NPORT-EX 2 tiaa_QQQX.htm
1
Portfolio
of
Investments
March
31,
2025
QQQX
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
100.3%
1263661954
COMMON
STOCKS
-
98
.3
%
1263661954
AUTOMOBILES
&
COMPONENTS
-
3.0%
40,233
Ford
Motor
Co
$
403,537
4,110
Lear
Corp
362,584
143,593
(a)
Tesla
Inc
37,213,562
TOTAL
AUTOMOBILES
&
COMPONENTS
37,979,683
CAPITAL
GOODS
-
2.0%
7,468
3M
Co
1,096,750
7,981
(a)
Boeing
Co/The
1,361,160
9,138
Caterpillar
Inc
3,013,712
4,624
EMCOR
Group
Inc
1,709,169
3,812
(a),(b)
Enovix
Corp
27,980
7,764
Fortive
Corp
568,169
12,364
GE
Vernova
Inc
3,774,482
30,184
General
Electric
Co
6,041,328
584
HEICO
Corp
156,039
2,990
Howmet
Aerospace
Inc
387,893
6,441
(a),(b)
Plug
Power
Inc
8,695
7,632
Rockwell
Automation
Inc
1,971,956
116
TransDigm
Group
Inc
160,462
4,996
United
Rentals
Inc
3,130,993
5,734
Vertiv
Holdings
Co,
Class
A
413,995
1,390
WW
Grainger
Inc
1,373,084
TOTAL
CAPITAL
GOODS
25,195,867
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.5%
21,698
(a)
ACV
Auctions
Inc,
Class
A
305,725
19,119
Robert
Half
Inc
1,042,941
21,890
Tetra
Tech
Inc
640,282
9,596
Veralto
Corp
935,130
7,562
Waste
Connections
Inc
1,476,027
9,915
Waste
Management
Inc
2,295,422
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
6,695,527
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
7.3%
360,736
(a),(c)
Amazon.com
Inc
68,633,631
940
(a)
AutoZone
Inc
3,584,013
1,817
(a)
Burlington
Stores
Inc
433,046
1,711
(a)
Carvana
Co
357,736
52,348
(a)
Coupang
Inc
1,147,992
8,039
Dick's
Sporting
Goods
Inc
1,620,341
1,571
Dillard's
Inc,
Class
A
562,622
16,562
eBay
Inc
1,121,744
4,325
Lowe's
Cos
Inc
1,008,720
14,611
(a)
Ollie's
Bargain
Outlet
Holdings
Inc
1,700,136
40,575
(a)
PDD
Holdings
Inc
4,802,051
7,621
Pool
Corp
2,426,145
181
(a),(b)
Savers
Value
Village
Inc
1,249
24,886
TJX
Cos
Inc/The
3,031,115
34,575
Tractor
Supply
Co
1,905,083
6,382
Williams-Sonoma
Inc
1,008,994
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
93,344,618
CONSUMER
DURABLES
&
APPAREL
-
0.1%
16,176
(a)
Deckers
Outdoor
Corp
1,808,639
TOTAL
CONSUMER
DURABLES
&
APPAREL
1,808,639
CONSUMER
SERVICES
-
3.3%
6,160
Booking
Holdings
Inc
28,378,566
87,000
(a)
Chipotle
Mexican
Grill
Inc
4,368,270
10,528
Darden
Restaurants
Inc
2,187,297
297
Domino's
Pizza
Inc
136,457
4,730
(a)
DraftKings
Inc,
Class
A
157,083
26,996
Hilton
Worldwide
Holdings
Inc
6,142,940
Portfolio
of
Investments
March
31,
2025
(continued)
QQQX
2
SHARES
DESCRIPTION
VALUE
CONSUMER
SERVICES
(continued)
10,345
Service
Corp
International/US
$
829,669
1,480
Wingstop
Inc
333,858
TOTAL
CONSUMER
SERVICES
42,534,140
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
3.0%
25,248
(a)
BJ's
Wholesale
Club
Holdings
Inc
2,880,797
2,618
Casey's
General
Stores
Inc
1,136,317
210,528
(a)
HF
Foods
Group
Inc
1,031,587
43,339
Kroger
Co/The
2,933,617
27,218
(a)
Maplebear
Inc
1,085,726
22,357
(a)
Performance
Food
Group
Co
1,757,931
36,930
(a)
Sprouts
Farmers
Market
Inc
5,636,995
18,444
Sysco
Corp
1,384,038
10,413
Target
Corp
1,086,701
46,686
(a)
US
Foods
Holding
Corp
3,056,065
192,024
Walmart
Inc
16,857,787
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
38,847,561
ENERGY
-
0.6%
4,902
(a)
Clean
Energy
Fuels
Corp
7,598
3,791
EQT
Corp
202,553
37,344
Exxon
Mobil
Corp
4,441,322
5,484
Select
Water
Solutions
Inc
57,582
53,009
TechnipFMC
PLC
1,679,855
1,089
Texas
Pacific
Land
Corp
1,442,914
5,170
Viper
Energy
Inc
233,426
TOTAL
ENERGY
8,065,250
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.2%
55,254
CubeSmart
2,359,898
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
2,359,898
FINANCIAL
SERVICES
-
2.7%
5,861
(a)
Berkshire
Hathaway
Inc,
Class
B
3,121,451
666
(a)
Coinbase
Global
Inc,
Class
A
114,705
11,527
Jack
Henry
&
Associates
Inc
2,104,830
8,130
Mastercard
Inc,
Class
A
4,456,216
8,682
Moody's
Corp
4,043,121
19,418
Morgan
Stanley
2,265,498
143,943
(a)
PayPal
Holdings
Inc
9,392,281
9,170
(a)
Robinhood
Markets
Inc,
Class
A
381,655
3,079
S&P
Global
Inc
1,564,440
11,343
SEI
Investments
Co
880,557
11,700
(a)
Toast
Inc,
Class
A
388,089
17,825
Visa
Inc,
Class
A
6,246,950
TOTAL
FINANCIAL
SERVICES
34,959,793
FOOD,
BEVERAGE
&
TOBACCO
-
2.8%
70,834
(a)
Bridgford
Foods
Corp
569,505
74,801
Brown-Forman
Corp,
Class
B
2,538,746
10,507
Cal-Maine
Foods
Inc
955,086
42,479
(a)
Celsius
Holdings
Inc
1,513,102
112,578
Coca-Cola
Co/The
8,062,836
190
Coca-Cola
Consolidated
Inc
256,500
4,567
(a)
Freshpet
Inc
379,838
853
Ingredion
Inc
115,334
30,851
Kellanova
2,544,899
31,025
McCormick
&
Co
Inc/MD
2,553,668
242,394
(a)
Monster
Beverage
Corp
14,184,897
10,703
(a)
Post
Holdings
Inc
1,245,401
12,843
Tyson
Foods
Inc,
Class
A
819,512
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
35,739,324
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.8%
26,882
Abbott
Laboratories
3,565,897
2,837
Becton
Dickinson
&
Co
649,843
50,911
(a)
Boston
Scientific
Corp
5,135,902
3
SHARES
DESCRIPTION
VALUE
HEALTH
CARE
EQUIPMENT
&
SERVICES
(continued)
9,791
Cardinal
Health
Inc
$
1,348,906
845
Cencora
Inc
234,986
2,328
(a)
Doximity
Inc,
Class
A
135,094
768
Embecta
Corp
9,792
1,777
(a)
Glaukos
Corp
174,892
17,206
(a)
Hims
&
Hers
Health
Inc
508,437
615
(a)
Inspire
Medical
Systems
Inc
97,957
17,865
(a)
LENSAR
Inc
252,254
4,308
McKesson
Corp
2,899,241
313
(a)
Novocure
Ltd
5,578
2,672
(a)
PROCEPT
BioRobotics
Corp
155,671
19,914
Stryker
Corp
7,412,986
695
(a)
TransMedics
Group
Inc
46,760
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
22,634,196
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.4%
9,690
Colgate-Palmolive
Co
907,953
931
Estee
Lauder
Cos
Inc/The,
Class
A
61,446
22,051
Procter
&
Gamble
Co/The
3,757,931
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
4,727,330
INSURANCE
-
0.1%
1,053
(a),(b)
Lemonade
Inc
33,096
5,928
Progressive
Corp/The
1,677,683
TOTAL
INSURANCE
1,710,779
MATERIALS
-
0.4%
7,904
Air
Products
and
Chemicals
Inc
2,331,048
4,212
Ball
Corp
219,319
1,460
Carpenter
Technology
Corp
264,523
13,576
CF
Industries
Holdings
Inc
1,060,964
6,845
(a)
comScore
Inc
47,025
7,747
International
Paper
Co
413,303
3,839
Sherwin-Williams
Co/The
1,340,540
TOTAL
MATERIALS
5,676,722
MEDIA
&
ENTERTAINMENT
-
14.7%
334,377
(c)
Alphabet
Inc,
Class
A
51,708,059
256,805
(c)
Alphabet
Inc,
Class
C
40,120,645
448
(a)
AMC
Entertainment
Holdings
Inc,
Class
A
1,286
4,585
Cinemark
Holdings
Inc
114,121
642,116
Comcast
Corp,
Class
A
23,694,080
19,856
Fox
Corp,
Class
A
1,123,850
12,565
(a)
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
1,130,976
19,482
(a)
Live
Nation
Entertainment
Inc
2,543,960
37,991
Match
Group
Inc
1,185,319
98,854
Meta
Platforms
Inc
56,975,491
25,957
New
York
Times
Co/The,
Class
A
1,287,467
6,270
News
Corp,
Class
B
190,420
21,177
(a)
ROBLOX
Corp,
Class
A
1,234,407
11,881
(a)
Roku
Inc
836,898
42,393
Saga
Communications
Inc,
Class
A
528,641
6,037
(a)
Spotify
Technology
SA
3,320,531
9,491
TKO
Group
Holdings
Inc
1,450,320
11,379
Walt
Disney
Co/The
1,123,107
TOTAL
MEDIA
&
ENTERTAINMENT
188,569,578
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
4.7%
3,964
(a)
89bio
Inc
28,818
12,612
Agilent
Technologies
Inc
1,475,352
66,016
(c)
Amgen
Inc
20,567,285
803
(a)
Arcus
Biosciences
Inc
6,304
284
(a)
Arvinas
Inc
1,994
3,399
(a)
Blueprint
Medicines
Corp
300,845
5,019
(a)
Charles
River
Laboratories
International
Inc
755,460
5,067
(a)
Cytokinetics
Inc
203,643
Portfolio
of
Investments
March
31,
2025
(continued)
QQQX
4
SHARES
DESCRIPTION
VALUE
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
(continued)
16,193
Danaher
Corp
$
3,319,565
3,634
(a)
Disc
Medicine
Inc
180,392
6,554
(a),(b)
Editas
Medicine
Inc
7,603
2,706
Eli
Lilly
&
Co
2,234,912
5,556
(a)
Exelixis
Inc
205,127
172,825
Gilead
Sciences
Inc
19,365,041
11,370
(a),(b)
Humacyte
Inc
19,386
13,603
(a)
Insmed
Inc
1,037,773
1,618
(a)
Madrigal
Pharmaceuticals
Inc
535,930
632
(a)
Natera
Inc
89,371
7,810
(a)
Neurocrine
Biosciences
Inc
863,786
13,272
Regeneron
Pharmaceuticals
Inc
8,417,501
4,032
(a)
Revolution
Medicines
Inc
142,571
3,102
(a)
SpringWorks
Therapeutics
Inc
136,891
7,842
(a)
Tarsus
Pharmaceuticals
Inc
402,844
7,934
(a)
Twist
Bioscience
Corp
311,489
507
(a)
Vaxcyte
Inc
19,144
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
60,629,027
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
19.2%
144,977
(a)
Advanced
Micro
Devices
Inc
14,894,937
8,372
(a)
Ambarella
Inc
421,363
94,350
Analog
Devices
Inc
19,027,565
165,056
(c)
Applied
Materials
Inc
23,952,927
280,853
Broadcom
Inc
47,023,218
15,643
(a)
Cirrus
Logic
Inc
1,558,903
16,905
(a)
Credo
Technology
Group
Holding
Ltd
678,905
4,666
(a)
Enphase
Energy
Inc
289,525
6,091
(a)
First
Solar
Inc
770,085
420,372
Intel
Corp
9,546,648
33,952
(a)
Lattice
Semiconductor
Corp
1,780,782
13,569
(a)
MACOM
Technology
Solutions
Holdings
Inc
1,362,056
6,123
Monolithic
Power
Systems
Inc
3,551,218
9,503
(a),(b)
Navitas
Semiconductor
Corp
19,481
883,613
NVIDIA
Corp
95,765,977
866
(a)
Onto
Innovation
Inc
105,080
12,494
Power
Integrations
Inc
630,947
140,959
QUALCOMM
Inc
21,652,712
13,523
(a)
Semtech
Corp
465,191
9,889
(a)
Silicon
Laboratories
Inc
1,113,205
1,520
(a)
SiTime
Corp
232,362
11,293
Taiwan
Semiconductor
Manufacturing
Co
Ltd,
Sponsored
ADR
1,874,638
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
246,717,725
SOFTWARE
&
SERVICES
-
15.8%
1,868
(a)
Appfolio
Inc,
Class
A
410,773
20,660
(a)
AppLovin
Corp,
Class
A
5,474,280
31,773
(a)
Aurora
Innovation
Inc
213,673
52,492
(a)
Autodesk
Inc
13,742,406
19,719
(a)
Clearwater
Analytics
Holdings
Inc,
Class
A
528,469
901
(a)
Commvault
Systems
Inc
142,142
20,252
(a)
Confluent
Inc,
Class
A
474,707
13,893
(a)
Docusign
Inc
1,130,890
38,645
(a),(b)
D-Wave
Quantum
Inc
293,702
16,443
(a)
Dynatrace
Inc
775,287
3,178
(a)
Elastic
NV
283,160
1,335
(a)
Fair
Isaac
Corp
2,461,954
4,592
(a)
Freshworks
Inc,
Class
A
64,793
2,267
(a)
Gitlab
Inc,
Class
A
106,549
9,688
(a)
Guidewire
Software
Inc
1,815,144
2,277
(a)
HubSpot
Inc
1,300,827
1,843
InterDigital
Inc
381,040
340,211
Microsoft
Corp
127,711,807
15,119
(a)
MicroStrategy
Inc,
Class
A
4,358,354
5
SHARES
DESCRIPTION
VALUE
SOFTWARE
&
SERVICES
(continued)
13,448
(a)
Nutanix
Inc,
Class
A
$
938,805
40,479
Oracle
Corp
5,659,369
178,274
(a)
Palantir
Technologies
Inc,
Class
A
15,046,326
7,560
(a)
Procore
Technologies
Inc
499,111
24,964
(a)
PTC
Inc
3,868,172
22,714
Salesforce
Inc
6,095,529
24,501
(a)
SentinelOne
Inc,
Class
A
445,428
6,953
(a)
ServiceNow
Inc
5,535,561
2,332
(a)
Tyler
Technologies
Inc
1,355,802
21,835
(a)
Unity
Software
Inc
427,748
12,728
(a)
Zoom
Communications
Inc
938,945
TOTAL
SOFTWARE
&
SERVICES
202,480,753
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
13.9%
660,555
(c)
Apple
Inc
146,729,082
497,907
Cisco
Systems
Inc
30,725,841
8,099
(a)
Keysight
Technologies
Inc
1,212,987
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
178,667,910
TELECOMMUNICATION
SERVICES
-
0.5%
22,310
(a),(b)
AST
SpaceMobile
Inc
507,329
15,823
Spok
Holdings
Inc
260,130
31,079
Telephone
and
Data
Systems
Inc
1,204,001
100,308
Verizon
Communications
Inc
4,549,971
TOTAL
TELECOMMUNICATION
SERVICES
6,521,431
TRANSPORTATION
-
0.3%
11,239
Delta
Air
Lines
Inc
490,021
228
FedEx
Corp
55,582
33,792
(a)
Uber
Technologies
Inc
2,462,085
3,776
Union
Pacific
Corp
892,042
4,685
(a)
XPO
Inc
504,012
TOTAL
TRANSPORTATION
4,403,742
UTILITIES
-
1.0%
6,056
Atmos
Energy
Corp
936,136
4,647
CMS
Energy
Corp
349,036
13,604
Duke
Energy
Corp
1,659,280
17,908
NRG
Energy
Inc
1,709,498
69,334
PG&E
Corp
1,191,158
3,827
Public
Service
Enterprise
Group
Inc
314,962
52,824
Southern
Co/The
4,857,167
20,225
Vistra
Corp
2,375,224
TOTAL
UTILITIES
13,392,461
TOTAL
COMMON
STOCKS
(Cost
$374,617,356)
1,263,661,954
SHARES
DESCRIPTION
VALUE
25377472
EXCHANGE-TRADED
FUNDS
-
2
.0
%
25377472
22,000
Invesco
QQQ
Trust
Series
1
10,316,240
54,800
Vanguard
Total
Stock
Market
ETF
15,061,232
TOTAL
EXCHANGE-TRADED
FUNDS
(Cost
$24,862,065)
25,377,472
TYPE
DESCRIPTION(d)
NUMBER
OF
CONTRACTS
NOTIONAL
AMOUNT
(e)
EXERCISE
PRICE
EXPIRATION
DATE
VALUE
OPTIONS
PURCHASED
-
0
.0
%
Call
Lockheed
Martin
Corp
50
$
2,750,000
$
550
06/20/25
6,125
TOTAL
OPTIONS
PURCHASED
(Cost
$18,250)
50
$
2,750,000
6,125
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$399,497,671)
1,289,045,551
Portfolio
of
Investments
March
31,
2025
(continued)
QQQX
6
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
Investments
in
Derivatives
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.1%
709,370
(f)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4
.360
%
(g)
$
709,370
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(Cost
$709,370)
709,370
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 2.2%
27,890,779
REPURCHASE
AGREEMENTS
-
2
.2
%
27,890,779
$
27,890,779
(h)
Fixed
Income
Clearing
Corporation
1
.360
04/01/25
27,890,779
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$27,890,779)
27,890,779
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$27,890,779)
27,890,779
TOTAL
INVESTMENTS
-
102
.6
%
(Cost
$
428,097,820
)
1,317,645,700
OTHER
ASSETS
&
LIABILITIES,
NET
-  (2.6)%
(
33,048,113
)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
1,284,597,587
ADR
American
Depositary
Receipt
ETF
Exchange-Traded
Fund
S&P
Standard
&
Poor's
(a)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(b)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$649,813.
(c)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
(d)
Exchange-traded,
unless
otherwise
noted.
(e)
For
disclosure
purposes,
Notional
Amount
is
calculated
by
multiplying
the
Number
of
Contracts
by
the
Exercise
Price
by
100.
(f)
Investments
made
with
cash
collateral
received
from
securities
on
loan.
(g)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(h)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.360%
dated
3/31/25
to
be
repurchased
at
$27,891,833
on
4/1/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.375%
and
maturity
date
5/15/34,
valued
at
$28,448,606.
Options
Written
Type
Description
(a)
Number
of
Contracts
Notional
Amount
(b)
Exercise
Price
Expiration
Date
Value
Call
Invesco
QQQ
Trust
Series
1
(1,000)
$
(
49,000,000
)
$
490
4/17/25
$
(
235,500
)
Call
S&P
500
Index
(80)
(
46,400,000
)
5,800
4/17/25
(
160,800
)
Call
NASDAQ
100
Stock
INDEX
(160)
(
313,600,000
)
19,600
4/17/25
(
4,314,400
)
Call
NASDAQ
100
Stock
INDEX
(70)
(
148,400,000
)
21,200
4/17/25
(
45,500
)
Call
Invesco
QQQ
Trust
Series
1
(1,250)
(
63,750,000
)
510
4/30/25
(
100,000
)
Call
S&P
500
Index
(100)
(
60,000,000
)
6,000
4/30/25
(
42,500
)
Call
Invesco
QQQ
Trust
Series
1
(1,500)
(
76,500,000
)
510
5/02/25
(
145,500
)
Call
Invesco
QQQ
Trust
Series
1
(2,250)
(
113,625,000
)
505
6/15/25
(
596,250
)
Total
Options
Written
(premiums
received
$13,425,553)
(6,410)
$(871,275,000)
$(5,640,450)
(a)
Exchange-traded,
unless
otherwise
noted.
(b)
For
disclosure
purposes,
Notional
Amount
is
calculated
by
multiplying
the
Number
of
Contracts
by
the
Exercise
Price
by
100.
7
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
QQQX
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
1,263,661,954
$
–
$
–
$
1,263,661,954
Exchange-Traded
Funds
25,377,472
–
–
25,377,472
Options
Purchased
6,125
–
–
6,125
Investments
Purchased
with
Collateral
from
Securities
Lending
709,370
–
–
709,370
Short-Term
Investments:
Repurchase
Agreements
–
27,890,779
–
27,890,779
Investments
in
Derivatives:
Options
Written
(
5,640,450
)
–
–
(
5,640,450
)
Total
$
1,284,114,471
$
27,890,779
$
–
$
1,312,005,250