Common Stocks - 98.1% |
| | Shares | Value ($) |
AUSTRALIA - 0.1% | | | |
Industrials - 0.0% | | | |
Commercial Services & Supplies - 0.0% | | | |
Clean TeQ Water Ltd (b) | | 494,794 | 112,885 |
Information Technology - 0.1% | | | |
Software - 0.1% | | | |
Canva Inc Class A (c)(d) | | 21,800 | 23,974,550 |
Materials - 0.0% | | | |
Metals & Mining - 0.0% | | | |
Sunrise Energy Metals Ltd (b) | | 634,736 | 182,112 |
TOTAL AUSTRALIA | | | 24,269,547 |
BELGIUM - 0.1% | | | |
Health Care - 0.1% | | | |
Pharmaceuticals - 0.1% | | | |
UCB SA | | 131,293 | 23,676,106 |
BRAZIL - 0.3% | | | |
Consumer Discretionary - 0.2% | | | |
Broadline Retail - 0.2% | | | |
MercadoLibre Inc (b) | | 33,729 | 69,210,559 |
Financials - 0.1% | | | |
Banks - 0.1% | | | |
NU Holdings Ltd/Cayman Islands Class A (b) | | 3,483,874 | 47,554,880 |
Materials - 0.0% | | | |
Metals & Mining - 0.0% | | | |
Wheaton Precious Metals Corp | | 55,700 | 3,401,841 |
TOTAL BRAZIL | | | 120,167,280 |
CANADA - 2.4% | | | |
Communication Services - 0.0% | | | |
Entertainment - 0.0% | | | |
Lionsgate Studios Corp (d) | | 508,514 | 3,635,875 |
Consumer Discretionary - 0.1% | | | |
Broadline Retail - 0.1% | | | |
Dollarama Inc | | 160,568 | 16,447,995 |
Hotels, Restaurants & Leisure - 0.0% | | | |
Restaurant Brands International Inc | | 108,442 | 7,824,951 |
TOTAL CONSUMER DISCRETIONARY | | | 24,272,946 |
| | | |
Consumer Staples - 0.0% | | | |
Consumer Staples Distribution & Retail - 0.0% | | | |
Alimentation Couche-Tard Inc | | 178,733 | 9,881,228 |
Energy - 0.3% | | | |
Oil, Gas & Consumable Fuels - 0.3% | | | |
ARC Resources Ltd (e) | | 167,896 | 2,837,888 |
Cameco Corp (United States) (e) | | 316,180 | 15,100,757 |
Canadian Natural Resources Ltd | | 2,163,702 | 71,848,761 |
PrairieSky Royalty Ltd | | 270,042 | 5,488,894 |
Suncor Energy Inc | | 82,179 | 3,033,292 |
| | | 98,309,592 |
Financials - 0.8% | | | |
Banks - 0.3% | | | |
Royal Bank of Canada (e) | | 728,594 | 90,936,203 |
Capital Markets - 0.1% | | | |
Brookfield Asset Management Ltd Class A | | 13,075 | 618,149 |
Brookfield Asset Management Ltd Class A (United States) | | 581,867 | 27,516,491 |
Brookfield Corp Class A | | 106,542 | 5,658,554 |
| | | 33,793,194 |
Insurance - 0.4% | | | |
Fairfax Financial Holdings Ltd Subordinate Voting Shares | | 69,401 | 87,629,122 |
Intact Financial Corp | | 342,160 | 65,702,208 |
| | | 153,331,330 |
TOTAL FINANCIALS | | | 278,060,727 |
| | | |
Industrials - 0.2% | | | |
Commercial Services & Supplies - 0.0% | | | |
RB Global Inc (United States) (e) | | 126,407 | 10,174,499 |
Ground Transportation - 0.1% | | | |
Canadian Pacific Kansas City Ltd | | 292,927 | 25,052,953 |
Professional Services - 0.1% | | | |
Thomson Reuters Corp | | 177,147 | 30,216,305 |
TOTAL INDUSTRIALS | | | 65,443,757 |
| | | |
Information Technology - 0.2% | | | |
IT Services - 0.2% | | | |
Shopify Inc Class A (b) | | 887,560 | 71,105,865 |
Software - 0.0% | | | |
Constellation Software Inc/Canada | | 1,159 | 3,770,638 |
TOTAL INFORMATION TECHNOLOGY | | | 74,876,503 |
| | | |
Materials - 0.8% | | | |
Metals & Mining - 0.8% | | | |
Agnico Eagle Mines Ltd/CA | | 54,586 | 4,397,312 |
Alamos Gold Inc Class A | | 183,682 | 3,660,194 |
B2Gold Corp | | 7,376,871 | 22,799,601 |
Franco-Nevada Corp | | 226,022 | 28,072,887 |
High Power Exploration Inc (b)(c)(d) | | 2,010,004 | 2,653,205 |
Ivanhoe Mine Ltd (b)(f) | | 1,332,254 | 19,819,550 |
Ivanhoe Mine Ltd Class A (b)(e) | | 13,165,185 | 195,854,577 |
Lundin Gold Inc | | 398,571 | 8,620,061 |
Novagold Resources Inc (b) | | 1,503,920 | 6,193,822 |
Orla Mining Ltd (b) | | 22,165 | 89,155 |
| | | 292,160,364 |
TOTAL CANADA | | | 846,640,992 |
CHINA - 0.1% | | | |
Consumer Discretionary - 0.1% | | | |
Automobiles - 0.1% | | | |
BYD Co Ltd H Shares | | 600,590 | 21,427,830 |
Hotels, Restaurants & Leisure - 0.0% | | | |
Meituan B Shares (b)(f)(g) | | 417,400 | 8,863,651 |
TOTAL CHINA | | | 30,291,481 |
DENMARK - 0.1% | | | |
Health Care - 0.1% | | | |
Pharmaceuticals - 0.1% | | | |
Novo Nordisk A/S Series B | | 268,932 | 31,898,433 |
FINLAND - 0.0% | | | |
Consumer Discretionary - 0.0% | | | |
Textiles, Apparel & Luxury Goods - 0.0% | | | |
Amer Sports Inc | | 106,950 | 1,705,853 |
FRANCE - 0.1% | | | |
Consumer Staples - 0.1% | | | |
Personal Care Products - 0.1% | | | |
L'Oreal SA | | 51,575 | 23,133,290 |
Health Care - 0.0% | | | |
Health Care Equipment & Supplies - 0.0% | | | |
EssilorLuxottica SA | | 29,010 | 6,865,382 |
TOTAL FRANCE | | | 29,998,672 |
GERMANY - 0.1% | | | |
Consumer Discretionary - 0.1% | | | |
Textiles, Apparel & Luxury Goods - 0.1% | | | |
adidas AG | | 102,644 | 27,199,290 |
IRELAND - 0.2% | | | |
Financials - 0.1% | | | |
Banks - 0.1% | | | |
AIB Group PLC | | 2,039,203 | 11,678,835 |
Bank of Ireland Group PLC | | 661,175 | 7,381,949 |
| | | 19,060,784 |
Financial Services - 0.0% | | | |
Circle Internet Financial LLC (c) | | 175,323 | 5,087,874 |
Circle Internet Financial LLC (c) | | 118,667 | 3,443,716 |
| | | 8,531,590 |
TOTAL FINANCIALS | | | 27,592,374 |
| | | |
Information Technology - 0.1% | | | |
IT Services - 0.1% | | | |
Accenture PLC Class A | | 102,477 | 36,223,570 |
TOTAL IRELAND | | | 63,815,944 |
ISRAEL - 0.2% | | | |
Health Care - 0.2% | | | |
Pharmaceuticals - 0.2% | | | |
Teva Pharmaceutical Industries Ltd ADR (b) | | 3,005,834 | 54,165,129 |
Information Technology - 0.0% | | | |
IT Services - 0.0% | | | |
Wix.com Ltd (b) | | 10,957 | 1,831,681 |
Software - 0.0% | | | |
Check Point Software Technologies Ltd (b)(e) | | 132,717 | 25,589,165 |
TOTAL INFORMATION TECHNOLOGY | | | 27,420,846 |
| | | |
TOTAL ISRAEL | | | 81,585,975 |
ITALY - 0.0% | | | |
Consumer Discretionary - 0.0% | | | |
Textiles, Apparel & Luxury Goods - 0.0% | | | |
Prada Spa | | 432,494 | 3,338,068 |
Industrials - 0.0% | | | |
Passenger Airlines - 0.0% | | | |
Ryanair Holdings PLC ADR | | 201,225 | 9,091,346 |
TOTAL ITALY | | | 12,429,414 |
JAPAN - 0.2% | | | |
Consumer Discretionary - 0.1% | | | |
Broadline Retail - 0.0% | | | |
Pan Pacific International Holdings Corp | | 133,316 | 3,427,397 |
Specialty Retail - 0.1% | | | |
Fast Retailing Co Ltd | | 68,462 | 22,715,500 |
Textiles, Apparel & Luxury Goods - 0.0% | | | |
Asics Corp | | 280,173 | 5,885,914 |
TOTAL CONSUMER DISCRETIONARY | | | 32,028,811 |
| | | |
Industrials - 0.1% | | | |
Machinery - 0.0% | | | |
Mitsubishi Heavy Industries Ltd | | 724,574 | 10,828,032 |
Trading Companies & Distributors - 0.1% | | | |
ITOCHU Corp | | 211,904 | 11,420,586 |
Mitsui & Co Ltd | | 272,714 | 6,098,986 |
| | | 17,519,572 |
TOTAL INDUSTRIALS | | | 28,347,604 |
| | | |
Information Technology - 0.0% | | | |
Semiconductors & Semiconductor Equipment - 0.0% | | | |
Advantest Corp | | 228,444 | 10,744,011 |
Utilities - 0.0% | | | |
Electric Utilities - 0.0% | | | |
Kansai Electric Power Co Inc/The | | 413,228 | 6,848,373 |
TOTAL JAPAN | | | 77,968,799 |
KOREA (SOUTH) - 0.4% | | | |
Consumer Discretionary - 0.3% | | | |
Automobiles - 0.1% | | | |
Hyundai Motor Co | | 253,820 | 46,954,525 |
Broadline Retail - 0.2% | | | |
Coupang Inc Class A (b) | | 3,118,651 | 76,562,883 |
TOTAL CONSUMER DISCRETIONARY | | | 123,517,408 |
| | | |
Information Technology - 0.1% | | | |
Technology Hardware, Storage & Peripherals - 0.1% | | | |
Samsung Electronics Co Ltd | | 414,480 | 19,325,933 |
TOTAL KOREA (SOUTH) | | | 142,843,341 |
LUXEMBOURG - 0.0% | | | |
Consumer Discretionary - 0.0% | | | |
Textiles, Apparel & Luxury Goods - 0.0% | | | |
Birkenstock Holding Plc (e) | | 93,397 | 4,603,538 |
NETHERLANDS - 0.2% | | | |
Communication Services - 0.1% | | | |
Entertainment - 0.1% | | | |
Universal Music Group NV | | 1,895,225 | 49,581,403 |
Financials - 0.0% | | | |
Financial Services - 0.0% | | | |
Adyen NV (b)(f)(g) | | 2,300 | 3,600,925 |
Health Care - 0.1% | | | |
Biotechnology - 0.1% | | | |
Argenx SE ADR (b) | | 41,707 | 22,608,531 |
Information Technology - 0.0% | | | |
Semiconductors & Semiconductor Equipment - 0.0% | | | |
ASML Holding NV depository receipt | | 8,547 | 7,121,788 |
TOTAL NETHERLANDS | | | 82,912,647 |
SPAIN - 0.1% | | | |
Consumer Discretionary - 0.0% | | | |
Specialty Retail - 0.0% | | | |
Industria de Diseno Textil SA (e) | | 66,658 | 3,947,919 |
Financials - 0.1% | | | |
Banks - 0.1% | | | |
Banco Santander SA | | 3,337,620 | 17,101,524 |
TOTAL SPAIN | | | 21,049,443 |
SWEDEN - 0.0% | | | |
Industrials - 0.0% | | | |
Machinery - 0.0% | | | |
Indutrade AB | | 119,150 | 3,702,668 |
SWITZERLAND - 0.3% | | | |
Consumer Discretionary - 0.2% | | | |
Textiles, Apparel & Luxury Goods - 0.2% | | | |
On Holding AG Class A (b) | | 1,365,380 | 68,473,807 |
Financials - 0.1% | | | |
Capital Markets - 0.1% | | | |
UBS Group AG | | 716,281 | 22,055,040 |
Health Care - 0.0% | | | |
Health Care Equipment & Supplies - 0.0% | | | |
Straumann Holding AG | | 28,540 | 4,668,438 |
TOTAL SWITZERLAND | | | 95,197,285 |
TAIWAN - 0.3% | | | |
Information Technology - 0.3% | | | |
Semiconductors & Semiconductor Equipment - 0.3% | | | |
Taiwan Semiconductor Manufacturing Co Ltd ADR | | 675,899 | 117,383,379 |
THAILAND - 0.0% | | | |
Information Technology - 0.0% | | | |
Electronic Equipment, Instruments & Components - 0.0% | | | |
Fabrinet (b) | | 42,979 | 10,161,955 |
UNITED KINGDOM - 0.3% | | | |
Consumer Discretionary - 0.1% | | | |
Hotels, Restaurants & Leisure - 0.1% | | | |
Deliveroo PLC Class A (b)(f)(g) | | 5,508,949 | 11,379,218 |
Flutter Entertainment PLC (United Kingdom) (b) | | 47,535 | 11,169,249 |
| | | 22,548,467 |
Financials - 0.1% | | | |
Banks - 0.0% | | | |
Starling Bank Ltd Class D (b)(c)(d) | | 4,139,223 | 17,542,571 |
Capital Markets - 0.1% | | | |
London Stock Exchange Group PLC | | 170,803 | 23,384,819 |
TOTAL FINANCIALS | | | 40,927,390 |
| | | |
Industrials - 0.1% | | | |
Aerospace & Defense - 0.1% | | | |
Rolls-Royce Holdings PLC (b) | | 5,561,475 | 39,361,298 |
Professional Services - 0.0% | | | |
RELX PLC | | 75,178 | 3,549,629 |
TOTAL INDUSTRIALS | | | 42,910,927 |
| | | |
TOTAL UNITED KINGDOM | | | 106,386,784 |
UNITED STATES - 92.6% | | | |
Communication Services - 21.2% | | | |
Entertainment - 2.3% | | | |
Liberty Media Corp-Liberty Formula One Class C (b)(e) | | 912,835 | 70,680,814 |
Liberty Media Corp-Liberty Live Class C (b) | | 48,687 | 2,499,104 |
Netflix Inc (b) | | 973,790 | 690,680,033 |
ROBLOX Corp Class A (b) | | 74,700 | 3,306,222 |
Spotify Technology SA (b) | | 72,376 | 26,672,727 |
TKO Group Holdings Inc Class A | | 28,090 | 3,475,014 |
Walt Disney Co/The | | 186,259 | 17,916,253 |
| | | 815,230,167 |
Interactive Media & Services - 18.9% | | | |
Alphabet Inc Class A | | 5,019,025 | 832,405,296 |
Alphabet Inc Class C | | 4,181,666 | 699,132,739 |
Bumble Inc Class A (b) | | 28,944 | 184,663 |
Epic Games Inc (b)(c)(d) | | 14,010 | 8,406,000 |
Meta Platforms Inc Class A | | 8,948,577 | 5,122,523,418 |
Reddit Inc Class A | | 458,861 | 30,248,117 |
Reddit Inc Class B (b) | | 97,531 | 6,429,244 |
| | | 6,699,329,477 |
Wireless Telecommunication Services - 0.0% | | | |
T-Mobile US Inc | | 35,484 | 7,322,478 |
TOTAL COMMUNICATION SERVICES | | | 7,521,882,122 |
| | | |
Consumer Discretionary - 8.9% | | | |
Automobiles - 0.1% | | | |
General Motors Co | | 475,286 | 21,311,824 |
Rad Power Bikes Inc (b)(c)(d) | | 331,574 | 82,894 |
Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | | 389,358 | 237,508 |
Tesla Inc (b) | | 76,667 | 20,058,387 |
| | | 41,690,613 |
Broadline Retail - 5.2% | | | |
Amazon.com Inc (b) | | 9,860,043 | 1,837,221,812 |
Diversified Consumer Services - 0.1% | | | |
Duolingo Inc Class A (b) | | 140,597 | 39,651,166 |
Hotels, Restaurants & Leisure - 1.3% | | | |
Airbnb Inc Class A (b) | | 1,002,509 | 127,128,167 |
Booking Holdings Inc | | 18,774 | 79,078,341 |
Cava Group Inc (b) | | 276,004 | 34,183,095 |
Chipotle Mexican Grill Inc (b) | | 1,376,049 | 79,287,943 |
DoorDash Inc Class A (b) | | 26,700 | 3,810,891 |
Hilton Worldwide Holdings Inc | | 443,223 | 102,162,902 |
Starbucks Corp | | 216,800 | 21,135,832 |
Texas Roadhouse Inc | | 19,170 | 3,385,422 |
Viking Holdings Ltd | | 501,862 | 17,509,965 |
| | | 467,682,558 |
Household Durables - 0.7% | | | |
DR Horton Inc | | 255,477 | 48,737,348 |
Garmin Ltd | | 68,277 | 12,018,800 |
Lennar Corp Class A | | 808,434 | 151,565,207 |
Mohawk Industries Inc (b) | | 55,336 | 8,891,388 |
PulteGroup Inc | | 298,563 | 42,852,747 |
| | | 264,065,490 |
Specialty Retail - 1.3% | | | |
Abercrombie & Fitch Co Class A (b) | | 120,720 | 16,888,728 |
Chewy Inc Class A (b) | | 96,469 | 2,825,577 |
Dick's Sporting Goods Inc | | 217,863 | 45,468,008 |
Fanatics Inc Class A (b)(c)(d) | | 332,480 | 24,507,101 |
Gap Inc/The (e) | | 1,073,564 | 23,672,086 |
Group 1 Automotive Inc | | 1,642 | 628,952 |
O'Reilly Automotive Inc (b) | | 80,890 | 93,152,924 |
Ross Stores Inc | | 143,102 | 21,538,282 |
TJX Cos Inc/The | | 1,158,216 | 136,136,709 |
Williams-Sonoma Inc | | 682,710 | 105,765,433 |
| | | 470,583,800 |
Textiles, Apparel & Luxury Goods - 0.2% | | | |
Crocs Inc (b) | | 72,496 | 10,498,146 |
Deckers Outdoor Corp (b) | | 127,638 | 20,351,879 |
NIKE Inc Class B | | 43,800 | 3,871,920 |
Ralph Lauren Corp Class A (e) | | 76,798 | 14,888,828 |
VF Corp (e) | | 480,143 | 9,578,853 |
| | | 59,189,626 |
TOTAL CONSUMER DISCRETIONARY | | | 3,180,085,065 |
| | | |
Consumer Staples - 2.0% | | | |
Beverages - 0.4% | | | |
Coca-Cola Co/The | | 1,823,439 | 131,032,327 |
Consumer Staples Distribution & Retail - 1.6% | | | |
Casey's General Stores Inc | | 92,844 | 34,882,419 |
Costco Wholesale Corp | | 547,927 | 485,748,244 |
Walmart Inc | | 520,689 | 42,045,637 |
| | | 562,676,300 |
Food Products - 0.0% | | | |
Bowery Farming Inc (b)(c) | | 57,529 | 1,151 |
Bowery Farming Inc warrants (b)(c)(d) | | 20,213 | 404 |
Mondelez International Inc | | 274,013 | 20,186,538 |
| | | 20,188,093 |
Household Products - 0.0% | | | |
Colgate-Palmolive Co | | 33,498 | 3,477,426 |
Procter & Gamble Co/The | | 38,224 | 6,620,397 |
| | | 10,097,823 |
TOTAL CONSUMER STAPLES | | | 723,994,543 |
| | | |
Energy - 1.2% | | | |
Oil, Gas & Consumable Fuels - 1.2% | | | |
Diamondback Energy Inc | | 72,414 | 12,484,173 |
Exxon Mobil Corp | | 2,557,225 | 299,757,915 |
Hess Corp | | 181,970 | 24,711,526 |
Marathon Petroleum Corp | | 147,740 | 24,068,323 |
Sable Offshore Corp (d) | | 1,076,300 | 25,432,969 |
Shell PLC ADR | | 415,137 | 27,378,285 |
Valero Energy Corp | | 138,891 | 18,754,452 |
| | | 432,587,643 |
Financials - 15.2% | | | |
Banks - 2.2% | | | |
Bank of America Corp | | 3,715,543 | 147,432,746 |
Citigroup Inc | | 732,901 | 45,879,603 |
East West Bancorp Inc | | 66,034 | 5,463,653 |
First Citizens BancShares Inc/NC Class A | | 18,866 | 34,731,363 |
JPMorgan Chase & Co | | 2,135,537 | 450,299,332 |
Wells Fargo & Co | | 1,989,011 | 112,359,231 |
| | | 796,165,928 |
Capital Markets - 0.8% | | | |
Bank of New York Mellon Corp/The | | 528,217 | 37,957,674 |
Blackstone Inc | | 84,208 | 12,894,771 |
Goldman Sachs Group Inc/The | | 102,665 | 50,830,468 |
Interactive Brokers Group Inc Class A (e) | | 54,236 | 7,558,329 |
KKR & Co Inc Class A | | 156,912 | 20,489,569 |
Moody's Corp | | 85,920 | 40,776,773 |
Morgan Stanley | | 1,090,082 | 113,630,148 |
MSCI Inc | | 15,234 | 8,880,356 |
S&P Global Inc | | 7,016 | 3,624,606 |
Tulco LLC (b)(c)(d)(h) | | 1,552 | 1,161,997 |
| | | 297,804,691 |
Consumer Finance - 0.7% | | | |
American Express Co | | 677,100 | 183,629,520 |
Capital One Financial Corp | | 241,966 | 36,229,569 |
Discover Financial Services | | 149,330 | 20,949,505 |
| | | 240,808,594 |
Financial Services - 9.7% | | | |
Berkshire Hathaway Inc Class A (b) | | 3,938 | 2,721,866,841 |
Fiserv Inc (b) | | 84,126 | 15,113,236 |
Mastercard Inc Class A | | 251,393 | 124,137,863 |
PayPal Holdings Inc (b) | | 573,716 | 44,767,059 |
Toast Inc Class A (b) | | 123,881 | 3,507,071 |
Visa Inc Class A | | 1,866,502 | 513,194,725 |
| | | 3,422,586,795 |
Insurance - 1.8% | | | |
American International Group Inc | | 1,273,939 | 93,290,553 |
Arthur J Gallagher & Co | | 182,353 | 51,308,664 |
Chubb Ltd | | 469,384 | 135,365,652 |
Hartford Financial Services Group Inc/The | | 60,969 | 7,170,564 |
Marsh & McLennan Cos Inc | | 359,672 | 80,239,226 |
Progressive Corp/The | | 777,605 | 197,325,045 |
Travelers Cos Inc/The | | 331,815 | 77,684,528 |
| | | 642,384,232 |
TOTAL FINANCIALS | | | 5,399,750,240 |
| | | |
Health Care - 11.3% | | | |
Biotechnology - 3.4% | | | |
Alnylam Pharmaceuticals Inc (b) | | 123,412 | 33,942,002 |
Apogee Therapeutics Inc (b) | | 61,288 | 3,600,057 |
Avidity Biosciences Inc (b) | | 173,647 | 7,975,607 |
Denali Therapeutics Inc (b) | | 181,553 | 5,288,639 |
Gilead Sciences Inc | | 41,800 | 3,504,512 |
Incyte Corp (b) | | 55,695 | 3,681,440 |
Insmed Inc (b) | | 62,773 | 4,582,429 |
Janux Therapeutics Inc (b) | | 71,838 | 3,263,600 |
Krystal Biotech Inc (b) | | 1,912 | 348,041 |
Moderna Inc (b) | | 90,491 | 6,047,514 |
Recursion Pharmaceuticals Inc Class A (b)(e) | | 470,633 | 3,101,471 |
Regeneron Pharmaceuticals Inc (b) | | 672,384 | 706,836,956 |
United Therapeutics Corp (b) | | 32,309 | 11,577,930 |
Vaxcyte Inc (b) | | 124,680 | 14,247,184 |
Vertex Pharmaceuticals Inc (b) | | 857,521 | 398,815,867 |
Viking Therapeutics Inc (b) | | 51,120 | 3,236,407 |
| | | 1,210,049,656 |
Health Care Equipment & Supplies - 1.4% | | | |
Alcon Inc (United States) | | 400,061 | 40,034,104 |
Boston Scientific Corp (b) | | 1,901,906 | 159,379,723 |
Cooper Cos Inc/The (b) | | 48,694 | 5,372,896 |
Intuitive Surgical Inc (b) | | 472,485 | 232,117,706 |
Stryker Corp | | 188,589 | 68,129,662 |
| | | 505,034,091 |
Health Care Providers & Services - 2.2% | | | |
BrightSpring Health Services Inc (b) | | 78,689 | 1,155,155 |
Elevance Health Inc | | 14,816 | 7,704,320 |
HCA Healthcare Inc | | 104,054 | 42,290,667 |
Tenet Healthcare Corp (b) | | 396,954 | 65,973,755 |
UnitedHealth Group Inc | | 1,132,022 | 661,870,623 |
| | | 778,994,520 |
Health Care Technology - 0.0% | | | |
Doximity Inc Class A (b) | | 86,900 | 3,786,233 |
Veeva Systems Inc Class A (b) | | 21,946 | 4,605,807 |
| | | 8,392,040 |
Life Sciences Tools & Services - 0.2% | | | |
Danaher Corp | | 108,567 | 30,183,798 |
IQVIA Holdings Inc (b) | | 14,427 | 3,418,766 |
Mettler-Toledo International Inc (b) | | 2,742 | 4,112,177 |
Thermo Fisher Scientific Inc | | 20,112 | 12,440,680 |
Veterinary Emergency Group (b)(c)(d)(h) | | 203,735 | 13,204,065 |
| | | 63,359,486 |
Pharmaceuticals - 4.1% | | | |
Eli Lilly & Co | | 1,335,698 | 1,183,348,287 |
Intra-Cellular Therapies Inc (b) | | 282,601 | 20,677,915 |
Merck & Co Inc | | 1,994,400 | 226,484,064 |
Royalty Pharma PLC Class A | | 266,898 | 7,550,544 |
| | | 1,438,060,810 |
TOTAL HEALTH CARE | | | 4,003,890,603 |
| | | |
Industrials - 6.0% | | | |
Aerospace & Defense - 1.7% | | | |
Axon Enterprise Inc (b) | | 89,066 | 35,590,774 |
GE Aerospace | | 1,862,144 | 351,163,116 |
General Dynamics Corp | | 44,735 | 13,518,917 |
HEICO Corp (e) | | 6,115 | 1,598,950 |
Howmet Aerospace Inc | | 464,913 | 46,607,528 |
Loar Holdings Inc (e) | | 43,391 | 3,236,535 |
Lockheed Martin Corp | | 3,809 | 2,226,589 |
Relativity Space Inc warrants (b)(c)(d) | | 24,482 | 312,634 |
Space Exploration Technologies Corp (b)(c)(d) | | 505,154 | 56,577,248 |
Space Exploration Technologies Corp Class C (b)(c)(d) | | 149,787 | 16,776,144 |
TransDigm Group Inc | | 62,753 | 89,556,689 |
| | | 617,165,124 |
Air Freight & Logistics - 0.0% | | | |
Zipline International Inc (b)(c)(d) | | 87,466 | 3,669,198 |
Building Products - 0.5% | | | |
Carrier Global Corp | | 451,900 | 36,373,431 |
Fortune Brands Innovations Inc | | 12,451 | 1,114,738 |
Trane Technologies PLC | | 328,235 | 127,594,792 |
| | | 165,082,961 |
Commercial Services & Supplies - 0.6% | | | |
Cintas Corp | | 301,532 | 62,079,408 |
Clean Harbors Inc (b) | | 161,226 | 38,969,936 |
GFL Environmental Inc Subordinate Voting Shares | | 1,036,822 | 41,359,420 |
Republic Services Inc | | 121,838 | 24,469,944 |
Veralto Corp | | 219,652 | 24,570,273 |
Waste Connections Inc (United States) | | 37,693 | 6,740,262 |
| | | 198,189,243 |
Electrical Equipment - 1.3% | | | |
Eaton Corp PLC | | 542,049 | 179,656,721 |
GE Vernova Inc | | 747,803 | 190,674,809 |
Generac Holdings Inc (b) | | 62,058 | 9,859,775 |
Hubbell Inc | | 192,801 | 82,586,308 |
Vertiv Holdings Co Class A | | 35,400 | 3,521,946 |
| | | 466,299,559 |
Ground Transportation - 0.2% | | | |
Uber Technologies Inc (b) | | 859,191 | 64,576,796 |
Industrial Conglomerates - 0.2% | | | |
3M Co | | 557,929 | 76,268,894 |
Machinery - 0.7% | | | |
Caterpillar Inc | | 205,959 | 80,554,684 |
Ingersoll Rand Inc | | 83,917 | 8,237,293 |
PACCAR Inc | | 767,474 | 75,734,334 |
Parker-Hannifin Corp | | 97,074 | 61,333,295 |
Westinghouse Air Brake Technologies Corp | | 77,066 | 14,008,287 |
| | | 239,867,893 |
Professional Services - 0.2% | | | |
CACI International Inc (b) | | 7,100 | 3,582,376 |
Paycom Software Inc | | 42,116 | 7,015,262 |
UL Solutions Inc Class A | | 86,640 | 4,271,352 |
Verisk Analytics Inc | | 200,489 | 53,723,033 |
| | | 68,592,023 |
Trading Companies & Distributors - 0.6% | | | |
Ferguson Enterprises Inc | | 60,274 | 11,968,608 |
FTAI Aviation Ltd | | 58,070 | 7,717,503 |
United Rentals Inc | | 71,513 | 57,906,221 |
WW Grainger Inc | | 146,738 | 152,432,902 |
| | | 230,025,234 |
TOTAL INDUSTRIALS | | | 2,129,736,925 |
| | | |
Information Technology - 25.1% | | | |
Communications Equipment - 0.9% | | | |
Arista Networks Inc (b) | | 743,357 | 285,315,284 |
Motorola Solutions Inc | | 52,031 | 23,394,698 |
| | | 308,709,982 |
Electronic Equipment, Instruments & Components - 1.8% | | | |
Amphenol Corp Class A | | 10,040,600 | 654,245,496 |
IT Services - 0.1% | | | |
Cloudflare Inc Class A (b) | | 84,839 | 6,862,627 |
Gartner Inc (b) | | 36,837 | 18,667,518 |
GoDaddy Inc Class A (b) | | 45,098 | 7,070,464 |
X Holdings Corp Class A (b)(c)(d) | | 102,340 | 2,178,818 |
| | | 34,779,427 |
Semiconductors & Semiconductor Equipment - 10.8% | | | |
Advanced Micro Devices Inc (b) | | 856,506 | 140,535,504 |
Analog Devices Inc | | 241,808 | 55,656,947 |
Applied Materials Inc | | 399,245 | 80,667,452 |
ARM Holdings PLC ADR (e) | | 145,737 | 20,841,848 |
Astera Labs Inc (b) | | 63,111 | 3,306,385 |
Broadcom Inc | | 1,730,744 | 298,553,341 |
Credo Technology Group Holding Ltd (b) | | 115,318 | 3,551,794 |
KLA Corp | | 38,829 | 30,069,566 |
Lam Research Corp | | 1,050 | 856,884 |
Monolithic Power Systems Inc | | 107,929 | 99,780,361 |
NVIDIA Corp | | 24,951,210 | 3,030,074,943 |
QUALCOMM Inc | | 421,633 | 71,698,692 |
| | | 3,835,593,717 |
Software - 7.7% | | | |
Adobe Inc (b) | | 18,886 | 9,778,793 |
Alkami Technology Inc (b) | | 12,600 | 397,404 |
Applied Intuition Inc Class A (c)(d) | | 34,979 | 2,087,897 |
Atlassian Corp Class A (b) | | 10,328 | 1,640,190 |
Aurora Innovation Inc Class A (b)(e) | | 1,976,097 | 11,698,494 |
Cadence Design Systems Inc (b) | | 290,625 | 78,768,094 |
Clear Secure Inc Class A (e) | | 578,802 | 19,181,498 |
Coreweave Inc Class A (c) | | 23,380 | 19,831,384 |
CyberArk Software Ltd (b)(e) | | 89,505 | 26,100,553 |
Datadog Inc Class A (b) | | 78,725 | 9,058,099 |
Fair Isaac Corp (b) | | 479 | 930,946 |
Figma Inc Class A (c)(d) | | 264,700 | 6,440,151 |
Fortinet Inc (b) | | 324,285 | 25,148,302 |
Gusto Inc (b)(c)(d) | | 50,300 | 1,763,518 |
Intuit Inc | | 9,081 | 5,639,301 |
Klaviyo Inc Class A (e) | | 10,561 | 373,648 |
Microsoft Corp | | 5,040,877 | 2,169,089,373 |
Monday.com Ltd (b) | | 17,772 | 4,936,528 |
Onestream Inc Class A (e) | | 63,322 | 2,146,616 |
OpenAI Global LLC rights (b)(c)(d) | | 17,923,644 | 17,923,644 |
Oracle Corp | | 21,400 | 3,646,560 |
Palo Alto Networks Inc (b) | | 37,858 | 12,939,864 |
Rubrik Inc Class A (b)(e) | | 82,390 | 2,648,839 |
Salesforce Inc | | 432,241 | 118,308,684 |
Samsara Inc Class A (b)(e) | | 533,467 | 25,670,432 |
Servicenow Inc (b) | | 122,597 | 109,649,531 |
Stripe Inc Class B (b)(c)(d) | | 75,100 | 2,066,001 |
Synopsys Inc (b) | | 80,111 | 40,567,409 |
Tanium Inc Class B (b)(c)(d) | | 449,538 | 3,753,642 |
Zoom Video Communications Inc Class A (b) | | 181,653 | 12,668,480 |
| | | 2,744,853,875 |
Technology Hardware, Storage & Peripherals - 3.8% | | | |
Apple Inc | | 5,705,617 | 1,329,408,761 |
Dell Technologies Inc Class C | | 139,879 | 16,581,257 |
| | | 1,345,990,018 |
TOTAL INFORMATION TECHNOLOGY | | | 8,924,172,515 |
| | | |
Materials - 0.8% | | | |
Chemicals - 0.2% | | | |
Linde PLC | | 39,910 | 19,031,483 |
Sherwin-Williams Co/The | | 110,158 | 42,044,004 |
Westlake Corp | | 100,987 | 15,177,336 |
| | | 76,252,823 |
Construction Materials - 0.1% | | | |
CRH PLC | | 251,333 | 23,308,622 |
Vulcan Materials Co | | 43,350 | 10,856,141 |
| | | 34,164,763 |
Containers & Packaging - 0.0% | | | |
International Paper Co | | 235,668 | 11,512,381 |
Metals & Mining - 0.5% | | | |
ATI Inc (b) | | 239,679 | 16,036,922 |
Freeport-McMoRan Inc | | 2,091,698 | 104,417,564 |
Ivanhoe Electric Inc / US (b) | | 995,072 | 8,418,309 |
Nucor Corp | | 73,000 | 10,974,820 |
Steel Dynamics Inc | | 208,910 | 26,339,373 |
| | | 166,186,988 |
TOTAL MATERIALS | | | 288,116,955 |
| | | |
Real Estate - 0.1% | | | |
Health Care REITs - 0.1% | | | |
Welltower Inc | | 134,891 | 17,270,095 |
Real Estate Management & Development - 0.0% | | | |
CBRE Group Inc Class A (b) | | 46,569 | 5,796,909 |
TOTAL REAL ESTATE | | | 23,067,004 |
| | | |
Utilities - 0.8% | | | |
Electric Utilities - 0.7% | | | |
American Electric Power Co Inc | | 34,882 | 3,578,893 |
Constellation Energy Corp | | 768,789 | 199,900,517 |
NextEra Energy Inc | | 17,600 | 1,487,728 |
NRG Energy Inc | | 242,264 | 22,070,250 |
PG&E Corp | | 348,321 | 6,886,306 |
Southern Co/The | | 51,300 | 4,626,234 |
| | | 238,549,928 |
Independent Power and Renewable Electricity Producers - 0.1% | | | |
Vistra Corp | | 437,138 | 51,818,338 |
TOTAL UTILITIES | | | 290,368,266 |
| | | |
TOTAL UNITED STATES | | | 32,917,651,881 |
TOTAL COMMON STOCKS (Cost $17,134,576,822) | | | 34,873,540,707 |
| | | |
Convertible Preferred Stocks - 0.8% |
| | Shares | Value ($) |
AUSTRALIA - 0.0% | | | |
Information Technology - 0.0% | | | |
Software - 0.0% | | | |
Canva Inc Series A (c)(d)(i) | | 3,132 | 3,444,417 |
Canva Inc Series A2 (c)(d)(i) | | 568 | 624,658 |
| | | |
TOTAL AUSTRALIA | | | 4,069,075 |
CANADA - 0.0% | | | |
Materials - 0.0% | | | |
Metals & Mining - 0.0% | | | |
High Power Exploration Inc Series A (b)(c)(d)(i) | | 1,289,012 | 2,822,936 |
CHINA - 0.1% | | | |
Communication Services - 0.1% | | | |
Interactive Media & Services - 0.1% | | | |
ByteDance Ltd Series E1 (b)(c)(d)(i) | | 80,736 | 20,116,989 |
UNITED STATES - 0.7% | | | |
Consumer Discretionary - 0.0% | | | |
Automobiles - 0.0% | | | |
Rad Power Bikes Inc Series A (b)(c)(d) | | 43,228 | 10,807 |
Rad Power Bikes Inc Series C (b)(c)(d) | | 170,098 | 112,265 |
Rad Power Bikes Inc Series D (b)(c)(d)(i) | | 404,900 | 449,439 |
| | | 572,511 |
Hotels, Restaurants & Leisure - 0.0% | | | |
Discord Inc Series I (b)(c)(d)(i) | | 2,700 | 642,816 |
Consumer Staples - 0.0% | | | |
Consumer Staples Distribution & Retail - 0.0% | | | |
GoBrands Inc Series G (b)(c)(d) | | 8,352 | 261,334 |
GoBrands Inc Series H (b)(c)(d) | | 11,788 | 473,406 |
| | | 734,740 |
Financials - 0.0% | | | |
Financial Services - 0.0% | | | |
Acrisure Holdings Inc Series B1 (b)(c)(d) | | 57,282 | 1,481,313 |
Tenstorrent Holdings Inc Series C1 (c)(d)(i) | | 63,948 | 4,756,452 |
| | | 6,237,765 |
Health Care - 0.0% | | | |
Biotechnology - 0.0% | | | |
ElevateBio LLC Series C (b)(c)(d) | | 486,500 | 1,517,880 |
Health Care Providers & Services - 0.0% | | | |
Lyra Health Inc Series E (b)(c)(d) | | 190,800 | 2,385,000 |
Lyra Health Inc Series F (b)(c)(d) | | 11,519 | 143,988 |
Somatus Inc Series E (b)(c)(d) | | 2,766 | 3,300,391 |
| | | 5,829,379 |
TOTAL HEALTH CARE | | | 7,347,259 |
| | | |
Industrials - 0.6% | | | |
Aerospace & Defense - 0.5% | | | |
Relativity Space Inc Series D (b)(c)(d) | | 207,384 | 3,316,070 |
Relativity Space Inc Series E (b)(c)(d) | | 143,887 | 2,625,938 |
Relativity Space Inc Series F (c)(d) | | 244,823 | 4,455,779 |
Space Exploration Technologies Corp Series G (b)(c)(d) | | 11,832 | 13,251,840 |
Space Exploration Technologies Corp Series J (c)(d) | | 79,868 | 89,452,160 |
Space Exploration Technologies Corp Series N (b)(c)(d) | | 49,490 | 55,428,800 |
| | | 168,530,587 |
Air Freight & Logistics - 0.1% | | | |
Zipline International Inc Series E (b)(c)(d) | | 178,019 | 7,467,897 |
Zipline International Inc Series F (b)(c)(d) | | 286,824 | 12,032,267 |
Zipline International Inc Series G (c)(d) | | 190,338 | 7,984,679 |
| | | 27,484,843 |
Construction & Engineering - 0.0% | | | |
Beta Technologies Inc Series B, 6% (b)(c)(d) | | 47,990 | 6,108,647 |
TOTAL INDUSTRIALS | | | 202,124,077 |
| | | |
Information Technology - 0.1% | | | |
Software - 0.1% | | | |
Applied Intuition Inc Series A2 (c)(d) | | 45,533 | 2,717,865 |
Applied Intuition Inc Series B2 (c)(d) | | 21,955 | 1,310,494 |
Asapp Inc Series C (b)(c)(d) | | 204,122 | 383,749 |
Carbon Inc Series D (b)(c)(d) | | 9,678 | 66,875 |
Carbon Inc Series E (b)(c)(d) | | 7,351 | 60,719 |
Gusto Inc Series D (b)(c)(d) | | 184,203 | 6,458,157 |
Gusto Inc Series E (b)(c)(d) | | 28,063 | 983,889 |
MOLOCO Inc Series A (b)(c)(d) | | 95,881 | 5,308,931 |
Nuro Inc/CA Series C (b)(c)(d) | | 405,967 | 1,169,185 |
Nuro Inc/CA Series D (b)(c)(d) | | 114,603 | 424,031 |
Stripe Inc Series H (b)(c)(d) | | 29,000 | 797,790 |
Stripe Inc Series I (b)(c)(d)(i) | | 321,951 | 8,856,872 |
| | | 28,538,557 |
TOTAL UNITED STATES | | | 246,197,725 |
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $203,918,853) | | | 273,206,725 |
| | | |
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Preferred Securities are valued by pricing services 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 services. 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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.