| Shares | Market Value ($000) | ||
| Common Stocks—Long Positions (98.8%) | |||
| Communication Services (3.6%) | |||
| *,1 | Roku Inc. | 33,527 | 3,172 |
| 1 | New York Times Co. Class A | 20,646 | 1,729 |
| *,1 | Versant Media Group Inc. | 41,169 | 1,524 |
| 1 | Iridium Communications Inc. | 51,202 | 1,420 |
| 1 | Playtika Holding Corp. | 399,328 | 1,110 |
| *,1 | Lumen Technologies Inc. | 126,198 | 877 |
| *,1 | Bumble Inc. Class A | 267,621 | 872 |
| *,1 | Anterix Inc. | 19,065 | 728 |
| * | Spotify Technology SA | 1,476 | 716 |
| *,2 | fuboTV Inc. Class A | 75,666 | 716 |
| *,1 | EverQuote Inc. Class A | 45,867 | 707 |
| *,1 | Bandwidth Inc. Class A | 29,944 | 534 |
| *,1 | ZoomInfo Technologies Inc. | 85,365 | 510 |
| Match Group Inc. | 15,913 | 489 | |
| * | Reddit Inc. Class A | 3,056 | 412 |
| 15,516 | |||
| Consumer Discretionary (12.9%) | |||
| 1 | Travel & Leisure Co. | 46,237 | 3,199 |
| 1 | Leggett & Platt Inc. | 316,737 | 3,129 |
| 1 | Expedia Group Inc. | 11,546 | 2,666 |
| 1 | Tapestry Inc. | 17,504 | 2,470 |
| 1 | Red Rock Resorts Inc. Class A | 43,534 | 2,323 |
| Ross Stores Inc. | 10,720 | 2,322 | |
| * | Cavco Industries Inc. | 4,668 | 2,261 |
| *,1 | BJ's Restaurants Inc. | 63,793 | 2,239 |
| 1 | Bloomin' Brands Inc. | 402,765 | 2,175 |
| *,1 | Covista Inc. | 18,706 | 2,156 |
| *,1 | Etsy Inc. | 41,117 | 2,055 |
| 1 | Carnival Corp. | 76,685 | 1,985 |
| *,1 | M/I Homes Inc. | 15,730 | 1,926 |
| *,1 | National Vision Holdings Inc. | 72,907 | 1,888 |
| 1 | Bath & Body Works Inc. | 92,364 | 1,724 |
| *,1 | MGM Resorts International | 43,811 | 1,621 |
| *,1 | Revolve Group Inc. | 68,972 | 1,559 |
| *,1 | Sonos Inc. | 113,229 | 1,517 |
| 1 | ADT Inc. | 221,247 | 1,454 |
| Las Vegas Sands Corp. | 22,839 | 1,231 | |
| *,1 | Adient plc | 51,894 | 1,049 |
| *,1 | Frontdoor Inc. | 19,017 | 1,005 |
| Signet Jewelers Ltd. | 11,772 | 996 | |
| Monarch Casino & Resort Inc. | 10,153 | 971 | |
| *,1 | Norwegian Cruise Line Holdings Ltd. | 49,078 | 918 |
| Perdoceo Education Corp. | 24,146 | 899 | |
| Garmin Ltd. | 3,849 | 893 | |
| 1 | Kohl's Corp. | 66,473 | 858 |
| La-Z-Boy Inc. | 23,994 | 771 | |
| * | Amer Sports Inc. | 22,502 | 741 |
| 1 | G-III Apparel Group Ltd. | 24,939 | 691 |
| *,1 | Coursera Inc. | 104,324 | 607 |
| Dine Brands Global Inc. | 20,498 | 538 | |
| * | GigaCloud Technology Inc. Class A | 10,423 | 473 |
| General Motors Co. | 5,940 | 443 | |
| Buckle Inc. | 8,463 | 426 | |
| TJX Cos. Inc. | 2,537 | 405 | |
| Boyd Gaming Corp. | 4,882 | 401 | |
| Macy's Inc. | 22,083 | 400 | |
| Upbound Group Inc. | 18,576 | 335 | |
| 55,720 | |||
| Shares | Market Value ($000) | ||
| Consumer Staples (2.5%) | |||
| Coca-Cola Consolidated Inc. | 16,027 | 3,073 | |
| 1 | PriceSmart Inc. | 18,478 | 2,781 |
| * | Seneca Foods Corp. Class A | 6,704 | 1,013 |
| Turning Point Brands Inc. | 11,015 | 956 | |
| *,1 | Maplebear Inc. | 17,858 | 669 |
| Philip Morris International Inc. | 3,692 | 610 | |
| * | Boston Beer Co. Inc. Class A | 2,494 | 575 |
| 1 | Nu Skin Enterprises Inc. Class A | 77,186 | 562 |
| 1 | Pilgrim's Pride Corp. | 10,285 | 388 |
| 10,627 | |||
| Energy (4.8%) | |||
| 1 | Weatherford International plc | 32,392 | 3,064 |
| *,1 | ProPetro Holding Corp. | 205,252 | 2,958 |
| 1 | HF Sinclair Corp. | 44,732 | 2,791 |
| 1 | Peabody Energy Corp. | 64,990 | 2,141 |
| 1 | Patterson-UTI Energy Inc. | 151,349 | 1,639 |
| *,1 | Green Plains Inc. | 93,718 | 1,542 |
| * | Nabors Industries Ltd. (XNYS) | 16,454 | 1,416 |
| *,1 | Oceaneering International Inc. | 30,677 | 1,088 |
| 1 | Bristow Group Inc. | 20,898 | 980 |
| Valero Energy Corp. | 3,842 | 949 | |
| Dorian LPG Ltd. | 24,688 | 844 | |
| 1 | DHT Holdings Inc. | 34,089 | 623 |
| *,1 | Clean Energy Fuels Corp. | 191,997 | 476 |
| * | BKV Corp. | 13,294 | 379 |
| 20,890 | |||
| Financials (20.6%) | |||
| 1 | Zions Bancorp NA | 54,712 | 3,152 |
| 1 | KeyCorp | 156,007 | 3,128 |
| *,1 | LendingClub Corp. | 217,677 | 3,117 |
| *,1 | Slide Insurance Holdings Inc. | 172,798 | 3,110 |
| 1 | Bank of NT Butterfield & Son Ltd. | 59,196 | 3,107 |
| 1 | Banc of California Inc. | 175,161 | 3,079 |
| Affiliated Managers Group Inc. | 11,068 | 3,063 | |
| 1 | Associated Banc-Corp. | 116,737 | 3,019 |
| 1 | Jefferies Financial Group Inc. | 71,600 | 2,955 |
| 1 | MGIC Investment Corp. | 112,270 | 2,947 |
| Allstate Corp. | 14,188 | 2,942 | |
| 1 | Globe Life Inc. | 20,966 | 2,918 |
| *,1 | StoneCo. Ltd. Class A | 205,842 | 2,906 |
| *,1 | Robinhood Markets Inc. Class A | 41,169 | 2,853 |
| *,1 | Enova International Inc. | 20,399 | 2,771 |
| Western Alliance Bancorp | 38,819 | 2,750 | |
| 1 | Horizon Bancorp Inc. | 161,952 | 2,684 |
| *,1 | NMI Holdings Inc. | 71,505 | 2,682 |
| 1 | OFG Bancorp | 62,216 | 2,517 |
| RenaissanceRe Holdings Ltd. | 7,662 | 2,277 | |
| Progressive Corp. | 11,450 | 2,270 | |
| 1 | BankUnited Inc. | 49,602 | 2,240 |
| *,1 | Heritage Insurance Holdings Inc. | 77,749 | 2,041 |
| 1 | Essent Group Ltd. | 32,890 | 1,922 |
| 1 | CNO Financial Group Inc. | 44,764 | 1,838 |
| 1 | Amalgamated Financial Corp. | 46,711 | 1,816 |
| 1 | Central Pacific Financial Corp. | 51,446 | 1,644 |
| 1 | Universal Insurance Holdings Inc. | 43,869 | 1,499 |
| Ally Financial Inc. | 37,596 | 1,475 | |
| 1 | Truist Financial Corp. | 29,996 | 1,379 |
| Charles Schwab Corp. | 11,554 | 1,086 | |
| State Street Corp. | 8,389 | 1,062 | |
| Popular Inc. | 7,601 | 1,020 | |
| * | Affirm Holdings Inc. | 21,838 | 1,001 |
| Piper Sandler Cos. | 12,184 | 933 | |
| 1 | Westamerica BanCorp | 15,303 | 798 |
| 1 | First BanCorp (XNYS) | 34,857 | 745 |
| 1 | PROG Holdings Inc. | 21,725 | 623 |
| Bread Financial Holdings Inc. | 7,989 | 598 | |
| 1 | PayPal Holdings Inc. (XNGS) | 12,901 | 583 |
| Radian Group Inc. | 15,564 | 515 | |
| Shares | Market Value ($000) | ||
| First Hawaiian Inc. | 20,131 | 496 | |
| First American Financial Corp. | 7,311 | 441 | |
| Banner Corp. | 7,121 | 432 | |
| American International Group Inc. | 5,653 | 425 | |
| * | Palomar Holdings Inc. | 3,551 | 424 |
| 1 | BGC Group Inc. Class A | 43,081 | 421 |
| PennyMac Financial Services Inc. | 4,429 | 387 | |
| HCI Group Inc. | 2,431 | 376 | |
| Equity Bancshares Inc. Class A | 8,263 | 367 | |
| 88,834 | |||
| Health Care (12.3%) | |||
| *,1 | Incyte Corp. | 30,949 | 2,913 |
| * | Tenet Healthcare Corp. | 14,544 | 2,745 |
| *,1 | Arvinas Inc. | 244,350 | 2,590 |
| Universal Health Services Inc. Class B | 14,138 | 2,530 | |
| *,1 | Vir Biotechnology Inc. | 250,539 | 2,245 |
| *,1 | Teladoc Health Inc. | 389,431 | 2,122 |
| *,1 | REGENXBIO Inc. | 241,853 | 2,027 |
| *,1 | Travere Therapeutics Inc. | 61,726 | 1,834 |
| Merck & Co. Inc. | 14,730 | 1,772 | |
| 1 | Organon & Co. | 265,414 | 1,590 |
| *,1 | Intellia Therapeutics Inc. | 118,043 | 1,513 |
| *,1 | Nurix Therapeutics Inc. | 89,975 | 1,395 |
| *,1 | Ardelyx Inc. | 223,904 | 1,341 |
| *,1 | Ionis Pharmaceuticals Inc. | 17,120 | 1,285 |
| *,1 | Pediatrix Medical Group Inc. | 59,693 | 1,277 |
| *,1 | Phreesia Inc. | 138,494 | 1,160 |
| *,1 | Varex Imaging Corp. | 108,946 | 1,156 |
| *,1 | Castle Biosciences Inc. | 45,087 | 1,107 |
| * | Ironwood Pharmaceuticals Inc. | 315,160 | 1,106 |
| *,1 | Upstream Bio Inc. | 119,932 | 1,079 |
| *,1 | BioCryst Pharmaceuticals Inc. | 112,777 | 1,074 |
| *,1 | Altimmune Inc. | 343,707 | 1,059 |
| *,1 | Sarepta Therapeutics Inc. | 46,642 | 1,015 |
| *,1 | Omnicell Inc. | 30,096 | 1,005 |
| * | Intuitive Surgical Inc. | 2,120 | 977 |
| *,1 | Enovis Corp. | 41,531 | 945 |
| * | Arcutis Biotherapeutics Inc. | 38,093 | 897 |
| *,1 | Moderna Inc. | 17,483 | 888 |
| *,1 | Novocure Ltd. | 79,052 | 862 |
| 1 | Bristol-Myers Squibb Co. | 13,942 | 846 |
| *,1 | Rocket Pharmaceuticals Inc. | 223,979 | 802 |
| Eli Lilly & Co. | 822 | 756 | |
| *,1 | Arrowhead Pharmaceuticals Inc. | 10,428 | 654 |
| * | Arcus Biosciences Inc. | 29,295 | 633 |
| *,1 | ACADIA Pharmaceuticals Inc. | 23,499 | 523 |
| *,1 | Ultragenyx Pharmaceutical Inc. | 24,539 | 514 |
| * | Indivior Pharmaceuticals Inc. | 16,564 | 505 |
| *,1 | Bioventus Inc. Class A | 52,066 | 475 |
| *,1 | Schrodinger Inc. | 41,610 | 473 |
| * | Inspire Medical Systems Inc. | 9,075 | 468 |
| *,1 | Rezolute Inc. | 151,402 | 462 |
| *,1 | LifeStance Health Group Inc. | 64,155 | 409 |
| *,1 | 10X Genomics Inc. Class A | 18,210 | 387 |
| * | AtriCure Inc. | 13,440 | 383 |
| *,1 | Fate Therapeutics Inc. | 308,409 | 370 |
| * | Myriad Genetics Inc. | 75,435 | 339 |
| *,1 | ClearPoint Neuro Inc. | 31,101 | 283 |
| *,1 | Agenus Inc. | 33,574 | 112 |
| 52,903 | |||
| Industrials (13.5%) | |||
| * | MasTec Inc. | 10,409 | 3,349 |
| Vertiv Holdings Co. Class A | 13,131 | 3,290 | |
| 1 | Tutor Perini Corp. | 40,003 | 3,088 |
| *,1 | American Superconductor Corp. | 88,498 | 2,996 |
| *,1 | Willdan Group Inc. | 38,029 | 2,911 |
| 1 | Griffon Corp. | 38,877 | 2,826 |
| *,1 | SkyWest Inc. | 27,903 | 2,562 |
| BWX Technologies Inc. | 12,175 | 2,490 | |
| Shares | Market Value ($000) | ||
| 1 | Primoris Services Corp. | 17,062 | 2,440 |
| * | ATI Inc. | 14,580 | 2,121 |
| Comfort Systems USA Inc. | 1,496 | 2,063 | |
| 1 | Interface Inc. | 69,615 | 1,735 |
| JB Hunt Transport Services Inc. | 7,872 | 1,668 | |
| GE Vernova Inc. | 1,849 | 1,614 | |
| *,1 | United Airlines Holdings Inc. | 17,123 | 1,576 |
| * | Allegiant Travel Co. | 18,504 | 1,500 |
| * | Proto Labs Inc. | 24,504 | 1,397 |
| 1 | MillerKnoll Inc. | 92,683 | 1,340 |
| Matson Inc. | 7,455 | 1,222 | |
| *,1 | Healthcare Services Group Inc. | 56,968 | 1,057 |
| Cintas Corp. | 5,612 | 949 | |
| * | MYR Group Inc. | 3,120 | 881 |
| * | Innodata Inc. | 20,659 | 798 |
| *,1 | Lyft Inc. Class A | 59,253 | 788 |
| Automatic Data Processing Inc. | 3,857 | 784 | |
| Science Applications International Corp. | 7,549 | 717 | |
| *,1 | Energy Recovery Inc. | 70,532 | 710 |
| * | Blue Bird Corp. | 12,478 | 709 |
| * | V2X Inc. | 9,918 | 679 |
| Leonardo DRS Inc. | 14,797 | 659 | |
| Exponent Inc. | 9,271 | 605 | |
| Park Aerospace Corp. | 20,951 | 574 | |
| 1 | Greenbrier Cos. Inc. | 10,678 | 562 |
| Kennametal Inc. | 14,977 | 541 | |
| SS&C Technologies Holdings Inc. | 7,918 | 535 | |
| Southwest Airlines Co. | 12,502 | 470 | |
| *,1 | CoreCivic Inc. | 24,676 | 467 |
| *,1 | Shoals Technologies Group Inc. Class A | 70,997 | 467 |
| 1 | Columbus McKinnon Corp. | 31,721 | 461 |
| Trinity Industries Inc. | 12,652 | 407 | |
| KBR Inc. | 10,087 | 372 | |
| * | Paylocity Holding Corp. | 3,360 | 363 |
| *,1 | AerSale Corp. | 55,144 | 343 |
| 1 | Alight Inc. Class A | 587,142 | 342 |
| Maximus Inc. | 5,172 | 331 | |
| 1 | TransUnion | 4,421 | 306 |
| 1 | ACCO Brands Corp. | 99,747 | 299 |
| 58,364 | |||
| Information Technology (9.9%) | |||
| *,1 | ADTRAN Holdings Inc. | 282,268 | 3,551 |
| *,1 | Extreme Networks Inc. | 203,184 | 3,064 |
| Lam Research Corp. | 14,033 | 2,998 | |
| *,1 | Teradata Corp. | 114,818 | 2,943 |
| *,1 | MaxLinear Inc. | 167,318 | 2,910 |
| *,1 | NETGEAR Inc. | 98,242 | 2,146 |
| *,1 | Appian Corp. Class A | 83,929 | 2,024 |
| *,1 | Ambarella Inc. | 36,445 | 1,876 |
| * | Coherent Corp. | 7,834 | 1,866 |
| *,1 | Fastly Inc. Class A | 61,848 | 1,797 |
| 1 | RingCentral Inc. Class A | 43,539 | 1,619 |
| Oracle Corp. | 9,535 | 1,403 | |
| *,1 | Commerce.com Inc. | 474,654 | 1,267 |
| *,1 | Sprout Social Inc. Class A | 187,380 | 1,068 |
| Amkor Technology Inc. | 20,875 | 940 | |
| *,1 | Penguin Solutions Inc. | 53,178 | 936 |
| CDW Corp. | 7,638 | 924 | |
| * | Sandisk Corp. | 1,381 | 877 |
| *,1 | Asana Inc. Class A | 135,745 | 869 |
| *,1 | Digital Turbine Inc. | 280,594 | 808 |
| *,1 | Unity Software Inc. | 36,332 | 797 |
| * | Ichor Holdings Ltd. | 12,989 | 605 |
| * | Palantir Technologies Inc. Class A | 3,846 | 563 |
| *,1 | Domo Inc. Class B | 183,156 | 560 |
| *,1 | Cerence Inc. | 77,107 | 487 |
| * | Workiva Inc. | 7,981 | 476 |
| *,1 | PagerDuty Inc. | 71,580 | 445 |
| *,1 | Rapid7 Inc. | 76,125 | 419 |
| Shares | Market Value ($000) | ||
| Microsoft Corp. | 1,061 | 393 | |
| * | nLight Inc. | 6,740 | 384 |
| Micron Technology Inc. | 951 | 321 | |
| *,1 | Weave Communications Inc. | 65,920 | 305 |
| * | AppLovin Corp. Class A | 643 | 256 |
| * | Astera Labs Inc. | 2,222 | 244 |
| * | Credo Technology Group Holding Ltd. | 2,585 | 243 |
| *,1 | Pagaya Technologies Ltd. Class A | 16,610 | 193 |
| *,1 | Kyndryl Holdings Inc. | 13,678 | 179 |
| 42,756 | |||
| Materials (5.4%) | |||
| *,1 | Constellium SE | 133,958 | 3,293 |
| 1 | Alcoa Corp. | 41,611 | 2,760 |
| Kaiser Aluminum Corp. | 19,871 | 2,395 | |
| 1 | Freeport-McMoRan Inc. | 37,889 | 2,227 |
| *,1 | Century Aluminum Co. | 33,574 | 1,971 |
| Albemarle Corp. | 10,738 | 1,928 | |
| 1 | Huntsman Corp. | 103,843 | 1,382 |
| Newmont Corp. (XNYS) | 11,459 | 1,240 | |
| 1 | Tronox Holdings plc | 116,460 | 1,138 |
| 1 | SunCoke Energy Inc. | 131,903 | 859 |
| United States Lime & Minerals Inc. | 6,467 | 845 | |
| Celanese Corp. | 12,809 | 842 | |
| *,1 | Clearwater Paper Corp. | 46,814 | 673 |
| * | Intrepid Potash Inc. | 14,992 | 641 |
| *,1 | O-I Glass Inc. | 40,931 | 430 |
| Warrior Met Coal Inc. | 4,595 | 428 | |
| * | Compass Minerals International Inc. | 16,593 | 387 |
| 23,439 | |||
| Real Estate (9.0%) | |||
| 1 | Outfront Media Inc. | 118,298 | 3,135 |
| 1 | Host Hotels & Resorts Inc. | 161,058 | 3,086 |
| 1 | First Industrial Realty Trust Inc. | 53,225 | 3,079 |
| 1 | American Assets Trust Inc. | 160,304 | 2,951 |
| 1 | Urban Edge Properties | 138,723 | 2,772 |
| 1 | Cousins Properties Inc. | 119,858 | 2,705 |
| 1 | Brixmor Property Group Inc. | 90,441 | 2,605 |
| 1 | Phillips Edison & Co. Inc. | 68,079 | 2,547 |
| 1 | Highwoods Properties Inc. | 104,261 | 2,232 |
| 1 | COPT Defense Properties | 51,424 | 1,574 |
| * | Jones Lang LaSalle Inc. | 5,062 | 1,540 |
| *,1 | Piedmont Realty Trust Inc. | 228,059 | 1,498 |
| 1 | Summit Hotel Properties Inc. | 313,239 | 1,385 |
| 1 | Sunstone Hotel Investors Inc. | 131,738 | 1,187 |
| Prologis Inc. | 8,841 | 1,169 | |
| 1 | Xenia Hotels & Resorts Inc. | 77,211 | 1,145 |
| 1 | Broadstone Net Lease Inc. | 56,538 | 1,033 |
| *,1 | Hudson Pacific Properties Inc. | 131,021 | 774 |
| 1 | LXP Industrial Trust | 15,695 | 726 |
| 1 | LTC Properties Inc. | 11,454 | 426 |
| 1 | DiamondRock Hospitality Co. | 43,786 | 410 |
| Millrose Properties Inc. | 14,041 | 393 | |
| Easterly Government Properties Inc. | 16,853 | 361 | |
| 38,733 | |||
| Utilities (4.3%) | |||
| 1 | Edison International | 43,724 | 3,200 |
| 1 | Avista Corp. | 76,549 | 3,073 |
| 1 | New Jersey Resources Corp. | 55,584 | 3,053 |
| 1 | National Fuel Gas Co. | 27,132 | 2,549 |
| NRG Energy Inc. | 16,795 | 2,454 | |
| American States Water Co. | 25,058 | 1,895 | |
| 1 | Black Hills Corp. | 21,890 | 1,519 |
| *,1 | Hallador Energy Co. | 40,506 | 660 |
| 18,403 | |||
| Total Common Stocks—Long Positions (Cost $390,119) | 426,185 | ||
| Shares | Market Value ($000) | ||
| Temporary Cash Investments (0.7%) | |||
| Money Market Fund (0.7%) | |||
| 3,4 | Vanguard Market Liquidity Fund, 3.687% (Cost $2,847) | 28,474 | 2,847 |
| Common Stocks Sold Short (-99.2%) | |||
| Communication Services (-3.7%) | |||
| Lionsgate Studios Corp. | (336,868) | (3,231) | |
| Trump Media & Technology Group Corp. | (307,536) | (2,854) | |
| Sphere Entertainment Co. | (22,910) | (2,690) | |
| Uniti Group Inc. | (275,055) | (2,580) | |
| TKO Group Holdings Inc. | (6,280) | (1,266) | |
| Gogo Inc. | (221,912) | (892) | |
| Cinemark Holdings Inc. | (25,989) | (741) | |
| Cogent Communications Holdings Inc. | (34,784) | (655) | |
| Ziff Davis Inc. | (14,169) | (595) | |
| Madison Square Garden Sports Corp. | (1,715) | (551) | |
| (16,055) | |||
| Consumer Discretionary (-12.9%) | |||
| Dick's Sporting Goods Inc. | (16,024) | (3,177) | |
| Choice Hotels International Inc. | (29,679) | (3,072) | |
| Valvoline Inc. | (90,794) | (3,058) | |
| Restaurant Brands International Inc. | (39,832) | (2,944) | |
| Dream Finders Homes Inc. Class A | (207,246) | (2,885) | |
| Somnigroup International Inc. | (35,080) | (2,593) | |
| Advance Auto Parts Inc. | (47,963) | (2,530) | |
| GameStop Corp. Class A | (93,504) | (2,154) | |
| Sweetgreen Inc. Class A | (413,460) | (2,146) | |
| Portillo's Inc. Class A | (395,612) | (2,093) | |
| Stride Inc. | (23,061) | (2,033) | |
| Starbucks Corp. | (21,592) | (1,934) | |
| Flutter Entertainment plc | (17,080) | (1,741) | |
| LGI Homes Inc. | (42,594) | (1,684) | |
| Lennar Corp. Class A | (18,929) | (1,644) | |
| First Watch Restaurant Group Inc. | (156,188) | (1,637) | |
| Acushnet Holdings Corp. | (16,011) | (1,497) | |
| Wingstop Inc. | (9,604) | (1,488) | |
| Kura Sushi USA Inc. Class A | (21,142) | (1,476) | |
| Cava Group Inc. | (16,417) | (1,328) | |
| Meritage Homes Corp. | (17,521) | (1,083) | |
| Genuine Parts Co. | (9,337) | (987) | |
| Darden Restaurants Inc. | (4,997) | (980) | |
| Thor Industries Inc. | (11,735) | (938) | |
| Under Armour Inc. Class A | (149,167) | (882) | |
| EVgo Inc. | (505,046) | (869) | |
| Whirlpool Corp. | (14,894) | (803) | |
| Hyatt Hotels Corp. Class A | (5,439) | (782) | |
| Brightstar Lottery plc | (57,209) | (729) | |
| Pursuit Attractions & Hospitality Inc. | (17,912) | (656) | |
| Six Flags Entertainment Corp. | (32,561) | (578) | |
| Savers Value Village Inc. | (71,330) | (531) | |
| Carvana Co. Class A | (1,662) | (522) | |
| Steven Madden Ltd. | (14,048) | (477) | |
| Driven Brands Holdings Inc. | (35,862) | (452) | |
| RH | (2,997) | (419) | |
| Global Business Travel Group I | (57,394) | (320) | |
| QuantumScape Corp. | (48,181) | (307) | |
| On Holding AG Class A | (8,057) | (274) | |
| (55,703) | |||
| Consumer Staples (-2.6%) | |||
| Bunge Global SA | (24,206) | (3,079) | |
| Performance Food Group Co. | (29,439) | (2,522) | |
| Primo Brands Corp. | (54,009) | (1,017) | |
| Cal-Maine Foods Inc. | (11,417) | (904) | |
| Mama's Creations Inc. | (50,399) | (773) | |
| Weis Markets Inc. | (8,213) | (562) | |
| Archer-Daniels-Midland Co. | (6,591) | (479) | |
| Hershey Co. | (1,967) | (409) | |
| Dollar Tree Inc. | (3,672) | (402) | |
| Estee Lauder Cos. Inc. Class A | (5,222) | (375) | |
| Shares | Market Value ($000) | ||
| Chefs' Warehouse Inc. | (5,624) | (334) | |
| BellRing Brands Inc. | (17,616) | (283) | |
| (11,139) | |||
| Energy (-4.9%) | |||
| Atlas Energy Solutions Inc. | (267,431) | (3,509) | |
| Borr Drilling Ltd. | (586,181) | (3,382) | |
| Viper Energy Inc. Class A | (68,352) | (3,212) | |
| Core Natural Resources Inc. | (26,798) | (2,806) | |
| NextDecade Corp. | (312,383) | (2,393) | |
| Uranium Energy Corp. | (85,680) | (1,157) | |
| Crescent Energy Co. Class A | (67,585) | (912) | |
| Solaris Energy Infrastructure Inc. | (14,758) | (834) | |
| ONEOK Inc. | (8,262) | (747) | |
| Kosmos Energy Ltd. | (252,252) | (701) | |
| Chevron Corp. | (2,571) | (532) | |
| SFL Corp. Ltd. | (40,249) | (434) | |
| Texas Pacific Land Corp. | (782) | (371) | |
| Core Laboratories Inc. | (19,749) | (332) | |
| (21,322) | |||
| Financials (-20.4%) | |||
| Flagstar Bank NA | (250,012) | (3,293) | |
| Coinbase Global Inc. Class A | (18,830) | (3,288) | |
| Baldwin Insurance Group Inc. | (149,341) | (3,277) | |
| Ryan Specialty Holdings Inc. | (95,600) | (3,226) | |
| TFS Financial Corp. | (229,337) | (3,222) | |
| Arthur J Gallagher & Co. | (14,652) | (3,173) | |
| National Bank Holdings Corp. Class A | (79,977) | (3,132) | |
| First Citizens BancShares Inc. Class A | (1,632) | (3,076) | |
| Eagle Bancorp Inc. | (123,429) | (3,070) | |
| Brown & Brown Inc. | (46,452) | (3,029) | |
| Cannae Holdings Inc. | (251,273) | (2,857) | |
| Webull Corp. | (576,528) | (2,767) | |
| ServisFirst Bancshares Inc. | (37,348) | (2,720) | |
| W R Berkley Corp. | (40,386) | (2,677) | |
| CNA Financial Corp. | (53,804) | (2,471) | |
| Northeast Bank | (20,981) | (2,358) | |
| Brookfield Asset Management Ltd. Class A | (52,959) | (2,354) | |
| JPMorgan Chase & Co. | (7,766) | (2,284) | |
| LPL Financial Holdings Inc. | (7,523) | (2,263) | |
| Navient Corp. | (275,989) | (2,258) | |
| Triumph Financial Inc. | (37,767) | (2,253) | |
| Blue Owl Capital Inc. | (242,900) | (2,218) | |
| Coastal Financial Corp. | (26,129) | (1,988) | |
| Ares Management Corp. Class A | (17,542) | (1,914) | |
| UWM Holdings Corp. | (516,967) | (1,871) | |
| Visa Inc. Class A | (6,085) | (1,839) | |
| PJT Partners Inc. Class A | (12,568) | (1,756) | |
| FactSet Research Systems Inc. | (6,799) | (1,475) | |
| Burford Capital Ltd. | (312,262) | (1,411) | |
| WaFd Inc. | (44,584) | (1,400) | |
| Glacier Bancorp Inc. | (31,273) | (1,397) | |
| Perella Weinberg Partners | (76,619) | (1,391) | |
| Lakeland Financial Corp. | (21,959) | (1,260) | |
| City Holding Co. | (8,632) | (1,032) | |
| Block Inc. (XNYS) | (15,448) | (930) | |
| RLI Corp. | (12,894) | (735) | |
| Fidelis Insurance Holdings Ltd. | (36,519) | (698) | |
| Goosehead Insurance Inc. Class A | (16,166) | (690) | |
| Merchants Bancorp | (16,061) | (689) | |
| Employers Holdings Inc. | (16,587) | (682) | |
| Bank First Corp. | (4,926) | (665) | |
| Tiptree Inc. | (27,938) | (473) | |
| Live Oak Bancshares Inc. | (14,211) | (470) | |
| White Mountains Insurance Group Ltd. | (207) | (455) | |
| Sezzle Inc. | (7,095) | (449) | |
| Firstsun Capital Bancorp | (11,802) | (430) | |
| BancFirst Corp. | (3,519) | (382) | |
| P10 Inc. Class A | (35,375) | (257) | |
| (88,005) | |||
| Shares | Market Value ($000) | ||
| Health Care (-13.1%) | |||
| Summit Therapeutics Inc. | (185,863) | (3,524) | |
| Scholar Rock Holding Corp. | (62,434) | (3,069) | |
| Precigen Inc. | (739,262) | (2,861) | |
| Liquidia Corp. | (70,004) | (2,642) | |
| PROCEPT BioRobotics Corp. | (100,690) | (2,518) | |
| Nuvalent Inc. Class A | (23,447) | (2,402) | |
| ARS Pharmaceuticals Inc. | (298,078) | (2,394) | |
| Viking Therapeutics Inc. | (71,447) | (2,325) | |
| RadNet Inc. | (40,569) | (2,267) | |
| Krystal Biotech Inc. | (7,926) | (2,047) | |
| Celcuity Inc. | (17,358) | (1,981) | |
| Ceribell Inc. | (101,528) | (1,861) | |
| Neogen Corp. | (197,451) | (1,834) | |
| Molina Healthcare Inc. | (11,299) | (1,506) | |
| Roivant Sciences Ltd. | (52,617) | (1,458) | |
| Concentra Group Holdings Parent Inc. | (67,283) | (1,443) | |
| Omeros Corp. | (130,453) | (1,378) | |
| Baxter International Inc. | (78,267) | (1,315) | |
| Praxis Precision Medicines Inc. | (3,957) | (1,275) | |
| PACS Group Inc. | (39,666) | (1,274) | |
| Nuvation Bio Inc. | (277,640) | (1,191) | |
| Trevi Therapeutics Inc. | (98,110) | (1,171) | |
| Solventum Corp. | (17,770) | (1,160) | |
| Palvella Therapeutics Inc. | (8,428) | (1,051) | |
| HeartFlow Inc. | (42,758) | (1,040) | |
| Tango Therapeutics Inc. | (47,831) | (1,001) | |
| Innoviva Inc. | (39,392) | (918) | |
| Clover Health Investments Corp. | (483,659) | (851) | |
| Halozyme Therapeutics Inc. | (12,338) | (797) | |
| Royalty Pharma plc Class A | (16,544) | (794) | |
| Acadia Healthcare Co. Inc. | (33,342) | (780) | |
| Revvity Inc. | (8,861) | (776) | |
| TG Therapeutics Inc. | (18,915) | (628) | |
| Zenas Biopharma Inc. | (29,190) | (571) | |
| Disc Medicine Inc. | (8,298) | (531) | |
| KalVista Pharmaceuticals Inc. | (24,859) | (500) | |
| Erasca Inc. | (30,683) | (496) | |
| Guardian Pharmacy Services Inc. Class A | (12,971) | (489) | |
| Evolent Health Inc. Class A | (128,510) | (293) | |
| Maze Therapeutics Inc. | (8,546) | (255) | |
| (56,667) | |||
| Industrials (-13.2%) | |||
| Casella Waste Systems Inc. Class A | (40,474) | (3,211) | |
| U-Haul Holding Co. | (65,391) | (3,124) | |
| QXO Inc. | (154,419) | (2,999) | |
| VSE Corp. | (15,295) | (2,820) | |
| CECO Environmental Corp. | (43,767) | (2,608) | |
| CBIZ Inc. | (97,139) | (2,608) | |
| AAON Inc. | (30,994) | (2,565) | |
| AeroVironment Inc. | (13,620) | (2,493) | |
| Joby Aviation Inc. | (283,652) | (2,343) | |
| First Advantage Corp. | (190,536) | (2,241) | |
| Kratos Defense & Security Solutions Inc. | (29,172) | (2,057) | |
| Carrier Global Corp. | (35,680) | (2,009) | |
| Deere & Co. | (3,377) | (1,902) | |
| Insperity Inc. | (66,028) | (1,785) | |
| CNH Industrial NV | (158,062) | (1,739) | |
| National Presto Industries Inc. | (11,822) | (1,620) | |
| Axon Enterprise Inc. | (3,492) | (1,483) | |
| FTAI Infrastructure Inc. | (286,970) | (1,418) | |
| Beta Technologies Inc. Class A | (90,875) | (1,336) | |
| Ameresco Inc. Class A | (46,114) | (1,176) | |
| Frontier Group Holdings Inc. | (283,564) | (1,001) | |
| TIC Solutions Inc. | (149,978) | (987) | |
| Karman Holdings Inc. | (12,267) | (982) | |
| Waste Management Inc. | (4,072) | (936) | |
| Archer Aviation Inc. Class A | (163,452) | (845) | |
| JBT Marel Corp. | (6,477) | (828) | |
| Shares | Market Value ($000) | ||
| Amprius Technologies Inc. | (39,403) | (664) | |
| RB Global Inc. | (6,853) | (657) | |
| Tecnoglass Inc. | (14,011) | (624) | |
| Lennox International Inc. | (1,315) | (610) | |
| Watsco Inc. | (1,653) | (601) | |
| Amentum Holdings Inc. | (20,321) | (530) | |
| RXO Inc. | (33,687) | (493) | |
| Paychex Inc. | (5,027) | (463) | |
| Vestis Corp. | (56,484) | (444) | |
| Loar Holdings Inc. | (7,666) | (439) | |
| NuScale Power Corp. | (36,763) | (399) | |
| BlackSky Technology Inc. | (15,716) | (396) | |
| HNI Corp. | (11,584) | (387) | |
| Limbach Holdings Inc. | (4,786) | (374) | |
| United Parcel Service Inc. Class B | (3,572) | (351) | |
| Eos Energy Enterprises Inc. | (49,667) | (246) | |
| Byrna Technologies Inc. | (15,120) | (139) | |
| (56,933) | |||
| Information Technology (-10.0%) | |||
| CompoSecure Inc. Class A | (188,938) | (3,231) | |
| SiTime Corp. | (8,585) | (2,965) | |
| Entegris Inc. | (24,922) | (2,922) | |
| NextNav Inc. | (176,948) | (2,835) | |
| IonQ Inc. | (76,292) | (2,199) | |
| CCC Intelligent Solutions Holdings Inc. | (356,499) | (2,139) | |
| CommScope Holding Co. Inc. | (114,152) | (2,078) | |
| I3 Verticals Inc. Class A | (91,866) | (2,054) | |
| Crane NXT Co. | (47,571) | (1,931) | |
| Applied Digital Corp. | (73,750) | (1,751) | |
| SailPoint Inc. | (129,118) | (1,709) | |
| Daily Journal Corp. | (3,057) | (1,474) | |
| Qnity Electronics Inc. | (12,316) | (1,421) | |
| ON Semiconductor Corp. | (22,199) | (1,375) | |
| Navitas Semiconductor Corp. | (141,211) | (1,238) | |
| Rigetti Computing Inc. | (74,352) | (1,044) | |
| Mirion Technologies Inc. | (51,887) | (965) | |
| BILL Holdings Inc. | (24,692) | (946) | |
| Terawulf Inc. | (64,487) | (931) | |
| PAR Technology Corp. | (64,681) | (862) | |
| Circle Internet Group Inc. | (7,893) | (753) | |
| Eastman Kodak Co. | (82,542) | (747) | |
| Digi International Inc. | (13,516) | (651) | |
| DigitalOcean Holdings Inc. | (7,216) | (619) | |
| Badger Meter Inc. | (3,990) | (608) | |
| Novanta Inc. | (5,116) | (604) | |
| MARA Holdings Inc. | (58,179) | (475) | |
| Porch Group Inc. | (65,459) | (469) | |
| NetScout Systems Inc. | (14,467) | (460) | |
| InterDigital Inc. | (1,501) | (453) | |
| Aurora Innovation Inc. | (98,758) | (407) | |
| Texas Instruments Inc. | (1,820) | (353) | |
| Clearfield Inc. | (10,297) | (273) | |
| (42,942) | |||
| Materials (-5.2%) | |||
| Westlake Corp. | (31,777) | (3,712) | |
| Perpetua Resources Corp. | (114,203) | (3,211) | |
| International Paper Co. | (85,595) | (3,056) | |
| Amcor plc | (67,752) | (2,693) | |
| Novagold Resources Inc. | (280,113) | (2,516) | |
| United States Antimony Corp. | (156,401) | (1,365) | |
| Knife River Corp. | (13,570) | (1,108) | |
| Ramaco Resources Inc. Class A | (63,642) | (984) | |
| American Battery Technology Co. | (278,835) | (778) | |
| ASP Isotopes Inc. | (167,831) | (742) | |
| Silgan Holdings Inc. | (14,845) | (576) | |
| Ivanhoe Electric Inc. | (44,699) | (528) | |
| Smurfit Westrock plc | (12,500) | (498) | |
| Dakota Gold Corp. | (98,359) | (497) | |
| (22,264) | |||
| Shares | Market Value ($000) | ||
| Real Estate (-9.0%) | |||
| Crown Castle Inc. | (38,610) | (3,139) | |
| Smartstop Self Storage REIT Inc. | (101,111) | (3,062) | |
| CareTrust REIT Inc. | (79,447) | (2,912) | |
| Macerich Co. | (147,611) | (2,790) | |
| Acadia Realty Trust | (141,053) | (2,697) | |
| Farmland Partners Inc. | (221,966) | (2,493) | |
| Medical Properties Trust Inc. | (503,350) | (2,330) | |
| SL Green Realty Corp. | (59,879) | (2,212) | |
| JBG SMITH Properties | (147,466) | (2,154) | |
| Essential Properties Realty Trust Inc. | (59,394) | (1,803) | |
| SITE Centers Corp. | (332,835) | (1,797) | |
| Lineage Inc. | (53,439) | (1,751) | |
| Curbline Properties Corp. | (65,486) | (1,689) | |
| Sun Communities Inc. | (12,524) | (1,578) | |
| Agree Realty Corp. | (19,948) | (1,504) | |
| Equity LifeStyle Properties Inc. | (19,576) | (1,222) | |
| CoStar Group Inc. | (29,683) | (1,197) | |
| American Healthcare REIT Inc. | (25,346) | (1,195) | |
| RLJ Lodging Trust | (79,855) | (593) | |
| Alexandria Real Estate Equities Inc. | (9,672) | (449) | |
| (38,567) | |||
| Utilities (-4.2%) | |||
| Clearway Energy Inc. Class C | (75,331) | (2,960) | |
| Ormat Technologies Inc. (XNYS) | (26,276) | (2,941) | |
| American Water Works Co. Inc. | (20,868) | (2,840) | |
| H2O America | (33,860) | (1,987) | |
| MDU Resources Group Inc. | (54,369) | (1,126) | |
| Xcel Energy Inc. | (13,536) | (1,075) | |
| Sempra | (9,878) | (960) | |
| Cadiz Inc. | (183,745) | (902) | |
| NextEra Energy Inc. | (8,259) | (767) | |
| Pinnacle West Capital Corp. | (5,890) | (593) | |
| Middlesex Water Co. | (10,270) | (534) | |
| Entergy Corp. | (3,815) | (429) | |
| Consolidated Water Co. Ltd. | (12,286) | (407) | |
| Oklo Inc. | (7,720) | (383) | |
| (17,904) | |||
| Total Common Stocks Sold Short (Proceeds $442,211) | (427,501) | ||
| Other Assets and Other Liabilities—Net (99.7%) | 429,580 | ||
| Net Assets (100%) | 431,111 | ||
| Cost is in $000. | |||
| * | Non-income-producing security. |
| 1 | Long security positions with a value of $269,834 are held in a segregated account at the fund's custodian bank and pledged to a broker-dealer as collateral for the fund's obligation to return borrowed securities. For so long as such obligations continue, the fund’s access to these assets is subject to authorization from the broker-dealer. |
| 2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $475. |
| 3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 4 | Collateral of $452 was received for securities on loan. |
| REIT—Real Estate Investment Trust. |
| 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. | Short Sales: Short sales are the sales of securities that the fund does not own. The fund sells a security it does not own in anticipation of a decline in the value of that security. In order to deliver the security to the purchaser, the fund borrows the security from a broker-dealer. The fund must segregate, as collateral for its obligation to return the borrowed security, an amount of cash and long security positions at least equal to the market value of the security sold short. In the absence of a default, the collateral segregated by the fund cannot be repledged, resold or rehypothecated. This results in the fund holding a significant portion of its assets in cash. The fund later closes out the position by returning the security to the lender, typically by purchasing the security in the open market. Long security positions segregated as collateral are shown in the Schedule of Investments. |
| C. | 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. |