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| Common Stocks - 99.1% |
| | | Shares | Value ($) |
| COMMUNICATION SERVICES - 14.5% | | | |
| Diversified Telecommunication Services - 0.1% | | | |
| Anterix, Inc. (a) | | 9,520 | 310,828 |
| Cogent Communications Group, Inc. (b) | | 13,158 | 809,480 |
| Consolidated Communications Holdings, Inc. (a) | | 51,556 | 188,179 |
| Frontier Communications Parent, Inc. (a)(b) | | 51,432 | 765,308 |
| Iridium Communications, Inc. (b) | | 33,064 | 1,985,163 |
| Liberty Global PLC: | | | |
| Class A (a) | | 44,357 | 723,019 |
| Class C (a)(b) | | 67,331 | 1,145,974 |
| Liberty Latin America Ltd. Class C (a) | | 64,299 | 469,383 |
| Nextplat Corp. (a)(b) | | 23,194 | 50,099 |
| Radius Global Infrastructure, Inc. (a) | | 30,104 | 445,539 |
| | | | 6,892,972 |
| Entertainment - 1.8% | | | |
| Activision Blizzard, Inc. | | 172,525 | 13,836,505 |
| Bilibili, Inc. ADR (a) | | 27,147 | 425,122 |
| Electronic Arts, Inc. | | 57,728 | 7,389,184 |
| iQIYI, Inc. ADR (a) | | 112,624 | 457,253 |
| Liberty Media Corp. Liberty Braves Class C (a) | | 17,328 | 635,591 |
| Liberty Media Corp. Liberty Formula One: | | | |
| Class A (a) | | 8,823 | 557,172 |
| Series C (a)(b) | | 48,172 | 3,391,309 |
| NetEase, Inc. ADR | | 35,105 | 2,986,733 |
| Netflix, Inc. (a) | | 97,708 | 38,617,133 |
| Playtika Holding Corp. (a) | | 89,071 | 893,382 |
| Roku, Inc. Class A (a)(b) | | 27,868 | 1,621,918 |
| Take-Two Interactive Software, Inc. (a) | | 36,270 | 4,995,467 |
| Warner Bros Discovery, Inc. (a) | | 531,992 | 6,000,870 |
| Warner Music Group Corp. Class A | | 37,514 | 917,217 |
| | | | 82,724,856 |
| Interactive Media & Services - 10.1% | | | |
| Alphabet, Inc.: | | | |
| Class A (a) | | 1,308,324 | 160,753,770 |
| Class C (a) | | 1,311,196 | 161,762,251 |
| Baidu, Inc. sponsored ADR (a) | | 36,823 | 4,523,706 |
| Bumble, Inc. (a) | | 35,080 | 536,724 |
| FaZe Holdings, Inc. Class A (a)(b) | | 60,469 | 30,331 |
| Hello Group, Inc. ADR | | 53,908 | 435,038 |
| IAC, Inc. (a) | | 18,715 | 1,045,046 |
| JOYY, Inc. ADR | | 16,797 | 416,566 |
| Kanzhun Ltd. ADR (a) | | 53,270 | 738,855 |
| Match Group, Inc. (a) | | 61,475 | 2,120,888 |
| Meta Platforms, Inc. Class A (a) | | 489,343 | 129,538,879 |
| Rumble, Inc. (a)(b) | | 69,182 | 682,826 |
| TripAdvisor, Inc. (a)(b) | | 31,118 | 484,196 |
| Yandex NV Series A (a)(b)(c) | | 50,190 | 411,558 |
| Ziff Davis, Inc. (a) | | 11,569 | 683,034 |
| Zoominfo Technologies, Inc. (a)(b) | | 93,986 | 2,324,274 |
| | | | 466,487,942 |
| Media - 1.6% | | | |
| Advantage Solutions, Inc. Class A (a) | | 84,776 | 161,074 |
| Charter Communications, Inc. Class A (a) | | 34,271 | 11,177,487 |
| Comcast Corp. Class A | | 933,445 | 36,731,061 |
| comScore, Inc. (a)(b) | | 113,462 | 102,116 |
| Criteo SA sponsored ADR (a) | | 14,899 | 475,129 |
| DISH Network Corp. Class A (a) | | 74,108 | 476,514 |
| E.W. Scripps Co. Class A (a) | | 28,334 | 223,272 |
| Fox Corp.: | | | |
| Class A | | 72,259 | 2,254,481 |
| Class B | | 60,023 | 1,753,272 |
| Integral Ad Science Holding Corp. (a) | | 47,590 | 899,927 |
| Liberty Broadband Corp.: | | | |
| Class A (a) | | 5,698 | 420,911 |
| Class C (a) | | 29,502 | 2,186,098 |
| Liberty Media Corp. Liberty SiriusXM: | | | |
| Series A (a) | | 24,910 | 696,982 |
| Series C (a) | | 51,403 | 1,437,228 |
| News Corp.: | | | |
| Class A | | 91,502 | 1,675,402 |
| Class B | | 49,848 | 921,191 |
| Nexstar Broadcasting Group, Inc. Class A (b) | | 9,944 | 1,500,748 |
| Paramount Global Class B (b) | | 133,789 | 2,034,931 |
| Scholastic Corp. | | 13,026 | 553,344 |
| Sinclair Broadcast Group, Inc. Class A (b) | | 16,020 | 246,388 |
| Sirius XM Holdings, Inc. (b) | | 890,020 | 3,168,471 |
| TechTarget, Inc. (a) | | 9,360 | 325,166 |
| The Trade Desk, Inc. (a)(b) | | 94,621 | 6,631,040 |
| | | | 76,052,233 |
| Wireless Telecommunication Services - 0.9% | | | |
| Gogo, Inc. (a) | | 35,469 | 533,808 |
| Millicom International Cellular SA (a)(b) | | 30,355 | 508,143 |
| T-Mobile U.S., Inc. (a) | | 274,354 | 37,655,087 |
| Vodafone Group PLC sponsored ADR | | 93,924 | 890,400 |
| | | | 39,587,438 |
TOTAL COMMUNICATION SERVICES | | | 671,745,441 |
| CONSUMER DISCRETIONARY - 13.6% | | | |
| Automobile Components - 0.1% | | | |
| Dorman Products, Inc. (a) | | 8,093 | 664,031 |
| Fox Factory Holding Corp. (a) | | 11,381 | 1,011,999 |
| Gentex Corp. | | 52,945 | 1,390,336 |
| Gentherm, Inc. (a) | | 9,783 | 537,674 |
| Luminar Technologies, Inc. (a)(b) | | 80,993 | 551,562 |
| Patrick Industries, Inc. (b) | | 9,240 | 605,497 |
| Solid Power, Inc. (a)(b) | | 68,500 | 150,015 |
| Sono Group NV (a)(b) | | 125,408 | 21,344 |
| The Goodyear Tire & Rubber Co. (a) | | 41,416 | 568,642 |
| Visteon Corp. (a) | | 6,470 | 864,263 |
| XPEL, Inc. (a) | | 8,845 | 609,155 |
| | | | 6,974,518 |
| Automobiles - 3.3% | | | |
| Canoo, Inc. (a)(b) | | 513,120 | 285,295 |
| Cenntro Electric Group Ltd. (a)(b) | | 250,870 | 75,713 |
| Faraday Future Intelligent Electric, Inc. (a)(b) | | 730,874 | 180,234 |
| Gogoro, Inc. (a)(b) | | 19,815 | 58,256 |
| Li Auto, Inc. ADR (a) | | 92,496 | 2,687,009 |
| Lordstown Motors Corp. Class A (a)(b) | | 12,220 | 41,548 |
| Lucid Group, Inc. Class A (a)(b) | | 374,957 | 2,909,666 |
| NWTN, Inc. (a)(b) | | 72,147 | 758,265 |
| Rivian Automotive, Inc. (a)(b) | | 199,345 | 2,936,352 |
| Tesla, Inc. (a) | | 690,439 | 140,801,225 |
| Workhorse Group, Inc. (a)(b) | | 155,365 | 130,615 |
| | | | 150,864,178 |
| Broadline Retail - 6.6% | | | |
| Amazon.com, Inc. (a) | | 2,251,242 | 271,454,760 |
| eBay, Inc. | | 126,399 | 5,377,013 |
| Etsy, Inc. (a) | | 27,572 | 2,234,711 |
| Global-e Online Ltd. (a)(b) | | 30,204 | 1,081,907 |
| JD.com, Inc. sponsored ADR | | 108,962 | 3,552,161 |
| MercadoLibre, Inc. (a) | | 10,776 | 13,351,464 |
| Ollie's Bargain Outlet Holdings, Inc. (a)(b) | | 16,596 | 914,772 |
| Ozon Holdings PLC ADR (a)(b)(c) | | 22,832 | 196,355 |
| PDD Holdings, Inc. ADR (a) | | 130,763 | 8,541,439 |
| Qurate Retail, Inc. Series A (a) | | 148,471 | 123,246 |
| | | | 306,827,828 |
| Distributors - 0.1% | | | |
| LKQ Corp. | | 62,340 | 3,288,435 |
| Pool Corp. | | 8,258 | 2,611,427 |
| | | | 5,899,862 |
| Diversified Consumer Services - 0.1% | | | |
| 2U, Inc. (a) | | 49,695 | 198,780 |
| Duolingo, Inc. (a) | | 8,253 | 1,234,401 |
| Grand Canyon Education, Inc. (a)(b) | | 9,349 | 979,401 |
| Laureate Education, Inc. Class A | | 37,542 | 454,258 |
| Rover Group, Inc. Class A (a) | | 81,143 | 377,315 |
| Strategic Education, Inc. (b) | | 6,882 | 543,059 |
| Udemy, Inc. (a) | | 47,077 | 470,770 |
| | | | 4,257,984 |
| Hotels, Restaurants & Leisure - 2.1% | | | |
| Airbnb, Inc. Class A (a)(b) | | 82,506 | 9,056,684 |
| Bloomin' Brands, Inc. | | 30,321 | 724,369 |
| Booking Holdings, Inc. (a) | | 8,225 | 20,634,633 |
| Caesars Entertainment, Inc. (a) | | 45,122 | 1,850,453 |
| Churchill Downs, Inc. | | 18,496 | 2,512,127 |
| Cracker Barrel Old Country Store, Inc. (b) | | 6,229 | 610,567 |
| Dave & Buster's Entertainment, Inc. (a) | | 16,228 | 521,730 |
| Draftkings Holdings, Inc. (a)(b) | | 88,071 | 2,055,577 |
| Expedia, Inc. (a) | | 31,999 | 3,062,624 |
| Golden Entertainment, Inc. (a) | | 10,995 | 463,329 |
| H World Group Ltd. ADR (a) | | 39,389 | 1,442,425 |
| Jack in the Box, Inc. (b) | | 4,865 | 421,114 |
| Krispy Kreme, Inc. (b) | | 54,765 | 818,189 |
| Light & Wonder, Inc. Class A (a) | | 24,660 | 1,437,431 |
| MakeMyTrip Ltd. (a) | | 20,348 | 530,472 |
| Marriott International, Inc. Class A | | 71,628 | 12,018,462 |
| Melco Crown Entertainment Ltd. sponsored ADR (a) | | 67,569 | 746,637 |
| Monarch Casino & Resort, Inc. | | 6,476 | 420,228 |
| Papa John's International, Inc. (b) | | 8,261 | 579,179 |
| Penn Entertainment, Inc. (a) | | 37,232 | 932,289 |
| Playa Hotels & Resorts NV (a) | | 63,006 | 560,123 |
| Red Rock Resorts, Inc. | | 9,716 | 442,952 |
| Sportradar Holding AG (a)(b) | | 60,431 | 728,798 |
| Starbucks Corp. | | 247,956 | 24,210,424 |
| Texas Roadhouse, Inc. Class A (b) | | 17,395 | 1,876,921 |
| The Cheesecake Factory, Inc. (b) | | 13,595 | 425,931 |
| Trip.com Group Ltd. ADR (a) | | 106,574 | 3,365,607 |
| Wendy's Co. (b) | | 57,822 | 1,272,662 |
| Wingstop, Inc. | | 6,906 | 1,376,780 |
| Wynn Resorts Ltd. | | 24,508 | 2,418,940 |
| | | | 97,517,657 |
| Household Durables - 0.1% | | | |
| Cavco Industries, Inc. (a) | | 2,722 | 677,724 |
| Helen of Troy Ltd. (a)(b) | | 6,950 | 669,146 |
| iRobot Corp. (a)(b) | | 6,283 | 222,732 |
| LGI Homes, Inc. (a)(b) | | 7,761 | 882,969 |
| Newell Brands, Inc. (b) | | 90,395 | 751,182 |
| Snap One Holdings Corp. (a) | | 15,596 | 137,713 |
| Sonos, Inc. (a)(b) | | 32,050 | 465,687 |
| | | | 3,807,153 |
| Leisure Products - 0.1% | | | |
| BRP, Inc. (b) | | 6,145 | 440,043 |
| Hasbro, Inc. | | 27,937 | 1,658,061 |
| Malibu Boats, Inc. Class A (a) | | 7,861 | 412,309 |
| Mattel, Inc. (a) | | 85,262 | 1,484,411 |
| Peloton Interactive, Inc. Class A (a)(b) | | 73,116 | 532,284 |
| | | | 4,527,108 |
| Specialty Retail - 0.8% | | | |
| Academy Sports & Outdoors, Inc. (b) | | 22,134 | 1,083,681 |
| Five Below, Inc. (a) | | 12,115 | 2,090,080 |
| Franchise Group, Inc. (b) | | 13,486 | 392,443 |
| Leslie's, Inc. (a)(b) | | 44,982 | 426,429 |
| Monro, Inc. (b) | | 9,601 | 397,193 |
| National Vision Holdings, Inc. (a) | | 21,423 | 540,931 |
| Newegg Commerce, Inc. (a)(b) | | 99,871 | 104,865 |
| O'Reilly Automotive, Inc. (a) | | 14,314 | 12,929,979 |
| Ross Stores, Inc. | | 79,007 | 8,186,705 |
| Sleep Number Corp. (a) | | 10,334 | 187,459 |
| Stitch Fix, Inc. (a)(b) | | 150,447 | 540,105 |
| The ODP Corp. (a) | | 17,314 | 693,599 |
| The RealReal, Inc. (a)(b) | | 209,469 | 267,073 |
| Tractor Supply Co. (b) | | 23,729 | 4,973,361 |
| Ulta Beauty, Inc. (a) | | 11,368 | 4,658,947 |
| Upbound Group, Inc. (b) | | 26,906 | 804,758 |
| Urban Outfitters, Inc. (a) | | 24,079 | 742,115 |
| | | | 39,019,723 |
| Textiles, Apparel & Luxury Goods - 0.3% | | | |
| Columbia Sportswear Co. (b) | | 16,604 | 1,225,873 |
| Crocs, Inc. (a) | | 9,514 | 1,068,232 |
| G-III Apparel Group Ltd. (a) | | 19,242 | 309,411 |
| lululemon athletica, Inc. (a) | | 26,235 | 8,708,184 |
| Steven Madden Ltd. (b) | | 22,975 | 717,050 |
| | | | 12,028,750 |
TOTAL CONSUMER DISCRETIONARY | | | 631,724,761 |
| CONSUMER STAPLES - 4.4% | | | |
| Beverages - 1.9% | | | |
| Celsius Holdings, Inc. (a) | | 19,297 | 2,422,352 |
| Coca-Cola Bottling Co. Consolidated | | 2,088 | 1,381,713 |
| Coca-Cola European Partners PLC (b) | | 103,242 | 6,441,268 |
| Keurig Dr. Pepper, Inc. | | 314,195 | 9,777,748 |
| MGP Ingredients, Inc. (b) | | 6,840 | 650,210 |
| Monster Beverage Corp. | | 234,688 | 13,757,411 |
| National Beverage Corp. (a)(b) | | 24,412 | 1,206,441 |
| PepsiCo, Inc. | | 297,822 | 54,307,842 |
| | | | 89,944,985 |
| Consumer Staples Distribution & Retail - 1.5% | | | |
| Andersons, Inc. | | 12,971 | 505,999 |
| Casey's General Stores, Inc. | | 8,877 | 2,003,095 |
| Chefs' Warehouse Holdings (a) | | 14,195 | 441,606 |
| Costco Wholesale Corp. | | 96,885 | 49,562,491 |
| Dollar Tree, Inc. (a) | | 50,052 | 6,751,014 |
| Grocery Outlet Holding Corp. (a)(b) | | 26,449 | 759,615 |
| Ingles Markets, Inc. Class A | | 5,505 | 441,886 |
| PriceSmart, Inc. | | 8,526 | 617,964 |
| Sprouts Farmers Market LLC (a) | | 31,382 | 1,084,562 |
| Walgreens Boots Alliance, Inc. (b) | | 192,593 | 5,849,049 |
| | | | 68,017,281 |
| Food Products - 0.9% | | | |
| Bridgford Foods Corp. (a)(b) | | 2,778 | 33,114 |
| Cal-Maine Foods, Inc. | | 14,013 | 666,318 |
| Freshpet, Inc. (a)(b) | | 2,867 | 171,332 |
| Hostess Brands, Inc. Class A (a) | | 40,268 | 1,001,868 |
| J&J Snack Foods Corp. | | 4,991 | 768,364 |
| Lancaster Colony Corp. (b) | | 6,284 | 1,235,309 |
| Mission Produce, Inc. (a) | | 31,408 | 383,178 |
| Mondelez International, Inc. | | 304,343 | 22,341,820 |
| Pilgrim's Pride Corp. (a) | | 59,530 | 1,321,566 |
| Sovos Brands, Inc. (a) | | 35,674 | 677,449 |
| Tattooed Chef, Inc. (a)(b) | | 81,230 | 44,368 |
| The Hain Celestial Group, Inc. (a) | | 26,693 | 325,922 |
| The Kraft Heinz Co. (b) | | 271,748 | 10,386,209 |
| The Simply Good Foods Co. (a) | | 26,848 | 971,629 |
| | | | 40,328,446 |
| Household Products - 0.1% | | | |
| Central Garden & Pet Co. Class A (non-vtg.) (a) | | 13,869 | 476,400 |
| Reynolds Consumer Products, Inc. | | 51,345 | 1,408,907 |
| WD-40 Co. (b) | | 3,660 | 694,119 |
| | | | 2,579,426 |
| Personal Care Products - 0.0% | | | |
| Inter Parfums, Inc. | | 9,637 | 1,210,407 |
| Olaplex Holdings, Inc. (a) | | 121,725 | 384,651 |
| Veru, Inc. (a)(b) | | 32,564 | 32,238 |
| | | | 1,627,296 |
TOTAL CONSUMER STAPLES | | | 202,497,434 |
| ENERGY - 0.6% | | | |
| Energy Equipment & Services - 0.2% | | | |
| Baker Hughes Co. Class A (b) | | 219,940 | 5,993,365 |
| Championx Corp. | | 50,090 | 1,265,273 |
| CSI Compressco LP | | 60,880 | 65,750 |
| Patterson-UTI Energy, Inc. | | 59,020 | 574,855 |
| Smart Sand, Inc. (a) | | 88,649 | 131,201 |
| Weatherford International PLC (a) | | 21,689 | 1,224,127 |
| | | | 9,254,571 |
| Oil, Gas & Consumable Fuels - 0.4% | | | |
| Alliance Resource Partners LP | | 37,957 | 649,065 |
| Amplify Energy Corp. warrants 5/4/22 (a)(c) | | 322 | 0 |
| APA Corp. | | 61,476 | 1,953,707 |
| Chesapeake Energy Corp. | | 29,699 | 2,234,850 |
| Chord Energy Corp. | | 8,844 | 1,265,046 |
| Diamondback Energy, Inc. | | 39,806 | 5,061,333 |
| Golar LNG Ltd. | | 32,448 | 667,455 |
| Green Plains, Inc. (a)(b) | | 18,908 | 548,332 |
| HighPeak Energy, Inc. (b) | | 28,930 | 356,996 |
| New Fortress Energy, Inc. | | 50,035 | 1,314,419 |
| PDC Energy, Inc. | | 23,148 | 1,588,416 |
| Plains All American Pipeline LP | | 165,630 | 2,139,940 |
| Plains GP Holdings LP Class A | | 54,026 | 734,754 |
| Ranger Oil Corp. | | 8,849 | 325,201 |
| TORM PLC (b) | | 26,334 | 653,347 |
| Vertex Energy, Inc. (a)(b) | | 27,509 | 177,983 |
| Viper Energy Partners LP | | 22,713 | 585,541 |
| | | | 20,256,385 |
TOTAL ENERGY | | | 29,510,956 |
| FINANCIALS - 4.3% | | | |
| Banks - 1.1% | | | |
| Ameris Bancorp | | 20,153 | 636,029 |
| BancFirst Corp. | | 9,279 | 784,725 |
| Bancorp, Inc., Delaware (a) | | 23,062 | 711,693 |
| Bank OZK (b) | | 31,418 | 1,086,434 |
| Banner Corp. | | 11,418 | 494,057 |
| BCB Bancorp, Inc. | | 24,340 | 258,247 |
| BOK Financial Corp. | | 17,196 | 1,398,379 |
| Broadway Financial Corp. (a) | | 115,004 | 106,965 |
| Capitol Federal Financial, Inc. | | 81,614 | 488,052 |
| Carver Bancorp, Inc. (a) | | 30,185 | 105,949 |
| Cathay General Bancorp (b) | | 21,148 | 618,368 |
| City Holding Co. | | 5,932 | 511,279 |
| Columbia Banking Systems, Inc. | | 57,069 | 1,143,092 |
| Columbia Financial, Inc. (a)(b) | | 41,211 | 665,558 |
| Commerce Bancshares, Inc. | | 30,629 | 1,468,661 |
| CVB Financial Corp. | | 38,991 | 468,282 |
| Eagle Bancorp, Inc. | | 8,487 | 169,146 |
| East West Bancorp, Inc. | | 30,058 | 1,438,275 |
| Eastern Bankshares, Inc. | | 49,887 | 541,274 |
| Enterprise Bancorp, Inc. | | 10,316 | 274,199 |
| Enterprise Financial Services Corp. | | 12,823 | 520,870 |
| Fifth Third Bancorp | | 154,809 | 3,757,214 |
| First Bancorp, North Carolina | | 20,334 | 612,053 |
| First Busey Corp. | | 18,327 | 342,715 |
| First Citizens Bancshares, Inc. | | 3,059 | 3,815,185 |
| First Financial Bancorp, Ohio | | 26,971 | 511,370 |
| First Financial Bankshares, Inc. (b) | | 35,581 | 921,548 |
| First Hawaiian, Inc. | | 36,242 | 597,631 |
| First Internet Bancorp | | 16,478 | 202,350 |
| First Interstate Bancsystem, Inc. | | 29,412 | 648,535 |
| First Merchants Corp. | | 16,684 | 441,292 |
| Fulton Financial Corp. | | 49,549 | 552,967 |
| German American Bancorp, Inc. (b) | | 16,306 | 450,046 |
| Hancock Whitney Corp. (b) | | 23,036 | 841,505 |
| Heartland Financial U.S.A., Inc. | | 13,878 | 382,894 |
| HomeStreet, Inc. | | 17,300 | 90,652 |
| Hope Bancorp, Inc. | | 40,872 | 327,793 |
| Huntington Bancshares, Inc. | | 329,094 | 3,392,959 |
| Independent Bank Corp. | | 11,809 | 521,249 |
| Independent Bank Group, Inc. | | 12,161 | 405,813 |
| International Bancshares Corp. | | 17,115 | 731,153 |
| Investar Holding Corp. | | 14,181 | 155,991 |
| Lakeland Financial Corp. | | 8,439 | 423,891 |
| NBT Bancorp, Inc. (b) | | 11,845 | 397,400 |
| Northwest Bancshares, Inc. (b) | | 43,612 | 458,362 |
| OceanFirst Financial Corp. | | 23,147 | 328,687 |
| Old National Bancorp, Indiana | | 77,051 | 956,973 |
| Pacific Premier Bancorp, Inc. | | 26,542 | 499,786 |
| PacWest Bancorp (b) | | 33,289 | 214,714 |
| Pathward Financial, Inc. | | 19,176 | 842,593 |
| Pinnacle Financial Partners, Inc. (b) | | 19,496 | 948,480 |
| Popular, Inc. | | 19,194 | 1,097,513 |
| Renasant Corp. | | 17,482 | 456,630 |
| Republic Bancorp, Inc., Kentucky Class A (b) | | 11,966 | 504,247 |
| Sandy Spring Bancorp, Inc. | | 14,866 | 311,294 |
| Seacoast Banking Corp., Florida | | 20,175 | 417,219 |
| Simmons First National Corp. Class A | | 32,195 | 523,813 |
| Southstate Corp. | | 18,362 | 1,147,992 |
| Stock Yards Bancorp, Inc. (b) | | 9,752 | 408,609 |
| Texas Capital Bancshares, Inc. (a) | | 13,970 | 660,781 |
| TowneBank | | 20,596 | 478,651 |
| Trico Bancshares (b) | | 11,603 | 377,794 |
| Trustmark Corp. | | 20,125 | 420,210 |
| UMB Financial Corp. (b) | | 12,563 | 711,568 |
| United Bankshares, Inc., West Virginia (b) | | 34,229 | 1,007,017 |
| United Community Bank, Inc. | | 25,064 | 566,697 |
| Valley National Bancorp (b) | | 128,921 | 951,437 |
| Veritex Holdings, Inc. | | 31,309 | 540,706 |
| Washington Federal, Inc. | | 20,644 | 536,950 |
| WesBanco, Inc. | | 20,621 | 497,791 |
| Westamerica Bancorp. | | 9,289 | 351,403 |
| Wintrust Financial Corp. | | 14,825 | 942,425 |
| WSFS Financial Corp. (b) | | 18,628 | 622,920 |
| Zions Bancorp NA | | 36,824 | 1,004,927 |
| | | | 53,201,929 |
| Capital Markets - 1.3% | | | |
| B. Riley Financial, Inc. (b) | | 19,219 | 695,343 |
| BGC Partners, Inc. Class A | | 65,979 | 268,535 |
| Carlyle Group LP (b) | | 71,602 | 1,962,611 |
| CME Group, Inc. | | 79,103 | 14,139,661 |
| Coinbase Global, Inc. (a)(b) | | 37,624 | 2,340,213 |
| CONX Corp. Class A (a)(b) | | 23,833 | 243,335 |
| Focus Financial Partners, Inc. Class A (a) | | 17,710 | 922,514 |
| Freedom Holding Corp. (a)(b) | | 20,939 | 1,728,933 |
| Futu Holdings Ltd. ADR (a) | | 15,859 | 584,563 |
| Greenpro Capital Corp. (a)(b) | | 61,436 | 110,585 |
| Hamilton Lane, Inc. Class A | | 16,001 | 1,086,628 |
| Interactive Brokers Group, Inc. | | 22,875 | 1,766,636 |
| LPL Financial | | 17,474 | 3,403,586 |
| MarketAxess Holdings, Inc. | | 8,796 | 2,396,118 |
| Morningstar, Inc. | | 10,058 | 2,058,873 |
| NASDAQ, Inc. | | 111,419 | 6,167,042 |
| Northern Trust Corp. | | 47,173 | 3,392,682 |
| Robinhood Markets, Inc. (a)(b) | | 197,487 | 1,761,584 |
| SEI Investments Co. | | 33,562 | 1,898,938 |
| StepStone Group, Inc. Class A | | 31,282 | 672,876 |
| T. Rowe Price Group, Inc. (b) | | 51,240 | 5,490,878 |
| TPG, Inc. (b) | | 32,691 | 843,428 |
| Tradeweb Markets, Inc. Class A | | 26,361 | 1,764,869 |
| Up Fintech Holdings Ltd. ADR (a)(b) | | 61,167 | 185,336 |
| Victory Capital Holdings, Inc. | | 22,757 | 704,784 |
| Virtu Financial, Inc. Class A | | 31,053 | 546,222 |
| Virtus Investment Partners, Inc. | | 2,341 | 446,616 |
| XP, Inc. Class A (a) | | 115,599 | 2,040,322 |
| | | | 59,623,711 |
| Consumer Finance - 0.2% | | | |
| Credit Acceptance Corp. (a)(b) | | 3,131 | 1,395,424 |
| Encore Capital Group, Inc. (a)(b) | | 6,859 | 295,417 |
| FirstCash Holdings, Inc. | | 11,601 | 1,143,163 |
| LendingTree, Inc. (a) | | 15,262 | 279,142 |
| Navient Corp. (b) | | 34,263 | 519,084 |
| PRA Group, Inc. (a) | | 14,192 | 265,390 |
| Qifu Technology, Inc. ADR | | 34,281 | 471,364 |
| SLM Corp. (b) | | 68,503 | 1,045,356 |
| SoFi Technologies, Inc. (a)(b) | | 213,445 | 1,481,308 |
| Upstart Holdings, Inc. (a)(b) | | 17,497 | 476,618 |
| | | | 7,372,266 |
| Financial Services - 1.1% | | | |
| A-Mark Precious Metals, Inc. | | 5,276 | 178,698 |
| Accretion Acquisition Corp. (a) | | 44,055 | 456,410 |
| Affirm Holdings, Inc. (a)(b) | | 42,364 | 629,529 |
| Atlantic Coastal Acquisition Corp. Class A (a) | | 43,496 | 441,049 |
| Avalon Acquisition, Inc. Class A (a) | | 45,669 | 483,178 |
| AvidXchange Holdings, Inc. (a) | | 72,465 | 702,186 |
| Bridgetown Holdings Ltd. Class A (a)(b) | | 36,970 | 376,355 |
| Crixus BH3 Acquisition Co. (a)(b) | | 15,221 | 156,472 |
| Dlocal Ltd. (a)(b) | | 31,623 | 368,092 |
| Enact Holdings, Inc. (b) | | 43,012 | 1,046,912 |
| Euronet Worldwide, Inc. (a)(b) | | 12,860 | 1,432,604 |
| Fiserv, Inc. (a) | | 141,460 | 15,870,397 |
| Flywire Corp. (a) | | 20,409 | 613,086 |
| FTAC Zeus Acquisition Corp. Class A (a) | | 64,785 | 672,468 |
| Home Point Capital, Inc. | | 47,825 | 110,476 |
| Jack Henry & Associates, Inc. (b) | | 16,929 | 2,588,275 |
| LM Funding America, Inc. (a) | | 90,829 | 65,397 |
| Marblegate Acquisition Corp. (a)(b) | | 16,628 | 168,774 |
| Marqeta, Inc. Class A (a) | | 91,747 | 439,468 |
| Merchants Bancorp | | 18,450 | 421,767 |
| Mr. Cooper Group, Inc. (a) | | 21,090 | 975,623 |
| NMI Holdings, Inc. (a) | | 19,588 | 492,638 |
| Payoneer Global, Inc. (a) | | 123,399 | 512,106 |
| PayPal Holdings, Inc. (a) | | 254,647 | 15,785,568 |
| PepperLime Health Acquisition Corp. Class A (a) | | 52,721 | 547,771 |
| Perception Capital Corp. II Class A (a) | | 15,033 | 162,356 |
| Remitly Global, Inc. (a) | | 59,169 | 1,085,159 |
| RMG Acquisition Corp. III Class A (a) | | 16,684 | 168,508 |
| Screaming Eagle Acquisition Corp. (a) | | 23,113 | 236,908 |
| StoneBridge Acquisition Corp. (a) | | 16,795 | 180,882 |
| StoneCo Ltd. Class A (a) | | 124,116 | 1,555,173 |
| TFS Financial Corp. (b) | | 88,355 | 999,295 |
| Vector Acquisition Corp. II Class A (a) | | 65,731 | 671,114 |
| | | | 50,594,694 |
| Insurance - 0.6% | | | |
| Arch Capital Group Ltd. (a) | | 86,234 | 6,010,510 |
| Brighthouse Financial, Inc. (a) | | 21,040 | 847,070 |
| BRP Group, Inc. (a) | | 20,818 | 417,609 |
| Cincinnati Financial Corp. | | 36,600 | 3,531,900 |
| Enstar Group Ltd. (a) | | 4,394 | 1,034,260 |
| Erie Indemnity Co. Class A (b) | | 11,146 | 2,386,359 |
| Goosehead Insurance (a)(b) | | 16,879 | 931,383 |
| James River Group Holdings Ltd. (b) | | 10,525 | 201,449 |
| Oxbridge Re Holdings Ltd. (a)(b) | | 79,359 | 99,992 |
| Palomar Holdings, Inc. (a) | | 9,307 | 508,721 |
| Principal Financial Group, Inc. (b) | | 57,931 | 3,792,163 |
| Safety Insurance Group, Inc. | | 5,095 | 371,018 |
| Selective Insurance Group, Inc. | | 15,803 | 1,528,624 |
| Trupanion, Inc. (a)(b) | | 17,961 | 403,584 |
| Willis Towers Watson PLC | | 25,019 | 5,475,408 |
| | | | 27,540,050 |
| Mortgage Real Estate Investment Trusts - 0.0% | | | |
| AGNC Investment Corp. | | 131,184 | 1,205,581 |
| New York Mortgage Trust, Inc. | | 68,137 | 665,698 |
| | | | 1,871,279 |
TOTAL FINANCIALS | | | 200,203,929 |
| HEALTH CARE - 8.4% | | | |
| Biotechnology - 4.7% | | | |
| 89Bio, Inc. (a)(b) | | 38,663 | 704,826 |
| ACADIA Pharmaceuticals, Inc. (a) | | 67,801 | 1,593,324 |
| Acelyrin, Inc. (a)(b) | | 14,992 | 271,355 |
| Agios Pharmaceuticals, Inc. (a) | | 23,733 | 599,970 |
| Aileron Therapeutics, Inc. (a)(b) | | 25,061 | 37,090 |
| Akero Therapeutics, Inc. (a) | | 11,712 | 522,121 |
| Alector, Inc. (a) | | 31,349 | 233,237 |
| Alkermes PLC (a) | | 42,230 | 1,221,714 |
| Allakos, Inc. (a) | | 37,596 | 187,228 |
| Allogene Therapeutics, Inc. (a)(b) | | 52,395 | 275,074 |
| Alnylam Pharmaceuticals, Inc. (a)(b) | | 26,402 | 4,884,634 |
| Alvotech SA (a)(b) | | 8,457 | 71,293 |
| Amgen, Inc. | | 117,087 | 25,835,247 |
| Amicus Therapeutics, Inc. (a) | | 68,714 | 773,720 |
| Anavex Life Sciences Corp. (a)(b) | | 31,849 | 294,285 |
| Apellis Pharmaceuticals, Inc. (a) | | 28,193 | 2,420,369 |
| Applied Genetic Technologies Corp. (c) | | 14,225 | 0 |
| Aptorum Group Ltd. (a)(b) | | 33,748 | 105,969 |
| Arcellx, Inc. (a) | | 15,438 | 681,588 |
| Arcturus Therapeutics Holdings, Inc. (a) | | 14,648 | 400,476 |
| Arcutis Biotherapeutics, Inc. (a)(b) | | 22,313 | 167,571 |
| Argenx SE ADR (a) | | 6,921 | 2,690,193 |
| Arrowhead Pharmaceuticals, Inc. (a) | | 25,114 | 864,173 |
| Ascendis Pharma A/S sponsored ADR (a) | | 13,661 | 1,188,097 |
| Atara Biotherapeutics, Inc. (a) | | 61,800 | 94,554 |
| Aurinia Pharmaceuticals, Inc. (a) | | 39,171 | 350,972 |
| Avid Bioservices, Inc. (a) | | 23,841 | 368,343 |
| Beam Therapeutics, Inc. (a)(b) | | 19,649 | 626,803 |
| BeiGene Ltd. ADR (a) | | 11,026 | 2,435,974 |
| BioCryst Pharmaceuticals, Inc. (a)(b) | | 52,431 | 433,604 |
| Biogen, Inc. (a) | | 32,885 | 9,747,443 |
| BioMarin Pharmaceutical, Inc. (a) | | 42,716 | 3,713,729 |
| BioNTech SE ADR | | 19,070 | 2,003,876 |
| Black Diamond Therapeutics, Inc. (a)(b) | | 75,957 | 141,280 |
| bluebird bio, Inc. (a)(b) | | 78,115 | 261,685 |
| Blueprint Medicines Corp. (a) | | 15,814 | 893,807 |
| BridgeBio Pharma, Inc. (a) | | 64,148 | 880,111 |
| CareDx, Inc. (a) | | 15,036 | 119,987 |
| Carisma Therapeutics, Inc. | | 22,497 | 127,558 |
| Carisma Therapeutics, Inc. rights (a)(c) | | 449,253 | 4 |
| Celldex Therapeutics, Inc. (a) | | 19,681 | 625,856 |
| Cerevel Therapeutics Holdings (a)(b) | | 40,395 | 1,316,877 |
| Clementia Pharmaceuticals, Inc. rights (a)(c) | | 20,215 | 0 |
| CRISPR Therapeutics AG (a)(b) | | 19,196 | 1,229,312 |
| CureVac NV (a)(b) | | 50,755 | 489,786 |
| Cyclerion Therapeutics, Inc. (a)(b) | | 11,406 | 49,616 |
| Cytokinetics, Inc. (a) | | 24,475 | 922,463 |
| Day One Biopharmaceuticals, Inc. (a) | | 26,710 | 355,243 |
| Denali Therapeutics, Inc. (a) | | 32,674 | 987,408 |
| Dynavax Technologies Corp. (a)(b) | | 36,962 | 422,476 |
| Editas Medicine, Inc. (a)(b) | | 51,609 | 473,771 |
| Enanta Pharmaceuticals, Inc. (a) | | 9,324 | 218,928 |
| Entrada Therapeutics, Inc. (a)(b) | | 6,684 | 76,599 |
| EQRx, Inc. (a) | | 155,669 | 273,977 |
| Erasca, Inc. (a)(b) | | 30,734 | 83,289 |
| Evelo Biosciences, Inc. (a)(b) | | 51,109 | 6,976 |
| Exact Sciences Corp. (a)(b) | | 41,741 | 3,405,231 |
| Exelixis, Inc. (a)(b) | | 81,137 | 1,564,321 |
| Fate Therapeutics, Inc. (a) | | 29,266 | 147,793 |
| FibroGen, Inc. (a) | | 43,425 | 749,081 |
| Forte Biosciences, Inc. (a) | | 100,604 | 102,616 |
| Galectin Therapeutics, Inc. (a)(b) | | 59,054 | 92,715 |
| Genmab A/S ADR (a)(b) | | 15,938 | 624,929 |
| Gilead Sciences, Inc. | | 275,177 | 21,172,118 |
| Grifols SA ADR (a) | | 41,727 | 343,830 |
| Halozyme Therapeutics, Inc. (a) | | 34,318 | 1,112,933 |
| HilleVax, Inc. (a)(b) | | 3,359 | 57,170 |
| Horizon Therapeutics PLC (a) | | 50,303 | 5,031,809 |
| ImmunityBio, Inc. (a)(b) | | 113,859 | 313,112 |
| Immunovant, Inc. (a) | | 33,725 | 708,562 |
| Impel Pharmaceuticals, Inc. (a)(b) | | 55,115 | 68,343 |
| Incyte Corp. (a) | | 50,797 | 3,126,555 |
| Inhibrx, Inc. (a) | | 8,636 | 204,328 |
| Inmune Bio, Inc. (a)(b) | | 28,786 | 218,198 |
| Inovio Pharmaceuticals, Inc. (a)(b) | | 283,791 | 169,877 |
| Insmed, Inc. (a) | | 29,502 | 561,423 |
| Intellia Therapeutics, Inc. (a) | | 17,551 | 653,950 |
| Ionis Pharmaceuticals, Inc. (a)(b) | | 37,022 | 1,514,200 |
| Iovance Biotherapeutics, Inc. (a) | | 83,394 | 728,864 |
| Ironwood Pharmaceuticals, Inc. Class A (a) | | 50,069 | 544,751 |
| Iveric Bio, Inc. (a) | | 45,266 | 1,708,792 |
| Karuna Therapeutics, Inc. (a) | | 7,589 | 1,719,288 |
| Keros Therapeutics, Inc. (a) | | 12,325 | 589,875 |
| Krystal Biotech, Inc. (a) | | 11,134 | 1,312,142 |
| Kura Oncology, Inc. (a) | | 28,811 | 383,763 |
| Kymera Therapeutics, Inc. (a)(b) | | 20,118 | 592,274 |
| Legend Biotech Corp. ADR (a) | | 15,995 | 1,026,399 |
| Lyell Immunopharma, Inc. (a)(b) | | 100,110 | 319,351 |
| Macrogenics, Inc. (a) | | 51,152 | 238,880 |
| Madrigal Pharmaceuticals, Inc. (a) | | 6,737 | 1,875,648 |
| MannKind Corp. (a)(b) | | 106,984 | 496,406 |
| Mirati Therapeutics, Inc. (a)(b) | | 15,182 | 564,163 |
| Moderna, Inc. (a) | | 85,840 | 10,962,626 |
| Myriad Genetics, Inc. (a) | | 25,592 | 564,560 |
| Natera, Inc. (a)(b) | | 25,060 | 1,180,577 |
| Neurocrine Biosciences, Inc. (a) | | 22,579 | 2,021,498 |
| Novavax, Inc. (a)(b) | | 24,637 | 198,328 |
| Nurix Therapeutics, Inc. (a) | | 23,888 | 241,747 |
| Nuvalent, Inc. Class A (a) | | 14,206 | 598,073 |
| Ocugen, Inc. (a)(b) | | 227,628 | 104,709 |
| Omniab, Inc. (c) | | 2,320 | 5,568 |
| Omniab, Inc. (c) | | 2,320 | 5,220 |
| Organogenesis Holdings, Inc. Class A (a) | | 70,417 | 255,614 |
| ProKidney Corp. (a)(b) | | 15,573 | 189,056 |
| Prometheus Biosciences, Inc. (a) | | 13,756 | 2,733,317 |
| Prothena Corp. PLC (a) | | 14,513 | 964,099 |
| PTC Therapeutics, Inc. (a) | | 17,762 | 745,471 |
| Recursion Pharmaceuticals, Inc. (a)(b) | | 53,378 | 468,125 |
| Regeneron Pharmaceuticals, Inc. (a) | | 23,844 | 17,538,693 |
| Relay Therapeutics, Inc. (a)(b) | | 33,654 | 374,906 |
| Repligen Corp. (a)(b) | | 11,243 | 1,887,925 |
| Revolution Medicines, Inc. (a) | | 22,214 | 553,795 |
| Rhythm Pharmaceuticals, Inc. (a) | | 12,928 | 215,380 |
| Rocket Pharmaceuticals, Inc. (a) | | 24,891 | 520,969 |
| Roivant Sciences Ltd. (a) | | 188,629 | 1,714,638 |
| Sage Therapeutics, Inc. (a) | | 18,575 | 919,463 |
| Sana Biotechnology, Inc. (a)(b) | | 93,195 | 561,034 |
| Sarepta Therapeutics, Inc. (a) | | 21,990 | 2,717,964 |
| Savara, Inc. (a)(b) | | 337,063 | 926,923 |
| Seagen, Inc. (a) | | 41,343 | 8,090,825 |
| Seres Therapeutics, Inc. (a)(b) | | 45,536 | 225,403 |
| Sorrento Therapeutics, Inc. (a) | | 16,072 | 5,003 |
| SpringWorks Therapeutics, Inc. (a)(b) | | 26,860 | 735,427 |
| Stoke Therapeutics, Inc. (a) | | 40,163 | 449,826 |
| Summit Therapeutics, Inc. (a)(b) | | 235,867 | 384,463 |
| TG Therapeutics, Inc. (a) | | 71,240 | 1,897,121 |
| Tiziana Life Sciences Ltd. (a)(b) | | 144,736 | 123,026 |
| Tobira Therapeutics, Inc. rights (a)(c) | | 1,750 | 0 |
| Travere Therapeutics, Inc. (a) | | 22,381 | 400,396 |
| Twist Bioscience Corp. (a) | | 17,279 | 261,777 |
| Tyra Biosciences, Inc. (a)(b) | | 4,871 | 70,483 |
| Ultragenyx Pharmaceutical, Inc. (a) | | 22,491 | 1,110,156 |
| United Therapeutics Corp. (a) | | 10,336 | 2,167,873 |
| Vaxart, Inc. (a)(b) | | 156,285 | 190,668 |
| Vaxcyte, Inc. (a) | | 23,961 | 1,186,549 |
| Veracyte, Inc. (a) | | 18,257 | 472,491 |
| Vertex Pharmaceuticals, Inc. (a) | | 56,317 | 18,222,492 |
| Verve Therapeutics, Inc. (a)(b) | | 14,210 | 219,971 |
| Vir Biotechnology, Inc. (a) | | 34,863 | 929,796 |
| Xencor, Inc. (a) | | 16,582 | 449,372 |
| Xenon Pharmaceuticals, Inc. (a)(b) | | 18,888 | 727,755 |
| Zai Lab Ltd. ADR (a) | | 20,184 | 655,778 |
| Zentalis Pharmaceuticals, Inc. (a) | | 21,538 | 560,850 |
| | | | 218,507,330 |
| Health Care Equipment & Supplies - 1.9% | | | |
| Abiomed, Inc. (c) | | 10,350 | 28,877 |
| Align Technology, Inc. (a) | | 16,868 | 4,767,909 |
| Alphatec Holdings, Inc. (a) | | 63,489 | 962,493 |
| Atricure, Inc. (a) | | 13,020 | 585,509 |
| Axonics Modulation Technologies, Inc. (a) | | 13,318 | 644,458 |
| Cue Health, Inc. (a) | | 46,955 | 35,756 |
| Dentsply Sirona, Inc. | | 51,716 | 1,867,982 |
| DexCom, Inc. (a) | | 84,356 | 9,891,585 |
| Embecta Corp. | | 20,274 | 560,982 |
| Establishment Labs Holdings, Inc. (a)(b) | | 8,757 | 565,002 |
| GE Healthcare Holding LLC (b) | | 99,666 | 7,924,444 |
| Heska Corp. (a) | | 3,327 | 398,342 |
| Hologic, Inc. (a) | | 57,075 | 4,502,647 |
| ICU Medical, Inc. (a)(b) | | 5,544 | 969,590 |
| IDEXX Laboratories, Inc. (a) | | 17,690 | 8,221,781 |
| Inari Medical, Inc. (a)(b) | | 13,053 | 788,401 |
| InMode Ltd. (a)(b) | | 19,809 | 625,370 |
| Insulet Corp. (a) | | 15,922 | 4,366,609 |
| Integra LifeSciences Holdings Corp. (a) | | 21,329 | 809,436 |
| Intuitive Surgical, Inc. (a) | | 79,049 | 24,334,444 |
| iRhythm Technologies, Inc. (a) | | 6,579 | 751,782 |
| Lantheus Holdings, Inc. (a) | | 13,876 | 1,201,523 |
| LivaNova PLC (a) | | 14,664 | 649,322 |
| Masimo Corp. (a) | | 12,320 | 1,993,869 |
| Merit Medical Systems, Inc. (a) | | 13,882 | 1,143,877 |
| Mesa Laboratories, Inc. (b) | | 1,965 | 254,448 |
| Neogen Corp. (a) | | 27,933 | 488,548 |
| Novocure Ltd. (a)(b) | | 24,660 | 1,770,835 |
| NuVasive, Inc. (a) | | 15,286 | 583,314 |
| Omnicell, Inc. (a) | | 11,255 | 826,342 |
| OrthoPediatrics Corp. (a) | | 7,487 | 323,438 |
| PROCEPT BioRobotics Corp. (a)(b) | | 15,644 | 523,292 |
| QuidelOrtho Corp. (a) | | 15,859 | 1,350,235 |
| Shockwave Medical, Inc. (a) | | 7,606 | 2,092,335 |
| Staar Surgical Co. (a) | | 13,015 | 755,130 |
| Tandem Diabetes Care, Inc. (a) | | 14,129 | 367,213 |
| | | | 87,927,120 |
| Health Care Providers & Services - 0.5% | | | |
| Acadia Healthcare Co., Inc. (a)(b) | | 22,395 | 1,581,759 |
| Accolade, Inc. (a) | | 34,143 | 411,082 |
| AdaptHealth Corp. (a) | | 40,937 | 429,020 |
| Addus HomeCare Corp. (a) | | 5,959 | 537,204 |
| Alignment Healthcare, Inc. (a) | | 53,305 | 312,900 |
| Amedisys, Inc. (a) | | 8,199 | 622,550 |
| Apollo Medical Holdings, Inc. (a)(b) | | 17,512 | 553,729 |
| Aveanna Healthcare Holdings, Inc. (a) | | 45,189 | 53,323 |
| Corvel Corp. (a) | | 5,029 | 982,868 |
| Guardant Health, Inc. (a) | | 23,309 | 683,420 |
| HealthEquity, Inc. (a) | | 19,640 | 1,076,272 |
| Henry Schein, Inc. (a) | | 30,127 | 2,226,385 |
| LifeStance Health Group, Inc. (a)(b) | | 103,739 | 849,622 |
| Modivcare, Inc. (a) | | 4,551 | 204,476 |
| National Research Corp. Class A | | 8,113 | 364,274 |
| NeoGenomics, Inc. (a) | | 45,776 | 786,432 |
| Nutex Health, Inc. (a)(b) | | 213,291 | 92,846 |
| Opko Health, Inc. (a)(b) | | 224,522 | 312,086 |
| Option Care Health, Inc. (a) | | 34,195 | 942,072 |
| Patterson Companies, Inc. | | 26,769 | 701,080 |
| Premier, Inc. | | 31,944 | 798,600 |
| Privia Health Group, Inc. (a) | | 31,886 | 795,556 |
| Progyny, Inc. (a) | | 23,292 | 867,627 |
| R1 RCM, Inc. (a) | | 90,258 | 1,466,693 |
| RadNet, Inc. (a) | | 20,773 | 601,171 |
| Surgery Partners, Inc. (a) | | 21,145 | 792,515 |
| The Ensign Group, Inc. | | 14,978 | 1,327,201 |
| | | | 20,372,763 |
| Health Care Technology - 0.1% | | | |
| Certara, Inc. (a)(b) | | 42,267 | 878,308 |
| Definitive Healthcare Corp. (a)(b) | | 28,514 | 277,726 |
| Nextgen Healthcare, Inc. (a) | | 23,937 | 372,699 |
| Schrodinger, Inc. (a) | | 22,338 | 747,206 |
| SOPHiA GENETICS SA (a)(b) | | 17,860 | 83,228 |
| Veradigm, Inc. (a) | | 37,576 | 442,645 |
| | | | 2,801,812 |
| Life Sciences Tools & Services - 0.5% | | | |
| 10X Genomics, Inc. (a)(b) | | 14,824 | 777,667 |
| AbCellera Biologics, Inc. (a)(b) | | 86,708 | 604,355 |
| Azenta, Inc. (a) | | 18,437 | 797,400 |
| Bio-Techne Corp. (b) | | 33,086 | 2,706,104 |
| Bruker Corp. (b) | | 35,502 | 2,453,188 |
| CryoPort, Inc. (a) | | 12,869 | 236,918 |
| Cytek Biosciences, Inc. (a)(b) | | 49,428 | 386,033 |
| ICON PLC (a) | | 17,540 | 3,736,546 |
| Illumina, Inc. (a) | | 35,147 | 6,911,658 |
| Medpace Holdings, Inc. (a) | | 8,621 | 1,784,288 |
| OmniAb, Inc. (a) | | 31,025 | 134,028 |
| Pacific Biosciences of California, Inc. (a)(b) | | 82,191 | 1,017,525 |
| Sotera Health Co. (a)(b) | | 111,027 | 1,564,370 |
| Syneos Health, Inc. (a) | | 24,320 | 1,011,712 |
| | | | 24,121,792 |
| Pharmaceuticals - 0.7% | | | |
| Amphastar Pharmaceuticals, Inc. (a) | | 17,274 | 766,447 |
| Amylyx Pharmaceuticals, Inc. (a) | | 23,556 | 581,598 |
| Arvinas Holding Co. LLC (a)(b) | | 16,935 | 369,691 |
| AstraZeneca PLC sponsored ADR | | 132,610 | 9,691,139 |
| Aurora Cannabis, Inc. (a)(b) | | 491,271 | 250,008 |
| Avadel Pharmaceuticals PLC sponsored ADR (a)(b) | | 39,517 | 547,310 |
| Axsome Therapeutics, Inc. (a)(b) | | 12,519 | 923,652 |
| Cassava Sciences, Inc. (a)(b) | | 17,056 | 387,342 |
| CinCor Pharma, Inc. rights (a)(c) | | 12,042 | 0 |
| Clearmind Medicine, Inc. (b) | | 51,064 | 29,617 |
| Corcept Therapeutics, Inc. (a) | | 31,041 | 729,153 |
| Cronos Group, Inc. (a)(b) | | 163,179 | 285,563 |
| DICE Therapeutics, Inc. (a) | | 12,869 | 406,789 |
| Dova Pharmaceuticals, Inc. rights (a)(c) | | 7,729 | 0 |
| Eloxx Pharmaceuticals, Inc. (a)(b) | | 2,945 | 19,820 |
| Fulcrum Therapeutics, Inc. (a) | | 36,680 | 99,770 |
| GH Research PLC (a)(b) | | 20,413 | 228,626 |
| Harmony Biosciences Holdings, Inc. (a) | | 17,204 | 594,914 |
| Innoviva, Inc. (a) | | 28,493 | 384,371 |
| Intra-Cellular Therapies, Inc. (a) | | 24,256 | 1,440,321 |
| Jazz Pharmaceuticals PLC (a) | | 14,931 | 1,913,557 |
| Ligand Pharmaceuticals, Inc.: | | | |
| Class B (a) | | 6,309 | 442,135 |
| General CVR (a)(c) | | 1,530 | 8 |
| Glucagon CVR (a)(c) | | 1,530 | 5 |
| rights (a)(c) | | 1,530 | 11 |
| TR Beta CVR (a)(c) | | 1,530 | 273 |
| Pacira Biosciences, Inc. (a) | | 12,308 | 468,073 |
| Reata Pharmaceuticals, Inc. (a)(b) | | 11,892 | 1,070,875 |
| Revance Therapeutics, Inc. (a) | | 33,803 | 1,033,020 |
| Royalty Pharma PLC | | 98,116 | 3,212,318 |
| Sanofi SA sponsored ADR | | 64,499 | 3,290,739 |
| Satsuma Pharmaceuticals, Inc. (a) | | 217,926 | 228,822 |
| Scilex Holding Co. | | 45,036 | 241,168 |
| Scilex Holding Co. (a)(b) | | 29,264 | 174,121 |
| Supernus Pharmaceuticals, Inc. (a) | | 18,546 | 614,614 |
| Tilray Brands, Inc. Class 2 (a)(b) | | 157,549 | 263,107 |
| Ventyx Biosciences, Inc. (a) | | 13,394 | 461,691 |
| Viatris, Inc. | | 280,738 | 2,568,753 |
| WAVE Life Sciences (a) | | 75,347 | 298,374 |
| | | | 34,017,795 |
TOTAL HEALTH CARE | | | 387,748,612 |
| INDUSTRIALS - 4.8% | | | |
| Aerospace & Defense - 0.2% | | | |
| AeroVironment, Inc. (a) | | 7,310 | 682,827 |
| Axon Enterprise, Inc. (a) | | 15,757 | 3,039,683 |
| Elbit Systems Ltd. (b) | | 10,475 | 2,161,412 |
| Kratos Defense & Security Solutions, Inc. (a) | | 33,916 | 445,656 |
| Leonardo DRS, Inc. (a)(b) | | 57,300 | 865,230 |
| Lilium NV (a)(b) | | 126,341 | 132,658 |
| Mercury Systems, Inc. (a) | | 14,663 | 595,171 |
| Woodward, Inc. | | 15,426 | 1,626,055 |
| | | | 9,548,692 |
| Air Freight & Logistics - 0.2% | | | |
| Air Transport Services Group, Inc. (a) | | 19,188 | 320,440 |
| C.H. Robinson Worldwide, Inc. (b) | | 29,593 | 2,797,722 |
| Expeditors International of Washington, Inc. (b) | | 35,620 | 3,929,242 |
| Forward Air Corp. (b) | | 8,183 | 795,960 |
| Hub Group, Inc. Class A (a) | | 10,001 | 735,674 |
| | | | 8,579,038 |
| Building Products - 0.1% | | | |
| AAON, Inc. | | 13,974 | 1,210,288 |
| CSW Industrials, Inc. | | 3,384 | 479,580 |
| Gibraltar Industries, Inc. (a) | | 10,553 | 551,922 |
| UFP Industries, Inc. | | 16,623 | 1,298,256 |
| | | | 3,540,046 |
| Commercial Services & Supplies - 0.6% | | | |
| Aurora Innovation, Inc. (a) | | 210,905 | 297,376 |
| Casella Waste Systems, Inc. Class A (a) | | 12,971 | 1,169,465 |
| Cintas Corp. | | 22,727 | 10,730,326 |
| Copart, Inc. (a) | | 107,056 | 9,377,035 |
| Driven Brands Holdings, Inc. (a)(b) | | 36,820 | 914,241 |
| Fuel Tech, Inc. (a)(b) | | 224,851 | 305,797 |
| Matthews International Corp. Class A | | 12,959 | 498,922 |
| Millerknoll, Inc. | | 21,218 | 287,504 |
| Stericycle, Inc. (a) | | 19,039 | 802,494 |
| Tetra Tech, Inc. | | 12,084 | 1,661,187 |
| | | | 26,044,347 |
| Construction & Engineering - 0.1% | | | |
| Construction Partners, Inc. Class A (a) | | 17,634 | 487,933 |
| MYR Group, Inc. (a) | | 5,886 | 750,465 |
| Willscot Mobile Mini Holdings (a)(b) | | 47,947 | 2,065,557 |
| | | | 3,303,955 |
| Electrical Equipment - 0.2% | | | |
| Array Technologies, Inc. (a) | | 43,054 | 954,507 |
| Ballard Power Systems, Inc. (a)(b) | | 87,239 | 364,659 |
| Encore Wire Corp. (b) | | 5,900 | 965,653 |
| Enovix Corp. (a)(b) | | 38,590 | 512,089 |
| Fluence Energy, Inc. (a)(b) | | 28,664 | 710,867 |
| FuelCell Energy, Inc. (a)(b) | | 139,696 | 296,156 |
| Plug Power, Inc. (a)(b) | | 129,654 | 1,078,721 |
| Shoals Technologies Group, Inc. (a) | | 32,040 | 752,620 |
| SunPower Corp. (a)(b) | | 40,466 | 428,940 |
| Sunrun, Inc. (a)(b) | | 33,835 | 596,849 |
| Vicor Corp. (a) | | 8,256 | 456,970 |
| | | | 7,118,031 |
| Ground Transportation - 0.8% | | | |
| ArcBest Corp. (b) | | 7,596 | 636,393 |
| Avis Budget Group, Inc. (a)(b) | | 8,004 | 1,342,991 |
| CSX Corp. (b) | | 479,023 | 14,691,635 |
| Grab Holdings Ltd. (a)(b) | | 860,924 | 2,565,554 |
| Heartland Express, Inc. | | 29,732 | 463,819 |
| Hertz Global Holdings, Inc. (a)(b) | | 71,435 | 1,120,101 |
| J.B. Hunt Transport Services, Inc. | | 22,910 | 3,825,283 |
| Landstar System, Inc. (b) | | 7,668 | 1,344,814 |
| Lyft, Inc. (a) | | 73,869 | 666,298 |
| Marten Transport Ltd. | | 32,022 | 677,265 |
| Old Dominion Freight Lines, Inc. (b) | | 25,311 | 7,857,547 |
| Saia, Inc. (a) | | 5,943 | 1,688,763 |
| Universal Logistics Holdings, Inc. | | 12,813 | 340,185 |
| Werner Enterprises, Inc. | | 17,167 | 753,975 |
| | | | 37,974,623 |
| Industrial Conglomerates - 0.6% | | | |
| Honeywell International, Inc. | | 149,154 | 28,577,906 |
| Icahn Enterprises LP | | 70,692 | 1,595,518 |
| | | | 30,173,424 |
| Machinery - 0.4% | | | |
| Astec Industries, Inc. | | 8,481 | 312,610 |
| Columbus McKinnon Corp. (NY Shares) | | 14,056 | 512,763 |
| Franklin Electric Co., Inc. | | 12,219 | 1,111,440 |
| Hillman Solutions Corp. Class A (a) | | 61,719 | 499,924 |
| Hyzon Motors, Inc. Class A (a)(b) | | 110,901 | 60,996 |
| Kornit Digital Ltd. (a)(b) | | 6,375 | 143,119 |
| Lincoln Electric Holdings, Inc. (b) | | 13,075 | 2,218,305 |
| Middleby Corp. (a)(b) | | 11,943 | 1,576,476 |
| Nordson Corp. | | 12,894 | 2,809,989 |
| Omega Flex, Inc. (b) | | 3,072 | 320,010 |
| PACCAR, Inc. | | 116,853 | 8,037,149 |
| Proterra, Inc. Class A (a)(b) | | 88,960 | 95,187 |
| Shyft Group, Inc. (The) (b) | | 13,493 | 317,220 |
| Symbotic, Inc. (a)(b) | | 23,011 | 758,903 |
| | | | 18,774,091 |
| Marine Transportation - 0.0% | | | |
| Golden Ocean Group Ltd. (b) | | 46,577 | 328,835 |
| Star Bulk Carriers Corp. (b) | | 29,963 | 513,266 |
| | | | 842,101 |
| Passenger Airlines - 0.2% | | | |
| Allegiant Travel Co. (a) | | 5,554 | 541,459 |
| American Airlines Group, Inc. (a) | | 155,498 | 2,298,260 |
| Frontier Group Holdings, Inc. (a) | | 49,423 | 406,751 |
| JetBlue Airways Corp. (a) | | 93,399 | 637,915 |
| Ryanair Holdings PLC sponsored ADR (a) | | 24,121 | 2,534,635 |
| Sun Country Airlines Holdings, Inc. (a) | | 22,877 | 430,088 |
| United Airlines Holdings, Inc. (a) | | 70,524 | 3,347,422 |
| | | | 10,196,530 |
| Professional Services - 1.2% | | | |
| Automatic Data Processing, Inc. | | 90,316 | 18,875,141 |
| Concentrix Corp. | | 12,553 | 1,100,898 |
| CoStar Group, Inc. (a) | | 87,952 | 6,983,389 |
| CSG Systems International, Inc. | | 11,030 | 529,219 |
| ExlService Holdings, Inc. (a) | | 8,497 | 1,282,537 |
| Exponent, Inc. | | 13,150 | 1,200,858 |
| First Advantage Corp. (a) | | 31,136 | 420,647 |
| Forrester Research, Inc. (a) | | 10,016 | 287,459 |
| Headhunter Group PLC ADR (a)(c) | | 12,021 | 32,719 |
| Huron Consulting Group, Inc. (a) | | 7,863 | 639,105 |
| ICF International, Inc. (b) | | 6,210 | 695,458 |
| Kelly Services, Inc. Class A (non-vtg.) (b) | | 18,403 | 321,684 |
| Kforce, Inc. (b) | | 7,830 | 450,930 |
| NV5 Global, Inc. (a) | | 4,948 | 448,388 |
| Paychex, Inc. | | 80,075 | 8,402,270 |
| Paycor HCM, Inc. (a)(b) | | 35,753 | 786,208 |
| Paylocity Holding Corp. (a)(b) | | 13,089 | 2,261,125 |
| SS&C Technologies Holdings, Inc. | | 58,805 | 3,231,923 |
| Sterling Check Corp. (a)(b) | | 25,780 | 348,803 |
| Ttec Holdings, Inc. (b) | | 14,795 | 469,297 |
| Upwork, Inc. (a) | | 32,448 | 266,074 |
| Verisk Analytics, Inc. | | 35,483 | 7,774,680 |
| Verra Mobility Corp. (a)(b) | | 46,615 | 821,822 |
| | | | 57,630,634 |
| Trading Companies & Distributors - 0.2% | | | |
| Beacon Roofing Supply, Inc. (a) | | 18,292 | 1,169,590 |
| Fastenal Co. | | 129,073 | 6,950,581 |
| FTAI Aviation Ltd. | | 29,438 | 825,736 |
| H&E Equipment Services, Inc. | | 15,459 | 555,906 |
| McGrath RentCorp. | | 7,795 | 692,274 |
| Rush Enterprises, Inc. Class A | | 13,317 | 696,080 |
| Xometry, Inc. (a)(b) | | 16,041 | 293,550 |
| | | | 11,183,717 |
TOTAL INDUSTRIALS | | | 224,909,229 |
| INFORMATION TECHNOLOGY - 46.4% | | | |
| Communications Equipment - 1.2% | | | |
| Applied Optoelectronics, Inc. (a)(b) | | 71,837 | 159,478 |
| Cisco Systems, Inc. | | 905,795 | 44,990,838 |
| CommScope Holding Co., Inc. (a) | | 59,262 | 246,530 |
| Ericsson (B Shares) sponsored ADR (b) | | 90,383 | 466,376 |
| Extreme Networks, Inc. (a) | | 51,289 | 1,056,553 |
| F5, Inc. (a) | | 13,303 | 1,963,257 |
| Harmonic, Inc. (a) | | 45,764 | 805,904 |
| Infinera Corp. (a)(b) | | 58,676 | 287,512 |
| Lumentum Holdings, Inc. (a) | | 17,326 | 916,545 |
| NetScout Systems, Inc. (a) | | 22,455 | 685,327 |
| Radware Ltd. (a) | | 15,516 | 305,045 |
| ViaSat, Inc. (a)(b) | | 22,179 | 989,405 |
| Viavi Solutions, Inc. (a) | | 61,155 | 601,765 |
| | | | 53,474,535 |
| Electronic Equipment, Instruments & Components - 0.7% | | | |
| Advanced Energy Industries, Inc. | | 9,919 | 973,550 |
| Avnet, Inc. | | 25,334 | 1,110,643 |
| CDW Corp. | | 30,495 | 5,235,687 |
| Cognex Corp. (b) | | 35,416 | 1,946,463 |
| ePlus, Inc. (a) | | 8,778 | 433,545 |
| Flex Ltd. (a) | | 112,006 | 2,843,832 |
| Innoviz Technologies Ltd. (a)(b) | | 64,005 | 188,175 |
| Insight Enterprises, Inc. (a) | | 9,470 | 1,280,533 |
| IPG Photonics Corp. (a)(b) | | 12,081 | 1,334,588 |
| Itron, Inc. (a) | | 10,955 | 741,982 |
| Lightwave Logic, Inc. (a)(b) | | 33,815 | 250,569 |
| Littelfuse, Inc. | | 6,043 | 1,547,250 |
| MicroVision, Inc. (a)(b) | | 83,488 | 391,559 |
| National Instruments Corp. | | 26,205 | 1,514,649 |
| Nayax Ltd. (a)(b) | | 7,015 | 120,097 |
| Novanta, Inc. (a)(b) | | 9,191 | 1,522,030 |
| OSI Systems, Inc. (a) | | 5,712 | 679,785 |
| PC Connection, Inc. (b) | | 8,145 | 366,281 |
| Plexus Corp. (a) | | 8,383 | 760,170 |
| Sanmina Corp. (a) | | 17,603 | 933,663 |
| Trimble, Inc. (a) | | 53,366 | 2,490,591 |
| TTM Technologies, Inc. (a) | | 34,979 | 479,212 |
| Zebra Technologies Corp. Class A (a) | | 11,418 | 2,998,024 |
| | | | 30,142,878 |
| IT Services - 0.6% | | | |
| Akamai Technologies, Inc. (a) | | 36,968 | 3,405,492 |
| Amdocs Ltd. | | 29,316 | 2,760,688 |
| BigCommerce Holdings, Inc. (a) | | 28,867 | 230,070 |
| Cognizant Technology Solutions Corp. Class A | | 116,171 | 7,259,526 |
| Cyxtera Technologies, Inc. Class A (a)(b) | | 86,957 | 14,087 |
| GDS Holdings Ltd. ADR (a)(b) | | 19,629 | 191,579 |
| Kingsoft Cloud Holdings Ltd. ADR (a)(b) | | 104,200 | 464,732 |
| MongoDB, Inc. Class A (a) | | 15,517 | 4,558,739 |
| Okta, Inc. (a)(b) | | 32,488 | 2,953,159 |
| Perficient, Inc. (a) | | 8,556 | 654,277 |
| Taoping, Inc. (a)(b) | | 25,733 | 18,013 |
| Thoughtworks Holding, Inc. (a)(b) | | 63,416 | 522,548 |
| VeriSign, Inc. (a) | | 24,928 | 5,566,921 |
| Wix.com Ltd. (a)(b) | | 14,932 | 1,138,117 |
| | | | 29,737,948 |
| Semiconductors & Semiconductor Equipment - 13.4% | | | |
| Advanced Micro Devices, Inc. (a) | | 346,369 | 40,944,279 |
| Allegro MicroSystems LLC (a) | | 39,178 | 1,540,871 |
| Ambarella, Inc. (a) | | 9,391 | 679,157 |
| Amkor Technology, Inc. | | 61,531 | 1,524,738 |
| Analog Devices, Inc. | | 114,304 | 20,310,678 |
| Applied Materials, Inc. | | 190,669 | 25,416,178 |
| ASML Holding NV (depository receipt) | | 18,510 | 13,381,434 |
| Axcelis Technologies, Inc. (a) | | 10,612 | 1,671,921 |
| Broadcom, Inc. | | 90,571 | 73,177,745 |
| Camtek Ltd. (a)(b) | | 16,919 | 488,790 |
| Canadian Solar, Inc. (a)(b) | | 16,527 | 690,829 |
| Cirrus Logic, Inc. (a) | | 11,932 | 926,878 |
| Cohu, Inc. (a) | | 13,322 | 510,765 |
| Credo Technology Group Holding Ltd. (a) | | 45,402 | 609,295 |
| Diodes, Inc. (a) | | 11,927 | 1,071,522 |
| Enphase Energy, Inc. (a) | | 28,926 | 5,029,653 |
| Entegris, Inc. (b) | | 33,092 | 3,482,933 |
| First Solar, Inc. (a) | | 24,139 | 4,899,251 |
| FormFactor, Inc. (a) | | 22,693 | 710,064 |
| GlobalFoundries, Inc. (a)(b) | | 118,177 | 6,893,264 |
| Impinj, Inc. (a) | | 8,267 | 846,045 |
| Intel Corp. | | 895,194 | 28,144,899 |
| KLA Corp. | | 30,590 | 13,551,064 |
| Kulicke & Soffa Industries, Inc. (b) | | 17,079 | 903,138 |
| Lam Research Corp. (b) | | 30,496 | 18,806,883 |
| Lattice Semiconductor Corp. (a) | | 33,894 | 2,755,921 |
| MACOM Technology Solutions Holdings, Inc. (a) | | 17,660 | 1,056,598 |
| Marvell Technology, Inc. | | 188,826 | 11,044,433 |
| Maxeon Solar Technologies Ltd. (a)(b) | | 20,816 | 578,477 |
| MaxLinear, Inc. Class A (a) | | 7,490 | 218,783 |
| Meta Materials, Inc. (a)(b) | | 223,855 | 47,010 |
| Microchip Technology, Inc. (b) | | 121,230 | 9,123,770 |
| Micron Technology, Inc. | | 241,067 | 16,440,769 |
| MKS Instruments, Inc. (b) | | 13,234 | 1,287,801 |
| Monolithic Power Systems, Inc. | | 10,331 | 5,061,260 |
| Navitas Semiconductor Corp. (a) | | 57,597 | 492,454 |
| Nova Ltd. (a)(b) | | 7,991 | 862,948 |
| NVIDIA Corp. | | 540,604 | 204,532,117 |
| NXP Semiconductors NV (b) | | 56,718 | 10,158,194 |
| onsemi (a) | | 91,026 | 7,609,774 |
| Photronics, Inc. (a) | | 23,776 | 504,764 |
| Power Integrations, Inc. (b) | | 15,285 | 1,320,624 |
| Qorvo, Inc. (a) | | 21,591 | 2,099,941 |
| Qualcomm, Inc. | | 242,266 | 27,475,387 |
| Rambus, Inc. (a) | | 33,117 | 2,118,163 |
| Semtech Corp. (a) | | 16,877 | 366,906 |
| Silicon Laboratories, Inc. (a) | | 9,404 | 1,322,861 |
| Silicon Motion Tech Corp. sponsored ADR | | 9,595 | 587,598 |
| SiTime Corp. (a) | | 4,879 | 483,850 |
| Skyworks Solutions, Inc. | | 37,070 | 3,837,116 |
| SMART Global Holdings, Inc. (a)(b) | | 19,630 | 443,245 |
| SolarEdge Technologies, Inc. (a) | | 11,623 | 3,310,579 |
| Synaptics, Inc. (a) | | 8,725 | 750,699 |
| Teradyne, Inc. | | 34,012 | 3,407,662 |
| Texas Instruments, Inc. | | 199,469 | 34,683,670 |
| Tower Semiconductor Ltd. (a) | | 19,652 | 769,179 |
| Ultra Clean Holdings, Inc. (a) | | 16,847 | 577,515 |
| Universal Display Corp. | | 11,069 | 1,630,796 |
| | | | 623,173,138 |
| Software - 16.9% | | | |
| ACI Worldwide, Inc. (a) | | 30,434 | 694,200 |
| Adeia, Inc. | | 31,551 | 309,515 |
| Adobe, Inc. (a) | | 102,357 | 42,763,731 |
| Alarm.com Holdings, Inc. (a) | | 13,062 | 655,974 |
| Altair Engineering, Inc. Class A (a) | | 12,971 | 951,163 |
| Amplitude, Inc. (a) | | 20,437 | 199,056 |
| ANSYS, Inc. (a) | | 19,216 | 6,218,105 |
| AppFolio, Inc. (a) | | 4,759 | 681,251 |
| Appian Corp. Class A (a)(b) | | 22,066 | 945,087 |
| AppLovin Corp. (a)(b) | | 70,752 | 1,769,508 |
| Aspen Technology, Inc. (a)(b) | | 13,500 | 2,212,920 |
| Atlassian Corp. PLC (a) | | 32,164 | 5,814,930 |
| Autodesk, Inc. (a) | | 48,361 | 9,642,700 |
| AvePoint, Inc. (a) | | 81,697 | 540,017 |
| Bentley Systems, Inc. Class B (b) | | 56,066 | 2,734,899 |
| Blackbaud, Inc. (a) | | 13,313 | 976,642 |
| BlackLine, Inc. (a) | | 14,901 | 775,895 |
| Braze, Inc. (a)(b) | | 17,076 | 565,386 |
| Cadence Design Systems, Inc. (a) | | 59,438 | 13,724,829 |
| CCC Intelligent Solutions Holdings, Inc. Class A (a)(b) | | 136,002 | 1,487,862 |
| Check Point Software Technologies Ltd. (a) | | 29,515 | 3,683,767 |
| Cipher Mining, Inc. (a)(b) | | 150,199 | 381,505 |
| Cognyte Software Ltd. (a) | | 100,036 | 497,179 |
| CommVault Systems, Inc. (a) | | 13,002 | 906,109 |
| Confluent, Inc. (a)(b) | | 13,475 | 427,697 |
| Crowdstrike Holdings, Inc. (a) | | 47,655 | 7,630,995 |
| Cvent Holding Corp. (a)(b) | | 81,274 | 690,016 |
| CyberArk Software Ltd. (a) | | 9,605 | 1,486,182 |
| Datadog, Inc. Class A (a) | | 63,624 | 6,038,554 |
| Descartes Systems Group, Inc. (a) | | 21,230 | 1,641,716 |
| DocuSign, Inc. (a) | | 42,543 | 2,399,425 |
| Dropbox, Inc. Class A (a) | | 65,974 | 1,518,721 |
| Everbridge, Inc. (a) | | 15,210 | 365,344 |
| EverCommerce, Inc. (a)(b) | | 58,904 | 699,780 |
| Five9, Inc. (a) | | 10,214 | 675,248 |
| Fortinet, Inc. (a) | | 174,695 | 11,936,909 |
| Freshworks, Inc. (a) | | 40,684 | 641,180 |
| Gen Digital, Inc. | | 128,159 | 2,247,909 |
| GitLab, Inc. (a)(b) | | 16,642 | 615,088 |
| Gorilla Technology Group, Inc. (a)(b) | | 14,916 | 27,595 |
| HashiCorp, Inc. (a) | | 17,791 | 610,943 |
| InterDigital, Inc. (b) | | 9,211 | 764,881 |
| Intuit, Inc. | | 61,418 | 25,741,512 |
| Jamf Holding Corp. (a)(b) | | 31,224 | 573,897 |
| JFrog Ltd. (a) | | 31,942 | 778,107 |
| LivePerson, Inc. (a) | | 62,088 | 228,484 |
| Magic Software Enterprises Ltd. (b) | | 20,188 | 240,843 |
| Manhattan Associates, Inc. (a) | | 15,239 | 2,764,659 |
| Marathon Digital Holdings, Inc. (a)(b) | | 75,938 | 743,433 |
| Matterport, Inc. (a)(b) | | 96,433 | 286,406 |
| Microsoft Corp. | | 1,635,298 | 537,015,510 |
| MicroStrategy, Inc. Class A (a) | | 2,805 | 846,072 |
| MMTEC, Inc. (a)(b) | | 80,853 | 61,157 |
| Monday.com Ltd. (a) | | 9,615 | 1,732,623 |
| NICE Ltd. sponsored ADR (a) | | 11,013 | 2,268,017 |
| Nutanix, Inc. Class A (a) | | 48,206 | 1,427,862 |
| Open Text Corp. (b) | | 64,236 | 2,673,502 |
| Pagaya Technologies Ltd. Class A (a)(b) | | 174,473 | 188,431 |
| Palo Alto Networks, Inc. (a)(b) | | 63,647 | 13,581,633 |
| Pegasystems, Inc. (b) | | 32,658 | 1,579,341 |
| Progress Software Corp. (b) | | 13,518 | 811,080 |
| PTC, Inc. (a) | | 27,033 | 3,633,235 |
| Qualys, Inc. (a) | | 8,738 | 1,103,260 |
| Rapid7, Inc. (a) | | 21,448 | 1,023,499 |
| Riot Platforms, Inc. (a) | | 55,037 | 660,444 |
| Sapiens International Corp. NV | | 17,880 | 444,139 |
| Semantix, Inc. (a)(b) | | 13,781 | 30,869 |
| Smith Micro Software, Inc. (a)(b) | | 76,833 | 92,968 |
| Splunk, Inc. (a)(b) | | 37,224 | 3,695,971 |
| Sprout Social, Inc. (a)(b) | | 14,513 | 628,558 |
| SPS Commerce, Inc. (a) | | 9,572 | 1,491,318 |
| Synopsys, Inc. (a) | | 32,857 | 14,948,621 |
| Tenable Holdings, Inc. (a) | | 26,364 | 1,080,660 |
| Varonis Systems, Inc. (a) | | 41,118 | 1,080,581 |
| Verint Systems, Inc. (a) | | 17,272 | 619,719 |
| Workday, Inc. Class A (a) | | 44,550 | 9,444,155 |
| Zoom Video Communications, Inc. Class A (a) | | 56,624 | 3,801,169 |
| Zscaler, Inc. (a)(b) | | 30,568 | 4,141,353 |
| | | | 781,013,501 |
| Technology Hardware, Storage & Peripherals - 13.6% | | | |
| Apple, Inc. (b) | | 3,475,788 | 616,083,418 |
| Avid Technology, Inc. (a) | | 17,315 | 415,560 |
| Corsair Gaming, Inc. (a) | | 30,158 | 594,716 |
| Logitech International SA (b) | | 38,419 | 2,452,669 |
| NetApp, Inc. (b) | | 48,852 | 3,241,330 |
| Seagate Technology Holdings PLC | | 50,049 | 3,007,945 |
| Stratasys Ltd. (a) | | 24,950 | 363,023 |
| Super Micro Computer, Inc. (a) | | 15,208 | 3,405,832 |
| Western Digital Corp. (a) | | 65,339 | 2,530,579 |
| Xerox Holdings Corp. | | 38,908 | 547,436 |
| | | | 632,642,508 |
TOTAL INFORMATION TECHNOLOGY | | | 2,150,184,508 |
| MATERIALS - 0.3% | | | |
| Chemicals - 0.1% | | | |
| Balchem Corp. | | 8,479 | 1,048,259 |
| Diversey Holdings Ltd. (a) | | 85,910 | 715,630 |
| Innospec, Inc. | | 7,338 | 677,738 |
| Methanex Corp. | | 19,878 | 812,414 |
| PureCycle Technologies, Inc. (a)(b) | | 59,344 | 408,880 |
| | | | 3,662,921 |
| Containers & Packaging - 0.0% | | | |
| Pactiv Evergreen, Inc. (b) | | 52,459 | 368,262 |
| TriMas Corp. | | 14,661 | 371,070 |
| | | | 739,332 |
| Metals & Mining - 0.2% | | | |
| Kaiser Aluminum Corp. (b) | | 5,724 | 345,730 |
| Royal Gold, Inc. (b) | | 14,094 | 1,745,401 |
| Schnitzer Steel Industries, Inc. Class A | | 11,196 | 308,002 |
| Sigma Lithium Corp. (a)(b) | | 34,105 | 1,283,030 |
| SSR Mining, Inc. (b) | | 44,129 | 651,785 |
| Steel Dynamics, Inc. | | 40,006 | 3,676,551 |
| | | | 8,010,499 |
TOTAL MATERIALS | | | 12,412,752 |
| REAL ESTATE - 0.9% | | | |
| Equity Real Estate Investment Trusts (REITs) - 0.7% | | | |
| Equinix, Inc. | | 20,114 | 14,995,993 |
| Gaming & Leisure Properties | | 58,457 | 2,814,120 |
| Host Hotels & Resorts, Inc. | | 156,132 | 2,591,791 |
| Lamar Advertising Co. Class A | | 20,780 | 1,867,706 |
| Phillips Edison & Co., Inc. | | 30,835 | 894,523 |
| Potlatch Corp. | | 15,269 | 710,467 |
| Regency Centers Corp. | | 40,972 | 2,305,494 |
| Retail Opportunity Investments Corp. | | 36,946 | 450,741 |
| Sabra Health Care REIT, Inc. | | 65,518 | 737,733 |
| SBA Communications Corp. Class A | | 24,028 | 5,328,930 |
| Service Properties Trust | | 50,464 | 414,309 |
| Uniti Group, Inc. | | 67,108 | 249,642 |
| | | | 33,361,449 |
| Real Estate Management & Development - 0.2% | | | |
| Colliers International Group, Inc. (b) | | 10,324 | 960,132 |
| Comstock Holding Companies, Inc. (a)(b) | | 129,034 | 486,458 |
| eXp World Holdings, Inc. (b) | | 37,882 | 583,004 |
| FirstService Corp. (b) | | 10,421 | 1,512,504 |
| Newmark Group, Inc. | | 44,466 | 254,346 |
| Zillow Group, Inc.: | | | |
| Class A (a) | | 16,617 | 744,275 |
| Class C (a)(b) | | 39,031 | 1,780,204 |
| | | | 6,320,923 |
TOTAL REAL ESTATE | | | 39,682,372 |
| UTILITIES - 0.9% | | | |
| Electric Utilities - 0.9% | | | |
| Alliant Energy Corp. | | 53,900 | 2,773,694 |
| American Electric Power Co., Inc. | | 113,814 | 9,460,220 |
| Constellation Energy Corp. | | 74,456 | 6,255,793 |
| Evergy, Inc. | | 50,731 | 2,934,788 |
| Exelon Corp. | | 217,724 | 8,632,757 |
| MGE Energy, Inc. (b) | | 10,116 | 725,924 |
| Otter Tail Corp. (b) | | 11,939 | 885,993 |
| Xcel Energy, Inc. | | 117,853 | 7,694,622 |
| | | | 39,363,791 |
| Independent Power and Renewable Electricity Producers - 0.0% | | | |
| Atlantica Sustainable Infrastructure PLC (b) | | 26,869 | 649,424 |
| Enlight Renewable Energy Ltd. | | 24,099 | 445,832 |
| Montauk Renewables, Inc. (a)(b) | | 44,382 | 308,011 |
| ReNew Energy Global PLC (a)(b) | | 90,208 | 493,438 |
| | | | 1,896,705 |
| Multi-Utilities - 0.0% | | | |
| NorthWestern Energy Corp. | | 14,054 | 795,316 |
| Water Utilities - 0.0% | | | |
| Middlesex Water Co. (b) | | 6,170 | 501,991 |
TOTAL UTILITIES | | | 42,557,803 |
| TOTAL COMMON STOCKS (Cost $3,029,979,586) | | | 4,593,177,797 |
| | | | |
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, which are presented in the corresponding line item in the Statement of Operations, if applicable.
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.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
The following is a summary of the inputs used, as of May 31, 2023, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
Share activity prior to April 8, 2021 has been adjusted to reflect the impact of the 10 for 1 share split that occurred on that date.
Fidelity Nasdaq Composite Index ETF (the Fund) is an exchange-traded fund of Fidelity Commonwealth Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may operate as a non-diversified fund, as defined under the 1940 Act, to the approximate extent the Index is non-diversified.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
The Fund categorizes the inputs to valuation techniques used to value its investments 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)
Valuation techniques used to value the Fund's 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 foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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 open-end mutual funds, including Fidelity Central 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. The aggregate value of investments by input level as of May 31, 2023 is included at the end of the Fund's Schedule of Investments.
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
Derivatives were used to increase returns and 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 objectives may not be achieved.
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
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 and amounts recognized in the Statement of Assets and Liabilities. 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.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
Securities received and delivered in-kind through subscriptions and redemptions totaled $212,699,642 and $97,223,112, respectively.
6. Fees and Other Transactions with Affiliates.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income 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. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $5,426.
Funds issue and redeem shares at NAV only with certain authorized participants in large increments known as Creation Units. Purchases of Creation Units are made by tendering a basket of designated securities to a fund and redemption proceeds are paid with a basket of securities from a fund's portfolio with a balancing cash component to equate the market value of the basket of securities delivered or redeemed to the NAV per Creation Unit on the transaction date. Cash may be substituted equivalent to the value of certain securities generally when they are not available in sufficient quantity for delivery. A fund's shares are available in smaller increments to investors in the secondary market at market prices and may be subject to commissions. Authorized participants pay a transaction fee to the shareholder servicing agent when purchasing and redeeming Creation Units of a fund. The transaction fee is used to offset the costs associated with the issuance and redemption of Creation Units.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
A Annualized expense ratio reflects expenses net of applicable fee waivers.
C Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
At its May 2023 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC, for two months from June 1, 2023 through July 31, 2023. The Board determined that it will consider the annual renewal of the fund's Advisory Contracts for a full one year period in July 2023, following its review of additional materials provided by FMR.
The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2023, with the understanding that the Board will consider the annual renewal for a full one year period in July 2023.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for two months from June 1, 2023 through July 31, 2023.
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Fund has adopted and implemented a liquidity risk management program (the Program) reasonably designed to assess and manage the Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund's Board of Trustees (the Board) has designated the Fund's investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) certain factors specific to ETFs including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable.
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four defined liquidity categories based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
