# EDGAR Filing Document

**Accession Number:** 0000052848
**File Stem:** 0001752724-25-182549
**Filing Date:** 2025-7
**Character Count:** 209310
**Document Hash:** f2608edfb7a08089e6463df3b978f60b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-182549.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001752724-25-182549

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD WORLD FUND
- **CENTRAL INDEX KEY:** 0000052848

**ORGANIZATION NAME:**
- **EIN:** 046035483
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01027
- **FILM NUMBER:** 251161264

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD WORLD FUNDS
- **DATE OF NAME CHANGE:** 20020402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD WORLD FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IVEST FUND INC
- **DATE OF NAME CHANGE:** 19850923

## Series and Classes Contracts Data

### Vanguard Financials Index Fund (Series ID: S000004449)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000012220 | Admiral Shares | VFAIX           |
| C000012221 | ETF Shares     | VFH             |

## Nport-Ex

Vanguard<sup>®</sup> Financials Index Fund

#### Schedule of Investments (unaudited)
As of May 31, 2025

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 | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Common Stocks (96.9%)** | **Common Stocks (96.9%)** | **Common Stocks (96.9%)** | **Common Stocks (96.9%)** |
| **Banks (26.3%)** | **Banks (26.3%)** | **Banks (26.3%)** | **Banks (26.3%)** |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4474547 | &nbsp;&nbsp;&nbsp;&nbsp; 1181280 |
|  | &nbsp;&nbsp;&nbsp;Bank of America Corp. | 11561394 | &nbsp;&nbsp;&nbsp;&nbsp; 510204 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 5219672 | &nbsp;&nbsp;&nbsp;&nbsp; 390327 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. | 3012170 | &nbsp;&nbsp;&nbsp;&nbsp; 226877 |
|  | &nbsp;&nbsp;&nbsp;PNC Financial Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;633300 | &nbsp;&nbsp;&nbsp;&nbsp; 110074 |
|  | &nbsp;&nbsp;&nbsp;US Bancorp | 2493431 | &nbsp;&nbsp;&nbsp;&nbsp; 108689 |
|  | &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 2096376 | &nbsp;&nbsp;&nbsp;&nbsp; 82807 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;260179 | &nbsp;&nbsp;&nbsp;&nbsp; 47519 |
|  | &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 1069400 | &nbsp;&nbsp;&nbsp;&nbsp; 40840 |
|  | &nbsp;&nbsp;&nbsp;Huntington Bancshares Inc. | 2338746 | &nbsp;&nbsp;&nbsp;&nbsp; 36555 |
|  | &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 1449449 | &nbsp;&nbsp;&nbsp;&nbsp; 31076 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;699741 | &nbsp;&nbsp;&nbsp;&nbsp; 28235 |
|  | &nbsp;&nbsp;&nbsp;First Citizens BancShares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15035 | &nbsp;&nbsp;&nbsp;&nbsp; 27798 |
|  | &nbsp;&nbsp;&nbsp;KeyCorp | 1489434 | &nbsp;&nbsp;&nbsp;&nbsp; 23622 |
|  | &nbsp;&nbsp;&nbsp;East West Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220593 | &nbsp;&nbsp;&nbsp;&nbsp; 20118 |
|  | &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;823228 | &nbsp;&nbsp;&nbsp;&nbsp; 16366 |
|  | &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;161744 | &nbsp;&nbsp;&nbsp;&nbsp; 14201 |
|  | &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;274046 | &nbsp;&nbsp;&nbsp;&nbsp; 14108 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123760 | &nbsp;&nbsp;&nbsp;&nbsp; 13153 |
|  | &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;107567 | &nbsp;&nbsp;&nbsp;&nbsp; 12845 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;203061 | &nbsp;&nbsp;&nbsp;&nbsp; 12795 |
|  | &nbsp;&nbsp;&nbsp;Cullen / Frost Bankers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97806 | &nbsp;&nbsp;&nbsp;&nbsp; 12419 |
|  | &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;168169 | &nbsp;&nbsp;&nbsp;&nbsp; 12177 |
|  | &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;116921 | &nbsp;&nbsp;&nbsp;&nbsp; 12057 |
|  | &nbsp;&nbsp;&nbsp;Comerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;208796 | &nbsp;&nbsp;&nbsp;&nbsp; 11920 |
|  | &nbsp;&nbsp;&nbsp;Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110982 | &nbsp;&nbsp;&nbsp;&nbsp; 11490 |
|  | &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;235438 | &nbsp;&nbsp;&nbsp;&nbsp; 11150 |
|  | &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;225840 | &nbsp;&nbsp;&nbsp;&nbsp; 10802 |
|  | &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;513798 | &nbsp;&nbsp;&nbsp;&nbsp; 10718 |
|  | &nbsp;&nbsp;&nbsp;Prosperity Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151720 | &nbsp;&nbsp;&nbsp;&nbsp; 10567 |
|  | &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;290414 | &nbsp;&nbsp;&nbsp;&nbsp; 8800 |
|  | &nbsp;&nbsp;&nbsp;Home BancShares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;303298 | &nbsp;&nbsp;&nbsp;&nbsp; 8580 |
|  | &nbsp;&nbsp;&nbsp;United Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;229721 | &nbsp;&nbsp;&nbsp;&nbsp; 8302 |
|  | &nbsp;&nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;577178 | &nbsp;&nbsp;&nbsp;&nbsp; 8005 |
|  | &nbsp;&nbsp;&nbsp;Columbia Banking System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;336951 | &nbsp;&nbsp;&nbsp;&nbsp; 7878 |
|  | &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;173131 | &nbsp;&nbsp;&nbsp;&nbsp; 7675 |
|  | &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137760 | &nbsp;&nbsp;&nbsp;&nbsp; 7531 |
|  | &nbsp;&nbsp;&nbsp;Glacier Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180997 | &nbsp;&nbsp;&nbsp;&nbsp; 7506 |
|  | &nbsp;&nbsp;&nbsp;Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;808214 | &nbsp;&nbsp;&nbsp;&nbsp; 7096 |
|  | &nbsp;&nbsp;&nbsp;First Financial Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;193551 | &nbsp;&nbsp;&nbsp;&nbsp; 6825 |
|  | &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;104036 | &nbsp;&nbsp;&nbsp;&nbsp; 6395 |
|  | &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;208550 | &nbsp;&nbsp;&nbsp;&nbsp; 6261 |
|  | &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;266950 | &nbsp;&nbsp;&nbsp;&nbsp; 6185 |
|  | &nbsp;&nbsp;&nbsp;ServisFirst Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82662 | &nbsp;&nbsp;&nbsp;&nbsp; 6153 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axos Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86579 | &nbsp;&nbsp;&nbsp;&nbsp; 6021 |
|  | &nbsp;&nbsp;&nbsp;Flagstar Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;498691 | &nbsp;&nbsp;&nbsp;&nbsp; 5745 |
|  | &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89034 | &nbsp;&nbsp;&nbsp;&nbsp; 5576 |
|  | &nbsp;&nbsp;&nbsp;United Community Banks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192737 | &nbsp;&nbsp;&nbsp;&nbsp; 5539 |
|  | &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;151508 | &nbsp;&nbsp;&nbsp;&nbsp; 5310 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Texas Capital Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73700 | &nbsp;&nbsp;&nbsp;&nbsp; 5284 |
|  | &nbsp;&nbsp;&nbsp;First BanCorp (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;260633 | &nbsp;&nbsp;&nbsp;&nbsp; 5207 |
|  | &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;290199 | &nbsp;&nbsp;&nbsp;&nbsp; 5006 |
|  | &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92983 | &nbsp;&nbsp;&nbsp;&nbsp; 4918 |
|  | &nbsp;&nbsp;&nbsp;First Hawaiian Inc. | &nbsp;&nbsp;&nbsp;&nbsp;203475 | &nbsp;&nbsp;&nbsp;&nbsp; 4859 |
|  | &nbsp;&nbsp;&nbsp;WesBanco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153926 | &nbsp;&nbsp;&nbsp;&nbsp; 4738 |
|  | &nbsp;&nbsp;&nbsp;Community Financial System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84094 | &nbsp;&nbsp;&nbsp;&nbsp; 4729 |
|  | &nbsp;&nbsp;&nbsp;Eastern Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;307582 | &nbsp;&nbsp;&nbsp;&nbsp; 4614 |
|  | &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;106391 | &nbsp;&nbsp;&nbsp;&nbsp; 4559 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68999 | &nbsp;&nbsp;&nbsp;&nbsp; 4243 |
|  | &nbsp;&nbsp;&nbsp;BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34181 | &nbsp;&nbsp;&nbsp;&nbsp; 4228 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63312 | &nbsp;&nbsp;&nbsp;&nbsp; 4211 |
|  | &nbsp;&nbsp;&nbsp;BankUnited Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118807 | &nbsp;&nbsp;&nbsp;&nbsp; 4037 |
|  | &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;115212 | &nbsp;&nbsp;&nbsp;&nbsp; 3982 |
|  | &nbsp;&nbsp;&nbsp;CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;212031 | &nbsp;&nbsp;&nbsp;&nbsp; 3976 |
|  | &nbsp;&nbsp;&nbsp;Simmons First National Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;203982 | &nbsp;&nbsp;&nbsp;&nbsp; 3827 |
|  | &nbsp;&nbsp;&nbsp;First Interstate BancSystem Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;140698 | &nbsp;&nbsp;&nbsp;&nbsp; 3820 |
|  | &nbsp;&nbsp;&nbsp;Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23309 | &nbsp;&nbsp;&nbsp;&nbsp; 3789 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72690 | &nbsp;&nbsp;&nbsp;&nbsp; 3714 |
|  | &nbsp;&nbsp;&nbsp;WaFd Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130048 | &nbsp;&nbsp;&nbsp;&nbsp; 3696 |
|  | &nbsp;&nbsp;&nbsp;First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;151458 | &nbsp;&nbsp;&nbsp;&nbsp; 3659 |
|  | &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;138920 | &nbsp;&nbsp;&nbsp;&nbsp; 3588 |
|  | &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94992 | &nbsp;&nbsp;&nbsp;&nbsp; 3581 |
|  | &nbsp;&nbsp;&nbsp;NBT Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83613 | &nbsp;&nbsp;&nbsp;&nbsp; 3499 |
|  | &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54557 | &nbsp;&nbsp;&nbsp;&nbsp; 3363 |
|  | &nbsp;&nbsp;&nbsp;BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35550 | &nbsp;&nbsp;&nbsp;&nbsp; 3357 |
|  | &nbsp;&nbsp;&nbsp;Stock Yards Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44992 | &nbsp;&nbsp;&nbsp;&nbsp; 3310 |
|  | &nbsp;&nbsp;&nbsp;Provident Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196677 | &nbsp;&nbsp;&nbsp;&nbsp; 3285 |
|  | &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152842 | &nbsp;&nbsp;&nbsp;&nbsp; 3240 |
|  | &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92333 | &nbsp;&nbsp;&nbsp;&nbsp; 3182 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59337 | &nbsp;&nbsp;&nbsp;&nbsp; 3141 |
|  | &nbsp;&nbsp;&nbsp;Banc of California Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226463 | &nbsp;&nbsp;&nbsp;&nbsp; 3107 |
|  | &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74043 | &nbsp;&nbsp;&nbsp;&nbsp; 3046 |
|  | &nbsp;&nbsp;&nbsp;First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp;136337 | &nbsp;&nbsp;&nbsp;&nbsp; 3016 |
|  | &nbsp;&nbsp;&nbsp;Pathward Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38500 | &nbsp;&nbsp;&nbsp;&nbsp; 3005 |
|  | &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23519 | &nbsp;&nbsp;&nbsp;&nbsp; 2773 |
|  | &nbsp;&nbsp;&nbsp;Nicolet Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22083 | &nbsp;&nbsp;&nbsp;&nbsp; 2708 |
|  | &nbsp;&nbsp;&nbsp;First Bancorp / Southern Pines NC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65282 | &nbsp;&nbsp;&nbsp;&nbsp; 2701 |
|  | &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59463 | &nbsp;&nbsp;&nbsp;&nbsp; 2596 |
|  | &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;164202 | &nbsp;&nbsp;&nbsp;&nbsp; 2565 |
|  | &nbsp;&nbsp;&nbsp;Northwest Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201791 | &nbsp;&nbsp;&nbsp;&nbsp; 2478 |
|  | &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40976 | &nbsp;&nbsp;&nbsp;&nbsp; 2453 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Customers Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47744 | &nbsp;&nbsp;&nbsp;&nbsp; 2433 |
|  | &nbsp;&nbsp;&nbsp;Hilltop Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77330 | &nbsp;&nbsp;&nbsp;&nbsp; 2306 |
|  | &nbsp;&nbsp;&nbsp;S&T Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60309 | &nbsp;&nbsp;&nbsp;&nbsp; 2211 |
|  | &nbsp;&nbsp;&nbsp;Stellar Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81706 | &nbsp;&nbsp;&nbsp;&nbsp; 2200 |
|  | &nbsp;&nbsp;&nbsp;National Bank Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60035 | &nbsp;&nbsp;&nbsp;&nbsp; 2170 |
|  | &nbsp;&nbsp;&nbsp;Veritex Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86328 | &nbsp;&nbsp;&nbsp;&nbsp; 2089 |
|  | &nbsp;&nbsp;&nbsp;German American Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54055 | &nbsp;&nbsp;&nbsp;&nbsp; 2066 |
|  | &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42736 | &nbsp;&nbsp;&nbsp;&nbsp; 2054 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Triumph Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35336 | &nbsp;&nbsp;&nbsp;&nbsp; 2041 |
|  | &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50345 | &nbsp;&nbsp;&nbsp;&nbsp; 2009 |
|  | &nbsp;&nbsp;&nbsp;Hope Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190907 | &nbsp;&nbsp;&nbsp;&nbsp; 1917 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coastal Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21377 | &nbsp;&nbsp;&nbsp;&nbsp; 1879 |
|  | &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74569 | &nbsp;&nbsp;&nbsp;&nbsp; 1846 |
|  | &nbsp;&nbsp;&nbsp;Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15497 | &nbsp;&nbsp;&nbsp;&nbsp; 1802 |
|  | &nbsp;&nbsp;&nbsp;QCR Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26713 | &nbsp;&nbsp;&nbsp;&nbsp; 1798 |
|  | &nbsp;&nbsp;&nbsp;1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29410 | &nbsp;&nbsp;&nbsp;&nbsp; 1781 |
|  | &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20577 | &nbsp;&nbsp;&nbsp;&nbsp; 1720 |
|  | &nbsp;&nbsp;&nbsp;Dime Community Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65849 | &nbsp;&nbsp;&nbsp;&nbsp; 1690 |
|  | &nbsp;&nbsp;&nbsp;Peoples Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56284 | &nbsp;&nbsp;&nbsp;&nbsp; 1650 |
|  | &nbsp;&nbsp;&nbsp;Origin Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46660 | &nbsp;&nbsp;&nbsp;&nbsp; 1591 |
|  | &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94235 | &nbsp;&nbsp;&nbsp;&nbsp; 1584 |
|  | &nbsp;&nbsp;&nbsp;Live Oak Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57279 | &nbsp;&nbsp;&nbsp;&nbsp; 1572 |
|  | &nbsp;&nbsp;&nbsp;Brookline Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;141766 | &nbsp;&nbsp;&nbsp;&nbsp; 1464 |
|  | &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46662 | &nbsp;&nbsp;&nbsp;&nbsp; 1378 |
|  | &nbsp;&nbsp;&nbsp;Community Trust Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26879 | &nbsp;&nbsp;&nbsp;&nbsp; 1372 |
|  | &nbsp;&nbsp;&nbsp;ConnectOne Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59174 | &nbsp;&nbsp;&nbsp;&nbsp; 1359 |
|  | &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55925 | &nbsp;&nbsp;&nbsp;&nbsp; 1308 |
|  | &nbsp;&nbsp;&nbsp;First Mid Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35796 | &nbsp;&nbsp;&nbsp;&nbsp; 1263 |
|  | &nbsp;&nbsp;&nbsp;Southside Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44764 | &nbsp;&nbsp;&nbsp;&nbsp; 1262 |
|  | &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19772 | &nbsp;&nbsp;&nbsp;&nbsp; 1214 |
|  | &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21295 | &nbsp;&nbsp;&nbsp;&nbsp; 1212 |
|  | &nbsp;&nbsp;&nbsp;Capitol Federal Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;205492 | &nbsp;&nbsp;&nbsp;&nbsp; 1173 |
|  | &nbsp;&nbsp;&nbsp;Old Second Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69914 | &nbsp;&nbsp;&nbsp;&nbsp; 1156 |
|  | &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42925 | &nbsp;&nbsp;&nbsp;&nbsp; 1146 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NB Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67127 | &nbsp;&nbsp;&nbsp;&nbsp; 1131 |
|  | &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48468 | &nbsp;&nbsp;&nbsp;&nbsp; 1111 |
|  | &nbsp;&nbsp;&nbsp;Business First Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46489 | &nbsp;&nbsp;&nbsp;&nbsp; 1106 |
|  | &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24741 | &nbsp;&nbsp;&nbsp;&nbsp; 1093 |
|  | &nbsp;&nbsp;&nbsp;Byline Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42225 | &nbsp;&nbsp;&nbsp;&nbsp; 1092 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Esquire Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11625 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33236 | &nbsp;&nbsp;&nbsp;&nbsp; 1048 |
|  | &nbsp;&nbsp;&nbsp;Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12311 | &nbsp;&nbsp;&nbsp;&nbsp; 1032 |
|  | &nbsp;&nbsp;&nbsp;Horizon Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69199 | &nbsp;&nbsp;&nbsp;&nbsp; 1027 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15555 | &nbsp;&nbsp;&nbsp;&nbsp; 1006 |
|  | &nbsp;&nbsp;&nbsp;Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25502 | &nbsp;&nbsp;&nbsp;&nbsp; 1003 |
|  | &nbsp;&nbsp;&nbsp;First Community Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26632 | &nbsp;&nbsp;&nbsp;&nbsp; 1001 |
|  | &nbsp;&nbsp;&nbsp;MidWestOne Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34130 | &nbsp;&nbsp;&nbsp;&nbsp; 981 |
|  | &nbsp;&nbsp;&nbsp;HomeTrust Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27055 | &nbsp;&nbsp;&nbsp;&nbsp; 976 |
|  | &nbsp;&nbsp;&nbsp;Equity Bancshares Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24445 | &nbsp;&nbsp;&nbsp;&nbsp; 952 |
|  | &nbsp;&nbsp;&nbsp;Amerant Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54060 | &nbsp;&nbsp;&nbsp;&nbsp; 948 |
|  | &nbsp;&nbsp;&nbsp;Orrstown Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31360 | &nbsp;&nbsp;&nbsp;&nbsp; 943 |
|  | &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18167 | &nbsp;&nbsp;&nbsp;&nbsp; 942 |
|  | &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. NY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30275 | &nbsp;&nbsp;&nbsp;&nbsp; 940 |
|  | &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30798 | &nbsp;&nbsp;&nbsp;&nbsp; 931 |
|  | &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96837 | &nbsp;&nbsp;&nbsp;&nbsp; 897 |
|  | &nbsp;&nbsp;&nbsp;Great Southern Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15531 | &nbsp;&nbsp;&nbsp;&nbsp; 869 |
|  | &nbsp;&nbsp;&nbsp;Capital City Bank Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22896 | &nbsp;&nbsp;&nbsp;&nbsp; 864 |
|  | &nbsp;&nbsp;&nbsp;Washington Trust Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30243 | &nbsp;&nbsp;&nbsp;&nbsp; 837 |
|  | &nbsp;&nbsp;&nbsp;Eagle Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47329 | &nbsp;&nbsp;&nbsp;&nbsp; 833 |
|  | &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15807 | &nbsp;&nbsp;&nbsp;&nbsp; 832 |
|  | &nbsp;&nbsp;&nbsp;Mid Penn Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31220 | &nbsp;&nbsp;&nbsp;&nbsp; 832 |
|  | &nbsp;&nbsp;&nbsp;Farmers National Banc Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59838 | &nbsp;&nbsp;&nbsp;&nbsp; 792 |
|  | &nbsp;&nbsp;&nbsp;Northfield Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67233 | &nbsp;&nbsp;&nbsp;&nbsp; 785 |
|  | &nbsp;&nbsp;&nbsp;CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33539 | &nbsp;&nbsp;&nbsp;&nbsp; 727 |
|  | &nbsp;&nbsp;&nbsp;SmartFinancial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22819 | &nbsp;&nbsp;&nbsp;&nbsp; 725 |
|  | &nbsp;&nbsp;&nbsp;South Plains Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19709 | &nbsp;&nbsp;&nbsp;&nbsp; 709 |
|  | &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24292 | &nbsp;&nbsp;&nbsp;&nbsp; 706 |
|  | &nbsp;&nbsp;&nbsp;Shore Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48706 | &nbsp;&nbsp;&nbsp;&nbsp; 706 |
|  | &nbsp;&nbsp;&nbsp;HarborOne Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61721 | &nbsp;&nbsp;&nbsp;&nbsp; 702 |
|  | &nbsp;&nbsp;&nbsp;Arrow Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27176 | &nbsp;&nbsp;&nbsp;&nbsp; 700 |
|  | &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25531 | &nbsp;&nbsp;&nbsp;&nbsp; 700 |
|  | &nbsp;&nbsp;&nbsp;Five Star Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24082 | &nbsp;&nbsp;&nbsp;&nbsp; 673 |
|  | &nbsp;&nbsp;&nbsp;Enterprise Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16315 | &nbsp;&nbsp;&nbsp;&nbsp; 629 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carter Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38036 | &nbsp;&nbsp;&nbsp;&nbsp; 626 |
|  | &nbsp;&nbsp;&nbsp;Flushing Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51849 | &nbsp;&nbsp;&nbsp;&nbsp; 624 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Hingham Institution for Savings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534 | &nbsp;&nbsp;&nbsp;&nbsp; 614 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Foundation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111323 | &nbsp;&nbsp;&nbsp;&nbsp; 574 |
|  | &nbsp;&nbsp;&nbsp;Midland States Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33637 | &nbsp;&nbsp;&nbsp;&nbsp; 568 |
|  | &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92343 | &nbsp;&nbsp;&nbsp;&nbsp; 557 |
|  | &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23594 | &nbsp;&nbsp;&nbsp;&nbsp; 503 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3435880** |
| **Capital Markets (24.1%)** | **Capital Markets (24.1%)** | **Capital Markets (24.1%)** | **Capital Markets (24.1%)** |
|  | &nbsp;&nbsp;&nbsp;Goldman Sachs Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;497366 | &nbsp;&nbsp;&nbsp;&nbsp; 298643 |
|  | &nbsp;&nbsp;&nbsp;S&P Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;502201 | &nbsp;&nbsp;&nbsp;&nbsp; 257559 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | 1935793 | &nbsp;&nbsp;&nbsp;&nbsp; 247840 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 2757049 | &nbsp;&nbsp;&nbsp;&nbsp; 243558 |
|  | &nbsp;&nbsp;&nbsp;Blackrock Inc. | &nbsp;&nbsp;&nbsp;&nbsp;235675 | &nbsp;&nbsp;&nbsp;&nbsp; 230936 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;576691 | &nbsp;&nbsp;&nbsp;&nbsp; 166664 |
|  | &nbsp;&nbsp;&nbsp;Intercontinental Exchange Inc. | &nbsp;&nbsp;&nbsp;&nbsp;919336 | &nbsp;&nbsp;&nbsp;&nbsp; 165297 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Inc. | 1167301 | &nbsp;&nbsp;&nbsp;&nbsp; 161975 |
|  | &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;259069 | &nbsp;&nbsp;&nbsp;&nbsp; 124177 |
|  | &nbsp;&nbsp;&nbsp;KKR & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;995067 | &nbsp;&nbsp;&nbsp;&nbsp; 120861 |
|  | &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 1148924 | &nbsp;&nbsp;&nbsp;&nbsp; 101806 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coinbase Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;319507 | &nbsp;&nbsp;&nbsp;&nbsp; 78797 |
|  | &nbsp;&nbsp;&nbsp;Ameriprise Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153303 | &nbsp;&nbsp;&nbsp;&nbsp; 78068 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Robinhood Markets Inc. Class A | 1170402 | &nbsp;&nbsp;&nbsp;&nbsp; 77422 |
|  | &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124173 | &nbsp;&nbsp;&nbsp;&nbsp; 70036 |
|  | &nbsp;&nbsp;&nbsp;Nasdaq Inc. | &nbsp;&nbsp;&nbsp;&nbsp;690329 | &nbsp;&nbsp;&nbsp;&nbsp; 57670 |
|  | &nbsp;&nbsp;&nbsp;Ares Management Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;326242 | &nbsp;&nbsp;&nbsp;&nbsp; 53993 |
|  | &nbsp;&nbsp;&nbsp;LPL Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127978 | &nbsp;&nbsp;&nbsp;&nbsp; 49548 |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;311079 | &nbsp;&nbsp;&nbsp;&nbsp; 45722 |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;461755 | &nbsp;&nbsp;&nbsp;&nbsp; 44458 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167833 | &nbsp;&nbsp;&nbsp;&nbsp; 38454 |
|  | &nbsp;&nbsp;&nbsp;Interactive Brokers Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;174565 | &nbsp;&nbsp;&nbsp;&nbsp; 36603 |
|  | &nbsp;&nbsp;&nbsp;T Rowe Price Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;355889 | &nbsp;&nbsp;&nbsp;&nbsp; 33308 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;311873 | &nbsp;&nbsp;&nbsp;&nbsp; 33289 |
|  | &nbsp;&nbsp;&nbsp;FactSet Research Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60689 | &nbsp;&nbsp;&nbsp;&nbsp; 27811 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;186355 | &nbsp;&nbsp;&nbsp;&nbsp; 26919 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | &nbsp;&nbsp;&nbsp;Blue Owl Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;950747 | &nbsp;&nbsp;&nbsp;&nbsp; 17760 |
|  | &nbsp;&nbsp;&nbsp;Carlyle Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;375744 | &nbsp;&nbsp;&nbsp;&nbsp; 16984 |
|  | &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;166005 | &nbsp;&nbsp;&nbsp;&nbsp; 15641 |
|  | &nbsp;&nbsp;&nbsp;Houlihan Lokey Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86485 | &nbsp;&nbsp;&nbsp;&nbsp; 15107 |
|  | &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;170821 | &nbsp;&nbsp;&nbsp;&nbsp; 14564 |
|  | &nbsp;&nbsp;&nbsp;Morningstar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44573 | &nbsp;&nbsp;&nbsp;&nbsp; 13747 |
|  | &nbsp;&nbsp;&nbsp;Evercore Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57967 | &nbsp;&nbsp;&nbsp;&nbsp; 13419 |
|  | &nbsp;&nbsp;&nbsp;MarketAxess Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60422 | &nbsp;&nbsp;&nbsp;&nbsp; 13076 |
|  | &nbsp;&nbsp;&nbsp;Jefferies Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;247435 | &nbsp;&nbsp;&nbsp;&nbsp; 12025 |
|  | &nbsp;&nbsp;&nbsp;TPG Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209692 | &nbsp;&nbsp;&nbsp;&nbsp; 10092 |
|  | &nbsp;&nbsp;&nbsp;Franklin Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;460455 | &nbsp;&nbsp;&nbsp;&nbsp; 9964 |
|  | &nbsp;&nbsp;&nbsp;Hamilton Lane Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65906 | &nbsp;&nbsp;&nbsp;&nbsp; 9820 |
|  | &nbsp;&nbsp;&nbsp;Invesco Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;573063 | &nbsp;&nbsp;&nbsp;&nbsp; 8286 |
|  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46027 | &nbsp;&nbsp;&nbsp;&nbsp; 8101 |
|  | &nbsp;&nbsp;&nbsp;Janus Henderson Group plc | &nbsp;&nbsp;&nbsp;&nbsp;203161 | &nbsp;&nbsp;&nbsp;&nbsp; 7381 |
|  | &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28388 | &nbsp;&nbsp;&nbsp;&nbsp; 7138 |
|  | &nbsp;&nbsp;&nbsp;Moelis & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;112851 | &nbsp;&nbsp;&nbsp;&nbsp; 6445 |
|  | &nbsp;&nbsp;&nbsp;StepStone Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;109431 | &nbsp;&nbsp;&nbsp;&nbsp; 6331 |
|  | &nbsp;&nbsp;&nbsp;Lazard Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144786 | &nbsp;&nbsp;&nbsp;&nbsp; 6284 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;StoneX Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68984 | &nbsp;&nbsp;&nbsp;&nbsp; 5840 |
|  | &nbsp;&nbsp;&nbsp;PJT Partners Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35176 | &nbsp;&nbsp;&nbsp;&nbsp; 5300 |
|  | &nbsp;&nbsp;&nbsp;Virtu Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;131759 | &nbsp;&nbsp;&nbsp;&nbsp; 5295 |
|  | &nbsp;&nbsp;&nbsp;BGC Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;570628 | &nbsp;&nbsp;&nbsp;&nbsp; 5295 |
|  | &nbsp;&nbsp;&nbsp;Federated Hermes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121681 | &nbsp;&nbsp;&nbsp;&nbsp; 5135 |
|  | &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;113484 | &nbsp;&nbsp;&nbsp;&nbsp; 4573 |
|  | &nbsp;&nbsp;&nbsp;Victory Capital Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69666 | &nbsp;&nbsp;&nbsp;&nbsp; 4320 |
|  | &nbsp;&nbsp;&nbsp;Cohen & Steers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44543 | &nbsp;&nbsp;&nbsp;&nbsp; 3423 |
|  | &nbsp;&nbsp;&nbsp;DigitalBridge Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;278126 | &nbsp;&nbsp;&nbsp;&nbsp; 3076 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44536 | &nbsp;&nbsp;&nbsp;&nbsp; 2426 |
|  | &nbsp;&nbsp;&nbsp;WisdomTree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199848 | &nbsp;&nbsp;&nbsp;&nbsp; 1886 |
|  | &nbsp;&nbsp;&nbsp;Virtus Investment Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10497 | &nbsp;&nbsp;&nbsp;&nbsp; 1792 |
|  | &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94675 | &nbsp;&nbsp;&nbsp;&nbsp; 1644 |
|  | &nbsp;&nbsp;&nbsp;Acadian Asset Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43560 | &nbsp;&nbsp;&nbsp;&nbsp; 1312 |
|  | &nbsp;&nbsp;&nbsp;P10 Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87003 | &nbsp;&nbsp;&nbsp;&nbsp; 945 |
|  | &nbsp;&nbsp;&nbsp;GCM Grosvenor Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60377 | &nbsp;&nbsp;&nbsp;&nbsp; 761 |
|  | &nbsp;&nbsp;&nbsp;Oppenheimer Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9672 | &nbsp;&nbsp;&nbsp;&nbsp; 631 |
|  | &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4344 | &nbsp;&nbsp;&nbsp;&nbsp; 614 |
|  | &nbsp;&nbsp;&nbsp;Bridge Investment Group Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59701 | &nbsp;&nbsp;&nbsp;&nbsp; 549 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Open Lending Corp. | &nbsp;&nbsp;&nbsp;&nbsp;160802 | &nbsp;&nbsp;&nbsp;&nbsp; 288 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;B Riley Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27514 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3138768** |
| **Consumer Finance (4.6%)** | **Consumer Finance (4.6%)** | **Consumer Finance (4.6%)** | **Consumer Finance (4.6%)** |
|  | &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;897366 | &nbsp;&nbsp;&nbsp;&nbsp; 263870 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 1023113 | &nbsp;&nbsp;&nbsp;&nbsp; 193522 |
|  | &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;621506 | &nbsp;&nbsp;&nbsp;&nbsp; 35830 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SoFi Technologies Inc. | 1667564 | &nbsp;&nbsp;&nbsp;&nbsp; 22179 |
|  | &nbsp;&nbsp;&nbsp;Ally Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;443594 | &nbsp;&nbsp;&nbsp;&nbsp; 15526 |
|  | &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;319515 | &nbsp;&nbsp;&nbsp;&nbsp; 10343 |
|  | &nbsp;&nbsp;&nbsp;OneMain Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;191937 | &nbsp;&nbsp;&nbsp;&nbsp; 9950 |
|  | &nbsp;&nbsp;&nbsp;FirstCash Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64352 | &nbsp;&nbsp;&nbsp;&nbsp; 8231 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upstart Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;137068 | &nbsp;&nbsp;&nbsp;&nbsp; 6465 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Credit Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10609 | &nbsp;&nbsp;&nbsp;&nbsp; 5064 |
|  | &nbsp;&nbsp;&nbsp;Bread Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79330 | &nbsp;&nbsp;&nbsp;&nbsp; 4065 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enova International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40779 | &nbsp;&nbsp;&nbsp;&nbsp; 3779 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dave Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14837 | &nbsp;&nbsp;&nbsp;&nbsp; 2980 |
|  | &nbsp;&nbsp;&nbsp;Nelnet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22675 | &nbsp;&nbsp;&nbsp;&nbsp; 2634 |
|  | &nbsp;&nbsp;&nbsp;PROG Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67024 | &nbsp;&nbsp;&nbsp;&nbsp; 1932 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LendingClub Corp. | &nbsp;&nbsp;&nbsp;&nbsp;180927 | &nbsp;&nbsp;&nbsp;&nbsp; 1815 |
|  | &nbsp;&nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;114421 | &nbsp;&nbsp;&nbsp;&nbsp; 1538 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Encore Capital Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37452 | &nbsp;&nbsp;&nbsp;&nbsp; 1419 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EZCorp. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82716 | &nbsp;&nbsp;&nbsp;&nbsp; 1113 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;World Acceptance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6273 | &nbsp;&nbsp;&nbsp;&nbsp; 969 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PRA Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59035 | &nbsp;&nbsp;&nbsp;&nbsp; 838 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Green Dot Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75792 | &nbsp;&nbsp;&nbsp;&nbsp; 700 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NerdWallet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63154 | &nbsp;&nbsp;&nbsp;&nbsp; 666 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LendingTree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18175 | &nbsp;&nbsp;&nbsp;&nbsp; 636 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8482 | &nbsp;&nbsp;&nbsp;&nbsp; 416 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **596480** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **Financial Services (24.8%)** | **Financial Services (24.8%)** | **Financial Services (24.8%)** | **Financial Services (24.8%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Berkshire Hathaway Inc. Class B | 2144226 | &nbsp;&nbsp;&nbsp;&nbsp; 1080604 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | 1303197 | &nbsp;&nbsp;&nbsp;&nbsp; 763152 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | 1672802 | &nbsp;&nbsp;&nbsp;&nbsp; 610891 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fiserv Inc. | &nbsp;&nbsp;&nbsp;&nbsp;893916 | &nbsp;&nbsp;&nbsp;&nbsp; 145521 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. | 1504011 | &nbsp;&nbsp;&nbsp;&nbsp; 105702 |
|  | &nbsp;&nbsp;&nbsp;Apollo Global Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;639070 | &nbsp;&nbsp;&nbsp;&nbsp; 83520 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Information Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;847652 | &nbsp;&nbsp;&nbsp;&nbsp; 67482 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Block Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;895305 | &nbsp;&nbsp;&nbsp;&nbsp; 55285 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corpay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106819 | &nbsp;&nbsp;&nbsp;&nbsp; 34728 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Toast Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;711635 | &nbsp;&nbsp;&nbsp;&nbsp; 30017 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;393436 | &nbsp;&nbsp;&nbsp;&nbsp; 29748 |
|  | &nbsp;&nbsp;&nbsp;Equitable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;490937 | &nbsp;&nbsp;&nbsp;&nbsp; 25956 |
|  | &nbsp;&nbsp;&nbsp;Jack Henry & Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116927 | &nbsp;&nbsp;&nbsp;&nbsp; 21184 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Affirm Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;402376 | &nbsp;&nbsp;&nbsp;&nbsp; 20883 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mr. Cooper Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101628 | &nbsp;&nbsp;&nbsp;&nbsp; 13164 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;400408 | &nbsp;&nbsp;&nbsp;&nbsp; 13057 |
|  | &nbsp;&nbsp;&nbsp;Voya Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154522 | &nbsp;&nbsp;&nbsp;&nbsp; 10279 |
|  | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;387913 | &nbsp;&nbsp;&nbsp;&nbsp; 10260 |
|  | &nbsp;&nbsp;&nbsp;Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;165138 | &nbsp;&nbsp;&nbsp;&nbsp; 9578 |
|  | &nbsp;&nbsp;&nbsp;Jackson Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;115390 | &nbsp;&nbsp;&nbsp;&nbsp; 9452 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Shift4 Payments Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97854 | &nbsp;&nbsp;&nbsp;&nbsp; 9276 |
|  | &nbsp;&nbsp;&nbsp;Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;225975 | &nbsp;&nbsp;&nbsp;&nbsp; 7717 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Euronet Worldwide Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65390 | &nbsp;&nbsp;&nbsp;&nbsp; 7080 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WEX Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51576 | &nbsp;&nbsp;&nbsp;&nbsp; 6856 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Remitly Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238640 | &nbsp;&nbsp;&nbsp;&nbsp; 5097 |
|  | &nbsp;&nbsp;&nbsp;Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;539887 | &nbsp;&nbsp;&nbsp;&nbsp; 5010 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NMI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125203 | &nbsp;&nbsp;&nbsp;&nbsp; 4973 |
|  | &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;195583 | &nbsp;&nbsp;&nbsp;&nbsp; 4899 |
|  | &nbsp;&nbsp;&nbsp;PennyMac Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49070 | &nbsp;&nbsp;&nbsp;&nbsp; 4711 |
|  | &nbsp;&nbsp;&nbsp;Burford Capital Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;316576 | &nbsp;&nbsp;&nbsp;&nbsp; 4071 |
|  | &nbsp;&nbsp;&nbsp;Walker & Dunlop Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53826 | &nbsp;&nbsp;&nbsp;&nbsp; 3687 |
|  | &nbsp;&nbsp;&nbsp;EVERTEC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101393 | &nbsp;&nbsp;&nbsp;&nbsp; 3673 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Marqeta Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;676869 | &nbsp;&nbsp;&nbsp;&nbsp; 3642 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Payoneer Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;493615 | &nbsp;&nbsp;&nbsp;&nbsp; 3361 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NCR Atleos Corp. | &nbsp;&nbsp;&nbsp;&nbsp;117602 | &nbsp;&nbsp;&nbsp;&nbsp; 3118 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sezzle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26952 | &nbsp;&nbsp;&nbsp;&nbsp; 2876 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Rocket Cos. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;223638 | &nbsp;&nbsp;&nbsp;&nbsp; 2851 |
|  | &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14939 | &nbsp;&nbsp;&nbsp;&nbsp; 2785 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AvidXchange Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277693 | &nbsp;&nbsp;&nbsp;&nbsp; 2719 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flywire Corp. | &nbsp;&nbsp;&nbsp;&nbsp;178071 | &nbsp;&nbsp;&nbsp;&nbsp; 1914 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Paymentus Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44099 | &nbsp;&nbsp;&nbsp;&nbsp; 1684 |
|  | &nbsp;&nbsp;&nbsp;Cannae Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89566 | &nbsp;&nbsp;&nbsp;&nbsp; 1670 |
|  | &nbsp;&nbsp;&nbsp;UWM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;259279 | &nbsp;&nbsp;&nbsp;&nbsp; 1115 |
|  | &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32976 | &nbsp;&nbsp;&nbsp;&nbsp; 1056 |
|  | &nbsp;&nbsp;&nbsp;Cass Information Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20775 | &nbsp;&nbsp;&nbsp;&nbsp; 879 |
|  | &nbsp;&nbsp;&nbsp;Alerus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36921 | &nbsp;&nbsp;&nbsp;&nbsp; 776 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cantaloupe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92525 | &nbsp;&nbsp;&nbsp;&nbsp; 774 |
|  | &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;108083 | &nbsp;&nbsp;&nbsp;&nbsp; 726 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Repay Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;128315 | &nbsp;&nbsp;&nbsp;&nbsp; 617 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;International Money Express Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43828 | &nbsp;&nbsp;&nbsp;&nbsp; 483 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Acacia Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61906 | &nbsp;&nbsp;&nbsp;&nbsp; 231 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3240790** |
| **Insurance (16.4%)** | **Insurance (16.4%)** | **Insurance (16.4%)** | **Insurance (16.4%)** |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;938166 | &nbsp;&nbsp;&nbsp;&nbsp; 267312 |
|  | &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;788540 | &nbsp;&nbsp;&nbsp;&nbsp; 184250 |
|  | &nbsp;&nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;609178 | &nbsp;&nbsp;&nbsp;&nbsp; 181048 |
|  | &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;409307 | &nbsp;&nbsp;&nbsp;&nbsp; 142210 |
|  | &nbsp;&nbsp;&nbsp;Aon plc Class A (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;311135 | &nbsp;&nbsp;&nbsp;&nbsp; 115767 |
|  | &nbsp;&nbsp;&nbsp;Travelers Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;362631 | &nbsp;&nbsp;&nbsp;&nbsp; 99977 |
|  | &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;423896 | &nbsp;&nbsp;&nbsp;&nbsp; 88963 |
|  | &nbsp;&nbsp;&nbsp;Aflac Inc. | &nbsp;&nbsp;&nbsp;&nbsp;829990 | &nbsp;&nbsp;&nbsp;&nbsp; 85937 |
|  | &nbsp;&nbsp;&nbsp;American International Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;934409 | &nbsp;&nbsp;&nbsp;&nbsp; 79088 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;926699 | &nbsp;&nbsp;&nbsp;&nbsp; 72820 |
|  | &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;456907 | &nbsp;&nbsp;&nbsp;&nbsp; 59325 |
|  | &nbsp;&nbsp;&nbsp;Prudential Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;567193 | &nbsp;&nbsp;&nbsp;&nbsp; 58926 |
|  | &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;601231 | &nbsp;&nbsp;&nbsp;&nbsp; 57141 |
|  | &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;159093 | &nbsp;&nbsp;&nbsp;&nbsp; 50361 |
|  | &nbsp;&nbsp;&nbsp;Brown & Brown Inc. | &nbsp;&nbsp;&nbsp;&nbsp;389753 | &nbsp;&nbsp;&nbsp;&nbsp; 44003 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20349 | &nbsp;&nbsp;&nbsp;&nbsp; 39512 |
|  | &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;250470 | &nbsp;&nbsp;&nbsp;&nbsp; 37776 |
|  | &nbsp;&nbsp;&nbsp;W R Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;485869 | &nbsp;&nbsp;&nbsp;&nbsp; 36290 |
|  | &nbsp;&nbsp;&nbsp;Principal Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;360052 | &nbsp;&nbsp;&nbsp;&nbsp; 28044 |
|  | &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;286104 | &nbsp;&nbsp;&nbsp;&nbsp; 25546 |
|  | &nbsp;&nbsp;&nbsp;Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68258 | &nbsp;&nbsp;&nbsp;&nbsp; 23698 |
|  | &nbsp;&nbsp;&nbsp;Fidelity National Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;416899 | &nbsp;&nbsp;&nbsp;&nbsp; 22834 |
|  | &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;268033 | &nbsp;&nbsp;&nbsp;&nbsp; 21901 |
|  | &nbsp;&nbsp;&nbsp;Reinsurance Group of America Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105590 | &nbsp;&nbsp;&nbsp;&nbsp; 21465 |
|  | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78427 | &nbsp;&nbsp;&nbsp;&nbsp; 19561 |
|  | &nbsp;&nbsp;&nbsp;Kinsale Capital Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35532 | &nbsp;&nbsp;&nbsp;&nbsp; 16771 |
|  | &nbsp;&nbsp;&nbsp;Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81449 | &nbsp;&nbsp;&nbsp;&nbsp; 16532 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133303 | &nbsp;&nbsp;&nbsp;&nbsp; 16246 |
|  | &nbsp;&nbsp;&nbsp;Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40484 | &nbsp;&nbsp;&nbsp;&nbsp; 14514 |
|  | &nbsp;&nbsp;&nbsp;Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52956 | &nbsp;&nbsp;&nbsp;&nbsp; 14330 |
|  | &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;376215 | &nbsp;&nbsp;&nbsp;&nbsp; 14221 |
|  | &nbsp;&nbsp;&nbsp;American Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107120 | &nbsp;&nbsp;&nbsp;&nbsp; 13281 |
|  | &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;125928 | &nbsp;&nbsp;&nbsp;&nbsp; 13071 |
|  | &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172364 | &nbsp;&nbsp;&nbsp;&nbsp; 12336 |
|  | &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;132909 | &nbsp;&nbsp;&nbsp;&nbsp; 10217 |
|  | &nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57770 | &nbsp;&nbsp;&nbsp;&nbsp; 10166 |
|  | &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;164819 | &nbsp;&nbsp;&nbsp;&nbsp; 9199 |
|  | &nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;274537 | &nbsp;&nbsp;&nbsp;&nbsp; 9098 |
|  | &nbsp;&nbsp;&nbsp;Selective Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97767 | &nbsp;&nbsp;&nbsp;&nbsp; 8605 |
|  | &nbsp;&nbsp;&nbsp;White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123 | &nbsp;&nbsp;&nbsp;&nbsp; 7359 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palomar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42659 | &nbsp;&nbsp;&nbsp;&nbsp; 7315 |
|  | &nbsp;&nbsp;&nbsp;Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76030 | &nbsp;&nbsp;&nbsp;&nbsp; 6428 |
|  | &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97424 | &nbsp;&nbsp;&nbsp;&nbsp; 6209 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;160972 | &nbsp;&nbsp;&nbsp;&nbsp; 6110 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enstar Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17853 | &nbsp;&nbsp;&nbsp;&nbsp; 5981 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brighthouse Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92745 | &nbsp;&nbsp;&nbsp;&nbsp; 5547 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genworth Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;662989 | &nbsp;&nbsp;&nbsp;&nbsp; 4674 |
|  | &nbsp;&nbsp;&nbsp;Goosehead Insurance Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40154 | &nbsp;&nbsp;&nbsp;&nbsp; 4347 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110029 | &nbsp;&nbsp;&nbsp;&nbsp; 4239 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oscar Health Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;273283 | &nbsp;&nbsp;&nbsp;&nbsp; 3771 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57985 | &nbsp;&nbsp;&nbsp;&nbsp; 3673 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;164603 | &nbsp;&nbsp;&nbsp;&nbsp; 3225 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lemonade Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85733 | &nbsp;&nbsp;&nbsp;&nbsp; 2872 |
|  | &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44220 | &nbsp;&nbsp;&nbsp;&nbsp; 2851 |
|  | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65125 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 |
|  | &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44175 | &nbsp;&nbsp;&nbsp;&nbsp; 2666 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trupanion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51124 | &nbsp;&nbsp;&nbsp;&nbsp; 2413 |
|  | &nbsp;&nbsp;&nbsp;HCI Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13809 | &nbsp;&nbsp;&nbsp;&nbsp; 2331 |
|  | &nbsp;&nbsp;&nbsp;Safety Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23712 | &nbsp;&nbsp;&nbsp;&nbsp; 1948 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Root Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14368 | &nbsp;&nbsp;&nbsp;&nbsp; 1882 |
|  | &nbsp;&nbsp;&nbsp;Employers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37905 | &nbsp;&nbsp;&nbsp;&nbsp; 1845 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ProAssurance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75520 | &nbsp;&nbsp;&nbsp;&nbsp; 1751 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72297 | &nbsp;&nbsp;&nbsp;&nbsp; 1573 |
|  | &nbsp;&nbsp;&nbsp;AMERISAFE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30684 | &nbsp;&nbsp;&nbsp;&nbsp; 1457 |
|  | &nbsp;&nbsp;&nbsp;Universal Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43686 | &nbsp;&nbsp;&nbsp;&nbsp; 1186 |
|  | &nbsp;&nbsp;&nbsp;United Fire Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33843 | &nbsp;&nbsp;&nbsp;&nbsp; 963 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36937 | &nbsp;&nbsp;&nbsp;&nbsp; 904 |
|  | &nbsp;&nbsp;&nbsp;Tiptree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38110 | &nbsp;&nbsp;&nbsp;&nbsp; 845 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20681 | &nbsp;&nbsp;&nbsp;&nbsp; 771 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Greenlight Capital Re Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44630 | &nbsp;&nbsp;&nbsp;&nbsp; 644 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hippo Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25668 | &nbsp;&nbsp;&nbsp;&nbsp; 605 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ambac Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74960 | &nbsp;&nbsp;&nbsp;&nbsp; 587 |
|  | &nbsp;&nbsp;&nbsp;Donegal Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26056 | &nbsp;&nbsp;&nbsp;&nbsp; 526 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Selectquote Inc. | &nbsp;&nbsp;&nbsp;&nbsp;221481 | &nbsp;&nbsp;&nbsp;&nbsp; 481 |
|  | &nbsp;&nbsp;&nbsp;American Coastal Insurance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38823 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
|  | &nbsp;&nbsp;&nbsp;James River Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59602 | &nbsp;&nbsp;&nbsp;&nbsp; 347 |
|  | &nbsp;&nbsp;&nbsp;Crawford & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26722 | &nbsp;&nbsp;&nbsp;&nbsp; 278 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2146193** |
| **Mortgage Real Estate Investment Trusts (REITs) (0.7%)** | **Mortgage Real Estate Investment Trusts (REITs) (0.7%)** | **Mortgage Real Estate Investment Trusts (REITs) (0.7%)** | **Mortgage Real Estate Investment Trusts (REITs) (0.7%)** |
|  | &nbsp;&nbsp;&nbsp;Annaly Capital Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;954903 | &nbsp;&nbsp;&nbsp;&nbsp; 18095 |
|  | &nbsp;&nbsp;&nbsp;AGNC Investment Corp. | 1463109 | &nbsp;&nbsp;&nbsp;&nbsp; 13080 |
|  | &nbsp;&nbsp;&nbsp;Starwood Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;513934 | &nbsp;&nbsp;&nbsp;&nbsp; 10150 |
|  | &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;846239 | &nbsp;&nbsp;&nbsp;&nbsp; 9436 |
|  | &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;262543 | &nbsp;&nbsp;&nbsp;&nbsp; 4959 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value<br> ($000) |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Arbor Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;301368 | &nbsp;&nbsp;&nbsp;&nbsp; 2887 |
|  | &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;213386 | &nbsp;&nbsp;&nbsp;&nbsp; 2098 |
|  | &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127390 | &nbsp;&nbsp;&nbsp;&nbsp; 2065 |
|  | &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;186212 | &nbsp;&nbsp;&nbsp;&nbsp; 1959 |
|  | &nbsp;&nbsp;&nbsp;Dynex Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154188 | &nbsp;&nbsp;&nbsp;&nbsp; 1856 |
|  | &nbsp;&nbsp;&nbsp;Ellington Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;147178 | &nbsp;&nbsp;&nbsp;&nbsp; 1850 |
|  | &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;164282 | &nbsp;&nbsp;&nbsp;&nbsp; 1740 |
|  | &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;138029 | &nbsp;&nbsp;&nbsp;&nbsp; 1695 |
|  | &nbsp;&nbsp;&nbsp;Chimera Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;128489 | &nbsp;&nbsp;&nbsp;&nbsp; 1694 |
|  | &nbsp;&nbsp;&nbsp;MFA Financial Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;162317 | &nbsp;&nbsp;&nbsp;&nbsp; 1510 |
|  | &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;131835 | &nbsp;&nbsp;&nbsp;&nbsp; 1454 |
|  | &nbsp;&nbsp;&nbsp;Ready Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;261997 | &nbsp;&nbsp;&nbsp;&nbsp; 1171 |
|  | &nbsp;&nbsp;&nbsp;Orchid Island Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168297 | &nbsp;&nbsp;&nbsp;&nbsp; 1150 |
|  | &nbsp;&nbsp;&nbsp;Redwood Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209252 | &nbsp;&nbsp;&nbsp;&nbsp; 1140 |
|  | &nbsp;&nbsp;&nbsp;Brightspire Capital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209293 | &nbsp;&nbsp;&nbsp;&nbsp; 1059 |
|  | &nbsp;&nbsp;&nbsp;New York Mortgage Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145605 | &nbsp;&nbsp;&nbsp;&nbsp; 951 |
|  | &nbsp;&nbsp;&nbsp;TPG RE Finance Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112781 | &nbsp;&nbsp;&nbsp;&nbsp; 866 |
|  | &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93592 | &nbsp;&nbsp;&nbsp;&nbsp; 836 |
|  | &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;111286 | &nbsp;&nbsp;&nbsp;&nbsp; 821 |
|  | &nbsp;&nbsp;&nbsp;Claros Mortgage Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;177514 | &nbsp;&nbsp;&nbsp;&nbsp; 456 |
|  | &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79435 | &nbsp;&nbsp;&nbsp;&nbsp; 366 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **85344** |
| **Total Common Stocks (Cost $9,327,390)** | **Total Common Stocks (Cost $9,327,390)** | **Total Common Stocks (Cost $9,327,390)** | &nbsp;&nbsp;&nbsp;&nbsp;**12643455** |
| **Temporary Cash Investments (2.9%)** | **Temporary Cash Investments (2.9%)** | **Temporary Cash Investments (2.9%)** | **Temporary Cash Investments (2.9%)** |
| **Money Market Fund (2.9%)** | **Money Market Fund (2.9%)** | **Money Market Fund (2.9%)** | **Money Market Fund (2.9%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 4.342% **(Cost $375,939)** | 3759926 | &nbsp;&nbsp;&nbsp;&nbsp; **375955** |
| **Total Investments (99.8%) (Cost $9,703,329)** | **Total Investments (99.8%) (Cost $9,703,329)** | **Total Investments (99.8%) (Cost $9,703,329)** | &nbsp;&nbsp;&nbsp;&nbsp;**13019410** |
| **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | **Other Assets and Liabilities—Net (0.2%)** | &nbsp;&nbsp;&nbsp;&nbsp;**24597** |
| **Net Assets (100.0%)** | **Net Assets (100.0%)** | **Net Assets (100.0%)** | &nbsp;&nbsp;&nbsp;&nbsp;**13044007** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | 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 $6,871. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $7,499 was received for securities on loan. |

---

REIT—Real Estate Investment Trust.

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | Counterparty | Notional<br> Amount<br> ($000) | Floating<br> Interest Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | Value and<br> Unrealized<br> Appreciation<br> ($000) | Value and<br> Unrealized<br> (Depreciation)<br> ($000) |
| Visa Inc. Class A | 8/29/25 | BANA | 27389 | (4.512) |  | (53) |
| Visa Inc. Class A | 1/30/26 | CITNA | 295804 | (4.487) |  | (568) |
| Visa Inc. Class A | 1/30/26 | CITNA | 52953 | (4.487) |  | (102) |
| Visa Inc. Class A | 1/30/26 | CITNA | 20085 | (4.487) |  | (39) |
|  |  |  |  |  |  | (762) |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A. <br> CITNA—Citibank, N.A.

At May 31, 2025, the counterparties had deposited in segregated accounts securities with a value of $18,293 in connection with open over-the-counter swap contracts.

**A.** Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales
prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices.
Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary
markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net
asset value.

------

**B.** 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.

**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, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 12643455 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;12643455 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375955 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375955 |
| Total | 13019410 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;13019410 |
| **Derivative Financial Instruments** |  |  |  |  |
| Liabilities |  |  |  |  |
| Swap Contracts |  | &nbsp;&nbsp;&nbsp;(762) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(762) |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VANGUARD WORLD FUND

- **b. Investment Company Act file number:** 811-01027

- **c. CIK number of Registrant:** 0000052848

- **d. LEI of Registrant:** 549300MP6BT0L4Q61L10

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Vanguard Boulevard

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

  - **Telephone number:** 610-669-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** VANGUARD FINANCIALS INDEX FUND

- **b. EDGAR series identifier (if any):** S000004449

- **c. LEI of Series:** G1LHPY5HPCPGWBXV0P88

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $13046231634.03

**Total Liabilities:** $1884251.82

**Net Assets:** $13044347382.21

**Cash Not Reported:** $1278682.86

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012220 | -4.92%               | -2.17%               | 5.21%                |
| Class ID C000012221 | -4.91%               | -2.18%               | 5.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7086773.77              | $-726047521.02                             |
| Month 2  | $154497106.34            | $-447674922.22                             |
| Month 3  | $47200302.43             | $569267203.85                              |

### Schedule of Portfolio Investments

| Name                                              | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Camden National Corp                              | CAMDEN NATIONAL                                    | CUSIP: 133034108<br>LEI: 549300ZVEDL2L8UW4F28 | Long             | EC               | CORP              | US        |     25502 | NS      | $1003248.68    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive VISA INC-CLASS A Pay Overnight Rate +0.15  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |    145000 | NC      | $2855050.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Origin Bancorp Inc                                | ORIGIN BANCORP I                                   | CUSIP: 68621T102<br>LEI: 54930055DO2Z4KO3NB45 | Long             | EC               | CORP              | US        |     46660 | NS      | $1590639.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Business First Bancshares Inc                     | BUSINESS FIRST B                                   | CUSIP: 12326C105<br>LEI: 549300ILTC50KHDX4A08 | Long             | EC               | CORP              | US        |     46489 | NS      | $1105973.31    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Enstar Group Ltd                                  | ENSTAR GROUP LTD                                   | CUSIP: G3075P101<br>LEI: 213800AMAL5QFXVUCN04 | Long             | EC               | CORP              | US        |     19508 | NS      | $6535375.08    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hingham Institution For Savings The               | HINGHAM INST SVG                                   | CUSIP: 433323102<br>LEI: 2549009GDCGUR2T6KU55 | Long             | EC               | CORP              | US        |      2534 | NS      | $614266.94     | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Fulton Financial Corp                             | FULTON FINANCIAL                                   | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |    290199 | NS      | $5005932.75    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc                              | ONEMAIN HOLDINGS                                   | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |    191937 | NS      | $9950014.08    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc                                | HOULIHAN LOKEY I                                   | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     86485 | NS      | $15107199.80   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                                 | STATE ST CORP                                      | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |    469773 | NS      | $45229744.44   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG RE Finance Trust Inc                          | TPG RE FINANCE T                                   | CUSIP: 87266M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    112781 | NS      | $866158.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital City Bank Group Inc                       | CAP CITY BANK                                      | CUSIP: 139674105<br>LEI: 254900NVLVUJQZKTQE82 | Long             | EC               | CORP              | US        |     22896 | NS      | $864095.04     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                                           | AON PLC-CLASS A                                    | CUSIP: G0403H108<br>LEI: 635400FALWQYX5E6QC64 | Long             | EC               | CORP              | US        |    312005 | NS      | $116090820.40  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Unum Group                                        | UNUM GROUP                                         | CUSIP: 91529Y106<br>LEI: 549300E32YFDO6TZ8R31 | Long             | EC               | CORP              | US        |    278000 | NS      | $22715380.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                                        | NASDAQ INC                                         | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |    692186 | NS      | $57825218.44   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc                           | GOOSEHEAD INSU-A                                   | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |     37070 | NS      | $4013198.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate BancSystem Inc                   | FIRST INTER/MT-A                                   | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |    150988 | NS      | $4099324.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Southside Bancshares Inc                          | SOUTHSIDE BAN IN                                   | CUSIP: 84470P109<br>LEI: 549300TC83207VQA2K65 | Long             | EC               | CORP              | US        |     44764 | NS      | $1261897.16    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc                      | BREAD FINANCIAL                                    | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |     79330 | NS      | $4064869.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                                    | S&P GLOBAL INC                                     | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |    509259 | NS      | $261178570.74  | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Capital Group Inc                      | ASSOCIATED CAP-A                                   | CUSIP: 045528106<br>LEI: 549300FBGXGSSUE01W24 | Long             | EC               | CORP              | US        |      4649 | NS      | $173500.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Hawaii Corp                               | BANK OF HAWAII                                     | CUSIP: 062540109<br>LEI: 5493006Q8BQ8AD8M2U33 | Long             | EC               | CORP              | US        |     63312 | NS      | $4210881.12    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd                         | AXIS CAPITAL                                       | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | US        |    127267 | NS      | $13210314.60   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                                       | MOELIS & CO-CL A                                   | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Long             | EC               | CORP              | US        |    112851 | NS      | $6444920.61    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc                                  | MARKEL GROUP INC                                   | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |     20600 | NS      | $39999020.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services Corp                | ENTERPRISE FINAN                                   | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |     59337 | NS      | $3141300.78    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Trust Bancorp Inc                       | COMMUNI TRUST BA                                   | CUSIP: 204149108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24338 | NS      | $1242454.90    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| 1st Source Corp                                   | 1ST SOURCE CORP                                    | CUSIP: 336901103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29410 | NS      | $1781069.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc                                 | BROWN & BROWN                                      | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |    389753 | NS      | $44003113.70   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc                                | COHEN & STEERS                                     | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |     44543 | NS      | $3422684.12    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                                      | KKR & CO INC                                       | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |    997735 | NS      | $121184893.10  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hills Bancorp Inc                       | BERKSHIRE HILLS                                    | CUSIP: 084680107<br>LEI: 549300AS2OC6UMMBNO37 | Long             | EC               | CORP              | US        |     68143 | NS      | $1687220.68    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Financial Inc                             | TRIUMPH FINANCIA                                   | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Long             | EC               | CORP              | US        |     35336 | NS      | $2041360.72    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH                      | HUNTINGTON BANC                                    | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |   2329565 | NS      | $36411100.95   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Provident Financial Services Inc                  | PROVIDENT FINANC                                   | CUSIP: 74386T105<br>LEI: 529900JOSO3SXEDVE477 | Long             | EC               | CORP              | US        |    196677 | NS      | $3284505.90    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Coastal Financial Corp/WA                         | COASTAL FINANCIA                                   | CUSIP: 19046P209<br>LEI: 549300XG5L36T6IU0B47 | Long             | EC               | CORP              | US        |     21377 | NS      | $1878824.53    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightSpire Capital Inc                           | BRIGHTSPIRE CAPI                                   | CUSIP: 10949T109<br>LEI: 549300BOIFLLMVU37752 | Long             | EC               | CORP              | US        |    209293 | NS      | $1059022.58    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Mortgage Trust Inc                     | BLACKSTONE MOR-A                                   | CUSIP: 09257W100<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | EC               | CORP              | US        |    262543 | NS      | $4959437.27    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corp                   | OLD REPUB INTL                                     | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |    385884 | NS      | $14586415.20   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp                              | ARES MANAGEM- A                                    | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |    301914 | NS      | $49966767.00   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| First Merchants Corp                              | FIRST MERCHANTS                                    | CUSIP: 320817109<br>LEI: TZTBT0OTGQ2FEK6XMX94 | Long             | EC               | CORP              | US        |     94992 | NS      | $3581198.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SouthState Corp                                   | SOUTHSTATE CORP                                    | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |    161744 | NS      | $14201123.20   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiptree Inc                                       | TIPTREE INC                                        | CUSIP: 88822Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38110 | NS      | $845279.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Financial Corp                              | ARROW FINL CORP                                    | CUSIP: 042744102<br>LEI: 2549007Z8GI9ZZIQ1817 | Long             | EC               | CORP              | US        |     27176 | NS      | $699782.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Merchants Bancorp/IN                              | MERCHANTS BANCOR                                   | CUSIP: 58844R108<br>LEI: 54930008Y0GPVLF81889 | Long             | EC               | CORP              | US        |     32976 | NS      | $1055891.52    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp/Puerto Rico                         | FIRST BANCORP PR                                   | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    260633 | NS      | $5207447.34    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                          | WESTERN ALLIANCE                                   | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |    168169 | NS      | $12177117.29   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                          | WILLIS TOWERS WA                                   | CUSIP: G96629103<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | US        |    161427 | NS      | $51099716.85   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Premier Bancorp Inc                       | PACIFIC PREMIER                                    | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |    152842 | NS      | $3240250.40    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Metropolitan Bank Holding Corp                    | METROPOLITAN BAN                                   | CUSIP: 591774104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15555 | NS      | $1005941.85    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/NC                  | FIRST CITIZENS-A                                   | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |     15583 | NS      | $28811097.04   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                                 | HAMILTON LANE-A                                    | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |     63751 | NS      | $9498899.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The                              | PROGRESSIVE CORP                                   | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    939604 | NS      | $267721367.72  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp/MI                          | INDEP BANK/MICH                                    | CUSIP: 453838609<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33236 | NS      | $1047931.08    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TrustCo Bank Corp NY                              | TRUSTCO BANK NY                                    | CUSIP: 898349204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30275 | NS      | $939736.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Financial Corp                           | LAKELAND FINL                                      | CUSIP: 511656100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40976 | NS      | $2453233.12    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Stellar Bancorp Inc                               | STELLAR BANCORP                                    | CUSIP: 858927106<br>LEI: 54930070P8Z0WHFBB536 | Long             | EC               | CORP              | US        |     81706 | NS      | $2199525.52    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp                                | UMB FINANCIAL                                      | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |    115670 | NS      | $11927890.40   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ladder Capital Corp                               | LADDER CAPITAL                                     | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               | CORP              | US        |    186212 | NS      | $1958950.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                          | VISA INC-CLASS A                                   | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |   1688703 | NS      | $616697448.57  | 4.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential Financial Inc                          | PRUDENTL FINL                                      | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |    571199 | NS      | $59341864.11   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                                          | WAFD INC                                           | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    130048 | NS      | $3695964.16    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CNB Financial Corp/PA                             | CNB FINL CORP/PA                                   | CUSIP: 126128107<br>LEI: 254900RUYUOKD91VNX69 | Long             | EC               | CORP              | US        |     33539 | NS      | $726790.13     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                                | SEI INVESTMENTS                                    | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |    175788 | NS      | $14987684.88   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ARMOUR Residential REIT Inc                       | ARMOUR RESIDENTI                                   | CUSIP: 042315705<br>LEI: 549300K0WA0EJUX74V72 | Long             | EC               | CORP              | US        |     90184 | NS      | $1461882.64    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sezzle Inc                                        | SEZZLE INC                                         | CUSIP: 78435P105<br>LEI: 9845000CA64541AE3I35 | Long             | EC               | CORP              | US        |     26952 | NS      | $2876047.92    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC Investment Corp                              | AGNC INVESTMENT                                    | CUSIP: 00123Q104<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EC               | CORP              | US        |   1418879 | NS      | $12684778.26   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc                            | T ROWE PRICE GRP                                   | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |    355889 | NS      | $33307651.51   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERISAFE Inc                                     | AMERISAFE INC                                      | CUSIP: 03071H100<br>LEI: 2549002B4EXPBLGMNN22 | Long             | EC               | CORP              | US        |     30684 | NS      | $1456569.48    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc                             | CUSTOMERS BANCOR                                   | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |     47744 | NS      | $2433034.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tompkins Financial Corp                           | TOMPKINS FINANCI                                   | CUSIP: 890110109<br>LEI: 254900QDQ6V0QJ0Z2348 | Long             | EC               | CORP              | US        |     19772 | NS      | $1214000.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The                       | GOLDMAN SACHS GP                                   | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |    503441 | NS      | $302291148.45  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/The                   | HANOVER INSURANC                                   | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |     57770 | NS      | $10166364.60   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                                        | US BANCORP                                         | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |   2502766 | NS      | $109095569.94  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp                        | CAPITAL ONE FINA                                   | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |   1025580 | NS      | $193988457.00  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc/MO                        | COMMERCE BCSHS                                     | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    205129 | NS      | $12925178.29   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Marin Bancorp                             | BANK OF MARIN BA                                   | CUSIP: 063425102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23594 | NS      | $502788.14     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Affirm Holdings Inc                               | AFFIRM HOLDINGS                                    | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    387258 | NS      | $20098690.20   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc                                  | PJT PARTNERS - A                                   | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |     36034 | NS      | $5428882.44    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Foundation Inc                              | FIRST FOUNDATION                                   | CUSIP: 32026V104<br>LEI: 254900TQZQ6LBCK77E82 | Long             | EC               | CORP              | US        |    111323 | NS      | $574426.68     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                                         | AFLAC INC                                          | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |    846185 | NS      | $87613994.90   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                      | CITIZENS FINANCI                                   | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |    707133 | NS      | $28532816.55   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ready Capital Corp                                | READY CAPITAL CO                                   | CUSIP: 75574U101<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EC               | CORP              | US        |    261997 | NS      | $1171126.59    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Peapack-Gladstone Financial Corp                  | PEAPACK GLADSTON                                   | CUSIP: 704699107<br>LEI: 549300G8DN2UK8K0ET30 | Long             | EC               | CORP              | US        |     25531 | NS      | $700060.02     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The                           | SCHWAB (CHARLES)                                   | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |   2762201 | NS      | $244012836.34  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ConnectOne Bancorp Inc                            | CONNECTONE BANCO                                   | CUSIP: 20786W107<br>LEI: 549300E2M5ZYAZKUK134 | Long             | EC               | CORP              | US        |     59174 | NS      | $1359226.78    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                                      | EVERCORE INC                                       | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |     57967 | NS      | $13418780.83   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cannae Holdings Inc                               | CANNAE HOLDINGS                                    | CUSIP: 13765N107<br>LEI: 549300OGRF1ICI7D2V77 | Long             | EC               | CORP              | US        |     89566 | NS      | $1670405.90    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Perella Weinberg Partners                         | PERELLA WEINBERG                                   | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86879 | NS      | $1509088.23    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc                            | EQUITABLE HOLDIN                                   | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |    502573 | NS      | $26571034.51   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/The                  | BANK NY MELLON                                     | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |   1150807 | NS      | $101973008.27  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR Holdings Inc                                  | QCR HOLDINGS INC                                   | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |     26713 | NS      | $1797784.90    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Renasant Corp                                     | RENASANT CORP                                      | CUSIP: 75970E107<br>LEI: 549300OVE6OZHW2UUH81 | Long             | EC               | CORP              | US        |    151508 | NS      | $5310355.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WSFS Financial Corp                               | WSFS FINANCIAL                                     | CUSIP: 929328102<br>LEI: 549300SU7VQHD6QRG886 | Long             | EC               | CORP              | US        |     95433 | NS      | $5047451.37    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowhead Specialty Holdings Inc                    | BOWHEAD SPECIALT                                   | CUSIP: 10240L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20681 | NS      | $771401.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp                             | STIFEL FINANCIAL                                   | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |    164538 | NS      | $15502770.36   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund                     | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |     53891 | NS      | $5388579.09    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc                              | HILLTOP HOLDINGS                                   | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |     77330 | NS      | $2305980.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                                     | CME GROUP INC                                      | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |    578107 | NS      | $167072923.00  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Inc                                      | COMERICA INC                                       | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |    211076 | NS      | $12050328.84   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                                         | CHUBB LTD                                          | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | US        |    614396 | NS      | $182598491.20  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Trupanion Inc                                     | TRUPANION INC                                      | CUSIP: 898202106<br>LEI: 549300J86GFKIDGMQP18 | Long             | EC               | CORP              | US        |     54144 | NS      | $2555055.36    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Park National Corp                                | PARK NATL CORP                                     | CUSIP: 700658107<br>LEI: 984500Q3E941TDF87712 | Long             | EC               | CORP              | US        |     25708 | NS      | $4179092.48    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Brighthouse Financial Inc                         | BRIGHTHOUSE FINA                                   | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |     94944 | NS      | $5678600.64    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                              | PALOMAR HOLDINGS                                   | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |     42659 | NS      | $7314738.73    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc                       | COLUMBIA BANKING                                   | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    336951 | NS      | $7877914.38    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorp NA                                  | ZIONS BANCORP NA                                   | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |    238200 | NS      | $11281152.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Dime Community Bancshares Inc                     | DIME COMMUNITY B                                   | CUSIP: 25432X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65849 | NS      | $1689685.34    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc/The                             | CARLYLE GROUP IN                                   | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |    372352 | NS      | $16830310.40   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                           | WEX INC                                            | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |     51576 | NS      | $6855997.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc                 | DONNELLEY FINANC                                   | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |     44536 | NS      | $2426321.28    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cass Information Systems Inc                      | CASS INFORMATION                                   | CUSIP: 14808P109<br>LEI: 549300G7XPIPR7SJ2F38 | Long             | EC               | CORP              | US        |     20775 | NS      | $878782.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid Penn Bancorp Inc                              | MID PENN BANCORP                                   | CUSIP: 59540G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31220 | NS      | $832013.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Midland States Bancorp Inc                        | MIDLAND STATES B                                   | CUSIP: 597742105<br>LEI: 5493006RHXW9TTBWYC94 | Long             | EC               | CORP              | US        |     33637 | NS      | $567792.56     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay General Bancorp                            | CATHAY GENERAL B                                   | CUSIP: 149150104<br>LEI: 549300K1SLJ8C97H5L68 | Long             | EC               | CORP              | US        |    109419 | NS      | $4689151.25    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Mr Cooper Group Inc                               | MR COOPER GROUP                                    | CUSIP: 62482R107<br>LEI: 549300KD8C6DPXYC2M26 | Long             | EC               | CORP              | US        |    102616 | NS      | $13291850.48   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| National Bank Holdings Corp                       | NATIONAL-CL A                                      | CUSIP: 633707104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60035 | NS      | $2170265.25    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Two Harbors Investment Corp                       | TWO HARBORS INVE                                   | CUSIP: 90187B804<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EC               | CORP              | US        |    164282 | NS      | $1739746.38    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc                       | RAYMOND JAMES                                      | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |    311965 | NS      | $45852615.70   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cincinnati Financial Corp                         | CINCINNATI FIN                                     | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |    250470 | NS      | $37775885.40   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SiriusPoint Ltd                                   | SIRIUSPOINT LTD                                    | CUSIP: G8192H106<br>LEI: 549300OGXFI85N3YZZ51 | Long             | EC               | CORP              | US        |    171243 | NS      | $3354650.37    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc         | HA SUSTAINABLE I                                   | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |    190466 | NS      | $4771173.30    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Northfield Bancorp Inc                            | NORTHFIELD BANCO                                   | CUSIP: 66611T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67233 | NS      | $785281.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive VISA INC-CLASS A Pay Overnight Rate +0.175 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |     75000 | NC      | $1476750.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Loews Corp                                        | LOEWS CORP                                         | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |    296353 | NS      | $26461359.37   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Oppenheimer Holdings Inc                          | OPPENHEIMER HO-A                                   | CUSIP: 683797104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9672 | NS      | $631484.88     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HomeTrust Bancshares Inc                          | HOMETRUST BANCSH                                   | CUSIP: 437872104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23445 | NS      | $846130.05     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Stewart Information Services Corp                 | STEWART INFO SVC                                   | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |     44175 | NS      | $2665519.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PennyMac Mortgage Investment Trust                | PENNYMAC MORTGAG                                   | CUSIP: 70931T103<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EC               | CORP              | US        |    138029 | NS      | $1694996.12    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AvidXchange Holdings Inc                          | AVIDXCHANGE HLDG                                   | CUSIP: 05368X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    277693 | NS      | $2718614.47    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Nicolet Bankshares Inc                            | NICOLET BANKSHAR                                   | CUSIP: 65406E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22083 | NS      | $2708259.12    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Financial Inc                           | ELLINGTON FINANC                                   | CUSIP: 28852N109<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EC               | CORP              | US        |    147178 | NS      | $1850027.46    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp                       | SIMMONS FIRST -A                                   | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |    203982 | NS      | $3826702.32    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Preferred Bank/Los Angeles CA                     | PREFERRED BANK                                     | CUSIP: 740367404<br>LEI: 5493007K6HGI9G0ECX16 | Long             | EC               | CORP              | US        |     20577 | NS      | $1720442.97    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Busey Corp                                  | FIRST BUSEY CORP                                   | CUSIP: 319383204<br>LEI: 549300X4ZNLYSX7GUY60 | Long             | EC               | CORP              | US        |    136337 | NS      | $3015774.44    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc                                | AXOS FINANCIAL I                                   | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |     86579 | NS      | $6020703.66    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Repay Holdings Corp                               | REPAY HOLDINGS C                                   | CUSIP: 76029L100<br>LEI: 2549006EJ42T73ZKUI98 | Long             | EC               | CORP              | US        |    128315 | NS      | $617195.15     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc                      | TEXAS CAPITAL BA                                   | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |     73700 | NS      | $5283553.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| LendingTree Inc                                   | LENDINGTREE INC                                    | CUSIP: 52603B107<br>LEI: 549300ISY5YHUJZTON08 | Long             | EC               | CORP              | US        |     18175 | NS      | $636488.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                                   | MORNINGSTAR INC                                    | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |     44573 | NS      | $13747204.66   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Financial Services Group Inc/The         | HARTFORD INSURAN                                   | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |    465792 | NS      | $60478433.28   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Bancorp Inc/IN                            | HORIZON BANCORP                                    | CUSIP: 440407104<br>LEI: 549300U2OQ2EIT5MXG39 | Long             | EC               | CORP              | US        |     69199 | NS      | $1026913.16    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Washington Trust Bancorp Inc                      | WASH TRUST BANC                                    | CUSIP: 940610108<br>LEI: J66MZFCNJPP3PERHZW54 | Long             | EC               | CORP              | US        |     30243 | NS      | $836521.38     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynex Capital Inc                                 | DYNEX CAPITAL                                      | CUSIP: 26817Q886<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EC               | CORP              | US        |    128343 | NS      | $1545249.72    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Agricultural Mortgage Corp                | FED AGRI MTG-C                                     | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | CORP              | US        |     14939 | NS      | $2784928.38    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc                              | TRADEWEB MARKE-A                                   | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    186355 | NS      | $26918979.75   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NB Bancorp Inc                                    | NB BANCORP INC                                     | CUSIP: 63945M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67127 | NS      | $1131089.95    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Capital Holdings Inc                      | VICTORY CAPITA-A                                   | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |     67513 | NS      | $4186481.13    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                                       | POPULAR INC                                        | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | US        |    114578 | NS      | $11862260.34   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                                       | KEMPER CORP                                        | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |    102393 | NS      | $6525505.89    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Financial System Inc                    | COMMUNITY FINANC                                   | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Long             | EC               | CORP              | US        |     84094 | NS      | $4729446.56    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WisdomTree Inc                                    | WISDOMTREE INC                                     | CUSIP: 97717P104<br>LEI: 549300WIU8IS7UFO7871 | Long             | EC               | CORP              | US        |    184809 | NS      | $1744596.96    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Towne Bank/Portsmouth VA                          | TOWNE BANK                                         | CUSIP: 89214P109<br>LEI: 54930039UO39UJGI7078 | Long             | EC               | CORP              | US        |    115212 | NS      | $3981726.72    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Commercial Real Estate Corp                  | ARES COMMERCIAL                                    | CUSIP: 04013V108<br>LEI: 549300ZNO5IWXS443S81 | Long             | EC               | CORP              | US        |     79435 | NS      | $366195.35     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WesBanco Inc                                      | WESBANCO INC                                       | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153926 | NS      | $4737842.28    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Commonwealth Financial Corp                 | FIRST COMMON FIN                                   | CUSIP: 319829107<br>LEI: 549300ZHLQ42NXDETL24 | Long             | EC               | CORP              | US        |    164202 | NS      | $2564835.24    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                                    | AMERIS BANCORP                                     | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |    106140 | NS      | $6524425.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc                          | MARSH & MCLENNAN                                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |    787934 | NS      | $184108658.44  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MetLife Inc                                       | METLIFE INC                                        | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |    944158 | NS      | $74191935.64   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Marqeta Inc                                       | MARQETA INC-A                                      | CUSIP: 57142B104<br>LEI: 254900UZARK0FMZGZE18 | Long             | EC               | CORP              | US        |    676869 | NS      | $3641555.22    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| World Acceptance Corp                             | WORLD ACCEPTANCE                                   | CUSIP: 981419104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5424 | NS      | $837899.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| International Money Express Inc                   | INTERNATIONAL MO                                   | CUSIP: 46005L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43828 | NS      | $483422.84     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp                    | ATLANTIC UNION B                                   | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    208550 | NS      | $6260671.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp                           | WINTRUST FINL                                      | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |    106481 | NS      | $12714896.21   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Banner Corp                                       | BANNER CORPORATI                                   | CUSIP: 06652V208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54557 | NS      | $3363439.05    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridge Investment Group Holdings Inc              | BRIDGE INVESTM-A                                   | CUSIP: 10806B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59701 | NS      | $549249.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bancorp                           | FIRST FIN BANCRP                                   | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |    151458 | NS      | $3659225.28    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America Inc                  | REINSURANCE GROU                                   | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |    105590 | NS      | $21465391.10   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NerdWallet Inc                                    | NERDWALLET INC-A                                   | CUSIP: 64082B102<br>LEI: 254900FJ2Y4SH71DJ379 | Long             | EC               | CORP              | US        |     63154 | NS      | $665643.16     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN                           | OLD NATL BANCORP                                   | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |    513798 | NS      | $10717826.28   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Missouri Bancorp Inc                     | SOUTHERN MISSOUR                                   | CUSIP: 843380106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15807 | NS      | $832396.62     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Stock Yards Bancorp Inc                           | STOCK YARDS BANC                                   | CUSIP: 861025104<br>LEI: 549300YERP9H5TDIQW16 | Long             | EC               | CORP              | US        |     47737 | NS      | $3511533.72    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Amerant Bancorp Inc                               | AMERANT BANCORP                                    | CUSIP: 023576101<br>LEI: 54930071V6LIG79MTL10 | Long             | EC               | CORP              | US        |     54060 | NS      | $947671.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp                        | HORACE MANN EDUC                                   | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     65125 | NS      | $2828378.75    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc                              | BLUE OWL CAPITAL                                   | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    866128 | NS      | $16179271.04   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Navient Corp                                      | NAVIENT CORP                                       | CUSIP: 63938C108<br>LEI: 54930067J0ZNOEBRW338 | Long             | EC               | CORP              | US        |    132216 | NS      | $1776983.04    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Nelnet Inc                                        | NELNET INC-CL A                                    | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |     22675 | NS      | $2634381.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                                          | RLI CORP                                           | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |    132909 | NS      | $10216714.83   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc                          | MARKETAXESS                                        | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |     60422 | NS      | $13075925.02   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc                           | ENOVA INTERNATIO                                   | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |     42167 | NS      | $3907615.89    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Glacier Bancorp Inc                               | GLACIER BANCORP                                    | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |    180997 | NS      | $7505945.59    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group Inc                  | AMERICAN INTERNA                                   | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |    999892 | NS      | $84630858.88   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                                          | SLM CORP                                           | CUSIP: 78442P106<br>LEI: 4K8SLPBF5DXXGPW03H93 | Long             | EC               | CORP              | US        |    323383 | NS      | $10467907.71   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Chimera Investment Corp                           | CHIMERA INV CORP                                   | CUSIP: 16934Q802<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EC               | CORP              | US        |    128489 | NS      | $1693485.02    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Mortgage Capital Inc                      | INVESCO MORTGAGE                                   | CUSIP: 46131B704<br>LEI: PV3BDP2HFZL2FNXQBL39 | Long             | EC               | CORP              | US        |     93888 | NS      | $692893.44     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United Community Banks Inc/GA                     | UNITED COMMUNITY                                   | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |    192737 | NS      | $5539261.38    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp                            | REGIONS FINANCIA                                   | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |   1458132 | NS      | $31262350.08   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc                             | ROBINHOOD MARK-A                                   | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |    981287 | NS      | $64912135.05   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG Holdings Inc                                 | PROG HOLDINGS IN                                   | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |     67024 | NS      | $1932301.92    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Diversified Holdings                      | COMPASS DIVERSIF                                   | CUSIP: 20451Q104<br>LEI: 5299001SM1LBYANJRR58 | Long             | EC               | CORP              | US        |    108083 | NS      | $726317.76     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Brightsphere Investment Group Inc                 | ACADIAN ASSET MA                                   | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |     47880 | NS      | $1441666.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive VISA INC-CLASS A Pay Overnight Rate +0.15  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |    810000 | NC      | $15948900.00   | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Principal Financial Group Inc                     | PRINCIPAL FINL                                     | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |    366728 | NS      | $28564443.92   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Employers Holdings Inc                            | EMPLOYERS HOLDIN                                   | CUSIP: 292218104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40586 | NS      | $1975320.62    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp                             | INDEP BANK/MA                                      | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |     68999 | NS      | $4243438.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR Real Estate Finance Trust Inc                 | KKR REAL ESTATE                                    | CUSIP: 48251K100<br>LEI: 549300K23AYZDZ2REL62 | Long             | EC               | CORP              | US        |     93592 | NS      | $835776.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MFA Financial Inc                                 | MFA FINANCIAL                                      | CUSIP: 55272X607<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EC               | CORP              | US        |    162317 | NS      | $1509548.10    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Cos Inc                                    | ROCKET COS INC-A                                   | CUSIP: 77311W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    223638 | NS      | $2851384.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Central Pacific Financial Corp                    | CENTRAL PACIFIC                                    | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |     42925 | NS      | $1146097.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                                     | M&T BANK CORP                                      | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |    265906 | NS      | $48565071.84   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management Inc                     | ANNALY CAPITAL M                                   | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |    898792 | NS      | $17032108.40   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial Inc                            | GENWORTH FINANCI                                   | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |    681828 | NS      | $4806887.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc                               | PAYPAL HOLDINGS                                    | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |   1526709 | NS      | $107297108.52  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Union Co/The                              | WESTERN UNION                                      | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |    539887 | NS      | $5010151.36    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd                            | ARCH CAPITAL GRP                                   | CUSIP: G0450A105<br>LEI: 549300AYR4P8AFKDCE43 | Long             | EC               | CORP              | US        |    602629 | NS      | $57273860.16   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Capital Group Inc                          | ENCORE CAPITAL G                                   | CUSIP: 292554102<br>LEI: 5493000UVC6H49CIH830 | Long             | EC               | CORP              | US        |     37452 | NS      | $1419430.80    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co                           | ARTHUR J GALLAGH                                   | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |    400777 | NS      | $139245960.88  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustmark Corp                                    | TRUSTMARK CORP                                     | CUSIP: 898402102<br>LEI: 5493000HPQ4D2RZ79739 | Long             | EC               | CORP              | US        |     92333 | NS      | $3181795.18    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Byline Bancorp Inc                                | BYLINE BANCORP I                                   | CUSIP: 124411109<br>LEI: 549300W7ODP4YL2H4823 | Long             | EC               | CORP              | US        |     42225 | NS      | $1092360.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc                     | SELECT INS GRP                                     | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |     97767 | NS      | $8605451.34    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd                                 | EVEREST GROUP LT                                   | CUSIP: G3223R108<br>LEI: 549300N24XF2VV0B3570 | Long             | EC               | CORP              | US        |     68865 | NS      | $23909239.35   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd                              | ASSURED GUARANTY                                   | CUSIP: G0585R106<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | US        |     77699 | NS      | $6569450.45    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| South Plains Financial Inc                        | SOUTH PLAINS FIN                                   | CUSIP: 83946P107<br>LEI: 549300SNEBP48642N493 | Long             | EC               | CORP              | US        |     19709 | NS      | $708932.73     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corp                                | BOK FINL CORP                                      | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |     35550 | NS      | $3356631.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corp                              | HANCOCK WHITNEY                                    | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |    137760 | NS      | $7531339.20    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp                                  | WR BERKLEY CORP                                    | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |    488371 | NS      | $36476429.99   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Acceptance Corp                            | CREDIT ACCEPTANC                                   | CUSIP: 225310101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10609 | NS      | $5063675.70    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancorp Inc/The                                   | BANCORP INC/THE                                    | CUSIP: 05969A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72690 | NS      | $3714459.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                         | PROSPERITY BNCSH                                   | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153591 | NS      | $10697613.15   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Pathward Financial Inc                            | PATHWARD FINANCI                                   | CUSIP: 59100U108<br>LEI: 5493004X52BH1NBLW813 | Long             | EC               | CORP              | US        |     38500 | NS      | $3004925.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Kearny Financial Corp/MD                          | KEARNY FINANCIAL                                   | CUSIP: 48716P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     92343 | NS      | $556828.29     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Home BancShares Inc/AR                            | HOME BANCSHARES                                    | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    303298 | NS      | $8580300.42    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HarborOne Bancorp Inc                             | HARBORONE BANCOR                                   | CUSIP: 41165Y100<br>LEI: 549300CNOEY2QUB7F917 | Long             | EC               | CORP              | US        |     61721 | NS      | $702384.98     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                                        | CORPAY INC                                         | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |    106130 | NS      | $34503924.30   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Jefferies Financial Group Inc                     | JEFFERIES FINANC                                   | CUSIP: 47233W109<br>LEI: 549300HOF34RGOJ5YL07 | Long             | EC               | CORP              | US        |    247435 | NS      | $12025341.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                                           | KEYCORP                                            | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |   1489434 | NS      | $23622423.24   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                                     | PRIMERICA INC                                      | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |     53459 | NS      | $14466005.40   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| FB Financial Corp                                 | FB FINANCIAL COR                                   | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               | CORP              | US        |     59463 | NS      | $2595559.95    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund                     | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        | 365849300 | NS      | $365812715.57  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                                        | FISERV INC                                         | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    912783 | NS      | $148591944.57  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SoFi Technologies Inc                             | SOFI TECHNOLOGIE                                   | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |   1653086 | NS      | $21986043.80   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| LendingClub Corp                                  | LENDINGCLUB CORP                                   | CUSIP: 52603A208<br>LEI: 549300YC50YO7Y1OJR92 | Long             | EC               | CORP              | US        |    180927 | NS      | $1814697.81    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information Services Inc        | FIDELITY NATIONA                                   | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |    863483 | NS      | $68741881.63   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corp                                | FIRST HORIZON CO                                   | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |    851532 | NS      | $16928456.16   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin BSP Realty Trust Inc                     | FRANKLIN BSP REA                                   | CUSIP: 35243J101<br>LEI: 549300LH3QNZK9Y1KC93 | Long             | EC               | CORP              | US        |    131835 | NS      | $1454140.05    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp                               | NORTHERN TRUST                                     | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |    317778 | NS      | $33919623.72   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmers National Banc Corp                        | FARMERS NATL BAN                                   | CUSIP: 309627107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59838 | NS      | $791656.74     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc                                  | RADIAN GROUP INC                                   | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |    239097 | NS      | $8165162.55    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter Bankshares Inc                             | CARTER BANKSHARE                                   | CUSIP: 146103106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38036 | NS      | $625692.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop Inc                               | WALKER & DUNLOP                                    | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     53826 | NS      | $3686542.74    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Remitly Global Inc                                | REMIT GLOBAL INC                                   | CUSIP: 75960P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    238640 | NS      | $5097350.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                               | SYNCHRONY FINANC                                   | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |    623729 | NS      | $35957976.85   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Coinbase Global Inc                               | COINBASE GLOBA-A                                   | CUSIP: 19260Q107<br>LEI: 5493004G3J2SC154DU06 | Long             | EC               | CORP              | US        |    312350 | NS      | $77031757.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitol Federal Financial Inc                     | CAPITOL FEDERAL                                    | CUSIP: 14057J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    205492 | NS      | $1173359.32    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| P10 Inc                                           | P10 INC-A                                          | CUSIP: 69376K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64680 | NS      | $702424.80     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamond Hill Investment Group Inc                 | DIAMOND HILL                                       | CUSIP: 25264R207<br>LEI: 549300AQ6779A0B7VZ57 | Long             | EC               | CORP              | US        |      4344 | NS      | $613633.44     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Ltd                                       | INVESCO LTD                                        | CUSIP: G491BT108<br>LEI: ECPGFXU8A2SHKVVGJI15 | Long             | EC               | CORP              | US        |    538859 | NS      | $7791901.14    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Payoneer Global Inc                               | PAYONEER GLOBAL                                    | CUSIP: 70451X104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    458675 | NS      | $3123576.75    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TPG Inc                                           | TPG INC                                            | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Long             | EC               | CORP              | US        |    168183 | NS      | $8094647.79    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenlight Capital Re Ltd                         | GREENLIGHT CAP-A                                   | CUSIP: G4095J109<br>LEI: 549300Q9HRIFA2BGHJ51 | Long             | EC               | CORP              | US        |     44630 | NS      | $644457.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/The                   | BALDWIN INSURANC                                   | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    106619 | NS      | $4108030.07    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Donegal Group Inc                                 | DONEGAL GRP-CL A                                   | CUSIP: 257701201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26056 | NS      | $526331.20     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc                         | KINSALE CAPITAL                                    | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |     35532 | NS      | $16770748.68   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners Inc                    | VIRTUS INVEST                                      | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |     10497 | NS      | $1791837.90    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                                    | BANKUNITED INC                                     | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |    118807 | NS      | $4037061.86    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc                        | LPL FINANCIAL HO                                   | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |    127638 | NS      | $49416328.08   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                                     | CITIGROUP INC                                      | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |   3033765 | NS      | $228503179.80  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Management Inc             | ARTISAN PARTNE-A                                   | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |    113484 | NS      | $4573405.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc                              | FEDERATED HERMES                                   | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |    124770 | NS      | $5265294.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Rithm Capital Corp                                | RITHM CAPITAL CO                                   | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |    832308 | NS      | $9280234.20    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc                                        | EZCORP INC-A                                       | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     82716 | NS      | $1112530.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                     | INTERCONT EXCH I                                   | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |    921256 | NS      | $165641828.80  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc                      | FACTSET RESEARCH                                   | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |     60971 | NS      | $27940570.46   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                          | BANK OZK                                           | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |    173131 | NS      | $7674897.23    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc                       | RYAN SPECIALTY H                                   | CUSIP: 78351F107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170491 | NS      | $12202040.87   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Flushing Financial Corp                           | FLUSHING FINL                                      | CUSIP: 343873105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51849 | NS      | $623743.47     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Financial Inc                   | FIDELITY NATIONA                                   | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |    416899 | NS      | $22833558.23   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Flywire Corp                                      | FLYWIRE CORP-VOT                                   | CUSIP: 302492103<br>LEI: 54930055DSV7NNY4VY66 | Long             | EC               | CORP              | US        |    178071 | NS      | $1914263.25    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| HCI Group Inc                                     | HCI GROUP INC                                      | CUSIP: 40416E103<br>LEI: 549300CZF7EZJH0MPH74 | Long             | EC               | CORP              | US        |     13809 | NS      | $2330544.93    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc                            | BERKSHIRE HATH-B                                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |   2134487 | NS      | $1075696068.52 | 8.25%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc                                | FIRST HAWAIIA                                      | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |    203475 | NS      | $4858983.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Inc                                        | LAZARD INC                                         | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |    144786 | NS      | $6283712.40    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers Inc                          | CULLEN/FROST                                       | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |     97806 | NS      | $12419405.88   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group Inc                           | CNO FINANCIAL GR                                   | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |    165068 | NS      | $6265981.28    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Root Inc/OH                                       | ROOT INC/OH-A                                      | CUSIP: 77664L207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12854 | NS      | $1683745.46    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp                              | MGIC INVT CORP                                     | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |    406815 | NS      | $10760256.75   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Redwood Trust Inc                                 | REDWOOD TRUST                                      | CUSIP: 758075402<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | EC               | CORP              | US        |    209252 | NS      | $1140423.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Bancshares Inc                             | EQUITY BANCSHA-A                                   | CUSIP: 29460X109<br>LEI: 549300BPQ2EJNU4WF694 | Long             | EC               | CORP              | US        |     24445 | NS      | $951888.30     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OceanFirst Financial Corp                         | OCEANFIRST FINL                                    | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94235 | NS      | $1584090.35    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                                  | NMI HOLDINGS INC                                   | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |    121245 | NS      | $4815851.40    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Southern Bancorp Inc                        | GREAT SOUTHN BAN                                   | CUSIP: 390905107<br>LEI: 5493000ZL7DLNMN1AB26 | Long             | EC               | CORP              | US        |     15531 | NS      | $868804.14     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Group PLC                         | JANUS HENDERSON                                    | CUSIP: G4474Y214<br>LEI: 2138009WPYMWJN3RVF44 | Long             | EC               | CORP              | US        |    203161 | NS      | $7380839.13    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanmi Financial Corp                              | HANMI FINL CORP                                    | CUSIP: 410495204<br>LEI: 549300MSZ7RCG7EA6587 | Long             | EC               | CORP              | US        |     48468 | NS      | $1110886.56    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Mid Bancshares Inc                          | FIRST MID BANCSH                                   | CUSIP: 320866106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32107 | NS      | $1132734.96    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                               | SHIFT4 PAYMENT-A                                   | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97854 | NS      | $9275580.66    | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Hope Bancorp Inc                                  | HOPE BANCORP INC                                   | CUSIP: 43940T109<br>LEI: 549300UTF4QGMBHIZ219 | Long             | EC               | CORP              | US        |    190907 | NS      | $1916706.28    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| B Riley Financial Inc                             | B. RILEY FINANCI                                   | CUSIP: 05580M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27514 | NS      | $83917.70      | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Toast Inc                                         | TOAST INC-A                                        | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |    641926 | NS      | $27076438.68   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                                         | BLOCK INC                                          | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |    891459 | NS      | $55047593.25   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                               | VIRTU FINANCIA-A                                   | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |    131759 | NS      | $5295394.21    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bankshares Inc                    | FIRST FIN BANKSH                                   | CUSIP: 32020R109<br>LEI: 549300XN3GTGOENGNV49 | Long             | EC               | CORP              | US        |    193551 | NS      | $6824608.26    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp                           | VALLEY NATL BANC                                   | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |    808214 | NS      | $7096118.92    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Banc of California Inc                            | BANC OF CALIFORN                                   | CUSIP: 05990K106<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EC               | CORP              | US        |    226463 | NS      | $3107072.36    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc                             | JACKSON FI-A                                       | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |    118697 | NS      | $9722471.27    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| James River Group Holdings Ltd                    | JAMES RIVER GROU                                   | CUSIP: G5005R107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59602 | NS      | $346883.64     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Resources Inc                            | FRANKLIN RES INC                                   | CUSIP: 354613101<br>LEI: RIFQSET379FOGTEFKS80 | Long             | EC               | CORP              | US        |    460455 | NS      | $9964246.20    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Essent Group Ltd                                  | ESSENT GROUP LTD                                   | CUSIP: G3198U102<br>LEI: 254900QUO860OUT6ZF83 | Long             | EC               | CORP              | US        |    169616 | NS      | $9837728.00    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holdings Ltd                        | RENAISSANCERE                                      | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | US        |     83148 | NS      | $20738774.16   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc                           | CBOE GLOBAL MARK                                   | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |    167833 | NS      | $38453896.96   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc                                | ALLY FINANCIAL I                                   | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |    439880 | NS      | $15395800.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Florida                  | SEACOAST BANK/FL                                   | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |    138920 | NS      | $3588303.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The                                 | ALLSTATE CORP                                      | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |    424528 | NS      | $89095691.36   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                                   | NBT BANCORP INC                                    | CUSIP: 628778102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     83613 | NS      | $3499204.05    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Insurance Holdings Inc                  | UNIVERSAL INSURA                                   | CUSIP: 91359V107<br>LEI: 529900GGAZ6WVUCWQM46 | Long             | EC               | CORP              | US        |     43686 | NS      | $1185638.04    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Second Bancorp Inc                            | OLD SECOND BNCRP                                   | CUSIP: 680277100<br>LEI: 549300XVJC1MPUT81C04 | Long             | EC               | CORP              | US        |     69914 | NS      | $1156377.56    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners Inc                   | PINNACLE FINL                                      | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |    123760 | NS      | $13153212.80   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Oscar Health Inc                                  | OSCAR HEALTH -A                                    | CUSIP: 687793109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    273283 | NS      | $3771305.40    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Corebridge Financial Inc                          | COREBRIDGE FINAN                                   | CUSIP: 21871X109<br>LEI: 549300XY1661QCIA7J65 | Long             | EC               | CORP              | US        |    408217 | NS      | $13311956.37   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Affiliated Managers Group Inc                     | AFFIL MANAGERS                                     | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |     48605 | NS      | $8554480.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| First Community Bankshares Inc                    | FIRST COMMUNI BK                                   | CUSIP: 31983A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26632 | NS      | $1001363.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Bankshares Inc                            | EASTERN BANKSHAR                                   | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |    307582 | NS      | $4613730.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Mortgage Trust Inc                       | NEW YORK MTGE                                      | CUSIP: 649604840<br>LEI: 549300JFGR0M7ULHWG48 | Long             | EC               | CORP              | US        |    145605 | NS      | $950800.65     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Financial Inc                            | FLAGSTAR FINANCI                                   | CUSIP: 649445400<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |    498691 | NS      | $5744920.32    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial Inc                                | VOYA FINANCIAL I                                   | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |    154522 | NS      | $10278803.44   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Commercial Real Estate Finance Inc         | APOLLO COMMERCIA                                   | CUSIP: 03762U105<br>LEI: 549300E0AN7M2AQHSY29 | Long             | EC               | CORP              | US        |    213386 | NS      | $2097584.38    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp                             | TRUIST FINANCIAL                                   | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |   2130343 | NS      | $84148548.50   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Claros Mortgage Trust Inc                         | CLAROS MORTGAGE                                    | CUSIP: 18270D106<br>LEI: 549300Z9LU2CZ3K30C16 | Long             | EC               | CORP              | US        |    177514 | NS      | $456210.98     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| German American Bancorp Inc                       | GERMAN AMER BNCP                                   | CUSIP: 373865104<br>LEI: 5493002JDOI3GTNVUD76 | Long             | EC               | CORP              | US        |     54055 | NS      | $2065711.83    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                               | STEPSTONE GROU-A                                   | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105222 | NS      | $6087092.70    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PennyMac Financial Services Inc                   | PENNYMAC FINANCI                                   | CUSIP: 70932M107<br>LEI: 549300W1D516HBDEU871 | Long             | EC               | CORP              | US        |     49070 | NS      | $4710720.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury General Corp                              | MERCURY GEN CORP                                   | CUSIP: 589400100<br>LEI: 5493001Q9EXPCEL4W527 | Long             | EC               | CORP              | US        |     44220 | NS      | $2851305.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                                    | BLACKSTONE INC                                     | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |   1158423 | NS      | $160742775.48  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp                     | FIRST AMERICAN F                                   | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |    164819 | NS      | $9198548.39    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Univest Financial Corp                            | UNIVEST FINANCIA                                   | CUSIP: 915271100<br>LEI: 4WII2HCR8UEWNU03U507 | Long             | EC               | CORP              | US        |     46662 | NS      | $1377462.24    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United Bankshares Inc/WV                          | UNITED BANKSHS                                     | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |    218285 | NS      | $7888819.90    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Dot Corp                                    | GREEN DOT CORP-A                                   | CUSIP: 39304D102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     75792 | NS      | $700318.08     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp                             | LINCOLN NATL CRP                                   | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |    274537 | NS      | $9098156.18    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp                              | ASSOC BANC-CORP                                    | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |    266950 | NS      | $6185231.50    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| United Fire Group Inc                             | UNITED FIRE GROU                                   | CUSIP: 910340108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33843 | NS      | $962833.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Financial Corp/WA                        | HERITAGE FINL                                      | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55925 | NS      | $1307526.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc                        | SERVISFIRST BANC                                   | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     82662 | NS      | $6152532.66    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The                             | TRAVELERS COS IN                                   | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |    363866 | NS      | $100317856.20  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                                    | MORGAN STANLEY                                     | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |   1937746 | NS      | $248089620.38  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial Corp                                | CVB FINANCIAL                                      | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    221840 | NS      | $4159500.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Upstart Holdings Inc                              | UPSTART HOLDINGS                                   | CUSIP: 91680M107<br>LEI: 549300WNB47JRNENIC75 | Long             | EC               | CORP              | US        |    131793 | NS      | $6216675.81    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| SmartFinancial Inc                                | SMARTFINANCIAL I                                   | CUSIP: 83190L208<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22819 | NS      | $725187.82     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp                     | INTL BANCSHARES                                    | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |     89034 | NS      | $5576199.42    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc                               | GLOBAL PAYMENTS                                    | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |    407790 | NS      | $30833001.90   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Lemonade Inc                                      | LEMONADE INC                                       | CUSIP: 52567D107<br>LEI: 5493009BKR06OXXU6853 | Long             | EC               | CORP              | US        |     85733 | NS      | $2872055.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Bancshares Inc                           | LIVE OAK BANCSHA                                   | CUSIP: 53803X105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57279 | NS      | $1572308.55    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Bancshares Inc                          | NORTHWEST BANCSH                                   | CUSIP: 667340103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    201791 | NS      | $2477993.48    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Insurance Group Ltd                      | HAMILTON INSUR-B                                   | CUSIP: G42706104<br>LEI: 549300W92BN1FIEXG871 | Long             | EC               | CORP              | US        |     72297 | NS      | $1573182.72    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                                          | MSCI INC                                           | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |    125656 | NS      | $70872497.12   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Cos                                 | PIPER SANDLER CO                                   | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |     28388 | NS      | $7138162.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp                            | SYNOVUS FINL                                       | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |    228747 | NS      | $10940969.01   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Starwood Property Trust Inc                       | STARWOOD PROPERT                                   | CUSIP: 85571B105<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | EC               | CORP              | US        |    513934 | NS      | $10150196.50   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercantile Bank Corp                              | MERCANTILE BANK                                    | CUSIP: 587376104<br>LEI: P16VZZCKTJ5IONL6XE37 | Long             | EC               | CORP              | US        |     24741 | NS      | $1092562.56    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First Bancorp/Southern Pines NC                   | FIRST BANCORP/NC                                   | CUSIP: 318910106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65282 | NS      | $2700716.34    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Arbor Realty Trust Inc                            | ARBOR REALTY TRU                                   | CUSIP: 038923108<br>LEI: 549300ASFUWYQO0RW077 | Long             | EC               | CORP              | US        |    301368 | NS      | $2887105.44    | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Bar Harbor Bankshares                             | BAR HARBOR BNKSH                                   | CUSIP: 066849100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24292 | NS      | $706411.36     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                                      | ASSURANT INC                                       | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |     82261 | NS      | $16697337.78   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co                               | JPMORGAN CHASE                                     | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |   4515361 | NS      | $1192055304.00 | 9.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Lending Corp                                 | OPEN LENDING                                       | CUSIP: 68373J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    160802 | NS      | $287835.58     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc                             | EURONET WORLDWID                                   | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     66598 | NS      | $7211231.44    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Safety Insurance Group Inc                        | SAFETY INSURANCE                                   | CUSIP: 78648T100<br>LEI: 254900LDCFLA3J746840 | Long             | EC               | CORP              | US        |     23712 | NS      | $1947703.68    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                                    | MASTERCARD INC-A                                   | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |   1314724 | NS      | $769902374.40  | 5.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co                                  | WELLS FARGO & CO                                   | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |   5274934 | NS      | $394459564.52  | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp                            | WEBSTER FINL                                       | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |    274046 | NS      | $14107888.08   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Veritex Holdings Inc                              | VERITEX HOLDINGS                                   | CUSIP: 923451108<br>LEI: 549300F3SMOML02SC814 | Long             | EC               | CORP              | US        |     86328 | NS      | $2089137.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp/IN                           | FIRST FINANCIAL                                    | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18167 | NS      | $941777.28     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                                    | GLOBE LIFE INC                                     | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |    134532 | NS      | $16395414.84   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp                              | BANK OF AMERICA                                    | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |  10986152 | NS      | $484818887.76  | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Peoples Bancorp Inc/OH                            | PEOPLES BANC INC                                   | CUSIP: 709789101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56284 | NS      | $1650246.88    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BGC Group Inc                                     | BGC GROUP INC-A                                    | CUSIP: 088929104<br>LEI: 2549001IGRCG4F0RLD36 | Long             | EC               | CORP              | US        |    570628 | NS      | $5295427.84    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                           | DIGITALBRIDGE GR                                   | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |    278126 | NS      | $3076073.56    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Atleos Corp                                   | NCR ATLEOS CORP                                    | CUSIP: 63001N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    109863 | NS      | $2912468.13    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Cantaloupe Inc                                    | CANTALOUPE INC                                     | CUSIP: 138103106<br>LEI: 529900O54DBQQVWO9Q85 | Long             | EC               | CORP              | US        |     92525 | NS      | $774434.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Westamerica BanCorp                               | WESTAMERICA BANC                                   | CUSIP: 957090103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42736 | NS      | $2053464.80    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                            | FIRSTCASH HOLDIN                                   | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64352 | NS      | $8231264.32    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Burke & Herbert Financial Services Corp           | BURKE & HERBERT                                    | CUSIP: 12135Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21295 | NS      | $1212111.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hippo Holdings Inc                                | HIPPO HOLDINGS I                                   | CUSIP: 433539202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25668 | NS      | $604738.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PRA Group Inc                                     | PRA GROUP INC                                      | CUSIP: 69354N106<br>LEI: 549300Q5HW3JSSB86K27 | Long             | EC               | CORP              | US        |     59035 | NS      | $837706.65     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Group Inc             | SKYWARD SPECIALT                                   | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |     57985 | NS      | $3673349.75    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                                      | CADENCE BANK                                       | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |    294702 | NS      | $8929470.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| S&T Bancorp Inc                                   | S & T BANCORP                                      | CUSIP: 783859101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60309 | NS      | $2210927.94    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                                  | STONEX GROUP INC                                   | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |     68984 | NS      | $5839840.52    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FNB Corp/PA                                       | FNB CORP                                           | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |    577178 | NS      | $8005458.86    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Amalgamated Financial Corp                        | AMALGAMATED FINA                                   | CUSIP: 022671101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30798 | NS      | $930715.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                                       | OFG BANCORP                                        | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | US        |     74043 | NS      | $3046129.02    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERTEC Inc                                       | EVERTEC INC                                        | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    101393 | NS      | $3673468.39    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc                      | APOLLO GLOBAL MA                                   | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |    635081 | NS      | $82998735.89   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ProAssurance Corp                                 | PROASSURANCE COR                                   | CUSIP: 74267C106<br>LEI: 54930015E5J57R675E89 | Long             | EC               | CORP              | US        |     81119 | NS      | $1881149.61    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Commerce Corp                            | HERITAGE COMMERC                                   | CUSIP: 426927109<br>LEI: 549300CLIS851ELSR406 | Long             | EC               | CORP              | US        |     96837 | NS      | $896710.62     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank First Corp                                   | BANK FIRST CORP                                    | CUSIP: 06211J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15497 | NS      | $1802301.10    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Group Ltd               | WHITE MOUNTAINS                                    | CUSIP: G9618E107<br>LEI: 549300N3FL068JERBG02 | Long             | EC               | CORP              | US        |      4253 | NS      | $7590754.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BancFirst Corp                                    | BANCFIRST CORP                                     | CUSIP: 05945F103<br>LEI: 549300EJEHGBP4IO2J30 | Long             | EC               | CORP              | US        |     34181 | NS      | $4228360.61    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc                       | JACK HENRY                                         | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |    116927 | NS      | $21183664.59   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive VISA INC-CLASS A Pay Overnight Rate +0.15  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |     55000 | NC      | $1082950.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fifth Third Bancorp                               | FIFTH THIRD BANC                                   | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |   1075516 | NS      | $41073956.04   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| TriCo Bancshares                                  | TRICO BANCSHARES                                   | CUSIP: 896095106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50345 | NS      | $2008765.50    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                             | EAST WEST BNCRP                                    | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    222643 | NS      | $20305041.60   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Funding Inc/DE                          | BLACKROCK INC                                      | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |    236000 | NS      | $231254040.00  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookline Bancorp Inc                             | BROOKLINE BANCRP                                   | CUSIP: 11373M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    141766 | NS      | $1464442.78    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/OH                   | AMER FINL GROUP                                    | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |    114583 | NS      | $14206000.34   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambac Financial Group Inc                         | AMBAC FINANCIAL                                    | CUSIP: 023139884<br>LEI: 5493000UC0RBBNDHI717 | Long             | EC               | CORP              | US        |     74960 | NS      | $586936.80     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                                      | MOODY'S CORP                                       | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |    261492 | NS      | $125338345.44  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Orchid Island Capital Inc                         | ORCHID ISLAND CA                                   | CUSIP: 68571X301<br>LEI: 549300KBIHGT19K9DY89 | Long             | EC               | CORP              | US        |    137548 | NS      | $939452.84     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co                               | AMERICAN EXPRESS                                   | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |    903735 | NS      | $265743276.75  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc                          | AMERIPRISE FINAN                                   | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |    155600 | NS      | $79237744.00   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Bancorp Inc                                 | EAGLE BANCRP INC                                   | CUSIP: 268948106<br>LEI: 549300B47NZODRMG3D47 | Long             | EC               | CORP              | US        |     47329 | NS      | $832990.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UWM Holdings Corp                                 | UWM HOLDINGS COR                                   | CUSIP: 91823B109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    205734 | NS      | $884656.20     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Paymentus Holdings Inc                            | PAYMENTUS HOLD-A                                   | CUSIP: 70439P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32968 | NS      | $1259047.92    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc                     | INTERACTIVE BROK                                   | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |    174565 | NS      | $36602789.20   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| City Holding Co                                   | CITY HOLDING CO                                    | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23519 | NS      | $2772654.91    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group Inc/The              | PNC FINANCIAL SE                                   | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |    636969 | NS      | $110711581.89  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Erie Indemnity Co                                 | ERIE INDEMNITY-A                                   | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Long             | EC               | CORP              | US        |     40856 | NS      | $14647284.56   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

**Name of Applicant:** VANGUARD WORLD FUND

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer