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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, 2026


Item 1.

Reports to Stockholders



 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF MAY 31, 2026
 
 
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, 2025 to May 31, 2026. 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 
$ 16 
0.29%
  
Key Fund Statistics
(as of May 31, 2026)
 
KEY FACTS 
  
  
Fund Size
$27,928,808,575
  
Number of Holdings
2,983
  
Portfolio Turnover
7%
  
What did the Fund invest in?
(as of May 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
  
  
Information Technology
54.4
  
Communication Services
14.7
  
Consumer Discretionary
12.5
  
Health Care
4.6
  
Consumer Staples
4.4
  
Industrials
3.3
  
Financials
2.9
  
Materials
0.9
  
Utilities
0.8
  
Real Estate
0.5
  
Energy
0.5
  
 
Common Stocks
99.5
Preferred Stocks
0.0
Short-Term Investments and Net Other Assets (Liabilities)
0.5
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.5                    
 
Preferred Stocks - 0.0                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.5
 
United States
97.1
Netherlands
0.8
Canada
0.7
Israel
0.4
China
0.3
Brazil
0.2
United Kingdom
0.1
Switzerland
0.1
Hong Kong
0.1
Others
0.2
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 97.1                    
 
Netherlands - 0.8                       
 
Canada - 0.7                            
 
Israel - 0.4                            
 
China - 0.3                             
 
Brazil - 0.2                            
 
United Kingdom - 0.1                    
 
Switzerland - 0.1                       
 
Hong Kong - 0.1                         
 
Others - 0.2                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
  
NVIDIA Corp
11.3
  
Apple Inc
10.0
  
Microsoft Corp
7.4
  
Amazon.com Inc
6.3
  
Alphabet Inc Class A
4.9
  
Broadcom Inc
4.7
  
Alphabet Inc Class C
4.4
  
Tesla Inc
3.6
  
Meta Platforms Inc Class A
3.0
  
Micron Technology Inc
2.5
  
 
58.1
  
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. © 2026 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
1.9915909.102    1282-TSRS-0726    
 

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, 2026

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. © 2026 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, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.5%
 
  
Shares
Value ($)
 
ARGENTINA - 0.0%
 
  
  
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Cresud SACIF y A ADR
 
34,251
407,929
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Grupo Financiero Galicia SA Class B ADR (b)
  
35,995
1,824,587
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Bioceres Crop Solutions Corp (b)(c)
  
39,087
17,429
TOTAL ARGENTINA
  
  
2,249,945
AUSTRALIA - 0.1%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Specialty Retail - 0.0%
  
  
  
GMEX Robotics Corp Class A
 
9
12
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Alterity Therapeutics ltd ADR (b)(c)
  
1,155
4,759
Benitec Biopharma Inc (b)(c)
  
24,190
279,636
Immutep Ltd ADR (b)(c)
  
18,722
8,217
Kazia Therapeutics Ltd ADR (c)
  
196
2,505
Mesoblast Ltd ADR (b)(c)
  
33,747
519,704
Telix Pharmaceuticals Ltd ADR (b)(c)
  
4,694
44,264
 
  
  
859,085
Life Sciences Tools & Services - 0.0%
  
  
  
Genetic Technologies Ltd ADR (c)(d)
  
502
0
TOTAL HEALTH CARE
  
  
859,085
Information Technology - 0.1%
  
  
  
Communications Equipment - 0.0%
  
  
  
Mobilicom Ltd/Australia (c)
  
7,111
51,128
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Novonix Ltd ADR (b)(c)
  
26,408
18,876
Software - 0.1%
  
  
  
Big Digital Energy Inc (b)(c)
  
155
1,121
Braiin Ltd (b)
  
28,629
366,165
IREN Ltd (b)(c)
  
201,507
12,803,755
 
  
  
13,171,041
TOTAL INFORMATION TECHNOLOGY
  
  
13,241,045
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Elevra Lithium Ltd ADR (b)
  
3,432
317,941
Frontier Nuclear and Minerals Inc (b)(c)
  
10,855
26,052
ioneer Ltd ADR (b)(c)
  
7,626
31,038
IperionX Ltd ADR (b)(c)
  
4,090
169,162
Nova Minerals Ltd ADR (b)
  
12,543
84,289
TOTAL MATERIALS
  
  
628,482
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
VivoPower PLC (b)(c)
  
7,062
44,067
TOTAL AUSTRALIA
  
  
14,772,691
AUSTRIA - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Critical Metals Corp (b)(c)
  
65,279
731,125
BAHAMAS (NASSAU) - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Diversified Consumer Services - 0.0%
  
  
  
OneSpaWorld Holdings Ltd
 
62,020
1,472,975
BAILIWICK OF JERSEY - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Interactive Media & Services - 0.0%
  
  
  
WeShop Holdings Ltd Class A
 
6,960
46,702
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
CoinShares PLC (b)
  
8,849
43,891
TOTAL BAILIWICK OF JERSEY
  
  
90,593
BELGIUM - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Liberty Global Ltd Class A (c)
  
111,518
1,395,090
Liberty Global Ltd Class B (c)
  
327
4,643
Liberty Global Ltd Class C (c)
  
95,055
1,155,869
TOTAL COMMUNICATION SERVICES
  
  
2,555,602
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Lakefront Biotherapeutics NV ADR (b)(c)
  
10,150
287,753
MDxHealth SA (c)
  
29,185
22,177
 
  
  
309,930
Health Care Equipment & Supplies - 0.0%
  
  
  
Nyxoah SA (United States) (b)(c)
  
24,543
73,138
Pharmaceuticals - 0.0%
  
  
  
AgomAb Therapeutics NV ADR (b)
  
8,746
98,393
TOTAL HEALTH CARE
  
  
481,461
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Materialise NV ADR (c)
  
22,836
152,316
TOTAL BELGIUM
  
  
3,189,379
BERMUDA - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Insurance - 0.0%
  
  
  
Kestrel Group Ltd (b)(c)
  
7,723
86,807
BRAZIL - 0.2%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Broadline Retail - 0.2%
  
  
  
MercadoLibre Inc (c)
  
30,765
52,166,673
Diversified Consumer Services - 0.0%
  
  
  
Afya Ltd Class A
 
32,028
448,712
TOTAL CONSUMER DISCRETIONARY
  
  
52,615,385
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Inter & Co Inc Class A (b)
  
200,265
1,235,635
Capital Markets - 0.0%
  
  
  
Vinci Compass Investments Ltd Class A
 
35,110
355,664
XP Inc Class A
 
256,711
4,279,373
 
  
  
4,635,037
Financial Services - 0.0%
  
  
  
PicS NV Class A (b)
  
26,422
279,809
StoneCo Ltd Class A
 
152,613
1,747,419
 
  
  
2,027,228
TOTAL FINANCIALS
  
  
7,897,900
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Sigma Lithium Corp (United States) (b)(c)
  
69,253
1,161,372
TOTAL BRAZIL
  
  
61,674,657
BRITISH VIRGIN ISLANDS - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Dogness International Corp Class A (c)
  
1,963
2,061
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
OKYO Pharma Ltd (c)
  
12,090
20,795
Industrials - 0.0%
  
  
  
Ground Transportation - 0.0%
  
  
  
Swvl Holdings Corp Class A (b)(c)
  
3,786
6,512
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Datasea Intelligent Technology Ltd Class A
 
3,072
2,590
TOTAL BRITISH VIRGIN ISLANDS
  
  
31,958
CAMBODIA - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Kandal M Venture Ltd Class A (b)(c)
  
5,510
1,984
CAMEROON - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Golar LNG Ltd
 
61,664
3,067,784
CANADA - 0.7%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Telesat Corp Variable Voting Shares (United States) (c)
  
9,674
524,428
Interactive Media & Services - 0.0%
  
  
  
GameSquare Holdings Inc (c)
  
18,104
7,442
TOTAL COMMUNICATION SERVICES
  
  
531,870
Consumer Discretionary - 0.0%
  
  
  
Diversified Consumer Services - 0.0%
  
  
  
Visionary Holdings Inc Class A (c)
  
1,472
488
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Bragg Gaming Group Inc (United States) (c)
  
11,254
19,469
TOTAL CONSUMER DISCRETIONARY
  
  
19,957
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Above Food Ingredients Inc (b)(c)
  
23,464
13,769
Avax One Technology Ltd (c)
  
57,984
30,766
Borealis Foods Inc Class A (b)(c)
  
8,028
11,881
Village Farms International Inc (b)(c)
  
67,993
172,023
 
  
  
228,439
Personal Care Products - 0.0%
  
  
  
Bioharvest Sciences Inc (c)
  
11,811
45,590
TOTAL CONSUMER STAPLES
  
  
274,029
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Anfield Energy Inc (United States) (b)(c)
  
18,177
88,340
Kolibri Global Energy Inc (United States) (b)(c)
  
24,921
127,596
Uranium Royalty Corp (United States) (b)(c)
  
89,490
313,215
TOTAL ENERGY
  
  
529,151
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
VersaBank (United States)
 
23,404
422,208
Capital Markets - 0.0%
  
  
  
Defi Technologies Inc (United States) (b)(c)
  
243,874
158,518
Consumer Finance - 0.0%
  
  
  
Orion Digital Corp (United States) (c)
  
5,176
4,865
Financial Services - 0.0%
  
  
  
Oxley Bridge Acquisition Ltd Class A
 
7,367
75,217
TOTAL FINANCIALS
  
  
660,808
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Alpha Cognition Inc (b)(c)
  
11,992
74,230
Aurinia Pharmaceuticals Inc (c)
  
80,526
1,234,464
Aurinia Pharmaceuticals Inc rights (c)(d)
  
1,617
0
BriaCell Therapeutics Corp (United States) (b)(c)
  
3,231
11,761
BriaPro Therapeutics Corp (c)(d)
  
7,229
0
Bright Minds Biosciences Inc (United States) (b)(c)
  
6,137
540,486
enGene Therapeutics Inc (c)
  
40,733
75,356
Eupraxia Pharmaceuticals Inc (United States) (b)(c)
  
36,211
256,736
Fennec Pharmaceuticals Inc (United States) (c)
  
19,587
194,499
Medicus Pharma Ltd (c)
  
3,745
1,419
Oncolytics Biotech Inc (b)(c)
  
66,939
69,617
ProMIS Neurosciences Inc (b)(c)
  
5,676
61,358
Satellos Bioscience Inc (United States) (c)
  
11,907
86,921
TuHURA Biosciences Inc (b)(c)
  
42,988
97,153
Xenon Pharmaceuticals Inc (c)
  
49,582
2,713,623
 
  
  
5,417,623
Health Care Equipment & Supplies - 0.0%
  
  
  
Profound Medical Corp (United States) (b)(c)
  
22,878
155,799
Zentek Ltd (United States) (b)(c)
  
53,854
31,973
 
  
  
187,772
Health Care Providers & Services - 0.0%
  
  
  
ZeroStack Corp (c)
  
423
1,904
Life Sciences Tools & Services - 0.0%
  
  
  
AbCellera Biologics Inc (b)(c)
  
180,133
1,111,421
MindWalk Holdings Corp (b)(c)
  
25,490
44,862
 
  
  
1,156,283
Pharmaceuticals - 0.0%
  
  
  
Aurora Cannabis Inc (United States) (b)(c)
  
32,619
117,428
Cardiol Therapeutics Inc (United States) (c)
  
60,699
74,053
Cronos Group Inc (United States) (c)
  
226,947
644,530
Cybin Inc (United States) (b)(c)
  
14,372
65,393
Grace Therapeutics Inc (b)(c)
  
5,571
14,317
Lexaria Bioscience Corp (b)(c)
  
11,622
6,996
Milestone Pharmaceuticals Inc (b)(c)
  
40,789
57,920
NervGen Pharma Corp (b)(c)
  
15,362
31,799
SNDL Inc (c)
  
164,900
244,052
Tilray Brands Inc Class 2 (b)(c)
  
69,489
382,885
 
  
  
1,639,373
TOTAL HEALTH CARE
  
  
8,402,955
Industrials - 0.1%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Draganfly Inc (United States) (b)(c)
  
10,297
76,919
Construction & Engineering - 0.0%
  
  
  
PowerBank Corp (United States) (b)(c)
  
20,938
18,101
Electrical Equipment - 0.0%
  
  
  
Ballard Power Systems Inc (United States) (c)
  
205,283
1,291,230
Electrovaya Inc (United States) (c)
  
27,520
321,709
 
  
  
1,612,939
Machinery - 0.0%
  
  
  
GreenPower Motor Co Inc (c)
  
787
873
Westport Fuel Systems Inc (United States) (b)(c)
  
7,639
15,202
 
  
  
16,075
Professional Services - 0.1%
  
  
  
Thomson Reuters Corp (United States)
 
266,165
23,025,934
TOTAL INDUSTRIALS
  
  
24,749,968
Information Technology - 0.5%
  
  
  
Communications Equipment - 0.0%
  
  
  
Core AI Holdings Inc (b)(c)
  
15,069
15,822
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Senstar Technologies Corp (c)
  
15,517
43,292
IT Services - 0.4%
  
  
  
Shopify Inc Class A (United States) (c)
  
744,409
88,368,793
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Canadian Solar Inc (b)(c)
  
40,167
762,771
POET Technologies Inc (b)(c)
  
57,806
710,436
 
  
  
1,473,207
Software - 0.1%
  
  
  
Aduro Clean Technologies Inc (United States) (b)(c)
  
19,232
324,059
BTQ Technologies Corp (United States) (b)(c)
  
84,010
404,928
Descartes Systems Group Inc/The (United States) (c)
  
53,321
3,933,491
Docebo Inc (United States) (b)(c)
  
20,406
373,022
Hive Digital Technologies Ltd (United States) (b)(c)
  
137,605
621,975
Open Text Corp (United States) (b)
  
152,441
3,634,193
Xanadu Quantum Technologies Ltd Class B (United States) (b)
  
24,253
392,171
ZenaTech Inc (b)(c)
  
17,419
28,306
 
  
  
9,712,145
TOTAL INFORMATION TECHNOLOGY
  
  
99,613,259
Materials - 0.1%
  
  
  
Chemicals - 0.0%
  
  
  
Loop Industries Inc (c)
  
29,940
41,616
Methanex Corp (United States)
 
48,510
2,866,941
 
  
  
2,908,557
Metals & Mining - 0.1%
  
  
  
Algoma Steel Group Inc (United States) (c)
  
67,859
381,368
Almonty Industries Inc (United States) (c)
  
171,904
3,379,634
Blue Moon Metals Inc (United States) (b)(c)
  
15,734
120,994
Electra Battery Materials Corp (United States) (c)
  
21,249
13,871
Elemental Royalty Corp (United States) (b)
  
43,836
782,034
Foremost Clean Energy Ltd (United States) (c)
  
4,132
7,148
Largo Inc (United States) (c)
  
43,212
40,295
Mako Mining Corp (United States) (c)
  
4,417
38,428
NexMetals Mining Corp (United States) (c)
  
9,414
26,971
Santacruz Silver Mining Ltd (United States) (b)(c)
  
57,586
469,326
Ssr Mining Inc (United States) (c)
  
125,033
3,903,531
Tmc The Metals CO Inc Class A (b)(c)
  
252,088
1,525,132
US Goldmining Inc (b)(c)
  
9,962
101,612
Versamet Royalties Corp (United States) (b)
  
38,604
522,312
Vox Royalty Corp (United States) (b)
  
47,301
276,238
 
  
  
11,588,894
TOTAL MATERIALS
  
  
14,497,451
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Colliers International Group Inc Subordinate Voting Shares (United States)
 
31,012
2,926,292
FirstService Corp Subordinate Voting Shares (United States)
 
28,688
3,849,930
Real Brokerage Inc/The (c)
  
134,881
242,786
TOTAL REAL ESTATE
  
  
7,019,008
TOTAL CANADA
  
  
156,298,456
CHINA - 0.3%
 
  
  
Communication Services - 0.1%
  
  
  
Entertainment - 0.0%
  
  
  
DouYu International Holdings Ltd ADR (c)
  
10,412
54,559
Gamehaus Holdings Inc Class A (b)(c)
  
3,313
2,948
iQIYI Inc Class A ADR (b)(c)
  
328,706
374,725
Netease Inc ADR
 
49,368
6,063,378
Pop Culture Group Co Ltd Class A (c)
  
58,011
17,920
Scienjoy Holding Corp Class A (c)
  
16,735
19,747
Sohu.com Ltd ADR (c)
  
22,115
298,774
Sound Group Inc ADR (b)
  
2,153
29,388
 
  
  
6,861,439
Interactive Media & Services - 0.1%
  
  
  
9F Inc ADR (c)
  
2,127
6,508
Baidu Inc Class A ADR (b)(c)
  
66,517
9,000,415
Bilibili Inc ADR (b)(c)
  
72,361
1,253,293
Hello Group Inc Class A ADR
 
102,307
609,750
JOYY Inc Class A ADR
 
34,565
2,330,718
So-Young International Inc ADR (b)(c)
  
55,857
108,921
Weibo Corp Class A ADR (b)
  
50,195
394,533
 
  
  
13,704,138
Media - 0.0%
  
  
  
Able View Global Inc Class B (c)
  
10,224
11,246
Amber International Holding Ltd Class A ADR (b)(c)
  
6,483
11,021
GD Culture Group Ltd (c)
  
17,293
1,902
LZ Technology Holdings Ltd Class B (b)(c)
  
3,845
4,922
WiMi Hologram Cloud Inc Class B (b)(c)
  
4,090
6,994
Yueda Digital Holding Class A (c)
  
214
178
 
  
  
36,263
Wireless Telecommunication Services - 0.0%
  
  
  
Ucloudlink Group Inc ADR (c)
  
11,071
11,071
TOTAL COMMUNICATION SERVICES
  
  
20,612,911
Consumer Discretionary - 0.2%
  
  
  
Automobile Components - 0.0%
  
  
  
China Automotive Systems Inc (c)
  
21,380
99,417
ECARX Holdings Inc Class A (b)(c)
  
208,497
246,026
Hesai Group ADR (b)(c)
  
5,172
97,751
Kandi Technologies Group Inc (c)
  
49,661
41,219
WeRide Inc ADR (b)(c)
  
145,149
1,095,875
 
  
  
1,580,288
Automobiles - 0.0%
  
  
  
Digital Currency X Technology Inc (b)(c)
  
11,243
27,995
Ezgo Technologies Ltd (c)
  
3
3
Li Auto Inc ADR (b)(c)
  
127,476
1,913,415
Lotus Technology inc ADR (b)(c)
  
10,052
12,867
Niu Technologies ADR (c)
  
34,436
80,925
 
  
  
2,035,205
Broadline Retail - 0.2%
  
  
  
Baozun Inc Class A ADR (c)
  
32,067
83,054
JD.com Inc ADR
 
289,033
8,332,821
PDD Holdings Inc Class A ADR (c)
  
405,176
34,213,061
Yunji Inc ADR (c)
  
430
675
 
  
  
42,629,611
Distributors - 0.0%
  
  
  
Epsium Enterprise Ltd (b)(c)
  
7,999
9,678
Diversified Consumer Services - 0.0%
  
  
  
17 Education & Technology Group Inc ADR (c)
  
3,611
8,811
ATA Creativity Global ADR (c)
  
4,528
5,343
Lixiang Education Holding Co Ltd ADR (b)(c)
  
638
931
Netclass Technology Inc Class A (b)(c)
  
3,325
3,277
Ruanyun Edai Technology Inc (c)
  
20,088
18,468
Skillful Craftsman Education Technology Ltd (c)
  
6,452
6,452
VisionSys AI Inc Class A ADR (c)
  
17
66
Wah Fu Education Group Ltd (c)
  
9,305
15,074
YSX Tech Co Ltd Class A (c)
  
16,342
16,996
Zeta Network Group Class A (b)(c)
  
824
1,442
Zhongchao Inc Class A (c)
  
74
11
 
  
  
76,871
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Atour Lifestyle Holdings Ltd ADR
 
58,430
2,006,486
Chagee Holdings Ltd ADR (b)
  
56,135
716,283
H World Group Ltd ADR
 
83,203
3,734,983
TH International Ltd (c)
  
18,716
37,432
Trip.com Group Ltd ADR (c)
  
149,151
7,074,232
Tuniu Corp Class A ADR
 
2,472
14,609
 
  
  
13,584,025
Household Durables - 0.0%
  
  
  
Viomi Technology Co Ltd Class A ADR
 
21,467
20,718
Leisure Products - 0.0%
  
  
  
Here Group Ltd ADR (b)(c)
  
14,144
29,844
Specialty Retail - 0.0%
  
  
  
Autozi Internet Technology Global Ltd Class A (b)(c)
  
2,728
3,110
Jiuzi Holdings Inc (c)
  
43
50
NaaS Technology Inc ADR (b)(c)
  
203
629
Park Ha Biological Technology Co Ltd Class A (b)(c)
  
338
419
U Power Ltd Class A (c)
  
129
178
Uxin Ltd Class A ADR (b)(c)
  
33,086
74,444
 
  
  
78,830
TOTAL CONSUMER DISCRETIONARY
  
  
60,045,070
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
111 Inc Class A ADR (b)(c)
  
2,444
13,075
Food Products - 0.0%
  
  
  
Origin Agritech Ltd (c)
  
8,286
9,363
Pingtan Marine Enterprise Ltd (b)(c)(d)
  
62,069
0
 
  
  
9,363
TOTAL CONSUMER STAPLES
  
  
22,438
Energy - 0.0%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
Leishen Energy Holding Co Ltd Class A (b)(c)
  
8,390
37,336
Recon Technology Ltd Class A (c)
  
840
499
TOTAL ENERGY
  
  
37,835
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Up Fintech Holding Ltd ADR (c)
  
80,506
413,801
Consumer Finance - 0.0%
  
  
  
J and Friends Holdings Ltd ADR (c)
  
4,579
4,487
Jiayin Group Inc ADR
 
9,010
39,013
LexinFintech Holdings Ltd Class A ADR
 
85,334
187,735
Metalpha Technology Holding Ltd (b)(c)
  
31,314
32,880
Qfin Holdings Inc Class A ADR
 
73,713
1,185,305
 
  
  
1,449,420
Financial Services - 0.0%
  
  
  
CH Auto Inc (b)(c)(d)
  
2,322
0
Eureka Acquisition Corp Class A (c)
  
951
10,927
Future Vision II Acquisition Corp (c)
  
1,077
11,685
 
  
  
22,612
Insurance - 0.0%
  
  
  
AIFU Inc Class A (c)
  
1,408
3,210
Huize Holding Ltd ADR (c)
  
1,764
2,540
Maase Inc Class A (b)(c)
  
6,400
76,097
Yuanbao Inc ADR (b)(c)
  
5,044
74,903
 
  
  
156,750
TOTAL FINANCIALS
  
  
2,042,583
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Adagene Inc ADR (c)
  
10,309
40,927
Ascentage Pharma Group International ADR (b)(c)
  
361
7,256
Burning Rock Biotech Ltd ADR (b)(c)
  
3,962
36,926
Connect Biopharma Holdings Ltd Class Common (c)
  
35,806
89,157
NovaBridge Biosciences ADR (c)
  
68,849
126,682
Sinovac Biotech Ltd (d)
  
27,717
0
Zai Lab Ltd ADR (b)(c)
  
23,879
422,420
 
  
  
723,368
Health Care Equipment & Supplies - 0.0%
  
  
  
Baird Medical Investment Holdings Ltd (b)(c)
  
25,442
37,909
Jin Medical International Ltd (c)
  
5,327
11,932
 
  
  
49,841
Health Care Providers & Services - 0.0%
  
  
  
Akso Health Group ADR (c)
  
14,973
22,759
Health Care Technology - 0.0%
  
  
  
iTonic Holdings Ltd Class A (c)
  
6,251
1,875
Pharmaceuticals - 0.0%
  
  
  
BGM Group Ltd Class A (c)
  
61,882
19,629
China SXT Pharmaceuticals Inc (b)(c)
  
356
587
HUTCHMED China Ltd ADR (b)(c)
  
21,833
249,989
Zhengye Biotechnology Holding Ltd (b)(c)
  
29,068
23,690
 
  
  
293,895
TOTAL HEALTH CARE
  
  
1,091,738
Industrials - 0.0%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
EHang Holdings Ltd ADR (b)(c)
  
33,547
340,838
Air Freight & Logistics - 0.0%
  
  
  
BingEx Ltd ADR (b)(c)
  
24,028
56,226
Shengfeng Development Ltd Class A (c)
  
23,490
21,845
 
  
  
78,071
Commercial Services & Supplies - 0.0%
  
  
  
Decent Holding Inc Class A (b)(c)
  
512
799
Planet Image International Ltd Class A (c)
  
12,104
12,346
 
  
  
13,145
Construction & Engineering - 0.0%
  
  
  
Huhutech International Group Inc (b)(c)
  
13,397
113,338
Julong Holding Ltd (b)(c)
  
5,996
114,464
 
  
  
227,802
Electrical Equipment - 0.0%
  
  
  
eLong Power Holding Ltd Class A (c)
  
17
12
Erayak Power Solution Group Inc Class A (c)
  
11
38
 
  
  
50
Ground Transportation - 0.0%
  
  
  
Wetour Robotics Ltd (c)
  
7,025
7,095
Machinery - 0.0%
  
  
  
Greenland Technologies Holding Corp (b)(c)
  
13,703
8,633
Inlif Ltd Class A (b)(c)
  
2,262
8,618
Scage Future ADR
 
1,957
905
ZJK Industrial Co Ltd Class A (c)
  
42,267
121,729
 
  
  
139,885
Marine Transportation - 0.0%
  
  
  
Tianci International Inc (b)(c)
  
21,914
28,050
Professional Services - 0.0%
  
  
  
E-Power Inc Class A (c)(e)
  
8,860
6,006
Kanzhun Ltd ADR
 
223,136
3,027,956
Linchen China Ltd Class A (c)
  
3,750
5,738
Lucas GC Ltd Class A (c)
  
1,314
2,338
 
  
  
3,042,038
Trading Companies & Distributors - 0.0%
  
  
  
Texxon Holding Ltd (c)
  
13,342
16,678
TOTAL INDUSTRIALS
  
  
3,893,652
Information Technology - 0.0%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Iczoom Group Inc Class A (c)
  
6,798
2,549
Lianhe Sowell International Group Ltd (b)(c)
  
34,942
5,486
Ostin Technology Group Co Ltd Class A (b)(c)(d)
  
2,608
4,421
 
  
  
12,456
IT Services - 0.0%
  
  
  
CLPS Inc (c)
  
5,050
4,671
GDS Holdings Ltd Class A ADR (b)(c)
  
56,019
1,985,874
Hitek Global Inc Class A (c)
  
96
139
Kingsoft Cloud Holdings Ltd ADR (b)(c)
  
17,884
219,616
Vnet Group Inc Class A ADR (b)(c)
  
89,961
906,807
 
  
  
3,117,107
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
indie Semiconductor Inc Class A (b)(c)
  
124,367
620,592
Nano Labs Ltd Class A (b)(c)
  
8,323
22,222
 
  
  
642,814
Software - 0.0%
  
  
  
Abits Group Inc (c)
  
1,041
1,032
Agora Inc ADR (c)
  
44,594
182,835
AIOS Tech Inc Class A (c)
  
21
333
Aurora Mobile Ltd Class A ADR (c)
  
2,278
13,873
Bit Origin Ltd Class A (b)(c)
  
338
598
Chaince Digital Holdings Inc (b)(c)
  
44,075
362,738
Infobird Co Ltd (c)
  
708
644
MMTEC Inc (b)(c)
  
11,592
76,623
Next Technology Holding Inc (b)(c)
  
1,020
1,479
Pony AI Inc ADR (c)
  
11,318
113,520
T3 Defense Inc (c)
  
10,552
4,697
The9 Ltd ADR (b)(c)
  
4,242
22,313
Xiao I Corp ADR (c)
  
143
1,727
Xunlei Ltd ADR (b)(c)
  
31,122
188,600
 
  
  
971,012
Technology Hardware, Storage & Peripherals - 0.0%
  
  
  
Canaan Inc Class A ADR (b)(c)
  
445,206
184,004
Ebang International Holdings Inc Class A (c)
  
1,980
4,237
 
  
  
188,241
TOTAL INFORMATION TECHNOLOGY
  
  
4,931,630
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Gulf Resources Inc (c)
  
1,276
6,597
Metals & Mining - 0.0%
  
  
  
Hongli Group Inc (c)
  
7,458
4,569
Huadi International Group Co Ltd (c)
  
1,902
1,834
 
  
  
6,403
TOTAL MATERIALS
  
  
13,000
TOTAL CHINA
  
  
92,690,857
COSTA RICA - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Health Care Equipment & Supplies - 0.0%
  
  
  
Establishment Labs Holdings Inc (b)(c)
  
18,322
1,295,182
CYPRUS - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Entertainment - 0.0%
  
  
  
GDEV Inc (c)
  
6,522
94,504
Industrials - 0.0%
  
  
  
Marine Transportation - 0.0%
  
  
  
Castor Maritime Inc (c)
  
4,135
7,857
Robin Energy Ltd (c)
  
173
189
Toro Corp
 
11,890
59,569
TOTAL INDUSTRIALS
  
  
67,615
TOTAL CYPRUS
  
  
162,119
CZECH REPUBLIC - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Leisure Products - 0.0%
  
  
  
AiRWA Inc (b)(c)
  
291
3,416
DENMARK - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Ascendis Pharma A/S (c)
  
37,409
8,383,731
Evaxion A/S ADR (c)
  
621
2,484
Genmab A/S ADR (c)
  
39,571
1,041,904
 
  
  
  
TOTAL DENMARK
  
  
9,428,119
FRANCE - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Media - 0.0%
  
  
  
Criteo SA ADR (c)
  
33,316
608,017
Financials - 0.0%
  
  
  
Financial Services - 0.0%
  
  
  
LaFayette Acquisition Corp
 
2,746
27,707
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Abivax SA ADR (c)
  
37,187
4,932,112
Clementia Pharmaceuticals Inc rights (c)(d)
  
21,066
0
DBV Technologies SA ADR (b)(c)
  
8,897
169,933
Inventiva SA ADR (c)
  
34,355
169,370
Nanobiotix SA ADR (b)(c)
  
4,489
181,356
Valneva SE ADR (b)(c)
  
5,161
32,256
 
  
  
5,485,027
Health Care Equipment & Supplies - 0.0%
  
  
  
EDAP TMS SA ADR (c)
  
22,764
98,568
Pharmaceuticals - 0.0%
  
  
  
Ipsen SA CVRS (c)(d)
  
103,469
0
TOTAL HEALTH CARE
  
  
5,583,595
TOTAL FRANCE
  
  
6,219,319
GERMANY - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Interactive Media & Services - 0.0%
  
  
  
Trivago NV Class A ADR (c)
  
10,967
40,249
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Anbio Biotechnology Ltd Class A (b)(c)
  
26,736
919,986
BioNTech SE ADR (c)
  
69,017
6,622,181
Immatics NV (c)
  
80,545
927,073
InflaRx NV (c)
  
43,672
104,813
Quantum Cyber NV (c)
  
225
576
 
  
  
8,574,629
Life Sciences Tools & Services - 0.0%
  
  
  
Evotec SE ADR (c)
  
12,780
39,234
Pharmaceuticals - 0.0%
  
  
  
AtaiBeckley Inc (b)(c)
  
217,807
986,666
TOTAL HEALTH CARE
  
  
9,600,529
Materials - 0.0%
  
  
  
Paper & Forest Products - 0.0%
  
  
  
Mercer International Inc
 
45,553
42,364
TOTAL GERMANY
  
  
9,683,142
GIBRALTAR - 0.0%
 
  
  
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Forafric Global PLC (b)(c)
  
14,324
145,675
GRAND CAYMAN (UK OVERSEAS TER) - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Entertainment - 0.0%
  
  
  
Anghami Inc (c)
  
3,505
12,127
NIP Group Inc ADR (b)(c)
  
4,526
1,846
 
  
  
13,973
Interactive Media & Services - 0.0%
  
  
  
GIBO Holdings Ltd Class A (b)(c)
  
456
597
Media - 0.0%
  
  
  
TNL Mediagene (c)
  
124
78
TOTAL COMMUNICATION SERVICES
  
  
14,648
Consumer Discretionary - 0.0%
  
  
  
Leisure Products - 0.0%
  
  
  
FST Corp (b)(c)
  
41,123
55,516
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Australian Oilseeds Holdings Ltd (b)(c)
  
18,762
11,638
Personal Care Products - 0.0%
  
  
  
Big Tree Cloud Holdings Ltd Class A (b)(c)
  
2,106
3,938
TOTAL CONSUMER STAPLES
  
  
15,576
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Activate Energy Acquisition Corp Class A
 
14,385
143,706
Patria Investments Ltd Class A (b)
  
37,295
432,249
Webull Corp Class A (b)(c)
  
244,687
1,565,997
 
  
  
2,141,952
Financial Services - 0.0%
  
  
  
Crown Reserve Acquisition Corp I Class A
 
53,703
542,938
Fifth Era Acquisition Corp I Class A (c)
  
6,445
66,899
GigCapital7 Corp Class A (c)
  
39,838
118,717
 
  
  
728,554
Insurance - 0.0%
  
  
  
Cheche Group Inc Class A (b)(c)
  
32,459
20,125
Oxbridge Re Holdings Ltd (c)
  
5,511
5,676
 
  
  
25,801
TOTAL FINANCIALS
  
  
2,896,307
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Adlai Nortye Ltd ADR (b)(c)
  
11,133
132,928
BridgeBio Oncology Therapeutics Inc (c)
  
49,459
443,647
 
  
  
576,575
Health Care Providers & Services - 0.0%
  
  
  
Prenetics Global Ltd Class A (b)(c)
  
6,958
146,814
TOTAL HEALTH CARE
  
  
723,389
Industrials - 0.0%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
OIO Group (b)(c)
  
11,054
21,887
Electrical Equipment - 0.0%
  
  
  
Skycorp Solar Group Ltd Class A (b)(c)
  
144
540
Marine Transportation - 0.0%
  
  
  
High-Trend International Group Class A (b)(c)
  
4,732
12,398
Professional Services - 0.0%
  
  
  
Youlife Group Inc ADR (b)
  
1,708
888
Trading Companies & Distributors - 0.0%
  
  
  
Ten-League International Holdings Ltd (c)
  
1,285
4,844
TOTAL INDUSTRIALS
  
  
40,557
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Semilux International Ltd (b)(c)
  
16,572
4,325
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Blue Gold Ltd Class A (b)
  
17,992
12,146
Namib Minerals (b)
  
33,891
51,515
TOTAL MATERIALS
  
  
63,661
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
  
  
3,813,979
GREECE - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
StealthGas Inc (c)
  
24,192
222,082
Industrials - 0.0%
  
  
  
Marine Transportation - 0.0%
  
  
  
Capital Clean Energy Carriers Corp (b)
  
19,867
441,842
Euro-Holdings Ltd (b)
  
2,014
17,482
EuroDry Ltd (c)
  
3,945
90,696
Euroseas Ltd (b)
  
5,058
322,195
OceanPal Inc (b)(c)
  
1,422
14,220
Performance Shipping Inc (c)
  
4,386
7,588
Pyxis Tankers Inc (c)
  
10,640
44,262
Star Bulk Carriers Corp
 
75,248
2,050,508
United Maritime Corp
 
608
1,574
TOTAL INDUSTRIALS
  
  
2,990,367
TOTAL GREECE
  
  
3,212,449
GUATEMALA - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Wireless Telecommunication Services - 0.0%
  
  
  
Millicom International Cellular SA
 
100,851
8,608,641
HONG KONG - 0.1%
 
  
  
Communication Services - 0.0%
  
  
  
Media - 0.0%
  
  
  
BUUU Group Ltd Class A (b)(c)
  
3,407
68,140
Etoiles Capital Group Co Ltd Class A (b)(c)(d)
  
11,423
171,573
Everbright Digital Holding Ltd (b)(c)
  
1,372
4,034
QMMM Holdings Ltd Class A (c)(d)
  
29,633
1,769,090
TJGC Group Ltd (b)(c)(d)
  
10,619
23,256
 
  
  
2,036,093
Wireless Telecommunication Services - 0.0%
  
  
  
FingerMotion Inc (b)(c)
  
30,327
23,352
TOTAL COMMUNICATION SERVICES
  
  
2,059,445
Consumer Discretionary - 0.0%
  
  
  
Automobiles - 0.0%
  
  
  
Polestar Automotive Holding UK PLC Class A ADR (b)(c)
  
9,895
228,377
Distributors - 0.0%
  
  
  
707 Cayman Holdings Ltd Class A (b)(c)
  
691
1,037
AsiaStrategy (b)(c)
  
15,111
43,066
J-Long Group Ltd Class A (c)
  
1,508
9,772
Ping An Biomedical Co Ltd (c)
  
5,758
906
Raytech Holding Ltd (c)
  
389
1,253
 
  
  
56,034
Diversified Consumer Services - 0.0%
  
  
  
Charming Medical Ltd Class A (b)(c)(d)
  
10,752
315,625
SunCar Technology Group Inc Class A (b)(c)
  
34,865
28,450
SuperX AI Technology Ltd (b)(c)
  
26,205
248,423
 
  
  
592,498
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Masterbeef Group (b)(c)
  
10,878
71,795
Melco Resorts & Entertainment Ltd ADR (c)
  
131,899
733,358
 
  
  
805,153
Household Durables - 0.0%
  
  
  
Fenbo Holdings Ltd Class A (c)
  
3,296
2,965
Leisure Products - 0.0%
  
  
  
K-Tech Solutions Co Ltd Class A (b)
  
4,082
8,980
Specialty Retail - 0.0%
  
  
  
Pitanium Ltd Class A (b)(c)(d)
  
9,064
94,175
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Neo-Concept International Group Holdings Ltd Class A (b)(c)
  
1,270
12,827
TOTAL CONSUMER DISCRETIONARY
  
  
1,801,009
Consumer Staples - 0.0%
  
  
  
Personal Care Products - 0.0%
  
  
  
Natural Health Trends Corp
 
4,971
13,670
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Futu Holdings Ltd Class A ADR
 
49,156
5,115,666
Garden Stage Ltd Class A (b)(c)
  
730
20,659
Grande Group Ltd Class A (b)(c)
  
7,245
7,607
Magic Empire Global Ltd Class A (c)
  
1,372
1,646
Plutus Financial Group Ltd (b)(c)
  
3,368
10,138
Solowin Holdings Class A (b)(c)
  
98,101
340,411
TOP Financial Group Ltd Class A (b)(c)
  
11,095
10,551
Waton Financial Ltd (b)(c)
  
29,578
86,959
 
  
  
5,593,637
Financial Services - 0.0%
  
  
  
A SPAC III Acquisition Corp Class A (c)
  
10,042
109,157
Newbridge Acquisition Ltd Class A
 
3,912
38,944
YHN Acquisition I Ltd (c)
  
2,266
24,540
 
  
  
172,641
TOTAL FINANCIALS
  
  
5,766,278
Health Care - 0.1%
  
  
  
Pharmaceuticals - 0.1%
  
  
  
Regencell Bioscience Holdings Ltd (b)(c)
  
300,318
7,177,601
Industrials - 0.0%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
PS International Group Ltd (b)(c)
  
2,064
17,131
Building Products - 0.0%
  
  
  
Intelligent Living Application Group Inc (c)
  
862
3,017
Commercial Services & Supplies - 0.0%
  
  
  
Guardforce AI Co Ltd (c)
  
3,551
1,882
Mint Incorporation Ltd Class A (b)(c)
  
1,379
4,758
Rich Sparkle Holdings Ltd (b)(c)
  
7,350
46,967
Roma Green Finance Ltd Class A (b)(c)
  
36,813
255,482
SU Group Holdings Ltd Class A (b)(c)
  
400
407
 
  
  
309,496
Construction & Engineering - 0.0%
  
  
  
Masonglory Ltd (b)(c)
  
9,139
4,158
Ming Shing Group Holdings Ltd (b)(c)
  
4,071
5,903
OneConstruction Group Ltd (b)(c)
  
11,036
10,263
Phoenix Asia Holdings Ltd (b)(c)
  
12,645
197,136
Reitar Logtech Holdings Ltd Class A (b)(c)
  
29,330
13,867
Skyline Builders Group Holding Ltd Class A (b)(c)
  
16,855
57,813
 
  
  
289,140
Ground Transportation - 0.0%
  
  
  
Smart Logistics Global Ltd (b)(c)
  
24,897
11,951
Professional Services - 0.0%
  
  
  
Hang Feng Technology Innovation Co Ltd (b)(c)
  
4,110
8,631
OFA Group (b)(c)
  
5,208
1,276
 
  
  
9,907
Trading Companies & Distributors - 0.0%
  
  
  
Euro Tech Holdings Co Ltd (b)(c)
  
4,600
5,796
TOTAL INDUSTRIALS
  
  
646,438
Information Technology - 0.0%
  
  
  
Communications Equipment - 0.0%
  
  
  
UTStarcom Holdings Corp (c)
  
12,236
33,771
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
CCSC Technology International Holdings Ltd Class A (c)
  
623
333
Creative Global Technology Holdings Ltd Class A (b)(c)
  
8,696
4,348
TROOPS Inc (b)(c)
  
78,624
327,076
 
  
  
331,757
IT Services - 0.0%
  
  
  
Alpha Technology Group Ltd Class A (b)(c)
  
9,023
130,382
Global Engine Group Holding Class A (b)(c)
  
3,799
1,657
Mega Fortune Co Ltd (b)(c)
  
7,394
613,555
 
  
  
745,594
Software - 0.0%
  
  
  
Diginex Ltd (b)(c)
  
13,654
19,798
TOTAL INFORMATION TECHNOLOGY
  
  
1,130,920
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
China Natural Resources Inc (c)
  
183
748
TOTAL HONG KONG
  
  
18,596,109
INDIA - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Sify Technologies Ltd ADR (b)(c)
  
7,351
123,643
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
MakeMyTrip Ltd (b)(c)
  
54,906
2,566,307
Yatra Online Inc (c)
  
25,535
24,258
TOTAL CONSUMER DISCRETIONARY
  
  
2,590,565
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
ReNew Energy Global PLC Class A (c)
  
156,627
1,000,847
TOTAL INDIA
  
  
3,715,055
INDONESIA - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Distributors - 0.0%
  
  
  
Polibeli Group Ltd Class A (b)
  
217,081
1,528,250
IRELAND - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Entertainment - 0.0%
  
  
  
Brera Holdings PLC Class B (c)
  
5,097
29,410
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Carbon Revolution PLC (b)(c)
  
429
0
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Amarin Corp PLC ADR (c)
  
11,771
170,562
Prothena Corp PLC (c)
  
34,512
351,332
 
  
  
521,894
Health Care Equipment & Supplies - 0.0%
  
  
  
Trinity Biotech PLC ADR (c)
  
16,642
11,696
Pharmaceuticals - 0.0%
  
  
  
Artelo Biosciences Inc (c)
  
181
253
GH Research PLC (c)
  
40,483
971,188
 
  
  
971,441
TOTAL HEALTH CARE
  
  
1,505,031
Industrials - 0.0%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
Cimpress PLC (b)(c)
  
15,653
1,542,760
Electrical Equipment - 0.0%
  
  
  
Ads-Tec Energy PLC (b)(c)
  
35,718
426,473
TOTAL INDUSTRIALS
  
  
1,969,233
Information Technology - 0.0%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
SMX Security Matters PLC (c)
  
58
406
TOTAL IRELAND
  
  
3,504,080
ISRAEL - 0.4%
 
  
  
Communication Services - 0.0%
  
  
  
Interactive Media & Services - 0.0%
  
  
  
Taboola.com Ltd (c)
  
168,202
820,826
Media - 0.0%
  
  
  
Nexxen International Ltd (c)
  
31,019
260,560
Perion Network Ltd (b)(c)
  
28,312
240,368
 
  
  
500,928
TOTAL COMMUNICATION SERVICES
  
  
1,321,754
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Mobileye Global Inc Class A (b)(c)
  
150,796
1,559,231
REE Automotive Ltd Class A (c)
  
7,288
3,078
 
  
  
1,562,309
Broadline Retail - 0.0%
  
  
  
Global-e Online Ltd (c)
  
103,091
3,158,708
TOTAL CONSUMER DISCRETIONARY
  
  
4,721,017
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
G Willi-Food International Ltd
 
7,040
263,507
Personal Care Products - 0.0%
  
  
  
Oddity Tech Ltd Class A (b)(c)
  
26,949
364,081
TOTAL CONSUMER STAPLES
  
  
627,588
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Etoro Group Ltd Class A (c)
  
40,914
1,717,570
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Collplant Biotechnologies Ltd (c)
  
5,925
2,382
Compugen Ltd (b)(c)
  
56,738
149,221
Enlivex Ltd (b)(c)
  
135,544
109,831
Entera Bio Ltd (c)
  
29,908
40,376
Evogene Ltd (United States) (c)
  
4,198
2,960
Kamada Ltd (United States)
 
37,503
292,898
NeuroSense Therapeutics Ltd (c)
  
15,870
13,036
Polyrizon Ltd (c)
  
823
14,131
Quoin Pharmaceuticals Ltd rights (c)(d)
  
3,438,400
34
XTL Biopharmaceuticals Ltd ADR (b)(c)
  
2,225
5,340
 
  
  
630,209
Health Care Equipment & Supplies - 0.0%
  
  
  
Alpha Tau Medical Ltd Class A (b)(c)
  
53,399
578,312
Brainsway Ltd ADR (c)
  
13,705
217,772
Icecure Medical Ltd (b)(c)
  
40,453
8,859
InspireMD Inc (c)
  
18,244
16,797
Lifeward Ltd (c)
  
216
1,715
QTREX Quantum Ltd (b)(c)
  
2,924
8,977
 
  
  
832,432
Health Care Providers & Services - 0.0%
  
  
  
Nano-X Imaging Ltd (b)(c)
  
43,363
83,257
Pharmaceuticals - 0.0%
  
  
  
Intercure Ltd (United States) (c)
  
22,539
27,047
MediWound Ltd (b)(c)
  
6,967
99,837
Oramed Pharmaceuticals Inc (b)
  
24,282
96,400
PolyPid Ltd (c)
  
3,013
14,221
Sol-Gel Technologies Ltd (b)(c)
  
1,854
136,936
 
  
  
374,441
TOTAL HEALTH CARE
  
  
1,920,339
Industrials - 0.1%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
A2Z Cust2Mate Solutions Corp (b)(c)
  
22,691
159,518
Elbit Systems Ltd (United States) (b)
  
28,163
24,808,505
 
  
  
24,968,023
Air Freight & Logistics - 0.0%
  
  
  
Freightos Ltd (b)(c)
  
34,242
68,826
Electrical Equipment - 0.0%
  
  
  
ZOOZ Strategy Ltd (United States) (c)
  
50,329
15,300
Machinery - 0.0%
  
  
  
Kornit Digital Ltd (c)
  
30,881
498,111
Nano Dimension Ltd ADR (c)
  
173,788
304,129
 
  
  
802,240
TOTAL INDUSTRIALS
  
  
25,854,389
Information Technology - 0.3%
  
  
  
Communications Equipment - 0.0%
  
  
  
AudioCodes Ltd
 
17,874
175,880
BOS Better On-Line Solutions (c)
  
2,169
8,914
Ceragon Networks Ltd (c)
  
46,357
133,972
Gilat Satellite Networks Ltd (United States) (c)
  
44,999
772,633
Ituran Location and Control Ltd
 
12,747
835,566
Silicom Ltd (c)
  
4,848
195,374
 
  
  
2,122,339
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Arbe Robotics Ltd (b)(c)
  
94,209
103,630
Eltek Ltd (c)
  
4,564
41,852
Gauzy Ltd (b)(c)
  
7,593
5,308
Innoviz Technologies Ltd (b)(c)
  
144,534
110,294
Nayax Ltd (United States) (b)(c)
  
23,970
1,817,166
ParaZero Technologies Ltd (b)(c)
  
5,181
4,805
Rail Vision Ltd (c)
  
1,587
7,768
SuperCom Ltd (b)(c)
  
1,032
12,188
 
  
  
2,103,011
IT Services - 0.0%
  
  
  
Formula Systems 1985 Ltd ADR (b)
  
193
24,704
Hub Cyber Security Ltd (c)
  
10
2
Matrix IT Ltd
 
18,353
579,068
Wix.com Ltd (b)(c)
  
33,279
1,865,621
 
  
  
2,469,395
Semiconductors & Semiconductor Equipment - 0.2%
  
  
  
Camtek Ltd/Israel (b)(c)
  
28,284
4,855,231
Nova Ltd (c)
  
19,276
9,682,913
Tower Semiconductor Ltd (United States) (c)
  
67,801
17,304,850
 
  
  
31,842,994
Software - 0.1%
  
  
  
Alarum Technologies Ltd ADR (b)(c)
  
2,975
27,638
Allot Ltd (b)(c)
  
27,263
222,466
Beamr Imaging Ltd (b)(c)
  
7,991
14,624
Cellebrite DI Ltd (c)
  
157,498
2,319,946
Check Point Software Technologies Ltd (c)
  
65,309
8,819,980
Cognyte Software Ltd (b)(c)
  
46,043
532,718
My Size Inc (c)
  
1,815
1,124
Nice Ltd ADR (b)(c)
  
26,939
2,496,168
RADCOM Ltd (b)(c)
  
13,724
204,625
Radware Ltd (c)
  
27,306
828,464
 
  
  
15,467,753
TOTAL INFORMATION TECHNOLOGY
  
  
54,005,492
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Enlight Renewable Energy Ltd (United States) (b)(c)
  
84,454
9,072,049
TOTAL ISRAEL
  
  
99,240,198
ITALY - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Passenger Airlines - 0.0%
  
  
  
Ryanair Holdings PLC ADR
 
130,692
7,943,460
JAPAN - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Entertainment - 0.0%
  
  
  
Tryhard Holdings Ltd (b)
  
31,127
11,330
Financials - 0.0%
  
  
  
Financial Services - 0.0%
  
  
  
PayPay Corp ADR
 
32,988
643,926
Ribbon Acquisition Corp Class A (c)
  
1,002
10,721
TOTAL FINANCIALS
  
  
654,647
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Ryojbaba Co Ltd (b)(c)
  
7,347
28,727
Pharmaceuticals - 0.0%
  
  
  
Satsuma Pharmaceuticals Inc rights (c)(d)
  
19,951
0
TOTAL HEALTH CARE
  
  
28,727
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Allegro MicroSystems Inc (b)(c)
  
112,077
5,365,126
Toyo Co Ltd (b)(c)
  
36,713
532,706
 
  
  
5,897,832
Software - 0.0%
  
  
  
Heartcore Enterprise Inc (b)
  
608
2,201
TOTAL INFORMATION TECHNOLOGY
  
  
5,900,033
TOTAL JAPAN
  
  
6,594,737
JORDAN - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Insurance - 0.0%
  
  
  
International General Insurance Holdings Ltd (b)
  
31,709
774,017
KAZAKHSTAN - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Capital Markets - 0.0%
  
  
  
Freedom Holding Corp/NV (b)(c)
  
37,824
5,402,024
Consumer Finance - 0.1%
  
  
  
Kaspi.KZ JSC ADR
 
121,081
10,945,722
TOTAL KAZAKHSTAN
  
  
16,347,746
KOREA (SOUTH) - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Entertainment - 0.0%
  
  
  
DoubleDown Interactive Co Ltd ADR (c)
  
6,623
77,489
Gravity Co Ltd ADR (b)(c)
  
2,419
155,614
 
  
  
233,103
Interactive Media & Services - 0.0%
  
  
  
Global Interactive Technologies Inc (b)(c)
  
1,314
2,799
Webtoon Entertainment Inc (b)(c)
  
80,771
992,676
 
  
  
995,475
TOTAL COMMUNICATION SERVICES
  
  
1,228,578
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Harvard Ave Acquisition Corp Class A
 
15,678
158,348
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Artiva Biotherapeutics Inc (c)
  
16,258
128,926
TOTAL KOREA (SOUTH)
  
  
1,515,852
LUXEMBOURG - 0.0%
 
  
  
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Moolec Science SA (c)
  
91
685
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Alvotech SA (b)(c)
  
200,581
673,952
TOTAL LUXEMBOURG
  
  
674,637
MALAYSIA - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
CCH Holdings Ltd Class A (b)
  
11,661
5,597
Consumer Staples - 0.0%
  
  
  
Personal Care Products - 0.0%
  
  
  
DSwiss Inc (b)(c)(d)
  
7,648
0
Empro Group Inc (b)(c)(d)
  
3,236
56,177
TOTAL CONSUMER STAPLES
  
  
56,177
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
CBL International Ltd Class B (b)(c)
  
13,001
4,813
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Agape ATP Corp (c)
  
34
166
Industrials - 0.0%
  
  
  
Construction & Engineering - 0.0%
  
  
  
Agroz Inc (b)(c)
  
13,349
4,642
Megan Holdings Ltd Class A (c)
  
10,185
1,497
 
  
  
6,139
Machinery - 0.0%
  
  
  
WF Holding Ltd/MY (b)(c)
  
1,755
3,667
Trading Companies & Distributors - 0.0%
  
  
  
BioNexus Gene Lab Corp (c)
  
2,368
5,494
TOTAL INDUSTRIALS
  
  
15,300
Information Technology - 0.0%
  
  
  
IT Services - 0.0%
  
  
  
ARB IOT Group Ltd (c)
  
652
3,364
Software - 0.0%
  
  
  
Sagtec Global Ltd Class A (b)(c)
  
16,064
17,992
TOTAL INFORMATION TECHNOLOGY
  
  
21,356
TOTAL MALAYSIA
  
  
103,409
MALTA - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Media - 0.0%
  
  
  
Gambling.com Group Ltd (b)(c)
  
21,791
51,863
MARSHALL ISLANDS REPUBLIC OF - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Heidmar Maritime Holdings Corp (c)
  
36,626
45,050
Imperial Petroleum Inc (c)
  
22,727
116,135
 
  
  
  
TOTAL MARSHALL ISLANDS REPUBLIC OF
  
  
161,185
MEXICO - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Financial Services - 0.0%
  
  
  
Globa Terra Acquisition Corp Class A
 
5,275
54,227
Industrials - 0.0%
  
  
  
Transportation Infrastructure - 0.0%
  
  
  
Grupo Aeroportuario del Centro Norte SAB de CV Class B ADR (b)
  
3,086
309,588
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Murano Global Investments PLC (b)(c)
  
53,608
18,870
TOTAL MEXICO
  
  
382,685
MOROCCO - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
Addentax Group Corp (c)
  
84
342
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Aya Gold & Silver Inc (United States) (c)
  
86,970
1,826,370
TOTAL MOROCCO
  
  
1,826,712
NETHERLANDS - 0.8%
 
  
  
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Coincheck Group NV (b)(c)
  
81,057
150,766
Health Care - 0.1%
  
  
  
Biotechnology - 0.1%
  
  
  
Argenx SE ADR (b)(c)
  
17,213
14,389,896
Newamsterdam Pharma Co NV (b)(c)
  
70,289
2,367,334
Pharming Group NV ADR (c)
  
2,093
27,188
ProQR Therapeutics NV (c)
  
84,909
134,156
uniQure NV (c)
  
38,310
1,092,984
 
  
  
18,011,558
Pharmaceuticals - 0.0%
  
  
  
Pharvaris NV (c)
  
40,106
1,209,597
TOTAL HEALTH CARE
  
  
19,221,155
Information Technology - 0.7%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
SCHMID Group NV (b)(c)
  
34,451
229,788
Semiconductors & Semiconductor Equipment - 0.6%
  
  
  
ASML Holding NV depository receipt
 
53,396
86,114,934
NXP Semiconductors NV
 
153,304
49,264,240
 
  
  
135,379,174
Software - 0.1%
  
  
  
Nebius Group NV Class A (b)(c)
  
133,160
30,771,944
TOTAL INFORMATION TECHNOLOGY
  
  
166,380,906
TOTAL NETHERLANDS
  
  
185,752,827
NORWAY - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Opera Ltd ADR
 
25,291
474,965
PAKISTAN - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Wireless Telecommunication Services - 0.0%
  
  
  
VEON Ltd ADR (c)
  
22,331
1,253,662
PHILIPPINES - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Professional Services - 0.0%
  
  
  
TaskUS Inc Class A (b)
  
21,451
135,785
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
One and one Green Technologies Inc Class A (b)(c)
  
27,534
92,239
TOTAL PHILIPPINES
  
  
228,024
POLAND - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Atlas Lithium Corp (b)(c)
  
19,554
82,518
PUERTO RICO - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Liberty Latin America Ltd Class A (c)
  
62,469
504,125
Liberty Latin America Ltd Class C (c)
  
56,914
466,695
TOTAL COMMUNICATION SERVICES
  
  
970,820
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Popular Inc
 
39,891
5,925,010
TOTAL PUERTO RICO
  
  
6,895,830
RUSSIA - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Broadline Retail - 0.0%
  
  
  
Ozon Holdings PLC ADR (b)(c)(d)
  
32,600
0
SINGAPORE - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Entertainment - 0.0%
  
  
  
GCL Global Holdings Ltd (b)(c)
  
77,069
43,159
Interactive Media & Services - 0.0%
  
  
  
MoneyHero Ltd Class A (c)
  
6,906
9,253
Media - 0.0%
  
  
  
Fast Track Group (b)(c)
  
13,506
6,565
Smart Digital Group Ltd (b)(c)(d)
  
18,445
34,124
 
  
  
40,689
TOTAL COMMUNICATION SERVICES
  
  
93,101
Energy - 0.0%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
OMS Energy Technologies Inc (c)
  
23,654
111,174
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Delixy Holdings Ltd (b)(c)
  
6,712
3,254
PTL Ltd Class A (b)(c)
  
3,503
17,550
 
  
  
20,804
TOTAL ENERGY
  
  
131,978
Financials - 0.0%
  
  
  
Consumer Finance - 0.0%
  
  
  
Antalpha Platform Holding Co (b)(c)
  
14,301
103,110
Financial Services - 0.0%
  
  
  
Chenghe Acquisition III Co Class A
 
9,314
94,258
Hall Chadwick Acquisition Corp Class A
 
12,636
126,360
Origin Investment Corp I
 
21,824
224,787
RF Acquisition Corp II (c)
  
5,006
55,016
 
  
  
500,421
TOTAL FINANCIALS
  
  
603,531
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Cytomed Therapeutics Ltd (c)
  
4,854
5,679
Health Care Equipment & Supplies - 0.0%
  
  
  
Cuprina Holdings Cayman Ltd Class A (b)(c)
  
201
482
Health Care Providers & Services - 0.0%
  
  
  
Basel Medical Group Ltd (b)(c)
  
6,973
4,142
Euda Health Holdings Ltd (b)(c)
  
1,034
18,674
 
  
  
22,816
TOTAL HEALTH CARE
  
  
28,977
Industrials - 0.0%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
Concorde International Group Ltd Class A (c)
  
7,174
4,383
Primech Holdings Ltd (b)(c)
  
16,381
11,467
YY Group Holding Ltd Class A (b)(c)
  
297
56
 
  
  
15,906
Ground Transportation - 0.0%
  
  
  
Grab Holdings Ltd Class A (c)
  
2,400,735
8,498,603
Trading Companies & Distributors - 0.0%
  
  
  
Simpple Ltd (c)
  
99
355
TOTAL INDUSTRIALS
  
  
8,514,864
Information Technology - 0.0%
  
  
  
IT Services - 0.0%
  
  
  
Trident Digital Tech Holdings Ltd ADR (c)
  
291
748
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Kulicke & Soffa Industries Inc
 
30,937
3,152,171
Software - 0.0%
  
  
  
Helport AI Ltd (b)(c)
  
10,314
10,829
Horizon Quantum Holdings LTD Class A (b)
  
7,683
101,416
 
  
  
112,245
Technology Hardware, Storage & Peripherals - 0.0%
  
  
  
Bgin Blockchain Ltd Class A (b)(c)
  
56,678
170,601
TOTAL INFORMATION TECHNOLOGY
  
  
3,435,765
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Hotel101 Global Holdings Corp (b)
  
24,507
142,141
Ohmyhome LTD Class A (c)
  
10,490
8,591
TOTAL REAL ESTATE
  
  
150,732
TOTAL SINGAPORE
  
  
12,958,948
SOUTH AFRICA - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Financial Services - 0.0%
  
  
  
Lesaka Technologies Inc (b)(c)
  
49,572
242,407
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Karooooo Ltd
 
19,171
914,457
TOTAL SOUTH AFRICA
  
  
1,156,864
SPAIN - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Codere Online Luxembourg SA (b)(c)
  
15,902
149,160
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Grifols SA Class B ADR
 
72,463
568,835
TOTAL SPAIN
  
  
717,995
SWEDEN - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Aprea Therapeutics Inc (c)
  
2,100
1,875
Pharmaceuticals - 0.0%
  
  
  
Dova Pharmaceuticals Inc rights (c)(d)
  
23,572
0
TOTAL HEALTH CARE
  
  
1,875
Information Technology - 0.0%
  
  
  
Communications Equipment - 0.0%
  
  
  
Telefonaktiebolaget LM Ericsson Class B ADR (b)
  
185,323
2,420,318
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Eco Wave Power Global AB ADR (c)
  
2,732
24,096
TOTAL SWEDEN
  
  
2,446,289
SWITZERLAND - 0.1%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Garrett Motion Inc
 
115,947
3,798,424
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
TORM PLC Class A (United States)
 
60,885
1,658,507
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
AC Immune SA (b)(c)
  
63,601
169,179
CRISPR Therapeutics AG (b)(c)
  
58,462
3,284,395
Molecular Partners AG ADR (c)
  
1,070
4,451
 
  
  
3,458,025
Health Care Technology - 0.0%
  
  
  
Sophia Genetics SA (c)
  
43,499
219,670
Pharmaceuticals - 0.0%
  
  
  
Oculis Holding AG (c)
  
36,061
828,682
TOTAL HEALTH CARE
  
  
4,506,377
Industrials - 0.0%
  
  
  
Machinery - 0.0%
  
  
  
Aebi Schmidt Holding AG (b)
  
49,077
612,481
Information Technology - 0.1%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
SEALSQ Corp (b)(c)
  
75,513
262,785
WISeKey International Holding Ltd ADR (b)(c)
  
3,011
27,490
 
  
  
290,275
Technology Hardware, Storage & Peripherals - 0.1%
  
  
  
Logitech International SA (United States) (b)
  
89,017
10,848,502
TOTAL INFORMATION TECHNOLOGY
  
  
11,138,777
TOTAL SWITZERLAND
  
  
21,714,566
TAIWAN - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Entertainment - 0.0%
  
  
  
GigaMedia Ltd (c)
  
1,210
1,791
Consumer Discretionary - 0.0%
  
  
  
Automobiles - 0.0%
  
  
  
Gogoro Inc (c)
  
6,681
27,258
Distributors - 0.0%
  
  
  
Agencia Comercial Spirits Ltd Class A (b)
  
11,730
211,023
TOTAL CONSUMER DISCRETIONARY
  
  
238,281
Financials - 0.0%
  
  
  
Financial Services - 0.0%
  
  
  
OBOOK Holdings Inc Class A (b)
  
23,000
133,400
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Jyong Biotech Ltd (b)(c)
  
46,102
101,424
YD Bio Ltd
 
40,627
122,694
TOTAL HEALTH CARE
  
  
224,118
Industrials - 0.0%
  
  
  
Electrical Equipment - 0.0%
  
  
  
Asia Pacific Wire & Cable Corp Ltd (c)
  
108,040
149,095
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
ChipMOS Technologies Inc ADR
 
3,698
259,821
Himax Technologies Inc ADR
 
62,831
1,292,434
SemiLEDs Corp/Taiwan (c)
  
9,480
21,425
Silicon Motion Technology Corp ADR
 
20,213
5,596,373
 
  
  
7,170,053
Software - 0.0%
  
  
  
Gorilla Technology Group Inc (b)(c)
  
12,639
258,847
TOTAL INFORMATION TECHNOLOGY
  
  
7,428,900
TOTAL TAIWAN
  
  
8,175,585
TURKEY - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Broadline Retail - 0.0%
  
  
  
D-Market Elektronik Hizmetler Ve Ticaret Anonim Sirketi ADR (b)(c)
  
66,663
189,323
UNITED ARAB EMIRATES - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Media - 0.0%
  
  
  
Ambitions Enterprise Management Co LLC Class A (b)(c)
  
6,413
7,696
Wireless Telecommunication Services - 0.0%
  
  
  
Kyivstar Group Ltd (b)
  
145,640
2,079,739
TOTAL COMMUNICATION SERVICES
  
  
2,087,435
Consumer Discretionary - 0.0%
  
  
  
Automobiles - 0.0%
  
  
  
Robo.ai Inc Class B (c)
  
7,982
18,917
Consumer Staples - 0.0%
  
  
  
Tobacco - 0.0%
  
  
  
AIR Global PLC (b)
  
11,018
83,627
TOTAL UNITED ARAB EMIRATES
  
  
2,189,979
UNITED KINGDOM - 0.1%
 
  
  
Communication Services - 0.0%
  
  
  
Wireless Telecommunication Services - 0.0%
  
  
  
Vodafone Group PLC ADR
 
189,596
2,836,356
Consumer Discretionary - 0.0%
  
  
  
Distributors - 0.0%
  
  
  
Redcloud Holdings PLC (b)(c)
  
20,569
13,987
Consumer Staples - 0.1%
  
  
  
Beverages - 0.1%
  
  
  
Coca-Cola Europacific Partners PLC
 
278,115
25,222,249
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Daedalus Special Acquisition Corp Class A
 
4,888
48,831
Marex Group PLC
 
44,947
2,379,494
 
  
  
2,428,325
Financial Services - 0.0%
  
  
  
Axiom Intelligence Acquisition Corp 1 Class A
 
4,293
44,604
Tavia Acquisition Corp (c)
  
3,737
39,687
Wise Group PLC
 
622,024
7,943,247
 
  
  
8,027,538
TOTAL FINANCIALS
  
  
10,455,863
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Autolus Therapeutics PLC ADR (b)(c)
  
120,878
226,042
Barinthus Biotherapeutics PLC ADR (c)
  
11,568
7,577
Bicycle Therapeutics PLC ADR (c)
  
25,129
117,855
Compass Pathways Plc ADR (c)
  
62,962
822,284
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)
  
26,042
752,353
Mereo Biopharma Group PLC ADR (b)(c)
  
92,534
31,832
Silence Therapeutics PLC ADR (b)(c)
  
29,538
203,812
Tiziana Life Sciences Ltd (b)(c)
  
78,204
110,268
Zura Bio Ltd Class A (b)(c)
  
58,689
252,363
 
  
  
2,524,386
Health Care Technology - 0.0%
  
  
  
OneMedNet Corp Class A (b)(c)
  
29,823
22,982
Pharmaceuticals - 0.0%
  
  
  
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
Opiant Pharmaceuticals Inc rights (c)(d)
  
3,728
0
 
  
  
2
TOTAL HEALTH CARE
  
  
2,547,370
Industrials - 0.0%
  
  
  
Construction & Engineering - 0.0%
  
  
  
Energys Group Ltd (b)(c)
  
20,497
31,975
Marine Transportation - 0.0%
  
  
  
Globus Maritime Ltd (b)(c)
  
5,419
11,001
TOTAL INDUSTRIALS
  
  
42,976
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Argo Blockchain PLC ADR (c)
  
48
186
Arqit Quantum Inc (b)(c)
  
9,294
153,444
TOTAL INFORMATION TECHNOLOGY
  
  
153,630
TOTAL UNITED KINGDOM
  
  
41,272,431
UNITED STATES - 96.6%
 
  
  
Communication Services - 14.6%
  
  
  
Diversified Telecommunication Services - 0.3%
  
  
  
Anterix Inc (c)
  
12,336
789,751
AST SpaceMobile Inc Class A (b)(c)
  
172,312
19,541,904
Atn International Inc
 
9,544
268,759
Bandwidth Inc Class A (c)
  
17,324
1,125,540
Cogent Communications Holdings Inc
 
30,656
544,451
Comcast Corp Class A
 
2,176,457
54,128,486
Elauwit Connection Inc
 
3,127
23,484
GCI LLC Class A
 
3,688
82,279
GCI LLC Class C
 
20,979
469,301
Globalstar Inc (c)
  
78,020
6,570,064
iQSTEL Inc (b)
  
1,072
1,265
Iridium Communications Inc (b)
  
66,598
3,448,444
NextPlat Corp (b)(c)
  
3,768
26,225
Shenandoah Telecommunications Co
 
34,432
549,190
Uniti Group Inc (b)(c)
  
148,377
1,664,790
 
  
  
89,233,933
Entertainment - 1.2%
  
  
  
Atlanta Braves Holdings Inc Class A (b)(c)
  
14,752
790,707
Atlanta Braves Holdings Inc Class C (c)
  
22,530
1,117,488
Cineverse Corp (c)
  
11,492
27,926
CuriosityStream Inc Class A (b)
  
35,835
102,488
Electronic Arts Inc
 
151,365
30,533,348
Freecast Inc Class A (b)
  
20,105
16,667
Gaia Inc Class A (c)
  
13,031
30,493
K Wave Media Ltd (b)(c)
  
42,594
11,330
Liberty Media Corp-Liberty Formula One Class A (c)
  
16,990
1,426,820
Liberty Media Corp-Liberty Formula One Class C (c)
  
134,144
12,178,934
LiveOne Inc (c)
  
8,273
54,767
Meridian Holdings Inc (c)
  
7,802
90,737
Netflix Inc (c)
  
2,563,851
220,542,464
Playstudios Inc Class A (c)
  
34,684
19,225
Playtika Holding Corp
 
246,333
928,675
PodcastOne Inc (c)
  
9,883
48,822
Reading International Inc Class A (c)
  
21,533
24,332
Reservoir Media Inc (b)(c)
  
47,041
485,463
Roku Inc Class A (c)
  
79,106
10,298,019
Starz Entertainment Corp (c)
  
12,826
299,872
Take-Two Interactive Software Inc (c)
  
112,362
25,187,066
Vivid Seats Inc Class A (b)(c)
  
6,960
60,343
Warner Bros Discovery Inc (c)
  
1,504,721
40,642,514
Warner Music Group Corp Class A
 
84,315
2,659,295
 
  
  
347,577,795
Interactive Media & Services - 12.3%
  
  
  
Alphabet Inc Class A
 
3,534,739
1,344,402,632
Alphabet Inc Class C
 
3,301,361
1,242,731,321
Angi Inc Class A (b)(c)
  
26,939
157,863
Bumble Inc Class A (b)(c)
  
70,545
223,628
BuzzFeed Inc Class A (c)
  
49,268
80,307
Cargurus Inc Class A (b)(c)
  
48,601
1,451,226
EverQuote Inc Class A (c)
  
19,114
367,753
IAC Inc Class A (c)
  
45,318
2,034,325
Intelligent Protection Management Corp (c)
  
3,101
6,047
IZEA Worldwide Inc (c)
  
10,066
37,144
Match Group Inc
 
137,736
4,976,402
Meta Platforms Inc Class A
 
1,327,939
839,934,697
QuinStreet Inc (c)
  
34,491
431,827
Rumble Inc Class A (b)(c)
  
133,658
1,228,317
Teads Holding Co (b)(c)
  
85,328
98,127
Travelzoo (c)
  
6,862
73,492
TripAdvisor Inc Class A (b)(c)
  
70,946
793,176
Trump Media & Technology Group Corp (b)(c)
  
174,327
1,622,984
Ziff Davis Inc (b)(c)
  
25,899
1,167,268
ZoomInfo Technologies Inc (c)
  
195,209
650,046
 
  
  
3,442,468,582
Media - 0.3%
  
  
  
Advantage Solutions Inc Class A (c)
  
8,272
309,538
AMC Global Media Inc Class A (b)(c)
  
22,311
216,863
Beasley Broadcast Group Inc Class A (b)(c)
  
2,766
41,213
Bloomia Holdings Inc (c)
  
1,817
6,995
Cardlytics Inc (b)(c)
  
32,711
22,073
Charter Communications Inc Class A (b)(c)
  
76,825
11,066,641
comScore Inc (c)
  
3,940
31,599
EchoStar Corp Class A (b)(c)
  
95,561
12,345,527
Eva Live Inc (b)(c)
  
18,333
59,582
EW Scripps Co/The Class A (b)(c)
  
52,176
176,877
Fluent Inc (c)
  
13,367
27,001
Fox Corp Class A
 
131,736
8,420,566
Fox Corp Class B
 
124,210
7,128,412
Harte Hanks Inc (c)
  
5,634
14,085
iHeartMedia Inc Class A (c)
  
90,422
389,719
Lee Enterprises Inc (b)(c)
  
17,252
188,219
Liberty Broadband Corp Class A (c)
  
15,259
515,449
Liberty Broadband Corp Class C (c)
  
72,828
2,458,673
LQR House Inc (b)(c)
  
14,113
12,733
Magnite Inc (c)
  
87,286
1,250,808
Marchex Inc Class B (c)
  
31,616
52,483
Mediaco Holding Inc Class A (c)
  
24,810
21,041
National CineMedia Inc (b)
  
62,674
196,796
News Corp Class A
 
245,145
6,398,285
News Corp Class B
 
93,228
2,780,058
Nexstar Media Group Inc
 
18,355
3,275,083
Paramount Skydance Corp Class B (b)
  
656,894
6,969,645
PubMatic Inc Class A (c)
  
26,507
309,602
Quantum X Labs Inc (b)(c)
  
3,287
16,073
Saga Communications Inc Class A
 
2,555
24,221
Scholastic Corp (b)
  
13,072
529,416
Sinclair Inc Class A (b)
  
29,873
413,144
Sirius XM Holdings Inc
 
202,703
5,983,793
Stagwell Inc Class A (b)(c)
  
158,332
1,109,907
Stran & Co Inc (c)
  
1,570
3,328
TechTarget Inc (b)(c)
  
48,083
220,701
Thryv Holdings Inc (c)
  
28,203
109,428
Trade Desk Inc (The) Class A (c)
  
262,880
5,667,693
Urban One Inc Class A (b)(c)
  
2,142
14,116
Urban One Inc Class D (c)
  
2,193
11,469
Versant Media Group Inc Class A
 
87,625
3,780,143
 
  
  
82,568,998
Wireless Telecommunication Services - 0.5%
  
  
  
Gogo Inc (b)(c)
  
83,326
380,800
Spok Holdings Inc (b)
  
11,834
125,322
SurgePays Inc (c)
  
15,080
8,922
T-Mobile US Inc
 
668,692
125,399,811
 
  
  
125,914,855
TOTAL COMMUNICATION SERVICES
  
  
4,087,764,163
Consumer Discretionary - 12.1%
  
  
  
Automobile Components - 0.1%
  
  
  
Dorman Products Inc (b)(c)
  
18,635
2,309,249
Fox Factory Holding Corp (c)
  
24,765
446,761
Gentex Corp
 
131,294
3,172,063
Gentherm Inc (c)
  
19,832
687,972
Goodyear Tire & Rubber Co/The (c)
  
170,650
1,040,965
Kodiak AI Inc (b)(c)
  
115,812
815,316
MKDWELL Tech Inc (b)(c)
  
1,893
16,412
Motorcar Parts of America Inc (c)
  
13,256
146,611
Patrick Industries Inc
 
19,827
1,794,740
QuantumScape Corp Class A (b)(c)
  
346,176
3,108,660
Solid Power Inc (b)(c)
  
133,588
442,176
Strattec Security Corp (c)
  
2,562
204,858
Sypris Solutions Inc (c)
  
10,850
35,914
Visteon Corp (b)
  
16,706
1,976,153
Worksport Ltd (b)(c)
  
675
496
XPEL Inc (c)(e)
  
17,416
796,260
 
  
  
16,994,606
Automobiles - 3.6%
  
  
  
Aptera Motors Corp Class B (b)
  
15,745
36,214
Cenntro Inc (b)(c)
  
411
1,849
Empery Digital Inc (b)(c)
  
21,820
98,190
Faraday Future Intelligent Electric Inc Class A (b)(c)
  
84,737
30,810
FLY-E Group Inc (c)
  
180
363
Lucid Group Inc (b)(c)
  
202,588
1,326,951
Massimo Group (b)(c)
  
27,534
26,733
Rivian Automotive Inc Class A (b)(c)
  
750,245
12,228,994
Tesla Inc (c)
  
2,278,150
992,794,989
Workhorse Group Inc (b)(c)
  
548
2,099
 
  
  
1,006,547,192
Broadline Retail - 6.4%
  
  
  
1stdibs.Com Inc (b)(c)
  
24,945
112,751
Amazon.com Inc (c)
  
6,517,998
1,764,030,979
eBay Inc
 
271,114
29,624,627
Eightco Holdings Inc (b)(c)
  
117,672
109,000
Groupon Inc (b)(c)
  
25,077
507,308
Hour Loop Inc (b)(c)
  
19,584
37,601
Ollie's Bargain Outlet Holdings Inc (c)
  
37,193
3,036,065
Pattern Group Inc Class A
 
94,189
1,769,811
 
  
  
1,799,228,142
Distributors - 0.0%
  
  
  
Alliance Entertainment Holding Corp Class A (b)(c)
  
29,102
176,358
Educational Development Corp (c)
  
7,081
10,338
GigaCloud Technology Inc Class A (c)
  
19,156
690,382
LKQ Corp
 
158,144
4,288,866
Pool Corp
 
22,237
4,033,792
Weyco Group Inc
 
8,252
291,213
 
  
  
9,490,949
Diversified Consumer Services - 0.1%
  
  
  
American Public Education Inc (c)
  
11,160
552,085
Amesite Inc (c)
  
3,609
5,089
Beachbody Co Inc/The Class A (c)
  
3,824
41,835
Classover Holdings Inc Class B (c)
  
86
34
Driven Brands Holdings Inc (c)
  
101,953
1,411,030
Duolingo Inc Class A (b)(c)
  
24,321
2,708,387
EpicQuest Education Group Inte (c)
  
535
1,722
Frontdoor Inc (c)
  
43,419
2,695,017
Grand Canyon Education Inc (c)
  
16,933
2,537,410
Laureate Education Inc (b)(c)
  
87,875
2,811,121
Liberty Live Holdings Inc Class A
 
11,147
1,073,679
Liberty Live Holdings Inc Class C
 
42,754
4,236,921
Lincoln Educational Services Corp (c)
  
20,395
944,696
Matthews International Corp Class A (b)
  
18,314
486,054
Perdoceo Education Corp
 
39,826
1,289,566
Regis Corp (c)
  
1,245
35,159
Strategic Education Inc
 
14,312
1,098,446
WW International Inc (b)
  
5,772
95,931
 
  
  
22,024,182
Hotels, Restaurants & Leisure - 1.3%
  
  
  
Airbnb Inc Class A (c)
  
256,765
34,229,342
All In FutureTech Alliance Inc (b)(c)
  
25,578
13,863
Aureus Greenway Holdings Inc (b)(c)
  
10,051
42,214
BJ's Restaurants Inc (b)(c)
  
13,879
653,007
Black Rock Coffee Bar Inc Class A
 
10,437
86,836
Bloomin' Brands Inc
 
50,837
429,064
Booking Holdings Inc
 
480,750
80,491,973
Caesars Entertainment Inc (c)
  
125,185
3,636,624
Canterbury Park Holding Corp
 
422
6,684
Century Casinos Inc (c)
  
16,194
22,024
Cheesecake Factory Inc/The (b)
  
30,465
2,011,909
Churchill Downs Inc
 
42,459
3,702,849
Cracker Barrel Old Country Store Inc (b)
  
13,515
457,077
Dave & Buster's Entertainment Inc (b)(c)
  
22,215
297,015
Domino's Pizza Inc
 
20,269
6,295,146
DoorDash Inc Class A (c)
  
248,900
39,647,281
DraftKings Inc Class A (c)
  
299,513
7,335,073
El Pollo Loco Holdings Inc (c)
  
18,543
275,734
Expedia Group Inc Class A (b)
  
70,985
16,027,703
First Watch Restaurant Group Inc (c)
  
39,806
462,944
Full House Resorts Inc (c)
  
23,259
58,148
GEN Restaurant Group Inc Class A
 
2,798
5,792
Good Times Restaurants Inc (c)
  
9,092
11,729
Inspired Entertainment Inc (b)(c)
  
15,927
122,638
Jack in the Box Inc (b)(c)
  
11,171
139,079
Krispy Kreme Inc (c)
  
107,429
378,150
Kura Sushi USA Inc Class A (b)(c)
  
7,256
407,715
Lindblad Expeditions Holdings Inc (c)
  
39,491
906,318
Marriott International Inc/MD Class A1
 
160,840
60,411,504
Monarch Casino & Resort Inc
 
10,740
1,291,592
Nathan's Famous Inc (b)
  
2,259
227,933
Navan Inc Class A (c)
  
142,083
3,036,314
Noodles & Co Class A (c)
  
4,393
55,352
ONE Group Hospitality Inc/The (c)
  
17,098
34,281
Papa John's International Inc (b)
  
19,905
680,950
Penn Entertainment Inc (c)
  
79,740
1,501,504
Portillo's Inc Class A (b)(c)
  
39,800
170,742
Rave Restaurant Group Inc (c)
  
4,962
15,084
Rci Hospitality Holdings Inc
 
5,530
140,296
Red Robin Gourmet Burgers Inc (c)
  
17,826
90,200
Red Rock Resorts Inc Class A
 
36,654
2,139,861
Sabre Corp (b)(c)
  
264,335
465,230
Serve Robotics Inc (b)(c)
  
44,435
415,467
SHARPLINK INC (b)(c)
  
119,703
731,385
Sportradar Holding AG Class A (b)(c)
  
134,714
1,779,572
Sports Entertainment Gaming Global Corp (b)(c)
  
984
1,663
Starbucks Corp
 
691,801
68,598,987
Target Hospitality Corp (c)
  
61,339
1,064,845
Texas Roadhouse Inc
 
39,916
7,209,628
Wendy's Co/The (b)
  
112,964
869,823
Wingstop Inc
 
16,757
2,630,179
Wynn Resorts Ltd
 
62,835
6,360,159
 
  
  
358,076,482
Household Durables - 0.0%
  
  
  
Algorhythm Holdings Inc (b)(c)
  
7,576
5,877
Aterian Inc (c)
  
1,623
1,785
Bassett Furniture Industries Inc (b)
  
6,352
95,026
Cavco Industries Inc (c)
  
4,774
2,561,346
Cricut Inc Class A
 
34,439
142,922
Flexsteel Industries Inc
 
3,070
176,893
Gopro Inc Class A (c)
  
91,694
114,618
Helen of Troy Ltd (c)
  
14,338
389,133
Hooker Furnishings Corp
 
6,220
74,453
Koss Corp (c)
  
2,071
8,450
Legacy Housing Corp (b)(c)
  
15,105
362,671
LGI Homes Inc (c)
  
14,179
677,898
Lifetime Brands Inc (b)
  
13,509
115,502
Live Ventures Inc (c)
  
1,687
17,292
Lovesac Co/The (c)
  
8,461
130,130
Newell Brands Inc (b)
  
257,694
876,160
Purple Innovation Inc Class A (c)
  
46,579
18,692
Sonos Inc (c)
  
71,925
1,134,977
Universal Electronics Inc (c)
  
7,318
30,443
XMAX Inc (b)(c)
  
24,131
206,320
 
  
  
7,140,588
Leisure Products - 0.0%
  
  
  
American Outdoor Brands Inc (b)(c)
  
7,566
76,681
BRP Inc Subordinate Voting Shares (United States)
 
23,191
1,339,744
Clarus Corp
 
18,762
57,506
Escalade Inc (b)
  
10,781
202,359
Funko Inc Class A (b)(c)
  
29,651
168,418
Hasbro Inc
 
83,608
7,204,502
JAKKS Pacific Inc (b)
  
6,837
151,029
Johnson Outdoors Inc Class A
 
5,570
249,313
Latham Group Inc (c)
  
75,217
397,146
Malibu Boats Inc Class A (c)
  
12,013
329,877
MasterCraft Boat Holdings Inc (c)
  
9,425
219,508
Mattel Inc (c)
  
186,143
2,780,977
Peloton Interactive Inc Class A (b)(c)
  
241,956
1,548,518
Smith & Wesson Brands Inc
 
28,645
435,977
Tron Inc (b)(c)
  
169,984
339,968
 
  
  
15,501,523
Specialty Retail - 0.5%
  
  
  
1-800-Flowers.com Inc Class A (b)(c)
  
21,092
96,390
Academy Sports & Outdoors Inc (b)
  
40,276
2,126,573
America's Car-Mart Inc/TX (b)(c)
  
5,963
73,285
Arhaus Inc Class A
 
33,621
227,614
Arko Corp
 
73,955
573,891
ARKO Petroleum Corp Class A
 
4,271
81,234
Brilliant Earth Group Inc Class A
 
2,453
3,115
Carparts Com Inc (c)
  
3,703
20,515
Children's Place Inc/The (b)(c)
  
17,114
71,537
Citi Trends Inc (c)
  
4,632
213,118
Destination XL Group Inc (c)
  
32,101
23,305
Digital Brands Group Inc (b)(c)
  
3,338
1,615
Duluth Holdings Inc Class B (c)
  
16,389
54,903
EVgo Inc Class A (b)(c)
  
84,109
186,722
Five Below Inc (c)
  
33,195
7,547,215
GrowGeneration Corp (c)
  
41,541
73,943
Lands' End Inc (c)
  
19,847
233,202
Leslie's Inc (b)(c)
  
3,675
14,039
Lulu's Fashion Lounge Holdings Inc (c)
  
1,166
10,867
Monro Inc (b)
  
18,946
311,662
National Vision Holdings Inc (c)
  
47,910
802,493
Newegg Commerce Inc Class A (b)(c)
  
12,446
231,122
O'Reilly Automotive Inc (c)
  
508,937
44,216,447
OneWater Marine Inc Class A (c)
  
10,956
120,626
Outdoor Holding Co (c)
  
86,944
179,105
Petco Health & Wellness Co Inc Class A (b)(c)
  
151,407
455,735
RealReal Inc/The (c)
  
71,038
684,806
Rent the Runway Inc Class A (c)
  
9,989
39,457
RideNow Group Inc Class B (b)(c)
  
19,943
160,940
Ross Stores Inc
 
195,936
45,404,250
Shoe Carnival Inc (b)
  
16,863
298,475
Sleep Number Corp (b)(c)
  
13,605
16,190
Sportsman's Warehouse Holdings Inc (c)
  
25,040
33,053
Stitch Fix Inc Class A (c)
  
75,758
269,698
ThredUp Inc Class A (b)(c)
  
63,819
296,758
Tractor Supply Co
 
318,462
10,041,107
Ulta Beauty Inc (c)
  
26,844
13,659,569
Upbound Group Inc
 
39,142
751,918
Urban Outfitters Inc (c)
  
54,489
3,958,626
Winmark Corp
 
2,153
815,061
Xcel Brands Inc (c)
  
428
954
Zumiez Inc (b)(c)
  
10,970
270,191
 
  
  
134,651,326
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Columbia Sportswear Co (b)
  
33,698
2,230,134
Crocs Inc (c)
  
30,435
3,611,721
Crown Crafts Inc
 
9,628
27,632
Fossil Group Inc (b)(c)
  
41,669
182,510
G-III Apparel Group Ltd
 
26,154
845,559
Lakeland Industries Inc (b)
  
4,914
53,169
Lululemon Athletica Inc (c)
  
67,899
8,906,992
Playboy Inc (c)
  
76,954
105,427
Rocky Brands Inc (b)
  
4,879
188,622
Steven Madden Ltd
 
43,336
1,882,516
Superior Group of Cos Inc (b)
  
10,737
137,326
Vera Bradley Inc (c)
  
17,686
58,541
 
  
  
18,230,149
TOTAL CONSUMER DISCRETIONARY
  
  
3,387,885,139
Consumer Staples - 4.3%
  
  
  
Beverages - 0.8%
  
  
  
Celsius Holdings Inc (c)
  
156,344
5,201,565
Coca-Cola Consolidated Inc
 
34,366
5,954,253
Keurig Dr Pepper Inc
 
823,339
24,724,870
MGP Ingredients Inc
 
11,010
194,327
Monster Beverage Corp (c)
  
593,040
52,234,963
National Beverage Corp (c)
  
57,316
2,120,119
PepsiCo Inc
 
829,680
119,631,559
Vita Coco Co Inc/The (c)
  
35,230
2,646,830
Willamette Valley Vineyards Inc (c)
  
1,065
2,907
 
  
  
212,711,393
Consumer Staples Distribution & Retail - 3.1%
  
  
  
Andersons Inc/The
 
20,734
1,463,613
Casey's General Stores Inc
 
22,422
17,200,813
Chefs' Warehouse Inc/The (c)
  
24,855
1,902,402
Costco Wholesale Corp
 
269,484
257,712,939
Dollar Tree Inc (c)
  
120,608
14,043,596
Grocery Outlet Holding Corp (b)(c)
  
59,395
505,451
HF Foods Group Inc (c)
  
50,620
98,709
Ingles Markets Inc Class A
 
8,873
784,906
Maison Solutions Inc (b)(c)
  
398
364
Mangoceuticals Inc (c)
  
453
194
Maplebear Inc (c)
  
151,594
6,033,441
PriceSmart Inc
 
18,714
3,181,193
Sprouts Farmers Market Inc (c)
  
57,095
4,717,189
Village Super Market Inc Class A
 
6,632
308,123
Walmart Inc
 
4,840,999
560,345,634
 
  
  
868,298,567
Food Products - 0.3%
  
  
  
Alico Inc (b)
  
5,507
223,860
Barfresh Food Group Inc (c)
  
7,835
17,864
Beyond Meat Inc (b)(c)
  
275,635
217,338
BranchOut Food Inc (c)
  
3,141
10,836
Bridgford Foods Corp (c)
  
3,580
27,745
Cal-Maine Foods Inc (b)
  
28,605
2,137,366
Campbell's Company/The (b)
  
179,373
3,786,564
CN Healthy Food Tech Group Corp (c)(d)
  
10,080
55,642
Freshpet Inc (c)
  
30,139
1,555,172
Hain Celestial Group Inc (c)
  
59,085
46,837
J & J Snack Foods Corp
 
12,311
937,113
John B Sanfilippo & Son Inc
 
5,376
402,716
Kraft Heinz Co/The
 
717,630
17,230,296
Lifeway Foods Inc (c)
  
10,000
238,300
Limoneira Co
 
11,598
147,527
Mama's Creations Inc (c)
  
25,961
358,262
Marzetti Company/The
 
16,950
1,897,383
Mission Produce Inc (b)(c)
  
50,971
567,817
Mondelez International Inc
 
777,998
47,590,138
Oatly Group AB ADR (b)(c)
  
11,286
113,424
Pilgrim's Pride Corp
 
146,916
4,159,192
Rocky Mountain Chocolate Factory Inc (c)
  
1,651
3,252
Sadot Group Inc (c)
  
31
84
Seneca Foods Corp Class A (c)
  
3,886
558,768
Simply Good Foods Co/The (c)
  
63,119
727,131
Smithfield Foods Inc
 
241,724
6,243,731
Vital Farms Inc (b)(c)
  
26,392
264,184
Westrock Coffee Co (b)(c)
  
76,365
613,211
 
  
  
90,131,753
Household Products - 0.1%
  
  
  
Central Garden & Pet Co (c)
  
3,003
115,555
Central Garden & Pet Co Class A (c)
  
34,754
1,186,154
Kimberly-Clark Corp
 
199,852
19,505,555
Reynolds Consumer Products Inc
 
129,585
2,808,107
WD-40 Co
 
8,308
1,661,351
 
  
  
25,276,722
Personal Care Products - 0.0%
  
  
  
Bonk Inc (b)(c)
  
709
1,368
FitLife Brands Inc (b)(c)
  
5,842
59,705
Honest Co Inc/The (b)(c)
  
66,913
234,196
Interparfums Inc (b)
  
19,035
1,796,333
Lifevantage Corp (b)
  
9,383
73,844
Mannatech Inc (c)
  
1,393
7,940
Natural Alternatives International Inc (c)
  
4,379
11,123
Nature's Sunshine Products Inc (c)
  
9,983
212,438
Niagen Bioscience Inc (c)
  
46,357
178,938
Olaplex Holdings Inc (b)(c)
  
422,738
862,386
SkinHealth Systems Inc Class A (b)(c)
  
87,714
67,873
Synergy CHC Corp (b)(c)
  
4,586
1,234
United-Guardian Inc
 
3,073
21,265
Upexi Inc (b)(c)
  
38,770
46,136
Waldencast plc Class A (b)(c)
  
66,548
81,854
 
  
  
3,656,633
Tobacco - 0.0%
  
  
  
Ispire Technology Inc (b)(c)
  
36,913
66,813
TOTAL CONSUMER STAPLES
  
  
1,200,141,881
Energy - 0.5%
  
  
  
Energy Equipment & Services - 0.2%
  
  
  
Baker Hughes Co Class A
 
598,855
38,254,857
Dawson Geophysical Co (c)
  
21,865
85,055
DMC Global Inc (c)
  
6,120
41,677
Drilling Tools International Corp (c)
  
20,177
56,092
Energy Services of America Corp (b)
  
9,007
134,475
Geospace Technologies Corp (c)
  
10,432
86,586
HMH Holding Inc Class A (c)
  
5,364
114,575
KLX Energy Services Holdings Inc (c)
  
9,302
25,486
Mammoth Energy Services Inc (c)
  
36,411
121,977
MIND Technology Inc (b)(c)
  
4,718
31,847
National Energy Services Reunited Corp (c)
  
65,459
1,593,927
NCS Multistage Holdings Inc (c)
  
1,545
65,477
Patterson-UTI Energy Inc (b)
  
228,072
2,556,687
ProFrac Holding Corp Class A (c)
  
113,528
693,656
Smart Sand Inc
 
22,511
96,572
Weatherford International PLC
 
43,556
4,514,144
 
  
  
48,473,090
Oil, Gas & Consumable Fuels - 0.3%
  
  
  
Aemetis Inc (b)(c)
  
47,097
120,097
Alliance Resource Partners LP
 
79,064
1,964,740
American Resources Corp (b)(c)
  
63,232
139,110
APA Corp
 
213,713
7,785,565
Calumet Inc (c)
  
55,409
1,965,357
Chord Energy Corp
 
34,648
4,569,032
Clean Energy Fuels Corp (c)
  
146,255
298,360
Clean Energy Technologies Inc (c)
  
994
731
Diamondback Energy Inc
 
171,237
32,788,461
Dorchester Minerals Mlp
 
29,473
798,129
Eagle Nuclear Energy Corp (b)
  
17,856
179,988
Encore Energy Corp (United States) (c)
  
127,795
204,472
Epsilon Energy Ltd (b)
  
13,592
76,931
Expand Energy Corp
 
145,772
13,553,881
Gevo Inc (b)(c)
  
155,436
289,111
Green Plains Inc (c)
  
43,388
679,890
Greenland Energy Co
 
20,111
62,947
HighPeak Energy Inc Class A
 
79,126
561,795
Lightbridge Corp (b)(c)
  
17,859
205,021
Marine Petroleum Trust
 
339
1,644
Martin Midstream Partners LP
 
26,486
64,361
New Era Energy & Digital Inc (b)(c)
  
32,914
157,000
New Fortress Energy Inc Class A (b)(c)
  
157,225
88,172
NextDecade Corp (b)(c)
  
163,879
1,296,283
NextNRG Inc (c)
  
90,160
57,928
OPAL Fuels Inc Class A (c)
  
21,049
47,571
Plains All American Pipeline LP
 
426,805
9,573,236
Plains GP Holdings LP Class A
 
116,327
2,832,562
Prairie Operating Co (b)(c)
  
38,612
34,469
PrimeEnergy Resources Corp (b)(c)
  
1,072
176,473
Stabilis Solutions Inc (c)
  
9,667
35,575
US Energy Corp (c)
  
15,043
15,043
Verde Clean Fuels Inc Class A (b)(c)
  
3,630
5,663
Viper Energy Inc Class A
 
107,417
4,887,474
XCF Global Inc Class A (b)
  
168,256
83,472
 
  
  
85,600,544
TOTAL ENERGY
  
  
134,073,634
Financials - 2.8%
  
  
  
Banks - 0.9%
  
  
  
1st Source Corp
 
14,861
1,097,039
ACNB Corp (b)
  
7,468
405,438
Affinity Bancshares Inc (c)
  
2,644
59,411
Amalgamated Financial Corp
 
18,977
787,166
Ames National Corp (b)
  
6,067
174,366
Arrow Financial Corp
 
10,670
391,589
Auburn National BanCorp Inc
 
551
13,763
Avidbank Holdings Inc (b)(c)
  
5,619
172,953
BancFirst Corp (b)
  
21,938
2,419,542
Bancorp Inc/The (c)
  
25,281
1,394,500
Bank First Corp (b)
  
7,272
1,010,953
Bank of Marin Bancorp
 
11,943
308,607
Bank OZK
 
64,699
3,130,785
Bank7 Corp
 
6,441
285,079
Bankwell Financial Group Inc
 
4,303
225,133
Banner Corp
 
21,330
1,386,450
BayCom Corp (b)
  
7,889
242,981
Bayfirst Financial Corp (b)(c)
  
952
5,968
BCB Bancorp Inc
 
9,394
98,073
Bogota Financial Corp (b)(c)
  
8,810
74,004
BOK Financial Corp
 
36,279
4,645,163
Bridgewater Bancshares Inc (c)
  
18,186
342,988
Broadway Financial Corp/DE (c)
  
2,096
20,122
Burke & Herbert Financial Services Corp (b)
  
12,112
770,323
Business First Bancshares Inc
 
22,688
646,154
BV Financial Inc (c)
  
6,699
131,501
C&F Financial Corp (b)
  
2,776
204,730
California BanCorp
 
17,056
323,723
Camden National Corp
 
11,665
583,600
Capital Bancorp Inc
 
12,114
386,679
Capital City Bank Group Inc
 
10,371
473,332
Capitol Federal Financial Inc (b)
  
77,454
601,818
Carter Bankshares Inc
 
11,532
314,824
Cathay General Bancorp
 
40,673
2,345,205
CB Financial Services Inc
 
894
32,041
Central BanCo Inc (b)
  
152,830
4,340,372
Central Plains Bancshares Inc (c)
  
931
17,205
CF Bankshares Inc Class A
 
2,057
58,666
Chemung Financial Corp
 
4,132
283,786
ChoiceOne Financial Services Inc (b)
  
11,319
355,417
Citizens & Northern Corp
 
11,685
246,086
Citizens Community Bancorp Inc/WI
 
6,202
126,521
Citizens Financial Services Inc
 
3,545
230,531
City Holding Co (b)
  
8,764
1,089,453
Civista Bancshares Inc
 
12,086
313,027
CNB Financial Corp/PA (b)
  
16,314
500,350
Coastal Financial Corp/WA Class A (c)
  
9,816
698,703
Columbia Banking System Inc
 
175,708
5,207,985
Columbia Financial Inc (b)(c)
  
68,335
1,375,584
Commerce Bancshares Inc/MO
 
87,682
4,578,754
Commercial Bancgroup Inc
 
7,897
228,144
Community Bancorp/VT
 
3,974
143,422
Community Trust Bancorp Inc
 
12,313
823,247
Community West Bancshares
 
12,523
300,677
Connectone Bancorp  Inc
 
30,468
916,173
CVB Financial Corp
 
108,803
2,215,229
Eagle Bancorp Inc (b)
  
17,734
483,961
Eagle Bancorp Montana Inc
 
3,665
81,326
Eagle Financial Services Inc
 
3,266
128,876
East West Bancorp Inc
 
82,074
10,057,348
Eastern Bankshares Inc
 
144,329
2,847,611
ECB Bancorp Inc/MD (c)
  
3,509
64,074
Enterprise Financial Services Corp
 
22,498
1,363,604
Esquire Financial Holdings Inc (b)
  
5,718
628,351
Farmers & Merchants Bancorp Inc/Archbold OH
 
9,817
274,189
Farmers National Banc Corp
 
25,375
359,818
FB Bancorp Inc (c)
  
7,146
99,615
Fidelity D&D Bancorp Inc
 
3,343
156,152
Fifth Third Bancorp (b)
  
541,194
27,021,816
Financial Institutions Inc
 
9,729
352,482
Finward Bancorp (b)
  
2,064
68,071
Finwise Bancorp (b)(c)
  
8,346
120,015
First Bancorp Inc/The (b)
  
7,983
232,385
First Bancorp/Southern Pines NC (b)
  
25,726
1,513,461
First Bank/Hamilton NJ
 
15,543
243,093
First Busey Corp
 
54,671
1,496,345
First Business Financial Services Inc
 
5,506
316,705
First Capital Inc (b)
  
2,233
138,022
First Citizens BancShares Inc/NC Class A (b)
  
6,589
13,115,470
First Community Bankshares Inc
 
14,638
631,044
First Community Corp/SC
 
3,875
116,483
First Financial Bancorp (b)
  
65,714
2,021,363
First Financial Bankshares Inc
 
89,061
2,910,513
First Financial Corp
 
6,907
477,826
First Guaranty Bancshares Inc
 
8,053
76,987
First Hawaiian Inc
 
75,141
2,027,304
First Internet Bancorp
 
7,845
189,535
First Interstate BancSystem Inc Class A
 
58,190
2,071,564
First Merchants Corp
 
37,285
1,502,586
First Mid Bancshares Inc
 
14,687
646,962
First National Corp/VA (b)
  
3,174
88,221
First Northwest Bancorp (c)
  
7,546
75,234
First United Corp
 
3,974
157,132
First US Bancshares Inc
 
3,641
58,256
First Western Financial Inc (c)
  
5,701
166,298
Firstsun Capital Bancorp (b)(c)
  
18,377
651,465
Five Star Bancorp
 
15,048
635,477
Flushing Financial Corp
 
19,516
311,671
Franklin Financial Services Corp (b)
  
2,442
141,953
FS Bancorp Inc
 
6,175
251,384
Fulton Financial Corp
 
105,677
2,292,134
FVCBankcorp Inc
 
9,654
152,340
GBank Financial Holdings Inc (b)(c)
  
8,752
260,722
German American Bancorp Inc
 
23,301
1,018,720
Great Southern Bancorp Inc
 
7,818
560,942
Greene County Bancorp Inc
 
11,648
305,644
Hancock Whitney Corp
 
46,392
3,160,223
Hanmi Financial Corp
 
18,308
551,437
Hanover Bancorp Inc
 
2,591
60,267
Hawthorn Bancshares Inc
 
4,170
152,997
HBT Financial Inc
 
25,138
719,701
Heritage Financial Corp Wash (b)
  
27,937
761,283
Hingham Institution For Savings The (b)
  
1,460
422,509
Home Bancorp Inc
 
5,138
330,784
Home Federal Bancorp Inc of Louisiana (b)
  
813
15,714
Hope Bancorp Inc
 
81,970
1,027,904
Horizon Bancorp Inc/IN
 
30,365
563,271
Hoyne Bancorp Inc
 
4,428
70,405
Huntington Bancshares Inc/OH
 
1,214,954
19,876,647
Independent Bank Corp
 
30,825
2,437,641
Independent Bank Corp/MI
 
12,853
441,115
International Bancshares Corp
 
38,157
2,753,409
Investar Holding Corp
 
7,178
202,850
Isabella Bank Corp
 
4,482
182,776
John Marshall Bancorp Inc
 
12,222
259,962
Kearny Financial Corp/MD
 
41,433
341,408
Lake Shore Bancorp Inc/MD
 
4,671
72,681
Lakeland Financial Corp (b)
  
15,450
936,734
Landmark Bancorp Inc/Manhattan KS (b)
  
3,545
100,749
LCNB Corp
 
12,197
207,837
Magyar Bancorp Inc
 
3,540
61,242
MainStreet Bancshares Inc
 
4,185
95,795
Mechanics Bancorp Class A (b)
  
141,693
2,085,721
Mercantile Bank Corp
 
10,911
578,174
Meridian Corp
 
4,705
84,596
Metrocity Bankshares Inc (b)
  
22,083
721,231
Mid Penn Bancorp Inc
 
13,417
438,065
Midland States Bancorp Inc
 
11,419
317,448
MVB Financial Corp
 
7,189
192,306
National Bankshares Inc VA
 
4,916
172,994
NB Bancorp Inc
 
29,741
595,712
Nbt Bancorp Inc (b)
  
33,739
1,560,091
Northeast Bank
 
5,979
751,799
Northeast Community Bancorp Inc
 
8,750
212,100
Northfield Bancorp Inc
 
26,460
375,203
Northrim BanCorp Inc
 
15,035
371,515
Northwest Bancshares Inc
 
85,528
1,210,221
Norwood Financial Corp
 
7,935
239,875
Oak Valley Bancorp
 
6,627
218,095
OceanFirst Financial Corp (b)
  
35,787
672,438
Ohio Valley Banc Corp
 
2,547
122,383
Old National Bancorp/IN
 
232,998
5,594,282
Old Second Bancorp Inc
 
34,742
740,699
OP Bancorp (b)
  
9,607
135,074
Orange County Bancorp Inc
 
9,440
322,093
Orrstown Financial Services Inc
 
9,076
336,992
Parke Bancorp Inc
 
6,191
190,249
Pathfinder Bancorp Inc
 
616
8,543
Pathward Financial Inc
 
13,578
1,116,655
Patriot National Bancorp Inc (c)
  
65,631
73,507
PCB Bancorp
 
11,170
274,447
Peapack-Gladstone Financial Corp
 
10,155
439,204
Peoples Bancorp Inc/OH
 
19,955
694,035
Peoples Bancorp of North Carolina Inc
 
3,497
147,224
Peoples Financial Services Corp (b)
  
6,763
401,790
Pioneer Bancorp Inc/NY (b)(c)
  
15,096
225,383
Plumas Bancorp
 
4,437
233,519
Ponce Financial Group Inc (c)
  
13,105
247,422
Preferred Bank/Los Angeles CA
 
7,854
752,570
Primis Financial Corp
 
16,579
239,235
Princeton Bancorp Inc
 
4,685
168,847
QCR Holdings Inc (b)
  
10,173
937,442
RBB Bancorp
 
10,591
253,337
Red River Bancshares Inc (b)
  
3,979
361,771
Republic Bancorp Inc/KY Class A
 
12,101
979,576
Rhinebeck Bancorp Inc (b)(c)
  
3,060
49,817
Richmond Mutual BanCorp Inc
 
4,283
62,189
Riverview Bancorp Inc
 
15,015
84,234
S&T Bancorp Inc
 
22,092
996,128
SB Financial Group Inc
 
4,710
101,736
Seacoast Banking Corp of Florida
 
56,860
1,723,427
Shore Bancshares Inc (b)
  
20,817
430,079
Sierra Bancorp (b)
  
9,715
368,976
Simmons First National Corp Class A
 
84,722
1,817,287
Sound Financial Bancorp Inc (b)
  
1,189
49,617
South Plains Financial Inc
 
9,363
380,044
Southern Financial Capital Trust III (c)
  
4,689
270,884
Southern Missouri Bancorp Inc
 
6,394
441,570
SR Bancorp Inc
 
3,490
65,577
Stock Yards Bancorp Inc
 
19,445
1,394,984
Summit State Bank (c)
  
3,743
50,793
Texas Capital Bancshares Inc (c)
  
25,612
2,548,138
TFS Financial Corp (b)
  
175,569
2,793,303
Timberland Bancorp Inc/WA
 
5,727
232,402
Towne Bank/Portsmouth VA
 
56,543
1,926,420
TriCo Bancshares
 
19,668
999,134
TrustCo Bank Corp NY (b)
  
10,724
555,610
Trustmark Corp
 
34,732
1,533,765
UMB Financial Corp
 
45,175
5,929,671
Union Bankshares Inc/Morrisville VT (b)
  
2,643
61,053
United Bankshares Inc/WV
 
82,568
3,584,277
Unity Bancorp Inc
 
6,310
352,477
Univest Financial Corp
 
17,756
700,297
USCB Financial Holdings Inc
 
13,330
247,138
Valley National Bancorp
 
325,292
4,479,271
Virginia National Bankshares Corp
 
6,804
295,226
WaFd Inc
 
46,481
1,652,864
Washington Trust Bancorp Inc
 
10,763
350,551
WesBanco Inc
 
58,275
2,019,229
West BanCorp Inc (b)
  
14,089
337,291
Westamerica BanCorp
 
15,664
869,195
Western New England Bancorp Inc
 
15,871
210,608
Wintrust Financial Corp
 
40,358
6,062,982
WSFS Financial Corp
 
32,390
2,314,266
Zions Bancorp NA
 
87,688
5,476,116
 
  
  
245,937,715
Capital Markets - 1.1%
  
  
  
Aether Holdings Inc (c)
  
6,102
22,089
AI Financial Corp (b)(c)
  
82,949
70,590
AlTi Global Inc Class A (b)(c)
  
75,441
248,955
Armada Acquisition Corp II Class A
 
21,524
223,634
Aurelion Inc Class A (b)(c)
  
7,221
18,125
Beneficient Class A (c)
  
1,032
3,818
BGC Group Inc Class A
 
222,330
2,323,349
Binah Capital Group Inc (c)
  
10,164
16,161
Bleichroeder Acquisition Corp II Class A
 
22,441
237,650
BRC Group Holdings Inc (c)
  
19,417
181,161
Cantor Equity Partners V Inc Class A
 
10,186
105,018
Capital Southwest Corp
 
11,251
261,248
Carlyle Group Inc/The
 
219,633
9,977,927
CARTESIAN GROWTH CORP III Class A
 
18,318
229,525
Cayson Acquisition Corp (c)
  
2,715
29,892
CGrowth Capital Inc (c)
  
686
0
ChampionsGate Acquisition Corp Class A
 
1,058
10,950
CME Group Inc Class A
 
218,100
59,659,075
Coinbase Global Inc Class A (c)
  
135,401
25,594,851
Crescent Capital BDC Inc (b)
  
12,883
146,995
D Boral Acquisition I Corp Class A
 
9,306
92,874
Dominari Holdings Inc
 
7,209
26,673
EGH Acquisition Corp Class A
 
9,154
94,744
Fold Holdings Inc Class A (b)(c)
  
38,353
37,045
Galaxy Digital Inc Class A (b)(c)
  
115,626
3,420,217
GCM Grosvenor Inc Class A
 
40,168
426,986
Gemini Space Station Inc Class A
 
28,595
150,696
Great Elm Group Inc (c)
  
7,056
15,312
Hamilton Lane Inc Class A
 
26,700
2,326,371
Hennessy Advisors Inc
 
5,713
58,044
Heritage Global Inc (c)
  
31,260
38,137
Horizon Technology Finance Corp
 
7,992
35,085
Innventure Inc (b)(c)
  
49,342
262,993
Interactive Brokers Group Inc Class A
 
270,287
23,506,860
Investcorp Credit Management BDC Inc
 
16,938
21,850
LPL Financial Holdings Inc
 
48,718
13,337,527
M3-Brigade Acquisition VI Corp Class A
 
10,509
106,456
MarketAxess Holdings Inc
 
21,666
2,817,447
MarketWise Inc Class A
 
1,168
20,136
MDB Capital Holdings LLC Class A (c)
  
951
3,110
Morningstar Inc
 
24,189
4,402,882
Nasdaq Inc
 
345,708
31,984,904
New Mountain Finance Corp
 
53,270
426,160
Newbury Street II Acquisition Corp Class A (c)
  
10,095
107,310
Northern Trust Corp
 
112,803
18,663,256
Open Lending Corp (c)
  
100,205
228,467
Perella Weinberg Partners Class A
 
42,262
725,216
PhenixFIN Corp
 
762
32,095
ProCap Acquisition Corp Class A
 
13,789
141,613
Procap Financial Inc
 
58,580
125,947
Range Capital Acquisition Corp II Class A
 
11,328
114,073
Republic Digital Acquisition Co Class A (c)
  
13,620
140,831
Robinhood Markets Inc Class A (c)
  
479,561
45,222,602
Runway Growth Finance Corp (b)
  
22,004
142,366
SEI Investments Co
 
74,915
6,583,530
Siddhi Acquisition Corp Class A
 
16,187
168,507
Siebert Financial Corp (c)
  
18,579
34,557
Silvercrest Asset Management Group Inc Class A
 
8,394
95,104
Sizzle Acquisition Corp II Class A (c)
  
5,160
53,303
Soren Acquisition Corp Class A
 
4,753
47,197
StepStone Group Inc Class A
 
48,886
2,410,569
StoneX Group Inc (c)
  
47,961
5,436,379
T Rowe Price Group Inc
 
131,982
13,796,078
Titan Acquisition Corp Class A
 
5,593
58,111
TPG Inc Class A
 
89,532
3,811,377
Tradeweb Markets Inc Class A
 
71,289
7,146,722
Trinity Capital Inc
 
14,443
243,509
US Global Investors Inc Class A
 
8,407
22,194
Value Line Inc
 
6,103
196,517
Victory Capital Holdings Inc Class A (b)
  
39,378
3,329,410
Wealthfront Corp (b)(c)
  
94,026
1,148,998
 
  
  
293,199,360
Consumer Finance - 0.1%
  
  
  
Atlanticus Holdings Corp (c)
  
10,269
885,393
Consumer Portfolio Services Inc (b)(c)
  
12,500
123,250
Credit Acceptance Corp (b)(c)
  
6,589
3,779,714
Dave Inc Class A (c)
  
7,284
2,058,167
DeFi Development Corp (b)(c)
  
17,070
66,402
DeFi Development Corp warrants 1/21/2028 (c)
  
1,328
664
Encore Capital Group Inc (c)
  
13,491
1,078,336
EZCORP Inc Class A (c)
  
38,558
1,204,552
Figure Technology Solutions Inc Class A
 
107,754
3,809,104
FirstCash Holdings Inc
 
26,689
5,869,178
Jefferson Capital Inc
 
38,527
654,574
Katapult Holdings Inc Class A (b)(c)
  
1,651
10,022
Lendingtree Inc (c)
  
8,582
327,832
Medallion Financial Corp
 
15,603
151,817
Navient Corp
 
58,999
505,031
NerdWallet Inc Class A (b)(c)
  
26,517
228,046
Oportun Financial Corp (c)
  
20,581
111,549
PRA Group Inc (c)
  
24,476
373,504
SLM Corp
 
121,832
2,694,924
SoFi Technologies Inc Class A (b)(c)
  
769,192
14,014,678
Upstart Holdings Inc (b)(c)
  
57,812
1,953,467
Vroom Inc (b)(c)
  
1,635
19,293
World Acceptance Corp (b)(c)
  
2,806
463,243
 
  
  
40,382,740
Financial Services - 0.4%
  
  
  
1RT Acquisition Corp Class A
 
9,543
97,720
26 Capital Acquisition Corp Class A (c)(d)
  
12,701
0
Acacia Research Corp (c)
  
58,058
269,970
Affirm Holdings Inc Class A (c)
  
177,318
13,059,471
Agriculture & Natural Solutions Acquisition Corp Class A (c)
  
28,990
328,747
Aimei Health Technology Co Ltd (b)(c)
  
5,806
243,910
Alchemy Investments Acquisition Corp 1 Class A (c)
  
6,412
75,020
Aldel Financial II Inc Class A (c)
  
9,202
98,093
Alerus Financial Corp
 
18,429
526,701
Andretti Acquisition Corp II Class A (c)
  
19,676
210,927
Apex Treasury Corp Class A
 
16,602
166,850
Archimedes Tech SPAC Partners II Co (c)
  
11,102
124,564
Archimedes Tech SPAC Partners III Co
 
2,201
21,966
Artius II Acquisition Inc Class A (c)
  
1,854
19,393
Beeline Holdings Inc (b)(c)
  
17,899
23,448
BERTO ACQUISITION CORP
 
57,420
601,762
Better Home & Finance Holding Co Class A (b)(c)
  
6,374
185,930
Black Hawk Acquisition Corp (c)
  
566
6,712
Blue Acquisition Corp Class A
 
7,299
75,910
Blue Water Acquisition Corp III Class A
 
61,427
630,855
Bold Eagle Acquisition Corp Class A (c)
  
28,668
306,461
Bowen Acquisition Corp (b)(c)(d)
  
6,276
53,409
BTC Development Corp Class A
 
5,775
58,039
Cal Redwood Acquisition Corp Class A
 
8,778
90,062
Cantor Equity Partners I Inc Class A (c)
  
11,995
127,147
Cantor Equity Partners II Inc Class A (c)
  
15,435
208,758
Cantor Equity Partners IV Inc
 
44,269
457,741
Cass Information Systems Inc
 
9,792
450,726
Centurion Acquisition Corp Class A (c)
  
9,829
106,645
Chime Financial Inc Class A (c)
  
213,888
3,978,317
Churchill Capital Corp IX Class A (c)
  
31,336
338,742
Churchill Capital Corp XI Class A
 
1,186
12,168
Clean Energy Special Situations Corp rights (c)(d)
  
13,177
0
CO2 Energy Transition Corp (c)
  
289
3,013
Cohen Circle Acquisition Corp II Class A
 
28,408
292,034
Collective Acquisition Corp Class A
 
2,055
21,331
Columbus Circle Capital Corp II
 
5,284
52,523
Corner Growth Acquisition Corp 2 Class A (d)
  
304,250
69,978
Corner Growth Acquisition Corp Class A (c)(d)
  
54,398
603,818
Crane Harbor Acquisition Corp II Class A
 
14,240
143,397
Crane Inflection Point Acquisition Corp III Class A (c)
  
30,333
313,037
CSLM Digital Asset Acquisition Corp III Ltd Class A
 
13,479
136,407
Currenc Group Inc Class A (b)(c)
  
46,074
144,672
D Boral ARC Acquisition I Corp Class A
 
39,178
429,783
Digital Asset Acquisition Corp Class A
 
16,682
171,991
DP Cap Acquisition Corp I Class A (b)(d)
  
654,800
168,807
Drugs Made In America Acquisition Corp (c)
  
62,273
660,094
Drugs Made In America Acquisition II Corp
 
39,649
398,869
Dynamix Corp Class A (c)
  
20,472
220,893
Dynamix Corp III Class A
 
5,676
56,817
Enact Holdings Inc
 
88,631
3,703,889
Euronet Worldwide Inc (c)
  
24,958
1,808,956
Evolution Global Acquisition Corp Class A
 
25,369
254,197
Fact II Acquisition Corp Class A (c)
  
4,449
47,515
FG Merger II Corp (c)
  
1,050
10,878
FIGX Capital Acquisition Corp
 
4,897
50,096
Fiserv Inc (c)
  
324,159
18,334,433
Flywire Corp (c)
  
76,467
1,226,531
Fortress Value Acquisition Corp V Class A
 
39,865
401,839
Future Health ESG Corp warrants 12/31/2028 (c)(d)
  
3,358
0
Galata Acquisition Corp II Class A
 
11,760
118,894
General Purpose Acquisition Corp Class A
 
10,358
103,373
GigCapital8 Corp Class A
 
19,549
196,565
GigCapital9 Corp Class A
 
40,511
401,464
Gores Holdings X Inc Class A
 
26,201
271,180
GP-Act III Acquisition Corp (c)
  
21,503
232,232
GSR IV Acquisition Corp Class A
 
10,010
101,702
HELIX ACQUISITION CORP III Class A
 
5,890
60,314
Hennessy Capital Investment Corp VII (c)
  
29,309
305,107
IB Acquisition Corp (c)
  
4,603
49,666
Infinite Eagle Acquisition Corp Class A
 
21,283
213,894
International Money Express Inc (c)
  
14,868
222,574
ITHAX Acquisition Corp III Class A
 
15,172
151,417
Jack Henry & Associates Inc (b)
  
43,425
5,919,696
K&F Growth Acquisition Corp II Class A (c)
  
83,571
879,167
K2 Capital Acquisition Corp Class A
 
5,840
58,809
Karbon Capital Partners Corp Class A
 
11,366
114,683
Keen Vision Acquisition Corp (c)
  
11,179
136,607
Kochav Defense Acquisition Corp
 
6,235
64,470
KRAKacquisition Corp Class A
 
3,228
32,022
Lake Superior Acquisition Corp Class A
 
6,720
68,141
Lakeshore Acquisition III Corp
 
2,525
26,159
Launch One Acquisition Corp Class A (c)
  
1,896
20,477
Launch Two Acquisition Corp Class A (c)
  
8,170
87,582
Lightwave Acquisition Corp Class A
 
17,873
182,483
Lionheart Holdings Class A (c)
  
1,654
17,913
Live Oak Acquisition Corp V Class A (c)
  
47,807
504,364
M3-Brigade Acquisition V Corp Class A (c)
  
56,729
613,240
Marqeta Inc Class A (c)
  
246,041
998,926
McKinley Acquisition Corp Class A
 
3,724
37,948
Melar Acquisition Corp I Class A (c)
  
20,514
222,167
Merchants Bancorp/IN (b)
  
29,285
1,380,495
Meshflow Acquisition Corp Class A
 
20,931
208,891
Mountain Lake Acquisition Corp Class A (c)
  
5,142
54,608
Muzero Acquisition Corp Class A
 
2,653
26,318
New Providence Acquisition Corp III Class A (c)
  
19,110
197,789
NewHold Investment Corp III (c)
  
6,525
73,733
NewtekOne Inc
 
14,179
196,805
NMI Holdings Inc (c)
  
46,759
1,678,648
NMP Acquisition Corp Class A
 
36,838
377,221
Oaktree Acquisition Corp III Life Sciences Class A (c)
  
15,243
162,033
OneIM Acquisition Corp Class A
 
11,213
112,691
Oyster Enterprises II Acquisition Corp Class A
 
14,458
148,339
Payoneer Global Inc (c)
  
216,228
1,124,386
PayPal Holdings Inc
 
557,513
24,948,707
Paysign Inc (b)(c)
  
30,864
224,381
Perceptive Capital Solutions Corp (c)
  
8,758
97,564
Perimeter Acquisition Corp I Class A
 
8,123
84,723
Pioneer Acquisition I Corp
 
8,315
84,813
Plum Acquisition Corp IV Class A (c)
  
33,248
353,759
Praetorian Acquisition Corp Class A
 
3,539
35,107
Priority Technology Holdings Inc (b)(c)
  
54,337
347,213
Quartzsea Acquisition Corp (c)
  
3,049
31,984
Quetta Acquisition Corp (c)
  
5,515
64,746
Range Capital Acquisition Corp (c)
  
2,691
28,605
Real Asset Acquisition Corp Class A
 
19,025
215,934
Remitly Global Inc (c)
  
126,777
2,538,076
Renatus Tactical Acquisition Corp I Class A
 
17,138
178,749
Repay Holdings Corp Class A (c)
  
58,595
227,349
Roman DBDR Acquisition Corp II Class A (c)
  
43,693
459,650
RTB Digital Inc (c)
  
74
336
Security National Financial Corp Class A
 
11,528
111,822
Sezzle Inc (b)(c)
  
20,558
2,428,928
Silver Pegasus Acquisition Corp
 
19,234
197,149
SIM Acquisition Corp I Class A (c)
  
15,452
166,264
Solarius Capital Acquisition Corp Class A
 
39,103
401,588
Space Asset Acquisition Corp Class A
 
9,076
95,207
SPACSphere Acquisition Corp Class A
 
29,628
295,687
Spark I Acquisition Corp Class A (c)
  
5,593
66,669
Spring Valley Acquisition Corp III Class A
 
13,486
143,761
Stellar V Capital Corp (c)
  
2,051
21,659
Sui Group Holdings Ltd (c)
  
52,855
84,568
Tailwind 2.0 Acquisition Corp Class A
 
4,631
46,542
Talon Capital Corp Class A
 
11,756
120,734
Texas Ventures Acquisition III Corp Class A (c)
  
14,948
157,103
Thayer Ventures Acquisition Corp II Class A
 
7,630
78,665
Trailblazer Acquisition Corp Class A
 
16,980
171,838
Translational Development Acquisition Corp Class A (c)
  
16,554
177,956
Twelve Seas Investment Co III Class A
 
4,611
46,018
Usio Inc (c)
  
12,705
20,455
UY Scuti Acquisition Corp (c)
  
1,031
11,032
Vendome Acquisition Corp I Class A
 
47,203
481,471
Voyager Acquisition Corp Class A (c)
  
16,042
157,212
Waterstone Financial Inc
 
14,143
261,787
Wen Acquisition Corp Class A
 
20,206
207,718
XBP Global Holdings Inc Class A (b)(c)
  
1,547
3,789
Xsolla SPAC 1 Class A
 
11,046
109,687
Yorkville Acquisition Corp Class A
 
12,458
127,321
 
  
  
106,951,481
Insurance - 0.3%
  
  
  
American Coastal Insurance Corp (b)
  
37,726
394,237
Amerisafe Inc
 
14,029
429,989
Arch Capital Group Ltd (c)
  
216,224
19,317,452
Atlantic American Corp (c)
  
8,809
18,674
Baldwin Insurance Group Inc/The Class A (b)(c)
  
59,523
1,155,937
Brighthouse Financial Inc (c)
  
34,190
2,138,585
Cincinnati Financial Corp
 
94,450
14,868,319
Donegal Group Inc Class A
 
24,663
418,531
eHealth Inc (c)
  
12,834
19,892
Erie Indemnity Co Class A (b)
  
28,499
6,072,282
Ethos Technologies Inc Class A (b)
  
17,798
336,382
FG Nexus Inc (b)(c)
  
5,241
45,649
FG Nexus Inc rights (c)(d)
  
21
0
GoHealth Inc Class A (c)
  
5,831
3,731
Goosehead Insurance Inc Class A (c)
  
16,227
558,047
Greenlight Capital Re Ltd Class A (c)
  
27,548
431,677
Health In Tech Inc Class A (b)(c)
  
33,627
33,361
Investors Title Co
 
1,170
274,658
James River Group Holdings Inc (b)
  
32,971
128,917
Kingstone Cos Inc
 
11,852
176,239
NI Holdings Inc (c)
  
14,672
205,115
Palomar Hldgs Inc (c)
  
16,489
1,764,983
Presurance Holdings Inc (c)
  
3,312
1,954
Principal Financial Group Inc
 
131,170
13,591,835
Root Inc/OH Class A (b)(c)
  
8,393
436,940
Safety Insurance Group Inc
 
10,164
713,208
Selective Insurance Group Inc
 
36,805
3,185,105
Skyward Specialty Insurance Group Inc (c)
  
26,024
1,148,179
Slide Insurance Holdings Inc (b)(c)
  
76,236
1,374,535
Tiptree Inc Class A
 
25,988
474,021
Trupanion Inc (c)
  
26,408
576,223
TWFG Inc Class A (c)
  
9,197
172,628
United Fire Group Inc
 
18,117
803,127
Willis Towers Watson PLC
 
57,398
14,330,559
 
  
  
85,600,971
Mortgage Real Estate Investment Trusts (REITs) - 0.0%
  
  
  
Adamas Trust Inc
 
57,672
530,583
AGNC Investment Corp (b)
  
679,910
7,077,864
Manhattan Bridge Capital Inc
 
9,852
41,575
Seven Hills Realty Trust (b)
  
14,380
122,661
Sunrise Realty Trust Inc (b)
  
13,466
119,847
 
  
  
7,892,530
TOTAL FINANCIALS
  
  
779,964,797
Health Care - 4.4%
  
  
  
Biotechnology - 2.7%
  
  
  
4D Molecular Therapeutics Inc (b)(c)
  
30,423
301,492
Abeona Therapeutics Inc (b)(c)
  
32,763
189,370
Absci Corp (c)
  
99,008
668,304
ABVC BioPharma Inc (c)
  
6,128
8,640
ACADIA Pharmaceuticals Inc (c)
  
101,997
2,209,255
Achieve Life Sciences Inc (b)(c)
  
37,770
197,915
Acrivon Therapeutics Inc (b)(c)
  
18,053
28,885
Actuate Therapeutics Inc (b)(c)
  
15,885
32,088
Acumen Pharmaceuticals Inc (b)(c)
  
47,577
123,700
Acurx Pharmaceuticals Inc (c)
  
146
289
Adamas Pharmaceuticals Inc rights (c)(d)
  
26,195
262
Adamas Pharmaceuticals Inc rights (c)(d)
  
26,195
0
Adicet Bio Inc (c)
  
4,839
45,051
ADMA Biologics Inc (c)
  
145,231
1,158,943
Adverum Biotechnologies Inc rights (b)(c)(d)
  
11,897
0
Agenus Inc (b)(c)
  
22,604
79,114
Agios Pharmaceuticals Inc (c)
  
36,014
1,058,812
Akebia Therapeutics Inc (c)
  
163,436
166,705
Akouos Inc (b)(c)(d)
  
22,594
3,389
Aktis Oncology Inc (b)
  
28,570
592,542
Alaunos Therapeutics Inc (c)
  
1,117
3,262
Albireo Pharma Inc rights (c)(d)
  
10,788
0
Aldeyra Therapeutics Inc (c)
  
35,040
61,320
Alector Inc (c)
  
61,781
133,447
Aligos Therapeutics Inc Class A (b)(c)
  
3,569
20,343
Alkermes PLC (b)(c)
  
100,407
4,236,171
Allogene Therapeutics Inc (c)
  
167,572
363,631
Alnylam Pharmaceuticals Inc (c)
  
80,470
24,300,331
Altimmune Inc (b)(c)
  
74,612
227,567
ALX Oncology Holdings Inc (c)
  
88,962
169,028
Amgen Inc
 
327,246
110,213,180
AnaptysBio Inc (c)
  
17,175
956,132
Anavex Life Sciences Corp (b)(c)
  
53,539
162,223
Anika Therapeutics Inc (c)
  
8,165
118,637
Anixa Biosciences Inc (c)
  
24,102
65,075
Annexon Inc (c)
  
88,454
479,421
Apogee Therapeutics Inc (c)
  
33,312
2,736,248
Apollomics Inc Class A (c)
  
715
10,296
Arbutus Biopharma Corp (b)(c)
  
119,415
544,532
Arcturus Therapeutics Holdings Inc (c)
  
17,582
139,249
Arcutis Biotherapeutics Inc (c)
  
74,584
1,600,573
Ardelyx Inc (c)
  
148,428
896,505
ArriVent Biopharma Inc (b)(c)
  
27,056
818,985
Arrowhead Pharmaceuticals Inc (c)
  
84,499
6,583,317
ARS Pharmaceuticals Inc (b)(c)
  
59,377
538,549
Assembly Biosciences Inc (c)
  
9,732
269,187
Atara Biotherapeutics Inc (b)(c)
  
4,612
48,472
Atossa Therapeutics Inc (c)
  
4,211
22,024
Atrium Therapeutics Inc
 
8,998
116,974
aTyr Pharma Inc (b)(c)
  
66,669
36,168
Aura Biosciences Inc (b)(c)
  
47,184
352,464
Avalo Therapeutics Inc (c)
  
12,867
205,229
Avita Medical Inc (b)(c)
  
18,553
80,334
Beam Therapeutics Inc (c)
  
61,899
2,038,334
BeOne Medicines Ltd ADR (c)
  
19,458
5,602,347
Beyondspring Inc (b)(c)
  
23,601
39,650
Bicara Therapeutics Inc (b)(c)
  
38,865
845,314
bioAffinity Technologies Inc (c)
  
3,114
5,200
BioAtla Inc (b)(c)
  
165
648
BioCardia Inc (c)
  
964
897
BioCryst Pharmaceuticals Inc (b)(c)
  
150,103
1,337,418
Biogen Inc (c)
  
88,755
17,395,980
BioMarin Pharmaceutical Inc (c)
  
116,229
6,658,759
Biomea Fusion Inc (c)
  
51,944
71,683
BioRestorative Therapies Inc (b)(c)
  
3,862
1,846
BioVie Inc (c)
  
230
327
Bioxcel Therapeutics Inc (b)(c)
  
10,872
12,720
Black Diamond Therapeutics Inc (b)(c)
  
32,498
72,146
Bolt Biotherapeutics Inc (c)
  
143
751
Bridgebio Pharma Inc (c)
  
117,373
7,777,135
C4 Therapeutics Inc (c)
  
61,523
268,856
Cabaletta Bio Inc (b)(c)
  
67,179
253,937
CAMP4 Therapeutics Corp (c)
  
33,424
146,731
Candel Therapeutics Inc (b)(c)
  
41,672
345,878
Canton Strategic Holdings Inc (c)
  
19,934
61,795
Capricor Therapeutics Inc (c)
  
34,872
1,044,765
Cardiff Oncology Inc (b)(c)
  
34,646
65,827
Cardio Diagnostics Holdings Inc (b)(c)
  
398
728
CareDx Inc (c)
  
31,991
730,035
Caribou Biosciences Inc (b)(c)
  
72,686
171,539
Caris Life Sciences Inc (c)
  
171,566
2,868,584
Carisma Therapeutics Inc rights (c)(d)
  
92,579
0
Cartesian Therapeutics Inc (c)
  
16,604
125,194
Cartesian Therapeutics Inc rights (b)(c)(d)
  
116,771
33,864
Catalyst Pharmaceuticals Inc (c)
  
72,608
2,267,548
Celcuity Inc (c)
  
27,979
3,717,850
Celldex Therapeutics Inc (c)
  
41,029
1,289,541
Cellectar Biosciences Inc (c)
  
200
628
Celularity Inc Class A (c)
  
8,438
8,522
Centessa Pharmaceuticals PLC ADR (c)
  
72,857
2,896,794
Century Therapeutics Inc (b)(c)
  
112,474
275,561
CervoMed Inc (b)(c)
  
7,411
23,048
CG oncology Inc (c)
  
50,964
3,174,548
Chinook Therapeutics Inc rights (c)(d)
  
11,497
0
Cibus Inc Class A (b)(c)
  
43,620
62,813
Citius Oncology Inc Class A (b)(c)
  
57,297
45,723
Clene Inc (b)(c)
  
7,401
48,551
Climb Bio Inc (b)(c)
  
29,677
325,260
Cogent Biosciences Inc (b)(c)
  
105,939
3,703,627
Coherus Oncology Inc (b)(c)
  
91,739
145,865
Compass Therapeutics Inc (b)(c)
  
109,310
260,158
Concert Pharmaceuticals Inc rights (c)(d)
  
24,247
0
Corbus Pharmaceuticals Holdings Inc (b)(c)
  
12,746
100,821
Corvus Pharmaceuticals Inc (c)
  
49,461
613,811
COSCIENS Biopharma Inc warrants 5/24/2029 (b)(c)
  
434
844
Coya Therapeutics Inc (c)
  
14,892
71,779
Crescent Biopharma Inc (c)
  
17,565
362,717
Cue Biopharma Inc (c)
  
975
21,353
Cullinan Therapeutics Inc (c)
  
39,408
647,868
Curis Inc (c)
  
2,839
1,610
Cypherpunk Technologies Inc (b)(c)
  
52,280
59,076
Cytokinetics Inc (b)(c)
  
74,606
5,726,757
CytomX Therapeutics Inc (c)
  
129,063
464,627
Damora Therapeutics Inc (c)
  
36,683
912,673
Denali Therapeutics Inc (c)
  
95,501
2,009,341
Design Therapeutics Inc (c)
  
37,208
389,940
DiaMedica Therapeutics Inc (b)(c)
  
33,312
199,539
Dianthus Therapeutics Inc (b)(c)
  
25,942
2,412,866
Dianthus Therapeutics Inc rights (c)(d)
  
44,600
0
Disc Medicine Inc (c)
  
23,342
1,623,903
Dogwood Therapeutics Inc (c)
  
880
1,487
Dogwood Therapeutics Inc (CVR) (c)(d)
  
880
0
Dyadic International Inc (c)
  
48,866
39,484
Dyne Therapeutics Inc (b)(c)
  
100,731
1,947,130
Edesa Biotech Inc (c)
  
3,889
28,079
Editas Medicine Inc (c)
  
66,134
228,824
Eikon Therapeutics Inc (c)
  
30,772
333,568
Eledon Pharmaceuticals Inc (b)(c)
  
57,445
218,865
Elicio Therapeutics Inc (b)(c)
  
11,928
136,456
Elutia Inc (b)(c)
  
14,760
17,122
Enanta Pharmaceuticals Inc (c)
  
18,001
236,893
Entrada Therapeutics Inc (c)
  
28,211
199,452
Equillium Inc (b)(c)
  
36,683
106,381
Erasca Inc (c)
  
188,496
2,420,289
Estrella Immunopharma Inc (c)
  
1,582
1,724
Exagen Inc (c)
  
11,992
59,720
Exelixis Inc (c)
  
157,154
7,933,134
Exicure Inc (b)(c)
  
2,912
9,318
eXoZymes Inc (c)
  
1,997
19,471
Fate Therapeutics Inc (c)
  
93,995
266,946
Fibrobiologics Inc (c)
  
1,099
1,275
First Tracks Biotherapeutics Inc
 
17,175
274,113
Foghorn Therapeutics Inc (c)
  
36,629
156,772
Forte Biosciences Inc (c)
  
7,534
143,673
Fortress Biotech Inc (b)(c)
  
20,365
57,022
Forum Markets Inc (b)(c)
  
10,827
47,964
Gain Therapeutics Inc (b)(c)
  
28,629
55,827
Galectin Therapeutics Inc (b)(c)
  
45,615
114,950
Genelux Corp (b)(c)
  
26,033
79,401
Generate Biomedicines Inc
 
77,069
1,011,145
Geron Corp (c)
  
380,562
475,703
Gilead Sciences Inc
 
753,583
101,304,163
Gossamer Bio Inc (b)(c)
  
149,688
34,563
GRAIL Inc (b)(c)
  
24,714
1,771,500
Greenland Mines Ltd (b)(c)
  
17,483
6,224
Greenwich Lifesciences Inc (b)(c)
  
8,430
220,655
Gyre Therapeutics Inc (b)(c)
  
60,238
356,007
Gyre Therapeutics Inc rights (c)(d)
  
25,124
0
Halozyme Therapeutics Inc (c)
  
71,189
4,736,916
HCW Biologics Inc (b)(c)
  
412
816
Heron Therapeutics Inc (b)(c)
  
88,334
76,859
Humacyte Inc Class A (b)(c)
  
101,891
132,458
Hyperliquid Strategies Inc
 
74,880
748,051
iBio Inc (c)
  
19,435
36,927
Ideaya Biosciences Inc (c)
  
53,678
1,581,891
Immix Biopharma Inc (c)
  
22,933
206,397
ImmuCell Corp (c)
  
2,008
20,562
Immuneering Corp (b)(c)
  
41,005
236,599
Immunic Inc (b)(c)
  
9,839
147,191
ImmunityBio Inc (b)(c)
  
623,899
4,691,720
Immunome Inc (b)(c)
  
67,996
1,484,353
Immunovant Inc (b)(c)
  
125,131
4,166,862
Imunon Inc
 
163
355
IN8bio Inc (c)
  
567
1,060
Incyte Corp (c)
  
120,459
11,653,204
Inhibikase Therapeutics Inc (b)(c)
  
40,273
70,478
Inhibrx Biosciences Inc (b)(c)
  
9,572
995,584
Inmune Bio Inc (b)(c)
  
10,829
15,269
Inovio Pharmaceuticals Inc (b)(c)
  
45,041
59,004
Insight Molecular Diagnostics Inc (b)(c)
  
19,492
121,045
Insmed Inc (c)
  
130,830
13,987,035
Instil Bio Inc (b)(c)
  
3,216
25,953
Intellia Therapeutics Inc (b)(c)
  
71,221
1,002,079
Intensity Therapeutics Inc (c)
  
276
1,212
Invivyd Inc (c)
  
170,004
193,805
Ionis Pharmaceuticals Inc (c)
  
99,177
7,587,041
Iovance Biotherapeutics Inc (b)(c)
  
248,979
1,020,814
Ironwood Pharmaceuticals Inc Class A (c)
  
99,113
353,833
Jade Biosciences Inc (c)
  
30,019
631,600
Janux Therapeutics Inc (c)
  
37,146
541,960
Jasper Therapeutics Inc Class A (b)(c)
  
9,659
8,007
KALA BIO Inc (c)
  
5,633
12,562
Kalaris Therapeutics Inc (b)(c)
  
16,829
88,689
KalVista Pharmaceuticals Inc (c)
  
31,757
853,311
Karyopharm Therapeutics Inc (b)(c)
  
10,033
91,300
Keros Therapeutics Inc (c)
  
17,010
191,363
Kineta Inc rights (c)(d)
  
39,785
0
Kiniksa Pharmaceuticals International Plc Class A (c)
  
27,410
1,326,096
Kinnate Biopharma Inc rights (c)(d)
  
26,452
0
Kodiak Sciences Inc (b)(c)
  
32,550
1,194,911
Korro Bio Inc (b)(c)
  
10,496
140,752
Korro Bio Inc rights (c)(d)
  
14,063
0
Krystal Biotech Inc (c)
  
17,682
5,464,268
Kura Oncology Inc (c)
  
59,708
609,022
Kymera Therapeutics Inc (b)(c)
  
49,216
4,007,167
Kyntra Bio Inc (c)
  
1,991
13,738
Kyverna Therapeutics Inc (c)
  
37,959
323,411
Lantern Pharma Inc (b)(c)
  
6,838
24,548
Larimar Therapeutics Inc (c)
  
62,068
215,997
Legend Biotech Corp ADR (b)(c)
  
51,119
1,388,392
Lexeo Therapeutics Inc (c)
  
42,894
220,475
Liminatus Pharma Inc (b)(c)
  
16,770
2,750
Lisata Therapeutics Inc (c)
  
2,010
6,533
Lite Strategy Inc (c)
  
15,724
15,881
Lixte Biotechnology Holdings Inc (c)
  
775
4,844
Longeveron Inc (c)
  
2,931
2,263
Lumos Pharma Inc rights (b)(c)(d)
  
8,658
0
Lunai Bioworks Inc (c)
  
1,157
3,564
Lyell Immunopharma Inc (b)(c)
  
13,928
241,372
MacroGenics Inc (c)
  
42,073
175,024
Madrigal Pharmaceuticals Inc (c)
  
13,908
6,916,031
MannKind Corp (c)
  
192,938
727,376
MapLight Therapeutics Inc
 
29,346
860,131
Marker Therapeutics Inc (c)
  
5,272
8,277
MediciNova Inc (c)
  
25,966
35,314
MediPacific Inc Class A rights (c)(d)
  
30,249
0
MeiraGTx Holdings plc (c)
  
49,198
523,959
Metagenomi Therapeutics Inc (c)
  
21,951
29,853
MetaVia Inc (c)
  
431
1,224
MetaVia Inc rights (c)(d)
  
612
0
MiMedx Group Inc (c)
  
97,229
357,803
Mineralys Therapeutics Inc (c)
  
49,252
1,551,438
Minerva Neurosciences Inc (b)(c)
  
27,931
137,141
MiNK Therapeutics Inc (b)(c)
  
1,902
23,204
Mirum Pharmaceuticals Inc (c)
  
36,390
3,693,585
Moderna Inc (c)
  
239,428
11,298,607
Moleculin Biotech Inc (b)(c)
  
4,484
12,510
Monopar Therapeutics Inc (b)(c)
  
4,095
266,339
Monte Rosa Therapeutics Inc (b)(c)
  
47,839
942,907
MoonLake Immunotherapeutics Class A (c)
  
43,692
838,013
Myriad Genetics Inc (c)
  
53,690
213,149
Natera Inc (c)
  
85,979
19,205,129
NeuBase Therapeutics Inc (c)(d)
  
985
0
Neuphoria Therapeutics Inc (c)
  
2,427
12,887
Neurocrine Biosciences Inc (c)
  
60,704
9,609,443
Neurogene Inc (c)
  
10,287
291,534
Neurogene Inc rights (c)(d)
  
4,505
0
NextCure Inc (b)(c)
  
2,047
12,691
Nkarta Inc (c)
  
44,470
144,528
Novavax Inc (b)(c)
  
97,944
1,074,446
Nurix Therapeutics Inc (c)
  
63,602
1,129,572
Nuvalent Inc Class A (c)
  
44,630
4,926,706
Nuvectis Pharma Inc (b)(c)
  
16,135
157,316
Ocugen Inc (b)(c)
  
194,166
267,949
Olema Pharmaceuticals Inc (c)
  
52,272
689,468
OmniAb Operations Inc $12.5 earnout shares (c)(d)
  
3,424
1,609
OmniAb Operations Inc $15 earnout shares (c)(d)
  
3,424
1,233
Oncternal Therapeutics Inc rights (b)(c)(d)
  
4,319
0
OnKure Therapeutics Inc Class A (c)
  
12,944
54,365
Opus Genetics Inc (c)
  
45,672
199,130
Organogenesis Holdings Inc Class A (c)
  
83,473
214,526
ORIC Pharmaceuticals Inc (c)
  
59,906
506,206
Oruka Therapeutics Inc (b)(c)
  
29,785
1,743,316
OSR Holdings Inc (b)(c)
  
4,318
1,881
Outlook Therapeutics Inc (b)(c)
  
7,574
5,529
Ovid therapeutics Inc (b)(c)
  
38,689
105,621
Pacira Therapeutic Inc rights (c)(d)
  
69,500
0
Palisade Bio Inc (c)
  
99,684
211,330
Palvella Therapeutics Inc (b)(c)
  
7,742
917,117
Palvella Therapeutics Inc rights (c)(d)
  
282
0
Pasithea Therapeutics Corp (b)(c)
  
13,441
9,614
Passage Bio Inc (c)
  
1,897
10,946
PDS Biotechnology Corp (c)
  
15,312
16,537
PepGen Inc (c)
  
42,675
64,013
PharmaCyte Biotech Inc (c)
  
26,211
21,870
Pluri Inc (c)
  
2,751
6,382
Plus Therapeutics Inc (b)(c)
  
2,849
16,581
PMV Pharmaceuticals Inc (c)
  
43,138
51,766
Praxis Precision Medicines Inc (c)
  
16,902
5,915,193
Precigen Inc (c)
  
220,136
955,390
Precision BioSciences Inc (c)
  
15,621
108,878
Prelude Therapeutics Inc (c)
  
32,538
127,549
Prime Medicine Inc (b)(c)
  
113,377
402,488
ProKidney Corp Class A (b)(c)
  
86,948
159,115
Protagonist Therapeutics Inc (c)
  
38,640
3,846,998
Protara Therapeutics Inc (c)
  
31,457
146,275
PTC Therapeutics Inc (c)
  
49,805
3,678,099
Puma Biotechnology Inc (c)
  
28,173
202,000
Pyxis Oncology Inc (c)
  
38,072
68,530
Q32 Bio Inc (b)(c)
  
8,325
91,992
Q32 Bio Inc rights (c)(d)
  
29,351
0
Quince Therapeutics Inc (b)(c)
  
2,534
2,914
Radius Health Inc (c)(d)
  
26,855
0
Rallybio Corp (c)
  
3,003
43,423
Recursion Pharmaceuticals Inc Class A (b)(c)
  
307,657
1,104,489
Regeneron Pharmaceuticals Inc
 
63,039
38,755,117
Regeneron Pharmaceuticals Inc rights (c)(d)
  
16,049
0
REGENXBIO Inc (b)(c)
  
34,188
239,658
Rein Therapeutics Inc (c)
  
8,122
9,015
Relay Therapeutics Inc (c)
  
114,286
1,605,718
RenovoRx Inc (c)
  
20,477
18,622
Replimune Group Inc (c)
  
53,059
461,083
Revolution Medicines Inc (c)
  
120,079
18,910,041
Rezolute Inc (c)
  
60,127
198,419
Rhythm Pharmaceuticals Inc (c)
  
41,471
3,662,719
Rigel Pharmaceuticals Inc (c)
  
10,673
325,420
Rocket Pharmaceuticals Inc (b)(c)
  
80,235
246,321
Roivant Sciences Ltd (c)
  
433,280
12,994,067
SAB Biotherapeutics Inc (b)(c)
  
32,163
115,787
Sagimet Biosciences Inc Class A (c)
  
18,571
135,383
Sana Biotechnology Inc (c)
  
166,155
548,312
Sarepta Therapeutics Inc (c)
  
64,096
1,145,396
Savara Inc (b)(c)
  
122,048
634,650
Scholar Rock Holding Corp (c)
  
69,751
3,438,724
SELLAS Life Sciences Group Inc (b)(c)
  
107,884
1,004,400
Sensei Biotherapeutics Inc (b)(c)
  
578
12,219
Senti Biosciences Holdings Inc (b)
  
24,798
23,598
Sera Prognostics Inc Class A (b)(c)
  
23,191
50,093
Seres Therapeutics Inc (c)
  
5,666
41,475
Shattuck Labs Inc (c)
  
43,834
260,812
Shuttle Pharmaceuticals Holdings Inc (c)
  
264
139
Sigilon Therapeutics Inc rights (c)(d)
  
1,064
9,438
Sionna Therapeutics Inc (b)(c)
  
27,764
1,188,854
Skye Bioscience Inc (b)(c)
  
18,888
14,646
Solid Biosciences Inc (b)(c)
  
58,373
428,458
Spectrum Pharmaceuticals Inc rights (c)(d)
  
111,379
0
Spero Therapeutics Inc (c)
  
36,745
103,988
Spruce Biosciences Inc (c)
  
817
41,888
Spyre Therapeutics Inc (c)
  
47,242
3,472,287
Spyre Therapeutics Inc rights (c)(d)
  
34,317
0
Stoke Therapeutics Inc (c)
  
35,416
1,094,709
Summit Therapeutics Inc (b)(c)
  
471,305
8,266,690
Surface Oncology Inc rights (c)(d)
  
23,135
0
Surrozen Inc Class A (c)
  
6,143
161,008
Sutro Biopharma Inc (c)
  
5,177
151,324
Syndax Pharmaceuticals Inc (c)
  
55,527
1,087,774
Tango Therapeutics Inc (c)
  
86,354
1,898,061
Taysha Gene Therapies Inc (c)
  
171,901
1,009,059
Tectonic Therapeutic Inc (b)(c)
  
12,644
394,050
Tectonic Therapeutic Inc rights (c)(d)
  
2,331
0
Tenax Therapeutics Inc (c)
  
11,937
141,692
Tenaya Therapeutics Inc (c)
  
120,429
104,653
Tevogen Bio Holdings Inc Class A (b)(c)
  
4,271
33,784
TG Therapeutics Inc (b)(c)
  
96,311
3,654,039
Tonix Pharmaceuticals Holding Corp (c)
  
7,600
93,708
Travere Therapeutics Inc (c)
  
55,557
2,621,179
TriSalus Life Sciences Inc Class A (b)(c)
  
39,480
134,627
TScan Therapeutics Inc (c)
  
28,767
31,068
Twist Bioscience Corp (c)
  
37,403
2,501,139
Tyra Biosciences Inc (c)
  
36,311
1,213,151
Ultragenyx Pharmaceutical Inc (c)
  
58,689
1,405,015
Unicycive Therapeutics Inc (c)
  
16,276
120,117
United Therapeutics Corp (c)
  
26,562
14,790,253
United Therapeutics Corp rights (c)(d)
  
19,958
0
Upstream Bio Inc (c)
  
35,347
295,501
UroGen Pharma Ltd (c)
  
30,686
863,197
Vanda Pharmaceuticals Inc (c)
  
35,207
227,085
Vaxcyte Inc (c)
  
87,678
4,506,649
Vera Therapeutics Inc Class A (c)
  
43,331
1,539,117
Veracyte Inc (c)
  
48,005
2,224,552
Verastem Inc (b)(c)
  
53,429
231,348
Vericel Corp (b)(c)
  
31,127
1,037,463
Vertex Pharmaceuticals Inc (c)
  
154,201
69,011,116
Viking Therapeutics Inc (c)
  
69,868
2,287,478
Vir Biotechnology Inc (c)
  
95,994
915,783
Viridian Therapeutics Inc (c)
  
60,769
1,070,750
Viridian Therapeutics Inc rights (c)(d)
  
30,380
0
Vistagen Therapeutics Inc (c)
  
12,189
7,679
Vor BioPharma Inc (b)(c)
  
25,251
378,007
Voyager Therapeutics Inc (c)
  
32,795
126,917
vTv Therapeutics Inc Class A (c)
  
2,524
84,175
Werewolf Therapeutics Inc (c)
  
23,347
10,506
Whitehawk Therapeutics Inc (c)
  
46,572
219,820
X4 Pharmaceuticals Inc (c)
  
56,741
244,554
XBiotech Inc (c)
  
16,960
41,043
Xencor Inc (c)
  
46,388
551,089
Xenetic Biosciences Inc (c)
  
2,070
6,458
XenoTherapeutics Inc rights (c)(d)
  
23,840
0
Xilio Therapeutics Inc (b)(c)
  
2,768
23,417
XOMA Royalty Corp (c)
  
7,289
304,024
XOMA Royalty Corp rights (c)(d)
  
14,170
0
Z Squared Inc (b)(c)
  
3,782
35,210
Zenas Biopharma Inc (c)
  
34,749
639,382
Zentalis Pharmaceuticals Inc (b)(c)
  
46,138
184,552
Zymeworks Inc (c)
  
44,205
1,110,872
 
  
  
744,841,579
Health Care Equipment & Supplies - 0.9%
  
  
  
20/20 Biolabs Inc
 
5,319
4,628
ABIOMED Inc (c)(d)
  
25,491
38,491
Accuray Inc Del (c)
  
54,348
20,565
Adagio Medical Holdings Inc (c)
  
5,436
3,936
Align Technology Inc (c)
  
43,286
7,572,886
Alphatec Holdings Inc (c)
  
92,131
714,015
AngioDynamics Inc (c)
  
22,290
255,889
Anteris Technologies Global Corp (c)
  
58,391
503,330
Apyx Medical Corp (c)
  
23,327
93,191
AtriCure Inc (c)
  
31,967
884,527
Axogen Inc (c)
  
31,357
1,237,974
Beta Bionics Inc (b)(c)
  
28,103
340,608
Beyond Air Inc (c)
  
1,698
781
Bioventus Inc (b)(c)
  
48,291
410,956
CapsoVision Inc (c)
  
30,790
208,756
Carlsmed Inc (b)(c)
  
16,880
192,770
Ceribell Inc (c)
  
23,636
436,084
Cerus Corp (c)
  
113,607
345,365
Check Cap Ltd (c)
  
2,932
4,691
ChronoScale Corp (b)(c)
  
1,825
33,507
ClearPoint Neuro Inc (b)(c)
  
17,931
227,186
Co-Diagnostics Inc (c)
  
39
333
Cooper Cos Inc/The (c)
  
117,567
7,196,276
CVRx Inc (b)(c)
  
15,982
89,180
CytoSorbents Corp (b)(c)
  
32,102
15,759
CytoSorbents Corp A warrants 12/31/2029 (c)(d)
  
13,754
0
Delcath Systems Inc (b)(c)
  
20,799
224,213
DENTSPLY SIRONA Inc
 
121,921
1,276,513
Dexcom Inc (c)
  
233,259
17,200,519
ElectroCore Inc (b)(c)
  
10,837
105,769
Embecta Corp (b)
  
34,467
116,498
Envoy Medical Inc Class A (c)
  
38,330
27,042
enVVeno Medical Corp (b)(c)
  
585
6,628
Femasys Inc (c)
  
42,163
16,317
FONAR Corp (c)
  
3,366
64,291
Fractyl Health Inc (c)
  
104,682
84,395
GE HealthCare Technologies Inc
 
275,866
17,197,486
HeartBeam inc (b)(c)
  
24,817
21,715
Hyperfine Inc Class A (c)
  
54,041
84,304
ICU Medical Inc (c)
  
14,973
2,027,194
IDEXX Laboratories Inc (c)
  
48,260
27,195,958
Inmode Ltd (b)(c)
  
42,504
592,081
Inogen Inc (c)
  
12,246
79,477
Insulet Corp (c)
  
42,731
6,193,431
Integra LifeSciences Holdings Corp (c)
  
47,897
768,268
Intuitive Surgical Inc (c)
  
215,678
91,585,506
iRadimed Corp
 
8,019
727,003
iRhythm Technologies Inc (c)
  
19,537
2,225,264
IRIDEX Corp (c)
  
14,777
15,516
Kestra Medical Technologies Ltd (c)
  
37,301
793,019
Kewaunee Scientific Corp (c)
  
1,782
72,296
KORU Medical Systems Inc (c)
  
31,356
127,305
Lantheus Holdings Inc (c)
  
40,344
4,006,159
LeMaitre Vascular Inc (b)
  
13,991
1,324,248
LENSAR Inc (b)(c)
  
8,155
47,299
LivaNova PLC (c)
  
34,118
2,517,908
Lucid Diagnostics Inc (c)
  
77,112
79,425
Masimo Corp (c)
  
32,319
5,767,326
Medline Inc Class A (b)
  
492,993
18,023,824
Merit Medical Systems Inc (c)
  
35,234
2,221,856
Microbot Medical Inc (b)(c)
  
36,401
73,894
MiniMed Group Inc (b)
  
170,747
2,055,794
Modular Medical Inc (c)
  
3,444
17,151
Neogen Corp (c)
  
147,467
1,322,779
Neovasc Inc rights (c)(d)
  
854
0
Neuronetics Inc (b)(c)
  
45,586
70,202
NeuroOne Medical Technologies Corp (c)
  
4,972
17,651
NeuroPace Inc (c)
  
24,269
401,409
Nexalin Technology Inc (b)(c)
  
3,846
2,346
Nexgel Inc (c)
  
546
328
Novocure Ltd (c)
  
68,086
1,160,185
Omnicell Inc (c)
  
29,176
1,287,829
OraSure Technologies Inc (c)
  
43,371
186,495
Orchestra BioMed Holdings Inc (c)
  
45,456
177,733
Orthofix Medical Inc (c)
  
25,928
240,353
OrthoPediatrics Corp (b)(c)
  
15,250
261,843
Outset Medical Inc (c)
  
12,516
61,203
Pro-Dex Inc (b)(c)
  
1,984
128,504
Procept Biorobotics Corp (b)(c)
  
35,288
929,133
Profusa Inc (c)
  
211
74
Pulmonx Corp (b)(c)
  
24,714
40,778
Pulse Biosciences Inc (b)(c)
  
41,469
1,036,725
Pulse Biosciences Inc warrants 6/26/2030 (b)(c)
  
4,012
32,421
QT Imaging Holdings Inc (c)
  
5,946
29,730
QuidelOrtho Corp (c)
  
43,557
567,112
Rockwell Medical Inc (c)
  
17,380
12,922
RxSight Inc (c)
  
24,227
129,130
Sanara Medtech Inc (b)(c)
  
5,177
117,984
SANUWAVE Health Inc (b)(c)
  
5,459
89,910
SC II Acquisition Corp Class A
 
6,909
69,712
SeaStar Medical Holding Corp Class A (c)
  
447
1,658
Senseonics Holdings Inc (b)(c)
  
25,810
175,250
Sensus Healthcare Inc (c)
  
10,687
33,023
SI-BONE Inc (c)
  
26,815
378,092
Sight Sciences Inc (b)(c)
  
33,203
161,367
SkyAI Inc (c)
  
18,338
33,559
Solana Co Class A (b)(c)
  
33,657
64,117
Spectral AI Inc Class A (b)(c)
  
10,463
21,658
SS Innovations International Inc (b)(c)
  
39,279
154,759
STAAR Surgical Co (b)(c)
  
31,057
928,294
Streamex Corp (b)(c)
  
17,439
26,333
Strive Inc Class A (b)(c)
  
35,899
634,335
Tactile Systems Technology Inc (c)
  
12,350
303,934
Tandem Diabetes Care Inc (c)
  
45,195
777,354
Tela Bio Inc (c)
  
18,634
18,075
Tenon Medical Inc (c)
  
638
440
TransMedics Group Inc (b)(c)
  
20,800
1,397,760
Treace Medical Concepts Inc (b)(c)
  
46,975
162,534
UFP Technologies Inc (b)(c)
  
4,899
1,078,270
Utah Medical Products Inc
 
1,408
93,562
Varex Imaging Corp (c)
  
21,186
216,733
Vivani Medical Inc (c)
  
47,626
62,866
 
  
  
240,893,040
Health Care Providers & Services - 0.2%
  
  
  
Acadia Healthcare Co Inc (b)(c)
  
57,317
1,329,754
AdaptHealth Corp (c)
  
86,425
875,485
Addus HomeCare Corp (c)
  
11,418
1,046,802
AirSculpt Technologies Inc (b)(c)
  
40,085
215,657
Alignment Healthcare Inc (c)
  
122,489
1,876,531
Astrana Health Inc (c)
  
33,498
1,260,195
Aveanna Healthcare Holdings Inc (c)
  
130,054
932,487
Billiontoone Inc Class A (c)
  
25,357
2,510,089
Biodesix Inc (c)
  
5,483
89,483
BrightSpring Health Services Inc (c)
  
116,556
7,189,174
Castle Biosciences Inc (c)
  
19,070
401,996
Clover Health Investments Corp Class A (c)
  
264,591
1,053,072
CorVel Corp (c)
  
32,308
1,995,019
Cosmos Health Inc (c)
  
2,226
550
Cross Country Healthcare Inc (c)
  
22,433
293,648
DocGo Inc Class A (c)
  
99,112
65,216
Ensign Group Inc/The
 
34,954
5,860,038
Fulgent Genetics Inc (c)
  
19,656
356,560
GeneDx Holdings Corp Class A (c)
  
17,559
912,892
Guardant Health Inc (c)
  
79,448
10,303,612
HealthEquity Inc (c)
  
51,864
4,563,513
Henry Schein Inc (c)
  
70,674
5,412,215
Innovage Holding Corp (b)(c)
  
85,703
650,486
Joint Corp/The (c)
  
8,305
73,915
LifeStance Health Group Inc (c)
  
236,524
1,823,600
Lumexa Imaging Holdings Inc (b)
  
57,164
444,736
MSP Recovery Inc warrants 5/20/2027 (c)
  
1,585,094
159
Nakamoto Inc (b)(c)
  
5,772
36,133
NeoGenomics Inc (b)(c)
  
76,378
803,497
NRC Health Class A
 
15,197
296,797
Nutex Health Inc (b)(c)
  
4,191
541,100
Omada Health Inc (c)
  
34,798
625,320
Oncology Institute Inc/The (b)(c)
  
60,628
284,345
OPKO Health Inc (c)
  
470,852
687,444
Option Care Health Inc (c)
  
95,597
1,995,109
P3 Health Partners Inc Class A (b)(c)
  
610
7,430
Park Dental Partners Inc (b)
  
2,124
41,163
Pennant Group Inc/The (c)
  
22,924
785,147
Precipio Inc (c)
  
3,097
70,612
Privia Health Group Inc (c)
  
74,095
1,593,783
Progyny Inc (c)
  
48,275
1,233,909
RadNet Inc (c)
  
46,955
2,607,411
SBC Medical Group Holdings Inc (b)(c)
  
35,570
114,180
Strata Critical Medical Inc (b)(c)
  
46,581
293,926
Surgery Partners Inc (b)(c)
  
78,273
1,045,727
Talkspace Inc Class A (c)
  
97,818
508,654
Viemed Healthcare Inc (c)
  
24,506
241,139
Wellgistics Health Inc (b)(c)
  
607
2,076
 
  
  
65,351,786
Health Care Technology - 0.0%
  
  
  
Bullfrog AI Holdings Inc (c)
  
3,407
2,581
CareCloud Inc (c)
  
29,684
69,757
Certara Inc (b)(c)
  
98,879
575,476
Definitive Healthcare Corp Class A (c)
  
86,863
80,852
Firefly Neuroscience Inc (c)
  
3,300
5,841
GoodRx Holdings Inc Class A (b)(c)
  
60,783
177,486
Health Catalyst Inc (b)(c)
  
36,121
49,847
Healthcare Triangle Inc (c)
  
35
90
HealthStream Inc
 
19,219
479,898
HeartFlow Inc (c)
  
52,705
1,632,802
iSpecimen Inc (c)
  
44
139
LifeMD Inc (b)(c)
  
26,844
114,892
OptimizeRx Corp (b)(c)
  
10,231
53,099
Schrodinger Inc/United States (b)(c)
  
39,727
603,850
Simulations Plus Inc (b)(c)
  
12,272
209,974
TruBridge Inc (c)
  
10,618
275,643
VSee Health Inc (c)
  
13,327
2,525
Waystar Holding Corp (c)
  
118,386
2,357,066
 
  
  
6,691,818
Life Sciences Tools & Services - 0.2%
  
  
  
10X Genomics Inc Class A (c)
  
71,135
2,013,476
Adaptive Biotechnologies Corp (c)
  
92,662
1,403,829
Alpha Teknova Inc (b)(c)
  
34,865
188,271
Atlantic International Corp (b)(c)
  
34,030
51,045
Azenta Inc (c)
  
29,625
677,820
Bio-Techne Corp
 
94,363
4,876,680
BioLife Solutions Inc (c)
  
29,921
745,631
Bruker Corp
 
91,972
5,416,231
CDT Equity Inc Class A (c)
  
1,971
2,050
Champions Oncology Inc (c)
  
10,958
64,104
Codexis Inc (b)(c)
  
52,039
144,148
CryoPort Inc (c)
  
33,761
529,710
Cytek Biosciences Inc (c)
  
76,897
322,198
Fortrea Holdings Inc (c)
  
59,469
915,228
Harvard Bioscience Inc (c)
  
2,936
17,264
ICON PLC (c)
  
46,227
6,290,108
Illumina Inc (c)
  
92,689
15,104,600
Inotiv Inc (b)(c)
  
5,271
1,508
Lifecore Biomedical Inc (b)(c)
  
22,336
112,127
Maravai LifeSciences Holdings Inc Class A (c)
  
89,631
430,229
MaxCyte Inc (c)
  
57,279
69,308
Medpace Holdings Inc (c)
  
17,176
7,679,561
Mesa Laboratories Inc (b)
  
3,105
316,772
Nautilus Biotechnology Inc Class A (c)
  
79,086
216,696
OmniAb Inc (c)
  
97,359
262,869
Pacific Biosciences of California Inc (c)
  
192,138
286,286
Personalis Inc (b)(c)
  
61,947
706,196
Quanterix Corp (b)(c)
  
27,884
85,325
Quantum-Si Inc Class A (b)(c)
  
111,123
132,236
Rapid Micro Biosystems Inc Class A (c)
  
26,152
52,566
Repligen Corp (c)
  
33,855
4,196,327
Seer Inc Class A (c)
  
66,029
123,474
Sotera Health Co (c)
  
172,236
2,693,771
Standard BioTools Inc (c)
  
253,982
292,079
Tempus AI Inc Class A (b)(c)
  
105,137
5,306,264
 
  
  
61,725,987
Pharmaceuticals - 0.4%
  
  
  
Aardvark Therapeutics Inc (c)
  
15,483
63,635
Aclaris Therapeutics Inc (c)
  
79,628
362,307
Alumis Inc (c)
  
77,161
1,666,678
Amneal Intermediate Inc Class A (c)
  
188,463
2,482,058
Amphastar Pharmaceuticals Inc (c)
  
29,577
557,526
Amylyx Pharmaceuticals Inc (c)
  
67,257
965,138
AN2 Therapeutics Inc (c)
  
19,633
85,011
ANI Pharmaceuticals Inc (b)(c)
  
13,515
1,061,063
Aquestive Therapeutics Inc (b)(c)
  
78,825
316,877
Arvinas Inc (c)
  
39,213
352,133
Assertio Holdings Inc (c)
  
3,360
78,758
Atea Pharmaceuticals Inc (c)
  
52,533
245,329
Avadel Pharmaceuticals PLC rights (c)(d)
  
52,734
0
Axsome Therapeutics Inc (c)
  
31,035
7,277,087
Belite Bio Inc ADR (c)
  
6,727
969,899
BioAge Labs Inc (c)
  
27,416
474,023
Biote Corp Class A (c)
  
19,805
39,610
Cadrenal Therapeutics Inc (c)
  
2,041
10,021
CalciMedica Inc (c)
  
9,699
7,924
Cingulate Inc (b)(c)
  
8,474
35,252
Cocrystal Pharma Inc (c)
  
6,122
6,857
Cognition Therapeutics Inc (c)
  
51,054
60,244
Collegium Pharmaceutical Inc (c)
  
20,644
693,845
Context Therapeutics Inc (c)
  
63,705
181,559
Contineum Therapeutics Inc Class A (b)(c)
  
19,798
267,075
Corcept Therapeutics Inc (c)
  
64,487
4,481,202
CorMedix Inc (b)(c)
  
46,045
388,620
Crinetics Pharmaceuticals Inc (c)
  
63,485
2,256,892
Cumberland Pharmaceuticals Inc (c)
  
11,327
69,661
Curanex Pharmaceuticals Inc (c)
  
18,670
6,210
Dare Bioscience Inc (b)(c)
  
7,571
16,883
Definium Therapeutics Inc (c)
  
61,815
1,495,305
Edgewise Therapeutics Inc (c)
  
65,074
2,222,928
Enliven Therapeutics Inc (b)(c)
  
38,910
1,539,669
Enliven Therapeutics Inc rights (c)(d)
  
8,204
0
Enveric Biosciences Inc (c)
  
911
2,095
Esperion Therapeutics Inc (c)
  
151,491
474,167
Eton Pharmaceuticals Inc (b)(c)
  
19,450
592,253
Evolus Inc (b)(c)
  
37,158
243,756
EyePoint Inc (b)(c)
  
51,198
695,269
Filana Therapeutics Inc (b)(c)
  
39,953
61,528
Fulcrum Therapeutics Inc (c)
  
42,584
294,681
Harmony Biosciences Holdings Inc (c)
  
34,758
1,098,006
Harmony Biosciences Holdings Inc rights (c)(d)
  
37,934
0
Harrow Inc (b)(c)
  
22,349
786,908
Hyperion DeFi Inc (c)
  
3,922
13,727
ImageneBio Inc (b)(c)
  
4,219
24,049
ImageneBio Inc rights (c)(d)
  
22,851
0
Incannex Healthcare Inc (b)(c)
  
9,564
32,039
Indivior Pharmaceuticals Inc
 
74,675
2,689,794
Innoviva Inc (c)
  
45,856
982,236
Jazz Pharmaceuticals PLC (c)
  
37,164
8,788,914
Journey Medical Corp (b)(c)
  
14,064
88,744
Jupiter Neurosciences Inc (c)
  
15,860
4,060
Landos Biopharma Inc rights (c)(d)
  
2,305
0
LB Pharmaceuticals Inc
 
17,550
490,874
LENZ Therapeutics Inc (b)(c)
  
18,738
145,782
LeonaBio Inc (c)
  
6,278
59,892
Lexicon Pharmaceuticals Inc (b)(c)
  
256,360
558,865
Ligand Pharmaceuticals Inc (c)
  
11,993
2,781,896
Ligand Pharmaceuticals Inc rights (c)
  
1,518
91
Ligand Pharmaceuticals Inc rights (c)
  
1,518
80
Ligand Pharmaceuticals Inc rights (c)
  
1,518
2
Ligand Pharmaceuticals Inc rights (c)
  
1,518
1
Lipocine Inc (c)
  
4,461
10,037
Liquidia Corp (c)
  
54,020
3,341,677
Maze Therapeutics Inc (b)(c)
  
28,952
766,070
MBX Biosciences Inc (c)
  
28,628
900,923
Mira Pharmaceuticals Inc (b)(c)
  
19,705
20,887
Nektar Therapeutics (c)
  
17,307
1,122,878
Neonc Technologies Holdings Inc (c)
  
12,122
56,246
Neumora Therapeutics Inc (c)
  
99,428
183,942
Novartis AG rights (c)(d)
  
40,508
0
NRX Therapeutics Inc (b)(c)
  
21,976
97,134
Nutriband Inc (c)
  
8,237
28,747
Ocular Therapeutix Inc (c)
  
132,619
1,194,897
Omeros Corp (b)(c)
  
45,836
506,029
Optinose Inc (c)(d)
  
6,931
0
Pacira BioSciences Inc (c)
  
25,641
595,384
Paratek Pharmaceuticals Inc rights (b)(c)(d)
  
29,676
0
Phathom Pharmaceuticals Inc (c)
  
48,562
465,710
Phibro Animal Health Corp Class A
 
13,106
403,534
Pliant Therapeutics Inc (c)
  
27,366
34,481
Polaryx Therapeutics Inc (b)
  
28,648
93,679
Pulmatrix Inc (c)
  
4,570
6,352
Q/C Technologies Inc (b)(c)
  
2,941
12,852
Rani Therapeutics Holdings Inc Class A (c)
  
61,920
58,874
Rapport Therapeutics Inc (b)(c)
  
28,960
1,143,920
Relmada Therapeutics Inc (c)
  
62,100
447,741
Reviva Pharmaceuticals Holdings Inc (c)
  
998
408
Rocket One Inc (b)(c)
  
31,711
46,298
Royalty Pharma PLC Class A
 
259,184
14,452,100
Sanofi SA ADR
 
149,258
6,518,097
SCYNEXIS Inc (b)(c)
  
22,803
16,076
Seelos Therapeutics Inc rights (b)(c)(d)
  
2,932
0
Septerna Inc (c)
  
30,358
916,812
SIGA Technologies Inc (b)
  
42,288
197,908
SpyGlass Pharma Inc (b)(c)
  
18,940
364,784
Structure Therapeutics Inc ADR (c)
  
47,468
1,867,391
Supernus Pharmaceuticals Inc (c)
  
34,899
1,611,636
Talphera Inc (c)
  
16,366
13,355
Tarsus Pharmaceuticals Inc (c)
  
25,785
1,531,629
Telomir Pharmaceuticals Inc (b)(c)
  
18,464
24,003
Theravance Biopharma Inc (c)
  
29,651
476,195
Traws Pharma Inc (c)
  
743
1,085
Traws Pharma Inc rights (c)(d)
  
33,198
0
Trevi Therapeutics Inc (b)(c)
  
80,431
1,137,294
Turn Therapeutics Inc
 
17,142
89,138
Tvardi Therapeutics Inc (b)(c)
  
6,450
21,801
Verrica Pharmaceuticals Inc (c)
  
10,929
62,951
Veru Inc (c)
  
8,519
20,190
Viatris Inc
 
695,130
11,302,814
VYNE Therapeutics Inc (c)
  
2,907
1,982
WaVe Life Sciences Ltd (c)
  
116,090
763,872
Xeris Biopharma Holdings Inc (c)
  
103,695
638,762
Xeris Biopharma Holdings Inc rights (c)(d)
  
39,901
0
Zevra Therapeutics Inc (c)
  
34,997
405,615
 
  
  
105,621,178
TOTAL HEALTH CARE
  
  
1,225,125,388
Industrials - 3.1%
  
  
  
Aerospace & Defense - 0.5%
  
  
  
AeroVironment Inc (b)(c)
  
30,291
6,277,507
AerSale Corp (c)
  
30,734
202,537
AIRO Group Holdings Inc (b)(c)
  
18,259
163,966
Arxis Inc Class A
 
36,957
1,660,478
Astronics Corp (c)
  
18,719
1,628,553
Axon Enterprise Inc (c)
  
48,818
21,905,614
Byrna Technologies Inc (c)
  
13,015
81,214
Firefly Aerospace Inc (b)(c)
  
97,369
4,526,685
FTAI Aviation Ltd
 
62,266
16,210,331
Innovative Solutions And Support Inc (c)
  
10,655
183,692
Intuitive Machines Inc Class A (b)(c)
  
96,465
4,228,061
Kratos Defense & Security Solutions Inc (c)
  
111,970
7,180,636
Leonardo DRS Inc
 
161,819
7,890,294
Mercury Systems Inc (c)
  
36,247
4,048,790
Merlin Inc Class A (b)(c)
  
50,005
402,540
New Horizon Aircraft Ltd Class A (b)(c)
  
22,438
65,631
Optex Systems Holdings Inc (c)
  
3,623
41,157
Red Cat Holdings Inc (b)(c)
  
73,176
1,061,052
Rocket Lab Corp (c)
  
344,290
49,398,730
Safe Pro Group Inc (b)(c)
  
11,160
68,634
Satellogic Inc Class A (c)
  
80,198
762,683
Sidus Space Inc Class A (c)
  
32,995
162,005
Swarmer Inc (b)
  
7,445
418,483
Tat Technologies Ltd (c)
  
8,173
353,973
VirTra Inc (c)
  
5,587
19,163
Visionwave Holdings Inc (b)
  
12,488
78,924
VSE Corp
 
16,855
3,120,703
Woodward Inc
 
36,101
12,636,433
 
  
  
144,778,469
Air Freight & Logistics - 0.1%
  
  
  
Air T Inc (b)(c)
  
1,908
40,068
Arrive AI Inc (c)
  
19,270
12,718
CH Robinson Worldwide Inc
 
71,507
12,774,726
Forward Air Corp Class A (b)(c)
  
20,311
214,890
Hub Group Inc Class A
 
37,630
1,563,150
 
  
  
14,605,552
Building Products - 0.0%
  
  
  
AAON Inc
 
49,756
6,975,791
Apogee Enterprises Inc
 
13,153
505,207
Caesarstone Ltd (c)
  
28,738
53,453
CEA Industries Inc (c)
  
23,972
69,998
Gibraltar Industries Inc (c)
  
18,121
700,377
Masterbrand Inc (c)
  
492
4,270
UFP Industries Inc
 
34,788
2,817,828
 
  
  
11,126,924
Commercial Services & Supplies - 0.3%
  
  
  
Aqua Metals Inc (c)
  
69
291
Bitcoin Depot Inc Class A (b)(c)
  
2,520
416
Bridger Aerospace Group Holdings Inc (b)(c)
  
30,208
70,687
Casella Waste Systems Inc Class A (b)(c)
  
38,488
3,162,559
Cintas Corp
 
242,865
41,593,060
Copart Inc (c)
  
586,932
19,233,762
Fuel Tech Inc (c)
  
9,474
14,022
Greenwave Technology Solutions Inc (c)
  
53
191
Healthcare Services Group Inc (c)
  
42,285
871,071
Interface Inc
 
37,617
1,113,463
Knightscope Inc Class A (b)(c)
  
11,962
34,929
LanzaTech Global Inc Class A (b)(c)
  
6,556
40,385
Liquidity Services Inc (c)
  
20,515
742,848
Millerknoll Inc
 
39,112
632,832
Mobile Infrastructure Corp Class A (c)
  
7,316
16,168
Odyssey Marine Exploration Inc (b)(c)
  
30,499
33,549
Our Bond Inc (b)
  
7,962
4,140
Perma-Fix Environmental Services Inc (b)(c)
  
12,274
120,531
Quest Resource Holding Corp (c)
  
12,176
14,368
Royalty Management Holding Corp Class A
 
4,303
9,897
Smart Powerr Corp (b)(c)
  
286
83
Tetra Tech Inc
 
158,987
4,370,553
TOMI Environmental Solutions Inc (c)
  
8,765
8,151
Virco Mfg. Corp
 
9,162
55,247
 
  
  
72,143,203
Construction & Engineering - 0.3%
  
  
  
Bowman Consulting Group Ltd (c)
  
10,942
345,001
Cardinal Infrastructure Group Inc Class A
 
7,730
401,110
Concrete Pumping Holdings Inc (c)
  
36,281
283,717
Construction Partners Inc Class A (c)
  
29,114
3,390,908
Ferrovial NV (United States)
 
436,926
29,715,338
IES Holdings Inc (c)
  
12,068
8,186,328
JFB Construction Holdings Class A (b)(c)
  
7,353
42,500
Legence Corp Class A
 
41,187
3,448,999
Limbach Holdings Inc (c)
  
7,251
561,590
Matrix Service Co (c)
  
16,612
218,116
MYR Group Inc (c)
  
9,524
4,429,231
NWPX Infrastructure Inc (c)
  
5,347
630,732
Shimmick Corp (c)
  
22,281
78,875
Solv Energy Inc Class A
 
68,104
2,419,735
Sterling Infrastructure Inc (c)
  
18,545
15,964,278
Terrestrial Energy Inc Class A (b)(c)
  
49,569
452,565
WillScot Holdings Corp
 
109,751
2,823,893
 
  
  
73,392,916
Electrical Equipment - 0.2%
  
  
  
374Water Inc (b)(c)
  
8,143
20,113
Allient Inc
 
9,636
762,786
American Superconductor Corp (c)
  
29,572
1,506,398
Array Technologies Inc (b)(c)
  
95,910
870,863
Beam Global (b)(c)
  
2,833
4,306
Blink Charging Co (b)(c)
  
64,706
53,447
Broadwind Inc (c)
  
19,171
67,290
CBAK Energy Technology Inc (c)
  
53,154
42,523
Dragonfly Energy Holdings Corp (b)(c)
  
6,224
13,133
Energous Corp (c)
  
984
27,552
Energy Focus Inc (c)
  
588
2,157
Enovix Corp Class B (b)(c)
  
138,966
1,108,949
Eos Energy Enterprises Inc (b)(c)
  
208,312
1,756,070
Fluence Energy Inc Class A (c)
  
81,064
1,530,488
Flux Power Holdings Inc (c)
  
13,918
15,031
FTC Solar Inc (c)
  
8,636
47,498
FuelCell Energy Inc (c)
  
31,024
671,980
LSI Industries Inc
 
23,171
561,433
NANO Nuclear Energy Inc (b)(c)
  
31,243
902,298
NeoVolta Inc (c)
  
26,577
51,825
Nextpower Inc Class A (c)
  
90,062
14,085,697
Nuvve Holding Corp (b)(c)
  
31,372
12,088
Orion Energy Systems Inc (c)
  
2,538
24,111
Pioneer Power Solutions Inc (c)
  
13,099
70,997
Plug Power Inc (b)(c)
  
846,423
3,343,371
Polar Power Inc (c)
  
267
549
Powell Industries Inc (b)
  
21,969
6,248,423
Power Solutions International Inc (b)(c)
  
14,019
584,312
Preformed Line Products Co
 
3,289
1,216,338
Shoals Technologies Group Inc (c)
  
104,351
1,299,170
SKYX Platforms Corp (c)
  
73,111
82,615
SolarMax Technology Inc (b)(c)
  
25,940
14,301
Solidion Technology Inc Class A (c)
  
5,430
25,250
Stardust Power Inc Class A (b)(c)
  
4,804
10,953
SunPower Inc Class A (b)(c)
  
74,279
78,736
Sunrun Inc (c)
  
141,546
2,366,649
Terra Innovatum Global NV (b)
  
43,584
268,477
Tigo Energy Inc (c)
  
45,868
186,683
Ultralife Corp (c)
  
11,042
80,055
Vicor Corp (c)
  
19,963
6,684,411
X-Energy Inc (b)
  
160,169
4,310,148
Zeo Energy Corp Class A (c)
  
18,269
15,470
 
  
  
51,024,944
Ground Transportation - 0.4%
  
  
  
ArcBest Corp
 
13,828
1,890,149
Armlogi Holding Corp (c)
  
12,265
4,170
Avis Budget Group Inc (b)(c)
  
21,547
3,788,824
CSX Corp
 
1,126,196
50,971,632
Ftai Infrastructure Inc (b)
  
77,213
344,370
Heartland Express Inc
 
55,659
834,328
Hertz Global Holdings Inc (b)(c)
  
193,455
1,044,657
JB Hunt Transport Services Inc
 
56,953
15,743,519
Landstar System Inc
 
20,326
4,205,449
Lyft Inc Class A (c)
  
239,281
3,376,255
Marten Transport Ltd
 
47,668
821,796
Old Dominion Freight Line Inc
 
126,277
28,431,268
PAMT CORP (c)
  
14,061
190,245
Proficient Auto Logistics Inc (c)
  
15,304
83,713
Saia Inc (c)
  
16,147
7,627,358
Universal Logistics Holdings Inc (b)
  
19,029
302,751
Werner Enterprises Inc
 
38,736
1,607,931
 
  
  
121,268,415
Industrial Conglomerates - 0.3%
  
  
  
Honeywell International Inc
 
385,547
91,706,209
Icahn Enterprises LP
 
400,606
2,980,509
 
  
  
94,686,718
Machinery - 0.3%
  
  
  
AirJoule Technologies Corp Class A (b)(c)
  
40,402
181,405
Astec Industries Inc
 
14,058
707,961
Blue Bird Corp (b)(c)
  
19,434
1,317,042
CECO Environmental Corp (c)
  
21,784
1,628,354
ClearSign Technologies Corp (c)
  
2,091
9,681
Columbus McKinnon Corp/NY (b)
  
15,943
254,450
Commercial Vehicle Group Inc (c)
  
21,200
109,180
Eastern Co/The (b)
  
4,547
97,897
Energy Recovery Inc (c)
  
35,218
287,731
Franklin Electric Co Inc
 
26,902
2,646,619
FreightCar America Inc (c)
  
10,549
80,172
Hillman Solutions Corp (c)
  
118,990
887,665
Hurco Cos Inc (c)
  
4,416
75,823
Hydrofarm Holdings Group Inc (c)
  
3,202
3,109
L B Foster Co Class A (c)
  
6,815
280,369
Laser Photonics Corp (c)
  
7,313
6,721
Lincoln Electric Holdings Inc
 
33,001
8,530,429
LiqTech International Inc (b)(c)
  
6,049
6,684
Microvast Holdings Inc (b)(c)
  
197,248
305,734
Middleby Corp/The (c)
  
30,189
4,679,597
Nephros Inc (c)
  
3,085
11,291
NN Inc (c)
  
27,788
82,530
Nordson Corp
 
32,922
9,459,479
Omega Flex Inc
 
6,405
193,623
PACCAR Inc
 
318,429
35,145,010
Palladyne AI Corp Class A (b)(c)
  
26,562
223,918
Park-Ohio Holdings Corp
 
9,918
322,930
Perma-Pipe International Holdings Inc (c)
  
5,412
166,094
Richtech Robotics Inc Class B (b)(c)
  
103,446
312,407
RYTHM Inc (b)(c)
  
1,058
26,413
Stratasys Ltd (b)(c)
  
57,768
608,875
Symbotic Inc Class A (b)(c)
  
76,531
3,552,952
Taylor Devices Inc (c)
  
1,759
89,709
Twin Disc Inc
 
9,749
162,613
Urban-Gro Inc (c)
  
389
1,416
Velo3D Inc Class A (b)(c)
  
15,937
382,647
Venhub Global Inc
 
39,134
69,659
Xos Inc (b)(c)
  
2,262
5,157
 
  
  
72,913,346
Marine Transportation - 0.0%
  
  
  
Lakeside Holding Ltd (c)
  
4,608
3,087
Pangaea Logistics Solutions Ltd
 
43,868
332,081
Seanergy Maritime Holdings Corp
 
11,836
183,458
 
  
  
518,626
Passenger Airlines - 0.1%
  
  
  
Allegiant Travel Co (c)
  
17,828
1,633,223
American Airlines Group Inc (c)
  
393,999
5,768,145
Frontier Group Holdings Inc (b)(c)
  
145,389
879,603
JetBlue Airways Corp (c)
  
228,271
1,248,642
Republic Airways Holdings Inc (b)(c)
  
28,248
574,847
SkyWest Inc (c)
  
24,401
2,089,946
United Airlines Holdings Inc (c)
  
195,717
22,468,312
 
  
  
34,662,718
Professional Services - 0.4%
  
  
  
Aeries Technology Inc Class A (b)(c)
  
12,875
9,656
Asure Software Inc (b)(c)
  
16,793
155,335
Automatic Data Processing Inc
 
244,391
54,215,699
Barrett Business Services Inc
 
16,005
520,803
Concentrix Corp (b)
  
37,001
1,046,758
Conduent Inc (c)
  
113,938
197,113
CRA International Inc
 
4,267
592,046
DLH Holdings Corp (c)
  
7,855
44,067
ExlService Holdings Inc (c)
  
96,137
2,790,857
Exponent Inc
 
30,395
1,772,636
Falcon's Beyond Global Inc Class A (b)(c)
  
23,973
371,582
First Advantage Corp (b)(c)
  
106,738
1,707,808
Forrester Research Inc (c)
  
18,326
129,198
HireQuest Inc (b)
  
8,515
111,972
Huron Consulting Group Inc (c)
  
10,656
1,144,348
IBEX Holdings Ltd (c)
  
7,829
247,710
ICF International Inc
 
11,463
789,113
Innodata Inc (c)
  
19,567
2,054,144
Kelly Services Inc Class A
 
17,995
209,102
Legalzoom.com Inc (c)
  
111,826
703,386
Nixxy Inc (b)(c)
  
6,318
4,991
Paychex Inc
 
217,553
21,098,290
Paylocity Holding Corp (c)
  
33,092
3,803,264
Public Policy Holding Co Inc (United States) (e)
  
18,059
187,994
Rcm Technologies Inc (c)
  
4,457
96,316
Resources Connection Inc (b)
  
24,760
111,915
Science Applications International Corp
 
27,152
2,829,238
ShiftPixy Inc (c)(d)
  
1
0
SS&C Technologies Holdings Inc
 
145,888
9,850,358
Star Equity Holdings Inc (c)
  
2,363
27,623
TTEC Holdings Inc (b)(c)
  
38,929
105,887
Upwork Inc (b)(c)
  
80,877
713,335
Verisk Analytics Inc
 
83,697
14,646,138
Verra Mobility Corp Class A (c)
  
98,221
442,977
Where Food Comes From Inc (b)(c)
  
2,480
29,090
Willdan Group Inc (c)
  
9,183
834,184
 
  
  
123,594,933
Trading Companies & Distributors - 0.2%
  
  
  
Distribution Solutions Group Inc (c)
  
28,535
770,445
DXP Enterprises Inc/TX (c)
  
9,897
1,435,659
EquipmentShare.com Inc Class A (c)
  
137,931
2,874,482
Fastenal Co
 
694,150
30,681,430
Hudson Technologies Inc (c)
  
27,800
147,896
iPower Inc (b)(c)
  
69
266
Karat Packaging Inc
 
14,580
395,410
McGrath RentCorp
 
15,057
1,641,062
Rush Enterprises Inc Class A
 
33,866
2,347,930
Rush Enterprises Inc Class B
 
12,741
826,891
Titan Machinery Inc (c)
  
14,121
308,120
Transcat Inc (b)(c)
  
5,408
457,084
Willis Lease Finance Corp (b)
  
4,549
805,218
Xometry Inc Class A (c)
  
30,596
2,915,493
 
  
  
45,607,386
TOTAL INDUSTRIALS
  
  
860,324,150
Information Technology - 52.7%
  
  
  
Communications Equipment - 1.3%
  
  
  
ADTRAN Holdings Inc (c)
  
47,936
793,341
Applied Optoelectronics Inc (b)(c)
  
45,613
7,225,555
Aviat Networks Inc (c)
  
6,474
115,043
Cisco Systems Inc
 
2,398,375
288,812,319
Clearfield Inc (b)(c)
  
8,770
414,119
ClearOne Inc (c)
  
1,275
3,991
Comtech Telecommunications Corp (c)
  
20,236
113,726
Digi International Inc (c)
  
22,356
1,493,381
Extreme Networks Inc (c)
  
78,794
2,088,829
F5 Inc (c)
  
34,324
13,161,538
Franklin Wireless Corp
 
9,420
28,354
Genasys Inc (b)(c)
  
28,415
61,092
Harmonic Inc (c)
  
72,622
1,097,318
Inseego Corp (b)(c)
  
11,837
155,301
KVH Industries Inc (c)
  
13,701
127,145
Lantronix Inc (c)
  
22,155
167,270
Lumentum Holdings Inc (c)
  
43,342
37,055,677
Netgear Inc (c)
  
18,701
486,039
NetScout Systems Inc (c)
  
44,798
1,864,493
Ondas Inc (b)(c)
  
256,247
3,387,585
Optical Cable Corp (c)
  
4,906
68,193
Ribbon Communications Inc (c)
  
116,776
359,670
Viasat Inc (c)
  
82,297
6,634,784
Viavi Solutions Inc (c)
  
139,623
6,780,093
Vistance Networks Inc
 
134,383
1,677,100
 
  
  
374,171,956
Electronic Equipment, Instruments & Components - 0.5%
  
  
  
908 Devices Inc (b)(c)
  
26,347
221,578
Acorn Energy Inc (c)
  
1,741
29,597
Advanced Energy Industries Inc
 
22,728
6,867,947
Aeva Technologies Inc (b)(c)
  
38,128
1,074,447
AEye Inc Class A (b)(c)
  
28,330
56,660
Airgain Inc (c)
  
7,977
55,600
AMC Robotics Corp (b)(c)
  
13,848
66,470
AmpliTech Group Inc (c)
  
9,192
40,629
Astrotech Corp (b)(c)
  
1,228
61,154
Avnet Inc
 
48,368
4,204,630
Bel Fuse Inc Class A
 
3,896
954,286
Bel Fuse Inc Class B
 
4,049
1,111,532
CDW Corp/DE
 
78,095
9,797,018
Climb Global Solutions Inc (b)
  
12,664
274,176
Coda Octopus Group Inc (c)
  
9,381
117,638
Cognex Corp
 
100,561
6,621,942
CPS Technologies Corp (b)(c)
  
8,699
78,465
Daktronics Inc (c)
  
32,115
664,138
Data I/O Corp (c)
  
15,054
63,678
Deswell Industries Inc
 
1,149
3,849
ePlus Inc
 
16,900
1,387,321
Evolv Technologies Holdings Inc Class A (c)
  
108,269
698,335
Flex Ltd (c)
  
223,002
33,624,242
Focus Universal Inc (c)
  
257
206
Forward Industries Inc
 
51,186
240,574
Frequency Electronics Inc (b)(c)
  
5,746
436,006
Identiv Inc (c)
  
16,037
65,752
Insight Enterprises Inc (c)
  
18,837
2,003,880
Interlink Electronics Inc
 
9,940
53,378
IPG Photonics Corp (c)
  
25,327
2,900,448
Itron Inc (c)
  
27,084
2,233,888
Key Tronic Corp (c)
  
6,057
20,957
Kimball Electronics Inc (c)
  
16,010
415,139
LightPath Technologies Inc Class A (b)(c)
  
36,025
611,705
Lightwave Logic Inc (b)(c)
  
90,605
983,970
Littelfuse Inc
 
15,139
7,067,945
MicroVision Inc (b)(c)
  
192,734
116,932
MultiSensor AI Holdings Inc (c)
  
285
1,656
Napco Security Technologies Inc
 
22,781
854,971
Neonode Inc (c)
  
10,699
18,295
nLight Inc (c)
  
33,758
2,502,143
Nortech Systems Inc (c)
  
1,096
16,363
Novanta Inc (b)(c)
  
21,881
3,486,300
OSI Systems Inc (c)
  
10,001
2,167,717
Ouster Inc Class A (b)(c)
  
37,454
1,724,757
PC Connection Inc
 
15,808
1,100,079
Plexus Corp (c)
  
16,631
4,463,095
Powerfleet Inc NJ (b)(c)
  
75,351
294,622
Research Frontiers Inc (c)
  
10,936
8,421
RF Industries Ltd (c)
  
6,230
110,209
Richardson Electronics Ltd/United States
 
7,825
132,869
Sanmina Corp (c)
  
33,363
8,665,372
ScanSource Inc (c)
  
13,465
623,026
Sono-Tek Corp (c)
  
2,629
12,987
Syntec Optics Holdings Inc Class A (b)(c)
  
22,286
221,746
TTM Technologies Inc (c)
  
62,823
10,913,612
Vuzix Corp (b)(c)
  
61,565
283,199
Wetouch Technology Inc (c)
  
6,414
8,915
Wrap Technologies Inc (b)(c)
  
38,058
49,666
Zebra Technologies Corp Class A (c)
  
29,756
7,249,454
 
  
  
130,135,586
IT Services - 0.4%
  
  
  
Akamai Technologies Inc (c)
  
87,682
13,111,966
Amdocs Ltd
 
64,623
4,069,310
Applied Digital Corp (b)(c)
  
169,655
8,021,288
Backblaze Inc Class A (b)(c)
  
39,964
330,902
Black Titan Corp
 
1,511
1,405
Brand Engagement Network Inc Class A (b)(c)
  
2,725
40,439
CISO Global Inc (b)(c)
  
17,839
7,945
Cloudastructure Inc Class A (c)
  
5,483
2,665
Cognizant Technology Solutions Corp Class A
 
289,337
16,131,984
Commerce.com Inc (c)
  
43,293
135,507
CoreWeave Inc Class A (c)
  
268,745
29,435,640
Crexendo Inc (b)(c)
  
26,052
257,394
CSP Inc (b)
  
8,458
83,650
Fastly Inc Class A (c)
  
91,698
1,629,015
Fusemachines Inc (b)
  
7,192
10,285
Glimpse Group Inc/The (c)
  
9,486
7,892
Grid Dynamics Holdings Inc (c)
  
57,531
414,223
Hackett Group Inc/The
 
20,918
241,185
Information Services Group Inc
 
29,262
131,972
MicroAlgo Inc Class A (b)(c)
  
7,198
43,332
MongoDB Inc Class A (c)
  
49,354
16,560,735
Okta Inc Class A (c)
  
102,645
12,653,049
Rackspace Technology Inc (b)(c)
  
150,857
779,931
Research Solutions Inc/CA (c)
  
16,973
37,001
SharonAI Holdings Inc Class A (b)(c)
  
8,573
650,091
TSS Inc/MD (b)(c)
  
17,928
295,453
Tucows Inc Class A (b)(c)
  
8,588
130,194
VeriSign Inc
 
55,608
15,869,411
Whitefiber Inc (b)
  
23,362
694,786
XTI Aerospace Inc (c)
  
21,451
38,826
 
  
  
121,817,476
Semiconductors & Semiconductor Equipment - 27.2%
  
  
  
ACM Research Inc Class A (c)
  
36,477
3,157,449
Advanced Micro Devices Inc (c)
  
989,868
510,870,875
Aehr Test Systems (c)
  
18,774
1,733,403
Aeluma Inc (b)(c)
  
10,732
231,597
Alpha & Omega Semiconductor Ltd (c)
  
19,954
904,914
Ambarella Inc (c)
  
26,018
1,877,979
Amkor Technology Inc
 
149,883
10,425,861
Amtech Systems Inc (c)
  
10,371
220,591
Analog Devices Inc
 
296,379
122,656,449
Applied Materials Inc
 
481,840
216,856,910
ARM Holdings PLC ADR (c)
  
84,892
29,991,495
Ascent Solar Technologies Inc (b)(c)
  
4,280
31,800
Astera Labs Inc (c)
  
103,382
35,444,519
Atomera Inc (c)
  
19,053
190,149
Axcelis Technologies Inc (c)
  
19,268
2,898,100
AXT Inc (c)
  
33,704
3,476,905
Blaize Holdings Inc Class A (b)(c)
  
68,924
121,306
Broadcom Inc
 
2,878,753
1,286,140,478
Cerebras Systems Inc Class A (c)
  
18,192
4,311,322
CEVA Inc (c)
  
18,813
752,144
Cirrus Logic Inc (c)
  
30,787
5,232,251
Cohu Inc (c)
  
27,737
1,463,127
Credo Technology Group Holding Ltd (c)
  
105,016
24,786,926
CVD Equipment Corp (c)
  
6,633
39,533
Diodes Inc (c)
  
27,470
2,893,140
Enphase Energy Inc (b)(c)
  
79,686
5,447,335
Entegris Inc
 
92,186
12,794,495
Everspin Technologies Inc (b)(c)
  
17,797
469,485
First Solar Inc (c)
  
65,133
19,982,153
FormFactor Inc (c)
  
47,148
5,874,169
GlobalFoundries Inc (c)
  
337,847
27,017,625
GSI Technology Inc (b)(c)
  
24,010
238,299
Ichor Holdings Ltd (c)
  
20,965
1,499,417
Ideal Power Inc (c)
  
6,103
45,406
Impinj Inc (c)
  
18,439
2,784,289
Intel Corp (c)
  
3,032,794
347,800,816
KLA Corp
 
79,584
152,937,369
Kopin Corp (b)(c)
  
101,031
576,887
Lam Research Corp
 
758,083
241,206,849
Lattice Semiconductor Corp (c)
  
82,960
12,201,757
MACOM Technology Solutions Holdings Inc (c)
  
45,528
16,601,330
Marvell Technology Inc
 
529,023
108,449,715
MaxLinear Inc (c)
  
52,135
4,844,906
Microchip Technology Inc
 
328,073
31,052,109
Micron Technology Inc
 
683,318
663,501,778
MKS Inc
 
40,549
13,148,419
Mobix Labs Inc Class A (b)(c)
  
2,743
6,583
Monolithic Power Systems Inc
 
29,804
46,679,323
Navitas Semiconductor Corp Class A (b)(c)
  
139,923
3,721,952
NVE Corp
 
2,869
280,990
NVIDIA Corp
 
14,753,288
3,115,009,229
ON Semiconductor Corp (c)
  
238,702
28,792,235
PDF Solutions Inc (c)
  
24,110
1,177,291
Penguin Solutions Inc (c)
  
30,724
1,715,321
Photronics Inc (b)(c)
  
36,989
1,196,594
Pixelworks Inc (b)(c)
  
4,303
29,992
Power Integrations Inc (b)
  
33,955
2,852,220
Qorvo Inc (c)
  
55,826
5,781,341
QUALCOMM Inc
 
647,779
162,605,485
QuickLogic Corp (c)
  
14,758
305,933
Rambus Inc (c)
  
65,677
9,553,376
Rigetti Computing Inc Class A (b)(c)
  
201,521
5,146,846
Semtech Corp (c)
  
55,939
8,532,935
Silicon Laboratories Inc (c)
  
19,793
4,306,957
SiTime Corp (c)
  
15,964
11,337,633
SkyWater Technology Inc (c)
  
29,316
1,142,738
Skyworks Solutions Inc (b)
  
90,491
7,044,724
SolarEdge Technologies Inc (c)
  
36,729
2,804,259
Synaptics Inc (b)(c)
  
23,917
3,283,326
Teradyne Inc
 
94,937
35,535,868
Texas Instruments Inc
 
551,075
168,452,606
Ultra Clean Holdings Inc (c)
  
28,808
2,465,101
Universal Display Corp
 
28,695
2,643,383
Veeco Instruments Inc (c)
  
39,586
2,281,737
 
  
  
7,569,869,809
Software - 11.8%
  
  
  
8x8 Inc (c)
  
89,288
184,826
ACI Worldwide Inc (c)
  
63,662
2,780,120
Adeia Inc
 
67,027
1,790,961
Adobe Inc (c)
  
247,404
64,129,592
Agilysys Inc (c)
  
17,699
1,532,025
Airship AI Holdings Inc Class A (b)(c)
  
22,323
67,415
Alarm.com Holdings Inc (c)
  
29,655
1,337,737
Alkami Technology Inc (b)(c)
  
65,616
1,192,243
Alpha Modus Holdings Inc Class A (c)
  
10,153
2,329
American Bitcoin Corp Class A (b)(c)
  
118,887
134,342
Amplitude Inc Class A (c)
  
67,531
528,092
Appfolio Inc Class A (c)
  
14,973
2,413,198
Appian Corp Class A (c)
  
25,435
595,179
AppLovin Corp Class A (c)
  
186,438
114,303,274
Arteris Inc (c)
  
28,202
1,013,862
Atlassian Corp Class A (c)
  
103,199
11,105,244
AudioEye Inc (c)
  
8,256
63,406
Aurora Innovation Inc Class A (b)(c)
  
1,008,551
7,402,764
authID Inc (c)
  
5,456
6,984
Autodesk Inc (c)
  
128,700
29,769,597
AvePoint Inc Class A (c)
  
131,966
1,439,749
Aware Inc/MA (c)
  
17,102
25,995
Bentley Systems Inc Class B (b)
  
177,971
5,808,973
Bit Digital Inc (b)(c)
  
201,119
406,260
Bitdeer Technologies Group Class A (b)(c)
  
103,368
1,807,906
BitFuFu Inc Class A (b)(c)
  
26,958
50,142
Blackbaud Inc (c)
  
29,378
901,611
BlackLine Inc (b)(c)
  
36,983
1,087,300
Boost Run Inc
 
8,460
288,063
Braze Inc Class A (c)
  
63,624
1,630,683
Bridgeline Digital Inc (c)
  
18,622
22,905
BTCS Inc
 
33,030
51,857
Btcs Inc Series V (d)
  
2,315
0
Cadence Design Systems Inc (c)
  
167,606
62,840,519
Ccc Intelligent Solutions Holdings Inc Class A (c)
  
391,683
1,840,910
Cerence Inc (c)
  
24,689
317,501
CID Holdco Inc
 
14,755
2,067
Cipher Digital Inc (b)(c)
  
245,239
5,799,902
Cleanspark Inc (b)(c)
  
171,529
3,137,265
Commvault Systems Inc (c)
  
26,943
3,199,481
Consensus Cloud Solutions Inc (b)(c)
  
11,331
389,220
Core Scientific Inc (b)(c)
  
191,378
5,138,499
Crowdstrike Holdings Inc Class A (c)
  
153,093
111,910,984
Cyabra Inc
 
7,628
4,958
CYNGN Inc (b)(c)
  
6,024
8,976
Daily Journal Corp (b)(c)
  
920
475,750
Datacentrex Inc (b)(c)
  
23,847
55,087
Datadog Inc Class A (c)
  
199,482
49,341,873
Digi Power X Inc (United States) (c)
  
31,650
247,187
Digimarc Corp (b)
  
14,667
215,605
Digital Turbine Inc (b)(c)
  
72,470
636,287
Docusign Inc (c)
  
121,772
6,395,465
Domo Inc Class B (b)(c)
  
24,261
101,168
Dropbox Inc Class A (c)
  
93,088
2,502,205
Duos Technologies Group Inc (b)(c)
  
17,109
230,972
eGain Corp (c)
  
19,337
143,674
EverCommerce Inc (b)(c)
  
114,946
1,293,143
Expensify Inc Class A (c)
  
35,177
41,157
Fatpipe Inc/UT (c)
  
9,388
74,728
Five9 Inc (c)
  
48,468
1,180,196
Fortinet Inc (c)
  
449,251
61,983,161
Freshworks Inc Class A (c)
  
152,370
1,479,513
Gen Digital Inc
 
366,094
9,441,564
Gitlab Inc Class A (c)
  
91,806
2,850,576
Gloo Holdings Inc Class A
 
6,834
37,519
Greenidge Generation Holdings Inc Class A (b)(c)
  
3,594
5,571
Hut 8 Corp (United States) (c)
  
67,209
8,389,699
I3 Verticals Inc Class A (b)(c)
  
15,548
316,557
Intapp Inc (c)
  
50,464
1,165,214
Intellicheck Inc (c)
  
14,317
63,281
InterDigital Inc (b)
  
15,596
3,931,596
Intrusion Inc (c)
  
3,947
3,276
Intuit Inc
 
167,959
55,683,448
Iveda Solutions Inc (c)
  
2,211
876
JFrog Ltd (c)
  
72,765
5,783,362
Kaltura Inc (b)(c)
  
150,246
229,876
Keel Infrastructure Corp (b)
  
339,368
1,927,610
Life360 Inc (b)(c)
  
48,397
2,056,389
LivePerson Inc (c)
  
7,120
16,162
Manhattan Associates Inc (c)
  
36,302
5,447,115
MARA Holdings Inc (b)(c)
  
231,052
3,322,528
MicroCloud Hologram Inc Class A (c)
  
237
514
Microsoft Corp
 
4,508,268
2,029,802,585
Mitek Systems Inc (b)(c)
  
28,416
488,187
Monday.com Ltd (b)(c)
  
31,213
2,610,031
MyseumAI Inc (c)
  
988
1,749
nCino Inc (c)
  
69,988
1,125,407
Netskope Inc Class A (b)(c)
  
53,120
644,877
NetSol Technologies Inc (c)
  
5,970
27,820
NextNav Inc Class A (b)(c)
  
84,954
1,751,751
NextTrip Inc (b)(c)
  
9,648
21,515
Nutanix Inc Class A (c)
  
164,494
8,565,203
OneSpan Inc
 
24,257
350,271
Pagaya Technologies Ltd Class A (b)(c)
  
43,058
651,037
Palantir Technologies Inc Class A (c)
  
1,391,223
217,782,049
Palo Alto Networks Inc (c)
  
495,408
139,551,481
Pegasystems Inc
 
102,758
3,671,543
Phunware Inc (c)
  
9,310
18,992
Porch Group Inc (c)
  
70,644
736,110
Progress Software Corp (c)
  
26,057
855,451
PTC Inc (c)
  
72,125
10,005,901
Qualys Inc (c)
  
22,004
2,404,817
Rank One Computing Corp (b)
  
7,049
35,527
Rapid7 Inc (c)
  
39,810
333,608
REalloys Inc (b)(c)
  
34,112
312,466
REalloys Inc rights (c)(d)
  
1,335
0
reAlpha Tech Corp (b)(c)
  
2,514
6,260
Red Violet Inc (c)
  
8,779
498,998
Rekor Systems Inc (b)(c)
  
85,665
71,573
Rezolve AI PLC (b)(c)
  
198,696
592,114
Rimini Street Inc (b)(c)
  
58,431
228,465
Riot Platforms Inc (c)
  
229,503
6,221,826
Roadzen Inc (c)
  
41,570
78,152
Roper Technologies Inc
 
62,413
20,317,304
SailPoint Inc (b)(c)
  
344,740
6,491,454
ServiceTitan Inc Class A (c)
  
49,675
3,594,483
Silvaco Group Inc (c)
  
22,966
221,852
Soluna Holdings Inc (b)(c)
  
55,179
93,804
SoundHound AI Inc Class A (b)(c)
  
234,875
2,113,875
SoundThinking Inc (c)
  
9,121
68,499
Sprout Social Inc Class A (b)(c)
  
33,355
249,495
SPS Commerce Inc (c)
  
23,475
1,332,206
Strategy Inc Class A (b)(c)
  
190,680
30,335,281
Synopsys Inc (c)
  
116,292
55,310,802
T Stamp Inc Class A (b)(c)
  
421
989
Tao Synergies Inc (b)(c)
  
7,014
29,459
Telos Corp (c)
  
43,817
209,883
Tenable Holdings Inc (c)
  
73,492
2,074,679
Terawulf Inc (b)(c)
  
256,853
6,565,163
TON Strategy Co (b)(c)
  
39,176
155,920
Trimble Inc (c)
  
141,485
7,981,169
Upland Software Inc (c)
  
21,178
19,124
Varonis Systems Inc (c)
  
72,561
2,477,958
Veea Inc Class A (c)
  
12,454
7,528
Veritone Inc (b)(c)
  
52,253
110,776
Vertex Inc Class A (c)
  
49,015
654,350
Viant Technology Inc Class A (c)
  
11,212
142,617
VirnetX Holding Corp (b)(c)
  
3,649
63,675
Workday Inc Class A (c)
  
129,312
18,904,121
Zoom Communications Inc Class A (c)
  
161,144
16,370,619
Zscaler Inc (c)
  
97,618
13,640,163
 
  
  
3,294,517,834
Technology Hardware, Storage & Peripherals - 11.5%
  
  
  
Ainos Inc (c)
  
396
942
Apple Inc
 
8,913,533
2,781,557,108
AstroNova Inc (c)
  
4,427
69,150
Corsair Gaming Inc (b)(c)
  
66,306
804,955
CPI Card Group Inc (c)
  
7,745
131,433
DNA X Inc (c)
  
2,951
12,866
Foxx Development Holdings Inc (c)
  
4,245
11,292
Immersion Corp
 
16,060
104,069
NetApp Inc
 
119,784
20,877,153
One Stop Systems Inc (b)(c)
  
14,151
257,265
Quantum Computing Inc (b)(c)
  
136,187
1,628,797
Quantum Corp (b)(c)
  
8,892
86,341
Sandisk Corp/DE (c)
  
89,609
151,885,463
Seagate Technology Holdings PLC
 
132,380
116,467,924
Socket Mobile Inc (c)
  
1,296
1,231
Super Micro Computer Inc (c)
  
363,543
16,755,697
TransAct Technologies Inc (c)
  
6,575
29,390
Turtle Beach Corp (c)
  
13,047
170,133
Virtuix Holdings Inc
 
17,217
63,703
Western Digital Corp
 
205,807
109,326,736
Xerox Holdings Corp (b)
  
79,323
257,007
Xerox Holdings Corp warrants 2/14/2028 (c)
  
39,898
17,156
 
  
  
3,200,515,811
TOTAL INFORMATION TECHNOLOGY
  
  
14,691,028,472
Materials - 0.8%
  
  
  
Chemicals - 0.6%
  
  
  
Alto Ingredients Inc (c)
  
45,352
247,168
Arq Inc (c)
  
22,137
61,098
Ascent Industries Co (c)
  
7,726
104,687
ASP Isotopes Inc (b)(c)
  
66,670
518,693
Balchem Corp
 
19,916
3,121,435
Hawkins Inc
 
12,898
1,996,223
Innospec Inc
 
14,892
1,235,142
Linde PLC
 
281,245
139,972,825
Northern Technologies International Corp
 
6,565
52,520
Novusterra Inc (b)(c)(d)
  
7,237
0
Origin Materials Inc Class A (b)(c)
  
6,500
9,685
PureCycle Technologies Inc (b)(c)
  
113,811
1,410,118
Solesence Inc (c)
  
31,985
39,342
Solstice Advanced Materials Inc
 
96,237
8,106,043
 
  
  
156,874,979
Construction Materials - 0.0%
  
  
  
Smith-Midland Corp (b)(c)
  
3,306
105,957
United States Lime & Minerals Inc
 
17,822
2,031,530
 
  
  
2,137,487
Containers & Packaging - 0.0%
  
  
  
TriMas Corp
 
25,549
1,045,720
Metals & Mining - 0.2%
  
  
  
5E Advanced Materials Inc (b)(c)
  
32,190
59,551
American Battery Technology Co (b)(c)
  
81,101
292,775
Aura Minerals Inc
 
50,665
3,914,885
Century Aluminum Co (c)
  
60,137
3,967,238
Evolution Metals & Technologies Corp (b)(c)
  
361,698
2,441,462
Ferroglobe PLC
 
119,592
517,833
Friedman Industries Inc
 
5,849
136,750
Hycroft Mining Holding Corp (b)(c)
  
55,622
1,838,307
Kaiser Aluminum Corp
 
9,950
1,811,298
NioCorp Developments Ltd (b)(c)
  
93,961
542,155
Perpetua Resources Corp (United States) (b)(c)
  
75,311
2,038,669
Ramaco Resources Inc Class A (b)(c)
  
33,649
525,261
Ramaco Resources Inc Class B
 
7,903
90,963
ReElement Technologies Corp (b)(c)(d)
  
28,952
0
Royal Gold Inc
 
51,795
11,626,942
Steel Dynamics Inc
 
88,278
22,965,522
US Gold Corp (b)(c)
  
10,406
167,953
USA Rare Earth Inc Class A (b)(c)
  
133,041
3,726,478
 
  
  
56,664,042
TOTAL MATERIALS
  
  
216,722,228
Real Estate - 0.5%
  
  
  
Diversified REITs - 0.0%
  
  
  
Gladstone Commercial Corp
 
32,084
404,579
Presidio Property Trust Inc Class A (b)(c)
  
601
1,671
Presidio Property Trust Inc warrants 1/24/2027 (c)
  
6,016
102
 
  
  
406,352
Health Care REITs - 0.0%
  
  
  
Diversified Healthcare Trust
 
157,454
1,310,017
Sabra Health Care REIT Inc
 
154,740
3,077,779
 
  
  
4,387,796
Hotel & Resort REITs - 0.0%
  
  
  
DiamondRock Hospitality Co
 
120,587
1,325,251
Host Hotels & Resorts Inc
 
415,165
9,540,492
Service Properties Trust
 
128,942
230,806
 
  
  
11,096,549
Industrial REITs - 0.0%
  
  
  
Industrial Logistics Properties Trust
 
46,038
412,961
Lineage Inc (b)
  
140,875
6,256,259
 
  
  
6,669,220
Real Estate Management & Development - 0.1%
  
  
  
Alset Inc (c)
  
32,998
53,127
Altisource Portfolio Solutions SA (c)
  
10,838
70,664
Altisource Portfolio Solutions SA warrants 4/2/2029 (c)
  
33,046
6,939
Altisource Portfolio Solutions SA warrants 4/30/2032 (c)
  
33,046
14,838
Comstock Holding Cos Inc Class A (c)
  
7,534
114,818
CoStar Group Inc (c)
  
255,808
8,237,018
eXp World Holdings Inc (b)
  
109,342
537,963
Fathom Holdings Inc (c)
  
4,444
2,533
FRP Holdings Inc (c)
  
17,120
395,643
Gyrodyne LLC (c)
  
1,512
10,660
InterGroup Corp/The (b)(c)
  
1,699
65,853
Linkhome Holdings Inc (c)
  
9,924
9,193
Medalist Diversified Inc
 
805
9,298
Newmark Group Inc Class A
 
99,302
1,387,249
Opendoor Technologies Inc Class A (b)(c)
  
581,926
2,932,908
Opendoor Technologies Inc warrants 11/20/2026 (c)
  
14,917
9,994
Opendoor Technologies Inc warrants 11/20/2026 (c)
  
14,917
4,624
Opendoor Technologies Inc warrants 11/20/2026 (c)
  
14,917
3,880
Real Messenger Corp Class A (b)(c)
  
150
137
RMR Group Inc/The Class A (b)
  
15,672
312,656
Star Holdings (c)
  
27,660
245,621
Stratus Properties Inc (c)
  
6,281
179,605
Zillow Group Inc Class A (c)
  
32,638
1,154,080
Zillow Group Inc Class C (c)
  
110,540
3,868,900
 
  
  
19,628,201
Retail REITs - 0.0%
  
  
  
Phillips Edison & Co Inc
 
75,228
3,020,404
Regency Centers Corp
 
110,441
8,542,612
 
  
  
11,563,016
Specialized REITs - 0.4%
  
  
  
Equinix Inc
 
59,686
63,747,035
Fermi Inc (b)
  
375,278
2,619,440
Gaming and Leisure Properties Inc
 
171,776
8,068,319
Gladstone Land Corp
 
26,559
251,779
Global Self Storage Inc
 
5,948
30,692
Lamar Advertising Co Class A
 
52,565
8,014,060
SBA Communications Corp Class A
 
64,454
13,094,475
 
  
  
95,825,800
TOTAL REAL ESTATE
  
  
149,576,934
Utilities - 0.8%
  
  
  
Electric Utilities - 0.7%
  
  
  
Alliant Energy Corp
 
154,514
11,064,748
American Electric Power Co Inc
 
328,190
41,571,827
Constellation Energy Corp
 
219,848
63,261,262
Evergy Inc
 
138,535
11,365,411
Exelon Corp
 
620,847
28,335,457
MGE Energy Inc
 
24,575
1,855,413
Otter Tail Corp (b)
  
25,883
2,243,021
Xcel Energy Inc
 
378,035
30,053,783
 
  
  
189,750,922
Gas Utilities - 0.0%
  
  
  
RGC Resources Inc (b)
  
6,885
158,699
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
AleAnna Inc Class A (b)(c)
  
29,682
89,639
Fervo Energy Co (c)
  
167,266
6,131,972
Hallador Energy Co (c)
  
28,818
555,035
Montauk Renewables Inc (c)
  
88,120
153,328
Talen Energy Corp (c)
  
27,772
10,742,210
 
  
  
17,672,184
Multi-Utilities - 0.0%
  
  
  
Northwestern Energy Group Inc
 
36,776
2,596,753
Water Utilities - 0.0%
  
  
  
Artesian Resources Corp Class A
 
6,230
202,600
Cadiz Inc (b)(c)
  
60,233
293,937
Consolidated Water Co Ltd
 
10,436
314,958
Global Water Resources Inc (b)
  
23,475
171,133
H2O America
 
20,960
1,212,117
Middlesex Water Co
 
12,150
638,240
Pure Cycle Corp (c)
  
16,404
169,780
York Water Co/The
 
9,044
270,416
 
  
  
3,273,181
TOTAL UTILITIES
  
  
213,451,739
TOTAL UNITED STATES
  
  
26,946,058,525
URUGUAY - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Financial Services - 0.0%
  
  
  
Dlocal Ltd/Uruguay Class A (b)
  
102,273
1,212,958
VIETNAM - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobiles - 0.0%
  
  
  
Vinfast Auto Ltd (b)(c)
  
1,431,331
4,995,345
 
TOTAL COMMON STOCKS
 (Cost $7,630,186,216)
  
  
  
27,779,667,881
 
  
  
  
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
20,881
UNITED STATES - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
FAT Brands Inc Series B, 8.25% (c)
  
1,005
18
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
CGrowth Capital Inc Series A (b)
  
8,946
20,226
Health Care - 0.0%
  
  
  
Health Care Technology - 0.0%
  
  
  
iCoreConnect Inc 12% (c)(d)
  
1,128
0
Pharmaceuticals - 0.0%
  
  
  
Nutriband Inc non-voting shares (d)
  
2,059
0
TOTAL HEALTH CARE
  
  
0
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
SRAX Inc (c)(d)
  
9,776
0
TOTAL UNITED STATES
  
  
20,244
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $31,767)
  
  
  
41,125
 
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (f)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 8/13/2026 (g)
 (Cost $3,212,308)
  
3.64
3,236,000
3,212,443
 
  
  
  
  
Money Market Funds - 2.1%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (h)
  
3.67
126,505,959
126,531,260
Fidelity Securities Lending Cash Central Fund (h)(i)
  
3.67
471,337,452
471,384,586
 
TOTAL MONEY MARKET FUNDS
 (Cost $597,915,846)
  
  
  
597,915,846
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.6%
 (Cost $8,231,346,137)
 
  
 
28,380,837,295
NET OTHER ASSETS (LIABILITIES) - (1.6)%  
(452,028,720)
NET ASSETS - 100.0%
27,928,808,575
 
  
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value and Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
CME E-Mini Nasdaq 100 Index Contracts (United States)
241
6/2026
146,553,305
15,727,632

 
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 $990,260 or 0.0% of net assets.
 
(f)
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.
 
(g)
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 $3,212,443.
 
(h)
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.
 
(i)
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
44,887,612
500,080,026
418,434,783
1,217,073
(1,595)
-
126,531,260
126,505,959
0.2%
Fidelity Securities Lending Cash Central Fund
700,890,520
1,416,587,497
1,646,080,383
15,907,228
(13,048)
-
471,384,586
471,337,452
1.3%
Total
745,778,132
1,916,667,523
2,064,515,166
17,124,301
(14,643)
-
597,915,846
  
  
 
  
  
  
  
  
  
  
  
  
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, 2026, 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
4,132,946,495
4,130,948,452
-
1,998,043
Consumer Discretionary
3,522,151,390
3,521,741,590
-
409,800
Consumer Staples
1,227,011,524
1,226,899,705
-
111,819
Energy
139,886,969
139,886,969
-
-
Financials
839,642,155
838,746,143
-
896,012
Health Care
1,301,145,685
1,301,024,098
33,265
88,322
Industrials
938,266,772
938,266,772
-
-
Information Technology
15,062,379,562
15,062,375,141
-
4,421
Materials
235,878,987
235,878,987
-
-
Real Estate
156,765,544
156,765,544
-
-
Utilities
223,592,798
223,592,798
-
-
 Non-Convertible Preferred Stocks
  
  
  
  
Consumer Discretionary
18
18
-
-
Energy
20,881
20,881
-
-
Financials
20,226
20,226
-
-
Health Care
-
-
-
-
Information Technology
-
-
-
-
 U.S. Treasury Obligations
3,212,443
-
3,212,443
-
 Money Market Funds
597,915,846
597,915,846
-
-
 Total Investments in Securities:
28,380,837,295
28,374,083,170
3,245,708
3,508,417
 Derivative Instruments:
  
  
  
  
 Assets
  
  
  
  
Futures Contracts
15,727,632
15,727,632
-
-
  Total Assets
15,727,632
15,727,632
-
-
 Total Derivative Instruments:
15,727,632
15,727,632
-
-
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, 2026. 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) 
15,727,632
-
Total Equity Risk
15,727,632
-
Total Value of Derivatives
15,727,632
-
 
(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, 2026 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value (including  securities loaned of $671,872,915) - See accompanying schedule:
  
  
  
  
Unaffiliated issuers (cost $7,633,430,291)
$
27,782,921,449
  
  
Fidelity Central Funds (cost $597,915,846)
597,915,846
  
  
 
  
  
  
  
 
  
  
  
  
Total Investment in Securities (cost $8,231,346,137)
  
  
$
28,380,837,295
Segregated cash with brokers for derivative instruments
  
  
5,477,592
Foreign currency held at value (cost $55,824)
  
  
55,729
Receivable for investments sold
  
  
3,140,233
Receivable for fund shares sold
  
  
19,054,161
Dividends receivable
  
  
10,473,186
Distributions receivable from Fidelity Central Funds
  
  
3,344,682
Receivable for variation margin on futures contracts
  
  
469,607
Prepaid expenses
  
  
2,716
Receivable from investment adviser for expense reductions
  
  
114,625
Other receivables
  
  
353,212
  Total assets
  
  
28,423,323,038
Liabilities
  
  
  
  
Payable to custodian bank
$
753
  
  
Payable for fund shares redeemed
16,113,169
  
  
Accrued management fee
6,524,541
  
  
Other payables and accrued expenses
548,531
  
  
Collateral on securities loaned
471,327,469
  
  
  Total liabilities
  
  
  
494,514,463
Net Assets  
  
  
$
27,928,808,575
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
7,817,724,388
Total accumulated earnings (loss)
  
  
  
20,111,084,187
Net Assets
  
  
$
27,928,808,575
Net Asset Value, offering price and redemption price per share ($27,928,808,575 ÷ 81,427,933 shares)
  
  
$
342.99
Statement of Operations
Six months ended May 31, 2026 (Unaudited)
 
 
Investment Income
  
  
  
  
Dividends
 
  
$
73,615,990
Interest  
  
  
86,427
Income from Fidelity Central Funds (including $15,907,228 from security lending)
 
  
17,124,301
Security lending
  
  
102,738
 Total income
  
  
  
90,929,456
Expenses
  
  
  
  
Management fee
$
34,606,544
  
  
Custodian fees and expenses
97,069
  
  
Independent trustees' fees and expenses
30,716
  
  
Registration fees
237,082
  
  
Audit fees
58,971
  
  
Legal
24,890
  
  
Miscellaneous
30,781
  
  
 Total expenses before reductions
  
35,086,053
  
  
 Expense reductions
  
(530,060)
  
  
 Total expenses after reductions
  
  
  
34,555,993
Net Investment income (loss)
  
  
  
56,373,463
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
127,304,629
  
  
   Redemptions in-kind
  
133,359,816
  
  
   Fidelity Central Funds
  
(14,643)
  
  
 Foreign currency transactions
  
(799)
  
  
 Futures contracts
  
(2,584,506)
  
  
Total net realized gain (loss)
  
  
  
258,064,497
Change in net unrealized appreciation (depreciation) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
3,528,424,959
  
  
 Assets and liabilities in foreign currencies
  
1,832
  
  
 Futures contracts
  
13,363,409
  
  
Total change in net unrealized appreciation (depreciation)
  
  
  
3,541,790,200
Net gain (loss)
  
  
  
3,799,854,697
Net increase (decrease) in net assets resulting from operations
  
  
$
3,856,228,160
Statement of Changes in Net Assets
 
 
Six months ended
May 31, 2026
(Unaudited)
  
Year ended
November 30, 2025
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
56,373,463
$
114,323,063
Net realized gain (loss)
  
258,064,497
  
(31,299,972)
Change in net unrealized appreciation (depreciation)
  
3,541,790,200
  
4,083,042,813
Net increase (decrease) in net assets resulting from operations
  
3,856,228,160
  
4,166,065,904
Distributions to shareholders
  
(118,546,115)
  
(113,682,043)
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
2,797,051,821
  
3,789,896,297
  Reinvestment of distributions
  
107,014,848
  
103,423,648
Cost of shares redeemed
  
(1,972,509,551)
  
(3,394,264,616)
 
  
  
  
  
  Net increase (decrease) in net assets resulting from share transactions
  
931,557,118
  
499,055,329
Total increase (decrease) in net assets
  
4,669,239,163
  
4,551,439,190
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
23,259,569,412
  
18,708,130,222
End of period
$
27,928,808,575
$
23,259,569,412
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
9,554,001
  
14,755,844
  Issued in reinvestment of distributions
  
357,444
  
407,598
Redeemed
  
(6,575,352)
  
(13,460,842)
Net increase (decrease)
  
3,336,093
  
1,702,600
 
  
  
  
  
Financial Highlights
 
Fidelity® Nasdaq Composite Index® Fund
 
 
Six months ended
May 31, 2026
(Unaudited) 
  
Years ended November 30, 2025 
  
2024  
  
2023 
  
2022 
  
2021   
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
297.85
$
244.91
$
181.29
$
145.73
$
196.19
$
154.09
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
  
  
     Net investment income (loss) A,B
  
.71
 
1.49
 
1.37
 
1.26
 
1.16
 
1.00
     Net realized and unrealized gain (loss)
 
45.95
 
52.93
 
63.52
 
35.46
 
(50.70)
 
42.19
  Total from investment operations
 
46.66  
  
54.42  
  
64.89  
  
36.72  
  
(49.54)
 
43.19
  Distributions from net investment income
 
(1.52)
 
(1.48)
 
(1.27)
 
(1.16)
 
(.92)
 
(1.09)
     Total distributions
 
(1.52)
 
(1.48)
 
(1.27)
 
(1.16)
 
(.92)
 
(1.09)
  Net asset value, end of period
$
342.99
$
297.85
$
244.91
$
181.29
$
145.73
$
196.19
 Total Return C,D
  
15.74
%
 
22.33%
 
35.99%
 
25.51%
 
(25.37)%
 
28.18%
 Ratios to Average Net Assets B,E,F
  
  
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions
 
.29% G
  
.29%
 
.32%
 
.34%
 
.36%
 
.35%
    Expenses net of fee waivers, if any
 
.29
% G
  
.29%
 
.29%
 
.28%
 
.31%
 
.29%
    Expenses net of all reductions, if any
 
.29% G
  
.29%
 
.29%
 
.28%
 
.31%
 
.29%
    Net investment income (loss)
 
.47% G
  
.58%
 
.64%
 
.78%
 
.73%
 
.56%
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
27,928,809
$
23,259,569
$
18,708,130
$
13,516,765
$
10,662,796
$
14,077,919
    Portfolio turnover rate H
  
7
% G,I
  
4%
 
2%
 
5%
 
4%
 
7%
 
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.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense 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.
GAnnualized.
HAmount 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.
IPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended May 31, 2026
 
 
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 portfolio management team, part of the investment adviser, serves as the chief operating decision maker (CODM) and directs the Fund's investments in accordance with its investment objective and policies, with support from others responsible for oversight functions. The information reviewed by the CODM is consistent with the Fund's 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, 2026 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, 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.
 
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.
 
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, deferred Trustee compensation, 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
$20,650,744,594
Gross unrealized depreciation
(548,976,975)
Net unrealized appreciation (depreciation)
$20,101,767,619
Tax cost
$8,294,797,308
 
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
$(81,458,117)
 Long-term
(223,505,362)
Total capital loss carryforward
$(304,963,479)
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. Subsequent payments from or to a fund are made or as needed depending on the 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 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
1,828,196,407
850,563,184
 
Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Net realized gain or loss on Affiliated Issuers ($)
Net realized gain or loss on Unaffiliated Issuers ($)
Total net realized gain or loss on Investments ($)
Total Proceeds ($)
Fidelity Nasdaq Composite Index Fund
498,969
-
133,359,816
133,359,816
150,109,773
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.
 
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
$353,097
 
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
 6,372,434
 37,823,805
 13,040,491
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, (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 2027 unless extended or renewed.
 
 
Amount ($)
Fidelity Nasdaq Composite Index Fund
14,439
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. For cash collateral, securities lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received and is presented in the Statement of Operations as a component of income from Fidelity Central Funds. For non-cash collateral, securities lending income represents fees received from borrowers as compensation for the securities loaned and is presented in the Statement of Operations in security lending. Securities lending income is reduced by any lending agent fees associated with the loan. 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
1,698,120
 92,837
2,493,546
 
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
222,287,845
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, 2027. 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 $525,006.
 
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 $5,054.
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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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
At its May 2026 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract with Fidelity Management & Research Company LLC (FMR), and the sub-advisory agreements and sub-subadvisory agreements, in each case, where applicable (together, the Advisory Contracts) for the fund, including the fund's sub-advisory agreement with Geode Capital Management, LLC, for two months from June 1, 2026 through July 31, 2026. The Board determined that it will consider the annual renewal of the fund's Advisory Contracts for a full one year period in July 2026, following its review of additional materials provided by FMR.
The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board also considered that since its last approval of the fund's Advisory Contracts, FMR had provided additional information on the fund in support of the annual contract renewal process, including competitive analyses on total expenses and management fees and in-depth reviews of fund performance and fund profitability information. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through July 31, 2026, with the understanding that the Board will consider the annual renewal for a full one year period in July 2026.
In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.
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, ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for two months from June 1, 2026 through July 31, 2026.
 
1.795567.122
EIF-SANN-0726

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, 2026


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, 2026



By:

/s/Stephanie Caron

 

Stephanie Caron

 

Chief Financial Officer (Principal Financial Officer)

 

 

Date:

July 23, 2026

 





ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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EX99906.HTM

FMR-20260730.XSD

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