# EDGAR Filing Document

**Accession Number:** 0000932471
**File Stem:** 0001104659-26-068854
**Filing Date:** 2026-6
**Character Count:** 390181
**Document Hash:** d0b0d30c6c1ac9123a760bc9bb3d787a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-068854.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001104659-26-068854

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**EFFECTIVENESS DATE**: 20260601

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD HORIZON FUNDS
- **CENTRAL INDEX KEY:** 0000932471

**ORGANIZATION NAME:**
- **EIN:** 232787277
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07239
- **FILM NUMBER:** 261050063

**BUSINESS ADDRESS:**
- **STREET 1:** P O BOX 2600
- **STREET 2:** M33
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD HORIZON FUND INC
- **DATE OF NAME CHANGE:** 19941107

## Series and Classes Contracts Data

### Vanguard Strategic Equity Fund (Series ID: S000002593)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007112 | Investor Shares | VSEQX           |

### Vanguard Capital Opportunity Fund (Series ID: S000002594)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007113 | Investor Shares | VHCOX           |
| C000007114 | Admiral Shares  | VHCAX           |

### Vanguard Global Equity Fund (Series ID: S000002595)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000007115 | Investor Shares | VHGEX           |

### Vanguard Strategic Small-Cap Equity Fund (Series ID: S000012432)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000033747 | Investor Shares | VSTCX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT** 

**OF** 

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number**: 811-07239**

---

| | |
|:---|:---|
| Name of Registrant: | **Vanguard Horizon Funds** |
| Address of Registrant: | **P.O. Box 2600** |
|  | **Valley Forge, PA 19482** |

---

---

| | |
|:---|:---|
| Name and address of agent for service: | **Natalie Lamarque, Esquire** |
|  | **P.O. Box 876** |
|  | **Valley Forge, PA 19482** |

---

Registrant's telephone number, including area code: **(610) 669-1000**

Date of fiscal year end: September 30

Date of reporting period: October 1, 2025—March 31, 2026

**Item 1: Reports to Shareholders.**

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Strategic Equity Fund](#classnameb86e160c-a4a3-45a8-a282-d6b57779c884)<br> **[Investor Shares - VSEQX](#classnameb86e160c-a4a3-45a8-a282-d6b57779c884)**  |
|  [Capital Opportunity Fund](#classnamead603dc9-b6b3-4ce3-9d30-bec4972fc69c)<br> **[Investor Shares - VHCOX](#classnamead603dc9-b6b3-4ce3-9d30-bec4972fc69c)**  |
|  [Capital Opportunity Fund](#classnamee3459ea2-fd8f-4fef-b8f7-40dec9f60cf1)<br> **[Admiral™ Shares - VHCAX](#classnamee3459ea2-fd8f-4fef-b8f7-40dec9f60cf1)**  |
|  [Global Equity Fund](#classnamebdea0db1-6ff5-4cbd-b4ec-a9b779e34073)<br> **[Investor Shares - VHGEX](#classnamebdea0db1-6ff5-4cbd-b4ec-a9b779e34073)**  |
|  [Strategic Small-Cap Equity Fund](#classname5ef777f7-1a65-45e0-b1ee-42d8c340c046)<br> **[Investor Shares - VSTCX](#classname5ef777f7-1a65-45e0-b1ee-42d8c340c046)**  |

---

# Vanguard Strategic Equity Fund
![Image](tm2611750d9_inlinepkgimg001.jpg)

#### Investor Shares (VSEQX)

#### Semi-Annual Shareholder Report \| March 31, 2026
This semi-annual shareholder report contains important information about Vanguard Strategic Equity Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last six months?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $9 | 0.17%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $10119 |
| Number of Portfolio Holdings | 610 |
| Portfolio Turnover Rate | 30% |

---

## Portfolio Composition % of Net Assets (as of March 31, 2026)

---

| | |
|:---|:---|
| Communication Services | 3.6% |
| Consumer Discretionary | 10.0% |
| Consumer Staples | 3.6% |
| Energy | 4.9% |
| Financials | 15.3% |
| Health Care | 10.7% |
| Industrials | 18.7% |
| Information Technology | 14.4% |
| Materials | 5.7% |
| Real Estate | 6.7% |
| Utilities | 5.5% |
| Other Assets and Liabilities—Net | 0.9% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since September 30, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR114

# Vanguard Capital Opportunity Fund
![Image](tm2611750d9_inlinepkgimg001.jpg)

#### Investor Shares (VHCOX)

#### Semi-Annual Shareholder Report \| March 31, 2026
This semi-annual shareholder report contains important information about Vanguard Capital Opportunity Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last six months?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $20 | 0.40%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $24618 |
| Number of Portfolio Holdings | 190 |
| Portfolio Turnover Rate | 5% |

---

## Portfolio Composition % of Net Assets (as of March 31, 2026)

---

| | |
|:---|:---|
| Communication Services | 6.5% |
| Consumer Discretionary | 10.4% |
| Consumer Staples | 0.9% |
| Energy | 2.2% |
| Financials | 8.3% |
| Health Care | 25.0% |
| Industrials | 12.1% |
| Information Technology | 31.3% |
| Materials | 0.4% |
| Real Estate | 0.1% |
| Other Assets and Liabilities—Net | 2.8% |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities through its wholly-owned subsidiaries, Vanguard Capital Management, LLC and Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since September 30, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR111

# Vanguard Capital Opportunity Fund
![Image](tm2611750d9_inlinepkgimg001.jpg)

#### Admiral™ Shares (VHCAX)

#### Semi-Annual Shareholder Report \| March 31, 2026
This semi-annual shareholder report contains important information about Vanguard Capital Opportunity Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last six months?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Admiral Shares | $16 | 0.32%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $24618 |
| Number of Portfolio Holdings | 190 |
| Portfolio Turnover Rate | 5% |

---

## Portfolio Composition % of Net Assets (as of March 31, 2026)

---

| | |
|:---|:---|
| Communication Services | 6.5% |
| Consumer Discretionary | 10.4% |
| Consumer Staples | 0.9% |
| Energy | 2.2% |
| Financials | 8.3% |
| Health Care | 25.0% |
| Industrials | 12.1% |
| Information Technology | 31.3% |
| Materials | 0.4% |
| Real Estate | 0.1% |
| Other Assets and Liabilities—Net | 2.8% |

---

#### This table reflects the Fund's investments, including short-term investments and other assets and liabilities.

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities through its wholly-owned subsidiaries, Vanguard Capital Management, LLC and Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since September 30, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR5111

# Vanguard Global Equity Fund
![Image](tm2611750d9_inlinepkgimg001.jpg)

#### Investor Shares (VHGEX)

#### Semi-Annual Shareholder Report \| March 31, 2026
This semi-annual shareholder report contains important information about Vanguard Global Equity Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last six months?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $19 | 0.39%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $7000 |
| Number of Portfolio Holdings | 182 |
| Portfolio Turnover Rate | 24% |

---

## Portfolio Composition % of Net Assets (as of March 31, 2026)

---

| | |
|:---|:---|
| Asia | 15.3% |
| Europe | 17.0% |
| North America | 60.6% |
| Other | 0.4% |
| South America | 3.0% |
| Other Assets and Liabilities—Net | 3.7% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities through its wholly-owned subsidiaries, Vanguard Capital Management, LLC and Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since September 30, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR129

# Vanguard Strategic Small-Cap Equity Fund
![Image](tm2611750d9_inlinepkgimg001.jpg)

#### Investor Shares (VSTCX)

#### Semi-Annual Shareholder Report \| March 31, 2026
This semi-annual shareholder report contains important information about Vanguard Strategic Small-Cap Equity Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. **The report describes changes to the Fund that occurred during the reporting period.**

## **What were the Fund costs for the last six months?** 
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Share Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Shares | $11 | 0.21%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. |

---

## Fund Statistics (as of March 31, 2026)

---

| | |
|:---|:---|
| Fund Net Assets (in millions) | $2453 |
| Number of Portfolio Holdings | 635 |
| Portfolio Turnover Rate | 30% |

---

## Portfolio Composition % of Net Assets (as of March 31, 2026)

---

| | |
|:---|:---|
| Communication Services | 2.4% |
| Consumer Discretionary | 10.7% |
| Consumer Staples | 2.5% |
| Energy | 6.0% |
| Financials | 18.3% |
| Health Care | 13.6% |
| Industrials | 18.3% |
| Information Technology | 12.9% |
| Materials | 5.1% |
| Real Estate | 6.5% |
| Utilities | 3.0% |
| Other Assets and Liabilities—Net | 0.7% |

---

#### This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

## How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.

This is a summary of certain changes to the Fund since September 30, 2025. For more complete information, you may review the Fund's prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.

## Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

**Connect with Vanguard<sup>®</sup>** • vanguard.com

**Fund Information** • 800-662-7447

**Direct Investor Account Services** • 800-662-2739

**Text Telephone for People Who Are Deaf or Hard of Hearing** •

800-749-7273© 2026 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR615

**Item 2: Code of Ethics.** 

Not applicable.

**Item 3**: **Audit Committee Financial Expert.**

Not applicable.

**Item 4**: **Principal Accountant Fees and Services.**

Not applicable.

**Item 5: Audit Committee of Listed Registrants.**

Not applicable.

**Item 6**: **Investments.**

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

**Item 7**: **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](tm2611750d9strequfundsfii001.jpg)

#### Financial Statements

#### For the six-months ended March 31, 2026

#### Vanguard Strategic Equity Fund

------

#### Contents
Financial Statements 1 <br>

------

Strategic Equity Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of March 31, 2026

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.1%)** | **Common Stocks (99.1%)** | **Common Stocks (99.1%)** | **Common Stocks (99.1%)** |
| **Communication Services (3.6%)** | **Communication Services (3.6%)** | **Communication Services (3.6%)** | **Communication Services (3.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roku Inc. | &nbsp;&nbsp;&nbsp;&nbsp;716785 | &nbsp;&nbsp;&nbsp;&nbsp; 67822 |
|  | &nbsp;&nbsp;&nbsp;New York Times Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;572069 | &nbsp;&nbsp;&nbsp;&nbsp; 47899 |
|  | &nbsp;&nbsp;&nbsp;Match Group Inc. | 1454021 | &nbsp;&nbsp;&nbsp;&nbsp; 44653 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186698 | &nbsp;&nbsp;&nbsp;&nbsp; 36873 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yelp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;928698 | &nbsp;&nbsp;&nbsp;&nbsp; 22976 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lumen Technologies Inc. | 3198219 | &nbsp;&nbsp;&nbsp;&nbsp; 22228 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Versant Media Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;577938 | &nbsp;&nbsp;&nbsp;&nbsp; 21395 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Reddit Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;132015 | &nbsp;&nbsp;&nbsp;&nbsp; 17776 |
|  | &nbsp;&nbsp;&nbsp;Iridium Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;504284 | &nbsp;&nbsp;&nbsp;&nbsp; 13989 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trade Desk Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;577245 | &nbsp;&nbsp;&nbsp;&nbsp; 13098 |
|  | &nbsp;&nbsp;&nbsp;Telephone & Data Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;280953 | &nbsp;&nbsp;&nbsp;&nbsp; 11828 |
|  | &nbsp;&nbsp;&nbsp;News Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;468546 | &nbsp;&nbsp;&nbsp;&nbsp; 11681 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snap Inc. Class A | 1945821 | &nbsp;&nbsp;&nbsp;&nbsp; 8951 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bumble Inc. Class A | 1816991 | &nbsp;&nbsp;&nbsp;&nbsp; 5923 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Roblox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;80594 | &nbsp;&nbsp;&nbsp;&nbsp; 4558 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EchoStar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;29411 | &nbsp;&nbsp;&nbsp;&nbsp; 3443 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Magnite Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277835 | &nbsp;&nbsp;&nbsp;&nbsp; 3301 |
|  | &nbsp;&nbsp;&nbsp;Fox Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;53838 | &nbsp;&nbsp;&nbsp;&nbsp; 2859 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Optimum Communications Inc. Class A | 1128577 | &nbsp;&nbsp;&nbsp;&nbsp; 1467 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ZipRecruiter Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;771148 | &nbsp;&nbsp;&nbsp;&nbsp; 1419 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PubMatic Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;172885 | &nbsp;&nbsp;&nbsp;&nbsp; 1414 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;fuboTV Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;74065 | &nbsp;&nbsp;&nbsp;&nbsp; 701 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **366254** |
| **Consumer Discretionary (10.0%)** | **Consumer Discretionary (10.0%)** | **Consumer Discretionary (10.0%)** | **Consumer Discretionary (10.0%)** |
|  | &nbsp;&nbsp;&nbsp;Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;421620 | &nbsp;&nbsp;&nbsp;&nbsp; 59495 |
|  | &nbsp;&nbsp;&nbsp;Expedia Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;254024 | &nbsp;&nbsp;&nbsp;&nbsp; 58652 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;636188 | &nbsp;&nbsp;&nbsp;&nbsp; 57906 |
|  | &nbsp;&nbsp;&nbsp;Hasbro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;494226 | &nbsp;&nbsp;&nbsp;&nbsp; 46260 |
|  | &nbsp;&nbsp;&nbsp;Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;192118 | &nbsp;&nbsp;&nbsp;&nbsp; 44573 |
|  | &nbsp;&nbsp;&nbsp;BorgWarner Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;804115 | &nbsp;&nbsp;&nbsp;&nbsp; 43631 |
|  | &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;620169 | &nbsp;&nbsp;&nbsp;&nbsp; 42909 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NVR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5386 | &nbsp;&nbsp;&nbsp;&nbsp; 35493 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Covista Inc. | &nbsp;&nbsp;&nbsp;&nbsp;275616 | &nbsp;&nbsp;&nbsp;&nbsp; 31765 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;824782 | &nbsp;&nbsp;&nbsp;&nbsp; 30525 |
|  | &nbsp;&nbsp;&nbsp;Carnival Corp. | 1092672 | &nbsp;&nbsp;&nbsp;&nbsp; 28278 |
|  | &nbsp;&nbsp;&nbsp;ADT Inc. | 3906577 | &nbsp;&nbsp;&nbsp;&nbsp; 25666 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Etsy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;477516 | &nbsp;&nbsp;&nbsp;&nbsp; 23866 |
|  | &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;284105 | &nbsp;&nbsp;&nbsp;&nbsp; 23348 |
|  | &nbsp;&nbsp;&nbsp;Leggett & Platt Inc. | 2256069 | &nbsp;&nbsp;&nbsp;&nbsp; 22290 |
|  | &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;258475 | &nbsp;&nbsp;&nbsp;&nbsp; 21877 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Vision Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;804498 | &nbsp;&nbsp;&nbsp;&nbsp; 20836 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Frontdoor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;378313 | &nbsp;&nbsp;&nbsp;&nbsp; 19998 |
|  | &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57132 | &nbsp;&nbsp;&nbsp;&nbsp; 19653 |
|  | &nbsp;&nbsp;&nbsp;Dana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;550606 | &nbsp;&nbsp;&nbsp;&nbsp; 18528 |
|  | &nbsp;&nbsp;&nbsp;Buckle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;358477 | &nbsp;&nbsp;&nbsp;&nbsp; 18053 |
|  | &nbsp;&nbsp;&nbsp;Macy's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;936624 | &nbsp;&nbsp;&nbsp;&nbsp; 16944 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adient plc | &nbsp;&nbsp;&nbsp;&nbsp;837144 | &nbsp;&nbsp;&nbsp;&nbsp; 16919 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;902505 | &nbsp;&nbsp;&nbsp;&nbsp; 16850 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wayfair Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;211517 | &nbsp;&nbsp;&nbsp;&nbsp; 15908 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Five Below Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67297 | &nbsp;&nbsp;&nbsp;&nbsp; 15376 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77772 | &nbsp;&nbsp;&nbsp;&nbsp; 13224 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sonos Inc. | &nbsp;&nbsp;&nbsp;&nbsp;933065 | &nbsp;&nbsp;&nbsp;&nbsp; 12503 |
|  | &nbsp;&nbsp;&nbsp;Garrett Motion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;606577 | &nbsp;&nbsp;&nbsp;&nbsp; 11021 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penn Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;706770 | &nbsp;&nbsp;&nbsp;&nbsp; 10623 |
|  | &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;628205 | &nbsp;&nbsp;&nbsp;&nbsp; 10491 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;M/I Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85022 | &nbsp;&nbsp;&nbsp;&nbsp; 10411 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Revolve Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;460107 | &nbsp;&nbsp;&nbsp;&nbsp; 10403 |
|  | &nbsp;&nbsp;&nbsp;Red Rock Resorts Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;191197 | &nbsp;&nbsp;&nbsp;&nbsp; 10202 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warby Parker Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;459016 | &nbsp;&nbsp;&nbsp;&nbsp; 9671 |

---

------

Strategic Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28873 | &nbsp;&nbsp;&nbsp;&nbsp; 9546 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GigaCloud Technology Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;173711 | &nbsp;&nbsp;&nbsp;&nbsp; 7883 |
|  | &nbsp;&nbsp;&nbsp;Carter's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220014 | &nbsp;&nbsp;&nbsp;&nbsp; 7868 |
|  | &nbsp;&nbsp;&nbsp;Upbound Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;432948 | &nbsp;&nbsp;&nbsp;&nbsp; 7815 |
|  | &nbsp;&nbsp;&nbsp;Best Buy Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119153 | &nbsp;&nbsp;&nbsp;&nbsp; 7650 |
|  | &nbsp;&nbsp;&nbsp;Phinia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104208 | &nbsp;&nbsp;&nbsp;&nbsp; 7132 |
|  | &nbsp;&nbsp;&nbsp;Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;534163 | &nbsp;&nbsp;&nbsp;&nbsp; 6891 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BJ's Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183758 | &nbsp;&nbsp;&nbsp;&nbsp; 6450 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;YETI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173469 | &nbsp;&nbsp;&nbsp;&nbsp; 6347 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sally Beauty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;423062 | &nbsp;&nbsp;&nbsp;&nbsp; 5859 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Urban Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86462 | &nbsp;&nbsp;&nbsp;&nbsp; 5477 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Planet Fitness Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;68514 | &nbsp;&nbsp;&nbsp;&nbsp; 5096 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;54223 | &nbsp;&nbsp;&nbsp;&nbsp; 4954 |
|  | &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;54661 | &nbsp;&nbsp;&nbsp;&nbsp; 3813 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37797 | &nbsp;&nbsp;&nbsp;&nbsp; 3783 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bed Bath & Beyond Inc. | &nbsp;&nbsp;&nbsp;&nbsp;815333 | &nbsp;&nbsp;&nbsp;&nbsp; 3783 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CarMax Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89528 | &nbsp;&nbsp;&nbsp;&nbsp; 3723 |
|  | &nbsp;&nbsp;&nbsp;Gap Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153006 | &nbsp;&nbsp;&nbsp;&nbsp; 3703 |
|  | &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;116440 | &nbsp;&nbsp;&nbsp;&nbsp; 3225 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Laureate Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;87891 | &nbsp;&nbsp;&nbsp;&nbsp; 3062 |
|  | &nbsp;&nbsp;&nbsp;Levi Strauss & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;159807 | &nbsp;&nbsp;&nbsp;&nbsp; 2955 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Callaway Golf Co. | &nbsp;&nbsp;&nbsp;&nbsp;192239 | &nbsp;&nbsp;&nbsp;&nbsp; 2668 |
|  | &nbsp;&nbsp;&nbsp;Strategic Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26628 | &nbsp;&nbsp;&nbsp;&nbsp; 2209 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ThredUP Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;662136 | &nbsp;&nbsp;&nbsp;&nbsp; 2172 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Life Time Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79369 | &nbsp;&nbsp;&nbsp;&nbsp; 2138 |
|  | &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19888 | &nbsp;&nbsp;&nbsp;&nbsp; 2020 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aptiv plc | &nbsp;&nbsp;&nbsp;&nbsp;27548 | &nbsp;&nbsp;&nbsp;&nbsp; 1913 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Peloton Interactive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;411760 | &nbsp;&nbsp;&nbsp;&nbsp; 1766 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Victoria's Secret & Co. | &nbsp;&nbsp;&nbsp;&nbsp;36232 | &nbsp;&nbsp;&nbsp;&nbsp; 1680 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Groupon Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119300 | &nbsp;&nbsp;&nbsp;&nbsp; 1420 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;QVC Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;137634 | &nbsp;&nbsp;&nbsp;&nbsp; 299 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1009448** |
| **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** | **Consumer Staples (3.6%)** |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated Inc. | &nbsp;&nbsp;&nbsp;&nbsp;252038 | &nbsp;&nbsp;&nbsp;&nbsp; 48326 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Post Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;354170 | &nbsp;&nbsp;&nbsp;&nbsp; 35013 |
|  | &nbsp;&nbsp;&nbsp;Church & Dwight Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;337922 | &nbsp;&nbsp;&nbsp;&nbsp; 31535 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;246565 | &nbsp;&nbsp;&nbsp;&nbsp; 29275 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Beer Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;114668 | &nbsp;&nbsp;&nbsp;&nbsp; 26419 |
|  | &nbsp;&nbsp;&nbsp;Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4272 | &nbsp;&nbsp;&nbsp;&nbsp; 24154 |
|  | &nbsp;&nbsp;&nbsp;Ingles Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;253845 | &nbsp;&nbsp;&nbsp;&nbsp; 22818 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprouts Farmers Market Inc. | &nbsp;&nbsp;&nbsp;&nbsp;275111 | &nbsp;&nbsp;&nbsp;&nbsp; 21219 |
|  | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;477672 | &nbsp;&nbsp;&nbsp;&nbsp; 18037 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Maplebear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;429691 | &nbsp;&nbsp;&nbsp;&nbsp; 16096 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Natural Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;334111 | &nbsp;&nbsp;&nbsp;&nbsp; 15055 |
|  | &nbsp;&nbsp;&nbsp;Conagra Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;917874 | &nbsp;&nbsp;&nbsp;&nbsp; 14429 |
|  | &nbsp;&nbsp;&nbsp;PriceSmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85997 | &nbsp;&nbsp;&nbsp;&nbsp; 12943 |
|  | &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15788 | &nbsp;&nbsp;&nbsp;&nbsp; 11491 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;86528 | &nbsp;&nbsp;&nbsp;&nbsp; 7979 |
|  | &nbsp;&nbsp;&nbsp;Marzetti Co. | &nbsp;&nbsp;&nbsp;&nbsp;54779 | &nbsp;&nbsp;&nbsp;&nbsp; 7578 |
|  | &nbsp;&nbsp;&nbsp;WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;32952 | &nbsp;&nbsp;&nbsp;&nbsp; 6720 |
|  | &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;38598 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 |
|  | &nbsp;&nbsp;&nbsp;McCormick & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77231 | &nbsp;&nbsp;&nbsp;&nbsp; 3895 |
|  | &nbsp;&nbsp;&nbsp;Energizer Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228790 | &nbsp;&nbsp;&nbsp;&nbsp; 3757 |
|  | &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40314 | &nbsp;&nbsp;&nbsp;&nbsp; 2971 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Herbalife Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;160161 | &nbsp;&nbsp;&nbsp;&nbsp; 2358 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;31571 | &nbsp;&nbsp;&nbsp;&nbsp; 2023 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;USANA Health Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72128 | &nbsp;&nbsp;&nbsp;&nbsp; 1260 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **369351** |
| **Energy (4.9%)** | **Energy (4.9%)** | **Energy (4.9%)** | **Energy (4.9%)** |
|  | &nbsp;&nbsp;&nbsp;Range Resources Corp. | 1491231 | &nbsp;&nbsp;&nbsp;&nbsp; 67374 |
|  | &nbsp;&nbsp;&nbsp;Ovintiv Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;805608 | &nbsp;&nbsp;&nbsp;&nbsp; 47821 |
|  | &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;628690 | &nbsp;&nbsp;&nbsp;&nbsp; 39224 |
|  | &nbsp;&nbsp;&nbsp;Permian Resources Corp. Class A | 1779847 | &nbsp;&nbsp;&nbsp;&nbsp; 37946 |
|  | &nbsp;&nbsp;&nbsp;TechnipFMC plc | &nbsp;&nbsp;&nbsp;&nbsp;513794 | &nbsp;&nbsp;&nbsp;&nbsp; 35519 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Par Pacific Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;517342 | &nbsp;&nbsp;&nbsp;&nbsp; 32406 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Plains GP Holdings LP Class A | 1120500 | &nbsp;&nbsp;&nbsp;&nbsp; 27206 |
|  | &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;781131 | &nbsp;&nbsp;&nbsp;&nbsp; 25738 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oceaneering International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;622439 | &nbsp;&nbsp;&nbsp;&nbsp; 22078 |
|  | &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;876728 | &nbsp;&nbsp;&nbsp;&nbsp; 19989 |

---

------

Strategic Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Patterson-UTI Energy Inc. | 1729393 | &nbsp;&nbsp;&nbsp;&nbsp; 18729 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gulfport Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;78246 | &nbsp;&nbsp;&nbsp;&nbsp; 16555 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;247633 | &nbsp;&nbsp;&nbsp;&nbsp; 15759 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Antero Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;299307 | &nbsp;&nbsp;&nbsp;&nbsp; 12703 |
|  | &nbsp;&nbsp;&nbsp;DT Midstream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67553 | &nbsp;&nbsp;&nbsp;&nbsp; 9097 |
|  | &nbsp;&nbsp;&nbsp;Liberty Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;312555 | &nbsp;&nbsp;&nbsp;&nbsp; 9002 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nabors Industries Ltd. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;103849 | &nbsp;&nbsp;&nbsp;&nbsp; 8937 |
|  | &nbsp;&nbsp;&nbsp;International Seaways Inc. | &nbsp;&nbsp;&nbsp;&nbsp;119899 | &nbsp;&nbsp;&nbsp;&nbsp; 8738 |
|  | &nbsp;&nbsp;&nbsp;Weatherford International plc | &nbsp;&nbsp;&nbsp;&nbsp;83034 | &nbsp;&nbsp;&nbsp;&nbsp; 7853 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ProPetro Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;537182 | &nbsp;&nbsp;&nbsp;&nbsp; 7741 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Green Plains Inc. | &nbsp;&nbsp;&nbsp;&nbsp;424253 | &nbsp;&nbsp;&nbsp;&nbsp; 6979 |
|  | &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;261979 | &nbsp;&nbsp;&nbsp;&nbsp; 6044 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CNX Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;143618 | &nbsp;&nbsp;&nbsp;&nbsp; 5537 |
|  | &nbsp;&nbsp;&nbsp;Delek US Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116551 | &nbsp;&nbsp;&nbsp;&nbsp; 5253 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **494228** |
| **Financials (15.3%)** | **Financials (15.3%)** | **Financials (15.3%)** | **Financials (15.3%)** |
|  | &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;701254 | &nbsp;&nbsp;&nbsp;&nbsp; 88751 |
|  | &nbsp;&nbsp;&nbsp;Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;477447 | &nbsp;&nbsp;&nbsp;&nbsp; 64059 |
|  | &nbsp;&nbsp;&nbsp;Globe Life Inc. | &nbsp;&nbsp;&nbsp;&nbsp;428519 | &nbsp;&nbsp;&nbsp;&nbsp; 59637 |
|  | &nbsp;&nbsp;&nbsp;Citizens Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;965728 | &nbsp;&nbsp;&nbsp;&nbsp; 57915 |
|  | &nbsp;&nbsp;&nbsp;Federated Hermes Inc. | 1000823 | &nbsp;&nbsp;&nbsp;&nbsp; 56757 |
|  | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 2012811 | &nbsp;&nbsp;&nbsp;&nbsp; 52836 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | 1259956 | &nbsp;&nbsp;&nbsp;&nbsp; 51734 |
|  | &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;503022 | &nbsp;&nbsp;&nbsp;&nbsp; 51011 |
|  | &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 1829049 | &nbsp;&nbsp;&nbsp;&nbsp; 47299 |
|  | &nbsp;&nbsp;&nbsp;First BanCorp (XNYS) | 2204365 | &nbsp;&nbsp;&nbsp;&nbsp; 47085 |
|  | &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;807777 | &nbsp;&nbsp;&nbsp;&nbsp; 46544 |
|  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165818 | &nbsp;&nbsp;&nbsp;&nbsp; 45882 |
|  | &nbsp;&nbsp;&nbsp;KeyCorp | 2115270 | &nbsp;&nbsp;&nbsp;&nbsp; 42411 |
|  | &nbsp;&nbsp;&nbsp;Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;711369 | &nbsp;&nbsp;&nbsp;&nbsp; 41572 |
|  | &nbsp;&nbsp;&nbsp;FNB Corp. | 2406725 | &nbsp;&nbsp;&nbsp;&nbsp; 40240 |
|  | &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;129312 | &nbsp;&nbsp;&nbsp;&nbsp; 38435 |
|  | &nbsp;&nbsp;&nbsp;Virtu Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;733146 | &nbsp;&nbsp;&nbsp;&nbsp; 32244 |
|  | &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;391524 | &nbsp;&nbsp;&nbsp;&nbsp; 29971 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Affirm Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;640147 | &nbsp;&nbsp;&nbsp;&nbsp; 29332 |
|  | &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;356470 | &nbsp;&nbsp;&nbsp;&nbsp; 27972 |
|  | &nbsp;&nbsp;&nbsp;Hartford Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201603 | &nbsp;&nbsp;&nbsp;&nbsp; 27263 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NMI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;722348 | &nbsp;&nbsp;&nbsp;&nbsp; 27095 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enova International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198666 | &nbsp;&nbsp;&nbsp;&nbsp; 26985 |
|  | &nbsp;&nbsp;&nbsp;First Hawaiian Inc. | 1013891 | &nbsp;&nbsp;&nbsp;&nbsp; 24982 |
|  | &nbsp;&nbsp;&nbsp;Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;739399 | &nbsp;&nbsp;&nbsp;&nbsp; 24459 |
|  | &nbsp;&nbsp;&nbsp;Primerica Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94382 | &nbsp;&nbsp;&nbsp;&nbsp; 23641 |
|  | &nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120456 | &nbsp;&nbsp;&nbsp;&nbsp; 20881 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LendingClub Corp. | 1446965 | &nbsp;&nbsp;&nbsp;&nbsp; 20721 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Robinhood Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;288039 | &nbsp;&nbsp;&nbsp;&nbsp; 19961 |
|  | &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95819 | &nbsp;&nbsp;&nbsp;&nbsp; 19808 |
|  | &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;310081 | &nbsp;&nbsp;&nbsp;&nbsp; 19718 |
|  | &nbsp;&nbsp;&nbsp;Assurant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79677 | &nbsp;&nbsp;&nbsp;&nbsp; 17354 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;123134 | &nbsp;&nbsp;&nbsp;&nbsp; 17186 |
|  | &nbsp;&nbsp;&nbsp;BankUnited Inc. | &nbsp;&nbsp;&nbsp;&nbsp;343500 | &nbsp;&nbsp;&nbsp;&nbsp; 15512 |
|  | &nbsp;&nbsp;&nbsp;Cboe Global Markets Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53897 | &nbsp;&nbsp;&nbsp;&nbsp; 15149 |
|  | &nbsp;&nbsp;&nbsp;Banc of California Inc. | &nbsp;&nbsp;&nbsp;&nbsp;840087 | &nbsp;&nbsp;&nbsp;&nbsp; 14769 |
|  | &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;188646 | &nbsp;&nbsp;&nbsp;&nbsp; 13945 |
|  | &nbsp;&nbsp;&nbsp;BGC Group Inc. Class A | 1340281 | &nbsp;&nbsp;&nbsp;&nbsp; 13108 |
|  | &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;187000 | &nbsp;&nbsp;&nbsp;&nbsp; 12583 |
|  | &nbsp;&nbsp;&nbsp;Invesco Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;504221 | &nbsp;&nbsp;&nbsp;&nbsp; 12248 |
|  | &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;288008 | &nbsp;&nbsp;&nbsp;&nbsp; 11653 |
|  | &nbsp;&nbsp;&nbsp;PennyMac Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128888 | &nbsp;&nbsp;&nbsp;&nbsp; 11265 |
|  | &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;98676 | &nbsp;&nbsp;&nbsp;&nbsp; 11130 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palomar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92288 | &nbsp;&nbsp;&nbsp;&nbsp; 11028 |
|  | &nbsp;&nbsp;&nbsp;HCI Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68857 | &nbsp;&nbsp;&nbsp;&nbsp; 10646 |
|  | &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;233978 | &nbsp;&nbsp;&nbsp;&nbsp; 9336 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Toast Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;349369 | &nbsp;&nbsp;&nbsp;&nbsp; 9262 |
|  | &nbsp;&nbsp;&nbsp;Columbia Banking System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;324258 | &nbsp;&nbsp;&nbsp;&nbsp; 8894 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dave Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50822 | &nbsp;&nbsp;&nbsp;&nbsp; 8848 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Slide Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;477929 | &nbsp;&nbsp;&nbsp;&nbsp; 8603 |
|  | &nbsp;&nbsp;&nbsp;Jefferies Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161728 | &nbsp;&nbsp;&nbsp;&nbsp; 6674 |
|  | &nbsp;&nbsp;&nbsp;Acadian Asset Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120152 | &nbsp;&nbsp;&nbsp;&nbsp; 6539 |
|  | &nbsp;&nbsp;&nbsp;Bread Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82479 | &nbsp;&nbsp;&nbsp;&nbsp; 6177 |

---

------

Strategic Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;WisdomTree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;421832 | &nbsp;&nbsp;&nbsp;&nbsp; 6142 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;47452 | &nbsp;&nbsp;&nbsp;&nbsp; 5583 |
|  | &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;74310 | &nbsp;&nbsp;&nbsp;&nbsp; 5265 |
|  | &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;76894 | &nbsp;&nbsp;&nbsp;&nbsp; 5033 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SoFi Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;305496 | &nbsp;&nbsp;&nbsp;&nbsp; 4851 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;218862 | &nbsp;&nbsp;&nbsp;&nbsp; 4714 |
|  | &nbsp;&nbsp;&nbsp;Eastern Bankshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228976 | &nbsp;&nbsp;&nbsp;&nbsp; 4479 |
|  | &nbsp;&nbsp;&nbsp;Commerce Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78324 | &nbsp;&nbsp;&nbsp;&nbsp; 3854 |
|  | &nbsp;&nbsp;&nbsp;Home BancShares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142408 | &nbsp;&nbsp;&nbsp;&nbsp; 3835 |
|  | &nbsp;&nbsp;&nbsp;Provident Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;174457 | &nbsp;&nbsp;&nbsp;&nbsp; 3691 |
|  | &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41479 | &nbsp;&nbsp;&nbsp;&nbsp; 3656 |
|  | &nbsp;&nbsp;&nbsp;Southstate Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34086 | &nbsp;&nbsp;&nbsp;&nbsp; 3154 |
|  | &nbsp;&nbsp;&nbsp;Evercore Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;10420 | &nbsp;&nbsp;&nbsp;&nbsp; 3110 |
|  | &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49117 | &nbsp;&nbsp;&nbsp;&nbsp; 2961 |
|  | &nbsp;&nbsp;&nbsp;First Interstate BancSystem Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;85276 | &nbsp;&nbsp;&nbsp;&nbsp; 2848 |
|  | &nbsp;&nbsp;&nbsp;Simmons First National Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;132581 | &nbsp;&nbsp;&nbsp;&nbsp; 2579 |
|  | &nbsp;&nbsp;&nbsp;S&T Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56868 | &nbsp;&nbsp;&nbsp;&nbsp; 2379 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104603 | &nbsp;&nbsp;&nbsp;&nbsp; 2346 |
|  | &nbsp;&nbsp;&nbsp;PROG Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78861 | &nbsp;&nbsp;&nbsp;&nbsp; 2263 |
|  | &nbsp;&nbsp;&nbsp;Independent Bank Corp. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;28647 | &nbsp;&nbsp;&nbsp;&nbsp; 2155 |
|  | &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34925 | &nbsp;&nbsp;&nbsp;&nbsp; 2119 |
|  | &nbsp;&nbsp;&nbsp;Nelnet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;15348 | &nbsp;&nbsp;&nbsp;&nbsp; 1979 |
|  | &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59386 | &nbsp;&nbsp;&nbsp;&nbsp; 1815 |
|  | &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20774 | &nbsp;&nbsp;&nbsp;&nbsp; 1789 |
|  | &nbsp;&nbsp;&nbsp;Lazard Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41310 | &nbsp;&nbsp;&nbsp;&nbsp; 1755 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Marqeta Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;410234 | &nbsp;&nbsp;&nbsp;&nbsp; 1674 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36129 | &nbsp;&nbsp;&nbsp;&nbsp; 1578 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1546717** |
| **Health Care (10.7%)** | **Health Care (10.7%)** | **Health Care (10.7%)** | **Health Care (10.7%)** |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;293949 | &nbsp;&nbsp;&nbsp;&nbsp; 52608 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;252222 | &nbsp;&nbsp;&nbsp;&nbsp; 47597 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Incyte Corp. | &nbsp;&nbsp;&nbsp;&nbsp;499636 | &nbsp;&nbsp;&nbsp;&nbsp; 47026 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Align Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;234951 | &nbsp;&nbsp;&nbsp;&nbsp; 40278 |
|  | &nbsp;&nbsp;&nbsp;West Pharmaceutical Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;138343 | &nbsp;&nbsp;&nbsp;&nbsp; 34674 |
|  | &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;323564 | &nbsp;&nbsp;&nbsp;&nbsp; 31298 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medpace Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60065 | &nbsp;&nbsp;&nbsp;&nbsp; 28843 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;379257 | &nbsp;&nbsp;&nbsp;&nbsp; 28478 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163813 | &nbsp;&nbsp;&nbsp;&nbsp; 28258 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Moderna Inc. | &nbsp;&nbsp;&nbsp;&nbsp;504078 | &nbsp;&nbsp;&nbsp;&nbsp; 25607 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;133819 | &nbsp;&nbsp;&nbsp;&nbsp; 25298 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals Inc. | 2255073 | &nbsp;&nbsp;&nbsp;&nbsp; 21468 |
|  | &nbsp;&nbsp;&nbsp;Quest Diagnostics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109479 | &nbsp;&nbsp;&nbsp;&nbsp; 21456 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Illumina Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173523 | &nbsp;&nbsp;&nbsp;&nbsp; 21388 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LivaNova plc | &nbsp;&nbsp;&nbsp;&nbsp;336011 | &nbsp;&nbsp;&nbsp;&nbsp; 21357 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60122 | &nbsp;&nbsp;&nbsp;&nbsp; 19893 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;10X Genomics Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;868446 | &nbsp;&nbsp;&nbsp;&nbsp; 18437 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Therapeutics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30921 | &nbsp;&nbsp;&nbsp;&nbsp; 18336 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cooper Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;243399 | &nbsp;&nbsp;&nbsp;&nbsp; 17403 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arvinas Inc. | 1619570 | &nbsp;&nbsp;&nbsp;&nbsp; 17167 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;797651 | &nbsp;&nbsp;&nbsp;&nbsp; 17062 |
|  | &nbsp;&nbsp;&nbsp;Cardinal Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80373 | &nbsp;&nbsp;&nbsp;&nbsp; 16984 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;782649 | &nbsp;&nbsp;&nbsp;&nbsp; 16396 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Neurocrine Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122894 | &nbsp;&nbsp;&nbsp;&nbsp; 16190 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;700120 | &nbsp;&nbsp;&nbsp;&nbsp; 15585 |
|  | &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA Inc. | 1318270 | &nbsp;&nbsp;&nbsp;&nbsp; 15292 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Omnicell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;438425 | &nbsp;&nbsp;&nbsp;&nbsp; 14635 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IRhythm Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122864 | &nbsp;&nbsp;&nbsp;&nbsp; 14500 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228463 | &nbsp;&nbsp;&nbsp;&nbsp; 14325 |
|  | &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37495 | &nbsp;&nbsp;&nbsp;&nbsp; 14163 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sarepta Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;581362 | &nbsp;&nbsp;&nbsp;&nbsp; 12650 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IQVIA Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73117 | &nbsp;&nbsp;&nbsp;&nbsp; 12469 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ardelyx Inc. | 2016043 | &nbsp;&nbsp;&nbsp;&nbsp; 12076 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Veeva Systems Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;67203 | &nbsp;&nbsp;&nbsp;&nbsp; 11805 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exelixis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;274983 | &nbsp;&nbsp;&nbsp;&nbsp; 11794 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teladoc Health Inc. | 2144017 | &nbsp;&nbsp;&nbsp;&nbsp; 11685 |
|  | &nbsp;&nbsp;&nbsp;Organon & Co. | 1950165 | &nbsp;&nbsp;&nbsp;&nbsp; 11681 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vir Biotechnology Inc. | 1294935 | &nbsp;&nbsp;&nbsp;&nbsp; 11603 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Travere Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;374846 | &nbsp;&nbsp;&nbsp;&nbsp; 11137 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AnaptysBio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170737 | &nbsp;&nbsp;&nbsp;&nbsp; 9469 |

---

------

Strategic Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Indivior Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;306067 | &nbsp;&nbsp;&nbsp;&nbsp; 9329 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Intellia Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;724531 | &nbsp;&nbsp;&nbsp;&nbsp; 9288 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Doximity Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;398572 | &nbsp;&nbsp;&nbsp;&nbsp; 9287 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Progyny Inc. | &nbsp;&nbsp;&nbsp;&nbsp;485578 | &nbsp;&nbsp;&nbsp;&nbsp; 8245 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Natera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40765 | &nbsp;&nbsp;&nbsp;&nbsp; 8153 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals Inc. | 2102573 | &nbsp;&nbsp;&nbsp;&nbsp; 7380 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Centene Corp. | &nbsp;&nbsp;&nbsp;&nbsp;225084 | &nbsp;&nbsp;&nbsp;&nbsp; 7369 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insmed Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44769 | &nbsp;&nbsp;&nbsp;&nbsp; 7321 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enovis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;315300 | &nbsp;&nbsp;&nbsp;&nbsp; 7173 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;304467 | &nbsp;&nbsp;&nbsp;&nbsp; 7112 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alignment Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;384038 | &nbsp;&nbsp;&nbsp;&nbsp; 6767 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Janux Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;423646 | &nbsp;&nbsp;&nbsp;&nbsp; 5889 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Altimmune Inc. | 1834747 | &nbsp;&nbsp;&nbsp;&nbsp; 5651 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Haemonetics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;97888 | &nbsp;&nbsp;&nbsp;&nbsp; 5517 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Phreesia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;641083 | &nbsp;&nbsp;&nbsp;&nbsp; 5372 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viridian Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;269533 | &nbsp;&nbsp;&nbsp;&nbsp; 5272 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AtriCure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176032 | &nbsp;&nbsp;&nbsp;&nbsp; 5022 |
|  | &nbsp;&nbsp;&nbsp;CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;134660 | &nbsp;&nbsp;&nbsp;&nbsp; 4762 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Editas Medicine Inc. | 1872176 | &nbsp;&nbsp;&nbsp;&nbsp; 4624 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Option Care Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166202 | &nbsp;&nbsp;&nbsp;&nbsp; 4474 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187124 | &nbsp;&nbsp;&nbsp;&nbsp; 4409 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Inspire Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84262 | &nbsp;&nbsp;&nbsp;&nbsp; 4346 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals Inc. | 1169869 | &nbsp;&nbsp;&nbsp;&nbsp; 4188 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biohaven Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;490599 | &nbsp;&nbsp;&nbsp;&nbsp; 4150 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Myriad Genetics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;871776 | &nbsp;&nbsp;&nbsp;&nbsp; 3923 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Emergent BioSolutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;465318 | &nbsp;&nbsp;&nbsp;&nbsp; 3862 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics Inc. | 1091983 | &nbsp;&nbsp;&nbsp;&nbsp; 3833 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International plc | &nbsp;&nbsp;&nbsp;&nbsp;79078 | &nbsp;&nbsp;&nbsp;&nbsp; 3808 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Novocure Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;327034 | &nbsp;&nbsp;&nbsp;&nbsp; 3565 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hinge Health Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 3470 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Puma Biotechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;540434 | &nbsp;&nbsp;&nbsp;&nbsp; 3453 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcus Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158851 | &nbsp;&nbsp;&nbsp;&nbsp; 3431 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xencor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;264939 | &nbsp;&nbsp;&nbsp;&nbsp; 3195 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fate Therapeutics Inc. | 2540354 | &nbsp;&nbsp;&nbsp;&nbsp; 3048 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CareDx Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163309 | &nbsp;&nbsp;&nbsp;&nbsp; 2835 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avantor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;348462 | &nbsp;&nbsp;&nbsp;&nbsp; 2732 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12945 | &nbsp;&nbsp;&nbsp;&nbsp; 2716 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Artivion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70176 | &nbsp;&nbsp;&nbsp;&nbsp; 2570 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GoodRx Holdings Inc. Class A | 1264093 | &nbsp;&nbsp;&nbsp;&nbsp; 2478 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sotera Health Co. | &nbsp;&nbsp;&nbsp;&nbsp;172415 | &nbsp;&nbsp;&nbsp;&nbsp; 2472 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;198296 | &nbsp;&nbsp;&nbsp;&nbsp; 2465 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Globus Medical Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;26815 | &nbsp;&nbsp;&nbsp;&nbsp; 2310 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Celldex Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72772 | &nbsp;&nbsp;&nbsp;&nbsp; 2308 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180741 | &nbsp;&nbsp;&nbsp;&nbsp; 2283 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AMN Healthcare Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120668 | &nbsp;&nbsp;&nbsp;&nbsp; 2213 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Community Health Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;737087 | &nbsp;&nbsp;&nbsp;&nbsp; 2167 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pacira BioSciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95303 | &nbsp;&nbsp;&nbsp;&nbsp; 2154 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Relay Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214353 | &nbsp;&nbsp;&nbsp;&nbsp; 2133 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Schrodinger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183678 | &nbsp;&nbsp;&nbsp;&nbsp; 2087 |
|  | &nbsp;&nbsp;&nbsp;Labcorp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7542 | &nbsp;&nbsp;&nbsp;&nbsp; 2012 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28952 | &nbsp;&nbsp;&nbsp;&nbsp; 1972 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34371 | &nbsp;&nbsp;&nbsp;&nbsp; 1942 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mineralys Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70050 | &nbsp;&nbsp;&nbsp;&nbsp; 1898 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CorVel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33719 | &nbsp;&nbsp;&nbsp;&nbsp; 1843 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5941 | &nbsp;&nbsp;&nbsp;&nbsp; 1769 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Agenus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;511809 | &nbsp;&nbsp;&nbsp;&nbsp; 1709 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220443 | &nbsp;&nbsp;&nbsp;&nbsp; 1279 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Accendra Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;427891 | &nbsp;&nbsp;&nbsp;&nbsp; 976 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118011 | &nbsp;&nbsp;&nbsp;&nbsp; 911 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Organogenesis Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;334062 | &nbsp;&nbsp;&nbsp;&nbsp; 792 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Joint Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66951 | &nbsp;&nbsp;&nbsp;&nbsp; 593 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1078678** |
| **Industrials (18.7%)** | **Industrials (18.7%)** | **Industrials (18.7%)** | **Industrials (18.7%)** |
|  | &nbsp;&nbsp;&nbsp;EMCOR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113899 | &nbsp;&nbsp;&nbsp;&nbsp; 84093 |
|  | &nbsp;&nbsp;&nbsp;BWX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;325898 | &nbsp;&nbsp;&nbsp;&nbsp; 66643 |
|  | &nbsp;&nbsp;&nbsp;Allison Transmission Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;552829 | &nbsp;&nbsp;&nbsp;&nbsp; 64714 |
|  | &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;361376 | &nbsp;&nbsp;&nbsp;&nbsp; 62778 |
|  | &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85598 | &nbsp;&nbsp;&nbsp;&nbsp; 58303 |
|  | &nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;219660 | &nbsp;&nbsp;&nbsp;&nbsp; 58280 |

---

------

Strategic Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;376222 | &nbsp;&nbsp;&nbsp;&nbsp; 53815 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;792727 | &nbsp;&nbsp;&nbsp;&nbsp; 53565 |
|  | &nbsp;&nbsp;&nbsp;JB Hunt Transport Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;232984 | &nbsp;&nbsp;&nbsp;&nbsp; 49369 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SkyWest Inc. | &nbsp;&nbsp;&nbsp;&nbsp;536456 | &nbsp;&nbsp;&nbsp;&nbsp; 49263 |
|  | &nbsp;&nbsp;&nbsp;Leidos Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;314335 | &nbsp;&nbsp;&nbsp;&nbsp; 48885 |
|  | &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;664254 | &nbsp;&nbsp;&nbsp;&nbsp; 48278 |
|  | &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28872 | &nbsp;&nbsp;&nbsp;&nbsp; 39814 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kirby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;296243 | &nbsp;&nbsp;&nbsp;&nbsp; 39365 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MasTec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117856 | &nbsp;&nbsp;&nbsp;&nbsp; 37919 |
|  | &nbsp;&nbsp;&nbsp;Textron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;420285 | &nbsp;&nbsp;&nbsp;&nbsp; 36800 |
|  | &nbsp;&nbsp;&nbsp;Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;143598 | &nbsp;&nbsp;&nbsp;&nbsp; 35983 |
|  | &nbsp;&nbsp;&nbsp;Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;224254 | &nbsp;&nbsp;&nbsp;&nbsp; 32582 |
|  | &nbsp;&nbsp;&nbsp;Watts Water Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;106822 | &nbsp;&nbsp;&nbsp;&nbsp; 31009 |
|  | &nbsp;&nbsp;&nbsp;Woodward Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85020 | &nbsp;&nbsp;&nbsp;&nbsp; 30430 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MYR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105030 | &nbsp;&nbsp;&nbsp;&nbsp; 29652 |
|  | &nbsp;&nbsp;&nbsp;Mueller Water Products Inc. Class A | 1074917 | &nbsp;&nbsp;&nbsp;&nbsp; 29549 |
|  | &nbsp;&nbsp;&nbsp;Donaldson Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;338706 | &nbsp;&nbsp;&nbsp;&nbsp; 28746 |
|  | &nbsp;&nbsp;&nbsp;Howmet Aerospace Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117316 | &nbsp;&nbsp;&nbsp;&nbsp; 27037 |
|  | &nbsp;&nbsp;&nbsp;Kennametal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;746045 | &nbsp;&nbsp;&nbsp;&nbsp; 26955 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;686140 | &nbsp;&nbsp;&nbsp;&nbsp; 25778 |
|  | &nbsp;&nbsp;&nbsp;Maximus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;373527 | &nbsp;&nbsp;&nbsp;&nbsp; 23943 |
|  | &nbsp;&nbsp;&nbsp;Expeditors International of Washington Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165823 | &nbsp;&nbsp;&nbsp;&nbsp; 23751 |
|  | &nbsp;&nbsp;&nbsp;Sensata Technologies Holding plc | &nbsp;&nbsp;&nbsp;&nbsp;653450 | &nbsp;&nbsp;&nbsp;&nbsp; 23015 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Paylocity Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;211338 | &nbsp;&nbsp;&nbsp;&nbsp; 22833 |
|  | &nbsp;&nbsp;&nbsp;Brady Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;273790 | &nbsp;&nbsp;&nbsp;&nbsp; 22243 |
|  | &nbsp;&nbsp;&nbsp;Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105782 | &nbsp;&nbsp;&nbsp;&nbsp; 21655 |
|  | &nbsp;&nbsp;&nbsp;Acuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77231 | &nbsp;&nbsp;&nbsp;&nbsp; 21642 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ATI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146655 | &nbsp;&nbsp;&nbsp;&nbsp; 21332 |
|  | &nbsp;&nbsp;&nbsp;Mueller Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;185768 | &nbsp;&nbsp;&nbsp;&nbsp; 20583 |
|  | &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;187354 | &nbsp;&nbsp;&nbsp;&nbsp; 20260 |
|  | &nbsp;&nbsp;&nbsp;Tutor Perini Corp. | &nbsp;&nbsp;&nbsp;&nbsp;251239 | &nbsp;&nbsp;&nbsp;&nbsp; 19393 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;204726 | &nbsp;&nbsp;&nbsp;&nbsp; 18849 |
|  | &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47370 | &nbsp;&nbsp;&nbsp;&nbsp; 18671 |
|  | &nbsp;&nbsp;&nbsp;Atkore Inc. | &nbsp;&nbsp;&nbsp;&nbsp;305956 | &nbsp;&nbsp;&nbsp;&nbsp; 18024 |
|  | &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71392 | &nbsp;&nbsp;&nbsp;&nbsp; 17842 |
|  | &nbsp;&nbsp;&nbsp;Graco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;203437 | &nbsp;&nbsp;&nbsp;&nbsp; 17221 |
|  | &nbsp;&nbsp;&nbsp;ESCO Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58607 | &nbsp;&nbsp;&nbsp;&nbsp; 16490 |
|  | &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;172075 | &nbsp;&nbsp;&nbsp;&nbsp; 16333 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Superconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;470284 | &nbsp;&nbsp;&nbsp;&nbsp; 15919 |
|  | &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;230954 | &nbsp;&nbsp;&nbsp;&nbsp; 14539 |
|  | &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51949 | &nbsp;&nbsp;&nbsp;&nbsp; 14244 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bloom Energy Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;102312 | &nbsp;&nbsp;&nbsp;&nbsp; 13862 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoreCivic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;728873 | &nbsp;&nbsp;&nbsp;&nbsp; 13783 |
|  | &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33720 | &nbsp;&nbsp;&nbsp;&nbsp; 12810 |
|  | &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;173443 | &nbsp;&nbsp;&nbsp;&nbsp; 12750 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SPX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63263 | &nbsp;&nbsp;&nbsp;&nbsp; 12649 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lyft Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;920825 | &nbsp;&nbsp;&nbsp;&nbsp; 12247 |
|  | &nbsp;&nbsp;&nbsp;Greenbrier Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228275 | &nbsp;&nbsp;&nbsp;&nbsp; 12019 |
|  | &nbsp;&nbsp;&nbsp;Xylem Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97518 | &nbsp;&nbsp;&nbsp;&nbsp; 11653 |
|  | &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68625 | &nbsp;&nbsp;&nbsp;&nbsp; 11150 |
|  | &nbsp;&nbsp;&nbsp;Valmont Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25302 | &nbsp;&nbsp;&nbsp;&nbsp; 10110 |
|  | &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;125822 | &nbsp;&nbsp;&nbsp;&nbsp; 9818 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Legalzoom.com Inc. | 1722644 | &nbsp;&nbsp;&nbsp;&nbsp; 9767 |
|  | &nbsp;&nbsp;&nbsp;Matson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58241 | &nbsp;&nbsp;&nbsp;&nbsp; 9548 |
|  | &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;153063 | &nbsp;&nbsp;&nbsp;&nbsp; 9240 |
|  | &nbsp;&nbsp;&nbsp;Leonardo DRS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;205841 | &nbsp;&nbsp;&nbsp;&nbsp; 9164 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127917 | &nbsp;&nbsp;&nbsp;&nbsp; 8504 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Willdan Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109985 | &nbsp;&nbsp;&nbsp;&nbsp; 8420 |
|  | &nbsp;&nbsp;&nbsp;Arcosa Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70439 | &nbsp;&nbsp;&nbsp;&nbsp; 7476 |
|  | &nbsp;&nbsp;&nbsp;Moog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;23877 | &nbsp;&nbsp;&nbsp;&nbsp; 6987 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rocket Lab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100853 | &nbsp;&nbsp;&nbsp;&nbsp; 6477 |
|  | &nbsp;&nbsp;&nbsp;KBR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;154408 | &nbsp;&nbsp;&nbsp;&nbsp; 5691 |
|  | &nbsp;&nbsp;&nbsp;Trinity Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170877 | &nbsp;&nbsp;&nbsp;&nbsp; 5499 |
|  | &nbsp;&nbsp;&nbsp;Enpro Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21619 | &nbsp;&nbsp;&nbsp;&nbsp; 5419 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gibraltar Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133900 | &nbsp;&nbsp;&nbsp;&nbsp; 5339 |
|  | &nbsp;&nbsp;&nbsp;AZZ Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42223 | &nbsp;&nbsp;&nbsp;&nbsp; 5283 |
|  | &nbsp;&nbsp;&nbsp;Ennis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;238646 | &nbsp;&nbsp;&nbsp;&nbsp; 5112 |
|  | &nbsp;&nbsp;&nbsp;Wabash National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;590627 | &nbsp;&nbsp;&nbsp;&nbsp; 5091 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RBC Bearings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9138 | &nbsp;&nbsp;&nbsp;&nbsp; 4963 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upwork Inc. | &nbsp;&nbsp;&nbsp;&nbsp;429787 | &nbsp;&nbsp;&nbsp;&nbsp; 4710 |

---

------

Strategic Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Array Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;642250 | &nbsp;&nbsp;&nbsp;&nbsp; 4643 |
|  | &nbsp;&nbsp;&nbsp;MillerKnoll Inc. | &nbsp;&nbsp;&nbsp;&nbsp;319092 | &nbsp;&nbsp;&nbsp;&nbsp; 4614 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shoals Technologies Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;665328 | &nbsp;&nbsp;&nbsp;&nbsp; 4378 |
|  | &nbsp;&nbsp;&nbsp;ABM Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98919 | &nbsp;&nbsp;&nbsp;&nbsp; 3810 |
|  | &nbsp;&nbsp;&nbsp;nVent Electric plc | &nbsp;&nbsp;&nbsp;&nbsp;31960 | &nbsp;&nbsp;&nbsp;&nbsp; 3780 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Healthcare Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;189210 | &nbsp;&nbsp;&nbsp;&nbsp; 3510 |
|  | &nbsp;&nbsp;&nbsp;Advanced Drainage Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25389 | &nbsp;&nbsp;&nbsp;&nbsp; 3482 |
|  | &nbsp;&nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;36703 | &nbsp;&nbsp;&nbsp;&nbsp; 3430 |
|  | &nbsp;&nbsp;&nbsp;Franklin Electric Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35387 | &nbsp;&nbsp;&nbsp;&nbsp; 3262 |
|  | &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;11267 | &nbsp;&nbsp;&nbsp;&nbsp; 3051 |
|  | &nbsp;&nbsp;&nbsp;Exponent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46684 | &nbsp;&nbsp;&nbsp;&nbsp; 3046 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ExlService Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96805 | &nbsp;&nbsp;&nbsp;&nbsp; 2948 |
|  | &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14120 | &nbsp;&nbsp;&nbsp;&nbsp; 2943 |
|  | &nbsp;&nbsp;&nbsp;Worthington Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55735 | &nbsp;&nbsp;&nbsp;&nbsp; 2906 |
|  | &nbsp;&nbsp;&nbsp;UFP Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30458 | &nbsp;&nbsp;&nbsp;&nbsp; 2806 |
|  | &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61947 | &nbsp;&nbsp;&nbsp;&nbsp; 2778 |
|  | &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;77048 | &nbsp;&nbsp;&nbsp;&nbsp; 2573 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18238 | &nbsp;&nbsp;&nbsp;&nbsp; 2428 |
|  | &nbsp;&nbsp;&nbsp;McGrath RentCorp. | &nbsp;&nbsp;&nbsp;&nbsp;21608 | &nbsp;&nbsp;&nbsp;&nbsp; 2383 |
|  | &nbsp;&nbsp;&nbsp;ICF International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36249 | &nbsp;&nbsp;&nbsp;&nbsp; 2367 |
|  | &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;99578 | &nbsp;&nbsp;&nbsp;&nbsp; 2246 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OPENLANE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74867 | &nbsp;&nbsp;&nbsp;&nbsp; 2182 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vicor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12026 | &nbsp;&nbsp;&nbsp;&nbsp; 1936 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sunrun Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136797 | &nbsp;&nbsp;&nbsp;&nbsp; 1855 |
|  | &nbsp;&nbsp;&nbsp;Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;26403 | &nbsp;&nbsp;&nbsp;&nbsp; 1753 |
|  | &nbsp;&nbsp;&nbsp;CRA International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10738 | &nbsp;&nbsp;&nbsp;&nbsp; 1738 |
|  | &nbsp;&nbsp;&nbsp;Albany International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;33176 | &nbsp;&nbsp;&nbsp;&nbsp; 1732 |
|  | &nbsp;&nbsp;&nbsp;Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;18985 | &nbsp;&nbsp;&nbsp;&nbsp; 1654 |
|  | &nbsp;&nbsp;&nbsp;Alight Inc. Class A | 1276004 | &nbsp;&nbsp;&nbsp;&nbsp; 744 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1894906** |
| **Information Technology (14.4%)** | **Information Technology (14.4%)** | **Information Technology (14.4%)** | **Information Technology (14.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cirrus Logic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;481233 | &nbsp;&nbsp;&nbsp;&nbsp; 69596 |
|  | &nbsp;&nbsp;&nbsp;Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196540 | &nbsp;&nbsp;&nbsp;&nbsp; 58266 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;505694 | &nbsp;&nbsp;&nbsp;&nbsp; 51778 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;&nbsp;208895 | &nbsp;&nbsp;&nbsp;&nbsp; 49761 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MongoDB Inc. | &nbsp;&nbsp;&nbsp;&nbsp;163981 | &nbsp;&nbsp;&nbsp;&nbsp; 40138 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Extreme Networks Inc. | 2616081 | &nbsp;&nbsp;&nbsp;&nbsp; 39450 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lumentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54334 | &nbsp;&nbsp;&nbsp;&nbsp; 38184 |
|  | &nbsp;&nbsp;&nbsp;RingCentral Inc. Class A | 1020037 | &nbsp;&nbsp;&nbsp;&nbsp; 37935 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ciena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;94473 | &nbsp;&nbsp;&nbsp;&nbsp; 36677 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dropbox Inc. Class A | 1517194 | &nbsp;&nbsp;&nbsp;&nbsp; 34471 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;160937 | &nbsp;&nbsp;&nbsp;&nbsp; 33649 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fastly Inc. Class A | 1130791 | &nbsp;&nbsp;&nbsp;&nbsp; 32861 |
|  | &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;267943 | &nbsp;&nbsp;&nbsp;&nbsp; 32426 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teradata Corp. | 1240006 | &nbsp;&nbsp;&nbsp;&nbsp; 31781 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 1287180 | &nbsp;&nbsp;&nbsp;&nbsp; 30648 |
|  | &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;73539 | &nbsp;&nbsp;&nbsp;&nbsp; 28810 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zoom Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;347125 | &nbsp;&nbsp;&nbsp;&nbsp; 27905 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Manhattan Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;205890 | &nbsp;&nbsp;&nbsp;&nbsp; 27408 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ambarella Inc. | &nbsp;&nbsp;&nbsp;&nbsp;523873 | &nbsp;&nbsp;&nbsp;&nbsp; 26966 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;nLight Inc. | &nbsp;&nbsp;&nbsp;&nbsp;470010 | &nbsp;&nbsp;&nbsp;&nbsp; 26800 |
|  | &nbsp;&nbsp;&nbsp;Jabil Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97870 | &nbsp;&nbsp;&nbsp;&nbsp; 25997 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ultra Clean Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;397112 | &nbsp;&nbsp;&nbsp;&nbsp; 24692 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commvault Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;304257 | &nbsp;&nbsp;&nbsp;&nbsp; 23699 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Everpure Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;389070 | &nbsp;&nbsp;&nbsp;&nbsp; 22971 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Calix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;467358 | &nbsp;&nbsp;&nbsp;&nbsp; 22896 |
|  | &nbsp;&nbsp;&nbsp;Amkor Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;507319 | &nbsp;&nbsp;&nbsp;&nbsp; 22845 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MaxLinear Inc. | 1293517 | &nbsp;&nbsp;&nbsp;&nbsp; 22494 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;First Solar Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104213 | &nbsp;&nbsp;&nbsp;&nbsp; 20557 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;217466 | &nbsp;&nbsp;&nbsp;&nbsp; 20414 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fabrinet | &nbsp;&nbsp;&nbsp;&nbsp;38963 | &nbsp;&nbsp;&nbsp;&nbsp; 20320 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sandisk Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30783 | &nbsp;&nbsp;&nbsp;&nbsp; 19558 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Appian Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;775549 | &nbsp;&nbsp;&nbsp;&nbsp; 18698 |
|  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65762 | &nbsp;&nbsp;&nbsp;&nbsp; 17788 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kyndryl Holdings Inc. | 1346964 | &nbsp;&nbsp;&nbsp;&nbsp; 17672 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Plexus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79772 | &nbsp;&nbsp;&nbsp;&nbsp; 16157 |
|  | &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95632 | &nbsp;&nbsp;&nbsp;&nbsp; 16134 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Astera Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145658 | &nbsp;&nbsp;&nbsp;&nbsp; 15964 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penguin Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;899766 | &nbsp;&nbsp;&nbsp;&nbsp; 15836 |

---

------

Strategic Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68831 | &nbsp;&nbsp;&nbsp;&nbsp; 15285 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62435 | &nbsp;&nbsp;&nbsp;&nbsp; 15240 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workiva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249942 | &nbsp;&nbsp;&nbsp;&nbsp; 14904 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tenable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;833959 | &nbsp;&nbsp;&nbsp;&nbsp; 14106 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Twilio Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;103585 | &nbsp;&nbsp;&nbsp;&nbsp; 13033 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unity Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;552762 | &nbsp;&nbsp;&nbsp;&nbsp; 12128 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Docusign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;239902 | &nbsp;&nbsp;&nbsp;&nbsp; 11374 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Five9 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;671684 | &nbsp;&nbsp;&nbsp;&nbsp; 10189 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SentinelOne Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;782599 | &nbsp;&nbsp;&nbsp;&nbsp; 10080 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TTM Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99987 | &nbsp;&nbsp;&nbsp;&nbsp; 9741 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zscaler Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66292 | &nbsp;&nbsp;&nbsp;&nbsp; 9300 |
|  | &nbsp;&nbsp;&nbsp;MKS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38041 | &nbsp;&nbsp;&nbsp;&nbsp; 8742 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Asana Inc. Class A | 1328558 | &nbsp;&nbsp;&nbsp;&nbsp; 8503 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PagerDuty Inc. | 1324073 | &nbsp;&nbsp;&nbsp;&nbsp; 8222 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADTRAN Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;638995 | &nbsp;&nbsp;&nbsp;&nbsp; 8039 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61905 | &nbsp;&nbsp;&nbsp;&nbsp; 8025 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LiveRamp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;297775 | &nbsp;&nbsp;&nbsp;&nbsp; 7897 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Photronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190243 | &nbsp;&nbsp;&nbsp;&nbsp; 7688 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;161635 | &nbsp;&nbsp;&nbsp;&nbsp; 7534 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Samsara Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;222853 | &nbsp;&nbsp;&nbsp;&nbsp; 7062 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;FormFactor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72149 | &nbsp;&nbsp;&nbsp;&nbsp; 6998 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SolarEdge Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125026 | &nbsp;&nbsp;&nbsp;&nbsp; 6383 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Super Micro Computer Inc. (XNGS) | &nbsp;&nbsp;&nbsp;&nbsp;257605 | &nbsp;&nbsp;&nbsp;&nbsp; 5866 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flex Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;89037 | &nbsp;&nbsp;&nbsp;&nbsp; 5828 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Semtech Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71578 | &nbsp;&nbsp;&nbsp;&nbsp; 5504 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alarm.com Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123086 | &nbsp;&nbsp;&nbsp;&nbsp; 5316 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elastic NV | &nbsp;&nbsp;&nbsp;&nbsp;95768 | &nbsp;&nbsp;&nbsp;&nbsp; 4787 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;787515 | &nbsp;&nbsp;&nbsp;&nbsp; 4764 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprinklr Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;785557 | &nbsp;&nbsp;&nbsp;&nbsp; 4713 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;nCino Inc. | &nbsp;&nbsp;&nbsp;&nbsp;279745 | &nbsp;&nbsp;&nbsp;&nbsp; 4191 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rapid7 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;749449 | &nbsp;&nbsp;&nbsp;&nbsp; 4129 |
|  | &nbsp;&nbsp;&nbsp;Benchmark Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73534 | &nbsp;&nbsp;&nbsp;&nbsp; 4122 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AvePoint Inc. | &nbsp;&nbsp;&nbsp;&nbsp;424412 | &nbsp;&nbsp;&nbsp;&nbsp; 4036 |
|  | &nbsp;&nbsp;&nbsp;Vishay Intertechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209655 | &nbsp;&nbsp;&nbsp;&nbsp; 3774 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arlo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;257951 | &nbsp;&nbsp;&nbsp;&nbsp; 3671 |
|  | &nbsp;&nbsp;&nbsp;Pegasystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84867 | &nbsp;&nbsp;&nbsp;&nbsp; 3612 |
|  | &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69878 | &nbsp;&nbsp;&nbsp;&nbsp; 3423 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diodes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45951 | &nbsp;&nbsp;&nbsp;&nbsp; 3137 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yext Inc. | &nbsp;&nbsp;&nbsp;&nbsp;789914 | &nbsp;&nbsp;&nbsp;&nbsp; 3033 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Domo Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;868846 | &nbsp;&nbsp;&nbsp;&nbsp; 2659 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6433 | &nbsp;&nbsp;&nbsp;&nbsp; 2560 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axcelis Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27372 | &nbsp;&nbsp;&nbsp;&nbsp; 2548 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;8x8 Inc. | 1507087 | &nbsp;&nbsp;&nbsp;&nbsp; 2502 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viasat Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52787 | &nbsp;&nbsp;&nbsp;&nbsp; 2418 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43246 | &nbsp;&nbsp;&nbsp;&nbsp; 2316 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Freshworks Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;284878 | &nbsp;&nbsp;&nbsp;&nbsp; 2288 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guidewire Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15057 | &nbsp;&nbsp;&nbsp;&nbsp; 2252 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unisys Corp. | 1063469 | &nbsp;&nbsp;&nbsp;&nbsp; 2201 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cohu Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69454 | &nbsp;&nbsp;&nbsp;&nbsp; 2127 |
|  | &nbsp;&nbsp;&nbsp;Napco Security Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50839 | &nbsp;&nbsp;&nbsp;&nbsp; 2003 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;90024 | &nbsp;&nbsp;&nbsp;&nbsp; 1995 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Qualys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22186 | &nbsp;&nbsp;&nbsp;&nbsp; 1949 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;IREN Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;55173 | &nbsp;&nbsp;&nbsp;&nbsp; 1891 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Braze Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;68363 | &nbsp;&nbsp;&nbsp;&nbsp; 1614 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | 1069756 | &nbsp;&nbsp;&nbsp;&nbsp; 1380 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Insight Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16387 | &nbsp;&nbsp;&nbsp;&nbsp; 1098 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nutanix Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;27780 | &nbsp;&nbsp;&nbsp;&nbsp; 1056 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blend Labs Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;497871 | &nbsp;&nbsp;&nbsp;&nbsp; 846 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1452284** |
| **Materials (5.7%)** | **Materials (5.7%)** | **Materials (5.7%)** | **Materials (5.7%)** |
|  | &nbsp;&nbsp;&nbsp;CF Industries Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;592817 | &nbsp;&nbsp;&nbsp;&nbsp; 76971 |
|  | &nbsp;&nbsp;&nbsp;Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;866447 | &nbsp;&nbsp;&nbsp;&nbsp; 57471 |
|  | &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;265832 | &nbsp;&nbsp;&nbsp;&nbsp; 47725 |
|  | &nbsp;&nbsp;&nbsp;Reliance Inc. | &nbsp;&nbsp;&nbsp;&nbsp;121866 | &nbsp;&nbsp;&nbsp;&nbsp; 37037 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Century Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;538053 | &nbsp;&nbsp;&nbsp;&nbsp; 31578 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Constellium SE | 1082758 | &nbsp;&nbsp;&nbsp;&nbsp; 26614 |
|  | &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;120200 | &nbsp;&nbsp;&nbsp;&nbsp; 25509 |
|  | &nbsp;&nbsp;&nbsp;Crown Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;247858 | &nbsp;&nbsp;&nbsp;&nbsp; 24848 |
|  | &nbsp;&nbsp;&nbsp;Element Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;585162 | &nbsp;&nbsp;&nbsp;&nbsp; 19977 |

---

------

Strategic Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;108624 | &nbsp;&nbsp;&nbsp;&nbsp; 18410 |
|  | &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;290307 | &nbsp;&nbsp;&nbsp;&nbsp; 17654 |
|  | &nbsp;&nbsp;&nbsp;Huntsman Corp. | 1058739 | &nbsp;&nbsp;&nbsp;&nbsp; 14092 |
|  | &nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;726589 | &nbsp;&nbsp;&nbsp;&nbsp; 13536 |
|  | &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;108762 | &nbsp;&nbsp;&nbsp;&nbsp; 13107 |
|  | &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;512227 | &nbsp;&nbsp;&nbsp;&nbsp; 13062 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O-I Glass Inc. | 1196753 | &nbsp;&nbsp;&nbsp;&nbsp; 12578 |
|  | &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;204196 | &nbsp;&nbsp;&nbsp;&nbsp; 12544 |
|  | &nbsp;&nbsp;&nbsp;Warrior Met Coal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133315 | &nbsp;&nbsp;&nbsp;&nbsp; 12418 |
|  | &nbsp;&nbsp;&nbsp;AptarGroup Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95135 | &nbsp;&nbsp;&nbsp;&nbsp; 11989 |
|  | &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;175103 | &nbsp;&nbsp;&nbsp;&nbsp; 11516 |
|  | &nbsp;&nbsp;&nbsp;United States Lime & Minerals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79280 | &nbsp;&nbsp;&nbsp;&nbsp; 10355 |
|  | &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;104414 | &nbsp;&nbsp;&nbsp;&nbsp; 9026 |
|  | &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49995 | &nbsp;&nbsp;&nbsp;&nbsp; 8633 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32745 | &nbsp;&nbsp;&nbsp;&nbsp; 6722 |
|  | &nbsp;&nbsp;&nbsp;Royal Gold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24797 | &nbsp;&nbsp;&nbsp;&nbsp; 6311 |
|  | &nbsp;&nbsp;&nbsp;Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;124208 | &nbsp;&nbsp;&nbsp;&nbsp; 5247 |
|  | &nbsp;&nbsp;&nbsp;Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;232097 | &nbsp;&nbsp;&nbsp;&nbsp; 5113 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Metallus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;282836 | &nbsp;&nbsp;&nbsp;&nbsp; 4622 |
|  | &nbsp;&nbsp;&nbsp;Innospec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62150 | &nbsp;&nbsp;&nbsp;&nbsp; 4538 |
|  | &nbsp;&nbsp;&nbsp;Greif Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;57617 | &nbsp;&nbsp;&nbsp;&nbsp; 3864 |
|  | &nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26251 | &nbsp;&nbsp;&nbsp;&nbsp; 3797 |
|  | &nbsp;&nbsp;&nbsp;Solstice Advanced Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33953 | &nbsp;&nbsp;&nbsp;&nbsp; 2586 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ingevity Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35821 | &nbsp;&nbsp;&nbsp;&nbsp; 2551 |
|  | &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69601 | &nbsp;&nbsp;&nbsp;&nbsp; 2526 |
|  | &nbsp;&nbsp;&nbsp;TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68754 | &nbsp;&nbsp;&nbsp;&nbsp; 2471 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Perimeter Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85160 | &nbsp;&nbsp;&nbsp;&nbsp; 2080 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **579078** |
| **Real Estate (6.7%)** | **Real Estate (6.7%)** | **Real Estate (6.7%)** | **Real Estate (6.7%)** |
|  | &nbsp;&nbsp;&nbsp;Brixmor Property Group Inc. | 2169506 | &nbsp;&nbsp;&nbsp;&nbsp; 62482 |
|  | &nbsp;&nbsp;&nbsp;Omega Healthcare Investors Inc. | 1339554 | &nbsp;&nbsp;&nbsp;&nbsp; 58699 |
|  | &nbsp;&nbsp;&nbsp;First Industrial Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;950627 | &nbsp;&nbsp;&nbsp;&nbsp; 54994 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jones Lang LaSalle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169085 | &nbsp;&nbsp;&nbsp;&nbsp; 51456 |
|  | &nbsp;&nbsp;&nbsp;Host Hotels & Resorts Inc. | 2677945 | &nbsp;&nbsp;&nbsp;&nbsp; 51309 |
|  | &nbsp;&nbsp;&nbsp;COPT Defense Properties | 1143636 | &nbsp;&nbsp;&nbsp;&nbsp; 34995 |
|  | &nbsp;&nbsp;&nbsp;Cousins Properties Inc. | 1541383 | &nbsp;&nbsp;&nbsp;&nbsp; 34789 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;211771 | &nbsp;&nbsp;&nbsp;&nbsp; 28687 |
|  | &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;256241 | &nbsp;&nbsp;&nbsp;&nbsp; 27215 |
|  | &nbsp;&nbsp;&nbsp;Urban Edge Properties | 1149255 | &nbsp;&nbsp;&nbsp;&nbsp; 22962 |
|  | &nbsp;&nbsp;&nbsp;Phillips Edison & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;578055 | &nbsp;&nbsp;&nbsp;&nbsp; 21631 |
|  | &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;352613 | &nbsp;&nbsp;&nbsp;&nbsp; 20857 |
|  | &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;866371 | &nbsp;&nbsp;&nbsp;&nbsp; 19467 |
|  | &nbsp;&nbsp;&nbsp;Broadstone Net Lease Inc. | &nbsp;&nbsp;&nbsp;&nbsp;959123 | &nbsp;&nbsp;&nbsp;&nbsp; 17523 |
|  | &nbsp;&nbsp;&nbsp;STAG Industrial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;480298 | &nbsp;&nbsp;&nbsp;&nbsp; 17320 |
|  | &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts Inc. | 1072566 | &nbsp;&nbsp;&nbsp;&nbsp; 15906 |
|  | &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;346515 | &nbsp;&nbsp;&nbsp;&nbsp; 15375 |
|  | &nbsp;&nbsp;&nbsp;Highwoods Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;673583 | &nbsp;&nbsp;&nbsp;&nbsp; 14421 |
|  | &nbsp;&nbsp;&nbsp;NNN REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;307685 | &nbsp;&nbsp;&nbsp;&nbsp; 12932 |
|  | &nbsp;&nbsp;&nbsp;Outfront Media Inc. | &nbsp;&nbsp;&nbsp;&nbsp;480065 | &nbsp;&nbsp;&nbsp;&nbsp; 12722 |
|  | &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | 1107212 | &nbsp;&nbsp;&nbsp;&nbsp; 10375 |
|  | &nbsp;&nbsp;&nbsp;EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;185530 | &nbsp;&nbsp;&nbsp;&nbsp; 9269 |
|  | &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;106773 | &nbsp;&nbsp;&nbsp;&nbsp; 8078 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Piedmont Realty Trust Inc. | 1022627 | &nbsp;&nbsp;&nbsp;&nbsp; 6719 |
|  | &nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;139956 | &nbsp;&nbsp;&nbsp;&nbsp; 6474 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cushman & Wakefield Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;518313 | &nbsp;&nbsp;&nbsp;&nbsp; 6355 |
|  | &nbsp;&nbsp;&nbsp;Tanger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165449 | &nbsp;&nbsp;&nbsp;&nbsp; 5622 |
|  | &nbsp;&nbsp;&nbsp;Sabra Health Care REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;288175 | &nbsp;&nbsp;&nbsp;&nbsp; 5542 |
|  | &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;158269 | &nbsp;&nbsp;&nbsp;&nbsp; 4821 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zillow Group Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;103859 | &nbsp;&nbsp;&nbsp;&nbsp; 4298 |
|  | &nbsp;&nbsp;&nbsp;Rexford Industrial Realty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;129770 | &nbsp;&nbsp;&nbsp;&nbsp; 4247 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;94854 | &nbsp;&nbsp;&nbsp;&nbsp; 3839 |
|  | &nbsp;&nbsp;&nbsp;Newmark Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;147992 | &nbsp;&nbsp;&nbsp;&nbsp; 2218 |
|  | &nbsp;&nbsp;&nbsp;RLJ Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;289866 | &nbsp;&nbsp;&nbsp;&nbsp; 2151 |
|  | &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;231924 | &nbsp;&nbsp;&nbsp;&nbsp; 2090 |
|  | &nbsp;&nbsp;&nbsp;Millrose Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67695 | &nbsp;&nbsp;&nbsp;&nbsp; 1895 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **679735** |
| **Utilities (5.5%)** | **Utilities (5.5%)** | **Utilities (5.5%)** | **Utilities (5.5%)** |
|  | &nbsp;&nbsp;&nbsp;Edison International | 1165400 | &nbsp;&nbsp;&nbsp;&nbsp; 85284 |
|  | &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;951336 | &nbsp;&nbsp;&nbsp;&nbsp; 73805 |

---

------

Strategic Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;675953 | &nbsp;&nbsp;&nbsp;&nbsp; 63513 |
|  | &nbsp;&nbsp;&nbsp;Avista Corp. | 1186895 | &nbsp;&nbsp;&nbsp;&nbsp; 47642 |
|  | &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;648816 | &nbsp;&nbsp;&nbsp;&nbsp; 45034 |
|  | &nbsp;&nbsp;&nbsp;Evergy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;543806 | &nbsp;&nbsp;&nbsp;&nbsp; 44549 |
|  | &nbsp;&nbsp;&nbsp;NRG Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237194 | &nbsp;&nbsp;&nbsp;&nbsp; 34663 |
|  | &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;480693 | &nbsp;&nbsp;&nbsp;&nbsp; 33302 |
|  | &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;612570 | &nbsp;&nbsp;&nbsp;&nbsp; 32325 |
|  | &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;199576 | &nbsp;&nbsp;&nbsp;&nbsp; 29182 |
|  | &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;224472 | &nbsp;&nbsp;&nbsp;&nbsp; 24674 |
|  | &nbsp;&nbsp;&nbsp;Spire Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178859 | &nbsp;&nbsp;&nbsp;&nbsp; 16194 |
|  | &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;153768 | &nbsp;&nbsp;&nbsp;&nbsp; 11628 |
|  | &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100053 | &nbsp;&nbsp;&nbsp;&nbsp; 5069 |
|  | &nbsp;&nbsp;&nbsp;ONE Gas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53305 | &nbsp;&nbsp;&nbsp;&nbsp; 4591 |
|  | &nbsp;&nbsp;&nbsp;Southwest Gas Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32829 | &nbsp;&nbsp;&nbsp;&nbsp; 2853 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44210 | &nbsp;&nbsp;&nbsp;&nbsp; 2428 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **556736** |
| **Total Common Stocks (Cost $8,313,828)** | **Total Common Stocks (Cost $8,313,828)** | **Total Common Stocks (Cost $8,313,828)** | &nbsp;&nbsp;&nbsp;&nbsp;**10027415** |
| **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** |
| **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 3.687% **(Cost $60,051)** | &nbsp;&nbsp;&nbsp;&nbsp;600582 | &nbsp;&nbsp;&nbsp;&nbsp; **60052** |
| **Total Investments (99.7%) (Cost $8,373,879)** | **Total Investments (99.7%) (Cost $8,373,879)** | **Total Investments (99.7%) (Cost $8,373,879)** | &nbsp;&nbsp;&nbsp;&nbsp;**10087467** |
| **Other Assets and Liabilities—Net (0.3%)** | **Other Assets and Liabilities—Net (0.3%)** | **Other Assets and Liabilities—Net (0.3%)** | &nbsp;&nbsp;&nbsp;&nbsp;**31932** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**10119399** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $6,236. |
| 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 $6,345 was received for securities on loan. |
|  | REIT—Real Estate Investment Trust. |

---

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini Russell 2000 Index | June 2026 | 543 | 68206 | &nbsp;&nbsp;76 |
| E-mini S&P 500 Index | June 2026 | 88 | 28911 | &nbsp;&nbsp;(421) |
|  |  |  |  | &nbsp;&nbsp;(345) |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Strategic Equity Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $8,313,828) | 10027415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $60,051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60052 |
| Total Investments in Securities | 10087467 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5523 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21211 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7306 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10798 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 |
| **Total Assets** | **10134626** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6345 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7945 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15227** |
| **Net Assets** | **10119399** |
| 1 Includes $6,236 of securities on loan. |  |
| **At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;7926802 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;2192597 |
| **Net Assets** | **10119399** |
| **Net Assets** |  |
| **Applicable to 265,159,319 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **10119399** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$38.16** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Strategic Equity Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> March 31, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends | &nbsp;&nbsp;&nbsp;66300 |
| Interest<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1013 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| Total Income | &nbsp;&nbsp;&nbsp;67342 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;1735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;6312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Shareholders' Reports | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;8426 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**58916** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>1</sup> | 560908 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;1668 |
| **Realized Net Gain (Loss)** | **562576** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>1</sup> | (200487) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(802) |
| **Change in Unrealized Appreciation (Depreciation)** | **(201289)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **420203** |

---

---

| | |
|:---|:---|
| 1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $934, less than $1, and ($4), respectively. Purchases and sales are for temporary cash investment purposes. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Strategic Equity Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124120 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894198 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(201289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104447 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420203 | &nbsp;&nbsp;&nbsp;&nbsp;1122765 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;(992554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(930369) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808731 | &nbsp;&nbsp;&nbsp;&nbsp;1075366 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867984 |
| Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(616186) | &nbsp;&nbsp;&nbsp;(1605312) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;1106648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338038 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530434 |
| **Net Assets** |  |  |
| **Beginning of Period** | &nbsp;&nbsp;&nbsp;**9585102** | &nbsp;&nbsp;&nbsp;&nbsp;**9054668** |
| **End of Period** | **10119399** | &nbsp;&nbsp;&nbsp;&nbsp;**9585102** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Strategic Equity Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$40.63** | &nbsp;&nbsp;&nbsp;**$40.05** | &nbsp;&nbsp;&nbsp;**$32.13** | &nbsp;&nbsp;&nbsp;**$30.70** | &nbsp;&nbsp;&nbsp;**$44.07** | &nbsp;&nbsp;&nbsp;**$30.31** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.465 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;1.481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.527 | &nbsp;&nbsp;&nbsp;&nbsp;(5.606) | &nbsp;&nbsp;&nbsp;&nbsp;13.937 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;1.715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.685 | &nbsp;&nbsp;&nbsp;&nbsp;10.021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.030 | &nbsp;&nbsp;&nbsp;&nbsp;(5.089) | &nbsp;&nbsp;&nbsp;&nbsp;14.402 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.479) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;(3.706) | &nbsp;&nbsp;&nbsp;&nbsp;(3.643) | &nbsp;&nbsp;&nbsp;&nbsp;(1.583) | &nbsp;&nbsp;&nbsp;&nbsp;(3.143) | &nbsp;&nbsp;&nbsp;&nbsp;(7.755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.163) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(4.185) | &nbsp;&nbsp;&nbsp;&nbsp;(4.105) | &nbsp;&nbsp;&nbsp;&nbsp;(2.101) | &nbsp;&nbsp;&nbsp;&nbsp;(3.600) | &nbsp;&nbsp;&nbsp;&nbsp;(8.281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.642) |
| **Net Asset Value, End of Period** | **$38.16** | &nbsp;&nbsp;&nbsp;**$40.63** | &nbsp;&nbsp;&nbsp;**$40.05** | &nbsp;&nbsp;&nbsp;**$32.13** | &nbsp;&nbsp;&nbsp;**$30.70** | &nbsp;&nbsp;&nbsp;**$44.07** |
| **Total Return<sup>2</sup>** | **4.40%** | &nbsp;&nbsp;&nbsp;**13.01%** | &nbsp;&nbsp;&nbsp;**32.29%** | &nbsp;&nbsp;&nbsp;**16.99%** | &nbsp;&nbsp;&nbsp;**-14.81%** | &nbsp;&nbsp;&nbsp;**47.98%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $10119 | &nbsp;&nbsp;&nbsp;$9585 | &nbsp;&nbsp;&nbsp;$9055 | &nbsp;&nbsp;&nbsp;$7028 | &nbsp;&nbsp;&nbsp;$6336 | &nbsp;&nbsp;&nbsp;$7866 |
| Ratio of Total Expenses to Average Net Assets | 0.17% | &nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;0.17%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.17%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;0.17% |
| Ratio of Net Investment Income to Average Net Assets | 1.20% | &nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;1.39% | &nbsp;&nbsp;&nbsp;1.15% |
| Portfolio Turnover Rate | 30% | &nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;63% | &nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;59% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Strategic Equity Fund

Notes to Financial Statements

Vanguard Strategic Equity Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. 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.

2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended March 31, 2026, the fund's average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be

------

Strategic Equity Fund

called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended March 31, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

**B.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate
management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines
approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At March 31, 2026, the fund had contributed to Vanguard capital in the amount of $240,000, representing less than 0.01% of the fund's net assets and 0.10% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used
to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

At March 31, 2026, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**E.** As of March 31, 2026, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;8380064 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;2383081 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(676023) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1707058 |

---

**F.** During the six months ended March 31, 2026, the fund purchased $3,131,684,000 of investment securities and sold $2,992,923,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended March 31, 2026, such purchases were $17,563,000 and sales were $13,067,000, resulting in net realized gain of $4,163,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**G.** Capital shares issued and redeemed were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;20498 | &nbsp;&nbsp;&nbsp;&nbsp;29072 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;24376 | &nbsp;&nbsp;&nbsp;&nbsp;24091 |
| Redeemed | (15621) | &nbsp;&nbsp;&nbsp;(43358) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;29253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9805 |

---

**H.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

------

Strategic Equity Fund

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**I.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**J.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

Q1142 052026

------

![](tm2611750d9capoppfundfini001.jpg)

#### Financial Statements

#### For the six-months ended March 31, 2026

#### Vanguard Capital Opportunity Fund

------

#### Contents
Financial Statements 1 <br>

------

Capital Opportunity Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of March 31, 2026

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (97.2%)** | **Common Stocks (97.2%)** | **Common Stocks (97.2%)** | **Common Stocks (97.2%)** |
| **Communication Services (6.5%)** | **Communication Services (6.5%)** | **Communication Services (6.5%)** | **Communication Services (6.5%)** |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | 1846450 | &nbsp;&nbsp;&nbsp;&nbsp; 530965 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | 1561170 | &nbsp;&nbsp;&nbsp;&nbsp; 447837 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Baidu Inc. ADR | 2366490 | &nbsp;&nbsp;&nbsp;&nbsp; 263674 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;173800 | &nbsp;&nbsp;&nbsp;&nbsp; 99436 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;696050 | &nbsp;&nbsp;&nbsp;&nbsp; 66925 |
|  | &nbsp;&nbsp;&nbsp;Universal Music Group NV | 2591005 | &nbsp;&nbsp;&nbsp;&nbsp; 50294 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61271 | &nbsp;&nbsp;&nbsp;&nbsp; 29711 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pinterest Inc. Class A | 1608750 | &nbsp;&nbsp;&nbsp;&nbsp; 29505 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Live Nation Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180920 | &nbsp;&nbsp;&nbsp;&nbsp; 27592 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies Inc. | 3212664 | &nbsp;&nbsp;&nbsp;&nbsp; 19212 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trade Desk Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;798500 | &nbsp;&nbsp;&nbsp;&nbsp; 18118 |
|  | &nbsp;&nbsp;&nbsp;Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;132140 | &nbsp;&nbsp;&nbsp;&nbsp; 12736 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Take-Two Interactive Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39480 | &nbsp;&nbsp;&nbsp;&nbsp; 7797 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Snap Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10500 | &nbsp;&nbsp;&nbsp;&nbsp; 48 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1603850** |
| **Consumer Discretionary (10.4%)** | **Consumer Discretionary (10.4%)** | **Consumer Discretionary (10.4%)** | **Consumer Discretionary (10.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 2150712 | &nbsp;&nbsp;&nbsp;&nbsp; 447929 |
|  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | 3479976 | &nbsp;&nbsp;&nbsp;&nbsp; 436598 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | &nbsp;&nbsp;&nbsp;&nbsp;955690 | &nbsp;&nbsp;&nbsp;&nbsp; 355278 |
|  | &nbsp;&nbsp;&nbsp;TJX Cos. Inc. | 2088600 | &nbsp;&nbsp;&nbsp;&nbsp; 333549 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;XPeng Inc. ADR | 8237719 | &nbsp;&nbsp;&nbsp;&nbsp; 140947 |
|  | &nbsp;&nbsp;&nbsp;Sony Group Corp. ADR | 5445375 | &nbsp;&nbsp;&nbsp;&nbsp; 112719 |
|  | &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;382000 | &nbsp;&nbsp;&nbsp;&nbsp; 105119 |
|  | &nbsp;&nbsp;&nbsp;Ross Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;444800 | &nbsp;&nbsp;&nbsp;&nbsp; 96357 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CarMax Inc. | 1665647 | &nbsp;&nbsp;&nbsp;&nbsp; 69258 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Burlington Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209400 | &nbsp;&nbsp;&nbsp;&nbsp; 68135 |
|  | &nbsp;&nbsp;&nbsp;eBay Inc. | &nbsp;&nbsp;&nbsp;&nbsp;517600 | &nbsp;&nbsp;&nbsp;&nbsp; 47112 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flutter Entertainment plc | &nbsp;&nbsp;&nbsp;&nbsp;419047 | &nbsp;&nbsp;&nbsp;&nbsp; 42722 |
|  | &nbsp;&nbsp;&nbsp;Carnival Corp. | 1577945 | &nbsp;&nbsp;&nbsp;&nbsp; 40837 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cava Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;498400 | &nbsp;&nbsp;&nbsp;&nbsp; 40320 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Carvana Co. | &nbsp;&nbsp;&nbsp;&nbsp;125387 | &nbsp;&nbsp;&nbsp;&nbsp; 39419 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Capri Holdings Ltd. | 2215053 | &nbsp;&nbsp;&nbsp;&nbsp; 39029 |
|  | &nbsp;&nbsp;&nbsp;Entain plc | 4503388 | &nbsp;&nbsp;&nbsp;&nbsp; 33831 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;346260 | &nbsp;&nbsp;&nbsp;&nbsp; 31870 |
|  | &nbsp;&nbsp;&nbsp;Marriott International Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56400 | &nbsp;&nbsp;&nbsp;&nbsp; 18447 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mobileye Global Inc. Class A | 2207900 | &nbsp;&nbsp;&nbsp;&nbsp; 15168 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ulta Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp; 12022 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71200 | &nbsp;&nbsp;&nbsp;&nbsp; 10691 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SharkNinja Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85200 | &nbsp;&nbsp;&nbsp;&nbsp; 9023 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;409725 | &nbsp;&nbsp;&nbsp;&nbsp; 7662 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rivian Automotive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;207300 | &nbsp;&nbsp;&nbsp;&nbsp; 3120 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Valvoline Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87030 | &nbsp;&nbsp;&nbsp;&nbsp; 2931 |
|  | &nbsp;&nbsp;&nbsp;Tapestry Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12100 | &nbsp;&nbsp;&nbsp;&nbsp; 1707 |
|  | &nbsp;&nbsp;&nbsp;Restaurant Brands International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp; 1301 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2563101** |
| **Consumer Staples (0.9%)** | **Consumer Staples (0.9%)** | **Consumer Staples (0.9%)** | **Consumer Staples (0.9%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Performance Food Group Co. | 1528127 | &nbsp;&nbsp;&nbsp;&nbsp; 130900 |
|  | &nbsp;&nbsp;&nbsp;Casey's General Stores Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36300 | &nbsp;&nbsp;&nbsp;&nbsp; 26421 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;e.l.f. Beauty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;410300 | &nbsp;&nbsp;&nbsp;&nbsp; 24868 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;US Foods Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;268900 | &nbsp;&nbsp;&nbsp;&nbsp; 24795 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BellRing Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;380162 | &nbsp;&nbsp;&nbsp;&nbsp; 6117 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **213101** |
| **Energy (2.2%)** | **Energy (2.2%)** | **Energy (2.2%)** | **Energy (2.2%)** |
|  | &nbsp;&nbsp;&nbsp;ConocoPhillips | 2000500 | &nbsp;&nbsp;&nbsp;&nbsp; 264066 |
|  | &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;438362 | &nbsp;&nbsp;&nbsp;&nbsp; 90697 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;355521 | &nbsp;&nbsp;&nbsp;&nbsp; 51398 |
|  | &nbsp;&nbsp;&nbsp;TechnipFMC plc | &nbsp;&nbsp;&nbsp;&nbsp;604700 | &nbsp;&nbsp;&nbsp;&nbsp; 41803 |
|  | &nbsp;&nbsp;&nbsp;Viper Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;693300 | &nbsp;&nbsp;&nbsp;&nbsp; 32578 |

---

------

Capital Opportunity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Coterra Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;773350 | &nbsp;&nbsp;&nbsp;&nbsp; 27175 |
|  | &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;133910 | &nbsp;&nbsp;&nbsp;&nbsp; 22719 |
|  | &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;128000 | &nbsp;&nbsp;&nbsp;&nbsp; 14052 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **544488** |
| **Financials (8.3%)** | **Financials (8.3%)** | **Financials (8.3%)** | **Financials (8.3%)** |
|  | &nbsp;&nbsp;&nbsp;Raymond James Financial Inc. | 2656237 | &nbsp;&nbsp;&nbsp;&nbsp; 384597 |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;MarketAxess Holdings Inc. | 1833050 | &nbsp;&nbsp;&nbsp;&nbsp; 302417 |
|  | &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 3186159 | &nbsp;&nbsp;&nbsp;&nbsp; 299435 |
|  | &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 2123111 | &nbsp;&nbsp;&nbsp;&nbsp; 296323 |
|  | &nbsp;&nbsp;&nbsp;Visa Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;614000 | &nbsp;&nbsp;&nbsp;&nbsp; 185575 |
|  | &nbsp;&nbsp;&nbsp;PayPal Holdings Inc. (XNGS) | 2264300 | &nbsp;&nbsp;&nbsp;&nbsp; 102414 |
|  | &nbsp;&nbsp;&nbsp;CME Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;333954 | &nbsp;&nbsp;&nbsp;&nbsp; 98633 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;991300 | &nbsp;&nbsp;&nbsp;&nbsp; 78917 |
|  | &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;372902 | &nbsp;&nbsp;&nbsp;&nbsp; 61369 |
|  | &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;277230 | &nbsp;&nbsp;&nbsp;&nbsp; 54958 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;291340 | &nbsp;&nbsp;&nbsp;&nbsp; 53149 |
|  | &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;105300 | &nbsp;&nbsp;&nbsp;&nbsp; 30975 |
|  | &nbsp;&nbsp;&nbsp;Evercore Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;101300 | &nbsp;&nbsp;&nbsp;&nbsp; 30239 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49800 | &nbsp;&nbsp;&nbsp;&nbsp; 24883 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;WEX Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66500 | &nbsp;&nbsp;&nbsp;&nbsp; 10177 |
|  | &nbsp;&nbsp;&nbsp;Tradeweb Markets Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68200 | &nbsp;&nbsp;&nbsp;&nbsp; 8024 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63900 | &nbsp;&nbsp;&nbsp;&nbsp; 7247 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Toast Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;141000 | &nbsp;&nbsp;&nbsp;&nbsp; 3738 |
|  | &nbsp;&nbsp;&nbsp;Sony Financial Group Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;728795 | &nbsp;&nbsp;&nbsp;&nbsp; 3287 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2036357** |
| **Health Care (25.0%)** | **Health Care (25.0%)** | **Health Care (25.0%)** | **Health Care (25.0%)** |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 1752103 | &nbsp;&nbsp;&nbsp;&nbsp; 1611532 |
|  | &nbsp;&nbsp;&nbsp;Amgen Inc. | 1712059 | &nbsp;&nbsp;&nbsp;&nbsp; 602388 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biogen Inc. | 2332567 | &nbsp;&nbsp;&nbsp;&nbsp; 427630 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Scientific Corp. | 5573966 | &nbsp;&nbsp;&nbsp;&nbsp; 349766 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BeOne Medicines Ltd. ADR | 1169571 | &nbsp;&nbsp;&nbsp;&nbsp; 347328 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical Inc. | 5095845 | &nbsp;&nbsp;&nbsp;&nbsp; 287864 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 4579500 | &nbsp;&nbsp;&nbsp;&nbsp; 277747 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elanco Animal Health Inc. (XNYS) | 10253376 | &nbsp;&nbsp;&nbsp;&nbsp; 245363 |
|  | &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 1189895 | &nbsp;&nbsp;&nbsp;&nbsp; 234671 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioNTech SE ADR | 2189120 | &nbsp;&nbsp;&nbsp;&nbsp; 194569 |
|  | &nbsp;&nbsp;&nbsp;Novartis AG ADR | 1211220 | &nbsp;&nbsp;&nbsp;&nbsp; 185014 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Glaukos Corp. | 1698772 | &nbsp;&nbsp;&nbsp;&nbsp; 182890 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;352760 | &nbsp;&nbsp;&nbsp;&nbsp; 173392 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Illumina Inc. | 1245379 | &nbsp;&nbsp;&nbsp;&nbsp; 153505 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LivaNova plc | 1912100 | &nbsp;&nbsp;&nbsp;&nbsp; 121533 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp. | 1450600 | &nbsp;&nbsp;&nbsp;&nbsp; 116164 |
|  | &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;916460 | &nbsp;&nbsp;&nbsp;&nbsp; 82866 |
|  | &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;200231 | &nbsp;&nbsp;&nbsp;&nbsp; 79910 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Immunocore Holdings plc ADR | 2335650 | &nbsp;&nbsp;&nbsp;&nbsp; 70420 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkermes plc | 1722050 | &nbsp;&nbsp;&nbsp;&nbsp; 60892 |
|  | &nbsp;&nbsp;&nbsp;Revvity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;674140 | &nbsp;&nbsp;&nbsp;&nbsp; 59061 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Neurocrine Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;417300 | &nbsp;&nbsp;&nbsp;&nbsp; 54975 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Charles River Laboratories International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249500 | &nbsp;&nbsp;&nbsp;&nbsp; 43039 |
|  | &nbsp;&nbsp;&nbsp;Agilent Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250950 | &nbsp;&nbsp;&nbsp;&nbsp; 28603 |
|  | &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;138600 | &nbsp;&nbsp;&nbsp;&nbsp; 26279 |
|  | &nbsp;&nbsp;&nbsp;Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;705700 | &nbsp;&nbsp;&nbsp;&nbsp; 25490 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Repligen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;170378 | &nbsp;&nbsp;&nbsp;&nbsp; 20074 |
|  | &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;500580 | &nbsp;&nbsp;&nbsp;&nbsp; 20043 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91400 | &nbsp;&nbsp;&nbsp;&nbsp; 15848 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Allogene Therapeutics Inc. | 5364570 | &nbsp;&nbsp;&nbsp;&nbsp; 13090 |
|  | &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;151840 | &nbsp;&nbsp;&nbsp;&nbsp; 11441 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GRAIL Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165188 | &nbsp;&nbsp;&nbsp;&nbsp; 8537 |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Siemens Healthineers AG | &nbsp;&nbsp;&nbsp;&nbsp;171280 | &nbsp;&nbsp;&nbsp;&nbsp; 7308 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Waters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp; 6433 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bridgebio Pharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74700 | &nbsp;&nbsp;&nbsp;&nbsp; 5547 |
|  | &nbsp;&nbsp;&nbsp;Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10840 | &nbsp;&nbsp;&nbsp;&nbsp; 849 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kyntra Bio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2716 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **6152079** |
| **Industrials (12.1%)** | **Industrials (12.1%)** | **Industrials (12.1%)** | **Industrials (12.1%)** |
|  | &nbsp;&nbsp;&nbsp;FedEx Corp. | 1353874 | &nbsp;&nbsp;&nbsp;&nbsp; 482223 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nextpower Inc. Class A | 2653157 | &nbsp;&nbsp;&nbsp;&nbsp; 319838 |
|  | &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 8459559 | &nbsp;&nbsp;&nbsp;&nbsp; 317826 |
|  | &nbsp;&nbsp;&nbsp;AECOM | 3441656 | &nbsp;&nbsp;&nbsp;&nbsp; 291921 |

---

------

Capital Opportunity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Jacobs Solutions Inc. | 2070501 | &nbsp;&nbsp;&nbsp;&nbsp; 263533 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Airlines Holdings Inc. | 2815843 | &nbsp;&nbsp;&nbsp;&nbsp; 259255 |
|  | &nbsp;&nbsp;&nbsp;IDEX Corp. | 1011729 | &nbsp;&nbsp;&nbsp;&nbsp; 191773 |
|  | &nbsp;&nbsp;&nbsp;Delta Air Lines Inc. | 2371670 | &nbsp;&nbsp;&nbsp;&nbsp; 157669 |
|  | &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;208700 | &nbsp;&nbsp;&nbsp;&nbsp; 142150 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Airlines Group Inc. | 10632230 | &nbsp;&nbsp;&nbsp;&nbsp; 114190 |
|  | &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;582732 | &nbsp;&nbsp;&nbsp;&nbsp; 110179 |
|  | &nbsp;&nbsp;&nbsp;TransDigm Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74173 | &nbsp;&nbsp;&nbsp;&nbsp; 85964 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amentum Holdings Inc. | 2584238 | &nbsp;&nbsp;&nbsp;&nbsp; 67397 |
|  | &nbsp;&nbsp;&nbsp;AMETEK Inc. | &nbsp;&nbsp;&nbsp;&nbsp;188653 | &nbsp;&nbsp;&nbsp;&nbsp; 40440 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp;&nbsp;&nbsp;129830 | &nbsp;&nbsp;&nbsp;&nbsp; 25840 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lyft Inc. Class A | 1297824 | &nbsp;&nbsp;&nbsp;&nbsp; 17261 |
|  | &nbsp;&nbsp;&nbsp;Ryanair Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;267050 | &nbsp;&nbsp;&nbsp;&nbsp; 15435 |
|  | &nbsp;&nbsp;&nbsp;Textron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;174000 | &nbsp;&nbsp;&nbsp;&nbsp; 15235 |
|  | &nbsp;&nbsp;&nbsp;GFL Environmental Inc. (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;362100 | &nbsp;&nbsp;&nbsp;&nbsp; 15107 |
|  | &nbsp;&nbsp;&nbsp;Rockwell Automation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39500 | &nbsp;&nbsp;&nbsp;&nbsp; 14176 |
|  | &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;201212 | &nbsp;&nbsp;&nbsp;&nbsp; 11330 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98000 | &nbsp;&nbsp;&nbsp;&nbsp; 7049 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;JetBlue Airways Corp. | 1334500 | &nbsp;&nbsp;&nbsp;&nbsp; 5898 |
|  | &nbsp;&nbsp;&nbsp;ITT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 1715 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **2973404** |
| **Information Technology (31.3%)** | **Information Technology (31.3%)** | **Information Technology (31.3%)** | **Information Technology (31.3%)** |
|  | &nbsp;&nbsp;&nbsp;Micron Technology Inc. | 4095987 | &nbsp;&nbsp;&nbsp;&nbsp; 1383788 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flex Ltd. | 10633560 | &nbsp;&nbsp;&nbsp;&nbsp; 696073 |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 3466240 | &nbsp;&nbsp;&nbsp;&nbsp; 604512 |
|  | &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;407600 | &nbsp;&nbsp;&nbsp;&nbsp; 600154 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | 1243240 | &nbsp;&nbsp;&nbsp;&nbsp; 460210 |
|  | &nbsp;&nbsp;&nbsp;Jabil Inc. | 1435700 | &nbsp;&nbsp;&nbsp;&nbsp; 381365 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intel Corp. | 7760500 | &nbsp;&nbsp;&nbsp;&nbsp; 342471 |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NV GDR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;252167 | &nbsp;&nbsp;&nbsp;&nbsp; 333070 |
|  | &nbsp;&nbsp;&nbsp;Corning Inc. | 1934824 | &nbsp;&nbsp;&nbsp;&nbsp; 263078 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | 1237280 | &nbsp;&nbsp;&nbsp;&nbsp; 240206 |
|  | &nbsp;&nbsp;&nbsp;NetApp Inc. (XNGS) | 2146080 | &nbsp;&nbsp;&nbsp;&nbsp; 219737 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Trimble Inc. | 2939651 | &nbsp;&nbsp;&nbsp;&nbsp; 191753 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adobe Inc. | &nbsp;&nbsp;&nbsp;&nbsp;707850 | &nbsp;&nbsp;&nbsp;&nbsp; 172064 |
|  | &nbsp;&nbsp;&nbsp;Entegris Inc. | 1108658 | &nbsp;&nbsp;&nbsp;&nbsp; 129979 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MongoDB Inc. | &nbsp;&nbsp;&nbsp;&nbsp;512588 | &nbsp;&nbsp;&nbsp;&nbsp; 125466 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gitlab Inc. Class A | 5188070 | &nbsp;&nbsp;&nbsp;&nbsp; 112270 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;FormFactor Inc. | 1097941 | &nbsp;&nbsp;&nbsp;&nbsp; 106489 |
|  | &nbsp;&nbsp;&nbsp;Universal Display Corp. | 1109235 | &nbsp;&nbsp;&nbsp;&nbsp; 101673 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ciena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;238000 | &nbsp;&nbsp;&nbsp;&nbsp; 92399 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Synopsys Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200200 | &nbsp;&nbsp;&nbsp;&nbsp; 79375 |
|  | &nbsp;&nbsp;&nbsp;Teradyne Inc. | &nbsp;&nbsp;&nbsp;&nbsp;260900 | &nbsp;&nbsp;&nbsp;&nbsp; 77346 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;239500 | &nbsp;&nbsp;&nbsp;&nbsp; 74128 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Descartes Systems Group Inc. | 1034599 | &nbsp;&nbsp;&nbsp;&nbsp; 74036 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fair Isaac Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62250 | &nbsp;&nbsp;&nbsp;&nbsp; 66454 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zoom Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;808450 | &nbsp;&nbsp;&nbsp;&nbsp; 64991 |
|  | &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;427800 | &nbsp;&nbsp;&nbsp;&nbsp; 62934 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nutanix Inc. Class A | 1578619 | &nbsp;&nbsp;&nbsp;&nbsp; 60003 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keysight Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194660 | &nbsp;&nbsp;&nbsp;&nbsp; 54966 |
|  | &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 2205650 | &nbsp;&nbsp;&nbsp;&nbsp; 52517 |
|  | &nbsp;&nbsp;&nbsp;Marvell Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;490279 | &nbsp;&nbsp;&nbsp;&nbsp; 48562 |
|  | &nbsp;&nbsp;&nbsp;Intuit Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112275 | &nbsp;&nbsp;&nbsp;&nbsp; 48545 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;106676 | &nbsp;&nbsp;&nbsp;&nbsp; 42457 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;205960 | &nbsp;&nbsp;&nbsp;&nbsp; 41898 |
|  | &nbsp;&nbsp;&nbsp;HP Inc. | 1781500 | &nbsp;&nbsp;&nbsp;&nbsp; 34223 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;210570 | &nbsp;&nbsp;&nbsp;&nbsp; 31855 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Autodesk Inc. | &nbsp;&nbsp;&nbsp;&nbsp;120600 | &nbsp;&nbsp;&nbsp;&nbsp; 28872 |
|  | &nbsp;&nbsp;&nbsp;Analog Devices Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 28633 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aurora Innovation Inc. | 6741100 | &nbsp;&nbsp;&nbsp;&nbsp; 27773 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170020 | &nbsp;&nbsp;&nbsp;&nbsp; 27258 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Okta Inc. | &nbsp;&nbsp;&nbsp;&nbsp;337548 | &nbsp;&nbsp;&nbsp;&nbsp; 26568 |
|  | &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp; 24344 |
|  | &nbsp;&nbsp;&nbsp;QUALCOMM Inc. | &nbsp;&nbsp;&nbsp;&nbsp;165362 | &nbsp;&nbsp;&nbsp;&nbsp; 21295 |
|  | &nbsp;&nbsp;&nbsp;Salesforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;112800 | &nbsp;&nbsp;&nbsp;&nbsp; 21056 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BlackBerry Ltd. | 2291276 | &nbsp;&nbsp;&nbsp;&nbsp; 7424 |
|  | &nbsp;&nbsp;&nbsp;RingCentral Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;197300 | &nbsp;&nbsp;&nbsp;&nbsp; 7338 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Docusign Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp; 3319 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gartner Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 3167 |

---

------

Capital Opportunity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unity Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128900 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 742 |
|  | &nbsp;&nbsp;&nbsp;Applied Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **7701767** |
| **Materials (0.4%)** | **Materials (0.4%)** | **Materials (0.4%)** | **Materials (0.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ivanhoe Mines Ltd. Class A | 9372800 | &nbsp;&nbsp;&nbsp;&nbsp; 80111 |
|  | &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;160500 | &nbsp;&nbsp;&nbsp;&nbsp; 28815 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **108926** |
| **Real Estate (0.1%)** | **Real Estate (0.1%)** | **Real Estate (0.1%)** | **Real Estate (0.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoStar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;411200 | &nbsp;&nbsp;&nbsp;&nbsp; 16588 |
|  | &nbsp;&nbsp;&nbsp;Welltower Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76945 | &nbsp;&nbsp;&nbsp;&nbsp; 15213 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **31801** |
| **Total Common Stocks (Cost $9,022,619)** | **Total Common Stocks (Cost $9,022,619)** | **Total Common Stocks (Cost $9,022,619)** | &nbsp;&nbsp;&nbsp;&nbsp;**23928874** |
| **Temporary Cash Investments (3.1%)** | **Temporary Cash Investments (3.1%)** | **Temporary Cash Investments (3.1%)** | **Temporary Cash Investments (3.1%)** |
| **Money Market Fund (3.1%)** | **Money Market Fund (3.1%)** | **Money Market Fund (3.1%)** | **Money Market Fund (3.1%)** |
| <sup>4,5</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 3.687% **(Cost $770,210)** | 7704366 | &nbsp;&nbsp;&nbsp;&nbsp; **770360** |
| **Total Investments (100.3%) (Cost $9,792,829)** | **Total Investments (100.3%) (Cost $9,792,829)** | **Total Investments (100.3%) (Cost $9,792,829)** | &nbsp;&nbsp;&nbsp;&nbsp;**24699234** |
| **Other Assets and Liabilities—Net (-0.3%)** | **Other Assets and Liabilities—Net (-0.3%)** | **Other Assets and Liabilities—Net (-0.3%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(80846)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**24618388** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $86,512. |
| 2 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
| 3 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2026, the aggregate value was $7,308, representing 0.0% of net assets. |
| 4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 5 | Collateral of $90,575 was received for securities on loan. |
|  | ADR—American Depositary Receipt. |
|  | GDR—Global Depositary Receipt. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Capital Opportunity Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $8,645,900) | 23626457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $1,146,929) | &nbsp;&nbsp;&nbsp;1072777 |
| Total Investments in Securities | 24699234 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5687 |
| Foreign Currency, at Value (Cost $4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28376 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18438 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4398 |
| **Total Assets** | **24756745** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25905 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90575 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12995 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7514 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**138357** |
| **Net Assets** | **24618388** |
| 1 Includes $86,512 of securities on loan. |  |
| **At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | &nbsp;&nbsp;&nbsp;8664468 |
| Total Distributable Earnings (Loss) | 15953920 |
| **Net Assets** | **24618388** |
| **Investor Shares—Net Assets** |  |
| **Applicable to 13,736,191 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | &nbsp;&nbsp;&nbsp;**1250604** |
| **Net Asset Value Per Share—Investor Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$91.04** |
| **Admiral™ Shares—Net Assets** |  |
| **Applicable to 111,236,888 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **23367784** |
| **Net Asset Value Per Share—Admiral Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$210.07** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Capital Opportunity Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> March 31, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends—Unaffiliated Issuers<sup>1</sup> | &nbsp;&nbsp;&nbsp;100689 |
| Dividends—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 |
| Interest—Unaffiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Interest—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;12190 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 |
| Total Income | &nbsp;&nbsp;&nbsp;117382 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;26073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;14064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 |
| Shareholders' Reports—Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| Shareholders' Reports—Admiral Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;42300 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;&nbsp;**75082** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold—Unaffiliated Issuers | 1340387 |
| Investment Securities Sold—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;(7214) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
| **Realized Net Gain (Loss)** | **1333149** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities—Unaffiliated Issuers | &nbsp;&nbsp;(214346) |
| Investment Securities—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;(20174) |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |
| **Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;**(234549)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **1173682** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $1,553. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Capital Opportunity Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155780 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;1333149 | &nbsp;&nbsp;&nbsp;&nbsp;1974814 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(234549) | &nbsp;&nbsp;&nbsp;&nbsp;1395168 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;1173682 | &nbsp;&nbsp;&nbsp;&nbsp;3525762 |
| **Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(117688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;(2197134) | &nbsp;&nbsp;&nbsp;&nbsp;(1625426) |
| Total Distributions | &nbsp;&nbsp;(2314822) | &nbsp;&nbsp;&nbsp;&nbsp;(1729420) |
| **Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Shares | &nbsp;&nbsp;&nbsp;&nbsp;(114125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Admiral Shares | &nbsp;&nbsp;&nbsp;1210418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176445) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;1096293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248100) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44847) | &nbsp;&nbsp;&nbsp;&nbsp;1548242 |
| **Net Assets** |  |  |
| **Beginning of Period** | **24663235** | &nbsp;&nbsp;&nbsp;**23114993** |
| **End of Period** | **24618388** | &nbsp;&nbsp;&nbsp;**24663235** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Capital Opportunity Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$95.60** | &nbsp;&nbsp;&nbsp;**$88.86** | &nbsp;&nbsp;&nbsp;**$72.75** | &nbsp;&nbsp;&nbsp;**$63.49** | &nbsp;&nbsp;&nbsp;**$88.53** | &nbsp;&nbsp;&nbsp;**$71.69** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.276 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;4.237 | &nbsp;&nbsp;&nbsp;&nbsp;12.907 | &nbsp;&nbsp;&nbsp;&nbsp;17.340 | &nbsp;&nbsp;&nbsp;&nbsp;14.575 | &nbsp;&nbsp;&nbsp;&nbsp;(16.748) | &nbsp;&nbsp;&nbsp;&nbsp;23.563 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;4.480 | &nbsp;&nbsp;&nbsp;&nbsp;13.434 | &nbsp;&nbsp;&nbsp;&nbsp;17.921 | &nbsp;&nbsp;&nbsp;&nbsp;15.123 | &nbsp;&nbsp;&nbsp;&nbsp;(16.278) | &nbsp;&nbsp;&nbsp;&nbsp;23.839 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.544) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.334) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;(8.602) | &nbsp;&nbsp;&nbsp;&nbsp;(6.126) | &nbsp;&nbsp;&nbsp;&nbsp;(1.267) | &nbsp;&nbsp;&nbsp;&nbsp;(5.357) | &nbsp;&nbsp;&nbsp;&nbsp;(8.467) | &nbsp;&nbsp;&nbsp;&nbsp;(6.665) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(9.040) | &nbsp;&nbsp;&nbsp;&nbsp;(6.694) | &nbsp;&nbsp;&nbsp;&nbsp;(1.811) | &nbsp;&nbsp;&nbsp;&nbsp;(5.863) | &nbsp;&nbsp;&nbsp;&nbsp;(8.762) | &nbsp;&nbsp;&nbsp;&nbsp;(6.999) |
| **Net Asset Value, End of Period** | **$91.04** | &nbsp;&nbsp;&nbsp;**$95.60** | &nbsp;&nbsp;&nbsp;**$88.86** | &nbsp;&nbsp;&nbsp;**$72.75** | &nbsp;&nbsp;&nbsp;**$63.49** | &nbsp;&nbsp;&nbsp;**$88.53** |
| **Total Return<sup>2</sup>** | **4.64%** | &nbsp;&nbsp;&nbsp;**16.37%** | &nbsp;&nbsp;&nbsp;**25.01%** | &nbsp;&nbsp;&nbsp;**25.20%** | &nbsp;&nbsp;&nbsp;**-20.45%** | &nbsp;&nbsp;&nbsp;**34.75%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $1251 | &nbsp;&nbsp;&nbsp;$1415 | &nbsp;&nbsp;&nbsp;$1389 | &nbsp;&nbsp;&nbsp;$1260 | &nbsp;&nbsp;&nbsp;$1114 | &nbsp;&nbsp;&nbsp;$1585 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.40% | &nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;0.43%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.43%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.43%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.43% |
| Ratio of Net Investment Income to Average Net Assets | 0.48% | &nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;0.79% | &nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;0.33% |
| Portfolio Turnover Rate | 5% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;7% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of 0.00%. Performance-based investment advisory fees did not apply before fiscal 2026. |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.43%. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Capital Opportunity Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Admiral Shares** |  |  |  |  |  |  |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$220.70** | &nbsp;&nbsp;&nbsp;**$205.15** | &nbsp;&nbsp;&nbsp;**$167.95** | &nbsp;&nbsp;&nbsp;**$146.60** | &nbsp;&nbsp;&nbsp;**$204.49** | &nbsp;&nbsp;&nbsp;**$165.62** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.775 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.636 | &nbsp;&nbsp;&nbsp;&nbsp;(38.672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.409 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;10.434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.013 | &nbsp;&nbsp;&nbsp;&nbsp;(37.457) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.184 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(1.203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.916) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;(19.861) | &nbsp;&nbsp;&nbsp;&nbsp;(14.145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.926) | &nbsp;&nbsp;&nbsp;&nbsp;(12.370) | &nbsp;&nbsp;&nbsp;&nbsp;(19.560) | &nbsp;&nbsp;&nbsp;&nbsp;(15.398) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(21.064) | &nbsp;&nbsp;&nbsp;&nbsp;(15.604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.296) | &nbsp;&nbsp;&nbsp;&nbsp;(13.663) | &nbsp;&nbsp;&nbsp;&nbsp;(20.433) | &nbsp;&nbsp;&nbsp;&nbsp;(16.314) |
| **Net Asset Value, End of Period** | **$210.07** | &nbsp;&nbsp;&nbsp;**$220.70** | &nbsp;&nbsp;&nbsp;**$205.15** | &nbsp;&nbsp;&nbsp;**$167.95** | &nbsp;&nbsp;&nbsp;**$146.60** | &nbsp;&nbsp;&nbsp;**$204.49** |
| **Total Return<sup>2</sup>** | **4.68%** | &nbsp;&nbsp;&nbsp;**16.46%** | &nbsp;&nbsp;&nbsp;**25.09%** | &nbsp;&nbsp;&nbsp;**25.29%** | &nbsp;&nbsp;&nbsp;**-20.39%** | &nbsp;&nbsp;&nbsp;**34.84%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $23368 | &nbsp;&nbsp;&nbsp;$23248 | &nbsp;&nbsp;&nbsp;$21726 | &nbsp;&nbsp;&nbsp;$17967 | &nbsp;&nbsp;&nbsp;$14696 | &nbsp;&nbsp;&nbsp;$19228 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.32% | &nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;0.36%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.36%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.36%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.36% |
| Ratio of Net Investment Income to Average Net Assets | 0.57% | &nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;0.78% | &nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;0.40% |
| Portfolio Turnover Rate | 5% | &nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;7% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of 0.00%. Performance-based investment advisory fees did not apply before fiscal 2026. |
| 4 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.36%. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Capital Opportunity Fund

Notes to Financial Statements

Vanguard Capital Opportunity Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. 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. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended March 31, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.

------

Capital Opportunity Fund

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

Taxes on foreign dividends and capital gains have been provided for in accordance with the applicable countries' tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

**B.** PRIMECAP Management Company provides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. The basic fee is subject to quarterly adjustments based on the
fund's performance relative to the Russell 3000 Growth Index since December 31, 2025. For the six months ended March 31, 2026, the investment advisory fee represented an effective annual basic rate of 0.20% of
the fund's average net assets, before a net increase of $212,000 (0.00%) based on performance.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative,
marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of
trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At March 31, 2026, the fund had contributed to Vanguard capital in the amount of $608,000, representing less than 0.01% of the fund's net assets and 0.24% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** Various inputs may be used to determine the value of the fund's investments. 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 valued with significant unobservable inputs are noted on the Schedule of Investments.**

The following table summarizes the market value of the fund's investments as of March 31, 2026, 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 | 23646503 | &nbsp;&nbsp;&nbsp;282371 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;23928874 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770360 |
| Total | 24416863 | &nbsp;&nbsp;&nbsp;282371 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;24699234 |

---

**E.** As of March 31, 2026, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;&nbsp;9869234 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;15605404 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(775404) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;14830000 |

---

**F.** During the six months ended March 31, 2026, the fund purchased $1,184,980,000 of investment securities and sold $2,314,484,000 of investment securities, other than temporary cash investments.

------

Capital Opportunity Fund

**G.** Capital share transactions for each class of shares were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> March 31, 2026 | Six Months Ended<br> March 31, 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30, 2025 |
|  | Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) | &nbsp;&nbsp;Amount<br> ($000) | &nbsp;&nbsp;Shares<br> (000) |
| **Investor Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;102037 | &nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111 |
| Redeemed | &nbsp;&nbsp;&nbsp;(274840) | &nbsp;&nbsp;(2782) | &nbsp;&nbsp;&nbsp;&nbsp;(236167) | &nbsp;&nbsp;&nbsp;&nbsp;(2793) |
| Net Increase (Decrease)—Investor Shares | &nbsp;&nbsp;&nbsp;(114125) | &nbsp;&nbsp;(1068) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(829) |
| **Admiral Shares** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;711003 | &nbsp;&nbsp;&nbsp;&nbsp;3150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4555 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;1789240 | &nbsp;&nbsp;&nbsp;&nbsp;8476 | &nbsp;&nbsp;&nbsp;&nbsp;1349161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7136 |
| Redeemed | (1289825) | &nbsp;&nbsp;(5725) | &nbsp;&nbsp;(2417457) | &nbsp;&nbsp;(12258) |
| Net Increase (Decrease)—Admiral Shares | &nbsp;&nbsp;1210418 | &nbsp;&nbsp;&nbsp;&nbsp;5901 | &nbsp;&nbsp;&nbsp;&nbsp;(176445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(567) |

---

**H.** Certain of the fund's investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company or the
issuer is another member of The Vanguard Group. Transactions during the period in securities of these companies were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions |  |
|  | Sep. 30,<br> 2025<br> Market<br> Value<br> ($000) | Purchases<br> at Cost<br> ($000) | Proceeds<br> from<br> Securities<br> Sold<br> ($000) | Realized<br> Net<br> Gain<br> (Loss)<br> ($000) | Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | Income<br> ($000) | Capital Gain<br> Distributions<br> Received<br> ($000) | Mar. 31,<br> 2026<br> Market<br> Value<br> ($000) |
| Immunocore Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4110 | 6724 | (7219) | &nbsp;&nbsp;&nbsp;(8358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> |
| MarketAxess Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | 108311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (11732) | &nbsp;&nbsp;&nbsp;2710 |  | &nbsp;&nbsp;&nbsp;&nbsp;302417 |
| Vanguard Market Liquidity Fund | 1007131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>3</sup> | &nbsp;&nbsp;&nbsp;NA<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84) | 12190 |  | &nbsp;&nbsp;&nbsp;&nbsp;770360 |
| Total | 1007131 | 112421 | 6724 | (7214) | (20174) | 14900 |  | 1072777 |

---

---

| | |
|:---|:---|
| 1 | Not applicable—at September 30, 2025, and March 31, 2026, the issuer was not an affiliated company of the fund, but it was affiliated during the period. |
| 2 | Not applicable—at September 30, 2025, the issuer was not an affiliated company of the fund. |
| 3 | Not applicable—purchases and sales are for temporary cash investment purposes. |

---

**I.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

**J.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**K.** Management has determined that no other subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure
in these financial statements.

Q1112 052026

------

![](tm2611750d9gloequfundfini001.jpg)

#### Financial Statements

#### For the six-months ended March 31, 2026

#### Vanguard Global Equity Fund

------

#### Contents
Financial Statements 1 <br>

------

Global Equity Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of March 31, 2026

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (96.3%)** | **Common Stocks (96.3%)** | **Common Stocks (96.3%)** | **Common Stocks (96.3%)** |
| **Brazil (2.6%)** | **Brazil (2.6%)** | **Brazil (2.6%)** | **Brazil (2.6%)** |
|  | &nbsp;&nbsp;&nbsp;Ambev SA | 19058710 | &nbsp;&nbsp;&nbsp;&nbsp; 56111 |
|  | &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA - Petrobras ADR (XNYS) | 2448789 | &nbsp;&nbsp;&nbsp;&nbsp; 50812 |
|  | &nbsp;&nbsp;&nbsp;B3 SA - Brasil Bolsa Balcao | 13401400 | &nbsp;&nbsp;&nbsp;&nbsp; 47605 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NU Holdings Ltd. Class A | 1895959 | &nbsp;&nbsp;&nbsp;&nbsp; 27245 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **181773** |
| **Canada (2.5%)** | **Canada (2.5%)** | **Canada (2.5%)** | **Canada (2.5%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shopify Inc. Class A (XTSE) | &nbsp;&nbsp;&nbsp;&nbsp;539622 | &nbsp;&nbsp;&nbsp;&nbsp; 64010 |
|  | &nbsp;&nbsp;&nbsp;Magna International Inc. | 1065196 | &nbsp;&nbsp;&nbsp;&nbsp; 59449 |
|  | &nbsp;&nbsp;&nbsp;Brookfield Corp. | &nbsp;&nbsp;&nbsp;&nbsp;604803 | &nbsp;&nbsp;&nbsp;&nbsp; 24476 |
|  | &nbsp;&nbsp;&nbsp;Stella-Jones Inc. | &nbsp;&nbsp;&nbsp;&nbsp;351429 | &nbsp;&nbsp;&nbsp;&nbsp; 23580 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **171515** |
| **China (4.3%)** | **China (4.3%)** | **China (4.3%)** | **China (4.3%)** |
|  | &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 1898574 | &nbsp;&nbsp;&nbsp;&nbsp; 119748 |
|  | &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. Class A (XSHE) | &nbsp;&nbsp;&nbsp;&nbsp;911600 | &nbsp;&nbsp;&nbsp;&nbsp; 53936 |
|  | &nbsp;&nbsp;&nbsp;China Overseas Land & Investment Ltd. | 20642500 | &nbsp;&nbsp;&nbsp;&nbsp; 30784 |
|  | &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 1886779 | &nbsp;&nbsp;&nbsp;&nbsp; 29574 |
|  | &nbsp;&nbsp;&nbsp;Midea Group Co. Ltd. Class A (XSEC) | 2435200 | &nbsp;&nbsp;&nbsp;&nbsp; 27125 |
|  | &nbsp;&nbsp;&nbsp;ANTA Sports Products Ltd. | 2358743 | &nbsp;&nbsp;&nbsp;&nbsp; 23058 |
|  | &nbsp;&nbsp;&nbsp;Kweichow Moutai Co. Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92500 | &nbsp;&nbsp;&nbsp;&nbsp; 19479 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **303704** |
| **Denmark (0.2%)** | **Denmark (0.2%)** | **Denmark (0.2%)** | **Denmark (0.2%)** |
|  | &nbsp;&nbsp;&nbsp;Novo Nordisk A/S Class B | &nbsp;&nbsp;&nbsp;&nbsp;476939 | &nbsp;&nbsp;&nbsp;&nbsp; 17453 |
| **Finland (0.4%)** | **Finland (0.4%)** | **Finland (0.4%)** | **Finland (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Nokia OYJ ADR | 3400313 | &nbsp;&nbsp;&nbsp;&nbsp; 27339 |
| **France (2.8%)** | **France (2.8%)** | **France (2.8%)** | **France (2.8%)** |
|  | &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;471255 | &nbsp;&nbsp;&nbsp;&nbsp; 45509 |
|  | &nbsp;&nbsp;&nbsp;Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp;899584 | &nbsp;&nbsp;&nbsp;&nbsp; 35647 |
|  | &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | 1017313 | &nbsp;&nbsp;&nbsp;&nbsp; 34852 |
|  | &nbsp;&nbsp;&nbsp;Hermes International SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10171 | &nbsp;&nbsp;&nbsp;&nbsp; 19267 |
|  | &nbsp;&nbsp;&nbsp;ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp;354366 | &nbsp;&nbsp;&nbsp;&nbsp; 18378 |
|  | &nbsp;&nbsp;&nbsp;Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;860941 | &nbsp;&nbsp;&nbsp;&nbsp; 17149 |
|  | &nbsp;&nbsp;&nbsp;Nexans SA | &nbsp;&nbsp;&nbsp;&nbsp;118035 | &nbsp;&nbsp;&nbsp;&nbsp; 16057 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Amundi SA | &nbsp;&nbsp;&nbsp;&nbsp;135117 | &nbsp;&nbsp;&nbsp;&nbsp; 11612 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **198471** |
| **Germany (2.7%)** | **Germany (2.7%)** | **Germany (2.7%)** | **Germany (2.7%)** |
|  | &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | 1311896 | &nbsp;&nbsp;&nbsp;&nbsp; 64605 |
|  | &nbsp;&nbsp;&nbsp;BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;975913 | &nbsp;&nbsp;&nbsp;&nbsp; 60107 |
|  | &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | 1072503 | &nbsp;&nbsp;&nbsp;&nbsp; 48603 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Auto1 Group SE | &nbsp;&nbsp;&nbsp;&nbsp;538121 | &nbsp;&nbsp;&nbsp;&nbsp; 9581 |
|  | &nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516 | &nbsp;&nbsp;&nbsp;&nbsp; 4244 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **187140** |
| **Hong Kong (0.3%)** | **Hong Kong (0.3%)** | **Hong Kong (0.3%)** | **Hong Kong (0.3%)** |
|  | &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group Ltd. | 5385825 | &nbsp;&nbsp;&nbsp;&nbsp; 24343 |
| **Indonesia (0.1%)** | **Indonesia (0.1%)** | **Indonesia (0.1%)** | **Indonesia (0.1%)** |
|  | &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT | 52445000 | &nbsp;&nbsp;&nbsp;&nbsp; 10480 |
| **Ireland (0.4%)** | **Ireland (0.4%)** | **Ireland (0.4%)** | **Ireland (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Bank of Ireland Group plc | 1464625 | &nbsp;&nbsp;&nbsp;&nbsp; 26573 |
| **Israel (0.3%)** | **Israel (0.3%)** | **Israel (0.3%)** | **Israel (0.3%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wix.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;204418 | &nbsp;&nbsp;&nbsp;&nbsp; 18412 |
| **Italy (1.6%)** | **Italy (1.6%)** | **Italy (1.6%)** | **Italy (1.6%)** |
|  | &nbsp;&nbsp;&nbsp;Ryanair Holdings plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;890224 | &nbsp;&nbsp;&nbsp;&nbsp; 51455 |
|  | &nbsp;&nbsp;&nbsp;Enel SpA | 3170221 | &nbsp;&nbsp;&nbsp;&nbsp; 34660 |

---

------

Global Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Poste Italiane SpA | 1079262 | &nbsp;&nbsp;&nbsp;&nbsp; 25404 |
|  | &nbsp;&nbsp;&nbsp;Saipem SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15300 | &nbsp;&nbsp;&nbsp;&nbsp; 70 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **111589** |
| **Japan (3.2%)** | **Japan (3.2%)** | **Japan (3.2%)** | **Japan (3.2%)** |
|  | &nbsp;&nbsp;&nbsp;Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;443300 | &nbsp;&nbsp;&nbsp;&nbsp; 53173 |
|  | &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101100 | &nbsp;&nbsp;&nbsp;&nbsp; 35982 |
|  | &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;584000 | &nbsp;&nbsp;&nbsp;&nbsp; 32207 |
|  | &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68300 | &nbsp;&nbsp;&nbsp;&nbsp; 27838 |
|  | &nbsp;&nbsp;&nbsp;Cosmos Pharmaceutical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;486700 | &nbsp;&nbsp;&nbsp;&nbsp; 20940 |
|  | &nbsp;&nbsp;&nbsp;TDK Corp. | 1473100 | &nbsp;&nbsp;&nbsp;&nbsp; 19136 |
|  | &nbsp;&nbsp;&nbsp;Kokusai Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;548100 | &nbsp;&nbsp;&nbsp;&nbsp; 18534 |
|  | &nbsp;&nbsp;&nbsp;Nippon Paint Holdings Co. Ltd. | 2442600 | &nbsp;&nbsp;&nbsp;&nbsp; 15316 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **223126** |
| **Netherlands (3.3%)** | **Netherlands (3.3%)** | **Netherlands (3.3%)** | **Netherlands (3.3%)** |
|  | &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82690 | &nbsp;&nbsp;&nbsp;&nbsp; 109957 |
|  | &nbsp;&nbsp;&nbsp;ING Groep NV | 1581630 | &nbsp;&nbsp;&nbsp;&nbsp; 41054 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Adyen NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35992 | &nbsp;&nbsp;&nbsp;&nbsp; 36023 |
|  | &nbsp;&nbsp;&nbsp;Randstad NV | &nbsp;&nbsp;&nbsp;&nbsp;933998 | &nbsp;&nbsp;&nbsp;&nbsp; 24377 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Argenx SE ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28476 | &nbsp;&nbsp;&nbsp;&nbsp; 20795 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **232206** |
| **Other (0.4%)** | **Other (0.4%)** | **Other (0.4%)** | **Other (0.4%)** |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Vanguard Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58155 | &nbsp;&nbsp;&nbsp;&nbsp; 25402 |
| **Peru (0.4%)** | **Peru (0.4%)** | **Peru (0.4%)** | **Peru (0.4%)** |
|  | &nbsp;&nbsp;&nbsp;Credicorp Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86790 | &nbsp;&nbsp;&nbsp;&nbsp; 29438 |
| **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** | **Russia (0.0%)** |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC | 3912108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;VK IPJSC GDR | &nbsp;&nbsp;&nbsp;&nbsp;128137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;Severstal PAO GDR (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;520152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  | **—** |
| **Singapore (1.0%)** | **Singapore (1.0%)** | **Singapore (1.0%)** | **Singapore (1.0%)** |
|  | &nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;985800 | &nbsp;&nbsp;&nbsp;&nbsp; 28219 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grab Holdings Ltd. Class A | 6251175 | &nbsp;&nbsp;&nbsp;&nbsp; 22879 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sea Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;252791 | &nbsp;&nbsp;&nbsp;&nbsp; 20934 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **72032** |
| **South Korea (2.0%)** | **South Korea (2.0%)** | **South Korea (2.0%)** | **South Korea (2.0%)** |
|  | &nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. (XKRX) | &nbsp;&nbsp;&nbsp;&nbsp;634431 | &nbsp;&nbsp;&nbsp;&nbsp; 74204 |
|  | &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;619705 | &nbsp;&nbsp;&nbsp;&nbsp; 36935 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coupang Inc. | 1666592 | &nbsp;&nbsp;&nbsp;&nbsp; 31465 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **142604** |
| **Sweden (1.0%)** | **Sweden (1.0%)** | **Sweden (1.0%)** | **Sweden (1.0%)** |
|  | &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB Class A | 1424643 | &nbsp;&nbsp;&nbsp;&nbsp; 26326 |
|  | &nbsp;&nbsp;&nbsp;Epiroc AB Class B | 1148779 | &nbsp;&nbsp;&nbsp;&nbsp; 24608 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Spotify Technology SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33983 | &nbsp;&nbsp;&nbsp;&nbsp; 16479 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **67413** |
| **Switzerland (1.4%)** | **Switzerland (1.4%)** | **Switzerland (1.4%)** | **Switzerland (1.4%)** |
|  | &nbsp;&nbsp;&nbsp;UBS Group AG (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;956756 | &nbsp;&nbsp;&nbsp;&nbsp; 37307 |
|  | &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA Class A (Registered) | &nbsp;&nbsp;&nbsp;&nbsp;167096 | &nbsp;&nbsp;&nbsp;&nbsp; 29504 |
|  | &nbsp;&nbsp;&nbsp;Julius Baer Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;381938 | &nbsp;&nbsp;&nbsp;&nbsp; 28093 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **94904** |
| **Taiwan (4.1%)** | **Taiwan (4.1%)** | **Taiwan (4.1%)** | **Taiwan (4.1%)** |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. (XTAI) | 2988000 | &nbsp;&nbsp;&nbsp;&nbsp; 172810 |
|  | &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;341170 | &nbsp;&nbsp;&nbsp;&nbsp; 115298 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **288108** |
| **United Kingdom (3.2%)** | **United Kingdom (3.2%)** | **United Kingdom (3.2%)** | **United Kingdom (3.2%)** |
|  | &nbsp;&nbsp;&nbsp;CRH plc (SGMX) | &nbsp;&nbsp;&nbsp;&nbsp;426236 | &nbsp;&nbsp;&nbsp;&nbsp; 44593 |
|  | &nbsp;&nbsp;&nbsp;HSBC Holdings plc | 2446038 | &nbsp;&nbsp;&nbsp;&nbsp; 40170 |
|  | &nbsp;&nbsp;&nbsp;J Sainsbury plc | 7460477 | &nbsp;&nbsp;&nbsp;&nbsp; 33588 |
|  | &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group plc (XLON) | &nbsp;&nbsp;&nbsp;&nbsp;497602 | &nbsp;&nbsp;&nbsp;&nbsp; 33459 |
|  | &nbsp;&nbsp;&nbsp;Games Workshop Group plc | &nbsp;&nbsp;&nbsp;&nbsp;126765 | &nbsp;&nbsp;&nbsp;&nbsp; 29967 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Autotrader Group plc | 3445445 | &nbsp;&nbsp;&nbsp;&nbsp; 21565 |
|  | &nbsp;&nbsp;&nbsp;Barclays plc | 2255802 | &nbsp;&nbsp;&nbsp;&nbsp; 11806 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Flutter Entertainment plc Class DI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56275 | &nbsp;&nbsp;&nbsp;&nbsp; 5817 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **220965** |

---

------

Global Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Market<br> Value• ($000)** |
| **United States (58.1%)** | **United States (58.1%)** | **United States (58.1%)** | **United States (58.1%)** |
|  | &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 2234976 | &nbsp;&nbsp;&nbsp;&nbsp; 389780 |
|  | &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;659270 | &nbsp;&nbsp;&nbsp;&nbsp; 244042 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amazon.com Inc. | 1024501 | &nbsp;&nbsp;&nbsp;&nbsp; 213373 |
|  | &nbsp;&nbsp;&nbsp;Mastercard Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;258017 | &nbsp;&nbsp;&nbsp;&nbsp; 128921 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;369556 | &nbsp;&nbsp;&nbsp;&nbsp; 106011 |
|  | &nbsp;&nbsp;&nbsp;Alphabet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;318499 | &nbsp;&nbsp;&nbsp;&nbsp; 91588 |
|  | &nbsp;&nbsp;&nbsp;Meta Platforms Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;148573 | &nbsp;&nbsp;&nbsp;&nbsp; 85003 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Netflix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;804096 | &nbsp;&nbsp;&nbsp;&nbsp; 77314 |
|  | &nbsp;&nbsp;&nbsp;Broadcom Inc. | &nbsp;&nbsp;&nbsp;&nbsp;241459 | &nbsp;&nbsp;&nbsp;&nbsp; 74734 |
|  | &nbsp;&nbsp;&nbsp;Royalty Pharma plc Class A | 1470561 | &nbsp;&nbsp;&nbsp;&nbsp; 70543 |
|  | &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;842174 | &nbsp;&nbsp;&nbsp;&nbsp; 69488 |
|  | &nbsp;&nbsp;&nbsp;Martin Marietta Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;117156 | &nbsp;&nbsp;&nbsp;&nbsp; 68967 |
|  | &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;577536 | &nbsp;&nbsp;&nbsp;&nbsp; 68571 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MercadoLibre Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36540 | &nbsp;&nbsp;&nbsp;&nbsp; 63178 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DoorDash Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;409635 | &nbsp;&nbsp;&nbsp;&nbsp; 61507 |
|  | &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;983401 | &nbsp;&nbsp;&nbsp;&nbsp; 59643 |
|  | &nbsp;&nbsp;&nbsp;Apple Inc. | &nbsp;&nbsp;&nbsp;&nbsp;230295 | &nbsp;&nbsp;&nbsp;&nbsp; 58447 |
|  | &nbsp;&nbsp;&nbsp;Tyson Foods Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;886741 | &nbsp;&nbsp;&nbsp;&nbsp; 56813 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Samsara Inc. Class A | 1703570 | &nbsp;&nbsp;&nbsp;&nbsp; 53986 |
|  | &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;872320 | &nbsp;&nbsp;&nbsp;&nbsp; 53517 |
|  | &nbsp;&nbsp;&nbsp;Ensign Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255790 | &nbsp;&nbsp;&nbsp;&nbsp; 51542 |
|  | &nbsp;&nbsp;&nbsp;Humana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;292466 | &nbsp;&nbsp;&nbsp;&nbsp; 50711 |
|  | &nbsp;&nbsp;&nbsp;Shell plc | 1063696 | &nbsp;&nbsp;&nbsp;&nbsp; 49740 |
|  | &nbsp;&nbsp;&nbsp;Baxter International Inc. | 2882055 | &nbsp;&nbsp;&nbsp;&nbsp; 48418 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coherent Corp. | &nbsp;&nbsp;&nbsp;&nbsp;200007 | &nbsp;&nbsp;&nbsp;&nbsp; 47644 |
|  | &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;653465 | &nbsp;&nbsp;&nbsp;&nbsp; 46932 |
|  | &nbsp;&nbsp;&nbsp;EOG Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;322746 | &nbsp;&nbsp;&nbsp;&nbsp; 46659 |
|  | &nbsp;&nbsp;&nbsp;Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;651677 | &nbsp;&nbsp;&nbsp;&nbsp; 42528 |
|  | &nbsp;&nbsp;&nbsp;Welltower Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214682 | &nbsp;&nbsp;&nbsp;&nbsp; 42445 |
|  | &nbsp;&nbsp;&nbsp;MSCI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78577 | &nbsp;&nbsp;&nbsp;&nbsp; 42354 |
|  | &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital Inc. | 1128627 | &nbsp;&nbsp;&nbsp;&nbsp; 41477 |
|  | &nbsp;&nbsp;&nbsp;Citigroup Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;365131 | &nbsp;&nbsp;&nbsp;&nbsp; 41409 |
|  | &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44110 | &nbsp;&nbsp;&nbsp;&nbsp; 40571 |
|  | &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;330318 | &nbsp;&nbsp;&nbsp;&nbsp; 39995 |
|  | &nbsp;&nbsp;&nbsp;Global Payments Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;569010 | &nbsp;&nbsp;&nbsp;&nbsp; 38294 |
|  | &nbsp;&nbsp;&nbsp;Skyworks Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;707728 | &nbsp;&nbsp;&nbsp;&nbsp; 37899 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AppLovin Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93951 | &nbsp;&nbsp;&nbsp;&nbsp; 37392 |
|  | &nbsp;&nbsp;&nbsp;Dow Inc. | &nbsp;&nbsp;&nbsp;&nbsp;876517 | &nbsp;&nbsp;&nbsp;&nbsp; 36507 |
|  | &nbsp;&nbsp;&nbsp;MetLife Inc. | &nbsp;&nbsp;&nbsp;&nbsp;498866 | &nbsp;&nbsp;&nbsp;&nbsp; 35280 |
|  | &nbsp;&nbsp;&nbsp;Elevance Health Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;120249 | &nbsp;&nbsp;&nbsp;&nbsp; 35203 |
|  | &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77765 | &nbsp;&nbsp;&nbsp;&nbsp; 33925 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CBRE Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;246310 | &nbsp;&nbsp;&nbsp;&nbsp; 33365 |
|  | &nbsp;&nbsp;&nbsp;NOV Inc. | 1768596 | &nbsp;&nbsp;&nbsp;&nbsp; 33267 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Airbnb Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;258643 | &nbsp;&nbsp;&nbsp;&nbsp; 32661 |
|  | &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;178611 | &nbsp;&nbsp;&nbsp;&nbsp; 32584 |
|  | &nbsp;&nbsp;&nbsp;Philip Morris International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;194705 | &nbsp;&nbsp;&nbsp;&nbsp; 32192 |
|  | &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64991 | &nbsp;&nbsp;&nbsp;&nbsp; 31945 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Markel Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16493 | &nbsp;&nbsp;&nbsp;&nbsp; 31569 |
|  | &nbsp;&nbsp;&nbsp;Texas Instruments Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159517 | &nbsp;&nbsp;&nbsp;&nbsp; 30969 |
|  | &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21846 | &nbsp;&nbsp;&nbsp;&nbsp; 30125 |
|  | &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;437494 | &nbsp;&nbsp;&nbsp;&nbsp; 29561 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65525 | &nbsp;&nbsp;&nbsp;&nbsp; 29260 |
|  | &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;362613 | &nbsp;&nbsp;&nbsp;&nbsp; 28868 |
|  | &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;451809 | &nbsp;&nbsp;&nbsp;&nbsp; 28753 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ON Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;441522 | &nbsp;&nbsp;&nbsp;&nbsp; 27339 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Uber Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;368307 | &nbsp;&nbsp;&nbsp;&nbsp; 26492 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AutoZone Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7763 | &nbsp;&nbsp;&nbsp;&nbsp; 26222 |
|  | &nbsp;&nbsp;&nbsp;Advanced Drainage Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187754 | &nbsp;&nbsp;&nbsp;&nbsp; 25747 |
|  | &nbsp;&nbsp;&nbsp;Corebridge Financial Inc. | 1066137 | &nbsp;&nbsp;&nbsp;&nbsp; 25438 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axon Enterprise Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59356 | &nbsp;&nbsp;&nbsp;&nbsp; 25208 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QXO Inc. | 1265679 | &nbsp;&nbsp;&nbsp;&nbsp; 24579 |
|  | &nbsp;&nbsp;&nbsp;Freeport-McMoRan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;416567 | &nbsp;&nbsp;&nbsp;&nbsp; 24486 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medpace Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50781 | &nbsp;&nbsp;&nbsp;&nbsp; 24384 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medline Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;514072 | &nbsp;&nbsp;&nbsp;&nbsp; 22876 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Services Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;125219 | &nbsp;&nbsp;&nbsp;&nbsp; 22410 |
|  | &nbsp;&nbsp;&nbsp;Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59798 | &nbsp;&nbsp;&nbsp;&nbsp; 21388 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64391 | &nbsp;&nbsp;&nbsp;&nbsp; 21305 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Natera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105578 | &nbsp;&nbsp;&nbsp;&nbsp; 21115 |
|  | &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;286305 | &nbsp;&nbsp;&nbsp;&nbsp; 20832 |

---

------

Global Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoStar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;498070 | &nbsp;&nbsp;&nbsp;&nbsp; 20092 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nextpower Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;166351 | &nbsp;&nbsp;&nbsp;&nbsp; 20054 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unity Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;878632 | &nbsp;&nbsp;&nbsp;&nbsp; 19277 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clean Harbors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64736 | &nbsp;&nbsp;&nbsp;&nbsp; 18562 |
|  | &nbsp;&nbsp;&nbsp;Paycom Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150190 | &nbsp;&nbsp;&nbsp;&nbsp; 18254 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Datadog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;148708 | &nbsp;&nbsp;&nbsp;&nbsp; 17555 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cloudflare Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83687 | &nbsp;&nbsp;&nbsp;&nbsp; 17268 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AeroVironment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93878 | &nbsp;&nbsp;&nbsp;&nbsp; 17184 |
|  | &nbsp;&nbsp;&nbsp;PPG Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159834 | &nbsp;&nbsp;&nbsp;&nbsp; 17083 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coinbase Global Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94421 | &nbsp;&nbsp;&nbsp;&nbsp; 16487 |
|  | &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;230975 | &nbsp;&nbsp;&nbsp;&nbsp; 16113 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Champion Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216075 | &nbsp;&nbsp;&nbsp;&nbsp; 16069 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Revolution Medicines Inc. | &nbsp;&nbsp;&nbsp;&nbsp;161736 | &nbsp;&nbsp;&nbsp;&nbsp; 15729 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dutch Bros Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;286879 | &nbsp;&nbsp;&nbsp;&nbsp; 14533 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HubSpot Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51552 | &nbsp;&nbsp;&nbsp;&nbsp; 12584 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tesla Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31492 | &nbsp;&nbsp;&nbsp;&nbsp; 11707 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shake Shack Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;132041 | &nbsp;&nbsp;&nbsp;&nbsp; 11682 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bloom Energy Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76966 | &nbsp;&nbsp;&nbsp;&nbsp; 10428 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enphase Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;266099 | &nbsp;&nbsp;&nbsp;&nbsp; 10061 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tidewater Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92192 | &nbsp;&nbsp;&nbsp;&nbsp; 7703 |
|  | &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;443541 | &nbsp;&nbsp;&nbsp;&nbsp; 7700 |
|  | &nbsp;&nbsp;&nbsp;Newell Brands Inc. | 1481420 | &nbsp;&nbsp;&nbsp;&nbsp; 5081 |
| <sup>\*,3</sup> | &nbsp;&nbsp;&nbsp;ABIOMED Inc. CVR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82912 | &nbsp;&nbsp;&nbsp;&nbsp; 85 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4068582** |
| **Total Common Stocks (Cost $4,976,609)** | **Total Common Stocks (Cost $4,976,609)** | **Total Common Stocks (Cost $4,976,609)** | &nbsp;&nbsp;&nbsp;&nbsp;**6743572** |
| **Temporary Cash Investments (3.5%)** | **Temporary Cash Investments (3.5%)** | **Temporary Cash Investments (3.5%)** | **Temporary Cash Investments (3.5%)** |
| **Money Market Fund (3.5%)** | **Money Market Fund (3.5%)** | **Money Market Fund (3.5%)** | **Money Market Fund (3.5%)** |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 3.687% **(Cost $241,312)** | 2413314 | &nbsp;&nbsp;&nbsp;&nbsp; **241307** |
| **Total Investments (99.8%) (Cost $5,217,921)** | **Total Investments (99.8%) (Cost $5,217,921)** | **Total Investments (99.8%) (Cost $5,217,921)** | &nbsp;&nbsp;&nbsp;&nbsp;**6984879** |
| **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;**14803** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**6999682** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2026, the aggregate value was $94,604, representing 1.4% of net assets. |
| 2 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 3 | Security value determined using significant unobservable inputs. |
| 4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
|  | ADR—American Depositary Receipt. |
|  | CVR—Contingent Value Rights. |
|  | GDR—Global Depositary Receipt. |

---

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini S&P 500 Index | June 2026 | 264 | 86734 | &nbsp;&nbsp;(1712) |
| MSCI EAFE Index | June 2026 | 210 | 30462 | &nbsp;&nbsp;(289) |
| MSCI Emerging Markets Index | June 2026 | 327 | 23783 | &nbsp;&nbsp;(191) |
|  |  |  |  | &nbsp;&nbsp;(2192) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts | Forward Currency Contracts |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Toronto-Dominion Bank | 6/17/2026 | &nbsp;&nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Toronto-Dominion Bank | 6/17/2026 | &nbsp;&nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

------

Global Equity Fund

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) | Forward Currency Contracts (continued) |
| Counterparty | Contract<br> Settlement<br> Date | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Contract Amount (000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Counterparty | Contract<br> Settlement<br> Date |  | &nbsp;&nbsp;&nbsp;Receive |  | &nbsp;&nbsp;&nbsp;Deliver | &nbsp;&nbsp;&nbsp;Unrealized<br> Appreciation<br> ($000) | &nbsp;&nbsp;&nbsp;Unrealized<br> Depreciation<br> ($000) |
| Goldman Sachs International | 6/17/2026 | &nbsp;&nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| Canadian Imperial Bank of Commerce | 6/17/2026 | &nbsp;&nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | 6/17/2026 | &nbsp;&nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;2195 | &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;— |

---

---

| |
|:---|
| AUD—Australian dollar. |
| CAD—Canadian dollar. |
| CHF—Swiss franc. |
| EUR—euro. |
| GBP—British pound. |
| HKD—Hong Kong dollar. |
| JPY—Japanese yen. |
| SEK—Swedish krona. |
| USD—U.S. dollar. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Global Equity Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $4,948,403) | 6718170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $269,518) | &nbsp;&nbsp;&nbsp;&nbsp;266709 |
| Total Investments in Securities | 6984879 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8723 |
| Foreign Currency, at Value (Cost $603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10111 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4256 |
| Unrealized Appreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| **Total Assets** | **7009699** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308 |
| Payables to Investment Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3915 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 |
| Unrealized Depreciation—Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10017** |
| **Net Assets** | **6999682** |
| **At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | 4699660 |
| Total Distributable Earnings (Loss) | 2300022 |
| **Net Assets** | **6999682** |
| **Net Assets** |  |
| **Applicable to 193,623,985 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **6999682** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$36.15** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Global Equity Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> March 31, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends—Unaffiliated Issuers<sup>1</sup> | &nbsp;&nbsp;&nbsp;40076 |
| Dividends—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| Interest—Unaffiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 |
| Interest—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;4576 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Total Income | &nbsp;&nbsp;&nbsp;44938 |
| **Expenses** |  |
| Investment Advisory Fees—Note B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Fee | &nbsp;&nbsp;&nbsp;&nbsp;8753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(924) |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;6430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
| Shareholders' Reports | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Total Expenses | &nbsp;&nbsp;&nbsp;14627 |
| Expenses Paid Indirectly | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Net Expenses | &nbsp;&nbsp;&nbsp;14626 |
| **Net Investment Income** | &nbsp;&nbsp;&nbsp;**30312** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold—Unaffiliated Issuers | 667975 |
| Investment Securities Sold—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;(2253) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;5584 |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(597) |
| **Realized Net Gain (Loss)** | **670713** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities—Unaffiliated Issuers | (975831) |
| Investment Securities—Affiliated Issuers | &nbsp;&nbsp;&nbsp;&nbsp;(3091) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;(3576) |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Foreign Currencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |
| **Change in Unrealized Appreciation (Depreciation)** | **(982514)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(281489)** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $2,151. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Global Equity Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82297 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;670713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857570 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;(982514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241408 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;(281489) | &nbsp;&nbsp;&nbsp;&nbsp;1181275 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;(850159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313823) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;243235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356897 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;712096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268386 |
| Redeemed | &nbsp;&nbsp;&nbsp;(594431) | &nbsp;&nbsp;&nbsp;(2147983) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;360900 | &nbsp;&nbsp;&nbsp;(1522700) |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;(770748) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(655248) |
| **Net Assets** |  |  |
| **Beginning of Period** | **7770430** | &nbsp;&nbsp;&nbsp;&nbsp;**8425678** |
| **End of Period** | **6999682** | &nbsp;&nbsp;&nbsp;&nbsp;**7770430** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Global Equity Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$42.29** | &nbsp;&nbsp;&nbsp;**$37.88** | &nbsp;&nbsp;&nbsp;**$29.24** | &nbsp;&nbsp;&nbsp;**$27.07** | &nbsp;&nbsp;&nbsp;**$41.53** | &nbsp;&nbsp;&nbsp;**$33.31** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.371 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;(1.558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.831 | &nbsp;&nbsp;&nbsp;&nbsp;(10.641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.939 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;(1.398) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.197 | &nbsp;&nbsp;&nbsp;&nbsp;(10.268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.310 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.374) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.254) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;(4.312) | &nbsp;&nbsp;&nbsp;&nbsp;(1.060) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2.585) | &nbsp;&nbsp;&nbsp;&nbsp;(3.837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.836) |
| Total Distributions | &nbsp;&nbsp;&nbsp;(4.742) | &nbsp;&nbsp;&nbsp;&nbsp;(1.505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.374) | &nbsp;&nbsp;&nbsp;&nbsp;(3.027) | &nbsp;&nbsp;&nbsp;&nbsp;(4.192) | &nbsp;&nbsp;&nbsp;&nbsp;(1.090) |
| **Net Asset Value, End of Period** | **$36.15** | &nbsp;&nbsp;&nbsp;**$42.29** | &nbsp;&nbsp;&nbsp;**$37.88** | &nbsp;&nbsp;&nbsp;**$29.24** | &nbsp;&nbsp;&nbsp;**$27.07** | &nbsp;&nbsp;&nbsp;**$41.53** |
| **Total Return<sup>2</sup>** | **-3.96%** | &nbsp;&nbsp;&nbsp;**16.30%** | &nbsp;&nbsp;&nbsp;**31.04%** | &nbsp;&nbsp;&nbsp;**20.22%** | &nbsp;&nbsp;&nbsp;**-27.52%** | &nbsp;&nbsp;&nbsp;**28.29%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $7000 | &nbsp;&nbsp;&nbsp;$7770 | &nbsp;&nbsp;&nbsp;$8426 | &nbsp;&nbsp;&nbsp;$6970 | &nbsp;&nbsp;&nbsp;$6271 | &nbsp;&nbsp;&nbsp;$9063 |
| Ratio of Total Expenses to Average Net Assets<sup>3</sup> | 0.39%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.40%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.43%<sup>5</sup> | &nbsp;&nbsp;&nbsp;0.42%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.41%<sup>4</sup> | &nbsp;&nbsp;&nbsp;0.45% |
| Ratio of Net Investment Income to Average Net Assets | 0.80% | &nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;0.93% |
| Portfolio Turnover Rate | 24% | &nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;84% | &nbsp;&nbsp;&nbsp;28% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | Includes performance-based investment advisory fee increases (decreases) of (0.02%), (0.03%), (0.02%), (0.03%), (0.04%), and (0.00%). |
| 4 | The ratio of expenses to average net assets for the period net of reduction from broker commission abatement arrangements was 0.39%, 0.40%, 0.42%, and 0.41%, respectively. |
| 5 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset and broker commission abatement arrangements was 0.43%. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Global Equity Fund

Notes to Financial Statements

Vanguard Global Equity Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. 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. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund's pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).

3. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended March 31, 2026, the fund's average investments in long and short futures contracts represented 2% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

4. Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks associated with these types of forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts 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. The master netting arrangements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate the forward currency contracts, 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 forward currency 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 forward currency 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.

Forward currency contracts are valued at their quoted daily prices obtained from an independent third party, adjusted for currency risk based on the expiration date of each contract. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on forward currency contracts.

During the six months ended March 31, 2026, the fund's average investment in forward currency contracts represented less than 1% of net assets, based on the average of the notional amounts at each quarter-end during the period.

5. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

------

Global Equity Fund

6. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

7. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

8. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended March 31, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.

9. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

Taxes on foreign dividends and capital gains have been provided for in accordance with the applicable countries' tax rules and rates. Deferred foreign capital gains tax, if any, is accrued daily based upon net unrealized gains. The fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Amounts related to these reclaims are recorded when there are no significant uncertainties as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Such tax reclaims and related professional fees, if any, are included in dividend income and other expenses, respectively.

**B.** The investment advisory firms Baillie Gifford Overseas Ltd., Wellington Management Company LLP , and Pzena Investment Management, LLC, each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of
average net assets managed by the advisor. The basic fee of Baillie Gifford Overseas Ltd. is subject to quarterly adjustments based on performance relative to the MSCI All Country World Index for the preceding three
years. The basic fees of Wellington Management Company LLP and Pzena Investment Management, LLC, are subject to quarterly adjustments based on performance relative to the MSCI All Country World Growth Index and the MSCI
All Country World Value Index, respectively, since September 30, 2022.

Vanguard, through its wholly owned subsidiary Vanguard Portfolio Management, LLC, manages the cash reserves of the fund as described below.

For the six months ended March 31, 2026, the aggregate investment advisory fee paid to all advisors represented an effective annual basic rate of 0.23% of the fund's average net assets, before a net decrease of $924,000 (0.02%) based on performance.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, distribution and cash
management services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are
generally settled twice a month.

------

Global Equity Fund

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At March 31, 2026, the fund had contributed to Vanguard capital in the amount of $172,000, representing less than 0.01% of the fund's net assets and 0.07% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** The fund has asked its investment advisors to direct certain security trades, subject to obtaining the best price and execution, to brokers who have agreed to rebate to the fund part of the commissions generated.
Such rebates are used solely to reduce the fund's management and administrative expenses. For the six months ended March 31, 2026, these arrangements reduced the fund's expenses by $1,000 (an annual rate
of less than 0.01% of average net assets).

**E.** Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes.
The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

The following table summarizes the market value of the fund's investments and derivatives as of March 31, 2026, 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—North and South America | 4401483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49740 | &nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;4451308 |
| Common Stocks—Other | &nbsp;&nbsp;&nbsp;&nbsp;350458 | &nbsp;&nbsp;&nbsp;1941806 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2292264 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;241307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;241307 |
| Total | 4993248 | &nbsp;&nbsp;&nbsp;1991546 | &nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;6984879 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Forward Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| Liabilities |  |  |  |  |
| Futures Contracts<sup>1</sup> | (2192) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2192) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

**F.** At March 31, 2026, the fair values of derivatives were reflected in the Statement of Assets and Liabilities as follows:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Statement of Assets and Liabilities | Equity<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign<br> Exchange<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Unrealized Appreciation—Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;11 |
| Total Assets |  | &nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;11 |
| Unrealized Depreciation—Futures Contracts<sup>1</sup> | (2192) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2192) |
| Total Liabilities | (2192) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2192) |

---

1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

Realized net gain (loss) and the change in unrealized appreciation (depreciation) on derivatives for the six months ended March 31, 2026, were:

---

| | | | |
|:---|:---|:---|:---|
| Realized Net Gain (Loss) on Derivatives | Equity<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Foreign<br> Exchange<br> Contracts<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| Futures Contracts | 5584 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5584 |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;4 |
| Realized Net Gain (Loss) on Derivatives | 5584 | &nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;5588 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives |  |  |  |
| Futures Contracts | (3576) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3576) |
| Forward Currency Contracts |  | &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;9 |
| Change in Unrealized Appreciation (Depreciation) on Derivatives | (3576) | &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;(3567) |

---

------

Global Equity Fund

**G.** As of March 31, 2026, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;5231472 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;2237402 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(486176) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;1751226 |

---

**H.** During the six months ended March 31, 2026, the fund purchased $1,742,026,000 of investment securities and sold $2,210,717,000 of investment securities, other than temporary cash investments.

**I.** Capital shares issued and redeemed were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;6114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9525 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;18554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7433 |
| Redeemed | (14791) | &nbsp;&nbsp;&nbsp;(55661) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp;9877 | &nbsp;&nbsp;&nbsp;(38703) |

---

**J.** Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions | Current Period Transactions |  |
|  | Sep. 30,<br> 2025<br> Market<br> Value<br> ($000) | Purchases<br> at Cost<br> ($000) | Proceeds<br> from<br> Securities<br> Sold<br> ($000) | Realized<br> Net<br> Gain<br> (Loss)<br> ($000) | Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | Income<br> ($000) | Capital Gain<br> Distributions<br> Received<br> ($000) | Mar. 31,<br> 2026<br> Market<br> Value<br> ($000) |
| Vanguard Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;4558 | 162317 | 136150 | (2262) | (3061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |  | &nbsp;&nbsp;&nbsp;25402 |
| Vanguard Market Liquidity Fund | 232133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | 4576 |  | 241307 |
| Total | 236691 | 162317 | 136150 | (2253) | (3091) | 4675 |  | 266709 |

---

1 Not applicable—purchases and sales are for temporary cash investment purposes.

**K.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**L.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**M.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

Q1292 052026

------

![](tm2611750d9strsmcaeqfdfii001.jpg)

#### Financial Statements

#### For the six-months ended March 31, 2026

#### Vanguard Strategic Small-Cap Equity Fund

------

#### Contents
Financial Statements 1 <br>

------

Strategic Small-Cap Equity Fund

Financial Statements (unaudited)

#### Schedule of Investments
As of March 31, 2026

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** | **Common Stocks (99.3%)** |
| **Communication Services (2.4%)** | **Communication Services (2.4%)** | **Communication Services (2.4%)** | **Communication Services (2.4%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Versant Media Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;254490 | &nbsp;&nbsp;&nbsp;&nbsp; 9421 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lumen Technologies Inc. | 1249003 | &nbsp;&nbsp;&nbsp;&nbsp; 8681 |
|  | &nbsp;&nbsp;&nbsp;Telephone & Data Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178279 | &nbsp;&nbsp;&nbsp;&nbsp; 7505 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yelp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;182452 | &nbsp;&nbsp;&nbsp;&nbsp; 4514 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bumble Inc. Class A | 1270128 | &nbsp;&nbsp;&nbsp;&nbsp; 4141 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Magnite Inc. | &nbsp;&nbsp;&nbsp;&nbsp;274373 | &nbsp;&nbsp;&nbsp;&nbsp; 3259 |
|  | &nbsp;&nbsp;&nbsp;Iridium Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106689 | &nbsp;&nbsp;&nbsp;&nbsp; 2960 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EverQuote Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;167173 | &nbsp;&nbsp;&nbsp;&nbsp; 2578 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cable One Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17971 | &nbsp;&nbsp;&nbsp;&nbsp; 1639 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nextdoor Holdings Inc. | 1045669 | &nbsp;&nbsp;&nbsp;&nbsp; 1464 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Taboola.com Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;452967 | &nbsp;&nbsp;&nbsp;&nbsp; 1404 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;iHeartMedia Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;478484 | &nbsp;&nbsp;&nbsp;&nbsp; 1397 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cargurus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38197 | &nbsp;&nbsp;&nbsp;&nbsp; 1301 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;QuinStreet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104887 | &nbsp;&nbsp;&nbsp;&nbsp; 1260 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Optimum Communications Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;883169 | &nbsp;&nbsp;&nbsp;&nbsp; 1148 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. Class C | &nbsp;&nbsp;&nbsp;&nbsp;128658 | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |
|  | &nbsp;&nbsp;&nbsp;Gray Media Inc. | &nbsp;&nbsp;&nbsp;&nbsp;218829 | &nbsp;&nbsp;&nbsp;&nbsp; 950 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bandwidth Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;48544 | &nbsp;&nbsp;&nbsp;&nbsp; 865 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Anterix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18931 | &nbsp;&nbsp;&nbsp;&nbsp; 723 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EW Scripps Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;191481 | &nbsp;&nbsp;&nbsp;&nbsp; 712 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PubMatic Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;62282 | &nbsp;&nbsp;&nbsp;&nbsp; 509 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ZoomInfo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84351 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
|  | &nbsp;&nbsp;&nbsp;Sinclair Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29127 | &nbsp;&nbsp;&nbsp;&nbsp; 377 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ZipRecruiter Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;191708 | &nbsp;&nbsp;&nbsp;&nbsp; 353 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **58800** |
| **Consumer Discretionary (10.7%)** | **Consumer Discretionary (10.7%)** | **Consumer Discretionary (10.7%)** | **Consumer Discretionary (10.7%)** |
|  | &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;202495 | &nbsp;&nbsp;&nbsp;&nbsp; 14011 |
|  | &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;161004 | &nbsp;&nbsp;&nbsp;&nbsp; 13231 |
|  | &nbsp;&nbsp;&nbsp;Leggett & Platt Inc. | 1236201 | &nbsp;&nbsp;&nbsp;&nbsp; 12214 |
|  | &nbsp;&nbsp;&nbsp;ADT Inc. | 1550473 | &nbsp;&nbsp;&nbsp;&nbsp; 10187 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Five Below Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38943 | &nbsp;&nbsp;&nbsp;&nbsp; 8898 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adient plc | &nbsp;&nbsp;&nbsp;&nbsp;396909 | &nbsp;&nbsp;&nbsp;&nbsp; 8021 |
|  | &nbsp;&nbsp;&nbsp;Dana Inc. | &nbsp;&nbsp;&nbsp;&nbsp;231394 | &nbsp;&nbsp;&nbsp;&nbsp; 7786 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Covista Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66677 | &nbsp;&nbsp;&nbsp;&nbsp; 7684 |
|  | &nbsp;&nbsp;&nbsp;Phinia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105227 | &nbsp;&nbsp;&nbsp;&nbsp; 7202 |
|  | &nbsp;&nbsp;&nbsp;Carter's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;188606 | &nbsp;&nbsp;&nbsp;&nbsp; 6745 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sonos Inc. | &nbsp;&nbsp;&nbsp;&nbsp;485693 | &nbsp;&nbsp;&nbsp;&nbsp; 6508 |
|  | &nbsp;&nbsp;&nbsp;Red Rock Resorts Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;118323 | &nbsp;&nbsp;&nbsp;&nbsp; 6314 |
|  | &nbsp;&nbsp;&nbsp;Toll Brothers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45519 | &nbsp;&nbsp;&nbsp;&nbsp; 6212 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Revolve Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;264917 | &nbsp;&nbsp;&nbsp;&nbsp; 5990 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mattel Inc. | &nbsp;&nbsp;&nbsp;&nbsp;408701 | &nbsp;&nbsp;&nbsp;&nbsp; 5938 |
|  | &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;67827 | &nbsp;&nbsp;&nbsp;&nbsp; 5741 |
|  | &nbsp;&nbsp;&nbsp;Macy's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;283986 | &nbsp;&nbsp;&nbsp;&nbsp; 5137 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BJ's Restaurants Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145798 | &nbsp;&nbsp;&nbsp;&nbsp; 5117 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penn Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;324457 | &nbsp;&nbsp;&nbsp;&nbsp; 4877 |
|  | &nbsp;&nbsp;&nbsp;Garrett Motion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;267182 | &nbsp;&nbsp;&nbsp;&nbsp; 4855 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Callaway Golf Co. | &nbsp;&nbsp;&nbsp;&nbsp;328849 | &nbsp;&nbsp;&nbsp;&nbsp; 4564 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Wayfair Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;58782 | &nbsp;&nbsp;&nbsp;&nbsp; 4421 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;GigaCloud Technology Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;90861 | &nbsp;&nbsp;&nbsp;&nbsp; 4123 |
|  | &nbsp;&nbsp;&nbsp;Gap Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168869 | &nbsp;&nbsp;&nbsp;&nbsp; 4087 |
|  | &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57193 | &nbsp;&nbsp;&nbsp;&nbsp; 3990 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Frontdoor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73060 | &nbsp;&nbsp;&nbsp;&nbsp; 3862 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cavco Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7777 | &nbsp;&nbsp;&nbsp;&nbsp; 3766 |
|  | &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;96910 | &nbsp;&nbsp;&nbsp;&nbsp; 3606 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Planet Fitness Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;48452 | &nbsp;&nbsp;&nbsp;&nbsp; 3604 |
|  | &nbsp;&nbsp;&nbsp;American Eagle Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199234 | &nbsp;&nbsp;&nbsp;&nbsp; 3327 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;National Vision Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124919 | &nbsp;&nbsp;&nbsp;&nbsp; 3235 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shake Shack Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;35613 | &nbsp;&nbsp;&nbsp;&nbsp; 3151 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Warby Parker Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;148447 | &nbsp;&nbsp;&nbsp;&nbsp; 3128 |

---

------

Strategic Small-Cap Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37687 | &nbsp;&nbsp;&nbsp;&nbsp; 3095 |
|  | &nbsp;&nbsp;&nbsp;La-Z-Boy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96201 | &nbsp;&nbsp;&nbsp;&nbsp; 3092 |
|  | &nbsp;&nbsp;&nbsp;Bath & Body Works Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136508 | &nbsp;&nbsp;&nbsp;&nbsp; 2549 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Capri Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;144347 | &nbsp;&nbsp;&nbsp;&nbsp; 2543 |
|  | &nbsp;&nbsp;&nbsp;Standard Motor Products Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72477 | &nbsp;&nbsp;&nbsp;&nbsp; 2518 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;27528 | &nbsp;&nbsp;&nbsp;&nbsp; 2515 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;M/I Homes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19150 | &nbsp;&nbsp;&nbsp;&nbsp; 2345 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Brinker International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15978 | &nbsp;&nbsp;&nbsp;&nbsp; 2281 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zumiez Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101852 | &nbsp;&nbsp;&nbsp;&nbsp; 2257 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;YETI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61006 | &nbsp;&nbsp;&nbsp;&nbsp; 2232 |
|  | &nbsp;&nbsp;&nbsp;Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;160243 | &nbsp;&nbsp;&nbsp;&nbsp; 2067 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Public Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33932 | &nbsp;&nbsp;&nbsp;&nbsp; 1930 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Grand Canyon Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10509 | &nbsp;&nbsp;&nbsp;&nbsp; 1787 |
|  | &nbsp;&nbsp;&nbsp;Buckle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33222 | &nbsp;&nbsp;&nbsp;&nbsp; 1673 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Urban Outfitters Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26144 | &nbsp;&nbsp;&nbsp;&nbsp; 1656 |
|  | &nbsp;&nbsp;&nbsp;Strategic Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19937 | &nbsp;&nbsp;&nbsp;&nbsp; 1654 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stitch Fix Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;498187 | &nbsp;&nbsp;&nbsp;&nbsp; 1649 |
|  | &nbsp;&nbsp;&nbsp;Carriage Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35469 | &nbsp;&nbsp;&nbsp;&nbsp; 1619 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Laureate Education Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45859 | &nbsp;&nbsp;&nbsp;&nbsp; 1598 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Peloton Interactive Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;351057 | &nbsp;&nbsp;&nbsp;&nbsp; 1506 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24374 | &nbsp;&nbsp;&nbsp;&nbsp; 1420 |
|  | &nbsp;&nbsp;&nbsp;Group 1 Automotive Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4177 | &nbsp;&nbsp;&nbsp;&nbsp; 1381 |
|  | &nbsp;&nbsp;&nbsp;Bloomin' Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;253605 | &nbsp;&nbsp;&nbsp;&nbsp; 1369 |
|  | &nbsp;&nbsp;&nbsp;Monarch Casino & Resort Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13128 | &nbsp;&nbsp;&nbsp;&nbsp; 1255 |
|  | &nbsp;&nbsp;&nbsp;Upbound Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67070 | &nbsp;&nbsp;&nbsp;&nbsp; 1211 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Life Time Group Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41426 | &nbsp;&nbsp;&nbsp;&nbsp; 1116 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Victoria's Secret & Co. | &nbsp;&nbsp;&nbsp;&nbsp;22254 | &nbsp;&nbsp;&nbsp;&nbsp; 1032 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ThredUP Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;306652 | &nbsp;&nbsp;&nbsp;&nbsp; 1006 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Genesco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33699 | &nbsp;&nbsp;&nbsp;&nbsp; 977 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Accel Entertainment Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83391 | &nbsp;&nbsp;&nbsp;&nbsp; 910 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sally Beauty Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62588 | &nbsp;&nbsp;&nbsp;&nbsp; 867 |
|  | &nbsp;&nbsp;&nbsp;Graham Holdings Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp; 863 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bed Bath & Beyond Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139845 | &nbsp;&nbsp;&nbsp;&nbsp; 649 |
|  | &nbsp;&nbsp;&nbsp;Movado Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22964 | &nbsp;&nbsp;&nbsp;&nbsp; 561 |
|  | &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24214 | &nbsp;&nbsp;&nbsp;&nbsp; 556 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Stoneridge Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101833 | &nbsp;&nbsp;&nbsp;&nbsp; 492 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Coursera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80393 | &nbsp;&nbsp;&nbsp;&nbsp; 468 |
|  | &nbsp;&nbsp;&nbsp;Dine Brands Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16826 | &nbsp;&nbsp;&nbsp;&nbsp; 441 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dauch Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71686 | &nbsp;&nbsp;&nbsp;&nbsp; 425 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Holley Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108497 | &nbsp;&nbsp;&nbsp;&nbsp; 333 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;QVC Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80824 | &nbsp;&nbsp;&nbsp;&nbsp; 175 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **261605** |
| **Consumer Staples (2.5%)** | **Consumer Staples (2.5%)** | **Consumer Staples (2.5%)** | **Consumer Staples (2.5%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Boston Beer Co. Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;59839 | &nbsp;&nbsp;&nbsp;&nbsp; 13787 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;United Natural Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128258 | &nbsp;&nbsp;&nbsp;&nbsp; 5779 |
|  | &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27185 | &nbsp;&nbsp;&nbsp;&nbsp; 5213 |
|  | &nbsp;&nbsp;&nbsp;Nu Skin Enterprises Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;596045 | &nbsp;&nbsp;&nbsp;&nbsp; 4339 |
|  | &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57858 | &nbsp;&nbsp;&nbsp;&nbsp; 4264 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Post Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39635 | &nbsp;&nbsp;&nbsp;&nbsp; 3918 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Seneca Foods Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;23480 | &nbsp;&nbsp;&nbsp;&nbsp; 3548 |
|  | &nbsp;&nbsp;&nbsp;WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;16819 | &nbsp;&nbsp;&nbsp;&nbsp; 3430 |
|  | &nbsp;&nbsp;&nbsp;Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 3364 |
|  | &nbsp;&nbsp;&nbsp;Turning Point Brands Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21349 | &nbsp;&nbsp;&nbsp;&nbsp; 1853 |
|  | &nbsp;&nbsp;&nbsp;Interparfums Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20089 | &nbsp;&nbsp;&nbsp;&nbsp; 1825 |
|  | &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46614 | &nbsp;&nbsp;&nbsp;&nbsp; 1760 |
|  | &nbsp;&nbsp;&nbsp;B&G Foods Inc. | &nbsp;&nbsp;&nbsp;&nbsp;275767 | &nbsp;&nbsp;&nbsp;&nbsp; 1327 |
|  | &nbsp;&nbsp;&nbsp;PriceSmart Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8539 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 |
|  | &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30004 | &nbsp;&nbsp;&nbsp;&nbsp; 1208 |
|  | &nbsp;&nbsp;&nbsp;Energizer Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58807 | &nbsp;&nbsp;&nbsp;&nbsp; 966 |
|  | &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33565 | &nbsp;&nbsp;&nbsp;&nbsp; 868 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Darling Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12513 | &nbsp;&nbsp;&nbsp;&nbsp; 774 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;USANA Health Sciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30129 | &nbsp;&nbsp;&nbsp;&nbsp; 526 |
|  | &nbsp;&nbsp;&nbsp;MGP Ingredients Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17583 | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hain Celestial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;239576 | &nbsp;&nbsp;&nbsp;&nbsp; 167 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **60524** |
| **Energy (6.0%)** | **Energy (6.0%)** | **Energy (6.0%)** | **Energy (6.0%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;REX American Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;262249 | &nbsp;&nbsp;&nbsp;&nbsp; 11951 |
|  | &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;181265 | &nbsp;&nbsp;&nbsp;&nbsp; 11452 |
|  | &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;297290 | &nbsp;&nbsp;&nbsp;&nbsp; 10167 |

---

------

Strategic Small-Cap Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oceaneering International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;284088 | &nbsp;&nbsp;&nbsp;&nbsp; 10077 |
|  | &nbsp;&nbsp;&nbsp;Weatherford International plc | &nbsp;&nbsp;&nbsp;&nbsp;99520 | &nbsp;&nbsp;&nbsp;&nbsp; 9413 |
|  | &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;378548 | &nbsp;&nbsp;&nbsp;&nbsp; 8631 |
|  | &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;259645 | &nbsp;&nbsp;&nbsp;&nbsp; 8555 |
|  | &nbsp;&nbsp;&nbsp;DT Midstream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59193 | &nbsp;&nbsp;&nbsp;&nbsp; 7971 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Par Pacific Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109127 | &nbsp;&nbsp;&nbsp;&nbsp; 6836 |
|  | &nbsp;&nbsp;&nbsp;Bristow Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134551 | &nbsp;&nbsp;&nbsp;&nbsp; 6309 |
|  | &nbsp;&nbsp;&nbsp;Delek US Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128532 | &nbsp;&nbsp;&nbsp;&nbsp; 5793 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ProPetro Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;375999 | &nbsp;&nbsp;&nbsp;&nbsp; 5418 |
|  | &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37011 | &nbsp;&nbsp;&nbsp;&nbsp; 5262 |
|  | &nbsp;&nbsp;&nbsp;Patterson-UTI Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;466169 | &nbsp;&nbsp;&nbsp;&nbsp; 5049 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nabors Industries Ltd. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;56905 | &nbsp;&nbsp;&nbsp;&nbsp; 4897 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gulfport Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22669 | &nbsp;&nbsp;&nbsp;&nbsp; 4796 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Green Plains Inc. | &nbsp;&nbsp;&nbsp;&nbsp;259887 | &nbsp;&nbsp;&nbsp;&nbsp; 4275 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Oil States International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;306572 | &nbsp;&nbsp;&nbsp;&nbsp; 3568 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tidewater Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31227 | &nbsp;&nbsp;&nbsp;&nbsp; 2609 |
|  | &nbsp;&nbsp;&nbsp;International Seaways Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33819 | &nbsp;&nbsp;&nbsp;&nbsp; 2465 |
|  | &nbsp;&nbsp;&nbsp;Liberty Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80829 | &nbsp;&nbsp;&nbsp;&nbsp; 2328 |
|  | &nbsp;&nbsp;&nbsp;PBF Energy Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;31769 | &nbsp;&nbsp;&nbsp;&nbsp; 1513 |
|  | &nbsp;&nbsp;&nbsp;SandRidge Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85565 | &nbsp;&nbsp;&nbsp;&nbsp; 1396 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Expro Group Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;74970 | &nbsp;&nbsp;&nbsp;&nbsp; 1305 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CNX Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30255 | &nbsp;&nbsp;&nbsp;&nbsp; 1166 |
|  | &nbsp;&nbsp;&nbsp;Kimbell Royalty Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;80113 | &nbsp;&nbsp;&nbsp;&nbsp; 1159 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CVR Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30991 | &nbsp;&nbsp;&nbsp;&nbsp; 1043 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp. | &nbsp;&nbsp;&nbsp;&nbsp;340978 | &nbsp;&nbsp;&nbsp;&nbsp; 846 |
|  | &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32610 | &nbsp;&nbsp;&nbsp;&nbsp; 752 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DMC Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55237 | &nbsp;&nbsp;&nbsp;&nbsp; 288 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **147290** |
| **Financials (18.3%)** | **Financials (18.3%)** | **Financials (18.3%)** | **Financials (18.3%)** |
|  | &nbsp;&nbsp;&nbsp;Popular Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126274 | &nbsp;&nbsp;&nbsp;&nbsp; 16942 |
|  | &nbsp;&nbsp;&nbsp;Affiliated Managers Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58685 | &nbsp;&nbsp;&nbsp;&nbsp; 16238 |
|  | &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;281387 | &nbsp;&nbsp;&nbsp;&nbsp; 16214 |
|  | &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;585296 | &nbsp;&nbsp;&nbsp;&nbsp; 15136 |
|  | &nbsp;&nbsp;&nbsp;Federated Hermes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;255175 | &nbsp;&nbsp;&nbsp;&nbsp; 14471 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enova International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100187 | &nbsp;&nbsp;&nbsp;&nbsp; 13608 |
|  | &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;175660 | &nbsp;&nbsp;&nbsp;&nbsp; 13447 |
|  | &nbsp;&nbsp;&nbsp;First Hawaiian Inc. | &nbsp;&nbsp;&nbsp;&nbsp;541854 | &nbsp;&nbsp;&nbsp;&nbsp; 13351 |
|  | &nbsp;&nbsp;&nbsp;First BanCorp (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;615558 | &nbsp;&nbsp;&nbsp;&nbsp; 13148 |
|  | &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;488026 | &nbsp;&nbsp;&nbsp;&nbsp; 12811 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LendingClub Corp. | &nbsp;&nbsp;&nbsp;&nbsp;872461 | &nbsp;&nbsp;&nbsp;&nbsp; 12494 |
|  | &nbsp;&nbsp;&nbsp;Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;210668 | &nbsp;&nbsp;&nbsp;&nbsp; 12311 |
|  | &nbsp;&nbsp;&nbsp;Banc of California Inc. | &nbsp;&nbsp;&nbsp;&nbsp;693878 | &nbsp;&nbsp;&nbsp;&nbsp; 12198 |
|  | &nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;117245 | &nbsp;&nbsp;&nbsp;&nbsp; 11890 |
|  | &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;251242 | &nbsp;&nbsp;&nbsp;&nbsp; 10165 |
|  | &nbsp;&nbsp;&nbsp;Virtu Financial Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;227086 | &nbsp;&nbsp;&nbsp;&nbsp; 9987 |
|  | &nbsp;&nbsp;&nbsp;BGC Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;959329 | &nbsp;&nbsp;&nbsp;&nbsp; 9382 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NMI Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;247643 | &nbsp;&nbsp;&nbsp;&nbsp; 9289 |
|  | &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;178051 | &nbsp;&nbsp;&nbsp;&nbsp; 9285 |
|  | &nbsp;&nbsp;&nbsp;PennyMac Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96406 | &nbsp;&nbsp;&nbsp;&nbsp; 8426 |
|  | &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;130549 | &nbsp;&nbsp;&nbsp;&nbsp; 8251 |
|  | &nbsp;&nbsp;&nbsp;Hanover Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41217 | &nbsp;&nbsp;&nbsp;&nbsp; 7145 |
|  | &nbsp;&nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;421680 | &nbsp;&nbsp;&nbsp;&nbsp; 7050 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Slide Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;386895 | &nbsp;&nbsp;&nbsp;&nbsp; 6964 |
|  | &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109272 | &nbsp;&nbsp;&nbsp;&nbsp; 6631 |
|  | &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;102616 | &nbsp;&nbsp;&nbsp;&nbsp; 6525 |
|  | &nbsp;&nbsp;&nbsp;CNO Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155880 | &nbsp;&nbsp;&nbsp;&nbsp; 6400 |
|  | &nbsp;&nbsp;&nbsp;Horizon Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;378377 | &nbsp;&nbsp;&nbsp;&nbsp; 6270 |
|  | &nbsp;&nbsp;&nbsp;Old Second Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;308319 | &nbsp;&nbsp;&nbsp;&nbsp; 6216 |
|  | &nbsp;&nbsp;&nbsp;Universal Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;176399 | &nbsp;&nbsp;&nbsp;&nbsp; 6026 |
|  | &nbsp;&nbsp;&nbsp;OneMain Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109792 | &nbsp;&nbsp;&nbsp;&nbsp; 5873 |
|  | &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;135566 | &nbsp;&nbsp;&nbsp;&nbsp; 5786 |
|  | &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;133331 | &nbsp;&nbsp;&nbsp;&nbsp; 5183 |
|  | &nbsp;&nbsp;&nbsp;Radian Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153924 | &nbsp;&nbsp;&nbsp;&nbsp; 5092 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190146 | &nbsp;&nbsp;&nbsp;&nbsp; 4991 |
|  | &nbsp;&nbsp;&nbsp;Prosperity Bancshares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70159 | &nbsp;&nbsp;&nbsp;&nbsp; 4713 |
|  | &nbsp;&nbsp;&nbsp;Virtus Investment Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34696 | &nbsp;&nbsp;&nbsp;&nbsp; 4661 |
|  | &nbsp;&nbsp;&nbsp;United Fire Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118979 | &nbsp;&nbsp;&nbsp;&nbsp; 4409 |
|  | &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63570 | &nbsp;&nbsp;&nbsp;&nbsp; 4161 |
|  | &nbsp;&nbsp;&nbsp;EVERTEC Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136325 | &nbsp;&nbsp;&nbsp;&nbsp; 3847 |

---

------

Strategic Small-Cap Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SiriusPoint Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;171291 | &nbsp;&nbsp;&nbsp;&nbsp; 3690 |
|  | &nbsp;&nbsp;&nbsp;Invesco Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;149439 | &nbsp;&nbsp;&nbsp;&nbsp; 3630 |
|  | &nbsp;&nbsp;&nbsp;WisdomTree Inc. | &nbsp;&nbsp;&nbsp;&nbsp;234690 | &nbsp;&nbsp;&nbsp;&nbsp; 3417 |
|  | &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;99165 | &nbsp;&nbsp;&nbsp;&nbsp; 3339 |
|  | &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;102407 | &nbsp;&nbsp;&nbsp;&nbsp; 3273 |
|  | &nbsp;&nbsp;&nbsp;Southstate Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34399 | &nbsp;&nbsp;&nbsp;&nbsp; 3183 |
|  | &nbsp;&nbsp;&nbsp;Evercore Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;10471 | &nbsp;&nbsp;&nbsp;&nbsp; 3126 |
|  | &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;106263 | &nbsp;&nbsp;&nbsp;&nbsp; 2801 |
|  | &nbsp;&nbsp;&nbsp;Columbia Banking System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99082 | &nbsp;&nbsp;&nbsp;&nbsp; 2718 |
|  | &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23789 | &nbsp;&nbsp;&nbsp;&nbsp; 2683 |
|  | &nbsp;&nbsp;&nbsp;First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;95680 | &nbsp;&nbsp;&nbsp;&nbsp; 2668 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NerdWallet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;238001 | &nbsp;&nbsp;&nbsp;&nbsp; 2470 |
|  | &nbsp;&nbsp;&nbsp;Byline Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77107 | &nbsp;&nbsp;&nbsp;&nbsp; 2434 |
|  | &nbsp;&nbsp;&nbsp;Orrstown Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64774 | &nbsp;&nbsp;&nbsp;&nbsp; 2337 |
|  | &nbsp;&nbsp;&nbsp;Bread Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30844 | &nbsp;&nbsp;&nbsp;&nbsp; 2310 |
|  | &nbsp;&nbsp;&nbsp;NBT Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51418 | &nbsp;&nbsp;&nbsp;&nbsp; 2189 |
|  | &nbsp;&nbsp;&nbsp;Home BancShares Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79865 | &nbsp;&nbsp;&nbsp;&nbsp; 2151 |
|  | &nbsp;&nbsp;&nbsp;Oppenheimer Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;23771 | &nbsp;&nbsp;&nbsp;&nbsp; 2120 |
|  | &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41597 | &nbsp;&nbsp;&nbsp;&nbsp; 2101 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hippo Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76613 | &nbsp;&nbsp;&nbsp;&nbsp; 1997 |
|  | &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;61033 | &nbsp;&nbsp;&nbsp;&nbsp; 1821 |
|  | &nbsp;&nbsp;&nbsp;Provident Financial Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75196 | &nbsp;&nbsp;&nbsp;&nbsp; 1591 |
|  | &nbsp;&nbsp;&nbsp;Esquire Financial Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14056 | &nbsp;&nbsp;&nbsp;&nbsp; 1511 |
|  | &nbsp;&nbsp;&nbsp;HCI Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9445 | &nbsp;&nbsp;&nbsp;&nbsp; 1460 |
|  | &nbsp;&nbsp;&nbsp;First Interstate BancSystem Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;41396 | &nbsp;&nbsp;&nbsp;&nbsp; 1383 |
|  | &nbsp;&nbsp;&nbsp;NB Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61062 | &nbsp;&nbsp;&nbsp;&nbsp; 1287 |
|  | &nbsp;&nbsp;&nbsp;1st Source Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17729 | &nbsp;&nbsp;&nbsp;&nbsp; 1227 |
|  | &nbsp;&nbsp;&nbsp;Moelis & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;21459 | &nbsp;&nbsp;&nbsp;&nbsp; 1223 |
|  | &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19170 | &nbsp;&nbsp;&nbsp;&nbsp; 1180 |
|  | &nbsp;&nbsp;&nbsp;Financial Institutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37045 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 |
|  | &nbsp;&nbsp;&nbsp;Nelnet Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8166 | &nbsp;&nbsp;&nbsp;&nbsp; 1053 |
|  | &nbsp;&nbsp;&nbsp;Pathward Financial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11554 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
|  | &nbsp;&nbsp;&nbsp;Acadian Asset Management Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18287 | &nbsp;&nbsp;&nbsp;&nbsp; 995 |
|  | &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12269 | &nbsp;&nbsp;&nbsp;&nbsp; 967 |
|  | &nbsp;&nbsp;&nbsp;Lazard Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21745 | &nbsp;&nbsp;&nbsp;&nbsp; 924 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19524 | &nbsp;&nbsp;&nbsp;&nbsp; 853 |
|  | &nbsp;&nbsp;&nbsp;Community Trust Bancorp Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12982 | &nbsp;&nbsp;&nbsp;&nbsp; 788 |
|  | &nbsp;&nbsp;&nbsp;BankUnited Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16345 | &nbsp;&nbsp;&nbsp;&nbsp; 738 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Remitly Global Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46808 | &nbsp;&nbsp;&nbsp;&nbsp; 733 |
|  | &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11661 | &nbsp;&nbsp;&nbsp;&nbsp; 703 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Palomar Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5773 | &nbsp;&nbsp;&nbsp;&nbsp; 690 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PRA Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38272 | &nbsp;&nbsp;&nbsp;&nbsp; 670 |
|  | &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10496 | &nbsp;&nbsp;&nbsp;&nbsp; 654 |
|  | &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. NY | &nbsp;&nbsp;&nbsp;&nbsp;11695 | &nbsp;&nbsp;&nbsp;&nbsp; 512 |
|  | &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7150 | &nbsp;&nbsp;&nbsp;&nbsp; 481 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dave Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738 | &nbsp;&nbsp;&nbsp;&nbsp; 477 |
|  | &nbsp;&nbsp;&nbsp;WesBanco Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13679 | &nbsp;&nbsp;&nbsp;&nbsp; 472 |
|  | &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5255 | &nbsp;&nbsp;&nbsp;&nbsp; 463 |
|  | &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11798 | &nbsp;&nbsp;&nbsp;&nbsp; 361 |
|  | &nbsp;&nbsp;&nbsp;Donegal Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;17798 | &nbsp;&nbsp;&nbsp;&nbsp; 306 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **449353** |
| **Health Care (13.6%)** | **Health Care (13.6%)** | **Health Care (13.6%)** | **Health Care (13.6%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc | &nbsp;&nbsp;&nbsp;&nbsp;100698 | &nbsp;&nbsp;&nbsp;&nbsp; 19037 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;206933 | &nbsp;&nbsp;&nbsp;&nbsp; 15539 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148719 | &nbsp;&nbsp;&nbsp;&nbsp; 9325 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Exelixis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215469 | &nbsp;&nbsp;&nbsp;&nbsp; 9241 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LivaNova plc | &nbsp;&nbsp;&nbsp;&nbsp;136097 | &nbsp;&nbsp;&nbsp;&nbsp; 8650 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43633 | &nbsp;&nbsp;&nbsp;&nbsp; 8234 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;744480 | &nbsp;&nbsp;&nbsp;&nbsp; 7087 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;10X Genomics Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;328564 | &nbsp;&nbsp;&nbsp;&nbsp; 6975 |
|  | &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63863 | &nbsp;&nbsp;&nbsp;&nbsp; 6177 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;IRhythm Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51781 | &nbsp;&nbsp;&nbsp;&nbsp; 6111 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Omnicell Inc. | &nbsp;&nbsp;&nbsp;&nbsp;170187 | &nbsp;&nbsp;&nbsp;&nbsp; 5681 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;445619 | &nbsp;&nbsp;&nbsp;&nbsp; 5539 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bridgebio Pharma Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72083 | &nbsp;&nbsp;&nbsp;&nbsp; 5353 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arvinas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;488693 | &nbsp;&nbsp;&nbsp;&nbsp; 5180 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Travere Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;172990 | &nbsp;&nbsp;&nbsp;&nbsp; 5140 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Phreesia Inc. | &nbsp;&nbsp;&nbsp;&nbsp;605866 | &nbsp;&nbsp;&nbsp;&nbsp; 5077 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tactile Systems Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190594 | &nbsp;&nbsp;&nbsp;&nbsp; 4980 |

---

------

Strategic Small-Cap Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236751 | &nbsp;&nbsp;&nbsp;&nbsp; 4960 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pediatrix Medical Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216911 | &nbsp;&nbsp;&nbsp;&nbsp; 4640 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Elanco Animal Health Inc. (XNYS) | &nbsp;&nbsp;&nbsp;&nbsp;191127 | &nbsp;&nbsp;&nbsp;&nbsp; 4574 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcus Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209437 | &nbsp;&nbsp;&nbsp;&nbsp; 4524 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Indivior Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146867 | &nbsp;&nbsp;&nbsp;&nbsp; 4477 |
|  | &nbsp;&nbsp;&nbsp;HealthStream Inc. | &nbsp;&nbsp;&nbsp;&nbsp;215462 | &nbsp;&nbsp;&nbsp;&nbsp; 4462 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Guardant Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47592 | &nbsp;&nbsp;&nbsp;&nbsp; 4396 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vir Biotechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;472915 | &nbsp;&nbsp;&nbsp;&nbsp; 4237 |
|  | &nbsp;&nbsp;&nbsp;Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;698814 | &nbsp;&nbsp;&nbsp;&nbsp; 4186 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Castle Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168253 | &nbsp;&nbsp;&nbsp;&nbsp; 4131 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Natera Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19793 | &nbsp;&nbsp;&nbsp;&nbsp; 3958 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sarepta Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;178452 | &nbsp;&nbsp;&nbsp;&nbsp; 3883 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173596 | &nbsp;&nbsp;&nbsp;&nbsp; 3864 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LifeStance Health Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;593444 | &nbsp;&nbsp;&nbsp;&nbsp; 3780 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teladoc Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;686231 | &nbsp;&nbsp;&nbsp;&nbsp; 3740 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ardelyx Inc. | &nbsp;&nbsp;&nbsp;&nbsp;613718 | &nbsp;&nbsp;&nbsp;&nbsp; 3676 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PTC Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53069 | &nbsp;&nbsp;&nbsp;&nbsp; 3616 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals Inc. | 1005325 | &nbsp;&nbsp;&nbsp;&nbsp; 3599 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;280927 | &nbsp;&nbsp;&nbsp;&nbsp; 3548 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Varex Imaging Corp. | &nbsp;&nbsp;&nbsp;&nbsp;325154 | &nbsp;&nbsp;&nbsp;&nbsp; 3450 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140216 | &nbsp;&nbsp;&nbsp;&nbsp; 3303 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alignment Healthcare Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187260 | &nbsp;&nbsp;&nbsp;&nbsp; 3300 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Prothena Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;333148 | &nbsp;&nbsp;&nbsp;&nbsp; 3238 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;REGENXBIO Inc. | &nbsp;&nbsp;&nbsp;&nbsp;377777 | &nbsp;&nbsp;&nbsp;&nbsp; 3166 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nurix Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199602 | &nbsp;&nbsp;&nbsp;&nbsp; 3094 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Medpace Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6430 | &nbsp;&nbsp;&nbsp;&nbsp; 3088 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rezolute Inc. | &nbsp;&nbsp;&nbsp;&nbsp;986449 | &nbsp;&nbsp;&nbsp;&nbsp; 3009 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Axsome Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17375 | &nbsp;&nbsp;&nbsp;&nbsp; 2937 |
|  | &nbsp;&nbsp;&nbsp;DENTSPLY SIRONA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;251593 | &nbsp;&nbsp;&nbsp;&nbsp; 2918 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124658 | &nbsp;&nbsp;&nbsp;&nbsp; 2912 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viridian Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;147866 | &nbsp;&nbsp;&nbsp;&nbsp; 2892 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Novocure Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;247388 | &nbsp;&nbsp;&nbsp;&nbsp; 2697 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AnaptysBio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48190 | &nbsp;&nbsp;&nbsp;&nbsp; 2673 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Relay Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;268048 | &nbsp;&nbsp;&nbsp;&nbsp; 2667 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kura Oncology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300321 | &nbsp;&nbsp;&nbsp;&nbsp; 2442 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cogent Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60660 | &nbsp;&nbsp;&nbsp;&nbsp; 2335 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Keros Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;210962 | &nbsp;&nbsp;&nbsp;&nbsp; 2329 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Myriad Genetics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;501697 | &nbsp;&nbsp;&nbsp;&nbsp; 2258 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Avanos Medical Inc. | &nbsp;&nbsp;&nbsp;&nbsp;159600 | &nbsp;&nbsp;&nbsp;&nbsp; 2236 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aclaris Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;592568 | &nbsp;&nbsp;&nbsp;&nbsp; 2222 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International plc | &nbsp;&nbsp;&nbsp;&nbsp;44071 | &nbsp;&nbsp;&nbsp;&nbsp; 2122 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sotera Health Co. | &nbsp;&nbsp;&nbsp;&nbsp;141790 | &nbsp;&nbsp;&nbsp;&nbsp; 2033 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hinge Health Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;50894 | &nbsp;&nbsp;&nbsp;&nbsp; 1962 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;253764 | &nbsp;&nbsp;&nbsp;&nbsp; 1959 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Altimmune Inc. | &nbsp;&nbsp;&nbsp;&nbsp;628183 | &nbsp;&nbsp;&nbsp;&nbsp; 1935 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Schrodinger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;166862 | &nbsp;&nbsp;&nbsp;&nbsp; 1896 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Progyny Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111481 | &nbsp;&nbsp;&nbsp;&nbsp; 1893 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585 | &nbsp;&nbsp;&nbsp;&nbsp; 1877 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TransMedics Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18591 | &nbsp;&nbsp;&nbsp;&nbsp; 1848 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Inspire Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35495 | &nbsp;&nbsp;&nbsp;&nbsp; 1831 |
|  | &nbsp;&nbsp;&nbsp;Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;199642 | &nbsp;&nbsp;&nbsp;&nbsp; 1765 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AtriCure Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60900 | &nbsp;&nbsp;&nbsp;&nbsp; 1737 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Janux Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118492 | &nbsp;&nbsp;&nbsp;&nbsp; 1647 |
|  | &nbsp;&nbsp;&nbsp;CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46317 | &nbsp;&nbsp;&nbsp;&nbsp; 1638 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intellia Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124008 | &nbsp;&nbsp;&nbsp;&nbsp; 1590 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Haemonetics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27308 | &nbsp;&nbsp;&nbsp;&nbsp; 1539 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Option Care Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52819 | &nbsp;&nbsp;&nbsp;&nbsp; 1422 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;199474 | &nbsp;&nbsp;&nbsp;&nbsp; 1378 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alector Inc. | &nbsp;&nbsp;&nbsp;&nbsp;628627 | &nbsp;&nbsp;&nbsp;&nbsp; 1352 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93438 | &nbsp;&nbsp;&nbsp;&nbsp; 1297 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MacroGenics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;438601 | &nbsp;&nbsp;&nbsp;&nbsp; 1268 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;334815 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Accendra Health Inc. | &nbsp;&nbsp;&nbsp;&nbsp;507198 | &nbsp;&nbsp;&nbsp;&nbsp; 1156 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Bioventus Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;126631 | &nbsp;&nbsp;&nbsp;&nbsp; 1156 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Biohaven Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;129647 | &nbsp;&nbsp;&nbsp;&nbsp; 1097 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181884 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300277 | &nbsp;&nbsp;&nbsp;&nbsp; 1054 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Editas Medicine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;415301 | &nbsp;&nbsp;&nbsp;&nbsp; 1026 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Korro Bio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88340 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alkermes plc | &nbsp;&nbsp;&nbsp;&nbsp;25589 | &nbsp;&nbsp;&nbsp;&nbsp; 905 |

---

------

Strategic Small-Cap Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xencor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74939 | &nbsp;&nbsp;&nbsp;&nbsp; 904 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AMN Healthcare Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47956 | &nbsp;&nbsp;&nbsp;&nbsp; 880 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upstream Bio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97302 | &nbsp;&nbsp;&nbsp;&nbsp; 876 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Dyne Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48233 | &nbsp;&nbsp;&nbsp;&nbsp; 874 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alumis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38444 | &nbsp;&nbsp;&nbsp;&nbsp; 847 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lantheus Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10882 | &nbsp;&nbsp;&nbsp;&nbsp; 825 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Merit Medical Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11306 | &nbsp;&nbsp;&nbsp;&nbsp; 779 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CareDx Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41501 | &nbsp;&nbsp;&nbsp;&nbsp; 720 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enovis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31283 | &nbsp;&nbsp;&nbsp;&nbsp; 712 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Community Health Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;236793 | &nbsp;&nbsp;&nbsp;&nbsp; 696 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Agenus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;205345 | &nbsp;&nbsp;&nbsp;&nbsp; 686 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cullinan Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47130 | &nbsp;&nbsp;&nbsp;&nbsp; 670 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;HealthEquity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7783 | &nbsp;&nbsp;&nbsp;&nbsp; 650 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MannKind Corp. | &nbsp;&nbsp;&nbsp;&nbsp;237523 | &nbsp;&nbsp;&nbsp;&nbsp; 582 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51893 | &nbsp;&nbsp;&nbsp;&nbsp; 577 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tandem Diabetes Care Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28801 | &nbsp;&nbsp;&nbsp;&nbsp; 552 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Inogen Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88572 | &nbsp;&nbsp;&nbsp;&nbsp; 547 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;4D Molecular Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54884 | &nbsp;&nbsp;&nbsp;&nbsp; 511 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Assembly Biosciences Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17723 | &nbsp;&nbsp;&nbsp;&nbsp; 492 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Zentalis Pharmaceuticals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;209330 | &nbsp;&nbsp;&nbsp;&nbsp; 490 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;EyePoint Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37555 | &nbsp;&nbsp;&nbsp;&nbsp; 484 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73313 | &nbsp;&nbsp;&nbsp;&nbsp; 472 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Artivion Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12437 | &nbsp;&nbsp;&nbsp;&nbsp; 455 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fate Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;364481 | &nbsp;&nbsp;&nbsp;&nbsp; 437 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Puma Biotechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67147 | &nbsp;&nbsp;&nbsp;&nbsp; 429 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fortrea Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44837 | &nbsp;&nbsp;&nbsp;&nbsp; 422 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NeoGenomics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53628 | &nbsp;&nbsp;&nbsp;&nbsp; 398 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CytomX Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80880 | &nbsp;&nbsp;&nbsp;&nbsp; 380 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;ImmunityBio Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48799 | &nbsp;&nbsp;&nbsp;&nbsp; 374 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Quanterix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;90688 | &nbsp;&nbsp;&nbsp;&nbsp; 319 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Mineralys Therapeutics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11146 | &nbsp;&nbsp;&nbsp;&nbsp; 302 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ginkgo Bioworks Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35853 | &nbsp;&nbsp;&nbsp;&nbsp; 220 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Joint Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22122 | &nbsp;&nbsp;&nbsp;&nbsp; 196 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **335114** |
| **Industrials (18.3%)** | **Industrials (18.3%)** | **Industrials (18.3%)** | **Industrials (18.3%)** |
|  | &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;124267 | &nbsp;&nbsp;&nbsp;&nbsp; 17775 |
|  | &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;101900 | &nbsp;&nbsp;&nbsp;&nbsp; 17702 |
|  | &nbsp;&nbsp;&nbsp;Allison Transmission Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136135 | &nbsp;&nbsp;&nbsp;&nbsp; 15936 |
|  | &nbsp;&nbsp;&nbsp;EMCOR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17449 | &nbsp;&nbsp;&nbsp;&nbsp; 12883 |
|  | &nbsp;&nbsp;&nbsp;Applied Industrial Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46743 | &nbsp;&nbsp;&nbsp;&nbsp; 12402 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SkyWest Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132042 | &nbsp;&nbsp;&nbsp;&nbsp; 12125 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MYR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40231 | &nbsp;&nbsp;&nbsp;&nbsp; 11358 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MasTec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34667 | &nbsp;&nbsp;&nbsp;&nbsp; 11154 |
|  | &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;152652 | &nbsp;&nbsp;&nbsp;&nbsp; 11095 |
|  | &nbsp;&nbsp;&nbsp;BWX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52818 | &nbsp;&nbsp;&nbsp;&nbsp; 10801 |
|  | &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109625 | &nbsp;&nbsp;&nbsp;&nbsp; 10406 |
|  | &nbsp;&nbsp;&nbsp;Matson Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61554 | &nbsp;&nbsp;&nbsp;&nbsp; 10091 |
|  | &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137142 | &nbsp;&nbsp;&nbsp;&nbsp; 10081 |
|  | &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14565 | &nbsp;&nbsp;&nbsp;&nbsp; 9921 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;American Superconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;292493 | &nbsp;&nbsp;&nbsp;&nbsp; 9901 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kirby Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72992 | &nbsp;&nbsp;&nbsp;&nbsp; 9699 |
|  | &nbsp;&nbsp;&nbsp;Interface Inc. | &nbsp;&nbsp;&nbsp;&nbsp;352762 | &nbsp;&nbsp;&nbsp;&nbsp; 8791 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Proto Labs Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150428 | &nbsp;&nbsp;&nbsp;&nbsp; 8577 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ATI Inc. | &nbsp;&nbsp;&nbsp;&nbsp;58530 | &nbsp;&nbsp;&nbsp;&nbsp; 8514 |
|  | &nbsp;&nbsp;&nbsp;Tutor Perini Corp. | &nbsp;&nbsp;&nbsp;&nbsp;109932 | &nbsp;&nbsp;&nbsp;&nbsp; 8486 |
|  | &nbsp;&nbsp;&nbsp;Mueller Water Products Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;257662 | &nbsp;&nbsp;&nbsp;&nbsp; 7083 |
|  | &nbsp;&nbsp;&nbsp;Acuity Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24982 | &nbsp;&nbsp;&nbsp;&nbsp; 7000 |
|  | &nbsp;&nbsp;&nbsp;ESCO Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24235 | &nbsp;&nbsp;&nbsp;&nbsp; 6819 |
|  | &nbsp;&nbsp;&nbsp;Atkore Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114961 | &nbsp;&nbsp;&nbsp;&nbsp; 6772 |
|  | &nbsp;&nbsp;&nbsp;Moog Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;22279 | &nbsp;&nbsp;&nbsp;&nbsp; 6520 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CoreCivic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;341905 | &nbsp;&nbsp;&nbsp;&nbsp; 6465 |
|  | &nbsp;&nbsp;&nbsp;Kennametal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;175111 | &nbsp;&nbsp;&nbsp;&nbsp; 6327 |
|  | &nbsp;&nbsp;&nbsp;Greenbrier Cos. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118636 | &nbsp;&nbsp;&nbsp;&nbsp; 6246 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SPX Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30274 | &nbsp;&nbsp;&nbsp;&nbsp; 6053 |
|  | &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15226 | &nbsp;&nbsp;&nbsp;&nbsp; 6001 |
|  | &nbsp;&nbsp;&nbsp;Sensata Technologies Holding plc | &nbsp;&nbsp;&nbsp;&nbsp;161210 | &nbsp;&nbsp;&nbsp;&nbsp; 5678 |
|  | &nbsp;&nbsp;&nbsp;Woodward Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15634 | &nbsp;&nbsp;&nbsp;&nbsp; 5596 |
|  | &nbsp;&nbsp;&nbsp;MillerKnoll Inc. | &nbsp;&nbsp;&nbsp;&nbsp;381594 | &nbsp;&nbsp;&nbsp;&nbsp; 5518 |
|  | &nbsp;&nbsp;&nbsp;Maximus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85791 | &nbsp;&nbsp;&nbsp;&nbsp; 5499 |

---

------

Strategic Small-Cap Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50138 | &nbsp;&nbsp;&nbsp;&nbsp; 5422 |
|  | &nbsp;&nbsp;&nbsp;Ryder System Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25910 | &nbsp;&nbsp;&nbsp;&nbsp; 5304 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Willdan Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64621 | &nbsp;&nbsp;&nbsp;&nbsp; 4947 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Energy Recovery Inc. | &nbsp;&nbsp;&nbsp;&nbsp;416638 | &nbsp;&nbsp;&nbsp;&nbsp; 4196 |
|  | &nbsp;&nbsp;&nbsp;KBR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107382 | &nbsp;&nbsp;&nbsp;&nbsp; 3958 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Healthcare Services Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;212993 | &nbsp;&nbsp;&nbsp;&nbsp; 3951 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Liquidity Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;125173 | &nbsp;&nbsp;&nbsp;&nbsp; 3827 |
|  | &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;14082 | &nbsp;&nbsp;&nbsp;&nbsp; 3813 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lyft Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;280408 | &nbsp;&nbsp;&nbsp;&nbsp; 3729 |
|  | &nbsp;&nbsp;&nbsp;Exponent Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56934 | &nbsp;&nbsp;&nbsp;&nbsp; 3715 |
|  | &nbsp;&nbsp;&nbsp;Douglas Dynamics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88150 | &nbsp;&nbsp;&nbsp;&nbsp; 3710 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Nextpower Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;29838 | &nbsp;&nbsp;&nbsp;&nbsp; 3597 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Avis Budget Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;&nbsp;&nbsp; 3442 |
|  | &nbsp;&nbsp;&nbsp;Apogee Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100001 | &nbsp;&nbsp;&nbsp;&nbsp; 3354 |
|  | &nbsp;&nbsp;&nbsp;Allient Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55984 | &nbsp;&nbsp;&nbsp;&nbsp; 3308 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Vicor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19875 | &nbsp;&nbsp;&nbsp;&nbsp; 3200 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NPK International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214989 | &nbsp;&nbsp;&nbsp;&nbsp; 3115 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ducommun Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25346 | &nbsp;&nbsp;&nbsp;&nbsp; 3092 |
|  | &nbsp;&nbsp;&nbsp;AZZ Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24447 | &nbsp;&nbsp;&nbsp;&nbsp; 3059 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Planet Labs PBC | &nbsp;&nbsp;&nbsp;&nbsp;108155 | &nbsp;&nbsp;&nbsp;&nbsp; 3023 |
|  | &nbsp;&nbsp;&nbsp;Valmont Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7370 | &nbsp;&nbsp;&nbsp;&nbsp; 2945 |
|  | &nbsp;&nbsp;&nbsp;Trinity Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90656 | &nbsp;&nbsp;&nbsp;&nbsp; 2917 |
|  | &nbsp;&nbsp;&nbsp;Ennis Inc. | &nbsp;&nbsp;&nbsp;&nbsp;132651 | &nbsp;&nbsp;&nbsp;&nbsp; 2841 |
|  | &nbsp;&nbsp;&nbsp;Worthington Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53940 | &nbsp;&nbsp;&nbsp;&nbsp; 2812 |
|  | &nbsp;&nbsp;&nbsp;Comfort Systems USA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896 | &nbsp;&nbsp;&nbsp;&nbsp; 2615 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Shoals Technologies Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;390836 | &nbsp;&nbsp;&nbsp;&nbsp; 2572 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Legalzoom.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;438607 | &nbsp;&nbsp;&nbsp;&nbsp; 2487 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;OPENLANE Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71806 | &nbsp;&nbsp;&nbsp;&nbsp; 2093 |
|  | &nbsp;&nbsp;&nbsp;Astec Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37193 | &nbsp;&nbsp;&nbsp;&nbsp; 2002 |
|  | &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;132585 | &nbsp;&nbsp;&nbsp;&nbsp; 1926 |
|  | &nbsp;&nbsp;&nbsp;Argan Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445 | &nbsp;&nbsp;&nbsp;&nbsp; 1876 |
|  | &nbsp;&nbsp;&nbsp;CRA International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11406 | &nbsp;&nbsp;&nbsp;&nbsp; 1846 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;V2X Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26413 | &nbsp;&nbsp;&nbsp;&nbsp; 1809 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cimpress plc | &nbsp;&nbsp;&nbsp;&nbsp;24327 | &nbsp;&nbsp;&nbsp;&nbsp; 1776 |
|  | &nbsp;&nbsp;&nbsp;Mueller Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15997 | &nbsp;&nbsp;&nbsp;&nbsp; 1772 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Blue Bird Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30229 | &nbsp;&nbsp;&nbsp;&nbsp; 1717 |
|  | &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;497382 | &nbsp;&nbsp;&nbsp;&nbsp; 1492 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Array Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;191917 | &nbsp;&nbsp;&nbsp;&nbsp; 1388 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Modine Manufacturing Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6341 | &nbsp;&nbsp;&nbsp;&nbsp; 1374 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sunrun Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100611 | &nbsp;&nbsp;&nbsp;&nbsp; 1364 |
|  | &nbsp;&nbsp;&nbsp;Insteel Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40189 | &nbsp;&nbsp;&nbsp;&nbsp; 1351 |
|  | &nbsp;&nbsp;&nbsp;Leonardo DRS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27055 | &nbsp;&nbsp;&nbsp;&nbsp; 1205 |
|  | &nbsp;&nbsp;&nbsp;Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9807 | &nbsp;&nbsp;&nbsp;&nbsp; 1168 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Manitowoc Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96022 | &nbsp;&nbsp;&nbsp;&nbsp; 1119 |
|  | &nbsp;&nbsp;&nbsp;McGrath RentCorp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9907 | &nbsp;&nbsp;&nbsp;&nbsp; 1093 |
|  | &nbsp;&nbsp;&nbsp;Pitney Bowes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91841 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upwork Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90575 | &nbsp;&nbsp;&nbsp;&nbsp; 993 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AerSale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;157616 | &nbsp;&nbsp;&nbsp;&nbsp; 980 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Montrose Environmental Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42211 | &nbsp;&nbsp;&nbsp;&nbsp; 924 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Gibraltar Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23060 | &nbsp;&nbsp;&nbsp;&nbsp; 919 |
|  | &nbsp;&nbsp;&nbsp;Powell Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;&nbsp;&nbsp; 805 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ExlService Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25567 | &nbsp;&nbsp;&nbsp;&nbsp; 779 |
|  | &nbsp;&nbsp;&nbsp;Watts Water Technologies Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2683 | &nbsp;&nbsp;&nbsp;&nbsp; 779 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;DXP Enterprises Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4563 | &nbsp;&nbsp;&nbsp;&nbsp; 638 |
|  | &nbsp;&nbsp;&nbsp;Helios Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8348 | &nbsp;&nbsp;&nbsp;&nbsp; 540 |
|  | &nbsp;&nbsp;&nbsp;Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13354 | &nbsp;&nbsp;&nbsp;&nbsp; 497 |
|  | &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;22057 | &nbsp;&nbsp;&nbsp;&nbsp; 497 |
|  | &nbsp;&nbsp;&nbsp;Alight Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;766323 | &nbsp;&nbsp;&nbsp;&nbsp; 447 |
|  | &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6598 | &nbsp;&nbsp;&nbsp;&nbsp; 415 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Innodata Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10442 | &nbsp;&nbsp;&nbsp;&nbsp; 403 |
|  | &nbsp;&nbsp;&nbsp;Kelly Services Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;33511 | &nbsp;&nbsp;&nbsp;&nbsp; 297 |
|  | &nbsp;&nbsp;&nbsp;Barrett Business Services Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9762 | &nbsp;&nbsp;&nbsp;&nbsp; 285 |
|  | &nbsp;&nbsp;&nbsp;TaskUS Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;41902 | &nbsp;&nbsp;&nbsp;&nbsp; 281 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Forrester Research Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17789 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **450192** |
| **Information Technology (12.9%)** | **Information Technology (12.9%)** | **Information Technology (12.9%)** | **Information Technology (12.9%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cirrus Logic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100792 | &nbsp;&nbsp;&nbsp;&nbsp; 14577 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Extreme Networks Inc. | &nbsp;&nbsp;&nbsp;&nbsp;960864 | &nbsp;&nbsp;&nbsp;&nbsp; 14490 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Fastly Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;489887 | &nbsp;&nbsp;&nbsp;&nbsp; 14236 |

---

------

Strategic Small-Cap Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;nLight Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200750 | &nbsp;&nbsp;&nbsp;&nbsp; 11447 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ADTRAN Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;728803 | &nbsp;&nbsp;&nbsp;&nbsp; 9168 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Teradata Corp. | &nbsp;&nbsp;&nbsp;&nbsp;347754 | &nbsp;&nbsp;&nbsp;&nbsp; 8913 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ultra Clean Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142830 | &nbsp;&nbsp;&nbsp;&nbsp; 8881 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;TTM Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90684 | &nbsp;&nbsp;&nbsp;&nbsp; 8834 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Appian Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;325921 | &nbsp;&nbsp;&nbsp;&nbsp; 7858 |
|  | &nbsp;&nbsp;&nbsp;RingCentral Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;209725 | &nbsp;&nbsp;&nbsp;&nbsp; 7800 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;NETGEAR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;355560 | &nbsp;&nbsp;&nbsp;&nbsp; 7765 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ambarella Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148542 | &nbsp;&nbsp;&nbsp;&nbsp; 7646 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Calix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142392 | &nbsp;&nbsp;&nbsp;&nbsp; 6976 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commvault Systems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89125 | &nbsp;&nbsp;&nbsp;&nbsp; 6942 |
|  | &nbsp;&nbsp;&nbsp;Benchmark Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;118316 | &nbsp;&nbsp;&nbsp;&nbsp; 6633 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MaxLinear Inc. | &nbsp;&nbsp;&nbsp;&nbsp;373612 | &nbsp;&nbsp;&nbsp;&nbsp; 6497 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Plexus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27973 | &nbsp;&nbsp;&nbsp;&nbsp; 5666 |
|  | &nbsp;&nbsp;&nbsp;Amkor Technology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124834 | &nbsp;&nbsp;&nbsp;&nbsp; 5621 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Kyndryl Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;401435 | &nbsp;&nbsp;&nbsp;&nbsp; 5267 |
|  | &nbsp;&nbsp;&nbsp;MKS Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21801 | &nbsp;&nbsp;&nbsp;&nbsp; 5010 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Workiva Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75006 | &nbsp;&nbsp;&nbsp;&nbsp; 4473 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprout Social Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;767131 | &nbsp;&nbsp;&nbsp;&nbsp; 4373 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Five9 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;277775 | &nbsp;&nbsp;&nbsp;&nbsp; 4214 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;FormFactor Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42848 | &nbsp;&nbsp;&nbsp;&nbsp; 4156 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Photronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99140 | &nbsp;&nbsp;&nbsp;&nbsp; 4006 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Semtech Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51737 | &nbsp;&nbsp;&nbsp;&nbsp; 3978 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sanmina Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30676 | &nbsp;&nbsp;&nbsp;&nbsp; 3977 |
|  | &nbsp;&nbsp;&nbsp;Advanced Energy Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11844 | &nbsp;&nbsp;&nbsp;&nbsp; 3822 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17041 | &nbsp;&nbsp;&nbsp;&nbsp; 3784 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Harmonic Inc. | &nbsp;&nbsp;&nbsp;&nbsp;410346 | &nbsp;&nbsp;&nbsp;&nbsp; 3685 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Arlo Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;250674 | &nbsp;&nbsp;&nbsp;&nbsp; 3567 |
|  | &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72686 | &nbsp;&nbsp;&nbsp;&nbsp; 3561 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PagerDuty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;539433 | &nbsp;&nbsp;&nbsp;&nbsp; 3350 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SolarEdge Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63372 | &nbsp;&nbsp;&nbsp;&nbsp; 3235 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Tenable Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;185982 | &nbsp;&nbsp;&nbsp;&nbsp; 3146 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;JFrog Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;62629 | &nbsp;&nbsp;&nbsp;&nbsp; 2939 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Sprinklr Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;488746 | &nbsp;&nbsp;&nbsp;&nbsp; 2932 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Diodes Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40477 | &nbsp;&nbsp;&nbsp;&nbsp; 2763 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Asana Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;430476 | &nbsp;&nbsp;&nbsp;&nbsp; 2755 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Corsair Gaming Inc. | &nbsp;&nbsp;&nbsp;&nbsp;493612 | &nbsp;&nbsp;&nbsp;&nbsp; 2740 |
|  | &nbsp;&nbsp;&nbsp;Pegasystems Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63824 | &nbsp;&nbsp;&nbsp;&nbsp; 2716 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;443323 | &nbsp;&nbsp;&nbsp;&nbsp; 2682 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Viasat Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56193 | &nbsp;&nbsp;&nbsp;&nbsp; 2574 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;AvePoint Inc. | &nbsp;&nbsp;&nbsp;&nbsp;268691 | &nbsp;&nbsp;&nbsp;&nbsp; 2555 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Itron Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27401 | &nbsp;&nbsp;&nbsp;&nbsp; 2456 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rapid7 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;443540 | &nbsp;&nbsp;&nbsp;&nbsp; 2444 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24819 | &nbsp;&nbsp;&nbsp;&nbsp; 2330 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;LiveRamp Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85015 | &nbsp;&nbsp;&nbsp;&nbsp; 2255 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ScanSource Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61656 | &nbsp;&nbsp;&nbsp;&nbsp; 2238 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Applied Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91199 | &nbsp;&nbsp;&nbsp;&nbsp; 2165 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Manhattan Associates Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16188 | &nbsp;&nbsp;&nbsp;&nbsp; 2155 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Xperi Inc. | &nbsp;&nbsp;&nbsp;&nbsp;370695 | &nbsp;&nbsp;&nbsp;&nbsp; 2076 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alarm.com Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46674 | &nbsp;&nbsp;&nbsp;&nbsp; 2016 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41627 | &nbsp;&nbsp;&nbsp;&nbsp; 1940 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Onto Innovation Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9342 | &nbsp;&nbsp;&nbsp;&nbsp; 1916 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;CEVA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101812 | &nbsp;&nbsp;&nbsp;&nbsp; 1902 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Rambus Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21616 | &nbsp;&nbsp;&nbsp;&nbsp; 1860 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Penguin Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;104482 | &nbsp;&nbsp;&nbsp;&nbsp; 1839 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | 1415588 | &nbsp;&nbsp;&nbsp;&nbsp; 1826 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Riot Platforms Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142304 | &nbsp;&nbsp;&nbsp;&nbsp; 1759 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;SentinelOne Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;133186 | &nbsp;&nbsp;&nbsp;&nbsp; 1715 |
|  | &nbsp;&nbsp;&nbsp;Vishay Intertechnology Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91167 | &nbsp;&nbsp;&nbsp;&nbsp; 1641 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;70179 | &nbsp;&nbsp;&nbsp;&nbsp; 1555 |
|  | &nbsp;&nbsp;&nbsp;Methode Electronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;278755 | &nbsp;&nbsp;&nbsp;&nbsp; 1539 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Enphase Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38395 | &nbsp;&nbsp;&nbsp;&nbsp; 1452 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;SoundHound AI Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;209782 | &nbsp;&nbsp;&nbsp;&nbsp; 1441 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Lumentum Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903 | &nbsp;&nbsp;&nbsp;&nbsp; 1337 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Applied Optoelectronics Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15393 | &nbsp;&nbsp;&nbsp;&nbsp; 1302 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Unisys Corp. | &nbsp;&nbsp;&nbsp;&nbsp;602571 | &nbsp;&nbsp;&nbsp;&nbsp; 1247 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Domo Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;351085 | &nbsp;&nbsp;&nbsp;&nbsp; 1074 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Weave Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224717 | &nbsp;&nbsp;&nbsp;&nbsp; 1038 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Digital Turbine Inc. | &nbsp;&nbsp;&nbsp;&nbsp;352599 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;8x8 Inc. | &nbsp;&nbsp;&nbsp;&nbsp;549663 | &nbsp;&nbsp;&nbsp;&nbsp; 912 |

---

------

Strategic Small-Cap Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;BigBear.ai Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;248585 | &nbsp;&nbsp;&nbsp;&nbsp; 875 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Commerce.com Inc. | &nbsp;&nbsp;&nbsp;&nbsp;325766 | &nbsp;&nbsp;&nbsp;&nbsp; 870 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Pagaya Technologies Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;70961 | &nbsp;&nbsp;&nbsp;&nbsp; 827 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hut 8 Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17234 | &nbsp;&nbsp;&nbsp;&nbsp; 808 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ribbon Communications Inc. | &nbsp;&nbsp;&nbsp;&nbsp;363828 | &nbsp;&nbsp;&nbsp;&nbsp; 771 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Klaviyo Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;35506 | &nbsp;&nbsp;&nbsp;&nbsp; 691 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Magnachip Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;239694 | &nbsp;&nbsp;&nbsp;&nbsp; 671 |
|  | &nbsp;&nbsp;&nbsp;PC Connection Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10932 | &nbsp;&nbsp;&nbsp;&nbsp; 639 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Freshworks Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;79054 | &nbsp;&nbsp;&nbsp;&nbsp; 635 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ouster Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31323 | &nbsp;&nbsp;&nbsp;&nbsp; 575 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;nCino Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37719 | &nbsp;&nbsp;&nbsp;&nbsp; 565 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cerence Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88059 | &nbsp;&nbsp;&nbsp;&nbsp; 556 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Yext Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143846 | &nbsp;&nbsp;&nbsp;&nbsp; 552 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cleanspark Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63755 | &nbsp;&nbsp;&nbsp;&nbsp; 543 |
|  | &nbsp;&nbsp;&nbsp;Napco Security Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13478 | &nbsp;&nbsp;&nbsp;&nbsp; 531 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Q2 Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10856 | &nbsp;&nbsp;&nbsp;&nbsp; 514 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;PDF Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15172 | &nbsp;&nbsp;&nbsp;&nbsp; 496 |
| <sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;Ondas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53557 | &nbsp;&nbsp;&nbsp;&nbsp; 484 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Quantum Computing Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66799 | &nbsp;&nbsp;&nbsp;&nbsp; 458 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;ACM Research Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;10848 | &nbsp;&nbsp;&nbsp;&nbsp; 427 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cipher Digital Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25584 | &nbsp;&nbsp;&nbsp;&nbsp; 329 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Upland Software Inc. | &nbsp;&nbsp;&nbsp;&nbsp;130653 | &nbsp;&nbsp;&nbsp;&nbsp; 87 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **315559** |
| **Materials (5.1%)** | **Materials (5.1%)** | **Materials (5.1%)** | **Materials (5.1%)** |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Constellium SE | &nbsp;&nbsp;&nbsp;&nbsp;512534 | &nbsp;&nbsp;&nbsp;&nbsp; 12598 |
|  | &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75130 | &nbsp;&nbsp;&nbsp;&nbsp; 9054 |
|  | &nbsp;&nbsp;&nbsp;Element Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226253 | &nbsp;&nbsp;&nbsp;&nbsp; 7724 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Century Aluminum Co. | &nbsp;&nbsp;&nbsp;&nbsp;119929 | &nbsp;&nbsp;&nbsp;&nbsp; 7039 |
|  | &nbsp;&nbsp;&nbsp;Huntsman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;414119 | &nbsp;&nbsp;&nbsp;&nbsp; 5512 |
|  | &nbsp;&nbsp;&nbsp;Myers Industries Inc. | &nbsp;&nbsp;&nbsp;&nbsp;253257 | &nbsp;&nbsp;&nbsp;&nbsp; 5364 |
|  | &nbsp;&nbsp;&nbsp;Warrior Met Coal Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56812 | &nbsp;&nbsp;&nbsp;&nbsp; 5292 |
|  | &nbsp;&nbsp;&nbsp;Solstice Advanced Materials Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66563 | &nbsp;&nbsp;&nbsp;&nbsp; 5069 |
|  | &nbsp;&nbsp;&nbsp;SunCoke Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;725558 | &nbsp;&nbsp;&nbsp;&nbsp; 4723 |
|  | &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;73210 | &nbsp;&nbsp;&nbsp;&nbsp; 4497 |
|  | &nbsp;&nbsp;&nbsp;Minerals Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55766 | &nbsp;&nbsp;&nbsp;&nbsp; 3955 |
|  | &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;64745 | &nbsp;&nbsp;&nbsp;&nbsp; 3937 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;O-I Glass Inc. | &nbsp;&nbsp;&nbsp;&nbsp;373210 | &nbsp;&nbsp;&nbsp;&nbsp; 3922 |
|  | &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20730 | &nbsp;&nbsp;&nbsp;&nbsp; 3513 |
|  | &nbsp;&nbsp;&nbsp;United States Lime & Minerals Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26187 | &nbsp;&nbsp;&nbsp;&nbsp; 3420 |
|  | &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41037 | &nbsp;&nbsp;&nbsp;&nbsp; 2986 |
|  | &nbsp;&nbsp;&nbsp;Innospec Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39362 | &nbsp;&nbsp;&nbsp;&nbsp; 2874 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Intrepid Potash Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65997 | &nbsp;&nbsp;&nbsp;&nbsp; 2823 |
|  | &nbsp;&nbsp;&nbsp;Mativ Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;302761 | &nbsp;&nbsp;&nbsp;&nbsp; 2634 |
|  | &nbsp;&nbsp;&nbsp;Koppers Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66377 | &nbsp;&nbsp;&nbsp;&nbsp; 2568 |
|  | &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38586 | &nbsp;&nbsp;&nbsp;&nbsp; 2538 |
|  | &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69601 | &nbsp;&nbsp;&nbsp;&nbsp; 2527 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Compass Minerals International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;107268 | &nbsp;&nbsp;&nbsp;&nbsp; 2505 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Perimeter Solutions Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83638 | &nbsp;&nbsp;&nbsp;&nbsp; 2043 |
|  | &nbsp;&nbsp;&nbsp;HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;32768 | &nbsp;&nbsp;&nbsp;&nbsp; 2021 |
|  | &nbsp;&nbsp;&nbsp;Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;86967 | &nbsp;&nbsp;&nbsp;&nbsp; 1916 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Ingevity Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24171 | &nbsp;&nbsp;&nbsp;&nbsp; 1722 |
|  | &nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;89029 | &nbsp;&nbsp;&nbsp;&nbsp; 1659 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7423 | &nbsp;&nbsp;&nbsp;&nbsp; 1524 |
|  | &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17172 | &nbsp;&nbsp;&nbsp;&nbsp; 1484 |
|  | &nbsp;&nbsp;&nbsp;Orion SA | &nbsp;&nbsp;&nbsp;&nbsp;171606 | &nbsp;&nbsp;&nbsp;&nbsp; 1116 |
|  | &nbsp;&nbsp;&nbsp;AdvanSix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40167 | &nbsp;&nbsp;&nbsp;&nbsp; 980 |
|  | &nbsp;&nbsp;&nbsp;TriMas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24719 | &nbsp;&nbsp;&nbsp;&nbsp; 888 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Clearwater Paper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48128 | &nbsp;&nbsp;&nbsp;&nbsp; 692 |
|  | &nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4378 | &nbsp;&nbsp;&nbsp;&nbsp; 633 |
|  | &nbsp;&nbsp;&nbsp;Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11018 | &nbsp;&nbsp;&nbsp;&nbsp; 465 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **124217** |
| **Real Estate (6.5%)** | **Real Estate (6.5%)** | **Real Estate (6.5%)** | **Real Estate (6.5%)** |
|  | &nbsp;&nbsp;&nbsp;Brixmor Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;625459 | &nbsp;&nbsp;&nbsp;&nbsp; 18013 |
|  | &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;817243 | &nbsp;&nbsp;&nbsp;&nbsp; 12120 |
|  | &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;384801 | &nbsp;&nbsp;&nbsp;&nbsp; 11775 |
|  | &nbsp;&nbsp;&nbsp;First Industrial Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180081 | &nbsp;&nbsp;&nbsp;&nbsp; 10418 |
|  | &nbsp;&nbsp;&nbsp;Highwoods Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;456639 | &nbsp;&nbsp;&nbsp;&nbsp; 9777 |
|  | &nbsp;&nbsp;&nbsp;Cousins Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;407025 | &nbsp;&nbsp;&nbsp;&nbsp; 9187 |
|  | &nbsp;&nbsp;&nbsp;Outfront Media Inc. | &nbsp;&nbsp;&nbsp;&nbsp;304998 | &nbsp;&nbsp;&nbsp;&nbsp; 8082 |

---

------

Strategic Small-Cap Equity Fund

---

| | | | |
|:---|:---|:---|:---|
|  |  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;Market<br> Value• ($000) |
|  | &nbsp;&nbsp;&nbsp;American Assets Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;415881 | &nbsp;&nbsp;&nbsp;&nbsp; 7656 |
|  | &nbsp;&nbsp;&nbsp;Phillips Edison & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;167871 | &nbsp;&nbsp;&nbsp;&nbsp; 6282 |
|  | &nbsp;&nbsp;&nbsp;Broadstone Net Lease Inc. | &nbsp;&nbsp;&nbsp;&nbsp;310954 | &nbsp;&nbsp;&nbsp;&nbsp; 5681 |
|  | &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;600767 | &nbsp;&nbsp;&nbsp;&nbsp; 5629 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Cushman & Wakefield Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;440473 | &nbsp;&nbsp;&nbsp;&nbsp; 5400 |
|  | &nbsp;&nbsp;&nbsp;STAG Industrial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136482 | &nbsp;&nbsp;&nbsp;&nbsp; 4922 |
|  | &nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;239261 | &nbsp;&nbsp;&nbsp;&nbsp; 4780 |
|  | &nbsp;&nbsp;&nbsp;Millrose Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168538 | &nbsp;&nbsp;&nbsp;&nbsp; 4719 |
|  | &nbsp;&nbsp;&nbsp;Newmark Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;309608 | &nbsp;&nbsp;&nbsp;&nbsp; 4641 |
|  | &nbsp;&nbsp;&nbsp;Tanger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;111786 | &nbsp;&nbsp;&nbsp;&nbsp; 3798 |
|  | &nbsp;&nbsp;&nbsp;Summit Hotel Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;823809 | &nbsp;&nbsp;&nbsp;&nbsp; 3641 |
|  | &nbsp;&nbsp;&nbsp;Marcus & Millichap Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136198 | &nbsp;&nbsp;&nbsp;&nbsp; 3622 |
|  | &nbsp;&nbsp;&nbsp;Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;350455 | &nbsp;&nbsp;&nbsp;&nbsp; 2758 |
|  | &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79481 | &nbsp;&nbsp;&nbsp;&nbsp; 2421 |
|  | &nbsp;&nbsp;&nbsp;Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;134676 | &nbsp;&nbsp;&nbsp;&nbsp; 2175 |
|  | &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;48660 | &nbsp;&nbsp;&nbsp;&nbsp; 1969 |
|  | &nbsp;&nbsp;&nbsp;Sabra Health Care REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95088 | &nbsp;&nbsp;&nbsp;&nbsp; 1829 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Opendoor Technologies Inc. | &nbsp;&nbsp;&nbsp;&nbsp;348717 | &nbsp;&nbsp;&nbsp;&nbsp; 1632 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Piedmont Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;243598 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 |
|  | &nbsp;&nbsp;&nbsp;One Liberty Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51809 | &nbsp;&nbsp;&nbsp;&nbsp; 1112 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Compass Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;138301 | &nbsp;&nbsp;&nbsp;&nbsp; 1011 |
|  | &nbsp;&nbsp;&nbsp;Community Healthcare Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52894 | &nbsp;&nbsp;&nbsp;&nbsp; 840 |
|  | &nbsp;&nbsp;&nbsp;Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18455 | &nbsp;&nbsp;&nbsp;&nbsp; 587 |
|  | &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46715 | &nbsp;&nbsp;&nbsp;&nbsp; 421 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;RE / MAX Holdings Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;67810 | &nbsp;&nbsp;&nbsp;&nbsp; 391 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **158889** |
| **Utilities (3.0%)** | **Utilities (3.0%)** | **Utilities (3.0%)** | **Utilities (3.0%)** |
|  | &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;152589 | &nbsp;&nbsp;&nbsp;&nbsp; 14337 |
|  | &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;353407 | &nbsp;&nbsp;&nbsp;&nbsp; 14186 |
|  | &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;222101 | &nbsp;&nbsp;&nbsp;&nbsp; 11720 |
|  | &nbsp;&nbsp;&nbsp;Spire Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97189 | &nbsp;&nbsp;&nbsp;&nbsp; 8800 |
|  | &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;83455 | &nbsp;&nbsp;&nbsp;&nbsp; 5793 |
|  | &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59463 | &nbsp;&nbsp;&nbsp;&nbsp; 3106 |
|  | &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;54500 | &nbsp;&nbsp;&nbsp;&nbsp; 2993 |
|  | &nbsp;&nbsp;&nbsp;ONE Gas Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33952 | &nbsp;&nbsp;&nbsp;&nbsp; 2924 |
|  | &nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;58629 | &nbsp;&nbsp;&nbsp;&nbsp; 2658 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;Hallador Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;161269 | &nbsp;&nbsp;&nbsp;&nbsp; 2626 |
|  | &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;33654 | &nbsp;&nbsp;&nbsp;&nbsp; 2545 |
|  | &nbsp;&nbsp;&nbsp;MGE Energy Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18313 | &nbsp;&nbsp;&nbsp;&nbsp; 1415 |
| <sup>\*</sup> | &nbsp;&nbsp;&nbsp;XPLR Infrastructure LP | &nbsp;&nbsp;&nbsp;&nbsp;87016 | &nbsp;&nbsp;&nbsp;&nbsp; 924 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **74027** |
| **Total Common Stocks (Cost $2,087,672)** | **Total Common Stocks (Cost $2,087,672)** | **Total Common Stocks (Cost $2,087,672)** | &nbsp;&nbsp;&nbsp;&nbsp;**2435570** |
| **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** | **Temporary Cash Investments (0.6%)** |
| **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** | **Money Market Fund (0.6%)** |
| <sup>2,3</sup> | &nbsp;&nbsp;&nbsp;Vanguard Market Liquidity Fund, 3.687% **(Cost $13,599)** | &nbsp;&nbsp;&nbsp;&nbsp;136010 | &nbsp;&nbsp;&nbsp;&nbsp; **13600** |
| **Total Investments (99.9%) (Cost $2,101,271)** | **Total Investments (99.9%) (Cost $2,101,271)** | **Total Investments (99.9%) (Cost $2,101,271)** | &nbsp;&nbsp;&nbsp;&nbsp;**2449170** |
| **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | **Other Assets and Liabilities—Net (0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;**3675** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | &nbsp;&nbsp;&nbsp;&nbsp;**2452845** |
| Cost is in $000. | Cost is in $000. | Cost is in $000. | Cost is in $000. |

---

---

| | |
|:---|:---|
| • | See Note A in Notes to Financial Statements. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $6,409. |
| 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 $6,385 was received for securities on loan. |
|  | REIT—Real Estate Investment Trust. |

---

------

Strategic Small-Cap Equity Fund

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts | Futures Contracts |
|  |  |  | ($000) | ($000) |
|  | Expiration | Number of<br> Long (Short) Contracts | Notional<br> Amount | &nbsp;&nbsp;Value and<br> Unrealized<br> Appreciation<br> (Depreciation) |
| Long Futures Contracts |  |  |  |  |
| E-mini Russell 2000 Index | June 2026 | 133 | 16706 | &nbsp;&nbsp;(17) |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Strategic Small-Cap Equity Fund

Statement of Assets and Liabilities

As of March 31, 2026

---

| | |
|:---|:---|
| ($000s, except shares and per-share amounts) | &nbsp;&nbsp;&nbsp;&nbsp;Amount |
| **Assets** |  |
| Investments in Securities, at Value<sup>1</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated Issuers (Cost $2,087,672) | 2435570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers (Cost $13,599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 |
| Total Investments in Securities | 2449170 |
| Investment in Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 |
| Cash Collateral Pledged—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 |
| Receivables for Investment Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5949 |
| Receivables for Accrued Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042 |
| Receivables for Capital Shares Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619 |
| Variation Margin Receivable—Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 |
| **Total Assets** | **2460559** |
| **Liabilities** |  |
| Payables for Investment Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Collateral for Securities on Loan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6385 |
| Payables for Capital Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079 |
| Payables to Vanguard | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 |
| **Total Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7714** |
| **Net Assets** | **2452845** |
| 1 Includes $6,409 of securities on loan. |  |
| **At March 31, 2026, net assets consisted of:** |  |
| Paid-in Capital | 1980139 |
| Total Distributable Earnings (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;472706 |
| **Net Assets** | **2452845** |
| **Net Assets** |  |
| **Applicable to 56,700,171 outstanding $.001 par value shares of<br> beneficial interest (unlimited authorization)** | **2452845** |
| **Net Asset Value Per Share** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$43.26** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Strategic Small-Cap Equity Fund

Statement of Operations

---

| | |
|:---|:---|
|  | Six Months Ended<br> March 31, 2026 |
|  | ($000) |
| **Investment Income** |  |
| **Income** |  |
| Dividends<sup>1</sup> | &nbsp;&nbsp;14563 |
| Interest<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 |
| Securities Lending—Net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 |
| Total Income | &nbsp;&nbsp;14898 |
| **Expenses** |  |
| The Vanguard Group—Note C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management and Administrative | &nbsp;&nbsp;&nbsp;&nbsp;1896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| Custodian Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Shareholders' Reports | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Trustees' Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;2440 |
| **Net Investment Income** | &nbsp;&nbsp;**12458** |
| **Realized Net Gain (Loss)** |  |
| Investment Securities Sold<sup>2</sup> | 135710 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 |
| **Realized Net Gain (Loss)** | **136371** |
| **Change in Unrealized Appreciation (Depreciation)** |  |
| Investment Securities<sup>2</sup> | (20271) |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| **Change in Unrealized Appreciation (Depreciation)** | **(20202)** |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | **128627** |

---

---

| | |
|:---|:---|
| 1 | Dividends are net of foreign withholding taxes of $56. |
| 2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $211, ($1), and less than $1, respectively. Purchases and sales are for temporary cash investment purposes. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Strategic Small-Cap Equity Fund

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | ($000) | &nbsp;&nbsp;&nbsp;($000) |
| **Increase (Decrease) in Net Assets** |  |  |
| **Operations** |  |  |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21418 |
| Realized Net Gain (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;136371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136187 |
| Change in Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;(20202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66880 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;128627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224485 |
| **Distributions** |  |  |
| Total Distributions | &nbsp;&nbsp;&nbsp;(159716) | &nbsp;&nbsp;&nbsp;&nbsp;(160231) |
| **Capital Share Transactions** |  |  |
| Issued | &nbsp;&nbsp;&nbsp;&nbsp;402563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569130 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;&nbsp;&nbsp;142377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141499 |
| Redeemed | &nbsp;&nbsp;&nbsp;(209503) | &nbsp;&nbsp;&nbsp;&nbsp;(403598) |
| Net Increase (Decrease) from Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;335437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307031 |
| Total Increase (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;304348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371285 |
| **Net Assets** |  |  |
| **Beginning of Period** | **2148497** | &nbsp;&nbsp;&nbsp;**1777212** |
| **End of Period** | **2452845** | &nbsp;&nbsp;&nbsp;**2148497** |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Strategic Small-Cap Equity Fund

Financial Highlights

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, | &nbsp;&nbsp;&nbsp;Year Ended September 30, |
| For a Share Outstanding<br> Throughout Each Period | Six Months<br> Ended<br> March 31,<br> 2026 | 2025 | 2024 | &nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;2021 |
| **Net Asset Value, Beginning of Period** | **$43.88** | &nbsp;&nbsp;&nbsp;**$42.74** | &nbsp;&nbsp;&nbsp;**$33.17** | &nbsp;&nbsp;&nbsp;**$30.44** | &nbsp;&nbsp;&nbsp;**$43.90** | &nbsp;&nbsp;&nbsp;**$28.48** |
| **Investment Operations** |  |  |  |  |  |  |
| Net Investment Income<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.435 |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;2.342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.482 | &nbsp;&nbsp;&nbsp;&nbsp;10.060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.669 | &nbsp;&nbsp;&nbsp;&nbsp;(6.143) | &nbsp;&nbsp;&nbsp;&nbsp;15.424 |
| Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;2.578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.957 | &nbsp;&nbsp;&nbsp;&nbsp;10.504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.082 | &nbsp;&nbsp;&nbsp;&nbsp;(5.681) | &nbsp;&nbsp;&nbsp;&nbsp;15.859 |
| **Distributions** |  |  |  |  |  |  |
| Dividends from Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;(.453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.439) |
| Distributions from Realized Capital Gains | &nbsp;&nbsp;&nbsp;(2.745) | &nbsp;&nbsp;&nbsp;&nbsp;(3.413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.498) | &nbsp;&nbsp;&nbsp;&nbsp;(1.986) | &nbsp;&nbsp;&nbsp;&nbsp;(7.272) | &nbsp;&nbsp;&nbsp;— |
| Total Distributions | &nbsp;&nbsp;&nbsp;(3.198) | &nbsp;&nbsp;&nbsp;&nbsp;(3.817) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.934) | &nbsp;&nbsp;&nbsp;&nbsp;(2.352) | &nbsp;&nbsp;&nbsp;&nbsp;(7.779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.439) |
| **Net Asset Value, End of Period** | **$43.26** | &nbsp;&nbsp;&nbsp;**$43.88** | &nbsp;&nbsp;&nbsp;**$42.74** | &nbsp;&nbsp;&nbsp;**$33.17** | &nbsp;&nbsp;&nbsp;**$30.44** | &nbsp;&nbsp;&nbsp;**$43.90** |
| **Total Return<sup>2</sup>** | **6.00%** | &nbsp;&nbsp;&nbsp;**12.60%** | &nbsp;&nbsp;&nbsp;**32.09%** | &nbsp;&nbsp;&nbsp;**17.11%** | &nbsp;&nbsp;&nbsp;**-16.24%** | &nbsp;&nbsp;&nbsp;**56.05%** |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Period (Millions) | $2453 | &nbsp;&nbsp;&nbsp;$2148 | &nbsp;&nbsp;&nbsp;$1777 | &nbsp;&nbsp;&nbsp;$1294 | &nbsp;&nbsp;&nbsp;$1194 | &nbsp;&nbsp;&nbsp;$1619 |
| Ratio of Total Expenses to Average Net Assets | 0.21% | &nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;0.26%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.26%<sup>3</sup> | &nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;0.26% |
| Ratio of Net Investment Income to Average Net Assets | 1.09% | &nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;1.08% |
| Portfolio Turnover Rate | 30% | &nbsp;&nbsp;&nbsp;66% | &nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;69% | &nbsp;&nbsp;&nbsp;72% | &nbsp;&nbsp;&nbsp;76% |
| The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. | The expense ratio and net investment income ratio for the current period have been annualized. |

---

---

| | |
|:---|:---|
| 1 | Calculated based on average shares outstanding. |
| 2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
| 3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.26%. |

---

See accompanying Notes, which are an integral part of the Financial Statements.

------

Strategic Small-Cap Equity Fund

Notes to Financial Statements

Vanguard Strategic Small-Cap Equity Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund.

**A.** The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. 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.

2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objective of maintaining full exposure to the stock market while maintaining liquidity. The fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital share transactions. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended March 31, 2026, the fund's average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.

5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be

------

Strategic Small-Cap Equity Fund

called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended March 31, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.

7. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

**B.** Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.

**C.** In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate
management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines
approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At March 31, 2026, the fund had contributed to Vanguard capital in the amount of $58,000, representing less than 0.01% of the fund's net assets and 0.02% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.

**D.** Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used
to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

At March 31, 2026, 100% of the market value of the fund's investments and derivatives was determined based on Level 1 inputs.

**E.** As of March 31, 2026, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;Amount<br> ($000) |
| Tax Cost | &nbsp;&nbsp;&nbsp;2103254 |
| Gross Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537114 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(191215) |
| Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345899 |

---

**F.** During the six months ended March 31, 2026, the fund purchased $885,776,000 of investment securities and sold $699,606,000 of investment securities, other than temporary cash investments.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended March 31, 2026, such purchases were $3,499,000 and sales were $17,623,000, resulting in net realized gain of $1,437,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

**G.** Capital shares issued and redeemed were:

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Six Months<br> Ended<br> March 31,<br> 2026 | &nbsp;&nbsp;&nbsp;Year Ended<br> September 30,<br> 2025 |
|  | Shares<br> (000) | &nbsp;&nbsp;&nbsp;Shares<br> (000) |
| Issued | &nbsp;&nbsp;9144 | &nbsp;&nbsp;&nbsp;&nbsp;13955 |
| Issued in Lieu of Cash Distributions | &nbsp;&nbsp;3348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3588 |
| Redeemed | (4760) | &nbsp;&nbsp;&nbsp;(10161) |
| Net Increase (Decrease) in Shares Outstanding | &nbsp;&nbsp;7732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7382 |

---

**H.** Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

------

Strategic Small-Cap Equity Fund

To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.

The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.

**I.** Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker ("CODM"). The fund is considered a single segment. Vanguard's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund's chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund's daily operations. Through these
committees, the CODM manages the fund's operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund's investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**J.** Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in
these financial statements.

Q6152 052026

------

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable. The Trustees' Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.**

**Trustees Approve Advisory Arrangement - Capital Opportunity Fund**

In November 2025, a majority of independent trustees of the board of Vanguard Capital Opportunity Fund (Trustees) approved an amendment to the existing investment advisory agreement with PRIMECAP Management Company (PRIMECAP) (the Amended Agreement), changing PRIMECAP's fee structure. Under the Amended Agreement, the fund pays PRIMECAP a base fee that will be adjusted up or down to reflect the fund's investment performance relative to that of the Russell 3000 Growth Index. The Trustees noted that the new fee structure better aligns PRIMECAP's compensation with client outcomes and the fund's current management strategies. The Trustees determined the foregoing actions were in the best interests of the fund and its shareholders.

The Trustees had previously renewed the fund's investment advisory arrangement with PRIMECAP in September 2025.

The Trustees based their decisions upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the trustees by Vanguard's Oversight and Manager Search team (OMS), which is responsible for fund and advisor oversight and product management. OMS met regularly with the advisor and made presentations to the trustees during the fiscal year that directed their focus to relevant information and topics.

The Trustees also received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor presentation, the trustees were provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the Trustees received periodic reports throughout the year, which included information about each fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Oversight and Manager Search team's ongoing assessment of the advisor.

Prior to their meeting, the Trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the trustees approved the arrangement. Rather, it was the totality of the circumstances that drove the trustees' decision.

**Nature, extent, and quality of services**

The Trustees reviewed the quality of the fund's investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The Trustees considered that PRIMECAP, founded in 1983, located in Pasadena, CA, is recognized for its long-term approach to growth-equity investing. The portfolio managers are responsible for separate sub-portfolios, and each portfolio manager employs a fundamental, research-driven approach in seeking to identify companies with long-term growth potential that the market has yet to appreciate. The multi-counselor approach that the advisor employs is designed to emphasize individual decision-making and enable the portfolio managers to invest only in their highest conviction ideas. PRIMECAP's fundamental research focuses on developing opinions independent from Wall Street's consensus and maintaining a long-term horizon. PRIMECAP has managed the fund since 1998. The trustees concluded that the advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

**Investment performance**

The trustees considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The trustees concluded that the performance was such that the advisory arrangement should continue.

**Cost**

The trustees concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory fee rate was also below the peer-group average.

The trustees did not consider the profitability of PRIMECAP in determining whether to approve the advisory fee, because PRIMECAP is independent of Vanguard and the advisory fee is the result of arm's-length negotiations.

**The benefit of economies of scale**

The trustees concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the fund's advisory fee schedule for PRIMECAP. The breakpoints reduce the effective rate of the fee as the fund's assets increase.

The trustees will consider whether to renew the advisory arrangement again after a one-year period.

**Trustees Approve Advisory Arrangements - Global Equity Fund** 

A majority of independent trustees of the board of Vanguard Global Equity Fund (Trustees) has renewed the fund's investment advisory arrangement with Baillie Gifford Overseas Ltd. (Baillie Gifford), Wellington Management Company LLP (Wellington Management) and Pzena Investment Management, LLC (Pzena). The Trustees determined that renewing the fund's advisory arrangements was in the best interests of the fund and its shareholders.

The trustees based their decisions upon an evaluation of each advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the trustees by Vanguard's Oversight and Manager Search team (OMS), which is responsible for fund and advisor oversight and product management. OMS met regularly with the advisors and made presentations to the trustees during the fiscal year that directed the trustees' focus to relevant information and topics.

The trustees also received information throughout the year during advisor presentations conducted by OMS. For each advisor presentation, the trustees was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the Trustees received periodic reports throughout the year, which included information about the portfolio's performance relative to its peers and benchmark, as applicable, and updates, as needed, on OMS's ongoing assessment of the advisor.

Prior to their meeting, the Trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the trustees approved the arrangements. Rather, it was the totality of the circumstances that drove the trustees' decisions.

**Nature, extent, and quality of services**

The Trustees reviewed the quality of each advisor's investment management services provided to the fund over both the short and long term; it also took into account the organizational depth and stability of each advisor. The trustees considered the following:

**Baillie Gifford.** Baillie Gifford Overseas Ltd—which is wholly owned by Baillie Gifford & Co., founded in 1908—is among the largest independently owned investment management firms in the United Kingdom. Baillie Gifford's investment approach is based on long-term investments in well-managed businesses that enjoy sustainable competitive advantages in their marketplaces. The team invests in three categories of growth stocks: (1) compounders, or companies with durable franchises; (2) disruptors, or early stage companies with innovative products or services and a large opportunity for future growth; and (3) capital allocators, or companies highly subject to capital cycles that have strong structural growth prospects and management teams with high capital allocation ability. Baillie Gifford has managed a portion of the fund since 2008.

**Wellington Management.** Wellington Management, founded in 1928, is among the nation's oldest and most respected institutional investment managers. Co-Portfolio Managers Michael Masdea and Brian Barbetta bring their deep expertise in technology and internet-related sectors and utilize Wellington Management's best-in-class firm resources to form a complementary partnership. The portfolio managers utilize their proprietary framework to score companies according to trends, innovation, barriers, risks and sustainability in evaluating names and constructing the framework for the portfolio. Wellington Management has managed a portion of the fund since 2022.

**Pzena.** Founded in 1995, Pzena Investment Management, LLC is an independent investment management firm that uses a deep value investment strategy in a range of domestic and international portfolios. The advisor's deep value investment philosophy, focused acutely on companies in the cheapest quintile of price-to-normalized earnings, is applied universally throughout the firm. Recent investment results prove the benefits of Pzena's steadfast commitment to deep value investing. Pzena has managed a portion of the fund since 2022.

The Trustees concluded that each advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

**Investment performance**

The Trustees considered the short- and long-term performance of each advisor's sub-portfolio, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The Trustees concluded that the performance was such that the advisory arrangements should continue.

**Cost**

The Trustees concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory fee rate was below its peer group average.

The Trustees did not consider the profitability of Baillie Gifford, Wellington Management or Pzena in determining whether to approve the advisory fees, because the firms are independent of Vanguard and the advisory fees are the result of arm's-length negotiations.

**The benefit of economies of scale**

The Trustees concluded that the fund's shareholders benefit from economies of scale because of breakpoints in the fund's advisory fee schedule for Baillie Gifford, Wellington Management and Pzena. The breakpoints reduce the effective rate of the fees as the fund's assets managed by each firm increase.

The Trustees will consider whether to renew the advisory arrangements again after a one-year period.

**Trustees Approve Advisory Arrangement - Strategic Equity Fund and Strategic Small-Cap Equity Fund**

A majority of independent trustees of the board of Vanguard Strategic Equity Fund and Vanguard Strategic Small-Cap Equity Fund (Trustees) has approved a restructuring of each fund's management structure whereby the Vanguard Group, Inc. (Vanguard) will now provide investment advisory services to each fund through its subsidiary, Vanguard Portfolio Management LLC (VPM). The trustees determined that approving the advisory arrangements was in the best interests of each fund and its shareholders.

The Trustees based their decisions upon an evaluation of VPM's investment staff, fund management process, and performance. This evaluation included information provided by Vanguard's Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Trustees considered the factors discussed below, among others. However, no single factor determined whether to approve the arrangements. Rather, it was the totality of the circumstances that drove the Trustee's decisions.

**Nature, extent, and quality of services**

The Trustees considered the quality of the investment management services to be provided to each fund and took into account the organizational depth and stability of Vanguard and VPM. The Trustees considered that Vanguard has been managing investments for more than four decades. The Quantitative Equity group, now within VPM, adheres to the same sound, disciplined investment management process and has considerable experience, stability and depth. The Quantitative Equity group seeks to generate consistent, risk-controlled alpha through quantitative models that emphasize securities with attractive valuations, good business models, solid growth prospects, and positive market sentiment.

The Trustees concluded that VPM's experience, stability, depth, and performance, among other factors, warranted approval of the advisory arrangements.

**Investment performance**

The Trustees determined that VPM's Quantitative Equity group, in its management of Vanguard funds, including the fund, has a track record of consistent performance and disciplined investment processes. The Trustees concluded the performance was such that the advisory arrangements warranted approval.

**Cost**

The Trustees concluded that each fund's expense ratio will remain below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses will also continue to be below the peer-group average.

The Trustees do not conduct a profitability analysis of Vanguard in providing investment advisory services through VPM because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

**The benefit of economies of scale**

The Trustees concluded that each fund's arrangement with Vanguard, and services rendered through VPM, ensure that each fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The Trustees will consider whether to renew each advisory arrangement again after a one-year period.

**Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13: Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14**: **Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15**: **Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16**: **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Internal Control Over Financial Reporting. There were no changes in the Registrant's Internal Control Over Financial Reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17**: **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18: Recovery of Erroneously Awarded Compensation** 

Not applicable.

**Item 19: Exhibits.**

(a)(1) Not applicable.

[(a)(2)](tm2611750d9_ex99-cert.htm) [Certifications filed herewith.](tm2611750d9_ex99-cert.htm)

[(a)(2)](tm2611750d9_ex99-906cert.htm) [Certifications filed herewith.](tm2611750d9_ex99-906cert.htm)

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | VANGUARD HORIZON FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: May 26, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  | VANGUARD HORIZON FUNDS |
| BY: | /s/ SALIM RAMJI\* |
|  | SALIM RAMJI |
|  | CHIEF EXECUTIVE OFFICER |

---

Date: May 26, 2026

---

| | |
|:---|:---|
|  | VANGUARD HORIZON FUNDS |
| BY: | /s/ CHRISTINE BUCHANAN\* |
|  | CHRISTINE BUCHANAN |
|  | CHIEF FINANCIAL OFFICER |

---

Date: May 26, 2026

---

| | |
|:---|:---|
| \* By: | /s/ Natalie Lamarque |

---

Natalie Lamarque, pursuant to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/891190/000119312525325143/f43635d7.htm) filed on December 19, 2025 (see File Number 33-49023), and to a [Power of Attorney](https://www.sec.gov/Archives/edgar/data/1532203/000119312526077489/f44118d9.htm) filed on February 27, 2026 (see File Number 333-177613), Incorporated by Reference.

## Ex-99.Cert

**Exhibit 99.CERT**

<u>CERTIFICATIONS</u>

I, Salim Ramji, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Horizon Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 26, 2026

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

<u>CERTIFICATIONS</u>

I, Christine Buchanan, certify that:

1. I have reviewed this report on Form N-CSR of Vanguard Horizon Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 26, 2026

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Horizon Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: May 26, 2026

---

| |
|:---|
| /s/ Salim Ramji |
| Salim Ramji |
| Chief Executive Officer |

---

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>Vanguard Horizon Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the issuer.

Date: May 26, 2026

---

| |
|:---|
| /s/ Christine Buchanan |
| Christine Buchanan |
| Chief Financial Officer |

---