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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-05251


Fidelity Concord Street Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Nicole Macarchuk, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

November 30


Date of reporting period:

May 31, 2025


Item 1.

Reports to Stockholders




 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2025
 
 
Fidelity® Nasdaq Composite Index® Fund
Fidelity® Nasdaq Composite Index® Fund :  FNCMX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity® Nasdaq Composite Index® Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Nasdaq Composite Index® Fund 
$ 14 
0.29%
  
Key Fund Statistics
(as of May 31, 2025)
 
KEY FACTS 
  
  
Fund Size
$18,473,815,196
  
Number of Holdings
2,719
  
Portfolio Turnover
5%
  
What did the Fund invest in?
(as of May 31, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
  
  
Information Technology
49.4
  
Communication Services
15.1
  
Consumer Discretionary
14.9
  
Health Care
5.4
  
Industrials
4.5
  
Financials
3.9
  
Consumer Staples
3.6
  
Utilities
0.9
  
Materials
0.9
  
Real Estate
0.8
  
Energy
0.5
  
 
Common Stocks
99.9
Preferred Stocks
0.0
Short-Term Investments and Net Other Assets (Liabilities)
0.1
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.9                    
 
Preferred Stocks - 0.0                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.1
 
United States
96.2
Canada
1.0
China
0.7
Netherlands
0.6
Brazil
0.5
Israel
0.3
United Kingdom
0.3
Kazakhstan
0.1
Hong Kong
0.1
Others
0.2
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 96.2                    
 
Canada - 1.0                            
 
China - 0.7                             
 
Netherlands - 0.6                       
 
Brazil - 0.5                            
 
Israel - 0.3                            
 
United Kingdom - 0.3                    
 
Kazakhstan - 0.1                        
 
Hong Kong - 0.1                         
 
Others - 0.2                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
  
  
Microsoft Corp
11.0
  
NVIDIA Corp
10.6
  
Apple Inc
9.6
  
Amazon.com Inc
7.0
  
Meta Platforms Inc Class A
4.5
  
Broadcom Inc
3.7
  
Tesla Inc
3.5
  
Alphabet Inc Class A
3.3
  
Alphabet Inc Class C
3.0
  
Netflix Inc
1.7
  
 
57.9
  
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec
1.9915909.101    1282-TSRS-0725    
 

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies




Fidelity® Nasdaq Composite Index® Fund
 
 
Semi-Annual Report
May 31, 2025

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Nasdaq Composite Index® Fund

Notes to Financial Statements

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
"Nasdaq®, Nasdaq Composite Index®, Nasdaq Composite®,  and The Nasdaq Stock Market®, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by Fidelity. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the products(s).
The index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for us by Fidelity. S&P®;, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P") and Dow Jones®; is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index or indices.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Nasdaq Composite Index® Fund
Schedule of Investments May 31, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.9%
 
  
Shares
Value ($)
 
ARGENTINA - 0.0%
 
  
  
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Cresud SACIF y A ADR (b)
  
33,826
404,897
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Grupo Financiero Galicia SA Class B ADR
 
39,505
2,293,265
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Bioceres Crop Solutions Corp (b)(c)
  
38,927
189,964
TOTAL ARGENTINA
  
  
2,888,126
AUSTRALIA - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Specialty Retail - 0.0%
  
  
  
Fitell Corp (b)(c)
  
8,253
3,714
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Alterity Therapeutics ltd ADR (b)(c)
  
1,155
5,209
Benitec Biopharma Inc (c)
  
8,133
124,923
Immutep Ltd ADR (b)(c)
  
18,722
35,197
Kazia Therapeutics Ltd ADR (c)
  
196
735
Mesoblast Ltd ADR (c)
  
18,245
194,127
Opthea Ltd ADR (b)(c)(d)
  
5,049
16,965
 
  
  
377,156
Life Sciences Tools & Services - 0.0%
  
  
  
Genetic Technologies Ltd ADR (c)(d)
  
502
384
TOTAL HEALTH CARE
  
  
377,540
 
  
  
  
Information Technology - 0.0%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Novonix Ltd ADR (c)
  
5,291
5,979
Software - 0.0%
  
  
  
IREN Ltd (b)(c)
  
113,150
949,329
Mawson Infrastructure Group Inc (c)
  
3,093
1,763
 
  
  
951,092
TOTAL INFORMATION TECHNOLOGY
  
  
957,071
 
  
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
ioneer Ltd ADR (b)(c)
  
1,836
6,132
IperionX Ltd ADR (b)(c)
  
2,858
69,136
Snow Lake Resources Ltd (b)(c)
  
927
3,550
 
  
  
78,818
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
VivoPower International PLC (b)(c)
  
1,642
7,619
TOTAL AUSTRALIA
  
  
1,424,762
AUSTRIA - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Critical Metals Corp (b)(c)
  
28,323
39,086
BAHAMAS (NASSAU) - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Diversified Consumer Services - 0.0%
  
  
  
OneSpaWorld Holdings Ltd
 
64,502
1,216,508
BAILIWICK OF JERSEY - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Crown Lng Holdings Ltd (b)
  
24,528
1,643
BELGIUM - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Liberty Global Ltd Class A (c)
  
105,506
1,016,023
Liberty Global Ltd Class B (c)
  
327
3,139
Liberty Global Ltd Class C (c)
  
107,584
1,062,930
 
  
  
2,082,092
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Galapagos NV ADR (b)(c)
  
7,819
224,875
MDxHealth SA (c)
  
10,394
21,931
 
  
  
246,806
Health Care Equipment & Supplies - 0.0%
  
  
  
Nyxoah SA (United States) (c)
  
17,100
130,815
TOTAL HEALTH CARE
  
  
377,621
 
  
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Materialise NV ADR (b)(c)
  
17,527
94,470
TOTAL BELGIUM
  
  
2,554,183
BERMUDA - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Insurance - 0.0%
  
  
  
Kestrel Group Ltd
 
2,774
70,487
BRAZIL - 0.5%
 
  
  
Consumer Discretionary - 0.5%
  
  
  
Broadline Retail - 0.5%
  
  
  
MercadoLibre Inc (c)
  
29,872
76,570,599
Diversified Consumer Services - 0.0%
  
  
  
Afya Ltd Class A (b)
  
26,707
486,869
Vasta Platform Ltd Class A (b)(c)
  
9,735
40,789
 
  
  
527,658
TOTAL CONSUMER DISCRETIONARY
  
  
77,098,257
 
  
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Inter & Co Inc Class A (b)
  
199,448
1,420,070
Capital Markets - 0.0%
  
  
  
Vinci Partners Investments Ltd Class A (b)
  
27,294
265,025
XP Inc Class A
 
251,961
4,877,965
 
  
  
5,142,990
Financial Services - 0.0%
  
  
  
StoneCo Ltd Class A (c)
  
165,828
2,263,552
TOTAL FINANCIALS
  
  
8,826,612
 
  
  
  
Industrials - 0.0%
  
  
  
Trading Companies & Distributors - 0.0%
  
  
  
Lavoro Ltd Class A (b)(c)
  
3,635
9,451
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Zenvia Inc Class A (c)
  
11,429
14,172
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Sigma Lithium Corp (United States) (c)
  
75,528
354,226
TOTAL BRAZIL
  
  
86,302,718
BRITISH VIRGIN ISLANDS - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Dogness International Corp Class A (b)(c)
  
1,963
50,528
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
OKYO Pharma Ltd (c)
  
12,090
22,246
Industrials - 0.0%
  
  
  
Ground Transportation - 0.0%
  
  
  
Swvl Holdings Corp Class A (b)(c)
  
3,786
18,399
TOTAL BRITISH VIRGIN ISLANDS
  
  
91,173
CAMEROON - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Golar LNG Ltd
 
61,674
2,538,502
CANADA - 1.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Telesat Corp Variable Voting Shares (United States) (b)(c)
  
8,088
129,813
Interactive Media & Services - 0.0%
  
  
  
GameSquare Holdings Inc (b)(c)
  
11,525
10,741
TOTAL COMMUNICATION SERVICES
  
  
140,554
 
  
  
  
Consumer Discretionary - 0.0%
  
  
  
Diversified Consumer Services - 0.0%
  
  
  
Visionary Holdings Inc Class A (b)(c)
  
1,472
2,944
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Bragg Gaming Group Inc (United States) (c)
  
11,254
50,080
TOTAL CONSUMER DISCRETIONARY
  
  
53,024
 
  
  
  
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Borealis Foods Inc Class A (b)(c)
  
8,028
28,579
Sunopta Inc (United States) (c)
  
69,033
430,766
Village Farms International Inc (c)
  
67,993
80,912
 
  
  
540,257
Personal Care Products - 0.0%
  
  
  
Flora Growth Corp (b)(c)
  
16,551
11,089
TOTAL CONSUMER STAPLES
  
  
551,346
 
  
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Encore Energy Corp (United States) (b)(c)
  
97,725
196,427
Kolibri Global Energy Inc (United States) (c)
  
24,819
180,682
Uranium Royalty Corp (United States) (b)(c)
  
65,908
145,657
 
  
  
522,766
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
VersaBank (United States)
 
8,712
101,321
Capital Markets - 0.0%
  
  
  
Defi Technologies Inc (United States) (b)(c)
  
192,958
690,790
Consumer Finance - 0.0%
  
  
  
Mogo Inc (United States) (c)
  
5,176
7,297
TOTAL FINANCIALS
  
  
799,408
 
  
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Aurinia Pharmaceuticals Inc (c)
  
94,911
744,103
BriaPro Therapeutics Corp (c)(d)
  
7,229
0
Bright Minds Biosciences Inc (United States) (b)(c)
  
3,337
86,595
Engene Holdings Inc (b)(c)
  
29,018
111,429
Essa Pharma Inc (c)
  
23,840
40,051
Fennec Pharmaceuticals Inc (United States) (c)
  
19,507
158,397
Oncolytics Biotech Inc (United States) (b)(c)
  
66,939
22,759
Portage Biotech Inc (c)
  
107
860
ProMIS Neurosciences Inc (b)(c)
  
8,622
4,475
Theratechnologies Inc (United States) (c)
  
23,971
63,523
TuHURA Biosciences Inc (b)(c)
  
21,397
65,475
TuHURA Biosciences Inc rights (b)(c)(d)
  
30,458
0
Xenon Pharmaceuticals Inc (c)
  
44,701
1,289,625
 
  
  
2,587,292
Health Care Equipment & Supplies - 0.0%
  
  
  
Profound Medical Corp (United States) (c)
  
14,049
74,038
Life Sciences Tools & Services - 0.0%
  
  
  
AbCellera Biologics Inc (b)(c)
  
184,657
373,007
Pharmaceuticals - 0.0%
  
  
  
Aurora Cannabis Inc (United States) (b)(c)
  
32,486
172,176
Cardiol Therapeutics Inc (United States) (b)(c)
  
52,435
65,544
Cronos Group Inc (United States) (c)
  
238,232
471,700
Grace Therapeutics Inc (c)
  
5,571
15,543
Lexaria Bioscience Corp (c)
  
11,622
11,854
Milestone Pharmaceuticals Inc (c)
  
17,958
29,092
SNDL Inc (c)
  
164,227
208,568
Tilray Brands Inc Class 2 (b)(c)
  
471,333
200,646
 
  
  
1,175,123
TOTAL HEALTH CARE
  
  
4,209,460
 
  
  
  
Industrials - 0.4%
  
  
  
Electrical Equipment - 0.0%
  
  
  
Ballard Power Systems Inc (United States) (b)(c)
  
265,169
342,068
Electrovaya Inc (United States) (b)(c)
  
14,709
45,010
 
  
  
387,078
Machinery - 0.0%
  
  
  
GreenPower Motor Co Inc (United States) (b)(c)
  
7,878
3,348
Westport Fuel Systems Inc (United States) (b)(c)
  
7,639
22,306
 
  
  
25,654
Professional Services - 0.4%
  
  
  
Thomson Reuters Corp (United States)
 
265,626
52,765,277
TOTAL INDUSTRIALS
  
  
53,178,009
 
  
  
  
Information Technology - 0.6%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Senstar Technologies Corp (c)
  
15,517
64,085
IT Services - 0.5%
  
  
  
Shopify Inc Class A (United States) (c)
  
719,219
77,114,662
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Canadian Solar Inc (b)(c)
  
38,697
407,479
POET Technologies Inc (United States) (b)(c)
  
33,900
146,957
 
  
  
554,436
Software - 0.1%
  
  
  
Aduro Clean Technologies Inc (United States) (b)(c)
  
3,808
31,416
Bitfarms Ltd/Canada (United States) (b)(c)
  
270,788
249,369
Descartes Systems Group Inc/The (United States) (b)(c)
  
50,748
5,883,723
Docebo Inc (United States) (c)
  
19,333
528,178
Hive Digital Technologies Ltd (United States) (b)(c)
  
66,421
119,558
Hut 8 Corp (United States) (b)(c)
  
53,768
821,037
LeddarTech Holdings Inc (b)(c)
  
36,937
11,708
Open Text Corp (United States) (b)
  
156,277
4,424,202
ZenaTech Inc (b)(c)
  
8,067
22,346
 
  
  
12,091,537
TOTAL INFORMATION TECHNOLOGY
  
  
89,824,720
 
  
  
  
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Loop Industries Inc (b)(c)
  
22,730
29,549
Methanex Corp (United States)
 
40,908
1,335,237
 
  
  
1,364,786
Metals & Mining - 0.0%
  
  
  
Algoma Steel Group Inc (United States)
 
63,553
334,924
Electra Battery Materials Corp (United States) (b)(c)
  
4,032
4,012
Largo Inc (United States) (b)(c)
  
32,137
41,778
Ssr Mining Inc (United States) (c)
  
127,220
1,505,013
Tmc The Metals CO Inc Class A (b)(c)
  
184,173
823,253
US Goldmining Inc (c)
  
7,020
63,601
 
  
  
2,772,581
TOTAL MATERIALS
  
  
4,137,367
 
  
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Colliers International Group Inc Subordinate Voting Shares (United States) (b)
  
29,194
3,517,293
FirstService Corp Subordinate Voting Shares (United States)
 
26,866
4,712,162
Real Brokerage Inc/The (c)
  
110,693
456,055
 
  
  
8,685,510
TOTAL CANADA
  
  
162,102,164
CHINA - 0.7%
 
  
  
Communication Services - 0.2%
  
  
  
Entertainment - 0.0%
  
  
  
DouYu International Holdings Ltd ADR
 
10,412
68,303
Gamehaus Holdings Inc Class A (b)
  
3,313
5,598
iQIYI Inc Class A ADR (b)(c)
  
347,452
555,923
Netease Inc ADR
 
62,999
7,670,758
Scienjoy Holding Corp Class A (b)(c)
  
16,735
16,568
Sohu.com Ltd ADR (c)
  
22,025
221,572
 
  
  
8,538,722
Interactive Media & Services - 0.2%
  
  
  
9F Inc ADR (c)
  
2,127
2,828
Baidu Inc Class A ADR (b)(c)
  
84,745
6,940,616
Bilibili Inc ADR (b)(c)
  
72,099
1,319,412
Hello Group Inc Class A ADR
 
101,889
618,466
JOYY Inc Class A ADR
 
34,424
1,648,221
Kanzhun Ltd ADR (c)
  
200,115
3,393,950
Oriental Culture Holding Ltd (b)(c)
  
2,111
11,294
So-Young International Inc ADR
 
55,629
47,613
Weibo Corp Class A ADR
 
63,795
577,345
 
  
  
14,559,745
Media - 0.0%
  
  
  
Able View Global Inc Class B (c)
  
10,224
11,962
Amber International Holding Ltd Class A ADR (c)
  
16,433
152,909
LZ Technology Holdings Ltd Class B (b)(c)
  
75,339
1,996,484
WiMi Hologram Cloud Inc Class B (b)(c)
  
4,090
14,315
 
  
  
2,175,670
Wireless Telecommunication Services - 0.0%
  
  
  
Ucloudlink Group Inc ADR (c)
  
11,071
18,710
TOTAL COMMUNICATION SERVICES
  
  
25,292,847
 
  
  
  
Consumer Discretionary - 0.5%
  
  
  
Automobile Components - 0.0%
  
  
  
China Automotive Systems Inc
 
21,380
87,230
ECARX Holdings Inc Class A (b)(c)
  
138,829
216,573
Hesai Group ADR (c)
  
8,089
152,559
Kandi Technologies Group Inc (c)
  
49,661
55,620
WeRide Inc ADR
 
854
8,455
 
  
  
520,437
Automobiles - 0.0%
  
  
  
Ezgo Technologies Ltd (b)(c)
  
11,235
3,797
Li Auto Inc ADR (b)(c)
  
122,989
3,485,508
Lotus Technology inc ADR (b)(c)
  
10,052
21,411
Niu Technologies ADR (c)
  
44,613
159,715
 
  
  
3,670,431
Broadline Retail - 0.4%
  
  
  
Baozun Inc Class A ADR (c)
  
32,067
91,391
JD.com Inc ADR
 
282,992
9,171,771
PDD Holdings Inc Class A ADR (c)
  
393,940
38,019,150
Yunji Inc ADR (c)
  
430
658
 
  
  
47,282,970
Diversified Consumer Services - 0.0%
  
  
  
17 Education & Technology Group Inc ADR (c)
  
3,611
7,583
ATA Creativity Global ADR (c)
  
4,528
3,985
Netclass Technology Inc (b)
  
3,325
11,372
Quantasing Group Ltd ADR
 
12,461
77,259
Skillful Craftsman Education Technology Ltd (c)
  
6,452
6,097
TCTM Kids IT Education Inc Class A ADR (b)(c)
  
8,570
6,685
Wah Fu Education Group Ltd (b)(c)
  
9,305
13,399
YSX Tech Co Ltd (b)
  
6,569
39,414
Zhongchao Inc Class A (c)
  
592
639
 
  
  
166,433
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Atour Lifestyle Holdings Ltd ADR
 
57,797
1,809,624
H World Group Ltd ADR (b)
  
94,001
3,315,415
TH International Ltd (b)(c)
  
18,716
55,212
Trip.com Group Ltd ADR
 
208,365
13,054,067
Tuniu Corp Class A ADR
 
24,726
22,501
 
  
  
18,256,819
Household Durables - 0.0%
  
  
  
Viomi Technology Co Ltd Class A ADR (c)
  
21,467
29,732
Specialty Retail - 0.0%
  
  
  
Jiuzi Holdings Inc (b)(c)
  
1,720
7,465
NaaS Technology Inc ADR (c)
  
815
912
Park Ha Biological Technology Co Ltd (b)
  
16,785
235,158
Smart Share Global Ltd ADR
 
22,395
24,187
U Power Ltd Class A (b)(c)
  
1,292
4,070
Uxin Ltd Class A ADR (c)
  
4,657
19,606
 
  
  
291,398
TOTAL CONSUMER DISCRETIONARY
  
  
70,218,220
 
  
  
  
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
111 Inc Class A ADR (c)
  
2,444
20,114
Chanson International Holding Class A (b)(c)
  
5,806
2,801
Dada Nexus Ltd ADR (b)(c)
  
62,858
126,974
 
  
  
149,889
Food Products - 0.0%
  
  
  
Origin Agritech Ltd (b)(c)
  
8,286
9,445
Pingtan Marine Enterprise Ltd (b)(c)(d)
  
62,069
0
 
  
  
9,445
TOTAL CONSUMER STAPLES
  
  
159,334
 
  
  
  
Energy - 0.0%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
Leishen Energy Holding Co Ltd (b)
  
4,761
25,947
Recon Technology Ltd Class A (c)
  
840
1,865
 
  
  
27,812
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Up Fintech Holding Ltd ADR (c)
  
80,177
650,235
Consumer Finance - 0.0%
  
  
  
Jiayin Group Inc ADR
 
8,973
136,838
LexinFintech Holdings Ltd Class A ADR
 
79,462
576,100
Metalpha Technology Holding Ltd (c)
  
6,036
19,436
Pintec Technology Holdings Ltd ADR (c)
  
4,579
4,121
Qifu Technology Inc Class A ADR
 
76,779
3,155,617
Senmiao Technology Ltd (b)(c)
  
1,673
1,556
 
  
  
3,893,668
Financial Services - 0.0%
  
  
  
CH Auto Inc (b)(c)(d)
  
2,322
16,829
Distoken Acquisition Corp (b)(c)
  
1,708
17,780
Embrace Change Acquisition Corp (c)
  
1,562
18,541
Future FinTech Group Inc (c)
  
1
1
Future Vision II Acquisition Corp
 
1,077
11,093
 
  
  
64,244
Insurance - 0.0%
  
  
  
Huize Holding Ltd ADR (b)(c)
  
1,764
3,634
TOTAL FINANCIALS
  
  
4,611,781
 
  
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Adagene Inc ADR (b)(c)
  
10,309
19,587
BeOne Medicines Ltd ADR (c)
  
26,358
6,472,998
Burning Rock Biotech Ltd ADR (b)(c)
  
1,792
5,555
Connect Biopharma Holdings Ltd ADR (c)
  
23,320
19,589
I-Mab ADR (c)
  
22,037
28,868
LakeShore Biopharma Co Ltd (b)(c)
  
1,361
1,456
Sinovac Biotech Ltd (c)(d)
  
27,717
0
Zai Lab Ltd ADR (b)(c)
  
39,119
1,179,047
 
  
  
7,727,100
Health Care Equipment & Supplies - 0.0%
  
  
  
Baird Medical Investment Holdings Ltd (b)
  
15,931
61,653
Jin Medical International Ltd (b)(c)
  
106,540
80,012
Meihua International Medical Technologies Co Ltd (c)
  
14,394
6,477
 
  
  
148,142
Health Care Providers & Services - 0.0%
  
  
  
Akso Health Group ADR (c)
  
14,973
22,010
Pharmaceuticals - 0.0%
  
  
  
BGM Group Ltd Class A (b)(c)
  
4,729
65,970
HUTCHMED China Ltd ADR (b)(c)
  
21,744
302,024
Zhengye Biotechnology Holding Ltd (b)(c)
  
8,445
76,174
 
  
  
444,168
TOTAL HEALTH CARE
  
  
8,341,420
 
  
  
  
Industrials - 0.0%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
EHang Holdings Ltd ADR (b)(c)
  
25,305
410,447
Air Freight & Logistics - 0.0%
  
  
  
Shengfeng Development Ltd Class A (b)(c)
  
23,490
22,316
Commercial Services & Supplies - 0.0%
  
  
  
Planet Image International Ltd Class A (b)(c)
  
12,104
17,793
Electrical Equipment - 0.0%
  
  
  
eLong Power Holding Ltd Class A (b)
  
14,537
15,990
Machinery - 0.0%
  
  
  
Greenland Technologies Holding Corp (b)(c)
  
13,703
26,857
ZJK Industrial Co Ltd (b)
  
16,905
76,242
 
  
  
103,099
Professional Services - 0.0%
  
  
  
Lucas GC Ltd (b)(c)
  
52,578
27,867
Sunrise New Energy Co Ltd (b)(c)(e)
  
8,860
8,771
 
  
  
36,638
TOTAL INDUSTRIALS
  
  
606,283
 
  
  
  
Information Technology - 0.0%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Iczoom Group Inc Class A (c)
  
6,798
16,111
IT Services - 0.0%
  
  
  
CLPS Inc
 
5,050
4,697
GDS Holdings Ltd Class A ADR (b)(c)
  
63,757
1,510,403
Hitek Global Inc Class A (c)
  
14,392
19,717
Kingsoft Cloud Holdings Ltd ADR (b)(c)
  
25,403
283,752
Vnet Group Inc Class A ADR (c)
  
78,781
420,691
 
  
  
2,239,260
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
indie Semiconductor Inc Class A (b)(c)
  
134,358
356,049
Nano Labs Ltd Class A ADR (b)(c)
  
8,323
29,213
 
  
  
385,262
Software - 0.0%
  
  
  
Abits Group Inc (b)(c)
  
1,041
4,258
Agora Inc ADR (c)
  
44,412
158,995
Aurora Mobile Ltd Class A ADR (c)
  
2,278
26,288
Datasea Inc (b)(c)
  
3,072
6,973
Infobird Co Ltd (c)
  
708
722
Mercurity Fintech Holding Inc (c)
  
35,706
109,617
MMTEC Inc (b)(c)
  
9,228
9,413
NiSun International Enterprise Development Group Co Ltd Class A (c)
  
420
1,768
Nukkleus Inc (b)(c)
  
2,519
34,158
Pony AI Inc ADR (b)
  
10,158
195,644
The9 Ltd ADR (b)(c)
  
1,774
16,605
Xiao I Corp ADR (b)(c)
  
2,871
8,900
Xunlei Ltd ADR (b)(c)
  
24,768
138,948
 
  
  
712,289
Technology Hardware, Storage & Peripherals - 0.0%
  
  
  
Canaan Inc Class A ADR (b)(c)
  
211,289
128,316
Ebang International Holdings Inc Class A (c)
  
1,980
7,464
 
  
  
135,780
TOTAL INFORMATION TECHNOLOGY
  
  
3,488,702
 
  
  
  
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Gulf Resources Inc (b)(c)
  
5,193
3,116
Metals & Mining - 0.0%
  
  
  
Hongli Group Inc (c)
  
7,458
7,309
Huadi International Group Co Ltd (c)
  
1,902
2,777
 
  
  
10,086
TOTAL MATERIALS
  
  
13,202
 
  
  
  
TOTAL CHINA
  
  
112,759,601
COSTA RICA - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Health Care Equipment & Supplies - 0.0%
  
  
  
Establishment Labs Holdings Inc (b)(c)
  
16,207
557,845
CYPRUS - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Marine Transportation - 0.0%
  
  
  
Castor Maritime Inc (c)
  
4,135
9,056
Robin Energy Ltd (b)
  
1,486
3,952
Toro Corp (c)
  
11,890
21,759
 
  
  
  
TOTAL CYPRUS
  
  
34,767
DENMARK - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Ascendis Pharma A/S ADR (c)
  
34,289
5,583,621
Evaxion A/S ADR (b)(c)
  
621
1,503
Genmab A/S ADR (c)
  
27,016
565,985
IO Biotech Inc (b)(c)
  
33,307
47,296
 
  
  
  
TOTAL DENMARK
  
  
6,198,405
FRANCE - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Media - 0.0%
  
  
  
Criteo SA ADR (c)
  
33,460
851,892
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Abivax SA ADR (c)
  
16,749
100,830
Clementia Pharmaceuticals Inc rights (c)(d)
  
21,066
0
DBV Technologies SA ADR (c)
  
3,877
32,373
Genfit SA ADR (c)
  
3,215
14,564
Inventiva SA ADR (b)(c)
  
4,695
16,104
Nanobiotix SA ADR (c)
  
10,184
41,754
Valneva SE ADR (b)(c)
  
2,880
18,374
 
  
  
223,999
Health Care Equipment & Supplies - 0.0%
  
  
  
EDAP TMS SA ADR (c)
  
22,764
40,747
Pharmaceuticals - 0.0%
  
  
  
Ipsen SA (c)(d)
  
103,469
0
TOTAL HEALTH CARE
  
  
264,746
 
  
  
  
TOTAL FRANCE
  
  
1,116,638
GERMANY - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Interactive Media & Services - 0.0%
  
  
  
Trivago NV Class A ADR (b)(c)
  
10,967
44,197
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Anbio Biotechnology Ltd Class A (b)
  
17,060
134,262
BioNTech SE ADR (b)(c)
  
59,161
5,668,216
CureVac NV (b)(c)
  
83,864
374,872
Immatics NV (b)(c)
  
68,451
368,951
InflaRx NV (b)(c)
  
43,672
35,047
Mainz Biomed NV (b)(c)
  
225
452
 
  
  
6,581,800
Life Sciences Tools & Services - 0.0%
  
  
  
Evotec SE ADR (c)
  
2,506
9,948
Pharmaceuticals - 0.0%
  
  
  
ATAI Life Sciences NV (b)(c)
  
92,619
213,950
TOTAL HEALTH CARE
  
  
6,805,698
 
  
  
  
Materials - 0.0%
  
  
  
Paper & Forest Products - 0.0%
  
  
  
Mercer International Inc
 
38,151
136,581
TOTAL GERMANY
  
  
6,986,476
GIBRALTAR - 0.0%
 
  
  
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Forafric Global PLC (b)(c)
  
14,324
111,441
GRAND CAYMAN (UK OVERSEAS TER) - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Entertainment - 0.0%
  
  
  
Anghami Inc (b)(c)
  
35,051
19,979
Interactive Media & Services - 0.0%
  
  
  
GIBO Holdings Ltd Class A (b)
  
5,010
12,675
Media - 0.0%
  
  
  
TNL Mediagene (b)
  
2,496
1,423
TOTAL COMMUNICATION SERVICES
  
  
34,077
 
  
  
  
Consumer Discretionary - 0.0%
  
  
  
Leisure Products - 0.0%
  
  
  
FST Corp (b)
  
2,510
3,891
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Australian Oilseeds Holdings Ltd (b)(c)
  
1,443
1,154
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Patria Investments Ltd Class A
 
37,143
473,202
Webull Corp Class A (b)
  
271,267
3,168,399
Webull Corp warrants 4/10/2029 (c)
  
8,884
15,369
 
  
  
3,656,970
Financial Services - 0.0%
  
  
  
Helix Acquisition Corp II (c)
  
13,274
143,625
Insurance - 0.0%
  
  
  
Cheche Group Inc Class A (b)(c)
  
32,459
26,711
Oxbridge Re Holdings Ltd (c)
  
5,511
11,573
 
  
  
38,284
TOTAL FINANCIALS
  
  
3,838,879
 
  
  
  
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Prenetics Global Ltd Class A (b)(c)
  
6,297
58,688
Industrials - 0.0%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
ESGL Holdings Ltd (b)(c)
  
33,157
79,908
Marine Transportation - 0.0%
  
  
  
High-Trend International Group Class A (c)
  
25,295
6,812
TOTAL INDUSTRIALS
  
  
86,720
 
  
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Semilux International Ltd (b)(c)
  
16,572
23,698
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
  
  
4,047,107
GREECE - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
StealthGas Inc (c)
  
30,948
184,450
Industrials - 0.0%
  
  
  
Marine Transportation - 0.0%
  
  
  
Capital Clean Energy Carriers Corp (b)
  
16,081
372,758
Euro-Holdings Ltd (b)
  
2,014
12,386
EuroDry Ltd (c)
  
3,945
31,955
Euroseas Ltd
 
5,037
193,068
Performance Shipping Inc (c)
  
4,386
7,675
Pyxis Tankers Inc (c)
  
10,640
30,750
Star Bulk Carriers Corp (b)
  
65,241
1,077,129
United Maritime Corp (b)
  
608
753
 
  
  
1,726,474
TOTAL GREECE
  
  
1,910,924
GUATEMALA - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Wireless Telecommunication Services - 0.0%
  
  
  
Millicom International Cellular SA
 
103,597
3,885,923
HONG KONG - 0.1%
 
  
  
Communication Services - 0.0%
  
  
  
Wireless Telecommunication Services - 0.0%
  
  
  
FingerMotion Inc (b)(c)
  
30,327
91,588
Consumer Discretionary - 0.0%
  
  
  
Automobiles - 0.0%
  
  
  
Polestar Automotive Holding UK PLC Class A ADR (b)(c)
  
295,671
325,238
Distributors - 0.0%
  
  
  
GigaCloud Technology Inc Class A (b)(c)
  
20,832
365,810
Diversified Consumer Services - 0.0%
  
  
  
SunCar Technology Group Inc Class A (b)(c)
  
34,865
92,741
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Melco Resorts & Entertainment Ltd ADR (c)
  
110,043
691,070
Household Durables - 0.0%
  
  
  
Fenbo Holdings Ltd (b)(c)
  
3,296
3,362
TOTAL CONSUMER DISCRETIONARY
  
  
1,478,221
 
  
  
  
Consumer Staples - 0.0%
  
  
  
Personal Care Products - 0.0%
  
  
  
Natural Health Trends Corp
 
4,971
24,358
Financials - 0.1%
  
  
  
Capital Markets - 0.1%
  
  
  
Futu Holdings Ltd Class A ADR
 
58,926
6,006,327
Garden Stage Ltd (b)(c)
  
4,543
3,276
Magic Empire Global Ltd Class A (b)(c)
  
1,372
1,722
Solowin Holdings Class A (b)(c)
  
7,878
13,471
TOP Financial Group Ltd (c)
  
11,095
13,758
 
  
  
6,038,554
Financial Services - 0.0%
  
  
  
Triller Group Inc (b)(c)
  
89,653
63,654
YHN Acquisition I Ltd
 
2,266
23,226
 
  
  
86,880
TOTAL FINANCIALS
  
  
6,125,434
 
  
  
  
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Regencell Bioscience Holdings Ltd (b)(c)
  
6,816
5,977,632
Industrials - 0.0%
  
  
  
Building Products - 0.0%
  
  
  
Intelligent Living Application Group Inc (b)(c)
  
8,624
3,363
Commercial Services & Supplies - 0.0%
  
  
  
Guardforce AI Co Ltd (b)(c)
  
3,551
4,084
SU Group Holdings Ltd (b)(c)
  
4,000
3,244
 
  
  
7,328
Construction & Engineering - 0.0%
  
  
  
Ming Shing Group Holdings Ltd (b)(c)
  
4,071
15,592
Skyline Builders Group Holding Ltd Class A (b)
  
16,786
168,028
Wang & Lee Group Inc (c)
  
7,802
1,651
 
  
  
185,271
Trading Companies & Distributors - 0.0%
  
  
  
Euro Tech Holdings Co Ltd (b)
  
4,600
5,198
TOTAL INDUSTRIALS
  
  
201,160
 
  
  
  
Information Technology - 0.0%
  
  
  
Communications Equipment - 0.0%
  
  
  
UTStarcom Holdings Corp (c)
  
12,236
30,590
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
CCSC Technology International Holdings Ltd (c)
  
6,233
7,105
TROOPS Inc (c)
  
59,280
43,577
 
  
  
50,682
IT Services - 0.0%
  
  
  
Alpha Technology Group Ltd Class A (b)(c)
  
8,986
240,465
Software - 0.0%
  
  
  
Diginex Ltd (b)
  
11,964
643,784
TOTAL INFORMATION TECHNOLOGY
  
  
965,521
 
  
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
China Natural Resources Inc (c)
  
1,464
833
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Reitar Logtech Holdings Ltd Class A (b)(c)
  
6,726
22,599
TOTAL HONG KONG
  
  
14,887,346
INDIA - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Sify Technologies Ltd ADR (c)
  
5,397
27,093
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
MakeMyTrip Ltd (c)
  
41,829
4,251,081
Yatra Online Inc (c)
  
25,535
25,280
 
  
  
4,276,361
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
ReNew Energy Global PLC Class A (b)(c)
  
156,093
1,062,993
TOTAL INDIA
  
  
5,366,447
IRELAND - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Carbon Revolution PLC (b)(c)
  
429
1,330
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Amarin Corp PLC ADR (c)
  
7,732
89,614
Prothena Corp PLC (c)
  
40,717
186,891
 
  
  
276,505
Health Care Equipment & Supplies - 0.0%
  
  
  
Trinity Biotech PLC ADR (c)
  
16,642
10,704
Pharmaceuticals - 0.0%
  
  
  
Artelo Biosciences Inc (b)(c)
  
3,253
3,448
GH Research PLC (c)
  
34,492
414,939
 
  
  
418,387
TOTAL HEALTH CARE
  
  
705,596
 
  
  
  
Industrials - 0.0%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
Cimpress PLC (c)
  
15,589
689,969
Electrical Equipment - 0.0%
  
  
  
Ads-Tec Energy PLC (b)(c)
  
35,572
444,650
TOTAL INDUSTRIALS
  
  
1,134,619
 
  
  
  
TOTAL IRELAND
  
  
1,841,545
ISRAEL - 0.3%
 
  
  
Communication Services - 0.0%
  
  
  
Interactive Media & Services - 0.0%
  
  
  
Taboola.com Ltd (c)
  
212,493
786,224
Media - 0.0%
  
  
  
Nexxen International Ltd ADR (c)
  
43,872
509,793
Perion Network Ltd (b)(c)
  
40,510
429,811
 
  
  
939,604
TOTAL COMMUNICATION SERVICES
  
  
1,725,828
 
  
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Mobileye Global Inc Class A (b)(c)
  
56,571
919,279
REE Automotive Ltd Class A (b)(c)
  
7,288
5,619
 
  
  
924,898
Broadline Retail - 0.0%
  
  
  
Global-e Online Ltd (c)
  
99,522
3,171,766
TOTAL CONSUMER DISCRETIONARY
  
  
4,096,664
 
  
  
  
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
G Willi-Food International Ltd
 
5,975
94,584
Personal Care Products - 0.0%
  
  
  
Oddity Tech Ltd Class A (c)
  
26,677
1,985,569
TOTAL CONSUMER STAPLES
  
  
2,080,153
 
  
  
  
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Etoro Group Ltd
 
26,443
1,565,426
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Collplant Biotechnologies Ltd (c)
  
5,925
18,842
Compugen Ltd (b)(c)
  
50,395
74,081
Enlivex Therapeutics Ltd (b)(c)
  
5,686
5,299
Entera Bio Ltd (c)
  
21,136
38,890
Evogene Ltd (United States) (c)
  
4,198
4,534
Kamada Ltd (United States)
 
29,289
200,630
NeuroSense Therapeutics Ltd unit (b)(c)
  
15,870
24,440
Quoin Pharmaceuticals Ltd rights (c)(d)
  
3,438,400
33
XTL Biopharmaceuticals Ltd ADR (b)(c)
  
8,903
10,684
 
  
  
377,433
Health Care Equipment & Supplies - 0.0%
  
  
  
Alpha Tau Medical Ltd Class A (c)
  
37,893
113,111
Brainsway Ltd ADR (c)
  
5,012
51,122
Icecure Medical Ltd (b)(c)
  
40,453
42,476
Inspira Technologies Oxy BHN Ltd (b)(c)
  
2,924
1,783
InspireMD Inc (b)(c)
  
18,244
46,705
Lifeward Ltd (b)(c)
  
2,609
3,209
 
  
  
258,406
Health Care Providers & Services - 0.0%
  
  
  
Nano-X Imaging Ltd (b)(c)
  
44,418
227,420
Pharmaceuticals - 0.0%
  
  
  
Intercure Ltd (United States) (b)(c)
  
22,539
35,612
MediWound Ltd (b)(c)
  
6,939
152,380
Oramed Pharmaceuticals Inc (b)(c)
  
24,282
56,820
Sol-Gel Technologies Ltd (b)(c)
  
1,340
9,661
 
  
  
254,473
TOTAL HEALTH CARE
  
  
1,117,732
 
  
  
  
Industrials - 0.1%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
A2Z Cust2Mate Solutions Corp (b)(c)
  
10,012
94,413
Elbit Systems Ltd (United States)
 
26,533
10,868,050
 
  
  
10,962,463
Air Freight & Logistics - 0.0%
  
  
  
Freightos Ltd (c)
  
26,054
54,713
Electrical Equipment - 0.0%
  
  
  
Zooz Power Ltd (United States) (c)
  
2,699
3,104
Machinery - 0.0%
  
  
  
Kornit Digital Ltd (c)
  
22,273
485,552
Nano Dimension Ltd ADR (b)(c)
  
173,079
268,272
 
  
  
753,824
TOTAL INDUSTRIALS
  
  
11,774,104
 
  
  
  
Information Technology - 0.2%
  
  
  
Communications Equipment - 0.0%
  
  
  
AudioCodes Ltd
 
17,801
167,863
Ceragon Networks Ltd (c)
  
46,357
105,230
Gilat Satellite Networks Ltd (United States) (b)(c)
  
31,063
173,021
Ituran Location and Control Ltd
 
11,410
434,550
Silicom Ltd (c)
  
4,848
74,514
 
  
  
955,178
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Arbe Robotics Ltd (b)(c)
  
31,120
51,348
Eltek Ltd
 
4,564
46,325
Gauzy Ltd (b)(c)
  
3,068
25,188
Innoviz Technologies Ltd (b)(c)
  
73,200
66,612
Nayax Ltd (United States) (b)(c)
  
20,182
902,135
Rail Vision Ltd (b)(c)
  
12,704
4,792
 
  
  
1,096,400
IT Services - 0.0%
  
  
  
Formula Systems 1985 Ltd ADR (b)
  
193
20,464
Hub Cyber Security Ltd (b)(c)
  
3,278
7,375
Wix.com Ltd (c)
  
32,576
4,852,195
 
  
  
4,880,034
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Camtek Ltd/Israel (b)(c)
  
27,184
1,808,823
Nova Ltd (b)(c)
  
17,404
3,717,843
Tower Semiconductor Ltd (United States) (c)
  
66,364
2,617,396
 
  
  
8,144,062
Software - 0.2%
  
  
  
Alarum Technologies Ltd ADR (b)(c)
  
2,975
20,111
Allot Ltd (c)
  
21,262
183,278
Beamr Imaging Ltd (b)(c)
  
7,991
23,174
Cellebrite DI Ltd (c)
  
129,013
2,151,937
Check Point Software Technologies Ltd (c)
  
64,979
14,872,395
Cognyte Software Ltd (c)
  
50,913
555,206
Magic Software Enterprises Ltd (b)
  
32,892
520,680
My Size Inc (b)(c)
  
1,815
2,142
Nice Ltd ADR (c)
  
29,239
4,851,627
RADCOM Ltd (b)(c)
  
13,668
183,288
Radware Ltd (c)
  
27,195
634,187
Sapiens International Corp NV
 
33,056
948,707
 
  
  
24,946,732
Technology Hardware, Storage & Peripherals - 0.0%
  
  
  
Wearable Devices Ltd (c)
  
1
2
TOTAL INFORMATION TECHNOLOGY
  
  
40,022,408
 
  
  
  
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Enlight Renewable Energy Ltd (United States) (c)
  
72,943
1,422,389
TOTAL ISRAEL
  
  
63,804,704
ITALY - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Passenger Airlines - 0.0%
  
  
  
Ryanair Holdings PLC ADR
 
135,060
7,509,336
JAPAN - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Allegro MicroSystems Inc (c)
  
110,947
2,812,506
Toyo Co Ltd
 
53,111
185,889
 
  
  
2,998,395
Software - 0.0%
  
  
  
Heartcore Enterprise Inc (b)
  
12,158
8,021
TOTAL JAPAN
  
  
3,006,416
JORDAN - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Insurance - 0.0%
  
  
  
International General Insurance Holdings Ltd (b)
  
27,877
650,649
KAZAKHSTAN - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Capital Markets - 0.0%
  
  
  
Freedom Holding Corp/NV (b)(c)
  
37,156
6,163,809
Consumer Finance - 0.1%
  
  
  
Kaspi.KZ JSC ADR
 
116,731
9,311,048
TOTAL KAZAKHSTAN
  
  
15,474,857
KOREA (SOUTH) - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Entertainment - 0.0%
  
  
  
DoubleDown Interactive Co Ltd ADR (b)(c)
  
4,819
47,997
Gravity Co Ltd ADR (c)
  
2,409
155,284
 
  
  
203,281
Interactive Media & Services - 0.0%
  
  
  
Global Interactive Technologies Inc (b)(c)
  
1,314
3,167
Webtoon Entertainment Inc (c)
  
75,942
667,530
 
  
  
670,697
TOTAL COMMUNICATION SERVICES
  
  
873,978
 
  
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Artiva Biotherapeutics Inc (b)(c)
  
3,758
7,253
TOTAL KOREA (SOUTH)
  
  
881,231
LUXEMBOURG - 0.0%
 
  
  
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Moolec Science SA (c)
  
1,365
10,251
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Alvotech SA (b)(c)
  
163,526
1,870,738
TOTAL LUXEMBOURG
  
  
1,880,989
MALAYSIA - 0.0%
 
  
  
Consumer Staples - 0.0%
  
  
  
Personal Care Products - 0.0%
  
  
  
DSwiss Inc (b)(c)(d)
  
7,648
0
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
CBL International Ltd (b)(c)
  
13,001
11,220
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Agape ATP Corp (b)(c)
  
1,719
2,974
Industrials - 0.0%
  
  
  
Trading Companies & Distributors - 0.0%
  
  
  
BioNexus Gene Lab Corp (b)(c)
  
2,368
10,159
Information Technology - 0.0%
  
  
  
IT Services - 0.0%
  
  
  
ARB IOT Group Ltd (b)(c)
  
9,785
5,117
TOTAL MALAYSIA
  
  
29,470
MALTA - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Media - 0.0%
  
  
  
Gambling.com Group Ltd (c)
  
21,702
255,867
MARSHALL ISLANDS REPUBLIC OF - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Heidmar Maritime Holdings Corp (b)
  
36,626
69,223
Imperial Petroleum Inc (b)(c)
  
13,415
38,367
 
  
  
  
TOTAL MARSHALL ISLANDS REPUBLIC OF
  
  
107,590
MEXICO - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Transportation Infrastructure - 0.0%
  
  
  
Grupo Aeroportuario del Centro Norte SAB de CV Class B ADR
 
2,505
248,646
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Murano Global Investments PLC (b)(c)
  
7,492
72,523
TOTAL MEXICO
  
  
321,169
MOROCCO - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
Addentax Group Corp (b)(c)
  
1,279
1,150
NETHERLANDS - 0.6%
 
  
  
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Coincheck Group NV (b)
  
21,003
105,015
Health Care - 0.1%
  
  
  
Biotechnology - 0.1%
  
  
  
Argenx SE ADR (b)(c)
  
18,941
10,858,118
LAVA Therapeutics NV (b)(c)
  
14,170
18,562
Merus NV (c)
  
34,243
1,920,005
Newamsterdam Pharma Co NV (b)(c)
  
55,006
996,159
Pharming Group NV ADR (b)(c)
  
2,093
23,316
ProQR Therapeutics NV (c)
  
48,822
81,045
uniQure NV (c)
  
26,851
388,534
 
  
  
14,285,739
Pharmaceuticals - 0.0%
  
  
  
Pharvaris NV (c)
  
34,126
566,491
TOTAL HEALTH CARE
  
  
14,852,230
 
  
  
  
Information Technology - 0.5%
  
  
  
Semiconductors & Semiconductor Equipment - 0.5%
  
  
  
ASML Holding NV depository receipt
 
53,363
39,316,258
NXP Semiconductors NV
 
149,457
28,565,716
 
  
  
67,881,974
Software - 0.0%
  
  
  
Nebius Group NV Class A (b)(c)
  
118,828
4,366,929
TOTAL INFORMATION TECHNOLOGY
  
  
72,248,903
 
  
  
  
TOTAL NETHERLANDS
  
  
87,206,148
NORWAY - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Marine Transportation - 0.0%
  
  
  
Golden Ocean Group Ltd (b)
  
120,549
928,227
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Opera Ltd ADR
 
19,937
365,844
TOTAL NORWAY
  
  
1,294,071
PAKISTAN - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Wireless Telecommunication Services - 0.0%
  
  
  
VEON Ltd ADR (c)
  
35,363
1,872,471
PHILIPPINES - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Professional Services - 0.0%
  
  
  
TaskUS Inc Class A (b)(c)
  
7,837
130,094
POLAND - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Atlas Lithium Corp (b)(c)
  
8,957
35,380
PUERTO RICO - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Liberty Latin America Ltd Class A (c)
  
1,495
7,340
Liberty Latin America Ltd Class C (c)
  
139,388
696,940
 
  
  
704,280
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Popular Inc
 
42,221
4,371,141
TOTAL PUERTO RICO
  
  
5,075,421
RUSSIA - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Broadline Retail - 0.0%
  
  
  
Ozon Holdings PLC ADR (b)(c)(d)
  
32,600
0
SINGAPORE - 0.1%
 
  
  
Communication Services - 0.0%
  
  
  
Entertainment - 0.0%
  
  
  
GCL Global Holdings Ltd (b)
  
2,985
7,671
Interactive Media & Services - 0.0%
  
  
  
MoneyHero Ltd Class A (b)(c)
  
48,307
36,226
TOTAL COMMUNICATION SERVICES
  
  
43,897
 
  
  
  
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Davis Commodities Ltd (c)
  
11,987
6,713
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
PTL Ltd (b)
  
5,341
7,531
Financials - 0.0%
  
  
  
Financial Services - 0.0%
  
  
  
DigiAsia Corp Class A (b)(c)
  
14,176
18,854
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Cytomed Therapeutics Ltd (b)(c)
  
4,854
11,164
Health Care Providers & Services - 0.0%
  
  
  
Euda Health Holdings Ltd (b)(c)
  
16,038
57,416
Pharmaceuticals - 0.0%
  
  
  
Scilex Holding Co (b)(c)
  
2,265
11,597
TOTAL HEALTH CARE
  
  
80,177
 
  
  
  
Industrials - 0.1%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
Primech Holdings Ltd (b)(c)
  
16,381
20,149
Ground Transportation - 0.1%
  
  
  
Grab Holdings Ltd Class A (c)
  
2,318,800
11,292,556
Trading Companies & Distributors - 0.0%
  
  
  
Simpple Ltd (c)
  
99
294
TOTAL INDUSTRIALS
  
  
11,312,999
 
  
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Kulicke & Soffa Industries Inc
 
33,199
1,067,348
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Ohmyhome LTD (c)
  
440
861
TOTAL SINGAPORE
  
  
12,538,380
SOUTH AFRICA - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Financial Services - 0.0%
  
  
  
Lesaka Technologies Inc (b)(c)
  
35,318
149,748
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Karooooo Ltd
 
19,093
1,059,662
TOTAL SOUTH AFRICA
  
  
1,209,410
SPAIN - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Codere Online Luxembourg SA (b)(c)
  
13,600
98,464
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Grifols SA Class B ADR (c)
  
72,167
599,708
TOTAL SPAIN
  
  
698,172
SWEDEN - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Aprea Therapeutics Inc (c)
  
2,100
3,654
Pharmaceuticals - 0.0%
  
  
  
Dova Pharmaceuticals Inc rights (c)(d)
  
23,572
0
TOTAL HEALTH CARE
  
  
3,654
 
  
  
  
Information Technology - 0.0%
  
  
  
Communications Equipment - 0.0%
  
  
  
Telefonaktiebolaget LM Ericsson Class B ADR
 
184,390
1,559,940
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Eco Wave Power Global AB ADR (c)
  
2,732
16,064
TOTAL SWEDEN
  
  
1,579,658
SWITZERLAND - 0.1%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Sunrise Communications AG ADR (b)
  
20,599
1,056,935
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Garrett Motion Inc
 
130,587
1,384,222
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
AC Immune SA (c)
  
63,341
108,313
CRISPR Therapeutics AG (b)(c)
  
47,689
1,730,634
Molecular Partners AG ADR (b)(c)
  
1,070
4,120
 
  
  
1,843,067
Health Care Technology - 0.0%
  
  
  
Sophia Genetics SA (c)
  
40,573
121,719
Pharmaceuticals - 0.0%
  
  
  
Oculis Holding AG (b)(c)
  
23,052
448,361
TOTAL HEALTH CARE
  
  
2,413,147
 
  
  
  
Information Technology - 0.1%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
SEALSQ Corp (b)(c)
  
12,915
43,265
WISeKey International Holding Ltd ADR (b)(c)
  
1,436
8,932
 
  
  
52,197
Technology Hardware, Storage & Peripherals - 0.1%
  
  
  
Logitech International SA (United States)
 
88,421
7,317,722
TOTAL INFORMATION TECHNOLOGY
  
  
7,369,919
 
  
  
  
TOTAL SWITZERLAND
  
  
12,224,223
TAIWAN - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Entertainment - 0.0%
  
  
  
GigaMedia Ltd (c)
  
1,210
1,730
Consumer Discretionary - 0.0%
  
  
  
Automobiles - 0.0%
  
  
  
Gogoro Inc (b)(c)
  
133,621
33,004
Industrials - 0.0%
  
  
  
Electrical Equipment - 0.0%
  
  
  
Asia Pacific Wire & Cable Corp Ltd (c)
  
107,599
173,234
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
ChipMOS Technologies Inc ADR
 
3,698
69,448
Himax Technologies Inc ADR
 
62,575
509,987
SemiLEDs Corp/Taiwan (b)(c)
  
9,480
28,250
Silicon Motion Technology Corp ADR
 
19,983
1,222,961
 
  
  
1,830,646
Software - 0.0%
  
  
  
Gorilla Technology Group Inc (b)(c)
  
6,456
112,205
TOTAL INFORMATION TECHNOLOGY
  
  
1,942,851
 
  
  
  
TOTAL TAIWAN
  
  
2,150,819
TURKEY - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Broadline Retail - 0.0%
  
  
  
D-Market Elektronik Hizmetler Ve Ticaret Anonim Sirketi ADR (b)(c)
  
66,391
176,600
UNITED ARAB EMIRATES - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobiles - 0.0%
  
  
  
NWTN Inc Class B (b)(c)
  
109,319
167,258
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Brooge Energy Ltd (b)(c)
  
37,918
64,461
TOTAL UNITED ARAB EMIRATES
  
  
231,719
UNITED KINGDOM - 0.3%
 
  
  
Communication Services - 0.0%
  
  
  
Wireless Telecommunication Services - 0.0%
  
  
  
Vodafone Group PLC ADR
 
199,135
2,059,056
Consumer Staples - 0.1%
  
  
  
Beverages - 0.1%
  
  
  
Coca-Cola Europacific Partners PLC
 
270,440
24,823,688
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
TORM PLC Class A (United States) (b)
  
53,920
861,642
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Marex Group PLC
 
42,299
1,825,625
Financial Services - 0.0%
  
  
  
Tavia Acquisition Corp
 
3,737
37,856
TOTAL FINANCIALS
  
  
1,863,481
 
  
  
  
Health Care - 0.2%
  
  
  
Biotechnology - 0.0%
  
  
  
Autolus Therapeutics PLC ADR (b)(c)
  
86,256
150,948
Barinthus Biotherapeutics PLC ADR (c)
  
11,568
12,493
Bicycle Therapeutics PLC ADR (c)
  
21,377
175,719
Compass Pathways Plc ADR (b)(c)
  
42,169
175,423
F-star Therapeutics Inc rights (c)(d)
  
1,855
0
F-star Therapeutics Inc rights (c)(d)
  
1,855
0
Immunocore Holdings PLC ADR (c)
  
20,458
748,764
Mereo Biopharma Group PLC ADR (c)
  
92,156
198,135
Silence Therapeutics PLC ADR (b)(c)
  
29,417
171,795
Tiziana Life Sciences Ltd (b)(c)
  
77,885
105,924
Zura Bio Ltd Class A (c)
  
37,939
38,318
 
  
  
1,777,519
Health Care Technology - 0.0%
  
  
  
OneMedNet Corp Class A (c)
  
17,970
7,164
Pharmaceuticals - 0.2%
  
  
  
Astrazeneca PLC ADR
 
344,384
25,081,488
Astrazeneca PLC rights (c)(d)
  
216,670
2
Astrazeneca PLC rights (c)(d)
  
41,907
0
CinCor Pharma Inc rights (c)(d)
  
24,312
0
Indivior PLC (United States) (b)(c)
  
82,616
1,062,442
Opiant Pharmaceuticals Inc rights (c)(d)
  
3,728
0
Verona Pharma PLC ADR (c)
  
40,642
3,300,130
 
  
  
29,444,062
TOTAL HEALTH CARE
  
  
31,228,745
 
  
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Argo Blockchain PLC ADR (b)(c)
  
10,441
3,781
Arqit Quantum Inc (b)(c)
  
7,216
155,577
 
  
  
159,358
TOTAL UNITED KINGDOM
  
  
60,995,970
UNITED STATES - 96.1%
 
  
  
Communication Services - 14.9%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Anterix Inc (c)
  
14,722
391,458
AST SpaceMobile Inc Class A (b)(c)
  
119,083
2,747,245
Atn International Inc
 
9,505
135,066
Bandwidth Inc Class A (c)
  
17,253
241,887
Cogent Communications Holdings Inc (b)
  
29,987
1,370,706
Frontier Communications Parent Inc (c)
  
136,045
4,928,910
GCI Liberty Inc Class A (c)(d)
  
58,891
0
Globalstar Inc (c)
  
75,976
1,402,517
Iridium Communications Inc
 
66,326
1,684,680
NextPlat Corp (b)(c)
  
37,686
24,684
Shenandoah Telecommunications Co
 
34,291
431,381
 
  
  
13,358,534
Entertainment - 2.1%
  
  
  
Atlanta Braves Holdings Inc Class A (b)(c)
  
14,692
638,367
Atlanta Braves Holdings Inc Class C (c)
  
25,987
1,055,332
Cineverse Corp (c)
  
7,360
25,760
CuriosityStream Inc Class A
 
32,290
220,218
Electronic Arts Inc
 
153,658
22,092,947
Gaia Inc Class A (c)
  
13,031
66,849
Golden Matrix Group Inc (b)(c)
  
54,936
102,181
Liberty Media Corp-Liberty Formula One Class A (c)
  
13,127
1,156,751
Liberty Media Corp-Liberty Formula One Class C (c)
  
133,049
12,843,220
Liberty Media Corp-Liberty Live Class A (c)
  
13,537
972,769
Liberty Media Corp-Liberty Live Class C (c)
  
39,623
2,890,498
LiveOne Inc (c)
  
60,447
44,670
Netflix Inc (c)
  
251,808
303,990,172
Playstudios Inc Class A (c)
  
69,240
92,782
Playtika Holding Corp
 
139,828
662,785
PodcastOne Inc (c)
  
9,883
19,370
Reading International Inc Class A (c)
  
21,533
29,285
Reservoir Media Inc (b)(c)
  
35,697
278,437
Roku Inc Class A (c)
  
76,308
5,529,278
Take-Two Interactive Software Inc (c)
  
104,422
23,628,610
TruGolf Holdings Inc Class A (b)(c)
  
3,537
831
Vivid Seats Inc Class A (b)(c)
  
77,225
120,471
Warner Bros Discovery Inc (c)
  
1,457,252
14,528,802
Warner Music Group Corp Class A
 
81,386
2,142,080
 
  
  
393,132,465
Interactive Media & Services - 10.8%
  
  
  
Alphabet Inc Class A
 
3,430,519
589,157,333
Alphabet Inc Class C
 
3,233,188
558,856,546
Angi Inc Class A (c)
  
26,829
419,874
Bumble Inc Class A (c)
  
70,257
394,844
Cargurus Inc Class A (c)
  
52,775
1,653,969
EverQuote Inc Class A (c)
  
17,517
403,767
IAC Inc Class A (b)(c)
  
48,544
1,745,642
Intelligent Protection Management Corp (c)
  
3,101
6,605
IZEA Worldwide Inc (c)
  
6,680
19,238
Match Group Inc
 
146,870
4,397,288
Meta Platforms Inc Class A
 
1,288,116
834,042,229
Outbrain Inc (c)
  
26,800
69,144
QuinStreet Inc (c)
  
34,350
524,525
Rumble Inc Class A (b)(c)
  
133,112
1,199,339
Travelzoo (b)(c)
  
6,862
94,970
TripAdvisor Inc Class A
 
74,271
1,057,619
TrueCar Inc (c)
  
56,073
81,306
Trump Media & Technology Group Corp (b)(c)
  
129,582
2,763,984
Vimeo Inc Class A (c)
  
101,258
441,485
Ziff Davis Inc (c)
  
25,793
836,725
ZoomInfo Technologies Inc (c)
  
174,433
1,665,835
 
  
  
1,999,832,267
Media - 1.0%
  
  
  
Advantage Solutions Inc Class A (b)(c)
  
112,171
133,483
AMC Networks Inc Class A (c)
  
27,869
184,214
Beasley Broadcast Group Inc Class A (b)(c)
  
14,109
62,644
Cardlytics Inc (b)(c)
  
32,711
59,207
Charter Communications Inc Class A (c)
  
83,731
33,180,083
Comcast Corp Class A
 
2,221,709
76,804,480
comScore Inc (c)
  
2,640
12,118
EchoStar Corp Class A (b)(c)
  
83,561
1,481,537
EW Scripps Co/The Class A (c)
  
53,023
117,711
Fluent Inc (c)
  
7,084
12,751
Fox Corp Class A
 
128,242
7,045,615
Fox Corp Class B
 
135,528
6,814,348
Harte Hanks Inc (c)
  
5,634
26,311
iHeartMedia Inc Class A (c)
  
62,061
81,300
Integral Ad Science Holding Corp (b)(c)
  
108,505
883,231
Lee Enterprises Inc (b)(c)
  
2,469
15,184
Lendway Inc (c)
  
1,817
9,612
Liberty Broadband Corp Class A (c)
  
10,955
1,017,719
Liberty Broadband Corp Class C (c)
  
73,092
6,856,030
Loyalty Ventures Inc (c)(d)
  
32,234
0
Magnite Inc (c)
  
81,950
1,340,702
Marchex Inc Class B (c)
  
31,616
50,586
Mediaco Holding Inc Class A (b)(c)
  
24,810
30,764
National CineMedia Inc (b)
  
50,627
275,917
News Corp Class A
 
213,441
6,027,574
News Corp Class B (b)
  
111,220
3,639,118
Nexstar Media Group Inc
 
17,215
2,933,780
Paramount Global Class A (b)
  
17,720
401,358
Paramount Global Class B (b)
  
390,825
4,728,983
PubMatic Inc Class A (c)
  
22,060
258,102
Saga Communications Inc Class A
 
2,555
31,299
Scholastic Corp (b)
  
18,969
327,595
Sinclair Inc Class A (b)
  
29,751
417,407
Sirius XM Holdings Inc
 
199,045
4,315,296
Stagwell Inc Class A (c)
  
72,615
323,863
Stran & Co Inc (c)
  
1,570
1,774
TechTarget Inc/old (b)
  
47,887
387,406
Thryv Holdings Inc (c)
  
32,025
425,933
Trade Desk Inc (The) Class A (c)
  
265,886
19,999,945
Urban One Inc Class A (b)(c)
  
4,568
7,857
Urban One Inc Class D (c)
  
21,932
15,352
 
  
  
180,738,189
Wireless Telecommunication Services - 0.9%
  
  
  
Gogo Inc (b)(c)
  
75,352
799,485
NII Holdings Inc (c)(d)
  
5,182
0
Spok Holdings Inc
 
16,378
265,324
SurgePays Inc (c)
  
15,080
41,470
T-Mobile US Inc
 
672,190
162,804,418
 
  
  
163,910,697
TOTAL COMMUNICATION SERVICES
  
  
2,750,972,152
 
  
  
  
Consumer Discretionary - 13.9%
  
  
  
Automobile Components - 0.1%
  
  
  
Dorman Products Inc (c)
  
18,883
2,441,761
Fox Factory Holding Corp (c)
  
27,037
693,499
Gentex Corp
 
134,261
2,896,010
Gentherm Inc (c)
  
19,893
544,372
Goodyear Tire & Rubber Co/The (c)
  
169,954
1,939,175
Luminar Technologies Inc Class A (b)(c)
  
9,539
34,245
Motorcar Parts of America Inc (c)
  
18,120
201,857
Patrick Industries Inc
 
19,746
1,695,392
Solid Power Inc (b)(c)
  
64,617
100,803
Strattec Security Corp (c)
  
2,491
139,446
Sypris Solutions Inc (b)(c)
  
10,850
21,374
Visteon Corp (c)
  
16,774
1,416,145
Worksport Ltd (b)(c)
  
675
1,916
XPEL Inc (c)(e)
  
17,345
623,900
 
  
  
12,749,895
Automobiles - 3.6%
  
  
  
Cenntro Inc (c)
  
24,696
21,115
Faraday Future Intelligent Electric Inc Class A (b)(c)
  
19,710
22,667
Lucid Group Inc Class A (b)(c)
  
1,650,579
3,680,791
Rivian Automotive Inc Class A (b)(c)
  
669,353
9,725,699
Tesla Inc (c)
  
1,892,913
655,818,638
Workhorse Group Inc (b)(c)
  
6,558
5,869
 
  
  
669,274,779
Broadline Retail - 7.1%
  
  
  
1stdibs.Com Inc (c)
  
24,945
62,612
Amazon.com Inc (c)
  
6,233,397
1,277,908,719
ContextLogic Inc Class A (c)
  
15,747
129,125
eBay Inc (b)
  
274,755
20,103,823
Etsy Inc (c)
  
61,825
3,422,014
Groupon Inc (b)(c)
  
24,975
727,522
Hour Loop Inc (c)
  
19,584
24,872
Ollie's Bargain Outlet Holdings Inc (c)
  
36,507
4,068,705
 
  
  
1,306,447,392
Distributors - 0.1%
  
  
  
A-Mark Precious Metals Inc
 
13,443
265,230
Alliance Entertainment Holding Corp Class A (b)(c)
  
13,311
38,336
Educational Development Corp (c)
  
7,081
9,630
LKQ Corp
 
152,728
6,180,902
Pool Corp (b)
  
22,205
6,674,601
Weyco Group Inc (b)
  
6,799
213,217
 
  
  
13,381,916
Diversified Consumer Services - 0.1%
  
  
  
American Public Education Inc (c)
  
13,251
390,242
Amesite Inc (b)(c)
  
3,609
9,889
Duolingo Inc Class A (c)
  
23,024
11,963,501
EpicQuest Education Group Inte (c)
  
8,584
5,347
European Wax Center Inc Class A (c)
  
31,988
162,819
Frontdoor Inc (c)
  
44,784
2,463,568
Grand Canyon Education Inc (c)
  
16,994
3,362,178
Laureate Education Inc (c)
  
92,577
2,082,983
Lincoln Educational Services Corp (c)
  
24,123
574,127
Matthews International Corp Class A (b)
  
18,239
391,227
Mister Car Wash Inc (c)
  
193,239
1,368,132
Perdoceo Education Corp
 
40,804
1,388,968
Regis Corp (c)
  
1,245
27,091
Strategic Education Inc
 
14,254
1,300,392
Udemy Inc (c)
  
90,650
663,558
 
  
  
26,154,022
Hotels, Restaurants & Leisure - 2.0%
  
  
  
Airbnb Inc Class A (c)
  
255,077
32,904,933
Allied Gaming & Entertainment Inc (c)
  
25,578
76,990
BJ's Restaurants Inc (c)
  
13,822
616,599
Bloomin' Brands Inc (b)
  
50,630
386,307
Booking Holdings Inc
 
19,247
106,222,846
Caesars Entertainment Inc (c)
  
123,456
3,318,497
Canterbury Park Holding Corp
 
422
7,494
Century Casinos Inc (c)
  
16,194
32,064
Cheesecake Factory Inc/The (b)
  
31,334
1,728,697
Churchill Downs Inc
 
42,715
4,078,001
Cracker Barrel Old Country Store Inc (b)
  
10,499
603,063
Dave & Buster's Entertainment Inc (b)(c)
  
25,282
555,193
Denny's Corp (b)(c)
  
38,087
145,492
Domino's Pizza Inc
 
20,035
9,492,984
DoorDash Inc Class A (c)
  
232,455
48,501,736
DraftKings Inc Class A (c)
  
287,229
10,305,777
El Pollo Loco Holdings Inc (c)
  
18,467
193,904
Empire Resorts Inc (c)(d)
  
17,333
0
Expedia Group Inc Class A
 
72,317
12,058,860
FAT Brands Inc Class A (b)
  
1,147
2,511
FAT Brands Inc Class B
 
10,930
27,872
First Watch Restaurant Group Inc (c)
  
40,624
627,235
Full House Resorts Inc (b)(c)
  
18,076
57,482
GEN Restaurant Group Inc Class A (c)
  
2,798
9,233
Golden Entertainment Inc
 
16,184
461,730
Good Times Restaurants Inc (c)
  
9,092
14,638
Inspirato Inc Class A (b)(c)
  
3,298
12,005
Inspired Entertainment Inc (c)
  
15,862
124,041
Jack in the Box Inc (b)
  
11,357
215,386
Krispy Kreme Inc (b)
  
111,359
321,828
Kura Sushi USA Inc Class A (c)
  
5,992
395,832
Light & Wonder Inc Class A (c)
  
52,097
4,694,982
Lindblad Expeditions Holdings Inc (c)
  
30,730
322,665
Lottery.com Inc (b)(c)
  
1,219
1,815
Marriott International Inc/MD Class A1
 
161,679
42,655,771
Monarch Casino & Resort Inc
 
10,696
895,683
Nathan's Famous Inc
 
3,678
393,472
Noodles & Co Class A (c)
  
26,105
20,291
ONE Group Hospitality Inc/The (c)
  
17,098
58,817
Papa John's International Inc (b)
  
19,824
897,036
Penn Entertainment Inc (c)
  
90,719
1,345,363
Playa Hotels & Resorts NV (c)
  
68,164
917,487
Portillo's Inc Class A (c)
  
39,638
475,656
Potbelly Corp (c)
  
17,412
185,786
Rave Restaurant Group Inc (c)
  
4,962
13,695
Rci Hospitality Holdings Inc
 
5,507
221,547
Red Robin Gourmet Burgers Inc (c)
  
29,658
151,256
Red Rock Resorts Inc Class A
 
35,108
1,687,642
Sabre Corp (c)
  
225,407
568,026
Serve Robotics Inc (b)(c)
  
32,588
381,280
Sonder Holdings Inc (b)(c)
  
3,943
6,978
Sportradar Holding AG Class A (c)
  
119,949
2,867,981
Starbucks Corp
 
665,812
55,894,917
Target Hospitality Corp (c)
  
61,089
446,561
Texas Roadhouse Inc
 
38,600
7,535,106
Twin Hospitality Group Inc Class A (b)
  
1,835
8,055
Wendy's Co/The (b)
  
121,041
1,379,867
Wingstop Inc
 
17,229
5,887,149
Wynn Resorts Ltd (b)
  
63,102
5,713,255
 
  
  
369,127,369
Household Durables - 0.0%
  
  
  
Aterian Inc (b)(c)
  
1,623
2,483
Bassett Furniture Industries Inc
 
4,416
73,615
Cavco Industries Inc (c)
  
4,742
2,056,107
Cricut Inc Class A
 
11,690
70,841
Flexsteel Industries Inc
 
3,070
93,236
Helen of Troy Ltd (c)
  
12,265
329,806
Hooker Furnishings Corp (b)
  
6,220
61,080
iRobot Corp (b)(c)
  
6,406
19,666
Koss Corp (b)(c)
  
2,071
12,053
Landsea Homes Corp Class A (c)
  
27,139
305,857
Legacy Housing Corp (b)(c)
  
15,043
335,308
LGI Homes Inc (c)
  
14,121
707,462
Lifetime Brands Inc
 
13,509
44,985
Live Ventures Inc (c)
  
1,687
36,557
Lovesac Co/The (c)
  
8,426
161,274
Newell Brands Inc
 
255,315
1,353,170
Purple Innovation Inc Class A (c)
  
31,058
24,741
Sonos Inc (c)
  
64,878
666,946
Star Equity Holdings Inc (c)
  
1,955
4,653
United Homes Group Inc Class A (c)
  
18,331
55,360
Universal Electronics Inc (c)
  
3,581
23,670
 
  
  
6,438,870
Leisure Products - 0.1%
  
  
  
American Outdoor Brands Inc (c)
  
7,566
87,614
BRP Inc Subordinate Voting Shares (United States) (b)
  
20,673
909,612
Clarus Corp (b)
  
18,762
59,663
Escalade Inc
 
7,721
114,580
Funko Inc Class A (c)
  
29,530
123,731
Hasbro Inc
 
81,854
5,460,480
JAKKS Pacific Inc (b)
  
6,809
137,065
Johnson Outdoors Inc Class A (b)
  
5,547
150,823
Latham Group Inc (c)
  
74,910
423,242
Malibu Boats Inc Class A (c)
  
12,092
364,453
MasterCraft Boat Holdings Inc (b)(c)
  
12,347
210,022
Mattel Inc (c)
  
198,925
3,767,640
Outdoor Holding Co (c)
  
20,207
29,300
Peloton Interactive Inc Class A (c)
  
206,645
1,467,180
Smith & Wesson Brands Inc (b)
  
28,528
271,587
SRM Entertainment Inc (c)
  
4,687
2,694
 
  
  
13,579,686
Specialty Retail - 0.6%
  
  
  
1-800-Flowers.com Inc Class A (b)(c)
  
21,092
103,773
Academy Sports & Outdoors Inc
 
42,895
1,754,834
America's Car-Mart Inc/TX (c)
  
7,348
365,636
Arhaus Inc Class A (c)
  
33,484
300,686
Arko Corp (b)
  
74,889
320,525
Big 5 Sporting Goods Corp
 
6,078
7,294
Brilliant Earth Group Inc Class A (c)
  
2,453
3,385
Carparts Com Inc (c)
  
15,945
13,998
Children's Place Inc/The (b)(c)
  
6,090
37,027
Citi Trends Inc (c)
  
5,929
157,000
Destination XL Group Inc (c)
  
32,101
36,274
Duluth Holdings Inc Class B (c)
  
16,389
30,484
EVgo Inc Class A (c)
  
58,645
231,648
Five Below Inc (c)
  
31,592
3,682,679
GrowGeneration Corp (c)
  
41,541
44,864
Kirklands Inc (b)(c)
  
1,947
2,083
Lands' End Inc (b)(c)
  
21,391
180,112
Leslie's Inc (c)
  
73,516
55,409
Lulu's Fashion Lounge Holdings Inc (c)
  
17,482
7,168
Monro Inc
 
17,865
273,870
National Vision Holdings Inc (c)
  
56,182
1,112,965
Newegg Commerce Inc Class A (b)(c)
  
5,655
27,370
Nxu Inc Class A (c)
  
1
0
O'Reilly Automotive Inc (c)
  
33,630
45,989,026
ODP Corp/The (c)
  
21,614
355,550
OneWater Marine Inc Class A (b)(c)
  
13,944
205,953
Petco Health & Wellness Co Inc Class A (b)(c)
  
150,789
553,396
RealReal Inc/The (c)
  
73,940
417,761
Rent the Runway Inc Class A (b)(c)
  
529
2,857
Ross Stores Inc
 
193,119
27,054,042
RumbleON Inc Class B (c)
  
16,842
26,610
Shoe Carnival Inc (b)
  
16,794
322,781
Sleep Number Corp (c)
  
13,605
146,390
Sportsman's Warehouse Holdings Inc (c)
  
25,040
47,326
Stitch Fix Inc Class A (c)
  
47,427
209,627
ThredUp Inc Class A (c)
  
50,406
362,923
Tile Shop Holdings Inc (c)
  
26,904
171,378
Tractor Supply Co (b)
  
321,331
15,552,420
Ulta Beauty Inc (c)
  
27,116
12,784,109
Upbound Group Inc
 
33,489
768,238
Urban Outfitters Inc (c)
  
54,811
3,831,289
Winmark Corp
 
2,026
860,685
Xcel Brands Inc (b)(c)
  
428
1,006
Zumiez Inc (c)
  
11,506
143,710
 
  
  
118,556,161
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
Columbia Sportswear Co (b)
  
34,399
2,193,968
Crocs Inc (c)
  
34,073
3,475,446
Crown Crafts Inc
 
9,628
31,195
Fossil Group Inc (c)
  
11,616
17,191
G-III Apparel Group Ltd (c)
  
25,892
752,163
Lakeland Industries Inc
 
4,914
93,661
Lululemon Athletica Inc (c)
  
68,407
21,662,445
PLBY Group Inc (c)
  
32,279
51,001
Rocky Brands Inc
 
4,879
110,997
Steven Madden Ltd
 
42,162
1,039,293
Superior Group of Cos Inc (b)
  
10,737
105,867
Vera Bradley Inc (b)(c)
  
17,686
35,726
 
  
  
29,568,953
TOTAL CONSUMER DISCRETIONARY
  
  
2,565,279,043
 
  
  
  
Consumer Staples - 3.5%
  
  
  
Beverages - 1.0%
  
  
  
Celsius Holdings Inc (c)
  
139,549
5,286,116
Coca-Cola Consolidated Inc
 
46,150
5,291,098
Keurig Dr Pepper Inc
 
799,794
26,929,064
MGP Ingredients Inc (b)
  
16,126
474,427
Monster Beverage Corp (c)
  
574,205
36,720,410
National Beverage Corp
 
57,082
2,581,819
PepsiCo Inc
 
802,707
105,515,835
Vita Coco Co Inc/The (c)
  
35,086
1,248,711
Willamette Valley Vineyards Inc (c)
  
1,065
6,197
 
  
  
184,053,677
Consumer Staples Distribution & Retail - 1.7%
  
  
  
Andersons Inc/The
 
20,649
733,246
Casey's General Stores Inc
 
22,027
9,642,540
Chefs' Warehouse Inc/The (c)
  
23,549
1,501,955
Costco Wholesale Corp
 
260,477
270,942,966
Dollar Tree Inc (c)
  
128,705
11,616,913
Grocery Outlet Holding Corp (c)
  
59,153
803,298
HF Foods Group Inc (b)(c)
  
38,952
148,407
Ingles Markets Inc Class A
 
8,837
550,545
Maison Solutions Inc (b)(c)
  
3,985
3,594
Mangoceuticals Inc (c)
  
453
987
Maplebear Inc (c)
  
153,637
7,016,602
PriceSmart Inc
 
18,216
1,966,964
SpartanNash Co
 
22,023
428,568
Sprouts Farmers Market Inc (c)
  
58,136
10,049,389
Village Super Market Inc Class A
 
6,605
254,821
Walgreens Boots Alliance Inc
 
509,437
5,731,166
 
  
  
321,391,961
Food Products - 0.6%
  
  
  
Alico Inc (b)
  
5,485
176,891
Barfresh Food Group Inc (c)
  
7,835
19,588
Beyond Meat Inc (b)(c)
  
22,527
66,004
Bridgford Foods Corp (c)
  
3,580
27,781
Cal-Maine Foods Inc (b)
  
27,023
2,592,316
Calavo Growers Inc
 
8,052
221,833
Farmer Bros Co (c)
  
11,763
17,997
Freshpet Inc (c)
  
28,337
2,271,494
Hain Celestial Group Inc (c)
  
59,085
110,489
J & J Snack Foods Corp
 
12,261
1,412,099
John B Sanfilippo & Son Inc
 
5,354
332,698
Kraft Heinz Co/The
 
700,576
18,726,396
Lancaster Colony Corp
 
16,388
2,743,351
Lifeway Foods Inc (c)
  
9,959
225,024
Limoneira Co
 
11,551
182,390
Mama's Creations Inc (c)
  
29,732
247,073
Mission Produce Inc (c)
  
40,005
447,256
Mondelez International Inc
 
763,270
51,513,092
Oatly Group AB ADR (b)(c)
  
4,717
51,604
Pilgrim's Pride Corp
 
141,879
6,974,772
Rocky Mountain Chocolate Factory Inc (b)(c)
  
1,651
1,981
S&W Seed Co (b)(c)
  
1,180
6,596
Sadot Group Inc (c)
  
6,318
7,139
Seneca Foods Corp Class A (c)
  
5,580
526,250
Simply Good Foods Co/The (c)
  
62,582
2,159,705
Smithfield Foods Inc
 
238,337
5,572,319
The Campbell's Company (b)
  
178,641
6,080,940
Vital Farms Inc (b)(c)
  
26,284
836,883
Westrock Coffee Co (b)(c)
  
53,841
370,426
 
  
  
103,922,387
Household Products - 0.2%
  
  
  
Central Garden & Pet Co Class A (c)
  
40,483
1,294,242
Kimberly-Clark Corp
 
194,771
28,000,279
Reynolds Consumer Products Inc
 
133,493
2,947,525
WD-40 Co
 
8,274
2,015,795
 
  
  
34,257,841
Personal Care Products - 0.0%
  
  
  
Beauty Health Co/The Class A (c)
  
22,008
35,873
FitLife Brands Inc (c)
  
4,160
60,902
Honest Co Inc/The (c)
  
66,640
335,199
Interparfums Inc
 
18,895
2,573,877
Lifevantage Corp (b)
  
9,383
122,448
Mannatech Inc (c)
  
1,393
12,955
Natural Alternatives International Inc (b)(c)
  
4,379
14,582
Nature's Sunshine Products Inc (c)
  
13,052
201,784
Olaplex Holdings Inc (c)
  
276,108
364,463
Safety Shot Inc (b)(c)
  
24,845
7,086
United-Guardian Inc
 
3,073
25,506
Waldencast plc Class A (c)
  
66,276
178,282
 
  
  
3,932,957
Tobacco - 0.0%
  
  
  
Ispire Technology Inc (b)(c)
  
36,913
93,020
TOTAL CONSUMER STAPLES
  
  
647,651,843
 
  
  
  
Energy - 0.5%
  
  
  
Energy Equipment & Services - 0.1%
  
  
  
Baker Hughes Co Class A
 
582,984
21,599,557
ChampionX Corp
 
114,311
2,751,466
DMC Global Inc (c)
  
18,485
119,413
Drilling Tools International Corp (b)(c)
  
17,643
46,225
Energy Services of America Corp (b)
  
9,007
90,340
Geospace Technologies Corp (c)
  
14,867
86,526
Gulf Island Fabrication Inc (c)
  
18,749
120,369
KLX Energy Services Holdings Inc (b)(c)
  
9,302
15,999
Mammoth Energy Services Inc (b)(c)
  
12,183
32,163
MIND Technology Inc (c)
  
3,447
20,923
National Energy Services Reunited Corp (c)
  
35,029
216,479
NCS Multistage Holdings Inc (c)
  
740
21,652
Patterson-UTI Energy Inc (b)
  
248,000
1,368,960
ProFrac Holding Corp Class A (b)(c)
  
95,567
797,029
Smart Sand Inc
 
22,511
42,771
Weatherford International PLC
 
43,378
1,891,281
 
  
  
29,221,153
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
Aemetis Inc (b)(c)
  
17,780
30,404
Alliance Resource Partners LP
 
79,369
2,065,975
American Resources Corp (b)(c)
  
86,855
55,440
APA Corp
 
217,291
3,696,120
Berry Corp
 
49,459
118,207
Calumet Inc (b)
  
49,618
693,660
Chord Energy Corp
 
33,551
3,019,590
Clean Energy Fuels Corp (c)
  
169,694
303,752
Clean Energy Technologies Inc (c)
  
14,924
3,813
Diamondback Energy Inc
 
171,624
23,092,010
Dorchester Minerals Mlp
 
32,261
863,627
Epsilon Energy Ltd
 
13,592
96,503
Expand Energy Corp
 
136,868
15,894,481
Gevo Inc (b)(c)
  
132,936
168,829
Green Plains Inc (c)
  
33,193
138,083
Hallador Energy Co (c)
  
23,802
410,585
HighPeak Energy Inc Class A (b)
  
77,223
763,735
Lightbridge Corp (b)(c)
  
12,328
185,536
Marine Petroleum Trust
 
339
1,329
Martin Midstream Partners LP
 
26,486
78,399
New Era Helium Inc
 
2,590
1,313
New Fortress Energy Inc Class A (b)
  
147,944
368,381
NextDecade Corp (c)
  
154,487
1,279,152
NextNRG Inc (c)
  
3,966
11,541
OPAL Fuels Inc Class A (b)(c)
  
16,937
60,126
Plains All American Pipeline LP
 
415,821
6,877,679
Plains GP Holdings LP Class A
 
108,501
1,909,618
Prairie Operating Co (c)
  
16,747
64,811
PrimeEnergy Resources Corp (b)(c)
  
1,068
206,231
Stabilis Solutions Inc (c)
  
5,194
29,138
US Energy Corp (b)(c)
  
15,043
18,352
Verde Clean Fuels Inc Class A (b)(c)
  
3,630
12,560
Viper Energy Inc Class A
 
78,934
3,132,890
 
  
  
65,651,870
TOTAL ENERGY
  
  
94,873,023
 
  
  
  
Financials - 3.7%
  
  
  
Banks - 1.1%
  
  
  
1st Source Corp
 
18,484
1,119,391
ACNB Corp
 
4,877
202,737
Amalgamated Financial Corp
 
18,900
571,158
Ames National Corp
 
6,067
105,566
Arrow Financial Corp
 
10,626
273,620
Auburn National BanCorp Inc
 
551
11,246
BancFirst Corp
 
19,990
2,472,863
Bancorp Inc/The (c)
  
29,538
1,509,392
Bank First Corp
 
6,074
706,406
Bank of Marin Bancorp
 
11,894
253,461
Bank OZK
 
67,250
2,981,193
Bank7 Corp
 
5,706
220,366
BankFinancial Corp
 
14,628
176,121
Bankwell Financial Group Inc
 
4,285
148,732
Banner Corp
 
19,924
1,228,315
BayCom Corp
 
5,146
135,803
Bayfirst Financial Corp
 
952
14,889
BCB Bancorp Inc
 
9,394
76,091
Blue Foundry Bancorp (c)
  
14,520
131,551
Bogota Financial Corp (b)(c)
  
8,810
62,639
BOK Financial Corp
 
38,202
3,607,033
Bridgewater Bancshares Inc (c)
  
15,578
228,062
Broadway Financial Corp/DE (c)
  
2,096
13,121
Brookline Bancorp Inc
 
50,034
516,851
Burke & Herbert Financial Services Corp
 
10,191
580,072
Business First Bancshares Inc
 
14,370
341,862
BV Financial Inc (c)
  
5,414
84,458
C&F Financial Corp
 
2,765
183,983
California BanCorp (b)(c)
  
19,033
284,353
Camden National Corp
 
8,189
322,155
Capital Bancorp Inc
 
7,021
226,778
Capital City Bank Group Inc
 
16,349
617,011
Capitol Federal Financial Inc
 
75,565
431,476
Carter Bankshares Inc (c)
  
17,756
292,086
Carver Bancorp Inc (c)
  
6,318
9,003
Cathay General Bancorp
 
43,472
1,862,993
CB Financial Services Inc
 
591
17,222
Central Plains Bancshares Inc (c)
  
931
13,583
Chemung Financial Corp
 
4,115
192,870
ChoiceOne Financial Services Inc
 
3,917
115,865
Citizens & Northern Corp
 
9,234
171,291
Citizens Community Bancorp Inc/WI
 
6,202
91,976
Citizens Financial Services Inc
 
2,563
156,727
City Holding Co
 
8,728
1,028,944
Civista Bancshares Inc
 
12,037
271,434
CNB Financial Corp/PA
 
11,686
253,236
Coastal Financial Corp/WA Class A (c)
  
8,367
735,376
Columbia Banking System Inc
 
123,253
2,881,655
Columbia Financial Inc (c)
  
68,056
973,881
Commerce Bancshares Inc/MO
 
79,577
5,014,147
Community Trust Bancorp Inc
 
10,088
514,992
Community West Bancshares
 
11,062
196,904
Connectone Bancorp  Inc
 
23,646
543,149
CVB Financial Corp
 
90,049
1,688,419
Dime Community Bancshares Inc
 
22,773
584,355
Eagle Bancorp Inc
 
17,662
310,851
Eagle Bancorp Montana Inc
 
3,665
62,195
East West Bancorp Inc
 
82,074
7,485,149
Eastern Bankshares Inc
 
124,622
1,869,330
Enterprise Bancorp Inc/MA
 
7,478
288,277
Enterprise Financial Services Corp
 
22,406
1,186,174
Esquire Financial Holdings Inc
 
4,726
428,837
ESSA Bancorp Inc
 
5,359
98,552
Farmers & Merchants Bancorp Inc/Archbold OH
 
8,160
194,290
Farmers National Banc Corp
 
21,823
288,718
FB Bancorp Inc
 
1,743
19,469
Fidelity D&D Bancorp Inc
 
3,329
135,757
Fifth Third Bancorp
 
389,726
14,883,637
Financial Institutions Inc
 
9,689
250,170
Finward Bancorp (b)
  
2,064
60,248
Finwise Bancorp (c)
  
6,686
95,877
First Bancorp Inc/The
 
6,787
164,178
First Bancorp/Southern Pines NC
 
23,411
968,513
First Bank/Hamilton NJ
 
14,532
211,150
First Busey Corp
 
31,653
700,164
First Business Financial Services Inc
 
4,740
231,170
First Capital Inc
 
2,233
109,730
First Citizens BancShares Inc/NC Class A (b)
  
7,414
13,707,596
First Community Bankshares Inc
 
10,669
401,154
First Community Corp/SC
 
3,875
91,838
First Financial Bancorp
 
55,952
1,351,800
First Financial Bankshares Inc
 
85,450
3,012,967
First Financial Corp
 
8,773
454,792
First Guaranty Bancshares Inc
 
8,053
71,269
First Hawaiian Inc
 
74,834
1,787,036
First Interstate BancSystem Inc Class A
 
63,592
1,726,523
First Interstate Bank of Calif
 
7,813
189,465
First Merchants Corp
 
34,779
1,311,168
First Mid Bancshares Inc
 
13,536
477,550
First National Corp/VA
 
1,874
37,855
First Northwest Bancorp
 
7,546
66,405
First of Long Island Corp/The
 
15,039
178,513
First Savings Financial Group Inc
 
2,781
73,947
First United Corp
 
3,120
93,756
First US Bancshares Inc (b)
  
3,641
45,731
First Western Financial Inc (c)
  
4,408
91,863
Firstsun Capital Bancorp (c)
  
10,776
386,104
Five Star Bancorp
 
10,902
304,820
Flushing Financial Corp
 
19,436
233,815
Franklin Financial Services Corp
 
2,442
93,773
FS Bancorp Inc
 
6,150
236,222
Fulton Financial Corp
 
109,611
1,890,790
FVCBankcorp Inc (c)
  
9,654
112,566
German American Bancorp Inc
 
23,206
886,817
Great Southern Bancorp Inc
 
7,786
435,549
Greene County Bancorp Inc
 
10,452
226,704
Hancock Whitney Corp
 
51,949
2,840,052
Hanmi Financial Corp
 
18,233
417,900
Hanover Bancorp Inc/NY (b)
  
1,944
43,973
Harborone Northeast Bancorp Inc
 
35,835
407,802
Hawthorn Bancshares Inc
 
3,385
97,556
HBT Financial Inc
 
20,671
483,701
Heritage Commerce Corp
 
34,487
319,350
Heritage Financial Corp Wash
 
21,942
513,004
Hingham Institution For Savings The
 
1,454
352,464
Home Bancorp Inc
 
7,167
361,217
Home Federal Bancorp Inc of Louisiana
 
813
10,569
HomeStreet Inc (c)
  
11,829
154,132
Hope Bancorp Inc
 
68,993
692,690
Horizon Bancorp Inc/IN
 
24,746
367,231
Huntington Bancshares Inc/OH
 
836,369
13,072,447
Independent Bank Corp
 
26,646
1,638,729
Independent Bank Corp/MI
 
10,908
343,929
International Bancshares Corp
 
38,001
2,380,003
Investar Holding Corp
 
8,715
165,672
John Marshall Bancorp Inc
 
8,444
147,263
Kearny Financial Corp/MD
 
72,988
440,118
Lakeland Financial Corp
 
15,387
921,220
Landmark Bancorp Inc/Manhattan KS (b)
  
3,377
98,271
LCNB Corp
 
12,147
176,253
LINKBANCORP Inc
 
23,604
161,687
Magyar Bancorp Inc
 
3,540
56,286
MainStreet Bancshares Inc
 
4,185
79,138
Mercantile Bank Corp
 
10,866
479,843
Meridian Corp
 
4,705
63,518
Metrocity Bankshares Inc
 
14,534
406,080
Mid Penn Bancorp Inc (b)
  
11,779
313,910
Middlefield Banc Corp (b)
  
3,775
110,796
Midland States Bancorp Inc
 
11,372
191,959
MidWestOne Financial Group Inc
 
11,723
337,036
MVB Financial Corp
 
7,160
140,050
National Bankshares Inc VA
 
4,034
103,351
NB Bancorp Inc (c)
  
26,845
452,338
Nbt Bancorp Inc (b)
  
27,144
1,135,976
Northeast Bank
 
6,667
558,895
Northeast Community Bancorp Inc
 
6,767
153,070
Northfield Bancorp Inc
 
31,683
370,057
Northrim BanCorp Inc
 
4,878
446,825
Northwest Bancshares Inc
 
73,465
902,150
Norwood Financial Corp
 
4,828
125,528
Oak Valley Bancorp
 
5,385
137,264
OceanFirst Financial Corp
 
28,821
484,481
Old National Bancorp/IN
 
183,793
3,833,922
Old Point Financial Corp
 
2,955
116,870
Old Second Bancorp Inc
 
25,984
429,775
OP Bancorp
 
7,322
90,170
Orange County Bancorp Inc
 
6,424
164,262
Orrstown Financial Services Inc
 
14,017
421,351
Pacific Premier Bancorp Inc
 
55,843
1,183,872
Parke Bancorp Inc
 
6,166
119,559
Pathfinder Bancorp Inc
 
616
9,363
Pathward Financial Inc
 
15,583
1,216,253
Patriot National Bancorp Inc (c)
  
58
84
PB Bankshares Inc (c)
  
871
13,945
PCB Bancorp
 
9,838
190,267
Peapack-Gladstone Financial Corp
 
10,114
277,326
Penns Woods Bancorp Inc
 
4,912
145,346
Peoples Bancorp Inc/OH
 
19,874
582,706
Peoples Bancorp of North Carolina Inc
 
3,497
96,272
Peoples Financial Services Corp
 
5,236
251,642
Pinnacle Financial Partners Inc
 
45,249
4,809,064
Pioneer Bancorp Inc/NY (c)
  
14,004
159,646
Plumas Bancorp
 
3,111
135,422
Ponce Financial Group Inc (c)
  
13,052
174,766
Preferred Bank/Los Angeles CA
 
7,822
653,997
Primis Financial Corp
 
16,511
156,359
Princeton Bancorp Inc
 
4,666
146,092
Provident Bancorp Inc (c)
  
14,544
165,656
QCR Holdings Inc
 
12,729
856,662
RBB Bancorp
 
9,419
159,935
Red River Bancshares Inc
 
3,963
222,285
Republic Bancorp Inc/KY Class A
 
10,388
711,994
Richmond Mutual BanCorp Inc (b)
  
3,557
47,095
Riverview Bancorp Inc
 
15,015
83,483
S&T Bancorp Inc
 
25,745
943,812
SB Financial Group Inc
 
4,710
91,374
Seacoast Banking Corp of Florida
 
49,069
1,267,452
Shore Bancshares Inc
 
20,732
300,407
Sierra Bancorp
 
9,675
264,805
Simmons First National Corp Class A
 
79,025
1,482,509
Sound Financial Bancorp Inc
 
1,189
59,438
South Plains Financial Inc
 
9,325
335,420
Southern First Bancshares Inc (c)
  
4,670
168,447
Southern Missouri Bancorp Inc
 
6,368
335,339
Southern States Bancshares Inc
 
5,239
180,693
SR Bancorp Inc
 
3,490
44,707
Stock Yards Bancorp Inc
 
19,200
1,412,352
Summit State Bank
 
3,743
36,681
Texas Capital Bancshares Inc (c)
  
28,495
2,042,807
TFS Financial Corp (b)
  
171,062
2,259,729
Third Coast Bancshares Inc (b)(c)
  
9,897
303,442
Timberland Bancorp Inc/WA
 
5,704
173,573
Towne Bank/Portsmouth VA
 
52,911
1,828,604
TriCo Bancshares
 
19,588
781,561
Triumph Financial Inc (c)
  
13,714
792,258
TrustCo Bank Corp NY
 
10,680
331,507
Trustmark Corp
 
34,590
1,191,971
UMB Financial Corp
 
40,220
4,147,486
Union Bankshares Inc/Morrisville VT
 
2,643
77,942
United Bankshares Inc/WV
 
79,759
2,882,490
United Security Bancshares/Fresno CA
 
4,657
40,236
Unity Bancorp Inc
 
6,284
277,784
Univest Financial Corp
 
15,852
467,951
USCB Financial Holdings Inc
 
10,794
178,425
Valley National Bancorp
 
315,535
2,770,397
Veritex Holdings Inc
 
33,332
806,634
Virginia National Bankshares Corp
 
2,552
95,317
WaFd Inc
 
46,291
1,315,590
Washington Trust Bancorp Inc
 
8,811
243,712
WesBanco Inc
 
38,299
1,178,843
West BanCorp Inc
 
9,814
190,195
Westamerica BanCorp
 
15,600
749,580
Western New England Bancorp Inc
 
19,217
181,408
Wintrust Financial Corp
 
38,929
4,648,512
WSFS Financial Corp
 
37,616
1,989,510
Zions Bancorp NA
 
86,216
4,083,190
 
  
  
191,705,002
Capital Markets - 1.5%
  
  
  
AlTi Global Inc Class A (c)
  
42,620
141,498
B Riley Financial Inc (b)(c)
  
21,153
64,517
Beneficient Class A (b)(c)
  
8,250
3,665
BGC Group Inc Class A
 
228,103
2,116,796
Capital Southwest Corp
 
11,251
234,246
Carlyle Group Inc/The
 
214,095
9,677,094
Cayson Acquisition Corp
 
2,715
27,802
CME Group Inc Class A
 
211,473
61,115,698
Coinbase Global Inc Class A (c)
  
124,440
30,689,394
Crescent Capital BDC Inc (b)
  
12,883
199,944
Diamond Hill Investment Group Inc
 
1,539
217,399
Dominari Holdings Inc (b)
  
4,298
18,997
Fold Holdings Inc Class A (b)(c)
  
20,340
85,428
Galaxy Digital Inc (b)
  
76,873
1,395,245
GCM Grosvenor Inc Class A (b)
  
34,641
436,823
Great Elm Group Inc (c)
  
7,056
14,535
Hamilton Lane Inc Class A (b)
  
24,557
3,658,993
Hennessy Advisors Inc
 
5,713
61,700
Heritage Global Inc (c)
  
31,260
68,147
Horizon Technology Finance Corp
 
7,992
60,499
Interactive Brokers Group Inc Class A
 
64,082
13,436,714
Investcorp Credit Management BDC Inc
 
16,938
45,648
Logan Ridge Finance Corp (b)
  
3,628
65,667
LPL Financial Holdings Inc
 
43,966
17,021,877
MarketAxess Holdings Inc
 
22,218
4,808,197
MarketWise Inc Class A
 
1,168
19,634
MDB Capital Holdings LLC Class A (c)
  
951
3,614
Morningstar Inc
 
25,361
7,821,840
Nasdaq Inc
 
340,302
28,428,829
New Mountain Finance Corp
 
53,270
573,718
Newbury Street II Acquisition Corp Class A
 
10,095
102,868
Northern Trust Corp
 
114,568
12,228,988
Open Lending Corp (c)
  
16,973
30,382
Perella Weinberg Partners Class A
 
35,830
622,367
PhenixFIN Corp
 
762
38,085
Robinhood Markets Inc Class A (c)
  
452,262
29,917,131
Runway Growth Finance Corp (b)
  
18,253
181,252
SEI Investments Co
 
73,732
6,286,390
Siebert Financial Corp (b)(c)
  
16,072
87,271
Silvercrest Asset Management Group Inc Class A
 
8,360
121,387
StepStone Group Inc Class A
 
42,692
2,469,732
StoneX Group Inc (c)
  
29,019
2,456,603
T Rowe Price Group Inc (b)
  
131,167
12,275,920
TPG Inc Class A
 
64,019
3,081,234
Tradeweb Markets Inc Class A
 
69,381
10,022,085
Trinity Capital Inc
 
14,443
210,290
US Global Investors Inc Class A
 
8,407
18,495
Value Line Inc
 
6,078
238,197
Victory Capital Holdings Inc Class A
 
38,183
2,367,728
Virtu Financial Inc Class A
 
54,105
2,174,480
 
  
  
267,445,043
Consumer Finance - 0.1%
  
  
  
Atlanticus Holdings Corp (c)
  
8,513
417,563
Consumer Portfolio Services Inc (c)
  
11,397
103,143
Credit Acceptance Corp (b)(c)
  
7,155
3,415,082
Dave Inc Class A (c)
  
6,396
1,284,445
Encore Capital Group Inc (b)(c)
  
13,436
509,224
EZCORP Inc Class A (c)
  
28,924
389,028
FirstCash Holdings Inc
 
27,106
3,467,128
Katapult Holdings Inc Class A (c)
  
585
5,246
Lendingtree Inc (c)
  
8,970
314,129
Medallion Financial Corp (b)
  
11,337
103,960
Navient Corp (b)
  
68,615
922,186
NerdWallet Inc Class A (c)
  
28,927
304,891
Old Market Capital Corp (c)
  
5,880
30,400
Oportun Financial Corp (c)
  
20,497
136,305
PRA Group Inc (c)
  
24,376
345,895
SLM Corp
 
125,621
4,066,352
SoFi Technologies Inc Class A (b)(c)
  
636,423
8,464,426
Upstart Holdings Inc (b)(c)
  
53,150
2,507,086
World Acceptance Corp (c)
  
3,798
586,715
 
  
  
27,373,204
Financial Services - 0.5%
  
  
  
26 Capital Acquisition Corp Class A (c)(d)
  
12,701
0
Acacia Research Corp (c)
  
57,821
215,672
Affirm Holdings Inc Class A (c)
  
164,455
8,535,215
Agriculture & Natural Solutions Acquisition Corp Class A (c)
  
28,872
310,374
Aimei Health Technology Co Ltd (c)
  
6,452
71,843
Alchemy Investments Acquisition Corp 1 Class A (c)
  
6,412
73,097
Aldel Financial II Inc Class A
 
8,097
84,371
Alerus Financial Corp
 
13,744
288,761
AlphaVest Acquisition Corp (c)
  
6,441
76,133
AvidXchange Holdings Inc (c)
  
120,556
1,180,243
Better Home & Finance Holding Co Class A (c)
  
4,646
62,489
Bleichroeder Acquisition Corp I Class A
 
8,719
89,195
Bowen Acquisition Corp (b)(c)
  
6,276
67,781
Cantaloupe Inc (c)
  
40,019
334,959
Cantor Equity Partners Inc
 
1,243
50,130
Cass Information Systems Inc
 
9,021
381,588
Centurion Acquisition Corp Class A
 
1,516
15,903
Clean Energy Special Situations Corp rights (c)(d)
  
13,177
0
Cohen Circle Acquisition Corp I Class A
 
52,178
626,136
Corner Growth Acquisition Corp 2 Class A (c)(d)
  
6,085
69,978
Corner Growth Acquisition Corp Class A (c)(d)
  
54,398
603,818
Currenc Group Inc Class A (b)(c)
  
18,155
10,443
DP Cap Acquisition Corp I Class A (b)(c)(d)
  
13,096
168,807
Drugs Made In America Acquisition Corp (b)
  
45,462
460,530
Dynamix Corp Class A
 
7,836
78,752
Enact Holdings Inc
 
91,332
3,233,153
ESH Acquisition Corp Class A (c)
  
2,098
22,868
Euronet Worldwide Inc (c)
  
26,190
2,835,853
FlexShopper Inc (c)
  
45,216
63,755
Flywire Corp (c)
  
80,141
861,516
Four Leaf Acquisition Corp Class A (c)
  
957
10,910
Future Health ESG Corp warrants 12/31/2028 (c)(d)
  
3,358
0
GSR III Acquisition Corp Class A
 
3,124
33,177
Horizon Space Acquisition I Corp (c)
  
8,481
105,164
International Money Express Inc (c)
  
23,333
257,363
Iron Horse Acquisition Corp (c)
  
10,080
106,445
Jack Henry & Associates Inc
 
42,655
7,727,806
K&F Growth Acquisition Corp II Class A
 
76,279
766,604
Keen Vision Acquisition Corp (b)(c)
  
11,133
125,914
Marqeta Inc Class A (c)
  
299,986
1,613,925
Melar Acquisition Corp I Class A
 
20,430
211,859
Merchants Bancorp/IN
 
29,165
933,863
Mr Cooper Group Inc (c)
  
37,823
4,899,213
Nabors Energy Transition Corp II Class A (c)
  
46,557
514,455
NewtekOne Inc
 
22,981
249,344
NMI Holdings Inc (c)
  
48,402
1,922,527
Oaktree Acquisition Corp III Class A
 
5,441
56,804
Payoneer Global Inc (c)
  
215,345
1,466,499
PayPal Holdings Inc (c)
  
581,731
40,884,056
Paysign Inc (c)
  
29,027
129,170
Plum Acquisition Corp IV Class A
 
16,059
162,838
Priority Technology Holdings Inc (b)(c)
  
42,936
366,244
Quetta Acquisition Corp (c)
  
5,515
58,735
Relativity Acquisition Corp Class A (c)(d)
  
3,558
0
Remitly Global Inc (c)
  
121,189
2,588,597
Repay Holdings Corp Class A (c)
  
58,356
280,692
Ryvyl Inc (c)
  
2,614
1,502
Security National Financial Corp Class A
 
8,570
84,500
Sezzle Inc (b)(c)
  
7,716
823,374
SHF Holdings Inc Class A (c)
  
1
3
Spark I Acquisition Corp Class A (c)
  
5,593
60,684
Spring Valley Acquisition Corp II Class A (c)
  
14,356
168,109
SWK Holdings Corp
 
7,169
100,438
Trailblazer Merger Corp I (c)
  
2,653
31,358
Translational Development Acquisition Corp Class A
 
16,486
168,487
Usio Inc (c)
  
12,705
17,914
Waterstone Financial Inc
 
16,746
216,358
Willow Lane Acquisition Corp Class A
 
3,544
35,901
XBP Europe Holdings Inc Class A (b)(c)
  
15,476
15,940
 
  
  
88,070,135
Insurance - 0.5%
  
  
  
Abacus Global Management Inc Class A (b)(c)
  
42,179
326,044
American Coastal Insurance Corp
 
28,042
302,854
Amerisafe Inc
 
10,881
516,521
Arch Capital Group Ltd
 
221,663
21,066,853
Atlantic American Corp
 
8,809
14,887
Baldwin Insurance Group Inc/The Class A (c)
  
39,348
1,516,078
Brighthouse Financial Inc (c)
  
35,608
2,129,714
Cincinnati Financial Corp
 
93,391
14,085,231
Conifer Holdings Inc (c)
  
3,312
2,749
Donegal Group Inc Class A
 
18,229
368,226
eHealth Inc (c)
  
12,834
52,619
Enstar Group Ltd (c)
  
6,840
2,291,468
Erie Indemnity Co Class A (b)
  
27,456
9,843,251
Fundamental Global Inc (c)
  
21
327
GoHealth Inc Class A (c)
  
5,831
32,129
Goosehead Insurance Inc Class A
 
14,855
1,608,202
Greenlight Capital Re Ltd Class A (c)
  
19,761
285,349
Investors Title Co
 
1,165
272,633
James River Group Holdings Ltd
 
10,270
59,771
Kingstone Cos Inc (c)
  
5,664
92,323
NI Holdings Inc (c)
  
13,483
179,054
Palomar Hldgs Inc (c)
  
15,691
2,690,536
Principal Financial Group Inc
 
130,461
10,161,607
Root Inc/OH Class A (c)
  
6,264
820,521
Safety Insurance Group Inc
 
8,823
724,721
Selective Insurance Group Inc
 
37,961
3,341,327
Skyward Specialty Insurance Group Inc (c)
  
26,506
1,679,155
Tiptree Inc Class A
 
21,813
483,812
Trupanion Inc (c)
  
23,711
1,118,922
TWFG Inc Class A (b)
  
9,159
320,657
United Fire Group Inc
 
16,750
476,538
Willis Towers Watson PLC
 
58,856
18,630,867
 
  
  
95,494,946
Mortgage Real Estate Investment Trusts (REITs) - 0.0%
  
  
  
AGNC Investment Corp (b)
  
475,832
4,253,938
Manhattan Bridge Capital Inc (b)
  
9,852
51,230
New York Mortgage Trust Inc
 
71,130
464,479
Seven Hills Realty Trust (b)
  
15,064
177,605
Sunrise Realty Trust Inc (b)
  
4,163
44,711
 
  
  
4,991,963
TOTAL FINANCIALS
  
  
675,080,293
 
  
  
  
Health Care - 5.1%
  
  
  
Biotechnology - 2.9%
  
  
  
4D Molecular Therapeutics Inc (c)
  
29,410
106,464
89bio Inc (c)
  
67,603
665,214
Abeona Therapeutics Inc (b)(c)
  
43,883
273,830
Abpro Holdings Inc Class A (c)
  
26,857
5,739
Absci Corp (b)(c)
  
63,546
168,397
ACADIA Pharmaceuticals Inc (c)
  
97,841
2,110,430
Achieve Life Sciences Inc (c)
  
18,605
66,606
Acrivon Therapeutics Inc (c)
  
18,053
18,956
Actuate Therapeutics Inc (c)
  
2,247
26,739
Acumen Pharmaceuticals Inc (c)
  
10,555
10,766
Acurx Pharmaceuticals Inc (c)
  
2,925
1,130
Adamas Pharmaceuticals Inc rights (c)(d)
  
26,195
262
Adamas Pharmaceuticals Inc rights (c)(d)
  
26,195
0
Adaptimmune Therapeutics Plc ADR (c)
  
67,032
19,607
Adicet Bio Inc (c)
  
77,437
55,623
ADMA Biologics Inc (c)
  
133,599
2,650,604
Adverum Biotechnologies Inc (c)
  
11,897
26,411
Agenus Inc (b)(c)
  
765
2,624
Agios Pharmaceuticals Inc (c)
  
33,261
1,067,345
Ainos Inc (c)
  
1,980
1,337
Akebia Therapeutics Inc (c)
  
131,481
398,387
Akero Therapeutics Inc (c)
  
35,767
1,775,832
Akouos Inc (c)(d)
  
22,594
4,293
Alaunos Therapeutics Inc (c)
  
1,117
2,748
Albireo Pharma Inc rights (c)(d)
  
10,788
0
Aldeyra Therapeutics Inc (b)(c)
  
34,897
75,029
Alector Inc (c)
  
61,781
82,169
Aligos Therapeutics Inc Class A (b)(c)
  
1,879
9,940
Alkermes PLC (c)
  
99,075
3,032,686
Allogene Therapeutics Inc (b)(c)
  
45,308
53,010
Alnylam Pharmaceuticals Inc (c)
  
76,434
23,278,739
Altimmune Inc (b)(c)
  
48,957
265,837
ALX Oncology Holdings Inc (b)(c)
  
5,196
2,523
Alzamend Neuro Inc (b)(c)
  
110
421
Amgen Inc
 
316,011
91,068,051
Amicus Therapeutics Inc (c)
  
183,617
1,114,555
AnaptysBio Inc (b)(c)
  
16,195
360,015
Anavex Life Sciences Corp (b)(c)
  
53,320
401,500
Anika Therapeutics Inc (c)
  
8,889
99,112
Anixa Biosciences Inc (c)
  
24,102
61,942
Annexon Inc (c)
  
53,583
109,309
Apellis Pharmaceuticals Inc (c)
  
72,243
1,223,074
Apogee Therapeutics Inc (c)
  
23,607
864,960
Applied Therapeutics Inc (c)
  
52,499
18,548
Arbutus Biopharma Corp (b)(c)
  
118,928
399,598
Arcellx Inc (c)
  
31,246
1,939,127
Arcturus Therapeutics Holdings Inc (b)(c)
  
13,326
166,975
Arcutis Biotherapeutics Inc (c)
  
57,639
751,613
Ardelyx Inc (c)
  
137,773
505,627
ArriVent Biopharma Inc (b)(c)
  
19,821
421,196
Arrowhead Pharmaceuticals Inc (c)
  
80,605
1,295,322
ARS Pharmaceuticals Inc (b)(c)
  
56,544
815,930
Assembly Biosciences Inc (c)
  
3,123
44,190
Astria Therapeutics Inc (c)
  
32,544
154,909
Atara Biotherapeutics Inc (b)(c)
  
2,678
20,888
Atossa Therapeutics Inc (b)(c)
  
63,171
49,090
aTyr Pharma Inc (b)(c)
  
46,509
207,895
Aura Biosciences Inc (c)
  
27,087
158,730
Avalo Therapeutics Inc (c)
  
6,204
24,816
Avidity Biosciences Inc (c)
  
47,547
1,473,006
Avita Medical Inc (b)(c)
  
15,597
87,655
Beam Therapeutics Inc (b)(c)
  
52,739
834,858
Beyondspring Inc (b)(c)
  
23,601
40,358
Bicara Therapeutics Inc (b)
  
34,632
320,346
bioAffinity Technologies Inc (b)(c)
  
18,069
5,059
BioAtla Inc (b)(c)
  
8,259
3,378
BioCardia Inc (c)
  
964
2,082
BioCryst Pharmaceuticals Inc (c)
  
122,007
1,311,575
Biogen Inc (c)
  
86,039
11,167,002
BioMarin Pharmaceutical Inc (c)
  
112,501
6,532,933
Biomea Fusion Inc (b)(c)
  
12,724
18,323
BioRestorative Therapies Inc (b)(c)
  
3,862
6,759
BioVie Inc (b)(c)
  
2,295
2,387
Black Diamond Therapeutics Inc (b)(c)
  
32,498
71,496
Blueprint Medicines Corp (c)
  
36,430
3,692,181
Bolt Biotherapeutics Inc (c)
  
2,865
901
BrainStorm Cell Therapeutics Inc (b)(c)
  
3,706
4,151
Bridgebio Pharma Inc (c)
  
105,987
3,630,055
C4 Therapeutics Inc (c)
  
28,043
35,054
Cabaletta Bio Inc (b)(c)
  
36,201
67,696
CAMP4 Therapeutics Corp (b)
  
4,486
8,882
Candel Therapeutics Inc (b)(c)
  
23,472
127,922
Capricor Therapeutics Inc (b)(c)
  
27,035
267,376
Cardiff Oncology Inc (b)(c)
  
34,646
118,143
Cardio Diagnostics Holdings Inc (b)(c)
  
398
1,588
CareDx Inc (c)
  
31,860
541,301
Cargo Therapeutics Inc (b)(c)
  
26,922
114,419
Caribou Biosciences Inc (c)
  
94,010
99,651
Carisma Therapeutics Inc (b)(c)
  
9,484
1,808
Carisma Therapeutics Inc rights (c)(d)
  
92,579
0
Cartesian Therapeutics Inc (b)(c)
  
14,978
143,190
Cartesian Therapeutics Inc rights (b)(c)(d)
  
116,771
32,696
CASI Pharmaceuticals Holdings Inc (c)
  
18,808
36,111
Catalyst Pharmaceuticals Inc (c)
  
72,312
1,804,908
Celcuity Inc (c)
  
26,897
285,915
Celldex Therapeutics Inc (c)
  
43,106
852,637
Cellectar Biosciences Inc (c)
  
6,026
1,537
Celularity Inc Class A (b)(c)
  
5,138
10,841
Centessa Pharmaceuticals PLC ADR (c)
  
33,539
453,112
Century Therapeutics Inc (b)(c)
  
15,341
8,137
CervoMed Inc (b)(c)
  
4,911
35,457
CG oncology Inc (c)
  
42,047
1,077,244
Chinook Therapeutics Inc rights (c)(d)
  
11,497
0
Cibus Inc Class A (b)(c)
  
12,151
39,248
Cidara Therapeutics Inc (b)(c)
  
3,967
86,005
Citius Oncology Inc Class A (b)(c)
  
20,539
18,485
Clene Inc (c)
  
4,823
15,385
Climb Bio Inc (c)
  
30,627
36,140
Coeptis Therapeutics Holdings Inc (c)
  
292
2,672
Cogent Biosciences Inc (c)
  
61,772
336,040
Cogent Biosciences Inc rights (c)(d)
  
12,548
0
Coherus Biosciences Inc (b)(c)
  
25,674
20,000
Compass Therapeutics Inc (c)
  
76,586
160,831
Concert Pharmaceuticals Inc rights (c)(d)
  
24,247
0
Corbus Pharmaceuticals Holdings Inc (b)(c)
  
6,289
46,664
Corvus Pharmaceuticals Inc (b)(c)
  
47,461
179,403
COSCIENS Biopharma Inc warrants 5/24/2029 (b)(c)
  
434
1,515
Coya Therapeutics Inc (c)
  
7,996
42,619
Crinetics Pharmaceuticals Inc (c)
  
41,284
1,259,575
Cue Biopharma Inc (c)
  
29,250
18,662
Cullinan Therapeutics Inc (c)
  
24,800
214,396
Curis Inc (c)
  
2,839
6,984
Cytokinetics Inc (c)
  
61,442
1,905,931
CytomX Therapeutics Inc (b)(c)
  
19,988
52,968
Day One Biopharmaceuticals Inc (c)
  
64,709
412,843
Denali Therapeutics Inc (c)
  
86,920
1,150,821
Design Therapeutics Inc (c)
  
21,765
81,183
DiaMedica Therapeutics Inc (b)(c)
  
42,740
175,661
Dianthus Therapeutics Inc (c)
  
16,412
285,405
Dianthus Therapeutics Inc rights (c)(d)
  
44,600
0
Disc Medicine Inc (c)
  
14,409
672,612
Dogwood Therapeutics Inc (c)
  
880
4,558
Dogwood Therapeutics Inc (b)(d)
  
880
0
Dyadic International Inc (c)
  
48,866
50,332
Dynavax Technologies Corp (c)
  
76,001
744,050
Dyne Therapeutics Inc (c)
  
48,356
578,338
Edesa Biotech Inc (b)(c)
  
1,335
2,617
Editas Medicine Inc (c)
  
41,990
72,223
Eledon Pharmaceuticals Inc (c)
  
34,828
104,484
Elevation Oncology Inc (c)
  
10,711
3,214
Elicio Therapeutics Inc (c)
  
5,709
41,276
Elutia Inc (b)(c)
  
14,760
26,568
Enanta Pharmaceuticals Inc (c)
  
20,814
123,427
Entrada Therapeutics Inc (c)
  
20,746
157,670
Equillium Inc (c)
  
9,425
3,676
Erasca Inc (c)
  
58,703
82,184
Estrella Immunopharma Inc (b)(c)
  
1,582
1,550
Exact Sciences Corp (c)
  
110,667
6,228,339
Exagen Inc (c)
  
11,992
83,344
Exelixis Inc (c)
  
179,688
7,733,772
Exicure Inc (b)(c)
  
853
8,419
eXoZymes Inc (b)(c)
  
1,997
26,760
Fate Therapeutics Inc (c)
  
16,845
20,382
Fibrobiologics Inc (b)(c)
  
21,996
16,046
FibroGen Inc (c)
  
49,798
14,322
Foghorn Therapeutics Inc (c)
  
25,990
106,039
Forte Biosciences Inc (b)(c)
  
1,236
10,506
Fortress Biotech Inc (b)(c)
  
5,930
11,208
Gain Therapeutics Inc (c)
  
10,062
17,810
Galectin Therapeutics Inc (b)(c)
  
67,748
88,750
Genelux Corp (b)(c)
  
19,561
47,338
Generation Bio CO (c)
  
2,551
965
Geron Corp (c)
  
326,453
496,209
Gilead Sciences Inc
 
732,875
80,674,881
GlycoMimetics Inc (b)(c)
  
22,686
4,762
Gossamer Bio Inc (c)
  
121,525
134,893
GRAIL Inc (b)
  
13,916
534,514
Greenwich Lifesciences Inc (b)(c)
  
7,220
71,117
Gyre Therapeutics Inc (b)(c)
  
48,579
440,612
Gyre Therapeutics Inc rights (c)(d)
  
25,124
0
Halozyme Therapeutics Inc (c)
  
74,504
4,177,439
HCW Biologics Inc (b)(c)
  
412
3,185
Heron Therapeutics Inc (b)(c)
  
87,973
165,389
Hookipa Pharma Inc (c)
  
3,820
6,074
Humacyte Inc Class A (b)(c)
  
62,178
166,015
Ideaya Biosciences Inc (c)
  
43,841
871,997
IGM Biosciences Inc (c)
  
9,614
12,210
Immix Biopharma Inc (b)(c)
  
13,727
32,121
ImmuCell Corp (c)
  
2,008
12,851
Immunic Inc (b)(c)
  
39,039
25,762
ImmunityBio Inc (b)(c)
  
399,522
1,062,729
Immunome Inc (c)
  
60,628
531,101
Immunovant Inc (c)
  
86,608
1,286,129
Imunon Inc (b)(c)
  
2,129
5,301
IN8bio Inc (c)
  
17,031
2,524
Incyte Corp (c)
  
114,141
7,426,013
Inhibikase Therapeutics Inc (c)
  
30,268
60,839
Inmune Bio Inc (b)(c)
  
10,829
79,918
Inovio Pharmaceuticals Inc (b)(c)
  
11,435
22,870
Inozyme Pharma Inc (b)(c)
  
26,631
105,725
Insmed Inc (c)
  
106,465
7,423,804
Instil Bio Inc (b)(c)
  
2,734
73,681
Intellia Therapeutics Inc (b)(c)
  
63,099
433,490
Intensity Therapeutics Inc (c)
  
6,917
3,287
Invivyd Inc (b)(c)
  
44,310
41,430
Ionis Pharmaceuticals Inc (c)
  
86,996
2,915,236
Iovance Biotherapeutics Inc (b)(c)
  
166,053
290,593
Ironwood Pharmaceuticals Inc Class A (c)
  
65,137
39,024
iTeos Therapeutics Inc (c)
  
21,888
219,318
Janux Therapeutics Inc (c)
  
30,103
716,451
Jasper Therapeutics Inc Class A (c)
  
9,659
53,125
KALA BIO Inc (b)(c)
  
692
2,574
Kalaris Therapeutics Inc (c)
  
1,023
2,967
KalVista Pharmaceuticals Inc (b)(c)
  
35,956
424,281
Karyopharm Therapeutics Inc (b)(c)
  
3,456
14,515
Keros Therapeutics Inc (c)
  
21,338
301,933
Kezar Life Sciences Inc (c)
  
1,617
6,759
Kineta Inc rights (c)(d)
  
39,785
0
Kiniksa Pharmaceuticals International Plc Class A (c)
  
23,311
637,789
Kinnate Biopharma Inc rights (c)(d)
  
26,452
0
Kodiak Sciences Inc (c)
  
28,383
96,502
Korro Bio Inc (b)(c)
  
5,419
61,885
Korro Bio Inc rights (b)(c)(d)
  
14,063
0
Kronos Bio Inc (c)
  
32,115
21,678
Krystal Biotech Inc (c)
  
16,807
2,117,010
Kura Oncology Inc (c)
  
44,818
255,014
Kymera Therapeutics Inc (c)
  
36,404
1,079,015
Kyverna Therapeutics Inc (b)(c)
  
8,211
20,938
Lantern Pharma Inc (b)(c)
  
6,838
20,856
Larimar Therapeutics Inc (c)
  
42,494
95,612
Leap Therapeutics Inc (b)(c)
  
16,182
6,117
Legend Biotech Corp ADR (c)
  
50,106
1,450,569
Lexeo Therapeutics Inc (b)(c)
  
25,247
68,672
Lexicon Pharmaceuticals Inc (b)(c)
  
126,759
79,427
Lisata Therapeutics Inc (c)
  
2,010
5,306
Lixte Biotechnology Holdings Inc (c)
  
775
915
Longeveron Inc (c)
  
2,931
3,634
Lumos Pharma Inc rights (b)(c)(d)
  
8,658
0
Lyell Immunopharma Inc (c)
  
76,419
33,372
MacroGenics Inc (c)
  
26,696
36,307
Madrigal Pharmaceuticals Inc (b)(c)
  
11,842
3,259,629
MannKind Corp (c)
  
158,220
656,613
Marker Therapeutics Inc (c)
  
5,272
8,224
MediciNova Inc (c)
  
25,966
36,093
MediPacific Inc Class A rights (c)(d)
  
30,249
0
MEI Pharma Inc (c)
  
2,308
4,985
MeiraGTx Holdings plc (c)
  
38,759
198,446
Mersana Therapeutics Inc (c)
  
37,288
12,816
Metagenomi Inc (b)(c)
  
21,951
37,317
MetaVia Inc (c)
  
4,751
3,089
MetaVia Inc rights (c)(d)
  
612
0
Metsera Inc (b)
  
62,946
1,681,917
MiMedx Group Inc (c)
  
96,832
622,630
Mineralys Therapeutics Inc (c)
  
26,099
406,622
Minerva Neurosciences Inc (c)
  
5,184
8,035
MiNK Therapeutics Inc (b)(c)
  
1,902
13,276
Mirum Pharmaceuticals Inc (c)
  
28,134
1,250,838
Moderna Inc (c)
  
229,191
6,087,313
Monopar Therapeutics Inc (b)(c)
  
3,192
101,282
Monte Rosa Therapeutics Inc (c)
  
34,776
145,364
MoonLake Immunotherapeutics Class A (b)(c)
  
39,636
1,546,200
Mural Oncology PLC (c)
  
1,308
3,427
Myriad Genetics Inc (c)
  
53,471
224,043
Natera Inc (c)
  
80,079
12,630,861
NeuBase Therapeutics Inc (c)(d)
  
985
233
Neurocrine Biosciences Inc (c)
  
58,065
7,143,156
Neurogene Inc (b)(c)
  
7,809
132,831
Neurogene Inc rights (b)(c)(d)
  
4,505
0
NextCure Inc (c)
  
8,950
4,407
Nkarta Inc (c)
  
49,901
86,828
Novavax Inc (b)(c)
  
77,635
569,841
Nurix Therapeutics Inc (c)
  
32,554
346,049
Nuvalent Inc Class A (c)
  
34,732
2,591,355
Nuvectis Pharma Inc (b)(c)
  
10,226
96,227
Ocugen Inc (b)(c)
  
182,321
152,439
Olema Pharmaceuticals Inc (c)
  
32,613
172,197
OmniAb Operations Inc (c)(d)
  
3,424
7,362
OmniAb Operations Inc (c)(d)
  
3,424
6,539
Oncocyte Corp (c)
  
3,986
13,234
Oncternal Therapeutics Inc rights (b)(c)(d)
  
4,319
0
OnKure Therapeutics Inc Class A (b)(c)
  
1,087
2,750
Opus Genetics Inc (c)
  
29,775
29,611
Organogenesis Holdings Inc Class A (c)
  
61,402
168,241
ORIC Pharmaceuticals Inc (b)(c)
  
39,045
318,998
Oruka Therapeutics Inc
 
21,951
240,583
OSR Holdings Inc (b)(c)
  
4,318
6,261
Outlook Therapeutics Inc (b)(c)
  
7,574
13,936
Ovid therapeutics Inc (c)
  
31,199
8,492
Pacira Therapeutic Inc rights (c)(d)
  
69,500
0
Palisade Bio Inc rights (b)(c)(d)
  
29,628
0
Palvella Therapeutics Inc (b)(c)
  
7,710
186,042
Palvella Therapeutics Inc rights (c)(d)
  
282
0
Passage Bio Inc (c)
  
12,450
5,432
PDS Biotechnology Corp (b)(c)
  
15,312
21,131
PepGen Inc (b)(c)
  
22,676
33,107
PharmaCyte Biotech Inc (c)
  
26,211
27,259
Pluri Inc (b)(c)
  
2,751
12,159
PMV Pharmaceuticals Inc (c)
  
12,039
10,573
Praxis Precision Medicines Inc (c)
  
11,679
450,225
Precigen Inc (b)(c)
  
101,354
133,787
Precision BioSciences Inc (b)(c)
  
2,657
12,833
Prelude Therapeutics Inc (c)
  
20,595
18,245
Prime Medicine Inc (b)(c)
  
85,457
100,839
ProKidney Corp Class A (b)(c)
  
62,420
45,117
Protagenic Therapeutics Inc (b)(c)
  
1,256
4,836
Protagonist Therapeutics Inc (c)
  
35,545
1,687,321
Protara Therapeutics Inc (c)
  
9,599
29,181
PTC Therapeutics Inc (c)
  
45,672
2,216,005
Puma Biotechnology Inc (c)
  
28,173
92,407
PureTech Health PLC ADR (b)(c)
  
770
14,160
Pyxis Oncology Inc (b)(c)
  
30,129
36,456
Q32 Bio Inc (b)(c)
  
6,497
11,240
Q32 Bio Inc rights (b)(c)(d)
  
29,351
0
Quince Therapeutics Inc (b)(c)
  
25,340
26,354
Radius Health Inc (c)(d)
  
26,855
0
Rallybio Corp (c)
  
24,028
7,425
RAPT Therapeutics Inc (c)
  
1,710
1,514
Recursion Pharmaceuticals Inc Class A (b)(c)
  
121,227
506,729
Regeneron Pharmaceuticals Inc
 
63,354
31,061,199
Regeneron Pharmaceuticals Inc rights (c)(d)
  
16,049
0
REGENXBIO Inc (c)
  
39,285
347,672
Regulus Therapeutics Inc (c)
  
47,351
375,493
Rein Therapeutics Inc (c)
  
8,122
15,838
Relay Therapeutics Inc (c)
  
96,017
288,051
Renovaro Inc (c)
  
92,582
28,673
RenovoRx Inc (c)
  
7,791
10,907
Replimune Group Inc (c)
  
46,099
413,969
Revolution Medicines Inc (c)
  
97,961
3,859,663
Rezolute Inc/old (c)
  
36,400
149,968
Rhythm Pharmaceuticals Inc (c)
  
35,591
2,182,796
Rigel Pharmaceuticals Inc (c)
  
6,287
120,710
Rocket Pharmaceuticals Inc (c)
  
53,599
134,533
Roivant Sciences Ltd (c)
  
478,559
5,259,363
SAB Biotherapeutics Inc (b)(c)
  
4,937
9,528
Sage Therapeutics Inc (c)
  
41,791
269,970
Sagimet Biosciences Inc Class A (b)(c)
  
16,595
58,912
Sana Biotechnology Inc (b)(c)
  
149,215
323,797
Sangamo Therapeutics Inc (b)(c)
  
122,707
57,059
Sarepta Therapeutics Inc (c)
  
56,937
2,140,831
Savara Inc (b)(c)
  
71,158
162,240
Scholar Rock Holding Corp (c)
  
42,153
1,222,859
SELLAS Life Sciences Group Inc (b)(c)
  
41,675
71,264
Sensei Biotherapeutics Inc (b)(c)
  
2,477
747
Sera Prognostics Inc Class A (c)
  
23,191
36,178
Seres Therapeutics Inc (b)(c)
  
4,488
31,640
Shattuck Labs Inc (c)
  
25,719
25,976
Shuttle Pharmaceuticals Holdings Inc (c)
  
6,601
1,154
Sigilon Therapeutics Inc rights (c)(d)
  
1,064
8,959
Sionna Therapeutics Inc (b)
  
22,083
302,316
Skye Bioscience Inc (b)(c)
  
18,888
37,398
Soleno Therapeutics Inc (c)
  
23,916
1,754,239
Solid Biosciences Inc (c)
  
17,714
56,862
Spectrum Pharmaceuticals Inc rights (c)(d)
  
111,379
0
Spero Therapeutics Inc (c)
  
19,478
48,695
SpringWorks Therapeutics Inc (c)
  
43,883
2,049,775
Spyre Therapeutics Inc (b)(c)
  
31,803
485,950
Spyre Therapeutics Inc rights (c)(d)
  
34,317
0
Stoke Therapeutics Inc (c)
  
30,371
289,739
Summit Therapeutics Inc (b)(c)
  
436,541
7,951,594
Surface Oncology Inc rights (c)(d)
  
23,135
0
Surrozen Inc Class A (b)(c)
  
2,766
23,483
Sutro Biopharma Inc (c)
  
22,583
20,273
Syndax Pharmaceuticals Inc (c)
  
55,300
582,862
Synlogic Inc (c)
  
9,047
10,404
Tango Therapeutics Inc (b)(c)
  
47,985
106,527
Taysha Gene Therapies Inc (c)
  
109,633
297,105
Tectonic Therapeutic Inc (c)
  
8,299
178,512
Tectonic Therapeutic Inc rights (c)(d)
  
2,331
0
Tenax Therapeutics Inc (c)
  
364
2,275
Tenaya Therapeutics Inc (b)(c)
  
22,500
10,350
Tevogen Bio Holdings Inc Class A (b)(c)
  
92,836
119,758
TG Therapeutics Inc (c)
  
91,692
3,219,306
Tobira Therapeutics Inc rights (b)(c)(d)
  
6,103
0
Tonix Pharmaceuticals Holding Corp (c)
  
2,687
106,889
Tourmaline Bio Inc (b)(c)
  
14,863
247,915
Travere Therapeutics Inc (c)
  
48,756
732,315
TriSalus Life Sciences Inc Class A (c)
  
19,236
96,180
TScan Therapeutics Inc (c)
  
28,767
41,137
Turnstone Biologics Corp (c)
  
7,854
2,574
Twist Bioscience Corp (c)
  
33,908
993,504
Tyra Biosciences Inc (c)
  
36,163
329,083
Ultragenyx Pharmaceutical Inc (c)
  
51,564
1,754,723
Unicycive Therapeutics Inc (c)
  
42,348
24,807
United Therapeutics Corp (c)
  
26,329
8,395,002
United Therapeutics Corp rights (c)(d)
  
19,958
0
UNITY Biotechnology Inc (c)
  
3,870
2,706
Upstream Bio Inc
 
35,203
324,924
UroGen Pharma Ltd (b)(c)
  
19,633
83,244
Vanda Pharmaceuticals Inc (c)
  
35,063
152,173
Vaxart Inc (c)
  
122,375
53,001
Vaxcyte Inc (c)
  
76,990
2,501,405
Vera Therapeutics Inc Class A (c)
  
31,232
591,846
Veracyte Inc (c)
  
45,547
1,212,006
Verastem Inc (b)(c)
  
35,798
269,201
Vericel Corp (c)
  
28,395
1,172,572
Vertex Pharmaceuticals Inc (c)
  
151,344
66,901,615
Verve Therapeutics Inc (b)(c)
  
40,787
181,502
Vigil Neuroscience Inc (c)
  
24,515
193,423
Viking Therapeutics Inc (b)(c)
  
66,500
1,782,200
Vir Biotechnology Inc (c)
  
67,359
332,753
Viridian Therapeutics Inc (c)
  
47,344
659,029
Viridian Therapeutics Inc rights (c)(d)
  
30,380
0
Vistagen Therapeutics Inc (c)
  
12,189
31,448
Vor BioPharma Inc (c)
  
31,312
6,259
Voyager Therapeutics Inc (c)
  
29,804
81,663
vTv Therapeutics Inc Class A (b)(c)
  
2,524
40,106
Werewolf Therapeutics Inc (c)
  
12,833
15,528
Whitehawk Therapeutics Inc (c)
  
3,301
5,579
X4 Pharmaceuticals Inc (b)(c)
  
3,145
10,693
XBiotech Inc (b)(c)
  
16,960
48,336
Xencor Inc (c)
  
41,742
333,936
Xenetic Biosciences Inc (c)
  
2,070
5,920
Xilio Therapeutics Inc (c)
  
14,316
15,318
XOMA Royalty Corp (c)
  
7,259
179,733
Y-mAbs Therapeutics Inc (c)
  
25,975
119,485
Zenas Biopharma Inc
 
24,857
236,639
Zentalis Pharmaceuticals Inc (c)
  
28,455
34,431
Zymeworks Inc (c)
  
40,071
458,012
 
  
  
518,684,435
Health Care Equipment & Supplies - 1.4%
  
  
  
ABIOMED Inc (c)(d)
  
25,491
56,590
Accuray Inc Del (c)
  
54,348
83,152
Adagio Medical Holdings Inc (b)
  
5,436
6,143
Align Technology Inc (c)
  
42,905
7,763,231
Alphatec Holdings Inc (b)(c)
  
82,171
1,021,386
AngioDynamics Inc (c)
  
37,311
380,572
Apyx Medical Corp (c)
  
20,572
32,092
AtriCure Inc (c)
  
31,837
1,100,605
Axogen Inc (c)
  
25,183
274,243
Beta Bionics Inc (b)
  
20,925
360,747
Beyond Air Inc (c)
  
33,977
6,197
Bioventus Inc (c)
  
38,014
246,331
Ceribell Inc
 
23,540
395,707
Cerus Corp (c)
  
103,863
131,906
Check Cap Ltd (b)(c)
  
2,932
2,463
ClearPoint Neuro Inc (c)
  
15,290
180,575
Co-Diagnostics Inc (c)
  
1,180
301
Cooper Cos Inc/The (c)
  
118,145
8,066,941
CVRx Inc (b)(c)
  
13,287
88,159
CytoSorbents Corp (b)(c)
  
32,102
26,966
CytoSorbents Corp A warrants 12/31/2029 (c)(d)
  
13,754
0
CytoSorbents Corp B warrants 12/31/2029 (b)(c)(d)
  
13,754
0
Delcath Systems Inc (c)
  
20,714
335,774
DENTSPLY SIRONA Inc
 
119,633
1,911,735
Dexcom Inc (c)
  
231,168
19,834,214
DIH Holdings US Inc Class A (b)(c)
  
20,389
4,675
ElectroCore Inc (b)(c)
  
10,837
54,185
Embecta Corp
 
34,326
361,453
Envoy Medical Inc Class A (b)(c)
  
14,692
23,360
enVVeno Medical Corp (c)
  
20,487
73,958
Femasys Inc (b)(c)
  
18,182
16,000
FONAR Corp (c)
  
3,366
48,807
Fractyl Health Inc (b)(c)
  
29,844
56,704
GE HealthCare Technologies Inc
 
268,921
18,969,687
HeartBeam inc (c)
  
16,484
28,023
Hologic Inc (c)
  
132,959
8,266,061
Hyperfine Inc Class A (c)
  
11,927
7,186
ICU Medical Inc (c)
  
14,912
2,011,032
IDEXX Laboratories Inc (c)
  
47,682
24,478,033
Inmode Ltd (b)(c)
  
47,510
696,497
Inogen Inc (c)
  
6,758
43,420
Insulet Corp (c)
  
41,116
13,363,933
Integra LifeSciences Holdings Corp (c)
  
46,656
590,665
Intuitive Surgical Inc (c)
  
209,947
115,962,127
INVO Fertility Inc Class A (c)
  
400
676
iRadimed Corp
 
7,986
462,230
iRhythm Technologies Inc (c)
  
18,507
2,600,234
IRIDEX Corp (b)(c)
  
14,777
14,711
Kestra Medical Technologies Ltd
 
28,334
638,082
Kewaunee Scientific Corp (c)
  
1,782
68,536
KORU Medical Systems Inc (c)
  
31,356
84,661
Lantheus Holdings Inc (c)
  
41,472
3,133,624
LeMaitre Vascular Inc (b)
  
13,225
1,087,095
LENSAR Inc (b)(c)
  
8,155
110,337
LivaNova PLC (c)
  
32,178
1,391,699
Lucid Diagnostics Inc (c)
  
38,291
53,224
Masimo Corp (c)
  
31,728
5,155,800
Merit Medical Systems Inc (c)
  
34,314
3,260,859
Microbot Medical Inc (b)(c)
  
2,681
6,810
Modular Medical Inc (c)
  
25,759
22,153
Monogram Technologies Inc (b)(c)
  
15,368
37,037
NanoVibronix Inc (c)
  
1
0
Neogen Corp (c)
  
123,583
724,196
Neovasc Inc rights (c)(d)
  
854
0
Neuronetics Inc (b)(c)
  
26,076
101,957
NeuroOne Medical Technologies Corp (c)
  
29,832
18,230
NeuroPace Inc (c)
  
16,625
219,783
Nexalin Technology Inc (b)(c)
  
3,846
4,577
Nexgel Inc (c)
  
546
1,201
Novocure Ltd (c)
  
63,189
1,207,542
Omnicell Inc (c)
  
27,115
823,483
OraSure Technologies Inc (c)
  
19,999
57,597
Orchestra BioMed Holdings Inc (b)(c)
  
22,556
64,285
Orthofix Medical Inc (c)
  
16,449
185,051
OrthoPediatrics Corp (c)
  
15,188
303,152
Pro-Dex Inc (b)(c)
  
3,411
136,594
PROCEPT BioRobotics Corp (c)
  
31,785
1,843,530
Pulmonx Corp (c)
  
24,714
84,028
Pulse Biosciences Inc (b)(c)
  
40,283
697,097
Pulse Biosciences Inc warrants 6/26/2030 (b)(c)
  
4,012
19,771
QuidelOrtho Corp (c)
  
42,784
1,312,185
Rockwell Medical Inc (c)
  
17,380
17,086
RxSight Inc (c)
  
21,884
334,606
Sanara Medtech Inc (c)
  
5,156
149,524
SeaStar Medical Holding Corp Class A (b)(c)
  
4,470
5,319
Semler Scientific Inc (b)(c)
  
4,369
174,760
Sensus Healthcare Inc (c)
  
10,687
50,870
SI-BONE Inc (b)(c)
  
34,494
651,937
Sight Sciences Inc (c)
  
19,680
72,619
Spectral AI Inc Class A (b)(c)
  
10,463
16,741
STAAR Surgical Co (b)(c)
  
30,930
550,863
Strata Skin Sciences Inc (c)
  
1,744
4,255
Surmodics Inc (c)
  
8,185
237,529
Tactile Systems Technology Inc (c)
  
9,719
96,024
Tandem Diabetes Care Inc (c)
  
38,972
772,425
Tela Bio Inc (c)
  
18,634
25,901
Tenon Medical Inc (c)
  
638
689
TransMedics Group Inc (b)(c)
  
20,002
2,542,654
Treace Medical Concepts Inc (c)
  
22,657
130,051
UFP Technologies Inc (c)
  
4,879
1,142,662
Utah Medical Products Inc
 
2,529
139,297
Varex Imaging Corp (c)
  
18,147
139,187
Vivani Medical Inc (c)
  
37,626
47,409
Zimvie Inc (c)
  
17,620
161,047
Zynex Inc (b)(c)
  
24,118
56,436
 
  
  
260,813,754
Health Care Providers & Services - 0.3%
  
  
  
Acadia Healthcare Co Inc (c)
  
55,382
1,253,848
AdaptHealth Corp (c)
  
80,965
727,066
Addus HomeCare Corp (c)
  
10,642
1,180,304
AirSculpt Technologies Inc (b)(c)
  
34,189
150,773
Alignment Healthcare Inc (c)
  
114,174
1,754,854
Amedisys Inc (c)
  
19,889
1,870,958
Astrana Health Inc (c)
  
31,222
773,993
Aveanna Healthcare Holdings Inc (c)
  
112,392
599,049
Biodesix Inc (b)(c)
  
59,741
18,042
BrightSpring Health Services Inc (b)(c)
  
101,892
2,426,049
Castle Biosciences Inc (c)
  
13,840
221,025
Clover Health Investments Corp Class A (c)
  
238,694
749,499
CorVel Corp (c)
  
30,692
3,415,099
Cosmos Health Inc (c)
  
2,226
988
Cross Country Healthcare Inc (c)
  
22,341
294,454
DocGo Inc Class A (c)
  
63,323
89,919
Ensign Group Inc/The
 
34,621
5,098,289
Fulgent Genetics Inc (c)
  
28,465
589,795
GeneDx Holdings Corp Class A (b)(c)
  
16,388
1,167,153
Guardant Health Inc (c)
  
72,380
2,940,076
HealthEquity Inc (c)
  
51,304
5,161,696
Henry Schein Inc (c)
  
73,738
5,160,924
Innovage Holding Corp (c)
  
78,796
322,276
Joint Corp/The (b)(c)
  
8,305
88,864
LifeStance Health Group Inc (c)
  
237,143
1,408,629
MSP Recovery Inc warrants 5/20/2027 (c)
  
1,585,094
2,695
National Research Corp Class A
 
15,135
204,474
NeoGenomics Inc (c)
  
76,066
553,760
Nutex Health Inc (c)
  
1,853
310,822
Oncology Institute Inc/The (c)
  
16,051
51,203
OPKO Health Inc (c)
  
370,729
504,191
Option Care Health Inc (c)
  
103,823
3,392,936
P3 Health Partners Inc Class A (b)(c)
  
610
4,465
Pennant Group Inc/The (c)
  
17,279
496,080
Performant Healthcare Inc (c)
  
50,127
153,890
Precipio Inc (c)
  
3,097
29,483
Premier Inc Class A (b)
  
50,226
1,154,193
Privia Health Group Inc (c)
  
70,269
1,599,322
Progyny Inc (c)
  
54,154
1,164,311
Quipt Home Medical Corp (United States) (b)(c)
  
27,573
49,356
RadNet Inc (c)
  
44,576
2,562,674
SBC Medical Group Holdings Inc (b)(c)
  
5,240
26,881
Surgery Partners Inc (c)
  
79,410
1,874,870
Talkspace Inc Class A (c)
  
82,656
263,673
Viemed Healthcare Inc (c)
  
24,406
162,300
 
  
  
52,025,201
Health Care Technology - 0.0%
  
  
  
Bullfrog AI Holdings Inc (b)(c)
  
3,407
5,826
CareCloud Inc (c)
  
13,011
26,282
Certara Inc (c)
  
104,434
1,186,370
Definitive Healthcare Corp Class A (b)(c)
  
30,967
102,501
Forian Inc (c)
  
18,658
38,809
GoodRx Holdings Inc Class A (c)
  
55,580
217,874
Health Catalyst Inc (c)
  
54,789
208,198
Healthcare Triangle Inc (c)
  
11,606
94
HealthStream Inc
 
18,820
527,336
iCAD Inc (c)
  
25,911
99,498
iSpecimen Inc (b)(c)
  
1,780
2,172
LifeMD Inc (c)
  
26,734
326,422
OptimizeRx Corp (c)
  
10,189
123,694
Schrodinger Inc/United States (c)
  
39,565
855,395
Simulations Plus Inc (b)
  
12,222
389,210
Streamline Health Solutions Inc (c)
  
939
4,864
TruBridge Inc (c)
  
10,575
253,060
VSee Health Inc (b)(c)
  
13,327
16,792
Waystar Holding Corp (c)
  
102,026
4,079,000
 
  
  
8,463,397
Life Sciences Tools & Services - 0.2%
  
  
  
10X Genomics Inc Class A (c)
  
50,273
479,102
Adaptive Biotechnologies Corp (c)
  
72,615
691,295
Akoya Biosciences Inc (b)(c)
  
10,309
12,886
Alpha Teknova Inc (b)(c)
  
41,094
237,112
Azenta Inc (c)
  
30,288
809,295
Bio-Techne Corp
 
93,222
4,511,945
BioLife Solutions Inc (c)
  
26,388
577,369
Bruker Corp
 
91,038
3,341,095
Champions Oncology Inc (c)
  
10,958
64,323
Codexis Inc (c)
  
25,744
59,211
CryoPort Inc (c)
  
39,922
239,931
Cytek Biosciences Inc (c)
  
50,655
140,314
Fortrea Holdings Inc (c)
  
52,478
225,655
Harvard Bioscience Inc (c)
  
29,367
13,714
ICON PLC (c)
  
46,650
6,077,562
Illumina Inc (c)
  
93,356
7,677,598
Inotiv Inc (b)(c)
  
5,271
13,705
Lifecore Biomedical Inc (b)(c)
  
22,245
150,599
Maravai LifeSciences Holdings Inc Class A (c)
  
5,996
13,491
MaxCyte Inc (United States) (c)
  
60,748
144,580
Medpace Holdings Inc (c)
  
17,783
5,244,207
Mesa Laboratories Inc (b)
  
4,295
432,163
Nautilus Biotechnology Inc Class A (c)
  
67,559
50,467
Niagen Bioscience Inc (c)
  
46,168
499,538
OmniAb Inc (b)(c)
  
96,962
123,142
Pacific Biosciences of California Inc (b)(c)
  
191,354
184,408
Personalis Inc (c)
  
45,987
212,920
Quanterix Corp (c)
  
33,017
171,688
Quantum-Si Inc Class A (b)(c)
  
62,202
104,499
Rapid Micro Biosystems Inc Class A (b)(c)
  
21,522
71,668
Repligen Corp (c)
  
33,298
3,931,495
Seer Inc Class A (c)
  
11,900
22,848
Sotera Health Co (b)(c)
  
169,434
2,073,872
Standard BioTools Inc (b)(c)
  
178,587
180,373
Tempus AI Inc Class A (b)(c)
  
90,104
4,971,939
 
  
  
43,756,009
Pharmaceuticals - 0.3%
  
  
  
Aclaris Therapeutics Inc (c)
  
13,872
20,253
ALT5 Sigma Corp (b)(c)
  
3,632
33,814
Alumis Inc
 
34,545
120,908
Amneal Intermediate Inc Class A (c)
  
184,448
1,350,159
Amphastar Pharmaceuticals Inc (c)
  
29,456
757,314
Amylyx Pharmaceuticals Inc (c)
  
11,176
57,556
AN2 Therapeutics Inc (c)
  
13,988
14,827
Anebulo Pharmaceuticals Inc (b)(c)
  
7,788
7,866
ANI Pharmaceuticals Inc (c)
  
12,795
751,322
Aquestive Therapeutics Inc (b)(c)
  
54,178
146,822
Arvinas Inc (c)
  
44,234
318,485
Assertio Holdings Inc (c)
  
41,301
27,436
Atea Pharmaceuticals Inc (c)
  
70,660
209,860
Athira Pharma Inc (b)(c)
  
6,597
2,062
Avadel Pharmaceuticals PLC Class A (c)
  
55,171
502,608
Axsome Therapeutics Inc (c)
  
28,697
3,017,777
Belite Bio Inc ADR (b)(c)
  
6,700
434,629
BioAge Labs Inc
 
12,097
47,904
Biote Corp Class A (c)
  
19,805
68,525
CalciMedica Inc (b)(c)
  
9,699
16,197
Cassava Sciences Inc (b)(c)
  
14,274
28,691
Clearside Biomedical Inc (c)
  
46,832
35,639
Cocrystal Pharma Inc (c)
  
6,122
10,530
Cognition Therapeutics Inc (b)(c)
  
18,310
4,376
Collegium Pharmaceutical Inc (c)
  
21,531
627,413
Context Therapeutics Inc (b)(c)
  
63,705
36,764
Contineum Therapeutics Inc Class A (c)
  
9,490
34,733
Corcept Therapeutics Inc (c)
  
62,269
4,829,584
CorMedix Inc (c)
  
33,659
408,620
Cumberland Pharmaceuticals Inc (c)
  
11,327
56,182
Dare Bioscience Inc (c)
  
7,571
22,486
Durect Corp (c)
  
17,821
9,468
Edgewise Therapeutics Inc (c)
  
55,670
794,968
Enliven Therapeutics Inc (c)
  
24,688
438,706
Enliven Therapeutics Inc rights (c)(d)
  
8,204
0
Enveric Biosciences Inc (b)(c)
  
10,913
12,877
Esperion Therapeutics Inc (b)(c)
  
110,863
94,211
Eton Pharmaceuticals Inc (b)(c)
  
19,371
365,918
Evolus Inc (c)
  
34,070
313,103
EyePoint Pharmaceuticals Inc (c)
  
28,515
206,449
Fulcrum Therapeutics Inc (c)
  
34,414
236,596
Harmony Biosciences Holdings Inc (c)
  
34,616
1,194,252
Harmony Biosciences Holdings Inc rights (c)(d)
  
37,934
0
Harrow Inc (c)
  
22,258
625,672
Hoth Therapeutics Inc (c)
  
31,711
26,330
Ikena Oncology Inc (c)
  
22,851
27,193
Incannex Healthcare Inc (b)(c)
  
7,841
1,647
Innoviva Inc (b)(c)
  
41,302
808,280
Iterum Therapeutics plc (c)
  
12,370
12,370
Jazz Pharmaceuticals PLC (c)
  
36,505
3,945,095
Journey Medical Corp (c)
  
8,674
69,912
Jupiter Neurosciences Inc (b)(c)
  
9,687
7,508
Landos Biopharma Inc rights (c)(d)
  
2,305
0
LENZ Therapeutics Inc (b)(c)
  
19,424
567,181
Ligand Pharmaceuticals Inc (c)
  
11,014
1,125,521
Ligand Pharmaceuticals Inc rights (c)
  
1,518
213
Ligand Pharmaceuticals Inc rights (c)
  
1,518
68
Ligand Pharmaceuticals Inc rights (c)
  
1,518
6
Ligand Pharmaceuticals Inc rights (c)
  
1,518
2
Lipocine Inc (c)
  
4,461
14,855
Liquidia Corp (c)
  
55,745
831,715
Maze Therapeutics Inc (b)
  
15,044
150,590
MBX Biosciences Inc (b)(c)
  
22,269
276,581
Mind Medicine MindMed Inc (b)(c)
  
51,402
373,179
Mira Pharmaceuticals Inc (b)(c)
  
9,455
12,764
Nektar Therapeutics (c)
  
109,013
78,980
Neumora Therapeutics Inc (c)
  
33,388
23,916
Novartis AG rights (c)(d)
  
40,508
0
Nutriband Inc (b)(c)
  
8,237
53,541
Ocular Therapeutix Inc (b)(c)
  
65,815
527,178
Omeros Corp (b)(c)
  
40,138
124,026
Optinose Inc (d)
  
6,931
0
Pacira BioSciences Inc (c)
  
31,731
819,929
Paratek Pharmaceuticals Inc rights (b)(c)(d)
  
29,676
0
Phathom Pharmaceuticals Inc (b)(c)
  
43,579
185,211
Phibro Animal Health Corp Class A
 
16,049
391,917
Pliant Therapeutics Inc (c)
  
19,787
26,712
ProPhase Labs Inc (b)(c)
  
12,076
4,462
Pulmatrix Inc (c)
  
4,570
41,039
Rafael Holdings Inc Class B (c)
  
2
3
Rani Therapeutics Holdings Inc Class A (b)(c)
  
7,171
4,010
Rapport Therapeutics Inc (c)
  
16,370
135,380
Relmada Therapeutics Inc (b)(c)
  
3,509
2,632
Reviva Pharmaceuticals Holdings Inc (b)(c)
  
19,951
19,356
Royalty Pharma PLC Class A
 
251,870
8,281,487
Sanofi SA ADR
 
171,306
8,457,378
Satsuma Pharmaceuticals Inc rights (c)(d)
  
19,951
0
scPharmaceuticals Inc (b)(c)
  
23,650
86,086
SCYNEXIS Inc (c)
  
22,803
19,955
Seelos Therapeutics Inc rights (b)(c)(d)
  
2,932
0
Septerna Inc (b)
  
9,971
92,232
SIGA Technologies Inc
 
42,115
251,848
Structure Therapeutics Inc ADR (b)(c)
  
29,288
637,307
Supernus Pharmaceuticals Inc (c)
  
32,482
1,029,679
Talphera Inc (c)
  
16,366
7,978
Tarsus Pharmaceuticals Inc (c)
  
20,508
880,819
Telomir Pharmaceuticals Inc (b)(c)
  
18,464
35,912
Terns Pharmaceuticals Inc (c)
  
41,109
127,849
Theravance Biopharma Inc (c)
  
41,826
383,126
Third Harmonic Bio Inc (b)(c)
  
25,979
135,351
Titan Pharmaceuticals Inc (c)
  
1,511
6,981
Traws Pharma Inc (c)
  
743
1,055
Traws Pharma Inc rights (c)(d)
  
33,198
0
Trevi Therapeutics Inc (c)
  
43,949
286,108
Ventyx Biosciences Inc (c)
  
5,602
9,523
Verrica Pharmaceuticals Inc (b)(c)
  
7,893
3,904
Veru Inc (b)(c)
  
85,196
43,297
Viatris Inc
 
712,075
6,259,139
VYNE Therapeutics Inc (c)
  
2,907
2,762
WaVe Life Sciences Ltd (c)
  
73,314
440,617
Xeris Biopharma Holdings Inc (c)
  
80,314
396,752
Xeris Biopharma Holdings Inc rights (c)(d)
  
39,901
0
Zevra Therapeutics Inc (c)
  
33,719
288,297
 
  
  
57,148,306
TOTAL HEALTH CARE
  
  
940,891,102
 
  
  
  
Industrials - 3.9%
  
  
  
Aerospace & Defense - 0.4%
  
  
  
AeroVironment Inc (c)
  
17,097
3,043,779
AerSale Corp (c)
  
32,388
190,765
Astronics Corp (c)
  
16,983
530,209
Axon Enterprise Inc (c)
  
45,119
33,855,493
Byrna Technologies Inc (b)(c)
  
12,487
332,903
Innovative Solutions And Support Inc (c)
  
9,188
102,814
Intuitive Machines Inc Class A (b)(c)
  
57,420
655,162
Kratos Defense & Security Solutions Inc (b)(c)
  
90,516
3,339,135
Leonardo DRS Inc
 
158,079
6,686,742
Mercury Systems Inc (c)
  
34,701
1,709,024
New Horizon Aircraft Ltd Class A (b)(c)
  
12,029
12,751
Rocket Lab Corp (b)
  
281,347
7,537,286
Satellogic Inc Class A (b)(c)
  
49,366
182,161
Tat Technologies Ltd (b)(c)
  
5,355
139,391
VirTra Inc (c)
  
5,587
32,628
Woodward Inc
 
35,167
7,607,677
 
  
  
65,957,920
Air Freight & Logistics - 0.0%
  
  
  
Air T Inc (b)(c)
  
1,908
34,248
CH Robinson Worldwide Inc
 
69,708
6,689,877
Forward Air Corp Class A (b)(c)
  
21,006
352,481
Hub Group Inc Class A
 
37,476
1,263,316
 
  
  
8,339,922
Building Products - 0.1%
  
  
  
AAON Inc
 
48,420
4,662,362
American Woodmark Corp (c)
  
9,242
520,972
Apogee Enterprises Inc
 
13,099
506,276
Caesarstone Ltd (c)
  
28,738
48,855
Captivision Inc (b)(c)
  
16,349
17,820
CSW Industrials Inc
 
9,610
2,938,642
Gibraltar Industries Inc (c)
  
18,047
1,057,193
UFP Industries Inc
 
35,465
3,459,965
 
  
  
13,212,085
Commercial Services & Supplies - 0.5%
  
  
  
Aqua Metals Inc (b)(c)
  
693
553
Bitcoin Depot Inc Class A (c)
  
17,642
68,804
Bridger Aerospace Group Holdings Inc (c)
  
14,659
24,187
Casella Waste Systems Inc Class A (c)
  
35,755
4,190,844
CECO Environmental Corp (c)
  
21,695
583,379
Cintas Corp
 
236,407
53,546,186
Copart Inc (c)
  
564,849
29,078,427
Driven Brands Holdings Inc (c)
  
104,618
1,864,293
Fuel Tech Inc (c)
  
5,418
8,994
Greenwave Technology Solutions Inc (b)(c)
  
5,899
1,139
Healthcare Services Group Inc (c)
  
30,717
433,110
Interface Inc
 
38,104
765,509
Knightscope Inc Class A (b)(c)
  
423
2,360
LanzaTech Global Inc Class A (b)(c)
  
6,088
1,718
Liquidity Services Inc (c)
  
20,431
477,472
MillerKnoll Inc
 
44,488
750,513
Odyssey Marine Exploration Inc (c)
  
585
457
Perma-Fix Environmental Services Inc (b)(c)
  
12,224
129,452
Quest Resource Holding Corp (c)
  
12,176
26,787
Royalty Management Holding Corp Class A (b)(c)
  
4,303
4,733
Smart Powerr Corp (b)(c)
  
2,863
1,933
Tetra Tech Inc
 
158,667
5,543,825
TOMI Environmental Solutions Inc (c)
  
8,765
7,117
Virco Mfg. Corp (b)
  
9,162
77,052
VSE Corp (b)
  
12,251
1,593,733
 
  
  
99,182,577
Construction & Engineering - 0.2%
  
  
  
Bowman Consulting Group Ltd (c)
  
13,326
334,083
Concrete Pumping Holdings Inc
 
28,584
200,946
Construction Partners Inc Class A (c)
  
27,271
2,855,001
Ferrovial SE (United States) (b)
  
425,938
21,850,619
Great Lakes Dredge & Dock Corp (c)
  
36,779
411,189
IES Holdings Inc (c)
  
12,056
3,130,461
Limbach Holdings Inc (c)
  
7,221
925,877
Matrix Service Co (c)
  
16,544
202,168
MYR Group Inc (c)
  
10,309
1,616,967
Northwest Pipe Co (c)
  
7,033
271,755
Shimmick Corp (c)
  
22,281
36,986
Sterling Infrastructure Inc (c)
  
18,180
3,418,022
WillScot Holdings Corp
 
109,753
2,957,843
 
  
  
38,211,917
Electrical Equipment - 0.1%
  
  
  
374Water Inc (b)(c)
  
81,433
35,375
Allient Inc
 
9,597
291,749
American Superconductor Corp (b)(c)
  
23,972
677,449
Array Technologies Inc (b)(c)
  
82,832
546,691
Beam Global (b)(c)
  
2,833
4,561
Blink Charging Co (b)(c)
  
64,706
45,488
Broadwind Inc (c)
  
19,171
31,440
CBAK Energy Technology Inc (c)
  
53,154
52,341
Complete Solaria Inc Class A (b)(c)
  
32,898
45,728
Dragonfly Energy Holdings Corp (c)
  
2,115
865
Energy Focus Inc (c)
  
588
1,200
Enovix Corp Class B (b)(c)
  
107,353
818,030
Eos Energy Enterprises Inc (b)(c)
  
127,265
529,422
Fluence Energy Inc Class A (b)(c)
  
69,581
327,031
Flux Power Holdings Inc (c)
  
13,918
21,155
FTC Solar Inc (b)(c)
  
2,387
9,811
FuelCell Energy Inc (b)(c)
  
18,002
91,990
Ideal Power Inc (c)
  
6,103
29,783
LSI Industries Inc
 
20,975
341,263
NANO Nuclear Energy Inc (b)(c)
  
21,573
649,994
NeoVolta Inc (b)(c)
  
21,739
72,826
NEXTracker Inc Class A (c)
  
84,776
4,805,952
Orion Energy Systems Inc (c)
  
14,347
9,625
Pioneer Power Solutions Inc
 
13,099
35,105
Plug Power Inc (b)(c)
  
525,950
464,256
Polar Power Inc (c)
  
267
482
Powell Industries Inc (b)
  
7,346
1,245,809
Power Solutions International Inc (b)(c)
  
13,320
564,368
Preformed Line Products Co
 
3,549
506,229
Shoals Technologies Group Inc (c)
  
94,154
444,407
SKYX Platforms Corp (b)(c)
  
45,970
59,301
SolarMax Technology Inc (c)
  
25,940
29,572
Solidion Technology Inc Class A (b)(c)
  
1,227
4,037
Stardust Power Inc Class A (c)
  
9,130
5,684
SUNation Energy Inc rights (c)(d)
  
1,083
0
Sunrun Inc (b)(c)
  
124,758
934,437
Tigo Energy Inc (b)(c)
  
36,669
34,913
TPI Composites Inc (b)(c)
  
4,485
5,382
Ultralife Corp (c)
  
11,042
73,650
Vicor Corp (c)
  
21,633
944,065
Zeo Energy Corp Class A (b)(c)
  
18,269
56,451
 
  
  
14,847,917
Ground Transportation - 0.4%
  
  
  
ArcBest Corp
 
13,772
863,367
Armlogi Holding Corp (b)(c)
  
12,265
14,104
Avis Budget Group Inc (b)(c)
  
21,611
2,632,004
CSX Corp
 
1,107,610
34,989,400
Ftai Infrastructure Inc (b)
  
59,402
362,946
Heartland Express Inc
 
62,648
560,700
Hertz Global Holdings Inc (b)(c)
  
192,300
1,259,565
JB Hunt Transport Services Inc
 
58,775
8,160,909
Landstar System Inc
 
21,099
2,895,205
Lyft Inc Class A (c)
  
239,695
3,652,952
Marten Transport Ltd
 
47,473
619,048
Old Dominion Freight Line Inc
 
125,524
20,105,179
PAMT CORP (c)
  
14,004
175,890
Proficient Auto Logistics Inc (c)
  
11,148
89,852
Saia Inc (b)(c)
  
15,849
4,190,634
Universal Logistics Holdings Inc
 
15,728
378,416
Werner Enterprises Inc
 
33,155
860,372
 
  
  
81,810,543
Industrial Conglomerates - 0.5%
  
  
  
Honeywell International Inc
 
382,994
86,813,250
Icahn Enterprises LP (b)
  
316,224
2,624,659
 
  
  
89,437,909
Machinery - 0.3%
  
  
  
Agrify Corp (c)
  
511
14,063
AirJoule Technologies Corp Class A (b)(c)
  
32,050
123,072
Astec Industries Inc
 
14,001
550,099
Blue Bird Corp (b)(c)
  
19,355
749,039
ClearSign Technologies Corp (c)
  
20,915
13,758
Columbus McKinnon Corp/NY
 
15,878
231,184
Commercial Vehicle Group Inc (c)
  
21,200
27,560
Eastern Co/The
 
4,547
101,716
Energy Recovery Inc (c)
  
35,074
442,283
Franklin Electric Co Inc
 
28,071
2,425,054
FreightCar America Inc (c)
  
21,342
168,815
Hillman Solutions Corp Class A (c)
  
132,594
959,981
Hurco Cos Inc (c)
  
4,416
64,606
Hydrofarm Holdings Group Inc (b)(c)
  
3,202
11,783
L B Foster Co Class A (c)
  
6,787
128,206
Laser Photonics Corp (b)(c)
  
7,313
16,747
Lincoln Electric Holdings Inc
 
33,295
6,445,579
LiqTech International Inc (c)
  
729
1,188
Microvast Holdings Inc (b)(c)
  
186,675
670,163
Middleby Corp/The (c)
  
31,816
4,649,272
Nephros Inc (c)
  
3,085
8,391
NN Inc (c)
  
27,788
56,965
Nordson Corp
 
33,622
7,127,528
Omega Flex Inc
 
6,379
208,721
PACCAR Inc
 
309,692
29,064,594
Palladyne AI Corp Class A (c)
  
18,841
148,279
Park-Ohio Holdings Corp
 
8,241
150,810
Perma-Pipe International Holdings Inc (c)
  
5,390
71,633
Richtech Robotics Inc Class B (b)(c)
  
29,033
67,066
Shyft Group Inc/The
 
20,942
219,682
Stratasys Ltd (b)(c)
  
54,002
557,841
Symbotic Inc Class A (b)(c)
  
62,004
1,777,655
Taylor Devices Inc (b)(c)
  
1,759
64,960
Twin Disc Inc
 
9,749
70,680
Urban-Gro Inc (b)(c)
  
9,741
3,243
Xos Inc (b)(c)
  
2,262
7,465
 
  
  
57,399,681
Marine Transportation - 0.0%
  
  
  
Lakeside Holding Ltd (c)
  
4,608
4,446
Pangaea Logistics Solutions Ltd
 
29,549
132,971
Seanergy Maritime Holdings Corp (b)
  
11,836
73,738
 
  
  
211,155
Passenger Airlines - 0.1%
  
  
  
Allegiant Travel Co (c)
  
13,029
724,152
American Airlines Group Inc (b)(c)
  
379,635
4,331,635
Blade Air Mobility Inc (c)
  
16,616
57,990
Frontier Group Holdings Inc (b)(c)
  
144,887
582,446
JetBlue Airways Corp (c)
  
224,061
1,131,508
Mesa Air Group Inc (c)
  
19,225
19,610
SkyWest Inc (c)
  
24,301
2,465,336
Sun Country Airlines Holdings Inc (c)
  
34,436
398,769
United Airlines Holdings Inc (c)
  
193,111
15,341,703
 
  
  
25,053,149
Professional Services - 1.1%
  
  
  
Aeries Technology Inc Class A (b)(c)
  
12,875
7,751
Asure Software Inc (c)
  
16,724
162,223
Automatic Data Processing Inc
 
237,381
77,274,637
Barrett Business Services Inc
 
15,940
658,721
Concentrix Corp (b)
  
39,453
2,207,987
Conduent Inc (c)
  
113,473
254,180
CRA International Inc
 
4,643
882,402
CSG Systems International Inc
 
17,738
1,171,772
DLH Holdings Corp (c)
  
7,855
39,275
ExlService Holdings Inc (c)
  
95,132
4,375,121
Exponent Inc
 
32,276
2,463,950
Falcon's Beyond Global Inc Class A (b)
  
4,009
28,063
First Advantage Corp (b)(c)
  
106,302
1,819,890
Forrester Research Inc (c)
  
10,756
114,336
Heidrick & Struggles International Inc
 
12,134
529,770
HireQuest Inc (b)
  
8,515
85,235
Hudson Global Inc (c)
  
1,914
16,709
Huron Consulting Group Inc (c)
  
11,631
1,661,256
IBEX Holdings Ltd (c)
  
10,649
306,585
ICF International Inc
 
12,059
1,036,109
Innodata Inc (b)(c)
  
17,462
689,225
Kelly Services Inc Class A
 
24,091
282,347
Legalzoom.com Inc (c)
  
99,747
910,690
Nixxy Inc (c)
  
6,318
11,815
NV5 Global Inc (c)
  
36,876
814,960
Paychex Inc
 
211,764
33,439,653
Paylocity Holding Corp (c)
  
33,198
6,337,498
Rcm Technologies Inc (c)
  
6,964
159,406
Resolute Holdings Management Inc
 
4,494
154,549
Resources Connection Inc
 
47,312
246,732
Science Applications International Corp
 
29,517
3,410,394
ShiftPixy Inc (c)(d)
  
1
6
SS&C Technologies Holdings Inc
 
144,781
11,699,753
TTEC Holdings Inc (c)
  
12,701
62,362
Upwork Inc (c)
  
80,547
1,247,673
Verisk Analytics Inc
 
80,786
25,378,114
Verra Mobility Corp Class A (c)
  
99,851
2,361,476
Where Food Comes From Inc (c)
  
2,480
25,098
Willdan Group Inc (c)
  
9,418
509,043
 
  
  
182,836,766
Trading Companies & Distributors - 0.2%
  
  
  
Distribution Solutions Group Inc (b)(c)
  
28,419
774,418
DXP Enterprises Inc/TX (c)
  
9,857
814,977
Fastenal Co
 
670,478
27,717,561
FTAI Aviation Ltd
 
60,728
7,114,285
H&E Equipment Services Inc
 
21,206
2,006,936
Hudson Technologies Inc (c)
  
27,687
197,962
iPower Inc (b)(c)
  
16,779
7,885
Karat Packaging Inc
 
11,546
363,237
McGrath RentCorp
 
14,996
1,685,250
Rush Enterprises Inc Class A
 
37,940
1,883,721
Rush Enterprises Inc Class B
 
10,059
525,231
Titan Machinery Inc (b)(c)
  
14,063
262,697
Transcat Inc (c)
  
5,386
470,629
Willis Lease Finance Corp
 
3,791
509,283
Xometry Inc Class A (c)
  
27,336
906,188
 
  
  
45,240,260
TOTAL INDUSTRIALS
  
  
721,741,801
 
  
  
  
Information Technology - 48.0%
  
  
  
Communications Equipment - 0.9%
  
  
  
ADTRAN Holdings Inc (c)
  
57,332
460,376
Applied Optoelectronics Inc (b)(c)
  
25,302
390,157
Aviat Networks Inc (c)
  
6,448
138,310
Cisco Systems Inc
 
2,330,348
146,905,138
Clearfield Inc (c)
  
8,734
324,119
ClearOne Inc (c)
  
19,133
6,388
CommScope Holding Co Inc (c)
  
131,401
793,662
Comtech Telecommunications Corp (c)
  
31,154
64,800
Digi International Inc (c)
  
21,190
686,768
Extreme Networks Inc (c)
  
71,064
1,113,573
F5 Inc (c)
  
33,491
9,557,662
Franklin Wireless Corp (c)
  
9,420
39,657
Genasys Inc (b)(c)
  
28,415
46,316
Harmonic Inc (c)
  
76,482
689,868
Inseego Corp (c)
  
6,491
48,553
KVH Industries Inc (c)
  
12,585
68,085
Lantronix Inc (c)
  
22,155
48,519
Lumentum Holdings Inc (c)
  
40,619
2,935,941
Netgear Inc (c)
  
18,625
546,271
NetScout Systems Inc (c)
  
47,976
1,095,772
Ondas Holdings Inc (c)
  
41,426
50,540
Ribbon Communications Inc (c)
  
71,521
241,741
Viasat Inc (c)
  
80,844
705,768
Viavi Solutions Inc (c)
  
130,378
1,187,744
 
  
  
168,145,728
Electronic Equipment, Instruments & Components - 0.4%
  
  
  
908 Devices Inc (b)(c)
  
16,886
95,912
Advanced Energy Industries Inc
 
21,940
2,518,273
Airgain Inc (c)
  
6,076
24,304
Astrotech Corp (c)
  
1,228
7,073
Avnet Inc
 
51,707
2,585,867
Bel Fuse Inc Class A
 
1,737
110,316
Bel Fuse Inc Class B
 
6,577
485,383
CDW Corp/DE
 
78,136
14,092,609
Climb Global Solutions Inc
 
3,243
357,298
Coda Octopus Group Inc (c)
  
4,103
30,198
Cognex Corp
 
104,214
3,123,294
CPS Technologies Corp (c)
  
4,893
13,945
Daktronics Inc (c)
  
31,984
474,643
Data I/O Corp (c)
  
15,054
40,345
Deswell Industries Inc
 
1,149
2,665
ePlus Inc (c)
  
17,168
1,225,280
Evolv Technologies Holdings Inc Class A (c)
  
111,029
606,218
FARO Technologies Inc (c)
  
11,841
501,703
Flex Ltd (c)
  
226,672
9,588,226
Focus Universal Inc (b)(c)
  
2,572
9,876
Frequency Electronics Inc
 
5,274
101,472
Identiv Inc (c)
  
13,327
43,579
Insight Enterprises Inc (c)
  
18,760
2,446,116
Interlink Electronics Inc (c)
  
6,627
42,810
IPG Photonics Corp (c)
  
25,123
1,664,650
Itron Inc (c)
  
26,973
3,118,079
Key Tronic Corp (c)
  
6,057
17,505
Kimball Electronics Inc (c)
  
15,945
288,605
LightPath Technologies Inc Class A (c)
  
23,346
65,369
Lightwave Logic Inc (b)(c)
  
20,180
19,776
Littelfuse Inc
 
14,981
3,072,004
MicroVision Inc (b)(c)
  
191,947
211,142
MultiSensor AI Holdings Inc (c)
  
11,410
8,532
Napco Security Technologies Inc
 
23,012
642,035
Neonode Inc (b)(c)
  
10,655
108,894
nLight Inc (c)
  
22,333
337,898
Novanta Inc (c)
  
21,239
2,629,813
OSI Systems Inc (c)
  
9,960
2,182,336
Ouster Inc Class A (c)
  
23,856
291,759
PC Connection Inc
 
15,743
1,029,592
Plexus Corp (c)
  
16,563
2,174,059
Powerfleet Inc NJ (b)(c)
  
75,043
341,446
Red Cat Holdings Inc (b)(c)
  
47,814
284,493
Research Frontiers Inc (b)(c)
  
10,936
19,904
RF Industries Ltd (c)
  
2,448
10,257
Richardson Electronics Ltd/United States
 
7,825
70,034
Sanmina Corp (c)
  
32,441
2,747,428
ScanSource Inc (c)
  
16,203
654,277
Scantech AI Systems Inc
 
3,880
2,827
SigmaTron International Inc (c)
  
3,452
10,218
Sono-Tek Corp (c)
  
2,629
10,201
Syntec Optics Holdings Inc Class A (c)
  
19,932
32,888
Trimble Inc (c)
  
142,986
10,190,612
TTM Technologies Inc (c)
  
63,444
1,894,438
Vuzix Corp (b)(c)
  
38,602
112,718
Wetouch Technology Inc (b)(c)
  
6,414
6,125
Wrap Technologies Inc (b)(c)
  
38,058
55,184
Zebra Technologies Corp Class A (c)
  
30,254
8,766,702
 
  
  
81,599,205
IT Services - 0.5%
  
  
  
Akamai Technologies Inc (c)
  
88,612
6,728,309
Amdocs Ltd
 
66,622
6,113,235
Applied Digital Corp (b)(c)
  
127,147
868,414
Backblaze Inc Class A (b)(c)
  
23,717
135,187
BigCommerce Holdings Inc (c)
  
64,935
327,272
Brand Engagement Network Inc Class A (c)
  
4,402
1,228
CISO Global Inc (b)(c)
  
8,579
6,949
Cognizant Technology Solutions Corp Class A
 
290,387
23,518,444
CoreWeave Inc Class A (b)(c)
  
210,147
23,391,464
Couchbase Inc (c)
  
29,333
530,047
Crexendo Inc (c)
  
15,416
82,938
CSP Inc
 
8,458
128,731
Data Storage Corp (c)
  
9,803
36,761
Glimpse Group Inc/The (c)
  
9,486
14,419
Grid Dynamics Holdings Inc (c)
  
50,285
630,071
Hackett Group Inc/The
 
16,264
398,793
Information Services Group Inc
 
29,143
137,555
MongoDB Inc Class A (c)
  
44,080
8,323,626
Okta Inc Class A (c)
  
96,127
9,917,423
Rackspace Technology Inc (c)
  
81,088
92,440
Research Solutions Inc/CA (c)
  
16,973
46,845
TSS Inc/MD (b)(c)
  
11,971
172,861
Tucows Inc Class A (b)(c)
  
6,556
127,186
VeriSign Inc
 
53,604
14,605,482
 
  
  
96,335,680
Semiconductors & Semiconductor Equipment - 18.9%
  
  
  
ACM Research Inc Class A (c)
  
33,539
756,304
Advanced Micro Devices Inc (c)
  
954,361
105,676,394
Aehr Test Systems (b)(c)
  
16,355
156,027
Alpha & Omega Semiconductor Ltd (c)
  
19,873
421,705
Ambarella Inc (c)
  
23,947
1,260,570
Amkor Technology Inc
 
146,367
2,637,533
Amtech Systems Inc (c)
  
11,847
47,506
Analog Devices Inc
 
292,079
62,499,064
Applied Materials Inc
 
478,372
74,984,811
ARM Holdings PLC ADR (b)(c)
  
77,475
9,648,737
Astera Labs Inc (c)
  
94,622
8,584,108
Atomera Inc (b)(c)
  
16,578
101,955
Axcelis Technologies Inc (c)
  
19,189
1,081,108
AXT Inc (c)
  
24,453
36,924
Blaize Holdings Inc Class A (b)(c)
  
63,371
127,376
Broadcom Inc
 
2,757,308
667,461,548
CEVA Inc (c)
  
13,927
261,271
Cirrus Logic Inc (c)
  
31,446
3,093,029
Cohu Inc (c)
  
27,624
471,542
Credo Technology Group Holding Ltd (c)
  
99,072
6,039,429
CVD Equipment Corp (c)
  
6,633
20,098
Datavault AI Inc (b)(c)
  
27,339
22,519
Diodes Inc (c)
  
27,358
1,214,695
Enphase Energy Inc (c)
  
78,731
3,258,676
Entegris Inc
 
88,826
6,105,899
Everspin Technologies Inc (b)(c)
  
17,797
99,841
First Solar Inc (c)
  
63,541
10,044,561
FormFactor Inc (c)
  
45,949
1,371,578
GlobalFoundries Inc (c)
  
326,719
11,696,540
GSI Technology Inc (c)
  
15,609
48,856
Ichor Holdings Ltd (c)
  
20,879
329,471
Impinj Inc (c)
  
16,736
1,909,410
Intel Corp
 
2,552,182
49,895,158
KLA Corp
 
78,094
59,107,787
Kopin Corp (c)
  
79,055
101,190
Lam Research Corp
 
756,629
61,128,057
Lattice Semiconductor Corp (c)
  
81,590
3,666,655
MACOM Technology Solutions Holdings Inc (c)
  
42,945
5,222,541
Marvell Technology Inc
 
510,298
30,714,837
Maxeon Solar Technologies Ltd (b)(c)
  
6,830
20,832
MaxLinear Inc Class A (c)
  
49,242
560,866
Microchip Technology Inc
 
317,721
18,440,527
Micron Technology Inc
 
656,627
62,024,986
MKS Inc
 
39,420
3,239,930
Mobix Labs Inc Class A (b)(c)
  
13,522
8,654
Monolithic Power Systems Inc
 
28,762
19,037,568
Navitas Semiconductor Corp Class A (b)(c)
  
103,818
529,472
NVE Corp
 
2,857
203,304
NVIDIA Corp
 
14,350,985
1,939,248,603
ON Semiconductor Corp (c)
  
247,962
10,419,363
PDF Solutions Inc (c)
  
23,680
419,136
Penguin Solutions Inc (c)
  
30,599
543,438
Photronics Inc (c)
  
36,838
615,563
Pixelworks Inc (c)
  
51,642
25,103
Power Integrations Inc
 
33,816
1,681,670
Qorvo Inc (c)
  
54,563
4,147,879
QUALCOMM Inc
 
649,996
94,379,419
QuickLogic Corp (b)(c)
  
8,417
43,600
Rambus Inc (c)
  
63,180
3,378,235
Rigetti Computing Inc Class A (b)(c)
  
167,238
2,025,252
Semtech Corp (c)
  
43,997
1,642,408
Silicon Laboratories Inc (c)
  
19,443
2,343,465
SiTime Corp (c)
  
13,589
2,664,395
SkyWater Technology Inc (b)(c)
  
27,327
247,036
Skyworks Solutions Inc
 
92,764
6,403,499
SolarEdge Technologies Inc (b)(c)
  
30,707
548,427
Synaptics Inc (c)
  
22,927
1,347,191
Teradyne Inc
 
94,940
7,462,284
Texas Instruments Inc
 
534,220
97,682,127
Ultra Clean Holdings Inc (c)
  
28,690
555,725
Universal Display Corp
 
27,819
3,987,854
Veeco Instruments Inc (b)(c)
  
35,729
689,927
 
  
  
3,477,873,048
Software - 17.4%
  
  
  
8x8 Inc (c)
  
115,620
189,617
ACI Worldwide Inc (c)
  
63,018
2,915,213
Adeia Inc
 
64,065
822,595
Adobe Inc (c)
  
256,047
106,282,549
Agilysys Inc (c)
  
16,259
1,721,991
Airship AI Holdings Inc Class A (b)(c)
  
22,232
114,495
Alarm.com Holdings Inc (b)(c)
  
29,534
1,695,252
Alkami Technology Inc (c)
  
61,833
1,770,897
Amplitude Inc Class A (c)
  
67,255
833,289
ANSYS Inc (c)
  
51,311
16,974,705
Appfolio Inc Class A (c)
  
13,436
2,837,280
Appian Corp Class A (c)
  
25,331
797,927
AppLovin Corp Class A (c)
  
182,135
71,579,055
Arteris Inc (c)
  
22,021
171,103
Atlassian Corp Class A (c)
  
97,136
20,168,348
AudioEye Inc (b)(c)
  
8,256
100,888
Aurora Innovation Inc Class A (b)(c)
  
815,143
4,939,767
authID Inc (b)(c)
  
5,456
29,899
Autodesk Inc (c)
  
126,080
37,334,810
AvePoint Inc Class A (c)
  
117,943
2,199,637
Aware Inc/MA (c)
  
17,102
28,047
Bentley Systems Inc Class B
 
172,583
8,237,387
Bit Digital Inc (c)
  
67,626
159,597
Bitdeer Technologies Group Class A (b)(c)
  
68,676
883,173
BitFuFu Inc Class A (b)(c)
  
17,331
59,965
Blackbaud Inc (c)
  
32,069
1,995,654
BlackLine Inc (c)
  
35,341
1,976,622
Braze Inc Class A (c)
  
49,228
1,811,590
Bridgeline Digital Inc (c)
  
18,622
28,864
BTCS Inc (b)(c)
  
2,315
6,251
Btcs Inc Series V (c)(d)
  
2,315
0
Cadence Design Systems Inc (c)
  
161,493
46,359,796
Ccc Intelligent Solutions Holdings Inc Class A (c)
  
364,620
3,201,364
Cerence Inc (b)(c)
  
22,343
190,139
Cipher Mining Inc (b)(c)
  
194,328
606,303
Cleanspark Inc (b)(c)
  
166,748
1,439,035
Commvault Systems Inc (c)
  
25,923
4,747,797
Confluent Inc Class A (c)
  
153,844
3,543,027
Consensus Cloud Solutions Inc (c)
  
11,285
247,931
Core Scientific Inc (b)(c)
  
162,997
1,735,918
Crowdstrike Holdings Inc Class A (c)
  
137,652
64,885,023
CyberArk Software Ltd (c)
  
29,159
11,161,482
Daily Journal Corp (c)
  
1,043
439,551
Datadog Inc Class A (c)
  
187,709
22,127,137
DatChat Inc (c)
  
988
2,459
Digi Power X Inc (United States) (b)(c)
  
9,844
12,502
Digimarc Corp (b)(c)
  
14,607
191,060
Digital Turbine Inc (c)
  
72,174
340,661
Docusign Inc (c)
  
118,882
10,534,134
Domo Inc Class B (c)
  
14,607
185,509
Dropbox Inc Class A (c)
  
127,116
3,668,568
Duos Technologies Group Inc (c)
  
3,635
27,808
eGain Corp (c)
  
24,943
134,443
EverCommerce Inc (b)(c)
  
115,566
1,156,816
Expensify Inc Class A (c)
  
29,232
64,603
Five9 Inc (c)
  
46,379
1,229,507
Fortinet Inc (c)
  
450,710
45,873,264
Freshworks Inc Class A (c)
  
142,084
2,169,623
Gen Digital Inc
 
359,438
10,236,794
Gitlab Inc Class A (c)
  
84,233
3,833,444
Greenidge Generation Holdings Inc Class A (b)(c)
  
3,594
5,032
I3 Verticals Inc Class A (c)
  
20,036
495,090
Intapp Inc (c)
  
45,450
2,505,204
Intellicheck Inc (c)
  
14,317
72,874
InterDigital Inc (b)
  
15,308
3,325,816
Intrusion Inc (b)(c)
  
3,947
5,131
Intuit Inc
 
164,662
124,067,877
Iveda Solutions Inc (c)
  
2,211
4,754
Jamf Holding Corp (c)
  
76,206
800,163
JFrog Ltd (c)
  
66,761
2,866,717
Kaltura Inc (c)
  
75,044
159,093
Life360 Inc (c)
  
44,500
2,827,975
LivePerson Inc (b)(c)
  
29,521
21,347
Manhattan Associates Inc (c)
  
35,932
6,783,243
MARA Holdings Inc (b)(c)
  
199,972
2,823,605
Marin Software Inc (c)
  
1,468
1,228
MicroCloud Hologram Inc (b)(c)
  
237
1,416
Microsoft Corp
 
4,372,677
2,013,005,584
MicroStrategy Inc Class A (b)(c)
  
140,735
51,939,659
Mitek Systems Inc (c)
  
28,300
265,737
Monday.com Ltd (c)
  
29,351
8,731,629
nCino Inc (b)(c)
  
60,663
1,595,437
NetSol Technologies Inc (c)
  
5,970
17,253
NextNav Inc Class A (b)(c)
  
78,680
987,434
Nutanix Inc Class A (c)
  
158,010
12,117,787
OneSpan Inc
 
26,696
425,267
Onestream Inc Class A (b)
  
46,537
1,305,828
Pagaya Technologies Ltd Class A (b)(c)
  
34,091
560,456
Palantir Technologies Inc Class A (c)
  
1,323,504
174,411,357
Palo Alto Networks Inc (c)
  
389,524
74,952,208
Pegasystems Inc
 
51,191
5,024,397
Phunware Inc (b)(c)
  
9,310
27,651
Porch Group Inc (c)
  
64,509
588,322
Progress Software Corp
 
25,951
1,597,544
PTC Inc (c)
  
70,103
11,799,737
Qualys Inc (c)
  
21,632
2,997,114
Quantum Computing Inc (b)(c)
  
58,974
667,881
Rapid7 Inc (c)
  
39,648
909,922
reAlpha Tech Corp (b)(c)
  
24,121
10,922
Red Violet Inc (b)
  
8,743
424,560
Rekor Systems Inc (b)(c)
  
33,911
39,337
Rezolve AI PLC (b)
  
102,898
205,796
Rimini Street Inc (c)
  
74,994
228,732
Riot Platforms Inc (b)(c)
  
192,322
1,552,039
Roadzen Inc (b)(c)
  
41,570
40,892
Roper Technologies Inc
 
62,648
35,726,275
SAIHEAT Ltd Class A (c)
  
1
5
SailPoint Inc (b)
  
322,352
5,679,842
ServiceTitan Inc Class A (c)
  
45,230
5,005,604
Silvaco Group Inc (b)(c)
  
12,895
59,704
Soluna Holdings Inc (b)(c)
  
1,891
1,209
SoundHound AI Inc Class A (b)(c)
  
200,578
2,027,844
SoundThinking Inc (c)
  
9,121
141,467
Sprout Social Inc Class A (c)
  
33,708
735,846
SPS Commerce Inc (c)
  
22,084
3,108,544
Synchronoss Technologies Inc (c)
  
7,220
49,385
Synopsys Inc (c)
  
91,004
42,224,036
T Stamp Inc Class A (b)(c)
  
421
900
Telos Corp (c)
  
43,638
109,968
Tenable Holdings Inc (c)
  
73,192
2,358,246
Terawulf Inc (b)(c)
  
219,132
773,536
Upland Software Inc (c)
  
21,178
45,744
Varonis Systems Inc (c)
  
67,117
3,200,139
Veea Inc Class A (b)(c)
  
12,454
25,033
Verint Systems Inc (c)
  
37,328
654,733
Veritone Inc (b)(c)
  
16,152
25,359
Vertex Inc Class A (c)
  
40,423
1,599,538
Viant Technology Inc Class A (b)(c)
  
11,166
153,979
Workday Inc Class A (c)
  
126,166
31,252,580
Zoom Communications Inc Class A (c)
  
146,635
11,914,094
Zscaler Inc (c)
  
90,430
24,931,551
 
  
  
3,214,014,373
Technology Hardware, Storage & Peripherals - 9.9%
  
  
  
Apple Inc
 
8,835,435
1,774,597,121
AstroNova Inc (c)
  
4,427
40,994
CompoSecure Inc Class A (b)(c)
  
53,938
739,490
Corsair Gaming Inc (c)
  
67,679
594,898
CPI Card Group Inc (c)
  
7,134
158,803
Foxx Development Holdings Inc (b)
  
4,245
19,994
Immersion Corp
 
18,807
141,429
NetApp Inc
 
120,735
11,972,083
One Stop Systems Inc (c)
  
12,878
36,187
Quantum Corp (b)(c)
  
2,799
33,224
Sandisk Corp/DE
 
68,044
2,564,578
Seagate Technology Holdings PLC
 
124,180
14,645,789
Socket Mobile Inc (c)
  
1,296
1,387
Sonim Technologies Inc (b)(c)
  
2,066
1,911
Super Micro Computer Inc (b)(c)
  
351,573
14,069,951
TransAct Technologies Inc (c)
  
6,575
24,985
Turtle Beach Corp (c)
  
11,290
129,609
Western Digital Corp (c)
  
205,269
10,581,617
Xerox Holdings Corp (b)
  
79,471
388,613
 
  
  
1,830,742,663
TOTAL INFORMATION TECHNOLOGY
  
  
8,868,710,697
 
  
  
  
Materials - 0.9%
  
  
  
Chemicals - 0.8%
  
  
  
Alto Ingredients Inc (c)
  
45,352
42,087
Arq Inc (c)
  
22,137
109,357
ASP Isotopes Inc (b)(c)
  
35,189
266,029
Balchem Corp
 
19,304
3,217,977
Hawkins Inc
 
12,399
1,655,143
Innospec Inc
 
14,831
1,261,821
Linde PLC
 
276,893
129,469,629
Northern Technologies International Corp
 
6,565
47,465
Novusterra Inc (b)(c)(d)
  
7,237
0
Origin Materials Inc Class A (b)(c)
  
28,360
12,408
PureCycle Technologies Inc (b)(c)
  
100,152
952,446
 
  
  
137,034,362
Construction Materials - 0.0%
  
  
  
Smith-Midland Corp (b)(c)
  
2,925
88,159
United States Lime & Minerals Inc
 
17,155
1,763,191
 
  
  
1,851,350
Containers & Packaging - 0.0%
  
  
  
TriMas Corp
 
25,445
670,985
Metals & Mining - 0.1%
  
  
  
5E Advanced Materials Inc (b)(c)
  
765
3,366
American Battery Technology Co (b)(c)
  
38,850
50,894
American Infrastructure Corp (b)(d)
  
15,508
0
Ascent Industries Co (c)
  
7,726
99,820
Century Aluminum Co (c)
  
57,811
895,492
Ferroglobe PLC (b)
  
133,385
484,188
Hycroft Mining Holding Corp (b)(c)
  
12,539
38,369
Inno Holdings Inc (b)(c)
  
940
1,175
Kaiser Aluminum Corp
 
9,286
674,071
NioCorp Developments Ltd (b)(c)
  
26,012
59,828
Olympic Steel Inc
 
7,458
221,130
Perpetua Resources Corp (United States) (b)(c)
  
39,992
556,289
Piedmont Lithium Inc (c)
  
4,375
27,038
Radius Recycling Inc Class A
 
18,470
546,897
Ramaco Resources Inc Class A
 
27,313
248,788
Ramaco Resources Inc Class B (f)
  
6,643
49,490
ReElement Technologies Corp (b)(d)
  
28,951
0
Royal Gold Inc
 
39,635
7,059,786
Steel Dynamics Inc
 
88,632
10,907,940
US Gold Corp (c)
  
4,857
56,195
USA Rare Earth Inc Class A (b)(c)
  
25,745
230,418
 
  
  
22,211,174
TOTAL MATERIALS
  
  
161,767,871
 
  
  
  
Real Estate - 0.8%
  
  
  
Diversified REITs - 0.0%
  
  
  
Gladstone Commercial Corp
 
22,344
320,636
Medalist Diversified REIT Inc
 
805
9,394
Presidio Property Trust Inc Class A (b)(c)
  
601
3,606
Presidio Property Trust Inc warrants 1/24/2027 (c)
  
6,016
193
 
  
  
333,829
Health Care REITs - 0.0%
  
  
  
Diversified Healthcare Trust
 
156,811
490,818
Sabra Health Care REIT Inc
 
146,180
2,555,227
 
  
  
3,046,045
Hotel & Resort REITs - 0.0%
  
  
  
Host Hotels & Resorts Inc
 
401,450
6,218,461
Service Properties Trust
 
156,391
362,827
Sotherly Hotels Inc (c)
  
4,274
3,316
 
  
  
6,584,604
Industrial REITs - 0.0%
  
  
  
Industrial Logistics Properties Trust
 
78,032
256,725
Lineage Inc (b)
  
136,283
5,817,922
 
  
  
6,074,647
Real Estate Management & Development - 0.2%
  
  
  
Altisource Portfolio Solutions SA (c)
  
4,130
23,211
Altisource Portfolio Solutions SA warrants 4/2/2029 (c)
  
33,046
16,522
Altisource Portfolio Solutions SA warrants 4/30/2032 (c)
  
33,046
19,828
Comstock Holding Cos Inc Class A (c)
  
4,953
45,815
CoStar Group Inc (c)
  
244,011
17,949,449
eXp World Holdings Inc (b)
  
97,877
833,912
Fathom Holdings Inc (c)
  
4,444
5,333
FRP Holdings Inc (c)
  
12,434
337,210
Gyrodyne LLC (c)
  
1,512
13,835
InterGroup Corp/The (c)
  
986
11,536
La Rosa Holdings Corp Class A (c)
  
5,148
692
Newmark Group Inc Class A
 
93,901
1,033,850
Opendoor Technologies Inc Class A (b)(c)
  
468,833
305,773
Real Messenger Corp
 
150
294
Redfin Corp (c)
  
74,544
744,695
RMR Group Inc/The Class A
 
9,903
149,535
Star Holdings (c)
  
5,967
37,771
Stratus Properties Inc (c)
  
5,346
97,030
Zillow Group Inc Class A (c)
  
37,981
2,513,203
Zillow Group Inc Class C (c)
  
101,963
6,842,737
 
  
  
30,982,231
Retail REITs - 0.1%
  
  
  
Phillips Edison & Co Inc
 
73,262
2,597,870
Regency Centers Corp
 
109,173
7,876,832
 
  
  
10,474,702
Specialized REITs - 0.5%
  
  
  
Equinix Inc
 
57,168
50,812,063
Gaming and Leisure Properties Inc
 
158,710
7,411,757
Gladstone Land Corp
 
24,626
243,428
Global Self Storage Inc
 
5,948
34,260
Lamar Advertising Co Class A
 
51,054
6,154,049
PotlatchDeltic Corp
 
48,129
1,893,395
SBA Communications Corp Class A
 
63,770
14,787,625
Uniti Group Inc
 
142,338
612,053
 
  
  
81,948,630
TOTAL REAL ESTATE
  
  
139,444,688
 
  
  
  
Utilities - 0.9%
  
  
  
Electric Utilities - 0.9%
  
  
  
Alliant Energy Corp
 
152,254
9,474,766
American Electric Power Co Inc
 
315,530
32,654,200
Constellation Energy Corp
 
184,514
56,488,961
Evergy Inc
 
126,736
8,416,538
Exelon Corp
 
595,820
26,108,832
MGE Energy Inc
 
22,451
2,027,774
Otter Tail Corp (b)
  
24,789
1,913,215
Xcel Energy Inc
 
337,346
23,647,955
 
  
  
160,732,241
Gas Utilities - 0.0%
  
  
  
RGC Resources Inc
 
6,265
128,746
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
AleAnna Inc Class A
 
3,633
34,005
Montauk Renewables Inc (b)(c)
  
87,760
161,478
Talen Energy Corp (b)(c)
  
27,425
6,690,329
 
  
  
6,885,812
Multi-Utilities - 0.0%
  
  
  
Northwestern Energy Group Inc
 
36,626
2,026,517
Water Utilities - 0.0%
  
  
  
Artesian Resources Corp Class A
 
6,205
214,010
Cadiz Inc (b)(c)
  
44,599
131,344
Consolidated Water Co Ltd
 
10,783
291,464
Global Water Resources Inc
 
16,042
162,826
H2O America
 
20,874
1,095,468
Middlesex Water Co
 
12,164
704,904
Pure Cycle Corp (c)
  
16,337
173,499
York Water Co/The
 
9,960
325,294
 
  
  
3,098,809
TOTAL UTILITIES
  
  
172,872,125
 
  
  
  
TOTAL UNITED STATES
  
  
17,739,284,638
URUGUAY - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Financial Services - 0.0%
  
  
  
Dlocal Ltd/Uruguay Class A
 
85,025
923,372
VIETNAM - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobiles - 0.0%
  
  
  
Vinfast Auto Ltd (b)(c)
  
1,373,136
4,462,692
 
TOTAL COMMON STOCKS
 (Cost $6,022,820,637)
  
  
  
18,444,946,483
 
  
  
  
Non-Convertible Preferred Stocks - 0.0%
 
  
Shares
Value ($)
 
MARSHALL ISLANDS REPUBLIC OF - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Imperial Petroleum Inc 8.75%
 
816
20,196
UNITED STATES - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
FAT Brands Inc Series B, 8.25%
 
1,005
2,291
Health Care - 0.0%
  
  
  
Health Care Technology - 0.0%
  
  
  
iCoreConnect Inc 12% (b)(d)
  
1,128
384
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
SRAX Inc (c)(d)
  
9,776
0
TOTAL UNITED STATES
  
  
2,675
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $31,277)
  
  
  
22,871
 
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (g)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 8/21/2025 (h)
 (Cost $2,489,184)
  
4.25
2,513,000
2,489,357
 
  
  
  
  
Money Market Funds - 2.8%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (i)
  
4.32
44,197,826
44,206,665
Fidelity Securities Lending Cash Central Fund (i)(j)
  
4.32
473,317,876
473,365,208
 
TOTAL MONEY MARKET FUNDS
 (Cost $517,571,873)
  
  
  
517,571,873
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 102.7%
 (Cost $6,542,912,971)
 
  
 
18,965,030,584
NET OTHER ASSETS (LIABILITIES) - (2.7)%  
(491,215,388)
NET ASSETS - 100.0%
18,473,815,196
 
  
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Contracts
  
  
  
  
  
CME E-Mini NASDAQ 100 Index Contracts (United States)
68
Jun 2025
29,072,380
5,771,734
5,771,734
 
  
  
  
  
  
The notional amount of futures purchased as a percentage of Net Assets is 0.2%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Non-income producing
 
(d)
Level 3 security
 
(e)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $632,671 or 0.0% of net assets.
 
(f)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(g)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(h)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,489,357.
 
(i)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(j)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
21,505,173
494,154,150
471,452,658
973,750
-
-
44,206,665
44,197,826
0.1%
Fidelity Securities Lending Cash Central Fund
307,397,049
906,891,619
740,923,460
10,519,928
-
-
473,365,208
473,317,876
1.5%
Total
328,902,222
1,401,045,769
1,212,376,118
11,493,678
-
-
517,571,873
  
  
 
  
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
  
  
  
  
 Common Stocks
  
  
  
  
Communication Services
2,792,016,457
2,792,016,457
-
-
Consumer Discretionary
2,730,098,001
2,730,098,001
-
-
Consumer Staples
675,825,178
675,825,178
-
-
Energy
99,200,640
99,200,640
-
-
Financials
726,768,702
725,909,270
-
859,432
Health Care
1,026,964,357
1,026,808,753
21,286
134,318
Industrials
810,825,632
810,825,626
-
6
Information Technology
9,092,886,817
9,092,886,817
-
-
Materials
166,753,328
166,753,328
-
-
Real Estate
148,226,181
148,226,181
-
-
Utilities
175,381,190
175,381,190
-
-
 Non-Convertible Preferred Stocks
  
  
  
  
Consumer Discretionary
2,291
2,291
-
-
Energy
20,196
20,196
-
-
Health Care
384
-
-
384
Information Technology
-
-
-
-
 U.S. Treasury Obligations
2,489,357
-
2,489,357
-
 Money Market Funds
517,571,873
517,571,873
-
-
 Total Investments in Securities:
18,965,030,584
18,961,525,801
2,510,643
994,140
 Derivative Instruments:
  
  
  
  
 Assets
  
  
  
  
Futures Contracts
5,771,734
5,771,734
-
-
  Total Assets
5,771,734
5,771,734
-
-
 Total Derivative Instruments:
5,771,734
5,771,734
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
  
  
Futures Contracts (a) 
5,771,734
0
Total Equity Risk
5,771,734
0
Total Value of Derivatives
5,771,734
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of May 31, 2025 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value  (including  securities loaned of $474,090,488) - See accompanying schedule:
  
  
  
  
Unaffiliated issuers (cost $6,025,341,098)
$
18,447,458,711
  
  
Fidelity Central Funds (cost $517,571,873)
517,571,873
  
  
 
  
  
  
  
 
  
  
  
  
Total Investment in Securities (cost $6,542,912,971)
  
  
$
18,965,030,584
Segregated cash with brokers for derivative instruments
  
  
1,620,518
Cash
  
  
5,320
Foreign currency held at value (cost $51,393)
  
  
53,817
Receivable for fund shares sold
  
  
6,543,305
Dividends receivable
  
  
10,202,156
Distributions receivable from Fidelity Central Funds
  
  
2,958,498
Prepaid expenses
  
  
2,559
Receivable from investment adviser for expense reductions
  
  
66,180
Other receivables
  
  
312,360
  Total assets
  
  
18,986,795,297
Liabilities
  
  
  
  
Payable for investments purchased
  
  
  
  
Regular delivery
$
28,000,278
  
  
Delayed delivery
1,893
  
  
Payable for fund shares redeemed
6,883,952
  
  
Accrued management fee
4,348,018
  
  
Payable for daily variation margin on futures contracts
90,896
  
  
Other payables and accrued expenses
365,490
  
  
Collateral on securities loaned
473,289,574
  
  
  Total liabilities
  
  
  
512,980,101
Net Assets  
  
  
$
18,473,815,196
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
6,327,443,005
Total accumulated earnings (loss)
  
  
  
12,146,372,191
Net Assets
  
  
$
18,473,815,196
Net Asset Value, offering price and redemption price per share ($18,473,815,196 ÷ 76,072,920 shares)
  
  
$
242.84
Statement of Operations
Six months ended May 31, 2025 (Unaudited)
 
 
Investment Income
  
  
  
  
Dividends
 
  
$
66,393,361
Interest  
  
  
74,941
Income from Fidelity Central Funds (including $10,519,928 from security lending)
 
  
11,493,678
 Total income
  
  
  
77,961,980
Expenses
  
  
  
  
Management fee
$
26,341,873
  
  
Custodian fees and expenses
113,275
  
  
Independent trustees' fees and expenses
38,365
  
  
Registration fees
99,862
  
  
Audit fees
67,458
  
  
Legal
22,312
  
  
Interest
817
  
  
Miscellaneous
39,546
  
  
 Total expenses before reductions
  
26,723,508
  
  
 Expense reductions
  
(385,517)
  
  
 Total expenses after reductions
  
  
  
26,337,991
Net Investment income (loss)
  
  
  
51,623,989
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(3,737,784)
  
  
 Foreign currency transactions
  
(6,943)
  
  
 Futures contracts
  
(2,426,497)
  
  
Total net realized gain (loss)
  
  
  
(6,171,224)
Change in net unrealized appreciation (depreciation) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(116,567,692)
  
  
 Assets and liabilities in foreign currencies
  
7,819
  
  
 Futures contracts
  
4,064,004
  
  
Total change in net unrealized appreciation (depreciation)
  
  
  
(112,495,869)
Net gain (loss)
  
  
  
(118,667,093)
Net increase (decrease) in net assets resulting from operations
  
  
$
(67,043,104)
Statement of Changes in Net Assets
 
 
Six months ended
May 31, 2025
(Unaudited)
  
Year ended
November 30, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
51,623,989
$
104,328,050
Net realized gain (loss)
  
(6,171,224)
  
(169,031,409)
Change in net unrealized appreciation (depreciation)
  
(112,495,869)
  
4,992,244,947
Net increase (decrease) in net assets resulting from operations
  
(67,043,104)
  
4,927,541,588
Distributions to shareholders
  
(113,682,043)
  
(94,835,180)
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
1,620,978,059
  
2,684,825,136
  Reinvestment of distributions
  
103,423,648
  
86,690,080
Cost of shares redeemed
  
(1,777,991,586)
  
(2,412,856,155)
 
  
  
  
  
  Net increase (decrease) in net assets resulting from share transactions
  
(53,589,879)
  
358,659,061
Total increase (decrease) in net assets
  
(234,315,026)
  
5,191,365,469
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
18,708,130,222
  
13,516,764,753
End of period
$
18,473,815,196
$
18,708,130,222
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
6,912,168
  
12,707,250
  Issued in reinvestment of distributions
  
407,598
  
454,066
Redeemed
  
(7,636,086)
  
(11,330,577)
Net increase (decrease)
  
(316,320)
  
1,830,739
 
  
  
  
  
Financial Highlights
 
Fidelity® Nasdaq Composite Index® Fund
 
 
Six months ended
May 31, 2025
(Unaudited) 
  
Years ended November 30, 2024 
  
2023  
  
2022 
  
2021 
  
2020   
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
244.91
$
181.29
$
145.73
$
196.19
$
154.09
$
113.58
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
  
  
     Net investment income (loss) A,B
  
.67
 
1.37
 
1.26
 
1.16
 
1.00
 
1.04
     Net realized and unrealized gain (loss)
 
(1.26)
 
63.52
 
35.46
 
(50.70)
 
42.19
 
44.44
  Total from investment operations
 
(.59)  
  
64.89  
  
36.72  
  
(49.54)  
  
43.19
 
45.48
  Distributions from net investment income
 
(1.48)
 
(1.27)
 
(1.16)
 
(.92)
 
(1.09)
 
(1.11) C
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(3.86) C
     Total distributions
 
(1.48)
 
(1.27)
 
(1.16)
 
(.92)
 
(1.09)
 
(4.97)
  Net asset value, end of period
$
242.84
$
244.91
$
181.29
$
145.73
$
196.19
$
154.09
 Total Return D,E
  
(.27)
%
 
35.99%
 
25.51%
 
(25.37)%
 
28.18%
 
41.63%
 Ratios to Average Net Assets B,F,G
  
  
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions
 
.29% H
  
.32%
 
.34%
 
.36%
 
.35%
 
.35%
    Expenses net of fee waivers, if any
 
.29
% H
  
.29%
 
.28%
 
.31%
 
.29%
 
.29%
    Expenses net of all reductions, if any
 
.29% H
  
.29%
 
.28%
 
.31%
 
.29%
 
.29%
    Net investment income (loss)
 
.57% H
  
.64%
 
.78%
 
.73%
 
.56%
 
.84%
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
18,473,815
$
18,708,130
$
13,516,765
$
10,662,796
$
14,077,919
$
10,165,899
    Portfolio turnover rate I
  
5
% H
  
2%
 
5%
 
4%
 
7%
 
17%
 
ACalculated based on average shares outstanding during the period.
BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
GExpense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
 (Unaudited)
For the period ended May 31, 2025
 
1. Organization.
Fidelity Nasdaq Composite Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may operate as a non-diversified fund, as defined under the 1940 Act, to the approximate extent the Index is non-diversified.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. 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 Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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. government and government agency 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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Fidelity Nasdaq Composite Index Fund
$312,360
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$12,999,180,165
Gross unrealized depreciation
(612,176,844)
Net unrealized appreciation (depreciation)
$12,387,003,321
Tax cost
$6,583,798,997
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(79,421,467)
 Long-term
(197,286,982)
Total capital loss carryforward
$(276,708,449)
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures 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.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease 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.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.
 
Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Nasdaq Composite Index Fund
423,532,710
491,317,026
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services.
 
Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee.
 
Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month based on an annual rate .29% of each class's average net assets. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Nasdaq Composite Index Fund
 Borrower
 6,392,000
4.60%
 817
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Nasdaq Composite Index Fund
 2,369,493
 261,085
 (554)
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
Amount ($)
Fidelity Nasdaq Composite Index Fund
14,452
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Nasdaq Composite Index Fund
1,124,932
 77,595
5,089,229
 
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.
 
 
Amount ($)
Fidelity Nasdaq Composite Index Fund
23,031,368
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .29% of average net assets. This reimbursement will remain in place through March 31, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $379,068.
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $6,449.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
 
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
 
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Nasdaq Composite Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.
 
The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.
At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.
 
The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable, in light of all of the surrounding circumstances.
Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.
The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.
The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.
Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools, and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.
Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.
The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.
Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.
Investment Performance. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.
In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on net performance (after fees and expenses) of the fund compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.
Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.
Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board noted that, effective June 1, 2024, the management fee rate covers transfer agent and pricing and bookkeeping services. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate, which covers certain expenses beyond portfolio management, as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.
Comparisons of Management Fees and Total Expense Ratios. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.
 
The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.
The Board considered that the fund's investment strategy is more specialized than most funds in its total peer group, which do not track the same index as the fund. The Board further considered that when compared to a subset of funds in the total peer group that track the Nasdaq 100 (comprising 100 of the largest non-financial stocks in the Nasdaq Composite), the fund is priced lower than these funds.
Other Contractual Arrangements. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.29% through March 31, 2026.
Fees Charged to Other Clients. The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.
Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.
Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.
On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.
A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.
The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.
The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.
The Board also considered information regarding the profitability of Geode's relationship with the fund.
Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale. The Board's consideration of these matters was informed by the most recent findings of the committee.
The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.
Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.
Conclusion. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.
 
1.795567.121
EIF-SANN-0725

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies


See Item 7.


Item 9.

Proxy Disclosures for Open-End Management Investment Companies


See Item 7.


Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies


See Item 7.


Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract


See Item 7.


Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 13.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 14.  

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 15.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Concord Street Trust’s Board of Trustees.


Item 16.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Concord Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.




(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.


Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies


Not applicable.


Item 18.

Recovery of Erroneously Awarded Compensation


(a)

Not applicable.


(b)

Not applicable.


Item 19.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Concord Street Trust



By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer (Principal Executive Officer)


Date:

July 23, 2025


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer (Principal Executive Officer)


Date:

July 23, 2025



By:

/s/Stephanie Caron

Stephanie Caron

Chief Financial Officer (Principal Financial Officer)


Date:

July 23, 2025

 






ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EX99CERT.HTM

EX99906CERT.HTM

FMR-20250730.XSD

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