# EDGAR Filing Document

**Accession Number:** 0000819118
**File Stem:** 0000819118-25-000386
**Filing Date:** 2025-10
**Character Count:** 1082079
**Document Hash:** 2f04c1145d2d11f6c096a2e71af82e31
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000819118-25-000386.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0000819118-25-000386

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**EFFECTIVENESS DATE**: 20251023

**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:** 251411870

**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 Extended Market Index Fund (Series ID: S000006021)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000103355 | Fidelity Extended Market Index Fund | FSMAX           |

### Fidelity International Index Fund (Series ID: S000006023)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000103357 | Fidelity International Index Fund | FSPSX           |

### Fidelity Total Market Index Fund (Series ID: S000006026)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000103359 | Fidelity Total Market Index Fund | FSKAX           |

### Fidelity 500 Index Fund (Series ID: S000006027)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000100045 | Fidelity 500 Index Fund | FXAIX           |

### Fidelity Flex 500 Index Fund (Series ID: S000056363)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000177590 | Fidelity Flex 500 Index Fund | FDFIX           |

### Fidelity Series Total Market Index Fund (Series ID: S000065248)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000211233 | Fidelity Series Total Market Index Fund | FCFMX           |

### Fidelity Flex Large Cap Focused Index Fund (Series ID: S000093535)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000261866 | Fidelity Flex Large Cap Focused Index Fund | FXLCX           |

?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) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;February 28 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;August 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® Total Market Index Fund<br> **Fidelity® Total Market Index Fund : FSKAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Total Market Index Fund for the period March 1, 2025 to August 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® Total Market Index Fund  | $1  | 0.01% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $116513864358<br>|
| Number of Holdings | 3800<br>|
| Portfolio Turnover | 2%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.8 |
| Financials | 14.3 |
| Consumer Discretionary | 10.5 |
| Industrials | 9.7 |
| Health Care | 9.3 |
| Communication Services | 9.3 |
| Consumer Staples | 4.9 |
| Energy | 3.1 |
| Real Estate | 2.4 |
| Utilities | 2.3 |
| Materials | 2.2 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img397_20250831_AA.jpg) <br>|

---

---

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

---

---

| | |
|:---|:---|
| United States | 99.3 |
| Ireland | 0.4 |
| United Kingdom | 0.1 |
| Switzerland | 0.1 |
| Netherlands | 0.1 |
| Canada | 0.0 |
| Puerto Rico | 0.0 |
| Bailiwick Of Jersey | 0.0 |
| Thailand | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img397_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.4&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 - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.0&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;Puerto Rico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.9<br>|
| Microsoft Corp | 6.1<br>|
| Apple Inc | 5.6<br>|
| Amazon.com Inc | 3.5<br>|
| Meta Platforms Inc Class A | 2.6<br>|
| Broadcom Inc | 2.3<br>|
| Alphabet Inc Class A | 2.1<br>|
| Alphabet Inc Class C | 1.6<br>|
| Berkshire Hathaway Inc Class B | 1.6<br>|
| Tesla Inc | 1.5<br>|
|  | 33.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img397_20250831_1.jpg)<br>| ![](img113933_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> 1.9914532.101 2361-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® Series Total Market Index Fund<br> **Fidelity® Series Total Market Index Fund : FCFMX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series Total Market Index Fund for the period March 1, 2025 to August 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.

**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® Series Total Market Index Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $87336208580<br>|
| Number of Holdings | 3916<br>|
| Portfolio Turnover | 18%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 31.8 |
| Financials | 14.3 |
| Consumer Discretionary | 10.5 |
| Industrials | 9.7 |
| Health Care | 9.3 |
| Communication Services | 9.3 |
| Consumer Staples | 4.9 |
| Energy | 3.1 |
| Real Estate | 2.4 |
| Utilities | 2.3 |
| Materials | 2.2 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1015_20250831_AA.jpg) <br>|

---

---

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

---

---

| | |
|:---|:---|
| United States | 99.3 |
| Ireland | 0.4 |
| United Kingdom | 0.1 |
| Switzerland | 0.1 |
| Netherlands | 0.1 |
| Canada | 0.0 |
| Puerto Rico | 0.0 |
| Bailiwick Of Jersey | 0.0 |
| Thailand | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1015_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.4&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 - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.0&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;Puerto Rico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.9<br>|
| Microsoft Corp | 6.1<br>|
| Apple Inc | 5.6<br>|
| Amazon.com Inc | 3.5<br>|
| Meta Platforms Inc Class A | 2.6<br>|
| Broadcom Inc | 2.3<br>|
| Alphabet Inc Class A | 2.1<br>|
| Alphabet Inc Class C | 1.6<br>|
| Berkshire Hathaway Inc Class B | 1.6<br>|
| Tesla Inc | 1.5<br>|
|  | 33.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img1015_20250831_1.jpg)<br>| ![](img113935_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> 1.9914561.101 1015-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® International Index Fund<br> **Fidelity® International Index Fund : FSPSX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® International Index Fund for the period March 1, 2025 to August 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® International Index Fund  | $2  | 0.03% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $67084346141<br>|
| Number of Holdings | 707<br>|
| Portfolio Turnover | 4%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 24.7 |
| Industrials | 18.9 |
| Health Care | 10.8 |
| Consumer Discretionary | 9.4 |
| Information Technology | 7.6 |
| Consumer Staples | 7.5 |
| Materials | 5.3 |
| Communication Services | 5.3 |
| Energy | 3.2 |
| Utilities | 3.1 |
| Real Estate | 1.7 |

---

Common Stocks 97.1 <br> Preferred Stocks 0.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img399_20250831_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.5 |

---

---

| | |
|:---|:---|
| Japan | 21.6 |
| United States | 12.1 |
| United Kingdom | 11.2 |
| Germany | 9.8 |
| France | 9.0 |
| Australia | 6.9 |
| Switzerland | 4.9 |
| Netherlands | 3.9 |
| Spain | 3.3 |
| Others | 17.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img399_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 21.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 9.8&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;France - 9.0&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;Australia - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.3&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;Others - 17.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| ASML Holding NV | 1.5<br>|
| SAP SE | 1.5<br>|
| Astrazeneca PLC | 1.3<br>|
| Novartis AG | 1.3<br>|
| Nestle SA | 1.2<br>|
| Roche Holding AG | 1.2<br>|
| Siemens AG | 1.2<br>|
| HSBC Holdings PLC | 1.1<br>|
| Shell PLC | 1.1<br>|
| Commonwealth Bank of Australia | 1.0<br>|
|  | 12.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img399_20250831_1.jpg)<br>| ![](img113942_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> 1.9914534.101 2363-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity Flex® 500 Index Fund<br> **Fidelity Flex® 500 Index Fund : FDFIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Flex® 500 Index Fund for the period March 1, 2025 to August 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 1-800-544-3455 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 Flex® 500 Index Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $6984276034<br>|
| Number of Holdings | 510<br>|
| Portfolio Turnover | 8%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 33.7 |
| Financials | 13.9 |
| Consumer Discretionary | 10.4 |
| Communication Services | 9.9 |
| Health Care | 9.1 |
| Industrials | 8.4 |
| Consumer Staples | 5.0 |
| Energy | 3.0 |
| Utilities | 2.3 |
| Materials | 2.0 |
| Real Estate | 1.9 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2926_20250831_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| United States | 99.4 |
| Ireland | 0.3 |
| Switzerland | 0.1 |
| Netherlands | 0.1 |
| United Kingdom | 0.1 |
| Canada | 0.0 |
| Bailiwick Of Jersey | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2926_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 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;Switzerland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.0&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;Bailiwick Of Jersey - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.7<br>|
| Microsoft Corp | 6.8<br>|
| Apple Inc | 6.2<br>|
| Amazon.com Inc | 3.9<br>|
| Meta Platforms Inc Class A | 2.9<br>|
| Broadcom Inc | 2.6<br>|
| Alphabet Inc Class A | 2.2<br>|
| Alphabet Inc Class C | 1.8<br>|
| Tesla Inc | 1.7<br>|
| Berkshire Hathaway Inc Class B | 1.7<br>|
|  | 37.5 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2926_20250831_1.jpg)<br>| ![](img113944_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> 1.9914575.101 2926-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® Extended Market Index Fund<br> **Fidelity® Extended Market Index Fund : FSMAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Extended Market Index Fund for the period March 1, 2025 to August 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® Extended Market Index Fund  | $2  | 0.03% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $41038862379<br>|
| Number of Holdings | 3440<br>|
| Portfolio Turnover | 21%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 18.9 |
| Information Technology | 18.4 |
| Financials | 17.8 |
| Health Care | 11.3 |
| Consumer Discretionary | 11.1 |
| Real Estate | 5.4 |
| Materials | 4.6 |
| Communication Services | 4.0 |
| Energy | 3.6 |
| Consumer Staples | 2.9 |
| Utilities | 1.9 |

---

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)** |
| ![](img398_20250831_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 | 97.7 |
| United Kingdom | 1.0 |
| Canada | 0.4 |
| Puerto Rico | 0.2 |
| Thailand | 0.2 |
| Bermuda | 0.2 |
| Sweden | 0.1 |
| Switzerland | 0.1 |
| Japan | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img398_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.4&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;Puerto Rico - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Thailand - 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;Bermuda - 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;Sweden - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 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;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| AppLovin Corp Class A | 1.5<br>|
| Strategy Inc Class A | 1.2<br>|
| Snowflake Inc | 1.1<br>|
| CRH PLC | 1.0<br>|
| Robinhood Markets Inc Class A | 1.0<br>|
| ROBLOX Corp Class A | 1.0<br>|
| Cloudflare Inc Class A | 1.0<br>|
| Alnylam Pharmaceuticals Inc | 0.9<br>|
| Marvell Technology Inc | 0.8<br>|
| Flutter Entertainment PLC | 0.8<br>|
|  | 10.3 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img398_20250831_1.jpg)<br>| ![](img113945_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> 1.9914533.101 2365-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity® 500 Index Fund<br> **Fidelity® 500 Index Fund : FXAIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® 500 Index Fund for the period March 1, 2025 to August 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® 500 Index Fund  | $1  | 0.01% |

---

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $696433818795<br>|
| Number of Holdings | 507<br>|
| Portfolio Turnover | 2%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 33.5 |
| Financials | 13.9 |
| Consumer Discretionary | 10.5 |
| Communication Services | 10.0 |
| Health Care | 9.1 |
| Industrials | 8.4 |
| Consumer Staples | 5.2 |
| Energy | 3.0 |
| Utilities | 2.4 |
| Real Estate | 2.0 |
| Materials | 1.9 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img650_20250831_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.1 <br>

---

| | |
|:---|:---|
| United States | 99.5 |
| Ireland | 0.3 |
| Switzerland | 0.1 |
| Netherlands | 0.1 |
| Bailiwick Of Jersey | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img650_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 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;Switzerland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.8<br>|
| Microsoft Corp | 7.0<br>|
| Apple Inc | 6.3<br>|
| Amazon.com Inc | 4.0<br>|
| Meta Platforms Inc Class A | 2.9<br>|
| Broadcom Inc | 2.6<br>|
| Alphabet Inc Class A | 2.4<br>|
| Alphabet Inc Class C | 1.8<br>|
| Berkshire Hathaway Inc Class B | 1.8<br>|
| Tesla Inc | 1.7<br>|
|  | 38.3 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img650_20250831_1.jpg)<br>| ![](img113957_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> 1.9914559.101 2328-TSRS-1025 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF AUGUST 31, 2025 |
| Fidelity Flex® Large Cap Focused Index Fund<br> **Fidelity Flex® Large Cap Focused Index Fund : FXLCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity Flex® Large Cap Focused Index Fund for the period July 24, 2025 to August 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 1-800-544-3455 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 Flex® Large Cap Focused Index Fund A | $0 B | 0.00%C |

---

A Expenses for the full reporting period would be higher.

B Amount represents less than $.50

C Amount represents less than 0.005%

**Key Fund Statistics**

(as of August 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3056868<br>|
| Number of Holdings | 199<br>|
| Portfolio TurnoverA | 0%<br>|

---

A Amount not annualized

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 34.1 |
| Financials | 14.0 |
| Consumer Discretionary | 10.2 |
| Communication Services | 9.8 |
| Health Care | 9.0 |
| Industrials | 8.4 |
| Consumer Staples | 5.0 |
| Energy | 3.0 |
| Utilities | 2.3 |
| Materials | 2.1 |
| Real Estate | 2.0 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img8969_20250831_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.1 <br>

United States 99.6 <br> Switzerland 0.3 <br> Ireland 0.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img8969_20250831_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Ireland - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 7.2<br>|
| Microsoft Corp | 7.0<br>|
| Apple Inc | 5.9<br>|
| Amazon.com Inc | 3.7<br>|
| Broadcom Inc | 2.9<br>|
| Meta Platforms Inc Class A | 2.6<br>|
| Alphabet Inc Class A | 2.6<br>|
| Tesla Inc | 1.9<br>|
| JPMorgan Chase & Co | 1.8<br>|
| Alphabet Inc Class C | 1.5<br>|
|  | 37.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 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. |
| ![](img8969_20250831_1.jpg)<br>| ![](img113960_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> 1.9918040.100 8969-TSRS-1025 <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® Series Total Market Index Fund**

**Semi-Annual Report**

**August 31, 2025**

![](img114161_1.jpg)

![](img114161_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_STX-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Total Market Index Fund](#Sub_Sec_Fund_1015_STX-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1015_STX-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_STX-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_STX-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_STX-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_STX-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.

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® Series Total Market Index Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Benitec Biopharma Inc (b) | 29636 | 392381 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Mawson Infrastructure Group Inc (b) | 17683 | 7243 |
| TOTAL AUSTRALIA |  | 399624 |
| BAHAMAS (NASSAU) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| OneSpaWorld Holdings Ltd  | 143025 | 3228074 |
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Aptiv PLC  | 303974 | 24175052 |
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (b) | 191474 | 2247905 |
| Liberty Global Ltd Class C (b) | 250793 | 2996976 |
| TOTAL BELGIUM |  | 5244881 |
| BERMUDA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Kestrel Group Ltd  | 3092 | 83329 |
| RenaissanceRe Holdings Ltd  | 67992 | 16521376 |
| TOTAL BERMUDA |  | 16604705 |
| BRITISH VIRGIN ISLANDS - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| Acuren Corp  | 225428 | 2540574 |
| CANADA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| GameSquare Holdings Inc (b)(c) | 40851 | 30843 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Sunopta Inc (United States) (b) | 130537 | 818467 |
| Personal Care Products - 0.0% |  |  |
| Flora Growth Corp (b)(c) | 509 | 10414 |
| TOTAL CONSUMER STAPLES |  | 828881 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Kingsway Financial Services Inc (b) | 27508 | 394740 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| TuHURA Biosciences Inc (b)(c) | 33856 | 91411 |
| TuHURA Biosciences Inc rights (b)(c)(d) | 54121 | 0 |
|  |  | 91411 |
| Pharmaceuticals - 0.0% |  |  |
| Lexaria Bioscience Corp (b) | 22203 | 19609 |
| TOTAL HEALTH CARE |  | 111020 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| RB Global Inc (United States) (c) | 258848 | 29648450 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| D-Wave Quantum Inc (b)(c) | 375135 | 5859609 |
| Hut 8 Corp (United States) (b)(c) | 128393 | 3431945 |
|  |  | 9291554 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Loop Industries Inc (b) | 32047 | 47750 |
| Metals & Mining - 0.0% |  |  |
| McEwen Inc (b) | 63061 | 728355 |
| US Goldmining Inc (b) | 3427 | 31699 |
|  |  | 760054 |
| TOTAL MATERIALS |  | 807804 |
| TOTAL CANADA |  | 41113292 |
| CHINA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| indie Semiconductor Inc Class A (b)(c) | 246528 | 1116772 |
| Software - 0.0% |  |  |
| Nukkleus Inc (b)(c) | 3797 | 18491 |
| TOTAL CHINA |  | 1135263 |
| CZECH REPUBLIC - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Leisure Products - 0.0% |  |  |
| Connexa Sports Technologies In (b)(c) | 12686 | 40722 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Galecto Inc (b) | 1649 | 5277 |
| GERMANY - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Orion SA  | 78229 | 825316 |
| Paper & Forest Products - 0.0% |  |  |
| Mercer International Inc  | 61981 | 206397 |
| TOTAL GERMANY |  | 1031713 |
| GHANA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Kosmos Energy Ltd (b) | 664452 | 1189369 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Oxbridge Re Holdings Ltd (b) | 7319 | 15370 |
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| GigaCloud Technology Inc Class A (b)(c) | 33797 | 894607 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Natural Health Trends Corp  | 11464 | 50556 |
| TOTAL HONG KONG |  | 945163 |
| IRELAND - 0.4%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (b) | 53180 | 436076 |
| Pharmaceuticals - 0.0% |  |  |
| Artelo Biosciences Inc (b) | 699 | 6466 |
| TOTAL HEALTH CARE |  | 442542 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Cimpress PLC (b) | 21419 | 1351860 |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| Accenture PLC Class A  | 874658 | 227384840 |
| TOTAL IRELAND |  | 229179242 |
| ISRAEL - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Mobileye Global Inc Class A (b) | 210610 | 2950646 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| GlucoTrack Inc (b) | 5 | 21 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| N2OFF Inc (b)(c) | 23852 | 5257 |
| TOTAL ISRAEL |  | 2955924 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (b) | 182912 | 5642835 |
| JORDAN - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Jerash Holdings US Inc  | 7507 | 25449 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Webtoon Entertainment Inc (b) | 21828 | 315851 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Artiva Biotherapeutics Inc (b)(c) | 21028 | 66238 |
| TOTAL KOREA (SOUTH) |  | 382089 |
| NETHERLANDS - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| uniQure NV (b) | 70604 | 1152963 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| NXP Semiconductors NV  | 352940 | 82887959 |
| TOTAL NETHERLANDS |  | 84040922 |
| NORWAY - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Seadrill Ltd (b) | 86773 | 2768926 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| T1 Energy Inc (b)(c) | 176366 | 291004 |
| TOTAL NORWAY |  | 3059930 |
| PHILIPPINES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| TaskUS Inc Class A (b) | 23392 | 409828 |
| PUERTO RICO - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class A (b) | 58522 | 471687 |
| Liberty Latin America Ltd Class C (b) | 172390 | 1420494 |
|  |  | 1892181 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| First BanCorp/Puerto Rico  | 223252 | 4962892 |
| Ofg Bancorp  | 62301 | 2787970 |
| Popular Inc  | 95386 | 11984297 |
|  |  | 19735159 |
| Financial Services - 0.0% |  |  |
| EVERTEC Inc  | 88542 | 3159178 |
| TOTAL FINANCIALS |  | 22894337 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Unusual Machines Inc /US (b)(c) | 28995 | 278352 |
| TOTAL PUERTO RICO |  | 25064870 |
| SINGAPORE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Grindr Inc Class A (b) | 35227 | 550950 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Scilex Holding Co (b)(c) | 5937 | 105441 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Kulicke & Soffa Industries Inc  | 73628 | 2761050 |
| TOTAL SINGAPORE |  | 3417441 |
| SWEDEN - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Autoliv Inc  | 99279 | 12317546 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| SiriusPoint Ltd (b) | 128382 | 2403311 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Aprea Therapeutics Inc (b) | 5851 | 9127 |
| TOTAL SWEDEN |  | 14729984 |
| SWITZERLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Garrett Motion Inc  | 160304 | 2082349 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| CRISPR Therapeutics AG (b)(c) | 120728 | 6257332 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| TE Connectivity PLC  | 414130 | 85517845 |
| TOTAL SWITZERLAND |  | 93857526 |
| THAILAND - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| BKV Corp (b) | 20906 | 487319 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Fabrinet (b) | 50059 | 16584046 |
| TOTAL THAILAND |  | 17071365 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Flutter Entertainment PLC (b) | 246900 | 75840274 |
| Soho House & Co Inc Class A (b) | 49262 | 434983 |
|  |  | 76275257 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| TechnipFMC PLC  | 585736 | 21531655 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| F-star Therapeutics Inc rights (b)(d) | 1555 | 0 |
| F-star Therapeutics Inc rights (b)(d) | 1555 | 0 |
| Zura Bio Ltd Class A (b) | 47727 | 97363 |
|  |  | 97363 |
| Health Care Technology - 0.0% |  |  |
| OneMedNet Corp Class A (b) | 19850 | 17071 |
| TOTAL HEALTH CARE |  | 114434 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| TurnOnGreen Inc warrants 7/14/2028 (b) | 53845 | 59 |
| Machinery - 0.0% |  |  |
| Luxfer Holdings PLC  | 37632 | 505022 |
| TOTAL INDUSTRIALS |  | 505081 |
| TOTAL UNITED KINGDOM |  | 98426427 |
| UNITED STATES - 99.1%  |  |  |
| Communication Services - 9.3% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| Anterix Inc (b) | 25924 | 615436 |
| AST SpaceMobile Inc Class A (b)(c) | 267065 | 13070161 |
| AT&T Inc  | 10053468 | 294466079 |
| Atn International Inc  | 14315 | 243355 |
| Bandwidth Inc Class A (b) | 38550 | 578250 |
| Cogent Communications Holdings Inc  | 59321 | 2267842 |
| Frontier Communications Parent Inc (b) | 309838 | 11488793 |
| GCI Liberty Inc/DEL Class A (b)(d) | 87181 | 0 |
| GCI LLC Class A  | 3725 | 139054 |
| GCI LLC Class C  | 31933 | 1170025 |
| Globalstar Inc (b) | 71070 | 2127125 |
| IDT Corp Class B  | 29006 | 1858414 |
| iQSTEL Inc (b) | 4110 | 27578 |
| Iridium Communications Inc  | 152289 | 3790473 |
| Lumen Technologies Inc (b) | 1435521 | 7134539 |
| NextPlat Corp (b) | 22748 | 16035 |
| Shenandoah Telecommunications Co  | 64016 | 848212 |
| Uniti Group Inc (b) | 205531 | 1294845 |
| Verizon Communications Inc  | 5890075 | 260518018 |
|  |  | 601654234 |
| Entertainment - 1.6% |  |  |
| AMC Entertainment Holdings Inc Class A (b) | 607887 | 1708162 |
| Atlanta Braves Holdings Inc Class A (b)(c) | 24555 | 1166485 |
| Atlanta Braves Holdings Inc Class C (b) | 42168 | 1896717 |
| Cinemark Holdings Inc (c) | 141717 | 3656299 |
| Cineverse Corp (b) | 18681 | 91350 |
| CuriosityStream Inc Class A  | 42687 | 195506 |
| Dolphin Entertainment Inc (b) | 12741 | 15162 |
| Electronic Arts Inc  | 318805 | 54818520 |
| Eventbrite Inc Class A (b) | 104596 | 277179 |
| Gaia Inc Class A (b) | 24675 | 140154 |
| Gaxos.ai Inc (b)(c) | 9193 | 15812 |
| Golden Matrix Group Inc (b)(c) | 49770 | 61217 |
| Kartoon Studios Inc (b) | 55470 | 43905 |
| Liberty Media Corp-Liberty Formula One Class A (b) | 38501 | 3469710 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 307079 | 30677192 |
| Liberty Media Corp-Liberty Live Class A (b) | 21316 | 2016920 |
| Liberty Media Corp-Liberty Live Class C (b) | 70972 | 6911253 |
| Lionsgate Studios Corp  | 317059 | 2038689 |
| Live Nation Entertainment Inc (b) | 220163 | 36654938 |
| LiveOne Inc (b) | 121975 | 67086 |
| Madison Square Garden Entertainment Corp Class A (b) | 56579 | 2303331 |
| Madison Square Garden Sports Corp Class A (b) | 23271 | 4603935 |
| Marcus Corp/The  | 33797 | 521826 |
| Mega Matrix Inc Class A (c) | 40924 | 98627 |
| Motorsport Games Inc Class A (b) | 5433 | 15430 |
| Moving Image Technologies Inc (b)(c) | 9820 | 7305 |
| Netflix Inc (b) | 594567 | 718385578 |
| Playstudios Inc Class A (b) | 151561 | 146499 |
| Playtika Holding Corp  | 74367 | 275902 |
| PodcastOne Inc (b) | 10156 | 16046 |
| Reading International Inc Class A (b) | 21609 | 33278 |
| Reading International Inc Class B (b) | 1494 | 18750 |
| Reservoir Media Inc (b) | 47839 | 376971 |
| ROBLOX Corp Class A (b) | 774598 | 96507165 |
| Roku Inc Class A (b) | 180971 | 17474560 |
| Skillz Inc Class A (b) | 14580 | 128596 |
| Snail Inc Class A (b) | 4165 | 3863 |
| Sphere Entertainment Co Class A (b)(c) | 37955 | 1719741 |
| Starz Entertainment Corp  | 17687 | 225863 |
| Take-Two Interactive Software Inc (b) | 236764 | 55229938 |
| TKO Group Holdings Inc Class A  | 93666 | 17755327 |
| TruGolf Holdings Inc Class A (b) | 403 | 1688 |
| Vivid Seats Inc Class A (b)(c) | 6467 | 114789 |
| Walt Disney Co/The  | 2511713 | 297336585 |
| Warner Bros Discovery Inc (b) | 3145214 | 36610291 |
| Warner Music Group Corp Class A  | 204533 | 6821176 |
|  |  | 1402655316 |
| Interactive Media & Services - 6.3% |  |  |
| Alphabet Inc Class A  | 8128518 | 1730642767 |
| Alphabet Inc Class C  | 6561284 | 1401030973 |
| Angi Inc Class A (b) | 58640 | 1039101 |
| Arena Group Holdings Inc/The (b) | 37045 | 218566 |
| Bumble Inc Class A (b) | 107589 | 663824 |
| BuzzFeed Inc Class A (b) | 28409 | 55682 |
| Cargurus Inc Class A (b) | 118536 | 4101346 |
| Cars.com Inc (b) | 80424 | 1049533 |
| DHI Group Inc (b) | 55444 | 152471 |
| EverQuote Inc Class A (b) | 37982 | 883082 |
| fuboTV Inc (b)(c) | 476581 | 1682331 |
| Getty Images Holdings Inc Class A (b)(c) | 69850 | 128524 |
| Giftify Inc (b) | 22806 | 25315 |
| HWH International Inc Class A (b) | 3129 | 4505 |
| IAC Inc Class A (b) | 90725 | 3322350 |
| Intelligent Protection Management Corp (b) | 8477 | 16360 |
| IZEA Worldwide Inc (b) | 17334 | 65523 |
| Match Group Inc  | 342481 | 12788241 |
| MediaAlpha Inc Class A (b) | 45799 | 484095 |
| Meta Platforms Inc Class A  | 3033257 | 2240666946 |
| Nextdoor Holdings Inc Class A (b) | 304785 | 624809 |
| Onfolio Holdings Inc (b) | 4101 | 4100 |
| Pinterest Inc Class A (b) | 830128 | 30407589 |
| PSQ Holdings Inc Class A (b)(c) | 43049 | 71461 |
| QuinStreet Inc (b) | 79103 | 1240335 |
| Reddit Inc Class A (b) | 153854 | 34629458 |
| Rumble Inc Class A (b)(c) | 147444 | 1074867 |
| Shutterstock Inc  | 34177 | 715325 |
| Snap Inc Class A (b) | 1485778 | 10608455 |
| Society Pass Inc (b) | 4626 | 6198 |
| Super League Enterprise Inc (b)(c) | 322 | 1094 |
| System1 Inc Class A (b)(c) | 2682 | 19096 |
| Teads Holding Co (b) | 48866 | 85516 |
| Travelzoo (b) | 9241 | 90654 |
| TripAdvisor Inc Class A  | 165254 | 2878725 |
| TrueCar Inc (b) | 111451 | 245192 |
| Trump Media & Technology Group Corp (b) | 129696 | 2273571 |
| Vimeo Inc Class A (b) | 216100 | 907620 |
| Yelp Inc Class A (b) | 88817 | 2808394 |
| Zedge Inc Class B (b) | 15622 | 47491 |
| Ziff Davis Inc (b) | 58606 | 2239335 |
| ZipRecruiter Inc Class A (b) | 103950 | 519750 |
| ZoomInfo Technologies Inc (b) | 361540 | 3940786 |
|  |  | 5494461356 |
| Media - 0.5% |  |  |
| Advantage Solutions Inc Class A (b) | 75691 | 137758 |
| Altice USA Inc Class A (b) | 350471 | 820102 |
| AMC Networks Inc Class A (b) | 45939 | 324329 |
| Asset Entities Inc Class A (b)(c) | 18726 | 115165 |
| Beasley Broadcast Group Inc Class A (b)(c) | 722 | 3285 |
| Boston Omaha Corp (b) | 30580 | 407937 |
| Cable One Inc (c) | 6441 | 1040093 |
| Cardlytics Inc (b)(c) | 71729 | 73164 |
| Charter Communications Inc Class A (b) | 133344 | 35413500 |
| Clear Channel Outdoor Holdings Inc (b) | 465213 | 576864 |
| Comcast Corp Class A  | 5202525 | 176729774 |
| comScore Inc (b) | 5074 | 33285 |
| Creative Realities Inc (b) | 11558 | 27624 |
| DallasNews Corp Class A (b) | 6652 | 98915 |
| Direct Digital Holdings Inc Class A (b) | 8254 | 3740 |
| DoubleVerify Holdings Inc (b) | 188240 | 3062665 |
| EchoStar Corp Class A (b) | 187456 | 11582906 |
| Emerald Holding Inc  | 27748 | 142902 |
| Entravision Communications Corp Class A  | 93706 | 242699 |
| EW Scripps Co/The Class A (b) | 86582 | 258880 |
| Fluent Inc (b)(c) | 23879 | 56832 |
| Fox Corp Class A  | 301564 | 18003371 |
| Fox Corp Class B  | 181170 | 9882823 |
| Gannett Co Inc (b) | 170049 | 698901 |
| Gray Media Inc  | 113398 | 695130 |
| Gray Media Inc Class A (c) | 4762 | 49001 |
| Harte Hanks Inc (b) | 6787 | 24501 |
| Ibotta Inc Class A (b) | 8479 | 228424 |
| iHeartMedia Inc Class A (b) | 159993 | 340785 |
| Integral Ad Science Holding Corp (b) | 103259 | 928298 |
| Interpublic Group of Cos Inc/The (c) | 516782 | 13870429 |
| John Wiley & Sons Inc Class A  | 56289 | 2284208 |
| John Wiley & Sons Inc Class B  | 2019 | 80497 |
| Lee Enterprises Inc (b) | 6142 | 26656 |
| Lendway Inc (b) | 1599 | 8795 |
| Liberty Broadband Corp Class A (b) | 20572 | 1248103 |
| Liberty Broadband Corp Class C (b) | 159182 | 9687817 |
| LQR House Inc (b)(c) | 1264 | 1098 |
| Magnite Inc (b) | 175461 | 4553213 |
| Marchex Inc Class B (b) | 42874 | 84033 |
| Mediaco Holding Inc Class A (b) | 4485 | 5965 |
| National CineMedia Inc  | 131956 | 579287 |
| New York Times Co/The Class A  | 226527 | 13555376 |
| News Corp Class A  | 566225 | 16652677 |
| News Corp Class B (c) | 117891 | 3992968 |
| Nexstar Media Group Inc  | 39628 | 8105115 |
| Omnicom Group Inc (c) | 272587 | 21351740 |
| Paramount Skydance Corp Class B  | 432604 | 6359279 |
| PubMatic Inc Class A (b) | 55985 | 485390 |
| Saga Communications Inc Class A  | 7264 | 87168 |
| Scholastic Corp (c) | 32799 | 841622 |
| Sinclair Inc Class A (c) | 57387 | 830390 |
| Sirius XM Holdings Inc (c) | 307866 | 7277952 |
| SPAR Group Inc (b) | 20193 | 24030 |
| Stagwell Inc Class A (b) | 145150 | 818646 |
| Stran & Co Inc (b) | 13640 | 23052 |
| TechTarget Inc (c) | 37849 | 223309 |
| TEGNA Inc  | 225067 | 4771420 |
| Thryv Holdings Inc (b) | 57016 | 733226 |
| Townsquare Media Inc Class A  | 18238 | 128760 |
| Trade Desk Inc (The) Class A (b) | 626215 | 34228912 |
| Urban One Inc Class A (b) | 8053 | 12563 |
| Urban One Inc Class D (b) | 21939 | 17310 |
| WideOpenWest Inc (b) | 66119 | 336546 |
|  |  | 415291205 |
| Wireless Telecommunication Services - 0.2% |  |  |
| Array Digital Infrastructure Inc  | 19433 | 1046078 |
| Gogo Inc (b)(c) | 82990 | 911230 |
| Kore Group Holdings Inc (b) | 10553 | 25327 |
| NII Holdings Inc (b)(c)(d) | 62298 | 0 |
| Spok Holdings Inc  | 29402 | 533940 |
| SurgePays Inc (b) | 19614 | 52958 |
| T-Mobile US Inc  | 666345 | 167912277 |
| Telephone and Data Systems Inc  | 138187 | 5539917 |
|  |  | 176021727 |
| TOTAL COMMUNICATION SERVICES |  | 8090083838 |
| Consumer Discretionary - 10.4% |  |  |
| Automobile Components - 0.1% |  |  |
| Adient PLC (b) | 117094 | 2903931 |
| American Axle & Manufacturing Holdings Inc (b) | 164129 | 955231 |
| BorgWarner Inc  | 306836 | 13120307 |
| Cooper-Standard Holdings Inc (b) | 24327 | 895720 |
| Dana Inc  | 180476 | 3638396 |
| Dorman Products Inc (b) | 38131 | 6169214 |
| Fox Factory Holding Corp (b) | 57864 | 1674006 |
| Gentex Corp  | 314445 | 8807604 |
| Gentherm Inc (b) | 42852 | 1575668 |
| Goodyear Tire & Rubber Co/The (b) | 400978 | 3400293 |
| Holley Inc Class A (b) | 79822 | 324876 |
| LCI Industries  | 35191 | 3709835 |
| Lear Corp  | 74877 | 8236470 |
| Luminar Technologies Inc Class A (b)(c) | 56630 | 96271 |
| Modine Manufacturing Co (b) | 73434 | 9996570 |
| Motorcar Parts of America Inc (b) | 27212 | 405459 |
| Patrick Industries Inc  | 46476 | 5198341 |
| Phinia Inc  | 55424 | 3241196 |
| QuantumScape Corp Class A (b) | 598422 | 4745486 |
| Solid Power Inc (b)(c) | 199503 | 863848 |
| Standard Motor Products Inc  | 29096 | 1129216 |
| Stoneridge Inc (b) | 36818 | 305589 |
| Strattec Security Corp (b) | 5216 | 343578 |
| Sypris Solutions Inc (b) | 19405 | 37452 |
| Visteon Corp  | 38562 | 4780146 |
| Worksport Ltd (b)(c) | 6737 | 20952 |
| XPEL Inc (b)(e) | 31518 | 1171209 |
|  |  | 87746864 |
| Automobiles - 1.7% |  |  |
| Cenntro Inc (b) | 28734 | 15554 |
| Empery Digital Inc (b) | 831 | 5859 |
| Envirotech Vehicles Inc (b) | 2031 | 4631 |
| Faraday Future Intelligent Electric Inc Class A (b)(c) | 123691 | 275831 |
| Ford Motor Co  | 5452418 | 64174960 |
| General Motors Co  | 1342712 | 78669496 |
| Harley-Davidson Inc  | 154136 | 4488440 |
| Lucid Group Inc (b)(c) | 1667538 | 3301725 |
| Rivian Automotive Inc Class A (b)(c) | 1146042 | 15551790 |
| StableX Technologies Inc (b)(c) | 448 | 2710 |
| Tesla Inc (b) | 3914891 | 1307064658 |
| Thor Industries Inc (c) | 74525 | 8167940 |
| Winnebago Industries Inc  | 39067 | 1405631 |
| Workhorse Group Inc (b)(c) | 13560 | 17899 |
|  |  | 1483147124 |
| Broadline Retail - 3.6% |  |  |
| 1stdibs.Com Inc (b) | 43041 | 117932 |
| Amazon.com Inc (b) | 13200375 | 3022885875 |
| Dillard's Inc Class A (c) | 4067 | 2167223 |
| eBay Inc  | 644090 | 58360995 |
| Etsy Inc (b) | 145679 | 7722444 |
| Groupon Inc (b) | 33700 | 879570 |
| Kohl's Corp (c) | 155096 | 2335746 |
| Macy's Inc  | 390165 | 5161883 |
| Ollie's Bargain Outlet Holdings Inc (b) | 85865 | 10891117 |
| QVC Group Inc Class A (b)(c) | 10579 | 90768 |
| Savers Value Village Inc (b)(c) | 37336 | 451392 |
|  |  | 3111064945 |
| Distributors - 0.1% |  |  |
| A-Mark Precious Metals Inc  | 26458 | 619382 |
| AMCON Distributing Co  | 256 | 30717 |
| Cheetah Net Supply Chain Service Inc Class A (b) | 2533 | 4205 |
| Educational Development Corp (b) | 6289 | 7358 |
| Genuine Parts Co  | 194186 | 27055935 |
| Kaival Brands Innovations Group Inc (b)(c) | 5011 | 5011 |
| LKQ Corp  | 361017 | 11776375 |
| Pool Corp (c) | 52593 | 16341171 |
| Weyco Group Inc  | 10071 | 305151 |
|  |  | 56145305 |
| Diversified Consumer Services - 0.1% |  |  |
| ADT Inc  | 628903 | 5477745 |
| Adtalem Global Education Inc (b) | 50427 | 6603416 |
| Allurion Technologies Inc (b) | 6184 | 13419 |
| American Public Education Inc (b) | 25023 | 755194 |
| Amesite Inc (b) | 4846 | 13375 |
| Beachbody Co Inc/The Class A (b) | 4377 | 24117 |
| Bright Horizons Family Solutions Inc (b) | 80036 | 9447449 |
| Carriage Services Inc  | 18197 | 796665 |
| Chegg Inc (b) | 149160 | 219265 |
| Classover Holdings Inc Class B  | 16144 | 20180 |
| Coursera Inc (b) | 175709 | 2020654 |
| Duolingo Inc Class A (b) | 54875 | 16345068 |
| European Wax Center Inc Class A (b) | 44130 | 189318 |
| Frontdoor Inc (b) | 103059 | 6260834 |
| Graham Holdings Co Class B  | 4750 | 5158738 |
| Grand Canyon Education Inc (b) | 38992 | 7859617 |
| H&R Block Inc  | 186933 | 9412077 |
| KinderCare Learning Cos Inc (b) | 34449 | 247688 |
| Laureate Education Inc (b) | 185192 | 5089076 |
| Legacy Education Inc (b) | 3663 | 44176 |
| Lincoln Educational Services Corp (b) | 40762 | 766733 |
| Matthews International Corp Class A  | 43172 | 1060736 |
| Mister Car Wash Inc (b) | 130883 | 747342 |
| Nerdy Inc Class A (b) | 115553 | 157152 |
| Perdoceo Education Corp  | 85827 | 2809976 |
| Regis Corp (b) | 3196 | 70696 |
| Service Corp International/US  | 198873 | 15760685 |
| Strategic Education Inc  | 33757 | 2746132 |
| Stride Inc (b) | 59980 | 9788136 |
| Udemy Inc (b) | 126063 | 864792 |
| Universal Technical Institute Inc (b) | 60665 | 1613082 |
| XWELL Inc (b) | 7323 | 8202 |
|  |  | 112391735 |
| Hotels, Restaurants & Leisure - 2.1% |  |  |
| Accel Entertainment Inc Class A (b) | 78555 | 910452 |
| Airbnb Inc Class A (b) | 602994 | 78708807 |
| Allied Gaming & Entertainment Inc (b) | 28541 | 33393 |
| Aramark  | 365912 | 14310818 |
| Ark Restaurants Corp (b) | 2923 | 20052 |
| Aureus Greenway Holdings Inc (b)(c) | 4674 | 20285 |
| Bally's Corp (c) | 10252 | 102007 |
| Biglari Holdings Inc Class A (b)(c) | 142 | 221757 |
| Biglari Holdings Inc Class B (b) | 667 | 207350 |
| BJ's Restaurants Inc (b) | 30686 | 1029822 |
| Bloomin' Brands Inc  | 105610 | 776234 |
| Booking Holdings Inc  | 45461 | 254538412 |
| Boyd Gaming Corp  | 85077 | 7304711 |
| Brinker International Inc (b) | 62064 | 9680743 |
| BT Brands Inc (b) | 1367 | 2515 |
| Caesars Entertainment Inc (b) | 290204 | 7768761 |
| Canterbury Park Holding Corp  | 3751 | 62079 |
| Carnival Corp (b) | 1466875 | 46778644 |
| Cava Group Inc (b) | 114800 | 7754740 |
| Century Casinos Inc (b) | 37269 | 99136 |
| Cheesecake Factory Inc/The (c) | 64166 | 3943642 |
| Chipotle Mexican Grill Inc (b) | 1882508 | 79328887 |
| Choice Hotels International Inc (c) | 30704 | 3671584 |
| Churchill Downs Inc  | 100885 | 10464801 |
| Cracker Barrel Old Country Store Inc (c) | 31301 | 1872426 |
| Darden Restaurants Inc  | 163354 | 33804477 |
| Dave & Buster's Entertainment Inc (b)(c) | 38382 | 985266 |
| Denny's Corp (b)(c) | 71653 | 327454 |
| Dine Brands Global Inc (c) | 22012 | 527187 |
| Domino's Pizza Inc  | 47784 | 21899407 |
| DoorDash Inc Class A (b) | 479040 | 117484560 |
| DraftKings Inc Class A (b) | 693595 | 33278688 |
| Dutch Bros Inc Class A (b) | 177333 | 12737829 |
| El Pollo Loco Holdings Inc (b) | 33318 | 354170 |
| Empire Resorts Inc (b)(d) | 2596 | 0 |
| Expedia Group Inc Class A  | 169838 | 36481202 |
| FAT Brands Inc Class A  | 829 | 1484 |
| FAT Brands Inc Class B  | 8113 | 22230 |
| First Watch Restaurant Group Inc (b) | 56801 | 1070131 |
| Flanigan's Enterprises Inc  | 949 | 27559 |
| Full House Resorts Inc (b) | 45974 | 168265 |
| GEN Restaurant Group Inc Class A  | 6248 | 19994 |
| Global Business Travel Group I Class A (b) | 119864 | 999666 |
| Golden Entertainment Inc  | 27667 | 688078 |
| Good Times Restaurants Inc (b) | 11578 | 19219 |
| High Roller Technologies Inc (b) | 1793 | 4662 |
| Hilton Grand Vacations Inc (b) | 89070 | 4232606 |
| Hilton Worldwide Holdings Inc  | 332126 | 91686704 |
| Hyatt Hotels Corp Class A (c) | 58532 | 8444997 |
| Inspirato Inc Class A (b)(c) | 9088 | 27537 |
| Inspired Entertainment Inc (b) | 34625 | 322013 |
| Jack in the Box Inc (c) | 26452 | 510524 |
| Krispy Kreme Inc (c) | 119436 | 423998 |
| Kura Sushi USA Inc Class A (b) | 8161 | 692094 |
| Las Vegas Sands Corp  | 473833 | 27306996 |
| Life Time Group Holdings Inc (b) | 171589 | 4790765 |
| Light & Wonder Inc Class A (b) | 117899 | 10902121 |
| Lindblad Expeditions Holdings Inc (b) | 51561 | 751759 |
| Lottery.com Inc (b) | 2067 | 10335 |
| Lucky Strike Entertainment Corp Class A (c) | 34184 | 365769 |
| Marriott International Inc/MD Class A1  | 317593 | 85070461 |
| Marriott Vacations Worldwide Corp (c) | 44302 | 3462201 |
| McDonald's Corp  | 998930 | 313204512 |
| MGM Resorts International (b) | 288698 | 11458424 |
| Monarch Casino & Resort Inc  | 17776 | 1854570 |
| Nathan's Famous Inc  | 3884 | 406655 |
| Noodles & Co Class A (b) | 44799 | 31915 |
| Norwegian Cruise Line Holdings Ltd (b) | 624486 | 15512232 |
| ONE Group Hospitality Inc/The (b) | 33803 | 94310 |
| Papa John's International Inc (c) | 45949 | 2238176 |
| Penn Entertainment Inc (b) | 205105 | 4149274 |
| Planet Fitness Inc Class A (b) | 117175 | 12279940 |
| Portillo's Inc Class A (b)(c) | 82015 | 580666 |
| Potbelly Corp (b) | 35184 | 455281 |
| Pursuit Attractions and Hospitality Inc (b) | 29869 | 1114114 |
| Rave Restaurant Group Inc (b) | 16394 | 54592 |
| Rci Hospitality Holdings Inc  | 11279 | 419692 |
| Red Robin Gourmet Burgers Inc (b) | 23507 | 152325 |
| Red Rock Resorts Inc Class A  | 69549 | 4302997 |
| Royal Caribbean Cruises Ltd  | 349059 | 126785210 |
| Rush Street Interactive Inc Class A (b) | 126012 | 2810068 |
| Sabre Corp (b) | 542353 | 970812 |
| Serve Robotics Inc (b)(c) | 34521 | 383183 |
| Shake Shack Inc Class A (b) | 56153 | 5952218 |
| Sharplink Gaming Inc (b) | 975 | 17375 |
| Six Flags Entertainment Corp (b) | 132043 | 2996056 |
| Sonder Holdings Inc (b)(c) | 14674 | 28174 |
| Starbucks Corp  | 1587568 | 140007622 |
| Sweetgreen Inc Class A (b)(c) | 147833 | 1345280 |
| Target Hospitality Corp (b) | 46969 | 426009 |
| Texas Roadhouse Inc (c) | 92626 | 15982616 |
| Travel + Leisure Co  | 93068 | 5882828 |
| Twin Hospitality Group Inc Class A (c) | 4062 | 14379 |
| United Parks & Resorts Inc (b)(c) | 39665 | 2085586 |
| Vail Resorts Inc (c) | 52180 | 8547084 |
| Wendy's Co/The (c) | 227262 | 2411250 |
| Wingstop Inc  | 38987 | 12792414 |
| Wyndham Hotels & Resorts Inc  | 107525 | 9312740 |
| Wynn Resorts Ltd  | 122958 | 15584927 |
| Xponential Fitness Inc Class A (b) | 36002 | 302777 |
| Yoshiharu Global Co Class A (b) | 3580 | 4654 |
| Yum! Brands Inc  | 388091 | 57037734 |
|  |  | 1809505137 |
| Household Durables - 0.4% |  |  |
| Algorhythm Holdings Inc (b)(c) | 3698 | 8209 |
| Aterian Inc (b)(c) | 8030 | 7762 |
| Bassett Furniture Industries Inc  | 11265 | 189477 |
| Beazer Homes USA Inc (b) | 38592 | 970975 |
| Cavco Industries Inc (b) | 11206 | 5944671 |
| Century Communities Inc  | 37587 | 2476232 |
| Champion Homes Inc (b) | 73821 | 5570533 |
| Cricut Inc Class A (c) | 66268 | 377728 |
| DR Horton Inc  | 386349 | 65478429 |
| Dream Finders Homes Inc Class A (b)(c) | 39849 | 1107404 |
| Emerson Radio Corp (b) | 5384 | 2153 |
| Ethan Allen Interiors Inc  | 31576 | 931808 |
| Flexsteel Industries Inc  | 5112 | 237095 |
| Garmin Ltd  | 215147 | 52026848 |
| Gopro Inc Class A (b) | 182938 | 285383 |
| Green Brick Partners Inc (b) | 42212 | 2948086 |
| Hamilton Beach Brands Holding Co Class A  | 8200 | 120868 |
| Helen of Troy Ltd (b) | 31853 | 781991 |
| Hooker Furnishings Corp  | 15104 | 150889 |
| Hovnanian Enterprises Inc Class A (b) | 6431 | 902655 |
| Installed Building Products Inc (c) | 31809 | 8328232 |
| iRobot Corp (b)(c) | 43041 | 145909 |
| KB Home  | 100601 | 6393194 |
| Koss Corp (b) | 7407 | 45923 |
| La-Z-Boy Inc  | 57435 | 2123372 |
| Legacy Housing Corp (b) | 15245 | 426022 |
| Leggett & Platt Inc  | 187339 | 1800328 |
| Lennar Corp Class A  | 314199 | 41832455 |
| Lennar Corp Class B (c) | 26115 | 3321306 |
| LGI Homes Inc (b) | 28623 | 1772050 |
| Lifetime Brands Inc  | 19213 | 75891 |
| Live Ventures Inc (b) | 1483 | 29363 |
| Lovesac Co/The (b) | 19512 | 373265 |
| M/I Homes Inc (b) | 37258 | 5486613 |
| Meritage Homes Corp  | 100380 | 7798522 |
| Mohawk Industries Inc (b) | 72278 | 9590568 |
| Newell Brands Inc  | 581910 | 3444907 |
| Nova Lifestyle Inc (b)(c) | 13853 | 24381 |
| NVR Inc (b) | 4084 | 33152483 |
| PulteGroup Inc  | 280031 | 36969693 |
| Purple Innovation Inc Class A (b) | 76384 | 88605 |
| Smith Douglas Homes Corp Class A (b)(c) | 12637 | 247812 |
| Somnigroup International Inc  | 288420 | 24212859 |
| Sonos Inc (b) | 168664 | 2347803 |
| Taylor Morrison Home Corp (b) | 140198 | 9445139 |
| Toll Brothers Inc  | 138845 | 19299455 |
| TopBuild Corp (b) | 39700 | 16704172 |
| Traeger Inc (b) | 93017 | 117201 |
| Tri Pointe Homes Inc (b) | 126164 | 4457374 |
| United Homes Group Inc Class A (b) | 17172 | 71607 |
| Universal Electronics Inc (b) | 14280 | 69329 |
| Whirlpool Corp (c) | 77687 | 7236544 |
| Yunhong Green CTI Ltd (b) | 18674 | 11483 |
|  |  | 387963056 |
| Leisure Products - 0.0% |  |  |
| Acushnet Holdings Corp (c) | 36768 | 2818267 |
| American Outdoor Brands Inc (b) | 17737 | 185174 |
| Brunswick Corp/DE  | 91499 | 5818421 |
| Clarus Corp (c) | 40703 | 147752 |
| Escalade Inc  | 11626 | 146488 |
| Funko Inc Class A (b) | 51336 | 177623 |
| Hasbro Inc  | 184059 | 14940070 |
| Interactive Strength Inc (b) | 1433 | 5918 |
| JAKKS Pacific Inc  | 12313 | 218802 |
| Johnson Outdoors Inc Class A  | 7771 | 313327 |
| Latham Group Inc (b) | 54851 | 440454 |
| Malibu Boats Inc Class A (b) | 26562 | 881858 |
| Marine Products Corp (c) | 17903 | 156293 |
| MasterCraft Boat Holdings Inc (b) | 17612 | 386407 |
| Mattel Inc (b) | 451017 | 8253611 |
| Newton Golf Company Inc (b)(c) | 5368 | 10575 |
| Outdoor Holding Co (b) | 123899 | 177176 |
| Peloton Interactive Inc Class A (b) | 534304 | 4060710 |
| Polaris Inc (c) | 74580 | 4219736 |
| Smith & Wesson Brands Inc  | 61552 | 502880 |
| Sturm Ruger & Co Inc  | 22972 | 796439 |
| Topgolf Callaway Brands Corp (b)(c) | 197399 | 1887134 |
| Tron Inc (b)(c) | 14625 | 62741 |
| Twin Vee PowerCats Co (b) | 1827 | 3636 |
| YETI Holdings Inc (b) | 116301 | 4089143 |
|  |  | 50700635 |
| Specialty Retail - 2.0% |  |  |
| 1-800-Flowers.com Inc Class A (b)(c) | 35971 | 201438 |
| Abercrombie & Fitch Co Class A (b) | 66644 | 6233213 |
| Academy Sports & Outdoors Inc  | 92990 | 4979615 |
| Advance Auto Parts Inc  | 83621 | 5100045 |
| aka Brands Holding Corp (b) | 874 | 9876 |
| America's Car-Mart Inc/TX (b) | 10758 | 482066 |
| American Eagle Outfitters Inc  | 219444 | 2839605 |
| Arhaus Inc Class A (b) | 74922 | 878835 |
| Arko Corp  | 96833 | 484165 |
| Asbury Automotive Group Inc (b) | 27578 | 6936970 |
| AutoNation Inc (b) | 34673 | 7596161 |
| AutoZone Inc (b) | 23374 | 98136440 |
| BARK Inc (b) | 172016 | 155210 |
| Barnes & Noble Education Inc (b) | 26880 | 231974 |
| Bath & Body Works Inc  | 297373 | 8686265 |
| Bed Bath & Beyond Inc (b) | 70545 | 635610 |
| Best Buy Co Inc  | 269010 | 19809896 |
| Big 5 Sporting Goods Corp (b) | 30147 | 42809 |
| Boot Barn Holdings Inc (b) | 42767 | 7602690 |
| Brand House Collective Inc/The (b)(c) | 16430 | 24645 |
| Brilliant Earth Group Inc Class A  | 19088 | 55737 |
| Buckle Inc/The  | 42281 | 2392682 |
| Build-A-Bear Workshop Inc (c) | 16328 | 992906 |
| Burlington Stores Inc (b) | 88036 | 25590304 |
| Caleres Inc  | 47628 | 714420 |
| Camping World Holdings Inc Class A  | 86794 | 1519763 |
| CarMax Inc (b) | 212796 | 13055035 |
| Carparts Com Inc (b) | 77356 | 63455 |
| Carvana Co Class A (b) | 173545 | 64544856 |
| Cato Corp/The Class A  | 21800 | 89598 |
| Chewy Inc Class A (b) | 306649 | 12560343 |
| Children's Place Inc/The (b)(c) | 17792 | 90205 |
| Citi Trends Inc (b) | 10101 | 359899 |
| Designer Brands Inc Class A (c) | 48490 | 179898 |
| Destination XL Group Inc (b) | 67938 | 87640 |
| Dick's Sporting Goods Inc  | 78922 | 16794602 |
| Duluth Holdings Inc Class B (b) | 18633 | 42297 |
| Envela Corp (b) | 9067 | 67730 |
| EVgo Inc Class A (b) | 175607 | 679599 |
| Five Below Inc (b) | 76924 | 11161672 |
| Floor & Decor Holdings Inc Class A (b) | 150395 | 12320358 |
| Foot Locker Inc (b) | 116727 | 2883157 |
| GameStop Corp Class A (b)(c) | 568920 | 12749497 |
| Gap Inc/The  | 310412 | 6832168 |
| Genesco Inc (b) | 13740 | 439405 |
| Group 1 Automotive Inc  | 17712 | 8232183 |
| Grove Collaborative Holdings Class A (b)(c) | 36174 | 54984 |
| GrowGeneration Corp (b) | 80715 | 137216 |
| Guess? Inc (c) | 38853 | 653119 |
| Haverty Furniture Cos Inc  | 19096 | 430615 |
| Home Depot Inc/The  | 1388561 | 564824959 |
| J Jill Inc  | 10403 | 174354 |
| Lands' End Inc (b)(c) | 16409 | 235633 |
| Lazydays Holdings Inc (b) | 5231 | 15379 |
| Leslie's Inc (b) | 264351 | 87844 |
| Lithia Motors Inc Class A  | 36349 | 12237981 |
| Lowe's Cos Inc  | 781926 | 201783824 |
| Lulu's Fashion Lounge Holdings Inc (b)(c) | 1492 | 5864 |
| MarineMax Inc (b) | 26167 | 689500 |
| Monro Inc (c) | 42062 | 697388 |
| Murphy USA Inc  | 25114 | 9455421 |
| National Vision Holdings Inc (b) | 110793 | 2541591 |
| Nxu Inc Class A (b) | 1 | 0 |
| O'Reilly Automotive Inc (b) | 1194446 | 123840161 |
| ODP Corp/The (b) | 41868 | 848246 |
| OneWater Marine Inc Class A (b)(c) | 19450 | 327344 |
| Penske Automotive Group Inc  | 25772 | 4752615 |
| Petco Health & Wellness Co Inc Class A (b) | 123146 | 491353 |
| PetMed Express Inc (b) | 28931 | 88818 |
| RealReal Inc/The (b) | 134208 | 1024007 |
| Rent the Runway Inc Class A (b)(c) | 3342 | 18381 |
| Restoration Hardware Inc (b) | 21175 | 4778562 |
| Revolve Group Inc Class A (b) | 56060 | 1254062 |
| RideNow Group Inc Class B (b) | 33295 | 128852 |
| Ross Stores Inc  | 459445 | 67611926 |
| Sally Beauty Holdings Inc (b) | 140301 | 1944572 |
| Shoe Carnival Inc (c) | 24899 | 520389 |
| Signet Jewelers Ltd  | 59978 | 5281063 |
| Sleep Number Corp (b)(c) | 31439 | 331053 |
| Sonic Automotive Inc Class A  | 20046 | 1647581 |
| Sportsman's Warehouse Holdings Inc (b) | 53263 | 142745 |
| Stitch Fix Inc Class A (b) | 156333 | 827002 |
| Tandy Leather Factory Inc  | 5702 | 17391 |
| ThredUp Inc Class A (b) | 134549 | 1455820 |
| Tile Shop Holdings Inc (b) | 33009 | 204986 |
| Tilly's Inc Class A (b)(c) | 31951 | 62943 |
| TJX Cos Inc/The  | 1559912 | 213099578 |
| Torrid Holdings Inc (b)(c) | 16269 | 35466 |
| Tractor Supply Co  | 740680 | 45744397 |
| Ulta Beauty Inc (b) | 63066 | 31074510 |
| Upbound Group Inc  | 71792 | 1824235 |
| Urban Outfitters Inc (b) | 78960 | 5296637 |
| Valvoline Inc (b) | 178207 | 6910867 |
| Victoria's Secret & Co (b) | 112017 | 2578631 |
| Warby Parker Inc Class A (b) | 128463 | 3365731 |
| Wayfair Inc Class A (b) | 144744 | 10797902 |
| Williams-Sonoma Inc  | 171719 | 32315799 |
| Winmark Corp  | 4057 | 1881799 |
| Xcel Brands Inc (b)(c) | 2602 | 3539 |
| Zumiez Inc (b) | 22003 | 378232 |
|  |  | 1732499804 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Allbirds Inc Class A (b)(c) | 7663 | 49273 |
| Capri Holdings Ltd (b) | 166070 | 3419381 |
| Carter's Inc (c) | 50854 | 1452390 |
| Columbia Sportswear Co (c) | 42798 | 2384705 |
| Crocs Inc (b) | 78365 | 6833428 |
| Crown Crafts Inc  | 12981 | 38943 |
| Culp Inc (b) | 15065 | 65005 |
| Deckers Outdoor Corp (b) | 212072 | 25370173 |
| Figs Inc Class A (b) | 171294 | 1207623 |
| Fossil Group Inc (b) | 68679 | 210158 |
| G-III Apparel Group Ltd (b) | 52839 | 1426653 |
| Hanesbrands Inc (b) | 492983 | 3110723 |
| Kontoor Brands Inc  | 69953 | 5403869 |
| Lakeland Industries Inc (c) | 12325 | 187217 |
| Levi Strauss & Co Class A  | 137532 | 3076591 |
| Lululemon Athletica Inc (b) | 154428 | 31225343 |
| Movado Group Inc  | 22463 | 410399 |
| NIKE Inc Class B  | 1645839 | 127338564 |
| Oxford Industries Inc  | 19543 | 860869 |
| Playboy Inc (b) | 97807 | 160403 |
| PVH Corp  | 67046 | 5653319 |
| Ralph Lauren Corp Class A  | 55634 | 16519404 |
| Rocky Brands Inc  | 10395 | 316320 |
| Skechers USA Inc Class A (b) | 181680 | 11460374 |
| Steven Madden Ltd  | 102409 | 2973957 |
| Superior Group of Cos Inc  | 15617 | 205207 |
| Tapestry Inc  | 289996 | 29527393 |
| Under Armour Inc Class A (b)(c) | 211880 | 1059400 |
| Under Armour Inc Class C (b) | 232224 | 1142542 |
| Unifi Inc (b) | 21750 | 96135 |
| Vera Bradley Inc (b) | 29261 | 60570 |
| VF Corp  | 461764 | 6986489 |
| Vince Holding Corp (b) | 5690 | 8080 |
| Wolverine World Wide Inc  | 113292 | 3618546 |
|  |  | 293859446 |
| TOTAL CONSUMER DISCRETIONARY |  | 9125024051 |
| Consumer Staples - 4.9% |  |  |
| Beverages - 1.0% |  |  |
| Amaze Holdings Inc (b)(c) | 837 | 2445 |
| Beeline Holdings Inc (b)(c) | 9095 | 14370 |
| Boston Beer Co Inc/The Class A (b) | 11629 | 2571056 |
| Brown-Forman Corp Class A  | 99213 | 3011114 |
| Brown-Forman Corp Class B (c) | 230658 | 6905901 |
| Celsius Holdings Inc (b) | 219730 | 13816622 |
| Coca-Cola Co/The  | 5411756 | 373357047 |
| Coca-Cola Consolidated Inc  | 81881 | 9599728 |
| Constellation Brands Inc Class A  | 213847 | 34630383 |
| Heritage Distilling Holding Co Inc (c) | 6544 | 2779 |
| Keurig Dr Pepper Inc  | 1896636 | 55173141 |
| MGP Ingredients Inc  | 18940 | 560056 |
| Molson Coors Beverage Co Class B (c) | 239047 | 12069483 |
| Monster Beverage Corp (b) | 980559 | 61196687 |
| National Beverage Corp (b) | 33524 | 1409684 |
| PepsiCo Inc  | 1915511 | 284740710 |
| Primo Brands Corp Class A  | 354651 | 8905287 |
| Splash Beverage Group Inc (b)(c) | 1408 | 2358 |
| Vita Coco Co Inc/The (b) | 55009 | 1966022 |
| Willamette Valley Vineyards Inc (b) | 4861 | 22555 |
| Zevia PBC Class A (b) | 74305 | 208054 |
|  |  | 870165482 |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| Albertsons Cos Inc Class A  | 562416 | 10944615 |
| Andersons Inc/The  | 44803 | 1832443 |
| BJ's Wholesale Club Holdings Inc (b) | 184502 | 18022155 |
| Blue Apron Holdings Inc warrants 11/4/2028 (b)(d) | 17555 | 0 |
| Blue Apron Holdings Inc warrants 11/4/2028 (b)(d) | 17555 | 0 |
| Blue Apron Holdings Inc warrants 11/4/2028 (b)(d) | 17555 | 0 |
| Casey's General Stores Inc  | 51861 | 25646302 |
| Chefs' Warehouse Inc/The (b) | 49264 | 3110529 |
| Costco Wholesale Corp  | 619883 | 584748032 |
| Dollar General Corp  | 307292 | 33421078 |
| Dollar Tree Inc (b) | 275926 | 30122841 |
| Grocery Outlet Holding Corp (b) | 137873 | 2496880 |
| Guardian Pharmacy Services Inc Class A (b) | 23406 | 618387 |
| HF Foods Group Inc (b) | 54952 | 180243 |
| Ingles Markets Inc Class A  | 20160 | 1364630 |
| Kroger Co/The  | 855774 | 58055708 |
| Maison Solutions Inc (b) | 4188 | 3886 |
| Mangoceuticals Inc (b) | 11886 | 28051 |
| Maplebear Inc (b) | 229446 | 9951073 |
| Natural Grocers by Vitamin Cottage Inc (c) | 14680 | 564446 |
| Performance Food Group Co (b) | 217923 | 22097392 |
| PriceSmart Inc  | 34644 | 3715915 |
| Reborn Coffee Inc (b) | 2905 | 7611 |
| SpartanNash Co  | 47081 | 1261771 |
| Sprouts Farmers Market Inc (b) | 136724 | 19215191 |
| SRX Health Solutions Inc (b)(c) | 5543 | 2316 |
| Sysco Corp  | 676830 | 54464510 |
| Target Corp  | 634707 | 60919178 |
| United Natural Foods Inc (b) | 84939 | 2402075 |
| US Foods Holding Corp (b) | 323119 | 25074034 |
| Village Super Market Inc Class A  | 9054 | 328479 |
| Walmart Inc  | 6036297 | 585400084 |
| Weis Markets Inc  | 22831 | 1635841 |
|  |  | 1557635696 |
| Food Products - 0.6% |  |  |
| Alico Inc  | 7389 | 250044 |
| Arcadia Biosciences Inc (b) | 1716 | 6538 |
| Archer-Daniels-Midland Co  | 671094 | 42037328 |
| B&G Foods Inc (c) | 112974 | 509513 |
| Barfresh Food Group Inc (b) | 11803 | 35763 |
| Beyond Meat Inc (b)(c) | 106207 | 265518 |
| BranchOut Food Inc (b) | 10207 | 22149 |
| BRC Inc Class A (b)(c) | 63824 | 98927 |
| Bridgford Foods Corp (b) | 2093 | 15677 |
| Bunge Global SA  | 187792 | 15815842 |
| Cal-Maine Foods Inc  | 60271 | 6969738 |
| Calavo Growers Inc  | 23381 | 639470 |
| CIMG Inc (b) | 8019 | 2114 |
| Coffee Holding Co Inc (b) | 7048 | 29461 |
| Conagra Brands Inc  | 666121 | 12742895 |
| Darling Ingredients Inc (b) | 221128 | 7509507 |
| Edible Garden AG Inc (b) | 1307 | 2418 |
| Farmer Bros Co (b) | 29181 | 58362 |
| Flowers Foods Inc (c) | 274129 | 4122900 |
| Fresh Del Monte Produce Inc  | 46781 | 1697215 |
| Freshpet Inc (b) | 68454 | 3821102 |
| General Mills Inc  | 765592 | 37766653 |
| Hain Celestial Group Inc (b) | 126504 | 227707 |
| Hershey Co/The  | 206799 | 37999316 |
| Hormel Foods Corp  | 407441 | 10365299 |
| Ingredion Inc  | 89664 | 11615075 |
| J & J Snack Foods Corp  | 21750 | 2426648 |
| JM Smucker Co  | 148773 | 16440904 |
| John B Sanfilippo & Son Inc  | 12703 | 824425 |
| Kellanova  | 375215 | 29829593 |
| Kraft Heinz Co/The  | 1206659 | 33750252 |
| Laird Superfood Inc (b) | 11452 | 66307 |
| Lamb Weston Holdings Inc  | 197262 | 11348483 |
| Lifeway Foods Inc (b) | 7282 | 221883 |
| Limoneira Co  | 21662 | 341393 |
| Local Bounti Corp (b) | 5423 | 13069 |
| Mama's Creations Inc (b) | 47104 | 375890 |
| Marzetti Company/The  | 27112 | 4950651 |
| McCormick & Co Inc/MD  | 353213 | 24855599 |
| Mission Produce Inc (b) | 60989 | 762972 |
| Mondelez International Inc  | 1809620 | 111183053 |
| Pilgrim's Pride Corp (c) | 56506 | 2511692 |
| Post Holdings Inc (b) | 63068 | 7136144 |
| Rocky Mountain Chocolate Factory Inc (b) | 7317 | 10463 |
| Sadot Group Inc (b) | 5248 | 4795 |
| Seaboard Corp  | 349 | 1385251 |
| Seneca Foods Corp Class A (b) | 6567 | 743384 |
| Seneca Foods Corp Class B (b) | 27 | 3082 |
| Simply Good Foods Co/The (b) | 128187 | 3669994 |
| SOW GOOD INC (b) | 1798 | 1372 |
| The Campbell's Company (c) | 275448 | 8795055 |
| Tootsie Roll Industries Inc Class A  | 23190 | 932470 |
| TreeHouse Foods Inc (b) | 63101 | 1157272 |
| Tyson Foods Inc Class A  | 399291 | 22671743 |
| Utz Brands Inc Class A  | 104169 | 1397948 |
| Vital Farms Inc (b)(c) | 43756 | 2235494 |
| Westrock Coffee Co (b) | 49842 | 269645 |
| WK Kellogg Co (c) | 92238 | 2114095 |
|  |  | 487057552 |
| Household Products - 0.8% |  |  |
| Central Garden & Pet Co (b)(c) | 48447 | 1764924 |
| Central Garden & Pet Co Class A (b) | 28675 | 947135 |
| Church & Dwight Co Inc  | 344287 | 32073777 |
| Clorox Co/The  | 172068 | 20338438 |
| Colgate-Palmolive Co  | 1131885 | 95157572 |
| Energizer Holdings Inc  | 92307 | 2543981 |
| Kimberly-Clark Corp  | 463301 | 59830691 |
| Oil-Dri Corp of America  | 14333 | 851093 |
| Procter & Gamble Co/The  | 3276437 | 514531666 |
| Reynolds Consumer Products Inc  | 76465 | 1774753 |
| Spectrum Brands Holdings Inc  | 34844 | 1985760 |
| WD-40 Co  | 18879 | 4078619 |
|  |  | 735878409 |
| Personal Care Products - 0.1% |  |  |
| AXIL Brands Inc (b) | 4173 | 23452 |
| Beauty Health Co/The Class A (b) | 113918 | 236949 |
| BellRing Brands Inc (b) | 177564 | 7289002 |
| Coty Inc Class A (b) | 511306 | 2188390 |
| Edgewell Personal Care Co  | 65310 | 1568746 |
| elf Beauty Inc (b)(c) | 78849 | 9856125 |
| Estee Lauder Cos Inc/The Class A  | 327246 | 30018276 |
| FitLife Brands Inc (b)(c) | 5322 | 99096 |
| Herbalife Ltd (b) | 142146 | 1390188 |
| Honest Co Inc/The (b) | 108652 | 430262 |
| Interparfums Inc  | 25176 | 2893729 |
| Kenvue Inc  | 2682930 | 55563480 |
| Lifevantage Corp (c) | 14557 | 190697 |
| Mannatech Inc (b) | 1681 | 15129 |
| Medifast Inc (b)(c) | 14344 | 201246 |
| Natural Alternatives International Inc (b) | 3852 | 14137 |
| Nature's Sunshine Products Inc (b) | 16745 | 282153 |
| Nu Skin Enterprises Inc Class A  | 68706 | 836152 |
| Olaplex Holdings Inc (b) | 166914 | 238687 |
| PMGC Holdings Inc (b)(c) | 704 | 1140 |
| Safety Shot Inc (b) | 73676 | 31386 |
| Synergy CHC Corp (b) | 1471 | 3560 |
| United-Guardian Inc  | 3850 | 32302 |
| Upexi Inc (b)(c) | 43540 | 314794 |
| USANA Health Sciences Inc (b) | 14960 | 477374 |
|  |  | 114196452 |
| Tobacco - 0.6% |  |  |
| Altria Group Inc  | 2353103 | 158152053 |
| Ispire Technology Inc (b) | 27438 | 87252 |
| Philip Morris International Inc  | 2174709 | 363459115 |
| Turning Point Brands Inc  | 25141 | 2501530 |
| Universal Corp/VA  | 34609 | 1936374 |
|  |  | 526136324 |
| TOTAL CONSUMER STAPLES |  | 4291069915 |
| Energy - 3.1% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Archrock Inc  | 248261 | 6146942 |
| Aris Water Solutions Inc Class A (c) | 39435 | 957087 |
| Atlas Energy Solutions Inc (c) | 101804 | 1192125 |
| Baker Hughes Co Class A  | 1384073 | 62836914 |
| Bristow Group Inc (b) | 34160 | 1315502 |
| Cactus Inc Class A  | 95316 | 3998506 |
| Core Laboratories Inc (c) | 65166 | 750061 |
| Dawson Geophysical Co (b) | 7354 | 11987 |
| DMC Global Inc (b) | 24602 | 164833 |
| Drilling Tools International Corp (b) | 8313 | 16626 |
| Energy Services of America Corp (c) | 15569 | 158648 |
| Expro Group Holdings NV (b) | 144303 | 1799458 |
| Flowco Holdings Inc Class A  | 29054 | 474161 |
| Forum Energy Technologies Inc (b) | 14913 | 394449 |
| Geospace Technologies Corp (b) | 16550 | 328021 |
| Gulf Island Fabrication Inc (b) | 16536 | 111783 |
| Halliburton Co  | 1201305 | 27305663 |
| Helix Energy Solutions Group Inc (b) | 197743 | 1303126 |
| Helmerich & Payne Inc  | 138540 | 2894101 |
| Innovex International Inc (b) | 53621 | 925498 |
| KLX Energy Services Holdings Inc (b)(c) | 20825 | 40817 |
| Kodiak Gas Services Inc  | 55487 | 1985880 |
| Liberty Energy Inc Class A  | 224992 | 2531160 |
| Mammoth Energy Services Inc (b) | 32370 | 76717 |
| MIND Technology Inc (b) | 11111 | 112443 |
| Nabors Industries Ltd (b)(c) | 20450 | 762376 |
| Natural Gas Services Group Inc  | 13284 | 347509 |
| NCS Multistage Holdings Inc (b) | 1072 | 40849 |
| Nine Energy Service Inc (b)(c) | 29075 | 19963 |
| Noble Corp PLC (c) | 181660 | 5235441 |
| NOV Inc  | 528032 | 7017545 |
| Oceaneering International Inc (b) | 139905 | 3413682 |
| Oil States International Inc (b) | 80303 | 449697 |
| Patterson-UTI Energy Inc  | 488105 | 2835890 |
| ProFrac Holding Corp Class A (b) | 31064 | 124256 |
| ProPetro Holding Corp (b) | 110784 | 564998 |
| Ranger Energy Services Inc Class A  | 21560 | 307661 |
| RPC Inc  | 118302 | 564301 |
| Schlumberger NV  | 2096839 | 77247550 |
| SEACOR Marine Holdings Inc (b) | 33866 | 217081 |
| Select Water Solutions Inc Class A  | 131487 | 1120269 |
| Smart Sand Inc  | 41586 | 80677 |
| Solaris Energy Infrastructure Inc Class A  | 53042 | 1675597 |
| TETRA Technologies Inc (b) | 166507 | 782583 |
| Tidewater Inc (b)(c) | 63603 | 3828901 |
| Transocean Ltd (b)(c) | 1109059 | 3360449 |
| Valaris Ltd (b)(c) | 92510 | 4594972 |
| Weatherford International PLC  | 102170 | 6508740 |
|  |  | 238933495 |
| Oil, Gas & Consumable Fuels - 2.8% |  |  |
| Aemetis Inc (b)(c) | 70824 | 179893 |
| American Resources Corp (b)(c) | 73144 | 150677 |
| Amplify Energy Corp (b) | 51660 | 210256 |
| Antero Midstream Corp  | 467621 | 8318978 |
| Antero Resources Corp (b) | 407768 | 13015955 |
| APA Corp  | 503819 | 11698677 |
| Barnwell Industries Inc (b) | 5920 | 6748 |
| Battalion Oil Corp (b)(c) | 5574 | 6576 |
| Berry Corp  | 109588 | 366024 |
| California Resources Corp  | 97301 | 4833914 |
| Calumet Inc (b)(c) | 96907 | 1579584 |
| Centrus Energy Corp Class A (b)(c) | 20979 | 4232094 |
| Cheniere Energy Inc  | 309856 | 74929378 |
| Chevron Corp  | 2679373 | 430307304 |
| Chord Energy Corp  | 80991 | 8900101 |
| Civitas Resources Inc  | 119405 | 4391716 |
| Clean Energy Fuels Corp (b) | 242378 | 637454 |
| Clean Energy Technologies Inc (b) | 22820 | 5537 |
| CNX Resources Corp (b) | 201850 | 5894020 |
| Comstock Inc (b)(c) | 36155 | 87857 |
| Comstock Resources Inc (b)(c) | 127044 | 2049220 |
| ConocoPhillips  | 1763777 | 174561010 |
| Core Natural Resources Inc  | 70013 | 5199165 |
| Coterra Energy Inc  | 1065805 | 26048274 |
| Crescent Energy Co Class A  | 259220 | 2472959 |
| CVR Energy Inc (b) | 47406 | 1445409 |
| Delek US Holdings Inc  | 84836 | 2350806 |
| Devon Energy Corp  | 896378 | 32359246 |
| Diamondback Energy Inc  | 261286 | 38868905 |
| Dorian LPG Ltd  | 50471 | 1614063 |
| DT Midstream Inc  | 141800 | 14772724 |
| Empire Petroleum Corp (b)(c) | 36815 | 185916 |
| EOG Resources Inc  | 762323 | 95153157 |
| EON Resources Inc Class A (b) | 20588 | 7137 |
| Epsilon Energy Ltd  | 30458 | 178484 |
| EQT Corp  | 836322 | 43354932 |
| Evolution Petroleum Corp (c) | 44342 | 228805 |
| Excelerate Energy Inc Class A  | 33177 | 810182 |
| Expand Energy Corp  | 302414 | 29267627 |
| Exxon Mobil Corp  | 6021666 | 688216207 |
| FutureFuel Corp  | 37210 | 144375 |
| Gevo Inc (b)(c) | 322405 | 557761 |
| Granite Ridge Resources Inc (c) | 75924 | 422137 |
| Green Plains Inc (b) | 90743 | 1008155 |
| Gulfport Energy Corp (b) | 17437 | 3034561 |
| HF Sinclair Corp  | 223795 | 11386690 |
| HighPeak Energy Inc Class A (c) | 35059 | 269954 |
| Houston American Energy Corp (b)(c) | 1969 | 16205 |
| Infinity Natural Resources Inc Class A  | 21301 | 317385 |
| International Seaways Inc  | 56449 | 2563914 |
| Kinder Morgan Inc  | 2699957 | 72844840 |
| Kinetik Holdings Inc Class A  | 53646 | 2244012 |
| Lightbridge Corp (b)(c) | 31278 | 473236 |
| Magnolia Oil & Gas Corp Class A  | 261811 | 6513858 |
| Marathon Petroleum Corp  | 429097 | 77113022 |
| Matador Resources Co (c) | 162540 | 8185514 |
| Mexco Energy Corp  | 1277 | 10343 |
| Murphy Oil Corp (c) | 187054 | 4650162 |
| NACCO Industries Inc Class A  | 5183 | 202759 |
| New Era Energy & Digital Inc  | 10620 | 5288 |
| New Fortress Energy Inc Class A (c) | 178949 | 440215 |
| NextDecade Corp (b) | 193675 | 2076196 |
| NextNRG Inc (b) | 28575 | 52007 |
| Northern Oil & Gas Inc  | 137732 | 3603069 |
| Occidental Petroleum Corp  | 989868 | 47127615 |
| ONEOK Inc  | 872527 | 66643612 |
| OPAL Fuels Inc Class A (b) | 31493 | 74009 |
| Ovintiv Inc  | 362746 | 15278862 |
| Par Pacific Holdings Inc (b) | 72356 | 2506412 |
| PBF Energy Inc Class A  | 138838 | 3793054 |
| Peabody Energy Corp  | 170473 | 2966230 |
| PEDEVCO Corp (b) | 36401 | 22132 |
| Permian Resources Corp Class A  | 890644 | 12727303 |
| Phillips 66  | 569040 | 76012363 |
| Prairie Operating Co (b)(c) | 47904 | 122155 |
| PrimeEnergy Resources Corp (b)(c) | 721 | 109066 |
| Range Resources Corp  | 333713 | 11436345 |
| REX American Resources Corp (b) | 20184 | 1262913 |
| Riley Exploration Permian Inc  | 13030 | 381258 |
| Ring Energy Inc (b) | 174235 | 189916 |
| Sable Offshore Corp (b)(c) | 101565 | 2740224 |
| SandRidge Energy Inc  | 44266 | 524109 |
| SM Energy Co  | 160181 | 4573168 |
| Stabilis Solutions Inc (b) | 5660 | 22810 |
| Summit Midstream Corp Class A (b) | 14572 | 335447 |
| Talos Energy Inc (b) | 170585 | 1685380 |
| Targa Resources Corp  | 302989 | 50829435 |
| Texas Pacific Land Corp (c) | 26331 | 24579462 |
| Trio Petroleum Corp (b)(c) | 11024 | 12181 |
| Ur-Energy Inc (United States) (b) | 508452 | 706748 |
| Uranium Energy Corp (b) | 599011 | 6403428 |
| US Energy Corp (b) | 22719 | 27036 |
| VAALCO Energy Inc  | 147440 | 572067 |
| Valero Energy Corp  | 437447 | 66496318 |
| Venture Global Inc Class A  | 101110 | 1314430 |
| Verde Clean Fuels Inc Class A (b) | 4996 | 14488 |
| Viper Energy Inc Class A  | 236139 | 9408958 |
| Vital Energy Inc (b)(c) | 37719 | 672153 |
| Vitesse Energy Inc (c) | 40556 | 1079195 |
| Vivakor Inc (b) | 33661 | 24573 |
| W&T Offshore Inc (c) | 135346 | 246330 |
| Williams Cos Inc/The  | 1705723 | 98727247 |
| World Kinect Corp  | 79559 | 2132977 |
|  |  | 2440814038 |
| TOTAL ENERGY |  | 2679747533 |
| Financials - 14.3% |  |  |
| Banks - 3.9% |  |  |
| 1st Source Corp  | 23507 | 1514321 |
| ACNB Corp  | 14519 | 658001 |
| Affinity Bancshares Inc  | 6832 | 135479 |
| Amalgamated Financial Corp  | 28896 | 834805 |
| Amerant Bancorp Inc Class A  | 49101 | 1055672 |
| Ameris Bancorp  | 89629 | 6568013 |
| AmeriServ Financial Inc  | 21222 | 63242 |
| Ames National Corp  | 12758 | 254905 |
| Arrow Financial Corp  | 20233 | 601527 |
| Associated Banc-Corp (c) | 227488 | 6135351 |
| Atlantic Union Bankshares Corp  | 198477 | 7091583 |
| Auburn National BanCorp Inc  | 3103 | 79747 |
| Axos Financial Inc (b) | 74398 | 6785842 |
| Banc of California Inc  | 177906 | 3010170 |
| BancFirst Corp  | 27766 | 3692045 |
| Bancorp Inc/The (b) | 65680 | 5007443 |
| Bank First Corp  | 12369 | 1606980 |
| Bank of America Corp  | 9145214 | 464028158 |
| Bank of Hawaii Corp (c) | 55464 | 3778208 |
| Bank of Marin Bancorp  | 20182 | 495266 |
| Bank of the James Financial Group Inc  | 5653 | 87848 |
| Bank OZK  | 147856 | 7758004 |
| Bank7 Corp  | 5671 | 281338 |
| BankFinancial Corp  | 14994 | 185626 |
| BankUnited Inc  | 104879 | 4110208 |
| Bankwell Financial Group Inc  | 9140 | 386439 |
| Banner Corp  | 48152 | 3227629 |
| Bar Harbor Bankshares  | 21534 | 694902 |
| BayCom Corp  | 14144 | 427997 |
| Bayfirst Financial Corp  | 5101 | 46011 |
| BCB Bancorp Inc  | 21404 | 190496 |
| Berkshire Hills Bancorp Inc  | 84784 | 2215406 |
| Blue Foundry Bancorp (b) | 24823 | 230606 |
| Blue Ridge Bankshares Inc (b) | 66933 | 268401 |
| Bogota Financial Corp (b) | 4633 | 42947 |
| BOK Financial Corp  | 31848 | 3548186 |
| Bridgewater Bancshares Inc (b) | 26767 | 438443 |
| Broadway Financial Corp/DE (b) | 6573 | 52453 |
| Brookline Bancorp Inc  | 124771 | 1366242 |
| Burke & Herbert Financial Services Corp  | 18462 | 1173445 |
| Business First Bancshares Inc  | 38650 | 966637 |
| BV Financial Inc (b) | 11986 | 201125 |
| Byline Bancorp Inc  | 35627 | 1029977 |
| C&F Financial Corp  | 4226 | 304187 |
| Cadence Bank  | 261171 | 9830476 |
| California BanCorp (b) | 31607 | 532262 |
| Camden National Corp  | 23500 | 960915 |
| Capital Bancorp Inc  | 16243 | 552100 |
| Capital City Bank Group Inc  | 19237 | 843735 |
| Capitol Federal Financial Inc  | 170712 | 1106214 |
| Carter Bankshares Inc (b) | 31781 | 618458 |
| Carver Bancorp Inc (b) | 4607 | 8338 |
| Catalyst Bancorp Inc (b) | 5709 | 72961 |
| Cathay General Bancorp  | 97697 | 4876057 |
| CB Financial Services Inc  | 6384 | 212523 |
| Central Pacific Financial Corp  | 37571 | 1176724 |
| Central Plains Bancshares Inc (b) | 4785 | 75699 |
| CF Bankshares Inc Class A  | 5336 | 131266 |
| CFSB Bancorp Inc (b) | 3080 | 42997 |
| Chain Bridge Bancorp Inc Class A  | 4205 | 127159 |
| Chemung Financial Corp  | 4859 | 261997 |
| ChoiceOne Financial Services Inc  | 18733 | 578100 |
| Citigroup Inc  | 2606768 | 251735586 |
| Citizens & Northern Corp  | 22070 | 445814 |
| Citizens Community Bancorp Inc/WI  | 12285 | 203071 |
| Citizens Financial Group Inc  | 604768 | 31617271 |
| Citizens Financial Services Inc  | 6276 | 376309 |
| City Holding Co  | 20150 | 2588872 |
| Civista Bancshares Inc  | 21685 | 459505 |
| CNB Financial Corp/PA  | 38534 | 1013830 |
| Coastal Financial Corp/WA Class A (b) | 16886 | 1933447 |
| Colony Bankcorp Inc  | 21085 | 362240 |
| Columbia Banking System Inc (c) | 403892 | 10812189 |
| Columbia Financial Inc (b) | 37378 | 561791 |
| Comerica Inc  | 183130 | 12925315 |
| Commerce Bancshares Inc/MO  | 169273 | 10484770 |
| Community Financial System Inc  | 73625 | 4409401 |
| Community Trust Bancorp Inc  | 21402 | 1250305 |
| Community West Bancshares  | 23960 | 510827 |
| Connectone Bancorp Inc  | 64620 | 1654272 |
| Cullen/Frost Bankers Inc  | 89654 | 11568056 |
| Customers Bancorp Inc (b) | 40847 | 2928321 |
| CVB Financial Corp  | 180608 | 3635639 |
| Dime Community Bancshares Inc  | 54830 | 1686571 |
| Eagle Bancorp Inc  | 42399 | 823389 |
| Eagle Bancorp Montana Inc  | 10186 | 178561 |
| Eagle Financial Services Inc  | 6776 | 253626 |
| East West Bancorp Inc  | 192430 | 20232090 |
| Eastern Bankshares Inc  | 261988 | 4482615 |
| ECB Bancorp Inc/MD (b) | 10548 | 179527 |
| Enterprise Financial Services Corp  | 51259 | 3139101 |
| Equity Bancshares Inc Class A  | 21050 | 853157 |
| Esquire Financial Holdings Inc  | 9230 | 905463 |
| Farmers & Merchants Bancorp Inc/Archbold OH  | 17549 | 464347 |
| Farmers National Banc Corp  | 52974 | 804145 |
| FB Bancorp Inc  | 26820 | 321304 |
| FB Financial Corp  | 56278 | 3021003 |
| Fidelity D&D Bancorp Inc  | 6727 | 293634 |
| Fifth District Bancorp Inc (b) | 6675 | 93116 |
| Fifth Third Bancorp  | 933119 | 42708857 |
| Financial Institutions Inc  | 27899 | 771965 |
| Finward Bancorp (c) | 5157 | 165024 |
| Finwise Bancorp (b) | 11897 | 229969 |
| First Bancorp Inc/The  | 12698 | 345132 |
| First Bancorp/Southern Pines NC  | 57644 | 3146786 |
| First Bank/Hamilton NJ  | 26970 | 453635 |
| First Busey Corp  | 115114 | 2843316 |
| First Business Financial Services Inc  | 10056 | 526130 |
| First Capital Inc  | 4724 | 194156 |
| First Citizens BancShares Inc/NC Class A  | 15268 | 30290338 |
| First Commonwealth Financial Corp  | 145391 | 2580690 |
| First Community Bankshares Inc  | 22714 | 862678 |
| First Community Corp/SC  | 10621 | 289635 |
| First Financial Bancorp  | 140202 | 3712549 |
| First Financial Bankshares Inc  | 181438 | 6744050 |
| First Financial Corp  | 14842 | 875678 |
| First Foundation Inc (b) | 105701 | 628921 |
| First Guaranty Bancshares Inc  | 8393 | 70669 |
| First Hawaiian Inc  | 175505 | 4554355 |
| First Horizon Corp  | 707311 | 15985229 |
| First Interstate BancSystem Inc Class A  | 120403 | 3939586 |
| First Interstate Bank of Calif  | 11272 | 283096 |
| First Merchants Corp  | 81372 | 3378565 |
| First Mid Bancshares Inc  | 28273 | 1143360 |
| First National Corp/VA (c) | 11012 | 257240 |
| First Northwest Bancorp  | 10180 | 75739 |
| First Savings Financial Group Inc  | 7811 | 214178 |
| First Seacoast Bancorp Inc (b) | 5001 | 57762 |
| First United Corp  | 8240 | 307929 |
| First US Bancshares Inc  | 6600 | 80718 |
| First Western Financial Inc (b) | 10310 | 240842 |
| Firstsun Capital Bancorp (b) | 15405 | 585544 |
| Five Star Bancorp  | 22287 | 730345 |
| Flagstar Financial Inc (c) | 423894 | 5434321 |
| Flushing Financial Corp  | 47444 | 652829 |
| FNB Corp/PA  | 502994 | 8394970 |
| Franklin Financial Services Corp  | 5775 | 269693 |
| FS Bancorp Inc  | 9536 | 407283 |
| Fulton Financial Corp  | 253408 | 4982001 |
| FVCBankcorp Inc  | 20958 | 284295 |
| GBank Financial Holdings Inc (b)(c) | 12471 | 495410 |
| German American Bancorp Inc  | 52010 | 2172978 |
| Glacier Bancorp Inc  | 166686 | 8192617 |
| Glen Burnie Bancorp (b) | 3444 | 14292 |
| Great Southern Bancorp Inc  | 11785 | 745873 |
| Greene County Bancorp Inc  | 9667 | 231911 |
| Guaranty Bancshares Inc/TX  | 12554 | 616904 |
| Hancock Whitney Corp  | 120472 | 7580098 |
| Hanmi Financial Corp  | 41732 | 1049977 |
| Hanover Bancorp Inc  | 6029 | 135954 |
| Harborone Northeast Bancorp Inc  | 51431 | 661403 |
| Hawthorn Bancshares Inc  | 8959 | 299499 |
| HBT Financial Inc  | 17635 | 467151 |
| Heritage Commerce Corp  | 86683 | 895435 |
| Heritage Financial Corp Wash  | 47388 | 1158163 |
| Hilltop Holdings Inc  | 62968 | 2208917 |
| Hingham Institution For Savings The (c) | 2502 | 710918 |
| Home Bancorp Inc  | 9259 | 520958 |
| Home BancShares Inc/AR  | 257341 | 7658468 |
| Home Federal Bancorp Inc of Louisiana  | 2495 | 33657 |
| HomeStreet Inc (b) | 24382 | 338178 |
| HomeTrust Bancshares Inc  | 19158 | 792375 |
| Hope Bancorp Inc  | 176866 | 1968519 |
| Horizon Bancorp Inc/IN  | 61405 | 1035288 |
| Huntington Bancshares Inc/OH  | 2034052 | 36226466 |
| IF Bancorp Inc  | 3111 | 78615 |
| Independent Bank Corp  | 67586 | 4833075 |
| Independent Bank Corp/MI  | 28828 | 948153 |
| International Bancshares Corp  | 76740 | 5489980 |
| Investar Holding Corp  | 11739 | 275162 |
| Isabella Bank Corp (c) | 9714 | 327459 |
| John Marshall Bancorp Inc  | 17431 | 345308 |
| JPMorgan Chase & Co  | 3880866 | 1169770630 |
| Kearny Financial Corp/MD  | 79860 | 539055 |
| Kentucky First Federal Bancorp (b) | 2804 | 9238 |
| KeyCorp  | 1376419 | 26647472 |
| Lake Shore Bancorp Inc/MD  | 3345 | 44957 |
| Lakeland Financial Corp  | 35722 | 2445171 |
| Landmark Bancorp Inc/Manhattan KS  | 5843 | 155249 |
| LCNB Corp  | 19061 | 308407 |
| LINKBANCORP Inc  | 38294 | 278780 |
| Live Oak Bancshares Inc  | 47396 | 1833751 |
| M&T Bank Corp  | 224263 | 45224877 |
| Magyar Bancorp Inc  | 7606 | 130747 |
| MainStreet Bancshares Inc  | 8432 | 190985 |
| Marathon Bancorp Inc (b) | 1959 | 20255 |
| Mercantile Bank Corp  | 22570 | 1111573 |
| Meridian Corp  | 12590 | 198167 |
| Metrocity Bankshares Inc  | 25551 | 764997 |
| Metropolitan Bank Holding Corp  | 12766 | 1013493 |
| Mid Penn Bancorp Inc  | 30065 | 906159 |
| Middlefield Banc Corp (c) | 10140 | 311298 |
| Midland States Bancorp Inc  | 30608 | 563799 |
| MidWestOne Financial Group Inc  | 26588 | 804021 |
| MVB Financial Corp  | 16645 | 406138 |
| National Bank Holdings Corp Class A  | 53017 | 2079327 |
| National Bankshares Inc VA  | 9110 | 285507 |
| NB Bancorp Inc  | 50467 | 953322 |
| Nbt Bancorp Inc  | 72662 | 3216747 |
| Nicolet Bankshares Inc  | 18488 | 2556706 |
| Northeast Bank  | 9805 | 1084041 |
| Northeast Community Bancorp Inc  | 18419 | 415348 |
| Northfield Bancorp Inc  | 51862 | 614565 |
| Northpointe Bancshares Inc  | 14237 | 253703 |
| Northrim BanCorp Inc  | 7672 | 721398 |
| Northwest Bancshares Inc  | 202017 | 2555515 |
| Norwood Financial Corp  | 11693 | 316413 |
| NSTS Bancorp Inc (b) | 5555 | 67715 |
| Oak Valley Bancorp  | 9320 | 265527 |
| OceanFirst Financial Corp  | 81162 | 1492569 |
| Ohio Valley Banc Corp  | 5322 | 196914 |
| Old National Bancorp/IN  | 455421 | 10424587 |
| Old Point Financial Corp  | 6153 | 259041 |
| Old Second Bancorp Inc  | 62287 | 1149818 |
| OP Bancorp  | 15633 | 227304 |
| OptimumBank Holdings Inc (b) | 14160 | 60180 |
| Orange County Bancorp Inc  | 12626 | 336862 |
| Origin Bancorp Inc  | 40704 | 1582979 |
| Orrstown Financial Services Inc  | 27127 | 945376 |
| Pacific Premier Bancorp Inc  | 135834 | 3326575 |
| Park National Corp  | 20248 | 3477999 |
| Parke Bancorp Inc  | 13847 | 312250 |
| Pathfinder Bancorp Inc  | 3296 | 49407 |
| Pathward Financial Inc  | 32677 | 2596841 |
| Patriot National Bancorp Inc (b) | 64936 | 97404 |
| PB Bankshares Inc (b) | 3220 | 63917 |
| PCB Bancorp  | 16164 | 357224 |
| Peapack-Gladstone Financial Corp  | 21624 | 627312 |
| Peoples Bancorp Inc/OH  | 48833 | 1510893 |
| Peoples Bancorp of North Carolina Inc  | 6774 | 214600 |
| Peoples Financial Services Corp  | 13390 | 701770 |
| Pinnacle Financial Partners Inc  | 107150 | 10417123 |
| Pioneer Bancorp Inc/NY (b) | 13585 | 178099 |
| Plumas Bancorp  | 7690 | 333669 |
| PNC Financial Services Group Inc/The  | 552139 | 114535714 |
| Ponce Financial Group Inc (b) | 30805 | 457146 |
| Preferred Bank/Los Angeles CA  | 16085 | 1518424 |
| Primis Financial Corp  | 28106 | 321814 |
| Princeton Bancorp Inc  | 7338 | 250666 |
| Prosperity Bancshares Inc  | 132990 | 9193599 |
| Provident Bancorp Inc (b) | 24303 | 312780 |
| Provident Financial Holdings Inc  | 8159 | 126383 |
| Provident Financial Services Inc  | 182611 | 3623002 |
| QCR Holdings Inc  | 23395 | 1833700 |
| RBB Bancorp  | 18878 | 381902 |
| Red River Bancshares Inc  | 6553 | 428566 |
| Regions Financial Corp (c) | 1254773 | 34368232 |
| Renasant Corp  | 128228 | 5017562 |
| Republic Bancorp Inc/KY Class A  | 13241 | 1016114 |
| Rhinebeck Bancorp Inc (b) | 5349 | 71516 |
| Richmond Mutual BanCorp Inc (c) | 13911 | 205744 |
| Riverview Bancorp Inc  | 26416 | 133665 |
| S&T Bancorp Inc  | 53356 | 2108096 |
| SB Financial Group Inc  | 9210 | 193410 |
| Seacoast Banking Corp of Florida  | 118552 | 3688153 |
| ServisFirst Bancshares Inc  | 69884 | 6160275 |
| Shore Bancshares Inc  | 42384 | 728581 |
| Sierra Bancorp  | 16965 | 520147 |
| Simmons First National Corp Class A  | 198297 | 4120612 |
| SmartFinancial Inc  | 19628 | 723292 |
| Sound Financial Bancorp Inc  | 3152 | 148995 |
| South Plains Financial Inc  | 16594 | 674214 |
| Southern First Bancshares Inc (b) | 10603 | 478195 |
| Southern Missouri Bancorp Inc  | 12946 | 744848 |
| Southside Bancshares Inc  | 39693 | 1240009 |
| SouthState Corp  | 137304 | 14013246 |
| SR Bancorp Inc  | 12164 | 183311 |
| Stellar Bancorp Inc  | 63895 | 1975633 |
| Sterling Bancorp Inc/MI (b)(d) | 26068 | 0 |
| Stock Yards Bancorp Inc (c) | 37750 | 3046803 |
| Summit State Bank  | 6771 | 80575 |
| Synovus Financial Corp  | 193852 | 10004702 |
| Texas Capital Bancshares Inc (b) | 63777 | 5521175 |
| Texas Community Bancshares Inc  | 3947 | 64711 |
| TFS Financial Corp  | 75615 | 1063147 |
| Third Coast Bancshares Inc (b) | 17796 | 708815 |
| Timberland Bancorp Inc/WA  | 10073 | 336942 |
| Tompkins Financial Corp  | 17455 | 1224294 |
| Towne Bank/Portsmouth VA  | 101164 | 3711707 |
| TriCo Bancshares  | 45627 | 2072378 |
| Triumph Financial Inc (b) | 30806 | 1894261 |
| Truist Financial Corp  | 1827975 | 85585790 |
| TrustCo Bank Corp NY  | 26588 | 1057937 |
| Trustmark Corp  | 83750 | 3372613 |
| UMB Financial Corp  | 99794 | 12164889 |
| Union Bankshares Inc/Morrisville VT  | 5346 | 139905 |
| United Bancorp Inc/OH  | 7273 | 106040 |
| United Bankshares Inc/WV  | 199670 | 7655348 |
| United Community Banks Inc/GA  | 169382 | 5657359 |
| United Security Bancshares/Fresno CA  | 19915 | 189591 |
| Unity Bancorp Inc  | 8456 | 442672 |
| Univest Financial Corp  | 40124 | 1270727 |
| US Bancorp  | 2175095 | 106209889 |
| USCB Financial Holdings Inc  | 14496 | 252085 |
| Valley National Bancorp  | 666440 | 6970962 |
| Veritex Holdings Inc  | 75285 | 2586040 |
| Virginia National Bankshares Corp  | 6740 | 280451 |
| WaFd Inc  | 111789 | 3515764 |
| Washington Trust Bancorp Inc  | 27065 | 820881 |
| Webster Financial Corp  | 234616 | 14597808 |
| Wells Fargo & Co  | 4541819 | 373246685 |
| WesBanco Inc  | 133419 | 4376143 |
| West BanCorp Inc  | 21491 | 428960 |
| Westamerica BanCorp  | 36474 | 1824065 |
| Western Alliance Bancorp  | 152466 | 13653330 |
| Western New England Bancorp Inc  | 25325 | 317576 |
| Winchester Bancorp Inc  | 4901 | 46363 |
| Wintrust Financial Corp  | 93404 | 12823435 |
| WSFS Financial Corp  | 78916 | 4600014 |
| Zions Bancorp NA  | 205827 | 11940024 |
|  |  | 3419423159 |
| Capital Markets - 3.5% |  |  |
| Acadian Asset Management Inc  | 37110 | 1891497 |
| Aether Holdings Inc  | 2564 | 17435 |
| Affiliated Managers Group Inc  | 39696 | 8924455 |
| AlTi Global Inc Class A (b) | 93406 | 404448 |
| Ameriprise Financial Inc  | 132929 | 68433178 |
| Ares Management Corp Class A  | 282223 | 50574362 |
| Artisan Partners Asset Management Inc Class A  | 100128 | 4684989 |
| Associated Capital Group Inc Class A  | 2994 | 99191 |
| AtlasClear Holdings Inc (b) | 12831 | 2370 |
| B Riley Financial Inc (b)(c) | 23397 | 128800 |
| Bakkt Holdings Inc Class A (b) | 9395 | 82394 |
| Bank of New York Mellon Corp/The  | 998968 | 105491021 |
| Beneficient Class A (b)(c) | 5310 | 2150 |
| BGC Group Inc Class A  | 530203 | 5201291 |
| Binah Capital Group Inc (b)(c) | 5335 | 10403 |
| Blackrock Inc  | 203435 | 229299726 |
| Blackstone Inc  | 1019322 | 174711791 |
| Blue Owl Capital Inc Class A (c) | 803585 | 14882394 |
| Bridge Investment Group Holdings Inc Class A  | 55058 | 528557 |
| CaliberCos Inc Class A (b)(c) | 707 | 2452 |
| Carlyle Group Inc/The  | 297750 | 19222740 |
| Cboe Global Markets Inc  | 146260 | 34510047 |
| Charles Schwab Corp/The  | 2385964 | 228670790 |
| CME Group Inc Class A  | 503461 | 134177391 |
| Cohen & Co Inc  | 1258 | 15593 |
| Cohen & Steers Inc (c) | 37736 | 2787181 |
| Coinbase Global Inc Class A (b) | 295348 | 89945280 |
| Diamond Hill Investment Group Inc  | 3845 | 560447 |
| DigitalBridge Group Inc Class A  | 220691 | 2518084 |
| Dominari Holdings Inc (c) | 8709 | 55912 |
| Donnelley Financial Solutions Inc (b) | 35294 | 2003640 |
| Evercore Inc Class A  | 50133 | 16120266 |
| FactSet Research Systems Inc (c) | 52964 | 19772520 |
| Federated Hermes Inc Class B  | 106384 | 5648990 |
| Fold Holdings Inc Class A (b)(c) | 19094 | 68357 |
| Forge Global Holdings Inc Class A (b) | 10671 | 201148 |
| Franklin Resources Inc  | 432713 | 11103416 |
| Galaxy Digital Inc Class A (c) | 226712 | 5325465 |
| GCM Grosvenor Inc Class A (c) | 69312 | 898284 |
| Goldman Sachs Group Inc/The  | 428626 | 319433527 |
| Great Elm Group Inc (b) | 28899 | 66757 |
| Hamilton Lane Inc Class A  | 60579 | 9349763 |
| Hennessy Advisors Inc  | 6099 | 68370 |
| Heritage Global Inc (b) | 42869 | 81880 |
| Houlihan Lokey Inc Class A  | 74925 | 14928806 |
| Innventure Inc  | 39699 | 216360 |
| Interactive Brokers Group Inc Class A  | 608541 | 37875592 |
| Intercontinental Exchange Inc  | 801265 | 141503399 |
| Invesco Ltd  | 624918 | 13679455 |
| Janus Henderson Group PLC  | 176369 | 7816674 |
| Jefferies Financial Group Inc  | 227056 | 14724582 |
| KKR & Co Inc Class A  | 945625 | 131905231 |
| Lazard Inc  | 157628 | 9010016 |
| LPL Financial Holdings Inc  | 111701 | 40712780 |
| MarketAxess Holdings Inc  | 52398 | 9632848 |
| MarketWise Inc Class A  | 2948 | 52946 |
| Marygold Cos Inc/The (b) | 4558 | 4189 |
| Moelis & Co Class A  | 103621 | 7472110 |
| Moody's Corp  | 215994 | 110105101 |
| Morgan Stanley  | 1725618 | 259670997 |
| Morningstar Inc  | 37056 | 9724236 |
| MSCI Inc  | 108037 | 61334766 |
| Nasdaq Inc  | 576745 | 54640821 |
| Netcapital Inc (b) | 3175 | 6350 |
| Northern Trust Corp  | 271721 | 35671533 |
| Open Lending Corp (b) | 147052 | 310280 |
| Oppenheimer Holdings Inc Class A  | 8331 | 604581 |
| P10 Inc Class A (c) | 86233 | 1064115 |
| Perella Weinberg Partners Class A (c) | 86398 | 1911988 |
| Piper Sandler Cos  | 23025 | 7685515 |
| PJT Partners Inc Class A (c) | 34045 | 6094055 |
| Raymond James Financial Inc  | 253513 | 42955243 |
| Robinhood Markets Inc Class A (b) | 996623 | 103678691 |
| S&P Global Inc  | 438517 | 240500263 |
| SEI Investments Co  | 131581 | 11615971 |
| Siebert Financial Corp (b) | 27295 | 74515 |
| Silvercrest Asset Management Group Inc Class A  | 13353 | 218856 |
| State Street Corp  | 398176 | 45778295 |
| StepStone Group Inc Class A  | 91995 | 5709210 |
| Stifel Financial Corp  | 143154 | 16504225 |
| StoneX Group Inc (b) | 60935 | 6225729 |
| T Rowe Price Group Inc  | 307925 | 33138889 |
| TPG Inc Class A  | 179340 | 10823169 |
| Tradeweb Markets Inc Class A  | 162725 | 20073756 |
| US Global Investors Inc Class A  | 14218 | 34692 |
| Value Line Inc  | 848 | 32173 |
| Victory Capital Holdings Inc Class A  | 66050 | 4708044 |
| Virtu Financial Inc Class A  | 112231 | 4704724 |
| Virtus Invt Partners Inc  | 9087 | 1830394 |
| Westwood Holdings Group Inc  | 8672 | 154015 |
| WisdomTree Inc  | 160817 | 2188719 |
|  |  | 3097287651 |
| Consumer Finance - 0.7% |  |  |
| Ally Financial Inc  | 385795 | 15836885 |
| American Express Co  | 772867 | 256035380 |
| Atlanticus Holdings Corp (b) | 6587 | 439353 |
| Bread Financial Holdings Inc  | 64853 | 4292620 |
| Capital One Financial Corp  | 893059 | 202920866 |
| Consumer Portfolio Services Inc (b) | 11269 | 90039 |
| Credit Acceptance Corp (b)(c) | 8383 | 4314982 |
| Dave Inc Class A (b) | 10912 | 2326657 |
| DeFi Development Corp (b)(c) | 11475 | 183830 |
| Encore Capital Group Inc (b) | 32371 | 1354403 |
| Enova International Inc (b) | 35244 | 4275097 |
| EZCORP Inc Class A (b) | 72464 | 1207975 |
| FirstCash Holdings Inc  | 53934 | 7942860 |
| Green Dot Corp Class A (b) | 76330 | 1062514 |
| Katapult Holdings Inc Class A (b) | 5572 | 83579 |
| LendingClub Corp (b) | 158639 | 2725418 |
| Lendingtree Inc (b) | 15409 | 1047042 |
| Medallion Financial Corp (c) | 24816 | 262057 |
| Navient Corp  | 100931 | 1383764 |
| Nelnet Inc Class A  | 24915 | 3204318 |
| NerdWallet Inc Class A (b) | 50112 | 518158 |
| Old Market Capital Corp (b) | 8351 | 46431 |
| OneMain Holdings Inc  | 166002 | 10268884 |
| Oportun Financial Corp (b) | 42277 | 279451 |
| OppFi Inc Class A  | 33351 | 340514 |
| PRA Group Inc (b) | 55066 | 941078 |
| PROG Holdings Inc  | 56167 | 1979325 |
| Regional Management Corp  | 12601 | 552428 |
| SLM Corp  | 293089 | 9167824 |
| SoFi Technologies Inc Class A (b) | 1656123 | 42297381 |
| Synchrony Financial  | 531490 | 40573947 |
| Upstart Holdings Inc (b)(c) | 115641 | 8474172 |
| Vroom Inc  | 1700 | 48449 |
| World Acceptance Corp (b) | 4321 | 740749 |
|  |  | 627218430 |
| Financial Services - 4.1% |  |  |
| Acacia Research Corp (b) | 50068 | 170732 |
| Affirm Holdings Inc Class A (b) | 358306 | 31695749 |
| Alerus Financial Corp  | 32593 | 725846 |
| Apollo Global Management Inc  | 634218 | 86399518 |
| AvidXchange Holdings Inc (b) | 261309 | 2597411 |
| Berkshire Hathaway Inc Class B (b) | 2561873 | 1288570882 |
| Better Home & Finance Holding Co Class A (b) | 9487 | 214691 |
| Block Inc Class A (b) | 776138 | 61811630 |
| Cannae Holdings Inc  | 77527 | 1449755 |
| Cantaloupe Inc (b) | 81249 | 883177 |
| Cass Information Systems Inc  | 16634 | 717258 |
| Corebridge Financial Inc  | 375485 | 13055613 |
| Corpay Inc (b) | 98510 | 32081752 |
| Enact Holdings Inc  | 39663 | 1493312 |
| Equitable Holdings Inc  | 424266 | 22596407 |
| Essent Group Ltd  | 141526 | 8879341 |
| Euronet Worldwide Inc (b) | 56540 | 5268963 |
| Federal Agricultural Mortgage Corp Class A  | 203 | 29758 |
| Federal Agricultural Mortgage Corp Class C  | 13955 | 2924549 |
| Fidelity National Information Services Inc  | 733858 | 51230627 |
| Finance of America Cos Inc Class A (b) | 10827 | 289189 |
| Fiserv Inc (b) | 774669 | 107043762 |
| FlexShopper Inc (b) | 19589 | 13505 |
| Flywire Corp (b) | 149857 | 1970620 |
| Global Payments Inc  | 340521 | 30245075 |
| Guild Holdings Co Class A (c) | 14009 | 278919 |
| HA Sustainable Infrastructure Capital Inc (c) | 168712 | 4764427 |
| Halo Spin-Out SPV Inc Class A (d) | 1956 | 0 |
| Income Opportunity Realty Investors Inc (b) | 426 | 7625 |
| International Money Express Inc (b) | 39675 | 575288 |
| Jack Henry & Associates Inc  | 101726 | 16607787 |
| Jackson Financial Inc  | 100012 | 9881186 |
| loanDepot Inc Class A (b) | 124259 | 265914 |
| Marqeta Inc Class A (b) | 533042 | 3392812 |
| Mastercard Inc Class A  | 1133151 | 674553459 |
| Merchants Bancorp/IN  | 38312 | 1242075 |
| MGIC Investment Corp  | 332236 | 9246128 |
| Mr Cooper Group Inc (b) | 89394 | 16853451 |
| NCR Atleos Corp (b) | 102168 | 4047896 |
| NewtekOne Inc (c) | 35411 | 438034 |
| NMI Holdings Inc (b) | 108701 | 4277384 |
| OLB Group Inc/The (b) | 2330 | 2551 |
| Onity Group Inc (b) | 8396 | 347343 |
| Paymentus Holdings Inc Class A (b) | 43035 | 1675353 |
| Payoneer Global Inc (b) | 362013 | 2515990 |
| PayPal Holdings Inc (b) | 1358519 | 95354449 |
| Paysign Inc (b) | 46122 | 238912 |
| PennyMac Financial Services Inc  | 44604 | 4910900 |
| Priority Technology Holdings Inc (b) | 19852 | 166161 |
| Radian Group Inc  | 189685 | 6616213 |
| Remitly Global Inc (b) | 215009 | 3984117 |
| Repay Holdings Corp Class A (b) | 104048 | 615964 |
| Rocket Cos Inc Class A (c) | 338918 | 6022573 |
| Ryvyl Inc (b) | 8669 | 2599 |
| Security National Financial Corp Class A  | 16471 | 148239 |
| Sezzle Inc (b)(c) | 20942 | 1981113 |
| SHF Holdings Inc Class A (b)(c) | 2133 | 4906 |
| Shift4 Payments Inc Class A (b)(c) | 94217 | 8520043 |
| SWK Holdings Corp  | 4036 | 60177 |
| Toast Inc Class A (b) | 612013 | 27601786 |
| Usio Inc (b) | 23867 | 35204 |
| UWM Holdings Corp Class A  | 194674 | 1109642 |
| Velocity Financial Inc (b) | 16888 | 322223 |
| Visa Inc Class A  | 2390410 | 840898430 |
| Voya Financial Inc  | 134803 | 10122357 |
| Walker & Dunlop Inc  | 45058 | 3832183 |
| Waterstone Financial Inc  | 24695 | 370178 |
| Western Union Co/The (c) | 465694 | 4037567 |
| WEX Inc (b) | 47881 | 8204409 |
| XBP Global Holdings Inc Class A (b) | 25116 | 15173 |
|  |  | 3528508262 |
| Insurance - 2.0% |  |  |
| Abacus Global Management Inc Class A (b)(c) | 36278 | 259388 |
| AFLAC Inc  | 679479 | 72609126 |
| Allstate Corp/The  | 369969 | 75270193 |
| Ambac Financial Group Inc (b) | 64507 | 582498 |
| American Coastal Insurance Corp  | 34406 | 380186 |
| American Financial Group Inc/OH  | 100209 | 13614395 |
| American Integrity Insurance Group Inc  | 9462 | 189145 |
| American International Group Inc  | 804419 | 65415353 |
| Amerisafe Inc  | 26580 | 1227464 |
| Aon PLC  | 301796 | 110759132 |
| Arch Capital Group Ltd  | 521546 | 47737105 |
| Arthur J Gallagher & Co  | 357930 | 108363308 |
| Assurant Inc  | 70789 | 15262816 |
| Assured Guaranty Ltd  | 64604 | 5310449 |
| Atlantic American Corp  | 5370 | 17990 |
| Axis Capital Holdings Ltd  | 99731 | 9831482 |
| Baldwin Insurance Group Inc/The Class A (b) | 98910 | 3132480 |
| Bowhead Specialty Holdings Inc (b) | 10980 | 341039 |
| Brighthouse Financial Inc (b) | 80305 | 3795214 |
| Brown & Brown Inc  | 391835 | 37988403 |
| Chubb Ltd  | 520811 | 143259482 |
| Cincinnati Financial Corp  | 218583 | 33574349 |
| Citizens Inc/TX Class A (b)(c) | 63094 | 333767 |
| CNA Financial Corp (c) | 30874 | 1529807 |
| CNO Financial Group Inc  | 137964 | 5445439 |
| Conifer Holdings Inc (b) | 4356 | 3323 |
| Crawford & Co Class A  | 22108 | 239651 |
| Crawford & Co Class B  | 10934 | 115791 |
| Donegal Group Inc Class A  | 24882 | 445139 |
| eHealth Inc (b) | 42419 | 164162 |
| Employers Holdings Inc  | 33453 | 1447177 |
| Erie Indemnity Co Class A  | 34842 | 12347308 |
| Everest Group Ltd  | 59374 | 20298783 |
| F&G Annuities & Life Inc  | 30065 | 1039347 |
| Fidelity National Financial Inc/US  | 364166 | 21802618 |
| First American Financial Corp  | 143863 | 9494958 |
| Fundamental Global Inc (d) | 1196 | 18442 |
| Fundamental Global Inc (b)(c) | 1196 | 16744 |
| Genworth Financial Inc Class A (b) | 576722 | 4942508 |
| Globe Life Inc  | 115265 | 16131337 |
| GoHealth Inc Class A (b) | 7171 | 36644 |
| Goosehead Insurance Inc Class A  | 35008 | 2965528 |
| Greenlight Capital Re Ltd Class A (b) | 34792 | 448469 |
| Hagerty Inc Class A (b) | 32685 | 374243 |
| Hanover Insurance Group Inc/The  | 50135 | 8697420 |
| Hartford Insurance Group Inc/The  | 396503 | 52461312 |
| HCI Group Inc  | 13077 | 2180067 |
| Heritage Insurance Holdings Inc (b) | 30913 | 703889 |
| Hippo Holdings Inc (b) | 26220 | 886498 |
| Horace Mann Educators Corp  | 56889 | 2615756 |
| Investors Title Co  | 2048 | 508436 |
| James River Group Holdings Ltd  | 63966 | 359489 |
| Kemper Corp  | 84488 | 4532781 |
| Kingstone Cos Inc  | 15433 | 207728 |
| Kinsale Capital Group Inc  | 30964 | 14164482 |
| Lemonade Inc (b)(c) | 78846 | 4170953 |
| Lincoln National Corp  | 238502 | 10238891 |
| Loews Corp  | 242535 | 23477388 |
| Markel Group Inc (b) | 17708 | 34691034 |
| Marsh & McLennan Cos Inc  | 688542 | 141708829 |
| MBIA Inc (b) | 58888 | 468748 |
| Mercury General Corp  | 36994 | 2860746 |
| MetLife Inc  | 787275 | 64052694 |
| NI Holdings Inc (b) | 9090 | 121715 |
| Old Republic International Corp  | 316983 | 12669811 |
| Oscar Health Inc Class A (b)(c) | 288005 | 4798163 |
| Palomar Hldgs Inc (b) | 37482 | 4611036 |
| Primerica Inc  | 45828 | 12343314 |
| Principal Financial Group Inc  | 287901 | 23178910 |
| ProAssurance Corp (b) | 70908 | 1688319 |
| Progressive Corp/The  | 819210 | 202394023 |
| Prudential Financial Inc  | 494439 | 54220181 |
| Reinsurance Group of America Inc  | 92186 | 17956911 |
| Reliance Global Group Inc (b) | 4404 | 4231 |
| RLI Corp  | 116619 | 7898605 |
| Root Inc/OH Class A (b) | 12171 | 1122410 |
| Ryan Specialty Holdings Inc Class A (c) | 150728 | 8520654 |
| Safety Insurance Group Inc  | 20824 | 1541184 |
| Selective Insurance Group Inc  | 85104 | 6657686 |
| Selectquote Inc (b) | 202361 | 457336 |
| Skyward Specialty Insurance Group Inc (b) | 46207 | 2231798 |
| Stewart Information Services Corp  | 38927 | 2835443 |
| Tiptree Inc Class A  | 30292 | 710347 |
| Travelers Companies Inc/The  | 316522 | 85938888 |
| Trupanion Inc (b) | 47087 | 2182953 |
| TWFG Inc Class A (b) | 17371 | 459376 |
| United Fire Group Inc  | 29612 | 910273 |
| Universal Insurance Holdings Inc  | 35349 | 862162 |
| Unum Group  | 223799 | 15634598 |
| W R Berkley Corp  | 418889 | 30030152 |
| White Mountains Insurance Group Ltd  | 3571 | 6535573 |
| Willis Towers Watson PLC  | 138481 | 45254206 |
|  |  | 1771319581 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.1% |  |  |
| ACRES Commercial Realty Corp (b) | 8097 | 170037 |
| AG Mortgage Investment Trust Inc  | 41799 | 316000 |
| AGNC Investment Corp (c) | 1424491 | 13903032 |
| Angel Oak Mortgage REIT Inc  | 21215 | 209180 |
| Annaly Capital Management Inc  | 844435 | 17893578 |
| Apollo Commercial Real Estate Finance Inc  | 178446 | 1889743 |
| Arbor Realty Trust Inc (c) | 269215 | 3214427 |
| Ares Commercial Real Estate Corp  | 78782 | 371851 |
| ARMOUR Residential REIT Inc (c) | 143968 | 2204150 |
| Blackstone Mortgage Trust Inc Class A  | 237745 | 4650292 |
| Brightspire Capital Inc Class A  | 184542 | 1070344 |
| Cherry Hill Mortgage Investment Corp  | 47487 | 136288 |
| Chimera Investment Corp  | 116020 | 1644003 |
| Claros Mortgage Trust Inc  | 158766 | 587434 |
| Dynex Capital Inc  | 150109 | 1894376 |
| Ellington Financial Inc (c) | 133066 | 1815020 |
| Franklin BSP Realty Trust Inc  | 116966 | 1350957 |
| Granite Point Mortgage Trust Inc  | 67991 | 196494 |
| Invesco Mortgage Capital Inc (c) | 93845 | 733868 |
| Kkr Real Estate Finance Trust Inc (c) | 79879 | 769235 |
| Ladder Capital Corp Class A  | 159990 | 1859084 |
| Lument Finance Trust Inc  | 61036 | 136721 |
| Manhattan Bridge Capital Inc  | 13575 | 71947 |
| MFA Financial Inc  | 144875 | 1477725 |
| New York Mortgage Trust Inc  | 126441 | 912904 |
| Nexpoint Real Estate Finance Inc  | 13355 | 200325 |
| Orchid Island Capital Inc (c) | 151103 | 1066787 |
| Pennymac Mortgage Investment Trust  | 122225 | 1504590 |
| Ready Capital Corp (c) | 239467 | 1020129 |
| Redwood Trust Inc  | 186240 | 1139789 |
| Rithm Capital Corp  | 742034 | 9186381 |
| Rithm Property Trust Inc  | 63710 | 163735 |
| Sachem Capital Corp (c) | 71724 | 88937 |
| Seven Hills Realty Trust  | 18818 | 203611 |
| Starwood Property Trust Inc  | 485746 | 9846071 |
| Sunrise Realty Trust Inc  | 8355 | 92406 |
| TPG RE Finance Trust Inc  | 91736 | 857732 |
| Two Harbors Investment Corp  | 145740 | 1457400 |
|  |  | 86306583 |
| TOTAL FINANCIALS |  | 12530063666 |
| Health Care - 9.3% |  |  |
| Biotechnology - 2.0% |  |  |
| 4D Molecular Therapeutics Inc (b) | 47352 | 291688 |
| 89bio Inc (b) | 179425 | 1620208 |
| AbbVie Inc  | 2467705 | 519205132 |
| Abeona Therapeutics Inc (b)(c) | 67930 | 463962 |
| Abpro Holdings Inc Class A (b)(c) | 41172 | 10095 |
| Absci Corp (b)(c) | 131256 | 313702 |
| ABVC BioPharma Inc (b)(c) | 19282 | 54568 |
| ACADIA Pharmaceuticals Inc (b) | 173494 | 4509109 |
| Aceragen Inc (b)(c)(d) | 3176 | 0 |
| Achieve Life Sciences Inc (b) | 45999 | 137077 |
| Acrivon Therapeutics Inc (b) | 19090 | 25581 |
| Actinium Pharmaceuticals Inc (b) | 44530 | 79263 |
| Actuate Therapeutics Inc (b)(c) | 4333 | 36571 |
| Acumen Pharmaceuticals Inc (b) | 42090 | 57242 |
| Acurx Pharmaceuticals Inc (b) | 993 | 4588 |
| Adicet Bio Inc (b) | 83886 | 60398 |
| ADMA Biologics Inc (b) | 334580 | 5774851 |
| Adverum Biotechnologies Inc (b) | 23608 | 72713 |
| AEON Biopharma Inc Class A (b) | 11192 | 8189 |
| Aevi Genomic Medicine Inc rights (b)(d) | 12284 | 0 |
| Agenus Inc (b)(c) | 38179 | 159588 |
| Agios Pharmaceuticals Inc (b) | 80941 | 3052285 |
| Ainos Inc (b) | 1218 | 4653 |
| Akebia Therapeutics Inc (b) | 335402 | 1053162 |
| Akero Therapeutics Inc (b) | 102878 | 4807489 |
| Alaunos Therapeutics Inc (b) | 2317 | 4935 |
| Aldeyra Therapeutics Inc (b) | 60979 | 356117 |
| Alector Inc (b) | 115078 | 270433 |
| Aligos Therapeutics Inc Class A (b) | 6141 | 64788 |
| Alkermes PLC (b) | 230940 | 6690332 |
| Allarity Therapeutics Inc (b)(c) | 21595 | 33256 |
| Allogene Therapeutics Inc (b)(c) | 222917 | 251896 |
| Alnylam Pharmaceuticals Inc (b) | 182181 | 81345638 |
| Altimmune Inc (b)(c) | 112819 | 432097 |
| ALX Oncology Holdings Inc (b) | 39555 | 46279 |
| Alzamend Neuro Inc (b)(c) | 797 | 1957 |
| Amgen Inc  | 751172 | 216119696 |
| Amicus Therapeutics Inc (b) | 386993 | 2937277 |
| AnaptysBio Inc (b)(c) | 26115 | 530918 |
| Anavex Life Sciences Corp (b)(c) | 118561 | 1142928 |
| Anika Therapeutics Inc (b) | 20067 | 188228 |
| Anixa Biosciences Inc (b) | 42792 | 127948 |
| Annexon Inc (b) | 124529 | 256530 |
| Annovis Bio Inc (b)(c) | 22471 | 51908 |
| Apellis Pharmaceuticals Inc (b) | 152093 | 4193204 |
| Apimeds Pharmaceuticals US Inc  | 9729 | 17804 |
| Apogee Therapeutics Inc (b) | 44821 | 1630140 |
| Applied Therapeutics Inc (b) | 149735 | 73774 |
| AquaBounty Technologies Inc (b)(c) | 7096 | 8373 |
| Aravive Inc (b)(d) | 41978 | 0 |
| Arbutus Biopharma Corp (b)(c) | 210935 | 782569 |
| Arcellx Inc (b) | 55483 | 3849965 |
| Arcturus Therapeutics Holdings Inc (b) | 34766 | 591370 |
| Arcus Biosciences Inc (b) | 94265 | 998266 |
| Arcutis Biotherapeutics Inc (b) | 149987 | 2327798 |
| Ardelyx Inc (b) | 334346 | 2126441 |
| Armata Pharmaceuticals Inc (b) | 14487 | 36218 |
| ArriVent Biopharma Inc (b) | 31881 | 609565 |
| Arrowhead Pharmaceuticals Inc (b) | 177120 | 3901954 |
| ARS Pharmaceuticals Inc (b)(c) | 74160 | 861739 |
| Assembly Biosciences Inc (b) | 7672 | 189498 |
| Astria Therapeutics Inc (b) | 49649 | 306831 |
| Atara Biotherapeutics Inc (b) | 7520 | 90616 |
| Atossa Therapeutics Inc (b) | 158937 | 121253 |
| aTyr Pharma Inc (b)(c) | 123782 | 665947 |
| Aura Biosciences Inc (b) | 54615 | 341890 |
| Avalo Therapeutics Inc (b) | 13399 | 124477 |
| Avidity Biosciences Inc (b) | 169055 | 7874582 |
| Avita Medical Inc (b)(c) | 36843 | 159899 |
| Azitra Inc (b)(c) | 2674 | 2861 |
| Beam Therapeutics Inc (b) | 128050 | 2094898 |
| Beyondspring Inc (b)(c) | 41653 | 71643 |
| Bicara Therapeutics Inc (b) | 25815 | 308231 |
| bioAffinity Technologies Inc (b) | 21038 | 5093 |
| BioAtla Inc (b) | 72832 | 33175 |
| BioCardia Inc (b) | 5980 | 11721 |
| BioCryst Pharmaceuticals Inc (b) | 291605 | 2423238 |
| Biogen Inc (b) | 204671 | 27061600 |
| Biohaven Ltd (b) | 118498 | 1823684 |
| BioMarin Pharmaceutical Inc (b) | 267771 | 15603016 |
| Biomea Fusion Inc (b) | 36389 | 70959 |
| BioRestorative Therapies Inc (b)(c) | 8558 | 15747 |
| BioVie Inc (b) | 1988 | 3022 |
| Bioxcel Therapeutics Inc (b)(c) | 8409 | 34056 |
| Black Diamond Therapeutics Inc (b) | 62408 | 171622 |
| Bolt Biotherapeutics Inc (b) | 1699 | 8988 |
| Bone Biologics Corp (b) | 625 | 1344 |
| Boundless Bio Inc (b) | 8287 | 9281 |
| Bridgebio Pharma Inc (b) | 207129 | 10720997 |
| C4 Therapeutics Inc (b) | 81699 | 212417 |
| Cabaletta Bio Inc (b) | 69230 | 100384 |
| Calidi Biotherapeutics Inc (b) | 3660 | 6039 |
| CAMP4 Therapeutics Corp (c) | 10499 | 15958 |
| Candel Therapeutics Inc (b)(c) | 49512 | 286674 |
| Capricor Therapeutics Inc (b)(c) | 58456 | 367104 |
| Cardiff Oncology Inc (b)(c) | 85391 | 179321 |
| Cardio Diagnostics Holdings Inc (b)(c) | 1867 | 7113 |
| CareDx Inc (b) | 77388 | 1057120 |
| Caribou Biosciences Inc (b) | 122169 | 228456 |
| Carisma Therapeutics Inc (b)(c) | 31616 | 6798 |
| Carisma Therapeutics Inc rights (b)(d) | 236808 | 2 |
| Cartesian Therapeutics Inc (b)(c) | 11939 | 119987 |
| Cartesian Therapeutics Inc rights (b)(d) | 145588 | 42220 |
| Catalyst Pharmaceuticals Inc (b) | 159581 | 3285773 |
| CEL-SCI Corp (b)(c) | 4329 | 45151 |
| Celcuity Inc (b) | 38575 | 1976197 |
| Celldex Therapeutics Inc (b) | 92837 | 2049841 |
| Cellectar Biosciences Inc (b) | 1633 | 7953 |
| Celularity Inc Class A (b)(c) | 18246 | 70430 |
| Century Therapeutics Inc (b) | 47577 | 23394 |
| CERo Therapeutics Holdings Inc Class A (b) | 161 | 1211 |
| CervoMed Inc (b) | 6448 | 62030 |
| CG oncology Inc (b) | 75132 | 2015040 |
| Chinook Therapeutics Inc rights (b)(d) | 8006 | 0 |
| Cibus Inc Class A (b) | 32980 | 44193 |
| Cidara Therapeutics Inc (b) | 20749 | 1356777 |
| Clene Inc (b) | 8537 | 45417 |
| Climb Bio Inc (b)(c) | 36884 | 82251 |
| Coeptis Therapeutics Holdings Inc (b) | 3716 | 49516 |
| Cogent Biosciences Inc (b) | 180803 | 2184100 |
| Coherus Oncology Inc (b)(c) | 162772 | 188816 |
| Compass Therapeutics Inc (b) | 138297 | 482657 |
| Corbus Pharmaceuticals Holdings Inc (b) | 17079 | 160030 |
| Corvus Pharmaceuticals Inc (b)(c) | 85935 | 493267 |
| Coya Therapeutics Inc (b) | 19995 | 131167 |
| Creative Medical Technology Holdings Inc (b) | 3969 | 12542 |
| Crescent Biopharma Inc (b) | 773 | 11131 |
| Cue Biopharma Inc (b) | 105966 | 82675 |
| Cullinan Therapeutics Inc (b) | 73890 | 557131 |
| Curis Inc (b) | 11824 | 19746 |
| Cyclerion Therapeutics Inc (b) | 3367 | 8249 |
| Cyteir Therapeutics Inc (b)(d) | 28186 | 0 |
| Cytokinetics Inc (b) | 166994 | 5899898 |
| CytomX Therapeutics Inc (b) | 219109 | 446982 |
| Day One Biopharmaceuticals Inc (b) | 96026 | 721155 |
| Denali Therapeutics Inc (b) | 174467 | 2664111 |
| Dermata Therapeutics Inc (b) | 1106 | 6238 |
| Design Therapeutics Inc (b)(c) | 41286 | 228312 |
| DiaMedica Therapeutics Inc (b)(c) | 36609 | 209037 |
| Dianthus Therapeutics Inc (b) | 27361 | 644899 |
| Dianthus Therapeutics Inc rights (b)(d) | 47835 | 0 |
| Disc Medicine Inc (b) | 34143 | 2036459 |
| Dogwood Therapeutics Inc (b) | 1777 | 8654 |
| Dogwood Therapeutics Inc (c)(d) | 1051 | 0 |
| Dyadic International Inc (b) | 29080 | 26791 |
| Dynavax Technologies Corp (b) | 155081 | 1569420 |
| Dyne Therapeutics Inc (b) | 158175 | 2133781 |
| Edesa Biotech Inc (b) | 4159 | 9732 |
| Editas Medicine Inc (b) | 108585 | 279063 |
| Eledon Pharmaceuticals Inc (b) | 83470 | 216187 |
| Elicio Therapeutics Inc (b) | 15172 | 159761 |
| Elutia Inc (b) | 28604 | 65217 |
| Emergent BioSolutions Inc (b) | 75334 | 625272 |
| Enanta Pharmaceuticals Inc (b) | 27999 | 235192 |
| Ensysce Biosciences Inc (b)(c) | 1659 | 3467 |
| Entero Therapeutics Inc (b)(c) | 2215 | 5039 |
| Entrada Therapeutics Inc (b) | 32471 | 177616 |
| Equillium Inc (b) | 24554 | 42724 |
| Erasca Inc (b) | 300765 | 472201 |
| Ernexa Therapeutics Inc (b) | 3193 | 4342 |
| Estrella Immunopharma Inc (b) | 12628 | 13133 |
| Ethzilla Corp (b) | 6923 | 19454 |
| Exact Sciences Corp (b) | 263680 | 12503706 |
| Exagen Inc (b) | 17867 | 176169 |
| Exelixis Inc (b) | 380918 | 14253952 |
| Exicure Inc (b) | 3639 | 20633 |
| eXoZymes Inc (b) | 2707 | 25473 |
| Fate Therapeutics Inc (b) | 129275 | 134446 |
| Fibrobiologics Inc (b) | 37231 | 21970 |
| FibroGen Inc (b) | 5744 | 67952 |
| Foghorn Therapeutics Inc (b) | 48385 | 244828 |
| Forte Biosciences Inc (b) | 7710 | 84810 |
| Fortress Biotech Inc (b)(c) | 28997 | 74812 |
| Gain Therapeutics Inc (b) | 38578 | 76770 |
| Galectin Therapeutics Inc (b)(c) | 71112 | 304359 |
| Genelux Corp (b)(c) | 42706 | 142211 |
| Generation Bio CO (b) | 6373 | 38238 |
| Genprex Inc (b) | 16817 | 2758 |
| GeoVax Labs Inc (b)(c) | 21394 | 15951 |
| Geron Corp (b) | 776068 | 1086495 |
| Gilead Sciences Inc  | 1737761 | 196314860 |
| Gossamer Bio Inc (b) | 265563 | 655941 |
| GRAIL Inc (b)(c) | 43165 | 1415380 |
| Greenwich Lifesciences Inc (b)(c) | 7675 | 88109 |
| GRI Bio Inc (b)(c) | 757 | 1052 |
| GT Biopharma Inc (b) | 3559 | 3326 |
| Gyre Therapeutics Inc (b)(c) | 23770 | 183980 |
| Gyre Therapeutics Inc rights (b)(d) | 34507 | 0 |
| Halozyme Therapeutics Inc (b) | 172031 | 12584068 |
| HCW Biologics Inc (b)(c) | 946 | 5411 |
| Heron Therapeutics Inc (b)(c) | 195797 | 264326 |
| HilleVax Inc (b) | 33707 | 70448 |
| Humacyte Inc Class A (b)(c) | 161905 | 250953 |
| iBio Inc (b) | 21410 | 17507 |
| Ideaya Biosciences Inc (b) | 122487 | 3007056 |
| Immix Biopharma Inc (b) | 20210 | 44866 |
| ImmuCell Corp (b) | 9429 | 60346 |
| Immuneering Corp (b) | 35504 | 204148 |
| Immunic Inc (b)(c) | 125654 | 103036 |
| ImmunityBio Inc (b)(c) | 285050 | 667017 |
| Immunome Inc (b)(c) | 112069 | 1065776 |
| Immunovant Inc (b) | 107094 | 1573211 |
| Imunon Inc  | 1535 | 9103 |
| IN8bio Inc (b) | 2595 | 5735 |
| Incyte Corp (b) | 224425 | 18988599 |
| Indaptus Therapeutics Inc (b) | 506 | 3279 |
| Inhibikase Therapeutics Inc (b)(c) | 54619 | 98314 |
| Inhibrx Biosciences Inc (b)(c) | 13510 | 380982 |
| Inmune Bio Inc (b)(c) | 21612 | 43872 |
| Inovio Pharmaceuticals Inc (b)(c) | 52452 | 124311 |
| Insight Molecular Diagnostics Inc (b) | 21095 | 53159 |
| Insmed Inc (b) | 254583 | 34648746 |
| Instil Bio Inc (b)(c) | 5377 | 145179 |
| Intellia Therapeutics Inc (b)(c) | 144794 | 1644136 |
| Intensity Therapeutics Inc (b) | 10689 | 3014 |
| Invivyd Inc (b)(c) | 81993 | 79779 |
| Ionis Pharmaceuticals Inc (b) | 223277 | 9519415 |
| Iovance Biotherapeutics Inc (b)(c) | 346413 | 772501 |
| Ironwood Pharmaceuticals Inc Class A (b) | 197821 | 261124 |
| Jade Biosciences Inc  | 31969 | 252555 |
| Janux Therapeutics Inc (b) | 46052 | 1046301 |
| Jasper Therapeutics Inc Class A (b) | 16228 | 45438 |
| Kairos Pharma Ltd (b)(c) | 5047 | 6813 |
| KALA BIO Inc (b)(c) | 7645 | 85777 |
| Kalaris Therapeutics Inc (b) | 8859 | 36145 |
| KalVista Pharmaceuticals Inc (b)(c) | 51827 | 697591 |
| Karyopharm Therapeutics Inc (b)(c) | 12315 | 87560 |
| Keros Therapeutics Inc (b) | 48566 | 738689 |
| Kezar Life Sciences Inc (b)(c) | 8115 | 32054 |
| Kineta Inc rights (b)(d) | 24450 | 0 |
| Klotho Neurosciences Inc (b) | 21399 | 14844 |
| Kodiak Sciences Inc (b) | 44624 | 403401 |
| Korro Bio Inc (b) | 8134 | 187733 |
| Korro Bio Inc rights (b)(c)(d) | 44231 | 0 |
| Krystal Biotech Inc (b) | 35535 | 5248520 |
| Kura Oncology Inc (b) | 120579 | 952574 |
| Kymera Therapeutics Inc (b) | 72390 | 2982468 |
| Kyverna Therapeutics Inc (b)(c) | 31508 | 116895 |
| Lantern Pharma Inc (b) | 11259 | 45937 |
| Larimar Therapeutics Inc (b) | 44885 | 162484 |
| Leap Therapeutics Inc (b)(c) | 51693 | 14908 |
| Lexeo Therapeutics Inc (b) | 34201 | 163823 |
| Lexicon Pharmaceuticals Inc (b)(c) | 258840 | 284724 |
| Liminatus Pharma Inc (c) | 6202 | 16807 |
| Lineage Cell Therapeutics Inc (b) | 316758 | 370607 |
| Lisata Therapeutics Inc (b) | 9230 | 21414 |
| Lixte Biotechnology Holdings Inc (b) | 2827 | 12495 |
| Longeveron Inc (b)(c) | 20397 | 16891 |
| Longevity Health Holdings Inc Class A (b) | 565 | 1441 |
| Lyell Immunopharma Inc (b) | 13037 | 144450 |
| MacroGenics Inc (b) | 89040 | 157601 |
| Madrigal Pharmaceuticals Inc (b) | 24214 | 10602100 |
| MAIA Biotechnology Inc (b) | 34511 | 53147 |
| MannKind Corp (b) | 422378 | 1938715 |
| Marker Therapeutics Inc (b)(c) | 13218 | 12236 |
| Matinas BioPharma Holdings Inc (b)(c) | 7186 | 13079 |
| MediciNova Inc (b) | 65153 | 85350 |
| MediPacific Inc Class A rights (b)(d) | 30820 | 0 |
| MEI Pharma Inc (b)(c) | 9433 | 45844 |
| Merrimack Pharmaceuticals Inc (b)(d) | 19085 | 0 |
| Mersana Therapeutics Inc (b)(c) | 5549 | 40619 |
| Metagenomi Inc (b) | 36088 | 62793 |
| MetaVia Inc (b) | 5134 | 3256 |
| MetaVia Inc rights (b)(d) | 159 | 0 |
| Metsera Inc (b) | 22098 | 779838 |
| MiMedx Group Inc (b) | 164366 | 1166999 |
| Mineralys Therapeutics Inc (b) | 52515 | 812932 |
| Minerva Neurosciences Inc (b) | 6737 | 16034 |
| MiNK Therapeutics Inc (b) | 1389 | 19779 |
| Mirum Pharmaceuticals Inc (b) | 58094 | 4291404 |
| Moderna Inc (b) | 476148 | 11470405 |
| Moleculin Biotech Inc (b)(c) | 20418 | 8010 |
| Monopar Therapeutics Inc (b) | 5952 | 203261 |
| Monte Rosa Therapeutics Inc (b) | 61661 | 295973 |
| Mural Oncology PLC (b) | 22662 | 46684 |
| Mustang Bio Inc (b) | 2876 | 4343 |
| Myriad Genetics Inc (b) | 128341 | 817532 |
| NanoViricides Inc (b)(c) | 21808 | 30313 |
| Natera Inc (b) | 190780 | 32098735 |
| NeuBase Therapeutics Inc (b)(d) | 1425 | 338 |
| Neurocrine Biosciences Inc (b) | 138233 | 19297327 |
| Neurogene Inc (b)(c) | 13885 | 256595 |
| Neurogene Inc rights (b)(c)(d) | 7393 | 0 |
| NextCure Inc (b) | 2550 | 12827 |
| Nkarta Inc (b) | 66588 | 141167 |
| Novavax Inc (b)(c) | 226238 | 1689998 |
| Nurix Therapeutics Inc (b) | 98643 | 921326 |
| Nuvalent Inc Class A (b) | 53642 | 4107904 |
| Nuvectis Pharma Inc (b) | 15871 | 104114 |
| Ocugen Inc (b)(c) | 408690 | 416864 |
| Olema Pharmaceuticals Inc (b) | 67639 | 369309 |
| OmniAb Operations Inc (b)(d) | 7074 | 2830 |
| OmniAb Operations Inc (b)(d) | 7074 | 2263 |
| Oncternal Therapeutics Inc (b)(d) | 3304 | 1740 |
| Oncternal Therapeutics Inc rights (b)(d) | 780 | 0 |
| OnKure Therapeutics Inc Class A (b) | 11068 | 30437 |
| Opus Genetics Inc (b) | 41752 | 50937 |
| Opus Genetics Inc rights (b)(d) | 259 | 0 |
| Organogenesis Holdings Inc Class A (b) | 98711 | 508362 |
| ORIC Pharmaceuticals Inc (b)(c) | 64235 | 657124 |
| Oruka Therapeutics Inc (b)(c) | 46373 | 686320 |
| OSR Holdings Inc (b) | 6773 | 5259 |
| Outlook Therapeutics Inc (b)(c) | 33685 | 28673 |
| Ovid therapeutics Inc (b) | 77917 | 99734 |
| Palisade Bio Inc (b)(c) | 3913 | 2643 |
| Palisade Bio Inc rights (b)(d) | 122 | 0 |
| Palvella Therapeutics Inc (b) | 10931 | 591914 |
| Palvella Therapeutics Inc rights (b)(d) | 1712 | 0 |
| Pasithea Therapeutics Corp (b) | 1620 | 1309 |
| Passage Bio Inc (b) | 3556 | 24608 |
| PDL BioPharma Inc (b)(d) | 91243 | 0 |
| PDS Biotechnology Corp (b) | 61343 | 76065 |
| Pelthos Therapeutics Inc (b) | 185 | 4375 |
| PepGen Inc (b) | 24674 | 28622 |
| Perspective Therapeutics Inc (b) | 80633 | 270927 |
| PharmaCyte Biotech Inc (b) | 12896 | 12109 |
| Phio Pharmaceuticals Corp (b)(c) | 5705 | 11239 |
| Plus Therapeutics Inc (b) | 25001 | 11400 |
| PMV Pharmaceuticals Inc (b) | 59924 | 83894 |
| Praxis Precision Medicines Inc (b) | 26556 | 1209360 |
| Precigen Inc (b)(c) | 214018 | 965221 |
| Precision BioSciences Inc (b)(c) | 13384 | 65582 |
| Prelude Therapeutics Inc (b) | 25821 | 31243 |
| Prime Medicine Inc (b)(c) | 90711 | 293904 |
| ProKidney Corp Class A (b)(c) | 127972 | 302014 |
| Protagenic Therapeutics Inc (b) | 678 | 2441 |
| Protagonist Therapeutics Inc (b) | 86533 | 5109774 |
| Protara Therapeutics Inc (b) | 48513 | 151361 |
| PTC Therapeutics Inc (b) | 110922 | 5471782 |
| Puma Biotechnology Inc (b) | 50850 | 256284 |
| Pyxis Oncology Inc (b) | 63542 | 81334 |
| Q32 Bio Inc (b)(c) | 7468 | 12771 |
| Q32 Bio Inc rights (b)(d) | 47190 | 0 |
| Qualigen Therapeutics Inc (b) | 1365 | 2443 |
| Quince Therapeutics Inc (b)(c) | 50690 | 81104 |
| Rallybio Corp (b) | 30104 | 16154 |
| RAPT Therapeutics Inc (b) | 14498 | 164987 |
| Recursion Pharmaceuticals Inc Class A (b)(c) | 424514 | 1995216 |
| Regeneron Pharmaceuticals Inc  | 145078 | 84246795 |
| REGENXBIO Inc (b) | 64156 | 572913 |
| Rein Therapeutics Inc (b) | 27869 | 38738 |
| Relay Therapeutics Inc (b) | 185989 | 667701 |
| Renovaro Inc (b) | 128912 | 30681 |
| RenovoRx Inc (b) | 46905 | 45029 |
| Replimune Group Inc (b)(c) | 93129 | 502897 |
| Revolution Medicines Inc (b) | 245841 | 9334583 |
| Rezolute Inc/old (b) | 98785 | 703349 |
| Rhythm Pharmaceuticals Inc (b) | 75821 | 7820936 |
| Rigel Pharmaceuticals Inc (b) | 24799 | 963441 |
| Rocket Pharmaceuticals Inc (b) | 121474 | 398435 |
| Roivant Sciences Ltd (b) | 586893 | 7001633 |
| SAB Biotherapeutics Inc (b)(c) | 10619 | 21875 |
| Sagimet Biosciences Inc Class A (b)(c) | 32782 | 246193 |
| Salarius Pharmaceuticals Inc (b) | 312 | 1797 |
| Sana Biotechnology Inc (b) | 182004 | 556932 |
| Sangamo Therapeutics Inc (b)(c) | 306276 | 159264 |
| Sarepta Therapeutics Inc (b)(c) | 137741 | 2506886 |
| Savara Inc (b)(c) | 164048 | 538077 |
| Scholar Rock Holding Corp (b) | 104798 | 3421655 |
| SELLAS Life Sciences Group Inc (b)(c) | 139388 | 267625 |
| Sensei Biotherapeutics Inc (b) | 1253 | 10062 |
| Senti Biosciences Inc Class A (b) | 18801 | 27637 |
| Sera Prognostics Inc Class A (b) | 38855 | 125502 |
| Seres Therapeutics Inc (b)(c) | 10143 | 192108 |
| Serina Therapeutics Inc (b)(c) | 4072 | 21663 |
| Shattuck Labs Inc (b) | 58577 | 57452 |
| Silo Pharma Inc (b) | 8423 | 5323 |
| Sionna Therapeutics Inc (c) | 15377 | 378582 |
| Skye Bioscience Inc (b)(c) | 24379 | 85327 |
| Soleno Therapeutics Inc (b) | 47442 | 3210400 |
| Solid Biosciences Inc (b) | 81907 | 448850 |
| Soligenix Inc (b)(c) | 3477 | 10779 |
| Sonnet BioTherapeutics Holdings Inc (b)(c) | 4746 | 15425 |
| Spectrum Pharmaceuticals Inc rights (b)(d) | 247249 | 2 |
| Spero Therapeutics Inc (b) | 59656 | 123488 |
| Spyre Therapeutics Inc (b) | 71303 | 1175786 |
| Spyre Therapeutics Inc rights (b)(d) | 74199 | 0 |
| Stoke Therapeutics Inc (b) | 57006 | 1126439 |
| Summit Therapeutics Inc (b)(c) | 197190 | 4673403 |
| Surface Oncology Inc rights (b)(d) | 58553 | 0 |
| Surrozen Inc Class A (b) | 8127 | 99028 |
| Sutro Biopharma Inc (b) | 108125 | 92674 |
| Syndax Pharmaceuticals Inc (b) | 120454 | 1967014 |
| Synlogic Inc (b) | 9537 | 13924 |
| Tango Therapeutics Inc (b)(c) | 91992 | 617266 |
| Tao Synergies Inc (b)(c) | 1748 | 10173 |
| Taysha Gene Therapies Inc (b) | 209050 | 610426 |
| Tectonic Therapeutic Inc (b) | 14801 | 378018 |
| Tectonic Therapeutic Inc rights (b)(d) | 4005 | 0 |
| Tempest Therapeutics Inc (b)(c) | 4421 | 43856 |
| Tenax Therapeutics Inc (b) | 4712 | 28036 |
| Tenaya Therapeutics Inc (b) | 144579 | 163374 |
| Tevogen Bio Holdings Inc Class A (b) | 15004 | 13654 |
| TG Therapeutics Inc (b) | 189740 | 5565074 |
| Tharimmune Inc (b) | 2967 | 17654 |
| Theriva Biologics Inc (b) | 3363 | 1379 |
| Tonix Pharmaceuticals Holding Corp (b)(c) | 10179 | 301604 |
| Tourmaline Bio Inc (b) | 26076 | 610178 |
| TransCode Therapeutics Inc (b) | 1180 | 11481 |
| Travere Therapeutics Inc (b) | 110471 | 1933243 |
| TriSalus Life Sciences Inc Class A (b)(c) | 36240 | 189173 |
| TScan Therapeutics Inc (b) | 72914 | 131245 |
| Twist Bioscience Corp (b) | 83508 | 2252211 |
| Tyra Biosciences Inc (b) | 29659 | 375780 |
| Ultragenyx Pharmaceutical Inc (b) | 134252 | 4022190 |
| Unicycive Therapeutics Inc (b) | 9530 | 39931 |
| United Therapeutics Corp (b) | 62998 | 19199271 |
| United Therapeutics Corp rights (b)(d) | 29360 | 0 |
| Upstream Bio Inc  | 21731 | 372252 |
| Vanda Pharmaceuticals Inc (b) | 81752 | 386687 |
| Vaxcyte Inc (b) | 166704 | 5132816 |
| Vera Therapeutics Inc Class A (b) | 77483 | 1676732 |
| Veracyte Inc (b) | 110194 | 3343286 |
| Verastem Inc (b)(c) | 76329 | 706043 |
| Vericel Corp (b) | 70077 | 2548000 |
| Vertex Pharmaceuticals Inc (b) | 358768 | 140285463 |
| Viking Therapeutics Inc (b)(c) | 156844 | 4242630 |
| Vincerx Pharma Inc (b) | 2264 | 74 |
| Vir Biotechnology Inc (b) | 128674 | 635650 |
| Viridian Therapeutics Inc (b) | 97203 | 1786591 |
| Viridian Therapeutics Inc rights (b)(d) | 33262 | 0 |
| Vistagen Therapeutics Inc (b) | 33660 | 112424 |
| VivoSim Labs Inc (b) | 1794 | 4377 |
| Vor BioPharma Inc (b)(c) | 54345 | 107060 |
| Voyager Therapeutics Inc (b) | 63841 | 214506 |
| vTv Therapeutics Inc Class A (b)(c) | 1489 | 22543 |
| Werewolf Therapeutics Inc (b) | 42628 | 55843 |
| Whitehawk Therapeutics Inc (b) | 61386 | 110802 |
| X4 Pharmaceuticals Inc (b)(c) | 6657 | 24997 |
| XBiotech Inc (b) | 26581 | 83996 |
| Xencor Inc (b) | 98929 | 804293 |
| Xenetic Biosciences Inc (b) | 1388 | 3963 |
| Xilio Therapeutics Inc (b)(c) | 49584 | 34714 |
| XOMA Royalty Corp (b)(c) | 11291 | 366619 |
| Y-mAbs Therapeutics Inc (b) | 47698 | 407818 |
| Zenas Biopharma Inc (b)(c) | 19252 | 308032 |
| Zentalis Pharmaceuticals Inc (b) | 79274 | 133973 |
|  |  | 1756980190 |
| Health Care Equipment & Supplies - 2.1% |  |  |
| Abbott Laboratories  | 2430827 | 322473510 |
| Accuray Inc Del (b) | 144502 | 219643 |
| Adagio Medical Holdings Inc (b) | 5179 | 8390 |
| Aethlon Medical Inc (b)(c) | 2410 | 4507 |
| Align Technology Inc (b) | 95193 | 13513598 |
| Alphatec Holdings Inc (b) | 147453 | 2344503 |
| AngioDynamics Inc (b) | 56510 | 579793 |
| Anteris Technologies Global Corp  | 20899 | 84014 |
| Apyx Medical Corp (b) | 42616 | 84806 |
| Artivion Inc (b) | 54077 | 2375603 |
| AtriCure Inc (b) | 69000 | 2552310 |
| Autonomix Medical Inc (b)(c) | 2240 | 2509 |
| Avanos Medical Inc (b) | 64044 | 764685 |
| Avinger Inc (b)(d) | 2859 | 0 |
| Axogen Inc (b) | 63362 | 1022663 |
| Baxter International Inc  | 716745 | 17696434 |
| Becton Dickinson & Co  | 400451 | 77279034 |
| Beta Bionics Inc  | 16953 | 319395 |
| Beyond Air Inc (b)(c) | 4659 | 10343 |
| Biomerica Inc (b)(c) | 3489 | 10921 |
| BioSig Technologies Inc (b)(c) | 27026 | 129184 |
| Bioventus Inc (b) | 58308 | 431479 |
| Bluejay Diagnostics Inc (b)(c) | 735 | 992 |
| Boston Scientific Corp (b) | 2067253 | 218095192 |
| Butterfly Network Inc Class A (b)(c) | 261108 | 420384 |
| Catheter Precision Inc (b)(c) | 557 | 1393 |
| Ceribell Inc (b) | 15732 | 186110 |
| Cerus Corp (b) | 266124 | 348622 |
| ClearPoint Neuro Inc (b) | 37401 | 392336 |
| Co-Diagnostics Inc (b) | 39148 | 12907 |
| CONMED Corp  | 43045 | 2339926 |
| Cooper Cos Inc/The (b) | 279393 | 18829691 |
| CVRx Inc (b) | 21452 | 168398 |
| CytoSorbents Corp (b)(c) | 70972 | 66955 |
| CytoSorbents Corp A warrants 12/31/2029 (b)(d) | 38712 | 0 |
| Delcath Systems Inc (b) | 40299 | 444095 |
| DENTSPLY SIRONA Inc  | 278203 | 3978303 |
| Dexcom Inc (b) | 547798 | 41271101 |
| DIH Holdings US Inc Class A (b) | 31199 | 8221 |
| Edwards Lifesciences Corp (b) | 819526 | 66660245 |
| Ekso Bionics Holdings Inc (b)(c) | 2083 | 7811 |
| ElectroCore Inc (b) | 7588 | 40292 |
| ElectroCore Inc rights (b)(d) | 2019 | 0 |
| Electromed Inc (b) | 8832 | 218415 |
| Embecta Corp  | 81523 | 1180453 |
| ENDRA Life Sciences Inc (b) | 690 | 2829 |
| Enovis Corp (b) | 80854 | 2498389 |
| Envista Holdings Corp (b) | 237568 | 5031690 |
| Envoy Medical Inc Class A (b)(c) | 9994 | 12293 |
| enVVeno Medical Corp (b)(c) | 24642 | 19691 |
| Femasys Inc (b) | 33415 | 11866 |
| FONAR Corp (b) | 8663 | 138435 |
| Fractyl Health Inc (b) | 10987 | 10671 |
| GE HealthCare Technologies Inc  | 639518 | 47151662 |
| Glaukos Corp (b) | 79883 | 7654389 |
| Globus Medical Inc Class A (b) | 157835 | 9670550 |
| Haemonetics Corp (b) | 70290 | 3833617 |
| HeartBeam inc (b) | 36788 | 49664 |
| HeartSciences Inc (b) | 1342 | 4536 |
| Helius Medical Technologies Inc (b) | 8 | 48 |
| Hologic Inc (b) | 311380 | 20899826 |
| Hyperfine Inc Class A (b) | 89395 | 110850 |
| ICU Medical Inc (b) | 34355 | 4385759 |
| IDEXX Laboratories Inc (b) | 112339 | 72693444 |
| Innovative Eyewear Inc (b) | 1457 | 2812 |
| Inogen Inc (b) | 37544 | 299977 |
| Inspire Medical Systems Inc (b) | 41360 | 3875018 |
| Insulet Corp (b) | 98336 | 33422440 |
| Integer Holdings Corp (b) | 48864 | 5270960 |
| Integra LifeSciences Holdings Corp (b) | 92916 | 1405819 |
| Intelligent Bio Solutions Inc (b) | 8942 | 14486 |
| Intuitive Surgical Inc (b) | 500775 | 237014304 |
| iRadimed Corp  | 11133 | 806475 |
| iRhythm Technologies Inc (b) | 44627 | 7585697 |
| IRIDEX Corp (b) | 16874 | 22780 |
| Kestra Medical Technologies Ltd  | 17244 | 278318 |
| Kewaunee Scientific Corp (b) | 2917 | 165365 |
| KORU Medical Systems Inc (b) | 60743 | 256335 |
| Lantheus Holdings Inc (b) | 96702 | 5308940 |
| LeMaitre Vascular Inc  | 28644 | 2731635 |
| LENSAR Inc (b) | 13230 | 162464 |
| LivaNova PLC (b) | 75948 | 4281189 |
| Lucid Diagnostics Inc (b)(c) | 103028 | 129815 |
| Masimo Corp (b) | 62901 | 8787899 |
| Medtronic PLC  | 1791780 | 166295102 |
| Merit Medical Systems Inc (b) | 82581 | 7476884 |
| Microbot Medical Inc (b)(c) | 47136 | 179588 |
| Milestone Scientific Inc (b) | 72271 | 42647 |
| Modular Medical Inc (b) | 55999 | 40470 |
| Monogram Technologies Inc (b) | 31000 | 179800 |
| Myomo Inc (b) | 34932 | 36679 |
| NanoVibronix Inc (b) | 111 | 605 |
| Neogen Corp (b) | 274691 | 1579473 |
| Neuraxis Inc (b) | 4523 | 11488 |
| Neuronetics Inc (b) | 53949 | 179650 |
| NeuroOne Medical Technologies Corp (b) | 63940 | 48863 |
| NeuroPace Inc (b) | 22395 | 204914 |
| Nexalin Technology Inc (b) | 16612 | 15554 |
| Nexgel Inc (b) | 8676 | 21256 |
| Novocure Ltd (b) | 141539 | 1745176 |
| Nuwellis Inc (b) | 190 | 968 |
| Omnicell Inc (b) | 65282 | 2127540 |
| OraSure Technologies Inc (b) | 104495 | 345878 |
| Orchestra BioMed Holdings Inc (b) | 37596 | 102637 |
| Orthofix Medical Inc (b) | 54203 | 811961 |
| OrthoPediatrics Corp (b) | 23088 | 493160 |
| Outset Medical Inc (b) | 24631 | 342617 |
| Owlet Inc Class A (b) | 8575 | 64570 |
| PAVmed Inc (b) | 14831 | 7202 |
| Penumbra Inc (b) | 54115 | 14753914 |
| Precision Optics Corp Inc/Mass (b) | 6425 | 30198 |
| Predictive Oncology Inc (b) | 9839 | 8608 |
| Pro-Dex Inc (b)(c) | 3001 | 140687 |
| PROCEPT BioRobotics Corp (b) | 77663 | 3119723 |
| Pulmonx Corp (b) | 56260 | 96205 |
| Pulse Biosciences Inc (b)(c) | 28138 | 437265 |
| Pulse Biosciences Inc warrants 6/26/2030 (b)(c) | 2579 | 10496 |
| QuidelOrtho Corp (b) | 93413 | 2680019 |
| ResMed Inc  | 204815 | 56223766 |
| Retractable Technologies Inc (b) | 15739 | 13189 |
| Rockwell Medical Inc (b) | 39780 | 68024 |
| RxSight Inc (b) | 48844 | 441550 |
| Sanara Medtech Inc (b) | 4941 | 166314 |
| SANUWAVE Health Inc (b) | 9627 | 400868 |
| SeaStar Medical Holding Corp Class A (b)(c) | 12017 | 11009 |
| Semler Scientific Inc (b)(c) | 13017 | 385824 |
| Senseonics Holdings Inc (b) | 1053206 | 483948 |
| Sensus Healthcare Inc (b) | 18842 | 63874 |
| Sharps Technology Inc (b)(c) | 1530 | 20732 |
| SI-BONE Inc (b) | 53317 | 888794 |
| Sight Sciences Inc (b) | 45234 | 183650 |
| SiNtx Technologies Inc (b) | 3375 | 14006 |
| Solventum Corp (b) | 205244 | 15001284 |
| Spectral AI Inc Class A (b) | 23630 | 45606 |
| STAAR Surgical Co (b) | 68865 | 1884146 |
| Stereotaxis Inc (b) | 106311 | 306176 |
| STERIS PLC  | 137202 | 33622722 |
| Strata Skin Sciences Inc (b) | 2733 | 6505 |
| Stryker Corp  | 480561 | 188096381 |
| Surmodics Inc (b) | 19885 | 676885 |
| Tactile Systems Technology Inc (b) | 32472 | 432202 |
| Tandem Diabetes Care Inc (b) | 93094 | 1164606 |
| Tela Bio Inc (b) | 41584 | 74020 |
| Teleflex Inc  | 61881 | 7822377 |
| Tenon Medical Inc (b)(c) | 12082 | 14982 |
| Tivic Health Systems Inc (b)(c) | 713 | 2182 |
| TransMedics Group Inc (b) | 47282 | 5435539 |
| Treace Medical Concepts Inc (b) | 61201 | 449215 |
| UFP Technologies Inc (b) | 10201 | 2143842 |
| Utah Medical Products Inc  | 4232 | 263273 |
| Varex Imaging Corp (b) | 57455 | 663605 |
| Venus Concept Inc (b) | 557 | 1231 |
| Vicarious Surgical Inc Class A (b) | 4380 | 26762 |
| Vivani Medical Inc (b) | 39772 | 45738 |
| VolitionRX Ltd (b) | 115511 | 79703 |
| Xtant Medical Holdings Inc (b) | 74213 | 47422 |
| Zimmer Biomet Holdings Inc  | 276451 | 29331451 |
| Zimvie Inc (b) | 38851 | 733507 |
| Zynex Inc (b)(c) | 21213 | 34789 |
|  |  | 1833985599 |
| Health Care Providers & Services - 1.6% |  |  |
| Acadia Healthcare Co Inc (b) | 128328 | 2946411 |
| AdaptHealth Corp (b) | 146620 | 1391424 |
| Addus HomeCare Corp (b) | 25295 | 2913225 |
| agilon health Inc (b) | 426078 | 545380 |
| AirSculpt Technologies Inc (b)(c) | 18872 | 121724 |
| Alignment Healthcare Inc (b) | 147187 | 2407979 |
| American Shared Hospital Services (b) | 4318 | 10665 |
| AMN Healthcare Services Inc (b) | 53172 | 1104914 |
| Astrana Health Inc (b) | 57702 | 1844156 |
| Aveanna Healthcare Holdings Inc (b) | 81352 | 650816 |
| Biodesix Inc (b)(c) | 98239 | 41909 |
| BrightSpring Health Services Inc (b) | 95491 | 2262182 |
| Brookdale Senior Living Inc (b) | 326358 | 2512957 |
| Cardinal Health Inc  | 333369 | 49598640 |
| Castle Biosciences Inc (b) | 40168 | 964434 |
| Cencora Inc  | 240938 | 70259930 |
| Centene Corp (b) | 695305 | 20191657 |
| Chemed Corp  | 20437 | 9359124 |
| Cigna Group/The  | 373235 | 112295214 |
| Clover Health Investments Corp Class A (b)(c) | 581596 | 1523782 |
| Community Health Systems Inc (b) | 169291 | 467243 |
| Concentra Group Holdings Parent Inc  | 151382 | 3602892 |
| CorVel Corp (b) | 38156 | 3397792 |
| Cosmos Health Inc (b) | 28538 | 22545 |
| Cross Country Healthcare Inc (b) | 42641 | 570537 |
| Cryo-Cell International Inc  | 6135 | 28835 |
| CVS Health Corp  | 1767249 | 129274264 |
| DaVita Inc (b) | 58016 | 7992284 |
| DocGo Inc Class A (b) | 121480 | 189509 |
| Elevance Health Inc  | 315700 | 100597805 |
| Encompass Health Corp  | 140767 | 17139790 |
| Enhabit Inc (b) | 70131 | 552632 |
| Ensign Group Inc/The  | 79767 | 13702375 |
| Fulgent Genetics Inc (b) | 27851 | 617457 |
| GeneDx Holdings Corp Class A (b) | 29541 | 3825264 |
| Guardant Health Inc (b) | 173085 | 11669391 |
| HCA Healthcare Inc  | 242019 | 97765995 |
| HealthEquity Inc (b) | 121189 | 10825813 |
| Henry Schein Inc (b) | 170023 | 11830200 |
| Hims & Hers Health Inc Class A (b)(c) | 273955 | 11601994 |
| Humana Inc  | 168610 | 51200113 |
| Infusystem Holdings Inc (b) | 29252 | 315337 |
| Innovage Holding Corp (b) | 30621 | 117278 |
| Inspire Veterinary Partners Inc Class A (b)(c) | 2257 | 2121 |
| Joint Corp/The (b) | 21386 | 229686 |
| Kindly MD Inc (b)(c) | 1775 | 9656 |
| Labcorp Holdings Inc  | 116897 | 32496197 |
| LifeStance Health Group Inc (b) | 184149 | 1009137 |
| McKesson Corp  | 174795 | 120021239 |
| Molina Healthcare Inc (b) | 75771 | 13701670 |
| MSP Recovery Inc Class A (b) | 2714 | 1198 |
| National HealthCare Corp  | 17269 | 1959686 |
| National Research Corp Class A  | 20267 | 297722 |
| NeoGenomics Inc (b) | 178906 | 1570795 |
| NeueHealth Inc (b) | 4778 | 31344 |
| Nutex Health Inc (b)(c) | 4637 | 388534 |
| Oncology Institute Inc/The (b)(c) | 69433 | 236072 |
| OPKO Health Inc (b) | 630742 | 870424 |
| Option Care Health Inc (b) | 229146 | 6571907 |
| Owens & Minor Inc (b) | 102048 | 500035 |
| P3 Health Partners Inc Class A (b) | 2437 | 20276 |
| PACS Group Inc (b) | 51798 | 602929 |
| Pediatrix Medical Group Inc (b) | 118456 | 2038628 |
| Pennant Group Inc/The (b) | 47898 | 1150031 |
| Performant Healthcare Inc (b)(c) | 102922 | 785295 |
| Precipio Inc (b) | 1752 | 26543 |
| Premier Inc Class A (c) | 114659 | 2969668 |
| Privia Health Group Inc (b) | 146049 | 3364969 |
| Progyny Inc (b) | 103851 | 2458153 |
| Quest Diagnostics Inc  | 155953 | 28327303 |
| RadNet Inc (b) | 94760 | 6799978 |
| Select Medical Holdings Corp  | 145246 | 1889650 |
| Sonida Senior Living Inc (b) | 13207 | 342061 |
| Surgery Partners Inc (b) | 105511 | 2394045 |
| Talkspace Inc Class A (b) | 193724 | 515306 |
| Tenet Healthcare Corp (b) | 129789 | 23924006 |
| UnitedHealth Group Inc  | 1267376 | 392721801 |
| Universal Health Services Inc Class B  | 79902 | 14508605 |
| US Physical Therapy Inc  | 21164 | 1754284 |
| Viemed Healthcare Inc (b) | 47796 | 352257 |
| Vivos Therapeutics Inc (b) | 8350 | 36156 |
|  |  | 1427133235 |
| Health Care Technology - 0.1% |  |  |
| American Well Corp (b) | 19644 | 135544 |
| Bullfrog AI Holdings Inc (b)(c) | 7178 | 8685 |
| CareCloud Inc (b) | 50506 | 193943 |
| Certara Inc (b) | 153314 | 1661924 |
| Claritev Corp Class A (b)(c) | 8955 | 617089 |
| DarioHealth Corp (b)(c) | 2330 | 22158 |
| Definitive Healthcare Corp Class A (b) | 68827 | 277373 |
| Doximity Inc Class A (b) | 186538 | 12673392 |
| Evolent Health Inc Class A (b) | 150965 | 1456812 |
| Firefly Neuroscience Inc (b)(c) | 15355 | 40691 |
| Forian Inc (b) | 18161 | 36322 |
| GoodRx Holdings Inc Class A (b) | 122978 | 534954 |
| Health Catalyst Inc (b) | 97156 | 329359 |
| Healthcare Triangle Inc (b) | 18 | 40 |
| HealthStream Inc  | 33512 | 941017 |
| iSpecimen Inc (b)(c) | 5088 | 3619 |
| LifeMD Inc (b) | 54949 | 340134 |
| OptimizeRx Corp (b) | 22658 | 409430 |
| Phreesia Inc (b) | 78862 | 2496771 |
| Schrodinger Inc/United States (b) | 77973 | 1521253 |
| Scienture Holdings Inc (b) | 11577 | 11317 |
| Simulations Plus Inc (b)(c) | 22794 | 322991 |
| Teladoc Health Inc (b) | 244494 | 1889939 |
| TruBridge Inc (b) | 17101 | 341336 |
| Veeva Systems Inc Class A (b) | 209483 | 56392824 |
| VSee Health Inc (b) | 8385 | 5046 |
| Waystar Holding Corp (b) | 111875 | 4237825 |
|  |  | 86901788 |
| Life Sciences Tools & Services - 0.9% |  |  |
| 10X Genomics Inc Class A (b) | 155038 | 2172082 |
| Adaptive Biotechnologies Corp (b) | 161937 | 2134330 |
| Agilent Technologies Inc  | 398274 | 50047111 |
| Alpha Teknova Inc (b)(c) | 18602 | 80361 |
| Atlantic International Corp (b) | 15476 | 61285 |
| Avantor Inc (b) | 952422 | 12829124 |
| Azenta Inc (b) | 63881 | 1950926 |
| Bio-Rad Laboratories Inc Class A (b) | 26009 | 7747561 |
| Bio-Techne Corp  | 219196 | 11974677 |
| BioLife Solutions Inc (b) | 51577 | 1292004 |
| Bionano Genomics Inc (b)(c) | 4683 | 17655 |
| Bruker Corp  | 154754 | 5258541 |
| CDT Equity Inc Class A (b) | 9 | 11 |
| Champions Oncology Inc (b) | 8417 | 57236 |
| Charles River Laboratories International Inc (b) | 68658 | 11212538 |
| Codexis Inc (b) | 114987 | 313915 |
| CryoPort Inc (b) | 69707 | 617604 |
| Cytek Biosciences Inc (b) | 142791 | 591155 |
| Danaher Corp  | 889977 | 183175066 |
| Fortrea Holdings Inc (b) | 126494 | 1245966 |
| Ginkgo Bioworks Holdings Inc Class A (b)(c) | 57270 | 725611 |
| Harvard Bioscience Inc (b) | 55562 | 27503 |
| Illumina Inc (b) | 221203 | 22111452 |
| Inotiv Inc (b)(c) | 43163 | 72945 |
| IQVIA Holdings Inc (b) | 229681 | 43825432 |
| Lifecore Biomedical Inc (b) | 51120 | 389023 |
| Maravai LifeSciences Holdings Inc Class A (b) | 168577 | 407956 |
| MaxCyte Inc (b) | 149166 | 207341 |
| Medpace Holdings Inc (b) | 32940 | 15663299 |
| Mesa Laboratories Inc (c) | 7559 | 512122 |
| Mettler-Toledo International Inc (b) | 29023 | 37760084 |
| Nautilus Biotechnology Inc Class A (b) | 64093 | 43583 |
| Niagen Bioscience Inc (b) | 75442 | 746876 |
| OmniAb Inc (b)(c) | 137435 | 219896 |
| Pacific Biosciences of California Inc (b)(c) | 388358 | 508749 |
| Personalis Inc (b)(c) | 85902 | 420061 |
| Quanterix Corp (b) | 55192 | 251124 |
| Quantum-Si Inc Class A (b)(c) | 193458 | 216673 |
| Rapid Micro Biosystems Inc Class A (b) | 24967 | 60170 |
| Repligen Corp (b) | 72995 | 8928748 |
| Revvity Inc  | 164584 | 14830664 |
| Seer Inc Class A (b) | 55361 | 113490 |
| Sotera Health Co (b) | 213764 | 3499317 |
| Standard BioTools Inc (b) | 428960 | 540490 |
| Thermo Fisher Scientific Inc  | 527483 | 259901424 |
| Waters Corp (b) | 83154 | 25095877 |
| West Pharmaceutical Services Inc  | 100398 | 24793286 |
|  |  | 754652344 |
| Pharmaceuticals - 2.6% |  |  |
| 60 Degrees Pharmaceuticals Inc (b) | 2236 | 3153 |
| Aardvark Therapeutics Inc (c) | 8490 | 70467 |
| Aclaris Therapeutics Inc (b) | 151228 | 291870 |
| Adial Pharmaceuticals Inc (b)(c) | 9158 | 3480 |
| ALT5 Sigma Corp (b) | 24331 | 191728 |
| Alto Neuroscience Inc (b) | 30484 | 112181 |
| Alumis Inc (b) | 68064 | 315817 |
| Amneal Intermediate Inc Class A (b) | 208400 | 1992304 |
| Amphastar Pharmaceuticals Inc (b) | 51151 | 1566244 |
| Amylyx Pharmaceuticals Inc (b) | 100236 | 940214 |
| AN2 Therapeutics Inc (b) | 30268 | 33295 |
| Anebulo Pharmaceuticals Inc (b) | 34647 | 86618 |
| ANI Pharmaceuticals Inc (b) | 23914 | 2235959 |
| ANI Pharmaceuticals Inc rights (b)(d) | 60493 | 0 |
| Aquestive Therapeutics Inc (b)(c) | 106510 | 401543 |
| Arvinas Inc (b) | 94497 | 730462 |
| Aspire Biopharma Holdings Inc Class A (b) | 43781 | 25187 |
| Assertio Holdings Inc (b)(c) | 129012 | 107738 |
| Atea Pharmaceuticals Inc (b) | 106781 | 358784 |
| Athira Pharma Inc (b) | 39326 | 15282 |
| Avadel Pharmaceuticals PLC Class A (b) | 135079 | 1993766 |
| Axsome Therapeutics Inc (b) | 57906 | 7022840 |
| Aytu BioPharma Inc (b) | 8054 | 18927 |
| BioAge Labs Inc (c) | 16133 | 79536 |
| Biofrontera Inc (b)(c) | 7488 | 6635 |
| Biote Corp Class A (b) | 31938 | 109867 |
| Bristol-Myers Squibb Co  | 2843103 | 134137600 |
| Cadrenal Therapeutics Inc (b) | 1849 | 23787 |
| CalciMedica Inc (b) | 12421 | 33537 |
| Cassava Sciences Inc (b) | 63687 | 145206 |
| Cingulate Inc (b)(c) | 4692 | 18721 |
| Citius Pharmaceuticals Inc (b) | 13951 | 18555 |
| Clearside Biomedical Inc (b) | 96432 | 35439 |
| CNS Pharmaceuticals Inc (b)(c) | 139 | 873 |
| Cocrystal Pharma Inc (b) | 9629 | 14444 |
| Cognition Therapeutics Inc (b)(c) | 75586 | 183674 |
| Collegium Pharmaceutical Inc (b) | 44579 | 1729665 |
| Context Therapeutics Inc (b) | 70420 | 59153 |
| Contineum Therapeutics Inc Class A (b) | 7804 | 81552 |
| Corcept Therapeutics Inc (b) | 131927 | 9197950 |
| CorMedix Inc (b)(c) | 94779 | 1405573 |
| Crinetics Pharmaceuticals Inc (b) | 131195 | 4065733 |
| Cumberland Pharmaceuticals Inc (b) | 11411 | 39824 |
| Dare Bioscience Inc (b) | 11883 | 24004 |
| Durect Corp (b) | 41371 | 79432 |
| Edgewise Therapeutics Inc (b) | 96394 | 1383254 |
| Elanco Animal Health Inc (b) | 694194 | 12738460 |
| Eli Lilly & Co (c) | 1098977 | 805088571 |
| Enliven Therapeutics Inc (b) | 54358 | 1101837 |
| Enliven Therapeutics Inc rights (b)(d) | 19688 | 0 |
| Enveric Biosciences Inc (b)(c) | 4653 | 5258 |
| Esperion Therapeutics Inc (b) | 254193 | 564308 |
| Eton Pharmaceuticals Inc (b) | 35368 | 612220 |
| Evoke Pharma Inc (b)(c) | 1481 | 8071 |
| Evolus Inc (b) | 69724 | 531994 |
| EyePoint Pharmaceuticals Inc (b) | 95570 | 1105745 |
| Fulcrum Therapeutics Inc (b) | 60043 | 389079 |
| Harmony Biosciences Holdings Inc (b) | 53573 | 1976308 |
| Harrow Inc (b)(c) | 44052 | 1718028 |
| Hepion Pharmaceuticals Inc rights (b)(d) | 240 | 0 |
| Hoth Therapeutics Inc (b) | 12867 | 14926 |
| Hyperion DeFi Inc (b)(c) | 3962 | 24168 |
| IGC Pharma Inc (b) | 95369 | 41104 |
| ImageneBio Inc (b) | 2888 | 38700 |
| ImageneBio Inc rights (b)(d) | 34658 | 0 |
| Impact BioMedical Inc (b) | 3316 | 1922 |
| Innoviva Inc (b) | 76334 | 1559504 |
| Jaguar Health Inc (b)(c) | 635 | 1035 |
| Jazz Pharmaceuticals PLC (b) | 86236 | 11016649 |
| Johnson & Johnson  | 3361448 | 595547742 |
| Journey Medical Corp (b) | 16557 | 119376 |
| Kiora Pharmaceuticals Inc (b) | 3446 | 9580 |
| LENZ Therapeutics Inc (b)(c) | 23070 | 891194 |
| Ligand Pharmaceuticals Inc (b) | 26853 | 4342399 |
| Lipocine Inc (b) | 7772 | 22617 |
| Liquidia Corp (b) | 67014 | 1854948 |
| Lyra Therapeutics Inc (b) | 1260 | 8820 |
| Maze Therapeutics Inc  | 12234 | 177271 |
| MBX Biosciences Inc (b) | 14890 | 224690 |
| Merck & Co Inc  | 3508190 | 295108943 |
| Mind Medicine MindMed Inc (b)(c) | 94513 | 839275 |
| Mira Pharmaceuticals Inc (b) | 16715 | 22900 |
| Nektar Therapeutics (b) | 15333 | 457843 |
| Neumora Therapeutics Inc (b) | 117412 | 203123 |
| NovaBay Pharmaceuticals Inc (b)(c) | 6176 | 10993 |
| NRX Pharmaceuticals Inc (b) | 19657 | 45604 |
| Nutriband Inc (b)(c) | 7231 | 46748 |
| Nuvation Bio Inc Class A (b) | 361451 | 1073509 |
| Ocular Therapeutix Inc (b) | 180075 | 2198716 |
| Omeros Corp (b)(c) | 81529 | 339161 |
| Optinose Inc (d) | 11194 | 0 |
| Organon & Co  | 364549 | 3434052 |
| Pacira BioSciences Inc (b) | 64238 | 1713227 |
| Perrigo Co PLC  | 193043 | 4582841 |
| Petros Pharmaceuticals Inc (b) | 1 | 0 |
| Pfizer Inc  | 7941228 | 196624805 |
| Phathom Pharmaceuticals Inc (b) | 63671 | 775513 |
| Phibro Animal Health Corp Class A  | 28225 | 1046301 |
| Pliant Therapeutics Inc (b) | 75906 | 124486 |
| Prestige Consumer Healthcare Inc (b) | 69266 | 4712859 |
| Processa Pharmaceuticals Inc (b) | 20890 | 3948 |
| ProPhase Labs Inc (b) | 40383 | 13653 |
| Pulmatrix Inc (b) | 5228 | 25748 |
| Rafael Holdings Inc Class B (b) | 56173 | 82574 |
| Rani Therapeutics Holdings Inc Class A (b) | 26829 | 13685 |
| Rapport Therapeutics Inc (b)(c) | 11721 | 206641 |
| Relmada Therapeutics Inc (b) | 38854 | 43516 |
| Reviva Pharmaceuticals Holdings Inc (b)(c) | 59713 | 26871 |
| Royalty Pharma PLC Class A  | 505982 | 18205232 |
| Satsuma Pharmaceuticals Inc rights (b)(d) | 25923 | 0 |
| scPharmaceuticals Inc (b) | 39818 | 218999 |
| SCYNEXIS Inc (b) | 51567 | 42873 |
| Senestech Inc (b) | 1949 | 9648 |
| Septerna Inc (c) | 23642 | 286068 |
| SIGA Technologies Inc  | 56627 | 475101 |
| Sonoma Pharmaceuticals Inc (b) | 2314 | 10297 |
| Supernus Pharmaceuticals Inc (b) | 77930 | 3516202 |
| Talphera Inc (b) | 22889 | 12383 |
| Tarsus Pharmaceuticals Inc (b) | 53458 | 3131570 |
| Telomir Pharmaceuticals Inc (b)(c) | 23854 | 31487 |
| Terns Pharmaceuticals Inc (b) | 83819 | 583380 |
| TFF Pharmaceuticals Inc (b)(d) | 4807 | 312 |
| TherapeuticsMD Inc (b) | 15320 | 17005 |
| Theravance Biopharma Inc (b) | 49265 | 683798 |
| Third Harmonic Bio Inc (b)(d) | 29874 | 0 |
| Titan Pharmaceuticals Inc (b)(c) | 985 | 3861 |
| Traws Pharma Inc (b) | 5859 | 8203 |
| Traws Pharma Inc rights (b)(d) | 21108 | 0 |
| Trevi Therapeutics Inc (b) | 101862 | 739009 |
| Tvardi Therapeutics Inc (b)(c) | 8448 | 252764 |
| Ventyx Biosciences Inc (b) | 85176 | 204422 |
| Verrica Pharmaceuticals Inc (b) | 8827 | 49387 |
| Veru Inc (b) | 18649 | 60609 |
| Viatris Inc  | 1643969 | 17343873 |
| VYNE Therapeutics Inc (b) | 17731 | 5683 |
| WaVe Life Sciences Ltd (b) | 165978 | 1593389 |
| Xeris Biopharma Holdings Inc (b) | 223269 | 1748197 |
| Xeris Biopharma Holdings Inc rights (b)(d) | 47594 | 0 |
| Zevra Therapeutics Inc (b) | 69937 | 634329 |
| Zoetis Inc Class A  | 621881 | 97262188 |
|  |  | 2274036201 |
| TOTAL HEALTH CARE |  | 8133689357 |
| Industrials - 9.7% |  |  |
| Aerospace & Defense - 2.3% |  |  |
| AAR Corp (b) | 49363 | 3734805 |
| AeroVironment Inc (b) | 44493 | 10738386 |
| AerSale Corp (b) | 38006 | 327992 |
| Air Industries Group (b)(c) | 3187 | 10135 |
| Archer Aviation Inc Class A (b)(c) | 691200 | 6186240 |
| Astronics Corp (b) | 42785 | 1556090 |
| ATI Inc (b) | 197027 | 15277474 |
| Axon Enterprise Inc (b) | 103333 | 77219718 |
| Boeing Co (b) | 1053455 | 247224819 |
| BWX Technologies Inc  | 127583 | 20673549 |
| Byrna Technologies Inc (b)(c) | 24894 | 507838 |
| Cadre Holdings Inc  | 36224 | 1116061 |
| CPI Aerostructures Inc (b) | 15282 | 38205 |
| Curtiss-Wright Corp  | 52626 | 25163122 |
| Ducommun Inc (b) | 19383 | 1768117 |
| Eve Holding Inc Class A (b) | 70402 | 276680 |
| GE Aerospace  | 1489850 | 410006720 |
| General Dynamics Corp  | 351852 | 114200604 |
| HEICO Corp  | 55936 | 17453151 |
| HEICO Corp Class A  | 104603 | 25628781 |
| Hexcel Corp  | 113041 | 7138539 |
| Howmet Aerospace Inc  | 563930 | 98180213 |
| Huntington Ingalls Industries Inc  | 54770 | 14831168 |
| Innovative Solutions And Support Inc (b) | 14976 | 193939 |
| Intuitive Machines Inc Class A (b)(c) | 142714 | 1251602 |
| Karman Holdings Inc (c) | 66770 | 3566186 |
| Kratos Defense & Security Solutions Inc (b) | 232469 | 15305759 |
| L3Harris Technologies Inc  | 261073 | 72479086 |
| Leonardo DRS Inc  | 104438 | 4350887 |
| Loar Holdings Inc (b) | 38034 | 2687482 |
| Lockheed Martin Corp  | 291325 | 132736410 |
| Mercury Systems Inc (b) | 71173 | 4807736 |
| Momentus Inc Class A (b)(c) | 5153 | 6852 |
| Moog Inc Class A  | 39550 | 7745868 |
| National Presto Industries Inc  | 7166 | 751140 |
| Northrop Grumman Corp  | 189015 | 111526411 |
| Optex Systems Holdings Inc (b) | 7948 | 87349 |
| Park Aerospace Corp  | 26248 | 491888 |
| Redwire Corp Class A (b)(c) | 68689 | 612019 |
| Rocket Lab Corp (c) | 509377 | 24755722 |
| RTX Corp  | 1866630 | 296047518 |
| Sidus Space Inc Class A (b) | 26304 | 33143 |
| SIFCO Industries Inc (b) | 4898 | 34707 |
| Spirit AeroSystems Holdings Inc Class A (b) | 163907 | 6816892 |
| StandardAero Inc  | 183626 | 4864253 |
| Textron Inc  | 251988 | 20199358 |
| TransDigm Group Inc  | 78477 | 109779906 |
| V2X Inc (b) | 19766 | 1136545 |
| Virgin Galactic Holdings Inc Class A (b)(c) | 54774 | 170347 |
| VirTra Inc (b) | 14997 | 89682 |
| Woodward Inc  | 83089 | 20508027 |
|  |  | 1942295121 |
| Air Freight & Logistics - 0.2% |  |  |
| Air T Inc (b) | 1169 | 27273 |
| Arrive AI Inc  | 6679 | 32861 |
| Callan Jmb Inc  | 2066 | 9916 |
| CH Robinson Worldwide Inc  | 165695 | 21324947 |
| Expeditors International of Washington Inc  | 191120 | 23037605 |
| FedEx Corp  | 307985 | 71166094 |
| Forward Air Corp Class A (b)(c) | 29083 | 873362 |
| GXO Logistics Inc (b) | 159940 | 8420841 |
| Hub Group Inc Class A  | 84567 | 3164497 |
| Radiant Logistics Inc (b) | 63477 | 410696 |
| United Parcel Service Inc Class B  | 1024781 | 89606851 |
|  |  | 218074943 |
| Building Products - 0.6% |  |  |
| A O Smith Corp  | 162276 | 11568656 |
| AAON Inc (c) | 94409 | 7831227 |
| Advanced Drainage Systems Inc (c) | 98683 | 14207392 |
| Allegion plc  | 120238 | 20416412 |
| Alpha Pro Tech Ltd (b) | 12292 | 58756 |
| American Woodmark Corp (b) | 20661 | 1334081 |
| Apogee Enterprises Inc  | 30065 | 1322108 |
| Armstrong World Industries Inc  | 60597 | 11863075 |
| AZZ Inc  | 41942 | 4734832 |
| Builders FirstSource Inc (b) | 154465 | 21421206 |
| Carlisle Cos Inc  | 60312 | 23273798 |
| Carrier Global Corp  | 1113999 | 72632735 |
| CEA Industries Inc (b)(c) | 900 | 18918 |
| CSW Industrials Inc  | 23489 | 6425181 |
| Fortune Brands Innovations Inc  | 167928 | 9827147 |
| Gibraltar Industries Inc (b) | 41084 | 2571448 |
| Griffon Corp  | 54580 | 4156813 |
| Hayward Holdings Inc (b) | 198650 | 3194292 |
| Insteel Industries Inc  | 26939 | 1033919 |
| Janus International Group Inc (b) | 194728 | 2015435 |
| JELD-WEN Holding Inc (b) | 118733 | 758704 |
| Jewett-Cameron Trading Co Ltd (b) | 1811 | 6537 |
| Johnson Controls International plc  | 919333 | 98267504 |
| Lennox International Inc  | 44614 | 24888366 |
| Masco Corp  | 294644 | 21623923 |
| Masterbrand Inc (b) | 176280 | 2240519 |
| Northann Corp (b)(c) | 66235 | 9067 |
| Owens Corning  | 118825 | 17843950 |
| Quanex Building Products Corp  | 65458 | 1392292 |
| Resideo Technologies Inc (b) | 208440 | 7097382 |
| Simpson Manufacturing Co Inc  | 58413 | 11163893 |
| Tecnoglass Inc  | 30738 | 2230964 |
| Tecogen Inc (b) | 17946 | 137107 |
| Trane Technologies PLC  | 311610 | 129505116 |
| Trex Co Inc (b) | 149840 | 9234639 |
| UFP Industries Inc  | 84455 | 8527421 |
| Zurn Elkay Water Solutions Corp  | 197505 | 8958827 |
|  |  | 563793642 |
| Commercial Services & Supplies - 0.6% |  |  |
| ABM Industries Inc  | 86660 | 4261072 |
| ACCO Brands Corp  | 127439 | 512305 |
| Acme United Corp  | 4621 | 198795 |
| ACV Auctions Inc Class A (b) | 239156 | 2788559 |
| American Rebel Holdings Inc (b) | 9547 | 7803 |
| Aqua Metals Inc (b) | 1224 | 4688 |
| Avalon Holdings Corp Class A (b) | 2160 | 5463 |
| Bitcoin Depot Inc Class A (b) | 20876 | 75571 |
| Brady Corp Class A  | 62059 | 4845567 |
| Bridger Aerospace Group Holdings Inc (b) | 31161 | 63257 |
| BrightView Holdings Inc (b) | 96490 | 1389456 |
| Brink's Co/The  | 58856 | 6594226 |
| Casella Waste Systems Inc Class A (b) | 87153 | 8589800 |
| CECO Environmental Corp (b) | 40573 | 1849723 |
| Cintas Corp  | 479536 | 100716946 |
| Clean Harbors Inc (b) | 70355 | 17040685 |
| CompX International Inc Class A  | 2214 | 55040 |
| Copart Inc (b) | 1228570 | 59966502 |
| CoreCivic Inc (b) | 151780 | 3078098 |
| Deluxe Corp  | 62679 | 1232269 |
| Driven Brands Holdings Inc (b) | 81871 | 1508064 |
| DSS Inc (b) | 2771 | 3408 |
| Ennis Inc  | 37005 | 676081 |
| Enviri Corp (b) | 111440 | 1259272 |
| Fuel Tech Inc (b) | 32291 | 94290 |
| GEO Group Inc/The (b) | 193930 | 4022108 |
| Greenwave Technology Solutions Inc (b)(c) | 514 | 3495 |
| Healthcare Services Group Inc (b) | 101186 | 1579513 |
| HNI Corp  | 64829 | 2913415 |
| Interface Inc  | 82550 | 2205736 |
| Knightscope Inc Class A (b)(c) | 9237 | 55791 |
| LanzaTech Global Inc Class A (b)(c) | 1154 | 24419 |
| Liquidity Services Inc (b) | 31664 | 841946 |
| MillerKnoll Inc (c) | 94601 | 1997027 |
| Mobile Infrastructure Corp Class A (b) | 53244 | 207119 |
| Montrose Environmental Group Inc (b) | 44203 | 1372945 |
| MSA Safety Inc  | 54827 | 9353486 |
| NL Industries Inc  | 12144 | 79422 |
| Odyssey Marine Exploration Inc (b) | 44037 | 86313 |
| OPENLANE Inc (b) | 150363 | 4348498 |
| Perma-Fix Environmental Services Inc (b)(c) | 23709 | 281900 |
| Pitney Bowes Inc (c) | 220933 | 2677708 |
| Quad/Graphics Inc Class A  | 41872 | 278868 |
| Quest Resource Holding Corp (b) | 20802 | 38796 |
| Republic Services Inc  | 283953 | 66436483 |
| Rollins Inc  | 392626 | 22199074 |
| Royalty Management Holding Corp Class A  | 9251 | 20722 |
| Steelcase Inc Class A  | 133314 | 2231676 |
| Team Inc (b) | 6224 | 119813 |
| Tetra Tech Inc  | 368190 | 13409480 |
| TOMI Environmental Solutions Inc (b) | 18759 | 15476 |
| UniFirst Corp/MA  | 20891 | 3714838 |
| Veralto Corp  | 346049 | 36746943 |
| Vestis Corp  | 159387 | 745931 |
| Virco Mfg. Corp (c) | 13285 | 114384 |
| VSE Corp (c) | 25195 | 4091668 |
| Waste Management Inc  | 511786 | 115863233 |
|  |  | 514895166 |
| Construction & Engineering - 0.4% |  |  |
| AECOM  | 184777 | 23076800 |
| Ameresco Inc Class A (b) | 45266 | 1151114 |
| API Group Corp (b) | 510762 | 18223988 |
| Arcosa Inc  | 68588 | 6786783 |
| Argan Inc  | 18188 | 4150865 |
| Bowman Consulting Group Ltd (b) | 19442 | 830757 |
| Centuri Holdings Inc (b) | 64016 | 1359700 |
| Comfort Systems USA Inc  | 49175 | 34588712 |
| Concrete Pumping Holdings Inc  | 33308 | 231824 |
| Construction Partners Inc Class A (b) | 65974 | 7910283 |
| Dycom Industries Inc (b) | 40204 | 10150304 |
| EMCOR Group Inc  | 62513 | 38758060 |
| Everus Construction Group Inc  | 71369 | 5598184 |
| Fluor Corp (b) | 229920 | 9431318 |
| Granite Construction Inc  | 61057 | 6578892 |
| Great Lakes Dredge & Dock Corp (b) | 94447 | 1101252 |
| IES Holdings Inc (b) | 11664 | 4074352 |
| INNOVATE Corp (b) | 17458 | 94448 |
| JFB Construction Holdings Class A  | 1930 | 12738 |
| Limbach Holdings Inc (b) | 14840 | 1700070 |
| MasTec Inc (b) | 85504 | 15535222 |
| Matrix Service Co (b) | 34140 | 516538 |
| MYR Group Inc (b) | 21596 | 4044283 |
| Nocera Inc (b) | 11663 | 16445 |
| NWPX Infrastructure Inc (b) | 13709 | 726029 |
| Orion Group Holdings Inc (b) | 49046 | 362940 |
| Primoris Services Corp  | 75592 | 8961432 |
| Quanta Services Inc  | 207087 | 78270603 |
| Safe & Green Holdings Corp (b)(c) | 8098 | 1449 |
| Shimmick Corp (b) | 1645 | 4654 |
| Southland Holdings Inc (b) | 20272 | 82912 |
| Sterling Infrastructure Inc (b) | 42474 | 11830283 |
| Tutor Perini Corp (b) | 61951 | 3651392 |
| Valmont Industries Inc  | 28008 | 10282297 |
| WillScot Holdings Corp  | 254961 | 6180255 |
|  |  | 316277178 |
| Electrical Equipment - 1.0% |  |  |
| 374Water Inc (b) | 111325 | 39754 |
| Acuity Inc  | 42752 | 13957245 |
| Advent Technologies Holdings Inc (b) | 3602 | 16173 |
| Allient Inc  | 20658 | 937460 |
| American Superconductor Corp (b) | 55222 | 2755578 |
| AMETEK Inc  | 322635 | 59622948 |
| Amprius Technologies Inc (b) | 65926 | 467415 |
| Array Technologies Inc (b)(c) | 202700 | 1826327 |
| Atkore Inc  | 46893 | 2728704 |
| Babcock & Wilcox Enterprises Inc (b) | 91705 | 204502 |
| Beam Global (b)(c) | 19907 | 54545 |
| Blink Charging Co (b)(c) | 141567 | 167049 |
| Bloom Energy Corp Class A (b)(c) | 282304 | 14945174 |
| Broadwind Inc (b) | 29543 | 62040 |
| ChargePoint Holdings Inc Class A (b)(c) | 29630 | 333930 |
| Complete Solaria Inc Class A (b)(c) | 62978 | 95097 |
| Eaton Corp PLC  | 546767 | 190898230 |
| Emerson Electric Co  | 785873 | 103735236 |
| Energous Corp (b)(c) | 1718 | 12825 |
| Energy Focus Inc (b) | 4858 | 12388 |
| Energy Vault Holdings Inc Class A (b)(c) | 137080 | 276902 |
| EnerSys  | 55256 | 5672028 |
| Enovix Corp Class B (b)(c) | 229051 | 2203471 |
| Eos Energy Enterprises Inc (b)(c) | 319054 | 2201473 |
| Espey Mfg. & Electronics Corp  | 3443 | 159962 |
| ESS Tech Inc Class A (b)(c) | 6877 | 9972 |
| Expion360 Inc (b)(c) | 3880 | 5820 |
| Fluence Energy Inc Class A (b)(c) | 87432 | 646997 |
| Flux Power Holdings Inc (b) | 17093 | 25981 |
| FTC Solar Inc (b)(c) | 10804 | 67525 |
| FuelCell Energy Inc (b)(c) | 31830 | 133686 |
| GE Vernova Inc  | 381348 | 233754884 |
| Generac Holdings Inc (b) | 82560 | 15294240 |
| GrafTech International Ltd (b) | 26569 | 262502 |
| Hubbell Inc (c) | 74565 | 32136769 |
| Hyliion Holdings Corp Class A (b) | 174982 | 293970 |
| Ideal Power Inc (b) | 10514 | 55093 |
| KULR Technology Group Inc (b)(c) | 41532 | 195200 |
| LSI Industries Inc  | 37125 | 851276 |
| NeoVolta Inc (b)(c) | 40591 | 145722 |
| Net Power Inc Class A (b)(c) | 52994 | 135135 |
| NEXTracker Inc Class A (b) | 200843 | 13508700 |
| NuScale Power Corp Class A (b)(c) | 167701 | 5810840 |
| Nuvve Holding Corp (b) | 2711 | 1044 |
| nVent Electric PLC  | 230086 | 20797474 |
| Ocean Power Technologies Inc (b)(c) | 242179 | 125691 |
| Orion Energy Systems Inc (b) | 4408 | 32178 |
| Pioneer Power Solutions Inc  | 11841 | 44877 |
| Plug Power Inc (b)(c) | 1406867 | 2208781 |
| Polar Power Inc (b) | 2928 | 6134 |
| Powell Industries Inc (c) | 13172 | 3505860 |
| Power Solutions International Inc (b) | 7346 | 608910 |
| Preformed Line Products Co  | 4057 | 775171 |
| Regal Rexnord Corp  | 92653 | 13835872 |
| Rockwell Automation Inc  | 157470 | 54079922 |
| Sensata Technologies Holding PLC  | 205046 | 6672197 |
| SES AI Corp Class A (b)(c) | 215882 | 235311 |
| Shoals Technologies Group Inc (b) | 233720 | 1521517 |
| SKYX Platforms Corp (b) | 94739 | 109897 |
| SolarMax Technology Inc (b) | 6239 | 7362 |
| Solidion Technology Inc Class A (b)(c) | 1261 | 4123 |
| Stardust Power Inc Class A (b) | 31580 | 12683 |
| Stem Inc Class A (b)(c) | 11583 | 175251 |
| SUNation Energy Inc (b)(c) | 5194 | 7791 |
| SUNation Energy Inc rights (b)(d) | 1326 | 0 |
| Sunrun Inc (b)(c) | 319303 | 5099269 |
| Thermon Group Holdings Inc (b) | 46854 | 1242568 |
| Tigo Energy Inc (b) | 29269 | 40977 |
| Ultralife Corp (b) | 13565 | 94209 |
| Vertiv Holdings Co Class A  | 532530 | 67924202 |
| Vicor Corp (b) | 32077 | 1639455 |
| Westwater Resources Inc (b) | 109065 | 86161 |
| Zeo Energy Corp Class A (b) | 22511 | 36918 |
|  |  | 887652573 |
| Ground Transportation - 0.9% |  |  |
| ArcBest Corp  | 31825 | 2347412 |
| Avis Budget Group Inc (b)(c) | 23679 | 3746728 |
| Covenant Logistics Group Inc Class A  | 22082 | 532839 |
| CSX Corp  | 2623639 | 85294504 |
| Ftai Infrastructure Inc (c) | 159558 | 765878 |
| Heartland Express Inc  | 60230 | 517376 |
| Hertz Global Holdings Inc (b)(c) | 173102 | 991874 |
| JB Hunt Transport Services Inc  | 109378 | 15858716 |
| Knight-Swift Transportation Holdings Inc  | 226141 | 9927590 |
| Landstar System Inc  | 48999 | 6484038 |
| Lyft Inc Class A (b) | 518117 | 8403858 |
| Marten Transport Ltd  | 80552 | 953736 |
| Norfolk Southern Corp  | 314791 | 88135184 |
| Old Dominion Freight Line Inc  | 259768 | 39217175 |
| PAMT CORP (b) | 7716 | 94521 |
| Proficient Auto Logistics Inc (b) | 22400 | 176960 |
| RXO Inc (b) | 198771 | 3245930 |
| Ryder System Inc  | 57584 | 10798152 |
| Saia Inc (b) | 37216 | 11033055 |
| Schneider National Inc Class B (c) | 65222 | 1612288 |
| Toppoint Holdings Inc (b)(c) | 1246 | 2617 |
| U-Haul Holding Co (b) | 11189 | 643927 |
| U-Haul Holding Co Class N  | 143975 | 7521254 |
| Uber Technologies Inc (b) | 2921589 | 273898969 |
| Union Pacific Corp  | 834544 | 186579002 |
| Universal Logistics Holdings Inc  | 9963 | 258440 |
| Werner Enterprises Inc  | 86357 | 2491399 |
| XPO Inc (b) | 164512 | 21337206 |
|  |  | 782870628 |
| Industrial Conglomerates - 0.4% |  |  |
| 3M Co  | 751659 | 116905524 |
| Honeywell International Inc  | 897842 | 197076319 |
| Hyperscale Data Inc (d) | 974 | 0 |
| Hyperscale Data Inc Class A (b)(c) | 1646 | 877 |
|  |  | 313982720 |
| Machinery - 1.8% |  |  |
| 3D Systems Corp (b) | 190069 | 437159 |
| AGCO Corp  | 86551 | 9363953 |
| AgEagle Aerial Systems Inc (b)(c) | 19594 | 37425 |
| Agrify Corp (b)(c) | 1626 | 76617 |
| AirJoule Technologies Corp Class A (b) | 30672 | 141091 |
| Alamo Group Inc  | 14468 | 3059403 |
| Albany International Corp Class A  | 42074 | 2672120 |
| Allison Transmission Holdings Inc  | 117555 | 10263727 |
| Art's-Way Manufacturing Co Inc (b) | 3834 | 12077 |
| Astec Industries Inc  | 31797 | 1471883 |
| Atmus Filtration Technologies Inc  | 115771 | 5154125 |
| Blue Bird Corp (b) | 43928 | 2564956 |
| Caterpillar Inc  | 657086 | 275345318 |
| Chart Industries Inc (b) | 62810 | 12521802 |
| Chicago Rivet & Machine CO  | 963 | 9389 |
| Cleancore Solutions Inc (b) | 2310 | 15847 |
| ClearSign Technologies Corp (b) | 71399 | 41718 |
| CNH Industrial NV Class A  | 1221660 | 13988007 |
| Columbus McKinnon Corp/NY  | 40075 | 600324 |
| Commercial Vehicle Group Inc (b) | 41348 | 72772 |
| Crane Co (c) | 68221 | 12641351 |
| Cummins Inc  | 192430 | 76671809 |
| Deere & Co  | 352653 | 168793832 |
| Donaldson Co Inc  | 166504 | 13265374 |
| Douglas Dynamics Inc  | 32520 | 1094948 |
| Dover Corp  | 191462 | 34244893 |
| Eastern Co/The  | 8121 | 192955 |
| Energy Recovery Inc (b) | 75812 | 1077289 |
| Enerpac Tool Group Corp Class A  | 75326 | 3189303 |
| Enpro Inc  | 29638 | 6483905 |
| Esab Corp  | 79734 | 9198912 |
| ESCO Technologies Inc  | 36219 | 7276759 |
| Federal Signal Corp  | 85164 | 10474320 |
| Flowserve Corp  | 182543 | 9795257 |
| Fortive Corp  | 474360 | 22702870 |
| Franklin Electric Co Inc  | 55253 | 5407059 |
| FreightCar America Inc (b) | 19856 | 169570 |
| Gates Industrial Corp PLC (b) | 321034 | 8205629 |
| Gencor Industries Inc (b) | 14517 | 236046 |
| Gorman-Rupp Co/The  | 28893 | 1235754 |
| Graco Inc  | 233146 | 19908337 |
| Graham Corp (b) | 14235 | 698227 |
| Greenbrier Cos Inc/The  | 43693 | 2037405 |
| Helios Technologies Inc  | 46360 | 2514566 |
| Hillenbrand Inc  | 98123 | 2491343 |
| Hillman Solutions Corp Class A (b) | 278023 | 2746867 |
| Hurco Cos Inc (b) | 8281 | 138127 |
| Hydrofarm Holdings Group Inc (b)(c) | 5854 | 27982 |
| Hyster-Yale Inc Class A  | 15656 | 587100 |
| Hyzon Motors Inc Class A (b)(c)(d) | 4504 | 2854 |
| IDEX Corp  | 105518 | 17357711 |
| Illinois Tool Works Inc  | 372181 | 98497702 |
| Ingersoll Rand Inc  | 563766 | 44779933 |
| ITT Inc  | 109791 | 18691918 |
| JBT Marel Corp  | 64706 | 9271723 |
| Kadant Inc (c) | 16533 | 5344788 |
| Kennametal Inc  | 106475 | 2281759 |
| L B Foster Co Class A (b) | 13803 | 359292 |
| Laser Photonics Corp (b)(c) | 10386 | 41752 |
| Lincoln Electric Holdings Inc  | 77927 | 18907428 |
| Lindsay Corp  | 15140 | 2077662 |
| LiqTech International Inc (b) | 5048 | 9490 |
| Manitowoc Co Inc/The (b) | 49184 | 486922 |
| Mayville Engineering Co Inc (b) | 16935 | 247251 |
| Microvast Holdings Inc (b)(c) | 259298 | 692326 |
| Middleby Corp/The (b) | 74672 | 10218863 |
| Miller Industries Inc/TN  | 16045 | 675334 |
| Mueller Industries Inc  | 154446 | 14817549 |
| Mueller Water Products Inc Class A1  | 220621 | 5815570 |
| Nauticus Robotics Inc (b) | 49408 | 44699 |
| Nephros Inc (b) | 13242 | 49393 |
| NN Inc (b) | 63784 | 163925 |
| Nordson Corp  | 75449 | 16982815 |
| Nuburu Inc Class A (b) | 68751 | 11110 |
| Omega Flex Inc  | 5209 | 183878 |
| Oshkosh Corp  | 89870 | 12525182 |
| Otis Worldwide Corp  | 551300 | 47621294 |
| PACCAR Inc  | 733334 | 73318733 |
| Palladyne AI Corp Class A (b)(c) | 34254 | 258960 |
| Park-Ohio Holdings Corp  | 12464 | 251773 |
| Parker-Hannifin Corp  | 178525 | 135562959 |
| Pentair PLC  | 229837 | 24714373 |
| Perma-Pipe International Holdings Inc (b) | 10441 | 311037 |
| Proto Labs Inc (b) | 32946 | 1641040 |
| Rain Enhancement Technologies Holdco Inc Class A (c) | 1548 | 5929 |
| RBC Bearings Inc (b) | 43808 | 17083368 |
| REV Group Inc  | 72331 | 3848733 |
| Richtech Robotics Inc Class B (b)(c) | 82726 | 251901 |
| Snap-on Inc  | 72976 | 23734714 |
| SPX Technologies Inc (b) | 68964 | 12903854 |
| Standex International Corp  | 16818 | 3432049 |
| Stanley Black & Decker Inc  | 216012 | 16047531 |
| Symbotic Inc Class A (b)(c) | 56487 | 2679178 |
| Taylor Devices Inc (b) | 4422 | 216678 |
| TechPrecision Corp (b) | 12425 | 67716 |
| Tennant CO  | 26087 | 2140177 |
| Terex Corp  | 91377 | 4563367 |
| Timken Co/The  | 89277 | 6894863 |
| Titan International Inc (b) | 67238 | 593039 |
| Toro Co/The  | 139310 | 11292469 |
| Trinity Industries Inc  | 113685 | 3230928 |
| Twin Disc Inc  | 15740 | 198875 |
| Urban-Gro Inc (b)(c) | 12968 | 5357 |
| Wabash National Corp  | 58547 | 649286 |
| Watts Water Technologies Inc Class A (c) | 38225 | 10584503 |
| Westinghouse Air Brake Technologies Corp  | 238988 | 46244178 |
| Worthington Enterprises Inc  | 43100 | 2835980 |
| Xos Inc (b)(c) | 6589 | 18647 |
| Xylem Inc/NY  | 339958 | 48124454 |
|  |  | 1543224274 |
| Marine Transportation - 0.0% |  |  |
| Genco Shipping & Trading Ltd (c) | 60148 | 1012892 |
| Kirby Corp (b) | 78583 | 7638268 |
| Lakeside Holding Ltd (b) | 355 | 405 |
| Matson Inc  | 45646 | 4749466 |
| Pangaea Logistics Solutions Ltd  | 49059 | 261484 |
|  |  | 13662515 |
| Passenger Airlines - 0.2% |  |  |
| Alaska Air Group Inc (b) | 169575 | 10645919 |
| Allegiant Travel Co (b) | 20083 | 1258401 |
| American Airlines Group Inc (b)(c) | 922041 | 12327688 |
| Delta Air Lines Inc  | 911843 | 56333661 |
| flyExclusive Inc Class A (b) | 7702 | 30962 |
| Frontier Group Holdings Inc (b)(c) | 114018 | 558688 |
| Jet.AI Inc Class A (b)(c) | 1874 | 6502 |
| JetBlue Airways Corp (b)(c) | 428641 | 2293229 |
| Joby Aviation Inc Class A (b)(c) | 697290 | 9866654 |
| Mesa Air Group Inc (b) | 46813 | 58048 |
| SkyWest Inc (b) | 56714 | 6885080 |
| Southwest Airlines Co  | 795955 | 26186920 |
| Spirit Aviation Holdings Inc  | 22410 | 27340 |
| Strata Critical Medical Inc (b) | 86783 | 379242 |
| Sun Country Airlines Holdings Inc (b) | 54766 | 725650 |
| Surf Air Mobility Inc (b)(c) | 20113 | 87290 |
| United Airlines Holdings Inc (b) | 456134 | 47894070 |
| Volato Group Inc Class A (b)(c) | 2172 | 3648 |
| Wheels Up Experience Inc Class A (b)(c) | 126408 | 370375 |
|  |  | 175939367 |
| Professional Services - 0.8% |  |  |
| Alight Inc Class A (c) | 627621 | 2435169 |
| Amentum Holdings Inc  | 211010 | 5264700 |
| Asure Software Inc (b) | 35646 | 299426 |
| Automatic Data Processing Inc  | 567167 | 172447126 |
| Barrett Business Services Inc  | 35583 | 1736450 |
| BGSF Inc (b) | 14423 | 89278 |
| BlackSky Technology Inc Class A (b)(c) | 34724 | 609753 |
| Booz Allen Hamilton Holding Corp Class A  | 176931 | 19235938 |
| Broadridge Financial Solutions Inc  | 163986 | 41918101 |
| CACI International Inc (b) | 30724 | 14738917 |
| Cbiz Inc (b) | 74417 | 4802873 |
| Clarivate PLC (b)(c) | 600330 | 2611436 |
| Concentrix Corp (c) | 64061 | 3379858 |
| Conduent Inc (b) | 208190 | 578768 |
| CRA International Inc  | 9456 | 1832195 |
| CSG Systems International Inc  | 38442 | 2466439 |
| Cycurion Inc (b)(c) | 45846 | 9174 |
| Dayforce Inc (b) | 223523 | 15595200 |
| DLH Holdings Corp (b) | 17238 | 96188 |
| Equifax Inc  | 173475 | 42726893 |
| ExlService Holdings Inc (b) | 227127 | 9943620 |
| Exponent Inc  | 70732 | 5048850 |
| Falcon's Beyond Global Inc Class A  | 6426 | 47263 |
| First Advantage Corp (b) | 84430 | 1381275 |
| FiscalNote Holdings Inc Class A (b)(c) | 121136 | 51459 |
| Forrester Research Inc (b) | 16168 | 157476 |
| Franklin Covey Co (b) | 15401 | 301244 |
| FTI Consulting Inc (b) | 47050 | 7934512 |
| GEE Group Inc (b) | 132847 | 26065 |
| Genpact Ltd  | 224753 | 10190301 |
| Heidrick & Struggles International Inc  | 28625 | 1454436 |
| HireQuest Inc (c) | 7919 | 77289 |
| Hudson Global Inc (b) | 4044 | 38054 |
| Huron Consulting Group Inc (b) | 22269 | 3049962 |
| ICF International Inc  | 25694 | 2523665 |
| Innodata Inc (b)(c) | 38962 | 1479777 |
| Insperity Inc  | 49796 | 2749735 |
| Jacobs Solutions Inc  | 167718 | 24525403 |
| KBR Inc  | 181082 | 9137398 |
| Kelly Services Inc Class A  | 44550 | 633947 |
| Kforce Inc  | 23336 | 760754 |
| Korn Ferry  | 72597 | 5382342 |
| Legalzoom.com Inc (b) | 155935 | 1727760 |
| Leidos Holdings Inc  | 179744 | 32519284 |
| ManpowerGroup Inc  | 65577 | 2780465 |
| Mastech Digital Inc (b) | 7483 | 60537 |
| Maximus Inc  | 79217 | 6964759 |
| Mistras Group Inc (b) | 26008 | 248636 |
| Nixxy Inc (b) | 26017 | 44229 |
| Parsons Corp (b) | 65698 | 5262410 |
| Paychex Inc  | 447812 | 62449622 |
| Paycom Software Inc  | 68105 | 15470051 |
| Paylocity Holding Corp (b) | 60239 | 10796636 |
| Planet Labs PBC Class A (b) | 307540 | 2180459 |
| Professional Diversity Network Inc (b) | 2138 | 14303 |
| Rcm Technologies Inc (b) | 6905 | 187333 |
| Resolute Holdings Management Inc  | 5098 | 336927 |
| Resources Connection Inc  | 45398 | 231984 |
| Robert Half Inc  | 140746 | 5252641 |
| Science Applications International Corp  | 66012 | 7769612 |
| ShiftPixy Inc (b)(d) | 4 | 26 |
| Skillsoft Corp Class A (b) | 6483 | 99644 |
| Spire Global Inc Class A (b)(c) | 40587 | 366906 |
| SS&C Technologies Holdings Inc  | 299673 | 26569008 |
| Staffing 360 Solutions Inc (b)(d) | 973 | 0 |
| TransUnion  | 272349 | 24075652 |
| TriNet Group Inc  | 42082 | 3047578 |
| TrueBlue Inc (b) | 41595 | 248322 |
| TTEC Holdings Inc (b) | 27203 | 103099 |
| UL Solutions Inc Class A (c) | 87303 | 5514931 |
| Upwork Inc (b) | 171387 | 2637646 |
| Verisk Analytics Inc  | 195267 | 52354988 |
| Verra Mobility Corp Class A (b) | 223338 | 5549949 |
| Where Food Comes From Inc (b) | 3740 | 45030 |
| Willdan Group Inc (b) | 18920 | 2078551 |
|  |  | 696757687 |
| Trading Companies & Distributors - 0.5% |  |  |
| Air Lease Corp Class A  | 144909 | 8724971 |
| Alta Equipment Group Inc Class A  | 28590 | 238440 |
| Applied Industrial Technologies Inc  | 53148 | 14008750 |
| BlueLinx Holdings Inc (b) | 11157 | 921680 |
| Boise Cascade Co  | 52427 | 4561149 |
| Core & Main Inc Class A (b) | 264455 | 17115528 |
| Custom Truck One Source Inc Class A (b)(c) | 72390 | 444475 |
| Distribution Solutions Group Inc (b) | 12914 | 415960 |
| DNOW Inc (b) | 147056 | 2352896 |
| DXP Enterprises Inc/TX (b) | 17873 | 2231980 |
| EVI Industries Inc  | 7100 | 196953 |
| Fastenal Co  | 1602067 | 79558647 |
| Ferguson Enterprises Inc  | 277506 | 64145512 |
| FTAI Aviation Ltd  | 143302 | 22047013 |
| GATX Corp  | 49880 | 8395303 |
| Global Industrial Co  | 18848 | 703596 |
| GMS Inc (b) | 53575 | 5889500 |
| Herc Holdings Inc  | 45377 | 5934858 |
| Hudson Technologies Inc (b) | 53374 | 542280 |
| iPower Inc (b)(c) | 17714 | 8553 |
| Karat Packaging Inc  | 9766 | 246883 |
| McGrath RentCorp  | 34598 | 4203311 |
| Mrc Global Inc (b) | 119559 | 1802950 |
| MSC Industrial Direct Co Inc Class A  | 62612 | 5649481 |
| NPK International Inc (b) | 117638 | 1223435 |
| QXO Inc (b)(c) | 674878 | 13585294 |
| Rush Enterprises Inc Class A  | 83178 | 4774417 |
| Rush Enterprises Inc Class B  | 14267 | 828057 |
| SiteOne Landscape Supply Inc (b) | 62746 | 8987737 |
| Titan Machinery Inc (b) | 27807 | 556140 |
| Transcat Inc (b) | 12956 | 1087656 |
| United Rentals Inc  | 90796 | 86831847 |
| Watsco Inc  | 48725 | 19605966 |
| Wesco International Inc  | 61934 | 13615571 |
| Willis Lease Finance Corp  | 4121 | 612710 |
| WW Grainger Inc  | 61036 | 61859986 |
| Xometry Inc Class A (b) | 65245 | 3228323 |
|  |  | 467137808 |
| Transportation Infrastructure - 0.0% |  |  |
| Singularity Future Technology Ltd (b)(c) | 5472 | 5910 |
| Sky Harbour Group Corp Class A (b)(c) | 28606 | 301507 |
|  |  | 307417 |
| TOTAL INDUSTRIALS |  | 8436871039 |
| Information Technology - 31.2% |  |  |
| Communications Equipment - 0.9% |  |  |
| Actelis Networks Inc (b)(c) | 10485 | 3802 |
| ADTRAN Holdings Inc (b) | 99800 | 936124 |
| Applied Optoelectronics Inc (b)(c) | 73895 | 1788259 |
| Arista Networks Inc  | 1438866 | 196477152 |
| Aviat Networks Inc (b) | 15967 | 366602 |
| BK Technologies Corp (b) | 4129 | 292251 |
| Calix Inc (b) | 80883 | 4808494 |
| Cambium Networks Corp (b)(c) | 17292 | 13137 |
| Ciena Corp (b) | 198563 | 18658965 |
| Cisco Systems Inc  | 5558168 | 384013827 |
| Clearfield Inc (b) | 15925 | 519474 |
| ClearOne Inc (b) | 1162 | 4753 |
| CommScope Holding Co Inc (b) | 302417 | 4850769 |
| Comtech Telecommunications Corp (b) | 41184 | 80309 |
| Digi International Inc (b) | 52455 | 1821238 |
| Extreme Networks Inc (b) | 185251 | 3960666 |
| F5 Inc (b) | 80216 | 25118838 |
| Franklin Wireless Corp (b) | 12854 | 57072 |
| Genasys Inc (b) | 63015 | 122249 |
| Harmonic Inc (b) | 157367 | 1513871 |
| Inseego Corp (b)(c) | 16207 | 199832 |
| KVH Industries Inc (b) | 17045 | 95963 |
| Lantronix Inc (b) | 44376 | 220327 |
| Lumentum Holdings Inc (b) | 96955 | 12876594 |
| Motorola Solutions Inc  | 233178 | 110167278 |
| Netgear Inc (b) | 39947 | 1085360 |
| NetScout Systems Inc (b) | 99440 | 2475062 |
| Network-1 Technologies Inc  | 16842 | 25095 |
| Ondas Holdings Inc (b) | 231092 | 1354199 |
| Optical Cable Corp (b) | 7548 | 47892 |
| Ribbon Communications Inc (b) | 127742 | 521187 |
| Ubiquiti Inc (c) | 5921 | 3127058 |
| Viasat Inc (b) | 119204 | 3853865 |
| Viavi Solutions Inc (b) | 310441 | 3501774 |
|  |  | 784959338 |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| 908 Devices Inc (b) | 38039 | 237744 |
| Advanced Energy Industries Inc  | 52741 | 7894273 |
| Aeva Technologies Inc (b) | 47004 | 695894 |
| AEye Inc Class A (b) | 23267 | 65613 |
| Airgain Inc (b) | 14853 | 62977 |
| Amphenol Corp Class A  | 1689886 | 183960990 |
| AmpliTech Group Inc (b) | 23613 | 89729 |
| Arlo Technologies Inc (b) | 144009 | 2507197 |
| Arrow Electronics Inc (b) | 72301 | 9133785 |
| Astrotech Corp (b) | 1978 | 10108 |
| Avnet Inc  | 118264 | 6453666 |
| Badger Meter Inc  | 41128 | 7523134 |
| Bel Fuse Inc Class A  | 3391 | 388032 |
| Bel Fuse Inc Class B  | 13597 | 1829612 |
| Belden Inc  | 55546 | 7232089 |
| Benchmark Electronics Inc  | 50439 | 2047319 |
| CDW Corp/DE  | 183839 | 30289314 |
| Cemtrex Inc (b) | 3206 | 3623 |
| Climb Global Solutions Inc  | 5418 | 669448 |
| Coda Octopus Group Inc (b) | 8170 | 66218 |
| Cognex Corp  | 234755 | 10315135 |
| Coherent Corp (b) | 217191 | 19649270 |
| Corning Inc  | 1076489 | 72157058 |
| CPS Technologies Corp (b) | 16344 | 56387 |
| Crane NXT Co  | 69291 | 4138751 |
| CTS Corp  | 41475 | 1762273 |
| Daktronics Inc (b)(c) | 58975 | 1023216 |
| Data I/O Corp (b) | 8985 | 27854 |
| Digital Ally Inc (b) | 2 | 3 |
| Electro-Sensors Inc (b) | 1724 | 8275 |
| ePlus Inc  | 36687 | 2655038 |
| Evolv Technologies Holdings Inc Class A (b) | 157445 | 1297347 |
| Flex Ltd (b) | 535001 | 28686754 |
| Focus Universal Inc (b) | 4964 | 9432 |
| Forward Industries Inc (b) | 1088 | 16559 |
| Frequency Electronics Inc (b) | 12057 | 388838 |
| Identiv Inc (b) | 30590 | 113183 |
| Insight Enterprises Inc (b) | 38473 | 5007646 |
| Interlink Electronics Inc (b) | 4535 | 41813 |
| IPG Photonics Corp (b) | 36705 | 3003203 |
| Itron Inc (b) | 63594 | 7818246 |
| Jabil Inc  | 149866 | 30697053 |
| Key Tronic Corp (b) | 13448 | 39268 |
| Keysight Technologies Inc (b) | 241216 | 39421931 |
| Kimball Electronics Inc (b) | 33811 | 976124 |
| Knowles Corp (b) | 121115 | 2585805 |
| LGL Group Inc/The (b) | 5522 | 35838 |
| LGL Group Inc/The warrants 11/16/2025 (b) | 2530 | 809 |
| LightPath Technologies Inc Class A (b) | 52943 | 283245 |
| Lightwave Logic Inc (b)(c) | 174537 | 586444 |
| Littelfuse Inc  | 34630 | 8997913 |
| M-Tron Industries Inc (b) | 3407 | 153247 |
| M-Tron Industries Inc warrants 3/11/2028 (b) | 3271 | 5397 |
| Methode Electronics Inc  | 50012 | 386593 |
| MicroVision Inc (b)(c) | 348129 | 400348 |
| Mirion Technologies Inc Class A (b) | 261903 | 5369012 |
| MultiSensor AI Holdings Inc (b) | 27545 | 18568 |
| Napco Security Technologies Inc  | 49627 | 1888307 |
| Neonode Inc (b)(c) | 17500 | 419125 |
| nLight Inc (b) | 68875 | 1983600 |
| Nortech Systems Inc (b) | 1109 | 10092 |
| Novanta Inc (b) | 50638 | 5894770 |
| OSI Systems Inc (b) | 21862 | 5029353 |
| Ouster Inc Class A (b) | 65806 | 1877445 |
| PAR Technology Corp (b) | 56399 | 2886501 |
| PC Connection Inc  | 16589 | 1065180 |
| Plexus Corp (b) | 38286 | 5245565 |
| Powerfleet Inc NJ (b)(c) | 160444 | 749273 |
| Ralliant Corp  | 158208 | 6614676 |
| Red Cat Holdings Inc (b)(c) | 89055 | 796152 |
| Research Frontiers Inc (b) | 39129 | 52824 |
| RF Industries Ltd (b) | 12890 | 90423 |
| Richardson Electronics Ltd/United States  | 17650 | 173500 |
| Rogers Corp (b) | 23468 | 1841299 |
| Sanmina Corp (b) | 74839 | 8795079 |
| ScanSource Inc (b) | 28851 | 1259346 |
| Scantech AI Systems Inc (c) | 19507 | 8248 |
| SmartRent Inc Class A (b) | 233746 | 345944 |
| Sobr Safe Inc (b) | 1042 | 3574 |
| Sono-Tek Corp (b) | 17649 | 59124 |
| Syntec Optics Holdings Inc Class A (b) | 9008 | 14233 |
| Taitron Components Inc Class A  | 298 | 626 |
| TD SYNNEX Corp  | 104164 | 15423563 |
| Teledyne Technologies Inc (b) | 65415 | 35204391 |
| Trimble Inc (b) | 333017 | 26914434 |
| TTM Technologies Inc (b) | 141902 | 6324572 |
| Universal Safety Products Inc (b) | 3108 | 10256 |
| VerifyMe Inc (b) | 16641 | 14814 |
| Vishay Intertechnology Inc  | 156677 | 2422226 |
| Vishay Precision Group Inc (b) | 17070 | 485129 |
| Vontier Corp  | 205998 | 8839374 |
| Vuzix Corp (b)(c) | 97755 | 207241 |
| Wrap Technologies Inc (b)(c) | 46871 | 65151 |
| Zebra Technologies Corp Class A (b) | 71030 | 22522903 |
|  |  | 674832954 |
| IT Services - 0.9% |  |  |
| Akamai Technologies Inc (b) | 204090 | 16149642 |
| Applied Digital Corp (b)(c) | 251220 | 4014496 |
| ASGN Inc (b) | 61033 | 3311040 |
| Backblaze Inc Class A (b) | 65907 | 550323 |
| BigBear.ai Holdings Inc (b)(c) | 191505 | 970930 |
| Brand Engagement Network Inc Class A (b) | 26565 | 8178 |
| Castellum Inc (b) | 81756 | 81756 |
| CISO Global Inc (b) | 29304 | 27045 |
| Cloudflare Inc Class A (b) | 433888 | 90556764 |
| Cognizant Technology Solutions Corp Class A  | 688128 | 49717248 |
| Commerce.com Inc (b) | 93435 | 434473 |
| CoreWeave Inc Class A (b) | 55637 | 5732836 |
| Couchbase Inc (b) | 59982 | 1462961 |
| Crexendo Inc (b) | 17508 | 110651 |
| CSP Inc (c) | 8866 | 106924 |
| Data Storage Corp (b) | 5607 | 25512 |
| DigitalOcean Holdings Inc (b) | 87988 | 2870169 |
| DXC Technology Co (b) | 252416 | 3647411 |
| EPAM Systems Inc (b) | 79104 | 13950781 |
| Fastly Inc Class A (b) | 184975 | 1407660 |
| Gartner Inc (b) | 107516 | 27006944 |
| Glimpse Group Inc/The (b) | 23271 | 34441 |
| GoDaddy Inc Class A (b) | 198971 | 29509389 |
| Grid Dynamics Holdings Inc (b) | 87209 | 722963 |
| Hackett Group Inc/The  | 35073 | 730220 |
| IBM Corporation  | 1298470 | 316164460 |
| Information Services Group Inc  | 49647 | 256675 |
| Kyndryl Holdings Inc (b) | 324839 | 10326632 |
| MongoDB Inc Class A (b) | 113455 | 35807533 |
| Okta Inc Class A (b) | 233613 | 21672278 |
| Rackspace Technology Inc (b) | 111298 | 140235 |
| Research Solutions Inc/CA (b) | 33424 | 101275 |
| Snowflake Inc (b) | 466163 | 111254462 |
| TSS Inc/MD (b)(c) | 19467 | 271078 |
| Tucows Inc Class A (b)(c) | 14093 | 257620 |
| Twilio Inc Class A (b) | 213372 | 22534217 |
| Unisys Corp (b) | 99147 | 387665 |
| VeriSign Inc  | 117349 | 32079696 |
| WidePoint Corp (b) | 10175 | 49756 |
| XTI Aerospace Inc (b)(c) | 8534 | 17153 |
|  |  | 804461492 |
| Semiconductors & Semiconductor Equipment - 11.9% |  |  |
| ACM Research Inc Class A (b) | 70164 | 1980028 |
| Advanced Micro Devices Inc (b) | 2265293 | 368404602 |
| Aehr Test Systems (b)(c) | 38906 | 970705 |
| Aeluma Inc (b)(c) | 13839 | 315391 |
| Alpha & Omega Semiconductor Ltd (b) | 33840 | 973577 |
| Ambarella Inc (b) | 55479 | 4575908 |
| Amkor Technology Inc  | 159897 | 3867908 |
| Amtech Systems Inc (b) | 16875 | 106819 |
| Analog Devices Inc  | 692924 | 174138730 |
| Applied Materials Inc  | 1135072 | 182474175 |
| Ascent Solar Technologies Inc (b)(c) | 3054 | 6047 |
| Astera Labs Inc (b) | 29990 | 5464178 |
| Atomera Inc (b)(c) | 42801 | 140387 |
| Axcelis Technologies Inc (b) | 44748 | 3581630 |
| AXT Inc (b) | 57270 | 166083 |
| Blaize Holdings Inc Class A (b) | 77818 | 277810 |
| Broadcom Inc  | 6568921 | 1953531417 |
| CEVA Inc (b) | 33184 | 737348 |
| Cirrus Logic Inc (b) | 74210 | 8474040 |
| Cohu Inc (b) | 64481 | 1283172 |
| Credo Technology Group Holding Ltd (b) | 204050 | 25109373 |
| CVD Equipment Corp (b) | 7919 | 22332 |
| Datavault AI Inc (b)(c) | 76989 | 27485 |
| Diodes Inc (b) | 64589 | 3515902 |
| Enphase Energy Inc (b) | 183405 | 6914369 |
| Entegris Inc  | 211526 | 17713187 |
| Everspin Technologies Inc (b) | 25651 | 164936 |
| First Solar Inc (b) | 149861 | 29251369 |
| FormFactor Inc (b) | 107262 | 3130978 |
| GCT Semiconductor Holding Inc Class A (b)(c) | 47592 | 62821 |
| GSI Technology Inc (b) | 26761 | 78677 |
| Ichor Holdings Ltd (b) | 47350 | 797848 |
| Impinj Inc (b) | 32801 | 6149203 |
| Intel Corp (b) | 6094046 | 148390020 |
| inTEST Corp (b) | 17179 | 120253 |
| KLA Corp  | 184746 | 161098512 |
| Kopin Corp (b) | 208519 | 437890 |
| Lam Research Corp  | 1786916 | 178959637 |
| Lattice Semiconductor Corp (b) | 191993 | 12744495 |
| MACOM Technology Solutions Holdings Inc (b) | 83126 | 10652597 |
| Marvell Technology Inc  | 1206960 | 75875540 |
| MaxLinear Inc Class A (b) | 109480 | 1721026 |
| Microchip Technology Inc  | 751312 | 48835280 |
| Micron Technology Inc  | 1561347 | 185815906 |
| MKS Inc  | 93758 | 9688952 |
| Mobix Labs Inc Class A (b) | 38769 | 45747 |
| Monolithic Power Systems Inc  | 66892 | 55905658 |
| Navitas Semiconductor Corp Class A (b)(c) | 187698 | 1099910 |
| NVE Corp  | 6799 | 439079 |
| NVIDIA Corp  | 34070808 | 5934453338 |
| ON Semiconductor Corp (b) | 583864 | 28953816 |
| Onto Innovation Inc (b) | 68304 | 7240224 |
| PDF Solutions Inc (b) | 43607 | 891763 |
| Penguin Solutions Inc (b) | 73138 | 1764820 |
| Peraso Inc (b) | 8213 | 7146 |
| Photronics Inc (b) | 88548 | 2007383 |
| Pixelworks Inc (b)(c) | 6649 | 57314 |
| Power Integrations Inc (c) | 78412 | 3536381 |
| Qorvo Inc (b) | 130349 | 11822654 |
| QUALCOMM Inc  | 1532798 | 246366623 |
| QuickLogic Corp (b)(c) | 20568 | 105514 |
| Rambus Inc (b) | 150025 | 11067344 |
| Rigetti Computing Inc Class A (b)(c) | 356778 | 5790507 |
| Semtech Corp (b) | 120973 | 7027322 |
| Silicon Laboratories Inc (b) | 45747 | 6146109 |
| SiTime Corp (b) | 29197 | 7056039 |
| SkyWater Technology Inc (b)(c) | 31439 | 376954 |
| Skyworks Solutions Inc  | 209465 | 15697307 |
| SolarEdge Technologies Inc (b)(c) | 82715 | 2797421 |
| Synaptics Inc (b) | 53571 | 3742470 |
| Teradyne Inc  | 224134 | 26501604 |
| Texas Instruments Inc  | 1269203 | 256988223 |
| Trio-Tech International (b) | 3168 | 16980 |
| Ultra Clean Holdings Inc (b) | 62639 | 1504589 |
| Universal Display Corp  | 61755 | 8558625 |
| Veeco Instruments Inc (b) | 83278 | 2041977 |
|  |  | 10288759384 |
| Software - 10.8% |  |  |
| 8x8 Inc (b) | 184261 | 364837 |
| A10 Networks Inc  | 100588 | 1781413 |
| ACCESS Newswire Inc (b) | 3751 | 41261 |
| ACI Worldwide Inc (b) | 146917 | 7250354 |
| Adeia Inc  | 151042 | 2271672 |
| Adobe Inc (b) | 595448 | 212396302 |
| Agilysys Inc (b) | 31505 | 3437826 |
| Airship AI Holdings Inc Class A (b)(c) | 24980 | 111661 |
| Alarm.com Holdings Inc (b) | 69862 | 4096009 |
| Alkami Technology Inc (b)(c) | 94796 | 2426778 |
| Alpha Modus Holdings Inc Class A (b) | 9657 | 10236 |
| Amplitude Inc Class A (b) | 122283 | 1397695 |
| Appfolio Inc Class A (b) | 32204 | 8932746 |
| Appian Corp Class A (b) | 59887 | 1843322 |
| AppLovin Corp Class A (b) | 309507 | 148126955 |
| Arteris Inc (b) | 36627 | 345026 |
| Asana Inc Class A (b) | 128304 | 1873238 |
| Atlassian Corp Class A (b) | 230908 | 41050824 |
| Auddia Inc (b) | 1224 | 2753 |
| AudioEye Inc (b) | 9571 | 122987 |
| Aurora Innovation Inc Class A (b) | 1486883 | 8371151 |
| authID Inc (b) | 16286 | 72636 |
| Autodesk Inc (b) | 298893 | 94061627 |
| AvePoint Inc Class A (b) | 155978 | 2551800 |
| Aware Inc/MA (b) | 21467 | 47227 |
| Banzai International Inc Class A (b)(c) | 741 | 2459 |
| Bentley Systems Inc Class B  | 216022 | 12021624 |
| BILL Holdings Inc (b) | 132447 | 6148190 |
| Bio-key International Inc (b) | 8392 | 6285 |
| Blackbaud Inc (b) | 52513 | 3503142 |
| Blackboxstocks Inc (b) | 3015 | 18995 |
| BlackLine Inc (b) | 71949 | 3911867 |
| Blend Labs Inc Class A (b) | 273107 | 988647 |
| Box Inc Class A (b) | 201966 | 6590151 |
| Braze Inc Class A (b) | 97518 | 2701249 |
| Bridgeline Digital Inc (b) | 15029 | 21491 |
| BTCS Inc (b)(c) | 17674 | 73877 |
| Btcs Inc Series V (b)(d) | 7098 | 0 |
| C3.ai Inc Class A (b)(c) | 165118 | 2792145 |
| Cadence Design Systems Inc (b) | 381462 | 133675729 |
| Ccc Intelligent Solutions Holdings Inc Class A (b) | 673357 | 6666234 |
| Cerence Inc (b) | 60014 | 631947 |
| Cipher Mining Inc (b)(c) | 332836 | 2542867 |
| Circle Internet Group Inc Class A  | 68323 | 9017270 |
| Cleanspark Inc (b)(c) | 389390 | 3687523 |
| Clear Secure Inc Class A  | 129201 | 4691288 |
| Clearwater Analytics Holdings Inc Class A (b) | 338093 | 6988382 |
| Commvault Systems Inc (b) | 61630 | 11502931 |
| Confluent Inc Class A (b) | 400296 | 7949879 |
| Consensus Cloud Solutions Inc (b) | 24929 | 662364 |
| Core Scientific Inc (b)(c) | 416312 | 5974077 |
| CoreCard Corp (b) | 7931 | 219451 |
| Crowdstrike Holdings Inc Class A (b) | 347984 | 147440821 |
| CS Disco Inc (b) | 34051 | 186259 |
| CXApp Inc Class A (b)(c) | 22597 | 17007 |
| CYNGN Inc (b)(c) | 2486 | 13598 |
| Daily Journal Corp (b) | 1290 | 602688 |
| Datadog Inc Class A (b) | 446438 | 61019146 |
| Digimarc Corp (b)(c) | 21124 | 182934 |
| Digital Turbine Inc (b) | 131265 | 551313 |
| Docusign Inc (b) | 282965 | 21692097 |
| Dolby Laboratories Inc Class A  | 85704 | 6143263 |
| Domo Inc Class B (b) | 47684 | 700001 |
| Dropbox Inc Class A (b) | 273278 | 7941459 |
| Duos Technologies Group Inc (b) | 12871 | 82374 |
| Dynatrace Inc (b) | 419021 | 21202463 |
| eGain Corp (b) | 25569 | 160829 |
| Elastic NV (b) | 122641 | 10431843 |
| EverCommerce Inc (b)(c) | 25499 | 294513 |
| Exodus Movement Inc Class A (b) | 10871 | 274167 |
| Expensify Inc Class A (b) | 72087 | 141291 |
| Fair Isaac Corp (b) | 34006 | 51744890 |
| Five9 Inc (b) | 107226 | 2886524 |
| Fortinet Inc (b) | 887551 | 69912392 |
| Freshworks Inc Class A (b) | 276517 | 3724684 |
| Gen Digital Inc  | 762161 | 23017262 |
| Gitlab Inc Class A (b) | 177455 | 8521389 |
| Greenidge Generation Holdings Inc Class A (b) | 18488 | 22740 |
| Guidewire Software Inc (b) | 117234 | 25442123 |
| HubSpot Inc (b) | 73709 | 35613978 |
| I3 Verticals Inc Class A (b)(c) | 30934 | 972874 |
| Informatica Inc Class A (b) | 115055 | 2868321 |
| Intapp Inc (b) | 75748 | 3483651 |
| Intellicheck Inc (b) | 23449 | 127797 |
| Intellinetics Inc (b) | 3715 | 41374 |
| InterDigital Inc (c) | 36212 | 9839163 |
| Intrusion Inc (b) | 21211 | 37543 |
| Intuit Inc  | 390587 | 260521529 |
| Inuvo Inc (b) | 16333 | 55369 |
| Iveda Solutions Inc (b)(c) | 4308 | 6893 |
| Jamf Holding Corp (b) | 90195 | 840617 |
| Kaltura Inc (b) | 113835 | 180998 |
| Klaviyo Inc Class A (b) | 157135 | 5097459 |
| LivePerson Inc (b) | 107919 | 100581 |
| LiveRamp Holdings Inc (b) | 91573 | 2556718 |
| LM Funding America Inc (b) | 6778 | 8473 |
| Manhattan Associates Inc (b) | 84755 | 18259617 |
| MARA Holdings Inc (b)(c) | 491848 | 7859731 |
| Marin Software Inc (b) | 3318 | 2355 |
| Meridianlink Inc (b) | 37569 | 747247 |
| Microsoft Corp  | 10383715 | 5261324553 |
| Mitek Systems Inc (b) | 63418 | 644961 |
| Myseum Inc (b) | 5765 | 11645 |
| N-able Inc/US (b) | 100392 | 809160 |
| nCino Inc (b)(c) | 128446 | 4124401 |
| NCR Voyix Corp (b) | 191995 | 2530494 |
| NetSol Technologies Inc (b) | 13409 | 54306 |
| NextNav Inc Class A (b) | 94599 | 1684808 |
| NextTrip Inc (b)(c) | 2041 | 7817 |
| Nutanix Inc Class A (b) | 346265 | 23272471 |
| Oblong Inc (b) | 1761 | 5159 |
| Olo Inc Class A (b) | 163679 | 1677710 |
| ON24 Inc (b) | 53603 | 306609 |
| OneSpan Inc  | 50161 | 758685 |
| Onestream Inc Class A (b) | 105429 | 2191869 |
| Ooma Inc (b) | 35401 | 457381 |
| Oracle Corp  | 2272284 | 513831581 |
| PagerDuty Inc (b) | 126500 | 2117610 |
| Palantir Technologies Inc Class A (b) | 2971758 | 465704196 |
| Palo Alto Networks Inc (b) | 925095 | 176249099 |
| Pegasystems Inc  | 124204 | 6733099 |
| Phunware Inc (b)(c) | 28325 | 73079 |
| Pivotal Software Inc Class A rights (b)(d) | 63695 | 0 |
| Porch Group Inc (b) | 134287 | 2278850 |
| Procore Technologies Inc (b) | 150092 | 10432895 |
| Progress Software Corp (b) | 60420 | 2796842 |
| PROS Holdings Inc (b) | 61129 | 947500 |
| PTC Inc (b) | 167537 | 35769150 |
| Q2 Holdings Inc (b) | 87243 | 6868641 |
| Qualys Inc (b) | 50771 | 6895210 |
| Rapid7 Inc (b) | 89456 | 1852634 |
| reAlpha Tech Corp (b)(c) | 17189 | 6678 |
| Red Violet Inc  | 16113 | 809517 |
| Rekor Systems Inc (b)(c) | 165393 | 185240 |
| ReposiTrak Inc (c) | 17160 | 277992 |
| Rimini Street Inc (b) | 65137 | 282043 |
| RingCentral Inc Class A (b) | 111422 | 3399485 |
| Riot Platforms Inc (b) | 435504 | 5992535 |
| Roper Technologies Inc  | 150191 | 79047025 |
| Rubrik Inc Class A (b) | 172461 | 15418013 |
| SailPoint Inc  | 85777 | 1770437 |
| Salesforce Inc  | 1340548 | 343515425 |
| Samsara Inc Class A (b) | 393877 | 14234715 |
| SEMrush Holdings Inc Class A (b) | 48012 | 379295 |
| SentinelOne Inc Class A (b) | 443217 | 8359073 |
| Servicenow Inc (b) | 289218 | 265345946 |
| ServiceTitan Inc Class A (b) | 13039 | 1398172 |
| Signing Day Sports Inc (b) | 5438 | 8973 |
| Silvaco Group Inc (b)(c) | 10910 | 58259 |
| Smith Micro Software Inc (b) | 24449 | 18097 |
| Soluna Holdings Inc (b)(c) | 16890 | 8006 |
| SoundHound AI Inc Class A (b)(c) | 515636 | 6713581 |
| SoundThinking Inc (b) | 12151 | 154682 |
| Sprinklr Inc Class A (b) | 159867 | 1381251 |
| Sprout Social Inc Class A (b) | 72235 | 1140591 |
| SPS Commerce Inc (b) | 53222 | 5870387 |
| Strategy Inc Class A (b) | 354522 | 118555702 |
| Synchronoss Technologies Inc (b) | 13438 | 80897 |
| Synopsys Inc (b) | 258398 | 155948361 |
| T Stamp Inc Class A (b) | 2932 | 8386 |
| Telos Corp (b) | 74161 | 458315 |
| Tenable Holdings Inc (b) | 171375 | 5298915 |
| Teradata Corp (b) | 132901 | 2788263 |
| Terawulf Inc (b)(c) | 430442 | 4067677 |
| Thumzup Media Corp (b)(c) | 4299 | 23430 |
| Tyler Technologies Inc (b) | 60247 | 33911831 |
| UiPath Inc Class A (b) | 581281 | 6463845 |
| Unity Software Inc (b) | 423997 | 16709722 |
| Upland Software Inc (b) | 34698 | 98195 |
| Urgent.ly Inc (b) | 1422 | 6186 |
| Varonis Systems Inc (b) | 156380 | 9229548 |
| Veea Inc Class A (b) | 20838 | 12192 |
| Verb Technology Co Inc (b)(c) | 1473 | 21359 |
| Verint Systems Inc (b) | 83700 | 1706643 |
| Veritone Inc (b)(c) | 55181 | 168302 |
| Vertex Inc Class A (b) | 80022 | 2066168 |
| Viant Technology Inc Class A (b) | 22158 | 230443 |
| VirnetX Holding Corp (b)(c) | 5053 | 69176 |
| Weave Communications Inc (b) | 57773 | 449474 |
| Workday Inc Class A (b) | 302741 | 69878678 |
| Workiva Inc Class A (b) | 72661 | 5975641 |
| Xperi Inc (b) | 63259 | 379554 |
| Yext Inc (b) | 147212 | 1338157 |
| Zeta Global Holdings Corp Class A (b) | 295402 | 5801695 |
| Zoom Communications Inc Class A (b) | 366706 | 29857203 |
| Zscaler Inc (b) | 134047 | 37137721 |
|  |  | 9386480270 |
| Technology Hardware, Storage & Peripherals - 5.9% |  |  |
| Apple Inc  | 20866194 | 4843878275 |
| AstroNova Inc (b) | 9393 | 106892 |
| Boxlight Corp Class A (b) | 3527 | 6172 |
| CompoSecure Inc Class A (b)(c) | 56921 | 1088330 |
| Corsair Gaming Inc (b) | 63101 | 563492 |
| CPI Card Group Inc (b) | 6427 | 100133 |
| Dell Technologies Inc Class C  | 418534 | 51123928 |
| Diebold Nixdorf Inc (b) | 51842 | 3168065 |
| Eastman Kodak Co (b)(c) | 103396 | 610036 |
| Foxx Development Holdings Inc (c) | 2049 | 11147 |
| Hewlett Packard Enterprise Co  | 1834793 | 41411278 |
| HP Inc  | 1316274 | 37566460 |
| Immersion Corp (c) | 41623 | 293858 |
| IonQ Inc (b)(c) | 333100 | 14236694 |
| Movano Inc (b)(c) | 8815 | 9432 |
| NetApp Inc  | 283967 | 32028638 |
| One Stop Systems Inc (b) | 25370 | 150952 |
| Pure Storage Inc Class A (b) | 434222 | 33699969 |
| Quantum Computing Inc (b)(c) | 153556 | 2423114 |
| Quantum Corp (b) | 9674 | 71878 |
| Sandisk Corp/DE  | 188970 | 9915256 |
| Seagate Technology Holdings PLC  | 296447 | 49625228 |
| Socket Mobile Inc (b) | 6519 | 6845 |
| Sonim Technologies Inc (b) | 4852 | 2860 |
| Super Micro Computer Inc (b)(c) | 717131 | 29789622 |
| TransAct Technologies Inc (b) | 12054 | 52314 |
| Turtle Beach Corp (b) | 22966 | 363322 |
| Western Digital Corp  | 487343 | 39153137 |
| Xerox Holdings Corp  | 163652 | 651335 |
|  |  | 5192108662 |
| TOTAL INFORMATION TECHNOLOGY |  | 27131602100 |
| Materials - 2.2% |  |  |
| Chemicals - 1.2% |  |  |
| AdvanSix Inc  | 37329 | 801080 |
| Air Products and Chemicals Inc  | 310859 | 91426740 |
| Albemarle Corp (c) | 164373 | 13958555 |
| Alto Ingredients Inc (b) | 101268 | 114433 |
| American Vanguard Corp (b) | 37657 | 203348 |
| Arq Inc (b) | 43656 | 337024 |
| Ashland Inc  | 63854 | 3585402 |
| ASP Isotopes Inc (b) | 77879 | 722717 |
| Aspen Aerogels Inc (b) | 93664 | 640662 |
| Avient Corp  | 127431 | 4765919 |
| Axalta Coating Systems Ltd (b) | 304885 | 9530705 |
| Balchem Corp  | 45558 | 7384496 |
| Bolt Projects Holdings Inc Class A (b)(c) | 1083 | 4928 |
| Cabot Corp  | 75525 | 6159819 |
| Celanese Corp  | 153239 | 7298774 |
| CF Industries Holdings Inc  | 226387 | 19611906 |
| Chemours Co/The  | 208825 | 3215905 |
| Core Molding Technologies Inc (b) | 10452 | 200678 |
| Corteva Inc  | 952730 | 70683039 |
| Dow Inc (c) | 988511 | 24347026 |
| DuPont de Nemours Inc  | 584354 | 44948510 |
| Eastman Chemical Co  | 161146 | 11335010 |
| Ecolab Inc  | 352519 | 97661864 |
| Ecovyst Inc (b) | 146556 | 1332194 |
| Element Solutions Inc (c) | 311898 | 8022017 |
| Flotek Industries Inc (b) | 41170 | 497745 |
| FMC Corp  | 174909 | 6838942 |
| Hawkins Inc  | 26486 | 4431902 |
| HB Fuller Co  | 75496 | 4609031 |
| Huntsman Corp  | 227943 | 2543844 |
| Ingevity Corp (b) | 50715 | 2960742 |
| Innospec Inc  | 34723 | 3041388 |
| International Flavors & Fragrances Inc  | 357440 | 24130774 |
| Intrepid Potash Inc (b) | 13240 | 402893 |
| Koppers Holdings Inc  | 27702 | 802804 |
| Kronos Worldwide Inc  | 30904 | 197168 |
| Linde PLC  | 657721 | 314581378 |
| LSB Industries Inc (b) | 73675 | 612976 |
| LyondellBasell Industries NV Class A1  | 359241 | 20243230 |
| Mativ Holdings Inc  | 76153 | 957243 |
| Minerals Technologies Inc  | 44243 | 2895704 |
| Mosaic Co/The  | 442885 | 14792359 |
| NewMarket Corp  | 10531 | 8708716 |
| Northern Technologies International Corp  | 11200 | 82880 |
| Novusterra Inc (b)(c)(d) | 6247 | 0 |
| Olin Corp  | 163393 | 3865878 |
| Origin Materials Inc Class A (b) | 181674 | 97159 |
| Perimeter Solutions Inc  | 193711 | 4337189 |
| PPG Industries Inc  | 316954 | 35254793 |
| PureCycle Technologies Inc (b)(c) | 208941 | 2985767 |
| Quaker Chemical Corp  | 18979 | 2753284 |
| Rayonier Advanced Materials Inc (b) | 92580 | 515671 |
| RPM International Inc  | 179334 | 22472344 |
| Scotts Miracle-Gro Co/The  | 60927 | 3729951 |
| Sensient Technologies Corp  | 59487 | 6749395 |
| Sherwin-Williams Co/The  | 322098 | 117833111 |
| Solesence Inc (b) | 25503 | 93341 |
| Stepan Co  | 29616 | 1481688 |
| Trinseo PLC  | 49574 | 118978 |
| Tronox Holdings PLC  | 163965 | 701770 |
| Valhi Inc  | 3240 | 52844 |
| Westlake Corp  | 46968 | 4124730 |
|  |  | 1048792363 |
| Construction Materials - 0.3% |  |  |
| CRH PLC  | 943148 | 106528567 |
| Eagle Materials Inc (c) | 46458 | 10727152 |
| Knife River Corp (b) | 79390 | 6430590 |
| Martin Marietta Materials Inc (c) | 84209 | 51906428 |
| Smith-Midland Corp (b) | 6290 | 271538 |
| United States Lime & Minerals Inc  | 14655 | 1845358 |
| Vulcan Materials Co  | 184563 | 53737363 |
|  |  | 231446996 |
| Containers & Packaging - 0.2% |  |  |
| Amcor PLC  | 3201439 | 27628419 |
| AptarGroup Inc  | 92038 | 12818132 |
| Avery Dennison Corp  | 109072 | 18722209 |
| Ball Corp  | 387415 | 20393526 |
| Crown Holdings Inc  | 160451 | 15945620 |
| Eightco Holdings Inc (b) | 3982 | 6013 |
| Graphic Packaging Holding CO  | 421392 | 9384400 |
| Greif Inc Class A  | 33253 | 2171754 |
| Greif Inc Class B  | 9612 | 656307 |
| International Paper Co  | 737329 | 36630505 |
| Myers Industries Inc  | 52102 | 872187 |
| O-I Glass Inc (b) | 215413 | 2798215 |
| Packaging Corp of America  | 124723 | 27184625 |
| Ranpak Holdings Corp Class A (b) | 63201 | 333701 |
| Sealed Air Corp  | 206183 | 6694762 |
| Silgan Holdings Inc  | 113503 | 5325561 |
| Smurfit WestRock PLC  | 692628 | 32802862 |
| Sonoco Products Co  | 139665 | 6599171 |
| TriMas Corp  | 52691 | 2037561 |
|  |  | 229005530 |
| Metals & Mining - 0.5% |  |  |
| 5E Advanced Materials Inc (b) | 4431 | 15419 |
| Alcoa Corp  | 361542 | 11638037 |
| Alpha Metallurgical Resources Inc (b) | 15310 | 2284099 |
| American Battery Technology Co (b) | 127865 | 315827 |
| American Infrastructure Corp (c)(d) | 12557 | 0 |
| Ampco-Pittsburgh Corp (b) | 21457 | 58363 |
| Ascent Industries Co (b) | 11964 | 146200 |
| Carpenter Technology Corp  | 69558 | 16755131 |
| Century Aluminum Co (b) | 72809 | 1625825 |
| Cleveland-Cliffs Inc (b) | 678750 | 7296563 |
| Coeur Mining Inc (b) | 893960 | 11755574 |
| Commercial Metals Co  | 157883 | 9105113 |
| Compass Minerals International Inc (b) | 47334 | 901713 |
| Contango ORE Inc (b) | 13518 | 297802 |
| Dakota Gold Corp (b) | 112269 | 468162 |
| Freeport-McMoRan Inc  | 2006529 | 89089888 |
| Friedman Industries Inc  | 9791 | 186910 |
| Gold Resource Corp (b) | 192549 | 97276 |
| Hecla Mining Co  | 883907 | 7522049 |
| Hycroft Mining Holding Corp (b) | 28296 | 128747 |
| Idaho Strategic Resources Inc (b)(c) | 16708 | 470163 |
| Inno Holdings Inc (b)(c) | 4920 | 25534 |
| Ivanhoe Electric Inc / US (b)(c) | 130147 | 1160911 |
| Kaiser Aluminum Corp  | 22321 | 1738136 |
| Materion Corp  | 28961 | 3208879 |
| Metallus Inc (b) | 51310 | 843023 |
| MP Materials Corp (b)(c) | 186153 | 13242924 |
| Newmont Corp  | 1554942 | 115687685 |
| Nucor Corp  | 322319 | 47938505 |
| Olympic Steel Inc  | 13633 | 459568 |
| Paramount Gold Nevada Corp (b) | 86147 | 87870 |
| Ramaco Resources Inc Class A (b)(c) | 51393 | 1332620 |
| Ramaco Resources Inc Class B  | 11051 | 179579 |
| ReElement Technologies Corp (c)(d) | 23057 | 0 |
| Reliance Inc  | 73422 | 21707949 |
| Royal Gold Inc  | 91991 | 16519744 |
| Ryerson Holding Corp  | 38102 | 868726 |
| Solitario Resources Corp (b) | 91212 | 69868 |
| Steel Dynamics Inc  | 192870 | 25250540 |
| SunCoke Energy Inc  | 118575 | 915399 |
| Tredegar Corp (b) | 36136 | 282945 |
| United States Antimony Corp (b)(c) | 114767 | 522190 |
| US Gold Corp (b) | 15589 | 204684 |
| USA Rare Earth Inc Class A (b)(c) | 76225 | 1137277 |
| Warrior Met Coal Inc (c) | 73956 | 4521670 |
| Worthington Steel Inc  | 48652 | 1620112 |
|  |  | 419685199 |
| Paper & Forest Products - 0.0% |  |  |
| Clearwater Paper Corp (b) | 22504 | 485411 |
| Louisiana-Pacific Corp  | 86495 | 8226540 |
| Magnera Corp (b) | 49320 | 611568 |
| Sylvamo Corp  | 47641 | 2197679 |
|  |  | 11521198 |
| TOTAL MATERIALS |  | 1940451286 |
| Real Estate - 2.4% |  |  |
| Diversified REITs - 0.0% |  |  |
| Alexander & Baldwin Inc  | 101813 | 1969063 |
| Alpine Income Property Trust Inc  | 17890 | 273180 |
| American Assets Trust Inc  | 66527 | 1390414 |
| Armada Hoffler Properties Inc Class A  | 114076 | 830473 |
| Broadstone Net Lease Inc Class A  | 265129 | 4928748 |
| CTO Realty Growth Inc  | 41052 | 709379 |
| Essential Properties Realty Trust Inc  | 276088 | 8647076 |
| Generation Income Properties Inc (b) | 7201 | 6913 |
| Gladstone Commercial Corp  | 66020 | 887969 |
| Global Net Lease Inc  | 269725 | 2122736 |
| Mackenzie Realty Capital Inc  | 2111 | 12856 |
| Medalist Diversified REIT Inc  | 994 | 12683 |
| Modiv Industrial Inc Class C (c) | 13476 | 204431 |
| NexPoint Diversified Real Estate Trust  | 56499 | 222041 |
| One Liberty Properties Inc  | 22840 | 545648 |
| Presidio Property Trust Inc Class A (b) | 1179 | 5907 |
| Presidio Property Trust Inc warrants 1/24/2027 (b) | 5422 | 173 |
| WP Carey Inc  | 305736 | 20514886 |
|  |  | 43284576 |
| Health Care REITs - 0.3% |  |  |
| Alexandria Real Estate Equities Inc  | 215348 | 17753289 |
| American Healthcare REIT Inc  | 223232 | 9552097 |
| CareTrust REIT Inc  | 296243 | 10193722 |
| Community Healthcare Trust Inc  | 38010 | 585734 |
| Diversified Healthcare Trust  | 301905 | 1150258 |
| Global Medical REIT Inc  | 90239 | 676793 |
| Healthcare Realty Trust Inc  | 493203 | 8571868 |
| Healthpeak Properties Inc  | 970699 | 17414340 |
| LTC Properties Inc  | 64384 | 2350016 |
| Medical Properties Trust Inc (c) | 849735 | 3823808 |
| National Health Investors Inc  | 65831 | 5153909 |
| Omega Healthcare Investors Inc  | 404406 | 17215563 |
| Sabra Health Care REIT Inc  | 335023 | 6402290 |
| Sila Realty Trust Inc (c) | 77637 | 1936267 |
| Strawberry Fields REIT Inc  | 11410 | 133040 |
| Universal Health Realty Income Trust  | 18347 | 744705 |
| Ventas Inc  | 630188 | 42903199 |
| Welltower Inc  | 868490 | 146149497 |
|  |  | 292710395 |
| Hotel & Resort REITs - 0.1% |  |  |
| Apple Hospitality REIT Inc  | 309766 | 4045544 |
| Ashford Hospitality Trust Inc (b)(c) | 7941 | 47567 |
| Braemar Hotels & Resorts Inc  | 82713 | 228288 |
| Chatham Lodging Trust  | 68755 | 524601 |
| DiamondRock Hospitality Co  | 287503 | 2461026 |
| Host Hotels & Resorts Inc  | 969683 | 16688244 |
| InnSuites Hospitality Trust  | 3050 | 5765 |
| Park Hotels & Resorts Inc  | 281446 | 3309805 |
| Pebblebrook Hotel Trust  | 164767 | 1835504 |
| RLJ Lodging Trust (c) | 210513 | 1620950 |
| Ryman Hospitality Properties Inc  | 83936 | 8292037 |
| Service Properties Trust  | 231398 | 624775 |
| Sotherly Hotels Inc (b) | 22243 | 16177 |
| Summit Hotel Properties Inc  | 153096 | 838966 |
| Sunstone Hotel Investors Inc  | 278042 | 2635838 |
| Xenia Hotels & Resorts Inc  | 138016 | 1950166 |
|  |  | 45125253 |
| Industrial REITs - 0.2% |  |  |
| Americold Realty Trust Inc  | 368182 | 5316548 |
| EastGroup Properties Inc  | 73352 | 12437565 |
| First Industrial Realty Trust Inc  | 184882 | 9724793 |
| Industrial Logistics Properties Trust  | 81777 | 503746 |
| Lineage Inc (c) | 83226 | 3488002 |
| LXP Industrial Trust  | 414329 | 3762107 |
| Plymouth Industrial REIT Inc  | 56466 | 1242252 |
| Prologis Inc  | 1296685 | 147536819 |
| Rexford Industrial Realty Inc  | 330004 | 13665466 |
| STAG Industrial Inc Class A  | 261021 | 9618624 |
| Terreno Realty Corp  | 144796 | 8364865 |
|  |  | 215660787 |
| Office REITs - 0.1% |  |  |
| Brandywine Realty Trust  | 244170 | 1040164 |
| BXP Inc  | 203251 | 14737730 |
| City Office Reit Inc  | 56864 | 394068 |
| COPT Defense Properties  | 158571 | 4563673 |
| Cousins Properties Inc  | 235972 | 6958814 |
| Creative Media & Community Trust Corp (c) | 1064 | 6852 |
| Douglas Emmett Inc  | 233855 | 3790790 |
| Easterly Government Properties Inc  | 59648 | 1365343 |
| Empire State Realty Trust Inc Class A  | 191402 | 1464225 |
| Franklin Street Properties Corp  | 112586 | 186893 |
| Highwoods Properties Inc  | 150776 | 4753967 |
| Hudson Pacific Properties Inc (b) | 469984 | 1320655 |
| JBG SMITH Properties  | 102218 | 2191554 |
| Kilroy Realty Corp  | 149320 | 6210219 |
| NET Lease Office Properties  | 20328 | 602115 |
| Office Properties Income Trust  | 108803 | 23219 |
| Orion Properties Inc  | 73385 | 217953 |
| Paramount Group Inc (b) | 255419 | 1839017 |
| Peakstone Realty Trust  | 51475 | 654762 |
| Piedmont Realty Trust Inc Class A1  | 173615 | 1470519 |
| Postal Realty Trust Inc Class A  | 32675 | 517572 |
| SL Green Realty Corp (c) | 99895 | 5683027 |
| Vornado Realty Trust  | 233314 | 8872931 |
|  |  | 68866062 |
| Real Estate Management & Development - 0.2% |  |  |
| Alset Inc (b) | 7615 | 10737 |
| Altisource Portfolio Solutions SA (b) | 15275 | 175052 |
| Altisource Portfolio Solutions SA warrants 4/2/2029 (b) | 25264 | 16173 |
| Altisource Portfolio Solutions SA warrants 4/30/2032 (b) | 25264 | 20881 |
| American Realty Investors Inc (b) | 1977 | 30248 |
| American Strategic Investment Co Class A (b) | 2758 | 30228 |
| AMREP Corp (b) | 4315 | 92643 |
| Anywhere Real Estate Inc (b) | 136413 | 833483 |
| Avalon GloboCare Corp (b)(c) | 2074 | 4189 |
| CBRE Group Inc Class A (b) | 410161 | 66495302 |
| CKX Lands Inc (b) | 1874 | 21588 |
| Compass Inc Class A (b) | 597601 | 5426217 |
| Comstock Holding Cos Inc Class A (b) | 5058 | 80018 |
| CoStar Group Inc (b) | 589472 | 52751850 |
| Cushman & Wakefield PLC (b) | 324196 | 5112571 |
| Douglas Elliman Inc (b) | 96340 | 262045 |
| eXp World Holdings Inc (c) | 119537 | 1294586 |
| Fathom Holdings Inc (b) | 23998 | 47756 |
| Forestar Group Inc (b) | 26221 | 725535 |
| FRP Holdings Inc (b) | 18434 | 473754 |
| Howard Hughes Holdings Inc (b) | 42926 | 3273966 |
| InterGroup Corp/The (b) | 114 | 1938 |
| Jones Lang LaSalle Inc (b) | 66252 | 20244624 |
| JW Mays Inc (b) | 546 | 20966 |
| Kennedy-Wilson Holdings Inc  | 165997 | 1460774 |
| La Rosa Holdings Corp Class A (b)(c) | 259 | 1549 |
| Marcus & Millichap Inc  | 33568 | 1093981 |
| Maui Land & Pineapple Co Inc (b) | 10258 | 178284 |
| New Concept Energy Inc (b) | 2239 | 2261 |
| Newmark Group Inc Class A  | 209217 | 3809842 |
| Offerpad Solutions Inc Class A (b)(c) | 11455 | 58993 |
| Opendoor Technologies Inc Class A (b)(c) | 906452 | 4033711 |
| RE/MAX Holdings Inc Class A (b) | 27484 | 258899 |
| RMR Group Inc/The Class A  | 23416 | 395262 |
| Safe & Green Development Corp (c) | 2068 | 2378 |
| Seaport Entertainment Group Inc (b) | 11438 | 285492 |
| Seritage Growth Properties Class A (b) | 50129 | 183973 |
| St Joe Co/The  | 53515 | 2700367 |
| Star Holdings (b) | 15549 | 135121 |
| Stratus Properties Inc (b) | 9399 | 182905 |
| Tejon Ranch Co (b) | 34205 | 595509 |
| Transcontinental Realty Investors Inc (b) | 1711 | 80622 |
| Zillow Group Inc Class A (b) | 72642 | 5918870 |
| Zillow Group Inc Class C (b) | 225345 | 18998838 |
|  |  | 197823981 |
| Residential REITs - 0.3% |  |  |
| American Homes 4 Rent Class A  | 444604 | 15925715 |
| Apartment Investment and Management Co Class A  | 179903 | 1408640 |
| AvalonBay Communities Inc  | 198664 | 38908345 |
| Bluerock Homes Trust Inc Class A  | 5223 | 67768 |
| BRT Apartments Corp  | 16836 | 269376 |
| Camden Property Trust  | 149287 | 16717158 |
| Centerspace  | 23430 | 1394085 |
| Clipper Realty Inc  | 19819 | 88789 |
| Elme Communities  | 123302 | 2105998 |
| Equity LifeStyle Properties Inc  | 267587 | 16132820 |
| Equity Residential  | 478071 | 31610056 |
| Essex Property Trust Inc  | 90029 | 24326736 |
| Independence Realty Trust Inc  | 327136 | 5924433 |
| Invitation Homes Inc  | 796930 | 24935941 |
| Mid-America Apartment Communities Inc  | 163681 | 23867963 |
| NexPoint Residential Trust Inc  | 30768 | 1061804 |
| Sun Communities Inc  | 167806 | 21289547 |
| UDR Inc  | 421726 | 16687698 |
| UMH Properties Inc  | 113134 | 1775072 |
| Veris Residential Inc  | 113017 | 1777757 |
|  |  | 246275701 |
| Retail REITs - 0.3% |  |  |
| Acadia Realty Trust  | 183051 | 3662851 |
| Agree Realty Corp (c) | 153609 | 11173519 |
| Alexander's Inc  | 3031 | 698161 |
| Brixmor Property Group Inc  | 427596 | 11968412 |
| CBL & Associates Properties Inc  | 20074 | 639357 |
| Curbline Properties Corp  | 132017 | 2974343 |
| Federal Realty Investment Trust  | 108449 | 10904547 |
| FrontView REIT Inc  | 23954 | 320264 |
| Getty Realty Corp  | 71855 | 2054334 |
| InvenTrust Properties Corp  | 111436 | 3317450 |
| Kimco Realty Corp  | 944957 | 21252083 |
| Kite Realty Group Trust  | 307090 | 7007794 |
| Macerich Co/The  | 352143 | 6479431 |
| NETSTREIT Corp (c) | 114126 | 2087365 |
| NNN REIT Inc  | 262361 | 11257911 |
| Phillips Edison & Co Inc  | 178507 | 6281661 |
| Realty Income Corp  | 1262397 | 74178448 |
| Regency Centers Corp  | 228348 | 16555230 |
| Saul Centers Inc  | 17274 | 590252 |
| Simon Property Group Inc  | 428600 | 77430876 |
| SITE Centers Corp  | 65444 | 803652 |
| Tanger Inc  | 158921 | 5431920 |
| Urban Edge Properties  | 175800 | 3637302 |
| Whitestone REIT  | 63058 | 829843 |
|  |  | 281537006 |
| Specialized REITs - 0.9% |  |  |
| American Tower Corp  | 654165 | 133351536 |
| Crown Castle Inc  | 608824 | 60358811 |
| CubeSmart  | 318461 | 13031424 |
| Digital Realty Trust Inc  | 442358 | 74156895 |
| EPR Properties  | 107761 | 5846034 |
| Equinix Inc  | 136695 | 107468243 |
| Extra Space Storage Inc  | 296628 | 42589848 |
| Farmland Partners Inc  | 57574 | 634465 |
| Four Corners Property Trust Inc  | 145822 | 3775332 |
| Gaming and Leisure Properties Inc  | 383845 | 18428398 |
| Gladstone Land Corp  | 47815 | 439898 |
| Global Self Storage Inc  | 17996 | 98078 |
| Iron Mountain Inc  | 412128 | 38051778 |
| Lamar Advertising Co Class A  | 122833 | 15630499 |
| Millrose Properties Inc Class A  | 168406 | 5946416 |
| National Storage Affiliates Trust  | 98624 | 3178652 |
| Outfront Media Inc  | 193439 | 3613441 |
| PotlatchDeltic Corp  | 99810 | 4195014 |
| Public Storage Operating Co  | 220655 | 65002756 |
| Rayonier Inc  | 198274 | 5210641 |
| Safehold Inc  | 64509 | 1061818 |
| SBA Communications Corp Class A  | 150224 | 30773386 |
| Smartstop Self Storage REIT Inc (c) | 43036 | 1566080 |
| VICI Properties Inc  | 1476624 | 49880359 |
| Weyerhaeuser Co  | 1012941 | 26204784 |
|  |  | 710494586 |
| TOTAL REAL ESTATE |  | 2101778347 |
| Utilities - 2.3% |  |  |
| Electric Utilities - 1.4% |  |  |
| ALLETE Inc  | 80680 | 5175622 |
| Alliant Energy Corp  | 358821 | 23348482 |
| American Electric Power Co Inc  | 746412 | 82866660 |
| Constellation Energy Corp  | 437895 | 134862902 |
| Duke Energy Corp  | 1086188 | 133047168 |
| Edison International  | 537505 | 30170156 |
| Entergy Corp  | 623290 | 54905616 |
| Evergy Inc  | 320956 | 22871325 |
| Eversource Energy  | 513125 | 32875919 |
| Exelon Corp  | 1410397 | 61606141 |
| FirstEnergy Corp  | 717567 | 31300273 |
| Genie Energy Ltd Class B  | 29893 | 457363 |
| Hawaiian Electric Industries Inc (b) | 240502 | 3116906 |
| IDACORP Inc  | 75319 | 9422407 |
| MGE Energy Inc  | 51914 | 4420477 |
| NextEra Energy Inc  | 2876355 | 207241378 |
| NRG Energy Inc  | 273105 | 39753164 |
| OGE Energy Corp  | 280414 | 12523289 |
| Oklo Inc Class A (b)(c) | 124496 | 9167885 |
| Otter Tail Corp  | 59129 | 4966245 |
| PG&E Corp  | 3070778 | 46921488 |
| Pinnacle West Capital Corp  | 166439 | 14872989 |
| Portland General Electric Co  | 154883 | 6625895 |
| PPL Corp  | 1032573 | 37657937 |
| Southern Co/The  | 1535989 | 141771785 |
| TXNM Energy Inc  | 128885 | 7300046 |
| Xcel Energy Inc  | 805642 | 58320424 |
|  |  | 1217569942 |
| Gas Utilities - 0.1% |  |  |
| Atmos Energy Corp  | 221872 | 36859596 |
| Chesapeake Utilities Corp  | 32554 | 4023023 |
| MDU Resources Group Inc  | 284206 | 4629716 |
| National Fuel Gas Co  | 125846 | 10915882 |
| New Jersey Resources Corp  | 141077 | 6671531 |
| Northwest Natural Holding Co  | 56463 | 2344908 |
| ONE Gas Inc  | 83471 | 6385532 |
| RGC Resources Inc  | 11693 | 260052 |
| Southwest Gas Holdings Inc  | 84698 | 6765676 |
| Spire Inc  | 83615 | 6404909 |
| UGI Corp  | 298856 | 10352372 |
|  |  | 95613197 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| AES Corp/The  | 995006 | 13472381 |
| Clearway Energy Inc Class A  | 72243 | 2036530 |
| Clearway Energy Inc Class C (c) | 93620 | 2790812 |
| Hallador Energy Co (b) | 45270 | 738354 |
| Montauk Renewables Inc (b) | 89665 | 192780 |
| Ormat Technologies Inc (c) | 80558 | 7402475 |
| Spruce Power Holding Corp Class A (b) | 21822 | 31642 |
| Talen Energy Corp (b) | 63595 | 24097417 |
| Vistra Corp  | 474105 | 89657997 |
|  |  | 140420388 |
| Multi-Utilities - 0.6% |  |  |
| Ameren Corp  | 377073 | 37624344 |
| Avista Corp  | 112350 | 4105269 |
| Black Hills Corp  | 101646 | 6079447 |
| CenterPoint Energy Inc  | 910987 | 34353320 |
| CMS Energy Corp  | 417686 | 29893787 |
| Consolidated Edison Inc  | 503595 | 49468137 |
| Dominion Energy Inc  | 1191461 | 71368514 |
| DTE Energy Co  | 289554 | 39567554 |
| NiSource Inc  | 657743 | 27802797 |
| Northwestern Energy Group Inc  | 85629 | 4924524 |
| Public Service Enterprise Group Inc  | 697187 | 57399406 |
| Sempra  | 910857 | 75200354 |
| Unitil Corp  | 22621 | 1062281 |
| WEC Energy Group Inc  | 445435 | 47443282 |
|  |  | 486293016 |
| Water Utilities - 0.0% |  |  |
| American States Water Co  | 53531 | 3989665 |
| American Water Works Co Inc  | 272793 | 39148523 |
| Artesian Resources Corp Class A  | 13191 | 437282 |
| Cadiz Inc (b) | 72979 | 261265 |
| California Water Service Group  | 82949 | 3892797 |
| Consolidated Water Co Ltd  | 20819 | 692648 |
| Essential Utilities Inc  | 359268 | 14194679 |
| Global Water Resources Inc  | 20251 | 195624 |
| H2O America  | 43473 | 2189735 |
| Middlesex Water Co  | 24935 | 1335020 |
| Pure Cycle Corp (b) | 33293 | 336259 |
| York Water Co/The  | 20370 | 632896 |
|  |  | 67306393 |
| TOTAL UTILITIES |  | 2007202936 |
| TOTAL UNITED STATES |  | 86467584068 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $47,361,606,299) |  | <br> **87143516979** |

---

---

| | | |
|:---|:---|:---|
| &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>|
| UNITED STATES - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Nutriband Inc (d) | 1878 | 0 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Hyperscale Data Inc 10% (d) | 129 | 0 |
| Hyperscale Data Inc Series F (d) | 141 | 0 |
|  |  | 0 |
| Information Technology - 0.0% |  |  |
| Communications Equipment - 0.0% |  |  |
| ClearOne Inc (d) | 1162 | 0 |
| Software - 0.0% |  |  |
| SRAX Inc (b)(d) | 18304 | 0 |
| TOTAL INFORMATION TECHNOLOGY |  | 0 |
| TOTAL UNITED STATES |  | 0 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $2,102) |  | <br> **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%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (g)<br>(Cost $8,898,126)<br>| 4.15 | 8973000 | **8899788** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.36 | 129497372 | 129523271 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.36 | 684346574 | 684415009 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $813,938,280) |  |  | **813938280** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $48,184,444,807)<br>| <br>**87966355047** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(630146467)** |
| **NET ASSETS - 100.0%** | **87336208580** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 S&P 500 Index Contracts (United States) | 560 | 9/19/2025 | 181237000 | 3437369 | 3437369 |
| CME E-Mini S&P MidCap 400 Index Contracts (United States) | 41 | 9/19/2025 | 13359850 | 390159 | 390159 |
| CME Russell 2000 Index Contracts (United States) | 227 | 9/19/2025 | 26897230 | 1185398 | 1185398 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **5012926** |
| 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) Non-income producing.

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

(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 $1,171,209 or 0.0% of net assets.

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

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $8,899,788.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<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 | 42318219 | 1719451630 | 1632246578 | 1368509 | - | - | 129523271 | 129497372 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 646123922 | 1510640037 | 1472348950 | 6404261 | - | - | 684415009 | 684346574 | 2.4% |
| Total | 688442141 | 3230091667 | 3104595528 | 7772770 | - | - | 813938280 |  |  |

---

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 August 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 | 8098118544 | 8098118544 | - | - |
| Consumer Discretionary | 9247013753 | 9247013753 | - | - |
| Consumer Staples | 4291949352 | 4291949352 | - | - |
| Energy | 2705724802 | 2705724802 | - | - |
| Financials | 12572376129 | 12572357687 | - | 18442 |
| Health Care | 8142346133 | 8142285930 | 10496 | 49707 |
| Industrials | 8471617836 | 8471614956 | - | 2880 |
| Information Technology | 27563093087 | 27563093087 | - | - |
| Materials | 1942296060 | 1942296060 | - | - |
| Real Estate | 2101778347 | 2101778347 | - | - |
| Utilities | 2007202936 | 2007202936 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Health Care | - | - | - | - |
| Industrials | - | - | - | - |
| Information Technology | - | - | - | - |
|  **U.S. Treasury Obligations** | 8899788 | - | 8899788 | - |
|  **Money Market Funds** | 813938280 | 813938280 | - | - |
| **Total Investments in Securities:** | 87966355047 | 87957373734 | 8910284 | 71029 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 5012926 | 5012926 | - | - |
| Total Assets | 5012926 | 5012926 | - | - |
| **Total Derivative Instruments:** | 5012926 | 5012926 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 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)  | 5012926 | - |
| **Total Equity Risk**  | 5012926 | - |
| **Total Value of Derivatives** | 5012926 | - |

---

(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 August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $967,913,011) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $47,370,506,527) | $87152416767 |  |
| Fidelity Central Funds (cost $813,938,280) | 813938280 |  |
| Total Investment in Securities (cost $48,184,444,807) |  | $87966355047 |
| Segregated cash with brokers for derivative instruments |  | 8600266 |
| Receivable for investments sold |  | 473700 |
| Receivable for fund shares sold |  | 152519767 |
| Dividends receivable |  | 81732999 |
| Distributions receivable from Fidelity Central Funds |  | 1183346 |
| Other receivables |  | 367310 |
| **Total assets** |  | 88211232435 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $79401983 |  |
| Payable for fund shares redeemed | 109253815 |  |
| Payable for daily variation margin on futures contracts | 1510138 |  |
| Other payables and accrued expenses | 455385 |  |
| Collateral on securities loaned | 684402534 |  |
| **Total liabilities** |  | 875023855 |
| **Net Assets**  |  | $87336208580 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $48139300031 |
| Total accumulated earnings (loss) |  | 39196908549 |
| **Net Assets** |  | $87336208580 |
| **Net Asset Value**, offering price and redemption price per share ($87,336,208,580 ÷ 4,127,377,267 shares) |  | $21.16 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $522976174 |
| Interest  |  | 207390 |
| Income from Fidelity Central Funds (including $6,404,261 from security lending)  |  | 7772770 |
| **Total income** |  | 530956334 |
| **Expenses** |  |  |
| Custodian fees and expenses | $236018 |  |
| Independent trustees' fees and expenses | 143252 |  |
| Interest | 2650 |  |
| Total expenses before reductions | 381920 |  |
| Expense reductions | (6074) |  |
| Total expenses after reductions |  | 375846 |
| **Net Investment income (loss)** |  | 530580488 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (197997486) |  |
| Foreign currency transactions | (365) |  |
| Futures contracts | 11240767 |  |
| Total net realized gain (loss) |  | (186757084) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 7482056220 |  |
| Futures contracts | 4110201 |  |
| Total change in net unrealized appreciation (depreciation) |  | 7486166421 |
| **Net gain (loss)** |  | 7299409337 |
| **Net increase (decrease) in net assets resulting from operations** |  | $7829989825 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $530580488 | $947251081 |
| &nbsp;&nbsp;Net realized gain (loss) | (186757084)<br>| 397534214<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 7486166421 | 10324583086<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7829989825<br>| 11669368381<br>|
| Distributions to shareholders | (217070937)<br>| (945439399)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 8819110612 | 11327083848 |
| Reinvestment of distributions | 217070937<br>| 945439399<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (7764415492) | (10786739812) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1271766057<br>| 1485783435<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 8884684945<br>| 12209712417<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 78451523635 | 66241811218<br>|
| &nbsp;&nbsp;End of period | $87336208580 | $78451523635 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 468590208 | 610614437 |
| Issued in reinvestment of distributions | 12504086<br>| 48754420<br>|
| &nbsp;&nbsp;Redeemed | (395269168) | (578283790) |
| &nbsp;&nbsp;Net increase (decrease) | 85825126 | 81085067 |

---

**Financial Highlights** 

**Fidelity® Series Total Market Index Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.41 | $16.73 | $13.20 | $14.62 | $13.28 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .13  | .24  | .24  | .22  | .20  | .18  |
| Net realized and unrealized gain (loss)  | 1.67  | 2.68  | 3.52  | (1.41)  | 1.39  | 3.34  |
| Total from investment operations  | 1.80  | 2.92  | 3.76  | (1.19)  | 1.59  | 3.52  |
| Distributions from net investment income  | (.03)  | (.24)  | (.23)  | (.20)  | (.19)  | (.18)  |
| Distributions from net realized gain  | (.02)  | -  | -  | (.02)  | (.06)  | (.06)  |
| Total distributions  | (.05)  | (.24)  | (.23)  | (.23) D | (.25)  | (.24)  |
| Net asset value, end of period  | $21.16 | $19.41 | $16.73 | $13.20 | $14.62 | $13.28 |
| **Total Return** E,F | 9.34% <br>| 17.48%  | 28.70%  | (8.18)%  | 11.87%  | 35.56%  |
| **Ratios to Average Net Assets** C,G,H |  |  |  |  |  |  |
| Expenses before reductions I | -% J | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any I | -% J<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any I | -% J | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.32% J | 1.30%  | 1.62%  | 1.65%  | 1.33%  | 1.61%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $87336209 | $78451524 | $66241811 | $50379623 | $47734987 | $35220793 |
| Portfolio turnover rate K | 18% J<br>| 13%  | 13%  | 15%  | 14%  | 18% L |

---

A*For the year ended February 29.*

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

C*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.*

D*Total distributions per share do not sum due to rounding.*

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

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

G*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.*

H*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.*

I*Amount represents less than .005%.*

J*Annualized.*

K*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.* 

L*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended August 31, 2025

**1. Organization.**

Fidelity Series Total Market Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. 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.

**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 August 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.

**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 Series Total Market Index Fund** | $338620 |

---

**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 the short-term capital gain dividends, futures contracts, passive foreign investment companies (PFIC), 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** | $42224643369 |
| **Gross unrealized depreciation** | <u>(3463748468)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$38760894901</u> |
| **Tax cost** | <u>$49210473072</u> |

---

**New Accounting Pronouncement.** 

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Total Market Index Fund** | 8780134264 | 7123131984 |

---

**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 for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Series Total Market Index Fund** | Borrower | 20759000 | 4.60% | 2650 |

---

**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 Series Total Market Index Fund** | 7440764 | 307288 | (44956) |

---

**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 borne by the investment adviser.

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.

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Series Total Market Index Fund** | 618673 | 32758 | 3204190 |

---

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 Series Total Market Index Fund** | 316369899 |

---

**9. Expense Reductions.** 

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 $6,074.

**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.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Series Total Market 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 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. The Board considered all factors it believed relevant and 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 the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. 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.

**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.

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, including their 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>Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (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.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.

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 considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds, 529 plans and collective investment trusts that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

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 0.003% through June 30, 2028.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund 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 level of Fidelity's profits in respect of all the Fidelity funds.

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 concluded that the costs of the services provided by and the profits realized by Fidelity and Geode in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

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

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

**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.

![](img114161_4.jpg)<br>

1.9892982.106 STX-SANN-1025

**Fidelity Flex® Funds**

**Fidelity Flex® 500 Index Fund**

**Semi-Annual Report**

**August 31, 2025**

![](img114167_1.jpg)

![](img114167_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_Z5I-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Flex® 500 Index Fund](#Sub_Sec_Fund_2926_Z5I-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2926_Z5I-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_Z5I-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_Z5I-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_Z5I-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_Z5I-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 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.

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 Flex® 500 Index Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Aptiv PLC  | 27084 | 2153990 |
| CANADA - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| RB Global Inc (United States)  | 23068 | 2642209 |
| IRELAND - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Accenture PLC Class A  | 77959 | 20267001 |
| NETHERLANDS - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| NXP Semiconductors NV  | 31442 | 7384154 |
| SWITZERLAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| TE Connectivity PLC  | 36919 | 7623774 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Flutter Entertainment PLC (b) | 22001 | 6758047 |
| UNITED STATES - 99.0%  |  |  |
| Communication Services - 9.9% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| AT&T Inc  | 896021 | 26244455 |
| Verizon Communications Inc  | 524927 | 23217521 |
|  |  | 49461976 |
| Entertainment - 1.7% |  |  |
| Electronic Arts Inc  | 28418 | 4886475 |
| Liberty Media Corp-Liberty Formula One Class A (b) | 3285 | 296043 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 27515 | 2748749 |
| Liberty Media Corp-Liberty Live Class A (b) | 2463 | 233048 |
| Liberty Media Corp-Liberty Live Class C (b) | 5747 | 559643 |
| Live Nation Entertainment Inc (b) | 19628 | 3267866 |
| Netflix Inc (b) | 52997 | 64033625 |
| ROBLOX Corp Class A (b) | 69040 | 8601694 |
| Take-Two Interactive Software Inc (b) | 21100 | 4921997 |
| Walt Disney Co/The  | 223875 | 26502323 |
| Warner Bros Discovery Inc (b) | 280326 | 3262995 |
|  |  | 119314458 |
| Interactive Media & Services - 6.9% |  |  |
| Alphabet Inc Class A  | 724875 | 154333136 |
| Alphabet Inc Class C  | 584554 | 124819816 |
| Meta Platforms Inc Class A  | 270379 | 199728967 |
| Pinterest Inc Class A (b) | 74005 | 2710803 |
|  |  | 481592722 |
| Media - 0.4% |  |  |
| Charter Communications Inc Class A (b) | 11882 | 3155622 |
| Comcast Corp Class A  | 464010 | 15762420 |
| Fox Corp Class A  | 26793 | 1599542 |
| Fox Corp Class B  | 16269 | 887474 |
| Omnicom Group Inc  | 24282 | 1902009 |
| Trade Desk Inc (The) Class A (b) | 55802 | 3050137 |
|  |  | 26357204 |
| Wireless Telecommunication Services - 0.2% |  |  |
| T-Mobile US Inc  | 59434 | 14976774 |
| TOTAL COMMUNICATION SERVICES |  | 691703134 |
| Consumer Discretionary - 10.3% |  |  |
| Automobiles - 1.9% |  |  |
| Ford Motor Co  | 487688 | 5740088 |
| General Motors Co  | 119660 | 7010879 |
| Tesla Inc (b) | 348966 | 116509279 |
|  |  | 129260246 |
| Broadline Retail - 3.9% |  |  |
| Amazon.com Inc (b) | 1176654 | 269453766 |
| eBay Inc  | 57414 | 5202283 |
|  |  | 274656049 |
| Distributors - 0.1% |  |  |
| Genuine Parts Co  | 17262 | 2405114 |
| LKQ Corp  | 32048 | 1045406 |
| Pool Corp  | 4675 | 1452569 |
|  |  | 4903089 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Airbnb Inc Class A (b) | 53740 | 7014682 |
| Booking Holdings Inc  | 4052 | 22687351 |
| Carnival Corp (b) | 130736 | 4169171 |
| Chipotle Mexican Grill Inc (b) | 167765 | 7069617 |
| Darden Restaurants Inc  | 14569 | 3014909 |
| Domino's Pizza Inc  | 4263 | 1953732 |
| DoorDash Inc Class A (b) | 42695 | 10470949 |
| DraftKings Inc Class A (b) | 61797 | 2965020 |
| Expedia Group Inc Class A  | 15140 | 3252072 |
| Hilton Worldwide Holdings Inc  | 29595 | 8169996 |
| Las Vegas Sands Corp  | 42225 | 2433426 |
| Marriott International Inc/MD Class A1  | 28302 | 7580974 |
| McDonald's Corp  | 89036 | 27916347 |
| Royal Caribbean Cruises Ltd  | 31112 | 11300501 |
| Starbucks Corp  | 141787 | 12504196 |
| Yum! Brands Inc  | 34603 | 5085603 |
|  |  | 137588546 |
| Household Durables - 0.3% |  |  |
| DR Horton Inc  | 34457 | 5839773 |
| Garmin Ltd  | 19154 | 4631820 |
| Lennar Corp Class A  | 29014 | 3862924 |
| Lennar Corp Class B  | 1835 | 233375 |
| NVR Inc (b) | 361 | 2930472 |
| PulteGroup Inc  | 24772 | 3270399 |
|  |  | 20768763 |
| Specialty Retail - 1.9% |  |  |
| AutoZone Inc (b) | 2083 | 8745538 |
| Best Buy Co Inc  | 23970 | 1765151 |
| Burlington Stores Inc (b) | 7842 | 2279513 |
| CarMax Inc (b) | 18951 | 1162644 |
| Carvana Co Class A (b) | 15469 | 5753230 |
| Home Depot Inc/The  | 123766 | 50344296 |
| Lowe's Cos Inc  | 69693 | 17984976 |
| O'Reilly Automotive Inc (b) | 106452 | 11036943 |
| Ross Stores Inc  | 41009 | 6034884 |
| TJX Cos Inc/The  | 139023 | 18991932 |
| Tractor Supply Co  | 66010 | 4076778 |
| Ulta Beauty Inc (b) | 5621 | 2769635 |
| Williams-Sonoma Inc  | 15306 | 2880436 |
|  |  | 133825956 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Deckers Outdoor Corp (b) | 18904 | 2261486 |
| Lululemon Athletica Inc (b) | 13766 | 2783485 |
| NIKE Inc Class B  | 146701 | 11350256 |
|  |  | 16395227 |
| TOTAL CONSUMER DISCRETIONARY |  | 717397876 |
| Consumer Staples - 5.0% |  |  |
| Beverages - 1.0% |  |  |
| Coca-Cola Co/The  | 482363 | 33278223 |
| Constellation Brands Inc Class A  | 19057 | 3086090 |
| Keurig Dr Pepper Inc  | 169125 | 4919846 |
| Monster Beverage Corp (b) | 87453 | 5457942 |
| PepsiCo Inc  | 170727 | 25378569 |
|  |  | 72120670 |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| Costco Wholesale Corp  | 55253 | 52121260 |
| Dollar General Corp  | 27384 | 2978284 |
| Dollar Tree Inc (b) | 24599 | 2685473 |
| Kroger Co/The  | 76283 | 5175039 |
| Sprouts Farmers Market Inc (b) | 12190 | 1713183 |
| Sysco Corp  | 60358 | 4857008 |
| Target Corp  | 56688 | 5440914 |
| Walmart Inc  | 538033 | 52178440 |
|  |  | 127149601 |
| Food Products - 0.5% |  |  |
| Archer-Daniels-Midland Co  | 59821 | 3747187 |
| Bunge Global SA  | 16753 | 1410938 |
| Conagra Brands Inc  | 59223 | 1132935 |
| General Mills Inc  | 68129 | 3360804 |
| Hershey Co/The  | 18426 | 3385778 |
| JM Smucker Co  | 13261 | 1465473 |
| Kellanova  | 33499 | 2663171 |
| Kraft Heinz Co/The  | 107505 | 3006915 |
| McCormick & Co Inc/MD  | 31463 | 2214051 |
| Mondelez International Inc  | 161213 | 9904927 |
| Tyson Foods Inc Class A  | 35639 | 2023582 |
|  |  | 34315761 |
| Household Products - 0.9% |  |  |
| Church & Dwight Co Inc  | 30688 | 2858894 |
| Clorox Co/The  | 15351 | 1814488 |
| Colgate-Palmolive Co  | 100895 | 8482243 |
| Kimberly-Clark Corp  | 41320 | 5336065 |
| Procter & Gamble Co/The  | 291955 | 45848613 |
|  |  | 64340303 |
| Personal Care Products - 0.1% |  |  |
| Estee Lauder Cos Inc/The Class A  | 29165 | 2675305 |
| Kenvue Inc  | 239105 | 4951865 |
|  |  | 7627170 |
| Tobacco - 0.7% |  |  |
| Altria Group Inc  | 210021 | 14115511 |
| Philip Morris International Inc  | 193826 | 32394140 |
|  |  | 46509651 |
| TOTAL CONSUMER STAPLES |  | 352063156 |
| Energy - 3.0% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Baker Hughes Co Class A  | 123362 | 5600635 |
| Halliburton Co  | 106941 | 2430769 |
| Schlumberger NV  | 169273 | 6236017 |
|  |  | 14267421 |
| Oil, Gas & Consumable Fuels - 2.8% |  |  |
| Cheniere Energy Inc  | 27608 | 6676167 |
| Chevron Corp  | 202210 | 32474926 |
| ConocoPhillips  | 157144 | 15552542 |
| Coterra Energy Inc  | 94903 | 2319429 |
| Devon Energy Corp  | 79838 | 2882152 |
| Diamondback Energy Inc  | 23252 | 3458968 |
| EOG Resources Inc  | 68731 | 8579003 |
| EQT Corp  | 74512 | 3862702 |
| Expand Energy Corp  | 26946 | 2607834 |
| Exxon Mobil Corp  | 536658 | 61334643 |
| Kinder Morgan Inc  | 240610 | 6491658 |
| Marathon Petroleum Corp  | 38236 | 6871392 |
| Occidental Petroleum Corp  | 88135 | 4196107 |
| ONEOK Inc  | 77712 | 5935643 |
| Ovintiv Inc  | 32362 | 1363086 |
| Phillips 66  | 50704 | 6773040 |
| Targa Resources Corp  | 26992 | 4528178 |
| Texas Pacific Land Corp  | 2346 | 2189944 |
| Valero Energy Corp  | 38981 | 5925502 |
| Williams Cos Inc/The  | 151999 | 8797702 |
|  |  | 192820618 |
| TOTAL ENERGY |  | 207088039 |
| Financials - 13.9% |  |  |
| Banks - 3.6% |  |  |
| Bank of America Corp  | 815917 | 41399629 |
| Citigroup Inc  | 232557 | 22458029 |
| Citizens Financial Group Inc  | 53891 | 2817421 |
| Fifth Third Bancorp  | 82959 | 3797033 |
| First Citizens BancShares Inc/NC Class A  | 1361 | 2700102 |
| Huntington Bancshares Inc/OH  | 181039 | 3224305 |
| JPMorgan Chase & Co  | 346074 | 104313625 |
| KeyCorp  | 122558 | 2372723 |
| M&T Bank Corp  | 19962 | 4025537 |
| PNC Financial Services Group Inc/The  | 49355 | 10238201 |
| Regions Financial Corp  | 111697 | 3059381 |
| Truist Financial Corp  | 163783 | 7668320 |
| US Bancorp  | 194069 | 9476389 |
| Wells Fargo & Co  | 405209 | 33300076 |
|  |  | 250850771 |
| Capital Markets - 3.6% |  |  |
| Ameriprise Financial Inc  | 11857 | 6104102 |
| Ares Management Corp Class A  | 25160 | 4508672 |
| Bank of New York Mellon Corp/The  | 89090 | 9407904 |
| Blackrock Inc  | 18134 | 20439557 |
| Blackstone Inc  | 90923 | 15584202 |
| Cboe Global Markets Inc  | 13043 | 3077496 |
| Charles Schwab Corp/The  | 212694 | 20384593 |
| CME Group Inc Class A  | 44879 | 11960702 |
| Coinbase Global Inc Class A (b) | 26326 | 8017320 |
| FactSet Research Systems Inc  | 4729 | 1765430 |
| Goldman Sachs Group Inc/The  | 38206 | 28473022 |
| Interactive Brokers Group Inc Class A  | 54283 | 3378574 |
| Intercontinental Exchange Inc  | 71437 | 12615774 |
| KKR & Co Inc Class A  | 84286 | 11757054 |
| LPL Financial Holdings Inc  | 9961 | 3630585 |
| Moody's Corp  | 19263 | 9819507 |
| Morgan Stanley  | 153817 | 23146382 |
| MSCI Inc  | 9635 | 5469982 |
| Nasdaq Inc  | 51482 | 4877405 |
| Northern Trust Corp  | 24220 | 3179602 |
| Raymond James Financial Inc  | 22615 | 3831886 |
| Robinhood Markets Inc Class A (b) | 88834 | 9241401 |
| S&P Global Inc  | 39089 | 21437971 |
| State Street Corp  | 35503 | 4081780 |
| T Rowe Price Group Inc  | 27412 | 2950079 |
| Tradeweb Markets Inc Class A  | 14509 | 1789830 |
|  |  | 250930812 |
| Consumer Finance - 0.6% |  |  |
| American Express Co  | 68894 | 22823205 |
| Capital One Financial Corp  | 79764 | 18123976 |
| Synchrony Financial  | 47313 | 3611874 |
|  |  | 44559055 |
| Financial Services - 4.2% |  |  |
| Apollo Global Management Inc  | 56228 | 7659940 |
| Berkshire Hathaway Inc Class B (b) | 228351 | 114855986 |
| Block Inc Class A (b) | 69176 | 5509177 |
| Corpay Inc (b) | 8775 | 2857754 |
| Fidelity National Information Services Inc  | 65418 | 4566831 |
| Fiserv Inc (b) | 69036 | 9539394 |
| Global Payments Inc  | 30355 | 2696131 |
| Jack Henry & Associates Inc  | 9068 | 1480442 |
| Mastercard Inc Class A  | 101009 | 60129648 |
| PayPal Holdings Inc (b) | 121084 | 8498886 |
| Visa Inc Class A  | 213066 | 74952357 |
|  |  | 292746546 |
| Insurance - 1.9% |  |  |
| AFLAC Inc  | 60646 | 6480632 |
| Allstate Corp/The  | 33156 | 6745588 |
| American International Group Inc  | 71916 | 5848209 |
| Aon PLC  | 26884 | 9866428 |
| Arch Capital Group Ltd  | 46442 | 4250836 |
| Arthur J Gallagher & Co  | 31885 | 9653184 |
| Brown & Brown Inc  | 34868 | 3380453 |
| Chubb Ltd  | 46460 | 12779752 |
| Cincinnati Financial Corp  | 19441 | 2986138 |
| Everest Group Ltd  | 5291 | 1808886 |
| Fidelity National Financial Inc/US  | 32453 | 1942961 |
| Hartford Insurance Group Inc/The  | 35315 | 4672528 |
| Markel Group Inc (b) | 1578 | 3091397 |
| Marsh & McLennan Cos Inc  | 61429 | 12642702 |
| MetLife Inc  | 70151 | 5707485 |
| Principal Financial Group Inc  | 25628 | 2063310 |
| Progressive Corp/The  | 72992 | 18033404 |
| Prudential Financial Inc  | 44019 | 4827124 |
| Travelers Companies Inc/The  | 28198 | 7656039 |
| W R Berkley Corp  | 37285 | 2672962 |
| Willis Towers Watson PLC  | 12343 | 4033569 |
|  |  | 131143587 |
| TOTAL FINANCIALS |  | 970230771 |
| Health Care - 9.1% |  |  |
| Biotechnology - 1.7% |  |  |
| AbbVie Inc  | 219971 | 46281898 |
| Alnylam Pharmaceuticals Inc (b) | 16237 | 7249983 |
| Amgen Inc  | 66958 | 19264486 |
| Biogen Inc (b) | 18239 | 2411561 |
| BioMarin Pharmaceutical Inc (b) | 23923 | 1393992 |
| Gilead Sciences Inc  | 154906 | 17499731 |
| Insmed Inc (b) | 22684 | 3087292 |
| Natera Inc (b) | 17006 | 2861260 |
| Regeneron Pharmaceuticals Inc  | 12931 | 7509032 |
| Vertex Pharmaceuticals Inc (b) | 31979 | 12504429 |
|  |  | 120063664 |
| Health Care Equipment & Supplies - 2.1% |  |  |
| Abbott Laboratories  | 216652 | 28741054 |
| Align Technology Inc (b) | 8458 | 1200698 |
| Baxter International Inc  | 63880 | 1577197 |
| Becton Dickinson & Co  | 35684 | 6886298 |
| Boston Scientific Corp (b) | 184260 | 19439430 |
| Cooper Cos Inc/The (b) | 24891 | 1677529 |
| Dexcom Inc (b) | 48824 | 3678400 |
| Edwards Lifesciences Corp (b) | 73049 | 5941806 |
| GE HealthCare Technologies Inc  | 57000 | 4202610 |
| Hologic Inc (b) | 27747 | 1862379 |
| IDEXX Laboratories Inc (b) | 10026 | 6487724 |
| Insulet Corp (b) | 8763 | 2978368 |
| Intuitive Surgical Inc (b) | 44633 | 21124576 |
| Medtronic PLC  | 159839 | 14834658 |
| ResMed Inc  | 18258 | 5012004 |
| STERIS PLC  | 12232 | 2997574 |
| Stryker Corp  | 42828 | 16763307 |
| Zimmer Biomet Holdings Inc  | 24631 | 2613349 |
|  |  | 148018961 |
| Health Care Providers & Services - 1.6% |  |  |
| Cardinal Health Inc  | 29729 | 4423081 |
| Cencora Inc  | 21485 | 6265241 |
| Centene Corp (b) | 61933 | 1798534 |
| Cigna Group/The  | 33264 | 10008140 |
| CVS Health Corp  | 157523 | 11522807 |
| Elevance Health Inc  | 28132 | 8964262 |
| HCA Healthcare Inc  | 21568 | 8712609 |
| Humana Inc  | 15028 | 4563402 |
| Labcorp Holdings Inc  | 10422 | 2897212 |
| McKesson Corp  | 15582 | 10699224 |
| Molina Healthcare Inc (b) | 6739 | 1218613 |
| Quest Diagnostics Inc  | 13903 | 2525341 |
| UnitedHealth Group Inc  | 112965 | 35004466 |
|  |  | 108602932 |
| Health Care Technology - 0.0% |  |  |
| Veeva Systems Inc Class A (b) | 18669 | 5025695 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Agilent Technologies Inc  | 35492 | 4459925 |
| Avantor Inc (b) | 84802 | 1142282 |
| Danaher Corp  | 79357 | 16333258 |
| Illumina Inc (b) | 19714 | 1970611 |
| IQVIA Holdings Inc (b) | 20460 | 3903973 |
| Mettler-Toledo International Inc (b) | 2587 | 3365790 |
| Revvity Inc  | 14705 | 1325068 |
| Thermo Fisher Scientific Inc  | 47005 | 23160304 |
| Waters Corp (b) | 7408 | 2235734 |
| West Pharmaceutical Services Inc  | 8947 | 2209462 |
|  |  | 60106407 |
| Pharmaceuticals - 2.8% |  |  |
| Bristol-Myers Squibb Co  | 253424 | 11956544 |
| Eli Lilly & Co  | 97960 | 71763537 |
| Johnson & Johnson  | 299635 | 53086333 |
| Merck & Co Inc  | 312695 | 26303903 |
| Pfizer Inc  | 707907 | 17527777 |
| Royalty Pharma PLC Class A  | 45153 | 1624605 |
| Viatris Inc  | 146176 | 1542157 |
| Zoetis Inc Class A  | 55442 | 8671129 |
|  |  | 192475985 |
| TOTAL HEALTH CARE |  | 634293644 |
| Industrials - 8.4% |  |  |
| Aerospace & Defense - 2.3% |  |  |
| Axon Enterprise Inc (b) | 9211 | 6883288 |
| Boeing Co (b) | 93897 | 22035748 |
| GE Aerospace  | 132799 | 36546285 |
| General Dynamics Corp  | 31368 | 10181112 |
| HEICO Corp  | 5022 | 1566964 |
| HEICO Corp Class A  | 9280 | 2273693 |
| Howmet Aerospace Inc  | 50271 | 8752181 |
| L3Harris Technologies Inc  | 23279 | 6462716 |
| Lockheed Martin Corp  | 25965 | 11830433 |
| Northrop Grumman Corp  | 16847 | 9940404 |
| RTX Corp  | 166369 | 26386123 |
| Textron Inc  | 22482 | 1802157 |
| TransDigm Group Inc  | 6995 | 9785166 |
|  |  | 154446270 |
| Air Freight & Logistics - 0.2% |  |  |
| Expeditors International of Washington Inc  | 17059 | 2056292 |
| FedEx Corp  | 27445 | 6341716 |
| United Parcel Service Inc Class B  | 91317 | 7984758 |
|  |  | 16382766 |
| Building Products - 0.5% |  |  |
| Builders FirstSource Inc (b) | 13735 | 1904770 |
| Carlisle Cos Inc  | 5361 | 2068756 |
| Carrier Global Corp  | 99297 | 6474164 |
| Johnson Controls International plc  | 81900 | 8754291 |
| Lennox International Inc  | 3969 | 2214146 |
| Masco Corp  | 26649 | 1955770 |
| Trane Technologies PLC  | 27756 | 11535395 |
|  |  | 34907292 |
| Commercial Services & Supplies - 0.5% |  |  |
| Cintas Corp  | 42734 | 8975422 |
| Copart Inc (b) | 109467 | 5343084 |
| Republic Services Inc  | 25292 | 5917569 |
| Veralto Corp  | 30859 | 3276917 |
| Waste Management Inc  | 45597 | 10322706 |
|  |  | 33835698 |
| Construction & Engineering - 0.1% |  |  |
| Quanta Services Inc  | 18452 | 6974117 |
| Electrical Equipment - 0.9% |  |  |
| AMETEK Inc  | 28744 | 5311891 |
| Eaton Corp PLC  | 48742 | 17017782 |
| Emerson Electric Co  | 70030 | 9243960 |
| GE Vernova Inc  | 33995 | 20837915 |
| Hubbell Inc  | 6642 | 2862636 |
| Rockwell Automation Inc  | 14033 | 4819353 |
| Vertiv Holdings Co Class A  | 47457 | 6053140 |
|  |  | 66146677 |
| Ground Transportation - 0.9% |  |  |
| CSX Corp  | 233916 | 7604609 |
| JB Hunt Transport Services Inc  | 9772 | 1416842 |
| Norfolk Southern Corp  | 28071 | 7859319 |
| Old Dominion Freight Line Inc  | 23147 | 3494503 |
| Uber Technologies Inc (b) | 260414 | 24413813 |
| Union Pacific Corp  | 74392 | 16631819 |
|  |  | 61420905 |
| Industrial Conglomerates - 0.4% |  |  |
| 3M Co  | 67008 | 10421754 |
| Honeywell International Inc  | 80033 | 17567244 |
|  |  | 27988998 |
| Machinery - 1.4% |  |  |
| Caterpillar Inc  | 58561 | 24539401 |
| Cummins Inc  | 17150 | 6833246 |
| Deere & Co  | 31451 | 15053707 |
| Dover Corp  | 17056 | 3050636 |
| Fortive Corp  | 42283 | 2023664 |
| IDEX Corp  | 9399 | 1546136 |
| Illinois Tool Works Inc  | 33175 | 8779764 |
| Ingersoll Rand Inc  | 50220 | 3988975 |
| Otis Worldwide Corp  | 49127 | 4243590 |
| PACCAR Inc  | 65351 | 6533793 |
| Parker-Hannifin Corp  | 15909 | 12080499 |
| Snap-on Inc  | 6507 | 2116337 |
| Stanley Black & Decker Inc  | 19248 | 1429933 |
| Westinghouse Air Brake Technologies Corp  | 21302 | 4121937 |
| Xylem Inc/NY  | 30298 | 4288985 |
|  |  | 100630603 |
| Passenger Airlines - 0.2% |  |  |
| Delta Air Lines Inc  | 81300 | 5022714 |
| Southwest Airlines Co  | 70973 | 2335012 |
| United Airlines Holdings Inc (b) | 40672 | 4270560 |
|  |  | 11628286 |
| Professional Services - 0.6% |  |  |
| Amentum Holdings Inc  | 18874 | 470906 |
| Automatic Data Processing Inc  | 50589 | 15381585 |
| Booz Allen Hamilton Holding Corp Class A  | 15769 | 1714406 |
| Broadridge Financial Solutions Inc  | 14625 | 3738443 |
| Equifax Inc  | 15461 | 3808044 |
| Jacobs Solutions Inc  | 14964 | 2188186 |
| Leidos Holdings Inc  | 16025 | 2899243 |
| Paychex Inc  | 39910 | 5565649 |
| SS&C Technologies Holdings Inc  | 26715 | 2368552 |
| TransUnion  | 24283 | 2146617 |
| Verisk Analytics Inc  | 17417 | 4669846 |
|  |  | 44951477 |
| Trading Companies & Distributors - 0.4% |  |  |
| Fastenal Co  | 142717 | 7087326 |
| Ferguson Enterprises Inc  | 24722 | 5714490 |
| United Rentals Inc  | 8162 | 7805648 |
| Watsco Inc  | 4338 | 1745524 |
| WW Grainger Inc  | 5435 | 5508373 |
|  |  | 27861361 |
| TOTAL INDUSTRIALS |  | 587174450 |
| Information Technology - 33.2% |  |  |
| Communications Equipment - 0.9% |  |  |
| Arista Networks Inc  | 128248 | 17512264 |
| Cisco Systems Inc  | 495416 | 34228292 |
| F5 Inc (b) | 7156 | 2240830 |
| Motorola Solutions Inc  | 20788 | 9821498 |
|  |  | 63802884 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Amphenol Corp Class A  | 150696 | 16404767 |
| CDW Corp/DE  | 16390 | 2700416 |
| Corning Inc  | 95976 | 6433271 |
| Jabil Inc  | 13367 | 2737963 |
| Keysight Technologies Inc (b) | 21507 | 3514889 |
| Ralliant Corp  | 14044 | 587180 |
| Teledyne Technologies Inc (b) | 5835 | 3140222 |
| Trimble Inc (b) | 29709 | 2401081 |
| Zebra Technologies Corp Class A (b) | 6330 | 2007180 |
|  |  | 39926969 |
| IT Services - 1.0% |  |  |
| Akamai Technologies Inc (b) | 18216 | 1441432 |
| Cloudflare Inc Class A (b) | 38678 | 8072485 |
| Cognizant Technology Solutions Corp Class A  | 61376 | 4434416 |
| Gartner Inc (b) | 9586 | 2407907 |
| GoDaddy Inc Class A (b) | 17750 | 2632503 |
| IBM Corporation  | 115739 | 28181290 |
| MongoDB Inc Class A (b) | 10111 | 3191133 |
| Okta Inc Class A (b) | 20816 | 1931100 |
| Snowflake Inc (b) | 41553 | 9917039 |
| Twilio Inc Class A (b) | 19017 | 2008385 |
| VeriSign Inc  | 10059 | 2749829 |
|  |  | 66967519 |
| Semiconductors & Semiconductor Equipment - 12.9% |  |  |
| Advanced Micro Devices Inc (b) | 201904 | 32835648 |
| Analog Devices Inc  | 61806 | 15532466 |
| Applied Materials Inc  | 101223 | 16272609 |
| Broadcom Inc  | 585542 | 174134335 |
| Entegris Inc  | 18861 | 1579420 |
| First Solar Inc (b) | 13352 | 2606177 |
| Intel Corp (b) | 543173 | 13226263 |
| KLA Corp  | 16485 | 14374920 |
| Lam Research Corp  | 159375 | 15961406 |
| Marvell Technology Inc  | 107561 | 6761822 |
| Microchip Technology Inc  | 66945 | 4351425 |
| Micron Technology Inc  | 139159 | 16561313 |
| Monolithic Power Systems Inc  | 5960 | 4981130 |
| NVIDIA Corp  | 3037047 | 528992846 |
| ON Semiconductor Corp (b) | 52003 | 2578829 |
| QUALCOMM Inc  | 136606 | 21956682 |
| Teradyne Inc  | 19963 | 2360425 |
| Texas Instruments Inc  | 113116 | 22903728 |
|  |  | 897971444 |
| Software - 11.3% |  |  |
| Adobe Inc (b) | 53065 | 18928286 |
| AppLovin Corp Class A (b) | 27589 | 13203820 |
| Atlassian Corp Class A (b) | 20577 | 3658179 |
| Autodesk Inc (b) | 26644 | 8384867 |
| Cadence Design Systems Inc (b) | 34002 | 11915321 |
| Crowdstrike Holdings Inc Class A (b) | 31018 | 13142327 |
| Datadog Inc Class A (b) | 39790 | 5438497 |
| Docusign Inc (b) | 25216 | 1933058 |
| Fair Isaac Corp (b) | 3031 | 4612091 |
| Fortinet Inc (b) | 79110 | 6231495 |
| Gen Digital Inc  | 67950 | 2052090 |
| HubSpot Inc (b) | 6567 | 3172977 |
| Intuit Inc  | 34814 | 23220938 |
| Microsoft Corp  | 925596 | 468990237 |
| Oracle Corp  | 202544 | 45801275 |
| Palantir Technologies Inc Class A (b) | 264898 | 41512166 |
| Palo Alto Networks Inc (b) | 82518 | 15721329 |
| PTC Inc (b) | 14938 | 3189263 |
| Roper Technologies Inc  | 13388 | 7046238 |
| Salesforce Inc  | 119482 | 30617263 |
| Servicenow Inc (b) | 25777 | 23649366 |
| Strategy Inc Class A (b) | 31601 | 10567690 |
| Synopsys Inc (b) | 19254 | 11620174 |
| Tyler Technologies Inc (b) | 5371 | 3023228 |
| Workday Inc Class A (b) | 26978 | 6227062 |
| Zoom Communications Inc Class A (b) | 32699 | 2662353 |
| Zscaler Inc (b) | 11946 | 3309639 |
|  |  | 789831229 |
| Technology Hardware, Storage & Peripherals - 6.5% |  |  |
| Apple Inc  | 1860001 | 431780632 |
| Dell Technologies Inc Class C  | 37301 | 4556317 |
| Hewlett Packard Enterprise Co  | 163539 | 3691075 |
| HP Inc  | 117327 | 3348513 |
| NetApp Inc  | 25323 | 2856181 |
| Seagate Technology Holdings PLC  | 26424 | 4423378 |
| Super Micro Computer Inc (b) | 63915 | 2655029 |
| Western Digital Corp  | 43442 | 3490130 |
|  |  | 456801255 |
| TOTAL INFORMATION TECHNOLOGY |  | 2315301300 |
| Materials - 2.0% |  |  |
| Chemicals - 1.1% |  |  |
| Air Products and Chemicals Inc  | 27919 | 8211257 |
| CF Industries Holdings Inc  | 20172 | 1747500 |
| Corteva Inc  | 84906 | 6299176 |
| Dow Inc  | 87850 | 2163746 |
| DuPont de Nemours Inc  | 52048 | 4003532 |
| Eastman Chemical Co  | 14347 | 1009168 |
| Ecolab Inc  | 31405 | 8700441 |
| International Flavors & Fragrances Inc  | 31800 | 2146818 |
| Linde PLC  | 58603 | 28029229 |
| LyondellBasell Industries NV Class A1  | 31985 | 1802355 |
| PPG Industries Inc  | 28213 | 3138132 |
| Sherwin-Williams Co/The  | 28699 | 10498955 |
|  |  | 77750309 |
| Construction Materials - 0.3% |  |  |
| Amrize Ltd (United States)  | 65613 | 3412532 |
| CRH PLC  | 84049 | 9493335 |
| Martin Marietta Materials Inc  | 7501 | 4623616 |
| Vulcan Materials Co  | 16441 | 4786962 |
|  |  | 22316445 |
| Containers & Packaging - 0.2% |  |  |
| Amcor PLC  | 285046 | 2459947 |
| Avery Dennison Corp  | 9728 | 1669811 |
| Ball Corp  | 34530 | 1817659 |
| International Paper Co  | 65718 | 3264871 |
| Packaging Corp of America  | 11121 | 2423933 |
| Smurfit WestRock PLC  | 61733 | 2923675 |
|  |  | 14559896 |
| Metals & Mining - 0.4% |  |  |
| Freeport-McMoRan Inc  | 178811 | 7939208 |
| Newmont Corp  | 138589 | 10311022 |
| Nucor Corp  | 28727 | 4272567 |
| Reliance Inc  | 6548 | 1935981 |
| Steel Dynamics Inc  | 17187 | 2250122 |
|  |  | 26708900 |
| TOTAL MATERIALS |  | 141335550 |
| Real Estate - 1.9% |  |  |
| Diversified REITs - 0.0% |  |  |
| WP Carey Inc  | 27270 | 1829817 |
| Health Care REITs - 0.3% |  |  |
| Alexandria Real Estate Equities Inc  | 19159 | 1579468 |
| Healthpeak Properties Inc  | 86519 | 1552150 |
| Ventas Inc  | 56184 | 3825007 |
| Welltower Inc  | 77356 | 13017468 |
|  |  | 19974093 |
| Hotel & Resort REITs - 0.0% |  |  |
| Host Hotels & Resorts Inc  | 86383 | 1486651 |
| Industrial REITs - 0.2% |  |  |
| Prologis Inc  | 115718 | 13166394 |
| Real Estate Management & Development - 0.2% |  |  |
| CBRE Group Inc Class A (b) | 36537 | 5923378 |
| CoStar Group Inc (b) | 52512 | 4699299 |
|  |  | 10622677 |
| Residential REITs - 0.2% |  |  |
| AvalonBay Communities Inc  | 17689 | 3464391 |
| Equity Residential  | 42532 | 2812216 |
| Essex Property Trust Inc  | 8013 | 2165193 |
| Invitation Homes Inc  | 70928 | 2219337 |
| Mid-America Apartment Communities Inc  | 14571 | 2124743 |
| Sun Communities Inc  | 14941 | 1895565 |
| UDR Inc  | 37581 | 1487079 |
|  |  | 16168524 |
| Retail REITs - 0.2% |  |  |
| Realty Income Corp  | 112340 | 6601098 |
| Simon Property Group Inc  | 38235 | 6907536 |
|  |  | 13508634 |
| Specialized REITs - 0.8% |  |  |
| American Tower Corp  | 58281 | 11880583 |
| Crown Castle Inc  | 54192 | 5372595 |
| Digital Realty Trust Inc  | 39414 | 6607363 |
| Equinix Inc  | 12222 | 9608814 |
| Extra Space Storage Inc  | 26392 | 3789363 |
| Gaming and Leisure Properties Inc  | 34233 | 1643526 |
| Iron Mountain Inc  | 36726 | 3390912 |
| Public Storage Operating Co  | 19639 | 5785453 |
| SBA Communications Corp Class A  | 13371 | 2739049 |
| VICI Properties Inc  | 131454 | 4440516 |
| Weyerhaeuser Co  | 90188 | 2333164 |
|  |  | 57591338 |
| TOTAL REAL ESTATE |  | 134348128 |
| Utilities - 2.3% |  |  |
| Electric Utilities - 1.6% |  |  |
| Alliant Energy Corp  | 31988 | 2081459 |
| American Electric Power Co Inc  | 66494 | 7382164 |
| Constellation Energy Corp  | 39029 | 12020151 |
| Duke Energy Corp  | 96979 | 11878958 |
| Edison International  | 47879 | 2687448 |
| Entergy Corp  | 55570 | 4895161 |
| Evergy Inc  | 28638 | 2040744 |
| Eversource Energy  | 45709 | 2928576 |
| Exelon Corp  | 125634 | 5487693 |
| FirstEnergy Corp  | 63904 | 2787492 |
| NextEra Energy Inc  | 256303 | 18466632 |
| NRG Energy Inc  | 24346 | 3543804 |
| PG&E Corp  | 273605 | 4180684 |
| PPL Corp  | 92015 | 3355787 |
| Southern Co/The  | 137020 | 12646947 |
| Xcel Energy Inc  | 71796 | 5197312 |
|  |  | 101581012 |
| Gas Utilities - 0.0% |  |  |
| Atmos Energy Corp  | 19767 | 3283891 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Vistra Corp  | 42257 | 7991221 |
| Multi-Utilities - 0.6% |  |  |
| Ameren Corp  | 33653 | 3357896 |
| CenterPoint Energy Inc  | 81296 | 3065672 |
| CMS Energy Corp  | 37226 | 2664265 |
| Consolidated Edison Inc  | 44829 | 4403553 |
| Dominion Energy Inc  | 106329 | 6369107 |
| DTE Energy Co  | 25822 | 3528576 |
| NiSource Inc  | 58612 | 2477529 |
| Public Service Enterprise Group Inc  | 62117 | 5114093 |
| Sempra  | 81258 | 6708661 |
| WEC Energy Group Inc  | 39695 | 4227914 |
|  |  | 41917266 |
| Water Utilities - 0.0% |  |  |
| American Water Works Co Inc  | 24254 | 3480692 |
| TOTAL UTILITIES |  | 158254082 |
| TOTAL UNITED STATES |  | 6909190130 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,383,565,128) |  | <br> **6956019305** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (d)<br>(Cost $1,861,338)<br>| 4.15 | 1877000 | **1861685** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $14,249,662)<br>| 4.36 | 14246812 | **14249662** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $4,399,676,128)<br>| <br>**6972130652** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **12145382** |
| **NET ASSETS - 100.0%** | **6984276034** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 S&P 500 Index Contracts (United States) | 87 | 9/19/2025 | 28156463 | 997801 | 997801 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% | The notional amount of futures purchased as a percentage of Net Assets is 0.4% |

---

**Legend**

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

(b) Non-income producing.

(c) 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.

(d) 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 $1,474,867.

(e) 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.

**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 | 23492719 | 333506698 | 342749755 | 633063 | - | - | 14249662 | 14246812 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 4867807 | 25107137 | 29974944 | 5573 | - | - | - | - | 0.0% |
| Total | 28360526 | 358613835 | 372724699 | 638636 | - | - | 14249662 |  |  |

---

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 August 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 | 691703134 | 691703134 | - | - |
| Consumer Discretionary | 726309913 | 726309913 | - | - |
| Consumer Staples | 352063156 | 352063156 | - | - |
| Energy | 207088039 | 207088039 | - | - |
| Financials | 970230771 | 970230771 | - | - |
| Health Care | 634293644 | 634293644 | - | - |
| Industrials | 589816659 | 589816659 | - | - |
| Information Technology | 2350576229 | 2350576229 | - | - |
| Materials | 141335550 | 141335550 | - | - |
| Real Estate | 134348128 | 134348128 | - | - |
| Utilities | 158254082 | 158254082 | - | - |
|  **U.S. Treasury Obligations** | 1861685 | - | 1861685 | - |
|  **Money Market Funds** | 14249662 | 14249662 | - | - |
| **Total Investments in Securities:** | 6972130652 | 6970268967 | 1861685 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 997801 | 997801 | - | - |
| Total Assets | 997801 | 997801 | - | - |
| **Total Derivative Instruments:** | 997801 | 997801 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 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)  | 997801 | - |
| **Total Equity Risk**  | 997801 | - |
| **Total Value of Derivatives** | 997801 | - |

---

(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 August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,385,426,466) | $6957880990 |  |
| Fidelity Central Funds (cost $14,249,662) | 14249662 |  |
| Total Investment in Securities (cost $4,399,676,128) |  | $6972130652 |
| Cash |  | 12735 |
| Receivable for fund shares sold |  | 10335112 |
| Dividends receivable |  | 6612092 |
| Distributions receivable from Fidelity Central Funds |  | 57966 |
| Other receivables |  | 11866 |
| **Total assets** |  | 6989160423 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $12735 |  |
| Payable for fund shares redeemed | 4716485 |  |
| Payable for daily variation margin on futures contracts | 155169 |  |
| **Total liabilities** |  | 4884389 |
| **Net Assets**  |  | $6984276034 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4378918288 |
| Total accumulated earnings (loss) |  | 2605357746 |
| **Net Assets** |  | $6984276034 |
| **Net Asset Value**, offering price and redemption price per share ($6,984,276,034 ÷ 253,028,793 shares) |  | $27.60 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $39856769 |
| Interest  |  | 59062 |
| Income from Fidelity Central Funds (including $5,573 from security lending)  |  | 638636 |
| **Total income** |  | 40554467 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $10790 |  |
| Total expenses before reductions | 10790 |  |
| Expense reductions | (409) |  |
| Total expenses after reductions |  | 10381 |
| **Net Investment income (loss)** |  | 40544086 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (40747701) |  |
| Redemptions in-kind | 108925801 |  |
| Futures contracts | 2886965 |  |
| Total net realized gain (loss) |  | 71065065 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 488347537 |  |
| Futures contracts | 803191 |  |
| Total change in net unrealized appreciation (depreciation) |  | 489150728 |
| **Net gain (loss)** |  | 560215793 |
| **Net increase (decrease) in net assets resulting from operations** |  | $600759879 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $40544086 | $68511380 |
| &nbsp;&nbsp;Net realized gain (loss) | 71065065<br>| 8886939<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 489150728 | 768219507<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 600759879<br>| 845617826<br>|
| Distributions to shareholders | (36985723)<br>| (67272728)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1556424170 | 2006000725 |
| Reinvestment of distributions | 27972839<br>| 50108426<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (945383772) | (1403718358) |
| **Net increase (decrease) in net assets resulting from share transactions** | 639013237<br>| 652390793<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1202787393<br>| 1430735891<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5781488641 | 4350752750<br>|
| &nbsp;&nbsp;End of period | $6984276034 | $5781488641 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 61871440 | 83703048 |
| Issued in reinvestment of distributions | 1158138<br>| 2082609<br>|
| &nbsp;&nbsp;Redeemed | (37168890) | (58387743) |
| &nbsp;&nbsp;Net increase (decrease) | 25860688 | 27397914 |

---

**Financial Highlights** 

**Fidelity Flex® 500 Index Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.45 | $21.78 | $16.96 | $18.69 | $16.28 | $12.62 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .17  | .32  | .31  | .29  | .26  | .24  |
| Net realized and unrealized gain (loss)  | 2.13  | 3.67  | 4.81  | (1.74)  | 2.41  | 3.66  |
| Total from investment operations  | 2.30  | 3.99  | 5.12  | (1.45)  | 2.67  | 3.90  |
| Distributions from net investment income  | (.15)  | (.32)  | (.30)  | (.28)  | (.24)  | (.24)  |
| Distributions from net realized gain  | -  | -  | -  | -  | (.02)  | -  |
| Total distributions  | (.15)  | (.32)  | (.30)  | (.28)  | (.26)  | (.24)  |
| Net asset value, end of period  | $27.60 | $25.45 | $21.78 | $16.96 | $18.69 | $16.28 |
| **Total Return** D,E | 9.14% <br>| 18.39%  | 30.49%  | (7.73)%  | 16.38%  | 31.31%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |  |
| Expenses before reductions  | -% H,I | .01%  | -% H | -% H | -% H | -% H |
| Expenses net of fee waivers, if any H | -% I<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -% I | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.32% I | 1.34%  | 1.64%  | 1.67%  | 1.38%  | 1.69%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6984276 | $5781489 | $4350753 | $2919224 | $2760531 | $1688408 |
| Portfolio turnover rate J | 8% I,K<br>| 2% K | 2%  | 5%  | 2%  | 6%  |

---

A*For the year ended February 29.*

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

C*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.*

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*Amount represents less than .005%.*

I*Annualized.*

J*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.* 

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended August 31, 2025

**1. Organization.**

Fidelity Flex 500 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 is available only to certain fee-based accounts and advisory programs offered by Fidelity.

**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 August 31, 2025 is included at the end of the Fund's Schedule of Investments.

**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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

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

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 the short-term capital gain dividends, future contracts, redemptions in-kind, 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** | $2715741402 |
| **Gross unrealized depreciation** | <u>(193734598)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2522006804</u> |
| **Tax cost** | <u>$4451121649</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 | $- |
| Long-term | <u>(18679012)</u> |
| **Total capital loss carryforward** | <u>$(18679012)</u> |

---

**New Accounting Pronouncement.** 

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Flex 500 Index Fund** | 1056370464 | 243952168 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Flex 500 Index Fund** | 6268552 | 108925801 | 166765571 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Flex 500 Index Fund** | 875448 | 15434781 | 22140072 |

---

**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 and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**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 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. During the period, there were no interfund trades.

**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 borne by the investment adviser.

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.

**8. Security Lending.**

Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. 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. The 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income earned is presented in the Statement of Operations as a component of income from Fidelity Central Funds.

---

| | | |
|:---|:---|:---|
|  | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Flex 500 Index Fund** | - | - |

---

**9. Expense Reductions.** 

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 $409.

**10. Other.**

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

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Flex 500 Index Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) 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. The Board considered all factors it believed relevant and 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 the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. 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.

**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, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (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 reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.

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 noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund 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 level of Fidelity's profits in respect of all the Fidelity funds.

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 concluded that the costs of the services provided by and the profits realized by Fidelity and Geode in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with limited exceptions.

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

**Economies of Scale.** The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

**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.

![](img114167_4.jpg)<br>

1.9881570.108 Z5I-SANN-1025

**Fidelity® Total Market Index Fund**

**Fidelity® Extended Market Index Fund**

**Fidelity® International Index Fund**

**Semi-Annual Report**

**August 31, 2025**

![](img114168_1.jpg)

![](img114168_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SIF-I-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Total Market Index Fund](#Sub_Sec_Fund_397_SIF-I-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Extended Market Index Fund](#Sub_Sec_Fund_398_SIF-I-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Index Fund](#Sub_Sec_Fund_399_SIF-I-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements397_SIF-I-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SIF-I-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SIF-I-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SIF-I-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SIF-I-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.

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"). A 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 Funds. This report is not authorized for distribution to prospective investors in the Funds 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 Funds nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Total Market Index Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Benitec Biopharma Inc (b) | 39732 | 526052 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Mawson Infrastructure Group Inc (b) | 23738 | 9723 |
| TOTAL AUSTRALIA |  | 535775 |
| BAHAMAS (NASSAU) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| OneSpaWorld Holdings Ltd  | 192008 | 4333621 |
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Aptiv PLC  | 407245 | 32388195 |
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (b) | 189388 | 2223415 |
| Liberty Global Ltd Class C (b) | 396233 | 4734984 |
| TOTAL BELGIUM |  | 6958399 |
| BERMUDA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Kestrel Group Ltd  | 4310 | 116154 |
| RenaissanceRe Holdings Ltd  | 90904 | 22088763 |
| TOTAL BERMUDA |  | 22204917 |
| BRITISH VIRGIN ISLANDS - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| Acuren Corp  | 307188 | 3462009 |
| CANADA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| GameSquare Holdings Inc (b)(c) | 61768 | 46635 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Sunopta Inc (United States) (b) | 177564 | 1113326 |
| Personal Care Products - 0.0% |  |  |
| Flora Growth Corp (b)(c) | 513 | 10496 |
| TOTAL CONSUMER STAPLES |  | 1123822 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Kingsway Financial Services Inc (b) | 42687 | 612558 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| TuHURA Biosciences Inc (b) | 47152 | 127310 |
| TuHURA Biosciences Inc rights (b)(c)(d) | 87127 | 0 |
|  |  | 127310 |
| Pharmaceuticals - 0.0% |  |  |
| Lexaria Bioscience Corp (b)(c) | 26294 | 23223 |
| TOTAL HEALTH CARE |  | 150533 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| RB Global Inc (United States)  | 345464 | 39569447 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| D-Wave Quantum Inc (b)(c) | 499926 | 7808844 |
| Hut 8 Corp (United States) (b) | 171598 | 4586815 |
|  |  | 12395659 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Loop Industries Inc (b) | 53007 | 78980 |
| Metals & Mining - 0.0% |  |  |
| McEwen Inc (b)(c) | 83181 | 960741 |
| US Goldmining Inc (b) | 5216 | 48248 |
|  |  | 1008989 |
| TOTAL MATERIALS |  | 1087969 |
| TOTAL CANADA |  | 54986623 |
| CHINA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| indie Semiconductor Inc Class A (b)(c) | 327485 | 1483507 |
| Software - 0.0% |  |  |
| Nukkleus Inc (b)(c) | 5132 | 24993 |
| TOTAL CHINA |  | 1508500 |
| CZECH REPUBLIC - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Leisure Products - 0.0% |  |  |
| Connexa Sports Technologies In (b)(c) | 20797 | 66758 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Galecto Inc (b) | 2453 | 7850 |
| GERMANY - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Orion SA  | 106695 | 1125632 |
| Paper & Forest Products - 0.0% |  |  |
| Mercer International Inc  | 80387 | 267689 |
| TOTAL GERMANY |  | 1393321 |
| GHANA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Kosmos Energy Ltd (b) | 883697 | 1581818 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Oxbridge Re Holdings Ltd (b) | 11234 | 23591 |
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| GigaCloud Technology Inc Class A (b)(c) | 47525 | 1257987 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Natural Health Trends Corp  | 15213 | 67089 |
| TOTAL HONG KONG |  | 1325076 |
| IRELAND - 0.4%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (b) | 71590 | 587037 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Cimpress PLC (b) | 28806 | 1818091 |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| Accenture PLC Class A  | 1166908 | 303361073 |
| TOTAL IRELAND |  | 305766201 |
| ISRAEL - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Mobileye Global Inc Class A (b) | 279759 | 3919424 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (b) | 243227 | 7503553 |
| JORDAN - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Jerash Holdings US Inc  | 9170 | 31086 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Webtoon Entertainment Inc (b) | 31446 | 455024 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Artiva Biotherapeutics Inc (b)(c) | 25581 | 80580 |
| TOTAL KOREA (SOUTH) |  | 535604 |
| NETHERLANDS - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| uniQure NV (b) | 94313 | 1540131 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| NXP Semiconductors NV  | 471490 | 110729427 |
| TOTAL NETHERLANDS |  | 112269558 |
| NORWAY - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Seadrill Ltd (b)(c) | 118015 | 3765859 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| T1 Energy Inc (b)(c) | 282480 | 466092 |
| TOTAL NORWAY |  | 4231951 |
| PHILIPPINES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| TaskUS Inc Class A (b) | 32248 | 564985 |
| PUERTO RICO - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class A (b) | 53674 | 432612 |
| Liberty Latin America Ltd Class C (b) | 248834 | 2050393 |
|  |  | 2483005 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| First BanCorp/Puerto Rico  | 301169 | 6694987 |
| Ofg Bancorp  | 85140 | 3810015 |
| Popular Inc  | 128283 | 16117476 |
|  |  | 26622478 |
| Financial Services - 0.0% |  |  |
| EVERTEC Inc  | 117938 | 4208028 |
| TOTAL FINANCIALS |  | 30830506 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Unusual Machines Inc /US (b)(c) | 42055 | 403727 |
| TOTAL PUERTO RICO |  | 33717238 |
| SINGAPORE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Grindr Inc Class A (b) | 44346 | 693571 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Scilex Holding Co (b)(c) | 8554 | 151919 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Kulicke & Soffa Industries Inc  | 98139 | 3680213 |
| TOTAL SINGAPORE |  | 4525703 |
| SWEDEN - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Autoliv Inc  | 133665 | 16583817 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| SiriusPoint Ltd (b) | 171995 | 3219746 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Aprea Therapeutics Inc (b) | 7197 | 11227 |
| TOTAL SWEDEN |  | 19814790 |
| SWITZERLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Garrett Motion Inc  | 217574 | 2826286 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| CRISPR Therapeutics AG (b)(c) | 161649 | 8378268 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| TE Connectivity PLC  | 552998 | 114194087 |
| TOTAL SWITZERLAND |  | 125398641 |
| THAILAND - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| BKV Corp (b) | 28026 | 653286 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Fabrinet (b) | 66775 | 22121890 |
| TOTAL THAILAND |  | 22775176 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Flutter Entertainment PLC (b) | 329221 | 101126815 |
| Soho House & Co Inc Class A (b) | 65702 | 580148 |
|  |  | 101706963 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| TechnipFMC PLC  | 782147 | 28751724 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| F-star Therapeutics Inc rights (b)(d) | 1612 | 0 |
| F-star Therapeutics Inc rights (b)(d) | 1612 | 0 |
| Zura Bio Ltd Class A (b) | 66107 | 134858 |
|  |  | 134858 |
| Health Care Technology - 0.0% |  |  |
| OneMedNet Corp Class A (b) | 40195 | 34568 |
| TOTAL HEALTH CARE |  | 169426 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| TurnOnGreen Inc warrants 7/14/2028 (b) | 95205 | 105 |
| Machinery - 0.0% |  |  |
| Luxfer Holdings PLC  | 49158 | 659700 |
| TOTAL INDUSTRIALS |  | 659805 |
| TOTAL UNITED KINGDOM |  | 131287918 |
| UNITED STATES - 99.1%  |  |  |
| Communication Services - 9.3% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| Anterix Inc (b) | 35127 | 833915 |
| AST SpaceMobile Inc Class A (b)(c) | 355394 | 17392982 |
| AT&T Inc  | 13415461 | 392938854 |
| Atn International Inc  | 19536 | 332112 |
| Bandwidth Inc Class A (b) | 48603 | 729045 |
| Cogent Communications Holdings Inc  | 78403 | 2997347 |
| Frontier Communications Parent Inc (b) | 412128 | 15281706 |
| GCI Liberty Inc/DEL Class A (b)(d) | 149409 | 0 |
| GCI LLC Class A  | 7103 | 265155 |
| GCI LLC Class C  | 40767 | 1493703 |
| Globalstar Inc (b) | 95078 | 2845685 |
| IDT Corp Class B  | 38157 | 2444719 |
| iQSTEL Inc (b) | 5403 | 36254 |
| Iridium Communications Inc  | 201635 | 5018695 |
| Lumen Technologies Inc (b) | 1913345 | 9509325 |
| NextPlat Corp (b) | 41429 | 29203 |
| Shenandoah Telecommunications Co  | 85969 | 1139089 |
| Uniti Group Inc (b) | 271681 | 1711590 |
| Verizon Communications Inc  | 7860332 | 347662484 |
|  |  | 802661863 |
| Entertainment - 1.6% |  |  |
| AMC Entertainment Holdings Inc Class A (b)(c) | 837032 | 2352060 |
| Atlanta Braves Holdings Inc Class A (b) | 28660 | 1361493 |
| Atlanta Braves Holdings Inc Class C (b) | 64235 | 2889291 |
| Cinemark Holdings Inc  | 188184 | 4855147 |
| Cineverse Corp (b) | 21992 | 107541 |
| CuriosityStream Inc Class A  | 54690 | 250480 |
| Dolphin Entertainment Inc (b) | 3621 | 4309 |
| Electronic Arts Inc  | 425641 | 73188970 |
| Eventbrite Inc Class A (b) | 134472 | 356351 |
| Gaia Inc Class A (b) | 29999 | 170394 |
| Golden Matrix Group Inc (b)(c) | 60811 | 74798 |
| Kartoon Studios Inc (b) | 55659 | 44054 |
| Liberty Media Corp-Liberty Formula One Class A (b) | 56563 | 5097457 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 404874 | 40446913 |
| Liberty Media Corp-Liberty Live Class A (b) | 24912 | 2357173 |
| Liberty Media Corp-Liberty Live Class C (b) | 98809 | 9622021 |
| Lionsgate Studios Corp  | 420824 | 2705898 |
| Live Nation Entertainment Inc (b) | 293927 | 48935906 |
| LiveOne Inc (b) | 160415 | 88228 |
| Madison Square Garden Entertainment Corp Class A (b) | 75704 | 3081910 |
| Madison Square Garden Sports Corp Class A (b) | 30959 | 6124929 |
| Marcus Corp/The  | 45457 | 701856 |
| Mega Matrix Inc Class A (c) | 61019 | 147056 |
| Motorsport Games Inc Class A (b) | 314 | 891 |
| Netflix Inc (b) | 793273 | 958472102 |
| Playstudios Inc Class A (b) | 196143 | 189592 |
| Playtika Holding Corp  | 98759 | 366396 |
| PodcastOne Inc (b) | 5883 | 9295 |
| Reading International Inc Class A (b) | 27122 | 41768 |
| Reading International Inc Class B (b) | 2945 | 36960 |
| Reservoir Media Inc (b) | 59958 | 472469 |
| ROBLOX Corp Class A (b) | 1033966 | 128821824 |
| Roku Inc Class A (b) | 241348 | 23304563 |
| Skillz Inc Class A (b) | 21194 | 186931 |
| Snail Inc Class A (b) | 4029 | 3738 |
| Sphere Entertainment Co Class A (b)(c) | 52238 | 2366904 |
| Starz Entertainment Corp  | 23075 | 294668 |
| Take-Two Interactive Software Inc (b) | 316233 | 73767672 |
| TKO Group Holdings Inc Class A  | 125025 | 23699739 |
| Vivid Seats Inc Class A (b)(c) | 8355 | 148301 |
| Walt Disney Co/The  | 3350722 | 396658470 |
| Warner Bros Discovery Inc (b) | 4202888 | 48921616 |
| Warner Music Group Corp Class A  | 271000 | 9037850 |
|  |  | 1871765984 |
| Interactive Media & Services - 6.3% |  |  |
| Alphabet Inc Class A  | 10850131 | 2310101391 |
| Alphabet Inc Class C  | 8749877 | 1868361236 |
| Angi Inc Class A (b) | 82113 | 1455042 |
| Arena Group Holdings Inc/The (b) | 51270 | 302493 |
| Bumble Inc Class A (b) | 155278 | 958065 |
| BuzzFeed Inc Class A (b) | 31909 | 62542 |
| Cargurus Inc Class A (b) | 159021 | 5502127 |
| Cars.com Inc (b) | 109595 | 1430215 |
| DHI Group Inc (b) | 41685 | 114634 |
| EverQuote Inc Class A (b) | 50637 | 1177310 |
| fuboTV Inc (b)(c) | 630727 | 2226466 |
| Getty Images Holdings Inc Class A (b)(c) | 74840 | 137706 |
| Giftify Inc (b) | 17157 | 19044 |
| IAC Inc Class A (b) | 125416 | 4592734 |
| Intelligent Protection Management Corp (b) | 752 | 1451 |
| IZEA Worldwide Inc (b) | 6328 | 23920 |
| Match Group Inc  | 455887 | 17022821 |
| MediaAlpha Inc Class A (b) | 58167 | 614825 |
| Meta Platforms Inc Class A  | 4047104 | 2989595725 |
| Nextdoor Holdings Inc Class A (b) | 413596 | 847872 |
| Pinterest Inc Class A (b) | 1105531 | 40495601 |
| PSQ Holdings Inc Class A (b)(c) | 68903 | 114379 |
| QuinStreet Inc (b) | 106588 | 1671300 |
| Reddit Inc Class A (b) | 204966 | 46133747 |
| Rumble Inc Class A (b)(c) | 204556 | 1491213 |
| Shutterstock Inc  | 47423 | 992563 |
| Snap Inc Class A (b) | 1982294 | 14153579 |
| Society Pass Inc (b) | 288 | 386 |
| Super League Enterprise Inc (b)(c) | 78 | 265 |
| System1 Inc Class A (b)(c) | 3657 | 26038 |
| Teads Holding Co (b)(c) | 47344 | 82852 |
| Travelzoo (b) | 15049 | 147631 |
| TripAdvisor Inc Class A  | 223604 | 3895182 |
| TrueCar Inc (b) | 135866 | 298905 |
| Trump Media & Technology Group Corp (b) | 171435 | 3005256 |
| Vimeo Inc Class A (b) | 288560 | 1211952 |
| Yelp Inc Class A (b) | 121418 | 3839237 |
| Zedge Inc Class B (b) | 19830 | 60283 |
| Ziff Davis Inc (b) | 81582 | 3117248 |
| ZipRecruiter Inc Class A (b) | 142917 | 714585 |
| ZoomInfo Technologies Inc (b) | 490390 | 5345251 |
|  |  | 7331345072 |
| Media - 0.5% |  |  |
| Advantage Solutions Inc Class A (b) | 97241 | 176979 |
| Altice USA Inc Class A (b) | 474341 | 1109958 |
| AMC Networks Inc Class A (b) | 58919 | 415968 |
| Asset Entities Inc Class A (b)(c) | 24069 | 148024 |
| Boston Omaha Corp (b) | 39761 | 530412 |
| Cable One Inc  | 8484 | 1369996 |
| Cardlytics Inc (b)(c) | 94302 | 96188 |
| Charter Communications Inc Class A (b) | 178020 | 47278552 |
| Clear Channel Outdoor Holdings Inc (b) | 624298 | 774130 |
| Comcast Corp Class A  | 6938027 | 235684777 |
| comScore Inc (b) | 7225 | 47396 |
| Creative Realities Inc (b) | 9621 | 22994 |
| DallasNews Corp Class A (b) | 7518 | 111793 |
| Direct Digital Holdings Inc Class A (b) | 5555 | 2517 |
| DoubleVerify Holdings Inc (b) | 256723 | 4176883 |
| EchoStar Corp Class A (b) | 251559 | 15543831 |
| Emerald Holding Inc  | 37787 | 194603 |
| Entravision Communications Corp Class A  | 121883 | 315677 |
| EW Scripps Co/The Class A (b) | 115764 | 346134 |
| Fluent Inc (b)(c) | 12325 | 29334 |
| Fox Corp Class A  | 483351 | 28856055 |
| Fox Corp Class B  | 154145 | 8408609 |
| Gannett Co Inc (b) | 229796 | 944462 |
| Gray Media Inc  | 143165 | 877601 |
| Gray Media Inc Class A  | 9257 | 95255 |
| Harte Hanks Inc (b) | 11062 | 39934 |
| Ibotta Inc Class A (b) | 12072 | 325220 |
| iHeartMedia Inc Class A (b) | 206061 | 438910 |
| Integral Ad Science Holding Corp (b) | 134738 | 1211295 |
| Interpublic Group of Cos Inc/The  | 690956 | 18545259 |
| John Wiley & Sons Inc Class A  | 77345 | 3138660 |
| Lee Enterprises Inc (b) | 8313 | 36078 |
| Lendway Inc (b) | 2977 | 16374 |
| Liberty Broadband Corp Class A (b) | 35517 | 2154816 |
| Liberty Broadband Corp Class C (b) | 203836 | 12405459 |
| LQR House Inc (b)(c) | 960 | 834 |
| Magnite Inc (b) | 234012 | 6072611 |
| Marchex Inc Class B (b) | 68920 | 135083 |
| Mediaco Holding Inc Class A (b) | 6615 | 8798 |
| National CineMedia Inc  | 172915 | 759097 |
| New York Times Co/The Class A  | 302448 | 18098488 |
| News Corp Class A  | 712470 | 20953743 |
| News Corp Class B  | 197576 | 6691899 |
| Nexstar Media Group Inc  | 52576 | 10753369 |
| Omnicom Group Inc  | 364532 | 28553792 |
| Paramount Skydance Corp Class B  | 578097 | 8498026 |
| PubMatic Inc Class A (b) | 72015 | 624370 |
| Saga Communications Inc Class A  | 9016 | 108192 |
| Scholastic Corp  | 48391 | 1241713 |
| Sinclair Inc Class A  | 74920 | 1084092 |
| Sirius XM Holdings Inc  | 409146 | 9672211 |
| SPAR Group Inc (b) | 25695 | 30577 |
| Stagwell Inc Class A (b) | 190013 | 1071673 |
| TechTarget Inc (c) | 49053 | 289413 |
| TEGNA Inc  | 299275 | 6344630 |
| Thryv Holdings Inc (b) | 74674 | 960308 |
| Townsquare Media Inc Class A  | 23406 | 165246 |
| Trade Desk Inc (The) Class A (b) | 836162 | 45704615 |
| Urban One Inc Class A (b) | 10957 | 17093 |
| Urban One Inc Class D (b) | 38428 | 30320 |
| WideOpenWest Inc (b) | 90319 | 459724 |
|  |  | 554200050 |
| Wireless Telecommunication Services - 0.2% |  |  |
| Array Digital Infrastructure Inc  | 25827 | 1390267 |
| Gogo Inc (b) | 111831 | 1227904 |
| Kore Group Holdings Inc (b) | 14534 | 34882 |
| NII Holdings Inc (b)(d) | 149032 | 0 |
| Spok Holdings Inc  | 41446 | 752659 |
| SurgePays Inc (b) | 23896 | 64519 |
| T-Mobile US Inc  | 888953 | 224007267 |
| Telephone and Data Systems Inc  | 184461 | 7395042 |
|  |  | 234872540 |
| TOTAL COMMUNICATION SERVICES |  | 10794845509 |
| Consumer Discretionary - 10.4% |  |  |
| Automobile Components - 0.1% |  |  |
| Adient PLC (b) | 154475 | 3830980 |
| American Axle & Manufacturing Holdings Inc (b) | 217730 | 1267189 |
| BorgWarner Inc  | 408577 | 17470753 |
| Cooper-Standard Holdings Inc (b) | 31731 | 1168335 |
| Dana Inc  | 241600 | 4870656 |
| Dorman Products Inc (b) | 50618 | 8189486 |
| Fox Factory Holding Corp (b) | 76557 | 2214794 |
| Gentex Corp  | 422919 | 11845961 |
| Gentherm Inc (b) | 56465 | 2076218 |
| Goodyear Tire & Rubber Co/The (b) | 529874 | 4493332 |
| Holley Inc Class A (b) | 101467 | 412971 |
| LCI Industries  | 46860 | 4939981 |
| Lear Corp  | 99785 | 10976350 |
| Luminar Technologies Inc Class A (b)(c) | 73367 | 124724 |
| Modine Manufacturing Co (b) | 97737 | 13304938 |
| Motorcar Parts of America Inc (b) | 34938 | 520576 |
| Patrick Industries Inc  | 61680 | 6898908 |
| Phinia Inc  | 74917 | 4381146 |
| QuantumScape Corp Class A (b) | 804248 | 6377687 |
| Solid Power Inc (b)(c) | 259774 | 1124821 |
| Standard Motor Products Inc  | 38102 | 1478739 |
| Stoneridge Inc (b) | 47632 | 395346 |
| Strattec Security Corp (b) | 6821 | 449299 |
| Sypris Solutions Inc (b) | 27321 | 52729 |
| Visteon Corp  | 50561 | 6267542 |
| Worksport Ltd (b)(c) | 4672 | 14529 |
| XPEL Inc (b)(e) | 41614 | 1546376 |
|  |  | 116694366 |
| Automobiles - 1.7% |  |  |
| Cenntro Inc (b) | 23564 | 12755 |
| Empery Digital Inc (b) | 144 | 1015 |
| Envirotech Vehicles Inc (b)(c) | 2375 | 5415 |
| Faraday Future Intelligent Electric Inc Class A (b)(c) | 162184 | 361670 |
| Ford Motor Co  | 7277307 | 85653903 |
| General Motors Co  | 1793373 | 105073725 |
| Harley-Davidson Inc  | 205645 | 5988382 |
| Lucid Group Inc (b)(c) | 2215669 | 4387025 |
| Rivian Automotive Inc Class A (b)(c) | 1529579 | 20756387 |
| StableX Technologies Inc (b)(c) | 264 | 1597 |
| Tesla Inc (b) | 5223537 | 1743982299 |
| Thor Industries Inc (c) | 99810 | 10939176 |
| Winnebago Industries Inc  | 53130 | 1911617 |
| Workhorse Group Inc (b)(c) | 22294 | 29428 |
|  |  | 1979104394 |
| Broadline Retail - 3.6% |  |  |
| 1stdibs.Com Inc (b) | 58555 | 160441 |
| Amazon.com Inc (b) | 17612525 | 4033268225 |
| Dillard's Inc Class A  | 5473 | 2916452 |
| eBay Inc  | 859960 | 77920976 |
| Etsy Inc (b) | 194553 | 10313255 |
| Groupon Inc (b) | 45833 | 1196241 |
| Kohl's Corp  | 206672 | 3112480 |
| Macy's Inc  | 517991 | 6853021 |
| Ollie's Bargain Outlet Holdings Inc (b) | 114340 | 14502886 |
| QVC Group Inc Class A (b)(c) | 13376 | 114765 |
| Savers Value Village Inc (b)(c) | 49317 | 596243 |
|  |  | 4150954985 |
| Distributors - 0.1% |  |  |
| A-Mark Precious Metals Inc  | 35964 | 841917 |
| AMCON Distributing Co  | 260 | 31197 |
| Cheetah Net Supply Chain Service Inc Class A (b) | 3470 | 5760 |
| Educational Development Corp (b) | 5163 | 6041 |
| Genuine Parts Co  | 258876 | 36069194 |
| Kaival Brands Innovations Group Inc (b)(c) | 4964 | 4964 |
| LKQ Corp  | 481740 | 15714359 |
| Pool Corp  | 70454 | 21890762 |
| Weyco Group Inc  | 13376 | 405293 |
|  |  | 74969487 |
| Diversified Consumer Services - 0.1% |  |  |
| ADT Inc  | 839396 | 7311139 |
| Adtalem Global Education Inc (b) | 67122 | 8789626 |
| Allurion Technologies Inc (b) | 2686 | 5828 |
| American Public Education Inc (b) | 32970 | 995035 |
| Beachbody Co Inc/The Class A (b) | 4639 | 25561 |
| Bright Horizons Family Solutions Inc (b) | 107101 | 12642202 |
| Carriage Services Inc  | 24357 | 1066349 |
| Chegg Inc (b) | 190164 | 279541 |
| Classover Holdings Inc Class B  | 17762 | 22202 |
| Coursera Inc (b) | 239402 | 2753123 |
| Duolingo Inc Class A (b) | 73051 | 21758971 |
| European Wax Center Inc Class A (b) | 63502 | 272424 |
| Frontdoor Inc (b) | 137985 | 8382589 |
| Graham Holdings Co Class B  | 6331 | 6875783 |
| Grand Canyon Education Inc (b) | 51973 | 10476198 |
| H&R Block Inc  | 248994 | 12536848 |
| KinderCare Learning Cos Inc (b) | 44918 | 322960 |
| Laureate Education Inc (b) | 247195 | 6792919 |
| Legacy Education Inc (b) | 5094 | 61434 |
| Lincoln Educational Services Corp (b) | 52824 | 993619 |
| Matthews International Corp Class A  | 58044 | 1426141 |
| Mister Car Wash Inc (b) | 172705 | 986146 |
| Nerdy Inc Class A (b) | 148117 | 201439 |
| Perdoceo Education Corp  | 113527 | 3716874 |
| Regis Corp (b) | 4155 | 91909 |
| Service Corp International/US  | 264702 | 20977634 |
| Strategic Education Inc  | 44615 | 3629430 |
| Stride Inc (b)(c) | 79941 | 13045572 |
| Udemy Inc (b) | 164678 | 1129691 |
| Universal Technical Institute Inc (b) | 81301 | 2161794 |
| XWELL Inc (b) | 7012 | 7852 |
|  |  | 149738833 |
| Hotels, Restaurants & Leisure - 2.1% |  |  |
| Accel Entertainment Inc Class A (b) | 106288 | 1231878 |
| Airbnb Inc Class A (b) | 805141 | 105095055 |
| Allied Gaming & Entertainment Inc (b) | 46568 | 54485 |
| Aramark  | 487635 | 19071405 |
| Ark Restaurants Corp (b) | 4977 | 34142 |
| Bally's Corp (c) | 13316 | 132494 |
| Biglari Holdings Inc Class A (b) | 34 | 53096 |
| Biglari Holdings Inc Class B (b) | 1549 | 481538 |
| BJ's Restaurants Inc (b) | 41951 | 1407876 |
| Bloomin' Brands Inc  | 140383 | 1031815 |
| Booking Holdings Inc  | 60631 | 339476002 |
| Boyd Gaming Corp  | 113132 | 9713514 |
| Brinker International Inc (b) | 82689 | 12897830 |
| Caesars Entertainment Inc (b) | 388826 | 10408872 |
| Canterbury Park Holding Corp  | 4951 | 81939 |
| Carnival Corp (b) | 1956116 | 62380539 |
| Cava Group Inc (b) | 153468 | 10366763 |
| Century Casinos Inc (b) | 44476 | 118306 |
| Cheesecake Factory Inc/The (c) | 85040 | 5226558 |
| Chipotle Mexican Grill Inc (b) | 2513100 | 105902034 |
| Choice Hotels International Inc (c) | 41118 | 4916890 |
| Churchill Downs Inc  | 135215 | 14025852 |
| Cracker Barrel Old Country Store Inc (c) | 41367 | 2474574 |
| Darden Restaurants Inc  | 218246 | 45163827 |
| Dave & Buster's Entertainment Inc (b)(c) | 53383 | 1370342 |
| Denny's Corp (b) | 94272 | 430823 |
| Dine Brands Global Inc  | 29159 | 698358 |
| Domino's Pizza Inc  | 63795 | 29237249 |
| DoorDash Inc Class A (b) | 639529 | 156844487 |
| DraftKings Inc Class A (b) | 924115 | 44339038 |
| Dutch Bros Inc Class A (b) | 236397 | 16980397 |
| El Pollo Loco Holdings Inc (b) | 44972 | 478052 |
| Empire Resorts Inc (b)(d) | 2836 | 0 |
| Expedia Group Inc Class A  | 226923 | 48743060 |
| FAT Brands Inc Class A  | 20739 | 37123 |
| FAT Brands Inc Class B  | 2371 | 6496 |
| First Watch Restaurant Group Inc (b) | 75179 | 1416372 |
| Flanigan's Enterprises Inc  | 1647 | 47829 |
| Full House Resorts Inc (b) | 65129 | 238372 |
| GEN Restaurant Group Inc Class A  | 7597 | 24310 |
| Global Business Travel Group I Class A (b) | 153806 | 1282742 |
| Golden Entertainment Inc  | 37911 | 942847 |
| Good Times Restaurants Inc (b) | 14346 | 23814 |
| Hilton Grand Vacations Inc (b) | 118395 | 5626130 |
| Hilton Worldwide Holdings Inc  | 443280 | 122371877 |
| Hyatt Hotels Corp Class A  | 77925 | 11243019 |
| Inspirato Inc Class A (b)(c) | 6136 | 18592 |
| Inspired Entertainment Inc (b) | 43990 | 409107 |
| Jack in the Box Inc (c) | 35845 | 691809 |
| Krispy Kreme Inc  | 158108 | 561283 |
| Kura Sushi USA Inc Class A (b) | 10623 | 900884 |
| Las Vegas Sands Corp  | 631975 | 36420719 |
| Life Time Group Holdings Inc (b) | 228974 | 6392954 |
| Light & Wonder Inc Class A (b) | 157144 | 14531106 |
| Lindblad Expeditions Holdings Inc (b) | 69206 | 1009023 |
| Lottery.com Inc (b) | 1872 | 9360 |
| Lucky Strike Entertainment Corp Class A (c) | 47665 | 510016 |
| Marriott International Inc/MD Class A1  | 423997 | 113571836 |
| Marriott Vacations Worldwide Corp  | 60255 | 4708928 |
| McDonald's Corp  | 1332490 | 417788916 |
| MGM Resorts International (b) | 384359 | 15255209 |
| Monarch Casino & Resort Inc  | 23258 | 2426507 |
| Nathan's Famous Inc  | 5309 | 555852 |
| Noodles & Co Class A (b) | 62827 | 44758 |
| Norwegian Cruise Line Holdings Ltd (b) | 831054 | 20643381 |
| ONE Group Hospitality Inc/The (b) | 43757 | 122082 |
| Papa John's International Inc (c) | 60604 | 2952021 |
| Penn Entertainment Inc (b) | 275891 | 5581275 |
| Planet Fitness Inc Class A (b) | 155854 | 16333499 |
| Portillo's Inc Class A (b)(c) | 107324 | 759854 |
| Potbelly Corp (b) | 46966 | 607740 |
| Pursuit Attractions and Hospitality Inc (b) | 39120 | 1459176 |
| Rave Restaurant Group Inc (b) | 25747 | 85738 |
| Rci Hospitality Holdings Inc  | 14926 | 555396 |
| Red Robin Gourmet Burgers Inc (b) | 34379 | 222776 |
| Red Rock Resorts Inc Class A  | 93352 | 5775688 |
| Royal Caribbean Cruises Ltd  | 465963 | 169247081 |
| Rush Street Interactive Inc Class A (b) | 171127 | 3816132 |
| Sabre Corp (b) | 723294 | 1294696 |
| Serve Robotics Inc (b)(c) | 50082 | 555910 |
| Shake Shack Inc Class A (b) | 74671 | 7915126 |
| Sharplink Gaming Inc (b) | 1177 | 20974 |
| Six Flags Entertainment Corp (b)(c) | 173828 | 3944157 |
| Sonder Holdings Inc (b)(c) | 17892 | 34353 |
| Starbucks Corp  | 2117713 | 186761109 |
| Sweetgreen Inc Class A (b)(c) | 195847 | 1782208 |
| Target Hospitality Corp (b) | 61331 | 556272 |
| Texas Roadhouse Inc  | 123943 | 21386365 |
| Travel + Leisure Co  | 124914 | 7895814 |
| Twin Hospitality Group Inc Class A (c) | 4510 | 15965 |
| United Parks & Resorts Inc (b)(c) | 52482 | 2759504 |
| Vail Resorts Inc (c) | 69519 | 11387212 |
| Wendy's Co/The  | 302270 | 3207085 |
| Wingstop Inc  | 51883 | 17023850 |
| Wyndham Hotels & Resorts Inc  | 144129 | 12483013 |
| Wynn Resorts Ltd  | 163768 | 20757594 |
| Xponential Fitness Inc Class A (b)(c) | 47504 | 399509 |
| Yoshiharu Global Co Class A (b) | 4848 | 6302 |
| Yum! Brands Inc  | 517991 | 76129137 |
|  |  | 2414414874 |
| Household Durables - 0.4% |  |  |
| Aterian Inc (b)(c) | 10022 | 9689 |
| Bassett Furniture Industries Inc  | 14016 | 235749 |
| Beazer Homes USA Inc (b) | 51921 | 1306332 |
| Cavco Industries Inc (b) | 14892 | 7900057 |
| Century Communities Inc  | 49528 | 3262905 |
| Champion Homes Inc (b) | 97702 | 7372593 |
| Cricut Inc Class A  | 86974 | 495752 |
| DR Horton Inc  | 515809 | 87419310 |
| Dream Finders Homes Inc Class A (b)(c) | 55657 | 1546708 |
| Emerson Radio Corp (b) | 16730 | 6692 |
| Ethan Allen Interiors Inc  | 41547 | 1226052 |
| Flexsteel Industries Inc  | 6361 | 295023 |
| Garmin Ltd  | 287257 | 69464489 |
| Gopro Inc Class A (b) | 224729 | 350577 |
| Green Brick Partners Inc (b) | 55778 | 3895536 |
| Hamilton Beach Brands Holding Co Class A  | 10670 | 157276 |
| Helen of Troy Ltd (b) | 42028 | 1031787 |
| Hooker Furnishings Corp  | 18242 | 182238 |
| Hovnanian Enterprises Inc Class A (b) | 8496 | 1192499 |
| Installed Building Products Inc (c) | 42572 | 11146201 |
| iRobot Corp (b)(c) | 54149 | 183565 |
| KB Home  | 135328 | 8600094 |
| Koss Corp (b) | 11490 | 71238 |
| La-Z-Boy Inc  | 75767 | 2801106 |
| Legacy Housing Corp (b) | 19638 | 548784 |
| Leggett & Platt Inc  | 250246 | 2404864 |
| Lennar Corp Class A  | 417846 | 55632017 |
| Lennar Corp Class B  | 37741 | 4799901 |
| LGI Homes Inc (b) | 37602 | 2327940 |
| Lifetime Brands Inc  | 21635 | 85458 |
| Live Ventures Inc (b) | 2263 | 44807 |
| Lovesac Co/The (b) | 26663 | 510063 |
| M/I Homes Inc (b) | 50578 | 7448116 |
| Meritage Homes Corp  | 134306 | 10434233 |
| Mohawk Industries Inc (b) | 96654 | 12825019 |
| Newell Brands Inc  | 777814 | 4604659 |
| Nova Lifestyle Inc (b)(c) | 6366 | 11204 |
| NVR Inc (b) | 5460 | 44322369 |
| PulteGroup Inc  | 373000 | 49243460 |
| Purple Innovation Inc Class A (b) | 101233 | 117430 |
| Smith Douglas Homes Corp Class A (b)(c) | 15774 | 309328 |
| Somnigroup International Inc  | 384141 | 32248637 |
| Sonos Inc (b) | 224439 | 3124191 |
| Taylor Morrison Home Corp (b) | 186509 | 12565111 |
| Toll Brothers Inc  | 185750 | 25819250 |
| TopBuild Corp (b) | 52967 | 22286395 |
| Traeger Inc (b) | 117802 | 148431 |
| Tri Pointe Homes Inc (b) | 171292 | 6051746 |
| United Homes Group Inc Class A (b) | 25438 | 106076 |
| Universal Electronics Inc (b) | 18791 | 91230 |
| Whirlpool Corp (c) | 103389 | 9630685 |
| Yunhong Green CTI Ltd (b) | 2514 | 1546 |
|  |  | 517896418 |
| Leisure Products - 0.0% |  |  |
| Acushnet Holdings Corp  | 50521 | 3872435 |
| American Outdoor Brands Inc (b) | 24308 | 253776 |
| Brunswick Corp/DE  | 121862 | 7749205 |
| Clarus Corp  | 53071 | 192648 |
| Escalade Inc  | 14573 | 183620 |
| Funko Inc Class A (b) | 65891 | 227983 |
| Hasbro Inc  | 244875 | 19876504 |
| JAKKS Pacific Inc  | 16459 | 292476 |
| Johnson Outdoors Inc Class A  | 9979 | 402353 |
| Latham Group Inc (b) | 72342 | 580906 |
| Malibu Boats Inc Class A (b) | 36501 | 1211833 |
| Marine Products Corp  | 21677 | 189240 |
| MasterCraft Boat Holdings Inc (b) | 23694 | 519846 |
| Mattel Inc (b) | 599257 | 10966403 |
| Outdoor Holding Co (b) | 161911 | 231533 |
| Peloton Interactive Inc Class A (b) | 710180 | 5397368 |
| Polaris Inc  | 100621 | 5693136 |
| Smith & Wesson Brands Inc  | 80767 | 659866 |
| Sturm Ruger & Co Inc  | 31485 | 1091585 |
| Topgolf Callaway Brands Corp (b)(c) | 262272 | 2507320 |
| Tron Inc (b)(c) | 21561 | 92496 |
| YETI Holdings Inc (b) | 154382 | 5428071 |
|  |  | 67620603 |
| Specialty Retail - 2.0% |  |  |
| 1-800-Flowers.com Inc Class A (b)(c) | 47561 | 266342 |
| Abercrombie & Fitch Co Class A (b) | 89113 | 8334739 |
| Academy Sports & Outdoors Inc  | 123969 | 6638540 |
| Advance Auto Parts Inc  | 111631 | 6808375 |
| aka Brands Holding Corp (b) | 1300 | 14690 |
| America's Car-Mart Inc/TX (b) | 14595 | 654002 |
| American Eagle Outfitters Inc  | 296745 | 3839880 |
| Arhaus Inc Class A (b) | 99747 | 1170032 |
| Arko Corp  | 134072 | 670360 |
| Asbury Automotive Group Inc (b) | 36422 | 9161590 |
| AutoNation Inc (b) | 46271 | 10137051 |
| AutoZone Inc (b) | 31195 | 130973143 |
| BARK Inc (b) | 218062 | 196757 |
| Barnes & Noble Education Inc (b) | 33209 | 286594 |
| Bath & Body Works Inc  | 396111 | 11570402 |
| Bed Bath & Beyond Inc (b) | 92389 | 832425 |
| Best Buy Co Inc  | 358781 | 26420633 |
| Big 5 Sporting Goods Corp (b) | 38079 | 54072 |
| Boot Barn Holdings Inc (b) | 56853 | 10106758 |
| Brand House Collective Inc/The (b)(c) | 24917 | 37376 |
| Brilliant Earth Group Inc Class A  | 18862 | 55077 |
| Buckle Inc/The  | 55757 | 3155289 |
| Build-A-Bear Workshop Inc  | 22523 | 1369624 |
| Burlington Stores Inc (b) | 117246 | 34081067 |
| Caleres Inc  | 63123 | 946845 |
| Camping World Holdings Inc Class A  | 116658 | 2042682 |
| CarMax Inc (b) | 284077 | 17428124 |
| Carparts Com Inc (b) | 90423 | 74174 |
| Carvana Co Class A (b) | 231691 | 86170517 |
| Cato Corp/The Class A  | 32253 | 132560 |
| Chewy Inc Class A (b) | 408363 | 16726548 |
| Children's Place Inc/The (b)(c) | 23925 | 121300 |
| Citi Trends Inc (b) | 14050 | 500602 |
| Designer Brands Inc Class A (c) | 67104 | 248956 |
| Destination XL Group Inc (b) | 91780 | 118396 |
| Dick's Sporting Goods Inc  | 105240 | 22395072 |
| Duluth Holdings Inc Class B (b) | 26367 | 59853 |
| Envela Corp (b) | 9574 | 71518 |
| EVgo Inc Class A (b) | 251651 | 973889 |
| Five Below Inc (b) | 102398 | 14857950 |
| Floor & Decor Holdings Inc Class A (b) | 200176 | 16398418 |
| Foot Locker Inc (b) | 154731 | 3821856 |
| GameStop Corp Class A (b)(c) | 758007 | 16986937 |
| Gap Inc/The  | 412551 | 9080248 |
| Genesco Inc (b) | 19684 | 629494 |
| Group 1 Automotive Inc  | 23631 | 10983216 |
| Grove Collaborative Holdings Class A (b)(c) | 53040 | 80621 |
| GrowGeneration Corp (b) | 100488 | 170830 |
| Guess? Inc  | 51351 | 863210 |
| Haverty Furniture Cos Inc  | 24781 | 558812 |
| Haverty Furniture Cos Inc Class A  | 2440 | 56022 |
| Home Depot Inc/The  | 1852024 | 753347802 |
| J Jill Inc  | 13254 | 222137 |
| Lands' End Inc (b)(c) | 21901 | 314498 |
| Lazydays Holdings Inc (b) | 7040 | 20698 |
| Leslie's Inc (b) | 355421 | 118106 |
| Lithia Motors Inc Class A  | 48496 | 16327633 |
| Lowe's Cos Inc  | 1042395 | 269000454 |
| Lulu's Fashion Lounge Holdings Inc (b)(c) | 973 | 3823 |
| MarineMax Inc (b) | 37427 | 986201 |
| Monro Inc (c) | 57905 | 960065 |
| Murphy USA Inc  | 33454 | 12595431 |
| National Vision Holdings Inc (b) | 146716 | 3365665 |
| Nxu Inc Class A (b) | 1 | 0 |
| O'Reilly Automotive Inc (b) | 1594214 | 165288108 |
| ODP Corp/The (b) | 56590 | 1146513 |
| OneWater Marine Inc Class A (b)(c) | 25996 | 437513 |
| Penske Automotive Group Inc  | 34659 | 6391466 |
| Petco Health & Wellness Co Inc Class A (b) | 159986 | 638344 |
| PetMed Express Inc (b) | 35982 | 110465 |
| RealReal Inc/The (b)(c) | 179040 | 1366075 |
| Rent the Runway Inc Class A (b)(c) | 3838 | 21109 |
| Restoration Hardware Inc (b) | 28180 | 6359381 |
| Revolve Group Inc Class A (b) | 75571 | 1690523 |
| RideNow Group Inc Class B (b) | 43801 | 169510 |
| Ross Stores Inc  | 613603 | 90297817 |
| Sally Beauty Holdings Inc (b) | 189363 | 2624571 |
| Shoe Carnival Inc (c) | 33473 | 699586 |
| Signet Jewelers Ltd  | 80218 | 7063195 |
| Sleep Number Corp (b)(c) | 42963 | 452400 |
| Sonic Automotive Inc Class A  | 27228 | 2237869 |
| Sportsman's Warehouse Holdings Inc (b) | 70382 | 188624 |
| Stitch Fix Inc Class A (b) | 216660 | 1146131 |
| Tandy Leather Factory Inc  | 1643 | 5010 |
| ThredUp Inc Class A (b) | 184908 | 2000705 |
| Tile Shop Holdings Inc (b) | 43596 | 270731 |
| Tilly's Inc Class A (b)(c) | 37803 | 74472 |
| TJX Cos Inc/The  | 2079579 | 284091287 |
| Torrid Holdings Inc (b)(c) | 22448 | 48937 |
| Tractor Supply Co  | 989651 | 61120846 |
| Ulta Beauty Inc (b) | 84251 | 41512995 |
| Upbound Group Inc  | 95146 | 2417660 |
| Urban Outfitters Inc (b) | 105008 | 7043937 |
| Valvoline Inc (b) | 237445 | 9208117 |
| Victoria's Secret & Co (b) | 148697 | 3423005 |
| Warby Parker Inc Class A (b) | 171128 | 4483554 |
| Wayfair Inc Class A (b) | 193070 | 14403022 |
| Williams-Sonoma Inc  | 229573 | 43203343 |
| Winmark Corp  | 5378 | 2494532 |
| Zumiez Inc (b) | 29453 | 506297 |
|  |  | 2311233631 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Allbirds Inc Class A (b)(c) | 9061 | 58262 |
| Capri Holdings Ltd (b) | 219662 | 4522841 |
| Carter's Inc  | 69244 | 1977609 |
| Columbia Sportswear Co  | 58872 | 3280348 |
| Crocs Inc (b) | 104190 | 9085368 |
| Crown Crafts Inc  | 9852 | 29556 |
| Culp Inc (b) | 22955 | 99051 |
| Deckers Outdoor Corp (b) | 283396 | 33902663 |
| Figs Inc Class A (b) | 240900 | 1698345 |
| Fossil Group Inc (b) | 81318 | 248833 |
| G-III Apparel Group Ltd (b) | 70885 | 1913895 |
| Hanesbrands Inc (b) | 652078 | 4114612 |
| Kontoor Brands Inc  | 93592 | 7229982 |
| Lakeland Industries Inc  | 16736 | 254220 |
| Levi Strauss & Co Class A  | 183054 | 4094918 |
| Lululemon Athletica Inc (b) | 206217 | 41697077 |
| Movado Group Inc  | 29652 | 541742 |
| NIKE Inc Class B  | 2197258 | 170001851 |
| Oxford Industries Inc  | 27551 | 1213622 |
| Playboy Inc (b) | 124767 | 204618 |
| PVH Corp  | 89820 | 7573622 |
| Ralph Lauren Corp Class A  | 74337 | 22072885 |
| Rocky Brands Inc  | 13265 | 403654 |
| Skechers USA Inc Class A (b) | 242508 | 15297405 |
| Steven Madden Ltd  | 135590 | 3937534 |
| Superior Group of Cos Inc  | 21761 | 285940 |
| Tapestry Inc  | 386648 | 39368499 |
| Under Armour Inc Class A (b)(c) | 262882 | 1314410 |
| Under Armour Inc Class C (b)(c) | 333611 | 1641366 |
| Unifi Inc (b) | 27504 | 121568 |
| Vera Bradley Inc (b) | 36788 | 76151 |
| VF Corp  | 615921 | 9318885 |
| Vince Holding Corp (b) | 3162 | 4490 |
| Wolverine World Wide Inc  | 151019 | 4823547 |
|  |  | 392409369 |
| TOTAL CONSUMER DISCRETIONARY |  | 12175036960 |
| Consumer Staples - 4.9% |  |  |
| Beverages - 1.0% |  |  |
| Amaze Holdings Inc (b)(c) | 794 | 2319 |
| Beeline Holdings Inc (b)(c) | 13931 | 22011 |
| Boston Beer Co Inc/The Class A (b) | 15890 | 3513120 |
| Brown-Forman Corp Class A  | 106438 | 3230393 |
| Brown-Forman Corp Class B  | 333938 | 9998104 |
| Celsius Holdings Inc (b) | 292903 | 18417741 |
| Coca-Cola Co/The  | 7218681 | 498016802 |
| Coca-Cola Consolidated Inc  | 109208 | 12803546 |
| Constellation Brands Inc Class A  | 286047 | 46322451 |
| Keurig Dr Pepper Inc  | 2533171 | 73689944 |
| MGP Ingredients Inc  | 26735 | 790554 |
| Molson Coors Beverage Co Class B  | 319194 | 16116105 |
| Monster Beverage Corp (b) | 1309358 | 81717033 |
| National Beverage Corp (b) | 43377 | 1824003 |
| PepsiCo Inc  | 2555255 | 379838656 |
| Primo Brands Corp Class A  | 471969 | 11851142 |
| Splash Beverage Group Inc (b)(c) | 1032 | 1727 |
| Vita Coco Co Inc/The (b) | 72216 | 2581000 |
| Willamette Valley Vineyards Inc (b) | 6462 | 29984 |
| Zevia PBC Class A (b) | 95795 | 268226 |
|  |  | 1161034861 |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| Albertsons Cos Inc Class A  | 749539 | 14586029 |
| Andersons Inc/The  | 59396 | 2429296 |
| BJ's Wholesale Club Holdings Inc (b) | 245899 | 24019414 |
| Blue Apron Holdings Inc warrants 11/4/2028 (b)(d) | 20436 | 0 |
| Blue Apron Holdings Inc warrants 11/4/2028 (b)(d) | 20436 | 0 |
| Blue Apron Holdings Inc warrants 11/4/2028 (b)(d) | 20436 | 0 |
| Casey's General Stores Inc  | 69383 | 34311281 |
| Chefs' Warehouse Inc/The (b) | 65148 | 4113445 |
| Costco Wholesale Corp  | 826947 | 780075644 |
| Dollar General Corp  | 410443 | 44639781 |
| Dollar Tree Inc (b) | 367892 | 40162770 |
| Grocery Outlet Holding Corp (b) | 182924 | 3312754 |
| Guardian Pharmacy Services Inc Class A (b) | 30891 | 816140 |
| HF Foods Group Inc (b) | 71649 | 235009 |
| Ingles Markets Inc Class A  | 27303 | 1848140 |
| Kroger Co/The  | 1143634 | 77584131 |
| Mangoceuticals Inc (b) | 3245 | 7658 |
| Maplebear Inc (b) | 305887 | 13266319 |
| Natural Grocers by Vitamin Cottage Inc  | 19389 | 745507 |
| Performance Food Group Co (b) | 290692 | 29476169 |
| PriceSmart Inc  | 45909 | 4924199 |
| Reborn Coffee Inc (b) | 1232 | 3228 |
| SpartanNash Co  | 64250 | 1721900 |
| Sprouts Farmers Market Inc (b) | 182180 | 25603577 |
| SRX Health Solutions Inc (b)(c) | 408 | 170 |
| Sysco Corp  | 905028 | 72827603 |
| Target Corp  | 848391 | 81428568 |
| United Natural Foods Inc (b) | 112013 | 3167728 |
| US Foods Holding Corp (b) | 431391 | 33475942 |
| Village Super Market Inc Class A  | 12352 | 448131 |
| Walmart Inc  | 8053333 | 781012234 |
| Weis Markets Inc  | 30477 | 2183677 |
|  |  | 2078426444 |
| Food Products - 0.6% |  |  |
| Alico Inc  | 10090 | 341446 |
| Arcadia Biosciences Inc (b) | 1626 | 6195 |
| Archer-Daniels-Midland Co  | 896708 | 56169789 |
| B&G Foods Inc (c) | 152792 | 689092 |
| Barfresh Food Group Inc (b) | 17949 | 54385 |
| Beyond Meat Inc (b)(c) | 147748 | 369370 |
| BranchOut Food Inc (b) | 11784 | 25571 |
| BRC Inc Class A (b)(c) | 89609 | 138894 |
| Bridgford Foods Corp (b) | 2758 | 20657 |
| Bunge Global SA  | 250815 | 21123639 |
| Cal-Maine Foods Inc  | 80412 | 9298844 |
| Calavo Growers Inc  | 31562 | 863221 |
| CIMG Inc (b) | 616 | 162 |
| Coffee Holding Co Inc (b) | 10309 | 43092 |
| Conagra Brands Inc  | 889138 | 17009210 |
| Darling Ingredients Inc (b) | 295121 | 10022309 |
| Farmer Bros Co (b) | 43900 | 87800 |
| Flowers Foods Inc  | 374662 | 5634916 |
| Fresh Del Monte Produce Inc  | 62108 | 2253278 |
| Freshpet Inc (b) | 90942 | 5076382 |
| General Mills Inc  | 1024601 | 50543567 |
| Hain Celestial Group Inc (b) | 171045 | 307881 |
| Hershey Co/The  | 276366 | 50782253 |
| Hormel Foods Corp  | 543298 | 13821501 |
| Ingredion Inc  | 119780 | 15516301 |
| J & J Snack Foods Corp  | 28765 | 3209311 |
| JM Smucker Co  | 197909 | 21870924 |
| John B Sanfilippo & Son Inc  | 16834 | 1092527 |
| Kellanova  | 498981 | 39668990 |
| Kraft Heinz Co/The  | 1609742 | 45024484 |
| Laird Superfood Inc (b) | 14565 | 84331 |
| Lamb Weston Holdings Inc  | 262586 | 15106573 |
| Lifeway Foods Inc (b) | 9321 | 284011 |
| Limoneira Co  | 28318 | 446292 |
| Local Bounti Corp (b) | 5099 | 12289 |
| Mama's Creations Inc (b) | 60828 | 485407 |
| Marzetti Company/The  | 35923 | 6559540 |
| McCormick & Co Inc/MD  | 470519 | 33110422 |
| Mission Produce Inc (b) | 80589 | 1008168 |
| Mondelez International Inc  | 2415096 | 148383499 |
| Pilgrim's Pride Corp  | 75040 | 3335528 |
| Post Holdings Inc (b) | 84171 | 9523949 |
| Rocky Mountain Chocolate Factory Inc (b) | 4766 | 6815 |
| Sadot Group Inc (b) | 7085 | 6473 |
| Seaboard Corp  | 475 | 1885370 |
| Seneca Foods Corp Class A (b) | 9757 | 1104492 |
| Simply Good Foods Co/The (b) | 169388 | 4849578 |
| SOW GOOD INC (b)(c) | 3063 | 2340 |
| The Campbell's Company  | 367430 | 11732040 |
| Tootsie Roll Industries Inc Class A  | 30605 | 1230627 |
| TreeHouse Foods Inc (b) | 83779 | 1536507 |
| Tyson Foods Inc Class A  | 533081 | 30268339 |
| Utz Brands Inc Class A  | 143489 | 1925622 |
| Vital Farms Inc (b)(c) | 57609 | 2943244 |
| Westrock Coffee Co (b) | 68931 | 372917 |
| WK Kellogg Co  | 123019 | 2819595 |
|  |  | 650089959 |
| Household Products - 0.8% |  |  |
| Central Garden & Pet Co (b)(c) | 86186 | 3139756 |
| Central Garden & Pet Co Class A (b) | 16058 | 530396 |
| Church & Dwight Co Inc  | 459455 | 42802828 |
| Clorox Co/The  | 229891 | 27173116 |
| Colgate-Palmolive Co  | 1508175 | 126792272 |
| Energizer Holdings Inc  | 122666 | 3380675 |
| Kimberly-Clark Corp  | 618713 | 79900597 |
| Oil-Dri Corp of America  | 19337 | 1148230 |
| Procter & Gamble Co/The  | 4370192 | 686294952 |
| Reynolds Consumer Products Inc  | 101538 | 2356697 |
| Spectrum Brands Holdings Inc  | 48738 | 2777579 |
| WD-40 Co  | 25092 | 5420876 |
|  |  | 981717974 |
| Personal Care Products - 0.1% |  |  |
| AXIL Brands Inc (b) | 1020 | 5732 |
| Beauty Health Co/The Class A (b) | 147052 | 305868 |
| BellRing Brands Inc (b) | 236462 | 9706765 |
| Coty Inc Class A (b) | 692682 | 2964679 |
| Edgewell Personal Care Co  | 88926 | 2136003 |
| elf Beauty Inc (b)(c) | 105001 | 13125125 |
| Estee Lauder Cos Inc/The Class A  | 436895 | 40076378 |
| FitLife Brands Inc (b)(c) | 7951 | 148048 |
| Herbalife Ltd (b) | 188376 | 1842317 |
| Honest Co Inc/The (b) | 149906 | 593628 |
| Interparfums Inc  | 33603 | 3862329 |
| Kenvue Inc  | 3573601 | 74009277 |
| Lifevantage Corp  | 18845 | 246870 |
| Mannatech Inc (b) | 422 | 3797 |
| Medifast Inc (b)(c) | 19360 | 271621 |
| Natural Alternatives International Inc (b) | 4595 | 16864 |
| Nature's Sunshine Products Inc (b) | 22207 | 374188 |
| Nu Skin Enterprises Inc Class A  | 94000 | 1143980 |
| Olaplex Holdings Inc (b) | 215781 | 308567 |
| Safety Shot Inc (b) | 77026 | 32813 |
| United-Guardian Inc  | 3746 | 31429 |
| Upexi Inc (b)(c) | 60705 | 438897 |
| USANA Health Sciences Inc (b) | 21108 | 673556 |
|  |  | 152318731 |
| Tobacco - 0.6% |  |  |
| Altria Group Inc  | 3139466 | 211003510 |
| Ispire Technology Inc (b) | 34771 | 110571 |
| Philip Morris International Inc  | 2901528 | 484932375 |
| Turning Point Brands Inc  | 32959 | 3279421 |
| Universal Corp/VA  | 46106 | 2579630 |
|  |  | 701905507 |
| TOTAL CONSUMER STAPLES |  | 5725493476 |
| Energy - 3.1% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Archrock Inc  | 331786 | 8215021 |
| Aris Water Solutions Inc Class A  | 52000 | 1262040 |
| Atlas Energy Solutions Inc  | 133013 | 1557582 |
| Baker Hughes Co Class A  | 1847749 | 83887805 |
| Bristow Group Inc (b) | 44701 | 1721436 |
| Cactus Inc Class A  | 129923 | 5450270 |
| Core Laboratories Inc  | 87124 | 1002797 |
| DMC Global Inc (b) | 34339 | 230071 |
| Drilling Tools International Corp (b) | 11008 | 22016 |
| Energy Services of America Corp  | 20381 | 207682 |
| Expro Group Holdings NV (b) | 194764 | 2428707 |
| Flowco Holdings Inc Class A  | 37174 | 606680 |
| Forum Energy Technologies Inc (b) | 21153 | 559497 |
| Geospace Technologies Corp (b) | 22056 | 437150 |
| Gulf Island Fabrication Inc (b) | 23594 | 159495 |
| Halliburton Co  | 1601410 | 36400049 |
| Helix Energy Solutions Group Inc (b) | 262769 | 1731648 |
| Helmerich & Payne Inc  | 183418 | 3831602 |
| Innovex International Inc (b) | 71743 | 1238284 |
| KLX Energy Services Holdings Inc (b)(c) | 24150 | 47334 |
| Kodiak Gas Services Inc  | 73673 | 2636757 |
| Liberty Energy Inc Class A  | 298734 | 3360758 |
| Mammoth Energy Services Inc (b) | 41565 | 98509 |
| MIND Technology Inc (b) | 15156 | 153379 |
| Nabors Industries Ltd (b)(c) | 30430 | 1134430 |
| Natural Gas Services Group Inc  | 17391 | 454949 |
| NCS Multistage Holdings Inc (b) | 1774 | 67598 |
| Nine Energy Service Inc (b)(c) | 50838 | 34905 |
| Noble Corp PLC  | 242714 | 6995017 |
| NOV Inc  | 702141 | 9331454 |
| Oceaneering International Inc (b) | 185962 | 4537473 |
| Oil States International Inc (b) | 109923 | 615569 |
| Patterson-UTI Energy Inc  | 651873 | 3787382 |
| ProFrac Holding Corp Class A (b) | 39957 | 159828 |
| ProPetro Holding Corp (b) | 148245 | 756050 |
| Ranger Energy Services Inc Class A  | 28449 | 405967 |
| RPC Inc  | 154648 | 737671 |
| Schlumberger NV  | 2799589 | 103136859 |
| SEACOR Marine Holdings Inc (b) | 44379 | 284469 |
| Select Water Solutions Inc Class A  | 172227 | 1467374 |
| Smart Sand Inc  | 48963 | 94988 |
| Solaris Energy Infrastructure Inc Class A  | 71565 | 2260738 |
| TETRA Technologies Inc (b) | 219558 | 1031923 |
| Tidewater Inc (b)(c) | 86123 | 5184605 |
| Transocean Ltd (b)(c) | 1468831 | 4450558 |
| Valaris Ltd (b)(c) | 122738 | 6096396 |
| Weatherford International PLC  | 136083 | 8669168 |
|  |  | 318941940 |
| Oil, Gas & Consumable Fuels - 2.8% |  |  |
| Aemetis Inc (b)(c) | 93016 | 236261 |
| American Resources Corp (b)(c) | 92540 | 190632 |
| Amplify Energy Corp (b) | 70422 | 286618 |
| Antero Midstream Corp  | 622623 | 11076463 |
| Antero Resources Corp (b) | 542959 | 17331251 |
| APA Corp  | 671713 | 15597176 |
| Barnwell Industries Inc (b) | 2008 | 2288 |
| Battalion Oil Corp (b)(c) | 7306 | 8621 |
| Berry Corp  | 149024 | 497740 |
| California Resources Corp  | 130724 | 6494368 |
| Calumet Inc (b)(c) | 128509 | 2094697 |
| Centrus Energy Corp Class A (b)(c) | 27944 | 5637143 |
| Cheniere Energy Inc  | 413547 | 100003936 |
| Chevron Corp  | 3573491 | 573902655 |
| Chord Energy Corp  | 108619 | 11936142 |
| Civitas Resources Inc  | 158207 | 5818853 |
| Clean Energy Fuels Corp (b) | 329212 | 865828 |
| Clean Energy Technologies Inc (b) | 38725 | 9399 |
| CNX Resources Corp (b) | 269657 | 7873984 |
| Comstock Inc (b)(c) | 46561 | 113143 |
| Comstock Resources Inc (b)(c) | 168253 | 2713921 |
| ConocoPhillips  | 2351719 | 232749629 |
| Core Natural Resources Inc  | 93520 | 6944795 |
| Coterra Energy Inc  | 1423623 | 34793346 |
| Crescent Energy Co Class A  | 338127 | 3225732 |
| CVR Energy Inc (b)(c) | 63781 | 1944683 |
| Delek US Holdings Inc  | 120259 | 3332377 |
| Devon Energy Corp  | 1198999 | 43283864 |
| Diamondback Energy Inc  | 349226 | 51950860 |
| Dorian LPG Ltd  | 67798 | 2168180 |
| DT Midstream Inc  | 188887 | 19678248 |
| Empire Petroleum Corp (b)(c) | 47826 | 241521 |
| EOG Resources Inc  | 1015108 | 126705781 |
| Epsilon Energy Ltd  | 42790 | 250749 |
| EQT Corp  | 1116595 | 57884285 |
| Evolution Petroleum Corp  | 64802 | 334378 |
| Excelerate Energy Inc Class A  | 45265 | 1105371 |
| Expand Energy Corp  | 403803 | 39080054 |
| Exxon Mobil Corp  | 8032262 | 918007224 |
| FutureFuel Corp  | 50632 | 196452 |
| Gevo Inc (b)(c) | 424475 | 734342 |
| Granite Ridge Resources Inc  | 98044 | 545125 |
| Green Plains Inc (b) | 122814 | 1364464 |
| Gulfport Energy Corp (b) | 22951 | 3994163 |
| HF Sinclair Corp  | 298498 | 15187578 |
| HighPeak Energy Inc Class A (c) | 45972 | 353984 |
| Houston American Energy Corp (b)(c) | 1712 | 14090 |
| Infinity Natural Resources Inc Class A  | 27575 | 410868 |
| International Seaways Inc  | 74823 | 3398461 |
| Kinder Morgan Inc  | 3602197 | 97187275 |
| Kinetik Holdings Inc Class A  | 72016 | 3012429 |
| Lightbridge Corp (b)(c) | 43918 | 664479 |
| Magnolia Oil & Gas Corp Class A  | 349399 | 8693047 |
| Marathon Petroleum Corp  | 572784 | 102935013 |
| Matador Resources Co  | 216265 | 10891105 |
| Mexco Energy Corp  | 470 | 3807 |
| Murphy Oil Corp  | 253505 | 6302134 |
| NACCO Industries Inc Class A  | 6997 | 273723 |
| New Fortress Energy Inc Class A (c) | 237033 | 583101 |
| NextDecade Corp (b) | 259672 | 2783684 |
| NextNRG Inc (b) | 36678 | 66754 |
| Northern Oil & Gas Inc  | 182218 | 4766823 |
| Occidental Petroleum Corp  | 1319268 | 62810349 |
| ONEOK Inc  | 1164786 | 88966355 |
| OPAL Fuels Inc Class A (b) | 43753 | 102820 |
| Ovintiv Inc  | 483807 | 20377951 |
| Par Pacific Holdings Inc (b) | 98008 | 3394997 |
| PBF Energy Inc Class A  | 184768 | 5047862 |
| Peabody Energy Corp  | 224606 | 3908144 |
| PEDEVCO Corp (b) | 44800 | 27238 |
| Permian Resources Corp Class A  | 1194356 | 17067347 |
| Phillips 66  | 759866 | 101502900 |
| Prairie Operating Co (b)(c) | 60666 | 154698 |
| PrimeEnergy Resources Corp (b)(c) | 942 | 142496 |
| Range Resources Corp  | 445589 | 15270335 |
| REX American Resources Corp (b) | 28710 | 1796385 |
| Riley Exploration Permian Inc  | 16719 | 489198 |
| Ring Energy Inc (b) | 200730 | 218796 |
| Sable Offshore Corp (b)(c) | 134963 | 3641302 |
| SandRidge Energy Inc  | 61776 | 731428 |
| SM Energy Co  | 212521 | 6067475 |
| Stabilis Solutions Inc (b) | 7752 | 31241 |
| Summit Midstream Corp Class A (b) | 17581 | 404715 |
| Talos Energy Inc (b) | 230179 | 2274169 |
| Targa Resources Corp  | 404614 | 67878045 |
| Texas Pacific Land Corp  | 35177 | 32837026 |
| Trio Petroleum Corp (b)(c) | 1649 | 1821 |
| Ur-Energy Inc (United States) (b) | 734057 | 1020339 |
| Uranium Energy Corp (b) | 798387 | 8534757 |
| US Energy Corp (b) | 19967 | 23761 |
| VAALCO Energy Inc  | 195399 | 758148 |
| Valero Energy Corp  | 583573 | 88708932 |
| Venture Global Inc Class A  | 134818 | 1752634 |
| Verde Clean Fuels Inc Class A (b) | 7946 | 23043 |
| Viper Energy Inc Class A  | 315548 | 12573010 |
| Vital Energy Inc (b)(c) | 49656 | 884870 |
| Vitesse Energy Inc  | 52806 | 1405168 |
| Vivakor Inc (b) | 25244 | 18428 |
| W&T Offshore Inc (c) | 200315 | 364573 |
| Williams Cos Inc/The  | 2276188 | 131745761 |
| World Kinect Corp  | 105479 | 2827892 |
|  |  | 3256521506 |
| TOTAL ENERGY |  | 3575463446 |
| Financials - 14.3% |  |  |
| Banks - 3.9% |  |  |
| 1st Source Corp  | 31202 | 2010033 |
| ACNB Corp  | 19750 | 895070 |
| Affinity Bancshares Inc  | 10420 | 206629 |
| Amalgamated Financial Corp  | 38972 | 1125901 |
| Amerant Bancorp Inc Class A  | 66423 | 1428095 |
| Ameris Bancorp  | 118471 | 8681555 |
| AmeriServ Financial Inc  | 10594 | 31569 |
| Ames National Corp  | 16938 | 338421 |
| Arrow Financial Corp  | 27519 | 818140 |
| Associated Banc-Corp  | 301403 | 8128839 |
| Atlantic Union Bankshares Corp  | 270453 | 9663286 |
| Auburn National BanCorp Inc  | 4800 | 123360 |
| Axos Financial Inc (b) | 99732 | 9096556 |
| Banc of California Inc  | 245804 | 4159004 |
| BancFirst Corp  | 36616 | 4868830 |
| Bancorp Inc/The (b) | 88344 | 6735347 |
| Bank First Corp  | 16523 | 2146668 |
| Bank of America Corp  | 12211928 | 619633227 |
| Bank of Hawaii Corp  | 74036 | 5043332 |
| Bank of Marin Bancorp  | 26918 | 660568 |
| Bank of the James Financial Group Inc  | 7571 | 117653 |
| Bank OZK  | 195980 | 10283071 |
| Bank7 Corp  | 7485 | 371331 |
| BankFinancial Corp  | 19807 | 245211 |
| BankUnited Inc  | 138145 | 5413903 |
| Bankwell Financial Group Inc  | 12039 | 509009 |
| Banner Corp  | 63563 | 4260628 |
| Bar Harbor Bankshares  | 28782 | 928795 |
| BayCom Corp  | 19317 | 584532 |
| Bayfirst Financial Corp  | 7149 | 64484 |
| BCB Bancorp Inc  | 27179 | 241893 |
| Berkshire Hills Bancorp Inc  | 86321 | 2255568 |
| Blue Foundry Bancorp (b) | 35767 | 332275 |
| Blue Ridge Bankshares Inc (b) | 79520 | 318875 |
| Bogota Financial Corp (b) | 8100 | 75087 |
| BOK Financial Corp  | 42055 | 4685348 |
| Bridgewater Bancshares Inc (b) | 34916 | 571924 |
| Broadway Financial Corp/DE (b) | 11144 | 88929 |
| Brookline Bancorp Inc  | 167382 | 1832833 |
| Burke & Herbert Financial Services Corp  | 24658 | 1567262 |
| Business First Bancshares Inc  | 52031 | 1301295 |
| BV Financial Inc (b) | 18670 | 313283 |
| Byline Bancorp Inc  | 45362 | 1311415 |
| C&F Financial Corp  | 5690 | 409566 |
| Cadence Bank  | 348890 | 13132220 |
| California BanCorp (b) | 43501 | 732557 |
| Camden National Corp  | 31805 | 1300506 |
| Capital Bancorp Inc  | 22316 | 758521 |
| Capital City Bank Group Inc  | 25482 | 1117641 |
| Capitol Federal Financial Inc  | 228885 | 1483175 |
| Carter Bankshares Inc (b) | 43196 | 840594 |
| Carver Bancorp Inc (b) | 1876 | 3395 |
| Catalyst Bancorp Inc (b) | 7153 | 91415 |
| Cathay General Bancorp  | 130931 | 6534766 |
| CB Financial Services Inc  | 8689 | 289257 |
| Central Pacific Financial Corp  | 51247 | 1605056 |
| Central Plains Bancshares Inc (b) | 7518 | 118935 |
| CF Bankshares Inc Class A  | 7182 | 176677 |
| CFSB Bancorp Inc (b) | 3152 | 44001 |
| Chain Bridge Bancorp Inc Class A  | 5010 | 151502 |
| Chemung Financial Corp  | 6805 | 366926 |
| ChoiceOne Financial Services Inc  | 30065 | 927806 |
| Citigroup Inc  | 3480616 | 336123087 |
| Citizens & Northern Corp  | 29474 | 595375 |
| Citizens Community Bancorp Inc/WI  | 16771 | 277225 |
| Citizens Financial Group Inc  | 806888 | 42184105 |
| Citizens Financial Services Inc  | 8138 | 487954 |
| City Holding Co  | 27302 | 3507761 |
| Civista Bancshares Inc  | 29570 | 626588 |
| CNB Financial Corp/PA  | 52882 | 1391325 |
| Coastal Financial Corp/WA Class A (b) | 22449 | 2570411 |
| Colony Bankcorp Inc  | 29130 | 500453 |
| Columbia Banking System Inc  | 393696 | 10539242 |
| Columbia Financial Inc (b) | 48826 | 733855 |
| Comerica Inc  | 244262 | 17240012 |
| Commerce Bancshares Inc/MO  | 227998 | 14122196 |
| Community Financial System Inc  | 97190 | 5820709 |
| Community Trust Bancorp Inc  | 28718 | 1677706 |
| Community West Bancshares  | 33083 | 705330 |
| Connectone Bancorp Inc  | 87524 | 2240614 |
| Cullen/Frost Bankers Inc  | 119980 | 15481019 |
| Customers Bancorp Inc (b) | 53785 | 3855847 |
| CVB Financial Corp  | 242059 | 4872648 |
| Dime Community Bancshares Inc  | 72932 | 2243388 |
| Eagle Bancorp Inc  | 56844 | 1103910 |
| Eagle Bancorp Montana Inc  | 14824 | 259865 |
| Eagle Financial Services Inc  | 8325 | 311605 |
| East West Bancorp Inc  | 258195 | 27146622 |
| Eastern Bankshares Inc  | 348474 | 5962390 |
| ECB Bancorp Inc/MD (b) | 14264 | 242773 |
| Enterprise Financial Services Corp  | 68602 | 4201186 |
| Equity Bancshares Inc Class A  | 28373 | 1149958 |
| Esquire Financial Holdings Inc  | 12453 | 1221639 |
| Farmers & Merchants Bancorp Inc/Archbold OH  | 22660 | 599584 |
| Farmers National Banc Corp  | 71426 | 1084247 |
| FB Bancorp Inc  | 37078 | 444194 |
| FB Financial Corp  | 75461 | 4050746 |
| Fidelity D&D Bancorp Inc  | 8630 | 376700 |
| Fifth District Bancorp Inc (b) | 8905 | 124225 |
| Fifth Third Bancorp  | 1242637 | 56875495 |
| Financial Institutions Inc  | 36811 | 1018560 |
| Finward Bancorp  | 6524 | 208768 |
| Finwise Bancorp (b) | 16030 | 309860 |
| First Bancorp Inc/The  | 17565 | 477417 |
| First Bancorp/Southern Pines NC  | 76555 | 4179137 |
| First Bank/Hamilton NJ  | 37247 | 626495 |
| First Busey Corp  | 153150 | 3782805 |
| First Business Financial Services Inc  | 13845 | 724370 |
| First Capital Inc  | 6035 | 248039 |
| First Citizens BancShares Inc/NC Class A  | 20427 | 40525330 |
| First Commonwealth Financial Corp  | 188713 | 3349656 |
| First Community Bankshares Inc  | 29616 | 1124816 |
| First Community Corp/SC  | 15250 | 415868 |
| First Financial Bancorp  | 175772 | 4654443 |
| First Financial Bankshares Inc  | 243052 | 9034243 |
| First Financial Corp  | 20048 | 1182832 |
| First Foundation Inc (b) | 143361 | 852998 |
| First Guaranty Bancshares Inc  | 11584 | 97537 |
| First Hawaiian Inc  | 233761 | 6066098 |
| First Horizon Corp  | 949212 | 21452191 |
| First Interstate BancSystem Inc Class A  | 158716 | 5193188 |
| First Interstate Bank of Calif  | 14514 | 364519 |
| First Merchants Corp  | 107370 | 4458002 |
| First Mid Bancshares Inc  | 37960 | 1535102 |
| First National Corp/VA  | 15441 | 360702 |
| First Northwest Bancorp  | 14423 | 107307 |
| First Savings Financial Group Inc  | 9969 | 273350 |
| First Seacoast Bancorp Inc (b) | 7687 | 88785 |
| First United Corp  | 11371 | 424934 |
| First US Bancshares Inc  | 9669 | 118252 |
| First Western Financial Inc (b) | 12964 | 302839 |
| Firstsun Capital Bancorp (b) | 20579 | 782208 |
| Five Star Bancorp  | 30175 | 988835 |
| Flagstar Financial Inc  | 564399 | 7235595 |
| Flushing Financial Corp  | 64139 | 882553 |
| FNB Corp/PA  | 675001 | 11265767 |
| Franklin Financial Services Corp  | 8195 | 382707 |
| FS Bancorp Inc  | 13305 | 568257 |
| Fulton Financial Corp  | 335093 | 6587928 |
| FVCBankcorp Inc  | 26550 | 360151 |
| GBank Financial Holdings Inc (b)(c) | 17928 | 712190 |
| German American Bancorp Inc  | 69356 | 2897694 |
| Glacier Bancorp Inc  | 223679 | 10993823 |
| Glen Burnie Bancorp (b) | 5980 | 24816 |
| Great Southern Bancorp Inc  | 16328 | 1033399 |
| Greene County Bancorp Inc  | 12819 | 307528 |
| Guaranty Bancshares Inc/TX  | 17212 | 845798 |
| Hancock Whitney Corp  | 158061 | 9945198 |
| Hanmi Financial Corp  | 56480 | 1421037 |
| Hanover Bancorp Inc  | 8213 | 185203 |
| Harborone Northeast Bancorp Inc  | 68739 | 883984 |
| Hawthorn Bancshares Inc  | 11805 | 394641 |
| HBT Financial Inc  | 23113 | 612263 |
| Heritage Commerce Corp  | 117257 | 1211265 |
| Heritage Financial Corp Wash  | 64383 | 1573521 |
| Hilltop Holdings Inc  | 85062 | 2983975 |
| Hingham Institution For Savings The  | 3468 | 985398 |
| Home Bancorp Inc  | 13029 | 733077 |
| Home BancShares Inc/AR  | 339925 | 10116168 |
| Home Federal Bancorp Inc of Louisiana  | 1376 | 18561 |
| HomeStreet Inc (b) | 32137 | 445740 |
| HomeTrust Bancshares Inc  | 25728 | 1064110 |
| Hope Bancorp Inc  | 232408 | 2586701 |
| Horizon Bancorp Inc/IN  | 82289 | 1387393 |
| Huntington Bancshares Inc/OH  | 2709374 | 48253951 |
| IF Bancorp Inc  | 4315 | 109040 |
| Independent Bank Corp  | 91960 | 6576060 |
| Independent Bank Corp/MI  | 39651 | 1304121 |
| International Bancshares Corp  | 98256 | 7029234 |
| Investar Holding Corp  | 15977 | 374501 |
| Isabella Bank Corp (c) | 16079 | 542023 |
| John Marshall Bancorp Inc  | 22061 | 437028 |
| JPMorgan Chase & Co  | 5180191 | 1561413171 |
| Kearny Financial Corp/MD  | 108790 | 734333 |
| KeyCorp  | 1836599 | 35556557 |
| Lake Shore Bancorp Inc/MD  | 5579 | 74982 |
| Lakeland Financial Corp  | 47713 | 3265955 |
| Landmark Bancorp Inc/Manhattan KS  | 7690 | 204323 |
| LCNB Corp  | 24526 | 396831 |
| LINKBANCORP Inc  | 50942 | 370858 |
| Live Oak Bancshares Inc  | 62923 | 2434491 |
| M&T Bank Corp  | 299848 | 60467348 |
| Magyar Bancorp Inc  | 10921 | 187732 |
| MainStreet Bancshares Inc  | 11791 | 267066 |
| Mercantile Bank Corp  | 30168 | 1485774 |
| Meridian Corp  | 17651 | 277827 |
| Metrocity Bankshares Inc  | 33005 | 988170 |
| Metropolitan Bank Holding Corp  | 17975 | 1427035 |
| Mid Penn Bancorp Inc  | 39778 | 1198909 |
| Middlefield Banc Corp  | 12783 | 392438 |
| Midland States Bancorp Inc  | 41827 | 770453 |
| MidWestOne Financial Group Inc  | 36375 | 1099980 |
| MVB Financial Corp  | 21829 | 532628 |
| National Bank Holdings Corp Class A  | 70460 | 2763441 |
| National Bankshares Inc VA  | 12484 | 391249 |
| NB Bancorp Inc  | 71647 | 1353412 |
| Nbt Bancorp Inc  | 96722 | 4281883 |
| Nicolet Bankshares Inc  | 24909 | 3444666 |
| Northeast Bank  | 13059 | 1443803 |
| Northeast Community Bancorp Inc  | 25257 | 569545 |
| Northfield Bancorp Inc  | 69931 | 828682 |
| Northpointe Bancshares Inc  | 18698 | 333198 |
| Northrim BanCorp Inc  | 10511 | 988349 |
| Northwest Bancshares Inc  | 269639 | 3410933 |
| Norwood Financial Corp  | 16209 | 438616 |
| NSTS Bancorp Inc (b) | 7628 | 92985 |
| Oak Valley Bancorp  | 12321 | 351025 |
| OceanFirst Financial Corp  | 107850 | 1983362 |
| Ohio Valley Banc Corp  | 7134 | 263958 |
| Old National Bancorp/IN  | 608923 | 13938247 |
| Old Point Financial Corp  | 8500 | 357850 |
| Old Second Bancorp Inc  | 84016 | 1550935 |
| OP Bancorp  | 20969 | 304889 |
| OptimumBank Holdings Inc (b) | 20982 | 89174 |
| Orange County Bancorp Inc  | 16318 | 435364 |
| Origin Bancorp Inc  | 54259 | 2110133 |
| Orrstown Financial Services Inc  | 37057 | 1291436 |
| Pacific Premier Bancorp Inc  | 177321 | 4342591 |
| Park National Corp  | 26690 | 4584541 |
| Parke Bancorp Inc  | 19155 | 431945 |
| Pathfinder Bancorp Inc  | 4822 | 72282 |
| Pathward Financial Inc  | 44112 | 3505581 |
| Patriot National Bancorp Inc (b) | 89171 | 133757 |
| PB Bankshares Inc (b) | 2981 | 59172 |
| PCB Bancorp  | 21332 | 471437 |
| Peapack-Gladstone Financial Corp  | 29167 | 846135 |
| Peoples Bancorp Inc/OH  | 65178 | 2016607 |
| Peoples Bancorp of North Carolina Inc  | 9686 | 306852 |
| Peoples Financial Services Corp  | 17977 | 942175 |
| Pinnacle Financial Partners Inc  | 142822 | 13885155 |
| Pioneer Bancorp Inc/NY (b) | 18011 | 236124 |
| Plumas Bancorp  | 10557 | 458068 |
| PNC Financial Services Group Inc/The  | 736163 | 152709653 |
| Ponce Financial Group Inc (b) | 42704 | 633727 |
| Preferred Bank/Los Angeles CA  | 22860 | 2157984 |
| Primis Financial Corp  | 38723 | 443378 |
| Princeton Bancorp Inc  | 9923 | 338970 |
| Prosperity Bancshares Inc  | 177510 | 12271266 |
| Provident Bancorp Inc (b) | 32379 | 416718 |
| Provident Financial Holdings Inc  | 11128 | 172373 |
| Provident Financial Services Inc  | 241070 | 4782829 |
| QCR Holdings Inc  | 30956 | 2426331 |
| RBB Bancorp  | 25146 | 508704 |
| Red River Bancshares Inc  | 8385 | 548379 |
| Regions Financial Corp  | 1680299 | 46023390 |
| Renasant Corp  | 171073 | 6694086 |
| Republic Bancorp Inc/KY Class A  | 17162 | 1317012 |
| Rhinebeck Bancorp Inc (b) | 3538 | 47302 |
| Richmond Mutual BanCorp Inc  | 20196 | 298699 |
| Riverview Bancorp Inc  | 35982 | 182069 |
| S&T Bancorp Inc  | 71030 | 2806395 |
| SB Financial Group Inc  | 12907 | 271047 |
| Seacoast Banking Corp of Florida  | 156411 | 4865946 |
| ServisFirst Bancshares Inc  | 92516 | 8155285 |
| Shore Bancshares Inc  | 58588 | 1007128 |
| Sierra Bancorp  | 23505 | 720663 |
| Simmons First National Corp Class A  | 264682 | 5500092 |
| SmartFinancial Inc  | 26578 | 979399 |
| Sound Financial Bancorp Inc  | 4071 | 192436 |
| South Plains Financial Inc  | 21989 | 893413 |
| Southern First Bancshares Inc (b) | 14353 | 647320 |
| Southern Missouri Bancorp Inc  | 17466 | 1004906 |
| Southside Bancshares Inc  | 53889 | 1683492 |
| SouthState Corp  | 184494 | 18829458 |
| SR Bancorp Inc  | 16255 | 244963 |
| Stellar Bancorp Inc  | 88065 | 2722970 |
| Sterling Bancorp Inc/MI (b)(d) | 35279 | 0 |
| Stock Yards Bancorp Inc  | 50093 | 4043006 |
| Summit State Bank  | 8687 | 103375 |
| Synovus Financial Corp  | 260183 | 13428045 |
| Texas Capital Bancshares Inc (b) | 84498 | 7314992 |
| Texas Community Bancshares Inc  | 641 | 10508 |
| TFS Financial Corp  | 105952 | 1489685 |
| Third Coast Bancshares Inc (b) | 24099 | 959863 |
| Timberland Bancorp Inc/WA  | 12846 | 429699 |
| Tompkins Financial Corp  | 23401 | 1641346 |
| Towne Bank/Portsmouth VA  | 127331 | 4671774 |
| TriCo Bancshares  | 60970 | 2769257 |
| Triumph Financial Inc (b) | 40532 | 2492313 |
| Truist Financial Corp  | 2438479 | 114169587 |
| TrustCo Bank Corp NY  | 35999 | 1432400 |
| Trustmark Corp  | 112173 | 4517207 |
| UMB Financial Corp  | 133311 | 16250611 |
| Union Bankshares Inc/Morrisville VT (c) | 6855 | 179395 |
| United Bancorp Inc/OH  | 8867 | 129281 |
| United Bankshares Inc/WV  | 262201 | 10052786 |
| United Community Banks Inc/GA  | 236145 | 7887243 |
| United Security Bancshares/Fresno CA  | 25787 | 245492 |
| Unity Bancorp Inc  | 11676 | 611239 |
| Univest Financial Corp  | 53968 | 1709167 |
| US Bancorp  | 2900767 | 141644453 |
| USCB Financial Holdings Inc  | 19107 | 332271 |
| Valley National Bancorp  | 884619 | 9253115 |
| Veritex Holdings Inc  | 101102 | 3472854 |
| Virginia National Bankshares Corp  | 8782 | 365419 |
| WaFd Inc  | 150763 | 4741496 |
| Washington Trust Bancorp Inc  | 37163 | 1127154 |
| Webster Financial Corp  | 312768 | 19460425 |
| Wells Fargo & Co  | 6064971 | 498419317 |
| WesBanco Inc  | 176664 | 5794579 |
| West BanCorp Inc  | 28866 | 576165 |
| Westamerica BanCorp  | 49692 | 2485097 |
| Western Alliance Bancorp  | 202606 | 18143367 |
| Western New England Bancorp Inc  | 34929 | 438010 |
| Wintrust Financial Corp  | 125068 | 17170586 |
| WSFS Financial Corp  | 107602 | 6272121 |
| Zions Bancorp NA  | 274152 | 15903558 |
|  |  | 4560599883 |
| Capital Markets - 3.5% |  |  |
| Acadian Asset Management Inc  | 48643 | 2479334 |
| Aether Holdings Inc  | 2208 | 15014 |
| Affiliated Managers Group Inc  | 52933 | 11900397 |
| AlTi Global Inc Class A (b) | 124620 | 539605 |
| Ameriprise Financial Inc  | 177582 | 91420989 |
| Ares Management Corp Class A  | 377358 | 67622554 |
| Artisan Partners Asset Management Inc Class A  | 130095 | 6087145 |
| Associated Capital Group Inc Class A  | 3720 | 123244 |
| B Riley Financial Inc (b)(c) | 29367 | 161665 |
| Bakkt Holdings Inc Class A (b) | 12742 | 111747 |
| Bank of New York Mellon Corp/The  | 1333282 | 140794579 |
| Beneficient Class A (b)(c) | 1705 | 690 |
| BGC Group Inc Class A  | 707880 | 6944303 |
| Binah Capital Group Inc (b)(c) | 3616 | 7050 |
| Blackrock Inc  | 271421 | 305929466 |
| Blackstone Inc  | 1360249 | 233146679 |
| Blue Owl Capital Inc Class A (c) | 1071702 | 19847921 |
| Bridge Investment Group Holdings Inc Class A  | 74060 | 710976 |
| Carlyle Group Inc/The  | 396631 | 25606497 |
| Cboe Global Markets Inc  | 195002 | 46010722 |
| Charles Schwab Corp/The  | 3182990 | 305057762 |
| CME Group Inc Class A  | 671905 | 179069402 |
| Cohen & Co Inc  | 486 | 6023 |
| Cohen & Steers Inc  | 49692 | 3670251 |
| Coinbase Global Inc Class A (b) | 394257 | 120067027 |
| Diamond Hill Investment Group Inc  | 5410 | 788562 |
| DigitalBridge Group Inc Class A  | 293307 | 3346633 |
| Dominari Holdings Inc (c) | 12085 | 77586 |
| Donnelley Financial Solutions Inc (b) | 49374 | 2802962 |
| Evercore Inc Class A  | 66983 | 21538384 |
| FactSet Research Systems Inc  | 70732 | 26405670 |
| Federated Hermes Inc Class B  | 141184 | 7496870 |
| Fold Holdings Inc Class A (b)(c) | 24722 | 88505 |
| Forge Global Holdings Inc Class A (b) | 13477 | 254041 |
| Franklin Resources Inc  | 576741 | 14799174 |
| Galaxy Digital Inc Class A (c) | 302935 | 7115943 |
| GCM Grosvenor Inc Class A  | 92540 | 1199318 |
| Goldman Sachs Group Inc/The  | 571643 | 426016946 |
| Great Elm Group Inc (b) | 41085 | 94906 |
| Hamilton Lane Inc Class A  | 80649 | 12447367 |
| Hennessy Advisors Inc  | 8654 | 97011 |
| Heritage Global Inc (b) | 66103 | 126257 |
| Houlihan Lokey Inc Class A  | 100181 | 19961064 |
| Innventure Inc  | 53904 | 293777 |
| Interactive Brokers Group Inc Class A  | 812065 | 50542926 |
| Intercontinental Exchange Inc  | 1068966 | 188779396 |
| Invesco Ltd  | 832444 | 18222199 |
| Janus Henderson Group PLC  | 234468 | 10391622 |
| Jefferies Financial Group Inc  | 303253 | 19665957 |
| KKR & Co Inc Class A  | 1262724 | 176137371 |
| Lazard Inc  | 209630 | 11982451 |
| LPL Financial Holdings Inc  | 149211 | 54384425 |
| MarketAxess Holdings Inc  | 69950 | 12859608 |
| MarketWise Inc Class A  | 2859 | 51348 |
| Moelis & Co Class A  | 138697 | 10001441 |
| Moody's Corp  | 288135 | 146879698 |
| Morgan Stanley  | 2301879 | 346386752 |
| Morningstar Inc  | 49496 | 12988740 |
| MSCI Inc  | 144218 | 81875443 |
| Nasdaq Inc  | 769377 | 72890777 |
| Netcapital Inc (b) | 4646 | 9291 |
| Northern Trust Corp  | 363306 | 47694812 |
| Open Lending Corp (b) | 196648 | 414927 |
| Oppenheimer Holdings Inc Class A  | 11055 | 802261 |
| P10 Inc Class A  | 123204 | 1520337 |
| Perella Weinberg Partners Class A  | 113939 | 2521470 |
| Piper Sandler Cos  | 31012 | 10351495 |
| PJT Partners Inc Class A  | 45711 | 8182269 |
| Raymond James Financial Inc  | 338228 | 57309352 |
| Robinhood Markets Inc Class A (b) | 1329655 | 138324010 |
| S&P Global Inc  | 584979 | 320825883 |
| SEI Investments Co  | 175961 | 15533837 |
| Siebert Financial Corp (b) | 38522 | 105165 |
| Silvercrest Asset Management Group Inc Class A  | 18603 | 304903 |
| State Street Corp  | 532081 | 61173353 |
| StepStone Group Inc Class A  | 125000 | 7757500 |
| Stifel Financial Corp  | 191023 | 22023042 |
| StoneX Group Inc (b) | 80848 | 8260240 |
| T Rowe Price Group Inc  | 411867 | 44325127 |
| TPG Inc Class A  | 239178 | 14434392 |
| Tradeweb Markets Inc Class A  | 216805 | 26745065 |
| US Global Investors Inc Class A  | 32134 | 78407 |
| Value Line Inc  | 1295 | 49132 |
| Victory Capital Holdings Inc Class A  | 89638 | 6389397 |
| Virtu Financial Inc Class A  | 150531 | 6310260 |
| Virtus Invt Partners Inc  | 12390 | 2495718 |
| Westwood Holdings Group Inc  | 12251 | 217578 |
| WisdomTree Inc  | 213710 | 2908593 |
|  |  | 4133389988 |
| Consumer Finance - 0.7% |  |  |
| Ally Financial Inc  | 517413 | 21239804 |
| American Express Co  | 1031459 | 341701738 |
| Atlanticus Holdings Corp (b) | 8761 | 584359 |
| Bread Financial Holdings Inc  | 87041 | 5761244 |
| Capital One Financial Corp  | 1191993 | 270844649 |
| Consumer Portfolio Services Inc (b) | 15894 | 126993 |
| Credit Acceptance Corp (b)(c) | 11280 | 5806154 |
| Dave Inc Class A (b) | 14491 | 3089771 |
| DeFi Development Corp (b)(c) | 15806 | 253212 |
| Encore Capital Group Inc (b) | 44550 | 1863972 |
| Enova International Inc (b) | 47725 | 5789043 |
| EZCORP Inc Class A (b) | 96610 | 1610489 |
| FirstCash Holdings Inc  | 71865 | 10583559 |
| Green Dot Corp Class A (b) | 100603 | 1400394 |
| Katapult Holdings Inc Class A (b) | 8346 | 125189 |
| LendingClub Corp (b) | 210603 | 3618160 |
| Lendingtree Inc (b) | 20481 | 1391684 |
| Medallion Financial Corp  | 31914 | 337012 |
| Navient Corp  | 138178 | 1894420 |
| Nelnet Inc Class A  | 32427 | 4170436 |
| NerdWallet Inc Class A (b) | 65755 | 679907 |
| Old Market Capital Corp (b) | 13855 | 77033 |
| OneMain Holdings Inc (c) | 221836 | 13722775 |
| Oportun Financial Corp (b) | 56908 | 376162 |
| OppFi Inc Class A (c) | 43067 | 439714 |
| PRA Group Inc (b) | 73355 | 1253637 |
| PROG Holdings Inc  | 76490 | 2695508 |
| Regional Management Corp  | 17446 | 764833 |
| SLM Corp  | 389993 | 12198981 |
| SoFi Technologies Inc Class A (b) | 2207719 | 56385143 |
| Synchrony Financial  | 710797 | 54262243 |
| Upstart Holdings Inc (b)(c) | 154022 | 11286732 |
| Vroom Inc  | 1731 | 49333 |
| World Acceptance Corp (b) | 5899 | 1011266 |
|  |  | 837395549 |
| Financial Services - 4.1% |  |  |
| Acacia Research Corp (b) | 67664 | 230734 |
| Affirm Holdings Inc Class A (b) | 477819 | 42267869 |
| Alerus Financial Corp  | 44395 | 988677 |
| Apollo Global Management Inc  | 841282 | 114607847 |
| AvidXchange Holdings Inc (b) | 346504 | 3444250 |
| Berkshire Hathaway Inc Class B (b) | 3417955 | 1719163006 |
| Better Home & Finance Holding Co Class A (b) | 11365 | 257190 |
| Block Inc Class A (b) | 1035333 | 82453920 |
| Cannae Holdings Inc  | 105186 | 1966978 |
| Cantaloupe Inc (b) | 109845 | 1194015 |
| Cass Information Systems Inc  | 23128 | 997279 |
| Corebridge Financial Inc  | 502039 | 17455896 |
| Corpay Inc (b) | 131832 | 42933727 |
| Enact Holdings Inc  | 52391 | 1972521 |
| Equitable Holdings Inc  | 566950 | 30195757 |
| Essent Group Ltd  | 190826 | 11972423 |
| Euronet Worldwide Inc (b) | 76287 | 7109186 |
| Federal Agricultural Mortgage Corp Class A  | 335 | 49108 |
| Federal Agricultural Mortgage Corp Class C  | 18458 | 3868243 |
| Fidelity National Information Services Inc  | 981178 | 68496036 |
| Finance of America Cos Inc Class A (b) | 14065 | 375676 |
| Fiserv Inc (b) | 1033165 | 142762740 |
| FlexShopper Inc (b) | 30422 | 20973 |
| Flywire Corp (b) | 205174 | 2698038 |
| Global Payments Inc  | 455958 | 40498190 |
| Guild Holdings Co Class A  | 17312 | 344682 |
| HA Sustainable Infrastructure Capital Inc  | 227565 | 6426436 |
| Halo Spin-Out SPV Inc Class A (d) | 408 | 0 |
| International Money Express Inc (b) | 55380 | 803010 |
| Jack Henry & Associates Inc  | 135551 | 22130056 |
| Jackson Financial Inc  | 133521 | 13191875 |
| loanDepot Inc Class A (b) | 149717 | 320394 |
| Marqeta Inc Class A (b) | 724057 | 4608623 |
| Mastercard Inc Class A  | 1511683 | 899889773 |
| Merchants Bancorp/IN  | 50820 | 1647584 |
| MGIC Investment Corp  | 440244 | 12251991 |
| Mr Cooper Group Inc (b) | 119124 | 22458448 |
| NCR Atleos Corp (b) | 139421 | 5523860 |
| NewtekOne Inc  | 48242 | 596754 |
| NMI Holdings Inc (b) | 144790 | 5697487 |
| Onity Group Inc (b) | 11547 | 477699 |
| Paymentus Holdings Inc Class A (b) | 58696 | 2285035 |
| Payoneer Global Inc (b) | 486912 | 3384038 |
| PayPal Holdings Inc (b) | 1814477 | 127358141 |
| Paysign Inc (b) | 60517 | 313478 |
| PennyMac Financial Services Inc  | 58952 | 6490615 |
| Priority Technology Holdings Inc (b) | 25660 | 214774 |
| Radian Group Inc  | 250497 | 8737335 |
| Remitly Global Inc (b) | 286750 | 5313478 |
| Repay Holdings Corp Class A (b) | 141293 | 836455 |
| Rocket Cos Inc Class A (c) | 452347 | 8038206 |
| Ryvyl Inc (b) | 8715 | 2613 |
| Security National Financial Corp Class A  | 22120 | 199080 |
| Sezzle Inc (b)(c) | 28069 | 2655327 |
| SHF Holdings Inc Class A (b)(c) | 645 | 1483 |
| Shift4 Payments Inc Class A (b)(c) | 125880 | 11383328 |
| SWK Holdings Corp  | 6210 | 92591 |
| Toast Inc Class A (b) | 816045 | 36803630 |
| Usio Inc (b) | 20159 | 29735 |
| UWM Holdings Corp Class A  | 282965 | 1612901 |
| Velocity Financial Inc (b) | 20429 | 389785 |
| Visa Inc Class A  | 3189111 | 1121865468 |
| Voya Financial Inc  | 178801 | 13426167 |
| Walker & Dunlop Inc  | 59503 | 5060730 |
| Waterstone Financial Inc  | 34647 | 519359 |
| Western Union Co/The  | 618368 | 5361251 |
| WEX Inc (b) | 64063 | 10977195 |
| XBP Global Holdings Inc Class A (b) | 19540 | 11804 |
|  |  | 4707712953 |
| Insurance - 2.0% |  |  |
| Abacus Global Management Inc Class A (b)(c) | 50929 | 364142 |
| AFLAC Inc  | 906917 | 96913151 |
| Allstate Corp/The  | 493923 | 100488634 |
| Ambac Financial Group Inc (b) | 89178 | 805277 |
| American Coastal Insurance Corp  | 46677 | 515781 |
| American Financial Group Inc/OH  | 133884 | 18189480 |
| American Integrity Insurance Group Inc  | 14637 | 292594 |
| American International Group Inc  | 1074206 | 87354432 |
| Amerisafe Inc  | 36389 | 1680444 |
| Aon PLC  | 402652 | 147773284 |
| Arch Capital Group Ltd  | 696538 | 63754123 |
| Arthur J Gallagher & Co  | 477699 | 144623372 |
| Assurant Inc  | 94170 | 20303994 |
| Assured Guaranty Ltd  | 86519 | 7111862 |
| Axis Capital Holdings Ltd  | 132933 | 13104535 |
| Baldwin Insurance Group Inc/The Class A (b) | 133381 | 4224176 |
| Bowhead Specialty Holdings Inc (b) | 15402 | 478386 |
| Brighthouse Financial Inc (b) | 107373 | 5074448 |
| Brown & Brown Inc  | 521344 | 50544301 |
| Chubb Ltd  | 694086 | 190922236 |
| Cincinnati Financial Corp  | 291954 | 44844134 |
| Citizens Inc/TX Class A (b)(c) | 82348 | 435621 |
| CNA Financial Corp (c) | 38790 | 1922045 |
| CNO Financial Group Inc  | 187275 | 7391744 |
| Crawford & Co Class A  | 26806 | 290577 |
| Crawford & Co Class B  | 15796 | 167280 |
| Donegal Group Inc Class A  | 32300 | 577847 |
| eHealth Inc (b) | 55818 | 216016 |
| Employers Holdings Inc  | 46596 | 2015743 |
| Erie Indemnity Co Class A  | 46494 | 16476544 |
| Everest Group Ltd  | 79378 | 27137751 |
| F&G Annuities & Life Inc  | 40529 | 1401088 |
| Fidelity National Financial Inc/US  | 487060 | 29160282 |
| First American Financial Corp  | 192376 | 12696816 |
| Fundamental Global Inc (d) | 1720 | 26522 |
| Fundamental Global Inc (b)(c) | 1720 | 24080 |
| Genworth Financial Inc Class A (b) | 781533 | 6697738 |
| Globe Life Inc  | 154051 | 21559437 |
| GoHealth Inc Class A (b) | 8734 | 44631 |
| Goosehead Insurance Inc Class A  | 46857 | 3969256 |
| Greenlight Capital Re Ltd Class A (b) | 46815 | 603445 |
| Hagerty Inc Class A (b) | 47115 | 539467 |
| Hanover Insurance Group Inc/The  | 66609 | 11555329 |
| Hartford Insurance Group Inc/The  | 528934 | 69983258 |
| HCI Group Inc  | 17469 | 2912257 |
| Heritage Insurance Holdings Inc (b) | 40565 | 923665 |
| Hippo Holdings Inc (b) | 35285 | 1192986 |
| Horace Mann Educators Corp  | 75976 | 3493376 |
| Investors Title Co  | 2850 | 707541 |
| James River Group Holdings Ltd  | 84115 | 472726 |
| Kemper Corp  | 113533 | 6091045 |
| Kingstone Cos Inc  | 19164 | 257947 |
| Kinsale Capital Group Inc  | 41238 | 18864323 |
| Lemonade Inc (b)(c) | 104477 | 5526833 |
| Lincoln National Corp  | 317934 | 13648907 |
| Loews Corp  | 323405 | 31305604 |
| Markel Group Inc (b) | 23600 | 46233816 |
| Marsh & McLennan Cos Inc  | 917981 | 188929670 |
| MBIA Inc (b) | 79036 | 629127 |
| Mercury General Corp  | 49026 | 3791181 |
| MetLife Inc  | 1051265 | 85530920 |
| NI Holdings Inc (b) | 13086 | 175222 |
| Old Republic International Corp  | 423131 | 16912546 |
| Oscar Health Inc Class A (b)(c) | 383319 | 6386095 |
| Palomar Hldgs Inc (b) | 49735 | 6118400 |
| Primerica Inc  | 61111 | 16459637 |
| Principal Financial Group Inc  | 384355 | 30944421 |
| ProAssurance Corp (b) | 95116 | 2264712 |
| Progressive Corp/The  | 1092414 | 269891803 |
| Prudential Financial Inc  | 660482 | 72428456 |
| Reinsurance Group of America Inc  | 122584 | 23878137 |
| Reliance Global Group Inc (b) | 2613 | 2509 |
| RLI Corp  | 154873 | 10489548 |
| Root Inc/OH Class A (b) | 16523 | 1523751 |
| Ryan Specialty Holdings Inc Class A  | 200974 | 11361060 |
| Safety Insurance Group Inc  | 27934 | 2067395 |
| Selective Insurance Group Inc  | 113498 | 8878949 |
| Selectquote Inc (b) | 264419 | 597587 |
| Skyward Specialty Insurance Group Inc (b) | 61012 | 2946880 |
| Stewart Information Services Corp  | 51612 | 3759418 |
| Tiptree Inc Class A  | 40873 | 958472 |
| Travelers Companies Inc/The  | 422350 | 114672249 |
| Trupanion Inc (b) | 62583 | 2901348 |
| TWFG Inc Class A (b) | 23758 | 628280 |
| United Fire Group Inc  | 39693 | 1220163 |
| Universal Insurance Holdings Inc  | 49007 | 1195281 |
| Unum Group  | 299348 | 20912451 |
| W R Berkley Corp  | 557756 | 39985528 |
| White Mountains Insurance Group Ltd  | 4723 | 8643940 |
| Willis Towers Watson PLC  | 184860 | 60410399 |
|  |  | 2363381864 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.1% |  |  |
| ACRES Commercial Realty Corp (b)(c) | 10471 | 219891 |
| AG Mortgage Investment Trust Inc  | 54195 | 409714 |
| AGNC Investment Corp  | 1904728 | 18590145 |
| Angel Oak Mortgage REIT Inc  | 27863 | 274729 |
| Annaly Capital Management Inc  | 1128191 | 23906367 |
| Apollo Commercial Real Estate Finance Inc  | 236480 | 2504323 |
| Arbor Realty Trust Inc (c) | 359806 | 4296084 |
| Ares Commercial Real Estate Corp (c) | 101847 | 480718 |
| ARMOUR Residential REIT Inc (c) | 186930 | 2861898 |
| Blackstone Mortgage Trust Inc Class A (c) | 325820 | 6373039 |
| Brightspire Capital Inc Class A  | 240670 | 1395886 |
| Cherry Hill Mortgage Investment Corp  | 72378 | 207725 |
| Chimera Investment Corp  | 155309 | 2200729 |
| Claros Mortgage Trust Inc  | 213269 | 789095 |
| Dynex Capital Inc  | 214304 | 2704516 |
| Ellington Financial Inc  | 168317 | 2295844 |
| Franklin BSP Realty Trust Inc  | 152565 | 1762126 |
| Granite Point Mortgage Trust Inc  | 91234 | 263666 |
| Invesco Mortgage Capital Inc (c) | 116508 | 911093 |
| Kkr Real Estate Finance Trust Inc  | 105030 | 1011439 |
| Ladder Capital Corp Class A  | 199179 | 2314460 |
| Lument Finance Trust Inc (c) | 78314 | 175423 |
| Manhattan Bridge Capital Inc  | 18045 | 95639 |
| MFA Financial Inc  | 190128 | 1939306 |
| New York Mortgage Trust Inc  | 168016 | 1213076 |
| Nexpoint Real Estate Finance Inc  | 16958 | 254370 |
| Orchid Island Capital Inc  | 225815 | 1594254 |
| Pennymac Mortgage Investment Trust  | 161175 | 1984064 |
| Ready Capital Corp (c) | 318516 | 1356878 |
| Redwood Trust Inc  | 249539 | 1527179 |
| Rithm Capital Corp  | 986873 | 12217488 |
| Rithm Property Trust Inc  | 84892 | 218172 |
| Sachem Capital Corp (c) | 94957 | 117747 |
| Seven Hills Realty Trust  | 24820 | 268552 |
| Starwood Property Trust Inc  | 645483 | 13083940 |
| Sunrise Realty Trust Inc  | 9902 | 109516 |
| TPG RE Finance Trust Inc  | 119626 | 1118503 |
| Two Harbors Investment Corp  | 193857 | 1938570 |
|  |  | 114986164 |
| TOTAL FINANCIALS |  | 16717466401 |
| Health Care - 9.3% |  |  |
| Biotechnology - 2.0% |  |  |
| 4D Molecular Therapeutics Inc (b) | 64620 | 398059 |
| 89bio Inc (b) | 238955 | 2157764 |
| AbbVie Inc  | 3292841 | 692813746 |
| Abeona Therapeutics Inc (b)(c) | 99500 | 679585 |
| Absci Corp (b)(c) | 174340 | 416673 |
| ABVC BioPharma Inc (b) | 25444 | 72007 |
| ACADIA Pharmaceuticals Inc (b) | 229206 | 5957064 |
| Aceragen Inc (b)(c)(d) | 5354 | 0 |
| Achieve Life Sciences Inc (b)(c) | 60394 | 179974 |
| Acrivon Therapeutics Inc (b) | 24958 | 33444 |
| Actinium Pharmaceuticals Inc (b) | 52600 | 93628 |
| Actuate Therapeutics Inc (b)(c) | 5477 | 46226 |
| Acumen Pharmaceuticals Inc (b) | 60098 | 81733 |
| Acurx Pharmaceuticals Inc (b) | 1001 | 4625 |
| Adicet Bio Inc (b) | 108608 | 78198 |
| ADMA Biologics Inc (b) | 445896 | 7696165 |
| Adverum Biotechnologies Inc (b) | 29466 | 90755 |
| AEON Biopharma Inc Class A (b) | 641 | 469 |
| Aevi Genomic Medicine Inc rights (b)(d) | 29385 | 0 |
| Agenus Inc (b)(c) | 49292 | 206041 |
| Agios Pharmaceuticals Inc (b) | 107180 | 4041758 |
| Akebia Therapeutics Inc (b) | 470868 | 1478526 |
| Akero Therapeutics Inc (b) | 139063 | 6498414 |
| Alaunos Therapeutics Inc (b)(c) | 2376 | 5061 |
| Aldeyra Therapeutics Inc (b) | 81504 | 475983 |
| Alector Inc (b) | 147333 | 346233 |
| Aligos Therapeutics Inc Class A (b) | 7598 | 80159 |
| Alkermes PLC (b) | 306183 | 8870122 |
| Allarity Therapeutics Inc (b)(c) | 22299 | 34340 |
| Allogene Therapeutics Inc (b)(c) | 287541 | 324921 |
| Alnylam Pharmaceuticals Inc (b) | 242917 | 108464870 |
| Altimmune Inc (b)(c) | 146445 | 560884 |
| ALX Oncology Holdings Inc (b) | 52580 | 61519 |
| Alzamend Neuro Inc (b) | 77 | 189 |
| Amgen Inc  | 1002210 | 288345839 |
| Amicus Therapeutics Inc (b) | 511261 | 3880471 |
| AnaptysBio Inc (b) | 36426 | 740541 |
| Anavex Life Sciences Corp (b)(c) | 157690 | 1520132 |
| Anika Therapeutics Inc (b) | 26537 | 248917 |
| Anixa Biosciences Inc (b) | 53164 | 158960 |
| Annexon Inc (b) | 157046 | 323515 |
| Annovis Bio Inc (b)(c) | 45410 | 104897 |
| Apellis Pharmaceuticals Inc (b) | 200456 | 5526572 |
| Apogee Therapeutics Inc (b) | 61276 | 2228608 |
| Applied Therapeutics Inc (b) | 152480 | 75127 |
| AquaBounty Technologies Inc (b)(c) | 5557 | 6557 |
| Aravive Inc (b)(c)(d) | 46160 | 0 |
| Arbutus Biopharma Corp (b)(c) | 283375 | 1051321 |
| Arcellx Inc (b) | 74818 | 5191621 |
| Arcturus Therapeutics Holdings Inc (b) | 46914 | 798007 |
| Arcus Biosciences Inc (b) | 125315 | 1327086 |
| Arcutis Biotherapeutics Inc (b) | 198662 | 3083234 |
| Ardelyx Inc (b) | 443717 | 2822040 |
| Armata Pharmaceuticals Inc (b) | 17420 | 43550 |
| ArriVent Biopharma Inc (b) | 42371 | 810134 |
| Arrowhead Pharmaceuticals Inc (b) | 233526 | 5144578 |
| ARS Pharmaceuticals Inc (b)(c) | 97897 | 1137563 |
| Assembly Biosciences Inc (b) | 8526 | 210592 |
| Astria Therapeutics Inc (b) | 64030 | 395705 |
| Atara Biotherapeutics Inc (b)(c) | 10566 | 127320 |
| Atossa Therapeutics Inc (b) | 217655 | 166049 |
| aTyr Pharma Inc (b)(c) | 169515 | 911991 |
| Aura Biosciences Inc (b) | 69754 | 436660 |
| Avalo Therapeutics Inc (b) | 18586 | 172664 |
| Avidity Biosciences Inc (b) | 226809 | 10564763 |
| Avita Medical Inc (b)(c) | 50347 | 218506 |
| Beam Therapeutics Inc (b) | 170069 | 2782329 |
| Beyondspring Inc (b)(c) | 79393 | 136556 |
| Bicara Therapeutics Inc (b) | 34947 | 417267 |
| bioAffinity Technologies Inc (b) | 13704 | 3318 |
| BioAtla Inc (b) | 81090 | 36937 |
| BioCardia Inc (b) | 3237 | 6345 |
| BioCryst Pharmaceuticals Inc (b) | 385292 | 3201777 |
| Biogen Inc (b) | 273935 | 36219686 |
| Biohaven Ltd (b) | 157621 | 2425787 |
| BioMarin Pharmaceutical Inc (b) | 356476 | 20771857 |
| Biomea Fusion Inc (b) | 43980 | 85761 |
| BioRestorative Therapies Inc (b)(c) | 13485 | 24812 |
| BioVie Inc (b) | 2401 | 3650 |
| Bioxcel Therapeutics Inc (b)(c) | 3280 | 13284 |
| Black Diamond Therapeutics Inc (b) | 79686 | 219137 |
| Bolt Biotherapeutics Inc (b) | 5380 | 28460 |
| Bone Biologics Corp (b) | 656 | 1410 |
| Boundless Bio Inc (b) | 8946 | 10020 |
| Bridgebio Pharma Inc (b) | 276550 | 14314228 |
| C4 Therapeutics Inc (b) | 103994 | 270384 |
| Cabaletta Bio Inc (b) | 88050 | 127673 |
| Calidi Biotherapeutics Inc (b) | 5150 | 8498 |
| CAMP4 Therapeutics Corp (c) | 9654 | 14674 |
| Candel Therapeutics Inc (b)(c) | 63933 | 370172 |
| Capricor Therapeutics Inc (b)(c) | 78508 | 493030 |
| Cardiff Oncology Inc (b)(c) | 115155 | 241826 |
| Cardio Diagnostics Holdings Inc (b)(c) | 2251 | 8576 |
| CareDx Inc (b) | 105393 | 1439668 |
| Caribou Biosciences Inc (b) | 150132 | 280747 |
| Carisma Therapeutics Inc (b) | 40366 | 8679 |
| Carisma Therapeutics Inc rights (b)(d) | 335306 | 3 |
| Cartesian Therapeutics Inc (b)(c) | 16028 | 161082 |
| Cartesian Therapeutics Inc rights (b)(d) | 188029 | 54528 |
| Catalyst Pharmaceuticals Inc (b) | 217989 | 4488394 |
| CEL-SCI Corp (b)(c) | 3848 | 40135 |
| Celcuity Inc (b) | 52562 | 2692751 |
| Celldex Therapeutics Inc (b) | 122825 | 2711976 |
| Cellectar Biosciences Inc (b) | 2064 | 10052 |
| Celularity Inc Class A (b)(c) | 20801 | 80292 |
| Century Therapeutics Inc (b) | 64476 | 31703 |
| CervoMed Inc (b) | 9074 | 87292 |
| CG oncology Inc (b) | 99219 | 2661054 |
| Chinook Therapeutics Inc rights (b)(d) | 14580 | 0 |
| Cibus Inc Class A (b) | 45809 | 61384 |
| Cidara Therapeutics Inc (b) | 27622 | 1806203 |
| Clene Inc (b) | 7988 | 42496 |
| Climb Bio Inc (b)(c) | 47252 | 105372 |
| Coeptis Therapeutics Holdings Inc (b) | 3331 | 44386 |
| Cogent Biosciences Inc (b) | 240469 | 2904866 |
| Coherus Oncology Inc (b)(c) | 208593 | 241968 |
| Compass Therapeutics Inc (b) | 180893 | 631317 |
| Corbus Pharmaceuticals Holdings Inc (b) | 21500 | 201455 |
| Corvus Pharmaceuticals Inc (b)(c) | 109185 | 626722 |
| Coya Therapeutics Inc (b) | 24265 | 159178 |
| Creative Medical Technology Holdings Inc (b) | 1551 | 4901 |
| Crescent Biopharma Inc (b) | 808 | 11635 |
| Cue Biopharma Inc (b) | 140862 | 109901 |
| Cullinan Therapeutics Inc (b) | 98425 | 742125 |
| Curis Inc (b) | 10208 | 17047 |
| Cyclerion Therapeutics Inc (b) | 2260 | 5537 |
| Cyteir Therapeutics Inc (b)(d) | 15830 | 0 |
| Cytokinetics Inc (b) | 224598 | 7935047 |
| CytomX Therapeutics Inc (b) | 320447 | 653712 |
| Day One Biopharmaceuticals Inc (b) | 127769 | 959545 |
| Denali Therapeutics Inc (b) | 238755 | 3645789 |
| Design Therapeutics Inc (b)(c) | 53570 | 296242 |
| DiaMedica Therapeutics Inc (b)(c) | 48384 | 276273 |
| Dianthus Therapeutics Inc (b) | 36845 | 868437 |
| Dianthus Therapeutics Inc rights (b)(d) | 49503 | 0 |
| Disc Medicine Inc (b) | 46482 | 2772419 |
| Dogwood Therapeutics Inc (b) | 2294 | 11172 |
| Dogwood Therapeutics Inc (c)(d) | 776 | 0 |
| Dyadic International Inc (b) | 37537 | 34583 |
| Dynavax Technologies Corp (b) | 212633 | 2151846 |
| Dyne Therapeutics Inc (b) | 210096 | 2834195 |
| Edesa Biotech Inc (b) | 1203 | 2815 |
| Editas Medicine Inc (b) | 139564 | 358679 |
| Eledon Pharmaceuticals Inc (b) | 113345 | 293564 |
| Elicio Therapeutics Inc (b)(c) | 17239 | 181527 |
| Elutia Inc (b) | 44968 | 102527 |
| Emergent BioSolutions Inc (b) | 98415 | 816845 |
| Enanta Pharmaceuticals Inc (b) | 36035 | 302694 |
| Entrada Therapeutics Inc (b) | 41555 | 227306 |
| Equillium Inc (b) | 35240 | 61318 |
| Erasca Inc (b) | 404291 | 634737 |
| Ernexa Therapeutics Inc (b) | 136 | 185 |
| Estrella Immunopharma Inc (b) | 16862 | 17536 |
| Exact Sciences Corp (b) | 351863 | 16685343 |
| Exagen Inc (b) | 21834 | 215283 |
| Exelixis Inc (b) | 507938 | 19007040 |
| Exicure Inc (b) | 4759 | 26984 |
| eXoZymes Inc (b) | 2030 | 19102 |
| Fate Therapeutics Inc (b) | 166427 | 173084 |
| Fibrobiologics Inc (b) | 45592 | 26904 |
| FibroGen Inc (b) | 7047 | 83366 |
| Foghorn Therapeutics Inc (b) | 62668 | 317100 |
| Forte Biosciences Inc (b) | 10936 | 120296 |
| Fortress Biotech Inc (b)(c) | 49769 | 128404 |
| Gain Therapeutics Inc (b) | 45084 | 89717 |
| Galectin Therapeutics Inc (b)(c) | 87233 | 373357 |
| Genelux Corp (b)(c) | 51408 | 171189 |
| Generation Bio CO (b) | 8924 | 53544 |
| Genprex Inc (b)(c) | 1703 | 279 |
| GeoVax Labs Inc (b)(c) | 14386 | 10726 |
| Geron Corp (b) | 1002044 | 1402862 |
| Gilead Sciences Inc  | 2318741 | 261948171 |
| Gossamer Bio Inc (b) | 361160 | 892065 |
| GRAIL Inc (b) | 58427 | 1915821 |
| Greenwich Lifesciences Inc (b)(c) | 10592 | 121596 |
| GT Biopharma Inc (b) | 2196 | 2052 |
| Gyre Therapeutics Inc (b)(c) | 30251 | 234143 |
| Gyre Therapeutics Inc rights (b)(d) | 35667 | 0 |
| Halozyme Therapeutics Inc (b) | 230138 | 16834595 |
| HCW Biologics Inc (b)(c) | 726 | 4153 |
| Heron Therapeutics Inc (b)(c) | 261428 | 352928 |
| HilleVax Inc (b) | 44985 | 94019 |
| Humacyte Inc Class A (b)(c) | 211178 | 327326 |
| iBio Inc (b) | 15778 | 12902 |
| Ideaya Biosciences Inc (b) | 168021 | 4124916 |
| Immix Biopharma Inc (b) | 22160 | 49195 |
| ImmuCell Corp (b) | 13660 | 87424 |
| Immuneering Corp (b) | 47323 | 272107 |
| Immunic Inc (b)(c) | 160002 | 131202 |
| ImmunityBio Inc (b)(c) | 410176 | 959812 |
| Immunome Inc (b)(c) | 154150 | 1465967 |
| Immunovant Inc (b) | 141666 | 2081074 |
| Imunon Inc  | 1776 | 10532 |
| IN8bio Inc (b) | 2040 | 4508 |
| Incyte Corp (b) | 299374 | 25330034 |
| Indaptus Therapeutics Inc (b) | 462 | 2994 |
| Inhibikase Therapeutics Inc (b)(c) | 52687 | 94837 |
| Inhibrx Biosciences Inc (b)(c) | 17527 | 494261 |
| Inmune Bio Inc (b)(c) | 29379 | 59639 |
| Inovio Pharmaceuticals Inc (b)(c) | 47158 | 111764 |
| Insight Molecular Diagnostics Inc (b)(c) | 25200 | 63504 |
| Insmed Inc (b) | 339503 | 46206358 |
| Instil Bio Inc (b)(c) | 6824 | 184248 |
| Intellia Therapeutics Inc (b)(c) | 196834 | 2235050 |
| Intensity Therapeutics Inc (b)(c) | 9421 | 2657 |
| Invivyd Inc (b)(c) | 96907 | 94291 |
| Ionis Pharmaceuticals Inc (b) | 298320 | 12718873 |
| Iovance Biotherapeutics Inc (b)(c) | 487025 | 1086066 |
| Ironwood Pharmaceuticals Inc Class A (b) | 265754 | 350795 |
| Jade Biosciences Inc  | 52466 | 414481 |
| Janux Therapeutics Inc (b) | 61386 | 1394690 |
| Jasper Therapeutics Inc Class A (b) | 20685 | 57918 |
| KALA BIO Inc (b)(c) | 11876 | 133249 |
| Kalaris Therapeutics Inc (b) | 4168 | 17005 |
| KalVista Pharmaceuticals Inc (b)(c) | 68509 | 922131 |
| Karyopharm Therapeutics Inc (b)(c) | 14790 | 105157 |
| Keros Therapeutics Inc (b) | 63334 | 963310 |
| Kezar Life Sciences Inc (b)(c) | 10741 | 42427 |
| Kineta Inc rights (b)(d) | 58487 | 0 |
| Klotho Neurosciences Inc (b) | 14768 | 10245 |
| Kodiak Sciences Inc (b) | 56622 | 511863 |
| Korro Bio Inc (b) | 10344 | 238740 |
| Korro Bio Inc rights (b)(d) | 54830 | 0 |
| Krystal Biotech Inc (b) | 47317 | 6988721 |
| Kura Oncology Inc (b) | 162065 | 1280314 |
| Kymera Therapeutics Inc (b) | 96582 | 3979178 |
| Kyverna Therapeutics Inc (b)(c) | 40668 | 150878 |
| Lantern Pharma Inc (b) | 15364 | 62685 |
| Larimar Therapeutics Inc (b) | 57442 | 207940 |
| Leap Therapeutics Inc (b)(c) | 55852 | 16108 |
| Lexeo Therapeutics Inc (b) | 44167 | 211560 |
| Lexicon Pharmaceuticals Inc (b)(c) | 330699 | 363769 |
| Liminatus Pharma Inc (c) | 8096 | 21940 |
| Lineage Cell Therapeutics Inc (b) | 442273 | 517459 |
| Lisata Therapeutics Inc (b) | 4379 | 10159 |
| Longeveron Inc (b) | 24069 | 19932 |
| Lyell Immunopharma Inc (b) | 17812 | 197357 |
| MacroGenics Inc (b) | 112242 | 198668 |
| Madrigal Pharmaceuticals Inc (b)(c) | 32472 | 14217865 |
| MAIA Biotechnology Inc (b) | 35820 | 55163 |
| MannKind Corp (b) | 602768 | 2766705 |
| Marker Therapeutics Inc (b)(c) | 12811 | 11859 |
| Matinas BioPharma Holdings Inc (b)(c) | 7652 | 13927 |
| MediciNova Inc (b) | 88303 | 115677 |
| MediPacific Inc Class A rights (b)(d) | 44132 | 0 |
| MEI Pharma Inc (b)(c) | 7491 | 36406 |
| Merrimack Pharmaceuticals Inc (b)(d) | 28782 | 0 |
| Mersana Therapeutics Inc (b)(c) | 7039 | 51525 |
| Metagenomi Inc (b) | 47549 | 82735 |
| MetaVia Inc (b) | 4747 | 3011 |
| MetaVia Inc rights (b)(d) | 380 | 0 |
| Metsera Inc (b) | 29412 | 1037949 |
| MiMedx Group Inc (b) | 217139 | 1541687 |
| Mineralys Therapeutics Inc (b) | 70211 | 1086866 |
| Minerva Neurosciences Inc (b) | 29010 | 69044 |
| MiNK Therapeutics Inc (b) | 1894 | 26971 |
| Mirum Pharmaceuticals Inc (b) | 78069 | 5766957 |
| Moderna Inc (b) | 634050 | 15274265 |
| Moleculin Biotech Inc (b)(c) | 2055 | 806 |
| Monopar Therapeutics Inc (b) | 7980 | 272517 |
| Monte Rosa Therapeutics Inc (b) | 82963 | 398222 |
| Mural Oncology PLC (b) | 28976 | 59691 |
| Mustang Bio Inc (b) | 1077 | 1626 |
| Myriad Genetics Inc (b) | 168779 | 1075122 |
| NanoViricides Inc (b)(c) | 22261 | 30943 |
| Natera Inc (b) | 254370 | 42797753 |
| NeuBase Therapeutics Inc (b)(d) | 1359 | 322 |
| Neurocrine Biosciences Inc (b) | 184767 | 25793473 |
| Neurogene Inc (b)(c) | 18941 | 350030 |
| Neurogene Inc rights (b)(d) | 9649 | 0 |
| NextCure Inc (b) | 2408 | 12112 |
| Nkarta Inc (b) | 84777 | 179727 |
| Novavax Inc (b)(c) | 300323 | 2243413 |
| Nurix Therapeutics Inc (b) | 130994 | 1223484 |
| Nuvalent Inc Class A (b) | 71222 | 5454181 |
| Nuvectis Pharma Inc (b) | 21890 | 143598 |
| Ocugen Inc (b)(c) | 518313 | 528679 |
| Olema Pharmaceuticals Inc (b) | 92434 | 504690 |
| OmniAb Operations Inc (b)(d) | 10389 | 4156 |
| OmniAb Operations Inc (b)(d) | 10389 | 3324 |
| Onconetix Inc (b) | 21 | 62 |
| Oncternal Therapeutics Inc (b)(d) | 4027 | 2121 |
| Oncternal Therapeutics Inc rights (b)(c)(d) | 2146 | 0 |
| OnKure Therapeutics Inc Class A (b) | 17281 | 47523 |
| Opus Genetics Inc (b) | 67919 | 82861 |
| Opus Genetics Inc rights (b)(d) | 621 | 0 |
| Oragenics Inc (b) | 47 | 48 |
| Organogenesis Holdings Inc Class A (b) | 130314 | 671117 |
| ORIC Pharmaceuticals Inc (b)(c) | 86052 | 880312 |
| Oruka Therapeutics Inc (b)(c) | 61488 | 910022 |
| Outlook Therapeutics Inc (b)(c) | 57968 | 49342 |
| Ovid therapeutics Inc (b) | 113607 | 145417 |
| Palisade Bio Inc (b)(c) | 2239 | 1512 |
| Palisade Bio Inc rights (b)(d) | 289 | 0 |
| Palvella Therapeutics Inc (b) | 15238 | 825138 |
| Palvella Therapeutics Inc rights (b)(d) | 1882 | 0 |
| Passage Bio Inc (b) | 4067 | 28144 |
| PDL BioPharma Inc (b)(d) | 218274 | 2 |
| PDS Biotechnology Corp (b) | 68230 | 84605 |
| PepGen Inc (b) | 30676 | 35584 |
| Perspective Therapeutics Inc (b) | 103736 | 348553 |
| PharmaCyte Biotech Inc (b) | 15256 | 14325 |
| Phio Pharmaceuticals Corp (b)(c) | 13365 | 26329 |
| Plus Therapeutics Inc (b) | 5315 | 2424 |
| PMV Pharmaceuticals Inc (b) | 71782 | 100495 |
| Praxis Precision Medicines Inc (b) | 36204 | 1648730 |
| Precigen Inc (b)(c) | 275941 | 1244494 |
| Precision BioSciences Inc (b) | 11429 | 56002 |
| Prelude Therapeutics Inc (b) | 35254 | 42657 |
| Prime Medicine Inc (b)(c) | 120321 | 389840 |
| ProKidney Corp Class A (b)(c) | 172262 | 406538 |
| Protagonist Therapeutics Inc (b) | 117973 | 6966306 |
| Protara Therapeutics Inc (b) | 59387 | 185287 |
| PTC Therapeutics Inc (b) | 149048 | 7352538 |
| Puma Biotechnology Inc (b) | 68471 | 345094 |
| Pyxis Oncology Inc (b) | 82517 | 105622 |
| Q32 Bio Inc (b)(c) | 8988 | 15369 |
| Q32 Bio Inc rights (b)(d) | 61627 | 0 |
| Quince Therapeutics Inc (b)(c) | 62266 | 99626 |
| Rallybio Corp (b) | 32632 | 17510 |
| RAPT Therapeutics Inc (b) | 20219 | 230092 |
| Recursion Pharmaceuticals Inc Class A (b)(c) | 563264 | 2647341 |
| Regeneron Pharmaceuticals Inc  | 193445 | 112333512 |
| REGENXBIO Inc (b) | 86061 | 768525 |
| Rein Therapeutics Inc (b) | 35453 | 49280 |
| Relay Therapeutics Inc (b) | 245107 | 879934 |
| Renovaro Inc (b) | 152791 | 36364 |
| RenovoRx Inc (b) | 78540 | 75398 |
| Replimune Group Inc (b)(c) | 124319 | 671323 |
| Revolution Medicines Inc (b) | 326194 | 12385586 |
| Rezolute Inc/old (b) | 139895 | 996052 |
| Rhythm Pharmaceuticals Inc (b) | 101249 | 10443834 |
| Rigel Pharmaceuticals Inc (b) | 32703 | 1270512 |
| Rocket Pharmaceuticals Inc (b) | 162799 | 533981 |
| Roivant Sciences Ltd (b) | 788208 | 9403321 |
| SAB Biotherapeutics Inc (b)(c) | 12904 | 26582 |
| Sagimet Biosciences Inc Class A (b)(c) | 42519 | 319318 |
| Salarius Pharmaceuticals Inc (b) | 21 | 121 |
| Sana Biotechnology Inc (b) | 244661 | 748663 |
| Sangamo Therapeutics Inc (b)(c) | 403801 | 209977 |
| Sarepta Therapeutics Inc (b) | 187551 | 3413428 |
| Savara Inc (b)(c) | 219317 | 719360 |
| Scholar Rock Holding Corp (b) | 140354 | 4582558 |
| SELLAS Life Sciences Group Inc (b)(c) | 175833 | 337599 |
| Sensei Biotherapeutics Inc (b) | 1416 | 11370 |
| Senti Biosciences Inc Class A (b) | 20111 | 29563 |
| Sera Prognostics Inc Class A (b) | 51060 | 164924 |
| Seres Therapeutics Inc (b)(c) | 13993 | 265027 |
| Serina Therapeutics Inc (b)(c) | 2592 | 13789 |
| Shattuck Labs Inc (b) | 75848 | 74392 |
| Silo Pharma Inc (b) | 3896 | 2462 |
| Sionna Therapeutics Inc (c) | 19888 | 489643 |
| Skye Bioscience Inc (b)(c) | 30820 | 107870 |
| Soleno Therapeutics Inc (b) | 64019 | 4332166 |
| Solid Biosciences Inc (b) | 120463 | 660137 |
| Soligenix Inc (b)(c) | 8054 | 24967 |
| Sonnet BioTherapeutics Holdings Inc (b)(c) | 6315 | 20524 |
| Spectrum Pharmaceuticals Inc rights (b)(d) | 326441 | 3 |
| Spero Therapeutics Inc (b) | 108760 | 225133 |
| Spyre Therapeutics Inc (b) | 96088 | 1584491 |
| Spyre Therapeutics Inc rights (b)(d) | 125415 | 0 |
| Stoke Therapeutics Inc (b) | 75955 | 1500871 |
| Summit Therapeutics Inc (b)(c) | 262816 | 6228739 |
| Surface Oncology Inc rights (b)(d) | 262226 | 3 |
| Surrozen Inc Class A (b) | 4634 | 56465 |
| Sutro Biopharma Inc (b) | 135285 | 115953 |
| Syndax Pharmaceuticals Inc (b) | 159107 | 2598217 |
| Synlogic Inc (b) | 3826 | 5586 |
| Tango Therapeutics Inc (b)(c) | 122096 | 819264 |
| Tao Synergies Inc (b)(c) | 1927 | 11215 |
| Taysha Gene Therapies Inc (b) | 274468 | 801447 |
| Tectonic Therapeutic Inc (b) | 23710 | 605553 |
| Tectonic Therapeutic Inc rights (b)(d) | 3980 | 0 |
| Tempest Therapeutics Inc (b)(c) | 7540 | 74797 |
| Tenax Therapeutics Inc (b) | 5967 | 35504 |
| Tenaya Therapeutics Inc (b) | 175704 | 198546 |
| Tevogen Bio Holdings Inc Class A (b) | 17853 | 16246 |
| TG Therapeutics Inc (b) | 253110 | 7423716 |
| Theriva Biologics Inc (b) | 390 | 160 |
| Tonix Pharmaceuticals Holding Corp (b)(c) | 13524 | 400716 |
| Tourmaline Bio Inc (b) | 35110 | 821574 |
| TransCode Therapeutics Inc (b)(c) | 42 | 409 |
| Travere Therapeutics Inc (b) | 146086 | 2556505 |
| TriSalus Life Sciences Inc Class A (b)(c) | 43523 | 227190 |
| TScan Therapeutics Inc (b) | 88194 | 158749 |
| Twist Bioscience Corp (b) | 113574 | 3063091 |
| Tyra Biosciences Inc (b) | 37827 | 479268 |
| Ultragenyx Pharmaceutical Inc (b) | 179192 | 5368592 |
| Unicycive Therapeutics Inc (b)(c) | 10881 | 45591 |
| United Therapeutics Corp (b) | 84192 | 25658354 |
| United Therapeutics Corp rights (b)(d) | 30469 | 0 |
| Upstream Bio Inc  | 30654 | 525103 |
| Vanda Pharmaceuticals Inc (b) | 104193 | 492833 |
| Vaxcyte Inc (b) | 224465 | 6911277 |
| Vera Therapeutics Inc Class A (b) | 103060 | 2230218 |
| Veracyte Inc (b) | 144586 | 4386739 |
| Verastem Inc (b)(c) | 98621 | 912244 |
| Vericel Corp (b) | 93305 | 3392570 |
| Vertex Pharmaceuticals Inc (b) | 478660 | 187165633 |
| Viking Therapeutics Inc (b)(c) | 210397 | 5691239 |
| Vincerx Pharma Inc (b) | 1548 | 50 |
| Vir Biotechnology Inc (b) | 171581 | 847610 |
| Viridian Therapeutics Inc (b) | 128658 | 2364734 |
| Viridian Therapeutics Inc rights (b)(d) | 27850 | 0 |
| Vistagen Therapeutics Inc (b) | 47381 | 158253 |
| VivoSim Labs Inc (b) | 991 | 2418 |
| Vor BioPharma Inc (b)(c) | 76900 | 151493 |
| Voyager Therapeutics Inc (b) | 81401 | 273507 |
| vTv Therapeutics Inc Class A (b)(c) | 1492 | 22589 |
| Werewolf Therapeutics Inc (b) | 54968 | 72008 |
| Whitehawk Therapeutics Inc (b) | 54839 | 98984 |
| X4 Pharmaceuticals Inc (b)(c) | 7898 | 29657 |
| XBiotech Inc (b) | 35406 | 111883 |
| Xencor Inc (b) | 130220 | 1058689 |
| Xilio Therapeutics Inc (b)(c) | 63585 | 44516 |
| XOMA Royalty Corp (b)(c) | 14534 | 471919 |
| Y-mAbs Therapeutics Inc (b) | 60740 | 519327 |
| Zenas Biopharma Inc (b)(c) | 26104 | 417664 |
| Zentalis Pharmaceuticals Inc (b) | 100418 | 169706 |
|  |  | 2344320630 |
| Health Care Equipment & Supplies - 2.1% |  |  |
| Abbott Laboratories  | 3243108 | 430230707 |
| Accuray Inc Del (b) | 182900 | 278008 |
| Aethlon Medical Inc (b)(c) | 316 | 591 |
| Align Technology Inc (b) | 126927 | 18018557 |
| Alphatec Holdings Inc (b) | 195147 | 3102837 |
| AngioDynamics Inc (b) | 76642 | 786347 |
| Anteris Technologies Global Corp  | 25247 | 101493 |
| Apyx Medical Corp (b) | 56619 | 112672 |
| Artivion Inc (b) | 70169 | 3082524 |
| AtriCure Inc (b) | 92273 | 3413178 |
| Autonomix Medical Inc (b)(c) | 1035 | 1159 |
| Avanos Medical Inc (b) | 87511 | 1044881 |
| Avinger Inc (b)(d) | 513 | 0 |
| Axogen Inc (b) | 85537 | 1380567 |
| Baxter International Inc  | 955176 | 23583295 |
| Becton Dickinson & Co  | 534081 | 103066951 |
| Beta Bionics Inc  | 22709 | 427838 |
| Beyond Air Inc (b)(c) | 8183 | 18166 |
| Biomerica Inc (b)(c) | 1719 | 5380 |
| BioSig Technologies Inc (b)(c) | 35690 | 170598 |
| Bioventus Inc (b) | 76645 | 567173 |
| Boston Scientific Corp (b) | 2757245 | 290889348 |
| Butterfly Network Inc Class A (b)(c) | 349848 | 563255 |
| Ceribell Inc (b) | 21095 | 249554 |
| Cerus Corp (b) | 352592 | 461896 |
| ClearPoint Neuro Inc (b) | 48685 | 510706 |
| Co-Diagnostics Inc (b) | 53052 | 17491 |
| CONMED Corp  | 57345 | 3117274 |
| Cooper Cos Inc/The (b) | 372339 | 25093787 |
| CVRx Inc (b) | 27033 | 212209 |
| CytoSorbents Corp (b)(c) | 94884 | 89514 |
| CytoSorbents Corp A warrants 12/31/2029 (b)(d) | 49243 | 0 |
| Delcath Systems Inc (b) | 52341 | 576798 |
| DENTSPLY SIRONA Inc  | 368791 | 5273711 |
| Dexcom Inc (b) | 731620 | 55120251 |
| DIH Holdings US Inc Class A (b) | 47065 | 12402 |
| Edwards Lifesciences Corp (b) | 1093919 | 88979371 |
| Ekso Bionics Holdings Inc (b)(c) | 989 | 3709 |
| ElectroCore Inc (b)(c) | 8787 | 46659 |
| ElectroCore Inc rights (b)(d) | 1867 | 0 |
| Electromed Inc (b) | 12193 | 301533 |
| Embecta Corp  | 108164 | 1566215 |
| Enovis Corp (b) | 105314 | 3254203 |
| Envista Holdings Corp (b) | 316342 | 6700124 |
| Envoy Medical Inc Class A (b)(c) | 13277 | 16331 |
| enVVeno Medical Corp (b)(c) | 29640 | 23685 |
| Femasys Inc (b)(c) | 50843 | 18054 |
| FONAR Corp (b) | 10582 | 169100 |
| Fractyl Health Inc (b) | 14685 | 14262 |
| GE HealthCare Technologies Inc  | 854362 | 62992110 |
| Glaukos Corp (b) | 106721 | 10226006 |
| Globus Medical Inc Class A (b) | 210396 | 12890963 |
| Haemonetics Corp (b) | 93548 | 5102108 |
| HeartBeam inc (b) | 38353 | 51777 |
| HeartSciences Inc (b) | 2249 | 7602 |
| Hologic Inc (b) | 416256 | 27939103 |
| Hyperfine Inc Class A (b) | 113741 | 141039 |
| ICU Medical Inc (b) | 46236 | 5902488 |
| IDEXX Laboratories Inc (b) | 149997 | 97061559 |
| Innovative Eyewear Inc (b)(c) | 3111 | 6004 |
| Inogen Inc (b) | 48246 | 385486 |
| Inspire Medical Systems Inc (b) | 55166 | 5168503 |
| Insulet Corp (b) | 131399 | 44659892 |
| Integer Holdings Corp (b) | 65130 | 7025573 |
| Integra LifeSciences Holdings Corp (b) | 122388 | 1851730 |
| Intelligent Bio Solutions Inc (b) | 4097 | 6637 |
| Intuitive Surgical Inc (b) | 668082 | 316199870 |
| INVO Fertility Inc Class A (b) | 33 | 31 |
| iRadimed Corp  | 14455 | 1047120 |
| iRhythm Technologies Inc (b) | 59449 | 10105141 |
| IRIDEX Corp (b) | 14475 | 19541 |
| Kestra Medical Technologies Ltd  | 27877 | 449935 |
| Kewaunee Scientific Corp (b) | 3807 | 215819 |
| KORU Medical Systems Inc (b) | 84556 | 356826 |
| Lantheus Holdings Inc (b)(c) | 128864 | 7074634 |
| LeMaitre Vascular Inc  | 37733 | 3598408 |
| LENSAR Inc (b) | 17276 | 212149 |
| LivaNova PLC (b) | 102853 | 5797824 |
| Lucid Diagnostics Inc (b)(c) | 140778 | 177380 |
| Masimo Corp (b) | 83806 | 11708536 |
| Medtronic PLC  | 2390233 | 221837525 |
| Merit Medical Systems Inc (b) | 110496 | 10004308 |
| Microbot Medical Inc (b)(c) | 75847 | 288977 |
| Milestone Scientific Inc (b) | 102486 | 60477 |
| Modular Medical Inc (b) | 86770 | 62709 |
| Monogram Technologies Inc (b) | 42988 | 249330 |
| Myomo Inc (b) | 45856 | 48149 |
| NanoVibronix Inc (b) | 17 | 92 |
| Neogen Corp (b) | 364852 | 2097899 |
| Neuronetics Inc (b) | 70019 | 233163 |
| NeuroOne Medical Technologies Corp (b) | 65389 | 49970 |
| NeuroPace Inc (b) | 29300 | 268095 |
| Nexalin Technology Inc (b) | 17031 | 15946 |
| Nexgel Inc (b) | 13664 | 33477 |
| Novocure Ltd (b) | 187684 | 2314144 |
| Nuwellis Inc (b) | 75 | 383 |
| Omnicell Inc (b) | 87393 | 2848138 |
| OraSure Technologies Inc (b) | 141396 | 468021 |
| Orchestra BioMed Holdings Inc (b) | 48027 | 131114 |
| Orthofix Medical Inc (b) | 71454 | 1070381 |
| OrthoPediatrics Corp (b) | 30634 | 654342 |
| Outset Medical Inc (b) | 36431 | 506755 |
| Owlet Inc Class A (b) | 9666 | 72785 |
| PAVmed Inc (b) | 7850 | 3812 |
| Penumbra Inc (b) | 72168 | 19675884 |
| Precision Optics Corp Inc/Mass (b) | 12285 | 57740 |
| Predictive Oncology Inc (b) | 3782 | 3309 |
| Pro-Dex Inc (b)(c) | 4098 | 192114 |
| PROCEPT BioRobotics Corp (b)(c) | 103825 | 4170650 |
| Pulmonx Corp (b) | 74381 | 127192 |
| Pulse Biosciences Inc (b)(c) | 37273 | 579222 |
| Pulse Biosciences Inc warrants 6/26/2030 (b)(c) | 3232 | 13155 |
| QuidelOrtho Corp (b) | 122078 | 3502418 |
| ResMed Inc  | 273180 | 74990642 |
| Retractable Technologies Inc (b) | 32187 | 26973 |
| Rockwell Medical Inc (b) | 52638 | 90011 |
| RxSight Inc (b) | 64396 | 582140 |
| Sanara Medtech Inc (b) | 6587 | 221718 |
| SANUWAVE Health Inc (b) | 13701 | 570510 |
| SeaStar Medical Holding Corp Class A (b)(c) | 7505 | 6875 |
| Semler Scientific Inc (b)(c) | 17272 | 511942 |
| Senseonics Holdings Inc (b) | 1574942 | 723686 |
| Sensus Healthcare Inc (b) | 24899 | 84408 |
| SI-BONE Inc (b) | 70465 | 1174652 |
| Sight Sciences Inc (b) | 57983 | 235411 |
| SiNtx Technologies Inc (b)(c) | 1861 | 7723 |
| Solventum Corp (b) | 274138 | 20036746 |
| Spectral AI Inc Class A (b) | 28889 | 55756 |
| STAAR Surgical Co (b) | 91235 | 2496190 |
| Stereotaxis Inc (b) | 137935 | 397253 |
| STERIS PLC  | 183455 | 44957482 |
| Strata Skin Sciences Inc (b) | 56 | 132 |
| Stryker Corp  | 640987 | 250888722 |
| Surmodics Inc (b) | 27064 | 921259 |
| Tactile Systems Technology Inc (b) | 45478 | 605312 |
| Tandem Diabetes Care Inc (b) | 123358 | 1543209 |
| Tela Bio Inc (b) | 67291 | 119778 |
| Teleflex Inc  | 82571 | 10437800 |
| TransMedics Group Inc (b) | 63009 | 7243515 |
| Treace Medical Concepts Inc (b) | 79962 | 586921 |
| UFP Technologies Inc (b) | 13639 | 2866372 |
| Utah Medical Products Inc  | 6113 | 380290 |
| Varex Imaging Corp (b) | 76098 | 878932 |
| Venus Concept Inc (b) | 99 | 218 |
| Vicarious Surgical Inc Class A (b) | 5656 | 34558 |
| Vivani Medical Inc (b) | 51532 | 59262 |
| VolitionRX Ltd (b) | 141595 | 97701 |
| Xtant Medical Holdings Inc (b) | 113770 | 72699 |
| Zimmer Biomet Holdings Inc  | 369564 | 39210740 |
| Zimvie Inc (b) | 49932 | 942716 |
| Zynex Inc (b)(c) | 29060 | 47658 |
|  |  | 2446805746 |
| Health Care Providers & Services - 1.6% |  |  |
| Acadia Healthcare Co Inc (b) | 171535 | 3938444 |
| AdaptHealth Corp (b) | 196639 | 1866104 |
| Addus HomeCare Corp (b) | 34288 | 3948949 |
| agilon health Inc (b) | 563561 | 721358 |
| AirSculpt Technologies Inc (b)(c) | 25078 | 161753 |
| Alignment Healthcare Inc (b) | 195752 | 3202503 |
| AMN Healthcare Services Inc (b) | 70226 | 1459296 |
| Astrana Health Inc (b) | 76466 | 2443853 |
| Aveanna Healthcare Holdings Inc (b) | 106144 | 849152 |
| Biodesix Inc (b)(c) | 134089 | 57202 |
| BrightSpring Health Services Inc (b) | 126407 | 2994582 |
| Brookdale Senior Living Inc (b) | 450592 | 3469558 |
| Cardinal Health Inc  | 444872 | 66188056 |
| Castle Biosciences Inc (b) | 52774 | 1267104 |
| Cencora Inc  | 321502 | 93753198 |
| Centene Corp (b) | 930582 | 27024101 |
| Chemed Corp  | 27283 | 12494250 |
| Cigna Group/The  | 498306 | 149925326 |
| Clover Health Investments Corp Class A (b)(c) | 773057 | 2025409 |
| Community Health Systems Inc (b) | 232370 | 641341 |
| Concentra Group Holdings Parent Inc  | 200140 | 4763332 |
| CorVel Corp (b) | 50964 | 4538344 |
| Cosmos Health Inc (b) | 21794 | 17217 |
| Cross Country Healthcare Inc (b) | 57381 | 767758 |
| Cryo-Cell International Inc  | 8859 | 41637 |
| CVS Health Corp  | 2358076 | 172493259 |
| DaVita Inc (b) | 77041 | 10613168 |
| DocGo Inc Class A (b) | 165650 | 258414 |
| Elevance Health Inc  | 421640 | 134355586 |
| Encompass Health Corp  | 187421 | 22820381 |
| Enhabit Inc (b) | 95460 | 752225 |
| Ensign Group Inc/The  | 106279 | 18256607 |
| Fulgent Genetics Inc (b) | 38492 | 853368 |
| GeneDx Holdings Corp Class A (b)(c) | 39093 | 5062153 |
| Guardant Health Inc (b) | 230762 | 15557974 |
| HCA Healthcare Inc  | 322835 | 130412427 |
| HealthEquity Inc (b) | 161353 | 14413663 |
| Henry Schein Inc (b) | 226870 | 15785615 |
| Hims & Hers Health Inc Class A (b)(c) | 365346 | 15472403 |
| Humana Inc  | 225222 | 68390913 |
| Infusystem Holdings Inc (b) | 37883 | 408379 |
| Innovage Holding Corp (b) | 38280 | 146612 |
| Joint Corp/The (b) | 27410 | 294383 |
| Kindly MD Inc (b)(c) | 3179 | 17294 |
| Labcorp Holdings Inc  | 155798 | 43310286 |
| LifeStance Health Group Inc (b) | 241324 | 1322456 |
| McKesson Corp  | 233155 | 160093549 |
| Molina Healthcare Inc (b) | 100928 | 18250810 |
| MSP Recovery Inc Class A (b) | 253 | 112 |
| National HealthCare Corp  | 22768 | 2583713 |
| National Research Corp Class A  | 27459 | 403373 |
| NeoGenomics Inc (b) | 236596 | 2077313 |
| NeueHealth Inc (b) | 5414 | 35516 |
| Nutex Health Inc (b)(c) | 6229 | 521928 |
| Oncology Institute Inc/The (b)(c) | 90130 | 306442 |
| OPKO Health Inc (b) | 934372 | 1289433 |
| Option Care Health Inc (b) | 305118 | 8750784 |
| Owens & Minor Inc (b) | 137927 | 675842 |
| P3 Health Partners Inc Class A (b) | 3229 | 26865 |
| PACS Group Inc (b) | 70323 | 818560 |
| Pediatrix Medical Group Inc (b) | 156414 | 2691885 |
| Pennant Group Inc/The (b) | 64199 | 1541418 |
| Performant Healthcare Inc (b)(c) | 132982 | 1014653 |
| Precipio Inc (b) | 1879 | 28467 |
| Premier Inc Class A  | 155486 | 4027087 |
| Privia Health Group Inc (b) | 196361 | 4524157 |
| Progyny Inc (b) | 140025 | 3314392 |
| Quest Diagnostics Inc  | 208074 | 37794561 |
| RadNet Inc (b) | 125441 | 9001646 |
| Select Medical Holdings Corp  | 192797 | 2508289 |
| Sonida Senior Living Inc (b) | 18977 | 491504 |
| Surgery Partners Inc (b) | 138047 | 3132286 |
| Talkspace Inc Class A (b) | 261804 | 696399 |
| Tenet Healthcare Corp (b) | 172883 | 31867523 |
| UnitedHealth Group Inc  | 1691016 | 523995129 |
| Universal Health Services Inc Class B  | 106450 | 19329191 |
| US Physical Therapy Inc  | 28186 | 2336338 |
| Viemed Healthcare Inc (b) | 64183 | 473029 |
| Vivos Therapeutics Inc (b)(c) | 12144 | 52584 |
|  |  | 1904212171 |
| Health Care Technology - 0.1% |  |  |
| American Well Corp (b) | 24618 | 169864 |
| Bullfrog AI Holdings Inc (b)(c) | 6910 | 8361 |
| CareCloud Inc (b) | 70399 | 270332 |
| Certara Inc (b) | 206338 | 2236704 |
| Claritev Corp Class A (b)(c) | 12004 | 827196 |
| DarioHealth Corp (b)(c) | 3158 | 30033 |
| Definitive Healthcare Corp Class A (b) | 97093 | 391285 |
| Doximity Inc Class A (b) | 248791 | 16902861 |
| Evolent Health Inc Class A (b) | 202120 | 1950458 |
| Firefly Neuroscience Inc (b)(c) | 19736 | 52300 |
| Forian Inc (b) | 20144 | 40288 |
| GoodRx Holdings Inc Class A (b) | 167426 | 728303 |
| Health Catalyst Inc (b) | 127567 | 432452 |
| HealthStream Inc  | 45573 | 1279690 |
| iSpecimen Inc (b)(c) | 1176 | 836 |
| LifeMD Inc (b) | 72910 | 451313 |
| OptimizeRx Corp (b) | 29331 | 530011 |
| Phreesia Inc (b) | 104178 | 3298275 |
| Schrodinger Inc/United States (b) | 104420 | 2037234 |
| Scienture Holdings Inc (b) | 14494 | 14168 |
| Simulations Plus Inc (b)(c) | 29983 | 424859 |
| Teladoc Health Inc (b) | 324059 | 2504976 |
| TruBridge Inc (b) | 22388 | 446864 |
| Veeva Systems Inc Class A (b) | 279398 | 75213943 |
| VSee Health Inc (b) | 10095 | 6075 |
| Waystar Holding Corp (b) | 147951 | 5604384 |
|  |  | 115853065 |
| Life Sciences Tools & Services - 0.9% |  |  |
| 10X Genomics Inc Class A (b) | 206954 | 2899426 |
| Adaptive Biotechnologies Corp (b) | 213941 | 2819742 |
| Agilent Technologies Inc  | 531219 | 66752980 |
| Alpha Teknova Inc (b)(c) | 24501 | 105844 |
| Applied Dna Sciences Inc (b) | 36 | 117 |
| Atlantic International Corp (b) | 20447 | 80970 |
| Avantor Inc (b) | 1268259 | 17083449 |
| Azenta Inc (b) | 84611 | 2584020 |
| Bio-Rad Laboratories Inc Class A (b) | 34566 | 10296520 |
| Bio-Techne Corp  | 291546 | 15927158 |
| BioLife Solutions Inc (b) | 71340 | 1787067 |
| Bionano Genomics Inc (b)(c) | 2769 | 10439 |
| Bruker Corp  | 208255 | 7076505 |
| CDT Equity Inc Class A (b) | 12 | 16 |
| Champions Oncology Inc (b) | 12213 | 83048 |
| Charles River Laboratories International Inc (b) | 91416 | 14929147 |
| Codexis Inc (b)(c) | 148517 | 405451 |
| CryoPort Inc (b) | 92517 | 819701 |
| Cytek Biosciences Inc (b) | 192169 | 795580 |
| Danaher Corp  | 1187609 | 244433684 |
| Fortrea Holdings Inc (b) | 166145 | 1636528 |
| Ginkgo Bioworks Holdings Inc Class A (b)(c) | 77252 | 978783 |
| Harvard Bioscience Inc (b) | 70593 | 34944 |
| Illumina Inc (b) | 295764 | 29564569 |
| Inotiv Inc (b)(c) | 57080 | 96465 |
| IQVIA Holdings Inc (b) | 306331 | 58451018 |
| Lifecore Biomedical Inc (b) | 70561 | 536969 |
| Maravai LifeSciences Holdings Inc Class A (b) | 214662 | 519482 |
| MaxCyte Inc (b) | 201282 | 279782 |
| Medpace Holdings Inc (b) | 43950 | 20898665 |
| Mesa Laboratories Inc  | 10176 | 689424 |
| Mettler-Toledo International Inc (b) | 38778 | 50451729 |
| Nautilus Biotechnology Inc Class A (b) | 82494 | 56096 |
| Niagen Bioscience Inc (b) | 101054 | 1000435 |
| OmniAb Inc (b)(c) | 188283 | 301253 |
| Pacific Biosciences of California Inc (b)(c) | 506939 | 664090 |
| Personalis Inc (b)(c) | 118658 | 580238 |
| Quanterix Corp (b) | 74832 | 340486 |
| Quantum-Si Inc Class A (b)(c) | 258163 | 289143 |
| Rapid Micro Biosystems Inc Class A (b) | 28691 | 69145 |
| Repligen Corp (b) | 97168 | 11885590 |
| Revvity Inc  | 219402 | 19770314 |
| Seer Inc Class A (b) | 82104 | 168313 |
| Sotera Health Co (b) | 287812 | 4711482 |
| Standard BioTools Inc (b) | 551266 | 694595 |
| Thermo Fisher Scientific Inc  | 703529 | 346642809 |
| Waters Corp (b) | 111155 | 33546579 |
| West Pharmaceutical Services Inc  | 134091 | 33113772 |
|  |  | 1006863562 |
| Pharmaceuticals - 2.6% |  |  |
| Aardvark Therapeutics Inc (c) | 11387 | 94512 |
| Aclaris Therapeutics Inc (b) | 204334 | 394365 |
| Adial Pharmaceuticals Inc (b) | 7754 | 2947 |
| ALT5 Sigma Corp (b) | 31985 | 252042 |
| Alto Neuroscience Inc (b) | 38921 | 143229 |
| Alumis Inc (b) | 90776 | 421201 |
| Amneal Intermediate Inc Class A (b) | 274025 | 2619679 |
| Amphastar Pharmaceuticals Inc (b) | 69623 | 2131856 |
| Amylyx Pharmaceuticals Inc (b) | 131724 | 1235571 |
| AN2 Therapeutics Inc (b) | 48794 | 53673 |
| Anebulo Pharmaceuticals Inc (b) | 48061 | 120153 |
| ANI Pharmaceuticals Inc (b) | 32126 | 3003781 |
| Aquestive Therapeutics Inc (b)(c) | 135074 | 509229 |
| Arvinas Inc (b) | 127294 | 983983 |
| Assertio Holdings Inc (b)(c) | 171742 | 143422 |
| Atea Pharmaceuticals Inc (b) | 139467 | 468609 |
| Athira Pharma Inc (b) | 47882 | 18607 |
| Avadel Pharmaceuticals PLC Class A (b) | 188771 | 2786260 |
| Axsome Therapeutics Inc (b) | 76773 | 9311029 |
| Aytu BioPharma Inc (b) | 1589 | 3734 |
| BioAge Labs Inc (c) | 21165 | 104343 |
| Biofrontera Inc (b)(c) | 422 | 374 |
| Biote Corp Class A (b) | 40624 | 139747 |
| Bristol-Myers Squibb Co  | 3795858 | 179088580 |
| Cadrenal Therapeutics Inc (b) | 1109 | 14267 |
| CalciMedica Inc (b) | 11756 | 31741 |
| Cassava Sciences Inc (b) | 80721 | 184044 |
| cbdMD Inc (b) | 140 | 103 |
| Cingulate Inc (b)(c) | 6652 | 26541 |
| Citius Pharmaceuticals Inc (b) | 11655 | 15501 |
| Clearside Biomedical Inc (b) | 139260 | 51178 |
| Cocrystal Pharma Inc (b) | 8526 | 12789 |
| Cognition Therapeutics Inc (b)(c) | 102739 | 249656 |
| Collegium Pharmaceutical Inc (b) | 59920 | 2324896 |
| Context Therapeutics Inc (b) | 98427 | 82679 |
| Contineum Therapeutics Inc Class A (b) | 10433 | 109025 |
| Corcept Therapeutics Inc (b) | 175760 | 12253987 |
| CorMedix Inc (b)(c) | 130103 | 1929427 |
| Crinetics Pharmaceuticals Inc (b) | 173926 | 5389967 |
| Cumberland Pharmaceuticals Inc (b) | 17994 | 62799 |
| Dare Bioscience Inc (b) | 15418 | 31144 |
| Durect Corp (b) | 51358 | 98607 |
| Edgewise Therapeutics Inc (b) | 127289 | 1826597 |
| Elanco Animal Health Inc (b) | 926701 | 17004963 |
| Eli Lilly & Co (c) | 1466373 | 1074235533 |
| Enliven Therapeutics Inc (b) | 72685 | 1473325 |
| Enliven Therapeutics Inc rights (b)(c)(d) | 30877 | 0 |
| Esperion Therapeutics Inc (b) | 342055 | 759362 |
| Eton Pharmaceuticals Inc (b) | 47460 | 821533 |
| Evoke Pharma Inc (b) | 41 | 223 |
| Evolus Inc (b) | 92568 | 706294 |
| EyePoint Pharmaceuticals Inc (b) | 127271 | 1472525 |
| Fulcrum Therapeutics Inc (b) | 84640 | 548467 |
| Harmony Biosciences Holdings Inc (b) | 72427 | 2671832 |
| Harrow Inc (b)(c) | 58041 | 2263599 |
| Hepion Pharmaceuticals Inc rights (b)(d) | 1 | 0 |
| Hoth Therapeutics Inc (b) | 16172 | 18760 |
| Hyperion DeFi Inc (b)(c) | 4983 | 30396 |
| IGC Pharma Inc (b) | 99144 | 42731 |
| ImageneBio Inc (b) | 5856 | 78470 |
| ImageneBio Inc rights (b)(d) | 70277 | 0 |
| Impact BioMedical Inc (b) | 2449 | 1420 |
| Innoviva Inc (b) | 101194 | 2067393 |
| Jaguar Health Inc (b)(c) | 691 | 1126 |
| Jazz Pharmaceuticals PLC (b) | 115152 | 14710668 |
| Johnson & Johnson  | 4485512 | 794698162 |
| Journey Medical Corp (b) | 23681 | 170740 |
| Kiora Pharmaceuticals Inc (b) | 747 | 2077 |
| LENZ Therapeutics Inc (b)(c) | 31091 | 1201045 |
| Ligand Pharmaceuticals Inc (b) | 35523 | 5744424 |
| Lipocine Inc (b) | 8740 | 25433 |
| Liquidia Corp (b)(c) | 91077 | 2521011 |
| Lyra Therapeutics Inc (b)(c) | 1191 | 8337 |
| Maze Therapeutics Inc  | 16947 | 245562 |
| MBX Biosciences Inc (b) | 20654 | 311669 |
| Merck & Co Inc  | 4681605 | 393816614 |
| Mind Medicine MindMed Inc (b)(c) | 123401 | 1095801 |
| Mira Pharmaceuticals Inc (b) | 21893 | 29993 |
| Nektar Therapeutics (b) | 19797 | 591138 |
| Neumora Therapeutics Inc (b) | 155085 | 268297 |
| NRX Pharmaceuticals Inc (b) | 31033 | 71997 |
| Nutriband Inc (b) | 9833 | 63570 |
| Nuvation Bio Inc Class A (b) | 475267 | 1411543 |
| Ocular Therapeutix Inc (b) | 240576 | 2937433 |
| Omeros Corp (b)(c) | 107217 | 446023 |
| Optinose Inc (d) | 14747 | 0 |
| Organon & Co  | 487937 | 4596367 |
| Pacira BioSciences Inc (b) | 85560 | 2281885 |
| Perrigo Co PLC  | 254128 | 6032999 |
| Pfizer Inc  | 10601737 | 262499008 |
| Phathom Pharmaceuticals Inc (b) | 84104 | 1024387 |
| Phibro Animal Health Corp Class A  | 37061 | 1373851 |
| Pliant Therapeutics Inc (b) | 95539 | 156684 |
| Prestige Consumer Healthcare Inc (b) | 92148 | 6269750 |
| Processa Pharmaceuticals Inc (b) | 441 | 83 |
| ProPhase Labs Inc (b) | 22224 | 7514 |
| Pulmatrix Inc (b) | 4453 | 21931 |
| Rafael Holdings Inc Class B (b) | 75586 | 111111 |
| Rani Therapeutics Holdings Inc Class A (b) | 26094 | 13311 |
| Rapport Therapeutics Inc (b) | 15314 | 269986 |
| Relmada Therapeutics Inc (b) | 56071 | 62800 |
| Reviva Pharmaceuticals Holdings Inc (b)(c) | 68554 | 30849 |
| Royalty Pharma PLC Class A  | 674169 | 24256601 |
| Satsuma Pharmaceuticals Inc rights (b)(d) | 37071 | 0 |
| scPharmaceuticals Inc (b) | 51578 | 283679 |
| SCYNEXIS Inc (b) | 67062 | 55755 |
| Seelos Therapeutics Inc rights (b)(c)(d) | 1387 | 0 |
| Septerna Inc (c) | 30975 | 374798 |
| SIGA Technologies Inc  | 72717 | 610096 |
| Sonoma Pharmaceuticals Inc (b) | 2528 | 11250 |
| Supernus Pharmaceuticals Inc (b) | 103983 | 4691713 |
| Talphera Inc (b) | 15764 | 8528 |
| Tarsus Pharmaceuticals Inc (b) | 72127 | 4225200 |
| Telomir Pharmaceuticals Inc (b)(c) | 30279 | 39968 |
| Terns Pharmaceuticals Inc (b) | 111464 | 775789 |
| TFF Pharmaceuticals Inc (b)(d) | 4951 | 322 |
| TherapeuticsMD Inc (b) | 14835 | 16467 |
| Theravance Biopharma Inc (b) | 63996 | 888264 |
| Third Harmonic Bio Inc (b)(d) | 39477 | 0 |
| TNF Pharmaceuticals Inc (b)(c) | 1546 | 75 |
| Traws Pharma Inc (b) | 7466 | 10453 |
| Traws Pharma Inc rights (b)(d) | 23169 | 0 |
| Trevi Therapeutics Inc (b) | 133413 | 967911 |
| Tvardi Therapeutics Inc (b)(c) | 14543 | 435127 |
| Ventyx Biosciences Inc (b) | 115734 | 277762 |
| Verrica Pharmaceuticals Inc (b) | 11206 | 62698 |
| Veru Inc (b) | 23201 | 75403 |
| Viatris Inc  | 2195857 | 23166291 |
| VYNE Therapeutics Inc (b) | 21393 | 6856 |
| WaVe Life Sciences Ltd (b) | 222410 | 2135136 |
| Xeris Biopharma Holdings Inc (b) | 295738 | 2315629 |
| Xeris Biopharma Holdings Inc rights (b)(d) | 72002 | 0 |
| Zevra Therapeutics Inc (b) | 92908 | 842676 |
| Zoetis Inc Class A  | 829299 | 129702364 |
|  |  | 3034284690 |
| TOTAL HEALTH CARE |  | 10852339864 |
| Industrials - 9.7% |  |  |
| Aerospace & Defense - 2.3% |  |  |
| AAR Corp (b) | 66543 | 5034643 |
| AeroVironment Inc (b) | 59383 | 14332087 |
| AerSale Corp (b) | 59642 | 514710 |
| Air Industries Group (b)(c) | 6993 | 22238 |
| Archer Aviation Inc Class A (b)(c) | 919894 | 8233051 |
| Astronics Corp (b) | 57247 | 2082073 |
| ATI Inc (b) | 262470 | 20351924 |
| Axon Enterprise Inc (b) | 137965 | 103099865 |
| Boeing Co (b) | 1405534 | 329850719 |
| BWX Technologies Inc  | 170029 | 27551499 |
| Byrna Technologies Inc (b)(c) | 32713 | 667345 |
| Cadre Holdings Inc  | 48005 | 1479034 |
| CPI Aerostructures Inc (b) | 19805 | 49513 |
| Curtiss-Wright Corp  | 70329 | 33627811 |
| Ducommun Inc (b) | 25400 | 2316988 |
| Eve Holding Inc Class A (b) | 92650 | 364115 |
| GE Aerospace  | 1987564 | 546977614 |
| General Dynamics Corp  | 469245 | 152302850 |
| HEICO Corp  | 79585 | 24832112 |
| HEICO Corp Class A  | 133546 | 32720105 |
| Hexcel Corp  | 149974 | 9470858 |
| Howmet Aerospace Inc  | 752883 | 131076930 |
| Huntington Ingalls Industries Inc  | 73316 | 19853240 |
| Innovative Solutions And Support Inc (b) | 20462 | 264983 |
| Intuitive Machines Inc Class A (b)(c) | 191968 | 1683559 |
| Karman Holdings Inc (c) | 88718 | 4738428 |
| Kratos Defense & Security Solutions Inc (b) | 309583 | 20382945 |
| L3Harris Technologies Inc  | 348572 | 96770559 |
| Leonardo DRS Inc  | 138779 | 5781533 |
| Loar Holdings Inc (b) | 50412 | 3562112 |
| Lockheed Martin Corp  | 388614 | 177064197 |
| Mercury Systems Inc (b) | 95372 | 6442379 |
| Momentus Inc Class A (b) | 3172 | 4219 |
| Moog Inc Class A  | 52732 | 10327562 |
| National Presto Industries Inc  | 9709 | 1017697 |
| Northrop Grumman Corp  | 252357 | 148900724 |
| Optex Systems Holdings Inc (b) | 10413 | 114439 |
| Park Aerospace Corp  | 37174 | 696641 |
| Redwire Corp Class A (b)(c) | 91300 | 813483 |
| Rocket Lab Corp (c) | 679346 | 33016216 |
| RTX Corp  | 2489890 | 394896554 |
| Sidus Space Inc Class A (b) | 38045 | 47937 |
| SIFCO Industries Inc (b) | 3677 | 26055 |
| Spirit AeroSystems Holdings Inc Class A (b) | 218368 | 9081925 |
| StandardAero Inc  | 244351 | 6472858 |
| Textron Inc  | 336603 | 26982096 |
| TransDigm Group Inc  | 104627 | 146360618 |
| V2X Inc (b) | 26495 | 1523463 |
| Virgin Galactic Holdings Inc Class A (b)(c) | 65895 | 204933 |
| VirTra Inc (b) | 19692 | 117758 |
| Woodward Inc  | 110749 | 27335068 |
|  |  | 2591442265 |
| Air Freight & Logistics - 0.2% |  |  |
| Air T Inc (b) | 2315 | 54009 |
| Arrive AI Inc (c) | 8438 | 41515 |
| CH Robinson Worldwide Inc  | 221400 | 28494180 |
| Expeditors International of Washington Inc  | 255566 | 30805926 |
| FedEx Corp  | 411297 | 95038398 |
| Forward Air Corp Class A (b)(c) | 38611 | 1159488 |
| GXO Logistics Inc (b) | 214023 | 11268311 |
| Hub Group Inc Class A  | 111621 | 4176858 |
| Radiant Logistics Inc (b) | 83890 | 542768 |
| United Parcel Service Inc Class B  | 1368698 | 119678953 |
|  |  | 291260406 |
| Building Products - 0.6% |  |  |
| A O Smith Corp  | 217285 | 15490248 |
| AAON Inc  | 125616 | 10419847 |
| Advanced Drainage Systems Inc  | 131302 | 18903549 |
| Allegion plc  | 160384 | 27233203 |
| Alpha Pro Tech Ltd (b) | 18054 | 86298 |
| American Woodmark Corp (b) | 27873 | 1799760 |
| Apogee Enterprises Inc  | 40780 | 1793301 |
| Armstrong World Industries Inc  | 80895 | 15836814 |
| AZZ Inc  | 55590 | 6275555 |
| Builders FirstSource Inc (b) | 205784 | 28538125 |
| Carlisle Cos Inc  | 80518 | 31071091 |
| Carrier Global Corp  | 1486974 | 96950705 |
| CSW Industrials Inc  | 31272 | 8554143 |
| Fortune Brands Innovations Inc  | 224714 | 13150263 |
| Gibraltar Industries Inc (b) | 56076 | 3509797 |
| Griffon Corp  | 73066 | 5564707 |
| Hayward Holdings Inc (b) | 262880 | 4227110 |
| Insteel Industries Inc  | 36665 | 1407203 |
| Janus International Group Inc (b) | 261823 | 2709868 |
| JELD-WEN Holding Inc (b) | 159324 | 1018080 |
| Jewett-Cameron Trading Co Ltd (b) | 1150 | 4152 |
| Johnson Controls International plc  | 1225531 | 130997009 |
| Lennox International Inc  | 59605 | 33251245 |
| Masco Corp  | 390483 | 28657547 |
| Masterbrand Inc (b) | 235028 | 2987206 |
| Northann Corp (b) | 37712 | 5163 |
| Owens Corning  | 158573 | 23812907 |
| Quanex Building Products Corp  | 87963 | 1870973 |
| Resideo Technologies Inc (b) | 278905 | 9496715 |
| Simpson Manufacturing Co Inc  | 78167 | 14939277 |
| Tecnoglass Inc  | 41149 | 2986594 |
| Tecogen Inc (b) | 24517 | 187310 |
| Trane Technologies PLC  | 415449 | 172660605 |
| Trex Co Inc (b) | 199690 | 12306895 |
| UFP Industries Inc  | 112384 | 11347412 |
| Zurn Elkay Water Solutions Corp  | 262881 | 11924282 |
|  |  | 751974959 |
| Commercial Services & Supplies - 0.6% |  |  |
| ABM Industries Inc  | 116460 | 5726338 |
| ACCO Brands Corp  | 173598 | 697864 |
| Acme United Corp  | 6226 | 267843 |
| ACV Auctions Inc Class A (b) | 327158 | 3814662 |
| American Rebel Holdings Inc (b) | 14160 | 11573 |
| Aqua Metals Inc (b) | 1143 | 4378 |
| Bitcoin Depot Inc Class A (b) | 25681 | 92965 |
| Brady Corp Class A  | 82561 | 6446363 |
| Bridger Aerospace Group Holdings Inc (b) | 40620 | 82459 |
| BrightView Holdings Inc (b) | 129069 | 1858594 |
| Brink's Co/The  | 78457 | 8790322 |
| Casella Waste Systems Inc Class A (b) | 116146 | 11447350 |
| CECO Environmental Corp (b) | 53203 | 2425525 |
| Cintas Corp  | 638867 | 134181237 |
| Clean Harbors Inc (b) | 93920 | 22748363 |
| CompX International Inc Class A  | 2729 | 67843 |
| Copart Inc (b) | 1639625 | 80030096 |
| CoreCivic Inc (b) | 202215 | 4100920 |
| Deluxe Corp  | 82272 | 1617468 |
| Driven Brands Holdings Inc (b) | 109615 | 2019108 |
| DSS Inc (b) | 1684 | 2071 |
| Ennis Inc  | 49451 | 903470 |
| Enviri Corp (b) | 149851 | 1693316 |
| Fuel Tech Inc (b) | 69084 | 201725 |
| GEO Group Inc/The (b) | 257985 | 5350609 |
| Greenwave Technology Solutions Inc (b)(c) | 164 | 1115 |
| Healthcare Services Group Inc (b) | 136971 | 2138117 |
| HNI Corp  | 88396 | 3972516 |
| Interface Inc  | 107731 | 2878572 |
| Knightscope Inc Class A (b)(c) | 11455 | 69188 |
| LanzaTech Global Inc Class A (b)(c) | 1468 | 31063 |
| Liquidity Services Inc (b) | 42038 | 1117790 |
| MillerKnoll Inc  | 126224 | 2664589 |
| Mobile Infrastructure Corp Class A (b) | 66633 | 259202 |
| Montrose Environmental Group Inc (b) | 59870 | 1859562 |
| MSA Safety Inc  | 73027 | 12458406 |
| NL Industries Inc  | 14611 | 95556 |
| Odyssey Marine Exploration Inc (b) | 49217 | 96465 |
| OPENLANE Inc (b) | 200501 | 5798489 |
| Perma-Fix Environmental Services Inc (b)(c) | 33007 | 392453 |
| Pitney Bowes Inc  | 291936 | 3538264 |
| Quad/Graphics Inc Class A  | 59782 | 398148 |
| Quest Resource Holding Corp (b) | 25712 | 47953 |
| Republic Services Inc  | 378195 | 88486285 |
| Rollins Inc  | 524353 | 29646919 |
| Royalty Management Holding Corp Class A  | 14738 | 33013 |
| Steelcase Inc Class A  | 174488 | 2920929 |
| Team Inc (b) | 8165 | 157177 |
| Tetra Tech Inc  | 491797 | 17911247 |
| TOMI Environmental Solutions Inc (b) | 12577 | 10376 |
| UniFirst Corp/MA  | 28038 | 4985717 |
| Veralto Corp  | 461480 | 49004561 |
| Vestis Corp  | 211911 | 991743 |
| Virco Mfg. Corp  | 18092 | 155772 |
| VSE Corp  | 33737 | 5478889 |
| Waste Management Inc  | 681959 | 154388699 |
|  |  | 686571237 |
| Construction & Engineering - 0.4% |  |  |
| AECOM  | 246214 | 30749666 |
| Ameresco Inc Class A (b) | 60549 | 1539761 |
| API Group Corp (b) | 681389 | 24311960 |
| Arcosa Inc  | 90747 | 8979416 |
| Argan Inc  | 24042 | 5486865 |
| Bowman Consulting Group Ltd (b) | 26583 | 1135892 |
| Centuri Holdings Inc (b) | 85868 | 1823836 |
| Comfort Systems USA Inc  | 65706 | 46216286 |
| Concrete Pumping Holdings Inc  | 45204 | 314620 |
| Construction Partners Inc Class A (b) | 88056 | 10557914 |
| Dycom Industries Inc (b) | 53677 | 13551832 |
| EMCOR Group Inc  | 83543 | 51796660 |
| Everus Construction Group Inc  | 94721 | 7429915 |
| Fluor Corp (b) | 306408 | 12568856 |
| Granite Construction Inc  | 80926 | 8719777 |
| Great Lakes Dredge & Dock Corp (b) | 124255 | 1448813 |
| IES Holdings Inc (b) | 15716 | 5489756 |
| INNOVATE Corp (b)(c) | 23517 | 127227 |
| Limbach Holdings Inc (b) | 19857 | 2274818 |
| MasTec Inc (b) | 114395 | 20784428 |
| Matrix Service Co (b) | 46491 | 703409 |
| MYR Group Inc (b) | 29154 | 5459670 |
| NWPX Infrastructure Inc (b) | 18926 | 1002321 |
| Orion Group Holdings Inc (b) | 63836 | 472386 |
| Primoris Services Corp  | 100951 | 11967741 |
| Quanta Services Inc  | 276431 | 104479861 |
| Shimmick Corp (b) | 8257 | 23366 |
| Southland Holdings Inc (b) | 21929 | 89690 |
| Sterling Infrastructure Inc (b) | 56767 | 15811313 |
| Tutor Perini Corp (b) | 82789 | 4879584 |
| Valmont Industries Inc  | 37307 | 13696146 |
| WillScot Holdings Corp  | 340614 | 8256483 |
|  |  | 422150268 |
| Electrical Equipment - 1.0% |  |  |
| 374Water Inc (b) | 130291 | 46527 |
| Acuity Inc  | 57130 | 18651231 |
| Advent Technologies Holdings Inc (b) | 2478 | 11126 |
| Allient Inc  | 28040 | 1272455 |
| American Superconductor Corp (b) | 73189 | 3652131 |
| AMETEK Inc  | 430335 | 79525908 |
| Amprius Technologies Inc (b) | 85554 | 606578 |
| Array Technologies Inc (b)(c) | 270207 | 2434565 |
| Atkore Inc  | 63617 | 3701873 |
| Babcock & Wilcox Enterprises Inc (b) | 112458 | 250781 |
| Beam Global (b)(c) | 24849 | 68086 |
| Blink Charging Co (b)(c) | 216209 | 255127 |
| Bloom Energy Corp Class A (b)(c) | 376326 | 19922698 |
| Broadwind Inc (b) | 36964 | 77624 |
| ChargePoint Holdings Inc Class A (b)(c) | 39112 | 440792 |
| Complete Solaria Inc Class A (b)(c) | 81626 | 123255 |
| Dragonfly Energy Holdings Corp (b)(c) | 3584 | 1025 |
| Eaton Corp PLC  | 729143 | 254572987 |
| Emerson Electric Co  | 1047659 | 138290988 |
| Energous Corp (b)(c) | 277 | 2068 |
| Energy Focus Inc (b) | 160 | 408 |
| Energy Vault Holdings Inc Class A (b)(c) | 177685 | 358924 |
| EnerSys  | 73024 | 7495914 |
| Enovix Corp Class B (b)(c) | 302303 | 2908155 |
| Eos Energy Enterprises Inc (b)(c) | 420743 | 2903127 |
| Espey Mfg. & Electronics Corp  | 4761 | 221196 |
| ESS Tech Inc Class A (b)(c) | 10687 | 15496 |
| Fluence Energy Inc Class A (b)(c) | 117680 | 870832 |
| Flux Power Holdings Inc (b) | 20377 | 30973 |
| FTC Solar Inc (b)(c) | 12982 | 81138 |
| FuelCell Energy Inc (b)(c) | 38160 | 160272 |
| GE Vernova Inc  | 508740 | 311842358 |
| Generac Holdings Inc (b) | 109994 | 20376389 |
| GrafTech International Ltd (b) | 34504 | 340900 |
| Hubbell Inc  | 99650 | 42948154 |
| Hyliion Holdings Corp Class A (b) | 222121 | 373163 |
| Ideal Power Inc (b) | 13189 | 69110 |
| KULR Technology Group Inc (b)(c) | 54911 | 258082 |
| LSI Industries Inc  | 50543 | 1158951 |
| NeoVolta Inc (b)(c) | 51007 | 183115 |
| Net Power Inc Class A (b)(c) | 65987 | 168267 |
| NEXTracker Inc Class A (b) | 267632 | 18000928 |
| NuScale Power Corp Class A (b)(c) | 224291 | 7771683 |
| nVent Electric PLC  | 307934 | 27834154 |
| Ocean Power Technologies Inc (b)(c) | 325475 | 168922 |
| Orion Energy Systems Inc (b) | 9604 | 70109 |
| Pioneer Power Solutions Inc  | 22822 | 86495 |
| Plug Power Inc (b)(c) | 1886985 | 2962566 |
| Polar Power Inc (b) | 1011 | 2118 |
| Powell Industries Inc  | 17604 | 4685481 |
| Power Solutions International Inc (b) | 9818 | 813814 |
| Preformed Line Products Co  | 5444 | 1040185 |
| Regal Rexnord Corp  | 123783 | 18484515 |
| Rockwell Automation Inc  | 210230 | 72199289 |
| Sensata Technologies Holding PLC  | 273798 | 8909387 |
| SES AI Corp Class A (b)(c) | 280134 | 305346 |
| Shoals Technologies Group Inc (b) | 312166 | 2032201 |
| SKYX Platforms Corp (b) | 127294 | 147661 |
| SolarMax Technology Inc (b) | 8645 | 10201 |
| Solidion Technology Inc Class A (b)(c) | 1801 | 5889 |
| Stardust Power Inc Class A (b) | 14928 | 5995 |
| Stem Inc Class A (b)(c) | 14329 | 216798 |
| SUNation Energy Inc rights (b)(d) | 760 | 0 |
| Sunrun Inc (b)(c) | 423880 | 6769364 |
| Thermon Group Holdings Inc (b) | 63010 | 1671025 |
| Tigo Energy Inc (b) | 40617 | 56864 |
| Ultralife Corp (b) | 19421 | 134879 |
| Vertiv Holdings Co Class A  | 711026 | 90691366 |
| Vicor Corp (b) | 43937 | 2245620 |
| Westwater Resources Inc (b) | 132043 | 104314 |
| Zeo Energy Corp Class A (b) | 25853 | 42399 |
|  |  | 1184142317 |
| Ground Transportation - 0.9% |  |  |
| ArcBest Corp  | 42916 | 3165484 |
| Avis Budget Group Inc (b)(c) | 31420 | 4971587 |
| Covenant Logistics Group Inc Class A  | 29984 | 723514 |
| CSX Corp  | 3502244 | 113857952 |
| Ftai Infrastructure Inc  | 214083 | 1027598 |
| Heartland Express Inc  | 81987 | 704268 |
| Hertz Global Holdings Inc (b)(c) | 230024 | 1318038 |
| JB Hunt Transport Services Inc  | 145978 | 21165350 |
| Knight-Swift Transportation Holdings Inc  | 304606 | 13372203 |
| Landstar System Inc  | 65195 | 8627254 |
| Lyft Inc Class A (b) | 692048 | 11225019 |
| Marten Transport Ltd  | 108482 | 1284427 |
| Norfolk Southern Corp  | 419834 | 117545123 |
| Old Dominion Freight Line Inc  | 346424 | 52299631 |
| PAMT CORP (b) | 11115 | 136159 |
| Proficient Auto Logistics Inc (b) | 30824 | 243510 |
| RXO Inc (b) | 264037 | 4311724 |
| Ryder System Inc  | 77505 | 14533738 |
| Saia Inc (b) | 49527 | 14682774 |
| Schneider National Inc Class B  | 86934 | 2149008 |
| U-Haul Holding Co (b) | 21759 | 1252230 |
| U-Haul Holding Co Class N  | 183231 | 9571988 |
| Uber Technologies Inc (b) | 3897882 | 365426439 |
| Union Pacific Corp  | 1113122 | 248860686 |
| Universal Logistics Holdings Inc  | 12510 | 324509 |
| Werner Enterprises Inc  | 114732 | 3310018 |
| XPO Inc (b) | 219353 | 28450084 |
|  |  | 1044540315 |
| Industrial Conglomerates - 0.4% |  |  |
| 3M Co  | 1003919 | 156139522 |
| Honeywell International Inc  | 1197612 | 262875834 |
|  |  | 419015356 |
| Machinery - 1.8% |  |  |
| 3D Systems Corp (b) | 240133 | 552306 |
| AGCO Corp  | 115272 | 12471278 |
| AgEagle Aerial Systems Inc (b)(c) | 21631 | 41315 |
| Agrify Corp (b)(c) | 2403 | 113229 |
| AirJoule Technologies Corp Class A (b) | 37307 | 171612 |
| Alamo Group Inc  | 19273 | 4075469 |
| Albany International Corp Class A  | 57865 | 3675006 |
| Allison Transmission Holdings Inc  | 157668 | 13765993 |
| Astec Industries Inc  | 42580 | 1971028 |
| Atmus Filtration Technologies Inc  | 153307 | 6825228 |
| Blue Bird Corp (b) | 59338 | 3464746 |
| Caterpillar Inc  | 876333 | 367218581 |
| Chart Industries Inc (b) | 83554 | 16657325 |
| ClearSign Technologies Corp (b) | 103165 | 60279 |
| CNH Industrial NV Class A  | 1625919 | 18616773 |
| Columbus McKinnon Corp/NY  | 53996 | 808860 |
| Commercial Vehicle Group Inc (b) | 50426 | 88750 |
| Crane Co  | 91114 | 16883424 |
| Cummins Inc  | 256530 | 102211813 |
| Deere & Co  | 470420 | 225161830 |
| Donaldson Co Inc  | 223426 | 17800349 |
| Douglas Dynamics Inc  | 44219 | 1488854 |
| Dover Corp  | 255258 | 45655446 |
| Eastern Co/The  | 10607 | 252022 |
| Energy Recovery Inc (b) | 108070 | 1535675 |
| Enerpac Tool Group Corp Class A  | 100517 | 4255890 |
| Enpro Inc  | 38923 | 8515185 |
| Esab Corp  | 106691 | 12308941 |
| ESCO Technologies Inc  | 48044 | 9652520 |
| Federal Signal Corp  | 113459 | 13954322 |
| Flowserve Corp  | 242934 | 13035838 |
| Fortive Corp  | 634417 | 30363198 |
| Franklin Electric Co Inc  | 72320 | 7077235 |
| FreightCar America Inc (b) | 25563 | 218308 |
| Gates Industrial Corp PLC (b) | 428828 | 10960844 |
| Gencor Industries Inc (b) | 19092 | 310436 |
| Gorman-Rupp Co/The  | 38525 | 1647714 |
| Graco Inc  | 311847 | 26628615 |
| Graham Corp (b) | 19236 | 943526 |
| Greenbrier Cos Inc/The  | 58072 | 2707897 |
| Helios Technologies Inc  | 61364 | 3328383 |
| Hillenbrand Inc  | 130110 | 3303493 |
| Hillman Solutions Corp Class A (b) | 364424 | 3600509 |
| Hurco Cos Inc (b) | 11214 | 187050 |
| Hydrofarm Holdings Group Inc (b)(c) | 8349 | 39908 |
| Hyster-Yale Inc Class A  | 20384 | 764400 |
| Hyzon Motors Inc Class A (b)(c)(d) | 3038 | 1925 |
| IDEX Corp  | 140617 | 23131497 |
| Illinois Tool Works Inc  | 495981 | 131261372 |
| Ingersoll Rand Inc  | 753465 | 59847725 |
| ITT Inc  | 146757 | 24985379 |
| JBT Marel Corp  | 86382 | 12377677 |
| Kadant Inc  | 21938 | 7092117 |
| Kennametal Inc  | 144454 | 3095649 |
| L B Foster Co Class A (b) | 18138 | 472132 |
| Laser Photonics Corp (b)(c) | 10823 | 43508 |
| Lincoln Electric Holdings Inc  | 104024 | 25239343 |
| Lindsay Corp  | 20263 | 2780691 |
| LiqTech International Inc (b) | 4574 | 8599 |
| Manitowoc Co Inc/The (b) | 65231 | 645787 |
| Mayville Engineering Co Inc (b) | 23932 | 349407 |
| Microvast Holdings Inc (b)(c) | 342104 | 913418 |
| Middleby Corp/The (b) | 99239 | 13580857 |
| Miller Industries Inc/TN  | 21435 | 902199 |
| Mueller Industries Inc  | 205893 | 19753374 |
| Mueller Water Products Inc Class A1  | 292029 | 7697884 |
| Nauticus Robotics Inc (b)(c) | 62141 | 56219 |
| Nephros Inc (b) | 11640 | 43417 |
| NN Inc (b) | 81488 | 209424 |
| Nordson Corp  | 101108 | 22758400 |
| Nuburu Inc Class A (b) | 81684 | 13200 |
| Omega Flex Inc  | 7208 | 254442 |
| Oshkosh Corp  | 119800 | 16696526 |
| Otis Worldwide Corp  | 735964 | 63572570 |
| PACCAR Inc  | 979470 | 97927411 |
| Palladyne AI Corp Class A (b)(c) | 45068 | 340714 |
| Park-Ohio Holdings Corp  | 16059 | 324392 |
| Parker-Hannifin Corp  | 238001 | 180726060 |
| Pentair PLC  | 306190 | 32924611 |
| Perma-Pipe International Holdings Inc (b) | 13761 | 409940 |
| Proto Labs Inc (b) | 45133 | 2248075 |
| RBC Bearings Inc (b) | 58480 | 22804861 |
| REV Group Inc  | 96102 | 5113587 |
| Richtech Robotics Inc Class B (b)(c) | 107467 | 327237 |
| Snap-on Inc  | 97515 | 31715779 |
| SPX Technologies Inc (b) | 92023 | 17218424 |
| Standex International Corp  | 22378 | 4566678 |
| Stanley Black & Decker Inc  | 289538 | 21509778 |
| Symbotic Inc Class A (b)(c) | 74912 | 3553076 |
| Taylor Devices Inc (b) | 5750 | 281750 |
| TechPrecision Corp (b) | 16214 | 88366 |
| Tennant CO  | 35261 | 2892812 |
| Terex Corp  | 122769 | 6131084 |
| Timken Co/The  | 120019 | 9269067 |
| Titan International Inc (b) | 90961 | 802276 |
| Toro Co/The  | 186347 | 15105288 |
| Trinity Industries Inc  | 152253 | 4327030 |
| Twin Disc Inc  | 22362 | 282544 |
| Urban-Gro Inc (b)(c) | 10932 | 4516 |
| Wabash National Corp  | 82886 | 919206 |
| Watts Water Technologies Inc Class A  | 51117 | 14154297 |
| Westinghouse Air Brake Technologies Corp  | 318942 | 61715277 |
| Worthington Enterprises Inc  | 57540 | 3786132 |
| Xos Inc (b)(c) | 3534 | 10001 |
| Xylem Inc/NY  | 454026 | 64271921 |
|  |  | 2058908331 |
| Marine Transportation - 0.0% |  |  |
| Genco Shipping & Trading Ltd  | 79098 | 1332010 |
| Kirby Corp (b) | 104252 | 10133294 |
| Lakeside Holding Ltd (b) | 1061 | 1210 |
| Matson Inc  | 61026 | 6349755 |
| Pangaea Logistics Solutions Ltd  | 61590 | 328275 |
|  |  | 18144544 |
| Passenger Airlines - 0.2% |  |  |
| Alaska Air Group Inc (b) | 226774 | 14236872 |
| Allegiant Travel Co (b) | 27281 | 1709427 |
| American Airlines Group Inc (b)(c) | 1228524 | 16425366 |
| Delta Air Lines Inc  | 1217044 | 75188979 |
| flyExclusive Inc Class A (b) | 4370 | 17567 |
| Frontier Group Holdings Inc (b)(c) | 151477 | 742237 |
| JetBlue Airways Corp (b)(c) | 561863 | 3005967 |
| Joby Aviation Inc Class A (b)(c) | 929443 | 13151618 |
| Mesa Air Group Inc (b) | 67500 | 83700 |
| SkyWest Inc (b) | 75288 | 9139963 |
| Southwest Airlines Co  | 1063666 | 34994612 |
| Spirit Aviation Holdings Inc  | 37924 | 46267 |
| Strata Critical Medical Inc (b) | 115946 | 506684 |
| Sun Country Airlines Holdings Inc (b) | 73961 | 979983 |
| Surf Air Mobility Inc (b)(c) | 26361 | 114407 |
| United Airlines Holdings Inc (b) | 609844 | 64033621 |
| Wheels Up Experience Inc Class A (b)(c) | 162841 | 477124 |
|  |  | 234854394 |
| Professional Services - 0.8% |  |  |
| Alight Inc Class A  | 834576 | 3238155 |
| Amentum Holdings Inc  | 281200 | 7015940 |
| Asure Software Inc (b) | 45409 | 381436 |
| Automatic Data Processing Inc  | 756135 | 229902847 |
| Barrett Business Services Inc  | 47663 | 2325954 |
| BGSF Inc (b) | 16795 | 103961 |
| BlackSky Technology Inc Class A (b)(c) | 46723 | 820456 |
| Booz Allen Hamilton Holding Corp Class A  | 235788 | 25634871 |
| Broadridge Financial Solutions Inc  | 219136 | 56015544 |
| CACI International Inc (b) | 41008 | 19672358 |
| Cbiz Inc (b) | 100705 | 6499501 |
| Clarivate PLC (b)(c) | 821569 | 3573825 |
| Concentrix Corp (c) | 85396 | 4505493 |
| Conduent Inc (b) | 270081 | 750825 |
| CRA International Inc  | 12524 | 2426650 |
| CSG Systems International Inc  | 50979 | 3270813 |
| Dayforce Inc (b) | 299715 | 20911116 |
| DLH Holdings Corp (b) | 21056 | 117492 |
| Equifax Inc  | 231853 | 57105394 |
| ExlService Holdings Inc (b) | 303421 | 13283771 |
| Exponent Inc  | 95329 | 6804584 |
| Falcon's Beyond Global Inc Class A  | 8963 | 65923 |
| First Advantage Corp (b) | 111858 | 1829997 |
| FiscalNote Holdings Inc Class A (b)(c) | 143472 | 60947 |
| Forrester Research Inc (b) | 20907 | 203634 |
| Franklin Covey Co (b) | 21501 | 420560 |
| FTI Consulting Inc (b) | 62923 | 10611335 |
| GEE Group Inc (b) | 278309 | 54603 |
| Genpact Ltd  | 299736 | 13590030 |
| Heidrick & Struggles International Inc  | 37832 | 1922244 |
| HireQuest Inc  | 10583 | 103290 |
| Hudson Global Inc (b) | 3736 | 35155 |
| Huron Consulting Group Inc (b) | 30101 | 4122633 |
| ICF International Inc  | 34875 | 3425423 |
| Innodata Inc (b)(c) | 52085 | 1978188 |
| Insperity Inc  | 66178 | 3654349 |
| Jacobs Solutions Inc  | 224285 | 32797196 |
| KBR Inc  | 241248 | 12173374 |
| Kelly Services Inc Class A  | 57981 | 825070 |
| Kforce Inc  | 31558 | 1028791 |
| Korn Ferry  | 96617 | 7163184 |
| Legalzoom.com Inc (b) | 205352 | 2275300 |
| Leidos Holdings Inc  | 240210 | 43458793 |
| ManpowerGroup Inc  | 86934 | 3686002 |
| Mastech Digital Inc (b) | 9233 | 74695 |
| Maximus Inc  | 104568 | 9193619 |
| Mistras Group Inc (b) | 35762 | 341885 |
| Nixxy Inc (b) | 37510 | 63767 |
| Parsons Corp (b) | 88209 | 7065541 |
| Paychex Inc  | 598378 | 83446804 |
| Paycom Software Inc  | 90803 | 20625901 |
| Paylocity Holding Corp (b) | 80272 | 14387151 |
| Planet Labs PBC Class A (b) | 407173 | 2886857 |
| Professional Diversity Network Inc (b) | 961 | 6428 |
| Rcm Technologies Inc (b) | 10471 | 284078 |
| Resolute Holdings Management Inc  | 6697 | 442605 |
| Resources Connection Inc  | 63503 | 324500 |
| Robert Half Inc  | 186807 | 6971637 |
| Science Applications International Corp  | 87934 | 10349832 |
| Skillsoft Corp Class A (b) | 8200 | 126034 |
| Spire Global Inc Class A (b)(c) | 60236 | 544533 |
| SS&C Technologies Holdings Inc  | 399283 | 35400431 |
| TransUnion  | 363959 | 32173976 |
| TriNet Group Inc  | 57243 | 4145538 |
| TrueBlue Inc (b) | 55209 | 329598 |
| TTEC Holdings Inc (b) | 35096 | 133014 |
| UL Solutions Inc Class A  | 115842 | 7317739 |
| Upwork Inc (b) | 232335 | 3575636 |
| Verisk Analytics Inc  | 260573 | 69864833 |
| Verra Mobility Corp Class A (b) | 299521 | 7443097 |
| Where Food Comes From Inc (b) | 2768 | 33326 |
| Willdan Group Inc (b) | 24696 | 2713103 |
|  |  | 930113165 |
| Trading Companies & Distributors - 0.5% |  |  |
| Air Lease Corp Class A  | 193059 | 11624082 |
| Alta Equipment Group Inc Class A  | 37509 | 312825 |
| Applied Industrial Technologies Inc  | 70759 | 18650657 |
| BlueLinx Holdings Inc (b) | 15689 | 1296068 |
| Boise Cascade Co  | 70958 | 6173346 |
| Core & Main Inc Class A (b) | 352094 | 22787524 |
| Custom Truck One Source Inc Class A (b)(c) | 98419 | 604293 |
| Distribution Solutions Group Inc (b) | 16982 | 546990 |
| DNOW Inc (b) | 195660 | 3130560 |
| DXP Enterprises Inc/TX (b) | 23656 | 2954161 |
| EVI Industries Inc  | 9861 | 273544 |
| Fastenal Co  | 2139405 | 106242852 |
| Ferguson Enterprises Inc  | 370597 | 85663497 |
| FTAI Aviation Ltd  | 190968 | 29380427 |
| GATX Corp  | 66613 | 11211634 |
| Global Industrial Co  | 26688 | 996263 |
| GMS Inc (b) | 71963 | 7910893 |
| Herc Holdings Inc  | 60864 | 7960403 |
| Hudson Technologies Inc (b) | 77187 | 784220 |
| iPower Inc (b)(c) | 26747 | 12915 |
| Karat Packaging Inc  | 13675 | 345704 |
| McGrath RentCorp  | 45807 | 5565092 |
| Mrc Global Inc (b) | 159351 | 2403013 |
| MSC Industrial Direct Co Inc Class A  | 83049 | 7493511 |
| NPK International Inc (b) | 160709 | 1671374 |
| QXO Inc (b)(c) | 898889 | 18094636 |
| Rush Enterprises Inc Class A  | 125490 | 7203126 |
| Rush Enterprises Inc Class B  | 5653 | 328100 |
| SiteOne Landscape Supply Inc (b) | 83057 | 11897085 |
| Titan Machinery Inc (b) | 38711 | 774220 |
| Transcat Inc (b) | 17370 | 1458212 |
| United Rentals Inc  | 121279 | 115983959 |
| Watsco Inc  | 64968 | 26141824 |
| Wesco International Inc  | 83042 | 18255953 |
| Willis Lease Finance Corp  | 5272 | 783841 |
| WW Grainger Inc  | 81436 | 82535386 |
| Xometry Inc Class A (b) | 86717 | 4290757 |
|  |  | 623742947 |
| Transportation Infrastructure - 0.0% |  |  |
| Singularity Future Technology Ltd (b)(c) | 5426 | 5860 |
| Sky Harbour Group Corp Class A (b)(c) | 36992 | 389896 |
|  |  | 395756 |
| TOTAL INDUSTRIALS |  | 11257256260 |
| Information Technology - 31.2% |  |  |
| Communications Equipment - 0.9% |  |  |
| Actelis Networks Inc (b)(c) | 8133 | 2949 |
| ADTRAN Holdings Inc (b) | 133332 | 1250654 |
| Applied Optoelectronics Inc (b)(c) | 99170 | 2399914 |
| Arista Networks Inc  | 1919706 | 262135854 |
| Aviat Networks Inc (b) | 22122 | 507921 |
| BK Technologies Corp (b) | 5517 | 390493 |
| Calix Inc (b) | 108975 | 6478564 |
| Cambium Networks Corp (b)(c) | 18981 | 14420 |
| Ciena Corp (b) | 265445 | 24943867 |
| Cisco Systems Inc  | 7413987 | 512232362 |
| Clearfield Inc (b) | 21524 | 702113 |
| ClearOne Inc (b) | 1585 | 6482 |
| CommScope Holding Co Inc (b) | 402951 | 6463334 |
| Comtech Telecommunications Corp (b) | 50386 | 98253 |
| Digi International Inc (b) | 67974 | 2360057 |
| Extreme Networks Inc (b) | 250423 | 5354044 |
| F5 Inc (b) | 106879 | 33468090 |
| Franklin Wireless Corp (b) | 19579 | 86931 |
| Genasys Inc (b) | 82428 | 159910 |
| Harmonic Inc (b) | 215575 | 2073832 |
| Inseego Corp (b)(c) | 21121 | 260422 |
| KVH Industries Inc (b) | 26743 | 150563 |
| Lantronix Inc (b) | 55928 | 277683 |
| Lumentum Holdings Inc (b) | 129346 | 17178442 |
| Motorola Solutions Inc  | 310930 | 146901988 |
| Netgear Inc (b) | 53900 | 1464463 |
| NetScout Systems Inc (b) | 132644 | 3301509 |
| Network-1 Technologies Inc (c) | 15146 | 22568 |
| Ondas Holdings Inc (b) | 308004 | 1804903 |
| Optical Cable Corp (b) | 18528 | 117560 |
| Ribbon Communications Inc (b) | 163120 | 665530 |
| Ubiquiti Inc  | 7877 | 4160080 |
| Viasat Inc (b) | 157956 | 5106717 |
| Viavi Solutions Inc (b) | 410267 | 4627812 |
|  |  | 1047170284 |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| 908 Devices Inc (b) | 51762 | 323513 |
| Advanced Energy Industries Inc  | 70286 | 10520408 |
| Aeva Technologies Inc (b) | 62048 | 918621 |
| AEye Inc Class A (b)(c) | 36748 | 103629 |
| Airgain Inc (b) | 19295 | 81811 |
| Amphenol Corp Class A  | 2253931 | 245362929 |
| AmpliTech Group Inc (b) | 33042 | 125560 |
| Arlo Technologies Inc (b) | 191758 | 3338507 |
| Arrow Electronics Inc (b) | 96828 | 12232281 |
| Astrotech Corp (b) | 4038 | 20634 |
| Avnet Inc  | 157914 | 8617367 |
| Badger Meter Inc  | 54862 | 10035357 |
| Bel Fuse Inc Class A  | 2957 | 338369 |
| Bel Fuse Inc Class B  | 20096 | 2704118 |
| Belden Inc  | 74280 | 9671256 |
| Benchmark Electronics Inc  | 66725 | 2708368 |
| CDW Corp/DE  | 245786 | 40495701 |
| Climb Global Solutions Inc  | 7250 | 895810 |
| Coda Octopus Group Inc (b) | 13333 | 108064 |
| Cognex Corp  | 313467 | 13773740 |
| Coherent Corp (b) | 289445 | 26186089 |
| Corning Inc  | 1437386 | 96347984 |
| CPS Technologies Corp (b) | 12397 | 42770 |
| Crane NXT Co  | 91696 | 5477002 |
| CTS Corp  | 55902 | 2375276 |
| Daktronics Inc (b) | 77682 | 1347783 |
| Data I/O Corp (b) | 19849 | 61532 |
| Digital Ally Inc (b) | 1 | 1 |
| ePlus Inc  | 48795 | 3531294 |
| Evolv Technologies Holdings Inc Class A (b) | 209557 | 1726750 |
| Flex Ltd (b) | 713862 | 38277280 |
| Focus Universal Inc (b)(c) | 4563 | 8669 |
| Frequency Electronics Inc (b) | 15821 | 510227 |
| Identiv Inc (b) | 41415 | 153236 |
| Insight Enterprises Inc (b) | 51234 | 6668617 |
| Interlink Electronics Inc (b) | 5707 | 52619 |
| IPG Photonics Corp (b) | 48718 | 3986107 |
| Itron Inc (b) | 84822 | 10428017 |
| Jabil Inc  | 199882 | 40941830 |
| Key Tronic Corp (b) | 25302 | 73882 |
| Keysight Technologies Inc (b) | 321747 | 52583112 |
| Kimball Electronics Inc (b) | 46601 | 1345371 |
| Knowles Corp (b) | 163546 | 3491707 |
| LGL Group Inc/The (b) | 4219 | 27381 |
| LightPath Technologies Inc Class A (b) | 72326 | 386944 |
| Lightwave Logic Inc (b)(c) | 237699 | 798669 |
| Littelfuse Inc  | 46187 | 12000768 |
| M-Tron Industries Inc (b) | 4303 | 193549 |
| M-Tron Industries Inc warrants 3/11/2028 (b) | 4312 | 7115 |
| Methode Electronics Inc  | 67450 | 521389 |
| MicroVision Inc (b)(c) | 470022 | 540525 |
| Mirion Technologies Inc Class A (b) | 346436 | 7101938 |
| MultiSensor AI Holdings Inc (b) | 51940 | 35013 |
| Napco Security Technologies Inc  | 67643 | 2573816 |
| Neonode Inc (b)(c) | 24099 | 577171 |
| nLight Inc (b) | 91452 | 2633818 |
| Nortech Systems Inc (b) | 192 | 1746 |
| Novanta Inc (b) | 66807 | 7777003 |
| OSI Systems Inc (b) | 29244 | 6727582 |
| Ouster Inc Class A (b) | 89001 | 2539199 |
| PAR Technology Corp (b) | 76725 | 3926786 |
| PC Connection Inc  | 23002 | 1476958 |
| Plexus Corp (b) | 50983 | 6985181 |
| Powerfleet Inc NJ (b) | 214115 | 999917 |
| Ralliant Corp  | 210673 | 8808238 |
| Red Cat Holdings Inc (b)(c) | 117293 | 1048599 |
| Research Frontiers Inc (b) | 56153 | 75807 |
| RF Industries Ltd (b) | 19124 | 134155 |
| Richardson Electronics Ltd/United States  | 23128 | 227348 |
| Rogers Corp (b) | 31210 | 2448737 |
| Sanmina Corp (b) | 99842 | 11733432 |
| ScanSource Inc (b) | 40056 | 1748444 |
| Scantech AI Systems Inc (c) | 37173 | 15716 |
| SmartRent Inc Class A (b) | 324852 | 480781 |
| Sono-Tek Corp (b) | 28985 | 97100 |
| Syntec Optics Holdings Inc Class A (b) | 12042 | 19026 |
| Taitron Components Inc Class A  | 2875 | 6037 |
| TD SYNNEX Corp  | 139387 | 20639033 |
| Teledyne Technologies Inc (b) | 87315 | 46990314 |
| Trimble Inc (b) | 444634 | 35935320 |
| TTM Technologies Inc (b) | 190002 | 8468389 |
| VerifyMe Inc (b) | 25913 | 23068 |
| Vishay Intertechnology Inc  | 208569 | 3224477 |
| Vishay Precision Group Inc (b) | 24014 | 682478 |
| Vontier Corp  | 274676 | 11786347 |
| Vuzix Corp (b)(c) | 124264 | 263440 |
| Wrap Technologies Inc (b)(c) | 64019 | 88986 |
| Zebra Technologies Corp Class A (b) | 94999 | 30123233 |
|  |  | 900894171 |
| IT Services - 0.9% |  |  |
| Akamai Technologies Inc (b) | 272125 | 21533251 |
| Applied Digital Corp (b) | 334565 | 5346349 |
| ASGN Inc (b) | 81456 | 4418988 |
| Backblaze Inc Class A (b) | 83037 | 693359 |
| BigBear.ai Holdings Inc (b)(c) | 258893 | 1312588 |
| Brand Engagement Network Inc Class A (b) | 7944 | 2445 |
| Castellum Inc (b) | 109445 | 109445 |
| CISO Global Inc (b) | 36512 | 33697 |
| Cloudflare Inc Class A (b) | 579337 | 120913425 |
| Cognizant Technology Solutions Corp Class A  | 920248 | 66487918 |
| Commerce.com Inc (b) | 123881 | 576047 |
| CoreWeave Inc Class A (b) | 74028 | 7627845 |
| Couchbase Inc (b) | 80805 | 1970834 |
| Crexendo Inc (b) | 22761 | 143850 |
| CSP Inc  | 11391 | 137375 |
| Data Storage Corp (b) | 10205 | 46433 |
| DigitalOcean Holdings Inc (b) | 117194 | 3822868 |
| DXC Technology Co (b) | 337701 | 4879779 |
| EPAM Systems Inc (b) | 106109 | 18713383 |
| Fastly Inc Class A (b) | 245610 | 1869092 |
| Gartner Inc (b) | 143766 | 36112582 |
| Glimpse Group Inc/The (b) | 26642 | 39430 |
| GoDaddy Inc Class A (b) | 265884 | 39433256 |
| Grid Dynamics Holdings Inc (b) | 114903 | 952546 |
| Hackett Group Inc/The  | 46457 | 967235 |
| IBM Corporation  | 1732431 | 421829624 |
| Information Services Group Inc  | 67704 | 350030 |
| Kyndryl Holdings Inc (b) | 433104 | 13768376 |
| MongoDB Inc Class A (b) | 151193 | 47718023 |
| Okta Inc Class A (b) | 311299 | 28879208 |
| Rackspace Technology Inc (b) | 139433 | 175686 |
| Research Solutions Inc/CA (b) | 46012 | 139416 |
| Snowflake Inc (b) | 622380 | 148537211 |
| TSS Inc/MD (b)(c) | 25585 | 356271 |
| Tucows Inc Class A (b) | 18442 | 337120 |
| Twilio Inc Class A (b) | 284304 | 30025345 |
| Unisys Corp (b) | 126269 | 493712 |
| VeriSign Inc  | 156572 | 42802088 |
| WidePoint Corp (b) | 14203 | 69453 |
| XTI Aerospace Inc (b)(c) | 9885 | 19868 |
|  |  | 1073645451 |
| Semiconductors & Semiconductor Equipment - 11.9% |  |  |
| ACM Research Inc Class A (b) | 94020 | 2653244 |
| Advanced Micro Devices Inc (b) | 3022361 | 491526569 |
| Aehr Test Systems (b)(c) | 52582 | 1311921 |
| Aeluma Inc (b)(c) | 19478 | 443904 |
| Alpha & Omega Semiconductor Ltd (b) | 45307 | 1303482 |
| Ambarella Inc (b) | 73772 | 6084715 |
| Amkor Technology Inc  | 215130 | 5203995 |
| Amtech Systems Inc (b) | 20996 | 132905 |
| Analog Devices Inc  | 924457 | 232325289 |
| Applied Materials Inc  | 1514294 | 243437903 |
| Ascent Solar Technologies Inc (b)(c) | 2280 | 4514 |
| Astera Labs Inc (b) | 39912 | 7271966 |
| Atomera Inc (b)(c) | 57769 | 189482 |
| Axcelis Technologies Inc (b)(c) | 59938 | 4797438 |
| AXT Inc (b) | 72398 | 209954 |
| Blaize Holdings Inc Class A (b) | 103352 | 368967 |
| Broadcom Inc  | 8764788 | 2606560303 |
| CEVA Inc (b) | 43782 | 972836 |
| Cirrus Logic Inc (b) | 99536 | 11366016 |
| Cohu Inc (b) | 86334 | 1718047 |
| Credo Technology Group Holding Ltd (b) | 272113 | 33484865 |
| CVD Equipment Corp (b) | 12554 | 35402 |
| Datavault AI Inc (b)(c) | 84277 | 30087 |
| Diodes Inc (b) | 87454 | 4760558 |
| Enphase Energy Inc (b) | 244061 | 9201100 |
| Entegris Inc  | 281824 | 23599942 |
| Everspin Technologies Inc (b) | 35144 | 225976 |
| First Solar Inc (b) | 199684 | 38976320 |
| FormFactor Inc (b) | 145331 | 4242212 |
| GCT Semiconductor Holding Inc Class A (b)(c) | 64040 | 84533 |
| GSI Technology Inc (b) | 34120 | 100313 |
| Ichor Holdings Ltd (b) | 62552 | 1054001 |
| Impinj Inc (b) | 43537 | 8161881 |
| Intel Corp (b) | 8135371 | 198096284 |
| inTEST Corp (b) | 21193 | 148351 |
| KLA Corp  | 246451 | 214905272 |
| Kopin Corp (b) | 279989 | 587977 |
| Lam Research Corp  | 2383814 | 238738972 |
| Lattice Semiconductor Corp (b) | 255707 | 16973831 |
| MACOM Technology Solutions Holdings Inc (b) | 111316 | 14265145 |
| Marvell Technology Inc  | 1609295 | 101168330 |
| MaxLinear Inc Class A (b) | 145973 | 2294696 |
| Microchip Technology Inc  | 1001353 | 65087945 |
| Micron Technology Inc  | 2083107 | 247910564 |
| MKS Inc  | 124903 | 12907476 |
| Mobix Labs Inc Class A (b) | 42136 | 49720 |
| Monolithic Power Systems Inc  | 89370 | 74691871 |
| Navitas Semiconductor Corp Class A (b)(c) | 250326 | 1466910 |
| NVE Corp  | 9236 | 596461 |
| NVIDIA Corp  | 45460035 | 7918228896 |
| ON Semiconductor Corp (b) | 777824 | 38572292 |
| Onto Innovation Inc (b) | 90986 | 9644516 |
| PDF Solutions Inc (b) | 57722 | 1180415 |
| Penguin Solutions Inc (b) | 98745 | 2382717 |
| Peraso Inc (b) | 4399 | 3828 |
| Photronics Inc (b) | 116953 | 2651325 |
| Pixelworks Inc (b)(c) | 7809 | 67314 |
| Power Integrations Inc  | 105066 | 4738477 |
| Qorvo Inc (b) | 174259 | 15805291 |
| QUALCOMM Inc  | 2044906 | 328677741 |
| QuickLogic Corp (b)(c) | 25332 | 129953 |
| Rambus Inc (b) | 200899 | 14820319 |
| Rigetti Computing Inc Class A (b)(c) | 476739 | 7737474 |
| Semtech Corp (b) | 161098 | 9358183 |
| Silicon Laboratories Inc (b) | 60390 | 8113397 |
| SiTime Corp (b) | 38852 | 9389363 |
| SkyWater Technology Inc (b)(c) | 40281 | 482969 |
| Skyworks Solutions Inc  | 279399 | 20938161 |
| SolarEdge Technologies Inc (b)(c) | 109490 | 3702952 |
| Synaptics Inc (b) | 72243 | 5046896 |
| Teradyne Inc  | 298750 | 35324200 |
| Texas Instruments Inc  | 1693418 | 342883277 |
| Trio-Tech International (b) | 4207 | 22550 |
| Ultra Clean Holdings Inc (b) | 83298 | 2000818 |
| Universal Display Corp  | 82783 | 11472896 |
| Veeco Instruments Inc (b) | 111533 | 2734789 |
|  |  | 13727841454 |
| Software - 10.8% |  |  |
| 8x8 Inc (b) | 250253 | 495501 |
| A10 Networks Inc  | 136313 | 2414103 |
| ACCESS Newswire Inc (b) | 5854 | 64394 |
| ACI Worldwide Inc (b) | 194645 | 9605731 |
| Adeia Inc  | 200944 | 3022198 |
| Adobe Inc (b) | 794297 | 283325740 |
| Agilysys Inc (b) | 42143 | 4598644 |
| Airship AI Holdings Inc Class A (b)(c) | 35097 | 156884 |
| Alarm.com Holdings Inc (b) | 92664 | 5432890 |
| Alkami Technology Inc (b)(c) | 126890 | 3248384 |
| Amplitude Inc Class A (b) | 161618 | 1847294 |
| Appfolio Inc Class A (b) | 42902 | 11900157 |
| Appian Corp Class A (b) | 79372 | 2443070 |
| AppLovin Corp Class A (b) | 412953 | 197635176 |
| Arteris Inc (b) | 45040 | 424277 |
| Asana Inc Class A (b) | 174604 | 2549218 |
| Atlassian Corp Class A (b) | 308415 | 54830019 |
| AudioEye Inc (b)(c) | 11865 | 152465 |
| Aurora Innovation Inc Class A (b) | 1989092 | 11198588 |
| authID Inc (b)(c) | 23120 | 103115 |
| Autodesk Inc (b) | 398980 | 125559006 |
| AvePoint Inc Class A (b) | 211650 | 3462594 |
| Aware Inc/MA (b) | 30465 | 67023 |
| Bentley Systems Inc Class B  | 288016 | 16028090 |
| BILL Holdings Inc (b) | 176381 | 8187606 |
| Blackbaud Inc (b) | 70264 | 4687311 |
| Blackboxstocks Inc (b) | 4698 | 29597 |
| BlackLine Inc (b)(c) | 95769 | 5206961 |
| Blend Labs Inc Class A (b) | 360821 | 1306172 |
| Box Inc Class A (b) | 268596 | 8764287 |
| Braze Inc Class A (b) | 127912 | 3543162 |
| Bridgeline Digital Inc (b) | 21385 | 30581 |
| BTCS Inc (b)(c) | 24682 | 103171 |
| Btcs Inc Series V (b)(d) | 11578 | 0 |
| C3.ai Inc Class A (b)(c) | 221178 | 3740120 |
| Cadence Design Systems Inc (b) | 508930 | 178344340 |
| Ccc Intelligent Solutions Holdings Inc Class A (b) | 898554 | 8895685 |
| Cerence Inc (b) | 80274 | 845285 |
| Cipher Mining Inc (b)(c) | 438968 | 3353716 |
| Circle Internet Group Inc Class A  | 91150 | 12029977 |
| Cleanspark Inc (b)(c) | 517805 | 4903613 |
| Clear Secure Inc Class A  | 173618 | 6304070 |
| Clearwater Analytics Holdings Inc Class A (b) | 450424 | 9310264 |
| Commvault Systems Inc (b) | 82148 | 15332513 |
| Confluent Inc Class A (b) | 533403 | 10593384 |
| Consensus Cloud Solutions Inc (b) | 32928 | 874897 |
| Core Scientific Inc (b)(c) | 556280 | 7982618 |
| CoreCard Corp (b) | 10384 | 287325 |
| Crowdstrike Holdings Inc Class A (b) | 464225 | 196692133 |
| CS Disco Inc (b) | 43351 | 237130 |
| CXApp Inc Class A (b) | 26091 | 19636 |
| CYNGN Inc (b)(c) | 3415 | 18680 |
| Daily Journal Corp (b)(c) | 1727 | 806854 |
| Datadog Inc Class A (b) | 595266 | 81360957 |
| Digimarc Corp (b)(c) | 26982 | 233664 |
| Digital Turbine Inc (b) | 176938 | 743140 |
| Docusign Inc (b) | 378334 | 29003084 |
| Dolby Laboratories Inc Class A  | 114096 | 8178401 |
| Domo Inc Class B (b) | 64222 | 942779 |
| Dropbox Inc Class A (b) | 365978 | 10635321 |
| Duos Technologies Group Inc (b) | 15839 | 101370 |
| Dynatrace Inc (b) | 558293 | 28249626 |
| eGain Corp (b) | 35386 | 222578 |
| Elastic NV (b) | 163414 | 13899995 |
| EverCommerce Inc (b)(c) | 31973 | 369288 |
| Exodus Movement Inc Class A (b)(c) | 15369 | 387606 |
| Expensify Inc Class A (b) | 90459 | 177300 |
| Fair Isaac Corp (b) | 45409 | 69096151 |
| Five9 Inc (b) | 140635 | 3785894 |
| Fortinet Inc (b) | 1184838 | 93329689 |
| Freshworks Inc Class A (b) | 369468 | 4976734 |
| Gen Digital Inc  | 1018943 | 30772079 |
| Gitlab Inc Class A (b) | 236528 | 11358075 |
| Greenidge Generation Holdings Inc Class A (b) | 17158 | 21104 |
| Guidewire Software Inc (b) | 156363 | 33933898 |
| HubSpot Inc (b) | 98344 | 47516870 |
| I3 Verticals Inc Class A (b)(c) | 40028 | 1258881 |
| Informatica Inc Class A (b) | 153186 | 3818927 |
| Intapp Inc (b) | 101397 | 4663248 |
| Intellicheck Inc (b) | 38425 | 209416 |
| Intellinetics Inc (b) | 5083 | 56609 |
| InterDigital Inc  | 48275 | 13116800 |
| Intrusion Inc (b) | 32559 | 57629 |
| Intuit Inc  | 521099 | 347573033 |
| Inuvo Inc (b) | 22767 | 77180 |
| Iveda Solutions Inc (b)(c) | 5496 | 8794 |
| Jamf Holding Corp (b) | 116944 | 1089918 |
| Kaltura Inc (b) | 147635 | 234740 |
| Klaviyo Inc Class A (b) | 209062 | 6781971 |
| LivePerson Inc (b) | 133899 | 124794 |
| LiveRamp Holdings Inc (b) | 121214 | 3384295 |
| LM Funding America Inc (b) | 4607 | 5759 |
| Manhattan Associates Inc (b) | 113155 | 24378113 |
| MARA Holdings Inc (b)(c) | 657191 | 10501912 |
| Marin Software Inc (b) | 2863 | 2033 |
| Meridianlink Inc (b) | 49332 | 981213 |
| Microsoft Corp  | 13854704 | 7020039970 |
| Mitek Systems Inc (b) | 84646 | 860850 |
| Myseum Inc (b) | 5809 | 11734 |
| N-able Inc/US (b) | 132871 | 1070940 |
| nCino Inc (b)(c) | 170938 | 5488819 |
| NCR Voyix Corp (b) | 262830 | 3464099 |
| NetSol Technologies Inc (b) | 22704 | 91951 |
| NextNav Inc Class A (b) | 126153 | 2246785 |
| NextTrip Inc (b)(c) | 1241 | 4753 |
| Nutanix Inc Class A (b) | 463036 | 31120650 |
| Oblong Inc (b) | 2368 | 6938 |
| Olo Inc Class A (b) | 221939 | 2274875 |
| ON24 Inc (b) | 69116 | 395344 |
| OneSpan Inc  | 66797 | 1010305 |
| Onestream Inc Class A (b) | 142864 | 2970143 |
| Ooma Inc (b) | 46862 | 605457 |
| Oracle Corp  | 3031778 | 685575959 |
| PagerDuty Inc (b) | 167095 | 2797170 |
| Palantir Technologies Inc Class A (b) | 3965107 | 621371918 |
| Palo Alto Networks Inc (b) | 1234123 | 235125114 |
| Pegasystems Inc  | 166278 | 9013930 |
| Phunware Inc (b)(c) | 36912 | 95233 |
| Pivotal Software Inc Class A rights (b)(d) | 130247 | 0 |
| Porch Group Inc (b) | 177284 | 3008509 |
| Procore Technologies Inc (b) | 199566 | 13871833 |
| Progress Software Corp (b) | 80301 | 3717133 |
| PROS Holdings Inc (b) | 81263 | 1259577 |
| PTC Inc (b) | 223907 | 47804145 |
| Q2 Holdings Inc (b) | 116396 | 9163857 |
| Qualys Inc (b) | 67891 | 9220277 |
| Rapid7 Inc (b) | 118400 | 2452064 |
| reAlpha Tech Corp (b)(c) | 15697 | 6098 |
| Red Violet Inc  | 21038 | 1056949 |
| Rekor Systems Inc (b)(c) | 224220 | 251126 |
| ReposiTrak Inc  | 22482 | 364208 |
| Rimini Street Inc (b) | 87278 | 377914 |
| RingCentral Inc Class A (b) | 148205 | 4521735 |
| Riot Platforms Inc (b) | 581753 | 8004921 |
| Roper Technologies Inc  | 200442 | 105494629 |
| Rubrik Inc Class A (b) | 229964 | 20558782 |
| SailPoint Inc  | 113660 | 2345942 |
| Salesforce Inc  | 1788320 | 458257000 |
| Samsara Inc Class A (b) | 525956 | 19008050 |
| SEMrush Holdings Inc Class A (b) | 60521 | 478116 |
| SentinelOne Inc Class A (b) | 592076 | 11166553 |
| Servicenow Inc (b) | 385834 | 353987262 |
| ServiceTitan Inc Class A (b) | 17212 | 1845643 |
| Silvaco Group Inc (b)(c) | 16388 | 87512 |
| Smith Micro Software Inc (b) | 37889 | 28045 |
| Soluna Holdings Inc (b)(c) | 8274 | 3922 |
| SoundHound AI Inc Class A (b)(c) | 687150 | 8946693 |
| SoundThinking Inc (b) | 16828 | 214220 |
| Sprinklr Inc Class A (b) | 215986 | 1866119 |
| Sprout Social Inc Class A (b) | 99331 | 1568436 |
| SPS Commerce Inc (b) | 70598 | 7786959 |
| Strategy Inc Class A (b) | 473026 | 158184625 |
| Synchronoss Technologies Inc (b) | 17553 | 105669 |
| Synopsys Inc (b) | 344736 | 208055071 |
| T Stamp Inc Class A (b) | 2323 | 6644 |
| Telos Corp (b) | 95596 | 590783 |
| Tenable Holdings Inc (b) | 226240 | 6995341 |
| Teradata Corp (b) | 176671 | 3706558 |
| Terawulf Inc (b)(c) | 578381 | 5465700 |
| Thumzup Media Corp (b)(c) | 6493 | 35387 |
| Tyler Technologies Inc (b) | 80526 | 45326475 |
| UiPath Inc Class A (b) | 775904 | 8628052 |
| Unity Software Inc (b) | 566949 | 22343460 |
| Upland Software Inc (b) | 46983 | 132962 |
| Urgent.ly Inc (b) | 2070 | 9005 |
| Varonis Systems Inc (b) | 208834 | 12325383 |
| Veea Inc Class A (b) | 32204 | 18843 |
| Verb Technology Co Inc (b)(c) | 1275 | 18488 |
| Verint Systems Inc (b) | 114965 | 2344136 |
| Veritone Inc (b)(c) | 73805 | 225105 |
| Vertex Inc Class A (b) | 108104 | 2791245 |
| Viant Technology Inc Class A (b) | 30117 | 313217 |
| VirnetX Holding Corp (b)(c) | 5830 | 79813 |
| Weave Communications Inc (b) | 74762 | 581648 |
| Workday Inc Class A (b) | 404216 | 93301137 |
| Workiva Inc Class A (b) | 96128 | 7905567 |
| Xperi Inc (b) | 82487 | 494922 |
| Yext Inc (b) | 202095 | 1837044 |
| Zeta Global Holdings Corp Class A (b) | 395626 | 7770095 |
| Zoom Communications Inc Class A (b) | 489755 | 39875852 |
| Zscaler Inc (b) | 178558 | 49469494 |
|  |  | 12523921404 |
| Technology Hardware, Storage & Peripherals - 5.9% |  |  |
| Apple Inc  | 27841306 | 6463080776 |
| AstroNova Inc (b) | 11598 | 131985 |
| Boxlight Corp Class A (b) | 1653 | 2893 |
| CompoSecure Inc Class A (b)(c) | 76125 | 1455510 |
| Corsair Gaming Inc (b) | 84929 | 758416 |
| CPI Card Group Inc (b) | 8761 | 136496 |
| Dell Technologies Inc Class C  | 558983 | 68279773 |
| Diebold Nixdorf Inc (b) | 69220 | 4230034 |
| Eastman Kodak Co (b) | 135790 | 801161 |
| Hewlett Packard Enterprise Co  | 2448589 | 55264654 |
| HP Inc  | 1760479 | 50244071 |
| Immersion Corp  | 57547 | 406282 |
| IonQ Inc (b)(c) | 444249 | 18987202 |
| Movano Inc (b)(c) | 10593 | 11335 |
| NetApp Inc  | 379671 | 42823092 |
| One Stop Systems Inc (b) | 34993 | 208208 |
| Pure Storage Inc Class A (b) | 579615 | 44983920 |
| Quantum Computing Inc (b)(c) | 204890 | 3233164 |
| Quantum Corp (b) | 13095 | 97296 |
| Sandisk Corp/DE  | 252049 | 13225011 |
| Seagate Technology Holdings PLC  | 395364 | 66183934 |
| Socket Mobile Inc (b) | 1516 | 1592 |
| Sonim Technologies Inc (b) | 3324 | 1960 |
| Super Micro Computer Inc (b)(c) | 957450 | 39772473 |
| TransAct Technologies Inc (b) | 22116 | 95983 |
| Turtle Beach Corp (b) | 30666 | 485136 |
| Western Digital Corp  | 649398 | 52172635 |
| Xerox Holdings Corp (c) | 220608 | 878020 |
|  |  | 6927953012 |
| TOTAL INFORMATION TECHNOLOGY |  | 36201425776 |
| Materials - 2.2% |  |  |
| Chemicals - 1.2% |  |  |
| AdvanSix Inc  | 49754 | 1067721 |
| Air Products and Chemicals Inc  | 415071 | 122076532 |
| Albemarle Corp  | 219300 | 18622956 |
| Alto Ingredients Inc (b) | 144879 | 163713 |
| American Vanguard Corp (b) | 50625 | 273375 |
| Arq Inc (b) | 57373 | 442920 |
| Ashland Inc  | 87472 | 4911553 |
| ASP Isotopes Inc (b) | 103193 | 957631 |
| Aspen Aerogels Inc (b)(c) | 122505 | 837934 |
| Avient Corp  | 173944 | 6505506 |
| Axalta Coating Systems Ltd (b) | 405464 | 12674805 |
| Balchem Corp  | 61090 | 9902078 |
| Cabot Corp  | 100300 | 8180468 |
| Celanese Corp  | 203173 | 9677130 |
| CF Industries Holdings Inc  | 302347 | 26192321 |
| Chemours Co/The  | 276252 | 4254281 |
| Core Molding Technologies Inc (b) | 14244 | 273485 |
| Corteva Inc  | 1271532 | 94334959 |
| Dow Inc  | 1317710 | 32455197 |
| DuPont de Nemours Inc  | 779700 | 59974524 |
| Eastman Chemical Co  | 216691 | 15242045 |
| Ecolab Inc  | 470309 | 130294405 |
| Ecovyst Inc (b) | 192870 | 1753188 |
| Element Solutions Inc  | 414686 | 10665724 |
| Flotek Industries Inc (b) | 54345 | 657031 |
| FMC Corp  | 232948 | 9108267 |
| Hawkins Inc  | 35107 | 5874454 |
| HB Fuller Co  | 100900 | 6159945 |
| Huntsman Corp  | 307579 | 3432582 |
| Ingevity Corp (b) | 67314 | 3929791 |
| Innospec Inc  | 45865 | 4017315 |
| International Flavors & Fragrances Inc  | 479072 | 32342151 |
| Intrepid Potash Inc (b) | 18180 | 553217 |
| Koppers Holdings Inc  | 37764 | 1094401 |
| Kronos Worldwide Inc  | 39869 | 254364 |
| Linde PLC  | 876984 | 419452677 |
| LSB Industries Inc (b) | 95892 | 797821 |
| LyondellBasell Industries NV Class A1  | 480096 | 27053410 |
| Mativ Holdings Inc  | 99627 | 1252311 |
| Minerals Technologies Inc  | 58364 | 3819924 |
| Mosaic Co/The  | 590480 | 19722032 |
| NewMarket Corp  | 14024 | 11597287 |
| Northern Technologies International Corp  | 15873 | 117460 |
| Novusterra Inc (b)(c)(d) | 7806 | 0 |
| Olin Corp  | 213794 | 5058366 |
| Origin Materials Inc Class A (b) | 233885 | 125082 |
| Perimeter Solutions Inc  | 260306 | 5828251 |
| PPG Industries Inc  | 424189 | 47182542 |
| PureCycle Technologies Inc (b)(c) | 276546 | 3951842 |
| Quaker Chemical Corp  | 25364 | 3679555 |
| Rayonier Advanced Materials Inc (b) | 120949 | 673686 |
| RPM International Inc  | 239830 | 30053097 |
| Scotts Miracle-Gro Co/The  | 80662 | 4938128 |
| Sensient Technologies Corp  | 78945 | 8957100 |
| Sherwin-Williams Co/The  | 429395 | 157085573 |
| Solesence Inc (b) | 40572 | 148494 |
| Stepan Co  | 38836 | 1942965 |
| Trinseo PLC  | 66485 | 159564 |
| Tronox Holdings PLC  | 216900 | 928332 |
| Valhi Inc  | 4093 | 66757 |
| Westlake Corp  | 62818 | 5516677 |
|  |  | 1399266902 |
| Construction Materials - 0.3% |  |  |
| CRH PLC  | 1257522 | 142037110 |
| Eagle Materials Inc  | 61907 | 14294326 |
| Knife River Corp (b)(c) | 105601 | 8553681 |
| Martin Marietta Materials Inc  | 112469 | 69325892 |
| Smith-Midland Corp (b)(c) | 8181 | 353174 |
| United States Lime & Minerals Inc  | 19427 | 2446248 |
| Vulcan Materials Co  | 246470 | 71762205 |
|  |  | 308772636 |
| Containers & Packaging - 0.2% |  |  |
| Amcor PLC  | 4277496 | 36914790 |
| AptarGroup Inc  | 122875 | 17112801 |
| Avery Dennison Corp  | 145823 | 25030518 |
| Ball Corp  | 516618 | 27194772 |
| Crown Holdings Inc  | 214534 | 21320389 |
| Eightco Holdings Inc (b) | 4092 | 6179 |
| Graphic Packaging Holding CO  | 564794 | 12577962 |
| Greif Inc Class A  | 40673 | 2656354 |
| Greif Inc Class B  | 18188 | 1241876 |
| International Paper Co  | 985382 | 48953778 |
| Myers Industries Inc  | 70413 | 1178714 |
| O-I Glass Inc (b) | 291501 | 3786598 |
| Packaging Corp of America  | 166627 | 36318021 |
| Ranpak Holdings Corp Class A (b) | 84008 | 443562 |
| Sealed Air Corp  | 276158 | 8966850 |
| Silgan Holdings Inc  | 150669 | 7069389 |
| Smurfit WestRock PLC  | 925917 | 43851429 |
| Sonoco Products Co  | 183091 | 8651050 |
| TriMas Corp  | 69888 | 2702569 |
|  |  | 305977601 |
| Metals & Mining - 0.5% |  |  |
| 5E Advanced Materials Inc (b)(c) | 2892 | 10064 |
| Alcoa Corp  | 481818 | 15509721 |
| Alpha Metallurgical Resources Inc (b) | 20662 | 3082564 |
| American Battery Technology Co (b)(c) | 170029 | 419972 |
| American Infrastructure Corp (c)(d) | 16617 | 0 |
| Ampco-Pittsburgh Corp (b) | 29789 | 81026 |
| Ascent Industries Co (b) | 17440 | 213117 |
| Carpenter Technology Corp  | 92622 | 22310787 |
| Century Aluminum Co (b) | 98504 | 2199594 |
| Cleveland-Cliffs Inc (b)(c) | 900248 | 9677666 |
| Coeur Mining Inc (b) | 1191159 | 15663741 |
| Commercial Metals Co  | 210530 | 12141265 |
| Compass Minerals International Inc (b) | 64094 | 1220991 |
| Contango ORE Inc (b) | 17624 | 388257 |
| Dakota Gold Corp (b) | 149941 | 625254 |
| Freeport-McMoRan Inc  | 2679183 | 118955726 |
| Friedman Industries Inc  | 13444 | 256646 |
| Gold Resource Corp (b) | 258561 | 130625 |
| Hecla Mining Co  | 1175686 | 10005088 |
| Hycroft Mining Holding Corp (b)(c) | 42346 | 192674 |
| Idaho Strategic Resources Inc (b)(c) | 22582 | 635457 |
| Inno Holdings Inc (b)(c) | 2978 | 15456 |
| Ivanhoe Electric Inc / US (b)(c) | 171471 | 1529521 |
| Kaiser Aluminum Corp  | 29651 | 2308923 |
| Materion Corp  | 39124 | 4334939 |
| Metallus Inc (b) | 68575 | 1126687 |
| MP Materials Corp (b)(c) | 248000 | 17642720 |
| Newmont Corp  | 2075681 | 154430667 |
| Nucor Corp  | 430475 | 64024547 |
| Olympic Steel Inc  | 17781 | 599398 |
| Paramount Gold Nevada Corp (b) | 119458 | 121847 |
| Ramaco Resources Inc Class A (b) | 59911 | 1553492 |
| Ramaco Resources Inc Class B  | 27784 | 451490 |
| ReElement Technologies Corp (c)(d) | 30998 | 0 |
| Reliance Inc  | 97917 | 28950140 |
| Royal Gold Inc  | 122591 | 22014892 |
| Ryerson Holding Corp  | 50397 | 1149052 |
| Solitario Resources Corp (b) | 46041 | 35267 |
| Steel Dynamics Inc  | 257643 | 33730622 |
| SunCoke Energy Inc  | 156444 | 1207748 |
| Tredegar Corp (b) | 46004 | 360211 |
| United States Antimony Corp (b)(c) | 149632 | 680826 |
| US Gold Corp (b) | 19755 | 259383 |
| USA Rare Earth Inc Class A (b)(c) | 102720 | 1532582 |
| Warrior Met Coal Inc  | 98420 | 6017399 |
| Worthington Steel Inc  | 66293 | 2207557 |
|  |  | 560005601 |
| Paper & Forest Products - 0.0% |  |  |
| Clearwater Paper Corp (b) | 29650 | 639550 |
| Louisiana-Pacific Corp  | 115865 | 11019920 |
| Magnera Corp (b)(c) | 65489 | 812063 |
| Sylvamo Corp  | 63681 | 2937605 |
|  |  | 15409138 |
| TOTAL MATERIALS |  | 2589431878 |
| Real Estate - 2.4% |  |  |
| Diversified REITs - 0.0% |  |  |
| Alexander & Baldwin Inc  | 136218 | 2634456 |
| Alpine Income Property Trust Inc  | 26417 | 403388 |
| American Assets Trust Inc  | 88881 | 1857613 |
| Armada Hoffler Properties Inc Class A  | 153762 | 1119387 |
| Broadstone Net Lease Inc Class A  | 350684 | 6519216 |
| CTO Realty Growth Inc  | 53738 | 928593 |
| Essential Properties Realty Trust Inc  | 368407 | 11538507 |
| Generation Income Properties Inc (b) | 3170 | 3042 |
| Gladstone Commercial Corp  | 86099 | 1158032 |
| Global Net Lease Inc  | 374043 | 2943718 |
| Mackenzie Realty Capital Inc  | 3122 | 19012 |
| Modiv Industrial Inc Class C  | 16974 | 257495 |
| NexPoint Diversified Real Estate Trust  | 75146 | 295324 |
| One Liberty Properties Inc  | 30231 | 722219 |
| WP Carey Inc  | 409008 | 27444437 |
|  |  | 57844439 |
| Health Care REITs - 0.3% |  |  |
| Alexandria Real Estate Equities Inc  | 287689 | 23717081 |
| American Healthcare REIT Inc  | 297515 | 12730667 |
| CareTrust REIT Inc  | 394612 | 13578599 |
| Community Healthcare Trust Inc  | 47885 | 737907 |
| Diversified Healthcare Trust  | 397050 | 1512761 |
| Global Medical REIT Inc  | 124683 | 935122 |
| Healthcare Realty Trust Inc  | 656631 | 11412247 |
| Healthpeak Properties Inc  | 1294745 | 23227725 |
| LTC Properties Inc  | 85171 | 3108742 |
| Medical Properties Trust Inc (c) | 1121392 | 5046264 |
| National Health Investors Inc  | 86346 | 6760028 |
| Omega Healthcare Investors Inc  | 540724 | 23018621 |
| Sabra Health Care REIT Inc  | 441670 | 8440314 |
| Sila Realty Trust Inc  | 103298 | 2576252 |
| Strawberry Fields REIT Inc  | 12333 | 143802 |
| Universal Health Realty Income Trust  | 25386 | 1030418 |
| Ventas Inc  | 841322 | 57277202 |
| Welltower Inc  | 1158670 | 194980988 |
|  |  | 390234740 |
| Hotel & Resort REITs - 0.1% |  |  |
| Apple Hospitality REIT Inc  | 413664 | 5402452 |
| Ashford Hospitality Trust Inc (b) | 10021 | 60026 |
| Braemar Hotels & Resorts Inc  | 105651 | 291597 |
| Chatham Lodging Trust  | 90279 | 688829 |
| DiamondRock Hospitality Co  | 383972 | 3286800 |
| Host Hotels & Resorts Inc  | 1296699 | 22316190 |
| Park Hotels & Resorts Inc  | 383263 | 4507173 |
| Pebblebrook Hotel Trust  | 221364 | 2465995 |
| RLJ Lodging Trust  | 283193 | 2180586 |
| Ryman Hospitality Properties Inc  | 112670 | 11130669 |
| Service Properties Trust  | 316286 | 853972 |
| Sotherly Hotels Inc (b) | 17757 | 12914 |
| Summit Hotel Properties Inc  | 204268 | 1119389 |
| Sunstone Hotel Investors Inc  | 370359 | 3511003 |
| Xenia Hotels & Resorts Inc  | 189655 | 2679825 |
|  |  | 60507420 |
| Industrial REITs - 0.2% |  |  |
| Americold Realty Trust Inc  | 488227 | 7049998 |
| EastGroup Properties Inc  | 97926 | 16604333 |
| First Industrial Realty Trust Inc  | 248260 | 13058476 |
| Industrial Logistics Properties Trust  | 117336 | 722789 |
| Lineage Inc (c) | 111320 | 4665421 |
| LXP Industrial Trust  | 546997 | 4966733 |
| Plymouth Industrial REIT Inc  | 75953 | 1670966 |
| Prologis Inc  | 1730828 | 196933610 |
| Rexford Industrial Realty Inc  | 441541 | 18284213 |
| STAG Industrial Inc Class A  | 347132 | 12791814 |
| Terreno Realty Corp (c) | 193632 | 11186121 |
|  |  | 287934474 |
| Office REITs - 0.1% |  |  |
| Brandywine Realty Trust  | 329752 | 1404744 |
| BXP Inc  | 272254 | 19741138 |
| City Office Reit Inc  | 74178 | 514054 |
| COPT Defense Properties  | 208522 | 6001263 |
| Cousins Properties Inc  | 311991 | 9200615 |
| Creative Media & Community Trust Corp (c) | 162 | 1042 |
| Douglas Emmett Inc  | 309910 | 5023641 |
| Easterly Government Properties Inc  | 78853 | 1804945 |
| Empire State Realty Trust Inc Class A  | 252391 | 1930791 |
| Franklin Street Properties Corp  | 152966 | 253924 |
| Highwoods Properties Inc  | 199676 | 6295784 |
| Hudson Pacific Properties Inc (b) | 629469 | 1768808 |
| JBG SMITH Properties (c) | 145102 | 3110987 |
| Kilroy Realty Corp  | 201688 | 8388204 |
| NET Lease Office Properties  | 28048 | 830782 |
| Office Properties Income Trust  | 90949 | 19408 |
| Orion Properties Inc  | 98748 | 293282 |
| Paramount Group Inc (b) | 345513 | 2487694 |
| Peakstone Realty Trust  | 68155 | 866932 |
| Piedmont Realty Trust Inc Class A1  | 232381 | 1968267 |
| Postal Realty Trust Inc Class A  | 46222 | 732156 |
| SL Green Realty Corp  | 131614 | 7487520 |
| Vornado Realty Trust  | 310746 | 11817670 |
|  |  | 91943651 |
| Real Estate Management & Development - 0.2% |  |  |
| Alset Inc (b) | 2300 | 3243 |
| Altisource Portfolio Solutions SA (b) | 27025 | 309707 |
| Altisource Portfolio Solutions SA warrants 4/2/2029 (b) | 25313 | 16205 |
| Altisource Portfolio Solutions SA warrants 4/30/2032 (b) | 25313 | 20921 |
| American Realty Investors Inc (b) | 2448 | 37454 |
| American Strategic Investment Co Class A (b) | 6059 | 66407 |
| AMREP Corp (b) | 6396 | 137322 |
| Anywhere Real Estate Inc (b) | 186337 | 1138519 |
| CBRE Group Inc Class A (b) | 547439 | 88750811 |
| Compass Inc Class A (b) | 792313 | 7194202 |
| Comstock Holding Cos Inc Class A (b) | 6329 | 100125 |
| CoStar Group Inc (b) | 787076 | 70435431 |
| Cushman & Wakefield PLC (b) | 427533 | 6742195 |
| Douglas Elliman Inc (b) | 128940 | 350717 |
| eXp World Holdings Inc  | 158035 | 1711519 |
| Fathom Holdings Inc (b) | 14910 | 29671 |
| Forestar Group Inc (b) | 35513 | 982645 |
| FRP Holdings Inc (b) | 26025 | 668843 |
| Howard Hughes Holdings Inc (b) | 56423 | 4303382 |
| Jones Lang LaSalle Inc (b) | 88228 | 26959830 |
| JW Mays Inc (b) | 47 | 1804 |
| Kennedy-Wilson Holdings Inc  | 224931 | 1979393 |
| La Rosa Holdings Corp Class A (b)(c) | 229 | 1368 |
| Marcus & Millichap Inc  | 45899 | 1495848 |
| Maui Land & Pineapple Co Inc (b) | 15233 | 264750 |
| Newmark Group Inc Class A  | 288151 | 5247230 |
| Offerpad Solutions Inc Class A (b)(c) | 14826 | 76354 |
| Opendoor Technologies Inc Class A (b)(c) | 1209621 | 5382813 |
| RE/MAX Holdings Inc Class A (b) | 36702 | 345733 |
| RMR Group Inc/The Class A  | 34461 | 581702 |
| Seaport Entertainment Group Inc (b) | 16656 | 415734 |
| Seritage Growth Properties Class A (b)(c) | 76483 | 280693 |
| St Joe Co/The  | 71318 | 3598706 |
| Star Holdings (b) | 27494 | 238923 |
| Stratus Properties Inc (b) | 13416 | 261075 |
| Tejon Ranch Co (b) | 47933 | 834514 |
| Transcontinental Realty Investors Inc (b) | 2671 | 125858 |
| Zillow Group Inc Class A (b) | 115088 | 9377370 |
| Zillow Group Inc Class C (b) | 282343 | 23804339 |
|  |  | 264273356 |
| Residential REITs - 0.3% |  |  |
| American Homes 4 Rent Class A  | 594384 | 21290835 |
| Apartment Investment and Management Co Class A  | 241018 | 1887171 |
| AvalonBay Communities Inc  | 265145 | 51928649 |
| Bluerock Homes Trust Inc Class A  | 8089 | 104955 |
| BRT Apartments Corp  | 22809 | 364944 |
| Camden Property Trust  | 199395 | 22328252 |
| Centerspace  | 31358 | 1865801 |
| Clipper Realty Inc  | 28632 | 128271 |
| Elme Communities  | 165217 | 2821906 |
| Equity LifeStyle Properties Inc  | 357392 | 21547164 |
| Equity Residential  | 637957 | 42181717 |
| Essex Property Trust Inc  | 120144 | 32464110 |
| Independence Realty Trust Inc  | 436572 | 7906319 |
| Invitation Homes Inc  | 1062903 | 33258235 |
| Mid-America Apartment Communities Inc  | 218331 | 31837026 |
| NexPoint Residential Trust Inc  | 41996 | 1449282 |
| Sun Communities Inc  | 223982 | 28416596 |
| UDR Inc  | 563479 | 22296864 |
| UMH Properties Inc  | 159877 | 2508470 |
| Veris Residential Inc  | 150561 | 2368325 |
|  |  | 328954892 |
| Retail REITs - 0.3% |  |  |
| Acadia Realty Trust  | 255114 | 5104831 |
| Agree Realty Corp  | 205308 | 14934104 |
| Alexander's Inc  | 4159 | 957984 |
| Brixmor Property Group Inc  | 569219 | 15932440 |
| CBL & Associates Properties Inc  | 27806 | 885621 |
| Curbline Properties Corp  | 174364 | 3928421 |
| Federal Realty Investment Trust  | 144970 | 14576734 |
| FrontView REIT Inc  | 27823 | 371993 |
| Getty Realty Corp  | 95783 | 2738436 |
| InvenTrust Properties Corp  | 143271 | 4265178 |
| Kimco Realty Corp  | 1263175 | 28408806 |
| Kite Realty Group Trust  | 409985 | 9355858 |
| Macerich Co/The  | 468321 | 8617106 |
| NETSTREIT Corp  | 154653 | 2828603 |
| NNN REIT Inc  | 352025 | 15105393 |
| Phillips Edison & Co Inc  | 235528 | 8288230 |
| Realty Income Corp  | 1685104 | 99016711 |
| Regency Centers Corp  | 305042 | 22115545 |
| Saul Centers Inc  | 24068 | 822403 |
| Simon Property Group Inc  | 570896 | 103138071 |
| SITE Centers Corp  | 88343 | 1084852 |
| Tanger Inc  | 214648 | 7336669 |
| Urban Edge Properties  | 233808 | 4837488 |
| Whitestone REIT  | 84622 | 1113626 |
|  |  | 375765103 |
| Specialized REITs - 0.9% |  |  |
| American Tower Corp  | 872425 | 177843836 |
| Crown Castle Inc  | 811632 | 80465196 |
| CubeSmart  | 424851 | 17384903 |
| Digital Realty Trust Inc  | 590479 | 98987900 |
| EPR Properties  | 141130 | 7656303 |
| Equinix Inc  | 182440 | 143432504 |
| Extra Space Storage Inc  | 395561 | 56794648 |
| Farmland Partners Inc  | 81632 | 899585 |
| Four Corners Property Trust Inc  | 186871 | 4838090 |
| Gaming and Leisure Properties Inc  | 512622 | 24610982 |
| Gladstone Land Corp  | 65571 | 603253 |
| Global Self Storage Inc  | 27808 | 151553 |
| Iron Mountain Inc  | 550496 | 50827296 |
| Lamar Advertising Co Class A  | 164165 | 20889996 |
| Millrose Properties Inc Class A  | 223529 | 7892809 |
| National Storage Affiliates Trust  | 130851 | 4217328 |
| Outfront Media Inc  | 255390 | 4770685 |
| PotlatchDeltic Corp  | 132469 | 5567672 |
| Public Storage Operating Co  | 294532 | 86766182 |
| Rayonier Inc  | 260392 | 6843102 |
| Safehold Inc  | 85722 | 1410984 |
| SBA Communications Corp Class A  | 200620 | 41097007 |
| Smartstop Self Storage REIT Inc  | 59261 | 2156508 |
| VICI Properties Inc  | 1970586 | 66566395 |
| Weyerhaeuser Co  | 1351209 | 34955777 |
|  |  | 947630494 |
| TOTAL REAL ESTATE |  | 2805088569 |
| Utilities - 2.3% |  |  |
| Electric Utilities - 1.4% |  |  |
| ALLETE Inc  | 105986 | 6799002 |
| Alliant Energy Corp  | 478393 | 31129033 |
| American Electric Power Co Inc  | 995824 | 110556380 |
| Constellation Energy Corp  | 584232 | 179931771 |
| Duke Energy Corp  | 1448562 | 177434359 |
| Edison International  | 718653 | 40337993 |
| Entergy Corp  | 831941 | 73285683 |
| Evergy Inc  | 428000 | 30499280 |
| Eversource Energy  | 685873 | 43943883 |
| Exelon Corp  | 1881612 | 82188812 |
| FirstEnergy Corp  | 957268 | 41756030 |
| Genie Energy Ltd Class B  | 40161 | 614463 |
| Hawaiian Electric Industries Inc (b) | 319230 | 4137221 |
| IDACORP Inc  | 100668 | 12593567 |
| MGE Energy Inc  | 68142 | 5802291 |
| NextEra Energy Inc  | 3837649 | 276502611 |
| NRG Energy Inc  | 364668 | 53081074 |
| OGE Energy Corp  | 374073 | 16706100 |
| Oklo Inc Class A (b)(c) | 166025 | 12226081 |
| Otter Tail Corp  | 78322 | 6578265 |
| PG&E Corp  | 4099934 | 62646992 |
| Pinnacle West Capital Corp  | 222337 | 19868034 |
| Portland General Electric Co  | 206431 | 8831118 |
| PPL Corp  | 1378580 | 50276813 |
| Southern Co/The  | 2047859 | 189017386 |
| TXNM Energy Inc  | 171569 | 9717668 |
| Xcel Energy Inc  | 1075216 | 77834886 |
|  |  | 1624296796 |
| Gas Utilities - 0.1% |  |  |
| Atmos Energy Corp  | 295781 | 49138098 |
| Chesapeake Utilities Corp  | 45460 | 5617947 |
| MDU Resources Group Inc  | 384683 | 6266486 |
| National Fuel Gas Co  | 168470 | 14613088 |
| New Jersey Resources Corp  | 188363 | 8907686 |
| Northwest Natural Holding Co  | 74772 | 3105281 |
| ONE Gas Inc  | 112902 | 8637003 |
| RGC Resources Inc  | 15416 | 342852 |
| Southwest Gas Holdings Inc  | 112157 | 8959101 |
| Spire Inc  | 111189 | 8517077 |
| UGI Corp  | 397841 | 13781212 |
|  |  | 127885831 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| AES Corp/The  | 1325313 | 17944738 |
| Clearway Energy Inc Class A  | 78342 | 2208461 |
| Clearway Energy Inc Class C  | 143867 | 4288675 |
| Hallador Energy Co (b) | 60848 | 992431 |
| Montauk Renewables Inc (b) | 118288 | 254319 |
| Ormat Technologies Inc  | 107220 | 9852446 |
| Spruce Power Holding Corp Class A (b) | 24351 | 35309 |
| Talen Energy Corp (b) | 84961 | 32193422 |
| Vistra Corp  | 632933 | 119693960 |
|  |  | 187463761 |
| Multi-Utilities - 0.6% |  |  |
| Ameren Corp  | 503053 | 50194628 |
| Avista Corp  | 152935 | 5588245 |
| Black Hills Corp  | 134244 | 8029134 |
| CenterPoint Energy Inc  | 1214997 | 45817537 |
| CMS Energy Corp  | 558461 | 39969054 |
| Consolidated Edison Inc  | 673214 | 66129811 |
| Dominion Energy Inc  | 1588968 | 95179183 |
| DTE Energy Co  | 386571 | 52824927 |
| NiSource Inc  | 871269 | 36828541 |
| Northwestern Energy Group Inc  | 113759 | 6542280 |
| Public Service Enterprise Group Inc  | 930476 | 76606089 |
| Sempra  | 1216677 | 100448853 |
| Unitil Corp  | 31100 | 1460456 |
| WEC Energy Group Inc  | 594550 | 63325521 |
|  |  | 648944259 |
| Water Utilities - 0.0% |  |  |
| American States Water Co  | 73020 | 5442181 |
| American Water Works Co Inc  | 363057 | 52102311 |
| Artesian Resources Corp Class A  | 18422 | 610689 |
| Cadiz Inc (b) | 95835 | 343089 |
| California Water Service Group  | 109869 | 5156152 |
| Consolidated Water Co Ltd  | 27716 | 922111 |
| Essential Utilities Inc  | 482141 | 19049391 |
| Global Water Resources Inc  | 24132 | 233115 |
| H2O America  | 56685 | 2855223 |
| Middlesex Water Co  | 33636 | 1800871 |
| Pure Cycle Corp (b) | 43808 | 442461 |
| York Water Co/The  | 27808 | 863995 |
|  |  | 89821589 |
| TOTAL UTILITIES |  | 2678412236 |
| TOTAL UNITED STATES |  | 115372260375 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $49,761,192,747) |  | <br> **116275378656** |

---

---

| | | |
|:---|:---|:---|
| &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>|
| UNITED STATES - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Nutriband Inc (d) | 2458 | 0 |
| Information Technology - 0.0% |  |  |
| Communications Equipment - 0.0% |  |  |
| ClearOne Inc (d) | 1585 | 0 |
| Software - 0.0% |  |  |
| SRAX Inc (b)(d) | 35558 | 0 |
| TOTAL INFORMATION TECHNOLOGY |  | 0 |
| TOTAL UNITED STATES |  | 0 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $3,757) |  | <br> **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%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (g)(h)<br>(Cost $7,436,426)<br>| 4.15 | 7499000 | **7437815** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.36 | 104999422 | 105020422 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.36 | 616688927 | 616750596 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $721,740,433) |  |  | **721771018** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%**<br> (Cost $50,490,373,363)<br>| <br>**117004587489** |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%**  | **(490723131)** |
| **NET ASSETS - 100.0%** | **116513864358** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 S&P 500 Index Contracts (United States) | 601 | 9/19/2025 | 194506138 | 2414102 | 2414102 |
| CME E-Mini S&P MidCap 400 Index Contracts (United States) | 43 | 9/19/2025 | 14011550 | 337291 | 337291 |
| CME Russell 2000 Index Contracts (United States) | 246 | 9/19/2025 | 29148540 | 1086441 | 1086441 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **3837834** |
| 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) Non-income producing.

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

(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 $1,546,376 or 0.0% of net assets.

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

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $7,437,815.

(h) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(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 | 11518834 | 1364181101 | 1270679513 | 770517 | - | - | 105020422 | 104999422 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 587986743 | 1916643646 | 1887879793 | 8261439 | - | - | 616750596 | 616688927 | 2.2% |
| Total | 599505577 | 3280824747 | 3158559306 | 9031956 | - | - | 721771018 |  |  |

---

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 August 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 | 10805482143 | 10805482143 | - | - |
| Consumer Discretionary | 12338151097 | 12338151097 | - | - |
| Consumer Staples | 5726684387 | 5726684387 | - | - |
| Energy | 3610216133 | 3610216133 | - | - |
| Financials | 16774357719 | 16774331197 | - | 26522 |
| Health Care | 10863942887 | 10863864948 | 13155 | 64784 |
| Industrials | 11303796689 | 11303794764 | - | 1925 |
| Information Technology | 36777333628 | 36777333628 | - | - |
| Materials | 2591913168 | 2591913168 | - | - |
| Real Estate | 2805088569 | 2805088569 | - | - |
| Utilities | 2678412236 | 2678412236 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Health Care | - | - | - | - |
| Information Technology | - | - | - | - |
|  **U.S. Treasury Obligations** | 7437815 | - | 7437815 | - |
|  **Money Market Funds** | 721771018 | 721771018 | - | - |
| **Total Investments in Securities:** | 117004587489 | 116997043288 | 7450970 | 93231 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 3837834 | 3837834 | - | - |
| Total Assets | 3837834 | 3837834 | - | - |
| **Total Derivative Instruments:** | 3837834 | 3837834 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 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)  | 3837834 | - |
| **Total Equity Risk**  | 3837834 | - |
| **Total Value of Derivatives** | 3837834 | - |

---

(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).

**Fidelity® Total Market Index Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $676,794,308) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $49,768,632,930) | $116282816471 |  |
| Fidelity Central Funds (cost $721,740,433) | 721771018 |  |
| Total Investment in Securities (cost $50,490,373,363) |  | $117004587489 |
| Segregated cash with brokers for derivative instruments |  | 7507544 |
| Foreign currency held at value (cost $258) |  | 257 |
| Receivable for investments sold |  | 635976 |
| Receivable for fund shares sold |  | 46057576 |
| Dividends receivable |  | 109317408 |
| Distributions receivable from Fidelity Central Funds |  | 1341495 |
| Other receivables |  | 1504995 |
| **Total assets** |  | 117170952740 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $36232178 |  |
| Accrued management fee | 1440065 |  |
| Payable for daily variation margin on futures contracts | 1471851 |  |
| Other payables and accrued expenses | 1434760 |  |
| Collateral on securities loaned | 616509528 |  |
| **Total liabilities** |  | 657088382 |
| **Net Assets**  |  | $116513864358 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $50272891472 |
| Total accumulated earnings (loss) |  | 66240972886 |
| **Net Assets** |  | $116513864358 |
| **Net Asset Value**, offering price and redemption price per share ($116,513,864,358 ÷ 654,043,351 shares) |  | $178.14 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $692146952 |
| Interest  |  | 169991 |
| Income from Fidelity Central Funds (including $8,261,439 from security lending)  |  | 9031956 |
| **Total income** |  | 701348899 |
| **Expenses** |  |  |
| Management fee | $7777920 |  |
| Independent trustees' fees and expenses | 192581 |  |
| Total expenses before reductions | 7970501 |  |
| Expense reductions | (6585) |  |
| Total expenses after reductions |  | 7963916 |
| **Net Investment income (loss)** |  | 693384983 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (170331086) |  |
| Redemptions in-kind | 191372369 |  |
| Foreign currency transactions | (472) |  |
| Futures contracts | 8694759 |  |
| Total net realized gain (loss) |  | 29735570 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 9221787912 |  |
| Assets and liabilities in foreign currencies | 13 |  |
| Futures contracts | 3195889 |  |
| Total change in net unrealized appreciation (depreciation) |  | 9224983814 |
| **Net gain (loss)** |  | 9254719384 |
| **Net increase (decrease) in net assets resulting from operations** |  | $9948104367 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $693384983 | $1267999946 |
| &nbsp;&nbsp;Net realized gain (loss) | 29735570<br>| 1322461878<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 9224983814 | 12972907621<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 9948104367<br>| 15563369445<br>|
| Distributions to shareholders | (70428078)<br>| (1224852869)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 7459640995 | 15867933039 |
| Reinvestment of distributions | 62047558<br>| 1080210787<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (7215997754) | (13953400135) |
| **Net increase (decrease) in net assets resulting from share transactions** | 305690799<br>| 2994743691<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 10183367088<br>| 17333260267<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 106330497270 | 88997237003<br>|
| &nbsp;&nbsp;End of period | $116513864358 | $106330497270 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 46259611 | 102185228 |
| Issued in reinvestment of distributions | 424581<br>| 6780102<br>|
| &nbsp;&nbsp;Redeemed | (44703425) | (90564038) |
| &nbsp;&nbsp;Net increase (decrease) | 1980767 | 18401292 |

---

**Financial Highlights** 

**Fidelity® Total Market Index Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $163.07 | $140.45 | $110.75 | $122.59 | $110.80 | $83.06 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.06  | 1.99  | 1.92  | 1.81  | 1.62  | 1.50  |
| Net realized and unrealized gain (loss)  | 14.12  | 22.54  | 29.64  | (11.93)  | 11.70  | 27.80  |
| Total from investment operations  | 15.18  | 24.53  | 31.56  | (10.12)  | 13.32  | 29.30  |
| Distributions from net investment income  | (.11)  | (1.91)  | (1.86)  | (1.72)  | (1.53)  | (1.56)  |
| Total distributions  | (.11)  | (1.91)  | (1.86)  | (1.72)  | (1.53)  | (1.56)  |
| Net asset value, end of period  | $178.14 | $163.07 | $140.45 | $110.75 | $122.59 | $110.80 |
| **Total Return** D,E | 9.32% <br>| 17.50%  | 28.66%  | (8.22)%  | 11.94%  | 35.50%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .01% H,I | .02%  | .02%  | .01% I | .02%  | .02%  |
| Expenses net of fee waivers, if any  | .01% H,I<br>| .02%  | .02%  | .01% I | .02%  | .02%  |
| Expenses net of all reductions, if any  | .01% H,I | .01%  | .02%  | .01% I | .02%  | .02%  |
| Net investment income (loss)  | 1.30% H | 1.29%  | 1.57%  | 1.62%  | 1.29%  | 1.60%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $116513864 | $106330497 | $88997237 | $66927207 | $71287844 | $59884164 |
| Portfolio turnover rate J | 2% H,K<br>| 3% K | 2%  | 2%  | 3%  | 6% K |

---

A*For the year ended February 29.*

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

C*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.*

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*The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

J*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.* 

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Extended Market Index Fund**

**Schedule of Investments August 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>|
| AUSTRALIA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Benitec Biopharma Inc (b)(c) | 115149 | 1524573 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Mawson Infrastructure Group Inc (b) | 62928 | 25775 |
| TOTAL AUSTRALIA |  | 1550348 |
| BAHAMAS (NASSAU) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| OneSpaWorld Holdings Ltd  | 554430 | 12513485 |
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (b) | 749046 | 8793800 |
| Liberty Global Ltd Class B (b) | 2 | 23 |
| Liberty Global Ltd Class C (b) | 947393 | 11321346 |
| TOTAL BELGIUM |  | 20115169 |
| BERMUDA - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Kestrel Group Ltd (c) | 12400 | 334180 |
| RenaissanceRe Holdings Ltd  | 262642 | 63819380 |
| TOTAL BERMUDA |  | 64153560 |
| BRITISH VIRGIN ISLANDS - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| Acuren Corp  | 878162 | 9896886 |
| CANADA - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| GameSquare Holdings Inc (b)(c) | 146956 | 110952 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Sunopta Inc (United States) (b) | 508401 | 3187674 |
| Personal Care Products - 0.0% |  |  |
| Flora Growth Corp (b)(c) | 2221 | 45442 |
| TOTAL CONSUMER STAPLES |  | 3233116 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Kingsway Financial Services Inc (b)(c) | 104863 | 1504784 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| TuHURA Biosciences Inc (b)(c) | 130531 | 352434 |
| TuHURA Biosciences Inc rights (b)(c)(d) | 314697 | 3 |
|  |  | 352437 |
| Pharmaceuticals - 0.0% |  |  |
| Lexaria Bioscience Corp (b)(c) | 85949 | 75910 |
| TOTAL HEALTH CARE |  | 428347 |
| Industrials - 0.3% |  |  |
| Commercial Services & Supplies - 0.3% |  |  |
| RB Global Inc (United States)  | 997649 | 114270716 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| D-Wave Quantum Inc (b)(c) | 1451593 | 22673883 |
| Hut 8 Corp (United States) (b)(c) | 494827 | 13226725 |
|  |  | 35900608 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Loop Industries Inc (b) | 127955 | 190653 |
| Metals & Mining - 0.0% |  |  |
| McEwen Inc (b)(c) | 245722 | 2838089 |
| US Goldmining Inc (b) | 12815 | 118539 |
|  |  | 2956628 |
| TOTAL MATERIALS |  | 3147281 |
| TOTAL CANADA |  | 158595804 |
| CHINA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| indie Semiconductor Inc Class A (b)(c) | 958918 | 4343899 |
| Software - 0.0% |  |  |
| Nukkleus Inc (b)(c) | 14528 | 70751 |
| TOTAL CHINA |  | 4414650 |
| CZECH REPUBLIC - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Leisure Products - 0.0% |  |  |
| Connexa Sports Technologies In (b)(c) | 50041 | 160632 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Galecto Inc (b) | 5185 | 16591 |
| GERMANY - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Orion SA  | 304626 | 3213805 |
| Paper & Forest Products - 0.0% |  |  |
| Mercer International Inc (c) | 238116 | 792926 |
| TOTAL GERMANY |  | 4006731 |
| GHANA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Kosmos Energy Ltd (b)(c) | 2582925 | 4623436 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Oxbridge Re Holdings Ltd (b) | 32746 | 68767 |
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| GigaCloud Technology Inc Class A (b)(c) | 131233 | 3473738 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Natural Health Trends Corp  | 46115 | 203367 |
| TOTAL HONG KONG |  | 3677105 |
| IRELAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (b) | 128884 | 1056849 |
| Pharmaceuticals - 0.0% |  |  |
| Artelo Biosciences Inc (b) | 3180 | 29415 |
| TOTAL HEALTH CARE |  | 1086264 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Cimpress PLC (b)(c) | 83251 | 5254387 |
| TOTAL IRELAND |  | 6340651 |
| ISRAEL - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Mobileye Global Inc Class A (b)(c) | 812012 | 11376288 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| GlucoTrack Inc (b)(c) | 1977 | 8343 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| N2OFF Inc (b)(c) | 71170 | 15686 |
| TOTAL ISRAEL |  | 11400317 |
| JAPAN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Allegro MicroSystems Inc (b) | 709050 | 21874193 |
| JORDAN - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Jerash Holdings US Inc  | 30093 | 102015 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Webtoon Entertainment Inc (b) | 83455 | 1207594 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Artiva Biotherapeutics Inc (b)(c) | 80575 | 253811 |
| TOTAL KOREA (SOUTH) |  | 1461405 |
| NETHERLANDS - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| uniQure NV (b) | 274721 | 4486194 |
| NORWAY - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Seadrill Ltd (b)(c) | 335753 | 10713878 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| T1 Energy Inc (b)(c) | 669583 | 1104812 |
| TOTAL NORWAY |  | 11818690 |
| PHILIPPINES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| TaskUS Inc Class A (b) | 88936 | 1558159 |
| PUERTO RICO - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class A (b) | 166037 | 1338258 |
| Liberty Latin America Ltd Class C (b) | 738866 | 6088256 |
|  |  | 7426514 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| First BanCorp/Puerto Rico  | 871281 | 19368577 |
| Ofg Bancorp  | 241756 | 10818580 |
| Popular Inc  | 366768 | 46080732 |
|  |  | 76267889 |
| Financial Services - 0.0% |  |  |
| EVERTEC Inc  | 342113 | 12206592 |
| TOTAL FINANCIALS |  | 88474481 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Unusual Machines Inc /US (b)(c) | 111313 | 1068605 |
| TOTAL PUERTO RICO |  | 96969600 |
| SINGAPORE - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Grindr Inc Class A (b)(c) | 137195 | 2145730 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Scilex Holding Co (b)(c) | 24340 | 432278 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Kulicke & Soffa Industries Inc  | 284634 | 10673775 |
| TOTAL SINGAPORE |  | 13251783 |
| SWEDEN - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Autoliv Inc  | 383948 | 47636428 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| SiriusPoint Ltd (b) | 497192 | 9307434 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Aprea Therapeutics Inc (b) | 24164 | 37696 |
| TOTAL SWEDEN |  | 56981558 |
| SWITZERLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Garrett Motion Inc  | 619365 | 8045551 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| CRISPR Therapeutics AG (b)(c) | 469334 | 24325582 |
| TOTAL SWITZERLAND |  | 32371133 |
| THAILAND - 0.2%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| BKV Corp (b)(c) | 80937 | 1886641 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Fabrinet (b) | 193716 | 64176174 |
| TOTAL THAILAND |  | 66062815 |
| UNITED KINGDOM - 1.0%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Flutter Entertainment PLC (b) | 954041 | 293052774 |
| Soho House & Co Inc Class A (b)(c) | 189714 | 1675175 |
|  |  | 294727949 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| TechnipFMC PLC  | 2257795 | 82996544 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| F-star Therapeutics Inc rights (b)(d) | 13735 | 0 |
| F-star Therapeutics Inc rights (b)(d) | 13735 | 0 |
| Zura Bio Ltd Class A (b) | 191386 | 390428 |
|  |  | 390428 |
| Health Care Technology - 0.0% |  |  |
| OneMedNet Corp Class A (b)(c) | 53435 | 45953 |
| TOTAL HEALTH CARE |  | 436381 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| TurnOnGreen Inc warrants 7/14/2028 (b) | 252986 | 278 |
| Machinery - 0.0% |  |  |
| Luxfer Holdings PLC  | 145737 | 1955791 |
| TOTAL INDUSTRIALS |  | 1956069 |
| TOTAL UNITED KINGDOM |  | 380116943 |
| UNITED STATES - 97.6%  |  |  |
| Communication Services - 4.0% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Anterix Inc (b) | 101165 | 2401657 |
| AST SpaceMobile Inc Class A (b)(c) | 1034137 | 50610665 |
| Atn International Inc  | 54882 | 932994 |
| Bandwidth Inc Class A (b) | 148622 | 2229330 |
| Cogent Communications Holdings Inc  | 236255 | 9032029 |
| Frontier Communications Parent Inc (b) | 1191001 | 44162317 |
| GCI Liberty Inc/DEL Class A (b)(d) | 444709 | 4 |
| GCI LLC Class A  | 17732 | 661935 |
| GCI LLC Class C  | 121079 | 4436335 |
| Globalstar Inc (b) | 273662 | 8190704 |
| IDT Corp Class B  | 110613 | 7086975 |
| iQSTEL Inc (b)(c) | 15606 | 104716 |
| Iridium Communications Inc  | 591115 | 14712852 |
| Lumen Technologies Inc (b) | 5594822 | 27806265 |
| NextPlat Corp (b) | 93833 | 66143 |
| Shenandoah Telecommunications Co  | 248212 | 3288809 |
| Uniti Group Inc (b) | 799177 | 5034815 |
|  |  | 180758545 |
| Entertainment - 1.8% |  |  |
| AMC Entertainment Holdings Inc Class A (b)(c) | 2346320 | 6593159 |
| Atlanta Braves Holdings Inc Class A (b)(c) | 72740 | 3455514 |
| Atlanta Braves Holdings Inc Class C (b) | 185691 | 8352381 |
| Brag House Holdings Inc (b)(c) | 5185 | 7778 |
| Cinemark Holdings Inc  | 544122 | 14038348 |
| Cineverse Corp (b) | 72541 | 354725 |
| CuriosityStream Inc Class A  | 163997 | 751106 |
| Dolphin Entertainment Inc (b) | 52565 | 62552 |
| Eventbrite Inc Class A (b) | 411881 | 1091485 |
| Gaia Inc Class A (b) | 94738 | 538112 |
| Gaxos.ai Inc (b)(c) | 34837 | 59920 |
| Golden Matrix Group Inc (b)(c) | 202477 | 249047 |
| Kartoon Studios Inc (b) | 229378 | 181553 |
| Liberty Media Corp-Liberty Formula One Class A (b) | 162566 | 14650448 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 1172689 | 117151631 |
| Liberty Media Corp-Liberty Live Class A (b) | 98066 | 9279005 |
| Liberty Media Corp-Liberty Live Class C (b) | 257336 | 25059380 |
| Lionsgate Studios Corp  | 1216923 | 7824815 |
| LiveOne Inc (b) | 469911 | 258451 |
| Madison Square Garden Entertainment Corp Class A (b)(c) | 218619 | 8899979 |
| Madison Square Garden Sports Corp Class A (b) | 89914 | 17788586 |
| Marcus Corp/The  | 130860 | 2020478 |
| Mega Matrix Inc Class A (c) | 163651 | 394399 |
| Motorsport Games Inc Class A (b) | 16162 | 45900 |
| Moving Image Technologies Inc (b)(c) | 37624 | 27988 |
| Playstudios Inc Class A (b) | 584914 | 565378 |
| Playtika Holding Corp  | 294418 | 1092291 |
| PodcastOne Inc (b) | 41254 | 65181 |
| Reading International Inc Class A (b) | 92443 | 142362 |
| Reading International Inc Class B (b) | 3272 | 41064 |
| Reservoir Media Inc (b)(c) | 186147 | 1466838 |
| ROBLOX Corp Class A (b) | 2993149 | 372916435 |
| Roku Inc Class A (b) | 700720 | 67661523 |
| Skillz Inc Class A (b) | 65638 | 578927 |
| Snail Inc Class A (b) | 13590 | 12607 |
| Sphere Entertainment Co Class A (b)(c) | 147482 | 6682409 |
| Starz Entertainment Corp  | 68842 | 879112 |
| TruGolf Holdings Inc Class A (b)(c) | 3426 | 14355 |
| Vivid Seats Inc Class A (b)(c) | 25419 | 451187 |
| Warner Music Group Corp Class A  | 786990 | 26246117 |
|  |  | 717952526 |
| Interactive Media & Services - 1.0% |  |  |
| Angi Inc Class A (b) | 227794 | 4036510 |
| Arena Group Holdings Inc/The (b)(c) | 143764 | 848208 |
| Bumble Inc Class A (b) | 419077 | 2585705 |
| BuzzFeed Inc Class A (b) | 105799 | 207366 |
| Cargurus Inc Class A (b) | 453889 | 15704559 |
| Cars.com Inc (b) | 313036 | 4085120 |
| DHI Group Inc (b) | 209231 | 575385 |
| EverQuote Inc Class A (b) | 147639 | 3432607 |
| fuboTV Inc (b)(c) | 1843536 | 6507682 |
| Getty Images Holdings Inc Class A (b)(c) | 267230 | 491703 |
| Giftify Inc (b) | 88376 | 98097 |
| HWH International Inc Class A (b)(c) | 10120 | 14573 |
| IAC Inc Class A (b) | 350995 | 12853437 |
| Intelligent Protection Management Corp (b) | 33696 | 65033 |
| IZEA Worldwide Inc (b) | 67306 | 254417 |
| MediaAlpha Inc Class A (b) | 178097 | 1882485 |
| Nextdoor Holdings Inc Class A (b) | 1186327 | 2431970 |
| Onfolio Holdings Inc (b) | 18736 | 18736 |
| Pinterest Inc Class A (b) | 3208611 | 117531421 |
| PSQ Holdings Inc Class A (b)(c) | 169201 | 280874 |
| QuinStreet Inc (b) | 307555 | 4822462 |
| Reddit Inc Class A (b) | 594644 | 133842473 |
| Rumble Inc Class A (b)(c) | 568972 | 4147806 |
| Shutterstock Inc  | 132782 | 2779127 |
| Snap Inc Class A (b) | 5399860 | 38555000 |
| Society Pass Inc (b) | 20267 | 27158 |
| Super League Enterprise Inc (b)(c) | 2834 | 9636 |
| System1 Inc Class A (b)(c) | 11465 | 81631 |
| Teads Holding Co (b)(c) | 186507 | 326387 |
| Travelzoo (b)(c) | 37377 | 366668 |
| TripAdvisor Inc Class A (c) | 635963 | 11078475 |
| TrueCar Inc (b) | 429578 | 945072 |
| Trump Media & Technology Group Corp (b)(c) | 500120 | 8767104 |
| Vimeo Inc Class A (b) | 839154 | 3524447 |
| Yelp Inc Class A (b) | 342634 | 10834087 |
| Zedge Inc Class B (b) | 62598 | 190298 |
| Ziff Davis Inc (b) | 226744 | 8663888 |
| ZipRecruiter Inc Class A (b) | 400864 | 2004320 |
| ZoomInfo Technologies Inc (b) | 1400486 | 15265297 |
|  |  | 420137224 |
| Media - 0.7% |  |  |
| Advantage Solutions Inc Class A (b)(c) | 294855 | 536636 |
| Altice USA Inc Class A (b)(c) | 1363184 | 3189851 |
| AMC Networks Inc Class A (b) | 219829 | 1551993 |
| Asset Entities Inc Class A (b)(c) | 71800 | 441570 |
| Beasley Broadcast Group Inc Class A (b)(c) | 5229 | 23792 |
| Boston Omaha Corp (b)(c) | 121868 | 1625719 |
| Cable One Inc (c) | 25025 | 4041037 |
| Cardlytics Inc (b)(c) | 281190 | 286814 |
| Clear Channel Outdoor Holdings Inc (b) | 1758753 | 2180854 |
| comScore Inc (b) | 19128 | 125480 |
| Creative Realities Inc (b)(c) | 45264 | 108181 |
| DallasNews Corp Class A (b) | 21045 | 312939 |
| Direct Digital Holdings Inc Class A (b) | 34138 | 15468 |
| DoubleVerify Holdings Inc (b) | 745967 | 12136883 |
| EchoStar Corp Class A (b)(c) | 726626 | 44898221 |
| Emerald Holding Inc (c) | 111457 | 574004 |
| Entravision Communications Corp Class A (c) | 360717 | 934257 |
| EW Scripps Co/The Class A (b) | 329675 | 985728 |
| Fluent Inc (b)(c) | 64114 | 152591 |
| Gannett Co Inc (b) | 660502 | 2714663 |
| Gray Media Inc  | 448651 | 2750231 |
| Gray Media Inc Class A (c) | 7939 | 81692 |
| Harte Hanks Inc (b) | 29877 | 107856 |
| Ibotta Inc Class A (b)(c) | 33582 | 904699 |
| iHeartMedia Inc Class A (b) | 616285 | 1312687 |
| Integral Ad Science Holding Corp (b)(c) | 400479 | 3600306 |
| John Wiley & Sons Inc Class A (c) | 219769 | 8918226 |
| John Wiley & Sons Inc Class B  | 7111 | 283516 |
| Lee Enterprises Inc (b)(c) | 23021 | 99911 |
| Lendway Inc (b) | 7018 | 38599 |
| Liberty Broadband Corp Class A (b) | 78587 | 4767873 |
| Liberty Broadband Corp Class C (b) | 617421 | 37576242 |
| LQR House Inc (b)(c) | 5550 | 4825 |
| Magnite Inc (b) | 676838 | 17563946 |
| Marchex Inc Class B (b) | 193030 | 378339 |
| Mediaco Holding Inc Class A (b) | 19203 | 25540 |
| National CineMedia Inc  | 511756 | 2246609 |
| New York Times Co/The Class A  | 874175 | 52310632 |
| Nexstar Media Group Inc  | 152689 | 31229481 |
| PubMatic Inc Class A (b) | 216634 | 1878217 |
| Saga Communications Inc Class A  | 28493 | 341916 |
| Scholastic Corp  | 128233 | 3290459 |
| Sinclair Inc Class A  | 223193 | 3229603 |
| Sirius XM Holdings Inc (c) | 1198172 | 28324786 |
| SPAR Group Inc (b) | 81483 | 96965 |
| Stagwell Inc Class A (b)(c) | 565080 | 3187051 |
| Stran & Co Inc (b) | 49869 | 84279 |
| TechTarget Inc (c) | 148232 | 874569 |
| TEGNA Inc  | 862647 | 18288116 |
| Thryv Holdings Inc (b) | 220228 | 2832132 |
| Townsquare Media Inc Class A  | 69552 | 491037 |
| Treasure Global Inc (b)(c) | 14280 | 15422 |
| Urban One Inc Class A (b) | 43008 | 67093 |
| Urban One Inc Class D (b) | 73767 | 58202 |
| WideOpenWest Inc (b)(c) | 256811 | 1307168 |
|  |  | 305404906 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Array Digital Infrastructure Inc  | 75610 | 4070086 |
| Gogo Inc (b)(c) | 322761 | 3543916 |
| Kore Group Holdings Inc (b) | 40212 | 96509 |
| NII Holdings Inc (b)(d) | 487940 | 5 |
| Spok Holdings Inc  | 112971 | 2051553 |
| SurgePays Inc (b)(c) | 77863 | 210230 |
| Telephone and Data Systems Inc  | 533883 | 21403369 |
|  |  | 31375668 |
| TOTAL COMMUNICATION SERVICES |  | 1655628869 |
| Consumer Discretionary - 10.2% |  |  |
| Automobile Components - 0.8% |  |  |
| Adient PLC (b) | 468722 | 11624306 |
| American Axle & Manufacturing Holdings Inc (b) | 630775 | 3671111 |
| BorgWarner Inc  | 1189294 | 50854211 |
| Cooper-Standard Holdings Inc (b) | 94815 | 3491088 |
| Dana Inc  | 699177 | 14095408 |
| Dorman Products Inc (b) | 147284 | 23829078 |
| Fox Factory Holding Corp (b) | 237651 | 6875243 |
| Gentex Corp  | 1215111 | 34035259 |
| Gentherm Inc (b) | 166701 | 6129596 |
| Goodyear Tire & Rubber Co/The (b) | 1541202 | 13069393 |
| Holley Inc Class A (b) | 305651 | 1244000 |
| LCI Industries  | 136387 | 14377918 |
| Lear Corp  | 290057 | 31906270 |
| Luminar Technologies Inc Class A (b)(c) | 221421 | 376416 |
| Modine Manufacturing Co (b) | 284324 | 38705026 |
| Motorcar Parts of America Inc (b) | 105413 | 1570654 |
| Patrick Industries Inc  | 180744 | 20216216 |
| Phinia Inc  | 214687 | 12554896 |
| QuantumScape Corp Class A (b)(c) | 2328944 | 18468526 |
| Solid Power Inc (b)(c) | 777234 | 3365423 |
| Standard Motor Products Inc  | 113559 | 4407225 |
| Stoneridge Inc (b) | 141494 | 1174400 |
| Strattec Security Corp (b)(c) | 20560 | 1354287 |
| Sypris Solutions Inc (b)(c) | 78199 | 150924 |
| Visteon Corp  | 149626 | 18547639 |
| Worksport Ltd (b)(c) | 25238 | 78490 |
| XPEL Inc (b)(e) | 122022 | 4534338 |
|  |  | 340707341 |
| Automobiles - 0.3% |  |  |
| Cenntro Inc (b) | 145538 | 78780 |
| ECD Automotive Design Inc (b)(c) | 100989 | 14118 |
| Empery Digital Inc (b)(c) | 6785 | 47834 |
| Envirotech Vehicles Inc (b)(c) | 12010 | 27383 |
| Faraday Future Intelligent Electric Inc Class A (b)(c) | 496228 | 1106588 |
| Harley-Davidson Inc  | 614955 | 17907490 |
| Lucid Group Inc (b)(c) | 6663753 | 13194231 |
| Rivian Automotive Inc Class A (b)(c) | 3969789 | 53870037 |
| StableX Technologies Inc (b)(c) | 1971 | 11925 |
| Thor Industries Inc (c) | 295674 | 32405870 |
| Winnebago Industries Inc  | 170926 | 6149917 |
| Workhorse Group Inc (b)(c) | 67805 | 89503 |
|  |  | 124903676 |
| Broadline Retail - 0.3% |  |  |
| 1stdibs.Com Inc (b) | 162502 | 445255 |
| Dillard's Inc Class A (c) | 15725 | 8379538 |
| Etsy Inc (b) | 564499 | 29924092 |
| Groupon Inc (b)(c) | 130579 | 3408112 |
| Kohl's Corp  | 604181 | 9098966 |
| Macy's Inc  | 1504777 | 19908200 |
| Ollie's Bargain Outlet Holdings Inc (b) | 332520 | 42176837 |
| QVC Group Inc Class A (b)(c) | 39086 | 335358 |
| Savers Value Village Inc (b)(c) | 147392 | 1781969 |
|  |  | 115458327 |
| Distributors - 0.0% |  |  |
| A-Mark Precious Metals Inc  | 102588 | 2401585 |
| AMCON Distributing Co  | 1006 | 120710 |
| Cheetah Net Supply Chain Service Inc Class A (b) | 12989 | 21562 |
| Educational Development Corp (b) | 30657 | 35869 |
| Kaival Brands Innovations Group Inc (b)(c) | 30831 | 30831 |
| Weyco Group Inc  | 38914 | 1179094 |
|  |  | 3789651 |
| Diversified Consumer Services - 1.1% |  |  |
| ADT Inc  | 2419522 | 21074037 |
| Adtalem Global Education Inc (b) | 194177 | 25427478 |
| Allurion Technologies Inc (b)(c) | 24185 | 52481 |
| American Public Education Inc (b) | 97542 | 2943818 |
| Amesite Inc (b) | 18523 | 51123 |
| Beachbody Co Inc/The Class A (b)(c) | 16411 | 90425 |
| Bright Horizons Family Solutions Inc (b) | 310676 | 36672195 |
| Carriage Services Inc  | 66931 | 2930239 |
| Chegg Inc (b) | 567107 | 833647 |
| Classover Holdings Inc Class B  | 62096 | 77620 |
| Coursera Inc (b) | 680349 | 7824014 |
| Duolingo Inc Class A (b) | 212250 | 63220785 |
| European Wax Center Inc Class A (b) | 177283 | 760544 |
| Frontdoor Inc (b) | 397976 | 24177042 |
| Graham Holdings Co Class B  | 18216 | 19783487 |
| Grand Canyon Education Inc (b) | 150703 | 30377204 |
| H&R Block Inc  | 721692 | 36337192 |
| KinderCare Learning Cos Inc (b) | 133649 | 960936 |
| Laureate Education Inc (b) | 710892 | 19535312 |
| Legacy Education Inc (b) | 13303 | 160434 |
| Lincoln Educational Services Corp (b) | 154204 | 2900577 |
| Matthews International Corp Class A (c) | 167265 | 4109701 |
| Mister Car Wash Inc (b)(c) | 509002 | 2906401 |
| Nerdy Inc Class A (b)(c) | 438857 | 596846 |
| Perdoceo Education Corp  | 331459 | 10851968 |
| Regis Corp (b) | 12166 | 269112 |
| Service Corp International/US  | 767701 | 60840304 |
| Strategic Education Inc  | 129311 | 10519450 |
| Stride Inc (b) | 231628 | 37799373 |
| Udemy Inc (b) | 489852 | 3360385 |
| Universal Technical Institute Inc (b) | 234113 | 6225065 |
| XWELL Inc (b) | 29961 | 33556 |
|  |  | 433702751 |
| Hotels, Restaurants & Leisure - 2.3% |  |  |
| Accel Entertainment Inc Class A (b) | 305063 | 3535680 |
| Allied Gaming & Entertainment Inc (b)(c) | 109924 | 128611 |
| Aramark  | 1411998 | 55223242 |
| Ark Restaurants Corp (b) | 11028 | 75652 |
| Aureus Greenway Holdings Inc (b)(c) | 20233 | 87811 |
| Bally's Corp (c) | 39679 | 394806 |
| Biglari Holdings Inc Class A (b)(c) | 400 | 624668 |
| Biglari Holdings Inc Class B (b)(c) | 3283 | 1020586 |
| BJ's Restaurants Inc (b) | 119117 | 3997567 |
| Bloomin' Brands Inc  | 410970 | 3020630 |
| Boyd Gaming Corp  | 325858 | 27978168 |
| Brinker International Inc (b) | 239318 | 37328822 |
| BT Brands Inc (b)(c) | 20299 | 37350 |
| Canterbury Park Holding Corp  | 14085 | 233107 |
| Cava Group Inc (b) | 445809 | 30114398 |
| Century Casinos Inc (b) | 142399 | 378781 |
| Cheesecake Factory Inc/The (c) | 246629 | 15157818 |
| Choice Hotels International Inc (c) | 118498 | 14169991 |
| Churchill Downs Inc  | 389365 | 40388831 |
| Cracker Barrel Old Country Store Inc (c) | 120192 | 7189885 |
| Dave & Buster's Entertainment Inc (b)(c) | 149220 | 3830477 |
| Denny's Corp (b)(c) | 276938 | 1265607 |
| Dine Brands Global Inc  | 85662 | 2051605 |
| DraftKings Inc Class A (b) | 2682097 | 128687015 |
| Dutch Bros Inc Class A (b) | 685124 | 49212457 |
| El Pollo Loco Holdings Inc (b)(c) | 127164 | 1351753 |
| Empire Resorts Inc (b)(d) | 10999 | 0 |
| FAT Brands Inc Class A (c) | 9350 | 16736 |
| FAT Brands Inc Class B  | 25666 | 70325 |
| First Watch Restaurant Group Inc (b) | 219763 | 4140335 |
| Flanigan's Enterprises Inc  | 3673 | 106664 |
| Full House Resorts Inc (b) | 174787 | 639720 |
| GEN Restaurant Group Inc Class A  | 23553 | 75370 |
| Global Business Travel Group I Class A (b)(c) | 466520 | 3890777 |
| Golden Entertainment Inc  | 107721 | 2679021 |
| Good Times Restaurants Inc (b) | 43174 | 71669 |
| High Roller Technologies Inc (b)(c) | 7542 | 19609 |
| Hilton Grand Vacations Inc (b) | 341048 | 16206601 |
| Hyatt Hotels Corp Class A  | 226937 | 32742470 |
| Inspirato Inc Class A (b)(c) | 28169 | 85352 |
| Inspired Entertainment Inc (b) | 129080 | 1200444 |
| Jack in the Box Inc (c) | 102284 | 1974081 |
| Krispy Kreme Inc (c) | 460545 | 1634935 |
| Kura Sushi USA Inc Class A (b)(c) | 31714 | 2689506 |
| Life Time Group Holdings Inc (b) | 662981 | 18510430 |
| Light & Wonder Inc Class A (b) | 456149 | 42180098 |
| Lindblad Expeditions Holdings Inc (b) | 199632 | 2910635 |
| Lottery.com Inc (b) | 7382 | 36910 |
| Lucky Strike Entertainment Corp Class A (c) | 137022 | 1466135 |
| Marriott Vacations Worldwide Corp  | 173039 | 13522998 |
| Monarch Casino & Resort Inc  | 68797 | 7177591 |
| Nathan's Famous Inc  | 14959 | 1566207 |
| Noodles & Co Class A (b) | 166843 | 118859 |
| ONE Group Hospitality Inc/The (b) | 128553 | 358663 |
| Papa John's International Inc (c) | 176708 | 8607447 |
| Penn Entertainment Inc (b) | 784177 | 15863901 |
| Planet Fitness Inc Class A (b) | 452075 | 47377460 |
| Portillo's Inc Class A (b)(c) | 318868 | 2257585 |
| Potbelly Corp (b) | 135297 | 1750743 |
| Pursuit Attractions and Hospitality Inc (b) | 116453 | 4343697 |
| Rave Restaurant Group Inc (b) | 63858 | 212647 |
| Rci Hospitality Holdings Inc  | 43818 | 1630468 |
| Red Robin Gourmet Burgers Inc (b)(c) | 89407 | 579357 |
| Red Rock Resorts Inc Class A  | 267963 | 16578871 |
| Rush Street Interactive Inc Class A (b) | 483397 | 10779753 |
| Sabre Corp (b) | 1759204 | 3148975 |
| Serve Robotics Inc (b)(c) | 133754 | 1484669 |
| Shake Shack Inc Class A (b) | 218239 | 23133334 |
| Sharplink Gaming Inc (b) | 3602 | 64188 |
| Six Flags Entertainment Corp (b)(c) | 507113 | 11506394 |
| Sonder Holdings Inc (b)(c) | 55895 | 107318 |
| Sweetgreen Inc Class A (b)(c) | 571034 | 5196409 |
| Target Hospitality Corp (b) | 182568 | 1655892 |
| Texas Roadhouse Inc  | 357317 | 61655048 |
| Travel + Leisure Co  | 356976 | 22564453 |
| Twin Hospitality Group Inc Class A (c) | 15145 | 53613 |
| United Parks & Resorts Inc (b)(c) | 153925 | 8093377 |
| Vail Resorts Inc (c) | 201760 | 33048288 |
| Wendy's Co/The  | 872657 | 9258891 |
| Wingstop Inc  | 150720 | 49454246 |
| Wyndham Hotels & Resorts Inc  | 415047 | 35947221 |
| Xponential Fitness Inc Class A (b)(c) | 137610 | 1157300 |
| Yoshiharu Global Co Class A (b) | 20566 | 26736 |
|  |  | 961115740 |
| Household Durables - 1.4% |  |  |
| Algorhythm Holdings Inc (b)(c) | 14222 | 31573 |
| Aterian Inc (b)(c) | 30014 | 29017 |
| Bassett Furniture Industries Inc  | 43841 | 737406 |
| Beazer Homes USA Inc (b) | 150730 | 3792367 |
| Cavco Industries Inc (b) | 43469 | 23059870 |
| Century Communities Inc  | 145653 | 9595620 |
| Champion Homes Inc (b) | 283600 | 21400456 |
| Cricut Inc Class A (c) | 254700 | 1451790 |
| Dream Finders Homes Inc Class A (b)(c) | 154930 | 4305505 |
| Emerson Radio Corp (b) | 27426 | 10969 |
| Ethan Allen Interiors Inc  | 120261 | 3548902 |
| Flexsteel Industries Inc  | 19671 | 912341 |
| Gopro Inc Class A (b)(c) | 687767 | 1072917 |
| Green Brick Partners Inc (b) | 162894 | 11376517 |
| Hamilton Beach Brands Holding Co Class A  | 31890 | 470059 |
| Helen of Troy Ltd (b)(c) | 124233 | 3049920 |
| Hooker Furnishings Corp  | 58696 | 586373 |
| Hovnanian Enterprises Inc Class A (b) | 24913 | 3496789 |
| Installed Building Products Inc (c) | 123765 | 32404152 |
| iRobot Corp (b)(c) | 165269 | 560262 |
| KB Home  | 387351 | 24616156 |
| Koss Corp (b)(c) | 28209 | 174896 |
| La-Z-Boy Inc  | 220554 | 8153881 |
| Legacy Housing Corp (b) | 59345 | 1658396 |
| Leggett & Platt Inc  | 729246 | 7008054 |
| LGI Homes Inc (b) | 111737 | 6917638 |
| Lifetime Brands Inc  | 72533 | 286505 |
| Live Ventures Inc (b) | 6650 | 131670 |
| Lovesac Co/The (b) | 74735 | 1429681 |
| M/I Homes Inc (b) | 144575 | 21290115 |
| Meritage Homes Corp  | 388249 | 30163065 |
| Newell Brands Inc  | 2255226 | 13350938 |
| Nova Lifestyle Inc (b)(c) | 34208 | 60206 |
| Purple Innovation Inc Class A (b) | 302639 | 351061 |
| Smith Douglas Homes Corp Class A (b)(c) | 48179 | 944790 |
| Somnigroup International Inc  | 1112383 | 93384553 |
| Sonos Inc (b) | 647389 | 9011655 |
| Taylor Morrison Home Corp (b) | 542844 | 36571400 |
| Toll Brothers Inc  | 537364 | 74693596 |
| TopBuild Corp (b) | 153898 | 64754122 |
| Traeger Inc (b) | 357693 | 450693 |
| Tri Pointe Homes Inc (b) | 487852 | 17235811 |
| United Homes Group Inc Class A (b) | 67554 | 281700 |
| Universal Electronics Inc (b) | 56866 | 276084 |
| Whirlpool Corp (c) | 301097 | 28047186 |
| Yunhong Green CTI Ltd (b)(c) | 73723 | 45332 |
|  |  | 563181989 |
| Leisure Products - 0.3% |  |  |
| Acushnet Holdings Corp  | 141373 | 10836240 |
| American Outdoor Brands Inc (b) | 68618 | 716372 |
| Brunswick Corp/DE  | 357351 | 22723950 |
| Clarus Corp  | 157131 | 570386 |
| Escalade Inc  | 44348 | 558785 |
| Funko Inc Class A (b)(c) | 197635 | 683817 |
| Interactive Strength Inc (b)(c) | 5402 | 22310 |
| JAKKS Pacific Inc  | 46901 | 833431 |
| Johnson Outdoors Inc Class A (c) | 30365 | 1224317 |
| Latham Group Inc (b) | 211225 | 1696137 |
| Malibu Boats Inc Class A (b) | 103865 | 3448318 |
| Marine Products Corp (c) | 67468 | 588996 |
| MasterCraft Boat Holdings Inc (b) | 68862 | 1510832 |
| Mattel Inc (b) | 1742441 | 31886670 |
| Newton Golf Company Inc (b)(c) | 15116 | 29779 |
| Outdoor Holding Co (b) | 479023 | 685003 |
| Peloton Interactive Inc Class A (b) | 2060490 | 15659724 |
| Polaris Inc  | 285806 | 16170903 |
| Smith & Wesson Brands Inc (c) | 238887 | 1951707 |
| Sturm Ruger & Co Inc  | 89354 | 3097903 |
| Topgolf Callaway Brands Corp (b)(c) | 764097 | 7304767 |
| Tron Inc (b)(c) | 57213 | 245444 |
| Twin Vee PowerCats Co (b) | 8847 | 17605 |
| YETI Holdings Inc (b) | 446154 | 15686775 |
|  |  | 138150171 |
| Specialty Retail - 3.1% |  |  |
| 1-800-Flowers.com Inc Class A (b)(c) | 139415 | 780724 |
| Abercrombie & Fitch Co Class A (b) | 257992 | 24129992 |
| Academy Sports & Outdoors Inc  | 358269 | 19185305 |
| Advance Auto Parts Inc (c) | 322688 | 19680741 |
| aka Brands Holding Corp (b) | 3512 | 39686 |
| America's Car-Mart Inc/TX (b) | 41716 | 1869294 |
| American Eagle Outfitters Inc  | 853053 | 11038506 |
| Arhaus Inc Class A (b) | 288640 | 3385747 |
| Arko Corp  | 378730 | 1893650 |
| Asbury Automotive Group Inc (b) | 106162 | 26703989 |
| AutoNation Inc (b) | 133667 | 29283766 |
| BARK Inc (b) | 650895 | 587303 |
| Barnes & Noble Education Inc (b)(c) | 105937 | 914236 |
| Bath & Body Works Inc  | 1150758 | 33613641 |
| Bed Bath & Beyond Inc (b) | 274520 | 2473425 |
| Big 5 Sporting Goods Corp (b)(c) | 125154 | 177719 |
| Boot Barn Holdings Inc (b) | 165838 | 29481021 |
| Brand House Collective Inc/The (b)(c) | 62159 | 93239 |
| Brilliant Earth Group Inc Class A  | 75578 | 220688 |
| Buckle Inc/The  | 163840 | 9271706 |
| Build-A-Bear Workshop Inc (c) | 62845 | 3821604 |
| Burlington Stores Inc (b) | 340323 | 98925090 |
| Caleres Inc  | 185505 | 2782575 |
| Camping World Holdings Inc Class A  | 337093 | 5902498 |
| Carparts Com Inc (b) | 285138 | 233899 |
| Carvana Co Class A (b) | 670640 | 249424430 |
| Cato Corp/The Class A  | 90114 | 370369 |
| Chewy Inc Class A (b) | 1184049 | 48498647 |
| Children's Place Inc/The (b)(c) | 68969 | 349673 |
| Citi Trends Inc (b) | 38554 | 1373679 |
| Designer Brands Inc Class A (c) | 185608 | 688606 |
| Destination XL Group Inc (b) | 261211 | 336962 |
| Dick's Sporting Goods Inc  | 305338 | 64975926 |
| Duluth Holdings Inc Class B (b) | 71821 | 163034 |
| Envela Corp (b) | 34370 | 256744 |
| EVgo Inc Class A (b)(c) | 683520 | 2645222 |
| Five Below Inc (b) | 297814 | 43212811 |
| Floor & Decor Holdings Inc Class A (b) | 583707 | 47817277 |
| Foot Locker Inc (b) | 448013 | 11065921 |
| GameStop Corp Class A (b)(c) | 2202361 | 49354910 |
| Gap Inc/The  | 1203660 | 26492557 |
| Genesco Inc (b) | 57738 | 1846461 |
| Group 1 Automotive Inc  | 68505 | 31839754 |
| Grove Collaborative Holdings Class A (b)(c) | 145208 | 220716 |
| GrowGeneration Corp (b) | 297335 | 505470 |
| Guess? Inc  | 151093 | 2539873 |
| Haverty Furniture Cos Inc  | 73037 | 1646984 |
| Haverty Furniture Cos Inc Class A  | 2484 | 57033 |
| J Jill Inc  | 39660 | 664702 |
| Lands' End Inc (b)(c) | 63050 | 905398 |
| Lazydays Holdings Inc (b)(c) | 14467 | 42533 |
| Leslie's Inc (b) | 547245 | 181850 |
| Lithia Motors Inc Class A  | 140620 | 47343942 |
| Lulu's Fashion Lounge Holdings Inc (b)(c) | 6632 | 26064 |
| MarineMax Inc (b) | 100558 | 2649703 |
| Monro Inc (c) | 164468 | 2726879 |
| Murphy USA Inc  | 97007 | 36523136 |
| National Vision Holdings Inc (b) | 429413 | 9850734 |
| ODP Corp/The (b) | 163160 | 3305622 |
| OneWater Marine Inc Class A (b)(c) | 74213 | 1249005 |
| Penske Automotive Group Inc  | 99522 | 18352852 |
| Petco Health & Wellness Co Inc Class A (b) | 474787 | 1894400 |
| PetMed Express Inc (b)(c) | 112381 | 345010 |
| RealReal Inc/The (b)(c) | 518259 | 3954316 |
| Rent the Runway Inc Class A (b)(c) | 13512 | 74316 |
| Restoration Hardware Inc (b) | 81763 | 18451456 |
| Revolve Group Inc Class A (b) | 217765 | 4871403 |
| RideNow Group Inc Class B (b)(c) | 126874 | 491002 |
| Sally Beauty Holdings Inc (b) | 545360 | 7558690 |
| Shoe Carnival Inc (c) | 96358 | 2013882 |
| Signet Jewelers Ltd  | 231449 | 20379084 |
| Sleep Number Corp (b)(c) | 120564 | 1269539 |
| Sonic Automotive Inc Class A  | 77489 | 6368821 |
| Sportsman's Warehouse Holdings Inc (b) | 206521 | 553476 |
| Stitch Fix Inc Class A (b) | 607839 | 3215468 |
| Tandy Leather Factory Inc  | 21896 | 66783 |
| ThredUp Inc Class A (b) | 518306 | 5608071 |
| Tile Shop Holdings Inc (b) | 124537 | 773375 |
| Tilly's Inc Class A (b)(c) | 123237 | 242777 |
| Torrid Holdings Inc (b)(c) | 62419 | 136073 |
| Upbound Group Inc  | 286947 | 7291323 |
| Urban Outfitters Inc (b) | 305136 | 20468523 |
| Valvoline Inc (b) | 688332 | 26693515 |
| Victoria's Secret & Co (b)(c) | 430724 | 9915266 |
| Warby Parker Inc Class A (b) | 494231 | 12948852 |
| Wayfair Inc Class A (b) | 560971 | 41848437 |
| Winmark Corp  | 15629 | 7249355 |
| Xcel Brands Inc (b)(c) | 7068 | 9612 |
| Zumiez Inc (b)(c) | 83639 | 1437754 |
|  |  | 1242126102 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Allbirds Inc Class A (b)(c) | 28820 | 185313 |
| Capri Holdings Ltd (b) | 635283 | 13080477 |
| Carter's Inc (c) | 197469 | 5639715 |
| Columbia Sportswear Co (c) | 165120 | 9200486 |
| Crocs Inc (b) | 302514 | 26379221 |
| Crown Crafts Inc  | 52835 | 158505 |
| Culp Inc (b) | 56882 | 245446 |
| Figs Inc Class A (b) | 665525 | 4691951 |
| Fossil Group Inc (b)(c) | 261681 | 800744 |
| G-III Apparel Group Ltd (b) | 203365 | 5490855 |
| Hanesbrands Inc (b) | 1893766 | 11949663 |
| Kontoor Brands Inc  | 271102 | 20942630 |
| Lakeland Industries Inc (c) | 47205 | 717044 |
| Levi Strauss & Co Class A  | 525138 | 11747337 |
| Movado Group Inc  | 87649 | 1601347 |
| Oxford Industries Inc  | 76014 | 3348417 |
| Playboy Inc (b)(c) | 377220 | 618641 |
| PVH Corp  | 258495 | 21796298 |
| Rocky Brands Inc  | 40077 | 1219543 |
| Skechers USA Inc Class A (b) | 699544 | 44127236 |
| Steven Madden Ltd  | 392414 | 11395703 |
| Superior Group of Cos Inc  | 60757 | 798347 |
| Under Armour Inc Class A (b)(c) | 1015411 | 5077055 |
| Under Armour Inc Class C (b)(c) | 695553 | 3422121 |
| Unifi Inc (b) | 83750 | 370175 |
| Vera Bradley Inc (b) | 107827 | 223202 |
| VF Corp  | 1782671 | 26971812 |
| Vince Holding Corp (b) | 21132 | 30006 |
| Wolverine World Wide Inc  | 437946 | 13987995 |
|  |  | 246217285 |
| TOTAL CONSUMER DISCRETIONARY |  | 4169353033 |
| Consumer Staples - 2.9% |  |  |
| Beverages - 0.4% |  |  |
| Amaze Holdings Inc (b)(c) | 2684 | 7840 |
| Beeline Holdings Inc (b)(c) | 39313 | 62115 |
| Boston Beer Co Inc/The Class A (b) | 44424 | 9821702 |
| Celsius Holdings Inc (b) | 850246 | 53463468 |
| Coca-Cola Consolidated Inc  | 316904 | 37153825 |
| Heritage Distilling Holding Co Inc (c) | 13591 | 5772 |
| MGP Ingredients Inc (c) | 73928 | 2186051 |
| National Beverage Corp (b) | 124703 | 5243761 |
| Primo Brands Corp Class A  | 1369327 | 34383801 |
| Splash Beverage Group Inc (b) | 6553 | 10974 |
| Vita Coco Co Inc/The (b) | 211284 | 7551290 |
| Willamette Valley Vineyards Inc (b) | 20065 | 93102 |
| Zevia PBC Class A (b) | 287547 | 805132 |
|  |  | 150788833 |
| Consumer Staples Distribution & Retail - 1.4% |  |  |
| Albertsons Cos Inc Class A  | 2178538 | 42394349 |
| Andersons Inc/The  | 174415 | 7133574 |
| BJ's Wholesale Club Holdings Inc (b) | 713918 | 69735510 |
| Blue Apron Holdings Inc warrants 11/4/2028 (b)(d) | 89331 | 0 |
| Blue Apron Holdings Inc warrants 11/4/2028 (b)(d) | 89331 | 0 |
| Blue Apron Holdings Inc warrants 11/4/2028 (b)(d) | 89331 | 0 |
| Casey's General Stores Inc  | 200522 | 99162139 |
| Chefs' Warehouse Inc/The (b) | 190494 | 12027791 |
| Grocery Outlet Holding Corp (b)(c) | 530262 | 9603045 |
| Guardian Pharmacy Services Inc Class A (b) | 89886 | 2374788 |
| Healthy Choice Wellness Corp Class A  | 13377 | 5200 |
| HF Foods Group Inc (b) | 208829 | 684959 |
| Ingles Markets Inc Class A  | 78152 | 5290109 |
| Maison Solutions Inc (b)(c) | 17724 | 16448 |
| Mangoceuticals Inc (b) | 25875 | 61065 |
| Maplebear Inc (b) | 890234 | 38609449 |
| Natural Grocers by Vitamin Cottage Inc (c) | 56932 | 2189035 |
| Performance Food Group Co (b) | 841901 | 85368761 |
| PriceSmart Inc  | 134323 | 14407485 |
| Reborn Coffee Inc (b) | 13959 | 36573 |
| SpartanNash Co (c) | 183057 | 4905928 |
| Sprouts Farmers Market Inc (b) | 529035 | 74350579 |
| SRX Health Solutions Inc (b) | 40886 | 17082 |
| United Natural Foods Inc (b) | 325965 | 9218290 |
| US Foods Holding Corp (b) | 1247050 | 96771080 |
| Village Super Market Inc Class A  | 35258 | 1279160 |
| Weis Markets Inc  | 89210 | 6391897 |
|  |  | 582034296 |
| Food Products - 0.7% |  |  |
| Alico Inc  | 29455 | 996757 |
| Arcadia Biosciences Inc (b) | 6942 | 26449 |
| B&G Foods Inc (c) | 189079 | 852746 |
| Barfresh Food Group Inc (b) | 47723 | 144601 |
| Beyond Meat Inc (b)(c) | 416767 | 1041918 |
| BranchOut Food Inc (b) | 31492 | 68338 |
| BRC Inc Class A (b) | 126907 | 196706 |
| Bridgford Foods Corp (b) | 9156 | 68578 |
| Cal-Maine Foods Inc  | 232232 | 26855308 |
| Calavo Growers Inc  | 90807 | 2483571 |
| CIMG Inc (b)(c) | 15587 | 4108 |
| Coffee Holding Co Inc (b)(c) | 26993 | 112831 |
| Darling Ingredients Inc (b) | 858139 | 29142400 |
| Edible Garden AG Inc (b) | 6805 | 12589 |
| Farmer Bros Co (b) | 110117 | 220234 |
| Flowers Foods Inc  | 1089865 | 16391570 |
| Fresh Del Monte Produce Inc (c) | 181652 | 6590335 |
| Freshpet Inc (b) | 263460 | 14706337 |
| Hain Celestial Group Inc (b) | 359489 | 647080 |
| Ingredion Inc  | 345308 | 44731198 |
| J & J Snack Foods Corp  | 84715 | 9451653 |
| John B Sanfilippo & Son Inc  | 49721 | 3226893 |
| Laird Superfood Inc (b) | 43449 | 251570 |
| Lifeway Foods Inc (b) | 27874 | 849321 |
| Limoneira Co  | 83900 | 1322264 |
| Local Bounti Corp (b)(c) | 22147 | 53374 |
| Mama's Creations Inc (b) | 182556 | 1456797 |
| Marzetti Company/The  | 105006 | 19174096 |
| Mission Produce Inc (b) | 235669 | 2948219 |
| Pilgrim's Pride Corp (c) | 218010 | 9690545 |
| Post Holdings Inc (b) | 244210 | 27632362 |
| Rocky Mountain Chocolate Factory Inc (b) | 30775 | 44008 |
| Sadot Group Inc (b) | 26166 | 23905 |
| Seaboard Corp  | 1362 | 5406050 |
| Seneca Foods Corp Class A (b) | 25519 | 2888751 |
| Seneca Foods Corp Class B (b) | 16 | 1826 |
| Simply Good Foods Co/The (b) | 509162 | 14577308 |
| SOW GOOD INC (b)(c) | 16989 | 12976 |
| Tootsie Roll Industries Inc Class A  | 90980 | 3658306 |
| TreeHouse Foods Inc (b) | 245963 | 4510961 |
| Utz Brands Inc Class A  | 407711 | 5471482 |
| Vital Farms Inc (b)(c) | 169073 | 8637940 |
| Westrock Coffee Co (b) | 193657 | 1047684 |
| WK Kellogg Co  | 357752 | 8199676 |
|  |  | 275831621 |
| Household Products - 0.1% |  |  |
| Central Garden & Pet Co (b) | 39062 | 1423028 |
| Central Garden & Pet Co Class A (b) | 274390 | 9063102 |
| Energizer Holdings Inc  | 354366 | 9766327 |
| Oil-Dri Corp of America  | 55702 | 3307585 |
| Reynolds Consumer Products Inc  | 299633 | 6954482 |
| Spectrum Brands Holdings Inc  | 141014 | 8036388 |
| WD-40 Co  | 73194 | 15812832 |
|  |  | 54363744 |
| Personal Care Products - 0.3% |  |  |
| AXIL Brands Inc (b) | 17410 | 97844 |
| Beauty Health Co/The Class A (b)(c) | 432675 | 899964 |
| BellRing Brands Inc (b)(c) | 683119 | 28042035 |
| Coty Inc Class A (b) | 1982391 | 8484633 |
| Edgewell Personal Care Co  | 260079 | 6247098 |
| elf Beauty Inc (b)(c) | 305131 | 38141376 |
| FitLife Brands Inc (b)(c) | 20421 | 380239 |
| Herbalife Ltd (b) | 545613 | 5336095 |
| Honest Co Inc/The (b)(c) | 416011 | 1647404 |
| Interparfums Inc  | 96997 | 11148835 |
| Lifevantage Corp  | 56329 | 737910 |
| Mannatech Inc (b) | 6498 | 58482 |
| Medifast Inc (b)(c) | 57655 | 808900 |
| Natural Alternatives International Inc (b) | 22315 | 81896 |
| Nature's Sunshine Products Inc (b) | 64871 | 1093076 |
| Nu Skin Enterprises Inc Class A  | 226217 | 2753061 |
| Olaplex Holdings Inc (b) | 516721 | 738911 |
| PMGC Holdings Inc (b)(c) | 6576 | 10653 |
| Safety Shot Inc (b)(c) | 302895 | 129033 |
| Synergy CHC Corp (b) | 8307 | 20103 |
| United-Guardian Inc  | 17014 | 142747 |
| Upexi Inc (b)(c) | 168765 | 1220171 |
| USANA Health Sciences Inc (b) | 61797 | 1971942 |
|  |  | 110192408 |
| Tobacco - 0.0% |  |  |
| 22nd Century Group Inc (b)(c) | 2511 | 4394 |
| Ispire Technology Inc (b)(c) | 105365 | 335061 |
| Turning Point Brands Inc  | 97152 | 9666624 |
| Universal Corp/VA  | 138001 | 7721156 |
|  |  | 17727235 |
| TOTAL CONSUMER STAPLES |  | 1190938137 |
| Energy - 3.4% |  |  |
| Energy Equipment & Services - 0.7% |  |  |
| Archrock Inc  | 949286 | 23504322 |
| Aris Water Solutions Inc Class A  | 153252 | 3719426 |
| Atlas Energy Solutions Inc (c) | 395548 | 4631867 |
| Bristow Group Inc (b) | 132361 | 5097222 |
| Cactus Inc Class A  | 368647 | 15464742 |
| Core Laboratories Inc (c) | 252189 | 2902695 |
| Dawson Geophysical Co (b) | 35831 | 58405 |
| DMC Global Inc (b) | 93743 | 628078 |
| Drilling Tools International Corp (b) | 33802 | 67604 |
| Energy Services of America Corp (c) | 60597 | 617483 |
| Expro Group Holdings NV (b) | 560970 | 6995296 |
| Flowco Holdings Inc Class A  | 113157 | 1846722 |
| Forum Energy Technologies Inc (b)(c) | 57248 | 1514210 |
| Geospace Technologies Corp (b)(c) | 63004 | 1248739 |
| Gulf Island Fabrication Inc (b) | 64401 | 435351 |
| Helix Energy Solutions Group Inc (b) | 766443 | 5050859 |
| Helmerich & Payne Inc  | 538552 | 11250351 |
| Innovex International Inc (b) | 169592 | 2927158 |
| KLX Energy Services Holdings Inc (b)(c) | 74847 | 146700 |
| Kodiak Gas Services Inc  | 212727 | 7613499 |
| Liberty Energy Inc Class A  | 895292 | 10072035 |
| Mammoth Energy Services Inc (b) | 123930 | 293714 |
| MIND Technology Inc (b)(c) | 43412 | 439329 |
| Nabors Industries Ltd (b)(c) | 79607 | 2967749 |
| Natural Gas Services Group Inc  | 51087 | 1336436 |
| NCS Multistage Holdings Inc (b) | 4203 | 160155 |
| Nine Energy Service Inc (b)(c) | 115962 | 79620 |
| Noble Corp PLC  | 703961 | 20288157 |
| NOV Inc  | 2024977 | 26911945 |
| Oceaneering International Inc (b) | 549591 | 13410020 |
| Oil States International Inc (b) | 310730 | 1740088 |
| Patterson-UTI Energy Inc  | 1986371 | 11540816 |
| ProFrac Holding Corp Class A (b) | 121045 | 484180 |
| ProPetro Holding Corp (b) | 425564 | 2170376 |
| Ranger Energy Services Inc Class A  | 81982 | 1169883 |
| RPC Inc (c) | 458900 | 2188953 |
| SEACOR Marine Holdings Inc (b)(c) | 131423 | 842421 |
| Select Water Solutions Inc Class A  | 509238 | 4338708 |
| Smart Sand Inc  | 158566 | 307618 |
| Solaris Energy Infrastructure Inc Class A  | 204509 | 6460439 |
| TETRA Technologies Inc (b) | 639259 | 3004517 |
| Tidewater Inc (b) | 245566 | 14783073 |
| Transocean Ltd (b)(c) | 4408460 | 13357634 |
| Valaris Ltd (b)(c) | 352744 | 17520794 |
| Weatherford International PLC  | 391335 | 24929997 |
|  |  | 276519386 |
| Oil, Gas & Consumable Fuels - 2.7% |  |  |
| Aemetis Inc (b)(c) | 269186 | 683732 |
| American Resources Corp (b)(c) | 278163 | 573016 |
| Amplify Energy Corp (b)(c) | 198984 | 809865 |
| Antero Midstream Corp  | 1797279 | 31973593 |
| Antero Resources Corp (b) | 1575849 | 50301100 |
| Barnwell Industries Inc (b) | 25334 | 28881 |
| Battalion Oil Corp (b)(c) | 22809 | 26915 |
| Berry Corp  | 427854 | 1429032 |
| California Resources Corp  | 374732 | 18616686 |
| Calumet Inc (b)(c) | 373756 | 6092223 |
| Centrus Energy Corp Class A (b)(c) | 81243 | 16389150 |
| Cheniere Energy Inc  | 1196007 | 289218414 |
| Chord Energy Corp  | 313846 | 34488537 |
| Civitas Resources Inc  | 464031 | 17067060 |
| Clean Energy Fuels Corp (b) | 947178 | 2491078 |
| Clean Energy Technologies Inc (b) | 98838 | 23988 |
| CNX Resources Corp (b) | 783961 | 22891661 |
| Comstock Inc (b)(c) | 146789 | 356697 |
| Comstock Resources Inc (b)(c) | 489431 | 7894522 |
| Core Natural Resources Inc  | 269912 | 20043665 |
| Crescent Energy Co Class A (c) | 992387 | 9467372 |
| CVR Energy Inc (b)(c) | 184461 | 5624216 |
| Delek US Holdings Inc  | 327914 | 9086497 |
| Dorian LPG Ltd  | 197037 | 6301243 |
| DT Midstream Inc  | 546540 | 56938537 |
| Empire Petroleum Corp (b)(c) | 140540 | 709727 |
| EON Resources Inc Class A (b)(c) | 64985 | 22530 |
| Epsilon Energy Ltd (c) | 118771 | 695998 |
| Evolution Petroleum Corp  | 167380 | 863681 |
| Excelerate Energy Inc Class A  | 128998 | 3150131 |
| FutureFuel Corp  | 143106 | 555251 |
| Gevo Inc (b)(c) | 1245533 | 2154772 |
| Granite Ridge Resources Inc  | 293868 | 1633906 |
| Green Plains Inc (b)(c) | 349581 | 3883845 |
| Gulfport Energy Corp (b) | 66873 | 11637908 |
| HF Sinclair Corp  | 866291 | 44076886 |
| HighPeak Energy Inc Class A (c) | 136130 | 1048201 |
| Houston American Energy Corp (b)(c) | 8149 | 67066 |
| Infinity Natural Resources Inc Class A (c) | 81142 | 1209016 |
| International Seaways Inc  | 219202 | 9956155 |
| Kinetik Holdings Inc Class A (c) | 207720 | 8688928 |
| Lightbridge Corp (b)(c) | 120182 | 1818354 |
| Magnolia Oil & Gas Corp Class A  | 1013071 | 25205206 |
| Matador Resources Co  | 627477 | 31599742 |
| Mexco Energy Corp  | 4983 | 40362 |
| Murphy Oil Corp  | 725085 | 18025613 |
| NACCO Industries Inc Class A  | 19644 | 768473 |
| New Era Energy & Digital Inc (c) | 32998 | 16433 |
| New Fortress Energy Inc Class A (c) | 402615 | 990433 |
| NextDecade Corp (b) | 817301 | 8761467 |
| NextNRG Inc (b)(c) | 69834 | 127098 |
| Northern Oil & Gas Inc  | 530605 | 13880627 |
| OPAL Fuels Inc Class A (b)(c) | 121733 | 286073 |
| Ovintiv Inc  | 1403017 | 59095077 |
| Par Pacific Holdings Inc (b) | 278447 | 9645404 |
| PBF Energy Inc Class A  | 540813 | 14775011 |
| Peabody Energy Corp (c) | 656454 | 11422300 |
| PEDEVCO Corp (b) | 137159 | 83393 |
| Permian Resources Corp Class A  | 3436889 | 49113144 |
| Prairie Operating Co (b)(c) | 182576 | 465569 |
| PrimeEnergy Resources Corp (b)(c) | 2891 | 437322 |
| Range Resources Corp  | 1288773 | 44166251 |
| REX American Resources Corp (b) | 78534 | 4913872 |
| Riley Exploration Permian Inc (c) | 51093 | 1494981 |
| Ring Energy Inc (b) | 611544 | 666583 |
| Sable Offshore Corp (b)(c) | 391565 | 10564424 |
| SandRidge Energy Inc (c) | 172723 | 2045040 |
| SM Energy Co  | 618228 | 17650409 |
| Stabilis Solutions Inc (b)(c) | 21670 | 87330 |
| Summit Midstream Corp Class A (b)(c) | 57250 | 1317895 |
| Talos Energy Inc (b)(c) | 700939 | 6925277 |
| Trio Petroleum Corp (b)(c) | 38594 | 42646 |
| Ur-Energy Inc (United States) (b)(c) | 1978858 | 2750613 |
| Uranium Energy Corp (b)(c) | 2322993 | 24832795 |
| US Energy Corp (b)(c) | 89169 | 106111 |
| VAALCO Energy Inc  | 566254 | 2197066 |
| Venture Global Inc Class A (c) | 389752 | 5066776 |
| Verde Clean Fuels Inc Class A (b)(c) | 22708 | 65853 |
| Viper Energy Inc Class A  | 913365 | 36393028 |
| Vital Energy Inc (b)(c) | 98204 | 1749995 |
| Vitesse Energy Inc  | 157935 | 4202650 |
| Vivakor Inc (b)(c) | 118274 | 86340 |
| W&T Offshore Inc (c) | 522821 | 951534 |
| World Kinect Corp (c) | 315420 | 8456410 |
|  |  | 1122462661 |
| TOTAL ENERGY |  | 1398982047 |
| Financials - 17.4% |  |  |
| Banks - 6.0% |  |  |
| 1st Source Corp  | 91259 | 5878905 |
| ACNB Corp  | 56921 | 2579660 |
| Affinity Bancshares Inc  | 26548 | 526447 |
| Amalgamated Financial Corp  | 112132 | 3239493 |
| Amerant Bancorp Inc Class A  | 191142 | 4109553 |
| Ameris Bancorp  | 351121 | 25730147 |
| AmeriServ Financial Inc  | 84021 | 250383 |
| Ames National Corp  | 49194 | 982896 |
| Arrow Financial Corp  | 78447 | 2332229 |
| Associated Banc-Corp  | 878170 | 23684245 |
| Atlantic Union Bankshares Corp (c) | 775195 | 27697717 |
| Auburn National BanCorp Inc  | 12857 | 330425 |
| Axos Financial Inc (b) | 289962 | 26447434 |
| Banc of California Inc  | 720237 | 12186410 |
| BancFirst Corp  | 106951 | 14221274 |
| Bancorp Inc/The (b) | 251684 | 19188388 |
| Bank First Corp  | 48052 | 6242916 |
| Bank of Hawaii Corp  | 214816 | 14633266 |
| Bank of Marin Bancorp  | 77398 | 1899347 |
| Bank of the James Financial Group Inc  | 21601 | 335680 |
| Bank OZK  | 568141 | 29810358 |
| Bank7 Corp  | 21617 | 1072419 |
| BankFinancial Corp (c) | 58364 | 722546 |
| BankUnited Inc  | 410062 | 16070330 |
| Bankwell Financial Group Inc  | 35347 | 1494471 |
| Banner Corp  | 186363 | 12491912 |
| Bar Harbor Bankshares  | 84992 | 2742692 |
| BayCom Corp  | 54541 | 1650411 |
| Bayfirst Financial Corp  | 19738 | 178036 |
| BCB Bancorp Inc  | 82667 | 735736 |
| Berkshire Hills Bancorp Inc (c) | 253054 | 6612301 |
| Blue Foundry Bancorp (b) | 97395 | 904800 |
| Blue Ridge Bankshares Inc (b) | 253140 | 1015091 |
| Bogota Financial Corp (b)(c) | 20044 | 185807 |
| BOK Financial Corp  | 119933 | 13361736 |
| Bridgewater Bancshares Inc (b) | 102733 | 1682767 |
| Broadway Financial Corp/DE (b) | 25844 | 206234 |
| Brookline Bancorp Inc  | 486223 | 5324142 |
| Burke & Herbert Financial Services Corp  | 72220 | 4590303 |
| Business First Bancshares Inc  | 149614 | 3741846 |
| BV Financial Inc (b) | 44917 | 753707 |
| Byline Bancorp Inc  | 138840 | 4013864 |
| C&F Financial Corp  | 16227 | 1168019 |
| Cadence Bank  | 1007090 | 37906868 |
| California BanCorp (b) | 121393 | 2044258 |
| Camden National Corp  | 90963 | 3719477 |
| Capital Bancorp Inc  | 62840 | 2135932 |
| Capital City Bank Group Inc  | 73772 | 3235640 |
| Capitol Federal Financial Inc  | 661221 | 4284712 |
| Carter Bankshares Inc (b) | 122348 | 2380892 |
| Carver Bancorp Inc (b) | 20975 | 37964 |
| Catalyst Bancorp Inc (b) | 20492 | 261888 |
| Cathay General Bancorp  | 378335 | 18882700 |
| CB Financial Services Inc  | 25375 | 844734 |
| Central Pacific Financial Corp  | 146500 | 4588380 |
| Central Plains Bancshares Inc (b) | 17785 | 281359 |
| CF Bankshares Inc Class A  | 20641 | 507769 |
| CFSB Bancorp Inc (b) | 13327 | 186044 |
| Chain Bridge Bancorp Inc Class A  | 16063 | 485745 |
| Chemung Financial Corp  | 18566 | 1001079 |
| ChoiceOne Financial Services Inc  | 73232 | 2259940 |
| Citizens & Northern Corp  | 85483 | 1726757 |
| Citizens Community Bancorp Inc/WI  | 46447 | 767769 |
| Citizens Financial Services Inc  | 24221 | 1452291 |
| City Holding Co  | 77866 | 10004224 |
| Civista Bancshares Inc  | 84552 | 1791657 |
| CNB Financial Corp/PA  | 152393 | 4009460 |
| Coastal Financial Corp/WA Class A (b) | 66910 | 7661195 |
| Colony Bankcorp Inc  | 80757 | 1387405 |
| Columbia Banking System Inc  | 1143592 | 30613958 |
| Columbia Financial Inc (b)(c) | 144252 | 2168108 |
| Comerica Inc  | 709120 | 50049690 |
| Commerce Bancshares Inc/MO  | 649653 | 40239507 |
| Community Financial System Inc  | 285474 | 17097038 |
| Community Trust Bancorp Inc  | 80429 | 4698662 |
| Community West Bancshares  | 92291 | 1967644 |
| Connectone Bancorp Inc  | 252222 | 6456883 |
| Cullen/Frost Bankers Inc  | 344638 | 44468641 |
| Customers Bancorp Inc (b) | 158017 | 11328239 |
| CVB Financial Corp  | 698885 | 14068555 |
| Dime Community Bancshares Inc  | 214037 | 6583778 |
| Eagle Bancorp Inc (c) | 187878 | 3648591 |
| Eagle Bancorp Montana Inc  | 40071 | 702445 |
| Eagle Financial Services Inc  | 25880 | 968688 |
| East West Bancorp Inc  | 742788 | 78096730 |
| Eastern Bankshares Inc  | 1038712 | 17772362 |
| ECB Bancorp Inc/MD (b)(c) | 40682 | 692408 |
| Enterprise Financial Services Corp  | 198173 | 12136115 |
| Equity Bancshares Inc Class A  | 82456 | 3341942 |
| Esquire Financial Holdings Inc (c) | 35667 | 3498933 |
| Farmers & Merchants Bancorp Inc/Archbold OH  | 67474 | 1785362 |
| Farmers National Banc Corp  | 209993 | 3187694 |
| FB Bancorp Inc (c) | 104580 | 1252868 |
| FB Financial Corp  | 217494 | 11675078 |
| Fidelity D&D Bancorp Inc  | 25707 | 1122111 |
| Fifth District Bancorp Inc (b)(c) | 26012 | 362867 |
| Financial Institutions Inc  | 109143 | 3019987 |
| Finward Bancorp  | 19934 | 637888 |
| Finwise Bancorp (b) | 45993 | 889045 |
| First Bancorp Inc/The  | 48900 | 1329102 |
| First Bancorp/Southern Pines NC  | 223220 | 12185580 |
| First Bank/Hamilton NJ  | 105237 | 1770086 |
| First Busey Corp  | 445888 | 11013434 |
| First Business Financial Services Inc  | 38844 | 2032318 |
| First Capital Inc  | 18283 | 751431 |
| First Citizens BancShares Inc/NC Class A  | 58947 | 116945543 |
| First Commonwealth Financial Corp  | 565755 | 10042151 |
| First Community Bankshares Inc  | 87993 | 3341974 |
| First Community Corp/SC  | 40905 | 1115479 |
| First Financial Bancorp  | 517700 | 13708696 |
| First Financial Bankshares Inc  | 698386 | 25959008 |
| First Financial Corp  | 57430 | 3388370 |
| First Foundation Inc (b) | 411804 | 2450234 |
| First Guaranty Bancshares Inc  | 34323 | 289000 |
| First Hawaiian Inc  | 679737 | 17639175 |
| First Horizon Corp  | 2724673 | 61577610 |
| First Interstate BancSystem Inc Class A  | 470893 | 15407619 |
| First Interstate Bank of Calif  | 43189 | 1084692 |
| First Merchants Corp  | 315266 | 13089844 |
| First Mid Bancshares Inc  | 109577 | 4431294 |
| First National Corp/VA  | 42370 | 989763 |
| First Northwest Bancorp  | 41024 | 305219 |
| First Savings Financial Group Inc  | 29326 | 804119 |
| First Seacoast Bancorp Inc (b) | 19010 | 219566 |
| First United Corp  | 31499 | 1177118 |
| First US Bancshares Inc  | 27513 | 336484 |
| First Western Financial Inc (b) | 39379 | 919893 |
| Firstsun Capital Bancorp (b) | 59631 | 2266574 |
| Five Star Bancorp  | 86009 | 2818515 |
| Flagstar Financial Inc  | 1655844 | 21227920 |
| Flushing Financial Corp  | 182015 | 2504526 |
| FNB Corp/PA  | 1935467 | 32302944 |
| Franklin Financial Services Corp  | 21885 | 1022030 |
| FS Bancorp Inc  | 37720 | 1611021 |
| Fulton Financial Corp  | 991712 | 19497058 |
| FVCBankcorp Inc  | 82678 | 1121527 |
| GBank Financial Holdings Inc (b)(c) | 48463 | 1925193 |
| German American Bancorp Inc  | 201633 | 8424227 |
| Glacier Bancorp Inc  | 642196 | 31563933 |
| Glen Burnie Bancorp (b) | 14424 | 59859 |
| Great Southern Bancorp Inc  | 46860 | 2965769 |
| Greene County Bancorp Inc  | 37364 | 896362 |
| Guaranty Bancshares Inc/TX  | 49159 | 2415673 |
| Hancock Whitney Corp  | 462670 | 29111196 |
| Hanmi Financial Corp  | 162636 | 4091922 |
| Hanover Bancorp Inc  | 23717 | 534818 |
| Harborone Northeast Bancorp Inc  | 202102 | 2599032 |
| Hawthorn Bancshares Inc  | 34866 | 1165570 |
| HBT Financial Inc  | 66841 | 1770618 |
| Heritage Commerce Corp  | 339732 | 3509432 |
| Heritage Financial Corp Wash  | 183710 | 4489872 |
| Hilltop Holdings Inc  | 244640 | 8581971 |
| Hingham Institution For Savings The (c) | 11179 | 3176401 |
| Home Bancorp Inc  | 36927 | 2077698 |
| Home BancShares Inc/AR  | 983612 | 29272293 |
| Home Federal Bancorp Inc of Louisiana  | 9459 | 127601 |
| HomeStreet Inc (b) | 93224 | 1293017 |
| HomeTrust Bancshares Inc  | 73896 | 3056339 |
| Hope Bancorp Inc  | 691050 | 7691387 |
| Horizon Bancorp Inc/IN  | 241324 | 4068723 |
| IF Bancorp Inc  | 12568 | 317593 |
| Independent Bank Corp  | 262357 | 18761149 |
| Independent Bank Corp/MI  | 112908 | 3713544 |
| International Bancshares Corp  | 288338 | 20627701 |
| Investar Holding Corp  | 44957 | 1053792 |
| Isabella Bank Corp (c) | 20547 | 692639 |
| John Marshall Bancorp Inc  | 67431 | 1335808 |
| Kearny Financial Corp/MD  | 307213 | 2073688 |
| Kentucky First Federal Bancorp (b) | 14569 | 48004 |
| Lake Shore Bancorp Inc/MD  | 14235 | 191317 |
| Lakeland Financial Corp (c) | 138449 | 9476834 |
| Landmark Bancorp Inc/Manhattan KS  | 22248 | 591129 |
| LCNB Corp  | 71958 | 1164280 |
| LINKBANCORP Inc  | 147153 | 1071274 |
| Live Oak Bancshares Inc  | 194064 | 7508336 |
| Magyar Bancorp Inc  | 29685 | 510285 |
| MainStreet Bancshares Inc  | 32269 | 730893 |
| Marathon Bancorp Inc (b)(c) | 596 | 6162 |
| Mercantile Bank Corp  | 88518 | 4359512 |
| Meridian Corp  | 48318 | 760525 |
| Metrocity Bankshares Inc  | 98474 | 2948312 |
| Metropolitan Bank Holding Corp  | 49724 | 3947588 |
| Mid Penn Bancorp Inc  | 117984 | 3556038 |
| Middlefield Banc Corp  | 38874 | 1193432 |
| Midland States Bancorp Inc  | 118177 | 2176820 |
| MidWestOne Financial Group Inc  | 102009 | 3084752 |
| MVB Financial Corp  | 64809 | 1581340 |
| National Bank Holdings Corp Class A  | 205271 | 8050729 |
| National Bankshares Inc VA  | 35045 | 1098310 |
| NB Bancorp Inc (c) | 196395 | 3709902 |
| Nbt Bancorp Inc  | 282620 | 12511587 |
| Nicolet Bankshares Inc  | 71244 | 9852333 |
| Northeast Bank  | 38072 | 4209240 |
| Northeast Community Bancorp Inc  | 71378 | 1609574 |
| Northfield Bancorp Inc  | 201551 | 2388379 |
| Northpointe Bancshares Inc (c) | 54028 | 962779 |
| Northrim BanCorp Inc  | 29769 | 2799179 |
| Northwest Bancshares Inc  | 787961 | 9967707 |
| Norwood Financial Corp  | 45198 | 1223058 |
| NSTS Bancorp Inc (b) | 22395 | 272995 |
| Oak Valley Bancorp  | 35905 | 1022933 |
| OceanFirst Financial Corp  | 316349 | 5817658 |
| Ohio Valley Banc Corp (c) | 20518 | 759166 |
| Old National Bancorp/IN  | 1760234 | 40291756 |
| Old Point Financial Corp  | 22837 | 961438 |
| Old Second Bancorp Inc  | 240693 | 4443193 |
| OP Bancorp (c) | 59594 | 866497 |
| OptimumBank Holdings Inc (b)(c) | 50279 | 213685 |
| Orange County Bancorp Inc  | 48410 | 1291579 |
| Origin Bancorp Inc  | 157801 | 6136881 |
| Orrstown Financial Services Inc  | 105690 | 3683297 |
| Pacific Premier Bancorp Inc  | 525837 | 12877748 |
| Park National Corp  | 78566 | 13495282 |
| Parke Bancorp Inc  | 52937 | 1193729 |
| Pathfinder Bancorp Inc  | 13029 | 195304 |
| Pathward Financial Inc  | 125552 | 9977617 |
| Patriot National Bancorp Inc (b) | 250300 | 375450 |
| PB Bankshares Inc (b) | 12282 | 243798 |
| PCB Bancorp  | 62351 | 1377957 |
| Peapack-Gladstone Financial Corp  | 83328 | 2417345 |
| Peoples Bancorp Inc/OH  | 190054 | 5880271 |
| Peoples Bancorp of North Carolina Inc  | 26006 | 823870 |
| Peoples Financial Services Corp  | 53300 | 2793453 |
| Pinnacle Financial Partners Inc  | 416095 | 40452756 |
| Pioneer Bancorp Inc/NY (b) | 51935 | 680868 |
| Plumas Bancorp  | 29594 | 1284084 |
| Ponce Financial Group Inc (b) | 117562 | 1744620 |
| Preferred Bank/Los Angeles CA (c) | 60817 | 5741125 |
| Primis Financial Corp  | 107035 | 1225551 |
| Princeton Bancorp Inc  | 27826 | 950536 |
| Prosperity Bancshares Inc  | 511128 | 35334279 |
| Provident Bancorp Inc (b) | 94026 | 1210115 |
| Provident Financial Holdings Inc  | 31518 | 488214 |
| Provident Financial Services Inc  | 708480 | 14056243 |
| QCR Holdings Inc  | 91034 | 7135245 |
| RBB Bancorp  | 72278 | 1462184 |
| Red River Bancshares Inc  | 25126 | 1643240 |
| Renasant Corp (c) | 497732 | 19476253 |
| Republic Bancorp Inc/KY Class A  | 51201 | 3929165 |
| Rhinebeck Bancorp Inc (b) | 20843 | 278671 |
| Richmond Mutual BanCorp Inc  | 55574 | 821939 |
| Riverview Bancorp Inc  | 102510 | 518701 |
| S&T Bancorp Inc  | 208499 | 8237795 |
| SB Financial Group Inc  | 35545 | 746445 |
| Seacoast Banking Corp of Florida  | 458498 | 14263873 |
| ServisFirst Bancshares Inc  | 270845 | 23874987 |
| Shore Bancshares Inc  | 163629 | 2812783 |
| Sierra Bancorp  | 67125 | 2058053 |
| Simmons First National Corp Class A  | 766737 | 15932795 |
| SmartFinancial Inc  | 75667 | 2788329 |
| Sound Financial Bancorp Inc  | 12167 | 575134 |
| South Plains Financial Inc  | 64213 | 2608974 |
| Southern First Bancshares Inc (b) | 40683 | 1834803 |
| Southern Missouri Bancorp Inc  | 50076 | 2881123 |
| Southside Bancshares Inc  | 154461 | 4825362 |
| SouthState Corp  | 532445 | 54341337 |
| SR Bancorp Inc (c) | 47023 | 708637 |
| Stellar Bancorp Inc  | 247217 | 7643950 |
| Sterling Bancorp Inc/MI (b)(d) | 102043 | 1 |
| Stock Yards Bancorp Inc  | 145752 | 11763644 |
| Summit State Bank  | 26803 | 318956 |
| Synovus Financial Corp  | 750795 | 38748530 |
| Texas Capital Bancshares Inc (b) | 246513 | 21340630 |
| Texas Community Bancshares Inc  | 10750 | 176245 |
| TFS Financial Corp  | 282813 | 3976351 |
| Third Coast Bancshares Inc (b) | 68666 | 2734967 |
| Timberland Bancorp Inc/WA  | 38911 | 1301573 |
| Tompkins Financial Corp  | 67841 | 4758368 |
| Towne Bank/Portsmouth VA  | 373396 | 13699899 |
| TriCo Bancshares  | 178231 | 8095252 |
| Triumph Financial Inc (b) | 119792 | 7366010 |
| TrustCo Bank Corp NY  | 103230 | 4107522 |
| Trustmark Corp  | 322784 | 12998512 |
| UMB Financial Corp  | 385887 | 47039625 |
| Union Bankshares Inc/Morrisville VT  | 20477 | 535883 |
| United Bancorp Inc/OH  | 27825 | 405689 |
| United Bankshares Inc/WV  | 766273 | 29378907 |
| United Community Banks Inc/GA  | 666840 | 22272456 |
| United Security Bancshares/Fresno CA  | 74211 | 706489 |
| Unity Bancorp Inc  | 32170 | 1684100 |
| Univest Financial Corp  | 156174 | 4946031 |
| USCB Financial Holdings Inc  | 55217 | 960224 |
| Valley National Bancorp  | 2587573 | 27066014 |
| Veritex Holdings Inc  | 292371 | 10042944 |
| Virginia National Bankshares Corp  | 25763 | 1071998 |
| WaFd Inc  | 433401 | 13630461 |
| Washington Trust Bancorp Inc  | 104501 | 3169515 |
| Webster Financial Corp  | 905995 | 56371009 |
| WesBanco Inc  | 516915 | 16954812 |
| West BanCorp Inc  | 82227 | 1641251 |
| Westamerica BanCorp  | 141793 | 7091068 |
| Western Alliance Bancorp  | 591672 | 52984228 |
| Western New England Bancorp Inc  | 97749 | 1225772 |
| Winchester Bancorp Inc  | 15610 | 147670 |
| Wintrust Financial Corp  | 359185 | 49312509 |
| WSFS Financial Corp  | 304419 | 17744584 |
| Zions Bancorp NA  | 793670 | 46040797 |
|  |  | 2452607213 |
| Capital Markets - 4.4% |  |  |
| Acadian Asset Management Inc  | 143670 | 7322860 |
| Aether Holdings Inc  | 9501 | 64607 |
| Affiliated Managers Group Inc  | 152753 | 34341929 |
| AlTi Global Inc Class A (b)(c) | 355485 | 1539250 |
| Ares Management Corp Class A  | 1090788 | 195469210 |
| Artisan Partners Asset Management Inc Class A (c) | 385413 | 18033474 |
| Associated Capital Group Inc Class A (c) | 11875 | 393419 |
| AtlasClear Holdings Inc (b)(c) | 51093 | 9441 |
| B Riley Financial Inc (b)(c) | 92507 | 509251 |
| Bakkt Holdings Inc Class A (b)(c) | 36901 | 323622 |
| Beneficient Class A (b)(c) | 44687 | 18097 |
| BGC Group Inc Class A  | 2052872 | 20138674 |
| Binah Capital Group Inc (b)(c) | 19859 | 38725 |
| Blue Owl Capital Inc Class A  | 3107732 | 57555197 |
| CaliberCos Inc Class A (b)(c) | 3499 | 12141 |
| Carlyle Group Inc/The  | 1150651 | 74286029 |
| Cohen & Co Inc  | 4825 | 59806 |
| Cohen & Steers Inc  | 146230 | 10800548 |
| Diamond Hill Investment Group Inc  | 14985 | 2184214 |
| DigitalBridge Group Inc Class A  | 855331 | 9759327 |
| Dominari Holdings Inc (c) | 33720 | 216482 |
| Donnelley Financial Solutions Inc (b)(c) | 137167 | 7786971 |
| Evercore Inc Class A  | 194249 | 62460766 |
| Federated Hermes Inc Class B  | 403221 | 21411035 |
| Fold Holdings Inc Class A (b)(c) | 76319 | 273222 |
| Forge Global Holdings Inc Class A (b)(c) | 41508 | 782426 |
| Galaxy Digital Inc Class A (c) | 880877 | 20691801 |
| GCM Grosvenor Inc Class A (c) | 254089 | 3292993 |
| Great Elm Group Inc (b) | 114470 | 264426 |
| Hamilton Lane Inc Class A  | 235087 | 36283328 |
| Hennessy Advisors Inc (c) | 23688 | 265542 |
| Heritage Global Inc (b) | 173610 | 331595 |
| Houlihan Lokey Inc Class A  | 288666 | 57516701 |
| Innventure Inc  | 150720 | 821424 |
| Janus Henderson Group PLC  | 678125 | 30054500 |
| Jefferies Financial Group Inc  | 881755 | 57181812 |
| Lazard Inc  | 610565 | 34899895 |
| LPL Financial Holdings Inc  | 431230 | 157174710 |
| MarketWise Inc Class A  | 11857 | 212952 |
| Marygold Cos Inc/The (b) | 47177 | 43356 |
| Moelis & Co Class A  | 400897 | 28908683 |
| Morningstar Inc  | 143444 | 37642574 |
| Netcapital Inc (b) | 11328 | 22656 |
| Open Lending Corp (b) | 493263 | 1040785 |
| Oppenheimer Holdings Inc Class A  | 32505 | 2358888 |
| P10 Inc Class A  | 335157 | 4135837 |
| Perella Weinberg Partners Class A  | 335629 | 7427470 |
| Piper Sandler Cos  | 88996 | 29705975 |
| PJT Partners Inc Class A  | 131054 | 23458666 |
| Robinhood Markets Inc Class A (b) | 3851520 | 400673626 |
| SEI Investments Co  | 504846 | 44567805 |
| Siebert Financial Corp (b)(c) | 107574 | 293677 |
| Silvercrest Asset Management Group Inc Class A  | 51890 | 850477 |
| StepStone Group Inc Class A  | 359123 | 22287173 |
| Stifel Financial Corp  | 554398 | 63916545 |
| StoneX Group Inc (b) | 233948 | 23902467 |
| TPG Inc Class A  | 693031 | 41824421 |
| Tradeweb Markets Inc Class A  | 629026 | 77596647 |
| US Global Investors Inc Class A  | 55704 | 135918 |
| Value Line Inc  | 4507 | 170996 |
| Victory Capital Holdings Inc Class A  | 253820 | 18092290 |
| Virtu Financial Inc Class A  | 434085 | 18196843 |
| Virtus Invt Partners Inc  | 35157 | 7081675 |
| Westwood Holdings Group Inc  | 33262 | 590733 |
| WisdomTree Inc  | 624120 | 8494273 |
|  |  | 1788202858 |
| Consumer Finance - 1.2% |  |  |
| Ally Financial Inc  | 1494747 | 61359364 |
| Atlanticus Holdings Corp (b) | 26205 | 1747874 |
| Bread Financial Holdings Inc  | 250986 | 16612763 |
| Consumer Portfolio Services Inc (b)(c) | 43785 | 349842 |
| Credit Acceptance Corp (b)(c) | 32724 | 16844025 |
| Dave Inc Class A (b) | 41980 | 8950976 |
| DeFi Development Corp (b)(c) | 44046 | 705617 |
| Encore Capital Group Inc (b)(c) | 125987 | 5271296 |
| Enova International Inc (b) | 136973 | 16614825 |
| EZCORP Inc Class A (b) | 281828 | 4698073 |
| FirstCash Holdings Inc  | 208520 | 30708740 |
| Green Dot Corp Class A (b) | 297208 | 4137135 |
| Katapult Holdings Inc Class A (b) | 21542 | 323130 |
| LendingClub Corp (b) | 617723 | 10612481 |
| Lendingtree Inc (b) | 59992 | 4076456 |
| Medallion Financial Corp (c) | 98397 | 1039072 |
| Navient Corp  | 391855 | 5372332 |
| Nelnet Inc Class A  | 94030 | 12093198 |
| NerdWallet Inc Class A (b) | 195090 | 2017231 |
| Old Market Capital Corp (b) | 32413 | 180216 |
| OneMain Holdings Inc  | 639167 | 39538871 |
| Oportun Financial Corp (b) | 164560 | 1087742 |
| OppFi Inc Class A  | 127974 | 1306615 |
| PRA Group Inc (b) | 212258 | 3627489 |
| PROG Holdings Inc  | 218467 | 7698777 |
| Regional Management Corp  | 49224 | 2157980 |
| SLM Corp  | 1132498 | 35424537 |
| SoFi Technologies Inc Class A (b) | 6406242 | 163615422 |
| Upstart Holdings Inc (b)(c) | 449062 | 32907263 |
| Vroom Inc (c) | 6069 | 172967 |
| World Acceptance Corp (b) | 16845 | 2887738 |
|  |  | 494140047 |
| Financial Services - 2.3% |  |  |
| Acacia Research Corp (b) | 191622 | 653431 |
| Affirm Holdings Inc Class A (b) | 1386310 | 122632983 |
| Alerus Financial Corp  | 126393 | 2814772 |
| AvidXchange Holdings Inc (b) | 1010902 | 10048366 |
| Better Home & Finance Holding Co Class A (b)(c) | 36703 | 830589 |
| Cannae Holdings Inc  | 340601 | 6369239 |
| Cantaloupe Inc (b)(c) | 315459 | 3429039 |
| Cass Information Systems Inc  | 65398 | 2819962 |
| Corebridge Financial Inc  | 1456691 | 50649146 |
| Enact Holdings Inc  | 154074 | 5800886 |
| Equitable Holdings Inc  | 1641211 | 87410898 |
| Essent Group Ltd  | 546392 | 34280634 |
| Euronet Worldwide Inc (b) | 221976 | 20685943 |
| Federal Agricultural Mortgage Corp Class A  | 212 | 31077 |
| Federal Agricultural Mortgage Corp Class C  | 55057 | 11538296 |
| Finance of America Cos Inc Class A (b)(c) | 41169 | 1099624 |
| FlexShopper Inc (b) | 98945 | 68213 |
| Flywire Corp (b) | 582760 | 7663294 |
| Guild Holdings Co Class A  | 53488 | 1064946 |
| HA Sustainable Infrastructure Capital Inc  | 665937 | 18806061 |
| Halo Spin-Out SPV Inc Class A (d) | 8869 | 0 |
| Income Opportunity Realty Investors Inc (b) | 2509 | 44911 |
| International Money Express Inc (b) | 157683 | 2286404 |
| Jackson Financial Inc  | 386846 | 38220385 |
| loanDepot Inc Class A (b)(c) | 485889 | 1039802 |
| Marqeta Inc Class A (b) | 2065717 | 13148289 |
| Merchants Bancorp/IN  | 148035 | 4799295 |
| MGIC Investment Corp  | 1280105 | 35625322 |
| Mr Cooper Group Inc (b) | 345869 | 65206683 |
| NCR Atleos Corp (b) | 395519 | 15670463 |
| NewtekOne Inc (c) | 134924 | 1669010 |
| NMI Holdings Inc (b) | 420932 | 16563674 |
| OLB Group Inc/The (b) | 9922 | 10864 |
| Onity Group Inc (b) | 32894 | 1360825 |
| Paymentus Holdings Inc Class A (b) | 167188 | 6508629 |
| Payoneer Global Inc (b) | 1405815 | 9770414 |
| Paysign Inc (b) | 179670 | 930691 |
| PennyMac Financial Services Inc  | 174594 | 19222799 |
| Priority Technology Holdings Inc (b) | 75691 | 633534 |
| Radian Group Inc  | 729765 | 25454203 |
| Remitly Global Inc (b) | 824952 | 15286361 |
| Repay Holdings Corp Class A (b) | 410404 | 2429592 |
| Rocket Cos Inc Class A (c) | 1309704 | 23273440 |
| Ryvyl Inc (b) | 28828 | 8642 |
| Security National Financial Corp Class A  | 66021 | 594189 |
| Sezzle Inc (b)(c) | 80651 | 7629585 |
| SHF Holdings Inc Class A (b)(c) | 9278 | 21338 |
| Shift4 Payments Inc Class A (b)(c) | 365359 | 33039414 |
| SWK Holdings Corp  | 15772 | 235161 |
| Toast Inc Class A (b) | 2367536 | 106775874 |
| Usio Inc (b) | 95299 | 140566 |
| UWM Holdings Corp Class A  | 787548 | 4489024 |
| Velocity Financial Inc (b) | 65802 | 1255502 |
| Voya Financial Inc  | 521131 | 39131727 |
| Walker & Dunlop Inc  | 174660 | 14854833 |
| Waterstone Financial Inc  | 96604 | 1448094 |
| Western Union Co/The  | 1778402 | 15418745 |
| WEX Inc (b) | 185909 | 31855507 |
| XBP Global Holdings Inc Class A (b) | 72570 | 43839 |
|  |  | 944795029 |
| Insurance - 2.7% |  |  |
| Abacus Global Management Inc Class A (b)(c) | 146656 | 1048590 |
| Ambac Financial Group Inc (b) | 254863 | 2301413 |
| American Coastal Insurance Corp  | 132386 | 1462865 |
| American Financial Group Inc/OH  | 387660 | 52667488 |
| American Integrity Insurance Group Inc  | 35678 | 713203 |
| Amerisafe Inc  | 102928 | 4753215 |
| Assured Guaranty Ltd  | 247732 | 20363570 |
| Atlantic American Corp  | 21485 | 71975 |
| Axis Capital Holdings Ltd  | 382901 | 37746381 |
| Baldwin Insurance Group Inc/The Class A (b)(c) | 381794 | 12091416 |
| Bowhead Specialty Holdings Inc (b) | 42624 | 1323901 |
| Brighthouse Financial Inc (b) | 310778 | 14687368 |
| Citizens Inc/TX Class A (b)(c) | 242613 | 1283423 |
| CNA Financial Corp  | 112232 | 5561096 |
| CNO Financial Group Inc  | 533461 | 21055706 |
| Conifer Holdings Inc (b)(c) | 16984 | 12959 |
| Crawford & Co Class A  | 77101 | 835775 |
| Crawford & Co Class B  | 50875 | 538766 |
| Donegal Group Inc Class A  | 84280 | 1507769 |
| Donegal Group Inc Class B  | 7438 | 109339 |
| eHealth Inc (b) | 161578 | 625307 |
| Employers Holdings Inc  | 129841 | 5616922 |
| F&G Annuities & Life Inc  | 117236 | 4052849 |
| Fidelity National Financial Inc/US  | 1408008 | 84297440 |
| First American Financial Corp  | 558957 | 36891162 |
| Fundamental Global Inc (d) | 5162 | 79598 |
| Fundamental Global Inc (b)(c) | 5146 | 72044 |
| Genworth Financial Inc Class A (b) | 2254391 | 19320131 |
| GoHealth Inc Class A (b) | 28449 | 145374 |
| Goosehead Insurance Inc Class A  | 134989 | 11434918 |
| Greenlight Capital Re Ltd Class A (b) | 135228 | 1743089 |
| Hagerty Inc Class A (b) | 125809 | 1440513 |
| Hanover Insurance Group Inc/The  | 192937 | 33470711 |
| HCI Group Inc  | 50047 | 8343335 |
| Heritage Insurance Holdings Inc (b) | 120219 | 2737387 |
| Hippo Holdings Inc (b)(c) | 102209 | 3455686 |
| Horace Mann Educators Corp  | 217351 | 9993799 |
| Investors Title Co  | 7884 | 1957282 |
| James River Group Holdings Ltd  | 250846 | 1409755 |
| Kemper Corp  | 324033 | 17384370 |
| Kingstone Cos Inc (c) | 61713 | 830657 |
| Kinsale Capital Group Inc  | 119913 | 54854202 |
| Lemonade Inc (b)(c) | 303698 | 16065624 |
| Lincoln National Corp  | 922723 | 39612498 |
| Markel Group Inc (b) | 68256 | 133717600 |
| MBIA Inc (b)(c) | 229414 | 1826135 |
| Mercury General Corp  | 143156 | 11070253 |
| NI Holdings Inc (b) | 34436 | 461098 |
| Old Republic International Corp  | 1213624 | 48508551 |
| Oscar Health Inc Class A (b)(c) | 1109687 | 18487385 |
| Palomar Hldgs Inc (b) | 146460 | 18017509 |
| Primerica Inc  | 176991 | 47670756 |
| ProAssurance Corp (b) | 271503 | 6464486 |
| Reinsurance Group of America Inc  | 356082 | 69361213 |
| Reliance Global Group Inc (b) | 12113 | 11637 |
| RLI Corp  | 450531 | 30514465 |
| Root Inc/OH Class A (b)(c) | 46880 | 4323274 |
| Ryan Specialty Holdings Inc Class A  | 583689 | 32995939 |
| Safety Insurance Group Inc  | 81014 | 5995846 |
| Selective Insurance Group Inc  | 330267 | 25836787 |
| Selectquote Inc (b) | 672562 | 1519990 |
| Skyward Specialty Insurance Group Inc (b) | 178892 | 8640484 |
| Stewart Information Services Corp  | 150815 | 10985365 |
| Tiptree Inc Class A  | 118503 | 2778895 |
| Trupanion Inc (b) | 182381 | 8455183 |
| TWFG Inc Class A (b) | 67255 | 1778558 |
| United Fire Group Inc  | 110713 | 3403318 |
| Universal Insurance Holdings Inc  | 138507 | 3378186 |
| Unum Group  | 862841 | 60278072 |
| White Mountains Insurance Group Ltd  | 13690 | 25055164 |
|  |  | 1117507020 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.8% |  |  |
| ACRES Commercial Realty Corp (b) | 31190 | 654990 |
| AG Mortgage Investment Trust Inc  | 159091 | 1202728 |
| AGNC Investment Corp (c) | 5518165 | 53857290 |
| Angel Oak Mortgage REIT Inc  | 81692 | 805483 |
| Annaly Capital Management Inc  | 3260767 | 69095653 |
| Apollo Commercial Real Estate Finance Inc  | 693391 | 7343011 |
| Arbor Realty Trust Inc (c) | 1041502 | 12435534 |
| Ares Commercial Real Estate Corp  | 303224 | 1431217 |
| ARMOUR Residential REIT Inc  | 562551 | 8612656 |
| Blackstone Mortgage Trust Inc Class A  | 924543 | 18084061 |
| Brightspire Capital Inc Class A  | 726863 | 4215805 |
| Cherry Hill Mortgage Investment Corp  | 178078 | 511084 |
| Chimera Investment Corp  | 418307 | 5927410 |
| Claros Mortgage Trust Inc (c) | 619989 | 2293959 |
| Dynex Capital Inc  | 584986 | 7382523 |
| Ellington Financial Inc  | 511684 | 6979370 |
| Franklin BSP Realty Trust Inc  | 455885 | 5265472 |
| Granite Point Mortgage Trust Inc  | 267167 | 772113 |
| Invesco Mortgage Capital Inc (c) | 362711 | 2836400 |
| Kkr Real Estate Finance Trust Inc (c) | 311019 | 2995113 |
| Ladder Capital Corp Class A  | 600054 | 6972627 |
| Lument Finance Trust Inc (c) | 238748 | 534796 |
| Manhattan Bridge Capital Inc  | 52409 | 277767 |
| MFA Financial Inc  | 443497 | 4523669 |
| New York Mortgage Trust Inc  | 494521 | 3570442 |
| Nexpoint Real Estate Finance Inc  | 49682 | 745230 |
| Orchid Island Capital Inc  | 599317 | 4231178 |
| Pennymac Mortgage Investment Trust  | 475419 | 5852408 |
| Ready Capital Corp  | 936685 | 3990278 |
| Redwood Trust Inc  | 715960 | 4381675 |
| Rithm Capital Corp  | 2840415 | 35164338 |
| Rithm Property Trust Inc  | 243810 | 626592 |
| Sachem Capital Corp  | 281733 | 349349 |
| Seven Hills Realty Trust  | 74628 | 807475 |
| Starwood Property Trust Inc  | 1873695 | 37979798 |
| Sunrise Realty Trust Inc  | 30311 | 335240 |
| TPG RE Finance Trust Inc  | 363004 | 3394087 |
| Two Harbors Investment Corp  | 636737 | 6367370 |
|  |  | 332806191 |
| TOTAL FINANCIALS |  | 7130058358 |
| Health Care - 11.2% |  |  |
| Biotechnology - 5.1% |  |  |
| 4D Molecular Therapeutics Inc (b) | 182162 | 1122118 |
| 89bio Inc (b) | 694284 | 6269385 |
| Abeona Therapeutics Inc (b)(c) | 264513 | 1806624 |
| Abpro Holdings Inc Class A (b)(c) | 116710 | 28617 |
| Absci Corp (b)(c) | 492706 | 1177567 |
| ABVC BioPharma Inc (b)(c) | 73104 | 206884 |
| ACADIA Pharmaceuticals Inc (b) | 671533 | 17453143 |
| Aceragen Inc (b)(c)(d) | 12983 | 0 |
| Achieve Life Sciences Inc (b)(c) | 175778 | 523818 |
| Acrivon Therapeutics Inc (b) | 73246 | 98150 |
| Actinium Pharmaceuticals Inc (b) | 169592 | 301874 |
| Actuate Therapeutics Inc (b)(c) | 16480 | 139091 |
| Acumen Pharmaceuticals Inc (b) | 168326 | 228923 |
| Acurx Pharmaceuticals Inc (b) | 4787 | 22116 |
| Adicet Bio Inc (b) | 328502 | 236521 |
| Aditxt Inc (b)(c) | 10819 | 11144 |
| ADMA Biologics Inc (b) | 1298124 | 22405620 |
| Adverum Biotechnologies Inc (b)(c) | 87277 | 268813 |
| AEON Biopharma Inc Class A (b) | 19340 | 14151 |
| Aevi Genomic Medicine Inc rights (b)(d) | 123543 | 1 |
| Agenus Inc (b)(c) | 149328 | 624191 |
| Agios Pharmaceuticals Inc (b) | 312793 | 11795424 |
| Ainos Inc (b) | 5074 | 19383 |
| Akebia Therapeutics Inc (b)(c) | 1300530 | 4083664 |
| Akero Therapeutics Inc (b) | 400828 | 18730692 |
| Alaunos Therapeutics Inc (b)(c) | 9142 | 19472 |
| Aldeyra Therapeutics Inc (b) | 234305 | 1368341 |
| Alector Inc (b) | 444010 | 1043424 |
| Aligos Therapeutics Inc Class A (b) | 23007 | 242724 |
| Alkermes PLC (b) | 891853 | 25836981 |
| Allarity Therapeutics Inc (b)(c) | 48407 | 74547 |
| Allogene Therapeutics Inc (b)(c) | 846349 | 956374 |
| Alnylam Pharmaceuticals Inc (b) | 704143 | 314406891 |
| Altimmune Inc (b)(c) | 524107 | 2007330 |
| ALX Oncology Holdings Inc (b)(c) | 158981 | 186008 |
| Alzamend Neuro Inc (b)(c) | 3314 | 8136 |
| Amicus Therapeutics Inc (b) | 1496985 | 11362116 |
| AnaptysBio Inc (b)(c) | 101788 | 2069350 |
| Anavex Life Sciences Corp (b)(c) | 460357 | 4437841 |
| Anika Therapeutics Inc (b)(c) | 78469 | 736039 |
| Anixa Biosciences Inc (b) | 164541 | 491978 |
| Annexon Inc (b) | 479173 | 987096 |
| Annovis Bio Inc (b)(c) | 86337 | 199438 |
| Apellis Pharmaceuticals Inc (b) | 583848 | 16096689 |
| Apimeds Pharmaceuticals US Inc (c) | 2240 | 4099 |
| Apogee Therapeutics Inc (b) | 174409 | 6343255 |
| Applied Therapeutics Inc (b)(c) | 533843 | 263024 |
| Aptevo Therapeutics Inc (b)(c) | 2001 | 3282 |
| AquaBounty Technologies Inc (b)(c) | 23573 | 27816 |
| Aravive Inc (b)(c)(d) | 263230 | 3 |
| Arbutus Biopharma Corp (b)(c) | 826655 | 3066890 |
| Arcellx Inc (b)(c) | 213733 | 14830933 |
| Arcturus Therapeutics Holdings Inc (b)(c) | 134604 | 2289614 |
| Arcus Biosciences Inc (b) | 368346 | 3900784 |
| Arcutis Biotherapeutics Inc (b) | 579704 | 8997006 |
| Ardelyx Inc (b) | 1293402 | 8226037 |
| Armata Pharmaceuticals Inc (b)(c) | 54574 | 136435 |
| ArriVent Biopharma Inc (b) | 124732 | 2384876 |
| Arrowhead Pharmaceuticals Inc (b) | 678144 | 14939512 |
| ARS Pharmaceuticals Inc (b)(c) | 286788 | 3332477 |
| Assembly Biosciences Inc (b) | 26915 | 664801 |
| Astria Therapeutics Inc (b) | 191186 | 1181529 |
| Atara Biotherapeutics Inc (b) | 21033 | 253448 |
| Atossa Therapeutics Inc (b) | 630672 | 481140 |
| aTyr Pharma Inc (b)(c) | 486680 | 2618338 |
| Aura Biosciences Inc (b) | 208255 | 1303676 |
| Avalo Therapeutics Inc (b) | 52793 | 490447 |
| Avidity Biosciences Inc (b) | 649937 | 30274065 |
| Avita Medical Inc (b)(c) | 141630 | 614674 |
| Azitra Inc (b)(c) | 13628 | 14582 |
| Beam Therapeutics Inc (b) | 494991 | 8098053 |
| Beyondspring Inc (b)(c) | 89958 | 154728 |
| Bicara Therapeutics Inc (b) | 100350 | 1198179 |
| bioAffinity Technologies Inc (b) | 101587 | 24594 |
| BioAtla Inc (b)(c) | 261843 | 119269 |
| BioCardia Inc (b)(c) | 21198 | 41548 |
| BioCryst Pharmaceuticals Inc (b) | 1127780 | 9371852 |
| Biohaven Ltd (b)(c) | 458137 | 7050728 |
| BioMarin Pharmaceutical Inc (b) | 1035712 | 60350938 |
| Biomea Fusion Inc (b) | 135879 | 264964 |
| BioRestorative Therapies Inc (b)(c) | 26868 | 49437 |
| BioVie Inc (b) | 7078 | 10759 |
| Bioxcel Therapeutics Inc (b)(c) | 27483 | 111306 |
| Black Diamond Therapeutics Inc (b)(c) | 162958 | 448135 |
| Bolt Biotherapeutics Inc (b) | 6976 | 36903 |
| Bone Biologics Corp (b) | 2754 | 5921 |
| Boundless Bio Inc (b) | 32605 | 36518 |
| Bridgebio Pharma Inc (b) | 803668 | 41597856 |
| C4 Therapeutics Inc (b)(c) | 311910 | 810966 |
| Cabaletta Bio Inc (b)(c) | 269242 | 390401 |
| Calidi Biotherapeutics Inc (b)(c) | 14779 | 24385 |
| CAMP4 Therapeutics Corp (c) | 38451 | 58446 |
| Candel Therapeutics Inc (b)(c) | 196090 | 1135361 |
| Capricor Therapeutics Inc (b)(c) | 225643 | 1417038 |
| Cardiff Oncology Inc (b)(c) | 330658 | 694382 |
| Cardio Diagnostics Holdings Inc (b)(c) | 8274 | 31524 |
| CareDx Inc (b) | 300871 | 4109898 |
| Caribou Biosciences Inc (b) | 479242 | 896183 |
| Carisma Therapeutics Inc (b)(c) | 133204 | 28639 |
| Carisma Therapeutics Inc rights (b)(d) | 1018958 | 10 |
| Cartesian Therapeutics Inc (b)(c) | 45842 | 460712 |
| Cartesian Therapeutics Inc rights (b)(c)(d) | 555522 | 161101 |
| Catalyst Pharmaceuticals Inc (b) | 612201 | 12605219 |
| CEL-SCI Corp (b)(c) | 13731 | 143214 |
| Celcuity Inc (b) | 150518 | 7711037 |
| Celldex Therapeutics Inc (b) | 359476 | 7937230 |
| Cellectar Biosciences Inc (b)(c) | 7528 | 36661 |
| Celularity Inc Class A (b)(c) | 69262 | 267351 |
| Century Therapeutics Inc (b) | 189928 | 93388 |
| CERo Therapeutics Holdings Inc Class A (b) | 1864 | 14017 |
| CervoMed Inc (b)(c) | 25476 | 245079 |
| CG oncology Inc (b) | 292147 | 7835383 |
| Chinook Therapeutics Inc rights (b)(d) | 51768 | 0 |
| Cibus Inc Class A (b)(c) | 127836 | 171300 |
| Cidara Therapeutics Inc (b) | 80028 | 5233031 |
| Clene Inc (b) | 32736 | 174156 |
| Climb Bio Inc (b) | 142473 | 317715 |
| Coeptis Therapeutics Holdings Inc (b)(c) | 13259 | 176676 |
| Cogent Biosciences Inc (b) | 698765 | 8441081 |
| Coherus Oncology Inc (b)(c) | 623950 | 723782 |
| Compass Therapeutics Inc (b)(c) | 534625 | 1865841 |
| Corbus Pharmaceuticals Holdings Inc (b)(c) | 65477 | 613519 |
| Corvus Pharmaceuticals Inc (b)(c) | 331031 | 1900118 |
| Coya Therapeutics Inc (b) | 77008 | 505172 |
| Creative Medical Technology Holdings Inc (b)(c) | 12567 | 39712 |
| Crescent Biopharma Inc (b) | 3149 | 45346 |
| Cue Biopharma Inc (b) | 393988 | 307389 |
| Cullinan Therapeutics Inc (b) | 290529 | 2190589 |
| Curis Inc (b) | 50942 | 85073 |
| Cyclacel Pharmaceuticals Inc (b)(c) | 217 | 1787 |
| Cyclerion Therapeutics Inc (b) | 12633 | 30951 |
| Cyteir Therapeutics Inc (b)(d) | 97013 | 1 |
| Cytokinetics Inc (b)(c) | 649727 | 22954855 |
| CytomX Therapeutics Inc (b)(c) | 852865 | 1739845 |
| Day One Biopharmaceuticals Inc (b) | 369671 | 2776229 |
| Denali Therapeutics Inc (b) | 690525 | 10544317 |
| Dermata Therapeutics Inc (b) | 1631 | 9199 |
| Design Therapeutics Inc (b)(c) | 158337 | 875604 |
| DiaMedica Therapeutics Inc (b)(c) | 140366 | 801490 |
| Dianthus Therapeutics Inc (b) | 105286 | 2481591 |
| Dianthus Therapeutics Inc rights (b)(d) | 190584 | 2 |
| Disc Medicine Inc (b) | 132852 | 7923958 |
| Dogwood Therapeutics Inc (b)(c) | 8150 | 39691 |
| Dogwood Therapeutics Inc (c)(d) | 6054 | 0 |
| Dyadic International Inc (b) | 111790 | 102992 |
| Dynavax Technologies Corp (b) | 602821 | 6100549 |
| Dyne Therapeutics Inc (b) | 611437 | 8248285 |
| Edesa Biotech Inc (b) | 16836 | 39396 |
| Editas Medicine Inc (b)(c) | 415047 | 1066671 |
| Eledon Pharmaceuticals Inc (b)(c) | 321615 | 832983 |
| Elicio Therapeutics Inc (b)(c) | 57402 | 604443 |
| Elutia Inc (b) | 124144 | 283048 |
| Emergent BioSolutions Inc (b)(c) | 290973 | 2415076 |
| Enanta Pharmaceuticals Inc (b) | 107818 | 905671 |
| Ensysce Biosciences Inc (b)(c) | 8168 | 17071 |
| Entero Therapeutics Inc (b)(c) | 9900 | 22523 |
| Entrada Therapeutics Inc (b) | 125196 | 684822 |
| Equillium Inc (b) | 98839 | 171980 |
| Erasca Inc (b) | 1157374 | 1817077 |
| Ernexa Therapeutics Inc (b)(c) | 13005 | 17687 |
| Estrella Immunopharma Inc (b)(c) | 58561 | 60903 |
| Ethzilla Corp (b) | 26108 | 73363 |
| Exact Sciences Corp (b) | 1023061 | 48513553 |
| Exagen Inc (b) | 68672 | 677106 |
| Exelixis Inc (b) | 1472298 | 55093391 |
| Exicure Inc (b)(c) | 13792 | 78201 |
| eXoZymes Inc (b) | 10166 | 95662 |
| Fate Therapeutics Inc (b) | 493569 | 513312 |
| Fibrobiologics Inc (b) | 138342 | 81636 |
| FibroGen Inc (b) | 21987 | 260106 |
| Foghorn Therapeutics Inc (b) | 186073 | 941529 |
| Forte Biosciences Inc (b)(c) | 29481 | 324291 |
| Fortress Biotech Inc (b)(c) | 111595 | 287915 |
| Gain Therapeutics Inc (b)(c) | 152288 | 303053 |
| Galectin Therapeutics Inc (b)(c) | 267791 | 1146145 |
| Genelux Corp (b)(c) | 165770 | 552014 |
| Generation Bio CO (b) | 25471 | 152826 |
| Genprex Inc (b)(c) | 129518 | 21241 |
| GeoVax Labs Inc (b)(c) | 68682 | 51209 |
| Geron Corp (b)(c) | 3105086 | 4347120 |
| Gossamer Bio Inc (b) | 1024920 | 2531552 |
| GRAIL Inc (b)(c) | 167007 | 5476160 |
| Greenwich Lifesciences Inc (b)(c) | 30931 | 355088 |
| GRI Bio Inc (b)(c) | 8661 | 12039 |
| GT Biopharma Inc (b) | 12718 | 11885 |
| Gyre Therapeutics Inc (b)(c) | 91013 | 704441 |
| Gyre Therapeutics Inc rights (b)(d) | 163033 | 1 |
| Halozyme Therapeutics Inc (b) | 665319 | 48668085 |
| HCW Biologics Inc (b)(c) | 5806 | 33210 |
| Heron Therapeutics Inc (b)(c) | 754774 | 1018945 |
| HilleVax Inc (b) | 128491 | 268546 |
| Humacyte Inc Class A (b)(c) | 620388 | 961601 |
| iBio Inc (b)(c) | 82796 | 67702 |
| Ideaya Biosciences Inc (b) | 477547 | 11723779 |
| Immix Biopharma Inc (b) | 77619 | 172314 |
| ImmuCell Corp (b) | 35287 | 225837 |
| Immuneering Corp (b) | 135359 | 778314 |
| Immunic Inc (b)(c) | 494196 | 405241 |
| ImmunityBio Inc (b)(c) | 1097900 | 2569086 |
| Immunome Inc (b)(c) | 433693 | 4124420 |
| Immunovant Inc (b)(c) | 414591 | 6090342 |
| Imunon Inc (c) | 6014 | 35663 |
| IN8bio Inc (b)(c) | 10524 | 23258 |
| Indaptus Therapeutics Inc (b) | 2371 | 15364 |
| Inhibikase Therapeutics Inc (b)(c) | 182122 | 327820 |
| Inhibrx Biosciences Inc (b)(c) | 53252 | 1501706 |
| Inmune Bio Inc (b)(c) | 84065 | 170652 |
| Inovio Pharmaceuticals Inc (b)(c) | 194713 | 461470 |
| Insight Molecular Diagnostics Inc (b)(c) | 80160 | 202003 |
| Insmed Inc (b) | 984851 | 134038221 |
| Instil Bio Inc (b)(c) | 20767 | 560709 |
| Intellia Therapeutics Inc (b)(c) | 571646 | 6491040 |
| Intensity Therapeutics Inc (b)(c) | 43183 | 12178 |
| Invivyd Inc (b)(c) | 312427 | 303991 |
| Ionis Pharmaceuticals Inc (b) | 862946 | 36791703 |
| Iovance Biotherapeutics Inc (b)(c) | 1339089 | 2986168 |
| Ironwood Pharmaceuticals Inc Class A (b) | 759622 | 1002701 |
| Jade Biosciences Inc (c) | 122837 | 970412 |
| Janux Therapeutics Inc (b) | 179324 | 4074241 |
| Jasper Therapeutics Inc Class A (b) | 61747 | 172892 |
| Kairos Pharma Ltd (b)(c) | 24929 | 33654 |
| KALA BIO Inc (b)(c) | 28288 | 317391 |
| Kalaris Therapeutics Inc (b)(c) | 14442 | 58923 |
| KalVista Pharmaceuticals Inc (b)(c) | 199666 | 2687504 |
| Karyopharm Therapeutics Inc (b)(c) | 17879 | 127120 |
| Keros Therapeutics Inc (b) | 187655 | 2854233 |
| Kezar Life Sciences Inc (b)(c) | 33538 | 132475 |
| Kineta Inc rights (b)(d) | 198769 | 2 |
| Klotho Neurosciences Inc (b)(c) | 89056 | 61778 |
| Kodiak Sciences Inc (b) | 172315 | 1557728 |
| Korro Bio Inc (b)(c) | 31238 | 720973 |
| Korro Bio Inc rights (b)(c)(d) | 185128 | 2 |
| Krystal Biotech Inc (b) | 138944 | 20522029 |
| Kura Oncology Inc (b) | 515358 | 4071328 |
| Kymera Therapeutics Inc (b) | 280263 | 11546836 |
| Kyverna Therapeutics Inc (b)(c) | 120662 | 447656 |
| Lantern Pharma Inc (b) | 42854 | 174844 |
| Larimar Therapeutics Inc (b)(c) | 172627 | 624910 |
| Leap Therapeutics Inc (b) | 167833 | 48403 |
| Lexeo Therapeutics Inc (b)(c) | 132773 | 635983 |
| Lexicon Pharmaceuticals Inc (b)(c) | 997862 | 1097648 |
| Liminatus Pharma Inc (c) | 23486 | 63647 |
| Lineage Cell Therapeutics Inc (b)(c) | 1238470 | 1449010 |
| Lisata Therapeutics Inc (b)(c) | 37488 | 86972 |
| Lixte Biotechnology Holdings Inc (b)(c) | 16930 | 74831 |
| Longeveron Inc (b)(c) | 72395 | 59950 |
| Longevity Health Holdings Inc Class A (b)(c) | 4345 | 11080 |
| Lyell Immunopharma Inc (b) | 50548 | 560072 |
| MacroGenics Inc (b) | 264414 | 468013 |
| Madrigal Pharmaceuticals Inc (b)(c) | 93891 | 41110174 |
| MAIA Biotechnology Inc (b) | 126104 | 194200 |
| MannKind Corp (b) | 1640730 | 7530951 |
| Marker Therapeutics Inc (b)(c) | 47267 | 43755 |
| Matinas BioPharma Holdings Inc (b)(c) | 29616 | 53901 |
| MediciNova Inc (b) | 265525 | 347838 |
| MediPacific Inc Class A rights (b)(d) | 103801 | 1 |
| MEI Pharma Inc (b)(c) | 37042 | 180024 |
| Merrimack Pharmaceuticals Inc (b)(d) | 82829 | 0 |
| Mersana Therapeutics Inc (b)(c) | 20686 | 151422 |
| Metagenomi Inc (b) | 139290 | 242365 |
| MetaVia Inc (b) | 21073 | 13365 |
| MetaVia Inc rights (b)(d) | 1001 | 0 |
| Metsera Inc (b) | 85250 | 3008473 |
| MiMedx Group Inc (b) | 637229 | 4524326 |
| Mineralys Therapeutics Inc (b) | 204970 | 3172936 |
| Minerva Neurosciences Inc (b) | 26363 | 62744 |
| MiNK Therapeutics Inc (b)(c) | 5472 | 77921 |
| Mirum Pharmaceuticals Inc (b) | 223067 | 16477959 |
| Moleculin Biotech Inc (b)(c) | 66351 | 26030 |
| Monopar Therapeutics Inc (b)(c) | 23075 | 788011 |
| Monte Rosa Therapeutics Inc (b) | 238314 | 1143907 |
| Mural Oncology PLC (b) | 90230 | 185874 |
| Mustang Bio Inc (b)(c) | 18944 | 28605 |
| Myriad Genetics Inc (b) | 363609 | 2316189 |
| NanoViricides Inc (b)(c) | 85072 | 118250 |
| Natera Inc (b) | 737883 | 124148815 |
| NeuBase Therapeutics Inc (b)(d) | 11216 | 2658 |
| Neurocrine Biosciences Inc (b) | 534391 | 74600984 |
| Neurogene Inc (b)(c) | 54173 | 1001117 |
| Neurogene Inc rights (b)(d) | 36893 | 0 |
| NextCure Inc (b) | 10253 | 51573 |
| Nkarta Inc (b)(c) | 255984 | 542686 |
| Novavax Inc (b)(c) | 871957 | 6513519 |
| Nurix Therapeutics Inc (b) | 404604 | 3779001 |
| Nuvalent Inc Class A (b) | 207517 | 15891652 |
| Nuvectis Pharma Inc (b) | 62071 | 407186 |
| Ocugen Inc (b)(c) | 1567579 | 1598931 |
| Olema Pharmaceuticals Inc (b)(c) | 261574 | 1428194 |
| OmniAb Operations Inc (b)(d) | 29768 | 11907 |
| OmniAb Operations Inc (b)(d) | 29768 | 9526 |
| Onconetix Inc (b)(c) | 1021 | 2992 |
| Oncternal Therapeutics Inc (b)(d) | 14632 | 7705 |
| Oncternal Therapeutics Inc rights (b)(c)(d) | 6762 | 0 |
| OnKure Therapeutics Inc Class A (b) | 40983 | 112703 |
| Opus Genetics Inc (b) | 162736 | 198538 |
| Opus Genetics Inc rights (b)(d) | 5723 | 0 |
| Oragenics Inc (b)(c) | 2210 | 2276 |
| Organogenesis Holdings Inc Class A (b)(c) | 379455 | 1954193 |
| ORIC Pharmaceuticals Inc (b)(c) | 250372 | 2561306 |
| Oruka Therapeutics Inc (b)(c) | 181182 | 2681494 |
| OSR Holdings Inc (b)(c) | 5414 | 4204 |
| Outlook Therapeutics Inc (b)(c) | 125232 | 106597 |
| Ovid therapeutics Inc (b) | 308088 | 394353 |
| Palisade Bio Inc (b)(c) | 18450 | 12461 |
| Palisade Bio Inc rights (b)(d) | 117971 | 1 |
| Palvella Therapeutics Inc (b) | 38775 | 2099666 |
| Palvella Therapeutics Inc rights (b)(d) | 7057 | 0 |
| Pasithea Therapeutics Corp (b) | 14714 | 11892 |
| Passage Bio Inc (b) | 14352 | 99316 |
| PDL BioPharma Inc (b)(d) | 559249 | 6 |
| PDS Biotechnology Corp (b) | 251979 | 312454 |
| Pelthos Therapeutics Inc (b)(c) | 1033 | 24431 |
| PepGen Inc (b)(c) | 92165 | 106911 |
| Perspective Therapeutics Inc (b) | 310408 | 1042971 |
| PharmaCyte Biotech Inc (b) | 41578 | 39042 |
| Phio Pharmaceuticals Corp (b)(c) | 27753 | 54673 |
| Plus Therapeutics Inc (b)(c) | 83439 | 38048 |
| PMV Pharmaceuticals Inc (b) | 208578 | 292009 |
| Praxis Precision Medicines Inc (b) | 102582 | 4671584 |
| Precigen Inc (b)(c) | 821273 | 3703941 |
| Precision BioSciences Inc (b)(c) | 49191 | 241036 |
| Prelude Therapeutics Inc (b) | 103654 | 125421 |
| Prime Medicine Inc (b)(c) | 350612 | 1135983 |
| ProKidney Corp Class A (b)(c) | 490509 | 1157601 |
| Protagenic Therapeutics Inc (b)(c) | 3270 | 11772 |
| Protagonist Therapeutics Inc (b) | 338287 | 19975847 |
| Protara Therapeutics Inc (b) | 182406 | 569107 |
| PTC Therapeutics Inc (b) | 428719 | 21148708 |
| Puma Biotechnology Inc (b) | 192497 | 970185 |
| Pyxis Oncology Inc (b)(c) | 245961 | 314830 |
| Q32 Bio Inc (b)(c) | 28601 | 48908 |
| Q32 Bio Inc rights (b)(c)(d) | 157026 | 1 |
| Qualigen Therapeutics Inc (b)(c) | 3898 | 6977 |
| Qualigen Therapeutics Inc rights (b)(d) | 2906 | 0 |
| Quince Therapeutics Inc (b)(c) | 195124 | 312198 |
| Rallybio Corp (b) | 123417 | 66226 |
| RAPT Therapeutics Inc (b)(c) | 56135 | 638816 |
| Recursion Pharmaceuticals Inc Class A (b)(c) | 1639099 | 7703765 |
| REGENXBIO Inc (b) | 250348 | 2235608 |
| Rein Therapeutics Inc (b) | 106614 | 148193 |
| Relay Therapeutics Inc (b)(c) | 726783 | 2609151 |
| Renovaro Inc (b) | 493124 | 117364 |
| RenovoRx Inc (b) | 183932 | 176575 |
| Replimune Group Inc (b)(c) | 360883 | 1948768 |
| Revelation Biosciences Inc (b)(c) | 1136 | 3135 |
| Revolution Medicines Inc (b) | 956773 | 36328671 |
| Rezolute Inc/old (b)(c) | 380412 | 2708533 |
| Rhythm Pharmaceuticals Inc (b) | 294090 | 30335384 |
| Rigel Pharmaceuticals Inc (b) | 95711 | 3718372 |
| Rocket Pharmaceuticals Inc (b) | 532798 | 1747577 |
| Roivant Sciences Ltd (b) | 2269639 | 27076793 |
| SAB Biotherapeutics Inc (b)(c) | 42950 | 88477 |
| Sagimet Biosciences Inc Class A (b)(c) | 127288 | 955933 |
| Salarius Pharmaceuticals Inc (b)(c) | 623 | 3588 |
| Sana Biotechnology Inc (b) | 709286 | 2170415 |
| Sangamo Therapeutics Inc (b)(c) | 1157197 | 601742 |
| Sarepta Therapeutics Inc (b)(c) | 530767 | 9659959 |
| Savara Inc (b)(c) | 628567 | 2061700 |
| Scholar Rock Holding Corp (b)(c) | 410142 | 13391136 |
| SELLAS Life Sciences Group Inc (b)(c) | 544680 | 1045786 |
| Sensei Biotherapeutics Inc (b)(c) | 4589 | 36850 |
| Senti Biosciences Inc Class A (b) | 69916 | 102777 |
| Sera Prognostics Inc Class A (b) | 146735 | 473954 |
| Seres Therapeutics Inc (b)(c) | 38740 | 733736 |
| Serina Therapeutics Inc (b)(c) | 16705 | 88871 |
| Shattuck Labs Inc (b) | 225931 | 221593 |
| Shuttle Pharmaceuticals Holdings Inc (b)(c) | 1792 | 5914 |
| Silo Pharma Inc (b) | 25476 | 16101 |
| Sionna Therapeutics Inc (c) | 58846 | 1448789 |
| Skye Bioscience Inc (b)(c) | 93523 | 327331 |
| Soleno Therapeutics Inc (b) | 180944 | 12244480 |
| Solid Biosciences Inc (b) | 319481 | 1750756 |
| Soligenix Inc (b)(c) | 14296 | 44318 |
| Sonnet BioTherapeutics Holdings Inc (b)(c) | 19730 | 64123 |
| Spectrum Pharmaceuticals Inc rights (b)(d) | 927702 | 9 |
| Spero Therapeutics Inc (b)(c) | 235658 | 487812 |
| Spyre Therapeutics Inc (b)(c) | 278383 | 4590536 |
| Spyre Therapeutics Inc rights (b)(d) | 318998 | 3 |
| Stoke Therapeutics Inc (b) | 222314 | 4392925 |
| Summit Therapeutics Inc (b)(c) | 765248 | 18136378 |
| Surface Oncology Inc rights (b)(d) | 293597 | 3 |
| Surrozen Inc Class A (b) | 12809 | 156078 |
| Sutro Biopharma Inc (b) | 407996 | 349693 |
| Syndax Pharmaceuticals Inc (b) | 462240 | 7548379 |
| Synlogic Inc (b) | 36806 | 53737 |
| Tango Therapeutics Inc (b)(c) | 355378 | 2384586 |
| Tao Synergies Inc (b)(c) | 7240 | 42137 |
| Taysha Gene Therapies Inc (b) | 817306 | 2386534 |
| Tectonic Therapeutic Inc (b)(c) | 57097 | 1458258 |
| Tectonic Therapeutic Inc rights (b)(d) | 17437 | 0 |
| Tempest Therapeutics Inc (b)(c) | 16809 | 166745 |
| Tenax Therapeutics Inc (b) | 17875 | 106356 |
| Tenaya Therapeutics Inc (b) | 545779 | 616730 |
| Tevogen Bio Holdings Inc Class A (b)(c) | 58293 | 53047 |
| TG Therapeutics Inc (b)(c) | 736902 | 21613336 |
| Tharimmune Inc (b)(c) | 12312 | 73256 |
| Theriva Biologics Inc (b)(c) | 20841 | 8545 |
| Tonix Pharmaceuticals Holding Corp (b)(c) | 39129 | 1159392 |
| Tourmaline Bio Inc (b)(c) | 100965 | 2362581 |
| TransCode Therapeutics Inc (b)(c) | 3278 | 31895 |
| Travere Therapeutics Inc (b) | 426568 | 7464940 |
| TriSalus Life Sciences Inc Class A (b)(c) | 136786 | 714023 |
| TScan Therapeutics Inc (b) | 280193 | 504347 |
| Twist Bioscience Corp (b) | 323253 | 8718133 |
| Tyra Biosciences Inc (b) | 112865 | 1430000 |
| Ultragenyx Pharmaceutical Inc (b) | 510380 | 15290985 |
| Unicycive Therapeutics Inc (b)(c) | 35361 | 148163 |
| United Therapeutics Corp (b) | 243556 | 74226127 |
| United Therapeutics Corp rights (b)(d) | 110163 | 1 |
| Upstream Bio Inc  | 84146 | 1441421 |
| Vanda Pharmaceuticals Inc (b) | 313129 | 1481100 |
| Vaxcyte Inc (b) | 646754 | 19913556 |
| Vera Therapeutics Inc Class A (b) | 299664 | 6484729 |
| Veracyte Inc (b) | 422601 | 12821714 |
| Verastem Inc (b)(c) | 292406 | 2704756 |
| Vericel Corp (b) | 271532 | 9872904 |
| Viking Therapeutics Inc (b)(c) | 608974 | 16472747 |
| Vir Biotechnology Inc (b) | 387710 | 1915287 |
| Viridian Therapeutics Inc (b) | 375575 | 6903069 |
| Viridian Therapeutics Inc rights (b)(d) | 167699 | 1 |
| Vistagen Therapeutics Inc (b) | 128259 | 428385 |
| VivoSim Labs Inc (b)(c) | 7345 | 17922 |
| Vor BioPharma Inc (b)(c) | 209741 | 413190 |
| Voyager Therapeutics Inc (b) | 244621 | 821927 |
| vTv Therapeutics Inc Class A (b) | 5559 | 84163 |
| Werewolf Therapeutics Inc (b) | 165503 | 216809 |
| Whitehawk Therapeutics Inc (b) | 221456 | 399728 |
| X4 Pharmaceuticals Inc (b)(c) | 24217 | 90935 |
| XBiotech Inc (b) | 106161 | 335469 |
| Xencor Inc (b) | 386172 | 3139578 |
| Xenetic Biosciences Inc (b) | 6787 | 19377 |
| Xilio Therapeutics Inc (b)(c) | 185696 | 130006 |
| XOMA Royalty Corp (b) | 42794 | 1389521 |
| Y-mAbs Therapeutics Inc (b)(c) | 182056 | 1556579 |
| Zenas Biopharma Inc (b)(c) | 74922 | 1198752 |
| Zentalis Pharmaceuticals Inc (b) | 300567 | 507958 |
|  |  | 2100411214 |
| Health Care Equipment & Supplies - 1.5% |  |  |
| Accuray Inc Del (b) | 551230 | 837870 |
| Adagio Medical Holdings Inc (b) | 23704 | 38400 |
| Aethlon Medical Inc (b)(c) | 10232 | 19134 |
| Alphatec Holdings Inc (b) | 566075 | 9000593 |
| AngioDynamics Inc (b) | 219499 | 2252060 |
| Anteris Technologies Global Corp  | 78652 | 316181 |
| Apyx Medical Corp (b) | 167366 | 333058 |
| Artivion Inc (b) | 206982 | 9092719 |
| AtriCure Inc (b) | 267401 | 9891163 |
| Autonomix Medical Inc (b)(c) | 6760 | 7571 |
| Avanos Medical Inc (b) | 288333 | 3442696 |
| Avinger Inc (b)(c)(d) | 6939 | 0 |
| Axogen Inc (b) | 246799 | 3983336 |
| Beta Bionics Inc (c) | 66052 | 1244420 |
| Beyond Air Inc (b)(c) | 21330 | 47353 |
| Biomerica Inc (b)(c) | 11929 | 37338 |
| BioSig Technologies Inc (b)(c) | 103567 | 495050 |
| Bioventus Inc (b) | 228308 | 1689479 |
| Bluejay Diagnostics Inc (b)(c) | 3460 | 4671 |
| Butterfly Network Inc Class A (b)(c) | 1016119 | 1635952 |
| Catheter Precision Inc (b)(c) | 2295 | 5738 |
| Ceribell Inc (b) | 61467 | 727155 |
| Cerus Corp (b) | 1046387 | 1370767 |
| ClearPoint Neuro Inc (b)(c) | 142811 | 1498087 |
| Co-Diagnostics Inc (b) | 158128 | 52135 |
| CONMED Corp  | 167438 | 9101930 |
| CVRx Inc (b)(c) | 83204 | 653151 |
| CytoSorbents Corp (b)(c) | 302693 | 285561 |
| CytoSorbents Corp A warrants 12/31/2029 (b)(d) | 162564 | 1 |
| Delcath Systems Inc (b)(c) | 157073 | 1730944 |
| DENTSPLY SIRONA Inc  | 1093026 | 15630272 |
| DIH Holdings US Inc Class A (b)(c) | 127789 | 33672 |
| Ekso Bionics Holdings Inc (b)(c) | 10256 | 38460 |
| ElectroCore Inc (b)(c) | 30378 | 161307 |
| ElectroCore Inc rights (b)(d) | 8114 | 0 |
| Electromed Inc (b) | 34689 | 857859 |
| Embecta Corp  | 315218 | 4564357 |
| ENDRA Life Sciences Inc (b)(c) | 4442 | 18212 |
| Enovis Corp (b) | 319309 | 9866648 |
| Envista Holdings Corp (b) | 911345 | 19302287 |
| Envoy Medical Inc Class A (b)(c) | 42765 | 52601 |
| enVVeno Medical Corp (b)(c) | 93877 | 75017 |
| Femasys Inc (b) | 114907 | 40803 |
| FONAR Corp (b) | 33039 | 527963 |
| Fractyl Health Inc (b) | 40829 | 39653 |
| Glaukos Corp (b) | 310716 | 29772807 |
| Globus Medical Inc Class A (b) | 611261 | 37451961 |
| Haemonetics Corp (b) | 272366 | 14854842 |
| HeartBeam inc (b)(c) | 129300 | 174555 |
| HeartSciences Inc (b)(c) | 6577 | 22230 |
| Helius Medical Technologies Inc (b) | 38 | 231 |
| Hyperfine Inc Class A (b) | 338043 | 419173 |
| ICU Medical Inc (b) | 132842 | 16958610 |
| Innovative Eyewear Inc (b)(c) | 7947 | 15338 |
| Inogen Inc (b) | 142197 | 1136154 |
| Inspire Medical Systems Inc (b) | 159463 | 14940088 |
| Integer Holdings Corp (b) | 189686 | 20461429 |
| Integra LifeSciences Holdings Corp (b) | 361466 | 5468981 |
| Intelligent Bio Solutions Inc (b)(c) | 35201 | 57026 |
| INVO Fertility Inc Class A (b)(c) | 3227 | 3098 |
| iRadimed Corp  | 42909 | 3108328 |
| iRhythm Technologies Inc (b) | 172428 | 29309311 |
| IRIDEX Corp (b) | 67385 | 90970 |
| Kestra Medical Technologies Ltd  | 67146 | 1083736 |
| Kewaunee Scientific Corp (b) | 11345 | 643148 |
| KORU Medical Systems Inc (b) | 232354 | 980534 |
| Lantheus Holdings Inc (b) | 375227 | 20599962 |
| LeMaitre Vascular Inc  | 110997 | 10585229 |
| LENSAR Inc (b) | 51342 | 630480 |
| LivaNova PLC (b) | 296995 | 16741608 |
| Lucid Diagnostics Inc (b)(c) | 380058 | 478873 |
| Masimo Corp (b)(c) | 243471 | 34015333 |
| Merit Medical Systems Inc (b) | 318810 | 28865057 |
| Microbot Medical Inc (b)(c) | 175350 | 668084 |
| Milestone Scientific Inc (b) | 281268 | 165976 |
| Modular Medical Inc (b) | 209575 | 151460 |
| Monogram Technologies Inc (b)(c) | 123137 | 714195 |
| Myomo Inc (b) | 136751 | 143589 |
| NanoVibronix Inc (b) | 850 | 4641 |
| Neogen Corp (b) | 1063861 | 6117201 |
| Neuraxis Inc (b) | 18570 | 47168 |
| Neuronetics Inc (b)(c) | 206429 | 687409 |
| NeuroOne Medical Technologies Corp (b) | 179762 | 137374 |
| NeuroPace Inc (b) | 89610 | 819932 |
| Nexalin Technology Inc (b) | 63564 | 59515 |
| Nexgel Inc (b) | 32888 | 80576 |
| Novocure Ltd (b) | 372984 | 4598893 |
| Nuwellis Inc (b) | 591 | 3013 |
| Omnicell Inc (b) | 253008 | 8245531 |
| OraSure Technologies Inc (b) | 401960 | 1330488 |
| Orchestra BioMed Holdings Inc (b)(c) | 143633 | 392118 |
| Orthofix Medical Inc (b) | 211943 | 3174906 |
| OrthoPediatrics Corp (b)(c) | 90389 | 1930709 |
| Outset Medical Inc (b) | 95328 | 1326012 |
| Owlet Inc Class A (b)(c) | 32586 | 245373 |
| PAVmed Inc (b)(c) | 66685 | 32382 |
| Penumbra Inc (b) | 209200 | 57036288 |
| Precision Optics Corp Inc/Mass (b) | 28881 | 135741 |
| Predictive Oncology Inc (b)(c) | 37128 | 32483 |
| Pro-Dex Inc (b)(c) | 11667 | 546949 |
| PROCEPT BioRobotics Corp (b)(c) | 298151 | 11976726 |
| Pulmonx Corp (b) | 162065 | 277131 |
| Pulse Biosciences Inc (b)(c) | 108964 | 1693301 |
| Pulse Biosciences Inc warrants 6/26/2030 (b)(c) | 10916 | 44429 |
| QuidelOrtho Corp (b) | 357653 | 10261065 |
| Retractable Technologies Inc (b) | 60455 | 50661 |
| Rockwell Medical Inc (b) | 156358 | 267372 |
| RxSight Inc (b)(c) | 188070 | 1700153 |
| Sanara Medtech Inc (b)(c) | 18726 | 630317 |
| SANUWAVE Health Inc (b) | 36775 | 1531311 |
| SeaStar Medical Holding Corp Class A (b)(c) | 49038 | 44924 |
| Semler Scientific Inc (b)(c) | 49967 | 1481022 |
| Senseonics Holdings Inc (b) | 4086286 | 1877648 |
| Sensus Healthcare Inc (b)(c) | 72497 | 245765 |
| Sharps Technology Inc (b)(c) | 5495 | 74457 |
| SI-BONE Inc (b) | 207689 | 3462176 |
| Sight Sciences Inc (b)(c) | 174309 | 707695 |
| SiNtx Technologies Inc (b)(c) | 7659 | 31785 |
| Spectral AI Inc Class A (b)(c) | 87844 | 169539 |
| STAAR Surgical Co (b) | 268133 | 7336119 |
| Stereotaxis Inc (b) | 403249 | 1161357 |
| Strata Skin Sciences Inc (b) | 12720 | 30274 |
| Surmodics Inc (b) | 76335 | 2598443 |
| Tactile Systems Technology Inc (b) | 126537 | 1684207 |
| Tandem Diabetes Care Inc (b) | 359855 | 4501786 |
| Tela Bio Inc (b) | 157056 | 279560 |
| Teleflex Inc  | 240349 | 30382517 |
| Tenon Medical Inc (b)(c) | 31763 | 39386 |
| Tivic Health Systems Inc (b)(c) | 4359 | 13339 |
| TransMedics Group Inc (b) | 183487 | 21093666 |
| Treace Medical Concepts Inc (b) | 234610 | 1722037 |
| UFP Technologies Inc (b)(c) | 39527 | 8306994 |
| USBC Inc (b)(c) | 10544 | 11177 |
| Utah Medical Products Inc  | 16027 | 997040 |
| Varex Imaging Corp (b) | 221068 | 2553335 |
| Venus Concept Inc (b)(c) | 5464 | 12075 |
| Vicarious Surgical Inc Class A (b)(c) | 16837 | 102874 |
| Vivani Medical Inc (b) | 163519 | 188047 |
| VolitionRX Ltd (b) | 411636 | 284029 |
| Vyome Holdings Inc (b)(c) | 1226 | 11279 |
| Xtant Medical Holdings Inc (b) | 300993 | 192335 |
| Zimvie Inc (b) | 151422 | 2858847 |
| Zynex Inc (b)(c) | 84603 | 138749 |
|  |  | 611727671 |
| Health Care Providers & Services - 1.6% |  |  |
| Acadia Healthcare Co Inc (b) | 497313 | 11418306 |
| AdaptHealth Corp (b) | 570233 | 5411511 |
| Addus HomeCare Corp (b) | 98073 | 11295067 |
| agilon health Inc (b) | 1382384 | 1769452 |
| AirSculpt Technologies Inc (b)(c) | 72066 | 464826 |
| Alignment Healthcare Inc (b) | 566400 | 9266304 |
| American Shared Hospital Services (b) | 21597 | 53345 |
| AMN Healthcare Services Inc (b) | 206583 | 4292795 |
| Astrana Health Inc (b) | 225974 | 7222129 |
| Aveanna Healthcare Holdings Inc (b) | 310500 | 2484000 |
| Biodesix Inc (b)(c) | 392892 | 167608 |
| BrightSpring Health Services Inc (b) | 366667 | 8686341 |
| Brookdale Senior Living Inc (b) | 1263312 | 9727502 |
| Castle Biosciences Inc (b) | 157168 | 3773604 |
| Chemed Corp  | 79192 | 36265976 |
| Clover Health Investments Corp Class A (b)(c) | 2248446 | 5890929 |
| Community Health Systems Inc (b)(c) | 658373 | 1817109 |
| Concentra Group Holdings Parent Inc  | 586089 | 13948918 |
| CorVel Corp (b) | 146161 | 13015637 |
| Cosmos Health Inc (b) | 113774 | 89881 |
| Cross Country Healthcare Inc (b) | 165263 | 2211219 |
| Cryo-Cell International Inc  | 23433 | 110135 |
| DocGo Inc Class A (b) | 478573 | 746574 |
| Encompass Health Corp  | 543270 | 66148556 |
| Enhabit Inc (b)(c) | 269793 | 2125969 |
| Ensign Group Inc/The  | 308447 | 52985026 |
| Fulgent Genetics Inc (b) | 81622 | 1809560 |
| GeneDx Holdings Corp Class A (b)(c) | 113574 | 14706697 |
| Guardant Health Inc (b) | 670906 | 45232483 |
| HealthEquity Inc (b) | 468725 | 41871204 |
| Hims & Hers Health Inc Class A (b)(c) | 1058961 | 44846998 |
| Infusystem Holdings Inc (b)(c) | 114433 | 1233588 |
| Innovage Holding Corp (b) | 117721 | 450871 |
| Inspire Veterinary Partners Inc Class A (b)(c) | 7932 | 7456 |
| Joint Corp/The (b)(c) | 82193 | 882753 |
| Kindly MD Inc (b)(c) | 7688 | 41823 |
| LifeStance Health Group Inc (b) | 722546 | 3959552 |
| MSP Recovery Inc Class A (b) | 20361 | 8998 |
| National HealthCare Corp  | 66977 | 7600550 |
| National Research Corp Class A  | 79399 | 1166371 |
| NeoGenomics Inc (b) | 695701 | 6108255 |
| NeueHealth Inc (b)(c) | 19404 | 127290 |
| Nutex Health Inc (b)(c) | 18033 | 1510985 |
| Oncology Institute Inc/The (b)(c) | 267515 | 909551 |
| OPKO Health Inc (b) | 2451513 | 3383088 |
| Option Care Health Inc (b) | 889193 | 25502055 |
| Owens & Minor Inc (b) | 398179 | 1951077 |
| P3 Health Partners Inc Class A (b)(c) | 9499 | 79032 |
| PACS Group Inc (b) | 201305 | 2343190 |
| Pediatrix Medical Group Inc (b) | 453277 | 7800897 |
| Pennant Group Inc/The (b) | 186517 | 4478273 |
| Performant Healthcare Inc (b)(c) | 398408 | 3039853 |
| Precipio Inc (b) | 7274 | 110201 |
| Premier Inc Class A (c) | 447282 | 11584604 |
| Privia Health Group Inc (b) | 566726 | 13057367 |
| Progyny Inc (b) | 402148 | 9518843 |
| RadNet Inc (b) | 367026 | 26337786 |
| Select Medical Holdings Corp  | 562342 | 7316069 |
| Sonida Senior Living Inc (b) | 53252 | 1379227 |
| Surgery Partners Inc (b) | 404728 | 9183278 |
| Talkspace Inc Class A (b) | 757365 | 2014591 |
| Tenet Healthcare Corp (b) | 501865 | 92508776 |
| US Physical Therapy Inc  | 81930 | 6791178 |
| Viemed Healthcare Inc (b) | 182471 | 1344811 |
| Vivos Therapeutics Inc (b)(c) | 32340 | 140032 |
|  |  | 673727932 |
| Health Care Technology - 0.8% |  |  |
| Aclarion Inc (b) | 1588 | 11148 |
| American Well Corp (b) | 76887 | 530520 |
| Bullfrog AI Holdings Inc (b)(c) | 29251 | 35394 |
| CareCloud Inc (b) | 190526 | 731620 |
| Certara Inc (b)(c) | 598430 | 6486981 |
| Claritev Corp Class A (b)(c) | 34087 | 2348935 |
| DarioHealth Corp (b)(c) | 9400 | 89394 |
| Definitive Healthcare Corp Class A (b) | 281902 | 1136065 |
| Doximity Inc Class A (b) | 723767 | 49172730 |
| Evolent Health Inc Class A (b) | 585001 | 5645260 |
| Firefly Neuroscience Inc (b)(c) | 67553 | 179015 |
| Forian Inc (b) | 82872 | 165744 |
| GoodRx Holdings Inc Class A (b) | 485918 | 2113743 |
| Health Catalyst Inc (b)(c) | 380386 | 1289509 |
| Healthcare Triangle Inc (b) | 77 | 175 |
| HealthStream Inc  | 140152 | 3935468 |
| iSpecimen Inc (b)(c) | 6387 | 4543 |
| LifeMD Inc (b) | 212230 | 1313704 |
| OptimizeRx Corp (b) | 87503 | 1581179 |
| Phreesia Inc (b) | 313033 | 9910625 |
| Schrodinger Inc/United States (b)(c) | 310200 | 6052002 |
| Scienture Holdings Inc (b) | 42160 | 41211 |
| SCWorx Corp (b)(c) | 10168 | 3258 |
| Simulations Plus Inc (b)(c) | 89155 | 1263326 |
| Teladoc Health Inc (b)(c) | 660983 | 5109399 |
| TruBridge Inc (b)(c) | 65164 | 1300673 |
| Veeva Systems Inc Class A (b) | 810462 | 218176371 |
| VSee Health Inc (b)(c) | 34787 | 20935 |
| Waystar Holding Corp (b) | 437831 | 16585038 |
|  |  | 335233965 |
| Life Sciences Tools & Services - 0.9% |  |  |
| 10X Genomics Inc Class A (b) | 600196 | 8408746 |
| Adaptive Biotechnologies Corp (b) | 622273 | 8201558 |
| Alpha Teknova Inc (b)(c) | 72262 | 312172 |
| Applied Dna Sciences Inc (b)(c) | 2171 | 7077 |
| Atlantic International Corp (b)(c) | 58684 | 232389 |
| Avantor Inc (b) | 3696623 | 49793512 |
| Azenta Inc (b) | 247453 | 7557215 |
| Bio-Rad Laboratories Inc Class A (b)(c) | 100167 | 29837746 |
| BioLife Solutions Inc (b) | 200674 | 5026884 |
| Bionano Genomics Inc (b)(c) | 14104 | 53172 |
| Bruker Corp  | 596927 | 20283579 |
| CDT Equity Inc Class A (b)(c) | 2894 | 3848 |
| Champions Oncology Inc (b) | 31586 | 214785 |
| Codexis Inc (b)(c) | 437588 | 1194615 |
| CryoPort Inc (b) | 271841 | 2408511 |
| Cytek Biosciences Inc (b) | 476699 | 1973534 |
| Fortrea Holdings Inc (b) | 490568 | 4832095 |
| Ginkgo Bioworks Holdings Inc Class A (b)(c) | 223143 | 2827222 |
| Harvard Bioscience Inc (b) | 215583 | 106714 |
| Illumina Inc (b) | 854913 | 85457103 |
| Inotiv Inc (b)(c) | 163435 | 276205 |
| Lifecore Biomedical Inc (b)(c) | 198753 | 1512510 |
| Maravai LifeSciences Holdings Inc Class A (b)(c) | 658942 | 1594640 |
| MaxCyte Inc (b) | 571033 | 793736 |
| Medpace Holdings Inc (b) | 127368 | 60564758 |
| Mesa Laboratories Inc  | 29358 | 1989005 |
| Nautilus Biotechnology Inc Class A (b) | 253684 | 172505 |
| Niagen Bioscience Inc (b) | 290425 | 2875208 |
| OmniAb Inc (b) | 525784 | 841254 |
| Pacific Biosciences of California Inc (b)(c) | 1512336 | 1981160 |
| Personalis Inc (b)(c) | 334424 | 1635333 |
| Quanterix Corp (b)(c) | 213253 | 970301 |
| Quantum-Si Inc Class A (b)(c) | 742559 | 831666 |
| Rapid Micro Biosystems Inc Class A (b) | 94224 | 227080 |
| Repligen Corp (b) | 283703 | 34702551 |
| Seer Inc Class A (b) | 211062 | 432677 |
| Sotera Health Co (b) | 825848 | 13519132 |
| Standard BioTools Inc (b) | 1674593 | 2109987 |
|  |  | 355762185 |
| Pharmaceuticals - 1.3% |  |  |
| 60 Degrees Pharmaceuticals Inc (b)(c) | 9529 | 13436 |
| Aardvark Therapeutics Inc (c) | 32243 | 267617 |
| Aclaris Therapeutics Inc (b) | 577538 | 1114648 |
| Adial Pharmaceuticals Inc (b)(c) | 39939 | 15177 |
| ALT5 Sigma Corp (b)(c) | 92797 | 731240 |
| Alto Neuroscience Inc (b)(c) | 116825 | 429916 |
| Alumis Inc (b)(c) | 263592 | 1223067 |
| Amneal Intermediate Inc Class A (b) | 809977 | 7743380 |
| Amphastar Pharmaceuticals Inc (b) | 198920 | 6090930 |
| Amylyx Pharmaceuticals Inc (b) | 390760 | 3665329 |
| AN2 Therapeutics Inc (b) | 117324 | 129056 |
| Anebulo Pharmaceuticals Inc (b)(c) | 124477 | 311193 |
| ANI Pharmaceuticals Inc (b)(c) | 91711 | 8574979 |
| Aquestive Therapeutics Inc (b)(c) | 425849 | 1605451 |
| Arvinas Inc (b) | 368635 | 2849549 |
| Aspire Biopharma Holdings Inc Class A (b)(c) | 129604 | 74561 |
| Assertio Holdings Inc (b)(c) | 510771 | 426545 |
| Atea Pharmaceuticals Inc (b) | 404024 | 1357521 |
| Athira Pharma Inc (b) | 163551 | 63556 |
| Avadel Pharmaceuticals PLC Class A (b) | 523204 | 7722491 |
| Axsome Therapeutics Inc (b) | 224775 | 27260712 |
| Aytu BioPharma Inc (b) | 31669 | 74422 |
| BioAge Labs Inc (c) | 62897 | 310082 |
| Biofrontera Inc (b)(c) | 31811 | 28188 |
| Biote Corp Class A (b)(c) | 122279 | 420640 |
| Cadrenal Therapeutics Inc (b)(c) | 6868 | 88357 |
| CalciMedica Inc (b) | 47726 | 128860 |
| Cassava Sciences Inc (b)(c) | 163525 | 372837 |
| cbdMD Inc (b) | 1123 | 829 |
| Cingulate Inc (b) | 21518 | 85857 |
| Citius Pharmaceuticals Inc (b)(c) | 50673 | 67395 |
| Clearside Biomedical Inc (b) | 374374 | 137582 |
| CNS Pharmaceuticals Inc (b)(c) | 1326 | 8327 |
| Cocrystal Pharma Inc (b)(c) | 39009 | 58514 |
| Cognition Therapeutics Inc (b)(c) | 272476 | 662117 |
| Collegium Pharmaceutical Inc (b) | 173023 | 6713292 |
| Context Therapeutics Inc (b) | 281506 | 236465 |
| Contineum Therapeutics Inc Class A (b) | 29826 | 311682 |
| Corcept Therapeutics Inc (b) | 510825 | 35614719 |
| CorMedix Inc (b)(c) | 365793 | 5424710 |
| Crinetics Pharmaceuticals Inc (b) | 506031 | 15681901 |
| Cumberland Pharmaceuticals Inc (b) | 44047 | 153724 |
| Dare Bioscience Inc (b) | 47413 | 95774 |
| Durect Corp (b) | 167228 | 321078 |
| Edgewise Therapeutics Inc (b) | 374987 | 5381063 |
| Elanco Animal Health Inc (b)(c) | 2690587 | 49372271 |
| Enliven Therapeutics Inc (b)(c) | 211768 | 4292537 |
| Enliven Therapeutics Inc rights (b)(d) | 72018 | 0 |
| Enveric Biosciences Inc (b)(c) | 12506 | 14132 |
| Esperion Therapeutics Inc (b)(c) | 976259 | 2167295 |
| Eton Pharmaceuticals Inc (b)(c) | 137073 | 2372734 |
| Evoke Pharma Inc (b)(c) | 6341 | 34558 |
| Evolus Inc (b)(c) | 271703 | 2073094 |
| EyePoint Pharmaceuticals Inc (b)(c) | 372272 | 4307187 |
| Fulcrum Therapeutics Inc (b) | 233804 | 1515050 |
| Harmony Biosciences Holdings Inc (b) | 207464 | 7653347 |
| Harrow Inc (b)(c) | 170341 | 6643299 |
| Hepion Pharmaceuticals Inc rights (b)(d) | 2888 | 0 |
| Hoth Therapeutics Inc (b) | 63424 | 73572 |
| Hyperion DeFi Inc (b)(c) | 15089 | 92043 |
| IGC Pharma Inc (b) | 386744 | 166687 |
| ImageneBio Inc (b) | 10744 | 143970 |
| ImageneBio Inc rights (b)(d) | 129480 | 1 |
| Impact BioMedical Inc (b) | 41484 | 24048 |
| Innoviva Inc (b) | 295850 | 6044216 |
| Jaguar Health Inc (b)(c) | 2913 | 4747 |
| Jazz Pharmaceuticals PLC (b) | 334326 | 42710147 |
| Journey Medical Corp (b) | 62303 | 449205 |
| Kiora Pharmaceuticals Inc (b) | 13847 | 38495 |
| LENZ Therapeutics Inc (b)(c) | 89972 | 3475618 |
| Ligand Pharmaceuticals Inc (b) | 104855 | 16956103 |
| Ligand Pharmaceuticals Inc rights (b) | 26087 | 2087 |
| Ligand Pharmaceuticals Inc rights (b) | 26087 | 913 |
| Ligand Pharmaceuticals Inc rights (b) | 26087 | 83 |
| Ligand Pharmaceuticals Inc rights (b) | 26087 | 39 |
| Lipocine Inc (b) | 29255 | 85132 |
| Liquidia Corp (b)(c) | 258791 | 7163335 |
| Lyra Therapeutics Inc (b)(c) | 5390 | 37730 |
| Maze Therapeutics Inc (c) | 47002 | 681059 |
| MBX Biosciences Inc (b) | 58404 | 881316 |
| Mind Medicine MindMed Inc (b)(c) | 368403 | 3271419 |
| Mira Pharmaceuticals Inc (b) | 66838 | 91568 |
| Nektar Therapeutics (b)(c) | 33580 | 1002699 |
| Neumora Therapeutics Inc (b) | 455450 | 787929 |
| NovaBay Pharmaceuticals Inc (b)(c) | 27454 | 48868 |
| NRX Pharmaceuticals Inc (b) | 73880 | 171402 |
| Nutriband Inc (b)(c) | 27862 | 180128 |
| Nuvation Bio Inc Class A (b) | 1397209 | 4149711 |
| Ocular Therapeutix Inc (b)(c) | 697750 | 8519528 |
| Omeros Corp (b)(c) | 311508 | 1295873 |
| Optinose Inc (d) | 42717 | 0 |
| Organon & Co  | 1396965 | 13159410 |
| Pacira BioSciences Inc (b) | 248570 | 6629362 |
| Perrigo Co PLC  | 742227 | 17620469 |
| Phathom Pharmaceuticals Inc (b) | 243298 | 2963370 |
| Phibro Animal Health Corp Class A  | 110423 | 4093381 |
| Pliant Therapeutics Inc (b) | 184026 | 301803 |
| Prestige Consumer Healthcare Inc (b) | 269001 | 18302828 |
| Processa Pharmaceuticals Inc (b) | 29242 | 5527 |
| ProPhase Labs Inc (b)(c) | 175064 | 59189 |
| Pulmatrix Inc (b) | 19856 | 97791 |
| Rafael Holdings Inc Class B (b) | 231299 | 340010 |
| Rani Therapeutics Holdings Inc Class A (b) | 96253 | 49099 |
| Rapport Therapeutics Inc (b)(c) | 45708 | 805832 |
| Relmada Therapeutics Inc (b)(c) | 158264 | 177256 |
| Reviva Pharmaceuticals Holdings Inc (b)(c) | 223362 | 100513 |
| Royalty Pharma PLC Class A  | 1953999 | 70304884 |
| Satsuma Pharmaceuticals Inc rights (b)(d) | 101138 | 1 |
| scPharmaceuticals Inc (b) | 149455 | 822003 |
| SCYNEXIS Inc (b)(c) | 204395 | 169934 |
| Seelos Therapeutics Inc rights (b)(c)(d) | 3233 | 0 |
| Senestech Inc (b) | 8933 | 44218 |
| Septerna Inc (c) | 91318 | 1104948 |
| SIGA Technologies Inc  | 219987 | 1845691 |
| Sonoma Pharmaceuticals Inc (b)(c) | 8877 | 39503 |
| Supernus Pharmaceuticals Inc (b) | 301827 | 13618434 |
| Talphera Inc (b) | 92983 | 50304 |
| Tarsus Pharmaceuticals Inc (b) | 206737 | 12110653 |
| Telomir Pharmaceuticals Inc (b)(c) | 90571 | 119554 |
| Terns Pharmaceuticals Inc (b) | 327712 | 2280876 |
| TFF Pharmaceuticals Inc (b)(d) | 20483 | 1330 |
| TherapeuticsMD Inc (b)(c) | 63421 | 70397 |
| Theravance Biopharma Inc (b) | 193071 | 2679825 |
| Third Harmonic Bio Inc (b)(d) | 114815 | 1 |
| Titan Pharmaceuticals Inc (b)(c) | 4384 | 17185 |
| TNF Pharmaceuticals Inc (b)(c) | 21638 | 1044 |
| Traws Pharma Inc (b)(c) | 22754 | 31856 |
| Traws Pharma Inc rights (b)(d) | 104398 | 1 |
| Trevi Therapeutics Inc (b) | 396660 | 2877768 |
| Tvardi Therapeutics Inc (b)(c) | 32255 | 965070 |
| Ventyx Biosciences Inc (b) | 329089 | 789814 |
| Verrica Pharmaceuticals Inc (b) | 35289 | 197442 |
| Veru Inc (b)(c) | 70649 | 229609 |
| VYNE Therapeutics Inc (b) | 72352 | 23189 |
| WaVe Life Sciences Ltd (b) | 641991 | 6163114 |
| Xeris Biopharma Holdings Inc (b) | 864810 | 6771462 |
| Xeris Biopharma Holdings Inc rights (b)(d) | 264044 | 3 |
| Zevra Therapeutics Inc (b) | 272876 | 2474985 |
|  |  | 513554882 |
| TOTAL HEALTH CARE |  | 4590417849 |
| Industrials - 18.6% |  |  |
| Aerospace & Defense - 2.2% |  |  |
| AAR Corp (b) | 191240 | 14469218 |
| AeroVironment Inc (b) | 172289 | 41581950 |
| AerSale Corp (b) | 142670 | 1231242 |
| Air Industries Group (b)(c) | 12405 | 39448 |
| Archer Aviation Inc Class A (b)(c) | 2681106 | 23995899 |
| Astronics Corp (b) | 166354 | 6050295 |
| ATI Inc (b) | 762193 | 59100445 |
| BWX Technologies Inc  | 492710 | 79838728 |
| Byrna Technologies Inc (b)(c) | 96636 | 1971374 |
| Cadre Holdings Inc  | 140215 | 4320024 |
| CPI Aerostructures Inc (b) | 58541 | 146353 |
| Curtiss-Wright Corp  | 203101 | 97112743 |
| Ducommun Inc (b) | 72465 | 6610257 |
| Eve Holding Inc Class A (b) | 273051 | 1073090 |
| HEICO Corp (c) | 218327 | 68122391 |
| HEICO Corp Class A  | 400718 | 98179918 |
| Hexcel Corp (c) | 436089 | 27539020 |
| Innovative Solutions And Support Inc (b)(c) | 57870 | 749417 |
| Intuitive Machines Inc Class A (b)(c) | 550795 | 4830472 |
| Karman Holdings Inc (c) | 256384 | 13693469 |
| Kratos Defense & Security Solutions Inc (b) | 898883 | 59182457 |
| Leonardo DRS Inc  | 404399 | 16847262 |
| Loar Holdings Inc (b) | 146676 | 10364126 |
| Mercury Systems Inc (b) | 273897 | 18501742 |
| Momentus Inc Class A (b)(c) | 30744 | 40890 |
| Moog Inc Class A  | 152869 | 29939394 |
| National Presto Industries Inc  | 26990 | 2829092 |
| Optex Systems Holdings Inc (b) | 31811 | 349603 |
| Park Aerospace Corp  | 102451 | 1919932 |
| Redwire Corp Class A (b)(c) | 265101 | 2362050 |
| Rocket Lab Corp (c) | 1969523 | 95718818 |
| Sidus Space Inc Class A (b)(c) | 103418 | 130307 |
| SIFCO Industries Inc (b) | 19690 | 139523 |
| Spirit AeroSystems Holdings Inc Class A (b) | 640755 | 26649000 |
| StandardAero Inc  | 708692 | 18773251 |
| V2X Inc (b) | 76475 | 4397313 |
| Virgin Galactic Holdings Inc Class A (b)(c) | 256972 | 799183 |
| VirTra Inc (b) | 57895 | 346212 |
| Woodward Inc  | 320455 | 79094703 |
|  |  | 919040611 |
| Air Freight & Logistics - 0.1% |  |  |
| Air T Inc (b)(c) | 4865 | 113500 |
| Arrive AI Inc (c) | 25508 | 125499 |
| Callan Jmb Inc (c) | 7023 | 33710 |
| Forward Air Corp Class A (b)(c) | 113172 | 3398555 |
| GXO Logistics Inc (b) | 619963 | 32641053 |
| Hub Group Inc Class A  | 327447 | 12253067 |
| Radiant Logistics Inc (b) | 246378 | 1594066 |
|  |  | 50159450 |
| Building Products - 1.5% |  |  |
| AAON Inc  | 366363 | 30389811 |
| Advanced Drainage Systems Inc  | 382683 | 55094872 |
| Alpha Pro Tech Ltd (b) | 49992 | 238962 |
| American Woodmark Corp (b) | 80407 | 5191880 |
| Apogee Enterprises Inc  | 116890 | 5140238 |
| Armstrong World Industries Inc  | 231619 | 45344052 |
| AZZ Inc  | 160866 | 18160163 |
| Carlisle Cos Inc  | 232871 | 89862590 |
| CEA Industries Inc (b)(c) | 3680 | 77354 |
| CSW Industrials Inc (c) | 91261 | 24963534 |
| Fortune Brands Innovations Inc  | 651097 | 38102196 |
| Gibraltar Industries Inc (b) | 159133 | 9960134 |
| Griffon Corp  | 208804 | 15902513 |
| Hayward Holdings Inc (b) | 769222 | 12369090 |
| Insteel Industries Inc  | 105003 | 4030015 |
| Janus International Group Inc (b) | 757827 | 7843509 |
| JELD-WEN Holding Inc (b)(c) | 315356 | 2015125 |
| Jewett-Cameron Trading Co Ltd (b) | 19961 | 72058 |
| Masterbrand Inc (b) | 685813 | 8716683 |
| Northann Corp (b)(c) | 227951 | 31205 |
| Owens Corning  | 459624 | 69021736 |
| Quanex Building Products Corp  | 255273 | 5429657 |
| Resideo Technologies Inc (b) | 800393 | 27253382 |
| Simpson Manufacturing Co Inc  | 225832 | 43161012 |
| Tecnoglass Inc  | 118679 | 8613722 |
| Tecogen Inc (b)(c) | 68554 | 523753 |
| Trex Co Inc (b) | 582606 | 35906008 |
| UFP Industries Inc  | 327329 | 33050409 |
| Zurn Elkay Water Solutions Corp  | 759103 | 34432912 |
|  |  | 630898575 |
| Commercial Services & Supplies - 1.1% |  |  |
| ABM Industries Inc (c) | 335309 | 16487144 |
| ACCO Brands Corp (c) | 502167 | 2018711 |
| Acme United Corp  | 17454 | 750871 |
| ACV Auctions Inc Class A (b) | 922999 | 10762168 |
| American Rebel Holdings Inc (b)(c) | 33983 | 27774 |
| Aqua Metals Inc (b)(c) | 5406 | 20705 |
| Avalon Holdings Corp Class A (b) | 10689 | 27032 |
| Bitcoin Depot Inc Class A (b)(c) | 79217 | 286766 |
| Brady Corp Class A  | 234515 | 18310931 |
| Bridger Aerospace Group Holdings Inc (b)(c) | 118071 | 239684 |
| BrightView Holdings Inc (b) | 374452 | 5392109 |
| Brink's Co/The  | 227472 | 25485963 |
| Casella Waste Systems Inc Class A (b) | 337108 | 33225364 |
| CECO Environmental Corp (b) | 155577 | 7092755 |
| Clean Harbors Inc (b) | 270798 | 65589985 |
| CompX International Inc Class A  | 8377 | 208252 |
| CoreCivic Inc (b) | 586465 | 11893510 |
| Deluxe Corp (c) | 243900 | 4795074 |
| Driven Brands Holdings Inc (b) | 318434 | 5865554 |
| DSS Inc (b)(c) | 13483 | 16584 |
| Ennis Inc  | 144218 | 2634863 |
| Enviri Corp (b) | 460608 | 5204870 |
| Fuel Tech Inc (b) | 122679 | 358223 |
| GEO Group Inc/The (b) | 750197 | 15559086 |
| Greenwave Technology Solutions Inc (b)(c) | 2202 | 14974 |
| Healthcare Services Group Inc (b) | 392563 | 6127908 |
| HNI Corp  | 252719 | 11357192 |
| Interface Inc  | 315491 | 8429920 |
| Knightscope Inc Class A (b)(c) | 35391 | 213762 |
| LanzaTech Global Inc Class A (b)(c) | 4427 | 93675 |
| Liquidity Services Inc (b) | 121841 | 3239752 |
| MillerKnoll Inc  | 366379 | 7734261 |
| Mobile Infrastructure Corp Class A (b)(c) | 204005 | 793579 |
| Montrose Environmental Group Inc (b) | 172023 | 5343034 |
| MSA Safety Inc  | 211212 | 36032767 |
| NL Industries Inc  | 46319 | 302926 |
| Odyssey Marine Exploration Inc (b)(c) | 168526 | 330311 |
| OPENLANE Inc (b) | 577273 | 16694735 |
| Perma-Fix Environmental Services Inc (b)(c) | 91249 | 1084951 |
| Pitney Bowes Inc (c) | 846710 | 10262125 |
| Quad/Graphics Inc Class A  | 167101 | 1112893 |
| Quest Resource Holding Corp (b) | 79095 | 147512 |
| Royalty Management Holding Corp Class A  | 43112 | 96571 |
| Steelcase Inc Class A  | 518166 | 8674099 |
| Team Inc (b) | 23904 | 460154 |
| Tetra Tech Inc  | 1425228 | 51906804 |
| TOMI Environmental Solutions Inc (b) | 74668 | 61601 |
| UniFirst Corp/MA  | 80901 | 14385816 |
| Vestis Corp  | 619554 | 2899513 |
| Virco Mfg. Corp  | 50773 | 437156 |
| VSE Corp  | 96920 | 15739808 |
|  |  | 436231777 |
| Construction & Engineering - 2.2% |  |  |
| AECOM  | 710611 | 88748208 |
| Ameresco Inc Class A (b) | 174898 | 4447656 |
| API Group Corp (b) | 1967147 | 70187805 |
| Arcosa Inc  | 263343 | 26057790 |
| Argan Inc (c) | 70022 | 15980421 |
| Bowman Consulting Group Ltd (b) | 76143 | 3253590 |
| Centuri Holdings Inc (b) | 247421 | 5255222 |
| Comfort Systems USA Inc  | 189860 | 133543727 |
| Concrete Pumping Holdings Inc  | 128606 | 895098 |
| Construction Partners Inc Class A (b) | 255647 | 30652075 |
| Dycom Industries Inc (b) | 155200 | 39183344 |
| EMCOR Group Inc  | 241260 | 149581200 |
| Everus Construction Group Inc  | 275949 | 21645440 |
| Fluor Corp (b) | 886183 | 36351227 |
| FTE Networks Inc (b)(c)(d) | 20159 | 0 |
| Granite Construction Inc  | 235685 | 25395059 |
| Great Lakes Dredge & Dock Corp (b) | 367040 | 4279686 |
| IES Holdings Inc (b)(c) | 44829 | 15659218 |
| INNOVATE Corp (b)(c) | 67354 | 364385 |
| JFB Construction Holdings Class A (c) | 2060 | 13596 |
| Limbach Holdings Inc (b) | 56900 | 6518464 |
| MasTec Inc (b) | 329470 | 59861404 |
| Matrix Service Co (b) | 131830 | 1994588 |
| MYR Group Inc (b) | 83901 | 15712140 |
| Nocera Inc (b) | 45283 | 63849 |
| NWPX Infrastructure Inc (b) | 53321 | 2823880 |
| Orion Group Holdings Inc (b) | 191512 | 1417189 |
| Primoris Services Corp  | 291573 | 34565979 |
| Safe & Green Holdings Corp (b)(c) | 34163 | 6115 |
| Shimmick Corp (b) | 9867 | 27924 |
| Southland Holdings Inc (b) | 82028 | 335495 |
| Sterling Infrastructure Inc (b) | 163846 | 45636026 |
| Tutor Perini Corp (b) | 240333 | 14165227 |
| Valmont Industries Inc  | 108148 | 39703294 |
| WillScot Holdings Corp  | 991102 | 24024312 |
|  |  | 918350633 |
| Electrical Equipment - 1.9% |  |  |
| 374Water Inc (b) | 426164 | 152183 |
| Acuity Inc  | 164895 | 53833271 |
| Advent Technologies Holdings Inc (b)(c) | 12471 | 55995 |
| Allient Inc  | 79683 | 3616015 |
| American Superconductor Corp (b) | 212696 | 10613530 |
| Amprius Technologies Inc (b) | 254210 | 1802349 |
| Array Technologies Inc (b)(c) | 783394 | 7058380 |
| Atkore Inc  | 181810 | 10579524 |
| Babcock & Wilcox Enterprises Inc (b) | 330548 | 737122 |
| Beam Global (b)(c) | 79100 | 216734 |
| Blink Charging Co (b)(c) | 566798 | 668822 |
| Bloom Energy Corp Class A (b)(c) | 1091756 | 57797563 |
| Broadwind Inc (b) | 114469 | 240385 |
| ChargePoint Holdings Inc Class A (b)(c) | 117587 | 1325205 |
| Complete Solaria Inc Class A (b)(c) | 245623 | 370891 |
| Dragonfly Energy Holdings Corp (b)(c) | 16883 | 4828 |
| Energous Corp (b)(c) | 5938 | 44327 |
| Energy Focus Inc (b) | 20451 | 52150 |
| Energy Vault Holdings Inc Class A (b)(c) | 527689 | 1065932 |
| EnerSys  | 214315 | 21999435 |
| Enovix Corp Class B (b)(c) | 881241 | 8477538 |
| Eos Energy Enterprises Inc (b)(c) | 1228584 | 8477230 |
| Espey Mfg. & Electronics Corp  | 12164 | 565139 |
| ESS Tech Inc Class A (b)(c) | 29600 | 42920 |
| Expion360 Inc (b)(c) | 16541 | 24812 |
| Fluence Energy Inc Class A (b)(c) | 341807 | 2529372 |
| Flux Power Holdings Inc (b) | 67543 | 102665 |
| FTC Solar Inc (b)(c) | 42184 | 263650 |
| FuelCell Energy Inc (b)(c) | 128820 | 541044 |
| GrafTech International Ltd (b) | 102418 | 1011890 |
| Hyliion Holdings Corp Class A (b)(c) | 675778 | 1135307 |
| Ideal Power Inc (b) | 39423 | 206577 |
| KULR Technology Group Inc (b)(c) | 161916 | 761005 |
| LSI Industries Inc  | 143968 | 3301186 |
| NeoVolta Inc (b)(c) | 154000 | 552860 |
| Net Power Inc Class A (b)(c) | 205346 | 523632 |
| NEXTracker Inc Class A (b) | 776788 | 52246761 |
| NuScale Power Corp Class A (b)(c) | 650451 | 22538127 |
| Nuvve Holding Corp (b)(c) | 17315 | 6665 |
| nVent Electric PLC  | 888728 | 80332124 |
| Ocean Power Technologies Inc (b)(c) | 962297 | 499432 |
| Orion Energy Systems Inc (b) | 17301 | 126297 |
| Pioneer Power Solutions Inc (c) | 46440 | 176008 |
| Plug Power Inc (b)(c) | 5415739 | 8502710 |
| Polar Power Inc (b) | 10014 | 20979 |
| Powell Industries Inc (c) | 50740 | 13504958 |
| Power Solutions International Inc (b) | 28498 | 2362199 |
| Preformed Line Products Co  | 15865 | 3031326 |
| Regal Rexnord Corp  | 358835 | 53584831 |
| Sensata Technologies Holding PLC  | 792797 | 25797614 |
| SES AI Corp Class A (b)(c) | 833674 | 908705 |
| Shoals Technologies Group Inc (b) | 902001 | 5872027 |
| SKYX Platforms Corp (b) | 354483 | 411200 |
| SolarMax Technology Inc (b) | 25873 | 30530 |
| Solidion Technology Inc Class A (b)(c) | 7049 | 23050 |
| Stardust Power Inc Class A (b)(c) | 100911 | 40526 |
| Stem Inc Class A (b)(c) | 45018 | 681122 |
| SUNation Energy Inc (b)(c) | 15931 | 23897 |
| SUNation Energy Inc rights (b)(d) | 13969 | 0 |
| Sunrun Inc (b)(c) | 1233081 | 19692304 |
| Thermon Group Holdings Inc (b) | 182906 | 4850667 |
| Tigo Energy Inc (b) | 118605 | 166047 |
| Ultralife Corp (b) | 51615 | 358466 |
| Vertiv Holdings Co Class A  | 2057567 | 262442671 |
| Vicor Corp (b) | 124870 | 6382106 |
| Westwater Resources Inc (b) | 422112 | 333468 |
| Zeo Energy Corp Class A (b) | 85890 | 140860 |
|  |  | 765839145 |
| Ground Transportation - 0.9% |  |  |
| ArcBest Corp  | 123500 | 9109360 |
| Avis Budget Group Inc (b)(c) | 91026 | 14403044 |
| Covenant Logistics Group Inc Class A  | 84556 | 2040336 |
| Ftai Infrastructure Inc (c) | 620964 | 2980627 |
| Heartland Express Inc  | 231992 | 1992811 |
| Hertz Global Holdings Inc (b)(c) | 668019 | 3827749 |
| Knight-Swift Transportation Holdings Inc  | 877279 | 38512548 |
| Landstar System Inc  | 189288 | 25048481 |
| Lyft Inc Class A (b) | 2007119 | 32555470 |
| Marten Transport Ltd  | 312587 | 3701030 |
| PAMT CORP (b) | 30323 | 371457 |
| Proficient Auto Logistics Inc (b) | 86551 | 683753 |
| RXO Inc (b) | 782448 | 12777376 |
| Ryder System Inc  | 221591 | 41552744 |
| Saia Inc (b) | 144413 | 42812678 |
| Schneider National Inc Class B  | 253120 | 6257126 |
| Toppoint Holdings Inc (b)(c) | 12295 | 25820 |
| U-Haul Holding Co (b)(c) | 33055 | 1902315 |
| U-Haul Holding Co Class N  | 559976 | 29253146 |
| Universal Logistics Holdings Inc  | 38467 | 997834 |
| Werner Enterprises Inc  | 333515 | 9621908 |
| XPO Inc (b) | 636349 | 82534466 |
|  |  | 362962079 |
| Industrial Conglomerates - 0.0% |  |  |
| Hyperscale Data Inc (c)(d) | 4032 | 0 |
| Hyperscale Data Inc Class A (b)(c) | 7403 | 3945 |
|  |  | 3945 |
| Machinery - 3.6% |  |  |
| 3D Systems Corp (b)(c) | 413276 | 950535 |
| AGCO Corp  | 335284 | 36274376 |
| AgEagle Aerial Systems Inc (b)(c) | 92088 | 175888 |
| Agrify Corp (b)(c) | 6387 | 300955 |
| AirJoule Technologies Corp Class A (b) | 115934 | 533296 |
| Alamo Group Inc  | 55839 | 11807715 |
| Albany International Corp Class A (c) | 162987 | 10351304 |
| Allison Transmission Holdings Inc  | 452673 | 39522880 |
| Art's-Way Manufacturing Co Inc (b) | 16124 | 50791 |
| Astec Industries Inc  | 123174 | 5701724 |
| Atmus Filtration Technologies Inc  | 442737 | 19710651 |
| Blue Bird Corp (b) | 169849 | 9917483 |
| Chart Industries Inc (b) | 242846 | 48413779 |
| Chicago Rivet & Machine CO  | 3784 | 36894 |
| Cleancore Solutions Inc (b)(c) | 10012 | 68682 |
| ClearSign Technologies Corp (b) | 279499 | 163311 |
| CNH Industrial NV Class A  | 4729765 | 54155809 |
| Columbus McKinnon Corp/NY  | 155054 | 2322709 |
| Commercial Vehicle Group Inc (b) | 161934 | 285004 |
| Crane Co  | 263284 | 48786525 |
| Donaldson Co Inc  | 637427 | 50783809 |
| Douglas Dynamics Inc  | 125457 | 4224137 |
| Eastern Co/The  | 31423 | 746610 |
| Energy Recovery Inc (b) | 295257 | 4195602 |
| Enerpac Tool Group Corp Class A  | 291839 | 12356463 |
| Enpro Inc  | 113992 | 24938030 |
| Esab Corp  | 308771 | 35622910 |
| ESCO Technologies Inc  | 139272 | 27981138 |
| Federal Signal Corp  | 329555 | 40531969 |
| Flowserve Corp  | 706547 | 37913312 |
| Franklin Electric Co Inc  | 211100 | 20658246 |
| FreightCar America Inc (b) | 76476 | 653105 |
| Gates Industrial Corp PLC (b) | 1240430 | 31705391 |
| Gencor Industries Inc (b) | 56001 | 910576 |
| Gorman-Rupp Co/The  | 111915 | 4786605 |
| Graco Inc  | 896081 | 76516358 |
| Graham Corp (b)(c) | 55219 | 2708492 |
| Greenbrier Cos Inc/The  | 169059 | 7883221 |
| Helios Technologies Inc (c) | 179235 | 9721706 |
| Hillenbrand Inc  | 382408 | 9709339 |
| Hillman Solutions Corp Class A (b) | 1067322 | 10545141 |
| Hurco Cos Inc (b) | 33007 | 550557 |
| Hydrofarm Holdings Group Inc (b)(c) | 23356 | 111642 |
| Hyster-Yale Inc Class A  | 61382 | 2301825 |
| Hyzon Motors Inc Class A (b)(c)(d) | 36361 | 23038 |
| ITT Inc  | 423011 | 72017623 |
| JBT Marel Corp  | 250538 | 35899590 |
| Kadant Inc (c) | 64044 | 20704144 |
| Kennametal Inc  | 411948 | 8828046 |
| L B Foster Co Class A (b) | 53122 | 1382766 |
| Laser Photonics Corp (b)(c) | 40090 | 161162 |
| Lincoln Electric Holdings Inc  | 300635 | 72943071 |
| Lindsay Corp  | 58547 | 8034405 |
| LiqTech International Inc (b) | 44720 | 84074 |
| Manitowoc Co Inc/The (b) | 189646 | 1877495 |
| Mayville Engineering Co Inc (b) | 66293 | 967878 |
| Microvast Holdings Inc (b)(c) | 997312 | 2662823 |
| Middleby Corp/The (b) | 288740 | 39514069 |
| Miller Industries Inc/TN  | 61897 | 2605245 |
| Mueller Industries Inc  | 596517 | 57229841 |
| Mueller Water Products Inc Class A1  | 851705 | 22450944 |
| Nauticus Robotics Inc (b)(c) | 183271 | 165805 |
| Nephros Inc (b) | 56811 | 211905 |
| NN Inc (b) | 244406 | 628123 |
| Nuburu Inc Class A (b)(c) | 254955 | 41201 |
| Omega Flex Inc  | 19922 | 703247 |
| Oshkosh Corp  | 347118 | 48377836 |
| Palladyne AI Corp Class A (b)(c) | 132170 | 999205 |
| Park-Ohio Holdings Corp  | 47900 | 967580 |
| Perma-Pipe International Holdings Inc (b) | 40737 | 1213555 |
| Proto Labs Inc (b) | 128164 | 6383849 |
| Rain Enhancement Technologies Holdco Inc Class A (c) | 12860 | 49254 |
| RBC Bearings Inc (b) | 169134 | 65955495 |
| REV Group Inc  | 279931 | 14895129 |
| Richtech Robotics Inc Class B (b)(c) | 315581 | 960944 |
| SPX Technologies Inc (b) | 266567 | 49877351 |
| Standex International Corp (c) | 65218 | 13309037 |
| Symbotic Inc Class A (b)(c) | 217163 | 10300041 |
| Taylor Devices Inc (b)(c) | 17204 | 842996 |
| TechPrecision Corp (b) | 47013 | 256221 |
| Tennant CO  | 101349 | 8314672 |
| Terex Corp  | 356104 | 17783834 |
| Timken Co/The  | 346261 | 26741737 |
| Titan International Inc (b)(c) | 259853 | 2291903 |
| Toro Co/The  | 538926 | 43685342 |
| Trinity Industries Inc  | 440939 | 12531486 |
| Twin Disc Inc  | 60643 | 766224 |
| Urban-Gro Inc (b)(c) | 56000 | 23134 |
| Wabash National Corp  | 232803 | 2581785 |
| Watts Water Technologies Inc Class A  | 147607 | 40872378 |
| Worthington Enterprises Inc  | 168445 | 11083681 |
| Xos Inc (b)(c) | 23367 | 66129 |
|  |  | 1437853788 |
| Marine Transportation - 0.1% |  |  |
| Genco Shipping & Trading Ltd (c) | 234437 | 3947919 |
| Kirby Corp (b) | 301341 | 29290346 |
| Lakeside Holding Ltd (b) | 9431 | 10751 |
| Matson Inc  | 175182 | 18227687 |
| Pangaea Logistics Solutions Ltd  | 188315 | 1003719 |
|  |  | 52480422 |
| Passenger Airlines - 0.4% |  |  |
| Alaska Air Group Inc (b) | 657301 | 41265357 |
| Allegiant Travel Co (b)(c) | 78421 | 4913860 |
| American Airlines Group Inc (b)(c) | 3567710 | 47700283 |
| flyExclusive Inc Class A (b) | 24214 | 97340 |
| Frontier Group Holdings Inc (b)(c) | 437088 | 2141731 |
| Jet.AI Inc Class A (b)(c) | 13869 | 48125 |
| JetBlue Airways Corp (b)(c) | 1646001 | 8806105 |
| Joby Aviation Inc Class A (b)(c) | 2699837 | 38202694 |
| Mesa Air Group Inc (b) | 168635 | 209107 |
| SkyWest Inc (b) | 218115 | 26479161 |
| Spirit Aviation Holdings Inc  | 84387 | 102952 |
| Strata Critical Medical Inc (b)(c) | 338973 | 1481312 |
| Sun Country Airlines Holdings Inc (b) | 212783 | 2819375 |
| Surf Air Mobility Inc (b)(c) | 76971 | 334054 |
| Volato Group Inc Class A (b)(c) | 8212 | 13796 |
| Wheels Up Experience Inc Class A (b)(c) | 493007 | 1444511 |
|  |  | 176059763 |
| Professional Services - 2.2% |  |  |
| Alight Inc Class A (c) | 2589305 | 10046503 |
| Amentum Holdings Inc  | 821441 | 20494953 |
| Asure Software Inc (b) | 137997 | 1159175 |
| Barrett Business Services Inc  | 140236 | 6843517 |
| BGSF Inc (b) | 54494 | 337318 |
| BlackSky Technology Inc Class A (b)(c) | 135059 | 2371636 |
| Booz Allen Hamilton Holding Corp Class A  | 684131 | 74378722 |
| CACI International Inc (b) | 118945 | 57060295 |
| Cbiz Inc (b) | 288325 | 18608496 |
| Clarivate PLC (b)(c) | 2323680 | 10108008 |
| Concentrix Corp (c) | 248392 | 13105162 |
| Conduent Inc (b) | 803804 | 2234575 |
| CRA International Inc  | 36732 | 7117192 |
| CSG Systems International Inc  | 149735 | 9606998 |
| Cycurion Inc (b)(c) | 174188 | 34855 |
| DLH Holdings Corp (b) | 65243 | 364056 |
| ExlService Holdings Inc (b) | 878869 | 38476885 |
| Exponent Inc  | 274089 | 19564473 |
| Falcon's Beyond Global Inc Class A (c) | 24470 | 179977 |
| First Advantage Corp (b) | 328569 | 5375389 |
| FiscalNote Holdings Inc Class A (b)(c) | 469168 | 199303 |
| Forrester Research Inc (b) | 61334 | 597393 |
| Franklin Covey Co (b) | 60720 | 1187683 |
| FTI Consulting Inc (b) | 181781 | 30655548 |
| GEE Group Inc (b) | 524114 | 102831 |
| Genpact Ltd  | 868210 | 39364641 |
| Heidrick & Struggles International Inc  | 111464 | 5663486 |
| HireQuest Inc (c) | 29972 | 292527 |
| Hudson Global Inc (b) | 16005 | 150607 |
| Huron Consulting Group Inc (b) | 85939 | 11770205 |
| ICF International Inc  | 99752 | 9797641 |
| Innodata Inc (b)(c) | 150742 | 5725181 |
| Insperity Inc  | 196430 | 10846865 |
| KBR Inc  | 700162 | 35330175 |
| Kelly Services Inc Class A  | 171968 | 2447105 |
| Kforce Inc  | 91030 | 2967578 |
| Korn Ferry  | 278135 | 20620929 |
| Legalzoom.com Inc (b) | 604287 | 6695500 |
| ManpowerGroup Inc  | 250282 | 10611957 |
| Mastech Digital Inc (b) | 28468 | 230306 |
| Maximus Inc  | 306240 | 26924621 |
| Mistras Group Inc (b) | 100158 | 957510 |
| Nixxy Inc (b) | 96079 | 163334 |
| Parsons Corp (b) | 253821 | 20331062 |
| Paylocity Holding Corp (b) | 233078 | 41774570 |
| Planet Labs PBC Class A (b) | 1183122 | 8388335 |
| Professional Diversity Network Inc (b)(c) | 7416 | 49613 |
| Rcm Technologies Inc (b)(c) | 27371 | 742575 |
| Resolute Holdings Management Inc (c) | 19400 | 1282146 |
| Resources Connection Inc  | 174402 | 891194 |
| Robert Half Inc  | 542564 | 20248488 |
| Science Applications International Corp  | 255795 | 30107072 |
| ShiftPixy Inc (b)(c)(d) | 877 | 5727 |
| Skillsoft Corp Class A (b)(c) | 24737 | 380208 |
| Spire Global Inc Class A (b)(c) | 155523 | 1405928 |
| SS&C Technologies Holdings Inc  | 1154846 | 102388647 |
| Staffing 360 Solutions Inc (b)(c)(d) | 2614 | 0 |
| TransUnion  | 1053938 | 93168119 |
| TriNet Group Inc  | 162405 | 11761370 |
| TrueBlue Inc (b) | 158883 | 948532 |
| TTEC Holdings Inc (b) | 104946 | 397745 |
| UL Solutions Inc Class A  | 336860 | 21279446 |
| Upwork Inc (b) | 657632 | 10120956 |
| Verra Mobility Corp Class A (b) | 866903 | 21542540 |
| Where Food Comes From Inc (b) | 14809 | 178300 |
| Willdan Group Inc (b) | 72505 | 7965399 |
|  |  | 916129083 |
| Trading Companies & Distributors - 2.4% |  |  |
| Air Lease Corp Class A  | 558553 | 33630476 |
| Alta Equipment Group Inc Class A  | 110512 | 921670 |
| Applied Industrial Technologies Inc  | 205690 | 54215770 |
| BlueLinx Holdings Inc (b) | 43581 | 3600226 |
| Boise Cascade Co  | 203271 | 17684577 |
| Capstone Holding Corp (b)(c) | 4402 | 5370 |
| Core & Main Inc Class A (b) | 1021880 | 66136074 |
| Custom Truck One Source Inc Class A (b)(c) | 288791 | 1773177 |
| Distribution Solutions Group Inc (b) | 50016 | 1611015 |
| DNOW Inc (b) | 570276 | 9124416 |
| DXP Enterprises Inc/TX (b) | 68227 | 8520188 |
| EVI Industries Inc  | 27795 | 771033 |
| Ferguson Enterprises Inc  | 1071954 | 247782168 |
| FGI Industries Ltd (b)(c) | 1689 | 7161 |
| FTAI Aviation Ltd  | 553712 | 85188591 |
| GATX Corp  | 192371 | 32377963 |
| Global Industrial Co  | 74063 | 2764772 |
| GMS Inc (b) | 207581 | 22819379 |
| Herc Holdings Inc  | 177157 | 23170364 |
| Hudson Technologies Inc (b) | 208675 | 2120138 |
| iPower Inc (b)(c) | 74002 | 35736 |
| Karat Packaging Inc  | 37385 | 945093 |
| Marwynn Holdings Inc (c) | 9960 | 8175 |
| McGrath RentCorp  | 134199 | 16303837 |
| Mrc Global Inc (b) | 465085 | 7013482 |
| MSC Industrial Direct Co Inc Class A  | 240522 | 21702300 |
| NPK International Inc (b) | 458691 | 4770386 |
| QXO Inc (b)(c) | 2613414 | 52608024 |
| Rush Enterprises Inc Class A  | 362360 | 20799464 |
| Rush Enterprises Inc Class B  | 14408 | 836240 |
| SiteOne Landscape Supply Inc (b) | 243752 | 34915036 |
| Titan Machinery Inc (b) | 109312 | 2186240 |
| Transcat Inc (b) | 50163 | 4211184 |
| Watsco Inc  | 188707 | 75931923 |
| Wesco International Inc  | 240328 | 52833708 |
| Willis Lease Finance Corp (c) | 16029 | 2383192 |
| Xometry Inc Class A (b) | 252289 | 12483260 |
|  |  | 924191808 |
| Transportation Infrastructure - 0.0% |  |  |
| Singularity Future Technology Ltd (b)(c) | 25178 | 27192 |
| Sky Harbour Group Corp Class A (b)(c) | 111943 | 1179879 |
|  |  | 1207071 |
| TOTAL INDUSTRIALS |  | 7591408150 |
| Information Technology - 18.0% |  |  |
| Communications Equipment - 0.7% |  |  |
| Actelis Networks Inc (b)(c) | 28299 | 10263 |
| ADTRAN Holdings Inc (b) | 388366 | 3642873 |
| Applied Optoelectronics Inc (b)(c) | 284467 | 6884101 |
| Aviat Networks Inc (b) | 62337 | 1431258 |
| BK Technologies Corp (b)(c) | 15904 | 1125685 |
| Calix Inc (b) | 312153 | 18557496 |
| Cambium Networks Corp (b)(c) | 70662 | 53682 |
| Ciena Corp (b) | 766782 | 72054505 |
| Clearfield Inc (b)(c) | 62075 | 2024887 |
| ClearOne Inc (b) | 5256 | 21497 |
| CommScope Holding Co Inc (b) | 1171629 | 18792929 |
| Comtech Telecommunications Corp (b) | 156797 | 305754 |
| Digi International Inc (b) | 197456 | 6855672 |
| Extreme Networks Inc (b) | 714392 | 15273701 |
| Franklin Wireless Corp (b) | 48940 | 217294 |
| Genasys Inc (b) | 241473 | 468458 |
| Harmonic Inc (b) | 611309 | 5880793 |
| Inseego Corp (b)(c) | 61888 | 763079 |
| KVH Industries Inc (b) | 68860 | 387682 |
| Lantronix Inc (b)(c) | 171672 | 852351 |
| Lumentum Holdings Inc (b) | 374789 | 49775727 |
| Netgear Inc (b) | 157942 | 4291284 |
| NetScout Systems Inc (b) | 380087 | 9460365 |
| Network-1 Technologies Inc  | 78090 | 116354 |
| Ondas Holdings Inc (b) | 887852 | 5202813 |
| Optical Cable Corp (b) | 30373 | 192717 |
| Ribbon Communications Inc (b) | 498430 | 2033594 |
| Ubiquiti Inc  | 22670 | 11972707 |
| Viasat Inc (b)(c) | 459860 | 14867274 |
| Viavi Solutions Inc (b) | 1192002 | 13445783 |
|  |  | 266962578 |
| Electronic Equipment, Instruments & Components - 2.2% |  |  |
| 908 Devices Inc (b)(c) | 146904 | 918150 |
| Advanced Energy Industries Inc  | 203678 | 30486523 |
| Aeva Technologies Inc (b)(c) | 181282 | 2683880 |
| AEye Inc Class A (b)(c) | 93118 | 262593 |
| Airgain Inc (b) | 56580 | 239899 |
| AmpliTech Group Inc (b)(c) | 89507 | 340127 |
| Arlo Technologies Inc (b) | 557385 | 9704073 |
| Arrow Electronics Inc (b) | 279772 | 35343597 |
| Astrotech Corp (b) | 8018 | 40972 |
| Avnet Inc  | 451297 | 24627277 |
| Badger Meter Inc  | 159303 | 29139705 |
| Bel Fuse Inc Class A  | 5230 | 598469 |
| Bel Fuse Inc Class B  | 59875 | 8056780 |
| Belden Inc  | 214359 | 27909542 |
| Benchmark Electronics Inc  | 195066 | 7917729 |
| Cemtrex Inc (b) | 10885 | 12300 |
| Climb Global Solutions Inc  | 21053 | 2601309 |
| Coda Octopus Group Inc (b) | 31362 | 254189 |
| Cognex Corp  | 909481 | 39962595 |
| Coherent Corp (b) | 840210 | 76013799 |
| CPS Technologies Corp (b) | 64311 | 221873 |
| Crane NXT Co  | 264285 | 15785743 |
| CTS Corp  | 161194 | 6849133 |
| Daktronics Inc (b) | 229494 | 3981721 |
| Data I/O Corp (b) | 43895 | 136075 |
| Digital Ally Inc (b) | 35 | 62 |
| Electro-Sensors Inc (b)(c) | 12203 | 58574 |
| ePlus Inc  | 142129 | 10285876 |
| Evolv Technologies Holdings Inc Class A (b) | 609175 | 5019602 |
| Flex Ltd (b) | 2064855 | 110717525 |
| Focus Universal Inc (b)(c) | 19295 | 36661 |
| Forward Industries Inc (b) | 4211 | 64091 |
| Frequency Electronics Inc (b) | 46625 | 1503656 |
| Identiv Inc (b) | 120607 | 446246 |
| Insight Enterprises Inc (b) | 147992 | 19262639 |
| Interlink Electronics Inc (b) | 17849 | 164568 |
| IPG Photonics Corp (b) | 142126 | 11628749 |
| Itron Inc (b) | 245944 | 30236355 |
| Key Tronic Corp (b) | 52383 | 152958 |
| Kimball Electronics Inc (b) | 132168 | 3815690 |
| Knowles Corp (b) | 467424 | 9979502 |
| LGL Group Inc/The (b) | 21447 | 139191 |
| LGL Group Inc/The warrants 11/16/2025 (b) | 6067 | 1941 |
| LightPath Technologies Inc Class A (b)(c) | 198793 | 1063543 |
| Lightwave Logic Inc (b)(c) | 673591 | 2263266 |
| Littelfuse Inc  | 133774 | 34758498 |
| M-Tron Industries Inc (b)(c) | 12943 | 582176 |
| M-Tron Industries Inc warrants 3/11/2028 (b) | 12632 | 20843 |
| Methode Electronics Inc  | 193369 | 1494742 |
| MicroVision Inc (b)(c) | 1364958 | 1569702 |
| Mirion Technologies Inc Class A (b) | 1016186 | 20831813 |
| MultiSensor AI Holdings Inc (b)(c) | 111088 | 74884 |
| Napco Security Technologies Inc  | 192959 | 7342090 |
| Neonode Inc (b)(c) | 68021 | 1629103 |
| nLight Inc (b) | 267231 | 7696253 |
| Nortech Systems Inc (b) | 6230 | 56693 |
| Novanta Inc (b) | 195658 | 22776548 |
| OSI Systems Inc (b) | 84821 | 19513071 |
| Ouster Inc Class A (b) | 253170 | 7222940 |
| PAR Technology Corp (b)(c) | 218474 | 11181499 |
| PC Connection Inc  | 63362 | 4068474 |
| Plexus Corp (b) | 145421 | 19924131 |
| Powerfleet Inc NJ (b)(c) | 621416 | 2902013 |
| Ralliant Corp  | 612481 | 25607831 |
| Red Cat Holdings Inc (b)(c) | 343006 | 3066474 |
| Research Frontiers Inc (b) | 156603 | 211414 |
| RF Industries Ltd (b) | 48722 | 341785 |
| Richardson Electronics Ltd/United States (c) | 67082 | 659416 |
| Rogers Corp (b) | 91393 | 7170695 |
| Sanmina Corp (b) | 287923 | 33836711 |
| ScanSource Inc (b) | 111920 | 4885308 |
| Scantech AI Systems Inc (c) | 71611 | 30277 |
| SmartRent Inc Class A (b) | 919303 | 1360568 |
| Sobr Safe Inc (b) | 8863 | 30400 |
| Sono-Tek Corp (b) | 72105 | 241552 |
| Syntec Optics Holdings Inc Class A (b) | 34774 | 54943 |
| Taitron Components Inc Class A  | 24535 | 51524 |
| TD SYNNEX Corp  | 401882 | 59506668 |
| TTM Technologies Inc (b) | 547517 | 24402833 |
| Universal Safety Products Inc (b) | 8664 | 28591 |
| VerifyMe Inc (b) | 58741 | 52291 |
| Vishay Intertechnology Inc  | 606092 | 9370182 |
| Vishay Precision Group Inc (b) | 66286 | 1883848 |
| Vontier Corp  | 790610 | 33925075 |
| Vuzix Corp (b)(c) | 372823 | 790385 |
| Wrap Technologies Inc (b)(c) | 178017 | 247444 |
|  |  | 902330436 |
| IT Services - 3.0% |  |  |
| Applied Digital Corp (b)(c) | 967351 | 15458269 |
| ASGN Inc (b) | 241664 | 13110272 |
| Backblaze Inc Class A (b) | 257964 | 2153999 |
| BigBear.ai Holdings Inc (b)(c) | 738610 | 3744753 |
| Brand Engagement Network Inc Class A (b) | 66882 | 20592 |
| Castellum Inc (b) | 325723 | 325723 |
| CISO Global Inc (b)(c) | 125950 | 116239 |
| Cloudflare Inc Class A (b) | 1675983 | 349794412 |
| Commerce.com Inc (b) | 364843 | 1696520 |
| CoreWeave Inc Class A (b) | 215319 | 22186470 |
| Couchbase Inc (b) | 233179 | 5687236 |
| Crexendo Inc (b) | 66932 | 423010 |
| CSP Inc  | 33810 | 407749 |
| Data Storage Corp (b) | 22215 | 101078 |
| DigitalOcean Holdings Inc (b) | 338298 | 11035281 |
| DXC Technology Co (b) | 983577 | 14212688 |
| Fastly Inc Class A (b) | 718897 | 5470806 |
| Glimpse Group Inc/The (b) | 90628 | 134129 |
| Grid Dynamics Holdings Inc (b) | 339138 | 2811454 |
| Hackett Group Inc/The  | 135082 | 2812407 |
| Information Services Group Inc  | 196747 | 1017182 |
| Kyndryl Holdings Inc (b) | 1254877 | 39892540 |
| MongoDB Inc Class A (b) | 438798 | 138489037 |
| Okta Inc Class A (b) | 904585 | 83918350 |
| Rackspace Technology Inc (b) | 344150 | 433629 |
| Research Solutions Inc/CA (b) | 125292 | 379635 |
| Snowflake Inc (b) | 1800907 | 429804465 |
| TSS Inc/MD (b)(c) | 75725 | 1054471 |
| Tucows Inc Class A (b)(c) | 54257 | 991818 |
| Twilio Inc Class A (b) | 824710 | 87097623 |
| Unisys Corp (b) | 386071 | 1509538 |
| WidePoint Corp (b) | 37766 | 184676 |
| XTI Aerospace Inc (b)(c) | 32609 | 65544 |
|  |  | 1236541595 |
| Semiconductors & Semiconductor Equipment - 2.7% |  |  |
| ACM Research Inc Class A (b) | 268530 | 7577917 |
| Aehr Test Systems (b)(c) | 151148 | 3771143 |
| Aeluma Inc (b)(c) | 52985 | 1207528 |
| Alpha & Omega Semiconductor Ltd (b) | 131541 | 3784435 |
| Ambarella Inc (b) | 216396 | 17848342 |
| Amkor Technology Inc  | 612259 | 14810545 |
| Amtech Systems Inc (b) | 64398 | 407639 |
| Ascent Solar Technologies Inc (b)(c) | 8049 | 15936 |
| Astera Labs Inc (b) | 115768 | 21092930 |
| Atomera Inc (b)(c) | 165377 | 542437 |
| Axcelis Technologies Inc (b) | 173510 | 13887740 |
| AXT Inc (b) | 215039 | 623613 |
| Blaize Holdings Inc Class A (b) | 302478 | 1079846 |
| CEVA Inc (b)(c) | 129156 | 2869846 |
| Cirrus Logic Inc (b) | 286067 | 32665991 |
| Cohu Inc (b) | 251901 | 5012830 |
| Credo Technology Group Holding Ltd (b) | 788380 | 97014101 |
| CVD Equipment Corp (b) | 30688 | 86540 |
| Datavault AI Inc (b)(c) | 301595 | 107669 |
| Diodes Inc (b) | 250173 | 13618167 |
| Entegris Inc (c) | 818854 | 68570834 |
| Everspin Technologies Inc (b) | 98043 | 630416 |
| FormFactor Inc (b) | 415498 | 12128387 |
| GCT Semiconductor Holding Inc Class A (b)(c) | 176430 | 232888 |
| GSI Technology Inc (b) | 105189 | 309256 |
| Ichor Holdings Ltd (b) | 184230 | 3104276 |
| Impinj Inc (b) | 127194 | 23845059 |
| inTEST Corp (b) | 66358 | 464506 |
| Kopin Corp (b)(c) | 811514 | 1704179 |
| Lattice Semiconductor Corp (b) | 743154 | 49330563 |
| MACOM Technology Solutions Holdings Inc (b) | 320852 | 41117184 |
| Marvell Technology Inc  | 4663565 | 293175014 |
| MaxLinear Inc Class A (b) | 424137 | 6667434 |
| MKS Inc  | 362232 | 37433055 |
| Mobix Labs Inc Class A (b) | 147525 | 174080 |
| Navitas Semiconductor Corp Class A (b)(c) | 724795 | 4247299 |
| NVE Corp (c) | 25740 | 1662289 |
| Onto Innovation Inc (b) | 264821 | 28071026 |
| PDF Solutions Inc (b) | 170141 | 3479383 |
| Penguin Solutions Inc (b) | 284061 | 6854392 |
| Peraso Inc (b) | 26035 | 22652 |
| Photronics Inc (b) | 341372 | 7738903 |
| Pixelworks Inc (b)(c) | 24650 | 212483 |
| Power Integrations Inc  | 303476 | 13686768 |
| Qorvo Inc (b) | 503718 | 45687223 |
| QuickLogic Corp (b)(c) | 76756 | 393758 |
| Rambus Inc (b) | 578862 | 42702650 |
| Rigetti Computing Inc Class A (b)(c) | 1381272 | 22418045 |
| Semtech Corp (b) | 468837 | 27234741 |
| Silicon Laboratories Inc (b) | 175962 | 23640495 |
| SiTime Corp (b) | 113091 | 27330702 |
| SkyWater Technology Inc (b)(c) | 121163 | 1452744 |
| SolarEdge Technologies Inc (b)(c) | 318733 | 10779550 |
| Synaptics Inc (b) | 207591 | 14502307 |
| Trio-Tech International (b) | 14333 | 76824 |
| Ultra Clean Holdings Inc (b) | 242526 | 5825475 |
| Universal Display Corp  | 238547 | 33060229 |
| Veeco Instruments Inc (b) | 323660 | 7936143 |
|  |  | 1105928407 |
| Software - 8.8% |  |  |
| 8x8 Inc (b) | 710876 | 1407534 |
| A10 Networks Inc  | 388758 | 6884904 |
| ACCESS Newswire Inc (b)(c) | 15739 | 173129 |
| ACI Worldwide Inc (b) | 568251 | 28043187 |
| Adeia Inc  | 585069 | 8799438 |
| Agilysys Inc (b) | 121203 | 13225671 |
| Airship AI Holdings Inc Class A (b)(c) | 99908 | 446589 |
| Alarm.com Holdings Inc (b) | 271958 | 15944898 |
| Alkami Technology Inc (b)(c) | 377089 | 9653478 |
| Alpha Modus Holdings Inc Class A (b) | 36532 | 38724 |
| Amplitude Inc Class A (b) | 476018 | 5440886 |
| Appfolio Inc Class A (b) | 124664 | 34579300 |
| Appian Corp Class A (b) | 241404 | 7430415 |
| AppLovin Corp Class A (b) | 1195862 | 572327595 |
| Arteris Inc (b) | 139225 | 1311500 |
| Asana Inc Class A (b)(c) | 496251 | 7245265 |
| Atlassian Corp Class A (b) | 892873 | 158734962 |
| Auddia Inc (b)(c) | 4975 | 11193 |
| AudioEye Inc (b)(c) | 36103 | 463924 |
| Aurora Innovation Inc Class A (b)(c) | 5770054 | 32485404 |
| authID Inc (b)(c) | 59753 | 266498 |
| AvePoint Inc Class A (b) | 622643 | 10186439 |
| Aware Inc/MA (b) | 85675 | 188485 |
| Banzai International Inc Class A (b)(c) | 10417 | 34584 |
| Bentley Systems Inc Class B  | 833305 | 46373423 |
| BILL Holdings Inc (b) | 427810 | 19858940 |
| Bio-key International Inc (b) | 21880 | 16385 |
| Blackbaud Inc (b) | 208628 | 13917574 |
| Blackboxstocks Inc (b) | 12711 | 80079 |
| BlackLine Inc (b)(c) | 282803 | 15375999 |
| Blend Labs Inc Class A (b)(c) | 1062380 | 3845816 |
| Box Inc Class A (b) | 782382 | 25529125 |
| Braze Inc Class A (b) | 386411 | 10703585 |
| Bridgeline Digital Inc (b) | 51527 | 73684 |
| BTCS Inc (b)(c) | 66066 | 276156 |
| Btcs Inc Series V (b)(d) | 38570 | 0 |
| C3.ai Inc Class A (b)(c) | 642238 | 10860245 |
| Ccc Intelligent Solutions Holdings Inc Class A (b) | 2615886 | 25897271 |
| Cerence Inc (b)(c) | 232904 | 2452479 |
| Cipher Mining Inc (b)(c) | 1282454 | 9797949 |
| Circle Internet Group Inc Class A (c) | 264140 | 34861197 |
| Cleanspark Inc (b)(c) | 1500682 | 14211459 |
| Clear Secure Inc Class A  | 498793 | 18111174 |
| Clearwater Analytics Holdings Inc Class A (b) | 1311683 | 27112488 |
| Commvault Systems Inc (b) | 238862 | 44582398 |
| Confluent Inc Class A (b) | 1554347 | 30869331 |
| Consensus Cloud Solutions Inc (b) | 95448 | 2536053 |
| Core Scientific Inc (b)(c) | 1605661 | 23041235 |
| CoreCard Corp (b)(c) | 31410 | 869115 |
| CS Disco Inc (b) | 126099 | 689762 |
| CXApp Inc Class A (b)(c) | 82624 | 62183 |
| CYNGN Inc (b)(c) | 10179 | 55679 |
| Daily Journal Corp (b)(c) | 5032 | 2350950 |
| Digimarc Corp (b)(c) | 81239 | 703530 |
| Digital Turbine Inc (b) | 509454 | 2139707 |
| Docusign Inc (b) | 1094421 | 83898314 |
| Dolby Laboratories Inc Class A  | 330339 | 23678700 |
| Domo Inc Class B (b)(c) | 185614 | 2724814 |
| Dropbox Inc Class A (b) | 1055483 | 30672336 |
| Duos Technologies Group Inc (b)(c) | 48606 | 311078 |
| Dynatrace Inc (b) | 1619593 | 81951406 |
| eGain Corp (b) | 102355 | 643813 |
| Elastic NV (b) | 474987 | 40402394 |
| EverCommerce Inc (b)(c) | 97681 | 1128216 |
| Exodus Movement Inc Class A (b)(c) | 41908 | 1056920 |
| Expensify Inc Class A (b) | 276580 | 542097 |
| Five9 Inc (b)(c) | 422650 | 11377738 |
| Freshworks Inc Class A (b) | 1079170 | 14536420 |
| Gitlab Inc Class A (b)(c) | 689901 | 33129046 |
| Greenidge Generation Holdings Inc Class A (b) | 62791 | 77233 |
| Guidewire Software Inc (b) | 452876 | 98283150 |
| HubSpot Inc (b) | 285229 | 137814096 |
| I3 Verticals Inc Class A (b)(c) | 120795 | 3799003 |
| Informatica Inc Class A (b) | 446371 | 11128029 |
| Intapp Inc (b) | 297433 | 13678944 |
| Intellicheck Inc (b) | 91441 | 498353 |
| Intellinetics Inc (b)(c) | 14072 | 156718 |
| InterDigital Inc (c) | 139806 | 37986688 |
| Intrusion Inc (b)(c) | 85596 | 151505 |
| Inuvo Inc (b) | 63747 | 216102 |
| Iveda Solutions Inc (b)(c) | 14468 | 23149 |
| Jamf Holding Corp (b) | 379947 | 3541106 |
| Kaltura Inc (b) | 426835 | 678668 |
| Klaviyo Inc Class A (b) | 610637 | 19809064 |
| LivePerson Inc (b)(c) | 402243 | 374890 |
| LiveRamp Holdings Inc (b) | 360735 | 10071721 |
| LM Funding America Inc (b)(c) | 25291 | 31614 |
| Manhattan Associates Inc (b) | 327834 | 70628557 |
| MARA Holdings Inc (b)(c) | 1907554 | 30482713 |
| Marin Software Inc (b) | 14773 | 10488 |
| Meridianlink Inc (b) | 165853 | 3298816 |
| Mitek Systems Inc (b) | 244384 | 2485385 |
| Myseum Inc (b) | 21807 | 44050 |
| N-able Inc/US (b)(c) | 391133 | 3152532 |
| nCino Inc (b)(c) | 503894 | 16180036 |
| NCR Voyix Corp (b) | 743054 | 9793452 |
| NetSol Technologies Inc (b) | 48470 | 196304 |
| NextNav Inc Class A (b)(c) | 365149 | 6503304 |
| NextTrip Inc (b)(c) | 7566 | 28978 |
| Nutanix Inc Class A (b) | 1337809 | 89914143 |
| Oblong Inc (b)(c) | 7254 | 21253 |
| Olo Inc Class A (b) | 636243 | 6521491 |
| ON24 Inc (b)(c) | 199492 | 1141094 |
| OneSpan Inc  | 213621 | 3231018 |
| Onestream Inc Class A (b)(c) | 418568 | 8702029 |
| Ooma Inc (b) | 141922 | 1833632 |
| PagerDuty Inc (b) | 512847 | 8585059 |
| Pegasystems Inc  | 481861 | 26121685 |
| Phunware Inc (b) | 108639 | 280289 |
| Pivotal Software Inc Class A rights (b)(d) | 413656 | 3 |
| Porch Group Inc (b)(c) | 517034 | 8774067 |
| Procore Technologies Inc (b) | 583277 | 40543584 |
| Progress Software Corp (b) | 236713 | 10957445 |
| PROS Holdings Inc (b) | 236567 | 3666789 |
| Q2 Holdings Inc (b) | 337924 | 26604757 |
| Qualys Inc (b) | 197476 | 26819216 |
| Rapid7 Inc (b) | 347109 | 7188627 |
| reAlpha Tech Corp (b)(c) | 76400 | 29681 |
| Red Violet Inc (c) | 62780 | 3154067 |
| Rekor Systems Inc (b)(c) | 675699 | 756783 |
| ReposiTrak Inc (c) | 66007 | 1069313 |
| Rimini Street Inc (b) | 251223 | 1087796 |
| RingCentral Inc Class A (b)(c) | 437691 | 13353952 |
| Riot Platforms Inc (b) | 1681188 | 23133147 |
| Rubrik Inc Class A (b) | 667235 | 59650809 |
| SailPoint Inc (c) | 330957 | 6830952 |
| Samsara Inc Class A (b) | 1527955 | 55220294 |
| SEMrush Holdings Inc Class A (b) | 188483 | 1489016 |
| SentinelOne Inc Class A (b) | 1722525 | 32486822 |
| ServiceTitan Inc Class A (b) | 50410 | 5405464 |
| Signing Day Sports Inc (b)(c) | 21945 | 36209 |
| Silvaco Group Inc (b)(c) | 41800 | 223212 |
| Smith Micro Software Inc (b)(c) | 87433 | 64718 |
| Soluna Holdings Inc (b)(c) | 56228 | 26652 |
| SoundHound AI Inc Class A (b)(c) | 1998339 | 26018374 |
| SoundThinking Inc (b) | 46491 | 591830 |
| Sprinklr Inc Class A (b) | 621434 | 5369190 |
| Sprout Social Inc Class A (b) | 280697 | 4432206 |
| SPS Commerce Inc (b) | 207295 | 22864639 |
| Strategy Inc Class A (b) | 1369932 | 458118960 |
| Synchronoss Technologies Inc (b) | 52060 | 313401 |
| T Stamp Inc Class A (b)(c) | 19416 | 55530 |
| Telos Corp (b) | 221754 | 1370440 |
| Tenable Holdings Inc (b) | 669203 | 20691757 |
| Teradata Corp (b) | 523349 | 10979862 |
| Terawulf Inc (b) | 1660878 | 15695297 |
| Thumzup Media Corp (b)(c) | 17130 | 93359 |
| UiPath Inc Class A (b) | 1805850 | 20081052 |
| Unity Software Inc (b) | 1640890 | 64667475 |
| Upland Software Inc (b) | 128791 | 364479 |
| Urgent.ly Inc (b) | 6388 | 27788 |
| Varonis Systems Inc (b) | 606969 | 35823310 |
| Veea Inc Class A (b)(c) | 83339 | 48762 |
| Verb Technology Co Inc (b)(c) | 6022 | 87319 |
| Verint Systems Inc (b) | 337922 | 6890230 |
| Veritone Inc (b)(c) | 212577 | 648360 |
| Vertex Inc Class A (b)(c) | 307246 | 7933092 |
| Viant Technology Inc Class A (b)(c) | 86381 | 898362 |
| VirnetX Holding Corp (b)(c) | 19647 | 268967 |
| Weave Communications Inc (b) | 225066 | 1751013 |
| Workiva Inc Class A (b) | 282357 | 23221040 |
| Xperi Inc (b) | 247717 | 1486302 |
| Yext Inc (b) | 572737 | 5206179 |
| Zeta Global Holdings Corp Class A (b) | 1146499 | 22517240 |
| Zoom Communications Inc Class A (b) | 1416484 | 115330127 |
| Zscaler Inc (b) | 518143 | 143551518 |
|  |  | 3602079441 |
| Technology Hardware, Storage & Peripherals - 0.6% |  |  |
| AstroNova Inc (b) | 36180 | 411728 |
| Boxlight Corp Class A (b)(c) | 10386 | 18176 |
| CompoSecure Inc Class A (b)(c) | 226158 | 4324141 |
| Corsair Gaming Inc (b) | 242967 | 2169695 |
| CPI Card Group Inc (b) | 24320 | 378906 |
| Diebold Nixdorf Inc (b) | 201959 | 12341714 |
| Eastman Kodak Co (b)(c) | 399168 | 2355091 |
| Foxx Development Holdings Inc (c) | 9187 | 49977 |
| Immersion Corp (c) | 159893 | 1128845 |
| IonQ Inc (b)(c) | 1288049 | 55051214 |
| Movano Inc (b)(c) | 28616 | 30619 |
| One Stop Systems Inc (b) | 97783 | 581809 |
| Pure Storage Inc Class A (b) | 1676566 | 130118287 |
| Quantum Computing Inc (b)(c) | 590595 | 9319589 |
| Quantum Corp (b)(c) | 37027 | 275111 |
| Sandisk Corp/DE  | 733343 | 38478507 |
| Socket Mobile Inc (b) | 31426 | 32997 |
| Sonim Technologies Inc (b) | 31786 | 18744 |
| TransAct Technologies Inc (b) | 47076 | 204310 |
| Turtle Beach Corp (b)(c) | 88916 | 1406651 |
| Xerox Holdings Corp (c) | 640355 | 2548613 |
|  |  | 261244724 |
| TOTAL INFORMATION TECHNOLOGY |  | 7375087181 |
| Materials - 4.6% |  |  |
| Chemicals - 1.4% |  |  |
| AdvanSix Inc  | 144600 | 3103116 |
| Alto Ingredients Inc (b) | 391733 | 442658 |
| American Vanguard Corp (b) | 144689 | 781321 |
| Arq Inc (b) | 167516 | 1293224 |
| Ashland Inc  | 254593 | 14295397 |
| ASP Isotopes Inc (b)(c) | 300052 | 2784483 |
| Aspen Aerogels Inc (b)(c) | 363129 | 2483802 |
| Avient Corp  | 493800 | 18468120 |
| Axalta Coating Systems Ltd (b) | 1181620 | 36937441 |
| Balchem Corp  | 175149 | 28389901 |
| Bolt Projects Holdings Inc Class A (b)(c) | 4677 | 21280 |
| Cabot Corp  | 289016 | 23572145 |
| Celanese Corp  | 593427 | 28264928 |
| Chemours Co/The  | 809770 | 12470458 |
| Core Molding Technologies Inc (b) | 40859 | 784493 |
| Ecovyst Inc (b) | 569731 | 5178855 |
| Element Solutions Inc  | 1208274 | 31076807 |
| Flotek Industries Inc (b)(c) | 159127 | 1923845 |
| FMC Corp  | 681648 | 26652437 |
| Hawkins Inc  | 101763 | 17028003 |
| HB Fuller Co  | 297036 | 18134048 |
| Huntsman Corp  | 886955 | 9898418 |
| Ingevity Corp (b) | 196459 | 11469276 |
| Innospec Inc  | 134580 | 11787862 |
| Intrepid Potash Inc (b) | 50633 | 1540762 |
| Koppers Holdings Inc  | 108124 | 3133434 |
| Kronos Worldwide Inc  | 118509 | 756087 |
| LSB Industries Inc (b) | 284433 | 2366483 |
| Mativ Holdings Inc  | 294129 | 3697202 |
| Minerals Technologies Inc  | 171110 | 11199150 |
| NewMarket Corp  | 40487 | 33481130 |
| Northern Technologies International Corp  | 43518 | 322033 |
| Novusterra Inc (b)(c)(d) | 24632 | 0 |
| Olin Corp  | 632704 | 14969777 |
| Origin Materials Inc Class A (b) | 676322 | 361697 |
| Perimeter Solutions Inc  | 746783 | 16720471 |
| PureCycle Technologies Inc (b)(c) | 803042 | 11475470 |
| Quaker Chemical Corp (c) | 73506 | 10663515 |
| Rayonier Advanced Materials Inc (b) | 353039 | 1966427 |
| RPM International Inc  | 690732 | 86555628 |
| Scotts Miracle-Gro Co/The  | 236897 | 14502834 |
| Sensient Technologies Corp  | 229308 | 26017286 |
| Solesence Inc (b) | 95490 | 349493 |
| Stepan Co  | 115012 | 5754050 |
| Trinseo PLC (c) | 190510 | 457224 |
| Tronox Holdings PLC  | 633041 | 2709415 |
| Valhi Inc  | 12346 | 201363 |
| Westlake Corp (c) | 180230 | 15827799 |
|  |  | 572271048 |
| Construction Materials - 1.2% |  |  |
| CRH PLC  | 3643997 | 411589461 |
| Eagle Materials Inc  | 180784 | 41743026 |
| Knife River Corp (b) | 308794 | 25012314 |
| Smith-Midland Corp (b)(c) | 24401 | 1053391 |
| United States Lime & Minerals Inc  | 56878 | 7162078 |
|  |  | 486560270 |
| Containers & Packaging - 0.6% |  |  |
| AptarGroup Inc  | 356051 | 49587223 |
| Crown Holdings Inc  | 619286 | 61544643 |
| Eightco Holdings Inc (b) | 14625 | 22083 |
| Graphic Packaging Holding CO  | 1635515 | 36422919 |
| Greif Inc Class A  | 139494 | 9110353 |
| Greif Inc Class B  | 26588 | 1815429 |
| Myers Industries Inc  | 203077 | 3399509 |
| O-I Glass Inc (b) | 832237 | 10810759 |
| Ranpak Holdings Corp Class A (b) | 241965 | 1277575 |
| Sealed Air Corp  | 798534 | 25928399 |
| Silgan Holdings Inc  | 437762 | 20539793 |
| Sonoco Products Co  | 541991 | 25609075 |
| TriMas Corp  | 203535 | 7870698 |
|  |  | 253938458 |
| Metals & Mining - 1.3% |  |  |
| 5E Advanced Materials Inc (b)(c) | 13225 | 46023 |
| Alcoa Corp  | 1402266 | 45138943 |
| Alpha Metallurgical Resources Inc (b)(c) | 58988 | 8800420 |
| American Battery Technology Co (b)(c) | 488931 | 1207660 |
| American Infrastructure Corp (c)(d) | 52198 | 0 |
| Ampco-Pittsburgh Corp (b) | 82359 | 224016 |
| Ascent Industries Co (b) | 45774 | 559358 |
| Carpenter Technology Corp  | 268476 | 64670500 |
| Century Aluminum Co (b) | 280810 | 6270487 |
| Cleveland-Cliffs Inc (b)(c) | 2614812 | 28109229 |
| Coeur Mining Inc (b) | 3460423 | 45504562 |
| Commercial Metals Co  | 610305 | 35196289 |
| Compass Minerals International Inc (b) | 183161 | 3489217 |
| Contango ORE Inc (b)(c) | 52283 | 1151794 |
| Dakota Gold Corp (b) | 439208 | 1831497 |
| Friedman Industries Inc (c) | 37811 | 721812 |
| Gold Resource Corp (b) | 723445 | 365484 |
| Hecla Mining Co  | 3435719 | 29237969 |
| Hycroft Mining Holding Corp (b)(c) | 106691 | 485444 |
| Idaho Strategic Resources Inc (b)(c) | 63683 | 1792040 |
| Inno Holdings Inc (b)(c) | 19762 | 102565 |
| Ivanhoe Electric Inc / US (b)(c) | 502326 | 4480748 |
| Kaiser Aluminum Corp  | 85961 | 6693783 |
| Materion Corp  | 112096 | 12420237 |
| Metallus Inc (b)(c) | 201998 | 3318827 |
| MP Materials Corp (b)(c) | 720064 | 51225353 |
| Olympic Steel Inc  | 52756 | 1778405 |
| Paramount Gold Nevada Corp (b) | 321139 | 327562 |
| Ramaco Resources Inc Class A (b) | 196308 | 5090266 |
| Ramaco Resources Inc Class B  | 52620 | 855075 |
| ReElement Technologies Corp (c)(d) | 97452 | 1 |
| Reliance Inc  | 282826 | 83620336 |
| Royal Gold Inc  | 355705 | 63877504 |
| Ryerson Holding Corp  | 148573 | 3387464 |
| Solitario Resources Corp (b) | 357120 | 273554 |
| SunCoke Energy Inc  | 453240 | 3499013 |
| Tredegar Corp (b) | 133868 | 1048186 |
| United States Antimony Corp (b)(c) | 446659 | 2032298 |
| US Gold Corp (b)(c) | 58902 | 773383 |
| USA Rare Earth Inc Class A (b)(c) | 293462 | 4378453 |
| Warrior Met Coal Inc  | 283321 | 17322246 |
| Worthington Steel Inc  | 188273 | 6269491 |
|  |  | 547577494 |
| Paper & Forest Products - 0.1% |  |  |
| Clearwater Paper Corp (b) | 87765 | 1893090 |
| Louisiana-Pacific Corp  | 334972 | 31859187 |
| Magnera Corp (b) | 174256 | 2160774 |
| Sylvamo Corp  | 183205 | 8451247 |
|  |  | 44364298 |
| TOTAL MATERIALS |  | 1904711568 |
| Real Estate - 5.4% |  |  |
| Diversified REITs - 0.4% |  |  |
| Alexander & Baldwin Inc  | 397060 | 7679140 |
| Alpine Income Property Trust Inc  | 71692 | 1094737 |
| American Assets Trust Inc  | 259261 | 5418555 |
| Armada Hoffler Properties Inc Class A  | 443215 | 3226605 |
| Broadstone Net Lease Inc Class A  | 1032963 | 19202782 |
| CTO Realty Growth Inc  | 160712 | 2777103 |
| Essential Properties Realty Trust Inc  | 1071973 | 33574194 |
| Generation Income Properties Inc (b) | 29170 | 28003 |
| Gladstone Commercial Corp  | 257191 | 3459219 |
| Global Net Lease Inc  | 1054686 | 8300379 |
| Mackenzie Realty Capital Inc  | 7930 | 48294 |
| Medalist Diversified REIT Inc  | 4247 | 54192 |
| Modiv Industrial Inc Class C  | 53463 | 811034 |
| NexPoint Diversified Real Estate Trust  | 221087 | 868872 |
| One Liberty Properties Inc  | 90899 | 2171577 |
| Presidio Property Trust Inc Class A (b) | 5665 | 28382 |
| WP Carey Inc  | 1179890 | 79170619 |
|  |  | 167913687 |
| Health Care REITs - 0.6% |  |  |
| American Healthcare REIT Inc  | 863460 | 36947453 |
| CareTrust REIT Inc  | 1146203 | 39440845 |
| Community Healthcare Trust Inc  | 139645 | 2151929 |
| Diversified Healthcare Trust  | 1060569 | 4040768 |
| Global Medical REIT Inc  | 352869 | 2646518 |
| Healthcare Realty Trust Inc  | 1921017 | 33387275 |
| LTC Properties Inc  | 250795 | 9154018 |
| Medical Properties Trust Inc (c) | 3248269 | 14617211 |
| National Health Investors Inc  | 253353 | 19835006 |
| Omega Healthcare Investors Inc  | 1559201 | 66375187 |
| Sabra Health Care REIT Inc  | 1295429 | 24755648 |
| Sila Realty Trust Inc  | 301519 | 7519884 |
| Strawberry Fields REIT Inc  | 39310 | 458355 |
| Universal Health Realty Income Trust  | 71346 | 2895934 |
|  |  | 264226031 |
| Hotel & Resort REITs - 0.3% |  |  |
| Apple Hospitality REIT Inc  | 1201895 | 15696749 |
| Ashford Hospitality Trust Inc (b)(c) | 30308 | 181545 |
| Braemar Hotels & Resorts Inc  | 317629 | 876656 |
| Chatham Lodging Trust  | 267922 | 2044245 |
| DiamondRock Hospitality Co  | 1169365 | 10009764 |
| InnSuites Hospitality Trust  | 15196 | 28720 |
| Park Hotels & Resorts Inc  | 1126553 | 13248263 |
| Pebblebrook Hotel Trust  | 678198 | 7555126 |
| RLJ Lodging Trust  | 819704 | 6311721 |
| Ryman Hospitality Properties Inc  | 324990 | 32105762 |
| Service Properties Trust  | 748367 | 2020591 |
| Sotherly Hotels Inc (b) | 98417 | 71579 |
| Summit Hotel Properties Inc  | 600259 | 3289419 |
| Sunstone Hotel Investors Inc  | 1077077 | 10210690 |
| Xenia Hotels & Resorts Inc  | 534615 | 7554110 |
|  |  | 111204940 |
| Industrial REITs - 0.6% |  |  |
| Americold Realty Trust Inc  | 1446871 | 20892817 |
| EastGroup Properties Inc  | 285048 | 48332739 |
| First Industrial Realty Trust Inc  | 720026 | 37873368 |
| Industrial Logistics Properties Trust  | 314118 | 1934966 |
| Lineage Inc (c) | 332171 | 13921287 |
| LXP Industrial Trust  | 1604894 | 14572438 |
| Plymouth Industrial REIT Inc  | 219212 | 4822664 |
| Rexford Industrial Realty Inc  | 1284097 | 53174457 |
| STAG Industrial Inc Class A  | 1013677 | 37353997 |
| Terreno Realty Corp  | 563507 | 32553799 |
|  |  | 265432532 |
| Office REITs - 0.5% |  |  |
| Brandywine Realty Trust  | 945951 | 4029751 |
| City Office Reit Inc  | 223299 | 1547462 |
| COPT Defense Properties  | 608748 | 17519767 |
| Cousins Properties Inc  | 915563 | 26999953 |
| Creative Media & Community Trust Corp (c) | 4329 | 27879 |
| Douglas Emmett Inc  | 904482 | 14661653 |
| Easterly Government Properties Inc  | 233261 | 5339344 |
| Empire State Realty Trust Inc Class A  | 745086 | 5699908 |
| Franklin Street Properties Corp  | 436426 | 724467 |
| Highwoods Properties Inc  | 584735 | 18436695 |
| Hudson Pacific Properties Inc (b) | 1368689 | 3846016 |
| JBG SMITH Properties (c) | 396344 | 8497615 |
| Kilroy Realty Corp  | 577587 | 24021843 |
| NET Lease Office Properties  | 78240 | 2317469 |
| Office Properties Income Trust  | 403025 | 86006 |
| Orion Properties Inc  | 289395 | 859503 |
| Paramount Group Inc (b) | 993329 | 7151969 |
| Peakstone Realty Trust  | 202989 | 2582020 |
| Piedmont Realty Trust Inc Class A1  | 674035 | 5709076 |
| Postal Realty Trust Inc Class A  | 125947 | 1995000 |
| SL Green Realty Corp  | 392698 | 22340589 |
| Vornado Realty Trust  | 905051 | 34419091 |
|  |  | 208813076 |
| Real Estate Management & Development - 0.7% |  |  |
| Alset Inc (b) | 26503 | 37369 |
| Altisource Portfolio Solutions SA (b) | 55950 | 641187 |
| Altisource Portfolio Solutions SA warrants 4/2/2029 (b) | 102420 | 65569 |
| Altisource Portfolio Solutions SA warrants 4/30/2032 (b) | 102420 | 84650 |
| American Realty Investors Inc (b) | 7717 | 118070 |
| American Strategic Investment Co Class A (b) | 9841 | 107857 |
| AMREP Corp (b)(c) | 16758 | 359794 |
| Anywhere Real Estate Inc (b) | 527357 | 3222151 |
| Avalon GloboCare Corp (b)(c) | 7261 | 14667 |
| CKX Lands Inc (b) | 7941 | 91480 |
| Compass Inc Class A (b) | 2320679 | 21071766 |
| Comstock Holding Cos Inc Class A (b) | 19376 | 306528 |
| Cushman & Wakefield PLC (b) | 1268139 | 19998553 |
| Douglas Elliman Inc (b) | 376046 | 1022845 |
| eXp World Holdings Inc  | 465727 | 5043823 |
| Fathom Holdings Inc (b) | 84814 | 168780 |
| Forestar Group Inc (b) | 101984 | 2821897 |
| FRP Holdings Inc (b) | 71084 | 1826859 |
| Howard Hughes Holdings Inc (b) | 166227 | 12678133 |
| InterGroup Corp/The (b) | 1285 | 21845 |
| Jones Lang LaSalle Inc (b) | 256664 | 78428819 |
| JW Mays Inc (b) | 2935 | 112704 |
| Kennedy-Wilson Holdings Inc  | 648891 | 5710241 |
| La Rosa Holdings Corp Class A (b)(c) | 1123 | 6716 |
| Marcus & Millichap Inc  | 129985 | 4236211 |
| Maui Land & Pineapple Co Inc (b) | 40267 | 699840 |
| New Concept Energy Inc (b)(c) | 24796 | 25044 |
| Newmark Group Inc Class A  | 818575 | 14906252 |
| Offerpad Solutions Inc Class A (b)(c) | 45043 | 231971 |
| Opendoor Technologies Inc Class A (b)(c) | 3496064 | 15557486 |
| RE/MAX Holdings Inc Class A (b) | 108244 | 1019658 |
| RMR Group Inc/The Class A  | 92271 | 1557534 |
| Safe & Green Development Corp (c) | 10636 | 12231 |
| Seaport Entertainment Group Inc (b)(c) | 44492 | 1110520 |
| Seritage Growth Properties Class A (b) | 190578 | 699421 |
| St Joe Co/The  | 204675 | 10327901 |
| Star Holdings (b) | 60831 | 528621 |
| Stratus Properties Inc (b) | 36017 | 700891 |
| Tejon Ranch Co (b) | 132266 | 2302751 |
| Transcontinental Realty Investors Inc (b) | 6319 | 297751 |
| Zillow Group Inc Class A (b) | 280457 | 22851636 |
| Zillow Group Inc Class C (b) | 871260 | 73455932 |
|  |  | 304483954 |
| Residential REITs - 0.7% |  |  |
| American Homes 4 Rent Class A  | 1714805 | 61424315 |
| Apartment Investment and Management Co Class A  | 700090 | 5481705 |
| Bluerock Homes Trust Inc Class A  | 20162 | 261602 |
| BRT Apartments Corp  | 63922 | 1022752 |
| Centerspace  | 91482 | 5443179 |
| Clipper Realty Inc  | 76700 | 343616 |
| Elme Communities  | 480953 | 8214677 |
| Equity LifeStyle Properties Inc  | 1033230 | 62293437 |
| Independence Realty Trust Inc  | 1265168 | 22912192 |
| NexPoint Residential Trust Inc  | 120379 | 4154279 |
| Sun Communities Inc  | 649741 | 82432641 |
| UMH Properties Inc  | 426842 | 6697151 |
| Veris Residential Inc  | 441392 | 6943096 |
|  |  | 267624642 |
| Retail REITs - 0.8% |  |  |
| Acadia Realty Trust  | 735853 | 14724419 |
| Agree Realty Corp (c) | 595418 | 43310705 |
| Alexander's Inc  | 11931 | 2748187 |
| Brixmor Property Group Inc  | 1655751 | 46344471 |
| CBL & Associates Properties Inc  | 79044 | 2517551 |
| Curbline Properties Corp  | 511910 | 11533332 |
| FrontView REIT Inc  | 95326 | 1274509 |
| Getty Realty Corp  | 281221 | 8040108 |
| InvenTrust Properties Corp  | 419237 | 12480685 |
| Kite Realty Group Trust  | 1194342 | 27254884 |
| Macerich Co/The  | 1374781 | 25295970 |
| NETSTREIT Corp  | 445482 | 8147866 |
| NNN REIT Inc  | 1014002 | 43510827 |
| Phillips Edison & Co Inc  | 678652 | 23881764 |
| Saul Centers Inc  | 66241 | 2263455 |
| SITE Centers Corp  | 128473 | 1577648 |
| Tanger Inc  | 613502 | 20969498 |
| Urban Edge Properties  | 691919 | 14315804 |
| Wheeler Real Estate Investment Trust Inc (b)(c) | 3151 | 5577 |
| Whitestone REIT  | 243691 | 3206974 |
|  |  | 313404234 |
| Specialized REITs - 0.8% |  |  |
| CubeSmart  | 1238525 | 50680443 |
| EPR Properties  | 411927 | 22347040 |
| Farmland Partners Inc  | 224471 | 2473670 |
| Four Corners Property Trust Inc  | 547343 | 14170710 |
| Gaming and Leisure Properties Inc  | 1479059 | 71009623 |
| Gladstone Land Corp  | 186833 | 1718864 |
| Global Self Storage Inc  | 68795 | 374933 |
| Lamar Advertising Co Class A  | 474857 | 60425553 |
| Millrose Properties Inc Class A  | 649689 | 22940519 |
| National Storage Affiliates Trust  | 399041 | 12861091 |
| Outfront Media Inc  | 762011 | 14234365 |
| PotlatchDeltic Corp  | 387304 | 16278387 |
| Rayonier Inc  | 759534 | 19960554 |
| Safehold Inc  | 253095 | 4165944 |
| Smartstop Self Storage REIT Inc  | 167015 | 6077676 |
|  |  | 319719372 |
| TOTAL REAL ESTATE |  | 2222822468 |
| Utilities - 1.9% |  |  |
| Electric Utilities - 0.6% |  |  |
| ALLETE Inc  | 306950 | 19690843 |
| Genie Energy Ltd Class B  | 116610 | 1784133 |
| Hawaiian Electric Industries Inc (b) | 942890 | 12219854 |
| IDACORP Inc  | 289376 | 36200938 |
| MGE Energy Inc  | 195936 | 16683950 |
| OGE Energy Corp  | 1073649 | 47949164 |
| Oklo Inc Class A (b)(c) | 481585 | 35463919 |
| Otter Tail Corp (c) | 225323 | 18924879 |
| Portland General Electric Co  | 599177 | 25632792 |
| TXNM Energy Inc  | 494420 | 28003949 |
|  |  | 242554421 |
| Gas Utilities - 0.6% |  |  |
| Chesapeake Utilities Corp  | 126327 | 15611491 |
| MDU Resources Group Inc  | 1101195 | 17938467 |
| National Fuel Gas Co  | 484615 | 42035505 |
| New Jersey Resources Corp  | 544074 | 25729259 |
| Northwest Natural Holding Co (c) | 218369 | 9068865 |
| ONE Gas Inc  | 328833 | 25155725 |
| RGC Resources Inc  | 44707 | 994283 |
| Southwest Gas Holdings Inc  | 329561 | 26325333 |
| Spire Inc  | 318270 | 24379482 |
| UGI Corp  | 1152796 | 39932853 |
|  |  | 227171263 |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| Clearway Energy Inc Class A  | 202877 | 5719103 |
| Clearway Energy Inc Class C (c) | 434962 | 12966217 |
| Hallador Energy Co (b) | 174281 | 2842523 |
| Montauk Renewables Inc (b) | 347330 | 746760 |
| Ormat Technologies Inc  | 312668 | 28731063 |
| Spruce Power Holding Corp Class A (b)(c) | 87020 | 126178 |
| Talen Energy Corp (b) | 245795 | 93136641 |
|  |  | 144268485 |
| Multi-Utilities - 0.1% |  |  |
| Avista Corp  | 435177 | 15901368 |
| Black Hills Corp  | 393949 | 23562090 |
| Northwestern Energy Group Inc  | 332061 | 19096828 |
| Unitil Corp  | 87296 | 4099420 |
|  |  | 62659706 |
| Water Utilities - 0.2% |  |  |
| American States Water Co  | 208114 | 15510736 |
| Artesian Resources Corp Class A  | 51398 | 1703844 |
| Cadiz Inc (b) | 277801 | 994528 |
| California Water Service Group  | 322282 | 15124694 |
| Consolidated Water Co Ltd  | 80242 | 2669651 |
| Essential Utilities Inc  | 1393677 | 55064178 |
| Global Water Resources Inc  | 73589 | 710869 |
| H2O America  | 168942 | 8509609 |
| Middlesex Water Co  | 103179 | 5524204 |
| Pure Cycle Corp (b) | 128938 | 1302274 |
| York Water Co/The  | 77385 | 2404352 |
|  |  | 109518939 |
| TOTAL UTILITIES |  | 786172814 |
| TOTAL UNITED STATES |  | 40015580474 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $28,583,717,986) |  | <br> **41004169094** |

---

---

| | | |
|:---|:---|:---|
| &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>|
| UNITED STATES - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Nutriband Inc (d) | 6995 | 0 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Air T Funding 8%  | 86 | 1639 |
| Industrial Conglomerates - 0.0% |  |  |
| Hyperscale Data Inc 10% (c)(d) | 534 | 0 |
| Hyperscale Data Inc Series F (d) | 582 | 0 |
|  |  | 0 |
| TOTAL INDUSTRIALS |  | 1639 |
| Information Technology - 0.0% |  |  |
| Communications Equipment - 0.0% |  |  |
| ClearOne Inc (d) | 5256 | 0 |
| Software - 0.0% |  |  |
| SRAX Inc (b)(d) | 117390 | 1 |
| TOTAL INFORMATION TECHNOLOGY |  | 1 |
| TOTAL UNITED STATES |  | 1640 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $11,967) |  | <br> **1640** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (g)<br>(Cost $4,533,850)<br>| 4.15 | 4572000 | **4534696** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.7%** | &nbsp;&nbsp;**Money Market Funds - 5.7%** | &nbsp;&nbsp;**Money Market Funds - 5.7%** | &nbsp;&nbsp;**Money Market Funds - 5.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.36 | 10564809 | 10566922 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.36 | 2319595468 | 2319827427 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,330,394,349) |  |  | **2330394349** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 105.6%**<br> (Cost $30,918,658,152)<br>| <br>**43339099779** |
| **NET OTHER ASSETS (LIABILITIES) - (5.6)%**  | **(2300237400)** |
| **NET ASSETS - 100.0%** | **41038862379** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 S&P MidCap 400 Index Contracts (United States) | 45 | 9/19/2025 | 14663250 | 806324 | 806324 |
| CME Russell 2000 Index Contracts (United States) | 189 | 9/19/2025 | 22394610 | 1915080 | 1915080 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **2721404** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% |

---

**Legend**

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

(b) Non-income producing.

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

(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 $4,534,338 or 0.0% of net assets.

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

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,707,726.

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

(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.

**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 | 55741645 | 1143353053 | 1188527776 | 1012457 | - | - | 10566922 | 10564809 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1623093348 | 3855609125 | 3158875046 | 20416362 | - | - | 2319827427 | 2319595468 | 8.2% |
| Total | 1678834993 | 4998962178 | 4347402822 | 21428819 | - | - | 2330394349 |  |  |

---

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 August 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 | 1686634828 | 1686634819 | - | 9 |
| Consumer Discretionary | 4547389119 | 4547389119 | - | - |
| Consumer Staples | 1194374620 | 1194374620 | - | - |
| Energy | 1499202546 | 1499202546 | - | - |
| Financials | 7293567384 | 7293487785 | - | 79599 |
| Health Care | 4623453909 | 4623215194 | 44429 | 194286 |
| Industrials | 7725449179 | 7725420414 | - | 28765 |
| Information Technology | 7513220961 | 7513220958 | - | 3 |
| Materials | 1911881266 | 1911881265 | - | 1 |
| Real Estate | 2222822468 | 2222822468 | - | - |
| Utilities | 786172814 | 786172814 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Health Care | - | - | - | - |
| Industrials | 1639 | 1639 | - | - |
| Information Technology | 1 | - | - | 1 |
|  **U.S. Treasury Obligations** | 4534696 | - | 4534696 | - |
|  **Money Market Funds** | 2330394349 | 2330394349 | - | - |
| **Total Investments in Securities:** | 43339099779 | 43334217990 | 4579125 | 302664 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 2721404 | 2721404 | - | - |
| Total Assets | 2721404 | 2721404 | - | - |
| **Total Derivative Instruments:** | 2721404 | 2721404 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 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)  | 2721404 | - |
| **Total Equity Risk**  | 2721404 | - |
| **Total Value of Derivatives** | 2721404 | - |

---

(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).

**Fidelity® Extended Market Index Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,381,754,519) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $28,588,263,803) | $41008705430 |  |
| Fidelity Central Funds (cost $2,330,394,349) | 2330394349 |  |
| Total Investment in Securities (cost $30,918,658,152) |  | $43339099779 |
| Cash |  | 459401 |
| Receivable for investments sold |  | 4778507 |
| Receivable for fund shares sold |  | 24102918 |
| Dividends receivable |  | 22694183 |
| Distributions receivable from Fidelity Central Funds |  | 3789816 |
| Other receivables |  | 777924 |
| **Total assets** |  | 43395702528 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $459415 |  |
| Payable for fund shares redeemed | 34248985 |  |
| Accrued management fee | 1166109 |  |
| Payable for daily variation margin on futures contracts | 196180 |  |
| Other payables and accrued expenses | 703880 |  |
| Collateral on securities loaned | 2320065580 |  |
| **Total liabilities** |  | 2356840149 |
| **Net Assets**  |  | $41038862379 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $28198052728 |
| Total accumulated earnings (loss) |  | 12840809651 |
| **Net Assets** |  | $41038862379 |
| **Net Asset Value**, offering price and redemption price per share ($41,038,862,379 ÷ 414,259,708 shares) |  | $99.07 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $239915793 |
| Interest  |  | 162664 |
| Income from Fidelity Central Funds (including $20,416,362 from security lending)  |  | 21428819 |
| **Total income** |  | 261507276 |
| **Expenses** |  |  |
| Management fee | $6576067 |  |
| Independent trustees' fees and expenses | 71431 |  |
| Total expenses before reductions | 6647498 |  |
| Expense reductions | (84297) |  |
| Total expenses after reductions |  | 6563201 |
| **Net Investment income (loss)** |  | 254944075 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 51165532 |  |
| Redemptions in-kind | 1011693902 |  |
| Foreign currency transactions | (1393) |  |
| Futures contracts | (2746232) |  |
| Total net realized gain (loss) |  | 1060111809 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2457004963 |  |
| Futures contracts | 4207582 |  |
| Total change in net unrealized appreciation (depreciation) |  | 2461212545 |
| **Net gain (loss)** |  | 3521324354 |
| **Net increase (decrease) in net assets resulting from operations** |  | $3776268429 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $254944075 | $464684433 |
| &nbsp;&nbsp;Net realized gain (loss) | 1060111809<br>| 3615448270<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2461212545 | 484412488<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3776268429<br>| 4564545191<br>|
| Distributions to shareholders | -<br>| (200382440)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 4597709255 | 12939845783 |
| Reinvestment of distributions | -<br>| 185083818<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (6794482490) | (16369897483) |
| **Net increase (decrease) in net assets resulting from share transactions** | (2196773235)<br>| (3244967882)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1579495194<br>| 1119194869<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 39459367185 | 38340172316<br>|
| &nbsp;&nbsp;End of period | $41038862379 | $39459367185 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 53080956 | 150999295 |
| Issued in reinvestment of distributions | -<br>| 2012219<br>|
| &nbsp;&nbsp;Redeemed | (77774000) | (188552932) |
| &nbsp;&nbsp;Net increase (decrease) | (24693044) | (35541418) |

---

**Financial Highlights** 

**Fidelity® Extended Market Index Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $89.89 | $80.80 | $68.71 | $78.40 | $90.30 | $59.56 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | .59  | 1.00  | .95  | .96  | .82  | .75  |
| Net realized and unrealized gain (loss)  | 8.59  | 8.53  | 12.06  | (9.45)  | (6.19)  | 31.78  |
| Total from investment operations  | 9.18  | 9.53  | 13.01  | (8.49)  | (5.37)  | 32.53  |
| Distributions from net investment income  | -  | (.44)  | (.92)  | (.87)  | (.86)  | (.78)  |
| Distributions from net realized gain  | -  | -  | -  | (.33)  | (5.67)  | (1.01)  |
| Total distributions  | -  | (.44)  | (.92)  | (1.20)  | (6.53)  | (1.79)  |
| Net asset value, end of period  | $99.07 | $89.89 | $80.80 | $68.71 | $78.40 | $90.30 |
| **Total Return** D,E | 10.21% <br>| 11.78%  | 19.02%  | (10.77)%  | (6.58)%  | 56.23%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .03% H,I | .04%  | .04%  | .03% H | .03%  | .04%  |
| Expenses net of fee waivers, if any  | .03% H,I<br>| .04%  | .04%  | .03% H | .03%  | .04%  |
| Expenses net of all reductions, if any  | .03% H,I | .03%  | .03%  | .03% H | .03%  | .04%  |
| Net investment income (loss)  | 1.34% I | 1.16%  | 1.35%  | 1.41%  | .93%  | 1.12%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $41038862 | $39459367 | $38340172 | $32177538 | $38732245 | $35601726 |
| Portfolio turnover rate J,K | 21% I<br>| 15%  | 9%  | 18%  | 18%  | 26%  |

---

A*For the year ended February 29.*

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

C*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.*

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*The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

I*Annualized.*

J*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.* 

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® International Index Fund**

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

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.1%** | &nbsp;&nbsp;**Common Stocks - 97.1%** | &nbsp;&nbsp;**Common Stocks - 97.1%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 6.9%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telstra Group Ltd  | 13605287 | 43527148 |
| Interactive Media & Services - 0.1% |  |  |
| CAR Group Ltd  | 1290873 | 34050605 |
| REA Group Ltd  | 179825 | 29449689 |
|  |  | 63500294 |
| TOTAL COMMUNICATION SERVICES |  | 107027442 |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.3% |  |  |
| Wesfarmers Ltd  | 3871909 | 231921760 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Aristocrat Leisure Ltd  | 1915413 | 90822361 |
| Lottery Corp/The  | 7574409 | 29099516 |
|  |  | 119921877 |
| TOTAL CONSUMER DISCRETIONARY |  | 351843637 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Coles Group Ltd  | 4578334 | 71472443 |
| Woolworths Group Ltd  | 4169566 | 78487354 |
|  |  | 149959797 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Santos Ltd  | 11084972 | 58033621 |
| Woodside Energy Group Ltd  | 6479086 | 111683252 |
|  |  | 169716873 |
| Financials - 2.8% |  |  |
| Banks - 2.2% |  |  |
| ANZ Group Holdings Ltd  | 10180079 | 223698565 |
| Commonwealth Bank of Australia  | 5709463 | 634595778 |
| National Australia Bank Ltd  | 10450925 | 291670759 |
| Westpac Banking Corp  | 11675686 | 294099708 |
|  |  | 1444064810 |
| Capital Markets - 0.3% |  |  |
| ASX Ltd  | 661431 | 27018657 |
| Macquarie Group Ltd  | 1235519 | 181210210 |
|  |  | 208228867 |
| Financial Services - 0.0% |  |  |
| Washington H Soul Pattinson & Co Ltd (b) | 813506 | 23254556 |
| Insurance - 0.3% |  |  |
| Insurance Australia Group Ltd  | 8075361 | 45940106 |
| Medibank Pvt Ltd  | 9374579 | 31231277 |
| QBE Insurance Group Ltd  | 5152846 | 72803253 |
| Suncorp Group Ltd  | 3696462 | 51370443 |
|  |  | 201345079 |
| TOTAL FINANCIALS |  | 1876893312 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Cochlear Ltd  | 223281 | 43967495 |
| Health Care Providers & Services - 0.1% |  |  |
| Sigma Healthcare Ltd  | 15701086 | 31991358 |
| Sonic Healthcare Ltd  | 1603287 | 25183609 |
|  |  | 57174967 |
| Health Care Technology - 0.0% |  |  |
| Pro Medicus Ltd  | 196118 | 38092912 |
| TOTAL HEALTH CARE |  | 139235374 |
| Industrials - 0.4% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Brambles Ltd  | 4664392 | 79048152 |
| Passenger Airlines - 0.0% |  |  |
| Qantas Airways Ltd  | 2518293 | 19295745 |
| Professional Services - 0.1% |  |  |
| Computershare Ltd  | 1777063 | 44223782 |
| Trading Companies & Distributors - 0.0% |  |  |
| SGH Ltd  | 692239 | 22795104 |
| Transportation Infrastructure - 0.2% |  |  |
| Transurban Group unit  | 10609046 | 101190139 |
| TOTAL INDUSTRIALS |  | 266552922 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| WiseTech Global Ltd  | 685551 | 45419070 |
| Materials - 1.8% |  |  |
| Metals & Mining - 1.8% |  |  |
| BHP Group Ltd  | 17319199 | 482737989 |
| BlueScope Steel Ltd  | 1492593 | 22361592 |
| Evolution Mining Ltd  | 6835006 | 39211608 |
| Fortescue Ltd  | 5779739 | 72900868 |
| Glencore PLC  | 34593235 | 136621663 |
| Northern Star Resources Ltd  | 4621937 | 57680716 |
| Rio Tinto Ltd  | 1266773 | 95688411 |
| Rio Tinto PLC  | 3850897 | 240726776 |
| South32 Ltd  | 15359330 | 27120042 |
|  |  | 1175049665 |
| Real Estate - 0.4% |  |  |
| Diversified REITs - 0.1% |  |  |
| Stockland unit  | 8451941 | 34231701 |
| Industrial REITs - 0.2% |  |  |
| Goodman Group unit  | 6931161 | 155108154 |
| Retail REITs - 0.1% |  |  |
| Scentre Group unit  | 17779802 | 47388199 |
| Vicinity Ltd unit  | 13195201 | 22341433 |
|  |  | 69729632 |
| TOTAL REAL ESTATE |  | 259069487 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Origin Energy Ltd  | 5880744 | 49612606 |
| Gas Utilities - 0.0% |  |  |
| Apa Group unit  | 4438823 | 25563661 |
| TOTAL UTILITIES |  | 75176267 |
| TOTAL AUSTRALIA |  | 4615943846 |
| AUSTRIA - 0.2%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| OMV AG  | 501108 | 27588749 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Erste Group Bank AG  | 1050408 | 99983629 |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Mondi PLC  | 1502276 | 21147410 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Verbund AG Class A  | 232016 | 16543994 |
| TOTAL AUSTRIA |  | 165263782 |
| BELGIUM - 0.8%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| D'ieteren Group  | 73113 | 15832510 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.3% |  |  |
| Anheuser-Busch InBev SA/NV  | 3372545 | 211579753 |
| Food Products - 0.0% |  |  |
| Lotus Bakeries NV  | 1390 | 13610967 |
| TOTAL CONSUMER STAPLES |  | 225190720 |
| Financials - 0.3% |  |  |
| Banks - 0.1% |  |  |
| KBC Group NV  | 783562 | 92356436 |
| Financial Services - 0.1% |  |  |
| Groupe Bruxelles Lambert NV  | 273421 | 24022630 |
| Sofina SA  | 52407 | 15855011 |
|  |  | 39877641 |
| Insurance - 0.1% |  |  |
| Ageas SA/NV  | 507842 | 35766286 |
| TOTAL FINANCIALS |  | 168000363 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| UCB SA  | 431372 | 100856722 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Syensqo SA  | 248587 | 21951239 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Elia Group SA/NV  | 149005 | 17048589 |
| TOTAL BELGIUM |  | 548880143 |
| BRAZIL - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Yara International ASA  | 563322 | 20493810 |
| CHILE - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Antofagasta PLC  | 1346228 | 39029600 |
| CHINA - 0.6%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.4% |  |  |
| Prosus NV Class N  | 4463859 | 276132081 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Wilmar International Ltd  | 6540508 | 15031664 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| BOC Hong Kong Holdings Ltd  | 12632032 | 57071409 |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Yangzijiang Shipbuildling (Holdings) Ltd  | 8792500 | 19922167 |
| Marine Transportation - 0.0% |  |  |
| SITC International Holdings Co Ltd  | 4609319 | 16248359 |
| TOTAL INDUSTRIALS |  | 36170526 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Wharf Holdings Ltd/The  | 3642000 | 10427739 |
| TOTAL CHINA |  | 394833419 |
| DENMARK - 1.9%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Pandora A/S  | 269622 | 37227417 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Carlsberg AS Series B  | 320947 | 39257182 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Danske Bank A/S  | 2278720 | 93674402 |
| Insurance - 0.0% |  |  |
| Tryg A/S  | 1147211 | 30169418 |
| TOTAL FINANCIALS |  | 123843820 |
| Health Care - 1.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Genmab A/S (c) | 208089 | 51936775 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Coloplast AS Series B  | 430523 | 41414819 |
| Demant A/S (c) | 289842 | 11083650 |
|  |  | 52498469 |
| Pharmaceuticals - 0.9% |  |  |
| Novo Nordisk A/S Series B  | 10987968 | 620923667 |
| TOTAL HEALTH CARE |  | 725358911 |
| Industrials - 0.4% |  |  |
| Air Freight & Logistics - 0.2% |  |  |
| DSV A/S  | 697257 | 154587161 |
| Building Products - 0.0% |  |  |
| ROCKWOOL A/S Series B  | 329380 | 12440732 |
| Electrical Equipment - 0.1% |  |  |
| Vestas Wind Systems A/S  | 3445876 | 68598640 |
| Marine Transportation - 0.1% |  |  |
| AP Moller - Maersk A/S Series A  | 9943 | 20413638 |
| AP Moller - Maersk A/S Series B  | 13509 | 27835703 |
|  |  | 48249341 |
| TOTAL INDUSTRIALS |  | 283875874 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Novonesis Novozymes B Series B  | 1202541 | 76441555 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Orsted AS (b)(c)(d)(e) | 571916 | 17341327 |
| TOTAL DENMARK |  | 1303346086 |
| FINLAND - 1.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Elisa Oyj A Shares  | 483979 | 25773744 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Kesko Oyj B Shares  | 930503 | 20628884 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Neste Oyj  | 1439198 | 26417531 |
| Financials - 0.5% |  |  |
| Banks - 0.3% |  |  |
| Nordea Bank Abp  | 10655858 | 162611282 |
| Insurance - 0.2% |  |  |
| Sampo Oyj A Shares  | 8263644 | 94800850 |
| TOTAL FINANCIALS |  | 257412132 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Orion Oyj B Shares  | 371445 | 29636549 |
| Industrials - 0.3% |  |  |
| Machinery - 0.3% |  |  |
| Kone Oyj B Shares  | 1160170 | 72913237 |
| Metso Oyj  | 2265710 | 29276475 |
| Wartsila OYJ Abp  | 1716958 | 50297076 |
|  |  | 152486788 |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| Nokia Oyj  | 17685235 | 76133931 |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| Stora Enso Oyj R Shares  | 1981503 | 23130604 |
| UPM-Kymmene Oyj  | 1804839 | 51398721 |
|  |  | 74529325 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Fortum Oyj  | 1526978 | 26421027 |
| TOTAL FINLAND |  | 689439911 |
| FRANCE - 8.9%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Orange SA  | 6353501 | 103556821 |
| Entertainment - 0.0% |  |  |
| Bollore SE  | 2415066 | 14093024 |
| Media - 0.1% |  |  |
| Publicis Groupe SA  | 781167 | 72131692 |
| TOTAL COMMUNICATION SERVICES |  | 189781537 |
| Consumer Discretionary - 1.5% |  |  |
| Automobile Components - 0.1% |  |  |
| Cie Generale des Etablissements Michelin SCA Series B  | 2287860 | 82851598 |
| Automobiles - 0.0% |  |  |
| Renault SA  | 654364 | 25722159 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Accor SA  | 669022 | 33084257 |
| FDJ UNITED  | 378786 | 12195261 |
| Sodexo SA  | 216631 | 13001298 |
| Sodexo SA  | 84696 | 5083104 |
|  |  | 63363920 |
| Textiles, Apparel & Luxury Goods - 1.3% |  |  |
| Hermes International SCA  | 108058 | 264338061 |
| Kering SA  | 254048 | 68075762 |
| LVMH Moet Hennessy Louis Vuitton SE  | 853202 | 503759622 |
|  |  | 836173445 |
| TOTAL CONSUMER DISCRETIONARY |  | 1008111122 |
| Consumer Staples - 1.0% |  |  |
| Beverages - 0.1% |  |  |
| Pernod Ricard SA  | 688901 | 78337881 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Carrefour SA  | 2011456 | 29121559 |
| Food Products - 0.3% |  |  |
| Danone SA  | 2208570 | 184343506 |
| Personal Care Products - 0.6% |  |  |
| L'Oreal SA  | 482299 | 225178669 |
| L'Oreal SA  | 201944 | 94284834 |
| L'Oreal SA  | 136100 | 63543189 |
|  |  | 383006692 |
| TOTAL CONSUMER STAPLES |  | 674809638 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| TotalEnergies SE  | 7004825 | 439770264 |
| Financials - 1.3% |  |  |
| Banks - 0.9% |  |  |
| BNP Paribas SA  | 3472147 | 312023805 |
| Credit Agricole SA  | 3612964 | 66088420 |
| Societe Generale SA Series A  | 2457134 | 151626895 |
|  |  | 529739120 |
| Capital Markets - 0.0% |  |  |
| Amundi SA (d)(e) | 210029 | 15516771 |
| Financial Services - 0.0% |  |  |
| Edenred SE  | 819219 | 23672586 |
| Insurance - 0.4% |  |  |
| AXA SA  | 6046812 | 281646355 |
| TOTAL FINANCIALS |  | 850574832 |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.6% |  |  |
| BioMerieux  | 141376 | 19632479 |
| EssilorLuxottica SA  | 1027060 | 312645261 |
|  |  | 332277740 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Sartorius Stedim Biotech  | 99324 | 20323231 |
| Pharmaceuticals - 0.0% |  |  |
| Ipsen SA  | 128828 | 17483042 |
| TOTAL HEALTH CARE |  | 370084013 |
| Industrials - 2.5% |  |  |
| Aerospace & Defense - 1.5% |  |  |
| Airbus SE  | 2027290 | 423843677 |
| Dassault Aviation SA  | 66713 | 21072836 |
| Safran SA  | 1228494 | 408263603 |
| Thales SA  | 316197 | 83172291 |
|  |  | 936352407 |
| Building Products - 0.2% |  |  |
| Cie de Saint-Gobain SA  | 1532555 | 165453453 |
| Construction & Engineering - 0.4% |  |  |
| Bouygues SA  | 653371 | 28006836 |
| Eiffage SA  | 234066 | 29437135 |
| Vinci SA  | 1687113 | 228825721 |
|  |  | 286269692 |
| Electrical Equipment - 0.2% |  |  |
| Legrand SA  | 894841 | 136271850 |
| Machinery - 0.0% |  |  |
| Alstom SA (c) | 1182596 | 28431918 |
| Professional Services - 0.1% |  |  |
| Bureau Veritas SA  | 1082395 | 32619732 |
| Teleperformance SE (b) | 183371 | 14141536 |
|  |  | 46761268 |
| Trading Companies & Distributors - 0.0% |  |  |
| Rexel SA  | 766244 | 24813150 |
| Transportation Infrastructure - 0.1% |  |  |
| Aeroports de Paris SA (b) | 117869 | 15485602 |
| Getlink SE Series A  | 1030460 | 19469393 |
|  |  | 34954995 |
| TOTAL INDUSTRIALS |  | 1659308733 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.1% |  |  |
| Capgemini SE  | 555746 | 79043433 |
| Software - 0.1% |  |  |
| Dassault Systemes SE  | 2294620 | 71363187 |
| TOTAL INFORMATION TECHNOLOGY |  | 150406620 |
| Materials - 0.5% |  |  |
| Chemicals - 0.5% |  |  |
| Air Liquide SA  | 1196023 | 246425595 |
| Air Liquide SA  | 339570 | 69964156 |
| Arkema SA  | 194248 | 13771394 |
|  |  | 330161145 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Covivio SA/France  | 189600 | 12410439 |
| Office REITs - 0.0% |  |  |
| Gecina SA  | 156898 | 15391084 |
| Retail REITs - 0.0% |  |  |
| Klepierre SA  | 734029 | 28630409 |
| Unibail-Rodamco-Westfield unit  | 415456 | 43160528 |
|  |  | 71790937 |
| TOTAL REAL ESTATE |  | 99592460 |
| Utilities - 0.3% |  |  |
| Multi-Utilities - 0.3% |  |  |
| Engie SA  | 4742291 | 98133896 |
| Engie SA  | 1490100 | 30835164 |
| Veolia Environnement SA  | 2149579 | 70991515 |
|  |  | 199960575 |
| TOTAL FRANCE |  | 5972560939 |
| GERMANY - 9.5%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| Deutsche Telekom AG  | 11908941 | 435807914 |
| Entertainment - 0.0% |  |  |
| CTS Eventim AG & Co KGaA  | 212207 | 19873291 |
| Interactive Media & Services - 0.0% |  |  |
| Scout24 SE (d)(e) | 256057 | 33161412 |
| TOTAL COMMUNICATION SERVICES |  | 488842617 |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.0% |  |  |
| Continental AG  | 374314 | 32843246 |
| Automobiles - 0.4% |  |  |
| Bayerische Motoren Werke AG  | 957875 | 100250483 |
| Mercedes-Benz Group AG  | 2464479 | 154238954 |
|  |  | 254489437 |
| Specialty Retail - 0.0% |  |  |
| Zalando SE (c)(d)(e) | 764153 | 21276786 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| adidas AG  | 583557 | 113567700 |
| TOTAL CONSUMER DISCRETIONARY |  | 422177169 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Henkel AG & Co KGaA  | 354108 | 27214878 |
| Personal Care Products - 0.0% |  |  |
| Beiersdorf AG  | 332428 | 38284357 |
| TOTAL CONSUMER STAPLES |  | 65499235 |
| Financials - 2.2% |  |  |
| Banks - 0.1% |  |  |
| Commerzbank AG  | 2627113 | 100256249 |
| Capital Markets - 0.6% |  |  |
| Deutsche Bank AG  | 6314531 | 221842716 |
| Deutsche Boerse AG  | 642498 | 189108992 |
|  |  | 410951708 |
| Insurance - 1.5% |  |  |
| Allianz SE  | 1317480 | 557007716 |
| Hannover Rueck SE  | 205825 | 59909713 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 445747 | 284342919 |
| Talanx AG  | 219565 | 30259179 |
|  |  | 931519527 |
| TOTAL FINANCIALS |  | 1442727484 |
| Health Care - 0.5% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Siemens Healthineers AG (d)(e) | 1154805 | 63916112 |
| Health Care Providers & Services - 0.2% |  |  |
| Fresenius Medical Care AG  | 751023 | 38714297 |
| Fresenius SE & Co KGaA  | 1441454 | 78263830 |
|  |  | 116978127 |
| Pharmaceuticals - 0.2% |  |  |
| Bayer AG  | 3352128 | 110286943 |
| Merck KGaA  | 441139 | 56010274 |
|  |  | 166297217 |
| TOTAL HEALTH CARE |  | 347191456 |
| Industrials - 2.6% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| Hensoldt AG  | 216787 | 22483334 |
| MTU Aero Engines AG  | 183664 | 81864904 |
| Rheinmetall AG  | 156581 | 303728100 |
|  |  | 408076338 |
| Air Freight & Logistics - 0.2% |  |  |
| Deutsche Post AG  | 3275483 | 149288975 |
| Electrical Equipment - 0.4% |  |  |
| Siemens Energy AG (c) | 2317987 | 246585989 |
| Industrial Conglomerates - 1.2% |  |  |
| Siemens AG  | 2592939 | 718776838 |
| Machinery - 0.2% |  |  |
| Daimler Truck Holding AG  | 1621321 | 76193792 |
| Gea Group Ag  | 500331 | 36407976 |
| Knorr-Bremse AG  | 246861 | 25761199 |
| Rational AG  | 17460 | 13011651 |
|  |  | 151374618 |
| Passenger Airlines - 0.0% |  |  |
| Deutsche Lufthansa AG  | 2037630 | 18965699 |
| Trading Companies & Distributors - 0.0% |  |  |
| Brenntag SE  | 417897 | 25852910 |
| TOTAL INDUSTRIALS |  | 1718921367 |
| Information Technology - 1.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Infineon Technologies AG  | 4455616 | 182385632 |
| Software - 1.5% |  |  |
| Nemetschek SE  | 197265 | 27232078 |
| SAP SE  | 3562712 | 969757353 |
|  |  | 996989431 |
| TOTAL INFORMATION TECHNOLOGY |  | 1179375063 |
| Materials - 0.6% |  |  |
| Chemicals - 0.4% |  |  |
| BASF SE  | 3045777 | 161794717 |
| Covestro AG  | 611584 | 42500232 |
| Evonik Industries AG  | 872709 | 16835998 |
| Symrise AG  | 452075 | 43775135 |
|  |  | 264906082 |
| Construction Materials - 0.2% |  |  |
| Heidelberg Materials AG  | 456584 | 108004244 |
| TOTAL MATERIALS |  | 372910326 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| LEG Immobilien SE  | 258166 | 21610132 |
| Vonovia SE  | 2566312 | 82954334 |
|  |  | 104564466 |
| Utilities - 0.3% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| RWE AG  | 2157950 | 86441814 |
| Multi-Utilities - 0.2% |  |  |
| E.ON SE  | 7661608 | 136616854 |
| TOTAL UTILITIES |  | 223058668 |
| TOTAL GERMANY |  | 6365267851 |
| HONG KONG - 1.9%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| HKT Trust & HKT Ltd unit  | 12897718 | 19523196 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| WH Group Ltd (d)(e) | 28490765 | 30480788 |
| Financials - 1.2% |  |  |
| Banks - 0.1% |  |  |
| Hang Seng Bank Ltd  | 2563486 | 36632973 |
| Capital Markets - 0.4% |  |  |
| Futu Holdings Ltd Class A ADR  | 210252 | 39022771 |
| Hong Kong Exchanges & Clearing Ltd  | 4109859 | 240789172 |
|  |  | 279811943 |
| Insurance - 0.7% |  |  |
| AIA Group Ltd  | 36269946 | 344722482 |
| Prudential PLC  | 8808146 | 117481212 |
|  |  | 462203694 |
| TOTAL FINANCIALS |  | 778648610 |
| Industrials - 0.2% |  |  |
| Ground Transportation - 0.0% |  |  |
| MTR Corp Ltd  | 5302915 | 17931478 |
| Industrial Conglomerates - 0.1% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 553993 | 33543463 |
| Swire Pacific Ltd A Shares  | 1201205 | 10285477 |
|  |  | 43828940 |
| Machinery - 0.1% |  |  |
| Techtronic Industries Co Ltd  | 5000389 | 64401136 |
| TOTAL INDUSTRIALS |  | 126161554 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| CK Asset Holdings Ltd  | 6552612 | 30865488 |
| Henderson Land Development Co Ltd  | 4942333 | 17054552 |
| Hongkong Land Holdings Ltd (Singapore)  | 3730262 | 23128832 |
| Sino Land Co Ltd  | 12562490 | 14922540 |
| Sun Hung Kai Properties Ltd  | 4948663 | 58148615 |
| Wharf Real Estate Investment Co Ltd  | 5676825 | 16457731 |
|  |  | 160577758 |
| Retail REITs - 0.1% |  |  |
| Link REIT  | 8879153 | 47200577 |
| TOTAL REAL ESTATE |  | 207778335 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| CK Infrastructure Holdings Ltd  | 2144615 | 14374464 |
| CLP Holdings Ltd  | 5591731 | 47234364 |
| Power Assets Holdings Ltd  | 4716422 | 30704691 |
|  |  | 92313519 |
| Gas Utilities - 0.1% |  |  |
| Hong Kong & China Gas Co Ltd  | 38096354 | 34257641 |
| TOTAL UTILITIES |  | 126571160 |
| TOTAL HONG KONG |  | 1289163643 |
| IRELAND - 0.4%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Kerry Group PLC Class A  | 558697 | 51080373 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| AIB Group PLC  | 7289065 | 59180692 |
| Bank of Ireland Group PLC  | 3286916 | 48605388 |
|  |  | 107786080 |
| Industrials - 0.2% |  |  |
| Building Products - 0.1% |  |  |
| Kingspan Group PLC  | 528256 | 40726641 |
| Trading Companies & Distributors - 0.1% |  |  |
| AerCap Holdings NV  | 602061 | 74354535 |
| TOTAL INDUSTRIALS |  | 115081176 |
| TOTAL IRELAND |  | 273947629 |
| ISRAEL - 0.9%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Bank Hapoalim BM  | 4266652 | 83474361 |
| Bank Leumi Le-Israel BM  | 5097663 | 98052541 |
| Israel Discount Bank Ltd Class A  | 4184837 | 41488527 |
| Mizrahi Tefahot Bank Ltd  | 532779 | 34877973 |
|  |  | 257893402 |
| Insurance - 0.0% |  |  |
| Phoenix Financial Ltd  | 771322 | 27407733 |
| TOTAL FINANCIALS |  | 285301135 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (c) | 3913759 | 71934890 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Elbit Systems Ltd  | 94878 | 45962261 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.0% |  |  |
| Wix.com Ltd (c) | 190201 | 26833557 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Nova Ltd (Israel) (c) | 100016 | 27028922 |
| Software - 0.2% |  |  |
| Check Point Software Technologies Ltd (c) | 295892 | 57148581 |
| Nice Ltd (c) | 215262 | 30596007 |
|  |  | 87744588 |
| TOTAL INFORMATION TECHNOLOGY |  | 141607067 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| ICL Group Ltd  | 2635755 | 17136316 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Azrieli Group Ltd  | 144388 | 13843114 |
| TOTAL ISRAEL |  | 575784783 |
| ITALY - 3.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Infrastrutture Wireless Italiane SpA (d)(e) | 953752 | 11559631 |
| Telecom Italia SpA/Milano (c) | 39256225 | 18811231 |
| Telecom Italia SpA/Milano rights 9/12/2025 (c) | 36548094 | 428 |
|  |  | 30371290 |
| Consumer Discretionary - 0.4% |  |  |
| Automobiles - 0.3% |  |  |
| Ferrari NV (Italy)  | 430078 | 204630395 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Moncler SpA  | 795182 | 46207177 |
| TOTAL CONSUMER DISCRETIONARY |  | 250837572 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Coca-Cola HBC AG  | 744506 | 37594408 |
| Davide Campari-Milano NV (b) | 2096089 | 15762835 |
|  |  | 53357243 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Eni SpA  | 6979258 | 124764368 |
| Financials - 1.6% |  |  |
| Banks - 1.3% |  |  |
| Banco BPM SpA  | 3877074 | 53182125 |
| BPER Banca SPA  | 4990687 | 51835133 |
| FinecoBank Banca Fineco SpA  | 2087886 | 45799084 |
| Intesa Sanpaolo SpA  | 48592366 | 305915773 |
| Mediobanca Banca di Credito Finanziario SpA  | 1848465 | 44764148 |
| UniCredit SpA  | 4782793 | 369923780 |
|  |  | 871420043 |
| Financial Services - 0.0% |  |  |
| Banca Mediolanum SpA  | 759094 | 15345747 |
| Nexi SpA (d)(e) | 1893864 | 12013154 |
|  |  | 27358901 |
| Insurance - 0.3% |  |  |
| Generali  | 2907900 | 113489126 |
| Poste Italiane Spa (d)(e) | 1556165 | 36429354 |
| Unipol Assicurazioni SpA  | 1219330 | 25462921 |
|  |  | 175381401 |
| TOTAL FINANCIALS |  | 1074160345 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 392894 | 24246363 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Leonardo SpA  | 1380854 | 78444147 |
| Electrical Equipment - 0.1% |  |  |
| Prysmian SpA  | 960805 | 83988700 |
| Passenger Airlines - 0.2% |  |  |
| Ryanair Holdings PLC  | 2896420 | 85843618 |
| TOTAL INDUSTRIALS |  | 248276465 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Enel SpA  | 27750648 | 256087154 |
| Terna - Rete Elettrica Nazionale  | 4791990 | 48190458 |
|  |  | 304277612 |
| Gas Utilities - 0.0% |  |  |
| Snam SpA  | 6883419 | 41907353 |
| TOTAL UTILITIES |  | 346184965 |
| TOTAL ITALY |  | 2152198611 |
| JAPAN - 21.6%  |  |  |
| Communication Services - 1.9% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| NTT Inc  | 101984325 | 107866303 |
| Entertainment - 0.7% |  |  |
| Capcom Co Ltd  | 1178820 | 31810410 |
| Konami Group Corp  | 342840 | 51713440 |
| Nexon Co Ltd  | 1120251 | 25350381 |
| Nintendo Co Ltd  | 3766330 | 335915176 |
| Toho Co Ltd/Tokyo  | 360463 | 22881382 |
|  |  | 467670789 |
| Interactive Media & Services - 0.0% |  |  |
| LY Corp  | 9480931 | 30016436 |
| Wireless Telecommunication Services - 1.0% |  |  |
| KDDI Corp  | 10716784 | 185221569 |
| SoftBank Corp  | 97859780 | 151377457 |
| SoftBank Group Corp  | 3259962 | 350068083 |
|  |  | 686667109 |
| TOTAL COMMUNICATION SERVICES |  | 1292220637 |
| Consumer Discretionary - 3.8% |  |  |
| Automobile Components - 0.4% |  |  |
| Aisin Corp  | 1684201 | 27716025 |
| Bridgestone Corp  | 1948477 | 88023301 |
| Denso Corp  | 5961292 | 85422650 |
| Sumitomo Electric Industries Ltd  | 2438217 | 68291923 |
|  |  | 269453899 |
| Automobiles - 1.4% |  |  |
| Honda Motor Co Ltd  | 13512855 | 149789621 |
| Isuzu Motors Ltd  | 1821545 | 23859733 |
| Nissan Motor Co Ltd (b)(c) | 7588471 | 17019223 |
| Subaru Corp  | 2001844 | 39268882 |
| Suzuki Motor Corp  | 5363372 | 70972210 |
| Toyota Motor Corp  | 32333225 | 626050015 |
| Yamaha Motor Co Ltd (b) | 3132291 | 22700258 |
|  |  | 949659942 |
| Broadline Retail - 0.2% |  |  |
| Pan Pacific International Holdings Corp  | 1301068 | 46928713 |
| Rakuten Group Inc (c) | 5173675 | 31846338 |
| Ryohin Keikaku Co Ltd  | 1724800 | 37096101 |
|  |  | 115871152 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Oriental Land Co Ltd/Japan  | 3686480 | 87769055 |
| Zensho Holdings Co Ltd  | 328200 | 20704666 |
|  |  | 108473721 |
| Household Durables - 1.0% |  |  |
| Panasonic Holdings Corp  | 7956505 | 80538024 |
| Sekisui House Ltd  | 2037702 | 45856990 |
| Sony Group Corp  | 20981505 | 573448485 |
|  |  | 699843499 |
| Leisure Products - 0.1% |  |  |
| Bandai Namco Holdings Inc  | 1996195 | 68633401 |
| Shimano Inc  | 254485 | 28220569 |
|  |  | 96853970 |
| Specialty Retail - 0.4% |  |  |
| Fast Retailing Co Ltd  | 651523 | 203652517 |
| Nitori Holdings Co Ltd (b) | 272804 | 25175491 |
| Sanrio Co Ltd  | 608400 | 31479369 |
| ZOZO Inc  | 1524950 | 14170179 |
|  |  | 274477556 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Asics Corp  | 2380911 | 64002681 |
| TOTAL CONSUMER DISCRETIONARY |  | 2578636420 |
| Consumer Staples - 1.1% |  |  |
| Beverages - 0.2% |  |  |
| Asahi Group Holdings Ltd  | 4933884 | 62002805 |
| Kirin Holdings Co Ltd  | 2647122 | 38427146 |
| Suntory Beverage & Food Ltd  | 473771 | 14666331 |
|  |  | 115096282 |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Aeon Co Ltd  | 7598601 | 92179031 |
| Kobe Bussan Co Ltd  | 512328 | 14409668 |
| MatsukiyoCocokara & Co  | 1120900 | 23153458 |
| Seven & i Holdings Co Ltd  | 7109987 | 92025133 |
|  |  | 221767290 |
| Food Products - 0.2% |  |  |
| Ajinomoto Co Inc  | 3088722 | 83763644 |
| Kikkoman Corp  | 2310805 | 19832767 |
| MEIJI Holdings Co Ltd  | 817666 | 17007087 |
| Nissin Foods Holdings Co Ltd (b) | 662735 | 12480100 |
| Yakult Honsha Co Ltd  | 852140 | 13920642 |
|  |  | 147004240 |
| Household Products - 0.0% |  |  |
| Unicharm Corp  | 3803166 | 25379555 |
| Personal Care Products - 0.1% |  |  |
| Kao Corp  | 1590143 | 72249801 |
| Shiseido Co Ltd  | 1361275 | 22092456 |
|  |  | 94342257 |
| Tobacco - 0.2% |  |  |
| Japan Tobacco Inc  | 4095376 | 130213178 |
| TOTAL CONSUMER STAPLES |  | 733802802 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| ENEOS Holdings Inc  | 9240831 | 54718616 |
| Idemitsu Kosan Co Ltd  | 2643610 | 17538399 |
| Inpex Corp  | 3009265 | 51133945 |
|  |  | 123390960 |
| Financials - 3.7% |  |  |
| Banks - 2.2% |  |  |
| Chiba Bank Ltd/The  | 1918680 | 19628070 |
| Concordia Financial Group Ltd  | 3505340 | 26449067 |
| Japan Post Bank Co Ltd  | 6100781 | 76687674 |
| Mitsubishi UFJ Financial Group Inc  | 39113068 | 595264039 |
| Mizuho Financial Group Inc  | 8576364 | 282144372 |
| Resona Holdings Inc  | 7085326 | 71061876 |
| Sumitomo Mitsui Financial Group Inc  | 12590292 | 342904103 |
| Sumitomo Mitsui Trust Group Inc  | 2191444 | 62366309 |
|  |  | 1476505510 |
| Capital Markets - 0.3% |  |  |
| Daiwa Securities Group Inc  | 4543195 | 35220508 |
| Japan Exchange Group Inc  | 3379012 | 35317873 |
| Nomura Holdings Inc  | 10256388 | 72976969 |
| SBI Holdings Inc  | 957622 | 44994641 |
|  |  | 188509991 |
| Financial Services - 0.2% |  |  |
| Mitsubishi HC Capital Inc  | 3007682 | 24672716 |
| ORIX Corp  | 3969212 | 102516818 |
|  |  | 127189534 |
| Insurance - 1.0% |  |  |
| Dai-ichi Life Holdings Inc  | 11996692 | 98439726 |
| Japan Post Holdings Co Ltd  | 6087250 | 62116790 |
| Japan Post Insurance Co Ltd  | 634916 | 17776980 |
| Ms&Ad Insurance Group Holdings Inc  | 4390544 | 102132241 |
| Sompo Holdings Inc  | 3028333 | 96783913 |
| T&D Holdings Inc  | 1671005 | 43262038 |
| Tokio Marine Holdings Inc  | 6268679 | 268850793 |
|  |  | 689362481 |
| TOTAL FINANCIALS |  | 2481567516 |
| Health Care - 1.4% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Hoya Corp  | 1170818 | 151183852 |
| Olympus Corp  | 3888465 | 45071363 |
| Sysmex Corp  | 1712142 | 21500951 |
| Terumo Corp  | 4547238 | 81535832 |
|  |  | 299291998 |
| Health Care Technology - 0.0% |  |  |
| M3 Inc  | 1501411 | 22018956 |
| Pharmaceuticals - 1.0% |  |  |
| Astellas Pharma Inc  | 6176243 | 67800800 |
| Chugai Pharmaceutical Co Ltd  | 2291622 | 101269861 |
| Daiichi Sankyo Co Ltd  | 5817217 | 139099380 |
| Eisai Co Ltd  | 896443 | 27406674 |
| Kyowa Kirin Co Ltd  | 808130 | 13956709 |
| Otsuka Holdings Co Ltd  | 1482244 | 77777045 |
| Shionogi & Co Ltd  | 2580391 | 44634889 |
| Takeda Pharmaceutical Co Ltd  | 5428033 | 163398779 |
|  |  | 635344137 |
| TOTAL HEALTH CARE |  | 956655091 |
| Industrials - 5.4% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| SG Holdings Co Ltd  | 985017 | 10605387 |
| Building Products - 0.2% |  |  |
| Agc Inc  | 666730 | 20906810 |
| Daikin Industries Ltd  | 900195 | 112465344 |
|  |  | 133372154 |
| Commercial Services & Supplies - 0.1% |  |  |
| Dai Nippon Printing Co Ltd  | 1339718 | 22439784 |
| Secom Co Ltd  | 1433312 | 52918582 |
| TOPPAN Holdings Inc  | 805345 | 20762861 |
|  |  | 96121227 |
| Construction & Engineering - 0.2% |  |  |
| Kajima Corp  | 1443396 | 42921425 |
| Obayashi Corp  | 2216519 | 35954484 |
| Taisei Corp  | 531444 | 35978677 |
|  |  | 114854586 |
| Electrical Equipment - 0.5% |  |  |
| Fuji Electric Co Ltd  | 457051 | 28781190 |
| Fujikura Ltd  | 858100 | 72800267 |
| Mitsubishi Electric Corp  | 6489169 | 154916106 |
| NIDEC CORP  | 2849012 | 61488141 |
|  |  | 317985704 |
| Ground Transportation - 0.4% |  |  |
| Central Japan Railway Co  | 2635735 | 70105656 |
| East Japan Railway Co  | 3290417 | 80731914 |
| Hankyu Hanshin Holdings Inc  | 821052 | 24308808 |
| Tokyo Metro Co Ltd (b) | 989700 | 11489107 |
| Tokyu Corp  | 1703468 | 21500912 |
| West Japan Railway Co  | 1447634 | 32355278 |
|  |  | 240491675 |
| Industrial Conglomerates - 0.7% |  |  |
| Hikari Tsushin Inc  | 60145 | 16015809 |
| Hitachi Ltd  | 15631565 | 421167977 |
| Sekisui Chemical Co Ltd  | 1279598 | 24284604 |
|  |  | 461468390 |
| Machinery - 1.2% |  |  |
| Daifuku Co Ltd  | 1098620 | 34578293 |
| FANUC Corp  | 3184830 | 88536646 |
| IHI Corp  | 501400 | 52106548 |
| Kawasaki Heavy Industries Ltd  | 515800 | 31200344 |
| Komatsu Ltd  | 3244947 | 109855578 |
| Kubota Corp  | 3330377 | 38506005 |
| Makita Corp  | 764914 | 25824574 |
| MINEBEA MITSUMI Inc  | 1235185 | 21049084 |
| Mitsubishi Heavy Industries Ltd  | 10934590 | 275903916 |
| SMC Corp  | 196159 | 60036207 |
| Toyota Industries Corp  | 555763 | 61218698 |
|  |  | 798815893 |
| Marine Transportation - 0.2% |  |  |
| Kawasaki Kisen Kaisha Ltd (b) | 1198100 | 18309578 |
| Mitsui OSK Lines Ltd  | 1173525 | 37657522 |
| Nippon Yusen KK  | 1481644 | 53409366 |
|  |  | 109376466 |
| Passenger Airlines - 0.0% |  |  |
| ANA Holdings Inc (b) | 544612 | 10980019 |
| Japan Airlines Co Ltd  | 490806 | 10437245 |
|  |  | 21417264 |
| Professional Services - 0.4% |  |  |
| Recruit Holdings Co Ltd  | 4535673 | 259546305 |
| Trading Companies & Distributors - 1.5% |  |  |
| ITOCHU Corp  | 4056103 | 229124239 |
| Marubeni Corp  | 4817385 | 109331606 |
| Mitsubishi Corp  | 10979888 | 247891523 |
| Mitsui & Co Ltd  | 8428522 | 194036243 |
| MonotaRO Co Ltd  | 853083 | 14699126 |
| Sumitomo Corp  | 3720437 | 104192333 |
| Toyota Tsusho Corp  | 2356574 | 62721147 |
|  |  | 961996217 |
| TOTAL INDUSTRIALS |  | 3526051268 |
| Information Technology - 2.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Keyence Corp  | 663828 | 253080005 |
| Kyocera Corp  | 4381344 | 58270527 |
| Murata Manufacturing Co Ltd  | 5695051 | 91938406 |
| Shimadzu Corp  | 806954 | 19759815 |
| TDK Corp  | 6634195 | 85669096 |
| Yokogawa Electric Corp  | 776859 | 22676905 |
|  |  | 531394754 |
| IT Services - 0.7% |  |  |
| Fujitsu Ltd  | 6007410 | 144563581 |
| NEC Corp  | 4422400 | 134665215 |
| Nomura Research Institute Ltd  | 1289688 | 50625754 |
| NTT Data Group Corp  | 954255 | 25411513 |
| Obic Co Ltd  | 1101865 | 38961032 |
| Otsuka Corp  | 778162 | 15981460 |
| SCSK Corp  | 531852 | 16941701 |
| TIS Inc  | 723589 | 24090141 |
|  |  | 451240397 |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Advantest Corp  | 2613968 | 199888821 |
| Disco Corp  | 314523 | 86055253 |
| Lasertec Corp (b) | 272862 | 28328612 |
| Renesas Electronics Corp  | 5744896 | 67058196 |
| SCREEN Holdings Co Ltd  | 276600 | 20908548 |
| Tokyo Electron Ltd  | 1528680 | 208185114 |
|  |  | 610424544 |
| Software - 0.0% |  |  |
| Oracle Corp Japan  | 130922 | 13550735 |
| Trend Micro Inc/Japan  | 431497 | 22868894 |
|  |  | 36419629 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Canon Inc  | 2958302 | 86574827 |
| FUJIFILM Holdings Corp  | 3819575 | 90488672 |
|  |  | 177063499 |
| TOTAL INFORMATION TECHNOLOGY |  | 1806542823 |
| Materials - 0.7% |  |  |
| Chemicals - 0.5% |  |  |
| Asahi Kasei Corp  | 4186227 | 34162043 |
| Mitsubishi Chemical Group Corp  | 4376453 | 24868375 |
| Nippon Paint Holdings Co Ltd  | 3224682 | 23333764 |
| Nippon Sanso Holdings Corp  | 589144 | 21355173 |
| Nitto Denko Corp  | 2412920 | 54311518 |
| Shin-Etsu Chemical Co Ltd  | 5757495 | 175358398 |
| Toray Industries Inc  | 4718335 | 31520488 |
|  |  | 364909759 |
| Metals & Mining - 0.2% |  |  |
| JFE Holdings Inc  | 1959567 | 24360928 |
| Nippon Steel Corp  | 3302321 | 69556726 |
| Sumitomo Metal Mining Co Ltd  | 841557 | 22772437 |
|  |  | 116690091 |
| TOTAL MATERIALS |  | 481599850 |
| Real Estate - 0.5% |  |  |
| Office REITs - 0.0% |  |  |
| Nippon Building Fund Inc  | 26597 | 25734778 |
| Real Estate Management & Development - 0.5% |  |  |
| Daito Trust Construction Co Ltd  | 199593 | 21239059 |
| Daiwa House Industry Co Ltd  | 1914032 | 67627953 |
| Hulic Co Ltd  | 1570734 | 16848551 |
| Mitsubishi Estate Co Ltd  | 3628616 | 77298727 |
| Mitsui Fudosan Co Ltd  | 9019929 | 95360801 |
| Sumitomo Realty & Development Co Ltd  | 1056354 | 43394742 |
|  |  | 321769833 |
| TOTAL REAL ESTATE |  | 347504611 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| Chubu Electric Power Co Inc  | 2330357 | 32088443 |
| Kansai Electric Power Co Inc/The  | 3227083 | 44774679 |
|  |  | 76863122 |
| Gas Utilities - 0.1% |  |  |
| Osaka Gas Co Ltd  | 1223241 | 34812342 |
| Tokyo Gas Co Ltd  | 1076843 | 41140746 |
|  |  | 75953088 |
| TOTAL UTILITIES |  | 152816210 |
| TOTAL JAPAN |  | 14480788188 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Delivery Hero SE (c)(d)(e) | 656138 | 17409527 |
| LUXEMBOURG - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| CVC Capital Partners PLC (d)(e) | 723577 | 14602344 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Eurofins Scientific SE  | 404139 | 30647040 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| ArcelorMittal SA  | 1600894 | 53302333 |
| TOTAL LUXEMBOURG |  | 98551717 |
| MACAU - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Galaxy Entertainment Group Ltd  | 7470889 | 39292726 |
| Sands China Ltd  | 8255006 | 21538942 |
| TOTAL MACAU |  | 60831668 |
| MEXICO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Fresnillo PLC  | 754522 | 18234237 |
| NETHERLANDS - 3.9%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Koninklijke KPN NV  | 13277062 | 63360256 |
| Entertainment - 0.2% |  |  |
| Universal Music Group NV  | 3754855 | 106147154 |
| TOTAL COMMUNICATION SERVICES |  | 169507410 |
| Consumer Staples - 0.4% |  |  |
| Beverages - 0.2% |  |  |
| Heineken Holding NV Class A  | 440933 | 31234567 |
| Heineken NV  | 983080 | 79737593 |
|  |  | 110972160 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Koninklijke Ahold Delhaize NV  | 3097741 | 124123617 |
| Food Products - 0.0% |  |  |
| JDE Peet's NV  | 580196 | 21204815 |
| TOTAL CONSUMER STAPLES |  | 256300592 |
| Financials - 1.0% |  |  |
| Banks - 0.5% |  |  |
| ABN AMRO Bank NV depository receipt (d)(e) | 1989424 | 57371079 |
| ABN AMRO Bank NV rights (c)(f) | 1557602 | 984009 |
| ING Groep NV  | 10308675 | 246119454 |
|  |  | 304474542 |
| Capital Markets - 0.0% |  |  |
| Euronext NV (e) | 266829 | 44046234 |
| Financial Services - 0.3% |  |  |
| Adyen NV (c)(d)(e) | 86012 | 144428856 |
| EXOR NV  | 319259 | 31990370 |
|  |  | 176419226 |
| Insurance - 0.2% |  |  |
| Aegon Ltd  | 4513393 | 35467708 |
| ASR Nederland NV  | 504782 | 35007475 |
| NN Group NV  | 917716 | 63151267 |
|  |  | 133626450 |
| TOTAL FINANCIALS |  | 658566452 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.2% |  |  |
| Argenx SE (c) | 208828 | 148686617 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Koninklijke Philips NV  | 2629004 | 72610485 |
| TOTAL HEALTH CARE |  | 221297102 |
| Industrials - 0.2% |  |  |
| Professional Services - 0.2% |  |  |
| Randstad NV  | 368894 | 17431076 |
| Wolters Kluwer NV  | 813934 | 102459022 |
| Wolters Kluwer NV rights (c)(f) | 811597 | 883023 |
|  |  | 120773121 |
| Trading Companies & Distributors - 0.0% |  |  |
| IMCD NV  | 200958 | 22564971 |
| TOTAL INDUSTRIALS |  | 143338092 |
| Information Technology - 1.7% |  |  |
| Semiconductors & Semiconductor Equipment - 1.7% |  |  |
| ASM International NV  | 159928 | 76841875 |
| ASML Holding NV  | 1343636 | 997774230 |
| BE Semiconductor Industries NV  | 249297 | 33569210 |
|  |  | 1108185315 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Akzo Nobel NV  | 583452 | 40272248 |
| TOTAL NETHERLANDS |  | 2597467211 |
| NEW ZEALAND - 0.3%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Infratil Ltd  | 3177114 | 21275390 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Fisher & Paykel Healthcare Corp Ltd  | 2000677 | 43166317 |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Auckland International Airport Ltd  | 5763000 | 25667727 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Xero Ltd (c) | 562111 | 59939579 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Contact Energy Ltd  | 2862555 | 15250469 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Meridian Energy Ltd  | 4464587 | 15031214 |
| TOTAL UTILITIES |  | 30281683 |
| TOTAL NEW ZEALAND |  | 180330696 |
| NORWAY - 0.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telenor ASA  | 2096187 | 34949831 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Mowi ASA  | 1583823 | 32552025 |
| Orkla ASA  | 2385925 | 26654932 |
| Salmar ASA  | 227782 | 11658584 |
|  |  | 70865541 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Aker BP ASA  | 1075265 | 27159342 |
| Equinor ASA  | 2619024 | 64634469 |
|  |  | 91793811 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| DNB Bank ASA  | 3026975 | 79708349 |
| Insurance - 0.0% |  |  |
| Gjensidige Forsikring ASA  | 680444 | 18899436 |
| TOTAL FINANCIALS |  | 98607785 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Kongsberg Gruppen ASA  | 1501373 | 44814987 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Norsk Hydro ASA  | 4735150 | 30692234 |
| TOTAL NORWAY |  | 371724189 |
| POLAND - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| InPost SA (c) | 853195 | 12387077 |
| PORTUGAL - 0.2%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Jeronimo Martins SGPS SA  | 963323 | 23824602 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 1419336 | 27563988 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Banco Comercial Portugues SA  | 28382388 | 24040098 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| EDP SA  | 10731348 | 47544286 |
| TOTAL PORTUGAL |  | 122972974 |
| SINGAPORE - 1.8%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Singapore Telecommunications Ltd  | 25363519 | 85241246 |
| Entertainment - 0.4% |  |  |
| Sea Ltd Class A ADR (c) | 1305167 | 243465853 |
| TOTAL COMMUNICATION SERVICES |  | 328707099 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Genting Singapore Ltd  | 20608484 | 11560487 |
| Financials - 0.9% |  |  |
| Banks - 0.8% |  |  |
| DBS Group Holdings Ltd  | 7260758 | 285804374 |
| Oversea-Chinese Banking Corp Ltd  | 11552837 | 150642929 |
| United Overseas Bank Ltd  | 4303184 | 117849834 |
|  |  | 554297137 |
| Capital Markets - 0.1% |  |  |
| Singapore Exchange Ltd  | 2927245 | 37789881 |
| TOTAL FINANCIALS |  | 592087018 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Singapore Technologies Engineering Ltd  | 5328029 | 31886110 |
| Ground Transportation - 0.1% |  |  |
| Grab Holdings Ltd Class A (c) | 8097908 | 40408561 |
| Industrial Conglomerates - 0.1% |  |  |
| Keppel Ltd  | 4975985 | 33911419 |
| Passenger Airlines - 0.0% |  |  |
| Singapore Airlines Ltd (b) | 5178011 | 26549149 |
| TOTAL INDUSTRIALS |  | 132755239 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| STMicroelectronics NV  | 2332095 | 63433392 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.1% |  |  |
| CapitaLand Integrated Commercial Trust  | 19989453 | 35518625 |
| Industrial REITs - 0.0% |  |  |
| CapitaLand Ascendas REIT  | 13387838 | 28378140 |
| Real Estate Management & Development - 0.0% |  |  |
| CapitaLand Investment Ltd/Singapore  | 7950979 | 17089576 |
| TOTAL REAL ESTATE |  | 80986341 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Sembcorp Industries Ltd  | 3036700 | 14358017 |
| TOTAL SINGAPORE |  | 1223887593 |
| SOUTH AFRICA - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Anglo American PLC  | 3819266 | 117614129 |
| SPAIN - 3.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Cellnex Telecom SA (d)(e) | 1688055 | 60015860 |
| Telefonica SA (b) | 12581642 | 67454159 |
|  |  | 127470019 |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Amadeus IT Group SA Class A  | 1537344 | 128775375 |
| Specialty Retail - 0.3% |  |  |
| Industria de Diseno Textil SA  | 3722062 | 184090865 |
| TOTAL CONSUMER DISCRETIONARY |  | 312866240 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Repsol SA  | 3951031 | 64781511 |
| Financials - 1.6% |  |  |
| Banks - 1.6% |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 19662399 | 356317100 |
| Banco de Sabadell SA  | 17141178 | 65073491 |
| Banco Santander SA  | 50783117 | 484981008 |
| Bankinter SA  | 2300876 | 34306925 |
| CaixaBank SA  | 13295737 | 132758306 |
|  |  | 1073436830 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Grifols SA Class A (b) | 1011692 | 14285791 |
| Industrials - 0.2% |  |  |
| Construction & Engineering - 0.1% |  |  |
| ACS Actividades de Construccion y Servicios SA  | 611862 | 46206010 |
| Transportation Infrastructure - 0.1% |  |  |
| Aena SME SA (d)(e) | 2559290 | 74179818 |
| TOTAL INDUSTRIALS |  | 120385828 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.7% |  |  |
| Acciona SA (b) | 84077 | 16642797 |
| Endesa SA  | 1081647 | 32951506 |
| Iberdrola SA  | 21655953 | 408234515 |
| Redeia Corp SA  | 1381057 | 26836754 |
|  |  | 484665572 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| EDP Renovaveis SA  | 1073101 | 12604425 |
| TOTAL UTILITIES |  | 497269997 |
| TOTAL SPAIN |  | 2210496216 |
| SWEDEN - 3.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telia Co AB  | 8027510 | 29968402 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Tele2 AB B Shares  | 1868939 | 32898224 |
| TOTAL COMMUNICATION SERVICES |  | 62866626 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Evolution AB (e) | 488499 | 42323333 |
| Specialty Retail - 0.0% |  |  |
| H & M Hennes & Mauritz AB B Shares (b) | 1928402 | 28339298 |
| TOTAL CONSUMER DISCRETIONARY |  | 70662631 |
| Consumer Staples - 0.1% |  |  |
| Household Products - 0.1% |  |  |
| Essity AB B Shares  | 2057051 | 55553092 |
| Financials - 0.8% |  |  |
| Banks - 0.4% |  |  |
| Skandinaviska Enskilda Banken AB A Shares  | 5167080 | 95512774 |
| Svenska Handelsbanken AB A Shares  | 4977633 | 64051640 |
| Swedbank AB A1 Shares  | 2897286 | 81489517 |
|  |  | 241053931 |
| Capital Markets - 0.1% |  |  |
| EQT AB  | 1264503 | 45425645 |
| Financial Services - 0.3% |  |  |
| Industrivarden AB A Shares  | 405115 | 16111288 |
| Industrivarden AB C Shares  | 533432 | 21214412 |
| Investor AB B Shares  | 5907276 | 181846359 |
| L E Lundbergforetagen AB B Shares  | 259476 | 13126643 |
|  |  | 232298702 |
| TOTAL FINANCIALS |  | 518778278 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Swedish Orphan Biovitrum AB B Shares (c) | 664791 | 20173065 |
| Industrials - 1.5% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Saab AB B Shares  | 1092967 | 61764215 |
| Building Products - 0.2% |  |  |
| Assa Abloy AB B Shares  | 3420915 | 120877118 |
| Nibe Industrier AB B Shares (b) | 5149926 | 21123158 |
|  |  | 142000276 |
| Commercial Services & Supplies - 0.0% |  |  |
| Securitas AB B Shares  | 1672548 | 25579938 |
| Construction & Engineering - 0.0% |  |  |
| Skanska AB B Shares  | 1163106 | 28854909 |
| Industrial Conglomerates - 0.1% |  |  |
| Investment AB Latour B Shares  | 504271 | 12792590 |
| Lifco AB B Shares  | 793341 | 28164465 |
|  |  | 40957055 |
| Machinery - 1.0% |  |  |
| Alfa Laval AB  | 988719 | 44972638 |
| Atlas Copco AB A Shares  | 9168555 | 146375780 |
| Atlas Copco AB B Shares  | 5323937 | 75630338 |
| Epiroc AB A Shares  | 2251388 | 47004519 |
| Epiroc AB B Shares  | 1329392 | 24721115 |
| Indutrade AB  | 931053 | 23157047 |
| Sandvik AB  | 3640166 | 91960874 |
| SKF AB B Shares  | 1160486 | 29758566 |
| Trelleborg AB B Shares  | 693881 | 26832949 |
| Volvo AB B Shares  | 5420982 | 166792853 |
|  |  | 677206679 |
| Trading Companies & Distributors - 0.1% |  |  |
| AddTech AB B Shares  | 884386 | 30985514 |
| Beijer Ref AB B Shares  | 1308510 | 22245154 |
|  |  | 53230668 |
| TOTAL INDUSTRIALS |  | 1029593740 |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.1% |  |  |
| Telefonaktiebolaget LM Ericsson B Shares  | 9549645 | 75602697 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Hexagon AB B Shares  | 7085402 | 78957785 |
| TOTAL INFORMATION TECHNOLOGY |  | 154560482 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.0% |  |  |
| Boliden AB (c) | 967410 | 33301514 |
| Paper & Forest Products - 0.1% |  |  |
| Holmen AB B Shares  | 258889 | 10077099 |
| Svenska Cellulosa AB SCA B Shares  | 2065578 | 28088107 |
|  |  | 38165206 |
| TOTAL MATERIALS |  | 71466720 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Fastighets AB Balder B Shares (c) | 2443826 | 17377515 |
| Sagax AB B Shares  | 748362 | 16209436 |
|  |  | 33586951 |
| TOTAL SWEDEN |  | 2017241585 |
| SWITZERLAND - 4.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Swisscom AG  | 88394 | 63852693 |
| Consumer Discretionary - 0.5% |  |  |
| Specialty Retail - 0.0% |  |  |
| Avolta AG  | 300081 | 17235057 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Cie Financiere Richemont SA Series A  | 1834150 | 321128047 |
| Swatch Group AG/The  | 98275 | 17769616 |
|  |  | 338897663 |
| TOTAL CONSUMER DISCRETIONARY |  | 356132720 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Barry Callebaut AG (b) | 12132 | 16429477 |
| Chocoladefabriken Lindt & Spruengli AG  | 365 | 54648504 |
| Chocoladefabriken Lindt & Spruengli AG  | 3205 | 48827032 |
|  |  | 119905013 |
| Financials - 1.8% |  |  |
| Banks - 0.0% |  |  |
| Banque Cantonale Vaudoise  | 103012 | 11972900 |
| Capital Markets - 1.0% |  |  |
| Julius Baer Group Ltd  | 703116 | 50769059 |
| Partners Group Holding AG  | 77447 | 106227685 |
| UBS Group AG  | 10830670 | 438289189 |
|  |  | 595285933 |
| Insurance - 0.8% |  |  |
| Baloise Holding AG  | 140688 | 36466527 |
| Helvetia Holding AG  | 126629 | 32569203 |
| Swiss Life Holding AG  | 97324 | 105090216 |
| Zurich Insurance Group AG  | 499255 | 364833364 |
|  |  | 538959310 |
| TOTAL FINANCIALS |  | 1146218143 |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Sonova Holding AG  | 172999 | 50354892 |
| Straumann Holding AG  | 381036 | 44649527 |
|  |  | 95004419 |
| Life Sciences Tools & Services - 0.3% |  |  |
| Lonza Group AG  | 239624 | 169801672 |
| Pharmaceuticals - 0.2% |  |  |
| Galderma Group AG  | 446403 | 77882720 |
| Sandoz Group AG  | 1426213 | 89406792 |
|  |  | 167289512 |
| TOTAL HEALTH CARE |  | 432095603 |
| Industrials - 1.0% |  |  |
| Building Products - 0.2% |  |  |
| Belimo Holding AG  | 33580 | 36931075 |
| Geberit AG  | 115760 | 84807239 |
|  |  | 121738314 |
| Electrical Equipment - 0.5% |  |  |
| ABB Ltd  | 5347469 | 358874650 |
| Machinery - 0.2% |  |  |
| Schindler Holding AG  | 139080 | 51658534 |
| Schindler Holding AG  | 79931 | 28569976 |
| VAT Group AG (d)(e) | 91853 | 30007341 |
|  |  | 110235851 |
| Marine Transportation - 0.0% |  |  |
| Kuehne + Nagel International AG  | 165009 | 33573037 |
| Professional Services - 0.1% |  |  |
| SGS SA  | 565183 | 57609605 |
| TOTAL INDUSTRIALS |  | 682031457 |
| Information Technology - 0.1% |  |  |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Logitech International SA  | 518963 | 53585856 |
| Materials - 0.5% |  |  |
| Chemicals - 0.5% |  |  |
| DSM-Firmenich AG  | 635152 | 62147037 |
| EMS-Chemie Holding AG  | 24012 | 18410750 |
| Givaudan SA  | 31510 | 132710992 |
| Sika AG  | 520404 | 120763180 |
|  |  | 334031959 |
| Containers & Packaging - 0.0% |  |  |
| SIG Group AG (b) | 1040363 | 16473660 |
| TOTAL MATERIALS |  | 350505619 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Swiss Prime Site AG  | 274048 | 38085531 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| BKW AG  | 71702 | 14929142 |
| TOTAL SWITZERLAND |  | 3257341777 |
| UNITED KINGDOM - 11.2%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| BT Group PLC  | 20406328 | 59713282 |
| Interactive Media & Services - 0.0% |  |  |
| Auto Trader Group PLC (d)(e) | 2978190 | 32331382 |
| Media - 0.1% |  |  |
| Informa PLC  | 4453493 | 52392345 |
| WPP PLC  | 3672413 | 19473419 |
|  |  | 71865764 |
| Wireless Telecommunication Services - 0.2% |  |  |
| Vodafone Group PLC  | 66427205 | 79541570 |
| TOTAL COMMUNICATION SERVICES |  | 243451998 |
| Consumer Discretionary - 0.7% |  |  |
| Broadline Retail - 0.1% |  |  |
| Next PLC  | 398269 | 64353810 |
| Diversified Consumer Services - 0.0% |  |  |
| Pearson PLC  | 2002619 | 29121713 |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Compass Group PLC  | 5791430 | 196837577 |
| Entain PLC  | 2066645 | 24524975 |
| InterContinental Hotels Group PLC  | 501408 | 60866313 |
| Whitbread PLC  | 597707 | 25407221 |
|  |  | 307636086 |
| Household Durables - 0.0% |  |  |
| Barratt Redrow PLC  | 4677434 | 22740305 |
| Specialty Retail - 0.0% |  |  |
| JD Sports Fashion PLC  | 8669251 | 11251009 |
| Kingfisher PLC  | 5992760 | 20873436 |
|  |  | 32124445 |
| TOTAL CONSUMER DISCRETIONARY |  | 455976359 |
| Consumer Staples - 2.6% |  |  |
| Beverages - 0.4% |  |  |
| Coca-Cola Europacific Partners PLC  | 786283 | 69869107 |
| Diageo PLC  | 7592990 | 210582872 |
|  |  | 280451979 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| J Sainsbury PLC  | 5886694 | 23821628 |
| Marks & Spencer Group PLC  | 7019970 | 32786597 |
| Tesco PLC  | 22398549 | 128031157 |
|  |  | 184639382 |
| Food Products - 0.0% |  |  |
| Associated British Foods PLC  | 1102791 | 32195498 |
| Household Products - 0.3% |  |  |
| Reckitt Benckiser Group PLC  | 2317221 | 173252583 |
| Personal Care Products - 0.8% |  |  |
| Unilever PLC  | 8364737 | 527690372 |
| Tobacco - 0.8% |  |  |
| British American Tobacco PLC  | 7112188 | 403884495 |
| Imperial Brands PLC  | 2634016 | 111241599 |
|  |  | 515126094 |
| TOTAL CONSUMER STAPLES |  | 1713355908 |
| Financials - 3.3% |  |  |
| Banks - 2.3% |  |  |
| Barclays PLC  | 48247954 | 235095470 |
| HSBC Holdings PLC  | 59507225 | 761774719 |
| Lloyds Banking Group PLC  | 204358721 | 219222477 |
| NatWest Group PLC  | 27631944 | 190719560 |
| Standard Chartered PLC  | 6741113 | 126312207 |
|  |  | 1533124433 |
| Capital Markets - 0.6% |  |  |
| 3i Group PLC  | 3321059 | 180428933 |
| London Stock Exchange Group PLC  | 1621230 | 200924061 |
| Schroders PLC  | 2466422 | 12667740 |
|  |  | 394020734 |
| Financial Services - 0.1% |  |  |
| M&G PLC  | 7770692 | 27843101 |
| Wise PLC Class A (c) | 2274095 | 32396448 |
|  |  | 60239549 |
| Insurance - 0.3% |  |  |
| Admiral Group PLC  | 888470 | 43543040 |
| Aviva PLC  | 10430696 | 91863406 |
| Legal & General Group PLC  | 19576647 | 65487995 |
| Phoenix Group Holdings PLC  | 2392083 | 22033845 |
|  |  | 222928286 |
| TOTAL FINANCIALS |  | 2210313002 |
| Health Care - 1.4% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Smith & Nephew PLC  | 2839293 | 53255418 |
| Pharmaceuticals - 1.3% |  |  |
| Astrazeneca PLC  | 5290392 | 843364753 |
| Hikma Pharmaceuticals PLC  | 568528 | 13716341 |
|  |  | 857081094 |
| TOTAL HEALTH CARE |  | 910336512 |
| Industrials - 2.0% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| BAE Systems PLC  | 10277756 | 243591615 |
| Melrose Industries PLC  | 4339728 | 34489588 |
| Rolls-Royce Holdings PLC  | 28824798 | 415663688 |
|  |  | 693744891 |
| Commercial Services & Supplies - 0.1% |  |  |
| Rentokil Initial PLC  | 8622049 | 42629911 |
| Industrial Conglomerates - 0.2% |  |  |
| CK Hutchison Holdings Ltd  | 9149046 | 60531912 |
| DCC PLC  | 335135 | 21307636 |
| Smiths Group PLC  | 1129350 | 35962678 |
|  |  | 117802226 |
| Machinery - 0.0% |  |  |
| Spirax Group PLC  | 250551 | 24704133 |
| Passenger Airlines - 0.0% |  |  |
| International Consolidated Airlines Group SA (Spain)  | 4243112 | 21901242 |
| Professional Services - 0.5% |  |  |
| Intertek Group PLC  | 537465 | 34069928 |
| RELX PLC  | 6261434 | 292469308 |
|  |  | 326539236 |
| Trading Companies & Distributors - 0.2% |  |  |
| Ashtead Group PLC  | 1456244 | 107191406 |
| Bunzl PLC  | 1115044 | 37684952 |
|  |  | 144876358 |
| TOTAL INDUSTRIALS |  | 1372197997 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Halma PLC  | 1295162 | 57557787 |
| Software - 0.1% |  |  |
| Sage Group PLC/The  | 3305769 | 48545660 |
| TOTAL INFORMATION TECHNOLOGY |  | 106103447 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Land Securities Group PLC  | 2411334 | 18055741 |
| Industrial REITs - 0.0% |  |  |
| Segro PLC  | 4378925 | 37109340 |
| TOTAL REAL ESTATE |  | 55165081 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.1% |  |  |
| SSE PLC  | 3777203 | 88266943 |
| Multi-Utilities - 0.4% |  |  |
| Centrica PLC  | 16579942 | 36068009 |
| National Grid PLC  | 16726233 | 234938133 |
|  |  | 271006142 |
| Water Utilities - 0.1% |  |  |
| Severn Trent PLC  | 925008 | 32331227 |
| United Utilities Group PLC  | 2320669 | 36071086 |
|  |  | 68402313 |
| TOTAL UTILITIES |  | 427675398 |
| TOTAL UNITED KINGDOM |  | 7494575702 |
| UNITED STATES - 9.6%  |  |  |
| Communication Services - 0.5% |  |  |
| Entertainment - 0.5% |  |  |
| Spotify Technology SA (c) | 521606 | 355672699 |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Stellantis NV (Italy)  | 6881993 | 65891377 |
| Consumer Staples - 1.2% |  |  |
| Food Products - 1.2% |  |  |
| Nestle SA  | 8790411 | 829204235 |
| Energy - 1.6% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Tenaris SA  | 1281077 | 23207609 |
| Oil, Gas & Consumable Fuels - 1.6% |  |  |
| BP PLC  | 54115077 | 316552871 |
| Shell PLC  | 20104101 | 740220322 |
| Shell PLC rights (c)(f) | 20369273 | 7292200 |
|  |  | 1064065393 |
| TOTAL ENERGY |  | 1087273002 |
| Financials - 0.3% |  |  |
| Insurance - 0.3% |  |  |
| Swiss Re AG  | 1019302 | 184586465 |
| Health Care - 4.3% |  |  |
| Biotechnology - 0.3% |  |  |
| CSL Ltd  | 1652184 | 229831569 |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Alcon AG  | 1704999 | 135649861 |
| Life Sciences Tools & Services - 0.1% |  |  |
| QIAGEN NV (Germany)  | 739537 | 34356470 |
| Pharmaceuticals - 3.7% |  |  |
| GSK PLC  | 13933900 | 275335318 |
| Haleon PLC  | 30653045 | 150851076 |
| Novartis AG  | 6486013 | 820948221 |
| Roche Holding AG  | 2397027 | 781618714 |
| Roche Holding AG  | 109017 | 37358572 |
| Sanofi SA  | 3769901 | 374019495 |
|  |  | 2440131396 |
| TOTAL HEALTH CARE |  | 2839969296 |
| Industrials - 1.1% |  |  |
| Construction & Engineering - 0.1% |  |  |
| Ferrovial SE  | 1751950 | 95696118 |
| Electrical Equipment - 0.8% |  |  |
| Schneider Electric SE  | 1870631 | 459588701 |
| Professional Services - 0.2% |  |  |
| Experian PLC  | 3135286 | 162519288 |
| TOTAL INDUSTRIALS |  | 717804107 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| CyberArk Software Ltd (c) | 163060 | 73908576 |
| Monday.com Ltd (c) | 138209 | 26674337 |
|  |  | 100582913 |
| Materials - 0.4% |  |  |
| Construction Materials - 0.4% |  |  |
| Amrize Ltd  | 1741080 | 90823820 |
| Holcim AG  | 1740651 | 145899082 |
| James Hardie Industries PLC depository receipt (c) | 1968921 | 39986858 |
|  |  | 276709760 |
| TOTAL UNITED STATES |  | 6457693854 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $46,176,811,508) |  | <br> **65145702393** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| FRANCE - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Air Liquide SA  | 438118 | 90268739 |
| GERMANY - 0.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Bayerische Motoren Werke AG  | 190492 | 18229669 |
| Dr Ing hc F Porsche AG (d)(e) | 387738 | 20566633 |
| Porsche Automobil Holding SE  | 521994 | 22241290 |
| Volkswagen AG  | 703656 | 81995356 |
|  |  | 143032948 |
| Consumer Staples - 0.1% |  |  |
| Household Products - 0.1% |  |  |
| Henkel AG & Co KGaA  | 547628 | 46166680 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Sartorius AG  | 89159 | 20673670 |
| TOTAL GERMANY |  | 209873298 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $280,705,604) |  | <br> **300142037** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (g) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (i)<br>(Cost $43,486,085)<br>| 4.15 | 43852000 | **43494206** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** | &nbsp;&nbsp;**Money Market Funds - 2.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 4.36 | 1185615705 | 1185852828 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.36 | 258529313 | 258555166 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,444,407,994) |  |  | **1444407994** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $47,945,411,191)<br>| <br>**66933746630** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **150599511** |
| **NET ASSETS - 100.0%** | **67084346141** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 |  |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 11718 | 9/19/2025 | 1594292490 | 33375947 | 33375947 |
| The notional amount of futures purchased as a percentage of Net Assets is 2.4% | The notional amount of futures purchased as a percentage of Net Assets is 2.4% | The notional amount of futures purchased as a percentage of Net Assets is 2.4% | The notional amount of futures purchased as a percentage of Net Assets is 2.4% | The notional amount of futures purchased as a percentage of Net Assets is 2.4% | The notional amount of futures purchased as a percentage of Net Assets is 2.4% |

---

**Legend**

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

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

(c) Non-income producing.

(d) Security 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 $692,608,175 or 1.0% of net assets.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $778,977,742 or 1.2% 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) Investment made with cash collateral received from securities on loan.

(i) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $43,494,206.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 981065349 | 4810137847 | 4605350368 | 21162415 | - | - | 1185852828 | 1185615705 | 2.2% |
| Fidelity Securities Lending Cash Central Fund | 417960674 | 861855587 | 1021261095 | 1064891 | - | - | 258555166 | 258529313 | 0.9% |
| Total | 1399026023 | 5671993434 | 5626611463 | 22227306 | - | - | 1444407994 |  |  |

---

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 August 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 | 3540018838 | 1078087698 | 2461931140 | - |
| Consumer Discretionary | 6292128937 | 1388768454 | 4903360483 | - |
| Consumer Staples | 5128107309 | 803664139 | 4324443170 | - |
| Energy | 2183061057 | 116021810 | 2067039247 | - |
| Financials | 16146482472 | 4253499982 | 11892982490 | - |
| Health Care | 7277170095 | 1423655345 | 5853514750 | - |
| Industrials | 12459825185 | 2544245467 | 9915579718 | - |
| Information Technology | 5045875558 | 602955838 | 4442919720 | - |
| Materials | 3589247521 | 870754581 | 2718492940 | - |
| Real Estate | 1250604116 | 539914845 | 710689271 | - |
| Utilities | 2233181305 | 619103627 | 1614077678 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 143032948 | 18229669 | 124803279 | - |
| Consumer Staples | 46166680 | 46166680 | - | - |
| Health Care | 20673670 | 20673670 | - | - |
| Materials | 90268739 | - | 90268739 | - |
|  **U.S. Treasury Obligations** | 43494206 | - | 43494206 | - |
|  **Money Market Funds** | 1444407994 | 1444407994 | - | - |
| **Total Investments in Securities:** | 66933746630 | 15770149799 | 51163596831 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 33375947 | 33375947 | - | - |
| Total Assets | 33375947 | 33375947 | - | - |
| **Total Derivative Instruments:** | 33375947 | 33375947 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 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)  | 33375947 | - |
| **Total Equity Risk**  | 33375947 | - |
| **Total Value of Derivatives** | 33375947 | - |

---

(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).

**Fidelity® International Index Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $243,140,403) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $46,501,003,197) | $65489338636 |  |
| Fidelity Central Funds (cost $1,444,407,994) | 1444407994 |  |
| Total Investment in Securities (cost $47,945,411,191) |  | $66933746630 |
| Segregated cash with brokers for derivative instruments |  | 4678770 |
| Foreign currency held at value (cost $73,432,794) |  | 73499696 |
| Receivable for fund shares sold |  | 112905281 |
| Dividends receivable |  | 113446219 |
| Reclaims receivable |  | 184254608 |
| Interest receivable |  | 5432 |
| Distributions receivable from Fidelity Central Funds |  | 3748670 |
| Other receivables |  | 717697 |
| **Total assets** |  | 67427003003 |
| **Liabilities** |  |  |
| Payable for investments purchased on a delayed delivery basis | $9159232 |  |
| Payable for fund shares redeemed | 62385872 |  |
| Accrued management fee | 1935862 |  |
| Payable for daily variation margin on futures contracts | 9934284 |  |
| Other payables and accrued expenses | 693188 |  |
| Collateral on securities loaned | 258548424 |  |
| **Total liabilities** |  | 342656862 |
| **Net Assets**  |  | $67084346141 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $51931662081 |
| Total accumulated earnings (loss) |  | 15152684060 |
| **Net Assets** |  | $67084346141 |
| **Net Asset Value**, offering price and redemption price per share ($67,084,346,141 ÷ 1,145,149,344 shares) |  | $58.58 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $1325809872 |
| Foreign Tax Reclaims |  | 80758820 |
| Interest  |  | 1857414 |
| Income from Fidelity Central Funds (including $1,064,891 from security lending)  |  | 22227306 |
| Income before foreign taxes withheld |  | $1430653412 |
| Less foreign taxes withheld |  | (142060811) |
| **Total income** |  | 1288592601 |
| **Expenses** |  |  |
| Management fee | $10636622 |  |
| Independent trustees' fees and expenses | 105930 |  |
| Total expenses before reductions | 10742552 |  |
| Expense reductions | (399) |  |
| Total expenses after reductions |  | 10742153 |
| **Net Investment income (loss)** |  | 1277850448 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (184362418) |  |
| Redemptions in-kind | 257286438 |  |
| Foreign currency transactions | 5269026 |  |
| Futures contracts | 167296803 |  |
| Total net realized gain (loss) |  | 245489849 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 6506676026 |  |
| Assets and liabilities in foreign currencies | 15485375 |  |
| Futures contracts | (14160811) |  |
| Total change in net unrealized appreciation (depreciation) |  | 6508000590 |
| **Net gain (loss)** |  | 6753490439 |
| **Net increase (decrease) in net assets resulting from operations** |  | $8031340887 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1277850448 | $1544625960 |
| &nbsp;&nbsp;Net realized gain (loss) | 245489849<br>| (747994)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 6508000590 | 3123600852<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 8031340887<br>| 4667478818<br>|
| Distributions to shareholders | -<br>| (1626732230)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 11000579137 | 15828591177 |
| Reinvestment of distributions | -<br>| 1456604799<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (7894608862) | (12717340332) |
| **Net increase (decrease) in net assets resulting from share transactions** | 3105970275<br>| 4567855644<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 11137311162<br>| 7608602232<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 55947034979 | 48338432747<br>|
| &nbsp;&nbsp;End of period | $67084346141 | $55947034979 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 201216459 | 315113328 |
| Issued in reinvestment of distributions | -<br>| 30736234<br>|
| &nbsp;&nbsp;Redeemed | (145189454) | (254078307) |
| &nbsp;&nbsp;Net increase (decrease) | 56027005 | 91771255 |

---

**Financial Highlights** 

**Fidelity® International Index Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $51.37 | $48.47 | $43.39 | $45.94 | $46.08 | $38.65 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.14  | 1.49  | 1.39  | 1.33  | 1.36  | .97  |
| Net realized and unrealized gain (loss)  | 6.07  | 2.97  | 5.01  | (2.78)  | .01  | 7.30  |
| Total from investment operations  | 7.21  | 4.46  | 6.40  | (1.45)  | 1.37  | 8.27  |
| Distributions from net investment income  | -  | (1.56)  | (1.32)  | (1.10)  | (1.51)  | (.84)  |
| Total distributions  | -  | (1.56)  | (1.32)  | (1.10)  | (1.51)  | (.84)  |
| Net asset value, end of period  | $58.58 | $51.37 | $48.47 | $43.39 | $45.94 | $46.08 |
| **Total Return** D,E | 14.04% <br>| 9.47%  | 14.97%  | (3.07)%  | 2.81%  | 21.47%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .03% H,I | .04%  | .04%  | .04%  | .04%  | .04%  |
| Expenses net of fee waivers, if any  | .03% H,I<br>| .04%  | .04%  | .04%  | .04%  | .04%  |
| Expenses net of all reductions, if any  | .03% H,I | .04%  | .04%  | .04%  | .04%  | .04%  |
| Net investment income (loss)  | 4.16% I | 2.96%  | 3.06%  | 3.19%  | 2.76%  | 2.40%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $67084346 | $55947035 | $48338433 | $39134788 | $39283051 | $32386075 |
| Portfolio turnover rate J | 4% I,K<br>| 4% K | 3% K | 4% K | 2%  | 7%  |

---

A*For the year ended February 29.*

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

C*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.*

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*The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

I*Annualized.*

J*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.* 

K*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended August 31, 2025

**1. Organization.**

Fidelity Total Market Index Fund, Fidelity Extended Market Index Fund and Fidelity International Index Fund (the Funds) are funds of Fidelity Concord Street Trust (the Trust). Each Fund 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.

**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.**

Each 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. Each Fund operates as a single operating segment. Each 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. Each 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 each 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 each 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, each 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 each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

Each 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 each 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 August 31, 2025 is included at the end of each 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.

**Foreign Currency.** 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.

Realized gains and losses on foreign currency transactions arise from the disposition of foreign currency, realized changes in the value of foreign currency between the trade and settlement dates on security transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on transaction date and the U.S. dollar equivalent of the amounts actually received or paid. Unrealized gains and losses on assets and liabilities in foreign currencies arise from changes in the value of foreign currency, and from assets and liabilities denominated in foreign currencies, other than investments, which are held at period end.

**Investment Transactions and Income.** For financial reporting purposes, the Funds' 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 for certain Funds 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 Funds are 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 Funds represent a return of capital or capital gain. The Funds determine 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 or foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable. Fidelity International Index 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 foreign tax reclaims. 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 Total Market Index Fund** | $1375250 |
| **Fidelity Extended Market Index Fund** | 703876 |
| **Fidelity International Index Fund** | 693183 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, each 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. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each 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 each 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 the short-term capital gain dividends, futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), equity-debt classifications, redemptions in-kind, partnerships, deferred Trustee compensation, capital loss carryforwards, and losses deferred due to wash sales, and excise tax regulations.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Total Market Index Fund** | $50981078164 | $70660844618 | (4633497459) | $66027347159 |
| **Fidelity Extended Market Index Fund** | 31620497769 | 17058047776 | (5336724362) | 11721323414 |
| **Fidelity International Index Fund** | 48683279503 | 21570408091 | (3286565017) | 18283843074 |

---

Capital loss carryforwards are only available to offset future capital gains of the Funds 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 ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Total Market Index Fund** | (154890483) | (379450886) | (534341369) |
| **Fidelity Extended Market Index Fund** | - | (260710526) | (260710526) |
| **Fidelity International Index Fund** | (674478581) | (3969663273) | (4644141854) |

---

**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.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncement.** 

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.** Each 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):

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| | |
|:---|:---|
| 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 and in-kind transactions, as applicable, are noted in the table below.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Total Market Index Fund** | 2332609231 | 1126290543 |
| **Fidelity Extended Market Index Fund** | 4255019760 | 4063469109 |
| **Fidelity International Index Fund** | 5622882478 | 1091103096 |

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**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Total Market Index Fund** | 1414736 | 191372369 | 243362872 |
| **Fidelity Extended Market Index Fund** | 19319686 | 1011693902 | 1696807072 |
| **Fidelity International Index Fund** | 7835398 | 257286438 | 434850865 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Total Market Index Fund** | 12837416 | 1514815831 | 1981042822 |
| **Fidelity Extended Market Index Fund** | 69373526 | 3614433720 | 6062468849 |
| **Fidelity International Index Fund** | 20709358 | 570894190 | 1030058762 |

---

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

**Management Fee and Expense Contract.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is based on an annual rate of .015%, .035% and .035% of average net assets for Fidelity Total Market Index Fund, Fidelity Extended Market Index Fund and Fidelity International Index Fund, respectively. The management fee is reduced by an amount equal to the fees and expenses paid by each Fund to the independent Trustees. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

Under the expense contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, as necessary so that the total expenses do not exceed .015%, .035% and .035% of average net assets for Fidelity Total Market Index Fund, Fidelity Extended Market Index Fund and Fidelity International Index Fund, respectively. These expense contracts will remain in place through April 30, 2026.

**Sub-Adviser.** Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds 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), each 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 each 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. Activity in this program during the period for which loans were outstanding is presented in the table below. Interest expense on borrowings is paid by the investment adviser under the Expense Contract.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Total Market Index Fund** | Borrower | 17277912 | 4.58% | 125342 |
| **Fidelity Extended Market Index Fund** | Borrower | 19438429 | 4.58% | 17318 |

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**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.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Total Market Index Fund** | 58373490 | 37930512 | (5830825) |
| **Fidelity Extended Market Index Fund** | 33863553 | 34535495 | (1883738) |

---

**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 borne by the investment adviser.

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.

**8. Security Lending.** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Total Market Index Fund** | 797246 | 62231 | 620384 |
| **Fidelity Extended Market Index Fund** | 2081184 | 1182396 | 13418776 |
| **Fidelity International Index Fund** | 111742 | - | - |

---

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 Total Market Index Fund** | 89863852 |
| **Fidelity Extended Market Index Fund** | 151789726 |
| **Fidelity International Index Fund** | - |

---

**9. Bank Borrowings.**

Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding is presented in the table below. Interest expense on borrowings is paid by the investment adviser under the Expense Contract.

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **Fidelity Total Market Index Fund** | 8415000 | 4.83% | 2258 |

---

**10. Expense Reductions.** 

Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Total Market Index Fund** | 6585 |
| **Fidelity Extended Market Index Fund**. | 84297 |
| **Fidelity International Index Fund** | 399 |

---

**11. 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.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Extended Market Index Fund**

**Fidelity International Index Fund**

**Fidelity Total Market Index Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of each fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for each 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 each 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 each 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 each 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 each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each 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 each 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 each 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 funds, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the funds' investment programs. 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 each 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 funds 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 each 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, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for each fund; (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, each 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 each 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 each fund for different time periods, measured against the index the fund seeks to track (benchmark index). The Board also periodically considers each 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.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and 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 each 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) of each fund relative to funds and classes in the total peer group; (ii)) gross management fee comparisons of each fund 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 each 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 each fund relative to funds and classes in the asset-sized peer group. The total expense asset size 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 each fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below 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 each fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

<u>Other Contractual Arrangements</u>. The Board considered that current contractual arrangements for Fidelity Extended Market Index Fund oblige FMR to pay all "class-level" expenses of the fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.035%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.

The Board considered that current contractual arrangements for Fidelity International Index Fund oblige FMR to pay all "class-level" expenses of the fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.035%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.

The Board considered that current contractual arrangements for Fidelity Total Market Index Fund oblige FMR to pay all "class-level" expenses of the fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.015%. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.

Based on its review, the Board concluded that each 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 each 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 each fund and servicing each 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 each 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 each fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of Geode's relationship with each 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 each fund's Advisory Contracts should be renewed through May 31, 2026.

![](img114168_4.jpg)<br>

1.929382.113 SIF-I-SANN-1025

**Fidelity® 500 Index Fund**

**Semi-Annual Report**

**August 31, 2025**

![](img114172_1.jpg)

![](img114172_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_U5I-U5A-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® 500 Index Fund](#Sub_Sec_Fund_650_U5I-U5A-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements650_U5I-U5A-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_U5I-U5A-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_U5I-U5A-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_U5I-U5A-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_U5I-U5A-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.

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® 500 Index Fund**

**Schedule of Investments August 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>|
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Aptiv PLC  | 2764569 | 219866173 |
| IRELAND - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Accenture PLC Class A  | 7948784 | 2066445376 |
| NETHERLANDS - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| NXP Semiconductors NV  | 3207684 | 753324587 |
| SWITZERLAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| TE Connectivity PLC  | 3765319 | 777538374 |
| UNITED STATES - 99.4%  |  |  |
| Communication Services - 10.0% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| AT&T Inc  | 91364054 | 2676053142 |
| Verizon Communications Inc  | 53531430 | 2367695149 |
|  |  | 5043748291 |
| Entertainment - 1.6% |  |  |
| Electronic Arts Inc  | 2897466 | 498219279 |
| Live Nation Entertainment Inc (b)(c) | 2001137 | 333169299 |
| Netflix Inc (b)(c) | 5403564 | 6528856204 |
| Take-Two Interactive Software Inc (b)(c) | 2151196 | 501809491 |
| TKO Group Holdings Inc Class A  | 851124 | 161339065 |
| Walt Disney Co/The  | 22826348 | 2702183076 |
| Warner Bros Discovery Inc (c) | 28586572 | 332747698 |
|  |  | 11058324112 |
| Interactive Media & Services - 7.1% |  |  |
| Alphabet Inc Class A  | 73898046 | 15733632974 |
| Alphabet Inc Class C  | 59609825 | 12728485932 |
| Match Group Inc  | 3113676 | 116264662 |
| Meta Platforms Inc Class A  | 27567524 | 20364129979 |
|  |  | 48942513547 |
| Media - 0.4% |  |  |
| Charter Communications Inc Class A (b)(c) | 1211915 | 321860386 |
| Comcast Corp Class A  | 47287636 | 1606360995 |
| Fox Corp Class A  | 2712924 | 161961563 |
| Fox Corp Class B  | 1680274 | 91658947 |
| Interpublic Group of Cos Inc/The  | 4694571 | 126002286 |
| News Corp Class A  | 4778971 | 140549537 |
| News Corp Class B  | 1424828 | 48258924 |
| Omnicom Group Inc  | 2477329 | 194049181 |
| Paramount Skydance Corp Class B  | 3936482 | 57866284 |
| Trade Desk Inc (The) Class A (b)(c) | 5690071 | 311019281 |
|  |  | 3059587384 |
| Wireless Telecommunication Services - 0.2% |  |  |
| T-Mobile US Inc  | 6055133 | 1525832964 |
| TOTAL COMMUNICATION SERVICES |  | 69630006298 |
| Consumer Discretionary - 10.5% |  |  |
| Automobiles - 1.9% |  |  |
| Ford Motor Co  | 49591457 | 583691449 |
| General Motors Co  | 12207540 | 715239769 |
| Tesla Inc (c) | 35580527 | 11879270549 |
|  |  | 13178201767 |
| Broadline Retail - 4.1% |  |  |
| Amazon.com Inc (c) | 119970274 | 27473192746 |
| eBay Inc  | 5853415 | 530377933 |
|  |  | 28003570679 |
| Distributors - 0.1% |  |  |
| Genuine Parts Co  | 1762252 | 245534572 |
| LKQ Corp (b) | 3277741 | 106919911 |
| Pool Corp (b) | 477352 | 148318040 |
|  |  | 500772523 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Airbnb Inc Class A (b)(c) | 5480141 | 715322805 |
| Booking Holdings Inc  | 413167 | 2313342691 |
| Caesars Entertainment Inc (c) | 2640596 | 70688754 |
| Carnival Corp (b)(c) | 13331391 | 425138059 |
| Chipotle Mexican Grill Inc (c) | 17107765 | 720921217 |
| Darden Restaurants Inc  | 1485905 | 307493181 |
| Domino's Pizza Inc  | 434765 | 199252800 |
| DoorDash Inc Class A (c) | 4353438 | 1067680670 |
| Expedia Group Inc Class A (b) | 1543943 | 331638956 |
| Hilton Worldwide Holdings Inc  | 3018125 | 833183588 |
| Las Vegas Sands Corp (b) | 4306529 | 248185266 |
| Marriott International Inc/MD Class A1 (b) | 2886503 | 773178694 |
| McDonald's Corp  | 9078924 | 2846605831 |
| MGM Resorts International (c) | 2626192 | 104233560 |
| Norwegian Cruise Line Holdings Ltd (c) | 5673212 | 140922586 |
| Royal Caribbean Cruises Ltd (b) | 3172210 | 1152210116 |
| Starbucks Corp (b) | 14429110 | 1272503211 |
| Wynn Resorts Ltd (b) | 1117417 | 141632605 |
| Yum! Brands Inc  | 3529379 | 518712832 |
|  |  | 14182847422 |
| Household Durables - 0.3% |  |  |
| DR Horton Inc  | 3510310 | 594927339 |
| Garmin Ltd  | 1955789 | 472948896 |
| Lennar Corp Class A  | 2948091 | 392508836 |
| Mohawk Industries Inc (b)(c) | 658924 | 87432625 |
| NVR Inc (c) | 37126 | 301375874 |
| PulteGroup Inc  | 2544871 | 335973869 |
|  |  | 2185167439 |
| Leisure Products - 0.0% |  |  |
| Hasbro Inc  | 1672496 | 135756500 |
| Specialty Retail - 1.8% |  |  |
| AutoZone Inc (c) | 212412 | 891818154 |
| Best Buy Co Inc  | 2445922 | 180117696 |
| CarMax Inc (c) | 1934230 | 118665011 |
| Home Depot Inc/The  | 12620114 | 5133483772 |
| Lowe's Cos Inc  | 7106703 | 1833955776 |
| O'Reilly Automotive Inc (c) | 10854020 | 1125344794 |
| Ross Stores Inc  | 4175274 | 614433322 |
| TJX Cos Inc/The  | 14176333 | 1936628851 |
| Tractor Supply Co  | 6732098 | 415774372 |
| Ulta Beauty Inc (c) | 573254 | 282459443 |
| Williams-Sonoma Inc (b) | 1560995 | 293763649 |
|  |  | 12826444840 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Deckers Outdoor Corp (c) | 1927105 | 230539571 |
| Lululemon Athletica Inc (c) | 1403535 | 283794777 |
| NIKE Inc Class B  | 14958621 | 1157348507 |
| Ralph Lauren Corp Class A  | 506403 | 150366243 |
| Tapestry Inc  | 2637084 | 268507893 |
|  |  | 2090556991 |
| TOTAL CONSUMER DISCRETIONARY |  | 73103318161 |
| Consumer Staples - 5.2% |  |  |
| Beverages - 1.1% |  |  |
| Brown-Forman Corp Class B  | 2312450 | 69234753 |
| Coca-Cola Co/The  | 49183921 | 3393198711 |
| Constellation Brands Inc Class A  | 1943614 | 314748851 |
| Keurig Dr Pepper Inc  | 17245268 | 501664846 |
| Molson Coors Beverage Co Class B  | 2175408 | 109836350 |
| Monster Beverage Corp (c) | 8915691 | 556428275 |
| PepsiCo Inc  | 17408893 | 2587831944 |
|  |  | 7532943730 |
| Consumer Staples Distribution & Retail - 1.9% |  |  |
| Costco Wholesale Corp  | 5633536 | 5314227180 |
| Dollar General Corp  | 2792714 | 303735575 |
| Dollar Tree Inc (b)(c) | 2508196 | 273819756 |
| Kroger Co/The  | 7778118 | 527667525 |
| Sysco Corp  | 6154997 | 495292609 |
| Target Corp  | 5769107 | 553718890 |
| Walmart Inc  | 54858033 | 5320132040 |
|  |  | 12788593575 |
| Food Products - 0.5% |  |  |
| Archer-Daniels-Midland Co (b) | 6100373 | 382127365 |
| Bunge Global SA (b) | 1706572 | 143727494 |
| Conagra Brands Inc  | 6061155 | 115949895 |
| General Mills Inc  | 6953019 | 342992427 |
| Hershey Co/The (b) | 1879060 | 345277275 |
| Hormel Foods Corp  | 3700626 | 94143925 |
| JM Smucker Co  | 1351202 | 149321333 |
| Kellanova  | 3413829 | 271399406 |
| Kraft Heinz Co/The  | 10970228 | 306837277 |
| Lamb Weston Holdings Inc  | 1791783 | 103081276 |
| McCormick & Co Inc/MD  | 3208364 | 225772575 |
| Mondelez International Inc  | 16440542 | 1010106901 |
| The Campbell's Company (b) | 2498784 | 79786173 |
| Tyson Foods Inc Class A  | 3634267 | 206353680 |
|  |  | 3776877002 |
| Household Products - 0.9% |  |  |
| Church & Dwight Co Inc  | 3127034 | 291314487 |
| Clorox Co/The (b) | 1564973 | 184979809 |
| Colgate-Palmolive Co  | 10290071 | 865086269 |
| Kimberly-Clark Corp  | 4213136 | 544084383 |
| Procter & Gamble Co/The  | 29769144 | 4674946374 |
|  |  | 6560411322 |
| Personal Care Products - 0.1% |  |  |
| Estee Lauder Cos Inc/The Class A  | 2973812 | 272787774 |
| Kenvue Inc  | 24377494 | 504857901 |
|  |  | 777645675 |
| Tobacco - 0.7% |  |  |
| Altria Group Inc  | 21387842 | 1437476861 |
| Philip Morris International Inc  | 19763422 | 3303060719 |
|  |  | 4740537580 |
| TOTAL CONSUMER STAPLES |  | 36177008884 |
| Energy - 3.0% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Baker Hughes Co Class A  | 12579767 | 571121422 |
| Halliburton Co  | 10916018 | 248121089 |
| Schlumberger NV  | 19056841 | 702054022 |
|  |  | 1521296533 |
| Oil, Gas & Consumable Fuels - 2.8% |  |  |
| APA Corp (b) | 4581727 | 106387701 |
| Chevron Corp  | 24350549 | 3910698169 |
| ConocoPhillips  | 16029084 | 1586398443 |
| Coterra Energy Inc  | 9691300 | 236855372 |
| Devon Energy Corp  | 8152882 | 294319040 |
| Diamondback Energy Inc  | 2374222 | 353189265 |
| EOG Resources Inc  | 6929970 | 864998855 |
| EQT Corp  | 7600881 | 394029671 |
| Expand Energy Corp  | 2749721 | 266117998 |
| Exxon Mobil Corp  | 54724976 | 6254517508 |
| Kinder Morgan Inc  | 24546023 | 662251701 |
| Marathon Petroleum Corp  | 3900760 | 701005580 |
| Occidental Petroleum Corp  | 8996930 | 428343837 |
| ONEOK Inc  | 7931082 | 605776043 |
| Phillips 66  | 5173313 | 691051151 |
| Targa Resources Corp  | 2754431 | 462083345 |
| Texas Pacific Land Corp  | 239334 | 223413502 |
| Valero Energy Corp  | 3976842 | 604519752 |
| Williams Cos Inc/The  | 15503370 | 897335056 |
|  |  | 19543291989 |
| TOTAL ENERGY |  | 21064588522 |
| Financials - 13.9% |  |  |
| Banks - 3.6% |  |  |
| Bank of America Corp  | 83201427 | 4221640406 |
| Citigroup Inc  | 23715010 | 2290158516 |
| Citizens Financial Group Inc  | 5506150 | 287861522 |
| Fifth Third Bancorp (b) | 8475302 | 387914573 |
| Huntington Bancshares Inc/OH  | 18497469 | 329439923 |
| JPMorgan Chase & Co  | 35286743 | 10636130075 |
| KeyCorp  | 12523873 | 242462181 |
| M&T Bank Corp  | 2038109 | 411005061 |
| PNC Financial Services Group Inc/The  | 5022585 | 1041885032 |
| Regions Financial Corp  | 11413923 | 312627351 |
| Truist Financial Corp  | 16627456 | 778497490 |
| US Bancorp  | 19782587 | 965983723 |
| Wells Fargo & Co (b) | 41319035 | 3395598296 |
|  |  | 25301204149 |
| Capital Markets - 3.4% |  |  |
| Ameriprise Financial Inc  | 1209066 | 622439267 |
| Bank of New York Mellon Corp/The  | 9084012 | 959271667 |
| Blackrock Inc  | 1849100 | 2084194574 |
| Blackstone Inc  | 9264496 | 1587934614 |
| Cboe Global Markets Inc  | 1329564 | 313710626 |
| Charles Schwab Corp/The  | 21686223 | 2078407612 |
| CME Group Inc Class A  | 4575516 | 1219420769 |
| Coinbase Global Inc Class A (c) | 2684279 | 817470327 |
| FactSet Research Systems Inc  | 481821 | 179873416 |
| Franklin Resources Inc (b) | 3936822 | 101018853 |
| Goldman Sachs Group Inc/The  | 3896024 | 2903511886 |
| Interactive Brokers Group Inc Class A  | 5533901 | 344429998 |
| Intercontinental Exchange Inc  | 7283448 | 1286256917 |
| Invesco Ltd  | 5682698 | 124394259 |
| KKR & Co Inc Class A  | 8594590 | 1198859359 |
| MarketAxess Holdings Inc  | 476170 | 87539093 |
| Moody's Corp  | 1964435 | 1001390386 |
| Morgan Stanley  | 15685191 | 2360307542 |
| MSCI Inc  | 982395 | 557725289 |
| Nasdaq Inc  | 5248622 | 497254448 |
| Northern Trust Corp  | 2470106 | 324275516 |
| Raymond James Financial Inc  | 2305556 | 390653409 |
| S&P Global Inc  | 3985654 | 2185892080 |
| State Street Corp  | 3621019 | 416308554 |
| T Rowe Price Group Inc  | 2797405 | 301056726 |
|  |  | 23943597187 |
| Consumer Finance - 0.7% |  |  |
| American Express Co  | 7027465 | 2328058605 |
| Capital One Financial Corp  | 8121427 | 1845350643 |
| Synchrony Financial  | 4833287 | 368973130 |
|  |  | 4542382378 |
| Financial Services - 4.3% |  |  |
| Apollo Global Management Inc (b) | 5764242 | 785262688 |
| Berkshire Hathaway Inc Class B (c) | 23283317 | 11711042785 |
| Block Inc Class A (b)(c) | 7054241 | 561799753 |
| Corpay Inc (c) | 895065 | 291495819 |
| Fidelity National Information Services Inc  | 6671052 | 465706140 |
| Fiserv Inc (c) | 7039767 | 972755004 |
| Global Payments Inc  | 3096593 | 275039390 |
| Jack Henry & Associates Inc  | 924560 | 150943666 |
| Mastercard Inc Class A  | 10299174 | 6130995290 |
| PayPal Holdings Inc (c) | 12348459 | 866738337 |
| Visa Inc Class A (b) | 21724737 | 7642327982 |
|  |  | 29854106854 |
| Insurance - 1.9% |  |  |
| AFLAC Inc  | 6178209 | 660203414 |
| Allstate Corp/The  | 3362449 | 684090249 |
| American International Group Inc  | 7317772 | 595081219 |
| Aon PLC  | 2741836 | 1006253812 |
| Arch Capital Group Ltd  | 4738928 | 433754080 |
| Arthur J Gallagher & Co  | 3251756 | 984469129 |
| Assurant Inc  | 643771 | 138803465 |
| Brown & Brown Inc  | 3558658 | 345011893 |
| Chubb Ltd  | 4731935 | 1301613360 |
| Cincinnati Financial Corp  | 1984630 | 304839168 |
| Erie Indemnity Co Class A (b) | 316694 | 112230020 |
| Everest Group Ltd  | 540077 | 184641525 |
| Globe Life Inc  | 1048066 | 146676837 |
| Hartford Insurance Group Inc/The  | 3607322 | 477284774 |
| Loews Corp  | 2209923 | 213920546 |
| Marsh & McLennan Cos Inc  | 6256273 | 1287603546 |
| MetLife Inc  | 7159832 | 582523932 |
| Principal Financial Group Inc  | 2618880 | 210846029 |
| Progressive Corp/The  | 7443407 | 1838968133 |
| Prudential Financial Inc  | 4494812 | 492901084 |
| Travelers Companies Inc/The  | 2876793 | 781078067 |
| W R Berkley Corp (b) | 3805243 | 272797871 |
| Willis Towers Watson PLC  | 1258928 | 411405081 |
|  |  | 13466997234 |
| TOTAL FINANCIALS |  | 97108287802 |
| Health Care - 9.1% |  |  |
| Biotechnology - 1.6% |  |  |
| AbbVie Inc  | 22428392 | 4718933677 |
| Amgen Inc (b) | 6827367 | 1964301760 |
| Biogen Inc (c) | 1860483 | 245993062 |
| Gilead Sciences Inc  | 15794429 | 1784296644 |
| Incyte Corp (c) | 2039975 | 172602285 |
| Moderna Inc (b)(c) | 4321282 | 104099683 |
| Regeneron Pharmaceuticals Inc  | 1318580 | 765699406 |
| Vertex Pharmaceuticals Inc (c) | 3260606 | 1274962158 |
|  |  | 11030888675 |
| Health Care Equipment & Supplies - 2.2% |  |  |
| Abbott Laboratories  | 22091064 | 2930600550 |
| Align Technology Inc (c) | 865137 | 122814848 |
| Baxter International Inc  | 6515903 | 160877645 |
| Becton Dickinson & Co  | 3639109 | 702275255 |
| Boston Scientific Corp (c) | 18784836 | 1981800198 |
| Cooper Cos Inc/The (c) | 2539203 | 171129586 |
| Dexcom Inc (c) | 4978678 | 375093601 |
| Edwards Lifesciences Corp (c) | 7448182 | 605835124 |
| GE HealthCare Technologies Inc  | 5813859 | 428655824 |
| Hologic Inc (c) | 2829512 | 189916845 |
| IDEXX Laboratories Inc (c) | 1021135 | 660766247 |
| Insulet Corp (c) | 893566 | 303705212 |
| Intuitive Surgical Inc (c) | 4550909 | 2153922475 |
| Medtronic PLC  | 16284731 | 1511385884 |
| ResMed Inc (b) | 1861754 | 511070091 |
| Solventum Corp (c) | 1867266 | 136478472 |
| STERIS PLC  | 1247514 | 305715781 |
| Stryker Corp  | 4367187 | 1709360664 |
| Zimmer Biomet Holdings Inc (b) | 2512116 | 266535508 |
|  |  | 15227939810 |
| Health Care Providers & Services - 1.6% |  |  |
| Cardinal Health Inc  | 3030532 | 450882551 |
| Cencora Inc  | 2190300 | 638713383 |
| Centene Corp (c) | 6318172 | 183479715 |
| Cigna Group/The  | 3391971 | 1020542315 |
| CVS Health Corp  | 16062213 | 1174950881 |
| DaVita Inc (c) | 527248 | 72633683 |
| Elevance Health Inc  | 2868744 | 914125276 |
| HCA Healthcare Inc  | 2199326 | 888439731 |
| Henry Schein Inc (c) | 1545504 | 107536168 |
| Humana Inc  | 1532465 | 465348322 |
| Labcorp Holdings Inc  | 1062757 | 295435818 |
| McKesson Corp  | 1588573 | 1090777765 |
| Molina Healthcare Inc (c) | 688190 | 124445398 |
| Quest Diagnostics Inc (b) | 1417453 | 257466163 |
| UnitedHealth Group Inc  | 11518148 | 3569128521 |
| Universal Health Services Inc Class B  | 726155 | 131855225 |
|  |  | 11385760915 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Agilent Technologies Inc  | 3620007 | 454890080 |
| Bio-Techne Corp  | 1990502 | 108741124 |
| Charles River Laboratories International Inc (c) | 623637 | 101846158 |
| Danaher Corp  | 8087444 | 1664557724 |
| IQVIA Holdings Inc (b)(c) | 2086784 | 398179255 |
| Mettler-Toledo International Inc (c) | 263886 | 343326241 |
| Revvity Inc (b) | 1496621 | 134860518 |
| Thermo Fisher Scientific Inc  | 4793122 | 2361667073 |
| Waters Corp (c) | 755598 | 228039476 |
| West Pharmaceutical Services Inc  | 912230 | 225275199 |
|  |  | 6021382848 |
| Pharmaceuticals - 2.8% |  |  |
| Bristol-Myers Squibb Co  | 25839853 | 1219124265 |
| Eli Lilly & Co  | 9987891 | 7316929189 |
| Johnson & Johnson  | 30550414 | 5412616848 |
| Merck & Co Inc  | 31883092 | 2682005699 |
| Pfizer Inc  | 72188268 | 1787381516 |
| Viatris Inc  | 14902506 | 157221438 |
| Zoetis Inc Class A  | 5652900 | 884113560 |
|  |  | 19459392515 |
| TOTAL HEALTH CARE |  | 63125364763 |
| Industrials - 8.4% |  |  |
| Aerospace & Defense - 2.2% |  |  |
| Axon Enterprise Inc (c) | 939066 | 701754631 |
| Boeing Co (c) | 9573760 | 2246769997 |
| GE Aerospace  | 13540140 | 3726246529 |
| General Dynamics Corp  | 3198585 | 1038164733 |
| Howmet Aerospace Inc (b) | 5125534 | 892355469 |
| Huntington Ingalls Industries Inc  | 498226 | 134914619 |
| L3Harris Technologies Inc  | 2373691 | 658984095 |
| Lockheed Martin Corp  | 2647666 | 1206356060 |
| Northrop Grumman Corp  | 1717835 | 1013591363 |
| RTX Corp (b) | 16962889 | 2690314195 |
| Textron Inc  | 2292344 | 183754295 |
| TransDigm Group Inc  | 713164 | 997630856 |
|  |  | 15490836842 |
| Air Freight & Logistics - 0.3% |  |  |
| CH Robinson Worldwide Inc  | 1507554 | 194022200 |
| Expeditors International of Washington Inc  | 1738859 | 209602064 |
| FedEx Corp  | 2798859 | 646732349 |
| United Parcel Service Inc Class B  | 9316291 | 814616485 |
|  |  | 1864973098 |
| Building Products - 0.5% |  |  |
| A O Smith Corp (b) | 1475898 | 105216768 |
| Allegion plc  | 1092584 | 185520763 |
| Builders FirstSource Inc (b)(c) | 1403234 | 194600491 |
| Carrier Global Corp (b) | 10123468 | 660050114 |
| Johnson Controls International plc  | 8355362 | 893104644 |
| Lennox International Inc  | 405505 | 226215019 |
| Masco Corp (b) | 2678383 | 196566528 |
| Trane Technologies PLC  | 2831707 | 1176857430 |
|  |  | 3638131757 |
| Commercial Services & Supplies - 0.5% |  |  |
| Cintas Corp  | 4357923 | 915294568 |
| Copart Inc (c) | 11162681 | 544850460 |
| Republic Services Inc  | 2579098 | 603431559 |
| Rollins Inc  | 3569111 | 201797535 |
| Veralto Corp  | 3147146 | 334195434 |
| Waste Management Inc  | 4649608 | 1052624755 |
|  |  | 3652194311 |
| Construction & Engineering - 0.1% |  |  |
| Quanta Services Inc (b) | 1881715 | 711213001 |
| Electrical Equipment - 0.9% |  |  |
| AMETEK Inc  | 2931517 | 541744342 |
| Eaton Corp PLC (b) | 4968418 | 1734673461 |
| Emerson Electric Co (b) | 7142181 | 942767892 |
| GE Vernova Inc  | 3465513 | 2124255504 |
| Generac Holdings Inc (c) | 750178 | 138970474 |
| Hubbell Inc  | 677689 | 292077181 |
| Rockwell Automation Inc  | 1431179 | 491509804 |
|  |  | 6265998658 |
| Ground Transportation - 0.9% |  |  |
| CSX Corp  | 23852285 | 775437785 |
| JB Hunt Transport Services Inc  | 995001 | 144265195 |
| Norfolk Southern Corp  | 2862509 | 801445270 |
| Old Dominion Freight Line Inc  | 2361249 | 356477762 |
| Uber Technologies Inc (c) | 26552000 | 2489250000 |
| Union Pacific Corp  | 7586277 | 1696063949 |
|  |  | 6262939961 |
| Industrial Conglomerates - 0.4% |  |  |
| 3M Co  | 6833402 | 1062799013 |
| Honeywell International Inc  | 8160279 | 1791181241 |
|  |  | 2853980254 |
| Machinery - 1.5% |  |  |
| Caterpillar Inc (b) | 5971687 | 2502375721 |
| Cummins Inc  | 1749104 | 696912998 |
| Deere & Co  | 3204966 | 1534024926 |
| Dover Corp  | 1740841 | 311366821 |
| Fortive Corp  | 4315558 | 206542606 |
| IDEX Corp  | 959210 | 157790045 |
| Illinois Tool Works Inc (b) | 3385455 | 895960666 |
| Ingersoll Rand Inc  | 5122852 | 406908134 |
| Nordson Corp  | 686491 | 154522259 |
| Otis Worldwide Corp  | 5011296 | 432875748 |
| PACCAR Inc  | 6665516 | 666418290 |
| Parker-Hannifin Corp  | 1622425 | 1231988424 |
| Pentair PLC  | 2089039 | 224634364 |
| Snap-on Inc (b) | 663951 | 215943423 |
| Stanley Black & Decker Inc  | 1964428 | 145937356 |
| Westinghouse Air Brake Technologies Corp  | 2172822 | 420441057 |
| Xylem Inc/NY  | 3089879 | 437403271 |
|  |  | 10642046109 |
| Passenger Airlines - 0.2% |  |  |
| Delta Air Lines Inc  | 8290680 | 512198211 |
| Southwest Airlines Co  | 7235708 | 238054793 |
| United Airlines Holdings Inc (c) | 4146923 | 435426915 |
|  |  | 1185679919 |
| Professional Services - 0.6% |  |  |
| Automatic Data Processing Inc  | 5154092 | 1567101673 |
| Broadridge Financial Solutions Inc  | 1491453 | 381245216 |
| Dayforce Inc (b)(c) | 2030046 | 141636309 |
| Equifax Inc  | 1576980 | 388410174 |
| Jacobs Solutions Inc (b) | 1525648 | 223095507 |
| Leidos Holdings Inc  | 1634372 | 295690582 |
| Paychex Inc  | 4070344 | 567629823 |
| Paycom Software Inc  | 618808 | 140562237 |
| Verisk Analytics Inc  | 1776136 | 476217584 |
|  |  | 4181589105 |
| Trading Companies & Distributors - 0.3% |  |  |
| Fastenal Co (b) | 14566764 | 723385500 |
| United Rentals Inc  | 825306 | 789273140 |
| WW Grainger Inc  | 555065 | 562558378 |
|  |  | 2075217018 |
| TOTAL INDUSTRIALS |  | 58824800033 |
| Information Technology - 33.0% |  |  |
| Communications Equipment - 0.9% |  |  |
| Arista Networks Inc (b) | 13076290 | 1785567400 |
| Cisco Systems Inc (b) | 50513215 | 3489958024 |
| F5 Inc (c) | 729227 | 228350143 |
| Motorola Solutions Inc  | 2119368 | 1001316605 |
|  |  | 6505192172 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Amphenol Corp Class A  | 15358532 | 1671929795 |
| CDW Corp/DE  | 1672032 | 275483992 |
| Corning Inc  | 9787312 | 656043523 |
| Jabil Inc (b) | 1362982 | 279179603 |
| Keysight Technologies Inc (c) | 2194216 | 358600721 |
| Teledyne Technologies Inc (c) | 594978 | 320199310 |
| Trimble Inc (b)(c) | 3029392 | 244835461 |
| Zebra Technologies Corp Class A (c) | 645704 | 204746281 |
|  |  | 4011018686 |
| IT Services - 0.6% |  |  |
| Akamai Technologies Inc (b)(c) | 1856410 | 146897723 |
| Cognizant Technology Solutions Corp Class A  | 6258979 | 452211233 |
| EPAM Systems Inc (b)(c) | 719336 | 126862097 |
| Gartner Inc (c) | 977266 | 245479447 |
| GoDaddy Inc Class A (c) | 1809201 | 268322600 |
| IBM Corporation  | 11800750 | 2873364618 |
| VeriSign Inc  | 1067431 | 291803612 |
|  |  | 4404941330 |
| Semiconductors & Semiconductor Equipment - 13.2% |  |  |
| Advanced Micro Devices Inc (b)(c) | 20587308 | 3348113900 |
| Analog Devices Inc  | 6297511 | 1582627489 |
| Applied Materials Inc  | 10315734 | 1658357398 |
| Broadcom Inc  | 59701638 | 17754670125 |
| Enphase Energy Inc (b)(c) | 1665966 | 62806918 |
| First Solar Inc (c) | 1361700 | 265790223 |
| Intel Corp (c) | 55385231 | 1348630375 |
| KLA Corp  | 1679092 | 1464168224 |
| Lam Research Corp  | 16241230 | 1626559185 |
| Microchip Technology Inc  | 6828801 | 443872065 |
| Micron Technology Inc (b) | 14190047 | 1688757493 |
| Monolithic Power Systems Inc  | 607943 | 508094442 |
| NVIDIA Corp  | 309653955 | 53935525882 |
| ON Semiconductor Corp (c) | 5305973 | 263123201 |
| QUALCOMM Inc  | 13931252 | 2239170134 |
| Skyworks Solutions Inc (b) | 1906221 | 142852202 |
| Teradyne Inc  | 2036885 | 240841282 |
| Texas Instruments Inc  | 11535060 | 2335618949 |
|  |  | 90909579487 |
| Software - 11.0% |  |  |
| Adobe Inc (c) | 5411551 | 1930300242 |
| Autodesk Inc (c) | 2716504 | 854883809 |
| Cadence Design Systems Inc (c) | 3466872 | 1214895955 |
| Crowdstrike Holdings Inc Class A (c) | 3162545 | 1339970317 |
| Datadog Inc Class A (b)(c) | 4056734 | 554474403 |
| Fair Isaac Corp (c) | 309076 | 470302405 |
| Fortinet Inc (c) | 8066479 | 635396551 |
| Gen Digital Inc  | 6930177 | 209291344 |
| Intuit Inc  | 3549657 | 2367621219 |
| Microsoft Corp  | 94372579 | 47817642054 |
| Oracle Corp  | 20651451 | 4669912615 |
| Palantir Technologies Inc Class A (c) | 27008639 | 4232523818 |
| Palo Alto Networks Inc (b)(c) | 8406823 | 1601667918 |
| PTC Inc (c) | 1523005 | 325161568 |
| Roper Technologies Inc  | 1365140 | 718486833 |
| Salesforce Inc  | 12182643 | 3121802269 |
| Servicenow Inc (c) | 2628322 | 2411380302 |
| Synopsys Inc (c) | 2348362 | 1417283434 |
| Tyler Technologies Inc (c) | 547555 | 308207757 |
| Workday Inc Class A (c) | 2750660 | 634907341 |
|  |  | 76836112154 |
| Technology Hardware, Storage & Peripherals - 6.7% |  |  |
| Apple Inc  | 189643332 | 44023803091 |
| Dell Technologies Inc Class C  | 3803854 | 464640766 |
| Hewlett Packard Enterprise Co  | 16678776 | 376439974 |
| HP Inc  | 11969703 | 341615324 |
| NetApp Inc  | 2582766 | 291310177 |
| Seagate Technology Holdings PLC (b) | 2694564 | 451070014 |
| Super Micro Computer Inc (b)(c) | 6517015 | 270716803 |
| Western Digital Corp  | 4429777 | 355888284 |
|  |  | 46575484433 |
| TOTAL INFORMATION TECHNOLOGY |  | 229242328262 |
| Materials - 1.9% |  |  |
| Chemicals - 1.2% |  |  |
| Air Products and Chemicals Inc  | 2825688 | 831063098 |
| Albemarle Corp  | 1493968 | 126867762 |
| CF Industries Holdings Inc  | 2057076 | 178204494 |
| Corteva Inc  | 8661651 | 642607888 |
| Dow Inc  | 8975184 | 221058782 |
| DuPont de Nemours Inc  | 5313763 | 408734650 |
| Eastman Chemical Co  | 1466009 | 103119072 |
| Ecolab Inc  | 3203843 | 887592665 |
| International Flavors & Fragrances Inc (b) | 3247825 | 219260666 |
| Linde PLC  | 5976880 | 2858681935 |
| LyondellBasell Industries NV Class A1 (b) | 3264715 | 183966690 |
| Mosaic Co/The  | 4027954 | 134533663 |
| PPG Industries Inc (b) | 2882268 | 320594670 |
| Sherwin-Williams Co/The (b) | 2927379 | 1070923060 |
|  |  | 8187209095 |
| Construction Materials - 0.1% |  |  |
| Martin Marietta Materials Inc  | 765450 | 471823379 |
| Vulcan Materials Co  | 1677349 | 488376935 |
|  |  | 960200314 |
| Containers & Packaging - 0.2% |  |  |
| Amcor PLC  | 29094650 | 251086830 |
| Avery Dennison Corp  | 992617 | 170382708 |
| Ball Corp  | 3522439 | 185421189 |
| International Paper Co (b) | 6702881 | 332999128 |
| Packaging Corp of America  | 1134421 | 247258401 |
| Smurfit WestRock PLC (b) | 6296704 | 298211901 |
|  |  | 1485360157 |
| Metals & Mining - 0.4% |  |  |
| Freeport-McMoRan Inc  | 18235737 | 809666723 |
| Newmont Corp  | 14131958 | 1051417676 |
| Nucor Corp  | 2929895 | 435763283 |
| Steel Dynamics Inc  | 1753007 | 229503676 |
|  |  | 2526351358 |
| TOTAL MATERIALS |  | 13159120924 |
| Real Estate - 2.0% |  |  |
| Health Care REITs - 0.3% |  |  |
| Alexandria Real Estate Equities Inc  | 1954871 | 161159565 |
| Healthpeak Properties Inc  | 8821166 | 158251718 |
| Ventas Inc (b) | 5730225 | 390113718 |
| Welltower Inc  | 7888198 | 1327425960 |
|  |  | 2036950961 |
| Hotel & Resort REITs - 0.0% |  |  |
| Host Hotels & Resorts Inc  | 8808243 | 151589862 |
| Industrial REITs - 0.2% |  |  |
| Prologis Inc  | 11782074 | 1340564380 |
| Office REITs - 0.0% |  |  |
| BXP Inc  | 1849461 | 134104416 |
| Real Estate Management & Development - 0.2% |  |  |
| CBRE Group Inc Class A (c) | 3728513 | 604466528 |
| CoStar Group Inc (b)(c) | 5356791 | 479379226 |
|  |  | 1083845754 |
| Residential REITs - 0.2% |  |  |
| AvalonBay Communities Inc  | 1805431 | 353593661 |
| Camden Property Trust  | 1356538 | 151905125 |
| Equity Residential  | 4341813 | 287080676 |
| Essex Property Trust Inc  | 817512 | 220899918 |
| Invitation Homes Inc  | 7237961 | 226475800 |
| Mid-America Apartment Communities Inc  | 1486314 | 216734307 |
| UDR Inc  | 3827930 | 151471190 |
|  |  | 1608160677 |
| Retail REITs - 0.3% |  |  |
| Federal Realty Investment Trust  | 985734 | 99115553 |
| Kimco Realty Corp  | 8589635 | 193180891 |
| Realty Income Corp  | 11466583 | 673776417 |
| Regency Centers Corp  | 2074407 | 150394508 |
| Simon Property Group Inc  | 3895910 | 703835101 |
|  |  | 1820302470 |
| Specialized REITs - 0.8% |  |  |
| American Tower Corp  | 5944047 | 1211693981 |
| Crown Castle Inc  | 5529115 | 548156461 |
| Digital Realty Trust Inc  | 4019728 | 673867202 |
| Equinix Inc  | 1242029 | 976470780 |
| Extra Space Storage Inc  | 2694490 | 386874874 |
| Iron Mountain Inc  | 3746236 | 345889970 |
| Public Storage Operating Co  | 2004733 | 590574294 |
| SBA Communications Corp Class A  | 1364343 | 279485664 |
| VICI Properties Inc  | 13417240 | 453234367 |
| Weyerhaeuser Co  | 9208963 | 238235873 |
|  |  | 5704483466 |
| TOTAL REAL ESTATE |  | 13880001986 |
| Utilities - 2.4% |  |  |
| Electric Utilities - 1.6% |  |  |
| Alliant Energy Corp  | 3261610 | 212232963 |
| American Electric Power Co Inc (b) | 6782785 | 753024791 |
| Constellation Energy Corp (b) | 3979522 | 1225613186 |
| Duke Energy Corp  | 9868997 | 1208853443 |
| Edison International  | 4885431 | 274219242 |
| Entergy Corp  | 5667210 | 499224529 |
| Evergy Inc  | 2921515 | 208187158 |
| Eversource Energy  | 4664773 | 298872006 |
| Exelon Corp  | 12818293 | 559903038 |
| FirstEnergy Corp  | 6522168 | 284496968 |
| NextEra Energy Inc  | 26138871 | 1883305656 |
| NRG Energy Inc  | 2482432 | 361342802 |
| PG&E Corp  | 27904451 | 426380011 |
| Pinnacle West Capital Corp  | 1516021 | 135471636 |
| PPL Corp  | 9386602 | 342329375 |
| Southern Co/The (b) | 13954933 | 1288040316 |
| Xcel Energy Inc  | 7323256 | 530130502 |
|  |  | 10491627622 |
| Gas Utilities - 0.0% |  |  |
| Atmos Energy Corp (b) | 2016787 | 335048824 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The  | 9039267 | 122391675 |
| Vistra Corp  | 4308571 | 814793862 |
|  |  | 937185537 |
| Multi-Utilities - 0.6% |  |  |
| Ameren Corp  | 3431792 | 342424206 |
| CenterPoint Energy Inc (b) | 8287830 | 312534069 |
| CMS Energy Corp (b) | 3798041 | 271825794 |
| Consolidated Edison Inc  | 4574750 | 449377693 |
| Dominion Energy Inc  | 10828059 | 648600734 |
| DTE Energy Co  | 2634878 | 360056079 |
| NiSource Inc (b) | 5976644 | 252632742 |
| Public Service Enterprise Group Inc  | 6335877 | 521632753 |
| Sempra  | 8280729 | 683656986 |
| WEC Energy Group Inc  | 4052121 | 431591408 |
|  |  | 4274332464 |
| Water Utilities - 0.1% |  |  |
| American Water Works Co Inc  | 2476115 | 355347264 |
| TOTAL UTILITIES |  | 16393541711 |
| TOTAL UNITED STATES |  | 691708367346 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $330,914,087,622) |  | <br> **695525541856** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (e)<br>(Cost $33,706,376)<br>| 4.15 | 33990000 | **33712671** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.36 | 27815783 | 27821346 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.36 | 985617642 | 985716204 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $1,013,530,491) |  |  | **1013537550** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $331,961,324,489)<br>| <br>**696572792077** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(138973282)** |
| **NET ASSETS - 100.0%** | **696433818795** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 S&P 500 Index Contracts (United States) | 2920 | 9/19/2025 | 945021500 | 23939094 | 23939094 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% | The notional amount of futures purchased as a percentage of Net Assets is 0.1% |

---

**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) 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.

(e) 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 $33,712,671.

(f) 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.

(g) 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 | 432 | 6275084972 | 6247264058 | 6568097 | - | - | 27821346 | 27815783 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 1077719754 | 7204268513 | 7296272063 | 14651275 | - | - | 985716204 | 985617642 | 3.5% |
| Total | 1077720186 | 13479353485 | 13543536121 | 21219372 | - | - | 1013537550 |  |  |

---

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 August 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 | 69630006298 | 69630006298 | - | - |
| Consumer Discretionary | 73323184334 | 73323184334 | - | - |
| Consumer Staples | 36177008884 | 36177008884 | - | - |
| Energy | 21064588522 | 21064588522 | - | - |
| Financials | 97108287802 | 97108287802 | - | - |
| Health Care | 63125364763 | 63125364763 | - | - |
| Industrials | 58824800033 | 58824800033 | - | - |
| Information Technology | 232839636599 | 232839636599 | - | - |
| Materials | 13159120924 | 13159120924 | - | - |
| Real Estate | 13880001986 | 13880001986 | - | - |
| Utilities | 16393541711 | 16393541711 | - | - |
|  **U.S. Treasury Obligations** | 33712671 | - | 33712671 | - |
|  **Money Market Funds** | 1013537550 | 1013537550 | - | - |
| **Total Investments in Securities:** | 696572792077 | 696539079406 | 33712671 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 23939094 | 23939094 | - | - |
| Total Assets | 23939094 | 23939094 | - | - |
| **Total Derivative Instruments:** | 23939094 | 23939094 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of August 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)  | 23939094 | - |
| **Total Equity Risk**  | 23939094 | - |
| **Total Value of Derivatives** | 23939094 | - |

---

(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 August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,280,096,773) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $330,947,793,998) | $695559254527 |  |
| Fidelity Central Funds (cost $1,013,530,491) | 1013537550 |  |
| Total Investment in Securities (cost $331,961,324,489) |  | $696572792077 |
| Segregated cash with brokers for derivative instruments |  | 15083802 |
| Cash |  | 3 |
| Receivable for fund shares sold |  | 610902266 |
| Dividends receivable |  | 687561072 |
| Distributions receivable from Fidelity Central Funds |  | 920470 |
| Other receivables |  | 7129592 |
| **Total assets** |  | 697894389282 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $4318459 |  |
| Payable for fund shares redeemed | 450853051 |  |
| Accrued management fee | 8615975 |  |
| Payable for daily variation margin on futures contracts | 5034038 |  |
| Other payables and accrued expenses | 6237485 |  |
| Collateral on securities loaned | 985511479 |  |
| **Total liabilities** |  | 1460570487 |
| **Net Assets**  |  | $696433818795 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $327670177510 |
| Total accumulated earnings (loss) |  | 368763641285 |
| **Net Assets** |  | $696433818795 |
| **Net Asset Value**, offering price and redemption price per share ($696,433,818,795 ÷ 3,098,582,992 shares) |  | $224.76 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** | **Six months ended August 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $4149724304 |
| Interest  |  | 1268239 |
| Income from Fidelity Central Funds (including $14,651,275 from security lending)  |  | 21219372 |
| **Total income** |  | 4172211915 |
| **Expenses** |  |  |
| Management fee | $46474026 |  |
| Independent trustees' fees and expenses | 1145378 |  |
| Total expenses before reductions | 47619404 |  |
| Expense reductions | (25266) |  |
| Total expenses after reductions |  | 47594138 |
| **Net Investment income (loss)** |  | 4124617777 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (702056456) |  |
| Redemptions in-kind | 10120005076 |  |
| Futures contracts | 71382049 |  |
| Total net realized gain (loss) |  | 9489330669 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 45088909944 |  |
| Futures contracts | 15345276 |  |
| Total change in net unrealized appreciation (depreciation) |  | 45104255220 |
| **Net gain (loss)** |  | 54593585889 |
| **Net increase (decrease) in net assets resulting from operations** |  | $58718203666 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **February 28, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4124617777 | $7594738190 |
| &nbsp;&nbsp;Net realized gain (loss) | 9489330669<br>| 23602191630<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 45104255220 | 64923330160<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 58718203666<br>| 96120259980<br>|
| Distributions to shareholders | (3850164690)<br>| (7559682894)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 73195593210 | 145399012893 |
| Reinvestment of distributions | 3578619746<br>| 7047960301<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (67805649467) | (123852845433) |
| **Net increase (decrease) in net assets resulting from share transactions** | 8968563489<br>| 28594127761<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 63836602465<br>| 117154704847<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 632597216330 | 515442511483<br>|
| &nbsp;&nbsp;End of period | $696433818795 | $632597216330 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 359082254 | 742488729 |
| Issued in reinvestment of distributions | 18290908<br>| 36066186<br>|
| &nbsp;&nbsp;Redeemed | (332896233) | (632465198) |
| &nbsp;&nbsp;Net increase (decrease) | 44476929 | 146089717 |

---

**Financial Highlights** 

**Fidelity® 500 Index Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)**  | **Years ended February 28, 2025**  | **2024** A  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $207.13 | $177.25 | $138.03 | $152.07 | $132.41 | $102.76 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) B,C | 1.34  | 2.55  | 2.48  | 2.30  | 2.08  | 1.95  |
| Net realized and unrealized gain (loss)  | 17.54  | 29.87  | 39.14  | (14.08)  | 19.60  | 29.78  |
| Total from investment operations  | 18.88  | 32.42  | 41.62  | (11.78)  | 21.68  | 31.73  |
| Distributions from net investment income  | (1.25)  | (2.54)  | (2.40)  | (2.26)  | (2.02)  | (2.08)  |
| Total distributions  | (1.25)  | (2.54)  | (2.40)  | (2.26)  | (2.02)  | (2.08)  |
| Net asset value, end of period  | $224.76 | $207.13 | $177.25 | $138.03 | $152.07 | $132.41 |
| **Total Return** D,E | 9.21% <br>| 18.39%  | 30.45%  | (7.71)%  | 16.37%  | 31.29%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .01% H,I | .02%  | .02%  | .02%  | .02%  | .02%  |
| Expenses net of fee waivers, if any  | .01% H,I<br>| .02%  | .02%  | .02%  | .02%  | .02%  |
| Expenses net of all reductions, if any  | .01% H,I | .01%  | .01%  | .02%  | .02%  | .02%  |
| Net investment income (loss)  | 1.30% I | 1.31%  | 1.61%  | 1.65%  | 1.36%  | 1.69%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $696433819 | $632597216 | $515442511 | $365044771 | $381008655 | $292312309 |
| Portfolio turnover rate J,K | 2% I<br>| 3%  | 2%  | 3%  | 2%  | 7%  |

---

A*For the year ended February 29.*

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

C*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.*

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*The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.*

I*Annualized.*

J*Portfolio turnover rate excludes securities received or delivered in-kind.*

K*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 August 31, 2025

**1. Organization.**

Fidelity 500 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.

**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. 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 August 31, 2025 is included at the end of the Fund's Schedule of Investments.

**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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

**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.

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| | |
|:---|:---|
| **Fidelity 500 Index Fund** | $6221212 |

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**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.

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 short-term capital gain dividends, futures contracts, redemptions in-kind, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

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

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| | |
|:---|:---|
| **Gross unrealized appreciation** | $379008405132 |
| **Gross unrealized depreciation** | <u>(17866396317)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$361142008815</u> |
| **Tax cost** | <u>$335454722356</u> |

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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.

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| | |
|:---|:---|
| Short-term | $(821651000) |
| Long-term | <u>(2728124151)</u> |
| **Total capital loss carryforward** | <u>$(3549775151)</u> |

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**New Accounting Pronouncement.** 

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):

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| | |
|:---|:---|
| 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>|

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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 500 Index Fund** | 27593846718 | 6070827885 |

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**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity 500 Index Fund** | 62005253 | 10120005076 | 12572944436 |

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**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity 500 Index Fund** | 152165257 | 24457898601 | 30025774550 |

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

**Management Fee and Expense Contract.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .015% of the Fund's average net assets. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

Under the expense contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, as necessary so that the total expenses do not exceed .015% of average net assets. This expense contract will remain in place through April 30, 2026.

**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 is presented in the table below. Interest expense on borrowings is paid by the investment adviser under the Expense Contract.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity 500 Index Fund** | Borrower | 174719111 | 4.56% | 199277 |

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**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. During the period, there were no interfund trades.

**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 borne by the investment adviser.

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.

**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 500 Index Fund** | 1329590 | 2013 | - |

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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.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity 500 Index Fund** | 334727106 |

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**9. Expense Reductions.** 

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 $25,266.

**10. Other.**

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

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity 500 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 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 total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) and Geode from their respective 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, including their 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, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (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 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 index the fund seeks to track (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). 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.

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. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and 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) of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the fund 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 the asset-sized peer group. The total expense asset size 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 below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below 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 below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

<u>Other Contractual Arrangements</u>. The Board considered that current contractual arrangements for the fund oblige FMR to pay all "class-level" expenses of the fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.015%. These contractual arrangements terminate on April 30, 2026 and may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.

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.

![](img114172_4.jpg)<br>

1.925892.114 U5I-U5A-SANN-1025

**Fidelity Flex® Funds**

**Fidelity Flex® Large Cap Focused Index Fund**

**Semi-Annual Report**

**August 31, 2025**

![](img114176_1.jpg)

![](img114176_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_FXL-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Flex® Large Cap Focused Index Fund](#Sub_Sec_Fund_8969_FXL-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements8969_FXL-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FXL-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FXL-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FXL-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FXL-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 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.

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 Flex® Large Cap Focused Index Fund**

**Schedule of Investments August 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>|
| IRELAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Accenture PLC Class A  | 10 | 2599 |
| SWITZERLAND - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| TE Connectivity PLC  | 49 | 10119 |
| UNITED STATES - 99.5%  |  |  |
| Communication Services - 9.8% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| AT&T Inc  | 174 | 5096 |
| Verizon Communications Inc  | 367 | 16233 |
|  |  | 21329 |
| Entertainment - 1.6% |  |  |
| Live Nation Entertainment Inc (a) | 26 | 4329 |
| Netflix Inc (a) | 30 | 36248 |
| Take-Two Interactive Software Inc (a) | 27 | 6298 |
| Walt Disney Co/The  | 28 | 3314 |
|  |  | 50189 |
| Interactive Media & Services - 6.8% |  |  |
| Alphabet Inc Class A  | 359 | 76435 |
| Alphabet Inc Class C  | 216 | 46122 |
| Meta Platforms Inc Class A  | 107 | 79041 |
| Pinterest Inc Class A (a) | 98 | 3590 |
|  |  | 205188 |
| Media - 0.7% |  |  |
| Charter Communications Inc Class A (a) | 16 | 4249 |
| Comcast Corp Class A  | 378 | 12841 |
| Fox Corp Class A  | 3 | 179 |
| Trade Desk Inc (The) Class A (a) | 74 | 4045 |
|  |  | 21314 |
| Wireless Telecommunication Services - 0.0% |  |  |
| T-Mobile US Inc  | 3 | 756 |
| TOTAL COMMUNICATION SERVICES |  | 298776 |
| Consumer Discretionary - 10.2% |  |  |
| Automobiles - 2.5% |  |  |
| Ford Motor Co  | 679 | 7992 |
| General Motors Co  | 170 | 9960 |
| Tesla Inc (a) | 178 | 59429 |
|  |  | 77381 |
| Broadline Retail - 3.9% |  |  |
| Amazon.com Inc (a) | 481 | 110149 |
| eBay Inc  | 84 | 7611 |
|  |  | 117760 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Airbnb Inc Class A (a) | 74 | 9659 |
| Chipotle Mexican Grill Inc (a) | 207 | 8723 |
| Hilton Worldwide Holdings Inc  | 41 | 11318 |
| McDonald's Corp  | 60 | 18813 |
| Starbucks Corp  | 138 | 12170 |
|  |  | 60683 |
| Household Durables - 0.0% |  |  |
| Lennar Corp Class A  | 5 | 666 |
| Specialty Retail - 1.7% |  |  |
| AutoZone Inc (a) | 3 | 12596 |
| Home Depot Inc/The  | 37 | 15050 |
| Lowe's Cos Inc  | 2 | 516 |
| Ross Stores Inc  | 58 | 8535 |
| TJX Cos Inc/The  | 114 | 15574 |
|  |  | 52271 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Lululemon Athletica Inc (a) | 20 | 4044 |
| TOTAL CONSUMER DISCRETIONARY |  | 312805 |
| Consumer Staples - 5.0% |  |  |
| Beverages - 1.6% |  |  |
| Coca-Cola Co/The  | 302 | 20836 |
| Constellation Brands Inc Class A  | 27 | 4372 |
| Keurig Dr Pepper Inc  | 215 | 6254 |
| PepsiCo Inc  | 119 | 17689 |
|  |  | 49151 |
| Consumer Staples Distribution & Retail - 1.3% |  |  |
| Costco Wholesale Corp  | 18 | 16980 |
| Sysco Corp  | 85 | 6839 |
| Walmart Inc  | 164 | 15905 |
|  |  | 39724 |
| Food Products - 0.6% |  |  |
| Archer-Daniels-Midland Co  | 35 | 2192 |
| Kraft Heinz Co/The  | 156 | 4363 |
| Mondelez International Inc  | 168 | 10323 |
|  |  | 16878 |
| Household Products - 1.1% |  |  |
| Kimberly-Clark Corp  | 57 | 7361 |
| Procter & Gamble Co/The  | 167 | 26226 |
|  |  | 33587 |
| Personal Care Products - 0.1% |  |  |
| Kenvue Inc  | 332 | 6875 |
| Tobacco - 0.3% |  |  |
| Philip Morris International Inc  | 46 | 7688 |
| TOTAL CONSUMER STAPLES |  | 153903 |
| Energy - 3.0% |  |  |
| Oil, Gas & Consumable Fuels - 3.0% |  |  |
| Chevron Corp  | 129 | 20718 |
| EQT Corp  | 15 | 778 |
| Exxon Mobil Corp  | 175 | 20001 |
| Kinder Morgan Inc  | 316 | 8526 |
| Marathon Petroleum Corp  | 51 | 9165 |
| ONEOK Inc  | 102 | 7791 |
| Phillips 66  | 68 | 9083 |
| Targa Resources Corp  | 36 | 6039 |
| Williams Cos Inc/The  | 172 | 9955 |
|  |  | 92056 |
| Financials - 14.0% |  |  |
| Banks - 3.8% |  |  |
| Bank of America Corp  | 176 | 8930 |
| Citigroup Inc  | 201 | 19411 |
| JPMorgan Chase & Co  | 179 | 53954 |
| US Bancorp  | 246 | 12012 |
| Wells Fargo & Co  | 273 | 22435 |
|  |  | 116742 |
| Capital Markets - 3.5% |  |  |
| Bank of New York Mellon Corp/The  | 117 | 12355 |
| Blackrock Inc  | 15 | 16908 |
| Blackstone Inc  | 87 | 14912 |
| Charles Schwab Corp/The  | 3 | 288 |
| Goldman Sachs Group Inc/The  | 29 | 21613 |
| Intercontinental Exchange Inc  | 68 | 12009 |
| Moody's Corp  | 23 | 11724 |
| Morgan Stanley  | 5 | 752 |
| MSCI Inc  | 13 | 7380 |
| Nasdaq Inc  | 68 | 6442 |
| S&P Global Inc  | 3 | 1645 |
|  |  | 106028 |
| Consumer Finance - 1.1% |  |  |
| American Express Co  | 55 | 18220 |
| Capital One Financial Corp  | 73 | 16587 |
|  |  | 34807 |
| Financial Services - 4.2% |  |  |
| Apollo Global Management Inc  | 74 | 10081 |
| Berkshire Hathaway Inc Class B (a) | 87 | 43759 |
| Fidelity National Information Services Inc  | 86 | 6004 |
| Fiserv Inc (a) | 59 | 8153 |
| Mastercard Inc Class A  | 56 | 33336 |
| Visa Inc Class A  | 73 | 25680 |
|  |  | 127013 |
| Insurance - 1.4% |  |  |
| American International Group Inc  | 96 | 7807 |
| Aon PLC  | 28 | 10276 |
| Arch Capital Group Ltd  | 61 | 5583 |
| Brown & Brown Inc  | 26 | 2521 |
| Hartford Insurance Group Inc/The  | 47 | 6219 |
| MetLife Inc  | 94 | 7648 |
| Progressive Corp/The  | 8 | 1976 |
|  |  | 42030 |
| TOTAL FINANCIALS |  | 426620 |
| Health Care - 9.0% |  |  |
| Biotechnology - 1.4% |  |  |
| AbbVie Inc  | 129 | 27142 |
| Alnylam Pharmaceuticals Inc (a) | 22 | 9823 |
| Amgen Inc  | 9 | 2589 |
| Gilead Sciences Inc  | 12 | 1356 |
| Vertex Pharmaceuticals Inc (a) | 1 | 391 |
|  |  | 41301 |
| Health Care Equipment & Supplies - 2.4% |  |  |
| Abbott Laboratories  | 48 | 6368 |
| Becton Dickinson & Co  | 45 | 8684 |
| Boston Scientific Corp (a) | 146 | 15403 |
| Dexcom Inc (a) | 67 | 5048 |
| GE HealthCare Technologies Inc  | 78 | 5751 |
| Intuitive Surgical Inc (a) | 33 | 15619 |
| Stryker Corp  | 36 | 14091 |
| Zimmer Biomet Holdings Inc  | 22 | 2333 |
|  |  | 73297 |
| Health Care Providers & Services - 1.8% |  |  |
| Cardinal Health Inc  | 41 | 6100 |
| Cencora Inc  | 29 | 8457 |
| Centene Corp (a) | 88 | 2555 |
| Elevance Health Inc  | 27 | 8604 |
| McKesson Corp  | 16 | 10986 |
| UnitedHealth Group Inc  | 62 | 19212 |
|  |  | 55914 |
| Life Sciences Tools & Services - 0.3% |  |  |
| Agilent Technologies Inc  | 49 | 6158 |
| Danaher Corp  | 3 | 617 |
| Thermo Fisher Scientific Inc  | 7 | 3449 |
|  |  | 10224 |
| Pharmaceuticals - 3.1% |  |  |
| Bristol-Myers Squibb Co  | 224 | 10568 |
| Eli Lilly & Co  | 35 | 25641 |
| Johnson & Johnson  | 93 | 16477 |
| Merck & Co Inc  | 212 | 17833 |
| Pfizer Inc  | 579 | 14336 |
| Zoetis Inc Class A  | 65 | 10166 |
|  |  | 95021 |
| TOTAL HEALTH CARE |  | 275757 |
| Industrials - 8.4% |  |  |
| Aerospace & Defense - 2.3% |  |  |
| Axon Enterprise Inc (a) | 12 | 8967 |
| GE Aerospace  | 25 | 6880 |
| Howmet Aerospace Inc  | 67 | 11665 |
| Northrop Grumman Corp  | 20 | 11801 |
| RTX Corp  | 121 | 19191 |
| TransDigm Group Inc  | 8 | 11191 |
|  |  | 69695 |
| Building Products - 0.4% |  |  |
| Trane Technologies PLC  | 31 | 12884 |
| Commercial Services & Supplies - 0.3% |  |  |
| Waste Management Inc  | 47 | 10640 |
| Electrical Equipment - 0.8% |  |  |
| AMETEK Inc  | 38 | 7022 |
| Eaton Corp PLC  | 46 | 16061 |
|  |  | 23083 |
| Ground Transportation - 1.3% |  |  |
| CSX Corp  | 315 | 10241 |
| Norfolk Southern Corp  | 37 | 10359 |
| Uber Technologies Inc (a) | 204 | 19125 |
| Union Pacific Corp  | 5 | 1118 |
|  |  | 40843 |
| Industrial Conglomerates - 0.5% |  |  |
| Honeywell International Inc  | 66 | 14487 |
| Machinery - 1.9% |  |  |
| Caterpillar Inc  | 5 | 2095 |
| Cummins Inc  | 23 | 9164 |
| Deere & Co  | 28 | 13402 |
| Illinois Tool Works Inc  | 41 | 10851 |
| PACCAR Inc  | 86 | 8598 |
| Parker-Hannifin Corp  | 18 | 13668 |
|  |  | 57778 |
| Professional Services - 0.5% |  |  |
| Automatic Data Processing Inc  | 2 | 608 |
| Paychex Inc  | 53 | 7391 |
| Verisk Analytics Inc  | 23 | 6167 |
|  |  | 14166 |
| Trading Companies & Distributors - 0.4% |  |  |
| Fastenal Co  | 189 | 9386 |
| Ferguson Enterprises Inc  | 17 | 3929 |
|  |  | 13315 |
| TOTAL INDUSTRIALS |  | 256891 |
| Information Technology - 33.7% |  |  |
| Communications Equipment - 1.4% |  |  |
| Arista Networks Inc  | 144 | 19663 |
| Cisco Systems Inc  | 325 | 22454 |
|  |  | 42117 |
| IT Services - 0.5% |  |  |
| Cloudflare Inc Class A (a) | 51 | 10645 |
| IBM Corporation  | 21 | 5113 |
|  |  | 15758 |
| Semiconductors & Semiconductor Equipment - 13.2% |  |  |
| Advanced Micro Devices Inc (a) | 14 | 2277 |
| Analog Devices Inc  | 62 | 15581 |
| Broadcom Inc  | 298 | 88622 |
| KLA Corp  | 17 | 14824 |
| Lam Research Corp  | 166 | 16625 |
| Marvell Technology Inc  | 142 | 8927 |
| NVIDIA Corp  | 1265 | 220338 |
| QUALCOMM Inc  | 105 | 16877 |
| Texas Instruments Inc  | 88 | 17818 |
|  |  | 401889 |
| Software - 12.7% |  |  |
| Adobe Inc (a) | 40 | 14268 |
| AppLovin Corp Class A (a) | 36 | 17229 |
| Atlassian Corp Class A (a) | 27 | 4800 |
| Autodesk Inc (a) | 35 | 11015 |
| Cadence Design Systems Inc (a) | 40 | 14017 |
| Datadog Inc Class A (a) | 52 | 7107 |
| Fair Isaac Corp (a) | 4 | 6087 |
| Intuit Inc  | 3 | 2001 |
| Microsoft Corp  | 423 | 214330 |
| Oracle Corp  | 135 | 30528 |
| Palantir Technologies Inc Class A (a) | 191 | 29932 |
| Palo Alto Networks Inc (a) | 74 | 14098 |
| Salesforce Inc  | 24 | 6150 |
| Servicenow Inc (a) | 2 | 1835 |
| Synopsys Inc (a) | 24 | 14484 |
|  |  | 387881 |
| Technology Hardware, Storage & Peripherals - 5.9% |  |  |
| Apple Inc  | 780 | 181069 |
| TOTAL INFORMATION TECHNOLOGY |  | 1028714 |
| Materials - 2.1% |  |  |
| Chemicals - 1.3% |  |  |
| Air Products and Chemicals Inc  | 34 | 10000 |
| Corteva Inc  | 112 | 8309 |
| Linde PLC  | 12 | 5739 |
| PPG Industries Inc  | 28 | 3114 |
| Sherwin-Williams Co/The  | 31 | 11342 |
|  |  | 38504 |
| Construction Materials - 0.2% |  |  |
| Amrize Ltd (United States)  | 23 | 1196 |
| Martin Marietta Materials Inc  | 10 | 6164 |
|  |  | 7360 |
| Containers & Packaging - 0.1% |  |  |
| International Paper Co  | 86 | 4272 |
| Metals & Mining - 0.5% |  |  |
| Newmont Corp  | 185 | 13764 |
| TOTAL MATERIALS |  | 63900 |
| Real Estate - 2.0% |  |  |
| Health Care REITs - 0.1% |  |  |
| Ventas Inc  | 71 | 4834 |
| Industrial REITs - 0.4% |  |  |
| Prologis Inc  | 112 | 12743 |
| Real Estate Management & Development - 0.5% |  |  |
| CBRE Group Inc Class A (a) | 48 | 7782 |
| CoStar Group Inc (a) | 68 | 6085 |
|  |  | 13867 |
| Retail REITs - 0.3% |  |  |
| Simon Property Group Inc  | 49 | 8852 |
| Specialized REITs - 0.7% |  |  |
| Equinix Inc  | 13 | 10220 |
| Public Storage Operating Co  | 25 | 7365 |
| SBA Communications Corp Class A  | 14 | 2868 |
|  |  | 20453 |
| TOTAL REAL ESTATE |  | 60749 |
| Utilities - 2.3% |  |  |
| Electric Utilities - 1.5% |  |  |
| Constellation Energy Corp  | 50 | 15400 |
| Entergy Corp  | 71 | 6254 |
| Exelon Corp  | 164 | 7164 |
| NextEra Energy Inc  | 7 | 504 |
| PG&E Corp  | 358 | 5470 |
| Southern Co/The  | 127 | 11722 |
|  |  | 46514 |
| Multi-Utilities - 0.6% |  |  |
| Ameren Corp  | 30 | 2993 |
| Public Service Enterprise Group Inc  | 81 | 6669 |
| Sempra  | 105 | 8669 |
|  |  | 18331 |
| Water Utilities - 0.2% |  |  |
| American Water Works Co Inc  | 32 | 4592 |
| TOTAL UTILITIES |  | 69437 |
| TOTAL UNITED STATES |  | 3039608 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,999,924) |  | <br> **3052326** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (b)<br>(Cost $86)<br>| 4.36 | 86 | **86** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.9%**<br> (Cost $3,000,010)<br>| <br>**3052412** |
| **NET OTHER ASSETS (LIABILITIES) - 0.1%**  | **4456** |
| **NET ASSETS - 100.0%** | **3056868** |

---

**Legend**

(a) Non-income producing.

(b) 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.

**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 | - | 3000000 | 2999914 | 359 | - | - | 86 | 86 | 0.0% |
| Total | - | 3000000 | 2999914 | 359 | - | - | 86 |  |  |

---

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 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 August 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 | 298776 | 298776 | - | - |
| Consumer Discretionary | 312805 | 312805 | - | - |
| Consumer Staples | 153903 | 153903 | - | - |
| Energy | 92056 | 92056 | - | - |
| Financials | 426620 | 426620 | - | - |
| Health Care | 275757 | 275757 | - | - |
| Industrials | 256891 | 256891 | - | - |
| Information Technology | 1041432 | 1041432 | - | - |
| Materials | 63900 | 63900 | - | - |
| Real Estate | 60749 | 60749 | - | - |
| Utilities | 69437 | 69437 | - | - |
|  **Money Market Funds** | 86 | 86 | - | - |
| **Total Investments in Securities:** | 3052412 | 3052412 | - | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** | <br> **As of August 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,999,924) | $3052326 |  |
| Fidelity Central Funds (cost $86) | 86 |  |
| Total Investment in Securities (cost $3,000,010) |  | $3052412 |
| Cash |  | 1622 |
| Dividends receivable |  | 2834 |
| **Total assets** |  | 3056868 |
| **Net Assets**  |  | $3056868 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3000000 |
| Total accumulated earnings (loss) |  | 56868 |
| **Net Assets** |  | $3056868 |
| **Net Asset Value**, offering price and redemption price per share ($3,056,868 ÷ 300,000 shares) |  | $10.19 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br>**For the period July 24, 2025 (commencement of operations) through August 31, 2025 (Unaudited)**  | <br>**For the period July 24, 2025 (commencement of operations) through August 31, 2025 (Unaudited)**  | <br>**For the period July 24, 2025 (commencement of operations) through August 31, 2025 (Unaudited)**  |
| **Investment Income** |  |  |
| Dividends  |  | $4108 |
| Income from Fidelity Central Funds  |  | 359 |
| **Total income** |  | 4467 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $1 |  |
| **Total expenses** |  | 1 |
| **Net Investment income (loss)** |  | 4466 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 52402 |
| **Net gain (loss)** |  | 52402 |
| **Net increase (decrease) in net assets resulting from operations** |  | $56868 |

---

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **For the period July 24, 2025 (commencement of operations) through August 31, 2025**<br> **(Unaudited)**  |
| **Increase (Decrease) in Net Assets** |  |
| Operations |  |
| &nbsp;&nbsp;Net investment income (loss) | $4466 |
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 52402 |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 56868<br>|
| Share transactions |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3000100 |
| &nbsp;&nbsp;Cost of shares redeemed | (100) |
| **Net increase (decrease) in net assets resulting from share transactions** | 3000000<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 3056868<br>|
| **Net Assets** |  |
| &nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;End of period | $3056868 |
| **Other Information** |  |
| Shares |  |
| &nbsp;&nbsp;Sold | 300010 |
| &nbsp;&nbsp;Redeemed | (10) |
| &nbsp;&nbsp;Net increase (decrease) | 300000 |

---

**Financial Highlights** 

**Fidelity Flex® Large Cap Focused Index Fund** <br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **August 31, 2025**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .01  |
| Net realized and unrealized gain (loss)  | .18  |
| Total from investment operations  | .19  |
| Net asset value, end of period  | $10.19 |
| **Total Return** D | 1.90% <br>|
| **Ratios to Average Net Assets** C,E,F |  |
| Expenses before reductions  | -% G,H |
| Expenses net of fee waivers, if any  | -% G,H<br>|
| Expenses net of all reductions, if any  | -% G,H |
| Net investment income (loss)  | 1.39% G |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $3057 |
| Portfolio turnover rate I | 0% <br>|

---

A*For the period July 24, 2025 (commencement of operations) through August 31, 2025.*

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

C*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.*

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

E*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.*

F*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.*

G*Annualized.*

H*Amount represents less than .005%.*

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 August 31, 2025

**1. Organization.**

Fidelity Flex Large Cap Focused Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. 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 is available only to certain fee-based accounts and advisory programs offered by Fidelity.

**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.

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 August 31, 2025 is included at the end of the Fund's Schedule of Investments.

**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. 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.

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

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

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.

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** | $98413 |
| **Gross unrealized depreciation** | <u>(46011)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$52402</u> |
| **Tax cost** | <u>$3000010</u> |

---

**New Accounting Pronouncement.** 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. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Flex Large Cap Focused Index Fund** | 2999924 | - |

---

**5. 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 and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**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 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. During the period, there were no interfund trades.

**6. 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.

At the end of the period, the investment adviser or its affiliates were owners of record of more than 10% of the outstanding shares as follows:

---

| | |
|:---|:---|
| **Fund** | **Affiliated %**  |
| Fidelity Flex Large Cap Focused Index Fund  | 100% |

---

**7. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Flex Large Cap Focused Index Fund** 

At its March 2025 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts) for the fund. FMR and Geode are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

**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 Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. 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.

<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, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, 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 the nature, extent, quality, and cost of advisory, administrative, and shareholder services to be performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund. The Board also considered the nature and extent of the supervision of third-party service providers, principally custodians, subcustodians, and pricing vendors.

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 Performance</u>. The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board also considered the fact that it oversees funds managed by FMR and sub-advised by Geode that have a similar investment process as the fund.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board noted that the fund is available exclusively to certain fee-based accounts and advisory programs offered by Fidelity. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of the program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes and extraordinary expenses (such as litigation expenses). The Board further noted that the fund will also pay its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders will receive and the other factors considered.

**Costs of the Services and Profitability.** The fund is a new fund and therefore no revenue, cost, or profitability data were available for the Board to review in respect of the fund at the time it approved the Advisory Contracts. In connection with its consideration of future renewals of the fund's Advisory Contracts, the Board will consider 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.

**Economies of Scale.** The Board concluded that because the fund will pay no advisory fees and FMR or an affiliate will bear all expenses of the fund, with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to approve the fund's Advisory Contracts.

**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, ultimately concluded that the advisory and sub-advisory fee arrangement are fair and reasonable, and that the fund's Advisory Contracts should be approved through May 31, 2026.

![](img114176_4.jpg)<br>

1.9918035.100 FXL-SANN-1025

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.](ex99.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906.htm)

SIGNATURES

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

Fidelity Concord Street Trust

---

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

---

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

---

---

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

October 23, 2025

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

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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:

October 23, 2025

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

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## Exhibit 99.906

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

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

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

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

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

Dated: October 23, 2025

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

---

Dated: October 23, 2025

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

---

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

<br>