| Shares | Market Value ($000) | ||
| Common Stocks (99.8%) | |||
| Basic Materials (7.7%) | |||
| Newmont Corp. (XNYS) | 130,302 | 16,939 | |
| Freeport-McMoRan Inc. | 151,614 | 10,322 | |
| Anglogold Ashanti plc (XNYS) | 34,992 | 4,471 | |
| * | Coeur Mining Inc. | 150,106 | 4,075 |
| Hecla Mining Co. | 147,402 | 3,672 | |
| Southern Copper Corp. | 16,528 | 3,608 | |
| * | SSR Mining Inc. (XTSE) | 111,342 | 3,584 |
| Carpenter Technology Corp. | 8,648 | 3,443 | |
| Royal Gold Inc. | 10,998 | 3,297 | |
| Albemarle Corp. | 17,711 | 3,164 | |
| * | Novagold Resources Inc. | 213,475 | 2,844 |
| * | Uranium Energy Corp. | 174,367 | 2,673 |
| * | Perpetua Resources Corp. | 69,802 | 2,573 |
| * | MP Materials Corp. | 43,592 | 2,566 |
| * | RBC Bearings Inc. | 3,622 | 2,086 |
| *,1 | US Antimony Corp. | 233,376 | 2,086 |
| *,1 | Critical Metals Corp. | 184,287 | 1,871 |
| * | Perimeter Solutions Inc. | 75,161 | 1,765 |
| * | Idaho Strategic Resources Inc. | 39,817 | 1,715 |
| *,1 | NioCorp Developments Ltd. | 314,533 | 1,667 |
| Commercial Metals Co. | 22,734 | 1,666 | |
| * | Cleveland-Cliffs Inc. | 155,804 | 1,661 |
| * | Energy Fuels Inc. | 76,625 | 1,634 |
| * | Contango ORE Inc. | 54,270 | 1,632 |
| Mueller Industries Inc. | 13,643 | 1,609 | |
| * | American Battery Technology Co. | 433,936 | 1,601 |
| Nucor Corp. | 8,949 | 1,583 | |
| Hexcel Corp. | 16,430 | 1,523 | |
| * | Century Aluminum Co. | 29,436 | 1,518 |
| *,1 | USA Rare Earth Inc. | 78,274 | 1,479 |
| * | Ivanhoe Electric Inc. | 82,532 | 1,419 |
| * | Compass Minerals International Inc. | 51,943 | 1,309 |
| Alcoa Corp. | 20,414 | 1,267 | |
| * | US Gold Corp. | 56,357 | 1,223 |
| * | Dakota Gold Corp. | 155,663 | 1,083 |
| Materion Corp. | 5,851 | 954 | |
| Caledonia Mining Corp. plc | 29,163 | 926 | |
| Sensient Technologies Corp. | 8,379 | 851 | |
| * | Constellium SE | 32,434 | 807 |
| Fastenal Co. | 17,135 | 789 | |
| NewMarket Corp. | 884 | 553 | |
| Hawkins Inc. | 3,624 | 540 | |
| Kaiser Aluminum Corp. | 4,072 | 530 | |
| Worthington Steel Inc. | 10,902 | 453 | |
| * | Ingevity Corp. | 5,716 | 412 |
| * | NWPX Infrastructure Inc. | 3,785 | 294 |
| Mativ Holdings Inc. | 25,476 | 276 | |
| 108,013 | |||
| Consumer Discretionary (9.5%) | |||
| General Motors Co. | 171,581 | 13,505 | |
| * | Tesla Inc. | 15,625 | 6,289 |
| Tapestry Inc. | 35,142 | 5,464 | |
| Somnigroup International Inc. | 56,117 | 5,023 | |
| * | Five Below Inc. | 20,154 | 4,505 |
| * | Dollar Tree Inc. | 27,697 | 3,503 |
| BorgWarner Inc. (XNYS) | 60,729 | 3,496 | |
| Garrett Motion Inc. | 171,214 | 3,486 | |
| TKO Group Holdings Inc. | 14,677 | 3,286 | |
| Dollar General Corp. | 20,946 | 3,273 | |
| Shares | Market Value ($000) | ||
| eBay Inc. | 33,815 | 3,072 | |
| Macy's Inc. | 151,632 | 2,999 | |
| Fox Corp. Class A | 48,086 | 2,709 | |
| * | Viking Holdings Ltd. | 34,715 | 2,708 |
| Ralph Lauren Corp. | 7,465 | 2,707 | |
| Dana Inc. | 75,412 | 2,582 | |
| * | Wayfair Inc. Class A | 31,609 | 2,413 |
| * | Ulta Beauty Inc. | 3,069 | 2,102 |
| * | Carvana Co. | 5,711 | 1,908 |
| * | Figs Inc. Class A | 122,069 | 1,886 |
| * | IMAX Corp. | 41,552 | 1,780 |
| Carriage Services Inc. | 34,963 | 1,611 | |
| * | Cooper-Standard Holdings Inc. | 41,784 | 1,606 |
| * | Red Cat Holdings Inc. | 130,528 | 1,521 |
| Southwest Airlines Co. | 30,655 | 1,510 | |
| Walmart Inc. | 11,773 | 1,506 | |
| * | RealReal Inc. | 121,860 | 1,494 |
| * | Strattec Security Corp. | 16,846 | 1,482 |
| Expedia Group Inc. | 6,834 | 1,474 | |
| * | National Vision Holdings Inc. | 53,727 | 1,449 |
| Hasbro Inc. | 14,418 | 1,436 | |
| RB Global Inc. (XTSE) | 13,430 | 1,356 | |
| American Eagle Outfitters Inc. | 53,562 | 1,316 | |
| TJX Cos. Inc. | 8,043 | 1,300 | |
| Wynn Resorts Ltd. | 11,609 | 1,256 | |
| * | Sphere Entertainment Co. | 10,282 | 1,224 |
| Nexstar Media Group Inc. | 4,848 | 1,217 | |
| Travel & Leisure Co. | 16,378 | 1,207 | |
| Las Vegas Sands Corp. | 19,269 | 1,093 | |
| Gold.com Inc. | 18,187 | 1,045 | |
| * | Rush Street Interactive Inc. | 51,778 | 1,023 |
| Fox Corp. Class B | 19,731 | 1,021 | |
| Kohl's Corp. | 61,798 | 1,012 | |
| * | American Public Education Inc. | 21,246 | 973 |
| Super Group SGHC Ltd. | 90,673 | 970 | |
| PriceSmart Inc. | 6,148 | 951 | |
| * | Citi Trends Inc. | 19,414 | 920 |
| * | EW Scripps Co. Class A | 221,623 | 920 |
| Boyd Gaming Corp. | 10,688 | 890 | |
| Designer Brands Inc. Class A | 119,540 | 851 | |
| Build-A-Bear Workshop Inc. | 17,466 | 850 | |
| * | GigaCloud Technology Inc. Class A | 17,828 | 790 |
| * | Callaway Golf Co. | 54,113 | 761 |
| * | Uber Technologies Inc. | 9,741 | 735 |
| * | Aptiv plc | 9,938 | 731 |
| * | Lincoln Educational Services Corp. | 19,104 | 692 |
| * | Victoria's Secret & Co. | 11,024 | 691 |
| * | Dauch Corp. | 95,343 | 629 |
| Perdoceo Education Corp. | 18,482 | 616 | |
| * | Zumiez Inc. | 23,344 | 612 |
| * | Netflix Inc. | 6,232 | 600 |
| * | Boot Barn Holdings Inc. | 3,090 | 585 |
| *,1 | Webtoon Entertainment Inc. | 50,357 | 566 |
| Ford Motor Co. | 39,890 | 562 | |
| Estee Lauder Cos. Inc. Class A | 5,093 | 558 | |
| * | Lyft Inc. Class A | 37,133 | 514 |
| Atmus Filtration Technologies Inc. | 7,788 | 503 | |
| * | United Airlines Holdings Inc. | 4,341 | 461 |
| OneSpaWorld Holdings Ltd. | 21,370 | 460 | |
| Carnival Corp. | 14,121 | 445 | |
| * | Urban Outfitters Inc. | 6,331 | 419 |
| * | Lands' End Inc. | 24,994 | 402 |
| Advance Auto Parts Inc. | 7,214 | 384 | |
| Gray Media Inc. | 71,723 | 372 | |
| Monarch Casino & Resort Inc. | 3,830 | 368 | |
| * | Sally Beauty Holdings Inc. | 22,902 | 368 |
| * | Ollie's Bargain Outlet Holdings Inc. | 3,210 | 344 |
| Winmark Corp. | 750 | 342 | |
| Scholastic Corp. | 9,749 | 339 | |
| * | USA TODAY Co. Inc. | 52,671 | 313 |
| Shares | Market Value ($000) | ||
| Standard Motor Products Inc. | 7,601 | 302 | |
| * | Coupang Inc. | 15,247 | 291 |
| Dine Brands Global Inc. | 9,122 | 282 | |
| * | Stitch Fix Inc. Class A | 83,810 | 279 |
| * | Daily Journal Corp. | 543 | 277 |
| Polaris Inc. | 4,499 | 273 | |
| * | Bed Bath & Beyond Inc. | 48,938 | 261 |
| 132,307 | |||
| Consumer Staples (3.4%) | |||
| CVS Health Corp. | 134,666 | 10,760 | |
| Cencora Inc. | 27,123 | 10,093 | |
| Seaboard Corp. | 600 | 3,080 | |
| Fresh Del Monte Produce Inc. | 71,520 | 3,070 | |
| Bunge Global SA | 22,806 | 2,751 | |
| * | Herbalife Ltd. | 137,284 | 2,680 |
| * | Monster Beverage Corp. | 31,077 | 2,651 |
| Casey's General Stores Inc. | 3,076 | 2,109 | |
| * | Celsius Holdings Inc. | 36,275 | 1,945 |
| * | Vita Coco Co. Inc. | 28,052 | 1,629 |
| Turning Point Brands Inc. | 10,591 | 1,451 | |
| Philip Morris International Inc. | 7,003 | 1,308 | |
| Archer-Daniels-Midland Co. | 16,539 | 1,142 | |
| * | Guardian Pharmacy Services Inc. Class A | 17,098 | 573 |
| * | Mama's Creations Inc. | 31,658 | 542 |
| * | United Natural Foods Inc. | 13,895 | 531 |
| * | Seneca Foods Corp. Class A | 2,834 | 394 |
| Nu Skin Enterprises Inc. Class A | 45,329 | 384 | |
| Tootsie Roll Industries Inc. | 8,997 | 380 | |
| * | Chefs' Warehouse Inc. | 4,199 | 300 |
| Andersons Inc. | 4,506 | 294 | |
| 48,067 | |||
| Energy (5.6%) | |||
| SLB Ltd. | 150,966 | 7,751 | |
| Exxon Mobil Corp. | 41,281 | 6,295 | |
| TechnipFMC plc | 62,091 | 4,117 | |
| * | Nextpower Inc. Class A | 32,579 | 3,424 |
| HF Sinclair Corp. | 54,563 | 2,729 | |
| Marathon Petroleum Corp. | 11,756 | 2,330 | |
| * | National Energy Services Reunited Corp. | 92,531 | 2,318 |
| Halliburton Co. | 54,818 | 1,973 | |
| Baker Hughes Co. | 28,926 | 1,888 | |
| Valero Energy Corp. | 9,135 | 1,869 | |
| Peabody Energy Corp. | 55,726 | 1,758 | |
| * | T1 Energy Inc. | 284,690 | 1,754 |
| * | Solid Power Inc. | 490,800 | 1,737 |
| * | TETRA Technologies Inc. | 200,168 | 1,733 |
| Weatherford International plc | 15,784 | 1,665 | |
| * | Fluence Energy Inc. | 102,401 | 1,591 |
| * | Forum Energy Technologies Inc. | 26,811 | 1,556 |
| Solaris Energy Infrastructure Inc. | 31,239 | 1,550 | |
| * | First Solar Inc. | 7,850 | 1,548 |
| DT Midstream Inc. | 10,692 | 1,485 | |
| * | Centrus Energy Corp. Class A | 7,126 | 1,444 |
| * | Ramaco Resources Inc. Class A | 87,792 | 1,329 |
| * | ProPetro Holding Corp. | 103,685 | 1,258 |
| * | Green Plains Inc. | 89,719 | 1,232 |
| * | Par Pacific Holdings Inc. | 27,135 | 1,158 |
| Helmerich & Payne Inc. | 32,738 | 1,153 | |
| * | REX American Resources Corp. | 32,215 | 1,146 |
| Noble Corp. plc | 24,369 | 1,107 | |
| * | Flotek Industries Inc. | 70,609 | 1,084 |
| * | Oil States International Inc. | 82,324 | 1,078 |
| * | Borr Drilling Ltd. | 167,410 | 1,026 |
| * | Ameresco Inc. Class A | 32,341 | 985 |
| * | NPK International Inc. | 67,683 | 977 |
| Delek US Holdings Inc. | 23,988 | 914 | |
| * | Nabors Industries Ltd. (XNYS) | 11,488 | 897 |
| * | Innovex International Inc. | 33,720 | 889 |
| * | Transocean Ltd. (XNYS) | 135,542 | 878 |
| Shares | Market Value ($000) | ||
| * | Alpha Metallurgical Resources Inc. | 5,369 | 873 |
| * | Shoals Technologies Group Inc. Class A | 146,029 | 866 |
| Warrior Met Coal Inc. | 10,295 | 857 | |
| * | Expro Group Holdings NV | 46,506 | 831 |
| Antero Midstream Corp. | 34,093 | 766 | |
| Liberty Energy Inc. | 25,090 | 705 | |
| PBF Energy Inc. Class A | 18,004 | 641 | |
| SandRidge Energy Inc. | 35,969 | 631 | |
| * | Gevo Inc. | 329,706 | 600 |
| * | Array Technologies Inc. | 73,272 | 555 |
| * | Calumet Inc. | 15,580 | 420 |
| Expand Energy Corp. | 3,522 | 380 | |
| APA Corp. | 10,055 | 305 | |
| * | American Superconductor Corp. | 8,072 | 263 |
| 78,319 | |||
| Financials (5.6%) | |||
| Bank of New York Mellon Corp. | 95,295 | 11,350 | |
| Morgan Stanley | 30,101 | 5,012 | |
| Citigroup Inc. (XNYS) | 39,206 | 4,320 | |
| JPMorgan Chase & Co. (XYNS) | 10,592 | 3,181 | |
| Charles Schwab Corp. | 29,276 | 2,787 | |
| FirstCash Holdings Inc. | 13,991 | 2,697 | |
| Globe Life Inc. | 17,907 | 2,601 | |
| HCI Group Inc. | 14,024 | 2,474 | |
| Franklin Resources Inc. | 89,484 | 2,375 | |
| Invesco Ltd. | 89,816 | 2,359 | |
| Goldman Sachs Group Inc. (XYNS) | 2,480 | 2,132 | |
| *,1 | Better Home & Finance Holding Co. | 61,984 | 2,039 |
| Esquire Financial Holdings Inc. | 18,494 | 1,867 | |
| Rocket Cos. Inc. Class A | 98,187 | 1,786 | |
| Cboe Global Markets Inc. | 5,843 | 1,751 | |
| * | Riot Platforms Inc. | 105,812 | 1,724 |
| Acadian Asset Management Inc. | 29,030 | 1,564 | |
| * | StoneX Group Inc. | 11,892 | 1,516 |
| Interactive Brokers Group Inc. Class A | 21,148 | 1,506 | |
| OneMain Holdings Inc. | 22,574 | 1,242 | |
| * | Heritage Insurance Holdings Inc. | 43,692 | 1,218 |
| * | Enova International Inc. | 8,752 | 1,217 |
| * | Lemonade Inc. | 22,780 | 1,179 |
| Universal Insurance Holdings Inc. | 33,131 | 1,165 | |
| * | Coastal Financial Corp. | 14,900 | 1,105 |
| Metropolitan Bank Holding Corp. | 12,667 | 1,066 | |
| Nasdaq Inc. | 11,349 | 994 | |
| Evercore Inc. Class A | 3,136 | 968 | |
| * | loanDepot Inc. Class A | 452,624 | 937 |
| * | SoFi Technologies Inc. | 47,005 | 835 |
| * | Customers Bancorp Inc. | 12,365 | 834 |
| PJT Partners Inc. Class A | 5,536 | 818 | |
| Nicolet Bankshares Inc. | 5,276 | 806 | |
| Jackson Financial Inc. Class A | 7,310 | 800 | |
| * | Hamilton Insurance Group Ltd. Class B | 25,112 | 793 |
| XP Inc. Class A | 35,976 | 775 | |
| * | LendingClub Corp. | 44,693 | 666 |
| State Street Corp. | 4,604 | 592 | |
| * | SiriusPoint Ltd. | 27,033 | 571 |
| Banco Latinoamericano de Comercio Exterior SA | 10,568 | 529 | |
| * | Dave Inc. | 2,708 | 523 |
| * | Porch Group Inc. | 61,834 | 508 |
| * | Hippo Holdings Inc. | 17,575 | 505 |
| Northern Trust Corp. | 3,514 | 503 | |
| * | Genworth Financial Inc. | 55,531 | 469 |
| Bank First Corp. | 3,298 | 444 | |
| Lincoln National Corp. | 11,525 | 395 | |
| Wells Fargo & Co. | 3,452 | 281 | |
| * | NU Holdings Ltd. Class A | 16,813 | 252 |
| 78,031 | |||
| Health Care (21.7%) | |||
| Johnson & Johnson | 56,193 | 13,960 | |
| HCA Healthcare Inc. | 21,238 | 11,250 | |
| Shares | Market Value ($000) | ||
| Eli Lilly & Co. | 7,069 | 7,437 | |
| * | Roivant Sciences Ltd. | 245,123 | 7,094 |
| * | Ionis Pharmaceuticals Inc. | 78,563 | 6,375 |
| Merck & Co. Inc. | 49,965 | 6,187 | |
| Cardinal Health Inc. | 21,144 | 4,847 | |
| * | Revolution Medicines Inc. | 40,724 | 4,155 |
| * | Elanco Animal Health Inc. (XNYS) | 144,706 | 3,820 |
| * | Bridgebio Pharma Inc. | 53,381 | 3,549 |
| * | Insmed Inc. | 21,161 | 3,160 |
| * | Incyte Corp. | 30,530 | 3,092 |
| Phibro Animal Health Corp. Class A | 56,265 | 3,072 | |
| * | Guardant Health Inc. | 32,249 | 3,028 |
| * | Brookdale Senior Living Inc. | 196,324 | 3,004 |
| * | Rhythm Pharmaceuticals Inc. | 32,011 | 2,968 |
| * | Madrigal Pharmaceuticals Inc. | 6,778 | 2,928 |
| * | Krystal Biotech Inc. | 10,590 | 2,919 |
| * | Halozyme Therapeutics Inc. | 41,183 | 2,863 |
| * | PTC Therapeutics Inc. | 40,834 | 2,784 |
| * | Alnylam Pharmaceuticals Inc. | 8,095 | 2,695 |
| * | Celcuity Inc. | 24,024 | 2,684 |
| * | Amylyx Pharmaceuticals Inc. | 173,652 | 2,634 |
| * | Indivior Pharmaceuticals Inc. | 79,307 | 2,595 |
| * | Palvella Therapeutics Inc. | 19,093 | 2,578 |
| * | Medpace Holdings Inc. | 5,687 | 2,569 |
| * | Alumis Inc. | 85,602 | 2,542 |
| * | Cytokinetics Inc. | 40,560 | 2,524 |
| * | Cogent Biosciences Inc. | 63,443 | 2,465 |
| * | United Therapeutics Corp. | 4,865 | 2,451 |
| * | AnaptysBio Inc. | 42,874 | 2,360 |
| * | Axsome Therapeutics Inc. | 14,295 | 2,343 |
| * | Erasca Inc. | 169,875 | 2,321 |
| * | Biogen Inc. | 11,940 | 2,290 |
| * | Corvus Pharmaceuticals Inc. | 122,721 | 2,241 |
| * | Tenet Healthcare Corp. | 9,324 | 2,232 |
| *,1 | SELLAS Life Sciences Group Inc. | 445,330 | 2,195 |
| * | Maze Therapeutics Inc. | 48,095 | 2,193 |
| * | Oruka Therapeutics Inc. | 63,443 | 2,183 |
| * | BioAge Labs Inc. | 95,528 | 2,127 |
| *,1 | Zenas Biopharma Inc. | 78,726 | 2,074 |
| * | Stoke Therapeutics Inc. | 56,850 | 2,070 |
| * | Terns Pharmaceuticals Inc. | 48,936 | 2,061 |
| * | Dianthus Therapeutics Inc. | 37,338 | 2,061 |
| * | Mineralys Therapeutics Inc. | 68,758 | 2,012 |
| * | Savara Inc. | 334,125 | 2,011 |
| * | Moderna Inc. | 36,922 | 1,978 |
| Ensign Group Inc. | 9,069 | 1,942 | |
| * | Tyra Biosciences Inc. | 57,782 | 1,925 |
| * | Trevi Therapeutics Inc. | 161,395 | 1,924 |
| * | IDEXX Laboratories Inc. | 2,926 | 1,922 |
| * | IRhythm Holdings Inc. | 14,334 | 1,917 |
| * | Praxis Precision Medicines Inc. | 5,649 | 1,902 |
| * | BrightSpring Health Services Inc. | 45,590 | 1,889 |
| * | Olema Pharmaceuticals Inc. | 77,209 | 1,868 |
| *,1 | Bright Minds Biosciences Inc. | 22,135 | 1,855 |
| * | Ironwood Pharmaceuticals Inc. | 540,961 | 1,850 |
| * | Tactile Systems Technology Inc. | 63,112 | 1,849 |
| * | Inhibrx Biosciences Inc. | 24,905 | 1,846 |
| * | Kymera Therapeutics Inc. | 20,153 | 1,841 |
| * | Relay Therapeutics Inc. | 176,414 | 1,810 |
| * | Kodiak Sciences Inc. | 67,470 | 1,808 |
| * | Adaptive Biotechnologies Corp. | 112,272 | 1,799 |
| * | Arrowhead Pharmaceuticals Inc. | 28,438 | 1,799 |
| * | UroGen Pharma Ltd. | 81,200 | 1,762 |
| * | EyePoint Inc. | 99,557 | 1,748 |
| * | Jazz Pharmaceuticals plc | 9,196 | 1,747 |
| *,1 | Tango Therapeutics Inc. | 156,657 | 1,745 |
| * | Mirum Pharmaceuticals Inc. | 18,494 | 1,707 |
| * | MBX Biosciences Inc. | 51,855 | 1,688 |
| * | Theravance Biopharma Inc. | 88,640 | 1,618 |
| * | Rapport Therapeutics Inc. | 54,937 | 1,595 |
| Shares | Market Value ($000) | ||
| * | Lexeo Therapeutics Inc. | 219,842 | 1,578 |
| * | Natera Inc. | 7,527 | 1,566 |
| * | PACS Group Inc. | 42,596 | 1,555 |
| * | Aurinia Pharmaceuticals Inc. | 108,203 | 1,533 |
| * | CG oncology Inc. | 26,062 | 1,532 |
| * | Apogee Therapeutics Inc. | 21,709 | 1,520 |
| * | Compass Therapeutics Inc. | 267,970 | 1,514 |
| * | Esperion Therapeutics Inc. | 451,683 | 1,513 |
| * | Precigen Inc. | 398,640 | 1,511 |
| * | Immunome Inc. | 69,030 | 1,509 |
| * | Arcutis Biotherapeutics Inc. | 55,045 | 1,485 |
| * | Monte Rosa Therapeutics Inc. | 83,484 | 1,482 |
| * | Upstream Bio Inc. | 191,966 | 1,474 |
| * | Castle Biosciences Inc. | 49,637 | 1,468 |
| * | Illumina Inc. | 10,828 | 1,456 |
| *,1 | Omeros Corp. | 120,638 | 1,454 |
| * | Rigel Pharmaceuticals Inc. | 41,471 | 1,441 |
| * | Xeris Biopharma Holdings Inc. | 234,777 | 1,437 |
| * | Axogen Inc. | 44,074 | 1,398 |
| * | Annexon Inc. | 248,822 | 1,393 |
| * | Taysha Gene Therapies Inc. | 305,819 | 1,385 |
| * | Sionna Therapeutics Inc. | 37,762 | 1,380 |
| * | ImmunityBio Inc. | 136,198 | 1,332 |
| *,1 | ADC Therapeutics SA | 316,579 | 1,298 |
| * | Nuvation Bio Inc. | 217,915 | 1,288 |
| * | Phathom Pharmaceuticals Inc. | 102,470 | 1,287 |
| Viatris Inc. | 83,476 | 1,246 | |
| * | Vanda Pharmaceuticals Inc. | 135,140 | 1,204 |
| * | Liquidia Corp. | 38,659 | 1,199 |
| * | Personalis Inc. | 131,369 | 1,190 |
| * | Fulcrum Therapeutics Inc. | 140,929 | 1,181 |
| * | 10X Genomics Inc. Class A | 50,727 | 1,169 |
| * | GRAIL Inc. | 21,925 | 1,167 |
| * | 4D Molecular Therapeutics Inc. | 118,315 | 1,143 |
| * | Septerna Inc. | 38,837 | 1,127 |
| * | Oncology Institute Inc. | 389,352 | 1,125 |
| * | Travere Therapeutics Inc. | 37,003 | 1,102 |
| *,1 | Monopar Therapeutics Inc. | 19,754 | 1,083 |
| * | Enanta Pharmaceuticals Inc. | 74,987 | 1,072 |
| * | Definium Therapeutics Inc. | 60,248 | 1,051 |
| * | Zymeworks Inc. | 44,631 | 1,039 |
| *,1 | Nutex Health Inc. | 9,355 | 1,033 |
| * | Vera Therapeutics Inc. | 25,249 | 1,030 |
| * | Sotera Health Co. | 63,210 | 1,027 |
| * | Insulet Corp. | 4,131 | 1,019 |
| * | Artivion Inc. | 24,727 | 952 |
| * | Syndax Pharmaceuticals Inc. | 43,462 | 944 |
| * | Ardelyx Inc. | 142,107 | 931 |
| * | Capricor Therapeutics Inc. | 33,263 | 929 |
| * | Protagonist Therapeutics Inc. | 9,624 | 886 |
| * | Fortrea Holdings Inc. | 82,474 | 884 |
| * | Aveanna Healthcare Holdings Inc. | 117,116 | 862 |
| * | Pacific Biosciences of California Inc. | 510,944 | 858 |
| * | KalVista Pharmaceuticals Inc. | 52,647 | 857 |
| * | Sana Biotechnology Inc. | 194,833 | 820 |
| * | Pediatrix Medical Group Inc. | 40,101 | 796 |
| * | Disc Medicine Inc. | 11,887 | 792 |
| * | Ligand Pharmaceuticals Inc. | 3,825 | 759 |
| * | Protara Therapeutics Inc. | 118,263 | 752 |
| * | Alphatec Holdings Inc. | 55,023 | 749 |
| * | Immunovant Inc. | 26,888 | 746 |
| Labcorp Holdings Inc. | 2,560 | 740 | |
| * | Dyne Therapeutics Inc. | 47,034 | 735 |
| * | Viridian Therapeutics Inc. | 23,597 | 693 |
| * | Healthcare Services Group Inc. | 31,636 | 689 |
| Encompass Health Corp. | 6,289 | 678 | |
| * | Arcus Biosciences Inc. | 33,245 | 677 |
| * | ACADIA Pharmaceuticals Inc. | 27,390 | 673 |
| * | Supernus Pharmaceuticals Inc. | 12,231 | 669 |
| * | Collegium Pharmaceutical Inc. | 15,488 | 645 |
| Shares | Market Value ($000) | ||
| * | Emergent BioSolutions Inc. | 79,077 | 645 |
| * | Ideaya Biosciences Inc. | 19,694 | 634 |
| ResMed Inc. | 2,429 | 622 | |
| * | Aquestive Therapeutics Inc. | 149,274 | 597 |
| * | NeoGenomics Inc. | 60,536 | 595 |
| * | Butterfly Network Inc. | 155,828 | 591 |
| * | Solid Biosciences Inc. | 94,927 | 590 |
| * | Amneal Pharmaceuticals Inc. | 41,192 | 569 |
| * | Verastem Inc. | 99,303 | 568 |
| iRadimed Corp. | 5,380 | 557 | |
| * | WaVe Life Sciences Ltd. | 39,810 | 555 |
| * | Fulgent Genetics Inc. | 35,849 | 550 |
| * | Alignment Healthcare Inc. | 26,224 | 504 |
| * | Charles River Laboratories International Inc. | 2,663 | 475 |
| * | Tarsus Pharmaceuticals Inc. | 6,183 | 467 |
| * | Bicara Therapeutics Inc. | 25,842 | 434 |
| * | ANI Pharmaceuticals Inc. | 5,739 | 424 |
| * | Organogenesis Holdings Inc. | 131,167 | 421 |
| * | Keros Therapeutics Inc. | 29,364 | 417 |
| National HealthCare Corp. | 2,544 | 416 | |
| * | Day One Biopharmaceuticals Inc. | 38,921 | 413 |
| * | Harrow Inc. | 6,244 | 338 |
| * | Talkspace Inc. | 68,629 | 331 |
| * | ORIC Pharmaceuticals Inc. | 24,083 | 324 |
| * | Absci Corp. | 117,039 | 321 |
| * | Cullinan Therapeutics Inc. | 20,629 | 320 |
| Quest Diagnostics Inc. | 1,458 | 309 | |
| * | TransMedics Group Inc. | 2,124 | 309 |
| * | MeiraGTx Holdings plc | 40,419 | 306 |
| * | Arbutus Biopharma Corp. | 65,655 | 306 |
| * | Rezolute Inc. | 94,211 | 302 |
| * | Greenwich Lifesciences Inc. | 10,740 | 298 |
| * | REGENXBIO Inc. | 32,817 | 297 |
| * | AngioDynamics Inc. | 25,799 | 295 |
| Jade Biosciences Inc. | 19,387 | 288 | |
| * | Aclaris Therapeutics Inc. | 99,933 | 287 |
| * | GeneDx Holdings Corp. | 3,548 | 283 |
| * | Pacira BioSciences Inc. | 12,838 | 281 |
| Universal Health Services Inc. Class B | 1,304 | 269 | |
| * | OptimizeRx Corp. | 34,862 | 264 |
| * | Ocular Therapeutix Inc. | 29,466 | 263 |
| * | Replimune Group Inc. | 34,138 | 261 |
| 302,345 | |||
| Industrials (23.3%) | |||
| GE Vernova Inc. | 17,574 | 15,353 | |
| Howmet Aerospace Inc. | 50,617 | 13,288 | |
| General Electric Co. | 34,186 | 11,701 | |
| Caterpillar Inc. (XNYS) | 14,748 | 10,955 | |
| Northrop Grumman Corp. | 12,276 | 8,892 | |
| RTX Corp. | 43,845 | 8,884 | |
| Lockheed Martin Corp. | 13,131 | 8,641 | |
| Cummins Inc. | 13,834 | 8,077 | |
| Quanta Services Inc. | 13,028 | 7,336 | |
| CH Robinson Worldwide Inc. | 36,788 | 6,815 | |
| Installed Building Products Inc. | 20,535 | 6,731 | |
| General Dynamics Corp. | 18,064 | 6,450 | |
| Comfort Systems USA Inc. | 4,451 | 6,362 | |
| FedEx Corp. | 12,820 | 4,961 | |
| * | Sterling Infrastructure Inc. | 10,428 | 4,465 |
| * | Dycom Industries Inc. | 10,422 | 4,377 |
| Parker-Hannifin Corp. | 4,197 | 4,236 | |
| * | Bloom Energy Corp. Class A | 26,339 | 4,100 |
| Oshkosh Corp. | 23,276 | 3,957 | |
| Armstrong World Industries Inc. | 19,223 | 3,335 | |
| Johnson Controls International plc | 23,085 | 3,331 | |
| Curtiss-Wright Corp. | 4,710 | 3,299 | |
| Huntington Ingalls Industries Inc. | 7,316 | 3,252 | |
| * | MasTec Inc. | 10,842 | 3,231 |
| FTAI Aviation Ltd. | 10,527 | 3,219 | |
| Shares | Market Value ($000) | ||
| Woodward Inc. | 7,970 | 3,082 | |
| Synchrony Financial | 43,926 | 3,036 | |
| * | Modine Manufacturing Co. | 13,338 | 3,031 |
| Capital One Financial Corp. | 15,349 | 3,003 | |
| 3M Co. | 18,119 | 2,995 | |
| * | Rocket Lab Corp. | 43,121 | 2,980 |
| BWX Technologies Inc. | 14,234 | 2,932 | |
| * | Kratos Defense & Security Solutions Inc. | 32,835 | 2,830 |
| * | API Group Corp. | 62,019 | 2,757 |
| 1 | GPGI Inc. Class A | 121,157 | 2,720 |
| * | ATI Inc. | 16,406 | 2,684 |
| * | Teledyne Technologies Inc. | 3,668 | 2,498 |
| Argan Inc. | 5,422 | 2,447 | |
| HEICO Corp. | 7,593 | 2,426 | |
| Primoris Services Corp. | 15,823 | 2,385 | |
| * | IES Holdings Inc. | 4,635 | 2,296 |
| Watts Water Technologies Inc. Class A | 6,850 | 2,252 | |
| * | AeroVironment Inc. | 8,630 | 2,177 |
| * | Planet Labs PBC | 90,075 | 2,174 |
| * | Vicor Corp. | 10,590 | 2,133 |
| MKS Inc. | 8,716 | 2,131 | |
| International Seaways Inc. | 28,077 | 2,121 | |
| Granite Construction Inc. | 15,340 | 2,063 | |
| ESCO Technologies Inc. | 7,418 | 2,057 | |
| * | Astronics Corp. | 24,507 | 1,976 |
| Teekay Tankers Ltd. Class A | 24,727 | 1,935 | |
| Ryder System Inc. | 8,417 | 1,865 | |
| Nordic American Tankers Ltd. | 316,530 | 1,814 | |
| Valmont Industries Inc. | 3,832 | 1,762 | |
| * | Resolute Holdings Management Inc. | 10,310 | 1,738 |
| * | CECO Environmental Corp. | 27,948 | 1,689 |
| Advanced Drainage Systems Inc. | 9,829 | 1,684 | |
| Bel Fuse Inc. Class B | 7,202 | 1,654 | |
| Crane Co. | 8,247 | 1,654 | |
| Arcosa Inc. | 15,083 | 1,621 | |
| Zurn Elkay Water Solutions Corp. | 30,765 | 1,568 | |
| * | Huron Consulting Group Inc. | 10,917 | 1,544 |
| * | Frequency Electronics Inc. | 30,554 | 1,534 |
| Allient Inc. | 23,262 | 1,532 | |
| * | SPX Technologies Inc. | 6,723 | 1,526 |
| JBT Marel Corp. | 9,570 | 1,474 | |
| * | Mercury Systems Inc. | 16,369 | 1,457 |
| Rockwell Automation Inc. | 3,535 | 1,440 | |
| Brink's Co. | 12,269 | 1,433 | |
| * | Mirion Technologies Inc. | 66,301 | 1,433 |
| *,1 | Richtech Robotics Inc. Class B | 555,560 | 1,383 |
| Myers Industries Inc. | 61,518 | 1,376 | |
| * | Amprius Technologies Inc. | 127,685 | 1,370 |
| Federal Signal Corp. | 11,718 | 1,364 | |
| HEICO Corp. Class A | 5,630 | 1,352 | |
| WESCO International Inc. | 4,644 | 1,344 | |
| * | Cimpress plc | 18,256 | 1,334 |
| AZZ Inc. | 9,467 | 1,287 | |
| Nordson Corp. | 4,384 | 1,286 | |
| Tutor Perini Corp. | 16,824 | 1,268 | |
| DuPont de Nemours Inc. | 24,995 | 1,251 | |
| AGCO Corp. | 9,091 | 1,241 | |
| * | DXP Enterprises Inc. | 8,843 | 1,224 |
| Ferguson Enterprises Inc. | 4,695 | 1,224 | |
| Expeditors International of Washington Inc. | 8,278 | 1,201 | |
| Teekay Corp. Ltd. | 92,426 | 1,197 | |
| * | Graham Corp. | 14,669 | 1,191 |
| * | Ducommun Inc. | 9,529 | 1,178 |
| Moog Inc. Class A | 3,351 | 1,131 | |
| nVent Electric plc | 9,511 | 1,126 | |
| * | Willdan Group Inc. | 12,297 | 1,096 |
| Patrick Industries Inc. | 8,578 | 1,062 | |
| Donaldson Co. Inc. | 11,263 | 1,045 | |
| * | Construction Partners Inc. Class A | 7,622 | 1,024 |
| * | QXO Inc. | 41,407 | 992 |
| Shares | Market Value ($000) | ||
| EnerSys | 5,922 | 984 | |
| Pitney Bowes Inc. | 90,823 | 975 | |
| Astec Industries Inc. | 15,667 | 973 | |
| * | TopBuild Corp. | 2,155 | 966 |
| * | Eos Energy Enterprises Inc. | 167,607 | 955 |
| * | Resideo Technologies Inc. | 24,616 | 953 |
| Scorpio Tankers Inc. | 11,649 | 921 | |
| National Presto Industries Inc. | 6,943 | 916 | |
| Costamare Inc. | 51,684 | 908 | |
| * | Everus Construction Group Inc. | 7,449 | 900 |
| CRH plc | 7,333 | 880 | |
| * | Lightbridge Corp. | 67,446 | 872 |
| * | Karman Holdings Inc. | 9,575 | 844 |
| Dorian LPG Ltd. | 22,016 | 814 | |
| * | AAR Corp. | 6,860 | 804 |
| VSE Corp. | 3,429 | 779 | |
| Kennametal Inc. | 19,198 | 773 | |
| * | CryoPort Inc. | 87,736 | 739 |
| Preformed Line Products Co. | 2,833 | 719 | |
| Enpro Inc. | 2,663 | 689 | |
| * | Power Solutions International Inc. | 8,229 | 687 |
| * | Centuri Holdings Inc. | 21,685 | 672 |
| Helios Technologies Inc. | 9,073 | 647 | |
| * | IBEX Holdings Ltd. | 21,917 | 633 |
| TriMas Corp. | 15,980 | 625 | |
| Maximus Inc. | 8,042 | 608 | |
| * | Custom Truck One Source Inc. | 83,111 | 595 |
| Douglas Dynamics Inc. | 11,609 | 533 | |
| Deluxe Corp. | 19,139 | 531 | |
| Genco Shipping & Trading Ltd. | 21,999 | 529 | |
| * | StoneCo. Ltd. Class A | 27,960 | 470 |
| * | Gates Industrial Corp. plc | 16,062 | 443 |
| * | BlackSky Technology Inc. | 23,182 | 437 |
| Ardagh Metal Packaging SA | 87,910 | 426 | |
| Ardmore Shipping Corp. | 25,955 | 425 | |
| * | Evolv Technologies Holdings Inc. | 78,780 | 418 |
| Powell Industries Inc. | 779 | 408 | |
| * | Vishay Precision Group Inc. | 8,599 | 396 |
| * | Bowman Consulting Group Ltd. | 11,421 | 383 |
| Brunswick Corp. | 4,780 | 381 | |
| * | Proto Labs Inc. | 5,993 | 372 |
| DHT Holdings Inc. | 18,857 | 368 | |
| * | Strata Critical Medical Inc. | 84,210 | 360 |
| Gorman-Rupp Co. | 5,565 | 357 | |
| * | OSI Systems Inc. | 1,252 | 357 |
| * | Montrose Environmental Group Inc. | 11,973 | 350 |
| Pentair plc | 3,383 | 336 | |
| * | Blue Bird Corp. | 5,736 | 334 |
| * | Intuitive Machines Inc. | 19,384 | 319 |
| * | Amentum Holdings Inc. | 10,255 | 306 |
| Park Aerospace Corp. | 11,078 | 293 | |
| * | MYR Group Inc. | 1,062 | 287 |
| * | Orion Group Holdings Inc. | 20,776 | 285 |
| Safe Bulkers Inc. | 43,513 | 285 | |
| * | Trimble Inc. | 4,170 | 279 |
| EMCOR Group Inc. | 381 | 276 | |
| Napco Security Technologies Inc. | 5,927 | 276 | |
| *,1 | Palladyne AI Corp. | 38,611 | 271 |
| Flowserve Corp. | 3,042 | 269 | |
| Insteel Industries Inc. | 135 | 5 | |
| 324,934 | |||
| Real Estate (0.1%) | |||
| * | CBRE Group Inc. Class A | 10,109 | 1,493 |
| * | Compass Inc. Class A | 29,435 | 287 |
| 1,780 | |||
| Technology (19.0%) | |||
| Lam Research Corp. | 68,205 | 15,952 | |
| KLA Corp. | 9,417 | 14,357 | |
| Micron Technology Inc. | 33,836 | 13,953 | |
| Shares | Market Value ($000) | ||
| Amphenol Corp. Class A | 93,377 | 13,639 | |
| Alphabet Inc. Class A | 42,014 | 13,098 | |
| * | Advanced Micro Devices Inc. | 65,014 | 13,016 |
| * | Intel Corp. | 281,838 | 12,855 |
| Vertiv Holdings Co. Class A | 49,397 | 12,591 | |
| Corning Inc. | 83,514 | 12,559 | |
| Applied Materials Inc. | 33,652 | 12,529 | |
| * | AppLovin Corp. Class A | 26,465 | 11,506 |
| Alphabet Inc. Class C | 34,204 | 10,652 | |
| Broadcom Inc. | 29,672 | 9,482 | |
| Advanced Energy Industries Inc. | 12,354 | 4,146 | |
| Analog Devices Inc. | 10,823 | 3,851 | |
| * | TTM Technologies Inc. | 35,576 | 3,708 |
| * | Sanmina Corp. | 23,406 | 3,634 |
| * | SiTime Corp. | 8,858 | 3,524 |
| Western Digital Corp. | 12,478 | 3,490 | |
| * | Fabrinet | 6,283 | 3,428 |
| * | Sandisk Corp. | 5,241 | 3,330 |
| Teradyne Inc. | 9,913 | 3,172 | |
| * | Rigetti Computing Inc. | 179,186 | 3,121 |
| * | MACOM Technology Solutions Holdings Inc. | 12,462 | 3,092 |
| * | Rambus Inc. | 30,111 | 3,001 |
| * | nLight Inc. | 52,312 | 2,939 |
| * | D-Wave Quantum Inc. | 147,240 | 2,765 |
| * | Credo Technology Group Holding Ltd. | 24,221 | 2,719 |
| * | Coherent Corp. | 10,423 | 2,699 |
| * | Lattice Semiconductor Corp. | 28,030 | 2,680 |
| Jabil Inc. | 8,689 | 2,302 | |
| * | Astera Labs Inc. | 19,145 | 2,275 |
| * | Flex Ltd. | 35,314 | 2,225 |
| * | ACM Research Inc. Class A | 39,693 | 2,210 |
| * | Aehr Test Systems | 49,736 | 1,862 |
| * | Applied Digital Corp. | 68,289 | 1,862 |
| * | Semtech Corp. | 19,781 | 1,785 |
| Monolithic Power Systems Inc. | 1,491 | 1,704 | |
| * | Cloudflare Inc. Class A | 9,679 | 1,667 |
| * | Xometry Inc. Class A | 38,446 | 1,577 |
| * | Cipher Digital Inc. | 100,528 | 1,568 |
| * | Hut 8 Corp. | 29,172 | 1,553 |
| * | Terawulf Inc. | 92,684 | 1,503 |
| * | MongoDB Inc. | 4,147 | 1,362 |
| * | Kopin Corp. | 554,293 | 1,225 |
| * | Navitas Semiconductor Corp. | 133,167 | 1,199 |
| SS&C Technologies Holdings Inc. | 14,015 | 1,055 | |
| *,1 | Aeluma Inc. | 64,690 | 1,001 |
| * | Arteris Inc. | 58,242 | 990 |
| * | FormFactor Inc. | 9,359 | 925 |
| * | CACI International Inc. Class A | 1,357 | 828 |
| Kulicke & Soffa Industries Inc. | 11,783 | 822 | |
| * | Photronics Inc. | 21,921 | 821 |
| * | DigitalOcean Holdings Inc. | 13,769 | 772 |
| Clear Secure Inc. Class A | 15,147 | 737 | |
| * | Telos Corp. | 165,476 | 665 |
| Amkor Technology Inc. | 12,483 | 597 | |
| * | NetScout Systems Inc. | 19,971 | 583 |
| * | Kimball Electronics Inc. | 22,505 | 562 |
| * | Diebold Nixdorf Inc. | 6,283 | 503 |
| * | Daktronics Inc. | 18,299 | 472 |
| * | Axcelis Technologies Inc. | 5,323 | 440 |
| * | Digital Turbine Inc. | 107,640 | 437 |
| A10 Networks Inc. | 20,155 | 388 | |
| * | IonQ Inc. | 10,061 | 386 |
| * | PDF Solutions Inc. | 11,411 | 385 |
| * | Innodata Inc. | 8,044 | 355 |
| * | Core Scientific Inc. | 19,953 | 339 |
| VeriSign Inc. | 1,306 | 298 | |
| * | Cerence Inc. | 36,354 | 288 |
| * | Red Violet Inc. | 6,572 | 285 |
| * | indie Semiconductor Inc. Class A | 77,757 | 285 |
| * | Ouster Inc. | 15,025 | 285 |
| Shares | Market Value ($000) | ||
| * | Onto Innovation Inc. | 1,243 | 268 |
| * | Ultra Clean Holdings Inc. | 4,159 | 252 |
| 265,391 | |||
| Telecommunications (3.7%) | |||
| Millicom International Cellular SA | 97,785 | 7,127 | |
| * | Arista Networks Inc. | 44,301 | 5,914 |
| * | Lumentum Holdings Inc. | 7,211 | 5,054 |
| * | Ciena Corp. | 11,568 | 4,034 |
| Ubiquiti Inc. | 4,567 | 3,503 | |
| * | EchoStar Corp. Class A | 29,745 | 3,436 |
| InterDigital Inc. | 7,919 | 2,903 | |
| * | AST SpaceMobile Inc. | 32,551 | 2,578 |
| * | Lumen Technologies Inc. | 348,116 | 2,475 |
| * | Applied Optoelectronics Inc. | 28,706 | 2,418 |
| AT&T Inc. | 70,897 | 1,986 | |
| * | Viasat Inc. | 42,025 | 1,924 |
| * | Viavi Solutions Inc. | 63,436 | 1,885 |
| * | Vistance Networks Inc. | 103,211 | 1,813 |
| * | Globalstar Inc. | 20,085 | 1,251 |
| * | Roku Inc. | 10,992 | 1,082 |
| Cisco Systems Inc. | 6,234 | 495 | |
| * | Digi International Inc. | 7,262 | 354 |
| * | Liberty Latin America Ltd. Class C | 40,694 | 323 |
| * | NETGEAR Inc. | 15,469 | 319 |
| 50,874 | |||
| Utilities (0.2%) | |||
| * | Enviri Corp. | 117,418 | 2,223 |
| * | Sunrun Inc. | 65,675 | 870 |
| 3,093 | |||
| Total Common Stocks (Cost $1,092,000) | 1,393,154 | ||
| Temporary Cash Investments (1.8%) | |||
| Money Market Fund (1.8%) | |||
| 2,3 | Vanguard Market Liquidity Fund, 3.693% (Cost $25,429) | 254,317 | 25,429 |
| Total Investments (101.6%) (Cost $1,117,429) | 1,418,583 | ||
| Other Assets and Liabilities—Net (-1.6%) | (22,465) | ||
| Net Assets (100%) | 1,396,118 | ||
| 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 $17,780. |
| 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 $19,868 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 | ||||
| E-mini S&P 500 Index | March 2026 | 3 | 1,033 | (3) |
| Micro E-mini S&P 500 Index | March 2026 | 29 | 999 | (2) |
| (5) | ||||
| 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. |