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 811-02105
Fidelity Salem Street Trust
(Exact name of registrant as specified in charter)
245 Summer St., Boston, MA 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: | April 30 |
Date of reporting period: | October 31, 2021 |
Item 1.
Reports to Stockholders
Fidelity® Mid Cap Index Fund
Fidelity® Small Cap Index Fund
Semi-Annual Report
October 31, 2021
Contents
Fidelity® Mid Cap Index Fund | |
Fidelity® Small Cap Index Fund | |
Board Approval of Investment Advisory Contracts and Management Fees |
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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. © 2021 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
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.
Fidelity® Mid Cap Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2021
% of fund's net assets | |
DexCom, Inc. | 0.5 |
IDEXX Laboratories, Inc. | 0.5 |
Marvell Technology, Inc. | 0.5 |
Crowdstrike Holdings, Inc. | 0.5 |
MSCI, Inc. | 0.5 |
lululemon athletica, Inc. | 0.5 |
DocuSign, Inc. | 0.5 |
Synopsys, Inc. | 0.4 |
Cloudflare, Inc. | 0.4 |
Chipotle Mexican Grill, Inc. | 0.4 |
4.7 |
Top Market Sectors as of October 31, 2021
% of fund's net assets | |
Information Technology | 19.3 |
Industrials | 15.2 |
Consumer Discretionary | 12.6 |
Financials | 12.5 |
Health Care | 11.5 |
Real Estate | 7.7 |
Materials | 5.2 |
Utilities | 4.4 |
Communication Services | 4.1 |
Energy | 3.9 |
Asset Allocation (% of fund's net assets)
As of October 31, 2021* | ||
Stocks and Equity Futures | 99.9% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.1% |
* Foreign investments - 6.0%
Fidelity® Mid Cap Index Fund
Schedule of Investments October 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.6% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 4.1% | |||
Diversified Telecommunication Services - 0.1% | |||
Lumen Technologies, Inc. | 2,347,861 | $27,845,631 | |
Entertainment - 1.1% | |||
Live Nation Entertainment, Inc. (a)(b) | 286,313 | 28,960,560 | |
Madison Square Garden Sports Corp. (a) | 40,226 | 7,623,229 | |
Playtika Holding Corp. | 221,503 | 6,264,105 | |
Roku, Inc. Class A (a) | 248,376 | 75,729,842 | |
Skillz, Inc. (a)(b) | 627,911 | 7,020,045 | |
Spotify Technology SA (a) | 291,501 | 84,360,389 | |
Take-Two Interactive Software, Inc. (a) | 246,346 | 44,588,626 | |
World Wrestling Entertainment, Inc. Class A (b) | 94,842 | 5,793,898 | |
Zynga, Inc. (a) | 2,129,879 | 15,718,507 | |
276,059,201 | |||
Interactive Media & Services - 1.3% | |||
IAC (a) | 163,013 | 24,838,291 | |
Match Group, Inc. (a) | 589,451 | 88,877,422 | |
Pinterest, Inc. Class A (a) | 1,182,867 | 52,803,183 | |
TripAdvisor, Inc. (a)(b) | 209,798 | 6,917,040 | |
Twitter, Inc. (a) | 1,664,061 | 89,093,826 | |
Vimeo, Inc. (a)(b) | 306,576 | 10,340,808 | |
Zillow Group, Inc.: | |||
Class A (a) | 128,388 | 13,573,179 | |
Class C (a)(b) | 359,363 | 37,240,788 | |
323,684,537 | |||
Media - 1.6% | |||
Altice U.S.A., Inc. Class A (a) | 455,885 | 7,430,926 | |
Cable One, Inc. | 11,511 | 19,697,738 | |
Discovery Communications, Inc.: | |||
Class A (a) | 352,413 | 8,260,561 | |
Class C (non-vtg.) (a) | 672,318 | 15,167,494 | |
DISH Network Corp. Class A (a) | 529,805 | 21,759,091 | |
Fox Corp.: | |||
Class A | 679,861 | 27,017,676 | |
Class B | 324,459 | 11,992,005 | |
Interpublic Group of Companies, Inc. | 835,911 | 30,569,265 | |
Liberty Broadband Corp.: | |||
Class A (a) | 53,294 | 8,568,076 | |
Class C (a) | 308,091 | 50,049,383 | |
Liberty Media Corp.: | |||
Liberty Formula One Group Series C (a) | 421,940 | 23,544,252 | |
Liberty Media Class A (a) | 54,104 | 2,821,524 | |
Liberty SiriusXM Series A (a) | 170,866 | 8,505,709 | |
Liberty SiriusXM Series C (a) | 345,365 | 17,033,402 | |
News Corp.: | |||
Class A | 830,568 | 19,020,007 | |
Class B | 258,986 | 5,842,724 | |
Nexstar Broadcasting Group, Inc. Class A | 85,801 | 12,864,144 | |
Omnicom Group, Inc. | 454,448 | 30,938,820 | |
Sirius XM Holdings, Inc. (b) | 1,921,876 | 11,704,225 | |
The New York Times Co. Class A | 351,867 | 19,208,420 | |
ViacomCBS, Inc.: | |||
Class A (b) | 18,988 | 739,203 | |
Class B | 1,241,932 | 44,982,777 | |
397,717,422 | |||
TOTAL COMMUNICATION SERVICES | 1,025,306,791 | ||
CONSUMER DISCRETIONARY - 12.6% | |||
Auto Components - 0.7% | |||
Aptiv PLC (a) | 575,673 | 99,528,105 | |
BorgWarner, Inc. | 510,844 | 23,023,739 | |
Gentex Corp. | 509,727 | 18,039,239 | |
Lear Corp. | 128,003 | 21,997,316 | |
QuantumScape Corp. Class A (a)(b) | 438,652 | 12,694,589 | |
175,282,988 | |||
Automobiles - 0.1% | |||
Harley-Davidson, Inc. | 326,503 | 11,914,094 | |
Thor Industries, Inc. (b) | 113,490 | 11,571,440 | |
23,485,534 | |||
Distributors - 0.5% | |||
Genuine Parts Co. | 301,344 | 39,509,212 | |
LKQ Corp. | 580,113 | 31,952,624 | |
Pool Corp. | 83,029 | 42,773,220 | |
114,235,056 | |||
Diversified Consumer Services - 0.4% | |||
Bright Horizons Family Solutions, Inc. (a)(b) | 129,550 | 21,505,300 | |
Chegg, Inc. (a) | 304,601 | 18,105,483 | |
Frontdoor, Inc. (a) | 182,859 | 6,816,984 | |
Grand Canyon Education, Inc. (a) | 95,323 | 7,597,243 | |
H&R Block, Inc. | 380,040 | 8,767,523 | |
Mister Car Wash, Inc. | 87,536 | 1,605,410 | |
Service Corp. International | 348,856 | 23,893,147 | |
Terminix Global Holdings, Inc. (a) | 266,026 | 10,768,732 | |
99,059,822 | |||
Hotels, Restaurants & Leisure - 3.5% | |||
ARAMARK Holdings Corp. | 488,640 | 17,825,587 | |
Boyd Gaming Corp. (a) | 175,029 | 11,163,350 | |
Caesars Entertainment, Inc. (a) | 434,906 | 47,604,811 | |
Carnival Corp. (a)(b) | 1,816,782 | 40,259,889 | |
Chipotle Mexican Grill, Inc. (a) | 59,863 | 106,498,073 | |
Choice Hotels International, Inc. (b) | 74,262 | 10,442,722 | |
Churchill Downs, Inc. | 78,611 | 18,080,530 | |
Darden Restaurants, Inc. | 277,378 | 39,981,265 | |
Domino's Pizza, Inc. | 78,314 | 38,293,197 | |
DraftKings, Inc. Class A (a)(b) | 647,652 | 30,174,107 | |
Expedia, Inc. (a) | 309,284 | 50,849,382 | |
Hilton Worldwide Holdings, Inc. (a) | 584,470 | 84,134,457 | |
Hyatt Hotels Corp. Class A (a) | 100,915 | 8,597,958 | |
Marriott Vacations Worldwide Corp. | 88,782 | 13,958,306 | |
MGM Resorts International | 855,009 | 40,322,224 | |
Norwegian Cruise Line Holdings Ltd. (a)(b) | 787,440 | 20,252,957 | |
Penn National Gaming, Inc. (a) | 351,121 | 25,140,264 | |
Planet Fitness, Inc. (a) | 177,616 | 14,129,353 | |
Royal Caribbean Cruises Ltd. (a)(b) | 467,430 | 39,465,115 | |
Six Flags Entertainment Corp. (a) | 164,446 | 6,763,664 | |
Travel+Leisure Co. | 180,679 | 9,818,097 | |
Vail Resorts, Inc. | 85,120 | 29,341,715 | |
Wendy's Co. | 379,938 | 8,472,617 | |
Wyndham Hotels & Resorts, Inc. | 195,506 | 16,514,392 | |
Wynn Resorts Ltd. (a) | 225,331 | 20,234,724 | |
Yum China Holdings, Inc. | 897,714 | 51,241,515 | |
Yum! Brands, Inc. | 636,388 | 79,510,317 | |
879,070,588 | |||
Household Durables - 1.4% | |||
D.R. Horton, Inc. | 709,480 | 63,335,280 | |
Garmin Ltd. | 322,884 | 46,366,142 | |
Leggett & Platt, Inc. (b) | 283,486 | 13,281,319 | |
Lennar Corp.: | |||
Class A | 578,020 | 57,761,539 | |
Class B (b) | 34,512 | 2,832,745 | |
Mohawk Industries, Inc. (a) | 120,609 | 21,373,121 | |
Newell Brands, Inc. | 811,063 | 18,565,232 | |
NVR, Inc. (a) | 6,898 | 33,764,330 | |
PulteGroup, Inc. | 551,364 | 26,509,581 | |
Tempur Sealy International, Inc. | 388,047 | 17,256,450 | |
Toll Brothers, Inc. | 239,544 | 14,413,362 | |
TopBuild Corp. (a)(b) | 70,347 | 18,077,069 | |
Whirlpool Corp. | 130,694 | 27,554,216 | |
361,090,386 | |||
Internet & Direct Marketing Retail - 0.7% | |||
Doordash, Inc. | 307,482 | 59,897,494 | |
Etsy, Inc. (a) | 270,118 | 67,715,881 | |
Qurate Retail, Inc. Series A | 792,543 | 8,274,149 | |
Wayfair LLC Class A (a)(b) | 160,699 | 40,030,121 | |
175,917,645 | |||
Leisure Products - 0.6% | |||
Brunswick Corp. | 165,935 | 15,446,889 | |
Hasbro, Inc. | 272,762 | 26,119,689 | |
Hayward Holdings, Inc. (b) | 81,798 | 1,896,896 | |
Mattel, Inc. (a) | 743,500 | 16,215,735 | |
Peloton Interactive, Inc. Class A (a) | 563,147 | 51,494,162 | |
Polaris, Inc. | 121,675 | 13,986,541 | |
YETI Holdings, Inc. (a) | 182,418 | 17,937,162 | |
143,097,074 | |||
Multiline Retail - 0.3% | |||
Dollar Tree, Inc. (a) | 494,176 | 53,252,406 | |
Kohl's Corp. | 333,842 | 16,201,352 | |
Nordstrom, Inc. (a)(b) | 235,621 | 6,769,391 | |
Ollie's Bargain Outlet Holdings, Inc. (a)(b) | 139,101 | 9,411,574 | |
85,634,723 | |||
Specialty Retail - 3.1% | |||
Advance Auto Parts, Inc. | 139,459 | 31,450,794 | |
AutoNation, Inc. (a) | 96,297 | 11,663,493 | |
AutoZone, Inc. (a) | 45,908 | 81,938,435 | |
Bath & Body Works, Inc. | 520,240 | 35,943,382 | |
Best Buy Co., Inc. | 533,334 | 65,194,748 | |
Burlington Stores, Inc. (a) | 141,510 | 39,097,798 | |
CarMax, Inc. (a) | 347,828 | 47,624,610 | |
Carvana Co. Class A (a) | 164,469 | 49,863,711 | |
Dick's Sporting Goods, Inc. (b) | 134,023 | 16,646,997 | |
Five Below, Inc. (a) | 117,483 | 23,179,396 | |
Floor & Decor Holdings, Inc. Class A (a) | 217,020 | 29,497,358 | |
Foot Locker, Inc. | 191,386 | 9,123,371 | |
GameStop Corp. Class A (a)(b) | 136,939 | 25,129,676 | |
Gap, Inc. (b) | 429,209 | 9,738,752 | |
Leslie's, Inc. (b) | 283,466 | 5,862,077 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 62,717 | 20,020,521 | |
O'Reilly Automotive, Inc. (a) | 145,438 | 90,508,976 | |
Penske Automotive Group, Inc. | 67,819 | 7,192,205 | |
Petco Health & Wellness Co., Inc. (b) | 118,040 | 2,919,129 | |
RH (a) | 36,588 | 24,134,542 | |
Tractor Supply Co. | 245,239 | 53,258,554 | |
Ulta Beauty, Inc. (a) | 113,442 | 41,674,053 | |
Victoria's Secret & Co. (a) | 165,138 | 8,334,515 | |
Vroom, Inc. (a)(b) | 245,440 | 4,695,267 | |
Williams-Sonoma, Inc. | 159,691 | 29,659,409 | |
764,351,769 | |||
Textiles, Apparel & Luxury Goods - 1.3% | |||
Capri Holdings Ltd. (a) | 314,914 | 16,766,021 | |
Carter's, Inc. | 91,805 | 9,044,629 | |
Columbia Sportswear Co. | 85,131 | 8,840,003 | |
Deckers Outdoor Corp. (a) | 58,392 | 23,082,942 | |
Hanesbrands, Inc. | 739,912 | 12,608,100 | |
lululemon athletica, Inc. (a) | 243,303 | 113,381,631 | |
PVH Corp. | 151,377 | 16,550,047 | |
Ralph Lauren Corp. (b) | 100,887 | 12,829,800 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 280,876 | 12,979,280 | |
Tapestry, Inc. | 595,182 | 23,200,194 | |
Under Armour, Inc.: | |||
Class A (sub. vtg.) (a) | 402,014 | 8,828,227 | |
Class C (non-vtg.) (a) | 421,913 | 7,965,717 | |
VF Corp. | 690,730 | 50,340,402 | |
316,416,993 | |||
TOTAL CONSUMER DISCRETIONARY | 3,137,642,578 | ||
CONSUMER STAPLES - 3.2% | |||
Beverages - 0.2% | |||
Boston Beer Co., Inc. Class A (a) | 19,879 | 9,790,010 | |
Brown-Forman Corp.: | |||
Class A | 97,562 | 6,246,895 | |
Class B (non-vtg.) | 390,731 | 26,526,728 | |
Molson Coors Beverage Co. Class B | 380,646 | 16,782,682 | |
59,346,315 | |||
Food & Staples Retailing - 0.5% | |||
Albertsons Companies, Inc. | 331,021 | 10,245,100 | |
Casey's General Stores, Inc. | 78,597 | 15,054,469 | |
Grocery Outlet Holding Corp. (a)(b) | 186,240 | 4,132,666 | |
Kroger Co. | 1,595,088 | 63,835,422 | |
U.S. Foods Holding Corp. (a) | 470,994 | 16,329,362 | |
109,597,019 | |||
Food Products - 2.0% | |||
Archer Daniels Midland Co. | 1,187,865 | 76,308,448 | |
Beyond Meat, Inc. (a)(b) | 122,207 | 12,096,049 | |
Bunge Ltd. | 293,046 | 27,147,781 | |
Campbell Soup Co. | 416,123 | 16,624,114 | |
Conagra Brands, Inc. | 999,252 | 32,175,914 | |
Darling Ingredients, Inc. (a) | 344,571 | 29,123,141 | |
Flowers Foods, Inc. | 399,631 | 9,890,867 | |
Freshpet, Inc. (a) | 87,018 | 13,566,976 | |
Hormel Foods Corp. (b) | 603,244 | 25,529,286 | |
Ingredion, Inc. | 142,957 | 13,613,795 | |
Kellogg Co. | 536,921 | 32,913,257 | |
Lamb Weston Holdings, Inc. | 311,302 | 17,572,998 | |
McCormick & Co., Inc. (non-vtg.) | 532,197 | 42,698,165 | |
Pilgrim's Pride Corp. (a) | 101,375 | 2,854,720 | |
Post Holdings, Inc. (a) | 125,747 | 12,760,806 | |
Seaboard Corp. | 536 | 2,063,611 | |
The Hain Celestial Group, Inc. (a) | 178,622 | 8,014,769 | |
The Hershey Co. | 312,132 | 54,732,346 | |
The J.M. Smucker Co. | 223,749 | 27,489,802 | |
Tyson Foods, Inc. Class A | 612,653 | 48,993,860 | |
506,170,705 | |||
Household Products - 0.4% | |||
Church & Dwight Co., Inc. | 523,375 | 45,722,040 | |
Reynolds Consumer Products, Inc. | 115,873 | 3,126,254 | |
Spectrum Brands Holdings, Inc. | 89,243 | 8,366,531 | |
The Clorox Co. | 262,089 | 42,723,128 | |
99,937,953 | |||
Personal Products - 0.1% | |||
Coty, Inc. Class A (a) | 725,687 | 6,153,826 | |
Herbalife Nutrition Ltd. (a) | 223,787 | 10,383,717 | |
16,537,543 | |||
TOTAL CONSUMER STAPLES | 791,589,535 | ||
ENERGY - 3.9% | |||
Energy Equipment & Services - 0.4% | |||
Baker Hughes Co. Class A | 1,572,186 | 39,430,425 | |
Halliburton Co. | 1,890,269 | 47,237,822 | |
NOV, Inc. (a) | 830,683 | 11,646,176 | |
98,314,423 | |||
Oil, Gas & Consumable Fuels - 3.5% | |||
Antero Midstream GP LP | 712,758 | 7,583,745 | |
APA Corp. | 804,361 | 21,082,302 | |
Cheniere Energy, Inc. | 499,644 | 51,663,190 | |
Continental Resources, Inc. | 138,647 | 6,767,360 | |
Coterra Energy, Inc. | 1,697,863 | 36,198,439 | |
Devon Energy Corp. | 1,438,106 | 57,639,288 | |
Diamondback Energy, Inc. | 385,225 | 41,292,268 | |
DT Midstream, Inc. | 205,802 | 9,870,264 | |
EQT Corp. (a) | 649,202 | 12,925,612 | |
Hess Corp. | 591,577 | 48,846,513 | |
HollyFrontier Corp. | 319,068 | 10,784,498 | |
Marathon Oil Corp. | 1,672,009 | 27,287,187 | |
Marathon Petroleum Corp. | 1,360,108 | 89,671,920 | |
New Fortress Energy, Inc. | 56,409 | 1,692,270 | |
Occidental Petroleum Corp. | 1,802,848 | 60,449,493 | |
ONEOK, Inc. | 946,347 | 60,206,596 | |
Phillips 66 Co. | 934,178 | 69,857,831 | |
Pioneer Natural Resources Co. | 460,446 | 86,094,193 | |
Targa Resources Corp. | 480,528 | 26,270,466 | |
Texas Pacific Land Corp. (b) | 12,546 | 15,979,464 | |
The Williams Companies, Inc. | 2,593,521 | 72,852,005 | |
Valero Energy Corp. | 871,063 | 67,359,302 | |
882,374,206 | |||
TOTAL ENERGY | 980,688,629 | ||
FINANCIALS - 12.5% | |||
Banks - 3.3% | |||
Bank of Hawaii Corp. (b) | 84,814 | 7,166,783 | |
Bank OZK | 261,959 | 11,701,709 | |
BOK Financial Corp. | 65,165 | 6,592,743 | |
Citizens Financial Group, Inc. | 906,250 | 42,938,125 | |
Comerica, Inc. | 285,414 | 24,285,877 | |
Commerce Bancshares, Inc. | 226,870 | 15,996,604 | |
Cullen/Frost Bankers, Inc. | 121,760 | 15,767,920 | |
East West Bancorp, Inc. | 300,950 | 23,919,506 | |
Fifth Third Bancorp | 1,468,586 | 63,927,549 | |
First Citizens Bancshares, Inc. (b) | 12,875 | 10,478,963 | |
First Hawaiian, Inc. | 277,453 | 7,654,928 | |
First Horizon National Corp. | 1,167,063 | 19,805,059 | |
First Republic Bank | 379,868 | 82,176,844 | |
FNB Corp., Pennsylvania | 678,520 | 7,904,758 | |
Huntington Bancshares, Inc. | 3,126,432 | 49,210,040 | |
KeyCorp | 2,033,228 | 47,313,216 | |
M&T Bank Corp. | 273,626 | 40,255,857 | |
PacWest Bancorp | 247,251 | 11,737,005 | |
Peoples United Financial, Inc. | 906,632 | 15,539,672 | |
Pinnacle Financial Partners, Inc. | 158,434 | 15,299,971 | |
Popular, Inc. | 168,821 | 13,748,782 | |
Prosperity Bancshares, Inc. | 190,393 | 14,338,497 | |
Regions Financial Corp. | 2,050,688 | 48,560,292 | |
Signature Bank | 126,494 | 37,672,443 | |
Sterling Bancorp | 407,222 | 10,363,800 | |
SVB Financial Group (a) | 120,736 | 86,616,006 | |
Synovus Financial Corp. | 309,581 | 14,423,379 | |
Umpqua Holdings Corp. | 468,782 | 9,586,592 | |
Webster Financial Corp. | 191,883 | 10,737,773 | |
Western Alliance Bancorp. | 214,973 | 24,956,216 | |
Wintrust Financial Corp. | 120,796 | 10,690,446 | |
Zions Bancorp NA | 340,443 | 21,444,505 | |
822,811,860 | |||
Capital Markets - 4.0% | |||
Affiliated Managers Group, Inc. | 87,590 | 14,704,609 | |
Ameriprise Financial, Inc. | 242,559 | 73,284,351 | |
Apollo Global Management LLC Class A | 386,529 | 29,743,407 | |
Ares Management Corp. | 293,209 | 24,846,531 | |
Carlyle Group LP | 346,098 | 19,433,403 | |
Cboe Global Markets, Inc. | 226,785 | 29,922,013 | |
Evercore, Inc. Class A | 82,548 | 12,534,088 | |
FactSet Research Systems, Inc. | 80,853 | 35,889,838 | |
Franklin Resources, Inc. | 616,631 | 19,417,710 | |
Interactive Brokers Group, Inc. | 171,185 | 12,128,457 | |
Invesco Ltd. | 711,252 | 18,072,913 | |
Janus Henderson Group PLC | 364,235 | 16,936,928 | |
Jefferies Financial Group, Inc. | 466,498 | 20,059,414 | |
KKR & Co. LP | 1,186,659 | 94,541,123 | |
Lazard Ltd. Class A | 213,275 | 10,448,342 | |
LPL Financial | 169,765 | 27,844,855 | |
MarketAxess Holdings, Inc. | 79,673 | 32,559,965 | |
Morningstar, Inc. | 49,873 | 15,797,273 | |
MSCI, Inc. | 171,075 | 113,744,346 | |
NASDAQ, Inc. | 248,159 | 52,081,129 | |
Northern Trust Corp. | 437,892 | 53,878,232 | |
Raymond James Financial, Inc. | 393,827 | 38,827,404 | |
SEI Investments Co. | 230,737 | 14,545,660 | |
State Street Corp. | 778,612 | 76,732,213 | |
Stifel Financial Corp. | 217,530 | 15,851,411 | |
T. Rowe Price Group, Inc. | 480,626 | 104,238,167 | |
Tradeweb Markets, Inc. Class A | 223,783 | 19,939,065 | |
Virtu Financial, Inc. Class A | 195,341 | 4,860,084 | |
1,002,862,931 | |||
Consumer Finance - 0.9% | |||
Ally Financial, Inc. | 768,446 | 36,685,612 | |
Credit Acceptance Corp. (a)(b) | 18,603 | 11,128,501 | |
Discover Financial Services | 638,410 | 72,344,621 | |
OneMain Holdings, Inc. | 221,473 | 11,695,989 | |
Santander Consumer U.S.A. Holdings, Inc. | 128,514 | 5,359,034 | |
SLM Corp. | 649,955 | 11,926,674 | |
Synchrony Financial | 1,212,422 | 56,317,002 | |
Upstart Holdings, Inc. | 96,153 | 30,965,112 | |
236,422,545 | |||
Diversified Financial Services - 0.2% | |||
Equitable Holdings, Inc. | 787,450 | 26,379,575 | |
Voya Financial, Inc. | 240,316 | 16,766,847 | |
43,146,422 | |||
Insurance - 3.7% | |||
AFLAC, Inc. | 1,413,861 | 75,881,920 | |
Alleghany Corp. (a) | 28,797 | 18,757,790 | |
American Financial Group, Inc. | 144,566 | 19,666,759 | |
Arch Capital Group Ltd. (a) | 813,290 | 34,011,788 | |
Arthur J. Gallagher & Co. | 436,952 | 73,263,742 | |
Assurant, Inc. | 125,070 | 20,175,042 | |
Assured Guaranty Ltd. | 150,065 | 8,340,613 | |
Athene Holding Ltd. (a) | 246,207 | 21,422,471 | |
Axis Capital Holdings Ltd. | 165,085 | 8,595,976 | |
Brighthouse Financial, Inc. (a) | 176,277 | 8,854,394 | |
Brown & Brown, Inc. | 499,961 | 31,552,539 | |
Cincinnati Financial Corp. | 319,512 | 38,801,537 | |
CNA Financial Corp. | 59,032 | 2,648,176 | |
Erie Indemnity Co. Class A | 53,509 | 11,012,687 | |
Everest Re Group Ltd. (b) | 84,550 | 22,109,825 | |
Fidelity National Financial, Inc. | 581,691 | 27,868,816 | |
First American Financial Corp. | 227,030 | 16,604,974 | |
Globe Life, Inc. | 213,544 | 19,009,687 | |
GoHealth, Inc. (a)(b) | 101,871 | 550,103 | |
Hanover Insurance Group, Inc. | 76,113 | 9,590,238 | |
Hartford Financial Services Group, Inc. | 739,575 | 53,937,205 | |
Kemper Corp. | 128,067 | 8,129,693 | |
Lemonade, Inc. (a)(b) | 81,471 | 5,064,237 | |
Lincoln National Corp. | 398,856 | 28,777,460 | |
Loews Corp. | 462,388 | 25,926,095 | |
Markel Corp. (a) | 28,832 | 37,860,164 | |
Mercury General Corp. (b) | 56,744 | 3,091,981 | |
Old Republic International Corp. | 596,847 | 15,416,558 | |
Primerica, Inc. | 83,547 | 14,055,947 | |
Principal Financial Group, Inc. | 565,493 | 37,938,925 | |
Prudential Financial, Inc. | 824,302 | 90,714,435 | |
Reinsurance Group of America, Inc. | 144,668 | 17,082,397 | |
RenaissanceRe Holdings Ltd. | 99,387 | 14,093,077 | |
Unum Group | 434,495 | 11,066,588 | |
W.R. Berkley Corp. | 294,405 | 23,434,638 | |
White Mountains Insurance Group Ltd. | 6,434 | 6,787,806 | |
Willis Towers Watson PLC | 273,982 | 66,380,359 | |
928,476,642 | |||
Mortgage Real Estate Investment Trusts - 0.3% | |||
AGNC Investment Corp. | 1,117,844 | 17,796,076 | |
Annaly Capital Management, Inc. | 2,980,501 | 25,215,038 | |
New Residential Investment Corp. | 922,559 | 10,480,270 | |
Starwood Property Trust, Inc. | 584,809 | 14,895,085 | |
68,386,469 | |||
Thrifts & Mortgage Finance - 0.1% | |||
MGIC Investment Corp. | 720,428 | 11,642,116 | |
New York Community Bancorp, Inc. | 962,425 | 11,962,943 | |
Rocket Companies, Inc. (b) | 294,508 | 4,853,492 | |
TFS Financial Corp. | 105,169 | 2,046,589 | |
UWM Holdings Corp. Class A (b) | 197,288 | 1,341,558 | |
31,846,698 | |||
TOTAL FINANCIALS | 3,133,953,567 | ||
HEALTH CARE - 11.5% | |||
Biotechnology - 1.9% | |||
Acceleron Pharma, Inc. (a) | 112,483 | 19,592,289 | |
Alnylam Pharmaceuticals, Inc. (a) | 252,913 | 40,354,798 | |
BioMarin Pharmaceutical, Inc. (a) | 389,011 | 30,821,342 | |
CureVac NV (a)(b) | 113,277 | 4,539,009 | |
Exact Sciences Corp. (a)(b) | 364,107 | 34,670,269 | |
Exelixis, Inc. (a) | 660,008 | 14,196,772 | |
Horizon Therapeutics PLC (a) | 465,563 | 55,825,659 | |
Incyte Corp. (a) | 393,979 | 26,388,713 | |
Ionis Pharmaceuticals, Inc. (a)(b) | 299,041 | 9,530,437 | |
Iovance Biotherapeutics, Inc. (a)(b) | 314,038 | 7,634,264 | |
Mirati Therapeutics, Inc. (a) | 83,680 | 15,817,194 | |
Natera, Inc. (a) | 177,947 | 20,387,388 | |
Neurocrine Biosciences, Inc. (a) | 199,449 | 21,023,919 | |
Novavax, Inc. (a)(b) | 157,484 | 23,438,344 | |
Repligen Corp. (a) | 116,696 | 33,900,188 | |
Sage Therapeutics, Inc. (a) | 109,548 | 4,421,357 | |
Sarepta Therapeutics, Inc. (a) | 175,298 | 13,871,331 | |
Seagen, Inc. (a) | 284,560 | 50,176,465 | |
Ultragenyx Pharmaceutical, Inc. (a) | 137,412 | 11,531,615 | |
United Therapeutics Corp. (a) | 94,093 | 17,949,181 | |
456,070,534 | |||
Health Care Equipment & Supplies - 3.6% | |||
Abiomed, Inc. (a) | 94,513 | 31,382,097 | |
Dentsply Sirona, Inc. | 463,462 | 26,514,661 | |
DexCom, Inc. (a) | 205,652 | 128,164,375 | |
Envista Holdings Corp. (a) | 342,981 | 13,410,557 | |
Figs, Inc. Class A (a)(b) | 80,752 | 2,714,075 | |
Globus Medical, Inc. (a) | 164,738 | 12,712,831 | |
Hill-Rom Holdings, Inc. | 141,850 | 21,972,565 | |
Hologic, Inc. (a) | 535,140 | 39,231,113 | |
ICU Medical, Inc. (a) | 42,450 | 9,938,819 | |
IDEXX Laboratories, Inc. (a) | 180,523 | 120,253,591 | |
Insulet Corp. (a)(b) | 141,005 | 43,714,370 | |
Integra LifeSciences Holdings Corp. (a)(b) | 154,112 | 10,242,284 | |
Masimo Corp. (a) | 106,694 | 30,252,017 | |
Novocure Ltd. (a)(b) | 218,279 | 22,388,877 | |
Penumbra, Inc. (a)(b) | 72,013 | 19,915,195 | |
Quidel Corp. (a)(b) | 78,389 | 10,407,708 | |
ResMed, Inc. | 306,923 | 80,693,126 | |
STERIS PLC | 181,978 | 42,535,538 | |
Tandem Diabetes Care, Inc. (a)(b) | 130,135 | 17,741,305 | |
Teleflex, Inc. | 99,693 | 35,584,419 | |
The Cooper Companies, Inc. | 103,234 | 43,040,319 | |
West Pharmaceutical Services, Inc. | 156,761 | 67,388,419 | |
Zimmer Biomet Holdings, Inc. | 445,317 | 63,733,769 | |
893,932,030 | |||
Health Care Providers & Services - 1.7% | |||
Acadia Healthcare Co., Inc. (a) | 188,544 | 11,689,728 | |
agilon health, Inc. (a)(b) | 145,224 | 3,557,988 | |
Amedisys, Inc. (a) | 68,371 | 11,577,945 | |
AmerisourceBergen Corp. | 316,770 | 38,652,275 | |
Cardinal Health, Inc. | 619,579 | 29,622,072 | |
Chemed Corp. | 32,787 | 15,811,531 | |
DaVita HealthCare Partners, Inc. (a) | 147,459 | 15,223,667 | |
Encompass Health Corp. | 208,121 | 13,228,171 | |
Guardant Health, Inc. (a) | 191,494 | 22,364,584 | |
Henry Schein, Inc. (a) | 300,360 | 22,932,486 | |
Laboratory Corp. of America Holdings (a) | 205,687 | 59,036,283 | |
McKesson Corp. | 330,545 | 68,713,695 | |
Molina Healthcare, Inc. (a) | 122,991 | 36,370,899 | |
Oak Street Health, Inc. (a)(b) | 209,090 | 9,875,321 | |
Premier, Inc. | 259,351 | 10,101,721 | |
Quest Diagnostics, Inc. | 260,047 | 38,169,699 | |
Signify Health, Inc. (b) | 134,392 | 2,159,679 | |
Universal Health Services, Inc. Class B | 157,304 | 19,521,426 | |
428,609,170 | |||
Health Care Technology - 0.8% | |||
Cerner Corp. | 630,719 | 46,856,115 | |
Certara, Inc. (b) | 176,824 | 7,304,599 | |
Change Healthcare, Inc. (a) | 533,369 | 11,483,435 | |
Teladoc Health, Inc. (a)(b) | 322,246 | 48,204,779 | |
Veeva Systems, Inc. Class A (a) | 292,224 | 92,637,930 | |
206,486,858 | |||
Life Sciences Tools & Services - 2.7% | |||
10X Genomics, Inc. (a)(b) | 178,327 | 28,758,795 | |
Adaptive Biotechnologies Corp. (a) | 232,039 | 7,752,423 | |
Agilent Technologies, Inc. | 649,095 | 102,225,972 | |
Avantor, Inc. (a) | 1,236,513 | 49,930,395 | |
Bio-Rad Laboratories, Inc. Class A (a) | 45,238 | 35,949,734 | |
Bio-Techne Corp. | 82,552 | 43,228,355 | |
Bruker Corp. | 218,167 | 17,518,810 | |
Charles River Laboratories International, Inc. (a) | 106,266 | 47,679,429 | |
IQVIA Holdings, Inc. (a) | 406,881 | 106,366,831 | |
Maravai LifeSciences Holdings, Inc. | 216,577 | 9,159,041 | |
Mettler-Toledo International, Inc. (a) | 48,959 | 72,502,404 | |
PerkinElmer, Inc. | 238,857 | 42,251,415 | |
PPD, Inc. (a) | 341,567 | 16,111,715 | |
QIAGEN NV (a) | 484,028 | 26,989,401 | |
Sotera Health Co. | 211,908 | 5,234,128 | |
Syneos Health, Inc. (a) | 216,931 | 20,248,340 | |
Waters Corp. (a) | 130,403 | 47,929,623 | |
679,836,811 | |||
Pharmaceuticals - 0.8% | |||
Catalent, Inc. (a) | 346,395 | 47,754,015 | |
Elanco Animal Health, Inc. (a) | 949,284 | 31,212,458 | |
Jazz Pharmaceuticals PLC (a) | 126,371 | 16,812,398 | |
Nektar Therapeutics (a)(b) | 378,340 | 5,735,634 | |
Organon & Co. | 540,934 | 19,879,325 | |
Perrigo Co. PLC | 284,789 | 12,858,223 | |
Royalty Pharma PLC | 693,554 | 27,416,190 | |
Viatris, Inc. | 2,577,770 | 34,413,230 | |
196,081,473 | |||
TOTAL HEALTH CARE | 2,861,016,876 | ||
INDUSTRIALS - 15.2% | |||
Aerospace & Defense - 1.0% | |||
Axon Enterprise, Inc. (a) | 138,334 | 24,894,587 | |
BWX Technologies, Inc. | 202,562 | 11,493,368 | |
Curtiss-Wright Corp. | 86,855 | 11,089,646 | |
HEICO Corp. (b) | 95,598 | 13,325,405 | |
HEICO Corp. Class A | 167,664 | 21,072,012 | |
Hexcel Corp. (a) | 178,141 | 10,107,720 | |
Howmet Aerospace, Inc. | 825,201 | 24,500,218 | |
Huntington Ingalls Industries, Inc. | 83,989 | 17,027,090 | |
Mercury Systems, Inc. (a) | 117,754 | 6,069,041 | |
Spirit AeroSystems Holdings, Inc. Class A | 223,242 | 9,217,662 | |
Textron, Inc. | 481,179 | 35,535,069 | |
TransDigm Group, Inc. (a) | 110,261 | 68,783,017 | |
Virgin Galactic Holdings, Inc. (a)(b) | 381,192 | 7,147,350 | |
260,262,185 | |||
Air Freight & Logistics - 0.4% | |||
C.H. Robinson Worldwide, Inc. | 281,581 | 27,310,541 | |
Expeditors International of Washington, Inc. | 358,871 | 44,234,439 | |
GXO Logistics, Inc. (a) | 206,427 | 18,330,718 | |
89,875,698 | |||
Airlines - 0.8% | |||
Alaska Air Group, Inc. (a) | 260,045 | 13,730,376 | |
American Airlines Group, Inc. (a)(b) | 1,361,500 | 26,140,800 | |
Copa Holdings SA Class A (a) | 67,196 | 4,969,816 | |
Delta Air Lines, Inc. (a) | 1,363,269 | 53,344,716 | |
JetBlue Airways Corp. (a) | 674,763 | 9,466,925 | |
Southwest Airlines Co. (a) | 1,260,178 | 59,581,216 | |
United Airlines Holdings, Inc. (a) | 689,498 | 31,813,438 | |
199,047,287 | |||
Building Products - 1.8% | |||
A.O. Smith Corp. | 282,194 | 20,619,916 | |
Advanced Drain Systems, Inc. (b) | 128,950 | 14,545,560 | |
Allegion PLC | 191,445 | 24,562,394 | |
Armstrong World Industries, Inc. | 101,364 | 10,709,107 | |
Builders FirstSource, Inc. (a) | 436,964 | 25,461,892 | |
Carlisle Companies, Inc. | 109,524 | 24,415,090 | |
Carrier Global Corp. | 1,855,042 | 96,888,844 | |
Fortune Brands Home & Security, Inc. | 294,643 | 29,876,800 | |
Lennox International, Inc. | 71,456 | 21,385,352 | |
Masco Corp. | 525,502 | 34,446,656 | |
Owens Corning | 219,369 | 20,491,258 | |
The AZEK Co., Inc. (a) | 239,483 | 8,786,631 | |
Trane Technologies PLC | 509,179 | 92,125,756 | |
Trex Co., Inc. (a) | 246,739 | 26,253,030 | |
450,568,286 | |||
Commercial Services & Supplies - 1.2% | |||
ADT, Inc. (b) | 337,063 | 2,814,476 | |
Cintas Corp. | 186,351 | 80,708,618 | |
Clean Harbors, Inc. (a) | 107,962 | 12,150,043 | |
Copart, Inc. (a) | 445,913 | 69,245,830 | |
Driven Brands Holdings, Inc. | 114,605 | 3,721,224 | |
IAA, Inc. (a) | 287,588 | 17,154,624 | |
MSA Safety, Inc. | 78,166 | 11,961,743 | |
Republic Services, Inc. | 448,189 | 60,326,239 | |
Rollins, Inc. | 483,239 | 17,024,510 | |
Stericycle, Inc. (a)(b) | 195,012 | 13,050,203 | |
288,157,510 | |||
Construction & Engineering - 0.3% | |||
AECOM (a) | 290,754 | 19,878,851 | |
MasTec, Inc. (a) | 119,686 | 10,667,613 | |
Quanta Services, Inc. | 295,056 | 35,784,392 | |
Valmont Industries, Inc. | 44,470 | 10,626,551 | |
76,957,407 | |||
Electrical Equipment - 1.6% | |||
Acuity Brands, Inc. | 75,389 | 15,487,162 | |
AMETEK, Inc. | 491,798 | 65,114,055 | |
ChargePoint Holdings, Inc. Class A (a)(b) | 223,347 | 5,534,539 | |
Generac Holdings, Inc. (a) | 130,806 | 65,214,639 | |
Hubbell, Inc. Class B | 115,441 | 23,015,472 | |
nVent Electric PLC | 354,986 | 12,584,254 | |
Plug Power, Inc. (a)(b) | 1,091,231 | 41,761,410 | |
Regal Rexnord Corp. | 143,814 | 21,907,187 | |
Rockwell Automation, Inc. | 247,624 | 79,091,106 | |
Sensata Technologies, Inc. PLC (a) | 331,716 | 18,277,552 | |
Shoals Technologies Group, Inc. (b) | 217,901 | 6,752,752 | |
Sunrun, Inc. (a) | 425,107 | 24,520,172 | |
Vertiv Holdings Co. (b) | 599,604 | 15,397,831 | |
394,658,131 | |||
Machinery - 3.7% | |||
AGCO Corp. | 133,056 | 16,260,774 | |
Allison Transmission Holdings, Inc. | 224,238 | 7,480,580 | |
Colfax Corp. (a) | 249,386 | 12,873,305 | |
Crane Co. | 105,154 | 10,860,305 | |
Cummins, Inc. | 306,144 | 73,425,577 | |
Donaldson Co., Inc. | 268,764 | 16,128,528 | |
Dover Corp. | 306,093 | 51,754,204 | |
Flowserve Corp. | 277,289 | 9,322,456 | |
Fortive Corp. | 696,883 | 52,761,012 | |
Gates Industrial Corp. PLC (a) | 202,820 | 3,334,361 | |
Graco, Inc. | 358,042 | 26,917,598 | |
IDEX Corp. | 161,959 | 36,047,215 | |
Ingersoll Rand, Inc. | 864,901 | 46,497,078 | |
ITT, Inc. | 183,726 | 17,283,105 | |
Lincoln Electric Holdings, Inc. | 122,430 | 17,434,032 | |
Middleby Corp. (a) | 117,458 | 21,429,038 | |
Nordson Corp. | 123,793 | 31,469,419 | |
Oshkosh Corp. | 145,688 | 15,588,616 | |
Otis Worldwide Corp. | 916,941 | 73,639,532 | |
PACCAR, Inc. | 726,903 | 65,145,047 | |
Parker Hannifin Corp. | 274,433 | 81,394,083 | |
Pentair PLC | 352,556 | 26,078,567 | |
Snap-On, Inc. | 113,854 | 23,138,548 | |
Stanley Black & Decker, Inc. | 344,301 | 61,881,219 | |
Timken Co. | 136,903 | 9,713,268 | |
Toro Co. | 229,108 | 21,872,941 | |
Westinghouse Air Brake Tech Co. | 386,776 | 35,092,186 | |
Woodward, Inc. | 122,426 | 13,828,017 | |
Xylem, Inc. | 381,820 | 49,861,874 | |
928,512,485 | |||
Marine - 0.0% | |||
Kirby Corp. (a) | 127,013 | 6,656,751 | |
Professional Services - 2.3% | |||
Booz Allen Hamilton Holding Corp. Class A | 284,070 | 24,674,320 | |
CACI International, Inc. Class A (a) | 49,561 | 14,255,726 | |
Clarivate Analytics PLC (a)(b) | 926,986 | 21,737,822 | |
CoStar Group, Inc. (a) | 835,563 | 71,900,196 | |
Dun & Bradstreet Holdings, Inc. (a) | 341,412 | 6,432,202 | |
Equifax, Inc. | 258,429 | 71,695,957 | |
FTI Consulting, Inc. (a) | 71,489 | 10,288,697 | |
IHS Markit Ltd. | 796,449 | 104,111,813 | |
Jacobs Engineering Group, Inc. | 275,637 | 38,704,948 | |
LegalZoom.com, Inc. (b) | 40,206 | 1,127,376 | |
Leidos Holdings, Inc. | 301,053 | 30,099,279 | |
Manpower, Inc. | 115,802 | 11,192,263 | |
Nielsen Holdings PLC | 762,209 | 15,434,732 | |
Robert Half International, Inc. | 234,247 | 26,486,308 | |
Science Applications Internati | 123,435 | 11,081,994 | |
TransUnion Holding Co., Inc. | 408,231 | 47,064,952 | |
Verisk Analytics, Inc. | 338,586 | 71,194,478 | |
577,483,063 | |||
Road & Rail - 1.1% | |||
AMERCO | 19,079 | 14,061,032 | |
J.B. Hunt Transport Services, Inc. | 179,295 | 35,355,181 | |
Kansas City Southern | 193,328 | 59,980,012 | |
Knight-Swift Transportation Holdings, Inc. Class A | 342,830 | 19,435,033 | |
Landstar System, Inc. | 81,498 | 14,328,163 | |
Lyft, Inc. (a) | 609,074 | 27,938,224 | |
Old Dominion Freight Lines, Inc. | 218,044 | 74,429,319 | |
Ryder System, Inc. | 111,289 | 9,454,001 | |
Schneider National, Inc. Class B | 110,332 | 2,751,680 | |
TuSimple Holdings, Inc. (a) | 70,941 | 2,775,212 | |
XPO Logistics, Inc. (a) | 206,431 | 17,711,780 | |
278,219,637 | |||
Trading Companies & Distributors - 1.0% | |||
Air Lease Corp. Class A | 228,173 | 9,138,329 | |
Core & Main, Inc. (b) | 74,529 | 2,039,113 | |
Fastenal Co. | 1,224,003 | 69,866,091 | |
MSC Industrial Direct Co., Inc. Class A | 95,646 | 8,040,959 | |
SiteOne Landscape Supply, Inc. (a) | 93,981 | 22,081,776 | |
United Rentals, Inc. (a) | 154,246 | 58,476,201 | |
Univar, Inc. (a) | 356,632 | 9,122,647 | |
W.W. Grainger, Inc. | 99,109 | 45,898,369 | |
Watsco, Inc. | 69,654 | 20,170,405 | |
244,833,890 | |||
TOTAL INDUSTRIALS | 3,795,232,330 | ||
INFORMATION TECHNOLOGY - 19.3% | |||
Communications Equipment - 1.0% | |||
Arista Networks, Inc. (a) | 128,433 | 52,617,716 | |
Ciena Corp. (a) | 328,749 | 17,847,783 | |
CommScope Holding Co., Inc. (a) | 427,866 | 4,582,445 | |
F5 Networks, Inc. (a) | 128,448 | 27,121,795 | |
Juniper Networks, Inc. | 691,694 | 20,418,807 | |
Lumentum Holdings, Inc. (a) | 161,321 | 13,321,888 | |
Motorola Solutions, Inc. | 354,505 | 88,126,398 | |
Ubiquiti, Inc. | 13,992 | 4,274,976 | |
ViaSat, Inc. (a)(b) | 148,232 | 8,847,968 | |
237,159,776 | |||
Electronic Equipment & Components - 2.3% | |||
Amphenol Corp. Class A | 1,245,778 | 95,638,377 | |
Arrow Electronics, Inc. (a) | 152,362 | 17,635,902 | |
Avnet, Inc. | 211,412 | 8,056,911 | |
CDW Corp. | 292,742 | 54,640,294 | |
Cognex Corp. | 364,610 | 31,936,190 | |
Coherent, Inc. (a) | 52,097 | 13,253,477 | |
Corning, Inc. | 1,623,270 | 57,739,714 | |
IPG Photonics Corp. (a) | 77,177 | 12,271,915 | |
Jabil, Inc. | 302,981 | 18,166,741 | |
Keysight Technologies, Inc. (a) | 395,460 | 71,190,709 | |
Littelfuse, Inc. | 51,049 | 15,036,483 | |
National Instruments Corp. | 282,732 | 12,007,628 | |
TD SYNNEX Corp. | 88,744 | 9,318,120 | |
Teledyne Technologies, Inc. (a) | 97,992 | 44,019,966 | |
Trimble, Inc. (a) | 534,105 | 46,664,754 | |
Vontier Corp. | 360,533 | 12,196,831 | |
Zebra Technologies Corp. Class A (a) | 113,553 | 60,631,624 | |
580,405,636 | |||
IT Services - 3.6% | |||
Akamai Technologies, Inc. (a) | 342,866 | 36,158,648 | |
Alliance Data Systems Corp. | 106,084 | 9,043,661 | |
Amdocs Ltd. | 275,836 | 21,471,074 | |
Broadridge Financial Solutions, Inc. | 246,638 | 44,002,686 | |
Cloudflare, Inc. (a) | 551,072 | 107,304,740 | |
Concentrix Corp. | 89,810 | 15,957,441 | |
DXC Technology Co.(a) | 535,374 | 17,437,131 | |
EPAM Systems, Inc. (a) | 114,774 | 77,270,448 | |
Euronet Worldwide, Inc. (a) | 107,960 | 12,112,032 | |
Fastly, Inc. Class A (a)(b) | 225,429 | 11,408,962 | |
FleetCor Technologies, Inc. (a) | 173,883 | 43,020,393 | |
Gartner, Inc. (a) | 173,546 | 57,601,653 | |
Genpact Ltd. | 390,517 | 19,272,014 | |
Globant SA (a) | 86,190 | 27,510,986 | |
GoDaddy, Inc. (a) | 358,015 | 24,763,898 | |
Jack Henry & Associates, Inc. | 157,471 | 26,215,772 | |
MongoDB, Inc. Class A (a) | 132,170 | 68,898,899 | |
Okta, Inc. (a) | 264,919 | 65,482,678 | |
Paychex, Inc. | 687,076 | 84,702,729 | |
Paysafe Ltd. (a)(b) | 887,751 | 6,924,458 | |
Sabre Corp. (a)(b) | 676,609 | 7,023,201 | |
Shift4 Payments, Inc. (a)(b) | 91,545 | 5,779,236 | |
SolarWinds, Inc. (b) | 74,324 | 1,196,616 | |
StoneCo Ltd. Class A (a) | 471,603 | 15,968,478 | |
Switch, Inc. Class A | 244,379 | 6,177,901 | |
The Western Union Co. | 870,576 | 15,861,895 | |
VeriSign, Inc. (a) | 210,315 | 46,830,841 | |
WEX, Inc. (a) | 95,237 | 14,256,979 | |
Wix.com Ltd. (a)(b) | 113,691 | 21,141,978 | |
910,797,428 | |||
Semiconductors & Semiconductor Equipment - 3.1% | |||
Allegro MicroSystems LLC (a) | 85,626 | 2,856,483 | |
Brooks Automation, Inc. | 156,083 | 18,175,865 | |
Cirrus Logic, Inc. (a) | 123,262 | 9,960,802 | |
Enphase Energy, Inc. (a) | 281,280 | 65,152,886 | |
Entegris, Inc. | 287,099 | 40,417,797 | |
First Solar, Inc. (a) | 226,009 | 27,028,416 | |
Marvell Technology, Inc. | 1,747,357 | 119,693,955 | |
Microchip Technology, Inc. | 1,148,122 | 85,064,359 | |
MKS Instruments, Inc. | 117,887 | 17,688,944 | |
Monolithic Power Systems, Inc. | 95,590 | 50,228,721 | |
ON Semiconductor Corp. (a) | 903,008 | 43,407,595 | |
Qorvo, Inc. (a) | 236,475 | 39,782,189 | |
Skyworks Solutions, Inc. | 351,803 | 58,796,835 | |
Teradyne, Inc. | 354,467 | 49,001,518 | |
Universal Display Corp. | 92,283 | 16,906,246 | |
Wolfspeed, Inc. (a)(b) | 245,927 | 29,538,292 | |
Xilinx, Inc. | 524,665 | 94,439,700 | |
768,140,603 | |||
Software - 8.4% | |||
Alteryx, Inc. Class A (a)(b) | 125,335 | 9,173,269 | |
Anaplan, Inc. (a) | 299,420 | 19,525,178 | |
ANSYS, Inc. (a) | 185,776 | 70,516,854 | |
Aspen Technology, Inc. (a) | 144,815 | 22,691,062 | |
Avalara, Inc. (a) | 180,632 | 32,448,732 | |
Bentley Systems, Inc. Class B (b) | 294,227 | 17,403,527 | |
Bill.Com Holdings, Inc. (a) | 168,456 | 49,578,285 | |
Black Knight, Inc. (a) | 324,101 | 22,722,721 | |
C3.Ai, Inc. (b) | 72,974 | 3,292,587 | |
Cadence Design Systems, Inc. (a) | 586,250 | 101,485,738 | |
CDK Global, Inc. | 259,871 | 11,309,586 | |
Ceridian HCM Holding, Inc. (a) | 275,427 | 34,497,232 | |
Citrix Systems, Inc. | 264,122 | 25,020,277 | |
Coupa Software, Inc. (a) | 156,047 | 35,531,902 | |
Crowdstrike Holdings, Inc. (a) | 420,424 | 118,475,483 | |
Datadog, Inc. Class A (a) | 495,347 | 82,747,716 | |
Datto Holding Corp. (b) | 50,835 | 1,214,957 | |
DocuSign, Inc. (a) | 406,886 | 113,232,305 | |
Dolby Laboratories, Inc. Class A | 136,902 | 12,095,292 | |
DoubleVerify Holdings, Inc. (a)(b) | 33,059 | 1,306,822 | |
Dropbox, Inc. Class A (a) | 649,993 | 19,818,287 | |
Duck Creek Technologies, Inc. (a) | 152,883 | 4,815,815 | |
Dynatrace, Inc. (a) | 419,580 | 31,468,500 | |
Elastic NV (a) | 148,450 | 25,757,560 | |
Everbridge, Inc. (a) | 81,758 | 13,024,867 | |
Fair Isaac Corp. (a) | 58,684 | 23,367,969 | |
Five9, Inc. (a) | 142,408 | 22,501,888 | |
Fortinet, Inc. (a) | 285,655 | 96,077,203 | |
Guidewire Software, Inc. (a)(b) | 178,886 | 22,491,337 | |
HubSpot, Inc. (a) | 95,048 | 77,010,741 | |
Jamf Holding Corp. (a)(b) | 112,768 | 5,373,395 | |
Mandiant, Inc. (a) | 499,699 | 8,714,751 | |
Manhattan Associates, Inc. (a) | 134,941 | 24,497,189 | |
McAfee Corp. | 145,344 | 3,106,001 | |
N-able, Inc. (a)(b) | 84,370 | 1,122,121 | |
nCino, Inc. (a)(b) | 119,640 | 8,693,042 | |
NCR Corp. (a) | 271,725 | 10,744,007 | |
New Relic, Inc. (a)(b) | 109,971 | 8,925,246 | |
NortonLifeLock, Inc. | 1,172,175 | 29,831,854 | |
Nuance Communications, Inc. (a) | 607,628 | 33,449,921 | |
Nutanix, Inc. Class A (a) | 410,629 | 14,088,681 | |
Palantir Technologies, Inc. (a) | 3,465,208 | 89,679,583 | |
Palo Alto Networks, Inc. (a) | 203,306 | 103,501,052 | |
Paycom Software, Inc. (a) | 108,144 | 59,246,690 | |
Paycor HCM, Inc. | 69,327 | 2,248,968 | |
Paylocity Holding Corp. (a) | 79,908 | 24,383,127 | |
Pegasystems, Inc. | 86,980 | 10,326,266 | |
Procore Technologies, Inc. (a) | 21,594 | 1,974,771 | |
PTC, Inc. (a) | 224,765 | 28,623,823 | |
RingCentral, Inc. (a) | 171,373 | 41,777,310 | |
Smartsheet, Inc. (a) | 256,138 | 17,676,083 | |
Splunk, Inc. (a) | 349,414 | 57,590,415 | |
SS&C Technologies Holdings, Inc. | 477,967 | 37,984,037 | |
Synopsys, Inc. (a) | 323,669 | 107,840,037 | |
Teradata Corp. (a) | 232,114 | 13,128,368 | |
The Trade Desk, Inc. (a) | 913,867 | 68,457,777 | |
Tyler Technologies, Inc. (a) | 85,859 | 46,640,326 | |
Unity Software, Inc. (a)(b) | 317,406 | 48,026,702 | |
Zendesk, Inc. (a) | 253,743 | 25,831,037 | |
Zscaler, Inc. (a) | 164,851 | 52,564,390 | |
2,106,650,662 | |||
Technology Hardware, Storage & Peripherals - 0.9% | |||
Hewlett Packard Enterprise Co. | 2,773,094 | 40,625,827 | |
HP, Inc. | 2,564,201 | 77,772,216 | |
NetApp, Inc. | 474,629 | 42,384,370 | |
Pure Storage, Inc. Class A (a) | 568,408 | 15,267,439 | |
Western Digital Corp. (a) | 654,636 | 34,230,916 | |
Xerox Holdings Corp. | 302,570 | 5,385,746 | |
215,666,514 | |||
TOTAL INFORMATION TECHNOLOGY | 4,818,820,619 | ||
MATERIALS - 5.2% | |||
Chemicals - 2.5% | |||
Albemarle Corp. U.S. | 247,928 | 62,098,526 | |
Ashland Global Holdings, Inc. (b) | 117,125 | 11,245,171 | |
Axalta Coating Systems Ltd. (a) | 439,863 | 13,719,327 | |
Celanese Corp. Class A | 237,055 | 38,286,753 | |
CF Industries Holdings, Inc. | 456,005 | 25,901,084 | |
Corteva, Inc. | 1,574,576 | 67,942,954 | |
Diversey Holdings Ltd. (a) | 106,657 | 1,855,832 | |
Eastman Chemical Co. | 289,585 | 30,125,528 | |
Element Solutions, Inc. | 493,252 | 11,201,753 | |
FMC Corp. | 274,785 | 25,008,183 | |
Huntsman Corp. | 449,468 | 14,643,667 | |
International Flavors & Fragrances, Inc. | 531,306 | 78,341,070 | |
LyondellBasell Industries NV Class A | 560,713 | 52,045,381 | |
NewMarket Corp. | 14,271 | 4,852,283 | |
Olin Corp. | 306,545 | 17,466,934 | |
PPG Industries, Inc. | 504,981 | 81,084,799 | |
RPM International, Inc. | 272,241 | 23,739,415 | |
The Chemours Co. LLC | 350,932 | 9,833,115 | |
The Mosaic Co. | 736,679 | 30,623,746 | |
The Scotts Miracle-Gro Co. Class A | 87,536 | 12,995,595 | |
Valvoline, Inc. | 386,122 | 13,112,703 | |
Westlake Chemical Corp. | 70,688 | 6,880,770 | |
633,004,589 | |||
Construction Materials - 0.5% | |||
Eagle Materials, Inc. | 87,675 | 13,007,463 | |
Martin Marietta Materials, Inc. | 132,630 | 52,102,369 | |
Vulcan Materials Co. | 282,021 | 53,617,833 | |
118,727,665 | |||
Containers & Packaging - 1.4% | |||
Amcor PLC | 3,285,864 | 39,660,378 | |
Aptargroup, Inc. | 139,983 | 16,907,147 | |
Ardagh Group SA | 38,734 | 953,825 | |
Avery Dennison Corp. | 176,470 | 38,421,048 | |
Ball Corp. | 685,606 | 62,719,237 | |
Berry Global Group, Inc. (a) | 287,899 | 18,868,900 | |
Crown Holdings, Inc. | 269,304 | 28,004,923 | |
Graphic Packaging Holding Co. | 601,488 | 11,987,656 | |
International Paper Co. | 834,598 | 41,454,483 | |
Packaging Corp. of America | 199,822 | 27,449,548 | |
Sealed Air Corp. | 319,233 | 18,936,902 | |
Silgan Holdings, Inc. | 178,330 | 7,168,866 | |
Sonoco Products Co. | 208,928 | 12,107,378 | |
WestRock Co. | 562,425 | 27,052,643 | |
351,692,934 | |||
Metals & Mining - 0.7% | |||
Alcoa Corp. | 398,202 | 18,297,382 | |
Cleveland-Cliffs, Inc. (a)(b) | 971,469 | 23,422,118 | |
Nucor Corp. | 626,688 | 69,969,715 | |
Reliance Steel & Aluminum Co. | 135,086 | 19,744,170 | |
Royal Gold, Inc. | 139,711 | 13,834,183 | |
Steel Dynamics, Inc. | 413,482 | 27,322,891 | |
United States Steel Corp. | 570,091 | 15,044,701 | |
187,635,160 | |||
Paper & Forest Products - 0.1% | |||
Louisiana-Pacific Corp. | 202,362 | 11,925,193 | |
Sylvamo Corp. (a) | 75,886 | 2,136,950 | |
14,062,143 | |||
TOTAL MATERIALS | 1,305,122,491 | ||
REAL ESTATE - 7.7% | |||
Equity Real Estate Investment Trusts (REITs) - 7.2% | |||
Alexandria Real Estate Equities, Inc. | 329,022 | 67,166,551 | |
American Campus Communities, Inc. | 291,895 | 15,680,599 | |
American Homes 4 Rent Class A | 603,149 | 24,487,849 | |
Americold Realty Trust | 556,570 | 16,402,118 | |
Apartment Income (REIT) Corp. | 333,176 | 17,861,565 | |
AvalonBay Communities, Inc. | 297,360 | 70,379,165 | |
Boston Properties, Inc. | 332,972 | 37,838,938 | |
Brixmor Property Group, Inc. | 631,126 | 14,793,593 | |
Camden Property Trust (SBI) | 207,454 | 33,835,747 | |
CoreSite Realty Corp. | 93,347 | 13,298,214 | |
Cousins Properties, Inc. | 316,015 | 12,517,354 | |
CubeSmart | 428,068 | 23,548,021 | |
CyrusOne, Inc. | 264,286 | 21,676,738 | |
Douglas Emmett, Inc. | 354,661 | 11,590,321 | |
Duke Realty Corp. | 798,360 | 44,899,766 | |
EPR Properties | 157,760 | 7,921,130 | |
Equity Lifestyle Properties, Inc. | 370,576 | 31,317,378 | |
Equity Residential (SBI) | 786,184 | 67,926,298 | |
Essex Property Trust, Inc. | 138,214 | 46,983,085 | |
Extra Space Storage, Inc. | 279,704 | 55,205,178 | |
Federal Realty Investment Trust (SBI) | 164,565 | 19,805,398 | |
First Industrial Realty Trust, Inc. | 274,299 | 15,972,431 | |
Gaming & Leisure Properties | 470,137 | 22,796,943 | |
Healthcare Trust of America, Inc. | 463,935 | 15,490,790 | |
Healthpeak Properties, Inc. | 1,149,840 | 40,830,818 | |
Highwoods Properties, Inc. (SBI) | 219,058 | 9,822,561 | |
Host Hotels & Resorts, Inc. (a) | 1,507,736 | 25,375,197 | |
Hudson Pacific Properties, Inc. | 315,944 | 8,135,558 | |
Invitation Homes, Inc. | 1,229,622 | 50,721,908 | |
Iron Mountain, Inc. | 610,974 | 27,884,853 | |
JBG SMITH Properties | 264,025 | 7,619,762 | |
Kilroy Realty Corp. | 247,513 | 16,677,426 | |
Kimco Realty Corp. | 1,238,851 | 27,998,033 | |
Lamar Advertising Co. Class A | 183,740 | 20,799,368 | |
Life Storage, Inc. | 165,871 | 22,195,199 | |
Medical Properties Trust, Inc. | 1,260,232 | 26,880,749 | |
Mid-America Apartment Communities, Inc. | 246,063 | 50,248,525 | |
National Retail Properties, Inc. | 372,454 | 16,894,513 | |
Omega Healthcare Investors, Inc. | 508,794 | 14,938,192 | |
Park Hotels & Resorts, Inc. (a) | 500,462 | 9,273,561 | |
Rayonier, Inc. | 299,174 | 11,168,165 | |
Realty Income Corp. | 830,941 | 59,354,116 | |
Regency Centers Corp. | 360,095 | 25,354,289 | |
Rexford Industrial Realty, Inc. | 294,009 | 19,757,405 | |
SBA Communications Corp. Class A | 231,078 | 79,798,166 | |
Simon Property Group, Inc. | 695,811 | 101,991,976 | |
SL Green Realty Corp. | 142,644 | 9,995,065 | |
Spirit Realty Capital, Inc. | 253,175 | 12,387,853 | |
Store Capital Corp. | 520,912 | 17,882,909 | |
Sun Communities, Inc. | 244,296 | 47,877,130 | |
UDR, Inc. | 629,822 | 34,974,016 | |
Ventas, Inc. | 837,716 | 44,708,903 | |
VEREIT, Inc. | 488,002 | 24,546,501 | |
VICI Properties, Inc. (b) | 1,252,099 | 36,749,106 | |
Vornado Realty Trust | 374,110 | 15,948,309 | |
Welltower, Inc. | 901,814 | 72,505,846 | |
Weyerhaeuser Co. | 1,598,300 | 57,091,276 | |
WP Carey, Inc. | 389,690 | 30,048,996 | |
1,787,831,420 | |||
Real Estate Management & Development - 0.5% | |||
CBRE Group, Inc. (a) | 712,257 | 74,131,709 | |
Howard Hughes Corp. (a) | 88,455 | 7,707,084 | |
Jones Lang LaSalle, Inc. (a) | 107,707 | 27,813,179 | |
Opendoor Technologies, Inc. (a)(b) | 958,574 | 22,727,790 | |
132,379,762 | |||
TOTAL REAL ESTATE | 1,920,211,182 | ||
UTILITIES - 4.4% | |||
Electric Utilities - 2.0% | |||
Alliant Energy Corp. | 533,631 | 30,187,506 | |
Avangrid, Inc. (b) | 121,767 | 6,417,121 | |
Edison International | 795,464 | 50,058,550 | |
Entergy Corp. | 427,485 | 44,039,505 | |
Evergy, Inc. | 487,751 | 31,094,126 | |
Eversource Energy | 732,247 | 62,167,770 | |
FirstEnergy Corp. | 1,160,401 | 44,710,251 | |
Hawaiian Electric Industries, Inc. | 224,706 | 9,114,075 | |
IDACORP, Inc. | 107,303 | 11,193,849 | |
NRG Energy, Inc. | 518,849 | 20,696,887 | |
OGE Energy Corp. | 425,655 | 14,502,066 | |
PG&E Corp. (a)(b) | 3,221,290 | 37,366,964 | |
Pinnacle West Capital Corp. | 240,316 | 15,497,979 | |
PPL Corp. | 1,643,866 | 47,343,341 | |
Xcel Energy, Inc. | 1,148,644 | 74,190,916 | |
498,580,906 | |||
Gas Utilities - 0.2% | |||
Atmos Energy Corp. | 275,862 | 25,412,407 | |
National Fuel Gas Co. | 186,032 | 10,683,818 | |
UGI Corp. | 443,520 | 19,253,203 | |
55,349,428 | |||
Independent Power and Renewable Electricity Producers - 0.3% | |||
Brookfield Renewable Corp. | 272,306 | 11,276,191 | |
The AES Corp. | 1,408,771 | 35,402,415 | |
Vistra Corp. | 1,021,275 | 20,006,777 | |
66,685,383 | |||
Multi-Utilities - 1.5% | |||
Ameren Corp. | 542,928 | 45,763,401 | |
CenterPoint Energy, Inc. | 1,265,880 | 32,963,515 | |
CMS Energy Corp. | 616,559 | 37,209,336 | |
Consolidated Edison, Inc. | 755,230 | 56,944,342 | |
DTE Energy Co. | 411,626 | 46,657,807 | |
MDU Resources Group, Inc. | 425,228 | 13,067,256 | |
NiSource, Inc. | 835,289 | 20,606,580 | |
Public Service Enterprise Group, Inc. | 1,075,928 | 68,644,206 | |
WEC Energy Group, Inc. | 673,237 | 60,631,724 | |
382,488,167 | |||
Water Utilities - 0.4% | |||
American Water Works Co., Inc. | 387,352 | 67,468,971 | |
Essential Utilities, Inc. | 477,904 | 22,494,941 | |
89,963,912 | |||
TOTAL UTILITIES | 1,093,067,796 | ||
TOTAL COMMON STOCKS | |||
(Cost $17,050,942,210) | 24,862,652,394 | ||
Money Market Funds - 3.6% | |||
Fidelity Cash Central Fund 0.06% (c) | 55,990,254 | 56,001,452 | |
Fidelity Securities Lending Cash Central Fund 0.06% (c)(d) | 827,475,358 | 827,558,106 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $883,555,642) | 883,559,558 | ||
TOTAL INVESTMENT IN SECURITIES - 103.2% | |||
(Cost $17,934,497,852) | 25,746,211,952 | ||
NET OTHER ASSETS (LIABILITIES) - (3.2)% | (789,857,361) | ||
NET ASSETS - 100% | $24,956,354,591 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P MidCap 400 Index Contracts (United States) | 291 | Dec. 2021 | $81,171,540 | $2,418,898 | $2,418,898 |
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) 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% | $43,980,920 | $1,682,410,780 | $1,670,390,248 | $25,740 | $-- | $-- | $56,001,452 | 0.1% |
Fidelity Securities Lending Cash Central Fund 0.06% | 646,407,750 | 2,268,960,948 | 2,087,810,592 | 900,993 | -- | -- | 827,558,106 | 2.2% |
Total | $690,388,670 | $3,951,371,728 | $3,758,200,840 | $926,733 | $-- | $-- | $883,559,558 |
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 October 31, 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 | $1,025,306,791 | $1,025,306,791 | $-- | $-- |
Consumer Discretionary | 3,137,642,578 | 3,137,642,578 | -- | -- |
Consumer Staples | 791,589,535 | 791,589,535 | -- | -- |
Energy | 980,688,629 | 980,688,629 | -- | -- |
Financials | 3,133,953,567 | 3,133,953,567 | -- | -- |
Health Care | 2,861,016,876 | 2,861,016,876 | -- | -- |
Industrials | 3,795,232,330 | 3,795,232,330 | -- | -- |
Information Technology | 4,818,820,619 | 4,818,820,619 | -- | -- |
Materials | 1,305,122,491 | 1,305,122,491 | -- | -- |
Real Estate | 1,920,211,182 | 1,920,211,182 | -- | -- |
Utilities | 1,093,067,796 | 1,093,067,796 | -- | -- |
Money Market Funds | 883,559,558 | 883,559,558 | -- | -- |
Total Investments in Securities: | $25,746,211,952 | $25,746,211,952 | $-- | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $2,418,898 | $2,418,898 | $-- | $-- |
Total Assets | $2,418,898 | $2,418,898 | $-- | $-- |
Total Derivative Instruments: | $2,418,898 | $2,418,898 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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) | $2,418,898 | $0 |
Total Equity Risk | 2,418,898 | 0 |
Total Value of Derivatives | $2,418,898 | $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.
Fidelity® Mid Cap Index Fund
Financial Statements
Statement of Assets and Liabilities
October 31, 2021 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $812,794,022) — See accompanying schedule: Unaffiliated issuers (cost $17,050,942,210) | $24,862,652,394 | |
Fidelity Central Funds (cost $883,555,642) | 883,559,558 | |
Total Investment in Securities (cost $17,934,497,852) | $25,746,211,952 | |
Segregated cash with brokers for derivative instruments | 3,375,000 | |
Cash | 7,662,384 | |
Receivable for fund shares sold | 36,113,468 | |
Dividends receivable | 8,271,466 | |
Distributions receivable from Fidelity Central Funds | 107,539 | |
Receivable for daily variation margin on futures contracts | 32,346 | |
Other receivables | 373,498 | |
Total assets | 25,802,147,653 | |
Liabilities | ||
Payable for fund shares redeemed | $17,668,092 | |
Accrued management fee | 505,908 | |
Other payables and accrued expenses | 74,883 | |
Collateral on securities loaned | 827,544,179 | |
Total liabilities | 845,793,062 | |
Net Assets | $24,956,354,591 | |
Net Assets consist of: | ||
Paid in capital | $16,478,490,693 | |
Total accumulated earnings (loss) | 8,477,863,898 | |
Net Assets | $24,956,354,591 | |
Net Asset Value, offering price and redemption price per share ($24,956,354,591 ÷ 760,139,413 shares) | $32.83 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended October 31, 2021 (Unaudited) | ||
Investment Income | ||
Dividends | $149,697,934 | |
Interest | 1,934 | |
Income from Fidelity Central Funds (including $900,993 from security lending) | 926,733 | |
Total income | 150,626,601 | |
Expenses | ||
Management fee | $2,860,692 | |
Independent trustees' fees and expenses | 33,921 | |
Total expenses before reductions | 2,894,613 | |
Expense reductions | (11) | |
Total expenses after reductions | 2,894,602 | |
Net investment income (loss) | 147,731,999 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 678,750,356 | |
Futures contracts | (5,605,688) | |
Total net realized gain (loss) | 673,144,668 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 838,233,892 | |
Futures contracts | 421,321 | |
Total change in net unrealized appreciation (depreciation) | 838,655,213 | |
Net gain (loss) | 1,511,799,881 | |
Net increase (decrease) in net assets resulting from operations | $1,659,531,880 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended October 31, 2021 (Unaudited) | Year ended April 30, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $147,731,999 | $222,523,794 |
Net realized gain (loss) | 673,144,668 | 237,389,245 |
Change in net unrealized appreciation (depreciation) | 838,655,213 | 7,107,793,057 |
Net increase (decrease) in net assets resulting from operations | 1,659,531,880 | 7,567,706,096 |
Distributions to shareholders | (80,435,786) | (410,200,120) |
Share transactions | ||
Proceeds from sales of shares | 3,799,836,796 | 7,119,456,006 |
Reinvestment of distributions | 76,156,156 | 390,795,119 |
Cost of shares redeemed | (2,452,863,073) | (4,669,032,900) |
Net increase (decrease) in net assets resulting from share transactions | 1,423,129,879 | 2,841,218,225 |
Total increase (decrease) in net assets | 3,002,225,973 | 9,998,724,201 |
Net Assets | ||
Beginning of period | 21,954,128,618 | 11,955,404,417 |
End of period | $24,956,354,591 | $21,954,128,618 |
Other Information | ||
Shares | ||
Sold | 120,783,290 | 279,167,839 |
Issued in reinvestment of distributions | 2,458,238 | 15,064,593 |
Redeemed | (78,236,802) | (185,726,148) |
Net increase (decrease) | 45,004,726 | 108,506,284 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Mid Cap Index Fund
Six months ended (Unaudited) October 31, | Years endedApril 30, | |||||
2021 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $30.70 | $19.71 | $22.53 | $20.85 | $19.25 | $16.87 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .20 | .34 | .40 | .36 | .34 | .31 |
Net realized and unrealized gain (loss) | 2.04 | 11.28 | (2.54) | 1.80 | 1.79 | 2.48 |
Total from investment operations | 2.24 | 11.62 | (2.14) | 2.16 | 2.13 | 2.79 |
Distributions from net investment income | (.07) | (.37) | (.34) | (.34) | (.28) | (.25) |
Distributions from net realized gain | (.05) | (.26) | (.34) | (.14) | (.25) | (.16) |
Total distributions | (.11)B | (.63) | (.68) | (.48) | (.53) | (.41) |
Redemption fees added to paid in capitalA | – | – | – | – | – | –C |
Net asset value, end of period | $32.83 | $30.70 | $19.71 | $22.53 | $20.85 | $19.25 |
Total ReturnD,E | 7.32% | 59.59% | (9.99)% | 10.68% | 11.13% | 16.70% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .02%H,I | .03% | .03% | .03% | .04% | .05% |
Expenses net of fee waivers, if any | .02%H,I | .03% | .03% | .03% | .04% | .04% |
Expenses net of all reductions | .02%H,I | .03% | .03% | .03% | .04% | .04% |
Net investment income (loss) | 1.28%H | 1.35% | 1.82% | 1.71% | 1.66% | 1.67% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $24,956,355 | $21,954,129 | $11,955,404 | $9,705,989 | $393,979 | $191,401 |
Portfolio turnover rateJ | 17%H,K | 14%K | 14% | 12% | 10%K | 14% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Fidelity® Small Cap Index Fund
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2021
% of fund's net assets | |
AMC Entertainment Holdings, Inc. Class A | 0.6 |
Asana, Inc. | 0.3 |
Crocs, Inc. | 0.3 |
Ovintiv, Inc. | 0.3 |
Tetra Tech, Inc. | 0.3 |
Lattice Semiconductor Corp. | 0.3 |
Intellia Therapeutics, Inc. | 0.3 |
Avis Budget Group, Inc. | 0.3 |
Silicon Laboratories, Inc. | 0.3 |
Saia, Inc. | 0.3 |
3.3 |
Top Market Sectors as of October 31, 2021
% of fund's net assets | |
Health Care | 18.9 |
Financials | 15.2 |
Industrials | 14.3 |
Information Technology | 13.8 |
Consumer Discretionary | 10.9 |
Real Estate | 6.8 |
Energy | 4.6 |
Materials | 3.7 |
Communication Services | 3.4 |
Consumer Staples | 3.0 |
Asset Allocation (% of fund's net assets)
As of October 31, 2021* | ||
Stocks and Equity Futures | 100.0% |
* Foreign investments - 4.4%
Fidelity® Small Cap Index Fund
Schedule of Investments October 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.0% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 3.4% | |||
Diversified Telecommunication Services - 0.6% | |||
Anterix, Inc. (a)(b) | 81,099 | $5,198,446 | |
ATN International, Inc. | 77,532 | 3,161,755 | |
Bandwidth, Inc. (a) | 170,250 | 14,518,920 | |
Cogent Communications Group, Inc. | 311,327 | 23,844,535 | |
Consolidated Communications Holdings, Inc. (a) | 500,821 | 3,706,075 | |
EchoStar Holding Corp. Class A (a)(b) | 285,912 | 6,707,496 | |
Globalstar, Inc. (a)(b) | 4,411,971 | 7,279,752 | |
IDT Corp. Class B (a) | 145,607 | 7,043,011 | |
Iridium Communications, Inc. (a) | 860,511 | 34,893,721 | |
Liberty Latin America Ltd.: | |||
Class A (a) | 91,428 | 1,098,965 | |
Class C (a) | 1,336,893 | 16,082,823 | |
Ooma, Inc. (a)(b) | 162,340 | 3,750,054 | |
Radius Global Infrastructure, Inc. (a) | 428,785 | 7,430,844 | |
134,716,397 | |||
Entertainment - 0.9% | |||
AMC Entertainment Holdings, Inc. Class A (a)(b) | 3,747,033 | 132,532,534 | |
Chicken Soup For The Soul Entertainment, Inc. (a)(b) | 60,614 | 1,185,004 | |
Cinemark Holdings, Inc. (a)(b) | 786,945 | 14,794,566 | |
CuriosityStream, Inc. Class A (a)(b) | 212,372 | 2,117,349 | |
Eros International PLC (a)(b) | 1,688,246 | 1,380,141 | |
IMAX Corp. (a) | 360,804 | 6,801,155 | |
Lions Gate Entertainment Corp.: | |||
Class A (a)(b) | 586,975 | 7,601,326 | |
Class B (a) | 663,114 | 7,506,450 | |
LiveOne, Inc. (a) | 478,629 | 1,096,060 | |
Madison Square Garden Entertainment Corp. (a)(b) | 191,152 | 13,470,481 | |
Marcus Corp. (a)(b) | 161,751 | 3,003,716 | |
191,488,782 | |||
Interactive Media & Services - 0.6% | |||
CarGurus, Inc. Class A (a) | 688,534 | 23,093,430 | |
Cars.com, Inc. (a) | 500,563 | 6,517,330 | |
Eventbrite, Inc. (a)(b) | 546,399 | 11,059,116 | |
EverQuote, Inc. Class A (a) | 97,592 | 1,345,794 | |
fuboTV, Inc. (a)(b) | 957,233 | 28,535,116 | |
Liberty TripAdvisor Holdings, Inc. (a) | 417,755 | 1,290,863 | |
MediaAlpha, Inc. Class A (b) | 111,660 | 1,957,400 | |
Outbrain, Inc. (b) | 61,866 | 1,048,010 | |
QuinStreet, Inc. (a) | 369,344 | 5,170,816 | |
TrueCar, Inc. (a) | 613,064 | 2,568,738 | |
Yelp, Inc. (a) | 519,880 | 20,082,964 | |
Ziff Davis, Inc. (a)(b) | 316,805 | 40,636,577 | |
143,306,154 | |||
Media - 1.1% | |||
Advantage Solutions, Inc. Class A (a) | 558,115 | 4,766,302 | |
AMC Networks, Inc. Class A (a) | 210,631 | 8,381,007 | |
Audacy, Inc. Class A (a) | 772,445 | 2,494,997 | |
Boston Omaha Corp. (a)(b) | 131,668 | 4,667,631 | |
Cardlytics, Inc. (a)(b) | 233,581 | 18,373,481 | |
Clear Channel Outdoor Holdings, Inc. (a) | 2,636,833 | 7,646,816 | |
comScore, Inc. (a) | 514,604 | 2,012,102 | |
Daily Journal Corp. (a) | 8,623 | 2,959,586 | |
Digital Media Solutions, Inc. Class A (a)(b) | 23,077 | 138,000 | |
E.W. Scripps Co. Class A | 419,810 | 7,808,466 | |
Emerald Holding, Inc. (a) | 153,285 | 620,804 | |
Entravision Communication Corp. Class A (b) | 435,432 | 3,470,393 | |
Fluent, Inc. (a)(b) | 306,325 | 729,054 | |
Gannett Co., Inc. (a)(b) | 935,199 | 5,424,154 | |
Gray Television, Inc. | 620,753 | 14,550,450 | |
Hemisphere Media Group, Inc. (a) | 121,349 | 1,340,906 | |
iHeartMedia, Inc. (a) | 808,408 | 15,666,947 | |
Integral Ad Science Holding Corp. | 124,041 | 3,047,687 | |
John Wiley & Sons, Inc. Class A | 311,793 | 16,889,827 | |
Liberty Media Corp.: | |||
Liberty Braves Class A (a) | 43,982 | 1,344,530 | |
Liberty Braves Class C (a) | 298,173 | 8,861,702 | |
Loral Space & Communications Ltd. | 94,826 | 4,724,231 | |
Magnite, Inc. (a)(b) | 945,080 | 25,545,512 | |
Meredith Corp. (a) | 287,792 | 16,761,006 | |
National CineMedia, Inc. | 550,220 | 1,749,700 | |
Scholastic Corp. | 188,444 | 6,819,788 | |
Sinclair Broadcast Group, Inc. Class A | 337,435 | 8,817,177 | |
Stagwell, Inc. (a)(b) | 440,294 | 3,821,752 | |
TechTarget, Inc. (a)(b) | 186,667 | 17,604,565 | |
Tegna, Inc. | 1,605,535 | 31,564,818 | |
Thryv Holdings, Inc. (a) | 55,505 | 1,757,843 | |
WideOpenWest, Inc. (a) | 376,073 | 7,164,191 | |
257,525,425 | |||
Wireless Telecommunication Services - 0.2% | |||
Gogo, Inc. (a) | 429,343 | 6,981,117 | |
Shenandoah Telecommunications Co. | 348,950 | 9,644,978 | |
Telephone & Data Systems, Inc. | 735,382 | 13,781,059 | |
U.S. Cellular Corp.(a) | 108,506 | 3,317,028 | |
33,724,182 | |||
TOTAL COMMUNICATION SERVICES | 760,760,940 | ||
CONSUMER DISCRETIONARY - 10.9% | |||
Auto Components - 1.2% | |||
Adient PLC (a) | 689,592 | 28,700,819 | |
American Axle & Manufacturing Holdings, Inc. (a) | 680,744 | 6,181,156 | |
Cooper-Standard Holding, Inc. (a) | 119,639 | 3,103,436 | |
Dana, Inc. | 1,054,134 | 23,391,233 | |
Dorman Products, Inc. (a) | 193,394 | 20,186,466 | |
Fox Factory Holding Corp. (a)(b) | 307,801 | 49,540,571 | |
Gentherm, Inc. (a) | 241,002 | 17,744,977 | |
LCI Industries | 180,801 | 25,247,052 | |
Modine Manufacturing Co. (a) | 367,132 | 4,038,452 | |
Motorcar Parts of America, Inc. (a) | 135,190 | 2,557,795 | |
Patrick Industries, Inc. | 165,440 | 12,889,430 | |
Standard Motor Products, Inc. | 151,169 | 7,240,995 | |
Stoneridge, Inc. (a) | 187,869 | 3,565,754 | |
Tenneco, Inc. (a) | 496,353 | 6,586,604 | |
The Goodyear Tire & Rubber Co. (a) | 2,001,796 | 38,274,340 | |
Visteon Corp. (a) | 202,404 | 22,908,085 | |
XL Fleet Corp. (Class A) (a)(b) | 360,505 | 1,975,567 | |
XPEL, Inc. (a) | 130,765 | 9,925,064 | |
284,057,796 | |||
Automobiles - 0.2% | |||
Arcimoto, Inc. (a)(b) | 253,616 | 2,962,235 | |
Canoo, Inc. (a)(b) | 831,701 | 6,670,242 | |
Fisker, Inc. (a)(b) | 1,199,548 | 19,252,745 | |
Lordstown Motors Corp. Class A (a)(b) | 807,558 | 4,175,075 | |
Winnebago Industries, Inc. (b) | 235,054 | 15,910,805 | |
Workhorse Group, Inc. (a)(b) | 666,955 | 4,488,607 | |
53,459,709 | |||
Distributors - 0.0% | |||
Funko, Inc. (a) | 192,142 | 3,149,207 | |
Diversified Consumer Services - 0.7% | |||
2U, Inc. (a)(b) | 533,538 | 15,760,713 | |
Adtalem Global Education, Inc. (a) | 367,251 | 13,562,579 | |
American Public Education, Inc. (a)(b) | 141,741 | 3,542,108 | |
Carriage Services, Inc. | 128,289 | 6,600,469 | |
Coursera, Inc. (b) | 425,333 | 14,848,375 | |
European Wax Center, Inc. | 77,326 | 2,465,153 | |
Graham Holdings Co. | 28,656 | 16,788,118 | |
Houghton Mifflin Harcourt Co. (a) | 923,377 | 13,102,720 | |
Laureate Education, Inc. Class A | 744,775 | 12,899,503 | |
OneSpaWorld Holdings Ltd. (a)(b) | 394,451 | 4,260,071 | |
Perdoceo Education Corp. (a) | 487,227 | 5,174,351 | |
PowerSchool Holdings, Inc. (b) | 317,535 | 7,338,234 | |
Regis Corp. (a)(b) | 27,450 | 74,115 | |
StoneMor, Inc. (a)(b) | 242,953 | 629,248 | |
Strategic Education, Inc. | 141,519 | 9,653,011 | |
Stride, Inc. (a) | 298,441 | 10,594,656 | |
Vivint Smart Home, Inc. Class A (a)(b) | 697,153 | 6,323,178 | |
WW International, Inc. (a)(b) | 301,582 | 5,235,464 | |
148,852,066 | |||
Hotels, Restaurants & Leisure - 2.3% | |||
Accel Entertainment, Inc. (a) | 425,927 | 5,187,791 | |
Bally's Corp. (a) | 237,800 | 10,893,618 | |
Biglari Holdings, Inc. (a) | 5,519 | 917,423 | |
BJ's Restaurants, Inc. (a)(b) | 164,897 | 5,494,368 | |
Bloomin' Brands, Inc. (a) | 644,844 | 13,941,527 | |
Bluegreen Vacations Holding Corp. Class A (a) | 106,395 | 2,724,776 | |
Brinker International, Inc. (a) | 332,964 | 13,971,169 | |
Carrols Restaurant Group, Inc. (b) | 189,867 | 696,812 | |
Century Casinos, Inc. (a) | 200,575 | 2,968,510 | |
Chuy's Holdings, Inc. (a)(b) | 145,585 | 4,245,259 | |
Cracker Barrel Old Country Store, Inc. | 172,169 | 22,927,746 | |
Dave & Buster's Entertainment, Inc. (a) | 314,557 | 11,679,501 | |
Del Taco Restaurants, Inc. | 217,548 | 1,814,350 | |
Denny's Corp. (a)(b) | 451,573 | 7,180,011 | |
Dine Brands Global, Inc. (a) | 119,608 | 10,108,072 | |
Drive Shack, Inc. (a) | 594,910 | 1,546,766 | |
El Pollo Loco Holdings, Inc. (a) | 139,053 | 2,044,079 | |
Esports Technologies, Inc. (a)(b) | 83,922 | 2,358,208 | |
Everi Holdings, Inc. (a) | 620,980 | 14,903,520 | |
F45 Training Holdings, Inc. (b) | 148,527 | 2,039,276 | |
Fiesta Restaurant Group, Inc. (a)(b) | 129,818 | 1,368,282 | |
Full House Resorts, Inc. (a) | 242,428 | 2,412,159 | |
GAN Ltd. (a)(b) | 324,388 | 4,632,261 | |
Golden Entertainment, Inc. (a) | 126,096 | 6,553,209 | |
Golden Nugget Online Gaming, Inc. (a) | 308,807 | 5,209,574 | |
Hall of Fame Resort & Entertainment Co. (a)(b) | 491,441 | 1,130,314 | |
Hilton Grand Vacations, Inc. (a) | 616,705 | 31,007,927 | |
International Game Technology PLC (a) | 723,309 | 21,330,382 | |
Jack in the Box, Inc. | 159,413 | 15,773,916 | |
Krispy Kreme, Inc. (b) | 160,380 | 2,044,845 | |
Kura Sushi U.S.A., Inc. Class A (a) | 28,919 | 1,231,371 | |
Lindblad Expeditions Holdings (a) | 241,569 | 3,611,457 | |
Monarch Casino & Resort, Inc. (a) | 96,229 | 6,949,658 | |
Nathan's Famous, Inc. | 18,316 | 1,144,750 | |
NeoGames SA | 41,874 | 1,555,619 | |
Noodles & Co. (a) | 302,267 | 3,672,544 | |
Papa John's International, Inc. | 239,382 | 29,702,519 | |
PlayAGS, Inc. (a) | 177,962 | 1,569,625 | |
RCI Hospitality Holdings, Inc. | 61,222 | 4,150,852 | |
Red Robin Gourmet Burgers, Inc. (a)(b) | 122,594 | 2,435,943 | |
Red Rock Resorts, Inc. (a) | 445,076 | 24,216,585 | |
Rush Street Interactive, Inc. (a) | 409,387 | 8,240,960 | |
Ruth's Hospitality Group, Inc. (a) | 246,813 | 4,773,363 | |
Scientific Games Corp. Class A (a) | 698,929 | 55,949,266 | |
SeaWorld Entertainment, Inc. (a) | 373,550 | 23,720,425 | |
Shake Shack, Inc. Class A (a)(b) | 272,812 | 18,870,406 | |
Target Hospitality Corp. (a) | 178,913 | 740,700 | |
Texas Roadhouse, Inc. Class A | 511,452 | 45,422,052 | |
The Cheesecake Factory, Inc. (a) | 335,638 | 13,640,328 | |
The ONE Group Hospitality, Inc. (a) | 149,799 | 1,980,343 | |
Wingstop, Inc. (b) | 217,630 | 37,534,646 | |
Xponential Fitness, Inc. (b) | 67,479 | 1,140,395 | |
521,359,458 | |||
Household Durables - 1.8% | |||
Aterian, Inc. (a)(b) | 219,403 | 1,401,985 | |
Bassett Furniture Industries, Inc. | 75,467 | 1,274,638 | |
Beazer Homes U.S.A., Inc. (a) | 215,701 | 3,906,345 | |
Casper Sleep, Inc. (a)(b) | 231,530 | 842,769 | |
Cavco Industries, Inc. (a) | 66,710 | 16,035,750 | |
Century Communities, Inc. | 219,093 | 14,692,377 | |
Ethan Allen Interiors, Inc. | 159,876 | 3,710,722 | |
Flexsteel Industries, Inc. | 46,811 | 1,310,708 | |
GoPro, Inc. Class A (a) | 919,123 | 7,913,649 | |
Green Brick Partners, Inc. (a) | 229,179 | 5,970,113 | |
Hamilton Beach Brands Holding Co. Class A | 46,766 | 701,490 | |
Helen of Troy Ltd. (a) | 174,963 | 39,357,927 | |
Hooker Furnishings Corp. | 81,362 | 2,051,136 | |
Hovnanian Enterprises, Inc. Class A (a) | 37,037 | 3,120,738 | |
Installed Building Products, Inc. | 172,961 | 21,974,695 | |
iRobot Corp. (a)(b) | 203,263 | 16,956,199 | |
KB Home | 608,384 | 24,426,618 | |
La-Z-Boy, Inc. | 325,751 | 10,827,963 | |
Landsea Homes Corp. (a) | 74,298 | 672,397 | |
Legacy Housing Corp. (a) | 56,681 | 1,006,088 | |
LGI Homes, Inc. (a) | 158,896 | 23,723,173 | |
Lifetime Brands, Inc. | 89,922 | 1,525,077 | |
Lovesac (a)(b) | 94,835 | 7,398,078 | |
M.D.C. Holdings, Inc. | 415,147 | 20,333,900 | |
M/I Homes, Inc. (a) | 208,132 | 11,917,638 | |
Meritage Homes Corp. (a) | 272,277 | 29,599,233 | |
Purple Innovation, Inc. (a)(b) | 424,665 | 8,196,035 | |
Skyline Champion Corp. (a) | 380,914 | 24,119,474 | |
Snap One Holdings Corp. (a) | 95,015 | 1,387,219 | |
Sonos, Inc. (a) | 875,500 | 28,558,810 | |
Taylor Morrison Home Corp. (a) | 889,028 | 27,142,025 | |
Traeger, Inc. (a) | 163,504 | 3,088,591 | |
TRI Pointe Homes, Inc. (a) | 817,261 | 19,769,544 | |
Tupperware Brands Corp. (a)(b) | 361,427 | 8,038,136 | |
Universal Electronics, Inc. (a) | 94,476 | 3,890,522 | |
VOXX International Corp. (a) | 135,752 | 1,535,355 | |
Vuzix Corp. (a)(b) | 437,130 | 4,672,920 | |
Weber, Inc. (b) | 121,923 | 2,031,237 | |
405,081,274 | |||
Internet & Direct Marketing Retail - 0.6% | |||
1-800-FLOWERS.com, Inc. Class A (a)(b) | 195,569 | 6,281,676 | |
1stDibs.com, Inc. (b) | 50,712 | 869,204 | |
CarParts.com, Inc. (a)(b) | 359,088 | 5,468,910 | |
Duluth Holdings, Inc. (a)(b) | 92,136 | 1,320,309 | |
Groupon, Inc. (a)(b) | 174,885 | 3,711,060 | |
Lands' End, Inc. (a)(b) | 106,474 | 2,798,137 | |
Liquidity Services, Inc. (a) | 192,074 | 4,240,994 | |
Overstock.com, Inc. (a)(b) | 313,452 | 29,850,034 | |
PetMed Express, Inc. | 144,637 | 4,112,030 | |
Porch Group, Inc. Class A (a) | 563,673 | 11,854,043 | |
Quotient Technology, Inc. (a) | 485,133 | 3,124,257 | |
Revolve Group, Inc. (a) | 260,337 | 19,535,688 | |
Shutterstock, Inc. | 170,195 | 20,619,124 | |
Stitch Fix, Inc. (a) | 430,054 | 14,879,868 | |
The RealReal, Inc. (a) | 584,440 | 7,615,253 | |
Xometry, Inc. | 59,480 | 3,211,920 | |
139,492,507 | |||
Leisure Products - 0.5% | |||
Acushnet Holdings Corp. | 249,263 | 12,697,457 | |
American Outdoor Brands, Inc. (a) | 105,067 | 2,393,426 | |
AMMO, Inc. (b) | 623,159 | 3,763,880 | |
Callaway Golf Co. (a) | 845,479 | 22,870,207 | |
Clarus Corp. (b) | 177,192 | 4,886,955 | |
Escalade, Inc. (b) | 75,317 | 1,409,181 | |
Genius Brands International, Inc. (a)(b) | 2,065,429 | 2,870,946 | |
Johnson Outdoors, Inc. Class A | 38,002 | 4,035,052 | |
Latham Group, Inc. (a) | 170,761 | 2,629,719 | |
Malibu Boats, Inc. Class A (a) | 152,776 | 10,787,513 | |
Marine Products Corp. | 59,172 | 749,709 | |
MasterCraft Boat Holdings, Inc. (a) | 140,604 | 3,765,375 | |
Nautilus, Inc. (a)(b) | 214,846 | 2,197,875 | |
Smith & Wesson Brands, Inc. | 349,641 | 7,517,282 | |
Sturm, Ruger & Co., Inc. | 124,289 | 9,803,916 | |
Vista Outdoor, Inc. (a) | 416,701 | 17,434,770 | |
109,813,263 | |||
Multiline Retail - 0.4% | |||
Big Lots, Inc. (b) | 249,347 | 11,033,605 | |
Dillard's, Inc. Class A (b) | 43,321 | 10,013,216 | |
Franchise Group, Inc. | 211,152 | 7,770,394 | |
Macy's, Inc. | 2,278,470 | 60,311,101 | |
89,128,316 | |||
Specialty Retail - 2.4% | |||
Abercrombie & Fitch Co. Class A (a) | 445,070 | 17,598,068 | |
Academy Sports & Outdoors, Inc. | 563,916 | 24,124,326 | |
America's Car Mart, Inc. (a) | 45,805 | 5,473,239 | |
American Eagle Outfitters, Inc. (b) | 1,108,230 | 26,309,380 | |
Arko Corp. (a)(b) | 740,765 | 7,103,936 | |
Asbury Automotive Group, Inc. (a) | 140,464 | 27,490,209 | |
Barnes & Noble Education, Inc. (a) | 277,750 | 2,883,045 | |
Bed Bath & Beyond, Inc. (a)(b) | 764,839 | 10,738,340 | |
Big 5 Sporting Goods Corp. (b) | 155,918 | 3,770,097 | |
Boot Barn Holdings, Inc. (a) | 213,192 | 22,276,432 | |
Caleres, Inc. | 267,115 | 6,159,672 | |
Camping World Holdings, Inc. (b) | 311,674 | 11,609,857 | |
CarLotz, Inc. Class A (a)(b) | 664,518 | 2,392,265 | |
Chico's FAS, Inc. (a) | 869,938 | 4,749,861 | |
Citi Trends, Inc. (a)(b) | 64,383 | 4,980,669 | |
Conn's, Inc. (a)(b) | 131,068 | 2,918,884 | |
Designer Brands, Inc. Class A (a)(b) | 434,985 | 5,885,347 | |
Genesco, Inc. (a) | 106,453 | 6,449,987 | |
Group 1 Automotive, Inc. | 127,396 | 22,905,801 | |
GrowGeneration Corp. (a)(b) | 405,351 | 8,544,799 | |
Guess?, Inc. | 294,959 | 6,108,601 | |
Haverty Furniture Companies, Inc. | 121,844 | 3,496,923 | |
Hibbett, Inc. (b) | 117,222 | 9,077,672 | |
JOANN, Inc. (b) | 106,717 | 1,090,648 | |
Kirkland's, Inc. (a)(b) | 103,159 | 2,319,014 | |
Lazydays Holdings, Inc. (a)(b) | 58,826 | 1,240,640 | |
Lumber Liquidators Holdings, Inc. (a)(b) | 197,584 | 3,572,319 | |
MarineMax, Inc. (a) | 154,200 | 7,986,018 | |
Monro, Inc. (b) | 239,321 | 14,780,465 | |
Murphy U.S.A., Inc. | 174,923 | 28,503,703 | |
National Vision Holdings, Inc. (a)(b) | 594,155 | 36,623,714 | |
OneWater Marine, Inc. Class A | 76,279 | 3,382,211 | |
Party City Holdco, Inc. (a) | 798,234 | 5,803,161 | |
Rent-A-Center, Inc. | 479,415 | 25,533,643 | |
Sally Beauty Holdings, Inc. (a)(b) | 815,683 | 12,447,323 | |
Shift Technologies, Inc. Class A (a)(b) | 471,997 | 3,223,740 | |
Shoe Carnival, Inc. (b) | 129,712 | 4,393,345 | |
Signet Jewelers Ltd. | 377,107 | 33,630,402 | |
Sleep Number Corp. (a)(b) | 168,018 | 14,842,710 | |
Sonic Automotive, Inc. Class A (sub. vtg.) | 159,000 | 7,859,370 | |
Sportsman's Warehouse Holdings, Inc. (a) | 328,514 | 5,670,152 | |
The Aaron's Co., Inc. | 233,796 | 5,468,488 | |
The Buckle, Inc. | 215,065 | 8,951,005 | |
The Cato Corp. Class A (sub. vtg.) | 142,749 | 2,516,665 | |
The Children's Place, Inc. (a)(b) | 101,594 | 8,421,127 | |
The Container Store Group, Inc. (a)(b) | 228,009 | 2,521,780 | |
The ODP Corp. (a) | 344,381 | 14,911,697 | |
Tilly's, Inc. | 165,617 | 2,298,764 | |
Torrid Holdings, Inc. (b) | 92,944 | 1,397,878 | |
TravelCenters of America LLC (a) | 91,453 | 4,930,231 | |
Urban Outfitters, Inc. (a) | 499,237 | 15,940,637 | |
Winmark Corp. | 24,144 | 5,621,206 | |
Zumiez, Inc. (a) | 160,212 | 6,520,628 | |
535,450,094 | |||
Textiles, Apparel & Luxury Goods - 0.8% | |||
Crocs, Inc. (a) | 448,874 | 72,470,707 | |
Fossil Group, Inc. (a) | 318,754 | 3,767,672 | |
G-III Apparel Group Ltd. (a) | 317,232 | 9,091,869 | |
Kontoor Brands, Inc. | 374,948 | 19,872,244 | |
Movado Group, Inc. | 114,152 | 3,801,262 | |
Oxford Industries, Inc. | 116,178 | 10,772,024 | |
PLBY Group, Inc. (a)(b) | 182,941 | 5,136,983 | |
Rocky Brands, Inc. | 49,736 | 2,713,099 | |
Steven Madden Ltd. | 592,714 | 26,731,401 | |
Superior Group of Companies, Inc. | 84,260 | 2,189,917 | |
Unifi, Inc. (a) | 91,176 | 2,190,048 | |
Vera Bradley, Inc. (a) | 187,770 | 1,842,024 | |
Wolverine World Wide, Inc. | 590,774 | 19,595,974 | |
180,175,224 | |||
TOTAL CONSUMER DISCRETIONARY | 2,470,018,914 | ||
CONSUMER STAPLES - 3.0% | |||
Beverages - 0.4% | |||
Celsius Holdings, Inc. (a)(b) | 392,085 | 37,844,044 | |
Coca-Cola Bottling Co. Consolidated | 33,994 | 13,645,192 | |
Duckhorn Portfolio, Inc. (a)(b) | 147,734 | 2,857,176 | |
MGP Ingredients, Inc. | 102,556 | 6,585,121 | |
National Beverage Corp. (b) | 169,771 | 9,575,084 | |
Newage, Inc. (a)(b) | 837,619 | 1,239,676 | |
Primo Water Corp. | 1,162,761 | 18,487,900 | |
Zevia PBC (b) | 75,350 | 843,167 | |
91,077,360 | |||
Food & Staples Retailing - 0.9% | |||
Andersons, Inc. | 227,740 | 7,756,824 | |
BJ's Wholesale Club Holdings, Inc. (a) | 997,800 | 58,311,432 | |
Chefs' Warehouse Holdings (a) | 229,043 | 7,986,729 | |
HF Foods Group, Inc. (a)(b) | 235,011 | 1,659,178 | |
Ingles Markets, Inc. Class A | 99,030 | 6,851,886 | |
MedAvail Holdings, Inc. (a)(b) | 104,123 | 264,472 | |
Natural Grocers by Vitamin Cottage, Inc. | 67,630 | 823,733 | |
Performance Food Group Co. (a) | 1,107,841 | 50,107,648 | |
PriceSmart, Inc. | 170,486 | 12,266,468 | |
Rite Aid Corp. (a)(b) | 403,279 | 5,480,562 | |
SpartanNash Co. | 254,765 | 5,895,262 | |
Sprouts Farmers Market LLC (a) | 833,230 | 18,447,712 | |
United Natural Foods, Inc. (a) | 403,183 | 17,494,110 | |
Village Super Market, Inc. Class A | 49,369 | 1,099,448 | |
Weis Markets, Inc. | 115,829 | 6,522,331 | |
200,967,795 | |||
Food Products - 0.9% | |||
AppHarvest, Inc. (a)(b) | 503,218 | 3,029,372 | |
B&G Foods, Inc. Class A (b) | 466,167 | 13,723,956 | |
Cal-Maine Foods, Inc. (a)(b) | 263,337 | 9,495,932 | |
Calavo Growers, Inc. | 57,875 | 2,326,575 | |
Fresh Del Monte Produce, Inc. | 240,470 | 8,053,340 | |
Hostess Brands, Inc. Class A (a) | 956,151 | 18,080,815 | |
J&J Snack Foods Corp. | 107,606 | 15,877,265 | |
John B. Sanfilippo & Son, Inc. | 63,778 | 5,389,241 | |
Laird Superfood, Inc. (a)(b) | 38,221 | 667,339 | |
Lancaster Colony Corp. | 141,113 | 23,989,210 | |
Landec Corp. (a) | 187,611 | 1,823,579 | |
Limoneira Co. | 109,285 | 1,762,767 | |
Mission Produce, Inc. (b) | 266,413 | 5,059,183 | |
Sanderson Farms, Inc. | 147,879 | 28,015,677 | |
Seneca Foods Corp. Class A (a) | 46,278 | 2,389,333 | |
Tattooed Chef, Inc. (a)(b) | 347,807 | 6,250,092 | |
The Simply Good Foods Co. (a) | 622,221 | 24,671,063 | |
Tootsie Roll Industries, Inc. (b) | 110,425 | 3,494,951 | |
TreeHouse Foods, Inc. (a) | 380,611 | 13,755,282 | |
Utz Brands, Inc. Class A (b) | 423,736 | 6,606,044 | |
Vital Farms, Inc. (a)(b) | 128,755 | 2,114,157 | |
Whole Earth Brands, Inc. Class A (a)(b) | 276,468 | 3,353,557 | |
199,928,730 | |||
Household Products - 0.2% | |||
Central Garden & Pet Co. (a)(b) | 337,686 | 17,417,844 | |
Central Garden & Pet Co. Class A (non-vtg.) (a) | 750 | 34,650 | |
Energizer Holdings, Inc. | 510,763 | 18,627,527 | |
Oil-Dri Corp. of America | 34,807 | 1,211,980 | |
WD-40 Co. (b) | 99,446 | 22,574,242 | |
59,866,243 | |||
Personal Products - 0.5% | |||
BellRing Brands, Inc. Class A (a)(b) | 288,397 | 7,734,808 | |
Edgewell Personal Care Co. | 393,498 | 13,768,495 | |
elf Beauty, Inc. (a) | 351,365 | 11,352,603 | |
Inter Parfums, Inc. | 129,898 | 11,999,977 | |
MediFast, Inc. | 85,350 | 16,751,645 | |
Nature's Sunshine Products, Inc. | 90,922 | 1,435,658 | |
Nu Skin Enterprises, Inc. Class A | 361,657 | 14,520,529 | |
Revlon, Inc. (a)(b) | 53,923 | 558,642 | |
The Beauty Health Co. (a) | 630,325 | 17,315,028 | |
The Honest Co., Inc. (b) | 185,567 | 1,697,938 | |
USANA Health Sciences, Inc. (a) | 89,254 | 8,662,993 | |
Veru, Inc. (a)(b) | 462,274 | 3,776,779 | |
109,575,095 | |||
Tobacco - 0.1% | |||
22nd Century Group, Inc.(a)(b) | 1,173,612 | 3,215,697 | |
Turning Point Brands, Inc. | 109,415 | 4,176,371 | |
Universal Corp. | 174,840 | 8,217,480 | |
Vector Group Ltd. | 1,054,751 | 13,985,998 | |
29,595,546 | |||
TOTAL CONSUMER STAPLES | 691,010,769 | ||
ENERGY - 4.6% | |||
Energy Equipment & Services - 0.8% | |||
Archrock, Inc. | 998,301 | 8,176,085 | |
Aspen Aerogels, Inc. (a) | 159,315 | 8,676,295 | |
Bristow Group, Inc. (a) | 176,938 | 6,122,055 | |
Cactus, Inc. | 396,780 | 17,259,930 | |
Championx Corp. (a) | 1,478,287 | 38,775,468 | |
DMC Global, Inc. (a)(b) | 138,022 | 5,766,559 | |
Dril-Quip, Inc. (a) | 265,166 | 6,247,311 | |
Expro Group Holdings NV (a)(b) | 179,095 | 3,071,479 | |
FTS International, Inc. Class A (a) | 64,788 | 1,716,882 | |
Helix Energy Solutions Group, Inc. (a)(b) | 1,253,790 | 4,739,326 | |
Helmerich & Payne, Inc. | 766,136 | 23,780,861 | |
Liberty Oilfield Services, Inc. Class A (a) | 682,544 | 8,818,468 | |
Nabors Industries Ltd. (a) | 57,220 | 5,865,050 | |
Newpark Resources, Inc. (a) | 763,473 | 2,595,808 | |
Nextier Oilfield Solutions, Inc. (a) | 898,992 | 4,009,504 | |
Oceaneering International, Inc. (a) | 722,024 | 9,819,526 | |
Oil States International, Inc. (a) | 520,750 | 3,155,745 | |
Patterson-UTI Energy, Inc. | 1,349,333 | 11,550,290 | |
ProPetro Holding Corp. (a)(b) | 600,958 | 5,763,187 | |
RPC, Inc. (a)(b) | 525,035 | 2,829,939 | |
Select Energy Services, Inc. Class A (a) | 383,625 | 2,305,586 | |
Solaris Oilfield Infrastructure, Inc. Class A | 192,489 | 1,460,992 | |
TETRA Technologies, Inc. (a)(b) | 903,645 | 2,918,773 | |
Tidewater, Inc. (a)(b) | 275,780 | 3,345,211 | |
U.S. Silica Holdings, Inc. (a)(b) | 403,071 | 3,901,727 | |
192,672,057 | |||
Oil, Gas & Consumable Fuels - 3.8% | |||
Aemetis, Inc. (a)(b) | 204,957 | 4,078,644 | |
Alto Ingredients, Inc. (a)(b) | 646,901 | 3,441,513 | |
Altus Midstream Co. | 24,934 | 1,541,420 | |
Antero Resources Corp. (a) | 2,072,684 | 41,184,231 | |
Arch Resources, Inc. (b) | 108,807 | 9,910,142 | |
Berry Corp. | 478,376 | 4,597,193 | |
Bonanza Creek Energy, Inc. | 224,778 | 12,619,037 | |
Brigham Minerals, Inc. Class A | 316,793 | 7,343,262 | |
California Resources Corp. (a) | 597,241 | 27,550,727 | |
Callon Petroleum Co. (a)(b) | 289,825 | 14,992,647 | |
Centennial Resource Development, Inc. Class A (a) | 1,306,474 | 9,406,613 | |
Centrus Energy Corp. Class A (a)(b) | 70,727 | 4,008,099 | |
Chesapeake Energy Corp. | 715,331 | 45,595,198 | |
Clean Energy Fuels Corp. (a)(b) | 1,126,009 | 10,381,803 | |
CNX Resources Corp. (a) | 1,569,430 | 22,929,372 | |
Comstock Resources, Inc. (a)(b) | 667,649 | 6,589,696 | |
CONSOL Energy, Inc. (a) | 246,329 | 6,776,511 | |
Contango Oil & Gas Co. (a)(b) | 1,069,427 | 4,416,734 | |
CVR Energy, Inc. (b) | 214,569 | 4,113,288 | |
Delek U.S. Holdings, Inc. (a) | 439,511 | 8,548,489 | |
Denbury, Inc. (a) | 364,534 | 30,861,448 | |
DHT Holdings, Inc. | 1,034,622 | 6,735,389 | |
Dorian LPG Ltd. | 229,729 | 2,784,315 | |
Earthstone Energy, Inc. (a) | 174,392 | 1,770,079 | |
Energy Fuels, Inc. (a)(b) | 1,073,501 | 8,416,248 | |
Equitrans Midstream Corp. | 2,967,370 | 30,593,585 | |
Extraction Oil & Gas, Inc. (a) | 112,337 | 7,485,014 | |
Falcon Minerals Corp. | 294,597 | 1,732,230 | |
Frontline Ltd. (NY Shares) (a)(b) | 869,707 | 7,662,119 | |
Gevo, Inc. (a)(b) | 1,420,774 | 10,272,196 | |
Golar LNG Ltd. (a) | 628,567 | 8,190,228 | |
Green Plains, Inc. (a)(b) | 346,624 | 13,154,381 | |
HighPeak Energy, Inc. (b) | 37,169 | 525,198 | |
International Seaways, Inc. | 339,703 | 5,961,788 | |
Kosmos Energy Ltd. (a) | 3,160,261 | 11,376,940 | |
Laredo Petroleum, Inc. (a)(b) | 92,707 | 6,990,108 | |
Magnolia Oil & Gas Corp. Class A | 1,006,853 | 21,023,091 | |
Matador Resources Co. | 801,099 | 33,525,993 | |
Murphy Oil Corp. | 1,056,665 | 29,406,987 | |
National Energy Services Reunited Corp. (a) | 280,377 | 3,280,411 | |
Nordic American Tanker Shipping Ltd. (b) | 1,215,778 | 2,857,078 | |
Northern Oil & Gas, Inc. (b) | 380,049 | 8,801,935 | |
Oasis Petroleum, Inc. | 145,109 | 17,500,145 | |
Ovintiv, Inc. | 1,900,123 | 71,292,615 | |
Par Pacific Holdings, Inc. (a) | 328,473 | 5,078,193 | |
PBF Energy, Inc. Class A (a)(b) | 765,275 | 11,180,668 | |
PDC Energy, Inc. | 719,803 | 37,652,895 | |
Peabody Energy Corp. (a)(b) | 587,894 | 6,990,060 | |
Range Resources Corp. (a) | 1,732,190 | 40,394,671 | |
Ranger Oil Corp. (a) | 119,647 | 3,953,137 | |
Renewable Energy Group, Inc. (a)(b) | 326,881 | 20,920,384 | |
Rex American Resources Corp. (a) | 38,782 | 3,410,877 | |
Riley Exploration Permian, Inc. | 22,275 | 590,956 | |
Scorpio Tankers, Inc. | 362,337 | 5,804,639 | |
SFL Corp. Ltd. | 757,325 | 5,990,441 | |
SM Energy Co. | 869,864 | 29,853,732 | |
Southwestern Energy Co. (a) | 4,923,759 | 24,027,944 | |
Talos Energy, Inc. (a)(b) | 269,854 | 3,500,006 | |
Teekay Corp. (a) | 543,924 | 1,925,491 | |
Teekay Tankers Ltd. (a)(b) | 177,015 | 2,456,968 | |
Tellurian, Inc. (a)(b) | 2,678,115 | 10,498,211 | |
Ur-Energy, Inc. (a) | 1,458,570 | 2,537,912 | |
Uranium Energy Corp. (a)(b) | 1,794,783 | 6,676,593 | |
Vine Energy, Inc. Class A | 178,383 | 3,044,998 | |
W&T Offshore, Inc. (a) | 673,766 | 2,769,178 | |
Whiting Petroleum Corp. (a)(b) | 284,679 | 18,541,143 | |
Whiting Petroleum Corp.: | |||
warrants 9/1/24 (a) | 29,463 | 335,878 | |
warrants 9/1/25 (a) | 14,729 | 158,926 | |
World Fuel Services Corp. | 454,439 | 13,874,023 | |
854,392,064 | |||
TOTAL ENERGY | 1,047,064,121 | ||
FINANCIALS - 15.2% | |||
Banks - 7.9% | |||
1st Source Corp. | 118,194 | 5,706,406 | |
Allegiance Bancshares, Inc. | 139,093 | 5,448,273 | |
Amalgamated Financial Corp. | 93,714 | 1,720,589 | |
Amerant Bancorp, Inc. Class A (a) | 150,696 | 4,000,979 | |
American National Bankshares, Inc. | 75,277 | 2,792,777 | |
Ameris Bancorp | 487,347 | 25,532,109 | |
Arrow Financial Corp. | 97,590 | 3,498,602 | |
Associated Banc-Corp. | 1,091,241 | 24,312,849 | |
Atlantic Capital Bancshares, Inc. (a) | 146,109 | 4,019,459 | |
Atlantic Union Bankshares Corp. | 559,328 | 20,063,095 | |
Banc of California, Inc. | 396,459 | 8,060,011 | |
BancFirst Corp. | 125,313 | 8,146,598 | |
Bancorp, Inc., Delaware (a)(b) | 384,749 | 11,754,082 | |
Bank First National Corp. | 47,883 | 3,399,214 | |
Bank of Marin Bancorp | 117,116 | 4,463,291 | |
BankUnited, Inc. | 674,549 | 27,359,707 | |
Banner Corp. | 252,247 | 14,569,787 | |
Bar Harbor Bankshares | 105,145 | 3,122,807 | |
Berkshire Hills Bancorp, Inc. | 349,156 | 9,479,585 | |
Blue Ridge Bankshares, Inc. | 132,315 | 2,427,980 | |
Brookline Bancorp, Inc., Delaware | 545,053 | 8,748,101 | |
Bryn Mawr Bank Corp. | 141,363 | 6,550,761 | |
Business First Bancshares, Inc. | 142,661 | 3,806,195 | |
Byline Bancorp, Inc. | 179,177 | 4,615,600 | |
Cadence Bank | 1,378,757 | 40,011,528 | |
Cambridge Bancorp | 49,314 | 4,527,518 | |
Camden National Corp. | 103,072 | 4,906,227 | |
Capital Bancorp, Inc. | 57,828 | 1,471,723 | |
Capital City Bank Group, Inc. | 96,780 | 2,600,479 | |
Capstar Financial Holdings, Inc. | 156,868 | 3,446,390 | |
Carter Bankshares, Inc. (a) | 187,403 | 2,807,297 | |
Cathay General Bancorp | 538,565 | 22,722,057 | |
CBTX, Inc. | 128,285 | 3,489,352 | |
Central Pacific Financial Corp. | 196,388 | 5,398,706 | |
Century Bancorp, Inc. Class A (non-vtg.) | 19,717 | 2,270,413 | |
CIT Group, Inc. | 722,928 | 35,806,624 | |
Citizens & Northern Corp. | 110,632 | 2,822,222 | |
City Holding Co. | 109,057 | 8,678,756 | |
Civista Bancshares, Inc. | 109,613 | 2,637,289 | |
CNB Financial Corp., Pennsylvania | 116,455 | 2,989,400 | |
Coastal Financial Corp. of Washington (a)(b) | 70,122 | 2,668,142 | |
Columbia Banking Systems, Inc. | 574,978 | 19,623,999 | |
Community Bank System, Inc. | 390,094 | 27,958,037 | |
Community Trust Bancorp, Inc. | 107,226 | 4,683,632 | |
ConnectOne Bancorp, Inc. | 270,046 | 9,108,652 | |
CrossFirst Bankshares, Inc. (a) | 342,744 | 4,877,247 | |
Customers Bancorp, Inc. (a) | 217,270 | 11,578,318 | |
CVB Financial Corp. | 943,518 | 18,889,230 | |
Dime Community Bancshares, Inc. | 252,972 | 9,026,041 | |
Eagle Bancorp, Inc. | 227,369 | 12,866,812 | |
Eastern Bankshares, Inc. | 1,231,725 | 25,582,928 | |
Enterprise Bancorp, Inc. | 67,689 | 2,514,646 | |
Enterprise Financial Services Corp. | 260,135 | 12,231,548 | |
Equity Bancshares, Inc. | 94,763 | 3,170,770 | |
Farmers National Banc Corp. (b) | 224,380 | 3,998,452 | |
FB Financial Corp. | 242,530 | 10,993,885 | |
Fidelity D & D Bancorp, Inc. | 30,094 | 1,522,455 | |
Financial Institutions, Inc. | 111,149 | 3,547,876 | |
First Bancorp, North Carolina (b) | 250,949 | 12,150,951 | |
First Bancorp, Puerto Rico | 1,495,269 | 20,410,422 | |
First Bancshares, Inc. | 153,179 | 6,165,455 | |
First Bank Hamilton New Jersey | 115,257 | 1,733,465 | |
First Busey Corp. | 365,731 | 9,322,483 | |
First Commonwealth Financial Corp. | 685,066 | 10,481,510 | |
First Community Bankshares, Inc. | 121,344 | 3,933,972 | |
First Financial Bancorp, Ohio | 680,826 | 16,190,042 | |
First Financial Bankshares, Inc. | 952,171 | 48,294,113 | |
First Financial Corp., Indiana | 81,139 | 3,476,806 | |
First Foundation, Inc. | 291,027 | 7,744,228 | |
First Internet Bancorp | 66,995 | 2,280,510 | |
First Interstate Bancsystem, Inc. | 302,805 | 12,587,604 | |
First Merchants Corp. | 398,616 | 16,574,453 | |
First Mid-Illinois Bancshares, Inc. | 118,201 | 5,092,099 | |
First Midwest Bancorp, Inc., Delaware | 816,290 | 15,713,583 | |
First of Long Island Corp. | 158,977 | 3,200,207 | |
Five Star Bancorp | 38,344 | 1,051,392 | |
Flushing Financial Corp. | 204,828 | 4,919,969 | |
Fulton Financial Corp. | 1,143,945 | 18,417,515 | |
German American Bancorp, Inc. | 177,953 | 7,014,907 | |
Glacier Bancorp, Inc. | 808,345 | 44,693,395 | |
Great Southern Bancorp, Inc. | 70,583 | 3,982,999 | |
Great Western Bancorp, Inc. | 401,190 | 13,660,520 | |
Guaranty Bancshares, Inc. Texas | 54,134 | 2,032,190 | |
Hancock Whitney Corp. | 627,943 | 31,070,620 | |
Hanmi Financial Corp. | 215,571 | 4,783,520 | |
HarborOne Bancorp, Inc. | 358,088 | 5,145,725 | |
HBT Financial, Inc. | 60,011 | 1,081,998 | |
Heartland Financial U.S.A., Inc. | 291,935 | 14,631,782 | |
Heritage Commerce Corp. | 423,229 | 5,074,516 | |
Heritage Financial Corp., Washington | 258,219 | 6,414,160 | |
Hilltop Holdings, Inc. | 459,603 | 16,288,330 | |
Home Bancshares, Inc. | 1,105,875 | 26,275,590 | |
HomeTrust Bancshares, Inc. | 107,807 | 3,277,333 | |
Hope Bancorp, Inc. | 844,898 | 12,327,062 | |
Horizon Bancorp, Inc. Indiana | 313,712 | 5,982,488 | |
Howard Bancorp, Inc. (a) | 97,958 | 2,028,710 | |
Independent Bank Corp. | 147,600 | 3,325,428 | |
Independent Bank Corp., Massachusetts | 241,287 | 20,388,752 | |
Independent Bank Group, Inc. | 275,485 | 19,914,811 | |
International Bancshares Corp. | 387,827 | 16,443,865 | |
Investors Bancorp, Inc. | 1,653,735 | 25,302,146 | |
Lakeland Bancorp, Inc. | 352,673 | 6,341,061 | |
Lakeland Financial Corp. (b) | 178,372 | 12,819,596 | |
Live Oak Bancshares, Inc. (b) | 230,712 | 20,574,896 | |
Macatawa Bank Corp. | 181,058 | 1,520,887 | |
Mercantile Bank Corp. | 108,710 | 3,736,363 | |
Metrocity Bankshares, Inc. | 133,250 | 3,131,375 | |
Metropolitan Bank Holding Corp. (a) | 57,144 | 5,192,104 | |
Mid Penn Bancorp, Inc. | 69,967 | 1,960,475 | |
Midland States Bancorp, Inc. | 149,056 | 3,824,777 | |
MidWestOne Financial Group, Inc. | 102,209 | 3,204,252 | |
MVB Financial Corp. (b) | 72,870 | 3,110,820 | |
National Bank Holdings Corp. | 215,438 | 9,343,546 | |
NBT Bancorp, Inc. | 300,168 | 11,013,164 | |
Nicolet Bankshares, Inc. (a) | 79,669 | 5,727,404 | |
Northrim Bancorp, Inc. | 43,136 | 1,916,101 | |
OceanFirst Financial Corp. | 428,970 | 9,510,265 | |
OFG Bancorp | 370,903 | 9,606,388 | |
Old National Bancorp, Indiana (b) | 1,218,873 | 20,818,351 | |
Old Second Bancorp, Inc. | 198,199 | 2,683,614 | |
Origin Bancorp, Inc. | 160,495 | 7,158,077 | |
Orrstown Financial Services, Inc. | 77,238 | 1,831,313 | |
Pacific Premier Bancorp, Inc. | 685,195 | 28,771,338 | |
Park National Corp. | 103,427 | 13,299,678 | |
Peapack-Gladstone Financial Corp. | 131,265 | 4,403,941 | |
Peoples Bancorp, Inc. | 183,830 | 5,875,207 | |
Peoples Financial Services Corp. | 48,929 | 2,239,970 | |
Preferred Bank, Los Angeles | 98,480 | 6,752,774 | |
Primis Financial Corp. | 174,237 | 2,639,691 | |
QCR Holdings, Inc. | 111,723 | 6,160,406 | |
RBB Bancorp | 101,376 | 2,602,322 | |
Red River Bancshares, Inc. | 31,868 | 1,669,246 | |
Reliant Bancorp, Inc. | 112,770 | 3,820,648 | |
Renasant Corp. | 402,681 | 15,064,296 | |
Republic Bancorp, Inc., Kentucky Class A | 64,926 | 3,507,303 | |
Republic First Bancorp, Inc. (a)(b) | 300,571 | 931,770 | |
S&T Bancorp, Inc. | 274,670 | 8,393,915 | |
Sandy Spring Bancorp, Inc. | 338,891 | 16,083,767 | |
Seacoast Banking Corp., Florida | 399,152 | 14,541,107 | |
ServisFirst Bancshares, Inc. | 361,402 | 29,024,195 | |
Sierra Bancorp | 100,258 | 2,502,440 | |
Silvergate Capital Corp. (a) | 177,798 | 27,846,723 | |
Simmons First National Corp. Class A | 773,816 | 23,129,360 | |
SmartFinancial, Inc. | 103,282 | 2,684,299 | |
South Plains Financial, Inc. | 76,206 | 1,985,928 | |
Southern First Bancshares, Inc. (a) | 55,389 | 2,983,805 | |
Southside Bancshares, Inc. | 221,028 | 9,132,877 | |
Southstate Corp. | 513,856 | 40,127,015 | |
Spirit of Texas Bancshares, Inc. | 97,088 | 2,362,151 | |
Stock Yards Bancorp, Inc. | 172,833 | 10,586,021 | |
Summit Financial Group, Inc. | 82,803 | 2,080,839 | |
Texas Capital Bancshares, Inc. (a) | 369,211 | 22,374,187 | |
The Bank of NT Butterfield & Son Ltd. | 360,486 | 12,941,447 | |
The First Bancorp, Inc. | 71,414 | 2,118,853 | |
Tompkins Financial Corp. | 101,254 | 8,313,966 | |
TowneBank | 488,843 | 15,408,331 | |
Trico Bancshares | 198,391 | 8,695,478 | |
TriState Capital Holdings, Inc. (a) | 215,241 | 6,467,992 | |
Triumph Bancorp, Inc. (a) | 171,302 | 20,093,725 | |
Trustmark Corp. (b) | 453,539 | 14,427,076 | |
UMB Financial Corp. | 317,267 | 31,352,325 | |
United Bankshares, Inc., West Virginia | 907,702 | 33,575,897 | |
United Community Bank, Inc. | 635,320 | 22,134,549 | |
Univest Corp. of Pennsylvania | 206,774 | 5,934,414 | |
Valley National Bancorp | 2,939,576 | 38,978,778 | |
Veritex Holdings, Inc. | 356,291 | 14,590,116 | |
Washington Trust Bancorp, Inc. | 120,098 | 6,564,557 | |
WesBanco, Inc. | 458,202 | 15,931,684 | |
West Bancorp., Inc. | 118,940 | 3,770,398 | |
Westamerica Bancorp. | 191,070 | 10,654,063 | |
1,786,464,831 | |||
Capital Markets - 1.6% | |||
Artisan Partners Asset Management, Inc. | 428,077 | 21,206,935 | |
Assetmark Financial Holdings, Inc. (a) | 129,020 | 3,308,073 | |
Associated Capital Group, Inc. | 10,985 | 399,305 | |
B. Riley Financial, Inc. | 148,003 | 10,605,895 | |
BGC Partners, Inc. Class A | 2,394,739 | 12,859,748 | |
Blucora, Inc. (a) | 309,690 | 5,116,079 | |
BrightSphere Investment Group, Inc. | 420,561 | 12,608,419 | |
Cohen & Steers, Inc. | 180,721 | 17,148,616 | |
Cowen Group, Inc. Class A | 206,462 | 7,789,811 | |
Diamond Hill Investment Group, Inc. | 21,368 | 4,633,864 | |
Donnelley Financial Solutions, Inc. (a) | 212,465 | 8,141,659 | |
Federated Hermes, Inc. | 684,517 | 22,801,261 | |
Focus Financial Partners, Inc. Class A (a) | 436,148 | 27,416,263 | |
GAMCO Investors, Inc. Class A | 33,800 | 894,010 | |
GCM Grosvenor, Inc. Class A (b) | 325,710 | 3,729,380 | |
Greenhill & Co., Inc. | 90,353 | 1,420,349 | |
Hamilton Lane, Inc. Class A | 248,201 | 25,939,487 | |
Houlihan Lokey | 371,646 | 41,654,084 | |
Moelis & Co. Class A | 443,603 | 32,267,682 | |
Open Lending Corp. (a) | 762,623 | 24,037,877 | |
Oppenheimer Holdings, Inc. Class A (non-vtg.) | 66,474 | 3,459,972 | |
Piper Jaffray Companies | 128,050 | 21,088,555 | |
PJT Partners, Inc. | 176,704 | 14,452,620 | |
Pzena Investment Management, Inc. | 129,227 | 1,405,990 | |
Sculptor Capital Management, Inc. Class A | 159,649 | 4,230,699 | |
StepStone Group, Inc. Class A | 293,596 | 13,793,140 | |
StoneX Group, Inc. (a) | 119,576 | 8,263,897 | |
Value Line, Inc. | 6,740 | 232,193 | |
Virtus Investment Partners, Inc. | 53,273 | 17,047,360 | |
WisdomTree Investments, Inc. | 967,574 | 6,182,798 | |
374,136,021 | |||
Consumer Finance - 0.9% | |||
Atlanticus Holdings Corp. (a)(b) | 39,345 | 3,048,844 | |
CURO Group Holdings Corp. | 151,517 | 2,603,062 | |
Encore Capital Group, Inc. (a)(b) | 217,729 | 11,761,721 | |
Enova International, Inc. (a) | 263,894 | 8,560,721 | |
EZCORP, Inc. (non-vtg.) Class A (a) | 346,966 | 2,588,366 | |
First Cash Financial Services, Inc. | 286,655 | 25,360,368 | |
Green Dot Corp. Class A (a) | 391,501 | 16,583,982 | |
LendingClub Corp. (a) | 709,945 | 32,629,072 | |
LendingTree, Inc. (a)(b) | 85,620 | 13,818,212 | |
Navient Corp. | 1,187,819 | 23,400,034 | |
Nelnet, Inc. Class A | 121,191 | 10,014,012 | |
Oportun Financial Corp. (a) | 151,380 | 3,516,557 | |
PRA Group, Inc. (a) | 329,847 | 14,143,839 | |
PROG Holdings, Inc. | 483,005 | 19,537,552 | |
Regional Management Corp. | 58,366 | 2,981,335 | |
World Acceptance Corp. (a)(b) | 30,926 | 5,733,371 | |
196,281,048 | |||
Diversified Financial Services - 0.1% | |||
A-Mark Precious Metals, Inc. | 63,384 | 4,753,166 | |
Alerus Financial Corp. | 110,229 | 3,461,191 | |
Banco Latinoamericano de Comercio Exterior SA Series E | 214,671 | 3,894,132 | |
Cannae Holdings, Inc. (a) | 621,737 | 21,201,232 | |
Marlin Business Services Corp. | 58,784 | 1,347,329 | |
34,657,050 | |||
Insurance - 1.8% | |||
AMBAC Financial Group, Inc. (a) | 335,344 | 5,670,667 | |
American Equity Investment Life Holding Co. | 599,380 | 19,102,241 | |
American National Group, Inc. | 53,337 | 10,118,562 | |
Amerisafe, Inc. | 138,498 | 8,211,546 | |
Argo Group International Holdings, Ltd. | 229,329 | 12,636,028 | |
Bright Health Group, Inc. (b) | 393,541 | 3,443,484 | |
BRP Group, Inc. (a) | 346,861 | 12,660,427 | |
Citizens, Inc. Class A (a)(b) | 353,531 | 2,276,740 | |
CNO Financial Group, Inc. | 932,564 | 22,512,095 | |
Crawford & Co. Class A | 113,089 | 977,089 | |
Donegal Group, Inc. Class A | 100,909 | 1,437,953 | |
eHealth, Inc. (a)(b) | 122,401 | 5,428,484 | |
Employers Holdings, Inc. | 203,365 | 7,849,889 | |
Enstar Group Ltd. (a) | 89,936 | 20,755,430 | |
Genworth Financial, Inc. Class A (a) | 3,689,695 | 15,164,646 | |
Goosehead Insurance (b) | 129,419 | 18,675,162 | |
Greenlight Capital Re, Ltd. (a)(b) | 153,927 | 1,143,678 | |
HCI Group, Inc. | 40,909 | 5,482,215 | |
Heritage Insurance Holdings, Inc. | 139,287 | 910,937 | |
Horace Mann Educators Corp. | 304,203 | 11,918,674 | |
Independence Holding Co. (b) | 29,032 | 1,424,020 | |
Investors Title Co. | 9,962 | 1,930,636 | |
James River Group Holdings Ltd. | 268,295 | 8,572,025 | |
Kinsale Capital Group, Inc. | 158,687 | 29,698,272 | |
Maiden Holdings Ltd. (a)(b) | 496,139 | 1,617,413 | |
MBIA, Inc. (a)(b) | 352,381 | 5,476,001 | |
MetroMile, Inc. (a)(b) | 477,274 | 1,465,231 | |
National Western Life Group, Inc. | 18,467 | 3,970,590 | |
NI Holdings, Inc. (a) | 60,328 | 1,199,321 | |
Palomar Holdings, Inc. (a)(b) | 182,040 | 16,647,558 | |
ProAssurance Corp. | 386,458 | 8,853,753 | |
RLI Corp. | 295,770 | 32,034,849 | |
Safety Insurance Group, Inc. | 104,862 | 8,222,229 | |
Selective Insurance Group, Inc. | 435,412 | 34,123,238 | |
Selectquote, Inc. (a)(b) | 834,135 | 11,085,654 | |
Siriuspoint Ltd. (a) | 658,382 | 6,188,791 | |
State Auto Financial Corp. | 127,490 | 6,541,512 | |
Stewart Information Services Corp. | 196,766 | 14,003,836 | |
Tiptree, Inc. | 168,615 | 2,632,080 | |
Trean Insurance Group, Inc. (a) | 139,689 | 1,313,077 | |
Trupanion, Inc. (a)(b) | 278,466 | 28,514,918 | |
United Fire Group, Inc. | 134,768 | 2,753,310 | |
United Insurance Holdings Corp. | 57,043 | 217,904 | |
Universal Insurance Holdings, Inc. | 167,393 | 2,472,395 | |
417,334,560 | |||
Mortgage Real Estate Investment Trusts - 1.3% | |||
Angel Oak Mortgage, Inc. | 45,746 | 811,534 | |
Apollo Commercial Real Estate Finance, Inc. | 1,010,884 | 15,304,784 | |
Arbor Realty Trust, Inc. | 1,001,361 | 20,137,370 | |
Ares Commercial Real Estate Corp. | 327,294 | 5,112,332 | |
Armour Residential REIT, Inc. | 597,374 | 6,284,374 | |
Blackstone Mortgage Trust, Inc. | 1,081,203 | 35,571,579 | |
BrightSpire Capital, Inc. | 616,422 | 6,047,100 | |
Broadmark Realty Capital, Inc. | 958,283 | 9,889,481 | |
Chimera Investment Corp. | 1,696,582 | 26,483,645 | |
Dynex Capital, Inc. | 256,949 | 4,496,608 | |
Ellington Financial LLC | 352,426 | 6,407,105 | |
Franklin BSP Realty Trust, Inc. (a) | 248,819 | 4,083,120 | |
Granite Point Mortgage Trust, Inc. | 407,260 | 5,457,284 | |
Great Ajax Corp. | 159,998 | 2,265,572 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 562,387 | 33,968,175 | |
Invesco Mortgage Capital, Inc. | 2,025,614 | 6,360,428 | |
KKR Real Estate Finance Trust, Inc. (b) | 243,619 | 5,288,968 | |
Ladder Capital Corp. Class A | 814,559 | 9,774,708 | |
MFA Financial, Inc. | 3,183,095 | 14,355,758 | |
New York Mortgage Trust, Inc. | 2,768,266 | 12,152,688 | |
Orchid Island Capital, Inc. | 850,559 | 4,218,773 | |
PennyMac Mortgage Investment Trust | 727,113 | 14,651,327 | |
Ready Capital Corp. | 435,824 | 6,742,197 | |
Redwood Trust, Inc. | 819,745 | 11,115,742 | |
TPG RE Finance Trust, Inc. | 448,873 | 5,866,770 | |
Two Harbors Investment Corp. | 2,228,700 | 14,308,254 | |
287,155,676 | |||
Thrifts & Mortgage Finance - 1.6% | |||
Axos Financial, Inc. (a) | 417,034 | 22,102,802 | |
Blue Foundry Bancorp | 208,896 | 2,939,167 | |
Bridgewater Bancshares, Inc. (a) | 151,071 | 2,732,874 | |
Capitol Federal Financial, Inc. | 921,967 | 11,183,460 | |
Columbia Financial, Inc. (a) | 293,336 | 5,461,916 | |
Essent Group Ltd. | 817,182 | 39,224,736 | |
Federal Agricultural Mortgage Corp. Class C (non-vtg.) | 64,500 | 8,132,805 | |
Finance of America Companies, Inc. (a)(b) | 263,761 | 1,263,415 | |
Flagstar Bancorp, Inc. | 379,914 | 17,928,142 | |
FS Bancorp, Inc. | 52,573 | 1,811,666 | |
Hingham Institution for Savings | 10,555 | 3,812,888 | |
Home Bancorp, Inc. | 54,548 | 2,277,379 | |
Home Point Capital, Inc. (b) | 41,934 | 191,848 | |
HomeStreet, Inc. | 146,129 | 6,891,444 | |
Kearny Financial Corp. | 531,495 | 7,132,663 | |
Luther Burbank Corp. | 107,710 | 1,562,872 | |
Merchants Bancorp | 74,354 | 3,303,548 | |
Meridian Bancorp, Inc. Maryland | 338,043 | 7,842,598 | |
Meta Financial Group, Inc. | 229,082 | 12,700,306 | |
Mr. Cooper Group, Inc. (a) | 517,788 | 22,699,826 | |
NMI Holdings, Inc. (a) | 620,499 | 15,065,716 | |
Northfield Bancorp, Inc. | 327,171 | 5,741,851 | |
Northwest Bancshares, Inc. | 877,922 | 12,115,324 | |
Ocwen Financial Corp. (a)(b) | 60,315 | 1,894,494 | |
PCSB Financial Corp. | 90,467 | 1,728,824 | |
PennyMac Financial Services, Inc. | 241,523 | 14,988,917 | |
Pioneer Bancorp, Inc. (a)(b) | 79,763 | 1,009,800 | |
Premier Financial Corp. | 269,771 | 8,600,299 | |
Provident Bancorp, Inc. | 115,640 | 2,083,833 | |
Provident Financial Services, Inc. | 544,052 | 13,470,728 | |
Radian Group, Inc. | 1,356,725 | 32,385,026 | |
Southern Missouri Bancorp, Inc. | 53,791 | 2,926,230 | |
Trustco Bank Corp., New York | 137,934 | 4,629,065 | |
Velocity Financial, Inc. (a) | 62,879 | 807,995 | |
Walker & Dunlop, Inc. | 212,719 | 27,668,360 | |
Washington Federal, Inc. | 488,498 | 17,273,289 | |
Waterstone Financial, Inc. | 145,147 | 3,000,188 | |
WSFS Financial Corp. | 341,571 | 17,696,794 | |
364,283,088 | |||
TOTAL FINANCIALS | 3,460,312,274 | ||
HEALTH CARE - 18.9% | |||
Biotechnology - 9.0% | |||
4D Molecular Therapeutics, Inc. (b) | 158,348 | 3,805,102 | |
89Bio, Inc. (a)(b) | 81,126 | 1,427,818 | |
ACADIA Pharmaceuticals, Inc. (a) | 881,273 | 15,818,850 | |
Acumen Pharmaceuticals, Inc. (b) | 72,969 | 1,025,214 | |
Adagio Theraputics, Inc. (b) | 153,929 | 4,500,884 | |
Adicet Bio, Inc. (a) | 165,655 | 1,424,633 | |
Adverum Biotechnologies, Inc. (a)(b) | 358,903 | 814,710 | |
Aeglea BioTherapeutics, Inc. (a) | 305,306 | 2,234,840 | |
Aerovate Therapeutics, Inc. (b) | 74,662 | 1,189,366 | |
Affimed NV (a) | 854,167 | 5,808,336 | |
Agenus, Inc. (a)(b) | 1,521,034 | 5,840,771 | |
Agios Pharmaceuticals, Inc. (a)(b) | 431,561 | 20,283,367 | |
Akebia Therapeutics, Inc. (a)(b) | 1,433,590 | 4,114,403 | |
Akero Therapeutics, Inc. (a)(b) | 191,024 | 4,105,106 | |
Akouos, Inc. (a)(b) | 180,898 | 1,685,969 | |
Albireo Pharma, Inc. (a)(b) | 131,729 | 3,849,121 | |
Aldeyra Therapeutics, Inc. (a)(b) | 359,057 | 3,267,419 | |
Alector, Inc. (a)(b) | 425,684 | 9,254,370 | |
Aligos Therapeutics, Inc. (b) | 176,987 | 2,819,403 | |
Alkermes PLC (a) | 1,169,078 | 35,411,373 | |
Allakos, Inc. (a) | 253,838 | 25,531,026 | |
Allogene Therapeutics, Inc. (a)(b) | 498,608 | 8,596,002 | |
Allovir, Inc. (a)(b) | 215,534 | 5,174,971 | |
Alpine Immune Sciences, Inc. (a)(b) | 90,562 | 1,145,609 | |
Altimmune, Inc. (a)(b) | 309,086 | 3,338,129 | |
ALX Oncology Holdings, Inc. (a) | 128,391 | 7,195,032 | |
Amicus Therapeutics, Inc. (a)(b) | 1,872,187 | 19,657,964 | |
AnaptysBio, Inc. (a)(b) | 111,017 | 3,652,459 | |
Anavex Life Sciences Corp. (a)(b) | 464,816 | 8,710,652 | |
Anika Therapeutics, Inc. (a) | 105,910 | 4,411,152 | |
Annexon, Inc. (a)(b) | 226,843 | 3,699,809 | |
Apellis Pharmaceuticals, Inc. (a) | 465,978 | 14,324,164 | |
Applied Molecular Transport, Inc. (a)(b) | 151,437 | 3,410,361 | |
Applied Therapeutics, Inc. (a)(b) | 142,266 | 2,087,042 | |
AquaBounty Technologies, Inc. (a)(b) | 476,713 | 1,902,085 | |
Arbutus Biopharma Corp. (a) | 659,101 | 2,656,177 | |
Arcturus Therapeutics Holdings, Inc. (a)(b) | 160,395 | 7,209,755 | |
Arcus Biosciences, Inc. (a)(b) | 331,485 | 11,084,858 | |
Arcutis Biotherapeutics, Inc. (a) | 199,980 | 4,235,576 | |
Ardelyx, Inc. (a)(b) | 1,082,070 | 1,309,305 | |
Arena Pharmaceuticals, Inc. (a) | 446,160 | 25,605,122 | |
Arrowhead Pharmaceuticals, Inc. (a) | 740,221 | 47,240,904 | |
Atara Biotherapeutics, Inc. (a) | 503,764 | 7,798,267 | |
Athenex, Inc. (a)(b) | 617,256 | 1,567,830 | |
Athersys, Inc. (a)(b) | 1,578,365 | 1,846,687 | |
Atossa Therapeutics, Inc. (a)(b) | 955,350 | 2,455,250 | |
Atreca, Inc. (a)(b) | 125,571 | 650,458 | |
Avid Bioservices, Inc. (a) | 439,269 | 13,476,773 | |
Avidity Biosciences, Inc. (a)(b) | 300,843 | 6,768,968 | |
Avita Medical, Inc. (a)(b) | 183,168 | 3,016,777 | |
AVROBIO, Inc. (a) | 202,407 | 1,137,527 | |
Beam Therapeutics, Inc. (a)(b) | 362,599 | 32,187,913 | |
BeyondSpring, Inc. (a)(b) | 187,853 | 2,596,128 | |
BioAtla, Inc. (b) | 53,411 | 1,561,204 | |
BioCryst Pharmaceuticals, Inc. (a)(b) | 1,292,250 | 19,293,293 | |
Biohaven Pharmaceutical Holding Co. Ltd. (a)(b) | 405,672 | 57,735,239 | |
Biomea Fusion, Inc. (a)(b) | 69,158 | 742,757 | |
BioXcel Therapeutics, Inc. (a)(b) | 127,108 | 3,703,927 | |
Black Diamond Therapeutics, Inc. (a)(b) | 115,079 | 881,505 | |
bluebird bio, Inc. (a) | 506,087 | 11,847,497 | |
Blueprint Medicines Corp. (a) | 428,599 | 48,213,102 | |
Bolt Biotherapeutics, Inc. (b) | 194,033 | 2,539,892 | |
BridgeBio Pharma, Inc. (a)(b) | 787,993 | 38,911,094 | |
Brooklyn ImmunoTherapeutics, Inc. (a) | 235,993 | 2,010,660 | |
C4 Therapeutics, Inc. (b) | 280,999 | 12,481,976 | |
Cardiff Oncology, Inc. (a)(b) | 337,761 | 1,982,657 | |
CareDx, Inc. (a) | 371,237 | 18,933,087 | |
Caribou Biosciences, Inc. (b) | 141,108 | 3,119,898 | |
Catalyst Pharmaceutical Partners, Inc. (a) | 734,765 | 4,335,114 | |
Cel-Sci Corp. (a) | 303,788 | 3,402,426 | |
Celcuity, Inc. (a) | 68,782 | 1,244,954 | |
Celldex Therapeutics, Inc. (a) | 333,548 | 14,189,132 | |
Century Therapeutics, Inc. (b) | 86,977 | 1,954,373 | |
Cerevel Therapeutics Holdings (a)(b) | 290,104 | 11,792,728 | |
ChemoCentryx, Inc. (a)(b) | 425,256 | 14,803,161 | |
Chimerix, Inc. (a)(b) | 550,524 | 2,884,746 | |
Chinook Therapeutics, Inc. (a) | 224,384 | 2,409,884 | |
Chinook Therapeutics, Inc. rights (a)(c) | 86,210 | 4,311 | |
Clene, Inc. (a)(b) | 161,600 | 877,488 | |
Clovis Oncology, Inc. (a)(b) | 811,142 | 3,512,245 | |
Codiak Biosciences, Inc. (b) | 124,974 | 1,800,875 | |
Cogent Biosciences, Inc. (a)(b) | 274,696 | 2,329,422 | |
Coherus BioSciences, Inc. (a)(b) | 482,305 | 8,068,963 | |
Cortexyme, Inc. (a)(b) | 145,138 | 1,915,822 | |
Crinetics Pharmaceuticals, Inc. (a) | 270,514 | 6,743,914 | |
Cue Biopharma, Inc. (a)(b) | 263,056 | 3,211,914 | |
Cullinan Oncology, Inc. | 196,748 | 4,371,741 | |
Curis, Inc. (a)(b) | 624,414 | 4,058,691 | |
Cytokinetics, Inc. (a)(b) | 575,298 | 20,083,653 | |
CytomX Therapeutics, Inc. (a)(b) | 364,809 | 2,163,317 | |
Day One Biopharmaceuticals, Inc. (a)(b) | 81,902 | 2,001,685 | |
Deciphera Pharmaceuticals, Inc. (a) | 295,554 | 9,868,548 | |
Denali Therapeutics, Inc. (a)(b) | 663,490 | 32,079,742 | |
DermTech, Inc. (a)(b) | 177,853 | 4,864,280 | |
Design Therapeutics, Inc. (a)(b) | 110,105 | 1,726,446 | |
Dicerna Pharmaceuticals, Inc. (a) | 513,008 | 10,675,696 | |
Dynavax Technologies Corp. (a)(b) | 785,152 | 15,679,485 | |
Dyne Therapeutics, Inc. (a)(b) | 218,763 | 3,174,251 | |
Eagle Pharmaceuticals, Inc. (a) | 84,902 | 4,446,318 | |
Editas Medicine, Inc. (a)(b) | 498,373 | 18,300,257 | |
Eiger Biopharmaceuticals, Inc. (a) | 248,137 | 1,672,443 | |
Eliem Therapeutics, Inc. (b) | 52,788 | 919,567 | |
Emergent BioSolutions, Inc. (a) | 342,746 | 16,338,702 | |
Enanta Pharmaceuticals, Inc. (a) | 140,053 | 12,023,550 | |
Epizyme, Inc. (a)(b) | 645,101 | 2,709,424 | |
Erasca, Inc. (b) | 152,044 | 3,007,430 | |
Evelo Biosciences, Inc. (a)(b) | 259,475 | 2,296,354 | |
Fate Therapeutics, Inc. (a)(b) | 592,246 | 31,862,835 | |
FibroGen, Inc. (a) | 370,421 | 4,119,082 | |
Finch Therapeutics Group, Inc. (a)(b) | 57,836 | 775,002 | |
Flexion Therapeutics, Inc. (a) | 460,244 | 4,257,257 | |
Foghorn Therapeutics, Inc. (b) | 151,673 | 1,924,730 | |
Forma Therapeutics Holdings, Inc. (a) | 247,074 | 4,585,693 | |
Fortress Biotech, Inc. (a) | 564,200 | 1,839,292 | |
Frequency Therapeutics, Inc. (a)(b) | 202,595 | 1,272,297 | |
G1 Therapeutics, Inc. (a)(b) | 302,055 | 4,376,777 | |
Gemini Therapeutics, Inc. (a)(b) | 208,531 | 792,418 | |
Generation Bio Co. (a)(b) | 327,798 | 6,870,646 | |
Geron Corp. (a)(b) | 2,255,891 | 3,474,072 | |
Global Blood Therapeutics, Inc. (a)(b) | 442,286 | 16,152,285 | |
Gossamer Bio, Inc. (a)(b) | 460,714 | 5,722,068 | |
Graphite Bio, Inc. (b) | 122,189 | 1,556,688 | |
Greenwich Lifesciences, Inc. (a) | 29,676 | 1,049,343 | |
Gritstone Bio, Inc. (a) | 296,572 | 3,259,326 | |
Gt Biopharma, Inc. (a)(b) | 163,716 | 1,057,605 | |
Halozyme Therapeutics, Inc. (a) | 1,034,499 | 39,383,377 | |
Harpoon Therapeutics, Inc. (a) | 99,625 | 623,653 | |
Heron Therapeutics, Inc. (a)(b) | 549,537 | 6,050,402 | |
Homology Medicines, Inc. (a)(b) | 220,682 | 1,264,508 | |
Hookipa Pharma, Inc. (a)(b) | 162,671 | 792,208 | |
Humanigen, Inc. (a)(b) | 50,646 | 363,638 | |
iBio, Inc. (a) | 1,974,463 | 1,540,081 | |
Icosavax, Inc. (a)(b) | 98,268 | 2,570,691 | |
Ideaya Biosciences, Inc. (a)(b) | 238,007 | 5,102,870 | |
IGM Biosciences, Inc. (a)(b) | 61,924 | 2,905,474 | |
Imago BioSciences, Inc. (b) | 71,758 | 1,910,198 | |
Immuneering Corp. (b) | 60,803 | 1,647,761 | |
Immunic, Inc. (a) | 152,027 | 1,416,892 | |
ImmunityBio, Inc. (a)(b) | 484,600 | 3,794,418 | |
ImmunoGen, Inc. (a) | 1,330,868 | 8,025,134 | |
Immunovant, Inc. (a)(b) | 311,660 | 2,505,746 | |
Impel Neuropharma, Inc. (a)(b) | 62,248 | 665,431 | |
Infinity Pharmaceuticals, Inc. (a)(b) | 684,699 | 1,739,135 | |
Inhibrx, Inc. (a) | 208,843 | 8,393,400 | |
Inovio Pharmaceuticals, Inc. (a)(b) | 1,161,102 | 8,290,268 | |
Inozyme Pharma, Inc. (a)(b) | 116,153 | 1,084,869 | |
Insmed, Inc. (a)(b) | 843,948 | 25,445,032 | |
Instil Bio, Inc. (a)(b) | 132,086 | 2,690,592 | |
Intellia Therapeutics, Inc. (a)(b) | 500,101 | 66,503,431 | |
Intercept Pharmaceuticals, Inc. (a)(b) | 200,882 | 3,386,871 | |
Invitae Corp. (a)(b) | 1,465,253 | 38,829,205 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 1,066,757 | 13,622,487 | |
iTeos Therapeutics, Inc. (a) | 152,357 | 4,075,550 | |
Iveric Bio, Inc. (a)(b) | 756,376 | 13,387,855 | |
Janux Therapeutics, Inc. | 97,296 | 2,369,158 | |
Jounce Therapeutics, Inc. (a) | 267,412 | 2,347,877 | |
Kadmon Holdings, Inc. (a)(b) | 1,263,566 | 11,940,699 | |
Kalvista Pharmaceuticals, Inc. (a) | 147,879 | 2,658,864 | |
Karuna Therapeutics, Inc. (a)(b) | 160,848 | 22,579,842 | |
Karyopharm Therapeutics, Inc. (a)(b) | 630,400 | 3,441,984 | |
Keros Therapeutics, Inc. (a)(b) | 88,841 | 3,706,447 | |
Kezar Life Sciences, Inc. (a) | 250,576 | 2,004,608 | |
Kiniksa Pharmaceuticals Ltd. (a)(b) | 163,633 | 1,700,147 | |
Kinnate Biopharma, Inc. (b) | 187,158 | 4,448,746 | |
Kodiak Sciences, Inc. (a)(b) | 243,822 | 28,549,118 | |
Kronos Bio, Inc. (b) | 282,241 | 4,645,687 | |
Krystal Biotech, Inc. (a)(b) | 130,652 | 6,544,359 | |
Kura Oncology, Inc. (a) | 424,777 | 6,974,838 | |
Kymera Therapeutics, Inc. (a) | 251,045 | 14,781,530 | |
Lexicon Pharmaceuticals, Inc. (a)(b) | 497,627 | 2,632,447 | |
Ligand Pharmaceuticals, Inc. Class B (a)(b) | 109,880 | 16,035,887 | |
Lineage Cell Therapeutics, Inc. (a)(b) | 909,172 | 2,072,912 | |
Lyell Immunopharma, Inc. (b) | 173,580 | 2,419,705 | |
Macrogenics, Inc. (a)(b) | 438,889 | 8,571,502 | |
Madrigal Pharmaceuticals, Inc. (a)(b) | 79,798 | 6,204,295 | |
Magenta Therapeutics, Inc. (a) | 238,153 | 1,524,179 | |
MannKind Corp. (a)(b) | 1,796,147 | 8,459,852 | |
MEI Pharma, Inc. (a)(b) | 814,058 | 2,295,644 | |
MeiraGTx Holdings PLC (a)(b) | 216,597 | 4,656,836 | |
Mersana Therapeutics, Inc. (a)(b) | 512,222 | 4,384,620 | |
MiMedx Group, Inc. (a) | 811,236 | 5,556,967 | |
Mirum Pharmaceuticals, Inc. (a)(b) | 36,027 | 572,109 | |
Molecular Templates, Inc. (a)(b) | 229,679 | 1,198,924 | |
Monte Rosa Therapeutics, Inc. (b) | 85,554 | 2,006,241 | |
Morphic Holding, Inc. (a) | 151,254 | 8,697,105 | |
Mustang Bio, Inc. (a)(b) | 570,095 | 1,277,013 | |
Myriad Genetics, Inc. (a) | 561,290 | 17,270,893 | |
Neoleukin Therapeutics, Inc. (a) | 284,321 | 2,084,073 | |
Neximmune, Inc. | 141,940 | 1,615,277 | |
Nkarta, Inc. (a)(b) | 113,750 | 1,783,600 | |
Nurix Therapeutics, Inc. (a)(b) | 234,602 | 7,847,437 | |
Nuvalent, Inc. Class A (a)(b) | 78,891 | 1,927,307 | |
Ocugen, Inc. (a)(b) | 1,349,070 | 15,972,989 | |
Olema Pharmaceuticals, Inc. (b) | 190,386 | 5,140,422 | |
Omega Therapeutics, Inc. (a) | 55,697 | 1,636,378 | |
OncoCyte Corp. (a)(b) | 460,045 | 1,508,948 | |
Oncorus, Inc. (a)(b) | 128,495 | 1,369,757 | |
Oncternal Therapeutics, Inc. (a)(b) | 341,657 | 1,253,881 | |
Oncternal Therapeutics, Inc. rights (a)(c) | 4,336 | 0 | |
Opko Health, Inc. (a)(b) | 2,927,970 | 11,097,006 | |
Organogenesis Holdings, Inc. Class A (a) | 280,886 | 3,084,128 | |
ORIC Pharmaceuticals, Inc. (a)(b) | 232,715 | 3,406,948 | |
Outlook Therapeutics, Inc. (a)(b) | 665,923 | 1,378,461 | |
Oyster Point Pharma, Inc. (a)(b) | 74,291 | 875,148 | |
Passage Bio, Inc. (a)(b) | 217,523 | 1,896,801 | |
PMV Pharmaceuticals, Inc. (a) | 192,607 | 4,549,377 | |
Portage Biotech, Inc. (a) | 35,569 | 725,608 | |
Poseida Therapeutics, Inc. (a)(b) | 215,414 | 1,380,804 | |
Praxis Precision Medicines, Inc. (b) | 255,824 | 5,321,139 | |
Precigen, Inc. (a)(b) | 524,403 | 2,532,866 | |
Precision BioSciences, Inc. (a) | 370,826 | 3,519,139 | |
Prelude Therapeutics, Inc. (a)(b) | 89,153 | 1,567,310 | |
Prometheus Biosciences, Inc. (a)(b) | 87,775 | 2,796,512 | |
Protagonist Therapeutics, Inc. (a) | 322,661 | 10,054,117 | |
Prothena Corp. PLC (a)(b) | 253,968 | 14,057,129 | |
PTC Therapeutics, Inc. (a) | 512,300 | 19,431,539 | |
Puma Biotechnology, Inc. (a)(b) | 174,968 | 892,337 | |
Radius Health, Inc. (a) | 289,786 | 6,259,378 | |
Rallybio Corp. (a)(b) | 53,954 | 963,079 | |
RAPT Therapeutics, Inc. (a) | 158,546 | 5,006,883 | |
Recursion Pharmaceuticals, Inc. (a)(b) | 209,059 | 4,003,480 | |
REGENXBIO, Inc. (a)(b) | 289,313 | 10,253,253 | |
Relay Therapeutics, Inc. (a)(b) | 436,415 | 14,510,799 | |
Reneo Pharmaceuticals, Inc. (a)(b) | 69,745 | 457,527 | |
Replimune Group, Inc. (a)(b) | 218,484 | 6,447,463 | |
Revolution Medicines, Inc. (a)(b) | 436,196 | 12,837,248 | |
Rhythm Pharmaceuticals, Inc. (a)(b) | 283,967 | 3,268,460 | |
Rigel Pharmaceuticals, Inc. (a)(b) | 1,308,303 | 4,395,898 | |
Rocket Pharmaceuticals, Inc. (a)(b) | 298,376 | 8,864,751 | |
Rubius Therapeutics, Inc. (a)(b) | 331,952 | 4,717,038 | |
Sana Biotechnology, Inc. (b) | 630,562 | 13,077,856 | |
Sangamo Therapeutics, Inc. (a) | 886,012 | 7,194,417 | |
Scholar Rock Holding Corp. (a)(b) | 203,595 | 5,354,549 | |
Selecta Biosciences, Inc. (a)(b) | 688,068 | 2,470,164 | |
Sensei Biotherapeutics, Inc. | 173,099 | 1,504,230 | |
Sera Prognostics, Inc. (b) | 37,095 | 383,191 | |
Seres Therapeutics, Inc. (a)(b) | 266,825 | 1,622,296 | |
Shattuck Labs, Inc. | 157,924 | 3,047,933 | |
Sigilon Therapeutics, Inc. (b) | 144,423 | 778,440 | |
Silverback Therapeutics, Inc. (b) | 31,831 | 274,702 | |
Solid Biosciences, Inc. (a)(b) | 381,239 | 773,915 | |
Sorrento Therapeutics, Inc. (a)(b) | 2,063,210 | 14,153,621 | |
Spectrum Pharmaceuticals, Inc. (a)(b) | 1,133,375 | 2,074,076 | |
Spero Therapeutics, Inc. (a)(b) | 184,033 | 3,231,619 | |
Springworks Therapeutics, Inc. (a)(b) | 212,399 | 14,243,477 | |
Spruce Biosciences, Inc. (b) | 45,517 | 216,661 | |
SQZ Biotechnologies Co. (b) | 170,094 | 2,277,559 | |
Stoke Therapeutics, Inc. (a)(b) | 126,884 | 2,896,762 | |
Summit Therapeutics, Inc. (a)(b) | 190,531 | 983,140 | |
Surface Oncology, Inc. (a)(b) | 283,811 | 2,105,878 | |
Sutro Biopharma, Inc. (a)(b) | 319,037 | 6,431,786 | |
Syndax Pharmaceuticals, Inc. (a)(b) | 331,880 | 6,455,066 | |
Syros Pharmaceuticals, Inc. (a)(b) | 326,174 | 1,347,099 | |
Talaris Therapeutics, Inc. (a) | 72,264 | 1,220,539 | |
Taysha Gene Therapies, Inc. (a)(b) | 172,463 | 2,697,321 | |
TCR2 Therapeutics, Inc. (a) | 109,669 | 690,915 | |
Tenaya Therapeutics, Inc. (a)(b) | 102,527 | 2,635,969 | |
TG Therapeutics, Inc. (a)(b) | 933,116 | 29,131,882 | |
Tobira Therapeutics, Inc. rights (a)(c) | 9,663 | 0 | |
TONIX Pharmaceuticals Holding (a) | 3,298,179 | 1,820,595 | |
Travere Therapeutics, Inc. (a) | 426,053 | 12,274,587 | |
Trevena, Inc. (a)(b) | 1,358,178 | 1,371,760 | |
Trillium Therapeutics, Inc. (a) | 727,160 | 13,168,868 | |
Turning Point Therapeutics, Inc. (a) | 335,120 | 13,934,290 | |
Twist Bioscience Corp. (a)(b) | 344,479 | 40,924,105 | |
UroGen Pharma Ltd. (a)(b) | 128,248 | 2,205,866 | |
Vanda Pharmaceuticals, Inc. (a) | 404,009 | 6,916,634 | |
Vaxart, Inc. (a)(b) | 911,632 | 6,117,051 | |
Vaxcyte, Inc. (a) | 299,381 | 7,005,515 | |
VBI Vaccines, Inc. (a) | 1,427,395 | 4,139,446 | |
Vera Therapeutics, Inc. (a)(b) | 52,050 | 1,007,168 | |
Veracyte, Inc. (a)(b) | 492,464 | 23,579,176 | |
Verastem, Inc. (a)(b) | 1,265,523 | 3,290,360 | |
Vericel Corp. (a) | 339,153 | 15,607,821 | |
Verve Therapeutics, Inc. | 115,270 | 5,347,375 | |
Viking Therapeutics, Inc. (a)(b) | 512,499 | 2,982,744 | |
Vincerx Pharma, Inc. (a)(b) | 101,044 | 1,411,585 | |
Vir Biotechnology, Inc. (a)(b) | 438,553 | 16,546,605 | |
Viracta Therapeutics, Inc. (a)(b) | 286,540 | 1,684,855 | |
VistaGen Therapeutics, Inc. (a)(b) | 1,404,244 | 3,215,719 | |
Vor Biopharma, Inc. (a)(b) | 164,808 | 2,592,430 | |
Werewolf Therapeutics, Inc. (a)(b) | 55,558 | 870,594 | |
Xbiotech, Inc. | 129,440 | 1,897,590 | |
Xencor, Inc. (a) | 416,092 | 16,460,600 | |
XOMA Corp. (a)(b) | 45,704 | 1,142,600 | |
Y-mAbs Therapeutics, Inc. (a)(b) | 257,288 | 6,318,993 | |
Zentalis Pharmaceuticals, Inc. (a) | 259,965 | 20,911,585 | |
ZIOPHARM Oncology, Inc. (a)(b) | 1,202,476 | 1,803,714 | |
2,052,269,244 | |||
Health Care Equipment & Supplies - 3.4% | |||
Accelerate Diagnostics, Inc. (a)(b) | 214,499 | 1,265,544 | |
Accuray, Inc. (a)(b) | 699,667 | 3,491,338 | |
Acutus Medical, Inc. (a)(b) | 139,581 | 1,094,315 | |
Alphatec Holdings, Inc. (a) | 524,928 | 6,157,405 | |
Angiodynamics, Inc. (a) | 267,155 | 7,640,633 | |
Apyx Medical Corp. (a) | 225,150 | 3,219,645 | |
Asensus Surgical, Inc. (a)(b) | 1,776,650 | 3,002,539 | |
Aspira Women's Health, Inc. (a)(b) | 551,602 | 1,847,867 | |
Atricure, Inc. (a) | 324,793 | 24,378,963 | |
Atrion Corp. | 10,147 | 7,387,016 | |
Avanos Medical, Inc. (a) | 358,372 | 11,303,053 | |
AxoGen, Inc. (a) | 259,581 | 3,943,035 | |
Axonics Modulation Technologies, Inc. (a) | 336,443 | 24,678,094 | |
BioLife Solutions, Inc. (a) | 180,189 | 9,577,045 | |
Bioventus, Inc. (b) | 122,011 | 1,842,366 | |
Butterfly Network, Inc. Class A (a)(b) | 1,337,580 | 13,803,826 | |
Cardiovascular Systems, Inc. (a) | 287,150 | 10,073,222 | |
Cerus Corp. (a)(b) | 1,248,828 | 8,242,265 | |
ClearPoint Neuro, Inc. (a)(b) | 140,317 | 2,347,503 | |
CONMED Corp. (b) | 211,859 | 30,990,735 | |
Cryolife, Inc. (a) | 277,110 | 5,719,550 | |
CryoPort, Inc. (a)(b) | 295,726 | 24,113,498 | |
Cutera, Inc. (a)(b) | 128,769 | 5,537,067 | |
CVRx, Inc. | 63,452 | 1,072,973 | |
CytoSorbents Corp. (a)(b) | 316,815 | 1,866,040 | |
DarioHealth Corp. (a)(b) | 120,312 | 1,967,101 | |
Glaukos Corp. (a) | 329,242 | 15,049,652 | |
Haemonetics Corp. (a) | 368,904 | 25,347,394 | |
Heska Corp. (a)(b) | 70,813 | 15,828,830 | |
Inari Medical, Inc. (a) | 249,613 | 22,594,969 | |
Inogen, Inc. (a) | 101,031 | 4,005,879 | |
Integer Holdings Corp. (a) | 238,682 | 21,486,154 | |
Intersect ENT, Inc. (a) | 245,548 | 6,622,430 | |
Invacare Corp. (a)(b) | 263,761 | 1,302,979 | |
IRadimed Corp. (a) | 45,575 | 1,700,859 | |
iRhythm Technologies, Inc. (a) | 183,095 | 12,842,283 | |
Lantheus Holdings, Inc. (a) | 485,126 | 11,347,097 | |
Lantheus Holdings, Inc. rights (a)(c) | 524,619 | 5 | |
LeMaitre Vascular, Inc. | 138,534 | 7,205,153 | |
LivaNova PLC (a) | 388,107 | 29,775,569 | |
Meridian Bioscience, Inc. (a)(b) | 313,348 | 5,894,076 | |
Merit Medical Systems, Inc. (a) | 374,811 | 25,209,788 | |
Mesa Laboratories, Inc. | 36,495 | 11,156,522 | |
Misonix, Inc. (a) | 88,991 | 2,361,821 | |
Natus Medical, Inc. (a) | 247,004 | 6,187,450 | |
Neogen Corp. (a) | 785,576 | 33,237,721 | |
Neuronetics, Inc. (a) | 110,198 | 573,030 | |
NeuroPace, Inc. (a)(b) | 54,797 | 830,723 | |
Nevro Corp. (a) | 253,207 | 28,799,764 | |
NuVasive, Inc. (a) | 379,042 | 20,225,681 | |
OraSure Technologies, Inc. (a)(b) | 521,551 | 5,564,949 | |
Ortho Clinical Diagnostics Holdings PLC | 809,173 | 15,997,350 | |
Orthofix International NV (a) | 140,816 | 5,066,560 | |
OrthoPediatrics Corp. (a)(b) | 100,884 | 7,179,914 | |
Outset Medical, Inc. (a) | 335,836 | 17,889,984 | |
PAVmed, Inc. (a)(b) | 517,293 | 2,808,901 | |
Pulmonx Corp. | 193,434 | 7,530,386 | |
Pulse Biosciences, Inc. (a)(b) | 101,066 | 2,131,482 | |
Quotient Ltd. (a) | 480,836 | 1,216,515 | |
Retractable Technologies, Inc. (a)(b) | 133,649 | 1,264,320 | |
RxSight, Inc. (b) | 64,223 | 769,392 | |
Seaspine Holdings Corp. (a) | 236,749 | 3,541,765 | |
Senseonics Holdings, Inc. (a)(b) | 3,138,147 | 10,983,515 | |
Shockwave Medical, Inc. (a) | 245,673 | 52,500,320 | |
SI-BONE, Inc. (a) | 244,065 | 5,503,666 | |
Sientra, Inc. (a)(b) | 417,532 | 2,446,738 | |
Sight Sciences, Inc. | 82,728 | 2,231,174 | |
Silk Road Medical, Inc. (a)(b) | 248,834 | 14,609,044 | |
Soliton, Inc. (a) | 83,244 | 1,713,994 | |
Staar Surgical Co. (a)(b) | 346,168 | 41,007,061 | |
Stereotaxis, Inc. (a) | 362,099 | 2,136,384 | |
SurModics, Inc. (a) | 98,850 | 5,501,991 | |
Tactile Systems Technology, Inc. (a)(b) | 143,202 | 4,939,037 | |
Talis Biomedical Corp. | 139,137 | 744,383 | |
TransMedics Group, Inc. (a) | 189,083 | 5,186,547 | |
Treace Medical Concepts, Inc. (a) | 82,991 | 1,913,772 | |
Utah Medical Products, Inc. (b) | 24,320 | 2,354,906 | |
Vapotherm, Inc. (a)(b) | 172,514 | 3,945,395 | |
Varex Imaging Corp. (a) | 277,278 | 7,444,914 | |
ViewRay, Inc. (a)(b) | 1,006,427 | 7,356,981 | |
Zynex, Inc. (a)(b) | 151,068 | 1,892,882 | |
771,522,689 | |||
Health Care Providers & Services - 2.8% | |||
1Life Healthcare, Inc. (a) | 821,723 | 17,798,520 | |
Accolade, Inc. (a)(b) | 368,935 | 14,679,924 | |
AdaptHealth Corp. (a) | 526,826 | 14,356,009 | |
Addus HomeCare Corp. (a)(b) | 114,722 | 10,726,507 | |
Agiliti, Inc. (a)(b) | 169,770 | 3,828,314 | |
Alignment Healthcare, Inc. (a)(b) | 192,021 | 3,813,537 | |
AMN Healthcare Services, Inc. (a) | 342,692 | 33,823,700 | |
Apollo Medical Holdings, Inc. (a)(b) | 273,580 | 18,775,795 | |
Apria, Inc. (b) | 109,853 | 4,111,798 | |
Aveanna Healthcare Holdings, Inc. (a)(b) | 290,924 | 2,245,933 | |
Biodesix, Inc. (a)(b) | 99,991 | 753,932 | |
Brookdale Senior Living, Inc. (a) | 1,346,586 | 8,752,809 | |
Castle Biosciences, Inc. (a) | 156,156 | 9,736,327 | |
Community Health Systems, Inc. (a) | 904,891 | 11,854,072 | |
Corvel Corp. (a) | 63,132 | 11,567,045 | |
Covetrus, Inc. (a) | 755,342 | 15,250,355 | |
Cross Country Healthcare, Inc. (a) | 258,518 | 5,359,078 | |
Exagen, Inc. (a)(b) | 86,450�� | 1,004,549 | |
Fulgent Genetics, Inc. (a)(b) | 150,304 | 12,463,208 | |
Hanger, Inc. (a) | 282,009 | 5,267,928 | |
HealthEquity, Inc. (a) | 596,908 | 39,503,371 | |
InfuSystems Holdings, Inc. (a) | 136,925 | 2,277,063 | |
Innovage Holding Corp. (a)(b) | 42,005 | 278,073 | |
LHC Group, Inc. (a) | 224,370 | 30,197,958 | |
LifeStance Health Group, Inc. | 341,391 | 4,089,864 | |
Magellan Health Services, Inc. (a) | 175,535 | 16,645,984 | |
MEDNAX, Inc. (a) | 547,600 | 14,911,148 | |
Modivcare, Inc. (a) | 90,454 | 14,723,198 | |
National Healthcare Corp. | 89,141 | 6,234,522 | |
National Research Corp. Class A | 101,234 | 4,383,432 | |
Ontrak, Inc. (a)(b) | 116,480 | 1,001,728 | |
Option Care Health, Inc. (a) | 1,092,981 | 29,871,171 | |
Owens & Minor, Inc. | 527,250 | 18,917,730 | |
Patterson Companies, Inc. | 622,356 | 19,454,849 | |
Pennant Group, Inc. (a) | 190,932 | 4,882,131 | |
PetIQ, Inc. Class A (a)(b) | 201,197 | 5,039,985 | |
Privia Health Group, Inc. (a)(b) | 148,461 | 3,815,448 | |
Progyny, Inc. (a) | 460,819 | 28,308,111 | |
R1 RCM, Inc. (a) | 868,816 | 18,853,307 | |
RadNet, Inc. (a) | 331,157 | 10,295,671 | |
Select Medical Holdings Corp. | 804,352 | 26,720,573 | |
Sharps Compliance Corp. (a)(b) | 115,334 | 951,506 | |
SOC Telemed, Inc. Class A (a)(b) | 312,344 | 687,157 | |
Surgery Partners, Inc. (a) | 229,904 | 9,458,251 | |
Tenet Healthcare Corp. (a) | 772,027 | 55,323,455 | |
The Ensign Group, Inc. | 382,646 | 29,850,214 | |
The Joint Corp. (a)(b) | 100,226 | 8,767,770 | |
Tivity Health, Inc. (a) | 320,706 | 8,024,064 | |
Triple-S Management Corp. (a) | 165,835 | 5,852,317 | |
U.S. Physical Therapy, Inc. | 93,678 | 10,104,109 | |
Viemed Healthcare, Inc. (a) | 279,760 | 1,603,025 | |
637,196,525 | |||
Health Care Technology - 1.3% | |||
Allscripts Healthcare Solutions, Inc. (a) | 912,312 | 12,571,659 | |
American Well Corp. (a) | 1,341,693 | 12,075,237 | |
Castlight Health, Inc. Class B (a) | 883,304 | 1,589,947 | |
Computer Programs & Systems, Inc. (a)(b) | 104,683 | 3,779,056 | |
Convey Holding Parent, Inc. | 99,501 | 736,307 | |
Evolent Health, Inc. (a) | 561,129 | 16,424,246 | |
Forian, Inc. (a)(b) | 134,352 | 1,362,329 | |
Health Catalyst, Inc. (a)(b) | 367,832 | 19,362,676 | |
HealthStream, Inc. (a) | 180,475 | 4,802,440 | |
iCAD, Inc. (a) | 163,471 | 1,724,619 | |
Inovalon Holdings, Inc. Class A (a) | 550,174 | 22,441,597 | |
Inspire Medical Systems, Inc. (a) | 195,716 | 52,761,119 | |
MultiPlan Corp. Class A (a)(b) | 1,662,421 | 7,165,035 | |
NantHealth, Inc. (a)(b) | 173,519 | 272,425 | |
Nextgen Healthcare, Inc. (a) | 415,247 | 6,834,966 | |
Omnicell, Inc. (a) | 313,738 | 55,892,425 | |
OptimizeRx Corp. (a)(b) | 125,768 | 12,161,766 | |
Phreesia, Inc. (a) | 355,926 | 25,107,020 | |
Schrodinger, Inc. (a)(b) | 331,890 | 18,114,556 | |
Simulations Plus, Inc. (b) | 115,438 | 5,829,619 | |
Tabula Rasa HealthCare, Inc. (a)(b) | 159,608 | 4,333,357 | |
Vocera Communications, Inc. (a) | 252,496 | 14,286,224 | |
299,628,625 | |||
Life Sciences Tools & Services - 1.0% | |||
Absci Corp. (b) | 104,257 | 1,529,450 | |
Akoya Biosciences, Inc. (a)(b) | 61,018 | 808,489 | |
Alpha Teknova, Inc. (b) | 51,474 | 1,183,387 | |
Berkeley Lights, Inc. (a)(b) | 267,806 | 6,226,490 | |
BioNano Genomics, Inc. (a)(b) | 2,041,983 | 10,373,274 | |
ChromaDex, Inc. (a)(b) | 349,695 | 2,164,612 | |
Codex DNA, Inc. | 61,632 | 569,480 | |
Codexis, Inc. (a)(b) | 439,213 | 15,271,436 | |
Cytek Biosciences, Inc. (b) | 118,131 | 2,694,568 | |
Fluidigm Corp. (a)(b) | 534,020 | 2,750,203 | |
Harvard Bioscience, Inc. (a)(b) | 295,981 | 2,228,737 | |
Inotiv, Inc. (a)(b) | 93,900 | 4,543,821 | |
MaxCyte, Inc. (b) | 120,455 | 1,353,914 | |
Medpace Holdings, Inc. (a) | 211,980 | 48,024,069 | |
Nanostring Technologies, Inc. (a) | 333,241 | 16,095,540 | |
NeoGenomics, Inc. (a) | 830,007 | 38,180,322 | |
Pacific Biosciences of California, Inc. (a) | 1,416,112 | 37,498,646 | |
Personalis, Inc. (a)(b) | 273,248 | 5,361,126 | |
Quanterix Corp. (a) | 226,644 | 11,470,453 | |
Rapid Micro Biosystems, Inc. (b) | 60,931 | 1,242,383 | |
Seer, Inc. (b) | 313,893 | 11,588,930 | |
Singular Genomics Systems, Inc. (a)(b) | 89,913 | 1,245,295 | |
222,404,625 | |||
Pharmaceuticals - 1.4% | |||
9 Meters Biopharma, Inc. (a)(b) | 1,684,704 | 2,139,574 | |
Aclaris Therapeutics, Inc. (a) | 370,409 | 6,426,596 | |
Aerie Pharmaceuticals, Inc. (a)(b) | 195,477 | 2,077,921 | |
Amneal Pharmaceuticals, Inc. (a) | 503,583 | 2,764,671 | |
Amphastar Pharmaceuticals, Inc. (a)(b) | 275,290 | 5,142,417 | |
Ampio Pharmaceuticals, Inc. (a)(b) | 1,497,770 | 2,336,521 | |
Angion Biomedica Corp. (b) | 186,214 | 776,512 | |
ANI Pharmaceuticals, Inc. (a)(b) | 59,429 | 2,221,456 | |
Antares Pharma, Inc. (a) | 1,292,602 | 4,834,331 | |
Arvinas Holding Co. LLC (a) | 316,734 | 27,422,830 | |
AstraZeneca PLC rights (a)(c) | 1,000 | 0 | |
Atea Pharmaceuticals, Inc. | 475,803 | 5,538,347 | |
Athira Pharma, Inc. (a)(b) | 172,184 | 2,250,445 | |
Avalo Therapeutics, Inc. (a)(b) | 315,473 | 738,207 | |
Axsome Therapeutics, Inc. (a)(b) | 223,333 | 8,598,321 | |
Biodelivery Sciences International, Inc. (a) | 728,791 | 2,973,467 | |
Cara Therapeutics, Inc. (a) | 339,207 | 5,708,854 | |
Cassava Sciences, Inc. (a)(b) | 279,263 | 12,044,613 | |
Citius Pharmaceuticals, Inc. (a)(b) | 925,023 | 1,729,793 | |
Collegium Pharmaceutical, Inc. (a)(b) | 265,326 | 5,208,349 | |
Corcept Therapeutics, Inc. (a) | 714,333 | 12,857,994 | |
CorMedix, Inc. (a)(b) | 313,408 | 1,523,163 | |
CymaBay Therapeutics, Inc. (a)(b) | 422,542 | 1,647,914 | |
Cyteir Therapeutics, Inc. (b) | 63,255 | 1,132,897 | |
Durect Corp. (a) | 1,741,854 | 2,229,573 | |
Edgewise Therapeutics, Inc. (a)(b) | 96,717 | 1,595,831 | |
Endo International PLC (a) | 1,198,564 | 5,093,897 | |
Esperion Therapeutics, Inc. (a)(b) | 25,988 | 232,333 | |
Evolus, Inc. (a)(b) | 233,164 | 1,823,342 | |
Eyepoint Pharmaceuticals, Inc. (a)(b) | 159,895 | 1,833,996 | |
Fulcrum Therapeutics, Inc. (a)(b) | 194,182 | 4,299,189 | |
Harmony Biosciences Holdings, Inc. (a)(b) | 167,800 | 6,958,666 | |
Ikena Oncology, Inc. (a)(b) | 88,165 | 947,774 | |
Innoviva, Inc. (a) | 318,730 | 5,561,839 | |
Intra-Cellular Therapies, Inc. (a)(b) | 518,020 | 22,311,121 | |
Kala Pharmaceuticals, Inc. (a)(b) | 496,875 | 864,563 | |
Kaleido Biosciences, Inc. (a)(b) | 148,953 | 640,498 | |
KemPharm, Inc. (a)(b) | 216,551 | 2,057,235 | |
Landos Biopharma, Inc. (b) | 34,798 | 468,381 | |
Marinus Pharmaceuticals, Inc. (a)(b) | 254,958 | 2,932,017 | |
Mind Medicine (MindMed), Inc. (a)(b) | 2,544,531 | 6,412,218 | |
NGM Biopharmaceuticals, Inc. (a) | 231,383 | 4,273,644 | |
Nuvation Bio, Inc. (a)(b) | 491,718 | 4,509,054 | |
Ocular Therapeutix, Inc. (a)(b) | 556,876 | 3,697,657 | |
Omeros Corp. (a)(b) | 463,957 | 2,909,010 | |
Oramed Pharmaceuticals, Inc. (a)(b) | 220,294 | 5,157,083 | |
Pacira Biosciences, Inc. (a) | 323,643 | 16,920,056 | |
Paratek Pharmaceuticals, Inc. (a)(b) | 298,279 | 1,497,361 | |
Phathom Pharmaceuticals, Inc. (a)(b) | 151,328 | 3,560,748 | |
Phibro Animal Health Corp. Class A | 152,150 | 3,338,171 | |
Pliant Therapeutics, Inc. (a)(b) | 139,828 | 2,227,460 | |
Prestige Brands Holdings, Inc. (a) | 363,913 | 21,831,141 | |
Provention Bio, Inc. (a)(b) | 465,928 | 2,916,709 | |
Rain Therapeutics, Inc. (a)(b) | 58,989 | 919,049 | |
Reata Pharmaceuticals, Inc. (a)(b) | 200,227 | 19,223,794 | |
Relmada Therapeutics, Inc. (a) | 117,863 | 2,766,245 | |
Revance Therapeutics, Inc. (a)(b) | 530,607 | 7,295,846 | |
Seelos Therapeutics, Inc. (a) | 856,270 | 1,849,543 | |
SIGA Technologies, Inc. (a) | 369,813 | 2,666,352 | |
Supernus Pharmaceuticals, Inc. (a)(b) | 354,075 | 10,569,139 | |
Tarsus Pharmaceuticals, Inc. (a)(b) | 57,290 | 1,590,370 | |
Terns Pharmaceuticals, Inc. (b) | 108,978 | 1,035,291 | |
TherapeuticsMD, Inc. (a)(b) | 3,711,056 | 2,701,649 | |
Theravance Biopharma, Inc. (a)(b) | 56,536 | 439,285 | |
Verrica Pharmaceuticals, Inc. (a)(b) | 112,494 | 1,416,299 | |
WAVE Life Sciences (a)(b) | 219,026 | 1,005,329 | |
Zogenix, Inc. (a) | 432,072 | 6,623,664 | |
317,297,615 | |||
TOTAL HEALTH CARE | 4,300,319,323 | ||
INDUSTRIALS - 14.3% | |||
Aerospace & Defense - 0.6% | |||
AAR Corp. (a) | 247,670 | 8,760,088 | |
Aerojet Rocketdyne Holdings, Inc. (b) | 545,691 | 24,015,861 | |
AeroVironment, Inc. (a)(b) | 164,983 | 14,701,635 | |
AerSale Corp. (a) | 66,112 | 1,478,264 | |
Astronics Corp. (a) | 151,779 | 1,957,949 | |
Byrna Technologies, Inc. (a)(b) | 135,292 | 2,279,670 | |
Ducommun, Inc. (a) | 81,946 | 3,965,367 | |
Kaman Corp. | 184,484 | 6,602,682 | |
Kratos Defense & Security Solutions, Inc. (a) | 900,031 | 19,251,663 | |
Maxar Technologies, Inc. (b) | 523,377 | 13,895,659 | |
Moog, Inc. Class A | 210,120 | 15,870,364 | |
National Presto Industries, Inc. | 35,904 | 2,985,418 | |
PAE, Inc. (a)(b) | 518,838 | 5,146,873 | |
Park Aerospace Corp. | 134,263 | 1,757,503 | |
Parsons Corp. (a) | 189,256 | 6,555,828 | |
Triumph Group, Inc. (a) | 462,985 | 9,468,043 | |
Vectrus, Inc. (a) | 82,101 | 3,976,151 | |
142,669,018 | |||
Air Freight & Logistics - 0.3% | |||
Air Transport Services Group, Inc. (a) | 433,986 | 10,801,912 | |
Atlas Air Worldwide Holdings, Inc. (a) | 208,122 | 16,882,857 | |
Echo Global Logistics, Inc. (a) | 193,069 | 9,311,718 | |
Forward Air Corp. | 197,259 | 19,836,365 | |
Hub Group, Inc. Class A (a) | 239,595 | 18,824,979 | |
Radiant Logistics, Inc. (a) | 279,684 | 1,882,273 | |
77,540,104 | |||
Airlines - 0.3% | |||
Allegiant Travel Co. (a) | 112,007 | 19,631,467 | |
Frontier Group Holdings, Inc. (a) | 254,941 | 3,989,827 | |
Hawaiian Holdings, Inc. (a)(b) | 375,733 | 7,270,434 | |
Mesa Air Group, Inc. (a) | 248,477 | 1,873,517 | |
SkyWest, Inc. (a) | 362,558 | 15,600,871 | |
Spirit Airlines, Inc. (a) | 653,161 | 14,271,568 | |
Sun Country Airlines Holdings, Inc. (a)(b) | 190,539 | 5,769,521 | |
68,407,205 | |||
Building Products - 1.2% | |||
AAON, Inc. | 302,528 | 21,676,131 | |
American Woodmark Corp. (a)(b) | 123,282 | 8,474,405 | |
Apogee Enterprises, Inc. | 180,860 | 7,583,460 | |
Caesarstone Sdot-Yam Ltd. | 146,489 | 1,828,183 | |
Cornerstone Building Brands, Inc. (a) | 397,749 | 5,691,788 | |
CSW Industrials, Inc. | 106,898 | 14,818,201 | |
Gibraltar Industries, Inc. (a) | 238,244 | 15,523,979 | |
Griffon Corp. | 336,624 | 8,917,170 | |
Insteel Industries, Inc. | 135,852 | 5,525,101 | |
Jeld-Wen Holding, Inc. (a) | 611,677 | 16,766,067 | |
Masonite International Corp. (a) | 175,423 | 21,052,514 | |
PGT Innovations, Inc. (a) | 423,081 | 9,032,779 | |
Quanex Building Products Corp. | 247,423 | 5,126,605 | |
Resideo Technologies, Inc. (a) | 1,049,898 | 25,890,485 | |
Simpson Manufacturing Co. Ltd. | 315,653 | 33,487,627 | |
UFP Industries, Inc. | 436,765 | 35,740,480 | |
View, Inc. Class A (a)(b) | 745,669 | 3,981,872 | |
Zurn Water Solutions Corp. | 880,951 | 31,960,902 | |
273,077,749 | |||
Commercial Services & Supplies - 1.7% | |||
ABM Industries, Inc. | 492,687 | 21,683,155 | |
ACCO Brands Corp. | 677,514 | 5,603,041 | |
Brady Corp. Class A | 343,879 | 17,912,657 | |
BrightView Holdings, Inc. (a) | 312,460 | 4,955,616 | |
Casella Waste Systems, Inc. Class A (a) | 359,884 | 31,209,140 | |
CECO Environmental Corp. (a) | 230,437 | 1,585,407 | |
Cimpress PLC (a) | 123,497 | 11,030,752 | |
CompX International, Inc. Class A | 10,550 | 227,880 | |
CoreCivic, Inc. (a) | 849,689 | 7,315,822 | |
Covanta Holding Corp. | 865,517 | 17,466,133 | |
Deluxe Corp. | 266,586 | 9,509,123 | |
Ennis, Inc. | 176,980 | 3,352,001 | |
Harsco Corp. (a) | 576,442 | 9,857,158 | |
Healthcare Services Group, Inc. | 524,160 | 10,058,630 | |
Heritage-Crystal Clean, Inc. (a) | 114,125 | 3,956,714 | |
Herman Miller, Inc. | 545,433 | 21,228,252 | |
HNI Corp. | 317,866 | 11,888,188 | |
Interface, Inc. | 423,009 | 6,074,409 | |
KAR Auction Services, Inc. (a) | 867,674 | 12,728,778 | |
Kimball International, Inc. Class B | 257,428 | 2,798,242 | |
Matthews International Corp. Class A | 215,729 | 7,414,606 | |
Montrose Environmental Group, Inc. (a) | 168,630 | 11,559,587 | |
NL Industries, Inc. | 56,469 | 325,826 | |
Pitney Bowes, Inc. | 1,287,446 | 8,934,875 | |
R.R. Donnelley & Sons Co. (a)(b) | 514,879 | 3,295,226 | |
SP Plus Corp. (a) | 167,145 | 5,390,426 | |
Steelcase, Inc. Class A | 646,336 | 7,691,398 | |
Team, Inc. (a) | 41,750 | 101,035 | |
Tetra Tech, Inc. | 393,211 | 69,071,444 | |
The Brink's Co. | 358,279 | 24,678,258 | |
U.S. Ecology, Inc. (a) | 204,069 | 6,568,981 | |
UniFirst Corp. | 109,439 | 21,664,544 | |
Viad Corp. (a) | 146,605 | 6,504,864 | |
VSE Corp. | 74,973 | 4,164,750 | |
387,806,918 | |||
Construction & Engineering - 1.4% | |||
Ameresco, Inc. Class A (a)(b) | 225,329 | 18,506,271 | |
API Group Corp. (a)(b) | 1,435,587 | 31,267,085 | |
Arcosa, Inc. | 351,992 | 18,208,546 | |
Argan, Inc. | 102,891 | 4,245,283 | |
Comfort Systems U.S.A., Inc. | 259,216 | 23,710,488 | |
Concrete Pumping Holdings, Inc. (a) | 194,076 | 1,669,054 | |
Construction Partners, Inc. Class A (a) | 209,310 | 7,453,529 | |
Dycom Industries, Inc. (a) | 217,041 | 17,237,396 | |
EMCOR Group, Inc. | 386,817 | 46,994,397 | |
Fluor Corp. (a)(b) | 1,031,723 | 20,056,695 | |
Granite Construction, Inc. (b) | 329,400 | 12,227,328 | |
Great Lakes Dredge & Dock Corp. (a)(b) | 473,130 | 7,201,039 | |
IES Holdings, Inc. (a) | 62,752 | 3,128,187 | |
Infrastructure and Energy Alternatives, Inc. (a)(b) | 211,358 | 2,339,733 | |
INNOVATE Corp. (a)(b) | 339,275 | 1,340,136 | |
Matrix Service Co. (a) | 167,782 | 1,716,410 | |
MYR Group, Inc. (a) | 120,661 | 12,325,521 | |
Northwest Pipe Co. (a) | 72,616 | 1,725,356 | |
NV5 Global, Inc. (a) | 95,596 | 9,954,411 | |
Primoris Services Corp. | 390,219 | 10,516,402 | |
Sterling Construction Co., Inc. (a) | 204,462 | 4,915,266 | |
Tutor Perini Corp. (a) | 296,239 | 4,034,775 | |
Willscot Mobile Mini Holdings (a) | 1,530,379 | 53,180,670 | |
313,953,978 | |||
Electrical Equipment - 1.1% | |||
Advent Technologies Holdings, Inc. Class A (a)(b) | 156,594 | 1,501,736 | |
Allied Motion Technologies, Inc. | 85,595 | 3,008,664 | |
American Superconductor Corp. (a)(b) | 245,919 | 4,519,991 | |
Array Technologies, Inc. | 951,313 | 20,310,533 | |
Atkore, Inc. (a) | 333,005 | 31,478,963 | |
AZZ, Inc. | 176,722 | 9,389,240 | |
Babcock & Wilcox Enterprises, Inc. (a) | 401,876 | 2,744,813 | |
Beam Global (a)(b) | 86,007 | 2,709,221 | |
Blink Charging Co. (a)(b) | 266,122 | 8,462,680 | |
Bloom Energy Corp. Class A (a)(b) | 1,049,745 | 32,815,029 | |
Encore Wire Corp. | 144,872 | 19,421,540 | |
EnerSys | 310,460 | 24,849,218 | |
Eos Energy Enterprises, Inc. (a)(b) | 335,154 | 3,535,875 | |
FTC Solar, Inc. (a) | 139,006 | 1,326,117 | |
FuelCell Energy, Inc. (a)(b) | 2,279,044 | 18,209,562 | |
GrafTech International Ltd. | 1,473,389 | 15,765,262 | |
Powell Industries, Inc. | 60,467 | 1,563,677 | |
Preformed Line Products Co. | 20,264 | 1,406,322 | |
Romeo Power, Inc. (a)(b) | 1,051,990 | 4,565,637 | |
Stem, Inc. (a) | 354,349 | 8,401,615 | |
Thermon Group Holdings, Inc. (a) | 234,181 | 4,046,648 | |
TPI Composites, Inc. (a)(b) | 264,715 | 8,902,365 | |
Vicor Corp. (a)(b) | 154,092 | 23,358,806 | |
252,293,514 | |||
Industrial Conglomerates - 0.1% | |||
Raven Industries, Inc. (a) | 258,020 | 14,918,716 | |
Machinery - 3.5% | |||
AgEagle Aerial Systems, Inc. (a)(b) | 651,149 | 1,868,798 | |
Alamo Group, Inc. | 71,590 | 10,824,408 | |
Albany International Corp. Class A | 221,920 | 17,897,848 | |
Altra Industrial Motion Corp. | 472,440 | 24,637,746 | |
Astec Industries, Inc. | 164,953 | 8,805,191 | |
Barnes Group, Inc. | 340,426 | 14,277,466 | |
Blue Bird Corp. (a) | 112,114 | 2,198,556 | |
Chart Industries, Inc. (a)(b) | 265,762 | 47,178,070 | |
CIRCOR International, Inc. (a) | 136,230 | 3,888,004 | |
Columbus McKinnon Corp. (NY Shares) | 201,310 | 9,515,924 | |
Commercial Vehicle Group, Inc. (a) | 232,355 | 2,332,844 | |
Desktop Metal, Inc. (a)(b) | 1,187,207 | 8,298,577 | |
Douglas Dynamics, Inc. | 162,826 | 6,887,540 | |
Energy Recovery, Inc. (a)(b) | 304,398 | 6,185,367 | |
Enerpac Tool Group Corp. Class A | 440,859 | 9,209,545 | |
EnPro Industries, Inc. (b) | 145,330 | 13,030,288 | |
ESCO Technologies, Inc. | 185,441 | 15,680,891 | |
Evoqua Water Technologies Corp. (a) | 840,351 | 35,151,882 | |
ExOne Co. (a)(b) | 130,590 | 3,006,182 | |
Federal Signal Corp. | 435,928 | 18,662,078 | |
Franklin Electric Co., Inc. | 334,297 | 28,876,575 | |
Gorman-Rupp Co. | 159,395 | 6,777,475 | |
Helios Technologies, Inc. | 233,996 | 21,305,336 | |
Hillenbrand, Inc. | 528,414 | 24,021,700 | |
Hydrofarm Holdings Group, Inc. (b) | 285,671 | 9,418,573 | |
Hyliion Holdings Corp. Class A (a)(b) | 929,340 | 7,518,361 | |
Hyster-Yale Materials Handling Class A | 72,359 | 3,476,126 | |
Ideanomics, Inc. (a)(b) | 3,065,462 | 6,069,615 | |
John Bean Technologies Corp. | 227,462 | 33,607,511 | |
Kadant, Inc. | 83,000 | 18,435,960 | |
Kennametal, Inc. | 605,910 | 24,084,923 | |
Lindsay Corp. | 78,912 | 11,495,111 | |
Luxfer Holdings PLC sponsored | 197,513 | 3,971,986 | |
Manitowoc Co., Inc. (a) | 252,119 | 5,402,910 | |
Mayville Engineering Co., Inc. (a)(b) | 64,143 | 1,139,180 | |
Meritor, Inc. (a) | 493,864 | 12,020,650 | |
Miller Industries, Inc. | 73,999 | 2,674,324 | |
Mueller Industries, Inc. | 408,650 | 21,511,336 | |
Mueller Water Products, Inc. Class A | 1,135,374 | 18,631,487 | |
Nikola Corp. (a)(b) | 1,676,023 | 19,777,071 | |
NN, Inc. (a) | 276,893 | 1,381,696 | |
Omega Flex, Inc. (b) | 21,941 | 3,176,179 | |
Park-Ohio Holdings Corp. | 59,064 | 1,377,372 | |
Proto Labs, Inc. (a) | 190,004 | 11,364,139 | |
RBC Bearings, Inc. (a) | 203,500 | 47,604,755 | |
REV Group, Inc. | 206,883 | 3,126,002 | |
SPX Corp. (a) | 318,195 | 18,483,948 | |
SPX Flow, Inc. | 300,603 | 22,458,050 | |
Standex International Corp. | 86,068 | 9,576,786 | |
Tennant Co. | 132,363 | 10,517,564 | |
Terex Corp. | 497,754 | 22,299,379 | |
The Greenbrier Companies, Inc. | 228,720 | 9,382,094 | |
The Shyft Group, Inc. | 252,484 | 10,404,866 | |
Titan International, Inc. (a) | 378,509 | 2,732,835 | |
Trinity Industries, Inc. (b) | 563,212 | 15,798,097 | |
Wabash National Corp. | 358,801 | 5,572,180 | |
Watts Water Technologies, Inc. Class A | 199,580 | 37,924,192 | |
Welbilt, Inc. (a) | 944,688 | 22,351,318 | |
795,284,867 | |||
Marine - 0.2% | |||
Costamare, Inc. | 379,370 | 5,087,352 | |
Eagle Bulk Shipping, Inc. (a) | 64,654 | 2,783,355 | |
Genco Shipping & Trading Ltd. | 227,007 | 3,897,710 | |
Matson, Inc. | 310,463 | 25,855,359 | |
Safe Bulkers, Inc. (a) | 444,171 | 1,981,003 | |
39,604,779 | |||
Professional Services - 1.7% | |||
Acacia Research Corp. (a) | 332,532 | 1,905,408 | |
ASGN, Inc. (a) | 379,134 | 45,367,174 | |
Atlas Technical Consultants, Inc. (a) | 101,149 | 1,030,708 | |
Barrett Business Services, Inc. | 53,915 | 4,421,030 | |
CBIZ, Inc. (a) | 357,216 | 13,113,399 | |
CRA International, Inc. | 50,985 | 5,599,173 | |
Exponent, Inc. | 378,279 | 43,426,429 | |
First Advantage Corp. | 214,338 | 4,008,121 | |
Forrester Research, Inc. (a) | 81,911 | 4,361,761 | |
Franklin Covey Co. (a) | 92,827 | 3,921,941 | |
Heidrick & Struggles International, Inc. | 139,296 | 6,530,196 | |
Hirequest, Inc. (b) | 34,242 | 616,356 | |
Huron Consulting Group, Inc. (a) | 165,152 | 8,284,024 | |
ICF International, Inc. | 133,217 | 13,386,976 | |
Insperity, Inc. | 263,741 | 32,967,625 | |
KBR, Inc. | 1,029,893 | 43,708,659 | |
Kelly Services, Inc. Class A (non-vtg.) | 248,486 | 4,480,203 | |
Kforce, Inc. | 145,113 | 9,397,518 | |
Korn Ferry | 397,587 | 30,697,692 | |
ManTech International Corp. Class A (b) | 198,302 | 17,097,598 | |
MISTRAS Group, Inc. (a) | 128,118 | 1,258,119 | |
Resources Connection, Inc. | 226,186 | 3,937,898 | |
TriNet Group, Inc. (a) | 295,018 | 29,870,573 | |
TrueBlue, Inc. (a) | 249,939 | 6,960,801 | |
Upwork, Inc. (a) | 858,414 | 40,448,468 | |
Willdan Group, Inc. (a)(b) | 82,019 | 2,741,895 | |
379,539,745 | |||
Road & Rail - 0.8% | |||
ArcBest Corp. | 183,463 | 16,484,151 | |
Avis Budget Group, Inc. (a)(b) | 353,491 | 61,263,525 | |
Covenant Transport Group, Inc. Class A (a) | 87,509 | 2,485,256 | |
Daseke, Inc. (a) | 294,978 | 2,787,542 | |
Heartland Express, Inc. | 349,146 | 5,701,554 | |
HyreCar, Inc. (a)(b) | 33,628 | 228,334 | |
Marten Transport Ltd. | 438,068 | 7,285,071 | |
P.A.M. Transportation Services, Inc. | 27,362 | 1,691,519 | |
Saia, Inc. (a) | 193,764 | 60,578,377 | |
U.S. Xpress Enterprises, Inc. (a)(b) | 199,652 | 1,511,366 | |
Universal Logistics Holdings, Inc. | 57,476 | 1,211,594 | |
Werner Enterprises, Inc. | 458,764 | 20,791,184 | |
Yellow Corp. (a) | 375,130 | 3,282,388 | |
185,301,861 | |||
Trading Companies & Distributors - 1.4% | |||
Alta Equipment Group, Inc. (a) | 137,911 | 1,990,056 | |
Applied Industrial Technologies, Inc. | 282,276 | 27,516,264 | |
Beacon Roofing Supply, Inc. (a) | 408,590 | 21,602,153 | |
BlueLinx Corp. (a) | 67,552 | 3,217,502 | |
Boise Cascade Co. | 288,164 | 16,315,846 | |
CAI International, Inc. | 117,171 | 6,553,374 | |
Custom Truck One Source, Inc. Class A (a)(b) | 344,551 | 3,118,187 | |
DXP Enterprises, Inc. (a) | 130,058 | 4,286,712 | |
EVI Industries, Inc. (a)(b) | 42,564 | 1,340,766 | |
GATX Corp. | 255,007 | 24,187,414 | |
Global Industrial Co. | 92,089 | 3,736,972 | |
GMS, Inc. (a) | 313,043 | 15,505,020 | |
H&E Equipment Services, Inc. | 234,841 | 10,586,632 | |
Herc Holdings, Inc. | 181,161 | 32,978,548 | |
Karat Packaging, Inc. (a)(b) | 33,260 | 756,332 | |
Lawson Products, Inc. (a) | 34,635 | 1,755,995 | |
McGrath RentCorp. | 176,369 | 12,723,260 | |
MRC Global, Inc. (a) | 523,530 | 4,345,299 | |
NOW, Inc. (a) | 706,211 | 5,098,843 | |
Rush Enterprises, Inc. Class A | 352,256 | 18,345,492 | |
Textainer Group Holdings Ltd. (a) | 348,332 | 13,685,964 | |
Titan Machinery, Inc. (a) | 144,681 | 4,111,834 | |
Transcat, Inc. (a) | 50,312 | 3,767,363 | |
Triton International Ltd. | 485,454 | 30,190,384 | |
Veritiv Corp. (a) | 105,835 | 11,352,920 | |
WESCO International, Inc. (a) | 325,060 | 42,114,774 | |
Willis Lease Finance Corp. (a) | 17,973 | 728,086 | |
321,911,992 | |||
TOTAL INDUSTRIALS | 3,252,310,446 | ||
INFORMATION TECHNOLOGY - 13.8% | |||
Communications Equipment - 0.6% | |||
ADTRAN, Inc. | 347,393 | 6,419,823 | |
Aviat Networks, Inc. (a) | 70,719 | 2,022,563 | |
CalAmp Corp. (a) | 236,213 | 2,272,369 | |
Calix, Inc. (a) | 400,743 | 25,082,504 | |
Cambium Networks Corp. (a) | 79,207 | 2,235,222 | |
Casa Systems, Inc. (a) | 219,383 | 1,388,694 | |
Clearfield, Inc. (a) | 83,760 | 4,731,602 | |
Comtech Telecommunications Corp. | 182,781 | 3,942,586 | |
Digi International, Inc. (a) | 247,354 | 5,330,479 | |
DZS, Inc. (a) | 124,481 | 1,356,843 | |
EMCORE Corp. (a) | 266,622 | 1,994,333 | |
Extreme Networks, Inc. (a) | 893,607 | 8,784,157 | |
Harmonic, Inc. (a)(b) | 656,269 | 5,952,360 | |
Infinera Corp. (a)(b) | 1,325,095 | 10,057,471 | |
Inseego Corp. (a)(b) | 583,092 | 3,615,170 | |
KVH Industries, Inc. (a) | 105,698 | 1,084,461 | |
NETGEAR, Inc. (a)(b) | 218,333 | 6,294,540 | |
NetScout Systems, Inc. (a) | 504,661 | 13,656,127 | |
Plantronics, Inc. (a)(b) | 303,717 | 8,127,467 | |
Ribbon Communications, Inc. (a) | 513,746 | 2,810,191 | |
Viavi Solutions, Inc. (a) | 1,659,380 | 25,554,452 | |
142,713,414 | |||
Electronic Equipment & Components - 2.1% | |||
908 Devices, Inc. (b) | 96,017 | 3,158,959 | |
Advanced Energy Industries, Inc. | 280,860 | 25,788,565 | |
Aeva Technologies, Inc. (a)(b) | 597,027 | 4,632,930 | |
Akoustis Technologies, Inc. (a)(b) | 338,160 | 2,542,963 | |
Arlo Technologies, Inc. (a) | 591,600 | 4,082,040 | |
Badger Meter, Inc. | 210,959 | 21,570,558 | |
Belden, Inc. | 319,413 | 19,231,857 | |
Benchmark Electronics, Inc. | 251,963 | 5,873,258 | |
CTS Corp. | 231,186 | 8,234,845 | |
Daktronics, Inc. (a) | 246,930 | 1,370,462 | |
ePlus, Inc. (a) | 95,877 | 10,601,120 | |
Fabrinet (a) | 266,981 | 25,630,176 | |
FARO Technologies, Inc. (a) | 132,122 | 9,720,216 | |
Identiv, Inc. (a) | 155,462 | 2,978,652 | |
II-VI, Inc. (a)(b) | 765,091 | 46,295,656 | |
Insight Enterprises, Inc. (a) | 250,594 | 23,731,252 | |
Iteris, Inc. (a) | 313,604 | 1,680,917 | |
Itron, Inc. (a) | 329,388 | 25,616,505 | |
Kimball Electronics, Inc. (a) | 173,255 | 4,981,081 | |
Knowles Corp. (a) | 652,805 | 13,604,456 | |
Luna Innovations, Inc. (a)(b) | 236,164 | 2,300,237 | |
Methode Electronics, Inc. Class A | 275,656 | 11,596,848 | |
MicroVision, Inc. (a)(b) | 1,200,854 | 9,138,499 | |
Napco Security Technolgies, Inc. (a)(b) | 104,966 | 5,034,169 | |
nLIGHT, Inc. (a) | 310,653 | 8,735,562 | |
Novanta, Inc. (a) | 256,302 | 44,227,473 | |
OSI Systems, Inc. (a) | 122,212 | 11,379,159 | |
Ouster, Inc. (a)(b) | 237,229 | 1,461,331 | |
Par Technology Corp. (a)(b) | 177,294 | 11,137,609 | |
PC Connection, Inc. | 79,606 | 3,665,856 | |
Plexus Corp. (a) | 200,882 | 17,541,016 | |
Rogers Corp. (a) | 135,398 | 27,231,246 | |
Sanmina Corp. (a) | 461,282 | 17,413,396 | |
ScanSource, Inc. (a) | 181,161 | 6,481,941 | |
TTM Technologies, Inc. (a) | 776,805 | 10,284,898 | |
Velodyne Lidar, Inc. (a)(b) | 623,079 | 3,800,782 | |
Vishay Intertechnology, Inc. | 968,887 | 18,622,008 | |
Vishay Precision Group, Inc. (a) | 89,212 | 3,041,237 | |
474,419,735 | |||
IT Services - 1.5% | |||
BigCommerce Holdings, Inc. (a)(b) | 353,934 | 16,355,290 | |
Brightcove, Inc. (a) | 303,722 | 3,012,922 | |
Cantaloupe, Inc. (a)(b) | 422,185 | 5,277,313 | |
Cass Information Systems, Inc. | 100,836 | 4,133,268 | |
Conduent, Inc. (a) | 1,205,546 | 8,137,436 | |
CSG Systems International, Inc. | 236,552 | 11,839,428 | |
Digitalocean Holdings, Inc. (a) | 359,977 | 35,130,155 | |
EVERTEC, Inc. | 436,786 | 19,747,095 | |
EVO Payments, Inc. Class A (a) | 350,111 | 7,590,406 | |
ExlService Holdings, Inc. (a) | 236,885 | 29,049,208 | |
Flywire Corp. (a) | 88,134 | 4,181,077 | |
GreenBox POS (a)(b) | 166,110 | 1,348,813 | |
GreenSky, Inc. Class A (a) | 516,124 | 6,317,358 | |
Grid Dynamics Holdings, Inc. (a) | 304,049 | 8,741,409 | |
Hackett Group, Inc. | 173,972 | 3,677,768 | |
i3 Verticals, Inc. Class A (a) | 162,556 | 3,639,629 | |
IBEX Ltd. (a)(b) | 43,466 | 706,323 | |
International Money Express, Inc. (a) | 247,984 | 4,151,252 | |
Limelight Networks, Inc. (a)(b) | 685,715 | 2,043,431 | |
Liveramp Holdings, Inc. (a) | 481,177 | 25,747,781 | |
Maximus, Inc. | 447,295 | 37,827,738 | |
MoneyGram International, Inc. (a) | 653,995 | 3,904,350 | |
Paya Holdings, Inc. (a)(b) | 625,288 | 5,696,374 | |
Perficient, Inc. (a)(b) | 236,363 | 29,214,467 | |
Priority Technology Holdings, Inc. (a)(b) | 74,895 | 395,446 | |
Rackspace Technology, Inc. (a)(b) | 402,129 | 5,344,294 | |
Repay Holdings Corp. (a) | 642,651 | 13,502,098 | |
StarTek, Inc. (a) | 120,964 | 665,302 | |
Ttec Holdings, Inc. | 135,281 | 12,769,174 | |
Tucows, Inc. (a)(b) | 68,484 | 5,636,233 | |
Unisys Corp. (a) | 472,793 | 12,089,317 | |
Verra Mobility Corp. (a)(b) | 984,501 | 14,649,375 | |
342,521,530 | |||
Semiconductors & Semiconductor Equipment - 3.1% | |||
Alpha & Omega Semiconductor Ltd. (a) | 155,780 | 5,397,777 | |
Ambarella, Inc. (a) | 253,234 | 47,058,474 | |
Amkor Technology, Inc. | 740,095 | 16,222,882 | |
Atomera, Inc. (a)(b) | 161,385 | 3,487,530 | |
Axcelis Technologies, Inc. (a) | 241,255 | 13,252,137 | |
AXT, Inc. (a) | 293,748 | 2,399,921 | |
CEVA, Inc. (a) | 164,989 | 7,525,148 | |
CMC Materials, Inc. | 212,698 | 27,304,042 | |
Cohu, Inc. (a) | 350,680 | 11,235,787 | |
Diodes, Inc. (a) | 315,517 | 30,318,029 | |
DSP Group, Inc. (a) | 162,836 | 3,577,507 | |
FormFactor, Inc. (a) | 567,289 | 22,566,756 | |
Ichor Holdings Ltd. (a) | 202,242 | 8,842,020 | |
Impinj, Inc. (a)(b) | 135,064 | 9,416,662 | |
Kopin Corp. (a) | 567,291 | 2,972,605 | |
Kulicke & Soffa Industries, Inc. (b) | 444,405 | 25,331,085 | |
Lattice Semiconductor Corp. (a) | 987,730 | 68,587,971 | |
MACOM Technology Solutions Holdings, Inc. (a) | 351,434 | 24,537,122 | |
MaxLinear, Inc. Class A (a) | 515,379 | 32,468,877 | |
Meta Materials, Inc. (a)(b) | 1,613,622 | 7,584,023 | |
NeoPhotonics Corp. (a) | 375,349 | 3,798,532 | |
NVE Corp. | 32,127 | 2,183,672 | |
Onto Innovation, Inc. (a) | 353,806 | 28,024,973 | |
PDF Solutions, Inc. (a) | 209,796 | 4,936,500 | |
Photronics, Inc. (a) | 428,132 | 5,561,435 | |
Power Integrations, Inc. | 439,223 | 45,332,206 | |
Rambus, Inc. (a) | 779,613 | 18,141,595 | |
Semtech Corp. (a) | 469,725 | 39,940,717 | |
Silicon Laboratories, Inc. (a)(b) | 322,359 | 60,848,485 | |
SiTime Corp. (a)(b) | 94,494 | 25,030,516 | |
SkyWater Technology, Inc. (a)(b) | 61,614 | 2,109,663 | |
SMART Global Holdings, Inc. (a) | 127,433 | 6,812,568 | |
SunPower Corp. (a)(b) | 581,344 | 19,568,039 | |
Synaptics, Inc. (a)(b) | 255,800 | 49,771,006 | |
Ultra Clean Holdings, Inc. (a) | 323,551 | 16,038,423 | |
Veeco Instruments, Inc. (a)(b) | 359,039 | 8,721,057 | |
706,905,742 | |||
Software - 6.2% | |||
8x8, Inc. (a) | 808,731 | 18,325,844 | |
A10 Networks, Inc. | 438,065 | 8,187,435 | |
ACI Worldwide, Inc. (a) | 862,592 | 26,464,323 | |
Agilysys, Inc. (a) | 144,573 | 6,899,024 | |
Alarm.com Holdings, Inc. (a) | 345,449 | 29,107,533 | |
Alkami Technology, Inc. (a) | 54,152 | 1,624,560 | |
Altair Engineering, Inc. Class A (a)(b) | 338,589 | 26,338,838 | |
American Software, Inc. Class A | 222,706 | 6,442,885 | |
AppFolio, Inc. (a)(b) | 137,029 | 18,045,349 | |
Appian Corp. Class A (a)(b) | 286,290 | 28,460,089 | |
Asana, Inc. (a) | 536,982 | 72,922,156 | |
Avaya Holdings Corp. (a) | 600,711 | 11,185,239 | |
Benefitfocus, Inc. (a)(b) | 181,783 | 1,992,342 | |
Blackbaud, Inc. (a)(b) | 350,611 | 24,896,887 | |
BlackLine, Inc. (a)(b) | 393,257 | 49,892,516 | |
Bottomline Technologies, Inc. (a) | 324,860 | 15,041,018 | |
Box, Inc. Class A (a) | 1,039,113 | 26,840,289 | |
BTRS Holdings, Inc. (a) | 482,651 | 4,145,972 | |
Cerence, Inc. (a)(b) | 275,782 | 28,992,962 | |
ChannelAdvisor Corp. (a) | 214,243 | 5,465,339 | |
Cleanspark, Inc. (a)(b) | 286,024 | 5,794,846 | |
CommVault Systems, Inc. (a) | 333,545 | 20,513,018 | |
Consensus Cloud Solutions, Inc. (a) | 105,761 | 6,697,844 | |
Couchbase, Inc. (b) | 71,248 | 2,872,719 | |
CS Disco, Inc. (b) | 94,363 | 5,411,718 | |
Digimarc Corp. (a)(b) | 93,439 | 4,721,473 | |
Digital Turbine, Inc. (a) | 661,071 | 56,891,770 | |
Domo, Inc. Class B (a) | 200,492 | 17,713,468 | |
E2open Parent Holdings, Inc. (a)(b) | 1,182,870 | 14,785,875 | |
Ebix, Inc. (b) | 169,836 | 5,572,319 | |
eGain Communications Corp. (a) | 157,401 | 1,624,378 | |
Envestnet, Inc. (a) | 396,950 | 33,145,325 | |
EverCommerce, Inc. (b) | 120,893 | 2,500,067 | |
GTY Technology Holdings, Inc. (a)(b) | 231,495 | 1,759,362 | |
Instructure Holdings, Inc. (b) | 87,242 | 2,200,243 | |
Intapp, Inc. | 74,335 | 2,007,045 | |
Intelligent Systems Corp. (a)(b) | 54,624 | 2,312,234 | |
InterDigital, Inc. | 221,530 | 14,831,434 | |
JFrog Ltd. (a)(b) | 390,929 | 12,779,469 | |
Kaltura, Inc. (b) | 127,288 | 1,201,599 | |
LivePerson, Inc. (a)(b) | 471,957 | 24,310,505 | |
Marathon Digital Holdings, Inc. (a)(b) | 693,477 | 36,227,238 | |
MeridianLink, Inc. | 93,054 | 2,247,254 | |
MicroStrategy, Inc. Class A (a)(b) | 56,992 | 40,752,700 | |
Mimecast Ltd. (a) | 444,389 | 33,524,706 | |
Mitek Systems, Inc. (a)(b) | 318,912 | 6,005,113 | |
Model N, Inc. (a)(b) | 260,815 | 8,453,014 | |
Momentive Global, Inc. (a) | 946,245 | 21,687,935 | |
ON24, Inc. (a) | 202,734 | 3,878,301 | |
Onespan, Inc. (a) | 257,666 | 5,261,540 | |
Pagerduty, Inc. (a) | 589,409 | 24,607,826 | |
Ping Identity Holding Corp. (a)(b) | 363,510 | 10,298,238 | |
Progress Software Corp. | 322,286 | 16,568,723 | |
PROS Holdings, Inc. (a) | 294,271 | 8,828,130 | |
Q2 Holdings, Inc. (a) | 400,958 | 31,459,165 | |
QAD, Inc. Class A | 88,358 | 7,743,695 | |
Qualys, Inc. (a) | 247,758 | 30,840,916 | |
Rapid7, Inc. (a) | 404,895 | 52,130,231 | |
Rekor Systems, Inc. (a)(b) | 257,418 | 3,500,885 | |
Rimini Street, Inc. (a) | 320,870 | 3,340,257 | |
Riot Blockchain, Inc. (a)(b) | 613,186 | 16,690,923 | |
SailPoint Technologies Holding, Inc. (a) | 667,695 | 32,036,006 | |
Sapiens International Corp. NV | 227,702 | 7,953,631 | |
SecureWorks Corp. (a) | 70,605 | 1,300,544 | |
ShotSpotter, Inc. (a)(b) | 63,090 | 2,454,832 | |
Smith Micro Software, Inc. (a) | 348,525 | 1,986,593 | |
Sprout Social, Inc. (a) | 325,061 | 41,503,788 | |
SPS Commerce, Inc. (a) | 262,224 | 40,049,472 | |
Sumo Logic, Inc. (a)(b) | 628,340 | 10,851,432 | |
Telos Corp. (b) | 292,427 | 7,576,784 | |
Tenable Holdings, Inc. (a) | 661,846 | 35,243,300 | |
Upland Software, Inc. (a) | 216,604 | 7,228,075 | |
Varonis Systems, Inc. (a) | 771,498 | 49,946,781 | |
Verint Systems, Inc. (a) | 468,218 | 21,818,959 | |
Veritone, Inc. (a)(b) | 208,216 | 6,227,741 | |
Viant Technology, Inc. | 17,665 | 207,564 | |
VirnetX Holding Corp. (a)(b) | 451,008 | 1,736,381 | |
Vonage Holdings Corp. (a) | 1,756,711 | 28,318,181 | |
Workiva, Inc. (a) | 311,567 | 46,594,845 | |
Xperi Holding Corp. | 694,460 | 12,444,723 | |
Yext, Inc. (a) | 824,302 | 10,377,962 | |
Zix Corp. (a)(b) | 413,023 | 3,498,305 | |
Zuora, Inc. (a)(b) | 811,646 | 17,742,582 | |
1,402,062,582 | |||
Technology Hardware, Storage & Peripherals - 0.3% | |||
3D Systems Corp. (a)(b) | 880,502 | 24,794,936 | |
Avid Technology, Inc. (a) | 262,912 | 7,529,800 | |
Corsair Gaming, Inc. (a)(b) | 205,041 | 5,013,252 | |
Diebold Nixdorf, Inc. (a)(b) | 523,393 | 4,710,537 | |
Eastman Kodak Co. (a)(b) | 384,015 | 2,607,462 | |
Quantum Corp. (a) | 418,010 | 2,386,837 | |
Super Micro Computer, Inc. (a) | 314,881 | 11,143,639 | |
Turtle Beach Corp. (a)(b) | 111,987 | 3,220,746 | |
61,407,209 | |||
TOTAL INFORMATION TECHNOLOGY | 3,130,030,212 | ||
MATERIALS - 3.7% | |||
Chemicals - 1.9% | |||
AdvanSix, Inc. | 196,424 | 9,546,206 | |
American Vanguard Corp. | 209,540 | 3,264,633 | |
Amyris, Inc. (a)(b) | 1,239,402 | 18,367,938 | |
Avient Corp. | 658,547 | 35,482,512 | |
Balchem Corp. | 232,018 | 35,519,636 | |
Cabot Corp. | 405,567 | 21,636,999 | |
Chase Corp. | 52,800 | 5,068,800 | |
Danimer Scientific, Inc. (a)(b) | 502,607 | 7,418,479 | |
Ecovyst, Inc. | 361,156 | 4,218,302 | |
Ferro Corp. (a) | 585,502 | 12,307,252 | |
FutureFuel Corp. | 119,862 | 846,226 | |
GCP Applied Technologies, Inc. (a) | 357,682 | 8,087,190 | |
H.B. Fuller Co. | 377,132 | 26,591,577 | |
Hawkins, Inc. | 140,251 | 5,143,004 | |
Ingevity Corp. (a) | 288,478 | 22,475,321 | |
Innospec, Inc. | 176,711 | 16,011,784 | |
Intrepid Potash, Inc. (a) | 72,190 | 3,516,375 | |
Koppers Holdings, Inc. (a) | 149,793 | 5,256,236 | |
Kraton Performance Polymers, Inc. (a) | 228,563 | 10,433,901 | |
Kronos Worldwide, Inc. | 138,804 | 1,808,616 | |
Livent Corp. (a)(b) | 1,177,125 | 33,218,468 | |
Marrone Bio Innovations, Inc. (a) | 735,815 | 644,648 | |
Minerals Technologies, Inc. | 241,189 | 17,109,948 | |
Orion Engineered Carbons SA (a) | 435,405 | 8,185,614 | |
PureCycle Technologies, Inc. (a)(b) | 269,375 | 3,606,931 | |
Quaker Chemical Corp. (b) | 97,947 | 24,079,290 | |
Rayonier Advanced Materials, Inc. (a) | 417,864 | 3,000,264 | |
Sensient Technologies Corp. | 304,609 | 29,120,620 | |
Stepan Co. | 154,702 | 18,567,334 | |
Tredegar Corp. | 173,133 | 2,087,984 | |
Trinseo PLC (b) | 281,242 | 15,766,427 | |
Tronox Holdings PLC | 831,802 | 19,397,623 | |
Valhi, Inc. | 14,487 | 335,519 | |
Zymergen, Inc. (a)(b) | 152,522 | 1,616,733 | |
429,738,390 | |||
Construction Materials - 0.2% | |||
Forterra, Inc. (a) | 215,260 | 5,127,493 | |
Summit Materials, Inc. (a) | 862,413 | 30,745,023 | |
United States Lime & Minerals, Inc. | 15,171 | 1,873,315 | |
37,745,831 | |||
Containers & Packaging - 0.3% | |||
Greif, Inc.: | |||
Class A | 223,210 | 14,437,223 | |
Class B | 1,714 | 111,856 | |
Myers Industries, Inc. | 259,709 | 5,344,811 | |
O-I Glass, Inc. (a) | 1,143,874 | 14,927,556 | |
Pactiv Evergreen, Inc. | 310,252 | 4,315,605 | |
Ranpak Holdings Corp. (A Shares) (a) | 274,784 | 9,469,057 | |
TriMas Corp. | 310,339 | 10,349,806 | |
UFP Technologies, Inc. (a) | 49,826 | 3,083,731 | |
62,039,645 | |||
Metals & Mining - 1.1% | |||
Allegheny Technologies, Inc. (a) | 934,858 | 15,051,214 | |
Arconic Corp. (a) | 799,387 | 23,517,966 | |
Carpenter Technology Corp. | 342,514 | 10,576,832 | |
Century Aluminum Co. (a)(b) | 375,505 | 4,960,421 | |
Coeur d'Alene Mines Corp. (a)(b) | 1,865,398 | 11,807,969 | |
Commercial Metals Co. | 870,265 | 28,005,128 | |
Compass Minerals International, Inc. (b) | 247,985 | 16,267,816 | |
Constellium NV (a) | 890,207 | 16,388,711 | |
Ferroglobe Representation & Warranty Insurance (a)(c) | 73,951 | 1 | |
Gatos Silver, Inc. | 339,151 | 4,103,727 | |
Haynes International, Inc. | 89,531 | 3,592,879 | |
Hecla Mining Co. | 3,867,159 | 22,352,179 | |
Kaiser Aluminum Corp. | 114,668 | 11,138,850 | |
Materion Corp. | 148,059 | 10,686,899 | |
MP Materials Corp. (a)(b) | 530,642 | 17,962,232 | |
Novagold Resources, Inc. (a)(b) | 1,725,195 | 12,611,175 | |
Olympic Steel, Inc. | 67,629 | 1,823,954 | |
Perpetua Resources Corp. (a)(b) | 191,541 | 911,735 | |
PolyMet Mining Corp. (a)(b) | 200,301 | 671,008 | |
Ryerson Holding Corp. | 120,420 | 3,174,271 | |
Schnitzer Steel Industries, Inc. Class A | 186,471 | 10,032,140 | |
SunCoke Energy, Inc. | 591,372 | 4,269,706 | |
TimkenSteel Corp. (a)(b) | 334,201 | 4,662,104 | |
Warrior Metropolitan Coal, Inc. | 372,566 | 8,930,407 | |
Worthington Industries, Inc. | 245,385 | 13,329,313 | |
256,828,637 | |||
Paper & Forest Products - 0.2% | |||
Clearwater Paper Corp. (a) | 123,814 | 5,179,140 | |
Domtar Corp. (a) | 363,193 | 19,826,706 | |
Glatfelter Corp. | 329,133 | 5,407,655 | |
Neenah, Inc. | 111,825 | 5,651,636 | |
Schweitzer-Mauduit International, Inc. | 235,086 | 8,190,396 | |
Verso Corp. | 192,639 | 4,253,469 | |
48,509,002 | |||
TOTAL MATERIALS | 834,861,505 | ||
REAL ESTATE - 6.8% | |||
Equity Real Estate Investment Trusts (REITs) - 6.1% | |||
Acadia Realty Trust (SBI) | 640,471 | 13,693,270 | |
Agree Realty Corp. | 519,824 | 36,938,693 | |
Alexander & Baldwin, Inc. | 533,258 | 13,080,819 | |
Alexanders, Inc. | 16,850 | 4,697,443 | |
American Assets Trust, Inc. | 373,481 | 14,128,786 | |
American Finance Trust, Inc. | 916,589 | 7,589,357 | |
Apartment Investment & Management Co. Class A | 1,099,251 | 8,332,323 | |
Apple Hospitality (REIT), Inc. | 1,577,626 | 24,784,504 | |
Armada Hoffler Properties, Inc. | 466,270 | 6,392,562 | |
Ashford Hospitality Trust, Inc. (a)(b) | 159,630 | 2,255,572 | |
Braemar Hotels & Resorts, Inc. (a) | 401,970 | 2,042,008 | |
Brandywine Realty Trust (SBI) | 1,287,809 | 17,063,469 | |
Broadstone Net Lease, Inc. | 1,135,855 | 30,202,384 | |
BRT Apartments Corp. | 83,217 | 1,656,018 | |
CareTrust (REIT), Inc. | 737,099 | 15,294,804 | |
CatchMark Timber Trust, Inc. | 388,128 | 3,322,376 | |
Centerspace | 106,383 | 10,770,215 | |
Chatham Lodging Trust (a) | 362,290 | 4,597,460 | |
City Office REIT, Inc. | 321,463 | 6,098,153 | |
Clipper Realty, Inc. | 98,319 | 843,577 | |
Columbia Property Trust, Inc. | 840,451 | 16,111,446 | |
Community Healthcare Trust, Inc. | 192,718 | 9,219,629 | |
CorePoint Lodging, Inc. (a) | 291,178 | 5,019,909 | |
Corporate Office Properties Trust (SBI) | 846,213 | 22,949,297 | |
CTO Realty Growth, Inc. (b) | 43,410 | 2,327,210 | |
DiamondRock Hospitality Co. (a) | 1,537,438 | 13,898,440 | |
Digitalbridge Group, Inc. (a)(b) | 3,547,457 | 23,767,962 | |
Diversified Healthcare Trust (SBI) | 1,574,184 | 5,730,030 | |
Easterly Government Properties, Inc. | 675,596 | 14,207,784 | |
EastGroup Properties, Inc. | 298,652 | 59,067,393 | |
Empire State Realty Trust, Inc. | 1,050,524 | 10,169,072 | |
Equity Commonwealth | 866,020 | 22,455,899 | |
Essential Properties Realty Trust, Inc. | 883,203 | 26,310,617 | |
Farmland Partners, Inc. | 221,930 | 2,494,493 | |
Four Corners Property Trust, Inc. | 579,540 | 16,806,660 | |
Franklin Street Properties Corp. | 657,311 | 2,957,900 | |
Getty Realty Corp. | 315,384 | 10,130,134 | |
Gladstone Commercial Corp. | 290,547 | 6,351,357 | |
Gladstone Land Corp. | 221,322 | 4,900,069 | |
Global Medical REIT, Inc. | 498,578 | 8,266,423 | |
Global Net Lease, Inc. | 775,396 | 12,421,844 | |
Healthcare Realty Trust, Inc. | 1,086,844 | 35,931,063 | |
Hersha Hospitality Trust (a) | 252,652 | 2,256,182 | |
Independence Realty Trust, Inc. | 792,186 | 18,719,355 | |
Indus Realty Trust, Inc. | 33,822 | 2,357,393 | |
Industrial Logistics Properties Trust | 501,458 | 14,085,955 | |
iStar Financial, Inc. | 507,592 | 12,811,622 | |
Kite Realty Group Trust | 1,597,770 | 32,434,731 | |
Lexington Corporate Properties Trust | 2,051,089 | 29,884,367 | |
LTC Properties, Inc. | 306,765 | 9,773,533 | |
Mack-Cali Realty Corp. (a) | 649,086 | 11,806,874 | |
Monmouth Real Estate Investment Corp. Class A | 722,398 | 13,617,202 | |
National Health Investors, Inc. | 331,215 | 17,812,743 | |
National Storage Affiliates Trust | 608,678 | 38,018,028 | |
NETSTREIT Corp. | 323,736 | 7,847,361 | |
NexPoint Residential Trust, Inc. | 168,378 | 11,924,530 | |
Office Properties Income Trust | 362,378 | 9,284,124 | |
One Liberty Properties, Inc. | 126,769 | 3,962,799 | |
Outfront Media, Inc. | 1,067,346 | 26,566,242 | |
Paramount Group, Inc. | 1,376,751 | 11,674,848 | |
Pebblebrook Hotel Trust | 955,474 | 21,459,946 | |
Phillips Edison & Co., Inc. | 143,297 | 4,318,972 | |
Physicians Realty Trust | 1,642,678 | 31,227,309 | |
Piedmont Office Realty Trust, Inc. Class A | 933,546 | 16,579,777 | |
Plymouth Industrial REIT, Inc. | 233,876 | 5,977,871 | |
Postal Realty Trust, Inc. | 105,636 | 2,052,507 | |
Potlatch Corp. | 488,445 | 25,531,020 | |
Preferred Apartment Communities, Inc. Class A | 375,087 | 4,729,847 | |
PS Business Parks, Inc. | 151,545 | 26,929,547 | |
Retail Opportunity Investments Corp. | 901,569 | 16,020,881 | |
Retail Value, Inc. | 132,532 | 829,650 | |
RLJ Lodging Trust | 1,217,568 | 17,557,331 | |
RPT Realty | 613,325 | 8,151,089 | |
Ryman Hospitality Properties, Inc. (a) | 392,924 | 33,610,719 | |
Sabra Health Care REIT, Inc. | 1,638,661 | 23,187,053 | |
Safehold, Inc. | 138,763 | 10,365,596 | |
Saul Centers, Inc. | 96,072 | 4,457,741 | |
Seritage Growth Properties (a) | 233,408 | 3,594,483 | |
Service Properties Trust | 1,217,198 | 13,109,222 | |
SITE Centers Corp. | 1,281,879 | 20,369,057 | |
Stag Industrial, Inc. | 1,225,234 | 53,334,436 | |
Summit Hotel Properties, Inc. (a) | 777,759 | 7,777,590 | |
Sunstone Hotel Investors, Inc. (a) | 1,602,568 | 19,775,689 | |
Tanger Factory Outlet Centers, Inc. | 743,796 | 12,495,773 | |
Terreno Realty Corp. | 525,668 | 38,442,101 | |
The GEO Group, Inc. (b) | 967,741 | 7,916,121 | |
The Macerich Co. | 1,553,257 | 28,098,419 | |
UMH Properties, Inc. | 328,309 | 7,859,717 | |
Uniti Group, Inc. | 1,439,574 | 20,600,304 | |
Universal Health Realty Income Trust (SBI) | 91,301 | 5,201,418 | |
Urban Edge Properties | 855,430 | 14,995,688 | |
Urstadt Biddle Properties, Inc. Class A | 229,518 | 4,507,734 | |
Washington REIT (SBI) | 620,501 | 15,729,700 | |
Whitestone REIT Class B | 356,708 | 3,274,579 | |
Xenia Hotels & Resorts, Inc. (a) | 832,434 | 14,817,325 | |
1,375,002,525 | |||
Real Estate Management & Development - 0.7% | |||
Cushman & Wakefield PLC (a)(b) | 1,014,430 | 18,655,368 | |
eXp World Holdings, Inc. (b) | 458,480 | 23,657,568 | |
Fathom Holdings, Inc. (a)(b) | 38,991 | 986,082 | |
Forestar Group, Inc. (a) | 134,802 | 2,638,075 | |
FRP Holdings, Inc. (a) | 46,440 | 2,656,368 | |
Kennedy-Wilson Holdings, Inc. | 854,579 | 19,116,932 | |
Marcus & Millichap, Inc. (a) | 171,888 | 8,095,925 | |
Newmark Group, Inc. | 1,085,431 | 16,151,213 | |
Rafael Holdings, Inc. (a)(b) | 75,554 | 571,188 | |
RE/MAX Holdings, Inc. | 139,482 | 4,436,922 | |
Realogy Holdings Corp. (a) | 837,123 | 14,498,970 | |
Redfin Corp. (a)(b) | 748,716 | 38,439,079 | |
Tejon Ranch Co. (a) | 152,514 | 2,777,280 | |
The RMR Group, Inc. | 106,040 | 3,689,132 | |
The St. Joe Co. | 242,774 | 11,415,233 | |
167,785,335 | |||
TOTAL REAL ESTATE | 1,542,787,860 | ||
UTILITIES - 2.4% | |||
Electric Utilities - 0.6% | |||
Allete, Inc. | 381,692 | 23,489,326 | |
MGE Energy, Inc. | 264,292 | 20,057,120 | |
Otter Tail Corp. | 298,806 | 18,528,960 | |
PNM Resources, Inc. | 631,471 | 31,415,682 | |
Portland General Electric Co. | 653,570 | 32,227,537 | |
Via Renewables, Inc. Class A, (b) | 85,276 | 950,827 | |
126,669,452 | |||
Gas Utilities - 0.8% | |||
Brookfield Infrastructure Corp. A Shares | 388,371 | 23,550,817 | |
Chesapeake Utilities Corp. | 124,805 | 16,358,191 | |
New Jersey Resources Corp. | 697,171 | 26,360,036 | |
Northwest Natural Holding Co. | 221,299 | 9,978,372 | |
ONE Gas, Inc. | 388,856 | 26,170,009 | |
South Jersey Industries, Inc. | 754,258 | 17,166,912 | |
Southwest Gas Corp. | 430,351 | 29,801,807 | |
Spire, Inc. (b) | 367,987 | 23,094,864 | |
172,481,008 | |||
Independent Power and Renewable Electricity Producers - 0.3% | |||
Clearway Energy, Inc.: | |||
Class A | 869,426 | 28,682,364 | |
Class C | 20,366 | 722,586 | |
Ormat Technologies, Inc. (b) | 328,259 | 23,742,973 | |
Sunnova Energy International, Inc. (a)(b) | 627,886 | 27,978,600 | |
81,126,523 | |||
Multi-Utilities - 0.3% | |||
Avista Corp. | 504,204 | 20,072,361 | |
Black Hills Corp. | 460,443 | 30,564,206 | |
NorthWestern Energy Corp. | 377,785 | 21,480,855 | |
Unitil Corp. | 114,600 | 4,784,550 | |
76,901,972 | |||
Water Utilities - 0.4% | |||
American States Water Co. | 267,129 | 24,265,998 | |
Artesian Resources Corp. Class A | 57,941 | 2,330,387 | |
Cadiz, Inc. (a)(b) | 181,717 | 1,103,022 | |
California Water Service Group | 376,113 | 22,897,759 | |
Global Water Resources, Inc. | 94,728 | 1,792,254 | |
Middlesex Water Co. | 124,886 | 13,752,446 | |
Pure Cycle Corp. (a) | 161,239 | 2,529,840 | |
SJW Corp. | 199,363 | 13,142,009 | |
York Water Co. | 95,806 | 4,591,024 | |
86,404,739 | |||
TOTAL UTILITIES | 543,583,694 | ||
TOTAL COMMON STOCKS | |||
(Cost $16,522,836,125) | 22,033,060,058 | ||
Principal Amount | Value | ||
Nonconvertible Bonds - 0.0% | |||
FINANCIALS - 0.0% | |||
Capital Markets - 0.0% | |||
GAMCO Investors, Inc. 4% 6/15/23 (Cost $63,000)(d) | 63,000 | 62,830 | |
Shares | Value | ||
Money Market Funds - 14.7% | |||
Fidelity Cash Central Fund 0.06% (e) | 627,820,567 | 627,946,131 | |
Fidelity Securities Lending Cash Central Fund 0.06% (e)(f) | 2,716,475,416 | 2,716,747,064 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $3,344,675,232) | 3,344,693,195 | ||
TOTAL INVESTMENT IN SECURITIES - 111.7% | |||
(Cost $19,867,574,357) | 25,377,816,083 | ||
NET OTHER ASSETS (LIABILITIES) - (11.7)% | (2,660,631,506) | ||
NET ASSETS - 100% | $22,717,184,577 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Russell 2000 Index Contracts (United States) | 5,928 | Dec. 2021 | $680,326,920 | $20,343,097 | $20,343,097 |
The notional amount of futures purchased as a percentage of Net Assets is 3.0%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Level 3 security
(d) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(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% | $202,920,958 | $2,996,113,306 | $2,571,088,133 | $81,617 | $-- | $-- | $627,946,131 | 1.0% |
Fidelity Securities Lending Cash Central Fund 0.06% | 2,238,021,415 | 4,345,853,348 | 3,867,127,700 | 6,432,847 | -- | 1 | 2,716,747,064 | 7.2% |
Total | $2,440,942,373 | $7,341,966,654 | $6,438,215,833 | $6,514,464 | $-- | $1 | $3,344,693,195 |
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 October 31, 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 | $760,760,940 | $760,760,940 | $-- | $-- |
Consumer Discretionary | 2,470,018,914 | 2,470,018,914 | -- | -- |
Consumer Staples | 691,010,769 | 691,010,769 | -- | -- |
Energy | 1,047,064,121 | 1,047,064,121 | -- | -- |
Financials | 3,460,312,274 | 3,460,312,274 | -- | -- |
Health Care | 4,300,319,323 | 4,297,953,186 | 2,361,821 | 4,316 |
Industrials | 3,252,310,446 | 3,252,310,446 | -- | -- |
Information Technology | 3,130,030,212 | 3,130,030,212 | -- | -- |
Materials | 834,861,505 | 834,861,504 | -- | 1 |
Real Estate | 1,542,787,860 | 1,542,787,860 | -- | -- |
Utilities | 543,583,694 | 543,583,694 | -- | -- |
Corporate Bonds | 62,830 | -- | 62,830 | -- |
Money Market Funds | 3,344,693,195 | 3,344,693,195 | -- | -- |
Total Investments in Securities: | $25,377,816,083 | $25,375,387,115 | $2,424,651 | $4,317 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $20,343,097 | $20,343,097 | $-- | $-- |
Total Assets | $20,343,097 | $20,343,097 | $-- | $-- |
Total Derivative Instruments: | $20,343,097 | $20,343,097 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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) | $20,343,097 | $0 |
Total Equity Risk | 20,343,097 | 0 |
Total Value of Derivatives | $20,343,097 | $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.
Fidelity® Small Cap Index Fund
Financial Statements
Statement of Assets and Liabilities
October 31, 2021 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $2,643,157,041) — See accompanying schedule: Unaffiliated issuers (cost $16,522,899,125) | $22,033,122,888 | |
Fidelity Central Funds (cost $3,344,675,232) | 3,344,693,195 | |
Total Investment in Securities (cost $19,867,574,357) | $25,377,816,083 | |
Segregated cash with brokers for derivative instruments | 41,741,700 | |
Cash | 5,211,302 | |
Receivable for fund shares sold | 25,743,367 | |
Dividends receivable | 4,870,601 | |
Interest receivable | 957 | |
Distributions receivable from Fidelity Central Funds | 1,047,358 | |
Receivable for daily variation margin on futures contracts | 54,643 | |
Other receivables | 32,997 | |
Total assets | 25,456,519,008 | |
Liabilities | ||
Payable for investments purchased | $1,201,718 | |
Payable for fund shares redeemed | 15,744,580 | |
Accrued management fee | 464,125 | |
Deferred dividend income | 5,220,873 | |
Collateral on securities loaned | 2,716,703,135 | |
Total liabilities | 2,739,334,431 | |
Net Assets | $22,717,184,577 | |
Net Assets consist of: | ||
Paid in capital | $16,058,237,008 | |
Total accumulated earnings (loss) | 6,658,947,569 | |
Net Assets | $22,717,184,577 | |
Net Asset Value, offering price and redemption price per share ($22,717,184,577 ÷ 778,222,302 shares) | $29.19 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended October 31, 2021 (Unaudited) | ||
Investment Income | ||
Dividends | $113,639,518 | |
Interest | 915 | |
Income from Fidelity Central Funds (including $6,432,847 from security lending) | 6,514,464 | |
Total income | 120,154,897 | |
Expenses | ||
Management fee | $2,686,979 | |
Independent trustees' fees and expenses | 32,441 | |
Total expenses before reductions | 2,719,420 | |
Expense reductions | (61) | |
Total expenses after reductions | 2,719,359 | |
Net investment income (loss) | 117,435,538 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 1,240,130,964 | |
Futures contracts | (1,885,282) | |
Total net realized gain (loss) | 1,238,245,682 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (967,749,881) | |
Fidelity Central Funds | 1 | |
Futures contracts | 17,312,652 | |
Total change in net unrealized appreciation (depreciation) | (950,437,228) | |
Net gain (loss) | 287,808,454 | |
Net increase (decrease) in net assets resulting from operations | $405,243,992 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended October 31, 2021 (Unaudited) | Year ended April 30, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $117,435,538 | $160,835,481 |
Net realized gain (loss) | 1,238,245,682 | 92,878,602 |
Change in net unrealized appreciation (depreciation) | (950,437,228) | 7,654,220,397 |
Net increase (decrease) in net assets resulting from operations | 405,243,992 | 7,907,934,480 |
Distributions to shareholders | (51,248,406) | (149,090,960) |
Share transactions | ||
Proceeds from sales of shares | 4,916,032,914 | 8,754,671,056 |
Reinvestment of distributions | 48,798,910 | 143,821,664 |
Cost of shares redeemed | (3,817,006,006) | (5,369,268,250) |
Net increase (decrease) in net assets resulting from share transactions | 1,147,825,818 | 3,529,224,470 |
Total increase (decrease) in net assets | 1,501,821,404 | 11,288,067,990 |
Net Assets | ||
Beginning of period | 21,215,363,173 | 9,927,295,183 |
End of period | $22,717,184,577 | $21,215,363,173 |
Other Information | ||
Shares | ||
Sold | 171,841,127 | 373,282,279 |
Issued in reinvestment of distributions | 1,685,045 | 6,215,163 |
Redeemed | (133,244,916) | (239,596,382) |
Net increase (decrease) | 40,281,256 | 139,901,060 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Small Cap Index Fund
Six months ended (Unaudited) October 31, | Years endedApril 30, | |||||
2021 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $28.75 | $16.60 | $20.43 | $20.49 | $19.03 | $15.48 |
Income from Investment Operations | ||||||
Net investment income (loss)A | .15 | .25 | .27 | .27 | .28 | .25 |
Net realized and unrealized gain (loss) | .36 | 12.13 | (3.48) | .60 | 1.93 | 3.72 |
Total from investment operations | .51 | 12.38 | (3.21) | .87 | 2.21 | 3.97 |
Distributions from net investment income | (.06) | (.23) | (.28) | (.23) | (.23) | (.23) |
Distributions from net realized gain | (.01) | – | (.35) | (.70) | (.51) | (.19) |
Total distributions | (.07) | (.23) | (.62)B | (.93) | (.75)B | (.42) |
Redemption fees added to paid in capitalA | – | – | – | – | – | –C |
Net asset value, end of period | $29.19 | $28.75 | $16.60 | $20.43 | $20.49 | $19.03 |
Total ReturnD,E | 1.77% | 74.95% | (16.27)% | 4.74% | 11.73% | 25.90% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductions | .02%H,I | .03% | .03% | .03% | .04% | .05% |
Expenses net of fee waivers, if any | .02%H,I | .03% | .03% | .03% | .04% | .04% |
Expenses net of all reductions | .02%H,I | .03% | .03% | .03% | .04% | .04% |
Net investment income (loss) | 1.08%H | 1.09% | 1.42% | 1.37% | 1.38% | 1.44% |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $22,717,185 | $21,215,363 | $9,927,295 | $8,564,571 | $353,568 | $169,906 |
Portfolio turnover rateJ | 34%H,K | 19% | 17% | 18% | 14%K | 11% |
A Calculated based on average shares outstanding during the period.
B Total distributions per share do not sum due to rounding.
C Amount represents less than $.005 per share.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Annualized
I The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended October 31, 2021
1. Organization.
Fidelity Mid Cap Index Fund and Fidelity Small Cap Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense 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.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the Fair Value Committee (the Committee) established by each Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, each 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, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees each 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 each Fund's investments and ratifies the fair value determinations of the Committee.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
- Level 1 – quoted prices in active markets for identical investments
- Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
- Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of each Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. For Fidelity Small Cap Index Fund, a non-recurring dividend with a payable date of October 29, 2021 and an ex-date of November 1, 2021 is presented in the Statement of Assets and Liabilities as "Deferred dividend income". Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
Fidelity Mid Cap Index Fund | $74,875 |
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
Tax cost | Gross unrealized appreciation | Gross unrealized depreciation | Net unrealized appreciation (depreciation) | |
Fidelity Mid Cap Index Fund | $18,081,720,044 | $8,460,267,689 | $(793,356,883) | $7,666,910,806 |
Fidelity Small Cap Index Fund | 20,091,200,907 | 6,788,555,008 | (1,481,596,735) | 5,306,958,273 |
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds 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 Funds 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 Funds may not achieve their objectives.
The Funds' use of derivatives increased or decreased their exposure to the following risk:
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 Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds 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 Funds. 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 Funds used futures contracts to manage their 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 ($) | |
Fidelity Mid Cap Index Fund | 3,625,806,133 | 1,956,021,060 |
Fidelity Small Cap Index Fund | 5,545,938,713 | 3,636,864,781 |
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
Shares | Total net realized gain or loss ($) | Total Proceeds ($) | |
Fidelity Mid Cap Index Fund | 5,630,278 | 102,053,673 | 178,817,642 |
Fidelity Small Cap Index Fund | 31,228,555 | 585,506,698 | 907,274,643 |
Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
Shares | Total Proceeds ($) | |
Fidelity Mid Cap Index Fund | 14,198,868 | 357,669,486 |
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is based on an annual rate of .025% of each Fund's average net assets. The management fee is reduced by an amount equal to the fees and expenses paid by each Fund to the independent Trustees. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.
Under the expense contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, as necessary so that the total expenses do not exceed .025% of each Fund's average net assets. These expense contracts will remain in place through June 30, 2022.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding is presented in the table below. Interest expense on borrowings is paid by the investment adviser under the Expense Contract.
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | |
Fidelity Mid Cap Index Fund | Borrower | $64,524,333 | .32% |
Fidelity Small Cap Index Fund | Borrower | $69,632,000 | .33% |
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. During the period there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
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 Mid Cap Index Fund | $93,830 | $4,423 | $321,446 |
Fidelity Small Cap Index Fund | $666,906 | $248,731 | $33,953,477 |
9. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
Custodian credits | |
Fidelity Mid Cap Index Fund | $11 |
Fidelity Small Cap Index Fund | 61 |
10. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the 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 Funds' performance.
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 (May 1, 2021 to October 31, 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 May 1, 2021 | Ending Account Value October 31, 2021 | Expenses Paid During Period-B May 1, 2021 to October 31, 2021 | |
Fidelity Mid Cap Index Fund | .02% | |||
Actual | $1,000.00 | $1,073.20 | $.10 | |
Hypothetical-C | $1,000.00 | $1,025.10 | $.10 | |
Fidelity Small Cap Index Fund | .02% | |||
Actual | $1,000.00 | $1,017.70 | $.10 | |
Hypothetical-C | $1,000.00 | $1,025.10 | $.10 |
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 184/ 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
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Mid Cap Index Fund
Fidelity Small Cap Index Fund
Fidelity Mid Cap Index Fund
The Board considered that (i) effective July 1, 2016, the fund's management fee rate was reduced from 0.12% to 0.04%; (ii) effective August 1, 2017, the fund's management fee rate was further reduced from 0.04% to 0.035%; and (iii) effective August 1, 2018, the fund's management fee rate was further reduced from 0.035% to 0.025%. The Board considered that the chart below reflects the fund's lower management fee rates for 2016, 2017, and 2018, as if the lower fee rates were in effect for the entire year.
Fidelity Small Cap Index Fund
The Board considered that (i) effective July 1, 2016, the fund's management fee rate was reduced from 0.15% to 0.04%; (ii) effective August 1, 2017, the fund's management fee rate was further reduced from 0.04% to 0.035%; and (iii) effective August 1, 2018, the fund's management fee rate was further reduced from 0.035% to 0.025%. The Board considered that the chart below reflects the fund's lower management fee rates for 2016, 2017, and 2018, as if the lower fee rates were in effect for the entire year.
MCX-I-SCX-I-SANN-1221
1.929323.110
Fidelity® Large Cap Growth Index Fund
Semi-Annual Report
October 31, 2021
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). The LSE Group does not accept any liability whatsoever to any person arising out of the use of the fund or the underlying data.
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. © 2021 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.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2021
% of fund's net assets | |
Microsoft Corp. | 10.7 |
Apple, Inc. | 10.1 |
Amazon.com, Inc. | 6.3 |
Tesla, Inc. | 3.8 |
Meta Platforms, Inc. Class A | 3.3 |
Alphabet, Inc. Class A | 3.3 |
Alphabet, Inc. Class C | 3.1 |
NVIDIA Corp. | 2.6 |
The Home Depot, Inc. | 1.7 |
Visa, Inc. Class A | 1.5 |
46.4 |
Top Market Sectors as of October 31, 2021
% of fund's net assets | |
Information Technology | 44.7 |
Consumer Discretionary | 18.8 |
Communication Services | 12.3 |
Health Care | 8.8 |
Industrials | 5.9 |
Consumer Staples | 3.7 |
Financials | 2.5 |
Real Estate | 1.6 |
Materials | 1.0 |
Energy | 0.3 |
Asset Allocation (% of fund's net assets)
As of October 31, 2021* | ||
Stocks and Equity Futures | 100.0% |
* Foreign investments - 2.2%
Schedule of Investments October 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.6% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 12.3% | |||
Entertainment - 1.8% | |||
Live Nation Entertainment, Inc. (a) | 21,122 | $2,136,490 | |
Madison Square Garden Sports Corp. (a) | 2,964 | 561,708 | |
Netflix, Inc. (a) | 177,225 | 122,340,190 | |
Playtika Holding Corp. (b) | 42,470 | 1,201,052 | |
Roku, Inc. Class A (a) | 47,736 | 14,554,706 | |
Skillz, Inc. (a)(b) | 120,400 | 1,346,072 | |
Spotify Technology SA (a) | 56,024 | 16,213,346 | |
Take-Two Interactive Software, Inc. (a) | 9,399 | 1,701,219 | |
The Walt Disney Co. (a) | 37,997 | 6,424,153 | |
World Wrestling Entertainment, Inc. Class A (b) | 15,713 | 959,907 | |
Zynga, Inc. (a) | 194,394 | 1,434,628 | |
168,873,471 | |||
Interactive Media & Services - 10.1% | |||
Alphabet, Inc.: | |||
Class A (a) | 106,325 | 314,819,819 | |
Class C (a) | 99,092 | 293,848,408 | |
Match Group, Inc. (a) | 113,288 | 17,081,565 | |
Meta Platforms, Inc. Class A (a) | 982,100 | 317,778,097 | |
Pinterest, Inc. Class A (a) | 227,338 | 10,148,368 | |
TripAdvisor, Inc. (a)(b) | 24,660 | 813,040 | |
Twitter, Inc. (a) | 33,664 | 1,802,371 | |
Vimeo, Inc. (a) | 54,084 | 1,824,253 | |
Zillow Group, Inc.: | |||
Class A (a) | 24,629 | 2,603,778 | |
Class C (a)(b) | 69,122 | 7,163,113 | |
967,882,812 | |||
Media - 0.4% | |||
Altice U.S.A., Inc. Class A (a) | 61,180 | 997,234 | |
Cable One, Inc. | 1,171 | 2,003,827 | |
Charter Communications, Inc. Class A (a) | 49,777 | 33,594,000 | |
Nexstar Broadcasting Group, Inc. Class A | 1,139 | 170,770 | |
36,765,831 | |||
TOTAL COMMUNICATION SERVICES | 1,173,522,114 | ||
CONSUMER DISCRETIONARY - 18.8% | |||
Auto Components - 0.0% | |||
Aptiv PLC (a) | 20,258 | 3,502,406 | |
QuantumScape Corp. Class A (a)(b) | 60,052 | 1,737,905 | |
5,240,311 | |||
Automobiles - 3.8% | |||
Tesla, Inc. (a) | 327,166 | 364,462,924 | |
Thor Industries, Inc. | 8,857 | 903,060 | |
365,365,984 | |||
Distributors - 0.1% | |||
Pool Corp. | 15,956 | 8,219,893 | |
Diversified Consumer Services - 0.1% | |||
Bright Horizons Family Solutions, Inc. (a) | 19,872 | 3,298,752 | |
Chegg, Inc. (a) | 44,619 | 2,652,153 | |
Frontdoor, Inc. (a) | 23,957 | 893,117 | |
H&R Block, Inc. | 58,674 | 1,353,609 | |
Mister Car Wash, Inc. | 13,706 | 251,368 | |
8,448,999 | |||
Hotels, Restaurants & Leisure - 2.3% | |||
Booking Holdings, Inc. (a) | 16,819 | 40,715,099 | |
Boyd Gaming Corp. (a) | 7,210 | 459,854 | |
Caesars Entertainment, Inc. (a) | 51,907 | 5,681,740 | |
Chipotle Mexican Grill, Inc. (a) | 11,504 | 20,465,961 | |
Choice Hotels International, Inc. | 14,309 | 2,012,132 | |
Churchill Downs, Inc. | 15,108 | 3,474,840 | |
Darden Restaurants, Inc. | 36,200 | 5,217,868 | |
Domino's Pizza, Inc. | 10,234 | 5,004,119 | |
DraftKings, Inc. Class A (a)(b) | 124,483 | 5,799,663 | |
Expedia, Inc. (a) | 59,444 | 9,773,188 | |
Hilton Worldwide Holdings, Inc. (a) | 75,258 | 10,833,389 | |
Las Vegas Sands Corp. (a) | 135,616 | 5,263,257 | |
Marriott International, Inc. Class A (a) | 111,533 | 17,847,511 | |
McDonald's Corp. | 54,542 | 13,392,788 | |
Penn National Gaming, Inc. (a) | 4,262 | 305,159 | |
Planet Fitness, Inc. (a) | 23,428 | 1,863,697 | |
Six Flags Entertainment Corp. (a) | 12,114 | 498,249 | |
Starbucks Corp. | 483,504 | 51,285,269 | |
Travel+Leisure Co. | 23,035 | 1,251,722 | |
Vail Resorts, Inc. | 16,359 | 5,639,111 | |
Wendy's Co. | 72,845 | 1,624,444 | |
Wyndham Hotels & Resorts, Inc. | 23,774 | 2,008,190 | |
Wynn Resorts Ltd. (a) | 43,317 | 3,889,867 | |
Yum China Holdings, Inc. | 13,454 | 767,954 | |
Yum! Brands, Inc. | 10,366 | 1,295,128 | |
216,370,199 | |||
Household Durables - 0.2% | |||
D.R. Horton, Inc. | 56,338 | 5,029,293 | |
NVR, Inc. (a) | 886 | 4,336,793 | |
PulteGroup, Inc. | 30,761 | 1,478,989 | |
Tempur Sealy International, Inc. | 74,582 | 3,316,662 | |
Toll Brothers, Inc. | 18,601 | 1,119,222 | |
TopBuild Corp. (a) | 11,198 | 2,877,550 | |
18,158,509 | |||
Internet & Direct Marketing Retail - 6.8% | |||
Amazon.com, Inc. (a) | 178,109 | 600,660,135 | |
Doordash, Inc. | 52,004 | 10,130,379 | |
eBay, Inc. | 266,562 | 20,450,637 | |
Etsy, Inc. (a) | 51,913 | 13,014,070 | |
Wayfair LLC Class A (a)(b) | 17,142 | 4,270,072 | |
648,525,293 | |||
Leisure Products - 0.2% | |||
Brunswick Corp. | 4,138 | 385,206 | |
Mattel, Inc. (a) | 142,902 | 3,116,693 | |
Peloton Interactive, Inc. Class A (a) | 108,235 | 9,897,008 | |
Polaris, Inc. | 16,195 | 1,861,615 | |
YETI Holdings, Inc. (a) | 35,054 | 3,446,860 | |
18,707,382 | |||
Multiline Retail - 0.4% | |||
Dollar General Corp. | 41,474 | 9,187,320 | |
Nordstrom, Inc. (a)(b) | 38,084 | 1,094,153 | |
Target Corp. | 91,389 | 23,726,412 | |
34,007,885 | |||
Specialty Retail - 3.7% | |||
AutoZone, Inc. (a) | 1,887 | 3,367,993 | |
Bath & Body Works, Inc. | 57,689 | 3,985,733 | |
Best Buy Co., Inc. | 23,584 | 2,882,908 | |
Burlington Stores, Inc. (a) | 25,621 | 7,078,826 | |
CarMax, Inc. (a) | 5,766 | 789,481 | |
Carvana Co. Class A (a)(b) | 31,609 | 9,583,217 | |
Five Below, Inc. (a) | 22,582 | 4,455,429 | |
Floor & Decor Holdings, Inc. Class A (a) | 41,708 | 5,668,951 | |
GameStop Corp. Class A (a)(b) | 26,318 | 4,829,616 | |
Leslie's, Inc. (b) | 48,160 | 995,949 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 1,100 | 351,142 | |
Lowe's Companies, Inc. | 290,262 | 67,869,061 | |
O'Reilly Automotive, Inc. (a) | 8,523 | 5,304,033 | |
Petco Health & Wellness Co., Inc. (b) | 1,655 | 40,928 | |
RH (a) | 7,032 | 4,638,518 | |
Ross Stores, Inc. | 143,613 | 16,256,992 | |
The Home Depot, Inc. | 436,362 | 162,213,210 | |
TJX Companies, Inc. | 494,806 | 32,404,845 | |
Tractor Supply Co. | 47,130 | 10,235,222 | |
Ulta Beauty, Inc. (a) | 21,802 | 8,009,183 | |
Victoria's Secret & Co. (a) | 18,269 | 922,036 | |
Vroom, Inc. (a)(b) | 11,722 | 224,242 | |
Williams-Sonoma, Inc. | 23,327 | 4,332,524 | |
356,440,039 | |||
Textiles, Apparel & Luxury Goods - 1.2% | |||
Columbia Sportswear Co. | 988 | 102,594 | |
Deckers Outdoor Corp. (a) | 1,522 | 601,662 | |
Hanesbrands, Inc. | 84,832 | 1,445,537 | |
lululemon athletica, Inc. (a) | 46,760 | 21,790,628 | |
NIKE, Inc. Class B | 508,391 | 85,048,730 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 6,048 | 279,478 | |
Tapestry, Inc. | 11,504 | 448,426 | |
VF Corp. | 85,387 | 6,223,005 | |
115,940,060 | |||
TOTAL CONSUMER DISCRETIONARY | 1,795,424,554 | ||
CONSUMER STAPLES - 3.7% | |||
Beverages - 1.7% | |||
Boston Beer Co., Inc. Class A (a) | 3,832 | 1,887,183 | |
Brown-Forman Corp.: | |||
Class A | 9,419 | 603,099 | |
Class B (non-vtg.) | 37,178 | 2,524,014 | |
Monster Beverage Corp. (a) | 141,308 | 12,011,180 | |
PepsiCo, Inc. | 470,540 | 76,039,264 | |
The Coca-Cola Co. | 1,124,741 | 63,401,650 | |
156,466,390 | |||
Food & Staples Retailing - 1.0% | |||
Costco Wholesale Corp. | 169,616 | 83,373,049 | |
Sysco Corp. | 199,880 | 15,370,772 | |
98,743,821 | |||
Food Products - 0.2% | |||
Beyond Meat, Inc. (a)(b) | 20,657 | 2,044,630 | |
Darling Ingredients, Inc. (a) | 3,513 | 296,919 | |
Freshpet, Inc. (a) | 16,748 | 2,611,181 | |
Kellogg Co. | 45,826 | 2,809,134 | |
Lamb Weston Holdings, Inc. | 17,666 | 997,246 | |
Pilgrim's Pride Corp. (a) | 7,923 | 223,112 | |
The Hershey Co. | 51,442 | 9,020,355 | |
18,002,577 | |||
Household Products - 0.3% | |||
Church & Dwight Co., Inc. | 5,368 | 468,948 | |
Colgate-Palmolive Co. | 181,523 | 13,830,237 | |
Kimberly-Clark Corp. | 69,544 | 9,005,253 | |
The Clorox Co. | 40,813 | 6,652,927 | |
29,957,365 | |||
Personal Products - 0.3% | |||
Estee Lauder Companies, Inc. Class A | 93,893 | 30,452,317 | |
Herbalife Nutrition Ltd. (a) | 7,166 | 332,502 | |
30,784,819 | |||
Tobacco - 0.2% | |||
Altria Group, Inc. | 422,421 | 18,632,990 | |
TOTAL CONSUMER STAPLES | 352,587,962 | ||
ENERGY - 0.3% | |||
Energy Equipment & Services - 0.0% | |||
Halliburton Co. | 19,401 | 484,831 | |
Oil, Gas & Consumable Fuels - 0.3% | |||
Cheniere Energy, Inc. | 96,028 | 9,929,295 | |
Continental Resources, Inc. | 2,698 | 131,689 | |
Coterra Energy, Inc. | 52,081 | 1,110,367 | |
Diamondback Energy, Inc. | 35,099 | 3,762,262 | |
EOG Resources, Inc. | 28,485 | 2,633,723 | |
Hess Corp. | 7,711 | 636,697 | |
New Fortress Energy, Inc. | 10,807 | 324,210 | |
Occidental Petroleum Corp. | 43,894 | 1,471,766 | |
Pioneer Natural Resources Co. | 39,474 | 7,380,849 | |
Texas Pacific Land Corp. (b) | 2,413 | 3,073,366 | |
30,454,224 | |||
TOTAL ENERGY | 30,939,055 | ||
FINANCIALS - 2.5% | |||
Banks - 0.0% | |||
Citizens Financial Group, Inc. | 30,769 | 1,457,835 | |
Sterling Bancorp | 6,273 | 159,648 | |
Synovus Financial Corp. | 4,342 | 202,294 | |
Western Alliance Bancorp. | 21,749 | 2,524,841 | |
4,344,618 | |||
Capital Markets - 1.7% | |||
Ameriprise Financial, Inc. | 26,061 | 7,873,810 | |
Apollo Global Management LLC Class A | 74,293 | 5,716,846 | |
Ares Management Corp. | 49,535 | 4,197,596 | |
Blackstone, Inc. | 279,349 | 38,667,489 | |
FactSet Research Systems, Inc. | 13,378 | 5,938,360 | |
Goldman Sachs Group, Inc. | 7,450 | 3,079,458 | |
LPL Financial | 32,626 | 5,351,317 | |
MarketAxess Holdings, Inc. | 15,314 | 6,258,372 | |
Moody's Corp. | 63,100 | 25,501,865 | |
Morningstar, Inc. | 8,697 | 2,754,775 | |
MSCI, Inc. | 23,310 | 15,498,353 | |
Raymond James Financial, Inc. | 3,819 | 376,515 | |
S&P Global, Inc. | 69,933 | 33,159,431 | |
T. Rowe Price Group, Inc. | 30,576 | 6,631,323 | |
161,005,510 | |||
Consumer Finance - 0.5% | |||
American Express Co. | 168,198 | 29,229,448 | |
Credit Acceptance Corp. (a)(b) | 269 | 160,918 | |
Discover Financial Services | 67,488 | 7,647,740 | |
Synchrony Financial | 43,664 | 2,028,193 | |
Upstart Holdings, Inc. | 18,479 | 5,950,977 | |
45,017,276 | |||
Insurance - 0.3% | |||
Alleghany Corp. (a) | 602 | 392,131 | |
Aon PLC | 54,059 | 17,294,555 | |
Arch Capital Group Ltd. (a) | 37,272 | 1,558,715 | |
Brown & Brown, Inc. | 5,538 | 349,503 | |
Erie Indemnity Co. Class A | 7,102 | 1,461,663 | |
Everest Re Group Ltd. | 3,680 | 962,320 | |
GoHealth, Inc. (a) | 17,552 | 94,781 | |
Lemonade, Inc. (a)(b) | 1,706 | 106,045 | |
Lincoln National Corp. | 11,645 | 840,187 | |
Markel Corp. (a) | 923 | 1,212,019 | |
Marsh & McLennan Companies, Inc. | 24,592 | 4,101,946 | |
RenaissanceRe Holdings Ltd. | 8,425 | 1,194,665 | |
29,568,530 | |||
Thrifts & Mortgage Finance - 0.0% | |||
Rocket Companies, Inc. (b) | 56,554 | 932,010 | |
UWM Holdings Corp. Class A (b) | 17,878 | 121,570 | |
1,053,580 | |||
TOTAL FINANCIALS | 240,989,514 | ||
HEALTH CARE - 8.8% | |||
Biotechnology - 2.6% | |||
AbbVie, Inc. | 724,971 | 83,132,425 | |
Acceleron Pharma, Inc. (a) | 21,620 | 3,765,772 | |
Alnylam Pharmaceuticals, Inc. (a) | 48,606 | 7,755,573 | |
Amgen, Inc. | 191,823 | 39,701,606 | |
CureVac NV (a)(b) | 21,720 | 870,320 | |
Exact Sciences Corp. (a) | 64,736 | 6,164,162 | |
Exelixis, Inc. (a) | 108,796 | 2,340,202 | |
Horizon Therapeutics PLC (a) | 16,693 | 2,001,658 | |
Incyte Corp. (a) | 64,816 | 4,341,376 | |
Ionis Pharmaceuticals, Inc. (a) | 52,814 | 1,683,182 | |
Iovance Biotherapeutics, Inc. (a) | 18,198 | 442,393 | |
Mirati Therapeutics, Inc. (a) | 13,436 | 2,539,673 | |
Moderna, Inc. (a) | 138,807 | 47,917,564 | |
Natera, Inc. (a) | 31,877 | 3,652,148 | |
Neurocrine Biosciences, Inc. (a) | 38,331 | 4,040,471 | |
Novavax, Inc. (a)(b) | 30,267 | 4,504,638 | |
Regeneron Pharmaceuticals, Inc. (a) | 4,406 | 2,819,576 | |
Repligen Corp. (a) | 21,129 | 6,137,975 | |
Sarepta Therapeutics, Inc. (a) | 33,700 | 2,666,681 | |
Seagen, Inc. (a) | 48,838 | 8,611,605 | |
Ultragenyx Pharmaceutical, Inc. (a) | 19,604 | 1,645,168 | |
Vertex Pharmaceuticals, Inc. (a) | 42,515 | 7,862,299 | |
244,596,467 | |||
Health Care Equipment & Supplies - 2.9% | |||
Abbott Laboratories | 356,374 | 45,933,045 | |
Abiomed, Inc. (a) | 18,165 | 6,031,507 | |
Align Technology, Inc. (a) | 32,278 | 20,153,415 | |
Danaher Corp. | 13,528 | 4,217,625 | |
DexCom, Inc. (a) | 39,523 | 24,631,129 | |
Edwards Lifesciences Corp. (a) | 253,482 | 30,372,213 | |
Figs, Inc. Class A (a)(b) | 3,823 | 128,491 | |
Globus Medical, Inc. (a) | 1,666 | 128,565 | |
IDEXX Laboratories, Inc. (a) | 34,693 | 23,110,395 | |
Insulet Corp. (a) | 27,101 | 8,401,852 | |
Intuitive Surgical, Inc. (a) | 145,373 | 52,498,551 | |
Masimo Corp. (a) | 14,869 | 4,215,956 | |
Novocure Ltd. (a) | 41,954 | 4,303,222 | |
Penumbra, Inc. (a) | 13,843 | 3,828,282 | |
ResMed, Inc. | 53,088 | 13,957,366 | |
STERIS PLC | 4,772 | 1,115,407 | |
Stryker Corp. | 61,081 | 16,251,822 | |
Tandem Diabetes Care, Inc. (a) | 23,515 | 3,205,800 | |
Teleflex, Inc. | 3,383 | 1,207,528 | |
West Pharmaceutical Services, Inc. | 30,126 | 12,950,565 | |
276,642,736 | |||
Health Care Providers & Services - 0.6% | |||
agilon health, Inc. (a) | 26,109 | 639,671 | |
Amedisys, Inc. (a) | 11,648 | 1,972,472 | |
Cardinal Health, Inc. | 70,400 | 3,365,824 | |
Chemed Corp. | 1,666 | 803,429 | |
DaVita HealthCare Partners, Inc. (a) | 19,900 | 2,054,476 | |
Encompass Health Corp. | 22,864 | 1,453,236 | |
Guardant Health, Inc. (a)(b) | 36,808 | 4,298,806 | |
HCA Holdings, Inc. | 103,354 | 25,886,043 | |
McKesson Corp. | 9,173 | 1,906,883 | |
Molina Healthcare, Inc. (a) | 3,584 | 1,059,860 | |
Oak Street Health, Inc. (a)(b) | 36,243 | 1,711,757 | |
UnitedHealth Group, Inc. | 26,634 | 12,264,158 | |
57,416,615 | |||
Health Care Technology - 0.2% | |||
Certara, Inc. | 19,295 | 797,076 | |
Veeva Systems, Inc. Class A (a) | 56,162 | 17,803,916 | |
18,600,992 | |||
Life Sciences Tools & Services - 1.3% | |||
10X Genomics, Inc. (a) | 34,278 | 5,528,013 | |
Adaptive Biotechnologies Corp. (a) | 39,648 | 1,324,640 | |
Agilent Technologies, Inc. | 111,769 | 17,602,500 | |
Avantor, Inc. (a) | 237,642 | 9,595,984 | |
Bio-Techne Corp. | 15,866 | 8,308,231 | |
Bruker Corp. | 41,931 | 3,367,059 | |
Charles River Laboratories International, Inc. (a) | 19,137 | 8,586,389 | |
Illumina, Inc. (a) | 59,843 | 24,838,436 | |
IQVIA Holdings, Inc. (a) | 38,628 | 10,098,132 | |
Maravai LifeSciences Holdings, Inc. | 41,528 | 1,756,219 | |
Mettler-Toledo International, Inc. (a) | 9,409 | 13,933,600 | |
PPD, Inc. (a) | 26,776 | 1,263,024 | |
Sotera Health Co. | 40,634 | 1,003,660 | |
Syneos Health, Inc. (a) | 5,392 | 503,289 | |
Thermo Fisher Scientific, Inc. | 14,510 | 9,185,846 | |
Waters Corp. (a) | 23,307 | 8,566,488 | |
125,461,510 | |||
Pharmaceuticals - 1.2% | |||
Catalent, Inc. (a) | 15,683 | 2,162,058 | |
Eli Lilly & Co. | 274,781 | 70,003,208 | |
Royalty Pharma PLC | 78,937 | 3,120,380 | |
Zoetis, Inc. Class A | 184,676 | 39,926,951 | |
115,212,597 | |||
TOTAL HEALTH CARE | 837,930,917 | ||
INDUSTRIALS - 5.9% | |||
Aerospace & Defense - 0.5% | |||
Axon Enterprise, Inc. (a) | 26,589 | 4,784,956 | |
BWX Technologies, Inc. | 29,246 | 1,659,418 | |
HEICO Corp. | 6,044 | 842,473 | |
HEICO Corp. Class A | 10,188 | 1,280,428 | |
Howmet Aerospace, Inc. | 11,739 | 348,531 | |
Lockheed Martin Corp. | 88,829 | 29,519,653 | |
Northrop Grumman Corp. | 5,398 | 1,928,274 | |
Spirit AeroSystems Holdings, Inc. Class A | 12,522 | 517,033 | |
TransDigm Group, Inc. (a) | 6,106 | 3,809,045 | |
Virgin Galactic Holdings, Inc. (a)(b) | 67,244 | 1,260,825 | |
45,950,636 | |||
Air Freight & Logistics - 0.9% | |||
C.H. Robinson Worldwide, Inc. | 10,637 | 1,031,683 | |
Expeditors International of Washington, Inc. | 50,278 | 6,197,266 | |
FedEx Corp. | 43,764 | 10,307,735 | |
GXO Logistics, Inc. (a) | 34,003 | 3,019,466 | |
United Parcel Service, Inc. Class B | 296,974 | 63,395,040 | |
83,951,190 | |||
Airlines - 0.1% | |||
Delta Air Lines, Inc. (a) | 262,038 | 10,253,547 | |
Building Products - 0.4% | |||
Advanced Drain Systems, Inc. | 24,786 | 2,795,861 | |
Allegion PLC | 28,009 | 3,593,555 | |
Armstrong World Industries, Inc. | 9,389 | 991,948 | |
Carlisle Companies, Inc. | 8,043 | 1,792,946 | |
Carrier Global Corp. | 166,873 | 8,715,777 | |
Fortune Brands Home & Security, Inc. | 14,409 | 1,461,073 | |
The AZEK Co., Inc. (a) | 25,150 | 922,754 | |
Trane Technologies PLC | 47,668 | 8,624,571 | |
Trex Co., Inc. (a) | 47,425 | 5,046,020 | |
33,944,505 | |||
Commercial Services & Supplies - 0.4% | |||
Cintas Corp. | 33,559 | 14,534,403 | |
Copart, Inc. (a) | 85,699 | 13,308,198 | |
IAA, Inc. (a) | 55,289 | 3,297,989 | |
MSA Safety, Inc. | 4,303 | 658,488 | |
Rollins, Inc. | 86,304 | 3,040,490 | |
Waste Management, Inc. | 27,525 | 4,410,331 | |
39,249,899 | |||
Electrical Equipment - 0.4% | |||
Generac Holdings, Inc. (a) | 25,140 | 12,533,798 | |
Plug Power, Inc. (a)(b) | 209,735 | 8,026,558 | |
Regal Rexnord Corp. | 5,790 | 881,991 | |
Rockwell Automation, Inc. | 28,891 | 9,227,785 | |
Vertiv Holdings Co. | 115,274 | 2,960,236 | |
33,630,368 | |||
Industrial Conglomerates - 0.2% | |||
3M Co. | 34,671 | 6,195,014 | |
Honeywell International, Inc. | 61,599 | 13,466,773 | |
19,661,787 | |||
Machinery - 1.3% | |||
AGCO Corp. | 2,487 | 303,936 | |
Allison Transmission Holdings, Inc. | 32,640 | 1,088,870 | |
Caterpillar, Inc. | 193,829 | 39,543,054 | |
Deere & Co. | 115,679 | 39,598,078 | |
Donaldson Co., Inc. | 6,275 | 376,563 | |
Graco, Inc. | 42,737 | 3,212,968 | |
Illinois Tool Works, Inc. | 115,764 | 26,379,143 | |
Lincoln Electric Holdings, Inc. | 23,544 | 3,352,666 | |
Middleby Corp. (a) | 6,779 | 1,236,761 | |
Nordson Corp. | 4,060 | 1,032,093 | |
Parker Hannifin Corp. | 8,768 | 2,600,501 | |
Toro Co. | 41,662 | 3,977,471 | |
Xylem, Inc. | 48,363 | 6,315,724 | |
129,017,828 | |||
Professional Services - 0.4% | |||
Booz Allen Hamilton Holding Corp. Class A | 54,611 | 4,743,511 | |
CoStar Group, Inc. (a) | 124,623 | 10,723,809 | |
Equifax, Inc. | 18,973 | 5,263,679 | |
LegalZoom.com, Inc. | 4,488 | 125,844 | |
Robert Half International, Inc. | 39,482 | 4,464,230 | |
TransUnion Holding Co., Inc. | 53,591 | 6,178,506 | |
Verisk Analytics, Inc. | 41,455 | 8,716,743 | |
40,216,322 | |||
Road & Rail - 1.0% | |||
J.B. Hunt Transport Services, Inc. | 30,601 | 6,034,211 | |
Kansas City Southern | 9,920 | 3,077,680 | |
Landstar System, Inc. | 13,919 | 2,447,099 | |
Lyft, Inc. (a) | 117,067 | 5,369,863 | |
Old Dominion Freight Lines, Inc. | 38,590 | 13,172,697 | |
TuSimple Holdings, Inc. (a)(b) | 1,512 | 59,149 | |
Uber Technologies, Inc. (a) | 566,693 | 24,832,487 | |
Union Pacific Corp. | 169,118 | 40,825,085 | |
XPO Logistics, Inc. (a) | 34,012 | 2,918,230 | |
98,736,501 | |||
Trading Companies & Distributors - 0.3% | |||
Core & Main, Inc. | 7,204 | 197,101 | |
Fastenal Co. | 208,663 | 11,910,484 | |
SiteOne Landscape Supply, Inc. (a) | 9,389 | 2,206,039 | |
United Rentals, Inc. (a) | 10,290 | 3,901,042 | |
W.W. Grainger, Inc. | 15,813 | 7,323,158 | |
25,537,824 | |||
TOTAL INDUSTRIALS | 560,150,407 | ||
INFORMATION TECHNOLOGY - 44.7% | |||
Communications Equipment - 0.1% | |||
Arista Networks, Inc. (a) | 22,066 | 9,040,220 | |
CommScope Holding Co., Inc. (a) | 82,031 | 878,552 | |
Ubiquiti, Inc. | 2,398 | 732,661 | |
10,651,433 | |||
Electronic Equipment & Components - 0.6% | |||
Amphenol Corp. Class A | 170,197 | 13,066,024 | |
CDW Corp. | 56,258 | 10,500,556 | |
Cognex Corp. | 70,077 | 6,138,044 | |
Coherent, Inc. (a) | 9,000 | 2,289,600 | |
Corning, Inc. | 105,492 | 3,752,350 | |
IPG Photonics Corp. (a) | 1,102 | 175,229 | |
Jabil, Inc. | 46,121 | 2,765,415 | |
Keysight Technologies, Inc. (a) | 33,358 | 6,005,107 | |
Vontier Corp. | 37,398 | 1,265,174 | |
Zebra Technologies Corp. Class A (a) | 21,822 | 11,651,857 | |
57,609,356 | |||
IT Services - 7.2% | |||
Accenture PLC Class A | 209,805 | 75,275,936 | |
Automatic Data Processing, Inc. | 160,550 | 36,041,870 | |
Broadridge Financial Solutions, Inc. | 43,041 | 7,678,945 | |
Cloudflare, Inc. (a) | 99,872 | 19,447,076 | |
EPAM Systems, Inc. (a) | 22,057 | 14,849,655 | |
Euronet Worldwide, Inc. (a) | 14,656 | 1,644,257 | |
Fiserv, Inc. (a) | 16,648 | 1,639,662 | |
FleetCor Technologies, Inc. (a) | 7,670 | 1,897,635 | |
Gartner, Inc. (a) | 33,351 | 11,069,530 | |
Genpact Ltd. | 3,703 | 182,743 | |
Globant SA (a) | 16,566 | 5,287,702 | |
GoDaddy, Inc. (a) | 7,022 | 485,712 | |
Jack Henry & Associates, Inc. | 7,881 | 1,312,029 | |
MasterCard, Inc. Class A | 359,058 | 120,471,140 | |
MongoDB, Inc. Class A (a) | 25,402 | 13,241,809 | |
Okta, Inc. (a) | 50,917 | 12,585,664 | |
Paychex, Inc. | 115,140 | 14,194,459 | |
PayPal Holdings, Inc. (a) | 482,185 | 112,151,409 | |
Sabre Corp. (a)(b) | 129,747 | 1,346,774 | |
Shift4 Payments, Inc. (a)(b) | 17,554 | 1,108,184 | |
Snowflake Computing, Inc. (a) | 75,510 | 26,718,458 | |
Square, Inc. (a) | 162,442 | 41,341,489 | |
StoneCo Ltd. Class A (a) | 84,414 | 2,858,258 | |
Switch, Inc. Class A | 46,852 | 1,184,419 | |
The Western Union Co. | 41,380 | 753,944 | |
Twilio, Inc. Class A (a) | 19,188 | 5,590,616 | |
Visa, Inc. Class A | 694,608 | 147,097,136 | |
WEX, Inc. (a) | 12,305 | 1,842,059 | |
Wix.com Ltd. (a) | 21,853 | 4,063,784 | |
683,362,354 | |||
Semiconductors & Semiconductor Equipment - 7.6% | |||
Advanced Micro Devices, Inc. (a) | 496,615 | 59,708,021 | |
Allegro MicroSystems LLC (a) | 16,414 | 547,571 | |
Analog Devices, Inc. | 87,676 | 15,210,909 | |
Applied Materials, Inc. | 375,633 | 51,330,249 | |
Broadcom, Inc. | 163,806 | 87,090,736 | |
Brooks Automation, Inc. | 24,752 | 2,882,370 | |
Enphase Energy, Inc. (a) | 54,059 | 12,521,686 | |
Entegris, Inc. | 55,176 | 7,767,677 | |
KLA Corp. | 62,886 | 23,441,385 | |
Lam Research Corp. | 58,446 | 32,938,412 | |
Microchip Technology, Inc. | 185,792 | 13,765,329 | |
Micron Technology, Inc. | 63,451 | 4,384,464 | |
MKS Instruments, Inc. | 19,126 | 2,869,856 | |
Monolithic Power Systems, Inc. | 18,370 | 9,652,700 | |
NVIDIA Corp. | 981,729 | 250,998,653 | |
NXP Semiconductors NV | 33,370 | 6,702,698 | |
ON Semiconductor Corp. (a) | 93,894 | 4,513,485 | |
Qualcomm, Inc. | 462,891 | 61,583,019 | |
Skyworks Solutions, Inc. | 31,913 | 5,333,620 | |
Teradyne, Inc. | 68,125 | 9,417,600 | |
Texas Instruments, Inc. | 234,979 | 44,053,863 | |
Universal Display Corp. | 17,739 | 3,249,785 | |
Xilinx, Inc. | 100,834 | 18,150,120 | |
728,114,208 | |||
Software - 18.9% | |||
Adobe, Inc. (a) | 195,918 | 127,417,230 | |
Alteryx, Inc. Class A (a) | 24,034 | 1,759,048 | |
Anaplan, Inc. (a) | 57,556 | 3,753,227 | |
ANSYS, Inc. (a) | 14,853 | 5,637,902 | |
Aspen Technology, Inc. (a) | 27,834 | 4,361,309 | |
Atlassian Corp. PLC (a) | 55,879 | 25,599,846 | |
Autodesk, Inc. (a) | 90,331 | 28,690,029 | |
Avalara, Inc. (a) | 34,721 | 6,237,280 | |
Bentley Systems, Inc. Class B (b) | 56,550 | 3,344,933 | |
Bill.Com Holdings, Inc. (a) | 32,375 | 9,528,286 | |
C3.Ai, Inc. (b) | 3,644 | 164,417 | |
Cadence Design Systems, Inc. (a) | 112,666 | 19,503,611 | |
CDK Global, Inc. | 7,676 | 334,060 | |
Citrix Systems, Inc. | 18,027 | 1,707,698 | |
Coupa Software, Inc. (a) | 29,994 | 6,829,634 | |
Crowdstrike Holdings, Inc. (a) | 80,800 | 22,769,440 | |
Datadog, Inc. Class A (a) | 95,200 | 15,903,160 | |
DocuSign, Inc. (a) | 78,199 | 21,762,000 | |
DoubleVerify Holdings, Inc. (a) | 6,302 | 249,118 | |
Dropbox, Inc. Class A (a) | 124,927 | 3,809,024 | |
Duck Creek Technologies, Inc. (a) | 6,507 | 204,971 | |
Dynatrace, Inc. (a) | 75,876 | 5,690,700 | |
Elastic NV (a) | 28,533 | 4,950,761 | |
Everbridge, Inc. (a)(b) | 15,742 | 2,507,858 | |
Fair Isaac Corp. (a) | 11,281 | 4,492,094 | |
Five9, Inc. (a) | 27,375 | 4,325,524 | |
Fortinet, Inc. (a) | 54,895 | 18,463,384 | |
HubSpot, Inc. (a) | 18,267 | 14,800,471 | |
Intuit, Inc. | 104,721 | 65,554,299 | |
Jamf Holding Corp. (a)(b) | 18,320 | 872,948 | |
Mandiant, Inc. (a) | 28,178 | 491,424 | |
Manhattan Associates, Inc. (a) | 13,849 | 2,514,147 | |
McAfee Corp. | 21,303 | 455,245 | |
Microsoft Corp. | 3,092,591 | 1,025,565,026 | |
nCino, Inc. (a)(b) | 22,941 | 1,666,893 | |
NCR Corp. (a) | 17,797 | 703,693 | |
New Relic, Inc. (a) | 21,088 | 1,711,502 | |
NortonLifeLock, Inc. | 59,559 | 1,515,777 | |
Nuance Communications, Inc. (a) | 44,443 | 2,446,587 | |
Nutanix, Inc. Class A (a) | 78,936 | 2,708,294 | |
Oracle Corp. | 644,608 | 61,843,692 | |
Palantir Technologies, Inc. (a) | 665,967 | 17,235,226 | |
Palo Alto Networks, Inc. (a) | 39,072 | 19,891,164 | |
Paycom Software, Inc. (a) | 20,784 | 11,386,514 | |
Paycor HCM, Inc. | 9,616 | 311,943 | |
Paylocity Holding Corp. (a) | 15,359 | 4,686,645 | |
Pegasystems, Inc. | 15,821 | 1,878,269 | |
Procore Technologies, Inc. (a) | 3,032 | 277,276 | |
PTC, Inc. (a) | 43,199 | 5,501,393 | |
RingCentral, Inc. (a) | 32,940 | 8,030,113 | |
Salesforce.com, Inc. (a) | 72,829 | 21,826,123 | |
ServiceNow, Inc. (a) | 80,870 | 56,427,851 | |
Smartsheet, Inc. (a) | 49,238 | 3,397,914 | |
Splunk, Inc. (a) | 67,162 | 11,069,641 | |
Synopsys, Inc. (a) | 39,437 | 13,139,620 | |
Teradata Corp. (a) | 38,181 | 2,159,517 | |
The Trade Desk, Inc. (a) | 175,640 | 13,157,192 | |
Tyler Technologies, Inc. (a) | 14,290 | 7,762,614 | |
Unity Software, Inc. (a)(b) | 61,005 | 9,230,667 | |
VMware, Inc. Class A (a) | 12,195 | 1,849,982 | |
Workday, Inc. Class A (a) | 77,019 | 22,333,970 | |
Zendesk, Inc. (a) | 48,774 | 4,965,193 | |
Zoom Video Communications, Inc. Class A (a) | 87,569 | 24,050,826 | |
Zscaler, Inc. (a) | 31,683 | 10,102,441 | |
1,803,518,636 | |||
Technology Hardware, Storage & Peripherals - 10.3% | |||
Apple, Inc. | 6,442,680 | 965,113,464 | |
Dell Technologies, Inc. (a) | 54,117 | 5,952,329 | |
HP, Inc. | 171,014 | 5,186,855 | |
NetApp, Inc. | 60,471 | 5,400,060 | |
Pure Storage, Inc. Class A (a) | 102,384 | 2,750,034 | |
984,402,742 | |||
TOTAL INFORMATION TECHNOLOGY | 4,267,658,729 | ||
MATERIALS - 1.0% | |||
Chemicals - 0.8% | |||
Axalta Coating Systems Ltd. (a) | 14,932 | 465,729 | |
Celanese Corp. Class A | 16,605 | 2,681,874 | |
Diversey Holdings Ltd. (a) | 15,594 | 271,336 | |
Dow, Inc. | 22,033 | 1,233,187 | |
Ecolab, Inc. | 89,934 | 19,985,133 | |
FMC Corp. | 13,332 | 1,213,345 | |
LyondellBasell Industries NV Class A | 13,227 | 1,227,730 | |
Olin Corp. | 4,549 | 259,202 | |
PPG Industries, Inc. | 40,963 | 6,577,429 | |
RPM International, Inc. | 30,577 | 2,666,314 | |
Sherwin-Williams Co. | 100,048 | 31,676,197 | |
The Chemours Co. LLC | 34,658 | 971,117 | |
The Scotts Miracle-Gro Co. Class A | 16,831 | 2,498,730 | |
Westlake Chemical Corp. | 2,727 | 265,446 | |
71,992,769 | |||
Containers & Packaging - 0.1% | |||
Avery Dennison Corp. | 18,010 | 3,921,137 | |
Ball Corp. | 39,016 | 3,569,184 | |
Crown Holdings, Inc. | 6,353 | 660,648 | |
Graphic Packaging Holding Co. | 32,545 | 648,622 | |
Sealed Air Corp. | 33,353 | 1,978,500 | |
10,778,091 | |||
Metals & Mining - 0.1% | |||
Freeport-McMoRan, Inc. | 175,818 | 6,631,855 | |
Southern Copper Corp. | 31,549 | 1,892,625 | |
Steel Dynamics, Inc. | 14,852 | 981,420 | |
9,505,900 | |||
Paper & Forest Products - 0.0% | |||
Louisiana-Pacific Corp. | 2,780 | 163,825 | |
TOTAL MATERIALS | 92,440,585 | ||
REAL ESTATE - 1.6% | |||
Equity Real Estate Investment Trusts (REITs) - 1.6% | |||
American Tower Corp. | 185,188 | 52,217,460 | |
CoreSite Realty Corp. | 14,063 | 2,003,415 | |
Crown Castle International Corp. | 176,754 | 31,868,746 | |
Equinix, Inc. | 26,030 | 21,788,932 | |
Equity Lifestyle Properties, Inc. | 37,595 | 3,177,153 | |
Extra Space Storage, Inc. | 4,771 | 941,652 | |
Iron Mountain, Inc. | 82,671 | 3,773,104 | |
Lamar Advertising Co. Class A | 30,863 | 3,493,692 | |
Public Storage | 47,224 | 15,686,868 | |
SBA Communications Corp. Class A | 7,426 | 2,564,421 | |
Simon Property Group, Inc. | 116,207 | 17,033,622 | |
154,549,065 | |||
Real Estate Management & Development - 0.0% | |||
CBRE Group, Inc. (a) | 7,271 | 756,766 | |
Opendoor Technologies, Inc. (a)(b) | 36,941 | 875,871 | |
1,632,637 | |||
TOTAL REAL ESTATE | 156,181,702 | ||
UTILITIES - 0.0% | |||
Electric Utilities - 0.0% | |||
NRG Energy, Inc. | 45,406 | 1,811,245 | |
Independent Power and Renewable Electricity Producers - 0.0% | |||
Brookfield Renewable Corp. | 13,116 | 543,134 | |
TOTAL UTILITIES | 2,354,379 | ||
TOTAL COMMON STOCKS | |||
(Cost $5,768,737,705) | 9,510,179,918 | ||
Money Market Funds - 1.0% | |||
Fidelity Cash Central Fund 0.06% (c) | 27,409,097 | 27,414,578 | |
Fidelity Securities Lending Cash Central Fund 0.06% (c)(d) | 62,584,368 | 62,590,626 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $90,005,204) | 90,005,204 | ||
TOTAL INVESTMENT IN SECURITIES - 100.6% | |||
(Cost $5,858,742,909) | 9,600,185,122 | ||
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (53,072,140) | ||
NET ASSETS - 100% | $9,547,112,982 |
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) | 83 | Dec. 2021 | $26,291,910 | $1,549,103 | $1,549,103 |
CME E-mini S&P 500 Index Contracts (United States) | 35 | Dec. 2021 | 8,044,750 | 382,917 | 382,917 |
TOTAL FUTURES CONTRACTS | $1,932,020 |
The notional amount of futures purchased as a percentage of Net Assets is 0.4%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) 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% | $40,923,061 | $1,239,254,905 | $1,252,763,388 | $10,409 | $-- | $-- | $27,414,578 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.06% | 56,797,224 | 320,727,535 | 314,934,133 | 146,291 | -- | -- | 62,590,626 | 0.2% |
Total | $97,720,285 | $1,559,982,440 | $1,567,697,521 | $156,700 | $-- | $-- | $90,005,204 |
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 October 31, 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 | $1,173,522,114 | $1,173,522,114 | $-- | $-- |
Consumer Discretionary | 1,795,424,554 | 1,795,424,554 | -- | -- |
Consumer Staples | 352,587,962 | 352,587,962 | -- | -- |
Energy | 30,939,055 | 30,939,055 | -- | -- |
Financials | 240,989,514 | 240,989,514 | -- | -- |
Health Care | 837,930,917 | 837,930,917 | -- | -- |
Industrials | 560,150,407 | 560,150,407 | -- | -- |
Information Technology | 4,267,658,729 | 4,267,658,729 | -- | -- |
Materials | 92,440,585 | 92,440,585 | -- | -- |
Real Estate | 156,181,702 | 156,181,702 | -- | -- |
Utilities | 2,354,379 | 2,354,379 | -- | -- |
Money Market Funds | 90,005,204 | 90,005,204 | -- | -- |
Total Investments in Securities: | $9,600,185,122 | $9,600,185,122 | $-- | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $1,932,020 | $1,932,020 | $-- | $-- |
Total Assets | $1,932,020 | $1,932,020 | $-- | $-- |
Total Derivative Instruments: | $1,932,020 | $1,932,020 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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) | $1,932,020 | $0 |
Total Equity Risk | 1,932,020 | 0 |
Total Value of Derivatives | $1,932,020 | $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
October 31, 2021 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $61,864,817) — See accompanying schedule: Unaffiliated issuers (cost $5,768,737,705) | $9,510,179,918 | |
Fidelity Central Funds (cost $90,005,204) | 90,005,204 | |
Total Investment in Securities (cost $5,858,742,909) | $9,600,185,122 | |
Segregated cash with brokers for derivative instruments | 1,671,500 | |
Cash | 856,590 | |
Receivable for fund shares sold | 11,689,359 | |
Dividends receivable | 3,311,972 | |
Distributions receivable from Fidelity Central Funds | 15,660 | |
Receivable for daily variation margin on futures contracts | 134,488 | |
Total assets | 9,617,864,691 | |
Liabilities | ||
Payable for investments purchased | $49,999 | |
Payable for fund shares redeemed | 7,841,510 | |
Accrued management fee | 263,950 | |
Collateral on securities loaned | 62,596,250 | |
Total liabilities | 70,751,709 | |
Net Assets | $9,547,112,982 | |
Net Assets consist of: | ||
Paid in capital | $5,620,990,617 | |
Total accumulated earnings (loss) | 3,926,122,365 | |
Net Assets | $9,547,112,982 | |
Net Asset Value, offering price and redemption price per share ($9,547,112,982 ÷ 323,889,357 shares) | $29.48 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended October 31, 2021 (Unaudited) | ||
Investment Income | ||
Dividends | $29,416,478 | |
Interest | 640 | |
Income from Fidelity Central Funds (including $146,291 from security lending) | 156,700 | |
Total income | 29,573,818 | |
Expenses | ||
Management fee | $1,421,498 | |
Independent trustees' fees and expenses | 11,569 | |
Total expenses before reductions | 1,433,067 | |
Expense reductions | (48) | |
Total expenses after reductions | 1,433,019 | |
Net investment income (loss) | 28,140,799 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 178,173,051 | |
Futures contracts | 3,350,032 | |
Total net realized gain (loss) | 181,523,083 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 970,608,175 | |
Futures contracts | (28,306) | |
Total change in net unrealized appreciation (depreciation) | 970,579,869 | |
Net gain (loss) | 1,152,102,952 | |
Net increase (decrease) in net assets resulting from operations | $1,180,243,751 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended October 31, 2021 (Unaudited) | Year ended April 30, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $28,140,799 | $46,191,944 |
Net realized gain (loss) | 181,523,083 | 73,813,180 |
Change in net unrealized appreciation (depreciation) | 970,579,869 | 2,076,095,983 |
Net increase (decrease) in net assets resulting from operations | 1,180,243,751 | 2,196,101,107 |
Distributions to shareholders | (10,199,741) | (105,606,913) |
Share transactions | ||
Proceeds from sales of shares | 2,162,607,870 | 3,333,287,751 |
Reinvestment of distributions | 9,190,142 | 96,443,522 |
Cost of shares redeemed | (916,102,366) | (2,441,343,798) |
Net increase (decrease) in net assets resulting from share transactions | 1,255,695,646 | 988,387,475 |
Total increase (decrease) in net assets | 2,425,739,656 | 3,078,881,669 |
Net Assets | ||
Beginning of period | 7,121,373,326 | 4,042,491,657 |
End of period | $9,547,112,982 | $7,121,373,326 |
Other Information | ||
Shares | ||
Sold | 79,336,712 | 152,304,192 |
Issued in reinvestment of distributions | 362,960 | 4,500,812 |
Redeemed | (33,696,822) | (112,947,643) |
Net increase (decrease) | 46,002,850 | 43,857,361 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Large Cap Growth Index Fund
Six months ended (Unaudited) October 31, | Years endedApril 30, | |||||
2021 | 2021 | 2020 | 2019 | 2018 | 2017 A | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $25.63 | $17.27 | $15.75 | $13.62 | $11.60 | $10.00 |
Income from Investment Operations | ||||||
Net investment income (loss)B | .09 | .18 | .20 | .19 | .18 | .13 |
Net realized and unrealized gain (loss) | 3.80 | 8.60 | 1.50 | 2.13 | 2.00 | 1.50 |
Total from investment operations | 3.89 | 8.78 | 1.70 | 2.32 | 2.18 | 1.63 |
Distributions from net investment income | (.04) | (.18) | (.17) | (.15) | (.13) | (.03) |
Distributions from net realized gain | – | (.24) | (.01) | (.04) | (.03) | – |
Total distributions | (.04) | (.42) | (.18) | (.19) | (.16) | (.03) |
Net asset value, end of period | $29.48 | $25.63 | $17.27 | $15.75 | $13.62 | $11.60 |
Total ReturnC,D | 15.18% | 51.34% | 10.84% | 17.34% | 18.89% | 16.34% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .03%G,H | .04% | .04% | .04% | .04% | .05%G |
Expenses net of fee waivers, if any | .03%G,H | .04% | .04% | .04% | .04% | .05%G |
Expenses net of all reductions | .03%G,H | .04% | .04% | .04% | .04% | .05%G |
Net investment income (loss) | .69%G | .82% | 1.20% | 1.30% | 1.33% | 1.40%G |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $9,547,113 | $7,121,373 | $4,042,492 | $2,240,759 | $141,224 | $758 |
Portfolio turnover rateI | 27%G | 21% | 15% | 14% | 24% | 17%G |
A For the period June 7, 2016 (commencement of operations) through April 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
I 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 (Unaudited)
For the period ended October 31, 2021
1. Organization.
Fidelity Large Cap Growth Index Fund (the Fund) is a fund of Fidelity Salem 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
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 October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC), partnerships 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 | $3,817,273,759 |
Gross unrealized depreciation | (95,700,853) |
Net unrealized appreciation (depreciation) | $3,721,572,906 |
Tax cost | $5,880,544,236 |
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 risk:
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 Large Cap Growth Index Fund | 2,386,126,871 | 1,082,366,064 |
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .035% of the Fund's average net assets. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.
Under the expense contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, as necessary so that the total expenses do not exceed .035% of average net assets. This expense contract will remain in place through June 30, 2022.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding is presented in the table below. Interest expense on borrowings is paid by the investment adviser under the Expense Contract.
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | |
Fidelity Large Cap Growth Index Fund | Borrower | $26,997,000 | .32% |
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. During the period there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
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 Large Cap Growth Index Fund | $15,186 | $4,240 | $74,906 |
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $48.
10. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the 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.
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 (May 1, 2021 to October 31, 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 May 1, 2021 | Ending Account Value October 31, 2021 | Expenses Paid During Period-B May 1, 2021 to October 31, 2021 | |
Fidelity Large Cap Growth Index Fund | .03% | |||
Actual | $1,000.00 | $1,151.80 | $.16 | |
Hypothetical-C | $1,000.00 | $1,025.05 | $.15 |
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 184/ 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
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Large Cap Growth Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its September 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one- and three-year periods. No performance peer group information was considered by the Board due to the fact that the peer group does not distinguish between passively-managed and actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.The Board considered that effective August 1, 2017, the fund's management fee rate was reduced from 0.05% to 0.035%. The Board considered that the chart below reflects the fund's lower management fee rate for 2017, as if the lower fee rate were in effect for the entire year.LC1-I-SANN-1221
1.9879606.105
Fidelity® Large Cap Value Index Fund
Semi-Annual Report
October 31, 2021
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). The LSE Group does not accept any liability whatsoever to any person arising out of the use of the fund or the underlying data.
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.
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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.
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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.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2021
% of fund's net assets | |
Berkshire Hathaway, Inc. Class B | 2.5 |
JPMorgan Chase & Co. | 2.4 |
Johnson & Johnson | 2.1 |
UnitedHealth Group, Inc. | 1.9 |
Bank of America Corp. | 1.7 |
Procter & Gamble Co. | 1.7 |
The Walt Disney Co. | 1.4 |
Exxon Mobil Corp. | 1.3 |
Pfizer, Inc. | 1.2 |
Cisco Systems, Inc. | 1.1 |
17.3 |
Top Market Sectors as of October 31, 2021
% of fund's net assets | |
Financials | 21.8 |
Health Care | 17.3 |
Industrials | 11.6 |
Information Technology | 9.8 |
Communication Services | 7.7 |
Consumer Staples | 7.0 |
Consumer Discretionary | 5.6 |
Energy | 5.3 |
Utilities | 4.9 |
Real Estate | 4.8 |
Asset Allocation (% of fund's net assets)
As of October 31, 2021* | ||
Stocks and Equity Futures | 99.9% | |
Short-Term Investments and Net Other Assets (Liabilities) | 0.1% |
* Foreign investments - 4.7%
Schedule of Investments October 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.5% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 7.7% | |||
Diversified Telecommunication Services - 2.0% | |||
AT&T, Inc. | 1,564,271 | $39,513,485 | |
Lumen Technologies, Inc. | 240,834 | 2,856,291 | |
Verizon Communications, Inc. | 907,463 | 48,086,464 | |
90,456,240 | |||
Entertainment - 2.0% | |||
Activision Blizzard, Inc. | 169,078 | 13,220,209 | |
Electronic Arts, Inc. | 62,058 | 8,703,635 | |
Live Nation Entertainment, Inc. (a) | 18,104 | 1,831,220 | |
Madison Square Garden Sports Corp. (a) | 2,535 | 480,408 | |
Take-Two Interactive Software, Inc. (a) | 20,240 | 3,663,440 | |
The Walt Disney Co. (a) | 377,342 | 63,797,212 | |
World Wrestling Entertainment, Inc. Class A (b) | 1,314 | 80,272 | |
Zynga, Inc. (a) | 114,421 | 844,427 | |
92,620,823 | |||
Interactive Media & Services - 1.4% | |||
Alphabet, Inc.: | |||
Class A (a) | 9,159 | 27,119,066 | |
Class C (a) | 8,539 | 25,321,636 | |
IAC (a) | 16,722 | 2,547,931 | |
TripAdvisor, Inc. (a)(b) | 8,364 | 275,761 | |
Twitter, Inc. (a) | 152,754 | 8,178,449 | |
Vimeo, Inc. (a) | 2,583 | 87,125 | |
63,529,968 | |||
Media - 2.0% | |||
Altice U.S.A., Inc. Class A (a) | 13,999 | 228,184 | |
Cable One, Inc. | 555 | 949,722 | |
Charter Communications, Inc. Class A (a) | 1,486 | 1,002,887 | |
Comcast Corp. Class A | 998,757 | 51,366,073 | |
Discovery Communications, Inc.: | |||
Class A (a) | 36,182 | 848,106 | |
Class C (non-vtg.) (a) | 68,943 | 1,555,354 | |
DISH Network Corp. Class A (a) | 54,359 | 2,232,524 | |
Fox Corp.: | |||
Class A | 70,070 | 2,784,582 | |
Class B | 32,905 | 1,216,169 | |
Interpublic Group of Companies, Inc. | 85,748 | 3,135,804 | |
Liberty Broadband Corp.: | |||
Class A (a) | 5,392 | 866,872 | |
Class C (a) | 31,675 | 5,145,604 | |
Liberty Media Corp.: | |||
Liberty Formula One Group Series C (a) | 43,063 | 2,402,915 | |
Liberty Media Class A (a) | 5,796 | 302,261 | |
Liberty SiriusXM Series A (a) | 17,485 | 870,403 | |
Liberty SiriusXM Series C (a) | 35,485 | 1,750,120 | |
News Corp.: | |||
Class A | 85,381 | 1,955,225 | |
Class B | 26,168 | 590,350 | |
Nexstar Broadcasting Group, Inc. Class A | 8,214 | 1,231,525 | |
Omnicom Group, Inc. | 46,620 | 3,173,890 | |
Sirius XM Holdings, Inc. (b) | 196,779 | 1,198,384 | |
The New York Times Co. Class A | 36,119 | 1,971,736 | |
ViacomCBS, Inc.: | |||
Class A (b) | 1,839 | 71,592 | |
Class B | 127,503 | 4,618,159 | |
91,468,441 | |||
Wireless Telecommunication Services - 0.3% | |||
T-Mobile U.S., Inc. (a) | 128,998 | 14,838,640 | |
TOTAL COMMUNICATION SERVICES | 352,914,112 | ||
CONSUMER DISCRETIONARY - 5.6% | |||
Auto Components - 0.3% | |||
Aptiv PLC (a) | 48,230 | 8,338,485 | |
BorgWarner, Inc. | 52,415 | 2,362,344 | |
Gentex Corp. | 52,323 | 1,851,711 | |
Lear Corp. | 13,136 | 2,257,422 | |
QuantumScape Corp. Class A (a)(b) | 12,891 | 373,066 | |
15,183,028 | |||
Automobiles - 0.7% | |||
Ford Motor Co. | 856,649 | 14,631,565 | |
General Motors Co. (a) | 301,002 | 16,383,539 | |
Harley-Davidson, Inc. | 33,549 | 1,224,203 | |
Thor Industries, Inc. (b) | 6,913 | 704,849 | |
32,944,156 | |||
Distributors - 0.2% | |||
Genuine Parts Co. | 30,905 | 4,051,955 | |
LKQ Corp. | 59,502 | 3,277,370 | |
7,329,325 | |||
Diversified Consumer Services - 0.1% | |||
Bright Horizons Family Solutions, Inc. (a) | 2,694 | 447,204 | |
Chegg, Inc. (a) | 7,424 | 441,283 | |
Frontdoor, Inc. (a) | 5,888 | 219,505 | |
Grand Canyon Education, Inc. (a) | 9,781 | 779,546 | |
H&R Block, Inc. | 7,593 | 175,171 | |
Mister Car Wash, Inc. (b) | 1,738 | 31,875 | |
Service Corp. International | 35,801 | 2,452,010 | |
Terminix Global Holdings, Inc. (a) | 27,244 | 1,102,837 | |
5,649,431 | |||
Hotels, Restaurants & Leisure - 1.7% | |||
ARAMARK Holdings Corp. | 50,071 | 1,826,590 | |
Boyd Gaming Corp. (a) | 14,113 | 900,127 | |
Caesars Entertainment, Inc. (a) | 16,887 | 1,848,451 | |
Carnival Corp. (a) | 186,369 | 4,129,937 | |
Darden Restaurants, Inc. | 9,119 | 1,314,413 | |
Domino's Pizza, Inc. | 2,575 | 1,259,098 | |
Hilton Worldwide Holdings, Inc. (a) | 19,787 | 2,848,339 | |
Hyatt Hotels Corp. Class A (a) | 10,359 | 882,587 | |
Marriott Vacations Worldwide Corp. | 9,089 | 1,428,973 | |
McDonald's Corp. | 134,435 | 33,010,514 | |
MGM Resorts International | 87,704 | 4,136,121 | |
Norwegian Cruise Line Holdings Ltd. (a)(b) | 80,809 | 2,078,407 | |
Penn National Gaming, Inc. (a) | 33,753 | 2,416,715 | |
Planet Fitness, Inc. (a)(b) | 5,682 | 452,003 | |
Royal Caribbean Cruises Ltd. (a) | 47,951 | 4,048,503 | |
Six Flags Entertainment Corp. (a)(b) | 10,396 | 427,587 | |
Travel+Leisure Co. | 6,212 | 337,560 | |
Wyndham Hotels & Resorts, Inc. | 7,398 | 624,909 | |
Yum China Holdings, Inc. | 84,896 | 4,845,864 | |
Yum! Brands, Inc. | 59,723 | 7,461,792 | |
76,278,490 | |||
Household Durables - 0.6% | |||
D.R. Horton, Inc. | 42,727 | 3,814,239 | |
Garmin Ltd. | 33,115 | 4,755,314 | |
Leggett & Platt, Inc. | 29,045 | 1,360,758 | |
Lennar Corp.: | |||
Class A | 59,313 | 5,927,148 | |
Class B | 3,513 | 288,347 | |
Mohawk Industries, Inc. (a) | 12,375 | 2,192,974 | |
Newell Brands, Inc. | 83,089 | 1,901,907 | |
NVR, Inc. (a) | 235 | 1,150,278 | |
PulteGroup, Inc. | 40,055 | 1,925,844 | |
Toll Brothers, Inc. | 14,623 | 879,866 | |
TopBuild Corp. (a)(b) | 1,247 | 320,442 | |
Whirlpool Corp. | 13,408 | 2,826,809 | |
27,343,926 | |||
Internet & Direct Marketing Retail - 0.1% | |||
Doordash, Inc. | 3,791 | 738,487 | |
Qurate Retail, Inc. Series A (b) | 81,461 | 850,453 | |
Wayfair LLC Class A (a)(b) | 7,327 | 1,825,156 | |
3,414,096 | |||
Leisure Products - 0.1% | |||
Brunswick Corp. | 14,817 | 1,379,315 | |
Hasbro, Inc. | 27,985 | 2,679,844 | |
Hayward Holdings, Inc. (b) | 8,454 | 196,048 | |
Polaris, Inc. | 3,837 | 441,063 | |
4,696,270 | |||
Multiline Retail - 0.7% | |||
Dollar General Corp. | 29,583 | 6,553,226 | |
Dollar Tree, Inc. (a) | 50,692 | 5,462,570 | |
Kohl's Corp. | 34,252 | 1,662,250 | |
Nordstrom, Inc. (a) | 3,773 | 108,398 | |
Ollie's Bargain Outlet Holdings, Inc. (a)(b) | 14,252 | 964,290 | |
Target Corp. | 60,097 | 15,602,383 | |
30,353,117 | |||
Specialty Retail - 0.8% | |||
Advance Auto Parts, Inc. | 14,306 | 3,226,289 | |
AutoNation, Inc. (a)(b) | 9,863 | 1,194,607 | |
AutoZone, Inc. (a) | 3,701 | 6,605,693 | |
Bath & Body Works, Inc. | 22,576 | 1,559,776 | |
Best Buy Co., Inc. | 42,128 | 5,149,727 | |
Burlington Stores, Inc. (a) | 835 | 230,702 | |
CarMax, Inc. (a) | 32,611 | 4,465,098 | |
Dick's Sporting Goods, Inc. (b) | 13,749 | 1,707,763 | |
Foot Locker, Inc. | 19,582 | 933,474 | |
Gap, Inc. (b) | 44,073 | 1,000,016 | |
Leslie's, Inc. (b) | 3,251 | 67,231 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 5,841 | 1,864,564 | |
O'Reilly Automotive, Inc. (a) | 10,368 | 6,452,214 | |
Penske Automotive Group, Inc. | 6,969 | 739,062 | |
Petco Health & Wellness Co., Inc. (b) | 11,407 | 282,095 | |
Victoria's Secret & Co. (a) | 7,173 | 362,021 | |
Vroom, Inc. (a)(b) | 18,851 | 360,620 | |
Williams-Sonoma, Inc. | 3,922 | 728,433 | |
36,929,385 | |||
Textiles, Apparel & Luxury Goods - 0.3% | |||
Capri Holdings Ltd. (a) | 32,286 | 1,718,907 | |
Carter's, Inc. | 9,401 | 926,187 | |
Columbia Sportswear Co. | 8,174 | 848,788 | |
Deckers Outdoor Corp. (a) | 5,179 | 2,047,310 | |
Hanesbrands, Inc. | 30,445 | 518,783 | |
PVH Corp. | 15,516 | 1,696,364 | |
Ralph Lauren Corp. | 10,340 | 1,314,938 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 25,598 | 1,182,884 | |
Tapestry, Inc. | 54,978 | 2,143,042 | |
Under Armour, Inc.: | |||
Class A (sub. vtg.) (a) | 41,557 | 912,592 | |
Class C (non-vtg.) (a) | 42,928 | 810,481 | |
VF Corp. | 25,264 | 1,841,240 | |
15,961,516 | |||
TOTAL CONSUMER DISCRETIONARY | 256,082,740 | ||
CONSUMER STAPLES - 7.0% | |||
Beverages - 0.9% | |||
Brown-Forman Corp.: | |||
Class A | 4,852 | 310,674 | |
Class B (non-vtg.) | 20,335 | 1,380,543 | |
Constellation Brands, Inc. Class A (sub. vtg.) | 34,988 | 7,585,748 | |
Keurig Dr. Pepper, Inc. | 152,916 | 5,518,738 | |
Molson Coors Beverage Co. Class B | 39,014 | 1,720,127 | |
Monster Beverage Corp. (a) | 5,854 | 497,590 | |
PepsiCo, Inc. | 51,433 | 8,311,573 | |
The Coca-Cola Co. | 249,967 | 14,090,640 | |
39,415,633 | |||
Food & Staples Retailing - 1.5% | |||
Albertsons Companies, Inc. | 34,006 | 1,052,486 | |
Casey's General Stores, Inc. | 8,047 | 1,541,322 | |
Costco Wholesale Corp. | 6,294 | 3,093,753 | |
Grocery Outlet Holding Corp. (a)(b) | 19,080 | 423,385 | |
Kroger Co. | 163,608 | 6,547,592 | |
U.S. Foods Holding Corp. (a) | 48,268 | 1,673,452 | |
Walgreens Boots Alliance, Inc. | 157,027 | 7,383,410 | |
Walmart, Inc. | 314,146 | 46,939,695 | |
68,655,095 | |||
Food Products - 1.6% | |||
Archer Daniels Midland Co. | 121,826 | 7,826,102 | |
Beyond Meat, Inc. (a)(b) | 1,561 | 154,508 | |
Bunge Ltd. | 30,061 | 2,784,851 | |
Campbell Soup Co. | 42,648 | 1,703,788 | |
Conagra Brands, Inc. | 102,471 | 3,299,566 | |
Darling Ingredients, Inc. (a) | 33,473 | 2,829,138 | |
Flowers Foods, Inc. | 41,054 | 1,016,087 | |
General Mills, Inc. | 133,566 | 8,254,379 | |
Hormel Foods Corp. | 61,881 | 2,618,804 | |
Ingredion, Inc. | 14,670 | 1,397,024 | |
Kellogg Co. | 30,582 | 1,874,677 | |
Lamb Weston Holdings, Inc. | 22,456 | 1,267,641 | |
McCormick & Co., Inc. (non-vtg.) | 54,579 | 4,378,873 | |
Mondelez International, Inc. | 305,304 | 18,544,165 | |
Pilgrim's Pride Corp. (a) | 6,224 | 175,268 | |
Post Holdings, Inc. (a)(b) | 12,909 | 1,310,005 | |
Seaboard Corp. | 55 | 211,751 | |
The Hain Celestial Group, Inc. (a) | 18,361 | 823,858 | |
The Hershey Co. | 4,548 | 797,492 | |
The J.M. Smucker Co. | 22,947 | 2,819,268 | |
The Kraft Heinz Co. | 145,241 | 5,212,699 | |
Tyson Foods, Inc. Class A | 62,826 | 5,024,195 | |
74,324,139 | |||
Household Products - 2.1% | |||
Church & Dwight Co., Inc. | 50,829 | 4,440,421 | |
Colgate-Palmolive Co. | 85,912 | 6,545,635 | |
Kimberly-Clark Corp. | 36,668 | 4,748,139 | |
Procter & Gamble Co. | 533,180 | 76,239,408 | |
Reynolds Consumer Products, Inc. | 11,872 | 320,307 | |
Spectrum Brands Holdings, Inc. | 9,151 | 857,906 | |
The Clorox Co. | 5,118 | 834,285 | |
93,986,101 | |||
Personal Products - 0.0% | |||
Coty, Inc. Class A (a) | 74,602 | 632,625 | |
Herbalife Nutrition Ltd. (a) | 19,167 | 889,349 | |
1,521,974 | |||
Tobacco - 0.9% | |||
Altria Group, Inc. | 180,022 | 7,940,770 | |
Philip Morris International, Inc. | 340,988 | 32,237,006 | |
40,177,776 | |||
TOTAL CONSUMER STAPLES | 318,080,718 | ||
ENERGY - 5.3% | |||
Energy Equipment & Services - 0.4% | |||
Baker Hughes Co. Class A | 161,255 | 4,044,275 | |
Halliburton Co. | 183,619 | 4,588,639 | |
NOV, Inc. (a) | 85,095 | 1,193,032 | |
Schlumberger Ltd. | 306,258 | 9,879,883 | |
19,705,829 | |||
Oil, Gas & Consumable Fuels - 4.9% | |||
Antero Midstream GP LP | 73,271 | 779,603 | |
APA Corp. | 82,531 | 2,163,138 | |
Chevron Corp. | 423,656 | 48,504,375 | |
ConocoPhillips Co. | 295,603 | 22,019,467 | |
Continental Resources, Inc. | 12,765 | 623,060 | |
Coterra Energy, Inc. | 146,288 | 3,118,860 | |
Devon Energy Corp. | 147,492 | 5,911,479 | |
Diamondback Energy, Inc. | 20,789 | 2,228,373 | |
DT Midstream, Inc. | 21,093 | 1,011,620 | |
EOG Resources, Inc. | 112,476 | 10,399,531 | |
EQT Corp. (a) | 66,471 | 1,323,438 | |
Exxon Mobil Corp. | 927,398 | 59,789,349 | |
Hess Corp. | 56,551 | 4,669,416 | |
HollyFrontier Corp. | 32,700 | 1,105,260 | |
Kinder Morgan, Inc. | 425,903 | 7,133,875 | |
Marathon Oil Corp. | 171,481 | 2,798,570 | |
Marathon Petroleum Corp. | 139,494 | 9,196,839 | |
Occidental Petroleum Corp. | 161,428 | 5,412,681 | |
ONEOK, Inc. | 97,058 | 6,174,830 | |
Phillips 66 Co. | 95,816 | 7,165,120 | |
Pioneer Natural Resources Co. | 26,162 | 4,891,771 | |
Targa Resources Corp. | 49,283 | 2,694,302 | |
The Williams Companies, Inc. | 265,983 | 7,471,462 | |
Valero Energy Corp. | 89,342 | 6,908,817 | |
223,495,236 | |||
TOTAL ENERGY | 243,201,065 | ||
FINANCIALS - 21.8% | |||
Banks - 8.8% | |||
Bank of America Corp. | 1,621,658 | 77,482,819 | |
Bank of Hawaii Corp. (b) | 8,682 | 733,629 | |
Bank OZK | 26,851 | 1,199,434 | |
BOK Financial Corp. | 6,677 | 675,512 | |
Citigroup, Inc. | 443,774 | 30,691,410 | |
Citizens Financial Group, Inc. | 76,499 | 3,624,523 | |
Comerica, Inc. | 29,279 | 2,491,350 | |
Commerce Bancshares, Inc. | 23,259 | 1,639,992 | |
Cullen/Frost Bankers, Inc. | 12,502 | 1,619,009 | |
East West Bancorp, Inc. | 30,878 | 2,454,183 | |
Fifth Third Bancorp | 150,615 | 6,556,271 | |
First Citizens Bancshares, Inc. (b) | 1,320 | 1,074,348 | |
First Hawaiian, Inc. | 28,492 | 786,094 | |
First Horizon National Corp. | 119,794 | 2,032,904 | |
First Republic Bank | 38,959 | 8,428,000 | |
FNB Corp., Pennsylvania | 69,693 | 811,923 | |
Huntington Bancshares, Inc. | 320,678 | 5,047,472 | |
JPMorgan Chase & Co. | 650,164 | 110,456,362 | |
KeyCorp | 208,533 | 4,852,563 | |
M&T Bank Corp. | 28,064 | 4,128,776 | |
PacWest Bancorp | 25,339 | 1,202,842 | |
Peoples United Financial, Inc. | 93,095 | 1,595,648 | |
Pinnacle Financial Partners, Inc. | 16,252 | 1,569,456 | |
PNC Financial Services Group, Inc. | 92,897 | 19,604,054 | |
Popular, Inc. | 17,346 | 1,412,658 | |
Prosperity Bancshares, Inc. | 19,560 | 1,473,064 | |
Regions Financial Corp. | 210,337 | 4,980,780 | |
Signature Bank | 12,972 | 3,863,321 | |
Sterling Bancorp | 38,442 | 978,349 | |
SVB Financial Group (a) | 12,383 | 8,883,564 | |
Synovus Financial Corp. | 29,355 | 1,367,649 | |
Truist Financial Corp. | 294,097 | 18,666,337 | |
U.S. Bancorp | 293,897 | 17,742,562 | |
Umpqua Holdings Corp. | 48,006 | 981,723 | |
Webster Financial Corp. | 19,695 | 1,102,132 | |
Wells Fargo & Co. | 905,878 | 46,344,718 | |
Western Alliance Bancorp. | 10,444 | 1,212,444 | |
Wintrust Financial Corp. | 12,365 | 1,094,303 | |
Zions Bancorp NA | 34,932 | 2,200,367 | |
403,062,545 | |||
Capital Markets - 5.2% | |||
Affiliated Managers Group, Inc. | 8,971 | 1,506,051 | |
Ameriprise Financial, Inc. | 10,974 | 3,315,575 | |
Ares Management Corp. | 3,656 | 309,809 | |
Bank of New York Mellon Corp. | 173,067 | 10,245,566 | |
BlackRock, Inc. Class A | 31,303 | 29,533,128 | |
Carlyle Group LP | 35,458 | 1,990,967 | |
Cboe Global Markets, Inc. | 23,260 | 3,068,924 | |
Charles Schwab Corp. | 329,361 | 27,017,483 | |
CME Group, Inc. | 78,489 | 17,310,749 | |
Evercore, Inc. Class A | 8,452 | 1,283,352 | |
FactSet Research Systems, Inc. | 1,151 | 510,917 | |
Franklin Resources, Inc. | 63,172 | 1,989,286 | |
Goldman Sachs Group, Inc. | 68,290 | 28,227,672 | |
Interactive Brokers Group, Inc. | 17,525 | 1,241,646 | |
Intercontinental Exchange, Inc. | 121,739 | 16,855,982 | |
Invesco Ltd. | 72,883 | 1,851,957 | |
Janus Henderson Group PLC | 37,339 | 1,736,264 | |
Jefferies Financial Group, Inc. | 47,871 | 2,058,453 | |
KKR & Co. LP | 121,710 | 9,696,636 | |
Lazard Ltd. Class A | 21,888 | 1,072,293 | |
Moody's Corp. | 1,846 | 746,061 | |
Morgan Stanley | 298,139 | 30,642,726 | |
Morningstar, Inc. | 474 | 150,140 | |
MSCI, Inc. | 5,106 | 3,394,877 | |
NASDAQ, Inc. | 25,450 | 5,341,192 | |
Northern Trust Corp. | 44,919 | 5,526,834 | |
Raymond James Financial, Inc. | 38,335 | 3,779,448 | |
S&P Global, Inc. | 15,392 | 7,298,271 | |
SEI Investments Co. | 23,700 | 1,494,048 | |
State Street Corp. | 79,865 | 7,870,696 | |
Stifel Financial Corp. | 22,320 | 1,626,458 | |
T. Rowe Price Group, Inc. | 32,981 | 7,152,919 | |
Tradeweb Markets, Inc. Class A | 22,966 | 2,046,271 | |
Virtu Financial, Inc. Class A | 19,971 | 496,878 | |
238,389,529 | |||
Consumer Finance - 0.9% | |||
Ally Financial, Inc. | 78,805 | 3,762,151 | |
American Express Co. | 51,374 | 8,927,774 | |
Capital One Financial Corp. | 96,961 | 14,644,020 | |
Credit Acceptance Corp. (a)(b) | 1,767 | 1,057,037 | |
Discover Financial Services | 29,467 | 3,339,200 | |
OneMain Holdings, Inc. | 22,737 | 1,200,741 | |
Santander Consumer U.S.A. Holdings, Inc. | 13,187 | 549,898 | |
SLM Corp. | 66,641 | 1,222,862 | |
Synchrony Financial | 101,101 | 4,696,141 | |
39,399,824 | |||
Diversified Financial Services - 2.6% | |||
Berkshire Hathaway, Inc. Class B (a) | 406,568 | 116,689,078 | |
Equitable Holdings, Inc. | 80,795 | 2,706,633 | |
Voya Financial, Inc. (b) | 24,636 | 1,718,854 | |
121,114,565 | |||
Insurance - 4.0% | |||
AFLAC, Inc. | 144,997 | 7,781,989 | |
Alleghany Corp. (a) | 2,631 | 1,713,781 | |
Allstate Corp. | 64,544 | 7,982,156 | |
American Financial Group, Inc. | 14,844 | 2,019,378 | |
American International Group, Inc. | 187,921 | 11,104,252 | |
Aon PLC | 20,131 | 6,440,310 | |
Arch Capital Group Ltd. (a) | 63,485 | 2,654,943 | |
Arthur J. Gallagher & Co. | 44,814 | 7,513,963 | |
Assurant, Inc. | 12,834 | 2,070,253 | |
Assured Guaranty Ltd. | 15,434 | 857,822 | |
Athene Holding Ltd. (a) | 25,261 | 2,197,960 | |
Axis Capital Holdings Ltd. | 16,893 | 879,619 | |
Brighthouse Financial, Inc. (a) | 18,084 | 908,359 | |
Brown & Brown, Inc. | 48,302 | 3,048,339 | |
Chubb Ltd. | 95,626 | 18,683,408 | |
Cincinnati Financial Corp. | 32,768 | 3,979,346 | |
CNA Financial Corp. | 6,005 | 269,384 | |
Erie Indemnity Co. Class A | 1,695 | 348,848 | |
Everest Re Group Ltd. | 6,697 | 1,751,266 | |
Fidelity National Financial, Inc. | 59,665 | 2,858,550 | |
First American Financial Corp. | 23,270 | 1,701,968 | |
Globe Life, Inc. | 21,912 | 1,950,606 | |
GoHealth, Inc. (a) | 1,315 | 7,101 | |
Hanover Insurance Group, Inc. (b) | 7,819 | 985,194 | |
Hartford Financial Services Group, Inc. | 75,846 | 5,531,449 | |
Kemper Corp. | 13,130 | 833,492 | |
Lemonade, Inc. (a)(b) | 7,510 | 466,822 | |
Lincoln National Corp. | 34,697 | 2,503,389 | |
Loews Corp. | 47,432 | 2,659,512 | |
Markel Corp. (a) | 2,463 | 3,234,239 | |
Marsh & McLennan Companies, Inc. | 98,102 | 16,363,414 | |
Mercury General Corp. | 5,815 | 316,859 | |
MetLife, Inc. | 158,770 | 9,970,756 | |
Old Republic International Corp. | 61,213 | 1,581,132 | |
Primerica, Inc. | 8,554 | 1,439,125 | |
Principal Financial Group, Inc. | 58,001 | 3,891,287 | |
Progressive Corp. | 127,892 | 12,134,393 | |
Prudential Financial, Inc. | 84,537 | 9,303,297 | |
Reinsurance Group of America, Inc. | 14,825 | 1,750,536 | |
RenaissanceRe Holdings Ltd. (b) | 5,694 | 807,409 | |
The Travelers Companies, Inc. | 54,988 | 8,846,469 | |
Unum Group | 44,484 | 1,133,007 | |
W.R. Berkley Corp. | 30,199 | 2,403,840 | |
White Mountains Insurance Group Ltd. | 660 | 696,293 | |
Willis Towers Watson PLC | 28,102 | 6,808,553 | |
182,384,068 | |||
Mortgage Real Estate Investment Trusts - 0.2% | |||
AGNC Investment Corp. | 114,786 | 1,827,393 | |
Annaly Capital Management, Inc. | 305,825 | 2,587,280 | |
New Residential Investment Corp. | 94,697 | 1,075,758 | |
Starwood Property Trust, Inc. | 59,905 | 1,525,780 | |
7,016,211 | |||
Thrifts & Mortgage Finance - 0.1% | |||
MGIC Investment Corp. | 73,858 | 1,193,545 | |
New York Community Bancorp, Inc. | 98,769 | 1,227,699 | |
TFS Financial Corp. | 10,800 | 210,168 | |
UWM Holdings Corp. Class A (b) | 10,190 | 69,292 | |
2,700,704 | |||
TOTAL FINANCIALS | 994,067,446 | ||
HEALTH CARE - 17.3% | |||
Biotechnology - 1.4% | |||
Amgen, Inc. | 22,019 | 4,557,272 | |
Biogen, Inc. (a) | 32,474 | 8,660,166 | |
BioMarin Pharmaceutical, Inc. (a) | 39,905 | 3,161,673 | |
Exact Sciences Corp. (a)(b) | 2,812 | 267,759 | |
Exelixis, Inc. (a) | 9,680 | 208,217 | |
Gilead Sciences, Inc. | 274,906 | 17,835,901 | |
Horizon Therapeutics PLC (a) | 38,823 | 4,655,266 | |
Incyte Corp. (a) | 5,838 | 391,029 | |
Ionis Pharmaceuticals, Inc. (a) | 2,471 | 78,751 | |
Iovance Biotherapeutics, Inc. (a) | 22,310 | 542,356 | |
Mirati Therapeutics, Inc. (a) | 1,415 | 267,463 | |
Natera, Inc. (a) | 1,222 | 140,005 | |
Regeneron Pharmaceuticals, Inc. (a) | 19,598 | 12,541,544 | |
Repligen Corp. (a) | 696 | 202,188 | |
Sage Therapeutics, Inc. (a) | 11,181 | 451,265 | |
Seagen, Inc. (a) | 3,134 | 552,618 | |
Ultragenyx Pharmaceutical, Inc. (a)(b) | 3,622 | 303,958 | |
United Therapeutics Corp. (a) | 9,643 | 1,839,499 | |
Vertex Pharmaceuticals, Inc. (a) | 34,036 | 6,294,277 | |
62,951,207 | |||
Health Care Equipment & Supplies - 4.0% | |||
Abbott Laboratories | 190,184 | 24,512,816 | |
Baxter International, Inc. | 110,036 | 8,688,443 | |
Becton, Dickinson & Co. | 62,486 | 14,971,021 | |
Boston Scientific Corp. (a) | 310,585 | 13,395,531 | |
Danaher Corp. | 131,627 | 41,037,350 | |
Dentsply Sirona, Inc. | 47,539 | 2,719,706 | |
Envista Holdings Corp. (a) | 35,210 | 1,376,711 | |
Figs, Inc. Class A (a)(b) | 6,205 | 208,550 | |
Globus Medical, Inc. (a) | 16,002 | 1,234,874 | |
Hill-Rom Holdings, Inc. | 14,553 | 2,254,260 | |
Hologic, Inc. (a) | 54,886 | 4,023,693 | |
ICU Medical, Inc. (a) | 4,353 | 1,019,168 | |
Integra LifeSciences Holdings Corp. (a)(b) | 15,815 | 1,051,065 | |
Masimo Corp. (a) | 3,011 | 853,739 | |
Medtronic PLC | 294,013 | 35,240,398 | |
Quidel Corp. (a) | 8,029 | 1,066,010 | |
ResMed, Inc. | 3,149 | 827,904 | |
STERIS PLC | 16,112 | 3,766,019 | |
Stryker Corp. | 43,744 | 11,638,966 | |
Tandem Diabetes Care, Inc. (a) | 813 | 110,836 | |
Teleflex, Inc. | 8,417 | 3,004,364 | |
The Cooper Companies, Inc. | 10,588 | 4,414,349 | |
Zimmer Biomet Holdings, Inc. | 45,676 | 6,537,149 | |
183,952,922 | |||
Health Care Providers & Services - 4.6% | |||
Acadia Healthcare Co., Inc. (a) | 19,305 | 1,196,910 | |
agilon health, Inc. (a) | 894 | 21,903 | |
Amedisys, Inc. (a) | 801 | 135,641 | |
AmerisourceBergen Corp. | 32,491 | 3,964,552 | |
Anthem, Inc. | 53,633 | 23,337,327 | |
Cardinal Health, Inc. | 25,949 | 1,240,622 | |
Centene Corp. (a) | 126,620 | 9,020,409 | |
Chemed Corp. | 2,476 | 1,194,051 | |
Cigna Corp. | 73,126 | 15,620,445 | |
CVS Health Corp. | 288,229 | 25,733,085 | |
DaVita HealthCare Partners, Inc. (a) | 4,513 | 465,922 | |
Encompass Health Corp. | 9,112 | 579,159 | |
Henry Schein, Inc. (a) | 30,817 | 2,352,878 | |
Humana, Inc. | 28,231 | 13,075,470 | |
Laboratory Corp. of America Holdings (a) | 21,095 | 6,054,687 | |
McKesson Corp. | 29,022 | 6,033,093 | |
Molina Healthcare, Inc. (a) | 10,698 | 3,163,613 | |
Oak Street Health, Inc. (a)(b) | 2,033 | 96,019 | |
Premier, Inc. | 26,589 | 1,035,642 | |
Quest Diagnostics, Inc. | 26,670 | 3,914,623 | |
Signify Health, Inc. (b) | 13,859 | 222,714 | |
UnitedHealth Group, Inc. | 191,802 | 88,319,067 | |
Universal Health Services, Inc. Class B | 16,144 | 2,003,470 | |
208,781,302 | |||
Health Care Technology - 0.2% | |||
Cerner Corp. | 64,688 | 4,805,672 | |
Certara, Inc. | 7,850 | 324,284 | |
Change Healthcare, Inc. (a) | 54,690 | 1,177,476 | |
Teladoc Health, Inc. (a)(b) | 33,058 | 4,945,146 | |
11,252,578 | |||
Life Sciences Tools & Services - 1.5% | |||
Adaptive Biotechnologies Corp. (a) | 2,609 | 87,167 | |
Agilent Technologies, Inc. | 6,929 | 1,091,248 | |
Bio-Rad Laboratories, Inc. Class A (a) | 4,640 | 3,687,315 | |
Charles River Laboratories International, Inc. (a) | 689 | 309,141 | |
IQVIA Holdings, Inc. (a) | 21,116 | 5,520,145 | |
PerkinElmer, Inc. | 24,499 | 4,333,628 | |
PPD, Inc. (a) | 20,667 | 974,862 | |
QIAGEN NV (a) | 49,645 | 2,768,205 | |
Syneos Health, Inc. (a) | 19,369 | 1,807,902 | |
Thermo Fisher Scientific, Inc. | 78,295 | 49,566,216 | |
Waters Corp. (a) | 933 | 342,924 | |
70,488,753 | |||
Pharmaceuticals - 5.6% | |||
Bristol-Myers Squibb Co. | 489,182 | 28,568,229 | |
Catalent, Inc. (a) | 27,180 | 3,747,035 | |
Elanco Animal Health, Inc. (a) | 97,363 | 3,201,295 | |
Eli Lilly & Co. | 38,980 | 9,930,545 | |
Jazz Pharmaceuticals PLC (a) | 12,947 | 1,722,469 | |
Johnson & Johnson | 576,993 | 93,980,620 | |
Merck & Co., Inc. | 554,790 | 48,849,260 | |
Nektar Therapeutics (a)(b) | 38,856 | 589,057 | |
Organon & Co. | 55,520 | 2,040,360 | |
Perrigo Co. PLC | 29,245 | 1,320,412 | |
Pfizer, Inc. | 1,222,526 | 53,473,287 | |
Royalty Pharma PLC | 29,041 | 1,147,991 | |
Viatris, Inc. | 264,398 | 3,529,713 | |
Zoetis, Inc. Class A | 5,408 | 1,169,210 | |
253,269,483 | |||
TOTAL HEALTH CARE | 790,696,245 | ||
INDUSTRIALS - 11.6% | |||
Aerospace & Defense - 2.3% | |||
BWX Technologies, Inc. | 5,172 | 293,459 | |
Curtiss-Wright Corp. | 8,908 | 1,137,373 | |
General Dynamics Corp. | 54,450 | 11,039,738 | |
HEICO Corp. (b) | 6,805 | 948,549 | |
HEICO Corp. Class A | 11,485 | 1,443,435 | |
Hexcel Corp. (a)(b) | 18,275 | 1,036,924 | |
Howmet Aerospace, Inc. | 78,402 | 2,327,755 | |
Huntington Ingalls Industries, Inc. | 8,606 | 1,744,694 | |
L3Harris Technologies, Inc. | 43,844 | 10,107,796 | |
Lockheed Martin Corp. | 6,839 | 2,272,736 | |
Mercury Systems, Inc. (a) | 12,045 | 620,799 | |
Northrop Grumman Corp. | 30,168 | 10,776,613 | |
Raytheon Technologies Corp. | 331,807 | 29,484,370 | |
Spirit AeroSystems Holdings, Inc. Class A | 16,247 | 670,839 | |
Textron, Inc. | 49,351 | 3,644,571 | |
The Boeing Co. (a) | 117,271 | 24,278,615 | |
TransDigm Group, Inc. (a) | 8,053 | 5,023,622 | |
Virgin Galactic Holdings, Inc. (a)(b) | 3,033 | 56,869 | |
106,908,757 | |||
Air Freight & Logistics - 0.2% | |||
C.H. Robinson Worldwide, Inc. | 23,205 | 2,250,653 | |
Expeditors International of Washington, Inc. | 9,990 | 1,231,367 | |
FedEx Corp. | 30,330 | 7,143,625 | |
GXO Logistics, Inc. (a) | 3,014 | 267,643 | |
10,893,288 | |||
Airlines - 0.3% | |||
Alaska Air Group, Inc. (a) | 26,716 | 1,410,605 | |
American Airlines Group, Inc. (a)(b) | 139,664 | 2,681,549 | |
Copa Holdings SA Class A (a) | 6,895 | 509,954 | |
JetBlue Airways Corp. (a) | 69,289 | 972,125 | |
Southwest Airlines Co. (a) | 129,208 | 6,108,954 | |
United Airlines Holdings, Inc. (a) | 70,701 | 3,262,144 | |
14,945,331 | |||
Building Products - 0.9% | |||
A.O. Smith Corp. | 28,912 | 2,112,600 | |
Allegion PLC | 4,698 | 602,753 | |
Armstrong World Industries, Inc. | 5,377 | 568,080 | |
Builders FirstSource, Inc. (a) | 44,826 | 2,612,011 | |
Carlisle Companies, Inc. (b) | 6,931 | 1,545,059 | |
Carrier Global Corp. | 101,223 | 5,286,877 | |
Fortune Brands Home & Security, Inc. | 22,489 | 2,280,385 | |
Johnson Controls International PLC | 156,667 | 11,494,658 | |
Lennox International, Inc. | 7,333 | 2,194,620 | |
Masco Corp. | 53,899 | 3,533,079 | |
Owens Corning | 22,515 | 2,103,126 | |
The AZEK Co., Inc. (a) | 11,055 | 405,608 | |
Trane Technologies PLC | 26,793 | 4,847,657 | |
39,586,513 | |||
Commercial Services & Supplies - 0.5% | |||
ADT, Inc. (b) | 34,252 | 286,004 | |
Cintas Corp. | 1,204 | 521,452 | |
Clean Harbors, Inc. (a) | 11,063 | 1,245,030 | |
Driven Brands Holdings, Inc. | 11,736 | 381,068 | |
MSA Safety, Inc. | 5,720 | 875,332 | |
Republic Services, Inc. | 45,963 | 6,186,620 | |
Rollins, Inc. | 3,469 | 122,213 | |
Stericycle, Inc. (a) | 20,018 | 1,339,605 | |
Waste Management, Inc. | 77,707 | 12,450,993 | |
23,408,317 | |||
Construction & Engineering - 0.2% | |||
AECOM (a) | 29,789 | 2,036,674 | |
MasTec, Inc. (a)(b) | 12,282 | 1,094,695 | |
Quanta Services, Inc. | 30,264 | 3,670,418 | |
Valmont Industries, Inc. (b) | 4,560 | 1,089,658 | |
7,891,445 | |||
Electrical Equipment - 1.1% | |||
Acuity Brands, Inc. | 7,733 | 1,588,590 | |
AMETEK, Inc. | 50,438 | 6,677,991 | |
ChargePoint Holdings, Inc. Class A (a)(b) | 22,938 | 568,404 | |
Eaton Corp. PLC | 87,159 | 14,360,317 | |
Emerson Electric Co. | 130,609 | 12,670,379 | |
Hubbell, Inc. Class B | 11,844 | 2,361,338 | |
nVent Electric PLC | 36,382 | 1,289,742 | |
Regal Rexnord Corp. | 11,646 | 1,774,035 | |
Rockwell Automation, Inc. | 9,981 | 3,187,931 | |
Sensata Technologies, Inc. PLC (a) | 33,988 | 1,872,739 | |
Shoals Technologies Group, Inc. (b) | 22,347 | 692,534 | |
Sunrun, Inc. (a) | 43,620 | 2,516,002 | |
49,560,002 | |||
Industrial Conglomerates - 1.8% | |||
3M Co. | 108,166 | 19,327,101 | |
General Electric Co. | 239,139 | 25,078,507 | |
Honeywell International, Inc. | 119,301 | 26,081,585 | |
Roper Technologies, Inc. | 22,951 | 11,197,104 | |
81,684,297 | |||
Machinery - 1.9% | |||
AGCO Corp. | 12,312 | 1,504,650 | |
Allison Transmission Holdings, Inc. | 5,582 | 186,216 | |
Caterpillar, Inc. | 16,562 | 3,378,814 | |
Colfax Corp. (a) | 25,531 | 1,317,910 | |
Crane Co. | 10,796 | 1,115,011 | |
Cummins, Inc. | 31,400 | 7,530,976 | |
Donaldson Co., Inc. | 24,134 | 1,448,281 | |
Dover Corp. | 31,390 | 5,307,421 | |
Flowserve Corp. | 28,429 | 955,783 | |
Fortive Corp. | 71,472 | 5,411,145 | |
Gates Industrial Corp. PLC (a) | 20,796 | 341,886 | |
Graco, Inc. | 13,937 | 1,047,784 | |
IDEX Corp. | 16,608 | 3,696,443 | |
Illinois Tool Works, Inc. | 7,106 | 1,619,244 | |
Ingersoll Rand, Inc. | 88,713 | 4,769,211 | |
ITT, Inc. (b) | 18,832 | 1,771,526 | |
Middleby Corp. (a) | 8,434 | 1,538,699 | |
Nordson Corp. | 10,529 | 2,676,577 | |
Oshkosh Corp. | 14,945 | 1,599,115 | |
Otis Worldwide Corp. | 94,039 | 7,552,272 | |
PACCAR, Inc. | 74,556 | 6,681,709 | |
Parker Hannifin Corp. | 23,476 | 6,962,747 | |
Pentair PLC | 36,164 | 2,675,051 | |
Snap-On, Inc. | 11,681 | 2,373,930 | |
Stanley Black & Decker, Inc. | 35,314 | 6,346,985 | |
Timken Co. | 14,007 | 993,797 | |
Toro Co. | 1,253 | 119,624 | |
Westinghouse Air Brake Tech Co. | 39,668 | 3,599,078 | |
Woodward, Inc. | 12,534 | 1,415,715 | |
Xylem, Inc. | 13,349 | 1,743,246 | |
87,680,846 | |||
Marine - 0.0% | |||
Kirby Corp. (a) | 13,022 | 682,483 | |
Professional Services - 0.8% | |||
CACI International, Inc. Class A (a) | 5,086 | 1,462,937 | |
Clarivate Analytics PLC (a) | 95,132 | 2,230,845 | |
CoStar Group, Inc. (a) | 19,180 | 1,650,439 | |
Dun & Bradstreet Holdings, Inc. (a)(b) | 35,101 | 661,303 | |
Equifax, Inc. | 16,379 | 4,544,026 | |
FTI Consulting, Inc. (a)(b) | 7,330 | 1,054,934 | |
IHS Markit Ltd. | 81,685 | 10,677,863 | |
Jacobs Engineering Group, Inc. | 28,272 | 3,969,954 | |
LegalZoom.com, Inc. | 1,611 | 45,172 | |
Leidos Holdings, Inc. | 30,877 | 3,087,082 | |
Manpower, Inc. | 11,856 | 1,145,882 | |
Nielsen Holdings PLC | 78,193 | 1,583,408 | |
Robert Half International, Inc. | 2,968 | 335,592 | |
Science Applications Internati | 12,661 | 1,136,705 | |
TransUnion Holding Co., Inc. | 13,275 | 1,530,475 | |
Verisk Analytics, Inc. | 12,608 | 2,651,084 | |
37,767,701 | |||
Road & Rail - 1.3% | |||
AMERCO | 1,959 | 1,443,763 | |
CSX Corp. | 495,845 | 17,934,714 | |
J.B. Hunt Transport Services, Inc. | 2,053 | 404,831 | |
Kansas City Southern | 14,534 | 4,509,174 | |
Knight-Swift Transportation Holdings, Inc. Class A | 35,196 | 1,995,261 | |
Landstar System, Inc. | 935 | 164,382 | |
Norfolk Southern Corp. | 53,959 | 15,812,685 | |
Old Dominion Freight Lines, Inc. | 1,772 | 604,872 | |
Ryder System, Inc. | 11,401 | 968,515 | |
Schneider National, Inc. Class B | 11,231 | 280,101 | |
TuSimple Holdings, Inc. (a)(b) | 6,375 | 249,390 | |
Uber Technologies, Inc. (a) | 50,904 | 2,230,613 | |
Union Pacific Corp. | 52,555 | 12,686,777 | |
XPO Logistics, Inc. (a) | 3,006 | 257,915 | |
59,542,993 | |||
Trading Companies & Distributors - 0.3% | |||
Air Lease Corp. Class A | 23,369 | 935,928 | |
Core & Main, Inc. | 3,799 | 103,941 | |
Fastenal Co. | 14,221 | 811,735 | |
MSC Industrial Direct Co., Inc. Class A | 9,824 | 825,904 | |
SiteOne Landscape Supply, Inc. (a)(b) | 4,616 | 1,084,575 | |
United Rentals, Inc. (a) | 10,330 | 3,916,206 | |
Univar, Inc. (a) | 36,616 | 936,637 | |
W.W. Grainger, Inc. | 1,725 | 798,865 | |
Watsco, Inc. | 7,150 | 2,070,497 | |
11,484,288 | |||
TOTAL INDUSTRIALS | 532,036,261 | ||
INFORMATION TECHNOLOGY - 9.8% | |||
Communications Equipment - 1.6% | |||
Arista Networks, Inc. (a) | 1,401 | 573,976 | |
Ciena Corp. (a) | 33,750 | 1,832,288 | |
Cisco Systems, Inc. | 925,416 | 51,795,534 | |
F5 Networks, Inc. (a) | 13,176 | 2,782,112 | |
Juniper Networks, Inc. | 70,991 | 2,095,654 | |
Lumentum Holdings, Inc. (a) | 16,517 | 1,363,974 | |
Motorola Solutions, Inc. | 36,355 | 9,037,489 | |
Ubiquiti, Inc. | 164 | 50,107 | |
ViaSat, Inc. (a)(b) | 15,203 | 907,467 | |
70,438,601 | |||
Electronic Equipment & Components - 0.6% | |||
Amphenol Corp. Class A | 36,921 | 2,834,425 | |
Arrow Electronics, Inc. (a) | 15,636 | 1,809,867 | |
Avnet, Inc. | 21,707 | 827,254 | |
Coherent, Inc. (a) | 542 | 137,885 | |
Corning, Inc. | 110,225 | 3,920,703 | |
IPG Photonics Corp. (a) | 7,341 | 1,167,292 | |
Jabil, Inc. | 6,438 | 386,022 | |
Keysight Technologies, Inc. (a) | 22,753 | 4,095,995 | |
Littelfuse, Inc. | 5,244 | 1,544,620 | |
National Instruments Corp. | 28,980 | 1,230,781 | |
TD SYNNEX Corp. | 9,102 | 955,710 | |
Teledyne Technologies, Inc. (a) | 10,050 | 4,514,661 | |
Trimble, Inc. (a) | 54,783 | 4,786,391 | |
Vontier Corp. | 16,918 | 572,336 | |
28,783,942 | |||
IT Services - 2.6% | |||
Accenture PLC Class A | 27,295 | 9,793,173 | |
Akamai Technologies, Inc. (a) | 35,164 | 3,708,395 | |
Alliance Data Systems Corp. | 10,880 | 927,520 | |
Amdocs Ltd. | 28,299 | 2,202,794 | |
Automatic Data Processing, Inc. | 7,460 | 1,674,695 | |
Broadridge Financial Solutions, Inc. | 2,336 | 416,766 | |
Cloudflare, Inc. (a) | 3,232 | 629,335 | |
Cognizant Technology Solutions Corp. Class A | 115,289 | 9,002,918 | |
Concentrix Corp. | 9,207 | 1,635,900 | |
DXC Technology Co. (a) | 54,850 | 1,786,465 | |
Euronet Worldwide, Inc. (a) | 3,235 | 362,935 | |
Fastly, Inc. Class A (a)(b) | 23,082 | 1,168,180 | |
Fidelity National Information Services, Inc. | 135,659 | 15,022,878 | |
Fiserv, Inc. (a) | 122,058 | 12,021,492 | |
FleetCor Technologies, Inc. (a) | 13,752 | 3,402,382 | |
Genpact Ltd. | 38,075 | 1,879,001 | |
Global Payments, Inc. | 64,197 | 9,179,529 | |
GoDaddy, Inc. (a) | 32,987 | 2,281,711 | |
IBM Corp. | 195,693 | 24,481,194 | |
Jack Henry & Associates, Inc. | 11,942 | 1,988,104 | |
Paychex, Inc. | 9,023 | 1,112,355 | |
Paysafe Ltd. (a)(b) | 90,872 | 708,802 | |
Snowflake Computing, Inc. (a) | 2,531 | 895,569 | |
SolarWinds, Inc. (b) | 7,572 | 121,909 | |
StoneCo Ltd. Class A (a) | 3,314 | 112,212 | |
The Western Union Co. | 67,031 | 1,221,305 | |
Twilio, Inc. Class A (a) | 26,200 | 7,633,632 | |
VeriSign, Inc. (a) | 21,570 | 4,802,992 | |
WEX, Inc. (a) | 3,210 | 480,537 | |
120,654,680 | |||
Semiconductors & Semiconductor Equipment - 2.7% | |||
Analog Devices, Inc. | 70,698 | 12,265,396 | |
Brooks Automation, Inc. | 2,832 | 329,786 | |
Cirrus Logic, Inc. (a) | 12,660 | 1,023,055 | |
First Solar, Inc. (a) | 23,185 | 2,772,694 | |
Intel Corp. | 885,154 | 43,372,546 | |
Marvell Technology, Inc. | 179,216 | 12,276,296 | |
Microchip Technology, Inc. | 18,568 | 1,375,703 | |
Micron Technology, Inc. | 211,484 | 14,613,544 | |
MKS Instruments, Inc. | 1,896 | 284,495 | |
NXP Semiconductors NV | 40,201 | 8,074,773 | |
ON Semiconductor Corp. (a) | 42,467 | 2,041,389 | |
Qorvo, Inc. (a) | 24,255 | 4,080,419 | |
Skyworks Solutions, Inc. | 19,052 | 3,184,161 | |
Texas Instruments, Inc. | 76,859 | 14,409,525 | |
Wolfspeed, Inc. (a) | 25,233 | 3,030,736 | |
123,134,518 | |||
Software - 1.9% | |||
ANSYS, Inc. (a) | 11,130 | 4,224,725 | |
Black Knight, Inc. (a) | 33,252 | 2,331,298 | |
C3.Ai, Inc. (b) | 5,534 | 249,694 | |
CDK Global, Inc. | 22,570 | 982,246 | |
Ceridian HCM Holding, Inc. (a) | 28,254 | 3,538,814 | |
Citrix Systems, Inc. | 17,434 | 1,651,523 | |
Datto Holding Corp. (b) | 5,140 | 122,846 | |
Dolby Laboratories, Inc. Class A | 14,016 | 1,238,314 | |
Duck Creek Technologies, Inc. (a) | 12,165 | 383,198 | |
Dynatrace, Inc. (a) | 2,528 | 189,600 | |
Guidewire Software, Inc. (a) | 18,325 | 2,304,002 | |
Jamf Holding Corp. (a)(b) | 1,787 | 85,151 | |
Mandiant, Inc. (a) | 36,255 | 632,287 | |
Manhattan Associates, Inc. (a) | 6,470 | 1,174,564 | |
McAfee Corp. | 3,409 | 72,850 | |
N-able, Inc. (a)(b) | 8,759 | 116,495 | |
NCR Corp. (a) | 18,332 | 724,847 | |
NortonLifeLock, Inc. | 88,400 | 2,249,780 | |
Nuance Communications, Inc. (a) | 38,654 | 2,127,903 | |
Oracle Corp. | 25,107 | 2,408,766 | |
Paycor HCM, Inc. | 1,980 | 64,231 | |
Pegasystems, Inc. | 497 | 59,004 | |
Procore Technologies, Inc. (a) | 597 | 54,596 | |
Salesforce.com, Inc. (a) | 163,516 | 49,004,110 | |
SS&C Technologies Holdings, Inc. | 49,024 | 3,895,937 | |
Synopsys, Inc. (a) | 12,152 | 4,048,803 | |
Teradata Corp. (a) | 3,438 | 194,453 | |
Tyler Technologies, Inc. (a) | 1,179 | 640,456 | |
VMware, Inc. Class A (a) | 11,053 | 1,676,740 | |
86,447,233 | |||
Technology Hardware, Storage & Peripherals - 0.4% | |||
Dell Technologies, Inc. (a) | 30,424 | 3,346,336 | |
Hewlett Packard Enterprise Co. | 284,399 | 4,166,445 | |
HP, Inc. | 171,749 | 5,209,147 | |
NetApp, Inc. | 16,430 | 1,467,199 | |
Pure Storage, Inc. Class A (a) | 3,639 | 97,744 | |
Western Digital Corp. (a) | 67,149 | 3,511,221 | |
Xerox Holdings Corp. | 31,049 | 552,672 | |
18,350,764 | |||
TOTAL INFORMATION TECHNOLOGY | 447,809,738 | ||
MATERIALS - 3.7% | |||
Chemicals - 1.9% | |||
Air Products & Chemicals, Inc. | 48,398 | 14,510,204 | |
Albemarle Corp. U.S. | 25,428 | 6,368,951 | |
Ashland Global Holdings, Inc. (b) | 12,011 | 1,153,176 | |
Axalta Coating Systems Ltd. (a) | 37,124 | 1,157,898 | |
Celanese Corp. Class A | 15,466 | 2,497,914 | |
CF Industries Holdings, Inc. | 46,773 | 2,656,706 | |
Corteva, Inc. | 161,480 | 6,967,862 | |
Diversey Holdings Ltd. (a) | 2,564 | 44,614 | |
Dow, Inc. | 151,849 | 8,498,989 | |
DuPont de Nemours, Inc. | 114,608 | 7,976,717 | |
Eastman Chemical Co. | 29,696 | 3,089,275 | |
Ecolab, Inc. | 6,736 | 1,496,874 | |
Element Solutions, Inc. | 50,578 | 1,148,626 | |
FMC Corp. | 21,070 | 1,917,581 | |
Huntsman Corp. (b) | 46,104 | 1,502,068 | |
International Flavors & Fragrances, Inc. | 54,488 | 8,034,256 | |
LyondellBasell Industries NV Class A | 50,432 | 4,681,098 | |
NewMarket Corp. | 1,458 | 495,735 | |
Olin Corp. | 29,085 | 1,657,263 | |
PPG Industries, Inc. | 29,931 | 4,806,021 | |
RPM International, Inc. | 11,594 | 1,010,997 | |
The Chemours Co. LLC | 17,468 | 489,453 | |
The Mosaic Co. | 75,553 | 3,140,738 | |
Valvoline, Inc. | 39,629 | 1,345,801 | |
Westlake Chemical Corp. | 5,815 | 566,032 | |
87,214,849 | |||
Construction Materials - 0.3% | |||
Eagle Materials, Inc. | 8,977 | 1,331,828 | |
Martin Marietta Materials, Inc. | 13,603 | 5,343,803 | |
Vulcan Materials Co. | 28,926 | 5,499,411 | |
12,175,042 | |||
Containers & Packaging - 0.7% | |||
Amcor PLC | 336,927 | 4,066,709 | |
Aptargroup, Inc. | 14,368 | 1,735,367 | |
Ardagh Group SA | 4,009 | 98,722 | |
Avery Dennison Corp. | 8,479 | 1,846,048 | |
Ball Corp. | 49,496 | 4,527,894 | |
Berry Global Group, Inc. (a) | 29,565 | 1,937,690 | |
Crown Holdings, Inc. | 24,227 | 2,519,366 | |
Graphic Packaging Holding Co. | 44,377 | 884,434 | |
International Paper Co. | 85,583 | 4,250,908 | |
Packaging Corp. of America | 20,494 | 2,815,261 | |
Sealed Air Corp. | 14,992 | 889,325 | |
Silgan Holdings, Inc. | 18,261 | 734,092 | |
Sonoco Products Co. | 21,454 | 1,243,259 | |
WestRock Co. | 57,679 | 2,774,360 | |
30,323,435 | |||
Metals & Mining - 0.8% | |||
Alcoa Corp. | 40,806 | 1,875,036 | |
Cleveland-Cliffs, Inc. (a)(b) | 99,658 | 2,402,754 | |
Freeport-McMoRan, Inc. | 226,413 | 8,540,298 | |
Newmont Corp. | 175,461 | 9,474,894 | |
Nucor Corp. | 64,266 | 7,175,299 | |
Reliance Steel & Aluminum Co. | 13,860 | 2,025,778 | |
Royal Gold, Inc. | 14,353 | 1,421,234 | |
Southern Copper Corp. | 1,625 | 97,484 | |
Steel Dynamics, Inc. | 34,489 | 2,279,033 | |
United States Steel Corp. | 58,525 | 1,544,475 | |
36,836,285 | |||
Paper & Forest Products - 0.0% | �� | ||
Louisiana-Pacific Corp. | 19,218 | 1,132,517 | |
Sylvamo Corp. (a) | 7,855 | 221,197 | |
1,353,714 | |||
TOTAL MATERIALS | 167,903,325 | ||
REAL ESTATE - 4.8% | |||
Equity Real Estate Investment Trusts (REITs) - 4.5% | |||
Alexandria Real Estate Equities, Inc. | 33,740 | 6,887,684 | |
American Campus Communities, Inc. | 29,977 | 1,610,364 | |
American Homes 4 Rent Class A | 61,869 | 2,511,881 | |
Americold Realty Trust | 57,050 | 1,681,264 | |
Apartment Income (REIT) Corp. | 34,148 | 1,830,674 | |
AvalonBay Communities, Inc. | 30,490 | 7,216,373 | |
Boston Properties, Inc. | 34,149 | 3,880,692 | |
Brixmor Property Group, Inc. | 64,823 | 1,519,451 | |
Camden Property Trust (SBI) | 21,269 | 3,468,974 | |
CoreSite Realty Corp. | 2,092 | 298,026 | |
Cousins Properties, Inc. | 32,451 | 1,285,384 | |
CubeSmart | 43,919 | 2,415,984 | |
CyrusOne, Inc. | 27,121 | 2,224,464 | |
Digital Realty Trust, Inc. | 61,409 | 9,690,954 | |
Douglas Emmett, Inc. | 36,343 | 1,187,689 | |
Duke Realty Corp. | 81,858 | 4,603,694 | |
EPR Properties | 16,189 | 812,850 | |
Equinix, Inc. | 5,674 | 4,749,535 | |
Equity Lifestyle Properties, Inc. | 17,963 | 1,518,053 | |
Equity Residential (SBI) | 80,616 | 6,965,222 | |
Essex Property Trust, Inc. | 14,174 | 4,818,168 | |
Extra Space Storage, Inc. | 26,130 | 5,157,278 | |
Federal Realty Investment Trust (SBI) | 16,889 | 2,032,591 | |
First Industrial Realty Trust, Inc. | 28,125 | 1,637,719 | |
Gaming & Leisure Properties | 48,237 | 2,339,012 | |
Healthcare Trust of America, Inc. | 47,582 | 1,588,763 | |
Healthpeak Properties, Inc. | 117,905 | 4,186,807 | |
Highwoods Properties, Inc. (SBI) | 22,503 | 1,009,035 | |
Host Hotels & Resorts, Inc. (a) | 154,657 | 2,602,877 | |
Hudson Pacific Properties, Inc. | 32,380 | 833,785 | |
Invitation Homes, Inc. | 126,093 | 5,201,336 | |
Iron Mountain, Inc. | 18,602 | 848,995 | |
JBG SMITH Properties | 27,109 | 782,366 | |
Kilroy Realty Corp. | 25,365 | 1,709,094 | |
Kimco Realty Corp. | 127,058 | 2,871,511 | |
Lamar Advertising Co. Class A | 2,393 | 270,888 | |
Life Storage, Inc. | 17,020 | 2,277,446 | |
Medical Properties Trust, Inc. | 129,281 | 2,757,564 | |
Mid-America Apartment Communities, Inc. | 25,228 | 5,151,810 | |
National Retail Properties, Inc. | 38,179 | 1,731,799 | |
Omega Healthcare Investors, Inc. | 52,199 | 1,532,563 | |
Park Hotels & Resorts, Inc. (a) | 51,329 | 951,126 | |
Prologis (REIT), Inc. | 161,391 | 23,395,239 | |
Public Storage | 7,787 | 2,586,686 | |
Rayonier, Inc. | 30,677 | 1,145,172 | |
Realty Income Corp. | 85,217 | 6,087,050 | |
Regency Centers Corp. | 36,936 | 2,600,664 | |
Rexford Industrial Realty, Inc. | 30,175 | 2,027,760 | |
SBA Communications Corp. Class A | 19,741 | 6,817,160 | |
Simon Property Group, Inc. | 9,332 | 1,367,885 | |
SL Green Realty Corp. | 14,635 | 1,025,474 | |
Spirit Realty Capital, Inc. | 26,002 | 1,272,278 | |
Store Capital Corp. | 53,425 | 1,834,080 | |
Sun Communities, Inc. | 25,052 | 4,909,691 | |
UDR, Inc. | 64,572 | 3,585,683 | |
Ventas, Inc. | 85,912 | 4,585,123 | |
VEREIT, Inc. | 50,056 | 2,517,817 | |
VICI Properties, Inc. (b) | 128,423 | 3,769,215 | |
Vornado Realty Trust | 38,372 | 1,635,798 | |
Welltower, Inc. | 92,488 | 7,436,035 | |
Weyerhaeuser Co. | 163,931 | 5,855,615 | |
WP Carey, Inc. | 39,962 | 3,081,470 | |
206,187,640 | |||
Real Estate Management & Development - 0.3% | |||
CBRE Group, Inc. (a) | 69,169 | 7,199,110 | |
Howard Hughes Corp. (a) | 9,084 | 791,489 | |
Jones Lang LaSalle, Inc. (a) | 11,047 | 2,852,667 | |
Opendoor Technologies, Inc. (a)(b) | 78,632 | 1,864,365 | |
12,707,631 | |||
TOTAL REAL ESTATE | 218,895,271 | ||
UTILITIES - 4.9% | |||
Electric Utilities - 3.1% | |||
Alliant Energy Corp. | 54,726 | 3,095,850 | |
American Electric Power Co., Inc. | 109,544 | 9,279,472 | |
Avangrid, Inc. (b) | 12,496 | 658,539 | |
Duke Energy Corp. | 168,466 | 17,185,217 | |
Edison International | 81,597 | 5,134,899 | |
Entergy Corp. | 43,852 | 4,517,633 | |
Evergy, Inc. | 50,017 | 3,188,584 | |
Eversource Energy | 75,110 | 6,376,839 | |
Exelon Corp. | 213,670 | 11,365,107 | |
FirstEnergy Corp. | 119,017 | 4,585,725 | |
Hawaiian Electric Industries, Inc. | 23,021 | 933,732 | |
IDACORP, Inc. | 11,004 | 1,147,937 | |
NextEra Energy, Inc. | 429,436 | 36,643,774 | |
NRG Energy, Inc. | 29,008 | 1,157,129 | |
OGE Energy Corp. (b) | 43,671 | 1,487,871 | |
PG&E Corp. (a) | 330,425 | 3,832,930 | |
Pinnacle West Capital Corp. | 24,635 | 1,588,711 | |
PPL Corp. | 168,584 | 4,855,219 | |
Southern Co. | 231,598 | 14,433,187 | |
Xcel Energy, Inc. | 117,821 | 7,610,058 | |
139,078,413 | |||
Gas Utilities - 0.1% | |||
Atmos Energy Corp. | 28,303 | 2,607,272 | |
National Fuel Gas Co. | 19,088 | 1,096,224 | |
UGI Corp. | 45,540 | 1,976,891 | |
5,680,387 | |||
Independent Power and Renewable Electricity Producers - 0.1% | |||
Brookfield Renewable Corp. (b) | 20,948 | 867,457 | |
The AES Corp. | 144,489 | 3,631,009 | |
Vistra Corp. | 104,825 | 2,053,522 | |
6,551,988 | |||
Multi-Utilities - 1.4% | |||
Ameren Corp. | 55,672 | 4,692,593 | |
CenterPoint Energy, Inc. | 129,819 | 3,380,487 | |
CMS Energy Corp. | 63,223 | 3,815,508 | |
Consolidated Edison, Inc. | 77,448 | 5,839,579 | |
Dominion Energy, Inc. | 176,367 | 13,391,546 | |
DTE Energy Co. | 42,207 | 4,784,163 | |
MDU Resources Group, Inc. | 43,654 | 1,341,487 | |
NiSource, Inc. | 85,717 | 2,114,638 | |
Public Service Enterprise Group, Inc. | 110,341 | 7,039,756 | |
Sempra Energy | 69,988 | 8,932,568 | |
WEC Energy Group, Inc. | 69,044 | 6,218,103 | |
61,550,428 | |||
Water Utilities - 0.2% | |||
American Water Works Co., Inc. | 39,724 | 6,919,126 | |
Essential Utilities, Inc. | 49,044 | 2,308,501 | |
9,227,627 | |||
TOTAL UTILITIES | 222,088,843 | ||
TOTAL COMMON STOCKS | |||
(Cost $3,606,384,642) | 4,543,775,764 | ||
Money Market Funds - 1.2% | |||
Fidelity Cash Central Fund 0.06% (c) | 12,172,440 | 12,174,874 | |
Fidelity Securities Lending Cash Central Fund 0.06% (c)(d) | 40,001,288 | 40,005,288 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $52,180,162) | 52,180,162 | ||
TOTAL INVESTMENT IN SECURITIES - 100.7% | |||
(Cost $3,658,564,804) | 4,595,955,926 | ||
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (30,135,181) | ||
NET ASSETS - 100% | $4,565,820,745 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P 500 Index Contracts (United States) | 41 | Dec. 2021 | $9,423,850 | $357,430 | $357,430 |
CME E-mini S&P MidCap 400 Index Contracts (United States) | 36 | Dec. 2021 | 10,041,840 | 303,925 | 303,925 |
TOTAL FUTURES CONTRACTS | $661,355 |
The notional amount of futures purchased as a percentage of Net Assets is 0.4%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) 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% | $12,693,118 | $640,030,444 | $640,548,688 | $5,791 | $-- | $-- | $12,174,874 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.06% | 26,980,229 | 131,688,958 | 118,663,899 | 45,591 | -- | -- | 40,005,288 | 0.1% |
Total | $39,673,347 | $771,719,402 | $759,212,587 | $51,382 | $-- | $-- | $52,180,162 |
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 October 31, 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 | $352,914,112 | $352,914,112 | $-- | $-- |
Consumer Discretionary | 256,082,740 | 256,082,740 | -- | -- |
Consumer Staples | 318,080,718 | 318,080,718 | -- | -- |
Energy | 243,201,065 | 243,201,065 | -- | -- |
Financials | 994,067,446 | 994,067,446 | -- | -- |
Health Care | 790,696,245 | 790,696,245 | -- | -- |
Industrials | 532,036,261 | 532,036,261 | -- | -- |
Information Technology | 447,809,738 | 447,809,738 | -- | -- |
Materials | 167,903,325 | 167,903,325 | -- | -- |
Real Estate | 218,895,271 | 218,895,271 | -- | -- |
Utilities | 222,088,843 | 222,088,843 | -- | -- |
Money Market Funds | 52,180,162 | 52,180,162 | -- | -- |
Total Investments in Securities: | $4,595,955,926 | $4,595,955,926 | $-- | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $661,355 | $661,355 | $-- | $-- |
Total Assets | $661,355 | $661,355 | $-- | $-- |
Total Derivative Instruments: | $661,355 | $661,355 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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) | $661,355 | $0 |
Total Equity Risk | 661,355 | 0 |
Total Value of Derivatives | $661,355 | $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
October 31, 2021 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $39,110,898) — See accompanying schedule: Unaffiliated issuers (cost $3,606,384,642) | $4,543,775,764 | |
Fidelity Central Funds (cost $52,180,162) | 52,180,162 | |
Total Investment in Securities (cost $3,658,564,804) | $4,595,955,926 | |
Segregated cash with brokers for derivative instruments | 809,500 | |
Cash | 355,285 | |
Receivable for fund shares sold | 6,181,159 | |
Dividends receivable | 4,964,474 | |
Distributions receivable from Fidelity Central Funds | 7,087 | |
Receivable for daily variation margin on futures contracts | 24,058 | |
Total assets | 4,608,297,489 | |
Liabilities | ||
Payable for fund shares redeemed | $2,342,548 | |
Accrued management fee | 130,083 | |
Other payables and accrued expenses | 7 | |
Collateral on securities loaned | 40,004,106 | |
Total liabilities | 42,476,744 | |
Net Assets | $4,565,820,745 | |
Net Assets consist of: | ||
Paid in capital | $3,667,291,913 | |
Total accumulated earnings (loss) | 898,528,832 | |
Net Assets | $4,565,820,745 | |
Net Asset Value, offering price and redemption price per share ($4,565,820,745 ÷ 283,044,691 shares) | $16.13 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended October 31, 2021 (Unaudited) | ||
Investment Income | ||
Dividends | $40,342,414 | |
Interest | 405 | |
Income from Fidelity Central Funds (including $45,591 from security lending) | 51,382 | |
Total income | 40,394,201 | |
Expenses | ||
Management fee | $712,584 | |
Independent trustees' fees and expenses | 5,871 | |
Total expenses before reductions | 718,455 | |
Expense reductions | (62) | |
Total expenses after reductions | 718,393 | |
Net investment income (loss) | 39,675,808 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 114,962,423 | |
Futures contracts | (1,622,822) | |
Total net realized gain (loss) | 113,339,601 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 69,419,282 | |
Futures contracts | (22,715) | |
Total change in net unrealized appreciation (depreciation) | 69,396,567 | |
Net gain (loss) | 182,736,168 | |
Net increase (decrease) in net assets resulting from operations | $222,411,976 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended October 31, 2021 (Unaudited) | Year ended April 30, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $39,675,808 | $60,036,532 |
Net realized gain (loss) | 113,339,601 | (57,463,109) |
Change in net unrealized appreciation (depreciation) | 69,396,567 | 1,035,655,084 |
Net increase (decrease) in net assets resulting from operations | 222,411,976 | 1,038,228,507 |
Distributions to shareholders | (13,562,668) | (62,580,924) |
Share transactions | ||
Proceeds from sales of shares | 1,091,114,088 | 1,506,019,329 |
Reinvestment of distributions | 11,510,129 | 54,429,786 |
Cost of shares redeemed | (435,484,388) | (1,144,768,964) |
Net increase (decrease) in net assets resulting from share transactions | 667,139,829 | 415,680,151 |
Total increase (decrease) in net assets | 875,989,137 | 1,391,327,734 |
Net Assets | ||
Beginning of period | 3,689,831,608 | 2,298,503,874 |
End of period | $4,565,820,745 | $3,689,831,608 |
Other Information | ||
Shares | ||
Sold | 69,789,296 | 117,238,147 |
Issued in reinvestment of distributions | 729,875 | 4,288,788 |
Redeemed | (27,844,129) | (94,565,413) |
Net increase (decrease) | 42,675,042 | 26,961,522 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Large Cap Value Index Fund
Six months ended (Unaudited) October 31, | Years endedApril 30, | |||||
2021 | 2021 | 2020 | 2019 | 2018 | 2017 A | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $15.35 | $10.77 | $12.58 | $11.86 | $11.29 | $10.00 |
Income from Investment Operations | ||||||
Net investment income (loss)B | .15 | .28 | .33 | .30 | .28 | .23 |
Net realized and unrealized gain (loss) | .69 | 4.60 | (1.64) | .73 | .57 | 1.12 |
Total from investment operations | .84 | 4.88 | (1.31) | 1.03 | .85 | 1.35 |
Distributions from net investment income | (.06) | (.30) | (.28) | (.25) | (.21) | (.06) |
Distributions from net realized gain | – | – | (.22) | (.06) | (.07) | – |
Total distributions | (.06) | (.30) | (.50) | (.31) | (.28) | (.06) |
Net asset value, end of period | $16.13 | $15.35 | $10.77 | $12.58 | $11.86 | $11.29 |
Total ReturnC,D | 5.45% | 45.93% | (11.04)% | 9.15% | 7.55% | 13.48% |
Ratios to Average Net AssetsE,F | ||||||
Expenses before reductions | .03%G,H | .04% | .04% | .04% | .04% | .05%G |
Expenses net of fee waivers, if any | .03%G,H | .04% | .04% | .04% | .04% | .05%G |
Expenses net of all reductions | .03%G,H | .04% | .04% | .04% | .04% | .05%G |
Net investment income (loss) | 1.93%G | 2.24% | 2.65% | 2.55% | 2.35% | 2.28%G |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $4,565,821 | $3,689,832 | $2,298,504 | $2,097,991 | $355,541 | $2,429 |
Portfolio turnover rateI | 31%G | 31% | 27% | 15% | 12% | 23%G |
A For the period June 7, 2016 (commencement of operations) through April 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
I 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 (Unaudited)
For the period ended October 31, 2021
1. Organization.
Fidelity Large Cap Value Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
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 October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards, certain deemed distributions and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $1,016,089,975 |
Gross unrealized depreciation | (119,870,352) |
Net unrealized appreciation (depreciation) | $896,219,623 |
Tax cost | $3,700,397,658 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $(73,875,829) |
Long-term | (74,988,586) |
Total capital loss carryforward | $(148,864,415) |
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 risk:
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 Large Cap Value Index Fund | 1,312,499,039 | 621,791,467 |
6. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .035% of the Fund's average net assets. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.
Under the expense contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, as necessary so that the total expenses do not exceed .035% of average net assets. This expense contract will remain in place through June 30, 2022.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
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 Large Cap Value Index Fund | $4,629 | $120 | $6,216 |
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $62.
10. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the 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.
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 (May 1, 2021 to October 31, 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 May 1, 2021 | Ending Account Value October 31, 2021 | Expenses Paid During Period-B May 1, 2021 to October 31, 2021 | |
Fidelity Large Cap Value Index Fund | .03% | |||
Actual | $1,000.00 | $1,054.50 | $.16 | |
Hypothetical-C | $1,000.00 | $1,025.05 | $.15 |
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 184/ 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
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Large Cap Value Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its September 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.The Board took into account discussions with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index.In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one- and three-year periods. No performance peer group information was considered by the Board due to the fact that the peer group does not distinguish between passively-managed and actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.The Board considered that effective August 1, 2017, the fund's management fee rate was reduced from 0.05% to 0.035%. The Board considered that the chart below reflects the fund's lower management fee rate for 2017, as if the lower fee rate were in effect for the entire year.LC2-I-SANN-1221
1.9879610.105
Fidelity Flex® Funds
Fidelity Flex® Mid Cap Index Fund
Semi-Annual Report
October 31, 2021
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
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The fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). The LSE Group does not accept any liability whatsoever to any person arising out of the use of the fund or the underlying data.
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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.
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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.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2021
% of fund's net assets | |
DexCom, Inc. | 0.5 |
IDEXX Laboratories, Inc. | 0.5 |
Marvell Technology, Inc. | 0.5 |
Crowdstrike Holdings, Inc. | 0.5 |
MSCI, Inc. | 0.5 |
lululemon athletica, Inc. | 0.5 |
DocuSign, Inc. | 0.5 |
Synopsys, Inc. | 0.4 |
Cloudflare, Inc. | 0.4 |
Chipotle Mexican Grill, Inc. | 0.4 |
4.7 |
Top Market Sectors as of October 31, 2021
% of fund's net assets | |
Information Technology | 19.4 |
Industrials | 15.2 |
Consumer Discretionary | 12.6 |
Financials | 12.6 |
Health Care | 11.5 |
Real Estate | 7.7 |
Materials | 5.2 |
Utilities | 4.4 |
Communication Services | 4.1 |
Energy | 3.9 |
Asset Allocation (% of fund's net assets)
As of October 31, 2021* | ||
Stocks and Equity Futures | 100.0% |
* Foreign investments - 6.0%
Schedule of Investments October 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 4.1% | |||
Diversified Telecommunication Services - 0.1% | |||
Lumen Technologies, Inc. | 23,323 | $276,611 | |
Entertainment - 1.1% | |||
Live Nation Entertainment, Inc. (a) | 2,843 | 287,569 | |
Madison Square Garden Sports Corp. (a) | 401 | 75,994 | |
Playtika Holding Corp. | 2,201 | 62,244 | |
Roku, Inc. Class A (a) | 2,468 | 752,493 | |
Skillz, Inc. (a)(b) | 6,215 | 69,484 | |
Spotify Technology SA (a) | 2,896 | 838,102 | |
Take-Two Interactive Software, Inc. (a) | 2,447 | 442,907 | |
World Wrestling Entertainment, Inc. Class A | 937 | 57,241 | |
Zynga, Inc. (a) | 21,178 | 156,294 | |
2,742,328 | |||
Interactive Media & Services - 1.3% | |||
IAC (a) | 1,619 | 246,687 | |
Match Group, Inc. (a) | 5,857 | 883,118 | |
Pinterest, Inc. Class A (a) | 11,739 | 524,029 | |
TripAdvisor, Inc. (a) | 2,071 | 68,281 | |
Twitter, Inc. (a) | 16,533 | 885,177 | |
Vimeo, Inc. (a) | 3,040 | 102,539 | |
Zillow Group, Inc.: | |||
Class A (a) | 1,275 | 134,793 | |
Class C (a) | 3,574 | 370,374 | |
3,214,998 | |||
Media - 1.6% | |||
Altice U.S.A., Inc. Class A (a) | 4,555 | 74,247 | |
Cable One, Inc. | 115 | 196,789 | |
Discovery Communications, Inc.: | |||
Class A (a)(b) | 3,514 | 82,368 | |
Class C (non-vtg.) (a) | 6,644 | 149,889 | |
DISH Network Corp. Class A (a) | 5,255 | 215,823 | |
Fox Corp.: | |||
Class A | 6,769 | 269,000 | |
Class B | 3,198 | 118,198 | |
Interpublic Group of Companies, Inc. | 8,301 | 303,568 | |
Liberty Broadband Corp.: | |||
Class A (a) | 527 | 84,726 | |
Class C (a) | 3,060 | 497,097 | |
Liberty Media Corp.: | |||
Liberty Formula One Group Series C (a) | 4,170 | 232,686 | |
Liberty Media Class A (a) | 551 | 28,735 | |
Liberty SiriusXM Series A (a) | 1,665 | 82,884 | |
Liberty SiriusXM Series C (a) | 3,472 | 171,239 | |
News Corp.: | |||
Class A | 8,286 | 189,749 | |
Class B | 2,519 | 56,829 | |
Nexstar Broadcasting Group, Inc. Class A | 851 | 127,590 | |
Omnicom Group, Inc. | 4,517 | 307,517 | |
Sirius XM Holdings, Inc. (b) | 19,159 | 116,678 | |
The New York Times Co. Class A | 3,502 | 191,174 | |
ViacomCBS, Inc.: | |||
Class A | 317 | 12,341 | |
Class B | 12,187 | 441,413 | |
3,950,540 | |||
TOTAL COMMUNICATION SERVICES | 10,184,477 | ||
CONSUMER DISCRETIONARY - 12.6% | |||
Auto Components - 0.7% | |||
Aptiv PLC (a) | 5,720 | 988,931 | |
BorgWarner, Inc. | 5,072 | 228,595 | |
Gentex Corp. | 5,076 | 179,640 | |
Lear Corp. | 1,268 | 217,906 | |
QuantumScape Corp. Class A (a)(b) | 4,342 | 125,657 | |
1,740,729 | |||
Automobiles - 0.1% | |||
Harley-Davidson, Inc. | 3,252 | 118,665 | |
Thor Industries, Inc. | 1,126 | 114,807 | |
233,472 | |||
Distributors - 0.5% | |||
Genuine Parts Co. | 2,991 | 392,150 | |
LKQ Corp. | 5,760 | 317,261 | |
Pool Corp. | 825 | 425,007 | |
1,134,418 | |||
Diversified Consumer Services - 0.4% | |||
Bright Horizons Family Solutions, Inc. (a) | 1,288 | 213,808 | |
Chegg, Inc. (a) | 3,035 | 180,400 | |
Frontdoor, Inc. (a) | 1,823 | 67,961 | |
Grand Canyon Education, Inc. (a) | 950 | 75,715 | |
H&R Block, Inc. | 3,776 | 87,112 | |
Mister Car Wash, Inc. | 842 | 15,442 | |
Service Corp. International | 3,462 | 237,112 | |
Terminix Global Holdings, Inc. (a) | 2,630 | 106,462 | |
984,012 | |||
Hotels, Restaurants & Leisure - 3.5% | |||
ARAMARK Holdings Corp. | 4,864 | 177,439 | |
Boyd Gaming Corp. (a) | 1,732 | 110,467 | |
Caesars Entertainment, Inc. (a) | 4,319 | 472,758 | |
Carnival Corp. (a) | 18,034 | 399,633 | |
Chipotle Mexican Grill, Inc. (a) | 595 | 1,058,523 | |
Choice Hotels International, Inc. | 735 | 103,356 | |
Churchill Downs, Inc. | 779 | 179,170 | |
Darden Restaurants, Inc. | 2,757 | 397,394 | |
Domino's Pizza, Inc. | 778 | 380,419 | |
DraftKings, Inc. Class A (a)(b) | 6,428 | 299,481 | |
Expedia, Inc. (a) | 3,070 | 504,739 | |
Hilton Worldwide Holdings, Inc. (a) | 5,807 | 835,918 | |
Hyatt Hotels Corp. Class A (a) | 1,000 | 85,200 | |
Marriott Vacations Worldwide Corp. | 883 | 138,825 | |
MGM Resorts International | 8,502 | 400,954 | |
Norwegian Cruise Line Holdings Ltd. (a)(b) | 7,852 | 201,953 | |
Penn National Gaming, Inc. (a) | 3,487 | 249,669 | |
Planet Fitness, Inc. (a) | 1,765 | 140,406 | |
Royal Caribbean Cruises Ltd. (a) | 4,640 | 391,755 | |
Six Flags Entertainment Corp. (a) | 1,632 | 67,124 | |
Travel+Leisure Co. | 1,804 | 98,029 | |
Vail Resorts, Inc. | 845 | 291,280 | |
Wendy's Co. | 3,788 | 84,472 | |
Wyndham Hotels & Resorts, Inc. | 1,944 | 164,210 | |
Wynn Resorts Ltd. (a) | 2,235 | 200,703 | |
Yum China Holdings, Inc. | 8,908 | 508,469 | |
Yum! Brands, Inc. | 6,323 | 789,996 | |
8,732,342 | |||
Household Durables - 1.4% | |||
D.R. Horton, Inc. | 7,041 | 628,550 | |
Garmin Ltd. | 3,207 | 460,525 | |
Leggett & Platt, Inc. | 2,818 | 132,023 | |
Lennar Corp.: | |||
Class A | 5,727 | 572,299 | |
Class B | 354 | 29,056 | |
Mohawk Industries, Inc. (a) | 1,201 | 212,829 | |
Newell Brands, Inc. | 8,060 | 184,493 | |
NVR, Inc. (a) | 69 | 337,741 | |
PulteGroup, Inc. | 5,467 | 262,853 | |
Tempur Sealy International, Inc. | 3,845 | 170,987 | |
Toll Brothers, Inc. | 2,380 | 143,205 | |
TopBuild Corp. (a) | 698 | 179,365 | |
Whirlpool Corp. | 1,296 | 273,236 | |
3,587,162 | |||
Internet & Direct Marketing Retail - 0.7% | |||
Doordash, Inc. | 3,056 | 595,309 | |
Etsy, Inc. (a) | 2,681 | 672,100 | |
Qurate Retail, Inc. Series A | 7,863 | 82,090 | |
Wayfair LLC Class A (a)(b) | 1,597 | 397,813 | |
1,747,312 | |||
Leisure Products - 0.6% | |||
Brunswick Corp. | 1,643 | 152,947 | |
Hasbro, Inc. | 2,713 | 259,797 | |
Hayward Holdings, Inc. | 804 | 18,645 | |
Mattel, Inc. (a) | 7,366 | 160,652 | |
Peloton Interactive, Inc. Class A (a) | 5,591 | 511,241 | |
Polaris, Inc. | 1,210 | 139,090 | |
YETI Holdings, Inc. (a) | 1,814 | 178,371 | |
1,420,743 | |||
Multiline Retail - 0.3% | |||
Dollar Tree, Inc. (a) | 4,907 | 528,778 | |
Kohl's Corp. | 3,320 | 161,120 | |
Nordstrom, Inc. (a) | 2,332 | 66,998 | |
Ollie's Bargain Outlet Holdings, Inc. (a) | 1,380 | 93,371 | |
850,267 | |||
Specialty Retail - 3.1% | |||
Advance Auto Parts, Inc. | 1,387 | 312,796 | |
AutoNation, Inc. (a) | 959 | 116,154 | |
AutoZone, Inc. (a) | 456 | 813,887 | |
Bath & Body Works, Inc. | 5,169 | 357,126 | |
Best Buy Co., Inc. | 5,301 | 647,994 | |
Burlington Stores, Inc. (a) | 1,405 | 388,187 | |
CarMax, Inc. (a) | 3,454 | 472,922 | |
Carvana Co. Class A (a) | 1,632 | 494,790 | |
Dick's Sporting Goods, Inc. | 1,335 | 165,820 | |
Five Below, Inc. (a) | 1,165 | 229,855 | |
Floor & Decor Holdings, Inc. Class A (a) | 2,156 | 293,044 | |
Foot Locker, Inc. | 1,897 | 90,430 | |
GameStop Corp. Class A (a)(b) | 1,359 | 249,390 | |
Gap, Inc. | 4,264 | 96,750 | |
Leslie's, Inc. | 2,811 | 58,131 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 625 | 199,513 | |
O'Reilly Automotive, Inc. (a) | 1,443 | 898,008 | |
Penske Automotive Group, Inc. | 671 | 71,160 | |
Petco Health & Wellness Co., Inc. (b) | 1,178 | 29,132 | |
RH (a) | 364 | 240,105 | |
Tractor Supply Co. | 2,434 | 528,592 | |
Ulta Beauty, Inc. (a) | 1,128 | 414,382 | |
Victoria's Secret & Co. (a) | 1,634 | 82,468 | |
Vroom, Inc. (a) | 2,414 | 46,180 | |
Williams-Sonoma, Inc. | 1,586 | 294,568 | |
7,591,384 | |||
Textiles, Apparel & Luxury Goods - 1.3% | |||
Capri Holdings Ltd. (a) | 3,137 | 167,014 | |
Carter's, Inc. | 908 | 89,456 | |
Columbia Sportswear Co. | 841 | 87,329 | |
Deckers Outdoor Corp. (a) | 581 | 229,675 | |
Hanesbrands, Inc. | 7,375 | 125,670 | |
lululemon athletica, Inc. (a) | 2,417 | 1,126,346 | |
PVH Corp. | 1,500 | 163,995 | |
Ralph Lauren Corp. | 1,006 | 127,933 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 2,783 | 128,602 | |
Tapestry, Inc. | 5,919 | 230,723 | |
Under Armour, Inc.: | |||
Class A (sub. vtg.) (a) | 4,086 | 89,729 | |
Class C (non-vtg.) (a) | 4,105 | 77,502 | |
VF Corp. | 6,858 | 499,811 | |
3,143,785 | |||
TOTAL CONSUMER DISCRETIONARY | 31,165,626 | ||
CONSUMER STAPLES - 3.2% | |||
Beverages - 0.2% | |||
Boston Beer Co., Inc. Class A (a) | 197 | 97,019 | |
Brown-Forman Corp.: | |||
Class A | 981 | 62,813 | |
Class B (non-vtg.) | 3,873 | 262,938 | |
Molson Coors Beverage Co. Class B | 3,778 | 166,572 | |
589,342 | |||
Food & Staples Retailing - 0.5% | |||
Albertsons Companies, Inc. (b) | 3,301 | 102,166 | |
Casey's General Stores, Inc. | 781 | 149,593 | |
Grocery Outlet Holding Corp. (a) | 1,852 | 41,096 | |
Kroger Co. | 15,838 | 633,837 | |
U.S. Foods Holding Corp. (a) | 4,679 | 162,221 | |
1,088,913 | |||
Food Products - 2.0% | |||
Archer Daniels Midland Co. | 11,801 | 758,096 | |
Beyond Meat, Inc. (a)(b) | 1,216 | 120,360 | |
Bunge Ltd. | 2,916 | 270,138 | |
Campbell Soup Co. | 4,124 | 164,754 | |
Conagra Brands, Inc. | 9,922 | 319,488 | |
Darling Ingredients, Inc. (a) | 3,426 | 289,566 | |
Flowers Foods, Inc. | 3,974 | 98,357 | |
Freshpet, Inc. (a) | 866 | 135,018 | |
Hormel Foods Corp. | 6,001 | 253,962 | |
Ingredion, Inc. | 1,415 | 134,750 | |
Kellogg Co. | 5,331 | 326,790 | |
Lamb Weston Holdings, Inc. | 3,091 | 174,487 | |
McCormick & Co., Inc. (non-vtg.) | 5,284 | 423,935 | |
Pilgrim's Pride Corp. (a) | 999 | 28,132 | |
Post Holdings, Inc. (a) | 1,244 | 126,241 | |
Seaboard Corp. | 5 | 19,250 | |
The Hain Celestial Group, Inc. (a) | 1,771 | 79,465 | |
The Hershey Co. | 3,101 | 543,760 | |
The J.M. Smucker Co. | 2,224 | 273,241 | |
Tyson Foods, Inc. Class A | 6,082 | 486,378 | |
5,026,168 | |||
Household Products - 0.4% | |||
Church & Dwight Co., Inc. | 5,197 | 454,010 | |
Reynolds Consumer Products, Inc. | 1,147 | 30,946 | |
Spectrum Brands Holdings, Inc. | 883 | 82,781 | |
The Clorox Co. | 2,605 | 424,641 | |
992,378 | |||
Personal Products - 0.1% | |||
Coty, Inc. Class A (a) | 7,226 | 61,276 | |
Herbalife Nutrition Ltd. (a) | 2,215 | 102,776 | |
164,052 | |||
TOTAL CONSUMER STAPLES | 7,860,853 | ||
ENERGY - 3.9% | |||
Energy Equipment & Services - 0.4% | |||
Baker Hughes Co. Class A | 15,627 | 391,925 | |
Halliburton Co. | 18,746 | 468,463 | |
NOV, Inc. (a) | 8,277 | 116,044 | |
976,432 | |||
Oil, Gas & Consumable Fuels - 3.5% | |||
Antero Midstream GP LP | 7,054 | 75,055 | |
APA Corp. | 7,991 | 209,444 | |
Cheniere Energy, Inc. | 4,959 | 512,761 | |
Continental Resources, Inc. | 1,382 | 67,455 | |
Coterra Energy, Inc. | 16,863 | 359,519 | |
Devon Energy Corp. | 14,271 | 571,982 | |
Diamondback Energy, Inc. | 3,829 | 410,431 | |
DT Midstream, Inc. | 2,051 | 98,366 | |
EQT Corp. (a) | 6,435 | 128,121 | |
Hess Corp. | 5,876 | 485,181 | |
HollyFrontier Corp. | 3,163 | 106,909 | |
Marathon Oil Corp. | 16,635 | 271,483 | |
Marathon Petroleum Corp. | 13,509 | 890,648 | |
New Fortress Energy, Inc. | 556 | 16,680 | |
Occidental Petroleum Corp. | 17,891 | 599,885 | |
ONEOK, Inc. | 9,404 | 598,282 | |
Phillips 66 Co. | 9,281 | 694,033 | |
Pioneer Natural Resources Co. | 4,574 | 855,247 | |
Targa Resources Corp. | 4,774 | 260,995 | |
Texas Pacific Land Corp. | 125 | 159,209 | |
The Williams Companies, Inc. | 25,763 | 723,683 | |
Valero Energy Corp. | 8,655 | 669,291 | |
8,764,660 | |||
TOTAL ENERGY | 9,741,092 | ||
FINANCIALS - 12.6% | |||
Banks - 3.3% | |||
Bank of Hawaii Corp. | 847 | 71,572 | |
Bank OZK | 2,608 | 116,499 | |
BOK Financial Corp. | 647 | 65,457 | |
Citizens Financial Group, Inc. | 9,011 | 426,941 | |
Comerica, Inc. | 2,836 | 241,315 | |
Commerce Bancshares, Inc. | 2,255 | 159,000 | |
Cullen/Frost Bankers, Inc. | 1,208 | 156,436 | |
East West Bancorp, Inc. | 2,987 | 237,407 | |
Fifth Third Bancorp | 14,592 | 635,190 | |
First Citizens Bancshares, Inc. | 128 | 104,179 | |
First Hawaiian, Inc. | 2,768 | 76,369 | |
First Horizon National Corp. | 11,559 | 196,156 | |
First Republic Bank | 3,774 | 816,429 | |
FNB Corp., Pennsylvania | 6,760 | 78,754 | |
Huntington Bancshares, Inc. | 31,046 | 488,664 | |
KeyCorp | 20,179 | 469,565 | |
M&T Bank Corp. | 2,716 | 399,578 | |
PacWest Bancorp | 2,449 | 116,254 | |
Peoples United Financial, Inc. | 9,000 | 154,260 | |
Pinnacle Financial Partners, Inc. | 1,572 | 151,808 | |
Popular, Inc. | 1,678 | 136,656 | |
Prosperity Bancshares, Inc. | 1,897 | 142,863 | |
Regions Financial Corp. | 20,382 | 482,646 | |
Signature Bank | 1,255 | 373,764 | |
Sterling Bancorp | 4,033 | 102,640 | |
SVB Financial Group (a) | 1,200 | 860,880 | |
Synovus Financial Corp. | 3,070 | 143,031 | |
Umpqua Holdings Corp. | 4,662 | 95,338 | |
Webster Financial Corp. | 1,898 | 106,212 | |
Western Alliance Bancorp. | 2,131 | 247,388 | |
Wintrust Financial Corp. | 1,197 | 105,935 | |
Zions Bancorp NA | 3,385 | 213,221 | |
8,172,407 | |||
Capital Markets - 4.0% | |||
Affiliated Managers Group, Inc. | 873 | 146,559 | |
Ameriprise Financial, Inc. | 2,409 | 727,831 | |
Apollo Global Management LLC Class A | 3,833 | 294,949 | |
Ares Management Corp. | 2,907 | 246,339 | |
Carlyle Group LP | 3,440 | 193,156 | |
Cboe Global Markets, Inc. | 2,251 | 296,997 | |
Evercore, Inc. Class A | 820 | 124,509 | |
FactSet Research Systems, Inc. | 803 | 356,444 | |
Franklin Resources, Inc. | 6,135 | 193,191 | |
Interactive Brokers Group, Inc. | 1,695 | 120,091 | |
Invesco Ltd. | 7,045 | 179,013 | |
Janus Henderson Group PLC | 3,624 | 168,516 | |
Jefferies Financial Group, Inc. | 4,638 | 199,434 | |
KKR & Co. LP | 11,787 | 939,070 | |
Lazard Ltd. Class A | 2,111 | 103,418 | |
LPL Financial | 1,686 | 276,538 | |
MarketAxess Holdings, Inc. | 791 | 323,258 | |
Morningstar, Inc. | 496 | 157,108 | |
MSCI, Inc. | 1,699 | 1,129,631 | |
NASDAQ, Inc. | 2,467 | 517,749 | |
Northern Trust Corp. | 4,348 | 534,978 | |
Raymond James Financial, Inc. | 3,907 | 385,191 | |
SEI Investments Co. | 2,284 | 143,983 | |
State Street Corp. | 7,738 | 762,580 | |
Stifel Financial Corp. | 2,159 | 157,326 | |
T. Rowe Price Group, Inc. | 4,769 | 1,034,301 | |
Tradeweb Markets, Inc. Class A | 2,222 | 197,980 | |
Virtu Financial, Inc. Class A | 1,956 | 48,665 | |
9,958,805 | |||
Consumer Finance - 1.0% | |||
Ally Financial, Inc. | 7,626 | 364,065 | |
Credit Acceptance Corp. (a)(b) | 184 | 110,071 | |
Discover Financial Services | 6,344 | 718,902 | |
OneMain Holdings, Inc. | 2,206 | 116,499 | |
Santander Consumer U.S.A. Holdings, Inc. | 1,287 | 53,668 | |
SLM Corp. | 6,474 | 118,798 | |
Synchrony Financial | 12,046 | 559,537 | |
Upstart Holdings, Inc. | 956 | 307,870 | |
2,349,410 | |||
Diversified Financial Services - 0.2% | |||
Equitable Holdings, Inc. | 7,816 | 261,836 | |
Voya Financial, Inc. | 2,388 | 166,611 | |
428,447 | |||
Insurance - 3.7% | |||
AFLAC, Inc. | 14,040 | 753,527 | |
Alleghany Corp. (a) | 286 | 186,295 | |
American Financial Group, Inc. | 1,435 | 195,217 | |
Arch Capital Group Ltd. (a) | 8,070 | 337,487 | |
Arthur J. Gallagher & Co. | 4,342 | 728,023 | |
Assurant, Inc. | 1,245 | 200,831 | |
Assured Guaranty Ltd. | 1,482 | 82,370 | |
Athene Holding Ltd. (a) | 2,446 | 212,826 | |
Axis Capital Holdings Ltd. | 1,637 | 85,239 | |
Brighthouse Financial, Inc. (a) | 1,758 | 88,304 | |
Brown & Brown, Inc. | 4,961 | 313,089 | |
Cincinnati Financial Corp. | 3,174 | 385,451 | |
CNA Financial Corp. | 583 | 26,153 | |
Erie Indemnity Co. Class A | 533 | 109,697 | |
Everest Re Group Ltd. | 841 | 219,922 | |
Fidelity National Financial, Inc. | 5,773 | 276,584 | |
First American Financial Corp. | 2,257 | 165,077 | |
Globe Life, Inc. | 2,121 | 188,811 | |
GoHealth, Inc. (a) | 1,001 | 5,405 | |
Hanover Insurance Group, Inc. | 753 | 94,878 | |
Hartford Financial Services Group, Inc. | 7,353 | 536,254 | |
Kemper Corp. | 1,275 | 80,937 | |
Lemonade, Inc. (a)(b) | 804 | 49,977 | |
Lincoln National Corp. | 3,963 | 285,930 | |
Loews Corp. | 4,593 | 257,530 | |
Markel Corp. (a) | 286 | 375,555 | |
Mercury General Corp. | 560 | 30,514 | |
Old Republic International Corp. | 5,947 | 153,611 | |
Primerica, Inc. | 831 | 139,807 | |
Principal Financial Group, Inc. | 5,610 | 376,375 | |
Prudential Financial, Inc. | 8,185 | 900,759 | |
Reinsurance Group of America, Inc. | 1,433 | 169,209 | |
RenaissanceRe Holdings Ltd. | 990 | 140,382 | |
Unum Group | 4,324 | 110,132 | |
W.R. Berkley Corp. | 2,920 | 232,432 | |
White Mountains Insurance Group Ltd. | 64 | 67,519 | |
Willis Towers Watson PLC | 2,723 | 659,728 | |
9,221,837 | |||
Mortgage Real Estate Investment Trusts - 0.3% | |||
AGNC Investment Corp. | 11,080 | 176,394 | |
Annaly Capital Management, Inc. | 29,631 | 250,678 | |
New Residential Investment Corp. | 9,200 | 104,512 | |
Starwood Property Trust, Inc. | 5,816 | 148,134 | |
679,718 | |||
Thrifts & Mortgage Finance - 0.1% | |||
MGIC Investment Corp. | 7,165 | 115,786 | |
New York Community Bancorp, Inc. | 9,555 | 118,769 | |
Rocket Companies, Inc. (b) | 2,914 | 48,023 | |
TFS Financial Corp. | 1,063 | 20,686 | |
UWM Holdings Corp. Class A | 1,895 | 12,886 | |
316,150 | |||
TOTAL FINANCIALS | 31,126,774 | ||
HEALTH CARE - 11.5% | |||
Biotechnology - 1.9% | |||
Acceleron Pharma, Inc. (a) | 1,115 | 194,211 | |
Alnylam Pharmaceuticals, Inc. (a) | 2,510 | 400,496 | |
BioMarin Pharmaceutical, Inc. (a) | 3,863 | 306,065 | |
CureVac NV (a) | 1,120 | 44,878 | |
Exact Sciences Corp. (a) | 3,617 | 344,411 | |
Exelixis, Inc. (a) | 6,579 | 141,514 | |
Horizon Therapeutics PLC (a) | 4,622 | 554,224 | |
Incyte Corp. (a) | 3,914 | 262,160 | |
Ionis Pharmaceuticals, Inc. (a) | 2,977 | 94,877 | |
Iovance Biotherapeutics, Inc. (a) | 3,106 | 75,507 | |
Mirati Therapeutics, Inc. (a) | 831 | 157,076 | |
Natera, Inc. (a) | 1,770 | 202,789 | |
Neurocrine Biosciences, Inc. (a) | 1,983 | 209,028 | |
Novavax, Inc. (a) | 1,566 | 233,068 | |
Repligen Corp. (a) | 1,158 | 336,399 | |
Sage Therapeutics, Inc. (a) | 1,079 | 43,548 | |
Sarepta Therapeutics, Inc. (a) | 1,739 | 137,607 | |
Seagen, Inc. (a) | 2,826 | 498,309 | |
Ultragenyx Pharmaceutical, Inc. (a) | 1,359 | 114,047 | |
United Therapeutics Corp. (a) | 937 | 178,742 | |
4,528,956 | |||
Health Care Equipment & Supplies - 3.6% | |||
Abiomed, Inc. (a) | 940 | 312,118 | |
Dentsply Sirona, Inc. | 4,607 | 263,566 | |
DexCom, Inc. (a) | 2,043 | 1,273,221 | |
Envista Holdings Corp. (a) | 3,415 | 133,527 | |
Figs, Inc. Class A (a) | 802 | 26,955 | |
Globus Medical, Inc. (a) | 1,642 | 126,713 | |
Hill-Rom Holdings, Inc. | 1,410 | 218,409 | |
Hologic, Inc. (a) | 5,309 | 389,203 | |
ICU Medical, Inc. (a) | 420 | 98,335 | |
IDEXX Laboratories, Inc. (a) | 1,792 | 1,193,723 | |
Insulet Corp. (a) | 1,399 | 433,718 | |
Integra LifeSciences Holdings Corp. (a) | 1,529 | 101,617 | |
Masimo Corp. (a) | 1,059 | 300,269 | |
Novocure Ltd. (a) | 2,170 | 222,577 | |
Penumbra, Inc. (a) | 717 | 198,286 | |
Quidel Corp. (a) | 781 | 103,693 | |
ResMed, Inc. | 3,050 | 801,876 | |
STERIS PLC | 1,806 | 422,134 | |
Tandem Diabetes Care, Inc. (a) | 1,293 | 176,275 | |
Teleflex, Inc. | 991 | 353,728 | |
The Cooper Companies, Inc. | 1,026 | 427,760 | |
West Pharmaceutical Services, Inc. | 1,556 | 668,893 | |
Zimmer Biomet Holdings, Inc. | 4,426 | 633,449 | |
8,880,045 | |||
Health Care Providers & Services - 1.7% | |||
Acadia Healthcare Co., Inc. (a) | 1,867 | 115,754 | |
agilon health, Inc. (a) | 1,434 | 35,133 | |
Amedisys, Inc. (a) | 677 | 114,643 | |
AmerisourceBergen Corp. | 3,144 | 383,631 | |
Cardinal Health, Inc. | 6,151 | 294,079 | |
Chemed Corp. | 326 | 157,214 | |
DaVita HealthCare Partners, Inc. (a) | 1,469 | 151,660 | |
Encompass Health Corp. | 2,061 | 130,997 | |
Guardant Health, Inc. (a) | 1,903 | 222,251 | |
Henry Schein, Inc. (a) | 2,981 | 227,599 | |
Laboratory Corp. of America Holdings (a) | 2,042 | 586,095 | |
McKesson Corp. | 3,281 | 682,054 | |
Molina Healthcare, Inc. (a) | 1,220 | 360,778 | |
Oak Street Health, Inc. (a) | 2,071 | 97,813 | |
Premier, Inc. | 2,581 | 100,530 | |
Quest Diagnostics, Inc. | 2,582 | 378,986 | |
Signify Health, Inc. (b) | 1,346 | 21,630 | |
Universal Health Services, Inc. Class B | 1,566 | 194,341 | |
4,255,188 | |||
Health Care Technology - 0.8% | |||
Cerner Corp. | 6,263 | 465,278 | |
Certara, Inc. | 1,757 | 72,582 | |
Change Healthcare, Inc. (a) | 5,315 | 114,432 | |
Teladoc Health, Inc. (a) | 3,205 | 479,436 | |
Veeva Systems, Inc. Class A (a) | 2,904 | 920,597 | |
2,052,325 | |||
Life Sciences Tools & Services - 2.7% | |||
10X Genomics, Inc. (a) | 1,772 | 285,770 | |
Adaptive Biotechnologies Corp. (a) | 2,298 | 76,776 | |
Agilent Technologies, Inc. | 6,449 | 1,015,653 | |
Avantor, Inc. (a) | 12,270 | 495,463 | |
Bio-Rad Laboratories, Inc. Class A (a) | 449 | 356,811 | |
Bio-Techne Corp. | 819 | 428,869 | |
Bruker Corp. | 2,171 | 174,331 | |
Charles River Laboratories International, Inc. (a) | 1,055 | 473,357 | |
IQVIA Holdings, Inc. (a) | 4,043 | 1,056,921 | |
Maravai LifeSciences Holdings, Inc. | 2,144 | 90,670 | |
Mettler-Toledo International, Inc. (a) | 486 | 719,708 | |
PerkinElmer, Inc. | 2,370 | 419,229 | |
PPD, Inc. (a) | 3,395 | 160,142 | |
QIAGEN NV (a) | 4,803 | 267,815 | |
Sotera Health Co. | 2,101 | 51,895 | |
Syneos Health, Inc. (a) | 2,152 | 200,868 | |
Waters Corp. (a) | 1,294 | 475,610 | |
6,749,888 | |||
Pharmaceuticals - 0.8% | |||
Catalent, Inc. (a) | 3,437 | 473,825 | |
Elanco Animal Health, Inc. (a) | 9,419 | 309,697 | |
Jazz Pharmaceuticals PLC (a) | 1,255 | 166,965 | |
Nektar Therapeutics (a) | 3,753 | 56,895 | |
Organon & Co. | 5,380 | 197,715 | |
Perrigo Co. PLC | 2,833 | 127,910 | |
Royalty Pharma PLC | 6,899 | 272,717 | |
Viatris, Inc. | 25,631 | 342,174 | |
1,947,898 | |||
TOTAL HEALTH CARE | 28,414,300 | ||
INDUSTRIALS - 15.2% | |||
Aerospace & Defense - 1.0% | |||
Axon Enterprise, Inc. (a) | 1,374 | 247,265 | |
BWX Technologies, Inc. | 2,006 | 113,820 | |
Curtiss-Wright Corp. | 866 | 110,571 | |
HEICO Corp. | 994 | 138,554 | |
HEICO Corp. Class A | 1,613 | 202,722 | |
Hexcel Corp. (a) | 1,765 | 100,146 | |
Howmet Aerospace, Inc. | 8,187 | 243,072 | |
Huntington Ingalls Industries, Inc. | 833 | 168,874 | |
Mercury Systems, Inc. (a) | 1,178 | 60,714 | |
Spirit AeroSystems Holdings, Inc. Class A | 2,231 | 92,118 | |
Textron, Inc. | 4,782 | 353,151 | |
TransDigm Group, Inc. (a) | 1,096 | 683,707 | |
Virgin Galactic Holdings, Inc. (a)(b) | 3,772 | 70,725 | |
2,585,439 | |||
Air Freight & Logistics - 0.4% | |||
C.H. Robinson Worldwide, Inc. | 2,792 | 270,796 | |
Expeditors International of Washington, Inc. | 3,564 | 439,299 | |
GXO Logistics, Inc. (a) | 2,054 | 182,395 | |
892,490 | |||
Airlines - 0.8% | |||
Alaska Air Group, Inc. (a) | 2,583 | 136,382 | |
American Airlines Group, Inc. (a) | 13,503 | 259,258 | |
Copa Holdings SA Class A (a) | 673 | 49,775 | |
Delta Air Lines, Inc. (a) | 13,525 | 529,233 | |
JetBlue Airways Corp. (a) | 6,759 | 94,829 | |
Southwest Airlines Co. (a) | 12,511 | 591,520 | |
United Airlines Holdings, Inc. (a) | 6,858 | 316,428 | |
1,977,425 | |||
Building Products - 1.8% | |||
A.O. Smith Corp. | 2,809 | 205,254 | |
Advanced Drain Systems, Inc. | 1,284 | 144,835 | |
Allegion PLC | 1,901 | 243,898 | |
Armstrong World Industries, Inc. | 1,010 | 106,707 | |
Builders FirstSource, Inc. (a) | 4,345 | 253,183 | |
Carlisle Companies, Inc. | 1,089 | 242,760 | |
Carrier Global Corp. | 18,428 | 962,494 | |
Fortune Brands Home & Security, Inc. | 2,926 | 296,696 | |
Lennox International, Inc. | 709 | 212,190 | |
Masco Corp. | 5,225 | 342,499 | |
Owens Corning | 2,175 | 203,167 | |
The AZEK Co., Inc. (a) | 2,376 | 87,175 | |
Trane Technologies PLC | 5,058 | 915,144 | |
Trex Co., Inc. (a) | 2,449 | 260,574 | |
4,476,576 | |||
Commercial Services & Supplies - 1.2% | |||
ADT, Inc. | 3,341 | 27,897 | |
Cintas Corp. | 1,851 | 801,668 | |
Clean Harbors, Inc. (a) | 1,073 | 120,755 | |
Copart, Inc. (a) | 4,431 | 688,090 | |
Driven Brands Holdings, Inc. | 1,136 | 36,886 | |
IAA, Inc. (a) | 2,858 | 170,480 | |
MSA Safety, Inc. | 779 | 119,210 | |
Republic Services, Inc. | 4,449 | 598,835 | |
Rollins, Inc. | 4,802 | 169,174 | |
Stericycle, Inc. (a) | 1,933 | 129,356 | |
2,862,351 | |||
Construction & Engineering - 0.3% | |||
AECOM (a) | 2,889 | 197,521 | |
MasTec, Inc. (a) | 1,193 | 106,332 | |
Quanta Services, Inc. | 2,934 | 355,836 | |
Valmont Industries, Inc. | 443 | 105,859 | |
765,548 | |||
Electrical Equipment - 1.6% | |||
Acuity Brands, Inc. | 749 | 153,867 | |
AMETEK, Inc. | 4,888 | 647,171 | |
ChargePoint Holdings, Inc. Class A (a)(b) | 2,195 | 54,392 | |
Generac Holdings, Inc. (a) | 1,300 | 648,128 | |
Hubbell, Inc. Class B | 1,147 | 228,677 | |
nVent Electric PLC | 3,518 | 124,713 | |
Plug Power, Inc. (a)(b) | 10,840 | 414,847 | |
Regal Rexnord Corp. | 1,430 | 217,832 | |
Rockwell Automation, Inc. | 2,460 | 785,724 | |
Sensata Technologies, Inc. PLC (a) | 3,284 | 180,948 | |
Shoals Technologies Group, Inc. | 2,158 | 66,876 | |
Sunrun, Inc. (a) | 4,220 | 243,410 | |
Vertiv Holdings Co. | 5,971 | 153,335 | |
3,919,920 | |||
Machinery - 3.7% | |||
AGCO Corp. | 1,318 | 161,073 | |
Allison Transmission Holdings, Inc. | 2,240 | 74,726 | |
Colfax Corp. (a) | 2,479 | 127,966 | |
Crane Co. | 1,041 | 107,514 | |
Cummins, Inc. | 3,041 | 729,353 | |
Donaldson Co., Inc. | 2,670 | 160,227 | |
Dover Corp. | 3,040 | 514,003 | |
Flowserve Corp. | 2,742 | 92,186 | |
Fortive Corp. | 6,919 | 523,837 | |
Gates Industrial Corp. PLC (a) | 2,010 | 33,044 | |
Graco, Inc. | 3,550 | 266,889 | |
IDEX Corp. | 1,610 | 358,338 | |
Ingersoll Rand, Inc. | 8,583 | 461,422 | |
ITT, Inc. | 1,826 | 171,772 | |
Lincoln Electric Holdings, Inc. | 1,218 | 173,443 | |
Middleby Corp. (a) | 1,167 | 212,907 | |
Nordson Corp. | 1,231 | 312,933 | |
Oshkosh Corp. | 1,450 | 155,150 | |
Otis Worldwide Corp. | 9,110 | 731,624 | |
PACCAR, Inc. | 7,222 | 647,236 | |
Parker Hannifin Corp. | 2,726 | 808,504 | |
Pentair PLC | 3,496 | 258,599 | |
Snap-On, Inc. | 1,131 | 229,853 | |
Stanley Black & Decker, Inc. | 3,421 | 614,856 | |
Timken Co. | 1,365 | 96,847 | |
Toro Co. | 2,273 | 217,003 | |
Westinghouse Air Brake Tech Co. | 3,838 | 348,222 | |
Woodward, Inc. | 1,212 | 136,895 | |
Xylem, Inc. | 3,792 | 495,197 | |
9,221,619 | |||
Marine - 0.0% | |||
Kirby Corp. (a) | 1,263 | 66,194 | |
Professional Services - 2.3% | |||
Booz Allen Hamilton Holding Corp. Class A | 2,818 | 244,771 | |
CACI International, Inc. Class A (a) | 491 | 141,231 | |
Clarivate Analytics PLC (a) | 9,215 | 216,092 | |
CoStar Group, Inc. (a) | 8,302 | 714,387 | |
Dun & Bradstreet Holdings, Inc. (a) | 3,384 | 63,755 | |
Equifax, Inc. | 2,569 | 712,718 | |
FTI Consulting, Inc. (a) | 711 | 102,327 | |
IHS Markit Ltd. | 7,911 | 1,034,126 | |
Jacobs Engineering Group, Inc. | 2,735 | 384,049 | |
LegalZoom.com, Inc. | 386 | 10,823 | |
Leidos Holdings, Inc. | 2,987 | 298,640 | |
Manpower, Inc. | 1,154 | 111,534 | |
Nielsen Holdings PLC | 7,583 | 153,556 | |
Robert Half International, Inc. | 2,327 | 263,114 | |
Science Applications Internati | 1,221 | 109,621 | |
TransUnion Holding Co., Inc. | 4,052 | 467,155 | |
Verisk Analytics, Inc. | 3,365 | 707,559 | |
5,735,458 | |||
Road & Rail - 1.1% | |||
AMERCO | 189 | 139,291 | |
J.B. Hunt Transport Services, Inc. | 1,779 | 350,801 | |
Kansas City Southern | 1,921 | 595,990 | |
Knight-Swift Transportation Holdings, Inc. Class A | 3,405 | 193,029 | |
Landstar System, Inc. | 807 | 141,879 | |
Lyft, Inc. (a) | 6,042 | 277,147 | |
Old Dominion Freight Lines, Inc. | 2,166 | 739,364 | |
Ryder System, Inc. | 1,110 | 94,295 | |
Schneider National, Inc. Class B | 1,096 | 27,334 | |
TuSimple Holdings, Inc. (a)(b) | 709 | 27,736 | |
XPO Logistics, Inc. (a) | 2,050 | 175,890 | |
2,762,756 | |||
Trading Companies & Distributors - 1.0% | |||
Air Lease Corp. Class A | 2,275 | 91,114 | |
Core & Main, Inc. | 741 | 20,274 | |
Fastenal Co. | 12,159 | 694,036 | |
MSC Industrial Direct Co., Inc. Class A | 946 | 79,530 | |
SiteOne Landscape Supply, Inc. (a) | 934 | 219,453 | |
United Rentals, Inc. (a) | 1,532 | 580,797 | |
Univar, Inc. (a) | 3,556 | 90,962 | |
W.W. Grainger, Inc. | 984 | 455,700 | |
Watsco, Inc. | 693 | 200,679 | |
2,432,545 | |||
TOTAL INDUSTRIALS | 37,698,321 | ||
INFORMATION TECHNOLOGY - 19.4% | |||
Communications Equipment - 0.9% | |||
Arista Networks, Inc. (a) | 1,276 | 522,764 | |
Ciena Corp. (a) | 3,265 | 177,257 | |
CommScope Holding Co., Inc. (a) | 4,257 | 45,592 | |
F5 Networks, Inc. (a) | 1,274 | 269,005 | |
Juniper Networks, Inc. | 6,855 | 202,360 | |
Lumentum Holdings, Inc. (a) | 1,598 | 131,963 | |
Motorola Solutions, Inc. | 3,523 | 875,783 | |
Ubiquiti, Inc. | 140 | 42,774 | |
ViaSat, Inc. (a) | 1,477 | 88,162 | |
2,355,660 | |||
Electronic Equipment & Components - 2.3% | |||
Amphenol Corp. Class A | 12,374 | 949,952 | |
Arrow Electronics, Inc. (a) | 1,514 | 175,246 | |
Avnet, Inc. | 2,090 | 79,650 | |
CDW Corp. | 2,910 | 543,152 | |
Cognex Corp. | 3,618 | 316,901 | |
Coherent, Inc. (a) | 518 | 131,779 | |
Corning, Inc. | 16,136 | 573,958 | |
IPG Photonics Corp. (a) | 768 | 122,120 | |
Jabil, Inc. | 3,010 | 180,480 | |
Keysight Technologies, Inc. (a) | 3,931 | 707,659 | |
Littelfuse, Inc. | 506 | 149,042 | |
National Instruments Corp. | 2,817 | 119,638 | |
TD SYNNEX Corp. | 886 | 93,030 | |
Teledyne Technologies, Inc. (a) | 973 | 437,091 | |
Trimble, Inc. (a) | 5,302 | 463,236 | |
Vontier Corp. | 3,579 | 121,078 | |
Zebra Technologies Corp. Class A (a) | 1,127 | 601,762 | |
5,765,774 | |||
IT Services - 3.7% | |||
Akamai Technologies, Inc. (a) | 3,405 | 359,091 | |
Alliance Data Systems Corp. | 1,050 | 89,513 | |
Amdocs Ltd. | 2,739 | 213,204 | |
Broadridge Financial Solutions, Inc. | 2,451 | 437,283 | |
Cloudflare, Inc. (a) | 5,475 | 1,066,092 | |
Concentrix Corp. | 893 | 158,668 | |
DXC Technology Co. (a) | 5,324 | 173,403 | |
EPAM Systems, Inc. (a) | 1,140 | 767,494 | |
Euronet Worldwide, Inc. (a) | 1,075 | 120,604 | |
Fastly, Inc. Class A (a)(b) | 2,232 | 112,962 | |
FleetCor Technologies, Inc. (a) | 1,726 | 427,030 | |
Gartner, Inc. (a) | 1,725 | 572,545 | |
Genpact Ltd. | 3,876 | 191,281 | |
Globant SA (a) | 855 | 272,907 | |
GoDaddy, Inc. (a) | 3,548 | 245,415 | |
Jack Henry & Associates, Inc. | 1,564 | 260,375 | |
MongoDB, Inc. Class A (a) | 1,312 | 683,932 | |
Okta, Inc. (a) | 2,633 | 650,825 | |
Paychex, Inc. | 6,825 | 841,386 | |
Paysafe Ltd. (a)(b) | 8,793 | 68,585 | |
Sabre Corp. (a) | 6,678 | 69,318 | |
Shift4 Payments, Inc. (a) | 909 | 57,385 | |
SolarWinds, Inc. | 731 | 11,769 | |
StoneCo Ltd. Class A (a) | 4,693 | 158,905 | |
Switch, Inc. Class A | 2,421 | 61,203 | |
The Western Union Co. | 8,652 | 157,639 | |
VeriSign, Inc. (a) | 2,089 | 465,158 | |
WEX, Inc. (a) | 947 | 141,766 | |
Wix.com Ltd. (a) | 1,128 | 209,763 | |
9,045,501 | |||
Semiconductors & Semiconductor Equipment - 3.1% | |||
Allegro MicroSystems LLC (a) | 854 | 28,489 | |
Brooks Automation, Inc. | 1,553 | 180,847 | |
Cirrus Logic, Inc. (a) | 1,220 | 98,588 | |
Enphase Energy, Inc. (a) | 2,792 | 646,711 | |
Entegris, Inc. | 2,849 | 401,082 | |
First Solar, Inc. (a) | 2,241 | 268,001 | |
Marvell Technology, Inc. | 17,357 | 1,188,955 | |
Microchip Technology, Inc. | 11,407 | 845,145 | |
MKS Instruments, Inc. | 1,173 | 176,009 | |
Monolithic Power Systems, Inc. | 949 | 498,662 | |
ON Semiconductor Corp. (a) | 8,976 | 431,476 | |
Qorvo, Inc. (a) | 2,351 | 395,509 | |
Skyworks Solutions, Inc. | 3,497 | 584,454 | |
Teradyne, Inc. | 3,521 | 486,743 | |
Universal Display Corp. | 918 | 168,178 | |
Wolfspeed, Inc. (a) | 2,443 | 293,429 | |
Xilinx, Inc. | 5,212 | 938,160 | |
7,630,438 | |||
Software - 8.5% | |||
Alteryx, Inc. Class A (a) | 1,246 | 91,195 | |
Anaplan, Inc. (a) | 2,979 | 194,261 | |
ANSYS, Inc. (a) | 1,846 | 700,705 | |
Aspen Technology, Inc. (a) | 1,439 | 225,477 | |
Avalara, Inc. (a) | 1,796 | 322,633 | |
Bentley Systems, Inc. Class B | 2,928 | 173,191 | |
Bill.Com Holdings, Inc. (a) | 1,674 | 492,675 | |
Black Knight, Inc. (a) | 3,221 | 225,824 | |
C3.Ai, Inc. (b) | 723 | 32,622 | |
Cadence Design Systems, Inc. (a) | 5,823 | 1,008,020 | |
CDK Global, Inc. | 2,587 | 112,586 | |
Ceridian HCM Holding, Inc. (a) | 2,733 | 342,308 | |
Citrix Systems, Inc. | 2,627 | 248,856 | |
Coupa Software, Inc. (a) | 1,552 | 353,390 | |
Crowdstrike Holdings, Inc. (a) | 4,177 | 1,177,079 | |
Datadog, Inc. Class A (a) | 4,922 | 822,220 | |
Datto Holding Corp. | 521 | 12,452 | |
DocuSign, Inc. (a) | 4,043 | 1,125,126 | |
Dolby Laboratories, Inc. Class A | 1,363 | 120,421 | |
DoubleVerify Holdings, Inc. (a) | 344 | 13,598 | |
Dropbox, Inc. Class A (a) | 6,453 | 196,752 | |
Duck Creek Technologies, Inc. (a) | 1,501 | 47,282 | |
Dynatrace, Inc. (a) | 4,161 | 312,075 | |
Elastic NV (a) | 1,472 | 255,407 | |
Everbridge, Inc. (a) | 812 | 129,360 | |
Fair Isaac Corp. (a) | 584 | 232,549 | |
Five9, Inc. (a) | 1,415 | 223,584 | |
Fortinet, Inc. (a) | 2,838 | 954,533 | |
Guidewire Software, Inc. (a) | 1,775 | 223,171 | |
HubSpot, Inc. (a) | 944 | 764,857 | |
Jamf Holding Corp. (a) | 1,110 | 52,892 | |
Mandiant, Inc. (a) | 4,939 | 86,136 | |
Manhattan Associates, Inc. (a) | 1,340 | 243,264 | |
McAfee Corp. | 1,443 | 30,837 | |
N-able, Inc. (a) | 819 | 10,893 | |
nCino, Inc. (a) | 1,191 | 86,538 | |
NCR Corp. (a) | 2,692 | 106,442 | |
New Relic, Inc. (a) | 1,096 | 88,951 | |
NortonLifeLock, Inc. | 11,634 | 296,085 | |
Nuance Communications, Inc. (a) | 6,041 | 332,557 | |
Nutanix, Inc. Class A (a) | 4,088 | 140,259 | |
Palantir Technologies, Inc. (a) | 34,427 | 890,971 | |
Palo Alto Networks, Inc. (a) | 2,020 | 1,028,362 | |
Paycom Software, Inc. (a) | 1,075 | 588,939 | |
Paycor HCM, Inc. | 683 | 22,157 | |
Paylocity Holding Corp. (a) | 792 | 241,671 | |
Pegasystems, Inc. | 861 | 102,218 | |
Procore Technologies, Inc. (a) | 218 | 19,936 | |
PTC, Inc. (a) | 2,231 | 284,118 | |
RingCentral, Inc. (a) | 1,701 | 414,670 | |
Smartsheet, Inc. (a) | 2,540 | 175,285 | |
Splunk, Inc. (a) | 3,468 | 571,596 | |
SS&C Technologies Holdings, Inc. | 4,747 | 377,244 | |
Synopsys, Inc. (a) | 3,215 | 1,071,174 | |
Teradata Corp. (a) | 2,299 | 130,031 | |
The Trade Desk, Inc. (a) | 9,082 | 680,333 | |
Tyler Technologies, Inc. (a) | 853 | 463,367 | |
Unity Software, Inc. (a) | 3,153 | 477,080 | |
Zendesk, Inc. (a) | 2,518 | 256,332 | |
Zscaler, Inc. (a) | 1,636 | 521,655 | |
20,926,202 | |||
Technology Hardware, Storage & Peripherals - 0.9% | |||
Hewlett Packard Enterprise Co. | 27,518 | 403,139 | |
HP, Inc. | 25,480 | 772,808 | |
NetApp, Inc. | 4,713 | 420,871 | |
Pure Storage, Inc. Class A (a) | 5,629 | 151,195 | |
Western Digital Corp. (a) | 6,500 | 339,885 | |
Xerox Holdings Corp. | 2,996 | 53,329 | |
2,141,227 | |||
TOTAL INFORMATION TECHNOLOGY | 47,864,802 | ||
MATERIALS - 5.2% | |||
Chemicals - 2.5% | |||
Albemarle Corp. U.S. | 2,464 | 617,158 | |
Ashland Global Holdings, Inc. | 1,162 | 111,564 | |
Axalta Coating Systems Ltd. (a) | 4,364 | 136,113 | |
Celanese Corp. Class A | 2,353 | 380,033 | |
CF Industries Holdings, Inc. | 4,531 | 257,361 | |
Corteva, Inc. | 15,646 | 675,125 | |
Diversey Holdings Ltd. (a) | 1,064 | 18,514 | |
Eastman Chemical Co. | 2,876 | 299,190 | |
Element Solutions, Inc. | 4,906 | 111,415 | |
FMC Corp. | 2,725 | 248,002 | |
Huntsman Corp. | 4,468 | 145,567 | |
International Flavors & Fragrances, Inc. | 5,279 | 778,389 | |
LyondellBasell Industries NV Class A | 5,564 | 516,450 | |
NewMarket Corp. | 143 | 48,621 | |
Olin Corp. | 3,041 | 173,276 | |
PPG Industries, Inc. | 5,017 | 805,580 | |
RPM International, Inc. | 2,707 | 236,050 | |
The Chemours Co. LLC | 3,491 | 97,818 | |
The Mosaic Co. | 7,313 | 304,001 | |
The Scotts Miracle-Gro Co. Class A | 867 | 128,715 | |
Valvoline, Inc. | 3,842 | 130,474 | |
Westlake Chemical Corp. | 705 | 68,625 | |
6,288,041 | |||
Construction Materials - 0.5% | |||
Eagle Materials, Inc. | 870 | 129,073 | |
Martin Marietta Materials, Inc. | 1,318 | 517,763 | |
Vulcan Materials Co. | 2,799 | 532,146 | |
1,178,982 | |||
Containers & Packaging - 1.4% | |||
Amcor PLC | 32,624 | 393,772 | |
Aptargroup, Inc. | 1,390 | 167,884 | |
Ardagh Group SA | 363 | 8,939 | |
Avery Dennison Corp. | 1,754 | 381,881 | |
Ball Corp. | 6,806 | 622,613 | |
Berry Global Group, Inc. (a) | 2,860 | 187,444 | |
Crown Holdings, Inc. | 2,677 | 278,381 | |
Graphic Packaging Holding Co. | 5,977 | 119,122 | |
International Paper Co. | 8,288 | 411,665 | |
Packaging Corp. of America | 1,987 | 272,954 | |
Sealed Air Corp. | 3,172 | 188,163 | |
Silgan Holdings, Inc. | 1,775 | 71,355 | |
Sonoco Products Co. | 2,082 | 120,652 | |
WestRock Co. | 5,591 | 268,927 | |
3,493,752 | |||
Metals & Mining - 0.7% | |||
Alcoa Corp. | 3,950 | 181,503 | |
Cleveland-Cliffs, Inc. (a) | 9,662 | 232,951 | |
Nucor Corp. | 6,228 | 695,356 | |
Reliance Steel & Aluminum Co. | 1,339 | 195,708 | |
Royal Gold, Inc. | 1,388 | 137,440 | |
Steel Dynamics, Inc. | 4,108 | 271,457 | |
United States Steel Corp. | 5,676 | 149,790 | |
1,864,205 | |||
Paper & Forest Products - 0.1% | |||
Louisiana-Pacific Corp. | 2,009 | 118,390 | |
Sylvamo Corp. (a) | 736 | 20,726 | |
139,116 | |||
TOTAL MATERIALS | 12,964,096 | ||
REAL ESTATE - 7.7% | |||
Equity Real Estate Investment Trusts (REITs) - 7.2% | |||
Alexandria Real Estate Equities, Inc. | 3,269 | 667,334 | |
American Campus Communities, Inc. | 2,907 | 156,164 | |
American Homes 4 Rent Class A | 5,983 | 242,910 | |
Americold Realty Trust | 5,541 | 163,293 | |
Apartment Income (REIT) Corp. | 3,316 | 177,771 | |
AvalonBay Communities, Inc. | 2,949 | 697,969 | |
Boston Properties, Inc. | 3,310 | 376,148 | |
Brixmor Property Group, Inc. | 6,281 | 147,227 | |
Camden Property Trust (SBI) | 2,062 | 336,312 | |
CoreSite Realty Corp. | 927 | 132,060 | |
Cousins Properties, Inc. | 3,141 | 124,415 | |
CubeSmart | 4,246 | 233,572 | |
CyrusOne, Inc. | 2,627 | 215,467 | |
Douglas Emmett, Inc. | 3,508 | 114,641 | |
Duke Realty Corp. | 7,924 | 445,646 | |
EPR Properties | 1,563 | 78,478 | |
Equity Lifestyle Properties, Inc. | 3,675 | 310,574 | |
Equity Residential (SBI) | 7,810 | 674,784 | |
Essex Property Trust, Inc. | 1,373 | 466,724 | |
Extra Space Storage, Inc. | 2,780 | 548,689 | |
Federal Realty Investment Trust (SBI) | 1,636 | 196,893 | |
First Industrial Realty Trust, Inc. | 2,714 | 158,036 | |
Gaming & Leisure Properties | 4,676 | 226,739 | |
Healthcare Trust of America, Inc. | 4,615 | 154,095 | |
Healthpeak Properties, Inc. | 11,422 | 405,595 | |
Highwoods Properties, Inc. (SBI) | 2,168 | 97,213 | |
Host Hotels & Resorts, Inc. (a) | 14,946 | 251,541 | |
Hudson Pacific Properties, Inc. | 3,126 | 80,495 | |
Invitation Homes, Inc. | 12,219 | 504,034 | |
Iron Mountain, Inc. | 6,065 | 276,807 | |
JBG SMITH Properties | 2,634 | 76,017 | |
Kilroy Realty Corp. | 2,464 | 166,024 | |
Kimco Realty Corp. | 12,305 | 278,093 | |
Lamar Advertising Co. Class A | 1,824 | 206,477 | |
Life Storage, Inc. | 1,649 | 220,653 | |
Medical Properties Trust, Inc. | 12,518 | 267,009 | |
Mid-America Apartment Communities, Inc. | 2,442 | 498,681 | |
National Retail Properties, Inc. | 3,687 | 167,242 | |
Omega Healthcare Investors, Inc. | 5,073 | 148,943 | |
Park Hotels & Resorts, Inc. (a) | 4,984 | 92,354 | |
Rayonier, Inc. | 2,982 | 111,318 | |
Realty Income Corp. | 8,247 | 589,083 | |
Regency Centers Corp. | 3,575 | 251,716 | |
Rexford Industrial Realty, Inc. | 2,926 | 196,627 | |
SBA Communications Corp. Class A | 2,296 | 792,878 | |
Simon Property Group, Inc. | 6,911 | 1,013,014 | |
SL Green Realty Corp. | 1,412 | 98,939 | |
Spirit Realty Capital, Inc. | 2,515 | 123,059 | |
Store Capital Corp. | 5,183 | 177,932 | |
Sun Communities, Inc. | 2,425 | 475,252 | |
UDR, Inc. | 6,262 | 347,729 | |
Ventas, Inc. | 8,320 | 444,038 | |
VEREIT, Inc. | 4,856 | 244,257 | |
VICI Properties, Inc. (b) | 12,451 | 365,437 | |
Vornado Realty Trust | 3,721 | 158,626 | |
Welltower, Inc. | 8,959 | 720,304 | |
Weyerhaeuser Co. | 15,884 | 567,376 | |
WP Carey, Inc. | 3,866 | 298,107 | |
17,758,811 | |||
Real Estate Management & Development - 0.5% | |||
CBRE Group, Inc. (a) | 7,077 | 736,574 | |
Howard Hughes Corp. (a) | 880 | 76,674 | |
Jones Lang LaSalle, Inc. (a) | 1,071 | 276,564 | |
Opendoor Technologies, Inc. (a) | 9,523 | 225,790 | |
1,315,602 | |||
TOTAL REAL ESTATE | 19,074,413 | ||
UTILITIES - 4.4% | |||
Electric Utilities - 2.0% | |||
Alliant Energy Corp. | 5,301 | 299,878 | |
Avangrid, Inc. | 1,209 | 63,714 | |
Edison International | 7,900 | 497,147 | |
Entergy Corp. | 4,244 | 437,217 | |
Evergy, Inc. | 4,843 | 308,741 | |
Eversource Energy | 7,268 | 617,053 | |
FirstEnergy Corp. | 11,529 | 444,212 | |
Hawaiian Electric Industries, Inc. | 2,237 | 90,733 | |
IDACORP, Inc. | 1,070 | 111,622 | |
NRG Energy, Inc. | 5,154 | 205,593 | |
OGE Energy Corp. | 4,219 | 143,741 | |
PG&E Corp. (a) | 31,973 | 370,887 | |
Pinnacle West Capital Corp. | 2,388 | 154,002 | |
PPL Corp. | 16,322 | 470,074 | |
Xcel Energy, Inc. | 11,418 | 737,489 | |
4,952,103 | |||
Gas Utilities - 0.2% | |||
Atmos Energy Corp. | 2,736 | 252,040 | |
National Fuel Gas Co. | 1,854 | 106,475 | |
UGI Corp. | 4,409 | 191,395 | |
549,910 | |||
Independent Power and Renewable Electricity Producers - 0.3% | |||
Brookfield Renewable Corp. | 2,693 | 111,517 | |
The AES Corp. | 13,999 | 351,795 | |
Vistra Corp. | 10,152 | 198,878 | |
662,190 | |||
Multi-Utilities - 1.5% | |||
Ameren Corp. | 5,389 | 454,239 | |
CenterPoint Energy, Inc. | 12,592 | 327,896 | |
CMS Energy Corp. | 6,115 | 369,040 | |
Consolidated Edison, Inc. | 7,496 | 565,198 | |
DTE Energy Co. | 4,093 | 463,942 | |
MDU Resources Group, Inc. | 4,228 | 129,926 | |
NiSource, Inc. | 8,309 | 204,983 | |
Public Service Enterprise Group, Inc. | 10,684 | 681,639 | |
WEC Energy Group, Inc. | 6,691 | 602,591 | |
3,799,454 | |||
Water Utilities - 0.4% | |||
American Water Works Co., Inc. | 3,850 | 670,593 | |
Essential Utilities, Inc. | 4,748 | 223,488 | |
894,081 | |||
TOTAL UTILITIES | 10,857,738 | ||
TOTAL COMMON STOCKS | |||
(Cost $180,951,476) | 246,952,492 | ||
Nonconvertible Preferred Stocks - 0.0% | |||
REAL ESTATE - 0.0% | |||
Real Estate Management & Development - 0.0% | |||
Brookfield Property Preferred LP 6.25% (a) | |||
(Cost $74) | 3 | 74 | |
Money Market Funds - 1.5% | |||
Fidelity Cash Central Fund 0.06% (c) | 909,161 | 909,343 | |
Fidelity Securities Lending Cash Central Fund 0.06% (c)(d) | 2,961,709 | 2,962,005 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $3,871,348) | 3,871,348 | ||
TOTAL INVESTMENT IN SECURITIES - 101.3% | |||
(Cost $184,822,898) | 250,823,914 | ||
NET OTHER ASSETS (LIABILITIES) - (1.3)% | (3,312,092) | ||
NET ASSETS - 100% | $247,511,822 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini S&P MidCap 400 Index Contracts (United States) | 2 | Dec. 2021 | $557,880 | $28,476 | $28,476 |
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) 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% | $803,571 | $15,323,202 | $15,217,430 | $210 | $-- | $-- | $909,343 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.06% | 732,105 | 15,992,504 | 13,762,604 | 5,009 | -- | -- | 2,962,005 | 0.0% |
Total | $1,535,676 | $31,315,706 | $28,980,034 | $5,219 | $-- | $-- | $3,871,348 |
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 October 31, 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 | $10,184,477 | $10,184,477 | $-- | $-- |
Consumer Discretionary | 31,165,626 | 31,165,626 | -- | -- |
Consumer Staples | 7,860,853 | 7,860,853 | -- | -- |
Energy | 9,741,092 | 9,741,092 | -- | -- |
Financials | 31,126,774 | 31,126,774 | -- | -- |
Health Care | 28,414,300 | 28,414,300 | -- | -- |
Industrials | 37,698,321 | 37,698,321 | -- | -- |
Information Technology | 47,864,802 | 47,864,802 | -- | -- |
Materials | 12,964,096 | 12,964,096 | -- | -- |
Real Estate | 19,074,487 | 19,074,487 | -- | -- |
Utilities | 10,857,738 | 10,857,738 | -- | -- |
Money Market Funds | 3,871,348 | 3,871,348 | -- | -- |
Total Investments in Securities: | $250,823,914 | $250,823,914 | $-- | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $28,476 | $28,476 | $-- | $-- |
Total Assets | $28,476 | $28,476 | $-- | $-- |
Total Derivative Instruments: | $28,476 | $28,476 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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) | $28,476 | $0 |
Total Equity Risk | 28,476 | 0 |
Total Value of Derivatives | $28,476 | $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
October 31, 2021 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $2,913,094) — See accompanying schedule: Unaffiliated issuers (cost $180,951,550) | $246,952,566 | |
Fidelity Central Funds (cost $3,871,348) | 3,871,348 | |
Total Investment in Securities (cost $184,822,898) | $250,823,914 | |
Segregated cash with brokers for derivative instruments | 27,000 | |
Cash | 76,607 | |
Receivable for fund shares sold | 324,338 | |
Dividends receivable | 81,745 | |
Distributions receivable from Fidelity Central Funds | 551 | |
Receivable for daily variation margin on futures contracts | 300 | |
Total assets | 251,334,455 | |
Liabilities | ||
Payable for investments purchased | $736,863 | |
Payable for fund shares redeemed | 123,679 | |
Other payables and accrued expenses | 116 | |
Collateral on securities loaned | 2,961,975 | |
Total liabilities | 3,822,633 | |
Net Assets | $247,511,822 | |
Net Assets consist of: | ||
Paid in capital | $178,768,620 | |
Total accumulated earnings (loss) | 68,743,202 | |
Net Assets | $247,511,822 | |
Net Asset Value, offering price and redemption price per share ($247,511,822 ÷ 13,761,041 shares) | $17.99 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended October 31, 2021 (Unaudited) | ||
Investment Income | ||
Dividends | $1,410,506 | |
Income from Fidelity Central Funds (including $5,009 from security lending) | 5,219 | |
Total income | 1,415,725 | |
Expenses | ||
Independent trustees' fees and expenses | 307 | |
Total expenses | 307 | |
Net investment income (loss) | 1,415,418 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 4,159,188 | |
Foreign currency transactions | (1) | |
Futures contracts | 5,576 | |
Total net realized gain (loss) | 4,164,763 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 10,430,301 | |
Futures contracts | 16,149 | |
Total change in net unrealized appreciation (depreciation) | 10,446,450 | |
Net gain (loss) | 14,611,213 | |
Net increase (decrease) in net assets resulting from operations | $16,026,631 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended October 31, 2021 (Unaudited) | Year ended April 30, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,415,418 | $1,754,333 |
Net realized gain (loss) | 4,164,763 | 971,012 |
Change in net unrealized appreciation (depreciation) | 10,446,450 | 57,262,856 |
Net increase (decrease) in net assets resulting from operations | 16,026,631 | 59,988,201 |
Distributions to shareholders | (835,582) | (2,940,785) |
Share transactions | ||
Proceeds from sales of shares | 70,813,478 | 112,103,605 |
Reinvestment of distributions | 579,368 | 2,139,339 |
Cost of shares redeemed | (28,406,993) | (70,320,053) |
Net increase (decrease) in net assets resulting from share transactions | 42,985,853 | 43,922,891 |
Total increase (decrease) in net assets | 58,176,902 | 100,970,307 |
Net Assets | ||
Beginning of period | 189,334,920 | 88,364,613 |
End of period | $247,511,822 | $189,334,920 |
Other Information | ||
Shares | ||
Sold | 4,120,848 | 7,963,957 |
Issued in reinvestment of distributions | 34,144 | 153,385 |
Redeemed | (1,647,855) | (5,058,761) |
Net increase (decrease) | 2,507,137 | 3,058,581 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Mid Cap Index Fund
Six months ended (Unaudited) October 31, | Years endedApril 30, | |||||
2021 | 2021 | 2020 | 2019 | 2018 | 2017 A | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $16.82 | $10.78 | $12.23 | $11.28 | $10.19 | $10.00 |
Income from Investment Operations | ||||||
Net investment income (loss)B | .11 | .19 | .22 | .20 | .16 | .02 |
Net realized and unrealized gain (loss) | 1.13 | 6.17 | (1.39) | .98 | .98 | .17 |
Total from investment operations | 1.24 | 6.36 | (1.17) | 1.18 | 1.14 | .19 |
Distributions from net investment income | (.03) | (.20) | (.18) | (.19) | (.04) | – |
Distributions from net realized gain | (.04) | (.12) | (.10) | (.05) | (.01) | – |
Total distributions | (.07) | (.32) | (.28) | (.23)C | (.05) | – |
Net asset value, end of period | $17.99 | $16.82 | $10.78 | $12.23 | $11.28 | $10.19 |
Total ReturnD,E | 7.40% | 59.64% | (9.88)% | 10.75% | 11.19% | 1.90% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductionsH | - %I | -% | -% | -% | -% | - %I |
Expenses net of fee waivers, if anyH | - %I | -% | -% | -% | -% | - %I |
Expenses net of all reductionsH | - %I | -% | -% | -% | -% | - %I |
Net investment income (loss) | 1.30%I | 1.35% | 1.84% | 1.76% | 1.46% | 1.24%I |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $247,512 | $189,335 | $88,365 | $76,766 | $54,888 | $306 |
Portfolio turnover rateJ | 18%I | 26% | 38% | 25% | 25%K | 1%L |
A For the period March 9, 2017 (commencement of operations) through April 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total distributions per share do not sum due to rounding.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount represents less than .005%.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
L Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended October 31, 2021
1. Organization.
Fidelity Flex Mid Cap Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense 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% to .01% |
(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 October 31, 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. 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.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC), partnerships, short-term gain distributions from underlying funds 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 | $70,371,759 |
Gross unrealized depreciation | (7,320,691) |
Net unrealized appreciation (depreciation) | $63,051,068 |
Tax cost | $187,801,322 |
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 risk:
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 contract 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 Flex Mid Cap Index Fund | 63,392,825 | 19,273,344 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.
Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Flex Mid Cap Index Fund | $95 | $– |
9. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
10. 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.
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 (May 1, 2021 to October 31, 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 May 1, 2021 | Ending Account Value October 31, 2021 | Expenses Paid During Period-B May 1, 2021 to October 31, 2021 | |
Fidelity Flex Mid Cap Index Fund | - %-C | |||
Actual | $1,000.00 | $1,074.00 | $--D | |
Hypothetical-E | $1,000.00 | $1,025.21 | $--D |
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 184/ 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 Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Flex Mid Cap Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its September 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. The Board did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.At its July 2021 meeting, the Board also 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.Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.The Board also considered information regarding the profitability of Geode's relationship with the fund.Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.ZMP-SANN-1221
1.9881626.104
Fidelity Flex® Funds
Fidelity Flex® Small Cap Index Fund
Semi-Annual Report
October 31, 2021
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.
The fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). The LSE Group does not accept any liability whatsoever to any person arising out of the use of the fund or the underlying data.
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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.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2021
% of fund's net assets | |
AMC Entertainment Holdings, Inc. Class A | 0.6 |
Asana, Inc. | 0.3 |
Crocs, Inc. | 0.3 |
Ovintiv, Inc. | 0.3 |
Tetra Tech, Inc. | 0.3 |
Lattice Semiconductor Corp. | 0.3 |
Intellia Therapeutics, Inc. | 0.3 |
Avis Budget Group, Inc. | 0.3 |
Silicon Laboratories, Inc. | 0.3 |
Saia, Inc. | 0.3 |
3.3 |
Top Market Sectors as of October 31, 2021
% of fund's net assets | |
Health Care | 19.3 |
Financials | 15.6 |
Industrials | 14.6 |
Information Technology | 14.1 |
Consumer Discretionary | 11.1 |
Real Estate | 6.9 |
Energy | 4.7 |
Materials | 3.8 |
Communication Services | 3.4 |
Consumer Staples | 3.1 |
Asset Allocation (% of fund's net assets)
As of October 31, 2021* | ||
Stocks and Equity Futures | 100.0% |
* Foreign investments - 4.6%
Schedule of Investments October 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.0% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 3.4% | |||
Diversified Telecommunication Services - 0.6% | |||
Anterix, Inc. (a) | 879 | $56,344 | |
ATN International, Inc. | 594 | 24,223 | |
Bandwidth, Inc. (a) | 1,818 | 155,039 | |
Cogent Communications Group, Inc. | 3,357 | 257,113 | |
Consolidated Communications Holdings, Inc. (a) | 5,812 | 43,009 | |
EchoStar Holding Corp. Class A (a) | 3,170 | 74,368 | |
Globalstar, Inc. (a) | 47,944 | 79,108 | |
IDT Corp. Class B (a) | 1,582 | 76,521 | |
Iridium Communications, Inc. (a) | 9,342 | 378,818 | |
Liberty Latin America Ltd.: | |||
Class A (a) | 3,347 | 40,231 | |
Class C (a) | 12,518 | 150,592 | |
Ooma, Inc. (a) | 1,827 | 42,204 | |
Radius Global Infrastructure, Inc. (a) | 4,743 | 82,196 | |
1,459,766 | |||
Entertainment - 0.9% | |||
AMC Entertainment Holdings, Inc. Class A (a)(b) | 40,575 | 1,435,115 | |
Chicken Soup For The Soul Entertainment, Inc. (a) | 637 | 12,453 | |
Cinemark Holdings, Inc. (a) | 8,648 | 162,582 | |
CuriosityStream, Inc. Class A (a)(b) | 2,146 | 21,396 | |
Eros International PLC (a) | 17,965 | 14,686 | |
IMAX Corp. (a) | 4,009 | 75,570 | |
Lions Gate Entertainment Corp.: | |||
Class A (a) | 6,548 | 84,797 | |
Class B (a) | 7,129 | 80,700 | |
LiveOne, Inc. (a) | 5,478 | 12,545 | |
Madison Square Garden Entertainment Corp. (a) | 2,106 | 148,410 | |
Marcus Corp. (a)(b) | 1,045 | 19,406 | |
2,067,660 | |||
Interactive Media & Services - 0.6% | |||
CarGurus, Inc. Class A (a) | 7,487 | 251,114 | |
Cars.com, Inc. (a) | 5,337 | 69,488 | |
Eventbrite, Inc. (a) | 6,025 | 121,946 | |
EverQuote, Inc. Class A (a) | 568 | 7,833 | |
fuboTV, Inc. (a) | 10,389 | 309,696 | |
Liberty TripAdvisor Holdings, Inc. (a) | 3,157 | 9,755 | |
MediaAlpha, Inc. Class A | 1,059 | 18,564 | |
Outbrain, Inc. | 717 | 12,146 | |
QuinStreet, Inc. (a) | 4,138 | 57,932 | |
TrueCar, Inc. (a) | 6,551 | 27,449 | |
Yelp, Inc. (a) | 5,665 | 218,839 | |
Ziff Davis, Inc. (a) | 3,427 | 439,581 | |
1,544,343 | |||
Media - 1.2% | |||
Advantage Solutions, Inc. Class A (a) | 6,169 | 52,683 | |
AMC Networks, Inc. Class A (a) | 2,264 | 90,085 | |
Audacy, Inc. Class A (a) | 7,069 | 22,833 | |
Boston Omaha Corp. (a) | 1,431 | 50,729 | |
Cardlytics, Inc. (a) | 2,544 | 200,111 | |
Clear Channel Outdoor Holdings, Inc. (a) | 29,172 | 84,599 | |
comScore, Inc. (a) | 6,003 | 23,472 | |
Daily Journal Corp. (a) | 95 | 32,606 | |
E.W. Scripps Co. Class A | 4,677 | 86,992 | |
Emerald Holding, Inc. (a) | 2,587 | 10,477 | |
Entravision Communication Corp. Class A | 4,741 | 37,786 | |
Fluent, Inc. (a) | 4,532 | 10,786 | |
Gannett Co., Inc. (a) | 10,923 | 63,353 | |
Gray Television, Inc. | 6,744 | 158,079 | |
Hemisphere Media Group, Inc. (a) | 1,485 | 16,409 | |
iHeartMedia, Inc. (a) | 8,731 | 169,207 | |
Integral Ad Science Holding Corp. | 1,395 | 34,275 | |
John Wiley & Sons, Inc. Class A | 3,374 | 182,770 | |
Liberty Media Corp.: | |||
Liberty Braves Class A (a) | 1,037 | 31,701 | |
Liberty Braves Class C (a) | 2,766 | 82,206 | |
Loral Space & Communications Ltd. | 1,017 | 50,667 | |
Magnite, Inc. (a) | 10,260 | 277,328 | |
Meredith Corp. (a) | 3,114 | 181,359 | |
National CineMedia, Inc. | 3,507 | 11,152 | |
Scholastic Corp. | 2,071 | 74,949 | |
Sinclair Broadcast Group, Inc. Class A | 3,737 | 97,648 | |
Stagwell, Inc. (a) | 4,829 | 41,916 | |
TechTarget, Inc. (a) | 2,039 | 192,298 | |
Tegna, Inc. | 17,384 | 341,769 | |
Thryv Holdings, Inc. (a) | 575 | 18,210 | |
WideOpenWest, Inc. (a) | 4,055 | 77,248 | |
2,805,703 | |||
Wireless Telecommunication Services - 0.1% | |||
Gogo, Inc. (a)(b) | 4,701 | 76,438 | |
Shenandoah Telecommunications Co. | 3,774 | 104,313 | |
Telephone & Data Systems, Inc. | 8,031 | 150,501 | |
U.S. Cellular Corp. (a) | 1,189 | 36,348 | |
367,600 | |||
TOTAL COMMUNICATION SERVICES | 8,245,072 | ||
CONSUMER DISCRETIONARY - 11.1% | |||
Auto Components - 1.3% | |||
Adient PLC (a) | 7,506 | 312,400 | |
American Axle & Manufacturing Holdings, Inc. (a) | 8,843 | 80,294 | |
Cooper-Standard Holding, Inc. (a) | 964 | 25,006 | |
Dana, Inc. | 11,518 | 255,584 | |
Dorman Products, Inc. (a) | 2,088 | 217,945 | |
Fox Factory Holding Corp. (a) | 3,331 | 536,124 | |
Gentherm, Inc. (a) | 2,602 | 191,585 | |
LCI Industries | 1,960 | 273,694 | |
Modine Manufacturing Co. (a) | 4,279 | 47,069 | |
Motorcar Parts of America, Inc. (a) | 1,559 | 29,496 | |
Patrick Industries, Inc. | 1,797 | 140,004 | |
Standard Motor Products, Inc. | 1,629 | 78,029 | |
Stoneridge, Inc. (a) | 1,958 | 37,163 | |
Tenneco, Inc. (a) | 4,696 | 62,316 | |
The Goodyear Tire & Rubber Co. (a) | 21,739 | 415,650 | |
Visteon Corp. (a) | 2,208 | 249,901 | |
XL Fleet Corp. (Class A) (a)(b) | 3,266 | 17,898 | |
XPEL, Inc. (a) | 1,416 | 107,474 | |
3,077,632 | |||
Automobiles - 0.3% | |||
Arcimoto, Inc. (a)(b) | 2,332 | 27,238 | |
Canoo, Inc. (a)(b) | 8,594 | 68,924 | |
Fisker, Inc. (a)(b) | 12,921 | 207,382 | |
Lordstown Motors Corp. Class A (a)(b) | 7,951 | 41,107 | |
Winnebago Industries, Inc. | 2,564 | 173,557 | |
Workhorse Group, Inc. (a)(b) | 8,141 | 54,789 | |
572,997 | |||
Distributors - 0.0% | |||
Funko, Inc. (a) | 2,039 | 33,419 | |
Diversified Consumer Services - 0.7% | |||
2U, Inc. (a) | 5,771 | 170,475 | |
Adtalem Global Education, Inc. (a) | 3,914 | 144,544 | |
American Public Education, Inc. (a) | 1,600 | 39,984 | |
Carriage Services, Inc. | 1,345 | 69,200 | |
Coursera, Inc. | 4,605 | 160,761 | |
European Wax Center, Inc. | 825 | 26,301 | |
Graham Holdings Co. | 302 | 176,927 | |
Houghton Mifflin Harcourt Co. (a) | 9,993 | 141,801 | |
Laureate Education, Inc. Class A | 8,051 | 139,443 | |
OneSpaWorld Holdings Ltd. (a) | 4,386 | 47,369 | |
Perdoceo Education Corp. (a) | 4,862 | 51,634 | |
PowerSchool Holdings, Inc. | 3,391 | 78,366 | |
Regis Corp. (a) | 255 | 689 | |
StoneMor, Inc. (a) | 2,798 | 7,247 | |
Strategic Education, Inc. | 1,929 | 131,577 | |
Stride, Inc. (a) | 3,230 | 114,665 | |
Vivint Smart Home, Inc. Class A (a) | 7,683 | 69,685 | |
WW International, Inc. (a) | 4,125 | 71,610 | |
1,642,278 | |||
Hotels, Restaurants & Leisure - 2.3% | |||
Accel Entertainment, Inc. (a) | 4,704 | 57,295 | |
Bally's Corp. (a) | 2,595 | 118,877 | |
Biglari Holdings, Inc. (a) | 54 | 8,976 | |
BJ's Restaurants, Inc. (a) | 1,497 | 49,880 | |
Bloomin' Brands, Inc. (a) | 7,062 | 152,680 | |
Bluegreen Vacations Holding Corp. Class A (a) | 1,190 | 30,476 | |
Brinker International, Inc. (a) | 3,574 | 149,965 | |
Carrols Restaurant Group, Inc. | 3,639 | 13,355 | |
Century Casinos, Inc. (a) | 2,212 | 32,738 | |
Chuy's Holdings, Inc. (a) | 1,305 | 38,054 | |
Cracker Barrel Old Country Store, Inc. | 1,841 | 245,166 | |
Dave & Buster's Entertainment, Inc. (a) | 3,467 | 128,730 | |
Del Taco Restaurants, Inc. | 2,805 | 23,394 | |
Denny's Corp. (a) | 5,026 | 79,913 | |
Dine Brands Global, Inc. (a) | 1,314 | 111,046 | |
Drive Shack, Inc. (a) | 7,037 | 18,296 | |
El Pollo Loco Holdings, Inc. (a) | 1,229 | 18,066 | |
Esports Technologies, Inc. (a) | 909 | 25,543 | |
Everi Holdings, Inc. (a) | 6,713 | 161,112 | |
F45 Training Holdings, Inc. | 1,684 | 23,121 | |
Fiesta Restaurant Group, Inc. (a) | 1,059 | 11,162 | |
Full House Resorts, Inc. (a) | 2,651 | 26,377 | |
GAN Ltd. (a) | 3,279 | 46,824 | |
Golden Entertainment, Inc. (a) | 1,337 | 69,484 | |
Golden Nugget Online Gaming, Inc. (a) | 3,313 | 55,890 | |
Hall of Fame Resort & Entertainment Co. (a) | 3,264 | 7,507 | |
Hilton Grand Vacations, Inc. (a) | 6,711 | 337,429 | |
International Game Technology PLC (a) | 7,874 | 232,204 | |
Jack in the Box, Inc. | 1,735 | 171,678 | |
Krispy Kreme, Inc. | 1,819 | 23,192 | |
Kura Sushi U.S.A., Inc. Class A (a) | 330 | 14,051 | |
Lindblad Expeditions Holdings (a) | 2,620 | 39,169 | |
Monarch Casino & Resort, Inc. (a) | 1,061 | 76,625 | |
Nathan's Famous, Inc. | 249 | 15,563 | |
NeoGames SA | 480 | 17,832 | |
Noodles & Co. (a) | 3,379 | 41,055 | |
Papa John's International, Inc. | 2,589 | 321,243 | |
PlayAGS, Inc. (a) | 1,527 | 13,468 | |
RCI Hospitality Holdings, Inc. | 666 | 45,155 | |
Red Robin Gourmet Burgers, Inc. (a) | 1,373 | 27,282 | |
Red Rock Resorts, Inc. (a) | 4,833 | 262,964 | |
Rush Street Interactive, Inc. (a) | 4,333 | 87,223 | |
Ruth's Hospitality Group, Inc. (a) | 2,190 | 42,355 | |
Scientific Games Corp. Class A (a) | 7,582 | 606,939 | |
SeaWorld Entertainment, Inc. (a) | 4,062 | 257,937 | |
Shake Shack, Inc. Class A (a) | 2,934 | 202,945 | |
Target Hospitality Corp. (a) | 1,647 | 6,819 | |
Texas Roadhouse, Inc. Class A | 5,547 | 492,629 | |
The Cheesecake Factory, Inc. (a) | 3,683 | 149,677 | |
The ONE Group Hospitality, Inc. (a) | 1,653 | 21,853 | |
Wingstop, Inc. | 2,359 | 406,857 | |
Xponential Fitness, Inc. | 779 | 13,165 | |
5,631,236 | |||
Household Durables - 1.8% | |||
Aterian, Inc. (a) | 2,140 | 13,675 | |
Bassett Furniture Industries, Inc. | 840 | 14,188 | |
Beazer Homes U.S.A., Inc. (a) | 2,477 | 44,858 | |
Casper Sleep, Inc. (a) | 2,988 | 10,876 | |
Cavco Industries, Inc. (a) | 726 | 174,516 | |
Century Communities, Inc. | 2,384 | 159,871 | |
Ethan Allen Interiors, Inc. | 1,807 | 41,940 | |
Flexsteel Industries, Inc. | 273 | 7,644 | |
GoPro, Inc. Class A (a) | 9,919 | 85,403 | |
Green Brick Partners, Inc. (a) | 2,524 | 65,750 | |
Hamilton Beach Brands Holding Co. Class A | 291 | 4,365 | |
Helen of Troy Ltd. (a) | 1,892 | 425,605 | |
Hooker Furnishings Corp. | 602 | 15,176 | |
Hovnanian Enterprises, Inc. Class A (a) | 398 | 33,535 | |
Installed Building Products, Inc. | 1,883 | 239,235 | |
iRobot Corp. (a)(b) | 2,182 | 182,022 | |
KB Home | 6,609 | 265,351 | |
La-Z-Boy, Inc. | 3,519 | 116,972 | |
Landsea Homes Corp. (a) | 927 | 8,389 | |
Legacy Housing Corp. (a) | 618 | 10,970 | |
LGI Homes, Inc. (a) | 1,716 | 256,199 | |
Lifetime Brands, Inc. | 955 | 16,197 | |
Lovesac (a) | 1,013 | 79,024 | |
M.D.C. Holdings, Inc. | 4,510 | 220,900 | |
M/I Homes, Inc. (a) | 2,267 | 129,808 | |
Meritage Homes Corp. (a) | 2,952 | 320,912 | |
Purple Innovation, Inc. (a) | 4,676 | 90,247 | |
Skyline Champion Corp. (a) | 4,132 | 261,638 | |
Snap One Holdings Corp. (a) | 1,068 | 15,593 | |
Sonos, Inc. (a) | 9,490 | 309,564 | |
Taylor Morrison Home Corp. (a) | 9,682 | 295,591 | |
Traeger, Inc. (a) | 1,797 | 33,945 | |
TRI Pointe Homes, Inc. (a) | 8,909 | 215,509 | |
Tupperware Brands Corp. (a) | 3,940 | 87,626 | |
Universal Electronics, Inc. (a) | 939 | 38,668 | |
VOXX International Corp. (a) | 1,374 | 15,540 | |
Vuzix Corp. (a)(b) | 4,691 | 50,147 | |
Weber, Inc. | 1,335 | 22,241 | |
4,379,690 | |||
Internet & Direct Marketing Retail - 0.6% | |||
1-800-FLOWERS.com, Inc. Class A (a) | 2,140 | 68,737 | |
1stDibs.com, Inc. | 587 | 10,061 | |
CarParts.com, Inc. (a) | 3,945 | 60,082 | |
Duluth Holdings, Inc. (a) | 1,102 | 15,792 | |
Groupon, Inc. (a) | 1,841 | 39,066 | |
Lands' End, Inc. (a) | 1,065 | 27,988 | |
Liquidity Services, Inc. (a) | 2,107 | 46,523 | |
Overstock.com, Inc. (a)(b) | 3,399 | 323,687 | |
PetMed Express, Inc. (b) | 1,604 | 45,602 | |
Porch Group, Inc. Class A (a) | 6,157 | 129,482 | |
Quotient Technology, Inc. (a) | 5,458 | 35,150 | |
Revolve Group, Inc. (a) | 2,812 | 211,012 | |
Shutterstock, Inc. | 1,841 | 223,037 | |
Stitch Fix, Inc. (a) | 4,672 | 161,651 | |
The RealReal, Inc. (a) | 6,411 | 83,535 | |
Xometry, Inc. | 655 | 35,370 | |
1,516,775 | |||
Leisure Products - 0.5% | |||
Acushnet Holdings Corp. | 2,696 | 137,334 | |
American Outdoor Brands, Inc. (a) | 1,209 | 27,541 | |
AMMO, Inc. (b) | 6,780 | 40,951 | |
Callaway Golf Co. (a) | 9,187 | 248,508 | |
Clarus Corp. | 1,956 | 53,946 | |
Escalade, Inc. | 649 | 12,143 | |
Genius Brands International, Inc. (a)(b) | 23,036 | 32,020 | |
Johnson Outdoors, Inc. Class A | 360 | 38,225 | |
Latham Group, Inc. (a) | 1,264 | 19,466 | |
Malibu Boats, Inc. Class A (a) | 1,671 | 117,989 | |
Marine Products Corp. | 395 | 5,005 | |
MasterCraft Boat Holdings, Inc. (a) | 1,575 | 42,179 | |
Nautilus, Inc. (a) | 2,510 | 25,677 | |
Smith & Wesson Brands, Inc. | 3,801 | 81,722 | |
Sturm, Ruger & Co., Inc. | 1,349 | 106,409 | |
Vista Outdoor, Inc. (a) | 4,523 | 189,242 | |
1,178,357 | |||
Multiline Retail - 0.4% | |||
Big Lots, Inc. | 2,719 | 120,316 | |
Dillard's, Inc. Class A | 471 | 108,867 | |
Franchise Group, Inc. | 2,280 | 83,904 | |
Macy's, Inc. | 24,668 | 652,962 | |
966,049 | |||
Specialty Retail - 2.4% | |||
Abercrombie & Fitch Co. Class A (a) | 4,840 | 191,374 | |
Academy Sports & Outdoors, Inc. | 6,099 | 260,915 | |
America's Car Mart, Inc. (a) | 505 | 60,342 | |
American Eagle Outfitters, Inc. | 11,903 | 282,577 | |
Arko Corp. (a) | 9,576 | 91,834 | |
Asbury Automotive Group, Inc. (a) | 1,519 | 297,283 | |
Barnes & Noble Education, Inc. (a) | 2,989 | 31,026 | |
Bed Bath & Beyond, Inc. (a) | 8,344 | 117,150 | |
Big 5 Sporting Goods Corp. (b) | 1,649 | 39,873 | |
Boot Barn Holdings, Inc. (a) | 2,306 | 240,954 | |
Caleres, Inc. | 2,591 | 59,748 | |
Camping World Holdings, Inc. | 3,376 | 125,756 | |
CarLotz, Inc. Class A (a) | 6,235 | 22,446 | |
Chico's FAS, Inc. (a) | 8,858 | 48,365 | |
Citi Trends, Inc. (a) | 702 | 54,307 | |
Conn's, Inc. (a) | 1,408 | 31,356 | |
Designer Brands, Inc. Class A (a) | 4,688 | 63,429 | |
Genesco, Inc. (a) | 1,151 | 69,739 | |
Group 1 Automotive, Inc. | 1,382 | 248,484 | |
GrowGeneration Corp. (a) | 4,251 | 89,611 | |
Guess?, Inc. | 2,878 | 59,603 | |
Haverty Furniture Companies, Inc. | 1,353 | 38,831 | |
Hibbett, Inc. | 1,270 | 98,349 | |
JOANN, Inc. | 1,051 | 10,741 | |
Kirkland's, Inc. (a)(b) | 1,140 | 25,627 | |
Lazydays Holdings, Inc. (a) | 673 | 14,194 | |
Lumber Liquidators Holdings, Inc. (a) | 2,349 | 42,470 | |
MarineMax, Inc. (a) | 1,682 | 87,111 | |
Monro, Inc. | 2,617 | 161,626 | |
Murphy U.S.A., Inc. | 1,887 | 307,487 | |
National Vision Holdings, Inc. (a) | 6,429 | 396,284 | |
OneWater Marine, Inc. Class A | 801 | 35,516 | |
Party City Holdco, Inc. (a) | 8,669 | 63,024 | |
Rent-A-Center, Inc. | 5,198 | 276,845 | |
Sally Beauty Holdings, Inc. (a) | 8,802 | 134,319 | |
Shift Technologies, Inc. Class A (a)(b) | 5,232 | 35,735 | |
Shoe Carnival, Inc. | 1,424 | 48,231 | |
Signet Jewelers Ltd. | 4,084 | 364,211 | |
Sleep Number Corp. (a) | 1,822 | 160,955 | |
Sonic Automotive, Inc. Class A (sub. vtg.) | 1,724 | 85,217 | |
Sportsman's Warehouse Holdings, Inc. (a) | 3,223 | 55,629 | |
The Aaron's Co., Inc. | 2,565 | 59,995 | |
The Buckle, Inc. | 2,350 | 97,807 | |
The Cato Corp. Class A (sub. vtg.) | 1,546 | 27,256 | |
The Children's Place, Inc. (a) | 1,091 | 90,433 | |
The Container Store Group, Inc. (a) | 2,641 | 29,209 | |
The ODP Corp. (a) | 3,734 | 161,682 | |
Tilly's, Inc. | 1,882 | 26,122 | |
Torrid Holdings, Inc. | 1,027 | 15,446 | |
TravelCenters of America LLC (a) | 1,001 | 53,964 | |
Urban Outfitters, Inc. (a) | 5,439 | 173,667 | |
Winmark Corp. | 261 | 60,766 | |
Zumiez, Inc. (a) | 1,786 | 72,690 | |
5,797,611 | |||
Textiles, Apparel & Luxury Goods - 0.8% | |||
Crocs, Inc. (a) | 4,854 | 783,678 | |
Fossil Group, Inc. (a) | 3,841 | 45,401 | |
G-III Apparel Group Ltd. (a) | 3,487 | 99,937 | |
Kontoor Brands, Inc. | 4,071 | 215,763 | |
Movado Group, Inc. | 1,248 | 41,558 | |
Oxford Industries, Inc. | 1,259 | 116,734 | |
PLBY Group, Inc. (a)(b) | 1,843 | 51,751 | |
Rocky Brands, Inc. | 549 | 29,948 | |
Steven Madden Ltd. | 6,423 | 289,677 | |
Superior Group of Companies, Inc. | 907 | 23,573 | |
Unifi, Inc. (a) | 828 | 19,889 | |
Vera Bradley, Inc. (a) | 2,291 | 22,475 | |
Wolverine World Wide, Inc. | 6,460 | 214,278 | |
1,954,662 | |||
TOTAL CONSUMER DISCRETIONARY | 26,750,706 | ||
CONSUMER STAPLES - 3.1% | |||
Beverages - 0.4% | |||
Celsius Holdings, Inc. (a) | 4,249 | 410,113 | |
Coca-Cola Bottling Co. Consolidated | 366 | 146,912 | |
Duckhorn Portfolio, Inc. (a) | 1,655 | 32,008 | |
MGP Ingredients, Inc. | 1,127 | 72,365 | |
National Beverage Corp. | 1,830 | 103,212 | |
Newage, Inc. (a) | 12,997 | 19,236 | |
Primo Water Corp. | 12,491 | 198,607 | |
Zevia PBC | 877 | 9,814 | |
992,267 | |||
Food & Staples Retailing - 0.9% | |||
Andersons, Inc. | 2,522 | 85,899 | |
BJ's Wholesale Club Holdings, Inc. (a) | 10,794 | 630,801 | |
Chefs' Warehouse Holdings (a) | 2,526 | 88,082 | |
HF Foods Group, Inc. (a) | 1,772 | 12,510 | |
Ingles Markets, Inc. Class A | 1,028 | 71,127 | |
Natural Grocers by Vitamin Cottage, Inc. | 875 | 10,658 | |
Performance Food Group Co. (a) | 12,013 | 543,348 | |
PriceSmart, Inc. | 1,829 | 131,597 | |
Rite Aid Corp. (a) | 4,273 | 58,070 | |
SpartanNash Co. | 2,813 | 65,093 | |
Sprouts Farmers Market LLC (a) | 9,031 | 199,946 | |
United Natural Foods, Inc. (a) | 4,361 | 189,224 | |
Village Super Market, Inc. Class A | 734 | 16,346 | |
Weis Markets, Inc. | 1,274 | 71,739 | |
2,174,440 | |||
Food Products - 0.9% | |||
AppHarvest, Inc. (a)(b) | 5,619 | 33,826 | |
B&G Foods, Inc. Class A (b) | 5,065 | 149,114 | |
Cal-Maine Foods, Inc. (a) | 2,763 | 99,634 | |
Calavo Growers, Inc. | 1,304 | 52,421 | |
Fresh Del Monte Produce, Inc. | 2,608 | 87,342 | |
Hostess Brands, Inc. Class A (a) | 10,276 | 194,319 | |
J&J Snack Foods Corp. | 1,139 | 168,059 | |
John B. Sanfilippo & Son, Inc. | 555 | 46,898 | |
Laird Superfood, Inc. (a) | 250 | 4,365 | |
Lancaster Colony Corp. | 1,466 | 249,220 | |
Landec Corp. (a) | 2,328 | 22,628 | |
Limoneira Co. | 738 | 11,904 | |
Mission Produce, Inc. | 2,893 | 54,938 | |
Sanderson Farms, Inc. | 1,587 | 300,657 | |
Seneca Foods Corp. Class A (a) | 499 | 25,763 | |
Tattooed Chef, Inc. (a)(b) | 3,819 | 68,627 | |
The Simply Good Foods Co. (a) | 6,696 | 265,496 | |
Tootsie Roll Industries, Inc. | 1,192 | 37,727 | |
TreeHouse Foods, Inc. (a) | 4,126 | 149,114 | |
Utz Brands, Inc. Class A | 4,684 | 73,024 | |
Vital Farms, Inc. (a) | 1,317 | 21,625 | |
Whole Earth Brands, Inc. Class A (a) | 3,127 | 37,931 | |
2,154,632 | |||
Household Products - 0.3% | |||
Central Garden & Pet Co. (a) | 1,320 | 68,086 | |
Central Garden & Pet Co. Class A (non-vtg.) (a) | 2,579 | 119,150 | |
Energizer Holdings, Inc. | 5,451 | 198,798 | |
Oil-Dri Corp. of America | 423 | 14,729 | |
WD-40 Co. | 1,076 | 244,252 | |
645,015 | |||
Personal Products - 0.5% | |||
BellRing Brands, Inc. Class A (a) | 3,102 | 83,196 | |
Edgewell Personal Care Co. | 4,290 | 150,107 | |
elf Beauty, Inc. (a) | 3,837 | 123,973 | |
Inter Parfums, Inc. | 1,393 | 128,685 | |
MediFast, Inc. | 917 | 179,980 | |
Nature's Sunshine Products, Inc. | 1,074 | 16,958 | |
Nu Skin Enterprises, Inc. Class A | 3,867 | 155,260 | |
Revlon, Inc. (a) | 381 | 3,947 | |
The Beauty Health Co. (a) | 6,875 | 188,856 | |
The Honest Co., Inc. (b) | 2,136 | 19,544 | |
USANA Health Sciences, Inc. (a) | 947 | 91,916 | |
Veru, Inc. (a) | 4,764 | 38,922 | |
1,181,344 | |||
Tobacco - 0.1% | |||
22nd Century Group, Inc. (a) | 11,909 | 32,631 | |
Turning Point Brands, Inc. | 1,213 | 46,300 | |
Universal Corp. | 1,989 | 93,483 | |
Vector Group Ltd. | 11,485 | 152,291 | |
324,705 | |||
TOTAL CONSUMER STAPLES | 7,472,403 | ||
ENERGY - 4.7% | |||
Energy Equipment & Services - 0.9% | |||
Archrock, Inc. | 10,920 | 89,435 | |
Aspen Aerogels, Inc. (a) | 1,728 | 94,107 | |
Bristow Group, Inc. (a) | 1,942 | 67,193 | |
Cactus, Inc. | 4,273 | 185,876 | |
Championx Corp. (a) | 15,974 | 418,998 | |
DMC Global, Inc. (a) | 1,514 | 63,255 | |
Dril-Quip, Inc. (a) | 2,772 | 65,308 | |
Expro Group Holdings NV (a) | 2,164 | 37,113 | |
FTS International, Inc. Class A (a) | 681 | 18,047 | |
Helix Energy Solutions Group, Inc. (a) | 12,565 | 47,496 | |
Helmerich & Payne, Inc. | 8,346 | 259,060 | |
Liberty Oilfield Services, Inc. Class A (a) | 7,254 | 93,722 | |
Nabors Industries Ltd. (a) | 576 | 59,040 | |
Newpark Resources, Inc. (a) | 5,856 | 19,910 | |
Nextier Oilfield Solutions, Inc. (a) | 13,413 | 59,822 | |
Oceaneering International, Inc. (a) | 7,842 | 106,651 | |
Oil States International, Inc. (a) | 2,679 | 16,235 | |
Patterson-UTI Energy, Inc. | 14,987 | 128,289 | |
ProPetro Holding Corp. (a) | 6,522 | 62,546 | |
RPC, Inc. (a) | 5,388 | 29,041 | |
Select Energy Services, Inc. Class A (a) | 3,798 | 22,826 | |
Solaris Oilfield Infrastructure, Inc. Class A | 1,564 | 11,871 | |
TETRA Technologies, Inc. (a) | 9,847 | 31,806 | |
Tidewater, Inc. (a) | 3,524 | 42,746 | |
U.S. Silica Holdings, Inc. (a) | 5,844 | 56,570 | |
2,086,963 | |||
Oil, Gas & Consumable Fuels - 3.8% | |||
Aemetis, Inc. (a) | 2,118 | 42,148 | |
Alto Ingredients, Inc. (a) | 5,958 | 31,697 | |
Altus Midstream Co. | 225 | 13,910 | |
Antero Resources Corp. (a) | 22,477 | 446,618 | |
Arch Resources, Inc. | 1,179 | 107,383 | |
Berry Corp. | 5,379 | 51,692 | |
Bonanza Creek Energy, Inc. | 2,430 | 136,420 | |
Brigham Minerals, Inc. Class A | 3,477 | 80,597 | |
California Resources Corp. (a) | 6,432 | 296,708 | |
Callon Petroleum Co. (a) | 3,159 | 163,415 | |
Centennial Resource Development, Inc. Class A (a) | 14,288 | 102,874 | |
Centrus Energy Corp. Class A (a) | 762 | 43,183 | |
Chesapeake Energy Corp. | 7,698 | 490,671 | |
Clean Energy Fuels Corp. (a)(b) | 12,152 | 112,041 | |
CNX Resources Corp. (a) | 17,089 | 249,670 | |
Comstock Resources, Inc. (a) | 7,285 | 71,903 | |
CONSOL Energy, Inc. (a) | 2,665 | 73,314 | |
Contango Oil & Gas Co. (a) | 11,489 | 47,450 | |
CVR Energy, Inc. | 2,287 | 43,842 | |
Delek U.S. Holdings, Inc. (a) | 5,212 | 101,373 | |
Denbury, Inc. (a) | 3,960 | 335,254 | |
DHT Holdings, Inc. | 11,330 | 73,758 | |
Dorian LPG Ltd. | 2,495 | 30,239 | |
Earthstone Energy, Inc. (a) | 1,931 | 19,600 | |
Energy Fuels, Inc. (a)(b) | 11,593 | 90,889 | |
Equitrans Midstream Corp. | 32,134 | 331,302 | |
Extraction Oil & Gas, Inc. (a) | 1,201 | 80,023 | |
Falcon Minerals Corp. | 2,276 | 13,383 | |
Frontline Ltd. (NY Shares) (a)(b) | 9,483 | 83,545 | |
Gevo, Inc. (a)(b) | 15,257 | 110,308 | |
Golar LNG Ltd. (a) | 8,093 | 105,452 | |
Green Plains, Inc. (a) | 3,774 | 143,223 | |
HighPeak Energy, Inc. | 330 | 4,663 | |
International Seaways, Inc. | 3,799 | 66,672 | |
Kosmos Energy Ltd. (a) | 32,248 | 116,093 | |
Laredo Petroleum, Inc. (a) | 1,002 | 75,551 | |
Magnolia Oil & Gas Corp. Class A | 10,911 | 227,822 | |
Matador Resources Co. | 8,680 | 363,258 | |
Murphy Oil Corp. | 11,515 | 320,462 | |
National Energy Services Reunited Corp. (a) | 2,980 | 34,866 | |
Nordic American Tanker Shipping Ltd. | 13,455 | 31,619 | |
Northern Oil & Gas, Inc. | 4,147 | 96,045 | |
Oasis Petroleum, Inc. | 1,561 | 188,257 | |
Ovintiv, Inc. | 20,597 | 772,799 | |
Par Pacific Holdings, Inc. (a) | 3,685 | 56,970 | |
PBF Energy, Inc. Class A (a) | 7,713 | 112,687 | |
PDC Energy, Inc. | 7,780 | 406,972 | |
Peabody Energy Corp. (a) | 6,304 | 74,955 | |
Range Resources Corp. (a) | 18,774 | 437,810 | |
Ranger Oil Corp. (a) | 1,250 | 41,300 | |
Renewable Energy Group, Inc. (a) | 3,548 | 227,072 | |
Rex American Resources Corp. (a) | 430 | 37,819 | |
Riley Exploration Permian, Inc. | 165 | 4,377 | |
Scorpio Tankers, Inc. | 3,946 | 63,215 | |
SFL Corp. Ltd. | 8,120 | 64,229 | |
SM Energy Co. | 9,443 | 324,084 | |
Southwestern Energy Co. (a) | 53,479 | 260,978 | |
Talos Energy, Inc. (a) | 3,146 | 40,804 | |
Teekay Corp. (a) | 6,044 | 21,396 | |
Teekay Tankers Ltd. (a) | 2,119 | 29,412 | |
Tellurian, Inc. (a) | 28,318 | 111,007 | |
Ur-Energy, Inc. (a) | 14,457 | 25,155 | |
Uranium Energy Corp. (a) | 18,352 | 68,269 | |
Vine Energy, Inc. Class A | 1,976 | 33,730 | |
W&T Offshore, Inc. (a) | 7,429 | 30,533 | |
Whiting Petroleum Corp. (a) | 3,076 | 200,340 | |
Whiting Petroleum Corp.: | |||
warrants 9/1/24 (a) | 224 | 2,554 | |
warrants 9/1/25 (a) | 111 | 1,198 | |
World Fuel Services Corp. | 4,932 | 150,574 | |
9,249,432 | |||
TOTAL ENERGY | 11,336,395 | ||
FINANCIALS - 15.6% | |||
Banks - 8.0% | |||
1st Source Corp. | 1,295 | 62,523 | |
Allegiance Bancshares, Inc. | 1,606 | 62,907 | |
Amalgamated Financial Corp. | 1,112 | 20,416 | |
Amerant Bancorp, Inc. Class A (a) | 1,565 | 41,551 | |
American National Bankshares, Inc. | 865 | 32,092 | |
Ameris Bancorp | 5,264 | 275,781 | |
Arrow Financial Corp. | 1,068 | 38,288 | |
Associated Banc-Corp. | 11,907 | 265,288 | |
Atlantic Capital Bancshares, Inc. (a) | 1,572 | 43,246 | |
Atlantic Union Bankshares Corp. | 6,107 | 219,058 | |
Banc of California, Inc. | 4,369 | 88,822 | |
BancFirst Corp. | 1,364 | 88,674 | |
Bancorp, Inc., Delaware (a) | 4,104 | 125,377 | |
Bank First National Corp. | 482 | 34,217 | |
Bank of Marin Bancorp | 1,299 | 49,505 | |
BankUnited, Inc. | 7,334 | 297,467 | |
Banner Corp. | 2,767 | 159,822 | |
Bar Harbor Bankshares | 1,219 | 36,204 | |
Berkshire Hills Bancorp, Inc. | 3,815 | 103,577 | |
Blue Ridge Bankshares, Inc. | 1,476 | 27,085 | |
Brookline Bancorp, Inc., Delaware | 6,054 | 97,167 | |
Bryn Mawr Bank Corp. | 1,565 | 72,522 | |
Business First Bancshares, Inc. | 1,590 | 42,421 | |
Byline Bancorp, Inc. | 1,944 | 50,077 | |
Cadence Bank | 14,815 | 429,931 | |
Cambridge Bancorp | 535 | 49,118 | |
Camden National Corp. | 1,128 | 53,693 | |
Capital Bancorp, Inc. | 556 | 14,150 | |
Capital City Bank Group, Inc. | 1,151 | 30,927 | |
Capstar Financial Holdings, Inc. | 1,691 | 37,151 | |
Carter Bankshares, Inc. (a) | 2,161 | 32,372 | |
Cathay General Bancorp | 5,872 | 247,740 | |
CBTX, Inc. | 1,059 | 28,805 | |
Central Pacific Financial Corp. | 2,186 | 60,093 | |
Century Bancorp, Inc. Class A (non-vtg.) | 179 | 20,612 | |
CIT Group, Inc. | 7,822 | 387,424 | |
Citizens & Northern Corp. | 1,200 | 30,612 | |
City Holding Co. | 1,192 | 94,859 | |
Civista Bancshares, Inc. | 1,178 | 28,343 | |
CNB Financial Corp., Pennsylvania | 933 | 23,950 | |
Coastal Financial Corp. of Washington (a) | 766 | 29,146 | |
Columbia Banking Systems, Inc. | 6,256 | 213,517 | |
Community Bank System, Inc. | 4,198 | 300,871 | |
Community Trust Bancorp, Inc. | 1,163 | 50,800 | |
ConnectOne Bancorp, Inc. | 2,869 | 96,771 | |
CrossFirst Bankshares, Inc. (a) | 3,729 | 53,064 | |
Customers Bancorp, Inc. (a) | 2,313 | 123,260 | |
CVB Financial Corp. | 10,222 | 204,644 | |
Dime Community Bancshares, Inc. | 2,768 | 98,762 | |
Eagle Bancorp, Inc. | 2,423 | 137,118 | |
Eastern Bankshares, Inc. | 13,340 | 277,072 | |
Enterprise Bancorp, Inc. | 723 | 26,859 | |
Enterprise Financial Services Corp. | 2,805 | 131,891 | |
Equity Bancshares, Inc. | 1,047 | 35,033 | |
Farmers National Banc Corp. | 2,428 | 43,267 | |
FB Financial Corp. | 2,640 | 119,671 | |
Fidelity D & D Bancorp, Inc. | 266 | 13,457 | |
Financial Institutions, Inc. | 1,220 | 38,942 | |
First Bancorp, North Carolina | 2,749 | 133,107 | |
First Bancorp, Puerto Rico | 16,154 | 220,502 | |
First Bancshares, Inc. | 1,669 | 67,177 | |
First Bank Hamilton New Jersey | 1,223 | 18,394 | |
First Busey Corp. | 4,074 | 103,846 | |
First Commonwealth Financial Corp. | 7,640 | 116,892 | |
First Community Bankshares, Inc. | 1,338 | 43,378 | |
First Financial Bancorp, Ohio | 7,474 | 177,732 | |
First Financial Bankshares, Inc. | 10,248 | 519,779 | |
First Financial Corp., Indiana | 958 | 41,050 | |
First Foundation, Inc. | 3,107 | 82,677 | |
First Internet Bancorp | 780 | 26,551 | |
First Interstate Bancsystem, Inc. | 3,288 | 136,682 | |
First Merchants Corp. | 4,357 | 181,164 | |
First Mid-Illinois Bancshares, Inc. | 1,286 | 55,401 | |
First Midwest Bancorp, Inc., Delaware | 8,846 | 170,286 | |
First of Long Island Corp. | 1,714 | 34,503 | |
Five Star Bancorp | 367 | 10,063 | |
Flushing Financial Corp. | 2,241 | 53,829 | |
Fulton Financial Corp. | 12,513 | 201,459 | |
German American Bancorp, Inc. | 1,820 | 71,744 | |
Glacier Bancorp, Inc. | 8,722 | 482,239 | |
Great Southern Bancorp, Inc. | 772 | 43,564 | |
Great Western Bancorp, Inc. | 4,296 | 146,279 | |
Guaranty Bancshares, Inc. Texas | 560 | 21,022 | |
Hancock Whitney Corp. | 6,778 | 335,375 | |
Hanmi Financial Corp. | 2,072 | 45,978 | |
HarborOne Bancorp, Inc. | 4,057 | 58,299 | |
HBT Financial, Inc. | 700 | 12,621 | |
Heartland Financial U.S.A., Inc. | 3,140 | 157,377 | |
Heritage Commerce Corp. | 4,548 | 54,531 | |
Heritage Financial Corp., Washington | 2,939 | 73,005 | |
Hilltop Holdings, Inc. | 4,935 | 174,896 | |
Home Bancshares, Inc. | 11,911 | 283,005 | |
HomeTrust Bancshares, Inc. | 1,241 | 37,726 | |
Hope Bancorp, Inc. | 9,258 | 135,074 | |
Horizon Bancorp, Inc. Indiana | 3,474 | 66,249 | |
Howard Bancorp, Inc. (a) | 1,120 | 23,195 | |
Independent Bank Corp. | 1,780 | 40,103 | |
Independent Bank Corp., Massachusetts | 2,620 | 221,390 | |
Independent Bank Group, Inc. | 2,987 | 215,930 | |
International Bancshares Corp. | 4,214 | 178,674 | |
Investors Bancorp, Inc. | 17,972 | 274,972 | |
Lakeland Bancorp, Inc. | 3,833 | 68,917 | |
Lakeland Financial Corp. | 1,934 | 138,997 | |
Live Oak Bancshares, Inc. | 2,508 | 223,663 | |
Macatawa Bank Corp. | 2,279 | 19,144 | |
Mercantile Bank Corp. | 1,265 | 43,478 | |
Metrocity Bankshares, Inc. | 1,399 | 32,877 | |
Metropolitan Bank Holding Corp. (a) | 617 | 56,061 | |
Mid Penn Bancorp, Inc. | 811 | 22,724 | |
Midland States Bancorp, Inc. | 1,255 | 32,203 | |
MidWestOne Financial Group, Inc. | 1,228 | 38,498 | |
MVB Financial Corp. | 761 | 32,487 | |
National Bank Holdings Corp. | 2,357 | 102,223 | |
NBT Bancorp, Inc. | 3,307 | 121,334 | |
Nicolet Bankshares, Inc. (a) | 873 | 62,760 | |
Northrim Bancorp, Inc. | 512 | 22,743 | |
OceanFirst Financial Corp. | 4,703 | 104,266 | |
OFG Bancorp | 4,029 | 104,351 | |
Old National Bancorp, Indiana | 13,246 | 226,242 | |
Old Second Bancorp, Inc. | 2,271 | 30,749 | |
Origin Bancorp, Inc. | 1,712 | 76,355 | |
Orrstown Financial Services, Inc. | 858 | 20,343 | |
Pacific Premier Bancorp, Inc. | 7,454 | 312,993 | |
Park National Corp. | 1,133 | 145,692 | |
Peapack-Gladstone Financial Corp. | 1,419 | 47,607 | |
Peoples Bancorp, Inc. | 2,043 | 65,294 | |
Peoples Financial Services Corp. | 558 | 25,545 | |
Preferred Bank, Los Angeles | 1,054 | 72,273 | |
Primis Financial Corp. | 1,944 | 29,452 | |
QCR Holdings, Inc. | 1,191 | 65,672 | |
RBB Bancorp | 1,098 | 28,186 | |
Red River Bancshares, Inc. | 362 | 18,962 | |
Reliant Bancorp, Inc. | 1,238 | 41,943 | |
Renasant Corp. | 4,439 | 166,063 | |
Republic Bancorp, Inc., Kentucky Class A | 711 | 38,408 | |
Republic First Bancorp, Inc. (a) | 2,024 | 6,274 | |
S&T Bancorp, Inc. | 2,086 | 63,748 | |
Sandy Spring Bancorp, Inc. | 3,708 | 175,982 | |
Seacoast Banking Corp., Florida | 4,375 | 159,381 | |
ServisFirst Bancshares, Inc. | 3,865 | 310,398 | |
Sierra Bancorp | 1,214 | 30,301 | |
Silvergate Capital Corp. (a) | 1,928 | 301,963 | |
Simmons First National Corp. Class A | 8,434 | 252,092 | |
SmartFinancial, Inc. | 1,057 | 27,471 | |
South Plains Financial, Inc. | 785 | 20,457 | |
Southern First Bancshares, Inc. (a) | 613 | 33,022 | |
Southside Bancshares, Inc. | 2,450 | 101,234 | |
Southstate Corp. | 5,566 | 434,649 | |
Spirit of Texas Bancshares, Inc. | 1,014 | 24,671 | |
Stock Yards Bancorp, Inc. | 1,888 | 115,640 | |
Summit Financial Group, Inc. | 916 | 23,019 | |
Texas Capital Bancshares, Inc. (a) | 4,014 | 243,248 | |
The Bank of NT Butterfield & Son Ltd. | 3,942 | 141,518 | |
The First Bancorp, Inc. | 879 | 26,080 | |
Tompkins Financial Corp. | 1,118 | 91,799 | |
TowneBank | 5,209 | 164,188 | |
Trico Bancshares | 2,227 | 97,609 | |
TriState Capital Holdings, Inc. (a) | 2,386 | 71,699 | |
Triumph Bancorp, Inc. (a) | 1,854 | 217,474 | |
Trustmark Corp. | 4,960 | 157,778 | |
UMB Financial Corp. | 3,403 | 336,284 | |
United Bankshares, Inc., West Virginia | 9,855 | 364,536 | |
United Community Bank, Inc. | 6,865 | 239,177 | |
Univest Corp. of Pennsylvania | 2,276 | 65,321 | |
Valley National Bancorp | 31,751 | 421,018 | |
Veritex Holdings, Inc. | 3,821 | 156,470 | |
Washington Trust Bancorp, Inc. | 1,329 | 72,643 | |
WesBanco, Inc. | 4,979 | 173,120 | |
West Bancorp., Inc. | 1,219 | 38,642 | |
Westamerica Bancorp. | 2,070 | 115,423 | |
19,358,566 | |||
Capital Markets - 1.7% | |||
Artisan Partners Asset Management, Inc. | 4,638 | 229,767 | |
Assetmark Financial Holdings, Inc. (a) | 1,406 | 36,050 | |
Associated Capital Group, Inc. | 128 | 4,653 | |
B. Riley Financial, Inc. | 1,535 | 109,998 | |
BGC Partners, Inc. Class A | 26,140 | 140,372 | |
Blucora, Inc. (a) | 3,847 | 63,552 | |
BrightSphere Investment Group, Inc. | 4,460 | 133,711 | |
Cohen & Steers, Inc. | 1,949 | 184,941 | |
Cowen Group, Inc. Class A | 2,253 | 85,006 | |
Diamond Hill Investment Group, Inc. | 214 | 46,408 | |
Donnelley Financial Solutions, Inc. (a) | 2,259 | 86,565 | |
Federated Hermes, Inc. | 7,423 | 247,260 | |
Focus Financial Partners, Inc. Class A (a) | 4,710 | 296,071 | |
GAMCO Investors, Inc. Class A | 337 | 8,914 | |
GCM Grosvenor, Inc. Class A | 3,517 | 40,270 | |
Greenhill & Co., Inc. | 1,184 | 18,612 | |
Hamilton Lane, Inc. Class A | 2,686 | 280,714 | |
Houlihan Lokey | 3,995 | 447,760 | |
Moelis & Co. Class A | 4,774 | 347,261 | |
Open Lending Corp. (a) | 8,272 | 260,733 | |
Oppenheimer Holdings, Inc. Class A (non-vtg.) | 736 | 38,309 | |
Piper Jaffray Companies | 1,381 | 227,437 | |
PJT Partners, Inc. | 1,903 | 155,646 | |
Pzena Investment Management, Inc. | 1,175 | 12,784 | |
Sculptor Capital Management, Inc. Class A | 1,611 | 42,692 | |
StepStone Group, Inc. Class A | 3,185 | 149,631 | |
StoneX Group, Inc. (a) | 1,287 | 88,945 | |
Value Line, Inc. | 108 | 3,721 | |
Virtus Investment Partners, Inc. | 576 | 184,320 | |
WisdomTree Investments, Inc. | 10,922 | 69,792 | |
4,041,895 | |||
Consumer Finance - 0.9% | |||
Atlanticus Holdings Corp. (a) | 436 | 33,786 | |
CURO Group Holdings Corp. | 1,648 | 28,313 | |
Encore Capital Group, Inc. (a) | 2,328 | 125,759 | |
Enova International, Inc. (a) | 2,796 | 90,702 | |
EZCORP, Inc. (non-vtg.) Class A (a) | 3,041 | 22,686 | |
First Cash Financial Services, Inc. | 3,098 | 274,080 | |
Green Dot Corp. Class A (a) | 4,189 | 177,446 | |
LendingClub Corp. (a) | 7,702 | 353,984 | |
LendingTree, Inc. (a) | 934 | 150,738 | |
Navient Corp. | 12,854 | 253,224 | |
Nelnet, Inc. Class A | 1,289 | 106,510 | |
Oportun Financial Corp. (a) | 1,680 | 39,026 | |
PRA Group, Inc. (a) | 3,578 | 153,425 | |
PROG Holdings, Inc. | 5,238 | 211,877 | |
Regional Management Corp. | 602 | 30,750 | |
World Acceptance Corp. (a) | 338 | 62,662 | |
2,114,968 | |||
Diversified Financial Services - 0.2% | |||
A-Mark Precious Metals, Inc. | 695 | 52,118 | |
Alerus Financial Corp. | 1,268 | 39,815 | |
Banco Latinoamericano de Comercio Exterior SA Series E | 2,100 | 38,094 | |
Cannae Holdings, Inc. (a) | 6,783 | 231,300 | |
Marlin Business Services Corp. | 481 | 11,025 | |
372,352 | |||
Insurance - 1.9% | |||
AMBAC Financial Group, Inc. (a) | 3,891 | 65,797 | |
American Equity Investment Life Holding Co. | 6,550 | 208,749 | |
American National Group, Inc. | 563 | 106,807 | |
Amerisafe, Inc. | 1,544 | 91,544 | |
Argo Group International Holdings, Ltd. | 2,474 | 136,317 | |
Bright Health Group, Inc. | 4,376 | 38,290 | |
BRP Group, Inc. (a) | 3,785 | 138,153 | |
Citizens, Inc. Class A (a) | 4,461 | 28,729 | |
CNO Financial Group, Inc. | 10,307 | 248,811 | |
Crawford & Co. Class A | 1,410 | 12,182 | |
Donegal Group, Inc. Class A | 1,405 | 20,021 | |
eHealth, Inc. (a) | 1,673 | 74,198 | |
Employers Holdings, Inc. | 2,273 | 87,738 | |
Enstar Group Ltd. (a) | 953 | 219,933 | |
Genworth Financial, Inc. Class A (a) | 40,214 | 165,280 | |
Goosehead Insurance | 1,404 | 202,597 | |
Greenlight Capital Re, Ltd. (a) | 1,155 | 8,582 | |
HCI Group, Inc. | 452 | 60,573 | |
Heritage Insurance Holdings, Inc. | 850 | 5,559 | |
Horace Mann Educators Corp. | 3,358 | 131,566 | |
Independence Holding Co. | 349 | 17,118 | |
Investors Title Co. | 108 | 20,930 | |
James River Group Holdings Ltd. | 2,966 | 94,764 | |
Kinsale Capital Group, Inc. | 1,722 | 322,272 | |
Maiden Holdings Ltd. (a) | 5,177 | 16,877 | |
MBIA, Inc. (a) | 3,937 | 61,181 | |
MetroMile, Inc. (a) | 755 | 2,318 | |
National Western Life Group, Inc. | 153 | 32,897 | |
NI Holdings, Inc. (a) | 788 | 15,665 | |
Palomar Holdings, Inc. (a) | 1,987 | 181,711 | |
ProAssurance Corp. | 3,399 | 77,871 | |
RLI Corp. | 3,186 | 345,076 | |
Safety Insurance Group, Inc. | 1,160 | 90,956 | |
Selective Insurance Group, Inc. | 4,710 | 369,123 | |
Selectquote, Inc. (a) | 10,722 | 142,495 | |
Siriuspoint Ltd. (a) | 5,955 | 55,977 | |
State Auto Financial Corp. | 1,291 | 66,241 | |
Stewart Information Services Corp. | 2,117 | 150,667 | |
Tiptree, Inc. | 1,809 | 28,238 | |
Trean Insurance Group, Inc. (a) | 787 | 7,398 | |
Trupanion, Inc. (a) | 3,029 | 310,170 | |
United Fire Group, Inc. | 850 | 17,366 | |
United Insurance Holdings Corp. | 361 | 1,379 | |
Universal Insurance Holdings, Inc. | 908 | 13,411 | |
4,493,527 | |||
Mortgage Real Estate Investment Trusts - 1.3% | |||
Angel Oak Mortgage, Inc. | 646 | 11,460 | |
Apollo Commercial Real Estate Finance, Inc. | 11,357 | 171,945 | |
Arbor Realty Trust, Inc. | 10,965 | 220,506 | |
Ares Commercial Real Estate Corp. | 3,756 | 58,669 | |
Armour Residential REIT, Inc. (b) | 3,898 | 41,007 | |
Blackstone Mortgage Trust, Inc. | 11,826 | 389,075 | |
BrightSpire Capital, Inc. | 6,818 | 66,885 | |
Broadmark Realty Capital, Inc. | 10,767 | 111,115 | |
Chimera Investment Corp. | 18,248 | 284,851 | |
Dynex Capital, Inc. | 2,841 | 49,718 | |
Ellington Financial LLC | 3,914 | 71,157 | |
Franklin BSP Realty Trust, Inc. (a) | 2,849 | 46,752 | |
Granite Point Mortgage Trust, Inc. | 4,548 | 60,943 | |
Great Ajax Corp. | 1,896 | 26,847 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 6,132 | 370,373 | |
Invesco Mortgage Capital, Inc. (b) | 16,295 | 51,166 | |
KKR Real Estate Finance Trust, Inc. | 2,963 | 64,327 | |
Ladder Capital Corp. Class A | 7,151 | 85,812 | |
MFA Financial, Inc. | 35,341 | 159,388 | |
New York Mortgage Trust, Inc. | 29,961 | 131,529 | |
Orchid Island Capital, Inc. | 13,007 | 64,515 | |
PennyMac Mortgage Investment Trust | 8,153 | 164,283 | |
Ready Capital Corp. | 5,080 | 78,588 | |
Redwood Trust, Inc. | 8,857 | 120,101 | |
TPG RE Finance Trust, Inc. | 3,265 | 42,674 | |
Two Harbors Investment Corp. | 24,777 | 159,068 | |
3,102,754 | |||
Thrifts & Mortgage Finance - 1.6% | |||
Axos Financial, Inc. (a) | 4,440 | 235,320 | |
Blue Foundry Bancorp | 2,310 | 32,502 | |
Bridgewater Bancshares, Inc. (a) | 1,636 | 29,595 | |
Capitol Federal Financial, Inc. | 10,254 | 124,381 | |
Columbia Financial, Inc. (a) | 3,026 | 56,344 | |
Essent Group Ltd. | 8,810 | 422,880 | |
Federal Agricultural Mortgage Corp. Class C (non-vtg.) | 708 | 89,272 | |
Finance of America Companies, Inc. (a) | 3,374 | 16,161 | |
Flagstar Bancorp, Inc. | 4,097 | 193,337 | |
FS Bancorp, Inc. | 629 | 21,675 | |
Hingham Institution for Savings | 111 | 40,098 | |
Home Bancorp, Inc. | 503 | 21,000 | |
HomeStreet, Inc. | 1,629 | 76,824 | |
Kearny Financial Corp. | 6,030 | 80,923 | |
Luther Burbank Corp. | 1,006 | 14,597 | |
Merchants Bancorp | 784 | 34,833 | |
Meridian Bancorp, Inc. Maryland | 3,773 | 87,534 | |
Meta Financial Group, Inc. | 2,489 | 137,990 | |
Mr. Cooper Group, Inc. (a) | 5,563 | 243,882 | |
NMI Holdings, Inc. (a) | 6,767 | 164,303 | |
Northfield Bancorp, Inc. | 3,481 | 61,092 | |
Northwest Bancshares, Inc. | 9,310 | 128,478 | |
Ocwen Financial Corp. (a) | 716 | 22,490 | |
PCSB Financial Corp. | 1,199 | 22,913 | |
PennyMac Financial Services, Inc. | 2,582 | 160,239 | |
Pioneer Bancorp, Inc. (a) | 1,004 | 12,711 | |
Premier Financial Corp. | 2,961 | 94,397 | |
Provident Bancorp, Inc. | 1,250 | 22,525 | |
Provident Financial Services, Inc. | 5,959 | 147,545 | |
Radian Group, Inc. | 14,691 | 350,674 | |
Southern Missouri Bancorp, Inc. | 604 | 32,858 | |
Trustco Bank Corp., New York | 1,531 | 51,380 | |
Velocity Financial, Inc. (a) | 579 | 7,440 | |
Walker & Dunlop, Inc. | 2,308 | 300,202 | |
Washington Federal, Inc. | 5,317 | 188,009 | |
Waterstone Financial, Inc. | 1,623 | 33,547 | |
WSFS Financial Corp. | 3,698 | 191,593 | |
3,951,544 | |||
TOTAL FINANCIALS | 37,435,606 | ||
HEALTH CARE - 19.3% | |||
Biotechnology - 9.2% | |||
4D Molecular Therapeutics, Inc. | 1,709 | 41,067 | |
89Bio, Inc. (a) | 936 | 16,474 | |
ACADIA Pharmaceuticals, Inc. (a) | 9,625 | 172,769 | |
Acumen Pharmaceuticals, Inc. | 856 | 12,027 | |
Adagio Theraputics, Inc. | 1,676 | 49,006 | |
Adicet Bio, Inc. (a) | 2,105 | 18,103 | |
Adverum Biotechnologies, Inc. (a) | 1,665 | 3,780 | |
Aeglea BioTherapeutics, Inc. (a) | 3,586 | 26,250 | |
Aerovate Therapeutics, Inc. | 847 | 13,493 | |
Affimed NV (a) | 9,499 | 64,593 | |
Agenus, Inc. (a) | 16,771 | 64,401 | |
Agios Pharmaceuticals, Inc. (a) | 4,708 | 221,276 | |
Akebia Therapeutics, Inc. (a) | 9,467 | 27,170 | |
Akero Therapeutics, Inc. (a) | 2,208 | 47,450 | |
Akouos, Inc. (a) | 829 | 7,726 | |
Albireo Pharma, Inc. (a) | 1,584 | 46,284 | |
Aldeyra Therapeutics, Inc. (a) | 4,095 | 37,265 | |
Alector, Inc. (a) | 4,644 | 100,961 | |
Aligos Therapeutics, Inc. | 1,758 | 28,005 | |
Alkermes PLC (a) | 12,640 | 382,866 | |
Allakos, Inc. (a) | 2,762 | 277,802 | |
Allogene Therapeutics, Inc. (a) | 4,592 | 79,166 | |
Allovir, Inc. (a) | 2,375 | 57,024 | |
Alpine Immune Sciences, Inc. (a) | 1,100 | 13,915 | |
Altimmune, Inc. (a) | 3,280 | 35,424 | |
ALX Oncology Holdings, Inc. (a) | 1,388 | 77,784 | |
Amicus Therapeutics, Inc. (a) | 21,110 | 221,655 | |
AnaptysBio, Inc. (a) | 1,554 | 51,127 | |
Anavex Life Sciences Corp. (a) | 5,085 | 95,293 | |
Anika Therapeutics, Inc. (a) | 1,172 | 48,814 | |
Annexon, Inc. (a) | 2,549 | 41,574 | |
Apellis Pharmaceuticals, Inc. (a) | 5,174 | 159,049 | |
Applied Molecular Transport, Inc. (a) | 1,954 | 44,004 | |
Applied Therapeutics, Inc. (a) | 1,198 | 17,575 | |
AquaBounty Technologies, Inc. (a) | 5,022 | 20,038 | |
Arbutus Biopharma Corp. (a) | 7,074 | 28,508 | |
Arcturus Therapeutics Holdings, Inc. (a) | 1,672 | 75,156 | |
Arcus Biosciences, Inc. (a) | 3,623 | 121,153 | |
Arcutis Biotherapeutics, Inc. (a) | 2,261 | 47,888 | |
Ardelyx, Inc. (a) | 195 | 236 | |
Arena Pharmaceuticals, Inc. (a) | 4,883 | 280,235 | |
Arrowhead Pharmaceuticals, Inc. (a) | 8,032 | 512,602 | |
Atara Biotherapeutics, Inc. (a) | 6,089 | 94,258 | |
Athenex, Inc. (a) | 6,928 | 17,597 | |
Athersys, Inc. (a)(b) | 13,160 | 15,397 | |
Atossa Therapeutics, Inc. (a) | 9,454 | 24,297 | |
Atreca, Inc. (a) | 591 | 3,061 | |
Avid Bioservices, Inc. (a) | 4,776 | 146,528 | |
Avidity Biosciences, Inc. (a) | 3,075 | 69,188 | |
Avita Medical, Inc. (a) | 2,103 | 34,636 | |
AVROBIO, Inc. (a) | 1,310 | 7,362 | |
Beam Therapeutics, Inc. (a) | 3,934 | 349,221 | |
BeyondSpring, Inc. (a)(b) | 1,904 | 26,313 | |
BioAtla, Inc. | 818 | 23,910 | |
BioCryst Pharmaceuticals, Inc. (a) | 14,034 | 209,528 | |
Biohaven Pharmaceutical Holding Co. Ltd. (a) | 4,398 | 625,923 | |
Biomea Fusion, Inc. (a) | 889 | 9,548 | |
BioXcel Therapeutics, Inc. (a) | 1,443 | 42,049 | |
Black Diamond Therapeutics, Inc. (a) | 535 | 4,098 | |
bluebird bio, Inc. (a) | 5,557 | 130,089 | |
Blueprint Medicines Corp. (a) | 4,639 | 521,841 | |
Bolt Biotherapeutics, Inc. | 990 | 12,959 | |
BridgeBio Pharma, Inc. (a) | 8,564 | 422,890 | |
Brooklyn ImmunoTherapeutics, Inc. (a) | 2,362 | 20,124 | |
C4 Therapeutics, Inc. | 3,064 | 136,103 | |
Cardiff Oncology, Inc. (a) | 3,434 | 20,158 | |
CareDx, Inc. (a) | 4,038 | 205,938 | |
Caribou Biosciences, Inc. | 1,553 | 34,337 | |
Catalyst Pharmaceutical Partners, Inc. (a) | 7,988 | 47,129 | |
Cel-Sci Corp. (a)(b) | 2,879 | 32,245 | |
Celcuity, Inc. (a) | 799 | 14,462 | |
Celldex Therapeutics, Inc. (a) | 3,625 | 154,208 | |
Century Therapeutics, Inc. | 977 | 21,953 | |
Cerevel Therapeutics Holdings (a) | 3,158 | 128,373 | |
ChemoCentryx, Inc. (a) | 4,306 | 149,892 | |
Chimerix, Inc. (a) | 5,198 | 27,238 | |
Chinook Therapeutics, Inc. (a) | 2,816 | 30,244 | |
Chinook Therapeutics, Inc. rights (a)(c) | 702 | 35 | |
Clene, Inc. (a) | 1,819 | 9,877 | |
Clovis Oncology, Inc. (a)(b) | 8,900 | 38,537 | |
Codiak Biosciences, Inc. | 1,277 | 18,402 | |
Cogent Biosciences, Inc. (a) | 3,128 | 26,525 | |
Coherus BioSciences, Inc. (a) | 5,296 | 88,602 | |
Cortexyme, Inc. (a)(b) | 1,576 | 20,803 | |
Crinetics Pharmaceuticals, Inc. (a) | 3,007 | 74,965 | |
Cue Biopharma, Inc. (a) | 1,997 | 24,383 | |
Cullinan Oncology, Inc. (b) | 2,050 | 45,551 | |
Curis, Inc. (a) | 6,862 | 44,603 | |
Cytokinetics, Inc. (a) | 6,262 | 218,606 | |
CytomX Therapeutics, Inc. (a) | 5,978 | 35,450 | |
Day One Biopharmaceuticals, Inc. (a) | 940 | 22,974 | |
Deciphera Pharmaceuticals, Inc. (a) | 3,273 | 109,285 | |
Denali Therapeutics, Inc. (a) | 7,198 | 348,023 | |
DermTech, Inc. (a) | 1,953 | 53,415 | |
Design Therapeutics, Inc. (a) | 1,221 | 19,145 | |
Dicerna Pharmaceuticals, Inc. (a) | 5,505 | 114,559 | |
Dynavax Technologies Corp. (a) | 8,521 | 170,164 | |
Dyne Therapeutics, Inc. (a) | 2,496 | 36,217 | |
Eagle Pharmaceuticals, Inc. (a) | 945 | 49,490 | |
Editas Medicine, Inc. (a) | 5,416 | 198,876 | |
Eiger Biopharmaceuticals, Inc. (a) | 3,281 | 22,114 | |
Eliem Therapeutics, Inc. | 593 | 10,330 | |
Emergent BioSolutions, Inc. (a) | 3,848 | 183,434 | |
Enanta Pharmaceuticals, Inc. (a) | 1,539 | 132,123 | |
Epizyme, Inc. (a) | 7,054 | 29,627 | |
Erasca, Inc. (b) | 1,644 | 32,518 | |
Evelo Biosciences, Inc. (a)(b) | 2,569 | 22,736 | |
Fate Therapeutics, Inc. (a) | 6,434 | 346,149 | |
FibroGen, Inc. (a) | 4,485 | 49,873 | |
Finch Therapeutics Group, Inc. (a) | 763 | 10,224 | |
Flexion Therapeutics, Inc. (a) | 3,925 | 36,306 | |
Foghorn Therapeutics, Inc. (b) | 1,091 | 13,845 | |
Forma Therapeutics Holdings, Inc. (a) | 2,580 | 47,885 | |
Fortress Biotech, Inc. (a) | 6,335 | 20,652 | |
Frequency Therapeutics, Inc. (a) | 984 | 6,180 | |
G1 Therapeutics, Inc. (a)(b) | 2,523 | 36,558 | |
Gemini Therapeutics, Inc. (a) | 2,272 | 8,634 | |
Generation Bio Co. (a) | 3,533 | 74,052 | |
Geron Corp. (a)(b) | 26,455 | 40,741 | |
Global Blood Therapeutics, Inc. (a) | 4,825 | 176,209 | |
Gossamer Bio, Inc. (a) | 4,302 | 53,431 | |
Graphite Bio, Inc. | 1,402 | 17,861 | |
Greenwich Lifesciences, Inc. (a) | 290 | 10,254 | |
Gritstone Bio, Inc. (a) | 2,993 | 32,893 | |
Gt Biopharma, Inc. (a) | 1,562 | 10,091 | |
Halozyme Therapeutics, Inc. (a) | 11,188 | 425,927 | |
Harpoon Therapeutics, Inc. (a) | 324 | 2,028 | |
Heron Therapeutics, Inc. (a) | 5,780 | 63,638 | |
Homology Medicines, Inc. (a) | 1,531 | 8,773 | |
Hookipa Pharma, Inc. (a) | 588 | 2,864 | |
Humanigen, Inc. (a)(b) | 3,803 | 27,306 | |
iBio, Inc. (a) | 11,495 | 8,966 | |
Icosavax, Inc. (a)(b) | 1,084 | 28,357 | |
Ideaya Biosciences, Inc. (a) | 2,627 | 56,323 | |
IGM Biosciences, Inc. (a) | 661 | 31,014 | |
Imago BioSciences, Inc. | 800 | 21,296 | |
Immuneering Corp. | 675 | 18,293 | |
Immunic, Inc. (a) | 1,843 | 17,177 | |
ImmunityBio, Inc. (a) | 4,959 | 38,829 | |
ImmunoGen, Inc. (a) | 15,812 | 95,346 | |
Immunovant, Inc. (a) | 1,124 | 9,037 | |
Impel Neuropharma, Inc. (a) | 539 | 5,762 | |
Infinity Pharmaceuticals, Inc. (a) | 7,549 | 19,174 | |
Inhibrx, Inc. (a) | 2,191 | 88,056 | |
Inovio Pharmaceuticals, Inc. (a)(b) | 16,211 | 115,747 | |
Inozyme Pharma, Inc. (a) | 449 | 4,194 | |
Insmed, Inc. (a) | 9,209 | 277,651 | |
Instil Bio, Inc. (a) | 1,495 | 30,453 | |
Intellia Therapeutics, Inc. (a) | 5,420 | 720,752 | |
Intercept Pharmaceuticals, Inc. (a)(b) | 1,073 | 18,091 | |
Invitae Corp. (a)(b) | 15,909 | 421,589 | |
Ironwood Pharmaceuticals, Inc. Class A (a) | 11,454 | 146,268 | |
iTeos Therapeutics, Inc. (a) | 1,684 | 45,047 | |
Iveric Bio, Inc. (a) | 8,238 | 145,813 | |
Janux Therapeutics, Inc. | 1,093 | 26,615 | |
Jounce Therapeutics, Inc. (a) | 2,824 | 24,795 | |
Kadmon Holdings, Inc. (a) | 13,773 | 130,155 | |
Kalvista Pharmaceuticals, Inc. (a) | 1,714 | 30,818 | |
Karuna Therapeutics, Inc. (a) | 1,756 | 246,507 | |
Karyopharm Therapeutics, Inc. (a) | 2,806 | 15,321 | |
Keros Therapeutics, Inc. (a) | 1,261 | 52,609 | |
Kezar Life Sciences, Inc. (a) | 2,926 | 23,408 | |
Kiniksa Pharmaceuticals Ltd. (a) | 2,307 | 23,970 | |
Kinnate Biopharma, Inc. | 2,107 | 50,083 | |
Kodiak Sciences, Inc. (a) | 2,652 | 310,523 | |
Kronos Bio, Inc. | 2,409 | 39,652 | |
Krystal Biotech, Inc. (a) | 1,455 | 72,881 | |
Kura Oncology, Inc. (a) | 5,207 | 85,499 | |
Kymera Therapeutics, Inc. (a) | 2,731 | 160,801 | |
Lexicon Pharmaceuticals, Inc. (a) | 5,435 | 28,751 | |
Ligand Pharmaceuticals, Inc. Class B (a) | 1,196 | 174,544 | |
Lineage Cell Therapeutics, Inc. (a)(b) | 10,409 | 23,733 | |
Lyell Immunopharma, Inc. (b) | 1,942 | 27,071 | |
Macrogenics, Inc. (a) | 4,801 | 93,764 | |
Madrigal Pharmaceuticals, Inc. (a) | 956 | 74,329 | |
Magenta Therapeutics, Inc. (a) | 1,807 | 11,565 | |
MannKind Corp. (a) | 19,654 | 92,570 | |
MEI Pharma, Inc. (a) | 9,662 | 27,247 | |
MeiraGTx Holdings PLC (a) | 2,485 | 53,428 | |
Mersana Therapeutics, Inc. (a) | 4,432 | 37,938 | |
MiMedx Group, Inc. (a) | 8,890 | 60,897 | |
Mirum Pharmaceuticals, Inc. (a) | 530 | 8,416 | |
Molecular Templates, Inc. (a) | 2,045 | 10,675 | |
Monte Rosa Therapeutics, Inc. | 965 | 22,629 | |
Morphic Holding, Inc. (a) | 1,645 | 94,588 | |
Mustang Bio, Inc. (a) | 7,777 | 17,420 | |
Myriad Genetics, Inc. (a) | 6,116 | 188,189 | |
Neoleukin Therapeutics, Inc. (a) | 1,243 | 9,111 | |
Neximmune, Inc. | 1,496 | 17,024 | |
Nkarta, Inc. (a) | 1,188 | 18,628 | |
Nurix Therapeutics, Inc. (a) | 2,510 | 83,960 | |
Nuvalent, Inc. Class A (a) | 878 | 21,450 | |
Ocugen, Inc. (a)(b) | 14,542 | 172,177 | |
Olema Pharmaceuticals, Inc. | 2,035 | 54,945 | |
Omega Therapeutics, Inc. (a) | 627 | 18,421 | |
OncoCyte Corp. (a) | 5,356 | 17,568 | |
Oncorus, Inc. (a) | 1,115 | 11,886 | |
Oncternal Therapeutics, Inc. (a) | 3,872 | 14,210 | |
Oncternal Therapeutics, Inc. rights (a)(c) | 19 | 0 | |
Opko Health, Inc. (a)(b) | 32,163 | 121,898 | |
Organogenesis Holdings, Inc. Class A (a) | 2,677 | 29,393 | |
ORIC Pharmaceuticals, Inc. (a) | 1,849 | 27,069 | |
Outlook Therapeutics, Inc. (a) | 7,720 | 15,980 | |
Oyster Point Pharma, Inc. (a) | 1,138 | 13,406 | |
Passage Bio, Inc. (a) | 1,458 | 12,714 | |
PMV Pharmaceuticals, Inc. (a) | 2,124 | 50,169 | |
Portage Biotech, Inc. (a) | 436 | 8,894 | |
Poseida Therapeutics, Inc. (a) | 2,645 | 16,954 | |
Praxis Precision Medicines, Inc. | 2,570 | 53,456 | |
Precigen, Inc. (a) | 6,234 | 30,110 | |
Precision BioSciences, Inc. (a) | 4,154 | 39,421 | |
Prelude Therapeutics, Inc. (a) | 332 | 5,837 | |
Prometheus Biosciences, Inc. (a) | 918 | 29,247 | |
Protagonist Therapeutics, Inc. (a) | 3,567 | 111,148 | |
Prothena Corp. PLC (a) | 2,759 | 152,711 | |
PTC Therapeutics, Inc. (a) | 5,603 | 212,522 | |
Puma Biotechnology, Inc. (a) | 923 | 4,707 | |
Radius Health, Inc. (a) | 3,771 | 81,454 | |
Rallybio Corp. (a) | 609 | 10,871 | |
RAPT Therapeutics, Inc. (a) | 1,740 | 54,949 | |
Recursion Pharmaceuticals, Inc. (a)(b) | 2,305 | 44,141 | |
REGENXBIO, Inc. (a) | 3,172 | 112,416 | |
Relay Therapeutics, Inc. (a) | 4,766 | 158,470 | |
Reneo Pharmaceuticals, Inc. (a) | 693 | 4,546 | |
Replimune Group, Inc. (a) | 2,432 | 71,768 | |
Revolution Medicines, Inc. (a) | 4,695 | 138,174 | |
Rhythm Pharmaceuticals, Inc. (a) | 3,457 | 39,790 | |
Rigel Pharmaceuticals, Inc. (a) | 14,807 | 49,752 | |
Rocket Pharmaceuticals, Inc. (a) | 3,297 | 97,954 | |
Rubius Therapeutics, Inc. (a) | 3,411 | 48,470 | |
Sana Biotechnology, Inc. | 6,881 | 142,712 | |
Sangamo Therapeutics, Inc. (a) | 9,553 | 77,570 | |
Scholar Rock Holding Corp. (a) | 2,252 | 59,228 | |
Selecta Biosciences, Inc. (a) | 7,852 | 28,189 | |
Sensei Biotherapeutics, Inc. | 1,887 | 16,398 | |
Sera Prognostics, Inc. | 494 | 5,103 | |
Seres Therapeutics, Inc. (a) | 5,494 | 33,404 | |
Sesen Bio, Inc. (a)(b) | 16,767 | 20,288 | |
Shattuck Labs, Inc. | 1,741 | 33,601 | |
Sigilon Therapeutics, Inc. | 596 | 3,212 | |
Silverback Therapeutics, Inc. | 666 | 5,748 | |
Solid Biosciences, Inc. (a) | 2,921 | 5,930 | |
Sorrento Therapeutics, Inc. (a)(b) | 22,262 | 152,717 | |
Spectrum Pharmaceuticals, Inc. (a) | 7,521 | 13,763 | |
Spero Therapeutics, Inc. (a) | 2,150 | 37,754 | |
Springworks Therapeutics, Inc. (a) | 2,326 | 155,982 | |
SQZ Biotechnologies Co. | 1,547 | 20,714 | |
Stoke Therapeutics, Inc. (a) | 1,606 | 36,665 | |
Summit Therapeutics, Inc. (a) | 2,294 | 11,837 | |
Surface Oncology, Inc. (a) | 3,041 | 22,564 | |
Sutro Biopharma, Inc. (a) | 3,565 | 71,870 | |
Syndax Pharmaceuticals, Inc. (a) | 3,674 | 71,459 | |
Syros Pharmaceuticals, Inc. (a) | 4,787 | 19,770 | |
Talaris Therapeutics, Inc. (a) | 823 | 13,900 | |
Taysha Gene Therapies, Inc. (a) | 1,929 | 30,170 | |
TCR2 Therapeutics, Inc. (a) | 773 | 4,870 | |
Tenaya Therapeutics, Inc. (a)(b) | 1,135 | 29,181 | |
TG Therapeutics, Inc. (a) | 10,150 | 316,883 | |
TONIX Pharmaceuticals Holding (a) | 32,975 | 18,202 | |
Travere Therapeutics, Inc. (a) | 4,659 | 134,226 | |
Trevena, Inc. (a) | 16,817 | 16,985 | |
Trillium Therapeutics, Inc. (a) | 7,918 | 143,395 | |
Turning Point Therapeutics, Inc. (a) | 3,597 | 149,563 | |
Twist Bioscience Corp. (a) | 3,740 | 444,312 | |
UroGen Pharma Ltd. (a)(b) | 1,028 | 17,682 | |
Vanda Pharmaceuticals, Inc. (a) | 4,427 | 75,790 | |
Vaxart, Inc. (a) | 9,563 | 64,168 | |
Vaxcyte, Inc. (a) | 2,704 | 63,274 | |
VBI Vaccines, Inc. (a)(b) | 15,353 | 44,524 | |
Vera Therapeutics, Inc. (a) | 597 | 11,552 | |
Veracyte, Inc. (a) | 5,358 | 256,541 | |
Verastem, Inc. (a) | 14,409 | 37,463 | |
Vericel Corp. (a) | 3,683 | 169,492 | |
Verve Therapeutics, Inc. | 1,261 | 58,498 | |
Viking Therapeutics, Inc. (a) | 6,163 | 35,869 | |
Vincerx Pharma, Inc. (a) | 1,213 | 16,946 | |
Vir Biotechnology, Inc. (a) | 4,760 | 179,595 | |
Viracta Therapeutics, Inc. (a) | 3,071 | 18,057 | |
VistaGen Therapeutics, Inc. (a) | 15,493 | 35,479 | |
Vor Biopharma, Inc. (a) | 1,571 | 24,712 | |
Werewolf Therapeutics, Inc. (a) | 687 | 10,765 | |
Xbiotech, Inc. | 1,573 | 23,060 | |
Xencor, Inc. (a) | 4,554 | 180,156 | |
XOMA Corp. (a) | 556 | 13,900 | |
Y-mAbs Therapeutics, Inc. (a) | 2,857 | 70,168 | |
Zentalis Pharmaceuticals, Inc. (a) | 2,829 | 227,565 | |
ZIOPHARM Oncology, Inc. (a) | 12,080 | 18,120 | |
22,217,766 | |||
Health Care Equipment & Supplies - 3.5% | |||
Accelerate Diagnostics, Inc. (a) | 1,362 | 8,036 | |
Accuray, Inc. (a) | 7,856 | 39,201 | |
Acutus Medical, Inc. (a) | 880 | 6,899 | |
Alphatec Holdings, Inc. (a) | 5,850 | 68,621 | |
Angiodynamics, Inc. (a) | 2,922 | 83,569 | |
Apyx Medical Corp. (a) | 2,445 | 34,964 | |
Asensus Surgical, Inc. (a)(b) | 18,673 | 31,557 | |
Aspira Women's Health, Inc. (a) | 6,556 | 21,963 | |
Atricure, Inc. (a) | 3,508 | 263,310 | |
Atrion Corp. | 110 | 80,080 | |
Avanos Medical, Inc. (a) | 3,816 | 120,357 | |
AxoGen, Inc. (a) | 2,486 | 37,762 | |
Axonics Modulation Technologies, Inc. (a) | 3,659 | 268,388 | |
BioLife Solutions, Inc. (a) | 1,970 | 104,706 | |
Bioventus, Inc. | 1,383 | 20,789 | |
Butterfly Network, Inc. Class A (a)(b) | 14,612 | 150,796 | |
Cardiovascular Systems, Inc. (a) | 3,149 | 110,467 | |
Cerus Corp. (a) | 13,813 | 91,166 | |
ClearPoint Neuro, Inc. (a) | 1,586 | 26,534 | |
CONMED Corp. | 2,288 | 334,689 | |
Cryolife, Inc. (a) | 3,085 | 63,674 | |
CryoPort, Inc. (a) | 3,212 | 261,906 | |
Cutera, Inc. (a) | 1,413 | 60,759 | |
CVRx, Inc. | 751 | 12,699 | |
CytoSorbents Corp. (a) | 3,700 | 21,793 | |
DarioHealth Corp. (a) | 1,210 | 19,784 | |
Eargo, Inc. (a) | 168 | 1,478 | |
Glaukos Corp. (a) | 3,524 | 161,082 | |
Haemonetics Corp. (a) | 4,000 | 274,840 | |
Heska Corp. (a) | 755 | 168,765 | |
Inari Medical, Inc. (a) | 2,707 | 245,038 | |
Inogen, Inc. (a) | 1,182 | 46,866 | |
Integer Holdings Corp. (a) | 2,590 | 233,152 | |
Intersect ENT, Inc. (a) | 2,686 | 72,441 | |
Invacare Corp. (a) | 3,280 | 16,203 | |
IRadimed Corp. (a) | 524 | 19,556 | |
iRhythm Technologies, Inc. (a) | 2,282 | 160,059 | |
Lantheus Holdings, Inc. (a) | 5,296 | 123,873 | |
Lantheus Holdings, Inc. rights (a)(c) | 4,219 | 0 | |
LeMaitre Vascular, Inc. | 1,503 | 78,171 | |
LivaNova PLC (a) | 4,208 | 322,838 | |
Meridian Bioscience, Inc. (a) | 3,430 | 64,518 | |
Merit Medical Systems, Inc. (a) | 4,041 | 271,798 | |
Mesa Laboratories, Inc. | 392 | 119,834 | |
Misonix, Inc. (a) | 979 | 25,983 | |
Natus Medical, Inc. (a) | 2,332 | 58,417 | |
Neogen Corp. (a) | 8,407 | 355,700 | |
Neuronetics, Inc. (a) | 440 | 2,288 | |
NeuroPace, Inc. (a) | 691 | 10,476 | |
Nevro Corp. (a) | 2,745 | 312,216 | |
NuVasive, Inc. (a) | 4,086 | 218,029 | |
OraSure Technologies, Inc. (a) | 5,732 | 61,160 | |
Ortho Clinical Diagnostics Holdings PLC | 8,771 | 173,403 | |
Orthofix International NV (a) | 1,437 | 51,703 | |
OrthoPediatrics Corp. (a) | 1,109 | 78,928 | |
Outset Medical, Inc. (a) | 3,658 | 194,862 | |
PAVmed, Inc. (a) | 5,735 | 31,141 | |
Pulmonx Corp. | 2,124 | 82,687 | |
Pulse Biosciences, Inc. (a) | 1,161 | 24,485 | |
Quotient Ltd. (a) | 2,216 | 5,606 | |
Retractable Technologies, Inc. (a) | 1,495 | 14,143 | |
RxSight, Inc. | 780 | 9,344 | |
Seaspine Holdings Corp. (a) | 2,692 | 40,272 | |
Senseonics Holdings, Inc. (a)(b) | 34,147 | 119,515 | |
Shockwave Medical, Inc. (a) | 2,661 | 568,656 | |
SI-BONE, Inc. (a) | 2,734 | 61,652 | |
Sientra, Inc. (a) | 5,106 | 29,921 | |
Sight Sciences, Inc. | 927 | 25,001 | |
Silk Road Medical, Inc. (a) | 2,715 | 159,398 | |
Soliton, Inc. (a) | 813 | 16,740 | |
Staar Surgical Co. (a) | 3,751 | 444,343 | |
Stereotaxis, Inc. (a) | 3,268 | 19,281 | |
SurModics, Inc. (a) | 1,086 | 60,447 | |
Tactile Systems Technology, Inc. (a) | 1,243 | 42,871 | |
Talis Biomedical Corp. | 178 | 952 | |
TransMedics Group, Inc. (a) | 2,079 | 57,027 | |
Treace Medical Concepts, Inc. (a) | 934 | 21,538 | |
Utah Medical Products, Inc. | 274 | 26,531 | |
Vapotherm, Inc. (a) | 1,793 | 41,006 | |
Varex Imaging Corp. (a) | 3,019 | 81,060 | |
ViewRay, Inc. (a) | 11,035 | 80,666 | |
Zynex, Inc. (a) | 1,605 | 20,111 | |
8,352,540 | |||
Health Care Providers & Services - 2.9% | |||
1Life Healthcare, Inc. (a) | 9,125 | 197,648 | |
Accolade, Inc. (a) | 4,052 | 161,229 | |
AdaptHealth Corp. (a) | 5,747 | 156,606 | |
Addus HomeCare Corp. (a) | 1,234 | 115,379 | |
Agiliti, Inc. (a) | 1,896 | 42,755 | |
Alignment Healthcare, Inc. (a) | 2,145 | 42,600 | |
AMN Healthcare Services, Inc. (a) | 3,715 | 366,671 | |
Apollo Medical Holdings, Inc. (a)(b) | 2,976 | 204,243 | |
Apria, Inc. | 1,218 | 45,590 | |
Aveanna Healthcare Holdings, Inc. (a) | 956 | 7,380 | |
Biodesix, Inc. (a) | 1,262 | 9,515 | |
Brookdale Senior Living, Inc. (a) | 14,899 | 96,844 | |
Castle Biosciences, Inc. (a) | 1,720 | 107,242 | |
Community Health Systems, Inc. (a) | 9,749 | 127,712 | |
Corvel Corp. (a) | 667 | 122,208 | |
Covetrus, Inc. (a) | 8,275 | 167,072 | |
Cross Country Healthcare, Inc. (a) | 2,841 | 58,894 | |
Exagen, Inc. (a) | 713 | 8,285 | |
Fulgent Genetics, Inc. (a)(b) | 1,631 | 135,243 | |
Hanger, Inc. (a) | 3,171 | 59,234 | |
HealthEquity, Inc. (a) | 6,481 | 428,913 | |
InfuSystems Holdings, Inc. (a) | 1,587 | 26,392 | |
LHC Group, Inc. (a) | 2,438 | 328,130 | |
LifeStance Health Group, Inc. (b) | 3,790 | 45,404 | |
Magellan Health Services, Inc. (a) | 1,802 | 170,884 | |
MEDNAX, Inc. (a) | 5,979 | 162,808 | |
Modivcare, Inc. (a) | 986 | 160,491 | |
National Healthcare Corp. | 987 | 69,031 | |
National Research Corp. Class A | 946 | 40,962 | |
Ontrak, Inc. (a) | 275 | 2,365 | |
Option Care Health, Inc. (a) | 11,883 | 324,762 | |
Owens & Minor, Inc. | 5,726 | 205,449 | |
Patterson Companies, Inc. | 6,786 | 212,130 | |
Pennant Group, Inc. (a) | 2,011 | 51,421 | |
PetIQ, Inc. Class A (a) | 2,258 | 56,563 | |
Privia Health Group, Inc. (a) | 1,673 | 42,996 | |
Progyny, Inc. (a) | 5,000 | 307,150 | |
R1 RCM, Inc. (a) | 9,444 | 204,935 | |
RadNet, Inc. (a) | 3,650 | 113,479 | |
Select Medical Holdings Corp. | 8,738 | 290,276 | |
Sharps Compliance Corp. (a) | 1,457 | 12,020 | |
SOC Telemed, Inc. Class A (a) | 1,787 | 3,931 | |
Surgery Partners, Inc. (a) | 2,487 | 102,315 | |
Tenet Healthcare Corp. (a) | 8,347 | 598,146 | |
The Ensign Group, Inc. | 4,104 | 320,153 | |
The Joint Corp. (a) | 1,094 | 95,703 | |
Tivity Health, Inc.(a) | 3,370 | 84,317 | |
Triple-S Management Corp. (a) | 1,835 | 64,757 | |
U.S. Physical Therapy, Inc. | 1,035 | 111,635 | |
Viemed Healthcare, Inc. (a) | 979 | 5,610 | |
6,875,478 | |||
Health Care Technology - 1.3% | |||
Allscripts Healthcare Solutions, Inc. (a) | 10,060 | 138,627 | |
American Well Corp. (a) | 14,762 | 132,858 | |
Castlight Health, Inc. Class B (a) | 10,448 | 18,806 | |
Computer Programs & Systems, Inc. (a) | 1,182 | 42,670 | |
Convey Holding Parent, Inc. | 1,301 | 9,627 | |
Evolent Health, Inc. (a) | 6,083 | 178,049 | |
Forian, Inc. (a) | 1,552 | 15,737 | |
Health Catalyst, Inc. (a) | 4,035 | 212,402 | |
HealthStream, Inc. (a) | 1,869 | 49,734 | |
iCAD, Inc. (a) | 1,386 | 14,622 | |
Inovalon Holdings, Inc. Class A (a) | 5,930 | 241,885 | |
Inspire Medical Systems, Inc. (a) | 2,123 | 572,318 | |
MultiPlan Corp. Class A (a) | 16,335 | 70,404 | |
Nextgen Healthcare, Inc. (a) | 4,655 | 76,621 | |
Omnicell, Inc. (a) | 3,392 | 604,285 | |
OptimizeRx Corp. (a) | 1,364 | 131,899 | |
Phreesia, Inc. (a) | 3,889 | 274,330 | |
Schrodinger, Inc. (a) | 3,629 | 198,071 | |
Simulations Plus, Inc. | 1,043 | 52,672 | |
Tabula Rasa HealthCare, Inc. (a) | 1,880 | 51,042 | |
Vocera Communications, Inc. (a) | 2,759 | 156,104 | |
3,242,763 | |||
Life Sciences Tools & Services - 1.0% | |||
Absci Corp. | 1,157 | 16,973 | |
Akoya Biosciences, Inc. (a) | 729 | 9,659 | |
Alpha Teknova, Inc. | 578 | 13,288 | |
Berkeley Lights, Inc. (a) | 3,903 | 90,745 | |
BioNano Genomics, Inc. (a)(b) | 22,162 | 112,583 | |
ChromaDex, Inc. (a)(b) | 3,880 | 24,017 | |
Codex DNA, Inc. | 768 | 7,096 | |
Codexis, Inc. (a) | 4,774 | 165,992 | |
Cytek Biosciences, Inc. | 1,286 | 29,334 | |
Fluidigm Corp. (a)(b) | 5,972 | 30,756 | |
Harvard Bioscience, Inc. (a) | 3,263 | 24,570 | |
Inotiv, Inc. (a) | 1,003 | 48,535 | |
MaxCyte, Inc. | 1,372 | 15,421 | |
Medpace Holdings, Inc. (a) | 2,275 | 515,401 | |
Nanostring Technologies, Inc. (a) | 3,577 | 172,769 | |
NeoGenomics, Inc. (a) | 8,968 | 412,528 | |
Pacific Biosciences of California, Inc. (a) | 15,346 | 406,362 | |
Personalis, Inc. (a) | 3,015 | 59,154 | |
Quanterix Corp. (a) | 2,469 | 124,956 | |
Rapid Micro Biosystems, Inc. | 688 | 14,028 | |
Seer, Inc. | 3,333 | 123,054 | |
Singular Genomics Systems, Inc. (a) | 1,035 | 14,335 | |
2,431,556 | |||
Pharmaceuticals - 1.4% | |||
9 Meters Biopharma, Inc. (a) | 18,638 | 23,670 | |
Aclaris Therapeutics, Inc. (a) | 4,065 | 70,528 | |
Aerie Pharmaceuticals, Inc. (a) | 2,446 | 26,001 | |
Amneal Pharmaceuticals, Inc. (a) | 8,308 | 45,611 | |
Amphastar Pharmaceuticals, Inc. (a) | 3,123 | 58,338 | |
Ampio Pharmaceuticals, Inc. (a)(b) | 16,286 | 25,406 | |
Angion Biomedica Corp. | 1,944 | 8,106 | |
ANI Pharmaceuticals, Inc. (a) | 857 | 32,035 | |
Antares Pharma, Inc. (a) | 14,022 | 52,442 | |
Arvinas Holding Co. LLC (a) | 3,437 | 297,575 | |
Atea Pharmaceuticals, Inc. | 4,707 | 54,789 | |
Athira Pharma, Inc. (a) | 1,780 | 23,265 | |
Avalo Therapeutics, Inc. (a) | 5,894 | 13,792 | |
Axsome Therapeutics, Inc. (a)(b) | 2,252 | 86,702 | |
Biodelivery Sciences International, Inc. (a) | 8,203 | 33,468 | |
Cara Therapeutics, Inc. (a) | 3,226 | 54,294 | |
Cassava Sciences, Inc. (a)(b) | 3,015 | 130,037 | |
Citius Pharmaceuticals, Inc. (a) | 6,955 | 13,006 | |
Collegium Pharmaceutical, Inc. (a) | 2,880 | 56,534 | |
Corcept Therapeutics, Inc. (a) | 7,394 | 133,092 | |
CorMedix, Inc. (a) | 3,419 | 16,616 | |
CymaBay Therapeutics, Inc. (a) | 6,990 | 27,261 | |
Cyteir Therapeutics, Inc. | 743 | 13,307 | |
Durect Corp. (a) | 21,859 | 27,980 | |
Edgewise Therapeutics, Inc. (a) | 1,144 | 18,876 | |
Endo International PLC (a) | 18,284 | 77,707 | |
Esperion Therapeutics, Inc. (a)(b) | 220 | 1,967 | |
Evolus, Inc. (a) | 2,763 | 21,607 | |
Eyepoint Pharmaceuticals, Inc. (a) | 1,804 | 20,692 | |
Fulcrum Therapeutics, Inc. (a) | 2,132 | 47,202 | |
Harmony Biosciences Holdings, Inc. (a) | 1,834 | 76,056 | |
Ikena Oncology, Inc. (a) | 1,004 | 10,793 | |
Innoviva, Inc. (a) | 3,432 | 59,888 | |
Intra-Cellular Therapies, Inc. (a) | 5,644 | 243,087 | |
Kala Pharmaceuticals, Inc. (a) | 645 | 1,122 | |
Kaleido Biosciences, Inc. (a) | 2,032 | 8,738 | |
KemPharm, Inc. (a)(b) | 2,414 | 22,933 | |
Landos Biopharma, Inc. | 457 | 6,151 | |
Marinus Pharmaceuticals, Inc. (a) | 3,274 | 37,651 | |
Mind Medicine (MindMed), Inc. (a) | 27,936 | 70,399 | |
NGM Biopharmaceuticals, Inc. (a) | 2,577 | 47,597 | |
Nuvation Bio, Inc. (a) | 5,451 | 49,986 | |
Ocular Therapeutix, Inc. (a) | 5,152 | 34,209 | |
Omeros Corp. (a)(b) | 3,295 | 20,660 | |
Oramed Pharmaceuticals, Inc. (a)(b) | 2,420 | 56,652 | |
Pacira Biosciences, Inc. (a) | 3,501 | 183,032 | |
Paratek Pharmaceuticals, Inc. (a) | 4,599 | 23,087 | |
Phathom Pharmaceuticals, Inc. (a) | 1,710 | 40,236 | |
Phibro Animal Health Corp. Class A | 1,161 | 25,472 | |
Pliant Therapeutics, Inc. (a) | 1,208 | 19,243 | |
Prestige Brands Holdings, Inc. (a) | 3,919 | 235,101 | |
Provention Bio, Inc. (a)(b) | 4,902 | 30,687 | |
Rain Therapeutics, Inc. (a) | 757 | 11,794 | |
Reata Pharmaceuticals, Inc. (a) | 2,182 | 209,494 | |
Relmada Therapeutics, Inc. (a) | 1,387 | 32,553 | |
Revance Therapeutics, Inc. (a) | 4,705 | 64,694 | |
Seelos Therapeutics, Inc. (a) | 8,141 | 17,585 | |
SIGA Technologies, Inc. (a) | 4,191 | 30,217 | |
Supernus Pharmaceuticals, Inc. (a) | 3,932 | 117,370 | |
Tarsus Pharmaceuticals, Inc. (a) | 708 | 19,654 | |
Terns Pharmaceuticals, Inc. | 518 | 4,921 | |
TherapeuticsMD, Inc. (a)(b) | 21,034 | 15,313 | |
Theravance Biopharma, Inc. (a) | 2,925 | 22,727 | |
Verrica Pharmaceuticals, Inc. (a) | 1,210 | 15,234 | |
WAVE Life Sciences (a) | 1,843 | 8,459 | |
Zogenix, Inc. (a) | 3,222 | 49,393 | |
3,434,094 | |||
TOTAL HEALTH CARE | 46,554,197 | ||
INDUSTRIALS - 14.6% | |||
Aerospace & Defense - 0.6% | |||
AAR Corp. (a) | 2,725 | 96,383 | |
Aerojet Rocketdyne Holdings, Inc. | 5,796 | 255,082 | |
AeroVironment, Inc. (a) | 1,794 | 159,863 | |
AerSale Corp. (a) | 721 | 16,122 | |
Astronics Corp. (a) | 1,225 | 15,803 | |
Byrna Technologies, Inc. (a) | 1,522 | 25,646 | |
Ducommun, Inc. (a) | 932 | 45,099 | |
Kaman Corp. | 2,191 | 78,416 | |
Kratos Defense & Security Solutions, Inc. (a) | 9,792 | 209,451 | |
Maxar Technologies, Inc. | 5,704 | 151,441 | |
Moog, Inc. Class A | 2,313 | 174,701 | |
National Presto Industries, Inc. | 305 | 25,361 | |
PAE, Inc. (a) | 5,694 | 56,484 | |
Park Aerospace Corp. | 1,757 | 22,999 | |
Parsons Corp. (a) | 2,062 | 71,428 | |
Triumph Group, Inc. (a) | 5,105 | 104,397 | |
Vectrus, Inc. (a) | 928 | 44,943 | |
1,553,619 | |||
Air Freight & Logistics - 0.4% | |||
Air Transport Services Group, Inc. (a) | 4,723 | 117,555 | |
Atlas Air Worldwide Holdings, Inc. (a) | 2,255 | 182,926 | |
Echo Global Logistics, Inc. (a) | 2,094 | 100,994 | |
Forward Air Corp. | 2,155 | 216,707 | |
Hub Group, Inc. Class A (a) | 2,602 | 204,439 | |
Radiant Logistics, Inc. (a) | 3,356 | 22,586 | |
845,207 | |||
Airlines - 0.3% | |||
Allegiant Travel Co. (a) | 1,190 | 208,571 | |
Frontier Group Holdings, Inc. (a) | 2,895 | 45,307 | |
Hawaiian Holdings, Inc. (a) | 3,368 | 65,171 | |
Mesa Air Group, Inc. (a) | 2,120 | 15,985 | |
SkyWest, Inc. (a) | 4,036 | 173,669 | |
Spirit Airlines, Inc. (a) | 7,658 | 167,327 | |
Sun Country Airlines Holdings, Inc. (a) | 2,130 | 64,496 | |
740,526 | |||
Building Products - 1.2% | |||
AAON, Inc. | 3,287 | 235,514 | |
American Woodmark Corp. (a) | 1,149 | 78,982 | |
Apogee Enterprises, Inc. | 2,029 | 85,076 | |
Caesarstone Sdot-Yam Ltd. | 1,289 | 16,087 | |
Cornerstone Building Brands, Inc. (a) | 4,366 | 62,477 | |
CSW Industrials, Inc. | 1,163 | 161,215 | |
Gibraltar Industries, Inc. (a) | 2,579 | 168,048 | |
Griffon Corp. | 3,762 | 99,655 | |
Insteel Industries, Inc. | 1,463 | 59,500 | |
Jeld-Wen Holding, Inc. (a) | 6,707 | 183,839 | |
Masonite International Corp. (a) | 1,916 | 229,939 | |
PGT Innovations, Inc. (a) | 4,211 | 89,905 | |
Quanex Building Products Corp. | 2,319 | 48,050 | |
Resideo Technologies, Inc. (a) | 11,413 | 281,445 | |
Simpson Manufacturing Co. Ltd. | 3,416 | 362,403 | |
UFP Industries, Inc. | 4,724 | 386,565 | |
View, Inc. Class A (a)(b) | 7,806 | 41,684 | |
Zurn Water Solutions Corp. | 9,556 | 346,692 | |
2,937,076 | |||
Commercial Services & Supplies - 1.7% | |||
ABM Industries, Inc. | 5,347 | 235,321 | |
ACCO Brands Corp. | 7,248 | 59,941 | |
Brady Corp. Class A | 3,709 | 193,202 | |
BrightView Holdings, Inc. (a) | 3,424 | 54,305 | |
Casella Waste Systems, Inc. Class A (a) | 3,881 | 336,560 | |
CECO Environmental Corp. (a) | 2,950 | 20,296 | |
Cimpress PLC (a) | 1,324 | 118,260 | |
CompX International, Inc. Class A | 124 | 2,678 | |
CoreCivic, Inc. (a) | 9,356 | 80,555 | |
Covanta Holding Corp. | 9,323 | 188,138 | |
Deluxe Corp. | 3,307 | 117,961 | |
Ennis, Inc. | 2,100 | 39,774 | |
Harsco Corp. (a) | 6,339 | 108,397 | |
Healthcare Services Group, Inc. | 5,683 | 109,057 | |
Heritage-Crystal Clean, Inc. (a) | 1,268 | 43,962 | |
Herman Miller, Inc. | 5,964 | 232,119 | |
HNI Corp. | 3,393 | 126,898 | |
Interface, Inc. | 3,989 | 57,282 | |
KAR Auction Services, Inc. (a) | 9,496 | 139,306 | |
Kimball International, Inc. Class B | 1,666 | 18,109 | |
Matthews International Corp. Class A | 2,202 | 75,683 | |
Montrose Environmental Group, Inc. (a) | 1,839 | 126,063 | |
NL Industries, Inc. | 812 | 4,685 | |
Pitney Bowes, Inc. | 14,121 | 98,000 | |
R.R. Donnelley & Sons Co. (a) | 5,480 | 35,072 | |
SP Plus Corp. (a) | 1,924 | 62,049 | |
Steelcase, Inc. Class A | 7,290 | 86,751 | |
Team, Inc. (a) | 601 | 1,454 | |
Tetra Tech, Inc. | 4,251 | 746,731 | |
The Brink's Co. | 3,881 | 267,323 | |
U.S. Ecology, Inc. (a) | 1,818 | 58,521 | |
UniFirst Corp. | 1,185 | 234,583 | |
Viad Corp. (a) | 1,663 | 73,787 | |
VSE Corp. | 866 | 48,106 | |
4,200,929 | |||
Construction & Engineering - 1.4% | |||
Ameresco, Inc. Class A (a) | 2,456 | 201,711 | |
API Group Corp. (a) | 15,598 | 339,724 | |
Arcosa, Inc. | 3,858 | 199,574 | |
Argan, Inc. | 1,145 | 47,243 | |
Comfort Systems U.S.A., Inc. | 2,790 | 255,201 | |
Concrete Pumping Holdings, Inc. (a) | 1,956 | 16,822 | |
Construction Partners, Inc. Class A (a) | 2,291 | 81,583 | |
Dycom Industries, Inc. (a) | 2,372 | 188,384 | |
EMCOR Group, Inc. | 4,162 | 505,641 | |
Fluor Corp. (a) | 11,273 | 219,147 | |
Granite Construction, Inc. | 3,627 | 134,634 | |
Great Lakes Dredge & Dock Corp. (a) | 5,155 | 78,459 | |
IES Holdings, Inc. (a) | 640 | 31,904 | |
Infrastructure and Energy Alternatives, Inc. (a) | 2,352 | 26,037 | |
INNOVATE Corp. (a) | 4,203 | 16,602 | |
Matrix Service Co. (a) | 2,263 | 23,150 | |
MYR Group, Inc. (a) | 1,307 | 133,510 | |
Northwest Pipe Co. (a) | 918 | 21,812 | |
NV5 Global, Inc. (a) | 1,038 | 108,087 | |
Primoris Services Corp. | 4,248 | 114,484 | |
Sterling Construction Co., Inc. (a) | 2,267 | 54,499 | |
Tutor Perini Corp. (a) | 2,811 | 38,286 | |
Willscot Mobile Mini Holdings (a) | 16,521 | 574,105 | |
3,410,599 | |||
Electrical Equipment - 1.1% | |||
Advent Technologies Holdings, Inc. Class A (a) | 1,475 | 14,145 | |
Allied Motion Technologies, Inc. | 979 | 34,412 | |
American Superconductor Corp. (a) | 2,328 | 42,789 | |
Array Technologies, Inc. | 10,196 | 217,685 | |
Atkore, Inc. (a) | 3,601 | 340,403 | |
AZZ, Inc. | 1,879 | 99,831 | |
Babcock & Wilcox Enterprises, Inc. (a) | 4,434 | 30,284 | |
Beam Global (a) | 768 | 24,192 | |
Blink Charging Co. (a)(b) | 2,908 | 92,474 | |
Bloom Energy Corp. Class A (a) | 11,051 | 345,454 | |
Encore Wire Corp. | 1,575 | 211,145 | |
EnerSys | 3,349 | 268,054 | |
Eos Energy Enterprises, Inc. (a)(b) | 3,508 | 37,009 | |
FTC Solar, Inc. (a) | 1,676 | 15,989 | |
FuelCell Energy, Inc. (a)(b) | 25,702 | 205,359 | |
GrafTech International Ltd. | 16,015 | 171,361 | |
Powell Industries, Inc. | 827 | 21,386 | |
Preformed Line Products Co. | 236 | 16,378 | |
Romeo Power, Inc. (a) | 10,407 | 45,166 | |
Stem, Inc. (a)(b) | 3,883 | 92,066 | |
Thermon Group Holdings, Inc. (a) | 2,516 | 43,476 | |
TPI Composites, Inc. (a) | 2,913 | 97,964 | |
Vicor Corp. (a) | 1,667 | 252,701 | |
2,719,723 | |||
Industrial Conglomerates - 0.1% | |||
Raven Industries, Inc. (a) | 2,783 | 160,913 | |
Machinery - 3.6% | |||
AgEagle Aerial Systems, Inc. (a) | 4,692 | 13,466 | |
Alamo Group, Inc. | 780 | 117,936 | |
Albany International Corp. Class A | 2,415 | 194,770 | |
Altra Industrial Motion Corp. | 5,140 | 268,051 | |
Astec Industries, Inc. | 1,583 | 84,501 | |
Barnes Group, Inc. | 3,689 | 154,717 | |
Blue Bird Corp. (a) | 1,210 | 23,728 | |
Chart Industries, Inc. (a) | 2,878 | 510,903 | |
CIRCOR International, Inc. (a) | 1,568 | 44,751 | |
Columbus McKinnon Corp. (NY Shares) | 2,223 | 105,081 | |
Commercial Vehicle Group, Inc. (a) | 2,676 | 26,867 | |
Desktop Metal, Inc. (a)(b) | 12,263 | 85,718 | |
Douglas Dynamics, Inc. | 1,837 | 77,705 | |
Energy Recovery, Inc. (a) | 3,355 | 68,174 | |
Enerpac Tool Group Corp. Class A | 4,690 | 97,974 | |
EnPro Industries, Inc. | 1,606 | 143,994 | |
ESCO Technologies, Inc. | 1,983 | 167,682 | |
Evoqua Water Technologies Corp. (a) | 9,093 | 380,360 | |
ExOne Co. (a) | 1,390 | 31,998 | |
Federal Signal Corp. | 4,710 | 201,635 | |
Franklin Electric Co., Inc. | 3,593 | 310,363 | |
Gorman-Rupp Co. | 1,707 | 72,582 | |
Helios Technologies, Inc. | 2,534 | 230,721 | |
Hillenbrand, Inc. | 5,725 | 260,259 | |
Hydrofarm Holdings Group, Inc. | 3,112 | 102,603 | |
Hyliion Holdings Corp. Class A (a)(b) | 9,618 | 77,810 | |
Hyster-Yale Materials Handling Class A | 789 | 37,904 | |
Ideanomics, Inc. (a) | 33,190 | 65,716 | |
John Bean Technologies Corp. | 2,464 | 364,056 | |
Kadant, Inc. | 900 | 199,908 | |
Kennametal, Inc. | 6,603 | 262,469 | |
Lindsay Corp. | 833 | 121,343 | |
Luxfer Holdings PLC sponsored | 1,843 | 37,063 | |
Manitowoc Co., Inc. (a) | 2,538 | 54,389 | |
Mayville Engineering Co., Inc. (a) | 747 | 13,267 | |
Meritor, Inc. (a) | 5,418 | 131,874 | |
Miller Industries, Inc. | 887 | 32,056 | |
Mueller Industries, Inc. | 4,403 | 231,774 | |
Mueller Water Products, Inc. Class A | 12,321 | 202,188 | |
Nikola Corp. (a)(b) | 17,802 | 210,064 | |
NN, Inc. (a) | 3,838 | 19,152 | |
Omega Flex, Inc. | 234 | 33,874 | |
Park-Ohio Holdings Corp. | 667 | 15,554 | |
Proto Labs, Inc. (a) | 2,212 | 132,300 | |
RBC Bearings, Inc. (a) | 2,203 | 515,348 | |
REV Group, Inc. | 2,128 | 32,154 | |
SPX Corp. (a) | 3,431 | 199,307 | |
SPX Flow, Inc. | 3,249 | 242,733 | |
Standex International Corp. | 935 | 104,037 | |
Tennant Co. | 1,419 | 112,754 | |
Terex Corp. | 5,426 | 243,085 | |
The Greenbrier Companies, Inc. | 2,544 | 104,355 | |
The Shyft Group, Inc. | 2,752 | 113,410 | |
Titan International, Inc. (a) | 4,234 | 30,569 | |
Trinity Industries, Inc. | 6,199 | 173,882 | |
Wabash National Corp. | 4,113 | 63,875 | |
Watts Water Technologies, Inc. Class A | 2,144 | 407,403 | |
Welbilt, Inc. (a) | 10,119 | 239,416 | |
8,601,628 | |||
Marine - 0.2% | |||
Costamare, Inc. | 3,960 | 53,104 | |
Eagle Bulk Shipping, Inc. (a) | 647 | 27,853 | |
Genco Shipping & Trading Ltd. | 2,575 | 44,213 | |
Matson, Inc. | 3,363 | 280,071 | |
Safe Bulkers, Inc. (a) | 4,828 | 21,533 | |
426,774 | |||
Professional Services - 1.7% | |||
Acacia Research Corp. (a) | 4,106 | 23,527 | |
ASGN, Inc. (a) | 4,089 | 489,290 | |
Atlas Technical Consultants, Inc. (a) | 1,146 | 11,678 | |
Barrett Business Services, Inc. | 600 | 49,200 | |
CBIZ, Inc. (a) | 3,842 | 141,040 | |
CRA International, Inc. | 549 | 60,291 | |
Exponent, Inc. | 4,066 | 466,777 | |
First Advantage Corp. | 2,316 | 43,309 | |
Forrester Research, Inc. (a) | 893 | 47,552 | |
Franklin Covey Co. (a) | 974 | 41,152 | |
Heidrick & Struggles International, Inc. | 1,521 | 71,304 | |
Hirequest, Inc. | 378 | 6,804 | |
Huron Consulting Group, Inc. (a) | 1,792 | 89,887 | |
ICF International, Inc. | 1,426 | 143,299 | |
Insperity, Inc. | 2,840 | 355,000 | |
KBR, Inc. | 11,096 | 470,914 | |
Kelly Services, Inc. Class A (non-vtg.) | 2,742 | 49,438 | |
Kforce, Inc. | 1,563 | 101,220 | |
Korn Ferry | 4,294 | 331,540 | |
ManTech International Corp. Class A | 2,138 | 184,338 | |
MISTRAS Group, Inc. (a) | 1,004 | 9,859 | |
Resources Connection, Inc. | 2,523 | 43,925 | |
TriNet Group, Inc. (a) | 3,158 | 319,748 | |
TrueBlue, Inc. (a) | 2,724 | 75,863 | |
Upwork, Inc. (a) | 9,304 | 438,404 | |
Willdan Group, Inc. (a) | 927 | 30,990 | |
4,096,349 | |||
Road & Rail - 0.8% | |||
ArcBest Corp. | 1,994 | 179,161 | |
Avis Budget Group, Inc. (a) | 3,830 | 663,777 | |
Covenant Transport Group, Inc. Class A (a) | 975 | 27,690 | |
Daseke, Inc. (a) | 3,178 | 30,032 | |
Heartland Express, Inc. | 3,685 | 60,176 | |
HyreCar, Inc. (a) | 618 | 4,196 | |
Marten Transport Ltd. | 4,705 | 78,244 | |
P.A.M. Transportation Services, Inc. | 292 | 18,051 | |
Saia, Inc. (a) | 2,095 | 654,981 | |
U.S. Xpress Enterprises, Inc. (a) | 1,642 | 12,430 | |
Universal Logistics Holdings, Inc. | 685 | 14,440 | |
Werner Enterprises, Inc. | 4,901 | 222,113 | |
Yellow Corp. (a) | 4,144 | 36,260 | |
2,001,551 | |||
Trading Companies & Distributors - 1.5% | |||
Alta Equipment Group, Inc. (a) | 1,530 | 22,078 | |
Applied Industrial Technologies, Inc. | 3,047 | 297,022 | |
Beacon Roofing Supply, Inc. (a) | 4,420 | 233,685 | |
BlueLinx Corp. (a) | 690 | 32,865 | |
Boise Cascade Co. | 3,097 | 175,352 | |
CAI International, Inc. | 1,247 | 69,745 | |
Custom Truck One Source, Inc. Class A (a) | 3,825 | 34,616 | |
DXP Enterprises, Inc. (a) | 1,463 | 48,220 | |
EVI Industries, Inc. (a) | 488 | 15,372 | |
GATX Corp. | 2,773 | 263,019 | |
Global Industrial Co. | 961 | 38,997 | |
GMS, Inc. (a) | 3,387 | 167,758 | |
H&E Equipment Services, Inc. | 2,590 | 116,757 | |
Herc Holdings, Inc. | 1,954 | 355,706 | |
Karat Packaging, Inc. (a) | 388 | 8,823 | |
Lawson Products, Inc. (a) | 356 | 18,049 | |
McGrath RentCorp. | 1,904 | 137,355 | |
MRC Global, Inc. (a) | 5,154 | 42,778 | |
NOW, Inc. (a) | 8,533 | 61,608 | |
Rush Enterprises, Inc.: | |||
Class A | 3,547 | 184,728 | |
Class B | 262 | 13,548 | |
Textainer Group Holdings Ltd. (a) | 3,792 | 148,988 | |
Titan Machinery, Inc. (a) | 1,638 | 46,552 | |
Transcat, Inc. (a) | 546 | 40,884 | |
Triton International Ltd. | 5,263 | 327,306 | |
Veritiv Corp. (a) | 1,150 | 123,361 | |
WESCO International, Inc. (a) | 3,515 | 455,403 | |
Willis Lease Finance Corp. (a) | 210 | 8,507 | |
3,489,082 | |||
TOTAL INDUSTRIALS | 35,183,976 | ||
INFORMATION TECHNOLOGY - 14.1% | |||
Communications Equipment - 0.7% | |||
ADTRAN, Inc. | 3,869 | 71,499 | |
Aviat Networks, Inc. (a) | 731 | 20,907 | |
CalAmp Corp. (a) | 1,936 | 18,624 | |
Calix, Inc. (a) | 4,353 | 272,454 | |
Cambium Networks Corp. (a) | 805 | 22,717 | |
Casa Systems, Inc. (a) | 2,662 | 16,850 | |
Clearfield, Inc. (a) | 911 | 51,462 | |
Comtech Telecommunications Corp. | 2,092 | 45,124 | |
Digi International, Inc. (a) | 2,721 | 58,638 | |
DZS, Inc. (a) | 1,524 | 16,612 | |
EMCORE Corp. (a) | 2,943 | 22,014 | |
Extreme Networks, Inc. (a) | 9,631 | 94,673 | |
Harmonic, Inc. (a) | 7,307 | 66,274 | |
Infinera Corp. (a) | 14,630 | 111,042 | |
Inseego Corp. (a) | 6,990 | 43,338 | |
KVH Industries, Inc. (a) | 1,538 | 15,780 | |
NETGEAR, Inc. (a) | 2,392 | 68,961 | |
NetScout Systems, Inc. (a) | 5,489 | 148,532 | |
Plantronics, Inc. (a) | 2,950 | 78,942 | |
Ribbon Communications, Inc. (a) | 4,886 | 26,726 | |
Viavi Solutions, Inc. (a) | 17,897 | 275,614 | |
1,546,783 | |||
Electronic Equipment & Components - 2.1% | |||
908 Devices, Inc. | 1,077 | 35,433 | |
Advanced Energy Industries, Inc. | 3,025 | 277,756 | |
Aeva Technologies, Inc. (a) | 6,354 | 49,307 | |
Akoustis Technologies, Inc. (a) | 3,963 | 29,802 | |
Arlo Technologies, Inc. (a) | 5,623 | 38,799 | |
Badger Meter, Inc. | 2,283 | 233,437 | |
Belden, Inc. | 3,461 | 208,387 | |
Benchmark Electronics, Inc. | 2,862 | 66,713 | |
CTS Corp. | 2,565 | 91,365 | |
Daktronics, Inc. (a) | 1,748 | 9,701 | |
ePlus, Inc. (a) | 1,030 | 113,887 | |
Fabrinet (a) | 2,892 | 277,632 | |
FARO Technologies, Inc. (a) | 1,446 | 106,382 | |
Identiv, Inc. (a) | 1,676 | 32,112 | |
II-VI, Inc. (a) | 8,289 | 501,567 | |
Insight Enterprises, Inc. (a) | 2,689 | 254,648 | |
Iteris, Inc. (a) | 3,713 | 19,902 | |
Itron, Inc. (a) | 3,581 | 278,494 | |
Kimball Electronics, Inc. (a) | 1,866 | 53,648 | |
Knowles Corp. (a) | 7,048 | 146,880 | |
Luna Innovations, Inc. (a) | 2,749 | 26,775 | |
Methode Electronics, Inc. Class A | 3,003 | 126,336 | |
MicroVision, Inc. (a)(b) | 12,962 | 98,641 | |
Napco Security Technolgies, Inc. (a) | 1,136 | 54,483 | |
nLIGHT, Inc. (a) | 3,415 | 96,030 | |
Novanta, Inc. (a) | 2,775 | 478,854 | |
OSI Systems, Inc. (a) | 1,309 | 121,881 | |
Ouster, Inc. (a) | 2,541 | 15,653 | |
Par Technology Corp. (a) | 1,940 | 121,871 | |
PC Connection, Inc. | 839 | 38,636 | |
Plexus Corp. (a) | 2,180 | 190,358 | |
Rogers Corp. (a) | 1,464 | 294,440 | |
Sanmina Corp. (a) | 4,969 | 187,580 | |
ScanSource, Inc. (a) | 2,000 | 71,560 | |
TTM Technologies, Inc. (a) | 8,033 | 106,357 | |
Velodyne Lidar, Inc. (a)(b) | 6,357 | 38,778 | |
Vishay Intertechnology, Inc. | 10,463 | 201,099 | |
Vishay Precision Group, Inc. (a) | 959 | 32,692 | |
5,127,876 | |||
IT Services - 1.5% | |||
BigCommerce Holdings, Inc. (a) | 3,850 | 177,909 | |
Brightcove, Inc. (a) | 2,984 | 29,601 | |
Cantaloupe, Inc. (a) | 4,703 | 58,788 | |
Cass Information Systems, Inc. | 1,112 | 45,581 | |
Conduent, Inc. (a) | 13,000 | 87,750 | |
CSG Systems International, Inc. | 2,505 | 125,375 | |
Digitalocean Holdings, Inc. (a) | 3,902 | 380,796 | |
EVERTEC, Inc. | 4,674 | 211,312 | |
EVO Payments, Inc. Class A (a) | 3,818 | 82,774 | |
ExlService Holdings, Inc. (a) | 2,537 | 311,112 | |
Flywire Corp. (a) | 959 | 45,495 | |
GreenBox POS (a) | 1,119 | 9,086 | |
GreenSky, Inc. Class A (a) | 5,628 | 68,887 | |
Grid Dynamics Holdings, Inc. (a) | 3,299 | 94,846 | |
Hackett Group, Inc. | 1,816 | 38,390 | |
i3 Verticals, Inc. Class A (a) | 1,856 | 41,556 | |
IBEX Ltd. (a) | 558 | 9,068 | |
International Money Express, Inc. (a) | 2,716 | 45,466 | |
Limelight Networks, Inc. (a) | 10,915 | 32,527 | |
Liveramp Holdings, Inc. (a) | 5,230 | 279,857 | |
Maximus, Inc. | 4,803 | 406,190 | |
MoneyGram International, Inc. (a) | 7,170 | 42,805 | |
Paya Holdings, Inc. (a) | 6,878 | 62,659 | |
Perficient, Inc. (a) | 2,515 | 310,854 | |
Priority Technology Holdings, Inc. (a) | 521 | 2,751 | |
Rackspace Technology, Inc. (a) | 4,395 | 58,410 | |
Repay Holdings Corp. (a) | 7,012 | 147,322 | |
StarTek, Inc. (a) | 1,633 | 8,982 | |
Ttec Holdings, Inc. | 1,442 | 136,110 | |
Tucows, Inc. (a) | 734 | 60,408 | |
Unisys Corp. (a) | 5,168 | 132,146 | |
Verra Mobility Corp. (a) | 10,691 | 159,082 | |
3,703,895 | |||
Semiconductors & Semiconductor Equipment - 3.2% | |||
Alpha & Omega Semiconductor Ltd. (a) | 1,709 | 59,217 | |
Ambarella, Inc. (a) | 2,744 | 509,918 | |
Amkor Technology, Inc. | 8,010 | 175,579 | |
Atomera, Inc. (a)(b) | 1,648 | 35,613 | |
Axcelis Technologies, Inc. (a) | 2,629 | 144,411 | |
AXT, Inc. (a) | 3,367 | 27,508 | |
CEVA, Inc. (a) | 1,819 | 82,965 | |
CMC Materials, Inc. | 2,283 | 293,069 | |
Cohu, Inc. (a) | 3,794 | 121,560 | |
Diodes, Inc. (a) | 3,412 | 327,859 | |
DSP Group, Inc. (a) | 1,800 | 39,546 | |
FormFactor, Inc. (a) | 6,137 | 244,130 | |
Ichor Holdings Ltd. (a) | 2,182 | 95,397 | |
Impinj, Inc. (a) | 1,491 | 103,953 | |
Kopin Corp. (a)(b) | 5,379 | 28,186 | |
Kulicke & Soffa Industries, Inc. | 4,817 | 274,569 | |
Lattice Semiconductor Corp. (a) | 10,683 | 741,828 | |
MACOM Technology Solutions Holdings, Inc. (a) | 3,809 | 265,944 | |
MaxLinear, Inc. Class A (a) | 5,590 | 352,170 | |
Meta Materials, Inc. (a)(b) | 17,241 | 81,033 | |
NeoPhotonics Corp. (a) | 4,242 | 42,929 | |
NVE Corp. | 373 | 25,353 | |
Onto Innovation, Inc. (a) | 3,838 | 304,008 | |
PDF Solutions, Inc. (a) | 2,251 | 52,966 | |
Photronics, Inc. (a) | 4,800 | 62,352 | |
Power Integrations, Inc. | 4,741 | 489,319 | |
Rambus, Inc. (a) | 8,413 | 195,771 | |
Semtech Corp. (a) | 5,078 | 431,782 | |
Silicon Laboratories, Inc. (a) | 3,478 | 656,507 | |
SiTime Corp. (a) | 1,026 | 271,777 | |
SkyWater Technology, Inc. (a) | 652 | 22,324 | |
SMART Global Holdings, Inc. (a) | 1,392 | 74,416 | |
SunPower Corp. (a) | 6,310 | 212,395 | |
Synaptics, Inc. (a) | 2,763 | 537,597 | |
Ultra Clean Holdings, Inc. (a) | 3,533 | 175,131 | |
Veeco Instruments, Inc. (a) | 3,928 | 95,411 | |
7,654,493 | |||
Software - 6.3% | |||
8x8, Inc. (a) | 8,686 | 196,825 | |
A10 Networks, Inc. | 4,801 | 89,731 | |
ACI Worldwide, Inc. (a) | 9,214 | 282,686 | |
Agilysys, Inc. (a) | 1,579 | 75,350 | |
Alarm.com Holdings, Inc. (a) | 3,737 | 314,880 | |
Alkami Technology, Inc. (a) | 604 | 18,120 | |
Altair Engineering, Inc. Class A (a) | 3,643 | 283,389 | |
American Software, Inc. Class A | 2,484 | 71,862 | |
AppFolio, Inc. (a) | 1,483 | 195,296 | |
Appian Corp. Class A (a)(b) | 3,107 | 308,867 | |
Asana, Inc. (a) | 5,817 | 789,949 | |
Avaya Holdings Corp. (a) | 6,542 | 121,812 | |
Benefitfocus, Inc. (a) | 1,297 | 14,215 | |
Blackbaud, Inc. (a) | 3,767 | 267,495 | |
BlackLine, Inc. (a) | 4,243 | 538,309 | |
Bottomline Technologies, Inc. (a) | 3,517 | 162,837 | |
Box, Inc. Class A (a) | 11,247 | 290,510 | |
BTRS Holdings, Inc. (a) | 5,377 | 46,188 | |
Cerence, Inc. (a) | 2,992 | 314,549 | |
ChannelAdvisor Corp. (a) | 2,361 | 60,229 | |
Cleanspark, Inc. (a)(b) | 2,714 | 54,986 | |
CommVault Systems, Inc. (a) | 3,596 | 221,154 | |
Consensus Cloud Solutions, Inc. (a) | 1,144 | 72,450 | |
Couchbase, Inc. | 786 | 31,692 | |
CS Disco, Inc. | 1,013 | 58,096 | |
Digimarc Corp. (a)(b) | 1,037 | 52,400 | |
Digital Turbine, Inc. (a) | 7,160 | 616,190 | |
Domo, Inc. Class B (a) | 2,167 | 191,454 | |
E2open Parent Holdings, Inc. (a) | 12,905 | 161,313 | |
Ebix, Inc. | 1,881 | 61,716 | |
eGain Communications Corp. (a) | 1,864 | 19,236 | |
Envestnet, Inc. (a) | 4,281 | 357,464 | |
EverCommerce, Inc. | 1,331 | 27,525 | |
GTY Technology Holdings, Inc. (a) | 2,588 | 19,669 | |
Instructure Holdings, Inc. | 903 | 22,774 | |
Intapp, Inc. | 832 | 22,464 | |
Intelligent Systems Corp. (a) | 599 | 25,356 | |
InterDigital, Inc. | 2,403 | 160,881 | |
JFrog Ltd. (a) | 4,255 | 139,096 | |
Kaltura, Inc. | 1,452 | 13,707 | |
LivePerson, Inc. (a) | 5,116 | 263,525 | |
Marathon Digital Holdings, Inc. (a)(b) | 7,511 | 392,375 | |
MeridianLink, Inc. | 1,015 | 24,512 | |
MicroStrategy, Inc. Class A (a)(b) | 617 | 441,192 | |
Mimecast Ltd. (a) | 4,792 | 361,508 | |
Mitek Systems, Inc. (a) | 3,478 | 65,491 | |
Model N, Inc. (a) | 2,844 | 92,174 | |
Momentive Global, Inc. (a) | 10,240 | 234,701 | |
ON24, Inc. (a) | 2,137 | 40,881 | |
Onespan, Inc. (a) | 2,844 | 58,074 | |
Pagerduty, Inc. (a) | 6,404 | 267,367 | |
Ping Identity Holding Corp. (a) | 3,975 | 112,612 | |
Progress Software Corp. | 3,471 | 178,444 | |
PROS Holdings, Inc. (a) | 3,165 | 94,950 | |
Q2 Holdings, Inc. (a) | 4,344 | 340,830 | |
QAD, Inc. Class A | 930 | 81,505 | |
Qualys, Inc. (a) | 2,676 | 333,108 | |
Rapid7, Inc. (a) | 4,372 | 562,895 | |
Rekor Systems, Inc. (a) | 2,485 | 33,796 | |
Rimini Street, Inc. (a) | 3,428 | 35,685 | |
Riot Blockchain, Inc. (a)(b) | 6,646 | 180,904 | |
SailPoint Technologies Holding, Inc. (a) | 7,239 | 347,327 | |
Sapiens International Corp. NV | 2,432 | 84,950 | |
SecureWorks Corp. (a) | 680 | 12,526 | |
ShotSpotter, Inc. (a) | 708 | 27,548 | |
Smith Micro Software, Inc. (a) | 4,040 | 23,028 | |
Sprout Social, Inc. (a) | 3,524 | 449,944 | |
SPS Commerce, Inc. (a) | 2,829 | 432,073 | |
Sumo Logic, Inc. (a) | 6,755 | 116,659 | |
Telos Corp. | 3,188 | 82,601 | |
Tenable Holdings, Inc. (a) | 7,163 | 381,430 | |
Upland Software, Inc. (a) | 2,317 | 77,318 | |
Varonis Systems, Inc. (a) | 8,358 | 541,097 | |
Verint Systems, Inc. (a) | 4,974 | 231,788 | |
Veritone, Inc. (a) | 2,283 | 68,285 | |
Viant Technology, Inc. | 215 | 2,526 | |
VirnetX Holding Corp. (a)(b) | 5,513 | 21,225 | |
Vonage Holdings Corp. (a) | 18,998 | 306,248 | |
Workiva, Inc. (a) | 3,369 | 503,834 | |
Xperi Holding Corp. | 8,285 | 148,467 | |
Yext, Inc. (a) | 8,873 | 111,711 | |
Zix Corp. (a) | 4,546 | 38,505 | |
Zuora, Inc. (a) | 8,835 | 193,133 | |
15,171,474 | |||
Technology Hardware, Storage & Peripherals - 0.3% | |||
3D Systems Corp. (a) | 9,560 | 269,210 | |
Avid Technology, Inc. (a) | 2,852 | 81,681 | |
Corsair Gaming, Inc. (a)(b) | 2,239 | 54,744 | |
Diebold Nixdorf, Inc. (a) | 5,849 | 52,641 | |
Eastman Kodak Co. (a) | 4,039 | 27,425 | |
Quantum Corp. (a) | 3,770 | 21,527 | |
Super Micro Computer, Inc. (a) | 3,407 | 120,574 | |
Turtle Beach Corp. (a) | 1,249 | 35,921 | |
663,723 | |||
TOTAL INFORMATION TECHNOLOGY | 33,868,244 | ||
MATERIALS - 3.8% | |||
Chemicals - 1.9% | |||
AdvanSix, Inc. | 2,153 | 104,636 | |
American Vanguard Corp. | 2,470 | 38,483 | |
Amyris, Inc. (a) | 13,471 | 199,640 | |
Avient Corp. | 7,171 | 386,373 | |
Balchem Corp. | 2,503 | 383,184 | |
Cabot Corp. | 4,466 | 238,261 | |
Chase Corp. | 589 | 56,544 | |
Danimer Scientific, Inc. (a)(b) | 5,336 | 78,759 | |
Ecovyst, Inc. | 2,770 | 32,354 | |
Ferro Corp. (a) | 6,198 | 130,282 | |
FutureFuel Corp. | 558 | 3,939 | |
GCP Applied Technologies, Inc. (a) | 3,898 | 88,134 | |
H.B. Fuller Co. | 4,101 | 289,162 | |
Hawkins, Inc. | 1,552 | 56,912 | |
Ingevity Corp. (a) | 3,142 | 244,793 | |
Innospec, Inc. | 1,911 | 173,156 | |
Intrepid Potash, Inc. (a) | 797 | 38,822 | |
Koppers Holdings, Inc. (a) | 1,441 | 50,565 | |
Kraton Performance Polymers, Inc. (a) | 2,512 | 114,673 | |
Kronos Worldwide, Inc. | 1,798 | 23,428 | |
Livent Corp. (a) | 12,815 | 361,639 | |
Marrone Bio Innovations, Inc. (a) | 10,285 | 9,011 | |
Minerals Technologies, Inc. | 2,650 | 187,991 | |
Orion Engineered Carbons SA (a) | 4,838 | 90,954 | |
PureCycle Technologies, Inc. (a) | 2,673 | 35,791 | |
Quaker Chemical Corp. | 1,063 | 261,328 | |
Rayonier Advanced Materials, Inc. (a) | 5,030 | 36,115 | |
Sensient Technologies Corp. | 3,299 | 315,384 | |
Stepan Co. | 1,663 | 199,593 | |
Tredegar Corp. | 1,188 | 14,327 | |
Trinseo PLC | 3,042 | 170,535 | |
Tronox Holdings PLC | 9,024 | 210,440 | |
Valhi, Inc. | 194 | 4,493 | |
Zymergen, Inc. (a) | 304 | 3,222 | |
4,632,923 | |||
Construction Materials - 0.2% | |||
Forterra, Inc. (a) | 2,158 | 51,404 | |
Summit Materials, Inc. (a) | 9,364 | 333,827 | |
United States Lime & Minerals, Inc. | 122 | 15,065 | |
400,296 | |||
Containers & Packaging - 0.3% | |||
Greif, Inc.: | |||
Class A | 1,970 | 127,420 | |
Class B | 487 | 31,782 | |
Myers Industries, Inc. | 2,800 | 57,624 | |
O-I Glass, Inc. (a) | 12,414 | 162,003 | |
Pactiv Evergreen, Inc. | 3,488 | 48,518 | |
Ranpak Holdings Corp. (A Shares) (a) | 2,978 | 102,622 | |
TriMas Corp. | 3,399 | 113,357 | |
UFP Technologies, Inc. (a) | 542 | 33,544 | |
676,870 | |||
Metals & Mining - 1.2% | |||
Allegheny Technologies, Inc. (a) | 10,060 | 161,966 | |
Arconic Corp. (a) | 8,708 | 256,189 | |
Carpenter Technology Corp. | 3,829 | 118,240 | |
Century Aluminum Co. (a) | 4,135 | 54,623 | |
Coeur d'Alene Mines Corp. (a) | 20,312 | 128,575 | |
Commercial Metals Co. | 9,417 | 303,039 | |
Compass Minerals International, Inc. | 2,693 | 176,661 | |
Constellium NV (a) | 9,455 | 174,067 | |
Gatos Silver, Inc. | 3,666 | 44,359 | |
Haynes International, Inc. | 950 | 38,124 | |
Hecla Mining Co. | 41,989 | 242,696 | |
Kaiser Aluminum Corp. | 1,209 | 117,442 | |
Materion Corp. | 1,589 | 114,694 | |
MP Materials Corp. (a) | 5,753 | 194,739 | |
Novagold Resources, Inc. (a) | 18,844 | 137,750 | |
Olympic Steel, Inc. | 786 | 21,198 | |
Perpetua Resources Corp. (a) | 2,533 | 12,057 | |
PolyMet Mining Corp. (a) | 2,553 | 8,553 | |
Ryerson Holding Corp. | 1,278 | 33,688 | |
Schnitzer Steel Industries, Inc. Class A | 2,040 | 109,752 | |
SunCoke Energy, Inc. | 5,476 | 39,537 | |
TimkenSteel Corp. (a) | 3,571 | 49,815 | |
Warrior Metropolitan Coal, Inc. | 4,081 | 97,822 | |
Worthington Industries, Inc. | 2,669 | 144,980 | |
2,780,566 | |||
Paper & Forest Products - 0.2% | |||
Clearwater Paper Corp. (a) | 1,330 | 55,634 | |
Domtar Corp. (a) | 3,853 | 210,335 | |
Glatfelter Corp. | 3,685 | 60,545 | |
Neenah, Inc. | 1,342 | 67,825 | |
Schweitzer-Mauduit International, Inc. | 2,587 | 90,131 | |
Verso Corp. | 2,174 | 48,002 | |
532,472 | |||
TOTAL MATERIALS | 9,023,127 | ||
REAL ESTATE - 6.9% | |||
Equity Real Estate Investment Trusts (REITs) - 6.2% | |||
Acadia Realty Trust (SBI) | 6,982 | 149,275 | |
Agree Realty Corp. | 5,572 | 395,946 | |
Alexander & Baldwin, Inc. | 5,822 | 142,814 | |
Alexanders, Inc. | 176 | 49,065 | |
American Assets Trust, Inc. | 4,037 | 152,720 | |
American Finance Trust, Inc. | 10,540 | 87,271 | |
Apartment Investment & Management Co. Class A | 12,140 | 92,021 | |
Apple Hospitality (REIT), Inc. | 17,228 | 270,652 | |
Armada Hoffler Properties, Inc. | 5,262 | 72,142 | |
Ashford Hospitality Trust, Inc. (a) | 917 | 12,957 | |
Braemar Hotels & Resorts, Inc. (a) | 5,022 | 25,512 | |
Brandywine Realty Trust (SBI) | 14,019 | 185,752 | |
Broadstone Net Lease, Inc. | 12,298 | 327,004 | |
BRT Apartments Corp. | 1,016 | 20,218 | |
CareTrust (REIT), Inc. | 8,042 | 166,872 | |
CatchMark Timber Trust, Inc. | 3,966 | 33,949 | |
Centerspace | 1,170 | 118,451 | |
Chatham Lodging Trust (a) | 2,762 | 35,050 | |
City Office REIT, Inc. | 3,504 | 66,471 | |
Clipper Realty, Inc. | 1,434 | 12,304 | |
Columbia Property Trust, Inc. | 9,140 | 175,214 | |
Community Healthcare Trust, Inc. | 2,141 | 102,425 | |
CorePoint Lodging, Inc. (a) | 2,982 | 51,410 | |
Corporate Office Properties Trust (SBI) | 9,178 | 248,907 | |
CTO Realty Growth, Inc. | 508 | 27,234 | |
DiamondRock Hospitality Co. (a) | 17,088 | 154,476 | |
Digitalbridge Group, Inc. (a)(b) | 38,695 | 259,257 | |
Diversified Healthcare Trust (SBI) | 18,807 | 68,457 | |
Easterly Government Properties, Inc. | 7,268 | 152,846 | |
EastGroup Properties, Inc. | 3,199 | 632,698 | |
Empire State Realty Trust, Inc. | 11,500 | 111,320 | |
Equity Commonwealth | 9,258 | 240,060 | |
Essential Properties Realty Trust, Inc. | 9,561 | 284,822 | |
Farmland Partners, Inc. | 2,544 | 28,595 | |
Four Corners Property Trust, Inc. | 6,293 | 182,497 | |
Franklin Street Properties Corp. | 9,438 | 42,471 | |
Getty Realty Corp. | 3,411 | 109,561 | |
Gladstone Commercial Corp. | 3,275 | 71,592 | |
Gladstone Land Corp. | 2,483 | 54,974 | |
Global Medical REIT, Inc. | 5,547 | 91,969 | |
Global Net Lease, Inc. | 8,656 | 138,669 | |
Healthcare Realty Trust, Inc. | 11,730 | 387,794 | |
Hersha Hospitality Trust (a) | 1,871 | 16,708 | |
Independence Realty Trust, Inc. | 8,607 | 203,383 | |
Indus Realty Trust, Inc. | 362 | 25,231 | |
Industrial Logistics Properties Trust | 5,376 | 151,012 | |
iStar Financial, Inc. (b) | 5,563 | 140,410 | |
Kite Realty Group Trust | 17,405 | 353,322 | |
Lexington Corporate Properties Trust | 21,931 | 319,535 | |
LTC Properties, Inc. | 3,239 | 103,195 | |
Mack-Cali Realty Corp. (a) | 7,231 | 131,532 | |
Monmouth Real Estate Investment Corp. Class A | 7,668 | 144,542 | |
National Health Investors, Inc. | 3,516 | 189,090 | |
National Storage Affiliates Trust | 6,526 | 407,614 | |
NETSTREIT Corp. | 3,535 | 85,688 | |
NexPoint Residential Trust, Inc. | 1,835 | 129,955 | |
Office Properties Income Trust | 3,975 | 101,840 | |
One Liberty Properties, Inc. | 1,367 | 42,732 | |
Outfront Media, Inc. | 11,602 | 288,774 | |
Paramount Group, Inc. | 15,519 | 131,601 | |
Pebblebrook Hotel Trust | 10,297 | 231,271 | |
Phillips Edison & Co., Inc. | 1,523 | 45,903 | |
Physicians Realty Trust | 17,692 | 336,325 | |
Piedmont Office Realty Trust, Inc. Class A | 10,320 | 183,283 | |
Plymouth Industrial REIT, Inc. | 2,597 | 66,379 | |
Postal Realty Trust, Inc. | 1,334 | 25,920 | |
Potlatch Corp. | 5,281 | 276,038 | |
Preferred Apartment Communities, Inc. Class A | 4,396 | 55,434 | |
PS Business Parks, Inc. | 1,618 | 287,519 | |
Retail Opportunity Investments Corp. | 9,786 | 173,897 | |
Retail Value, Inc. | 1,521 | 9,521 | |
RLJ Lodging Trust | 13,227 | 190,733 | |
RPT Realty | 6,651 | 88,392 | |
Ryman Hospitality Properties, Inc. (a) | 4,278 | 365,940 | |
Sabra Health Care REIT, Inc. | 17,972 | 254,304 | |
Safehold, Inc. | 1,478 | 110,407 | |
Saul Centers, Inc. | 898 | 41,667 | |
Seritage Growth Properties (a) | 1,867 | 28,752 | |
Service Properties Trust | 13,675 | 147,280 | |
SITE Centers Corp. | 13,885 | 220,633 | |
Stag Industrial, Inc. | 13,151 | 572,463 | |
Summit Hotel Properties, Inc. (a) | 8,865 | 88,650 | |
Sunstone Hotel Investors, Inc. (a) | 17,559 | 216,678 | |
Tanger Factory Outlet Centers, Inc. | 8,086 | 135,845 | |
Terreno Realty Corp. | 5,624 | 411,283 | |
The GEO Group, Inc. (b) | 7,052 | 57,685 | |
The Macerich Co. (b) | 16,885 | 305,450 | |
UMH Properties, Inc. | 3,591 | 85,969 | |
Uniti Group, Inc. | 15,416 | 220,603 | |
Universal Health Realty Income Trust (SBI) | 1,115 | 63,522 | |
Urban Edge Properties | 9,279 | 162,661 | |
Urstadt Biddle Properties, Inc. Class A | 2,467 | 48,452 | |
Washington REIT (SBI) | 6,818 | 172,836 | |
Whitestone REIT Class B | 4,263 | 39,134 | |
Xenia Hotels & Resorts, Inc. (a) | 9,091 | 161,820 | |
14,882,507 | |||
Real Estate Management & Development - 0.7% | |||
Cushman & Wakefield PLC (a) | 11,030 | 202,842 | |
eXp World Holdings, Inc. | 4,977 | 256,813 | |
Fathom Holdings, Inc. (a) | 480 | 12,139 | |
Forestar Group, Inc. (a) | 1,195 | 23,386 | |
FRP Holdings, Inc. (a) | 548 | 31,346 | |
Kennedy-Wilson Holdings, Inc. | 9,271 | 207,392 | |
Marcus & Millichap, Inc. (a) | 1,881 | 88,595 | |
Newmark Group, Inc. | 11,704 | 174,156 | |
Rafael Holdings, Inc. (a) | 807 | 6,101 | |
RE/MAX Holdings, Inc. | 1,630 | 51,850 | |
Realogy Holdings Corp. (a) | 9,137 | 158,253 | |
Redfin Corp. (a) | 8,093 | 415,495 | |
Tejon Ranch Co. (a) | 1,839 | 33,488 | |
The RMR Group, Inc. | 825 | 28,702 | |
The St. Joe Co. | 2,660 | 125,073 | |
1,815,631 | |||
TOTAL REAL ESTATE | 16,698,138 | ||
UTILITIES - 2.4% | |||
Electric Utilities - 0.6% | |||
Allete, Inc. | 4,112 | 253,052 | |
MGE Energy, Inc. | 2,857 | 216,818 | |
Otter Tail Corp. | 3,238 | 200,788 | |
PNM Resources, Inc. | 6,640 | 330,340 | |
Portland General Electric Co. | 7,124 | 351,284 | |
Via Renewables, Inc. Class A, | 1,182 | 13,179 | |
1,365,461 | |||
Gas Utilities - 0.8% | |||
Brookfield Infrastructure Corp. A Shares | 4,243 | 257,296 | |
Chesapeake Utilities Corp. | 1,339 | 175,503 | |
New Jersey Resources Corp. | 7,580 | 286,600 | |
Northwest Natural Holding Co. | 2,385 | 107,540 | |
ONE Gas, Inc. | 4,091 | 275,324 | |
South Jersey Industries, Inc. | 8,072 | 183,719 | |
Southwest Gas Corp. | 4,676 | 323,813 | |
Spire, Inc. | 3,998 | 250,914 | |
1,860,709 | |||
Independent Power and Renewable Electricity Producers - 0.3% | |||
Clearway Energy, Inc.: | |||
Class A | 2,578 | 85,048 | |
Class C | 6,573 | 233,210 | |
Ormat Technologies, Inc. | 3,552 | 256,916 | |
Sunnova Energy International, Inc. (a) | 6,849 | 305,191 | |
880,365 | |||
Multi-Utilities - 0.3% | |||
Avista Corp. | 5,394 | 214,735 | |
Black Hills Corp. | 5,037 | 334,356 | |
NorthWestern Energy Corp. | 4,144 | 235,628 | |
Unitil Corp. | 975 | 40,706 | |
825,425 | |||
Water Utilities - 0.4% | |||
American States Water Co. | 2,858 | 259,621 | |
Artesian Resources Corp. Class A | 676 | 27,189 | |
Cadiz, Inc. (a) | 2,213 | 13,433 | |
California Water Service Group | 3,994 | 243,155 | |
Global Water Resources, Inc. | 997 | 18,863 | |
Middlesex Water Co. | 1,353 | 148,992 | |
Pure Cycle Corp. (a) | 1,685 | 26,438 | |
SJW Corp. | 2,175 | 143,376 | |
York Water Co. | 1,080 | 51,754 | |
932,821 | |||
TOTAL UTILITIES | 5,864,781 | ||
TOTAL COMMON STOCKS | |||
(Cost $184,686,715) | 238,432,645 | ||
Money Market Funds - 4.5% | |||
Fidelity Cash Central Fund 0.06% (d) | 2,014,508 | 2,014,911 | |
Fidelity Securities Lending Cash Central Fund 0.06% (d)(e) | 8,751,824 | 8,752,699 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $10,767,610) | 10,767,610 | ||
TOTAL INVESTMENT IN SECURITIES - 103.5% | |||
(Cost $195,454,325) | 249,200,255 | ||
NET OTHER ASSETS (LIABILITIES) - (3.5)% | (8,328,897) | ||
NET ASSETS - 100% | $240,871,358 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
CME E-mini Russell 2000 Index Contracts (United States) | 21 | Dec. 2021 | $2,410,065 | $71,575 | $71,575 |
The notional amount of futures purchased as a percentage of Net Assets is 1.0%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Level 3 security
(d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(e) 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% | $1,056,377 | $45,557,119 | $44,598,585 | $481 | $-- | $-- | $2,014,911 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.06% | 4,377,433 | 34,662,868 | 30,287,602 | 35,396 | -- | -- | 8,752,699 | 0.0% |
Total | $5,433,810 | $80,219,987 | $74,886,187 | $35,877 | $-- | $-- | $10,767,610 |
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 October 31, 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 | $8,245,072 | $8,245,072 | $-- | $-- |
Consumer Discretionary | 26,750,706 | 26,750,706 | -- | -- |
Consumer Staples | 7,472,403 | 7,472,403 | -- | -- |
Energy | 11,336,395 | 11,336,395 | -- | -- |
Financials | 37,435,606 | 37,435,606 | -- | -- |
Health Care | 46,554,197 | 46,528,179 | 25,983 | 35 |
Industrials | 35,183,976 | 35,183,976 | -- | -- |
Information Technology | 33,868,244 | 33,868,244 | -- | -- |
Materials | 9,023,127 | 9,023,127 | -- | -- |
Real Estate | 16,698,138 | 16,698,138 | -- | -- |
Utilities | 5,864,781 | 5,864,781 | -- | -- |
Money Market Funds | 10,767,610 | 10,767,610 | -- | -- |
Total Investments in Securities: | $249,200,255 | $249,174,237 | $25,983 | $35 |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $71,575 | $71,575 | $-- | $-- |
Total Assets | $71,575 | $71,575 | $-- | $-- |
Total Derivative Instruments: | $71,575 | $71,575 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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) | $71,575 | $0 |
Total Equity Risk | 71,575 | 0 |
Total Value of Derivatives | $71,575 | $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
October 31, 2021 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $8,523,191) — See accompanying schedule: Unaffiliated issuers (cost $184,686,715) | $238,432,645 | |
Fidelity Central Funds (cost $10,767,610) | 10,767,610 | |
Total Investment in Securities (cost $195,454,325) | $249,200,255 | |
Segregated cash with brokers for derivative instruments | 130,000 | |
Cash | 102,349 | |
Receivable for fund shares sold | 333,578 | |
Dividends receivable | 52,554 | |
Distributions receivable from Fidelity Central Funds | 5,898 | |
Receivable for daily variation margin on futures contracts | 349 | |
Other receivables | 178 | |
Total assets | 249,825,161 | |
Liabilities | ||
Payable for investments purchased | $18,889 | |
Payable for fund shares redeemed | 125,795 | |
Deferred dividend income | 56,438 | |
Collateral on securities loaned | 8,752,681 | |
Total liabilities | 8,953,803 | |
Net Assets | $240,871,358 | |
Net Assets consist of: | ||
Paid in capital | $184,330,411 | |
Total accumulated earnings (loss) | 56,540,947 | |
Net Assets | $240,871,358 | |
Net Asset Value, offering price and redemption price per share ($240,871,358 ÷ 14,384,201 shares) | $16.75 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended October 31, 2021 (Unaudited) | ||
Investment Income | ||
Dividends | $1,157,040 | |
Income from Fidelity Central Funds (including $35,396 from security lending) | 35,877 | |
Total income | 1,192,917 | |
Expenses | ||
Independent trustees' fees and expenses | 294 | |
Total expenses before reductions | 294 | |
Expense reductions | (1) | |
Total expenses after reductions | 293 | |
Net investment income (loss) | 1,192,624 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 7,237,794 | |
Foreign currency transactions | 32 | |
Futures contracts | 41,473 | |
Total net realized gain (loss) | 7,279,299 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | (3,767,812) | |
Assets and liabilities in foreign currencies | (2) | |
Futures contracts | 46,639 | |
Total change in net unrealized appreciation (depreciation) | (3,721,175) | |
Net gain (loss) | 3,558,124 | |
Net increase (decrease) in net assets resulting from operations | $4,750,748 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended October 31, 2021 (Unaudited) | Year ended April 30, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $1,192,624 | $1,353,946 |
Net realized gain (loss) | 7,279,299 | (3,427,821) |
Change in net unrealized appreciation (depreciation) | (3,721,175) | 70,430,102 |
Net increase (decrease) in net assets resulting from operations | 4,750,748 | 68,356,227 |
Distributions to shareholders | (232,954) | (1,405,453) |
Share transactions | ||
Proceeds from sales of shares | 79,510,920 | 98,496,228 |
Reinvestment of distributions | 159,325 | 985,990 |
Cost of shares redeemed | (21,389,381) | (92,479,443) |
Net increase (decrease) in net assets resulting from share transactions | 58,280,864 | 7,002,775 |
Total increase (decrease) in net assets | 62,798,658 | 73,953,549 |
Net Assets | ||
Beginning of period | 178,072,700 | 104,119,151 |
End of period | $240,871,358 | $178,072,700 |
Other Information | ||
Shares | ||
Sold | 4,867,656 | 7,358,387 |
Issued in reinvestment of distributions | 9,592 | 74,850 |
Redeemed | (1,307,749) | (7,554,968) |
Net increase (decrease) | 3,569,499 | (121,731) |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Flex Small Cap Index Fund
Six months ended (Unaudited) October 31, | Years endedApril 30, | |||||
2021 | 2021 | 2020 | 2019 | 2018 | 2017 A | |
Selected Per–Share Data | ||||||
Net asset value, beginning of period | $16.47 | $9.52 | $11.70 | $11.43 | $10.31 | $10.00 |
Income from Investment Operations | ||||||
Net investment income (loss)B | .09 | .14 | .15 | .16 | .11 | .02 |
Net realized and unrealized gain (loss) | .21 | 6.96 | (1.98) | .35 | 1.10 | .29 |
Total from investment operations | .30 | 7.10 | (1.83) | .51 | 1.21 | .31 |
Distributions from net investment income | (.02) | (.15) | (.16) | (.11) | (.06) | – |
Distributions from net realized gain | – | – | (.19) | (.12) | (.03) | – |
Total distributions | (.02) | (.15) | (.35) | (.24)C | (.09) | – |
Net asset value, end of period | $16.75 | $16.47 | $9.52 | $11.70 | $11.43 | $10.31 |
Total ReturnD,E | 1.82% | 75.01% | (16.23)% | 4.63% | 11.72% | 3.10% |
Ratios to Average Net AssetsF,G | ||||||
Expenses before reductionsH | - %I | -% | -% | -% | -% | - %I |
Expenses net of fee waivers, if anyH | - %I | -% | -% | -% | -% | - %I |
Expenses net of all reductionsH | - %I | -% | -% | -% | -% | - %I |
Net investment income (loss) | 1.14%I | 1.09% | 1.36% | 1.36% | .97% | 1.38%I |
Supplemental Data | ||||||
Net assets, end of period (000 omitted) | $240,871 | $178,073 | $104,119 | $74,937 | $50,926 | $619 |
Portfolio turnover rateJ | 31%I | 47% | 18% | 23% | 34%K | 2%L |
A For the period March 9, 2017 (commencement of operations) through April 30, 2017.
B Calculated based on average shares outstanding during the period.
C Total distributions per share do not sum due to rounding.
D Total returns for periods of less than one year are not annualized.
E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
H Amount represents less than .005%.
I Annualized
J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
K Portfolio turnover rate excludes securities received or delivered in-kind.
L Amount not annualized.
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended October 31, 2021
1. Organization.
Fidelity Flex Small Cap Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
Fidelity Central Fund | Investment Manager | Investment Objective | Investment Practices | Expense 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
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 October 31, 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. A non-recurring dividend with a payable date of October 29, 2021 and an ex-date of November 1, 2021 is presented in the Statement of Assets and Liabilities as "Deferred dividend income". Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
Gross unrealized appreciation | $65,606,615 |
Gross unrealized depreciation | (14,688,837) |
Net unrealized appreciation (depreciation) | $50,917,778 |
Tax cost | $198,354,052 |
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
No expiration | |
Short-term | $(1,773,577) |
Long-term | (1,319,365) |
Total capital loss carryforward | $(3,092,942) |
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 risk:
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 Flex Small Cap Index Fund | 94,223,137 | 32,491,428 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
8. Security Lending.
Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.
Security Lending Income From Securities Loaned to NFS | Value of Securities Loaned to NFS at Period End | |
Fidelity Flex Small Cap Index Fund | $1,376 | $117,227 |
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1.
10. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the 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.
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 (May 1, 2021 to October 31, 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 May 1, 2021 | Ending Account Value October 31, 2021 | Expenses Paid During Period-B May 1, 2021 to October 31, 2021 | |
Fidelity Flex Small Cap Index Fund | - %-C | |||
Actual | $1,000.00 | $1,018.20 | $--D | |
Hypothetical-E | $1,000.00 | $1,025.21 | $--D |
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 184/ 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 Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Flex Small Cap Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its September 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. The Board did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.At its July 2021 meeting, the Board also 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.Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.The Board also considered information regarding the profitability of Geode's relationship with the fund.Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.ZAP-SANN-1221
1.9881630.104
Fidelity® Series Large Cap Growth Index Fund
Semi-Annual Report
October 31, 2021
Contents
Board Approval of Investment Advisory Contracts and Management Fees |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). The LSE Group does not accept any liability whatsoever to any person arising out of the use of the fund or the underlying data.
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. © 2021 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.
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NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
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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.
Investment Summary (Unaudited)
Top Ten Stocks as of October 31, 2021
% of fund's net assets | |
Microsoft Corp. | 10.7 |
Apple, Inc. | 10.1 |
Amazon.com, Inc. | 6.3 |
Tesla, Inc. | 3.8 |
Meta Platforms, Inc. Class A | 3.3 |
Alphabet, Inc. Class A | 3.3 |
Alphabet, Inc. Class C | 3.1 |
NVIDIA Corp. | 2.6 |
The Home Depot, Inc. | 1.7 |
Visa, Inc. Class A | 1.5 |
46.4 |
Top Market Sectors as of October 31, 2021
% of fund's net assets | |
Information Technology | 44.7 |
Consumer Discretionary | 18.8 |
Communication Services | 12.3 |
Health Care | 8.8 |
Industrials | 5.9 |
Consumer Staples | 3.7 |
Financials | 2.5 |
Real Estate | 1.7 |
Materials | 1.0 |
Energy | 0.3 |
Asset Allocation (% of fund's net assets)
As of October 31, 2021* | ||
Stocks and Equity Futures | 100.0% |
* Foreign investments - 2.2%
Schedule of Investments October 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 12.3% | |||
Entertainment - 1.8% | |||
Live Nation Entertainment, Inc. (a) | 1,493 | $151,017 | |
Madison Square Garden Sports Corp. (a) | 207 | 39,229 | |
Netflix, Inc. (a) | 12,611 | 8,705,499 | |
Playtika Holding Corp. | 2,986 | 84,444 | |
Roku, Inc. Class A (a) | 3,398 | 1,036,050 | |
Skillz, Inc. (a)(b) | 8,589 | 96,025 | |
Spotify Technology SA (a) | 3,987 | 1,153,838 | |
Take-Two Interactive Software, Inc. (a) | 662 | 119,822 | |
The Walt Disney Co. (a) | 2,705 | 457,334 | |
World Wrestling Entertainment, Inc. Class A (b) | 1,117 | 68,238 | |
Zynga, Inc. (a) | 13,743 | 101,423 | |
12,012,919 | |||
Interactive Media & Services - 10.1% | |||
Alphabet, Inc.: | |||
Class A (a) | 7,552 | 22,360,868 | |
Class C (a) | 7,064 | 20,947,656 | |
Match Group, Inc. (a) | 8,063 | 1,215,739 | |
Meta Platforms, Inc. Class A (a) | 69,881 | 22,611,395 | |
Pinterest, Inc. Class A (a) | 16,181 | 722,320 | |
TripAdvisor, Inc. (a) | 1,751 | 57,730 | |
Twitter, Inc. (a) | 2,424 | 129,781 | |
Vimeo, Inc. (a) | 3,810 | 128,511 | |
Zillow Group, Inc.: | |||
Class A (a) | 1,749 | 184,904 | |
Class C (a)(b) | 4,926 | 510,481 | |
68,869,385 | |||
Media - 0.4% | |||
Altice U.S.A., Inc. Class A (a) | 4,506 | 73,448 | |
Cable One, Inc. | 83 | 142,030 | |
Charter Communications, Inc. Class A (a) | 3,542 | 2,390,460 | |
Nexstar Broadcasting Group, Inc. Class A | 83 | 12,444 | |
2,618,382 | |||
TOTAL COMMUNICATION SERVICES | 83,500,686 | ||
CONSUMER DISCRETIONARY - 18.8% | |||
Auto Components - 0.0% | |||
Aptiv PLC (a) | 1,450 | 250,691 | |
QuantumScape Corp. Class A (a)(b) | 4,211 | 121,866 | |
372,557 | |||
Automobiles - 3.8% | |||
Tesla, Inc. (a) | 23,280 | 25,933,920 | |
Thor Industries, Inc. (b) | 619 | 63,113 | |
25,997,033 | |||
Distributors - 0.1% | |||
Pool Corp. | 1,136 | 585,222 | |
Diversified Consumer Services - 0.1% | |||
Bright Horizons Family Solutions, Inc. (a) | 1,418 | 235,388 | |
Chegg, Inc. (a)(b) | 3,138 | 186,523 | |
Frontdoor, Inc. (a) | 1,693 | 63,115 | |
H&R Block, Inc. | 4,264 | 98,370 | |
Mister Car Wash, Inc. | 935 | 17,148 | |
600,544 | |||
Hotels, Restaurants & Leisure - 2.3% | |||
Booking Holdings, Inc. (a) | 1,197 | 2,897,674 | |
Boyd Gaming Corp. (a) | 498 | 31,762 | |
Caesars Entertainment, Inc. (a) | 3,699 | 404,893 | |
Chipotle Mexican Grill, Inc. (a) | 819 | 1,457,026 | |
Choice Hotels International, Inc. (b) | 1,010 | 142,026 | |
Churchill Downs, Inc. | 1,078 | 247,940 | |
Darden Restaurants, Inc. | 2,581 | 372,025 | |
Domino's Pizza, Inc. | 729 | 356,459 | |
DraftKings, Inc. Class A (a)(b) | 8,867 | 413,114 | |
Expedia, Inc. (a) | 4,234 | 696,112 | |
Hilton Worldwide Holdings, Inc. (a) | 5,359 | 771,428 | |
Las Vegas Sands Corp. (a) | 9,671 | 375,332 | |
Marriott International, Inc. Class A (a) | 7,941 | 1,270,719 | |
McDonald's Corp. | 3,880 | 952,734 | |
Penn National Gaming, Inc. (a) | 291 | 20,836 | |
Planet Fitness, Inc. (a) | 1,662 | 132,212 | |
Six Flags Entertainment Corp. (a) | 843 | 34,673 | |
Starbucks Corp. | 34,405 | 3,649,338 | |
Travel+Leisure Co. | 1,630 | 88,574 | |
Vail Resorts, Inc. | 1,166 | 401,932 | |
Wendy's Co. | 5,154 | 114,934 | |
Wyndham Hotels & Resorts, Inc. | 1,680 | 141,910 | |
Wynn Resorts Ltd. (a) | 3,087 | 277,213 | |
Yum China Holdings, Inc. | 953 | 54,397 | |
Yum! Brands, Inc. | 735 | 91,831 | |
15,397,094 | |||
Household Durables - 0.2% | |||
D.R. Horton, Inc. | 4,012 | 358,151 | |
NVR, Inc. (a) | 63 | 308,372 | |
PulteGroup, Inc. | 2,197 | 105,632 | |
Tempur Sealy International, Inc. | 5,292 | 235,335 | |
Toll Brothers, Inc. | 1,324 | 79,665 | |
TopBuild Corp. (a) | 793 | 203,777 | |
1,290,932 | |||
Internet & Direct Marketing Retail - 6.8% | |||
Amazon.com, Inc. (a) | 12,673 | 42,738,805 | |
Doordash, Inc. | 3,701 | 720,955 | |
eBay, Inc. | 18,969 | 1,455,302 | |
Etsy, Inc. (a) | 3,695 | 926,300 | |
Wayfair LLC Class A (a)(b) | 1,220 | 303,902 | |
46,145,264 | |||
Leisure Products - 0.2% | |||
Brunswick Corp. | 284 | 26,438 | |
Mattel, Inc. (a) | 10,133 | 221,001 | |
Peloton Interactive, Inc. Class A (a) | 7,705 | 704,545 | |
Polaris, Inc. | 1,171 | 134,606 | |
YETI Holdings, Inc. (a) | 2,494 | 245,235 | |
1,331,825 | |||
Multiline Retail - 0.4% | |||
Dollar General Corp. | 2,951 | 653,706 | |
Nordstrom, Inc. (a) | 2,712 | 77,916 | |
Target Corp. | 6,501 | 1,687,790 | |
2,419,412 | |||
Specialty Retail - 3.7% | |||
AutoZone, Inc. (a) | 134 | 239,169 | |
Bath & Body Works, Inc. | 4,106 | 283,684 | |
Best Buy Co., Inc. | 1,680 | 205,363 | |
Burlington Stores, Inc. (a) | 1,825 | 504,229 | |
CarMax, Inc. (a) | 408 | 55,863 | |
Carvana Co. Class A (a)(b) | 2,250 | 682,155 | |
Five Below, Inc. (a) | 1,609 | 317,456 | |
Floor & Decor Holdings, Inc. Class A (a) | 2,970 | 403,682 | |
GameStop Corp. Class A (a)(b) | 1,873 | 343,714 | |
Leslie's, Inc. (b) | 3,487 | 72,111 | |
Lithia Motors, Inc. Class A (sub. vtg.) | 75 | 23,942 | |
Lowe's Companies, Inc. | 20,652 | 4,828,851 | |
O'Reilly Automotive, Inc. (a) | 606 | 377,126 | |
Petco Health & Wellness Co., Inc. | 139 | 3,437 | |
RH (a) | 501 | 330,475 | |
Ross Stores, Inc. | 10,222 | 1,157,130 | |
The Home Depot, Inc. | 31,047 | 11,541,412 | |
TJX Companies, Inc. | 35,209 | 2,305,837 | |
Tractor Supply Co. | 3,354 | 728,388 | |
Ulta Beauty, Inc. (a) | 1,552 | 570,143 | |
Victoria's Secret & Co. (a) | 1,299 | 65,561 | |
Vroom, Inc. (a)(b) | 822 | 15,725 | |
Williams-Sonoma, Inc. | 1,661 | 308,498 | |
25,363,951 | |||
Textiles, Apparel & Luxury Goods - 1.2% | |||
Columbia Sportswear Co. | 73 | 7,580 | |
Deckers Outdoor Corp. (a) | 111 | 43,879 | |
Hanesbrands, Inc. | 5,963 | 101,610 | |
lululemon athletica, Inc. (a) | 3,328 | 1,550,881 | |
NIKE, Inc. Class B | 36,173 | 6,051,381 | |
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) | 437 | 20,194 | |
Tapestry, Inc. | 794 | 30,950 | |
VF Corp. | 6,086 | 443,548 | |
8,250,023 | |||
TOTAL CONSUMER DISCRETIONARY | 127,753,857 | ||
CONSUMER STAPLES - 3.7% | |||
Beverages - 1.7% | |||
Boston Beer Co., Inc. Class A (a)(b) | 271 | 133,462 | |
Brown-Forman Corp.: | |||
Class A | 748 | 47,894 | |
Class B (non-vtg.) | 2,559 | 173,731 | |
Monster Beverage Corp. (a) | 10,063 | 855,355 | |
PepsiCo, Inc. | 33,482 | 5,410,691 | |
The Coca-Cola Co. | 80,035 | 4,511,573 | |
11,132,706 | |||
Food & Staples Retailing - 1.0% | |||
Costco Wholesale Corp. | 12,069 | 5,932,396 | |
Sysco Corp. | 14,236 | 1,094,748 | |
7,027,144 | |||
Food Products - 0.2% | |||
Beyond Meat, Inc. (a)(b) | 1,458 | 144,313 | |
Darling Ingredients, Inc. (a) | 254 | 21,468 | |
Freshpet, Inc. (a) | 1,177 | 183,506 | |
Kellogg Co. | 3,227 | 197,815 | |
Lamb Weston Holdings, Inc. | 1,246 | 70,337 | |
Pilgrim's Pride Corp. (a) | 576 | 16,220 | |
The Hershey Co. | 3,667 | 643,008 | |
1,276,667 | |||
Household Products - 0.3% | |||
Church & Dwight Co., Inc. | 370 | 32,323 | |
Colgate-Palmolive Co. | 12,921 | 984,451 | |
Kimberly-Clark Corp. | 4,955 | 641,623 | |
The Clorox Co. | 2,913 | 474,848 | |
2,133,245 | |||
Personal Products - 0.3% | |||
Estee Lauder Companies, Inc. Class A | 6,680 | 2,166,524 | |
Herbalife Nutrition Ltd. (a) | 506 | 23,478 | |
2,190,002 | |||
Tobacco - 0.2% | |||
Altria Group, Inc. | 30,079 | 1,326,785 | |
TOTAL CONSUMER STAPLES | 25,086,549 | ||
ENERGY - 0.3% | |||
Energy Equipment & Services - 0.0% | |||
Halliburton Co. | 1,335 | 33,362 | |
Oil, Gas & Consumable Fuels - 0.3% | |||
Cheniere Energy, Inc. | 6,840 | 707,256 | |
Continental Resources, Inc. | 198 | 9,664 | |
Coterra Energy, Inc. | 3,685 | 78,564 | |
Diamondback Energy, Inc. | 2,504 | 268,404 | |
EOG Resources, Inc. | 2,030 | 187,694 | |
Hess Corp. | 537 | 44,340 | |
New Fortress Energy, Inc. | 756 | 22,680 | |
Occidental Petroleum Corp. | 3,128 | 104,882 | |
Pioneer Natural Resources Co. | 2,813 | 525,975 | |
Texas Pacific Land Corp. (b) | 172 | 219,071 | |
2,168,530 | |||
TOTAL ENERGY | 2,201,892 | ||
FINANCIALS - 2.5% | |||
Banks - 0.0% | |||
Citizens Financial Group, Inc. | 2,157 | 102,199 | |
Sterling Bancorp | 447 | 11,376 | |
Synovus Financial Corp. | 323 | 15,049 | |
Western Alliance Bancorp. | 1,544 | 179,243 | |
307,867 | |||
Capital Markets - 1.7% | |||
Ameriprise Financial, Inc. | 1,857 | 561,055 | |
Apollo Global Management LLC Class A (b) | 5,291 | 407,142 | |
Ares Management Corp. | 3,530 | 299,132 | |
Blackstone, Inc. | 19,876 | 2,751,236 | |
FactSet Research Systems, Inc. | 952 | 422,583 | |
Goldman Sachs Group, Inc. | 530 | 219,076 | |
LPL Financial | 2,324 | 381,182 | |
MarketAxess Holdings, Inc. | 1,091 | 445,859 | |
Moody's Corp. | 4,489 | 1,814,229 | |
Morningstar, Inc. | 616 | 195,118 | |
MSCI, Inc. | 1,659 | 1,103,036 | |
Raymond James Financial, Inc. | 268 | 26,422 | |
S&P Global, Inc. | 4,975 | 2,358,946 | |
T. Rowe Price Group, Inc. | 2,176 | 471,931 | |
11,456,947 | |||
Consumer Finance - 0.5% | |||
American Express Co. | 11,970 | 2,080,147 | |
Credit Acceptance Corp. (a) | 21 | 12,562 | |
Discover Financial Services | 4,810 | 545,069 | |
Synchrony Financial | 3,069 | 142,555 | |
Upstart Holdings, Inc. | 1,315 | 423,483 | |
3,203,816 | |||
Insurance - 0.3% | |||
Alleghany Corp. (a) | 42 | 27,358 | |
Aon PLC | 3,847 | 1,230,732 | |
Arch Capital Group Ltd. (a) | 2,701 | 112,956 | |
Brown & Brown, Inc. | 400 | 25,244 | |
Erie Indemnity Co. Class A | 505 | 103,934 | |
Everest Re Group Ltd. | 260 | 67,990 | |
GoHealth, Inc. (a) | 1,216 | 6,566 | |
Lemonade, Inc. (a)(b) | 118 | 7,335 | |
Lincoln National Corp. | 834 | 60,173 | |
Markel Corp. (a) | 65 | 85,353 | |
Marsh & McLennan Companies, Inc. | 1,745 | 291,066 | |
RenaissanceRe Holdings Ltd. | 617 | 87,491 | |
2,106,198 | |||
Thrifts & Mortgage Finance - 0.0% | |||
Rocket Companies, Inc. (b) | 3,911 | 64,453 | |
UWM Holdings Corp. Class A (b) | 1,220 | 8,296 | |
72,749 | |||
TOTAL FINANCIALS | 17,147,577 | ||
HEALTH CARE - 8.8% | |||
Biotechnology - 2.6% | |||
AbbVie, Inc. | 51,589 | 5,915,711 | |
Acceleron Pharma, Inc. (a) | 1,539 | 268,063 | |
Alnylam Pharmaceuticals, Inc. (a) | 3,461 | 552,237 | |
Amgen, Inc. | 13,652 | 2,825,554 | |
CureVac NV (a)(b) | 1,539 | 61,668 | |
Exact Sciences Corp. (a)(b) | 4,613 | 439,250 | |
Exelixis, Inc. (a) | 7,684 | 165,283 | |
Horizon Therapeutics PLC (a) | 1,187 | 142,333 | |
Incyte Corp. (a) | 4,622 | 309,582 | |
Ionis Pharmaceuticals, Inc. (a)(b) | 3,732 | 118,939 | |
Iovance Biotherapeutics, Inc. (a)(b) | 1,260 | 30,631 | |
Mirati Therapeutics, Inc. (a) | 950 | 179,569 | |
Moderna, Inc. (a) | 9,877 | 3,409,639 | |
Natera, Inc. (a) | 2,273 | 260,418 | |
Neurocrine Biosciences, Inc. (a) | 2,731 | 287,875 | |
Novavax, Inc. (a) | 2,155 | 320,729 | |
Regeneron Pharmaceuticals, Inc. (a) | 314 | 200,941 | |
Repligen Corp. (a) | 1,505 | 437,203 | |
Sarepta Therapeutics, Inc. (a) | 2,401 | 189,991 | |
Seagen, Inc. (a) | 3,478 | 613,276 | |
Ultragenyx Pharmaceutical, Inc. (a) | 1,385 | 116,229 | |
Vertex Pharmaceuticals, Inc. (a) | 3,028 | 559,968 | |
17,405,089 | |||
Health Care Equipment & Supplies - 2.9% | |||
Abbott Laboratories | 25,357 | 3,268,264 | |
Abiomed, Inc. (a) | 1,294 | 429,660 | |
Align Technology, Inc. (a) | 2,297 | 1,434,178 | |
Danaher Corp. | 962 | 299,923 | |
DexCom, Inc. (a) | 2,813 | 1,753,090 | |
Edwards Lifesciences Corp. (a) | 18,037 | 2,161,193 | |
Figs, Inc. Class A (a)(b) | 328 | 11,024 | |
Globus Medical, Inc. (a) | 117 | 9,029 | |
IDEXX Laboratories, Inc. (a) | 2,468 | 1,644,034 | |
Insulet Corp. (a) | 1,929 | 598,029 | |
Intuitive Surgical, Inc. (a) | 10,344 | 3,735,529 | |
Masimo Corp. (a) | 1,060 | 300,552 | |
Novocure Ltd. (a) | 2,987 | 306,377 | |
Penumbra, Inc. (a) | 987 | 272,955 | |
ResMed, Inc. | 3,778 | 993,274 | |
STERIS PLC | 336 | 78,537 | |
Stryker Corp. | 4,347 | 1,156,606 | |
Tandem Diabetes Care, Inc. (a) | 1,676 | 228,489 | |
Teleflex, Inc. | 238 | 84,952 | |
West Pharmaceutical Services, Inc. | 2,144 | 921,663 | |
19,687,358 | |||
Health Care Providers & Services - 0.6% | |||
agilon health, Inc. (a) | 1,802 | 44,149 | |
Amedisys, Inc. (a) | 841 | 142,415 | |
Cardinal Health, Inc. | 5,030 | 240,484 | |
Chemed Corp. | 119 | 57,388 | |
DaVita HealthCare Partners, Inc. (a) | 1,433 | 147,943 | |
Encompass Health Corp. | 1,600 | 101,696 | |
Guardant Health, Inc. (a) | 2,623 | 306,340 | |
HCA Holdings, Inc. | 7,356 | 1,842,384 | |
McKesson Corp. | 642 | 133,459 | |
Molina Healthcare, Inc. (a) | 254 | 75,113 | |
Oak Street Health, Inc. (a)(b) | 2,546 | 120,248 | |
UnitedHealth Group, Inc. | 1,896 | 873,051 | |
4,084,670 | |||
Health Care Technology - 0.2% | |||
Certara, Inc. | 1,357 | 56,058 | |
Veeva Systems, Inc. Class A (a) | 3,999 | 1,267,723 | |
1,323,781 | |||
Life Sciences Tools & Services - 1.3% | |||
10X Genomics, Inc. (a) | 2,442 | 393,821 | |
Adaptive Biotechnologies Corp. (a) | 2,808 | 93,815 | |
Agilent Technologies, Inc. | 7,951 | 1,252,203 | |
Avantor, Inc. (a) | 16,910 | 682,826 | |
Bio-Techne Corp. | 1,129 | 591,201 | |
Bruker Corp. | 2,988 | 239,936 | |
Charles River Laboratories International, Inc. (a) | 1,362 | 611,102 | |
Illumina, Inc. (a) | 4,259 | 1,767,741 | |
IQVIA Holdings, Inc. (a) | 2,748 | 718,382 | |
Maravai LifeSciences Holdings, Inc. | 3,009 | 127,251 | |
Mettler-Toledo International, Inc. (a) | 669 | 990,709 | |
PPD, Inc. (a) | 1,892 | 89,246 | |
Sotera Health Co. | 2,807 | 69,333 | |
Syneos Health, Inc. (a) | 375 | 35,003 | |
Thermo Fisher Scientific, Inc. | 1,032 | 653,328 | |
Waters Corp. (a) | 1,658 | 609,398 | |
8,925,295 | |||
Pharmaceuticals - 1.2% | |||
Catalent, Inc. (a) | 1,104 | 152,197 | |
Eli Lilly & Co. | 19,553 | 4,981,322 | |
Royalty Pharma PLC | 5,636 | 222,791 | |
Zoetis, Inc. Class A | 13,143 | 2,841,517 | |
8,197,827 | |||
TOTAL HEALTH CARE | 59,624,020 | ||
INDUSTRIALS - 5.9% | |||
Aerospace & Defense - 0.5% | |||
Axon Enterprise, Inc. (a) | 1,894 | 340,844 | |
BWX Technologies, Inc. | 2,069 | 117,395 | |
HEICO Corp. | 410 | 57,150 | |
HEICO Corp. Class A | 752 | 94,511 | |
Howmet Aerospace, Inc. | 827 | 24,554 | |
Lockheed Martin Corp. | 6,321 | 2,100,595 | |
Northrop Grumman Corp. | 389 | 138,959 | |
Spirit AeroSystems Holdings, Inc. Class A | 873 | 36,046 | |
TransDigm Group, Inc. (a) | 436 | 271,986 | |
Virgin Galactic Holdings, Inc. (a)(b) | 4,670 | 87,563 | |
3,269,603 | |||
Air Freight & Logistics - 0.9% | |||
C.H. Robinson Worldwide, Inc. | 758 | 73,518 | |
Expeditors International of Washington, Inc. | 3,578 | 441,024 | |
FedEx Corp. | 3,116 | 733,911 | |
GXO Logistics, Inc. (a) | 2,422 | 215,074 | |
United Parcel Service, Inc. Class B | 21,130 | 4,510,621 | |
5,974,148 | |||
Airlines - 0.1% | |||
Delta Air Lines, Inc. (a) | 18,673 | 730,674 | |
Building Products - 0.4% | |||
Advanced Drain Systems, Inc. | 1,765 | 199,092 | |
Allegion PLC | 1,996 | 256,087 | |
Armstrong World Industries, Inc. | 666 | 70,363 | |
Carlisle Companies, Inc. | 570 | 127,064 | |
Carrier Global Corp. | 11,879 | 620,440 | |
Fortune Brands Home & Security, Inc. | 1,023 | 103,732 | |
The AZEK Co., Inc. (a) | 1,738 | 63,767 | |
Trane Technologies PLC | 3,394 | 614,076 | |
Trex Co., Inc. (a) | 3,377 | 359,313 | |
2,413,934 | |||
Commercial Services & Supplies - 0.4% | |||
Cintas Corp. | 2,389 | 1,034,676 | |
Copart, Inc. (a) | 6,101 | 947,424 | |
IAA, Inc. (a) | 3,941 | 235,081 | |
MSA Safety, Inc. | 306 | 46,827 | |
Rollins, Inc. | 6,157 | 216,911 | |
Waste Management, Inc. | 1,958 | 313,730 | |
2,794,649 | |||
Electrical Equipment - 0.4% | |||
Generac Holdings, Inc. (a) | 1,789 | 891,924 | |
Plug Power, Inc. (a)(b) | 14,931 | 571,409 | |
Regal Rexnord Corp. | 421 | 64,131 | |
Rockwell Automation, Inc. | 2,057 | 657,006 | |
Vertiv Holdings Co. | 8,164 | 209,652 | |
2,394,122 | |||
Industrial Conglomerates - 0.2% | |||
3M Co. | 2,470 | 441,340 | |
Honeywell International, Inc. | 4,386 | 958,867 | |
1,400,207 | |||
Machinery - 1.3% | |||
AGCO Corp. | 174 | 21,265 | |
Allison Transmission Holdings, Inc. | 2,411 | 80,431 | |
Caterpillar, Inc. | 13,794 | 2,814,114 | |
Deere & Co. | 8,232 | 2,817,896 | |
Donaldson Co., Inc. | 442 | 26,524 | |
Graco, Inc. | 3,047 | 229,073 | |
Illinois Tool Works, Inc. | 8,236 | 1,876,737 | |
Lincoln Electric Holdings, Inc. | 1,665 | 237,096 | |
Middleby Corp. (a) | 480 | 87,571 | |
Nordson Corp. | 289 | 73,467 | |
Parker Hannifin Corp. | 617 | 182,996 | |
Toro Co. | 2,970 | 283,546 | |
Xylem, Inc. | 3,445 | 449,883 | |
9,180,599 | |||
Professional Services - 0.4% | |||
Booz Allen Hamilton Holding Corp. Class A | 3,893 | 338,146 | |
CoStar Group, Inc. (a) | 8,871 | 763,350 | |
Equifax, Inc. | 1,350 | 374,531 | |
LegalZoom.com, Inc. | 318 | 8,917 | |
Robert Half International, Inc. | 2,810 | 317,727 | |
TransUnion Holding Co., Inc. | 3,816 | 439,947 | |
Verisk Analytics, Inc. | 2,951 | 620,507 | |
2,863,125 | |||
Road & Rail - 1.0% | |||
J.B. Hunt Transport Services, Inc. | 2,181 | 430,071 | |
Kansas City Southern | 704 | 218,416 | |
Landstar System, Inc. | 980 | 172,294 | |
Lyft, Inc. (a) | 8,339 | 382,510 | |
Old Dominion Freight Lines, Inc. | 2,746 | 937,347 | |
TuSimple Holdings, Inc. (a)(b) | 123 | 4,812 | |
Uber Technologies, Inc. (a) | 40,330 | 1,767,261 | |
Union Pacific Corp. | 12,034 | 2,905,008 | |
XPO Logistics, Inc. (a) | 2,428 | 208,322 | |
7,026,041 | |||
Trading Companies & Distributors - 0.3% | |||
Core & Main, Inc. | 501 | 13,707 | |
Fastenal Co. | 14,848 | 847,524 | |
SiteOne Landscape Supply, Inc. (a) | 667 | 156,718 | |
United Rentals, Inc. (a) | 734 | 278,267 | |
W.W. Grainger, Inc. | 1,126 | 521,462 | |
1,817,678 | |||
TOTAL INDUSTRIALS | 39,864,780 | ||
INFORMATION TECHNOLOGY - 44.7% | |||
Communications Equipment - 0.1% | |||
Arista Networks, Inc. (a) | 1,572 | 644,033 | |
CommScope Holding Co., Inc. (a) | 5,761 | 61,700 | |
Ubiquiti, Inc. (b) | 167 | 51,024 | |
756,757 | |||
Electronic Equipment & Components - 0.6% | |||
Amphenol Corp. Class A | 12,116 | 930,145 | |
CDW Corp. | 4,005 | 747,533 | |
Cognex Corp. | 4,996 | 437,600 | |
Coherent, Inc. (a) | 635 | 161,544 | |
Corning, Inc. | 7,529 | 267,807 | |
IPG Photonics Corp. (a) | 79 | 12,562 | |
Jabil, Inc. | 3,289 | 197,208 | |
Keysight Technologies, Inc. (a) | 2,375 | 427,548 | |
Vontier Corp. | 2,644 | 89,447 | |
Zebra Technologies Corp. Class A (a) | 1,553 | 829,224 | |
4,100,618 | |||
IT Services - 7.2% | |||
Accenture PLC Class A | 14,927 | 5,355,658 | |
Automatic Data Processing, Inc. | 11,425 | 2,564,798 | |
Broadridge Financial Solutions, Inc. | 3,066 | 547,005 | |
Cloudflare, Inc. (a) | 7,108 | 1,384,070 | |
EPAM Systems, Inc. (a) | 1,570 | 1,056,987 | |
Euronet Worldwide, Inc. (a) | 1,032 | 115,780 | |
Fiserv, Inc. (a) | 1,173 | 115,529 | |
FleetCor Technologies, Inc. (a) | 540 | 133,601 | |
Gartner, Inc. (a) | 2,373 | 787,622 | |
Genpact Ltd. | 271 | 13,374 | |
Globant SA (a) | 1,180 | 376,644 | |
GoDaddy, Inc. (a) | 489 | 33,824 | |
Jack Henry & Associates, Inc. | 555 | 92,396 | |
MasterCard, Inc. Class A | 25,549 | 8,572,200 | |
MongoDB, Inc. Class A (a) | 1,808 | 942,492 | |
Okta, Inc. (a) | 3,625 | 896,028 | |
Paychex, Inc. | 8,194 | 1,010,156 | |
PayPal Holdings, Inc. (a) | 34,311 | 7,980,395 | |
Sabre Corp. (a) | 9,131 | 94,780 | |
Shift4 Payments, Inc. (a)(b) | 1,229 | 77,587 | |
Snowflake Computing, Inc. (a) | 5,374 | 1,901,536 | |
Square, Inc. (a) | 11,560 | 2,942,020 | |
StoneCo Ltd. Class A (a) | 6,022 | 203,905 | |
Switch, Inc. Class A | 3,312 | 83,727 | |
The Western Union Co. | 2,934 | 53,457 | |
Twilio, Inc. Class A(a) | 1,367 | 398,289 | |
Visa, Inc. Class A | 49,425 | 10,466,732 | |
WEX, Inc. (a) | 888 | 132,934 | |
Wix.com Ltd. (a) | 1,557 | 289,540 | |
48,623,066 | |||
Semiconductors & Semiconductor Equipment - 7.6% | |||
Advanced Micro Devices, Inc. (a) | 35,337 | 4,248,568 | |
Allegro MicroSystems LLC (a) | 1,141 | 38,064 | |
Analog Devices, Inc. | 6,239 | 1,082,404 | |
Applied Materials, Inc. | 26,728 | 3,652,381 | |
Broadcom, Inc. | 11,655 | 6,196,614 | |
Brooks Automation, Inc. | 1,761 | 205,068 | |
Enphase Energy, Inc. (a) | 3,847 | 891,081 | |
Entegris, Inc. | 3,929 | 553,125 | |
KLA Corp. | 4,475 | 1,668,101 | |
Lam Research Corp. | 4,159 | 2,343,888 | |
Microchip Technology, Inc. | 13,229 | 980,137 | |
Micron Technology, Inc. | 4,517 | 312,125 | |
MKS Instruments, Inc. | 1,351 | 202,718 | |
Monolithic Power Systems, Inc. | 1,308 | 687,302 | |
NVIDIA Corp. | 69,855 | 17,859,828 | |
NXP Semiconductors NV | 2,375 | 477,043 | |
ON Semiconductor Corp. (a) | 6,691 | 321,636 | |
Qualcomm, Inc. | 32,936 | 4,381,805 | |
Skyworks Solutions, Inc. | 2,272 | 379,719 | |
Teradyne, Inc. | 4,850 | 670,464 | |
Texas Instruments, Inc. | 16,717 | 3,134,103 | |
Universal Display Corp. | 1,265 | 231,748 | |
Xilinx, Inc. | 7,177 | 1,291,860 | |
51,809,782 | |||
Software - 18.9% | |||
Adobe, Inc. (a) | 13,940 | 9,066,018 | |
Alteryx, Inc. Class A (a) | 1,698 | 124,277 | |
Anaplan, Inc. (a) | 4,104 | 267,622 | |
ANSYS, Inc. (a) | 1,058 | 401,596 | |
Aspen Technology, Inc. (a) | 1,982 | 310,560 | |
Atlassian Corp. PLC (a) | 3,977 | 1,821,983 | |
Autodesk, Inc. (a) | 6,428 | 2,041,597 | |
Avalara, Inc. (a) | 2,475 | 444,609 | |
Bentley Systems, Inc. Class B (b) | 4,028 | 238,256 | |
Bill.Com Holdings, Inc. (a) | 2,304 | 678,090 | |
C3.Ai, Inc. (b) | 256 | 11,551 | |
Cadence Design Systems, Inc. (a) | 8,018 | 1,387,996 | |
CDK Global, Inc. | 539 | 23,457 | |
Citrix Systems, Inc. | 1,276 | 120,875 | |
Coupa Software, Inc. (a) | 2,137 | 486,595 | |
Crowdstrike Holdings, Inc. (a) | 5,750 | 1,620,350 | |
Datadog, Inc. Class A (a) | 6,775 | 1,131,764 | |
DocuSign, Inc. (a) | 5,566 | 1,548,962 | |
DoubleVerify Holdings, Inc. (a) | 451 | 17,828 | |
Dropbox, Inc. Class A (a) | 8,887 | 270,965 | |
Duck Creek Technologies, Inc. (a) | 473 | 14,900 | |
Dynatrace, Inc. (a) | 5,403 | 405,225 | |
Elastic NV (a) | 2,033 | 352,746 | |
Everbridge, Inc. (a) | 1,122 | 178,746 | |
Fair Isaac Corp. (a) | 804 | 320,153 | |
Five9, Inc. (a) | 1,951 | 308,278 | |
Fortinet, Inc. (a) | 3,906 | 1,313,744 | |
HubSpot, Inc. (a) | 1,300 | 1,053,299 | |
Intuit, Inc. | 7,451 | 4,664,251 | |
Jamf Holding Corp. (a)(b) | 1,311 | 62,469 | |
Mandiant, Inc. (a) | 1,961 | 34,200 | |
Manhattan Associates, Inc. (a) | 984 | 178,635 | |
McAfee Corp. | 1,486 | 31,756 | |
Microsoft Corp. | 220,052 | 72,973,637 | |
nCino, Inc. (a)(b) | 1,607 | 116,765 | |
NCR Corp. (a) | 1,260 | 49,820 | |
New Relic, Inc. (a) | 1,482 | 120,279 | |
NortonLifeLock, Inc. | 4,216 | 107,297 | |
Nuance Communications, Inc. (a) | 3,140 | 172,857 | |
Nutanix, Inc. Class A (a) | 5,610 | 192,479 | |
Oracle Corp. | 45,866 | 4,400,384 | |
Palantir Technologies, Inc. (a) | 47,393 | 1,226,531 | |
Palo Alto Networks, Inc. (a) | 2,781 | 1,415,779 | |
Paycom Software, Inc. (a) | 1,480 | 810,818 | |
Paycor HCM, Inc. | 705 | 22,870 | |
Paylocity Holding Corp. (a) | 1,094 | 333,823 | |
Pegasystems, Inc. | 1,141 | 135,460 | |
Procore Technologies, Inc. (a) | 204 | 18,656 | |
PTC, Inc. (a) | 3,077 | 391,856 | |
RingCentral, Inc. (a) | 2,346 | 571,908 | |
Salesforce.com, Inc. (a) | 5,182 | 1,552,994 | |
ServiceNow, Inc. (a) | 5,754 | 4,014,911 | |
Smartsheet, Inc. (a) | 3,512 | 242,363 | |
Splunk, Inc. (a) | 4,784 | 788,499 | |
Synopsys, Inc. (a) | 2,807 | 935,236 | |
Teradata Corp. (a) | 2,688 | 152,033 | |
The Trade Desk, Inc. (a) | 12,503 | 936,600 | |
Tyler Technologies, Inc. (a) | 1,018 | 552,998 | |
Unity Software, Inc. (a) | 4,343 | 657,139 | |
VMware, Inc. Class A (a) | 864 | 131,069 | |
Workday, Inc. Class A (a) | 5,481 | 1,589,380 | |
Zendesk, Inc. (a) | 3,476 | 353,857 | |
Zoom Video Communications, Inc. Class A (a) | 6,232 | 1,711,619 | |
Zscaler, Inc. (a) | 2,256 | 719,348 | |
128,332,618 | |||
Technology Hardware, Storage & Peripherals - 10.3% | |||
Apple, Inc. | 458,431 | 68,672,964 | |
Dell Technologies, Inc. (a) | 3,856 | 424,121 | |
HP, Inc. | 12,193 | 369,814 | |
NetApp, Inc. | 4,310 | 384,883 | |
Pure Storage, Inc. Class A (a) | 7,221 | 193,956 | |
70,045,738 | |||
TOTAL INFORMATION TECHNOLOGY | 303,668,579 | ||
MATERIALS - 1.0% | |||
Chemicals - 0.8% | |||
Axalta Coating Systems Ltd. (a) | 1,053 | 32,843 | |
Celanese Corp. Class A | 1,174 | 189,613 | |
Diversey Holdings Ltd. (a) | 1,172 | 20,393 | |
Dow, Inc. | 1,552 | 86,865 | |
Ecolab, Inc. | 6,403 | 1,422,875 | |
FMC Corp. | 940 | 85,549 | |
LyondellBasell Industries NV Class A | 933 | 86,601 | |
Olin Corp. | 324 | 18,462 | |
PPG Industries, Inc. | 2,921 | 469,025 | |
RPM International, Inc. | 2,159 | 188,265 | |
Sherwin-Williams Co. | 7,120 | 2,254,263 | |
The Chemours Co. LLC | 2,454 | 68,761 | |
The Scotts Miracle-Gro Co. Class A | 1,183 | 175,628 | |
Westlake Chemical Corp. | 196 | 19,079 | |
5,118,222 | |||
Containers & Packaging - 0.1% | |||
Avery Dennison Corp. | 1,281 | 278,899 | |
Ball Corp. | 2,779 | 254,223 | |
Crown Holdings, Inc. | 455 | 47,315 | |
Graphic Packaging Holding Co. | 2,282 | 45,480 | |
Sealed Air Corp. | 2,403 | 142,546 | |
768,463 | |||
Metals & Mining - 0.1% | |||
Freeport-McMoRan, Inc. | 12,515 | 472,066 | |
Southern Copper Corp. | 2,242 | 134,498 | |
Steel Dynamics, Inc. | 1,071 | 70,772 | |
677,336 | |||
Paper & Forest Products - 0.0% | |||
Louisiana-Pacific Corp. | 220 | 12,965 | |
TOTAL MATERIALS | 6,576,986 | ||
REAL ESTATE - 1.7% | |||
Equity Real Estate Investment Trusts (REITs) - 1.7% | |||
American Tower Corp. | 13,179 | 3,716,083 | |
CoreSite Realty Corp. | 988 | 140,750 | |
Crown Castle International Corp. | 12,581 | 2,268,354 | |
Equinix, Inc. | 1,853 | 1,551,091 | |
Equity Lifestyle Properties, Inc. | 2,694 | 227,670 | |
Extra Space Storage, Inc. | 336 | 66,316 | |
Iron Mountain, Inc. | 5,883 | 268,500 | |
Lamar Advertising Co. Class A | 2,204 | 249,493 | |
Public Storage | 3,361 | 1,116,457 | |
SBA Communications Corp. Class A | 525 | 181,298 | |
Simon Property Group, Inc. | 8,273 | 1,212,656 | |
10,998,668 | |||
Real Estate Management & Development - 0.0% | |||
CBRE Group, Inc. (a) | 505 | 52,560 | |
Opendoor Technologies, Inc. (a) | 2,679 | 63,519 | |
116,079 | |||
TOTAL REAL ESTATE | 11,114,747 | ||
UTILITIES - 0.0% | |||
Electric Utilities - 0.0% | |||
NRG Energy, Inc. | 3,192 | 127,329 | |
Independent Power and Renewable Electricity Producers - 0.0% | |||
Brookfield Renewable Corp. | 914 | 37,849 | |
TOTAL UTILITIES | 165,178 | ||
TOTAL COMMON STOCKS | |||
(Cost $417,045,708) | 676,704,851 | ||
Money Market Funds - 1.0% | |||
Fidelity Cash Central Fund 0.06% (c) | 1,758,452 | 1,758,804 | |
Fidelity Securities Lending Cash Central Fund 0.06% (c)(d) | 5,202,337 | 5,202,857 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $6,961,661) | 6,961,661 | ||
TOTAL INVESTMENT IN SECURITIES - 100.7% | |||
(Cost $424,007,369) | 683,666,512 | ||
NET OTHER ASSETS (LIABILITIES) - (0.7)% | (4,527,406) | ||
NET ASSETS - 100% | $679,139,106 |
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) | 5 | Dec. 2021 | $1,583,850 | $83,402 | $83,402 |
CME E-mini S&P 500 Index Contracts (United States) | 4 | Dec. 2021 | 919,400 | 21,384 | 21,383 |
TOTAL FUTURES CONTRACTS | $104,785 |
The notional amount of futures purchased as a percentage of Net Assets is 0.3%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(d) 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% | $3,818,147 | $128,852,512 | $130,911,855 | $830 | $-- | $-- | $1,758,804 | 0.0% |
Fidelity Securities Lending Cash Central Fund 0.06% | 2,195,182 | 18,149,329 | 15,141,654 | 9,308 | -- | -- | 5,202,857 | 0.0% |
Total | $6,013,329 | $147,001,841 | $146,053,509 | $10,138 | $-- | $-- | $6,961,661 |
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 October 31, 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 | $83,500,686 | $83,500,686 | $-- | $-- |
Consumer Discretionary | 127,753,857 | 127,753,857 | -- | -- |
Consumer Staples | 25,086,549 | 25,086,549 | -- | -- |
Energy | 2,201,892 | 2,201,892 | -- | -- |
Financials | 17,147,577 | 17,147,577 | -- | -- |
Health Care | 59,624,020 | 59,624,020 | -- | -- |
Industrials | 39,864,780 | 39,864,780 | -- | -- |
Information Technology | 303,668,579 | 303,668,579 | -- | -- |
Materials | 6,576,986 | 6,576,986 | -- | -- |
Real Estate | 11,114,747 | 11,114,747 | -- | -- |
Utilities | 165,178 | 165,178 | -- | -- |
Money Market Funds | 6,961,661 | 6,961,661 | -- | -- |
Total Investments in Securities: | $683,666,512 | $683,666,512 | $-- | $-- |
Derivative Instruments: | ||||
Assets | ||||
Futures Contracts | $104,785 | $104,785 | $-- | $-- |
Total Assets | $104,785 | $104,785 | $-- | $-- |
Total Derivative Instruments: | $104,785 | $104,785 | $-- | $-- |
Value of Derivative Instruments
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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) | $104,785 | $0 |
Total Equity Risk | 104,785 | 0 |
Total Value of Derivatives | $104,785 | $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
October 31, 2021 (Unaudited) | ||
Assets | ||
Investment in securities, at value (including securities loaned of $5,155,070) — See accompanying schedule: Unaffiliated issuers (cost $417,045,708) | $676,704,851 | |
Fidelity Central Funds (cost $6,961,661) | 6,961,661 | |
Total Investment in Securities (cost $424,007,369) | $683,666,512 | |
Segregated cash with brokers for derivative instruments | 114,000 | |
Cash | 60,997 | |
Receivable for investments sold | 19,093,680 | |
Receivable for fund shares sold | 118 | |
Dividends receivable | 242,512 | |
Distributions receivable from Fidelity Central Funds | 942 | |
Receivable for daily variation margin on futures contracts | 7,799 | |
Total assets | 703,186,560 | |
Liabilities | ||
Payable for fund shares redeemed | $18,824,399 | |
Accrued management fee | 851 | |
Other payables and accrued expenses | 19,354 | |
Collateral on securities loaned | 5,202,850 | |
Total liabilities | 24,047,454 | |
Net Assets | $679,139,106 | |
Net Assets consist of: | ||
Paid in capital | $405,687,569 | |
Total accumulated earnings (loss) | 273,451,537 | |
Net Assets | $679,139,106 | |
Net Asset Value, offering price and redemption price per share ($679,139,106 ÷ 35,128,455 shares) | $19.33 |
See accompanying notes which are an integral part of the financial statements.
Statement of Operations
Six months ended October 31, 2021 (Unaudited) | ||
Investment Income | ||
Dividends | $2,227,407 | |
Interest | 69 | |
Income from Fidelity Central Funds (including $9,308 from security lending) | 10,138 | |
Total income | 2,237,614 | |
Expenses | ||
Custodian fees and expenses | 19,820 | |
Independent trustees' fees and expenses | 891 | |
Interest | 479 | |
Total expenses before reductions | 21,190 | |
Expense reductions | (10,544) | |
Total expenses after reductions | 10,646 | |
Net investment income (loss) | 2,226,968 | |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) on: | ||
Investment securities: | ||
Unaffiliated issuers | 13,885,598 | |
Futures contracts | 175,410 | |
Total net realized gain (loss) | 14,061,008 | |
Change in net unrealized appreciation (depreciation) on: | ||
Investment securities: | ||
Unaffiliated issuers | 75,317,495 | |
Futures contracts | 6,208 | |
Total change in net unrealized appreciation (depreciation) | 75,323,703 | |
Net gain (loss) | 89,384,711 | |
Net increase (decrease) in net assets resulting from operations | $91,611,679 |
See accompanying notes which are an integral part of the financial statements.
Statement of Changes in Net Assets
Six months ended October 31, 2021 (Unaudited) | Year ended April 30, 2021 | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net investment income (loss) | $2,226,968 | $3,449,054 |
Net realized gain (loss) | 14,061,008 | 8,074,626 |
Change in net unrealized appreciation (depreciation) | 75,323,703 | 148,292,243 |
Net increase (decrease) in net assets resulting from operations | 91,611,679 | 159,815,923 |
Distributions to shareholders | (2,507,004) | (11,868,794) |
Share transactions | ||
Proceeds from sales of shares | 137,391,504 | 237,076,669 |
Reinvestment of distributions | 2,507,004 | 11,868,794 |
Cost of shares redeemed | (95,873,336) | (148,710,860) |
Net increase (decrease) in net assets resulting from share transactions | 44,025,172 | 100,234,603 |
Total increase (decrease) in net assets | 133,129,847 | 248,181,732 |
Net Assets | ||
Beginning of period | 546,009,259 | 297,827,527 |
End of period | $679,139,106 | $546,009,259 |
Other Information | ||
Shares | ||
Sold | 7,838,936 | 15,983,864 |
Issued in reinvestment of distributions | 150,933 | 873,907 |
Redeemed | (5,257,352) | (10,316,427) |
Net increase (decrease) | 2,732,517 | 6,541,344 |
See accompanying notes which are an integral part of the financial statements.
Financial Highlights
Fidelity Series Large Cap Growth Index Fund
Six months ended (Unaudited) October 31, | Years endedApril 30, | |||
2021 | 2021 | 2020 | 2019 A | |
Selected Per–Share Data | ||||
Net asset value, beginning of period | $16.85 | $11.52 | $10.54 | $10.00 |
Income from Investment Operations | ||||
Net investment income (loss)B | .06 | .12 | .14 | .06 |
Net realized and unrealized gain (loss) | 2.49 | 5.67 | .99 | .53 |
Total from investment operations | 2.55 | 5.79 | 1.13 | .59 |
Distributions from net investment income | (.03) | (.13) | (.10) | (.05) |
Distributions from net realized gain | (.04) | (.33) | (.05) | – |
Total distributions | (.07) | (.46) | (.15) | (.05) |
Net asset value, end of period | $19.33 | $16.85 | $11.52 | $10.54 |
Total ReturnC,D | 15.21% | 51.21% | 10.77% | 5.97% |
Ratios to Average Net AssetsE,F | ||||
Expenses before reductions | .01%G | .01% | .01% | .05%G |
Expenses net of fee waivers, if any | - %G,H | - %H | .01% | .01%G |
Expenses net of all reductions | - %G,H | - %H | .01% | .01%G |
Net investment income (loss) | .72%G | .85% | 1.24% | .85%G |
Supplemental Data | ||||
Net assets, end of period (000 omitted) | $679,139 | $546,009 | $297,828 | $263,824 |
Portfolio turnover rateI | 53%G | 40% | 45% | 21%G |
A For the period August 17, 2018 (commencement of operations) through April 30, 2019.
B Calculated based on average shares outstanding during the period.
C Total returns for periods of less than one year are not annualized.
D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.
G Annualized
H Amount represents less than .005%.
I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
See accompanying notes which are an integral part of the financial statements.
Notes to Financial Statements (Unaudited)
For the period ended October 31, 2021
1. Organization.
Fidelity Series Large Cap Growth Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds and Fidelity managed 529 plans. 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, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
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 October 31, 2021 is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to passive foreign investment companies (PFIC), futures contracts, partnerships 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 | $264,213,997 |
Gross unrealized depreciation | (6,203,783) |
Net unrealized appreciation (depreciation) | $258,010,214 |
Tax cost | $425,761,083 |
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 risk:
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 Series Large Cap Growth Index Fund | 206,056,540 | 162,398,476 |
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
Borrower or Lender | Average Loan Balance | Weighted Average Interest Rate | Interest Expense | |
Fidelity Series Large Cap Growth Index Fund | Borrower | $10,863,400 | .32% | $479 |
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. During the period there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.
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 Series Large Cap Growth Index Fund | $911 | $3,611 | $6,708 |
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .003% of average net assets. This reimbursement will remain in place through August 31, 2024. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $10,542.
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 $2.
10. Other.
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, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
11. 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.
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 (May 1, 2021 to October 31, 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 May 1, 2021 | Ending Account Value October 31, 2021 | Expenses Paid During Period-B May 1, 2021 to October 31, 2021 | |
Fidelity Series Large Cap Growth Index Fund | - %-C | |||
Actual | $1,000.00 | $1,152.10 | $--D | |
Hypothetical-E | $1,000.00 | $1,025.21 | $--D |
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 184/ 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 Amount represents less than .005%.
D Amount represents less than $.005.
E 5% return per year before expenses
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Series Large Cap Growth Index Fund
Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.At its September 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.Nature, Extent, and Quality of Services Provided. The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.Resources Dedicated to Investment Management and Support Services. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory and administrative services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies and 529 plans.Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.Competitiveness of Management Fee and Total Expense Ratio. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through August 31, 2024.Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.Costs of the Services and Profitability. The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.The Board also considered information regarding the profitability of Geode's relationship with the fund.Economies of Scale. The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.CGI-SANN-1221
1.9891256.103
Item 2.
Code of Ethics
Not applicable.
Item 3.
Audit Committee Financial Expert
Not applicable.
Item 4.
Principal Accountant Fees and Services
Not applicable.
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 Fidelity Salem Street 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 Fidelity Salem Street Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable
assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12.
Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
Not applicable.
Item 13.
Exhibits
(a) | (1) | Not applicable. |
(a) | (2) | |
(a) | (3) | Not applicable. |
(b) |
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 Salem Street Trust
By: | /s/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | December 21, 2021 |
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/Laura M. Del Prato |
Laura M. Del Prato | |
President and Treasurer | |
Date: | December 21, 2021 |
By: | /s/John J. Burke III |
John J. Burke III | |
Chief Financial Officer | |
Date: | December 21, 2021 |