| Shares | Market Value ($000) | ||
| Common Stocks (99.8%) | |||
| Basic Materials (1.7%) | |||
| Mueller Industries Inc. | 15,183 | 1,217 | |
| UFP Industries Inc. | 8,300 | 888 | |
| Carpenter Technology Corp. | 2,341 | 485 | |
| Hawkins Inc. | 4,458 | 468 | |
| Sylvamo Corp. | 5,330 | 379 | |
| Commercial Metals Co. | 7,748 | 375 | |
| Cabot Corp. | 4,165 | 358 | |
| Reliance Inc. | 1,175 | 349 | |
| Scotts Miracle-Gro Co. | 5,445 | 319 | |
| International Paper Co. | 5,652 | 318 | |
| CF Industries Holdings Inc. | 2,600 | 211 | |
| AdvanSix Inc. | 6,807 | 190 | |
| Royal Gold Inc. | 1,040 | 153 | |
| Avient Corp. | 1,720 | 74 | |
| 5,784 | |||
| Consumer Discretionary (16.8%) | |||
| Walmart Inc. | 28,807 | 2,841 | |
| * | Spotify Technology SA | 4,469 | 2,717 |
| Booking Holdings Inc. | 445 | 2,232 | |
| Costco Wholesale Corp. | 1,724 | 1,808 | |
| General Motors Co. | 36,649 | 1,801 | |
| Target Corp. | 12,611 | 1,567 | |
| TJX Cos. Inc. | 11,003 | 1,373 | |
| Lowe's Cos. Inc. | 5,375 | 1,336 | |
| * | Netflix Inc. | 1,246 | 1,222 |
| PulteGroup Inc. | 11,536 | 1,191 | |
| H&R Block Inc. | 21,043 | 1,147 | |
| * | Brinker International Inc. | 5,846 | 964 |
| * | Expedia Group Inc. | 4,486 | 888 |
| * | United Airlines Holdings Inc. | 9,203 | 863 |
| PVH Corp. | 11,380 | 852 | |
| Steelcase Inc. Class A | 69,601 | 846 | |
| * | AutoZone Inc. | 234 | 817 |
| * | G-III Apparel Group Ltd. | 29,290 | 793 |
| Perdoceo Education Corp. | 30,670 | 785 | |
| Williams-Sonoma Inc. | 3,878 | 755 | |
| Fox Corp. Class B | 13,857 | 749 | |
| Delta Air Lines Inc. | 12,247 | 736 | |
| Fox Corp. Class A | 12,556 | 723 | |
| * | Skechers USA Inc. Class A | 11,528 | 703 |
| Tapestry Inc. | 7,616 | 651 | |
| Hasbro Inc. | 9,489 | 618 | |
| Academy Sports & Outdoors Inc. | 12,403 | 615 | |
| * | American Airlines Group Inc. | 41,869 | 601 |
| * | Alaska Air Group Inc. | 8,184 | 592 |
| * | Crocs Inc. | 5,932 | 591 |
| Interface Inc. | 27,616 | 559 | |
| Travel & Leisure Co. | 9,816 | 548 | |
| Toll Brothers Inc. | 4,821 | 538 | |
| News Corp. Class B | 16,622 | 537 | |
| Build-A-Bear Workshop Inc. | 12,324 | 504 | |
| DR Horton Inc. | 3,970 | 503 | |
| * | Dorman Products Inc. | 3,800 | 500 |
| * | M/I Homes Inc. | 4,249 | 498 |
| * | Cavco Industries Inc. | 941 | 494 |
| Dick's Sporting Goods Inc. | 2,172 | 489 | |
| VF Corp. | 19,589 | 488 | |
| * | Adtalem Global Education Inc. | 4,656 | 476 |
| Ralph Lauren Corp. | 1,749 | 474 | |
| Shares | Market Value ($000) | ||
| TEGNA Inc. | 25,854 | 471 | |
| Best Buy Co. Inc. | 5,175 | 465 | |
| * | BJ's Wholesale Club Holdings Inc. | 4,545 | 460 |
| * | Under Armour Inc. Class C | 71,410 | 453 |
| Signet Jewelers Ltd. | 8,623 | 451 | |
| Kontoor Brands Inc. | 6,864 | 446 | |
| Phinia Inc. | 8,877 | 438 | |
| Monarch Casino & Resort Inc. | 4,675 | 428 | |
| * | Mattel Inc. | 19,622 | 418 |
| Boyd Gaming Corp. | 5,441 | 415 | |
| * | Deckers Outdoor Corp. | 2,934 | 409 |
| Murphy USA Inc. | 863 | 405 | |
| Macy's Inc. | 27,833 | 399 | |
| * | Carnival Corp. | 16,594 | 397 |
| * | Liquidity Services Inc. | 11,752 | 393 |
| Electronic Arts Inc. | 2,999 | 387 | |
| Lennar Corp. Class B | 3,324 | 385 | |
| * | NVR Inc. | 53 | 384 |
| * | Hanesbrands Inc. | 61,346 | 370 |
| Ethan Allen Interiors Inc. | 12,906 | 368 | |
| * | SkyWest Inc. | 3,496 | 346 |
| KB Home | 5,602 | 342 | |
| John Wiley & Sons Inc. Class A | 8,538 | 340 | |
| * | Stagwell Inc. | 48,174 | 313 |
| Playtika Holding Corp. | 57,937 | 306 | |
| * | Universal Technical Institute Inc. | 10,627 | 300 |
| HNI Corp. | 6,390 | 298 | |
| * | Abercrombie & Fitch Co. Class A | 2,806 | 289 |
| * | frontdoor Inc. | 6,347 | 289 |
| * | Grand Canyon Education Inc. | 1,605 | 289 |
| * | SharkNinja Inc. | 2,638 | 277 |
| * | Tri Pointe Homes Inc. | 8,713 | 276 |
| Nexstar Media Group Inc. | 1,512 | 256 | |
| * | Sally Beauty Holdings Inc. | 28,212 | 254 |
| American Eagle Outfitters Inc. | 18,939 | 248 | |
| * | Urban Outfitters Inc. | 4,262 | 248 |
| * | Global Business Travel Group I | 29,792 | 248 |
| * | United Parks & Resorts Inc. | 4,890 | 247 |
| * | Dollar Tree Inc. | 3,334 | 243 |
| Shoe Carnival Inc. | 10,776 | 239 | |
| Columbia Sportswear Co. | 2,718 | 236 | |
| La-Z-Boy Inc. | 5,153 | 233 | |
| Dillard's Inc. Class A | 594 | 231 | |
| Marcus Corp. | 11,992 | 220 | |
| PriceSmart Inc. | 2,451 | 219 | |
| Dana Inc. | 14,592 | 217 | |
| * | Green Brick Partners Inc. | 3,432 | 205 |
| Garmin Ltd. | 889 | 203 | |
| Upbound Group Inc. | 7,748 | 200 | |
| eBay Inc. | 3,059 | 198 | |
| Royal Caribbean Cruises Ltd. | 805 | 198 | |
| * | Malibu Boats Inc. Class A | 5,817 | 194 |
| * | Stride Inc. | 1,406 | 192 |
| Newell Brands Inc. | 26,250 | 168 | |
| Standard Motor Products Inc. | 5,448 | 155 | |
| BorgWarner Inc. (XNYS) | 4,975 | 148 | |
| Lennar Corp. Class A | 1,146 | 137 | |
| * | Norwegian Cruise Line Holdings Ltd. | 5,895 | 134 |
| Buckle Inc. | 3,267 | 131 | |
| * | Laureate Education Inc. | 5,920 | 118 |
| Carriage Services Inc. | 2,600 | 104 | |
| Steven Madden Ltd. | 2,551 | 84 | |
| J Jill Inc. | 3,519 | 83 | |
| * | Live Nation Entertainment Inc. | 520 | 75 |
| Texas Roadhouse Inc. | 400 | 74 | |
| Strategic Education Inc. | 870 | 70 | |
| LCI Industries | 632 | 66 | |
| New York Times Co. Class A | 1,320 | 63 | |
| 58,331 |
| Shares | Market Value ($000) | ||
| Consumer Staples (6.8%) | |||
| Philip Morris International Inc. | 23,717 | 3,683 | |
| Altria Group Inc. | 57,235 | 3,196 | |
| Kimberly-Clark Corp. | 16,976 | 2,411 | |
| McKesson Corp. | 3,162 | 2,024 | |
| Kroger Co. | 23,045 | 1,494 | |
| Ingredion Inc. | 7,634 | 997 | |
| Cal-Maine Foods Inc. | 9,412 | 851 | |
| * | Pilgrim's Pride Corp. | 12,967 | 705 |
| * | Sprouts Farmers Market Inc. | 4,360 | 647 |
| Cencora Inc. | 2,280 | 578 | |
| Weis Markets Inc. | 7,719 | 571 | |
| Primo Brands Corp. | 16,481 | 555 | |
| Coca-Cola Consolidated Inc. | 374 | 530 | |
| Kenvue Inc. | 21,263 | 502 | |
| * | Performance Food Group Co. | 5,517 | 470 |
| Ingles Markets Inc. Class A | 7,063 | 434 | |
| Flowers Foods Inc. | 23,088 | 433 | |
| Albertsons Cos. Inc. Class A | 20,380 | 429 | |
| Dole plc | 29,278 | 428 | |
| Fresh Del Monte Produce Inc. | 13,962 | 426 | |
| Turning Point Brands Inc. | 5,920 | 416 | |
| Energizer Holdings Inc. | 13,331 | 410 | |
| * | US Foods Holding Corp. | 5,568 | 399 |
| ACCO Brands Corp. | 76,236 | 356 | |
| Casey's General Stores Inc. | 614 | 254 | |
| SpartanNash Co. | 10,232 | 207 | |
| Molson Coors Beverage Co. Class B | 3,240 | 198 | |
| Andersons Inc. | 2,683 | 115 | |
| 23,719 | |||
| Energy (5.8%) | |||
| EOG Resources Inc. | 22,437 | 2,848 | |
| Chevron Corp. | 7,451 | 1,182 | |
| Texas Pacific Land Corp. | 734 | 1,048 | |
| TechnipFMC plc | 33,777 | 994 | |
| Kinetik Holdings Inc. | 15,071 | 879 | |
| * | CNX Resources Corp. | 28,302 | 818 |
| * | ProPetro Holding Corp. | 87,179 | 736 |
| Baker Hughes Co. | 16,412 | 732 | |
| Coterra Energy Inc. | 25,898 | 699 | |
| Magnolia Oil & Gas Corp. Class A | 28,241 | 661 | |
| Select Water Solutions Inc. | 49,920 | 606 | |
| SM Energy Co. | 18,138 | 593 | |
| * | Gulfport Energy Corp. | 3,250 | 552 |
| RPC Inc. | 91,045 | 508 | |
| SunCoke Energy Inc. | 55,921 | 507 | |
| * | MRC Global Inc. | 39,739 | 484 |
| Core Natural Resources Inc. | 6,443 | 478 | |
| DTE Midstream LLC | 4,604 | 442 | |
| Atlas Energy Solutions Inc. | 22,495 | 436 | |
| Northern Oil & Gas Inc. | 13,516 | 426 | |
| * | DNOW Inc. | 26,467 | 423 |
| Cactus Inc. Class A | 8,029 | 422 | |
| World Kinect Corp. | 13,068 | 391 | |
| Vitesse Energy Inc. | 14,769 | 380 | |
| * | NPK International Inc. | 59,419 | 362 |
| Patterson-UTI Energy Inc. | 43,526 | 362 | |
| Liberty Energy Inc. | 18,487 | 319 | |
| Murphy Oil Corp. | 10,943 | 290 | |
| Granite Ridge Resources Inc. | 40,737 | 239 | |
| Riley Exploration Permian Inc. | 7,413 | 234 | |
| Crescent Energy Co. Class A | 17,399 | 220 | |
| * | Alpha Metallurgical Resources Inc. | 1,404 | 193 |
| California Resources Corp. | 4,185 | 187 | |
| Berry Corp. | 27,868 | 113 | |
| Diversified Energy Co. plc | 7,022 | 94 | |
| Matador Resources Co. | 1,189 | 62 | |
| Valero Energy Corp. | 32 | 4 | |
| Shares | Market Value ($000) | ||
| Permian Resources Corp. | 35 | 1 | |
| 19,925 | |||
| Financials (29.3%) | |||
| Wells Fargo & Co. | 48,836 | 3,825 | |
| Bank of New York Mellon Corp. | 40,248 | 3,580 | |
| Aflac Inc. | 28,652 | 3,137 | |
| JPMorgan Chase & Co. | 10,070 | 2,665 | |
| Ameriprise Financial Inc. | 4,901 | 2,633 | |
| MetLife Inc. | 25,450 | 2,193 | |
| Apollo Global Management Inc. | 13,604 | 2,031 | |
| Progressive Corp. | 7,176 | 2,024 | |
| Hartford Insurance Group Inc. | 13,733 | 1,624 | |
| Morgan Stanley | 11,668 | 1,553 | |
| Citizens Financial Group Inc. | 33,635 | 1,539 | |
| Popular Inc. | 15,074 | 1,514 | |
| East West Bancorp Inc. | 15,453 | 1,459 | |
| Old Republic International Corp. | 37,592 | 1,448 | |
| OneMain Holdings Inc. | 26,915 | 1,446 | |
| Bank of America Corp. | 30,316 | 1,398 | |
| MGIC Investment Corp. | 54,840 | 1,350 | |
| First BanCorp (XNYS) | 69,056 | 1,345 | |
| CNO Financial Group Inc. | 32,032 | 1,335 | |
| OFG Bancorp | 30,829 | 1,310 | |
| Amalgamated Financial Corp. | 36,962 | 1,199 | |
| Fifth Third Bancorp | 26,841 | 1,167 | |
| Commerce Bancshares Inc. | 17,707 | 1,152 | |
| Unum Group | 13,910 | 1,145 | |
| International Bancshares Corp. | 16,982 | 1,138 | |
| Employers Holdings Inc. | 21,016 | 1,089 | |
| W R Berkley Corp. | 17,001 | 1,072 | |
| Cboe Global Markets Inc. | 4,931 | 1,039 | |
| Pathward Financial Inc. | 13,387 | 1,038 | |
| Moody's Corp. | 2,004 | 1,010 | |
| Bank of NT Butterfield & Son Ltd. | 24,094 | 935 | |
| SLM Corp. | 30,726 | 928 | |
| PNC Financial Services Group Inc. | 4,818 | 925 | |
| Affiliated Managers Group Inc. | 5,394 | 922 | |
| 1st Source Corp. | 13,809 | 896 | |
| Primerica Inc. | 3,078 | 893 | |
| Central Pacific Financial Corp. | 30,651 | 890 | |
| Carlyle Group Inc. | 16,826 | 839 | |
| Preferred Bank | 9,224 | 819 | |
| * | NMI Holdings Inc. | 22,358 | 815 |
| Enact Holdings Inc. | 23,434 | 806 | |
| Synovus Financial Corp. | 15,310 | 794 | |
| State Street Corp. | 7,593 | 753 | |
| Jackson Financial Inc. Class A | 8,171 | 749 | |
| Equitable Holdings Inc. | 13,575 | 747 | |
| WSFS Financial Corp. | 13,674 | 742 | |
| Axis Capital Holdings Ltd. | 7,593 | 736 | |
| Cathay General Bancorp | 15,476 | 727 | |
| Independent Bank Corp. (XNGS) | 10,598 | 727 | |
| Fidelity National Financial Inc. | 11,119 | 717 | |
| Banco Latinoamericano de Comercio Exterior SA Class E | 16,738 | 709 | |
| First Commonwealth Financial Corp. | 42,676 | 702 | |
| * | Markel Group Inc. | 360 | 696 |
| Cincinnati Financial Corp. | 4,649 | 687 | |
| * | Enova International Inc. | 6,453 | 667 |
| Northeast Bank | 6,580 | 661 | |
| Willis Towers Watson plc | 1,888 | 641 | |
| Enterprise Financial Services Corp. | 10,661 | 630 | |
| * | Genworth Financial Inc. | 90,653 | 630 |
| Hanmi Financial Corp. | 25,830 | 620 | |
| Victory Capital Holdings Inc. Class A | 9,376 | 600 | |
| BOK Financial Corp. | 5,475 | 597 | |
| Lazard Inc. | 11,863 | 595 | |
| Banc of California Inc. | 39,884 | 593 | |
| * | Bancorp Inc. | 10,554 | 589 |
| Radian Group Inc. | 17,776 | 585 | |
| Shares | Market Value ($000) | ||
| Assured Guaranty Ltd. | 6,500 | 568 | |
| First Merchants Corp. | 12,805 | 561 | |
| * | Texas Capital Bancshares Inc. | 6,987 | 553 |
| ConnectOne Bancorp Inc. | 21,474 | 548 | |
| Virtu Financial Inc. Class A | 14,952 | 547 | |
| Regions Financial Corp. | 22,854 | 542 | |
| Acadian Asset Management Inc. | 21,267 | 524 | |
| Corebridge Financial Inc. | 14,827 | 514 | |
| BGC Group Inc. Class A | 50,871 | 504 | |
| Community Financial System Inc. | 7,924 | 501 | |
| Northern Trust Corp. | 4,497 | 496 | |
| Heritage Financial Corp. | 19,607 | 495 | |
| City Holding Co. | 3,902 | 464 | |
| Raymond James Financial Inc. | 2,972 | 460 | |
| Globe Life Inc. | 3,547 | 452 | |
| American International Group Inc. | 5,358 | 444 | |
| S&T Bancorp Inc. | 11,050 | 444 | |
| LPL Financial Holdings Inc. | 1,189 | 442 | |
| Westamerica BanCorp | 8,246 | 430 | |
| Ameris Bancorp | 6,642 | 429 | |
| Fidelis Insurance Holdings Ltd. | 29,093 | 428 | |
| Veritex Holdings Inc. | 15,844 | 417 | |
| Tompkins Financial Corp. | 5,887 | 406 | |
| Hancock Whitney Corp. | 6,974 | 398 | |
| Mercury General Corp. | 7,345 | 396 | |
| Univest Financial Corp. | 12,368 | 378 | |
| SEI Investments Co. | 4,600 | 368 | |
| Janus Henderson Group plc | 8,520 | 360 | |
| First Interstate BancSystem Inc. Class A | 11,551 | 355 | |
| OceanFirst Financial Corp. | 19,526 | 352 | |
| Capitol Federal Financial Inc. | 58,396 | 346 | |
| * | Mr. Cooper Group Inc. | 3,055 | 343 |
| Independent Bank Corp. | 9,924 | 337 | |
| Assurant Inc. | 1,617 | 336 | |
| * | SiriusPoint Ltd. | 21,761 | 334 |
| WisdomTree Inc. | 36,217 | 330 | |
| Kemper Corp. | 4,858 | 328 | |
| Jefferies Financial Group Inc. | 4,934 | 327 | |
| Perella Weinberg Partners | 13,817 | 319 | |
| TriCo Bancshares | 7,214 | 315 | |
| Peapack-Gladstone Financial Corp. | 9,614 | 311 | |
| Towne Bank | 8,397 | 310 | |
| Interactive Brokers Group Inc. Class A | 1,511 | 309 | |
| Old Second Bancorp Inc. | 16,263 | 298 | |
| Southside Bancshares Inc. | 9,657 | 297 | |
| QCR Holdings Inc. | 3,872 | 292 | |
| * | Coastal Financial Corp. | 2,815 | 278 |
| PJT Partners Inc. Class A | 1,646 | 262 | |
| FB Financial Corp. | 5,153 | 260 | |
| Navient Corp. | 17,279 | 247 | |
| RenaissanceRe Holdings Ltd. | 1,018 | 242 | |
| Community Trust Bancorp Inc. | 4,084 | 223 | |
| Stock Yards Bancorp Inc. | 2,948 | 215 | |
| Citigroup Inc. | 2,675 | 214 | |
| Voya Financial Inc. | 2,889 | 209 | |
| NBT Bancorp Inc. | 4,278 | 204 | |
| AMERISAFE Inc. | 3,946 | 203 | |
| M&T Bank Corp. | 1,059 | 203 | |
| CNA Financial Corp. | 4,009 | 196 | |
| Diamond Hill Investment Group Inc. | 1,230 | 180 | |
| Northfield Bancorp Inc. | 15,301 | 180 | |
| Peoples Bancorp Inc. | 5,143 | 165 | |
| TrustCo Bank Corp. NY | 4,981 | 164 | |
| * | StoneX Group Inc. | 1,320 | 159 |
| Northwest Bancshares Inc. | 12,520 | 158 | |
| Mercantile Bank Corp. | 3,232 | 156 | |
| Park National Corp. | 939 | 156 | |
| Horace Mann Educators Corp. | 2,754 | 117 | |
| Hingham Institution for Savings | 437 | 113 | |
| * | Brighthouse Financial Inc. | 1,880 | 111 |
| Shares | Market Value ($000) | ||
| Stellar Bancorp Inc. | 3,400 | 99 | |
| Trustmark Corp. | 2,582 | 94 | |
| Byline Bancorp Inc. | 3,119 | 89 | |
| BancFirst Corp. | 640 | 76 | |
| United Fire Group Inc. | 2,640 | 74 | |
| Banner Corp. | 1,040 | 72 | |
| Cullen / Frost Bankers Inc. | 520 | 71 | |
| German American Bancorp Inc. | 1,760 | 70 | |
| First Hawaiian Inc. | 2,425 | 65 | |
| Investors Title Co. | 249 | 59 | |
| 101,312 | |||
| Health Care (9.0%) | |||
| Gilead Sciences Inc. | 31,173 | 3,563 | |
| Bristol-Myers Squibb Co. | 46,505 | 2,773 | |
| HCA Healthcare Inc. | 8,229 | 2,521 | |
| Johnson & Johnson | 11,610 | 1,916 | |
| Cardinal Health Inc. | 8,426 | 1,091 | |
| * | Lantheus Holdings Inc. | 7,707 | 723 |
| * | Alkermes plc | 20,913 | 718 |
| * | Exelixis Inc. | 18,147 | 702 |
| * | United Therapeutics Corp. | 1,870 | 598 |
| * | Globus Medical Inc. Class A | 7,430 | 597 |
| * | Pediatrix Medical Group Inc. | 40,382 | 596 |
| ResMed Inc. | 2,546 | 595 | |
| * | Doximity Inc. Class A | 7,936 | 559 |
| * | Catalyst Pharmaceuticals Inc. | 24,357 | 558 |
| * | AdaptHealth Corp. | 49,028 | 558 |
| Phibro Animal Health Corp. Class A | 23,806 | 541 | |
| * | Semler Scientific Inc. | 12,597 | 541 |
| * | Tenet Healthcare Corp. | 4,262 | 539 |
| * | Amneal Pharmaceuticals Inc. | 60,383 | 523 |
| * | Innoviva Inc. | 28,022 | 502 |
| Premier Inc. Class A | 26,885 | 489 | |
| * | Pacira BioSciences Inc. | 19,898 | 479 |
| * | Jazz Pharmaceuticals plc | 3,270 | 469 |
| * | Incyte Corp. | 6,325 | 465 |
| * | Hims & Hers Health Inc. | 10,061 | 454 |
| * | Corcept Therapeutics Inc. | 7,473 | 453 |
| * | DaVita Inc. | 2,905 | 430 |
| * | Community Health Systems Inc. | 140,597 | 423 |
| * | Supernus Pharmaceuticals Inc. | 13,007 | 417 |
| SIGA Technologies Inc. | 75,811 | 416 | |
| * | Tactile Systems Technology Inc. | 27,144 | 388 |
| Viatris Inc. | 38,677 | 357 | |
| * | Harmony Biosciences Holdings Inc. | 10,384 | 351 |
| * | Omnicell Inc. | 9,043 | 344 |
| * | Orthofix Medical Inc. | 19,662 | 342 |
| Embecta Corp. | 24,393 | 329 | |
| * | Inmode Ltd. | 16,223 | 304 |
| * | Protagonist Therapeutics Inc. | 7,665 | 288 |
| * | Inogen Inc. | 33,445 | 279 |
| HealthStream Inc. | 8,129 | 274 | |
| * | ADMA Biologics Inc. | 16,579 | 272 |
| * | Avanos Medical Inc. | 17,883 | 269 |
| * | AngioDynamics Inc. | 23,991 | 223 |
| Universal Health Services Inc. Class B | 1,274 | 223 | |
| * | Addus HomeCare Corp. | 2,035 | 195 |
| * | Castle Biosciences Inc. | 8,954 | 194 |
| * | MannKind Corp. | 34,768 | 186 |
| * | ICU Medical Inc. | 1,249 | 183 |
| * | CareDx Inc. | 7,919 | 175 |
| * | Healthcare Services Group Inc. | 16,494 | 173 |
| * | Owens & Minor Inc. | 17,660 | 169 |
| * | Halozyme Therapeutics Inc. | 2,826 | 167 |
| * | DocGo Inc. | 28,464 | 88 |
| Select Medical Holdings Corp. | 4,560 | 83 | |
| 31,065 | |||
| Shares | Market Value ($000) | ||
| Industrials (16.7%) | |||
| 3M Co. | 19,527 | 3,029 | |
| American Express Co. | 8,955 | 2,695 | |
| * | Fiserv Inc. | 11,249 | 2,651 |
| * | PayPal Holdings Inc. | 29,516 | 2,097 |
| CRH plc | 17,965 | 1,842 | |
| FedEx Corp. | 6,786 | 1,784 | |
| Cintas Corp. | 8,441 | 1,752 | |
| Lockheed Martin Corp. | 3,622 | 1,631 | |
| Trane Technologies plc | 4,438 | 1,570 | |
| Caterpillar Inc. | 3,630 | 1,249 | |
| Boise Cascade Co. | 10,255 | 1,063 | |
| Synchrony Financial | 14,800 | 898 | |
| Matson Inc. | 5,917 | 852 | |
| Allison Transmission Holdings Inc. | 8,365 | 851 | |
| Parker-Hannifin Corp. | 1,179 | 788 | |
| * | Corpay Inc. | 2,145 | 787 |
| United Rentals Inc. | 1,207 | 775 | |
| Comfort Systems USA Inc. | 2,114 | 768 | |
| Griffon Corp. | 10,283 | 744 | |
| Acuity Brands Inc. | 2,488 | 739 | |
| Valmont Industries Inc. | 2,066 | 720 | |
| EMCOR Group Inc. | 1,721 | 704 | |
| Teekay Corp. Ltd. | 98,808 | 646 | |
| Mastercard Inc. Class A | 1,102 | 635 | |
| * | Kirby Corp. | 5,629 | 587 |
| Louisiana-Pacific Corp. | 5,884 | 586 | |
| Argan Inc. | 4,481 | 584 | |
| Applied Industrial Technologies Inc. | 2,290 | 574 | |
| Primoris Services Corp. | 7,963 | 571 | |
| Bel Fuse Inc. Class B | 6,729 | 565 | |
| Packaging Corp. of America | 2,644 | 563 | |
| * | ACI Worldwide Inc. | 9,503 | 545 |
| * | Euronet Worldwide Inc. | 5,247 | 538 |
| * | GMS Inc. | 6,629 | 528 |
| Snap-on Inc. | 1,533 | 523 | |
| Teekay Tankers Ltd. Class A | 13,702 | 517 | |
| Patrick Industries Inc. | 5,625 | 510 | |
| Esab Corp. | 4,044 | 507 | |
| CompoSecure Inc. Class A | 36,726 | 490 | |
| Fidelity National Information Services Inc. | 6,868 | 488 | |
| REV Group Inc. | 15,569 | 475 | |
| Silgan Holdings Inc. | 8,262 | 449 | |
| * | NCR Atleos Corp. | 15,788 | 449 |
| * | TopBuild Corp. | 1,397 | 428 |
| DHT Holdings Inc. | 40,264 | 416 | |
| Deluxe Corp. | 25,216 | 415 | |
| Heidrick & Struggles International Inc. | 10,087 | 413 | |
| Ryder System Inc. | 2,498 | 411 | |
| * | American Woodmark Corp. | 6,353 | 394 |
| * | BrightView Holdings Inc. | 29,230 | 392 |
| AptarGroup Inc. | 2,597 | 381 | |
| Ardagh Metal Packaging SA | 132,829 | 381 | |
| WESCO International Inc. | 2,092 | 378 | |
| Schneider National Inc. Class B | 13,982 | 369 | |
| AZZ Inc. | 3,750 | 360 | |
| Barrett Business Services Inc. | 8,829 | 355 | |
| Cummins Inc. | 960 | 353 | |
| Genpact Ltd. | 6,557 | 349 | |
| * | ExlService Holdings Inc. | 6,821 | 331 |
| Mueller Water Products Inc. Class A | 12,268 | 316 | |
| ADT Inc. | 38,324 | 314 | |
| * | Knife River Corp. | 3,217 | 308 |
| CH Robinson Worldwide Inc. | 3,021 | 307 | |
| UniFirst Corp. | 1,380 | 297 | |
| Ennis Inc. | 13,902 | 295 | |
| * | Itron Inc. | 2,638 | 287 |
| Miller Industries Inc. | 4,846 | 281 | |
| * | MasTec Inc. | 2,134 | 279 |
| * | Generac Holdings Inc. | 2,027 | 276 |
| Shares | Market Value ($000) | ||
| Tecnoglass Inc. | 3,749 | 276 | |
| Scorpio Tankers Inc. | 6,909 | 275 | |
| * | Builders FirstSource Inc. | 1,900 | 264 |
| Genco Shipping & Trading Ltd. | 18,456 | 264 | |
| AAON Inc. | 3,366 | 259 | |
| CSW Industrials Inc. | 844 | 258 | |
| * | Payoneer Global Inc. | 29,681 | 254 |
| Eagle Materials Inc. | 1,112 | 252 | |
| * | Zebra Technologies Corp. Class A | 799 | 252 |
| * | Limbach Holdings Inc. | 3,000 | 249 |
| Herc Holdings Inc. | 1,714 | 246 | |
| RPM International Inc. | 1,920 | 238 | |
| * | Hudson Technologies Inc. | 38,801 | 224 |
| United States Lime & Minerals Inc. | 2,249 | 211 | |
| Flowserve Corp. | 3,800 | 209 | |
| * | Fluor Corp. | 5,321 | 202 |
| * | Mohawk Industries Inc. | 1,640 | 193 |
| Apogee Enterprises Inc. | 3,687 | 177 | |
| * | Resideo Technologies Inc. | 8,869 | 170 |
| * | Repay Holdings Corp. | 23,386 | 169 |
| Carlisle Cos. Inc. | 493 | 168 | |
| WW Grainger Inc. | 160 | 163 | |
| Kennametal Inc. | 7,025 | 155 | |
| ABM Industries Inc. | 2,760 | 150 | |
| * | FTI Consulting Inc. | 890 | 147 |
| * | Hillman Solutions Corp. | 14,870 | 145 |
| * | Resolute Holdings Management Inc. | 3,061 | 143 |
| * | Cimpress plc | 2,868 | 138 |
| * | Gates Industrial Corp. plc | 5,840 | 126 |
| Franklin Electric Co. Inc. | 1,189 | 121 | |
| Granite Construction Inc. | 1,404 | 116 | |
| Greenbrier Cos. Inc. | 2,027 | 114 | |
| Maximus Inc. | 1,529 | 100 | |
| * | WEX Inc. | 602 | 95 |
| Kforce Inc. | 1,868 | 94 | |
| Zurn Elkay Water Solutions Corp. | 2,433 | 86 | |
| MSC Industrial Direct Co. Inc. Class A | 1,057 | 85 | |
| * | Graham Corp. | 2,363 | 80 |
| 1 | Ardmore Shipping Corp. | 8,719 | 79 |
| Costamare Inc. | 7,558 | 77 | |
| Armstrong World Industries Inc. | 480 | 74 | |
| * | Trimble Inc. | 1,033 | 74 |
| Pentair plc | 760 | 72 | |
| Mesa Laboratories Inc. | 489 | 68 | |
| 57,717 | |||
| Real Estate (0.2%) | |||
| Newmark Group Inc. Class A | 32,766 | 481 | |
| * | Millrose Properties Inc. Class A | 2,235 | 51 |
| 532 | |||
| Technology (10.0%) | |||
| Meta Platforms Inc. Class A | 3,843 | 2,568 | |
| International Business Machines Corp. | 9,761 | 2,464 | |
| * | Fortinet Inc. | 22,794 | 2,462 |
| NVIDIA Corp. | 17,590 | 2,197 | |
| Apple Inc. | 8,880 | 2,147 | |
| Alphabet Inc. Class C | 9,638 | 1,660 | |
| Salesforce Inc. | 5,000 | 1,489 | |
| QUALCOMM Inc. | 5,035 | 791 | |
| * | ScanSource Inc. | 18,333 | 671 |
| Jabil Inc. | 4,216 | 653 | |
| * | Daktronics Inc. | 40,539 | 619 |
| * | F5 Inc. | 2,033 | 594 |
| Hewlett Packard Enterprise Co. | 28,872 | 572 | |
| * | NetScout Systems Inc. | 24,320 | 547 |
| * | Twilio Inc. Class A | 4,555 | 546 |
| * | Kyndryl Holdings Inc. | 13,592 | 518 |
| HP Inc. | 15,755 | 486 | |
| Gen Digital Inc. (XNGS) | 17,240 | 471 | |
| Leidos Holdings Inc. | 3,595 | 467 | |
| Shares | Market Value ($000) | ||
| Amdocs Ltd. | 5,303 | 463 | |
| * | Commvault Systems Inc. | 2,668 | 455 |
| * | Dropbox Inc. Class A | 17,231 | 448 |
| Adeia Inc. | 27,647 | 435 | |
| * | Diebold Nixdorf Inc. | 9,753 | 431 |
| * | Photronics Inc. | 20,206 | 421 |
| NetApp Inc. | 4,143 | 413 | |
| OneSpan Inc. | 25,442 | 408 | |
| * | Zoom Communications Inc. | 5,476 | 404 |
| * | DoorDash Inc. Class A | 2,034 | 404 |
| Amkor Technology Inc. | 19,090 | 403 | |
| * | DXC Technology Co. | 21,425 | 394 |
| * | Grindr Inc. | 21,263 | 390 |
| PC Connection Inc. | 5,944 | 379 | |
| Corning Inc. | 7,522 | 377 | |
| * | Cirrus Logic Inc. | 3,593 | 374 |
| * | RingCentral Inc. Class A | 12,951 | 368 |
| * | Box Inc. Class A | 10,663 | 349 |
| * | ePlus Inc. | 5,307 | 342 |
| * | Maplebear Inc. | 8,294 | 341 |
| * | AvePoint Inc. | 22,393 | 335 |
| Clear Secure Inc. Class A | 13,907 | 330 | |
| A10 Networks Inc. | 14,947 | 311 | |
| Alphabet Inc. Class A | 1,818 | 310 | |
| * | Pure Storage Inc. Class A | 5,786 | 304 |
| * | Sanmina Corp. | 3,608 | 296 |
| Benchmark Electronics Inc. | 7,113 | 284 | |
| * | CEVA Inc. | 7,727 | 265 |
| Hackett Group Inc. | 8,093 | 246 | |
| Progress Software Corp. | 4,446 | 243 | |
| * | Vimeo Inc. | 39,648 | 233 |
| Pegasystems Inc. | 2,781 | 218 | |
| * | Plexus Corp. | 1,604 | 213 |
| * | Arrow Electronics Inc. | 1,939 | 210 |
| * | DocuSign Inc. | 2,442 | 203 |
| * | Magnite Inc. | 12,643 | 199 |
| * | TTM Technologies Inc. | 5,966 | 144 |
| * | Viant Technology Inc. Class A | 7,067 | 141 |
| * | Appfolio Inc. Class A | 605 | 130 |
| * | Cargurus Inc. | 2,522 | 81 |
| Avnet Inc. | 1,320 | 67 | |
| Cognizant Technology Solutions Corp. Class A | 25 | 2 | |
| CSG Systems International Inc. | 10 | 1 | |
| 34,687 | |||
| Telecommunications (3.4%) | |||
| AT&T Inc. | 121,990 | 3,344 | |
| T-Mobile US Inc. | 10,693 | 2,884 | |
| Verizon Communications Inc. | 52,054 | 2,243 | |
| * | Arista Networks Inc. | 11,698 | 1,088 |
| * | NETGEAR Inc. | 22,746 | 598 |
| IDT Corp. Class B | 12,285 | 597 | |
| * | Adtran Holdings Inc. | 35,858 | 379 |
| * | Digi International Inc. | 10,498 | 321 |
| * | Charter Communications Inc. Class A | 577 | 210 |
| * | Ciena Corp. | 1,960 | 156 |
| 11,820 | |||
| Utilities (0.1%) | |||
| Excelerate Energy Inc. Class A | 14,564 | 447 | |
| Total Common Stocks (Cost $300,908) | 345,339 | ||
| Shares | Market Value ($000) | ||
| Temporary Cash Investments (0.5%) | |||
| Money Market Fund (0.5%) | |||
| 2,3 | Vanguard Market Liquidity Fund, 4.351% (Cost $1,911) | 19,108 | 1,911 |
| Total Investments (100.3%) (Cost $302,819) | 347,250 | ||
| Other Assets and Liabilities—Net (-0.3%) | (1,119) | ||
| Net Assets (100%) | 346,131 | ||
| Cost is in $000. | |||
| * | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $78,000. |
| 2 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 3 | Collateral of $86,000 was received for securities on loan. |
| Futures Contracts | ||||
| ($000) | ||||
| Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
| Long Futures Contracts | ||||
| Micro E-mini S&P 500 Index | March 2025 | 21 | 626 | (14) |
| A. | Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. |
| B. | Futures Contracts: The fund uses index futures contracts to a limited extent, with the 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. |
| C. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |