# EDGAR Filing Document

**Accession Number:** 0000819118
**File Stem:** 0000819118-26-000015
**Filing Date:** 2026-1
**Character Count:** 274492
**Document Hash:** decceec327e35fc2c7b5ab611cfa15fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000819118-26-000015.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0000819118-26-000015

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY CONCORD STREET TRUST
- **CENTRAL INDEX KEY:** 0000819118

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05251
- **FILM NUMBER:** 26550182

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY INSTITUTIONAL TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Fidelity Nasdaq Composite Index Fund (Series ID: S000055366)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000174185 | Fidelity Nasdaq Composite Index Fund | FNCMX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

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 <u>811-05251</u>

<u>Fidelity Concord Street Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;November 30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;November 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Nasdaq Composite Index® Fund<br> **Fidelity® Nasdaq Composite Index® Fund : FNCMX** <br>|

---

This annual shareholder report contains information about Fidelity® Nasdaq Composite Index® Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Nasdaq Composite Index® Fund  | $32  | 0.29% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, information technology gained roughly 28% and contributed most to the fund's performance for the fiscal year. Communication services stocks also helped, gaining 42% and benefiting from the media & entertainment industry (+46%). The consumer discretionary sector rose about 11%. Other contributors included the health care (+18%), utilities (+30%) and financials (+2%) sectors.

• Conversely, industrials returned roughly -7% and detracted most. This group was hampered by the commercial & professional services industry (-19%). Real estate (-16%), hampered by the equity real estate investment trusts industry (-19%), and consumer staples (-4%) also hurt. Other detractors included the materials (-3%) and energy (-3%) sectors.

• Turning to individual stocks, the biggest contributor was Alphabet (+89%), from the media & entertainment industry. Broadcom (+151%) and NVIDIA (+28%), within the semiconductors & semiconductor equipment category, lifted the fund. In technology hardware & equipment, Apple (+18%) helped. Lastly, in software & services, Microsoft (+17%) also lifted the fund.

• In contrast, the biggest detractor was Adobe (-38%), from the software & services industry. From the same category, Strategy returned about -54% and detracted. In media & entertainment, Comcast (-36%) and Trade Desk (-69%) hurt the fund. Lastly, in telecommunication services, T-Mobile US returned -14% and also hurt the fund.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Nasdaq Composite Index® Fund<br>| $10000 | $10543<br>| $13734<br>| $14737<br>| $17618<br>| $24952<br>| $31983<br>| $23867<br>| $29955<br>| $40736<br>| $49830<br>|
| Nasdaq Composite Index®<br>| $10000 | $10553<br>| $13777<br>| $14845<br>| $17742<br>| $25205<br>| $32314<br>| $24045<br>| $30087<br>| $40934<br>| $50095<br>|
| S&P 500® Index<br>| $10000 | $10806<br>| $13277<br>| $14111<br>| $16384<br>| $19244<br>| $24617<br>| $22350<br>| $25443<br>| $34066<br>| $39175<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120923_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Nasdaq Composite Index® Fund | 22.33% | 14.84% | 17.42% |
| Nasdaq Composite Index® | 22.38%<br>| 14.73%<br>| 17.48% |
| S&P 500® Index | 15.00%<br>| 15.28%<br>| 14.63% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $23259569412<br>|
| Number of Holdings | 2904<br>|
| Total Advisory Fee | $57260984<br>|
| Portfolio Turnover | 4%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 51.5 |
| Communication Services | 16.3 |
| Consumer Discretionary | 13.5 |
| Health Care | 5.8 |
| Financials | 3.6 |
| Industrials | 3.6 |
| Consumer Staples | 2.8 |
| Utilities | 0.9 |
| Materials | 0.7 |
| Real Estate | 0.6 |
| Energy | 0.5 |

---

Common Stocks 99.8 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1282_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.2 |

---

---

| | |
|:---|:---|
| United States | 96.5 |
| Canada | 1.0 |
| Netherlands | 0.6 |
| China | 0.6 |
| Brazil | 0.3 |
| Israel | 0.3 |
| United Kingdom | 0.3 |
| Hong Kong | 0.1 |
| Switzerland | 0.1 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1282_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Hong Kong - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 11.3<br>|
| Apple Inc | 10.7<br>|
| Microsoft Corp | 9.6<br>|
| Amazon.com Inc | 6.5<br>|
| Broadcom Inc | 5.0<br>|
| Alphabet Inc Class A | 4.9<br>|
| Alphabet Inc Class C | 4.5<br>|
| Meta Platforms Inc Class A | 3.7<br>|
| Tesla Inc | 3.7<br>|
| Netflix Inc | 1.2<br>|
|  | 61.1 |

---

---

| | | |
|:---|:---|:---|
| 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. | 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. | 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. |
| ![](img1282_20251130_2.jpg)<br>| ![](img120923_3.jpg) | 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**<br> 1.9914108.101 1282-TSRA-0126 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, November 30, 2025, Fidelity Concord Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Nasdaq Composite Index Fund (the "Fund"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>November 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Nasdaq Composite Index Fund | &nbsp;&nbsp; $64100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6700  | &nbsp;&nbsp;$700  |

---

**<u>November 30, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Nasdaq Composite Index Fund | &nbsp;&nbsp; $62500  | &nbsp;&nbsp;$- | &nbsp;&nbsp; $10500  | &nbsp;&nbsp;$1400 |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>November 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>November 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp; $125000  | &nbsp;&nbsp; $125000  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$1970400 | &nbsp;&nbsp;$2929500 |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>November 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>November 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$2439600  | &nbsp;&nbsp;$3360900  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Nasdaq Composite Index® Fund**

**Annual Report**

**November 30, 2025**

![](img120715_1.jpg)

![](img120715_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_EIF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Nasdaq Composite Index® Fund](#Sub_Sec_Fund_1282_EIF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1282_EIF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_EIF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_EIF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EIF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EIF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EIF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EIF-ANN)** |

---

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 (Annual Report)**

**Fidelity® Nasdaq Composite Index® Fund**

**Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| ARGENTINA - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Cresud SACIF y A ADR (b) | 34252 | 408626 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Grupo Financiero Galicia SA Class B ADR (b) | 37288 | 1997518 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Bioceres Crop Solutions Corp (b)(c) | 39087 | 67230 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| IRSA Inversiones y Representaciones SA ADR (d) | 688 | 10630 |
| TOTAL ARGENTINA |  | 2484004 |
| AUSTRALIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Fitell Corp Class A (b)(c) | 515 | 438 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Alterity Therapeutics ltd ADR (b)(c) | 1155 | 4193 |
| Benitec Biopharma Inc (b)(c) | 17169 | 222510 |
| Immutep Ltd ADR (b)(c) | 18722 | 38006 |
| Kazia Therapeutics Ltd ADR (b)(c) | 196 | 2068 |
| Mesoblast Ltd ADR (b)(c) | 30737 | 529599 |
| Opthea Ltd ADR (c) | 5049 | 544 |
|  |  | 796920 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Genetic Technologies Ltd ADR (c)(e) | 502 | 0 |
| TOTAL HEALTH CARE |  | 796920 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Novonix Ltd ADR (b)(c) | 5291 | 6190 |
| Software - 0.0% |  |  |
| IREN Ltd (b)(c) | 164921 | 7884874 |
| Mawson Infrastructure Group Inc (b)(c) | 154 | 793 |
|  |  | 7885667 |
| TOTAL INFORMATION TECHNOLOGY |  | 7891857 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Elevra Lithium Ltd ADR (b) | 5572 | 209396 |
| ioneer Ltd ADR (b)(c) | 1836 | 8739 |
| IperionX Ltd ADR (b)(c) | 2858 | 96600 |
| Snow Lake Resources Ltd (b)(c) | 3125 | 10313 |
|  |  | 325048 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| VivoPower International PLC (b)(c) | 1642 | 4318 |
| TOTAL AUSTRALIA |  | 9018581 |
| AUSTRIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Critical Metals Corp (c) | 65279 | 537246 |
| BAHAMAS (NASSAU) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| OneSpaWorld Holdings Ltd (b) | 62990 | 1286256 |
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (c) | 111518 | 1272420 |
| Liberty Global Ltd Class B (c) | 327 | 3666 |
| Liberty Global Ltd Class C (c) | 95055 | 1091231 |
|  |  | 2367317 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Galapagos NV ADR (b)(c) | 7851 | 245893 |
| MDxHealth SA (c) | 29185 | 107693 |
|  |  | 353586 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Nyxoah SA (United States) (b)(c) | 18604 | 89299 |
| TOTAL HEALTH CARE |  | 442885 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Materialise NV ADR (c) | 17527 | 105688 |
| TOTAL BELGIUM |  | 2915890 |
| BERMUDA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Kestrel Group Ltd (b) | 7723 | 114995 |
| BRAZIL - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| MercadoLibre Inc (c) | 30661 | 63522847 |
| Diversified Consumer Services - 0.0% |  |  |
| Afya Ltd Class A  | 26816 | 405994 |
| Vasta Platform Ltd Class A (c) | 9735 | 47896 |
|  |  | 453890 |
| TOTAL CONSUMER DISCRETIONARY |  | 63976737 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Inter & Co Inc Class A (b) | 200265 | 1820409 |
| Capital Markets - 0.0% |  |  |
| Vinci Compass Investments Ltd Class A  | 27406 | 338190 |
| XP Inc Class A  | 250417 | 4935719 |
|  |  | 5273909 |
| Financial Services - 0.0% |  |  |
| StoneCo Ltd Class A (c) | 152613 | 2571529 |
| TOTAL FINANCIALS |  | 9665847 |
| Industrials - 0.0% |  |  |
| Trading Companies & Distributors - 0.0% |  |  |
| Lavoro Ltd Class A (b)(c) | 3635 | 3441 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Zenvia Inc Class A (c) | 11429 | 13601 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Sigma Lithium Corp (United States) (b)(c) | 65547 | 741337 |
| TOTAL BRAZIL |  | 74400963 |
| BRITISH VIRGIN ISLANDS - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Dogness International Corp Class A (b)(c) | 1963 | 24970 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| OKYO Pharma Ltd (c) | 12090 | 23817 |
| Industrials - 0.0% |  |  |
| Ground Transportation - 0.0% |  |  |
| Swvl Holdings Corp Class A (b)(c) | 3786 | 10752 |
| TOTAL BRITISH VIRGIN ISLANDS |  | 59539 |
| CAMBODIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Kandal M Venture Ltd Class A (b)(c) | 5510 | 3300 |
| CAMEROON - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Golar LNG Ltd (b) | 61927 | 2288203 |
| CANADA - 1.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telesat Corp Variable Voting Shares (United States) (b)(c) | 8121 | 211552 |
| Interactive Media & Services - 0.0% |  |  |
| GameSquare Holdings Inc (b)(c) | 18104 | 9615 |
| TOTAL COMMUNICATION SERVICES |  | 221167 |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| Visionary Holdings Inc Class A (b)(c) | 1472 | 2134 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Bragg Gaming Group Inc (United States) (c) | 11254 | 25322 |
| TOTAL CONSUMER DISCRETIONARY |  | 27456 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Above Food Ingredients Inc (b)(c) | 23464 | 70392 |
| Borealis Foods Inc Class A (b)(c) | 8028 | 15253 |
| Sunopta Inc (United States) (c) | 69316 | 260628 |
| Village Farms International Inc (c) | 67993 | 269253 |
|  |  | 615526 |
| Personal Care Products - 0.0% |  |  |
| Bioharvest Sciences Inc (b)(c) | 11811 | 79488 |
| Flora Growth Corp (b)(c) | 423 | 3544 |
|  |  | 83032 |
| TOTAL CONSUMER STAPLES |  | 698558 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Anfield Energy Inc (United States) (c) | 18177 | 118696 |
| Encore Energy Corp (United States) (b)(c) | 127795 | 348880 |
| Kolibri Global Energy Inc (United States) (b)(c) | 24921 | 100182 |
| Uranium Royalty Corp (United States) (b)(c) | 89490 | 332903 |
|  |  | 900661 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| VersaBank (United States) (b) | 25720 | 311212 |
| Capital Markets - 0.0% |  |  |
| Defi Technologies Inc (United States) (b)(c) | 243874 | 370688 |
| Consumer Finance - 0.0% |  |  |
| Mogo Inc (United States) (c) | 5176 | 6677 |
| Financial Services - 0.0% |  |  |
| Oxley Bridge Acquisition Ltd Class A  | 7367 | 73744 |
| TOTAL FINANCIALS |  | 762321 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Alpha Cognition Inc (c) | 11992 | 72192 |
| AlphaTON Capital Corp (b)(c) | 107 | 202 |
| Aurinia Pharmaceuticals Inc (c) | 80526 | 1298079 |
| BriaPro Therapeutics Corp (b)(c)(e) | 7229 | 0 |
| Bright Minds Biosciences Inc (United States) (c) | 4990 | 349300 |
| Engene Holdings Inc (b)(c) | 29018 | 234175 |
| Fennec Pharmaceuticals Inc (United States) (b)(c) | 19587 | 160418 |
| Medicus Pharma Ltd (c) | 3745 | 8239 |
| Oncolytics Biotech Inc (b)(c) | 66939 | 66725 |
| ProMIS Neurosciences Inc (c) | 344 | 2312 |
| TuHURA Biosciences Inc (b)(c) | 21397 | 42794 |
| TuHURA Biosciences Inc rights (b)(c)(e) | 30458 | 0 |
| Xenon Pharmaceuticals Inc (c) | 48796 | 2182157 |
|  |  | 4416593 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Profound Medical Corp (United States) (b)(c) | 14049 | 92723 |
| Zentek Ltd (United States) (b)(c) | 53854 | 40660 |
|  |  | 133383 |
| Life Sciences Tools & Services - 0.0% |  |  |
| AbCellera Biologics Inc (b)(c) | 176961 | 660065 |
| MindWalk Holdings Corp (c) | 16134 | 33236 |
|  |  | 693301 |
| Pharmaceuticals - 0.0% |  |  |
| Aurora Cannabis Inc (United States) (b)(c) | 32619 | 150047 |
| Cardiol Therapeutics Inc (United States) (b)(c) | 52435 | 55057 |
| Cronos Group Inc (United States) (b)(c) | 226947 | 560559 |
| Grace Therapeutics Inc (c) | 5571 | 17716 |
| Lexaria Bioscience Corp (b)(c) | 11622 | 12668 |
| Milestone Pharmaceuticals Inc (b)(c) | 74022 | 199119 |
| SNDL Inc (b)(c) | 164900 | 290224 |
| Tilray Brands Inc Class 2 (b)(c) | 694897 | 564951 |
|  |  | 1850341 |
| TOTAL HEALTH CARE |  | 7093618 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Draganfly Inc (United States) (b)(c) | 1835 | 13414 |
| Electrical Equipment - 0.0% |  |  |
| Ballard Power Systems Inc (United States) (c) | 205283 | 583004 |
| Electrovaya Inc (United States) (b)(c) | 25962 | 122800 |
|  |  | 705804 |
| Machinery - 0.0% |  |  |
| GreenPower Motor Co Inc (c) | 787 | 803 |
| Westport Fuel Systems Inc (United States) (b)(c) | 7639 | 13597 |
|  |  | 14400 |
| Professional Services - 0.3% |  |  |
| Thomson Reuters Corp (United States) (b) | 272888 | 36957223 |
| TOTAL INDUSTRIALS |  | 37690841 |
| Information Technology - 0.7% |  |  |
| Communications Equipment - 0.0% |  |  |
| Core AI Holdings Inc (b)(c) | 15069 | 40084 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Senstar Technologies Corp (c) | 15517 | 60361 |
| IT Services - 0.6% |  |  |
| Shopify Inc Class A (United States) (c) | 738493 | 117154530 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Canadian Solar Inc (c) | 38856 | 1054940 |
| POET Technologies Inc (b)(c) | 57806 | 286140 |
|  |  | 1341080 |
| Software - 0.1% |  |  |
| Aduro Clean Technologies Inc (United States) (b)(c) | 19232 | 255016 |
| Bitfarms Ltd/Canada (United States) (b)(c) | 339368 | 1181001 |
| BTQ Technologies Corp (United States) (b)(c) | 84010 | 590590 |
| Descartes Systems Group Inc/The (United States) (c) | 52552 | 4331336 |
| Docebo Inc (United States) (c) | 19412 | 407264 |
| Hive Digital Technologies Ltd (United States) (b)(c) | 124365 | 417866 |
| Hut 8 Corp (United States) (c) | 63046 | 2837070 |
| Open Text Corp (United States) (b) | 155099 | 5217531 |
| ZenaTech Inc (b)(c) | 17419 | 59573 |
|  |  | 15297247 |
| TOTAL INFORMATION TECHNOLOGY |  | 133893302 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Loop Industries Inc (c) | 22730 | 25912 |
| Methanex Corp (United States)  | 48510 | 1727441 |
|  |  | 1753353 |
| Metals & Mining - 0.0% |  |  |
| Algoma Steel Group Inc (United States) (b) | 63813 | 272482 |
| Almonty Industries Inc (United States) (b)(c) | 134181 | 920482 |
| Electra Battery Materials Corp (United States) (c) | 4032 | 4032 |
| Foremost Clean Energy Ltd (United States) (b)(c) | 4132 | 12272 |
| Largo Inc (United States) (c) | 32137 | 31845 |
| NexMetals Mining Corp (United States) (b)(c) | 3586 | 13483 |
| Ssr Mining Inc (United States) (c) | 125033 | 2910769 |
| Tmc The Metals CO Inc Class A (b)(c) | 252088 | 1754532 |
| US Goldmining Inc (b)(c) | 7020 | 69287 |
| Vox Royalty Corp (United States)  | 48270 | 231213 |
|  |  | 6220397 |
| TOTAL MATERIALS |  | 7973750 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Colliers International Group Inc Subordinate Voting Shares (United States) (b) | 30553 | 4399326 |
| FirstService Corp Subordinate Voting Shares (United States)  | 27821 | 4363724 |
| Real Brokerage Inc/The (c) | 134881 | 535478 |
|  |  | 9298528 |
| TOTAL CANADA |  | 198560202 |
| CHINA - 0.6%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.0% |  |  |
| DouYu International Holdings Ltd ADR  | 10412 | 74238 |
| Gamehaus Holdings Inc Class A (b) | 3313 | 3479 |
| iQIYI Inc Class A ADR (b)(c) | 328706 | 719866 |
| Netease Inc ADR  | 52667 | 7270679 |
| Pop Culture Group Co Ltd Class A (c) | 58011 | 24956 |
| Scienjoy Holding Corp Class A (c) | 16735 | 11882 |
| Sohu.com Ltd ADR (c) | 22115 | 341013 |
|  |  | 8446113 |
| Interactive Media & Services - 0.2% |  |  |
| 9F Inc ADR (c) | 2127 | 10401 |
| Baidu Inc Class A ADR (b)(c) | 80485 | 9407892 |
| Bilibili Inc ADR (b)(c) | 72394 | 1926404 |
| Hello Group Inc Class A ADR  | 102307 | 712057 |
| JOYY Inc Class A ADR  | 34565 | 2181743 |
| Oriental Culture Holding Ltd (b)(c) | 9220 | 24525 |
| So-Young International Inc ADR (b) | 55857 | 164778 |
| Weibo Corp Class A ADR (b) | 57923 | 575755 |
|  |  | 15003555 |
| Media - 0.0% |  |  |
| Able View Global Inc Class B (c) | 10224 | 6748 |
| Amber International Holding Ltd Class A ADR (b)(c) | 6483 | 16272 |
| GD Culture Group Ltd (b)(c) | 17293 | 80758 |
| LZ Technology Holdings Ltd Class B (b)(c) | 76919 | 229989 |
| WiMi Hologram Cloud Inc Class B (c) | 4090 | 12515 |
| Yueda Digital Holding Class A (c) | 214 | 304 |
|  |  | 346586 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Ucloudlink Group Inc ADR (c) | 11071 | 21034 |
| TOTAL COMMUNICATION SERVICES |  | 23817288 |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.0% |  |  |
| China Automotive Systems Inc (c) | 21380 | 87872 |
| ECARX Holdings Inc Class A (b)(c) | 208497 | 385719 |
| Hesai Group ADR (c) | 8122 | 156186 |
| Kandi Technologies Group Inc (c) | 49661 | 47059 |
| Mingteng International Corp Inc (b)(c) | 4757 | 6993 |
| WeRide Inc ADR (b)(c) | 145149 | 1196028 |
|  |  | 1879857 |
| Automobiles - 0.0% |  |  |
| Ezgo Technologies Ltd (b)(c) | 449 | 1046 |
| Li Auto Inc ADR (b)(c) | 131664 | 2421301 |
| Lotus Technology inc ADR (b)(c) | 10052 | 13771 |
| Niu Technologies ADR (b)(c) | 44796 | 155442 |
|  |  | 2591560 |
| Broadline Retail - 0.3% |  |  |
| Baozun Inc Class A ADR (c) | 32067 | 91712 |
| JD.com Inc ADR  | 289045 | 8622212 |
| PDD Holdings Inc Class A ADR (c) | 404132 | 46911643 |
| Yunji Inc ADR (c) | 430 | 714 |
|  |  | 55626281 |
| Distributors - 0.0% |  |  |
| Epsium Enterprise Ltd (b)(c) | 7999 | 30076 |
| Diversified Consumer Services - 0.0% |  |  |
| 17 Education & Technology Group Inc ADR (c) | 3611 | 18886 |
| ATA Creativity Global ADR (c) | 4528 | 5343 |
| Here Group Ltd ADR (b)(c) | 14144 | 71286 |
| Lixiang Education Holding Co Ltd ADR (c) | 6384 | 2298 |
| Netclass Technology Inc  | 3325 | 3458 |
| Ruanyun Edai Technology Inc (b)(c) | 20088 | 20289 |
| Skillful Craftsman Education Technology Ltd (c) | 6452 | 6775 |
| VisionSys AI Inc Class A ADR (b)(c) | 8570 | 990 |
| Wah Fu Education Group Ltd (c) | 9305 | 15074 |
| YSX Tech Co Ltd (b)(c) | 16342 | 37260 |
| Zhongchao Inc Class A (c) | 592 | 380 |
|  |  | 182039 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Atour Lifestyle Holdings Ltd ADR  | 58034 | 2226765 |
| Chagee Holdings Ltd ADR (b) | 12644 | 189534 |
| H World Group Ltd ADR (b) | 85070 | 3921727 |
| TH International Ltd (b)(c) | 18716 | 48100 |
| Trip.com Group Ltd ADR  | 160858 | 11247191 |
| Tuniu Corp Class A ADR  | 24726 | 18050 |
|  |  | 17651367 |
| Household Durables - 0.0% |  |  |
| Viomi Technology Co Ltd Class A ADR  | 21467 | 53453 |
| Specialty Retail - 0.0% |  |  |
| Autozi Internet Technology Global Ltd Class A (b)(c) | 38760 | 2465 |
| Jiuzi Holdings Inc (c) | 1720 | 326 |
| NaaS Technology Inc ADR (b)(c) | 203 | 719 |
| Park Ha Biological Technology Co Ltd (b)(c) | 16854 | 4522 |
| Smart Share Global Ltd ADR (c) | 22395 | 30681 |
| U Power Ltd Class A (b)(c) | 1292 | 2455 |
| Uxin Ltd Class A ADR (b)(c) | 10149 | 28113 |
|  |  | 69281 |
| TOTAL CONSUMER DISCRETIONARY |  | 78083914 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| 111 Inc Class A ADR (c) | 2444 | 9336 |
| Food Products - 0.0% |  |  |
| Origin Agritech Ltd (b)(c) | 8286 | 11352 |
| Pingtan Marine Enterprise Ltd (b)(c)(e) | 62069 | 0 |
|  |  | 11352 |
| TOTAL CONSUMER STAPLES |  | 20688 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Leishen Energy Holding Co Ltd (c) | 8390 | 43376 |
| Recon Technology Ltd Class A (c) | 840 | 1109 |
|  |  | 44485 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Up Fintech Holding Ltd ADR (c) | 80506 | 710063 |
| Consumer Finance - 0.0% |  |  |
| Jiayin Group Inc ADR  | 9010 | 64241 |
| LexinFintech Holdings Ltd Class A ADR  | 85334 | 280749 |
| Metalpha Technology Holding Ltd (b)(c) | 31314 | 85174 |
| Pintec Technology Holdings Ltd ADR (c) | 4579 | 4533 |
| Qfin Holdings Inc Class A ADR  | 73329 | 1432116 |
|  |  | 1866813 |
| Financial Services - 0.0% |  |  |
| CH Auto Inc (b)(c)(e) | 2322 | 16829 |
| Eureka Acquisition Corp Class A (c) | 951 | 10308 |
| Future Vision II Acquisition Corp (c) | 1077 | 11330 |
|  |  | 38467 |
| Insurance - 0.0% |  |  |
| AIFU Inc Class A (c) | 1408 | 4139 |
| Huize Holding Ltd ADR (b)(c) | 1764 | 5945 |
| Maase Inc Class A (c) | 4240 | 16536 |
| Yuanbao Inc ADR (b) | 622 | 12546 |
|  |  | 39166 |
| TOTAL FINANCIALS |  | 2654509 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Adagene Inc ADR (c) | 10309 | 20721 |
| Ascentage Pharma Group International ADR (b) | 361 | 11812 |
| Burning Rock Biotech Ltd ADR (b)(c) | 1792 | 38689 |
| Connect Biopharma Holdings Ltd Class Common ADR (c) | 23320 | 65529 |
| NovaBridge Biosciences ADR (b)(c) | 45084 | 173123 |
| Sinovac Biotech Ltd (e) | 27717 | 0 |
| Zai Lab Ltd ADR (b)(c) | 30578 | 624097 |
|  |  | 933971 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Baird Medical Investment Holdings Ltd (b)(c) | 25442 | 37400 |
| Jin Medical International Ltd (c) | 106540 | 26912 |
| Meihua International Medical Technologies Co Ltd Class A (b)(c) | 143 | 1699 |
|  |  | 66011 |
| Health Care Providers & Services - 0.0% |  |  |
| Akso Health Group ADR (c) | 14973 | 23358 |
| Health Care Technology - 0.0% |  |  |
| Pheton Holdings Ltd Class A (b)(c) | 6251 | 3812 |
| Pharmaceuticals - 0.0% |  |  |
| BGM Group Ltd Class A (b)(c) | 25569 | 196881 |
| China SXT Pharmaceuticals Inc (b)(c) | 53671 | 76750 |
| HUTCHMED China Ltd ADR (b)(c) | 21833 | 314832 |
| Zhengye Biotechnology Holding Ltd (b)(c) | 29068 | 60752 |
|  |  | 649215 |
| TOTAL HEALTH CARE |  | 1676367 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| EHang Holdings Ltd ADR (b)(c) | 33547 | 478380 |
| Air Freight & Logistics - 0.0% |  |  |
| Shengfeng Development Ltd Class A (c) | 23490 | 21042 |
| Commercial Services & Supplies - 0.0% |  |  |
| Planet Image International Ltd Class A (c) | 12104 | 12588 |
| Construction & Engineering - 0.0% |  |  |
| Huhutech International Group Inc (b)(c) | 12124 | 128272 |
| Electrical Equipment - 0.0% |  |  |
| eLong Power Holding Ltd Class A (b)(c) | 23422 | 5085 |
| Erayak Power Solution Group Inc Class A (c) | 110 | 397 |
|  |  | 5482 |
| Ground Transportation - 0.0% |  |  |
| MingZhu Logistics Holdings Ltd (b)(c) | 1866 | 207 |
| Webus International Ltd (c) | 7025 | 5698 |
|  |  | 5905 |
| Machinery - 0.0% |  |  |
| Greenland Technologies Holding Corp (b)(c) | 13703 | 14662 |
| Scage Future ADR  | 1957 | 3523 |
| ZJK Industrial Co Ltd (b)(c) | 42267 | 137368 |
|  |  | 155553 |
| Professional Services - 0.0% |  |  |
| Kanzhun Ltd ADR  | 215841 | 4770086 |
| Lucas GC Ltd Class A (b)(c) | 1314 | 3456 |
| Sunrise New Energy Co Ltd (c)(f) | 8860 | 10455 |
|  |  | 4783997 |
| TOTAL INDUSTRIALS |  | 5591219 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Iczoom Group Inc Class A (b)(c) | 6798 | 6662 |
| Lianhe Sowell International Group Ltd (b)(c) | 34942 | 49268 |
| Ostin Technology Group Co Ltd Class A (b)(c)(e) | 2608 | 4421 |
|  |  | 60351 |
| IT Services - 0.0% |  |  |
| CLPS Inc (c) | 5050 | 4621 |
| GDS Holdings Ltd Class A ADR (b)(c) | 61600 | 2092553 |
| Hitek Global Inc Class A (b)(c) | 14392 | 23171 |
| Kingsoft Cloud Holdings Ltd ADR (b)(c) | 16954 | 209551 |
| Vnet Group Inc Class A ADR (c) | 89961 | 804251 |
|  |  | 3134147 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| indie Semiconductor Inc Class A (b)(c) | 121120 | 431187 |
| Nano Labs Ltd Class A (b)(c) | 8323 | 36372 |
|  |  | 467559 |
| Software - 0.0% |  |  |
| Abits Group Inc (b)(c) | 1041 | 6184 |
| Agora Inc ADR (c) | 44594 | 160984 |
| Aurora Mobile Ltd Class A ADR (c) | 2278 | 14556 |
| Bit Origin Ltd Class A (b)(c) | 20335 | 5541 |
| Chaince Digital Holdings Inc (b)(c) | 35852 | 345614 |
| Datasea Inc (b)(c) | 3072 | 3717 |
| Infobird Co Ltd (c) | 708 | 644 |
| MMTEC Inc (b)(c) | 9228 | 25100 |
| Next Technology Holding Inc (b)(c) | 1020 | 8650 |
| NiSun International Enterprise Development Group Co Ltd Class A (c) | 420 | 1495 |
| Nukkleus Inc (b)(c) | 2519 | 13980 |
| Pony AI Inc ADR (c) | 11318 | 154717 |
| The9 Ltd ADR (b)(c) | 1774 | 12720 |
| Xiao I Corp ADR (b)(c) | 2871 | 2117 |
| Xunlei Ltd ADR (b)(c) | 31904 | 230666 |
|  |  | 986685 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Canaan Inc Class A ADR (b)(c) | 299200 | 302192 |
| Ebang International Holdings Inc Class A (c) | 1980 | 7187 |
|  |  | 309379 |
| TOTAL INFORMATION TECHNOLOGY |  | 4958121 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Hongli Group Inc (c) | 7458 | 12157 |
| Huadi International Group Co Ltd (c) | 1902 | 2529 |
|  |  | 14686 |
| TOTAL CHINA |  | 116861277 |
| COSTA RICA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Establishment Labs Holdings Inc (b)(c) | 18322 | 1269531 |
| CYPRUS - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| GDEV Inc  | 6522 | 116157 |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Castor Maritime Inc (c) | 4135 | 8063 |
| Robin Energy Ltd  | 1486 | 1208 |
| Toro Corp (c) | 11890 | 46252 |
|  |  | 55523 |
| TOTAL CYPRUS |  | 171680 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Ascendis Pharma A/S ADR (c) | 36861 | 7826696 |
| Evaxion A/S ADR (b)(c) | 621 | 3682 |
| Genmab A/S ADR (b)(c) | 23636 | 764861 |
| IO Biotech Inc (b)(c) | 33307 | 23968 |
| TOTAL DENMARK |  | 8619207 |
| FRANCE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Criteo SA ADR (c) | 33597 | 667908 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Abivax SA ADR (c) | 35688 | 4454934 |
| Clementia Pharmaceuticals Inc rights (c)(e) | 21066 | 0 |
| DBV Technologies SA ADR (c) | 3877 | 50750 |
| Inventiva SA ADR (c) | 4695 | 19954 |
| Nanobiotix SA ADR (b)(c) | 4489 | 92878 |
| Valneva SE ADR (b)(c) | 2880 | 26942 |
|  |  | 4645458 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| EDAP TMS SA ADR (c) | 22764 | 52812 |
| Pharmaceuticals - 0.0% |  |  |
| Ipsen SA (c)(e) | 103469 | 0 |
| TOTAL HEALTH CARE |  | 4698270 |
| TOTAL FRANCE |  | 5366178 |
| GERMANY - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Trivago NV Class A ADR (c) | 10967 | 33669 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Anbio Biotechnology Ltd Class A (b) | 25763 | 603627 |
| BioNTech SE ADR (b)(c) | 60514 | 6242019 |
| CureVac NV (c) | 111185 | 610406 |
| Immatics NV (b)(c) | 79063 | 845183 |
| InflaRx NV (b)(c) | 43672 | 55027 |
| Mainz Biomed NV (c) | 225 | 243 |
|  |  | 8356505 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Evotec SE ADR (c) | 2506 | 8345 |
| Pharmaceuticals - 0.0% |  |  |
| Atai Beckley NV (b)(c) | 144369 | 561595 |
| TOTAL HEALTH CARE |  | 8926445 |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Mercer International Inc  | 38307 | 69336 |
| TOTAL GERMANY |  | 9029450 |
| GIBRALTAR - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Forafric Global PLC (b)(c) | 14324 | 146821 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| Anghami Inc (c) | 3505 | 10515 |
| NIP Group Inc ADR (c) | 4526 | 6653 |
|  |  | 17168 |
| Interactive Media & Services - 0.0% |  |  |
| GIBO Holdings Ltd Class A  | 456 | 1163 |
| Media - 0.0% |  |  |
| TNL Mediagene (b) | 2496 | 768 |
| TOTAL COMMUNICATION SERVICES |  | 19099 |
| Consumer Discretionary - 0.0% |  |  |
| Leisure Products - 0.0% |  |  |
| FST Corp (b) | 41123 | 57983 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Australian Oilseeds Holdings Ltd (b)(c) | 1443 | 1371 |
| Personal Care Products - 0.0% |  |  |
| Big Tree Cloud Holdings Ltd (c) | 42130 | 19081 |
| TOTAL CONSUMER STAPLES |  | 20452 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Patria Investments Ltd Class A (b) | 37295 | 562035 |
| Webull Corp Class A (b) | 244687 | 2282930 |
|  |  | 2844965 |
| Financial Services - 0.0% |  |  |
| Fifth Era Acquisition Corp I Class A  | 3700 | 38147 |
| GigCapital7 Corp Class A (c) | 53328 | 559411 |
|  |  | 597558 |
| Insurance - 0.0% |  |  |
| Cheche Group Inc Class A (b)(c) | 32459 | 30982 |
| Oxbridge Re Holdings Ltd (c) | 5511 | 7495 |
|  |  | 38477 |
| TOTAL FINANCIALS |  | 3481000 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| BridgeBio Oncology Therapeutics Inc (b)(c) | 48351 | 595201 |
| Health Care Providers & Services - 0.0% |  |  |
| Prenetics Global Ltd Class A (b)(c) | 6297 | 91621 |
| TOTAL HEALTH CARE |  | 686822 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| ESGL Holdings Ltd (b)(c) | 33157 | 132629 |
| Electrical Equipment - 0.0% |  |  |
| Skycorp Solar Group Ltd (b)(c) | 2895 | 2287 |
| Marine Transportation - 0.0% |  |  |
| High-Trend International Group Class A (b)(c) | 1012 | 12341 |
| Professional Services - 0.0% |  |  |
| Youlife Group Inc ADR  | 1708 | 2801 |
| Trading Companies & Distributors - 0.0% |  |  |
| Ten-League International Holdings Ltd (b)(c) | 12859 | 4624 |
| TOTAL INDUSTRIALS |  | 154682 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Semilux International Ltd (b)(c) | 16572 | 8799 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Blue Gold Ltd Class A (b) | 17992 | 66211 |
| Namib Minerals (b) | 33891 | 45075 |
|  |  | 111286 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 4540123 |
| GREECE - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| StealthGas Inc (c) | 31075 | 213174 |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Capital Clean Energy Carriers Corp (b) | 19867 | 408664 |
| Euro-Holdings Ltd (b) | 2014 | 14481 |
| EuroDry Ltd (c) | 3945 | 51246 |
| Euroseas Ltd  | 5058 | 304947 |
| Performance Shipping Inc (c) | 4386 | 9649 |
| Pyxis Tankers Inc (c) | 10640 | 32452 |
| Star Bulk Carriers Corp (b) | 75248 | 1497435 |
| United Maritime Corp  | 608 | 1058 |
|  |  | 2319932 |
| TOTAL GREECE |  | 2533106 |
| GUATEMALA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Millicom International Cellular SA  | 101023 | 5361291 |
| HONG KONG - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Ctrl Group Ltd (c) | 10619 | 10552 |
| Etoiles Capital Group Co Ltd Class A (b)(e) | 11423 | 171573 |
| Everbright Digital Holding Ltd (b) | 21961 | 18643 |
| QMMM Holdings Ltd Class A (c)(e) | 29633 | 3538181 |
|  |  | 3738949 |
| Wireless Telecommunication Services - 0.0% |  |  |
| FingerMotion Inc (b)(c) | 30327 | 40941 |
| TOTAL COMMUNICATION SERVICES |  | 3779890 |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Polestar Automotive Holding UK PLC Class A ADR (b)(c) | 296883 | 165186 |
| Distributors - 0.0% |  |  |
| 707 Cayman Holdings Ltd (b)(c) | 13807 | 3477 |
| AsiaStrategy (b) | 15111 | 56666 |
| Ping An Biomedical Co Ltd (b)(c) | 5758 | 2602 |
| Raytech Holding Ltd (c) | 389 | 692 |
|  |  | 63437 |
| Diversified Consumer Services - 0.0% |  |  |
| Charming Medical Ltd Class A (b)(e) | 10752 | 315625 |
| SunCar Technology Group Inc Class A (b)(c) | 34865 | 73216 |
| SuperX AI Technology Ltd (b)(c) | 16536 | 498230 |
|  |  | 887071 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Masterbeef Group (b)(c) | 10878 | 70707 |
| Melco Resorts & Entertainment Ltd ADR (c) | 131899 | 1201600 |
|  |  | 1272307 |
| Household Durables - 0.0% |  |  |
| Fenbo Holdings Ltd Class A (c) | 3296 | 2357 |
| Leisure Products - 0.0% |  |  |
| K-Tech Solutions Co Ltd Class A (b) | 4082 | 4327 |
| Specialty Retail - 0.0% |  |  |
| Pitanium Ltd Class A (b)(e) | 9064 | 94175 |
| TOTAL CONSUMER DISCRETIONARY |  | 2488860 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Natural Health Trends Corp  | 4971 | 14813 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Futu Holdings Ltd Class A ADR  | 60002 | 10179939 |
| Garden Stage Ltd (c) | 4543 | 681 |
| Grande Group Ltd Class A (b) | 7245 | 16519 |
| Magic Empire Global Ltd Class A (c) | 1372 | 1770 |
| Plutus Financial Group Ltd (b)(c) | 3368 | 11620 |
| Solowin Holdings Class A (b)(c) | 107706 | 393127 |
| TOP Financial Group Ltd Class A (c) | 11095 | 12205 |
| Waton Financial Ltd (b) | 29578 | 97607 |
|  |  | 10713468 |
| Financial Services - 0.0% |  |  |
| A Paradise Acquisition Corp Class A  | 8509 | 85771 |
| Triller Group Inc (b)(c) | 89653 | 36399 |
| YHN Acquisition I Ltd (c) | 2266 | 23838 |
|  |  | 146008 |
| TOTAL FINANCIALS |  | 10859476 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Regencell Bioscience Holdings Ltd (b)(c) | 300007 | 3459081 |
| Industrials - 0.0% |  |  |
| Building Products - 0.0% |  |  |
| Intelligent Living Application Group Inc (c) | 8624 | 3881 |
| Commercial Services & Supplies - 0.0% |  |  |
| Guardforce AI Co Ltd (b)(c) | 3551 | 3153 |
| Mint Incorporation Ltd Class A (b)(c) | 13794 | 7261 |
| Rich Sparkle Holdings Ltd (b) | 6675 | 108870 |
| Roma Green Finance Ltd (c) | 2985 | 8149 |
| SU Group Holdings Ltd (c) | 400 | 2416 |
|  |  | 129849 |
| Construction & Engineering - 0.0% |  |  |
| Masonglory Ltd (b)(c) | 9139 | 24584 |
| Ming Shing Group Holdings Ltd (c) | 4071 | 6697 |
| OneConstruction Group Ltd (b)(c) | 11036 | 13243 |
| Phoenix Asia Holdings Ltd (b) | 12645 | 178674 |
| Skyline Builders Group Holding Ltd Class A (c) | 16855 | 41800 |
|  |  | 264998 |
| Ground Transportation - 0.0% |  |  |
| Smart Logistics Global Ltd (b)(c) | 24897 | 43570 |
| Professional Services - 0.0% |  |  |
| Hang Feng Technology Innovation Co Ltd (b) | 4110 | 45991 |
| OFA Group (b) | 5208 | 4687 |
|  |  | 50678 |
| Trading Companies & Distributors - 0.0% |  |  |
| Euro Tech Holdings Co Ltd (c) | 4600 | 5106 |
| TOTAL INDUSTRIALS |  | 498082 |
| Information Technology - 0.0% |  |  |
| Communications Equipment - 0.0% |  |  |
| UTStarcom Holdings Corp (c) | 12236 | 30590 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| CCSC Technology International Holdings Ltd Class A (b)(c) | 6233 | 1146 |
| Creative Global Technology Holdings Ltd Class A (b)(c) | 8696 | 7369 |
| TROOPS Inc (c) | 59280 | 81214 |
|  |  | 89729 |
| IT Services - 0.0% |  |  |
| Alpha Technology Group Ltd Class A (b)(c) | 9023 | 212943 |
| Global Engine Group Holding Class A (b)(c) | 3799 | 1909 |
|  |  | 214852 |
| Software - 0.0% |  |  |
| Diginex Ltd (b)(c) | 109216 | 1261445 |
| TOTAL INFORMATION TECHNOLOGY |  | 1596616 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| China Natural Resources Inc (b)(c) | 183 | 667 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Reitar Logtech Holdings Ltd Class A (b)(c) | 29330 | 30210 |
| TOTAL HONG KONG |  | 22727695 |
| INDIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Sify Technologies Ltd ADR (b)(c) | 5397 | 59745 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| MakeMyTrip Ltd (b)(c) | 54603 | 3898108 |
| Yatra Online Inc (c) | 25535 | 43154 |
|  |  | 3941262 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| ReNew Energy Global PLC Class A (c) | 144787 | 1101829 |
| TOTAL INDIA |  | 5102836 |
| INDONESIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| Polibeli Group Ltd Class A (b) | 217081 | 2218568 |
| IRELAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Carbon Revolution PLC (b)(c) | 429 | 810 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Amarin Corp PLC ADR (c) | 11771 | 187983 |
| Prothena Corp PLC (c) | 34512 | 371004 |
|  |  | 558987 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Trinity Biotech PLC ADR (c) | 16642 | 17308 |
| Pharmaceuticals - 0.0% |  |  |
| Artelo Biosciences Inc (c) | 542 | 943 |
| GH Research PLC (b)(c) | 35645 | 540378 |
|  |  | 541321 |
| TOTAL HEALTH CARE |  | 1117616 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Cimpress PLC (b)(c) | 15653 | 1077709 |
| Electrical Equipment - 0.0% |  |  |
| Ads-Tec Energy PLC (b)(c) | 35718 | 447904 |
| TOTAL INDUSTRIALS |  | 1525613 |
| TOTAL IRELAND |  | 2644039 |
| ISRAEL - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Taboola.com Ltd (c) | 168202 | 686264 |
| Media - 0.0% |  |  |
| Nexxen International Ltd (c) | 44052 | 285016 |
| Perion Network Ltd (b)(c) | 34212 | 349647 |
|  |  | 634663 |
| TOTAL COMMUNICATION SERVICES |  | 1320927 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Mobileye Global Inc Class A (c) | 131991 | 1560134 |
| REE Automotive Ltd Class A (b)(c) | 7288 | 6572 |
|  |  | 1566706 |
| Broadline Retail - 0.0% |  |  |
| Global-e Online Ltd (c) | 102982 | 4162532 |
| TOTAL CONSUMER DISCRETIONARY |  | 5729238 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| G Willi-Food International Ltd  | 7040 | 179731 |
| Personal Care Products - 0.0% |  |  |
| Oddity Tech Ltd Class A (c) | 26786 | 1158763 |
| TOTAL CONSUMER STAPLES |  | 1338494 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd Class A (b) | 26551 | 1114345 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Collplant Biotechnologies Ltd (c) | 5925 | 12976 |
| Compugen Ltd (b)(c) | 50395 | 78616 |
| Enlivex Therapeutics Ltd (b)(c) | 5686 | 5515 |
| Entera Bio Ltd (c) | 21136 | 50304 |
| Evogene Ltd (United States) (b)(c) | 4198 | 4492 |
| Kamada Ltd (United States)  | 29409 | 197040 |
| NeuroSense Therapeutics Ltd (b)(c) | 15870 | 18885 |
| Quoin Pharmaceuticals Ltd rights (c)(e) | 3438400 | 34 |
| XTL Biopharmaceuticals Ltd ADR (c) | 8903 | 7479 |
|  |  | 375341 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Alpha Tau Medical Ltd Class A (b)(c) | 37893 | 150435 |
| Brainsway Ltd ADR (c) | 5012 | 87660 |
| Icecure Medical Ltd (b)(c) | 40453 | 29199 |
| Inspira Technologies Oxy BHN Ltd (c) | 2924 | 3187 |
| InspireMD Inc (b)(c) | 18244 | 36488 |
| Lifeward Ltd (c) | 2609 | 1518 |
|  |  | 308487 |
| Health Care Providers & Services - 0.0% |  |  |
| Nano-X Imaging Ltd (b)(c) | 54263 | 243098 |
| Pharmaceuticals - 0.0% |  |  |
| Intercure Ltd (United States) (c) | 22539 | 30202 |
| MediWound Ltd (b)(c) | 6967 | 124849 |
| Oramed Pharmaceuticals Inc (b)(c) | 24282 | 69204 |
| Sol-Gel Technologies Ltd (b)(c) | 1340 | 57030 |
|  |  | 281285 |
| TOTAL HEALTH CARE |  | 1208211 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| A2Z Cust2Mate Solutions Corp (b)(c) | 21354 | 149264 |
| Elbit Systems Ltd (United States)  | 27995 | 13151772 |
|  |  | 13301036 |
| Air Freight & Logistics - 0.0% |  |  |
| Freightos Ltd (c) | 26054 | 79725 |
| Electrical Equipment - 0.0% |  |  |
| ZOOZ Strategy Ltd (United States) (c) | 50329 | 29508 |
| Machinery - 0.0% |  |  |
| Kornit Digital Ltd (b)(c) | 30396 | 405179 |
| Nano Dimension Ltd ADR (c) | 173788 | 307604 |
|  |  | 712783 |
| TOTAL INDUSTRIALS |  | 14123052 |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.0% |  |  |
| AudioCodes Ltd  | 17874 | 160866 |
| Ceragon Networks Ltd (c) | 46357 | 94568 |
| Gilat Satellite Networks Ltd (United States) (b)(c) | 33650 | 391686 |
| Ituran Location and Control Ltd (b) | 11457 | 458739 |
| Silicom Ltd (c) | 4848 | 72720 |
|  |  | 1178579 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Arbe Robotics Ltd (b)(c) | 94209 | 138487 |
| Eltek Ltd  | 4564 | 38657 |
| Gauzy Ltd (b)(c) | 7593 | 18147 |
| Innoviz Technologies Ltd (b)(c) | 144534 | 185004 |
| Nayax Ltd (United States) (b)(c) | 22184 | 988298 |
| ParaZero Technologies Ltd (b)(c) | 5181 | 7512 |
| Rail Vision Ltd (b)(c) | 12704 | 4922 |
| SuperCom Ltd (b)(c) | 1032 | 9556 |
|  |  | 1390583 |
| IT Services - 0.0% |  |  |
| Formula Systems 1985 Ltd ADR (b) | 193 | 29047 |
| Hub Cyber Security Ltd (b)(c) | 8140 | 9035 |
| Wix.com Ltd (c) | 33768 | 3231935 |
|  |  | 3270017 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Camtek Ltd/Israel (b)(c) | 27295 | 2874027 |
| Nova Ltd (b)(c) | 17875 | 5592015 |
| Tower Semiconductor Ltd (United States) (c) | 68475 | 7402832 |
|  |  | 15868874 |
| Software - 0.1% |  |  |
| Alarum Technologies Ltd ADR (b)(c) | 2975 | 27251 |
| Allot Ltd (b)(c) | 25818 | 247336 |
| Beamr Imaging Ltd (b)(c) | 7991 | 17740 |
| Cellebrite DI Ltd (c) | 149604 | 2522323 |
| Check Point Software Technologies Ltd (b)(c) | 65248 | 12186370 |
| Cognyte Software Ltd (c) | 51122 | 429425 |
| Magic Software Enterprises Ltd (b) | 33027 | 762263 |
| My Size Inc (c) | 1815 | 1761 |
| Nice Ltd ADR (c) | 28005 | 2970490 |
| RADCOM Ltd (b)(c) | 13724 | 179784 |
| Radware Ltd (c) | 27306 | 626400 |
| Sapiens International Corp NV  | 33191 | 1436175 |
|  |  | 21407318 |
| TOTAL INFORMATION TECHNOLOGY |  | 43115371 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Enlight Renewable Energy Ltd (United States) (c) | 78847 | 3155457 |
| TOTAL ISRAEL |  | 71105095 |
| ITALY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC ADR  | 134849 | 9191308 |
| JAPAN - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| Tryhard Holdings Ltd (b) | 31127 | 428930 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Ribbon Acquisition Corp Class A  | 1002 | 10361 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Ryojbaba Co Ltd (c) | 7347 | 32547 |
| Pharmaceuticals - 0.0% |  |  |
| Satsuma Pharmaceuticals Inc rights (c)(e) | 19951 | 0 |
| TOTAL HEALTH CARE |  | 32547 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (b)(c) | 111402 | 2973319 |
| Toyo Co Ltd (b)(c) | 43315 | 267687 |
|  |  | 3241006 |
| Software - 0.0% |  |  |
| Heartcore Enterprise Inc (b) | 12158 | 5714 |
| TOTAL INFORMATION TECHNOLOGY |  | 3246720 |
| TOTAL JAPAN |  | 3718558 |
| JORDAN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| International General Insurance Holdings Ltd (b) | 27991 | 673184 |
| KAZAKHSTAN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.0% |  |  |
| Freedom Holding Corp/NV (b)(c) | 37273 | 4916308 |
| Consumer Finance - 0.1% |  |  |
| Kaspi.KZ JSC ADR (c) | 119525 | 9240478 |
| TOTAL KAZAKHSTAN |  | 14156786 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| DoubleDown Interactive Co Ltd ADR (c) | 4819 | 44865 |
| Gravity Co Ltd ADR (c) | 2419 | 139020 |
|  |  | 183885 |
| Interactive Media & Services - 0.0% |  |  |
| Global Interactive Technologies Inc (c) | 1314 | 1721 |
| Webtoon Entertainment Inc (b)(c) | 80771 | 1123525 |
|  |  | 1125246 |
| TOTAL COMMUNICATION SERVICES |  | 1309131 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Artiva Biotherapeutics Inc (b)(c) | 22175 | 83378 |
| TOTAL KOREA (SOUTH) |  | 1392509 |
| LUXEMBOURG - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Moolec Science SA (c) | 1365 | 546 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Alvotech SA (b)(c) | 164196 | 837400 |
| TOTAL LUXEMBOURG |  | 837946 |
| MALAYSIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| CCH Holdings Ltd  | 11661 | 123024 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| DSwiss Inc (b)(c)(e) | 7648 | 0 |
| Empro Group Inc (b)(c)(e) | 3236 | 56177 |
|  |  | 56177 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| CBL International Ltd (b)(c) | 13001 | 5567 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Agape ATP Corp (c) | 1719 | 2217 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Agroz Inc (b) | 13349 | 56066 |
| Machinery - 0.0% |  |  |
| WF Holding Ltd/MY (c) | 8772 | 4957 |
| Trading Companies & Distributors - 0.0% |  |  |
| BioNexus Gene Lab Corp (c) | 2368 | 10727 |
| TOTAL INDUSTRIALS |  | 71750 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| ARB IOT Group Ltd (b)(c) | 652 | 3801 |
| TOTAL MALAYSIA |  | 262536 |
| MALTA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Gambling.com Group Ltd (b)(c) | 21791 | 123555 |
| MARSHALL ISLANDS REPUBLIC OF - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Heidmar Maritime Holdings Corp (b) | 36626 | 41021 |
| Imperial Petroleum Inc (b)(c) | 13415 | 62916 |
| TOTAL MARSHALL ISLANDS REPUBLIC OF |  | 103937 |
| MEXICO - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Globa Terra Acquisition Corp  | 5275 | 53014 |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Class B ADR  | 2515 | 270513 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Murano Global Investments PLC (b)(c) | 9167 | 16959 |
| TOTAL MEXICO |  | 340486 |
| MOROCCO - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Addentax Group Corp (b)(c) | 1279 | 602 |
| NETHERLANDS - 0.6%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Coincheck Group NV (b) | 39569 | 128204 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE ADR (c) | 18574 | 16939117 |
| Merus NV (c) | 46276 | 4448975 |
| Newamsterdam Pharma Co NV (b)(c) | 68000 | 2808400 |
| Pharming Group NV ADR (c) | 2093 | 36334 |
| ProQR Therapeutics NV (c) | 84909 | 198687 |
| uniQure NV (b)(c) | 32791 | 902080 |
|  |  | 25333593 |
| Pharmaceuticals - 0.0% |  |  |
| Pharvaris NV (c) | 40716 | 1155520 |
| TOTAL HEALTH CARE |  | 26489113 |
| Information Technology - 0.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| SCHMID Group NV (b)(c) | 10557 | 51201 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| ASML Holding NV depository receipt  | 51314 | 54392841 |
| NXP Semiconductors NV  | 152778 | 29782543 |
|  |  | 84175384 |
| Software - 0.0% |  |  |
| Nebius Group NV Class A (b)(c) | 122490 | 11620626 |
| TOTAL INFORMATION TECHNOLOGY |  | 95847211 |
| TOTAL NETHERLANDS |  | 122464528 |
| NORWAY - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Opera Ltd ADR (b) | 25291 | 344463 |
| PAKISTAN - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| VEON Ltd ADR (c) | 23362 | 1247297 |
| PHILIPPINES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| TaskUS Inc Class A (c) | 22204 | 254680 |
| POLAND - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Atlas Lithium Corp (b)(c) | 8957 | 44158 |
| PUERTO RICO - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class A (c) | 62469 | 542231 |
| Liberty Latin America Ltd Class C (b)(c) | 68823 | 602201 |
|  |  | 1144432 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 38842 | 4455566 |
| TOTAL PUERTO RICO |  | 5599998 |
| RUSSIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Ozon Holdings PLC ADR (b)(c)(e) | 32600 | 0 |
| SINGAPORE - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| GCL Global Holdings Ltd (b) | 20327 | 28255 |
| Interactive Media & Services - 0.0% |  |  |
| MoneyHero Ltd Class A (b)(c) | 6906 | 9046 |
| Media - 0.0% |  |  |
| Fast Track Group (c) | 13506 | 5415 |
| Smart Digital Group Ltd (b)(c)(e) | 18445 | 34123 |
|  |  | 39538 |
| TOTAL COMMUNICATION SERVICES |  | 76839 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Davis Commodities Ltd (b)(c) | 11987 | 6005 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| OMS Energy Technologies Inc (c) | 23654 | 111174 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Delixy Holdings Ltd (b)(c) | 6712 | 6536 |
| PTL Ltd (b)(c) | 5341 | 919 |
|  |  | 7455 |
| TOTAL ENERGY |  | 118629 |
| Financials - 0.0% |  |  |
| Consumer Finance - 0.0% |  |  |
| Antalpha Platform Holding Co (b) | 14301 | 138862 |
| Financial Services - 0.0% |  |  |
| Origin Investment Corp I  | 25818 | 262053 |
| RF Acquisition Corp II (c) | 1226 | 13204 |
|  |  | 275257 |
| TOTAL FINANCIALS |  | 414119 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Cytomed Therapeutics Ltd (b)(c) | 4854 | 8883 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Cuprina Holdings Cayman Ltd Class A (b)(c) | 1611 | 1087 |
| Health Care Providers & Services - 0.0% |  |  |
| Basel Medical Group Ltd (b)(c) | 6973 | 8298 |
| Euda Health Holdings Ltd (b)(c) | 20664 | 64472 |
|  |  | 72770 |
| TOTAL HEALTH CARE |  | 82740 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Primech Holdings Ltd (c) | 16381 | 16709 |
| YY Group Holding Ltd Class A (b)(c) | 14895 | 3683 |
|  |  | 20392 |
| Ground Transportation - 0.1% |  |  |
| Grab Holdings Ltd Class A (c) | 2391974 | 13036259 |
| Trading Companies & Distributors - 0.0% |  |  |
| Simpple Ltd (c) | 99 | 347 |
| TOTAL INDUSTRIALS |  | 13056998 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Trident Digital Tech Holdings Ltd ADR (c) | 8734 | 4725 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Kulicke & Soffa Industries Inc  | 34220 | 1543665 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Bgin Blockchain Ltd Class A (b) | 57570 | 166377 |
| TOTAL INFORMATION TECHNOLOGY |  | 1714767 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Hotel101 Global Holdings Corp (b) | 23065 | 181291 |
| Ohmyhome LTD Class A (c) | 440 | 373 |
|  |  | 181664 |
| TOTAL SINGAPORE |  | 15651761 |
| SOUTH AFRICA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Lesaka Technologies Inc (b)(c) | 35463 | 131568 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Karooooo Ltd  | 19171 | 863270 |
| TOTAL SOUTH AFRICA |  | 994838 |
| SPAIN - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Codere Online Luxembourg SA (b)(c) | 15902 | 113540 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Grifols SA Class B ADR  | 72463 | 641298 |
| TOTAL SPAIN |  | 754838 |
| SWEDEN - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Aprea Therapeutics Inc (c) | 2100 | 2625 |
| Pharmaceuticals - 0.0% |  |  |
| Dova Pharmaceuticals Inc rights (c)(e) | 23572 | 0 |
| TOTAL HEALTH CARE |  | 2625 |
| Information Technology - 0.0% |  |  |
| Communications Equipment - 0.0% |  |  |
| Telefonaktiebolaget LM Ericsson Class B ADR  | 185146 | 1777402 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Eco Wave Power Global AB ADR (c) | 2732 | 19261 |
| TOTAL SWEDEN |  | 1799288 |
| SWITZERLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Garrett Motion Inc (b) | 123571 | 2042629 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| TORM PLC Class A (United States) (b) | 60885 | 1303548 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| AC Immune SA (c) | 63601 | 190167 |
| CRISPR Therapeutics AG (b)(c) | 55492 | 2967157 |
| Molecular Partners AG ADR (c) | 1070 | 4355 |
|  |  | 3161679 |
| Health Care Technology - 0.0% |  |  |
| Sophia Genetics SA (c) | 40739 | 200436 |
| Pharmaceuticals - 0.0% |  |  |
| Oculis Holding AG (b)(c) | 29436 | 559284 |
| TOTAL HEALTH CARE |  | 3921399 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Aebi Schmidt Holding AG (b) | 49077 | 584506 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SEALSQ Corp (b)(c) | 75513 | 337543 |
| WISeKey International Holding Ltd ADR (b)(c) | 1436 | 13599 |
|  |  | 351142 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Logitech International SA (United States) (b) | 89098 | 10044018 |
| TOTAL INFORMATION TECHNOLOGY |  | 10395160 |
| TOTAL SWITZERLAND |  | 18247242 |
| TAIWAN - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| GigaMedia Ltd (c) | 1210 | 1827 |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Gogoro Inc (b)(c) | 6681 | 26724 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| OBOOK Holdings Inc Class A (b) | 23000 | 189750 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Jyong Biotech Ltd (b)(c) | 46102 | 1253974 |
| Pharmaceuticals - 0.0% |  |  |
| YD Bio Ltd (b) | 37226 | 429216 |
| TOTAL HEALTH CARE |  | 1683190 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Asia Pacific Wire & Cable Corp Ltd (c) | 108040 | 182588 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| ChipMOS Technologies Inc ADR  | 3698 | 101066 |
| Himax Technologies Inc ADR  | 62831 | 475002 |
| SemiLEDs Corp/Taiwan (c) | 9480 | 19671 |
| Silicon Motion Technology Corp ADR  | 20065 | 1784983 |
|  |  | 2380722 |
| Software - 0.0% |  |  |
| Gorilla Technology Group Inc (b)(c) | 12639 | 173913 |
| TOTAL INFORMATION TECHNOLOGY |  | 2554635 |
| TOTAL TAIWAN |  | 4638714 |
| TURKEY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| D-Market Elektronik Hizmetler Ve Ticaret Anonim Sirketi ADR (c) | 66663 | 156658 |
| UNITED ARAB EMIRATES - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Kyivstar Group Ltd (b) | 145640 | 2063719 |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Robo.ai Inc Class B (b)(c) | 159654 | 111758 |
| TOTAL UNITED ARAB EMIRATES |  | 2175477 |
| UNITED KINGDOM - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Vodafone Group PLC ADR  | 207886 | 2592338 |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| Redcloud Holdings PLC (b)(c) | 20569 | 34967 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Coca-Cola Europacific Partners PLC (b) | 277522 | 25445992 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Marex Group PLC  | 42472 | 1477601 |
| Financial Services - 0.0% |  |  |
| Tavia Acquisition Corp  | 3737 | 38827 |
| TOTAL FINANCIALS |  | 1516428 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.0% |  |  |
| Autolus Therapeutics PLC ADR (c) | 110578 | 155915 |
| Barinthus Biotherapeutics PLC ADR (c) | 11568 | 9139 |
| Bicycle Therapeutics PLC ADR (c) | 25129 | 187965 |
| Compass Pathways Plc ADR (c) | 62962 | 349439 |
| F-star Therapeutics Inc rights (c)(e) | 1855 | 0 |
| F-star Therapeutics Inc rights (c)(e) | 1855 | 0 |
| Immunocore Holdings PLC ADR (b)(c) | 21623 | 854109 |
| Mereo Biopharma Group PLC ADR (c) | 92534 | 173039 |
| Silence Therapeutics PLC ADR (c) | 29538 | 199086 |
| Tiziana Life Sciences Ltd (b)(c) | 78204 | 140767 |
| Zura Bio Ltd Class A (c) | 37939 | 145686 |
|  |  | 2215145 |
| Health Care Technology - 0.0% |  |  |
| OneMedNet Corp Class A (b)(c) | 17970 | 33245 |
| Pharmaceuticals - 0.2% |  |  |
| Astrazeneca PLC ADR  | 356020 | 33010175 |
| Astrazeneca PLC rights (b)(c)(e) | 216670 | 2 |
| Astrazeneca PLC rights (c)(e) | 41907 | 0 |
| CinCor Pharma Inc rights (c)(e) | 24312 | 0 |
| Indivior PLC (c) | 76772 | 2579539 |
| Opiant Pharmaceuticals Inc rights (c)(e) | 3728 | 0 |
|  |  | 35589716 |
| TOTAL HEALTH CARE |  | 37838106 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Energys Group Ltd (b)(c) | 11014 | 12886 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Argo Blockchain PLC ADR (c) | 10441 | 2401 |
| Arqit Quantum Inc (b)(c) | 7246 | 206584 |
|  |  | 208985 |
| TOTAL UNITED KINGDOM |  | 67649702 |
| UNITED STATES - 96.3%  |  |  |
| Communication Services - 16.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Anterix Inc (c) | 10344 | 212673 |
| AST SpaceMobile Inc Class A (b)(c) | 163565 | 9192353 |
| Atn International Inc  | 9544 | 201283 |
| Bandwidth Inc Class A (c) | 17324 | 246694 |
| Cogent Communications Holdings Inc (b) | 30110 | 574499 |
| Frontier Communications Parent Inc (c) | 132720 | 5032742 |
| GCI Liberty Inc/DEL Class A (c)(e) | 58891 | 0 |
| GCI LLC Class A (b) | 2200 | 73348 |
| GCI LLC Class A rights 12/17/2025 (b)(c) | 6411 | 39748 |
| GCI LLC Class C (b) | 14505 | 483307 |
| Globalstar Inc (b)(c) | 76287 | 4634435 |
| iQSTEL Inc (c) | 1056 | 4434 |
| Iridium Communications Inc (b) | 66598 | 1092207 |
| NextPlat Corp (c) | 37686 | 22845 |
| Shenandoah Telecommunications Co (b) | 34432 | 376342 |
| Uniti Group Inc (b)(c) | 153191 | 975827 |
|  |  | 23162737 |
| Entertainment - 1.7% |  |  |
| Atlanta Braves Holdings Inc Class A (b)(c) | 14752 | 642745 |
| Atlanta Braves Holdings Inc Class C (c) | 23598 | 939200 |
| Cineverse Corp (b)(c) | 7360 | 18547 |
| CuriosityStream Inc Class A  | 32422 | 155950 |
| Electronic Arts Inc  | 151603 | 30628354 |
| Gaia Inc Class A (c) | 13031 | 50169 |
| Golden Matrix Group Inc (c) | 93624 | 68065 |
| K Wave Media Ltd (b) | 42594 | 31946 |
| Liberty Media Corp-Liberty Formula One Class A (c) | 17223 | 1513557 |
| Liberty Media Corp-Liberty Formula One Class C (c) | 133188 | 12783384 |
| Liberty Media Corp-Liberty Live Class A (c) | 14818 | 1139800 |
| Liberty Media Corp-Liberty Live Class C (c) | 39785 | 3151370 |
| LiveOne Inc (c) | 6044 | 28407 |
| Netflix Inc (c) | 2569078 | 276381412 |
| Playstudios Inc Class A (c) | 34684 | 22267 |
| Playtika Holding Corp  | 116395 | 471400 |
| PodcastOne Inc (c) | 9883 | 24411 |
| Reading International Inc Class A (b)(c) | 21533 | 27778 |
| Reservoir Media Inc (b)(c) | 35843 | 273124 |
| Roku Inc Class A (c) | 78993 | 7645732 |
| Starz Entertainment Corp (b) | 12826 | 140701 |
| Take-Two Interactive Software Inc (c) | 111820 | 27515547 |
| Vivid Seats Inc Class A (b)(c) | 3209 | 24741 |
| Warner Bros Discovery Inc (c) | 1496064 | 35905536 |
| Warner Music Group Corp Class A  | 84315 | 2381056 |
|  |  | 401965199 |
| Interactive Media & Services - 13.1% |  |  |
| Alphabet Inc Class A  | 3509021 | 1123518345 |
| Alphabet Inc Class C  | 3275803 | 1048650056 |
| Angi Inc Class A (b)(c) | 26939 | 307643 |
| Bumble Inc Class A (c) | 70545 | 250435 |
| BuzzFeed Inc Class A (c) | 49268 | 46095 |
| Cargurus Inc Class A (c) | 50593 | 1784921 |
| EverQuote Inc Class A (c) | 20770 | 548120 |
| IAC Inc Class A (b)(c) | 45318 | 1589302 |
| Intelligent Protection Management Corp (c) | 3101 | 5675 |
| IZEA Worldwide Inc (c) | 6680 | 33600 |
| Match Group Inc  | 145086 | 4832816 |
| Meta Platforms Inc Class A  | 1309716 | 848630483 |
| QuinStreet Inc (c) | 34491 | 481494 |
| Rumble Inc Class A (b)(c) | 133658 | 904865 |
| Teads Holding Co (b)(c) | 85328 | 60412 |
| Travelzoo (c) | 6862 | 48789 |
| TripAdvisor Inc Class A (b) | 70946 | 1054967 |
| TrueCar Inc (b)(c) | 56073 | 119435 |
| Trump Media & Technology Group Corp (b)(c) | 155708 | 1796870 |
| Ziff Davis Inc (b)(c) | 25899 | 850005 |
| ZoomInfo Technologies Inc (c) | 195209 | 1936473 |
|  |  | 3037450801 |
| Media - 0.6% |  |  |
| Advantage Solutions Inc Class A (c) | 187650 | 178192 |
| AMC Networks Inc Class A (c) | 28596 | 255076 |
| Beasley Broadcast Group Inc Class A (b)(c) | 14109 | 58552 |
| Cardlytics Inc (b)(c) | 32711 | 40562 |
| Charter Communications Inc Class A (b)(c) | 82800 | 16569936 |
| Comcast Corp Class A  | 2225226 | 59391283 |
| comScore Inc (c) | 2640 | 18216 |
| EchoStar Corp Class A (b)(c) | 94788 | 6947013 |
| EW Scripps Co/The Class A (b)(c) | 40387 | 170837 |
| Fluent Inc (b)(c) | 7084 | 12610 |
| Fox Corp Class A  | 134128 | 8785384 |
| Fox Corp Class B  | 134815 | 7854322 |
| Harte Hanks Inc (c) | 5634 | 21466 |
| iHeartMedia Inc Class A (c) | 90422 | 355358 |
| Integral Ad Science Holding Corp (b)(c) | 90117 | 926403 |
| Lee Enterprises Inc (b)(c) | 2469 | 9851 |
| Lendway Inc (c) | 1817 | 6777 |
| Liberty Broadband Corp Class A (c) | 11000 | 509410 |
| Liberty Broadband Corp Class C (c) | 75953 | 3515864 |
| Loyalty Ventures Inc (c)(e) | 32234 | 0 |
| Magnite Inc (c) | 87286 | 1282231 |
| Marchex Inc Class B (c) | 31616 | 50902 |
| Mediaco Holding Inc Class A (c) | 24810 | 22825 |
| National CineMedia Inc (b) | 50834 | 219095 |
| News Corp Class A  | 228888 | 5877844 |
| News Corp Class B (b) | 111676 | 3286625 |
| Nexstar Media Group Inc (b) | 18472 | 3549210 |
| Paramount Skydance Corp Class B (b) | 644045 | 10317601 |
| PubMatic Inc Class A (c) | 32991 | 297249 |
| Saga Communications Inc Class A  | 2555 | 30149 |
| Scholastic Corp (b) | 16372 | 483629 |
| Sinclair Inc Class A (b) | 29873 | 470798 |
| Sirius XM Holdings Inc (b) | 204183 | 4340931 |
| Stagwell Inc Class A (b)(c) | 158332 | 848660 |
| Stran & Co Inc (c) | 1570 | 3171 |
| TechTarget Inc (b) | 48083 | 251474 |
| Thryv Holdings Inc (b)(c) | 28203 | 158783 |
| Trade Desk Inc (The) Class A (c) | 269633 | 10666681 |
| Urban One Inc Class A (c) | 4568 | 5573 |
| Urban One Inc Class D (b)(c) | 21932 | 17765 |
| ViewBix Inc (b)(c) | 3287 | 4996 |
|  |  | 147813304 |
| Wireless Telecommunication Services - 0.6% |  |  |
| Gogo Inc (b)(c) | 83326 | 595781 |
| NII Holdings Inc (c)(e) | 5182 | 0 |
| Spok Holdings Inc (b) | 16307 | 216557 |
| SurgePays Inc (c) | 15080 | 29858 |
| T-Mobile US Inc  | 680692 | 142271435 |
|  |  | 143113631 |
| TOTAL COMMUNICATION SERVICES |  | 3753505672 |
| Consumer Discretionary - 12.8% |  |  |
| Automobile Components - 0.0% |  |  |
| Dorman Products Inc (c) | 18635 | 2464851 |
| Fox Factory Holding Corp (c) | 24765 | 366274 |
| Gentex Corp  | 138321 | 3157868 |
| Gentherm Inc (c) | 20911 | 745895 |
| Goodyear Tire & Rubber Co/The (c) | 170650 | 1477829 |
| Kodiak AI Inc (b)(c) | 105281 | 631686 |
| Luminar Technologies Inc Class A (b)(c) | 39461 | 35764 |
| Motorcar Parts of America Inc (c) | 13256 | 174714 |
| Patrick Industries Inc (b) | 19827 | 2145678 |
| Solid Power Inc (b)(c) | 119078 | 619206 |
| Strattec Security Corp (c) | 2501 | 187575 |
| Sypris Solutions Inc (c) | 10850 | 23653 |
| Visteon Corp  | 16706 | 1724895 |
| Worksport Ltd (b)(c) | 675 | 1775 |
| XPEL Inc (b)(c)(f) | 17416 | 809496 |
|  |  | 14567159 |
| Automobiles - 3.7% |  |  |
| Aptera Motors Corp Class B (b) | 17215 | 94338 |
| Cenntro Inc (b)(c) | 24696 | 4139 |
| Empery Digital Inc (b)(c) | 33158 | 179053 |
| Faraday Future Intelligent Electric Inc Class A (b)(c) | 84737 | 97448 |
| FLY-E Group Inc (c) | 180 | 789 |
| Lucid Group Inc (b)(c) | 150954 | 2057503 |
| Rivian Automotive Inc Class A (b)(c) | 683573 | 11525041 |
| Tesla Inc (c) | 1949962 | 838815154 |
| Workhorse Group Inc (b)(c) | 6558 | 5824 |
|  |  | 852779289 |
| Broadline Retail - 6.6% |  |  |
| 1stdibs.Com Inc (c) | 24945 | 142436 |
| Amazon.com Inc (c) | 6434300 | 1500607446 |
| eBay Inc  | 276187 | 22865522 |
| Groupon Inc (b)(c) | 25077 | 424052 |
| Hour Loop Inc (b)(c) | 19584 | 41322 |
| Ollie's Bargain Outlet Holdings Inc (c) | 37145 | 4572921 |
| Pattern Group Inc Class A  | 93428 | 1358443 |
| QVC Group Inc Class A (b)(c) | 6915 | 64379 |
|  |  | 1530076521 |
| Distributors - 0.0% |  |  |
| A-Mark Precious Metals Inc (b) | 17517 | 502913 |
| Alliance Entertainment Holding Corp Class A (b)(c) | 24738 | 165745 |
| Educational Development Corp (c) | 7081 | 8850 |
| GigaCloud Technology Inc Class A (c) | 19156 | 710688 |
| LKQ Corp  | 157272 | 4669406 |
| Pool Corp  | 22936 | 5587210 |
| Weyco Group Inc  | 6827 | 204537 |
|  |  | 11849349 |
| Diversified Consumer Services - 0.1% |  |  |
| American Public Education Inc (c) | 12845 | 447199 |
| Amesite Inc (b)(c) | 3609 | 8626 |
| Classover Holdings Inc Class B (b) | 4342 | 1695 |
| Driven Brands Holdings Inc (b)(c) | 95336 | 1392859 |
| Duolingo Inc Class A (c) | 24099 | 4612790 |
| EpicQuest Education Group Inte (c) | 8584 | 2750 |
| European Wax Center Inc Class A (c) | 32119 | 124301 |
| Frontdoor Inc (c) | 44059 | 2376102 |
| Grand Canyon Education Inc (c) | 17064 | 2691675 |
| Laureate Education Inc (c) | 88964 | 2748988 |
| Lincoln Educational Services Corp (b)(c) | 22947 | 472249 |
| Matthews International Corp Class A (b) | 18314 | 449426 |
| Mister Car Wash Inc (c) | 194031 | 1036126 |
| Perdoceo Education Corp  | 39826 | 1113535 |
| Regis Corp (c) | 1245 | 33615 |
| Strategic Education Inc  | 14312 | 1116622 |
| Udemy Inc (c) | 89181 | 453039 |
| WW International Inc (b) | 5772 | 163752 |
|  |  | 19245349 |
| Hotels, Restaurants & Leisure - 1.6% |  |  |
| Airbnb Inc Class A (c) | 258124 | 30197927 |
| Allied Gaming & Entertainment Inc (c) | 25578 | 10523 |
| Aureus Greenway Holdings Inc (c) | 10051 | 45028 |
| BJ's Restaurants Inc (c) | 13879 | 532260 |
| Black Rock Coffee Bar Inc Class A (b) | 10437 | 237442 |
| Bloomin' Brands Inc  | 50837 | 360943 |
| Booking Holdings Inc  | 19563 | 96146081 |
| Caesars Entertainment Inc (c) | 125185 | 2913055 |
| Canterbury Park Holding Corp  | 422 | 6368 |
| Century Casinos Inc (c) | 16194 | 24615 |
| Cheesecake Factory Inc/The (b) | 30465 | 1451962 |
| Churchill Downs Inc  | 42973 | 4687925 |
| Cracker Barrel Old Country Store Inc (b) | 13515 | 390448 |
| Dave & Buster's Entertainment Inc (b)(c) | 22215 | 388540 |
| Denny's Corp (c) | 38243 | 235959 |
| Domino's Pizza Inc (b) | 20190 | 8472330 |
| DoorDash Inc Class A (c) | 243135 | 48230690 |
| DraftKings Inc Class A (c) | 300815 | 9975025 |
| El Pollo Loco Holdings Inc (c) | 18543 | 202304 |
| Empire Resorts Inc (c)(e) | 17333 | 0 |
| Expedia Group Inc Class A  | 71437 | 18265727 |
| FAT Brands Inc Class A (c) | 1147 | 639 |
| FAT Brands Inc Class B (c) | 10930 | 20111 |
| First Watch Restaurant Group Inc (b)(c) | 39806 | 738799 |
| Full House Resorts Inc (c) | 18076 | 48624 |
| GEN Restaurant Group Inc Class A (b) | 2798 | 7079 |
| Golden Entertainment Inc  | 16250 | 487825 |
| Good Times Restaurants Inc (c) | 9092 | 11729 |
| Inspirato Inc Class A (b)(c) | 3298 | 8872 |
| Inspired Entertainment Inc (b)(c) | 15927 | 130920 |
| Jack in the Box Inc (b) | 14402 | 283863 |
| Krispy Kreme Inc (b) | 123183 | 514905 |
| Kura Sushi USA Inc Class A (b)(c) | 7256 | 356487 |
| Lindblad Expeditions Holdings Inc (c) | 30856 | 371198 |
| Lottery.com Inc (b)(c) | 984 | 1446 |
| Marriott International Inc/MD Class A1  | 163986 | 49981293 |
| Monarch Casino & Resort Inc  | 10740 | 1037269 |
| Nathan's Famous Inc (b) | 2730 | 251870 |
| Navan Inc Class A (c) | 140894 | 2351521 |
| Noodles & Co Class A (c) | 26105 | 18320 |
| ONE Group Hospitality Inc/The (c) | 17098 | 34367 |
| Papa John's International Inc (b) | 19905 | 837403 |
| Penn Entertainment Inc (c) | 90498 | 1342990 |
| Portillo's Inc Class A (b)(c) | 39800 | 207756 |
| Rave Restaurant Group Inc (b)(c) | 4962 | 15730 |
| Rci Hospitality Holdings Inc  | 5530 | 134711 |
| Red Robin Gourmet Burgers Inc (c) | 17826 | 78078 |
| Red Rock Resorts Inc Class A  | 35560 | 2082749 |
| Sabre Corp (c) | 264335 | 425579 |
| Serve Robotics Inc (b)(c) | 37615 | 385930 |
| Sharplink Gaming Inc (b)(c) | 118155 | 1254806 |
| Sportradar Holding AG Class A (b)(c) | 134714 | 2963708 |
| Starbucks Corp  | 688114 | 59941611 |
| Target Hospitality Corp (c) | 61339 | 478444 |
| Texas Roadhouse Inc  | 40049 | 7018587 |
| Twin Hospitality Group Inc Class A (b) | 38564 | 64788 |
| Wendy's Co/The (b) | 128942 | 1089560 |
| Wingstop Inc (b) | 16914 | 4477643 |
| Wynn Resorts Ltd  | 62577 | 8052408 |
|  |  | 370284770 |
| Household Durables - 0.0% |  |  |
| Aterian Inc (b)(c) | 1623 | 1214 |
| Bassett Furniture Industries Inc  | 4416 | 68580 |
| Cavco Industries Inc (c) | 4761 | 2835890 |
| Cricut Inc Class A (b) | 34439 | 163241 |
| Flexsteel Industries Inc  | 3070 | 121357 |
| Gopro Inc Class A (b)(c) | 91694 | 149461 |
| Helen of Troy Ltd (b)(c) | 18163 | 344189 |
| Hooker Furnishings Corp  | 6220 | 66741 |
| iRobot Corp (b)(c) | 27775 | 43885 |
| Koss Corp (b)(c) | 2071 | 10376 |
| Legacy Housing Corp (b)(c) | 15105 | 301043 |
| LGI Homes Inc (b)(c) | 14179 | 737592 |
| Lifetime Brands Inc  | 13509 | 51469 |
| Live Ventures Inc (c) | 1687 | 16296 |
| Lovesac Co/The (b)(c) | 8461 | 121415 |
| Newell Brands Inc  | 257694 | 940583 |
| Purple Innovation Inc Class A (c) | 31058 | 24558 |
| Sonos Inc (c) | 71925 | 1334928 |
| United Homes Group Inc Class A (b)(c) | 18331 | 19614 |
| Universal Electronics Inc (c) | 3581 | 11853 |
| XMAX Inc (b)(c) | 21964 | 121461 |
|  |  | 7485746 |
| Leisure Products - 0.1% |  |  |
| American Outdoor Brands Inc (c) | 7566 | 54248 |
| BRP Inc Subordinate Voting Shares (United States)  | 20758 | 1434585 |
| Clarus Corp  | 18762 | 67168 |
| Escalade Inc (b) | 7721 | 102380 |
| Funko Inc Class A (c) | 29651 | 93697 |
| Hasbro Inc  | 83936 | 6933115 |
| JAKKS Pacific Inc (b) | 6837 | 112332 |
| Johnson Outdoors Inc Class A  | 5570 | 228314 |
| Latham Group Inc (b)(c) | 75217 | 537802 |
| Malibu Boats Inc Class A (c) | 12142 | 344711 |
| MasterCraft Boat Holdings Inc (c) | 12398 | 229115 |
| Mattel Inc (c) | 193517 | 4087079 |
| Peloton Interactive Inc Class A (c) | 237332 | 1611484 |
| Smith & Wesson Brands Inc  | 28645 | 249498 |
| Tron Inc (b)(c) | 156182 | 288937 |
|  |  | 16374465 |
| Specialty Retail - 0.6% |  |  |
| 1-800-Flowers.com Inc Class A (b)(c) | 21092 | 71924 |
| Academy Sports & Outdoors Inc (b) | 40713 | 1964402 |
| America's Car-Mart Inc/TX (b)(c) | 5963 | 129099 |
| Arhaus Inc Class A (c) | 33621 | 347641 |
| Arko Corp (b) | 75196 | 357933 |
| Brand House Collective Inc/The (c) | 1947 | 2356 |
| Brilliant Earth Group Inc Class A  | 2453 | 4514 |
| Carparts Com Inc (c) | 15945 | 8591 |
| Children's Place Inc/The (b)(c) | 17114 | 135543 |
| Citi Trends Inc (c) | 5953 | 269611 |
| Destination XL Group Inc (c) | 32101 | 31276 |
| Duluth Holdings Inc Class B (c) | 16389 | 52936 |
| EVgo Inc Class A (b)(c) | 84109 | 272513 |
| Five Below Inc (c) | 33279 | 5487374 |
| GrowGeneration Corp (c) | 41541 | 64389 |
| Lands' End Inc (b)(c) | 21479 | 339153 |
| Leslie's Inc (c) | 3675 | 10915 |
| Lulu's Fashion Lounge Holdings Inc (b)(c) | 1166 | 6273 |
| Monro Inc (b) | 23690 | 443240 |
| National Vision Holdings Inc (c) | 46068 | 1329062 |
| Newegg Commerce Inc Class A (b)(c) | 12646 | 959578 |
| O'Reilly Automotive Inc (c) | 513928 | 52266478 |
| ODP Corp/The (c) | 19490 | 545135 |
| OneWater Marine Inc Class A (c) | 10956 | 133115 |
| Outdoor Holding Co (c) | 117673 | 216518 |
| Petco Health & Wellness Co Inc Class A (c) | 151407 | 484502 |
| RealReal Inc/The (b)(c) | 74243 | 1075039 |
| Rent the Runway Inc Class A (b)(c) | 922 | 4490 |
| RideNow Group Inc Class B (c) | 16842 | 84378 |
| Ross Stores Inc  | 197966 | 34913284 |
| Shoe Carnival Inc (b) | 16863 | 278577 |
| Sleep Number Corp (b)(c) | 13605 | 69386 |
| Sportsman's Warehouse Holdings Inc (b)(c) | 25040 | 55839 |
| Stitch Fix Inc Class A (b)(c) | 75758 | 321972 |
| ThredUp Inc Class A (c) | 63819 | 479919 |
| Tile Shop Holdings Inc (c) | 27014 | 175321 |
| Tractor Supply Co (b) | 320911 | 17579505 |
| Ulta Beauty Inc (c) | 27102 | 14603371 |
| Upbound Group Inc  | 39142 | 701425 |
| Urban Outfitters Inc (c) | 55036 | 4076517 |
| Winmark Corp  | 2141 | 879972 |
| Xcel Brands Inc (b)(c) | 428 | 402 |
| Zumiez Inc (c) | 11553 | 300378 |
|  |  | 141533846 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Columbia Sportswear Co (b) | 33698 | 1809920 |
| Crocs Inc (b)(c) | 33435 | 2841306 |
| Crown Crafts Inc  | 9628 | 26476 |
| Fossil Group Inc (b)(c) | 41669 | 125424 |
| G-III Apparel Group Ltd (c) | 25998 | 757842 |
| Lakeland Industries Inc (b) | 4914 | 74595 |
| Lululemon Athletica Inc (c) | 68961 | 12701237 |
| Playboy Inc (c) | 46336 | 88965 |
| Rocky Brands Inc  | 4879 | 148175 |
| Steven Madden Ltd (b) | 45575 | 1904124 |
| Superior Group of Cos Inc  | 10737 | 104364 |
| Vera Bradley Inc (c) | 17686 | 50228 |
|  |  | 20632656 |
| TOTAL CONSUMER DISCRETIONARY |  | 2984829150 |
| Consumer Staples - 2.7% |  |  |
| Beverages - 0.9% |  |  |
| Celsius Holdings Inc (c) | 156128 | 6391880 |
| Coca-Cola Consolidated Inc  | 46339 | 7550940 |
| Keurig Dr Pepper Inc  | 819490 | 22863771 |
| MGP Ingredients Inc (b) | 11010 | 251138 |
| Monster Beverage Corp (c) | 589423 | 44200831 |
| National Beverage Corp (c) | 57316 | 1952183 |
| PepsiCo Inc  | 827962 | 123151068 |
| Vita Coco Co Inc/The (c) | 35230 | 1881634 |
| Willamette Valley Vineyards Inc (c) | 1065 | 2993 |
|  |  | 208246438 |
| Consumer Staples Distribution & Retail - 1.3% |  |  |
| Andersons Inc/The  | 20734 | 1067801 |
| Casey's General Stores Inc  | 22513 | 12842766 |
| Chefs' Warehouse Inc/The (c) | 24855 | 1524109 |
| Costco Wholesale Corp  | 267269 | 244174286 |
| Dollar Tree Inc (c) | 126443 | 14011149 |
| Grocery Outlet Holding Corp (c) | 59395 | 661066 |
| HF Foods Group Inc (c) | 50620 | 127056 |
| Ingles Markets Inc Class A  | 8873 | 682511 |
| Maison Solutions Inc (b)(c) | 3985 | 1716 |
| Mangoceuticals Inc (c) | 453 | 503 |
| Maplebear Inc (c) | 160903 | 6759535 |
| PriceSmart Inc (b) | 18714 | 2303693 |
| Sprouts Farmers Market Inc (c) | 59274 | 4967754 |
| Village Super Market Inc Class A  | 6632 | 229202 |
|  |  | 289353147 |
| Food Products - 0.4% |  |  |
| Alico Inc (b) | 5507 | 191616 |
| Barfresh Food Group Inc (c) | 7835 | 25856 |
| Beyond Meat Inc (b)(c) | 52856 | 51894 |
| Bridgford Foods Corp (c) | 3580 | 28461 |
| Cal-Maine Foods Inc (b) | 29597 | 2466022 |
| Calavo Growers Inc  | 10293 | 210904 |
| Campbell's Company/The (b) | 179373 | 5467289 |
| CN Healthy Food Tech Group Corp (c)(e) | 10080 | 55642 |
| Farmer Bros Co (c) | 11763 | 18938 |
| Freshpet Inc (b)(c) | 30139 | 1722745 |
| Hain Celestial Group Inc (c) | 59085 | 64994 |
| J & J Snack Foods Corp  | 12311 | 1136921 |
| John B Sanfilippo & Son Inc  | 5376 | 390459 |
| Kraft Heinz Co/The  | 701799 | 17902892 |
| Lifeway Foods Inc (c) | 10000 | 247850 |
| Limoneira Co  | 11598 | 161096 |
| Mama's Creations Inc (b)(c) | 29854 | 337947 |
| Marzetti Company/The  | 16950 | 2829633 |
| Mission Produce Inc (b)(c) | 40169 | 482831 |
| Mondelez International Inc  | 783693 | 45117206 |
| Oatly Group AB ADR (b)(c) | 11286 | 139382 |
| Pilgrim's Pride Corp (b) | 145300 | 5527212 |
| Rocky Mountain Chocolate Factory Inc (c) | 1651 | 2757 |
| Sadot Group Inc (b)(c) | 631 | 1843 |
| Seneca Foods Corp Class A (c) | 4692 | 567497 |
| Simply Good Foods Co/The (c) | 63119 | 1242182 |
| Smithfield Foods Inc  | 239314 | 5171576 |
| Vital Farms Inc (b)(c) | 26392 | 863018 |
| Westrock Coffee Co (b)(c) | 54062 | 235170 |
|  |  | 92661833 |
| Household Products - 0.1% |  |  |
| Central Garden & Pet Co Class A (c) | 39166 | 1211796 |
| Kimberly-Clark Corp (b) | 200350 | 21862193 |
| Reynolds Consumer Products Inc  | 129585 | 3237033 |
| WD-40 Co  | 8308 | 1626706 |
|  |  | 27937728 |
| Personal Care Products - 0.0% |  |  |
| Beauty Health Co/The Class A (b)(c) | 87714 | 129817 |
| Bonk Inc (b)(c) | 24845 | 4471 |
| FitLife Brands Inc (b)(c) | 4946 | 92243 |
| Honest Co Inc/The (b)(c) | 66913 | 179996 |
| Interparfums Inc  | 19049 | 1548112 |
| Lifevantage Corp (b) | 9383 | 64461 |
| Mannatech Inc (c) | 1393 | 13206 |
| Natural Alternatives International Inc (c) | 4379 | 15896 |
| Nature's Sunshine Products Inc (c) | 13105 | 269701 |
| Olaplex Holdings Inc (c) | 345986 | 394424 |
| Synergy CHC Corp (c) | 4586 | 9585 |
| United-Guardian Inc  | 3073 | 17670 |
| Upexi Inc (b)(c) | 23214 | 64999 |
| Waldencast plc Class A (b)(c) | 66548 | 167701 |
|  |  | 2972282 |
| Tobacco - 0.0% |  |  |
| Ispire Technology Inc (b)(c) | 36913 | 90067 |
| TOTAL CONSUMER STAPLES |  | 621261495 |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Baker Hughes Co Class A  | 596780 | 29958356 |
| DMC Global Inc (c) | 18561 | 115264 |
| Drilling Tools International Corp (c) | 17643 | 42343 |
| Energy Services of America Corp  | 9007 | 80613 |
| Geospace Technologies Corp (b)(c) | 10432 | 137389 |
| Gulf Island Fabrication Inc (c) | 18826 | 223653 |
| KLX Energy Services Holdings Inc (c) | 9302 | 15441 |
| Mammoth Energy Services Inc (b)(c) | 36411 | 66996 |
| MIND Technology Inc (b)(c) | 3447 | 32833 |
| National Energy Services Reunited Corp (c) | 65459 | 912498 |
| NCS Multistage Holdings Inc (c) | 1152 | 41541 |
| Patterson-UTI Energy Inc (b) | 217390 | 1263036 |
| ProFrac Holding Corp Class A (c) | 95959 | 339695 |
| Smart Sand Inc  | 22511 | 66407 |
| Weatherford International PLC (b) | 43556 | 3257989 |
|  |  | 36554054 |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Aemetis Inc (b)(c) | 59577 | 103068 |
| Alliance Resource Partners LP  | 79694 | 1942143 |
| American Resources Corp (b)(c) | 63232 | 175785 |
| APA Corp  | 214150 | 5347326 |
| Berry Corp  | 49662 | 168354 |
| Calumet Inc (b)(c) | 55409 | 1069394 |
| Chord Energy Corp  | 32501 | 3050544 |
| Clean Energy Fuels Corp (c) | 146255 | 318836 |
| Clean Energy Technologies Inc (b)(c) | 994 | 1799 |
| Diamondback Energy Inc  | 174168 | 26576295 |
| Dorchester Minerals Mlp  | 29473 | 646785 |
| Epsilon Energy Ltd  | 13592 | 65378 |
| Expand Energy Corp  | 143680 | 17518902 |
| Gevo Inc (b)(c) | 133481 | 285649 |
| Green Plains Inc (c) | 43388 | 448198 |
| HighPeak Energy Inc Class A (b) | 77539 | 520287 |
| Lightbridge Corp (b)(c) | 13909 | 226160 |
| Marine Petroleum Trust  | 339 | 1434 |
| Martin Midstream Partners LP  | 26486 | 69128 |
| New Era Energy & Digital Inc (b) | 32914 | 167532 |
| New Fortress Energy Inc Class A (b)(c) | 157225 | 191815 |
| NextDecade Corp (b)(c) | 163879 | 1001301 |
| NextNRG Inc (b)(c) | 90160 | 109995 |
| OPAL Fuels Inc Class A (b)(c) | 16937 | 40818 |
| Plains All American Pipeline LP  | 425922 | 7415302 |
| Plains GP Holdings LP Class A  | 101979 | 1890691 |
| Prairie Operating Co (b)(c) | 38612 | 72204 |
| PrimeEnergy Resources Corp (b)(c) | 1072 | 196830 |
| Stabilis Solutions Inc (b)(c) | 5194 | 23996 |
| US Energy Corp (b)(c) | 15043 | 14741 |
| Verde Clean Fuels Inc Class A (c) | 3630 | 9511 |
| Viper Energy Inc Class A  | 106529 | 3891504 |
| XCF Global Inc Class A  | 85670 | 63396 |
|  |  | 73625101 |
| TOTAL ENERGY |  | 110179155 |
| Financials - 3.4% |  |  |
| Banks - 0.9% |  |  |
| 1st Source Corp  | 16845 | 1051802 |
| ACNB Corp  | 5966 | 288754 |
| Affinity Bancshares Inc  | 979 | 18914 |
| Amalgamated Financial Corp  | 18977 | 556975 |
| Ames National Corp (b) | 6067 | 132382 |
| Arrow Financial Corp  | 10670 | 321701 |
| Auburn National BanCorp Inc  | 551 | 13289 |
| Avidbank Holdings Inc (b)(c) | 2331 | 60956 |
| BancFirst Corp  | 19990 | 2215692 |
| Bancorp Inc/The (b)(c) | 28473 | 1824265 |
| Bank First Corp (b) | 6099 | 760728 |
| Bank of Marin Bancorp (b) | 11943 | 323118 |
| Bank OZK (b) | 67526 | 3107547 |
| Bank7 Corp  | 5729 | 237352 |
| BankFinancial Corp (b) | 17658 | 207658 |
| Bankwell Financial Group Inc  | 4303 | 197508 |
| Banner Corp  | 21330 | 1339737 |
| BayCom Corp  | 5167 | 150773 |
| Bayfirst Financial Corp  | 952 | 7548 |
| BCB Bancorp Inc  | 9394 | 75058 |
| Blue Foundry Bancorp (c) | 14580 | 165629 |
| Bogota Financial Corp (c) | 8810 | 74004 |
| BOK Financial Corp  | 38080 | 4288570 |
| Bridgewater Bancshares Inc (c) | 15642 | 270763 |
| Broadway Financial Corp/DE (c) | 2096 | 13120 |
| Burke & Herbert Financial Services Corp  | 10233 | 667601 |
| Business First Bancshares Inc  | 22845 | 594427 |
| BV Financial Inc (c) | 5414 | 99293 |
| C&F Financial Corp (b) | 2776 | 192793 |
| California BanCorp (c) | 19111 | 370945 |
| Camden National Corp  | 13477 | 545010 |
| Capital Bancorp Inc  | 9313 | 258901 |
| Capital City Bank Group Inc  | 16929 | 709664 |
| Capitol Federal Financial Inc (b) | 77454 | 511971 |
| Carter Bankshares Inc (c) | 17829 | 327519 |
| Carver Bancorp Inc (c) | 6318 | 10171 |
| Cathay General Bancorp  | 42577 | 2062430 |
| CB Financial Services Inc (b) | 591 | 20951 |
| Central BanCo Inc  | 144130 | 3395703 |
| Central Plains Bancshares Inc (c) | 931 | 14942 |
| CF Bankshares Inc Class A  | 2057 | 49183 |
| Chemung Financial Corp  | 4132 | 217632 |
| ChoiceOne Financial Services Inc  | 7193 | 218955 |
| Citizens & Northern Corp (b) | 9272 | 186924 |
| Citizens Community Bancorp Inc/WI  | 6202 | 106985 |
| Citizens Financial Services Inc  | 3545 | 198130 |
| City Holding Co (b) | 8764 | 1063161 |
| Civista Bancshares Inc  | 12086 | 274836 |
| CNB Financial Corp/PA (b) | 16314 | 422859 |
| Coastal Financial Corp/WA Class A (c) | 8832 | 983443 |
| Columbia Banking System Inc  | 183253 | 5079773 |
| Columbia Financial Inc (b)(c) | 68335 | 1081743 |
| Commerce Bancshares Inc/MO  | 79903 | 4307571 |
| Commercial Bancgroup Inc  | 7897 | 195293 |
| Community Trust Bancorp Inc  | 12313 | 683372 |
| Community West Bancshares  | 11107 | 251574 |
| Connectone Bancorp Inc  | 35475 | 896453 |
| CVB Financial Corp  | 86295 | 1698286 |
| Dime Community Bancshares Inc  | 30418 | 862350 |
| Eagle Bancorp Inc  | 17734 | 336414 |
| Eagle Bancorp Montana Inc  | 3665 | 60839 |
| Eagle Financial Services Inc  | 2523 | 94789 |
| East West Bancorp Inc (b) | 82996 | 8855673 |
| Eastern Bankshares Inc  | 147393 | 2775410 |
| ECB Bancorp Inc/MD (b)(c) | 2723 | 47380 |
| Enterprise Financial Services Corp  | 22498 | 1228616 |
| Esquire Financial Holdings Inc (b) | 4745 | 484275 |
| Farmers & Merchants Bancorp Inc/Archbold OH  | 8193 | 200729 |
| Farmers National Banc Corp  | 21912 | 297784 |
| FB Bancorp Inc (c) | 7146 | 90397 |
| Fidelity D&D Bancorp Inc  | 3343 | 146357 |
| Fifth Third Bancorp  | 391323 | 17006898 |
| Financial Institutions Inc  | 9729 | 297707 |
| Finward Bancorp  | 2064 | 78442 |
| Finwise Bancorp (c) | 6686 | 120682 |
| First Bancorp Inc/The  | 6815 | 174396 |
| First Bancorp/Southern Pines NC (b) | 25726 | 1312283 |
| First Bank/Hamilton NJ  | 19734 | 310120 |
| First Busey Corp  | 54671 | 1286955 |
| First Business Financial Services Inc  | 4759 | 248515 |
| First Capital Inc (b) | 2233 | 111628 |
| First Citizens BancShares Inc/NC Class A  | 7207 | 13533953 |
| First Community Bankshares Inc  | 14638 | 489202 |
| First Community Corp/SC  | 3875 | 112453 |
| First Financial Bancorp (b) | 58909 | 1465656 |
| First Financial Bankshares Inc  | 89061 | 2782266 |
| First Financial Corp  | 9155 | 534377 |
| First Guaranty Bancshares Inc  | 8053 | 38574 |
| First Hawaiian Inc (b) | 75141 | 1872514 |
| First Internet Bancorp  | 7845 | 149447 |
| First Interstate BancSystem Inc Class A  | 63853 | 2096933 |
| First Merchants Corp  | 34922 | 1286526 |
| First Mid Bancshares Inc  | 18822 | 716365 |
| First National Corp/VA (b) | 3174 | 77763 |
| First Northwest Bancorp  | 7546 | 74404 |
| First Savings Financial Group Inc  | 2781 | 86656 |
| First United Corp  | 3120 | 119122 |
| First US Bancshares Inc (b) | 3641 | 49154 |
| First Western Financial Inc (c) | 4408 | 107335 |
| Firstsun Capital Bancorp (c) | 18377 | 614343 |
| Five Star Bancorp  | 15349 | 529387 |
| Flushing Financial Corp  | 19516 | 320258 |
| Franklin Financial Services Corp (b) | 2442 | 130671 |
| FS Bancorp Inc  | 6175 | 252866 |
| Fulton Financial Corp  | 110060 | 1997589 |
| FVCBankcorp Inc  | 9654 | 122702 |
| GBank Financial Holdings Inc (b)(c) | 8752 | 296343 |
| German American Bancorp Inc (b) | 23301 | 925050 |
| Great Southern Bancorp Inc  | 7818 | 470331 |
| Greene County Bancorp Inc  | 10495 | 239286 |
| Hancock Whitney Corp  | 48475 | 2937100 |
| Hanmi Financial Corp  | 18308 | 505667 |
| Hanover Bancorp Inc (b) | 2591 | 58945 |
| Hawthorn Bancshares Inc  | 3385 | 115090 |
| HBT Financial Inc  | 20756 | 502295 |
| Heritage Commerce Corp  | 34628 | 377099 |
| Heritage Financial Corp Wash  | 24804 | 593808 |
| Hingham Institution For Savings The (b) | 1460 | 427649 |
| Home Bancorp Inc  | 6496 | 360333 |
| Home Federal Bancorp Inc of Louisiana  | 813 | 13007 |
| Hope Bancorp Inc  | 81970 | 870521 |
| Horizon Bancorp Inc/IN  | 30365 | 520456 |
| Huntington Bancshares Inc/OH  | 882742 | 14388695 |
| Independent Bank Corp  | 30825 | 2220941 |
| Independent Bank Corp/MI  | 16705 | 545418 |
| International Bancshares Corp (b) | 38157 | 2536677 |
| Investar Holding Corp  | 8751 | 217025 |
| Isabella Bank Corp  | 505 | 21210 |
| John Marshall Bancorp Inc  | 8479 | 169580 |
| Kearny Financial Corp/MD  | 41433 | 284645 |
| Lake Shore Bancorp Inc/MD  | 4671 | 67122 |
| Lakeland Financial Corp (b) | 15450 | 900117 |
| Landmark Bancorp Inc/Manhattan KS  | 3377 | 98068 |
| LCNB Corp  | 12197 | 193566 |
| LINKBANCORP Inc  | 23701 | 180602 |
| Magyar Bancorp Inc  | 3540 | 59295 |
| MainStreet Bancshares Inc (b) | 4185 | 81566 |
| Mechanics Bancorp Class A (b)(c) | 79352 | 1233130 |
| Mercantile Bank Corp  | 10911 | 501688 |
| Meridian Corp  | 4705 | 75186 |
| Metrocity Bankshares Inc  | 17649 | 470346 |
| Mid Penn Bancorp Inc  | 17827 | 520370 |
| Middlefield Banc Corp (b) | 3775 | 131370 |
| Midland States Bancorp Inc  | 11419 | 185673 |
| MidWestOne Financial Group Inc  | 11771 | 465778 |
| MVB Financial Corp  | 7189 | 194534 |
| National Bankshares Inc VA  | 4034 | 119124 |
| NB Bancorp Inc  | 30347 | 594498 |
| Nbt Bancorp Inc  | 33739 | 1398819 |
| Northeast Bank  | 5979 | 531414 |
| Northeast Community Bancorp Inc  | 6795 | 143782 |
| Northfield Bancorp Inc  | 32796 | 352557 |
| Northrim BanCorp Inc  | 16808 | 412804 |
| Northwest Bancshares Inc  | 85528 | 1022915 |
| Norwood Financial Corp (b) | 4848 | 138944 |
| Oak Valley Bancorp  | 5407 | 151937 |
| OceanFirst Financial Corp  | 35787 | 674585 |
| Ohio Valley Banc Corp (b) | 1982 | 76862 |
| Old National Bancorp/IN (b) | 232998 | 5063047 |
| Old Second Bancorp Inc  | 36415 | 686423 |
| OP Bancorp (b) | 7322 | 98481 |
| Orange County Bancorp Inc  | 9440 | 255918 |
| Orrstown Financial Services Inc  | 12941 | 462770 |
| Parke Bancorp Inc  | 6191 | 141712 |
| Pathfinder Bancorp Inc  | 616 | 8623 |
| Pathward Financial Inc  | 13578 | 976258 |
| Patriot National Bancorp Inc (c) | 57082 | 81627 |
| PB Bankshares Inc (c) | 871 | 18726 |
| PCB Bancorp  | 9878 | 214550 |
| Peapack-Gladstone Financial Corp  | 10155 | 274185 |
| Peoples Bancorp Inc/OH  | 19955 | 591267 |
| Peoples Bancorp of North Carolina Inc  | 3497 | 114527 |
| Peoples Financial Services Corp  | 6763 | 329967 |
| Pinnacle Financial Partners Inc  | 46064 | 4223148 |
| Pioneer Bancorp Inc/NY (c) | 14061 | 187011 |
| Plumas Bancorp  | 4437 | 192610 |
| Ponce Financial Group Inc (c) | 13105 | 208894 |
| Preferred Bank/Los Angeles CA (b) | 7854 | 741496 |
| Primis Financial Corp  | 16579 | 186182 |
| Princeton Bancorp Inc  | 4685 | 161117 |
| QCR Holdings Inc  | 11814 | 964377 |
| RBB Bancorp  | 9458 | 187363 |
| Red River Bancshares Inc (b) | 3979 | 278729 |
| Republic Bancorp Inc/KY Class A  | 10431 | 719843 |
| Rhinebeck Bancorp Inc (b)(c) | 2274 | 24764 |
| Richmond Mutual BanCorp Inc (b) | 4283 | 58977 |
| Riverview Bancorp Inc  | 15015 | 79129 |
| S&T Bancorp Inc  | 25641 | 1012307 |
| SB Financial Group Inc  | 4710 | 100770 |
| Seacoast Banking Corp of Florida  | 56860 | 1794502 |
| Shore Bancshares Inc  | 20817 | 363673 |
| Sierra Bancorp (b) | 9715 | 301748 |
| Simmons First National Corp Class A  | 97696 | 1812261 |
| Sound Financial Bancorp Inc (b) | 1189 | 52685 |
| South Plains Financial Inc  | 9363 | 353828 |
| Southern Financial Capital Trust III (c) | 4689 | 238014 |
| Southern Missouri Bancorp Inc  | 6394 | 359918 |
| SR Bancorp Inc (b) | 3490 | 53711 |
| Stock Yards Bancorp Inc  | 19498 | 1290183 |
| Summit State Bank (c) | 3743 | 40574 |
| Texas Capital Bancshares Inc (c) | 27814 | 2507988 |
| TFS Financial Corp (b) | 175569 | 2501858 |
| Timberland Bancorp Inc/WA  | 5727 | 195863 |
| Towne Bank/Portsmouth VA  | 46148 | 1548265 |
| TriCo Bancshares  | 19668 | 946031 |
| TrustCo Bank Corp NY (b) | 10724 | 451802 |
| Trustmark Corp  | 34732 | 1351075 |
| UMB Financial Corp  | 45258 | 5027259 |
| Union Bankshares Inc/Morrisville VT (b) | 2643 | 61133 |
| United Bankshares Inc/WV  | 86363 | 3216158 |
| United Security Bancshares/Fresno CA  | 6518 | 64463 |
| Unity Bancorp Inc  | 6310 | 315689 |
| Univest Financial Corp  | 23057 | 733213 |
| USCB Financial Holdings Inc  | 10838 | 192808 |
| Valley National Bancorp (b) | 325292 | 3682305 |
| Virginia National Bankshares Corp  | 7542 | 306205 |
| WaFd Inc  | 46481 | 1471588 |
| Washington Trust Bancorp Inc  | 15332 | 435429 |
| WesBanco Inc  | 58275 | 1880534 |
| West BanCorp Inc (b) | 9854 | 218956 |
| Westamerica BanCorp  | 15664 | 751559 |
| Western New England Bancorp Inc  | 19987 | 244641 |
| Wintrust Financial Corp  | 39492 | 5292718 |
| WSFS Financial Corp  | 34138 | 1905242 |
| Zions Bancorp NA  | 87778 | 4672423 |
|  |  | 217246415 |
| Capital Markets - 1.4% |  |  |
| Aether Holdings Inc (b) | 6102 | 36002 |
| ALT5 Sigma Corp (b)(c) | 82949 | 155115 |
| AlTi Global Inc Class A (b)(c) | 86365 | 348915 |
| Armada Acquisition Corp II Class A  | 15116 | 153579 |
| B Riley Financial Inc (b)(c) | 14932 | 64805 |
| Beneficient Class A (b)(c) | 8250 | 4923 |
| BGC Group Inc Class A  | 225374 | 1960754 |
| Cantor Equity Partners III Inc Class A  | 8884 | 90528 |
| Capital Southwest Corp  | 11251 | 242122 |
| Carlyle Group Inc/The  | 219226 | 11954394 |
| CARTESIAN GROWTH CORP III Class A  | 10319 | 104480 |
| Cayson Acquisition Corp (c) | 2715 | 28643 |
| CGrowth Capital Inc (b)(c) | 53672 | 160 |
| ChampionsGate Acquisition Corp Class A  | 1058 | 10718 |
| CME Group Inc Class A  | 218039 | 61369257 |
| Coinbase Global Inc Class A (c) | 130187 | 35517617 |
| Crescent Capital BDC Inc  | 12883 | 184871 |
| Diamond Hill Investment Group Inc  | 1545 | 182310 |
| Dominari Holdings Inc (b) | 7209 | 33846 |
| EGH Acquisition Corp Class A  | 9154 | 92455 |
| Fold Holdings Inc Class A (b)(c) | 38353 | 124647 |
| Galaxy Digital Inc Class A (b) | 104316 | 2773762 |
| GCM Grosvenor Inc Class A (b) | 34783 | 381917 |
| Gemini Space Station Inc Class A (b) | 26259 | 288849 |
| Great Elm Group Inc (c) | 7056 | 18204 |
| Hamilton Lane Inc Class A  | 26434 | 3276098 |
| Hennessy Advisors Inc  | 5713 | 58101 |
| Heritage Global Inc (c) | 31260 | 42201 |
| Horizon Technology Finance Corp  | 7992 | 53387 |
| Innventure Inc (b)(c) | 35357 | 203303 |
| Interactive Brokers Group Inc Class A  | 267453 | 17389794 |
| Investcorp Credit Management BDC Inc  | 16938 | 51661 |
| LPL Financial Holdings Inc  | 48385 | 17226995 |
| MarketAxess Holdings Inc  | 22598 | 3703586 |
| MarketWise Inc Class A  | 1168 | 18992 |
| MDB Capital Holdings LLC Class A (c) | 951 | 3270 |
| Morningstar Inc  | 25465 | 5471410 |
| Nasdaq Inc  | 345589 | 31420952 |
| New Mountain Finance Corp  | 53270 | 515121 |
| Newbury Street II Acquisition Corp Class A  | 10095 | 104786 |
| Northern Trust Corp  | 116088 | 15246998 |
| Open Lending Corp (c) | 100205 | 191392 |
| Perella Weinberg Partners Class A (b) | 39441 | 720193 |
| PhenixFIN Corp  | 762 | 31814 |
| ProCap Acquisition Corp Class A  | 10445 | 106121 |
| Republic Digital Acquisition Co Class A  | 7068 | 71528 |
| Robinhood Markets Inc Class A (c) | 468003 | 60133705 |
| Runway Growth Finance Corp  | 18253 | 167745 |
| SEI Investments Co  | 73166 | 5916203 |
| Siddhi Acquisition Corp Class A  | 3883 | 39723 |
| Siebert Financial Corp (b)(c) | 18579 | 59639 |
| Silvercrest Asset Management Group Inc Class A  | 8394 | 115837 |
| Sizzle Acquisition Corp II Class A  | 2600 | 26390 |
| StepStone Group Inc Class A  | 48570 | 3067681 |
| StoneX Group Inc (b)(c) | 31547 | 2858474 |
| Strive Inc Class A (b)(c) | 349614 | 391568 |
| T Rowe Price Group Inc  | 133144 | 13631283 |
| Titan Acquisition Corp Class A  | 5593 | 57216 |
| TPG Inc Class A (b) | 86515 | 5111306 |
| Tradeweb Markets Inc Class A  | 70956 | 7724270 |
| Trinity Capital Inc  | 14443 | 213901 |
| US Global Investors Inc Class A  | 8407 | 20429 |
| Value Line Inc  | 6103 | 226482 |
| Victory Capital Holdings Inc Class A  | 40876 | 2570692 |
|  |  | 314363120 |
| Consumer Finance - 0.2% |  |  |
| Atlanticus Holdings Corp (c) | 8548 | 503905 |
| Consumer Portfolio Services Inc (b)(c) | 12500 | 103375 |
| Credit Acceptance Corp (b)(c) | 6910 | 3192213 |
| Dave Inc Class A (b)(c) | 7302 | 1593735 |
| DeFi Development Corp (b)(c) | 13284 | 100958 |
| DeFi Development Corp warrants 1/21/2028 (c) | 1328 | 5458 |
| Encore Capital Group Inc (c) | 13491 | 700048 |
| EZCORP Inc Class A (b)(c) | 38558 | 743398 |
| Figure Technology Solutions Inc Class A (b) | 105617 | 3827560 |
| FirstCash Holdings Inc  | 27217 | 4311445 |
| Jefferson Capital Inc (b) | 37876 | 794260 |
| Katapult Holdings Inc Class A (c) | 1651 | 10235 |
| Lendingtree Inc (c) | 8582 | 489431 |
| Medallion Financial Corp (b) | 11337 | 112690 |
| Navient Corp  | 58999 | 731588 |
| NerdWallet Inc Class A (c) | 29046 | 435980 |
| Old Market Capital Corp (c) | 5880 | 30635 |
| Oportun Financial Corp (c) | 20581 | 106404 |
| PRA Group Inc (c) | 24476 | 396511 |
| SLM Corp (b) | 126136 | 3695785 |
| SoFi Technologies Inc Class A (b)(c) | 723863 | 21513208 |
| Upstart Holdings Inc (b)(c) | 57812 | 2599228 |
| Vroom Inc  | 775 | 16012 |
| World Acceptance Corp (c) | 3693 | 571159 |
|  |  | 46585221 |
| Financial Services - 0.5% |  |  |
| 26 Capital Acquisition Corp Class A (c)(e) | 12701 | 0 |
| Acacia Research Corp (b)(c) | 58058 | 217137 |
| Affirm Holdings Inc Class A (c) | 172448 | 12235186 |
| Agriculture & Natural Solutions Acquisition Corp Class A (c) | 28990 | 322949 |
| Aimei Health Technology Co Ltd (c) | 6452 | 66714 |
| Alchemy Investments Acquisition Corp 1 Class A (c) | 6412 | 75020 |
| Aldel Financial II Inc Class A  | 9202 | 96437 |
| Alerus Financial Corp  | 13800 | 297252 |
| AlphaVest Acquisition Corp (b)(c) | 6441 | 57003 |
| Archimedes Tech SPAC Partners II Co  | 7149 | 74064 |
| Artius II Acquisition Inc Class A  | 1854 | 19041 |
| Beeline Holdings Inc (b)(c) | 17899 | 36693 |
| BERTO ACQUISITION CORP  | 61147 | 621865 |
| Better Home & Finance Holding Co Class A (b)(c) | 5821 | 281853 |
| Black Hawk Acquisition Corp (c) | 566 | 6339 |
| Blue Water Acquisition Corp III Class A  | 20964 | 210898 |
| Bold Eagle Acquisition Corp Class A  | 9063 | 97201 |
| Bowen Acquisition Corp (b)(c)(e) | 6276 | 53409 |
| Cal Redwood Acquisition Corp Class A  | 6652 | 67052 |
| Cantaloupe Inc (c) | 40183 | 428753 |
| Cantor Equity Partners I Inc Class A  | 11995 | 124868 |
| Cantor Equity Partners II Inc Class A  | 11067 | 120077 |
| Cantor Equity Partners Inc Class A (b)(c) | 6092 | 87481 |
| Cantor Equity Partners IV Inc  | 44269 | 458627 |
| Cass Information Systems Inc  | 9058 | 380436 |
| Centurion Acquisition Corp Class A (c) | 6757 | 71624 |
| Chime Financial Inc Class A (b)(c) | 207599 | 4386567 |
| Churchill Capital Corp IX Class A (c) | 74558 | 792552 |
| Churchill Capital Corp X Class A  | 31926 | 470909 |
| Clean Energy Special Situations Corp rights (c)(e) | 13177 | 0 |
| CO2 Energy Transition Corp  | 289 | 2959 |
| Cohen Circle Acquisition Corp II Class A  | 28408 | 290330 |
| Columbus Circle Capital Corp I Class A  | 17599 | 178630 |
| Corner Growth Acquisition Corp 2 Class A (e) | 304250 | 69978 |
| Corner Growth Acquisition Corp Class A (c)(e) | 54398 | 603818 |
| Crane Inflection Point Acquisition Corp III Class A  | 27410 | 276567 |
| Currenc Group Inc Class A (b)(c) | 39561 | 104837 |
| D Boral ARC Acquisition I Corp  | 30698 | 307901 |
| Digital Asset Acquisition Corp Class A  | 4297 | 43572 |
| DP Cap Acquisition Corp I Class A (b)(e) | 654800 | 168807 |
| Drugs Made In America Acquisition Corp  | 45648 | 471544 |
| Dune Acquisition Corp II Class A  | 2055 | 20879 |
| Dynamix Corp Class A  | 15070 | 154468 |
| Enact Holdings Inc  | 91706 | 3549939 |
| ESH Acquisition Corp Class A (c) | 2098 | 23917 |
| Euronet Worldwide Inc (b)(c) | 24958 | 1849138 |
| Fact II Acquisition Corp Class A  | 4449 | 46047 |
| FG Merger II Corp  | 1050 | 10521 |
| FIGX Capital Acquisition Corp  | 4897 | 49411 |
| Fiserv Inc (c) | 328726 | 20206787 |
| Flywire Corp (c) | 76467 | 1069773 |
| Future Health ESG Corp warrants 12/31/2028 (c)(e) | 3358 | 0 |
| Gores Holdings X Inc Class A  | 17677 | 182073 |
| GP-Act III Acquisition Corp (c) | 3014 | 32099 |
| Hennessy Capital Investment Corp VII  | 29309 | 304227 |
| Horizon Space Acquisition I Corp (c) | 8481 | 106097 |
| IB Acquisition Corp (c) | 4603 | 48101 |
| Inflection Point Acquisition Corp IV Class A (c) | 71407 | 766911 |
| International Money Express Inc (c) | 23444 | 357287 |
| Jack Henry & Associates Inc (b) | 43916 | 7662464 |
| K&F Growth Acquisition Corp II Class A  | 76592 | 788132 |
| Keen Vision Acquisition Corp (c) | 11179 | 130012 |
| Kochav Defense Acquisition Corp  | 6235 | 63223 |
| Lakeshore Acquisition III Corp  | 2525 | 25604 |
| Launch One Acquisition Corp Class A (c) | 1896 | 19946 |
| Launch Two Acquisition Corp Class A (c) | 2374 | 24832 |
| Lightwave Acquisition Corp Class A  | 5675 | 57232 |
| Live Oak Acquisition Corp V Class A  | 49138 | 503665 |
| M3-Brigade Acquisition V Corp Class A (c) | 59507 | 630179 |
| Marqeta Inc Class A (b)(c) | 246041 | 1178536 |
| Melar Acquisition Corp I Class A (c) | 20514 | 217038 |
| Merchants Bancorp/IN  | 29285 | 957327 |
| Mountain Lake Acquisition Corp Class A  | 992 | 10287 |
| New Providence Acquisition Corp III Class A (c) | 4246 | 43522 |
| NewtekOne Inc (b) | 14179 | 151432 |
| NMI Holdings Inc (c) | 48600 | 1854090 |
| NMP Acquisition Corp  | 36838 | 369485 |
| Oaktree Acquisition Corp III Class A  | 15243 | 160966 |
| Oyster Enterprises II Acquisition Corp Class A  | 14458 | 146026 |
| Payoneer Global Inc (c) | 216228 | 1249798 |
| PayPal Holdings Inc  | 575919 | 36104362 |
| Paysign Inc (c) | 29146 | 151851 |
| Perimeter Acquisition Corp I Class A  | 4902 | 50393 |
| Pioneer Acquisition I Corp  | 6600 | 66858 |
| Plum Acquisition Corp IV Class A  | 16125 | 167539 |
| Priority Technology Holdings Inc (c) | 54337 | 317871 |
| Quartzsea Acquisition Corp  | 3049 | 30917 |
| Quetta Acquisition Corp (c) | 5515 | 60941 |
| Range Capital Acquisition Corp  | 2691 | 28040 |
| Real Asset Acquisition Corp Class A  | 2356 | 24125 |
| Relativity Acquisition Corp Class A (c)(e) | 3558 | 0 |
| Remitly Global Inc (c) | 126777 | 1717194 |
| Renatus Tactical Acquisition Corp I Class A  | 14195 | 152028 |
| Repay Holdings Corp Class A (c) | 58595 | 194535 |
| Roman DBDR Acquisition Corp II Class A  | 5218 | 54632 |
| Ryvyl Inc (b)(c) | 2614 | 966 |
| Security National Financial Corp Class A  | 8999 | 77751 |
| Sezzle Inc (b)(c) | 20558 | 1269457 |
| Silver Pegasus Acquisition Corp  | 19234 | 193494 |
| SIM Acquisition Corp I Class A (c) | 8104 | 85497 |
| Solarius Capital Acquisition Corp Class A  | 39103 | 395722 |
| Spark I Acquisition Corp Class A (c) | 5593 | 62306 |
| Stellar V Capital Corp  | 2051 | 21187 |
| Sui Group Holdings Ltd (c) | 52855 | 105710 |
| SWK Holdings Corp  | 7169 | 121730 |
| Texas Ventures Acquisition III Corp Class A  | 2400 | 25632 |
| Thayer Ventures Acquisition Corp II Class A  | 7630 | 77063 |
| Trailblazer Merger Corp I (c) | 2653 | 30961 |
| Translational Development Acquisition Corp Class A  | 16554 | 173155 |
| Usio Inc (c) | 12705 | 18168 |
| UY Scuti Acquisition Corp  | 1031 | 10527 |
| Vendome Acquisition Corp I Class A  | 27648 | 277862 |
| Vine Hill Capital Investment Corp Class A (c) | 6219 | 66605 |
| Waterstone Financial Inc  | 16815 | 263323 |
| Wen Acquisition Corp Class A  | 15375 | 155518 |
| Willow Lane Acquisition Corp Class A  | 22894 | 274728 |
| XBP Global Holdings Inc Class A (b)(c) | 15476 | 10767 |
| Yorkville Acquisition Corp Class A  | 12458 | 126200 |
|  |  | 112664036 |
| Insurance - 0.4% |  |  |
| Abacus Global Management Inc Class A (b)(c) | 63219 | 419142 |
| American Coastal Insurance Corp  | 28157 | 336476 |
| Amerisafe Inc  | 10926 | 445781 |
| Arch Capital Group Ltd (c) | 225786 | 21205821 |
| Atlantic American Corp  | 8809 | 21494 |
| Baldwin Insurance Group Inc/The Class A (b)(c) | 45194 | 1288481 |
| Brighthouse Financial Inc (c) | 34190 | 2241155 |
| Cincinnati Financial Corp  | 94378 | 15816809 |
| Donegal Group Inc Class A  | 26630 | 536062 |
| eHealth Inc (c) | 12834 | 52363 |
| Erie Indemnity Co Class A (b) | 28086 | 8299132 |
| FG Nexus Inc (b)(c) | 15799 | 50241 |
| FG Nexus Inc rights (c)(e) | 21 | 114 |
| GoHealth Inc Class A (c) | 5831 | 17492 |
| Goosehead Insurance Inc Class A  | 16227 | 1161042 |
| Greenlight Capital Re Ltd Class A (c) | 19842 | 262113 |
| Health In Tech Inc Class A (b)(c) | 33627 | 51113 |
| Investors Title Co (b) | 1170 | 326325 |
| James River Group Holdings Inc  | 32971 | 194199 |
| Kingstone Cos Inc  | 6608 | 100574 |
| NI Holdings Inc (c) | 13538 | 183846 |
| Palomar Hldgs Inc (c) | 16489 | 2048099 |
| Presurance Holdings Inc (c) | 3312 | 3294 |
| Principal Financial Group Inc  | 132646 | 11251034 |
| Root Inc/OH Class A (b)(c) | 8393 | 678910 |
| Safety Insurance Group Inc  | 8859 | 673461 |
| Selective Insurance Group Inc  | 36805 | 2891401 |
| Skyward Specialty Insurance Group Inc (c) | 26024 | 1274135 |
| Slide Insurance Holdings Inc (b)(c) | 73587 | 1242884 |
| Tiptree Inc Class A  | 21902 | 411320 |
| Trupanion Inc (b)(c) | 26408 | 931938 |
| TWFG Inc Class A (b)(c) | 9197 | 261287 |
| United Fire Group Inc  | 14135 | 516634 |
| Willis Towers Watson PLC  | 59097 | 18970137 |
|  |  | 94164309 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.0% |  |  |
| Adamas Trust Inc  | 39151 | 298331 |
| AGNC Investment Corp (b) | 565322 | 5930228 |
| Manhattan Bridge Capital Inc  | 9852 | 46107 |
| Seven Hills Realty Trust  | 15126 | 132504 |
| Seven Hills Realty Trust rights 12/4/2025 (c) | 15126 | 423 |
| Sunrise Realty Trust Inc  | 9302 | 93485 |
|  |  | 6501078 |
| TOTAL FINANCIALS |  | 791524179 |
| Health Care - 5.5% |  |  |
| Biotechnology - 3.3% |  |  |
| 4D Molecular Therapeutics Inc (b)(c) | 29410 | 342921 |
| Abeona Therapeutics Inc (b)(c) | 43304 | 219551 |
| Abpro Holdings Inc Class A (b)(c) | 894 | 5981 |
| Absci Corp (b)(c) | 99008 | 313855 |
| ABVC BioPharma Inc (c) | 6128 | 16484 |
| ACADIA Pharmaceuticals Inc (c) | 101549 | 2542787 |
| Achieve Life Sciences Inc (b)(c) | 37770 | 183940 |
| Acrivon Therapeutics Inc (c) | 18053 | 42605 |
| Actuate Therapeutics Inc (b)(c) | 15885 | 121203 |
| Acumen Pharmaceuticals Inc (c) | 64344 | 120967 |
| Acurx Pharmaceuticals Inc (c) | 146 | 566 |
| Adamas Pharmaceuticals Inc rights (c)(e) | 26195 | 262 |
| Adamas Pharmaceuticals Inc rights (c)(e) | 26195 | 0 |
| Adicet Bio Inc (c) | 77437 | 50195 |
| ADMA Biologics Inc (c) | 145231 | 2785531 |
| Adverum Biotechnologies Inc (b)(c) | 11897 | 49016 |
| Agenus Inc (b)(c) | 22604 | 103074 |
| Agios Pharmaceuticals Inc (c) | 36014 | 1051609 |
| Akebia Therapeutics Inc (c) | 163436 | 258229 |
| Akero Therapeutics Inc (c) | 48695 | 2647060 |
| Akouos Inc (b)(c)(e) | 22594 | 4293 |
| Alaunos Therapeutics Inc (c) | 1117 | 3731 |
| Albireo Pharma Inc rights (c)(e) | 10788 | 0 |
| Aldeyra Therapeutics Inc (c) | 35040 | 192019 |
| Alector Inc (c) | 61781 | 82169 |
| Aligos Therapeutics Inc Class A (b)(c) | 1879 | 18001 |
| Alkermes PLC (b)(c) | 99481 | 2942648 |
| Allogene Therapeutics Inc (b)(c) | 167572 | 244655 |
| Alnylam Pharmaceuticals Inc (b)(c) | 79222 | 35747344 |
| Altimmune Inc (b)(c) | 65523 | 344651 |
| ALX Oncology Holdings Inc (c) | 5196 | 7119 |
| Amgen Inc  | 325564 | 112469340 |
| Amicus Therapeutics Inc (c) | 184369 | 1830784 |
| AnaptysBio Inc (b)(c) | 16261 | 677271 |
| Anavex Life Sciences Corp (b)(c) | 53539 | 205054 |
| Anika Therapeutics Inc (c) | 10926 | 107949 |
| Anixa Biosciences Inc (c) | 24102 | 110628 |
| Annexon Inc (c) | 80575 | 362588 |
| Apellis Pharmaceuticals Inc (c) | 77984 | 1661059 |
| Apogee Therapeutics Inc (c) | 27560 | 1983493 |
| Applied Therapeutics Inc (c) | 105826 | 27515 |
| Arbutus Biopharma Corp (b)(c) | 119415 | 526620 |
| Arcellx Inc (c) | 34281 | 2492572 |
| Arcturus Therapeutics Holdings Inc (b)(c) | 17582 | 119382 |
| Arcutis Biotherapeutics Inc (c) | 72602 | 2225251 |
| Ardelyx Inc (c) | 138338 | 802360 |
| ArriVent Biopharma Inc (c) | 29479 | 676248 |
| Arrowhead Pharmaceuticals Inc (c) | 84127 | 4433493 |
| ARS Pharmaceuticals Inc (b)(c) | 56776 | 541643 |
| Assembly Biosciences Inc (c) | 5636 | 212984 |
| Astria Therapeutics Inc (b)(c) | 32677 | 413364 |
| Atara Biotherapeutics Inc (c) | 2678 | 40438 |
| Atossa Therapeutics Inc (b)(c) | 63171 | 49115 |
| aTyr Pharma Inc (b)(c) | 66669 | 52035 |
| Aura Biosciences Inc (b)(c) | 34867 | 230122 |
| Avalo Therapeutics Inc (c) | 12867 | 244473 |
| Avidity Biosciences Inc (c) | 89983 | 6451781 |
| Avita Medical Inc (b)(c) | 5887 | 21782 |
| Beam Therapeutics Inc (c) | 59636 | 1510580 |
| BeOne Medicines Ltd ADR (b)(c) | 20476 | 6974330 |
| Beyondspring Inc (b)(c) | 23601 | 50034 |
| Bicara Therapeutics Inc (b)(c) | 34774 | 645405 |
| bioAffinity Technologies Inc (c) | 601 | 902 |
| BioAtla Inc (b)(c) | 8259 | 7466 |
| BioCardia Inc (c) | 964 | 1388 |
| BioCryst Pharmaceuticals Inc (c) | 122507 | 879600 |
| Biogen Inc (c) | 86543 | 15758615 |
| BioMarin Pharmaceutical Inc (c) | 110110 | 6158452 |
| Biomea Fusion Inc (b)(c) | 18130 | 19762 |
| BioRestorative Therapies Inc (c) | 3862 | 4171 |
| BioVie Inc (c) | 230 | 345 |
| Black Diamond Therapeutics Inc (c) | 32498 | 124142 |
| Bolt Biotherapeutics Inc (c) | 143 | 726 |
| Bridgebio Pharma Inc (b)(c) | 115291 | 8302105 |
| C4 Therapeutics Inc (b)(c) | 61523 | 166727 |
| Cabaletta Bio Inc (b)(c) | 67179 | 172650 |
| CAMP4 Therapeutics Corp (b)(c) | 4486 | 17047 |
| Candel Therapeutics Inc (b)(c) | 27738 | 132310 |
| Capricor Therapeutics Inc (b)(c) | 27146 | 145231 |
| Cardiff Oncology Inc (b)(c) | 34646 | 78993 |
| Cardio Diagnostics Holdings Inc (b)(c) | 398 | 1146 |
| CareDx Inc (b)(c) | 31991 | 571679 |
| Caribou Biosciences Inc (c) | 72686 | 141011 |
| Caris Life Sciences Inc (b)(c) | 170866 | 4362209 |
| Carisma Therapeutics Inc rights (c)(e) | 92579 | 0 |
| Cartesian Therapeutics Inc (b)(c) | 15039 | 112642 |
| Cartesian Therapeutics Inc rights (b)(c)(e) | 116771 | 33864 |
| CASI Pharmaceuticals Holdings Inc (b)(c) | 18808 | 19184 |
| Catalyst Pharmaceuticals Inc (c) | 72608 | 1699753 |
| Celcuity Inc (c) | 26404 | 2670501 |
| Celldex Therapeutics Inc (c) | 41029 | 1108604 |
| Cellectar Biosciences Inc (c) | 200 | 706 |
| Celularity Inc Class A (c) | 8438 | 16623 |
| Centessa Pharmaceuticals PLC ADR (c) | 60171 | 1746764 |
| Century Therapeutics Inc (c) | 15341 | 8365 |
| CervoMed Inc (b)(c) | 4911 | 48815 |
| CG oncology Inc (b)(c) | 47160 | 2114654 |
| Chinook Therapeutics Inc rights (c)(e) | 11497 | 0 |
| Cibus Inc Class A (b)(c) | 12151 | 16525 |
| Cidara Therapeutics Inc (c) | 15458 | 3398905 |
| Citius Oncology Inc Class A (c) | 57297 | 78497 |
| Clene Inc (c) | 4823 | 49966 |
| Climb Bio Inc (c) | 30627 | 57885 |
| Coeptis Therapeutics Holdings Inc (b)(c) | 1228 | 23000 |
| Cogent Biosciences Inc (c) | 87236 | 3508632 |
| Coherus Oncology Inc (b)(c) | 91739 | 124765 |
| Compass Therapeutics Inc (c) | 109310 | 633998 |
| Concert Pharmaceuticals Inc rights (c)(e) | 24247 | 0 |
| Corbus Pharmaceuticals Holdings Inc (c) | 6289 | 72575 |
| Corvus Pharmaceuticals Inc (b)(c) | 47656 | 437006 |
| COSCIENS Biopharma Inc warrants 5/24/2029 (b)(c) | 434 | 932 |
| Coya Therapeutics Inc (c) | 7996 | 52054 |
| Crescent Biopharma Inc (c) | 11976 | 180239 |
| Cue Biopharma Inc (c) | 29250 | 18428 |
| Cullinan Therapeutics Inc (c) | 39408 | 448069 |
| Curis Inc (c) | 2839 | 3889 |
| Cypherpunk Technologies Inc (c) | 16182 | 24758 |
| Cytokinetics Inc (b)(c) | 72762 | 4957275 |
| CytomX Therapeutics Inc (c) | 99375 | 425325 |
| Day One Biopharmaceuticals Inc (c) | 68406 | 649173 |
| Denali Therapeutics Inc (b)(c) | 87276 | 1699264 |
| Design Therapeutics Inc (c) | 38942 | 365665 |
| DiaMedica Therapeutics Inc (b)(c) | 37032 | 319586 |
| Dianthus Therapeutics Inc (c) | 24884 | 1094399 |
| Dianthus Therapeutics Inc rights (c)(e) | 44600 | 0 |
| Disc Medicine Inc (c) | 20934 | 1954398 |
| Dogwood Therapeutics Inc (b)(c) | 880 | 5764 |
| Dogwood Therapeutics Inc (CVR) (b)(c)(e) | 880 | 0 |
| Dyadic International Inc (c) | 48866 | 46271 |
| Dynavax Technologies Corp (c) | 71306 | 810749 |
| Dyne Therapeutics Inc (c) | 87468 | 1915549 |
| Edesa Biotech Inc (c) | 1335 | 2323 |
| Editas Medicine Inc (c) | 66134 | 159383 |
| Eledon Pharmaceuticals Inc (c) | 34828 | 56770 |
| Elicio Therapeutics Inc (b)(c) | 14357 | 134382 |
| Elutia Inc (b)(c) | 14760 | 9033 |
| Enanta Pharmaceuticals Inc (c) | 21463 | 303058 |
| Entrada Therapeutics Inc (c) | 20831 | 213934 |
| Equillium Inc (c) | 9425 | 8505 |
| Erasca Inc (b)(c) | 200715 | 636267 |
| Estrella Immunopharma Inc (c) | 1582 | 3338 |
| Ethzilla Corp (b)(c) | 10827 | 115632 |
| Exact Sciences Corp (c) | 114699 | 11617862 |
| Exagen Inc (c) | 11992 | 94737 |
| Exelixis Inc (c) | 162658 | 7184604 |
| Exicure Inc (c) | 2912 | 12172 |
| eXoZymes Inc (c) | 1997 | 31692 |
| Fate Therapeutics Inc (c) | 112766 | 128553 |
| Fibrobiologics Inc (c) | 21996 | 6027 |
| FibroGen Inc (c) | 1991 | 17521 |
| Foghorn Therapeutics Inc (c) | 28479 | 135275 |
| Forte Biosciences Inc (c) | 5749 | 106701 |
| Fortress Biotech Inc (b)(c) | 5930 | 16723 |
| Gain Therapeutics Inc (c) | 10062 | 35217 |
| Galectin Therapeutics Inc (b)(c) | 45615 | 261374 |
| Genelux Corp (b)(c) | 19561 | 108759 |
| Generation Bio CO (c) | 255 | 1359 |
| Geron Corp (c) | 380562 | 449063 |
| Gilead Sciences Inc  | 750298 | 94417501 |
| Gossamer Bio Inc (c) | 149688 | 499958 |
| GRAIL Inc (b)(c) | 21604 | 2384866 |
| Greenwich Lifesciences Inc (b)(c) | 349 | 3047 |
| Gyre Therapeutics Inc (b)(c) | 60238 | 466845 |
| Gyre Therapeutics Inc rights (c)(e) | 25124 | 0 |
| Halozyme Therapeutics Inc (b)(c) | 70346 | 5022704 |
| HCW Biologics Inc (c) | 412 | 873 |
| Heron Therapeutics Inc (b)(c) | 88334 | 102467 |
| Humacyte Inc Class A (b)(c) | 101891 | 137553 |
| Ideaya Biosciences Inc (c) | 53678 | 1912010 |
| Immix Biopharma Inc (b)(c) | 13727 | 58340 |
| ImmuCell Corp (c) | 2008 | 9719 |
| Immuneering Corp (b)(c) | 41005 | 314098 |
| Immunic Inc (b)(c) | 39039 | 27792 |
| ImmunityBio Inc (b)(c) | 581471 | 1372272 |
| Immunome Inc (b)(c) | 57352 | 1056424 |
| Immunovant Inc (b)(c) | 107301 | 2591319 |
| Imunon Inc  | 163 | 672 |
| IN8bio Inc (c) | 567 | 1123 |
| Incyte Corp (c) | 117947 | 12320744 |
| Inhibikase Therapeutics Inc (c) | 30268 | 46007 |
| Inhibrx Biosciences Inc (c) | 9572 | 805197 |
| Inmune Bio Inc (b)(c) | 10829 | 18842 |
| Inovio Pharmaceuticals Inc (b)(c) | 55541 | 114414 |
| Insight Molecular Diagnostics Inc (c) | 10615 | 65176 |
| Insmed Inc (c) | 128004 | 26595391 |
| Instil Bio Inc (b)(c) | 3216 | 41036 |
| Intellia Therapeutics Inc (b)(c) | 66497 | 597808 |
| Intensity Therapeutics Inc (b)(c) | 6917 | 2762 |
| Invivyd Inc (c) | 138685 | 337005 |
| Ionis Pharmaceuticals Inc (c) | 96289 | 7965989 |
| Iovance Biotherapeutics Inc (b)(c) | 230327 | 568908 |
| Ironwood Pharmaceuticals Inc Class A (c) | 118626 | 415191 |
| Jade Biosciences Inc  | 22870 | 293193 |
| Janux Therapeutics Inc (b)(c) | 37146 | 1266307 |
| Jasper Therapeutics Inc Class A (c) | 9659 | 17773 |
| KALA BIO Inc (b)(c) | 6428 | 6210 |
| Kalaris Therapeutics Inc (b)(c) | 16829 | 105013 |
| KalVista Pharmaceuticals Inc (b)(c) | 35585 | 514915 |
| Karyopharm Therapeutics Inc (c) | 3456 | 19423 |
| Keros Therapeutics Inc (c) | 26063 | 455581 |
| Kezar Life Sciences Inc (b)(c) | 1617 | 10025 |
| Kineta Inc rights (c)(e) | 39785 | 0 |
| Kiniksa Pharmaceuticals International Plc Class A (c) | 27410 | 1165473 |
| Kinnate Biopharma Inc rights (c)(e) | 26452 | 0 |
| Klotho Neurosciences Inc (c) | 17483 | 8308 |
| Kodiak Sciences Inc (c) | 32550 | 747999 |
| Korro Bio Inc (c) | 5419 | 30888 |
| Korro Bio Inc rights (b)(c)(e) | 14063 | 0 |
| Krystal Biotech Inc (b)(c) | 17670 | 3852060 |
| Kura Oncology Inc (c) | 59708 | 724855 |
| Kymera Therapeutics Inc (b)(c) | 43471 | 2950811 |
| Kyverna Therapeutics Inc (c) | 33977 | 260604 |
| Lantern Pharma Inc (b)(c) | 6838 | 24754 |
| Larimar Therapeutics Inc (b)(c) | 62068 | 219721 |
| Legend Biotech Corp ADR (c) | 50311 | 1394118 |
| Lexeo Therapeutics Inc (b)(c) | 34431 | 339490 |
| Liminatus Pharma Inc (b) | 16770 | 17441 |
| Lisata Therapeutics Inc (c) | 2010 | 4221 |
| Lite Strategy Inc (c) | 2308 | 4362 |
| Lixte Biotechnology Holdings Inc (c) | 775 | 3309 |
| Longeveron Inc (b)(c) | 2931 | 1945 |
| Lumos Pharma Inc rights (b)(c)(e) | 8658 | 0 |
| Lunai Bioworks Inc (b)(c) | 9258 | 10924 |
| Lyell Immunopharma Inc (c) | 3820 | 91680 |
| MacroGenics Inc (c) | 26696 | 40845 |
| Madrigal Pharmaceuticals Inc (b)(c) | 13473 | 8043112 |
| MannKind Corp (b)(c) | 192938 | 1032218 |
| Marker Therapeutics Inc (c) | 5272 | 6537 |
| MediciNova Inc (b)(c) | 25966 | 37651 |
| MediPacific Inc Class A rights (c)(e) | 30249 | 0 |
| MeiraGTx Holdings plc (c) | 48098 | 399213 |
| Mersana Therapeutics Inc (c) | 1491 | 40898 |
| Metagenomi Inc (c) | 21951 | 38414 |
| MetaVia Inc (b)(c) | 4751 | 3696 |
| MetaVia Inc rights (c)(e) | 612 | 0 |
| MiMedx Group Inc (c) | 97229 | 668936 |
| Mineralys Therapeutics Inc (c) | 47336 | 2041128 |
| Minerva Neurosciences Inc (b)(c) | 5184 | 21669 |
| MiNK Therapeutics Inc (b)(c) | 1902 | 20047 |
| Mirum Pharmaceuticals Inc (b)(c) | 30516 | 2229194 |
| Moderna Inc (c) | 234575 | 6094259 |
| Monopar Therapeutics Inc (b)(c) | 4095 | 352907 |
| Monte Rosa Therapeutics Inc (c) | 34919 | 564640 |
| MoonLake Immunotherapeutics Class A (b)(c) | 39808 | 546564 |
| Mural Oncology PLC (c) | 1308 | 2655 |
| Myriad Genetics Inc (c) | 53690 | 409655 |
| Natera Inc (c) | 83130 | 19852275 |
| NeuBase Therapeutics Inc (c)(e) | 985 | 233 |
| Neurocrine Biosciences Inc (c) | 59602 | 9069040 |
| Neurogene Inc (b)(c) | 7841 | 165288 |
| Neurogene Inc rights (b)(c)(e) | 4505 | 0 |
| NextCure Inc (c) | 745 | 10497 |
| Nkarta Inc (c) | 75049 | 141843 |
| Novavax Inc (b)(c) | 97944 | 690505 |
| Nurix Therapeutics Inc (c) | 51218 | 905534 |
| Nuvalent Inc Class A (c) | 41359 | 4522607 |
| Nuvectis Pharma Inc (b)(c) | 10226 | 63810 |
| Ocugen Inc (b)(c) | 183068 | 227004 |
| Olema Pharmaceuticals Inc (b)(c) | 46546 | 1318183 |
| OmniAb Operations Inc (c)(e) | 3424 | 1370 |
| OmniAb Operations Inc (c)(e) | 3424 | 1095 |
| Oncternal Therapeutics Inc rights (b)(c)(e) | 4319 | 0 |
| OnKure Therapeutics Inc Class A (c) | 1087 | 3272 |
| Opus Genetics Inc (b)(c) | 29775 | 63421 |
| Organogenesis Holdings Inc Class A (b)(c) | 83473 | 432390 |
| ORIC Pharmaceuticals Inc (b)(c) | 58568 | 695788 |
| Oruka Therapeutics Inc (b)(c) | 22041 | 663434 |
| OSR Holdings Inc (b)(c) | 4318 | 3214 |
| Outlook Therapeutics Inc (b)(c) | 7574 | 13557 |
| Ovid therapeutics Inc (c) | 31199 | 55534 |
| Pacira Therapeutic Inc rights (c)(e) | 69500 | 0 |
| Palisade Bio Inc (c) | 89915 | 189721 |
| Palisade Bio Inc rights (c)(e) | 29628 | 0 |
| Palvella Therapeutics Inc (b)(c) | 7742 | 795800 |
| Palvella Therapeutics Inc rights (c)(e) | 282 | 0 |
| Passage Bio Inc (c) | 623 | 5501 |
| PDS Biotechnology Corp (b)(c) | 15312 | 11806 |
| PepGen Inc (b)(c) | 22676 | 146033 |
| PharmaCyte Biotech Inc (b)(c) | 26211 | 20337 |
| Pluri Inc (c) | 2751 | 10179 |
| PMV Pharmaceuticals Inc (c) | 12039 | 15891 |
| Praxis Precision Medicines Inc (b)(c) | 12917 | 2537674 |
| Precigen Inc (b)(c) | 189243 | 724801 |
| Precision BioSciences Inc (c) | 2657 | 14454 |
| Prelude Therapeutics Inc (c) | 20595 | 34600 |
| Prime Medicine Inc (b)(c) | 113377 | 433100 |
| ProKidney Corp Class A (b)(c) | 86948 | 193025 |
| Protagenic Therapeutics Inc (b)(c) | 1256 | 2675 |
| Protagonist Therapeutics Inc (b)(c) | 38248 | 3442320 |
| Protara Therapeutics Inc (b)(c) | 27950 | 206271 |
| PTC Therapeutics Inc (c) | 48058 | 4132507 |
| Puma Biotechnology Inc (c) | 28173 | 142274 |
| PureTech Health PLC ADR (b)(c) | 770 | 13059 |
| Pyxis Oncology Inc (b)(c) | 30129 | 156370 |
| Q32 Bio Inc (b)(c) | 6497 | 14229 |
| Q32 Bio Inc rights (b)(c)(e) | 29351 | 0 |
| Quince Therapeutics Inc (c) | 25340 | 92491 |
| Radius Health Inc (c)(e) | 26855 | 0 |
| Rallybio Corp (c) | 24028 | 15645 |
| RAPT Therapeutics Inc (b)(c) | 11785 | 398333 |
| Recursion Pharmaceuticals Inc Class A (b)(c) | 232977 | 1078684 |
| Regeneron Pharmaceuticals Inc  | 63067 | 49204244 |
| Regeneron Pharmaceuticals Inc rights (c)(e) | 16049 | 0 |
| REGENXBIO Inc (b)(c) | 34188 | 457777 |
| Rein Therapeutics Inc (c) | 8122 | 12752 |
| Relay Therapeutics Inc (b)(c) | 114286 | 905145 |
| RenovoRx Inc (c) | 7791 | 7147 |
| Replimune Group Inc (b)(c) | 46288 | 462880 |
| Revolution Medicines Inc (b)(c) | 112524 | 8749866 |
| Rezolute Inc (b)(c) | 60127 | 584434 |
| Rhythm Pharmaceuticals Inc (c) | 40455 | 4413236 |
| Rigel Pharmaceuticals Inc (c) | 10673 | 538880 |
| Rocket Pharmaceuticals Inc (b)(c) | 80235 | 274404 |
| Roivant Sciences Ltd (c) | 412865 | 8591721 |
| SAB Biotherapeutics Inc (b)(c) | 4937 | 19501 |
| Sagimet Biosciences Inc Class A (b)(c) | 16663 | 120307 |
| Sana Biotechnology Inc (c) | 149827 | 644256 |
| Sangamo Therapeutics Inc (c) | 122707 | 56568 |
| Sarepta Therapeutics Inc (b)(c) | 60372 | 1288338 |
| Savara Inc (b)(c) | 119533 | 751863 |
| Scholar Rock Holding Corp (b)(c) | 59223 | 2609365 |
| SELLAS Life Sciences Group Inc (b)(c) | 94067 | 152389 |
| Sensei Biotherapeutics Inc (b)(c) | 123 | 1043 |
| Senti Biosciences Inc Class A (b)(c) | 24798 | 55300 |
| Sera Prognostics Inc Class A (b)(c) | 23191 | 77226 |
| Seres Therapeutics Inc (c) | 4488 | 80739 |
| Shattuck Labs Inc (b)(c) | 25719 | 54010 |
| Shuttle Pharmaceuticals Holdings Inc (b)(c) | 264 | 378 |
| Sigilon Therapeutics Inc rights (c)(e) | 1064 | 9342 |
| Sionna Therapeutics Inc (c) | 27764 | 1209677 |
| Skye Bioscience Inc (b)(c) | 18888 | 24743 |
| Soleno Therapeutics Inc (b)(c) | 32485 | 1638868 |
| Solid Biosciences Inc (b)(c) | 53664 | 291396 |
| Spectrum Pharmaceuticals Inc rights (c)(e) | 111379 | 0 |
| Spero Therapeutics Inc (b)(c) | 19478 | 46747 |
| Spruce Biosciences Inc (b)(c) | 817 | 81700 |
| Spyre Therapeutics Inc (b)(c) | 38863 | 1165890 |
| Spyre Therapeutics Inc rights (c)(e) | 34317 | 0 |
| Stoke Therapeutics Inc (c) | 34272 | 1059348 |
| Summit Therapeutics Inc (b)(c) | 450401 | 8057674 |
| Surface Oncology Inc rights (c)(e) | 23135 | 0 |
| Surrozen Inc Class A (c) | 2766 | 45860 |
| Sutro Biopharma Inc (c) | 22583 | 20763 |
| Syndax Pharmaceuticals Inc (c) | 55527 | 1100545 |
| Synlogic Inc (c) | 9047 | 13209 |
| Tango Therapeutics Inc (b)(c) | 71048 | 775134 |
| Taysha Gene Therapies Inc (c) | 168824 | 800226 |
| Tectonic Therapeutic Inc (b)(c) | 12644 | 271087 |
| Tectonic Therapeutic Inc rights (c)(e) | 2331 | 0 |
| Tenax Therapeutics Inc (c) | 364 | 3433 |
| Tenaya Therapeutics Inc (b)(c) | 120429 | 168601 |
| Tevogen Bio Holdings Inc Class A (b)(c) | 102012 | 45008 |
| TG Therapeutics Inc (b)(c) | 95792 | 3186042 |
| Tobira Therapeutics Inc rights (b)(c)(e) | 6103 | 0 |
| Tonix Pharmaceuticals Holding Corp (b)(c) | 4654 | 74324 |
| Travere Therapeutics Inc (c) | 54861 | 1942628 |
| TriSalus Life Sciences Inc Class A (b)(c) | 19236 | 132151 |
| TScan Therapeutics Inc (c) | 28767 | 31931 |
| Twist Bioscience Corp (b)(c) | 36222 | 1159466 |
| Tyra Biosciences Inc (c) | 36311 | 819176 |
| Ultragenyx Pharmaceutical Inc (c) | 58689 | 2039443 |
| Unicycive Therapeutics Inc (c) | 4235 | 27400 |
| United Therapeutics Corp (c) | 27267 | 13251762 |
| United Therapeutics Corp rights (c)(e) | 19958 | 0 |
| Upstream Bio Inc (b)(c) | 35347 | 1010924 |
| UroGen Pharma Ltd (b)(c) | 30686 | 884064 |
| Vanda Pharmaceuticals Inc (c) | 35207 | 188710 |
| Vaxcyte Inc (b)(c) | 78585 | 3898602 |
| Vera Therapeutics Inc Class A (c) | 38998 | 1316183 |
| Veracyte Inc (c) | 48005 | 2272557 |
| Verastem Inc (c) | 35945 | 382455 |
| Vericel Corp (b)(c) | 31127 | 1252862 |
| Vertex Pharmaceuticals Inc (c) | 155071 | 67240337 |
| Viking Therapeutics Inc (b)(c) | 69565 | 2560688 |
| Vir Biotechnology Inc (c) | 68345 | 438775 |
| Viridian Therapeutics Inc (c) | 55164 | 1763042 |
| Viridian Therapeutics Inc rights (c)(e) | 30380 | 0 |
| Vistagen Therapeutics Inc (c) | 12189 | 59726 |
| Vor BioPharma Inc (b)(c) | 3414 | 28439 |
| Voyager Therapeutics Inc (c) | 29804 | 121898 |
| vTv Therapeutics Inc Class A (b)(c) | 2524 | 67189 |
| Werewolf Therapeutics Inc (c) | 12833 | 12833 |
| Whitehawk Therapeutics Inc (c) | 50223 | 117522 |
| X4 Pharmaceuticals Inc (c) | 3145 | 11448 |
| XBiotech Inc (c) | 16960 | 38499 |
| Xencor Inc (c) | 46388 | 803440 |
| Xenetic Biosciences Inc (c) | 2070 | 5444 |
| XenoTherapeutics Inc rights (c)(e) | 23840 | 0 |
| Xilio Therapeutics Inc (b)(c) | 14316 | 10801 |
| XOMA Royalty Corp (b)(c) | 7289 | 234196 |
| XOMA Royalty Corp rights (c)(e) | 14170 | 0 |
| Zenas Biopharma Inc (b)(c) | 33946 | 1318123 |
| Zentalis Pharmaceuticals Inc (c) | 28455 | 40691 |
| Zymeworks Inc (c) | 50144 | 1339346 |
|  |  | 748606621 |
| Health Care Equipment & Supplies - 1.2% |  |  |
| ABIOMED Inc (c)(e) | 25491 | 58884 |
| Accuray Inc Del (c) | 54348 | 58696 |
| Adagio Medical Holdings Inc (b)(c) | 5436 | 4360 |
| Align Technology Inc (c) | 43719 | 6435000 |
| Alphatec Holdings Inc (c) | 87453 | 1972065 |
| AngioDynamics Inc (c) | 29957 | 371467 |
| Anteris Technologies Global Corp (b) | 18114 | 74267 |
| Apyx Medical Corp (c) | 20572 | 82494 |
| AtriCure Inc (c) | 31967 | 1154648 |
| Axogen Inc (c) | 26492 | 758996 |
| Beta Bionics Inc  | 28103 | 880748 |
| Beyond Air Inc (b)(c) | 1698 | 2292 |
| Bioventus Inc (c) | 38170 | 289710 |
| CapsoVision Inc (b) | 24900 | 139191 |
| Carlsmed Inc (b) | 13171 | 214424 |
| Ceribell Inc (c) | 23636 | 401103 |
| Cerus Corp (c) | 113607 | 199948 |
| Check Cap Ltd (b)(c) | 2932 | 5483 |
| ClearPoint Neuro Inc (b)(c) | 17931 | 259282 |
| Co-Diagnostics Inc (c) | 1180 | 436 |
| Cooper Cos Inc/The (c) | 120740 | 9409268 |
| CVRx Inc (c) | 13287 | 130345 |
| CytoSorbents Corp (b)(c) | 32102 | 26041 |
| CytoSorbents Corp A warrants 12/31/2029 (c)(e) | 13754 | 0 |
| Delcath Systems Inc (b)(c) | 20799 | 201750 |
| DENTSPLY SIRONA Inc  | 94018 | 1066164 |
| Dexcom Inc (c) | 237126 | 15050387 |
| ElectroCore Inc (b)(c) | 10837 | 54727 |
| Embecta Corp  | 34467 | 439627 |
| Envoy Medical Inc Class A (b)(c) | 14692 | 12330 |
| enVVeno Medical Corp (b)(c) | 20487 | 7857 |
| Femasys Inc (b)(c) | 18182 | 18364 |
| FONAR Corp (c) | 3366 | 47225 |
| Fractyl Health Inc (c) | 104682 | 164351 |
| GE HealthCare Technologies Inc  | 276191 | 22092518 |
| HeartBeam inc (b)(c) | 16484 | 12693 |
| Hologic Inc (c) | 135651 | 10169755 |
| Hyperfine Inc Class A (c) | 11927 | 12762 |
| ICU Medical Inc (c) | 14973 | 2222592 |
| IDEXX Laboratories Inc (c) | 48384 | 36427346 |
| Inmode Ltd (c) | 42504 | 605682 |
| Inogen Inc (c) | 24077 | 170465 |
| Insulet Corp (c) | 42522 | 13912773 |
| Integra LifeSciences Holdings Corp (b)(c) | 47897 | 628409 |
| Intuitive Surgical Inc (c) | 216873 | 124372328 |
| iRadimed Corp  | 8019 | 747531 |
| iRhythm Technologies Inc (c) | 19537 | 3673151 |
| IRIDEX Corp (c) | 14777 | 14328 |
| Kestra Medical Technologies Ltd (b) | 33361 | 900080 |
| Kewaunee Scientific Corp (c) | 1782 | 68518 |
| KORU Medical Systems Inc (c) | 31356 | 185628 |
| Lantheus Holdings Inc (c) | 41642 | 2451465 |
| LeMaitre Vascular Inc  | 13279 | 1101493 |
| LENSAR Inc (c) | 8155 | 83018 |
| LivaNova PLC (c) | 34118 | 2177070 |
| Lucid Diagnostics Inc (b)(c) | 49472 | 52440 |
| Masimo Corp (b)(c) | 33150 | 4721555 |
| Merit Medical Systems Inc (c) | 35620 | 3084336 |
| Microbot Medical Inc (b)(c) | 32181 | 77878 |
| Modular Medical Inc (b)(c) | 25759 | 10157 |
| Neogen Corp (c) | 147561 | 882415 |
| Neovasc Inc rights (c)(e) | 854 | 0 |
| Neuronetics Inc (c) | 45586 | 67923 |
| NeuroOne Medical Technologies Corp (c) | 29832 | 20727 |
| NeuroPace Inc (c) | 18824 | 307961 |
| Nexalin Technology Inc (c) | 3846 | 4154 |
| Nexgel Inc (c) | 546 | 982 |
| Novocure Ltd (c) | 65805 | 842962 |
| Omnicell Inc (c) | 29176 | 1065216 |
| OraSure Technologies Inc (c) | 67597 | 160881 |
| Orchestra BioMed Holdings Inc (c) | 49166 | 261563 |
| Orthofix Medical Inc (c) | 25928 | 417182 |
| OrthoPediatrics Corp (c) | 15250 | 281973 |
| Outset Medical Inc (b)(c) | 12516 | 57073 |
| Pro-Dex Inc (b)(c) | 3425 | 124807 |
| PROCEPT BioRobotics Corp (b)(c) | 35288 | 1117924 |
| Profusa Inc (c) | 15901 | 2692 |
| Pulmonx Corp (b)(c) | 24714 | 40037 |
| Pulse Biosciences Inc (b)(c) | 40448 | 553733 |
| Pulse Biosciences Inc warrants 6/26/2030 (b)(c) | 4012 | 12962 |
| QuidelOrtho Corp (c) | 43557 | 1191284 |
| Rockwell Medical Inc (c) | 17380 | 17298 |
| RxSight Inc (c) | 21974 | 250943 |
| Sanara Medtech Inc (b)(c) | 5177 | 108303 |
| SANUWAVE Health Inc (b)(c) | 5459 | 185169 |
| SeaStar Medical Holding Corp Class A (b)(c) | 4470 | 1414 |
| Semler Scientific Inc (b)(c) | 7707 | 167396 |
| Sensus Healthcare Inc (c) | 10687 | 44779 |
| Sharps Technology Inc (b)(c) | 18338 | 59232 |
| SI-BONE Inc (b)(c) | 26815 | 521820 |
| Sight Sciences Inc (c) | 19680 | 164525 |
| Spectral AI Inc Class A (b)(c) | 10463 | 16845 |
| SS Innovations International Inc (b)(c) | 30049 | 202230 |
| STAAR Surgical Co (c) | 31057 | 824253 |
| Strata Skin Sciences Inc (b)(c) | 1744 | 2616 |
| Streamex Corp (b)(c) | 17439 | 78476 |
| Tactile Systems Technology Inc (c) | 18622 | 478772 |
| Tandem Diabetes Care Inc (b)(c) | 45195 | 949547 |
| Tela Bio Inc (c) | 18634 | 21429 |
| Tenon Medical Inc (b)(c) | 638 | 720 |
| TransMedics Group Inc (b)(c) | 20808 | 3044418 |
| Treace Medical Concepts Inc (c) | 46975 | 139986 |
| UFP Technologies Inc (b)(c) | 4899 | 1110554 |
| Utah Medical Products Inc (b) | 2539 | 143073 |
| Varex Imaging Corp (c) | 28082 | 324909 |
| Vivani Medical Inc (c) | 37626 | 51171 |
| Zynex Inc (b)(c) | 24118 | 30389 |
|  |  | 286322619 |
| Health Care Providers & Services - 0.3% |  |  |
| Acadia Healthcare Co Inc (b)(c) | 57317 | 985852 |
| AdaptHealth Corp (b)(c) | 86425 | 834866 |
| Addus HomeCare Corp (b)(c) | 11418 | 1372444 |
| AirSculpt Technologies Inc (b)(c) | 40085 | 141500 |
| Alignment Healthcare Inc (c) | 118946 | 2284953 |
| Astrana Health Inc (b)(c) | 29185 | 672422 |
| Aveanna Healthcare Holdings Inc (c) | 130054 | 1214704 |
| Billiontoone Inc Class A (c) | 23867 | 3107006 |
| Biodesix Inc (c) | 2987 | 24732 |
| BrightSpring Health Services Inc (c) | 106998 | 3869048 |
| Castle Biosciences Inc (c) | 19070 | 761847 |
| Clover Health Investments Corp Class A (b)(c) | 264591 | 658832 |
| CorVel Corp (c) | 30818 | 2255261 |
| Cosmos Health Inc (c) | 2226 | 1428 |
| Cross Country Healthcare Inc (c) | 22433 | 230163 |
| DocGo Inc Class A (b)(c) | 99112 | 102085 |
| Ensign Group Inc/The  | 34763 | 6449927 |
| Fulgent Genetics Inc (c) | 19656 | 581424 |
| GeneDx Holdings Corp Class A (b)(c) | 17444 | 2912276 |
| Guardant Health Inc (c) | 75305 | 8164568 |
| HealthEquity Inc (b)(c) | 52426 | 5514167 |
| Henry Schein Inc (c) | 72465 | 5403715 |
| Innovage Holding Corp (c) | 79119 | 417748 |
| Joint Corp/The (b)(c) | 8305 | 69928 |
| Kindly MD Inc (b)(c) | 230872 | 115436 |
| LifeStance Health Group Inc (c) | 220046 | 1430299 |
| MSP Recovery Inc warrants 5/20/2027 (c) | 1585094 | 3170 |
| National Research Corp Class A (b) | 15197 | 258197 |
| NeoGenomics Inc (c) | 76378 | 924174 |
| Nutex Health Inc (b)(c) | 3332 | 383547 |
| Omada Health Inc (b) | 34798 | 651767 |
| Oncology Institute Inc/The (c) | 60628 | 190372 |
| OPKO Health Inc (c) | 470852 | 640359 |
| Option Care Health Inc (c) | 99942 | 3108196 |
| P3 Health Partners Inc Class A (c) | 610 | 3294 |
| Pennant Group Inc/The (c) | 22924 | 634995 |
| Precipio Inc (c) | 3097 | 76372 |
| Privia Health Group Inc (b)(c) | 74095 | 1805695 |
| Progyny Inc (c) | 48275 | 1273012 |
| Quipt Home Medical Corp (United States) (c) | 27573 | 67278 |
| RadNet Inc (b)(c) | 46513 | 3850811 |
| SBC Medical Group Holdings Inc (b)(c) | 35570 | 126985 |
| Strata Critical Medical Inc (b)(c) | 61285 | 265977 |
| Surgery Partners Inc (b)(c) | 78273 | 1336120 |
| Talkspace Inc Class A (b)(c) | 115384 | 389998 |
| Viemed Healthcare Inc (c) | 24506 | 169336 |
| Wellgistics Health Inc (b)(c) | 30395 | 18240 |
|  |  | 65754526 |
| Health Care Technology - 0.0% |  |  |
| Bullfrog AI Holdings Inc (b)(c) | 3407 | 3407 |
| CareCloud Inc (c) | 17196 | 53308 |
| Certara Inc (b)(c) | 86081 | 788502 |
| Definitive Healthcare Corp Class A (b)(c) | 86863 | 246691 |
| Firefly Neuroscience Inc (b)(c) | 3300 | 5709 |
| Forian Inc (c) | 18658 | 39182 |
| GoodRx Holdings Inc Class A (b)(c) | 55808 | 156820 |
| Health Catalyst Inc (b)(c) | 27500 | 82225 |
| Healthcare Triangle Inc (b)(c) | 2127 | 4764 |
| HealthStream Inc (b) | 19219 | 483358 |
| HeartFlow Inc (b) | 49816 | 1606566 |
| iSpecimen Inc (c) | 1780 | 748 |
| LifeMD Inc (b)(c) | 26844 | 102813 |
| OptimizeRx Corp (c) | 10231 | 156227 |
| Schrodinger Inc/United States (b)(c) | 39727 | 697606 |
| Simulations Plus Inc (b)(c) | 12272 | 208624 |
| TruBridge Inc (b)(c) | 10618 | 233171 |
| VSee Health Inc (c) | 13327 | 7463 |
| Waystar Holding Corp (c) | 106117 | 3916779 |
|  |  | 8793963 |
| Life Sciences Tools & Services - 0.3% |  |  |
| 10X Genomics Inc Class A (c) | 58777 | 1105595 |
| Adaptive Biotechnologies Corp (c) | 90832 | 1785757 |
| Alpha Teknova Inc (b)(c) | 31452 | 147195 |
| Azenta Inc (c) | 29625 | 1053465 |
| Bio-Techne Corp (b) | 93604 | 6038394 |
| BioLife Solutions Inc (b)(c) | 29921 | 792907 |
| Bruker Corp (b) | 91411 | 4461771 |
| Champions Oncology Inc (c) | 10958 | 71665 |
| Codexis Inc (c) | 75485 | 130589 |
| CryoPort Inc (b)(c) | 33504 | 322308 |
| Cytek Biosciences Inc (b)(c) | 47219 | 266787 |
| Fortrea Holdings Inc (c) | 59469 | 755851 |
| Harvard Bioscience Inc (c) | 29367 | 22348 |
| ICON PLC (c) | 47155 | 8723676 |
| Illumina Inc (c) | 89183 | 11723106 |
| Inotiv Inc (b)(c) | 5271 | 4879 |
| Lifecore Biomedical Inc (c) | 22336 | 176454 |
| Maravai LifeSciences Holdings Inc Class A (b)(c) | 108455 | 392607 |
| MaxCyte Inc (c) | 42384 | 74596 |
| Medpace Holdings Inc (c) | 16963 | 10049900 |
| Mesa Laboratories Inc  | 4045 | 324409 |
| Nautilus Biotechnology Inc Class A (c) | 67559 | 152008 |
| Niagen Bioscience Inc (c) | 46357 | 313837 |
| OmniAb Inc (c) | 97359 | 176220 |
| Pacific Biosciences of California Inc (b)(c) | 192138 | 445760 |
| Personalis Inc (b)(c) | 58576 | 628520 |
| Quanterix Corp (b)(c) | 42539 | 308833 |
| Quantum-Si Inc Class A (b)(c) | 111123 | 156683 |
| Rapid Micro Biosystems Inc Class A (c) | 21522 | 90177 |
| Repligen Corp (c) | 34031 | 5819982 |
| Seer Inc Class A (c) | 85222 | 163626 |
| Sotera Health Co (c) | 172236 | 3010685 |
| Standard BioTools Inc (c) | 253982 | 380973 |
| Tempus AI Inc Class A (b)(c) | 101771 | 7931014 |
|  |  | 68002577 |
| Pharmaceuticals - 0.4% |  |  |
| Aardvark Therapeutics Inc (b) | 15483 | 154520 |
| Aclaris Therapeutics Inc (c) | 93804 | 265465 |
| Alumis Inc (b)(c) | 53076 | 407093 |
| Amneal Intermediate Inc Class A (c) | 198419 | 2484206 |
| Amphastar Pharmaceuticals Inc (c) | 29577 | 819283 |
| Amylyx Pharmaceuticals Inc (b)(c) | 67257 | 1007510 |
| AN2 Therapeutics Inc (c) | 13988 | 15247 |
| Anebulo Pharmaceuticals Inc (c) | 7788 | 18263 |
| ANI Pharmaceuticals Inc (c) | 12847 | 1090068 |
| Aquestive Therapeutics Inc (b)(c) | 65001 | 402356 |
| Arvinas Inc (c) | 49642 | 624745 |
| Assertio Holdings Inc (c) | 41301 | 30356 |
| Atea Pharmaceuticals Inc (c) | 27120 | 84072 |
| Athira Pharma Inc (c) | 659 | 2880 |
| Avadel Pharmaceuticals PLC Class A (c) | 61682 | 1325546 |
| Axsome Therapeutics Inc (c) | 30437 | 4611206 |
| Belite Bio Inc ADR (c) | 6727 | 924559 |
| BioAge Labs Inc (c) | 35507 | 336961 |
| Biote Corp Class A (c) | 19805 | 53573 |
| CalciMedica Inc (b)(c) | 9699 | 41415 |
| Cassava Sciences Inc (b)(c) | 47791 | 155321 |
| Cocrystal Pharma Inc (b)(c) | 6122 | 6489 |
| Cognition Therapeutics Inc (b)(c) | 51054 | 88834 |
| Collegium Pharmaceutical Inc (c) | 20644 | 963662 |
| Context Therapeutics Inc (c) | 63705 | 71350 |
| Contineum Therapeutics Inc Class A (b)(c) | 17542 | 194190 |
| Corcept Therapeutics Inc (b)(c) | 63676 | 5055874 |
| CorMedix Inc (b)(c) | 46045 | 451701 |
| Crinetics Pharmaceuticals Inc (b)(c) | 58509 | 2665670 |
| Cumberland Pharmaceuticals Inc (c) | 11327 | 25599 |
| Curanex Pharmaceuticals Inc (b)(c) | 18670 | 9098 |
| Dare Bioscience Inc (b)(c) | 7571 | 13931 |
| Edgewise Therapeutics Inc (b)(c) | 64267 | 1673513 |
| Enliven Therapeutics Inc (b)(c) | 38910 | 840456 |
| Enliven Therapeutics Inc rights (c)(e) | 8204 | 0 |
| Enveric Biosciences Inc (b)(c) | 911 | 5238 |
| Esperion Therapeutics Inc (b)(c) | 110863 | 444561 |
| Eton Pharmaceuticals Inc (b)(c) | 19450 | 314118 |
| Evolus Inc (b)(c) | 34210 | 244944 |
| EyePoint Pharmaceuticals Inc (b)(c) | 46007 | 682284 |
| Fulcrum Therapeutics Inc (c) | 34555 | 378032 |
| Harmony Biosciences Holdings Inc (c) | 34758 | 1226610 |
| Harmony Biosciences Holdings Inc rights (c)(e) | 37934 | 0 |
| Harrow Inc (b)(c) | 22349 | 933741 |
| Hoth Therapeutics Inc (c) | 31711 | 38370 |
| Hyperion DeFi Inc (b)(c) | 864 | 3897 |
| ImageneBio Inc (c) | 1904 | 13157 |
| ImageneBio Inc rights (c)(e) | 22851 | 0 |
| Incannex Healthcare Inc (b)(c) | 116349 | 41909 |
| Innoviva Inc (c) | 39706 | 862811 |
| Iterum Therapeutics plc (b)(c) | 12370 | 5690 |
| Jazz Pharmaceuticals PLC (c) | 36655 | 6470707 |
| Journey Medical Corp (b)(c) | 8674 | 69999 |
| Jupiter Neurosciences Inc (c) | 15860 | 19666 |
| Landos Biopharma Inc rights (c)(e) | 2305 | 0 |
| LB Pharmaceuticals Inc  | 13591 | 241784 |
| LENZ Therapeutics Inc (b)(c) | 18738 | 571884 |
| Lexicon Pharmaceuticals Inc (c) | 222465 | 318125 |
| Ligand Pharmaceuticals Inc (b)(c) | 11993 | 2436738 |
| Ligand Pharmaceuticals Inc rights (c)(e) | 1518 | 112 |
| Ligand Pharmaceuticals Inc rights (c) | 1518 | 76 |
| Ligand Pharmaceuticals Inc rights (c) | 1518 | 8 |
| Ligand Pharmaceuticals Inc rights (c) | 1518 | 1 |
| Lipocine Inc (c) | 4461 | 15346 |
| Liquidia Corp (b)(c) | 54020 | 1762673 |
| Maze Therapeutics Inc  | 28309 | 1068665 |
| MBX Biosciences Inc (b)(c) | 22360 | 771196 |
| Mind Medicine MindMed Inc (c) | 51613 | 652904 |
| Mira Pharmaceuticals Inc (b)(c) | 9455 | 13993 |
| Nektar Therapeutics (c) | 11772 | 767652 |
| Neonc Technologies Holdings Inc (b)(c) | 10132 | 90681 |
| Neumora Therapeutics Inc (c) | 80256 | 179773 |
| Novartis AG rights (c)(e) | 40508 | 0 |
| NRX Pharmaceuticals Inc (b)(c) | 21976 | 53841 |
| Nutriband Inc (b)(c) | 8237 | 40361 |
| Ocular Therapeutix Inc (c) | 132619 | 1611321 |
| Omeros Corp (b)(c) | 40302 | 390526 |
| Optinose Inc (e) | 6931 | 0 |
| Pacira BioSciences Inc (b)(c) | 25641 | 604358 |
| Paratek Pharmaceuticals Inc rights (b)(c)(e) | 29676 | 0 |
| Phathom Pharmaceuticals Inc (b)(c) | 43758 | 683500 |
| Phibro Animal Health Corp Class A  | 13106 | 548879 |
| Pliant Therapeutics Inc (c) | 19787 | 31857 |
| ProPhase Labs Inc (b)(c) | 12076 | 2502 |
| Pulmatrix Inc (c) | 4570 | 21433 |
| Rani Therapeutics Holdings Inc Class A (b)(c) | 36864 | 58982 |
| Rapport Therapeutics Inc (b)(c) | 23598 | 701097 |
| Relmada Therapeutics Inc (c) | 3509 | 15826 |
| Reviva Pharmaceuticals Holdings Inc (b)(c) | 19951 | 11222 |
| Royalty Pharma PLC Class A  | 260770 | 10436016 |
| Sanofi SA ADR  | 163906 | 8175632 |
| SCYNEXIS Inc (b)(c) | 22803 | 15759 |
| Seelos Therapeutics Inc rights (b)(c)(e) | 2932 | 0 |
| Septerna Inc (b)(c) | 30358 | 880989 |
| SIGA Technologies Inc (b) | 42288 | 256265 |
| Structure Therapeutics Inc ADR (c) | 37510 | 1343233 |
| Supernus Pharmaceuticals Inc (b)(c) | 34899 | 1591045 |
| Talphera Inc (c) | 16366 | 21767 |
| Tarsus Pharmaceuticals Inc (c) | 25785 | 2061769 |
| Telomir Pharmaceuticals Inc (b)(c) | 18464 | 24742 |
| Terns Pharmaceuticals Inc (b)(c) | 54580 | 1534244 |
| Theravance Biopharma Inc (b)(c) | 34991 | 710317 |
| Traws Pharma Inc (b)(c) | 743 | 2006 |
| Traws Pharma Inc rights (c)(e) | 33198 | 0 |
| Trevi Therapeutics Inc (b)(c) | 73957 | 975493 |
| Turn Therapeutics Inc  | 17142 | 60340 |
| Tvardi Therapeutics Inc (b)(c) | 6450 | 26574 |
| Ventyx Biosciences Inc (c) | 55460 | 554600 |
| Verrica Pharmaceuticals Inc (b)(c) | 5897 | 53663 |
| Veru Inc (b)(c) | 8519 | 21127 |
| Viatris Inc  | 696672 | 7447424 |
| VYNE Therapeutics Inc (c) | 2907 | 1120 |
| WaVe Life Sciences Ltd (b)(c) | 102876 | 798318 |
| Xeris Biopharma Holdings Inc (c) | 102039 | 732640 |
| Xeris Biopharma Holdings Inc rights (c)(e) | 39901 | 0 |
| Zevra Therapeutics Inc (b)(c) | 33857 | 285415 |
|  |  | 90348560 |
| TOTAL HEALTH CARE |  | 1267828866 |
| Industrials - 3.1% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| AeroVironment Inc (b)(c) | 30100 | 8411746 |
| AerSale Corp (c) | 20526 | 132803 |
| AIRO Group Holdings Inc  | 14752 | 127605 |
| Astronics Corp (c) | 18719 | 1021496 |
| Axon Enterprise Inc (c) | 47474 | 25642606 |
| Byrna Technologies Inc (b)(c) | 13015 | 237524 |
| Firefly Aerospace Inc (b)(c) | 89204 | 1579803 |
| Innovative Solutions And Support Inc (c) | 9226 | 89861 |
| Intuitive Machines Inc Class A (b)(c) | 69309 | 658436 |
| Kratos Defense & Security Solutions Inc (c) | 101734 | 7741957 |
| Leonardo DRS Inc  | 162383 | 5548627 |
| Mercury Systems Inc (c) | 36247 | 2533303 |
| New Horizon Aircraft Ltd Class A (b)(c) | 12029 | 19847 |
| Optex Systems Holdings Inc (c) | 2641 | 37978 |
| Rocket Lab Corp (b) | 289913 | 12216934 |
| Safe Pro Group Inc (b)(c) | 6561 | 33067 |
| Satellogic Inc Class A (b)(c) | 49568 | 81787 |
| Tat Technologies Ltd (b)(c) | 5856 | 224988 |
| VirTra Inc (c) | 5587 | 27712 |
| Visionwave Holdings Inc  | 10721 | 103458 |
| VSE Corp (b) | 12301 | 2216517 |
| Woodward Inc  | 35998 | 10800480 |
|  |  | 79488535 |
| Air Freight & Logistics - 0.1% |  |  |
| Air T Inc (c) | 1908 | 38160 |
| Arrive AI Inc (b) | 19270 | 77080 |
| CH Robinson Worldwide Inc  | 71306 | 11328384 |
| Forward Air Corp Class A (b)(c) | 20311 | 466544 |
| Hub Group Inc Class A  | 37630 | 1451389 |
|  |  | 13361557 |
| Building Products - 0.0% |  |  |
| AAON Inc (b) | 49821 | 4657268 |
| American Woodmark Corp (c) | 9280 | 511606 |
| Apogee Enterprises Inc  | 13153 | 478901 |
| Caesarstone Ltd (c) | 28738 | 43107 |
| Captivision Inc (b)(c) | 27461 | 22309 |
| CEA Industries Inc (b)(c) | 23972 | 172598 |
| Gibraltar Industries Inc (c) | 18121 | 905325 |
| UFP Industries Inc  | 35610 | 3311374 |
|  |  | 10102488 |
| Commercial Services & Supplies - 0.3% |  |  |
| Aqua Metals Inc (c) | 69 | 559 |
| Bitcoin Depot Inc Class A (c) | 17642 | 26992 |
| Bridger Aerospace Group Holdings Inc (c) | 22296 | 40356 |
| Casella Waste Systems Inc Class A (b)(c) | 38809 | 3740800 |
| Cintas Corp  | 243576 | 45310008 |
| Copart Inc (c) | 585037 | 22804742 |
| Fuel Tech Inc (c) | 9474 | 17053 |
| Greenwave Technology Solutions Inc (c) | 53 | 351 |
| Healthcare Services Group Inc (c) | 42285 | 794112 |
| Interface Inc  | 37617 | 1049890 |
| Knightscope Inc Class A (b)(c) | 2307 | 11189 |
| LanzaTech Global Inc Class A (b)(c) | 2337 | 33279 |
| Liquidity Services Inc (b)(c) | 20515 | 616271 |
| MillerKnoll Inc  | 39112 | 619143 |
| Mobile Infrastructure Corp Class A (b)(c) | 7316 | 22826 |
| Odyssey Marine Exploration Inc (b)(c) | 30499 | 62828 |
| Perma-Fix Environmental Services Inc (b)(c) | 12274 | 150602 |
| Quest Resource Holding Corp (c) | 12176 | 22891 |
| Royalty Management Holding Corp Class A (b) | 4303 | 9682 |
| Smart Powerr Corp (b)(c) | 286 | 355 |
| Tetra Tech Inc  | 159317 | 5534673 |
| TOMI Environmental Solutions Inc (c) | 8765 | 6989 |
| Virco Mfg. Corp  | 9162 | 64500 |
|  |  | 80940091 |
| Construction & Engineering - 0.2% |  |  |
| Bowman Consulting Group Ltd (c) | 12741 | 460969 |
| Concrete Pumping Holdings Inc  | 28701 | 180529 |
| Construction Partners Inc Class A (c) | 28584 | 3115656 |
| Ferrovial SE (United States)  | 442605 | 29127836 |
| Great Lakes Dredge & Dock Corp (c) | 36930 | 471596 |
| IES Holdings Inc (c) | 12105 | 5066790 |
| Legence Corp Class A (b) | 33269 | 1529709 |
| Limbach Holdings Inc (b)(c) | 7251 | 513008 |
| Matrix Service Co (c) | 16612 | 194194 |
| MYR Group Inc (c) | 9524 | 2136424 |
| NWPX Infrastructure Inc (c) | 6878 | 403188 |
| Shimmick Corp (b)(c) | 22281 | 58822 |
| Sterling Infrastructure Inc (b)(c) | 18255 | 6285379 |
| Terrestrial Energy Inc Class A (c) | 27852 | 262923 |
| WillScot Holdings Corp  | 109751 | 2167582 |
|  |  | 51974605 |
| Electrical Equipment - 0.1% |  |  |
| 374Water Inc (b)(c) | 81433 | 25407 |
| Allient Inc (b) | 9636 | 518995 |
| American Superconductor Corp (c) | 27374 | 851058 |
| Array Technologies Inc (b)(c) | 95910 | 720284 |
| Beam Global (c) | 2833 | 5354 |
| Blink Charging Co (b)(c) | 64706 | 84765 |
| Broadwind Inc (c) | 19171 | 58088 |
| CBAK Energy Technology Inc (c) | 53154 | 48365 |
| Dragonfly Energy Holdings Corp (b)(c) | 62249 | 54094 |
| Energy Focus Inc (c) | 588 | 1335 |
| Enovix Corp Class B (b)(c) | 121437 | 945994 |
| Eos Energy Enterprises Inc (b)(c) | 170955 | 2572873 |
| Fluence Energy Inc Class A (b)(c) | 81116 | 1593118 |
| Flux Power Holdings Inc (c) | 13918 | 23382 |
| FTC Solar Inc (b)(c) | 2387 | 22509 |
| FuelCell Energy Inc (b)(c) | 29476 | 197784 |
| Ideal Power Inc (c) | 6103 | 22764 |
| LSI Industries Inc  | 21339 | 390290 |
| NANO Nuclear Energy Inc (b)(c) | 25592 | 836858 |
| NeoVolta Inc (b)(c) | 21739 | 88260 |
| Nextpower Inc Class A (b)(c) | 90204 | 8264491 |
| Orion Energy Systems Inc (c) | 1434 | 22758 |
| Pioneer Power Solutions Inc  | 13099 | 49907 |
| Plug Power Inc (b)(c) | 710582 | 1428270 |
| Polar Power Inc (c) | 267 | 630 |
| Powell Industries Inc (b) | 7376 | 2384071 |
| Power Solutions International Inc (b)(c) | 13375 | 723320 |
| Preformed Line Products Co (b) | 3289 | 675067 |
| Shoals Technologies Group Inc (b)(c) | 104351 | 875505 |
| SKYX Platforms Corp (c) | 45970 | 98836 |
| SolarMax Technology Inc (c) | 25940 | 23971 |
| Solidion Technology Inc Class A (b)(c) | 5430 | 59296 |
| Stardust Power Inc Class A (b)(c) | 913 | 3232 |
| SUNation Energy Inc rights (b)(c)(e) | 1083 | 0 |
| SunPower Inc Class A (b)(c) | 74279 | 128503 |
| Sunrun Inc (c) | 140816 | 2851524 |
| Terra Innovatum Global NV (b) | 39691 | 184960 |
| Tigo Energy Inc (c) | 36669 | 69671 |
| Ultralife Corp (c) | 11042 | 62829 |
| Vicor Corp (c) | 20804 | 1858837 |
| Zeo Energy Corp Class A (b)(c) | 18269 | 27404 |
|  |  | 28854659 |
| Ground Transportation - 0.5% |  |  |
| ArcBest Corp  | 13828 | 887343 |
| Armlogi Holding Corp (b)(c) | 12265 | 7577 |
| Avis Budget Group Inc (b)(c) | 21547 | 2927806 |
| CSX Corp  | 1126717 | 39840713 |
| Ftai Infrastructure Inc (b) | 66327 | 283880 |
| Heartland Express Inc (b) | 53892 | 423591 |
| Hertz Global Holdings Inc (b)(c) | 193455 | 1013704 |
| JB Hunt Transport Services Inc  | 58526 | 10181183 |
| Landstar System Inc  | 20698 | 2708126 |
| Lyft Inc Class A (c) | 234230 | 4925857 |
| Marten Transport Ltd  | 47668 | 488597 |
| Old Dominion Freight Line Inc  | 127568 | 17258675 |
| PAMT CORP (c) | 14061 | 126268 |
| Proficient Auto Logistics Inc (b)(c) | 11148 | 90968 |
| Saia Inc (b)(c) | 16057 | 4521009 |
| Universal Logistics Holdings Inc (b) | 15792 | 237196 |
| Werner Enterprises Inc (b) | 38736 | 990092 |
|  |  | 86912585 |
| Industrial Conglomerates - 0.3% |  |  |
| Honeywell International Inc  | 383594 | 73722931 |
| Icahn Enterprises LP (b) | 291271 | 2365120 |
|  |  | 76088051 |
| Machinery - 0.3% |  |  |
| AirJoule Technologies Corp Class A (b)(c) | 32181 | 104910 |
| Astec Industries Inc  | 14058 | 622207 |
| Blue Bird Corp (c) | 19434 | 1014843 |
| CECO Environmental Corp (c) | 21784 | 1136036 |
| ClearSign Technologies Corp (c) | 20915 | 15561 |
| Columbus McKinnon Corp/NY  | 15943 | 262103 |
| Commercial Vehicle Group Inc (c) | 21200 | 37524 |
| Eastern Co/The  | 4547 | 88667 |
| Energy Recovery Inc (c) | 35218 | 508900 |
| Franklin Electric Co Inc  | 27793 | 2644504 |
| FreightCar America Inc (c) | 17229 | 140933 |
| Hillman Solutions Corp Class A (c) | 127365 | 1114444 |
| Hurco Cos Inc (c) | 4416 | 71539 |
| Hydrofarm Holdings Group Inc (c) | 3202 | 5892 |
| L B Foster Co Class A (b)(c) | 6815 | 183869 |
| Laser Photonics Corp (b)(c) | 7313 | 24718 |
| Lincoln Electric Holdings Inc  | 33431 | 8004384 |
| LiqTech International Inc (c) | 729 | 1370 |
| Microvast Holdings Inc (b)(c) | 190399 | 670204 |
| Middleby Corp/The (c) | 30574 | 3613847 |
| Nephros Inc (c) | 3085 | 15055 |
| NN Inc (c) | 27788 | 35291 |
| Nordson Corp  | 33843 | 8043127 |
| Omega Flex Inc  | 6405 | 173576 |
| PACCAR Inc  | 317444 | 33464946 |
| Palladyne AI Corp Class A (b)(c) | 26562 | 151403 |
| Park-Ohio Holdings Corp  | 8275 | 177168 |
| Perma-Pipe International Holdings Inc (b)(c) | 5412 | 139088 |
| Richtech Robotics Inc Class B (b)(c) | 72000 | 255600 |
| RYTHM Inc (b)(c) | 1058 | 20642 |
| Stratasys Ltd (b)(c) | 46121 | 405404 |
| Symbotic Inc Class A (b)(c) | 67876 | 5685973 |
| Taylor Devices Inc (c) | 1759 | 86596 |
| Twin Disc Inc  | 9749 | 151597 |
| Urban-Gro Inc (b)(c) | 9741 | 2496 |
| Velo3D Inc Class A (b)(c) | 12387 | 66270 |
| Xos Inc (b)(c) | 2262 | 5338 |
|  |  | 69146025 |
| Marine Transportation - 0.0% |  |  |
| Lakeside Holding Ltd (b)(c) | 4608 | 3892 |
| Pangaea Logistics Solutions Ltd  | 67084 | 470930 |
| Seanergy Maritime Holdings Corp (b) | 11836 | 125107 |
|  |  | 599929 |
| Passenger Airlines - 0.1% |  |  |
| Allegiant Travel Co (b)(c) | 12200 | 927200 |
| American Airlines Group Inc (b)(c) | 386285 | 5427304 |
| Frontier Group Holdings Inc (b)(c) | 145389 | 662974 |
| JetBlue Airways Corp (b)(c) | 228271 | 1043198 |
| Republic Airways Holdings Inc (c) | 1281 | 25620 |
| SkyWest Inc (c) | 24401 | 2477190 |
| Sun Country Airlines Holdings Inc (c) | 36149 | 495241 |
| United Airlines Holdings Inc (c) | 195561 | 19939400 |
|  |  | 30998127 |
| Professional Services - 0.7% |  |  |
| Aeries Technology Inc Class A (b)(c) | 12875 | 7012 |
| Asure Software Inc (c) | 16793 | 134344 |
| Automatic Data Processing Inc  | 245376 | 62644494 |
| Barrett Business Services Inc  | 16005 | 561615 |
| Concentrix Corp (b) | 36004 | 1303705 |
| Conduent Inc (c) | 113938 | 221040 |
| CRA International Inc  | 4267 | 752443 |
| CSG Systems International Inc  | 17811 | 1402972 |
| DLH Holdings Corp (c) | 7855 | 48780 |
| ExlService Holdings Inc (c) | 97550 | 3875662 |
| Exponent Inc  | 33088 | 2392262 |
| Falcon's Beyond Global Inc Class A (b) | 7870 | 160705 |
| First Advantage Corp (b)(c) | 106738 | 1481523 |
| Forrester Research Inc (c) | 10756 | 77336 |
| Heidrick & Struggles International Inc  | 12184 | 717272 |
| HireQuest Inc (b) | 8515 | 73995 |
| Huron Consulting Group Inc (b)(c) | 11169 | 1838529 |
| IBEX Holdings Ltd (c) | 9376 | 329941 |
| ICF International Inc  | 11463 | 894573 |
| Innodata Inc (b)(c) | 19315 | 1110033 |
| Kelly Services Inc Class A  | 25967 | 224355 |
| Legalzoom.com Inc (c) | 111826 | 1043337 |
| Nixxy Inc (c) | 6318 | 6760 |
| Paychex Inc  | 217641 | 24308323 |
| Paylocity Holding Corp (c) | 33534 | 4940564 |
| Rcm Technologies Inc (c) | 7111 | 139233 |
| Resources Connection Inc  | 24760 | 119715 |
| Science Applications International Corp (b) | 28716 | 2475606 |
| ShiftPixy Inc (c)(e) | 1 | 5 |
| SS&C Technologies Holdings Inc  | 145965 | 12544232 |
| Star Equity Holdings Inc (c) | 2363 | 23984 |
| TTEC Holdings Inc (b)(c) | 38929 | 130801 |
| Upwork Inc (c) | 80877 | 1596512 |
| Verisk Analytics Inc  | 84883 | 19104617 |
| Verra Mobility Corp Class A (c) | 98221 | 2143182 |
| Where Food Comes From Inc (c) | 2480 | 29066 |
| Willdan Group Inc (c) | 9183 | 926565 |
|  |  | 149785093 |
| Trading Companies & Distributors - 0.2% |  |  |
| Distribution Solutions Group Inc (c) | 28535 | 792132 |
| DXP Enterprises Inc/TX (b)(c) | 9897 | 930219 |
| Fastenal Co  | 692705 | 27985282 |
| FTAI Aviation Ltd  | 62108 | 10759590 |
| Hudson Technologies Inc (c) | 27800 | 189040 |
| iPower Inc (b)(c) | 559 | 6003 |
| Karat Packaging Inc  | 11593 | 255510 |
| McGrath RentCorp  | 15057 | 1552076 |
| Rush Enterprises Inc Class A (b) | 37804 | 1968076 |
| Rush Enterprises Inc Class B  | 10100 | 539037 |
| Titan Machinery Inc (b)(c) | 14121 | 261521 |
| Transcat Inc (b)(c) | 5408 | 305768 |
| Willis Lease Finance Corp (b) | 4549 | 558208 |
| Xometry Inc Class A (b)(c) | 30596 | 1788948 |
|  |  | 47891410 |
| TOTAL INDUSTRIALS |  | 726143155 |
| Information Technology - 50.0% |  |  |
| Communications Equipment - 1.0% |  |  |
| ADTRAN Holdings Inc (c) | 46366 | 367682 |
| Applied Optoelectronics Inc (b)(c) | 38288 | 1025353 |
| Aviat Networks Inc (c) | 6474 | 143140 |
| Cisco Systems Inc  | 2395417 | 184303385 |
| Clearfield Inc (b)(c) | 8770 | 257487 |
| ClearOne Inc (b)(c) | 1275 | 6719 |
| CommScope Holding Co Inc (c) | 131939 | 2604476 |
| Comtech Telecommunications Corp (c) | 31154 | 95331 |
| Digi International Inc (c) | 24698 | 1033117 |
| Extreme Networks Inc (c) | 78794 | 1378895 |
| F5 Inc (c) | 34607 | 8276611 |
| Franklin Wireless Corp  | 9420 | 41919 |
| Genasys Inc (b)(c) | 28415 | 63365 |
| Harmonic Inc (c) | 72622 | 694266 |
| Inseego Corp (b)(c) | 11837 | 129378 |
| KVH Industries Inc (c) | 12585 | 75384 |
| Lantronix Inc (c) | 22155 | 113434 |
| Lumentum Holdings Inc (c) | 42489 | 13815724 |
| Netgear Inc (c) | 18701 | 494641 |
| NetScout Systems Inc (c) | 44798 | 1204170 |
| Ondas Holdings Inc (b)(c) | 199380 | 1575102 |
| Ribbon Communications Inc (c) | 116776 | 333979 |
| Viasat Inc (c) | 81175 | 2786738 |
| Viavi Solutions Inc (c) | 130912 | 2348561 |
|  |  | 223168857 |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| 908 Devices Inc (b)(c) | 26347 | 167303 |
| Advanced Energy Industries Inc (b) | 22993 | 4855892 |
| Aeva Technologies Inc (b)(c) | 37370 | 416676 |
| AEye Inc Class A (b)(c) | 28330 | 74225 |
| Airgain Inc (c) | 6076 | 24729 |
| AmpliTech Group Inc (c) | 9192 | 30334 |
| AmpliTech Group Inc rights 12/10/2025 (b)(c)(e) | 18384 | 0 |
| Astrotech Corp (c) | 1228 | 3991 |
| Avnet Inc (b) | 49866 | 2369134 |
| Bel Fuse Inc Class A  | 1744 | 229406 |
| Bel Fuse Inc Class B  | 6461 | 995188 |
| CDW Corp/DE  | 79125 | 11411408 |
| Climb Global Solutions Inc (b) | 3166 | 319956 |
| Coda Octopus Group Inc (c) | 4103 | 36024 |
| Cognex Corp  | 102754 | 3914927 |
| CPS Technologies Corp (c) | 4893 | 16832 |
| Daktronics Inc (c) | 32115 | 607937 |
| Data I/O Corp (c) | 15054 | 42302 |
| Deswell Industries Inc  | 1149 | 4171 |
| ePlus Inc (b) | 16900 | 1514240 |
| Evolv Technologies Holdings Inc Class A (c) | 108269 | 691839 |
| Flex Ltd (c) | 226753 | 13403371 |
| Focus Universal Inc (b)(c) | 2572 | 8513 |
| Forward Industries Inc (b)(c) | 51186 | 455555 |
| Frequency Electronics Inc (c) | 5296 | 151677 |
| Identiv Inc (c) | 13327 | 44912 |
| Insight Enterprises Inc (c) | 18837 | 1630719 |
| Interlink Electronics Inc (b) | 9940 | 35983 |
| IPG Photonics Corp (b)(c) | 25226 | 2008999 |
| Itron Inc (c) | 27084 | 2682399 |
| Key Tronic Corp (c) | 6057 | 15748 |
| Kimball Electronics Inc (c) | 16010 | 462689 |
| LightPath Technologies Inc Class A (b)(c) | 23346 | 171593 |
| Lightwave Logic Inc (b)(c) | 90605 | 393226 |
| Littelfuse Inc  | 15042 | 3851053 |
| MicroVision Inc (b)(c) | 192734 | 181536 |
| MultiSensor AI Holdings Inc (c) | 11410 | 7316 |
| Napco Security Technologies Inc  | 22781 | 920352 |
| Neonode Inc (c) | 10699 | 23859 |
| nLight Inc (c) | 30814 | 1085577 |
| Novanta Inc (b)(c) | 22764 | 2587356 |
| OSI Systems Inc (b)(c) | 10001 | 2708771 |
| Ouster Inc Class A (c) | 35655 | 818639 |
| PC Connection Inc  | 15808 | 917496 |
| Plexus Corp (c) | 16631 | 2377401 |
| Powerfleet Inc NJ (b)(c) | 75351 | 374494 |
| Red Cat Holdings Inc (b)(c) | 71945 | 533832 |
| Research Frontiers Inc (c) | 10936 | 20669 |
| RF Industries Ltd (c) | 2448 | 15227 |
| Richardson Electronics Ltd/United States (b) | 7825 | 81850 |
| Sanmina Corp (c) | 32574 | 5086919 |
| ScanSource Inc (c) | 14493 | 595952 |
| Scantech AI Systems Inc (b) | 3880 | 1629 |
| Sono-Tek Corp (c) | 2629 | 9543 |
| Syntec Optics Holdings Inc Class A (b)(c) | 19932 | 34482 |
| Trimble Inc (c) | 142566 | 11607724 |
| TTM Technologies Inc (c) | 63341 | 4445271 |
| Vuzix Corp (b)(c) | 38602 | 103839 |
| Wetouch Technology Inc (b)(c) | 6414 | 12892 |
| Wrap Technologies Inc (b)(c) | 38058 | 82205 |
| Zebra Technologies Corp Class A (c) | 30697 | 7758667 |
|  |  | 95436449 |
| IT Services - 0.4% |  |  |
| Akamai Technologies Inc (c) | 85909 | 7690574 |
| Amdocs Ltd  | 66895 | 5116130 |
| Applied Digital Corp (b)(c) | 169432 | 4591607 |
| Backblaze Inc Class A (b)(c) | 39964 | 189429 |
| Black Titan Corp (b) | 1511 | 4714 |
| Brand Engagement Network Inc Class A (c) | 4402 | 1735 |
| CISO Global Inc (c) | 17839 | 9481 |
| Cloudastructure Inc Class A (b) | 5483 | 6305 |
| Cognizant Technology Solutions Corp Class A  | 296521 | 23042647 |
| Commerce.com Inc (c) | 43293 | 198715 |
| CoreWeave Inc Class A (b)(c) | 224246 | 16396868 |
| Crexendo Inc (c) | 15416 | 107604 |
| CSP Inc (b) | 8458 | 96929 |
| Data Storage Corp (c) | 9803 | 43329 |
| Glimpse Group Inc/The (c) | 9486 | 11763 |
| Grid Dynamics Holdings Inc (c) | 57531 | 503972 |
| Hackett Group Inc/The  | 16331 | 301634 |
| Information Services Group Inc  | 29262 | 157430 |
| MicroAlgo Inc Class A (b)(c) | 7198 | 49090 |
| MongoDB Inc Class A (c) | 49212 | 16356592 |
| Okta Inc Class A (c) | 101885 | 8184422 |
| Rackspace Technology Inc (c) | 215054 | 227957 |
| Research Solutions Inc/CA (c) | 16973 | 51937 |
| TSS Inc/MD (b)(c) | 15046 | 144893 |
| Tucows Inc Class A (b)(c) | 6583 | 142654 |
| VeriSign Inc  | 55036 | 13868522 |
| Whitefiber Inc (b) | 21481 | 460338 |
| XTI Aerospace Inc (c) | 5535 | 9022 |
|  |  | 97966293 |
| Semiconductors & Semiconductor Equipment - 22.2% |  |  |
| ACM Research Inc Class A (c) | 35854 | 1197882 |
| Advanced Micro Devices Inc (c) | 982292 | 213677979 |
| Aehr Test Systems (b)(c) | 18774 | 431239 |
| Aeluma Inc (b)(c) | 9830 | 137817 |
| Alpha & Omega Semiconductor Ltd (b)(c) | 19954 | 404667 |
| Ambarella Inc (c) | 26018 | 1930015 |
| Amkor Technology Inc  | 150330 | 5470509 |
| Amtech Systems Inc (c) | 11847 | 92999 |
| Analog Devices Inc  | 297419 | 78917157 |
| Applied Materials Inc  | 482181 | 121630157 |
| ARM Holdings PLC ADR (c) | 82768 | 11220030 |
| Astera Labs Inc (c) | 100744 | 15874232 |
| Atomera Inc (b)(c) | 16578 | 41113 |
| Axcelis Technologies Inc (c) | 19268 | 1594812 |
| AXT Inc (c) | 24453 | 261647 |
| Blaize Holdings Inc Class A (b)(c) | 63631 | 159078 |
| Broadcom Inc  | 2838901 | 1143963547 |
| CEVA Inc (b)(c) | 13984 | 301915 |
| Cirrus Logic Inc (c) | 31072 | 3739204 |
| Cohu Inc (c) | 27737 | 674564 |
| Credo Technology Group Holding Ltd (c) | 104391 | 18539842 |
| CVD Equipment Corp (c) | 6633 | 22950 |
| Diodes Inc (b)(c) | 27470 | 1269389 |
| Enphase Energy Inc (b)(c) | 76538 | 2208121 |
| Entegris Inc (b) | 91549 | 7062090 |
| Everspin Technologies Inc (c) | 17797 | 142732 |
| First Solar Inc (c) | 65034 | 17749079 |
| FormFactor Inc (c) | 46137 | 2538458 |
| GlobalFoundries Inc (b)(c) | 335261 | 12015754 |
| GSI Technology Inc (b)(c) | 15609 | 99273 |
| Ichor Holdings Ltd (c) | 20965 | 352212 |
| Impinj Inc (c) | 17768 | 3053786 |
| Intel Corp (c) | 2648032 | 107404178 |
| KLA Corp  | 79824 | 93830717 |
| Kopin Corp (b)(c) | 101031 | 246516 |
| Lam Research Corp  | 765657 | 119442492 |
| Lattice Semiconductor Corp (b)(c) | 81924 | 5751884 |
| MACOM Technology Solutions Holdings Inc (c) | 45103 | 7892574 |
| Marvell Technology Inc  | 521575 | 46628805 |
| Maxeon Solar Technologies Ltd (b)(c) | 6830 | 20763 |
| MaxLinear Inc Class A (c) | 40720 | 634010 |
| Microchip Technology Inc  | 326259 | 17480957 |
| Micron Technology Inc  | 677226 | 160150404 |
| MKS Inc  | 40498 | 6333482 |
| Mobix Labs Inc Class A (b)(c) | 27433 | 12586 |
| Monolithic Power Systems Inc  | 28962 | 26881660 |
| Navitas Semiconductor Corp Class A (b)(c) | 131812 | 1152037 |
| NVE Corp (b) | 2869 | 183444 |
| NVIDIA Corp (b) | 14659335 | 2594702295 |
| ON Semiconductor Corp (c) | 248729 | 12496145 |
| PDF Solutions Inc (b)(c) | 23777 | 644357 |
| Penguin Solutions Inc (b)(c) | 30724 | 621547 |
| Photronics Inc (c) | 36989 | 847418 |
| Pixelworks Inc (b)(c) | 4303 | 29605 |
| Power Integrations Inc  | 33955 | 1140888 |
| Qorvo Inc (c) | 55821 | 4794466 |
| QUALCOMM Inc  | 652421 | 109665446 |
| QuickLogic Corp (b)(c) | 8417 | 53027 |
| Rambus Inc (b)(c) | 65299 | 6240625 |
| Rigetti Computing Inc Class A (c) | 196482 | 5024045 |
| Semtech Corp (c) | 52810 | 3916390 |
| Silicon Laboratories Inc (c) | 19523 | 2490744 |
| SiTime Corp (b)(c) | 15789 | 4700385 |
| SkyWater Technology Inc (b)(c) | 27439 | 422286 |
| Skyworks Solutions Inc  | 87920 | 5798324 |
| SolarEdge Technologies Inc (b)(c) | 36756 | 1342697 |
| Synaptics Inc (c) | 22754 | 1558877 |
| Teradyne Inc  | 96403 | 17534742 |
| Texas Instruments Inc  | 549922 | 92535375 |
| Ultra Clean Holdings Inc (c) | 28808 | 730571 |
| Universal Display Corp  | 28862 | 3432558 |
| Veeco Instruments Inc (b)(c) | 39620 | 1158093 |
|  |  | 5132701664 |
| Software - 14.8% |  |  |
| 8x8 Inc (c) | 60050 | 116497 |
| ACI Worldwide Inc (b)(c) | 63276 | 2965113 |
| Adeia Inc  | 64328 | 795737 |
| Adobe Inc (c) | 256595 | 82143757 |
| Agilysys Inc (b)(c) | 17699 | 2176269 |
| Airship AI Holdings Inc Class A (b)(c) | 22323 | 82149 |
| Alarm.com Holdings Inc (c) | 29655 | 1540874 |
| Alkami Technology Inc (b)(c) | 62086 | 1323674 |
| Alpha Modus Holdings Inc Class A (b)(c) | 10153 | 7846 |
| Amplitude Inc Class A (c) | 67531 | 694219 |
| Appfolio Inc Class A (c) | 13966 | 3188158 |
| Appian Corp Class A (c) | 25435 | 1027574 |
| AppLovin Corp Class A (c) | 186089 | 111556634 |
| Arteris Inc (b)(c) | 28202 | 404417 |
| Atlassian Corp Class A (c) | 100425 | 15015546 |
| AudioEye Inc (c) | 8256 | 102044 |
| Aurora Innovation Inc Class A (b)(c) | 962862 | 4034392 |
| authID Inc (b)(c) | 5456 | 6984 |
| Autodesk Inc (c) | 129514 | 39286777 |
| AvePoint Inc Class A (c) | 131966 | 1715558 |
| Aware Inc/MA (c) | 17102 | 37282 |
| Bentley Systems Inc Class B (b) | 176439 | 7403380 |
| Bit Digital Inc (b)(c) | 201119 | 478663 |
| Bitdeer Technologies Group Class A (b)(c) | 91946 | 1232996 |
| BitFuFu Inc Class A (b)(c) | 17331 | 51473 |
| Blackbaud Inc (c) | 30906 | 1742480 |
| BlackLine Inc (b)(c) | 38226 | 2178500 |
| Braze Inc Class A (c) | 57868 | 1660812 |
| Bridgeline Digital Inc (c) | 18622 | 18808 |
| BTCS Inc  | 33030 | 105035 |
| Btcs Inc Series V (e) | 2315 | 0 |
| Cadence Design Systems Inc (c) | 164857 | 51409007 |
| Ccc Intelligent Solutions Holdings Inc Class A (c) | 407791 | 3038043 |
| Cerence Inc (b)(c) | 22435 | 248580 |
| CID Holdco Inc  | 14755 | 24936 |
| Cipher Mining Inc (b)(c) | 239118 | 4866051 |
| Cleanspark Inc (b)(c) | 171627 | 2591568 |
| Commvault Systems Inc (c) | 26943 | 3327461 |
| Confluent Inc Class A (c) | 177318 | 3945326 |
| Consensus Cloud Solutions Inc (b)(c) | 11331 | 247469 |
| Core Scientific Inc (b)(c) | 185977 | 3141152 |
| Crowdstrike Holdings Inc Class A (c) | 151758 | 77269103 |
| CyberArk Software Ltd (c) | 29816 | 13673319 |
| Daily Journal Corp (b)(c) | 920 | 421719 |
| Datadog Inc Class A (c) | 195735 | 31319557 |
| Digi Power X Inc (United States) (b)(c) | 31650 | 129132 |
| Digimarc Corp (b)(c) | 14667 | 117483 |
| Digital Turbine Inc (c) | 72470 | 347131 |
| Docusign Inc (c) | 122852 | 8519786 |
| Domo Inc Class B (b)(c) | 24261 | 277546 |
| Dropbox Inc Class A (b)(c) | 116426 | 3478809 |
| Duos Technologies Group Inc (b)(c) | 17109 | 172288 |
| eGain Corp (c) | 19337 | 201492 |
| EverCommerce Inc (b)(c) | 116040 | 1007227 |
| Expensify Inc Class A (c) | 35177 | 54524 |
| Fatpipe Inc/UT (b) | 9388 | 26568 |
| Five9 Inc (c) | 48468 | 949488 |
| Fortinet Inc (c) | 463292 | 37586880 |
| Freshworks Inc Class A (c) | 142666 | 1731965 |
| Gen Digital Inc  | 373248 | 9842550 |
| Gitlab Inc Class A (c) | 88994 | 3654094 |
| Greenidge Generation Holdings Inc Class A (b)(c) | 3594 | 5607 |
| I3 Verticals Inc Class A (b)(c) | 17570 | 415882 |
| Intapp Inc (c) | 50464 | 2179540 |
| Intellicheck Inc (c) | 14317 | 90627 |
| InterDigital Inc (b) | 15703 | 5617748 |
| Intrusion Inc (b)(c) | 3947 | 5605 |
| Intuit Inc  | 168717 | 106980075 |
| Iveda Solutions Inc (b)(c) | 2211 | 2476 |
| Jamf Holding Corp (c) | 68888 | 890722 |
| JFrog Ltd (c) | 71446 | 4356777 |
| Kaltura Inc (b)(c) | 61101 | 89818 |
| Life360 Inc (b)(c) | 46802 | 3725907 |
| LivePerson Inc (c) | 1968 | 9801 |
| Manhattan Associates Inc (c) | 36392 | 6421368 |
| MARA Holdings Inc (b)(c) | 222883 | 2632248 |
| MicroCloud Hologram Inc (b)(c) | 237 | 848 |
| Microsoft Corp  | 4484190 | 2206266323 |
| Mitek Systems Inc (c) | 28416 | 251766 |
| Monday.com Ltd (b)(c) | 31156 | 4482102 |
| Myseum Inc (c) | 988 | 2035 |
| nCino Inc (b)(c) | 69988 | 1728704 |
| Netskope Inc Class A (c) | 28946 | 532027 |
| NetSol Technologies Inc (c) | 5970 | 17970 |
| NextNav Inc Class A (b)(c) | 84954 | 1207196 |
| Nutanix Inc Class A (c) | 156959 | 7502640 |
| OneSpan Inc  | 24710 | 301462 |
| Onestream Inc Class A (b)(c) | 55529 | 1156669 |
| Pagaya Technologies Ltd Class A (b)(c) | 39258 | 979487 |
| Palantir Technologies Inc Class A (c) | 1375923 | 231774229 |
| Palo Alto Networks Inc (c) | 404924 | 76988200 |
| Pegasystems Inc (b) | 102802 | 5630466 |
| Phunware Inc (b)(c) | 9310 | 19272 |
| Porch Group Inc (b)(c) | 68852 | 667176 |
| Progress Software Corp (b)(c) | 26057 | 1079020 |
| PTC Inc (c) | 72627 | 12740955 |
| Qualys Inc (c) | 21721 | 3059403 |
| Rapid7 Inc (c) | 39810 | 624221 |
| reAlpha Tech Corp (b)(c) | 24121 | 12582 |
| Red Violet Inc (b) | 8779 | 475734 |
| Rekor Systems Inc (b)(c) | 85665 | 150770 |
| Rezolve AI PLC (b)(c) | 198696 | 606023 |
| Rimini Street Inc (b)(c) | 82512 | 314371 |
| Riot Platforms Inc (b)(c) | 223951 | 3612330 |
| Roadzen Inc (b)(c) | 41570 | 72332 |
| Roper Technologies Inc  | 65239 | 29110947 |
| SailPoint Inc (b) | 338997 | 6244325 |
| ServiceTitan Inc Class A (b)(c) | 48951 | 4374261 |
| Silvaco Group Inc (b)(c) | 12895 | 58672 |
| Soluna Holdings Inc (b)(c) | 21295 | 36414 |
| SoundHound AI Inc Class A (b)(c) | 226976 | 2735061 |
| SoundThinking Inc (c) | 9121 | 56733 |
| Sprout Social Inc Class A (c) | 33355 | 332549 |
| SPS Commerce Inc (c) | 23475 | 1955937 |
| Strategy Inc Class A (b)(c) | 159680 | 28292102 |
| Synchronoss Technologies Inc (c) | 7220 | 35017 |
| Synopsys Inc (c) | 112036 | 46832168 |
| T Stamp Inc Class A (b)(c) | 421 | 1760 |
| Telos Corp (c) | 43817 | 253262 |
| Tenable Holdings Inc (c) | 73492 | 1949008 |
| Terawulf Inc (b)(c) | 249949 | 3876709 |
| Thumzup Media Corp (b)(c) | 9477 | 37718 |
| TON Strategy Co (c) | 39176 | 133590 |
| Upland Software Inc (c) | 21178 | 38968 |
| Varonis Systems Inc (c) | 67392 | 2228653 |
| Veea Inc Class A (b)(c) | 12454 | 6302 |
| Veritone Inc (c) | 40006 | 174426 |
| Vertex Inc Class A (b)(c) | 49015 | 964125 |
| Viant Technology Inc Class A (c) | 11212 | 118959 |
| VirnetX Holding Corp (b)(c) | 3649 | 80825 |
| Workday Inc Class A (c) | 131413 | 28335271 |
| Zoom Communications Inc Class A (c) | 154865 | 13157330 |
| Zscaler Inc (c) | 94198 | 23690797 |
|  |  | 3437506305 |
| Technology Hardware, Storage & Peripherals - 11.2% |  |  |
| Ainos Inc (c) | 396 | 832 |
| Apple Inc  | 8952761 | 2496477405 |
| AstroNova Inc (c) | 4427 | 33645 |
| Corsair Gaming Inc (c) | 58250 | 379790 |
| CPI Card Group Inc (c) | 7163 | 96772 |
| Foxx Development Holdings Inc (b)(c) | 4245 | 19103 |
| Immersion Corp (b) | 18884 | 134265 |
| NetApp Inc  | 120383 | 13429927 |
| One Stop Systems Inc (c) | 12878 | 78427 |
| Quantum Computing Inc (b)(c) | 113440 | 1327248 |
| Quantum Corp (b)(c) | 6388 | 50146 |
| Sandisk Corp/DE  | 88093 | 19669405 |
| Seagate Technology Holdings PLC  | 128428 | 35534743 |
| Socket Mobile Inc (c) | 1296 | 1698 |
| Sonim Technologies Inc (b)(c) | 114 | 652 |
| Super Micro Computer Inc (b)(c) | 359106 | 12155738 |
| TransAct Technologies Inc (c) | 6575 | 29193 |
| Turtle Beach Corp (c) | 11336 | 157344 |
| Western Digital Corp  | 209590 | 34232335 |
| Xerox Holdings Corp (b) | 79797 | 221836 |
|  |  | 2614030504 |
| TOTAL INFORMATION TECHNOLOGY |  | 11600810072 |
| Materials - 0.7% |  |  |
| Chemicals - 0.6% |  |  |
| Alto Ingredients Inc (c) | 45352 | 115648 |
| Arq Inc (c) | 22137 | 82350 |
| ASP Isotopes Inc (b)(c) | 58912 | 366433 |
| Balchem Corp  | 20122 | 3143258 |
| Hawkins Inc (b) | 12450 | 1618749 |
| Innospec Inc  | 14892 | 1113326 |
| Linde PLC  | 283665 | 116393423 |
| Northern Technologies International Corp  | 6565 | 48843 |
| Novusterra Inc (b)(c)(e) | 7237 | 0 |
| Origin Materials Inc Class A (c) | 194996 | 92058 |
| PureCycle Technologies Inc (b)(c) | 113811 | 1001537 |
| Solesence Inc (b)(c) | 31985 | 73245 |
| Solstice Advanced Materials Inc  | 95898 | 4572417 |
|  |  | 128621287 |
| Construction Materials - 0.0% |  |  |
| Smith-Midland Corp (b)(c) | 2925 | 101849 |
| United States Lime & Minerals Inc (b) | 17225 | 2094043 |
|  |  | 2195892 |
| Containers & Packaging - 0.0% |  |  |
| Eightco Holdings Inc (b)(c) | 104800 | 274576 |
| TriMas Corp  | 25549 | 870454 |
|  |  | 1145030 |
| Metals & Mining - 0.1% |  |  |
| 5E Advanced Materials Inc (b)(c) | 17775 | 70922 |
| American Battery Technology Co (b)(c) | 72367 | 270653 |
| Ascent Industries Co (c) | 7726 | 109477 |
| Aura Minerals Inc  | 49417 | 1981622 |
| Century Aluminum Co (c) | 58048 | 1739699 |
| Ferroglobe PLC (b) | 117079 | 518660 |
| Friedman Industries Inc  | 3162 | 64157 |
| Hycroft Mining Holding Corp (c) | 24867 | 290944 |
| Inno Holdings Inc (c) | 940 | 210 |
| Kaiser Aluminum Corp  | 9324 | 895570 |
| NioCorp Developments Ltd (b)(c) | 62240 | 389622 |
| Olympic Steel Inc  | 7489 | 291247 |
| Perpetua Resources Corp (United States) (b)(c) | 65730 | 1691890 |
| Ramaco Resources Inc Class A (b)(c) | 33649 | 527953 |
| Ramaco Resources Inc Class B  | 6722 | 84092 |
| ReElement Technologies Corp (b)(e) | 28952 | 0 |
| Royal Gold Inc  | 39618 | 8075733 |
| Steel Dynamics Inc  | 88866 | 14914381 |
| US Gold Corp (b)(c) | 12405 | 214110 |
| USA Rare Earth Inc Class A (b)(c) | 60439 | 812905 |
|  |  | 32943847 |
| TOTAL MATERIALS |  | 164906056 |
| Real Estate - 0.6% |  |  |
| Diversified REITs - 0.0% |  |  |
| Gladstone Commercial Corp  | 46914 | 518869 |
| Medalist Diversified REIT Inc  | 805 | 10715 |
| Presidio Property Trust Inc Class A (b)(c) | 601 | 2572 |
| Presidio Property Trust Inc warrants 1/24/2027 (c) | 6016 | 228 |
|  |  | 532384 |
| Health Care REITs - 0.0% |  |  |
| Diversified Healthcare Trust  | 157454 | 760503 |
| Sabra Health Care REIT Inc  | 146779 | 2863658 |
|  |  | 3624161 |
| Hotel & Resort REITs - 0.0% |  |  |
| Host Hotels & Resorts Inc  | 411866 | 7261198 |
| Service Properties Trust  | 80496 | 140063 |
| Sotherly Hotels Inc (c) | 4274 | 9231 |
|  |  | 7410492 |
| Industrial REITs - 0.0% |  |  |
| Industrial Logistics Properties Trust  | 54376 | 301243 |
| Lineage Inc (b) | 137632 | 4929978 |
|  |  | 5231221 |
| Real Estate Management & Development - 0.2% |  |  |
| Alset Inc (c) | 32998 | 90415 |
| Altisource Portfolio Solutions SA (b)(c) | 10838 | 104479 |
| Altisource Portfolio Solutions SA warrants 4/2/2029 (c) | 33046 | 13879 |
| Altisource Portfolio Solutions SA warrants 4/30/2032 (c) | 33046 | 16523 |
| Comstock Holding Cos Inc Class A (c) | 5745 | 78419 |
| CoStar Group Inc (c) | 257236 | 17697837 |
| eXp World Holdings Inc (b) | 98278 | 1115455 |
| Fathom Holdings Inc (c) | 4444 | 5733 |
| FRP Holdings Inc (c) | 12485 | 291025 |
| Gyrodyne LLC (c) | 1512 | 14364 |
| InterGroup Corp/The (b)(c) | 986 | 29541 |
| Linkhome Holdings Inc (b)(c) | 9924 | 124149 |
| Newmark Group Inc Class A  | 99302 | 1725869 |
| Opendoor Technologies Inc Class A (c) | 447537 | 3446036 |
| Opendoor Technologies Inc warrants 11/20/2026 (b)(c) | 14917 | 28491 |
| Opendoor Technologies Inc warrants 11/20/2026 (b)(c) | 14917 | 17900 |
| Opendoor Technologies Inc warrants 11/20/2026 (b)(c) | 14917 | 14514 |
| Real Messenger Corp (c) | 150 | 299 |
| RMR Group Inc/The Class A  | 9944 | 151646 |
| Star Holdings (b)(c) | 27660 | 221280 |
| Stratus Properties Inc (c) | 5346 | 118414 |
| Zillow Group Inc Class A (c) | 38137 | 2759212 |
| Zillow Group Inc Class C (c) | 105595 | 7854156 |
|  |  | 35919636 |
| Retail REITs - 0.0% |  |  |
| Phillips Edison & Co Inc  | 78945 | 2802548 |
| Regency Centers Corp  | 111384 | 7926085 |
|  |  | 10728633 |
| Specialized REITs - 0.4% |  |  |
| Equinix Inc  | 59296 | 44668271 |
| Fermi Inc (b) | 359035 | 5920487 |
| Gaming and Leisure Properties Inc  | 175133 | 7623539 |
| Gladstone Land Corp  | 13743 | 127947 |
| Global Self Storage Inc  | 5948 | 30692 |
| Lamar Advertising Co Class A  | 53147 | 7036131 |
| PotlatchDeltic Corp  | 48326 | 1944638 |
| SBA Communications Corp Class A  | 65399 | 12705065 |
|  |  | 80056770 |
| TOTAL REAL ESTATE |  | 143503297 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.9% |  |  |
| Alliant Energy Corp  | 154843 | 10756943 |
| American Electric Power Co Inc  | 324036 | 40105936 |
| Constellation Energy Corp  | 189065 | 68887724 |
| Evergy Inc (b) | 136102 | 10568320 |
| Exelon Corp  | 614451 | 28952931 |
| MGE Energy Inc  | 22543 | 1867011 |
| Otter Tail Corp (b) | 24891 | 2046040 |
| Xcel Energy Inc  | 358992 | 29476833 |
|  |  | 192661738 |
| Gas Utilities - 0.0% |  |  |
| RGC Resources Inc (b) | 6291 | 141925 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| AleAnna Inc Class A (b) | 3633 | 11117 |
| Hallador Energy Co (b)(c) | 27667 | 564130 |
| Montauk Renewables Inc (c) | 88120 | 143636 |
| Talen Energy Corp (c) | 27415 | 10808912 |
|  |  | 11527795 |
| Multi-Utilities - 0.0% |  |  |
| Northwestern Energy Group Inc  | 36776 | 2540854 |
| Water Utilities - 0.0% |  |  |
| Artesian Resources Corp Class A  | 6230 | 196245 |
| Cadiz Inc (b)(c) | 44782 | 249436 |
| Consolidated Water Co Ltd  | 10827 | 370608 |
| Global Water Resources Inc  | 16108 | 138045 |
| H2O America  | 20960 | 973173 |
| Middlesex Water Co  | 12979 | 665952 |
| Pure Cycle Corp (c) | 16404 | 186678 |
| York Water Co/The  | 10001 | 326333 |
|  |  | 3106470 |
| TOTAL UTILITIES |  | 209978782 |
| TOTAL UNITED STATES |  | 22374469879 |
| URUGUAY - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Dlocal Ltd/Uruguay Class A  | 86298 | 1159845 |
| VIETNAM - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Vinfast Auto Ltd (b)(c) | 1303256 | 4222549 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $6,581,000,704) |  | <br> **23202043398** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| MARSHALL ISLANDS REPUBLIC OF - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Imperial Petroleum Inc 8.75%  | 816 | 21028 |
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| FAT Brands Inc Series B, 8.25%  | 1005 | 976 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| CGrowth Capital Inc Series A (b) | 8946 | 33709 |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| iCoreConnect Inc 12% (b)(c)(e) | 1128 | 384 |
| Pharmaceuticals - 0.0% |  |  |
| Nutriband Inc non-voting shares (e) | 2059 | 0 |
| TOTAL HEALTH CARE |  | 384 |
| Information Technology - 0.0% |  |  |
| Communications Equipment - 0.0% |  |  |
| ClearOne Inc Class A (e) | 1275 | 0 |
| Software - 0.0% |  |  |
| SRAX Inc (c)(e) | 9776 | 0 |
| TOTAL INFORMATION TECHNOLOGY |  | 0 |
| TOTAL UNITED STATES |  | 35069 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $33,118) |  | <br> **56097** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (h) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/12/2026 (i)<br>(Cost $2,973,024)<br>| 3.82 | 2996000 | **2973550** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** | &nbsp;&nbsp;**Money Market Funds - 3.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 4.02 | 44878637 | 44887612 |
| Fidelity Securities Lending Cash Central Fund (j)(g) | 4.02 | 700820438 | 700890520 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $745,778,132) |  |  | **745778132** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.0%**<br> (Cost $7,329,784,978)<br>| <br>**23950851177** |
| **NET OTHER ASSETS (LIABILITIES) - (3.0)%**  | **(691281765)** |
| **NET ASSETS - 100.0%** | **23259569412** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini Nasdaq 100 Index Contracts (United States) | 115 | 12/19/2025 | 58608600 | 2364223 | 2364223 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% |

---

**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) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(e) Level 3 security.

(f) 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 $819,951 or 0.0% of net assets.

(g) Investment made with cash collateral received from securities on loan.

(h) 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.

(i) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,973,550.

(j) 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**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,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 21505173 | 961885939 | 938503778 | 2116571 | 278 | - | 44887612 | 44878637 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 307397049 | 3243655897 | 2850156956 | 37077541 | (5470) | - | 700890520 | 700820438 | 2.4% |
| Total | 328902222 | 4205541836 | 3788660734 | 39194112 | (5192) | - | 745778132 |  |  |

---

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 November 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 3800258198 | 3796514321 | - | 3743877 |
| Consumer Discretionary | 3149500791 | 3149090991 | - | 409800 |
| Consumer Staples | 649418667 | 649306848 | - | 111819 |
| Energy | 115157359 | 115157359 | - | - |
| Financials | 845063015 | 844150060 | - | 912955 |
| Health Care | 1379461669 | 1379338284 | 13894 | 109491 |
| Industrials | 811742123 | 811742118 | - | 5 |
| Information Technology | 11909349841 | 11909345420 | - | 4421 |
| Materials | 174790800 | 174790800 | - | - |
| Real Estate | 153041288 | 153041288 | - | - |
| Utilities | 214259647 | 214259647 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 976 | 976 | - | - |
| Energy | 21028 | 21028 | - | - |
| Financials | 33709 | 33709 | - | - |
| Health Care | 384 | - | - | 384 |
| Information Technology | - | - | - | - |
|  **U.S. Treasury Obligations** | 2973550 | - | 2973550 | - |
|  **Money Market Funds** | 745778132 | 745778132 | - | - |
| **Total Investments in Securities:** | 23950851177 | 23942570981 | 2987444 | 5292752 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 2364223 | 2364223 | - | - |
| Total Assets | 2364223 | 2364223 | - | - |
| **Total Derivative Instruments:** | 2364223 | 2364223 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 2364223 | - |
| **Total Equity Risk**  | 2364223 | - |
| **Total Value of Derivatives** | 2364223 | - |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $859,027,321) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $6,584,006,846) | $23205073045 |  |
| Fidelity Central Funds (cost $745,778,132) | 745778132 |  |
| Total Investment in Securities (cost $7,329,784,978) |  | $23950851177 |
| Segregated cash with brokers for derivative instruments |  | 673904 |
| Foreign currency held at value (cost $54,545) |  | 55143 |
| Receivable for investments sold |  | 141250 |
| Receivable for fund shares sold |  | 9098677 |
| Dividends receivable |  | 10989525 |
| Distributions receivable from Fidelity Central Funds |  | 2149324 |
| Receivable for daily variation margin on futures contracts |  | 393574 |
| Prepaid expenses |  | 19010 |
| Receivable from investment adviser for expense reductions |  | 112025 |
| Other receivables |  | 378839 |
| **Total assets** |  | 23974862448 |
| **Liabilities** |  |  |
| Payable to custodian bank | $2869 |  |
| Payable for investments purchased on a delayed delivery basis | 10520 |  |
| Payable for fund shares redeemed | 8378585 |  |
| Accrued management fee | 5537965 |  |
| Other payables and accrued expenses | 542741 |  |
| Collateral on securities loaned | 700820356 |  |
| **Total liabilities** |  | 715293036 |
| **Net Assets**  |  | $23259569412 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $6886167270 |
| Total accumulated earnings (loss) |  | 16373402142 |
| **Net Assets** |  | $23259569412 |
| **Net Asset Value**, offering price and redemption price per share ($23,259,569,412 ÷ 78,091,840 shares) |  | $297.85 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $132272860 |
| Interest  |  | 173439 |
| Income from Fidelity Central Funds (including $37,077,541 from security lending)  |  | 39194112 |
| **Total income** |  | 171640411 |
| **Expenses** |  |  |
| Management fee | $57260984 |  |
| Custodian fees and expenses | 204884 |  |
| Independent trustees' fees and expenses | 75366 |  |
| Registration fees | 287498 |  |
| Audit fees | 109019 |  |
| Legal | 40228 |  |
| Interest | 817 |  |
| Miscellaneous | 66897 |  |
| Total expenses before reductions | 58045693 |  |
| Expense reductions | (728345) |  |
| Total expenses after reductions |  | 57317348 |
| **Net Investment income (loss)** |  | 114323063 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (46368836) |  |
| Fidelity Central Funds | (5192) |  |
| Foreign currency transactions | (3937) |  |
| Futures contracts | 15077993 |  |
| Total net realized gain (loss) |  | (31299972) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4082380894 |  |
| Assets and liabilities in foreign currencies | 5426 |  |
| Futures contracts | 656493 |  |
| Total change in net unrealized appreciation (depreciation) |  | 4083042813 |
| **Net gain (loss)** |  | 4051742841 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4166065904 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $114323063 | $104328050 |
| &nbsp;&nbsp;Net realized gain (loss) | (31299972)<br>| (169031409)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 4083042813 | 4992244947<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4166065904<br>| 4927541588<br>|
| Distributions to shareholders | (113682043)<br>| (94835180)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3789896297 | 2684825136 |
| Reinvestment of distributions | 103423648<br>| 86690080<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (3394264616) | (2412856155) |
| **Net increase (decrease) in net assets resulting from share transactions** | 499055329<br>| 358659061<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 4551439190<br>| 5191365469<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 18708130222 | 13516764753<br>|
| &nbsp;&nbsp;End of period | $23259569412 | $18708130222 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 14755844 | 12707250 |
| Issued in reinvestment of distributions | 407598<br>| 454066<br>|
| &nbsp;&nbsp;Redeemed | (13460842) | (11330577) |
| &nbsp;&nbsp;Net increase (decrease) | 1702600 | 1830739 |

---

**Financial Highlights** 

**Fidelity® Nasdaq Composite Index® Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $244.91 | $181.29 | $145.73 | $196.19 | $154.09 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | 1.49  | 1.37  | 1.26  | 1.16  | 1.00  |
| Net realized and unrealized gain (loss)  | 52.93  | 63.52  | 35.46  | (50.70)  | 42.19  |
| Total from investment operations  | 54.42  | 64.89  | 36.72  | (49.54)  | 43.19  |
| Distributions from net investment income  | (1.48)  | (1.27)  | (1.16)  | (.92)  | (1.09)  |
| Total distributions  | (1.48)  | (1.27)  | (1.16)  | (.92)  | (1.09)  |
| Net asset value, end of period  | $297.85 | $244.91 | $181.29 | $145.73 | $196.19 |
| **Total Return** C | 22.33% <br>| 35.99%  | 25.51%  | (25.37)%  | 28.18%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .29%  | .32%  | .34%  | .36%  | .35%  |
| Expenses net of fee waivers, if any  | .29% <br>| .29%  | .28%  | .31%  | .29%  |
| Expenses net of all reductions, if any  | .29%  | .29%  | .28%  | .31%  | .29%  |
| Net investment income (loss)  | .58%  | .64%  | .78%  | .73%  | .56%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $23259569 | $18708130 | $13516765 | $10662796 | $14077919 |
| Portfolio turnover rate F | 4% <br>| 2%  | 5%  | 4%  | 7%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net 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.*

C*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*Fees 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.*

E*Expense 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.*

F*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended November 30, 2025

**1. Organization.**

Fidelity Nasdaq Composite Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may operate as a non-diversified fund, as defined under the 1940 Act, to the approximate extent the Index is non-diversified.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Nasdaq Composite Index Fund** | $378828 |

---

**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. As of November 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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**  | $17057093112 |
| **Gross unrealized depreciation**  | <u>(486541835)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$16570551277</u> |
| **Tax Cost**  | <u>$7380299900</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$109038544</u> |
| **Capital loss carryforward**  | <u>$(304963479)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$16569715479</u> |

---

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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(81458117) |
| Long-term | <u>(223505362)</u> |
| **Total capital loss carryforward** | <u>$(304963479)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Ordinary Income**  | <u>$113682043</u> | <u>$94835180</u> |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Futures Contracts.** A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Nasdaq Composite Index Fund** | 1420118004 | 864664157 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee.

Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month based on an annual rate .29% of each class's average net assets. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class.

**Sub-Adviser.** Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding.

Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Nasdaq Composite Index Fund** | Borrower | 6392000 | 4.60% | 817 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Nasdaq Composite Index Fund** | 5939771 | 30323430 | (4472816) |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Nasdaq Composite Index Fund** | 25549 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Nasdaq Composite Index Fund** | 3797227 | 261972 | 6036991 |

---

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** | 171870838 |

---

**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 $712,934.

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 $15,411.

**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Concord Street Trust and the Shareholders of Fidelity NASDAQ Composite Index Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity NASDAQ Composite Index Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of November 30, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 13, 2026

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

A total of 0.33% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $1,812,965of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 91% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 97.82% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1.39% of the dividends distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

Note: This is not applicable for any fund included in this document.

![](img120715_4.jpg)<br>

1.795539.122 EIF-ANN-0126

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's 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.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(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.](ex99.htm)

(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.](ex99_906.htm)

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Concord Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Concord Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Concord Street Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>