| Common Stocks - 98.9% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 1.8% | | | |
| Entertainment - 0.7% | | | |
| Live Nation Entertainment, Inc. (a) | | 5,246 | 419,365 |
| Playtika Holding Corp. (a) | | 269,581 | 2,703,897 |
| Spotify Technology SA (a) | | 44,824 | 6,674,294 |
| Warner Bros Discovery, Inc. (a) | | 148,147 | 1,671,098 |
| | | | 11,468,654 |
| Interactive Media & Services - 0.1% | | | |
| Vimeo, Inc. (a) | | 441,295 | 1,619,553 |
| Media - 1.0% | | | |
| Liberty Media Corp. Liberty SiriusXM: | | | |
| Series A (a) | | 112,037 | 3,134,795 |
| Series C (a) | | 133,956 | 3,745,410 |
| News Corp.: | | | |
| Class A | | 109,779 | 2,010,053 |
| Class B | | 127,584 | 2,357,752 |
| The Trade Desk, Inc. (a) | | 80,729 | 5,657,488 |
| | | | 16,905,498 |
TOTAL COMMUNICATION SERVICES | | | 29,993,705 |
| CONSUMER DISCRETIONARY - 13.6% | | | |
| Automobiles - 0.1% | | | |
| Harley-Davidson, Inc. | | 44,483 | 1,383,866 |
| Broadline Retail - 1.3% | | | |
| eBay, Inc. | | 250,145 | 10,641,168 |
| Etsy, Inc. (a) | | 57,319 | 4,645,705 |
| Macy's, Inc. (b) | | 421,163 | 5,723,605 |
| | | | 21,010,478 |
| Distributors - 0.9% | | | |
| Genuine Parts Co. | | 75,828 | 11,293,064 |
| LKQ Corp. | | 83,931 | 4,427,360 |
| | | | 15,720,424 |
| Diversified Consumer Services - 0.5% | | | |
| Duolingo, Inc. (a) | | 35,532 | 5,314,521 |
| H&R Block, Inc. | | 118,892 | 3,548,926 |
| | | | 8,863,447 |
| Hotels, Restaurants & Leisure - 3.3% | | | |
| Airbnb, Inc. Class A (a) | | 15,574 | 1,709,558 |
| Booking Holdings, Inc. (a) | | 3,462 | 8,685,362 |
| Caesars Entertainment, Inc. (a) | | 189,396 | 7,767,130 |
| Chipotle Mexican Grill, Inc. (a) | | 9,374 | 19,465,017 |
| Draftkings Holdings, Inc. (a) | | 31,853 | 743,449 |
| International Game Technology PLC | | 102,572 | 2,516,091 |
| Las Vegas Sands Corp. (a)(b) | | 52,899 | 2,916,322 |
| MGM Resorts International | | 205,384 | 8,069,537 |
| Wendy's Co. (b) | | 60,523 | 1,332,111 |
| Yum! Brands, Inc. | | 21,659 | 2,787,297 |
| | | | 55,991,874 |
| Household Durables - 2.9% | | | |
| D.R. Horton, Inc. | | 117,444 | 12,547,717 |
| Lennar Corp. Class A | | 15,212 | 1,629,509 |
| NVR, Inc. (a) | | 2,110 | 11,719,404 |
| Toll Brothers, Inc. | | 154,828 | 10,481,856 |
| TopBuild Corp. (a) | | 46,979 | 9,473,785 |
| Whirlpool Corp. (b) | | 25,594 | 3,309,048 |
| | | | 49,161,319 |
| Leisure Products - 0.2% | | | |
| Peloton Interactive, Inc. Class A (a) | | 321,186 | 2,338,234 |
| Specialty Retail - 3.4% | | | |
| AutoZone, Inc. (a) | | 6,715 | 16,027,631 |
| Bath & Body Works, Inc. | | 24,017 | 846,359 |
| Dick's Sporting Goods, Inc. | | 46,856 | 5,974,609 |
| GameStop Corp. Class A (b) | | 24,356 | 585,762 |
| O'Reilly Automotive, Inc. (a) | | 20,944 | 18,918,925 |
| Petco Health & Wellness Co., Inc. (a) | | 189,702 | 1,449,323 |
| Ulta Beauty, Inc. (a) | | 21,951 | 8,996,178 |
| Williams-Sonoma, Inc. (b) | | 43,881 | 4,980,932 |
| | | | 57,779,719 |
| Textiles, Apparel & Luxury Goods - 1.0% | | | |
| Crocs, Inc. (a) | | 13,890 | 1,559,569 |
| PVH Corp. | | 36,183 | 3,112,462 |
| Tapestry, Inc. | | 252,379 | 10,100,208 |
| Under Armour, Inc.: | | | |
| Class A (sub. vtg.) (a) | | 169,791 | 1,224,193 |
| Class C (non-vtg.) (a) | | 106,887 | 703,316 |
| | | | 16,699,748 |
TOTAL CONSUMER DISCRETIONARY | | | 228,949,109 |
| CONSUMER STAPLES - 3.1% | | | |
| Consumer Staples Distribution & Retail - 0.1% | | | |
| Kroger Co. | | 44,000 | 1,994,520 |
| Food Products - 1.9% | | | |
| Archer Daniels Midland Co. | | 47,764 | 3,374,527 |
| Bunge Ltd. | | 6,833 | 633,009 |
| Campbell Soup Co. | | 32,696 | 1,652,783 |
| Conagra Brands, Inc. | | 266,980 | 9,309,593 |
| Lamb Weston Holdings, Inc. | | 97,957 | 10,892,818 |
| The Hershey Co. | | 23,467 | 6,094,380 |
| | | | 31,957,110 |
| Household Products - 0.6% | | | |
| Church & Dwight Co., Inc. | | 11,717 | 1,083,237 |
| Colgate-Palmolive Co. | | 36,681 | 2,728,333 |
| Kimberly-Clark Corp. | | 47,677 | 6,402,068 |
| | | | 10,213,638 |
| Personal Care Products - 0.5% | | | |
| Coty, Inc. Class A (a) | | 762,210 | 8,262,356 |
TOTAL CONSUMER STAPLES | | | 52,427,624 |
| ENERGY - 3.6% | | | |
| Energy Equipment & Services - 0.5% | | | |
| Halliburton Co. | | 291,743 | 8,358,437 |
| Oil, Gas & Consumable Fuels - 3.1% | | | |
| Cheniere Energy, Inc. | | 101,381 | 14,170,022 |
| Coterra Energy, Inc. | | 245,253 | 5,702,132 |
| Devon Energy Corp. | | 91,557 | 4,220,778 |
| Diamondback Energy, Inc. | | 38,590 | 4,906,719 |
| Marathon Oil Corp. | | 419,529 | 9,296,763 |
| ONEOK, Inc. | | 107,920 | 6,114,747 |
| Ovintiv, Inc. | | 24,233 | 801,385 |
| The Williams Companies, Inc. | | 229,024 | 6,563,828 |
| | | | 51,776,374 |
TOTAL ENERGY | | | 60,134,811 |
| FINANCIALS - 11.2% | | | |
| Banks - 1.7% | | | |
| BOK Financial Corp. | | 16,369 | 1,331,127 |
| Citizens Financial Group, Inc. | | 206,467 | 5,322,719 |
| Columbia Banking Systems, Inc. | | 204,817 | 4,102,485 |
| East West Bancorp, Inc. | | 100,075 | 4,788,589 |
| Fifth Third Bancorp | | 459,269 | 11,146,459 |
| First Hawaiian, Inc. | | 56,543 | 932,394 |
| New York Community Bancorp, Inc. | | 120,816 | 1,241,988 |
| Regions Financial Corp. | | 58,728 | 1,014,233 |
| | | | 29,879,994 |
| Capital Markets - 4.9% | | | |
| Affiliated Managers Group, Inc. | | 3,812 | 530,211 |
| Ameriprise Financial, Inc. | | 15,252 | 4,552,264 |
| Bank of New York Mellon Corp. | | 301,807 | 12,132,641 |
| Cboe Global Markets, Inc. | | 37,640 | 4,984,289 |
| FactSet Research Systems, Inc. | | 5,013 | 1,929,454 |
| Interactive Brokers Group, Inc. | | 114,036 | 8,807,000 |
| Janus Henderson Group PLC | | 27,887 | 732,870 |
| Jefferies Financial Group, Inc. | | 91,202 | 2,742,444 |
| LPL Financial | | 25,397 | 4,946,828 |
| MSCI, Inc. | | 1,245 | 585,810 |
| NASDAQ, Inc. | | 228,489 | 12,646,866 |
| Raymond James Financial, Inc. | | 107,137 | 9,679,828 |
| Robinhood Markets, Inc. (a)(b) | | 303,585 | 2,707,978 |
| Stifel Financial Corp. | | 139,105 | 7,730,065 |
| Tradeweb Markets, Inc. Class A | | 105,766 | 7,081,034 |
| Virtu Financial, Inc. Class A | | 42,940 | 755,315 |
| | | | 82,544,897 |
| Consumer Finance - 0.6% | | | |
| Synchrony Financial | | 315,923 | 9,780,976 |
| Financial Services - 0.9% | | | |
| Fidelity National Information Services, Inc. | | 45,074 | 2,459,688 |
| FleetCor Technologies, Inc. (a) | | 10,740 | 2,433,147 |
| The Western Union Co. | | 425,625 | 4,847,869 |
| WEX, Inc. (a) | | 34,146 | 5,663,114 |
| | | | 15,403,818 |
| Insurance - 3.1% | | | |
| AFLAC, Inc. | | 14,005 | 899,261 |
| Assurant, Inc. | | 14,764 | 1,771,532 |
| Axis Capital Holdings Ltd. | | 28,104 | 1,458,598 |
| Brown & Brown, Inc. | | 184,989 | 11,530,364 |
| Everest Re Group Ltd. | | 27,420 | 9,323,348 |
| F&G Annuities & Life, Inc. | | 6,477 | 133,944 |
| Hartford Financial Services Group, Inc. | | 49,496 | 3,391,466 |
| Prudential Financial, Inc. | | 111,360 | 8,762,918 |
| Reinsurance Group of America, Inc. | | 32,391 | 4,534,740 |
| Unum Group | | 238,303 | 10,354,265 |
| | | | 52,160,436 |
TOTAL FINANCIALS | | | 189,770,121 |
| HEALTH CARE - 12.0% | | | |
| Biotechnology - 3.3% | | | |
| Biogen, Inc. (a) | | 31,709 | 9,398,865 |
| Exact Sciences Corp. (a) | | 117,209 | 9,561,910 |
| Exelixis, Inc. (a) | | 370,419 | 7,141,678 |
| Gilead Sciences, Inc. | | 99,363 | 7,644,989 |
| Horizon Therapeutics PLC (a) | | 22,864 | 2,287,086 |
| Incyte Corp. (a) | | 110,651 | 6,810,569 |
| Ionis Pharmaceuticals, Inc. (a) | | 6,019 | 246,177 |
| Regeneron Pharmaceuticals, Inc. (a) | | 2,504 | 1,841,842 |
| Sarepta Therapeutics, Inc. (a) | | 28,190 | 3,484,284 |
| Seagen, Inc. (a) | | 9,425 | 1,844,473 |
| United Therapeutics Corp. (a) | | 21,068 | 4,418,802 |
| | | | 54,680,675 |
| Health Care Equipment & Supplies - 3.9% | | | |
| Abiomed, Inc. (c) | | 3,289 | 9,176 |
| Align Technology, Inc. (a) | | 43,155 | 12,198,192 |
| Becton, Dickinson & Co. | | 2,319 | 560,641 |
| Boston Scientific Corp. (a) | | 63,356 | 3,261,567 |
| Dentsply Sirona, Inc. | | 129,703 | 4,684,872 |
| DexCom, Inc. (a) | | 831 | 97,443 |
| Hologic, Inc. (a) | | 107,703 | 8,496,690 |
| IDEXX Laboratories, Inc. (a) | | 31,184 | 14,493,388 |
| Lantheus Holdings, Inc. (a) | | 74,590 | 6,458,748 |
| Penumbra, Inc. (a) | | 8,793 | 2,702,441 |
| Zimmer Biomet Holdings, Inc. | | 101,005 | 12,861,977 |
| Zimvie, Inc. (a) | | 23,607 | 235,598 |
| | | | 66,060,733 |
| Health Care Providers & Services - 2.0% | | | |
| AmerisourceBergen Corp. | | 43,311 | 7,369,367 |
| Cardinal Health, Inc. | | 17,260 | 1,420,498 |
| Centene Corp. (a) | | 18,308 | 1,142,602 |
| Cigna Group | | 8,752 | 2,165,332 |
| Elevance Health, Inc. | | 18,731 | 8,388,116 |
| Humana, Inc. | | 2,009 | 1,008,257 |
| Molina Healthcare, Inc. (a) | | 38,466 | 10,535,837 |
| Premier, Inc. | | 35,006 | 875,150 |
| Quest Diagnostics, Inc. | | 9,151 | 1,213,880 |
| | | | 34,119,039 |
| Life Sciences Tools & Services - 1.9% | | | |
| 10X Genomics, Inc. (a) | | 144,296 | 7,569,768 |
| Agilent Technologies, Inc. | | 8,566 | 990,829 |
| IQVIA Holdings, Inc. (a) | | 6,011 | 1,183,626 |
| Mettler-Toledo International, Inc. (a) | | 9,803 | 12,958,292 |
| Syneos Health, Inc. (a) | | 220,823 | 9,186,237 |
| | | | 31,888,752 |
| Pharmaceuticals - 0.9% | | | |
| Elanco Animal Health, Inc. (a) | | 257,195 | 2,096,139 |
| Jazz Pharmaceuticals PLC (a) | | 15,846 | 2,030,823 |
| Royalty Pharma PLC | | 84,618 | 2,770,393 |
| Viatris, Inc. | | 939,328 | 8,594,851 |
| | | | 15,492,206 |
TOTAL HEALTH CARE | | | 202,241,405 |
| INDUSTRIALS - 19.0% | | | |
| Aerospace & Defense - 1.6% | | | |
| Axon Enterprise, Inc. (a) | | 55,641 | 10,733,705 |
| Parsons Corp. (a) | | 154,174 | 6,890,036 |
| Textron, Inc. | | 164,925 | 10,203,910 |
| | | | 27,827,651 |
| Air Freight & Logistics - 0.5% | | | |
| FedEx Corp. | | 37,870 | 8,254,903 |
| Building Products - 2.0% | | | |
| Allegion PLC | | 58,420 | 6,118,911 |
| Builders FirstSource, Inc. (a) | | 3,285 | 380,896 |
| Carrier Global Corp. | | 270,545 | 11,065,291 |
| Fortune Brands Home & Security, Inc. | | 22,579 | 1,364,901 |
| Johnson Controls International PLC | | 11,821 | 705,714 |
| Trane Technologies PLC | | 81,675 | 13,331,810 |
| | | | 32,967,523 |
| Commercial Services & Supplies - 2.0% | | | |
| Cintas Corp. | | 34,901 | 16,478,158 |
| MSA Safety, Inc. | | 1,564 | 215,144 |
| Republic Services, Inc. | | 100,098 | 14,176,880 |
| Tetra Tech, Inc. | | 15,732 | 2,162,678 |
| | | | 33,032,860 |
| Construction & Engineering - 0.6% | | | |
| AECOM | | 124,090 | 9,685,225 |
| EMCOR Group, Inc. | | 1,790 | 295,064 |
| Valmont Industries, Inc. | | 3,549 | 930,796 |
| | | | 10,911,085 |
| Electrical Equipment - 2.0% | | | |
| Acuity Brands, Inc. | | 35,190 | 5,302,781 |
| AMETEK, Inc. | | 100,440 | 14,570,831 |
| Atkore, Inc. (a) | | 14,448 | 1,687,093 |
| nVent Electric PLC | | 236,134 | 10,243,493 |
| Regal Rexnord Corp. | | 14,199 | 1,844,308 |
| | | | 33,648,506 |
| Ground Transportation - 0.9% | | | |
| Avis Budget Group, Inc. (a) | | 5,099 | 855,561 |
| Hertz Global Holdings, Inc. (a)(b) | | 88,827 | 1,392,807 |
| Old Dominion Freight Lines, Inc. | | 3,981 | 1,235,862 |
| Uber Technologies, Inc. (a) | | 61,054 | 2,315,778 |
| XPO, Inc. (a) | | 191,123 | 8,969,402 |
| | | | 14,769,410 |
| Machinery - 4.0% | | | |
| AGCO Corp. | | 79,119 | 8,725,243 |
| Allison Transmission Holdings, Inc. | | 206,206 | 9,753,544 |
| Cummins, Inc. | | 60,562 | 12,379,478 |
| Donaldson Co., Inc. | | 26,289 | 1,538,695 |
| Fortive Corp. | | 162,908 | 10,606,940 |
| Graco, Inc. | | 24,021 | 1,837,366 |
| Otis Worldwide Corp. | | 38,523 | 3,062,964 |
| PACCAR, Inc. | | 195,916 | 13,475,102 |
| Parker Hannifin Corp. | | 17,648 | 5,655,125 |
| Snap-On, Inc. | | 3,901 | 970,803 |
| | | | 68,005,260 |
| Marine Transportation - 0.1% | | | |
| Kirby Corp. (a) | | 28,508 | 2,040,032 |
| Passenger Airlines - 1.5% | | | |
| Delta Air Lines, Inc. (a) | | 369,628 | 13,428,585 |
| United Airlines Holdings, Inc. (a) | | 251,414 | 11,933,366 |
| | | | 25,361,951 |
| Professional Services - 1.3% | | | |
| Booz Allen Hamilton Holding Corp. Class A | | 89,183 | 8,970,026 |
| CoStar Group, Inc. (a) | | 46,847 | 3,719,652 |
| ExlService Holdings, Inc. (a) | | 6,748 | 1,018,543 |
| KBR, Inc. | | 9,609 | 567,123 |
| Leidos Holdings, Inc. | | 74,008 | 5,777,064 |
| Paychex, Inc. | | 12,772 | 1,340,166 |
| | | | 21,392,574 |
| Trading Companies & Distributors - 2.5% | | | |
| Fastenal Co. | | 267,339 | 14,396,205 |
| MSC Industrial Direct Co., Inc. Class A | | 21,742 | 1,955,041 |
| United Rentals, Inc. | | 37,300 | 12,450,367 |
| W.W. Grainger, Inc. | | 21,603 | 14,020,779 |
| | | | 42,822,392 |
TOTAL INDUSTRIALS | | | 321,034,147 |
| INFORMATION TECHNOLOGY - 17.3% | | | |
| Communications Equipment - 2.2% | | | |
| Arista Networks, Inc. (a) | | 95,276 | 15,848,210 |
| Juniper Networks, Inc. | | 258,476 | 7,849,916 |
| Motorola Solutions, Inc. | | 46,106 | 12,998,204 |
| | | | 36,696,330 |
| Electronic Equipment, Instruments & Components - 0.8% | | | |
| Keysight Technologies, Inc. (a) | | 84,139 | 13,613,690 |
| Vontier Corp. | | 10,200 | 302,328 |
| | | | 13,916,018 |
| IT Services - 2.6% | | | |
| Amdocs Ltd. | | 72,310 | 6,809,433 |
| Gartner, Inc. (a) | | 10,810 | 3,706,317 |
| GoDaddy, Inc. (a) | | 108,735 | 7,978,974 |
| Kyndryl Holdings, Inc. (a) | | 112,940 | 1,418,526 |
| MongoDB, Inc. Class A (a) | | 7,555 | 2,219,583 |
| Twilio, Inc. Class A (a)(b) | | 178,839 | 12,450,771 |
| Wix.com Ltd. (a) | | 107,733 | 8,211,409 |
| | | | 42,795,013 |
| Semiconductors & Semiconductor Equipment - 2.5% | | | |
| Allegro MicroSystems LLC (a) | | 74,202 | 2,918,365 |
| Cirrus Logic, Inc. (a) | | 62,443 | 4,850,572 |
| Enphase Energy, Inc. (a) | | 52,091 | 9,057,583 |
| First Solar, Inc. (a) | | 3,893 | 790,123 |
| Lattice Semiconductor Corp. (a) | | 123,926 | 10,076,423 |
| Monolithic Power Systems, Inc. | | 9,400 | 4,605,154 |
| onsemi (a) | | 34,680 | 2,899,248 |
| Qorvo, Inc. (a) | | 68,530 | 6,665,228 |
| | | | 41,862,696 |
| Software - 8.9% | | | |
| AppLovin Corp. (a)(b) | | 23,109 | 577,956 |
| Cadence Design Systems, Inc. (a) | | 74,788 | 17,269,297 |
| DocuSign, Inc. (a) | | 104,275 | 5,881,110 |
| Dropbox, Inc. Class A (a) | | 455,875 | 10,494,243 |
| Fortinet, Inc. (a) | | 187,854 | 12,836,064 |
| HubSpot, Inc. (a) | | 23,655 | 12,253,053 |
| Manhattan Associates, Inc. (a) | | 5,599 | 1,015,771 |
| New Relic, Inc. (a) | | 130,105 | 9,165,897 |
| Nutanix, Inc. Class A (a) | | 108,285 | 3,207,402 |
| Palo Alto Networks, Inc. (a) | | 41,377 | 8,829,438 |
| RingCentral, Inc. (a) | | 279,846 | 9,710,656 |
| Splunk, Inc. (a) | | 122,453 | 12,158,358 |
| Synopsys, Inc. (a) | | 47,193 | 21,470,934 |
| Teradata Corp. (a) | | 213,888 | 10,022,792 |
| Unity Software, Inc. (a)(b) | | 23,380 | 694,854 |
| Workday, Inc. Class A (a) | | 44,265 | 9,383,737 |
| Zoom Video Communications, Inc. Class A (a) | | 85,072 | 5,710,883 |
| | | | 150,682,445 |
| Technology Hardware, Storage & Peripherals - 0.3% | | | |
| Pure Storage, Inc. Class A (a) | | 183,356 | 5,278,819 |
| Western Digital Corp. (a) | | 5,287 | 204,766 |
| | | | 5,483,585 |
TOTAL INFORMATION TECHNOLOGY | | | 291,436,087 |
| MATERIALS - 6.6% | | | |
| Chemicals - 2.7% | | | |
| CF Industries Holdings, Inc. | | 14,410 | 886,359 |
| Corteva, Inc. | | 273,981 | 14,655,244 |
| Element Solutions, Inc. | | 435,740 | 7,812,818 |
| Ginkgo Bioworks Holdings, Inc. Class A (a)(b) | | 1,222,016 | 1,930,785 |
| Olin Corp. | | 103,514 | 4,897,247 |
| The Chemours Co. LLC | | 314,872 | 8,340,959 |
| Westlake Corp. | | 75,951 | 7,895,106 |
| | | | 46,418,518 |
| Construction Materials - 1.6% | | | |
| Martin Marietta Materials, Inc. | | 32,749 | 13,035,412 |
| Vulcan Materials Co. | | 68,054 | 13,304,557 |
| | | | 26,339,969 |
| Containers & Packaging - 0.7% | | | |
| Avery Dennison Corp. | | 7,769 | 1,251,819 |
| Berry Global Group, Inc. | | 27,678 | 1,583,458 |
| Graphic Packaging Holding Co. | | 82,513 | 1,972,061 |
| Sealed Air Corp. | | 41,010 | 1,552,229 |
| Sonoco Products Co. | | 9,653 | 577,829 |
| WestRock Co. | | 146,076 | 4,091,589 |
| | | | 11,028,985 |
| Metals & Mining - 1.6% | | | |
| Nucor Corp. | | 104,629 | 13,817,306 |
| Reliance Steel & Aluminum Co. | | 11,211 | 2,630,997 |
| Steel Dynamics, Inc. | | 116,027 | 10,662,881 |
| United States Steel Corp. (b) | | 19,186 | 401,371 |
| | | | 27,512,555 |
TOTAL MATERIALS | | | 111,300,027 |
| REAL ESTATE - 6.4% | | | |
| Equity Real Estate Investment Trusts (REITs) - 5.9% | | | |
| Apartment Income (REIT) Corp. | | 48,265 | 1,674,313 |
| Boston Properties, Inc. | | 4,976 | 242,182 |
| Brixmor Property Group, Inc. | | 79,029 | 1,582,951 |
| EastGroup Properties, Inc. | | 6,236 | 1,026,508 |
| EPR Properties | | 37,400 | 1,559,954 |
| Federal Realty Investment Trust (SBI) | | 29,966 | 2,643,001 |
| Gaming & Leisure Properties | | 166,260 | 8,003,756 |
| Highwoods Properties, Inc. (SBI) | | 137,264 | 2,838,620 |
| Invitation Homes, Inc. | | 46,509 | 1,575,725 |
| Iron Mountain, Inc. | | 19,329 | 1,032,555 |
| Kilroy Realty Corp. | | 88,063 | 2,390,030 |
| Life Storage, Inc. | | 1,727 | 220,003 |
| National Retail Properties, Inc. | | 235,163 | 10,003,834 |
| National Storage Affiliates Trust | | 244,108 | 8,936,794 |
| Park Hotels & Resorts, Inc. | | 294,350 | 3,808,889 |
| Public Storage | | 30,492 | 8,638,384 |
| Regency Centers Corp. | | 123,902 | 6,971,966 |
| Rexford Industrial Realty, Inc. | | 34,130 | 1,858,037 |
| Ryman Hospitality Properties, Inc. | | 48,503 | 4,449,180 |
| SBA Communications Corp. Class A | | 31,105 | 6,898,467 |
| Simon Property Group, Inc. | | 101,063 | 10,626,774 |
| Spirit Realty Capital, Inc. | | 123,920 | 4,840,315 |
| VICI Properties, Inc. | | 239,763 | 7,415,870 |
| | | | 99,238,108 |
| Real Estate Management & Development - 0.5% | | | |
| Zillow Group, Inc.: | | | |
| Class A (a) | | 83,334 | 3,732,530 |
| Class C (a) | | 119,395 | 5,445,606 |
| | | | 9,178,136 |
TOTAL REAL ESTATE | | | 108,416,244 |
| UTILITIES - 4.3% | | | |
| Electric Utilities - 1.1% | | | |
| Entergy Corp. | | 7,631 | 749,364 |
| FirstEnergy Corp. | | 174,659 | 6,530,500 |
| Hawaiian Electric Industries, Inc. | | 217,248 | 7,801,376 |
| OGE Energy Corp. | | 5,798 | 204,553 |
| Xcel Energy, Inc. | | 46,015 | 3,004,319 |
| | | | 18,290,112 |
| Gas Utilities - 0.4% | | | |
| National Fuel Gas Co. | | 96,811 | 4,928,648 |
| UGI Corp. | | 95,187 | 2,662,380 |
| | | | 7,591,028 |
| Independent Power and Renewable Electricity Producers - 1.1% | | | |
| Brookfield Renewable Corp. | | 81,035 | 2,721,155 |
| Clearway Energy, Inc.: | | | |
| Class A | | 26,053 | 715,936 |
| Class C | | 133,764 | 3,843,040 |
| The AES Corp. | | 412,457 | 8,141,901 |
| Vistra Corp. | | 149,065 | 3,573,088 |
| | | | 18,995,120 |
| Multi-Utilities - 1.7% | | | |
| Consolidated Edison, Inc. | | 117,416 | 10,954,913 |
| DTE Energy Co. | | 4,914 | 528,746 |
| NiSource, Inc. | | 166,710 | 4,482,832 |
| WEC Energy Group, Inc. | | 143,212 | 12,509,568 |
| | | | 28,476,059 |
TOTAL UTILITIES | | | 73,352,319 |
| TOTAL COMMON STOCKS (Cost $1,565,372,447) | | | 1,669,055,599 |
| | | | |
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 Trustees (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.
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
