Daniels-Midland Co. 108,085 6,749
  Keurig Dr Pepper Inc. 193,005 6,610
  Hershey Co. 30,368 6,008
  Kraft Heinz Co. 162,444 5,746
  Church & Dwight Co. Inc. 49,569 5,304
  McCormick & Co. Inc. (Non-Voting) 51,029 3,685
  Clorox Co. 25,138 3,307
  Tyson Foods Inc. Class A 56,605 3,241
  Kellanova 52,726 3,182
  Bunge Global SA 29,319 3,154
  Coca-Cola Europacific Partners plc 40,686 2,999
  Conagra Brands Inc. 96,304 2,878
  Lamb Weston Holdings Inc. 29,228 2,581
* US Foods Holding Corp. 45,939 2,427
  Walgreens Boots Alliance Inc. 145,126 2,354
* Celsius Holdings Inc. 29,078 2,326
  J M Smucker Co. 20,792 2,321
  Hormel Foods Corp. 59,163 1,833
  Albertsons Cos. Inc. Class A 84,317 1,740
  Campbell Soup Co. 38,323 1,701
* Sprouts Farmers Market Inc. 20,175 1,593
          Shares Market
Value
($000)
  Ingredion Inc. 12,979 1,526
* BellRing Brands Inc. 26,133 1,520
* Darling Ingredients Inc. 32,087 1,296
* Freshpet Inc. 8,904 1,168
* Post Holdings Inc. 10,368 1,105
  Coca-Cola Consolidated Inc. 932 914
  Flowers Foods Inc. 38,613 897
  Lancaster Colony Corp. 3,949 733
* Simply Good Foods Co. 18,870 726
  WD-40 Co. 2,742 616
  Spectrum Brands Holdings Inc. 6,209 557
  J & J Snack Foods Corp. 3,101 505
  Nomad Foods Ltd. 27,954 491
  Cal-Maine Foods Inc. 7,935 489
* Grocery Outlet Holding Corp. 18,793 413
  Energizer Holdings Inc. 14,088 403
* TreeHouse Foods Inc. 10,162 369
  Edgewell Personal Care Co. 9,463 365
  Reynolds Consumer Products Inc. 10,200 290
  WK Kellogg Co. 12,173 231
* Herbalife Ltd. 21,529 222
* National Beverage Corp. 4,386 203
  Weis Markets Inc. 3,028 199
  Nu Skin Enterprises Inc. Class A 10,052 134
* United Natural Foods Inc. 10,712 129
* Hain Celestial Group Inc. 16,590 127
* USANA Health Sciences Inc. 2,122 101
* Olaplex Holdings Inc. 35,795 64
            383,664
Energy (0.2%)
* First Solar Inc. 21,488 5,840
* Enphase Energy Inc. 26,932 3,445
* NEXTracker Inc. Class A 25,137 1,387
  Arcosa Inc. 9,976 877
* SolarEdge Technologies Inc. 11,334 555
* Array Technologies Inc. 30,788 436
*,1 Plug Power Inc. 104,619 348
* Fluence Energy Inc. 12,193 306
* Shoals Technologies Group Inc. Class A 34,012 268
* Ameresco Inc. Class A 6,040 221
*,1 ChargePoint Holdings Inc. 75,364 127
*,1 SunPower Corp. 13,289 44
            13,854
Financials (10.4%)
  JPMorgan Chase & Co. 584,156 118,368
  Bank of America Corp. 1,397,042 55,868
  Goldman Sachs Group Inc. 64,358 29,381
  S&P Global Inc. 64,333 27,503
  Progressive Corp. 118,536 25,032
  Citigroup Inc. 386,646 24,092
  BlackRock Inc. 30,047 23,197
  Morgan Stanley 236,499 23,139
  Chubb Ltd. 82,115 22,238
  Charles Schwab Corp. 299,550 21,951
  Marsh & McLennan Cos. Inc. 100,532 20,868
  Blackstone Inc. 144,174 17,373
  Intercontinental Exchange Inc. 114,321 15,308
  CME Group Inc. 72,663 14,749
  US Bancorp 315,421 12,790
  Moody's Corp. 32,095 12,741
  PNC Financial Services Group Inc. 80,456 12,663
  Apollo Global Management Inc. 105,426 12,246
  Aon plc Class A 40,043 11,278
  American International Group Inc. 142,174 11,206
  Arthur J Gallagher & Co. 43,311 10,972
  Aflac Inc. 117,383 10,549
  Truist Financial Corp. 268,592 10,139
  Travelers Cos. Inc. 46,117 9,947
  Bank of New York Mellon Corp. 153,701 9,162
          Shares Market
Value
($000)
  MetLife Inc. 125,810 9,105
  Allstate Corp. 53,162 8,906
  Prudential Financial Inc. 73,549 8,852
  Ameriprise Financial Inc. 20,219 8,828
* Coinbase Global Inc. Class A 34,691 7,837
  MSCI Inc. Class A 15,509 7,680
* Arch Capital Group Ltd. 72,165 7,406
  Hartford Financial Services Group Inc. 59,793 6,186
  Discover Financial Services 50,384 6,180
* NU Holdings Ltd. Class A 472,992 5,619
  Willis Towers Watson plc 20,948 5,348
  T. Rowe Price Group Inc. 44,675 5,264
  Fifth Third Bancorp 137,034 5,128
  M&T Bank Corp. 33,476 5,075
  Broadridge Financial Solutions Inc. 23,611 4,740
  Ares Management Corp. Class A 33,768 4,733
  Raymond James Financial Inc. 38,419 4,716
  State Street Corp. 61,021 4,613
  Nasdaq Inc. 74,591 4,403
* Markel Group Inc. 2,677 4,395
  LPL Financial Holdings Inc. 15,213 4,354
  Brown & Brown Inc. 47,988 4,295
  Huntington Bancshares Inc. 290,014 4,037
  Principal Financial Group Inc. 48,151 3,950
  First Citizens BancShares Inc. Class A 2,200 3,737
  Cboe Global Markets Inc. 21,311 3,687
  Cincinnati Financial Corp. 30,876 3,630
  Regions Financial Corp. 187,145 3,621
  Northern Trust Corp. 40,873 3,443
  Everest Group Ltd. 8,604 3,364
  Citizens Financial Group Inc. 93,988 3,317
  W R Berkley Corp. 40,225 3,259
  FactSet Research Systems Inc. 7,790 3,149
  Loews Corp. 37,090 2,849
  Equitable Holdings Inc. 68,059 2,824
  Reinsurance Group of America Inc. 13,450 2,822
  KeyCorp 188,014 2,702
* Robinhood Markets Inc. Class A 128,385 2,683
  Interactive Brokers Group Inc. Class A 20,972 2,637
  Fidelity National Financial Inc. 52,148 2,626
  Tradeweb Markets Inc. Class A 23,249 2,534
  RenaissanceRe Holdings Ltd. 10,458 2,383
  Credicorp Ltd. 13,768 2,276
  Ally Financial Inc. 54,779 2,135
  Unum Group 39,110 2,106
  East West Bancorp Inc. 28,082 2,083
  Annaly Capital Management Inc. 100,945 1,989
  American Financial Group Inc. 14,380 1,868
  Assurant Inc. 10,688 1,854
  First Horizon Corp. 111,091 1,760
  Kinsale Capital Group Inc. 4,420 1,696
  Old Republic International Corp. 51,185 1,627
  Stifel Financial Corp. 19,964 1,616
  Primerica Inc. 7,113 1,607
  Webster Financial Corp. 34,812 1,539
  Voya Financial Inc. 19,871 1,507
  MarketAxess Holdings Inc. 7,482 1,488
  Evercore Inc. Class A 7,160 1,453
  Franklin Resources Inc. 61,183 1,444
  Globe Life Inc. 17,325 1,434
  Corebridge Financial Inc. 48,848 1,425
  Houlihan Lokey Inc. Class A 10,255 1,388
  Western Alliance Bancorp 21,799 1,374
  SEI Investments Co. 20,103 1,361
  Comerica Inc. 26,380 1,352
  Commerce Bancshares Inc. 24,202 1,347
  AGNC Investment Corp. 139,598 1,339
* SoFi Technologies Inc. 190,388 1,314
  Zions Bancorp NA 29,185 1,260
  Popular Inc. 14,134 1,258
          Shares Market
Value
($000)
  XP Inc. Class A 65,141 1,237
  Pinnacle Financial Partners Inc. 15,304 1,217
  Cullen/Frost Bankers Inc. 11,890 1,208
  RLI Corp. 8,259 1,206
  Jackson Financial Inc. Class A 15,868 1,206
  Wintrust Financial Corp. 12,183 1,201
  Essent Group Ltd. 21,182 1,201
  Selective Insurance Group Inc. 12,193 1,190
  Starwood Property Trust Inc. 60,814 1,182
  Synovus Financial Corp. 29,497 1,171
  SouthState Corp. 15,136 1,170
  Axis Capital Holdings Ltd. 15,826 1,169
  MGIC Investment Corp. 55,173 1,159
  Invesco Ltd. 73,743 1,158
  Lincoln National Corp. 34,307 1,132
  First American Financial Corp. 20,298 1,128
  OneMain Holdings Inc. 22,647 1,112
  Affiliated Managers Group Inc. 6,829 1,110
  Ryan Specialty Holdings Inc. Class A 19,750 1,097
  Prosperity Bancshares Inc. 17,503 1,090
  Rithm Capital Corp. 96,165 1,078
  Old National Bancorp 63,077 1,078
* Mr Cooper Group Inc. 12,717 1,061
  Cadence Bank 36,895 1,053
  FNB Corp. 71,593 986
  SLM Corp. 44,748 960
  Radian Group Inc. 30,432 951
  Hanover Insurance Group Inc. 7,107 938
  Janus Henderson Group plc 27,204 911
  Bank OZK 21,708 909
  Hamilton Lane Inc. Class A 7,236 908
  Home BancShares Inc. 37,912 892
  Lazard Inc. Class A 22,019 886
  White Mountains Insurance Group Ltd. 486 878
* Marathon Digital Holdings Inc. 44,692 872
  United Bankshares Inc. 26,558 862
  Assured Guaranty Ltd. 10,919 849
  Glacier Bancorp Inc. 22,043 824
  Hancock Whitney Corp. 17,299 808
  Columbia Banking System Inc. 41,765 805
  First Financial Bankshares Inc. 26,098 782
  UMB Financial Corp. 9,195 758
  Kemper Corp. 12,603 754
  Moelis & Co. Class A 13,235 749
* Enstar Group Ltd. 2,377 744
  Piper Sandler Cos. 3,463 733
  First Financial Bancorp 32,028 714
  Heartland Financial USA Inc. 15,775 693
  Associated Banc-Corp 31,713 679
  Ameris Bancorp 13,352 667
  CNO Financial Group Inc. 22,780 654
  ServisFirst Bancshares Inc. 10,578 654
  International Bancshares Corp. 11,248 639
  Valley National Bancorp 87,909 627
* Credit Acceptance Corp. 1,273 625
  First Bancorp 34,994 620
  BGC Group Inc. Class A 70,219 609
  Walker & Dunlop Inc. 6,320 607
  Blackstone Mortgage Trust Inc. Class A 34,707 605
  TPG Inc. Class A 14,398 604
  United Community Banks Inc. 23,181 595
  Atlantic Union Bankshares Corp. 18,057 589
  Fulton Financial Corp. 34,187 576
* Axos Financial Inc. 10,620 572
  Artisan Partners Asset Management Inc. Class A 12,934 569
* Brighthouse Financial Inc. 12,732 567
* Genworth Financial Inc. Class A 89,949 566
* Texas Capital Bancshares Inc. 9,281 559
  First Hawaiian Inc. 27,105 551
* NMI Holdings Inc. Class A 16,507 548
          Shares Market
Value
($000)
  WSFS Financial Corp. 12,286 541
  BOK Financial Corp. 5,723 519
  Community Financial System Inc. 11,242 511
  Cathay General Bancorp 13,772 507
1 Arbor Realty Trust Inc. 36,726 502
  New York Community Bancorp Inc. 143,888 473
  PennyMac Financial Services Inc. 5,162 468
  Bank of Hawaii Corp. 7,910 457
  First Interstate BancSystem Inc. Class A 16,798 446
  CVB Financial Corp. 26,885 445
  Simmons First National Corp. Class A 25,619 445
  Independent Bank Corp. 8,701 442
  BankUnited Inc. 15,268 438
* Palomar Holdings Inc. 5,046 428
  Pacific Premier Bancorp Inc. 18,933 421
  Eastern Bankshares Inc. 30,526 418
  Seacoast Banking Corp. of Florida 17,211 407
  First Merchants Corp. 12,159 402
  Park National Corp. 2,900 399
  BancFirst Corp. 4,535 391
  Towne Bank 14,371 391
* Riot Platforms Inc. 39,074 381
*,1 Upstart Holdings Inc. 15,323 379
  Cohen & Steers Inc. 5,355 376
  WaFd Inc. 13,271 372
  Virtu Financial Inc. Class A 16,747 368
  NBT Bancorp Inc. 9,672 360
  Provident Financial Services Inc. 24,904 359
  Independent Bank Group Inc. 7,548 348
* Triumph Financial Inc. 4,636 344
  Renasant Corp. 11,390 343
  Trustmark Corp. 11,635 339
  WesBanco Inc. 11,848 327
  Bank of NT Butterfield & Son Ltd. 9,305 317
  Banner Corp. 6,758 316
  Hilltop Holdings Inc. 9,938 304
  Virtus Investment Partners Inc. 1,324 303
  Horace Mann Educators Corp. 8,790 300
  City Holding Co. 2,826 289
  Nelnet Inc. Class A 2,730 283
  Stock Yards Bancorp Inc. 5,870 275
  Northwest Bancshares Inc. 25,025 274
  Ladder Capital Corp. Class A 24,446 273
  Two Harbors Investment Corp. 20,978 270
  First Commonwealth Financial Corp. 19,455 263
  Hope Bancorp Inc. 24,886 262
  WisdomTree Inc. 25,728 257
  Navient Corp. 16,472 248
  Westamerica Bancorp 4,858 237
  S&T Bancorp Inc. 7,235 231
*,1 Freedom Holding Corp. 3,000 229
  PennyMac Mortgage Investment Trust 16,425 225
* SiriusPoint Ltd. 17,039 224
  CNA Financial Corp. 4,834 222
* Trupanion Inc. 7,276 217
  Live Oak Bancshares Inc. 6,200 214
  Employers Holdings Inc. 4,984 210
  Safety Insurance Group Inc. 2,708 209
  MFA Financial Inc. 19,023 204
  Sandy Spring Bancorp Inc. 8,088 190
* Encore Capital Group Inc. 4,275 189
  Berkshire Hills Bancorp Inc. 8,085 180
* PRA Group Inc. 8,306 179
  Chimera Investment Corp. 15,023 179
  ARMOUR Residential REIT Inc. 9,058 175
  Redwood Trust Inc. 27,388 174
  1st Source Corp. 3,126 161
* Lemonade Inc. 9,196 152
  BrightSpire Capital Inc. Class A 23,942 145
  F&G Annuities & Life Inc. 3,529 143
          Shares Market
Value
($000)
  Brookline Bancorp Inc. 16,253 141
  Brightsphere Investment Group Inc. 6,093 135
  Capitol Federal Financial Inc. 24,023 124
  TFS Financial Corp. 9,336 123
* Open Lending Corp. 18,412 119
  Republic Bancorp Inc. Class A 1,648 85
* Columbia Financial Inc. 5,504 80
            888,716
Health Care (12.7%)
  Eli Lilly & Co. 171,387 140,596
  UnitedHealth Group Inc. 188,283 93,270
  Merck & Co. Inc. 514,564 64,598
  AbbVie Inc. 357,406 57,628
  Thermo Fisher Scientific Inc. 78,302 44,474
  Abbott Laboratories 351,340 35,903
  Danaher Corp. 133,716 34,338
  Amgen Inc. 108,018 33,037
  Pfizer Inc. 1,142,745 32,751
* Intuitive Surgical Inc. 70,578 28,381
  Elevance Health Inc. 47,937 25,813
  Stryker Corp. 71,828 24,500
* Vertex Pharmaceuticals Inc. 52,091 23,719
* Boston Scientific Corp. 295,735 22,349
  Medtronic plc 268,622 21,858
* Regeneron Pharmaceuticals Inc. 20,736 20,325
  Cigna Group 58,168 20,046
  Bristol-Myers Squibb Co. 412,167 16,936
  Gilead Sciences Inc. 252,717 16,242
  Zoetis Inc. Class A 93,696 15,887
  HCA Healthcare Inc. 40,260 13,678
  Becton Dickinson & Co. 58,564 13,585
* Edwards Lifesciences Corp. 121,786 10,582
* Moderna Inc. 67,213 9,581
* Dexcom Inc. 78,364 9,307
  Humana Inc. 24,714 8,851
* IDEXX Laboratories Inc. 16,667 8,283
* IQVIA Holdings Inc. 36,711 8,043
* Centene Corp. 108,158 7,743
  Agilent Technologies Inc. 59,034 7,699
  GE HealthCare Technologies Inc. 84,288 6,574
* Biogen Inc. 29,147 6,556
  ResMed Inc. 29,425 6,071
* ICON plc 16,529 5,369
* Veeva Systems Inc. Class A 29,317 5,108
  West Pharmaceutical Services Inc. 15,002 4,972
  Cardinal Health Inc. 49,919 4,955
  Zimmer Biomet Holdings Inc. 42,441 4,887
  STERIS plc 20,113 4,483
* Align Technology Inc. 15,411 3,964
* Alnylam Pharmaceuticals Inc. 25,353 3,763
  Cooper Cos. Inc. 39,351 3,711
* Molina Healthcare Inc. 11,685 3,676
  Baxter International Inc. 102,090 3,480
* Hologic Inc. 46,620 3,440
  Labcorp Holdings Inc. 17,242 3,361
* Illumina Inc. 32,020 3,339
* Avantor Inc. 136,197 3,280
  Quest Diagnostics Inc. 22,487 3,192
* BioMarin Pharmaceutical Inc. 37,825 2,840
* Tenet Healthcare Corp. 20,449 2,765
  Revvity Inc. 25,088 2,741
* Neurocrine Biosciences Inc. 19,659 2,662
  Viatris Inc. 241,246 2,557
* United Therapeutics Corp. 9,099 2,503
* Insulet Corp. 14,001 2,481
*,2 Shockwave Medical Inc. 7,362 2,466
  Bio-Techne Corp. 31,483 2,430
* Natera Inc. 22,103 2,355
* Sarepta Therapeutics Inc. 18,073 2,347
          Shares Market
Value
($000)
  Universal Health Services Inc. Class B 11,994 2,276
* Incyte Corp. 37,349 2,158
* Charles River Laboratories International Inc. 10,265 2,140
  Royalty Pharma plc Class A 75,133 2,059
  Teleflex Inc. 9,594 2,006
* Catalent Inc. 36,241 1,949
* Henry Schein Inc. 26,242 1,820
* Medpace Holdings Inc. 4,710 1,820
* Elanco Animal Health Inc. 99,155 1,753
  Encompass Health Corp. 20,008 1,728
* Repligen Corp. 11,196 1,669
  Chemed Corp. 2,979 1,651
* Exact Sciences Corp. 36,077 1,640
* Globus Medical Inc. Class A 23,910 1,605
* DaVita Inc. 10,896 1,603
* Insmed Inc. 28,504 1,569
* Vaxcyte Inc. 21,038 1,478
* Penumbra Inc. 7,320 1,387
* HealthEquity Inc. 16,879 1,379
  Bruker Corp. 20,948 1,372
* Intra-Cellular Therapies Inc. 20,143 1,354
* Exelixis Inc. 61,489 1,334
* Jazz Pharmaceuticals plc 12,487 1,314
  Ensign Group Inc. 10,836 1,314
* Blueprint Medicines Corp. 12,422 1,311
* Acadia Healthcare Co. Inc. 18,330 1,263
  DENTSPLY SIRONA Inc. 42,760 1,198
* Bio-Rad Laboratories Inc. Class A 4,154 1,192
* Halozyme Therapeutics Inc. 26,271 1,164
  Organon & Co. 51,840 1,106
* Masimo Corp. 8,870 1,104
* Lantheus Holdings Inc. 13,489 1,104
* Ionis Pharmaceuticals Inc. 29,084 1,093
* Glaukos Corp. 9,572 1,079
* REVOLUTION Medicines Inc. 27,956 1,072
* Cytokinetics Inc. 21,070 1,022
* Option Care Health Inc. 34,209 1,020
* Merit Medical Systems Inc. 11,555 938
* Inspire Medical Systems Inc. 5,863 931
* TransMedics Group Inc. 6,405 874
* Haemonetics Corp. 10,009 842
* CRISPR Therapeutics AG 15,525 834
* Integer Holdings Corp. 6,840 829
* Apellis Pharmaceuticals Inc. 20,570 807
* Alkermes plc 33,710 789
* Roivant Sciences Ltd. 74,883 776
  Perrigo Co. plc 27,967 770
* Madrigal Pharmaceuticals Inc. 3,037 717
  Select Medical Holdings Corp. 20,609 712
* Krystal Biotech Inc. 4,433 709
* Axonics Inc. 9,920 666
* Tandem Diabetes Care Inc. 12,975 665
* Envista Holdings Corp. 33,705 653
* Bridgebio Pharma Inc. 23,136 648
* LivaNova plc 10,577 646
* Ultragenyx Pharmaceutical Inc. 15,936 640
* Prestige Consumer Healthcare Inc. 9,922 638
* Doximity Inc. Class A 22,930 636
* Guardant Health Inc. 22,757 617
* Amedisys Inc. 6,595 601
* SpringWorks Therapeutics Inc. 14,167 587
* Neogen Corp. 44,385 584
* Cerevel Therapeutics Holdings Inc. 14,339 584
* Amicus Therapeutics Inc. 58,688 575
* Azenta Inc. 11,261 569
* Xenon Pharmaceuticals Inc. 14,901 567
* iRhythm Technologies Inc. 6,299 556
* Inari Medical Inc. 10,925 546
* Axsome Therapeutics Inc. 7,396 543
* Arrowhead Pharmaceuticals Inc. 23,601 542
          Shares Market
Value
($000)
* PTC Therapeutics Inc. 14,715 535
* Corcept Therapeutics Inc. 16,673 503
* Biohaven Ltd. 14,049 493
* QuidelOrtho Corp. 10,899 482
* Twist Bioscience Corp. 11,398 478
  Premier Inc. Class A 25,087 475
  CONMED Corp. 6,193 473
* Evolent Health Inc. Class A 22,276 472
* Fortrea Holdings Inc. 18,214 462
* Novocure Ltd. 20,904 460
* TG Therapeutics Inc. 28,153 459
* Progyny Inc. 16,312 440
* Denali Therapeutics Inc. 23,309 433
* Iovance Biotherapeutics Inc. 48,600 432
* Integra LifeSciences Holdings Corp. 13,941 431
* ICU Medical Inc. 4,041 430
* Agios Pharmaceuticals Inc. 11,587 421
* 10X Genomics Inc. Class A 18,700 419
* Certara Inc. 24,142 409
* R1 RCM Inc. 31,723 408
  Patterson Cos. Inc. 16,545 407
* STAAR Surgical Co. 9,704 403
* Surgery Partners Inc. 14,426 398
* CorVel Corp. 1,643 394
* Myriad Genetics Inc. 17,286 393
* Intellia Therapeutics Inc. 18,142 388
* Privia Health Group Inc. 22,360 388
* agilon health Inc. 61,077 385
* Teladoc Health Inc. 33,944 382
* ACADIA Pharmaceuticals Inc. 24,932 376
* NeoGenomics Inc. 26,080 358
* Beam Therapeutics Inc. 14,708 350
* Nuvalent Inc. Class A 5,209 342
* Arvinas Inc. 9,810 325
* Omnicell Inc. 9,542 311
* Amphastar Pharmaceuticals Inc. 7,000 296
* Veracyte Inc. 13,502 280
* Inmode Ltd. 14,601 279
* Supernus Pharmaceuticals Inc. 10,232 277
* Sotera Health Co. 24,478 274
* Rocket Pharmaceuticals Inc. 12,813 273
* Immunovant Inc. 10,645 270
* Owens & Minor Inc. 15,234 266
* Ligand Pharmaceuticals Inc. 3,074 261
* Pacira BioSciences Inc. 8,485 257
* Xencor Inc. 10,789 256
* Kymera Therapeutics Inc. 7,864 253
* Recursion Pharmaceuticals Inc. Class A 28,224 234
* Akero Therapeutics Inc. 12,107 228
* BioCryst Pharmaceuticals Inc. 34,756 225
* Phreesia Inc. 11,272 213
* AtriCure Inc. 9,200 207
* Harmony Biosciences Holdings Inc. 6,100 179
* Maravai LifeSciences Holdings Inc. Class A 20,160 175
* Arcus Biosciences Inc. 11,531 174
* Innoviva Inc. 11,012 174
* Avanos Medical Inc. 8,522 170
* AdaptHealth Corp. Class A 17,956 170
* Vir Biotechnology Inc. 16,453 169
* Prothena Corp. plc 7,941 165
*,1 Ginkgo Bioworks Holdings Inc. Class A 307,565 163
* Ironwood Pharmaceuticals Inc. Class A 25,628 161
*,1 Cassava Sciences Inc. 7,326 161
* Aurinia Pharmaceuticals Inc. 28,374 154
* MoonLake Immunotherapeutics Class A 3,642 148
  Embecta Corp. 10,652 132
* Sana Biotechnology Inc. 17,500 131
* Alignment Healthcare Inc. 15,806 125
* Sage Therapeutics Inc. 11,109 123
* Zentalis Pharmaceuticals Inc. 10,100 120
          Shares Market
Value
($000)
* REGENXBIO Inc. 7,949 114
* Pediatrix Medical Group Inc. 15,418 113
* Varex Imaging Corp. 7,088 110
* LifeStance Health Group Inc. 19,700 110
* Relay Therapeutics Inc. 16,785 108
*,1 OPKO Health Inc. 76,136 104
* Pacific Biosciences of California Inc. 47,184 84
* Fulgent Genetics Inc. 3,800 78
* Taro Pharmaceutical Industries Ltd. 1,552 66
*,1 CureVac NV 11,912 46
* Multiplan Corp. 73,550 39
* Amylyx Pharmaceuticals Inc. 11,014 19
*,3 Scilex Holding Co. (Acquired 1/23/23, Cost $126) 12,014 12
* Mural Oncology plc 3,131 11
*,2 OmniAb Inc. 12.5 Earnout 1,051 —
*,2 OmniAb Inc. 15 Earnout 1,051 —
            1,082,900
Industrials (10.3%)
  Visa Inc. Class A 322,925 87,984
  Mastercard Inc. Class A 168,184 75,190
  Accenture plc Class A 128,117 36,166
  Caterpillar Inc. 103,242 34,949
  Union Pacific Corp. 124,111 28,896
  American Express Co. 117,290 28,150
  Automatic Data Processing Inc. 83,652 20,488
  United Parcel Service Inc. Class B 146,520 20,356
  Deere & Co. 52,138 19,539
* Fiserv Inc. 120,948 18,113
  Trane Technologies plc 46,085 15,091
  Illinois Tool Works Inc. 60,620 14,716
  Sherwin-Williams Co. 48,140 14,625
* PayPal Holdings Inc. 218,097 13,738
  CSX Corp. 398,894 13,463
  FedEx Corp. 46,892 11,909
  Cintas Corp. 17,498 11,863
  PACCAR Inc. 103,763 11,155
  Carrier Global Corp. 168,227 10,630
  Capital One Financial Corp. 76,802 10,570
  Johnson Controls International plc 137,738 9,905
  Fidelity National Information Services Inc. 119,771 9,088
  Otis Worldwide Corp. 83,481 8,281
  Paychex Inc. 65,226 7,838
  Ingersoll Rand Inc. 81,931 7,624
  Verisk Analytics Inc. Class A 28,828 7,287
  DuPont de Nemours Inc. 87,097 7,156
* Block Inc. Class A 111,552 7,148
  Martin Marietta Materials Inc. 12,440 7,117
  Old Dominion Freight Line Inc. 39,904 6,993
  Vulcan Materials Co. 26,829 6,862
* Fair Isaac Corp. 4,881 6,296
  Westinghouse Air Brake Technologies Corp. 36,220 6,130
* Mettler-Toledo International Inc. 4,321 6,067
  Rockwell Automation Inc. 23,249 5,987
  Equifax Inc. 24,661 5,706
  Global Payments Inc. 52,171 5,314
  Dover Corp. 28,195 5,183
* Keysight Technologies Inc. 35,367 4,898
  Veralto Corp. 44,413 4,378
  Ball Corp. 62,090 4,311
  Carlisle Cos. Inc. 9,810 4,103
* Axon Enterprise Inc. 14,195 3,998
* Builders FirstSource Inc. 24,561 3,949
* Corpay Inc. 14,276 3,821
  AerCap Holdings NV 39,454 3,658
* Waters Corp. 11,817 3,650
  Synchrony Financial 81,858 3,585
  Expeditors International of Washington Inc. 29,334 3,546
  Packaging Corp. of America 17,849 3,275
  Owens Corning 17,971 3,254
          Shares Market
Value
($000)
  Lennox International Inc. 6,449 3,241
* Zebra Technologies Corp. Class A 10,372 3,240
  Watsco Inc. 6,779 3,219
  IDEX Corp. 15,184 3,168
  Masco Corp. 45,204 3,161
  Snap-on Inc. 10,562 2,882
  RPM International Inc. 25,647 2,875
  TransUnion 38,927 2,800
* Trimble Inc. 49,976 2,783
  Westrock Co. 51,629 2,769
  nVent Electric plc 33,307 2,711
  Graco Inc. 33,562 2,710
  Stanley Black & Decker Inc. 31,042 2,706
  Nordson Corp. 11,517 2,703
  Pentair plc 33,215 2,703
  JB Hunt Transport Services Inc. 16,733 2,690
* TopBuild Corp. 6,365 2,660
* XPO Inc. 22,997 2,460
  Jack Henry & Associates Inc. 14,806 2,438
  Advanced Drainage Systems Inc. 13,463 2,336
  Comfort Systems USA Inc. 7,128 2,333
* Saia Inc. 5,414 2,217
  Allegion plc 17,713 2,158
  CNH Industrial NV 195,723 2,067
  A O Smith Corp. 24,610 2,058
* Core & Main Inc. Class A 34,987 2,014
  CH Robinson Worldwide Inc. 23,041 1,990
  AptarGroup Inc. 13,310 1,966
* Trex Co. Inc. 22,143 1,915
  Crown Holdings Inc. 21,422 1,804
  Fortune Brands Innovations Inc. 25,717 1,802
  Donaldson Co. Inc. 24,253 1,787
* Generac Holdings Inc. 12,137 1,787
  Graphic Packaging Holding Co. 61,344 1,737
  FTAI Aviation Ltd. 20,199 1,703
  MKS Instruments Inc. 13,404 1,697
  Toro Co. 20,989 1,683
* WEX Inc. 8,753 1,640
  WESCO International Inc. 9,018 1,619
  Acuity Brands Inc. 6,213 1,613
  Eagle Materials Inc. 6,914 1,607
  Cognex Corp. 35,181 1,601
* Axalta Coating Systems Ltd. 44,635 1,589
* API Group Corp. 43,376 1,546
  Knight-Swift Transportation Holdings Inc. Class A 31,498 1,520
* WillScot Mobile Mini Holdings Corp. 37,650 1,485
  Applied Industrial Technologies Inc. 7,648 1,476
* FTI Consulting Inc. 6,783 1,457
* Kirby Corp. 11,717 1,455
* MasTec Inc. 12,635 1,418
  Simpson Manufacturing Co. Inc. 8,549 1,418
  Berry Global Group Inc. 23,448 1,404
* AZEK Co. Inc. Class A 29,120 1,397
* Middleby Corp. 10,728 1,383
  AGCO Corp. 12,729 1,366
  MSA Safety Inc. 7,440 1,339
* Chart Industries Inc. 8,521 1,338
  Robert Half Inc. 20,729 1,331
* Affirm Holdings Inc. Class A 45,382 1,328
  Landstar System Inc. 7,175 1,306
* Mohawk Industries Inc. 10,591 1,291
  Sensata Technologies Holding plc 30,586 1,264
  Vontier Corp. 31,462 1,258
  Littelfuse Inc. 4,872 1,250
* Beacon Roofing Supply Inc. 12,641 1,227
* SPX Technologies Inc. 8,779 1,224
* Paylocity Holding Corp. 8,603 1,223
  Louisiana-Pacific Corp. 13,274 1,217
  Sonoco Products Co. 19,623 1,204
* GXO Logistics Inc. 23,912 1,201
          Shares Market
Value
($000)
  Genpact Ltd. 36,162 1,196
  Brunswick Corp. 13,937 1,150
  Badger Meter Inc. 5,955 1,149
  Sealed Air Corp. 29,477 1,146
  Atkore Inc. 7,477 1,138
  Watts Water Technologies Inc. Class A 5,564 1,108
  Federal Signal Corp. 11,956 1,100
* BILL Holdings Inc. 20,737 1,079
  Ryder System Inc. 8,810 1,070
  Maximus Inc. 12,331 1,062
* Dycom Industries Inc. 5,848 1,052
  Valmont Industries Inc. 4,176 1,050
* Euronet Worldwide Inc. 8,933 1,041
* Modine Manufacturing Co. 10,288 1,038
  Armstrong World Industries Inc. 8,893 1,030
  Installed Building Products Inc. 4,729 1,002
  AAON Inc. 13,336 1,001
  Air Lease Corp. Class A 20,947 998
  GATX Corp. 7,073 976
* Itron Inc. 9,039 972
* ExlService Holdings Inc. 32,540 972
  Franklin Electric Co. Inc. 9,622 957
* Summit Materials Inc. Class A 24,284 938
  Western Union Co. 72,501 928
  Brink's Co. 8,977 927
  Zurn Elkay Water Solutions Corp. 29,527 924
* ASGN Inc. 9,376 881
  Encore Wire Corp. 3,018 871
  HB Fuller Co. 10,827 862
  Herc Holdings Inc. 5,708 828
* StoneCo Ltd. Class A 58,995 817
* Knife River Corp. 11,467 811
* ACI Worldwide Inc. 22,362 805
  MSC Industrial Direct Co. Inc. Class A 9,293 798
  Belden Inc. 8,291 793
  CSW Industrials Inc. 3,084 784
  Silgan Holdings Inc. 16,558 782
  Terex Corp. 13,108 782
* GMS Inc. 8,300 780
  Scorpio Tankers Inc. 9,407 772
* Verra Mobility Corp. Class A 28,276 753
  ManpowerGroup Inc. 9,857 736
* CBIZ Inc. 9,501 720
* Shift4 Payments Inc. Class A 10,697 720
  Korn Ferry 10,514 693
  TriNet Group Inc. 6,477 673
  Insperity Inc. 7,071 670
  Kadant Inc. 2,341 670
  Hillenbrand Inc. 14,012 651
* Gates Industrial Corp. plc 36,734 640
* Alight Inc. Class A 82,463 639
* Resideo Technologies Inc. 29,449 636
* Bloom Energy Corp. Class A 38,132 622
  John Bean Technologies Corp. 6,308 603
  Primoris Services Corp. 10,793 591
  Hub Group Inc. Class A 13,282 573
  McGrath RentCorp 5,129 559
  Granite Construction Inc. 8,933 556
  Trinity Industries Inc. 16,517 519
  Griffon Corp. 7,507 507
  ArcBest Corp. 4,782 505
* Marqeta Inc. Class A 94,586 503
  UniFirst Corp. 3,095 491
  AZZ Inc. 5,729 481
* Pagseguro Digital Ltd. Class A 38,953 477
* RXO Inc. 23,367 477
  Werner Enterprises Inc. 12,652 475
* Gibraltar Industries Inc. 6,236 471
* OSI Systems Inc. 3,277 471
  EVERTEC Inc. 13,237 463
          Shares Market
Value
($000)
* AMN Healthcare Services Inc. 7,415 415
* O-I Glass Inc. 32,624 414
* Masterbrand Inc. 24,207 405
* Hayward Holdings Inc. 27,695 401
*,1 ZIM Integrated Shipping Services Ltd. 17,789 401
  Star Bulk Carriers Corp. 14,699 398
  Tennant Co. 3,807 391
  Bread Financial Holdings Inc. 9,312 389
* Remitly Global Inc. 27,954 363
* Flywire Corp. 20,646 354
  ADT Inc. 49,541 352
  SFL Corp. Ltd. 24,291 348
* NCR Atleos Corp. 12,039 335
  H&E Equipment Services Inc. 6,664 316
* Huron Consulting Group Inc. 3,576 316
  Greenbrier Cos. Inc. 5,662 313
  Helios Technologies Inc. 6,099 305
  Vestis Corp. 24,053 296
* Cimpress plc 3,328 275
  Apogee Enterprises Inc. 4,145 269
*,1 Enovix Corp. 25,305 269
* American Woodmark Corp. 3,062 264
* Rocket Lab USA Inc. 57,990 253
* JELD-WEN Holding Inc. 15,738 244
  Lindsay Corp. 2,028 233
* Legalzoom.com Inc. 26,506 233
  Schneider National Inc. Class B 10,254 231
  TriMas Corp. 7,762 207
  Deluxe Corp. 8,064 183
  Matson Inc. 1,419 182
* Joby Aviation Inc. 35,406 172
* Aurora Innovation Inc. Class A 70,529 169
* Dlocal Ltd. Class A 17,167 157
* Proto Labs Inc. 4,900 152
  Astec Industries Inc. 4,260 138
* Kornit Digital Ltd. 9,294 132
  Ardagh Metal Packaging SA 26,300 104
  Heartland Express Inc. 8,811 100
  Forward Air Corp. 5,442 91
* Virgin Galactic Holdings Inc. 81,826 71
  TTEC Holdings Inc. 5,235 33
            875,556
Real Estate (3.0%)
  Prologis Inc. 186,702 20,629
  American Tower Corp. 94,195 18,438
  Equinix Inc. 19,056 14,539
  Welltower Inc. 112,024 11,614
  Simon Property Group Inc. 65,640 9,932
  Realty Income Corp. 173,661 9,214
  Digital Realty Trust Inc. 63,233 9,190
  Crown Castle Inc. 87,572 8,976
  Public Storage 31,705 8,682
* CoStar Group Inc. 81,528 6,373
  Extra Space Storage Inc. 42,427 6,142
  AvalonBay Communities Inc. 28,659 5,522
* CBRE Group Inc. Class A 61,382 5,406
  Equity Residential 75,271 4,895
  Iron Mountain Inc. 58,572 4,726
  Invitation Homes Inc. 124,177 4,320
  SBA Communications Corp. Class A 21,655 4,259
  Alexandria Real Estate Equities Inc. 35,081 4,175
  Ventas Inc. 80,932 4,068
  Essex Property Trust Inc. 12,818 3,330
  Mid-America Apartment Communities Inc. 23,379 3,126
  Sun Communities Inc. 24,821 2,929
  Healthpeak Properties Inc. 142,802 2,842
  UDR Inc. 66,171 2,556
  Kimco Realty Corp. 131,868 2,553
  Host Hotels & Resorts Inc. 141,999 2,547
          Shares Market
Value
($000)
  WP Carey Inc. 43,749 2,467
  American Homes 4 Rent Class A 67,372 2,428
  Equity LifeStyle Properties Inc. 36,167 2,270
  Regency Centers Corp. 36,561 2,245
  Camden Property Trust 21,115 2,167
  Lamar Advertising Co. Class A 17,595 2,078
* Jones Lang LaSalle Inc. 9,643 1,949
  Boston Properties Inc. 31,756 1,927
  Rexford Industrial Realty Inc. 42,329 1,920
  CubeSmart 44,953 1,902
  Federal Realty Investment Trust 16,193 1,635
  Omega Healthcare Investors Inc. 49,085 1,587
  NNN REIT Inc. 36,785 1,536
  Americold Realty Trust Inc. 57,341 1,529
  EastGroup Properties Inc. 9,200 1,520
  Brixmor Property Group Inc. 59,797 1,346
  STAG Industrial Inc. 36,217 1,270
  First Industrial Realty Trust Inc. 26,462 1,247
  Ryman Hospitality Properties Inc. 11,841 1,244
  Healthcare Realty Trust Inc. Class A 76,531 1,242
  Agree Realty Corp. 19,760 1,201
* Zillow Group Inc. Class C 28,709 1,176
  Apartment Income REIT Corp. Class A 29,493 1,143
  Terreno Realty Corp. 18,013 1,019
  Kite Realty Group Trust 43,967 964
  Rayonier Inc. 29,849 896
  Vornado Realty Trust 35,650 874
  Essential Properties Realty Trust Inc. 30,970 829
  Kilroy Realty Corp. 23,836 799
  Phillips Edison & Co. Inc. 23,936 764
  Independence Realty Trust Inc. 45,430 759
  Hannon Armstrong Sustainable Infrastructure Capital Inc. 22,433 747
  Cousins Properties Inc. 30,679 710
  PotlatchDeltic Corp. 16,331 698
  Sabra Health Care REIT Inc. 47,826 697
  SL Green Realty Corp. 13,088 693
  Macerich Co. 44,877 679
  Park Hotels & Resorts Inc. 42,275 670
1 Medical Properties Trust Inc. 119,850 642
  Apple Hospitality REIT Inc. 44,280 639
  EPR Properties 15,458 634
  CareTrust REIT Inc. 23,863 610
  Innovative Industrial Properties Inc. 5,594 603
  National Health Investors Inc. 8,771 580
  Tanger Inc. 20,807 577
  Broadstone Net Lease Inc. 37,086 569
  National Storage Affiliates Trust 15,431 564
  Highwoods Properties Inc. 21,555 560
  COPT Defense Properties 22,668 559
  SITE Centers Corp. 38,016 548
* Zillow Group Inc. Class A 13,511 542
  LXP Industrial Trust 58,667 499
* Howard Hughes Holdings Inc. 7,007 465
  DigitalBridge Group Inc. 33,478 457
  Douglas Emmett Inc. 32,596 455
  Four Corners Property Trust Inc. 18,222 445
  Sunstone Hotel Investors Inc. 42,245 434
* Cushman & Wakefield plc 38,618 429
  Outfront Media Inc. 29,168 421
  Urban Edge Properties 23,158 411
  St. Joe Co. 7,155 405
* Equity Commonwealth 19,510 377
  DiamondRock Hospitality Co. 43,089 365
  Acadia Realty Trust 20,387 351
  RLJ Lodging Trust 32,338 323
  Pebblebrook Hotel Trust 22,510 319
  Retail Opportunity Investments Corp. 25,041 313
  Xenia Hotels & Resorts Inc. 20,338 295
  Global Net Lease Inc. 39,174 293
  Elme Communities 18,115 279
          Shares Market
Value
($000)
  Getty Realty Corp. 9,772 270
  Newmark Group Inc. Class A 25,636 267
  LTC Properties Inc. 7,653 263
  JBG SMITH Properties 17,843 257
* Opendoor Technologies Inc. 113,752 248
  Empire State Realty Trust Inc. Class A 24,300 232
  Kennedy-Wilson Holdings Inc. 22,518 230
  Alexander & Baldwin Inc. 13,599 228
  Veris Residential Inc. 14,614 223
* Apartment Investment & Management Co. Class A 27,200 215
  American Assets Trust Inc. 9,028 196
  Centerspace 2,789 190
  Piedmont Office Realty Trust Inc. Class A 24,634 180
  Brandywine Realty Trust 34,397 159
  Paramount Group Inc. 34,304 156
  eXp World Holdings Inc. 13,200 148
  Marcus & Millichap Inc. 4,357 141
  Uniti Group Inc. 44,198 140
* Anywhere Real Estate Inc. 24,578 100
  Saul Centers Inc. 2,184 79
  NET Lease Office Properties 2,729 65
            250,760
Technology (38.9%)
  Microsoft Corp. 1,506,683 625,469
  Apple Inc. 2,952,730 567,662
  NVIDIA Corp. 481,134 527,482
  Meta Platforms Inc. Class A 447,972 209,127
* Alphabet Inc. Class A 1,137,723 196,257
* Alphabet Inc. Class C 1,081,670 188,167
  Broadcom Inc. 87,343 116,040
* Advanced Micro Devices Inc. 324,870 54,221
  QUALCOMM Inc. 226,405 46,198
  Salesforce Inc. 189,726 44,479
* Adobe Inc. 91,539 40,713
  Oracle Corp. 312,222 36,589
  Applied Materials Inc. 169,031 36,355
  Texas Instruments Inc. 183,655 35,815
  Intuit Inc. 55,516 32,002
  Micron Technology Inc. 220,869 27,609
* ServiceNow Inc. 41,385 27,187
  Intel Corp. 853,410 26,328
  Lam Research Corp. 26,617 24,819
  KLA Corp. 27,339 20,765
* Palo Alto Networks Inc. 62,824 18,527
* Synopsys Inc. 30,727 17,232
* Cadence Design Systems Inc. 54,714 15,665
  NXP Semiconductors NV 52,267 14,222
* Crowdstrike Holdings Inc. Class A 43,203 13,551
  Marvell Technology Inc. 173,003 11,904
  Microchip Technology Inc. 107,246 10,427
* Autodesk Inc. 43,461 8,762
* Snowflake Inc. Class A 63,580 8,658
* Workday Inc. Class A 40,568 8,578
* Palantir Technologies Inc. Class A 389,205 8,438
* Super Micro Computer Inc. 10,213 8,012
* Fortinet Inc. 130,086 7,717
* DoorDash Inc. Class A 62,677 6,901
  Monolithic Power Systems Inc. 9,284 6,830
  Vertiv Holdings Co. Class A 69,207 6,787
  Cognizant Technology Solutions Corp. Class A 101,469 6,712
* Gartner Inc. 15,254 6,402
  HP Inc. 174,571 6,372
* ON Semiconductor Corp. 87,201 6,369
* Datadog Inc. Class A 56,294 6,202
  CDW Corp. 27,390 6,125
* HubSpot Inc. 9,400 5,744
  Corning Inc. 153,435 5,717
  NetApp Inc. 41,799 5,034
* Western Digital Corp. 65,490 4,931
          Shares Market
Value
($000)
* Pinterest Inc. Class A 118,772 4,928
* Atlassian Corp. Class A 31,355 4,918
  Hewlett Packard Enterprise Co. 261,752 4,620
*,1 MicroStrategy Inc. Class A 2,986 4,552
  Teradyne Inc. 31,269 4,407
* PTC Inc. 23,140 4,078
* Tyler Technologies Inc. 8,407 4,038
* Cloudflare Inc. Class A 59,509 4,028
* GoDaddy Inc. Class A 28,612 3,995
  Seagate Technology Holdings plc 42,441 3,957
  Entegris Inc. 30,263 3,824
* Pure Storage Inc. Class A 58,233 3,511
* AppLovin Corp. Class A 40,747 3,320
* MongoDB Inc. Class A 13,705 3,235
* Zoom Video Communications Inc. Class A 52,165 3,200
* VeriSign Inc. 17,878 3,116
* Zscaler Inc. 17,957 3,052
  Jabil Inc. 25,329 3,012
  Skyworks Solutions Inc. 32,116 2,976
* Flex Ltd. 87,689 2,905
* Check Point Software Technologies Ltd. 18,847 2,836
  Gen Digital Inc. 111,769 2,775
* Akamai Technologies Inc. 30,033 2,770
* Okta Inc. Class A 30,912 2,741
  SS&C Technologies Holdings Inc. 44,120 2,738
* Nutanix Inc. Class A 49,297 2,727
* Manhattan Associates Inc. 12,376 2,717
* Dynatrace Inc. 52,113 2,383
* DocuSign Inc. Class A 40,901 2,239
* Onto Innovation Inc. 9,895 2,144
* Lattice Semiconductor Corp. 27,543 2,045
* F5 Inc. 11,840 2,001
* EPAM Systems Inc. 11,233 1,999
* Twilio Inc. Class A 34,262 1,967
* Qorvo Inc. 19,670 1,935
* CyberArk Software Ltd. 8,406 1,927
  TD SYNNEX Corp. 14,482 1,895
* Guidewire Software Inc. 16,583 1,889
  Amdocs Ltd. 23,304 1,841
* Toast Inc. Class A 74,544 1,806
* Fabrinet 7,398 1,772
* Wix.com Ltd. 10,841 1,746
* Elastic NV 16,224 1,688
* Match Group Inc. 54,869 1,681
  Universal Display Corp. 9,530 1,674
  Paycom Software Inc. 10,420 1,514
* Dayforce Inc. 29,941 1,481
* Arrow Electronics Inc. 10,756 1,412
* SPS Commerce Inc. 7,291 1,371
* Globant SA 8,366 1,348
* Kyndryl Holdings Inc. 46,787 1,245
* Cirrus Logic Inc. 10,700 1,227
* Rambus Inc. 21,787 1,204
* Aspen Technology Inc. 5,589 1,177
* Dropbox Inc. Class A 51,748 1,166
* Novanta Inc. 7,073 1,147
* Monday.com Ltd. 5,020 1,134
* Procore Technologies Inc. 16,354 1,098
* Insight Enterprises Inc. 5,600 1,095
* Unity Software Inc. 58,911 1,076
* Qualys Inc. 7,393 1,040
* Confluent Inc. Class A 38,807 1,008
  Avnet Inc. 18,324 1,000
* Tenable Holdings Inc. 23,082 974
* Smartsheet Inc. Class A 25,966 961
* Altair Engineering Inc. Class A 10,988 960
  Dolby Laboratories Inc. Class A 11,775 954
* Varonis Systems Inc. Class B 22,208 954
* UiPath Inc. Class A 76,934 943
* CommVault Systems Inc. 8,741 940
          Shares Market
Value
($000)
* GLOBALFOUNDRIES Inc. 18,731 918
  Power Integrations Inc. 11,591 881
* CCC Intelligent Solutions Holdings Inc. 78,631 879
* Appfolio Inc. Class A 3,791 866
* FormFactor Inc. 15,756 862
* Gitlab Inc. Class A 18,144 856
* Silicon Laboratories Inc. 6,536 825
* SentinelOne Inc. Class A 48,193 811
  Advanced Energy Industries Inc. 7,472 803
* Box Inc. Class A 28,778 784
* Workiva Inc. Class A 10,047 773
* Impinj Inc. 4,694 768
  Amkor Technology Inc. 23,175 755
* Synaptics Inc. 8,020 752
* ZoomInfo Technologies Inc. Class A 60,994 749
* Axcelis Technologies Inc. 6,532 735
* Blackbaud Inc. 8,904 694
* Five9 Inc. 14,649 685
* Q2 Holdings Inc. 11,163 679
* Diodes Inc. 8,909 660
* Envestnet Inc. 10,071 660
* Alarm.com Holdings Inc. 9,924 649
* Wolfspeed Inc. 25,183 647
* HashiCorp Inc. Class A 19,188 644
* Teradata Corp. 19,376 632
* DXC Technology Co. 39,558 615
  Vishay Intertechnology Inc. 25,461 602
* Global-e Online Ltd. 18,836 588
* RingCentral Inc. Class A 17,064 584
* BlackLine Inc. 11,567 552
* Ziff Davis Inc. 9,498 547
  Dun & Bradstreet Holdings Inc. 56,621 543
* Clarivate plc 93,875 535
  Concentrix Corp. 8,618 529
  Kulicke & Soffa Industries Inc. 11,201 512
* DoubleVerify Holdings Inc. 28,042 510
* Perficient Inc. 6,803 504
* C3.ai Inc. Class A 17,049 504
* Squarespace Inc. Class A 11,381 501
* JFrog Ltd. 15,148 487
  Pegasystems Inc. 8,460 486
* Yelp Inc. Class A 13,131 485
* Semtech Corp. 11,983 466
* Ambarella Inc. 7,960 464
* DigitalOcean Holdings Inc. 12,102 448
  Progress Software Corp. 8,818 447
* SiTime Corp. 3,637 443
* Cargurus Inc. Class A 18,125 439
* Allegro MicroSystems Inc. 14,366 433
* nCino Inc. 14,196 433
* Rapid7 Inc. 11,894 430
* LiveRamp Holdings Inc. 13,519 423
* Rogers Corp. 3,557 420
* Freshworks Inc. Class A 32,187 415
* Braze Inc. Class A 10,262 386
* Verint Systems Inc. 11,687 347
  Xerox Holdings Corp. 24,419 343
* Magnite Inc. 27,766 343
* PagerDuty Inc. 17,706 336
* NCR Voyix Corp. 24,792 327
* Sprout Social Inc. Class A 9,644 315
  CTS Corp. 5,838 309
* Everbridge Inc. 8,108 282
  Clear Secure Inc. Class A 16,519 279
* MaxLinear Inc. Class A 15,567 277
* PROS Holdings Inc. 9,381 277
* NetScout Systems Inc. 12,879 265
*,1 IonQ Inc. 32,266 263
* Upwork Inc. 24,680 261
  CSG Systems International Inc. 5,901 255
          Shares Market
Value
($000)
* Informatica Inc. Class A 8,690 251
* Bumble Inc. Class A 20,253 237
  Adeia Inc. 19,900 235
* Appian Corp. Class A 8,157 232
* Schrodinger Inc. 10,184 219
* Matterport Inc. 49,144 216
* ScanSource Inc. 4,496 213
* Asana Inc. Class A 16,190 211
* Jamf Holding Corp. 13,199 210
* Fastly Inc. Class A 24,382 191
  Shutterstock Inc. 4,598 187
* Fiverr International Ltd. 7,283 184
* N-able Inc. 12,937 173
* Paycor HCM Inc. 13,456 166
* E2open Parent Holdings Inc. 33,888 158
* TechTarget Inc. 4,800 145
* Stratasys Ltd. 12,776 111
  SolarWinds Corp. 9,438 109
* 3D Systems Corp. 26,210 92
  Methode Electronics Inc. 6,600 78
* Thoughtworks Holding Inc. 17,700 49
* Cerence Inc. 7,452 26
            3,315,010
Telecommunications (2.3%)
  Cisco Systems Inc. 822,013 38,224
  Verizon Communications Inc. 851,054 35,021
  Comcast Corp. Class A 796,971 31,903
  AT&T Inc. 1,448,550 26,393
  T-Mobile US Inc. 98,871 17,298
* Arista Networks Inc. 50,683 15,086
  Motorola Solutions Inc. 33,431 12,199
* Charter Communications Inc. Class A 20,448 5,871
  Juniper Networks Inc. 64,108 2,287
* Roku Inc. Class A 25,258 1,450
* Ciena Corp. 29,179 1,405
* Frontier Communications Parent Inc. 49,532 1,320
* Liberty Global Ltd. Class C 47,189 805
* Lumentum Holdings Inc. 13,403 583
  InterDigital Inc. 4,955 564
  Cogent Communications Holdings Inc. 8,896 527
* Liberty Global Ltd. Class A 26,292 438
* Calix Inc. 12,073 431
  Cable One Inc. 1,080 417
  Telephone & Data Systems Inc. 20,909 416
* Viavi Solutions Inc. 44,492 335
* Extreme Networks Inc. 25,665 286
* Lumen Technologies Inc. 199,031 257
* Liberty Latin America Ltd. Class C 26,882 244
  Shenandoah Telecommunications Co. 8,900 167
  Ubiquiti Inc. 800 114
* Liberty Latin America Ltd. Class A 7,448 68
            194,109
Utilities (0.5%)
  Waste Management Inc. 82,276 17,338
  Republic Services Inc. Class A 41,751 7,732
  American Water Works Co. Inc. 39,502 5,166
* Clean Harbors Inc. 10,243 2,218
  Essential Utilities Inc. 50,672 1,912
* Casella Waste Systems Inc. Class A 11,473 1,154
* Stericycle Inc. 19,022 980
  Ormat Technologies Inc. 11,263 849
* Sunrun Inc. 43,468 629
  California Water Service Group 11,857 592
  SJW Group 5,968 326
* Sunnova Energy International Inc. 18,325 96
            38,992
Total Common Stocks (Cost $6,537,781) 8,470,377
      Coupon   Shares Market
Value
($000)
Temporary Cash Investments (0.5%)
Money Market Fund (0.5%)
4,5 Vanguard Market Liquidity Fund
(Cost $40,416) 		5.397%   404,237 40,420
Total Investments (100.0%) (Cost $6,578,197)   8,510,797
Other Assets and Liabilities—Net (0.0%)   2,709
Net Assets (100%)   8,513,506
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 $5,148,000.
2 Security value determined using significant unobservable inputs.
3 Restricted securities totaling $12,000, representing 0.0% of net assets.
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 $5,604,000 was received for securities on loan.
  REIT—Real Estate Investment Trust.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
      ($000)
  Expiration Number of
Long (Short)
Contracts 		Notional
Amount 		Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini NASDAQ 100 Index June 2024 28 10,411 160
E-mini S&P 500 Index June 2024 133 35,215 557
        717
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.  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, 2024, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments        
Assets        
Common Stocks 8,467,899 12 2,466 8,470,377
Temporary Cash Investments 40,420 — — 40,420
Total 8,508,319 12 2,466 8,510,797
Derivative Financial Instruments        
Assets        
Futures Contracts1 717 — — 717
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.