| Common Stocks - 99.3% |
| | | Shares | Value ($) |
| BELGIUM - 0.1% | | | |
| Communication Services - 0.1% | | | |
| Diversified Telecommunication Services - 0.1% | | | |
| Liberty Global Ltd Class A | | 60,683 | 1,281,018 |
| Liberty Global Ltd Class C | | 57,085 | 1,233,607 |
| | | | |
| TOTAL BELGIUM | | | 2,514,625 |
| BRAZIL - 0.0% | | | |
| Financials - 0.0% | | | |
| Capital Markets - 0.0% | | | |
| XP Inc Class A | | 29 | 520 |
| KOREA (SOUTH) - 0.2% | | | |
| Consumer Discretionary - 0.2% | | | |
| Broadline Retail - 0.2% | | | |
| Coupang Inc Class A (b) | | 115,880 | 2,844,854 |
| UNITED KINGDOM - 0.1% | | | |
| Energy - 0.1% | | | |
| Energy Equipment & Services - 0.1% | | | |
| TechnipFMC PLC | | 84,868 | 2,226,088 |
| UNITED STATES - 98.9% | | | |
| Communication Services - 3.5% | | | |
| Diversified Telecommunication Services - 0.3% | | | |
| Iridium Communications Inc | | 64,493 | 1,963,812 |
| Lumen Technologies Inc (b) | | 530,802 | 3,768,694 |
| | | | 5,732,506 |
| Entertainment - 2.3% | | | |
| Electronic Arts Inc | | 90,906 | 13,039,557 |
| Playtika Holding Corp | | 704,273 | 5,577,842 |
| ROBLOX Corp Class A (b) | | 286,211 | 12,667,699 |
| Roku Inc Class A (b) | | 151,801 | 11,333,463 |
| Warner Bros Discovery Inc (b) | | 174,168 | 1,436,885 |
| | | | 44,055,446 |
| Interactive Media & Services - 0.0% | | | |
| Pinterest Inc Class A (b) | | 5,053 | 163,566 |
| Media - 0.9% | | | |
| Charter Communications Inc Class A (b) | | 5,086 | 1,648,271 |
| New York Times Co/The Class A | | 173,952 | 9,683,908 |
| News Corp Class A | | 130,135 | 3,465,495 |
| News Corp Class B | | 73,877 | 2,064,862 |
| | | | 16,862,536 |
| Consumer Discretionary - 12.6% | | | |
| Automobile Components - 0.0% | | | |
| BorgWarner Inc | | 160 | 5,806 |
| Broadline Retail - 0.7% | | | |
| eBay Inc | | 192,435 | 12,529,443 |
| Diversified Consumer Services - 0.4% | | | |
| ADT Inc | | 527,190 | 3,811,584 |
| H&R Block Inc | | 74,173 | 4,713,694 |
| | | | 8,525,278 |
| Hotels, Restaurants & Leisure - 3.2% | | | |
| Churchill Downs Inc | | 7,403 | 1,000,960 |
| DoorDash Inc Class A (b) | | 18,772 | 2,679,328 |
| DraftKings Inc Class A (b) | | 269,657 | 10,570,554 |
| Expedia Group Inc Class A (b) | | 84,026 | 12,437,529 |
| Hilton Worldwide Holdings Inc | | 36,826 | 8,488,393 |
| International Game Technology PLC | | 378,874 | 8,070,016 |
| Light & Wonder Inc Class A (b) | | 97,463 | 8,842,818 |
| MGM Resorts International (b) | | 45,773 | 1,789,267 |
| Royal Caribbean Cruises Ltd | | 15,500 | 2,749,080 |
| Texas Roadhouse Inc | | 6,569 | 1,160,085 |
| Travel + Leisure Co | | 23,180 | 1,068,134 |
| Wendy's Co/The | | 141,820 | 2,484,686 |
| | | | 61,340,850 |
| Household Durables - 3.6% | | | |
| DR Horton Inc | | 88,974 | 16,973,571 |
| Garmin Ltd | | 31,842 | 5,605,147 |
| Leggett & Platt Inc | | 137,270 | 1,869,617 |
| Lennar Corp Class A | | 35,082 | 6,577,173 |
| NVR Inc (b) | | 1,525 | 14,962,995 |
| PulteGroup Inc | | 7,993 | 1,147,235 |
| Toll Brothers Inc | | 83,979 | 12,973,916 |
| TopBuild Corp (b) | | 18,803 | 7,649,248 |
| | | | 67,758,902 |
| Specialty Retail - 4.0% | | | |
| Abercrombie & Fitch Co Class A (b) | | 51,391 | 7,189,601 |
| Best Buy Co Inc | | 6,030 | 622,899 |
| Burlington Stores Inc (b) | | 36,421 | 9,596,205 |
| Carvana Co Class A (b) | | 77,406 | 13,477,159 |
| Dick's Sporting Goods Inc | | 19,984 | 4,170,661 |
| GameStop Corp Class A (b)(c) | | 26,916 | 617,183 |
| Gap Inc/The | | 466,397 | 10,284,054 |
| Ross Stores Inc | | 113,168 | 17,032,916 |
| Ulta Beauty Inc (b) | | 13,012 | 5,063,229 |
| Williams-Sonoma Inc | | 53,506 | 8,289,150 |
| | | | 76,343,057 |
| Textiles, Apparel & Luxury Goods - 0.7% | | | |
| Crocs Inc (b) | | 4,952 | 717,099 |
| Ralph Lauren Corp Class A | | 3,600 | 697,932 |
| Tapestry Inc | | 196,698 | 9,240,872 |
| Under Armour Inc Class A (b) | | 162,468 | 1,447,590 |
| Under Armour Inc Class C (b) | | 100,630 | 841,267 |
| VF Corp | | 65 | 1,297 |
| | | | 12,946,057 |
TOTAL CONSUMER DISCRETIONARY | | | 239,449,393 |
| | | | |
| Consumer Staples - 4.5% | | | |
| Beverages - 0.2% | | | |
| Boston Beer Co Inc/The Class A (b) | | 15,104 | 4,367,171 |
| Consumer Staples Distribution & Retail - 1.8% | | | |
| Casey's General Stores Inc | | 14 | 5,260 |
| Kroger Co/The | | 257,976 | 14,782,025 |
| Maplebear Inc | | 268,885 | 10,954,375 |
| Sysco Corp | | 52,171 | 4,072,468 |
| US Foods Holding Corp (b) | | 50,536 | 3,107,964 |
| | | | 32,922,092 |
| Food Products - 1.0% | | | |
| Archer-Daniels-Midland Co | | 88,376 | 5,279,582 |
| General Mills Inc | | 106,690 | 7,879,057 |
| Ingredion Inc | | 34,771 | 4,778,579 |
| Kellanova | | 11,383 | 918,722 |
| McCormick & Co Inc/MD | | 4,205 | 346,071 |
| Post Holdings Inc (b) | | 3,373 | 390,424 |
| | | | 19,592,435 |
| Household Products - 1.5% | | | |
| Clorox Co/The | | 77,977 | 12,703,233 |
| Colgate-Palmolive Co | | 90,750 | 9,420,758 |
| Kimberly-Clark Corp | | 39,487 | 5,618,210 |
| Reynolds Consumer Products Inc | | 20,437 | 635,591 |
| | | | 28,377,792 |
| Tobacco - 0.0% | | | |
| Altria Group Inc | | 15,159 | 773,715 |
TOTAL CONSUMER STAPLES | | | 86,033,205 |
| | | | |
| Energy - 4.4% | | | |
| Energy Equipment & Services - 0.3% | | | |
| Halliburton Co | | 194,225 | 5,642,236 |
| Oil, Gas & Consumable Fuels - 4.1% | | | |
| Antero Midstream Corp | | 514,287 | 7,740,019 |
| Cheniere Energy Inc | | 50,464 | 9,075,446 |
| Coterra Energy Inc | | 127,149 | 3,045,219 |
| Devon Energy Corp | | 163,498 | 6,396,042 |
| Diamondback Energy Inc | | 28,883 | 4,979,429 |
| Hess Corp | | 31,095 | 4,222,701 |
| Kinder Morgan Inc | | 105,997 | 2,341,474 |
| Marathon Oil Corp | | 21,677 | 577,259 |
| Matador Resources Co | | 97,060 | 4,796,705 |
| Ovintiv Inc | | 9,916 | 379,881 |
| Phillips 66 | | 8 | 1,051 |
| Targa Resources Corp | | 100,500 | 14,875,005 |
| Viper Energy Inc Class A | | 41,579 | 1,875,629 |
| Williams Cos Inc/The | | 400,521 | 18,283,784 |
| | | | 78,589,644 |
TOTAL ENERGY | | | 84,231,880 |
| | | | |
| Financials - 16.5% | | | |
| Banks - 1.6% | | | |
| Citizens Financial Group Inc | | 299,254 | 12,290,362 |
| Commerce Bancshares Inc/MO | | 30,780 | 1,828,332 |
| KeyCorp | | 695,306 | 11,646,376 |
| Zions Bancorp NA | | 116,320 | 5,492,630 |
| | | | 31,257,700 |
| Capital Markets - 4.6% | | | |
| Ameriprise Financial Inc | | 21,602 | 10,148,836 |
| Bank of New York Mellon Corp/The | | 263,121 | 18,907,876 |
| Cboe Global Markets Inc | | 10,643 | 2,180,431 |
| Coinbase Global Inc Class A (b) | | 7,258 | 1,293,158 |
| Interactive Brokers Group Inc Class A | | 12,606 | 1,756,772 |
| Janus Henderson Group PLC | | 30,844 | 1,174,231 |
| LPL Financial Holdings Inc | | 5,969 | 1,388,568 |
| Morningstar Inc | | 6,841 | 2,183,100 |
| MSCI Inc | | 9,538 | 5,559,986 |
| Nasdaq Inc | | 112,084 | 8,183,253 |
| Northern Trust Corp | | 5,949 | 535,588 |
| Raymond James Financial Inc | | 97,064 | 11,886,458 |
| Robinhood Markets Inc Class A (b) | | 187,079 | 4,381,390 |
| SEI Investments Co | | 10,514 | 727,464 |
| State Street Corp | | 108,094 | 9,563,076 |
| Stifel Financial Corp | | 30,513 | 2,865,171 |
| Tradeweb Markets Inc Class A | | 34,114 | 4,218,878 |
| Virtu Financial Inc Class A | | 35,642 | 1,085,655 |
| | | | 88,039,891 |
| Consumer Finance - 0.5% | | | |
| Discover Financial Services | | 24,940 | 3,498,832 |
| Synchrony Financial | | 110,719 | 5,522,664 |
| | | | 9,021,496 |
| Financial Services - 4.0% | | | |
| Apollo Global Management Inc | | 5 | 625 |
| Block Inc Class A (b) | | 230,516 | 15,474,539 |
| Corpay Inc (b) | | 17,352 | 5,427,012 |
| Equitable Holdings Inc | | 144,201 | 6,060,768 |
| Euronet Worldwide Inc (b) | | 39,930 | 3,962,254 |
| Fidelity National Information Services Inc | | 137,739 | 11,535,641 |
| Global Payments Inc | | 34,677 | 3,551,618 |
| PayPal Holdings Inc (b) | | 132,255 | 10,319,858 |
| Toast Inc Class A (b)(c) | | 408,861 | 11,574,855 |
| Western Union Co/The | | 623,267 | 7,435,575 |
| WEX Inc (b) | | 7 | 1,468 |
| | | | 75,344,213 |
| Insurance - 5.8% | | | |
| AFLAC Inc | | 4,214 | 471,125 |
| Allstate Corp/The | | 71,352 | 13,531,908 |
| American Financial Group Inc/OH | | 32,904 | 4,428,878 |
| Arch Capital Group Ltd | | 18,337 | 2,051,544 |
| Arthur J Gallagher & Co | | 1,419 | 399,264 |
| Assurant Inc | | 58,263 | 11,586,180 |
| Axis Capital Holdings Ltd | | 20,318 | 1,617,516 |
| Brown & Brown Inc | | 124,629 | 12,911,564 |
| Cincinnati Financial Corp | | 17,221 | 2,344,123 |
| Everest Group Ltd | | 1 | 392 |
| Globe Life Inc | | 86,986 | 9,212,687 |
| Hartford Financial Services Group Inc/The | | 68,345 | 8,038,055 |
| Loews Corp | | 15,260 | 1,206,303 |
| Prudential Financial Inc | | 136,471 | 16,526,639 |
| Reinsurance Group of America Inc | | 24,674 | 5,375,724 |
| Unum Group | | 148,114 | 8,803,896 |
| Willis Towers Watson PLC | | 36,452 | 10,736,208 |
| | | | 109,242,006 |
TOTAL FINANCIALS | | | 312,905,306 |
| | | | |
| Health Care - 10.9% | | | |
| Biotechnology - 2.6% | | | |
| Biogen Inc (b) | | 4,932 | 956,019 |
| BioMarin Pharmaceutical Inc (b) | | 12,957 | 910,748 |
| Exelixis Inc (b) | | 406,773 | 10,555,759 |
| Gilead Sciences Inc | | 121,247 | 10,165,348 |
| Incyte Corp (b) | | 172,193 | 11,381,958 |
| Neurocrine Biosciences Inc (b) | | 77,273 | 8,903,395 |
| United Therapeutics Corp (b) | | 20,080 | 7,195,668 |
| | | | 50,068,895 |
| Health Care Equipment & Supplies - 2.0% | | | |
| ABIOMED Inc (b)(d) | | 3,289 | 6,446 |
| Dexcom Inc (b) | | 45,409 | 3,044,219 |
| GE HealthCare Technologies Inc | | 27,941 | 2,622,263 |
| Hologic Inc (b) | | 26,852 | 2,187,364 |
| IDEXX Laboratories Inc (b) | | 27,393 | 13,839,492 |
| Solventum Corp | | 117,756 | 8,209,948 |
| Zimmer Biomet Holdings Inc | | 73,018 | 7,882,293 |
| | | | 37,792,025 |
| Health Care Providers & Services - 2.5% | | | |
| Cardinal Health Inc | | 123,492 | 13,648,336 |
| Cencora Inc | | 55,927 | 12,588,049 |
| Centene Corp (b) | | 198,278 | 14,926,368 |
| Cigna Group/The | | 3,499 | 1,212,194 |
| DaVita Inc (b) | | 8,659 | 1,419,470 |
| Quest Diagnostics Inc | | 7,127 | 1,106,466 |
| Universal Health Services Inc Class B | | 9,673 | 2,215,214 |
| | | | 47,116,097 |
| Health Care Technology - 0.7% | | | |
| Veeva Systems Inc Class A (b) | | 67,351 | 14,134,954 |
| Life Sciences Tools & Services - 2.0% | | | |
| 10X Genomics Inc Class A (b) | | 99,022 | 2,235,917 |
| Agilent Technologies Inc | | 43,548 | 6,466,007 |
| Bruker Corp | | 107,907 | 7,452,057 |
| Illumina Inc (b) | | 33,113 | 4,318,266 |
| IQVIA Holdings Inc (b) | | 34,868 | 8,262,670 |
| Medpace Holdings Inc (b) | | 29,619 | 9,886,823 |
| QIAGEN NV (United States) | | 8,042 | 366,474 |
| | | | 38,988,214 |
| Pharmaceuticals - 1.1% | | | |
| Bristol-Myers Squibb Co | | 138,890 | 7,186,169 |
| Elanco Animal Health Inc (b) | | 417,204 | 6,128,726 |
| Jazz Pharmaceuticals PLC (b) | | 61,141 | 6,811,719 |
| | | | 20,126,614 |
TOTAL HEALTH CARE | | | 208,226,799 |
| | | | |
| Industrials - 16.4% | | | |
| Aerospace & Defense - 2.8% | | | |
| Axon Enterprise Inc (b) | | 9,080 | 3,628,368 |
| BWX Technologies Inc | | 36,335 | 3,949,615 |
| Curtiss-Wright Corp | | 32,412 | 10,653,500 |
| Hexcel Corp | | 60,205 | 3,722,475 |
| Howmet Aerospace Inc | | 165,040 | 16,545,261 |
| Textron Inc | | 138,740 | 12,289,590 |
| Woodward Inc | | 19,438 | 3,333,811 |
| | | | 54,122,620 |
| Building Products - 1.6% | | | |
| A O Smith Corp | | 7,369 | 661,957 |
| Allegion plc | | 80,305 | 11,703,651 |
| Builders FirstSource Inc (b) | | 22,642 | 4,389,378 |
| Carlisle Cos Inc | | 2,108 | 948,073 |
| Owens Corning | | 24,181 | 4,268,430 |
| Trane Technologies PLC | | 24,159 | 9,391,328 |
| | | | 31,362,817 |
| Commercial Services & Supplies - 0.8% | | | |
| Cintas Corp | | 49,258 | 10,141,237 |
| MSA Safety Inc | | 8,674 | 1,538,247 |
| Republic Services Inc | | 26 | 5,222 |
| Veralto Corp | | 20,550 | 2,298,723 |
| Vestis Corp | | 100,376 | 1,495,602 |
| | | | 15,479,031 |
| Construction & Engineering - 0.4% | | | |
| Comfort Systems USA Inc | | 2,123 | 828,712 |
| EMCOR Group Inc | | 8,667 | 3,731,404 |
| Valmont Industries Inc | | 11,165 | 3,237,292 |
| | | | 7,797,408 |
| Electrical Equipment - 2.0% | | | |
| Acuity Brands Inc | | 19,782 | 5,447,765 |
| AMETEK Inc | | 54,205 | 9,307,541 |
| Hubbell Inc | | 27,010 | 11,569,734 |
| nVent Electric PLC | | 114,761 | 8,063,108 |
| Vertiv Holdings Co Class A | | 43,731 | 4,350,796 |
| | | | 38,738,944 |
| Ground Transportation - 1.3% | | | |
| Lyft Inc Class A (b) | | 835,358 | 10,650,815 |
| Old Dominion Freight Line Inc | | 44,789 | 8,896,887 |
| XPO Inc (b) | | 42,849 | 4,606,695 |
| | | | 24,154,397 |
| Machinery - 4.2% | | | |
| AGCO Corp | | 15,077 | 1,475,435 |
| Allison Transmission Holdings Inc | | 104,384 | 10,028,171 |
| Cummins Inc | | 52,894 | 17,126,548 |
| Donaldson Co Inc | | 140,504 | 10,355,145 |
| Flowserve Corp | | 71,340 | 3,687,565 |
| Fortive Corp | | 146,858 | 11,591,502 |
| Gates Industrial Corp PLC (b) | | 321,640 | 5,644,782 |
| ITT Inc | | 15,939 | 2,383,040 |
| PACCAR Inc | | 69,588 | 6,866,944 |
| Stanley Black & Decker Inc | | 3,143 | 346,139 |
| Westinghouse Air Brake Technologies Corp | | 44,864 | 8,154,929 |
| | | | 77,660,200 |
| Marine Transportation - 0.2% | | | |
| Kirby Corp (b) | | 23,522 | 2,879,798 |
| Professional Services - 2.7% | | | |
| Booz Allen Hamilton Holding Corp Class A | | 39,065 | 6,358,219 |
| CACI International Inc (b) | | 24,101 | 12,160,401 |
| Leidos Holdings Inc | | 81,128 | 13,223,865 |
| Paylocity Holding Corp (b) | | 22,218 | 3,665,303 |
| SS&C Technologies Holdings Inc | | 165,601 | 12,289,250 |
| Verisk Analytics Inc | | 13,088 | 3,507,060 |
| | | | 51,204,098 |
| Trading Companies & Distributors - 0.4% | | | |
| Core & Main Inc Class A (b) | | 15,156 | 672,926 |
| WW Grainger Inc | | 7,006 | 7,277,903 |
| | | | 7,950,829 |
TOTAL INDUSTRIALS | | | 311,350,142 |
| | | | |
| Information Technology - 13.2% | | | |
| Communications Equipment - 0.7% | | | |
| F5 Inc (b) | | 18,230 | 4,014,246 |
| Juniper Networks Inc | | 1,209 | 47,126 |
| Motorola Solutions Inc | | 21,144 | 9,506,977 |
| | | | 13,568,349 |
| Electronic Equipment, Instruments & Components - 0.8% | | | |
| Arrow Electronics Inc (b) | | 2,475 | 328,754 |
| Keysight Technologies Inc (b) | | 13,285 | 2,111,385 |
| TD SYNNEX Corp | | 77,094 | 9,257,448 |
| Trimble Inc (b) | | 68,097 | 4,228,143 |
| | | | 15,925,730 |
| IT Services - 1.2% | | | |
| Akamai Technologies Inc (b) | | 7,227 | 729,566 |
| Gartner Inc (b) | | 8,983 | 4,552,225 |
| GoDaddy Inc Class A (b) | | 32,160 | 5,042,045 |
| Kyndryl Holdings Inc (b) | | 111,978 | 2,573,254 |
| Twilio Inc Class A (b) | | 140,932 | 9,191,585 |
| | | | 22,088,675 |
| Semiconductors & Semiconductor Equipment - 3.0% | | | |
| Cirrus Logic Inc (b) | | 85,397 | 10,607,161 |
| Enphase Energy Inc (b) | | 7,388 | 834,992 |
| KLA Corp | | 11,732 | 9,085,378 |
| Microchip Technology Inc | | 2,269 | 182,177 |
| Monolithic Power Systems Inc | | 17,897 | 16,545,777 |
| Qorvo Inc (b) | | 92,702 | 9,576,117 |
| Skyworks Solutions Inc | | 109,245 | 10,790,129 |
| | | | 57,621,731 |
| Software - 5.8% | | | |
| ANSYS Inc (b) | | 8,083 | 2,575,486 |
| AppLovin Corp Class A (b) | | 95,078 | 12,412,433 |
| BILL Holdings Inc (b) | | 6,550 | 345,577 |
| DocuSign Inc (b) | | 197,464 | 12,260,540 |
| Dropbox Inc Class A (b) | | 434,047 | 11,037,815 |
| HubSpot Inc (b) | | 18,651 | 9,914,872 |
| Manhattan Associates Inc (b) | | 40,704 | 11,453,292 |
| MicroStrategy Inc Class A (b) | | 17,277 | 2,912,902 |
| Nutanix Inc Class A (b) | | 97,534 | 5,778,890 |
| Palantir Technologies Inc Class A (b) | | 44,146 | 1,642,231 |
| Pegasystems Inc | | 144,047 | 10,528,395 |
| RingCentral Inc Class A (b) | | 199,119 | 6,298,134 |
| Teradata Corp (b) | | 338,426 | 10,267,845 |
| Workday Inc Class A (b) | | 4,421 | 1,080,537 |
| Zoom Video Communications Inc Class A (b) | | 178,257 | 12,431,643 |
| | | | 110,940,592 |
| Technology Hardware, Storage & Peripherals - 1.7% | | | |
| Hewlett Packard Enterprise Co | | 635,719 | 13,006,811 |
| HP Inc | | 143,671 | 5,153,479 |
| NetApp Inc | | 109,089 | 13,473,582 |
| | | | 31,633,872 |
TOTAL INFORMATION TECHNOLOGY | | | 251,778,949 |
| | | | |
| Materials - 6.1% | | | |
| Chemicals - 2.6% | | | |
| Axalta Coating Systems Ltd (b) | | 238,266 | 8,622,847 |
| CF Industries Holdings Inc | | 6,116 | 524,753 |
| DuPont de Nemours Inc | | 145,490 | 12,964,614 |
| Eastman Chemical Co | | 27 | 3,022 |
| Ecolab Inc | | 36,874 | 9,415,038 |
| Element Solutions Inc | | 48,089 | 1,306,097 |
| International Flavors & Fragrances Inc | | 16,076 | 1,686,855 |
| PPG Industries Inc | | 109,699 | 14,530,730 |
| | | | 49,053,956 |
| Construction Materials - 0.5% | | | |
| CRH PLC | | 102,951 | 9,547,676 |
| Vulcan Materials Co | | 138 | 34,559 |
| | | | 9,582,235 |
| Containers & Packaging - 1.4% | | | |
| Ardagh Metal Packaging SA | | 16,892 | 63,683 |
| Berry Global Group Inc | | 139,819 | 9,504,896 |
| Crown Holdings Inc | | 108,618 | 10,414,294 |
| Packaging Corp of America | | 763 | 164,350 |
| Sealed Air Corp | | 199,895 | 7,256,189 |
| Smurfit WestRock PLC | | 3 | 147 |
| | | | 27,403,559 |
| Metals & Mining - 1.2% | | | |
| Nucor Corp | | 82,591 | 12,416,731 |
| Reliance Inc | | 19,649 | 5,682,687 |
| Steel Dynamics Inc | | 41,396 | 5,219,208 |
| | | | 23,318,626 |
| Paper & Forest Products - 0.4% | | | |
| Louisiana-Pacific Corp | | 62,729 | 6,740,858 |
TOTAL MATERIALS | | | 116,099,234 |
| | | | |
| Real Estate - 6.2% | | | |
| Health Care REITs - 0.0% | | | |
| Healthpeak Properties Inc | | 25,762 | 589,177 |
| Welltower Inc | | 2 | 256 |
| | | | 589,433 |
| Industrial REITs - 0.1% | | | |
| EastGroup Properties Inc | | 5,849 | 1,092,710 |
| STAG Industrial Inc Class A | | 21,477 | 839,536 |
| | | | 1,932,246 |
| Real Estate Management & Development - 0.7% | | | |
| CBRE Group Inc Class A (b) | | 5,244 | 652,773 |
| CoStar Group Inc (b) | | 32,905 | 2,482,353 |
| Zillow Group Inc Class A (b) | | 75,953 | 4,703,769 |
| Zillow Group Inc Class C (b) | | 91,968 | 5,872,157 |
| | | | 13,711,052 |
| Residential REITs - 1.0% | | | |
| American Homes 4 Rent Class A | | 268,356 | 10,302,187 |
| Equity Residential | | 80,455 | 5,990,679 |
| Invitation Homes Inc | | 55,256 | 1,948,327 |
| UDR Inc | | 10 | 453 |
| | | | 18,241,646 |
| Retail REITs - 1.8% | | | |
| Agree Realty Corp | | 116,073 | 8,743,779 |
| Brixmor Property Group Inc | | 189,869 | 5,289,750 |
| Regency Centers Corp | | 37,126 | 2,681,611 |
| Simon Property Group Inc | | 108,775 | 18,385,151 |
| | | | 35,100,291 |
| Specialized REITs - 2.6% | | | |
| Crown Castle Inc | | 91,707 | 10,879,201 |
| EPR Properties | | 83,652 | 4,102,294 |
| Gaming and Leisure Properties Inc | | 109,918 | 5,655,281 |
| Public Storage Operating Co | | 27,820 | 10,122,863 |
| SBA Communications Corp Class A | | 23,414 | 5,635,750 |
| VICI Properties Inc | | 348,516 | 11,609,069 |
| | | | 48,004,458 |
TOTAL REAL ESTATE | | | 117,579,126 |
| | | | |
| Utilities - 4.6% | | | |
| Electric Utilities - 2.5% | | | |
| Edison International | | 147,332 | 12,831,144 |
| Evergy Inc | | 130,536 | 8,094,537 |
| Exelon Corp | | 124,682 | 5,055,855 |
| NRG Energy Inc | | 142,627 | 12,993,320 |
| OGE Energy Corp | | 17,360 | 712,107 |
| PG&E Corp | | 155,621 | 3,076,627 |
| Xcel Energy Inc | | 84,653 | 5,527,841 |
| | | | 48,291,431 |
| Independent Power and Renewable Electricity Producers - 1.4% | | | |
| AES Corp/The | | 381,752 | 7,657,945 |
| Clearway Energy Inc Class A | | 31,648 | 901,018 |
| Clearway Energy Inc Class C (c) | | 50,570 | 1,551,488 |
| Vistra Corp | | 140,584 | 16,664,828 |
| | | | 26,775,279 |
| Multi-Utilities - 0.6% | | | |
| CenterPoint Energy Inc | | 339,079 | 9,975,704 |
| DTE Energy Co | | 9,463 | 1,215,144 |
| | | | 11,190,848 |
| Water Utilities - 0.1% | | | |
| American Water Works Co Inc | | 14,893 | 2,177,952 |
TOTAL UTILITIES | | | 88,435,510 |
| | | | |
| TOTAL UNITED STATES | | | 1,882,903,598 |
| TOTAL COMMON STOCKS (Cost $1,601,076,770) | | | 1,890,489,685 |
| | | | |
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.
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. U.S. Treasury Obligations 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.
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.
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.
