# EDGAR Filing Document

**Accession Number:** 0000819118
**File Stem:** 0000819118-25-000331
**Filing Date:** 2025-7
**Character Count:** 249085
**Document Hash:** 7266ebaaa5f9277ef04306b75e6e6a9e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000819118-25-000331.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0000819118-25-000331

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**EFFECTIVENESS DATE**: 20250723

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05251
- **FILM NUMBER:** 251142108

**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, MA 02210</u>

(Address of principal executive offices) (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>

---

| | |
|:---|:---|
| Date of fiscal year end: | November 30 |
| Date of reporting period: | May 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Nasdaq Composite Index® Fund<br> **Fidelity® Nasdaq Composite Index® Fund : FNCMX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Nasdaq Composite Index® Fund for the period December 1, 2024 to May 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Nasdaq Composite Index® Fund  | $14  | 0.29% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $18473815196<br>|
| Number of Holdings | 2719<br>|
| Portfolio Turnover | 5%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 49.4 |
| Communication Services | 15.1 |
| Consumer Discretionary | 14.9 |
| Health Care | 5.4 |
| Industrials | 4.5 |
| Financials | 3.9 |
| Consumer Staples | 3.6 |
| Utilities | 0.9 |
| Materials | 0.9 |
| Real Estate | 0.8 |
| Energy | 0.5 |

---

Common Stocks 99.9 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1282_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.9&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) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 96.2 |
| Canada | 1.0 |
| China | 0.7 |
| Netherlands | 0.6 |
| Brazil | 0.5 |
| Israel | 0.3 |
| United Kingdom | 0.3 |
| Kazakhstan | 0.1 |
| Hong Kong | 0.1 |
| Others | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1282_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.2&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;China - 0.7&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;Brazil - 0.5&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;Kazakhstan - 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;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;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** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 11.0<br>|
| NVIDIA Corp | 10.6<br>|
| Apple Inc | 9.6<br>|
| Amazon.com Inc | 7.0<br>|
| Meta Platforms Inc Class A | 4.5<br>|
| Broadcom Inc | 3.7<br>|
| Tesla Inc | 3.5<br>|
| Alphabet Inc Class A | 3.3<br>|
| Alphabet Inc Class C | 3.0<br>|
| Netflix Inc | 1.7<br>|
|  | 57.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1282_20250531_1.jpg)<br>| ![](img109726_2.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> 1.9915909.101 1282-TSRS-0725 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

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**

**Semi-Annual Report**

**May 31, 2025**

![](img109866_1.jpg)

![](img109866_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_EIF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Nasdaq Composite Index® Fund](#Sub_Sec_Fund_1282_EIF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1282_EIF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EIF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EIF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EIF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EIF-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

"Nasdaq®, Nasdaq Composite Index®, Nasdaq Composite®, and The Nasdaq Stock Market®, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by Fidelity. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the products(s).

The index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for us by Fidelity. S&P®;, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P") and Dow Jones®; is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index or indices.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Nasdaq Composite Index® Fund**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** |
|  | Shares | Value ($)<br>|
| ARGENTINA - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Cresud SACIF y A ADR (b) | 33826 | 404897 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Grupo Financiero Galicia SA Class B ADR  | 39505 | 2293265 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Bioceres Crop Solutions Corp (b)(c) | 38927 | 189964 |
| TOTAL ARGENTINA |  | 2888126 |
| AUSTRALIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Fitell Corp (b)(c) | 8253 | 3714 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Alterity Therapeutics ltd ADR (b)(c) | 1155 | 5209 |
| Benitec Biopharma Inc (c) | 8133 | 124923 |
| Immutep Ltd ADR (b)(c) | 18722 | 35197 |
| Kazia Therapeutics Ltd ADR (c) | 196 | 735 |
| Mesoblast Ltd ADR (c) | 18245 | 194127 |
| Opthea Ltd ADR (b)(c)(d) | 5049 | 16965 |
|  |  | 377156 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Genetic Technologies Ltd ADR (c)(d) | 502 | 384 |
| TOTAL HEALTH CARE |  | 377540 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Novonix Ltd ADR (c) | 5291 | 5979 |
| Software - 0.0% |  |  |
| IREN Ltd (b)(c) | 113150 | 949329 |
| Mawson Infrastructure Group Inc (c) | 3093 | 1763 |
|  |  | 951092 |
| TOTAL INFORMATION TECHNOLOGY |  | 957071 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| ioneer Ltd ADR (b)(c) | 1836 | 6132 |
| IperionX Ltd ADR (b)(c) | 2858 | 69136 |
| Snow Lake Resources Ltd (b)(c) | 927 | 3550 |
|  |  | 78818 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| VivoPower International PLC (b)(c) | 1642 | 7619 |
| TOTAL AUSTRALIA |  | 1424762 |
| AUSTRIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Critical Metals Corp (b)(c) | 28323 | 39086 |
| BAHAMAS (NASSAU) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| OneSpaWorld Holdings Ltd  | 64502 | 1216508 |
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Crown Lng Holdings Ltd (b) | 24528 | 1643 |
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (c) | 105506 | 1016023 |
| Liberty Global Ltd Class B (c) | 327 | 3139 |
| Liberty Global Ltd Class C (c) | 107584 | 1062930 |
|  |  | 2082092 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Galapagos NV ADR (b)(c) | 7819 | 224875 |
| MDxHealth SA (c) | 10394 | 21931 |
|  |  | 246806 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Nyxoah SA (United States) (c) | 17100 | 130815 |
| TOTAL HEALTH CARE |  | 377621 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Materialise NV ADR (b)(c) | 17527 | 94470 |
| TOTAL BELGIUM |  | 2554183 |
| BERMUDA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Kestrel Group Ltd  | 2774 | 70487 |
| BRAZIL - 0.5%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| MercadoLibre Inc (c) | 29872 | 76570599 |
| Diversified Consumer Services - 0.0% |  |  |
| Afya Ltd Class A (b) | 26707 | 486869 |
| Vasta Platform Ltd Class A (b)(c) | 9735 | 40789 |
|  |  | 527658 |
| TOTAL CONSUMER DISCRETIONARY |  | 77098257 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Inter & Co Inc Class A (b) | 199448 | 1420070 |
| Capital Markets - 0.0% |  |  |
| Vinci Partners Investments Ltd Class A (b) | 27294 | 265025 |
| XP Inc Class A  | 251961 | 4877965 |
|  |  | 5142990 |
| Financial Services - 0.0% |  |  |
| StoneCo Ltd Class A (c) | 165828 | 2263552 |
| TOTAL FINANCIALS |  | 8826612 |
| Industrials - 0.0% |  |  |
| Trading Companies & Distributors - 0.0% |  |  |
| Lavoro Ltd Class A (b)(c) | 3635 | 9451 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Zenvia Inc Class A (c) | 11429 | 14172 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Sigma Lithium Corp (United States) (c) | 75528 | 354226 |
| TOTAL BRAZIL |  | 86302718 |
| BRITISH VIRGIN ISLANDS - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Dogness International Corp Class A (b)(c) | 1963 | 50528 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| OKYO Pharma Ltd (c) | 12090 | 22246 |
| Industrials - 0.0% |  |  |
| Ground Transportation - 0.0% |  |  |
| Swvl Holdings Corp Class A (b)(c) | 3786 | 18399 |
| TOTAL BRITISH VIRGIN ISLANDS |  | 91173 |
| CAMEROON - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Golar LNG Ltd  | 61674 | 2538502 |
| CANADA - 1.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telesat Corp Variable Voting Shares (United States) (b)(c) | 8088 | 129813 |
| Interactive Media & Services - 0.0% |  |  |
| GameSquare Holdings Inc (b)(c) | 11525 | 10741 |
| TOTAL COMMUNICATION SERVICES |  | 140554 |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| Visionary Holdings Inc Class A (b)(c) | 1472 | 2944 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Bragg Gaming Group Inc (United States) (c) | 11254 | 50080 |
| TOTAL CONSUMER DISCRETIONARY |  | 53024 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Borealis Foods Inc Class A (b)(c) | 8028 | 28579 |
| Sunopta Inc (United States) (c) | 69033 | 430766 |
| Village Farms International Inc (c) | 67993 | 80912 |
|  |  | 540257 |
| Personal Care Products - 0.0% |  |  |
| Flora Growth Corp (b)(c) | 16551 | 11089 |
| TOTAL CONSUMER STAPLES |  | 551346 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Encore Energy Corp (United States) (b)(c) | 97725 | 196427 |
| Kolibri Global Energy Inc (United States) (c) | 24819 | 180682 |
| Uranium Royalty Corp (United States) (b)(c) | 65908 | 145657 |
|  |  | 522766 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| VersaBank (United States)  | 8712 | 101321 |
| Capital Markets - 0.0% |  |  |
| Defi Technologies Inc (United States) (b)(c) | 192958 | 690790 |
| Consumer Finance - 0.0% |  |  |
| Mogo Inc (United States) (c) | 5176 | 7297 |
| TOTAL FINANCIALS |  | 799408 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Aurinia Pharmaceuticals Inc (c) | 94911 | 744103 |
| BriaPro Therapeutics Corp (c)(d) | 7229 | 0 |
| Bright Minds Biosciences Inc (United States) (b)(c) | 3337 | 86595 |
| Engene Holdings Inc (b)(c) | 29018 | 111429 |
| Essa Pharma Inc (c) | 23840 | 40051 |
| Fennec Pharmaceuticals Inc (United States) (c) | 19507 | 158397 |
| Oncolytics Biotech Inc (United States) (b)(c) | 66939 | 22759 |
| Portage Biotech Inc (c) | 107 | 860 |
| ProMIS Neurosciences Inc (b)(c) | 8622 | 4475 |
| Theratechnologies Inc (United States) (c) | 23971 | 63523 |
| TuHURA Biosciences Inc (b)(c) | 21397 | 65475 |
| TuHURA Biosciences Inc rights (b)(c)(d) | 30458 | 0 |
| Xenon Pharmaceuticals Inc (c) | 44701 | 1289625 |
|  |  | 2587292 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Profound Medical Corp (United States) (c) | 14049 | 74038 |
| Life Sciences Tools & Services - 0.0% |  |  |
| AbCellera Biologics Inc (b)(c) | 184657 | 373007 |
| Pharmaceuticals - 0.0% |  |  |
| Aurora Cannabis Inc (United States) (b)(c) | 32486 | 172176 |
| Cardiol Therapeutics Inc (United States) (b)(c) | 52435 | 65544 |
| Cronos Group Inc (United States) (c) | 238232 | 471700 |
| Grace Therapeutics Inc (c) | 5571 | 15543 |
| Lexaria Bioscience Corp (c) | 11622 | 11854 |
| Milestone Pharmaceuticals Inc (c) | 17958 | 29092 |
| SNDL Inc (c) | 164227 | 208568 |
| Tilray Brands Inc Class 2 (b)(c) | 471333 | 200646 |
|  |  | 1175123 |
| TOTAL HEALTH CARE |  | 4209460 |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Ballard Power Systems Inc (United States) (b)(c) | 265169 | 342068 |
| Electrovaya Inc (United States) (b)(c) | 14709 | 45010 |
|  |  | 387078 |
| Machinery - 0.0% |  |  |
| GreenPower Motor Co Inc (United States) (b)(c) | 7878 | 3348 |
| Westport Fuel Systems Inc (United States) (b)(c) | 7639 | 22306 |
|  |  | 25654 |
| Professional Services - 0.4% |  |  |
| Thomson Reuters Corp (United States)  | 265626 | 52765277 |
| TOTAL INDUSTRIALS |  | 53178009 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Senstar Technologies Corp (c) | 15517 | 64085 |
| IT Services - 0.5% |  |  |
| Shopify Inc Class A (United States) (c) | 719219 | 77114662 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Canadian Solar Inc (b)(c) | 38697 | 407479 |
| POET Technologies Inc (United States) (b)(c) | 33900 | 146957 |
|  |  | 554436 |
| Software - 0.1% |  |  |
| Aduro Clean Technologies Inc (United States) (b)(c) | 3808 | 31416 |
| Bitfarms Ltd/Canada (United States) (b)(c) | 270788 | 249369 |
| Descartes Systems Group Inc/The (United States) (b)(c) | 50748 | 5883723 |
| Docebo Inc (United States) (c) | 19333 | 528178 |
| Hive Digital Technologies Ltd (United States) (b)(c) | 66421 | 119558 |
| Hut 8 Corp (United States) (b)(c) | 53768 | 821037 |
| LeddarTech Holdings Inc (b)(c) | 36937 | 11708 |
| Open Text Corp (United States) (b) | 156277 | 4424202 |
| ZenaTech Inc (b)(c) | 8067 | 22346 |
|  |  | 12091537 |
| TOTAL INFORMATION TECHNOLOGY |  | 89824720 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Loop Industries Inc (b)(c) | 22730 | 29549 |
| Methanex Corp (United States)  | 40908 | 1335237 |
|  |  | 1364786 |
| Metals & Mining - 0.0% |  |  |
| Algoma Steel Group Inc (United States)  | 63553 | 334924 |
| Electra Battery Materials Corp (United States) (b)(c) | 4032 | 4012 |
| Largo Inc (United States) (b)(c) | 32137 | 41778 |
| Ssr Mining Inc (United States) (c) | 127220 | 1505013 |
| Tmc The Metals CO Inc Class A (b)(c) | 184173 | 823253 |
| US Goldmining Inc (c) | 7020 | 63601 |
|  |  | 2772581 |
| TOTAL MATERIALS |  | 4137367 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Colliers International Group Inc Subordinate Voting Shares (United States) (b) | 29194 | 3517293 |
| FirstService Corp Subordinate Voting Shares (United States)  | 26866 | 4712162 |
| Real Brokerage Inc/The (c) | 110693 | 456055 |
|  |  | 8685510 |
| TOTAL CANADA |  | 162102164 |
| CHINA - 0.7%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.0% |  |  |
| DouYu International Holdings Ltd ADR  | 10412 | 68303 |
| Gamehaus Holdings Inc Class A (b) | 3313 | 5598 |
| iQIYI Inc Class A ADR (b)(c) | 347452 | 555923 |
| Netease Inc ADR  | 62999 | 7670758 |
| Scienjoy Holding Corp Class A (b)(c) | 16735 | 16568 |
| Sohu.com Ltd ADR (c) | 22025 | 221572 |
|  |  | 8538722 |
| Interactive Media & Services - 0.2% |  |  |
| 9F Inc ADR (c) | 2127 | 2828 |
| Baidu Inc Class A ADR (b)(c) | 84745 | 6940616 |
| Bilibili Inc ADR (b)(c) | 72099 | 1319412 |
| Hello Group Inc Class A ADR  | 101889 | 618466 |
| JOYY Inc Class A ADR  | 34424 | 1648221 |
| Kanzhun Ltd ADR (c) | 200115 | 3393950 |
| Oriental Culture Holding Ltd (b)(c) | 2111 | 11294 |
| So-Young International Inc ADR  | 55629 | 47613 |
| Weibo Corp Class A ADR  | 63795 | 577345 |
|  |  | 14559745 |
| Media - 0.0% |  |  |
| Able View Global Inc Class B (c) | 10224 | 11962 |
| Amber International Holding Ltd Class A ADR (c) | 16433 | 152909 |
| LZ Technology Holdings Ltd Class B (b)(c) | 75339 | 1996484 |
| WiMi Hologram Cloud Inc Class B (b)(c) | 4090 | 14315 |
|  |  | 2175670 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Ucloudlink Group Inc ADR (c) | 11071 | 18710 |
| TOTAL COMMUNICATION SERVICES |  | 25292847 |
| Consumer Discretionary - 0.5% |  |  |
| Automobile Components - 0.0% |  |  |
| China Automotive Systems Inc  | 21380 | 87230 |
| ECARX Holdings Inc Class A (b)(c) | 138829 | 216573 |
| Hesai Group ADR (c) | 8089 | 152559 |
| Kandi Technologies Group Inc (c) | 49661 | 55620 |
| WeRide Inc ADR  | 854 | 8455 |
|  |  | 520437 |
| Automobiles - 0.0% |  |  |
| Ezgo Technologies Ltd (b)(c) | 11235 | 3797 |
| Li Auto Inc ADR (b)(c) | 122989 | 3485508 |
| Lotus Technology inc ADR (b)(c) | 10052 | 21411 |
| Niu Technologies ADR (c) | 44613 | 159715 |
|  |  | 3670431 |
| Broadline Retail - 0.4% |  |  |
| Baozun Inc Class A ADR (c) | 32067 | 91391 |
| JD.com Inc ADR  | 282992 | 9171771 |
| PDD Holdings Inc Class A ADR (c) | 393940 | 38019150 |
| Yunji Inc ADR (c) | 430 | 658 |
|  |  | 47282970 |
| Diversified Consumer Services - 0.0% |  |  |
| 17 Education & Technology Group Inc ADR (c) | 3611 | 7583 |
| ATA Creativity Global ADR (c) | 4528 | 3985 |
| Netclass Technology Inc (b) | 3325 | 11372 |
| Quantasing Group Ltd ADR  | 12461 | 77259 |
| Skillful Craftsman Education Technology Ltd (c) | 6452 | 6097 |
| TCTM Kids IT Education Inc Class A ADR (b)(c) | 8570 | 6685 |
| Wah Fu Education Group Ltd (b)(c) | 9305 | 13399 |
| YSX Tech Co Ltd (b) | 6569 | 39414 |
| Zhongchao Inc Class A (c) | 592 | 639 |
|  |  | 166433 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Atour Lifestyle Holdings Ltd ADR  | 57797 | 1809624 |
| H World Group Ltd ADR (b) | 94001 | 3315415 |
| TH International Ltd (b)(c) | 18716 | 55212 |
| Trip.com Group Ltd ADR  | 208365 | 13054067 |
| Tuniu Corp Class A ADR  | 24726 | 22501 |
|  |  | 18256819 |
| Household Durables - 0.0% |  |  |
| Viomi Technology Co Ltd Class A ADR (c) | 21467 | 29732 |
| Specialty Retail - 0.0% |  |  |
| Jiuzi Holdings Inc (b)(c) | 1720 | 7465 |
| NaaS Technology Inc ADR (c) | 815 | 912 |
| Park Ha Biological Technology Co Ltd (b) | 16785 | 235158 |
| Smart Share Global Ltd ADR  | 22395 | 24187 |
| U Power Ltd Class A (b)(c) | 1292 | 4070 |
| Uxin Ltd Class A ADR (c) | 4657 | 19606 |
|  |  | 291398 |
| TOTAL CONSUMER DISCRETIONARY |  | 70218220 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| 111 Inc Class A ADR (c) | 2444 | 20114 |
| Chanson International Holding Class A (b)(c) | 5806 | 2801 |
| Dada Nexus Ltd ADR (b)(c) | 62858 | 126974 |
|  |  | 149889 |
| Food Products - 0.0% |  |  |
| Origin Agritech Ltd (b)(c) | 8286 | 9445 |
| Pingtan Marine Enterprise Ltd (b)(c)(d) | 62069 | 0 |
|  |  | 9445 |
| TOTAL CONSUMER STAPLES |  | 159334 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Leishen Energy Holding Co Ltd (b) | 4761 | 25947 |
| Recon Technology Ltd Class A (c) | 840 | 1865 |
|  |  | 27812 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Up Fintech Holding Ltd ADR (c) | 80177 | 650235 |
| Consumer Finance - 0.0% |  |  |
| Jiayin Group Inc ADR  | 8973 | 136838 |
| LexinFintech Holdings Ltd Class A ADR  | 79462 | 576100 |
| Metalpha Technology Holding Ltd (c) | 6036 | 19436 |
| Pintec Technology Holdings Ltd ADR (c) | 4579 | 4121 |
| Qifu Technology Inc Class A ADR  | 76779 | 3155617 |
| Senmiao Technology Ltd (b)(c) | 1673 | 1556 |
|  |  | 3893668 |
| Financial Services - 0.0% |  |  |
| CH Auto Inc (b)(c)(d) | 2322 | 16829 |
| Distoken Acquisition Corp (b)(c) | 1708 | 17780 |
| Embrace Change Acquisition Corp (c) | 1562 | 18541 |
| Future FinTech Group Inc (c) | 1 | 1 |
| Future Vision II Acquisition Corp  | 1077 | 11093 |
|  |  | 64244 |
| Insurance - 0.0% |  |  |
| Huize Holding Ltd ADR (b)(c) | 1764 | 3634 |
| TOTAL FINANCIALS |  | 4611781 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Adagene Inc ADR (b)(c) | 10309 | 19587 |
| BeOne Medicines Ltd ADR (c) | 26358 | 6472998 |
| Burning Rock Biotech Ltd ADR (b)(c) | 1792 | 5555 |
| Connect Biopharma Holdings Ltd ADR (c) | 23320 | 19589 |
| I-Mab ADR (c) | 22037 | 28868 |
| LakeShore Biopharma Co Ltd (b)(c) | 1361 | 1456 |
| Sinovac Biotech Ltd (c)(d) | 27717 | 0 |
| Zai Lab Ltd ADR (b)(c) | 39119 | 1179047 |
|  |  | 7727100 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Baird Medical Investment Holdings Ltd (b) | 15931 | 61653 |
| Jin Medical International Ltd (b)(c) | 106540 | 80012 |
| Meihua International Medical Technologies Co Ltd (c) | 14394 | 6477 |
|  |  | 148142 |
| Health Care Providers & Services - 0.0% |  |  |
| Akso Health Group ADR (c) | 14973 | 22010 |
| Pharmaceuticals - 0.0% |  |  |
| BGM Group Ltd Class A (b)(c) | 4729 | 65970 |
| HUTCHMED China Ltd ADR (b)(c) | 21744 | 302024 |
| Zhengye Biotechnology Holding Ltd (b)(c) | 8445 | 76174 |
|  |  | 444168 |
| TOTAL HEALTH CARE |  | 8341420 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| EHang Holdings Ltd ADR (b)(c) | 25305 | 410447 |
| Air Freight & Logistics - 0.0% |  |  |
| Shengfeng Development Ltd Class A (b)(c) | 23490 | 22316 |
| Commercial Services & Supplies - 0.0% |  |  |
| Planet Image International Ltd Class A (b)(c) | 12104 | 17793 |
| Electrical Equipment - 0.0% |  |  |
| eLong Power Holding Ltd Class A (b) | 14537 | 15990 |
| Machinery - 0.0% |  |  |
| Greenland Technologies Holding Corp (b)(c) | 13703 | 26857 |
| ZJK Industrial Co Ltd (b) | 16905 | 76242 |
|  |  | 103099 |
| Professional Services - 0.0% |  |  |
| Lucas GC Ltd (b)(c) | 52578 | 27867 |
| Sunrise New Energy Co Ltd (b)(c)(e) | 8860 | 8771 |
|  |  | 36638 |
| TOTAL INDUSTRIALS |  | 606283 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Iczoom Group Inc Class A (c) | 6798 | 16111 |
| IT Services - 0.0% |  |  |
| CLPS Inc  | 5050 | 4697 |
| GDS Holdings Ltd Class A ADR (b)(c) | 63757 | 1510403 |
| Hitek Global Inc Class A (c) | 14392 | 19717 |
| Kingsoft Cloud Holdings Ltd ADR (b)(c) | 25403 | 283752 |
| Vnet Group Inc Class A ADR (c) | 78781 | 420691 |
|  |  | 2239260 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| indie Semiconductor Inc Class A (b)(c) | 134358 | 356049 |
| Nano Labs Ltd Class A ADR (b)(c) | 8323 | 29213 |
|  |  | 385262 |
| Software - 0.0% |  |  |
| Abits Group Inc (b)(c) | 1041 | 4258 |
| Agora Inc ADR (c) | 44412 | 158995 |
| Aurora Mobile Ltd Class A ADR (c) | 2278 | 26288 |
| Datasea Inc (b)(c) | 3072 | 6973 |
| Infobird Co Ltd (c) | 708 | 722 |
| Mercurity Fintech Holding Inc (c) | 35706 | 109617 |
| MMTEC Inc (b)(c) | 9228 | 9413 |
| NiSun International Enterprise Development Group Co Ltd Class A (c) | 420 | 1768 |
| Nukkleus Inc (b)(c) | 2519 | 34158 |
| Pony AI Inc ADR (b) | 10158 | 195644 |
| The9 Ltd ADR (b)(c) | 1774 | 16605 |
| Xiao I Corp ADR (b)(c) | 2871 | 8900 |
| Xunlei Ltd ADR (b)(c) | 24768 | 138948 |
|  |  | 712289 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Canaan Inc Class A ADR (b)(c) | 211289 | 128316 |
| Ebang International Holdings Inc Class A (c) | 1980 | 7464 |
|  |  | 135780 |
| TOTAL INFORMATION TECHNOLOGY |  | 3488702 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Gulf Resources Inc (b)(c) | 5193 | 3116 |
| Metals & Mining - 0.0% |  |  |
| Hongli Group Inc (c) | 7458 | 7309 |
| Huadi International Group Co Ltd (c) | 1902 | 2777 |
|  |  | 10086 |
| TOTAL MATERIALS |  | 13202 |
| TOTAL CHINA |  | 112759601 |
| COSTA RICA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Establishment Labs Holdings Inc (b)(c) | 16207 | 557845 |
| CYPRUS - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Castor Maritime Inc (c) | 4135 | 9056 |
| Robin Energy Ltd (b) | 1486 | 3952 |
| Toro Corp (c) | 11890 | 21759 |
| TOTAL CYPRUS |  | 34767 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Ascendis Pharma A/S ADR (c) | 34289 | 5583621 |
| Evaxion A/S ADR (b)(c) | 621 | 1503 |
| Genmab A/S ADR (c) | 27016 | 565985 |
| IO Biotech Inc (b)(c) | 33307 | 47296 |
| TOTAL DENMARK |  | 6198405 |
| FRANCE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Criteo SA ADR (c) | 33460 | 851892 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Abivax SA ADR (c) | 16749 | 100830 |
| Clementia Pharmaceuticals Inc rights (c)(d) | 21066 | 0 |
| DBV Technologies SA ADR (c) | 3877 | 32373 |
| Genfit SA ADR (c) | 3215 | 14564 |
| Inventiva SA ADR (b)(c) | 4695 | 16104 |
| Nanobiotix SA ADR (c) | 10184 | 41754 |
| Valneva SE ADR (b)(c) | 2880 | 18374 |
|  |  | 223999 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| EDAP TMS SA ADR (c) | 22764 | 40747 |
| Pharmaceuticals - 0.0% |  |  |
| Ipsen SA (c)(d) | 103469 | 0 |
| TOTAL HEALTH CARE |  | 264746 |
| TOTAL FRANCE |  | 1116638 |
| GERMANY - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Trivago NV Class A ADR (b)(c) | 10967 | 44197 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Anbio Biotechnology Ltd Class A (b) | 17060 | 134262 |
| BioNTech SE ADR (b)(c) | 59161 | 5668216 |
| CureVac NV (b)(c) | 83864 | 374872 |
| Immatics NV (b)(c) | 68451 | 368951 |
| InflaRx NV (b)(c) | 43672 | 35047 |
| Mainz Biomed NV (b)(c) | 225 | 452 |
|  |  | 6581800 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Evotec SE ADR (c) | 2506 | 9948 |
| Pharmaceuticals - 0.0% |  |  |
| ATAI Life Sciences NV (b)(c) | 92619 | 213950 |
| TOTAL HEALTH CARE |  | 6805698 |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Mercer International Inc  | 38151 | 136581 |
| TOTAL GERMANY |  | 6986476 |
| GIBRALTAR - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Forafric Global PLC (b)(c) | 14324 | 111441 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| Anghami Inc (b)(c) | 35051 | 19979 |
| Interactive Media & Services - 0.0% |  |  |
| GIBO Holdings Ltd Class A (b) | 5010 | 12675 |
| Media - 0.0% |  |  |
| TNL Mediagene (b) | 2496 | 1423 |
| TOTAL COMMUNICATION SERVICES |  | 34077 |
| Consumer Discretionary - 0.0% |  |  |
| Leisure Products - 0.0% |  |  |
| FST Corp (b) | 2510 | 3891 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Australian Oilseeds Holdings Ltd (b)(c) | 1443 | 1154 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Patria Investments Ltd Class A  | 37143 | 473202 |
| Webull Corp Class A (b) | 271267 | 3168399 |
| Webull Corp warrants 4/10/2029 (c) | 8884 | 15369 |
|  |  | 3656970 |
| Financial Services - 0.0% |  |  |
| Helix Acquisition Corp II (c) | 13274 | 143625 |
| Insurance - 0.0% |  |  |
| Cheche Group Inc Class A (b)(c) | 32459 | 26711 |
| Oxbridge Re Holdings Ltd (c) | 5511 | 11573 |
|  |  | 38284 |
| TOTAL FINANCIALS |  | 3838879 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Prenetics Global Ltd Class A (b)(c) | 6297 | 58688 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| ESGL Holdings Ltd (b)(c) | 33157 | 79908 |
| Marine Transportation - 0.0% |  |  |
| High-Trend International Group Class A (c) | 25295 | 6812 |
| TOTAL INDUSTRIALS |  | 86720 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Semilux International Ltd (b)(c) | 16572 | 23698 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 4047107 |
| GREECE - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| StealthGas Inc (c) | 30948 | 184450 |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Capital Clean Energy Carriers Corp (b) | 16081 | 372758 |
| Euro-Holdings Ltd (b) | 2014 | 12386 |
| EuroDry Ltd (c) | 3945 | 31955 |
| Euroseas Ltd  | 5037 | 193068 |
| Performance Shipping Inc (c) | 4386 | 7675 |
| Pyxis Tankers Inc (c) | 10640 | 30750 |
| Star Bulk Carriers Corp (b) | 65241 | 1077129 |
| United Maritime Corp (b) | 608 | 753 |
|  |  | 1726474 |
| TOTAL GREECE |  | 1910924 |
| GUATEMALA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Millicom International Cellular SA  | 103597 | 3885923 |
| HONG KONG - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| FingerMotion Inc (b)(c) | 30327 | 91588 |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Polestar Automotive Holding UK PLC Class A ADR (b)(c) | 295671 | 325238 |
| Distributors - 0.0% |  |  |
| GigaCloud Technology Inc Class A (b)(c) | 20832 | 365810 |
| Diversified Consumer Services - 0.0% |  |  |
| SunCar Technology Group Inc Class A (b)(c) | 34865 | 92741 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Melco Resorts & Entertainment Ltd ADR (c) | 110043 | 691070 |
| Household Durables - 0.0% |  |  |
| Fenbo Holdings Ltd (b)(c) | 3296 | 3362 |
| TOTAL CONSUMER DISCRETIONARY |  | 1478221 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Natural Health Trends Corp  | 4971 | 24358 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Futu Holdings Ltd Class A ADR  | 58926 | 6006327 |
| Garden Stage Ltd (b)(c) | 4543 | 3276 |
| Magic Empire Global Ltd Class A (b)(c) | 1372 | 1722 |
| Solowin Holdings Class A (b)(c) | 7878 | 13471 |
| TOP Financial Group Ltd (c) | 11095 | 13758 |
|  |  | 6038554 |
| Financial Services - 0.0% |  |  |
| Triller Group Inc (b)(c) | 89653 | 63654 |
| YHN Acquisition I Ltd  | 2266 | 23226 |
|  |  | 86880 |
| TOTAL FINANCIALS |  | 6125434 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Regencell Bioscience Holdings Ltd (b)(c) | 6816 | 5977632 |
| Industrials - 0.0% |  |  |
| Building Products - 0.0% |  |  |
| Intelligent Living Application Group Inc (b)(c) | 8624 | 3363 |
| Commercial Services & Supplies - 0.0% |  |  |
| Guardforce AI Co Ltd (b)(c) | 3551 | 4084 |
| SU Group Holdings Ltd (b)(c) | 4000 | 3244 |
|  |  | 7328 |
| Construction & Engineering - 0.0% |  |  |
| Ming Shing Group Holdings Ltd (b)(c) | 4071 | 15592 |
| Skyline Builders Group Holding Ltd Class A (b) | 16786 | 168028 |
| Wang & Lee Group Inc (c) | 7802 | 1651 |
|  |  | 185271 |
| Trading Companies & Distributors - 0.0% |  |  |
| Euro Tech Holdings Co Ltd (b) | 4600 | 5198 |
| TOTAL INDUSTRIALS |  | 201160 |
| 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 (c) | 6233 | 7105 |
| TROOPS Inc (c) | 59280 | 43577 |
|  |  | 50682 |
| IT Services - 0.0% |  |  |
| Alpha Technology Group Ltd Class A (b)(c) | 8986 | 240465 |
| Software - 0.0% |  |  |
| Diginex Ltd (b) | 11964 | 643784 |
| TOTAL INFORMATION TECHNOLOGY |  | 965521 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| China Natural Resources Inc (c) | 1464 | 833 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Reitar Logtech Holdings Ltd Class A (b)(c) | 6726 | 22599 |
| TOTAL HONG KONG |  | 14887346 |
| INDIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Sify Technologies Ltd ADR (c) | 5397 | 27093 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| MakeMyTrip Ltd (c) | 41829 | 4251081 |
| Yatra Online Inc (c) | 25535 | 25280 |
|  |  | 4276361 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| ReNew Energy Global PLC Class A (b)(c) | 156093 | 1062993 |
| TOTAL INDIA |  | 5366447 |
| IRELAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Carbon Revolution PLC (b)(c) | 429 | 1330 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Amarin Corp PLC ADR (c) | 7732 | 89614 |
| Prothena Corp PLC (c) | 40717 | 186891 |
|  |  | 276505 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Trinity Biotech PLC ADR (c) | 16642 | 10704 |
| Pharmaceuticals - 0.0% |  |  |
| Artelo Biosciences Inc (b)(c) | 3253 | 3448 |
| GH Research PLC (c) | 34492 | 414939 |
|  |  | 418387 |
| TOTAL HEALTH CARE |  | 705596 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Cimpress PLC (c) | 15589 | 689969 |
| Electrical Equipment - 0.0% |  |  |
| Ads-Tec Energy PLC (b)(c) | 35572 | 444650 |
| TOTAL INDUSTRIALS |  | 1134619 |
| TOTAL IRELAND |  | 1841545 |
| ISRAEL - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Taboola.com Ltd (c) | 212493 | 786224 |
| Media - 0.0% |  |  |
| Nexxen International Ltd ADR (c) | 43872 | 509793 |
| Perion Network Ltd (b)(c) | 40510 | 429811 |
|  |  | 939604 |
| TOTAL COMMUNICATION SERVICES |  | 1725828 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Mobileye Global Inc Class A (b)(c) | 56571 | 919279 |
| REE Automotive Ltd Class A (b)(c) | 7288 | 5619 |
|  |  | 924898 |
| Broadline Retail - 0.0% |  |  |
| Global-e Online Ltd (c) | 99522 | 3171766 |
| TOTAL CONSUMER DISCRETIONARY |  | 4096664 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| G Willi-Food International Ltd  | 5975 | 94584 |
| Personal Care Products - 0.0% |  |  |
| Oddity Tech Ltd Class A (c) | 26677 | 1985569 |
| TOTAL CONSUMER STAPLES |  | 2080153 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd  | 26443 | 1565426 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Collplant Biotechnologies Ltd (c) | 5925 | 18842 |
| Compugen Ltd (b)(c) | 50395 | 74081 |
| Enlivex Therapeutics Ltd (b)(c) | 5686 | 5299 |
| Entera Bio Ltd (c) | 21136 | 38890 |
| Evogene Ltd (United States) (c) | 4198 | 4534 |
| Kamada Ltd (United States)  | 29289 | 200630 |
| NeuroSense Therapeutics Ltd unit (b)(c) | 15870 | 24440 |
| Quoin Pharmaceuticals Ltd rights (c)(d) | 3438400 | 33 |
| XTL Biopharmaceuticals Ltd ADR (b)(c) | 8903 | 10684 |
|  |  | 377433 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Alpha Tau Medical Ltd Class A (c) | 37893 | 113111 |
| Brainsway Ltd ADR (c) | 5012 | 51122 |
| Icecure Medical Ltd (b)(c) | 40453 | 42476 |
| Inspira Technologies Oxy BHN Ltd (b)(c) | 2924 | 1783 |
| InspireMD Inc (b)(c) | 18244 | 46705 |
| Lifeward Ltd (b)(c) | 2609 | 3209 |
|  |  | 258406 |
| Health Care Providers & Services - 0.0% |  |  |
| Nano-X Imaging Ltd (b)(c) | 44418 | 227420 |
| Pharmaceuticals - 0.0% |  |  |
| Intercure Ltd (United States) (b)(c) | 22539 | 35612 |
| MediWound Ltd (b)(c) | 6939 | 152380 |
| Oramed Pharmaceuticals Inc (b)(c) | 24282 | 56820 |
| Sol-Gel Technologies Ltd (b)(c) | 1340 | 9661 |
|  |  | 254473 |
| TOTAL HEALTH CARE |  | 1117732 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| A2Z Cust2Mate Solutions Corp (b)(c) | 10012 | 94413 |
| Elbit Systems Ltd (United States)  | 26533 | 10868050 |
|  |  | 10962463 |
| Air Freight & Logistics - 0.0% |  |  |
| Freightos Ltd (c) | 26054 | 54713 |
| Electrical Equipment - 0.0% |  |  |
| Zooz Power Ltd (United States) (c) | 2699 | 3104 |
| Machinery - 0.0% |  |  |
| Kornit Digital Ltd (c) | 22273 | 485552 |
| Nano Dimension Ltd ADR (b)(c) | 173079 | 268272 |
|  |  | 753824 |
| TOTAL INDUSTRIALS |  | 11774104 |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.0% |  |  |
| AudioCodes Ltd  | 17801 | 167863 |
| Ceragon Networks Ltd (c) | 46357 | 105230 |
| Gilat Satellite Networks Ltd (United States) (b)(c) | 31063 | 173021 |
| Ituran Location and Control Ltd  | 11410 | 434550 |
| Silicom Ltd (c) | 4848 | 74514 |
|  |  | 955178 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Arbe Robotics Ltd (b)(c) | 31120 | 51348 |
| Eltek Ltd  | 4564 | 46325 |
| Gauzy Ltd (b)(c) | 3068 | 25188 |
| Innoviz Technologies Ltd (b)(c) | 73200 | 66612 |
| Nayax Ltd (United States) (b)(c) | 20182 | 902135 |
| Rail Vision Ltd (b)(c) | 12704 | 4792 |
|  |  | 1096400 |
| IT Services - 0.0% |  |  |
| Formula Systems 1985 Ltd ADR (b) | 193 | 20464 |
| Hub Cyber Security Ltd (b)(c) | 3278 | 7375 |
| Wix.com Ltd (c) | 32576 | 4852195 |
|  |  | 4880034 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Camtek Ltd/Israel (b)(c) | 27184 | 1808823 |
| Nova Ltd (b)(c) | 17404 | 3717843 |
| Tower Semiconductor Ltd (United States) (c) | 66364 | 2617396 |
|  |  | 8144062 |
| Software - 0.2% |  |  |
| Alarum Technologies Ltd ADR (b)(c) | 2975 | 20111 |
| Allot Ltd (c) | 21262 | 183278 |
| Beamr Imaging Ltd (b)(c) | 7991 | 23174 |
| Cellebrite DI Ltd (c) | 129013 | 2151937 |
| Check Point Software Technologies Ltd (c) | 64979 | 14872395 |
| Cognyte Software Ltd (c) | 50913 | 555206 |
| Magic Software Enterprises Ltd (b) | 32892 | 520680 |
| My Size Inc (b)(c) | 1815 | 2142 |
| Nice Ltd ADR (c) | 29239 | 4851627 |
| RADCOM Ltd (b)(c) | 13668 | 183288 |
| Radware Ltd (c) | 27195 | 634187 |
| Sapiens International Corp NV  | 33056 | 948707 |
|  |  | 24946732 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Wearable Devices Ltd (c) | 1 | 2 |
| TOTAL INFORMATION TECHNOLOGY |  | 40022408 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Enlight Renewable Energy Ltd (United States) (c) | 72943 | 1422389 |
| TOTAL ISRAEL |  | 63804704 |
| ITALY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC ADR  | 135060 | 7509336 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (c) | 110947 | 2812506 |
| Toyo Co Ltd  | 53111 | 185889 |
|  |  | 2998395 |
| Software - 0.0% |  |  |
| Heartcore Enterprise Inc (b) | 12158 | 8021 |
| TOTAL JAPAN |  | 3006416 |
| JORDAN - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| International General Insurance Holdings Ltd (b) | 27877 | 650649 |
| KAZAKHSTAN - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.0% |  |  |
| Freedom Holding Corp/NV (b)(c) | 37156 | 6163809 |
| Consumer Finance - 0.1% |  |  |
| Kaspi.KZ JSC ADR  | 116731 | 9311048 |
| TOTAL KAZAKHSTAN |  | 15474857 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| DoubleDown Interactive Co Ltd ADR (b)(c) | 4819 | 47997 |
| Gravity Co Ltd ADR (c) | 2409 | 155284 |
|  |  | 203281 |
| Interactive Media & Services - 0.0% |  |  |
| Global Interactive Technologies Inc (b)(c) | 1314 | 3167 |
| Webtoon Entertainment Inc (c) | 75942 | 667530 |
|  |  | 670697 |
| TOTAL COMMUNICATION SERVICES |  | 873978 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Artiva Biotherapeutics Inc (b)(c) | 3758 | 7253 |
| TOTAL KOREA (SOUTH) |  | 881231 |
| LUXEMBOURG - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Moolec Science SA (c) | 1365 | 10251 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Alvotech SA (b)(c) | 163526 | 1870738 |
| TOTAL LUXEMBOURG |  | 1880989 |
| MALAYSIA - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| DSwiss Inc (b)(c)(d) | 7648 | 0 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| CBL International Ltd (b)(c) | 13001 | 11220 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Agape ATP Corp (b)(c) | 1719 | 2974 |
| Industrials - 0.0% |  |  |
| Trading Companies & Distributors - 0.0% |  |  |
| BioNexus Gene Lab Corp (b)(c) | 2368 | 10159 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| ARB IOT Group Ltd (b)(c) | 9785 | 5117 |
| TOTAL MALAYSIA |  | 29470 |
| MALTA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Gambling.com Group Ltd (c) | 21702 | 255867 |
| MARSHALL ISLANDS REPUBLIC OF - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Heidmar Maritime Holdings Corp (b) | 36626 | 69223 |
| Imperial Petroleum Inc (b)(c) | 13415 | 38367 |
| TOTAL MARSHALL ISLANDS REPUBLIC OF |  | 107590 |
| MEXICO - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Class B ADR  | 2505 | 248646 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Murano Global Investments PLC (b)(c) | 7492 | 72523 |
| TOTAL MEXICO |  | 321169 |
| MOROCCO - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Addentax Group Corp (b)(c) | 1279 | 1150 |
| NETHERLANDS - 0.6%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Coincheck Group NV (b) | 21003 | 105015 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE ADR (b)(c) | 18941 | 10858118 |
| LAVA Therapeutics NV (b)(c) | 14170 | 18562 |
| Merus NV (c) | 34243 | 1920005 |
| Newamsterdam Pharma Co NV (b)(c) | 55006 | 996159 |
| Pharming Group NV ADR (b)(c) | 2093 | 23316 |
| ProQR Therapeutics NV (c) | 48822 | 81045 |
| uniQure NV (c) | 26851 | 388534 |
|  |  | 14285739 |
| Pharmaceuticals - 0.0% |  |  |
| Pharvaris NV (c) | 34126 | 566491 |
| TOTAL HEALTH CARE |  | 14852230 |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| ASML Holding NV depository receipt  | 53363 | 39316258 |
| NXP Semiconductors NV  | 149457 | 28565716 |
|  |  | 67881974 |
| Software - 0.0% |  |  |
| Nebius Group NV Class A (b)(c) | 118828 | 4366929 |
| TOTAL INFORMATION TECHNOLOGY |  | 72248903 |
| TOTAL NETHERLANDS |  | 87206148 |
| NORWAY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Golden Ocean Group Ltd (b) | 120549 | 928227 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Opera Ltd ADR  | 19937 | 365844 |
| TOTAL NORWAY |  | 1294071 |
| PAKISTAN - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| VEON Ltd ADR (c) | 35363 | 1872471 |
| PHILIPPINES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| TaskUS Inc Class A (b)(c) | 7837 | 130094 |
| POLAND - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Atlas Lithium Corp (b)(c) | 8957 | 35380 |
| PUERTO RICO - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class A (c) | 1495 | 7340 |
| Liberty Latin America Ltd Class C (c) | 139388 | 696940 |
|  |  | 704280 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Popular Inc  | 42221 | 4371141 |
| TOTAL PUERTO RICO |  | 5075421 |
| RUSSIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Ozon Holdings PLC ADR (b)(c)(d) | 32600 | 0 |
| SINGAPORE - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| GCL Global Holdings Ltd (b) | 2985 | 7671 |
| Interactive Media & Services - 0.0% |  |  |
| MoneyHero Ltd Class A (b)(c) | 48307 | 36226 |
| TOTAL COMMUNICATION SERVICES |  | 43897 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Davis Commodities Ltd (c) | 11987 | 6713 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| PTL Ltd (b) | 5341 | 7531 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| DigiAsia Corp Class A (b)(c) | 14176 | 18854 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Cytomed Therapeutics Ltd (b)(c) | 4854 | 11164 |
| Health Care Providers & Services - 0.0% |  |  |
| Euda Health Holdings Ltd (b)(c) | 16038 | 57416 |
| Pharmaceuticals - 0.0% |  |  |
| Scilex Holding Co (b)(c) | 2265 | 11597 |
| TOTAL HEALTH CARE |  | 80177 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Primech Holdings Ltd (b)(c) | 16381 | 20149 |
| Ground Transportation - 0.1% |  |  |
| Grab Holdings Ltd Class A (c) | 2318800 | 11292556 |
| Trading Companies & Distributors - 0.0% |  |  |
| Simpple Ltd (c) | 99 | 294 |
| TOTAL INDUSTRIALS |  | 11312999 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Kulicke & Soffa Industries Inc  | 33199 | 1067348 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Ohmyhome LTD (c) | 440 | 861 |
| TOTAL SINGAPORE |  | 12538380 |
| SOUTH AFRICA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Lesaka Technologies Inc (b)(c) | 35318 | 149748 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Karooooo Ltd  | 19093 | 1059662 |
| TOTAL SOUTH AFRICA |  | 1209410 |
| SPAIN - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Codere Online Luxembourg SA (b)(c) | 13600 | 98464 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Grifols SA Class B ADR (c) | 72167 | 599708 |
| TOTAL SPAIN |  | 698172 |
| SWEDEN - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Aprea Therapeutics Inc (c) | 2100 | 3654 |
| Pharmaceuticals - 0.0% |  |  |
| Dova Pharmaceuticals Inc rights (c)(d) | 23572 | 0 |
| TOTAL HEALTH CARE |  | 3654 |
| Information Technology - 0.0% |  |  |
| Communications Equipment - 0.0% |  |  |
| Telefonaktiebolaget LM Ericsson Class B ADR  | 184390 | 1559940 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Eco Wave Power Global AB ADR (c) | 2732 | 16064 |
| TOTAL SWEDEN |  | 1579658 |
| SWITZERLAND - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Sunrise Communications AG ADR (b) | 20599 | 1056935 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Garrett Motion Inc  | 130587 | 1384222 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| AC Immune SA (c) | 63341 | 108313 |
| CRISPR Therapeutics AG (b)(c) | 47689 | 1730634 |
| Molecular Partners AG ADR (b)(c) | 1070 | 4120 |
|  |  | 1843067 |
| Health Care Technology - 0.0% |  |  |
| Sophia Genetics SA (c) | 40573 | 121719 |
| Pharmaceuticals - 0.0% |  |  |
| Oculis Holding AG (b)(c) | 23052 | 448361 |
| TOTAL HEALTH CARE |  | 2413147 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SEALSQ Corp (b)(c) | 12915 | 43265 |
| WISeKey International Holding Ltd ADR (b)(c) | 1436 | 8932 |
|  |  | 52197 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Logitech International SA (United States)  | 88421 | 7317722 |
| TOTAL INFORMATION TECHNOLOGY |  | 7369919 |
| TOTAL SWITZERLAND |  | 12224223 |
| TAIWAN - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| GigaMedia Ltd (c) | 1210 | 1730 |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Gogoro Inc (b)(c) | 133621 | 33004 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Asia Pacific Wire & Cable Corp Ltd (c) | 107599 | 173234 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| ChipMOS Technologies Inc ADR  | 3698 | 69448 |
| Himax Technologies Inc ADR  | 62575 | 509987 |
| SemiLEDs Corp/Taiwan (b)(c) | 9480 | 28250 |
| Silicon Motion Technology Corp ADR  | 19983 | 1222961 |
|  |  | 1830646 |
| Software - 0.0% |  |  |
| Gorilla Technology Group Inc (b)(c) | 6456 | 112205 |
| TOTAL INFORMATION TECHNOLOGY |  | 1942851 |
| TOTAL TAIWAN |  | 2150819 |
| TURKEY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| D-Market Elektronik Hizmetler Ve Ticaret Anonim Sirketi ADR (b)(c) | 66391 | 176600 |
| UNITED ARAB EMIRATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| NWTN Inc Class B (b)(c) | 109319 | 167258 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Brooge Energy Ltd (b)(c) | 37918 | 64461 |
| TOTAL UNITED ARAB EMIRATES |  | 231719 |
| UNITED KINGDOM - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Vodafone Group PLC ADR  | 199135 | 2059056 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Coca-Cola Europacific Partners PLC  | 270440 | 24823688 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| TORM PLC Class A (United States) (b) | 53920 | 861642 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Marex Group PLC  | 42299 | 1825625 |
| Financial Services - 0.0% |  |  |
| Tavia Acquisition Corp  | 3737 | 37856 |
| TOTAL FINANCIALS |  | 1863481 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.0% |  |  |
| Autolus Therapeutics PLC ADR (b)(c) | 86256 | 150948 |
| Barinthus Biotherapeutics PLC ADR (c) | 11568 | 12493 |
| Bicycle Therapeutics PLC ADR (c) | 21377 | 175719 |
| Compass Pathways Plc ADR (b)(c) | 42169 | 175423 |
| F-star Therapeutics Inc rights (c)(d) | 1855 | 0 |
| F-star Therapeutics Inc rights (c)(d) | 1855 | 0 |
| Immunocore Holdings PLC ADR (c) | 20458 | 748764 |
| Mereo Biopharma Group PLC ADR (c) | 92156 | 198135 |
| Silence Therapeutics PLC ADR (b)(c) | 29417 | 171795 |
| Tiziana Life Sciences Ltd (b)(c) | 77885 | 105924 |
| Zura Bio Ltd Class A (c) | 37939 | 38318 |
|  |  | 1777519 |
| Health Care Technology - 0.0% |  |  |
| OneMedNet Corp Class A (c) | 17970 | 7164 |
| Pharmaceuticals - 0.2% |  |  |
| Astrazeneca PLC ADR  | 344384 | 25081488 |
| Astrazeneca PLC rights (c)(d) | 216670 | 2 |
| Astrazeneca PLC rights (c)(d) | 41907 | 0 |
| CinCor Pharma Inc rights (c)(d) | 24312 | 0 |
| Indivior PLC (United States) (b)(c) | 82616 | 1062442 |
| Opiant Pharmaceuticals Inc rights (c)(d) | 3728 | 0 |
| Verona Pharma PLC ADR (c) | 40642 | 3300130 |
|  |  | 29444062 |
| TOTAL HEALTH CARE |  | 31228745 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Argo Blockchain PLC ADR (b)(c) | 10441 | 3781 |
| Arqit Quantum Inc (b)(c) | 7216 | 155577 |
|  |  | 159358 |
| TOTAL UNITED KINGDOM |  | 60995970 |
| UNITED STATES - 96.1%  |  |  |
| Communication Services - 14.9% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Anterix Inc (c) | 14722 | 391458 |
| AST SpaceMobile Inc Class A (b)(c) | 119083 | 2747245 |
| Atn International Inc  | 9505 | 135066 |
| Bandwidth Inc Class A (c) | 17253 | 241887 |
| Cogent Communications Holdings Inc (b) | 29987 | 1370706 |
| Frontier Communications Parent Inc (c) | 136045 | 4928910 |
| GCI Liberty Inc Class A (c)(d) | 58891 | 0 |
| Globalstar Inc (c) | 75976 | 1402517 |
| Iridium Communications Inc  | 66326 | 1684680 |
| NextPlat Corp (b)(c) | 37686 | 24684 |
| Shenandoah Telecommunications Co  | 34291 | 431381 |
|  |  | 13358534 |
| Entertainment - 2.1% |  |  |
| Atlanta Braves Holdings Inc Class A (b)(c) | 14692 | 638367 |
| Atlanta Braves Holdings Inc Class C (c) | 25987 | 1055332 |
| Cineverse Corp (c) | 7360 | 25760 |
| CuriosityStream Inc Class A  | 32290 | 220218 |
| Electronic Arts Inc  | 153658 | 22092947 |
| Gaia Inc Class A (c) | 13031 | 66849 |
| Golden Matrix Group Inc (b)(c) | 54936 | 102181 |
| Liberty Media Corp-Liberty Formula One Class A (c) | 13127 | 1156751 |
| Liberty Media Corp-Liberty Formula One Class C (c) | 133049 | 12843220 |
| Liberty Media Corp-Liberty Live Class A (c) | 13537 | 972769 |
| Liberty Media Corp-Liberty Live Class C (c) | 39623 | 2890498 |
| LiveOne Inc (c) | 60447 | 44670 |
| Netflix Inc (c) | 251808 | 303990172 |
| Playstudios Inc Class A (c) | 69240 | 92782 |
| Playtika Holding Corp  | 139828 | 662785 |
| PodcastOne Inc (c) | 9883 | 19370 |
| Reading International Inc Class A (c) | 21533 | 29285 |
| Reservoir Media Inc (b)(c) | 35697 | 278437 |
| Roku Inc Class A (c) | 76308 | 5529278 |
| Take-Two Interactive Software Inc (c) | 104422 | 23628610 |
| TruGolf Holdings Inc Class A (b)(c) | 3537 | 831 |
| Vivid Seats Inc Class A (b)(c) | 77225 | 120471 |
| Warner Bros Discovery Inc (c) | 1457252 | 14528802 |
| Warner Music Group Corp Class A  | 81386 | 2142080 |
|  |  | 393132465 |
| Interactive Media & Services - 10.8% |  |  |
| Alphabet Inc Class A  | 3430519 | 589157333 |
| Alphabet Inc Class C  | 3233188 | 558856546 |
| Angi Inc Class A (c) | 26829 | 419874 |
| Bumble Inc Class A (c) | 70257 | 394844 |
| Cargurus Inc Class A (c) | 52775 | 1653969 |
| EverQuote Inc Class A (c) | 17517 | 403767 |
| IAC Inc Class A (b)(c) | 48544 | 1745642 |
| Intelligent Protection Management Corp (c) | 3101 | 6605 |
| IZEA Worldwide Inc (c) | 6680 | 19238 |
| Match Group Inc  | 146870 | 4397288 |
| Meta Platforms Inc Class A  | 1288116 | 834042229 |
| Outbrain Inc (c) | 26800 | 69144 |
| QuinStreet Inc (c) | 34350 | 524525 |
| Rumble Inc Class A (b)(c) | 133112 | 1199339 |
| Travelzoo (b)(c) | 6862 | 94970 |
| TripAdvisor Inc Class A  | 74271 | 1057619 |
| TrueCar Inc (c) | 56073 | 81306 |
| Trump Media & Technology Group Corp (b)(c) | 129582 | 2763984 |
| Vimeo Inc Class A (c) | 101258 | 441485 |
| Ziff Davis Inc (c) | 25793 | 836725 |
| ZoomInfo Technologies Inc (c) | 174433 | 1665835 |
|  |  | 1999832267 |
| Media - 1.0% |  |  |
| Advantage Solutions Inc Class A (b)(c) | 112171 | 133483 |
| AMC Networks Inc Class A (c) | 27869 | 184214 |
| Beasley Broadcast Group Inc Class A (b)(c) | 14109 | 62644 |
| Cardlytics Inc (b)(c) | 32711 | 59207 |
| Charter Communications Inc Class A (c) | 83731 | 33180083 |
| Comcast Corp Class A  | 2221709 | 76804480 |
| comScore Inc (c) | 2640 | 12118 |
| EchoStar Corp Class A (b)(c) | 83561 | 1481537 |
| EW Scripps Co/The Class A (c) | 53023 | 117711 |
| Fluent Inc (c) | 7084 | 12751 |
| Fox Corp Class A  | 128242 | 7045615 |
| Fox Corp Class B  | 135528 | 6814348 |
| Harte Hanks Inc (c) | 5634 | 26311 |
| iHeartMedia Inc Class A (c) | 62061 | 81300 |
| Integral Ad Science Holding Corp (b)(c) | 108505 | 883231 |
| Lee Enterprises Inc (b)(c) | 2469 | 15184 |
| Lendway Inc (c) | 1817 | 9612 |
| Liberty Broadband Corp Class A (c) | 10955 | 1017719 |
| Liberty Broadband Corp Class C (c) | 73092 | 6856030 |
| Loyalty Ventures Inc (c)(d) | 32234 | 0 |
| Magnite Inc (c) | 81950 | 1340702 |
| Marchex Inc Class B (c) | 31616 | 50586 |
| Mediaco Holding Inc Class A (b)(c) | 24810 | 30764 |
| National CineMedia Inc (b) | 50627 | 275917 |
| News Corp Class A  | 213441 | 6027574 |
| News Corp Class B (b) | 111220 | 3639118 |
| Nexstar Media Group Inc  | 17215 | 2933780 |
| Paramount Global Class A (b) | 17720 | 401358 |
| Paramount Global Class B (b) | 390825 | 4728983 |
| PubMatic Inc Class A (c) | 22060 | 258102 |
| Saga Communications Inc Class A  | 2555 | 31299 |
| Scholastic Corp (b) | 18969 | 327595 |
| Sinclair Inc Class A (b) | 29751 | 417407 |
| Sirius XM Holdings Inc  | 199045 | 4315296 |
| Stagwell Inc Class A (c) | 72615 | 323863 |
| Stran & Co Inc (c) | 1570 | 1774 |
| TechTarget Inc/old (b) | 47887 | 387406 |
| Thryv Holdings Inc (c) | 32025 | 425933 |
| Trade Desk Inc (The) Class A (c) | 265886 | 19999945 |
| Urban One Inc Class A (b)(c) | 4568 | 7857 |
| Urban One Inc Class D (c) | 21932 | 15352 |
|  |  | 180738189 |
| Wireless Telecommunication Services - 0.9% |  |  |
| Gogo Inc (b)(c) | 75352 | 799485 |
| NII Holdings Inc (c)(d) | 5182 | 0 |
| Spok Holdings Inc  | 16378 | 265324 |
| SurgePays Inc (c) | 15080 | 41470 |
| T-Mobile US Inc  | 672190 | 162804418 |
|  |  | 163910697 |
| TOTAL COMMUNICATION SERVICES |  | 2750972152 |
| Consumer Discretionary - 13.9% |  |  |
| Automobile Components - 0.1% |  |  |
| Dorman Products Inc (c) | 18883 | 2441761 |
| Fox Factory Holding Corp (c) | 27037 | 693499 |
| Gentex Corp  | 134261 | 2896010 |
| Gentherm Inc (c) | 19893 | 544372 |
| Goodyear Tire & Rubber Co/The (c) | 169954 | 1939175 |
| Luminar Technologies Inc Class A (b)(c) | 9539 | 34245 |
| Motorcar Parts of America Inc (c) | 18120 | 201857 |
| Patrick Industries Inc  | 19746 | 1695392 |
| Solid Power Inc (b)(c) | 64617 | 100803 |
| Strattec Security Corp (c) | 2491 | 139446 |
| Sypris Solutions Inc (b)(c) | 10850 | 21374 |
| Visteon Corp (c) | 16774 | 1416145 |
| Worksport Ltd (b)(c) | 675 | 1916 |
| XPEL Inc (c)(e) | 17345 | 623900 |
|  |  | 12749895 |
| Automobiles - 3.6% |  |  |
| Cenntro Inc (c) | 24696 | 21115 |
| Faraday Future Intelligent Electric Inc Class A (b)(c) | 19710 | 22667 |
| Lucid Group Inc Class A (b)(c) | 1650579 | 3680791 |
| Rivian Automotive Inc Class A (b)(c) | 669353 | 9725699 |
| Tesla Inc (c) | 1892913 | 655818638 |
| Workhorse Group Inc (b)(c) | 6558 | 5869 |
|  |  | 669274779 |
| Broadline Retail - 7.1% |  |  |
| 1stdibs.Com Inc (c) | 24945 | 62612 |
| Amazon.com Inc (c) | 6233397 | 1277908719 |
| ContextLogic Inc Class A (c) | 15747 | 129125 |
| eBay Inc (b) | 274755 | 20103823 |
| Etsy Inc (c) | 61825 | 3422014 |
| Groupon Inc (b)(c) | 24975 | 727522 |
| Hour Loop Inc (c) | 19584 | 24872 |
| Ollie's Bargain Outlet Holdings Inc (c) | 36507 | 4068705 |
|  |  | 1306447392 |
| Distributors - 0.1% |  |  |
| A-Mark Precious Metals Inc  | 13443 | 265230 |
| Alliance Entertainment Holding Corp Class A (b)(c) | 13311 | 38336 |
| Educational Development Corp (c) | 7081 | 9630 |
| LKQ Corp  | 152728 | 6180902 |
| Pool Corp (b) | 22205 | 6674601 |
| Weyco Group Inc (b) | 6799 | 213217 |
|  |  | 13381916 |
| Diversified Consumer Services - 0.1% |  |  |
| American Public Education Inc (c) | 13251 | 390242 |
| Amesite Inc (b)(c) | 3609 | 9889 |
| Duolingo Inc Class A (c) | 23024 | 11963501 |
| EpicQuest Education Group Inte (c) | 8584 | 5347 |
| European Wax Center Inc Class A (c) | 31988 | 162819 |
| Frontdoor Inc (c) | 44784 | 2463568 |
| Grand Canyon Education Inc (c) | 16994 | 3362178 |
| Laureate Education Inc (c) | 92577 | 2082983 |
| Lincoln Educational Services Corp (c) | 24123 | 574127 |
| Matthews International Corp Class A (b) | 18239 | 391227 |
| Mister Car Wash Inc (c) | 193239 | 1368132 |
| Perdoceo Education Corp  | 40804 | 1388968 |
| Regis Corp (c) | 1245 | 27091 |
| Strategic Education Inc  | 14254 | 1300392 |
| Udemy Inc (c) | 90650 | 663558 |
|  |  | 26154022 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Airbnb Inc Class A (c) | 255077 | 32904933 |
| Allied Gaming & Entertainment Inc (c) | 25578 | 76990 |
| BJ's Restaurants Inc (c) | 13822 | 616599 |
| Bloomin' Brands Inc (b) | 50630 | 386307 |
| Booking Holdings Inc  | 19247 | 106222846 |
| Caesars Entertainment Inc (c) | 123456 | 3318497 |
| Canterbury Park Holding Corp  | 422 | 7494 |
| Century Casinos Inc (c) | 16194 | 32064 |
| Cheesecake Factory Inc/The (b) | 31334 | 1728697 |
| Churchill Downs Inc  | 42715 | 4078001 |
| Cracker Barrel Old Country Store Inc (b) | 10499 | 603063 |
| Dave & Buster's Entertainment Inc (b)(c) | 25282 | 555193 |
| Denny's Corp (b)(c) | 38087 | 145492 |
| Domino's Pizza Inc  | 20035 | 9492984 |
| DoorDash Inc Class A (c) | 232455 | 48501736 |
| DraftKings Inc Class A (c) | 287229 | 10305777 |
| El Pollo Loco Holdings Inc (c) | 18467 | 193904 |
| Empire Resorts Inc (c)(d) | 17333 | 0 |
| Expedia Group Inc Class A  | 72317 | 12058860 |
| FAT Brands Inc Class A (b) | 1147 | 2511 |
| FAT Brands Inc Class B  | 10930 | 27872 |
| First Watch Restaurant Group Inc (c) | 40624 | 627235 |
| Full House Resorts Inc (b)(c) | 18076 | 57482 |
| GEN Restaurant Group Inc Class A (c) | 2798 | 9233 |
| Golden Entertainment Inc  | 16184 | 461730 |
| Good Times Restaurants Inc (c) | 9092 | 14638 |
| Inspirato Inc Class A (b)(c) | 3298 | 12005 |
| Inspired Entertainment Inc (c) | 15862 | 124041 |
| Jack in the Box Inc (b) | 11357 | 215386 |
| Krispy Kreme Inc (b) | 111359 | 321828 |
| Kura Sushi USA Inc Class A (c) | 5992 | 395832 |
| Light & Wonder Inc Class A (c) | 52097 | 4694982 |
| Lindblad Expeditions Holdings Inc (c) | 30730 | 322665 |
| Lottery.com Inc (b)(c) | 1219 | 1815 |
| Marriott International Inc/MD Class A1  | 161679 | 42655771 |
| Monarch Casino & Resort Inc  | 10696 | 895683 |
| Nathan's Famous Inc  | 3678 | 393472 |
| Noodles & Co Class A (c) | 26105 | 20291 |
| ONE Group Hospitality Inc/The (c) | 17098 | 58817 |
| Papa John's International Inc (b) | 19824 | 897036 |
| Penn Entertainment Inc (c) | 90719 | 1345363 |
| Playa Hotels & Resorts NV (c) | 68164 | 917487 |
| Portillo's Inc Class A (c) | 39638 | 475656 |
| Potbelly Corp (c) | 17412 | 185786 |
| Rave Restaurant Group Inc (c) | 4962 | 13695 |
| Rci Hospitality Holdings Inc  | 5507 | 221547 |
| Red Robin Gourmet Burgers Inc (c) | 29658 | 151256 |
| Red Rock Resorts Inc Class A  | 35108 | 1687642 |
| Sabre Corp (c) | 225407 | 568026 |
| Serve Robotics Inc (b)(c) | 32588 | 381280 |
| Sonder Holdings Inc (b)(c) | 3943 | 6978 |
| Sportradar Holding AG Class A (c) | 119949 | 2867981 |
| Starbucks Corp  | 665812 | 55894917 |
| Target Hospitality Corp (c) | 61089 | 446561 |
| Texas Roadhouse Inc  | 38600 | 7535106 |
| Twin Hospitality Group Inc Class A (b) | 1835 | 8055 |
| Wendy's Co/The (b) | 121041 | 1379867 |
| Wingstop Inc  | 17229 | 5887149 |
| Wynn Resorts Ltd (b) | 63102 | 5713255 |
|  |  | 369127369 |
| Household Durables - 0.0% |  |  |
| Aterian Inc (b)(c) | 1623 | 2483 |
| Bassett Furniture Industries Inc  | 4416 | 73615 |
| Cavco Industries Inc (c) | 4742 | 2056107 |
| Cricut Inc Class A  | 11690 | 70841 |
| Flexsteel Industries Inc  | 3070 | 93236 |
| Helen of Troy Ltd (c) | 12265 | 329806 |
| Hooker Furnishings Corp (b) | 6220 | 61080 |
| iRobot Corp (b)(c) | 6406 | 19666 |
| Koss Corp (b)(c) | 2071 | 12053 |
| Landsea Homes Corp Class A (c) | 27139 | 305857 |
| Legacy Housing Corp (b)(c) | 15043 | 335308 |
| LGI Homes Inc (c) | 14121 | 707462 |
| Lifetime Brands Inc  | 13509 | 44985 |
| Live Ventures Inc (c) | 1687 | 36557 |
| Lovesac Co/The (c) | 8426 | 161274 |
| Newell Brands Inc  | 255315 | 1353170 |
| Purple Innovation Inc Class A (c) | 31058 | 24741 |
| Sonos Inc (c) | 64878 | 666946 |
| Star Equity Holdings Inc (c) | 1955 | 4653 |
| United Homes Group Inc Class A (c) | 18331 | 55360 |
| Universal Electronics Inc (c) | 3581 | 23670 |
|  |  | 6438870 |
| Leisure Products - 0.1% |  |  |
| American Outdoor Brands Inc (c) | 7566 | 87614 |
| BRP Inc Subordinate Voting Shares (United States) (b) | 20673 | 909612 |
| Clarus Corp (b) | 18762 | 59663 |
| Escalade Inc  | 7721 | 114580 |
| Funko Inc Class A (c) | 29530 | 123731 |
| Hasbro Inc  | 81854 | 5460480 |
| JAKKS Pacific Inc (b) | 6809 | 137065 |
| Johnson Outdoors Inc Class A (b) | 5547 | 150823 |
| Latham Group Inc (c) | 74910 | 423242 |
| Malibu Boats Inc Class A (c) | 12092 | 364453 |
| MasterCraft Boat Holdings Inc (b)(c) | 12347 | 210022 |
| Mattel Inc (c) | 198925 | 3767640 |
| Outdoor Holding Co (c) | 20207 | 29300 |
| Peloton Interactive Inc Class A (c) | 206645 | 1467180 |
| Smith & Wesson Brands Inc (b) | 28528 | 271587 |
| SRM Entertainment Inc (c) | 4687 | 2694 |
|  |  | 13579686 |
| Specialty Retail - 0.6% |  |  |
| 1-800-Flowers.com Inc Class A (b)(c) | 21092 | 103773 |
| Academy Sports & Outdoors Inc  | 42895 | 1754834 |
| America's Car-Mart Inc/TX (c) | 7348 | 365636 |
| Arhaus Inc Class A (c) | 33484 | 300686 |
| Arko Corp (b) | 74889 | 320525 |
| Big 5 Sporting Goods Corp  | 6078 | 7294 |
| Brilliant Earth Group Inc Class A (c) | 2453 | 3385 |
| Carparts Com Inc (c) | 15945 | 13998 |
| Children's Place Inc/The (b)(c) | 6090 | 37027 |
| Citi Trends Inc (c) | 5929 | 157000 |
| Destination XL Group Inc (c) | 32101 | 36274 |
| Duluth Holdings Inc Class B (c) | 16389 | 30484 |
| EVgo Inc Class A (c) | 58645 | 231648 |
| Five Below Inc (c) | 31592 | 3682679 |
| GrowGeneration Corp (c) | 41541 | 44864 |
| Kirklands Inc (b)(c) | 1947 | 2083 |
| Lands' End Inc (b)(c) | 21391 | 180112 |
| Leslie's Inc (c) | 73516 | 55409 |
| Lulu's Fashion Lounge Holdings Inc (c) | 17482 | 7168 |
| Monro Inc  | 17865 | 273870 |
| National Vision Holdings Inc (c) | 56182 | 1112965 |
| Newegg Commerce Inc Class A (b)(c) | 5655 | 27370 |
| Nxu Inc Class A (c) | 1 | 0 |
| O'Reilly Automotive Inc (c) | 33630 | 45989026 |
| ODP Corp/The (c) | 21614 | 355550 |
| OneWater Marine Inc Class A (b)(c) | 13944 | 205953 |
| Petco Health & Wellness Co Inc Class A (b)(c) | 150789 | 553396 |
| RealReal Inc/The (c) | 73940 | 417761 |
| Rent the Runway Inc Class A (b)(c) | 529 | 2857 |
| Ross Stores Inc  | 193119 | 27054042 |
| RumbleON Inc Class B (c) | 16842 | 26610 |
| Shoe Carnival Inc (b) | 16794 | 322781 |
| Sleep Number Corp (c) | 13605 | 146390 |
| Sportsman's Warehouse Holdings Inc (c) | 25040 | 47326 |
| Stitch Fix Inc Class A (c) | 47427 | 209627 |
| ThredUp Inc Class A (c) | 50406 | 362923 |
| Tile Shop Holdings Inc (c) | 26904 | 171378 |
| Tractor Supply Co (b) | 321331 | 15552420 |
| Ulta Beauty Inc (c) | 27116 | 12784109 |
| Upbound Group Inc  | 33489 | 768238 |
| Urban Outfitters Inc (c) | 54811 | 3831289 |
| Winmark Corp  | 2026 | 860685 |
| Xcel Brands Inc (b)(c) | 428 | 1006 |
| Zumiez Inc (c) | 11506 | 143710 |
|  |  | 118556161 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Columbia Sportswear Co (b) | 34399 | 2193968 |
| Crocs Inc (c) | 34073 | 3475446 |
| Crown Crafts Inc  | 9628 | 31195 |
| Fossil Group Inc (c) | 11616 | 17191 |
| G-III Apparel Group Ltd (c) | 25892 | 752163 |
| Lakeland Industries Inc  | 4914 | 93661 |
| Lululemon Athletica Inc (c) | 68407 | 21662445 |
| PLBY Group Inc (c) | 32279 | 51001 |
| Rocky Brands Inc  | 4879 | 110997 |
| Steven Madden Ltd  | 42162 | 1039293 |
| Superior Group of Cos Inc (b) | 10737 | 105867 |
| Vera Bradley Inc (b)(c) | 17686 | 35726 |
|  |  | 29568953 |
| TOTAL CONSUMER DISCRETIONARY |  | 2565279043 |
| Consumer Staples - 3.5% |  |  |
| Beverages - 1.0% |  |  |
| Celsius Holdings Inc (c) | 139549 | 5286116 |
| Coca-Cola Consolidated Inc  | 46150 | 5291098 |
| Keurig Dr Pepper Inc  | 799794 | 26929064 |
| MGP Ingredients Inc (b) | 16126 | 474427 |
| Monster Beverage Corp (c) | 574205 | 36720410 |
| National Beverage Corp  | 57082 | 2581819 |
| PepsiCo Inc  | 802707 | 105515835 |
| Vita Coco Co Inc/The (c) | 35086 | 1248711 |
| Willamette Valley Vineyards Inc (c) | 1065 | 6197 |
|  |  | 184053677 |
| Consumer Staples Distribution & Retail - 1.7% |  |  |
| Andersons Inc/The  | 20649 | 733246 |
| Casey's General Stores Inc  | 22027 | 9642540 |
| Chefs' Warehouse Inc/The (c) | 23549 | 1501955 |
| Costco Wholesale Corp  | 260477 | 270942966 |
| Dollar Tree Inc (c) | 128705 | 11616913 |
| Grocery Outlet Holding Corp (c) | 59153 | 803298 |
| HF Foods Group Inc (b)(c) | 38952 | 148407 |
| Ingles Markets Inc Class A  | 8837 | 550545 |
| Maison Solutions Inc (b)(c) | 3985 | 3594 |
| Mangoceuticals Inc (c) | 453 | 987 |
| Maplebear Inc (c) | 153637 | 7016602 |
| PriceSmart Inc  | 18216 | 1966964 |
| SpartanNash Co  | 22023 | 428568 |
| Sprouts Farmers Market Inc (c) | 58136 | 10049389 |
| Village Super Market Inc Class A  | 6605 | 254821 |
| Walgreens Boots Alliance Inc  | 509437 | 5731166 |
|  |  | 321391961 |
| Food Products - 0.6% |  |  |
| Alico Inc (b) | 5485 | 176891 |
| Barfresh Food Group Inc (c) | 7835 | 19588 |
| Beyond Meat Inc (b)(c) | 22527 | 66004 |
| Bridgford Foods Corp (c) | 3580 | 27781 |
| Cal-Maine Foods Inc (b) | 27023 | 2592316 |
| Calavo Growers Inc  | 8052 | 221833 |
| Farmer Bros Co (c) | 11763 | 17997 |
| Freshpet Inc (c) | 28337 | 2271494 |
| Hain Celestial Group Inc (c) | 59085 | 110489 |
| J & J Snack Foods Corp  | 12261 | 1412099 |
| John B Sanfilippo & Son Inc  | 5354 | 332698 |
| Kraft Heinz Co/The  | 700576 | 18726396 |
| Lancaster Colony Corp  | 16388 | 2743351 |
| Lifeway Foods Inc (c) | 9959 | 225024 |
| Limoneira Co  | 11551 | 182390 |
| Mama's Creations Inc (c) | 29732 | 247073 |
| Mission Produce Inc (c) | 40005 | 447256 |
| Mondelez International Inc  | 763270 | 51513092 |
| Oatly Group AB ADR (b)(c) | 4717 | 51604 |
| Pilgrim's Pride Corp  | 141879 | 6974772 |
| Rocky Mountain Chocolate Factory Inc (b)(c) | 1651 | 1981 |
| S&W Seed Co (b)(c) | 1180 | 6596 |
| Sadot Group Inc (c) | 6318 | 7139 |
| Seneca Foods Corp Class A (c) | 5580 | 526250 |
| Simply Good Foods Co/The (c) | 62582 | 2159705 |
| Smithfield Foods Inc  | 238337 | 5572319 |
| The Campbell's Company (b) | 178641 | 6080940 |
| Vital Farms Inc (b)(c) | 26284 | 836883 |
| Westrock Coffee Co (b)(c) | 53841 | 370426 |
|  |  | 103922387 |
| Household Products - 0.2% |  |  |
| Central Garden & Pet Co Class A (c) | 40483 | 1294242 |
| Kimberly-Clark Corp  | 194771 | 28000279 |
| Reynolds Consumer Products Inc  | 133493 | 2947525 |
| WD-40 Co  | 8274 | 2015795 |
|  |  | 34257841 |
| Personal Care Products - 0.0% |  |  |
| Beauty Health Co/The Class A (c) | 22008 | 35873 |
| FitLife Brands Inc (c) | 4160 | 60902 |
| Honest Co Inc/The (c) | 66640 | 335199 |
| Interparfums Inc  | 18895 | 2573877 |
| Lifevantage Corp (b) | 9383 | 122448 |
| Mannatech Inc (c) | 1393 | 12955 |
| Natural Alternatives International Inc (b)(c) | 4379 | 14582 |
| Nature's Sunshine Products Inc (c) | 13052 | 201784 |
| Olaplex Holdings Inc (c) | 276108 | 364463 |
| Safety Shot Inc (b)(c) | 24845 | 7086 |
| United-Guardian Inc  | 3073 | 25506 |
| Waldencast plc Class A (c) | 66276 | 178282 |
|  |  | 3932957 |
| Tobacco - 0.0% |  |  |
| Ispire Technology Inc (b)(c) | 36913 | 93020 |
| TOTAL CONSUMER STAPLES |  | 647651843 |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Baker Hughes Co Class A  | 582984 | 21599557 |
| ChampionX Corp  | 114311 | 2751466 |
| DMC Global Inc (c) | 18485 | 119413 |
| Drilling Tools International Corp (b)(c) | 17643 | 46225 |
| Energy Services of America Corp (b) | 9007 | 90340 |
| Geospace Technologies Corp (c) | 14867 | 86526 |
| Gulf Island Fabrication Inc (c) | 18749 | 120369 |
| KLX Energy Services Holdings Inc (b)(c) | 9302 | 15999 |
| Mammoth Energy Services Inc (b)(c) | 12183 | 32163 |
| MIND Technology Inc (c) | 3447 | 20923 |
| National Energy Services Reunited Corp (c) | 35029 | 216479 |
| NCS Multistage Holdings Inc (c) | 740 | 21652 |
| Patterson-UTI Energy Inc (b) | 248000 | 1368960 |
| ProFrac Holding Corp Class A (b)(c) | 95567 | 797029 |
| Smart Sand Inc  | 22511 | 42771 |
| Weatherford International PLC  | 43378 | 1891281 |
|  |  | 29221153 |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Aemetis Inc (b)(c) | 17780 | 30404 |
| Alliance Resource Partners LP  | 79369 | 2065975 |
| American Resources Corp (b)(c) | 86855 | 55440 |
| APA Corp  | 217291 | 3696120 |
| Berry Corp  | 49459 | 118207 |
| Calumet Inc (b) | 49618 | 693660 |
| Chord Energy Corp  | 33551 | 3019590 |
| Clean Energy Fuels Corp (c) | 169694 | 303752 |
| Clean Energy Technologies Inc (c) | 14924 | 3813 |
| Diamondback Energy Inc  | 171624 | 23092010 |
| Dorchester Minerals Mlp  | 32261 | 863627 |
| Epsilon Energy Ltd  | 13592 | 96503 |
| Expand Energy Corp  | 136868 | 15894481 |
| Gevo Inc (b)(c) | 132936 | 168829 |
| Green Plains Inc (c) | 33193 | 138083 |
| Hallador Energy Co (c) | 23802 | 410585 |
| HighPeak Energy Inc Class A (b) | 77223 | 763735 |
| Lightbridge Corp (b)(c) | 12328 | 185536 |
| Marine Petroleum Trust  | 339 | 1329 |
| Martin Midstream Partners LP  | 26486 | 78399 |
| New Era Helium Inc  | 2590 | 1313 |
| New Fortress Energy Inc Class A (b) | 147944 | 368381 |
| NextDecade Corp (c) | 154487 | 1279152 |
| NextNRG Inc (c) | 3966 | 11541 |
| OPAL Fuels Inc Class A (b)(c) | 16937 | 60126 |
| Plains All American Pipeline LP  | 415821 | 6877679 |
| Plains GP Holdings LP Class A  | 108501 | 1909618 |
| Prairie Operating Co (c) | 16747 | 64811 |
| PrimeEnergy Resources Corp (b)(c) | 1068 | 206231 |
| Stabilis Solutions Inc (c) | 5194 | 29138 |
| US Energy Corp (b)(c) | 15043 | 18352 |
| Verde Clean Fuels Inc Class A (b)(c) | 3630 | 12560 |
| Viper Energy Inc Class A  | 78934 | 3132890 |
|  |  | 65651870 |
| TOTAL ENERGY |  | 94873023 |
| Financials - 3.7% |  |  |
| Banks - 1.1% |  |  |
| 1st Source Corp  | 18484 | 1119391 |
| ACNB Corp  | 4877 | 202737 |
| Amalgamated Financial Corp  | 18900 | 571158 |
| Ames National Corp  | 6067 | 105566 |
| Arrow Financial Corp  | 10626 | 273620 |
| Auburn National BanCorp Inc  | 551 | 11246 |
| BancFirst Corp  | 19990 | 2472863 |
| Bancorp Inc/The (c) | 29538 | 1509392 |
| Bank First Corp  | 6074 | 706406 |
| Bank of Marin Bancorp  | 11894 | 253461 |
| Bank OZK  | 67250 | 2981193 |
| Bank7 Corp  | 5706 | 220366 |
| BankFinancial Corp  | 14628 | 176121 |
| Bankwell Financial Group Inc  | 4285 | 148732 |
| Banner Corp  | 19924 | 1228315 |
| BayCom Corp  | 5146 | 135803 |
| Bayfirst Financial Corp  | 952 | 14889 |
| BCB Bancorp Inc  | 9394 | 76091 |
| Blue Foundry Bancorp (c) | 14520 | 131551 |
| Bogota Financial Corp (b)(c) | 8810 | 62639 |
| BOK Financial Corp  | 38202 | 3607033 |
| Bridgewater Bancshares Inc (c) | 15578 | 228062 |
| Broadway Financial Corp/DE (c) | 2096 | 13121 |
| Brookline Bancorp Inc  | 50034 | 516851 |
| Burke & Herbert Financial Services Corp  | 10191 | 580072 |
| Business First Bancshares Inc  | 14370 | 341862 |
| BV Financial Inc (c) | 5414 | 84458 |
| C&F Financial Corp  | 2765 | 183983 |
| California BanCorp (b)(c) | 19033 | 284353 |
| Camden National Corp  | 8189 | 322155 |
| Capital Bancorp Inc  | 7021 | 226778 |
| Capital City Bank Group Inc  | 16349 | 617011 |
| Capitol Federal Financial Inc  | 75565 | 431476 |
| Carter Bankshares Inc (c) | 17756 | 292086 |
| Carver Bancorp Inc (c) | 6318 | 9003 |
| Cathay General Bancorp  | 43472 | 1862993 |
| CB Financial Services Inc  | 591 | 17222 |
| Central Plains Bancshares Inc (c) | 931 | 13583 |
| Chemung Financial Corp  | 4115 | 192870 |
| ChoiceOne Financial Services Inc  | 3917 | 115865 |
| Citizens & Northern Corp  | 9234 | 171291 |
| Citizens Community Bancorp Inc/WI  | 6202 | 91976 |
| Citizens Financial Services Inc  | 2563 | 156727 |
| City Holding Co  | 8728 | 1028944 |
| Civista Bancshares Inc  | 12037 | 271434 |
| CNB Financial Corp/PA  | 11686 | 253236 |
| Coastal Financial Corp/WA Class A (c) | 8367 | 735376 |
| Columbia Banking System Inc  | 123253 | 2881655 |
| Columbia Financial Inc (c) | 68056 | 973881 |
| Commerce Bancshares Inc/MO  | 79577 | 5014147 |
| Community Trust Bancorp Inc  | 10088 | 514992 |
| Community West Bancshares  | 11062 | 196904 |
| Connectone Bancorp Inc  | 23646 | 543149 |
| CVB Financial Corp  | 90049 | 1688419 |
| Dime Community Bancshares Inc  | 22773 | 584355 |
| Eagle Bancorp Inc  | 17662 | 310851 |
| Eagle Bancorp Montana Inc  | 3665 | 62195 |
| East West Bancorp Inc  | 82074 | 7485149 |
| Eastern Bankshares Inc  | 124622 | 1869330 |
| Enterprise Bancorp Inc/MA  | 7478 | 288277 |
| Enterprise Financial Services Corp  | 22406 | 1186174 |
| Esquire Financial Holdings Inc  | 4726 | 428837 |
| ESSA Bancorp Inc  | 5359 | 98552 |
| Farmers & Merchants Bancorp Inc/Archbold OH  | 8160 | 194290 |
| Farmers National Banc Corp  | 21823 | 288718 |
| FB Bancorp Inc  | 1743 | 19469 |
| Fidelity D&D Bancorp Inc  | 3329 | 135757 |
| Fifth Third Bancorp  | 389726 | 14883637 |
| Financial Institutions Inc  | 9689 | 250170 |
| Finward Bancorp (b) | 2064 | 60248 |
| Finwise Bancorp (c) | 6686 | 95877 |
| First Bancorp Inc/The  | 6787 | 164178 |
| First Bancorp/Southern Pines NC  | 23411 | 968513 |
| First Bank/Hamilton NJ  | 14532 | 211150 |
| First Busey Corp  | 31653 | 700164 |
| First Business Financial Services Inc  | 4740 | 231170 |
| First Capital Inc  | 2233 | 109730 |
| First Citizens BancShares Inc/NC Class A (b) | 7414 | 13707596 |
| First Community Bankshares Inc  | 10669 | 401154 |
| First Community Corp/SC  | 3875 | 91838 |
| First Financial Bancorp  | 55952 | 1351800 |
| First Financial Bankshares Inc  | 85450 | 3012967 |
| First Financial Corp  | 8773 | 454792 |
| First Guaranty Bancshares Inc  | 8053 | 71269 |
| First Hawaiian Inc  | 74834 | 1787036 |
| First Interstate BancSystem Inc Class A  | 63592 | 1726523 |
| First Interstate Bank of Calif  | 7813 | 189465 |
| First Merchants Corp  | 34779 | 1311168 |
| First Mid Bancshares Inc  | 13536 | 477550 |
| First National Corp/VA  | 1874 | 37855 |
| First Northwest Bancorp  | 7546 | 66405 |
| First of Long Island Corp/The  | 15039 | 178513 |
| First Savings Financial Group Inc  | 2781 | 73947 |
| First United Corp  | 3120 | 93756 |
| First US Bancshares Inc (b) | 3641 | 45731 |
| First Western Financial Inc (c) | 4408 | 91863 |
| Firstsun Capital Bancorp (c) | 10776 | 386104 |
| Five Star Bancorp  | 10902 | 304820 |
| Flushing Financial Corp  | 19436 | 233815 |
| Franklin Financial Services Corp  | 2442 | 93773 |
| FS Bancorp Inc  | 6150 | 236222 |
| Fulton Financial Corp  | 109611 | 1890790 |
| FVCBankcorp Inc (c) | 9654 | 112566 |
| German American Bancorp Inc  | 23206 | 886817 |
| Great Southern Bancorp Inc  | 7786 | 435549 |
| Greene County Bancorp Inc  | 10452 | 226704 |
| Hancock Whitney Corp  | 51949 | 2840052 |
| Hanmi Financial Corp  | 18233 | 417900 |
| Hanover Bancorp Inc/NY (b) | 1944 | 43973 |
| Harborone Northeast Bancorp Inc  | 35835 | 407802 |
| Hawthorn Bancshares Inc  | 3385 | 97556 |
| HBT Financial Inc  | 20671 | 483701 |
| Heritage Commerce Corp  | 34487 | 319350 |
| Heritage Financial Corp Wash  | 21942 | 513004 |
| Hingham Institution For Savings The  | 1454 | 352464 |
| Home Bancorp Inc  | 7167 | 361217 |
| Home Federal Bancorp Inc of Louisiana  | 813 | 10569 |
| HomeStreet Inc (c) | 11829 | 154132 |
| Hope Bancorp Inc  | 68993 | 692690 |
| Horizon Bancorp Inc/IN  | 24746 | 367231 |
| Huntington Bancshares Inc/OH  | 836369 | 13072447 |
| Independent Bank Corp  | 26646 | 1638729 |
| Independent Bank Corp/MI  | 10908 | 343929 |
| International Bancshares Corp  | 38001 | 2380003 |
| Investar Holding Corp  | 8715 | 165672 |
| John Marshall Bancorp Inc  | 8444 | 147263 |
| Kearny Financial Corp/MD  | 72988 | 440118 |
| Lakeland Financial Corp  | 15387 | 921220 |
| Landmark Bancorp Inc/Manhattan KS (b) | 3377 | 98271 |
| LCNB Corp  | 12147 | 176253 |
| LINKBANCORP Inc  | 23604 | 161687 |
| Magyar Bancorp Inc  | 3540 | 56286 |
| MainStreet Bancshares Inc  | 4185 | 79138 |
| Mercantile Bank Corp  | 10866 | 479843 |
| Meridian Corp  | 4705 | 63518 |
| Metrocity Bankshares Inc  | 14534 | 406080 |
| Mid Penn Bancorp Inc (b) | 11779 | 313910 |
| Middlefield Banc Corp (b) | 3775 | 110796 |
| Midland States Bancorp Inc  | 11372 | 191959 |
| MidWestOne Financial Group Inc  | 11723 | 337036 |
| MVB Financial Corp  | 7160 | 140050 |
| National Bankshares Inc VA  | 4034 | 103351 |
| NB Bancorp Inc (c) | 26845 | 452338 |
| Nbt Bancorp Inc (b) | 27144 | 1135976 |
| Northeast Bank  | 6667 | 558895 |
| Northeast Community Bancorp Inc  | 6767 | 153070 |
| Northfield Bancorp Inc  | 31683 | 370057 |
| Northrim BanCorp Inc  | 4878 | 446825 |
| Northwest Bancshares Inc  | 73465 | 902150 |
| Norwood Financial Corp  | 4828 | 125528 |
| Oak Valley Bancorp  | 5385 | 137264 |
| OceanFirst Financial Corp  | 28821 | 484481 |
| Old National Bancorp/IN  | 183793 | 3833922 |
| Old Point Financial Corp  | 2955 | 116870 |
| Old Second Bancorp Inc  | 25984 | 429775 |
| OP Bancorp  | 7322 | 90170 |
| Orange County Bancorp Inc  | 6424 | 164262 |
| Orrstown Financial Services Inc  | 14017 | 421351 |
| Pacific Premier Bancorp Inc  | 55843 | 1183872 |
| Parke Bancorp Inc  | 6166 | 119559 |
| Pathfinder Bancorp Inc  | 616 | 9363 |
| Pathward Financial Inc  | 15583 | 1216253 |
| Patriot National Bancorp Inc (c) | 58 | 84 |
| PB Bankshares Inc (c) | 871 | 13945 |
| PCB Bancorp  | 9838 | 190267 |
| Peapack-Gladstone Financial Corp  | 10114 | 277326 |
| Penns Woods Bancorp Inc  | 4912 | 145346 |
| Peoples Bancorp Inc/OH  | 19874 | 582706 |
| Peoples Bancorp of North Carolina Inc  | 3497 | 96272 |
| Peoples Financial Services Corp  | 5236 | 251642 |
| Pinnacle Financial Partners Inc  | 45249 | 4809064 |
| Pioneer Bancorp Inc/NY (c) | 14004 | 159646 |
| Plumas Bancorp  | 3111 | 135422 |
| Ponce Financial Group Inc (c) | 13052 | 174766 |
| Preferred Bank/Los Angeles CA  | 7822 | 653997 |
| Primis Financial Corp  | 16511 | 156359 |
| Princeton Bancorp Inc  | 4666 | 146092 |
| Provident Bancorp Inc (c) | 14544 | 165656 |
| QCR Holdings Inc  | 12729 | 856662 |
| RBB Bancorp  | 9419 | 159935 |
| Red River Bancshares Inc  | 3963 | 222285 |
| Republic Bancorp Inc/KY Class A  | 10388 | 711994 |
| Richmond Mutual BanCorp Inc (b) | 3557 | 47095 |
| Riverview Bancorp Inc  | 15015 | 83483 |
| S&T Bancorp Inc  | 25745 | 943812 |
| SB Financial Group Inc  | 4710 | 91374 |
| Seacoast Banking Corp of Florida  | 49069 | 1267452 |
| Shore Bancshares Inc  | 20732 | 300407 |
| Sierra Bancorp  | 9675 | 264805 |
| Simmons First National Corp Class A  | 79025 | 1482509 |
| Sound Financial Bancorp Inc  | 1189 | 59438 |
| South Plains Financial Inc  | 9325 | 335420 |
| Southern First Bancshares Inc (c) | 4670 | 168447 |
| Southern Missouri Bancorp Inc  | 6368 | 335339 |
| Southern States Bancshares Inc  | 5239 | 180693 |
| SR Bancorp Inc  | 3490 | 44707 |
| Stock Yards Bancorp Inc  | 19200 | 1412352 |
| Summit State Bank  | 3743 | 36681 |
| Texas Capital Bancshares Inc (c) | 28495 | 2042807 |
| TFS Financial Corp (b) | 171062 | 2259729 |
| Third Coast Bancshares Inc (b)(c) | 9897 | 303442 |
| Timberland Bancorp Inc/WA  | 5704 | 173573 |
| Towne Bank/Portsmouth VA  | 52911 | 1828604 |
| TriCo Bancshares  | 19588 | 781561 |
| Triumph Financial Inc (c) | 13714 | 792258 |
| TrustCo Bank Corp NY  | 10680 | 331507 |
| Trustmark Corp  | 34590 | 1191971 |
| UMB Financial Corp  | 40220 | 4147486 |
| Union Bankshares Inc/Morrisville VT  | 2643 | 77942 |
| United Bankshares Inc/WV  | 79759 | 2882490 |
| United Security Bancshares/Fresno CA  | 4657 | 40236 |
| Unity Bancorp Inc  | 6284 | 277784 |
| Univest Financial Corp  | 15852 | 467951 |
| USCB Financial Holdings Inc  | 10794 | 178425 |
| Valley National Bancorp  | 315535 | 2770397 |
| Veritex Holdings Inc  | 33332 | 806634 |
| Virginia National Bankshares Corp  | 2552 | 95317 |
| WaFd Inc  | 46291 | 1315590 |
| Washington Trust Bancorp Inc  | 8811 | 243712 |
| WesBanco Inc  | 38299 | 1178843 |
| West BanCorp Inc  | 9814 | 190195 |
| Westamerica BanCorp  | 15600 | 749580 |
| Western New England Bancorp Inc  | 19217 | 181408 |
| Wintrust Financial Corp  | 38929 | 4648512 |
| WSFS Financial Corp  | 37616 | 1989510 |
| Zions Bancorp NA  | 86216 | 4083190 |
|  |  | 191705002 |
| Capital Markets - 1.5% |  |  |
| AlTi Global Inc Class A (c) | 42620 | 141498 |
| B Riley Financial Inc (b)(c) | 21153 | 64517 |
| Beneficient Class A (b)(c) | 8250 | 3665 |
| BGC Group Inc Class A  | 228103 | 2116796 |
| Capital Southwest Corp  | 11251 | 234246 |
| Carlyle Group Inc/The  | 214095 | 9677094 |
| Cayson Acquisition Corp  | 2715 | 27802 |
| CME Group Inc Class A  | 211473 | 61115698 |
| Coinbase Global Inc Class A (c) | 124440 | 30689394 |
| Crescent Capital BDC Inc (b) | 12883 | 199944 |
| Diamond Hill Investment Group Inc  | 1539 | 217399 |
| Dominari Holdings Inc (b) | 4298 | 18997 |
| Fold Holdings Inc Class A (b)(c) | 20340 | 85428 |
| Galaxy Digital Inc (b) | 76873 | 1395245 |
| GCM Grosvenor Inc Class A (b) | 34641 | 436823 |
| Great Elm Group Inc (c) | 7056 | 14535 |
| Hamilton Lane Inc Class A (b) | 24557 | 3658993 |
| Hennessy Advisors Inc  | 5713 | 61700 |
| Heritage Global Inc (c) | 31260 | 68147 |
| Horizon Technology Finance Corp  | 7992 | 60499 |
| Interactive Brokers Group Inc Class A  | 64082 | 13436714 |
| Investcorp Credit Management BDC Inc  | 16938 | 45648 |
| Logan Ridge Finance Corp (b) | 3628 | 65667 |
| LPL Financial Holdings Inc  | 43966 | 17021877 |
| MarketAxess Holdings Inc  | 22218 | 4808197 |
| MarketWise Inc Class A  | 1168 | 19634 |
| MDB Capital Holdings LLC Class A (c) | 951 | 3614 |
| Morningstar Inc  | 25361 | 7821840 |
| Nasdaq Inc  | 340302 | 28428829 |
| New Mountain Finance Corp  | 53270 | 573718 |
| Newbury Street II Acquisition Corp Class A  | 10095 | 102868 |
| Northern Trust Corp  | 114568 | 12228988 |
| Open Lending Corp (c) | 16973 | 30382 |
| Perella Weinberg Partners Class A  | 35830 | 622367 |
| PhenixFIN Corp  | 762 | 38085 |
| Robinhood Markets Inc Class A (c) | 452262 | 29917131 |
| Runway Growth Finance Corp (b) | 18253 | 181252 |
| SEI Investments Co  | 73732 | 6286390 |
| Siebert Financial Corp (b)(c) | 16072 | 87271 |
| Silvercrest Asset Management Group Inc Class A  | 8360 | 121387 |
| StepStone Group Inc Class A  | 42692 | 2469732 |
| StoneX Group Inc (c) | 29019 | 2456603 |
| T Rowe Price Group Inc (b) | 131167 | 12275920 |
| TPG Inc Class A  | 64019 | 3081234 |
| Tradeweb Markets Inc Class A  | 69381 | 10022085 |
| Trinity Capital Inc  | 14443 | 210290 |
| US Global Investors Inc Class A  | 8407 | 18495 |
| Value Line Inc  | 6078 | 238197 |
| Victory Capital Holdings Inc Class A  | 38183 | 2367728 |
| Virtu Financial Inc Class A  | 54105 | 2174480 |
|  |  | 267445043 |
| Consumer Finance - 0.1% |  |  |
| Atlanticus Holdings Corp (c) | 8513 | 417563 |
| Consumer Portfolio Services Inc (c) | 11397 | 103143 |
| Credit Acceptance Corp (b)(c) | 7155 | 3415082 |
| Dave Inc Class A (c) | 6396 | 1284445 |
| Encore Capital Group Inc (b)(c) | 13436 | 509224 |
| EZCORP Inc Class A (c) | 28924 | 389028 |
| FirstCash Holdings Inc  | 27106 | 3467128 |
| Katapult Holdings Inc Class A (c) | 585 | 5246 |
| Lendingtree Inc (c) | 8970 | 314129 |
| Medallion Financial Corp (b) | 11337 | 103960 |
| Navient Corp (b) | 68615 | 922186 |
| NerdWallet Inc Class A (c) | 28927 | 304891 |
| Old Market Capital Corp (c) | 5880 | 30400 |
| Oportun Financial Corp (c) | 20497 | 136305 |
| PRA Group Inc (c) | 24376 | 345895 |
| SLM Corp  | 125621 | 4066352 |
| SoFi Technologies Inc Class A (b)(c) | 636423 | 8464426 |
| Upstart Holdings Inc (b)(c) | 53150 | 2507086 |
| World Acceptance Corp (c) | 3798 | 586715 |
|  |  | 27373204 |
| Financial Services - 0.5% |  |  |
| 26 Capital Acquisition Corp Class A (c)(d) | 12701 | 0 |
| Acacia Research Corp (c) | 57821 | 215672 |
| Affirm Holdings Inc Class A (c) | 164455 | 8535215 |
| Agriculture & Natural Solutions Acquisition Corp Class A (c) | 28872 | 310374 |
| Aimei Health Technology Co Ltd (c) | 6452 | 71843 |
| Alchemy Investments Acquisition Corp 1 Class A (c) | 6412 | 73097 |
| Aldel Financial II Inc Class A  | 8097 | 84371 |
| Alerus Financial Corp  | 13744 | 288761 |
| AlphaVest Acquisition Corp (c) | 6441 | 76133 |
| AvidXchange Holdings Inc (c) | 120556 | 1180243 |
| Better Home & Finance Holding Co Class A (c) | 4646 | 62489 |
| Bleichroeder Acquisition Corp I Class A  | 8719 | 89195 |
| Bowen Acquisition Corp (b)(c) | 6276 | 67781 |
| Cantaloupe Inc (c) | 40019 | 334959 |
| Cantor Equity Partners Inc  | 1243 | 50130 |
| Cass Information Systems Inc  | 9021 | 381588 |
| Centurion Acquisition Corp Class A  | 1516 | 15903 |
| Clean Energy Special Situations Corp rights (c)(d) | 13177 | 0 |
| Cohen Circle Acquisition Corp I Class A  | 52178 | 626136 |
| Corner Growth Acquisition Corp 2 Class A (c)(d) | 6085 | 69978 |
| Corner Growth Acquisition Corp Class A (c)(d) | 54398 | 603818 |
| Currenc Group Inc Class A (b)(c) | 18155 | 10443 |
| DP Cap Acquisition Corp I Class A (b)(c)(d) | 13096 | 168807 |
| Drugs Made In America Acquisition Corp (b) | 45462 | 460530 |
| Dynamix Corp Class A  | 7836 | 78752 |
| Enact Holdings Inc  | 91332 | 3233153 |
| ESH Acquisition Corp Class A (c) | 2098 | 22868 |
| Euronet Worldwide Inc (c) | 26190 | 2835853 |
| FlexShopper Inc (c) | 45216 | 63755 |
| Flywire Corp (c) | 80141 | 861516 |
| Four Leaf Acquisition Corp Class A (c) | 957 | 10910 |
| Future Health ESG Corp warrants 12/31/2028 (c)(d) | 3358 | 0 |
| GSR III Acquisition Corp Class A  | 3124 | 33177 |
| Horizon Space Acquisition I Corp (c) | 8481 | 105164 |
| International Money Express Inc (c) | 23333 | 257363 |
| Iron Horse Acquisition Corp (c) | 10080 | 106445 |
| Jack Henry & Associates Inc  | 42655 | 7727806 |
| K&F Growth Acquisition Corp II Class A  | 76279 | 766604 |
| Keen Vision Acquisition Corp (b)(c) | 11133 | 125914 |
| Marqeta Inc Class A (c) | 299986 | 1613925 |
| Melar Acquisition Corp I Class A  | 20430 | 211859 |
| Merchants Bancorp/IN  | 29165 | 933863 |
| Mr Cooper Group Inc (c) | 37823 | 4899213 |
| Nabors Energy Transition Corp II Class A (c) | 46557 | 514455 |
| NewtekOne Inc  | 22981 | 249344 |
| NMI Holdings Inc (c) | 48402 | 1922527 |
| Oaktree Acquisition Corp III Class A  | 5441 | 56804 |
| Payoneer Global Inc (c) | 215345 | 1466499 |
| PayPal Holdings Inc (c) | 581731 | 40884056 |
| Paysign Inc (c) | 29027 | 129170 |
| Plum Acquisition Corp IV Class A  | 16059 | 162838 |
| Priority Technology Holdings Inc (b)(c) | 42936 | 366244 |
| Quetta Acquisition Corp (c) | 5515 | 58735 |
| Relativity Acquisition Corp Class A (c)(d) | 3558 | 0 |
| Remitly Global Inc (c) | 121189 | 2588597 |
| Repay Holdings Corp Class A (c) | 58356 | 280692 |
| Ryvyl Inc (c) | 2614 | 1502 |
| Security National Financial Corp Class A  | 8570 | 84500 |
| Sezzle Inc (b)(c) | 7716 | 823374 |
| SHF Holdings Inc Class A (c) | 1 | 3 |
| Spark I Acquisition Corp Class A (c) | 5593 | 60684 |
| Spring Valley Acquisition Corp II Class A (c) | 14356 | 168109 |
| SWK Holdings Corp  | 7169 | 100438 |
| Trailblazer Merger Corp I (c) | 2653 | 31358 |
| Translational Development Acquisition Corp Class A  | 16486 | 168487 |
| Usio Inc (c) | 12705 | 17914 |
| Waterstone Financial Inc  | 16746 | 216358 |
| Willow Lane Acquisition Corp Class A  | 3544 | 35901 |
| XBP Europe Holdings Inc Class A (b)(c) | 15476 | 15940 |
|  |  | 88070135 |
| Insurance - 0.5% |  |  |
| Abacus Global Management Inc Class A (b)(c) | 42179 | 326044 |
| American Coastal Insurance Corp  | 28042 | 302854 |
| Amerisafe Inc  | 10881 | 516521 |
| Arch Capital Group Ltd  | 221663 | 21066853 |
| Atlantic American Corp  | 8809 | 14887 |
| Baldwin Insurance Group Inc/The Class A (c) | 39348 | 1516078 |
| Brighthouse Financial Inc (c) | 35608 | 2129714 |
| Cincinnati Financial Corp  | 93391 | 14085231 |
| Conifer Holdings Inc (c) | 3312 | 2749 |
| Donegal Group Inc Class A  | 18229 | 368226 |
| eHealth Inc (c) | 12834 | 52619 |
| Enstar Group Ltd (c) | 6840 | 2291468 |
| Erie Indemnity Co Class A (b) | 27456 | 9843251 |
| Fundamental Global Inc (c) | 21 | 327 |
| GoHealth Inc Class A (c) | 5831 | 32129 |
| Goosehead Insurance Inc Class A  | 14855 | 1608202 |
| Greenlight Capital Re Ltd Class A (c) | 19761 | 285349 |
| Investors Title Co  | 1165 | 272633 |
| James River Group Holdings Ltd  | 10270 | 59771 |
| Kingstone Cos Inc (c) | 5664 | 92323 |
| NI Holdings Inc (c) | 13483 | 179054 |
| Palomar Hldgs Inc (c) | 15691 | 2690536 |
| Principal Financial Group Inc  | 130461 | 10161607 |
| Root Inc/OH Class A (c) | 6264 | 820521 |
| Safety Insurance Group Inc  | 8823 | 724721 |
| Selective Insurance Group Inc  | 37961 | 3341327 |
| Skyward Specialty Insurance Group Inc (c) | 26506 | 1679155 |
| Tiptree Inc Class A  | 21813 | 483812 |
| Trupanion Inc (c) | 23711 | 1118922 |
| TWFG Inc Class A (b) | 9159 | 320657 |
| United Fire Group Inc  | 16750 | 476538 |
| Willis Towers Watson PLC  | 58856 | 18630867 |
|  |  | 95494946 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.0% |  |  |
| AGNC Investment Corp (b) | 475832 | 4253938 |
| Manhattan Bridge Capital Inc (b) | 9852 | 51230 |
| New York Mortgage Trust Inc  | 71130 | 464479 |
| Seven Hills Realty Trust (b) | 15064 | 177605 |
| Sunrise Realty Trust Inc (b) | 4163 | 44711 |
|  |  | 4991963 |
| TOTAL FINANCIALS |  | 675080293 |
| Health Care - 5.1% |  |  |
| Biotechnology - 2.9% |  |  |
| 4D Molecular Therapeutics Inc (c) | 29410 | 106464 |
| 89bio Inc (c) | 67603 | 665214 |
| Abeona Therapeutics Inc (b)(c) | 43883 | 273830 |
| Abpro Holdings Inc Class A (c) | 26857 | 5739 |
| Absci Corp (b)(c) | 63546 | 168397 |
| ACADIA Pharmaceuticals Inc (c) | 97841 | 2110430 |
| Achieve Life Sciences Inc (c) | 18605 | 66606 |
| Acrivon Therapeutics Inc (c) | 18053 | 18956 |
| Actuate Therapeutics Inc (c) | 2247 | 26739 |
| Acumen Pharmaceuticals Inc (c) | 10555 | 10766 |
| Acurx Pharmaceuticals Inc (c) | 2925 | 1130 |
| Adamas Pharmaceuticals Inc rights (c)(d) | 26195 | 262 |
| Adamas Pharmaceuticals Inc rights (c)(d) | 26195 | 0 |
| Adaptimmune Therapeutics Plc ADR (c) | 67032 | 19607 |
| Adicet Bio Inc (c) | 77437 | 55623 |
| ADMA Biologics Inc (c) | 133599 | 2650604 |
| Adverum Biotechnologies Inc (c) | 11897 | 26411 |
| Agenus Inc (b)(c) | 765 | 2624 |
| Agios Pharmaceuticals Inc (c) | 33261 | 1067345 |
| Ainos Inc (c) | 1980 | 1337 |
| Akebia Therapeutics Inc (c) | 131481 | 398387 |
| Akero Therapeutics Inc (c) | 35767 | 1775832 |
| Akouos Inc (c)(d) | 22594 | 4293 |
| Alaunos Therapeutics Inc (c) | 1117 | 2748 |
| Albireo Pharma Inc rights (c)(d) | 10788 | 0 |
| Aldeyra Therapeutics Inc (b)(c) | 34897 | 75029 |
| Alector Inc (c) | 61781 | 82169 |
| Aligos Therapeutics Inc Class A (b)(c) | 1879 | 9940 |
| Alkermes PLC (c) | 99075 | 3032686 |
| Allogene Therapeutics Inc (b)(c) | 45308 | 53010 |
| Alnylam Pharmaceuticals Inc (c) | 76434 | 23278739 |
| Altimmune Inc (b)(c) | 48957 | 265837 |
| ALX Oncology Holdings Inc (b)(c) | 5196 | 2523 |
| Alzamend Neuro Inc (b)(c) | 110 | 421 |
| Amgen Inc  | 316011 | 91068051 |
| Amicus Therapeutics Inc (c) | 183617 | 1114555 |
| AnaptysBio Inc (b)(c) | 16195 | 360015 |
| Anavex Life Sciences Corp (b)(c) | 53320 | 401500 |
| Anika Therapeutics Inc (c) | 8889 | 99112 |
| Anixa Biosciences Inc (c) | 24102 | 61942 |
| Annexon Inc (c) | 53583 | 109309 |
| Apellis Pharmaceuticals Inc (c) | 72243 | 1223074 |
| Apogee Therapeutics Inc (c) | 23607 | 864960 |
| Applied Therapeutics Inc (c) | 52499 | 18548 |
| Arbutus Biopharma Corp (b)(c) | 118928 | 399598 |
| Arcellx Inc (c) | 31246 | 1939127 |
| Arcturus Therapeutics Holdings Inc (b)(c) | 13326 | 166975 |
| Arcutis Biotherapeutics Inc (c) | 57639 | 751613 |
| Ardelyx Inc (c) | 137773 | 505627 |
| ArriVent Biopharma Inc (b)(c) | 19821 | 421196 |
| Arrowhead Pharmaceuticals Inc (c) | 80605 | 1295322 |
| ARS Pharmaceuticals Inc (b)(c) | 56544 | 815930 |
| Assembly Biosciences Inc (c) | 3123 | 44190 |
| Astria Therapeutics Inc (c) | 32544 | 154909 |
| Atara Biotherapeutics Inc (b)(c) | 2678 | 20888 |
| Atossa Therapeutics Inc (b)(c) | 63171 | 49090 |
| aTyr Pharma Inc (b)(c) | 46509 | 207895 |
| Aura Biosciences Inc (c) | 27087 | 158730 |
| Avalo Therapeutics Inc (c) | 6204 | 24816 |
| Avidity Biosciences Inc (c) | 47547 | 1473006 |
| Avita Medical Inc (b)(c) | 15597 | 87655 |
| Beam Therapeutics Inc (b)(c) | 52739 | 834858 |
| Beyondspring Inc (b)(c) | 23601 | 40358 |
| Bicara Therapeutics Inc (b) | 34632 | 320346 |
| bioAffinity Technologies Inc (b)(c) | 18069 | 5059 |
| BioAtla Inc (b)(c) | 8259 | 3378 |
| BioCardia Inc (c) | 964 | 2082 |
| BioCryst Pharmaceuticals Inc (c) | 122007 | 1311575 |
| Biogen Inc (c) | 86039 | 11167002 |
| BioMarin Pharmaceutical Inc (c) | 112501 | 6532933 |
| Biomea Fusion Inc (b)(c) | 12724 | 18323 |
| BioRestorative Therapies Inc (b)(c) | 3862 | 6759 |
| BioVie Inc (b)(c) | 2295 | 2387 |
| Black Diamond Therapeutics Inc (b)(c) | 32498 | 71496 |
| Blueprint Medicines Corp (c) | 36430 | 3692181 |
| Bolt Biotherapeutics Inc (c) | 2865 | 901 |
| BrainStorm Cell Therapeutics Inc (b)(c) | 3706 | 4151 |
| Bridgebio Pharma Inc (c) | 105987 | 3630055 |
| C4 Therapeutics Inc (c) | 28043 | 35054 |
| Cabaletta Bio Inc (b)(c) | 36201 | 67696 |
| CAMP4 Therapeutics Corp (b) | 4486 | 8882 |
| Candel Therapeutics Inc (b)(c) | 23472 | 127922 |
| Capricor Therapeutics Inc (b)(c) | 27035 | 267376 |
| Cardiff Oncology Inc (b)(c) | 34646 | 118143 |
| Cardio Diagnostics Holdings Inc (b)(c) | 398 | 1588 |
| CareDx Inc (c) | 31860 | 541301 |
| Cargo Therapeutics Inc (b)(c) | 26922 | 114419 |
| Caribou Biosciences Inc (c) | 94010 | 99651 |
| Carisma Therapeutics Inc (b)(c) | 9484 | 1808 |
| Carisma Therapeutics Inc rights (c)(d) | 92579 | 0 |
| Cartesian Therapeutics Inc (b)(c) | 14978 | 143190 |
| Cartesian Therapeutics Inc rights (b)(c)(d) | 116771 | 32696 |
| CASI Pharmaceuticals Holdings Inc (c) | 18808 | 36111 |
| Catalyst Pharmaceuticals Inc (c) | 72312 | 1804908 |
| Celcuity Inc (c) | 26897 | 285915 |
| Celldex Therapeutics Inc (c) | 43106 | 852637 |
| Cellectar Biosciences Inc (c) | 6026 | 1537 |
| Celularity Inc Class A (b)(c) | 5138 | 10841 |
| Centessa Pharmaceuticals PLC ADR (c) | 33539 | 453112 |
| Century Therapeutics Inc (b)(c) | 15341 | 8137 |
| CervoMed Inc (b)(c) | 4911 | 35457 |
| CG oncology Inc (c) | 42047 | 1077244 |
| Chinook Therapeutics Inc rights (c)(d) | 11497 | 0 |
| Cibus Inc Class A (b)(c) | 12151 | 39248 |
| Cidara Therapeutics Inc (b)(c) | 3967 | 86005 |
| Citius Oncology Inc Class A (b)(c) | 20539 | 18485 |
| Clene Inc (c) | 4823 | 15385 |
| Climb Bio Inc (c) | 30627 | 36140 |
| Coeptis Therapeutics Holdings Inc (c) | 292 | 2672 |
| Cogent Biosciences Inc (c) | 61772 | 336040 |
| Cogent Biosciences Inc rights (c)(d) | 12548 | 0 |
| Coherus Biosciences Inc (b)(c) | 25674 | 20000 |
| Compass Therapeutics Inc (c) | 76586 | 160831 |
| Concert Pharmaceuticals Inc rights (c)(d) | 24247 | 0 |
| Corbus Pharmaceuticals Holdings Inc (b)(c) | 6289 | 46664 |
| Corvus Pharmaceuticals Inc (b)(c) | 47461 | 179403 |
| COSCIENS Biopharma Inc warrants 5/24/2029 (b)(c) | 434 | 1515 |
| Coya Therapeutics Inc (c) | 7996 | 42619 |
| Crinetics Pharmaceuticals Inc (c) | 41284 | 1259575 |
| Cue Biopharma Inc (c) | 29250 | 18662 |
| Cullinan Therapeutics Inc (c) | 24800 | 214396 |
| Curis Inc (c) | 2839 | 6984 |
| Cytokinetics Inc (c) | 61442 | 1905931 |
| CytomX Therapeutics Inc (b)(c) | 19988 | 52968 |
| Day One Biopharmaceuticals Inc (c) | 64709 | 412843 |
| Denali Therapeutics Inc (c) | 86920 | 1150821 |
| Design Therapeutics Inc (c) | 21765 | 81183 |
| DiaMedica Therapeutics Inc (b)(c) | 42740 | 175661 |
| Dianthus Therapeutics Inc (c) | 16412 | 285405 |
| Dianthus Therapeutics Inc rights (c)(d) | 44600 | 0 |
| Disc Medicine Inc (c) | 14409 | 672612 |
| Dogwood Therapeutics Inc (c) | 880 | 4558 |
| Dogwood Therapeutics Inc (b)(d) | 880 | 0 |
| Dyadic International Inc (c) | 48866 | 50332 |
| Dynavax Technologies Corp (c) | 76001 | 744050 |
| Dyne Therapeutics Inc (c) | 48356 | 578338 |
| Edesa Biotech Inc (b)(c) | 1335 | 2617 |
| Editas Medicine Inc (c) | 41990 | 72223 |
| Eledon Pharmaceuticals Inc (c) | 34828 | 104484 |
| Elevation Oncology Inc (c) | 10711 | 3214 |
| Elicio Therapeutics Inc (c) | 5709 | 41276 |
| Elutia Inc (b)(c) | 14760 | 26568 |
| Enanta Pharmaceuticals Inc (c) | 20814 | 123427 |
| Entrada Therapeutics Inc (c) | 20746 | 157670 |
| Equillium Inc (c) | 9425 | 3676 |
| Erasca Inc (c) | 58703 | 82184 |
| Estrella Immunopharma Inc (b)(c) | 1582 | 1550 |
| Exact Sciences Corp (c) | 110667 | 6228339 |
| Exagen Inc (c) | 11992 | 83344 |
| Exelixis Inc (c) | 179688 | 7733772 |
| Exicure Inc (b)(c) | 853 | 8419 |
| eXoZymes Inc (b)(c) | 1997 | 26760 |
| Fate Therapeutics Inc (c) | 16845 | 20382 |
| Fibrobiologics Inc (b)(c) | 21996 | 16046 |
| FibroGen Inc (c) | 49798 | 14322 |
| Foghorn Therapeutics Inc (c) | 25990 | 106039 |
| Forte Biosciences Inc (b)(c) | 1236 | 10506 |
| Fortress Biotech Inc (b)(c) | 5930 | 11208 |
| Gain Therapeutics Inc (c) | 10062 | 17810 |
| Galectin Therapeutics Inc (b)(c) | 67748 | 88750 |
| Genelux Corp (b)(c) | 19561 | 47338 |
| Generation Bio CO (c) | 2551 | 965 |
| Geron Corp (c) | 326453 | 496209 |
| Gilead Sciences Inc  | 732875 | 80674881 |
| GlycoMimetics Inc (b)(c) | 22686 | 4762 |
| Gossamer Bio Inc (c) | 121525 | 134893 |
| GRAIL Inc (b) | 13916 | 534514 |
| Greenwich Lifesciences Inc (b)(c) | 7220 | 71117 |
| Gyre Therapeutics Inc (b)(c) | 48579 | 440612 |
| Gyre Therapeutics Inc rights (c)(d) | 25124 | 0 |
| Halozyme Therapeutics Inc (c) | 74504 | 4177439 |
| HCW Biologics Inc (b)(c) | 412 | 3185 |
| Heron Therapeutics Inc (b)(c) | 87973 | 165389 |
| Hookipa Pharma Inc (c) | 3820 | 6074 |
| Humacyte Inc Class A (b)(c) | 62178 | 166015 |
| Ideaya Biosciences Inc (c) | 43841 | 871997 |
| IGM Biosciences Inc (c) | 9614 | 12210 |
| Immix Biopharma Inc (b)(c) | 13727 | 32121 |
| ImmuCell Corp (c) | 2008 | 12851 |
| Immunic Inc (b)(c) | 39039 | 25762 |
| ImmunityBio Inc (b)(c) | 399522 | 1062729 |
| Immunome Inc (c) | 60628 | 531101 |
| Immunovant Inc (c) | 86608 | 1286129 |
| Imunon Inc (b)(c) | 2129 | 5301 |
| IN8bio Inc (c) | 17031 | 2524 |
| Incyte Corp (c) | 114141 | 7426013 |
| Inhibikase Therapeutics Inc (c) | 30268 | 60839 |
| Inmune Bio Inc (b)(c) | 10829 | 79918 |
| Inovio Pharmaceuticals Inc (b)(c) | 11435 | 22870 |
| Inozyme Pharma Inc (b)(c) | 26631 | 105725 |
| Insmed Inc (c) | 106465 | 7423804 |
| Instil Bio Inc (b)(c) | 2734 | 73681 |
| Intellia Therapeutics Inc (b)(c) | 63099 | 433490 |
| Intensity Therapeutics Inc (c) | 6917 | 3287 |
| Invivyd Inc (b)(c) | 44310 | 41430 |
| Ionis Pharmaceuticals Inc (c) | 86996 | 2915236 |
| Iovance Biotherapeutics Inc (b)(c) | 166053 | 290593 |
| Ironwood Pharmaceuticals Inc Class A (c) | 65137 | 39024 |
| iTeos Therapeutics Inc (c) | 21888 | 219318 |
| Janux Therapeutics Inc (c) | 30103 | 716451 |
| Jasper Therapeutics Inc Class A (c) | 9659 | 53125 |
| KALA BIO Inc (b)(c) | 692 | 2574 |
| Kalaris Therapeutics Inc (c) | 1023 | 2967 |
| KalVista Pharmaceuticals Inc (b)(c) | 35956 | 424281 |
| Karyopharm Therapeutics Inc (b)(c) | 3456 | 14515 |
| Keros Therapeutics Inc (c) | 21338 | 301933 |
| Kezar Life Sciences Inc (c) | 1617 | 6759 |
| Kineta Inc rights (c)(d) | 39785 | 0 |
| Kiniksa Pharmaceuticals International Plc Class A (c) | 23311 | 637789 |
| Kinnate Biopharma Inc rights (c)(d) | 26452 | 0 |
| Kodiak Sciences Inc (c) | 28383 | 96502 |
| Korro Bio Inc (b)(c) | 5419 | 61885 |
| Korro Bio Inc rights (b)(c)(d) | 14063 | 0 |
| Kronos Bio Inc (c) | 32115 | 21678 |
| Krystal Biotech Inc (c) | 16807 | 2117010 |
| Kura Oncology Inc (c) | 44818 | 255014 |
| Kymera Therapeutics Inc (c) | 36404 | 1079015 |
| Kyverna Therapeutics Inc (b)(c) | 8211 | 20938 |
| Lantern Pharma Inc (b)(c) | 6838 | 20856 |
| Larimar Therapeutics Inc (c) | 42494 | 95612 |
| Leap Therapeutics Inc (b)(c) | 16182 | 6117 |
| Legend Biotech Corp ADR (c) | 50106 | 1450569 |
| Lexeo Therapeutics Inc (b)(c) | 25247 | 68672 |
| Lexicon Pharmaceuticals Inc (b)(c) | 126759 | 79427 |
| Lisata Therapeutics Inc (c) | 2010 | 5306 |
| Lixte Biotechnology Holdings Inc (c) | 775 | 915 |
| Longeveron Inc (c) | 2931 | 3634 |
| Lumos Pharma Inc rights (b)(c)(d) | 8658 | 0 |
| Lyell Immunopharma Inc (c) | 76419 | 33372 |
| MacroGenics Inc (c) | 26696 | 36307 |
| Madrigal Pharmaceuticals Inc (b)(c) | 11842 | 3259629 |
| MannKind Corp (c) | 158220 | 656613 |
| Marker Therapeutics Inc (c) | 5272 | 8224 |
| MediciNova Inc (c) | 25966 | 36093 |
| MediPacific Inc Class A rights (c)(d) | 30249 | 0 |
| MEI Pharma Inc (c) | 2308 | 4985 |
| MeiraGTx Holdings plc (c) | 38759 | 198446 |
| Mersana Therapeutics Inc (c) | 37288 | 12816 |
| Metagenomi Inc (b)(c) | 21951 | 37317 |
| MetaVia Inc (c) | 4751 | 3089 |
| MetaVia Inc rights (c)(d) | 612 | 0 |
| Metsera Inc (b) | 62946 | 1681917 |
| MiMedx Group Inc (c) | 96832 | 622630 |
| Mineralys Therapeutics Inc (c) | 26099 | 406622 |
| Minerva Neurosciences Inc (c) | 5184 | 8035 |
| MiNK Therapeutics Inc (b)(c) | 1902 | 13276 |
| Mirum Pharmaceuticals Inc (c) | 28134 | 1250838 |
| Moderna Inc (c) | 229191 | 6087313 |
| Monopar Therapeutics Inc (b)(c) | 3192 | 101282 |
| Monte Rosa Therapeutics Inc (c) | 34776 | 145364 |
| MoonLake Immunotherapeutics Class A (b)(c) | 39636 | 1546200 |
| Mural Oncology PLC (c) | 1308 | 3427 |
| Myriad Genetics Inc (c) | 53471 | 224043 |
| Natera Inc (c) | 80079 | 12630861 |
| NeuBase Therapeutics Inc (c)(d) | 985 | 233 |
| Neurocrine Biosciences Inc (c) | 58065 | 7143156 |
| Neurogene Inc (b)(c) | 7809 | 132831 |
| Neurogene Inc rights (b)(c)(d) | 4505 | 0 |
| NextCure Inc (c) | 8950 | 4407 |
| Nkarta Inc (c) | 49901 | 86828 |
| Novavax Inc (b)(c) | 77635 | 569841 |
| Nurix Therapeutics Inc (c) | 32554 | 346049 |
| Nuvalent Inc Class A (c) | 34732 | 2591355 |
| Nuvectis Pharma Inc (b)(c) | 10226 | 96227 |
| Ocugen Inc (b)(c) | 182321 | 152439 |
| Olema Pharmaceuticals Inc (c) | 32613 | 172197 |
| OmniAb Operations Inc (c)(d) | 3424 | 7362 |
| OmniAb Operations Inc (c)(d) | 3424 | 6539 |
| Oncocyte Corp (c) | 3986 | 13234 |
| Oncternal Therapeutics Inc rights (b)(c)(d) | 4319 | 0 |
| OnKure Therapeutics Inc Class A (b)(c) | 1087 | 2750 |
| Opus Genetics Inc (c) | 29775 | 29611 |
| Organogenesis Holdings Inc Class A (c) | 61402 | 168241 |
| ORIC Pharmaceuticals Inc (b)(c) | 39045 | 318998 |
| Oruka Therapeutics Inc  | 21951 | 240583 |
| OSR Holdings Inc (b)(c) | 4318 | 6261 |
| Outlook Therapeutics Inc (b)(c) | 7574 | 13936 |
| Ovid therapeutics Inc (c) | 31199 | 8492 |
| Pacira Therapeutic Inc rights (c)(d) | 69500 | 0 |
| Palisade Bio Inc rights (b)(c)(d) | 29628 | 0 |
| Palvella Therapeutics Inc (b)(c) | 7710 | 186042 |
| Palvella Therapeutics Inc rights (c)(d) | 282 | 0 |
| Passage Bio Inc (c) | 12450 | 5432 |
| PDS Biotechnology Corp (b)(c) | 15312 | 21131 |
| PepGen Inc (b)(c) | 22676 | 33107 |
| PharmaCyte Biotech Inc (c) | 26211 | 27259 |
| Pluri Inc (b)(c) | 2751 | 12159 |
| PMV Pharmaceuticals Inc (c) | 12039 | 10573 |
| Praxis Precision Medicines Inc (c) | 11679 | 450225 |
| Precigen Inc (b)(c) | 101354 | 133787 |
| Precision BioSciences Inc (b)(c) | 2657 | 12833 |
| Prelude Therapeutics Inc (c) | 20595 | 18245 |
| Prime Medicine Inc (b)(c) | 85457 | 100839 |
| ProKidney Corp Class A (b)(c) | 62420 | 45117 |
| Protagenic Therapeutics Inc (b)(c) | 1256 | 4836 |
| Protagonist Therapeutics Inc (c) | 35545 | 1687321 |
| Protara Therapeutics Inc (c) | 9599 | 29181 |
| PTC Therapeutics Inc (c) | 45672 | 2216005 |
| Puma Biotechnology Inc (c) | 28173 | 92407 |
| PureTech Health PLC ADR (b)(c) | 770 | 14160 |
| Pyxis Oncology Inc (b)(c) | 30129 | 36456 |
| Q32 Bio Inc (b)(c) | 6497 | 11240 |
| Q32 Bio Inc rights (b)(c)(d) | 29351 | 0 |
| Quince Therapeutics Inc (b)(c) | 25340 | 26354 |
| Radius Health Inc (c)(d) | 26855 | 0 |
| Rallybio Corp (c) | 24028 | 7425 |
| RAPT Therapeutics Inc (c) | 1710 | 1514 |
| Recursion Pharmaceuticals Inc Class A (b)(c) | 121227 | 506729 |
| Regeneron Pharmaceuticals Inc  | 63354 | 31061199 |
| Regeneron Pharmaceuticals Inc rights (c)(d) | 16049 | 0 |
| REGENXBIO Inc (c) | 39285 | 347672 |
| Regulus Therapeutics Inc (c) | 47351 | 375493 |
| Rein Therapeutics Inc (c) | 8122 | 15838 |
| Relay Therapeutics Inc (c) | 96017 | 288051 |
| Renovaro Inc (c) | 92582 | 28673 |
| RenovoRx Inc (c) | 7791 | 10907 |
| Replimune Group Inc (c) | 46099 | 413969 |
| Revolution Medicines Inc (c) | 97961 | 3859663 |
| Rezolute Inc/old (c) | 36400 | 149968 |
| Rhythm Pharmaceuticals Inc (c) | 35591 | 2182796 |
| Rigel Pharmaceuticals Inc (c) | 6287 | 120710 |
| Rocket Pharmaceuticals Inc (c) | 53599 | 134533 |
| Roivant Sciences Ltd (c) | 478559 | 5259363 |
| SAB Biotherapeutics Inc (b)(c) | 4937 | 9528 |
| Sage Therapeutics Inc (c) | 41791 | 269970 |
| Sagimet Biosciences Inc Class A (b)(c) | 16595 | 58912 |
| Sana Biotechnology Inc (b)(c) | 149215 | 323797 |
| Sangamo Therapeutics Inc (b)(c) | 122707 | 57059 |
| Sarepta Therapeutics Inc (c) | 56937 | 2140831 |
| Savara Inc (b)(c) | 71158 | 162240 |
| Scholar Rock Holding Corp (c) | 42153 | 1222859 |
| SELLAS Life Sciences Group Inc (b)(c) | 41675 | 71264 |
| Sensei Biotherapeutics Inc (b)(c) | 2477 | 747 |
| Sera Prognostics Inc Class A (c) | 23191 | 36178 |
| Seres Therapeutics Inc (b)(c) | 4488 | 31640 |
| Shattuck Labs Inc (c) | 25719 | 25976 |
| Shuttle Pharmaceuticals Holdings Inc (c) | 6601 | 1154 |
| Sigilon Therapeutics Inc rights (c)(d) | 1064 | 8959 |
| Sionna Therapeutics Inc (b) | 22083 | 302316 |
| Skye Bioscience Inc (b)(c) | 18888 | 37398 |
| Soleno Therapeutics Inc (c) | 23916 | 1754239 |
| Solid Biosciences Inc (c) | 17714 | 56862 |
| Spectrum Pharmaceuticals Inc rights (c)(d) | 111379 | 0 |
| Spero Therapeutics Inc (c) | 19478 | 48695 |
| SpringWorks Therapeutics Inc (c) | 43883 | 2049775 |
| Spyre Therapeutics Inc (b)(c) | 31803 | 485950 |
| Spyre Therapeutics Inc rights (c)(d) | 34317 | 0 |
| Stoke Therapeutics Inc (c) | 30371 | 289739 |
| Summit Therapeutics Inc (b)(c) | 436541 | 7951594 |
| Surface Oncology Inc rights (c)(d) | 23135 | 0 |
| Surrozen Inc Class A (b)(c) | 2766 | 23483 |
| Sutro Biopharma Inc (c) | 22583 | 20273 |
| Syndax Pharmaceuticals Inc (c) | 55300 | 582862 |
| Synlogic Inc (c) | 9047 | 10404 |
| Tango Therapeutics Inc (b)(c) | 47985 | 106527 |
| Taysha Gene Therapies Inc (c) | 109633 | 297105 |
| Tectonic Therapeutic Inc (c) | 8299 | 178512 |
| Tectonic Therapeutic Inc rights (c)(d) | 2331 | 0 |
| Tenax Therapeutics Inc (c) | 364 | 2275 |
| Tenaya Therapeutics Inc (b)(c) | 22500 | 10350 |
| Tevogen Bio Holdings Inc Class A (b)(c) | 92836 | 119758 |
| TG Therapeutics Inc (c) | 91692 | 3219306 |
| Tobira Therapeutics Inc rights (b)(c)(d) | 6103 | 0 |
| Tonix Pharmaceuticals Holding Corp (c) | 2687 | 106889 |
| Tourmaline Bio Inc (b)(c) | 14863 | 247915 |
| Travere Therapeutics Inc (c) | 48756 | 732315 |
| TriSalus Life Sciences Inc Class A (c) | 19236 | 96180 |
| TScan Therapeutics Inc (c) | 28767 | 41137 |
| Turnstone Biologics Corp (c) | 7854 | 2574 |
| Twist Bioscience Corp (c) | 33908 | 993504 |
| Tyra Biosciences Inc (c) | 36163 | 329083 |
| Ultragenyx Pharmaceutical Inc (c) | 51564 | 1754723 |
| Unicycive Therapeutics Inc (c) | 42348 | 24807 |
| United Therapeutics Corp (c) | 26329 | 8395002 |
| United Therapeutics Corp rights (c)(d) | 19958 | 0 |
| UNITY Biotechnology Inc (c) | 3870 | 2706 |
| Upstream Bio Inc  | 35203 | 324924 |
| UroGen Pharma Ltd (b)(c) | 19633 | 83244 |
| Vanda Pharmaceuticals Inc (c) | 35063 | 152173 |
| Vaxart Inc (c) | 122375 | 53001 |
| Vaxcyte Inc (c) | 76990 | 2501405 |
| Vera Therapeutics Inc Class A (c) | 31232 | 591846 |
| Veracyte Inc (c) | 45547 | 1212006 |
| Verastem Inc (b)(c) | 35798 | 269201 |
| Vericel Corp (c) | 28395 | 1172572 |
| Vertex Pharmaceuticals Inc (c) | 151344 | 66901615 |
| Verve Therapeutics Inc (b)(c) | 40787 | 181502 |
| Vigil Neuroscience Inc (c) | 24515 | 193423 |
| Viking Therapeutics Inc (b)(c) | 66500 | 1782200 |
| Vir Biotechnology Inc (c) | 67359 | 332753 |
| Viridian Therapeutics Inc (c) | 47344 | 659029 |
| Viridian Therapeutics Inc rights (c)(d) | 30380 | 0 |
| Vistagen Therapeutics Inc (c) | 12189 | 31448 |
| Vor BioPharma Inc (c) | 31312 | 6259 |
| Voyager Therapeutics Inc (c) | 29804 | 81663 |
| vTv Therapeutics Inc Class A (b)(c) | 2524 | 40106 |
| Werewolf Therapeutics Inc (c) | 12833 | 15528 |
| Whitehawk Therapeutics Inc (c) | 3301 | 5579 |
| X4 Pharmaceuticals Inc (b)(c) | 3145 | 10693 |
| XBiotech Inc (b)(c) | 16960 | 48336 |
| Xencor Inc (c) | 41742 | 333936 |
| Xenetic Biosciences Inc (c) | 2070 | 5920 |
| Xilio Therapeutics Inc (c) | 14316 | 15318 |
| XOMA Royalty Corp (c) | 7259 | 179733 |
| Y-mAbs Therapeutics Inc (c) | 25975 | 119485 |
| Zenas Biopharma Inc  | 24857 | 236639 |
| Zentalis Pharmaceuticals Inc (c) | 28455 | 34431 |
| Zymeworks Inc (c) | 40071 | 458012 |
|  |  | 518684435 |
| Health Care Equipment & Supplies - 1.4% |  |  |
| ABIOMED Inc (c)(d) | 25491 | 56590 |
| Accuray Inc Del (c) | 54348 | 83152 |
| Adagio Medical Holdings Inc (b) | 5436 | 6143 |
| Align Technology Inc (c) | 42905 | 7763231 |
| Alphatec Holdings Inc (b)(c) | 82171 | 1021386 |
| AngioDynamics Inc (c) | 37311 | 380572 |
| Apyx Medical Corp (c) | 20572 | 32092 |
| AtriCure Inc (c) | 31837 | 1100605 |
| Axogen Inc (c) | 25183 | 274243 |
| Beta Bionics Inc (b) | 20925 | 360747 |
| Beyond Air Inc (c) | 33977 | 6197 |
| Bioventus Inc (c) | 38014 | 246331 |
| Ceribell Inc  | 23540 | 395707 |
| Cerus Corp (c) | 103863 | 131906 |
| Check Cap Ltd (b)(c) | 2932 | 2463 |
| ClearPoint Neuro Inc (c) | 15290 | 180575 |
| Co-Diagnostics Inc (c) | 1180 | 301 |
| Cooper Cos Inc/The (c) | 118145 | 8066941 |
| CVRx Inc (b)(c) | 13287 | 88159 |
| CytoSorbents Corp (b)(c) | 32102 | 26966 |
| CytoSorbents Corp A warrants 12/31/2029 (c)(d) | 13754 | 0 |
| CytoSorbents Corp B warrants 12/31/2029 (b)(c)(d) | 13754 | 0 |
| Delcath Systems Inc (c) | 20714 | 335774 |
| DENTSPLY SIRONA Inc  | 119633 | 1911735 |
| Dexcom Inc (c) | 231168 | 19834214 |
| DIH Holdings US Inc Class A (b)(c) | 20389 | 4675 |
| ElectroCore Inc (b)(c) | 10837 | 54185 |
| Embecta Corp  | 34326 | 361453 |
| Envoy Medical Inc Class A (b)(c) | 14692 | 23360 |
| enVVeno Medical Corp (c) | 20487 | 73958 |
| Femasys Inc (b)(c) | 18182 | 16000 |
| FONAR Corp (c) | 3366 | 48807 |
| Fractyl Health Inc (b)(c) | 29844 | 56704 |
| GE HealthCare Technologies Inc  | 268921 | 18969687 |
| HeartBeam inc (c) | 16484 | 28023 |
| Hologic Inc (c) | 132959 | 8266061 |
| Hyperfine Inc Class A (c) | 11927 | 7186 |
| ICU Medical Inc (c) | 14912 | 2011032 |
| IDEXX Laboratories Inc (c) | 47682 | 24478033 |
| Inmode Ltd (b)(c) | 47510 | 696497 |
| Inogen Inc (c) | 6758 | 43420 |
| Insulet Corp (c) | 41116 | 13363933 |
| Integra LifeSciences Holdings Corp (c) | 46656 | 590665 |
| Intuitive Surgical Inc (c) | 209947 | 115962127 |
| INVO Fertility Inc Class A (c) | 400 | 676 |
| iRadimed Corp  | 7986 | 462230 |
| iRhythm Technologies Inc (c) | 18507 | 2600234 |
| IRIDEX Corp (b)(c) | 14777 | 14711 |
| Kestra Medical Technologies Ltd  | 28334 | 638082 |
| Kewaunee Scientific Corp (c) | 1782 | 68536 |
| KORU Medical Systems Inc (c) | 31356 | 84661 |
| Lantheus Holdings Inc (c) | 41472 | 3133624 |
| LeMaitre Vascular Inc (b) | 13225 | 1087095 |
| LENSAR Inc (b)(c) | 8155 | 110337 |
| LivaNova PLC (c) | 32178 | 1391699 |
| Lucid Diagnostics Inc (c) | 38291 | 53224 |
| Masimo Corp (c) | 31728 | 5155800 |
| Merit Medical Systems Inc (c) | 34314 | 3260859 |
| Microbot Medical Inc (b)(c) | 2681 | 6810 |
| Modular Medical Inc (c) | 25759 | 22153 |
| Monogram Technologies Inc (b)(c) | 15368 | 37037 |
| NanoVibronix Inc (c) | 1 | 0 |
| Neogen Corp (c) | 123583 | 724196 |
| Neovasc Inc rights (c)(d) | 854 | 0 |
| Neuronetics Inc (b)(c) | 26076 | 101957 |
| NeuroOne Medical Technologies Corp (c) | 29832 | 18230 |
| NeuroPace Inc (c) | 16625 | 219783 |
| Nexalin Technology Inc (b)(c) | 3846 | 4577 |
| Nexgel Inc (c) | 546 | 1201 |
| Novocure Ltd (c) | 63189 | 1207542 |
| Omnicell Inc (c) | 27115 | 823483 |
| OraSure Technologies Inc (c) | 19999 | 57597 |
| Orchestra BioMed Holdings Inc (b)(c) | 22556 | 64285 |
| Orthofix Medical Inc (c) | 16449 | 185051 |
| OrthoPediatrics Corp (c) | 15188 | 303152 |
| Pro-Dex Inc (b)(c) | 3411 | 136594 |
| PROCEPT BioRobotics Corp (c) | 31785 | 1843530 |
| Pulmonx Corp (c) | 24714 | 84028 |
| Pulse Biosciences Inc (b)(c) | 40283 | 697097 |
| Pulse Biosciences Inc warrants 6/26/2030 (b)(c) | 4012 | 19771 |
| QuidelOrtho Corp (c) | 42784 | 1312185 |
| Rockwell Medical Inc (c) | 17380 | 17086 |
| RxSight Inc (c) | 21884 | 334606 |
| Sanara Medtech Inc (c) | 5156 | 149524 |
| SeaStar Medical Holding Corp Class A (b)(c) | 4470 | 5319 |
| Semler Scientific Inc (b)(c) | 4369 | 174760 |
| Sensus Healthcare Inc (c) | 10687 | 50870 |
| SI-BONE Inc (b)(c) | 34494 | 651937 |
| Sight Sciences Inc (c) | 19680 | 72619 |
| Spectral AI Inc Class A (b)(c) | 10463 | 16741 |
| STAAR Surgical Co (b)(c) | 30930 | 550863 |
| Strata Skin Sciences Inc (c) | 1744 | 4255 |
| Surmodics Inc (c) | 8185 | 237529 |
| Tactile Systems Technology Inc (c) | 9719 | 96024 |
| Tandem Diabetes Care Inc (c) | 38972 | 772425 |
| Tela Bio Inc (c) | 18634 | 25901 |
| Tenon Medical Inc (c) | 638 | 689 |
| TransMedics Group Inc (b)(c) | 20002 | 2542654 |
| Treace Medical Concepts Inc (c) | 22657 | 130051 |
| UFP Technologies Inc (c) | 4879 | 1142662 |
| Utah Medical Products Inc  | 2529 | 139297 |
| Varex Imaging Corp (c) | 18147 | 139187 |
| Vivani Medical Inc (c) | 37626 | 47409 |
| Zimvie Inc (c) | 17620 | 161047 |
| Zynex Inc (b)(c) | 24118 | 56436 |
|  |  | 260813754 |
| Health Care Providers & Services - 0.3% |  |  |
| Acadia Healthcare Co Inc (c) | 55382 | 1253848 |
| AdaptHealth Corp (c) | 80965 | 727066 |
| Addus HomeCare Corp (c) | 10642 | 1180304 |
| AirSculpt Technologies Inc (b)(c) | 34189 | 150773 |
| Alignment Healthcare Inc (c) | 114174 | 1754854 |
| Amedisys Inc (c) | 19889 | 1870958 |
| Astrana Health Inc (c) | 31222 | 773993 |
| Aveanna Healthcare Holdings Inc (c) | 112392 | 599049 |
| Biodesix Inc (b)(c) | 59741 | 18042 |
| BrightSpring Health Services Inc (b)(c) | 101892 | 2426049 |
| Castle Biosciences Inc (c) | 13840 | 221025 |
| Clover Health Investments Corp Class A (c) | 238694 | 749499 |
| CorVel Corp (c) | 30692 | 3415099 |
| Cosmos Health Inc (c) | 2226 | 988 |
| Cross Country Healthcare Inc (c) | 22341 | 294454 |
| DocGo Inc Class A (c) | 63323 | 89919 |
| Ensign Group Inc/The  | 34621 | 5098289 |
| Fulgent Genetics Inc (c) | 28465 | 589795 |
| GeneDx Holdings Corp Class A (b)(c) | 16388 | 1167153 |
| Guardant Health Inc (c) | 72380 | 2940076 |
| HealthEquity Inc (c) | 51304 | 5161696 |
| Henry Schein Inc (c) | 73738 | 5160924 |
| Innovage Holding Corp (c) | 78796 | 322276 |
| Joint Corp/The (b)(c) | 8305 | 88864 |
| LifeStance Health Group Inc (c) | 237143 | 1408629 |
| MSP Recovery Inc warrants 5/20/2027 (c) | 1585094 | 2695 |
| National Research Corp Class A  | 15135 | 204474 |
| NeoGenomics Inc (c) | 76066 | 553760 |
| Nutex Health Inc (c) | 1853 | 310822 |
| Oncology Institute Inc/The (c) | 16051 | 51203 |
| OPKO Health Inc (c) | 370729 | 504191 |
| Option Care Health Inc (c) | 103823 | 3392936 |
| P3 Health Partners Inc Class A (b)(c) | 610 | 4465 |
| Pennant Group Inc/The (c) | 17279 | 496080 |
| Performant Healthcare Inc (c) | 50127 | 153890 |
| Precipio Inc (c) | 3097 | 29483 |
| Premier Inc Class A (b) | 50226 | 1154193 |
| Privia Health Group Inc (c) | 70269 | 1599322 |
| Progyny Inc (c) | 54154 | 1164311 |
| Quipt Home Medical Corp (United States) (b)(c) | 27573 | 49356 |
| RadNet Inc (c) | 44576 | 2562674 |
| SBC Medical Group Holdings Inc (b)(c) | 5240 | 26881 |
| Surgery Partners Inc (c) | 79410 | 1874870 |
| Talkspace Inc Class A (c) | 82656 | 263673 |
| Viemed Healthcare Inc (c) | 24406 | 162300 |
|  |  | 52025201 |
| Health Care Technology - 0.0% |  |  |
| Bullfrog AI Holdings Inc (b)(c) | 3407 | 5826 |
| CareCloud Inc (c) | 13011 | 26282 |
| Certara Inc (c) | 104434 | 1186370 |
| Definitive Healthcare Corp Class A (b)(c) | 30967 | 102501 |
| Forian Inc (c) | 18658 | 38809 |
| GoodRx Holdings Inc Class A (c) | 55580 | 217874 |
| Health Catalyst Inc (c) | 54789 | 208198 |
| Healthcare Triangle Inc (c) | 11606 | 94 |
| HealthStream Inc  | 18820 | 527336 |
| iCAD Inc (c) | 25911 | 99498 |
| iSpecimen Inc (b)(c) | 1780 | 2172 |
| LifeMD Inc (c) | 26734 | 326422 |
| OptimizeRx Corp (c) | 10189 | 123694 |
| Schrodinger Inc/United States (c) | 39565 | 855395 |
| Simulations Plus Inc (b) | 12222 | 389210 |
| Streamline Health Solutions Inc (c) | 939 | 4864 |
| TruBridge Inc (c) | 10575 | 253060 |
| VSee Health Inc (b)(c) | 13327 | 16792 |
| Waystar Holding Corp (c) | 102026 | 4079000 |
|  |  | 8463397 |
| Life Sciences Tools & Services - 0.2% |  |  |
| 10X Genomics Inc Class A (c) | 50273 | 479102 |
| Adaptive Biotechnologies Corp (c) | 72615 | 691295 |
| Akoya Biosciences Inc (b)(c) | 10309 | 12886 |
| Alpha Teknova Inc (b)(c) | 41094 | 237112 |
| Azenta Inc (c) | 30288 | 809295 |
| Bio-Techne Corp  | 93222 | 4511945 |
| BioLife Solutions Inc (c) | 26388 | 577369 |
| Bruker Corp  | 91038 | 3341095 |
| Champions Oncology Inc (c) | 10958 | 64323 |
| Codexis Inc (c) | 25744 | 59211 |
| CryoPort Inc (c) | 39922 | 239931 |
| Cytek Biosciences Inc (c) | 50655 | 140314 |
| Fortrea Holdings Inc (c) | 52478 | 225655 |
| Harvard Bioscience Inc (c) | 29367 | 13714 |
| ICON PLC (c) | 46650 | 6077562 |
| Illumina Inc (c) | 93356 | 7677598 |
| Inotiv Inc (b)(c) | 5271 | 13705 |
| Lifecore Biomedical Inc (b)(c) | 22245 | 150599 |
| Maravai LifeSciences Holdings Inc Class A (c) | 5996 | 13491 |
| MaxCyte Inc (United States) (c) | 60748 | 144580 |
| Medpace Holdings Inc (c) | 17783 | 5244207 |
| Mesa Laboratories Inc (b) | 4295 | 432163 |
| Nautilus Biotechnology Inc Class A (c) | 67559 | 50467 |
| Niagen Bioscience Inc (c) | 46168 | 499538 |
| OmniAb Inc (b)(c) | 96962 | 123142 |
| Pacific Biosciences of California Inc (b)(c) | 191354 | 184408 |
| Personalis Inc (c) | 45987 | 212920 |
| Quanterix Corp (c) | 33017 | 171688 |
| Quantum-Si Inc Class A (b)(c) | 62202 | 104499 |
| Rapid Micro Biosystems Inc Class A (b)(c) | 21522 | 71668 |
| Repligen Corp (c) | 33298 | 3931495 |
| Seer Inc Class A (c) | 11900 | 22848 |
| Sotera Health Co (b)(c) | 169434 | 2073872 |
| Standard BioTools Inc (b)(c) | 178587 | 180373 |
| Tempus AI Inc Class A (b)(c) | 90104 | 4971939 |
|  |  | 43756009 |
| Pharmaceuticals - 0.3% |  |  |
| Aclaris Therapeutics Inc (c) | 13872 | 20253 |
| ALT5 Sigma Corp (b)(c) | 3632 | 33814 |
| Alumis Inc  | 34545 | 120908 |
| Amneal Intermediate Inc Class A (c) | 184448 | 1350159 |
| Amphastar Pharmaceuticals Inc (c) | 29456 | 757314 |
| Amylyx Pharmaceuticals Inc (c) | 11176 | 57556 |
| AN2 Therapeutics Inc (c) | 13988 | 14827 |
| Anebulo Pharmaceuticals Inc (b)(c) | 7788 | 7866 |
| ANI Pharmaceuticals Inc (c) | 12795 | 751322 |
| Aquestive Therapeutics Inc (b)(c) | 54178 | 146822 |
| Arvinas Inc (c) | 44234 | 318485 |
| Assertio Holdings Inc (c) | 41301 | 27436 |
| Atea Pharmaceuticals Inc (c) | 70660 | 209860 |
| Athira Pharma Inc (b)(c) | 6597 | 2062 |
| Avadel Pharmaceuticals PLC Class A (c) | 55171 | 502608 |
| Axsome Therapeutics Inc (c) | 28697 | 3017777 |
| Belite Bio Inc ADR (b)(c) | 6700 | 434629 |
| BioAge Labs Inc  | 12097 | 47904 |
| Biote Corp Class A (c) | 19805 | 68525 |
| CalciMedica Inc (b)(c) | 9699 | 16197 |
| Cassava Sciences Inc (b)(c) | 14274 | 28691 |
| Clearside Biomedical Inc (c) | 46832 | 35639 |
| Cocrystal Pharma Inc (c) | 6122 | 10530 |
| Cognition Therapeutics Inc (b)(c) | 18310 | 4376 |
| Collegium Pharmaceutical Inc (c) | 21531 | 627413 |
| Context Therapeutics Inc (b)(c) | 63705 | 36764 |
| Contineum Therapeutics Inc Class A (c) | 9490 | 34733 |
| Corcept Therapeutics Inc (c) | 62269 | 4829584 |
| CorMedix Inc (c) | 33659 | 408620 |
| Cumberland Pharmaceuticals Inc (c) | 11327 | 56182 |
| Dare Bioscience Inc (c) | 7571 | 22486 |
| Durect Corp (c) | 17821 | 9468 |
| Edgewise Therapeutics Inc (c) | 55670 | 794968 |
| Enliven Therapeutics Inc (c) | 24688 | 438706 |
| Enliven Therapeutics Inc rights (c)(d) | 8204 | 0 |
| Enveric Biosciences Inc (b)(c) | 10913 | 12877 |
| Esperion Therapeutics Inc (b)(c) | 110863 | 94211 |
| Eton Pharmaceuticals Inc (b)(c) | 19371 | 365918 |
| Evolus Inc (c) | 34070 | 313103 |
| EyePoint Pharmaceuticals Inc (c) | 28515 | 206449 |
| Fulcrum Therapeutics Inc (c) | 34414 | 236596 |
| Harmony Biosciences Holdings Inc (c) | 34616 | 1194252 |
| Harmony Biosciences Holdings Inc rights (c)(d) | 37934 | 0 |
| Harrow Inc (c) | 22258 | 625672 |
| Hoth Therapeutics Inc (c) | 31711 | 26330 |
| Ikena Oncology Inc (c) | 22851 | 27193 |
| Incannex Healthcare Inc (b)(c) | 7841 | 1647 |
| Innoviva Inc (b)(c) | 41302 | 808280 |
| Iterum Therapeutics plc (c) | 12370 | 12370 |
| Jazz Pharmaceuticals PLC (c) | 36505 | 3945095 |
| Journey Medical Corp (c) | 8674 | 69912 |
| Jupiter Neurosciences Inc (b)(c) | 9687 | 7508 |
| Landos Biopharma Inc rights (c)(d) | 2305 | 0 |
| LENZ Therapeutics Inc (b)(c) | 19424 | 567181 |
| Ligand Pharmaceuticals Inc (c) | 11014 | 1125521 |
| Ligand Pharmaceuticals Inc rights (c) | 1518 | 213 |
| Ligand Pharmaceuticals Inc rights (c) | 1518 | 68 |
| Ligand Pharmaceuticals Inc rights (c) | 1518 | 6 |
| Ligand Pharmaceuticals Inc rights (c) | 1518 | 2 |
| Lipocine Inc (c) | 4461 | 14855 |
| Liquidia Corp (c) | 55745 | 831715 |
| Maze Therapeutics Inc (b) | 15044 | 150590 |
| MBX Biosciences Inc (b)(c) | 22269 | 276581 |
| Mind Medicine MindMed Inc (b)(c) | 51402 | 373179 |
| Mira Pharmaceuticals Inc (b)(c) | 9455 | 12764 |
| Nektar Therapeutics (c) | 109013 | 78980 |
| Neumora Therapeutics Inc (c) | 33388 | 23916 |
| Novartis AG rights (c)(d) | 40508 | 0 |
| Nutriband Inc (b)(c) | 8237 | 53541 |
| Ocular Therapeutix Inc (b)(c) | 65815 | 527178 |
| Omeros Corp (b)(c) | 40138 | 124026 |
| Optinose Inc (d) | 6931 | 0 |
| Pacira BioSciences Inc (c) | 31731 | 819929 |
| Paratek Pharmaceuticals Inc rights (b)(c)(d) | 29676 | 0 |
| Phathom Pharmaceuticals Inc (b)(c) | 43579 | 185211 |
| Phibro Animal Health Corp Class A  | 16049 | 391917 |
| Pliant Therapeutics Inc (c) | 19787 | 26712 |
| ProPhase Labs Inc (b)(c) | 12076 | 4462 |
| Pulmatrix Inc (c) | 4570 | 41039 |
| Rafael Holdings Inc Class B (c) | 2 | 3 |
| Rani Therapeutics Holdings Inc Class A (b)(c) | 7171 | 4010 |
| Rapport Therapeutics Inc (c) | 16370 | 135380 |
| Relmada Therapeutics Inc (b)(c) | 3509 | 2632 |
| Reviva Pharmaceuticals Holdings Inc (b)(c) | 19951 | 19356 |
| Royalty Pharma PLC Class A  | 251870 | 8281487 |
| Sanofi SA ADR  | 171306 | 8457378 |
| Satsuma Pharmaceuticals Inc rights (c)(d) | 19951 | 0 |
| scPharmaceuticals Inc (b)(c) | 23650 | 86086 |
| SCYNEXIS Inc (c) | 22803 | 19955 |
| Seelos Therapeutics Inc rights (b)(c)(d) | 2932 | 0 |
| Septerna Inc (b) | 9971 | 92232 |
| SIGA Technologies Inc  | 42115 | 251848 |
| Structure Therapeutics Inc ADR (b)(c) | 29288 | 637307 |
| Supernus Pharmaceuticals Inc (c) | 32482 | 1029679 |
| Talphera Inc (c) | 16366 | 7978 |
| Tarsus Pharmaceuticals Inc (c) | 20508 | 880819 |
| Telomir Pharmaceuticals Inc (b)(c) | 18464 | 35912 |
| Terns Pharmaceuticals Inc (c) | 41109 | 127849 |
| Theravance Biopharma Inc (c) | 41826 | 383126 |
| Third Harmonic Bio Inc (b)(c) | 25979 | 135351 |
| Titan Pharmaceuticals Inc (c) | 1511 | 6981 |
| Traws Pharma Inc (c) | 743 | 1055 |
| Traws Pharma Inc rights (c)(d) | 33198 | 0 |
| Trevi Therapeutics Inc (c) | 43949 | 286108 |
| Ventyx Biosciences Inc (c) | 5602 | 9523 |
| Verrica Pharmaceuticals Inc (b)(c) | 7893 | 3904 |
| Veru Inc (b)(c) | 85196 | 43297 |
| Viatris Inc  | 712075 | 6259139 |
| VYNE Therapeutics Inc (c) | 2907 | 2762 |
| WaVe Life Sciences Ltd (c) | 73314 | 440617 |
| Xeris Biopharma Holdings Inc (c) | 80314 | 396752 |
| Xeris Biopharma Holdings Inc rights (c)(d) | 39901 | 0 |
| Zevra Therapeutics Inc (c) | 33719 | 288297 |
|  |  | 57148306 |
| TOTAL HEALTH CARE |  | 940891102 |
| Industrials - 3.9% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| AeroVironment Inc (c) | 17097 | 3043779 |
| AerSale Corp (c) | 32388 | 190765 |
| Astronics Corp (c) | 16983 | 530209 |
| Axon Enterprise Inc (c) | 45119 | 33855493 |
| Byrna Technologies Inc (b)(c) | 12487 | 332903 |
| Innovative Solutions And Support Inc (c) | 9188 | 102814 |
| Intuitive Machines Inc Class A (b)(c) | 57420 | 655162 |
| Kratos Defense & Security Solutions Inc (b)(c) | 90516 | 3339135 |
| Leonardo DRS Inc  | 158079 | 6686742 |
| Mercury Systems Inc (c) | 34701 | 1709024 |
| New Horizon Aircraft Ltd Class A (b)(c) | 12029 | 12751 |
| Rocket Lab Corp (b) | 281347 | 7537286 |
| Satellogic Inc Class A (b)(c) | 49366 | 182161 |
| Tat Technologies Ltd (b)(c) | 5355 | 139391 |
| VirTra Inc (c) | 5587 | 32628 |
| Woodward Inc  | 35167 | 7607677 |
|  |  | 65957920 |
| Air Freight & Logistics - 0.0% |  |  |
| Air T Inc (b)(c) | 1908 | 34248 |
| CH Robinson Worldwide Inc  | 69708 | 6689877 |
| Forward Air Corp Class A (b)(c) | 21006 | 352481 |
| Hub Group Inc Class A  | 37476 | 1263316 |
|  |  | 8339922 |
| Building Products - 0.1% |  |  |
| AAON Inc  | 48420 | 4662362 |
| American Woodmark Corp (c) | 9242 | 520972 |
| Apogee Enterprises Inc  | 13099 | 506276 |
| Caesarstone Ltd (c) | 28738 | 48855 |
| Captivision Inc (b)(c) | 16349 | 17820 |
| CSW Industrials Inc  | 9610 | 2938642 |
| Gibraltar Industries Inc (c) | 18047 | 1057193 |
| UFP Industries Inc  | 35465 | 3459965 |
|  |  | 13212085 |
| Commercial Services & Supplies - 0.5% |  |  |
| Aqua Metals Inc (b)(c) | 693 | 553 |
| Bitcoin Depot Inc Class A (c) | 17642 | 68804 |
| Bridger Aerospace Group Holdings Inc (c) | 14659 | 24187 |
| Casella Waste Systems Inc Class A (c) | 35755 | 4190844 |
| CECO Environmental Corp (c) | 21695 | 583379 |
| Cintas Corp  | 236407 | 53546186 |
| Copart Inc (c) | 564849 | 29078427 |
| Driven Brands Holdings Inc (c) | 104618 | 1864293 |
| Fuel Tech Inc (c) | 5418 | 8994 |
| Greenwave Technology Solutions Inc (b)(c) | 5899 | 1139 |
| Healthcare Services Group Inc (c) | 30717 | 433110 |
| Interface Inc  | 38104 | 765509 |
| Knightscope Inc Class A (b)(c) | 423 | 2360 |
| LanzaTech Global Inc Class A (b)(c) | 6088 | 1718 |
| Liquidity Services Inc (c) | 20431 | 477472 |
| MillerKnoll Inc  | 44488 | 750513 |
| Odyssey Marine Exploration Inc (c) | 585 | 457 |
| Perma-Fix Environmental Services Inc (b)(c) | 12224 | 129452 |
| Quest Resource Holding Corp (c) | 12176 | 26787 |
| Royalty Management Holding Corp Class A (b)(c) | 4303 | 4733 |
| Smart Powerr Corp (b)(c) | 2863 | 1933 |
| Tetra Tech Inc  | 158667 | 5543825 |
| TOMI Environmental Solutions Inc (c) | 8765 | 7117 |
| Virco Mfg. Corp (b) | 9162 | 77052 |
| VSE Corp (b) | 12251 | 1593733 |
|  |  | 99182577 |
| Construction & Engineering - 0.2% |  |  |
| Bowman Consulting Group Ltd (c) | 13326 | 334083 |
| Concrete Pumping Holdings Inc  | 28584 | 200946 |
| Construction Partners Inc Class A (c) | 27271 | 2855001 |
| Ferrovial SE (United States) (b) | 425938 | 21850619 |
| Great Lakes Dredge & Dock Corp (c) | 36779 | 411189 |
| IES Holdings Inc (c) | 12056 | 3130461 |
| Limbach Holdings Inc (c) | 7221 | 925877 |
| Matrix Service Co (c) | 16544 | 202168 |
| MYR Group Inc (c) | 10309 | 1616967 |
| Northwest Pipe Co (c) | 7033 | 271755 |
| Shimmick Corp (c) | 22281 | 36986 |
| Sterling Infrastructure Inc (c) | 18180 | 3418022 |
| WillScot Holdings Corp  | 109753 | 2957843 |
|  |  | 38211917 |
| Electrical Equipment - 0.1% |  |  |
| 374Water Inc (b)(c) | 81433 | 35375 |
| Allient Inc  | 9597 | 291749 |
| American Superconductor Corp (b)(c) | 23972 | 677449 |
| Array Technologies Inc (b)(c) | 82832 | 546691 |
| Beam Global (b)(c) | 2833 | 4561 |
| Blink Charging Co (b)(c) | 64706 | 45488 |
| Broadwind Inc (c) | 19171 | 31440 |
| CBAK Energy Technology Inc (c) | 53154 | 52341 |
| Complete Solaria Inc Class A (b)(c) | 32898 | 45728 |
| Dragonfly Energy Holdings Corp (c) | 2115 | 865 |
| Energy Focus Inc (c) | 588 | 1200 |
| Enovix Corp Class B (b)(c) | 107353 | 818030 |
| Eos Energy Enterprises Inc (b)(c) | 127265 | 529422 |
| Fluence Energy Inc Class A (b)(c) | 69581 | 327031 |
| Flux Power Holdings Inc (c) | 13918 | 21155 |
| FTC Solar Inc (b)(c) | 2387 | 9811 |
| FuelCell Energy Inc (b)(c) | 18002 | 91990 |
| Ideal Power Inc (c) | 6103 | 29783 |
| LSI Industries Inc  | 20975 | 341263 |
| NANO Nuclear Energy Inc (b)(c) | 21573 | 649994 |
| NeoVolta Inc (b)(c) | 21739 | 72826 |
| NEXTracker Inc Class A (c) | 84776 | 4805952 |
| Orion Energy Systems Inc (c) | 14347 | 9625 |
| Pioneer Power Solutions Inc  | 13099 | 35105 |
| Plug Power Inc (b)(c) | 525950 | 464256 |
| Polar Power Inc (c) | 267 | 482 |
| Powell Industries Inc (b) | 7346 | 1245809 |
| Power Solutions International Inc (b)(c) | 13320 | 564368 |
| Preformed Line Products Co  | 3549 | 506229 |
| Shoals Technologies Group Inc (c) | 94154 | 444407 |
| SKYX Platforms Corp (b)(c) | 45970 | 59301 |
| SolarMax Technology Inc (c) | 25940 | 29572 |
| Solidion Technology Inc Class A (b)(c) | 1227 | 4037 |
| Stardust Power Inc Class A (c) | 9130 | 5684 |
| SUNation Energy Inc rights (c)(d) | 1083 | 0 |
| Sunrun Inc (b)(c) | 124758 | 934437 |
| Tigo Energy Inc (b)(c) | 36669 | 34913 |
| TPI Composites Inc (b)(c) | 4485 | 5382 |
| Ultralife Corp (c) | 11042 | 73650 |
| Vicor Corp (c) | 21633 | 944065 |
| Zeo Energy Corp Class A (b)(c) | 18269 | 56451 |
|  |  | 14847917 |
| Ground Transportation - 0.4% |  |  |
| ArcBest Corp  | 13772 | 863367 |
| Armlogi Holding Corp (b)(c) | 12265 | 14104 |
| Avis Budget Group Inc (b)(c) | 21611 | 2632004 |
| CSX Corp  | 1107610 | 34989400 |
| Ftai Infrastructure Inc (b) | 59402 | 362946 |
| Heartland Express Inc  | 62648 | 560700 |
| Hertz Global Holdings Inc (b)(c) | 192300 | 1259565 |
| JB Hunt Transport Services Inc  | 58775 | 8160909 |
| Landstar System Inc  | 21099 | 2895205 |
| Lyft Inc Class A (c) | 239695 | 3652952 |
| Marten Transport Ltd  | 47473 | 619048 |
| Old Dominion Freight Line Inc  | 125524 | 20105179 |
| PAMT CORP (c) | 14004 | 175890 |
| Proficient Auto Logistics Inc (c) | 11148 | 89852 |
| Saia Inc (b)(c) | 15849 | 4190634 |
| Universal Logistics Holdings Inc  | 15728 | 378416 |
| Werner Enterprises Inc  | 33155 | 860372 |
|  |  | 81810543 |
| Industrial Conglomerates - 0.5% |  |  |
| Honeywell International Inc  | 382994 | 86813250 |
| Icahn Enterprises LP (b) | 316224 | 2624659 |
|  |  | 89437909 |
| Machinery - 0.3% |  |  |
| Agrify Corp (c) | 511 | 14063 |
| AirJoule Technologies Corp Class A (b)(c) | 32050 | 123072 |
| Astec Industries Inc  | 14001 | 550099 |
| Blue Bird Corp (b)(c) | 19355 | 749039 |
| ClearSign Technologies Corp (c) | 20915 | 13758 |
| Columbus McKinnon Corp/NY  | 15878 | 231184 |
| Commercial Vehicle Group Inc (c) | 21200 | 27560 |
| Eastern Co/The  | 4547 | 101716 |
| Energy Recovery Inc (c) | 35074 | 442283 |
| Franklin Electric Co Inc  | 28071 | 2425054 |
| FreightCar America Inc (c) | 21342 | 168815 |
| Hillman Solutions Corp Class A (c) | 132594 | 959981 |
| Hurco Cos Inc (c) | 4416 | 64606 |
| Hydrofarm Holdings Group Inc (b)(c) | 3202 | 11783 |
| L B Foster Co Class A (c) | 6787 | 128206 |
| Laser Photonics Corp (b)(c) | 7313 | 16747 |
| Lincoln Electric Holdings Inc  | 33295 | 6445579 |
| LiqTech International Inc (c) | 729 | 1188 |
| Microvast Holdings Inc (b)(c) | 186675 | 670163 |
| Middleby Corp/The (c) | 31816 | 4649272 |
| Nephros Inc (c) | 3085 | 8391 |
| NN Inc (c) | 27788 | 56965 |
| Nordson Corp  | 33622 | 7127528 |
| Omega Flex Inc  | 6379 | 208721 |
| PACCAR Inc  | 309692 | 29064594 |
| Palladyne AI Corp Class A (c) | 18841 | 148279 |
| Park-Ohio Holdings Corp  | 8241 | 150810 |
| Perma-Pipe International Holdings Inc (c) | 5390 | 71633 |
| Richtech Robotics Inc Class B (b)(c) | 29033 | 67066 |
| Shyft Group Inc/The  | 20942 | 219682 |
| Stratasys Ltd (b)(c) | 54002 | 557841 |
| Symbotic Inc Class A (b)(c) | 62004 | 1777655 |
| Taylor Devices Inc (b)(c) | 1759 | 64960 |
| Twin Disc Inc  | 9749 | 70680 |
| Urban-Gro Inc (b)(c) | 9741 | 3243 |
| Xos Inc (b)(c) | 2262 | 7465 |
|  |  | 57399681 |
| Marine Transportation - 0.0% |  |  |
| Lakeside Holding Ltd (c) | 4608 | 4446 |
| Pangaea Logistics Solutions Ltd  | 29549 | 132971 |
| Seanergy Maritime Holdings Corp (b) | 11836 | 73738 |
|  |  | 211155 |
| Passenger Airlines - 0.1% |  |  |
| Allegiant Travel Co (c) | 13029 | 724152 |
| American Airlines Group Inc (b)(c) | 379635 | 4331635 |
| Blade Air Mobility Inc (c) | 16616 | 57990 |
| Frontier Group Holdings Inc (b)(c) | 144887 | 582446 |
| JetBlue Airways Corp (c) | 224061 | 1131508 |
| Mesa Air Group Inc (c) | 19225 | 19610 |
| SkyWest Inc (c) | 24301 | 2465336 |
| Sun Country Airlines Holdings Inc (c) | 34436 | 398769 |
| United Airlines Holdings Inc (c) | 193111 | 15341703 |
|  |  | 25053149 |
| Professional Services - 1.1% |  |  |
| Aeries Technology Inc Class A (b)(c) | 12875 | 7751 |
| Asure Software Inc (c) | 16724 | 162223 |
| Automatic Data Processing Inc  | 237381 | 77274637 |
| Barrett Business Services Inc  | 15940 | 658721 |
| Concentrix Corp (b) | 39453 | 2207987 |
| Conduent Inc (c) | 113473 | 254180 |
| CRA International Inc  | 4643 | 882402 |
| CSG Systems International Inc  | 17738 | 1171772 |
| DLH Holdings Corp (c) | 7855 | 39275 |
| ExlService Holdings Inc (c) | 95132 | 4375121 |
| Exponent Inc  | 32276 | 2463950 |
| Falcon's Beyond Global Inc Class A (b) | 4009 | 28063 |
| First Advantage Corp (b)(c) | 106302 | 1819890 |
| Forrester Research Inc (c) | 10756 | 114336 |
| Heidrick & Struggles International Inc  | 12134 | 529770 |
| HireQuest Inc (b) | 8515 | 85235 |
| Hudson Global Inc (c) | 1914 | 16709 |
| Huron Consulting Group Inc (c) | 11631 | 1661256 |
| IBEX Holdings Ltd (c) | 10649 | 306585 |
| ICF International Inc  | 12059 | 1036109 |
| Innodata Inc (b)(c) | 17462 | 689225 |
| Kelly Services Inc Class A  | 24091 | 282347 |
| Legalzoom.com Inc (c) | 99747 | 910690 |
| Nixxy Inc (c) | 6318 | 11815 |
| NV5 Global Inc (c) | 36876 | 814960 |
| Paychex Inc  | 211764 | 33439653 |
| Paylocity Holding Corp (c) | 33198 | 6337498 |
| Rcm Technologies Inc (c) | 6964 | 159406 |
| Resolute Holdings Management Inc  | 4494 | 154549 |
| Resources Connection Inc  | 47312 | 246732 |
| Science Applications International Corp  | 29517 | 3410394 |
| ShiftPixy Inc (c)(d) | 1 | 6 |
| SS&C Technologies Holdings Inc  | 144781 | 11699753 |
| TTEC Holdings Inc (c) | 12701 | 62362 |
| Upwork Inc (c) | 80547 | 1247673 |
| Verisk Analytics Inc  | 80786 | 25378114 |
| Verra Mobility Corp Class A (c) | 99851 | 2361476 |
| Where Food Comes From Inc (c) | 2480 | 25098 |
| Willdan Group Inc (c) | 9418 | 509043 |
|  |  | 182836766 |
| Trading Companies & Distributors - 0.2% |  |  |
| Distribution Solutions Group Inc (b)(c) | 28419 | 774418 |
| DXP Enterprises Inc/TX (c) | 9857 | 814977 |
| Fastenal Co  | 670478 | 27717561 |
| FTAI Aviation Ltd  | 60728 | 7114285 |
| H&E Equipment Services Inc  | 21206 | 2006936 |
| Hudson Technologies Inc (c) | 27687 | 197962 |
| iPower Inc (b)(c) | 16779 | 7885 |
| Karat Packaging Inc  | 11546 | 363237 |
| McGrath RentCorp  | 14996 | 1685250 |
| Rush Enterprises Inc Class A  | 37940 | 1883721 |
| Rush Enterprises Inc Class B  | 10059 | 525231 |
| Titan Machinery Inc (b)(c) | 14063 | 262697 |
| Transcat Inc (c) | 5386 | 470629 |
| Willis Lease Finance Corp  | 3791 | 509283 |
| Xometry Inc Class A (c) | 27336 | 906188 |
|  |  | 45240260 |
| TOTAL INDUSTRIALS |  | 721741801 |
| Information Technology - 48.0% |  |  |
| Communications Equipment - 0.9% |  |  |
| ADTRAN Holdings Inc (c) | 57332 | 460376 |
| Applied Optoelectronics Inc (b)(c) | 25302 | 390157 |
| Aviat Networks Inc (c) | 6448 | 138310 |
| Cisco Systems Inc  | 2330348 | 146905138 |
| Clearfield Inc (c) | 8734 | 324119 |
| ClearOne Inc (c) | 19133 | 6388 |
| CommScope Holding Co Inc (c) | 131401 | 793662 |
| Comtech Telecommunications Corp (c) | 31154 | 64800 |
| Digi International Inc (c) | 21190 | 686768 |
| Extreme Networks Inc (c) | 71064 | 1113573 |
| F5 Inc (c) | 33491 | 9557662 |
| Franklin Wireless Corp (c) | 9420 | 39657 |
| Genasys Inc (b)(c) | 28415 | 46316 |
| Harmonic Inc (c) | 76482 | 689868 |
| Inseego Corp (c) | 6491 | 48553 |
| KVH Industries Inc (c) | 12585 | 68085 |
| Lantronix Inc (c) | 22155 | 48519 |
| Lumentum Holdings Inc (c) | 40619 | 2935941 |
| Netgear Inc (c) | 18625 | 546271 |
| NetScout Systems Inc (c) | 47976 | 1095772 |
| Ondas Holdings Inc (c) | 41426 | 50540 |
| Ribbon Communications Inc (c) | 71521 | 241741 |
| Viasat Inc (c) | 80844 | 705768 |
| Viavi Solutions Inc (c) | 130378 | 1187744 |
|  |  | 168145728 |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| 908 Devices Inc (b)(c) | 16886 | 95912 |
| Advanced Energy Industries Inc  | 21940 | 2518273 |
| Airgain Inc (c) | 6076 | 24304 |
| Astrotech Corp (c) | 1228 | 7073 |
| Avnet Inc  | 51707 | 2585867 |
| Bel Fuse Inc Class A  | 1737 | 110316 |
| Bel Fuse Inc Class B  | 6577 | 485383 |
| CDW Corp/DE  | 78136 | 14092609 |
| Climb Global Solutions Inc  | 3243 | 357298 |
| Coda Octopus Group Inc (c) | 4103 | 30198 |
| Cognex Corp  | 104214 | 3123294 |
| CPS Technologies Corp (c) | 4893 | 13945 |
| Daktronics Inc (c) | 31984 | 474643 |
| Data I/O Corp (c) | 15054 | 40345 |
| Deswell Industries Inc  | 1149 | 2665 |
| ePlus Inc (c) | 17168 | 1225280 |
| Evolv Technologies Holdings Inc Class A (c) | 111029 | 606218 |
| FARO Technologies Inc (c) | 11841 | 501703 |
| Flex Ltd (c) | 226672 | 9588226 |
| Focus Universal Inc (b)(c) | 2572 | 9876 |
| Frequency Electronics Inc  | 5274 | 101472 |
| Identiv Inc (c) | 13327 | 43579 |
| Insight Enterprises Inc (c) | 18760 | 2446116 |
| Interlink Electronics Inc (c) | 6627 | 42810 |
| IPG Photonics Corp (c) | 25123 | 1664650 |
| Itron Inc (c) | 26973 | 3118079 |
| Key Tronic Corp (c) | 6057 | 17505 |
| Kimball Electronics Inc (c) | 15945 | 288605 |
| LightPath Technologies Inc Class A (c) | 23346 | 65369 |
| Lightwave Logic Inc (b)(c) | 20180 | 19776 |
| Littelfuse Inc  | 14981 | 3072004 |
| MicroVision Inc (b)(c) | 191947 | 211142 |
| MultiSensor AI Holdings Inc (c) | 11410 | 8532 |
| Napco Security Technologies Inc  | 23012 | 642035 |
| Neonode Inc (b)(c) | 10655 | 108894 |
| nLight Inc (c) | 22333 | 337898 |
| Novanta Inc (c) | 21239 | 2629813 |
| OSI Systems Inc (c) | 9960 | 2182336 |
| Ouster Inc Class A (c) | 23856 | 291759 |
| PC Connection Inc  | 15743 | 1029592 |
| Plexus Corp (c) | 16563 | 2174059 |
| Powerfleet Inc NJ (b)(c) | 75043 | 341446 |
| Red Cat Holdings Inc (b)(c) | 47814 | 284493 |
| Research Frontiers Inc (b)(c) | 10936 | 19904 |
| RF Industries Ltd (c) | 2448 | 10257 |
| Richardson Electronics Ltd/United States  | 7825 | 70034 |
| Sanmina Corp (c) | 32441 | 2747428 |
| ScanSource Inc (c) | 16203 | 654277 |
| Scantech AI Systems Inc  | 3880 | 2827 |
| SigmaTron International Inc (c) | 3452 | 10218 |
| Sono-Tek Corp (c) | 2629 | 10201 |
| Syntec Optics Holdings Inc Class A (c) | 19932 | 32888 |
| Trimble Inc (c) | 142986 | 10190612 |
| TTM Technologies Inc (c) | 63444 | 1894438 |
| Vuzix Corp (b)(c) | 38602 | 112718 |
| Wetouch Technology Inc (b)(c) | 6414 | 6125 |
| Wrap Technologies Inc (b)(c) | 38058 | 55184 |
| Zebra Technologies Corp Class A (c) | 30254 | 8766702 |
|  |  | 81599205 |
| IT Services - 0.5% |  |  |
| Akamai Technologies Inc (c) | 88612 | 6728309 |
| Amdocs Ltd  | 66622 | 6113235 |
| Applied Digital Corp (b)(c) | 127147 | 868414 |
| Backblaze Inc Class A (b)(c) | 23717 | 135187 |
| BigCommerce Holdings Inc (c) | 64935 | 327272 |
| Brand Engagement Network Inc Class A (c) | 4402 | 1228 |
| CISO Global Inc (b)(c) | 8579 | 6949 |
| Cognizant Technology Solutions Corp Class A  | 290387 | 23518444 |
| CoreWeave Inc Class A (b)(c) | 210147 | 23391464 |
| Couchbase Inc (c) | 29333 | 530047 |
| Crexendo Inc (c) | 15416 | 82938 |
| CSP Inc  | 8458 | 128731 |
| Data Storage Corp (c) | 9803 | 36761 |
| Glimpse Group Inc/The (c) | 9486 | 14419 |
| Grid Dynamics Holdings Inc (c) | 50285 | 630071 |
| Hackett Group Inc/The  | 16264 | 398793 |
| Information Services Group Inc  | 29143 | 137555 |
| MongoDB Inc Class A (c) | 44080 | 8323626 |
| Okta Inc Class A (c) | 96127 | 9917423 |
| Rackspace Technology Inc (c) | 81088 | 92440 |
| Research Solutions Inc/CA (c) | 16973 | 46845 |
| TSS Inc/MD (b)(c) | 11971 | 172861 |
| Tucows Inc Class A (b)(c) | 6556 | 127186 |
| VeriSign Inc  | 53604 | 14605482 |
|  |  | 96335680 |
| Semiconductors & Semiconductor Equipment - 18.9% |  |  |
| ACM Research Inc Class A (c) | 33539 | 756304 |
| Advanced Micro Devices Inc (c) | 954361 | 105676394 |
| Aehr Test Systems (b)(c) | 16355 | 156027 |
| Alpha & Omega Semiconductor Ltd (c) | 19873 | 421705 |
| Ambarella Inc (c) | 23947 | 1260570 |
| Amkor Technology Inc  | 146367 | 2637533 |
| Amtech Systems Inc (c) | 11847 | 47506 |
| Analog Devices Inc  | 292079 | 62499064 |
| Applied Materials Inc  | 478372 | 74984811 |
| ARM Holdings PLC ADR (b)(c) | 77475 | 9648737 |
| Astera Labs Inc (c) | 94622 | 8584108 |
| Atomera Inc (b)(c) | 16578 | 101955 |
| Axcelis Technologies Inc (c) | 19189 | 1081108 |
| AXT Inc (c) | 24453 | 36924 |
| Blaize Holdings Inc Class A (b)(c) | 63371 | 127376 |
| Broadcom Inc  | 2757308 | 667461548 |
| CEVA Inc (c) | 13927 | 261271 |
| Cirrus Logic Inc (c) | 31446 | 3093029 |
| Cohu Inc (c) | 27624 | 471542 |
| Credo Technology Group Holding Ltd (c) | 99072 | 6039429 |
| CVD Equipment Corp (c) | 6633 | 20098 |
| Datavault AI Inc (b)(c) | 27339 | 22519 |
| Diodes Inc (c) | 27358 | 1214695 |
| Enphase Energy Inc (c) | 78731 | 3258676 |
| Entegris Inc  | 88826 | 6105899 |
| Everspin Technologies Inc (b)(c) | 17797 | 99841 |
| First Solar Inc (c) | 63541 | 10044561 |
| FormFactor Inc (c) | 45949 | 1371578 |
| GlobalFoundries Inc (c) | 326719 | 11696540 |
| GSI Technology Inc (c) | 15609 | 48856 |
| Ichor Holdings Ltd (c) | 20879 | 329471 |
| Impinj Inc (c) | 16736 | 1909410 |
| Intel Corp  | 2552182 | 49895158 |
| KLA Corp  | 78094 | 59107787 |
| Kopin Corp (c) | 79055 | 101190 |
| Lam Research Corp  | 756629 | 61128057 |
| Lattice Semiconductor Corp (c) | 81590 | 3666655 |
| MACOM Technology Solutions Holdings Inc (c) | 42945 | 5222541 |
| Marvell Technology Inc  | 510298 | 30714837 |
| Maxeon Solar Technologies Ltd (b)(c) | 6830 | 20832 |
| MaxLinear Inc Class A (c) | 49242 | 560866 |
| Microchip Technology Inc  | 317721 | 18440527 |
| Micron Technology Inc  | 656627 | 62024986 |
| MKS Inc  | 39420 | 3239930 |
| Mobix Labs Inc Class A (b)(c) | 13522 | 8654 |
| Monolithic Power Systems Inc  | 28762 | 19037568 |
| Navitas Semiconductor Corp Class A (b)(c) | 103818 | 529472 |
| NVE Corp  | 2857 | 203304 |
| NVIDIA Corp  | 14350985 | 1939248603 |
| ON Semiconductor Corp (c) | 247962 | 10419363 |
| PDF Solutions Inc (c) | 23680 | 419136 |
| Penguin Solutions Inc (c) | 30599 | 543438 |
| Photronics Inc (c) | 36838 | 615563 |
| Pixelworks Inc (c) | 51642 | 25103 |
| Power Integrations Inc  | 33816 | 1681670 |
| Qorvo Inc (c) | 54563 | 4147879 |
| QUALCOMM Inc  | 649996 | 94379419 |
| QuickLogic Corp (b)(c) | 8417 | 43600 |
| Rambus Inc (c) | 63180 | 3378235 |
| Rigetti Computing Inc Class A (b)(c) | 167238 | 2025252 |
| Semtech Corp (c) | 43997 | 1642408 |
| Silicon Laboratories Inc (c) | 19443 | 2343465 |
| SiTime Corp (c) | 13589 | 2664395 |
| SkyWater Technology Inc (b)(c) | 27327 | 247036 |
| Skyworks Solutions Inc  | 92764 | 6403499 |
| SolarEdge Technologies Inc (b)(c) | 30707 | 548427 |
| Synaptics Inc (c) | 22927 | 1347191 |
| Teradyne Inc  | 94940 | 7462284 |
| Texas Instruments Inc  | 534220 | 97682127 |
| Ultra Clean Holdings Inc (c) | 28690 | 555725 |
| Universal Display Corp  | 27819 | 3987854 |
| Veeco Instruments Inc (b)(c) | 35729 | 689927 |
|  |  | 3477873048 |
| Software - 17.4% |  |  |
| 8x8 Inc (c) | 115620 | 189617 |
| ACI Worldwide Inc (c) | 63018 | 2915213 |
| Adeia Inc  | 64065 | 822595 |
| Adobe Inc (c) | 256047 | 106282549 |
| Agilysys Inc (c) | 16259 | 1721991 |
| Airship AI Holdings Inc Class A (b)(c) | 22232 | 114495 |
| Alarm.com Holdings Inc (b)(c) | 29534 | 1695252 |
| Alkami Technology Inc (c) | 61833 | 1770897 |
| Amplitude Inc Class A (c) | 67255 | 833289 |
| ANSYS Inc (c) | 51311 | 16974705 |
| Appfolio Inc Class A (c) | 13436 | 2837280 |
| Appian Corp Class A (c) | 25331 | 797927 |
| AppLovin Corp Class A (c) | 182135 | 71579055 |
| Arteris Inc (c) | 22021 | 171103 |
| Atlassian Corp Class A (c) | 97136 | 20168348 |
| AudioEye Inc (b)(c) | 8256 | 100888 |
| Aurora Innovation Inc Class A (b)(c) | 815143 | 4939767 |
| authID Inc (b)(c) | 5456 | 29899 |
| Autodesk Inc (c) | 126080 | 37334810 |
| AvePoint Inc Class A (c) | 117943 | 2199637 |
| Aware Inc/MA (c) | 17102 | 28047 |
| Bentley Systems Inc Class B  | 172583 | 8237387 |
| Bit Digital Inc (c) | 67626 | 159597 |
| Bitdeer Technologies Group Class A (b)(c) | 68676 | 883173 |
| BitFuFu Inc Class A (b)(c) | 17331 | 59965 |
| Blackbaud Inc (c) | 32069 | 1995654 |
| BlackLine Inc (c) | 35341 | 1976622 |
| Braze Inc Class A (c) | 49228 | 1811590 |
| Bridgeline Digital Inc (c) | 18622 | 28864 |
| BTCS Inc (b)(c) | 2315 | 6251 |
| Btcs Inc Series V (c)(d) | 2315 | 0 |
| Cadence Design Systems Inc (c) | 161493 | 46359796 |
| Ccc Intelligent Solutions Holdings Inc Class A (c) | 364620 | 3201364 |
| Cerence Inc (b)(c) | 22343 | 190139 |
| Cipher Mining Inc (b)(c) | 194328 | 606303 |
| Cleanspark Inc (b)(c) | 166748 | 1439035 |
| Commvault Systems Inc (c) | 25923 | 4747797 |
| Confluent Inc Class A (c) | 153844 | 3543027 |
| Consensus Cloud Solutions Inc (c) | 11285 | 247931 |
| Core Scientific Inc (b)(c) | 162997 | 1735918 |
| Crowdstrike Holdings Inc Class A (c) | 137652 | 64885023 |
| CyberArk Software Ltd (c) | 29159 | 11161482 |
| Daily Journal Corp (c) | 1043 | 439551 |
| Datadog Inc Class A (c) | 187709 | 22127137 |
| DatChat Inc (c) | 988 | 2459 |
| Digi Power X Inc (United States) (b)(c) | 9844 | 12502 |
| Digimarc Corp (b)(c) | 14607 | 191060 |
| Digital Turbine Inc (c) | 72174 | 340661 |
| Docusign Inc (c) | 118882 | 10534134 |
| Domo Inc Class B (c) | 14607 | 185509 |
| Dropbox Inc Class A (c) | 127116 | 3668568 |
| Duos Technologies Group Inc (c) | 3635 | 27808 |
| eGain Corp (c) | 24943 | 134443 |
| EverCommerce Inc (b)(c) | 115566 | 1156816 |
| Expensify Inc Class A (c) | 29232 | 64603 |
| Five9 Inc (c) | 46379 | 1229507 |
| Fortinet Inc (c) | 450710 | 45873264 |
| Freshworks Inc Class A (c) | 142084 | 2169623 |
| Gen Digital Inc  | 359438 | 10236794 |
| Gitlab Inc Class A (c) | 84233 | 3833444 |
| Greenidge Generation Holdings Inc Class A (b)(c) | 3594 | 5032 |
| I3 Verticals Inc Class A (c) | 20036 | 495090 |
| Intapp Inc (c) | 45450 | 2505204 |
| Intellicheck Inc (c) | 14317 | 72874 |
| InterDigital Inc (b) | 15308 | 3325816 |
| Intrusion Inc (b)(c) | 3947 | 5131 |
| Intuit Inc  | 164662 | 124067877 |
| Iveda Solutions Inc (c) | 2211 | 4754 |
| Jamf Holding Corp (c) | 76206 | 800163 |
| JFrog Ltd (c) | 66761 | 2866717 |
| Kaltura Inc (c) | 75044 | 159093 |
| Life360 Inc (c) | 44500 | 2827975 |
| LivePerson Inc (b)(c) | 29521 | 21347 |
| Manhattan Associates Inc (c) | 35932 | 6783243 |
| MARA Holdings Inc (b)(c) | 199972 | 2823605 |
| Marin Software Inc (c) | 1468 | 1228 |
| MicroCloud Hologram Inc (b)(c) | 237 | 1416 |
| Microsoft Corp  | 4372677 | 2013005584 |
| MicroStrategy Inc Class A (b)(c) | 140735 | 51939659 |
| Mitek Systems Inc (c) | 28300 | 265737 |
| Monday.com Ltd (c) | 29351 | 8731629 |
| nCino Inc (b)(c) | 60663 | 1595437 |
| NetSol Technologies Inc (c) | 5970 | 17253 |
| NextNav Inc Class A (b)(c) | 78680 | 987434 |
| Nutanix Inc Class A (c) | 158010 | 12117787 |
| OneSpan Inc  | 26696 | 425267 |
| Onestream Inc Class A (b) | 46537 | 1305828 |
| Pagaya Technologies Ltd Class A (b)(c) | 34091 | 560456 |
| Palantir Technologies Inc Class A (c) | 1323504 | 174411357 |
| Palo Alto Networks Inc (c) | 389524 | 74952208 |
| Pegasystems Inc  | 51191 | 5024397 |
| Phunware Inc (b)(c) | 9310 | 27651 |
| Porch Group Inc (c) | 64509 | 588322 |
| Progress Software Corp  | 25951 | 1597544 |
| PTC Inc (c) | 70103 | 11799737 |
| Qualys Inc (c) | 21632 | 2997114 |
| Quantum Computing Inc (b)(c) | 58974 | 667881 |
| Rapid7 Inc (c) | 39648 | 909922 |
| reAlpha Tech Corp (b)(c) | 24121 | 10922 |
| Red Violet Inc (b) | 8743 | 424560 |
| Rekor Systems Inc (b)(c) | 33911 | 39337 |
| Rezolve AI PLC (b) | 102898 | 205796 |
| Rimini Street Inc (c) | 74994 | 228732 |
| Riot Platforms Inc (b)(c) | 192322 | 1552039 |
| Roadzen Inc (b)(c) | 41570 | 40892 |
| Roper Technologies Inc  | 62648 | 35726275 |
| SAIHEAT Ltd Class A (c) | 1 | 5 |
| SailPoint Inc (b) | 322352 | 5679842 |
| ServiceTitan Inc Class A (c) | 45230 | 5005604 |
| Silvaco Group Inc (b)(c) | 12895 | 59704 |
| Soluna Holdings Inc (b)(c) | 1891 | 1209 |
| SoundHound AI Inc Class A (b)(c) | 200578 | 2027844 |
| SoundThinking Inc (c) | 9121 | 141467 |
| Sprout Social Inc Class A (c) | 33708 | 735846 |
| SPS Commerce Inc (c) | 22084 | 3108544 |
| Synchronoss Technologies Inc (c) | 7220 | 49385 |
| Synopsys Inc (c) | 91004 | 42224036 |
| T Stamp Inc Class A (b)(c) | 421 | 900 |
| Telos Corp (c) | 43638 | 109968 |
| Tenable Holdings Inc (c) | 73192 | 2358246 |
| Terawulf Inc (b)(c) | 219132 | 773536 |
| Upland Software Inc (c) | 21178 | 45744 |
| Varonis Systems Inc (c) | 67117 | 3200139 |
| Veea Inc Class A (b)(c) | 12454 | 25033 |
| Verint Systems Inc (c) | 37328 | 654733 |
| Veritone Inc (b)(c) | 16152 | 25359 |
| Vertex Inc Class A (c) | 40423 | 1599538 |
| Viant Technology Inc Class A (b)(c) | 11166 | 153979 |
| Workday Inc Class A (c) | 126166 | 31252580 |
| Zoom Communications Inc Class A (c) | 146635 | 11914094 |
| Zscaler Inc (c) | 90430 | 24931551 |
|  |  | 3214014373 |
| Technology Hardware, Storage & Peripherals - 9.9% |  |  |
| Apple Inc  | 8835435 | 1774597121 |
| AstroNova Inc (c) | 4427 | 40994 |
| CompoSecure Inc Class A (b)(c) | 53938 | 739490 |
| Corsair Gaming Inc (c) | 67679 | 594898 |
| CPI Card Group Inc (c) | 7134 | 158803 |
| Foxx Development Holdings Inc (b) | 4245 | 19994 |
| Immersion Corp  | 18807 | 141429 |
| NetApp Inc  | 120735 | 11972083 |
| One Stop Systems Inc (c) | 12878 | 36187 |
| Quantum Corp (b)(c) | 2799 | 33224 |
| Sandisk Corp/DE  | 68044 | 2564578 |
| Seagate Technology Holdings PLC  | 124180 | 14645789 |
| Socket Mobile Inc (c) | 1296 | 1387 |
| Sonim Technologies Inc (b)(c) | 2066 | 1911 |
| Super Micro Computer Inc (b)(c) | 351573 | 14069951 |
| TransAct Technologies Inc (c) | 6575 | 24985 |
| Turtle Beach Corp (c) | 11290 | 129609 |
| Western Digital Corp (c) | 205269 | 10581617 |
| Xerox Holdings Corp (b) | 79471 | 388613 |
|  |  | 1830742663 |
| TOTAL INFORMATION TECHNOLOGY |  | 8868710697 |
| Materials - 0.9% |  |  |
| Chemicals - 0.8% |  |  |
| Alto Ingredients Inc (c) | 45352 | 42087 |
| Arq Inc (c) | 22137 | 109357 |
| ASP Isotopes Inc (b)(c) | 35189 | 266029 |
| Balchem Corp  | 19304 | 3217977 |
| Hawkins Inc  | 12399 | 1655143 |
| Innospec Inc  | 14831 | 1261821 |
| Linde PLC  | 276893 | 129469629 |
| Northern Technologies International Corp  | 6565 | 47465 |
| Novusterra Inc (b)(c)(d) | 7237 | 0 |
| Origin Materials Inc Class A (b)(c) | 28360 | 12408 |
| PureCycle Technologies Inc (b)(c) | 100152 | 952446 |
|  |  | 137034362 |
| Construction Materials - 0.0% |  |  |
| Smith-Midland Corp (b)(c) | 2925 | 88159 |
| United States Lime & Minerals Inc  | 17155 | 1763191 |
|  |  | 1851350 |
| Containers & Packaging - 0.0% |  |  |
| TriMas Corp  | 25445 | 670985 |
| Metals & Mining - 0.1% |  |  |
| 5E Advanced Materials Inc (b)(c) | 765 | 3366 |
| American Battery Technology Co (b)(c) | 38850 | 50894 |
| American Infrastructure Corp (b)(d) | 15508 | 0 |
| Ascent Industries Co (c) | 7726 | 99820 |
| Century Aluminum Co (c) | 57811 | 895492 |
| Ferroglobe PLC (b) | 133385 | 484188 |
| Hycroft Mining Holding Corp (b)(c) | 12539 | 38369 |
| Inno Holdings Inc (b)(c) | 940 | 1175 |
| Kaiser Aluminum Corp  | 9286 | 674071 |
| NioCorp Developments Ltd (b)(c) | 26012 | 59828 |
| Olympic Steel Inc  | 7458 | 221130 |
| Perpetua Resources Corp (United States) (b)(c) | 39992 | 556289 |
| Piedmont Lithium Inc (c) | 4375 | 27038 |
| Radius Recycling Inc Class A  | 18470 | 546897 |
| Ramaco Resources Inc Class A  | 27313 | 248788 |
| Ramaco Resources Inc Class B (f) | 6643 | 49490 |
| ReElement Technologies Corp (b)(d) | 28951 | 0 |
| Royal Gold Inc  | 39635 | 7059786 |
| Steel Dynamics Inc  | 88632 | 10907940 |
| US Gold Corp (c) | 4857 | 56195 |
| USA Rare Earth Inc Class A (b)(c) | 25745 | 230418 |
|  |  | 22211174 |
| TOTAL MATERIALS |  | 161767871 |
| Real Estate - 0.8% |  |  |
| Diversified REITs - 0.0% |  |  |
| Gladstone Commercial Corp  | 22344 | 320636 |
| Medalist Diversified REIT Inc  | 805 | 9394 |
| Presidio Property Trust Inc Class A (b)(c) | 601 | 3606 |
| Presidio Property Trust Inc warrants 1/24/2027 (c) | 6016 | 193 |
|  |  | 333829 |
| Health Care REITs - 0.0% |  |  |
| Diversified Healthcare Trust  | 156811 | 490818 |
| Sabra Health Care REIT Inc  | 146180 | 2555227 |
|  |  | 3046045 |
| Hotel & Resort REITs - 0.0% |  |  |
| Host Hotels & Resorts Inc  | 401450 | 6218461 |
| Service Properties Trust  | 156391 | 362827 |
| Sotherly Hotels Inc (c) | 4274 | 3316 |
|  |  | 6584604 |
| Industrial REITs - 0.0% |  |  |
| Industrial Logistics Properties Trust  | 78032 | 256725 |
| Lineage Inc (b) | 136283 | 5817922 |
|  |  | 6074647 |
| Real Estate Management & Development - 0.2% |  |  |
| Altisource Portfolio Solutions SA (c) | 4130 | 23211 |
| Altisource Portfolio Solutions SA warrants 4/2/2029 (c) | 33046 | 16522 |
| Altisource Portfolio Solutions SA warrants 4/30/2032 (c) | 33046 | 19828 |
| Comstock Holding Cos Inc Class A (c) | 4953 | 45815 |
| CoStar Group Inc (c) | 244011 | 17949449 |
| eXp World Holdings Inc (b) | 97877 | 833912 |
| Fathom Holdings Inc (c) | 4444 | 5333 |
| FRP Holdings Inc (c) | 12434 | 337210 |
| Gyrodyne LLC (c) | 1512 | 13835 |
| InterGroup Corp/The (c) | 986 | 11536 |
| La Rosa Holdings Corp Class A (c) | 5148 | 692 |
| Newmark Group Inc Class A  | 93901 | 1033850 |
| Opendoor Technologies Inc Class A (b)(c) | 468833 | 305773 |
| Real Messenger Corp  | 150 | 294 |
| Redfin Corp (c) | 74544 | 744695 |
| RMR Group Inc/The Class A  | 9903 | 149535 |
| Star Holdings (c) | 5967 | 37771 |
| Stratus Properties Inc (c) | 5346 | 97030 |
| Zillow Group Inc Class A (c) | 37981 | 2513203 |
| Zillow Group Inc Class C (c) | 101963 | 6842737 |
|  |  | 30982231 |
| Retail REITs - 0.1% |  |  |
| Phillips Edison & Co Inc  | 73262 | 2597870 |
| Regency Centers Corp  | 109173 | 7876832 |
|  |  | 10474702 |
| Specialized REITs - 0.5% |  |  |
| Equinix Inc  | 57168 | 50812063 |
| Gaming and Leisure Properties Inc  | 158710 | 7411757 |
| Gladstone Land Corp  | 24626 | 243428 |
| Global Self Storage Inc  | 5948 | 34260 |
| Lamar Advertising Co Class A  | 51054 | 6154049 |
| PotlatchDeltic Corp  | 48129 | 1893395 |
| SBA Communications Corp Class A  | 63770 | 14787625 |
| Uniti Group Inc  | 142338 | 612053 |
|  |  | 81948630 |
| TOTAL REAL ESTATE |  | 139444688 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.9% |  |  |
| Alliant Energy Corp  | 152254 | 9474766 |
| American Electric Power Co Inc  | 315530 | 32654200 |
| Constellation Energy Corp  | 184514 | 56488961 |
| Evergy Inc  | 126736 | 8416538 |
| Exelon Corp  | 595820 | 26108832 |
| MGE Energy Inc  | 22451 | 2027774 |
| Otter Tail Corp (b) | 24789 | 1913215 |
| Xcel Energy Inc  | 337346 | 23647955 |
|  |  | 160732241 |
| Gas Utilities - 0.0% |  |  |
| RGC Resources Inc  | 6265 | 128746 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| AleAnna Inc Class A  | 3633 | 34005 |
| Montauk Renewables Inc (b)(c) | 87760 | 161478 |
| Talen Energy Corp (b)(c) | 27425 | 6690329 |
|  |  | 6885812 |
| Multi-Utilities - 0.0% |  |  |
| Northwestern Energy Group Inc  | 36626 | 2026517 |
| Water Utilities - 0.0% |  |  |
| Artesian Resources Corp Class A  | 6205 | 214010 |
| Cadiz Inc (b)(c) | 44599 | 131344 |
| Consolidated Water Co Ltd  | 10783 | 291464 |
| Global Water Resources Inc  | 16042 | 162826 |
| H2O America  | 20874 | 1095468 |
| Middlesex Water Co  | 12164 | 704904 |
| Pure Cycle Corp (c) | 16337 | 173499 |
| York Water Co/The  | 9960 | 325294 |
|  |  | 3098809 |
| TOTAL UTILITIES |  | 172872125 |
| TOTAL UNITED STATES |  | 17739284638 |
| URUGUAY - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Dlocal Ltd/Uruguay Class A  | 85025 | 923372 |
| VIETNAM - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Vinfast Auto Ltd (b)(c) | 1373136 | 4462692 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $6,022,820,637) |  | <br> **18444946483** |

---

---

| | | |
|:---|:---|:---|
| &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 | 20196 |
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| FAT Brands Inc Series B, 8.25%  | 1005 | 2291 |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| iCoreConnect Inc 12% (b)(d) | 1128 | 384 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| SRAX Inc (c)(d) | 9776 | 0 |
| TOTAL UNITED STATES |  | 2675 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $31,277) |  | <br> **22871** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (%) (g) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 8/21/2025 (h)<br>(Cost $2,489,184)<br>| 4.25 | 2513000 | **2489357** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** | &nbsp;&nbsp;**Money Market Funds - 2.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.32 | 44197826 | 44206665 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.32 | 473317876 | 473365208 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $517,571,873) |  |  | **517571873** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.7%**<br> (Cost $6,542,912,971)<br>| <br>**18965030584** |
| **NET OTHER ASSETS (LIABILITIES) - (2.7)%**  | **(491215388)** |
| **NET ASSETS - 100.0%** | **18473815196** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 68 | Jun 2025 | 29072380 | 5771734 | 5771734 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Security or a portion of the security is on loan at period end.

(c) Non-income producing

(d) Level 3 security

(e) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $632,671 or 0.0% of net assets.

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

(g) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(h) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,489,357.

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<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 | 494154150 | 471452658 | 973750 | - | - | 44206665 | 44197826 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 307397049 | 906891619 | 740923460 | 10519928 | - | - | 473365208 | 473317876 | 1.5% |
| Total | 328902222 | 1401045769 | 1212376118 | 11493678 | - | - | 517571873 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of May 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **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 | 2792016457 | 2792016457 | - | - |
| Consumer Discretionary | 2730098001 | 2730098001 | - | - |
| Consumer Staples | 675825178 | 675825178 | - | - |
| Energy | 99200640 | 99200640 | - | - |
| Financials | 726768702 | 725909270 | - | 859432 |
| Health Care | 1026964357 | 1026808753 | 21286 | 134318 |
| Industrials | 810825632 | 810825626 | - | 6 |
| Information Technology | 9092886817 | 9092886817 | - | - |
| Materials | 166753328 | 166753328 | - | - |
| Real Estate | 148226181 | 148226181 | - | - |
| Utilities | 175381190 | 175381190 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 2291 | 2291 | - | - |
| Energy | 20196 | 20196 | - | - |
| Health Care | 384 | - | - | 384 |
| Information Technology | - | - | - | - |
|  **U.S. Treasury Obligations** | 2489357 | - | 2489357 | - |
|  **Money Market Funds** | 517571873 | 517571873 | - | - |
| **Total Investments in Securities:** | 18965030584 | 18961525801 | 2510643 | 994140 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 5771734 | 5771734 | - | - |
| Total Assets | 5771734 | 5771734 | - | - |
| **Total Derivative Instruments:** | 5771734 | 5771734 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of May 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 5771734 | 0 |
| **Total Equity Risk**  | 5771734 | 0 |
| **Total Value of Derivatives** | 5771734 | 0 |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $474,090,488) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $6,025,341,098) | $18447458711 |  |
| Fidelity Central Funds (cost $517,571,873) | 517571873 |  |
| Total Investment in Securities (cost $6,542,912,971) |  | $18965030584 |
| Segregated cash with brokers for derivative instruments |  | 1620518 |
| Cash |  | 5320 |
| Foreign currency held at value (cost $51,393) |  | 53817 |
| Receivable for fund shares sold |  | 6543305 |
| Dividends receivable |  | 10202156 |
| Distributions receivable from Fidelity Central Funds |  | 2958498 |
| Prepaid expenses |  | 2559 |
| Receivable from investment adviser for expense reductions |  | 66180 |
| Other receivables |  | 312360 |
| **Total assets** |  | 18986795297 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $28000278 |  |
| Delayed delivery | 1893 |  |
| Payable for fund shares redeemed | 6883952 |  |
| Accrued management fee | 4348018 |  |
| Payable for daily variation margin on futures contracts | 90896 |  |
| Other payables and accrued expenses | 365490 |  |
| Collateral on securities loaned | 473289574 |  |
| **Total liabilities** |  | 512980101 |
| **Net Assets**  |  | $18473815196 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $6327443005 |
| Total accumulated earnings (loss) |  | 12146372191 |
| **Net Assets** |  | $18473815196 |
| **Net Asset Value**, offering price and redemption price per share ($18,473,815,196 ÷ 76,072,920 shares) |  | $242.84 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $66393361 |
| Interest  |  | 74941 |
| Income from Fidelity Central Funds (including $10,519,928 from security lending)  |  | 11493678 |
| **Total income** |  | 77961980 |
| **Expenses** |  |  |
| Management fee | $26341873 |  |
| Custodian fees and expenses | 113275 |  |
| Independent trustees' fees and expenses | 38365 |  |
| Registration fees | 99862 |  |
| Audit fees | 67458 |  |
| Legal | 22312 |  |
| Interest | 817 |  |
| Miscellaneous | 39546 |  |
| Total expenses before reductions | 26723508 |  |
| Expense reductions | (385517) |  |
| Total expenses after reductions |  | 26337991 |
| **Net Investment income (loss)** |  | 51623989 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (3737784) |  |
| Foreign currency transactions | (6943) |  |
| Futures contracts | (2426497) |  |
| Total net realized gain (loss) |  | (6171224) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (116567692) |  |
| Assets and liabilities in foreign currencies | 7819 |  |
| Futures contracts | 4064004 |  |
| Total change in net unrealized appreciation (depreciation) |  | (112495869) |
| **Net gain (loss)** |  | (118667093) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(67043104) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $51623989 | $104328050 |
| &nbsp;&nbsp;Net realized gain (loss) | (6171224)<br>| (169031409)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (112495869) | 4992244947<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (67043104)<br>| 4927541588<br>|
| Distributions to shareholders | (113682043)<br>| (94835180)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1620978059 | 2684825136 |
| Reinvestment of distributions | 103423648<br>| 86690080<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1777991586) | (2412856155) |
| **Net increase (decrease) in net assets resulting from share transactions** | (53589879)<br>| 358659061<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (234315026)<br>| 5191365469<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 18708130222 | 13516764753<br>|
| &nbsp;&nbsp;End of period | $18473815196 | $18708130222 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 6912168 | 12707250 |
| Issued in reinvestment of distributions | 407598<br>| 454066<br>|
| &nbsp;&nbsp;Redeemed | (7636086) | (11330577) |
| &nbsp;&nbsp;Net increase (decrease) | (316320) | 1830739 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $244.91 | $181.29 | $145.73 | $196.19 | $154.09 | $113.58 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .67  | 1.37  | 1.26  | 1.16  | 1.00  | 1.04  |
| Net realized and unrealized gain (loss)  | (1.26)  | 63.52  | 35.46  | (50.70)  | 42.19  | 44.44  |
| Total from investment operations  | (.59)  | 64.89  | 36.72  | (49.54)  | 43.19  | 45.48  |
| Distributions from net investment income  | (1.48)  | (1.27)  | (1.16)  | (.92)  | (1.09)  | (1.11) C |
| Distributions from net realized gain  | -  | -  | -  | -  | -  | (3.86) C |
| Total distributions  | (1.48)  | (1.27)  | (1.16)  | (.92)  | (1.09)  | (4.97)  |
| Net asset value, end of period  | $242.84 | $244.91 | $181.29 | $145.73 | $196.19 | $154.09 |
| **Total Return** D,E | (.27)% <br>| 35.99%  | 25.51%  | (25.37)%  | 28.18%  | 41.63%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .29% H | .32%  | .34%  | .36%  | .35%  | .35%  |
| Expenses net of fee waivers, if any  | .29% H<br>| .29%  | .28%  | .31%  | .29%  | .29%  |
| Expenses net of all reductions, if any  | .29% H | .29%  | .28%  | .31%  | .29%  | .29%  |
| Net investment income (loss)  | .57% H | .64%  | .78%  | .73%  | .56%  | .84%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $18473815 | $18708130 | $13516765 | $10662796 | $14077919 | $10165899 |
| Portfolio turnover rate I | 5% H<br>| 2%  | 5%  | 4%  | 7%  | 17%  |

---

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*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

D*Total returns for periods of less than one year are not annualized.*

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

F*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.*

G*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.*

H*Annualized.*

I*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** **(Unaudited)**

For the period ended May 31, 2025

**1. Organization.**

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

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

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

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

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

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

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

---

| | |
|:---|:---|
| **Fidelity Nasdaq Composite Index Fund** | $312360 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $12999180165 |
| **Gross unrealized depreciation** | <u>(612176844)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$12387003321</u> |
| **Tax cost** | <u>$6583798997</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 prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(79421467) |
| Long-term | <u>(197286982)</u> |
| **Total capital loss carryforward** | <u>$(276708449)</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.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Nasdaq Composite Index Fund** | 423532710 | 491317026 |

---

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** | 2369493 | 261085 | (554) |

---

**7. Committed Line of Credit.**

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

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Nasdaq Composite Index Fund** | 14452 |

---

**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:

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| | | | |
|:---|:---|:---|:---|
|  | **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** | 1124932 | 77595 | 5089229 |

---

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** | 23031368 |

---

**9. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .29% of average net assets. This reimbursement will remain in place through March 31, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $379,068.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $6,449.

**10. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Nasdaq Composite Index Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and certain affiliates and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable, in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools, and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on net performance (after fees and expenses) of the fund compared to a fund's benchmark index, over appropriate time periods taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board noted that, effective June 1, 2024, the management fee rate covers transfer agent and pricing and bookkeeping services. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate, which covers certain expenses beyond portfolio management, as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked above the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board considered that the fund's investment strategy is more specialized than most funds in its total peer group, which do not track the same index as the fund. The Board further considered that when compared to a subset of funds in the total peer group that track the Nasdaq 100 (comprising 100 of the largest non-financial stocks in the Nasdaq Composite), the fund is priced lower than these funds.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.29% through March 31, 2026.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of Geode's relationship with the fund.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion**. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109866_4.jpg)<br>

1.795567.121 EIF-SANN-0725

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>Purchases 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 Fidelity Concord Street 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 Fidelity Concord Street Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

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

Item 17.

<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) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.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.](ex99906cert.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

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | July 23, 2025 |

---

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

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | July 23, 2025 |

---

---

| | |
|:---|:---|
| By: | <u>/s/Stephanie Caron</u> |
|  | Stephanie Caron |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | July 23, 2025 |

---

## 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:

July 23, 2025

---

| |
|:---|
| <u>/s/Stacie M. Smith</u> |
| Stacie M. Smith |
| 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:

July 23, 2025

---

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

---

## Exhibit 99.906

Exhibit EX-99.906CERT

**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: July 23, 2025

---

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

---

Dated: July 23, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| 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>