| Common Stocks - 96.3% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 8.0% | | | |
| Diversified Telecommunication Services - 0.8% | | | |
| Frontier Communications Parent, Inc. (a) | | 1,121 | 25,267 |
| Iridium Communications, Inc. | | 513 | 32,560 |
| Lumen Technologies, Inc. (b) | | 10,288 | 24,383 |
| Verizon Communications, Inc. | | 19,771 | 767,708 |
| | | | 849,918 |
| Entertainment - 1.5% | | | |
| Activision Blizzard, Inc. | | 3,392 | 263,592 |
| Liberty Media Corp. Liberty Formula One Class A (a) | | 504 | 32,649 |
| Madison Square Garden Sports Corp. | | 174 | 34,887 |
| Netflix, Inc. (a) | | 1,423 | 469,490 |
| Roblox Corp. (a) | | 749 | 26,664 |
| Spotify Technology SA (a) | | 291 | 38,878 |
| The Walt Disney Co. (a) | | 6,427 | 658,768 |
| Warner Bros Discovery, Inc. | | 9,560 | 130,112 |
| | | | 1,655,040 |
| Interactive Media & Services - 4.9% | | | |
| Alphabet, Inc. Class A (a) | | 33,811 | 3,629,273 |
| Meta Platforms, Inc. Class A (a) | | 6,800 | 1,634,176 |
| Pinterest, Inc. Class A (a) | | 1,049 | 24,127 |
| | | | 5,287,576 |
| Media - 0.8% | | | |
| Comcast Corp. Class A | | 17,090 | 707,013 |
| DISH Network Corp. Class A (a) | | 3,128 | 23,491 |
| Liberty Media Corp. Liberty SiriusXM Series A (a) | | 1,066 | 29,955 |
| Nexstar Broadcasting Group, Inc. Class A | | 230 | 39,894 |
| Sirius XM Holdings, Inc. (b) | | 7,924 | 30,111 |
| | | | 830,464 |
TOTAL COMMUNICATION SERVICES | | | 8,622,998 |
| CONSUMER DISCRETIONARY - 9.4% | | | |
| Automobile Components - 0.1% | | | |
| Gentex Corp. | | 1,160 | 32,004 |
| Lear Corp. | | 347 | 44,298 |
| | | | 76,302 |
| Automobiles - 1.5% | | | |
| Ford Motor Co. | | 17,384 | 206,522 |
| Harley-Davidson, Inc. | | 594 | 22,037 |
| Tesla, Inc. (a) | | 8,029 | 1,319,245 |
| | | | 1,547,804 |
| Broadline Retail - 2.8% | | | |
| Amazon.com, Inc. (a) | | 27,177 | 2,865,815 |
| Etsy, Inc. (a) | | 840 | 84,865 |
| Kohl's Corp. | | 1,311 | 28,881 |
| Macy's, Inc. | | 1,898 | 31,013 |
| | | | 3,010,574 |
| Hotels, Restaurants & Leisure - 2.1% | | | |
| Airbnb, Inc. Class A (a) | | 402 | 48,107 |
| ARAMARK Holdings Corp. | | 1,066 | 36,990 |
| Booking Holdings, Inc. (a) | | 120 | 322,357 |
| Boyd Gaming Corp. | | 849 | 58,921 |
| Choice Hotels International, Inc. | | 255 | 32,518 |
| Churchill Downs, Inc. | | 128 | 37,444 |
| Doordash, Inc. (a) | | 502 | 30,717 |
| Hyatt Hotels Corp. Class A (a) | | 517 | 59,093 |
| Las Vegas Sands Corp. (a) | | 1,577 | 100,691 |
| Marriott Vacations Worldwide Corp. | | 332 | 44,674 |
| McDonald's Corp. | | 2,880 | 851,760 |
| Starbucks Corp. | | 4,018 | 459,217 |
| Texas Roadhouse, Inc. Class A | | 628 | 69,469 |
| Vail Resorts, Inc. | | 198 | 47,623 |
| Wendy's Co. | | 2,198 | 48,576 |
| Wyndham Hotels & Resorts, Inc. | | 692 | 47,208 |
| | | | 2,295,365 |
| Household Durables - 0.5% | | | |
| Leggett & Platt, Inc. | | 1,196 | 38,643 |
| PulteGroup, Inc. | | 2,840 | 190,706 |
| Taylor Morrison Home Corp. (a) | | 869 | 37,445 |
| Tempur Sealy International, Inc. | | 736 | 27,578 |
| Toll Brothers, Inc. | | 989 | 63,207 |
| TopBuild Corp. (a) | | 189 | 42,616 |
| Whirlpool Corp. | | 581 | 81,102 |
| | | | 481,297 |
| Specialty Retail - 1.9% | | | |
| AutoNation, Inc. (a) | | 306 | 40,300 |
| Burlington Stores, Inc. (a) | | 263 | 50,709 |
| Dick's Sporting Goods, Inc. | | 175 | 25,377 |
| Five Below, Inc. (a) | | 288 | 56,840 |
| Floor & Decor Holdings, Inc. Class A (a) | | 654 | 64,968 |
| Foot Locker, Inc. | | 753 | 31,618 |
| Gap, Inc. | | 2,000 | 19,200 |
| Lithia Motors, Inc. Class A (sub. vtg.) | | 141 | 31,145 |
| Murphy U.S.A., Inc. | | 142 | 39,083 |
| Penske Automotive Group, Inc. (b) | | 412 | 57,095 |
| Petco Health & Wellness Co., Inc. (a)(b) | | 2,986 | 29,741 |
| RH (a) | | 104 | 26,534 |
| Ross Stores, Inc. | | 2,330 | 248,681 |
| The Home Depot, Inc. | | 3,874 | 1,164,292 |
| Tractor Supply Co. | | 683 | 162,827 |
| Williams-Sonoma, Inc. | | 234 | 28,323 |
| | | | 2,076,733 |
| Textiles, Apparel & Luxury Goods - 0.5% | | | |
| NIKE, Inc. Class B | | 4,082 | 517,271 |
| Ralph Lauren Corp. (b) | | 470 | 53,951 |
| | | | 571,222 |
TOTAL CONSUMER DISCRETIONARY | | | 10,059,297 |
| CONSUMER STAPLES - 7.1% | | | |
| Beverages - 2.2% | | | |
| Brown-Forman Corp. Class B (non-vtg.) | | 2,858 | 186,027 |
| PepsiCo, Inc. | | 5,746 | 1,096,854 |
| The Coca-Cola Co. | | 16,370 | 1,050,136 |
| | | | 2,333,017 |
| Consumer Staples Distribution & Retail - 2.1% | | | |
| BJ's Wholesale Club Holdings, Inc. (a) | | 555 | 42,385 |
| Casey's General Stores, Inc. | | 115 | 26,314 |
| Costco Wholesale Corp. | | 1,540 | 774,959 |
| Dollar Tree, Inc. (a) | | 1,158 | 177,996 |
| Performance Food Group Co. (a) | | 383 | 24,010 |
| Target Corp. | | 2,254 | 355,569 |
| U.S. Foods Holding Corp. (a) | | 1,553 | 59,635 |
| Walmart, Inc. | | 4,869 | 735,073 |
| | | | 2,195,941 |
| Food Products - 1.1% | | | |
| Campbell Soup Co. | | 3,753 | 203,788 |
| Flowers Foods, Inc. | | 1,619 | 44,539 |
| Hormel Foods Corp. | | 3,987 | 161,234 |
| Ingredion, Inc. | | 509 | 54,041 |
| Kellogg Co. | | 3,700 | 258,149 |
| Post Holdings, Inc. (a) | | 296 | 26,785 |
| The Hershey Co. | | 1,602 | 437,442 |
| | | | 1,185,978 |
| Household Products - 1.7% | | | |
| Colgate-Palmolive Co. | | 6,322 | 504,496 |
| Procter & Gamble Co. | | 8,400 | 1,313,592 |
| | | | 1,818,088 |
| Personal Care Products - 0.0% | | | |
| Coty, Inc. Class A (a) | | 2,587 | 30,708 |
TOTAL CONSUMER STAPLES | | | 7,563,732 |
| ENERGY - 4.5% | | | |
| Energy Equipment & Services - 0.4% | | | |
| Halliburton Co. | | 4,734 | 155,039 |
| Schlumberger Ltd. | | 5,172 | 255,238 |
| | | | 410,277 |
| Oil, Gas & Consumable Fuels - 4.1% | | | |
| Antero Resources Corp. (a) | | 770 | 17,702 |
| Cheniere Energy, Inc. | | 451 | 69,003 |
| Chesapeake Energy Corp. | | 423 | 34,974 |
| Chevron Corp. | | 6,634 | 1,118,360 |
| CNX Resources Corp. (a) | | 1,543 | 23,963 |
| Coterra Energy, Inc. | | 3,987 | 102,067 |
| Devon Energy Corp. | | 3,432 | 183,372 |
| Diamondback Energy, Inc. | | 1,605 | 228,231 |
| Exxon Mobil Corp. | | 14,658 | 1,734,628 |
| Kinder Morgan, Inc. | | 15,456 | 265,070 |
| Marathon Oil Corp. | | 6,288 | 151,918 |
| Murphy Oil Corp. | | 1,134 | 41,629 |
| Occidental Petroleum Corp. | | 2,869 | 176,530 |
| Ovintiv, Inc. | | 1,466 | 52,893 |
| PDC Energy, Inc. | | 364 | 23,678 |
| Range Resources Corp. | | 1,174 | 31,052 |
| Targa Resources Corp. | | 1,698 | 128,250 |
| | | | 4,383,320 |
TOTAL ENERGY | | | 4,793,597 |
| FINANCIALS - 12.5% | | | |
| Banks - 3.0% | | | |
| Bank of America Corp. | | 27,029 | 791,409 |
| Cadence Bank | | 1,575 | 31,847 |
| Commerce Bancshares, Inc. | | 692 | 38,648 |
| Cullen/Frost Bankers, Inc. | | 174 | 19,184 |
| East West Bancorp, Inc. | | 373 | 19,280 |
| First Citizens Bancshares, Inc. | | 34 | 34,244 |
| FNB Corp., Pennsylvania | | 1,668 | 19,149 |
| Huntington Bancshares, Inc. | | 15,218 | 170,442 |
| JPMorgan Chase & Co. | | 10,038 | 1,387,653 |
| New York Community Bancorp, Inc. | | 2,987 | 31,931 |
| Old National Bancorp, Indiana | | 1,483 | 19,887 |
| Popular, Inc. | | 555 | 33,306 |
| Prosperity Bancshares, Inc. | | 689 | 43,145 |
| Synovus Financial Corp. | | 883 | 27,196 |
| Webster Financial Corp. | | 553 | 20,627 |
| Wells Fargo & Co. | | 12,838 | 510,311 |
| Wintrust Financial Corp. | | 568 | 38,834 |
| | | | 3,237,093 |
| Capital Markets - 1.9% | | | |
| Affiliated Managers Group, Inc. | | 185 | 26,710 |
| Ares Management Corp. | | 632 | 55,357 |
| Blackstone, Inc. | | 900 | 80,397 |
| Carlyle Group LP | | 1,589 | 48,194 |
| Charles Schwab Corp. | | 4,842 | 252,946 |
| Evercore, Inc. Class A | | 457 | 52,130 |
| Franklin Resources, Inc. | | 3,554 | 95,532 |
| Interactive Brokers Group, Inc. | | 634 | 49,357 |
| Invesco Ltd. | | 5,313 | 91,012 |
| Janus Henderson Group PLC | | 645 | 16,738 |
| Jefferies Financial Group, Inc. | | 1,547 | 49,550 |
| KKR & Co. LP | | 1,215 | 64,480 |
| Lazard Ltd. Class A | | 409 | 12,802 |
| LPL Financial | | 183 | 38,218 |
| Morgan Stanley | | 6,241 | 561,503 |
| Morningstar, Inc. | | 117 | 20,862 |
| NASDAQ, Inc. | | 3,998 | 221,369 |
| SEI Investments Co. | | 806 | 47,481 |
| State Street Corp. | | 2,223 | 160,634 |
| Stifel Financial Corp. | | 772 | 46,297 |
| Tradeweb Markets, Inc. Class A | | 669 | 47,104 |
| | | | 2,038,673 |
| Consumer Finance - 0.4% | | | |
| Ally Financial, Inc. | | 2,134 | 56,295 |
| American Express Co. | | 2,489 | 401,575 |
| SLM Corp. | | 1,662 | 24,963 |
| | | | 482,833 |
| Financial Services - 4.9% | | | |
| Apollo Global Management, Inc. | | 860 | 54,515 |
| Berkshire Hathaway, Inc. Class B (a) | | 6,175 | 2,028,796 |
| Block, Inc. Class A (a) | | 770 | 46,808 |
| Equitable Holdings, Inc. | | 2,421 | 62,922 |
| MasterCard, Inc. Class A | | 3,084 | 1,172,013 |
| PayPal Holdings, Inc. (a) | | 4,465 | 339,340 |
| The Western Union Co. | | 2,923 | 31,948 |
| Visa, Inc. Class A | | 5,943 | 1,383,114 |
| Voya Financial, Inc. | | 836 | 63,937 |
| WEX, Inc. (a) | | 134 | 23,765 |
| | | | 5,207,158 |
| Insurance - 2.1% | | | |
| AFLAC, Inc. | | 5,608 | 391,719 |
| American Financial Group, Inc. | | 336 | 41,237 |
| Arch Capital Group Ltd. (a) | | 3,044 | 228,513 |
| Assured Guaranty Ltd. | | 453 | 24,403 |
| Axis Capital Holdings Ltd. | | 315 | 17,810 |
| Brighthouse Financial, Inc. (a) | | 509 | 22,498 |
| Brown & Brown, Inc. | | 2,711 | 174,561 |
| Fidelity National Financial, Inc. | | 1,409 | 50,005 |
| First American Financial Corp. | | 560 | 32,262 |
| Globe Life, Inc. | | 1,236 | 134,131 |
| Hanover Insurance Group, Inc. | | 315 | 37,661 |
| Loews Corp. | | 4,531 | 260,850 |
| Markel Corp. (a) | | 77 | 105,377 |
| Old Republic International Corp. | | 1,975 | 49,908 |
| Primerica, Inc. | | 193 | 35,224 |
| Principal Financial Group, Inc. | | 2,347 | 175,297 |
| Reinsurance Group of America, Inc. | | 204 | 29,033 |
| RenaissanceRe Holdings Ltd. | | 151 | 32,527 |
| Selective Insurance Group, Inc. | | 304 | 29,284 |
| Unum Group | | 702 | 29,624 |
| W.R. Berkley Corp. | | 2,925 | 172,341 |
| Willis Towers Watson PLC | | 876 | 202,882 |
| | | | 2,277,147 |
| Mortgage Real Estate Investment Trusts - 0.2% | | | |
| AGNC Investment Corp. | | 3,875 | 38,401 |
| Annaly Capital Management, Inc. | | 2,719 | 54,326 |
| Rithm Capital Corp. | | 3,523 | 28,748 |
| Starwood Property Trust, Inc. (b) | | 3,517 | 62,919 |
| | | | 184,394 |
TOTAL FINANCIALS | | | 13,427,298 |
| HEALTH CARE - 13.7% | | | |
| Biotechnology - 2.4% | | | |
| AbbVie, Inc. | | 5,723 | 864,860 |
| Alnylam Pharmaceuticals, Inc. (a) | | 119 | 23,705 |
| Amgen, Inc. | | 1,762 | 422,422 |
| Biogen, Inc. (a) | | 561 | 170,673 |
| BioMarin Pharmaceutical, Inc. (a) | | 221 | 21,225 |
| Gilead Sciences, Inc. | | 4,002 | 329,004 |
| Moderna, Inc. (a) | | 1,121 | 148,970 |
| Regeneron Pharmaceuticals, Inc. (a) | | 391 | 313,500 |
| Vertex Pharmaceuticals, Inc. (a) | | 989 | 336,982 |
| | | | 2,631,341 |
| Health Care Equipment & Supplies - 2.6% | | | |
| Abbott Laboratories | | 6,791 | 750,202 |
| Boston Scientific Corp. (a) | | 9,810 | 511,297 |
| DexCom, Inc. (a) | | 1,600 | 194,144 |
| Envista Holdings Corp. (a) | | 847 | 32,601 |
| GE Healthcare Holding LLC | | 2,042 | 166,096 |
| Globus Medical, Inc. (a) | | 755 | 43,896 |
| Integra LifeSciences Holdings Corp. (a) | | 385 | 21,298 |
| Intuitive Surgical, Inc. (a) | | 1,707 | 514,183 |
| Masimo Corp. (a) | | 94 | 17,779 |
| Penumbra, Inc. (a) | | 106 | 30,117 |
| STERIS PLC | | 900 | 169,695 |
| Teleflex, Inc. | | 528 | 143,891 |
| The Cooper Companies, Inc. | | 580 | 221,241 |
| | | | 2,816,440 |
| Health Care Providers & Services - 3.0% | | | |
| Acadia Healthcare Co., Inc. (a) | | 528 | 38,169 |
| Centene Corp. (a) | | 2,957 | 203,826 |
| Chemed Corp. | | 92 | 50,715 |
| CVS Health Corp. | | 4,910 | 359,952 |
| Encompass Health Corp. | | 864 | 55,426 |
| HCA Holdings, Inc. | | 1,135 | 326,120 |
| Humana, Inc. | | 801 | 424,922 |
| Option Care Health, Inc. (a) | | 668 | 21,476 |
| Tenet Healthcare Corp. (a) | | 537 | 39,373 |
| UnitedHealth Group, Inc. | | 3,354 | 1,650,470 |
| | | | 3,170,449 |
| Health Care Technology - 0.1% | | | |
| Teladoc Health, Inc. (a)(b) | | 1,645 | 43,642 |
| Veeva Systems, Inc. Class A (a) | | 395 | 70,737 |
| | | | 114,379 |
| Life Sciences Tools & Services - 1.3% | | | |
| Avantor, Inc. (a) | | 1,989 | 38,746 |
| Danaher Corp. | | 2,387 | 565,504 |
| QIAGEN NV (a) | | 1,002 | 44,699 |
| Thermo Fisher Scientific, Inc. | | 1,275 | 707,498 |
| | | | 1,356,447 |
| Pharmaceuticals - 4.3% | | | |
| Bristol-Myers Squibb Co. | | 7,568 | 505,315 |
| Eli Lilly & Co. | | 2,446 | 968,274 |
| Johnson & Johnson | | 9,120 | 1,492,944 |
| Merck & Co., Inc. | | 7,944 | 917,294 |
| Pfizer, Inc. | | 17,884 | 695,509 |
| Royalty Pharma PLC | | 800 | 28,120 |
| | | | 4,607,456 |
TOTAL HEALTH CARE | | | 14,696,512 |
| INDUSTRIALS - 8.1% | | | |
| Aerospace & Defense - 1.6% | | | |
| Curtiss-Wright Corp. | | 155 | 26,324 |
| HEICO Corp. | | 545 | 91,909 |
| Howmet Aerospace, Inc. | | 3,903 | 172,864 |
| Lockheed Martin Corp. | | 856 | 397,569 |
| Raytheon Technologies Corp. | | 6,149 | 614,285 |
| The Boeing Co. (a) | | 1,833 | 379,028 |
| Woodward, Inc. | | 281 | 26,982 |
| | | | 1,708,961 |
| Air Freight & Logistics - 0.6% | | | |
| C.H. Robinson Worldwide, Inc. | | 1,160 | 117,009 |
| United Parcel Service, Inc. Class B | | 2,860 | 514,257 |
| | | | 631,266 |
| Building Products - 0.4% | | | |
| Builders FirstSource, Inc. (a) | | 409 | 38,761 |
| Carlisle Companies, Inc. | | 198 | 42,738 |
| Fortune Brands Home & Security, Inc. | | 702 | 45,412 |
| Lennox International, Inc. | | 300 | 84,573 |
| Masco Corp. | | 3,490 | 186,750 |
| Owens Corning | | 543 | 57,998 |
| Trex Co., Inc. (a) | | 599 | 32,741 |
| | | | 488,973 |
| Commercial Services & Supplies - 0.9% | | | |
| Cintas Corp. | | 888 | 404,724 |
| Clean Harbors, Inc. (a) | | 372 | 54,000 |
| Driven Brands Holdings, Inc. (a) | | 1,014 | 31,130 |
| Republic Services, Inc. | | 2,915 | 421,567 |
| Ritchie Bros. Auctioneers, Inc. | | 523 | 29,910 |
| Tetra Tech, Inc. | | 189 | 26,152 |
| | | | 967,483 |
| Construction & Engineering - 0.1% | | | |
| AECOM | | 730 | 60,627 |
| Willscot Mobile Mini Holdings (a) | | 602 | 27,331 |
| | | | 87,958 |
| Electrical Equipment - 0.4% | | | |
| AMETEK, Inc. | | 1,964 | 270,895 |
| Hubbell, Inc. Class B | | 194 | 52,248 |
| nVent Electric PLC | | 720 | 30,190 |
| Regal Rexnord Corp. | | 332 | 43,213 |
| Sensata Technologies, Inc. PLC | | 1,162 | 50,489 |
| | | | 447,035 |
| Ground Transportation - 0.7% | | | |
| Knight-Swift Transportation Holdings, Inc. Class A | | 877 | 49,393 |
| Landstar System, Inc. | | 294 | 51,753 |
| Saia, Inc. (a) | | 126 | 37,519 |
| Uber Technologies, Inc. (a) | | 1,453 | 45,116 |
| Union Pacific Corp. | | 2,429 | 475,355 |
| Werner Enterprises, Inc. | | 664 | 29,993 |
| XPO, Inc. (a) | | 413 | 18,246 |
| | | | 707,375 |
| Industrial Conglomerates - 0.6% | | | |
| Honeywell International, Inc. | | 3,086 | 616,706 |
| Machinery - 2.0% | | | |
| AGCO Corp. | | 211 | 26,151 |
| Caterpillar, Inc. | | 1,844 | 403,467 |
| Cummins, Inc. | | 1,262 | 296,620 |
| Dover Corp. | | 1,869 | 273,173 |
| Fortive Corp. | | 3,343 | 210,910 |
| Graco, Inc. | | 1,085 | 86,030 |
| IDEX Corp. | | 965 | 199,099 |
| ITT, Inc. | | 611 | 51,593 |
| Lincoln Electric Holdings, Inc. | | 319 | 53,528 |
| Middleby Corp. (a) | | 403 | 56,775 |
| Oshkosh Corp. | | 315 | 24,104 |
| PACCAR, Inc. | | 3,458 | 258,278 |
| Snap-On, Inc. | | 679 | 176,139 |
| Timken Co. | | 441 | 33,891 |
| Toro Co. | | 251 | 26,169 |
| | | | 2,175,927 |
| Passenger Airlines - 0.2% | | | |
| American Airlines Group, Inc. (a) | | 6,773 | 92,384 |
| JetBlue Airways Corp. (a) | | 3,896 | 27,817 |
| United Airlines Holdings, Inc. (a) | | 1,951 | 85,454 |
| | | | 205,655 |
| Professional Services - 0.3% | | | |
| Booz Allen Hamilton Holding Corp. Class A | | 440 | 42,117 |
| CACI International, Inc. Class A (a) | | 151 | 47,311 |
| Genpact Ltd. | | 938 | 41,788 |
| KBR, Inc. | | 926 | 52,532 |
| Science Applications International Corp. | | 457 | 46,628 |
| SS&C Technologies Holdings, Inc. | | 1,607 | 94,074 |
| TransUnion Holding Co., Inc. | | 751 | 51,676 |
| | | | 376,126 |
| Trading Companies & Distributors - 0.3% | | | |
| W.W. Grainger, Inc. | | 305 | 212,149 |
| Watsco, Inc. | | 164 | 56,806 |
| WESCO International, Inc. | | 211 | 30,384 |
| | | | 299,339 |
TOTAL INDUSTRIALS | | | 8,712,804 |
| INFORMATION TECHNOLOGY - 25.0% | | | |
| Communications Equipment - 0.8% | | | |
| Ciena Corp. (a) | | 409 | 18,830 |
| Cisco Systems, Inc. | | 16,699 | 789,028 |
| | | | 807,858 |
| Electronic Equipment, Instruments & Components - 0.3% | | | |
| Arrow Electronics, Inc. (a) | | 440 | 50,349 |
| Avnet, Inc. | | 217 | 8,953 |
| Jabil, Inc. | | 726 | 56,737 |
| Keysight Technologies, Inc. (a) | | 1,381 | 199,748 |
| TD SYNNEX Corp. | | 472 | 42,027 |
| | | | 357,814 |
| IT Services - 1.4% | | | |
| Accenture PLC Class A | | 2,406 | 674,378 |
| Amdocs Ltd. | | 517 | 47,176 |
| Cloudflare, Inc. (a) | | 472 | 22,208 |
| Cognizant Technology Solutions Corp. Class A | | 3,454 | 206,238 |
| GoDaddy, Inc. (a) | | 585 | 44,273 |
| IBM Corp. | | 3,447 | 435,735 |
| MongoDB, Inc. Class A (a) | | 134 | 32,155 |
| Okta, Inc. (a) | | 112 | 7,675 |
| Snowflake, Inc. (a) | | 100 | 14,808 |
| Twilio, Inc. Class A (a) | | 568 | 29,882 |
| | | | 1,514,528 |
| Semiconductors & Semiconductor Equipment - 6.0% | | | |
| Advanced Micro Devices, Inc. (a) | | 5,298 | 473,482 |
| Broadcom, Inc. | | 1,562 | 978,593 |
| Enphase Energy, Inc. (a) | | 481 | 78,980 |
| Entegris, Inc. (b) | | 883 | 66,154 |
| Intel Corp. | | 15,732 | 488,636 |
| Lam Research Corp. | | 901 | 472,196 |
| Lattice Semiconductor Corp. (a) | | 470 | 37,459 |
| Micron Technology, Inc. | | 4,670 | 300,561 |
| MKS Instruments, Inc. | | 515 | 43,193 |
| Monolithic Power Systems, Inc. | | 273 | 126,118 |
| NVIDIA Corp. | | 7,722 | 2,142,778 |
| Qualcomm, Inc. | | 3,750 | 438,000 |
| SolarEdge Technologies, Inc. (a) | | 198 | 56,555 |
| Teradyne, Inc. | | 1,190 | 108,742 |
| Texas Instruments, Inc. | | 3,559 | 595,065 |
| Universal Display Corp. | | 247 | 32,965 |
| Wolfspeed, Inc. (a) | | 236 | 10,986 |
| | | | 6,450,463 |
| Software - 9.2% | | | |
| Adobe, Inc. (a) | | 1,615 | 609,759 |
| Aspen Technology, Inc. | | 100 | 17,700 |
| Atlassian Corp. PLC (a) | | 187 | 27,612 |
| Bentley Systems, Inc. Class B | | 777 | 33,069 |
| Bill Holdings, Inc. (a) | | 181 | 13,903 |
| Black Knight, Inc. (a) | | 545 | 29,779 |
| Crowdstrike Holdings, Inc. (a) | | 260 | 31,213 |
| Datadog, Inc. Class A (a) | | 464 | 31,264 |
| DocuSign, Inc. (a) | | 685 | 33,866 |
| Dolby Laboratories, Inc. Class A | | 602 | 50,381 |
| Dropbox, Inc. Class A (a) | | 2,043 | 41,555 |
| Dynatrace, Inc. (a) | | 706 | 29,850 |
| Elastic NV (a) | | 511 | 29,255 |
| Guidewire Software, Inc. (a) | | 698 | 53,181 |
| HubSpot, Inc. (a) | | 92 | 38,727 |
| Manhattan Associates, Inc. (a) | | 319 | 52,852 |
| Microsoft Corp. | | 22,821 | 7,011,980 |
| Oracle Corp. | | 5,746 | 544,261 |
| Palantir Technologies, Inc. (a)(b) | | 3,773 | 29,241 |
| Palo Alto Networks, Inc. (a) | | 251 | 45,797 |
| Paylocity Holding Corp. (a) | | 100 | 19,329 |
| Procore Technologies, Inc. (a) | | 580 | 30,978 |
| Qualys, Inc. (a) | | 239 | 26,993 |
| Salesforce, Inc. (a) | | 3,391 | 672,673 |
| Splunk, Inc. (a) | | 500 | 43,120 |
| UiPath, Inc. Class A (a) | | 1,903 | 26,794 |
| VMware, Inc. Class A (a) | | 636 | 79,519 |
| Workday, Inc. Class A (a) | | 507 | 94,373 |
| Zoom Video Communications, Inc. Class A (a) | | 385 | 23,651 |
| Zscaler, Inc. (a) | | 255 | 22,976 |
| | | | 9,795,651 |
| Technology Hardware, Storage & Peripherals - 7.3% | | | |
| Apple, Inc. | | 45,174 | 7,665,120 |
| Dell Technologies, Inc. | | 1,128 | 49,057 |
| Hewlett Packard Enterprise Co. | | 9,454 | 135,381 |
| | | | 7,849,558 |
TOTAL INFORMATION TECHNOLOGY | | | 26,775,872 |
| MATERIALS - 2.4% | | | |
| Chemicals - 1.7% | | | |
| Albemarle Corp. | | 483 | 89,577 |
| Ashland, Inc. | | 432 | 43,896 |
| Axalta Coating Systems Ltd. (a) | | 2,919 | 92,153 |
| Celanese Corp. Class A | | 1,272 | 135,137 |
| Eastman Chemical Co. | | 1,996 | 168,203 |
| Element Solutions, Inc. | | 2,409 | 43,723 |
| Huntsman Corp. | | 1,698 | 45,489 |
| Linde PLC | | 2,240 | 827,568 |
| LyondellBasell Industries NV Class A | | 2,342 | 221,577 |
| Olin Corp. | | 487 | 26,980 |
| RPM International, Inc. | | 528 | 43,312 |
| Valvoline, Inc. | | 860 | 29,713 |
| Westlake Corp. | | 268 | 30,493 |
| | | | 1,797,821 |
| Construction Materials - 0.0% | | | |
| Eagle Materials, Inc. | | 230 | 34,088 |
| Containers & Packaging - 0.3% | | | |
| Aptargroup, Inc. | | 428 | 50,722 |
| Berry Global Group, Inc. | | 872 | 50,410 |
| Crown Holdings, Inc. | | 823 | 70,597 |
| Graphic Packaging Holding Co. | | 2,011 | 49,591 |
| Silgan Holdings, Inc. | | 960 | 47,290 |
| Sonoco Products Co. | | 715 | 43,343 |
| | | | 311,953 |
| Metals & Mining - 0.4% | | | |
| Alcoa Corp. | | 570 | 21,170 |
| Newmont Corp. | | 3,982 | 188,747 |
| Reliance Steel & Aluminum Co. | | 140 | 34,692 |
| Royal Gold, Inc. | | 281 | 37,216 |
| Southern Copper Corp. | | 457 | 35,111 |
| Steel Dynamics, Inc. | | 1,087 | 112,994 |
| | | | 429,930 |
TOTAL MATERIALS | | | 2,573,792 |
| REAL ESTATE - 2.7% | | | |
| Equity Real Estate Investment Trusts (REITs) - 2.7% | | | |
| American Homes 4 Rent Class A | | 2,764 | 91,931 |
| American Tower Corp. | | 2,052 | 419,408 |
| Americold Realty Trust | | 968 | 28,643 |
| Apartment Income (REIT) Corp. | | 822 | 30,398 |
| Brixmor Property Group, Inc. | | 2,138 | 45,604 |
| Camden Property Trust (SBI) | | 1,837 | 202,162 |
| CubeSmart | | 1,013 | 46,081 |
| EastGroup Properties, Inc. | | 274 | 45,637 |
| Equity Lifestyle Properties, Inc. | | 736 | 50,710 |
| Federal Realty Investment Trust (SBI) | | 1,472 | 145,566 |
| First Industrial Realty Trust, Inc. | | 870 | 45,649 |
| Gaming & Leisure Properties | | 900 | 46,800 |
| Healthcare Trust of America, Inc. | | 1,875 | 37,088 |
| Healthpeak Properties, Inc. | | 7,685 | 168,839 |
| Independence Realty Trust, Inc. | | 2,360 | 39,294 |
| Kite Realty Group Trust | | 1,415 | 29,319 |
| Lamar Advertising Co. Class A | | 498 | 52,629 |
| Life Storage, Inc. | | 368 | 49,452 |
| Mid-America Apartment Communities, Inc. | | 1,480 | 227,624 |
| National Retail Properties, Inc. | | 992 | 43,152 |
| Omega Healthcare Investors, Inc. | | 1,358 | 36,340 |
| Physicians Realty Trust | | 1,866 | 26,908 |
| Prologis (REIT), Inc. | | 3,433 | 429,983 |
| Rexford Industrial Realty, Inc. | | 736 | 41,047 |
| SBA Communications Corp. Class A | | 644 | 168,013 |
| Spirit Realty Capital, Inc. | | 779 | 29,960 |
| Sun Communities, Inc. | | 628 | 87,248 |
| UDR, Inc. | | 3,910 | 161,600 |
| WP Carey, Inc. | | 898 | 66,632 |
| | | | 2,893,717 |
| Real Estate Management & Development - 0.0% | | | |
| Jones Lang LaSalle, Inc. (a) | | 174 | 24,193 |
TOTAL REAL ESTATE | | | 2,917,910 |
| UTILITIES - 2.9% | | | |
| Electric Utilities - 1.4% | | | |
| Exelon Corp. | | 7,573 | 321,398 |
| NextEra Energy, Inc. | | 8,612 | 659,938 |
| OGE Energy Corp. | | 1,081 | 40,581 |
| PNM Resources, Inc. | | 638 | 30,707 |
| Xcel Energy, Inc. | | 5,889 | 411,700 |
| | | | 1,464,324 |
| Gas Utilities - 0.0% | | | |
| National Fuel Gas Co. | | 430 | 24,037 |
| Independent Power and Renewable Electricity Producers - 0.0% | | | |
| Vistra Corp. | | 611 | 14,578 |
| Multi-Utilities - 1.4% | | | |
| Ameren Corp. | | 3,697 | 328,922 |
| Black Hills Corp. | | 557 | 36,367 |
| CMS Energy Corp. | | 4,714 | 293,494 |
| Consolidated Edison, Inc. | | 3,988 | 392,698 |
| DTE Energy Co. | | 2,415 | 271,470 |
| NiSource, Inc. | | 8,281 | 235,677 |
| | | | 1,558,628 |
| Water Utilities - 0.1% | | | |
| Essential Utilities, Inc. | | 1,415 | 60,421 |
TOTAL UTILITIES | | | 3,121,988 |
| TOTAL COMMON STOCKS (Cost $98,363,689) | | | 103,265,800 |
| | | | |
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Directors (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last 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 but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price 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.
Options: Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.
The Fund used exchange-traded options to manage its exposure to the stock market.
Open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions." Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent 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.
