Common Stocks - 95.2% |
| | Shares | Value ($) |
COMMUNICATION SERVICES - 13.9% | | | |
Entertainment - 1.1% | | | |
Netflix, Inc. (a) | | 125,809 | 47,126,793 |
The Walt Disney Co. (a) | | 82,572 | 11,325,576 |
Universal Music Group NV | | 624,300 | 16,709,838 |
Warner Music Group Corp. Class A | | 239,532 | 9,066,286 |
| | | 84,228,493 |
Interactive Media & Services - 12.7% | | | |
Alphabet, Inc.: | | | |
Class A (a) | | 66,217 | 184,172,653 |
Class C (a) | | 84,110 | 234,918,389 |
Bumble, Inc. (a)(b) | | 145,100 | 4,204,998 |
CarGurus, Inc. Class A (a) | | 500 | 21,230 |
Meta Platforms, Inc. Class A (a) | | 2,378,754 | 528,939,739 |
Zoominfo Technologies, Inc. (a) | | 83,900 | 5,012,186 |
| | | 957,269,195 |
Media - 0.1% | | | |
Liberty Media Corp. Liberty Formula One Group Series C (a) | | 174,352 | 12,176,744 |
TOTAL COMMUNICATION SERVICES | | | 1,053,674,432 |
CONSUMER DISCRETIONARY - 11.4% | | | |
Automobiles - 1.4% | | | |
General Motors Co. (a) | | 332,800 | 14,556,672 |
Harley-Davidson, Inc. | | 27,700 | 1,091,380 |
Hyundai Motor Co. | | 86,200 | 12,690,234 |
Rad Power Bikes, Inc. (a)(c)(d) | | 145,919 | 1,398,459 |
Rivian Automotive, Inc. | | 36,042 | 1,720,213 |
Tesla, Inc. (a) | | 32,500 | 35,022,000 |
Toyota Motor Corp. | | 2,043,800 | 36,866,074 |
XPeng, Inc. Class A | | 168,100 | 2,313,524 |
| | | 105,658,556 |
Hotels, Restaurants & Leisure - 1.1% | | | |
Airbnb, Inc. Class A (a) | | 234,600 | 40,294,896 |
Booking Holdings, Inc. (a) | | 300 | 704,535 |
Chipotle Mexican Grill, Inc. (a) | | 8,354 | 13,216,279 |
Hilton Worldwide Holdings, Inc. (a) | | 174,013 | 26,404,733 |
Marriott International, Inc. Class A (a) | | 21,800 | 3,831,350 |
| | | 84,451,793 |
Household Durables - 0.1% | | | |
Blu Investments LLC (a)(c)(d) | | 21,093,998 | 6,539 |
Lennar Corp. Class A | | 134,048 | 10,880,676 |
| | | 10,887,215 |
Internet & Direct Marketing Retail - 6.3% | | | |
Amazon.com, Inc. (a) | | 139,077 | 453,384,066 |
Cazoo Group Ltd. Class A (a) | | 422,493 | 1,166,081 |
Chewy, Inc. (a) | | 10,396 | 423,949 |
Coupang, Inc. Class A (a)(b) | | 480,726 | 8,499,236 |
Deliveroo PLC Class A (a)(e) | | 2,615,200 | 3,871,761 |
Doordash, Inc. (a) | | 48,405 | 5,672,582 |
Wayfair LLC Class A (a) | | 6,160 | 682,405 |
Zomato Ltd. (a)(c) | | 1,929,600 | 1,882,390 |
| | | 475,582,470 |
Leisure Products - 0.0% | | | |
Thule Group AB (e) | | 32,000 | 1,276,270 |
Multiline Retail - 0.2% | | | |
Dollar Tree, Inc. (a) | | 59,925 | 9,596,989 |
Dollarama, Inc. | | 24,200 | 1,372,459 |
Kohl's Corp. | | 31,900 | 1,928,674 |
| | | 12,898,122 |
Specialty Retail - 1.8% | | | |
Academy Sports & Outdoors, Inc. | | 217,537 | 8,570,958 |
AutoZone, Inc. (a) | | 5,541 | 11,329,018 |
Dick's Sporting Goods, Inc. | | 116,385 | 11,640,828 |
Fanatics, Inc. Class A (c)(d) | | 139,938 | 9,493,394 |
National Vision Holdings, Inc. (a)(b) | | 74,096 | 3,228,363 |
O'Reilly Automotive, Inc. (a) | | 25,946 | 17,771,972 |
The Home Depot, Inc. | | 187,066 | 55,994,466 |
TJX Companies, Inc. | | 45,200 | 2,738,216 |
Ulta Beauty, Inc. (a) | | 5,800 | 2,309,676 |
Williams-Sonoma, Inc. | | 81,214 | 11,776,030 |
| | | 134,852,921 |
Textiles, Apparel & Luxury Goods - 0.5% | | | |
China Hongxing Sports Ltd. (a)(d) | | 22,200 | 929 |
Deckers Outdoor Corp. (a) | | 16,484 | 4,512,825 |
Dr. Martens Ltd. | | 853,000 | 2,675,858 |
lululemon athletica, Inc. (a) | | 10,934 | 3,993,425 |
NIKE, Inc. Class B | | 156,543 | 21,064,426 |
On Holding AG (b) | | 54,400 | 1,373,056 |
| | | 33,620,519 |
TOTAL CONSUMER DISCRETIONARY | | | 859,227,866 |
CONSUMER STAPLES - 2.5% | | | |
Beverages - 0.5% | | | |
Anheuser-Busch InBev SA NV | | 64,700 | 3,868,291 |
Diageo PLC | | 91,224 | 4,627,299 |
Keurig Dr. Pepper, Inc. | | 18,900 | 716,310 |
PepsiCo, Inc. | | 100,800 | 16,871,904 |
The Coca-Cola Co. | | 230,950 | 14,318,900 |
| | | 40,402,704 |
Food & Staples Retailing - 1.4% | | | |
Albertsons Companies, Inc. | | 22,800 | 758,100 |
Costco Wholesale Corp. | | 185,437 | 106,783,896 |
Kroger Co. | | 12,100 | 694,177 |
| | | 108,236,173 |
Food Products - 0.0% | | | |
Nestle SA (Reg. S) | | 5,660 | 735,906 |
The Vita Coco Co., Inc. (b) | | 25,900 | 232,064 |
| | | 967,970 |
Household Products - 0.1% | | | |
Procter & Gamble Co. | | 38,000 | 5,806,400 |
Personal Products - 0.5% | | | |
Estee Lauder Companies, Inc. Class A | | 81,752 | 22,262,705 |
L'Oreal SA (a) | | 12,803 | 5,114,099 |
L'Oreal SA (a) | | 13,125 | 5,242,720 |
Olaplex Holdings, Inc. | | 70,300 | 1,098,789 |
| | | 33,718,313 |
TOTAL CONSUMER STAPLES | | | 189,131,560 |
ENERGY - 1.6% | | | |
Energy Equipment & Services - 0.1% | | | |
Baker Hughes Co. Class A | | 20,900 | 760,969 |
Halliburton Co. | | 82,000 | 3,105,340 |
| | | 3,866,309 |
Oil, Gas & Consumable Fuels - 1.5% | | | |
Canadian Natural Resources Ltd. | | 259,800 | 16,086,964 |
Cenovus Energy, Inc. (Canada) | | 45,400 | 756,818 |
Cheniere Energy, Inc. | | 60,300 | 8,360,595 |
Chevron Corp. | | 57,100 | 9,297,593 |
ConocoPhillips Co. | | 176,477 | 17,647,700 |
Continental Resources, Inc. | | 12,200 | 748,226 |
Devon Energy Corp. | | 149,900 | 8,863,587 |
Diamondback Energy, Inc. | | 61,346 | 8,409,310 |
EOG Resources, Inc. | | 111,100 | 13,246,453 |
Exxon Mobil Corp. | | 68,100 | 5,624,379 |
Hess Corp. | | 54,100 | 5,790,864 |
Occidental Petroleum Corp. | | 77,500 | 4,397,350 |
Phillips 66 Co. | | 9,400 | 812,066 |
Pioneer Natural Resources Co. | | 61,200 | 15,301,836 |
Reliance Industries Ltd. | | 15,425 | 532,441 |
Suncor Energy, Inc. | | 23,100 | 752,046 |
| | | 116,628,228 |
TOTAL ENERGY | | | 120,494,537 |
FINANCIALS - 18.3% | | | |
Banks - 4.3% | | | |
Bank of America Corp. | | 3,559,062 | 146,704,536 |
JPMorgan Chase & Co. | | 579,024 | 78,932,552 |
Kotak Mahindra Bank Ltd. (a) | | 189,387 | 4,340,840 |
Nu Holdings Ltd. (b) | | 147,800 | 1,141,016 |
Royal Bank of Canada | | 308,600 | 33,976,486 |
Starling Bank Ltd. Series D (a)(c)(d) | | 1,401,404 | 4,340,970 |
The Toronto-Dominion Bank | | 368,500 | 29,237,703 |
Wells Fargo & Co. | | 505,800 | 24,511,068 |
| | | 323,185,171 |
Capital Markets - 3.1% | | | |
BlackRock, Inc. Class A | | 10,300 | 7,870,951 |
Brookfield Asset Management, Inc. (Canada) Class A | | 111,500 | 6,303,900 |
Charles Schwab Corp. | | 265,800 | 22,409,598 |
CME Group, Inc. | | 16,700 | 3,972,262 |
Coinbase Global, Inc. (a)(b) | | 38,210 | 7,254,551 |
Goldman Sachs Group, Inc. | | 182,173 | 60,135,307 |
Intercontinental Exchange, Inc. | | 36,200 | 4,782,744 |
Morgan Stanley | | 1,244,500 | 108,769,300 |
MSCI, Inc. | | 24,411 | 12,275,804 |
| | | 233,774,417 |
Consumer Finance - 0.2% | | | |
American Express Co. | | 23,700 | 4,431,900 |
Capital One Financial Corp. | | 104,900 | 13,772,321 |
| | | 18,204,221 |
Diversified Financial Services - 7.2% | | | |
Berkshire Hathaway, Inc. Class A (a) | | 1,022 | 540,557,251 |
Insurance - 3.5% | | | |
Admiral Group PLC | | 524,718 | 17,666,651 |
American International Group, Inc. | | 292,000 | 18,328,840 |
Aon PLC | | 5,000 | 1,628,150 |
Arthur J. Gallagher & Co. | | 47,411 | 8,277,961 |
Brookfield Asset Management Reinsurance Partners Ltd. | | 480 | 27,403 |
Chubb Ltd. | | 227,168 | 48,591,235 |
Fairfax Financial Holdings Ltd. (sub. vtg.) | | 14,200 | 7,746,931 |
Hartford Financial Services Group, Inc. | | 113,800 | 8,171,978 |
Intact Financial Corp. | | 37,260 | 5,505,473 |
Marsh & McLennan Companies, Inc. | | 14,800 | 2,522,216 |
Progressive Corp. | | 521,800 | 59,479,982 |
The Travelers Companies, Inc. | | 469,708 | 85,829,743 |
| | | 263,776,563 |
TOTAL FINANCIALS | | | 1,379,497,623 |
HEALTH CARE - 12.3% | | | |
Biotechnology - 3.4% | | | |
AbbVie, Inc. | | 96,629 | 15,664,527 |
Alnylam Pharmaceuticals, Inc. (a) | | 7,000 | 1,143,030 |
BioCryst Pharmaceuticals, Inc. (a) | | 17,297 | 281,249 |
Biohaven Pharmaceutical Holding Co. Ltd. (a) | | 2,933 | 347,766 |
BioNTech SE ADR (a) | | 4,700 | 801,632 |
Galapagos NV sponsored ADR (a) | | 53,336 | 3,307,899 |
Horizon Therapeutics PLC (a) | | 306,820 | 32,280,532 |
Idorsia Ltd. (a)(b) | | 101,226 | 2,018,933 |
Intellia Therapeutics, Inc. (a) | | 16,753 | 1,217,441 |
Regeneron Pharmaceuticals, Inc. (a) | | 158,623 | 110,785,476 |
Vertex Pharmaceuticals, Inc. (a) | | 343,700 | 89,695,389 |
Zai Lab Ltd. (a) | | 230,060 | 1,047,386 |
| | | 258,591,260 |
Health Care Equipment & Supplies - 1.2% | | | |
Abbott Laboratories | | 18,013 | 2,132,019 |
DexCom, Inc. (a) | | 900 | 460,440 |
Edwards Lifesciences Corp. (a) | | 203,247 | 23,926,237 |
Envista Holdings Corp. (a) | | 96,012 | 4,676,745 |
Figs, Inc. Class A (a) | | 221,800 | 4,773,136 |
Intuitive Surgical, Inc. (a) | | 145,850 | 44,000,028 |
Sonova Holding AG | | 15,590 | 6,539,347 |
| | | 86,507,952 |
Health Care Providers & Services - 3.8% | | | |
23andMe Holding Co. Class B (e) | | 679,707 | 2,603,278 |
AmerisourceBergen Corp. | | 55,600 | 8,601,876 |
Anthem, Inc. | | 25,300 | 12,427,866 |
Cano Health, Inc. (a) | | 136,255 | 865,219 |
Centene Corp. (a) | | 19,200 | 1,616,448 |
CVS Health Corp. | | 15,600 | 1,578,876 |
dentalcorp Holdings Ltd. (a) | | 202,536 | 2,460,922 |
Guardant Health, Inc. (a) | | 33,127 | 2,194,332 |
HCA Holdings, Inc. | | 122,500 | 30,700,950 |
Henry Schein, Inc. (a) | | 23,156 | 2,018,972 |
McKesson Corp. | | 4,500 | 1,377,585 |
Molina Healthcare, Inc. (a) | | 6,800 | 2,268,412 |
Option Care Health, Inc. (a) | | 194,500 | 5,554,920 |
P3 Health Partners, Inc. (c) | | 160,486 | 1,255,001 |
UnitedHealth Group, Inc. | | 412,078 | 210,147,418 |
| | | 285,672,075 |
Health Care Technology - 0.0% | | | |
Doximity, Inc. (b) | | 61,304 | 3,193,325 |
Life Sciences Tools & Services - 1.5% | | | |
Bio-Rad Laboratories, Inc. Class A (a) | | 591 | 332,869 |
Danaher Corp. | | 226,035 | 66,302,847 |
Eurofins Scientific SA | | 32,180 | 3,200,717 |
IQVIA Holdings, Inc. (a) | | 5,630 | 1,301,712 |
Mettler-Toledo International, Inc. (a) | | 14,556 | 19,988,154 |
Thermo Fisher Scientific, Inc. | | 16,060 | 9,485,839 |
Veterinary Emergency Group LLC Class A (c)(d)(f) | | 58,287 | 3,052,712 |
Waters Corp. (a) | | 37,100 | 11,515,469 |
West Pharmaceutical Services, Inc. | | 3,525 | 1,447,753 |
| | | 116,628,072 |
Pharmaceuticals - 2.4% | | | |
AstraZeneca PLC sponsored ADR | | 35,000 | 2,321,900 |
Asymchem Laboratories Tianjin Co. Ltd. (H Shares) (e) | | 33,500 | 1,181,770 |
Bristol-Myers Squibb Co. | | 213,800 | 15,613,814 |
Eli Lilly & Co. | | 326,752 | 93,571,970 |
Intra-Cellular Therapies, Inc. (a) | | 25,678 | 1,571,237 |
Johnson & Johnson | | 46,900 | 8,312,087 |
Merck & Co., Inc. | | 60,000 | 4,923,000 |
Nuvation Bio, Inc. (a) | | 82,324 | 433,024 |
Pfizer, Inc. | | 182,600 | 9,453,202 |
Roche Holding AG (participation certificate) | | 20,470 | 8,099,198 |
Royalty Pharma PLC | | 416,600 | 16,230,736 |
UCB SA | | 18,200 | 2,183,505 |
Zoetis, Inc. Class A | | 88,375 | 16,666,641 |
| | | 180,562,084 |
TOTAL HEALTH CARE | | | 931,154,768 |
INDUSTRIALS - 4.1% | | | |
Aerospace & Defense - 0.6% | | | |
Lockheed Martin Corp. | | 27,300 | 12,050,220 |
Northrop Grumman Corp. | | 44,100 | 19,722,402 |
Space Exploration Technologies Corp.: | | | |
Class A (a)(c)(d) | | 212,910 | 11,922,960 |
Class C (a)(c)(d) | | 7,830 | 438,480 |
TransDigm Group, Inc. (a) | | 3,500 | 2,280,390 |
| | | 46,414,452 |
Air Freight & Logistics - 1.4% | | | |
United Parcel Service, Inc. Class B | | 475,415 | 101,957,501 |
Zipline International, Inc. (c)(d) | | 28,830 | 1,037,880 |
| | | 102,995,381 |
Airlines - 0.0% | | | |
Joby Aviation, Inc. (a) | | 81,901 | 542,185 |
Building Products - 0.4% | | | |
Carrier Global Corp. | | 96,910 | 4,445,262 |
Fortune Brands Home & Security, Inc. | | 200,858 | 14,919,732 |
Toto Ltd. | | 253,520 | 10,181,513 |
| | | 29,546,507 |
Commercial Services & Supplies - 0.2% | | | |
Aurora Innovation, Inc. (a) | | 86,681 | 484,547 |
Cintas Corp. | | 24,231 | 10,307,625 |
Clean TeQ Water Pty Ltd. (a) | | 2,653 | 1,195 |
TulCo LLC (a)(c)(d)(f) | | 7,549 | 4,488,182 |
| | | 15,281,549 |
Industrial Conglomerates - 0.6% | | | |
General Electric Co. | | 475,537 | 43,511,636 |
Roper Technologies, Inc. | | 1,600 | 755,568 |
| | | 44,267,204 |
Machinery - 0.3% | | | |
AutoStore Holdings Ltd. | | 78,181 | 286,213 |
Deere & Co. | | 29,700 | 12,339,162 |
Ingersoll Rand, Inc. | | 112,414 | 5,660,045 |
Otis Worldwide Corp. | | 14,891 | 1,145,862 |
PACCAR, Inc. | | 23,600 | 2,078,452 |
| | | 21,509,734 |
Professional Services - 0.0% | | | |
Verisk Analytics, Inc. | | 3,700 | 794,131 |
Road & Rail - 0.6% | | | |
Canadian Pacific Railway Ltd. | | 105,000 | 8,666,080 |
J.B. Hunt Transport Services, Inc. | | 53,600 | 10,762,344 |
Old Dominion Freight Lines, Inc. | | 20,800 | 6,212,544 |
Union Pacific Corp. | | 60,200 | 16,447,242 |
| | | 42,088,210 |
Trading Companies & Distributors - 0.0% | | | |
Ferguson PLC | | 14,500 | 1,977,175 |
Transportation Infrastructure - 0.0% | | | |
Delhivery Private Ltd. (c)(d) | | 326,200 | 2,522,941 |
TOTAL INDUSTRIALS | | | 307,939,469 |
INFORMATION TECHNOLOGY - 27.5% | | | |
Communications Equipment - 0.2% | | | |
Arista Networks, Inc. (a) | | 97,828 | 13,596,135 |
Electronic Equipment & Components - 1.8% | | | |
Amphenol Corp. Class A | | 1,716,887 | 129,367,435 |
CDW Corp. | | 29,803 | 5,331,459 |
Keysight Technologies, Inc. (a) | | 19,288 | 3,046,925 |
| | | 137,745,819 |
IT Services - 2.7% | | | |
Accenture PLC Class A | | 309,029 | 104,213,850 |
Adyen BV (a)(e) | | 9,295 | 18,410,559 |
Affirm Holdings, Inc. (a)(b) | | 17,300 | 800,644 |
ASAC II LP (a)(c)(d) | | 2,013,117 | 338,204 |
Cloudflare, Inc. (a) | | 299,580 | 35,859,726 |
Cognizant Technology Solutions Corp. Class A | | 95,116 | 8,529,052 |
MongoDB, Inc. Class A (a) | | 38,840 | 17,229,036 |
Shopify, Inc. Class A (a) | | 27,388 | 18,522,363 |
| | | 203,903,434 |
Semiconductors & Semiconductor Equipment - 8.5% | | | |
Advanced Micro Devices, Inc. (a) | | 873,653 | 95,525,219 |
Analog Devices, Inc. | | 118,700 | 19,606,866 |
Applied Materials, Inc. | | 213,900 | 28,192,020 |
Broadcom, Inc. | | 36,400 | 22,920,352 |
Lattice Semiconductor Corp. (a) | | 51,765 | 3,155,077 |
Marvell Technology, Inc. | | 289,875 | 20,786,936 |
Micron Technology, Inc. | | 9,600 | 747,744 |
Monolithic Power Systems, Inc. | | 3,200 | 1,554,176 |
NVIDIA Corp. | | 1,116,260 | 304,582,704 |
onsemi (a) | | 208,100 | 13,029,141 |
Qualcomm, Inc. | | 607,737 | 92,874,368 |
Semtech Corp. (a) | | 24,696 | 1,712,421 |
Silergy Corp. | | 5,000 | 586,653 |
SiTime Corp. (a) | | 2,800 | 693,896 |
Synaptics, Inc. (a) | | 183,742 | 36,656,529 |
| | | 642,624,102 |
Software - 10.1% | | | |
Adobe, Inc. (a) | | 170,566 | 77,713,281 |
Atlassian Corp. PLC (a) | | 143,081 | 42,041,490 |
Bill.Com Holdings, Inc. (a) | | 13,931 | 3,159,411 |
Cadence Design Systems, Inc. (a) | | 203,056 | 33,394,590 |
Check Point Software Technologies Ltd. (a) | | 25,700 | 3,553,282 |
Clear Secure, Inc. (b) | | 41,300 | 1,110,144 |
Confluent, Inc. (b) | | 18,300 | 750,300 |
Datadog, Inc. Class A (a) | | 102,000 | 15,449,940 |
Dynatrace, Inc. (a) | | 39,761 | 1,872,743 |
Epic Games, Inc. (a)(c)(d) | | 7,100 | 4,999,394 |
Fortinet, Inc. (a) | | 14,447 | 4,937,118 |
HubSpot, Inc. (a) | | 5,263 | 2,499,609 |
Intuit, Inc. | | 85,683 | 41,199,814 |
KnowBe4, Inc. (a) | | 100,200 | 2,306,604 |
Magic Leap, Inc.: | | | |
Class A (d) | | 72,297 | 1,388,102 |
warrants (a)(d) | | 39,573 | 759,802 |
Microsoft Corp. | | 1,152,049 | 355,188,227 |
Monday.com Ltd. (b) | | 3,600 | 569,052 |
Palo Alto Networks, Inc. (a) | | 24,700 | 15,375,997 |
Qualtrics International, Inc. (a) | | 27,027 | 771,621 |
Salesforce.com, Inc. (a) | | 654,426 | 138,947,728 |
SentinelOne, Inc. (b) | | 19,500 | 755,430 |
ServiceNow, Inc. (a) | | 7,139 | 3,975,638 |
Stripe, Inc. Class B (a)(c)(d) | | 26,700 | 986,832 |
Tanium, Inc. Class B (a)(c)(d) | | 408,212 | 5,065,911 |
Tenable Holdings, Inc. (a) | | 3,900 | 225,381 |
| | | 758,997,441 |
Technology Hardware, Storage & Peripherals - 4.2% | | | |
Apple, Inc. | | 1,703,600 | 297,465,596 |
Dell Technologies, Inc. | | 448,019 | 22,486,074 |
| | | 319,951,670 |
TOTAL INFORMATION TECHNOLOGY | | | 2,076,818,601 |
MATERIALS - 3.2% | | | |
Chemicals - 0.4% | | | |
CF Industries Holdings, Inc. | | 62,700 | 6,461,862 |
Corteva, Inc. | | 12,800 | 735,744 |
Nutrien Ltd. | | 36,900 | 3,837,231 |
Sherwin-Williams Co. | | 64,134 | 16,009,129 |
The Mosaic Co. | | 36,000 | 2,394,000 |
Westlake Corp. | | 36,652 | 4,522,857 |
| | | 33,960,823 |
Metals & Mining - 2.8% | | | |
Agnico Eagle Mines Ltd. (Canada) | | 11,600 | 709,835 |
ArcelorMittal SA Class A unit GDR | | 22,900 | 733,029 |
B2Gold Corp. | | 1,646,929 | 7,561,791 |
Barrick Gold Corp. (Canada) | | 491,266 | 12,048,327 |
Cleveland-Cliffs, Inc. (a) | | 250,300 | 8,062,163 |
First Quantum Minerals Ltd. | | 8,600 | 297,731 |
Franco-Nevada Corp. | | 298,217 | 47,456,137 |
Freeport-McMoRan, Inc. | | 811,800 | 40,378,932 |
Glencore Xstrata PLC | | 350,000 | 2,277,348 |
Ivanhoe Mines Ltd. (a) | | 3,314,587 | 30,914,758 |
MP Materials Corp. (a) | | 8,900 | 510,326 |
Newmont Corp. | | 163,700 | 13,005,965 |
Novagold Resources, Inc. (a) | | 493,634 | 3,802,500 |
Nucor Corp. | | 195,273 | 29,027,331 |
Steel Dynamics, Inc. | | 138,800 | 11,580,084 |
Stelco Holdings, Inc. | | 27,500 | 1,143,643 |
Sunrise Energy Metals Ltd. (a) | | 5,306 | 9,738 |
| | | 209,519,638 |
TOTAL MATERIALS | | | 243,480,461 |
REAL ESTATE - 0.3% | | | |
Equity Real Estate Investment Trusts (REITs) - 0.3% | | | |
Equity Commonwealth (a) | | 136,691 | 3,856,053 |
Prologis (REIT), Inc. | | 91,179 | 14,723,585 |
Welltower, Inc. | | 15,700 | 1,509,398 |
| | | 20,089,036 |
UTILITIES - 0.1% | | | |
Electric Utilities - 0.1% | | | |
Constellation Energy Corp. | | 23,100 | 1,299,375 |
Exelon Corp. | | 38,500 | 1,833,755 |
NextEra Energy, Inc. | | 34,300 | 2,905,553 |
Southern Co. | | 20,900 | 1,515,459 |
| | | 7,554,142 |
TOTAL COMMON STOCKS (Cost $3,467,816,992) | | | 7,189,062,495 |
| | | |
Preferred Stocks - 1.1% |
| | Shares | Value ($) |
Convertible Preferred Stocks - 0.9% | | | |
COMMUNICATION SERVICES - 0.0% | | | |
Interactive Media & Services - 0.0% | | | |
Reddit, Inc.: | | | |
Series E(c)(d) | | 9,600 | 593,226 |
Series F(c)(d) | | 49,896 | 3,083,293 |
| | | 3,676,519 |
CONSUMER DISCRETIONARY - 0.1% | | | |
Automobiles - 0.0% | | | |
Rad Power Bikes, Inc.: | | | |
Series A(a)(c)(d) | | 19,024 | 182,322 |
Series C(a)(c)(d) | | 74,857 | 717,415 |
Series D(c)(d) | | 127,700 | 1,223,851 |
| | | 2,123,588 |
Hotels, Restaurants & Leisure - 0.0% | | | |
Discord, Inc. Series I (c)(d) | | 800 | 440,500 |
| | | |
Internet & Direct Marketing Retail - 0.1% | | | |
GoBrands, Inc.: | | | |
Series G(c)(d) | | 3,340 | 1,359,079 |
Series H(c)(d) | | 3,970 | 1,615,433 |
| | | 2,974,512 |
TOTAL CONSUMER DISCRETIONARY | | | 5,538,600 |
| | | |
CONSUMER STAPLES - 0.0% | | | |
Food Products - 0.0% | | | |
Bowery Farming, Inc. Series C1 (c)(d) | | 13,266 | 633,584 |
| | | |
HEALTH CARE - 0.0% | | | |
Biotechnology - 0.0% | | | |
ElevateBio LLC Series C (c)(d) | | 194,500 | 701,951 |
| | | |
Health Care Providers & Services - 0.0% | | | |
Lyra Health, Inc.: | | | |
Series E(a)(c)(d) | | 79,800 | 1,454,754 |
Series F(c)(d) | | 4,099 | 74,725 |
Somatus, Inc. Series E (c)(d) | | 842 | 734,759 |
| | | 2,264,238 |
TOTAL HEALTH CARE | | | 2,966,189 |
| | | |
INDUSTRIALS - 0.6% | | | |
Aerospace & Defense - 0.6% | | | |
Relativity Space, Inc. Series E (c)(d) | | 125,290 | 2,638,607 |
Space Exploration Technologies Corp.: | | | |
Series G(a)(c)(d) | | 36,460 | 20,417,600 |
Series H(a)(c)(d) | | 7,256 | 4,063,360 |
Series N(a)(c)(d) | | 24,552 | 13,749,120 |
| | | 40,868,687 |
Air Freight & Logistics - 0.0% | | | |
Zipline International, Inc. Series E (a)(c)(d) | | 66,084 | 2,379,024 |
| | | |
TOTAL INDUSTRIALS | | | 43,247,711 |
| | | |
INFORMATION TECHNOLOGY - 0.2% | | | |
IT Services - 0.1% | | | |
ByteDance Ltd. Series E1 (a)(c)(d) | | 37,932 | 5,585,487 |
| | | |
Software - 0.1% | | | |
Delphix Corp. Series D (a)(c)(d) | | 232,855 | 1,781,341 |
Nuro, Inc.: | | | |
Series C(a)(c)(d) | | 190,290 | 3,966,732 |
Series D(c)(d) | | 36,736 | 765,788 |
Stripe, Inc. Series H (c)(d) | | 11,500 | 425,040 |
Tenstorrent, Inc. Series C1 (c)(d) | | 12,300 | 922,992 |
| | | 7,861,893 |
TOTAL INFORMATION TECHNOLOGY | | | 13,447,380 |
| | | |
TOTAL CONVERTIBLE PREFERRED STOCKS | | | 69,509,983 |
Nonconvertible Preferred Stocks - 0.2% | | | |
CONSUMER DISCRETIONARY - 0.0% | | | |
Internet & Direct Marketing Retail - 0.0% | | | |
Circle Internet Financial Ltd. Series E (c) | | 61,811 | 1,421,925 |
| | | |
ENERGY - 0.1% | | | |
Oil, Gas & Consumable Fuels - 0.1% | | | |
Petroleo Brasileiro SA - Petrobras sponsored ADR | | 444,700 | 6,581,560 |
| | | |
INFORMATION TECHNOLOGY - 0.1% | | | |
Software - 0.1% | | | |
Magic Leap, Inc. Series AA (d) | | 275,569 | 5,290,925 |
| | | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | | | 13,294,410 |
TOTAL PREFERRED STOCKS (Cost $48,891,381) | | | 82,804,393 |
| | | |
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Amount 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. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.
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)
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Preferred Securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
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.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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