N-CSR 1 filing788.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-05251


Fidelity Concord Street Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts 02210

 (Address of principal executive offices)       (Zip code)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

November 30



Date of reporting period:

November 30, 2021




Item 1.

Reports to Stockholders




Fidelity® Nasdaq Composite Index® Fund



Annual Report

November 30, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts


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

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

Nasdaq®, Nasdaq Composite Index®, Nasdaq Composite®, and The Nasdaq Stock Market®, are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by Fidelity. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT(S).

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. © 2022 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended November 30, 2021 Past 1 year Past 5 years Past 10 years 
Fidelity® Nasdaq Composite Index® Fund 28.18% 24.85% 20.61% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Nasdaq Composite Index® Fund on November 30, 2011.

The chart shows how the value of your investment would have changed, and also shows how the Nasdaq Composite Index® performed over the same period.


Period Ending Values
$65,126Fidelity® Nasdaq Composite Index® Fund
$66,202Nasdaq Composite Index®

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 27.92% for the 12 months ending November 30, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained about 57% to lead by a wide margin, followed by financials (+39%), whereas the defensive utilities (+8%) and consumer staples (+9%) groups notably lagged.

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending November 30, 2021, the fund gained 28.18%, roughly in line with the 28.20% advance of the benchmark NASDAQ Composite Index. By sector, information technology gained about 40% and contributed most, followed by consumer discretionary, which gained 25%, and communication services, which advanced 26%, lifted by the media & entertainment industry (+29%). The financials sector rose about 36%, consumer staples gained roughly 17%, and industrials advanced roughly 14%. Other notable contributors included the health care (+3%), energy (+79%), real estate (+8%), utilities (+10%), and materials (+10%) sectors. Turning to individual stocks, the top contributor was Microsoft (+56%), from the software & services segment, followed by Apple (+40%), within the technology hardware & equipment group. In media & entertainment, Alphabet advanced 62% and Tesla (+102%) from the automobiles & components industry also helped. Nvidia, within the semiconductors & semiconductor equipment category, rose 144% and boosted the fund. In contrast, the biggest individual detractor was Zoom Video Communications (-56%), from the software & services industry, followed by PayPal (-14%), which is in the software & services segment. Within telecommunication services, T-Mobile returned -18% and hurt. Other detractors were Pinduoduo (-52%), a stock in the retailing group, and Peloton Interactive (-61%), from the consumer durables & apparel category.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2021

 % of fund's net assets 
Apple, Inc. 10.7 
Microsoft Corp. 9.7 
Amazon.com, Inc. 6.9 
Tesla, Inc. 4.5 
Alphabet, Inc. Class C 3.6 
Alphabet, Inc. Class A 3.3 
NVIDIA Corp. 3.2 
Meta Platforms, Inc. Class A 3.1 
Adobe, Inc. 1.3 
Netflix, Inc. 1.1 
 47.4 

Top Market Sectors as of November 30, 2021

 % of fund's net assets 
Information Technology 43.8 
Consumer Discretionary 17.3 
Communication Services 15.4 
Health Care 8.6 
Financials 4.5 
Industrials 4.1 
Consumer Staples 3.3 
Real Estate 0.9 
Utilities 0.6 
Energy 0.4 

Asset Allocation (% of fund's net assets)

As of November 30, 2021 * 
   Stocks and Equity Futures 100.0% 


 * Foreign investments - 4.6%

Schedule of Investments November 30, 2021

Showing Percentage of Net Assets

Common Stocks - 99.2%   
 Shares Value 
COMMUNICATION SERVICES - 15.4%   
Diversified Telecommunication Services - 0.2%   
Anterix, Inc. (a) 9,410 $566,106 
AST SpaceMobile, Inc. (a) 27,143 270,344 
ATN International, Inc. 7,220 275,876 
Bandwidth, Inc. (a) 10,180 729,499 
Cogent Communications Group, Inc. 25,499 1,910,640 
Consolidated Communications Holdings, Inc. (a) 33,337 250,694 
Cuentas, Inc. (a) 6,700 13,400 
EchoStar Holding Corp. Class A (a)(b) 23,662 647,629 
Frontier Communications Parent, Inc. 135,139 4,514,994 
Iridium Communications, Inc. (a) 76,099 2,926,007 
Liberty Global PLC:   
Class A (a) 107,207 2,830,265 
Class B (a) 327 9,006 
Class C (a) 209,719 5,586,914 
Liberty Latin America Ltd.:   
Class A (a) 18,852 214,159 
Class C (a) 108,236 1,216,573 
Orbsat Corp. (a) 37,686 154,136 
Radius Global Infrastructure, Inc. (a) 52,153 860,525 
Sify Technologies Ltd. sponsored ADR (a)(b) 13,702 50,697 
Telesat Corp. (b) 11,163 343,597 
  23,371,061 
Entertainment - 1.9%   
Activision Blizzard, Inc. 431,507 25,286,310 
Bilibili, Inc. ADR (a)(b) 109,527 7,229,877 
Blue Hat Interactive Entertainment Technology (a)(b) 13,117 6,918 
Chicken Soup For The Soul Entertainment, Inc. (a) 2,911 38,280 
Cinedigm Corp. (a) 80,948 118,994 
CuriosityStream, Inc. Class A (a)(b) 14,288 103,588 
Dolphin Entertainment, Inc. (a)(b) 1,963 17,196 
Electronic Arts, Inc. 158,875 19,735,453 
Engine Gaming & Media, Inc. (a)(b) 5,410 20,991 
Gaia, Inc. Class A (a)(b) 13,031 111,154 
GigaMedia Ltd. (a) 1,957 4,873 
Gravity Co. Ltd. ADR (a)(b) 1,840 144,458 
Grom Social Enterprises, Inc. (b) 33,010 74,273 
iQIYI, Inc. ADR (a)(b) 16,218 101,200 
Liquid Media Group Ltd. (a)(b) 14,232 17,648 
LiveOne, Inc. (a) 40,255 73,667 
Lizhi, Inc. ADR (a)(b) 12,605 26,723 
Motorsport Games, Inc. Class A (b) 5,642 52,809 
NetEase, Inc. ADR 167,366 18,030,339 
Netflix, Inc. (a) 246,177 158,021,016 
Nexters, Inc. (b) 26,804 192,989 
Playstudios, Inc. Class A (a) 49,897 223,539 
Playtika Holding Corp. 227,853 3,919,072 
Reading International, Inc. Class A (a) 19,966 81,262 
Redbox Entertainment, Inc. (b) 2,225 26,433 
Reservoir Media, Inc. (b) 11,853 88,305 
Roku, Inc. Class A (a) 63,500 14,453,235 
Scienjoy Holding Corp. (a)(b) 14,618 88,439 
Sciplay Corp. (A Shares) (a) 15,716 252,399 
Take-Two Interactive Software, Inc. (a) 64,280 10,662,766 
The9 Ltd. sponsored ADR (a)(b) 1,624 16,224 
Versus Systems, Inc. (a)(b) 3,758 10,372 
Warner Music Group Corp. Class A 67,760 2,936,041 
Zynga, Inc. (a) 607,231 3,661,603 
  265,828,446 
Interactive Media & Services - 10.6%   
36Kr Holdings, Inc. ADR (a)(b) 1,078 1,477 
9F, Inc. ADR (a)(b) 42,546 54,033 
Alphabet, Inc.:   
Class A (a) 165,513 469,717,618 
Class C (a) 176,013 501,468,078 
Angi, Inc. (a)(b) 45,307 435,400 
Autoweb, Inc. (a)(b) 8,678 25,860 
Baidu, Inc. sponsored ADR (a) 143,906 21,562,875 
BlueCity Holdings Ltd. ADR (a)(b) 6,158 11,146 
Bumble, Inc. (b) 9,009 308,648 
CarGurus, Inc. Class A (a) 54,988 2,062,050 
Creatd, Inc. (a)(b) 29,499 74,337 
Enthusiast Gaming Holdings, Inc. (b) 41,700 167,217 
EverQuote, Inc. Class A (a) 4,250 56,015 
Fangdd Network Group Ltd. ADR (a)(b) 11,938 7,755 
Glory Star New Media Group Holdings Ltd. (a)(b) 31,038 43,453 
Hello Group, Inc. ADR 89,497 1,035,480 
IAC (a) 46,263 6,183,050 
Izea Worldwide, Inc. (a)(b) 31,302 51,022 
JOYY, Inc. ADR 19,935 1,020,672 
Kanzhun Ltd. ADR (b) 30,651 980,219 
Kubient, Inc. (a) 6,524 16,636 
Liberty TripAdvisor Holdings, Inc. (a) 44,349 95,794 
Luokung Technology Corp. (a)(b) 210,130 180,712 
Match Group, Inc. (a) 150,097 19,511,109 
Meta Platforms, Inc. Class A (a) 1,327,149 430,606,765 
Outbrain, Inc. 8,394 126,665 
Professional Diversity Network, Inc. (a)(b) 1,922 1,980 
QuinStreet, Inc. (a) 27,593 422,449 
Qutoutiao, Inc. ADR (a)(b) 9,704 5,822 
Sohu.Com Ltd. ADR (a) 24,154 407,478 
Super League Gaming, Inc. (a)(b) 10,938 34,455 
Taboola.com Ltd. (b) 102,718 807,363 
Travelzoo, Inc. (a) 6,862 64,297 
TripAdvisor, Inc. (a) 68,735 1,777,487 
Trivago NV ADR (a)(b) 43,707 93,533 
TrueCar, Inc. (a) 56,073 184,480 
Vimeo, Inc. 71,664 1,383,832 
Weibo Corp. sponsored ADR (a) 41,806 1,664,297 
Yandex NV Series A (a)(b) 177,841 12,793,882 
Ziff Davis, Inc. (a) 25,296 2,880,456 
Zoominfo Technologies, Inc. (a) 205,961 12,707,794 
  1,491,033,691 
Media - 2.1%   
Advantage Solutions, Inc. Class A (a) 177,154 1,280,823 
AirNet Technology, Inc. ADR (a)(b) 5,468 11,702 
AMC Networks, Inc. Class A (a) 16,393 632,934 
Baosheng Media Group Holding Ltd. (b) 3,117 3,959 
Beasley Broadcast Group, Inc. Class A (a) 286,682 561,897 
Boston Omaha Corp. (a) 14,481 414,881 
Cardlytics, Inc. (a)(b) 18,078 1,221,711 
Charter Communications, Inc. Class A (a) 104,666 67,643,542 
Comcast Corp. Class A 2,543,630 127,130,627 
comScore, Inc. (a) 21,501 74,608 
Criteo SA sponsored ADR (a) 32,862 1,234,297 
Cumulus Media, Inc. (a) 11,565 140,746 
Daily Journal Corp. (a) 1,070 389,822 
Discovery Communications, Inc.:   
Class A (a) 97,609 2,271,361 
Class B (a)(b) 338 11,837 
Class C (non-vtg.) (a) 179,313 4,072,198 
DISH Network Corp. Class A (a) 159,562 4,986,313 
E.W. Scripps Co. Class A 39,165 725,727 
Fluent, Inc. (a) 46,702 86,866 
Fox Corp.:   
Class A 190,031 6,786,007 
Class B 131,677 4,424,347 
Gambling.com Group Ltd. (b) 13,722 151,903 
Hemisphere Media Group, Inc. (a) 12,950 98,420 
iClick Interactive Asia Group Ltd. (A Shares) ADR (a)(b) 24,951 165,425 
iHeartMedia, Inc. (a) 60,774 1,191,778 
Insignia Systems, Inc. (a)(b) 1,817 9,630 
Integral Ad Science Holding Corp. 82,513 1,851,592 
Lee Enterprises, Inc. (a) 2,469 61,256 
Liberty Broadband Corp.:   
Class A (a) 16,790 2,545,028 
Class C (a) 86,701 13,425,650 
Liberty Media Corp.:   
Liberty Braves Class A (a) 14,692 409,466 
Liberty Braves Class C (a) 16,026 440,875 
Liberty Formula One Group Series C (a) 111,860 6,814,511 
Liberty Media Class A (a) 14,368 827,740 
Liberty SiriusXM Series A (a) 56,950 2,779,160 
Liberty SiriusXM Series C (a) 128,678 6,296,215 
Magnite, Inc. (a)(b) 72,108 1,271,264 
Marchex, Inc. Class B (a) 34,542 86,700 
Mediaco Holding, Inc. (a)(b) 911 4,464 
National CineMedia, Inc. 42,414 118,759 
News Corp.:   
Class A 214,018 4,627,069 
Class B 111,410 2,400,886 
Nexstar Broadcasting Group, Inc. Class A 24,021 3,591,140 
Nextplay Technologies, Inc. (a)(b) 42,448 44,995 
Perion Network Ltd. (a) 18,565 448,345 
PubMatic, Inc. 5,698 224,330 
Saga Communications, Inc. Class A 1,013 24,160 
Salem Communications Corp. Class A (a) 18,198 52,592 
Scholastic Corp. 19,973 751,784 
Sinclair Broadcast Group, Inc. Class A 30,567 713,128 
Sirius XM Holdings, Inc. (b) 2,263,397 13,806,722 
Stagwell, Inc. 36,384 280,884 
TechTarget, Inc. (a) 15,882 1,534,678 
Thryv Holdings, Inc. (a) 18,106 707,764 
Tremor International Ltd. ADR (b) 2,322 35,527 
Troika Media Group, Inc. 13,068 19,471 
TuanChe Ltd. ADR (A Shares) (a)(b) 5,969 11,699 
Urban One, Inc.:   
Class A (a)(b) 4,568 23,160 
Class D (non-vtg.) (a) 21,932 73,692 
ViacomCBS, Inc.:   
Class A (b) 19,588 653,456 
Class B 332,823 10,300,872 
WiMi Hologram Cloud, Inc. ADR (a)(b) 28,988 118,561 
Xcel Brands, Inc. (a) 4,288 5,789 
ZW Data Action Technologies, Inc. (a)(b) 12,732 14,514 
  303,121,259 
Wireless Telecommunication Services - 0.6%   
Gogo, Inc. (a) 62,035 795,289 
Millicom International Cellular SA (a) 57,155 1,783,808 
NII Holdings, Inc. (a)(c) 5,182 1,347 
Partner Communications Co. Ltd. ADR (a) 3,584 22,973 
Shenandoah Telecommunications Co. 28,888 733,466 
Spok Holdings, Inc. 20,912 201,801 
SurgePays, Inc. (a)(b) 26,205 64,202 
T-Mobile U.S., Inc. (a) 691,895 75,285,095 
uCloudlink Group, Inc. ADR (a)(b) 4,076 10,842 
VEON Ltd. sponsored ADR (a) 816,234 1,412,085 
Vodafone Group PLC sponsored ADR 210,517 3,090,390 
  83,401,298 
TOTAL COMMUNICATION SERVICES  2,166,755,755 
CONSUMER DISCRETIONARY - 17.3%   
Auto Components - 0.2%   
China Automotive Systems, Inc. (a)(b) 19,314 59,294 
Dorman Products, Inc. (a) 17,959 1,993,090 
Foresight Autonomous Holdings Ltd. ADR (a)(b) 2,169 4,750 
Fox Factory Holding Corp. (a) 23,255 4,087,531 
Garrett Motion, Inc. (a)(b) 40,129 283,311 
Gentex Corp. 133,358 4,591,516 
Gentherm, Inc. (a) 17,553 1,482,351 
Kandi Technolgies, Inc. (a)(b) 39,238 149,497 
Luminar Technologies, Inc. (a)(b) 128,989 2,102,521 
Motorcar Parts of America, Inc. (a) 12,691 203,564 
Patrick Industries, Inc. 13,038 1,040,041 
REE Automotive Ltd. (b) 82,395 341,115 
Strattec Security Corp. (a) 1,858 67,966 
Sypris Solutions, Inc. (a)(b) 6,622 17,747 
The Goodyear Tire & Rubber Co. (a) 155,651 3,130,142 
Visteon Corp. (a) 15,401 1,631,274 
Worksport Ltd. (a)(b) 73,432 294,462 
XPEL, Inc. (a) 15,108 1,086,114 
  22,566,286 
Automobiles - 5.3%   
Arcimoto, Inc. (a)(b) 34,682 354,797 
Arrival SA (b) 235,060 2,207,213 
AYRO, Inc. (a) 18,733 42,337 
Canoo, Inc. (a)(b) 128,439 1,537,415 
ElectraMeccanica Vehicles Corp. (a)(b) 60,611 179,409 
Electric Last Mile Solutions, Inc. (a)(b) 69,404 550,374 
Faraday Future Intelligent Electric, Inc. (a)(b) 94,239 579,570 
Li Auto, Inc. ADR (a) 225,617 7,995,866 
Lordstown Motors Corp. Class A (a)(b) 194,729 911,332 
Lucid Group, Inc. Class A (a)(b) 895,345 47,435,378 
Niu Technologies ADR (a)(b) 23,756 483,197 
Rivian Automotive, Inc. 470,000 56,287,200 
Tesla, Inc. (a) 551,492 631,325,982 
Workhorse Group, Inc. (a)(b) 39,474 230,528 
  750,120,598 
Distributors - 0.2%   
Educational Development Corp. 7,081 64,933 
Funko, Inc. (a) 21,098 344,741 
Kaival Brands Innovations Group, Inc. (b) 31,106 37,016 
LKQ Corp. 168,020 9,392,318 
Pool Corp. 22,268 12,339,144 
Weyco Group, Inc. 6,799 167,459 
  22,345,611 
Diversified Consumer Services - 0.1%   
2U, Inc. (a)(b) 41,387 984,597 
Afya Ltd. (a) 26,135 369,810 
American Public Education, Inc. (a) 10,578 199,818 
Amesite, Inc. (a)(b) 8,501 10,201 
Arco Platform Ltd. Class A (a)(b) 2,642 49,458 
Aspen Group, Inc. (a)(b) 13,497 41,571 
ATA Creativity Global ADR (a) 4,528 7,516 
China Liberal Education Holdings Ltd. (a)(b) 48,266 84,466 
Duolingo, Inc. (b) 6,000 661,140 
Elite Education Group International Ltd. (b) 1,797 6,415 
European Wax Center, Inc. 10,226 275,795 
Frontdoor, Inc. (a) 47,662 1,647,199 
Grand Canyon Education, Inc. (a) 26,726 1,936,833 
Hailiang Education Group, Inc. ADR (a)(b) 2,666 50,654 
Houghton Mifflin Harcourt Co. (a) 73,089 1,137,265 
Laureate Education, Inc. Class A 65,299 652,990 
Lincoln Educational Services Corp. (a) 18,674 131,652 
OneSpaWorld Holdings Ltd. (a)(b) 39,121 368,911 
Perdoceo Education Corp. (a) 37,144 365,868 
RISE Education Cayman Ltd. ADR (a)(b) 9,767 5,764 
Rover Group, Inc. Class A (b) 33,620 346,958 
Skillful Craftsman Education Technology Ltd. (a)(b) 6,452 7,871 
Strategic Education, Inc. (b) 13,286 710,801 
Udemy, Inc. 70,000 1,924,300 
Vasta Platform Ltd. (a) 9,735 22,098 
Vitru Ltd. (a)(b) 12,318 172,698 
Wah Fu Education Group Ltd. (a)(b) 1,782 8,233 
WW International, Inc. (a) 37,856 636,738 
Xpresspa Group, Inc. (a)(b) 121,824 218,065 
Zhongchao, Inc. (a)(b) 5,917 11,361 
Zovio, Inc. (a) 7,483 10,252 
  13,057,298 
Hotels, Restaurants & Leisure - 1.9%   
Airbnb, Inc. Class A 186,379 32,157,833 
Allied Esports Entertainment, Inc. (a)(b) 17,647 32,647 
BBQ Holdings, Inc. (a) 4,432 57,128 
BJ's Restaurants, Inc. (a) 13,822 412,725 
Bloomin' Brands, Inc. (a) 47,883 846,093 
Booking Holdings, Inc. (a) 22,794 47,909,569 
Bragg Gaming Group, Inc. (a)(b) 1,531 9,400 
BurgerFi International, Inc. (a)(b) 9,417 61,493 
Caesars Entertainment, Inc. (a) 115,762 10,426,683 
Carrols Restaurant Group, Inc. 24,770 70,842 
Century Casinos, Inc. (a) 16,194 211,332 
Churchill Downs, Inc. 21,349 4,786,873 
Chuy's Holdings, Inc. (a) 9,648 276,512 
Cracker Barrel Old Country Store, Inc. 13,041 1,591,263 
Dave & Buster's Entertainment, Inc. (a) 26,022 845,195 
Del Taco Restaurants, Inc. 26,399 202,216 
Denny's Corp. (a) 38,087 527,505 
DraftKings, Inc. Class A (a)(b) 219,751 7,592,397 
El Pollo Loco Holdings, Inc. (a) 18,467 233,054 
Elys Game Technology Corp. (a)(b) 11,486 42,154 
Esports Entertainment Group, Inc. (a)(b) 10,135 51,283 
Esports Technologies, Inc. (b) 6,743 195,142 
Expedia, Inc. (a) 78,430 12,634,289 
FAT Brands, Inc.:   
Class A (b) 5,101 50,908 
Class B (b) 53,810 618,277 
Fiesta Restaurant Group, Inc. (a) 12,322 114,964 
Full House Resorts, Inc. (a) 16,206 145,206 
GAN Ltd. (a) 21,916 211,928 
Golden Entertainment, Inc. (a) 16,184 743,007 
Golden Nugget Online Gaming, Inc. (a) 30,268 377,442 
Good Times Restaurants, Inc. (a) 9,092 41,005 
Hall of Fame Resort & Entertainment Co. (a)(b) 57,261 106,505 
Huazhu Group Ltd. ADR (a) 86,716 3,427,016 
Inspired Entertainment, Inc. (a)(b) 15,862 204,461 
Jack in the Box, Inc. 12,571 1,038,365 
Krispy Kreme, Inc. (b) 90,430 1,315,757 
Kura Sushi U.S.A., Inc. Class A (a) 4,116 261,778 
Lindblad Expeditions Holdings (a) 29,723 416,419 
Lottery.Com, Inc. (a)(b) 12,219 81,379 
MakeMyTrip Ltd. (a) 37,977 924,740 
Marriott International, Inc. Class A (a) 180,450 26,627,202 
Melco Crown Entertainment Ltd. sponsored ADR (a) 108,974 1,063,586 
Monarch Casino & Resort, Inc. (a) 10,263 691,418 
Muscle Maker, Inc. (a)(b) 84,646 89,725 
Nathan's Famous, Inc. 3,678 226,344 
NeoGames SA 14,676 489,004 
Noodles & Co. (a) 27,889 286,978 
Papa John's International, Inc. 19,976 2,435,474 
Penn National Gaming, Inc. (a) 92,973 4,763,007 
Playa Hotels & Resorts NV (a) 89,710 638,735 
Portillo's, Inc. (b) 18,032 734,804 
Potbelly Corp. (a) 12,369 65,927 
Rave Restaurant Group, Inc. (a) 5,714 7,085 
RCI Hospitality Holdings, Inc. 5,507 348,648 
Red Robin Gourmet Burgers, Inc. (a) 10,497 171,101 
Red Rock Resorts, Inc. 40,224 1,912,249 
Ruth's Hospitality Group, Inc. (a) 22,375 380,375 
Scientific Games Corp. Class A (a) 53,198 3,400,416 
Sportradar Holding AG 108,500 1,747,935 
Starbucks Corp. 653,823 71,685,154 
Target Hospitality Corp. (a) 58,530 215,976 
Texas Roadhouse, Inc. Class A 38,296 3,176,270 
The Cheesecake Factory, Inc. (a) 25,493 976,892 
The ONE Group Hospitality, Inc. (a)(b) 15,063 197,476 
Trip.com Group Ltd. ADR (a) 292,158 8,034,345 
Tuniu Corp. Class A sponsored ADR (a) 16,132 14,845 
Wendy's Co. 121,893 2,508,558 
Wingstop, Inc. 16,489 2,648,133 
Wynn Resorts Ltd. (a) 64,041 5,187,961 
Yatra Online, Inc. (a) 14,712 29,571 
  272,007,979 
Household Durables - 0.3%   
Aterian, Inc. (a)(b) 25,432 124,108 
Bassett Furniture Industries, Inc. 4,416 67,300 
Cavco Industries, Inc. (a) 5,108 1,519,579 
Cricut, Inc. (b) 10,162 253,745 
Dixie Group, Inc. (a) 9,905 62,005 
Dream Finders Homes, Inc. (b) 17,179 288,092 
Flexsteel Industries, Inc. 3,070 87,127 
Garmin Ltd. 106,649 14,241,907 
GoPro, Inc. Class A (a) 70,308 703,080 
Green Brick Partners, Inc. (a) 28,580 713,071 
Helen of Troy Ltd. (a) 13,721 3,299,901 
Hooker Furnishings Corp. 6,220 147,663 
iRobot Corp. (a)(b) 15,616 1,185,411 
Koss Corp. (a)(b) 4,327 60,708 
Landsea Homes Corp. (a) 25,608 194,365 
Legacy Housing Corp. (a) 11,580 289,153 
LGI Homes, Inc. (a) 13,970 2,006,930 
Lifetime Brands, Inc. 13,509 219,386 
Live Ventures, Inc. (a) 1,095 37,734 
Lovesac (a)(b) 8,426 533,197 
Nephros, Inc. (a) 3,085 21,441 
Newell Brands, Inc. 235,512 5,056,443 
Nova LifeStyle, Inc. (a)(b) 6,916 13,348 
Purple Innovation, Inc. (a)(b) 20,267 209,155 
Snap One Holdings Corp. 39,800 873,212 
Sonos, Inc. (a) 69,375 2,195,719 
Universal Electronics, Inc. (a) 7,603 275,229 
Viomi Technology Co. Ltd. ADR Class A (a)(b) 21,467 65,045 
VOXX International Corp. (a) 13,480 138,709 
Vuzix Corp. (a)(b) 34,442 370,940 
ZAGG, Inc. rights (a)(c) 14,972 1,347 
  35,255,050 
Internet & Direct Marketing Retail - 8.0%   
1-800-FLOWERS.com, Inc. Class A (a)(b) 21,092 628,120 
Amazon.com, Inc. (a) 278,436 976,494,543 
Baozun, Inc. sponsored ADR (a) 15,084 208,008 
Betterware de Mexico SAPI de CV (a) 19,877 518,193 
CarParts.com, Inc. (a)(b) 26,339 325,813 
ContextLogic, Inc. (b) 430,169 1,604,530 
Dada Nexus Ltd. ADR (a) 43,014 777,263 
Digital Brands Group, Inc. (b) 5,316 14,619 
Duluth Holdings, Inc. (a) 13,890 192,654 
eBay, Inc. 377,721 25,481,059 
Etsy, Inc. (a) 70,577 19,379,033 
Future FinTech Group, Inc. (a)(b) 39,457 61,947 
Global-e Online Ltd. 78,865 5,239,791 
Groupon, Inc. (a)(b) 15,919 328,887 
iPower, Inc. (b) 15,837 46,878 
JD.com, Inc. sponsored ADR (a) 447,494 37,638,720 
Jowell Global Ltd. (b) 11,744 112,742 
Just Eat Takeaway.com NV ADR (b) 95,424 1,188,983 
Lands' End, Inc. (a) 18,511 425,938 
Liquidity Services, Inc. (a) 20,910 474,030 
MercadoLibre, Inc. (a) 27,672 32,885,682 
Molecular Data, Inc. ADR (a)(b) 27,017 6,835 
Moxian (BVI), Inc. (b) 7,230 32,101 
Newegg Commerce, Inc. (a)(b) 145,223 2,676,460 
Oriental Culture Holding Ltd. (b) 8,674 37,819 
Overstock.com, Inc. (a)(b) 23,881 2,131,618 
Ozon Holdings PLC ADR (b) 30,966 1,247,620 
PetMed Express, Inc. (b) 11,354 310,645 
Pinduoduo, Inc. ADR (a) 204,522 13,600,713 
Points International Ltd. (a) 12,126 201,049 
Porch Group, Inc. Class A (a) 57,115 1,201,700 
Poshmark, Inc. (b) 11,468 217,663 
Qurate Retail, Inc. (b) 1,734 14,652 
Qurate Retail, Inc. Series A 232,908 1,863,264 
Remark Holdings, Inc. (a)(b) 47,241 53,382 
RumbleON, Inc. Class B (a) 1,718 67,775 
Secoo Holding Ltd. ADR (a)(b) 8,591 5,541 
Stitch Fix, Inc. (a) 33,939 845,081 
The RealReal, Inc. (a) 50,382 784,448 
thredUP, Inc. (a)(b) 15,800 295,776 
Trxade Health, Inc. (a) 15,392 50,948 
Uxin Ltd. ADR (a)(b) 133,417 294,852 
Waitr Holdings, Inc. (a)(b) 61,095 65,983 
Xometry, Inc. (b) 1,770 87,987 
  1,130,121,345 
Leisure Products - 0.2%   
American Outdoor Brands, Inc. (a) 7,566 178,482 
AMMO, Inc. (b) 66,715 413,633 
BRP, Inc. (b) 22,856 1,808,138 
Clarus Corp. 17,613 464,807 
Escalade, Inc. 7,721 131,334 
Genius Brands International, Inc. (a)(b) 160,281 198,748 
Hasbro, Inc. 75,952 7,360,508 
JAKKS Pacific, Inc. (a) 7,383 78,998 
Johnson Outdoors, Inc. Class A 5,547 577,110 
Latham Group, Inc. (b) 66,170 1,705,201 
Malibu Boats, Inc. Class A (a) 11,640 808,631 
MasterCraft Boat Holdings, Inc. (a) 12,347 337,814 
Mattel, Inc. (a) 192,502 4,082,967 
Peloton Interactive, Inc. Class A (a) 111,916 4,924,304 
Smith & Wesson Brands, Inc. 30,266 688,552 
Vinco Ventures, Inc. (a)(b) 44,028 133,845 
Vision Marine Technologies, Inc. 3,049 18,873 
  23,911,945 
Multiline Retail - 0.1%   
Dollar Tree, Inc. (a) 128,527 17,200,768 
Franchise Group, Inc. 22,084 1,054,511 
Ollie's Bargain Outlet Holdings, Inc. (a)(b) 36,387 2,251,991 
  20,507,270 
Specialty Retail - 0.7%   
Academy Sports & Outdoors, Inc. (a) 51,233 2,286,016 
America's Car Mart, Inc. (a) 3,745 367,534 
Arko Corp. (b) 75,986 716,548 
Bed Bath & Beyond, Inc. (a)(b) 61,018 1,118,460 
Big 5 Sporting Goods Corp. (b) 11,818 280,441 
CarLotz, Inc. Class A (a)(b) 18,460 54,642 
Citi Trends, Inc. (a) 5,929 502,779 
Conn's, Inc. (a) 16,366 358,088 
DavidsTea, Inc. (a)(b) 8,243 29,592 
Destination XL Group, Inc. (a) 21,630 154,655 
Enjoy Technology, Inc. (b) 40,064 237,580 
EVgo, Inc. Class A (a)(b) 38,018 476,366 
Five Below, Inc. (a) 31,290 6,365,638 
GrowGeneration Corp. (a)(b) 24,894 405,772 
Hibbett, Inc. 9,681 754,634 
JOANN, Inc. (b) 23,229 212,313 
Kaixin Auto Holdings (a)(b) 69,320 118,537 
Kirkland's, Inc. (a) 7,395 159,658 
Lazydays Holdings, Inc. (a)(b) 6,139 124,192 
Leslie's, Inc. (a) 104,964 2,200,045 
LMP Automotive Holdings, Inc. (a)(b) 5,510 56,422 
Monro, Inc. (b) 17,865 1,000,797 
National Vision Holdings, Inc. (a) 45,468 2,184,283 
O'Reilly Automotive, Inc. (a) 38,711 24,703,812 
OneWater Marine, Inc. Class A 5,957 304,879 
Petco Health & Wellness Co., Inc. (b) 125,762 2,410,858 
Rent-A-Center, Inc. 36,954 1,632,258 
Ross Stores, Inc. 198,316 21,634,292 
Shift Technologies, Inc. Class A (a)(b) 47,485 218,906 
Shoe Carnival, Inc. (b) 16,794 656,645 
Sleep Number Corp. (a) 14,174 1,130,802 
Sportsman's Warehouse Holdings, Inc. (a) 25,040 426,431 
The Children's Place, Inc. (a) 8,107 701,499 
The ODP Corp. (a) 30,281 1,143,411 
Tile Shop Holdings, Inc. (b) 26,904 193,978 
Tractor Supply Co. 63,967 14,413,684 
TravelCenters of America LLC (a) 8,015 418,543 
Ulta Beauty, Inc. (a) 30,471 11,699,340 
Urban Outfitters, Inc. (a) 54,234 1,717,591 
Winmark Corp. 2,110 531,931 
Zumiez, Inc. (a) 14,145 647,275 
  104,751,127 
Textiles, Apparel & Luxury Goods - 0.3%   
Charles & Colvard Ltd. (a) 22,010 68,011 
Columbia Sportswear Co. 36,791 3,588,226 
Crocs, Inc. (a) 36,419 5,973,444 
Crown Crafts, Inc. 9,628 73,173 
Ever-Glory International Group, Inc. (a)(b) 13,112 34,485 
Fossil Group, Inc. (a) 29,540 353,003 
G-III Apparel Group Ltd. (a) 27,453 813,707 
Lakeland Industries, Inc. (a)(b) 4,176 79,929 
lululemon athletica, Inc. (a) 69,493 31,578,314 
Naked Brand Group, Inc. (a)(b) 470,216 287,349 
PLBY Group, Inc. (a) 24,061 922,739 
Rocky Brands, Inc. 4,879 173,351 
Steven Madden Ltd. 45,830 2,174,634 
Superior Group of Companies, Inc. (b) 9,905 221,476 
Toughbuilt Industries, Inc. (a)(b) 337,566 131,516 
Vera Bradley, Inc. (a) 17,686 168,194 
  46,641,551 
TOTAL CONSUMER DISCRETIONARY  2,441,286,060 
CONSUMER STAPLES - 3.3%   
Beverages - 1.4%   
Alkaline Water Co., Inc. (a)(b) 46,022 57,528 
Celsius Holdings, Inc. (a) 40,284 2,755,828 
Coca-Cola Bottling Co. Consolidated 3,834 2,187,565 
Coca-Cola European Partners PLC 240,300 11,863,611 
Eastside Distilling, Inc. (a)(b) 6,163 11,463 
Keurig Dr. Pepper, Inc. 786,227 26,723,856 
MGP Ingredients, Inc. (b) 11,606 905,036 
Monster Beverage Corp. (a) 293,796 24,614,229 
National Beverage Corp. (b) 52,067 2,704,360 
Newage, Inc. (a) 53,186 60,100 
PepsiCo, Inc. 766,982 122,548,384 
Vintage Wine Estates, Inc. (b) 37,368 419,269 
Willamette Valley Vineyards, Inc. (a) 1,065 13,739 
  194,864,968 
Food & Staples Retailing - 1.1%   
111, Inc. ADR (a)(b) 22,067 84,958 
Andersons, Inc. 20,649 701,653 
BIMI International Medical, Inc. (a)(b) 17,839 14,970 
Bit Brother Ltd. (a)(b) 15,078 13,211 
Casey's General Stores, Inc. 20,433 3,969,928 
Chefs' Warehouse Holdings (a) 21,604 671,236 
China Jo-Jo Drugstores Holdings, Inc. (b) 47,150 24,315 
Costco Wholesale Corp. 245,523 132,430,196 
G Willi-Food International Ltd. (b) 5,646 122,236 
Grocery Outlet Holding Corp. (a)(b) 52,534 1,521,385 
HF Foods Group, Inc. (a) 38,952 278,117 
Ingles Markets, Inc. Class A 8,837 678,505 
Missfresh Ltd. ADR (b) 7,390 37,689 
PriceSmart, Inc. 17,300 1,240,756 
SpartanNash Co. 22,023 527,010 
Sprouts Farmers Market LLC (a) 62,788 1,661,370 
Village Super Market, Inc. Class A (b) 6,605 140,422 
Walgreens Boots Alliance, Inc. 392,751 17,595,245 
  161,713,202 
Food Products - 0.7%   
AgriFORCE Growing Systems Ltd. (b) 17,646 37,939 
Alico, Inc. 5,485 190,988 
AppHarvest, Inc. (a)(b) 128,354 643,054 
Arcadia Biosciences, Inc. (a) 3,696 4,768 
Beyond Meat, Inc. (a)(b) 34,026 2,390,667 
Bridgford Foods Corp. (a)(b) 3,580 41,528 
Cal-Maine Foods, Inc. (a) 24,897 897,786 
Calavo Growers, Inc. 8,985 364,252 
China Xiangtai Food Co. Ltd. (a)(b) 30,160 60,622 
Farmer Brothers Co. (a) 13,797 86,783 
Farmmi, Inc. (a) 104,235 25,725 
Freshpet, Inc. (a) 24,136 2,607,171 
Hostess Brands, Inc. Class A (a) 69,302 1,177,441 
J&J Snack Foods Corp. (b) 10,693 1,460,450 
John B. Sanfilippo & Son, Inc. 5,270 434,248 
Lancaster Colony Corp. 15,197 2,221,801 
Landec Corp. (a) 22,245 176,848 
Lifeway Foods, Inc. (a) 9,131 46,659 
Limoneira Co. 11,551 168,876 
MamaMancini's Holdings, Inc. (a) 12,805 26,250 
MeaTech 3D Ltd. ADR 1,525 10,538 
Mission Produce, Inc. (a) 38,524 682,260 
Mondelez International, Inc. 777,506 45,826,204 
Nuzee, Inc. (a)(b) 522,499 2,429,620 
Origin Agritech Ltd. (a)(b) 9,462 90,457 
Pilgrim's Pride Corp. (a) 134,622 3,780,186 
Pingtan Marine Enterprise Ltd. (a)(b) 41,107 36,996 
RiceBran Technologies (a) 20,420 8,781 
Rocky Mountain Chocolate Factory, Inc. (a) 1,651 14,034 
S&W Seed Co. (a) 18,677 54,537 
Sanderson Farms, Inc. 12,122 2,276,269 
Seneca Foods Corp. Class A (a) 5,752 245,668 
Stryve Foods, Inc. (a) 4,060 15,834 
SunOpta, Inc. (a) 57,829 345,239 
Tattooed Chef, Inc. (a)(b) 46,113 741,958 
TDH Holdings, Inc. (a)(b) 27,024 139,714 
The Hain Celestial Group, Inc. (a) 56,167 2,214,665 
The Kraft Heinz Co. 521,238 17,518,809 
The Simply Good Foods Co. (a) 53,130 1,964,216 
Village Farms International, Inc. (a)(b) 44,891 297,627 
Vital Farms, Inc. (a)(b) 6,107 103,269 
Whole Earth Brands, Inc. Class A (a) 19,675 207,768 
  92,068,505 
Household Products - 0.0%   
Central Garden & Pet Co. Class A (non-vtg.) (a) 30,266 1,312,031 
Ocean Bio-Chem, Inc. (b) 6,206 61,129 
Reynolds Consumer Products, Inc. (b) 120,924 3,528,562 
WD-40 Co. (b) 7,704 1,728,392 
  6,630,114 
Personal Products - 0.1%   
DSwiss, Inc. (c)(d) 7,648 0 
Flora Growth Corp. (b) 20,412 41,436 
Grove, Inc. (b) 5,359 26,473 
Guardion Health Sciences, Inc. (a)(b) 26,340 26,603 
Happiness Development Group Lt (a)(b) 6,115 4,207 
Inter Parfums, Inc. 18,677 1,640,401 
Jupiter Wellness, Inc. (b) 6,237 8,794 
Lifemd, Inc. (a)(b) 11,075 45,075 
LifeVantage Corp. (a) 7,378 47,441 
Mannatech, Inc. 1,514 55,110 
Natural Alternatives International, Inc. (a) 4,379 56,620 
Natural Health Trends Corp. (b) 3,553 25,084 
Nature's Sunshine Products, Inc. 13,052 221,884 
Neptune Technologies & Bioressources, Inc. (a)(b) 31,439 15,569 
Olaplex Holdings, Inc. 350,000 9,432,500 
Shineco, Inc. (a)(b) 3,572 33,684 
Summer Infant, Inc. (a)(b) 1,330 14,364 
The Beauty Health Co. 72,721 1,887,837 
The Honest Co., Inc. 2,707 23,118 
United-Guardian, Inc. 2,521 39,832 
Veru, Inc. (a) 43,597 326,978 
  13,973,010 
Tobacco - 0.0%   
22nd Century Group, Inc. (a)(b) 75,999 190,757 
TOTAL CONSUMER STAPLES  469,440,556 
ENERGY - 0.4%   
Energy Equipment & Services - 0.1%   
Championx Corp. (a) 108,000 2,204,280 
CSI Compressco LP 45,237 54,737 
Dawson Geophysical Co. (a) 26,712 62,239 
DMC Global, Inc. (a) 9,930 362,445 
ENGlobal Corp. (a)(b) 17,757 33,383 
Geospace Technologies Corp. (a) 17,265 148,652 
Gulf Island Fabrication, Inc. (a) 18,749 74,996 
KLX Energy Services Holdings, Inc. (a)(b) 16,569 66,276 
Mammoth Energy Services, Inc. (a)(b) 23,054 44,494 
MIND Technology, Inc. (a) 6,775 11,179 
NCS Multistage Holdings, Inc. (a) 2,198 70,622 
Patterson-UTI Energy, Inc. 211,776 1,495,139 
Profire Energy, Inc. (a) 47,414 52,630 
Recon Technology Ltd. (a)(b) 15,122 27,371 
Smart Sand, Inc. (a) 20,180 38,746 
U.S. Well Services, Inc. (a)(b) 16,367 28,151 
Weatherford International PLC (a) 38,962 1,120,158 
  5,895,498 
Oil, Gas & Consumable Fuels - 0.3%   
Aemetis, Inc. (a) 18,211 341,638 
Alliance Resource Partners LP 67,798 693,574 
Alto Ingredients, Inc. (a) 38,730 201,783 
Altus Midstream Co. 3,519 223,034 
American Resources Corp. (a)(b) 86,855 163,287 
Amplify Energy Corp. warrants 5/4/22 (a) 717 13 
APA Corp. 209,209 5,391,316 
Berry Corp. (b) 61,915 503,988 
Blueknight Energy Partners LP 36,546 119,871 
Brooge Energy Ltd. (a)(b) 37,918 331,783 
Calumet Specialty Products Partners LP (a) 49,250 727,915 
Centennial Resource Development, Inc. Class A (a)(b) 148,568 925,579 
Chesapeake Energy Corp. 54,200 3,227,068 
Clean Energy Fuels Corp. (a)(b) 121,128 868,488 
Diamondback Energy, Inc. 100,303 10,705,339 
Dorchester Minerals LP 21,696 385,972 
Ecoark Holdings, Inc. (a)(b) 13,299 40,828 
Epsilon Energy Ltd. (a) 2,419 13,184 
Falcon Minerals Corp. 44,617 207,023 
Gevo, Inc. (a)(b) 109,249 628,182 
Golar LNG Ltd. (a) 58,331 688,306 
Green Plains Partners LP 18,721 268,459 
Green Plains, Inc. (a) 23,663 914,575 
Hallador Energy Co. (a) 39,386 96,890 
HighPeak Energy, Inc. 51,002 693,117 
Lightbridge Corp. (a)(b) 12,328 112,431 
Marine Petroleum Trust 339 1,532 
Martin Midstream Partners LP 33,068 91,268 
National Energy Services Reunited Corp. (a) 46,953 465,304 
New Fortress Energy, Inc. 109,977 2,737,328 
Nextdecade Corp. (a) 116,445 370,295 
Oasis Midstream Partners LP 26,139 556,761 
Oasis Petroleum, Inc. 10,731 1,286,647 
PDC Energy, Inc. 53,812 2,713,739 
Plains All American Pipeline LP 394,723 3,670,924 
Plains GP Holdings LP Class A 107,827 1,078,270 
PrimeEnergy Corp. (a) 938 59,188 
Ranger Oil Corp. (a) 17,497 471,019 
Rattler Midstream LP (b) 28,222 300,564 
Renewable Energy Group, Inc. (a) 26,866 1,283,657 
Stabilis Solutions, Inc. (a) 3,378 18,376 
StealthGas, Inc. (a)(b) 39,172 100,280 
Top Ships, Inc. (a)(b) 40,167 43,782 
TORM PLC (a)(b) 42,268 315,319 
TransGlobe Energy Corp. (a) 74,495 199,647 
U.S. Energy Corp. (a)(b) 15,098 54,051 
Uranium Royalty Corp. (b) 39,652 165,745 
Vertex Energy, Inc. (a)(b) 32,871 161,725 
Viper Energy Partners LP 33,309 718,142 
  45,337,206 
TOTAL ENERGY  51,232,704 
FINANCIALS - 4.5%   
Banks - 1.6%   
1st Constitution Bancorp 6,490 154,722 
1st Source Corp. 12,820 592,925 
ACNB Corp. 4,529 131,522 
Allegiance Bancshares, Inc. 13,633 551,182 
Amalgamated Financial Corp. 18,900 319,788 
Amerant Bancorp, Inc. Class A (a) 21,076 593,289 
American National Bankshares, Inc. 6,531 238,904 
Ameris Bancorp 37,718 1,835,735 
Ames National Corp. 6,067 148,642 
Arrow Financial Corp. 10,017 345,587 
Atlantic Capital Bancshares, Inc. (a) 11,226 313,654 
Atlantic Union Bankshares Corp. 43,652 1,419,127 
Auburn National Bancorp., Inc. 551 18,734 
BancFirst Corp. 18,889 1,201,907 
Bancorp, Inc., Delaware (a) 35,449 1,002,143 
Bank First National Corp. (b) 3,233 227,054 
Bank of Marin Bancorp 11,894 412,008 
Bank OZK 70,392 3,147,226 
Bank7 Corp. 2,512 57,751 
BankFinancial Corp. 14,628 155,349 
Bankwell Financial Group, Inc. (b) 4,285 132,364 
Banner Corp. 18,237 1,044,615 
BayCom Corp. (a) 3,947 71,875 
BCB Bancorp, Inc. 9,394 137,998 
BOK Financial Corp. 38,544 3,978,126 
Brookline Bancorp, Inc., Delaware 42,470 655,312 
Bryn Mawr Bank Corp. 10,749 479,405 
Business First Bancshares, Inc. 8,715 239,663 
C & F Financial Corp. 2,765 138,527 
California Bancorp, Inc. (a) 2,203 41,527 
Cambridge Bancorp 2,788 247,519 
Camden National Corp. 8,189 375,220 
Capital Bancorp, Inc. 5,877 156,152 
Capital City Bank Group, Inc. 16,718 443,194 
Capstar Financial Holdings, Inc. 13,933 290,224 
Carter Bankshares, Inc. 17,756 257,640 
Cathay General Bancorp 45,999 1,927,818 
CB Financial Services, Inc. 591 14,019 
CBTX, Inc. 13,467 374,383 
Central Valley Community Bancorp 8,707 182,847 
Chemung Financial Corp. 4,490 213,051 
ChoiceOne Financial Services, Inc. 2,947 74,765 
Citizens & Northern Corp. 4,121 101,954 
Citizens Community Bancorp, Inc. 6,202 84,409 
Citizens Holding Co. 2,179 39,331 
City Holding Co. 8,728 684,799 
Civista Bancshares, Inc. 12,037 283,231 
CNB Financial Corp., Pennsylvania 11,686 307,926 
Coastal Financial Corp. of Washington (a) 5,404 236,317 
Codorus Valley Bancorp, Inc. (b) 7,465 162,065 
Colony Bankcorp, Inc. 7,282 131,076 
Columbia Banking Systems, Inc. 44,391 1,458,688 
Commerce Bancshares, Inc. 65,883 4,598,633 
Community Bankers Trust Corp. 16,444 184,831 
Community Financial Corp. 4,047 149,820 
Community Trust Bancorp, Inc. 8,039 337,638 
ConnectOne Bancorp, Inc. 23,646 768,495 
County Bancorp, Inc. 4,222 142,999 
CrossFirst Bankshares, Inc. (a) 26,193 366,440 
CVB Financial Corp. 76,652 1,464,820 
Dime Community Bancshares, Inc. 25,727 882,436 
Eagle Bancorp Montana, Inc. 2,880 63,389 
Eagle Bancorp, Inc. 17,724 998,747 
East West Bancorp, Inc. 79,134 6,093,318 
Eastern Bankshares, Inc. 100,469 2,022,441 
Enterprise Bancorp, Inc. 7,478 294,783 
Enterprise Financial Services Corp. 22,406 1,038,966 
Equity Bancshares, Inc. 7,783 253,103 
Esquire Financial Holdings, Inc. (a) 2,459 81,172 
Farmers & Merchants Bancorp, Inc. (b) 7,012 206,083 
Farmers National Banc Corp. 18,770 330,164 
Fidelity D & D Bancorp, Inc. (b) 2,330 118,853 
Fifth Third Bancorp 384,031 16,186,907 
Financial Institutions, Inc. 9,689 298,421 
First Bancorp, North Carolina 21,088 937,151 
First Bancshares, Inc. 9,721 377,758 
First Bank Hamilton New Jersey 14,532 210,278 
First Busey Corp. 27,899 717,004 
First Business Finance Services, Inc. 4,740 135,611 
First Capital, Inc. 2,233 89,298 
First Citizens Bancshares, Inc. (b) 4,841 3,892,067 
First Community Bankshares, Inc. 10,669 348,876 
First Community Corp. 3,875 81,801 
First Financial Bancorp, Ohio 55,952 1,286,896 
First Financial Bankshares, Inc. 80,098 3,998,492 
First Financial Corp., Indiana 8,773 381,275 
First Financial Northwest, Inc. 10,995 182,187 
First Foundation, Inc. 27,783 706,244 
First Guaranty Bancshares, Inc. 7,321 160,257 
First Hawaiian, Inc. 72,880 1,913,100 
First Internet Bancorp 8,345 361,422 
First Interstate Bancsystem, Inc. 23,864 973,651 
First Merchants Corp. 29,303 1,168,897 
First Mid-Illinois Bancshares, Inc. 11,244 472,585 
First Midwest Bancorp, Inc., Delaware 61,314 1,209,725 
First Northwest Bancorp 7,546 137,715 
First of Long Island Corp. 15,039 315,067 
First Savings Financial Group, Inc. 2,781 71,750 
First U.S. Bancshares, Inc. 3,641 41,872 
First Western Financial, Inc. (a) 2,387 71,562 
Five Star Bancorp 8,691 258,036 
Flushing Financial Corp. 19,436 459,078 
FNCM Bancorp, Inc. (b) 3,698 33,356 
Franklin Financial Services Corp. 854 28,182 
Fulton Financial Corp. 91,810 1,449,680 
FVCBankcorp, Inc. (a) 5,834 117,322 
German American Bancorp, Inc. 16,332 639,071 
Glacier Bancorp, Inc. 62,107 3,372,410 
Great Southern Bancorp, Inc. 7,786 433,135 
Grupo Financiero Galicia SA sponsored ADR (b) 29,288 254,220 
Guaranty Bancshares, Inc. Texas 8,980 330,015 
Hancock Whitney Corp. 50,242 2,400,563 
Hanmi Financial Corp. 18,233 409,696 
HarborOne Bancorp, Inc. 36,797 511,110 
Hawthorn Bancshares, Inc. 2,756 68,156 
HBT Financial, Inc. 16,600 298,800 
Heartland Financial U.S.A., Inc. 20,061 952,898 
Heritage Commerce Corp. 41,991 460,221 
Heritage Financial Corp., Washington 21,942 514,101 
HomeStreet, Inc. 11,829 583,998 
HomeTrust Bancshares, Inc. 11,346 340,720 
Hope Bancorp, Inc. 64,741 929,033 
Horizon Bancorp, Inc. Indiana 24,746 480,072 
Howard Bancorp, Inc. (a) 11,970 247,300 
Huntington Bancshares, Inc. 811,939 12,049,175 
Independent Bank Corp. 10,908 245,975 
Independent Bank Corp., Massachusetts (b) 26,861 2,123,631 
Independent Bank Group, Inc. 23,847 1,655,697 
International Bancshares Corp. 38,873 1,633,055 
Investar Holding Corp. 8,715 156,173 
Investors Bancorp, Inc. 139,317 2,074,430 
Lakeland Bancorp, Inc. 23,940 428,287 
Lakeland Financial Corp. (b) 13,946 984,867 
Landmark Bancorp, Inc. (b) 2,919 83,717 
LCNB Corp. (b) 12,147 232,615 
Level One Bancorp, Inc. 2,843 107,721 
Limestone Bancorp, Inc. (a) 621 11,638 
Live Oak Bancshares, Inc. 24,006 2,138,935 
Macatawa Bank Corp. 20,908 176,045 
Mainstreet Bancshares, Inc. (a) 1,715 40,577 
Mercantile Bank Corp. 10,866 364,880 
Meridian Bank/Malvern, PA 1,866 62,978 
Meta Financial Group, Inc. 18,838 1,125,947 
Metrocity Bankshares, Inc. 10,365 278,819 
Mid Penn Bancorp, Inc. 7,980 251,051 
Middlefield Banc Corp. 1,133 29,118 
Midland States Bancorp, Inc. 11,372 270,654 
MidWestOne Financial Group, Inc. 11,723 361,068 
MVB Financial Corp. 5,314 218,246 
National Bankshares, Inc. 4,034 148,007 
NBT Bancorp, Inc. 24,469 883,576 
Nicolet Bankshares, Inc. (a) 5,356 381,936 
Northeast Bank 7,547 244,447 
Northrim Bancorp, Inc. 5,057 205,061 
Norwood Financial Corp. 3,432 90,570 
Oak Valley Bancorp Oakdale California 5,385 92,407 
OceanFirst Financial Corp. 33,684 694,227 
Old National Bancorp, Indiana (b) 81,738 1,443,493 
Old Point Financial Corp. 2,955 70,802 
Old Second Bancorp, Inc. 19,988 246,852 
OptimumBank Holdings, Inc. (a) 3,813 15,748 
Orange County Bancorp, Inc. (b) 1,054 40,790 
Origin Bancorp, Inc. 13,756 580,366 
Orrstown Financial Services, Inc. 7,486 175,172 
Pacific Premier Bancorp, Inc. 54,299 2,104,086 
PacWest Bancorp 66,795 2,988,408 
Parke Bancorp, Inc. 4,103 84,112 
Partners Bancorp 4,331 41,491 
Patriot National Bancorp, Inc. (a)(b) 1,781 24,934 
PCB Bancorp 9,838 219,092 
Peapack-Gladstone Financial Corp. 10,114 334,571 
Penns Woods Bancorp, Inc. 4,912 117,397 
Peoples Bancorp of North Carolina 3,497 99,630 
Peoples Bancorp, Inc. 18,541 571,804 
Peoples Financial Services Corp. (b) 4,449 210,838 
Peoples United Financial, Inc. 234,146 3,989,848 
Pinnacle Financial Partners, Inc. 41,330 3,943,295 
Plumas Bancorp 1,220 41,712 
Popular, Inc. 43,488 3,384,236 
Preferred Bank, Los Angeles 7,653 521,552 
Primis Financial Corp. 16,511 252,288 
Professional Holdings Corp. (A Shares) (a) 5,287 100,664 
QCR Holdings, Inc. 7,969 429,848 
RBB Bancorp 8,755 214,147 
Red River Bancshares, Inc. 3,386 178,781 
Reliant Bancorp, Inc. 8,809 293,075 
Renasant Corp. 30,122 1,097,344 
Republic Bancorp, Inc., Kentucky Class A 10,388 532,177 
Republic First Bancorp, Inc. (a) 41,243 139,401 
Richmond Mutual Bancorp., Inc. 1,852 30,095 
S&T Bancorp, Inc. 26,065 779,604 
Salisbury Bancorp, Inc. 1,630 84,043 
Sandy Spring Bancorp, Inc. 26,534 1,245,241 
SB Financial Group, Inc. 4,486 84,561 
Seacoast Banking Corp., Florida 34,186 1,154,461 
Shore Bancshares, Inc. 11,308 221,637 
Sierra Bancorp 9,675 243,617 
Signature Bank 31,966 9,663,322 
Simmons First National Corp. Class A 59,561 1,733,821 
SmartFinancial, Inc. 10,154 260,653 
Sound Financial Bancorp, Inc. 1,189 51,068 
South Plains Financial, Inc. 6,245 156,125 
Southern First Bancshares, Inc. (a) 4,670 273,335 
Southern States Bancshares, Inc. (b) 3,439 67,232 
Southside Bancshares, Inc. 16,588 675,961 
Southstate Corp. 39,778 3,108,253 
Spirit of Texas Bancshares, Inc. 8,516 236,745 
Stock Yards Bancorp, Inc. (b) 13,953 834,808 
Summit Financial Group, Inc. 11,557 288,925 
Summit State Bank 3,743 60,038 
SVB Financial Group (a) 30,902 21,394,382 
Texas Capital Bancshares, Inc. (a) 28,839 1,624,212 
The Bank of Princeton 4,666 139,093 
The First Bancorp, Inc. 6,787 205,510 
TowneBank 42,448 1,298,484 
Trico Bancshares 18,864 795,306 
TriState Capital Holdings, Inc. (a) 23,090 690,622 
Triumph Bancorp, Inc. (a) 13,714 1,746,478 
Trustmark Corp. 33,488 1,025,068 
U.S. Century Bank 1,684 25,260 
UMB Financial Corp. 26,643 2,679,753 
Umpqua Holdings Corp. 122,454 2,333,973 
Union Bankshares, Inc. 2,283 71,458 
United Bancshares, Inc. 546 15,010 
United Bankshares, Inc., West Virginia (b) 73,482 2,625,512 
United Community Bank, Inc. 49,335 1,690,710 
United Security Bancshares, California 1,456 11,255 
Unity Bancorp, Inc. 6,284 163,384 
Univest Corp. of Pennsylvania 13,955 384,739 
Valley National Bancorp 208,971 2,808,570 
Veritex Holdings, Inc. 24,936 988,214 
Virginia National Bank Corp. 1,549 54,556 
Washington Trust Bancorp, Inc. 8,141 437,986 
WesBanco, Inc. 35,638 1,160,017 
West Bancorp., Inc. 9,814 304,528 
Westamerica Bancorp. 15,600 838,968 
Wintrust Financial Corp. 31,710 2,775,576 
Zions Bancorp NA 90,451 5,705,649 
  230,110,764 
Capital Markets - 1.6%   
ABG Acquisition Corp. I Class A 6,871 67,542 
AGM Group Holdings, Inc. (a)(b) 12,918 122,463 
Alberton Acquisition Corp. (a) 2,725 31,719 
Alpha Capital Acquisition Co. 280 2,772 
ARYA Sciences Acquisition Corp. IV Class A (b) 7,820 78,200 
ARYA Sciences Acquisition Corp. V 1,998 19,441 
B. Riley Financial, Inc. 15,733 1,218,206 
Benessere Capital Acquisition Corp. (b) 9,179 93,350 
BGC Partners, Inc. Class A 186,493 833,624 
Blucora, Inc. (a) 30,712 497,227 
Capital Southwest Corp. 11,251 304,115 
Carlyle Group LP 197,098 10,779,290 
Cartesian Growth Corp. Class A 4,132 41,072 
CF Acquisition Corp. V Class A 49,366 491,685 
CF Acquisition Corp. VI 8,062 78,766 
China Finance Online Co. Ltd. ADR (a)(b) 972 6,386 
Clarim Acquisition Corp. Class A 1,036 10,153 
Clarus Therapeutics Holdings, Inc. (b) 173,823 994,268 
CME Group, Inc. 199,459 43,984,699 
Coinbase Global, Inc. 83,630 26,343,450 
Colicity, Inc. 2,050 20,049 
CONX Corp. Class A (a) 38,362 377,098 
Cowen Group, Inc. Class A (b) 16,234 574,359 
Crescent Capital BDC, Inc. (b) 12,883 240,526 
Decarbonization Plus Acquisition Corp. II Class A (b) 72,977 735,608 
Deep Lake Capital Acquisition Corp. Class A 16,837 164,329 
Diamond Hill Investment Group, Inc. 1,539 295,627 
Dragoneer Growth Opportunities Corp. II 37,384 372,718 
ECP Environmental Growth Opportunities Corp. Class A 22,493 223,355 
Eqonex Ltd. (a)(b) 3,967 15,908 
Fintech Acquisition Corp. V (b) 13,427 138,030 
Focus Financial Partners, Inc. Class A (a) 33,215 2,044,051 
Forum Merger IV Corp. 4,724 46,248 
Freedom Holding Corp. (a)(b) 33,046 2,212,099 
Frontier Acquisition Corp. 3,304 32,247 
FS Development Corp. II Class A 8,828 130,125 
FTAC Parnassus Acquisition Corp. Class A 2,012 19,818 
Futu Holdings Ltd. ADR (a)(b) 30,484 1,447,685 
GCM Grosvenor, Inc. Class A (b) 32,247 369,551 
Glass Houses Acquisition Corp. Class A 7,190 69,887 
Golden Arrow Merger Corp. Class A 6,965 68,257 
Goldenbridge Acquisition Ltd. 7,095 70,524 
Gores Holdings VIII, Inc. Class A 7,363 73,556 
Gores Technology Partners II, Inc. Class A 16,195 159,845 
Gores Technology Partners, Inc. Class A 10,141 99,889 
Hamilton Lane, Inc. Class A 20,108 2,126,823 
Hennessy Advisors, Inc. (b) 4,729 50,458 
Heritage Global, Inc. (a) 28,350 43,092 
Horizon Technology Finance Corp. 7,992 134,905 
Hudson Executive Investment Corp. III Class A 9,896 96,684 
Hywin Holdings Ltd. ADR 6,913 40,856 
IG Acquisition Corp. Class A (a) 37,819 372,139 
Interactive Brokers Group, Inc. (b) 51,234 3,782,094 
Investcorp Credit Management BDC, Inc. 16,938 92,481 
Isleworth Healthcare Acquisition Corp. 18,688 184,264 
Itiquira Acquisition Corp. Class A 7,119 69,553 
JOFF Fintech Acquisition Corp. Class A 25,456 248,451 
Kairos Acquisition Corp. Class A 21,022 205,805 
Kernel Group Holdings, Inc. 20,223 197,579 
Khosla Ventures Acquisition Co. 65,183 642,704 
KINS Technology Group, Inc. Class A (b) 19,289 192,504 
Kismet Acquisition Two Corp. 3,808 37,166 
KL Acquisition Corp. Class A (b) 17,087 167,282 
Lion Group Holding Ltd. ADR (a)(b) 11,889 24,254 
Logan Ridge Finance Corp. (a)(b) 3,628 89,430 
LPL Financial 44,601 7,029,564 
MarketAxess Holdings, Inc. 21,153 7,460,452 
MarketWise, Inc. Class A (a)(b) 6,007 42,830 
Model Performance Acquisition Corp. 2,807 28,126 
Morningstar, Inc. 24,152 7,495,090 
NASDAQ, Inc. 91,097 18,513,643 
New Mountain Finance Corp. 57,266 772,518 
Newtek Business Services Corp. (b) 13,878 418,838 
North Mountain Merger Corp. Class A 6,334 62,263 
Northern Trust Corp. 115,180 13,326,326 
Open Lending Corp. (a) 70,944 1,648,739 
Panacea Acquisition Corp. II 10,372 100,608 
Patria Investments Ltd. 29,248 499,556 
Perella Weinberg Partners Class A (b) 23,081 275,126 
Petra Acquisition, Inc. 1,542 15,636 
PhenixFIN Corp. (a) 762 30,914 
Pine Technology Acquisition Corp. Class A 9,264 90,787 
Pioneer Merger Corp. Class A (b) 77,380 769,157 
Poema Global Holdings Corp. Class A 23,438 233,911 
Progress Acquisition Corp. Class A 1,598 15,692 
Puhui Wealth Investment Management Co. Ltd. (a)(b) 11,943 17,437 
Puyi, Inc. ADR (a)(b) 12,308 83,079 
Recharge Acquisition Corp. Class A 2,636 26,096 
Robinhood Markets, Inc. (b) 398,663 10,341,318 
ScION Tech Growth II Class A 1,027 10,085 
SEI Investments Co. 79,812 4,759,190 
Senior Connect Acquisition Corp. I Class A 42,992 422,181 
Siebert Financial Corp. (a)(b) 14,080 39,565 
SilverBox Engaged Merger Corp. I Class A 3,357 33,973 
Silvercrest Asset Management Group Class A 8,360 134,512 
StepStone Group, Inc. Class A 22,355 924,826 
StoneX Group, Inc. (a) 10,694 600,735 
SVF Investment Corp. 2 23,010 229,640 
SVF Investment Corp. 3 27,183 271,830 
T. Rowe Price Group, Inc. 125,997 25,193,100 
TCV Acquisition Corp. Class A 33,198 330,320 
Thornburg Income Builder Opportunities Trust 476 8,720 
Tio Tech A Class A 4,557 44,476 
Tradeweb Markets, Inc. Class A 58,618 5,627,328 
Trinity Capital, Inc. 14,443 239,321 
Twelve Seas Investment Co. II 5,495 53,521 
U.S. Global Investors, Inc. Class A (b) 8,407 43,716 
Up Fintech Holdings Ltd. ADR (a)(b) 29,688 179,316 
Value Line, Inc. 5,984 242,352 
Velocity Acquisition Corp. Class A 6,129 59,819 
Victory Capital Holdings, Inc. 7,768 272,346 
Vinci Partners Investments Ltd. (b) 27,294 286,041 
Virtu Financial, Inc. Class A 68,133 1,919,988 
Virtus Investment Partners, Inc. 4,472 1,329,883 
WisdomTree Investments, Inc. (b) 91,436 561,417 
XP, Inc. Class A (a) 210,387 6,033,899 
  223,948,147 
Consumer Finance - 0.3%   
360 DigiTech, Inc. ADR 69,669 1,621,894 
7GC & Co. Holdings, Inc. Class A 16,089 157,672 
Atlanticus Holdings Corp. (a) 9,306 553,056 
Consumer Portfolio Services, Inc. (a) 14,707 113,979 
Credit Acceptance Corp. (a)(b) 9,385 5,864,687 
Encore Capital Group, Inc. (a) 18,287 1,066,864 
EZCORP, Inc. (non-vtg.) Class A (a) 28,924 214,038 
First Cash Financial Services, Inc. 22,700 1,449,168 
Jiayin Group, Inc. ADR (a)(b) 5,761 18,608 
LendingTree, Inc. (a) 6,185 701,255 
LexinFintech Holdings Ltd. ADR (a)(b) 55,045 231,189 
Medallion Financial Corp. (a) 10,141 80,114 
Mogo, Inc. (a)(b) 17,146 87,445 
Navient Corp. 99,396 1,961,083 
Nicholas Financial, Inc. (a) 5,880 69,678 
Oportun Financial Corp. (a) 16,861 362,006 
Pintec Technology Holdings Ltd. ADR (a)(b) 7,937 6,090 
PRA Group, Inc. (a) 24,555 1,042,605 
Senmiao Technology Ltd. (a)(b) 16,727 9,031 
SLM Corp. 179,026 3,183,082 
SoFi Technologies, Inc. 455,496 7,834,531 
Upstart Holdings, Inc. 42,746 8,758,228 
World Acceptance Corp. (a)(b) 3,875 796,003 
  36,182,306 
Diversified Financial Services - 0.2%   
26 Capital Acquisition Corp. Class A 23,758 234,491 
5:01 Acquisition Corp. (a) 400 3,948 
890 5th Avenue Partners, Inc. Class A 19,812 197,526 
A-Mark Precious Metals, Inc. 6,088 421,594 
ACE Convergence Acquisition Corp. Class A (a) 18,248 181,568 
Ace Global Business Acquisition Ltd. 1,698 17,099 
Aequi Acquisition Corp. Class A 15,324 149,715 
AF Acquisition Corp. Class A 1,336 13,013 
Agba Acquisition Ltd. (a) 972 10,731 
Agile Growth Corp. Class A 3,359 32,851 
Alerus Financial Corp. 7,551 227,285 
Altimeter Growth Corp. (a)(b) 60,554 770,247 
Altitude Acquisition Corp. Class A 25,814 255,042 
American Acquisition Opportunity, Inc. Class A 2,024 20,200 
Anzu Special Acquisition Corp. I Class A 3,388 32,999 
ArcLight Clean Transition Corp. II 1,015 9,967 
Aries I Acquisition Corp. Class A 2,039 20,370 
Arrowroot Acquisition Corp. Class A 9,676 94,051 
Astrea Acquisition Corp. Class A 2,075 20,605 
Athlon Acquisition Corp. 19,024 186,055 
Atlantic Coastal Acquisition Corp. Class A 3,175 31,083 
Aurora Acquisition Corp. Class A 11,702 116,786 
Authentic Equity Acquisition Corp. 2,062 20,187 
B. Riley Principal 150 Merger Corp. Class A 5,102 52,755 
B. Riley Principal 250 Merger Corp. 2,066 20,102 
BCLS Acquisition Corp. (a) 6,186 60,499 
Better World Acquisition Corp. 2,478 25,201 
Big Sky Growth Partners, Inc. Class A 2,047 19,917 
Biotech Acquisition Co. Class A 7,901 78,220 
Breeze Holdings Acquisition Corp. 2,871 29,198 
Bridgetown 2 Holdings Ltd. (b) 24,222 241,009 
Bridgetown Holdings Ltd. Class A 70,587 694,576 
Bright Lights Acquisition Corp. 17,617 174,056 
Broadscale Acquisition Corp. Class A 6,331 61,980 
Brookline Capital Acquisition Corp. 1,762 17,567 
Burgundy Technology Acquisition Corp. (a) 36,353 363,166 
BYTE Acquisition Corp. Class A 8,891 86,421 
Carney Technology Acquisition Corp. II Class A 26,127 256,828 
Catalyst Partners Acquisition Corp. Class A 2,073 20,295 
CF Acquisition Corp. IV Class A 33,157 324,939 
CF Acquisition Corp. VIII Class A 4,077 40,444 
CHP Merger Corp. Class A (a) 15,418 155,413 
CM Life Sciences III, Inc. Class A 9,337 92,997 
Codere Online Luxembourg SA 1,358 12,820 
Corazon Capital V838 Monoceros Corp. 2,616 25,375 
Corner Growth Acquisition Corp. 40,191 393,872 
COVA Acquisition Corp. Class A 17,610 171,521 
Data Knights Acquisition Corp. Class A 2,020 20,392 
Decarbonization Plus Acquisition Corp. III Class A 30,710 365,142 
DHB Capital Corp. 1,028 9,972 
DHC Acquisition Corp. 8,014 78,297 
DiamondHead Holdings Corp. 17,651 172,980 
Digital Transformation Opportunities Corp. 2,055 20,036 
Digital World Acquisition Corp. (b) 16,080 665,551 
Dragoneer Growth Opportunities Corp. III 52,306 522,014 
Duddell Street Acquisition Corp. Class A 15,055 149,045 
Dune Acquisition Corp. 29,372 291,370 
Dynamics Special Purpose Corp. 34,157 337,471 
E.Merge Technology Acquisition Corp. Class A (a) 80,181 788,179 
East Resources Acquisition Co. (a) 8,051 79,705 
Edify Acquisition Corp. 21,442 209,060 
Edoc Acquisition Corp. Class A 445 4,535 
EdtechX Holdings Acquisition Corp. II 600 5,988 
EJF Acquisition Corp. Class A (b) 4,809 47,898 
Environmental Impact Acquisition Corp. Class A 18,521 184,284 
Epiphany Technology Acquisition Corp. Class A 27,590 269,830 
European Sustainable Growth Acquisition Corp. Class A 3,032 30,441 
Evo Acquisition Corp. Class A 4,736 46,318 
Fifth Wall Acquisition Corp. III Class A 52,330 517,544 
FinServ Acquisition Corp. II Class A 1,027 10,003 
First Reserve Sustainable Growth Corp. (b) 1,031 10,228 
FlexShopper, Inc. (a) 5,973 15,112 
Foresight Acquisition Corp. Class A (b) 63,132 621,219 
Fortistar Sustainable Solution Corp. Class A 18,237 178,358 
FoxWayne Enterprises Acquisition Corp. Class A 2,038 20,217 
Frazier Lifesciences Acquisition Corp. Class A 5,931 57,946 
FTAC Athena Acquisition Corp. Class A 4,197 41,760 
FTAC Hera Acquisition Corp. 23,195 227,775 
Gaming & Hospitality Acquisition Corp. 564 5,516 
GigInternational1, Inc. 1,949 19,354 
Glenfarne Merger Corp. 1,027 10,106 
Global Partner Acquisition Corp. II Class A 7,062 68,890 
Global Synergy Acquisition Corp. Class A 13,599 134,086 
Globis Acquisition Corp. 7,932 80,113 
Goal Acquisitions Corp. 28,893 282,285 
Gobi Acquisition Corp. Class A 4,288 41,508 
Gores Guggenheim, Inc. Class A (b) 43,100 580,126 
Gores Holdings VII, Inc. Class A 19,925 196,261 
Gores Metropoulos II, Inc. (b) 28,128 279,311 
Group Nine Acquisition Corp. Class A 15,955 155,083 
Growth Capital Acquisition Corp. (b) 8,754 87,277 
GWG Holdings, Inc. (a)(b) 13,560 115,396 
GX Acquisition Corp. II 1,289 12,568 
Hamilton Lane Alliance Holdings I, Inc. 7,716 75,462 
Health Sciences Acquisitions Corp. 2 (a) 10,388 102,530 
Healthcare Capital Corp. Class A (b) 4,380 43,493 
Healthcare Services Acquisition Corp. 73,043 714,361 
HealthCor Catalio Acquisition Corp. 11,300 112,774 
Helix Acquisition Corp. (a) 1,755 17,427 
Hennessy Capital Investment Corp. V Class A 57,321 563,465 
Hudson Capital, Inc. (a)(b) 16,721 36,619 
Hudson Executive Investment Corp. II 5,319 52,126 
HumanCo Acquisition Corp. 23,623 233,631 
INSU Acquisition Corp. III 14,245 139,174 
Iron Spark I, Inc. Class A 49,315 494,136 
ITHAX Acquisition Corp. 11,918 116,320 
Jack Creek Investment Corp. (a) 6,844 66,934 
Kadem Sustainable Impact Corp. Class A 1,430 13,900 
Khosla Ventures Acquisition Co. III 58,924 585,115 
Kismet Acquisition Three Corp. (b) 3,147 30,652 
KludeIn I Acquisition Corp. 13,003 128,080 
L Catterton Asia Acquisition Corp. Class A 9,424 91,978 
Landcadia Holdings IV, Inc. Class A 21,116 207,359 
Lazard Growth Acquisition Corp. I 28,325 277,019 
LDH Growth Corp. I Class A 6,968 68,426 
Lefteris Acquisition Corp. (a) 2,281 22,399 
Lerer Hippeau Acquisition Corp. Class A (b) 44,740 437,557 
Levere Holdings Corp. Class A 5,616 55,261 
Liberty Media Acquisition Corp. 44,581 456,955 
LightJump Acquisition Corp. 1,028 10,136 
Lionheart Acquisition Corp. II Class A (a) 14,587 145,432 
LM Funding America, Inc. (a)(b) 6,078 32,092 
LMF Acquisition Opportunities, Inc. 1,152 11,589 
Lux Health Tech Acquisition Corp. 42,873 422,299 
Malacca Straits Acquisition Co. Ltd. Class A (a) 6,813 68,062 
Mallard Acquisition Corp. (b) 2,022 20,200 
Maquia Capital Acquisition Corp. Class A 18,767 188,608 
Marlin Business Services Corp. 10,171 233,424 
Marlin Technology Corp. 24,047 234,939 
MCAP Acquisition Corp. Class A 12,198 121,492 
Medicus Sciences Acquisition Corp. Class A 6,279 60,969 
MedTech Acquisition Corp. Class A (b) 18,606 185,502 
Merida Merger Corp. I (a) 2,396 23,984 
Monument Circle Acquisition Corp. Class A 14,950 146,510 
Moringa Acquisition Corp. Class A 2,471 24,092 
MSD Acquisition Corp. Class A 20,336 201,326 
Mudrick Capital Acquisition Corp. II Class A (b) 19,128 190,706 
Natural Order Acquisition Corp. 23,611 232,332 
New Vista Acquisition Corp. 3,101 30,235 
Newbury Street Acquisition Corp. 3,186 30,968 
NextGen Acquisition Corp. II Class A 48,111 489,289 
NightDragon Acquisition Corp. 3,733 36,639 
Noble Rock Acquisition Corp. Class A 10,316 100,684 
Nocturne Acquisition Corp. 2,352 23,496 
North Atlantic Acquisition Corp. Class A 14,984 146,544 
OCA Acquisition Corp. Class A 510 5,069 
One Equity Partners Open Water I Corp. 5,411 52,487 
Orion Acquisition Corp. Class A 1,325 12,892 
OTR Acquisition Corp. Class A 4,547 45,879 
Oyster Enterprises Acquisition Corp. Class A 3,490 34,237 
Plum Acquisition Corp. I Class A 4,379 42,564 
Population Health Investment Co., Inc. 12,972 126,996 
Power & Digital Infrastructure Acquisition I Corp. 10,744 137,308 
Powered Brands Class A 7,352 71,756 
Priveterra Acquisition Corp. 7,692 75,151 
Property Solutions Acquisition Corp. II Class A 2,457 24,005 
PropTech Investment Corp. II 12,250 119,070 
Prospector Capital Corp. Class A 28,382 277,576 
Provident Acquisition Corp. Class A 17,899 175,052 
PWP Forward Acquisition Corp. I Class A 3,063 29,956 
Queen's Gambit Growth Capital Class A 22,172 220,390 
Research Alliance Corp. II 7,944 77,295 
Revolution Healthcare Acquisition Corp. 16,274 159,160 
RMG Acquisition Corp. III Class A 18,418 180,312 
Roman DBDR Tech Acquisition Corp. 50,906 517,714 
Rosecliff Acquisition Corp. I 1,036 10,246 
Roth CH Acquisition III Co. 22,514 224,465 
RXR Acquisition Corp. 4,207 41,060 
Science Strategic Acquisition Corp. Alpha 4,469 43,886 
ScION Tech Growth I Class A 57,249 559,895 
SCP & CO Healthcare Acquisition Co. 1,036 10,101 
Seven Oaks Acquisition Corp. Class A 66,335 663,350 
Silver Crest Acquisition Corp. 6,196 60,845 
Silver Spike Acquisition Corp. II Class A 5,656 55,316 
Slam Corp. 8,240 80,093 
Social Capital Suvretta Holdings Corp. I 2,008 19,960 
Social Capital Suvretta Holdings Corp. II (b) 2,016 20,059 
Social Capital Suvretta Holdings Corp. III 2,016 19,898 
Social Capital Suvretta Holdings Corp. IV 2,024 19,997 
Sports Ventures Acquisition Corp. Class A 15,350 150,123 
SportsTek Acquisition Corp. Class A 4,954 48,351 
Spring Valley Acquisition Corp. (b) 10,813 107,697 
Sustainable Development Acquisition I Corp. Class A 18,971 185,916 
SVF Investment Corp. 43,423 437,270 
SWK Holdings Corp. (a)(b) 5,279 100,407 
Tastemaker Acquisition Corp. Class A 21,074 207,579 
Tech and Energy Transition Corp. Class A 4,497 43,801 
Tekkorp Digital Acquisition Corp. (a) 21,539 212,159 
Thayer Ventures Acquisition Corp. 14,243 144,709 
The Oncology Institute, Inc. (a) 3,048 19,782 
Thimble Point Acquisition Corp. Class A (b) 8,998 85,031 
Thunder Bridge Capital Partners III, Inc. Class A 14,275 139,752 
Tishman Speyer Innovation Corp. II 3,639 35,517 
Tribe Capital Growth Corp. I Class A 1,031 10,042 
Tuatara Capital Acquisition Corp. 11,671 115,543 
Turmeric Acquisition Corp. 3,212 31,413 
Tuscan Holdings Corp. II (a) 37,333 378,930 
TZP Strategies Acquisition Corp. 4,358 42,665 
VectoIQ Acquisition Corp. II 21,822 213,419 
Vector Acquisition Corp. II Class A 86,388 850,922 
Ventoux CCM Acquisition Corp. 11,540 115,400 
Venus Acquisition Corp. 2,403 24,174 
Vickers Vantage Corp. I 10,324 103,859 
VPC Impact Acquisition Holding II Class A (b) 7,166 70,800 
Waldencast Acquisition Corp. 1,025 10,189 
Yellowstone Acquisition Co. 12,334 124,943 
Z-Work Acquisition Corp. Class A 3,290 32,143 
Zanite Acquisition Corp. 28,569 289,975 
  31,654,387 
Insurance - 0.6%   
American National Group, Inc. 14,592 2,761,536 
Amerisafe, Inc. 9,587 508,974 
Arch Capital Group Ltd. (a) 224,348 9,059,172 
Atlantic American Corp. (b) 8,809 33,915 
Brighthouse Financial, Inc. (a) 49,177 2,390,494 
BRP Group, Inc. (a) 28,126 1,041,787 
Cincinnati Financial Corp. 89,121 10,150,882 
Conifer Holdings, Inc. (a) 3,312 7,916 
Donegal Group, Inc. Class A 18,229 247,914 
eHealth, Inc. (a) 14,424 318,482 
Enstar Group Ltd. (a) 10,255 2,287,891 
Erie Indemnity Co. Class A 25,749 4,784,422 
Fanhua, Inc. ADR (b) 18,931 242,317 
Fednat Holding Co. 5,734 8,830 
FG Financial Group, Inc. (a)(b) 3,213 11,246 
Global Indemnity Group LLC Class A 7,184 186,784 
GoHealth, Inc. (a) 2,854 10,103 
Goosehead Insurance 10,135 1,330,928 
Greenlight Capital Re, Ltd. (a) 7,844 53,025 
Hallmark Financial Services, Inc. (a) 8,243 32,972 
Health Assurance Acquisition Corp. 57,066 560,388 
International General Insurance Holdings Ltd. 24,436 192,556 
Investors Title Co. 1,165 251,640 
James River Group Holdings Ltd. 23,911 632,207 
Kingstone Companies, Inc. 5,340 26,273 
Kinsale Capital Group, Inc. 12,932 2,689,856 
Maiden Holdings Ltd. (a) 52,310 156,930 
MetroMile, Inc. (a) 212,292 539,222 
Midwest Holding, Inc. 1,575 24,098 
National Western Life Group, Inc. 1,743 354,962 
NI Holdings, Inc. (a) 13,483 249,975 
Oxbridge Re Holdings Ltd. (a) 5,511 24,028 
Palomar Holdings, Inc. (a) 14,396 1,052,060 
Principal Financial Group, Inc. 150,471 10,319,301 
Safety Insurance Group, Inc. 8,823 681,753 
Selective Insurance Group, Inc. 32,232 2,434,805 
Sirius International Insurance rights 3/1/23 (a)(c) 58,865 215,770 
State Auto Financial Corp. 24,058 1,238,025 
Tian Ruixiang Holdings Ltd. 1,504 3,249 
Tiptree, Inc. 21,813 284,223 
Trean Insurance Group, Inc. (a) 28,354 238,457 
Trupanion, Inc. (a) 22,228 2,741,157 
Unico American Corp. (a) 851 2,689 
United Fire Group, Inc. 8,472 177,234 
United Insurance Holdings Corp. 1,147 4,737 
Vericity, Inc. 6,650 54,331 
Willis Towers Watson PLC 71,539 16,156,368 
  76,775,884 
Mortgage Real Estate Investment Trusts - 0.0%   
AGNC Investment Corp. 298,775 4,568,270 
Manhattan Bridge Capital, Inc. 8,746 48,540 
New York Mortgage Trust, Inc. 215,859 805,154 
  5,421,964 
Thrifts & Mortgage Finance - 0.2%   
1895 Bancorp of Wisconsin, Inc. 3,059 33,037 
America First Tax Exempt Investors LP 39,141 248,154 
Blue Foundry Bancorp 14,520 211,556 
Bogota Financial Corp. (a)(b) 8,810 89,157 
Bridgewater Bancshares, Inc. (a) 11,181 191,083 
Broadway Financial Corp. (a) 16,771 44,275 
Capitol Federal Financial, Inc. 85,642 972,893 
Carver Bancorp, Inc. (a) 7,032 82,485 
Columbia Financial, Inc. (a) 65,632 1,197,128 
Cullman Bancorp, Inc. (b) 1,695 20,899 
Enact Holdings, Inc. 86,100 1,787,436 
FS Bancorp, Inc. 6,150 199,629 
GigCapital4, Inc. (b) 61,958 619,580 
Greene County Bancorp, Inc. 4,298 145,272 
Guaranty Federal Bancshares, Inc. 453 14,333 
Hingham Institution for Savings 1,454 567,932 
HMN Financial, Inc. (a) 3,382 80,593 
Home Bancorp, Inc. 7,434 300,631 
Home Point Capital, Inc. (b) 64,166 247,039 
Kearny Financial Corp. 54,137 688,081 
Luther Burbank Corp. 20,688 285,288 
Magyar Bancorp, Inc. 3,540 42,480 
Merchants Bancorp 14,760 673,204 
Mr. Cooper Group, Inc. (a) 46,844 1,839,564 
NMI Holdings, Inc. (a) 48,402 948,679 
Northeast Community Bancorp, Inc. 1,901 21,006 
Northfield Bancorp, Inc. 31,683 533,859 
Northwest Bancshares, Inc. 81,605 1,083,714 
Oconee Federal Financial Corp. (b) 878 20,229 
OP Bancorp 3,399 46,226 
PB Bankshares, Inc. 871 11,924 
PCSB Financial Corp. 16,016 291,491 
PDL Community Bancorp (a) 9,355 140,699 
Pioneer Bancorp, Inc. (a) 10,879 135,770 
Premier Financial Corp. 24,001 705,629 
Provident Bancorp, Inc. 14,544 263,392 
Prudential Bancorp, Inc. (b) 6,449 91,963 
Randolph Bancorp, Inc. 3,346 79,969 
Riverview Bancorp, Inc. 15,015 111,561 
Security National Financial Corp. Class A 7,403 65,961 
Southern Missouri Bancorp, Inc. 6,368 340,115 
Sterling Bancorp, Inc. (a) 23,636 127,398 
TC Bancshares, Inc. (b) 3,351 44,903 
Territorial Bancorp, Inc. 4,189 105,479 
TFS Financial Corp. 158,932 2,860,776 
Timberland Bancorp, Inc. 5,704 157,373 
Trustco Bank Corp., New York 10,680 348,809 
Washington Federal, Inc. 41,513 1,348,757 
Waterstone Financial, Inc. 16,746 347,480 
Western New England Bancorp, Inc. 19,217 169,302 
William Penn Bancorp, Inc. 6,289 76,097 
WSFS Financial Corp. 28,977 1,440,736 
  22,501,026 
TOTAL FINANCIALS  626,594,478 
HEALTH CARE - 8.6%   
Biotechnology - 4.6%   
180 Life Sciences Corp. (a)(b) 16,870 107,631 
2seventy bio, Inc. 1,891 49,809 
4D Molecular Therapeutics, Inc. (b) 6,289 144,647 
89Bio, Inc. (a)(b) 20,110 265,653 
Aadi Bioscience, Inc. (a) 1,494 32,106 
Aadi Bioscience, Inc. rights (a)(c) 22,410 448 
Abcam PLC ADR (a) 11,087 251,231 
Abeona Therapeutics, Inc. (a)(b) 85,883 59,173 
AC Immune SA (a)(b) 37,118 190,415 
ACADIA Pharmaceuticals, Inc. (a) 158,537 3,043,910 
Achieve Life Sciences, Inc. (a)(b) 10,358 74,578 
Achilles Therapeutics PLC ADR (b) 17,591 89,714 
Acorda Therapeutics, Inc. (a)(b) 6,110 15,886 
Acumen Pharmaceuticals, Inc. 21,758 171,888 
Acurx Pharmaceuticals, Inc. (b) 8,683 41,852 
Adagene, Inc. ADR 4,551 37,409 
Adagio Theraputics, Inc. (b) 44,890 2,111,626 
Adamas Pharmaceuticals, Inc.:   
rights (a)(c) 26,195 1,572 
rights (a)(c) 26,195 1,572 
Adaptimmune Therapeutics PLC sponsored ADR (a) 72,769 301,991 
Adicet Bio, Inc. (a) 16,194 172,304 
Adicet Bio, Inc. rights (a)(c) 3,438 0 
Aditxt, Inc. (a)(b) 88,924 104,041 
ADMA Biologics, Inc. (a)(b) 73,977 102,088 
Advaxis, Inc. (a)(b) 132,082 48,870 
Adverum Biotechnologies, Inc. (a) 11,628 20,233 
Aeglea BioTherapeutics, Inc. (a) 27,375 170,820 
Aerovate Therapeutics, Inc. (b) 13,597 186,415 
Aeterna Zentaris, Inc. (a)(b) 91,492 43,477 
Affimed NV (a) 64,697 441,234 
Agenus, Inc. (a) 122,707 386,527 
Agios Pharmaceuticals, Inc. (a) 36,284 1,292,436 
Aikido Pharma, Inc. (a)(b) 77,209 57,135 
Aileron Therapeutics, Inc. (a) 80,786 49,837 
Akebia Therapeutics, Inc. (a) 81,930 222,030 
Akero Therapeutics, Inc. (a)(b) 19,689 418,588 
Akouos, Inc. (a)(b) 29,082 223,641 
Albireo Pharma, Inc. (a) 10,788 258,804 
Aldeyra Therapeutics, Inc. (a) 30,129 231,089 
Alector, Inc. (a) 43,832 905,131 
Aligos Therapeutics, Inc. (a)(b) 30,622 469,129 
Alkermes PLC (a) 85,965 1,884,353 
Allakos, Inc. (a) 29,236 2,290,641 
Allena Pharmaceuticals, Inc. (a)(b) 79,230 53,924 
Allogene Therapeutics, Inc. (a)(b) 79,583 1,471,490 
Allovir, Inc. (a)(b) 36,743 641,533 
Alnylam Pharmaceuticals, Inc. (a) 65,197 11,983,209 
Alpine Immune Sciences, Inc. (a)(b) 16,822 182,182 
Alterity Therapeutics Ltd. ADR (a)(b) 12,128 11,883 
Altimmune, Inc. (a) 48,202 505,639 
ALX Oncology Holdings, Inc. (a) 22,323 717,908 
Amarin Corp. PLC ADR (a)(b) 214,385 771,786 
Amgen, Inc. 318,827 63,408,314 
Amicus Therapeutics, Inc. (a) 268,763 2,878,452 
AnaptysBio, Inc. (a) 15,023 485,994 
Anavex Life Sciences Corp. (a) 41,216 799,590 
Anika Therapeutics, Inc. (a) 7,769 304,001 
Anixa Biosciences, Inc. (a) 24,102 87,731 
Annexon, Inc. (a) 20,751 338,034 
AnPac Bio-Medical Science Co. Ltd. ADR (a) 4,794 8,054 
Apellis Pharmaceuticals, Inc. (a) 44,582 1,876,011 
Applied Genetic Technologies Corp. (a) 30,636 66,480 
Applied Molecular Transport, Inc. (a) 20,993 356,881 
Applied Therapeutics, Inc. (a) 23,060 264,729 
Aprea Therapeutics, Inc. (a)(b) 54,775 221,291 
Aptevo Therapeutics, Inc. (a)(b) 4,393 43,754 
Aptinyx, Inc. (a) 71,538 164,537 
Aptorum Group Ltd. (a) 24,136 45,617 
Aptose Biosciences, Inc. (a) 32,455 71,401 
AquaBounty Technologies, Inc. (a) 39,718 104,061 
AquaMed Technologies, Inc. (a)(c) 19,156 0 
Aravive, Inc. (a)(b) 17,702 57,000 
Arbutus Biopharma Corp. (a) 61,977 198,326 
ARCA Biopharma, Inc. (a)(b) 25,116 59,274 
Arcturus Therapeutics Holdings, Inc. (a)(b) 14,340 570,015 
Arcutis Biotherapeutics, Inc. (a) 27,809 460,795 
Ardelyx, Inc. (a) 7,211 8,221 
Arena Pharmaceuticals, Inc. (a) 71,107 3,874,620 
Argenx SE ADR (a) 15,908 4,441,673 
Aridis Pharmaceuticals, Inc. (a) 6,013 13,589 
Arrowhead Pharmaceuticals, Inc. (a) 57,837 4,051,482 
Ascendis Pharma A/S sponsored ADR (a) 29,581 4,053,189 
Aslan Pharmaceuticals Ltd. ADR (a) 39,841 57,371 
Assembly Biosciences, Inc. (a) 29,090 66,907 
Astria Therapeutics, Inc. (a) 35,459 225,519 
Atara Biotherapeutics, Inc. (a) 45,129 807,358 
Athersys, Inc. (a)(b) 129,595 137,371 
Atossa Therapeutics, Inc. (a) 65,687 149,109 
aTyr Pharma, Inc. (a)(b) 16,950 141,363 
Aurinia Pharmaceuticals, Inc. (a)(b) 70,118 1,321,023 
Autolus Therapeutics PLC ADR (a)(b) 198,485 1,276,259 
Avalo Therapeutics, Inc. (a) 54,570 109,140 
AVEO Pharmaceuticals, Inc. (a) 19,123 120,284 
Avid Bioservices, Inc. (a) 33,787 1,032,531 
Avidity Biosciences, Inc. (a) 36,339 811,450 
Avita Medical, Inc. (a) 12,445 171,243 
AVROBIO, Inc. (a) 1,470 5,645 
Axcella Health, Inc. (a) 23,744 69,332 
Ayala Pharmaceuticals, Inc. (a)(b) 8,757 83,192 
Aziyo Biologics, Inc. (a)(b) 1,842 9,247 
Beam Therapeutics, Inc. (a)(b) 35,411 2,802,781 
BeiGene Ltd. ADR (a) 27,822 9,668,980 
Bellicum Pharmaceuticals, Inc. (a)(b) 22,867 39,789 
BELLUS Health, Inc. (a) 56,818 339,203 
Benitec Biopharma, Inc. (a) 11,813 36,148 
BeyondSpring, Inc. (a)(b) 20,183 257,737 
Bicycle Therapeutics PLC ADR (a) 9,880 531,050 
Bio Path Holdings, Inc. (a) 15,100 66,893 
BioAtla, Inc. 17,439 440,335 
BioCardia, Inc. (a) 7,220 14,801 
Biocept, Inc. (a) 5,682 22,444 
BioCryst Pharmaceuticals, Inc. (a)(b) 100,594 1,213,164 
Biogen, Inc. (a) 83,588 19,705,035 
BioLine RX Ltd. sponsored ADR (a)(b) 32,026 84,228 
BioMarin Pharmaceutical, Inc. (a) 101,825 8,786,479 
Biomea Fusion, Inc. 14,338 173,060 
BioNTech SE ADR (a) 45,062 15,850,108 
BioVie, Inc. (a)(b) 2,545 16,390 
BioXcel Therapeutics, Inc. (a)(b) 13,010 298,319 
bluebird bio, Inc. (a) 106,368 1,075,380 
Blueprint Medicines Corp. (a) 32,675 3,143,335 
Bolt Biotherapeutics, Inc. (b) 22,537 208,918 
BrainStorm Cell Therpeutic, Inc. (a)(b) 23,733 90,185 
BriaCell Therapeutics Corp. (a)(b) 32,089 315,756 
Brickell Biotech, Inc. (a)(b) 104,535 32,197 
BridgeBio Pharma, Inc. (a)(b) 83,452 3,379,806 
Burning Rock Biotech Ltd. ADR (a) 8,133 125,736 
C4 Therapeutics, Inc. (a) 24,762 919,165 
Cabaletta Bio, Inc. (a) 14,388 166,613 
Calithera Biosciences, Inc. (a) 23,558 19,497 
Calyxt, Inc. (a) 21,320 61,402 
Candel Therapeutics, Inc. (b) 5,148 53,333 
Capricor Therapeutics, Inc. (a)(b) 16,945 57,105 
Cardiff Oncology, Inc. (a)(b) 11,556 64,945 
CareDx, Inc. (a) 28,929 1,247,997 
Caribou Biosciences, Inc. 29,872 555,320 
CASI Pharmaceuticals, Inc. (a) 222,212 199,102 
Catalyst Biosciences, Inc. (a) 25,124 30,149 
Catalyst Pharmaceutical Partners, Inc. (a) 54,980 384,860 
Celcuity, Inc. (a) 9,722 146,802 
Celldex Therapeutics, Inc. (a) 25,225 961,073 
Cellectar Biosciences, Inc. (a) 59,420 41,059 
Cellectis SA sponsored ADR (a)(b) 10,776 92,889 
Celsion Corp. (a) 65,520 50,398 
Celularity, Inc. Class A (a)(b) 66,554 428,608 
Centogene NV (a)(b) 11,156 74,187 
Century Therapeutics, Inc. (b) 30,206 577,237 
Cerevel Therapeutics Holdings (a) 75,724 2,361,832 
Checkmate Pharmaceuticals, Inc. (a) 10,139 37,007 
Checkpoint Therapeutics, Inc. (a)(b) 44,383 131,374 
ChemoCentryx, Inc. (a) 56,751 2,058,926 
Chemomab Therapeutics Ltd. ADR (a)(b) 11,737 108,567 
Chimerix, Inc. (a) 52,138 327,948 
Chinook Therapeutics, Inc. (a) 24,522 392,597 
Chinook Therapeutics, Inc. rights (a)(c) 11,497 575 
Cidara Therapeutics, Inc. (a) 42,629 63,517 
Clementia Pharmaceuticals, Inc. rights (a)(c) 21,066 28,439 
Clene, Inc. (b) 32,147 182,916 
Clovis Oncology, Inc. (a)(b) 58,413 184,585 
Codiak Biosciences, Inc. (a) 11,862 151,241 
Cogent Biosciences, Inc. (a) 26,227 207,718 
Cogent Biosciences, Inc. rights (a)(c) 12,548 0 
CohBar, Inc. (a) 107,739 52,738 
Coherus BioSciences, Inc. (a) 43,446 806,792 
Collplant Biotechnologies Ltd. (a) 5,925 102,858 
Compass Pathways PLC ADR (a) 9,295 308,594 
Concert Pharmaceuticals, Inc. (a)(b) 15,132 51,146 
Connect Biopharma Holdings Ltd. ADR 4,958 21,567 
ContraFect Corp. (a)(b) 24,369 83,098 
Corbus Pharmaceuticals Holdings, Inc. (a) 65,054 56,174 
Corvus Pharmaceuticals, Inc. (a) 27,371 93,335 
Crinetics Pharmaceuticals, Inc. (a) 20,279 554,022 
CRISPR Therapeutics AG (a)(b) 42,155 3,368,185 
CTI BioPharma Corp. (a)(b) 70,768 159,228 
Cue Biopharma, Inc. (a) 38,953 477,564 
Cullinan Oncology, Inc. 8,707 156,726 
CureVac NV (a)(b) 95,980 4,628,156 
Curis, Inc. (a) 54,553 266,219 
Cyclacel Pharmaceuticals, Inc. (a)(b) 10,654 38,141 
Cyclerion Therapeutics, Inc. (a) 50,166 109,362 
Cyclo Therapeutics, Inc. (a)(b) 5,508 29,688 
Cytokinetics, Inc. (a)(b) 43,218 1,700,196 
CytomX Therapeutics, Inc. (a) 30,189 199,549 
Day One Biopharmaceuticals, Inc. (b) 34,935 641,756 
DBV Technologies SA sponsored ADR (a)(b) 23,666 70,998 
Decibel Therapeutics, Inc. 8,575 59,168 
Denali Therapeutics, Inc. (a) 64,479 2,982,799 
DermTech, Inc. (a)(b) 10,120 203,210 
Design Therapeutics, Inc. (b) 15,262 255,486 
DiaMedica Therapeutics, Inc. (a) 42,740 159,848 
Dicerna Pharmaceuticals, Inc. (a) 46,045 1,750,170 
Diffusion Pharmaceuticals, Inc. (a) 118,257 43,767 
Dyadic International, Inc. (a)(b) 48,866 183,736 
Dynavax Technologies Corp. (a)(b) 63,663 1,028,157 
Dyne Therapeutics, Inc. (a) 27,351 388,658 
Eagle Pharmaceuticals, Inc. (a)(b) 6,544 312,018 
Edesa Biotech, Inc. (a)(b) 16,757 105,904 
Editas Medicine, Inc. (a)(b) 38,353 1,252,609 
Effector Therapeutics, Inc. Class A (b) 24,005 157,953 
Eiger Biopharmaceuticals, Inc. (a) 23,309 143,350 
Eledon Pharmaceuticals, Inc. (a) 10,482 51,257 
Elevation Oncology, Inc. (b) 12,156 78,892 
Eliem Therapeutics, Inc. 12,817 184,437 
Enanta Pharmaceuticals, Inc. (a) 11,608 1,024,754 
Enlivex Therapeutics Ltd. (a)(b) 10,420 72,940 
Enochian Biosciences, Inc. (a)(b) 25,710 322,661 
Ensysce Biosciences, Inc. (a)(b) 54,930 86,789 
Entasis Therapeutics Holdings, Inc. (a)(b) 32,026 82,627 
Entera Bio Ltd. (a)(b) 17,597 58,774 
Epizyme, Inc. (a)(b) 18,928 61,895 
Equillium, Inc. (a) 18,701 96,871 
Erasca, Inc. (b) 63,320 897,244 
Essa Pharma, Inc. (a) 15,886 212,237 
Evaxion Biotech A/S ADR 2,428 11,314 
Evelo Biosciences, Inc. (a)(b) 28,905 249,161 
Evogene Ltd. (a)(b) 59,007 117,424 
Exact Sciences Corp. (a)(b) 95,226 8,129,444 
Exagen, Inc. (a) 8,533 87,719 
Exelixis, Inc. (a) 173,130 2,906,853 
Exicure, Inc. (a) 61,235 28,713 
F-star Therapeutics, Inc. (a) 12,945 66,537 
F-star Therapeutics, Inc.:   
rights (a)(c) 1,855 0 
rights (a)(c) 1,855 0 
Fate Therapeutics, Inc. (a) 48,733 2,680,802 
Fennec Pharmaceuticals, Inc. (a) 19,507 85,636 
FibroGen, Inc. (a) 79,636 996,246 
Finch Therapeutics Group, Inc. 25,491 423,660 
Flexion Therapeutics, Inc. rights (a)(c) 69,500 43,090 
Foghorn Therapeutics, Inc. (a)(b) 20,484 237,000 
Forma Therapeutics Holdings, Inc. (a) 5,420 78,536 
Fortress Biotech, Inc. (a) 60,011 171,031 
Forward Pharma A/S sponsored ADR (a) 4,735 30,730 
Frequency Therapeutics, Inc. (a)(b) 4,422 22,552 
Fusion Pharmaceuticals, Inc. (a) 25,136 145,789 
G1 Therapeutics, Inc. (a)(b) 21,859 281,981 
Gain Therapeutics, Inc. 5,115 37,033 
Galapagos NV sponsored ADR (a) 4,022 195,389 
Galectin Therapeutics, Inc. (a) 67,748 178,177 
Galecto, Inc. (a) 6,022 16,982 
Galera Therapeutics, Inc. (a)(b) 15,248 20,127 
Galmed Pharmaceuticals Ltd. (a)(b) 27,177 68,486 
Gamida Cell Ltd. (a) 12,700 32,512 
Gemini Therapeutics, Inc. (a)(b) 1,024 2,826 
Generation Bio Co. (a) 30,848 529,660 
Genetron Holdings Ltd. ADR (a) 12,262 110,848 
Genfit ADR (a)(b) 3,215 10,449 
Genmab A/S ADR (a) 26,826 1,033,338 
Genocea Biosciences, Inc. (a)(b) 37,574 50,725 
Genprex, Inc. (a) 35,156 50,976 
GeoVax Labs, Inc. (a)(b) 6,138 25,350 
Geron Corp. (a) 182,189 269,640 
Gilead Sciences, Inc. 695,283 47,925,857 
Global Blood Therapeutics, Inc. (a) 34,207 966,690 
GlycoMimetics, Inc. (a) 30,238 51,102 
Gossamer Bio, Inc. (a)(b) 44,064 477,654 
Gracell Biotechnologies, Inc. ADR 6,579 50,921 
Graphite Bio, Inc. (b) 20,884 188,374 
Greenwich Lifesciences, Inc. (a) 7,220 226,925 
Grifols SA ADR 66,711 715,809 
Gritstone Bio, Inc. (a) 27,675 365,310 
Gt Biopharma, Inc. (a)(b) 30,673 124,839 
Halozyme Therapeutics, Inc. (a) 79,102 2,600,874 
Harpoon Therapeutics, Inc. (a) 14,671 90,080 
HCW Biologics, Inc. (b) 21,362 61,309 
Heat Biologics, Inc. (a)(b) 15,896 71,373 
Heron Therapeutics, Inc. (a)(b) 165,681 1,565,685 
Histogen, Inc. (a)(b) 52,234 25,072 
Homology Medicines, Inc. (a)(b) 17,826 90,021 
Hookipa Pharma, Inc. (a)(b) 14,947 48,279 
Horizon Therapeutics PLC (a) 124,793 12,948,522 
Humacyte, Inc. Class A (b) 30,932 334,994 
Humanigen, Inc. (a)(b) 28,705 173,952 
I-Mab ADR (a) 24,064 1,454,909 
Icosavax, Inc. 9,944 210,415 
Ideaya Biosciences, Inc. (a)(b) 20,579 452,738 
IGM Biosciences, Inc. (a)(b) 14,073 702,524 
Imago BioSciences, Inc. (b) 9,525 213,074 
Immatics NV (a)(b) 33,359 379,292 
Immucell Corp. (a) 2,008 18,092 
Immuneering Corp. (b) 5,131 116,115 
Immunic, Inc. (a) 24,307 207,339 
ImmunityBio, Inc. (a)(b) 174,040 1,355,772 
Immunocore Holdings PLC ADR 5,997 215,832 
ImmunoGen, Inc. (a) 109,546 675,899 
Immunome, Inc. (a)(b) 5,950 112,753 
Immunovant, Inc. (a) 8,231 63,379 
Immutep Ltd. ADR (a)(b) 18,722 64,216 
Impel Neuropharma, Inc. (b) 11,977 110,667 
IMV, Inc. (a)(b) 38,325 57,871 
In8bio, Inc. 2,695 15,793 
Incyte Corp. (a) 118,774 8,043,375 
Indaptus Therapeutics, Inc. 14,122 84,026 
Infinity Pharmaceuticals, Inc. (a) 53,051 115,121 
InflaRx NV (a)(b) 18,991 95,145 
Inhibikase Therapeutics, Inc. (b) 16,282 32,564 
Inhibrx, Inc. (a) 21,784 880,727 
Inmune Bio, Inc. (a) 18,920 243,122 
Inovio Pharmaceuticals, Inc. (a)(b) 74,049 536,115 
Inozyme Pharma, Inc. (a) 11,828 93,914 
Insmed, Inc. (a)(b) 69,063 1,900,614 
Instil Bio, Inc. (b) 70,420 1,547,832 
Intellia Therapeutics, Inc. (a) 40,263 4,630,648 
Intercept Pharmaceuticals, Inc. (a)(b) 18,707 321,947 
Inventiva SA ADR (a)(b) 2,231 29,784 
Ionis Pharmaceuticals, Inc. (a) 58,492 1,550,038 
Iovance Biotherapeutics, Inc. (a) 156,568 2,930,953 
Ironwood Pharmaceuticals, Inc. Class A (a) 94,574 1,048,826 
iTeos Therapeutics, Inc. (a) 19,095 674,054 
Iveric Bio, Inc. (a) 57,163 835,723 
Janux Therapeutics, Inc. (b) 22,017 391,462 
Jasper Therapeutics, Inc. (a)(b) 696 5,707 
Jounce Therapeutics, Inc. (a) 24,576 188,498 
Kalvista Pharmaceuticals, Inc. (a) 28,668 415,686 
Kamada (a)(b) 25,878 161,220 
Karuna Therapeutics, Inc. (a)(b) 17,454 2,232,367 
Karyopharm Therapeutics, Inc. (a)(b) 168,900 1,173,855 
Kazia Therapeutics Ltd. sponsored ADR (a)(b) 4,948 49,579 
Keros Therapeutics, Inc. (a) 12,482 696,371 
Kezar Life Sciences, Inc. (a) 28,429 394,026 
Kiniksa Pharmaceuticals Ltd. (a) 21,394 248,598 
Kinnate Biopharma, Inc. (b) 23,511 469,750 
Kintara Therapeutics, Inc. (a)(b) 15,368 10,758 
Kiromic BioPharma, Inc. (a)(b) 36,662 97,888 
Kodiak Sciences, Inc. (a)(b) 28,274 2,596,684 
Kronos Bio, Inc. (a)(b) 31,134 367,693 
Krystal Biotech, Inc. (a) 12,300 990,765 
Kura Oncology, Inc. (a) 31,181 435,287 
Kymera Therapeutics, Inc. (a) 26,529 1,472,890 
La Jolla Pharmaceutical Co./California (a)(b) 17,647 68,823 
Lantern Pharma, Inc. (a)(b) 6,838 57,713 
Larimar Therapeutics, Inc. (a)(b) 9,372 86,129 
LAVA Therapeutics NV (b) 10,086 69,997 
Leap Therapeutics, Inc. (a)(b) 56,927 148,579 
Legend Biotech Corp. ADR (a) 15,769 812,261 
Lexicon Pharmaceuticals, Inc. (a) 78,924 361,472 
Ligand Pharmaceuticals, Inc.:   
Class B (a) 9,030 1,462,138 
General CVR (a)(c) 1,518 12 
Glucagon CVR (a) 1,518 10 
rights (a) 1,518 11 
TR Beta CVR (a)(c) 1,518 213 
Liminal BioSciences, Inc. (a)(b) 22,737 29,103 
Lixte Biotechnology Holdings, Inc. (a)(b) 25,794 41,270 
LogicBio Therapeutics, Inc. (a) 23,654 70,962 
Longeveron, Inc. (b) 5,000 131,300 
Lumos Pharma, Inc. (a) 10,037 77,887 
Lyell Immunopharma, Inc. (b) 134,126 1,280,903 
Macrogenics, Inc. (a) 33,170 583,792 
Madrigal Pharmaceuticals, Inc. (a)(b) 9,320 770,857 
Magenta Therapeutics, Inc. (a) 44,600 251,098 
MannKind Corp. (a)(b) 133,586 618,503 
Medicenna Therapeutics Corp. (a) 27,633 51,950 
MediciNova, Inc. (a)(b) 25,966 85,168 
MEI Pharma, Inc. (a) 53,702 180,976 
MeiraGTx Holdings PLC (a) 27,678 489,347 
Mereo Biopharma Group PLC ADR (a) 96,630 170,069 
Merrimack Pharmaceuticals, Inc. (a) 2,337 9,815 
Mersana Therapeutics, Inc. (a) 16,243 109,478 
Merus BV (a)(b) 20,484 532,789 
Mesoblast Ltd. sponsored ADR (a)(b) 7,548 45,665 
Midatech Pharma PLC ADR (a)(b) 7,397 10,837 
MiMedx Group, Inc. (a)(b) 60,376 423,236 
Minerva Neurosciences, Inc. (a) 48,003 46,611 
Mirati Therapeutics, Inc. (a) 25,802 3,528,940 
Mirum Pharmaceuticals, Inc. (a) 15,405 219,213 
Moderna, Inc. (a) 222,979 78,584,489 
Molecular Partners AG ADR (b) 1,070 15,066 
Molecular Templates, Inc. (a) 52,167 209,190 
Moleculin Biotech, Inc. (a)(b) 15,561 32,211 
Monopar Therapeutics, Inc. (a)(b) 13,453 60,135 
Monte Rosa Therapeutics, Inc. (b) 24,310 471,371 
Morphic Holding, Inc. (a) 19,704 939,881 
Morphosys AG sponsored ADR (a) 5,687 57,496 
Mustang Bio, Inc. (a) 45,890 92,698 
Myriad Genetics, Inc. (a) 42,298 1,093,826 
Nanobiotix SA ADR 1,588 13,546 
Natera, Inc. (a) 48,857 4,468,461 
Neoleukin Therapeutics, Inc. (a) 22,529 120,755 
Neubase Therapeutics, Inc. (a) 19,719 58,171 
Neurobo Pharmaceuticals, Inc. (a)(b) 20,686 33,304 
Neurobo Pharmaceuticals, Inc. rights (a)(c) 612 0 
Neurocrine Biosciences, Inc. (a) 52,583 4,377,535 
Neximmune, Inc. 11,947 94,381 
NextCure, Inc. (a) 15,140 94,625 
Novavax, Inc. (a)(b) 41,182 8,591,801 
Nurix Therapeutics, Inc. (a) 24,268 699,404 
Nuvalent, Inc. Class A (b) 17,115 365,063 
Nymox Pharmaceutical Corp. (a)(b) 50,678 71,963 
ObsEva SA (a)(b) 82,227 184,188 
Ocugen, Inc. (a)(b) 109,269 692,765 
Olema Pharmaceuticals, Inc. (b) 233 2,039 
Omega Therapeutics, Inc. 5,845 105,736 
OncoCyte Corp. (a) 49,349 111,035 
Oncolytics Biotech, Inc. (a) 34,659 58,574 
Oncorus, Inc. (a)(b) 5,013 27,772 
OncoSec Medical, Inc. (a) 7,356 8,680 
Oncternal Therapeutics, Inc. (a)(b) 28,548 84,217 
Oncternal Therapeutics, Inc. rights (a)(c) 4,319 0 
OpGen, Inc. (a)(b) 26,107 42,032 
Opko Health, Inc. (a)(b) 378,730 1,488,409 
Opthea Ltd. ADR (a)(b) 5,049 33,424 
Orchard Therapeutics PLC ADR (a) 9,469 12,783 
Organogenesis Holdings, Inc. Class A (a) 71,506 719,350 
Organovo Holdings, Inc. (a)(b) 6,946 33,271 
Orgenesis, Inc. (a) 14,931 46,286 
ORIC Pharmaceuticals, Inc. (a) 21,006 290,723 
Orphazyme A/S ADR (a)(b) 21,566 69,874 
Outlook Therapeutics, Inc. (a) 106,981 161,541 
Ovid Therapeutics, Inc. (a) 34,929 117,012 
Passage Bio, Inc. (a) 5,485 39,986 
PDS Biotechnology Corp. (a) 17,716 174,503 
PharmaCyte Biotech, Inc. (a)(b) 26,211 67,886 
Pharming Group NV ADR (b) 2,093 16,870 
PhaseBio Pharmaceuticals, Inc. (a)(b) 37,386 77,763 
Phio Pharmaceuticals Corp. (a) 34,287 46,630 
Pieris Pharmaceuticals, Inc. (a) 66,294 218,770 
Pluristem Therapeutics, Inc. (a)(b) 25,169 68,208 
Plus Therapeutics, Inc. (a) 133,500 201,585 
PMV Pharmaceuticals, Inc. (a)(b) 21,246 462,101 
Point Biopharma Global, Inc. (a)(b) 24,861 200,628 
Polarityte, Inc. (a)(b) 77,220 35,830 
Portage Biotech, Inc. (a) 6,935 102,153 
Poseida Therapeutics, Inc. (a) 35,266 245,099 
Praxis Precision Medicines, Inc. (a) 18,510 316,706 
Precigen, Inc. (a)(b) 56,216 221,491 
Precision BioSciences, Inc. (a) 32,101 290,835 
Prometheus Biosciences, Inc. 21,186 629,224 
ProQR Therapeutics BV (a)(b) 36,293 256,229 
Protagenic Therapeutics, Inc. (a) 20,025 37,647 
Protagonist Therapeutics, Inc. (a) 24,205 813,772 
Prothena Corp. PLC (a) 25,528 1,280,229 
PTC Therapeutics, Inc. (a) 39,121 1,453,736 
PureTech Health PLC ADR 566 24,904 
Qualigen Therapeutics, Inc. (a)(b) 48,887 71,864 
Radius Health, Inc. (a) 26,855 442,033 
Rallybio Corp. 6,148 79,125 
RAPT Therapeutics, Inc. (a) 15,878 518,417 
Recro Pharma, Inc. (a) 19,350 30,380 
Recursion Pharmaceuticals, Inc. (b) 78,100 1,493,272 
Regeneron Pharmaceuticals, Inc. (a) 58,130 37,001,489 
REGENXBIO, Inc. (a) 22,282 713,024 
Regulus Therapeutics, Inc. (a)(b) 67,351 26,099 
Relay Therapeutics, Inc. (a)(b) 85,939 2,528,325 
Reneo Pharmaceuticals, Inc. (b) 13,048 89,770 
RenovoRx, Inc. (b) 3,794 26,862 
Repare Therapeutics, Inc. (a)(b) 21,402 502,305 
Repligen Corp. (a) 30,619 8,772,344 
Replimune Group, Inc. (a) 25,355 722,364 
Revolution Medicines, Inc. (a)(b) 40,970 1,133,230 
Rezolute, Inc. (a)(b) 3,888 19,596 
Rhythm Pharmaceuticals, Inc. (a) 12,934 115,759 
Rigel Pharmaceuticals, Inc. (a)(b) 90,653 242,044 
Rocket Pharmaceuticals, Inc. (a)(b) 31,620 772,477 
Rubius Therapeutics, Inc. (a)(b) 30,786 380,515 
S.A.B. Biotherapeutics, Inc. (b) 6,967 75,871 
Sage Therapeutics, Inc. (a) 14,472 563,106 
Salarius Pharmaceuticals, Inc. (a)(b) 35,070 22,796 
Salarius Pharmaceuticals, Inc. warrants 1/20/25 (a)(b) 122,366 519 
Sana Biotechnology, Inc. (b) 100,098 1,902,863 
Sangamo Therapeutics, Inc. (a) 79,495 659,014 
Sarepta Therapeutics, Inc. (a) 44,450 3,592,005 
Savara, Inc. (a) 71,163 76,856 
Scholar Rock Holding Corp. (a)(b) 18,710 496,751 
Seagen, Inc. (a) 100,725 16,116,000 
Selecta Biosciences, Inc. (a) 55,947 167,841 
Sellas Life Sciences Group, Inc. (a)(b) 12,014 80,974 
Sensei Biotherapeutics, Inc. 15,533 106,867 
Sera Prognostics, Inc. 16,037 169,992 
Seres Therapeutics, Inc. (a) 154,112 1,658,245 
Sesen Bio, Inc. (a) 258,483 271,407 
Shattuck Labs, Inc. (a) 1,909 16,188 
Sierra Oncology, Inc. (a)(b) 10,075 234,647 
Sinovac Biotech Ltd. (a)(c) 27,717 179,329 
Sio Gene Therapies, Inc. (a) 27,754 44,129 
Soleno Therapeutics, Inc. (a)(b) 60,128 39,240 
Solid Biosciences, Inc. (a)(b) 63,771 111,599 
Soligenix, Inc. (a)(b) 54,007 47,316 
Sonnet Biotherapeutics Holding (a) 397,073 225,855 
Sorrento Therapeutics, Inc. (a)(b) 181,843 1,083,784 
Spectrum Pharmaceuticals, Inc. (a) 36,218 57,224 
Spero Therapeutics, Inc. (a)(b) 28,331 403,717 
Springworks Therapeutics, Inc. (a)(b) 27,008 1,940,525 
Spruce Biosciences, Inc. (a) 9,482 24,464 
Statera Biopharma, Inc. (a)(b) 11,084 32,587 
Stealth BioTherapeutics Corp. ADR (a) 23,317 19,819 
Stoke Therapeutics, Inc. (a) 18,470 459,903 
Summit Therapeutics, Inc. (a)(b) 54,355 276,123 
Surface Oncology, Inc. (a)(b) 23,135 133,489 
Surrozen, Inc. (b) 1,779 16,136 
Sutro Biopharma, Inc. (a) 24,478 418,084 
Synaptogenix, Inc. (b) 5,004 46,637 
Syndax Pharmaceuticals, Inc. (a) 25,794 411,930 
Synlogic, Inc. (a) 71,644 178,394 
Syros Pharmaceuticals, Inc. (a) 10,829 42,883 
T2 Biosystems, Inc. (a)(b) 103,876 64,382 
Talaris Therapeutics, Inc. (b) 22,591 292,779 
Tango Therapeutics, Inc. (a)(b) 32,986 342,065 
Taysha Gene Therapies, Inc. (a)(b) 12,627 163,898 
TCR2 Therapeutics, Inc. (a) 7,938 40,881 
Tempest Therapeutics, Inc. (a)(b) 11,414 112,999 
Tenax Therapeutics, Inc. (a)(b) 30,408 38,922 
Tenaya Therapeutics, Inc. (b) 13,131 258,024 
TG Therapeutics, Inc. (a) 70,150 1,066,280 
Theratechnologies, Inc. (a) 51,510 169,983 
Tiziana Life Sciences Ltd. (b) 14,852 18,714 
Tobira Therapeutics, Inc. rights (a)(c) 6,103 0 
TONIX Pharmaceuticals Holding (a) 216,271 101,474 
TRACON Pharmaceuticals, Inc. (a) 18,969 49,319 
TransCode Therapeutics, Inc. 17,023 46,813 
Travere Therapeutics, Inc. (a) 30,901 882,224 
Trevena, Inc. (a)(b) 186,442 126,781 
TScan Therapeutics, Inc. 12,786 99,731 
Turning Point Therapeutics, Inc. (a) 52,860 2,011,852 
Twist Bioscience Corp. (a) 27,241 2,601,516 
Tyme Technologies, Inc. (a)(b) 17,692 13,004 
Ultragenyx Pharmaceutical, Inc. (a) 33,963 2,555,036 
Unicycive Therapeutics, Inc. (b) 26,109 55,873 
uniQure B.V. (a) 25,416 707,836 
United Therapeutics Corp. (a) 24,857 4,710,402 
UNITY Biotechnology, Inc. (a) 38,341 84,350 
UroGen Pharma Ltd. (a)(b) 11,902 143,895 
Vaccinex, Inc. (a)(b) 22,015 35,004 
Vaccitech PLC ADR (b) 4,253 54,566 
Vanda Pharmaceuticals, Inc. (a) 35,063 568,021 
Vascular Biogenics Ltd. (a)(b) 40,323 93,549 
Vaxart, Inc. (a)(b) 68,197 542,848 
Vaxcyte, Inc. (a) 27,907 568,745 
Vaxxinity, Inc. Class A (b) 68,096 847,114 
VBI Vaccines, Inc. (a) 208,397 633,527 
VectivBio Holding AG 17,780 68,097 
Vera Therapeutics, Inc. (a) 10,272 367,738 
Veracyte, Inc. (a) 59,691 2,475,983 
Verastem, Inc. (a) 111,497 297,697 
Vericel Corp. (a) 25,530 949,971 
Vertex Pharmaceuticals, Inc. (a) 143,731 26,869,073 
Verve Therapeutics, Inc. 25,826 880,150 
Viking Therapeutics, Inc. (a) 46,434 246,565 
Vincerx Pharma, Inc. (a) 9,297 97,526 
Vir Biotechnology, Inc. (a) 72,001 3,414,287 
Viracta Therapeutics, Inc. (a) 25,757 118,740 
Viridian Therapeutics, Inc. (a) 14,446 277,941 
Viridian Therapeutics, Inc. rights (a)(c) 30,380 0 
Virios Therapeutics, Inc. (b) 1,478 8,055 
VistaGen Therapeutics, Inc. (a) 109,903 212,113 
Vor Biopharma, Inc. (a)(b) 3,419 39,455 
Voyager Therapeutics, Inc. (a)(b) 9,613 29,224 
vTv Therapeutics, Inc. Class A (a)(b) 44,768 55,512 
Vyant Bio, Inc. (a) 19,717 37,659 
Werewolf Therapeutics, Inc. (b) 15,965 231,333 
Windtree Therapeutics, Inc. (a)(b) 19,030 32,541 
X4 Pharmaceuticals, Inc. (a) 20,027 89,120 
Xbiotech, Inc. 15,395 194,285 
Xencor, Inc. (a) 34,666 1,255,603 
Xenetic Biosciences, Inc. (a) 20,698 29,391 
Xenon Pharmaceuticals, Inc. (a) 21,650 578,055 
XOMA Corp. (a)(b) 5,834 119,655 
XTL Biopharmaceuticals Ltd. ADR (a) 8,903 27,243 
Y-mAbs Therapeutics, Inc. (a) 25,116 428,981 
Yield10 Bioscience, Inc. (a)(b) 7,586 37,020 
Yumanity Therapeutics, Inc. (a)(b) 21,160 89,084 
Yumanity Therapeutics, Inc. rights (a)(c) 39,785 0 
Zai Lab Ltd. ADR (a) 36,038 2,495,632 
Zealand Pharma A/S sponsored ADR (a)(b) 3,611 78,016 
Zentalis Pharmaceuticals, Inc. (a) 22,504 1,846,453 
ZIOPHARM Oncology, Inc. (a)(b) 133,508 185,576 
  646,788,740 
Health Care Equipment & Supplies - 1.9%   
Abiomed, Inc. (a) 25,243 7,945,992 
Accelerate Diagnostics, Inc. (a)(b) 15,549 77,745 
Accuray, Inc. (a) 50,472 242,770 
Acutus Medical, Inc. (a) 1,602 5,287 
Aethlon Medical, Inc. (a) 31,992 77,741 
Align Technology, Inc. (a) 43,974 26,891,420 
Allied Healthcare Products, Inc. (a)(b) 1,352 8,923 
Alphatec Holdings, Inc. (a) 53,739 596,503 
Angiodynamics, Inc. (a) 20,081 517,086 
Apollo Endosurgery, Inc. (a) 16,872 134,301 
Apyx Medical Corp. (a) 18,122 243,378 
Aspira Women's Health, Inc. (a)(b) 64,182 133,499 
Atricure, Inc. (a) 25,041 1,587,599 
Atrion Corp. (b) 985 699,340 
Avinger, Inc. (a)(b) 61,116 35,539 
AxoGen, Inc. (a) 22,322 213,622 
Axonics Modulation Technologies, Inc. (a) 23,344 1,270,147 
Bellerophon Therapeutics, Inc. (a) 4,969 15,702 
Beyond Air, Inc. (a)(b) 24,913 361,239 
BioLase Technology, Inc. (a) 104,396 45,976 
BioLife Solutions, Inc. (a) 21,885 835,132 
Biomerica, Inc. (a)(b) 5,860 28,421 
BioSig Technologies, Inc. (a)(b) 16,167 43,974 
Bioventus, Inc. 28,377 352,726 
BrainsWay Ltd. ADR (a)(b) 3,457 26,861 
Cardiovascular Systems, Inc. (a) 23,790 475,800 
Cerus Corp. (a) 93,501 644,222 
Check Capital Ltd. (a)(b) 58,636 49,090 
Chembio Diagnostics, Inc. (a)(b) 75,338 153,690 
ClearPoint Neuro, Inc. (a)(b) 13,370 183,570 
Co.-Diagnostics, Inc. (a)(b) 17,214 165,943 
ConforMis, Inc. (a) 76,686 63,964 
CryoPort, Inc. (a)(b) 25,113 1,668,508 
Cue Health, Inc. (b) 60,000 675,000 
Cutera, Inc. (a)(b) 9,505 331,344 
CVRx, Inc. 10,458 121,104 
CytoSorbents Corp. (a)(b) 21,655 106,543 
DarioHealth Corp. (a) 27,527 430,247 
Delcath Systems, Inc. (a)(b) 2,322 22,175 
Dentsply Sirona, Inc. 121,331 5,913,673 
DexCom, Inc. (a) 53,764 30,247,089 
EDAP TMS SA sponsored ADR (a)(b) 22,764 129,982 
Ekso Bionics Holdings, Inc. (a) 5,843 18,990 
electroCore, Inc. (a) 164,752 115,524 
ENDRA Life Sciences, Inc. (a)(b) 35,458 33,760 
Envveno Medical Corp. (a)(b) 20,487 138,902 
Establishment Labs Holdings, Inc. (a)(b) 13,987 902,721 
Femasys, Inc. (b) 6,504 34,992 
Fonar Corp. (a) 3,366 55,034 
GBS, Inc. (b) 66,898 132,458 
Helius Medical Technologies, Inc. (U.S.) (a)(b) 1,605 10,802 
Heska Corp. (a) 5,658 910,712 
Hologic, Inc. (a) 142,548 10,652,612 
ICU Medical, Inc. (a) 11,909 2,693,935 
IDEXX Laboratories, Inc. (a) 47,373 28,806,100 
Inari Medical, Inc. (a) 27,704 2,286,688 
InMode Ltd. (a) 41,894 3,183,944 
Inogen, Inc. (a) 13,301 406,346 
Inspira Technologies Oxy BHN Ltd. (b) 2,924 8,801 
InspireMD, Inc. (a)(b) 14,051 51,427 
Insulet Corp. (a) 36,866 10,633,629 
Integra LifeSciences Holdings Corp. (a) 47,002 3,005,778 
Intersect ENT, Inc. (a) 22,132 592,474 
IntriCon Corp. (a) 5,239 86,339 
Intuitive Surgical, Inc. (a) 197,391 64,021,797 
InVivo Therapeutics Holdings Corp. (a)(b) 43,910 25,780 
INVO Bioscience, Inc. (a)(b) 4,947 15,336 
IRadimed Corp. (a) 7,986 359,370 
iRhythm Technologies, Inc. (a) 15,306 1,616,314 
Iridex Corp. (a) 7,305 45,656 
Itamar Medical Ltd. ADR (a) 4,304 131,918 
Kewaunee Scientific Corp. (a) 1,782 22,952 
Lantheus Holdings, Inc. (a) 36,857 987,030 
Lantheus Holdings, Inc. rights (a)(c) 50,063 1 
LeMaitre Vascular, Inc. 12,899 603,544 
LENSAR, Inc. (a) 5,527 37,694 
LivaNova PLC (a) 27,107 2,172,897 
Lucira Health, Inc. (b) 1,085 7,291 
LumiraDx Ltd. (b) 24,829 235,627 
Masimo Corp. (a) 30,739 8,549,131 
Medigus Ltd. ADR (a)(b) 7,664 8,890 
Meridian Bioscience, Inc. (a) 24,681 491,399 
Merit Medical Systems, Inc. (a) 31,052 1,951,929 
Mesa Laboratories, Inc. (b) 2,822 871,405 
Microbot Medical, Inc. (a)(b) 2,681 13,807 
Motus GI Holdings, Inc. (a)(b) 42,952 21,046 
Nano-X Imaging Ltd. (a)(b) 26,181 540,114 
NanoVibronix, Inc. (a) 25,676 27,987 
Natus Medical, Inc. (a) 17,906 404,676 
Nemaura Medical, Inc. (a) 11,700 56,160 
Neogen Corp. (a) 59,046 2,369,516 
Neovasc, Inc. (a)(b) 21,359 15,329 
NeuroMetrix, Inc. (a)(b) 2,657 18,440 
Neuronetics, Inc. (a) 6,338 24,528 
NeuroOne Medical Technologies Corp. (a) 1,701 3,674 
NeuroPace, Inc. (b) 12,686 126,860 
Novocure Ltd. (a) 56,683 5,307,796 
NuVasive, Inc. (a) 28,056 1,348,371 
Nyxoah SA (b) 2,971 62,391 
OraSure Technologies, Inc. (a) 41,450 386,729 
Ortho Clinical Diagnostics Holdings PLC 130,391 2,495,684 
Orthofix International NV (a) 9,251 283,173 
OrthoPediatrics Corp. (a) 10,727 597,601 
Outset Medical, Inc. (a) 25,168 1,192,963 
PAVmed, Inc. (a) 45,379 166,541 
PetVivo Holdings, Inc. (b) 44,303 128,479 
Predictive Oncology, Inc. (a)(b) 131,210 135,146 
Pro-Dex, Inc. (a) 3,523 80,148 
PROCEPT BioRobotics Corp. 9,228 301,110 
Profound Medical Corp. (a)(b) 10,870 119,787 
Pulmonx Corp. (a) 19,855 641,317 
Pulse Biosciences, Inc. (a)(b) 15,897 322,709 
Quidel Corp. (a) 23,611 3,484,039 
Quotient Ltd. (a) 23,790 50,435 
Repro Medical Systems, Inc. (a)(b) 31,356 107,865 
ReWalk Robotics Ltd. (a)(b) 29,639 38,531 
Rockwell Medical Technologies, Inc. (a)(b) 35,137 14,933 
RxSight, Inc. 9,686 105,093 
Sanara Medtech, Inc. (a)(b) 4,237 118,382 
Seaspine Holdings Corp. (a) 17,528 235,401 
Second Sight Medical Products, Inc. (a)(b) 9,079 17,976 
Sensus Healthcare, Inc. (a) 7,030 43,164 
Shockwave Medical, Inc. (a) 19,636 3,539,193 
SI-BONE, Inc. (a) 17,331 333,622 
Sientra, Inc. (a) 31,005 124,640 
Sight Sciences, Inc. 23,298 488,093 
Silk Road Medical, Inc. (a) 19,105 775,281 
Sintx Technologies, Inc. (a)(b) 21,155 18,809 
SmileDirectClub, Inc. (a)(b) 8,710 26,740 
Soliton, Inc. (a) 11,381 233,652 
Staar Surgical Co. (a) 26,042 2,478,938 
STRATA Skin Sciences, Inc. (a) 17,447 25,822 
Surgalign Holdings, Inc. (a)(b) 228,438 187,319 
SurModics, Inc. (a) 7,764 341,073 
Tactile Systems Technology, Inc. (a) 12,519 244,121 
Talis Biomedical Corp. 13,579 63,550 
Tandem Diabetes Care, Inc. (a) 35,095 4,510,409 
Tela Bio, Inc. (a) 6,966 86,378 
Thermogenesis Holdings, Inc. (a)(b) 6,501 8,451 
Titan Medical, Inc. (a)(b) 54,356 37,940 
TransMedics Group, Inc. (a) 15,332 337,917 
Treace Medical Concepts, Inc. 28,866 499,670 
Trinity Biotech PLC sponsored ADR (a) 5,165 9,555 
Utah Medical Products, Inc. 2,529 282,135 
Varex Imaging Corp. (a) 23,722 677,263 
Venus Concept, Inc. (a)(b) 28,117 35,990 
ViewRay, Inc. (a)(b) 87,322 448,835 
Viveve Medical, Inc. (a)(b) 3,780 5,821 
Zosano Pharma Corp. (a)(b) 87,573 52,544 
Zynex, Inc. (b) 19,173 245,414 
  268,217,872 
Health Care Providers & Services - 0.5%   
1Life Healthcare, Inc. (a) 145,764 2,322,021 
Acadia Healthcare Co., Inc. (a) 50,158 2,817,375 
Accolade, Inc. (a) 36,734 942,962 
AdaptHealth Corp. (a) 73,463 1,442,079 
Addus HomeCare Corp. (a) 8,720 760,558 
Aesthetic Medical International Holdings Group Ltd. ADR (a)(b) 2,491 6,377 
Akumin, Inc. (a)(b) 36,627 56,406 
Alignment Healthcare, Inc. (b) 103,822 1,682,955 
Amedisys, Inc. (a) 18,157 2,535,625 
Apollo Medical Holdings, Inc. (a)(b) 30,440 2,851,315 
Apria, Inc. 19,041 535,623 
Avalon GloboCare Corp. (a)(b) 48,932 46,485 
Aveanna Healthcare Holdings, Inc. 100,162 645,043 
Biodesix, Inc. (a) 9,200 62,744 
Caladrius Biosciences, Inc. (a) 30,152 28,274 
CareMax, Inc. Class A (a) 47,343 317,198 
Castle Biosciences, Inc. (a) 13,646 563,989 
Clover Health Investments Corp. (a) 95,181 472,098 
Corvel Corp. (a) 10,115 1,901,620 
Covetrus, Inc. (a) 31,217 561,282 
Cross Country Healthcare, Inc. (a) 20,193 528,249 
Docgo, Inc. Class A (b) 13,618 108,944 
Field Trip Health Ltd. 4,629 18,377 
Five Star Senior Living, Inc. (a) 17,017 54,454 
Fulgent Genetics, Inc. (a)(b) 16,010 1,497,255 
Great Elm Group, Inc. 7,056 12,560 
Greenbrook TMS, Inc. 875 4,900 
Guardant Health, Inc. (a) 56,235 5,911,423 
HealthEquity, Inc. (a) 46,413 2,537,863 
Henry Schein, Inc. (a) 78,144 5,552,913 
IMAC Holdings, Inc. (a) 54,807 69,605 
Innovage Holding Corp. (b) 47,070 375,148 
LHC Group, Inc. (a) 17,675 2,027,676 
LifeStance Health Group, Inc. (b) 168,170 1,335,270 
Magellan Health Services, Inc. (a) 14,382 1,363,270 
Modivcare, Inc. (a) 7,758 1,063,079 
National Research Corp. Class A 13,880 555,894 
Novo Integrated Sciences, Inc. (a) 12,127 17,524 
Ontrak, Inc. (a)(b) 10,232 62,108 
Option Care Health, Inc. (a) 99,534 2,519,206 
Patterson Companies, Inc. 54,157 1,704,321 
Pennant Group, Inc. (a) 15,432 313,733 
PetIQ, Inc. Class A (a)(b) 15,095 301,447 
Precipio, Inc. (a)(b) 61,940 120,164 
Premier, Inc. 68,489 2,538,887 
Privia Health Group, Inc. (b) 59,244 1,368,536 
Progenity, Inc. (a)(b) 131,892 412,822 
Progyny, Inc. (a) 49,307 2,503,316 
Psychemedics Corp. (a) 4,592 36,001 
Quipt Home Medical Corp. (a) 13,889 86,390 
R1 RCM, Inc. (a) 155,346 3,700,342 
RadNet, Inc. (a) 28,732 774,615 
Sharps Compliance Corp. (a) 8,144 60,103 
Skylight Health Group, Inc. (a) 12,822 16,925 
Star Equity Holdings, Inc. (a)(b) 11,004 26,960 
Surgery Partners, Inc. (a) 40,409 1,792,543 
Talkspace, Inc. Class A (a)(b) 54,260 124,255 
The Ensign Group, Inc. 30,304 2,313,104 
The Joint Corp. (a) 8,305 663,736 
Tivity Health, Inc. (a) 27,823 662,744 
Viemed Healthcare, Inc. (a) 19,429 98,116 
Vivos Therapeutics, Inc. (b) 36,452 92,953 
  65,879,760 
Health Care Technology - 0.2%   
Allscripts Healthcare Solutions, Inc. (a) 76,502 1,272,228 
Better Therapeutics, Inc. (b) 311 2,205 
Biotricity, Inc. (a)(b) 31,571 127,231 
CareCloud, Inc. (a)(b) 13,011 90,296 
Cerner Corp. 166,568 11,734,716 
Certara, Inc. 85,985 2,315,576 
Change Healthcare, Inc. (a) 172,605 3,500,429 
Computer Programs & Systems, Inc. (a) 10,575 311,645 
Definitive Healthcare Corp. 75,615 2,216,276 
Forian, Inc. (b) 18,658 160,086 
G Medical Innovations Holdings Ltd. (b) 74,399 181,534 
GoodRx Holdings, Inc. (a)(b) 41,466 1,655,323 
Health Catalyst, Inc. (a)(b) 24,343 1,056,243 
HealthStream, Inc. (a) 16,614 385,777 
HTG Molecular Diagnostics (a)(b) 9,321 36,725 
iCAD, Inc. (a) 15,927 117,382 
iSpecimen, Inc. (b) 2,160 39,895 
NantHealth, Inc. (a) 48,473 54,290 
Nextgen Healthcare, Inc. (a) 35,416 548,948 
Omnicell, Inc. (a) 23,837 4,219,149 
OptimizeRx Corp. (a)(b) 10,957 712,205 
Renalytix AI PLC ADR (a)(b) 4,865 90,003 
Schrodinger, Inc. (a) 60,592 2,373,995 
SCWorx, Corp. (a) 21,155 31,733 
Sema4 Holdings Corp. Class A (a)(b) 120,230 801,934 
Sharecare, Inc. Class A (a)(b) 184,895 1,170,385 
Simulations Plus, Inc. (b) 10,611 498,399 
SOPHiA GENETICS SA (b) 6,740 94,225 
Streamline Health Solutions, Inc. (a) 14,467 22,135 
Tabula Rasa HealthCare, Inc. (a)(b) 13,654 155,246 
Telemynd, Inc. (a)(c) 92 0 
  35,976,214 
Life Sciences Tools & Services - 0.8%   
10X Genomics, Inc. (a) 48,558 7,420,148 
23andMe Holding Co. Class A (a)(b) 60,282 495,518 
AbCellera Biologics, Inc. (b) 123,151 1,842,339 
Absci Corp. (b) 49,703 524,367 
Adaptive Biotechnologies Corp. (a) 77,604 2,024,688 
Akoya Biosciences, Inc. 19,467 252,682 
Alpha Teknova, Inc. (b) 15,220 340,319 
Applied DNA Sciences, Inc. (a)(b) 15,383 88,914 
Berkeley Lights, Inc. (a) 60,263 1,257,689 
Bio-Techne Corp. 21,640 10,214,729 
BioNano Genomics, Inc. (a)(b) 104,837 409,913 
Bruker Corp. 84,617 6,853,131 
Champions Oncology, Inc. (a) 10,958 86,568 
ChromaDex, Inc. (a)(b) 42,495 199,302 
Codex DNA, Inc. 15,404 105,363 
Codexis, Inc. (a) 35,046 1,216,447 
Compugen Ltd. (a)(b) 105,798 467,627 
Cytek Biosciences, Inc. (b) 68,800 1,387,696 
Fluidigm Corp. (a)(b) 41,862 192,984 
Genetic Technologies Ltd. ADR (a)(b) 2,511 5,976 
Harvard Bioscience, Inc. (a) 25,302 169,270 
ICON PLC (a) 44,705 12,091,361 
Illumina, Inc. (a) 82,151 30,012,225 
ImmunoPrecise Antibodies Ltd. (a)(b) 14,496 86,976 
Inotiv, Inc. (a)(b) 10,270 534,040 
Maravai LifeSciences Holdings, Inc. 63,264 2,906,348 
MaxCyte, Inc. (b) 23,711 236,636 
Medpace Holdings, Inc. (a) 20,021 4,152,556 
Miromatrix Medical, Inc. (b) 10,203 68,666 
Nanostring Technologies, Inc. (a) 24,841 1,020,965 
Nautilus Biotechnology, Inc. (a)(b) 65,397 317,175 
NeoGenomics, Inc. (a) 65,432 2,241,700 
Olink Holding AB ADR (b) 11,175 234,228 
Pacific Biosciences of California, Inc. (a) 110,195 2,557,626 
Personalis, Inc. (a) 23,807 322,585 
PPD, Inc. (a) 195,119 9,190,105 
Quanterix Corp. (a) 19,890 795,003 
Quantum-Si, Inc. (b) 64,799 419,898 
Quoin Pharmaceuticals Ltd.:   
ADR (a)(b) 8,596 32,579 
rights (a)(c) 3,438,400 34 
Rapid Micro Biosystems, Inc. (b) 21,522 265,151 
Science 37 Holdings, Inc. (b) 5,531 57,578 
Seer, Inc. (b) 17,388 387,926 
Singular Genomics Systems, Inc. (b) 38,149 435,662 
SomaLogic, Inc. Class A (b) 49,555 573,351 
Sotera Health Co. 157,250 3,355,715 
Syneos Health, Inc. (a) 58,184 5,653,157 
  113,504,916 
Pharmaceuticals - 0.6%   
4D Pharma PLC ADR (b) 1,165 7,083 
9 Meters Biopharma, Inc. (a) 137,039 142,521 
A Menarini Industrie Farmaceut rights (a)(c) 32,407 10,648 
Acasti Pharma, Inc. (a)(b) 18,348 24,219 
Acer Therapeutics, Inc. (a)(b) 14,284 29,996 
Aclaris Therapeutics, Inc. (a) 33,259 425,715 
Adamis Pharmaceuticals Corp. (a)(b) 87,706 71,919 
Adial Pharmaceuticals, Inc. (a)(b) 16,546 45,998 
Aerie Pharmaceuticals, Inc. (a) 28,131 284,123 
Agile Therapeutics, Inc. (a) 39,867 25,116 
Akari Therapeutics PLC sponsored ADR (a)(b) 30,264 49,330 
Alimera Sciences, Inc. (a) 5,507 28,581 
Altamira Therapeutics Ltd. (a)(b) 18,871 33,402 
Amphastar Pharmaceuticals, Inc. (a) 38,728 757,520 
Amryt Pharma PLC ADR (a)(b) 29,879 296,997 
Anebulo Pharmaceuticals, Inc. (b) 4,108 24,648 
Angion Biomedica Corp. 16,608 59,789 
ANI Pharmaceuticals, Inc. (a) 9,565 393,504 
Antares Pharma, Inc. (a) 98,062 316,740 
Aquestive Therapeutics, Inc. (a)(b) 39,828 234,985 
Artelo Biosciences, Inc. (a) 48,785 30,735 
Arvinas Holding Co. LLC (a) 27,103 2,049,258 
Assertio Holdings, Inc. (a)(b) 39,380 55,920 
AstraZeneca PLC:   
rights (a)(c) 3,011 0 
sponsored ADR 199,070 10,915,008 
atai Life Sciences NV (b) 84,740 930,445 
Athira Pharma, Inc. (a) 43,903 591,812 
Aurora Cannabis, Inc. (a)(b) 117,561 754,742 
Avadel Pharmaceuticals PLC sponsored ADR (a)(b) 40,528 363,131 
Avenue Therapeutics, Inc. (a) 12,483 17,601 
Axsome Therapeutics, Inc. (a)(b) 46,234 1,596,922 
Baudax Bio, Inc. (a)(b) 178,260 67,133 
Biodelivery Sciences International, Inc. (a) 89,535 248,907 
Biondvax Pharmaceuticals Ltd. ADR (a)(b) 13,768 23,681 
Calliditas Therapeutics AB ADR (a)(b) 5,831 108,398 
Cara Therapeutics, Inc. (a) 34,753 458,045 
Cardiol Therapeutics, Inc. (a)(b) 52,435 104,870 
Cassava Sciences, Inc. (a)(b) 22,322 1,194,004 
China SXT Pharmaceuticals, Inc. (a)(b) 26,642 18,657 
Citius Pharmaceuticals, Inc. (a)(b) 75,361 127,360 
Clearside Biomedical, Inc. (a) 38,079 139,750 
Clever Leaves Holdings, Inc. (b) 14,276 70,809 
CNS Pharmaceuticals, Inc. (a)(b) 18,942 20,647 
Cocrystal Pharma, Inc. (a) 50,667 45,479 
Collegium Pharmaceutical, Inc. (a) 24,854 436,933 
Corcept Therapeutics, Inc. (a) 70,711 1,484,931 
CorMedix, Inc. (a) 1,394 6,942 
Cronos Group, Inc. (a)(b) 206,950 937,484 
Cumberland Pharmaceuticals, Inc. (a) 11,327 56,975 
CymaBay Therapeutics, Inc. (a) 58,261 192,844 
Cyteir Therapeutics, Inc. (b) 18,602 308,979 
Dare Bioscience, Inc. (a)(b) 114,064 205,315 
Dermata Therapeutics, Inc. (b) 15,860 43,139 
Dova Pharmaceuticals, Inc. rights (a)(c) 23,572 12,729 
Durect Corp. (a) 139,062 137,644 
Edgewise Therapeutics, Inc. (b) 27,427 477,778 
Elanco Animal Health, Inc. rights (a)(c) 45,364 0 
Eloxx Pharmaceuticals, Inc. (a) 118,190 87,910 
Endo International PLC (a) 124,163 695,313 
Enveric Biosciences, Inc. (a)(b) 4,776 6,209 
Esperion Therapeutics, Inc. (a)(b) 94,738 827,063 
Eton Pharmaceuticals, Inc. (a)(b) 19,371 75,547 
Evoke Pharma, Inc. (a)(b) 40,987 31,146 
Evolus, Inc. (a)(b) 29,762 164,881 
Eyenovia, Inc. (a)(b) 21,508 78,504 
Eyepoint Pharmaceuticals, Inc. (a)(b) 13,557 214,201 
Fulcrum Therapeutics, Inc. (a) 20,485 297,033 
GH Research PLC (b) 27,198 719,931 
Harmony Biosciences Holdings, Inc. (a) 33,782 1,151,628 
Harrow Health, Inc. (a) 22,525 225,250 
Hepion Pharmaceuticals, Inc. (a)(b) 40,121 49,750 
HEXO Corp. (a)(b) 80,723 89,603 
High Tide, Inc. (a)(b) 46,134 288,799 
Hoth Therapeutics, Inc. (a)(b) 49,686 40,693 
Hutchison China Meditech Ltd. sponsored ADR (a) 33,593 1,137,459 
Ikena Oncology, Inc. 27,112 387,837 
IMARA, Inc. (a) 15,052 50,876 
InMed Pharmaceuticals, Inc. (a)(b) 4,383 8,328 
Innoviva, Inc. (a) 52,301 874,473 
Intra-Cellular Therapies, Inc. (a) 47,541 1,924,460 
Iterum Therapeutics PLC (a)(b) 33,113 16,258 
Jaguar Health, Inc. (a)(b) 27,722 36,316 
Jazz Pharmaceuticals PLC (a) 34,034 4,079,656 
Kaleido Biosciences, Inc. (a)(b) 34,937 125,424 
KemPharm, Inc. (a)(b) 18,495 144,816 
Kiora Pharmaceuticals, Inc. (a) 131,312 200,907 
Landos Biopharma, Inc. 23,054 166,680 
Lexaria Bioscience Corp. (a)(b) 2,740 14,522 
Lipocine, Inc. (a)(b) 61,226 67,349 
Liquidia Technologies, Inc. (a) 32,984 136,884 
Longboard Pharmaceuticals, Inc. 6,573 37,466 
Lyra Therapeutics, Inc. (a) 9,646 54,018 
Marinus Pharmaceuticals, Inc. (a) 20,303 225,566 
MediWound Ltd. (a)(b) 18,827 50,268 
Milestone Pharmaceuticals, Inc. (a) 17,576 96,668 
Mind Medicine (MindMed), Inc. (a) 186,943 370,147 
MyMD Pharmaceuticals, Inc. (a) 21,161 162,093 
Nabriva Therapeutics PLC (a)(b) 42,738 33,289 
Nektar Therapeutics (a) 108,015 1,216,249 
NGM Biopharmaceuticals, Inc. (a) 44,097 794,628 
NLS Pharmaceutics Ltd. 14,362 29,155 
Novan, Inc. (a) 10,162 51,216 
Ocular Therapeutix, Inc. (a) 42,919 293,566 
Ocuphire Pharma, Inc. (a)(b) 34,766 135,935 
Odonate Therapeutics, Inc. (a) 7,752 12,868 
Omeros Corp. (a)(b) 40,138 288,994 
Onconova Therapeutics, Inc. (a) 33,198 99,594 
Opiant Pharmaceuticals, Inc. (a) 3,728 90,926 
OptiNose, Inc. (a)(b) 43,019 68,400 
Oramed Pharmaceuticals, Inc. (a) 18,130 348,459 
Osmotica Pharmaceuticals PLC (a) 32,042 42,616 
Otonomy, Inc. (a) 53,180 109,019 
Pacira Biosciences, Inc. (a) 26,424 1,390,431 
PainReform Ltd. (a)(b) 19,107 34,202 
Palisade Bio, Inc. (a)(b) 65,337 152,235 
Palisade Bio, Inc. rights (a)(c) 29,628 0 
Paratek Pharmaceuticals, Inc. (a)(b) 29,676 125,233 
Petros Pharmaceuticals, Inc. (b) 6,734 19,259 
Pharvaris BV (b) 18,643 274,239 
Phathom Pharmaceuticals, Inc. (a)(b) 17,684 317,251 
Phibro Animal Health Corp. Class A 16,621 325,605 
Pliant Therapeutics, Inc. (a)(b) 21,561 305,735 
PLx Pharma PLC (a)(b) 25,849 237,811 
PolyPid Ltd. (a)(b) 12,545 85,306 
Procaps Group SA (b) 9,095 93,315 
Processa Pharmaceuticals, Inc. (a) 11,057 59,929 
ProPhase Labs, Inc. (b) 7,224 45,367 
Provention Bio, Inc. (a)(b) 15,695 108,296 
Pulmatrix, Inc. (a)(b) 44,393 29,610 
Purple Biotech Ltd. ADR (a)(b) 12,666 50,284 
Qilian International Holding Group Ltd. (b) 23,641 73,287 
Rain Therapeutics, Inc. (b) 10,662 137,966 
Rani Therapeutics Holdings, Inc. (b) 10,541 312,435 
Reata Pharmaceuticals, Inc. (a) 18,243 1,561,601 
RedHill Biopharma Ltd. sponsored ADR (a)(b) 26,419 77,143 
Regencell Bioscience Holdings Ltd. (b) 6,816 171,627 
Relmada Therapeutics, Inc. (a) 12,198 217,856 
Revance Therapeutics, Inc. (a) 122,667 1,678,085 
Reviva Pharmaceuticals Holdings, Inc. (a)(b) 12,478 45,295 
Roivant Sciences Ltd. (a)(b) 110,905 735,300 
Royalty Pharma PLC 219,056 8,711,857 
Sanofi SA sponsored ADR 131,019 6,232,574 
Satsuma Pharmaceuticals, Inc. (a) 19,951 94,368 
scPharmaceuticals, Inc. (a) 18,268 79,283 
Seelos Therapeutics, Inc. (a) 84,689 146,512 
Seelos Therapeutics, Inc. rights (a)(b)(c) 2,932 0 
SenesTech, Inc. (a) 31,648 39,244 
SIGA Technologies, Inc. (a) 66,111 539,466 
Sol-Gel Technologies Ltd. (a)(b) 13,406 102,288 
Sonoma Pharmaceuticals, Inc. (a) 4,975 26,368 
Supernus Pharmaceuticals, Inc. (a) 32,482 973,486 
Tarsus Pharmaceuticals, Inc. (a) 12,561 334,123 
Terns Pharmaceuticals, Inc. 14,756 111,408 
TFF Pharmaceuticals, Inc. (a)(b) 10,670 79,385 
TherapeuticsMD, Inc. (a) 223,639 110,701 
Theravance Biopharma, Inc. (a) 10,150 85,260 
Tilray, Inc. Class 2 (a)(b) 248,906 2,518,929 
Titan Pharmaceuticals, Inc. (a)(b) 19,257 27,730 
Trevi Therapeutics, Inc. (a) 7,164 7,125 
Tricida, Inc. (a)(b) 34,018 258,197 
Universe Pharmaceuticals, Inc. 8,802 19,188 
Vallon Pharamceuticals, Inc. (b) 9,542 52,195 
Verona Pharma PLC ADR (a)(b) 10,707 51,179 
Verrica Pharmaceuticals, Inc. (a)(b) 16,292 168,622 
Viatris, Inc. 674,955 8,308,696 
Virpax Pharmaceuticals, Inc. 2,479 11,602 
Vyne Therapeutics, Inc. (a)(b) 30,249 31,156 
WAVE Life Sciences (a) 32,769 127,799 
Xeris Biopharma Holdings, Inc. (b) 62,079 129,745 
Xeris Biopharma Holdings, Inc. rights (a)(c) 39,901 7,227 
Yunhong International (a)(b)(c) 1,686 17,383 
Zogenix, Inc. (a)(b) 35,750 402,188 
Zynerba Pharmaceuticals, Inc. (a)(b) 21,768 75,317 
  85,069,991 
TOTAL HEALTH CARE  1,215,437,493 
INDUSTRIALS - 4.1%   
Aerospace & Defense - 0.2%   
AeroVironment, Inc. (a) 13,397 1,081,942 
AerSale Corp. 22,990 415,889 
Astra Space, Inc. Class A (a)(b) 141,884 1,556,467 
Astronics Corp. (a) 11,489 120,175 
Astrotech Corp. (a) 36,874 29,425 
Axon Enterprise, Inc. (a) 35,906 6,060,574 
Byrna Technologies, Inc. (a) 14,709 216,516 
Draganfly, Inc. (b) 3,082 8,815 
EHang Holdings Ltd. ADR (a)(b) 10,838 229,224 
Elbit Systems Ltd. (b) 24,443 3,581,633 
Innovative Solutions & Support, Inc. 5,109 33,924 
Kratos Defense & Security Solutions, Inc. (a) 68,797 1,355,989 
Lilium NV (b) 150,100 1,068,712 
Mercury Systems, Inc. (a) 30,699 1,502,716 
Momentus, Inc. Class A (a)(b) 57,628 397,057 
PAE, Inc. (a) 49,577 491,804 
RADA Electronic Industries Ltd. (a)(b) 29,760 279,744 
Rocket Lab U.S.A., Inc. Class A (a)(b) 234,615 3,720,994 
Sigma Labs, Inc. (a)(b) 14,199 33,510 
TAT Technologies Ltd. (a)(b) 4,899 31,795 
VirTra, Inc. (a) 1,810 11,711 
  22,228,616 
Air Freight & Logistics - 0.2%   
Air T, Inc. (a) 1,316 36,295 
Air Transport Services Group, Inc. (a) 45,748 1,129,518 
Atlas Air Worldwide Holdings, Inc. (a) 14,813 1,297,767 
C.H. Robinson Worldwide, Inc. 73,086 6,949,748 
Expeditors International of Washington, Inc. 92,971 11,307,133 
Forward Air Corp. 15,781 1,558,374 
Hub Group, Inc. Class A (a) 18,343 1,424,701 
  23,703,536 
Airlines - 0.2%   
Allegiant Travel Co. (a) 9,630 1,668,109 
American Airlines Group, Inc. (a)(b) 358,717 6,345,704 
Blade Air Mobility, Inc. (a)(b) 44,231 388,790 
Frontier Group Holdings, Inc. (b) 120,000 1,602,000 
Hawaiian Holdings, Inc. (a) 31,196 570,263 
JetBlue Airways Corp. (a) 268,544 3,603,860 
Mesa Air Group, Inc. (a) 19,225 135,729 
Ryanair Holdings PLC sponsored ADR (a) 54,260 5,184,543 
SkyWest, Inc. (a) 27,552 1,079,212 
Sun Country Airlines Holdings, Inc. 30,637 840,373 
United Airlines Holdings, Inc. (a) 181,406 7,666,218 
  29,084,801 
Building Products - 0.1%   
AAON, Inc. 28,630 2,233,140 
American Woodmark Corp. (a) 8,946 551,431 
Antelope Enterprise Holdings L (a)(b) 13,809 33,004 
Apogee Enterprises, Inc. 14,762 609,671 
Applied UV, Inc. (a)(b) 4,305 19,889 
Caesarstone Sdot-Yam Ltd. 10,345 115,554 
CSW Industrials, Inc. 8,215 987,443 
DIRTT Environmental Solutions Ltd. (a)(b) 44,471 107,620 
Gibraltar Industries, Inc. (a) 18,047 1,225,391 
Tecnoglass, Inc. 25,380 781,196 
UFP Industries, Inc. 34,268 2,853,839 
View, Inc. Class A (a)(b) 83,999 354,476 
  9,872,654 
Commercial Services & Supplies - 0.5%   
ACV Auctions, Inc. Class A (a) 10,264 217,392 
Aqua Metals, Inc. (a)(b) 36,541 57,369 
Aurora Innovation, Inc. (b) 73,940 970,093 
BioHiTech Global, Inc. (a)(b) 8,693 7,823 
Casella Waste Systems, Inc. Class A (a) 27,982 2,372,314 
CECO Environmental Corp. (a) 21,695 128,651 
China Recycling Energy Corp. (a)(b) 2,863 16,892 
Cimpress PLC (a) 14,362 1,117,794 
Cintas Corp. 58,183 24,564,281 
Copart, Inc. (a) 131,160 19,039,186 
Driven Brands Holdings, Inc. 92,792 2,863,561 
Fuel Tech, Inc. (a)(b) 7,428 12,182 
Healthcare Services Group, Inc. 42,504 743,820 
Heritage-Crystal Clean, Inc. (a) 13,663 438,446 
Interface, Inc. 29,819 425,219 
Kimball International, Inc. Class B 36,143 370,104 
Matthews International Corp. Class A 14,831 514,191 
Millerknoll, Inc. 33,262 1,261,960 
Odyssey Marine Exploration, Inc. (a)(b) 6,411 39,620 
Performant Financial Corp. (a) 25,601 68,867 
Perma-Fix Environmental Services, Inc. (a) 9,998 70,786 
PyroGenesis Canada, Inc. (b) 98,007 317,543 
Quest Resource Holding Corp. (a) 5,212 27,207 
Quhuo Ltd. ADR (a) 3,482 5,780 
Recycling Asset Holdings, Inc. (a)(c) 694 24 
Sentage Holdings, Inc. (b) 1,732 2,840 
SP Plus Corp. (a) 13,740 372,491 
Stericycle, Inc. (a) 50,332 2,843,758 
Tetra Tech, Inc. 29,837 5,510,297 
TOMI Environmental Solutions, Inc. (a) 8,765 15,163 
U.S. Ecology, Inc. (a) 16,302 555,409 
Vidler Water Resouces, Inc. (a) 18,610 212,898 
Virco Manufacturing Co. (a) 950 3,126 
VSE Corp. 7,604 416,243 
  65,583,330 
Construction & Engineering - 0.1%   
Bowman Consulting Group Ltd. 2,968 50,219 
Concrete Pumping Holdings, Inc. (a) 28,584 233,531 
Construction Partners, Inc. Class A (a) 19,146 661,303 
Great Lakes Dredge & Dock Corp. (a) 35,442 523,833 
IES Holdings, Inc. (a) 11,098 532,593 
Infrastructure and Energy Alternatives, Inc. (a) 12,706 120,199 
iSun, Inc. (a) 10,234 70,922 
Limbach Holdings, Inc. (a) 6,648 46,868 
Matrix Service Co. (a) 12,262 106,557 
MYR Group, Inc. (a) 9,722 1,076,323 
Northwest Pipe Co. (a) 5,851 168,392 
NV5 Global, Inc. (a) 8,216 1,080,404 
Orbital Energy Group, Inc. (a)(b) 34,811 85,287 
Primoris Services Corp. 28,950 649,059 
SG Blocks, Inc. (a) 5,721 12,071 
Sterling Construction Co., Inc. (a) 15,145 390,287 
Willscot Mobile Mini Holdings (a) 307,564 11,715,113 
  17,522,961 
Electrical Equipment - 0.3%   
Advent Technologies Holdings, Inc. Class A (a)(b) 52,160 399,546 
Allied Motion Technologies, Inc. 8,863 349,645 
American Superconductor Corp. (a) 23,972 306,842 
Array Technologies, Inc. (a) 66,566 1,199,186 
Asia Pacific Wire & Cable Corp. Ltd. (a)(b) 76,311 202,987 
Ballard Power Systems, Inc. (a)(b) 164,663 2,496,291 
Beam Global (a)(b) 6,808 180,684 
Blink Charging Co. (a)(b) 23,316 896,034 
Broadwind, Inc. (a) 9,566 23,150 
Capstone Turbine Corp. (a) 5,108 24,212 
CBAK Energy Technology, Inc. (a)(b) 35,345 71,397 
Encore Wire Corp. 10,986 1,543,094 
Energous Corp. (a)(b) 89,434 134,151 
Energy Focus, Inc. (a)(b) 617 1,370 
Enovix Corp. (b) 83,558 2,924,530 
Eos Energy Enterprises, Inc. (a)(b) 27,175 270,391 
Fluence Energy, Inc. 26,100 827,109 
Flux Power Holdings, Inc. (a)(b) 6,183 31,904 
FTC Solar, Inc. 44,589 381,682 
FuelCell Energy, Inc. (a)(b) 237,540 2,061,847 
Fusion Fuel Green PLC Class A (b) 4,794 54,172 
Ideal Power, Inc. (a) 6,424 91,735 
LSI Industries, Inc. 17,145 121,730 
Nuvve Holding Corp. (b) 16,407 259,067 
Orion Energy Systems, Inc. (a) 14,347 54,088 
Pioneer Power Solutions, Inc. (b) 9,793 99,007 
Plug Power, Inc. (a)(b) 322,062 12,834,171 
Polar Power, Inc. (a)(b) 8,285 47,639 
Powell Industries, Inc. 6,368 155,507 
Preformed Line Products Co. 3,095 195,449 
Shoals Technologies Group, Inc. (b) 51,848 1,456,929 
Sunrun, Inc. (a) 112,914 5,198,561 
Sunworks, Inc. (a)(b) 14,202 65,045 
TPI Composites, Inc. (a)(b) 19,991 356,440 
Ultralife Corp. (a) 11,042 58,743 
Vicor Corp. (a) 17,479 2,507,537 
  37,881,872 
Industrial Conglomerates - 0.6%   
Gaucho Group Holdings, Inc. (a)(b) 9,967 28,904 
Honeywell International, Inc. 387,800 78,428,672 
Icahn Enterprises LP 139,153 7,034,184 
Raven Industries, Inc. (a) 19,549 1,133,842 
  86,625,602 
Machinery - 0.4%   
Agrify Corp. (b) 11,285 173,225 
Altra Industrial Motion Corp. 35,733 1,883,486 
Astec Industries, Inc. 13,267 831,576 
Berkshire Grey, Inc. Class A 53,505 316,750 
Blue Bird Corp. (a) 16,718 338,372 
Columbus McKinnon Corp. (NY Shares) 16,265 722,491 
Commercial Vehicle Group, Inc. (a) 21,200 177,868 
Eastern Co. 4,547 114,152 
Energy Recovery, Inc. (a) 35,074 745,323 
Franklin Electric Co., Inc. 25,745 2,266,847 
FreightCar America, Inc. (a)(b) 32,845 122,840 
Gencor Industries, Inc. (a) 8,433 99,847 
Greenland Technologies Holding Corp. (a)(b) 5,467 41,932 
GreenPower Motor Co., Inc. (a)(b) 11,083 149,510 
Hillman Solutions Corp. Class A (a) 55,583 588,068 
Hurco Companies, Inc. 4,416 133,054 
Hydrofarm Holdings Group, Inc. (b) 24,337 803,121 
Hyzon Motors, Inc. Class A (b) 114,480 868,903 
Ideanomics, Inc. (a)(b) 232,089 373,663 
Kornit Digital Ltd. (a) 25,353 3,927,433 
L.B. Foster Co. Class A (a) 5,419 82,098 
Lincoln Electric Holdings, Inc. 32,763 4,421,694 
LiqTech International, Inc. (a)(b) 14,828 72,805 
Manitex International, Inc. (a) 14,236 93,246 
Microvast Holdings, Inc. (a)(b) 113,033 959,650 
Middleby Corp. (a) 30,871 5,392,546 
Nikola Corp. (a)(b) 258,443 2,641,287 
Nisun International Enterprise (a)(b) 11,226 84,869 
NN, Inc. (a) 14,855 66,105 
Nordson Corp. 32,168 8,176,784 
Omega Flex, Inc. (b) 5,646 666,115 
PACCAR, Inc. 191,827 16,002,208 
Park-Ohio Holdings Corp. 5,074 107,112 
Perma-Pipe International Holdings, Inc. (a) 5,390 47,163 
Proterra, Inc. Class A (a)(b) 112,733 1,263,737 
RBC Bearings, Inc. (a) 13,892 2,746,309 
Taylor Devices, Inc. (a) 1,759 19,578 
The Shyft Group, Inc. 20,942 1,017,991 
Twin Disc, Inc. (a) 9,749 116,793 
Urban-Gro, Inc. (a) 1,561 15,532 
voxeljet AG ADR (a) 2,769 20,740 
Westport Fuel Systems, Inc. (a) 72,395 173,748 
Woodward, Inc. 35,161 3,720,034 
Xos, Inc. Class A (b) 29,791 120,058 
  62,706,663 
Marine - 0.0%   
Capital Product Partners LP 6,724 110,005 
Castor Maritime, Inc. (a)(b) 49,703 93,939 
Eagle Bulk Shipping, Inc. 6,979 279,649 
EuroDry Ltd. (a)(b) 13,176 268,790 
Euroseas Ltd. (a)(b) 2,629 67,486 
Golden Ocean Group Ltd. (b) 99,171 933,199 
Grindrod Shipping Holdings Ltd. (b) 8,483 126,482 
Pangaea Logistics Solutions Ltd. (b) 24,288 92,780 
Performance Shipping, Inc. (b) 40,265 193,272 
Pyxis Tankers, Inc. (a)(b) 42,562 27,742 
Seanergy Martime Holdings Corp. (a) 72,085 68,481 
Star Bulk Carriers Corp. 49,906 1,048,525 
  3,310,350 
Professional Services - 0.4%   
51job, Inc. sponsored ADR (a) 22,264 1,284,633 
Acacia Research Corp. (a) 26,315 128,944 
Atlas Technical Consultants, Inc. (a) 19,217 176,220 
Barrett Business Services, Inc. 3,985 281,301 
China Index Holdings Ltd. ADR (a)(b) 30,315 34,256 
CoStar Group, Inc. (a) 219,294 17,052,301 
CRA International, Inc. 4,701 432,821 
DLH Holdings Corp. (a) 5,065 66,858 
Exponent, Inc. 28,889 3,365,569 
First Advantage Corp. 83,856 1,454,063 
Forrester Research, Inc. (a) 10,756 607,069 
Global Internet of People, Inc. (a)(b) 8,860 19,315 
Headhunter Group PLC ADR (b) 13,600 747,320 
Heidrick & Struggles International, Inc. 8,594 371,003 
Hirequest, Inc. (b) 6,327 144,256 
Hudson Global, Inc. (a) 1,375 39,600 
Huron Consulting Group, Inc. (a) 11,971 546,955 
ICF International, Inc. 10,225 989,167 
Kelly Services, Inc. Class A (non-vtg.) 21,044 354,802 
Kforce, Inc. 10,845 831,052 
LegalZoom.com, Inc. (b) 86,727 1,561,953 
ManTech International Corp. Class A 15,383 1,045,275 
Otonomo Technologies Ltd. (a)(b) 13,157 51,970 
RCM Technologies, Inc. (a) 4,323 34,022 
Recruiter.com Group, Inc. (b) 5,043 14,927 
Red Violet, Inc. (a)(b) 8,743 317,895 
Resources Connection, Inc. 22,136 380,296 
ShiftPixy, Inc. (a)(b) 8,773 6,845 
Sterling Check Corp. 66,000 1,568,820 
Upwork, Inc. (a) 69,606 2,593,520 
Verisk Analytics, Inc. 89,654 20,160,495 
Where Food Comes From, Inc. (b) 1,290 19,995 
Willdan Group, Inc. (a) 7,167 286,752 
  56,970,270 
Road & Rail - 0.9%   
AMERCO 10,972 7,730,432 
ArcBest Corp. 13,918 1,434,667 
Avis Budget Group, Inc. (a) 38,789 10,651,072 
Covenant Transport Group, Inc. Class A (a) 6,293 157,766 
CSX Corp. 1,260,990 43,705,913 
Daseke, Inc. (a) 34,313 331,120 
Ezgo Technologies Ltd. (b) 2,944 6,624 
Heartland Express, Inc. 44,050 737,397 
Helbiz, Inc. (a)(b) 4,659 39,136 
Hertz Global Holdings, Inc. (b) 250,000 6,040,000 
HyreCar, Inc. (a) 10,990 58,247 
J.B. Hunt Transport Services, Inc. 58,717 11,224,342 
Landstar System, Inc. 21,474 3,619,443 
Lyft, Inc. (a) 179,032 7,270,490 
Marten Transport Ltd. 47,473 763,366 
MingZhu Logistics Holdings Ltd. (a)(b) 2,711 5,937 
Old Dominion Freight Lines, Inc. 64,306 22,839,562 
P.A.M. Transportation Services, Inc. 7,002 453,660 
Patriot Transportation Holding, Inc. 1,759 17,097 
Saia, Inc. (a) 14,496 4,800,785 
Td Holdings, Inc. (a)(b) 13,130 6,632 
TuSimple Holdings, Inc. (b) 102,817 4,111,652 
U.S.A. Truck, Inc. (a) 5,235 90,461 
Universal Logistics Holdings, Inc. 17,590 326,998 
Werner Enterprises, Inc. 37,001 1,669,115 
Yellow Corp. (a) 25,553 336,277 
  128,428,191 
Trading Companies & Distributors - 0.2%   
Beacon Roofing Supply, Inc. (a) 38,797 1,936,358 
Code Chain New Continent Ltd. (a)(b) 17,695 23,004 
DXP Enterprises, Inc. (a) 9,057 250,245 
Euro Tech Holdings Co. Ltd. (b) 3,067 10,550 
Fastenal Co. 317,901 18,810,202 
H&E Equipment Services, Inc. 19,766 832,149 
Hudson Technologies, Inc. (a) 40,436 152,444 
Huttig Building Products, Inc. (a) 17,487 151,962 
Karat Packaging, Inc. (a) 10,117 222,473 
Lawson Products, Inc. (a) 5,086 244,789 
McGrath RentCorp. 12,871 994,928 
Rush Enterprises, Inc.:   
Class A 24,910 1,269,414 
Class B 6,706 327,119 
Titan Machinery, Inc. (a) 11,661 387,612 
Transcat, Inc. (a) 4,527 402,767 
Willis Lease Finance Corp. (a) 3,418 117,067 
  26,133,083 
Transportation Infrastructure - 0.0%   
Grupo Aeroportuario Norte S.A.B. de CV ADR (a)(b) 3,405 154,212 
Sino-Global Shipping America Ltd. (a)(b) 11,251 36,903 
  191,115 
TOTAL INDUSTRIALS  570,243,044 
INFORMATION TECHNOLOGY - 43.8%   
Communications Equipment - 1.1%   
ADTRAN, Inc. 26,355 537,115 
Applied Optoelectronics, Inc. (a)(b) 20,141 119,033 
AudioCodes Ltd. 17,081 592,027 
Aviat Networks, Inc. (a) 6,448 202,080 
CalAmp Corp. (a) 18,255 167,581 
Cambium Networks Corp. (a) 14,493 394,355 
Casa Systems, Inc. (a) 20,049 100,045 
Ceragon Networks Ltd. (a)(b) 40,973 107,759 
Cisco Systems, Inc. 2,338,727 128,255,789 
Clearfield, Inc. (a)(b) 9,087 588,292 
ClearOne, Inc. (a) 10,289 14,302 
CommScope Holding Co., Inc. (a) 112,653 1,122,024 
Communications Systems, Inc. (b) 4,332 13,169 
COMSovereign Holding Corp. (b) 20,231 21,849 
Comtech Telecommunications Corp. 12,600 319,914 
Digi International, Inc. (a) 19,090 411,008 
DZS, Inc. (a) 13,141 170,307 
EMCORE Corp. (a) 20,355 150,016 
Ericsson (B Shares) sponsored ADR 208,281 2,082,810 
Extreme Networks, Inc. (a) 71,064 959,364 
F5, Inc. (a) 33,009 7,512,188 
Franklin Wireless Corp. (a) 5,335 20,753 
Genasys, Inc. (a) 20,513 85,744 
Gilat Satellite Networks Ltd. 18,319 129,699 
Harmonic, Inc. (a) 60,290 648,118 
Infinera Corp. (a)(b) 113,084 919,373 
Inseego Corp. (a)(b) 52,527 339,324 
Ituran Location & Control Ltd. 10,985 289,235 
KVH Industries, Inc. (a) 10,763 107,522 
Lantronix, Inc. (a) 15,008 107,607 
Lumentum Holdings, Inc. (a) 42,344 3,674,189 
Minim, Inc. (a) 14,155 17,694 
NETGEAR, Inc. (a) 18,625 498,033 
NetScout Systems, Inc. (a) 41,313 1,235,259 
Ondas Holdings, Inc. (b) 39,894 303,593 
PC-Tel, Inc. 11,312 64,139 
Radware Ltd. (a) 27,195 787,839 
Resonant, Inc. (a)(b) 10,903 22,787 
Ribbon Communications, Inc. (a) 79,551 433,553 
Sierra Wireless, Inc. (a)(b) 18,467 322,249 
Silicom Ltd. (a) 4,848 214,427 
Siyata Mobile, Inc. (a)(b) 19,350 65,016 
Tessco Technologies, Inc. (a) 10,061 53,323 
UTStarcom Holdings Corp. (a) 48,947 52,863 
ViaSat, Inc. (a)(b) 40,249 1,782,628 
Viavi Solutions, Inc. (a) 125,363 1,856,626 
Vislink Technologies, Inc. (a)(b) 25,373 37,552 
  157,910,172 
Electronic Equipment & Components - 0.7%   
908 Devices, Inc. 479 11,496 
Advanced Energy Industries, Inc. 21,207 1,859,642 
AEye, Inc. Class A (a)(b) 33,414 186,116 
Airgain, Inc. (a) 4,073 38,897 
Akoustis Technologies, Inc. (a) 49,685 344,814 
Avnet, Inc. 53,663 1,946,357 
Bel Fuse, Inc.:   
Class A 1,125 15,300 
Class B (non-vtg.) 5,258 63,306 
CDW Corp. 77,586 14,691,685 
Cemtrex, Inc. (a) 30,161 30,764 
ClearSign Combustion Corp. (a)(b) 16,057 26,655 
Coda Octopus Group, Inc. (a)(b) 4,103 31,552 
Cognex Corp. 98,291 7,592,980 
Coherent, Inc. (a) 13,614 3,525,073 
CPS Technologies Corp. (a)(b) 4,893 18,496 
Daktronics, Inc. (a) 31,984 156,082 
Data I/O Corp. (a) 15,054 70,603 
Deswell Industries, Inc. 1,758 8,474 
Digital Ally, Inc. (a)(b) 23,185 25,967 
ePlus, Inc. (a) 7,090 747,924 
Evolv Technologies Holdings, Inc. (a)(b) 64,837 351,417 
FARO Technologies, Inc. (a) 11,137 773,576 
Flex Ltd. (a) 275,758 4,715,462 
Focus Universal, Inc. (a)(b) 20,486 238,047 
Frequency Electronics, Inc. (a) 5,274 51,474 
Hollysys Automation Technologies Ltd. (b) 32,959 509,546 
Identiv, Inc. (a) 10,328 237,441 
II-VI, Inc. (a)(b) 58,179 3,637,933 
Innoviz Technologies Ltd. (a)(b) 61,501 441,577 
Insight Enterprises, Inc. (a) 19,371 1,910,368 
Integrated Media Technology Ltd. (a)(b) 2,239 11,441 
Intellicheck, Inc. (a)(b) 10,166 52,050 
Interlink Electronics, Inc. (a)(b) 2,544 23,379 
IPG Photonics Corp. (a) 29,805 4,893,683 
Iteris, Inc. (a) 22,008 99,916 
Itron, Inc. (a) 24,868 1,539,578 
KEY Tronic Corp. (a) 6,057 37,008 
Kimball Electronics, Inc. (a) 15,945 338,353 
LightPath Technologies, Inc. Class A (a)(b) 12,016 23,551 
Lightwave Logic, Inc. (a)(b) 48,232 671,872 
Littelfuse, Inc. 13,581 4,053,657 
Luna Innovations, Inc. (a) 21,826 182,684 
MicroVision, Inc. (a)(b) 87,687 620,824 
MICT, Inc. (a)(b) 91,949 92,868 
Napco Security Technolgies, Inc. (a) 11,834 549,926 
National Instruments Corp. 72,866 3,025,396 
Neonode, Inc. (a) 4,962 48,429 
nLIGHT, Inc. (a) 23,656 588,798 
Novanta, Inc. (a) 19,813 3,198,809 
OSI Systems, Inc. (a) 9,960 905,663 
PC Connection, Inc. 15,743 690,173 
Plexus Corp. (a) 16,687 1,404,044 
Powerfleet, Inc. (a) 19,674 120,011 
Red Cat Holdings, Inc. (b) 20,617 44,739 
Research Frontiers, Inc. (a)(b) 10,936 21,981 
RF Industries Ltd. (a) 2,448 16,622 
Richardson Electronics Ltd. 7,825 85,997 
Sanmina Corp. (a) 34,858 1,273,711 
ScanSource, Inc. (a) 12,803 400,094 
Senstar Technologies Ltd. 12,188 40,830 
Soluna Holdings, Inc. (a) 5,272 63,317 
Supercom Ltd. (a)(b) 8,931 6,144 
Trimble, Inc. (a) 139,198 11,952,932 
TROOPS, Inc. (a)(b) 48,344 255,740 
TTM Technologies, Inc. (a) 56,839 783,241 
Velodyne Lidar, Inc. (a)(b) 204,105 1,126,660 
Wayside Technology Group, Inc. 3,243 105,073 
Wrap Technologies, Inc. (a)(b) 38,058 171,261 
Zebra Technologies Corp. Class A (a) 29,691 17,481,467 
  101,260,946 
IT Services - 2.9%   
Affirm Holdings, Inc. 107,104 13,567,935 
AgileThought, Inc. Class A (a)(b) 21,017 231,187 
Akamai Technologies, Inc. (a) 90,511 10,200,590 
Alithya Group, Inc. (a) 36,580 88,524 
ALJ Regional Holdings, Inc. (a)(b) 36,145 45,543 
Amdocs Ltd. 73,258 5,114,874 
American Virtual Cloud Technologies, Inc. (a) 11,030 17,758 
Automatic Data Processing, Inc. 236,080 54,508,511 
BigCommerce Holdings, Inc. (a) 38,362 1,736,648 
Brightcove, Inc. (a) 26,601 256,168 
Cantaloupe, Inc. (a) 40,019 360,971 
Cass Information Systems, Inc. 9,021 362,283 
Chindata Group Holdings Ltd. ADR (a)(b) 48,048 454,534 
CLPS, Inc. (a)(b) 5,050 12,827 
Cognizant Technology Solutions Corp. Class A 292,346 22,797,141 
Computer Task Group, Inc. (a) 17,316 136,796 
Concentrix Corp. 28,981 4,810,846 
Conduent, Inc. (a) 116,630 587,815 
Crexendo, Inc. (a)(b) 9,806 50,011 
CSG Systems International, Inc. 17,233 908,351 
CSP, Inc. (a) 2,765 24,691 
Cyxtera Technologies, Inc.:   
warrants 9/10/27 (a) 6,862 15,302 
Class A (a) 38,411 380,653 
Data Storage Corp. (a)(b) 37,137 134,807 
Dlocal Ltd. (b) 80,031 2,657,029 
Euronet Worldwide, Inc. (a) 29,379 2,978,149 
EVO Payments, Inc. Class A (a) 26,275 559,395 
Exela Technologies, Inc. (a)(b) 104,481 132,691 
ExlService Holdings, Inc. (a) 18,501 2,402,725 
Fiserv, Inc. (a) 370,392 35,750,236 
Flywire Corp. 52,577 2,136,729 
Formula Systems (1985) Ltd. ADR (b) 193 22,957 
GDS Holdings Ltd. ADR (a)(b) 59,815 3,352,033 
GreenBox POS (a)(b) 21,290 110,921 
GreenSky, Inc. Class A (a) 43,512 493,426 
Grid Dynamics Holdings, Inc. (a) 87,156 3,419,130 
Hackett Group, Inc. 16,264 332,761 
i3 Verticals, Inc. Class A (a) 11,916 222,233 
IBEX Ltd. (a) 9,924 131,245 
Information Services Group, Inc. 25,958 214,154 
Innodata, Inc. (a) 13,207 86,110 
Inpixon (a)(b) 51,648 34,857 
International Money Express, Inc. (a) 22,487 339,779 
Jack Henry & Associates, Inc. 41,434 6,282,637 
Kingsoft Cloud Holdings Ltd. ADR (a)(b) 19,869 343,336 
Limelight Networks, Inc. (a) 65,096 179,014 
Marqeta, Inc. Class A 31,033 610,109 
MoneyGram International, Inc. (a) 43,256 256,508 
MongoDB, Inc. Class A (a) 34,526 17,197,401 
Net 1 UEPS Technologies, Inc. (a)(b) 28,433 131,076 
Nuvei Corp. (b)(d) 34,200 3,370,752 
Okta, Inc. (a) 73,602 15,841,358 
Paya Holdings, Inc. (a)(b) 85,172 548,508 
Paychex, Inc. 199,321 23,759,063 
Payoneer Global, Inc. 187,374 1,452,149 
PayPal Holdings, Inc. (a) 652,414 120,624,824 
Paysign, Inc. (a) 29,027 52,539 
Perficient, Inc. (a) 17,809 2,440,367 
PFSweb, Inc. (a) 12,193 149,242 
Priority Technology Holdings, Inc. (a) 36,694 237,043 
QIWI PLC Class B sponsored ADR (b) 25,057 214,488 
Rackspace Technology, Inc. (a)(b) 114,778 1,636,734 
Remitly Global, Inc. (b) 62,986 1,515,443 
Repay Holdings Corp. (a) 49,581 811,145 
Research Solutions, Inc. (a) 4,834 10,925 
Sabre Corp. (a)(b) 147,434 1,110,178 
ServiceSource International, Inc. (a) 43,570 47,491 
Steel Connect, Inc. (a) 32,364 51,135 
StoneCo Ltd. Class A (a) 102,064 1,592,198 
Taoping, Inc. (a)(b) 3,739 11,217 
TaskUs, Inc. 7,927 353,148 
The Glimpse Group, Inc. (b) 3,147 38,865 
The OLB Group, Inc. (a)(b) 1,982 8,503 
Thoughtworks Holding, Inc. 280,353 8,186,308 
Ttec Holdings, Inc. 25,710 2,169,667 
Tucows, Inc. (a) 6,556 533,199 
Usio, Inc. (a) 12,705 95,542 
VeriSign, Inc. (a) 62,298 14,945,913 
Verra Mobility Corp. (a) 88,691 1,276,263 
Vnet Group, Inc. ADR (a)(b) 54,840 533,045 
Wix.com Ltd. (a) 31,366 4,792,725 
  405,591,384 
Semiconductors & Semiconductor Equipment - 11.7%   
ACM Research, Inc. (a) 9,521 832,326 
Advanced Micro Devices, Inc. (a) 674,944 106,890,881 
AEHR Test Systems (a) 12,905 224,805 
Allegro MicroSystems LLC (a) 104,788 3,272,529 
Alpha & Omega Semiconductor Ltd. (a) 13,400 658,208 
Ambarella, Inc. (a) 19,752 3,545,879 
Amkor Technology, Inc. 135,545 2,922,350 
Amtech Systems, Inc. (a) 9,588 94,921 
Analog Devices, Inc. 265,562 47,867,551 
Applied Materials, Inc. 507,393 74,683,176 
ASML Holding NV 44,117 34,919,047 
Atomera, Inc. (a)(b) 13,904 334,947 
Axcelis Technologies, Inc. (a) 19,430 1,201,163 
AXT, Inc. (a) 21,623 177,741 
Broadcom, Inc. 226,607 125,467,764 
Brooks Automation, Inc. 41,417 4,684,263 
Camtek Ltd. (a)(b) 23,975 1,105,727 
Canadian Solar, Inc. (a)(b) 33,213 1,260,101 
CEVA, Inc. (a) 12,199 537,976 
ChipMOS TECHNOLOGIES, Inc. sponsored ADR (b) 3,922 128,838 
Cirrus Logic, Inc. (a) 32,816 2,631,187 
CMC Materials, Inc. 16,067 2,133,698 
Cohu, Inc. (a) 26,895 886,728 
CVD Equipment Corp. (a) 4,263 18,800 
CyberOptics Corp. (a) 5,253 226,667 
Diodes, Inc. (a) 25,728 2,736,173 
DSP Group, Inc. (a) 16,168 355,534 
Enphase Energy, Inc. (a) 75,384 18,846,000 
Entegris, Inc. 75,304 11,000,408 
Everspin Technologies, Inc. (a)(b) 13,033 157,569 
First Solar, Inc. (a) 59,097 6,122,449 
FormFactor, Inc. (a) 42,470 1,780,342 
GlobalFoundries, Inc. (b) 282,300 19,546,452 
GSI Technology, Inc. (a) 15,609 87,723 
Himax Technologies, Inc. sponsored ADR (b) 59,577 592,791 
Ichor Holdings Ltd. (a) 15,188 727,353 
Impinj, Inc. (a)(b) 13,149 985,781 
indie Semiconductor, Inc. (b) 54,603 749,699 
Intel Corp. 2,241,691 110,291,197 
KLA Corp. 85,067 34,718,395 
Kopin Corp. (a) 49,279 257,236 
Kulicke & Soffa Industries, Inc. (b) 35,023 2,019,426 
Lam Research Corp. 79,192 53,838,681 
Lattice Semiconductor Corp. (a) 76,080 5,776,754 
MACOM Technology Solutions Holdings, Inc. (a) 38,228 2,748,975 
Marvell Technology, Inc. 455,030 32,384,485 
Maxeon Solar Technologies Ltd. (a)(b) 27,787 507,113 
Meta Materials, Inc. (a)(b) 152,962 561,371 
Microchip Technology, Inc. 303,484 25,319,670 
Micron Technology, Inc. 622,852 52,319,568 
MKS Instruments, Inc. 30,755 4,679,681 
Monolithic Power Systems, Inc. 25,469 14,096,073 
MoSys, Inc. (a) 20,260 79,014 
Nova Ltd. (a) 15,378 1,976,842 
NVE Corp. 2,373 159,632 
NVIDIA Corp. 1,383,892 452,200,550 
NXP Semiconductors NV 152,906 34,153,084 
O2Micro International Ltd. sponsored ADR (a)(b) 16,202 84,412 
ON Semiconductor Corp. (a) 237,640 14,598,225 
PDF Solutions, Inc. (a) 23,680 708,742 
Photronics, Inc. (a) 36,838 486,630 
Pixelworks, Inc. (a) 37,111 192,606 
Power Integrations, Inc. 33,245 3,325,497 
Qorvo, Inc. (a) 62,594 9,153,121 
Qualcomm, Inc. 626,261 113,077,686 
QuickLogic Corp. (a) 2,338 13,350 
Rambus, Inc. (a) 63,437 1,706,455 
Rubicon Technology, Inc. (a) 443 4,231 
SemiLEDs Corp. (a) 4,500 28,980 
Semtech Corp. (a) 36,094 3,092,173 
Silicon Laboratories, Inc. (a) 24,722 4,852,187 
Silicon Motion Tech Corp. sponsored ADR 18,785 1,296,729 
SiTime Corp. (a) 10,972 3,274,923 
SkyWater Technology, Inc. (b) 21,008 393,060 
Skyworks Solutions, Inc. 91,599 13,891,904 
SMART Global Holdings, Inc. (a) 12,953 738,580 
SolarEdge Technologies, Inc. (a) 28,902 9,472,920 
SPI Energy Co. Ltd. sponsored ADR (a) 11,554 60,659 
Summit Wireless Technologies, Inc. (a) 50,912 92,660 
SunPower Corp. (a)(b) 95,141 2,725,790 
Synaptics, Inc. (a) 19,435 5,485,334 
Teradyne, Inc. 92,229 14,099,047 
Texas Instruments, Inc. 512,201 98,532,106 
Tower Semiconductor Ltd. (a) 61,304 2,175,066 
Ultra Clean Holdings, Inc. (a) 25,361 1,390,036 
Universal Display Corp. 26,374 3,772,801 
Veeco Instruments, Inc. (a)(b) 28,870 767,365 
WISeKey International Holding Ltd. ADR (a)(b) 1,391 6,579 
Xilinx, Inc. 136,355 31,150,300 
  1,649,133,448 
Software - 16.4%   
Absolute Software Corp.(b) 25,866 228,914 
ACI Worldwide, Inc. (a) 65,286 1,902,434 
Adobe, Inc. (a) 265,497 177,843,165 
Agilysys, Inc. (a) 14,089 613,576 
Agora, Inc. ADR (a)(b) 18,996 397,016 
Alarm.com Holdings, Inc. (a) 27,342 2,181,618 
Alfi, Inc. (b) 6,105 23,077 
Alkami Technology, Inc. (a) 47,062 1,350,209 
Allot Ltd. (a) 21,262 243,875 
Altair Engineering, Inc. Class A (a)(b) 26,620 1,981,859 
American Software, Inc. Class A 20,292 462,658 
Amplitude, Inc. 24,761 1,609,465 
ANSYS, Inc. (a) 48,381 18,940,194 
AppFolio, Inc. (a) 10,392 1,252,132 
Appian Corp. Class A (a)(b) 21,741 1,616,443 
AppLovin Corp. 120,452 10,974,382 
Arqit Quantum, Inc. (b) 50,517 1,922,677 
Aspen Technology, Inc. (a) 37,769 5,477,638 
Asure Software, Inc. (a) 12,380 106,220 
Atlassian Corp. PLC (a) 75,454 28,394,849 
Auddia, Inc. (b) 4,309 9,264 
AudioEye, Inc. (a)(b) 5,464 42,346 
Aurora Mobile Ltd. ADR (a)(b) 10,391 14,755 
Autodesk, Inc. (a) 122,187 31,058,714 
AvePoint, Inc. (a)(b) 99,593 688,188 
AvidXchange Holdings, Inc. 101,300 2,163,768 
Aware, Inc. (a) 13,849 40,993 
Benefitfocus, Inc. (a) 12,461 125,358 
Bentley Systems, Inc. Class B (b) 147,154 7,061,920 
Bio-Key International, Inc. (a)(b) 10,259 25,545 
Bit Digital, Inc. (a)(b) 24,469 240,775 
Bitfarms Ltd. (b) 73,196 559,949 
Blackbaud, Inc. (a) 27,295 2,059,681 
BlackLine, Inc. (a) 32,196 3,543,170 
Bottomline Technologies, Inc. (a) 24,745 1,109,566 
Bridgeline Digital, Inc. (a) 2,527 6,722 
BSQUARE Corp. (a)(b) 7,925 15,375 
BTRS Holdings, Inc. (a) 39,622 295,580 
Cadence Design Systems, Inc. (a) 154,539 27,424,491 
CDK Global, Inc. 67,309 2,600,820 
Cellebrite DI Ltd. (b) 73,642 574,408 
Cerence, Inc. (a)(b) 20,968 1,576,374 
Check Point Software Technologies Ltd. (a) 75,160 8,366,060 
Cipher Mining, Inc. (b) 179,480 1,416,097 
Citrix Systems, Inc. 68,929 5,543,959 
Cleanspark, Inc. (a)(b) 17,381 309,034 
Cognyte Software Ltd. 35,965 732,607 
Color Star Technology Co. Ltd. (a)(b) 55,164 30,362 
CommVault Systems, Inc. (a) 26,244 1,650,223 
Confluent, Inc. 12,770 996,315 
Consensus Cloud Solutions, Inc. 8,431 528,118 
Couchbase, Inc. (b) 22,694 750,037 
Coupa Software, Inc. (a) 41,112 8,085,086 
Crowdstrike Holdings, Inc. (a) 110,646 24,025,672 
CyberArk Software Ltd. (a) 21,654 3,742,894 
Cyren Ltd. (a)(b) 13,132 5,037 
Datadog, Inc. Class A (a) 129,931 23,165,398 
Datasea, Inc. (a) 13,579 21,455 
DatChat, Inc. 1,357 5,170 
Descartes Systems Group, Inc. (a) 47,469 3,814,609 
Digimarc Corp. (a)(b) 8,852 379,751 
Digital Turbine, Inc. (a) 51,932 2,755,512 
Docebo, Inc. 17,706 1,261,375 
DocuSign, Inc. (a) 108,093 26,629,791 
Domo, Inc. Class B (a) 15,733 1,138,283 
Dropbox, Inc. Class A (a) 176,279 4,338,226 
Duck Creek Technologies, Inc. (a) 71,543 2,045,414 
Ebix, Inc. (b) 17,007 519,734 
eGain Communications Corp. (a) 19,235 201,968 
Everbridge, Inc. (a) 20,941 2,375,128 
EverCommerce, Inc. 106,434 1,732,746 
Evolving Systems, Inc. (a) 8,488 20,117 
Expensify, Inc. 39,471 1,781,721 
Five9, Inc. (a) 37,325 5,312,467 
Fortinet, Inc. (a) 90,652 30,106,436 
Greenidge Generation Holdings, Inc. 5,846 113,295 
GTY Technology Holdings, Inc. (a) 38,628 254,172 
HIVE Blockchain Technologies Ltd. (a)(b) 207,813 783,455 
Hut 8 Mining Corp. (a)(b) 114,328 1,377,652 
Infobird Co. Ltd. (b) 11,582 17,026 
Intapp, Inc. 33,368 913,950 
InterDigital, Inc. 17,923 1,217,151 
Intuit, Inc. 151,749 98,985,873 
Ipsidy, Inc. (a)(b) 12,623 186,694 
Jamf Holding Corp. (a)(b) 65,286 2,104,168 
JFrog Ltd. (a)(b) 24,474 782,189 
Kaltura, Inc. 47,450 224,913 
Karooooo Ltd. 13,324 429,033 
Kaspien Holdings, Inc. (a) 939 12,207 
KnowBe4, Inc. (a) 6,045 136,375 
Latch, Inc. (b) 75,884 628,320 
LivePerson, Inc. (a) 38,197 1,476,696 
Livevox Holdings, Inc. (a)(b) 51,720 246,187 
Magic Software Enterprises Ltd. 31,025 667,038 
Mandiant, Inc. (a) 132,160 2,242,755 
Manhattan Associates, Inc. (a) 35,415 5,530,406 
Marathon Digital Holdings, Inc. (a)(b) 55,109 2,814,417 
Marin Software, Inc. (a)(b) 14,390 74,396 
Materialise NV ADR (a)(b) 12,614 307,151 
Matterport, Inc. (b) 127,629 4,132,627 
McAfee Corp. 91,878 2,375,046 
Mercurity Fintech Holding, Inc. sponsored ADR (a)(b) 3,066 11,130 
Microsoft Corp. 4,131,573 1,365,856,718 
MicroStrategy, Inc. Class A (a)(b) 4,324 3,119,463 
Mimecast Ltd. (a) 36,251 2,936,331 
Mitek Systems, Inc. (a) 28,300 484,779 
MMTEC, Inc. (a)(b) 12,794 17,144 
Momentive Global, Inc. (a) 80,549 1,645,616 
Monday.com Ltd. (b) 24,264 8,730,187 
Mullen Automotive, Inc. (a)(b) 2,849 22,564 
nCino, Inc. (a)(b) 52,955 3,289,565 
NetSol Technologies, Inc. (a) 6,495 26,045 
Nextnav, Inc. (a)(b) 34,027 276,299 
NICE Systems Ltd. sponsored ADR (a) 28,115 8,209,018 
NortonLifeLock, Inc. 321,799 7,996,705 
Nuance Communications, Inc. (a) 158,953 8,820,302 
Nutanix, Inc. Class A (a) 113,361 3,765,852 
NXT-ID, Inc. (a)(b) 3,425 10,035 
Oblong, Inc. (a) 15,384 19,076 
Onespan, Inc. (a) 24,175 413,151 
Open Text Corp. (b) 151,564 7,185,649 
Opera Ltd. ADR (a) 15,592 120,370 
Palo Alto Networks, Inc. (a) 53,712 29,377,241 
Park City Group, Inc. (a) 11,886 69,533 
Paycor HCM, Inc. 94,882 2,793,326 
Paylocity Holding Corp. (a) 30,384 7,667,099 
Pegasystems, Inc. 45,245 5,195,031 
Phunware, Inc. (a)(b) 146,729 426,981 
Powerbridge Technologies Co. Ltd. (a)(b) 22,594 21,476 
Progress Software Corp. (b) 24,678 1,195,649 
PTC, Inc. (a) 65,059 7,129,165 
Qualtrics International, Inc. 50,590 1,637,092 
Qualys, Inc. (a) 22,000 2,866,380 
Quantum Computing, Inc. (a)(b) 16,331 86,554 
Qumu Corp. (a) 9,115 18,321 
Radcom Ltd. (a)(b) 13,668 154,448 
Rapid7, Inc. (a) 31,413 3,897,097 
RealNetworks, Inc. (a) 22,292 26,973 
Rekor Systems, Inc. (a) 22,727 152,725 
Rimini Street, Inc. (a) 63,744 421,348 
Riot Blockchain, Inc. (a)(b) 53,350 1,993,690 
Safe-T Group Ltd. ADR (a)(b) 24,878 24,132 
Sapiens International Corp. NV 29,656 1,051,898 
SeaChange International, Inc. (a) 14,506 10,752 
SecureWorks Corp. (a) 11,955 212,321 
SharpLink Gaming Ltd. (a)(b) 20,794 61,550 
ShotSpotter, Inc. (a) 7,107 249,598 
SilverSun Technologies, Inc. (A Shares) 910 4,304 
Smith Micro Software, Inc. (a) 26,575 145,631 
Sphere 3D Corp. (a)(b) 22,706 106,264 
Splunk, Inc. (a) 91,071 11,019,591 
Sprout Social, Inc. (a) 24,410 2,726,109 
SPS Commerce, Inc. (a) 19,702 2,777,785 
SRAX, Inc. (a) 9,776 51,324 
SS&C Technologies Holdings, Inc. 142,097 10,846,264 
Sumo Logic, Inc. (a) 13,822 195,443 
Synchronoss Technologies, Inc. (a) 36,551 98,688 
Synopsys, Inc. (a) 84,745 28,898,045 
Telos Corp. 31,492 495,999 
Tenable Holdings, Inc. (a) 58,467 2,888,270 
The Trade Desk, Inc. (a) 239,730 24,792,877 
Upland Software, Inc. (a) 11,298 221,215 
Varonis Systems, Inc. (a) 59,223 3,068,344 
Verb Technology Co., Inc. (a)(b) 61,842 94,618 
Verint Systems, Inc. (a)(b) 35,965 1,711,574 
Veritone, Inc. (a)(b) 17,638 452,238 
Vertex, Inc. Class A (a) 14,677 268,296 
Vonage Holdings Corp. (a) 142,421 2,936,721 
WalkMe Ltd. 45,590 861,651 
Wejo Group Ltd. (b) 33,045 202,235 
Workday, Inc. Class A (a) 104,998 28,793,602 
Xperi Holding Corp. 60,469 1,083,604 
Xunlei Ltd. sponsored ADR (a)(b) 12,614 29,643 
Zix Corp. (a) 30,366 257,200 
Zoom Video Communications, Inc. Class A (a) 129,889 27,459,833 
Zscaler, Inc. (a) 75,492 26,193,459 
  2,298,957,363 
Technology Hardware, Storage & Peripherals - 11.0%   
Apple, Inc. 9,087,623 1,502,184,039 
Astro-Med, Inc. (a) 3,663 60,549 
Avid Technology, Inc. (a) 25,039 802,750 
Borqs Technologies, Inc. (a)(b) 125,741 68,780 
Boxlight Corp. (a)(b) 32,673 50,970 
Canaan, Inc. ADR (a)(b) 85,719 753,470 
Corsair Gaming, Inc. (a)(b) 50,700 1,135,680 
CPI Card Group (a)(b) 2,191 44,850 
Ebang International Holdings, Inc. Class A (a)(b) 59,440 87,377 
Immersion Corp. (a)(b) 18,807 113,030 
Intevac, Inc. (a) 22,851 96,660 
Logitech International SA (b) 93,405 7,444,379 
Movano, Inc. 16,621 61,165 
Nano Dimension Ltd. ADR (a)(b) 73,899 353,976 
NetApp, Inc. 123,130 10,943,794 
One Stop Systems, Inc. (a)(b) 8,505 43,376 
Quantum Corp. (a) 29,791 162,957 
Seagate Technology Holdings PLC 126,806 13,019,172 
Socket Mobile, Inc. (a) 1,296 6,674 
Sonim Technologies, Inc. (a)(b) 7,078 10,192 
Stratasys Ltd. (a)(b) 31,101 839,416 
Super Micro Computer, Inc. (a) 28,899 1,196,419 
Transact Technologies, Inc. (a) 6,575 72,588 
Turtle Beach Corp. (a)(b) 8,432 225,978 
Western Digital Corp. (a) 170,279 9,848,937 
Xerox Holdings Corp. 98,578 1,815,807 
  1,551,442,985 
TOTAL INFORMATION TECHNOLOGY  6,164,296,298 
MATERIALS - 0.3%   
Chemicals - 0.1%   
ABVC BioPharma, Inc. (a) 49,915 151,742 
Advanced Emissions Solutions, Inc. (a) 9,725 62,240 
AgroFresh Solutions, Inc. (a) 34,342 61,816 
Amyris, Inc. (a)(b) 134,052 919,597 
Balchem Corp. 17,562 2,774,796 
Bioceres Crop Solutions Corp. (a)(b) 21,277 319,581 
Bon Natural Life Ltd. (b) 4,398 23,090 
Burcon NutraScience Corp. (a) 37,560 42,067 
CN Energy Group, Inc. 8,671 25,233 
Crown ElectroKinetics Corp. (a)(b) 5,276 18,835 
Diversey Holdings Ltd. 168,328 2,218,563 
Fuwei Films Holdings Co. Ltd. (a)(b) 3,842 32,273 
Gulf Resources, Inc. (a) 8,302 50,808 
Hawkins, Inc. 11,982 397,563 
Ikonics Corp. (a) 946 31,568 
Innospec, Inc. 14,671 1,191,285 
Loop Industries, Inc. (a)(b) 23,631 322,327 
Marrone Bio Innovations, Inc. (a) 55,225 38,967 
Methanex Corp. (b) 43,441 1,737,206 
Northern Technologies International Corp. 5,689 85,904 
Origin Materials, Inc. Class A (a) 78,046 529,932 
PureCycle Technologies, Inc. 63,814 784,912 
Save Foods, Inc. (b) 6,151 38,567 
Zymergen, Inc. 80,309 727,600 
  12,586,472 
Construction Materials - 0.0%   
Forterra, Inc. (a) 36,604 870,809 
ReTo Eco-Solutions, Inc. (a)(b) 22,427 19,063 
Smith-Midland Corp. (a)(b) 1,983 73,371 
United States Lime & Minerals, Inc. 3,255 387,833 
  1,351,076 
Containers & Packaging - 0.0%   
Pactiv Evergreen, Inc. 96,857 1,201,995 
Silgan Holdings, Inc. 60,123 2,493,301 
TriMas Corp. 23,430 776,002 
UFP Technologies, Inc. (a) 5,073 339,232 
  4,810,530 
Metals & Mining - 0.2%   
Algoma Steel Group, Inc. 39,165 425,332 
Century Aluminum Co. (a) 47,905 633,783 
China Natural Resources, Inc. (a)(b) 12,136 10,950 
Corvus Gold, Inc. (a) 68,732 217,880 
Ferroglobe PLC (a) 90,623 544,644 
Ferroglobe Representation & Warranty Insurance (a)(c) 23,476 0 
Haynes International, Inc. (b) 8,044 322,323 
Huadi International Group Co. Ltd. (b) 1,902 33,437 
Kaiser Aluminum Corp. 9,418 840,368 
Largo, Inc. (a)(b) 32,652 313,786 
Olympic Steel, Inc. 8,257 168,030 
Pan American Silver Corp. (b) 118,840 3,035,174 
Perpetua Resources Corp. (a) 28,542 144,137 
Piedmont Lithium, Inc. (b) 9,153 549,180 
Ramaco Resources, Inc. (a)(b) 21,088 256,430 
Royal Gold, Inc. 36,037 3,604,781 
Schnitzer Steel Industries, Inc. Class A 15,466 743,915 
SSR Mining, Inc. (b) 123,685 2,247,356 
Steel Dynamics, Inc. 115,686 6,918,023 
Synalloy Corp. (a) 7,129 99,806 
Synalloy Corp. rights 12/16/21 (a) 7,129 747 
U.S. Gold Corp. (a) 1,706 18,357 
Universal Stainless & Alloy Products, Inc. (a) 7,722 58,687 
  21,187,126 
Paper & Forest Products - 0.0%   
Mercer International, Inc. (SBI) (b) 34,446 368,572 
TOTAL MATERIALS  40,303,776 
REAL ESTATE - 0.9%   
Equity Real Estate Investment Trusts (REITs) - 0.7%   
American Finance Trust, Inc. 62,557 496,703 
CareTrust (REIT), Inc. 57,248 1,156,982 
CIM Commercial Trust Corp. 12,011 83,837 
CyrusOne, Inc. 68,093 6,061,639 
Diversified Healthcare Trust (SBI) 73,256 204,384 
East Stone Acquisition Corp. (a)(b) 10,409 108,254 
Equinix, Inc. 49,738 40,397,204 
Gaming & Leisure Properties 128,731 5,808,343 
Gladstone Commercial Corp. 18,518 411,470 
Gladstone Land Corp. 13,642 389,752 
Global Self Storage, Inc. 5,948 31,881 
Host Hotels & Resorts, Inc. (a) 391,220 6,142,154 
Indus Realty Trust, Inc. 3,882 287,268 
Industrial Logistics Properties Trust 36,786 815,178 
Lamar Advertising Co. Class A 48,162 5,262,180 
Medalist Diversified (REIT), Inc. 12,929 14,222 
Office Properties Income Trust 19,717 467,884 
Phillips Edison & Co., Inc. 9,195 288,447 
Potlatch Corp. 38,372 2,077,460 
Presidio Property Trust, Inc. Class A 6,016 23,643 
Regency Centers Corp. 95,220 6,602,555 
Retail Opportunity Investments Corp. 70,063 1,230,306 
Sabra Health Care REIT, Inc. 251,902 3,257,093 
SBA Communications Corp. Class A 60,543 20,814,683 
Service Properties Trust 89,889 764,955 
Sotherly Hotels, Inc. (a) 4,274 9,574 
Uniti Group, Inc. 130,929 1,737,428 
Wheeler REIT, Inc. (a) 15,634 32,675 
  104,978,154 
Real Estate Management & Development - 0.2%   
Alset Ehome International, Inc. (b) 43,381 59,432 
Altisource Portfolio Solutions SA (a) 19,950 210,872 
China HGS Real Estate, Inc. (a) 6,970 13,801 
Colliers International Group, Inc. (b) 20,510 2,776,029 
Comstock Holding Companies, Inc. (a) 4,017 19,201 
Cresud S.A.C.I.F. y A. sponsored ADR (a) 25,020 111,089 
eXp World Holdings, Inc. (b) 81,193 2,980,595 
Fathom Holdings, Inc. (a)(b) 7,329 172,891 
FirstService Corp. (b) 24,577 4,732,056 
FRP Holdings, Inc. (a) 6,217 364,565 
Gyrodyne LLC (a) 1,080 13,100 
InterGroup Corp. (a) 986 46,687 
IRSA Propiedades Comerciales SA sponsored ADR (b) 15,135 33,297 
Landmark Infrastructure Partners LP 12,077 196,614 
MDJM Ltd. (a) 4,594 12,082 
Newmark Group, Inc. 92,032 1,478,034 
Opendoor Technologies, Inc. (a) 320,261 5,072,934 
Redfin Corp. (a)(b) 55,561 2,260,777 
Stratus Properties, Inc. (a) 4,684 165,158 
The RMR Group, Inc. 7,911 258,452 
Ucommune International Ltd. (b) 47,079 31,124 
Zillow Group, Inc.:   
Class A (a) 30,562 1,653,710 
Class C (a)(b) 109,707 5,953,799 
  28,616,299 
TOTAL REAL ESTATE  133,594,453 
UTILITIES - 0.6%   
Electric Utilities - 0.6%   
Alliant Energy Corp. 139,857 7,662,765 
American Electric Power Co., Inc. 276,336 22,397,033 
Exelon Corp. 539,988 28,473,567 
MGE Energy, Inc. 19,112 1,387,340 
Otter Tail Corp. 23,594 1,542,812 
Via Renewables, Inc. Class A, (b) 7,308 81,630 
Xcel Energy, Inc. 297,978 18,990,138 
  80,535,285 
Gas Utilities - 0.0%   
RGC Resources, Inc. 5,446 116,708 
Independent Power and Renewable Electricity Producers - 0.0%   
Atlantica Sustainable Infrastructure PLC (b) 61,295 2,351,276 
Montauk Renewables, Inc. (b) 82,646 785,963 
ReNew Energy Global PLC 107,444 826,244 
VivoPower International PLC (a)(b) 8,836 38,348 
  4,001,831 
Multi-Utilities - 0.0%   
NorthWestern Energy Corp. (b) 28,847 1,595,239 
Water Utilities - 0.0%   
Artesian Resources Corp. Class A 6,205 265,326 
Cadiz, Inc. (a)(b) 22,934 92,883 
Consolidated Water Co., Inc. (b) 7,912 86,162 
Global Water Resources, Inc. 13,586 233,951 
Middlesex Water Co. (b) 10,525 1,084,496 
Pure Cycle Corp. (a) 13,933 202,864 
York Water Co. (b) 8,284 388,188 
  2,353,870 
TOTAL UTILITIES  88,602,933 
TOTAL COMMON STOCKS   
(Cost $5,395,396,878)  13,967,787,550 
Nonconvertible Preferred Stocks - 0.0%   
CONSUMER DISCRETIONARY - 0.0%   
Hotels, Restaurants & Leisure - 0.0%   
FAT Brands, Inc. 1,005 20,361 
INFORMATION TECHNOLOGY - 0.0%   
Semiconductors & Semiconductor Equipment - 0.0%   
Meta Materials, Inc. 84,218 157,488 
Software - 0.0%   
SRAX, Inc. (c) 9,776 587 
TOTAL INFORMATION TECHNOLOGY  158,075 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $39,198)  178,436 
Money Market Funds - 4.3%   
Fidelity Cash Central Fund 0.06% (e) 87,705,229 87,722,770 
Fidelity Securities Lending Cash Central Fund 0.07% (e)(f) 518,783,256 518,835,135 
TOTAL MONEY MARKET FUNDS   
(Cost $606,557,905)  606,557,905 
TOTAL INVESTMENT IN SECURITIES - 103.5%   
(Cost $6,001,993,981)  14,574,523,891 
NET OTHER ASSETS (LIABILITIES) - (3.5)%  (496,604,889) 
NET ASSETS - 100%  $14,077,919,002 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME E-mini NASDAQ 100 Index Contracts (United States) 324 Dec. 2021 $104,655,240 $740,843 $740,843 

The notional amount of futures purchased as a percentage of Net Assets is 0.7%

 (a) Non-income producing

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

 (c) Level 3 security

 (d) 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 $3,370,752 or 0.0% of net assets.

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

 (f) 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.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $53,973,522 $1,215,199,013 $1,181,450,760 $26,108 $995 $-- $87,722,770 0.1% 
Fidelity Securities Lending Cash Central Fund 0.07% 288,429,402 1,777,178,786 1,546,773,053 18,646,032 -- -- 518,835,135 1.6% 
Total $342,402,924 $2,992,377,799 $2,728,223,813 $18,672,140 $995 $-- $606,557,905  

Amounts in the 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. Amount 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 payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of November 30, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $2,166,755,755 $2,166,754,408 $-- $1,347 
Consumer Discretionary 2,441,306,421 2,441,305,074 -- 1,347 
Consumer Staples 469,440,556 469,440,556 -- -- 
Energy 51,232,704 51,232,704 -- -- 
Financials 626,594,478 626,378,708 -- 215,770 
Health Care 1,215,437,493 1,215,133,692 529 303,272 
Industrials 570,243,044 570,243,020 -- 24 
Information Technology 6,164,454,373 6,164,453,786 -- 587 
Materials 40,303,776 40,303,029 747 -- 
Real Estate 133,594,453 133,594,453 -- -- 
Utilities 88,602,933 88,602,933 -- -- 
Money Market Funds 606,557,905 606,557,905 -- -- 
Total Investments in Securities: $14,574,523,891 $14,574,000,268 $1,276 $522,347 
Derivative Instruments:     
Assets     
Futures Contracts $740,843 $740,843 $-- $-- 
Total Assets $740,843 $740,843 $-- $-- 
Total Derivative Instruments: $740,843 $740,843 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $740,843 $0 
Total Equity Risk 740,843 0 
Total Value of Derivatives $740,843 $0 

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

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  November 30, 2021 
Assets   
Investment in securities, at value (including securities loaned of $496,158,473) — See accompanying schedule:
Unaffiliated issuers (cost $5,395,436,076) 		$13,967,965,986  
Fidelity Central Funds (cost $606,557,905) 606,557,905  
Total Investment in Securities (cost $6,001,993,981)  $14,574,523,891 
Segregated cash with brokers for derivative instruments  5,168,000 
Cash  1,029,925 
Foreign currency held at value (cost $312)  344 
Receivable for investments sold  26,162 
Receivable for fund shares sold  17,973,775 
Dividends receivable  8,317,484 
Distributions receivable from Fidelity Central Funds  1,782,043 
Prepaid expenses  14,212 
Receivable from investment adviser for expense reductions  654,660 
Other receivables  1,540 
Total assets  14,609,492,036 
Liabilities   
Payable for investments purchased $811,394  
Payable for fund shares redeemed 6,412,254  
Accrued management fee 2,853,923  
Payable for daily variation margin on futures contracts 1,461,679  
Other affiliated payables 1,197,468  
Other payables and accrued expenses 76,815  
Collateral on securities loaned 518,759,501  
Total liabilities  531,573,034 
Net Assets  $14,077,919,002 
Net Assets consist of:   
Paid in capital  $5,481,015,068 
Total accumulated earnings (loss)  8,596,903,934 
Net Assets  $14,077,919,002 
Net Asset Value, offering price and redemption price per share ($14,077,919,002 ÷ 71,757,878 shares)  $196.19 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended November 30, 2021 
Investment Income   
Dividends  $87,143,330 
Income from Fidelity Central Funds (including $18,646,032 from security lending)  18,672,140 
Total income  105,815,470 
Expenses   
Management fee $29,781,162  
Transfer agent fees 12,408,817  
Accounting fees 100,000  
Custodian fees and expenses 130,295  
Independent trustees' fees and expenses 173,346  
Registration fees 284,429  
Audit 79,545  
Legal 31,599  
Miscellaneous 49,866  
Total expenses before reductions 43,039,059  
Expense reductions (6,891,139)  
Total expenses after reductions  36,147,920 
Net investment income (loss)  69,667,550 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (4,694,677)  
Fidelity Central Funds 995  
Foreign currency transactions 548,034  
Futures contracts 12,160,493  
Total net realized gain (loss)  8,014,845 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 2,901,485,561  
Assets and liabilities in foreign currencies (380,253)  
Futures contracts (1,886,527)  
Total change in net unrealized appreciation (depreciation)  2,899,218,781 
Net gain (loss)  2,907,233,626 
Net increase (decrease) in net assets resulting from operations  $2,976,901,176 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended November 30, 2021 Year ended November 30, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $69,667,550 $69,157,497 
Net realized gain (loss) 8,014,845 38,522,896 
Change in net unrealized appreciation (depreciation) 2,899,218,781 2,873,388,510 
Net increase (decrease) in net assets resulting from operations 2,976,901,176 2,981,068,903 
Distributions to shareholders (72,649,348) (314,082,075) 
Share transactions   
Proceeds from sales of shares 3,087,419,105 3,001,514,559 
Reinvestment of distributions 68,602,714 298,187,514 
Cost of shares redeemed (2,148,253,665) (2,955,078,158) 
Net increase (decrease) in net assets resulting from share transactions 1,007,768,154 344,623,915 
Total increase (decrease) in net assets 3,912,019,982 3,011,610,743 
Net Assets   
Beginning of period 10,165,899,020 7,154,288,277 
End of period $14,077,919,002 $10,165,899,020 
Other Information   
Shares   
Sold 17,656,843 24,570,358 
Issued in reinvestment of distributions 425,312 2,637,194 
Redeemed (12,297,115) (24,222,462) 
Net increase (decrease) 5,785,040 2,985,090 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Nasdaq Composite Index Fund

      
Years ended November 30, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $154.09 $113.58 $96.86 $90.92 $70.45 
Income from Investment Operations      
Net investment income (loss)A 1.00 1.04 1.12 .89 .76 
Net realized and unrealized gain (loss) 42.19 44.44 17.26 5.71 20.38 
Total from investment operations 43.19 45.48 18.38 6.60 21.14 
Distributions from net investment income (1.09) (1.11)B (.81) (.64) (.65) 
Distributions from net realized gain – (3.86)B (.85) (.02) (.03) 
Total distributions (1.09) (4.97) (1.66) (.66) (.67)C 
Redemption fees added to paid in capitalA – – – – –D 
Net asset value, end of period $196.19 $154.09 $113.58 $96.86 $90.92 
Total ReturnE 28.18% 41.63% 19.55% 7.30% 30.26% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .35% .35% .35% .40% .41% 
Expenses net of fee waivers, if any .29% .29% .29% .29% .29% 
Expenses net of all reductions .29% .29% .29% .29% .29% 
Net investment income (loss) .56% .84% 1.10% .90% .94% 
Supplemental Data      
Net assets, end of period (000 omitted) $14,077,919 $10,165,899 $7,154,288 $6,002,333 $4,899,784 
Portfolio turnover rateH 7% 17% 6% 15% 11% 

 A Calculated based on average shares outstanding during the period.

 B The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

 C Total distributions per share do not sum due to rounding.

 D Amount represents less than $.005 per share.

 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 does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended November 30, 2021

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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 – 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 vendor 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, 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.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of November 30, 2021 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, 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 $8,844,524,580 
Gross unrealized depreciation (285,155,593) 
Net unrealized appreciation (depreciation) $8,559,368,987 
Tax Cost $6,015,154,904 

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

Undistributed ordinary income $61,685,105 
Capital loss carryforward $(22,023,629) 
Net unrealized appreciation (depreciation) on securities and other investments $8,557,242,458 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

No expiration  
Short-term $(22,023,629) 

The tax character of distributions paid was as follows:

 November 30, 2021 November 30, 2020 
Ordinary Income $72,649,348 $ 131,596,393 
Long-term Capital Gains – 182,485,682 
Total $72,649,348 $ 314,082,075 

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.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.

The Fund used derivatives 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 Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risks:

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.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its 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 (variation margin) 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. 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.

 Purchases ($) Sales ($) 
Fidelity Nasdaq Composite Index Fund 1,834,624,049 808,699,699 

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 pays a monthly management fee that is based on an annual rate of .24% of the Fund's average net assets.

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.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives an asset-based fee of .10% of the Fund's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

 % of Average Net Assets 
Fidelity Nasdaq Composite Index Fund –(a) 

 (a) Amount represents less than .005%.

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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.

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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Nasdaq Composite Index Fund $21,167 

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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Nasdaq Composite Index Fund $1,913,496 $443,998 $7,157,814 

9. Expense Reductions.

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .29% of average net assets. This reimbursement will remain in place through March 31, 2023. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $6,890,646.

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 $493.

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. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity NASDAQ Composite Index Fund (the "Fund"), a fund of Fidelity Concord Street Trust, including the schedule of investments, as of November 30, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 13, 2022


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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 314 funds. Mr. Chiel oversees 179 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2021 to November 30, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
June 1, 2021 		Ending
Account Value
November 30, 2021 		Expenses Paid
During Period-B
June 1, 2021
to November 30, 2021 
Fidelity Nasdaq Composite Index Fund .29%    
Actual  $1,000.00 $1,133.90 $1.55 
Hypothetical-C  $1,000.00 $1,023.61 $1.47 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

A total of 0.01% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates 97% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 99% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Nasdaq Composite Index Fund

At its November 2021 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted unanimously to continue 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 for six months from December 1, 2021 through May 31, 2022. The Board determined that it will consider the annual renewal of the fund's Advisory Contracts for a full one year period in May 2022.

In connection with its consideration of the fund's Advisory Contracts, the Board considered: (i) the nature, extent and quality of services provided to the fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of the management fee and total expenses for the fund; (iii) the costs of the services and profitability, including the revenues earned and the expenses incurred in conducting the business of developing, marketing, distributing, managing, administering, and servicing the fund and its shareholders, to the extent applicable; and (iv) whether there have been economies of scale in respect of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is the potential for realization of any further economies.

The Board considered that the approval of the fund's Advisory Contracts will not result in any changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the fees and expenses paid by shareholders; (iii) the nature, extent or quality of services provided under the fund's Advisory Contracts; or (iv) the day-to-day management of the fund or the persons primarily responsible for such management. The Board noted that at its July 2021 meeting it approved an amendment to the fund's sub-advisory agreement with Geode (effective August 1, 2021) that lowered the sub-advisory fee rate that FMR pays to Geode. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through May 31, 2022, with the understanding that the Board will consider the annual renewal for a full one year period in May 2022.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the fund's management fee structure is fair and reasonable, and that the continuation of the fund's Advisory Contracts should be approved for six months from December 1, 2021 through May 31, 2022, with the understanding that the Board will consider the annual renewal for a full one year period in May 2022.





Fidelity Investments

EIF-ANN-0122
1.795539.118


Item 2.

Code of Ethics


As of the end of the period, November 30, 2021, Fidelity Concord Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


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



Item 4.  

Principal Accountant Fees and Services


Fees and Services


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


Services Billed by Deloitte Entities


November 30, 2021 FeesA

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Nasdaq Composite Index Fund

 $60,000  

$-

 $9,400

$1,400



November 30, 2020 FeesA

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Nasdaq Composite Index Fund

 $61,300  

$-

 $10,100

$1,500



A Amounts may reflect rounding.


The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under



common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):


Services Billed by Deloitte Entities




November 30, 2021A

November 30, 2020A

Audit-Related Fees

 $-

 $-

Tax Fees

$-

$-

All Other Fees

$-

$-


A Amounts may reflect rounding.



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


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


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


Assurance services must be performed by an independent public accountant.


* * *


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


Billed By

November 30, 2021A

November 30, 2020A

Deloitte Entities

$532,400

$513,200



A Amounts may reflect rounding.



The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be



compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.


Audit Committee Pre-Approval Policies and Procedures

 

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


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


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


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


Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)


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



Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable.


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


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


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


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


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.


Item 13.

Exhibits


(a)

(1)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)


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




SIGNATURES


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


Fidelity Concord Street Trust



By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer


Date:

January 20, 2022


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



By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer


Date:

January 20, 2022



By:

/s/John J. Burke III

John J. Burke III

Chief Financial Officer


Date:

January 20, 2022