| Common Stocks - 98.7% |
| | | Shares | Value ($) |
| BELGIUM - 0.2% | | | |
| Health Care - 0.2% | | | |
| Pharmaceuticals - 0.2% | | | |
| UCB SA | | 235,000 | 42,377,621 |
| BRAZIL - 0.1% | | | |
| Materials - 0.1% | | | |
| Metals & Mining - 0.1% | | | |
| Wheaton Precious Metals Corp (United States) | | 286,600 | 17,505,528 |
| CANADA - 1.4% | | | |
| Communication Services - 0.0% | | | |
| Entertainment - 0.0% | | | |
| Lionsgate Studios Corp | | 57,800 | 413,270 |
| Lionsgate Studios Corp (b) | | 218,214 | 1,560,230 |
| | | | 1,973,500 |
| Consumer Discretionary - 0.2% | | | |
| Hotels, Restaurants & Leisure - 0.2% | | | |
| Restaurant Brands International Inc (c) | | 418,800 | 30,219,743 |
| Consumer Staples - 0.1% | | | |
| Consumer Staples Distribution & Retail - 0.1% | | | |
| Alimentation Couche-Tard Inc | | 348,500 | 19,266,771 |
| Energy - 0.7% | | | |
| Oil, Gas & Consumable Fuels - 0.7% | | | |
| Africa Oil Corp | | 7,279,657 | 9,419,498 |
| Athabasca Oil Corp (d) | | 5,759,200 | 20,440,061 |
| Imperial Oil Ltd (c) | | 822,800 | 57,887,109 |
| MEG Energy Corp | | 2,217,050 | 41,654,213 |
| | | | 129,400,881 |
| Financials - 0.2% | | | |
| Insurance - 0.2% | | | |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares | | 32,771 | 41,378,279 |
| Health Care - 0.0% | | | |
| Biotechnology - 0.0% | | | |
| Xenon Pharmaceuticals Inc (d) | | 310,000 | 12,204,700 |
| Information Technology - 0.1% | | | |
| IT Services - 0.1% | | | |
| Shopify Inc Class A (United States) (d) | | 335,000 | 26,846,900 |
| Software - 0.0% | | | |
| Constellation Software Inc/Canada warrants 3/31/2040 (d)(e) | | 9,990 | 1 |
TOTAL INFORMATION TECHNOLOGY | | | 26,846,901 |
| | | | |
| Materials - 0.1% | | | |
| Metals & Mining - 0.1% | | | |
| Ivanhoe Mine Ltd Class A (d) | | 968,700 | 14,411,064 |
| Teck Resources Ltd Class B (United States) | | 180,700 | 9,439,768 |
| | | | 23,850,832 |
| TOTAL CANADA | | | 285,141,607 |
| CHINA - 0.0% | | | |
| Health Care - 0.0% | | | |
| Pharmaceuticals - 0.0% | | | |
| Chime Biologics Wuhan Co Ltd (d)(e) | | 1,008,062 | 525,029 |
| DENMARK - 0.2% | | | |
| Health Care - 0.2% | | | |
| Biotechnology - 0.2% | | | |
| Ascendis Pharma A/S ADR (d) | | 240,000 | 35,834,400 |
| FRANCE - 0.3% | | | |
| Communication Services - 0.0% | | | |
| Entertainment - 0.0% | | | |
| Ubisoft Entertainment SA (d) | | 442,300 | 4,965,922 |
| Information Technology - 0.3% | | | |
| IT Services - 0.3% | | | |
| Capgemini SE | | 260,017 | 56,137,833 |
| TOTAL FRANCE | | | 61,103,755 |
| GERMANY - 0.1% | | | |
| Health Care - 0.1% | | | |
| Biotechnology - 0.1% | | | |
| BioNTech SE ADR (d) | | 139,324 | 16,547,511 |
| GHANA - 0.0% | | | |
| Energy - 0.0% | | | |
| Oil, Gas & Consumable Fuels - 0.0% | | | |
| Kosmos Energy Ltd (d) | | 1,725,273 | 6,952,850 |
| GREECE - 0.1% | | | |
| Financials - 0.1% | | | |
| Banks - 0.1% | | | |
| Piraeus Financial Holdings SA | | 3,154,002 | 13,432,617 |
| IRELAND - 0.2% | | | |
| Financials - 0.2% | | | |
| Banks - 0.1% | | | |
| Bank of Ireland Group PLC | | 2,413,100 | 26,942,007 |
| Financial Services - 0.1% | | | |
| Circle Internet Financial LLC (e) | | 388,096 | 11,262,546 |
| Circle Internet Financial LLC (e) | | 160,054 | 4,644,767 |
| | | | 15,907,313 |
| TOTAL IRELAND | | | 42,849,320 |
| MAURITIUS - 0.0% | | | |
| Financials - 0.0% | | | |
| Financial Services - 0.0% | | | |
| Jumo World Holding Limited (b)(d)(e) | | 999,839 | 1,829,705 |
| Jumo World Ltd (d)(e) | | 998 | 0 |
| | | | |
| TOTAL MAURITIUS | | | 1,829,705 |
| NETHERLANDS - 0.5% | | | |
| Health Care - 0.3% | | | |
| Biotechnology - 0.3% | | | |
| Argenx SE ADR (d) | | 90,000 | 48,787,200 |
| Merus NV (d) | | 350,000 | 17,486,000 |
| | | | 66,273,200 |
| Information Technology - 0.2% | | | |
| Semiconductors & Semiconductor Equipment - 0.2% | | | |
| ASML Holding NV depository receipt | | 48,897 | 40,743,425 |
| TOTAL NETHERLANDS | | | 107,016,625 |
| PORTUGAL - 0.1% | | | |
| Energy - 0.1% | | | |
| Oil, Gas & Consumable Fuels - 0.1% | | | |
| Galp Energia SGPS SA | | 1,303,000 | 24,367,299 |
| PUERTO RICO - 0.3% | | | |
| Financials - 0.3% | | | |
| Banks - 0.3% | | | |
| Popular Inc | | 513,500 | 51,488,645 |
| SINGAPORE - 0.2% | | | |
| Communication Services - 0.2% | | | |
| Entertainment - 0.2% | | | |
| Sea Ltd Class A ADR (d) | | 485,400 | 45,763,512 |
| SWITZERLAND - 0.1% | | | |
| Financials - 0.1% | | | |
| Capital Markets - 0.1% | | | |
| UBS Group AG (United States) | | 767,167 | 23,713,132 |
| TAIWAN - 0.2% | | | |
| Health Care - 0.0% | | | |
| Life Sciences Tools & Services - 0.0% | | | |
| Eden Biologics Inc (d)(e) | | 1,008,062 | 0 |
| Information Technology - 0.2% | | | |
| Semiconductors & Semiconductor Equipment - 0.2% | | | |
| Taiwan Semiconductor Manufacturing Co Ltd ADR | | 170,500 | 29,610,735 |
| TOTAL TAIWAN | | | 29,610,735 |
| UNITED KINGDOM - 0.8% | | | |
| Consumer Discretionary - 0.1% | | | |
| Hotels, Restaurants & Leisure - 0.1% | | | |
| Flutter Entertainment PLC (United Kingdom) (d) | | 71,000 | 16,682,796 |
| Consumer Staples - 0.2% | | | |
| Beverages - 0.1% | | | |
| Diageo PLC | | 498,984 | 17,429,464 |
| Food Products - 0.0% | | | |
| Nomad Foods Ltd | | 434,407 | 8,279,797 |
| Tobacco - 0.1% | | | |
| British American Tobacco PLC ADR | | 316,200 | 11,566,596 |
| Energy - 0.0% | | | |
| Energy Equipment & Services - 0.0% | | | |
| TechnipFMC PLC | | 479,700 | 12,582,531 |
| Financials - 0.3% | | | |
| Banks - 0.1% | | | |
| Starling Bank Ltd Class D (b)(d)(e) | | 4,618,325 | 19,573,069 |
| Capital Markets - 0.1% | | | |
| London Stock Exchange Group PLC | | 143,600 | 19,660,427 |
| Insurance - 0.1% | | | |
| Beazley PLC | | 2,318,652 | 23,590,405 |
TOTAL FINANCIALS | | | 62,823,901 |
| | | | |
| Health Care - 0.2% | | | |
| Biotechnology - 0.0% | | | |
| Immunocore Holdings PLC ADR (d) | | 140,000 | 4,358,200 |
| Pharmaceuticals - 0.2% | | | |
| Astrazeneca PLC | | 195,000 | 30,378,356 |
TOTAL HEALTH CARE | | | 34,736,556 |
| | | | |
| TOTAL UNITED KINGDOM | | | 164,101,641 |
| UNITED STATES - 93.8% | | | |
| Communication Services - 8.4% | | | |
| Diversified Telecommunication Services - 0.3% | | | |
| AT&T Inc | | 3,092,600 | 68,037,200 |
| GCI Liberty Inc Class A (b)(e) | | 264,647 | 3 |
| | | | 68,037,203 |
| Entertainment - 1.3% | | | |
| Lions Gate Entertainment Corp Class B (d) | | 463,126 | 3,204,832 |
| Live Nation Entertainment Inc (d) | | 145,700 | 15,952,693 |
| Netflix Inc (d) | | 126,205 | 89,513,420 |
| ROBLOX Corp Class A (d) | | 304,400 | 13,472,744 |
| Roku Inc Class A (d) | | 99,900 | 7,458,534 |
| Spotify Technology SA (d) | | 41,400 | 15,257,142 |
| TKO Group Holdings Inc Class A | | 165,912 | 20,524,974 |
| Walt Disney Co/The | | 883,920 | 85,024,265 |
| | | | 250,408,604 |
| Interactive Media & Services - 6.5% | | | |
| Alphabet Inc Class A | | 4,035,000 | 669,204,750 |
| Bumble Inc Class A (d) | | 400,100 | 2,552,638 |
| Match Group Inc (d) | | 112,300 | 4,249,432 |
| Meta Platforms Inc Class A | | 952,025 | 544,977,191 |
| Pinterest Inc Class A (d) | | 409,100 | 13,242,567 |
| Reddit Inc Class A | | 105,844 | 6,977,236 |
| Reddit Inc Class B (d) | | 130,828 | 8,624,182 |
| Snap Inc Class A (d) | | 1,968,600 | 21,064,020 |
| | | | 1,270,892,016 |
| Media - 0.3% | | | |
| Altice USA Inc Class A (d) | | 4,645,004 | 11,426,710 |
| EchoStar Corp (b)(f) | | 713,267 | 20,000,007 |
| EchoStar Corp Class A (d) | | 33,700 | 836,434 |
| Ibotta Inc Class A (c)(d) | | 8,100 | 499,040 |
| Liberty Broadband Corp Class A (d) | | 375,853 | 28,873,027 |
| | | | 61,635,218 |
TOTAL COMMUNICATION SERVICES | | | 1,650,973,041 |
| | | | |
| Consumer Discretionary - 10.1% | | | |
| Automobile Components - 0.1% | | | |
| Aptiv PLC (d) | | 320,100 | 23,050,401 |
| Automobiles - 1.1% | | | |
| Tesla Inc (d) | | 826,610 | 216,265,974 |
| Broadline Retail - 4.0% | | | |
| Amazon.com Inc (d) | | 4,061,968 | 756,866,498 |
| Etsy Inc (d) | | 186,800 | 10,373,004 |
| | | | 767,239,502 |
| Distributors - 0.1% | | | |
| LKQ Corp | | 537,100 | 21,441,032 |
| Diversified Consumer Services - 0.1% | | | |
| Service Corp International/US | | 233,000 | 18,390,690 |
| Hotels, Restaurants & Leisure - 2.0% | | | |
| Airbnb Inc Class A (d) | | 280,000 | 35,506,800 |
| Booking Holdings Inc | | 13,123 | 55,275,651 |
| Caesars Entertainment Inc (d) | | 369,258 | 15,412,829 |
| Churchill Downs Inc | | 232,064 | 31,377,373 |
| Domino's Pizza Inc | | 85,519 | 36,785,143 |
| Hilton Worldwide Holdings Inc | | 193,203 | 44,533,292 |
| Marriott International Inc/MD Class A1 | | 218,176 | 54,238,554 |
| McDonald's Corp | | 123,390 | 37,573,489 |
| Red Rock Resorts Inc Class A | | 242,200 | 13,185,367 |
| Starbucks Corp | | 424,100 | 41,345,509 |
| Yum! Brands Inc | | 259,300 | 36,226,803 |
| | | | 401,460,810 |
| Household Durables - 0.2% | | | |
| DR Horton Inc | | 133,420 | 25,452,533 |
| PulteGroup Inc | | 108,900 | 15,630,417 |
| | | | 41,082,950 |
| Leisure Products - 0.0% | | | |
| Brunswick Corp/DE | | 112,300 | 9,412,986 |
| Specialty Retail - 1.8% | | | |
| Foot Locker Inc | | 404,000 | 10,439,360 |
| Home Depot Inc/The | | 156,534 | 63,427,577 |
| Lowe's Cos Inc | | 661,461 | 179,156,712 |
| TJX Cos Inc/The | | 788,076 | 92,630,453 |
| Valvoline Inc (d) | | 262,371 | 10,980,226 |
| | | | 356,634,328 |
| Textiles, Apparel & Luxury Goods - 0.7% | | | |
| Lululemon Athletica Inc (d) | | 61,467 | 16,679,070 |
| NIKE Inc Class B | | 604,310 | 53,421,005 |
| PVH Corp | | 357,221 | 36,018,593 |
| Tapestry Inc | | 716,761 | 33,673,432 |
| | | | 139,792,100 |
TOTAL CONSUMER DISCRETIONARY | | | 1,994,770,773 |
| | | | |
| Consumer Staples - 5.6% | | | |
| Beverages - 2.3% | | | |
| Boston Beer Co Inc/The Class A (d) | | 121,250 | 35,058,225 |
| Brown-Forman Corp Class B (c) | | 234,200 | 11,522,640 |
| Celsius Holdings Inc (d) | | 109,500 | 3,433,920 |
| Coca-Cola Co/The | | 2,060,591 | 148,074,069 |
| Constellation Brands Inc Class A | | 124,566 | 32,099,413 |
| Keurig Dr Pepper Inc | | 2,876,401 | 107,807,509 |
| Monster Beverage Corp (d) | | 871,056 | 45,442,992 |
| PepsiCo Inc | | 282,600 | 48,056,130 |
| | | | 431,494,898 |
| Consumer Staples Distribution & Retail - 0.8% | | | |
| Albertsons Cos Inc | | 784,900 | 14,504,952 |
| BJ's Wholesale Club Holdings Inc (d) | | 182,300 | 15,036,104 |
| Target Corp | | 261,455 | 40,750,376 |
| Walgreens Boots Alliance Inc | | 233,900 | 2,095,744 |
| Walmart Inc | | 1,137,600 | 91,861,200 |
| | | | 164,248,376 |
| Food Products - 0.7% | | | |
| Archer-Daniels-Midland Co | | 453,300 | 27,080,142 |
| JM Smucker Co | | 331,000 | 40,084,100 |
| Lamb Weston Holdings Inc | | 293,800 | 19,020,612 |
| Mondelez International Inc | | 419,912 | 30,934,917 |
| Real Good Food Co LLC /The Class B (d)(e) | | 146,056 | 1 |
| Real Good Food Co LLC /The Class B unit (d)(g) | | 146,056 | 58,423 |
| Simply Good Foods Co/The (d) | | 56,000 | 1,947,120 |
| TreeHouse Foods Inc (d) | | 329,003 | 13,811,546 |
| Tyson Foods Inc Class A | | 142,200 | 8,469,432 |
| | | | 141,406,293 |
| Household Products - 1.0% | | | |
| Clorox Co/The | | 21,000 | 3,421,110 |
| Energizer Holdings Inc | | 1,247,315 | 39,614,724 |
| Procter & Gamble Co/The | | 865,293 | 149,868,748 |
| | | | 192,904,582 |
| Personal Care Products - 0.6% | | | |
| Estee Lauder Cos Inc/The Class A | | 498,600 | 49,705,434 |
| Kenvue Inc | | 3,009,100 | 69,600,483 |
| | | | 119,305,917 |
| Tobacco - 0.2% | | | |
| Philip Morris International Inc | | 379,653 | 46,089,874 |
TOTAL CONSUMER STAPLES | | | 1,095,449,940 |
| | | | |
| Energy - 2.6% | | | |
| Energy Equipment & Services - 0.1% | | | |
| Expro Group Holdings NV (d) | | 607,400 | 10,429,058 |
| Weatherford International PLC | | 139,000 | 11,803,880 |
| | | | 22,232,938 |
| Oil, Gas & Consumable Fuels - 2.5% | | | |
| DT Midstream Inc | | 140,200 | 11,028,132 |
| Exxon Mobil Corp | | 2,693,538 | 315,736,524 |
| Hess Corp | | 150,675 | 20,461,665 |
| Marathon Petroleum Corp | | 200,000 | 32,582,000 |
| PBF Energy Inc Class A | | 224,900 | 6,960,655 |
| Shell PLC ADR | | 917,800 | 60,528,910 |
| Valero Energy Corp | | 273,286 | 36,901,809 |
| | | | 484,199,695 |
TOTAL ENERGY | | | 506,432,633 |
| | | | |
| Financials - 12.1% | | | |
| Banks - 4.3% | | | |
| Bancorp Inc/The (d) | | 724,400 | 38,755,400 |
| Bank of America Corp | | 3,160,714 | 125,417,132 |
| Citigroup Inc | | 1,198,233 | 75,009,386 |
| East West Bancorp Inc | | 275,309 | 22,779,067 |
| JPMorgan Chase & Co | | 576,644 | 121,591,154 |
| KeyCorp | | 1,628,741 | 27,281,412 |
| M&T Bank Corp | | 365,970 | 65,186,576 |
| PNC Financial Services Group Inc/The | | 375,841 | 69,474,209 |
| US Bancorp | | 2,120,836 | 96,985,830 |
| Wells Fargo & Co | | 3,156,187 | 178,293,004 |
| | | | 820,773,170 |
| Capital Markets - 3.1% | | | |
| Bank of New York Mellon Corp/The | | 699,901 | 50,294,886 |
| BlackRock Inc | | 22,400 | 21,269,024 |
| Cboe Global Markets Inc | | 212,730 | 43,581,995 |
| Charles Schwab Corp/The | | 94,800 | 6,143,988 |
| Coinbase Global Inc Class A (d) | | 17,295 | 3,081,450 |
| Intercontinental Exchange Inc | | 555,700 | 89,267,648 |
| LPL Financial Holdings Inc | | 190,336 | 44,277,864 |
| MarketAxess Holdings Inc | | 237,947 | 60,962,021 |
| Morgan Stanley | | 1,287,995 | 134,260,600 |
| Northern Trust Corp | | 389,900 | 35,102,697 |
| State Street Corp | | 729,600 | 64,547,712 |
| Tradeweb Markets Inc Class A | | 218,700 | 27,046,629 |
| Virtu Financial Inc Class A | | 1,122,501 | 34,191,380 |
| | | | 614,027,894 |
| Consumer Finance - 0.2% | | | |
| Discover Financial Services | | 254,979 | 35,771,004 |
| OneMain Holdings Inc | | 217,404 | 10,233,206 |
| | | | 46,004,210 |
| Financial Services - 2.6% | | | |
| Apollo Global Management Inc | | 580,140 | 72,465,287 |
| Block Inc Class A (d) | | 1,036,673 | 69,591,858 |
| Fiserv Inc (d) | | 414,236 | 74,417,497 |
| Marqeta Inc Class A (d) | | 3,280,212 | 16,138,643 |
| PayPal Holdings Inc (d) | | 286,800 | 22,379,004 |
| Visa Inc Class A | | 937,157 | 257,671,318 |
| | | | 512,663,607 |
| Insurance - 1.9% | | | |
| Arthur J Gallagher & Co | | 156,431 | 44,014,990 |
| Chubb Ltd | | 358,452 | 103,373,972 |
| Hartford Financial Services Group Inc/The | | 433,847 | 51,024,746 |
| Marsh & McLennan Cos Inc | | 367,458 | 81,976,205 |
| Reinsurance Group of America Inc | | 129,276 | 28,165,362 |
| Travelers Cos Inc/The | | 185,900 | 43,522,908 |
| Unum Group | | 422,481 | 25,112,271 |
| | | | 377,190,454 |
TOTAL FINANCIALS | | | 2,370,659,335 |
| | | | |
| Health Care - 10.5% | | | |
| Biotechnology - 1.7% | | | |
| Alnylam Pharmaceuticals Inc (d) | | 175,000 | 48,130,250 |
| Blueprint Medicines Corp (d) | | 161,400 | 14,929,500 |
| Cargo Therapeutics Inc (d) | | 334,300 | 6,167,835 |
| Caris Life Sciences Inc (b)(d)(e) | | 227,063 | 722,060 |
| Cytokinetics Inc (d) | | 340,000 | 17,952,000 |
| Exact Sciences Corp (d) | | 654,000 | 44,550,480 |
| Janux Therapeutics Inc (d) | | 228,000 | 10,358,040 |
| Keros Therapeutics Inc (d) | | 160,000 | 9,291,200 |
| Legend Biotech Corp ADR (d) | | 800,000 | 38,984,000 |
| MoonLake Immunotherapeutics Class A (d) | | 45,758 | 2,307,118 |
| Nuvalent Inc Class A (d) | | 170,000 | 17,391,000 |
| Regeneron Pharmaceuticals Inc (d) | | 82,500 | 86,727,301 |
| Spyre Therapeutics Inc (d) | | 150,000 | 4,411,500 |
| Vaxcyte Inc (d) | | 330,000 | 37,709,100 |
| | | | 339,631,384 |
| Health Care Equipment & Supplies - 3.1% | | | |
| Boston Scientific Corp (d) | | 2,860,000 | 239,668,001 |
| Glaukos Corp (d) | | 242,500 | 31,592,900 |
| Inspire Medical Systems Inc (d) | | 128,000 | 27,014,400 |
| Insulet Corp (d) | | 300,000 | 69,825,000 |
| Intuitive Surgical Inc (d) | | 55,000 | 27,019,850 |
| Masimo Corp (d) | | 370,000 | 49,332,100 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(d)(e) | | 4,627 | 56,033 |
| Penumbra Inc (d) | | 410,000 | 79,667,100 |
| Stryker Corp | | 240,000 | 86,702,400 |
| | | | 610,877,784 |
| Health Care Providers & Services - 2.7% | | | |
| agilon health Inc (d) | | 1,750,000 | 6,877,500 |
| Cigna Group/The | | 208,000 | 72,059,520 |
| CVS Health Corp | | 170,000 | 10,689,600 |
| Humana Inc | | 50,000 | 15,837,000 |
| LifeStance Health Group Inc (d) | | 2,143,900 | 15,007,300 |
| McKesson Corp | | 112,000 | 55,375,040 |
| Molina Healthcare Inc (d) | | 52,000 | 17,917,120 |
| Privia Health Group Inc (d) | | 1,350,000 | 24,583,500 |
| Surgery Partners Inc (d) | | 1,146,600 | 36,966,384 |
| UnitedHealth Group Inc | | 460,000 | 268,952,800 |
| | | | 524,265,764 |
| Health Care Technology - 0.2% | | | |
| Phreesia Inc (d) | | 500,000 | 11,395,000 |
| Veeva Systems Inc Class A (d) | | 170,000 | 35,677,900 |
| | | | 47,072,900 |
| Life Sciences Tools & Services - 1.4% | | | |
| 10X Genomics Inc Class A (d) | | 802,145 | 18,112,434 |
| Bruker Corp | | 385,000 | 26,588,100 |
| Danaher Corp | | 515,000 | 143,180,300 |
| IQVIA Holdings Inc (d) | | 102,000 | 24,170,940 |
| Thermo Fisher Scientific Inc | | 96,000 | 59,382,720 |
| | | | 271,434,494 |
| Pharmaceuticals - 1.4% | | | |
| Eli Lilly & Co | | 198,500 | 175,859,090 |
| Merck & Co Inc | | 800,000 | 90,848,000 |
| Royalty Pharma PLC Class A | | 530,000 | 14,993,700 |
| | | | 281,700,790 |
TOTAL HEALTH CARE | | | 2,074,983,116 |
| | | | |
| Industrials - 9.9% | | | |
| Aerospace & Defense - 2.5% | | | |
| Axon Enterprise Inc (d) | | 81,500 | 32,567,400 |
| Boeing Co (d) | | 404,300 | 61,469,772 |
| GE Aerospace | | 652,600 | 123,067,308 |
| General Dynamics Corp | | 144,900 | 43,788,780 |
| HEICO Corp Class A | | 106,161 | 21,631,365 |
| Howmet Aerospace Inc | | 602,600 | 60,410,650 |
| Lockheed Martin Corp | | 90,800 | 53,078,048 |
| RTX Corp | | 132,000 | 15,993,120 |
| TransDigm Group Inc | | 62,700 | 89,481,051 |
| | | | 501,487,494 |
| Air Freight & Logistics - 0.3% | | | |
| FedEx Corp | | 201,000 | 55,009,680 |
| Building Products - 0.8% | | | |
| AZEK Co Inc/The Class A (d) | | 826,300 | 38,670,840 |
| Carlisle Cos Inc | | 44,378 | 19,959,006 |
| Trane Technologies PLC | | 257,110 | 99,946,370 |
| | | | 158,576,216 |
| Commercial Services & Supplies - 0.4% | | | |
| Cintas Corp | | 106,912 | 22,011,043 |
| Waste Connections Inc (United States) | | 288,972 | 51,673,973 |
| | | | 73,685,016 |
| Construction & Engineering - 0.4% | | | |
| EMCOR Group Inc | | 48,500 | 20,880,705 |
| Quanta Services Inc | | 129,100 | 38,491,165 |
| WillScot Holdings Corp (d) | | 453,700 | 17,059,120 |
| | | | 76,430,990 |
| Electrical Equipment - 1.1% | | | |
| AMETEK Inc | | 551,532 | 94,703,560 |
| Eaton Corp PLC | | 188,200 | 62,377,008 |
| GE Vernova Inc | | 179,850 | 45,858,153 |
| Vertiv Holdings Co Class A | | 189,500 | 18,853,355 |
| | | | 221,792,076 |
| Ground Transportation - 1.3% | | | |
| CSX Corp | | 1,606,478 | 55,471,685 |
| Old Dominion Freight Line Inc | | 403,466 | 80,144,487 |
| Uber Technologies Inc (d) | | 846,700 | 63,637,972 |
| Union Pacific Corp | | 230,600 | 56,838,288 |
| | | | 256,092,432 |
| Machinery - 2.8% | | | |
| Caterpillar Inc | | 234,683 | 91,789,215 |
| Chart Industries Inc (d) | | 120,600 | 14,971,284 |
| Deere & Co | | 181,900 | 75,912,327 |
| Dover Corp | | 473,100 | 90,712,194 |
| Fortive Corp | | 642,194 | 50,688,372 |
| Ingersoll Rand Inc | | 1,035,400 | 101,634,864 |
| Parker-Hannifin Corp | | 194,000 | 122,573,080 |
| | | | 548,281,336 |
| Trading Companies & Distributors - 0.3% | | | |
| FTAI Aviation Ltd | | 114,500 | 15,217,049 |
| Watsco Inc | | 79,900 | 39,301,212 |
| | | | 54,518,261 |
TOTAL INDUSTRIALS | | | 1,945,873,501 |
| | | | |
| Information Technology - 27.1% | | | |
| Communications Equipment - 0.1% | | | |
| Ciena Corp (d) | | 458,886 | 28,262,789 |
| IT Services - 1.5% | | | |
| Cognizant Technology Solutions Corp Class A | | 475,477 | 36,697,315 |
| EPAM Systems Inc (d) | | 265,179 | 52,778,576 |
| MongoDB Inc Class A (d) | | 231,800 | 62,667,131 |
| Okta Inc Class A (d) | | 587,253 | 43,656,388 |
| Snowflake Inc Class A (d) | | 298,600 | 34,297,196 |
| Twilio Inc Class A (d) | | 899,138 | 58,641,780 |
| X Holdings Corp Class A (b)(d)(e) | | 31,890 | 678,938 |
| | | | 289,417,324 |
| Semiconductors & Semiconductor Equipment - 7.2% | | | |
| Advanced Micro Devices Inc (d) | | 727,271 | 119,330,626 |
| Analog Devices Inc | | 723,461 | 166,519,018 |
| Lattice Semiconductor Corp (d) | | 163,300 | 8,666,331 |
| Marvell Technology Inc | | 338,144 | 24,386,945 |
| Microchip Technology Inc | | 373,604 | 29,996,665 |
| Micron Technology Inc | | 1,065,311 | 110,483,404 |
| NVIDIA Corp | | 7,124,600 | 865,211,424 |
| ON Semiconductor Corp (d) | | 959,500 | 69,669,295 |
| Skyworks Solutions Inc | | 9,363 | 924,784 |
| SolarEdge Technologies Inc (c)(d) | | 351,100 | 8,043,701 |
| | | | 1,403,232,193 |
| Software - 13.3% | | | |
| Adobe Inc (d) | | 418,349 | 216,612,745 |
| Atlassian Corp Class A (d) | | 447,900 | 71,130,999 |
| Autodesk Inc (d) | | 334,832 | 92,239,519 |
| BILL Holdings Inc (d) | | 508,573 | 26,832,311 |
| BlackLine Inc (d) | | 935,851 | 51,602,824 |
| Datadog Inc Class A (d) | | 396,300 | 45,598,278 |
| Elastic NV (d) | | 711,900 | 54,645,444 |
| Five9 Inc (d) | | 2,032,791 | 58,402,085 |
| Gen Digital Inc | | 608,210 | 16,683,200 |
| HubSpot Inc (d) | | 139,378 | 74,093,345 |
| Microsoft Corp | | 3,176,459 | 1,366,830,309 |
| OpenAI Global LLC rights (b)(d)(e) | | 1,650,181 | 1,650,181 |
| Palo Alto Networks Inc (d) | | 143,090 | 48,908,162 |
| PTC Inc (d) | | 56,757 | 10,253,720 |
| Salesforce Inc | | 922,738 | 252,562,619 |
| Tenable Holdings Inc (d) | | 1,375,166 | 55,721,726 |
| Unity Software Inc (c)(d) | | 1,172,000 | 26,510,640 |
| Workday Inc Class A (d) | | 312,889 | 76,473,200 |
| Workiva Inc Class A (d) | | 775,300 | 61,341,736 |
| | | | 2,608,093,043 |
| Technology Hardware, Storage & Peripherals - 5.0% | | | |
| Apple Inc | | 4,263,532 | 993,402,956 |
TOTAL INFORMATION TECHNOLOGY | | | 5,322,408,305 |
| | | | |
| Materials - 2.2% | | | |
| Chemicals - 1.6% | | | |
| Air Products and Chemicals Inc | | 101,389 | 30,187,561 |
| Axalta Coating Systems Ltd (d) | | 463,100 | 16,759,589 |
| Balchem Corp | | 71,900 | 12,654,400 |
| Chemours Co/The | | 794,200 | 16,138,144 |
| Corteva Inc | | 322,300 | 18,948,017 |
| Dow Inc | | 592,100 | 32,346,423 |
| Ecolab Inc | | 158,000 | 40,342,140 |
| Element Solutions Inc | | 523,600 | 14,220,976 |
| Linde PLC | | 189,200 | 90,221,912 |
| Sherwin-Williams Co/The | | 24,500 | 9,350,915 |
| Tronox Holdings PLC | | 790,600 | 11,566,478 |
| | | | 292,736,555 |
| Construction Materials - 0.1% | | | |
| Martin Marietta Materials Inc | | 42,022 | 22,618,341 |
| Containers & Packaging - 0.2% | | | |
| AptarGroup Inc | | 123,100 | 19,719,389 |
| Avery Dennison Corp | | 58,700 | 12,958,612 |
| International Paper Co | | 226,000 | 11,040,100 |
| | | | 43,718,101 |
| Metals & Mining - 0.3% | | | |
| ATI Inc (d) | | 170,500 | 11,408,155 |
| Freeport-McMoRan Inc | | 390,500 | 19,493,760 |
| Hecla Mining Co | | 813,800 | 5,428,046 |
| Nucor Corp | | 129,500 | 19,469,030 |
| Steel Dynamics Inc | | 100,800 | 12,708,864 |
| | | | 68,507,855 |
TOTAL MATERIALS | | | 427,580,852 |
| | | | |
| Real Estate - 2.8% | | | |
| Health Care REITs - 0.3% | | | |
| Omega Healthcare Investors Inc | | 424,200 | 17,264,940 |
| Ventas Inc | | 615,200 | 39,452,776 |
| | | | 56,717,716 |
| Hotel & Resort REITs - 0.1% | | | |
| Ryman Hospitality Properties Inc | | 116,500 | 12,493,460 |
| Industrial REITs - 0.3% | | | |
| Prologis Inc | | 392,951 | 49,621,852 |
| Terreno Realty Corp | | 223,300 | 14,923,139 |
| | | | 64,544,991 |
| Real Estate Management & Development - 0.3% | | | |
| Compass Inc Class A (d) | | 267,000 | 1,631,370 |
| CoStar Group Inc (d) | | 79,700 | 6,012,568 |
| Jones Lang LaSalle Inc (d) | | 209,620 | 56,557,572 |
| | | | 64,201,510 |
| Residential REITs - 0.4% | | | |
| Invitation Homes Inc | | 721,500 | 25,440,090 |
| Mid-America Apartment Communities Inc | | 224,100 | 35,609,490 |
| Sun Communities Inc | | 162,400 | 21,948,360 |
| | | | 82,997,940 |
| Retail REITs - 0.3% | | | |
| Macerich Co/The | | 1,275,600 | 23,266,944 |
| SITE Centers Corp | | 513,000 | 31,036,500 |
| | | | 54,303,444 |
| Specialized REITs - 1.1% | | | |
| American Tower Corp | | 159,400 | 37,070,064 |
| Crown Castle Inc | | 306,000 | 36,300,780 |
| Equinix Inc | | 68,100 | 60,447,603 |
| Four Corners Property Trust Inc | | 1,184,303 | 34,711,921 |
| Public Storage Operating Co | | 152,800 | 55,599,336 |
| | | | 224,129,704 |
TOTAL REAL ESTATE | | | 559,388,765 |
| | | | |
| Utilities - 2.5% | | | |
| Electric Utilities - 1.6% | | | |
| American Electric Power Co Inc | | 255,319 | 26,195,729 |
| Constellation Energy Corp | | 124,471 | 32,364,949 |
| Edison International | | 313,779 | 27,327,013 |
| Entergy Corp | | 184,200 | 24,242,562 |
| Evergy Inc | | 99,500 | 6,169,995 |
| Eversource Energy | | 295,000 | 20,074,750 |
| Exelon Corp | | 141,300 | 5,729,715 |
| FirstEnergy Corp | | 305,479 | 13,547,994 |
| Hawaiian Electric Industries Inc | | 493,976 | 4,781,688 |
| NextEra Energy Inc | | 782,917 | 66,179,974 |
| NRG Energy Inc | | 137,001 | 12,480,791 |
| PG&E Corp | | 1,496,006 | 29,576,039 |
| Pinnacle West Capital Corp | | 71,100 | 6,298,749 |
| PPL Corp | | 590,700 | 19,540,356 |
| Southern Co/The | | 106,155 | 9,573,058 |
| TXNM Energy Inc | | 31,300 | 1,370,001 |
| | | | 305,453,363 |
| Gas Utilities - 0.0% | | | |
| UGI Corp | | 226,500 | 5,667,030 |
| Independent Power and Renewable Electricity Producers - 0.3% | | | |
| AES Corp/The | | 509,700 | 10,224,582 |
| NextEra Energy Partners LP | | 344,998 | 9,528,845 |
| Talen Energy Corp (d) | | 60,600 | 10,801,344 |
| Vistra Corp | | 217,378 | 25,767,988 |
| | | | 56,322,759 |
| Multi-Utilities - 0.6% | | | |
| Ameren Corp | | 147,000 | 12,856,620 |
| CenterPoint Energy Inc | | 653,900 | 19,237,738 |
| Consolidated Edison Inc | | 145,400 | 15,140,502 |
| NiSource Inc | | 431,602 | 14,955,009 |
| Public Service Enterprise Group Inc | | 303,856 | 27,106,994 |
| Sempra | | 400,906 | 33,527,769 |
| | | | 122,824,632 |
TOTAL UTILITIES | | | 490,267,784 |
| | | | |
| TOTAL UNITED STATES | | | 18,438,788,045 |
| ZAMBIA - 0.1% | | | |
| Materials - 0.1% | | | |
| Metals & Mining - 0.1% | | | |
| First Quantum Minerals Ltd | | 904,480 | 12,332,146 |
| TOTAL COMMON STOCKS (Cost $11,434,619,996) | | | 19,421,281,723 |
| | | | |
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Directors (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. Treasury Obligations and Convertible Corporate Bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
The Fund used futures contracts to manage its exposure to the stock market.
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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