| Common Stocks - 97.8% |
| | | Shares | Value ($) |
| BERMUDA - 0.1% | | | |
| Energy - 0.1% | | | |
| Oil, Gas & Consumable Fuels - 0.1% | | | |
| Teekay Corp | | 47,259 | 434,783 |
| BRAZIL - 0.0% | | | |
| Financials - 0.0% | | | |
| Financial Services - 0.0% | | | |
| StoneCo Ltd Class A (a) | | 12,192 | 137,282 |
| CANADA - 0.2% | | | |
| Energy - 0.2% | | | |
| Oil, Gas & Consumable Fuels - 0.2% | | | |
| Teekay Tankers Ltd Class A | | 14,111 | 821,966 |
| GERMANY - 0.0% | | | |
| Health Care - 0.0% | | | |
| Biotechnology - 0.0% | | | |
| Affimed NV (a) | | 4,468 | 15,011 |
| IRELAND - 0.5% | | | |
| Energy - 0.1% | | | |
| Oil, Gas & Consumable Fuels - 0.1% | | | |
| Ardmore Shipping Corp | | 19,392 | 350,995 |
| Industrials - 0.4% | | | |
| Commercial Services & Supplies - 0.4% | | | |
| Cimpress PLC (a) | | 24,383 | 1,997,456 |
| TOTAL IRELAND | | | 2,348,451 |
| ISRAEL - 0.0% | | | |
| Information Technology - 0.0% | | | |
| Software - 0.0% | | | |
| Sapiens International Corp NV | | 3,028 | 112,853 |
| MONACO - 0.2% | | | |
| Energy - 0.2% | | | |
| Oil, Gas & Consumable Fuels - 0.2% | | | |
| Scorpio Tankers Inc | | 15,509 | 1,105,792 |
| NORWAY - 0.1% | | | |
| Energy - 0.1% | | | |
| Energy Equipment & Services - 0.1% | | | |
| Seadrill Ltd (a) | | 6,282 | 249,647 |
| Oil, Gas & Consumable Fuels - 0.0% | | | |
| SFL Corp Ltd | | 13,933 | 161,204 |
| TOTAL NORWAY | | | 410,851 |
| PUERTO RICO - 0.6% | | | |
| Financials - 0.6% | | | |
| Banks - 0.6% | | | |
| First BanCorp/Puerto Rico | | 87,143 | 1,844,817 |
| Ofg Bancorp | | 20,679 | 928,901 |
| | | | 2,773,718 |
| Financial Services - 0.0% | | | |
| EVERTEC Inc | | 3,731 | 126,444 |
| TOTAL PUERTO RICO | | | 2,900,162 |
| SWITZERLAND - 0.0% | | | |
| Health Care - 0.0% | | | |
| Biotechnology - 0.0% | | | |
| ADC Therapeutics SA (a)(b) | | 40,126 | 126,397 |
| THAILAND - 0.8% | | | |
| Information Technology - 0.8% | | | |
| Electronic Equipment, Instruments & Components - 0.8% | | | |
| Fabrinet (a) | | 13,640 | 3,225,042 |
| UNITED STATES - 95.3% | | | |
| Communication Services - 3.6% | | | |
| Diversified Telecommunication Services - 1.5% | | | |
| AST SpaceMobile Inc Class A (a)(b) | | 7,527 | 196,831 |
| Atn International Inc | | 23,406 | 756,950 |
| Bandwidth Inc Class A (a) | | 102,356 | 1,792,254 |
| Cogent Communications Holdings Inc | | 6,528 | 495,606 |
| Lumen Technologies Inc (a) | | 461,415 | 3,276,047 |
| Shenandoah Telecommunications Co | | 11,148 | 157,297 |
| | | | 6,674,985 |
| Entertainment - 0.7% | | | |
| AMC Entertainment Holdings Inc Class A (a)(b) | | 21,619 | 98,366 |
| Cinemark Holdings Inc (a) | | 4,917 | 136,889 |
| Eventbrite Inc Class A (a) | | 100,562 | 274,534 |
| Lions Gate Entertainment Corp Class A (a)(b) | | 51,054 | 399,753 |
| Lions Gate Entertainment Corp Class B (a) | | 67,174 | 464,844 |
| Madison Square Garden Entertainment Corp Class A (a) | | 38,500 | 1,637,406 |
| | | | 3,011,792 |
| Interactive Media & Services - 1.2% | | | |
| Shutterstock Inc (b) | | 12,108 | 428,260 |
| TrueCar Inc (a) | | 134,139 | 462,780 |
| Vimeo Inc Class A (a) | | 348,969 | 1,762,293 |
| Yelp Inc Class A (a) | | 72,910 | 2,557,683 |
| Zedge Inc Class B (a) | | 11,195 | 41,421 |
| ZipRecruiter Inc Class A (a) | | 23,168 | 220,096 |
| | | | 5,472,533 |
| Wireless Telecommunication Services - 0.2% | | | |
| Telephone and Data Systems Inc | | 51,919 | 1,207,117 |
TOTAL COMMUNICATION SERVICES | | | 16,366,427 |
| | | | |
| Consumer Discretionary - 9.3% | | | |
| Automobile Components - 0.8% | | | |
| American Axle & Manufacturing Holdings Inc (a) | | 158,001 | 976,446 |
| Cooper-Standard Holdings Inc (a)(b) | | 50,392 | 698,937 |
| Goodyear Tire & Rubber Co/The (a) | | 209,871 | 1,857,359 |
| | | | 3,532,742 |
| Diversified Consumer Services - 0.3% | | | |
| 2U Inc (a)(c) | | 4,313 | 0 |
| Chegg Inc (a) | | 88,835 | 157,238 |
| Graham Holdings Co Class B | | 1,259 | 1,034,545 |
| | | | 1,191,783 |
| Hotels, Restaurants & Leisure - 1.4% | | | |
| Brinker International Inc (a) | | 3,766 | 288,212 |
| Dine Brands Global Inc | | 2,223 | 69,423 |
| International Game Technology PLC | | 112,479 | 2,395,803 |
| Light & Wonder Inc Class A (a) | | 8,579 | 778,373 |
| PlayAGS Inc (a) | | 83,294 | 948,719 |
| Shake Shack Inc Class A (a) | | 15,668 | 1,617,094 |
| Texas Roadhouse Inc | | 2,468 | 435,849 |
| | | | 6,533,473 |
| Household Durables - 2.9% | | | |
| Ethan Allen Interiors Inc | | 4,936 | 157,409 |
| Flexsteel Industries Inc | | 11,896 | 526,874 |
| Installed Building Products Inc (b) | | 13,316 | 3,279,331 |
| KB Home | | 3,873 | 331,877 |
| M/I Homes Inc (a) | | 18,380 | 3,149,597 |
| Meritage Homes Corp | | 8,952 | 1,835,787 |
| Taylor Morrison Home Corp (a) | | 32,416 | 2,277,548 |
| Tri Pointe Homes Inc (a) | | 36,677 | 1,661,835 |
| | | | 13,220,258 |
| Leisure Products - 0.1% | | | |
| Funko Inc Class A (a) | | 20,303 | 248,103 |
| Specialty Retail - 3.6% | | | |
| Abercrombie & Fitch Co Class A (a) | | 24,144 | 3,377,746 |
| American Eagle Outfitters Inc | | 126,309 | 2,828,059 |
| Carparts Com Inc (a) | | 134,272 | 121,690 |
| Carvana Co Class A (a) | | 14,456 | 2,516,934 |
| ODP Corp/The (a) | | 34,742 | 1,033,575 |
| Petco Health & Wellness Co Inc Class A (a)(b) | | 344,777 | 1,568,735 |
| Sally Beauty Holdings Inc (a) | | 80,863 | 1,097,311 |
| Sonic Automotive Inc Class A | | 14,187 | 829,656 |
| Upbound Group Inc | | 77,713 | 2,486,039 |
| Urban Outfitters Inc (a) | | 15,227 | 583,346 |
| | | | 16,443,091 |
| Textiles, Apparel & Luxury Goods - 0.2% | | | |
| Hanesbrands Inc (a) | | 30,063 | 220,963 |
| Kontoor Brands Inc | | 4,180 | 341,840 |
| Rocky Brands Inc | | 4,032 | 128,460 |
| | | | 691,263 |
TOTAL CONSUMER DISCRETIONARY | | | 41,860,713 |
| | | | |
| Consumer Staples - 3.2% | | | |
| Beverages - 1.3% | | | |
| Coca-Cola Consolidated Inc | | 1,706 | 2,245,778 |
| National Beverage Corp | | 4,195 | 196,913 |
| Primo Water Corp (United States) | | 124,686 | 3,148,322 |
| | | | 5,591,013 |
| Consumer Staples Distribution & Retail - 1.1% | | | |
| Natural Grocers by Vitamin Cottage Inc (b) | | 14,527 | 431,307 |
| PriceSmart Inc | | 1,211 | 111,145 |
| Sprouts Farmers Market Inc (a) | | 35,575 | 3,927,836 |
| Weis Markets Inc (b) | | 7,724 | 532,415 |
| | | | 5,002,703 |
| Food Products - 0.6% | | | |
| B&G Foods Inc (b) | | 45,214 | 401,500 |
| Cal-Maine Foods Inc | | 10,323 | 772,573 |
| Fresh Del Monte Produce Inc | | 13,507 | 398,997 |
| Lancaster Colony Corp | | 7,074 | 1,249,057 |
| | | | 2,822,127 |
| Household Products - 0.1% | | | |
| WD-40 Co | | 1,899 | 489,714 |
| Personal Care Products - 0.1% | | | |
| Honest Co Inc/The (a) | | 23,555 | 84,091 |
| Medifast Inc (b) | | 9,413 | 180,165 |
| | | | 264,256 |
| Tobacco - 0.0% | | | |
| Universal Corp/VA | | 2,982 | 158,374 |
TOTAL CONSUMER STAPLES | | | 14,328,187 |
| | | | |
| Energy - 4.1% | | | |
| Energy Equipment & Services - 1.7% | | | |
| Archrock Inc | | 92,814 | 1,878,556 |
| Bristow Group Inc (a) | | 12,449 | 431,856 |
| ChampionX Corp | | 19,186 | 578,458 |
| Helix Energy Solutions Group Inc (a) | | 59,998 | 665,978 |
| Helmerich & Payne Inc (b) | | 47,007 | 1,429,953 |
| Nabors Industries Ltd (a)(b) | | 16,627 | 1,071,943 |
| Nabors Industries Ltd warrants 6/11/2026 (a) | | 5,910 | 31,973 |
| Oceaneering International Inc (a) | | 713 | 17,732 |
| Oil States International Inc (a) | | 48,119 | 221,347 |
| Transocean Ltd (a)(b) | | 87,065 | 370,026 |
| Weatherford International PLC | | 11,121 | 944,395 |
| | | | 7,642,217 |
| Oil, Gas & Consumable Fuels - 2.4% | | | |
| California Resources Corp | | 30,524 | 1,601,594 |
| CONSOL Energy Inc | | 7,986 | 835,735 |
| Crescent Energy Co Class A | | 214,930 | 2,353,484 |
| Delek US Holdings Inc | | 32,605 | 611,344 |
| Excelerate Energy Inc Class A | | 3,791 | 83,439 |
| Green Plains Inc (a) | | 32,556 | 440,808 |
| Matador Resources Co | | 42,023 | 2,076,777 |
| Murphy Oil Corp | | 38,510 | 1,299,327 |
| Riley Exploration Permian Inc | | 13,236 | 350,622 |
| Uranium Energy Corp (a)(b) | | 31,785 | 197,385 |
| World Kinect Corp (b) | | 29,296 | 905,539 |
| | | | 10,756,054 |
TOTAL ENERGY | | | 18,398,271 |
| | | | |
| Financials - 17.2% | | | |
| Banks - 8.1% | | | |
| 1st Source Corp | | 9,632 | 576,764 |
| Amalgamated Financial Corp | | 14,779 | 463,617 |
| Ameris Bancorp | | 31,817 | 1,985,064 |
| Atlantic Union Bankshares Corp (b) | | 15,758 | 593,604 |
| Axos Financial Inc (a) | | 16,781 | 1,055,189 |
| BancFirst Corp (b) | | 20,343 | 2,141,102 |
| Bancorp Inc/The (a) | | 9,038 | 483,533 |
| Bank of Hawaii Corp (b) | | 8,933 | 560,724 |
| Banner Corp | | 4,939 | 294,167 |
| Byline Bancorp Inc | | 9,672 | 258,919 |
| Cadence Bank | | 32,892 | 1,047,610 |
| Capital City Bank Group Inc | | 1,334 | 47,077 |
| Cathay General Bancorp | | 7,971 | 342,354 |
| Central Pacific Financial Corp | | 41,820 | 1,234,108 |
| City Holding Co | | 1,096 | 128,659 |
| Community Financial System Inc (b) | | 23,948 | 1,390,660 |
| Community Trust Bancorp Inc | | 5,717 | 283,906 |
| CVB Financial Corp | | 35,604 | 634,463 |
| Esquire Financial Holdings Inc | | 1,646 | 107,336 |
| FB Financial Corp | | 2,338 | 109,722 |
| Financial Institutions Inc | | 12,223 | 311,320 |
| First Busey Corp | | 55,755 | 1,450,745 |
| First Commonwealth Financial Corp | | 1,575 | 27,011 |
| First Financial Bancorp | | 21,578 | 544,413 |
| First Financial Bankshares Inc | | 33,311 | 1,232,840 |
| First Merchants Corp | | 27,873 | 1,036,876 |
| Fulton Financial Corp | | 41,470 | 751,851 |
| Great Southern Bancorp Inc | | 16,726 | 958,567 |
| Hancock Whitney Corp | | 17,405 | 890,614 |
| Independent Bank Corp | | 6,700 | 396,171 |
| Independent Bank Corp/MI | | 2,985 | 99,550 |
| Lakeland Financial Corp (b) | | 22,281 | 1,450,939 |
| Mercantile Bank Corp | | 1,897 | 82,937 |
| Midland States Bancorp Inc | | 3,753 | 83,992 |
| NB Bancorp Inc (b) | | 93,150 | 1,728,864 |
| Nbt Bancorp Inc | | 4,672 | 206,643 |
| Northfield Bancorp Inc | | 77,975 | 904,510 |
| Northwest Bancshares Inc (b) | | 183,661 | 2,457,385 |
| Park National Corp | | 2,502 | 420,286 |
| Peapack-Gladstone Financial Corp | | 8,641 | 236,850 |
| Provident Financial Services Inc (b) | | 47,700 | 885,312 |
| Renasant Corp (b) | | 32,518 | 1,056,835 |
| S&T Bancorp Inc | | 4,458 | 187,102 |
| ServisFirst Bancshares Inc | | 5,066 | 407,560 |
| Sierra Bancorp | | 11,332 | 327,268 |
| Stellar Bancorp Inc | | 6,493 | 168,104 |
| UMB Financial Corp | | 15,104 | 1,587,581 |
| United Bankshares Inc/WV | | 14,370 | 533,127 |
| United Community Banks Inc/GA | | 27,145 | 789,377 |
| WaFd Inc | | 9,698 | 337,975 |
| Westamerica BanCorp | | 14,658 | 724,398 |
| | | | 36,015,581 |
| Capital Markets - 2.8% | | | |
| Artisan Partners Asset Management Inc Class A | | 3,349 | 145,079 |
| BGC Group Inc Class A | | 282,269 | 2,591,229 |
| Federated Hermes Inc Class B | | 62,371 | 2,293,382 |
| Oppenheimer Holdings Inc Class A | | 3,734 | 191,031 |
| Piper Sandler Cos | | 650 | 184,477 |
| PJT Partners Inc Class A | | 7,653 | 1,020,451 |
| StepStone Group Inc Class A | | 17,506 | 994,866 |
| Stifel Financial Corp | | 17,212 | 1,616,207 |
| StoneX Group Inc (a) | | 10,088 | 826,005 |
| Virtus Invt Partners Inc | | 3,696 | 774,127 |
| WisdomTree Inc (b) | | 209,177 | 2,089,678 |
| | | | 12,726,532 |
| Consumer Finance - 1.0% | | | |
| EZCORP Inc Class A (a)(b) | | 74,821 | 838,743 |
| FirstCash Holdings Inc | | 3,450 | 396,060 |
| Green Dot Corp Class A (a) | | 21,370 | 250,243 |
| PROG Holdings Inc | | 56,956 | 2,761,796 |
| Regional Management Corp | | 9,008 | 294,652 |
| | | | 4,541,494 |
| Financial Services - 2.6% | | | |
| AvidXchange Holdings Inc (a) | | 215,628 | 1,748,743 |
| Compass Diversified Holdings | | 111,559 | 2,468,801 |
| Enact Holdings Inc | | 13,708 | 498,012 |
| Flywire Corp (a) | | 29,868 | 489,537 |
| Jackson Financial Inc | | 26,509 | 2,418,416 |
| NMI Holdings Inc (a) | | 30,596 | 1,260,249 |
| Payoneer Global Inc (a) | | 361,379 | 2,721,184 |
| Waterstone Financial Inc | | 21,475 | 315,682 |
| | | | 11,920,624 |
| Insurance - 2.2% | | | |
| American Coastal Insurance Corp (a) | | 7,670 | 86,440 |
| Amerisafe Inc | | 3,512 | 169,735 |
| CNO Financial Group Inc | | 35,633 | 1,250,718 |
| Genworth Financial Inc Class A (a) | | 216,716 | 1,484,505 |
| HCI Group Inc (b) | | 10,527 | 1,127,021 |
| Heritage Insurance Holdings Inc (a) | | 29,375 | 359,550 |
| Lemonade Inc (a)(b) | | 99,239 | 1,636,451 |
| Oscar Health Inc Class A (a) | | 22,217 | 471,223 |
| Root Inc/OH Class A (a)(b) | | 6,161 | 232,763 |
| Selective Insurance Group Inc | | 25,283 | 2,358,904 |
| Trupanion Inc (a)(b) | | 10,926 | 458,673 |
| Universal Insurance Holdings Inc | | 21,638 | 479,498 |
| | | | 10,115,481 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.5% | | | |
| Kkr Real Estate Finance Trust Inc (b) | | 86,634 | 1,069,930 |
| Ladder Capital Corp Class A | | 25,919 | 300,660 |
| TPG RE Finance Trust Inc | | 79,739 | 680,174 |
| | | | 2,050,764 |
TOTAL FINANCIALS | | | 77,370,476 |
| | | | |
| Health Care - 16.3% | | | |
| Biotechnology - 8.9% | | | |
| 2seventy bio Inc (a)(b) | | 47,019 | 221,930 |
| 89bio Inc (a)(b) | | 18,670 | 138,158 |
| Absci Corp (a)(b) | | 45,121 | 172,362 |
| ACADIA Pharmaceuticals Inc (a) | | 29,564 | 454,694 |
| ACELYRIN Inc (a)(b) | | 23,721 | 116,945 |
| Adicet Bio Inc (a) | | 45,925 | 66,132 |
| ADMA Biologics Inc (a) | | 29,721 | 594,123 |
| Adverum Biotechnologies Inc (a) | | 11,364 | 79,775 |
| Aerovate Therapeutics Inc (a)(b) | | 21,600 | 45,144 |
| Agenus Inc (a)(b) | | 31,216 | 171,064 |
| Agios Pharmaceuticals Inc (a) | | 13,517 | 600,560 |
| Akebia Therapeutics Inc (a)(b) | | 241,442 | 318,703 |
| Akero Therapeutics Inc (a) | | 8,797 | 252,386 |
| Alector Inc (a) | | 46,279 | 215,660 |
| Alkermes PLC (a) | | 34,115 | 954,879 |
| Allakos Inc (a) | | 159,089 | 103,917 |
| Allovir Inc (a)(b) | | 179,553 | 145,169 |
| Altimmune Inc (a)(b) | | 11,600 | 71,224 |
| Amicus Therapeutics Inc (a) | | 64,994 | 694,136 |
| Anika Therapeutics Inc (a) | | 7,615 | 188,091 |
| Annexon Inc (a) | | 40,152 | 237,700 |
| Apogee Therapeutics Inc (a) | | 1,300 | 76,362 |
| Arbutus Biopharma Corp (a) | | 13,689 | 52,703 |
| Arcellx Inc (a) | | 1,570 | 131,111 |
| Arcturus Therapeutics Holdings Inc (a) | | 12,935 | 300,221 |
| Arcutis Biotherapeutics Inc (a)(b) | | 47,263 | 439,546 |
| Arrowhead Pharmaceuticals Inc (a) | | 12,010 | 232,634 |
| Assembly Biosciences Inc (a) | | 4,013 | 60,757 |
| Atara Biotherapeutics Inc (a)(b) | | 9,631 | 78,300 |
| Atreca Inc Class A (a)(c) | | 11,775 | 1,060 |
| Avid Bioservices Inc (a)(b) | | 16,196 | 184,310 |
| Avidity Biosciences Inc (a) | | 21,282 | 977,482 |
| Beam Therapeutics Inc (a) | | 5,788 | 141,806 |
| Bioatla Inc (a)(b) | | 47,735 | 84,014 |
| BioCryst Pharmaceuticals Inc (a) | | 53,643 | 407,687 |
| Biohaven Ltd (a) | | 18,327 | 915,800 |
| Black Diamond Therapeutics Inc (a)(b) | | 58,658 | 255,162 |
| Bluebird Bio Inc (a) | | 19,030 | 9,886 |
| Blueprint Medicines Corp (a) | | 8,062 | 745,735 |
| Bolt Biotherapeutics Inc (a) | | 27,696 | 17,947 |
| Bridgebio Pharma Inc (a) | | 14,395 | 366,497 |
| C4 Therapeutics Inc (a)(b) | | 50,447 | 287,548 |
| CareDx Inc (a) | | 22,947 | 716,520 |
| Caribou Biosciences Inc (a) | | 3,568 | 6,993 |
| Carisma Therapeutics Inc rights (a)(c) | | 165,842 | 1 |
| Cartesian Therapeutics Inc rights (a)(c) | | 46,724 | 20,091 |
| Catalyst Pharmaceuticals Inc (a) | | 29,052 | 577,554 |
| Celldex Therapeutics Inc (a) | | 9,263 | 314,849 |
| Cogent Biosciences Inc (a) | | 27,713 | 299,300 |
| Coherus Biosciences Inc (a)(b) | | 73,486 | 76,425 |
| Corbus Pharmaceuticals Holdings Inc (a)(b) | | 2,137 | 44,086 |
| Crinetics Pharmaceuticals Inc (a) | | 7,771 | 397,098 |
| Cullinan Therapeutics Inc (a)(b) | | 17,190 | 287,761 |
| Cytokinetics Inc (a) | | 13,901 | 733,973 |
| CytomX Therapeutics Inc (a)(b) | | 108,311 | 127,807 |
| Denali Therapeutics Inc (a) | | 11,123 | 324,013 |
| Design Therapeutics Inc (a)(b) | | 25,200 | 135,576 |
| Dynavax Technologies Corp (a) | | 4,990 | 55,589 |
| Dyne Therapeutics Inc (a) | | 17,056 | 612,652 |
| Eagle Pharmaceuticals Inc/DE (a)(b) | | 6,814 | 25,416 |
| Editas Medicine Inc (a)(b) | | 78,242 | 266,805 |
| Emergent BioSolutions Inc (a) | | 35,532 | 296,692 |
| Enanta Pharmaceuticals Inc (a) | | 18,509 | 191,753 |
| Erasca Inc (a)(b) | | 96,321 | 262,956 |
| Fate Therapeutics Inc (a)(b) | | 65,499 | 229,247 |
| FibroGen Inc (a) | | 99,250 | 39,640 |
| Fortress Biotech Inc (a)(b) | | 20,629 | 29,809 |
| Geron Corp (a) | | 47,052 | 213,616 |
| Gritstone Bio Inc (a) | | 92,432 | 53,601 |
| Halozyme Therapeutics Inc (a) | | 17,105 | 979,090 |
| Heron Therapeutics Inc (a)(b) | | 98,251 | 195,519 |
| Humacyte Inc Class A (a)(b) | | 25,796 | 140,330 |
| Ideaya Biosciences Inc (a) | | 7,730 | 244,886 |
| Immunovant Inc (a) | | 5,218 | 148,765 |
| Inhibrx Biosciences Inc | | 11,876 | 185,978 |
| Inovio Pharmaceuticals Inc (a)(b) | | 6,600 | 38,148 |
| Insmed Inc (a) | | 29,052 | 2,120,796 |
| Intellia Therapeutics Inc (a) | | 8,392 | 172,456 |
| Iovance Biotherapeutics Inc (a) | | 20,681 | 194,195 |
| Ironwood Pharmaceuticals Inc Class A (a)(b) | | 53,806 | 221,681 |
| Jasper Therapeutics Inc Class A (a)(b) | | 11,899 | 223,820 |
| Jounce Therapeutics Inc rights (a)(c) | | 67,389 | 1 |
| KalVista Pharmaceuticals Inc (a) | | 20,394 | 236,163 |
| Karyopharm Therapeutics Inc (a) | | 94,334 | 78,297 |
| Kodiak Sciences Inc (a) | | 60,080 | 156,809 |
| Krystal Biotech Inc (a) | | 2,920 | 531,528 |
| Kura Oncology Inc (a) | | 26,467 | 517,165 |
| Kymera Therapeutics Inc (a) | | 2,361 | 111,746 |
| MacroGenics Inc (a) | | 39,900 | 131,271 |
| Madrigal Pharmaceuticals Inc (a)(b) | | 2,073 | 439,932 |
| Mersana Therapeutics Inc (a) | | 37,645 | 71,149 |
| MiMedx Group Inc (a) | | 15,803 | 93,396 |
| Mural Oncology PLC | | 3,019 | 9,449 |
| Mustang Bio Inc (a)(b) | | 2,545 | 598 |
| Myriad Genetics Inc (a) | | 20,963 | 574,177 |
| Neurogene Inc (a) | | 3,698 | 155,168 |
| Nkarta Inc (a) | | 42,606 | 192,579 |
| Novavax Inc (a)(b) | | 37,050 | 467,942 |
| Nurix Therapeutics Inc (a)(b) | | 23,982 | 538,876 |
| Nuvalent Inc Class A (a) | | 2,834 | 289,918 |
| Oncternal Therapeutics Inc rights (a)(c) | | 466 | 0 |
| Organogenesis Holdings Inc Class A (a) | | 30,019 | 85,854 |
| ORIC Pharmaceuticals Inc (a) | | 31,769 | 325,632 |
| Passage Bio Inc (a) | | 21,054 | 14,738 |
| Perspective Therapeutics Inc (a) | | 23,568 | 314,633 |
| Precigen Inc (a)(b) | | 111,048 | 105,174 |
| Protagonist Therapeutics Inc (a) | | 7,739 | 348,255 |
| PTC Therapeutics Inc (a) | | 18,804 | 697,628 |
| Puma Biotechnology Inc (a)(b) | | 38,077 | 97,096 |
| Q32 Bio Inc (a)(b) | | 1,246 | 55,597 |
| Q32 Bio Inc rights (a)(c) | | 22,439 | 0 |
| RAPT Therapeutics Inc (a) | | 4,926 | 9,901 |
| Recursion Pharmaceuticals Inc Class A (a)(b) | | 71,255 | 469,570 |
| Relay Therapeutics Inc (a) | | 31,946 | 226,178 |
| Replimune Group Inc (a) | | 29,747 | 326,027 |
| REVOLUTION Medicines Inc (a) | | 18,849 | 854,802 |
| Rhythm Pharmaceuticals Inc (a)(b) | | 8,429 | 441,595 |
| Rigel Pharmaceuticals Inc (a) | | 25,258 | 408,674 |
| Rocket Pharmaceuticals Inc (a) | | 17,393 | 321,249 |
| Sage Therapeutics Inc (a)(b) | | 40,203 | 290,266 |
| Sana Biotechnology Inc (a) | | 45,946 | 191,135 |
| Sangamo Therapeutics Inc (a)(b) | | 228,238 | 197,677 |
| Savara Inc (a) | | 38,754 | 164,317 |
| Scholar Rock Holding Corp (a) | | 32,261 | 258,411 |
| Solid Biosciences Inc (a) | | 2,500 | 17,425 |
| SpringWorks Therapeutics Inc (a) | | 5,492 | 175,964 |
| Summit Therapeutics Inc (a)(b) | | 7,772 | 170,207 |
| Surface Oncology Inc rights (a)(c) | | 32,938 | 0 |
| Sutro Biopharma Inc (a)(b) | | 54,469 | 188,463 |
| Syndax Pharmaceuticals Inc (a) | | 8,970 | 172,673 |
| Tenaya Therapeutics Inc (a) | | 32,623 | 62,962 |
| TG Therapeutics Inc (a) | | 16,571 | 387,596 |
| Tourmaline Bio Inc | | 7,060 | 181,513 |
| Travere Therapeutics Inc (a) | | 45,864 | 641,637 |
| Twist Bioscience Corp (a) | | 13,283 | 600,126 |
| UroGen Pharma Ltd (a)(b) | | 7,855 | 99,759 |
| Vanda Pharmaceuticals Inc (a) | | 49,378 | 231,583 |
| Vaxcyte Inc (a) | | 19,406 | 2,217,524 |
| Vera Therapeutics Inc Class A (a) | | 1,049 | 46,366 |
| Veracyte Inc (a) | | 19,562 | 665,890 |
| Verastem Inc (a) | | 2,139 | 6,396 |
| Vericel Corp (a) | | 3,319 | 140,228 |
| Voyager Therapeutics Inc (a)(b) | | 28,887 | 168,989 |
| XBiotech Inc (a)(b) | | 7,080 | 54,728 |
| Xencor Inc (a) | | 5,379 | 108,172 |
| Y-mAbs Therapeutics Inc (a)(b) | | 12,500 | 164,375 |
| Zentalis Pharmaceuticals Inc (a) | | 42,799 | 157,500 |
| | | | 40,275,456 |
| Health Care Equipment & Supplies - 3.1% | | | |
| Accuray Inc Del (a) | | 178,351 | 321,032 |
| Alphatec Holdings Inc (a)(b) | | 1,140 | 6,338 |
| AngioDynamics Inc (a) | | 27,153 | 211,250 |
| Artivion Inc (a) | | 31,076 | 827,243 |
| AtriCure Inc (a) | | 25,357 | 711,010 |
| Avanos Medical Inc (a) | | 36,647 | 880,627 |
| Axogen Inc (a) | | 60,067 | 842,139 |
| Axonics Inc (a) | | 2,115 | 147,204 |
| Bioventus Inc (a) | | 53,361 | 637,664 |
| Cerus Corp (a)(b) | | 183,372 | 319,067 |
| CONMED Corp (b) | | 20,720 | 1,490,183 |
| Glaukos Corp (a) | | 1,966 | 256,130 |
| Haemonetics Corp (a) | | 10,458 | 840,614 |
| Inari Medical Inc (a) | | 5,337 | 220,098 |
| Integra LifeSciences Holdings Corp (a) | | 27,151 | 493,334 |
| Lantheus Holdings Inc (a) | | 11,574 | 1,270,247 |
| LeMaitre Vascular Inc | | 1,871 | 173,797 |
| LivaNova PLC (a) | | 14,875 | 781,533 |
| Merit Medical Systems Inc (a) | | 20,700 | 2,045,782 |
| Novocure Ltd (a) | | 100 | 1,563 |
| Tactile Systems Technology Inc (a) | | 23,852 | 348,478 |
| Tandem Diabetes Care Inc (a) | | 9,653 | 409,384 |
| Treace Medical Concepts Inc (a) | | 17,038 | 98,820 |
| Varex Imaging Corp (a) | | 75,946 | 905,276 |
| | | | 14,238,813 |
| Health Care Providers & Services - 1.5% | | | |
| 23andMe Holding Co Class A (a) | | 302,271 | 105,039 |
| Addus HomeCare Corp (a) | | 1,691 | 224,954 |
| AMN Healthcare Services Inc (a) | | 13,794 | 584,728 |
| BrightSpring Health Services Inc (a) | | 71,176 | 1,044,864 |
| Brookdale Senior Living Inc (a) | | 55,510 | 376,913 |
| CorVel Corp (a) | | 1,371 | 448,166 |
| Ensign Group Inc/The | | 1,776 | 255,424 |
| Guardant Health Inc (a) | | 44,819 | 1,028,148 |
| HealthEquity Inc (a) | | 13,799 | 1,129,448 |
| Hims & Hers Health Inc Class A (a) | | 13,009 | 239,626 |
| Option Care Health Inc (a) | | 24,894 | 779,182 |
| PACS Group Inc | | 7,111 | 284,227 |
| Patterson Cos Inc | | 5,239 | 114,420 |
| Select Medical Holdings Corp | | 4,085 | 142,444 |
| Talkspace Inc Class A (a) | | 37,744 | 78,884 |
| | | | 6,836,467 |
| Health Care Technology - 0.7% | | | |
| Health Catalyst Inc (a) | | 69,776 | 567,977 |
| HealthStream Inc | | 54,850 | 1,581,874 |
| Phreesia Inc (a) | | 34,187 | 779,122 |
| Teladoc Health Inc (a) | | 17,382 | 159,566 |
| | | | 3,088,539 |
| Life Sciences Tools & Services - 0.3% | | | |
| Adaptive Biotechnologies Corp (a)(b) | | 70,758 | 362,281 |
| Codexis Inc (a)(b) | | 53,949 | 166,163 |
| Cytek Biosciences Inc (a) | | 48,828 | 270,507 |
| Medpace Holdings Inc (a) | | 965 | 322,117 |
| NanoString Technologies Inc (a)(c) | | 42,707 | 3,066 |
| OmniAb Inc (a)(b) | | 22,019 | 93,140 |
| Quanterix Corp (a) | | 11,078 | 143,571 |
| | | | 1,360,845 |
| Pharmaceuticals - 1.8% | | | |
| Amneal Intermediate Inc Class A (a) | | 62,803 | 522,521 |
| Amphastar Pharmaceuticals Inc (a) | | 10,285 | 499,131 |
| Amylyx Pharmaceuticals Inc (a) | | 6,594 | 21,364 |
| ANI Pharmaceuticals Inc (a) | | 5,133 | 306,235 |
| Arvinas Inc (a) | | 11,535 | 284,107 |
| Atea Pharmaceuticals Inc (a) | | 21,416 | 71,744 |
| Axsome Therapeutics Inc (a) | | 3,870 | 347,797 |
| Cara Therapeutics Inc (a)(b) | | 54,590 | 16,813 |
| Collegium Pharmaceutical Inc (a) | | 11,440 | 442,042 |
| Corcept Therapeutics Inc (a) | | 18,730 | 866,824 |
| Edgewise Therapeutics Inc (a) | | 17,810 | 475,349 |
| Evolus Inc (a) | | 25,191 | 408,094 |
| Harrow Inc (a) | | 1,975 | 88,796 |
| Ligand Pharmaceuticals Inc (a)(b) | | 2,990 | 299,269 |
| Nektar Therapeutics (a) | | 151,524 | 196,981 |
| Nuvation Bio Inc Class A (a) | | 96,447 | 220,864 |
| Pacira BioSciences Inc (a) | | 17,766 | 267,378 |
| Phibro Animal Health Corp Class A | | 15,580 | 350,862 |
| Prestige Consumer Healthcare Inc (a) | | 12,047 | 868,589 |
| Relmada Therapeutics Inc (a)(b) | | 29,525 | 95,661 |
| Revance Therapeutics Inc (a) | | 68,166 | 353,782 |
| Supernus Pharmaceuticals Inc (a) | | 7,697 | 239,992 |
| Terns Pharmaceuticals Inc (a) | | 29,021 | 242,035 |
| Ventyx Biosciences Inc (a)(b) | | 31,125 | 67,853 |
| WaVe Life Sciences Ltd (a) | | 47,229 | 387,278 |
| | | | 7,941,361 |
TOTAL HEALTH CARE | | | 73,741,481 |
| | | | |
| Industrials - 16.0% | | | |
| Aerospace & Defense - 1.2% | | | |
| AAR Corp (a) | | 33,965 | 2,219,952 |
| Astronics Corp (a) | | 16,696 | 325,238 |
| Ducommun Inc (a)(b) | | 18,065 | 1,189,219 |
| Kratos Defense & Security Solutions Inc (a) | | 53,219 | 1,240,003 |
| Moog Inc Class A | | 1,856 | 374,949 |
| National Presto Industries Inc | | 2,353 | 176,804 |
| Park Aerospace Corp | | 6,097 | 79,444 |
| Virgin Galactic Holdings Inc Class A (a)(b) | | 2,586 | 15,775 |
| | | | 5,621,384 |
| Building Products - 1.3% | | | |
| Apogee Enterprises Inc | | 18,043 | 1,263,281 |
| CSW Industrials Inc | | 2,177 | 797,631 |
| Gibraltar Industries Inc (a) | | 16,819 | 1,176,153 |
| Griffon Corp | | 18,190 | 1,273,300 |
| Janus International Group Inc (a) | | 27,444 | 277,459 |
| Resideo Technologies Inc (a) | | 51,307 | 1,033,323 |
| UFP Industries Inc | | 1,072 | 140,656 |
| | | | 5,961,803 |
| Commercial Services & Supplies - 2.0% | | | |
| ABM Industries Inc | | 28,161 | 1,485,774 |
| Brink's Co/The | | 11,200 | 1,295,168 |
| CECO Environmental Corp (a) | | 64,460 | 1,817,772 |
| GEO Group Inc/The (a) | | 55,662 | 715,257 |
| HNI Corp | | 12,690 | 683,230 |
| Interface Inc | | 31,052 | 589,056 |
| OPENLANE Inc (a) | | 70,244 | 1,185,719 |
| Pitney Bowes Inc | | 101,944 | 726,861 |
| Steelcase Inc Class A | | 36,463 | 491,885 |
| | | | 8,990,722 |
| Construction & Engineering - 2.1% | | | |
| Arcosa Inc | | 5,278 | 500,143 |
| Comfort Systems USA Inc | | 6,066 | 2,367,863 |
| Dycom Industries Inc (a) | | 3,626 | 714,685 |
| EMCOR Group Inc | | 5,417 | 2,332,181 |
| Fluor Corp (a) | | 52,671 | 2,512,934 |
| Limbach Holdings Inc (a)(b) | | 11,916 | 902,756 |
| | | | 9,330,562 |
| Electrical Equipment - 1.5% | | | |
| American Superconductor Corp (a) | | 11,003 | 259,671 |
| Array Technologies Inc (a) | | 34,204 | 225,746 |
| EnerSys | | 28,070 | 2,864,544 |
| Fluence Energy Inc Class A (a)(b) | | 33,387 | 758,219 |
| LSI Industries Inc | | 25,978 | 419,545 |
| Powell Industries Inc | | 825 | 183,141 |
| Preformed Line Products Co | | 7,159 | 916,925 |
| Vicor Corp (a) | | 24,952 | 1,050,479 |
| | | | 6,678,270 |
| Ground Transportation - 0.4% | | | |
| Marten Transport Ltd | | 68,543 | 1,213,211 |
| RXO Inc (a)(b) | | 15,915 | 445,620 |
| | | | 1,658,831 |
| Machinery - 3.0% | | | |
| Atmus Filtration Technologies Inc | | 29,818 | 1,119,070 |
| Blue Bird Corp (a) | | 4,300 | 206,228 |
| Enerpac Tool Group Corp Class A | | 22,095 | 925,560 |
| Federal Signal Corp | | 11,124 | 1,039,649 |
| Gorman-Rupp Co/The | | 10,321 | 402,003 |
| Hurco Cos Inc | | 12,639 | 266,304 |
| Hyster-Yale Inc Class A | | 14,164 | 903,238 |
| Kennametal Inc | | 6,025 | 156,228 |
| L B Foster Co Class A (a) | | 3,644 | 74,447 |
| Mueller Water Products Inc Class A1 | | 134,789 | 2,924,921 |
| Proto Labs Inc (a) | | 9,065 | 266,239 |
| Tennant CO | | 14,669 | 1,408,811 |
| Terex Corp | | 26,860 | 1,421,163 |
| Trinity Industries Inc | | 37,412 | 1,303,434 |
| Watts Water Technologies Inc Class A | | 6,665 | 1,380,921 |
| | | | 13,798,216 |
| Marine Transportation - 0.3% | | | |
| Matson Inc | | 9,530 | 1,359,169 |
| Passenger Airlines - 0.6% | | | |
| Joby Aviation Inc Class A (a)(b) | | 14,530 | 73,086 |
| SkyWest Inc (a) | | 30,996 | 2,635,280 |
| | | | 2,708,366 |
| Professional Services - 2.0% | | | |
| Barrett Business Services Inc | | 29,550 | 1,108,421 |
| CRA International Inc | | 6,022 | 1,055,777 |
| CSG Systems International Inc | | 50,925 | 2,477,502 |
| ExlService Holdings Inc (a) | | 42,516 | 1,621,985 |
| Huron Consulting Group Inc (a) | | 3,506 | 381,102 |
| ICF International Inc | | 1,803 | 300,722 |
| Parsons Corp (a) | | 11,716 | 1,214,715 |
| Planet Labs PBC Class A (a)(b) | | 172,236 | 384,086 |
| TriNet Group Inc | | 3,687 | 357,528 |
| Willdan Group Inc (a) | | 3,039 | 124,447 |
| | | | 9,026,285 |
| Trading Companies & Distributors - 1.6% | | | |
| Applied Industrial Technologies Inc | | 8,019 | 1,789,279 |
| Beacon Roofing Supply Inc (a) | | 2,229 | 192,652 |
| Boise Cascade Co | | 2,623 | 369,791 |
| DXP Enterprises Inc/TX (a) | | 15,472 | 825,586 |
| FTAI Aviation Ltd | | 26,895 | 3,574,346 |
| Global Industrial Co | | 5,818 | 197,637 |
| Mrc Global Inc (a) | | 34,585 | 440,613 |
| | | | 7,389,904 |
TOTAL INDUSTRIALS | | | 72,523,512 |
| | | | |
| Information Technology - 13.0% | | | |
| Communications Equipment - 0.7% | | | |
| CommScope Holding Co Inc (a) | | 249,380 | 1,523,712 |
| Extreme Networks Inc (a) | | 42,706 | 641,871 |
| Harmonic Inc (a) | | 70,979 | 1,034,164 |
| | | | 3,199,747 |
| Electronic Equipment, Instruments & Components - 2.4% | | | |
| Arlo Technologies Inc (a)(b) | | 53,820 | 651,760 |
| Badger Meter Inc | | 8,709 | 1,902,133 |
| Belden Inc | | 12,066 | 1,413,291 |
| Benchmark Electronics Inc (b) | | 33,154 | 1,469,385 |
| Daktronics Inc (a) | | 7,041 | 90,899 |
| Itron Inc (a) | | 21,940 | 2,343,412 |
| PC Connection Inc | | 11,739 | 885,473 |
| Plexus Corp (a) | | 2,595 | 354,762 |
| Sanmina Corp (a) | | 25,336 | 1,734,249 |
| | | | 10,845,364 |
| IT Services - 0.2% | | | |
| Core Scientific Inc (b) | | 76,238 | 904,183 |
| Semiconductors & Semiconductor Equipment - 2.9% | | | |
| Ambarella Inc (a) | | 2,392 | 134,921 |
| CEVA Inc (a) | | 1,183 | 28,569 |
| Credo Technology Group Holding Ltd (a) | | 53,873 | 1,659,288 |
| Diodes Inc (a) | | 10,801 | 692,236 |
| FormFactor Inc (a) | | 29,887 | 1,374,802 |
| Lattice Semiconductor Corp (a) | | 16,090 | 853,896 |
| MaxLinear Inc Class A (a) | | 136,607 | 1,978,070 |
| Onto Innovation Inc (a) | | 1,430 | 296,811 |
| PDF Solutions Inc (a) | | 30,148 | 955,089 |
| Photronics Inc (a) | | 40,425 | 1,000,923 |
| Rambus Inc (a) | | 17,479 | 737,963 |
| Semtech Corp (a) | | 30,668 | 1,400,301 |
| Ultra Clean Holdings Inc (a) | | 46,814 | 1,869,283 |
| | | | 12,982,152 |
| Software - 6.6% | | | |
| 8x8 Inc (a)(b) | | 583,492 | 1,190,324 |
| American Software Inc/GA Class A | | 8,126 | 90,930 |
| Aurora Innovation Inc Class A (a)(b) | | 86,881 | 514,336 |
| AvePoint Inc Class A (a) | | 34,466 | 405,665 |
| Blackbaud Inc (a) | | 4,200 | 355,656 |
| BlackLine Inc (a) | | 12,887 | 710,589 |
| Clear Secure Inc Class A | | 58,887 | 1,951,515 |
| CommVault Systems Inc (a) | | 21,240 | 3,267,774 |
| Domo Inc Class B (a) | | 68,289 | 512,850 |
| Intapp Inc (a) | | 15,724 | 752,079 |
| Jamf Holding Corp (a)(b) | | 20,722 | 359,527 |
| LivePerson Inc (a)(b) | | 116,442 | 149,046 |
| LiveRamp Holdings Inc (a) | | 48,695 | 1,206,662 |
| Meridianlink Inc (a)(b) | | 2,836 | 58,336 |
| N-able Inc/US (a) | | 31,981 | 417,672 |
| PagerDuty Inc (a)(b) | | 48,936 | 907,763 |
| Progress Software Corp | | 11,387 | 767,142 |
| PROS Holdings Inc (a)(b) | | 51,141 | 947,131 |
| Q2 Holdings Inc (a) | | 40,477 | 3,228,850 |
| Qualys Inc (a) | | 17,328 | 2,225,955 |
| SecureWorks Corp Class A (a) | | 8,813 | 77,995 |
| Sprout Social Inc Class A (a)(b) | | 18,080 | 525,586 |
| SPS Commerce Inc (a) | | 16,078 | 3,121,865 |
| Tenable Holdings Inc (a) | | 29,097 | 1,179,010 |
| Upland Software Inc (a) | | 19,729 | 49,124 |
| Weave Communications Inc (a) | | 48,086 | 615,501 |
| Workiva Inc Class A (a) | | 16,176 | 1,279,845 |
| Xperi Inc (a) | | 114,007 | 1,053,425 |
| Yext Inc (a) | | 189,481 | 1,311,209 |
| Zuora Inc Class A (a)(b) | | 70,893 | 611,098 |
| | | | 29,844,460 |
| Technology Hardware, Storage & Peripherals - 0.2% | | | |
| Diebold Nixdorf Inc (a) | | 7,427 | 331,690 |
| Xerox Holdings Corp (b) | | 50,779 | 527,086 |
| | | | 858,776 |
TOTAL INFORMATION TECHNOLOGY | | | 58,634,682 |
| | | | |
| Materials - 4.7% | | | |
| Chemicals - 2.3% | | | |
| American Vanguard Corp | | 47,145 | 249,869 |
| Balchem Corp | | 1,717 | 302,192 |
| Hawkins Inc | | 20,171 | 2,571,197 |
| HB Fuller Co | | 33,459 | 2,655,975 |
| Minerals Technologies Inc | | 30,944 | 2,389,805 |
| Rayonier Advanced Materials Inc (a) | | 19,537 | 167,236 |
| Sensient Technologies Corp | | 19,807 | 1,588,918 |
| Trinseo PLC (b) | | 42,860 | 219,015 |
| | | | 10,144,207 |
| Construction Materials - 0.1% | | | |
| Knife River Corp (a) | | 5,896 | 527,043 |
| Containers & Packaging - 0.2% | | | |
| Myers Industries Inc | | 11,305 | 156,235 |
| O-I Glass Inc (a) | | 67,571 | 886,532 |
| | | | 1,042,767 |
| Metals & Mining - 1.9% | | | |
| ATI Inc (a) | | 15,159 | 1,014,289 |
| Carpenter Technology Corp | | 22,756 | 3,631,403 |
| Coeur Mining Inc (a) | | 33,901 | 233,239 |
| Commercial Metals Co | | 3,941 | 216,597 |
| Constellium SE (a) | | 44,230 | 719,180 |
| Hecla Mining Co | | 77,464 | 516,685 |
| Materion Corp | | 3,048 | 340,949 |
| Olympic Steel Inc | | 14,948 | 582,972 |
| SunCoke Energy Inc | | 93,568 | 812,170 |
| Worthington Steel Inc | | 17,098 | 581,503 |
| | | | 8,648,987 |
| Paper & Forest Products - 0.2% | | | |
| Sylvamo Corp | | 10,305 | 884,684 |
TOTAL MATERIALS | | | 21,247,688 |
| | | | |
| Real Estate - 6.1% | | | |
| Diversified REITs - 0.7% | | | |
| American Assets Trust Inc | | 59,584 | 1,592,084 |
| Empire State Realty Trust Inc Class A | | 124,659 | 1,381,222 |
| | | | 2,973,306 |
| Health Care REITs - 1.0% | | | |
| American Healthcare REIT Inc | | 80,670 | 2,105,487 |
| CareTrust REIT Inc | | 47,211 | 1,456,931 |
| Diversified Healthcare Trust | | 45,728 | 191,600 |
| Global Medical REIT Inc | | 43,569 | 431,769 |
| Universal Health Realty Income Trust | | 3,441 | 157,426 |
| | | | 4,343,213 |
| Hotel & Resort REITs - 0.2% | | | |
| Ashford Hospitality Trust Inc (a) | | 66,780 | 49,978 |
| Ryman Hospitality Properties Inc | | 12,292 | 1,318,194 |
| | | | 1,368,172 |
| Industrial REITs - 0.5% | | | |
| EastGroup Properties Inc | | 4,067 | 759,797 |
| Terreno Realty Corp | | 21,917 | 1,464,713 |
| | | | 2,224,510 |
| Office REITs - 0.6% | | | |
| COPT Defense Properties | | 33,456 | 1,014,720 |
| Equity Commonwealth (a) | | 61,073 | 1,215,354 |
| SL Green Realty Corp | | 8,768 | 610,340 |
| | | | 2,840,414 |
| Real Estate Management & Development - 1.0% | | | |
| Anywhere Real Estate Inc (a) | | 149,303 | 758,459 |
| Compass Inc Class A (a) | | 434,483 | 2,654,692 |
| Cushman & Wakefield PLC (a) | | 8,526 | 116,209 |
| eXp World Holdings Inc (b) | | 38,311 | 539,802 |
| Opendoor Technologies Inc Class A (a)(b) | | 198,777 | 397,554 |
| RE/MAX Holdings Inc Class A (a) | | 10,579 | 131,709 |
| RMR Group Inc/The Class A | | 3,589 | 91,089 |
| | | | 4,689,514 |
| Residential REITs - 0.4% | | | |
| NexPoint Residential Trust Inc | | 2,294 | 100,958 |
| Veris Residential Inc | | 87,825 | 1,568,555 |
| | | | 1,669,513 |
| Retail REITs - 1.0% | | | |
| Alexander's Inc | | 1,250 | 302,950 |
| Macerich Co/The | | 76,284 | 1,391,420 |
| Phillips Edison & Co Inc | | 40,549 | 1,529,103 |
| SITE Centers Corp | | 3,797 | 229,718 |
| Tanger Inc | | 13,291 | 440,995 |
| Whitestone REIT | | 45,101 | 610,217 |
| | | | 4,504,403 |
| Specialized REITs - 0.7% | | | |
| Outfront Media Inc | | 145,907 | 2,681,771 |
| Uniti Group Inc | | 87,042 | 490,917 |
| | | | 3,172,688 |
TOTAL REAL ESTATE | | | 27,785,733 |
| | | | |
| Utilities - 1.8% | | | |
| Electric Utilities - 0.2% | | | |
| Otter Tail Corp (b) | | 13,375 | 1,045,390 |
| Gas Utilities - 0.5% | | | |
| New Jersey Resources Corp | | 25,806 | 1,218,043 |
| Southwest Gas Holdings Inc | | 15,905 | 1,173,153 |
| | | | 2,391,196 |
| Independent Power and Renewable Electricity Producers - 0.0% | | | |
| Sunnova Energy International Inc (a) | | 20,303 | 197,751 |
| Water Utilities - 1.1% | | | |
| American States Water Co | | 24,055 | 2,003,541 |
| California Water Service Group | | 15,937 | 864,104 |
| Consolidated Water Co Ltd | | 5,119 | 129,050 |
| SJW Group | | 29,588 | 1,719,359 |
| | | | 4,716,054 |
TOTAL UTILITIES | | | 8,350,391 |
| | | | |
| TOTAL UNITED STATES | | | 430,607,561 |
| TOTAL COMMON STOCKS (Cost $376,972,872) | | | 442,246,151 |
| | | | |
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)
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
The Fund used futures contracts to manage its exposure to the stock market.
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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