Quarterly Holdings Report
for
Strategic Advisers® Small-Mid Cap Fund
Offered exclusively to certain managed account clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public
November 30, 2023
SMC-NPRT3-0124
1.912861.113
Common Stocks - 79.0% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 2.1% | |||
Diversified Telecommunication Services - 0.1% | |||
Bandwidth, Inc. (a) | 3,583 | 39,341 | |
Cogent Communications Group, Inc. | 65,027 | 4,152,624 | |
EchoStar Holding Corp. Class A (a) | 30,491 | 319,241 | |
Frontier Communications Parent, Inc. (a) | 9,496 | 207,867 | |
GCI Liberty, Inc. Class A (b) | 106,534 | 1 | |
Iridium Communications, Inc. | 148,359 | 5,652,478 | |
Liberty Latin America Ltd. Class A (a) | 360 | 2,437 | |
Ooma, Inc. (a) | 6,321 | 73,324 | |
10,447,313 | |||
Entertainment - 0.2% | |||
Atlanta Braves Holdings, Inc. | 1,064 | 38,251 | |
Cinemark Holdings, Inc. (a) | 1,218 | 17,357 | |
Lions Gate Entertainment Corp. Class A (a) | 2,430 | 21,457 | |
Live Nation Entertainment, Inc. (a) | 61,975 | 5,219,535 | |
Marcus Corp. | 6,913 | 96,160 | |
Playtika Holding Corp. (a) | 167,500 | 1,455,575 | |
Roku, Inc. Class A (a) | 11,161 | 1,162,976 | |
Take-Two Interactive Software, Inc. (a) | 35,582 | 5,629,072 | |
Vivid Seats, Inc. Class A (a)(c) | 258,883 | 2,140,962 | |
15,781,345 | |||
Interactive Media & Services - 1.3% | |||
Angi, Inc. (a) | 6,331 | 14,245 | |
Baidu, Inc. sponsored ADR (a) | 67,324 | 7,988,666 | |
CarGurus, Inc. Class A (a) | 757,176 | 16,370,145 | |
Cars.com, Inc. (a) | 122,464 | 2,280,280 | |
IAC, Inc. (a) | 136,133 | 6,511,241 | |
Match Group, Inc. (a) | 57,177 | 1,851,391 | |
Meta Platforms, Inc. Class A (a) | 13,637 | 4,461,345 | |
QuinStreet, Inc. (a) | 380,058 | 4,746,924 | |
Shutterstock, Inc. (c) | 48,364 | 2,123,663 | |
TripAdvisor, Inc. (a) | 351,460 | 6,266,532 | |
TrueCar, Inc. (a) | 23,334 | 65,102 | |
Yelp, Inc. (a) | 170,890 | 7,469,602 | |
Ziff Davis, Inc. (a) | 517,637 | 33,035,593 | |
ZipRecruiter, Inc. (a)(c) | 934,454 | 12,531,028 | |
105,715,757 | |||
Media - 0.5% | |||
AMC Networks, Inc. Class A (a) | 69,740 | 1,062,838 | |
Cable One, Inc. | 5,596 | 2,977,520 | |
Criteo SA sponsored ADR (a) | 198,212 | 4,939,443 | |
DISH Network Corp. Class A (a) | 3,508 | 12,839 | |
E.W. Scripps Co. Class A (a) | 446 | 3,082 | |
Gray Television, Inc. | 3,370 | 26,050 | |
Interpublic Group of Companies, Inc. | 104,882 | 3,224,073 | |
Liberty Media Corp. Liberty SiriusXM Class A | 2,130 | 57,382 | |
Nexstar Broadcasting Group, Inc. Class A | 119,530 | 16,964,893 | |
Paramount Global Class B (c) | 68,600 | 985,782 | |
TechTarget, Inc. (a) | 710 | 21,016 | |
TEGNA, Inc. | 665,544 | 10,202,790 | |
Thryv Holdings, Inc. (a) | 44,080 | 784,183 | |
41,261,891 | |||
Wireless Telecommunication Services - 0.0% | |||
Telephone & Data Systems, Inc. | 9,301 | 183,230 | |
TOTAL COMMUNICATION SERVICES | 173,389,536 | ||
CONSUMER DISCRETIONARY - 9.7% | |||
Automobile Components - 0.7% | |||
Adient PLC (a) | 24,807 | 798,785 | |
Autoliv, Inc. (c) | 19,160 | 1,985,359 | |
BorgWarner, Inc. | 133,700 | 4,504,353 | |
Dana, Inc. | 329,474 | 4,352,352 | |
Fox Factory Holding Corp. (a) | 36,677 | 2,292,679 | |
Gentex Corp. | 220,819 | 6,715,106 | |
LCI Industries (c) | 84,621 | 9,182,225 | |
Lear Corp. (c) | 57,352 | 7,670,830 | |
Modine Manufacturing Co. (a) | 275,395 | 13,549,434 | |
Patrick Industries, Inc. | 2,240 | 183,770 | |
Phinia, Inc. (c) | 26,740 | 681,870 | |
Standard Motor Products, Inc. | 465 | 16,726 | |
The Goodyear Tire & Rubber Co. (a) | 758,699 | 10,538,329 | |
Visteon Corp. (a) | 3,797 | 450,590 | |
62,922,408 | |||
Automobiles - 0.1% | |||
Harley-Davidson, Inc. (c) | 132,600 | 3,976,674 | |
Thor Industries, Inc. (c) | 18,194 | 1,802,480 | |
Winnebago Industries, Inc. | 34,600 | 2,236,198 | |
8,015,352 | |||
Broadline Retail - 0.1% | |||
1stDibs.com, Inc. (a) | 353,741 | 1,510,474 | |
Dillard's, Inc. Class A (c) | 4,650 | 1,613,969 | |
Global-e Online Ltd. (a)(c) | 14,270 | 488,748 | |
Kohl's Corp. (c) | 91,022 | 2,134,466 | |
Macy's, Inc. (c) | 194,484 | 3,084,516 | |
PDD Holdings, Inc. ADR (a) | 29,109 | 4,291,831 | |
13,124,004 | |||
Distributors - 0.8% | |||
LKQ Corp. | 676,995 | 30,146,587 | |
Pool Corp. | 98,496 | 34,209,631 | |
64,356,218 | |||
Diversified Consumer Services - 1.0% | |||
ADT, Inc. (c) | 1,888,236 | 11,083,945 | |
Bright Horizons Family Solutions, Inc. (a)(c) | 305,597 | 26,721,402 | |
Chegg, Inc. (a) | 2,614 | 25,957 | |
Duolingo, Inc. (a) | 115 | 24,413 | |
Frontdoor, Inc. (a) | 190,499 | 6,539,831 | |
Grand Canyon Education, Inc. (a) | 147,437 | 20,157,587 | |
H&R Block, Inc. | 404 | 18,350 | |
Laureate Education, Inc. Class A | 468,806 | 6,155,423 | |
Nerdy, Inc. Class A (a) | 1,320,204 | 3,432,530 | |
Perdoceo Education Corp. | 63,758 | 1,110,664 | |
Service Corp. International | 144,657 | 8,863,134 | |
Stride, Inc. (a) | 41,748 | 2,529,094 | |
WW International, Inc. (a)(c) | 49,871 | 359,570 | |
87,021,900 | |||
Hotels, Restaurants & Leisure - 1.6% | |||
Bally's Corp. (a) | 257 | 2,961 | |
Bloomin' Brands, Inc. (c) | 246,968 | 5,764,233 | |
Bowlero Corp. Class A (a)(c) | 939,543 | 9,658,502 | |
Boyd Gaming Corp. | 86,346 | 5,098,731 | |
Cava Group, Inc. (c) | 40,724 | 1,385,023 | |
Churchill Downs, Inc. | 161,516 | 18,698,707 | |
Dave & Buster's Entertainment, Inc. (a)(c) | 51,352 | 2,107,486 | |
Dine Brands Global, Inc. (c) | 99,048 | 4,305,617 | |
Everi Holdings, Inc. (a) | 8,650 | 90,393 | |
Expedia, Inc. (a) | 16,719 | 2,276,793 | |
Genius Sports Ltd. (a)(c) | 1,199,207 | 6,655,599 | |
Hilton Grand Vacations, Inc. (a) | 4,990 | 170,957 | |
International Game Technology PLC (c) | 59,940 | 1,602,196 | |
Jack in the Box, Inc. (c) | 17,400 | 1,258,020 | |
Krispy Kreme, Inc. (c) | 271,738 | 3,532,594 | |
Kura Sushi U.S.A., Inc. Class A (a) | 38,970 | 2,434,846 | |
Marriott Vacations Worldwide Corp. | 3,957 | 288,465 | |
MGM Resorts International | 54,532 | 2,150,742 | |
Papa John's International, Inc. (c) | 69,555 | 4,537,768 | |
Planet Fitness, Inc. (a) | 166,270 | 11,296,384 | |
Shake Shack, Inc. Class A (a) | 504 | 30,522 | |
Sportradar Holding AG (a)(c) | 385,425 | 3,877,376 | |
Sweetgreen, Inc. Class A (a) | 391,653 | 3,685,455 | |
Texas Roadhouse, Inc. Class A | 81,405 | 9,162,947 | |
TH International Ltd. (a)(c) | 1,386,629 | 2,634,595 | |
Vail Resorts, Inc. | 73,180 | 15,902,746 | |
Wendy's Co. (c) | 566,213 | 10,616,494 | |
Wingstop, Inc. | 13,684 | 3,289,086 | |
132,515,238 | |||
Household Durables - 1.3% | |||
Beazer Homes U.S.A., Inc. (a) | 2,897 | 76,220 | |
Cavco Industries, Inc. (a) | 7,640 | 2,160,439 | |
Century Communities, Inc. | 6,023 | 434,499 | |
Ethan Allen Interiors, Inc. | 17,266 | 463,419 | |
Helen of Troy Ltd. (a) | 587 | 61,653 | |
Installed Building Products, Inc. (c) | 57,405 | 8,640,027 | |
KB Home | 387 | 20,163 | |
La-Z-Boy, Inc. (c) | 123,103 | 4,331,995 | |
Leggett & Platt, Inc. | 19,627 | 448,869 | |
M.D.C. Holdings, Inc. | 6,062 | 268,304 | |
M/I Homes, Inc. (a) | 597 | 62,989 | |
Meritage Homes Corp. | 34,738 | 4,908,479 | |
Mohawk Industries, Inc. (a) | 67,645 | 5,973,730 | |
NVR, Inc. (a) | 318 | 1,957,414 | |
PulteGroup, Inc. | 194,020 | 17,155,248 | |
SharkNinja Hong Kong Co. Ltd. | 37,023 | 1,740,081 | |
Skyline Champion Corp. (a) | 251,986 | 15,167,037 | |
Taylor Morrison Home Corp. (a) | 220,173 | 9,929,802 | |
Tempur Sealy International, Inc. | 99,252 | 4,001,841 | |
Toll Brothers, Inc. | 145,285 | 12,478,529 | |
TopBuild Corp. (a) | 31,325 | 9,265,309 | |
TRI Pointe Homes, Inc. (a) | 99,541 | 2,904,606 | |
Whirlpool Corp. (c) | 28,700 | 3,125,430 | |
105,576,083 | |||
Leisure Products - 0.4% | |||
Brunswick Corp. (c) | 261,866 | 20,653,371 | |
Malibu Boats, Inc. Class A (a) | 56,386 | 2,494,517 | |
MasterCraft Boat Holdings, Inc. (a) | 16,546 | 330,920 | |
Polaris, Inc. | 54,571 | 4,500,470 | |
Sturm, Ruger & Co., Inc. | 15,661 | 688,458 | |
Topgolf Callaway Brands Corp. (a)(c) | 159,389 | 1,954,109 | |
YETI Holdings, Inc. (a) | 8,687 | 370,414 | |
30,992,259 | |||
Specialty Retail - 2.6% | |||
1-800-FLOWERS.com, Inc. Class A (a) | 1,799 | 15,885 | |
Abercrombie & Fitch Co. Class A (a) | 7,141 | 541,930 | |
Academy Sports & Outdoors, Inc. | 76,964 | 3,915,159 | |
Advance Auto Parts, Inc. (c) | 61,857 | 3,141,717 | |
America's Car Mart, Inc. (a) | 217 | 17,332 | |
AutoNation, Inc. (a) | 93 | 12,580 | |
Bath & Body Works, Inc. | 233,025 | 7,601,276 | |
Boot Barn Holdings, Inc. (a) | 51,539 | 3,776,778 | |
Burlington Stores, Inc. (a) | 94,104 | 15,959,097 | |
Caleres, Inc. (c) | 65,682 | 1,994,106 | |
CarParts.com, Inc. (a) | 295,632 | 904,634 | |
Carvana Co. Class A (a) | 2,071 | 64,864 | |
Dick's Sporting Goods, Inc. | 56,370 | 7,333,737 | |
Duluth Holdings, Inc. (a) | 257 | 1,288 | |
Five Below, Inc. (a) | 69,257 | 13,052,174 | |
Floor & Decor Holdings, Inc. Class A (a)(c) | 24,805 | 2,274,867 | |
Foot Locker, Inc. (c) | 152,207 | 4,098,935 | |
Group 1 Automotive, Inc. (c) | 18,343 | 5,174,560 | |
GrowGeneration Corp. (a) | 9,807 | 26,087 | |
Guess?, Inc. | 1,264 | 27,833 | |
Haverty Furniture Companies, Inc. (c) | 97,664 | 3,060,790 | |
Leslie's, Inc. (a)(c) | 265,689 | 1,309,847 | |
Lithia Motors, Inc. Class A (sub. vtg.) (c) | 43,523 | 11,620,206 | |
MarineMax, Inc. (a) | 1,163 | 34,692 | |
Monro, Inc. (c) | 29,663 | 857,854 | |
Murphy U.S.A., Inc. | 85,548 | 31,614,263 | |
MYT Netherlands Parent BV ADR (a) | 281,692 | 873,245 | |
National Vision Holdings, Inc. (a) | 729,562 | 13,460,419 | |
Penske Automotive Group, Inc. (c) | 42,356 | 6,323,751 | |
Petco Health & Wellness Co., Inc. (a) | 102,364 | 309,139 | |
Revolve Group, Inc. (a)(c) | 338,698 | 4,511,457 | |
RH (a) | 14,388 | 3,884,328 | |
Sally Beauty Holdings, Inc. (a) | 567,309 | 5,485,878 | |
Signet Jewelers Ltd. (c) | 85,462 | 7,023,267 | |
Stitch Fix, Inc. (a) | 17,339 | 64,848 | |
The Aaron's Co., Inc. | 174,071 | 1,533,566 | |
The Buckle, Inc. | 75,453 | 2,909,468 | |
The Children's Place, Inc. (a) | 2,458 | 55,920 | |
The ODP Corp. (a) | 66,800 | 3,042,740 | |
Upbound Group, Inc. | 915 | 26,627 | |
Valvoline, Inc. (c) | 617,506 | 21,143,405 | |
Warby Parker, Inc. (a) | 395,331 | 4,115,396 | |
Wayfair LLC Class A (a) | 46,078 | 2,571,152 | |
Williams-Sonoma, Inc. (c) | 97,843 | 18,349,476 | |
214,116,573 | |||
Textiles, Apparel & Luxury Goods - 1.1% | |||
Capri Holdings Ltd. (a) | 49,100 | 2,378,404 | |
Crocs, Inc. (a) | 51,870 | 5,477,991 | |
Deckers Outdoor Corp. (a) | 29,510 | 19,593,755 | |
Fossil Group, Inc. (a) | 1,317 | 1,449 | |
G-III Apparel Group Ltd. (a) | 2,456 | 70,659 | |
PVH Corp. | 139,782 | 13,667,884 | |
Ralph Lauren Corp. | 88,961 | 11,509,774 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 289,384 | 17,047,611 | |
Steven Madden Ltd. | 132,163 | 5,011,621 | |
Tapestry, Inc. | 222,597 | 7,049,647 | |
Under Armour, Inc. Class C (non-vtg.) (a)(c) | 861,687 | 6,600,522 | |
88,409,317 | |||
TOTAL CONSUMER DISCRETIONARY | 807,049,352 | ||
CONSUMER STAPLES - 4.0% | |||
Beverages - 0.4% | |||
Celsius Holdings, Inc. (a)(c) | 66,504 | 3,292,613 | |
Coca-Cola Bottling Co. Consolidated | 4,349 | 3,194,427 | |
Duckhorn Portfolio, Inc. (a) | 40,302 | 413,902 | |
Molson Coors Beverage Co. Class B | 263,869 | 16,238,498 | |
National Beverage Corp. (a)(c) | 28,627 | 1,360,928 | |
Primo Water Corp. | 672,963 | 9,670,478 | |
34,170,846 | |||
Consumer Staples Distribution & Retail - 1.2% | |||
Albertsons Companies, Inc. | 149,300 | 3,250,261 | |
Andersons, Inc. | 874 | 43,578 | |
BJ's Wholesale Club Holdings, Inc. (a) | 496,617 | 32,071,526 | |
Casey's General Stores, Inc. | 48,804 | 13,440,622 | |
Grocery Outlet Holding Corp. (a) | 74,770 | 2,109,262 | |
Ingles Markets, Inc. Class A | 106,729 | 8,711,221 | |
Performance Food Group Co. (a) | 356,792 | 23,209,320 | |
PriceSmart, Inc. | 28,838 | 1,943,393 | |
SpartanNash Co. | 74,111 | 1,643,041 | |
Sprouts Farmers Market LLC (a) | 130,042 | 5,602,209 | |
U.S. Foods Holding Corp. (a) | 98,773 | 4,329,221 | |
Weis Markets, Inc. (c) | 15,503 | 935,606 | |
97,289,260 | |||
Food Products - 1.2% | |||
Conagra Brands, Inc. | 106,200 | 3,004,398 | |
Flowers Foods, Inc. | 167,149 | 3,478,371 | |
Fresh Del Monte Produce, Inc. | 6,352 | 144,826 | |
Freshpet, Inc. (a)(c) | 27,477 | 1,949,493 | |
Ingredion, Inc. | 141,266 | 14,478,352 | |
John B. Sanfilippo & Son, Inc. | 8,464 | 779,027 | |
Lamb Weston Holdings, Inc. | 326,205 | 32,630,286 | |
Lancaster Colony Corp. (c) | 73,148 | 12,135,253 | |
Nomad Foods Ltd. (a) | 1,122,399 | 18,126,744 | |
Pilgrim's Pride Corp. (a) | 13,184 | 336,983 | |
SunOpta, Inc. (a) | 1,457,629 | 7,200,687 | |
The Hain Celestial Group, Inc. (a) | 356,708 | 3,770,404 | |
The Simply Good Foods Co. (a) | 57,561 | 2,229,913 | |
Tootsie Roll Industries, Inc. | 16,190 | 535,727 | |
Vital Farms, Inc. (a) | 29,885 | 398,068 | |
101,198,532 | |||
Household Products - 0.3% | |||
Central Garden & Pet Co. Class A (non-vtg.) (a) | 11,834 | 429,338 | |
Reynolds Consumer Products, Inc. | 275,500 | 7,229,120 | |
Spectrum Brands Holdings, Inc. (c) | 204,331 | 14,166,268 | |
WD-40 Co. | 12,825 | 3,102,111 | |
24,926,837 | |||
Personal Care Products - 0.6% | |||
BellRing Brands, Inc. (a) | 59,391 | 3,141,784 | |
elf Beauty, Inc. (a) | 224,997 | 26,569,896 | |
Herbalife Ltd. (a)(c) | 152,502 | 1,964,226 | |
Inter Parfums, Inc. | 66,876 | 8,370,200 | |
MediFast, Inc. (c) | 11,426 | 758,458 | |
Nu Skin Enterprises, Inc. Class A | 46,091 | 784,469 | |
The Honest Co., Inc. (a)(c) | 3,527,072 | 8,429,702 | |
USANA Health Sciences, Inc. (a) | 10,578 | 499,916 | |
50,518,651 | |||
Tobacco - 0.3% | |||
Turning Point Brands, Inc. | 272,240 | 6,215,239 | |
Universal Corp. | 275 | 15,472 | |
Vector Group Ltd. | 1,651,106 | 17,683,345 | |
23,914,056 | |||
TOTAL CONSUMER STAPLES | 332,018,182 | ||
ENERGY - 3.6% | |||
Energy Equipment & Services - 0.6% | |||
Borr Drilling Ltd. (a) | 264,972 | 1,669,324 | |
Cactus, Inc. | 39,629 | 1,683,836 | |
Championx Corp. | 493,219 | 14,461,181 | |
Expro Group Holdings NV (a) | 169,631 | 2,637,762 | |
Helix Energy Solutions Group, Inc. (a) | 4,214 | 39,274 | |
Helmerich & Payne, Inc. | 24,805 | 898,685 | |
Noble Corp. PLC | 56,218 | 2,593,899 | |
Patterson-UTI Energy, Inc. | 112,892 | 1,321,965 | |
ProPetro Holding Corp. (a) | 192,193 | 1,750,878 | |
RPC, Inc. | 13,398 | 97,136 | |
Select Water Solutions, Inc. Class A (c) | 200,903 | 1,498,736 | |
TechnipFMC PLC (c) | 664,348 | 13,765,291 | |
Tidewater, Inc. (a) | 32,101 | 1,928,628 | |
U.S. Silica Holdings, Inc. (a) | 142,841 | 1,611,246 | |
Weatherford International PLC (a) | 56,520 | 5,125,799 | |
51,083,640 | |||
Oil, Gas & Consumable Fuels - 3.0% | |||
APA Corp. | 114,935 | 4,137,660 | |
Ardmore Shipping Corp. (c) | 35,030 | 476,408 | |
Berry Corp. | 177,200 | 1,272,296 | |
California Resources Corp. (c) | 62,900 | 3,221,109 | |
Callon Petroleum Co. (a) | 50,300 | 1,572,881 | |
Cameco Corp. (c) | 427,955 | 19,651,694 | |
Chesapeake Energy Corp. (c) | 27,858 | 2,237,276 | |
Civitas Resources, Inc. (c) | 39,600 | 2,720,124 | |
CNX Resources Corp. (a) | 112,300 | 2,342,578 | |
CONSOL Energy, Inc. | 30,126 | 3,213,540 | |
Crescent Energy, Inc. Class A (c) | 35,205 | 401,337 | |
Crescent Point Energy Corp. (c) | 481,564 | 3,390,211 | |
CVR Energy, Inc. | 20,752 | 659,291 | |
Delek U.S. Holdings, Inc. | 206,771 | 5,611,765 | |
DHT Holdings, Inc. | 498,211 | 4,962,182 | |
DT Midstream, Inc. (c) | 139,040 | 7,965,602 | |
Enerplus Corp. | 123,908 | 1,965,181 | |
Enviva, Inc. | 1,274 | 1,554 | |
Green Plains, Inc. (a) | 191,843 | 4,773,054 | |
HF Sinclair Corp. | 503,006 | 26,397,755 | |
International Seaways, Inc. | 113,820 | 5,194,745 | |
Kosmos Energy Ltd. (a) | 806,724 | 5,477,656 | |
Magnolia Oil & Gas Corp. Class A | 411,498 | 8,847,207 | |
Matador Resources Co. | 148,703 | 8,606,930 | |
National Energy Services Reunited Corp. (a) | 238,866 | 1,134,614 | |
Navigator Holdings Ltd. (c) | 287,428 | 4,196,449 | |
New Fortress Energy, Inc. (c) | 338,149 | 13,011,974 | |
Nordic American Tanker Shipping Ltd. | 578,495 | 2,244,561 | |
Northern Oil & Gas, Inc. | 103,214 | 3,862,268 | |
Overseas Shipholding Group, Inc. (a) | 423,293 | 2,052,971 | |
Ovintiv, Inc. | 125,443 | 5,562,143 | |
Par Pacific Holdings, Inc. (a) | 112,411 | 3,852,325 | |
PBF Energy, Inc. Class A | 143,392 | 6,366,605 | |
Permian Resource Corp. Class A (c) | 798,483 | 10,492,067 | |
Plains GP Holdings LP Class A | 30,372 | 490,812 | |
Range Resources Corp. | 68,533 | 2,227,323 | |
Rex American Resources Corp. (a) | 1,026 | 50,295 | |
Scorpio Tankers, Inc. | 131,303 | 7,207,222 | |
SM Energy Co. | 420,015 | 15,729,562 | |
Southwestern Energy Co. (a) | 209,602 | 1,381,277 | |
Texas Pacific Land Corp. | 53 | 88,613 | |
Unit Corp. | 29,101 | 1,545,845 | |
Viper Energy, Inc. | 814,707 | 25,109,270 | |
Vital Energy, Inc. (a) | 272 | 12,196 | |
Vitesse Energy, Inc. (c) | 13,405 | 316,760 | |
Whitecap Resources, Inc. | 933,119 | 6,475,846 | |
World Kinect Corp. (c) | 319,229 | 6,716,578 | |
245,227,612 | |||
TOTAL ENERGY | 296,311,252 | ||
FINANCIALS - 11.8% | |||
Banks - 3.2% | |||
1st Source Corp. | 1,410 | 68,145 | |
Ameris Bancorp | 48,109 | 2,048,481 | |
Axos Financial, Inc. (a) | 637 | 24,378 | |
Banc of California, Inc. | 608 | 7,028 | |
Bancorp, Inc., Delaware (a) | 51,675 | 2,015,842 | |
Bank OZK | 986 | 41,274 | |
BankUnited, Inc. | 187,614 | 5,176,270 | |
Berkshire Hills Bancorp, Inc. | 102,709 | 2,149,699 | |
Brookline Bancorp, Inc., Delaware | 971 | 9,254 | |
Cathay General Bancorp | 102,900 | 3,774,372 | |
Citizens Financial Group, Inc. | 86,200 | 2,350,674 | |
Coastal Financial Corp. of Washington (a) | 12,053 | 470,911 | |
Columbia Banking Systems, Inc. | 364,548 | 8,176,812 | |
Comerica, Inc. | 221,917 | 10,035,087 | |
Commerce Bancshares, Inc. | 181,180 | 9,162,273 | |
ConnectOne Bancorp, Inc. | 8,912 | 175,210 | |
CrossFirst Bankshares, Inc. (a) | 5,944 | 66,692 | |
Cullen/Frost Bankers, Inc. | 114,295 | 11,234,056 | |
Customers Bancorp, Inc. (a) | 661 | 29,791 | |
Dime Community Bancshares, Inc. | 62,427 | 1,254,783 | |
East West Bancorp, Inc. | 291,258 | 18,325,953 | |
Eastern Bankshares, Inc. | 2,759 | 32,998 | |
Enterprise Financial Services Corp. | 8,942 | 350,616 | |
Equity Bancshares, Inc. | 825 | 20,815 | |
Esquire Financial Holdings, Inc. | 6,508 | 303,078 | |
FB Financial Corp. | 6,010 | 201,696 | |
Fifth Third Bancorp | 94,000 | 2,721,300 | |
First Bancorp, Puerto Rico | 486,910 | 7,303,650 | |
First Citizens Bancshares, Inc. | 19,460 | 28,565,139 | |
First Financial Bankshares, Inc. | 2,007 | 52,684 | |
First Hawaiian, Inc. | 380,500 | 7,476,825 | |
First Interstate Bancsystem, Inc. | 276,633 | 7,162,028 | |
First Merchants Corp. | 65,275 | 2,001,984 | |
Flushing Financial Corp. | 1,003 | 14,172 | |
FNB Corp., Pennsylvania | 166,952 | 2,001,754 | |
Fulton Financial Corp. | 203,500 | 2,895,805 | |
Hancock Whitney Corp. | 133,482 | 5,506,133 | |
Hanmi Financial Corp. | 108,800 | 1,810,432 | |
Heartland Financial U.S.A., Inc. | 1,133 | 35,044 | |
Heritage Commerce Corp. | 5,587 | 47,434 | |
HomeStreet, Inc. | 81,800 | 552,150 | |
HomeTrust Bancshares, Inc. | 2,595 | 59,893 | |
Hope Bancorp, Inc. | 278,100 | 2,725,380 | |
Horizon Bancorp, Inc. Indiana | 10,022 | 109,140 | |
Huntington Bancshares, Inc. | 266,017 | 2,995,351 | |
Independent Bank Corp. | 2,193 | 47,413 | |
Independent Bank Group, Inc. | 1,029 | 39,802 | |
International Bancshares Corp. | 9,601 | 430,797 | |
KeyCorp | 239,300 | 2,964,927 | |
Lakeland Bancorp, Inc. | 21,109 | 261,541 | |
Live Oak Bancshares, Inc. | 2,406 | 80,842 | |
Luther Burbank Corp. | 2,736 | 23,448 | |
Mercantile Bank Corp. | 647 | 22,250 | |
Metropolitan Bank Holding Corp. (a) | 503 | 19,602 | |
Midland States Bancorp, Inc. | 3,825 | 86,369 | |
New York Community Bancorp, Inc. | 682,311 | 6,420,547 | |
OceanFirst Financial Corp. | 861 | 11,933 | |
OFG Bancorp (c) | 100,700 | 3,379,492 | |
Old National Bancorp, Indiana | 232,635 | 3,463,935 | |
PacWest Bancorp | 112,216 | 846,109 | |
Pathward Financial, Inc. | 25,428 | 1,260,975 | |
Peapack-Gladstone Financial Corp. | 49,635 | 1,232,933 | |
Peoples Bancorp, Inc. | 40,051 | 1,178,701 | |
Pinnacle Financial Partners, Inc. | 62,454 | 4,532,287 | |
Preferred Bank, Los Angeles | 50,582 | 3,117,369 | |
Premier Financial Corp. | 12,918 | 257,972 | |
RBB Bancorp | 2,074 | 31,691 | |
Regions Financial Corp. | 259,200 | 4,323,456 | |
Sandy Spring Bancorp, Inc. | 957 | 21,073 | |
ServisFirst Bancshares, Inc. | 127,627 | 6,529,397 | |
Southside Bancshares, Inc. | 332 | 9,107 | |
Southstate Corp. | 53,529 | 3,963,822 | |
Summit Financial Group, Inc. | 3,586 | 83,805 | |
Texas Capital Bancshares, Inc. (a) | 105,089 | 5,767,284 | |
UMB Financial Corp. | 2,963 | 212,329 | |
United Bankshares, Inc., West Virginia | 3,103 | 102,740 | |
Univest Corp. of Pennsylvania | 2,310 | 43,636 | |
Veritex Holdings, Inc. | 102,500 | 1,961,850 | |
Webster Financial Corp. | 145,202 | 6,512,310 | |
WesBanco, Inc. | 48,800 | 1,299,056 | |
Westamerica Bancorp. | 25,177 | 1,276,726 | |
Western Alliance Bancorp. | 318,266 | 16,301,585 | |
Wintrust Financial Corp. | 365,426 | 31,306,045 | |
Zions Bancorp NA | 221,835 | 7,903,981 | |
268,871,623 | |||
Capital Markets - 2.9% | |||
Affiliated Managers Group, Inc. | 50,612 | 6,860,457 | |
Ares Management Corp. | 22,121 | 2,483,082 | |
Artisan Partners Asset Management, Inc. (c) | 68,649 | 2,584,635 | |
Assetmark Financial Holdings, Inc. (a) | 1,520 | 38,973 | |
BGC Group, Inc. Class A | 468,380 | 3,044,470 | |
Blue Owl Capital, Inc. Class A (c) | 136,742 | 1,843,282 | |
Carlyle Group LP (c) | 358,847 | 12,301,275 | |
Cboe Global Markets, Inc. | 150,331 | 27,388,805 | |
Cohen & Steers, Inc. (c) | 26,182 | 1,531,385 | |
Diamond Hill Investment Group, Inc. | 2,807 | 450,776 | |
Donnelley Financial Solutions, Inc. (a) | 30,300 | 1,788,306 | |
Evercore, Inc. Class A | 168,134 | 24,808,172 | |
FactSet Research Systems, Inc. | 24,009 | 10,887,121 | |
Federated Hermes, Inc. | 80,346 | 2,556,610 | |
Hamilton Lane, Inc. Class A | 34,278 | 3,354,102 | |
Houlihan Lokey | 80,810 | 8,704,853 | |
Invesco Ltd. | 91,572 | 1,306,732 | |
Janus Henderson Group PLC | 769 | 20,140 | |
Jefferies Financial Group, Inc. | 127,133 | 4,505,594 | |
LPL Financial | 118,888 | 26,428,802 | |
MarketAxess Holdings, Inc. | 54,073 | 12,984,009 | |
Moelis & Co. Class A (c) | 216,406 | 10,268,465 | |
Morningstar, Inc. | 27,387 | 7,760,380 | |
P10, Inc. (c) | 762,369 | 7,776,164 | |
PJT Partners, Inc. | 49,267 | 4,436,986 | |
SEI Investments Co. | 95,728 | 5,616,362 | |
Sprott, Inc. (c) | 273,858 | 8,911,339 | |
StepStone Group, Inc. Class A | 308,949 | 7,915,273 | |
Stifel Financial Corp. | 95,389 | 5,820,637 | |
Tradeweb Markets, Inc. Class A | 102,317 | 9,914,517 | |
Victory Capital Holdings, Inc. | 67,736 | 2,177,712 | |
Virtu Financial, Inc. Class A | 490,581 | 8,820,646 | |
WisdomTree Investments, Inc. | 1,130,205 | 7,357,635 | |
XP, Inc. Class A | 10,022 | 233,412 | |
242,881,109 | |||
Consumer Finance - 0.4% | |||
Ally Financial, Inc. | 137,800 | 4,026,516 | |
Atlanticus Holdings Corp. (a) | 253 | 7,810 | |
Credit Acceptance Corp. (a) | 168 | 76,776 | |
Encore Capital Group, Inc. (a) | 912 | 40,858 | |
Enova International, Inc. (a) | 35,990 | 1,482,788 | |
FirstCash Holdings, Inc. | 51,212 | 5,735,744 | |
LendingTree, Inc. (a) | 6,706 | 118,696 | |
MoneyLion, Inc. (a) | 630 | 25,969 | |
Navient Corp. (c) | 326,000 | 5,584,380 | |
Nelnet, Inc. Class A | 1,963 | 164,696 | |
OneMain Holdings, Inc. | 8,632 | 365,134 | |
PRA Group, Inc. (a) | 6,426 | 119,074 | |
PROG Holdings, Inc. (a) | 78,766 | 2,147,161 | |
Regional Management Corp. | 73,274 | 1,620,821 | |
SLM Corp. | 740,018 | 11,122,471 | |
World Acceptance Corp. (a) | 30 | 3,344 | |
32,642,238 | |||
Financial Services - 2.3% | |||
Acacia Research Corp. (a)(c) | 2,549,832 | 9,281,388 | |
Affirm Holdings, Inc. (a) | 16,495 | 567,593 | |
Banco Latinoamericano de Comer Series E | 75,700 | 1,844,809 | |
Cannae Holdings, Inc. (a) | 500,938 | 8,996,846 | |
Cass Information Systems, Inc. (c) | 10,781 | 445,794 | |
Enact Holdings, Inc. | 68,192 | 1,889,600 | |
Essent Group Ltd. | 78,300 | 3,785,022 | |
Euronet Worldwide, Inc. (a) | 314,529 | 27,433,219 | |
EVERTEC, Inc. (c) | 225,159 | 8,324,128 | |
Federal Agricultural Mortgage Corp. Class C (non-vtg.) | 32,360 | 5,366,582 | |
FleetCor Technologies, Inc. (a) | 44,924 | 10,804,222 | |
Flywire Corp. (a) | 72,639 | 1,692,489 | |
i3 Verticals, Inc. Class A (a) | 93,833 | 1,888,858 | |
International Money Express, Inc. (a) | 117,410 | 2,447,999 | |
Jack Henry & Associates, Inc. | 125,000 | 19,836,250 | |
MGIC Investment Corp. | 261,047 | 4,591,817 | |
NCR Atleos Corp. | 190,158 | 4,223,409 | |
NMI Holdings, Inc. (a) | 149,364 | 4,107,510 | |
Nuvei Corp. (d) | 121,969 | 2,504,024 | |
PagSeguro Digital Ltd. (a) | 71,273 | 718,432 | |
Payoneer Global, Inc. (a) | 1,215,604 | 6,296,829 | |
PennyMac Financial Services, Inc. | 29,338 | 2,282,203 | |
Radian Group, Inc. | 373,403 | 9,600,191 | |
Repay Holdings Corp. (a) | 274,730 | 2,060,475 | |
Shift4 Payments, Inc. (a) | 132,711 | 8,735,038 | |
StoneCo Ltd. Class A (a) | 16,141 | 251,800 | |
The Western Union Co. | 154,700 | 1,799,161 | |
Toast, Inc. (a) | 7,165 | 106,544 | |
Voya Financial, Inc. (c) | 65,370 | 4,674,609 | |
Walker & Dunlop, Inc. (c) | 23,890 | 2,007,238 | |
WEX, Inc. (a) | 169,485 | 29,927,661 | |
188,491,740 | |||
Insurance - 2.9% | |||
American Equity Investment Life Holding Co. | 59,653 | 3,290,459 | |
American Financial Group, Inc. | 116,081 | 13,278,506 | |
Assurant, Inc. | 14,942 | 2,510,555 | |
Assured Guaranty Ltd. | 61,736 | 4,192,492 | |
Axis Capital Holdings Ltd. | 248,032 | 13,974,123 | |
Brown & Brown, Inc. | 235,149 | 17,575,036 | |
CNA Financial Corp. | 148,634 | 6,261,950 | |
CNO Financial Group, Inc. | 271,075 | 7,183,488 | |
Crawford & Co.: | |||
Class A (c) | 410,965 | 4,594,589 | |
Class B | 124,426 | 1,281,588 | |
Erie Indemnity Co. Class A | 23,567 | 6,967,348 | |
Everest Re Group Ltd. | 73,036 | 29,984,930 | |
Fidelity National Financial, Inc. | 123,218 | 5,525,095 | |
First American Financial Corp. | 62,800 | 3,742,880 | |
Genworth Financial, Inc. Class A (a) | 1,903,678 | 11,212,663 | |
Globe Life, Inc. | 10,634 | 1,309,364 | |
Goosehead Insurance (a)(c) | 19,661 | 1,440,758 | |
Hanover Insurance Group, Inc. | 33,142 | 4,119,551 | |
Kemper Corp. | 80,500 | 3,560,515 | |
Kinsale Capital Group, Inc. (c) | 50,169 | 17,564,167 | |
Lincoln National Corp. | 80,400 | 1,911,912 | |
Mercury General Corp. | 370 | 13,783 | |
Old Republic International Corp. | 209,200 | 6,131,652 | |
Oscar Health, Inc. (a) | 11,976 | 101,796 | |
Primerica, Inc. | 34,229 | 7,171,318 | |
Reinsurance Group of America, Inc. | 40,306 | 6,572,296 | |
RenaissanceRe Holdings Ltd. | 29,997 | 6,430,157 | |
RLI Corp. | 145,911 | 19,785,532 | |
Ryan Specialty Group Holdings, Inc. (a) | 45,581 | 2,090,800 | |
Selective Insurance Group, Inc. | 3,864 | 392,930 | |
Universal Insurance Holdings, Inc. | 16,100 | 273,056 | |
Unum Group | 161,341 | 6,937,663 | |
W.R. Berkley Corp. | 25,894 | 1,878,610 | |
White Mountains Insurance Group Ltd. (c) | 13,419 | 20,556,834 | |
239,818,396 | |||
Mortgage Real Estate Investment Trusts - 0.1% | |||
Annaly Capital Management, Inc. | 93,300 | 1,685,931 | |
Granite Point Mortgage Trust, Inc. | 35,987 | 197,929 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 379 | 9,176 | |
KKR Real Estate Finance Trust, Inc. | 104 | 1,306 | |
Redwood Trust, Inc. | 266,700 | 1,896,237 | |
3,790,579 | |||
TOTAL FINANCIALS | 976,495,685 | ||
HEALTH CARE - 10.5% | |||
Biotechnology - 1.7% | |||
ACADIA Pharmaceuticals, Inc. (a) | 22,745 | 506,759 | |
Agios Pharmaceuticals, Inc. (a)(c) | 149,232 | 3,317,427 | |
Akero Therapeutics, Inc. (a) | 16,170 | 270,686 | |
Arcturus Therapeutics Holdings, Inc. (a) | 131,865 | 3,156,848 | |
Arcus Biosciences, Inc. (a) | 29,197 | 439,707 | |
Ascendis Pharma A/S sponsored ADR (a)(c) | 7,025 | 705,521 | |
Blueprint Medicines Corp. (a) | 21,842 | 1,521,077 | |
BridgeBio Pharma, Inc. (a) | 28,790 | 826,561 | |
Catalyst Pharmaceutical Partners, Inc. (a) | 143,430 | 2,069,695 | |
Crinetics Pharmaceuticals, Inc. (a) | 201,962 | 6,420,372 | |
Emergent BioSolutions, Inc. (a) | 69,028 | 147,720 | |
Enanta Pharmaceuticals, Inc. (a) | 1,230 | 11,488 | |
Exact Sciences Corp. (a) | 14,361 | 919,104 | |
Exelixis, Inc. (a) | 88,122 | 1,921,941 | |
Fate Therapeutics, Inc. (a) | 7,099 | 17,677 | |
Halozyme Therapeutics, Inc. (a) | 394,455 | 15,229,908 | |
Incyte Corp. (a) | 30,300 | 1,646,502 | |
Insmed, Inc. (a) | 257,061 | 6,431,666 | |
Intellia Therapeutics, Inc. (a) | 20,938 | 620,393 | |
Ionis Pharmaceuticals, Inc. (a) | 48 | 2,375 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 459,600 | 4,550,040 | |
iTeos Therapeutics, Inc. (a) | 24,133 | 225,885 | |
Karuna Therapeutics, Inc. (a) | 5,646 | 1,079,572 | |
Legend Biotech Corp. ADR (a) | 95,259 | 5,793,652 | |
Madrigal Pharmaceuticals, Inc. (a) | 3,705 | 753,227 | |
Moonlake Immunotherapeutics (a)(c) | 11,520 | 505,843 | |
Myriad Genetics, Inc. (a) | 118,293 | 2,258,213 | |
Natera, Inc. (a) | 197,994 | 11,077,764 | |
Neurocrine Biosciences, Inc. (a) | 74,501 | 8,686,072 | |
Nurix Therapeutics, Inc. (a) | 2,100 | 13,062 | |
Oyster Point Pharma, Inc. rights (a)(b) | 203,167 | 2 | |
PTC Therapeutics, Inc. (a) | 11,775 | 271,061 | |
Relay Therapeutics, Inc. (a) | 242,626 | 1,919,172 | |
Repare Therapeutics, Inc. (a) | 2,724 | 14,029 | |
Repligen Corp. (a)(c) | 39,191 | 6,162,785 | |
Sage Therapeutics, Inc. (a) | 1,203 | 23,555 | |
Sarepta Therapeutics, Inc. (a) | 7,853 | 638,292 | |
SpringWorks Therapeutics, Inc. (a)(c) | 149,954 | 4,557,102 | |
Ultragenyx Pharmaceutical, Inc. (a) | 127,032 | 4,935,193 | |
United Therapeutics Corp. (a) | 115,318 | 27,676,320 | |
Vanda Pharmaceuticals, Inc. (a) | 19,150 | 71,238 | |
Vaxcyte, Inc. (a) | 20,489 | 1,060,716 | |
Veracyte, Inc. (a) | 400,732 | 10,258,739 | |
Viking Therapeutics, Inc. (a) | 314,892 | 3,847,980 | |
Vir Biotechnology, Inc. (a) | 49,040 | 465,390 | |
Xenon Pharmaceuticals, Inc. (a) | 19,249 | 704,128 | |
143,732,459 | |||
Health Care Equipment & Supplies - 3.1% | |||
Abiomed, Inc. (b) | 14,700 | 40,866 | |
Align Technology, Inc. (a) | 14,760 | 3,155,688 | |
Angiodynamics, Inc. (a) | 28,597 | 186,738 | |
Atricure, Inc. (a) | 44,165 | 1,566,974 | |
Atrion Corp. (c) | 1,254 | 386,671 | |
AxoGen, Inc. (a) | 1,085,739 | 7,111,590 | |
Bausch + Lomb Corp. (a)(c) | 193,514 | 2,982,051 | |
Embecta Corp. | 214,969 | 3,942,531 | |
Enovis Corp. (a) | 7,743 | 382,969 | |
Envista Holdings Corp. (a) | 761,686 | 17,282,655 | |
Globus Medical, Inc. (a) | 310,866 | 13,964,101 | |
Haemonetics Corp. (a) | 68,414 | 5,532,640 | |
ICU Medical, Inc. (a) | 68,784 | 6,036,484 | |
Inari Medical, Inc. (a) | 30,970 | 1,848,599 | |
InMode Ltd. (a) | 17,492 | 415,435 | |
Inogen, Inc. (a) | 35,177 | 204,730 | |
Insulet Corp. (a) | 54,523 | 10,309,754 | |
Integra LifeSciences Holdings Corp. (a) | 302,945 | 11,872,415 | |
iRhythm Technologies, Inc. (a) | 16,677 | 1,422,215 | |
Lantheus Holdings, Inc. (a) | 363,941 | 26,065,454 | |
LeMaitre Vascular, Inc. | 15,094 | 795,454 | |
Masimo Corp. (a) | 36,677 | 3,438,836 | |
Merit Medical Systems, Inc. (a) | 363,627 | 26,021,148 | |
Neogen Corp. (a) | 430,242 | 7,301,207 | |
Nevro Corp. (a) | 256,898 | 4,449,473 | |
Novocure Ltd. (a) | 32,554 | 399,438 | |
Omnicell, Inc. (a) | 49,126 | 1,638,843 | |
Penumbra, Inc. (a) | 872 | 193,662 | |
QuidelOrtho Corp. (a) | 507,537 | 34,883,018 | |
Shockwave Medical, Inc. (a) | 4,450 | 776,748 | |
Staar Surgical Co. (a) | 1,919 | 60,180 | |
STERIS PLC | 145,303 | 29,197,185 | |
Tandem Diabetes Care, Inc. (a) | 217,034 | 4,392,768 | |
Teleflex, Inc. | 32,130 | 7,251,420 | |
The Cooper Companies, Inc. | 35,605 | 11,996,037 | |
TransMedics Group, Inc. (a)(c) | 72,282 | 5,470,302 | |
Varex Imaging Corp. (a) | 2,917 | 54,985 | |
253,031,264 | |||
Health Care Providers & Services - 3.0% | |||
Acadia Healthcare Co., Inc. (a) | 261,192 | 19,064,404 | |
AdaptHealth Corp. (a) | 246 | 2,086 | |
Amedisys, Inc. (a) | 18,743 | 1,753,970 | |
AMN Healthcare Services, Inc. (a) | 151,963 | 10,303,091 | |
Castle Biosciences, Inc. (a) | 329,861 | 6,593,921 | |
Chemed Corp. | 83,218 | 47,184,606 | |
Corvel Corp. (a) | 8,740 | 1,825,436 | |
Cross Country Healthcare, Inc. (a) | 913 | 18,507 | |
DaVita HealthCare Partners, Inc. (a) | 35,500 | 3,601,830 | |
dentalcorp Holdings Ltd. (a)(c) | 2,609,069 | 10,459,733 | |
DocGo, Inc. Class A (a)(c) | 766,018 | 4,328,002 | |
Encompass Health Corp. | 515,119 | 33,570,305 | |
Guardant Health, Inc. (a) | 53,679 | 1,351,100 | |
HealthEquity, Inc. (a) | 320,790 | 21,499,346 | |
Henry Schein, Inc. (a) | 396,740 | 26,474,460 | |
Hims & Hers Health, Inc. (a) | 619,607 | 5,508,306 | |
Molina Healthcare, Inc. (a) | 62,482 | 22,840,920 | |
National Research Corp. Class A | 13,254 | 549,113 | |
Owens & Minor, Inc. (a) | 3,781 | 75,166 | |
Patterson Companies, Inc. | 149,259 | 3,792,671 | |
Pediatrix Medical Group, Inc. (a) | 390,331 | 3,270,974 | |
Premier, Inc. | 75,382 | 1,552,115 | |
Progyny, Inc. (a) | 42,758 | 1,469,165 | |
Quest Diagnostics, Inc. | 23,900 | 3,279,797 | |
RadNet, Inc. (a) | 107,973 | 3,587,943 | |
Select Medical Holdings Corp. | 84,800 | 1,916,480 | |
Surgery Partners, Inc. (a) | 756 | 24,759 | |
Tenet Healthcare Corp. (a) | 124 | 8,557 | |
The Ensign Group, Inc. | 9,366 | 1,002,818 | |
Universal Health Services, Inc. Class B | 96,759 | 13,302,427 | |
250,212,008 | |||
Health Care Technology - 0.5% | |||
American Well Corp. (a) | 2,375 | 3,016 | |
Certara, Inc. (a) | 991,091 | 14,281,621 | |
Doximity, Inc. (a)(c) | 613,579 | 14,265,712 | |
HealthStream, Inc. | 22,902 | 572,550 | |
iCAD, Inc. (a) | 678,124 | 1,091,780 | |
Phreesia, Inc. (a) | 5,345 | 82,366 | |
Simulations Plus, Inc. (c) | 14,926 | 585,099 | |
Teladoc Health, Inc. (a) | 65,215 | 1,183,000 | |
Veradigm, Inc. (a) | 654,868 | 7,517,885 | |
39,583,029 | |||
Life Sciences Tools & Services - 1.8% | |||
Avantor, Inc. (a) | 610,039 | 12,920,626 | |
Azenta, Inc. (a) | 147,861 | 8,334,925 | |
Bio-Rad Laboratories, Inc. Class A (a) | 54,858 | 16,727,301 | |
Bio-Techne Corp. | 226,208 | 14,228,483 | |
BioLife Solutions, Inc. (a) | 173,335 | 2,144,154 | |
Bruker Corp. | 84,051 | 5,470,880 | |
CryoPort, Inc. (a) | 88,242 | 1,237,153 | |
Fortrea Holdings, Inc. | 283,077 | 8,333,787 | |
Gerresheimer AG | 34,026 | 3,216,690 | |
Harvard Bioscience, Inc. (a) | 227,660 | 969,832 | |
ICON PLC (a) | 53,362 | 14,244,452 | |
MaxCyte, Inc. (a)(c) | 1,845,960 | 8,768,310 | |
Medpace Holdings, Inc. (a) | 49,150 | 13,305,888 | |
Pacific Biosciences of California, Inc. (a) | 30,853 | 261,633 | |
Quanterix Corp. (a) | 640,329 | 15,348,686 | |
Seer, Inc. (a) | 40,712 | 65,546 | |
Sotera Health Co. (a)(c) | 686,490 | 9,370,589 | |
West Pharmaceutical Services, Inc. | 30,281 | 10,621,364 | |
145,570,299 | |||
Pharmaceuticals - 0.4% | |||
Amphastar Pharmaceuticals, Inc. (a) | 102,448 | 5,769,871 | |
Arvinas Holding Co. LLC (a) | 197,937 | 4,348,676 | |
Atea Pharmaceuticals, Inc. (a) | 62,986 | 188,328 | |
Corcept Therapeutics, Inc. (a) | 110,546 | 2,815,607 | |
Harmony Biosciences Holdings, Inc. (a) | 865 | 25,137 | |
Innoviva, Inc. (a) | 7,753 | 107,379 | |
Intra-Cellular Therapies, Inc. (a) | 118,033 | 7,243,685 | |
Jazz Pharmaceuticals PLC (a) | 51,800 | 6,124,314 | |
Nuvation Bio, Inc. (a) | 32,930 | 40,833 | |
Pacira Biosciences, Inc. (a) | 488 | 13,313 | |
Perrigo Co. PLC | 45,667 | 1,391,017 | |
Phathom Pharmaceuticals, Inc. (a)(c) | 229,213 | 1,602,199 | |
Prestige Brands Holdings, Inc. (a) | 46,953 | 2,692,755 | |
Royalty Pharma PLC | 55,062 | 1,490,528 | |
Tilray Brands, Inc. Class 2 (a) | 15,485 | 28,028 | |
Viatris, Inc. | 235,900 | 2,165,562 | |
36,047,232 | |||
TOTAL HEALTH CARE | 868,176,291 | ||
INDUSTRIALS - 18.5% | |||
Aerospace & Defense - 1.5% | |||
AAR Corp. (a) | 3,072 | 212,890 | |
Axon Enterprise, Inc. (a) | 71,326 | 16,395,708 | |
BWX Technologies, Inc. | 245,526 | 19,158,394 | |
Curtiss-Wright Corp. | 60,685 | 12,980,522 | |
Hexcel Corp. | 28,103 | 1,947,819 | |
Howmet Aerospace, Inc. | 254,268 | 13,374,497 | |
Huntington Ingalls Industries, Inc. | 14,453 | 3,425,650 | |
Kratos Defense & Security Solutions, Inc. (a) | 510,077 | 9,716,967 | |
Leonardo DRS, Inc. (a) | 192,760 | 3,552,567 | |
Mercury Systems, Inc. (a) | 347,378 | 11,911,592 | |
Moog, Inc. Class A | 29,500 | 4,130,295 | |
Rheinmetall AG ADR | 190,761 | 11,465,690 | |
Rocket Lab U.S.A., Inc. Class A (a)(c) | 220,266 | 964,765 | |
Spirit AeroSystems Holdings, Inc. Class A (a) | 241,411 | 6,636,388 | |
Textron, Inc. | 126,170 | 9,672,192 | |
V2X, Inc. (a) | 5,052 | 214,205 | |
125,760,141 | |||
Air Freight & Logistics - 0.3% | |||
Air Transport Services Group, Inc. (a) | 670,467 | 10,667,130 | |
Forward Air Corp. | 57,164 | 3,631,629 | |
GXO Logistics, Inc. (a) | 178,882 | 10,063,901 | |
Hub Group, Inc. Class A (a) | 31,985 | 2,416,467 | |
26,779,127 | |||
Building Products - 1.7% | |||
A.O. Smith Corp. | 131,260 | 9,891,754 | |
Advanced Drain Systems, Inc. | 338 | 40,935 | |
American Woodmark Corp. (a) | 1,672 | 121,053 | |
Apogee Enterprises, Inc. | 70,192 | 3,165,659 | |
Armstrong World Industries, Inc. | 111,654 | 9,469,376 | |
Builders FirstSource, Inc. (a) | 163,867 | 21,976,203 | |
Carlisle Companies, Inc. | 60,445 | 16,949,382 | |
Fortune Brands Home & Security, Inc. | 248,556 | 17,008,687 | |
Gibraltar Industries, Inc. (a) | 81,982 | 5,508,371 | |
Hayward Holdings, Inc. (a) | 759,307 | 8,952,230 | |
Jeld-Wen Holding, Inc. (a) | 8,760 | 139,985 | |
Lennox International, Inc. | 24,264 | 9,867,198 | |
Masonite International Corp. (a) | 23,708 | 2,106,456 | |
Owens Corning | 80,500 | 10,914,190 | |
Quanex Building Products Corp. | 537 | 16,534 | |
Simpson Manufacturing Co. Ltd. | 67,282 | 11,234,076 | |
Tecnoglass, Inc. | 180,241 | 6,281,399 | |
The AZEK Co., Inc. (a) | 59,873 | 2,065,020 | |
Trex Co., Inc. (a) | 91,620 | 6,438,137 | |
142,146,645 | |||
Commercial Services & Supplies - 2.5% | |||
ABM Industries, Inc. | 142,017 | 5,821,277 | |
ACCO Brands Corp. | 96,400 | 518,632 | |
ACV Auctions, Inc. Class A (a) | 1,737,388 | 27,155,374 | |
Brady Corp. Class A | 83,953 | 4,724,035 | |
Casella Waste Systems, Inc. Class A (a) | 178,412 | 14,429,963 | |
Cimpress PLC (a) | 108,564 | 7,652,676 | |
Civeo Corp. | 1,895 | 41,273 | |
CoreCivic, Inc. (a) | 1,200,492 | 17,371,119 | |
Deluxe Corp. (c) | 56,100 | 1,026,069 | |
Driven Brands Holdings, Inc. (a) | 514,807 | 6,769,712 | |
Ennis, Inc. | 22,908 | 486,337 | |
GFL Environmental, Inc. | 98,122 | 2,816,101 | |
Healthcare Services Group, Inc. | 23,859 | 231,671 | |
Matthews International Corp. Class A | 21,880 | 747,202 | |
Millerknoll, Inc. (c) | 93,500 | 2,412,300 | |
MSA Safety, Inc. | 98,733 | 17,193,365 | |
RB Global, Inc. (c) | 457,345 | 29,123,730 | |
Steelcase, Inc. Class A | 2,028 | 24,965 | |
Stericycle, Inc. (a)(c) | 370,996 | 17,425,682 | |
Tetra Tech, Inc. | 27,980 | 4,425,037 | |
The Brink's Co. | 233,776 | 18,444,926 | |
UniFirst Corp. | 72,296 | 12,478,290 | |
Viad Corp. (a) | 108,233 | 3,604,159 | |
Waste Connections, Inc. (United States) | 108,024 | 14,636,172 | |
209,560,067 | |||
Construction & Engineering - 1.1% | |||
AECOM | 14,272 | 1,268,210 | |
Argan, Inc. | 104,006 | 4,850,840 | |
Comfort Systems U.S.A., Inc. | 37,715 | 7,300,870 | |
Dycom Industries, Inc. (a) | 84,126 | 8,738,168 | |
EMCOR Group, Inc. | 78,847 | 16,756,564 | |
Fluor Corp. (a) | 213,041 | 8,101,949 | |
Granite Construction, Inc. (c) | 72,345 | 3,324,253 | |
MasTec, Inc. (a) | 137,445 | 8,334,665 | |
Matrix Service Co. (a) | 262,501 | 2,614,510 | |
MDU Resources Group, Inc. | 245,929 | 4,707,081 | |
MYR Group, Inc. (a) | 1,422 | 176,925 | |
Primoris Services Corp. | 3,144 | 95,452 | |
Valmont Industries, Inc. | 12,190 | 2,676,558 | |
Willscot Mobile Mini Holdings (a) | 599,695 | 25,019,275 | |
93,965,320 | |||
Electrical Equipment - 1.7% | |||
Acuity Brands, Inc. (c) | 69,704 | 12,495,139 | |
Atkore, Inc. (a) | 340,687 | 44,255,241 | |
Encore Wire Corp. (c) | 23,080 | 4,253,644 | |
EnerSys | 47,014 | 4,159,799 | |
Generac Holdings, Inc. (a) | 98,287 | 11,506,459 | |
Hubbell, Inc. Class B | 47,471 | 14,241,300 | |
nVent Electric PLC | 49,939 | 2,659,252 | |
Regal Rexnord Corp. | 47,925 | 5,741,415 | |
Sensata Technologies, Inc. PLC | 656,029 | 21,327,503 | |
Shoals Technologies Group, Inc. (a) | 772,396 | 10,697,685 | |
Vertiv Holdings Co. | 145,201 | 6,339,476 | |
Vicor Corp. (a) | 890 | 32,547 | |
137,709,460 | |||
Ground Transportation - 0.8% | |||
ArcBest Corp. | 115,680 | 13,787,899 | |
Heartland Express, Inc. (c) | 229,148 | 3,075,166 | |
Knight-Swift Transportation Holdings, Inc. Class A | 380,971 | 20,488,620 | |
Landstar System, Inc. (c) | 93,440 | 16,132,416 | |
Ryder System, Inc. | 42,000 | 4,499,880 | |
Saia, Inc. (a) | 6,098 | 2,380,598 | |
XPO, Inc. (a) | 25,329 | 2,185,386 | |
62,549,965 | |||
Machinery - 3.5% | |||
AGCO Corp. | 88,985 | 10,102,467 | |
Albany International Corp. Class A | 17,889 | 1,535,234 | |
Allison Transmission Holdings, Inc. | 295,127 | 15,783,392 | |
Barnes Group, Inc. | 41,319 | 1,089,995 | |
Chart Industries, Inc. (a)(c) | 108,093 | 14,055,333 | |
Crane Co. | 45,562 | 4,814,992 | |
Donaldson Co., Inc. | 114,591 | 6,971,716 | |
Flowserve Corp. | 51,369 | 1,965,378 | |
Graco, Inc. | 226,386 | 18,287,461 | |
Hillenbrand, Inc. | 36,500 | 1,414,010 | |
Hillman Solutions Corp. Class A (a) | 861,657 | 6,307,329 | |
IDEX Corp. | 72,792 | 14,680,691 | |
Ingersoll Rand, Inc. | 25,482 | 1,820,179 | |
ITT, Inc. | 69,337 | 7,507,117 | |
John Bean Technologies Corp. | 26,417 | 2,728,876 | |
Kadant, Inc. | 10,340 | 2,694,811 | |
Kennametal, Inc. | 23,358 | 544,475 | |
Lincoln Electric Holdings, Inc. | 139,534 | 27,636,104 | |
Manitowoc Co., Inc. (a) | 4,146 | 59,412 | |
Middleby Corp. (a) | 96,715 | 12,208,334 | |
Mueller Industries, Inc. (c) | 223,706 | 9,290,510 | |
Nordson Corp. | 114,066 | 26,844,292 | |
Omega Flex, Inc. (c) | 2,857 | 201,476 | |
Oshkosh Corp. | 97,118 | 9,448,610 | |
Pentair PLC | 6,838 | 441,325 | |
RBC Bearings, Inc. (a)(c) | 104,408 | 26,910,118 | |
Shyft Group, Inc. (The) | 6,910 | 76,494 | |
Snap-On, Inc. | 72,315 | 19,864,207 | |
Tennant Co. | 24,822 | 2,125,260 | |
Terex Corp. | 44,927 | 2,223,887 | |
Timken Co. | 26,700 | 1,933,080 | |
Titan International, Inc. (a) | 109,800 | 1,435,086 | |
Toro Co. | 334,770 | 27,785,910 | |
Watts Water Technologies, Inc. Class A | 25,897 | 4,985,431 | |
285,772,992 | |||
Marine Transportation - 0.5% | |||
Kirby Corp. (a) | 146,835 | 11,269,586 | |
Matson, Inc. | 274,377 | 26,277,085 | |
Star Bulk Carriers Corp. (c) | 279,382 | 5,939,661 | |
43,486,332 | |||
Passenger Airlines - 0.1% | |||
Alaska Air Group, Inc. (a) | 229,535 | 8,678,718 | |
Hawaiian Holdings, Inc. (a) | 39,069 | 175,420 | |
JetBlue Airways Corp. (a) | 283,050 | 1,251,081 | |
United Airlines Holdings, Inc. (a) | 49,900 | 1,966,060 | |
12,071,279 | |||
Professional Services - 3.6% | |||
Alight, Inc. Class A (a) | 6,586,914 | 50,389,892 | |
Asure Software, Inc. (a) | 367,440 | 2,928,497 | |
Barrett Business Services, Inc. | 6,171 | 678,501 | |
Booz Allen Hamilton Holding Corp. Class A | 45,146 | 5,649,119 | |
Broadridge Financial Solutions, Inc. | 39,972 | 7,747,373 | |
CACI International, Inc. Class A (a) | 62,759 | 20,142,501 | |
CBIZ, Inc. (a) | 412,480 | 23,878,467 | |
Clarivate Analytics PLC (a)(c) | 755,139 | 5,859,879 | |
Concentrix Corp. | 43,008 | 4,042,322 | |
CSG Systems International, Inc. | 25,453 | 1,252,033 | |
Dun & Bradstreet Holdings, Inc. | 564,900 | 5,982,291 | |
ExlService Holdings, Inc. (a) | 420,981 | 11,943,231 | |
Exponent, Inc. | 44,889 | 3,454,657 | |
First Advantage Corp. | 776,792 | 12,048,044 | |
Forrester Research, Inc. (a) | 80,219 | 1,939,695 | |
Franklin Covey Co. (a) | 10,449 | 406,257 | |
FTI Consulting, Inc. (a) | 41,118 | 9,064,874 | |
Genpact Ltd. | 251,747 | 8,549,328 | |
Heidrick & Struggles International, Inc. | 62,635 | 1,702,419 | |
Huron Consulting Group, Inc. (a) | 214 | 22,292 | |
Insperity, Inc. | 36,908 | 4,198,285 | |
Jacobs Solutions, Inc. | 23,301 | 2,963,421 | |
KBR, Inc. | 11,115 | 574,312 | |
Kforce, Inc. (c) | 18,066 | 1,259,200 | |
Korn Ferry | 76,790 | 3,973,115 | |
LegalZoom.com, Inc. (a) | 347,268 | 4,004,000 | |
Manpower, Inc. | 59,258 | 4,397,536 | |
Marlowe PLC (a)(c) | 1,873,683 | 8,799,404 | |
Maximus, Inc. | 8,554 | 714,173 | |
Paycor HCM, Inc. (a)(c) | 172,517 | 3,659,086 | |
Paylocity Holding Corp. (a) | 138,359 | 21,676,705 | |
Robert Half, Inc. (c) | 187,913 | 15,405,108 | |
Science Applications International Corp. | 66,070 | 7,757,279 | |
SS&C Technologies Holdings, Inc. | 255,382 | 14,367,791 | |
TransUnion Holding Co., Inc. | 213,790 | 12,553,749 | |
TriNet Group, Inc. (a) | 20,526 | 2,379,579 | |
Ttec Holdings, Inc. | 7,232 | 135,383 | |
Upwork, Inc. (a) | 726 | 10,229 | |
Verra Mobility Corp. (a) | 514,523 | 10,331,622 | |
296,841,649 | |||
Trading Companies & Distributors - 1.2% | |||
Applied Industrial Technologies, Inc. | 40,547 | 6,490,358 | |
Beacon Roofing Supply, Inc. (a) | 72,164 | 5,799,099 | |
BlueLinx Corp. (a) | 5,194 | 456,293 | |
Boise Cascade Co. | 13,376 | 1,461,997 | |
Core & Main, Inc. (a) | 235,990 | 8,266,730 | |
Custom Truck One Source, Inc. Class A (a) | 600,138 | 3,486,802 | |
EVI Industries, Inc. (c) | 216,144 | 5,598,130 | |
GATX Corp. | 225 | 24,525 | |
GMS, Inc. (a) | 1,668 | 112,824 | |
Herc Holdings, Inc. | 61,370 | 7,589,014 | |
Hudson Technologies, Inc. (a) | 702,068 | 8,670,540 | |
McGrath RentCorp. | 18,930 | 1,924,992 | |
MSC Industrial Direct Co., Inc. Class A (c) | 71,119 | 6,928,413 | |
NOW, Inc. (a) | 139,515 | 1,390,965 | |
SiteOne Landscape Supply, Inc. (a) | 75,866 | 10,683,450 | |
Watsco, Inc. (c) | 29,487 | 11,270,816 | |
WESCO International, Inc. | 107,739 | 16,791,123 | |
96,946,071 | |||
TOTAL INDUSTRIALS | 1,533,589,048 | ||
INFORMATION TECHNOLOGY - 11.3% | |||
Communications Equipment - 0.6% | |||
Applied Optoelectronics, Inc. (a)(c) | 871,345 | 11,545,321 | |
Calix, Inc. (a) | 288,864 | 11,147,262 | |
Ciena Corp. (a) | 65,560 | 3,005,926 | |
Clearfield, Inc. (a)(c) | 66,291 | 1,686,443 | |
EMCORE Corp. (a) | 365,700 | 172,025 | |
Extreme Networks, Inc. (a) | 274,568 | 4,431,528 | |
Juniper Networks, Inc. | 376,968 | 10,724,740 | |
KVH Industries, Inc. (a) | 725 | 3,473 | |
Lantronix, Inc. (a) | 151,290 | 878,995 | |
Lumentum Holdings, Inc. (a) | 118,280 | 5,062,384 | |
NETGEAR, Inc. (a) | 28,715 | 391,673 | |
NetScout Systems, Inc. (a) | 62,675 | 1,258,514 | |
ViaSat, Inc. (a) | 11,267 | 230,410 | |
50,538,694 | |||
Electronic Equipment, Instruments & Components - 2.9% | |||
Arrow Electronics, Inc. (a) | 80,029 | 9,488,238 | |
Avnet, Inc. | 179,291 | 8,383,647 | |
Badger Meter, Inc. | 27,699 | 4,082,002 | |
Bel Fuse, Inc. Class B (non-vtg.) | 207,638 | 11,233,216 | |
Belden, Inc. | 127,817 | 8,492,161 | |
Celestica, Inc. (a) | 629,410 | 16,968,894 | |
Cognex Corp. | 721,451 | 27,198,703 | |
Coherent Corp. (a) | 55,268 | 2,033,310 | |
Crane Nxt Co. (c) | 137,908 | 7,096,746 | |
CTS Corp. (c) | 29,801 | 1,154,789 | |
ePlus, Inc. (a) | 166,126 | 10,545,678 | |
Fabrinet (a) | 50,051 | 8,103,257 | |
Flex Ltd. (a) | 402,068 | 10,232,631 | |
Identiv, Inc. (a) | 463,078 | 3,204,500 | |
Insight Enterprises, Inc. (a) | 22,954 | 3,475,695 | |
IPG Photonics Corp. (a) | 29,501 | 2,825,016 | |
Itron, Inc. (a) | 6,953 | 468,493 | |
Jabil, Inc. | 103,561 | 11,942,655 | |
Littelfuse, Inc. | 5,624 | 1,309,267 | |
Methode Electronics, Inc. Class A | 28,600 | 678,678 | |
Napco Security Technologies, Inc. (c) | 23,742 | 726,505 | |
Novanta, Inc. (a) | 12,069 | 1,743,246 | |
Par Technology Corp. (a)(c) | 169,005 | 6,224,454 | |
PC Connection, Inc. | 10,677 | 636,670 | |
Powerfleet, Inc. (a)(c) | 1,588,444 | 3,685,190 | |
Richardson Electronics Ltd. (c) | 170,790 | 2,223,686 | |
Sanmina Corp. (a) | 130,334 | 6,531,037 | |
ScanSource, Inc. (a) | 54,100 | 1,808,563 | |
TD SYNNEX Corp. | 232,665 | 22,950,076 | |
Trimble, Inc. (a) | 618,952 | 28,719,373 | |
TTM Technologies, Inc. (a) | 12,236 | 183,662 | |
Vishay Intertechnology, Inc. | 130,300 | 2,896,569 | |
Vishay Precision Group, Inc. (a) | 11,892 | 362,587 | |
Vontier Corp. | 268,923 | 9,070,773 | |
Zebra Technologies Corp. Class A (a) | 19,009 | 4,504,753 | |
241,184,720 | |||
IT Services - 0.6% | |||
Amdocs Ltd. | 144,985 | 12,145,393 | |
Brightcove, Inc. (a) | 4,482 | 10,981 | |
Couchbase, Inc. (a) | 507,404 | 9,965,415 | |
Digitalocean Holdings, Inc. (a)(c) | 101,765 | 3,014,279 | |
Fastly, Inc. Class A (a) | 277,502 | 4,609,308 | |
Globant SA (a) | 45,928 | 10,140,902 | |
Hackett Group, Inc. (c) | 22,098 | 493,006 | |
Kyndryl Holdings, Inc. (a) | 15,887 | 286,443 | |
MongoDB, Inc. Class A (a) | 4,962 | 2,062,902 | |
Okta, Inc. (a) | 141,937 | 9,516,876 | |
Unisys Corp. (a) | 2,203 | 10,552 | |
52,256,057 | |||
Semiconductors & Semiconductor Equipment - 2.5% | |||
ACM Research, Inc. (a) | 359,447 | 5,981,198 | |
Allegro MicroSystems LLC (a)(c) | 202,459 | 5,510,934 | |
Ambarella, Inc. (a) | 60,278 | 3,538,921 | |
Amkor Technology, Inc. | 761,463 | 21,450,413 | |
Axcelis Technologies, Inc. (a) | 34,936 | 4,341,846 | |
AXT, Inc. (a) | 292,916 | 582,903 | |
Cirrus Logic, Inc. (a) | 75,342 | 5,719,211 | |
Diodes, Inc. (a) | 28,300 | 1,879,686 | |
Entegris, Inc. | 253,955 | 26,512,902 | |
FormFactor, Inc. (a) | 233,057 | 8,758,282 | |
GlobalFoundries, Inc. (a)(c) | 194,641 | 10,450,275 | |
indie Semiconductor, Inc. (a)(c) | 908,364 | 6,776,395 | |
Kulicke & Soffa Industries, Inc. | 51,477 | 2,652,095 | |
Lattice Semiconductor Corp. (a) | 242,694 | 14,209,734 | |
MACOM Technology Solutions Holdings, Inc. (a) | 113,690 | 9,547,686 | |
MaxLinear, Inc. Class A (a) | 100,784 | 1,887,684 | |
Monolithic Power Systems, Inc. | 2,777 | 1,523,795 | |
NVE Corp. | 3,947 | 282,881 | |
ON Semiconductor Corp. (a) | 122,695 | 8,751,834 | |
Onto Innovation, Inc. (a) | 32,160 | 4,534,882 | |
Photronics, Inc. (a) | 59,032 | 1,247,346 | |
Power Integrations, Inc. (c) | 269,397 | 20,584,625 | |
Qorvo, Inc. (a) | 27,793 | 2,682,025 | |
Silicon Laboratories, Inc. (a) | 35,555 | 3,746,430 | |
Skyworks Solutions, Inc. | 26,266 | 2,545,963 | |
SMART Global Holdings, Inc. (a) | 508,195 | 8,466,529 | |
Synaptics, Inc. (a) | 74,866 | 7,579,434 | |
Teradyne, Inc. | 80,783 | 7,450,616 | |
Universal Display Corp. | 48,490 | 8,204,508 | |
207,401,033 | |||
Software - 4.1% | |||
8x8, Inc. (a) | 1,154,302 | 3,566,793 | |
ACI Worldwide, Inc. (a) | 521,836 | 13,953,895 | |
Alarm.com Holdings, Inc. (a) | 80,128 | 4,365,373 | |
American Software, Inc. Class A | 28,216 | 280,185 | |
AppFolio, Inc. (a) | 120 | 22,710 | |
Applied Digital Corp. (a)(c) | 1,067,808 | 4,986,663 | |
AppLovin Corp. (a) | 85,454 | 3,202,816 | |
Blackbaud, Inc. (a) | 3,548 | 266,952 | |
BlackLine, Inc. (a) | 9 | 521 | |
Box, Inc. Class A (a) | 100,106 | 2,619,774 | |
CCC Intelligent Solutions Holdings, Inc. Class A (a) | 492,165 | 5,748,487 | |
Check Point Software Technologies Ltd. (a) | 39,178 | 5,719,988 | |
Clearwater Analytics Holdings, Inc. (a)(c) | 726,659 | 15,485,103 | |
CommVault Systems, Inc. (a) | 116,243 | 8,553,160 | |
Consensus Cloud Solutions, Inc. (a) | 343,232 | 6,322,333 | |
CyberArk Software Ltd. (a) | 46,094 | 9,185,151 | |
Descartes Systems Group, Inc. (a) | 71,695 | 5,810,163 | |
Digital Turbine, Inc. (a) | 423,907 | 1,971,168 | |
Dolby Laboratories, Inc. Class A (c) | 56,145 | 4,835,769 | |
Domo, Inc. Class B (a) | 99,182 | 941,237 | |
Dropbox, Inc. Class A (a) | 155,595 | 4,384,667 | |
Dynatrace, Inc. (a) | 440,382 | 23,582,456 | |
Elastic NV (a) | 51,309 | 4,123,191 | |
EngageSmart, Inc. (a) | 28,360 | 646,892 | |
Fair Isaac Corp. (a) | 1,859 | 2,021,848 | |
Five9, Inc. (a) | 35,116 | 2,676,542 | |
Freshworks, Inc. (a) | 119,975 | 2,401,900 | |
Gen Digital, Inc. | 485,973 | 10,730,284 | |
GitLab, Inc. (a) | 82,317 | 3,979,204 | |
Guidewire Software, Inc. (a) | 96,708 | 9,664,998 | |
HubSpot, Inc. (a) | 3,220 | 1,590,455 | |
Informatica, Inc. (a)(c) | 36,619 | 918,771 | |
InterDigital, Inc. (c) | 43,278 | 4,324,338 | |
JFrog Ltd. (a) | 198,218 | 5,347,922 | |
Klaviyo, Inc. Class A | 56,148 | 1,663,665 | |
Liveramp Holdings, Inc. (a) | 1,089 | 36,111 | |
Manhattan Associates, Inc. (a) | 202,713 | 45,215,135 | |
Model N, Inc. (a) | 9,885 | 226,861 | |
Monday.com Ltd. (a) | 9,938 | 1,787,250 | |
N-able, Inc. (a) | 335,424 | 3,994,900 | |
nCino, Inc. (a)(c) | 240,875 | 6,655,376 | |
NCR Voyix Corp. (a) | 376,706 | 5,906,750 | |
NICE Ltd. sponsored ADR (a) | 49,145 | 9,325,264 | |
Nutanix, Inc. Class A (a) | 11,602 | 499,930 | |
Oracle Corp. | 82,054 | 9,535,495 | |
Pegasystems, Inc. | 32,392 | 1,683,736 | |
Porch Group, Inc. Class A (a)(c) | 1,492,584 | 2,268,728 | |
PTC, Inc. (a) | 18,045 | 2,839,561 | |
Q2 Holdings, Inc. (a) | 10,395 | 369,230 | |
Qualys, Inc. (a) | 37,450 | 6,922,258 | |
Rapid7, Inc. (a) | 66,673 | 3,610,343 | |
RingCentral, Inc. (a) | 16,546 | 470,899 | |
Sapiens International Corp. NV | 912 | 23,466 | |
Similarweb Ltd. (a)(c) | 1,048,796 | 5,264,956 | |
Smartsheet, Inc. (a) | 299,498 | 12,692,725 | |
Telos Corp. (a) | 1,164,170 | 4,784,739 | |
Tenable Holdings, Inc. (a) | 228,642 | 9,463,492 | |
Teradata Corp. (a) | 36,801 | 1,738,847 | |
Tyler Technologies, Inc. (a) | 39,742 | 16,248,119 | |
Varonis Systems, Inc. (a) | 4,760 | 199,396 | |
Verint Systems, Inc. (a) | 11,908 | 292,580 | |
WalkMe Ltd. (a)(c) | 666,073 | 6,540,837 | |
Zeta Global Holdings Corp. (a) | 501,162 | 4,094,494 | |
Zuora, Inc. (a) | 4,759 | 43,402 | |
338,630,254 | |||
Technology Hardware, Storage & Peripherals - 0.6% | |||
Dell Technologies, Inc. | 94,019 | 7,133,222 | |
Immersion Corp. | 200,842 | 1,301,456 | |
NetApp, Inc. | 38,399 | 3,509,285 | |
Pure Storage, Inc. Class A (a) | 156,503 | 5,213,115 | |
Super Micro Computer, Inc. (a) | 92,537 | 25,306,093 | |
Xerox Holdings Corp. | 164,200 | 2,297,158 | |
44,760,329 | |||
TOTAL INFORMATION TECHNOLOGY | 934,771,087 | ||
MATERIALS - 3.8% | |||
Chemicals - 1.0% | |||
Ashland, Inc. | 37,806 | 3,021,456 | |
Avient Corp. | 153,221 | 5,263,141 | |
Axalta Coating Systems Ltd. (a) | 360,635 | 11,349,183 | |
CF Industries Holdings, Inc. | 120,934 | 9,088,190 | |
Eastman Chemical Co. | 25,800 | 2,162,814 | |
Ecovyst, Inc. (a) | 302,852 | 2,883,151 | |
Element Solutions, Inc. | 304,091 | 6,373,747 | |
FMC Corp. | 108,771 | 5,836,652 | |
Huntsman Corp. | 126,200 | 3,104,520 | |
Ingevity Corp. (a) | 39,991 | 1,551,251 | |
Innospec, Inc. | 23,498 | 2,468,935 | |
Koppers Holdings, Inc. | 68,000 | 3,071,560 | |
LSB Industries, Inc. (a) | 44,626 | 382,445 | |
Methanex Corp. | 39,110 | 1,669,606 | |
Minerals Technologies, Inc. | 37,483 | 2,347,935 | |
NewMarket Corp. | 6,276 | 3,329,481 | |
Perimeter Solutions SA (a) | 698,418 | 2,905,419 | |
Quaker Houghton | 1,120 | 200,245 | |
Rayonier Advanced Materials, Inc. (a) | 13,994 | 46,180 | |
RPM International, Inc. | 71,784 | 7,388,727 | |
Stepan Co. | 127 | 10,486 | |
The Chemours Co. LLC | 71,000 | 1,947,530 | |
The Mosaic Co. | 81,800 | 2,935,802 | |
Tronox Holdings PLC (c) | 125,000 | 1,593,750 | |
80,932,206 | |||
Construction Materials - 0.3% | |||
Eagle Materials, Inc. (c) | 96,030 | 17,386,232 | |
Summit Materials, Inc. | 156,147 | 5,416,739 | |
22,802,971 | |||
Containers & Packaging - 1.8% | |||
Aptargroup, Inc. | 194,773 | 24,714,746 | |
Avery Dennison Corp. | 37,949 | 7,381,081 | |
Berry Global Group, Inc. | 771,574 | 51,016,473 | |
CCL Industries, Inc. Class B | 408,384 | 16,832,541 | |
Crown Holdings, Inc. | 250,468 | 21,542,753 | |
Graphic Packaging Holding Co. | 537,037 | 12,174,629 | |
Greif, Inc. Class A | 49,742 | 3,476,966 | |
O-I Glass, Inc. (a) | 138,600 | 2,045,736 | |
Packaging Corp. of America | 1,155 | 194,052 | |
Ranpak Holdings Corp. (A Shares) (a) | 850,377 | 3,486,546 | |
Silgan Holdings, Inc. (c) | 43,900 | 1,831,508 | |
TriMas Corp. | 88,331 | 2,263,924 | |
WestRock Co. | 74,182 | 3,054,073 | |
150,015,028 | |||
Metals & Mining - 0.5% | |||
Agnico Eagle Mines Ltd. (United States) | 196,651 | 10,560,159 | |
Alcoa Corp. | 46,247 | 1,242,194 | |
AngloGold Ashanti PLC (c) | 256,752 | 4,942,476 | |
ATI, Inc. (a)(c) | 112,900 | 4,961,955 | |
Coeur d'Alene Mines Corp. (a) | 11,083 | 33,803 | |
Constellium NV (a) | 1,234 | 21,472 | |
Eldorado Gold Corp. (a) | 557,621 | 7,321,564 | |
Materion Corp. | 661 | 74,766 | |
Olympic Steel, Inc. | 2,074 | 117,243 | |
Reliance Steel & Aluminum Co. (c) | 21,385 | 5,886,435 | |
Royal Gold, Inc. | 705 | 85,869 | |
Ryerson Holding Corp. | 37,401 | 1,158,309 | |
Schnitzer Steel Industries, Inc. Class A | 19,325 | 495,300 | |
Steel Dynamics, Inc. | 62,600 | 7,457,538 | |
United States Steel Corp. | 25,556 | 917,460 | |
Worthington Enterprises, Inc. | 215 | 15,416 | |
45,291,959 | |||
Paper & Forest Products - 0.2% | |||
Louisiana-Pacific Corp. | 5,469 | 333,554 | |
Sylvamo Corp. | 321,060 | 16,142,897 | |
16,476,451 | |||
TOTAL MATERIALS | 315,518,615 | ||
REAL ESTATE - 2.6% | |||
Equity Real Estate Investment Trusts (REITs) - 2.3% | |||
Agree Realty Corp. | 133,240 | 7,889,140 | |
American Assets Trust, Inc. | 49,176 | 990,405 | |
Americold Realty Trust | 397,882 | 11,232,209 | |
Apartment Income (REIT) Corp. | 221,952 | 6,907,146 | |
Apple Hospitality (REIT), Inc. | 206,500 | 3,442,355 | |
Brandywine Realty Trust (SBI) | 309,103 | 1,378,599 | |
Brixmor Property Group, Inc. | 239,759 | 5,159,614 | |
Broadstone Net Lease, Inc. | 279,310 | 4,468,960 | |
City Office REIT, Inc. | 261,000 | 1,260,630 | |
Cousins Properties, Inc. | 67,893 | 1,393,164 | |
CubeSmart | 356,498 | 14,174,360 | |
EastGroup Properties, Inc. | 92,391 | 16,052,936 | |
EPR Properties | 72,200 | 3,221,564 | |
Equity Commonwealth | 216,078 | 4,060,106 | |
Equity Lifestyle Properties, Inc. | 165,802 | 11,788,522 | |
Essex Property Trust, Inc. | 9,247 | 1,973,865 | |
First Industrial Realty Trust, Inc. | 107,338 | 5,050,253 | |
Franklin Street Properties Corp. | 275,093 | 676,729 | |
Global Net Lease, Inc. | 190,184 | 1,669,816 | |
Healthcare Trust of America, Inc. | 554,011 | 8,459,748 | |
Highwoods Properties, Inc. (SBI) | 10,712 | 202,992 | |
Host Hotels & Resorts, Inc. | 188,510 | 3,293,270 | |
Hudson Pacific Properties, Inc. | 1,913 | 11,229 | |
Independence Realty Trust, Inc. | 6,276 | 85,479 | |
Industrial Logistics Properties Trust | 121,900 | 413,241 | |
Kilroy Realty Corp. | 1,742 | 57,451 | |
Kimco Realty Corp. | 40,430 | 781,108 | |
Kite Realty Group Trust | 36,076 | 761,925 | |
Lamar Advertising Co. Class A | 30,142 | 3,053,083 | |
Medical Properties Trust, Inc. | 60,002 | 291,010 | |
Mid-America Apartment Communities, Inc. | 75,437 | 9,390,398 | |
NexPoint Residential Trust, Inc. | 10,081 | 306,966 | |
NNN (REIT), Inc. | 219,029 | 8,896,958 | |
Office Properties Income Trust (c) | 184,456 | 1,029,264 | |
Omega Healthcare Investors, Inc. | 122,600 | 3,892,550 | |
Outfront Media, Inc. | 10,394 | 127,119 | |
Park Hotels & Resorts, Inc. | 132,353 | 1,962,795 | |
Pebblebrook Hotel Trust | 344,073 | 4,386,931 | |
Piedmont Office Realty Trust, Inc. Class A | 268,824 | 1,672,085 | |
Regency Centers Corp. | 1,249 | 78,412 | |
RLJ Lodging Trust | 3,970 | 42,439 | |
Ryman Hospitality Properties, Inc. | 153,589 | 15,412,656 | |
Sabra Health Care REIT, Inc. | 240,800 | 3,515,680 | |
Service Properties Trust | 254,722 | 1,821,262 | |
Stag Industrial, Inc. | 205,028 | 7,350,254 | |
Summit Hotel Properties, Inc. | 1,182 | 7,399 | |
Sun Communities, Inc. | 35,027 | 4,530,392 | |
Tanger Factory Outlet Centers, Inc. | 158,900 | 3,966,144 | |
Uniti Group, Inc. | 315,720 | 1,745,932 | |
Vornado Realty Trust | 1,757 | 41,360 | |
190,377,905 | |||
Real Estate Management & Development - 0.3% | |||
Anywhere Real Estate, Inc. (a) | 27,941 | 150,323 | |
Compass, Inc. (a) | 8,900 | 19,758 | |
Cushman & Wakefield PLC (a) | 691,099 | 5,673,923 | |
Douglas Elliman, Inc. | 561,516 | 1,094,956 | |
eXp World Holdings, Inc. | 19,496 | 236,097 | |
Jones Lang LaSalle, Inc. (a) | 57,889 | 9,002,897 | |
Kennedy-Wilson Holdings, Inc. (c) | 104,161 | 1,182,227 | |
Newmark Group, Inc. | 396,028 | 3,259,310 | |
Opendoor Technologies, Inc. (a) | 48,145 | 144,916 | |
Redfin Corp. (a) | 13,737 | 95,747 | |
The RMR Group, Inc. | 13,593 | 323,921 | |
The St. Joe Co. | 1,849 | 95,094 | |
Zillow Group, Inc.: | |||
Class A (a) | 1,553 | 61,173 | |
Class C (a) | 6,175 | 252,805 | |
21,593,147 | |||
TOTAL REAL ESTATE | 211,971,052 | ||
UTILITIES - 1.1% | |||
Electric Utilities - 0.5% | |||
Allete, Inc. | 5,112 | 283,614 | |
IDACORP, Inc. (c) | 170,686 | 16,471,199 | |
NRG Energy, Inc. | 167,000 | 7,989,280 | |
OGE Energy Corp. | 20,945 | 734,122 | |
Pinnacle West Capital Corp. | 29,507 | 2,211,255 | |
PNM Resources, Inc. | 97,783 | 4,064,839 | |
Portland General Electric Co. | 188,541 | 7,741,493 | |
39,495,802 | |||
Gas Utilities - 0.3% | |||
Atmos Energy Corp. | 97,750 | 11,124,928 | |
Chesapeake Utilities Corp. | 88 | 8,413 | |
National Fuel Gas Co. | 39,035 | 1,982,588 | |
New Jersey Resources Corp. | 12,585 | 531,087 | |
ONE Gas, Inc. | 8,875 | 511,466 | |
Southwest Gas Holdings, Inc. (c) | 102,853 | 6,079,641 | |
UGI Corp. | 122,831 | 2,701,054 | |
22,939,177 | |||
Independent Power and Renewable Electricity Producers - 0.2% | |||
NextEra Energy Partners LP | 9,379 | 220,782 | |
The AES Corp. | 177,069 | 3,047,357 | |
Vistra Corp. | 494,830 | 17,521,930 | |
20,790,069 | |||
Multi-Utilities - 0.1% | |||
Avista Corp. | 1,557 | 52,860 | |
Black Hills Corp. | 705 | 36,371 | |
CenterPoint Energy, Inc. | 169,000 | 4,777,630 | |
NorthWestern Energy Corp. (c) | 132,487 | 6,665,421 | |
11,532,282 | |||
Water Utilities - 0.0% | |||
Consolidated Water Co., Inc. | 13,367 | 482,415 | |
TOTAL UTILITIES | 95,239,745 | ||
TOTAL COMMON STOCKS (Cost $5,473,424,851) | 6,544,529,845 | ||
Equity Funds - 19.1% | |||
Shares | Value ($) | ||
Mid-Cap Blend Funds - 4.4% | |||
Fidelity SAI Small-Mid Cap 500 Index Fund (e) | 64,395,927 | 362,549,067 | |
Sector Funds - 1.0% | |||
Fidelity SAI Real Estate Index Fund (e) | 11,895,296 | 79,936,387 | |
Small Blend Funds - 8.4% | |||
Fidelity Small Cap Discovery Fund (e) | 50,073 | 1,248,331 | |
Fidelity Small Cap Index Fund (e) | 24,018,175 | 541,850,009 | |
PIMCO StocksPLUS Small Fund Institutional Class | 23,734,964 | 156,650,761 | |
TOTAL SMALL BLEND FUNDS | 699,749,101 | ||
Small Growth Funds - 5.3% | |||
Fidelity Advisor Small Cap Growth Fund Class Z (e) | 17,294,980 | 441,021,980 | |
TOTAL EQUITY FUNDS (Cost $1,759,947,663) | 1,583,256,535 | ||
Money Market Funds - 7.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.40% (f) | 1,141,664 | 1,141,892 | |
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g) | 480,210,061 | 480,258,082 | |
State Street Institutional U.S. Government Money Market Fund Premier Class 5.31% (h) | 137,682,717 | 137,682,717 | |
TOTAL MONEY MARKET FUNDS (Cost $619,082,691) | 619,082,691 | ||
TOTAL INVESTMENT IN SECURITIES - 105.6% (Cost $7,852,455,205) | 8,746,869,071 |
NET OTHER ASSETS (LIABILITIES) - (5.6)% (i) | (462,974,824) |
NET ASSETS - 100.0% | 8,283,894,247 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Russell 2000 Index Contracts (United States) | 16 | Dec 2023 | 1,449,760 | 36,026 | 36,026 |
CME E-mini S&P MidCap 400 Index Contracts (United States) | 2 | Dec 2023 | 513,520 | 22,790 | 22,790 |
TOTAL FUTURES CONTRACTS | 58,816 | ||||
The notional amount of futures purchased as a percentage of Net Assets is 0.0% |
Legend
(a) | Non-income producing |
(b) | Level 3 security |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,504,024 or 0.0% of net assets. |
(e) | Affiliated Fund |
(f) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(g) | Investment made with cash collateral received from securities on loan. |
(h) | The rate quoted is the annualized seven-day yield of the fund at period end. |
(i) | Includes $190,800 of cash collateral to cover margin requirements for futures contracts. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | % ownership, end of period |
Fidelity Cash Central Fund 5.40% | 3,637,066 | 41,974,103 | 44,469,277 | 50,722 | - | - | 1,141,892 | 0.0% |
Fidelity Securities Lending Cash Central Fund 5.39% | 608,507,105 | 1,374,363,700 | 1,502,612,723 | 1,598,515 | - | - | 480,258,082 | 1.8% |
Total | 612,144,171 | 1,416,337,803 | 1,547,082,000 | 1,649,237 | - | - | 481,399,974 | |
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.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Fidelity Advisor Small Cap Growth Fund Class Z | 447,939,948 | - | - | - | - | (6,917,968) | 441,021,980 |
Fidelity SAI Real Estate Index Fund | 81,244,783 | 2,028,221 | - | 2,028,222 | - | (3,336,617) | 79,936,387 |
Fidelity SAI Small-Mid Cap 500 Index Fund | 445,974,380 | 303,223,270 | 377,088,933 | 7,011,975 | (40,409,853) | 30,850,203 | 362,549,067 |
Fidelity Small Cap Discovery Fund | 1,236,850 | 14,936 | - | 14,935 | - | (3,455) | 1,248,331 |
Fidelity Small Cap Index Fund | 84,935,420 | 692,463,997 | 228,512,360 | 156,193 | 2,184,790 | (9,221,838) | 541,850,009 |
1,061,331,381 | 997,730,424 | 605,601,293 | 9,211,325 | (38,225,063) | 11,370,325 | 1,426,605,774 |
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
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 1 - Unadjusted quoted prices in active markets for identical investments
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)
Valuation techniques used to value investments by major category are as follows:
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. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Derivative Instruments
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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