N-CSR 1 filing4219.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES



Investment Company Act file number    811-02105



Fidelity Salem Street Trust

 (Exact name of registrant as specified in charter)



245 Summer St., Boston, Massachusetts 02210

 (Address of principal executive offices)       (Zip code)



Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)





Registrant's telephone number, including area code:

617-563-7000





Date of fiscal year end:

April 30





Date of reporting period:

April 30, 2022





This report on Form N-CSR relates solely to the Registrant ’s Fidelity Mid Cap Index Fund and Fidelity Small Cap Index Fund series (each, a “Fund ” and collectively, the “Funds ”).



Item 1.

Reports to Stockholders









Fidelity® Mid Cap Index Fund
Fidelity® Small Cap Index Fund
 
 
Annual Report
April 30, 2022

Contents

Note to Shareholders

Fidelity® Mid Cap Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Small Cap Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Liquidity Risk Management Program
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.
A 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 a 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. © 2022 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
 
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.
 
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended April 30, 2022
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Mid Cap Index Fund
-6.13%
10.65%
11.97%
 
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Mid Cap Index Fund on April 30, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Index performed over the same period.
 
Fidelity® Mid Cap Index Fund
Market Recap:
The S&P 500® index gained 0.21% for the 12 months ending April 30, 2022. After posting a strong result in 2021, large-cap stocks retreated to begin the new year amid several notable headwinds that stoked volatility, uncertainty and investor anxiety. Chief among these was the U.S. Federal Reserve's accelerated plan to hike interest rates and aggressively wind down its balance sheet in an attempt to rein in historically high inflation. In addition, geopolitical unrest rose as Russia invaded Ukraine in late February and escalated its attack through period end. Other factors influencing stocks included surging commodity prices, rising bond yields, supply constraint and disruption, and the potential for variants of the coronavirus to upend the economy. Against this backdrop, the S&P 500® index returned -5.17% in January and -2.99% in February, falling on mixed corporate earnings, particularly among some highflying tech firms. Volatility eased in March and the index gained 3.71% for the month. April saw a sharp reversal, with the index returning -8.72% amid clearer signals of the Fed's intension to tighten monetary policy and angst about the economic toll of "zero-COVID" lockdowns in China. It was the largest monthly decline for the S&P 500® since March 2020. For the full 12 months, the growth-oriented communication services (-22%) and consumer discretionary (-11%) sectors lagged most. In contrast, energy (+61%) rode a surge in commodity prices and led the market by a wide margin, followed by the defensive consumer staples (+17%) sector.
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending April 30, 2022, the fund returned -6.13%, roughly in line with the -6.10% result of the benchmark Russell MidCap® Index. By sector, stocks in the consumer discretionary sector returned -19% and detracted most. This group was hampered by the consumer durables & apparel (-26%) industry. Information technology (-11%) and communication services (-36%) also hurt, the latter hampered by the media & entertainment industry (-37%). Other notable detractors included the industrials (-11%), health care (-14%), and financials (-5%) sectors. In contrast, energy advanced 65% and contributed most. Real estate stocks also helped, gaining 7%. The materials sector rose approximately 8%. Other notable contributors included the utilities (+9%) and consumer staples (+8%) sectors. Turning to individual stocks, the biggest individual detractor was Roku (-73%), from the media & entertainment industry. In software & services, DocuSign (-64%) and Palantir Technologies (-61%) hurt. Pinterest, within the media & entertainment segment, returned about -69% and hindered the fund. Another detractor was Peloton Interactive (-82%), a stock in the consumer durables & apparel category. In contrast, the biggest individual contributor was Occidental Petroleum (+118%), from the energy sector. Also in energy, Devon Energy (+166%) and Marathon Petroleum (+63%) helped. Nucor, within the materials sector, advanced roughly 92% and lifted the fund. Another contributor was Palo Alto Networks (+59%), a stock in the software & services group.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Mid Cap Index Fund
Top Holdings (% of Fund's net assets)
 
Palo Alto Networks, Inc.
0.5
 
Marathon Petroleum Corp.
0.5
 
Pioneer Natural Resources Co.
0.5
 
Archer Daniels Midland Co.
0.5
 
Marvell Technology, Inc.
0.5
 
Occidental Petroleum Corp.
0.5
 
McKesson Corp.
0.5
 
Valero Energy Corp.
0.5
 
Synopsys, Inc.
0.4
 
Hilton Worldwide Holdings, Inc.
0.4
 
 
4.8
 
 
Market Sectors (% of Fund's net assets)
 
Information Technology
16.9
 
Industrials
14.4
 
Financials
12.4
 
Consumer Discretionary
11.4
 
Health Care
10.5
 
Real Estate
8.8
 
Materials
6.3
 
Energy
6.0
 
Utilities
5.5
 
Consumer Staples
4.1
 
Communication Services
3.5
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 4.6%
 
Fidelity® Mid Cap Index Fund
Showing Percentage of Net Assets     
Common Stocks - 99.8%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 3.5%
 
 
 
Diversified Telecommunication Services - 0.1%
 
 
 
Lumen Technologies, Inc. (a)
 
2,497,565
25,125,504
Entertainment - 1.1%
 
 
 
Live Nation Entertainment, Inc. (b)
 
337,769
35,425,213
Madison Square Garden Sports Corp. (b)
 
46,203
7,489,968
Playtika Holding Corp. (b)
 
254,341
4,471,315
Roku, Inc. Class A (b)
 
288,413
26,793,568
Skillz, Inc. (a)(b)
 
749,059
1,535,571
Spotify Technology SA (b)
 
338,152
34,373,151
Take-Two Interactive Software, Inc. (b)
 
279,926
33,453,956
Warner Bros Discovery, Inc. (b)
 
5,413,708
98,258,800
World Wrestling Entertainment, Inc. Class A (a)
 
105,326
6,149,985
Zynga, Inc. (b)
 
2,516,468
20,811,190
 
 
 
268,762,717
Interactive Media & Services - 0.8%
 
 
 
IAC (b)
 
187,197
15,514,887
Match Group, Inc. (b)
 
692,230
54,790,005
Pinterest, Inc. Class A (b)
 
1,393,411
28,592,794
TripAdvisor, Inc. (a)(b)
 
243,421
6,248,617
Twitter, Inc. (b)
 
1,910,899
93,672,269
Vimeo, Inc. (b)
 
352,059
3,587,481
 
 
 
202,406,053
Media - 1.5%
 
 
 
Altice U.S.A., Inc. Class A (b)
 
513,668
4,766,839
Cable One, Inc.
 
13,219
15,415,998
DISH Network Corp. Class A (b)
 
608,393
17,345,284
Fox Corp.:
 
 
 
 Class A
 
762,894
27,342,121
 Class B
 
362,930
12,063,793
Interpublic Group of Companies, Inc.
 
959,910
31,312,264
Liberty Broadband Corp.:
 
 
 
 Class A (b)
 
57,090
6,146,309
 Class C (b)
 
345,769
38,663,890
Liberty Media Corp.:
 
 
 
 Liberty Formula One Group Series C (b)
 
486,080
30,297,366
 Liberty Media Class A (b)
 
57,948
3,327,374
 Liberty SiriusXM Series A (b)
 
227,235
9,505,240
 Liberty SiriusXM Series C (b)
 
391,659
16,402,679
Loyalty Ventures, Inc. (b)
 
48,814
624,331
News Corp.:
 
 
 
 Class A
 
954,564
18,957,641
 Class B
 
296,603
5,905,366
Nexstar Broadcasting Group, Inc. Class A
 
96,394
15,270,737
Omnicom Group, Inc.
 
507,077
38,603,772
Paramount Global:
 
 
 
 Class A
 
18,860
595,033
 Class B
 
1,429,333
41,622,177
Sirius XM Holdings, Inc. (a)
 
2,129,859
12,779,154
The New York Times Co. Class A
 
404,067
15,483,847
 
 
 
362,431,215
TOTAL COMMUNICATION SERVICES
 
 
858,725,489
CONSUMER DISCRETIONARY - 11.4%
 
 
 
Auto Components - 0.5%
 
 
 
Aptiv PLC (b)
 
661,058
70,336,571
BorgWarner, Inc.
 
586,618
21,605,141
Gentex Corp.
 
579,373
17,004,598
Lear Corp.
 
146,986
18,805,389
QuantumScape Corp. Class A (a)(b)
 
598,253
8,937,900
 
 
 
136,689,599
Automobiles - 0.1%
 
 
 
Harley-Davidson, Inc.
 
374,946
13,666,782
Thor Industries, Inc. (a)
 
130,328
9,976,608
 
 
 
23,643,390
Distributors - 0.5%
 
 
 
Genuine Parts Co.
 
341,122
44,362,916
LKQ Corp.
 
666,175
33,062,265
Pool Corp.
 
95,344
38,635,296
 
 
 
116,060,477
Diversified Consumer Services - 0.4%
 
 
 
ADT, Inc.
 
386,942
2,650,553
Bright Horizons Family Solutions, Inc. (b)
 
147,158
16,811,330
Chegg, Inc. (b)
 
331,102
8,191,463
Frontdoor, Inc. (b)
 
207,544
6,415,185
Grand Canyon Education, Inc. (b)
 
97,096
9,318,303
H&R Block, Inc.
 
403,313
10,514,370
Mister Car Wash, Inc. (a)
 
187,981
2,706,926
Service Corp. International
 
392,907
25,778,628
Terminix Global Holdings, Inc. (b)
 
296,833
13,621,666
 
 
 
96,008,424
Hotels, Restaurants & Leisure - 3.5%
 
 
 
ARAMARK Holdings Corp.
 
567,347
20,566,329
Boyd Gaming Corp.
 
200,982
12,175,490
Caesars Entertainment, Inc. (b)
 
499,416
33,101,292
Carnival Corp. (a)(b)
 
2,113,800
36,568,740
Chipotle Mexican Grill, Inc. (b)
 
68,742
100,061,543
Choice Hotels International, Inc.
 
85,269
11,976,884
Churchill Downs, Inc.
 
90,268
18,318,988
Darden Restaurants, Inc.
 
310,922
40,957,755
Domino's Pizza, Inc.
 
88,787
30,010,006
DraftKings, Inc. Class A (a)(b)
 
753,101
10,302,422
Expedia, Inc. (b)
 
355,163
62,064,734
Hilton Worldwide Holdings, Inc.
 
671,156
104,223,815
Hyatt Hotels Corp. Class A (b)
 
121,098
11,499,466
Marriott Vacations Worldwide Corp.
 
101,952
15,224,492
MGM Resorts International
 
924,634
37,946,979
Norwegian Cruise Line Holdings Ltd. (a)(b)
 
904,282
18,112,768
Penn National Gaming, Inc. (b)
 
403,199
14,744,987
Planet Fitness, Inc. (b)
 
203,960
16,322,919
Royal Caribbean Cruises Ltd. (a)(b)
 
536,778
41,723,754
Six Flags Entertainment Corp. (b)
 
188,854
7,227,443
Travel+Leisure Co.
 
207,486
11,511,323
Vail Resorts, Inc.
 
97,744
24,842,615
Wendy's Co.
 
436,305
8,621,387
Wyndham Hotels & Resorts, Inc.
 
224,508
19,747,724
Wynn Resorts Ltd. (b)
 
258,756
18,237,123
Yum China Holdings, Inc.
 
1,049,326
43,861,827
Yum! Brands, Inc.
 
708,938
82,952,835
 
 
 
852,905,640
Household Durables - 1.3%
 
 
 
D.R. Horton, Inc.
 
804,620
55,993,506
Garmin Ltd.
 
370,778
40,689,178
Leggett & Platt, Inc.
 
325,541
11,599,026
Lennar Corp.:
 
 
 
 Class A
 
630,565
48,231,917
 Class B
 
37,820
2,465,864
Mohawk Industries, Inc. (b)
 
134,578
18,983,573
Newell Brands, Inc.
 
931,360
21,560,984
NVR, Inc. (b)
 
7,664
33,539,273
PulteGroup, Inc.
 
606,618
25,332,368
Tempur Sealy International, Inc.
 
435,567
11,808,221
Toll Brothers, Inc.
 
267,089
12,384,917
TopBuild Corp. (b)
 
80,783
14,633,033
Whirlpool Corp.
 
140,461
25,496,481
 
 
 
322,718,341
Internet & Direct Marketing Retail - 0.3%
 
 
 
Doordash, Inc. (b)
 
358,843
29,220,585
Etsy, Inc. (b)
 
310,183
28,905,954
Qurate Retail, Inc. Series A (a)
 
886,101
3,730,485
Wayfair LLC Class A (a)(b)
 
186,515
14,350,464
 
 
 
76,207,488
Leisure Products - 0.4%
 
 
 
Brunswick Corp.
 
188,404
14,245,226
Hasbro, Inc.
 
313,219
27,582,065
Mattel, Inc. (b)
 
853,803
20,755,951
Peloton Interactive, Inc. Class A (a)(b)
 
729,100
12,802,996
Polaris, Inc.
 
139,722
13,265,207
YETI Holdings, Inc. (b)
 
209,477
10,237,141
 
 
 
98,888,586
Multiline Retail - 0.5%
 
 
 
Dollar Tree, Inc. (b)
 
545,413
88,602,342
Kohl's Corp.
 
338,256
19,578,257
Nordstrom, Inc.
 
270,573
6,953,726
Ollie's Bargain Outlet Holdings, Inc. (b)
 
153,876
7,393,742
 
 
 
122,528,067
Specialty Retail - 2.8%
 
 
 
Advance Auto Parts, Inc.
 
152,615
30,466,532
AutoNation, Inc. (b)
 
101,227
11,733,222
AutoZone, Inc. (b)
 
50,489
98,729,725
Bath & Body Works, Inc.
 
581,550
30,758,180
Best Buy Co., Inc.
 
588,374
52,912,474
Burlington Stores, Inc. (b)
 
162,500
33,078,500
CarMax, Inc. (a)(b)
 
399,422
34,262,419
Carvana Co. Class A (a)(b)
 
212,954
12,342,814
Dick's Sporting Goods, Inc.
 
147,720
14,243,162
Five Below, Inc. (b)
 
134,909
21,194,204
Floor & Decor Holdings, Inc. Class A (b)
 
249,209
19,866,941
Foot Locker, Inc.
 
213,583
6,260,118
GameStop Corp. Class A (a)(b)
 
157,252
19,667,508
Gap, Inc.
 
492,857
6,121,284
Leslie's, Inc. (a)(b)
 
387,330
7,591,668
Lithia Motors, Inc. Class A (sub. vtg.)
 
72,019
20,390,739
O'Reilly Automotive, Inc. (b)
 
163,199
98,988,353
Penske Automotive Group, Inc.
 
75,436
7,907,202
Petco Health & Wellness Co., Inc. (a)(b)
 
135,443
2,608,632
RH (b)
 
42,840
14,399,381
Tractor Supply Co.
 
278,095
56,022,238
Ulta Beauty, Inc. (b)
 
128,755
51,089,984
Victoria's Secret & Co. (b)
 
182,955
8,620,840
Vroom, Inc. (a)(b)
 
281,908
439,776
Williams-Sonoma, Inc. (a)
 
177,707
23,187,209
 
 
 
682,883,105
Textiles, Apparel & Luxury Goods - 1.1%
 
 
 
Capri Holdings Ltd. (b)
 
353,418
16,858,039
Carter's, Inc.
 
101,372
8,539,577
Columbia Sportswear Co.
 
95,940
7,882,430
Deckers Outdoor Corp. (b)
 
66,032
17,548,004
Hanesbrands, Inc.
 
849,650
11,266,359
lululemon athletica, Inc. (b)
 
279,391
99,080,430
PVH Corp.
 
170,691
12,422,891
Ralph Lauren Corp.
 
111,166
11,599,060
Skechers U.S.A., Inc. Class A (sub. vtg.) (b)
 
322,544
12,353,435
Tapestry, Inc.
 
647,014
21,299,701
Under Armour, Inc.:
 
 
 
 Class A (sub. vtg.) (b)
 
460,783
7,077,627
 Class C (non-vtg.) (b)
 
501,078
7,110,297
VF Corp.
 
793,174
41,245,048
 
 
 
274,282,898
TOTAL CONSUMER DISCRETIONARY
 
 
2,802,816,015
CONSUMER STAPLES - 4.1%
 
 
 
Beverages - 0.3%
 
 
 
Boston Beer Co., Inc. Class A (a)(b)
 
22,829
8,560,875
Brown-Forman Corp.:
 
 
 
 Class A
 
111,369
6,951,653
 Class B (non-vtg.)
 
449,306
30,301,197
Molson Coors Beverage Co. Class B
 
437,153
23,667,463
 
 
 
69,481,188
Food & Staples Retailing - 0.6%
 
 
 
Albertsons Companies, Inc.
 
397,823
12,443,903
Casey's General Stores, Inc.
 
90,258
18,168,935
Grocery Outlet Holding Corp. (a)(b)
 
213,916
7,202,552
Kroger Co.
 
1,790,943
96,639,284
U.S. Foods Holding Corp. (b)
 
540,870
20,347,529
 
 
 
154,802,203
Food Products - 2.7%
 
 
 
Archer Daniels Midland Co.
 
1,364,055
122,164,766
Beyond Meat, Inc. (a)(b)
 
140,336
5,175,592
Bunge Ltd.
 
336,507
38,065,672
Campbell Soup Co.
 
477,838
22,563,510
Conagra Brands, Inc.
 
1,147,452
40,080,498
Darling Ingredients, Inc. (b)
 
395,679
29,038,882
Flowers Foods, Inc.
 
458,954
12,171,460
Freshpet, Inc. (a)(b)
 
99,925
9,327,999
Hormel Foods Corp.
 
692,724
36,291,810
Ingredion, Inc.
 
164,166
13,972,168
Kellogg Co.
 
616,569
42,234,977
Lamb Weston Holdings, Inc.
 
357,472
23,628,899
McCormick & Co., Inc. (non-vtg.)
 
611,137
61,462,048
Pilgrim's Pride Corp. (b)
 
116,391
3,299,685
Post Holdings, Inc. (a)(b)
 
140,386
10,443,315
Seaboard Corp.
 
616
2,602,594
The Hain Celestial Group, Inc. (b)
 
215,761
7,236,624
The Hershey Co.
 
358,423
80,921,161
The J.M. Smucker Co.
 
256,941
35,182,931
Tyson Foods, Inc. Class A
 
703,530
65,540,855
 
 
 
661,405,446
Household Products - 0.4%
 
 
 
Church & Dwight Co., Inc.
 
593,084
57,861,275
Reynolds Consumer Products, Inc. (a)
 
133,037
3,936,565
Spectrum Brands Holdings, Inc.
 
98,044
8,340,603
The Clorox Co.
 
300,970
43,180,166
 
 
 
113,318,609
Personal Products - 0.1%
 
 
 
Coty, Inc. Class A (b)
 
855,802
6,940,554
Herbalife Nutrition Ltd. (a)(b)
 
248,553
6,606,539
Olaplex Holdings, Inc.
 
197,649
2,905,440
 
 
 
16,452,533
TOTAL CONSUMER STAPLES
 
 
1,015,459,979
ENERGY - 6.0%
 
 
 
Energy Equipment & Services - 0.6%
 
 
 
Baker Hughes Co. Class A
 
1,805,381
56,002,919
Halliburton Co.
 
2,170,597
77,316,665
NOV, Inc.
 
953,942
17,294,968
 
 
 
150,614,552
Oil, Gas & Consumable Fuels - 5.4%
 
 
 
Antero Midstream GP LP
 
818,516
8,406,159
APA Corp.
 
887,746
36,335,444
Cheniere Energy, Inc.
 
573,756
77,921,802
Continental Resources, Inc.
 
159,213
8,847,466
Coterra Energy, Inc.
 
1,949,711
56,132,180
Devon Energy Corp.
 
1,651,426
96,063,450
Diamondback Energy, Inc.
 
442,370
55,840,365
DT Midstream, Inc.
 
236,343
12,703,436
EQT Corp.
 
745,518
29,634,341
Hess Corp.
 
679,324
70,017,925
HF Sinclair Corp. (b)
 
366,401
13,930,566
Marathon Oil Corp.
 
1,896,649
47,264,493
Marathon Petroleum Corp.
 
1,506,506
131,457,714
New Fortress Energy, Inc.
 
64,851
2,514,922
Occidental Petroleum Corp.
 
2,070,281
114,051,780
ONEOK, Inc.
 
1,086,701
68,820,774
Phillips 66 Co.
 
1,144,630
99,308,099
Pioneer Natural Resources Co.
 
528,744
122,917,118
Targa Resources Corp.
 
551,806
40,508,078
Texas Pacific Land Corp. (a)
 
14,407
19,688,606
The Williams Companies, Inc.
 
2,978,173
102,121,552
Valero Energy Corp.
 
1,000,256
111,508,539
 
 
 
1,325,994,809
TOTAL ENERGY
 
 
1,476,609,361
FINANCIALS - 12.4%
 
 
 
Banks - 3.3%
 
 
 
Bank of Hawaii Corp. (a)
 
97,418
7,242,054
Bank OZK
 
290,927
11,177,415
BOK Financial Corp.
 
73,789
6,119,322
Citizens Financial Group, Inc.
 
1,205,937
47,513,918
Comerica, Inc.
 
320,954
26,286,133
Commerce Bancshares, Inc.
 
270,300
18,480,411
Cullen/Frost Bankers, Inc.
 
139,816
18,496,259
East West Bancorp, Inc.
 
345,581
24,639,925
Fifth Third Bancorp
 
1,669,430
62,653,708
First Citizens Bancshares, Inc.
 
29,756
19,025,391
First Hawaiian, Inc.
 
311,658
7,358,245
First Horizon National Corp.
 
1,295,540
28,994,185
First Republic Bank
 
436,209
65,091,107
FNB Corp., Pennsylvania
 
837,278
9,645,443
Huntington Bancshares, Inc.
 
3,517,314
46,252,679
KeyCorp
 
2,272,933
43,890,336
M&T Bank Corp.
 
437,057
72,831,178
PacWest Bancorp
 
283,939
9,338,754
Pinnacle Financial Partners, Inc.
 
181,941
14,109,525
Popular, Inc.
 
193,875
15,120,311
Prosperity Bancshares, Inc.
 
218,634
14,294,291
Regions Financial Corp.
 
2,354,772
48,790,876
Signature Bank
 
150,275
36,404,119
SVB Financial Group (b)
 
138,645
67,608,848
Synovus Financial Corp.
 
355,497
14,767,345
Umpqua Holdings Corp.
 
528,667
8,744,152
Webster Financial Corp.
 
436,946
21,842,931
Western Alliance Bancorp.
 
254,319
19,356,219
Wintrust Financial Corp.
 
138,737
12,114,515
Zions Bancorp NA
 
365,735
20,667,685
 
 
 
818,857,280
Capital Markets - 3.4%
 
 
 
Affiliated Managers Group, Inc.
 
99,227
12,459,934
Ameriprise Financial, Inc.
 
273,988
72,741,074
Ares Management Corp.
 
347,760
23,028,667
Carlyle Group LP
 
397,422
14,422,444
Cboe Global Markets, Inc.
 
260,425
29,422,817
Evercore, Inc. Class A
 
93,269
9,863,197
FactSet Research Systems, Inc.
 
92,844
37,461,626
Franklin Resources, Inc.
 
708,077
17,411,613
Interactive Brokers Group, Inc.
 
196,579
11,708,245
Invesco Ltd.
 
816,749
15,011,847
Janus Henderson Group PLC
 
413,979
12,618,080
Jefferies Financial Group, Inc.
 
524,610
16,137,004
KKR & Co. LP
 
1,362,669
69,455,239
Lazard Ltd. Class A
 
244,896
8,025,242
LPL Financial
 
194,944
36,624,129
MarketAxess Holdings, Inc.
 
91,490
24,117,679
Morningstar, Inc.
 
57,269
14,502,229
MSCI, Inc.
 
193,697
81,594,861
NASDAQ, Inc.
 
284,973
44,846,201
Northern Trust Corp.
 
502,840
51,817,662
Raymond James Financial, Inc.
 
452,233
44,074,628
SEI Investments Co.
 
261,619
14,577,411
State Street Corp.
 
894,102
59,878,011
Stifel Financial Corp.
 
249,800
15,450,130
T. Rowe Price Group, Inc.
 
557,612
68,608,580
Tradeweb Markets, Inc. Class A
 
256,975
18,294,050
Virtu Financial, Inc. Class A
 
214,703
6,200,623
 
 
 
830,353,223
Consumer Finance - 0.8%
 
 
 
Ally Financial, Inc.
 
827,105
33,051,116
Credit Acceptance Corp. (a)(b)
 
19,240
9,860,500
Discover Financial Services
 
705,017
79,286,212
OneMain Holdings, Inc.
 
267,713
12,296,058
SLM Corp.
 
681,386
11,399,588
Synchrony Financial
 
1,273,899
46,892,222
Upstart Holdings, Inc. (a)(b)
 
117,672
8,827,753
 
 
 
201,613,449
Diversified Financial Services - 0.4%
 
 
 
Apollo Global Management, Inc.
 
903,294
44,947,909
Equitable Holdings, Inc.
 
857,958
24,734,929
Voya Financial, Inc. (a)
 
270,056
17,051,336
 
 
 
86,734,174
Insurance - 4.1%
 
 
 
AFLAC, Inc.
 
1,578,514
90,417,282
Alleghany Corp. (b)
 
32,527
27,208,836
American Financial Group, Inc.
 
166,012
22,989,342
Arch Capital Group Ltd. (b)
 
910,545
41,584,590
Arthur J. Gallagher & Co.
 
501,766
84,542,553
Assurant, Inc.
 
139,140
25,306,783
Assured Guaranty Ltd.
 
164,911
9,094,842
Axis Capital Holdings Ltd.
 
189,609
10,870,284
Brighthouse Financial, Inc. (b)
 
189,714
9,743,711
Brown & Brown, Inc.
 
574,107
35,583,152
Cincinnati Financial Corp.
 
366,895
45,003,341
CNA Financial Corp.
 
67,654
3,209,506
Erie Indemnity Co. Class A
 
61,437
9,847,122
Everest Re Group Ltd.
 
95,177
26,146,074
Fidelity National Financial, Inc.
 
667,948
26,597,689
First American Financial Corp.
 
260,703
15,201,592
Globe Life, Inc.
 
245,211
24,050,295
GoHealth, Inc. (a)(b)
 
117,156
87,539
Hanover Insurance Group, Inc.
 
87,419
12,834,858
Hartford Financial Services Group, Inc.
 
819,245
57,289,803
Kemper Corp.
 
147,087
6,789,536
Lemonade, Inc. (a)(b)
 
93,561
1,951,682
Lincoln National Corp.
 
440,440
26,492,466
Loews Corp.
 
512,230
32,188,533
Markel Corp. (b)
 
33,107
44,803,041
Mercury General Corp. (a)
 
65,169
3,286,473
Old Republic International Corp.
 
685,398
15,085,610
Primerica, Inc.
 
95,935
12,429,339
Principal Financial Group, Inc.
 
631,996
43,064,207
Prudential Financial, Inc.
 
926,937
100,581,934
Reinsurance Group of America, Inc.
 
164,143
17,615,827
RenaissanceRe Holdings Ltd.
 
106,566
15,294,352
Unum Group
 
498,992
15,229,236
W.R. Berkley Corp.
 
507,082
33,715,882
White Mountains Insurance Group Ltd.
 
7,178
7,522,688
Willis Towers Watson PLC
 
303,960
65,308,846
 
 
 
1,018,968,846
Mortgage Real Estate Investment Trusts - 0.3%
 
 
 
AGNC Investment Corp.
 
1,283,585
14,093,763
Annaly Capital Management, Inc.
 
3,458,939
22,206,388
New Residential Investment Corp.
 
1,059,491
11,018,706
Starwood Property Trust, Inc.
 
709,010
16,222,149
 
 
 
63,541,006
Thrifts & Mortgage Finance - 0.1%
 
 
 
MGIC Investment Corp.
 
781,039
10,200,369
New York Community Bancorp, Inc.
 
1,105,197
10,212,020
Rocket Companies, Inc. (a)
 
330,210
2,922,359
TFS Financial Corp.
 
120,524
1,806,655
UWM Holdings Corp. Class A (a)
 
222,629
825,954
 
 
 
25,967,357
TOTAL FINANCIALS
 
 
3,046,035,335
HEALTH CARE - 10.5%
 
 
 
Biotechnology - 1.5%
 
 
 
Alnylam Pharmaceuticals, Inc. (b)
 
293,756
39,195,863
BioMarin Pharmaceutical, Inc. (b)
 
446,713
36,340,103
CureVac NV (a)(b)
 
129,978
2,221,324
Exact Sciences Corp. (a)(b)
 
423,291
23,302,170
Exelixis, Inc. (b)
 
757,918
16,931,888
Horizon Therapeutics PLC (b)
 
534,622
52,692,344
Incyte Corp. (b)
 
452,416
33,913,103
Ionis Pharmaceuticals, Inc. (b)
 
343,407
12,623,641
Iovance Biotherapeutics, Inc. (b)
 
364,983
5,529,492
Mirati Therapeutics, Inc. (b)
 
102,536
6,335,699
Natera, Inc. (b)
 
204,342
7,176,491
Neurocrine Biosciences, Inc. (b)
 
229,033
20,619,841
Novavax, Inc. (a)(b)
 
184,576
8,318,840
Repligen Corp. (b)
 
134,006
21,071,103
Sage Therapeutics, Inc. (b)
 
125,803
3,965,311
Sarepta Therapeutics, Inc. (b)
 
203,948
14,749,519
Seagen, Inc. (b)
 
330,637
43,316,753
Ultragenyx Pharmaceutical, Inc. (b)
 
159,427
11,269,895
United Therapeutics Corp. (b)
 
108,052
19,185,713
 
 
 
378,759,093
Health Care Equipment & Supplies - 2.9%
 
 
 
Abiomed, Inc. (b)
 
108,531
31,102,814
Dentsply Sirona, Inc.
 
532,201
21,282,718
DexCom, Inc. (b)
 
236,156
96,488,618
Enovis Corp. (b)
 
113,533
7,364,886
Envista Holdings Corp. (b)
 
393,886
15,605,763
Figs, Inc. Class A (a)(b)
 
184,866
2,895,002
Globus Medical, Inc. (b)
 
191,848
12,704,175
Hologic, Inc. (b)
 
606,014
43,626,948
ICU Medical, Inc. (b)
 
48,753
10,432,654
IDEXX Laboratories, Inc. (b)
 
207,298
89,237,643
Insulet Corp. (a)(b)
 
161,918
38,696,783
Integra LifeSciences Holdings Corp. (a)(b)
 
176,976
10,823,852
Masimo Corp. (b)
 
122,517
13,840,745
Novocure Ltd. (a)(b)
 
250,654
19,195,083
Penumbra, Inc. (b)
 
84,681
14,612,553
Quidel Corp. (b)
 
90,017
9,057,511
ResMed, Inc.
 
352,448
70,479,027
STERIS PLC
 
208,972
46,820,177
Tandem Diabetes Care, Inc. (b)
 
151,576
14,624,052
Teleflex, Inc.
 
114,478
32,697,206
The Cooper Companies, Inc.
 
118,548
42,800,570
Zimmer Biomet Holdings, Inc.
 
511,369
61,747,807
Zimvie, Inc. (a)(b)
 
51,182
1,151,595
 
 
 
707,288,182
Health Care Providers & Services - 2.1%
 
 
 
Acadia Healthcare Co., Inc. (b)
 
216,522
14,697,513
agilon health, Inc. (a)(b)
 
408,679
7,262,226
Amedisys, Inc. (b)
 
78,512
10,022,057
AmerisourceBergen Corp.
 
363,751
55,031,889
Cardinal Health, Inc.
 
679,364
39,437,080
Chemed Corp.
 
36,846
18,105,756
DaVita HealthCare Partners, Inc. (b)
 
155,597
16,862,047
Encompass Health Corp.
 
238,996
16,450,095
Guardant Health, Inc. (b)
 
219,897
13,567,645
Henry Schein, Inc. (b)
 
339,955
27,570,351
Laboratory Corp. of America Holdings
 
228,114
54,811,232
McKesson Corp.
 
367,606
113,814,494
Molina Healthcare, Inc. (b)
 
141,232
44,269,170
Oak Street Health, Inc. (a)(b)
 
240,104
4,343,481
Premier, Inc.
 
290,103
10,504,630
Quest Diagnostics, Inc.
 
298,621
39,967,435
Signify Health, Inc. (a)(b)
 
156,711
2,162,612
Universal Health Services, Inc. Class B
 
174,084
21,330,513
 
 
 
510,210,226
Health Care Technology - 0.7%
 
 
 
Cerner Corp.
 
716,013
67,047,457
Certara, Inc. (b)
 
278,890
5,117,632
Change Healthcare, Inc. (b)
 
612,555
14,431,796
Definitive Healthcare Corp. (a)
 
49,309
1,166,158
Teladoc Health, Inc. (a)(b)
 
370,051
12,492,922
Veeva Systems, Inc. Class A (b)
 
339,394
61,752,738
 
 
 
162,008,703
Life Sciences Tools & Services - 2.6%
 
 
 
10X Genomics, Inc. (b)
 
206,997
9,886,177
Adaptive Biotechnologies Corp. (b)
 
266,402
2,197,817
Agilent Technologies, Inc.
 
734,780
87,637,211
Avantor, Inc. (b)
 
1,474,761
47,015,381
Azenta, Inc.
 
179,237
13,435,606
Bio-Rad Laboratories, Inc. Class A (b)
 
51,949
26,601,005
Bio-Techne Corp.
 
95,781
36,367,088
Bruker Corp.
 
250,532
14,403,085
Charles River Laboratories International, Inc. (b)
 
122,031
29,471,707
IQVIA Holdings, Inc. (b)
 
467,231
101,851,686
Maravai LifeSciences Holdings, Inc. (b)
 
268,710
8,257,458
Mettler-Toledo International, Inc. (b)
 
55,536
70,948,906
PerkinElmer, Inc.
 
308,896
45,287,243
QIAGEN NV (b)
 
555,827
25,217,871
Sotera Health Co. (b)
 
243,334
4,959,147
Syneos Health, Inc. (b)
 
249,117
18,207,962
Waters Corp. (b)
 
148,133
44,887,262
West Pharmaceutical Services, Inc.
 
180,014
56,715,211
 
 
 
643,347,823
Pharmaceuticals - 0.7%
 
 
 
Catalent, Inc. (b)
 
416,662
37,732,911
Elanco Animal Health, Inc. (b)
 
1,090,105
27,590,558
Jazz Pharmaceuticals PLC (b)
 
146,721
23,507,639
Nektar Therapeutics (a)(b)
 
439,886
1,816,729
Organon & Co.
 
621,164
20,082,232
Perrigo Co. PLC
 
327,050
11,217,815
Royalty Pharma PLC
 
796,417
33,911,436
Viatris, Inc.
 
2,960,156
30,578,411
 
 
 
186,437,731
TOTAL HEALTH CARE
 
 
2,588,051,758
INDUSTRIALS - 14.4%
 
 
 
Aerospace & Defense - 1.2%
 
 
 
Axon Enterprise, Inc. (b)
 
158,853
17,823,307
BWX Technologies, Inc.
 
225,421
11,703,858
Curtiss-Wright Corp.
 
95,609
13,663,482
HEICO Corp. (a)
 
109,719
15,495,614
HEICO Corp. Class A
 
192,589
22,463,581
Hexcel Corp.
 
204,585
11,121,241
Howmet Aerospace, Inc.
 
931,672
31,788,649
Huntington Ingalls Industries, Inc.
 
96,448
20,518,348
Mercury Systems, Inc. (b)
 
137,093
7,648,418
Spirit AeroSystems Holdings, Inc. Class A
 
256,387
10,778,509
Textron, Inc.
 
539,617
37,368,477
TransDigm Group, Inc. (b)
 
128,404
76,375,983
Virgin Galactic Holdings, Inc. (a)(b)
 
437,741
3,278,680
Woodward, Inc.
 
151,009
16,683,474
 
 
 
296,711,621
Air Freight & Logistics - 0.4%
 
 
 
C.H. Robinson Worldwide, Inc.
 
316,033
33,546,903
Expeditors International of Washington, Inc.
 
412,104
40,827,143
GXO Logistics, Inc. (b)
 
237,048
14,030,871
 
 
 
88,404,917
Airlines - 1.0%
 
 
 
Alaska Air Group, Inc. (b)
 
302,036
16,427,738
American Airlines Group, Inc. (a)(b)
 
1,563,459
29,346,125
Copa Holdings SA Class A (a)(b)
 
77,169
5,816,228
Delta Air Lines, Inc. (b)
 
1,565,415
67,359,807
JetBlue Airways Corp. (b)
 
775,016
8,532,926
Southwest Airlines Co. (b)
 
1,447,057
67,606,503
United Airlines Holdings, Inc. (b)
 
791,767
39,984,234
 
 
 
235,073,561
Building Products - 1.7%
 
 
 
A.O. Smith Corp.
 
316,701
18,504,839
Advanced Drain Systems, Inc. (a)
 
150,256
15,395,230
Allegion PLC
 
219,841
25,114,636
Armstrong World Industries, Inc.
 
116,409
9,855,186
Builders FirstSource, Inc. (b)
 
463,909
28,562,877
Carlisle Companies, Inc.
 
125,772
32,620,226
Carrier Global Corp.
 
2,097,134
80,257,318
Fortune Brands Home & Security, Inc.
 
331,349
23,608,616
Hayward Holdings, Inc. (a)(b)
 
121,598
1,933,408
Lennox International, Inc.
 
80,777
17,220,849
Masco Corp.
 
585,747
30,863,009
Owens Corning
 
245,442
22,318,041
The AZEK Co., Inc. (b)
 
275,014
5,841,297
Trane Technologies PLC
 
570,988
79,875,511
Trex Co., Inc. (b)
 
283,334
16,487,205
 
 
 
408,458,248
Commercial Services & Supplies - 1.1%
 
 
 
Cintas Corp.
 
213,988
85,008,873
Clean Harbors, Inc. (b)
 
123,982
13,009,431
Copart, Inc. (b)
 
512,051
58,194,596
Driven Brands Holdings, Inc. (b)
 
131,620
3,670,882
IAA, Inc. (b)
 
330,233
12,103,039
MSA Safety, Inc.
 
89,760
10,833,134
Republic Services, Inc.
 
514,668
69,104,472
Rollins, Inc.
 
554,867
18,610,239
Stericycle, Inc. (b)
 
223,950
11,240,051
 
 
 
281,774,717
Construction & Engineering - 0.4%
 
 
 
AECOM
 
327,456
23,105,295
MasTec, Inc. (b)
 
141,360
10,179,334
MDU Resources Group, Inc.
 
493,548
12,713,796
Quanta Services, Inc.
 
346,486
40,185,446
Valmont Industries, Inc.
 
51,066
12,705,731
 
 
 
98,889,602
Electrical Equipment - 1.3%
 
 
 
Acuity Brands, Inc.
 
84,681
14,605,779
AMETEK, Inc.
 
564,752
71,305,588
ChargePoint Holdings, Inc. Class A (a)(b)
 
558,375
7,225,373
Fluence Energy, Inc. (a)
 
87,439
801,816
Generac Holdings, Inc. (b)
 
150,209
32,952,850
Hubbell, Inc. Class B
 
132,563
25,897,508
nVent Electric PLC
 
407,662
13,770,822
Plug Power, Inc. (a)(b)
 
1,253,094
26,340,036
Regal Rexnord Corp.
 
165,149
21,013,559
Rockwell Automation, Inc.
 
284,353
71,847,473
Sensata Technologies, Inc. PLC
 
380,917
17,297,441
Shoals Technologies Group, Inc. (a)(b)
 
255,589
2,550,778
Sunrun, Inc. (a)(b)
 
495,523
9,900,550
Vertiv Holdings Co.
 
786,803
9,858,642
 
 
 
325,368,215
Machinery - 3.5%
 
 
 
AGCO Corp.
 
152,789
19,465,319
Allison Transmission Holdings, Inc.
 
253,876
9,505,117
Crane Co.
 
120,750
11,619,773
Cummins, Inc.
 
351,547
66,509,177
Donaldson Co., Inc.
 
302,427
14,831,020
Dover Corp.
 
351,496
46,854,417
ESAB Corp. (b)
 
113,532
5,336,004
Flowserve Corp.
 
318,422
10,415,584
Fortive Corp.
 
800,253
46,014,548
Gates Industrial Corp. PLC (b)
 
232,933
2,969,896
Graco, Inc.
 
411,121
25,497,724
IDEX Corp.
 
185,972
35,301,205
Ingersoll Rand, Inc.
 
963,477
42,354,449
ITT, Inc.
 
210,974
14,814,594
Lincoln Electric Holdings, Inc.
 
140,577
18,939,939
Middleby Corp. (b)
 
134,882
20,756,991
Nordson Corp.
 
142,150
30,660,334
Oshkosh Corp.
 
162,392
15,011,516
Otis Worldwide Corp.
 
1,042,206
75,914,285
PACCAR, Inc.
 
834,714
69,322,998
Parker Hannifin Corp.
 
315,134
85,344,590
Pentair PLC
 
404,850
20,546,138
Snap-On, Inc.
 
129,189
27,451,371
Stanley Black & Decker, Inc.
 
395,366
47,503,225
Timken Co.
 
157,209
9,061,527
Toro Co.
 
256,450
20,549,339
Westinghouse Air Brake Tech Co.
 
439,021
39,472,378
Xylem, Inc.
 
438,453
35,295,467
 
 
 
867,318,925
Marine - 0.0%
 
 
 
Kirby Corp. (b)
 
145,873
9,510,920
Professional Services - 1.9%
 
 
 
Booz Allen Hamilton Holding Corp. Class A
 
321,547
26,247,882
CACI International, Inc. Class A (b)
 
56,917
15,100,080
Clarivate Analytics PLC (a)(b)
 
1,139,541
17,868,003
CoStar Group, Inc. (b)
 
959,501
61,043,454
Dun & Bradstreet Holdings, Inc. (b)
 
392,055
6,190,548
Equifax, Inc.
 
296,763
60,397,206
FTI Consulting, Inc. (a)(b)
 
82,112
12,949,884
Jacobs Engineering Group, Inc.
 
316,517
43,853,430
LegalZoom.com, Inc. (a)
 
233,730
3,354,026
Leidos Holdings, Inc.
 
345,704
35,783,821
Manpower, Inc.
 
132,980
11,994,796
Nielsen Holdings PLC
 
875,300
23,466,793
Robert Half International, Inc.
 
265,529
26,104,156
Science Applications International Corp.
 
139,240
11,588,945
TransUnion Holding Co., Inc.
 
468,790
41,028,501
Verisk Analytics, Inc.
 
388,807
79,336,068
 
 
 
476,307,593
Road & Rail - 0.8%
 
 
 
AMERCO
 
21,908
11,731,296
J.B. Hunt Transport Services, Inc.
 
205,880
35,174,598
Knight-Swift Transportation Holdings, Inc. Class A
 
393,687
18,853,670
Landstar System, Inc.
 
93,584
14,496,162
Lyft, Inc. (b)
 
720,551
23,489,963
Old Dominion Freight Lines, Inc.
 
250,384
70,137,566
Ryder System, Inc.
 
127,807
8,933,709
Schneider National, Inc. Class B (a)
 
126,765
2,995,457
TuSimple Holdings, Inc. (a)(b)
 
324,565
3,365,739
XPO Logistics, Inc. (b)
 
237,047
12,750,758
 
 
 
201,928,918
Trading Companies & Distributors - 1.1%
 
 
 
Air Lease Corp. Class A
 
262,046
10,555,213
Core & Main, Inc. (a)
 
137,619
3,269,827
Fastenal Co.
 
1,405,533
77,740,030
MSC Industrial Direct Co., Inc. Class A
 
109,845
9,101,757
SiteOne Landscape Supply, Inc. (b)
 
107,920
15,219,958
United Rentals, Inc. (b)
 
177,125
56,063,605
Univar Solutions, Inc. (b)
 
409,590
11,927,261
W.W. Grainger, Inc.
 
112,519
56,262,876
Watsco, Inc.
 
79,982
21,337,598
 
 
 
261,478,125
TOTAL INDUSTRIALS
 
 
3,551,225,362
INFORMATION TECHNOLOGY - 16.9%
 
 
 
Communications Equipment - 1.0%
 
 
 
Arista Networks, Inc. (b)
 
589,938
68,179,135
Ciena Corp. (b)
 
377,519
20,827,723
CommScope Holding Co., Inc. (b)
 
491,416
2,963,238
F5, Inc. (b)
 
147,502
24,693,310
Juniper Networks, Inc.
 
782,254
24,656,646
Lumentum Holdings, Inc. (b)
 
177,537
14,417,780
Motorola Solutions, Inc.
 
407,085
86,989,994
Ubiquiti, Inc. (a)
 
15,735
4,441,204
ViaSat, Inc. (b)
 
172,709
6,357,418
 
 
 
253,526,448
Electronic Equipment & Components - 2.3%
 
 
 
Amphenol Corp. Class A
 
1,430,543
102,283,825
Arrow Electronics, Inc. (b)
 
164,917
19,437,118
Avnet, Inc.
 
242,848
10,602,744
CDW Corp.
 
331,829
54,147,856
Cognex Corp.
 
418,683
28,315,531
Coherent, Inc. (b)
 
59,828
16,027,921
Corning, Inc.
 
1,864,043
65,595,673
IPG Photonics Corp. (b)
 
88,622
8,373,007
Jabil, Inc.
 
342,328
19,762,595
Keysight Technologies, Inc. (b)
 
446,234
62,593,243
Littelfuse, Inc.
 
58,621
13,438,864
National Instruments Corp.
 
324,682
11,734,007
TD SYNNEX Corp.
 
101,905
10,199,671
Teledyne Technologies, Inc. (b)
 
112,529
48,561,890
Trimble, Inc. (b)
 
613,339
40,909,711
Vontier Corp.
 
414,014
10,607,039
Zebra Technologies Corp. Class A (b)
 
130,397
48,202,555
 
 
 
570,793,250
IT Services - 3.2%
 
 
 
Akamai Technologies, Inc. (b)
 
393,719
44,206,769
Amdocs Ltd.
 
301,066
23,991,950
Bread Financial Holdings, Inc.
 
121,819
6,675,681
Broadridge Financial Solutions, Inc.
 
283,213
40,819,490
Cloudflare, Inc. (b)
 
641,649
55,271,645
Concentrix Corp.
 
103,132
16,241,227
DXC Technology Co. (b)
 
596,662
17,124,199
EPAM Systems, Inc. (b)
 
131,799
34,925,417
Euronet Worldwide, Inc. (b)
 
123,973
15,081,315
Fastly, Inc. Class A (a)(b)
 
258,866
4,115,969
FleetCor Technologies, Inc. (b)
 
194,521
48,536,880
Gartner, Inc. (b)
 
195,931
56,927,752
Genpact Ltd.
 
448,426
18,058,115
Globant SA (b)
 
98,974
21,377,394
GoDaddy, Inc. (b)
 
411,108
33,221,637
Jack Henry & Associates, Inc.
 
177,274
33,607,605
MongoDB, Inc. Class A (b)
 
155,492
55,188,776
Okta, Inc. (b)
 
308,737
36,835,411
Paychex, Inc.
 
788,980
99,987,435
Paysafe Ltd. (a)(b)
 
878,185
2,441,354
Sabre Corp. (b)
 
786,716
8,236,917
Shift4 Payments, Inc. (a)(b)
 
105,128
5,515,015
SolarWinds, Inc.
 
85,402
1,056,423
StoneCo Ltd. Class A (b)
 
541,548
5,101,382
Switch, Inc. Class A
 
280,618
8,379,253
The Western Union Co.
 
961,885
16,121,193
Thoughtworks Holding, Inc. (a)
 
102,271
1,893,036
VeriSign, Inc. (b)
 
238,203
42,564,494
WEX, Inc. (b)
 
109,362
18,180,339
Wix.com Ltd. (b)
 
130,554
9,851,605
 
 
 
781,535,678
Semiconductors & Semiconductor Equipment - 2.5%
 
 
 
Allegro MicroSystems LLC (b)
 
98,199
2,387,218
Cirrus Logic, Inc. (b)
 
139,348
10,562,578
Enphase Energy, Inc. (b)
 
318,804
51,454,966
Entegris, Inc.
 
329,682
36,723,278
First Solar, Inc. (b)
 
259,535
18,953,841
GlobalFoundries, Inc. (a)
 
128,259
6,706,663
Marvell Technology, Inc.
 
2,066,042
119,995,719
Microchip Technology, Inc.
 
1,334,743
87,025,244
MKS Instruments, Inc.
 
135,374
15,429,929
Monolithic Power Systems, Inc.
 
111,015
43,544,524
onsemi (b)
 
1,036,953
54,035,621
Qorvo, Inc. (b)
 
264,932
30,143,963
Skyworks Solutions, Inc.
 
403,987
45,771,727
Teradyne, Inc.
 
399,050
42,083,813
Universal Display Corp.
 
105,971
13,535,676
Wolfspeed, Inc. (a)(b)
 
282,406
25,899,454
 
 
 
604,254,214
Software - 6.9%
 
 
 
Alteryx, Inc. Class A (b)
 
143,932
9,240,434
Anaplan, Inc. (b)
 
351,152
22,821,368
ANSYS, Inc. (b)
 
213,330
58,812,948
Aspen Technology, Inc. (b)
 
163,614
25,939,364
Avalara, Inc. (b)
 
209,708
15,952,488
Bentley Systems, Inc. Class B (a)
 
337,871
14,322,352
Bill.Com Holdings, Inc. (a)(b)
 
228,706
39,042,401
Black Knight, Inc. (b)
 
372,174
24,485,327
C3.Ai, Inc. (a)(b)
 
147,594
2,507,622
Cadence Design Systems, Inc. (b)
 
673,204
101,552,823
CDK Global, Inc.
 
286,196
15,571,924
Ceridian HCM Holding, Inc. (b)
 
320,720
18,002,014
Citrix Systems, Inc.
 
303,297
30,360,030
Coupa Software, Inc. (b)
 
182,317
15,733,957
Crowdstrike Holdings, Inc. (b)
 
488,351
97,064,645
Datadog, Inc. Class A (b)
 
623,083
75,255,965
Datto Holding Corp. (b)
 
59,136
2,052,019
DocuSign, Inc. (b)
 
472,431
38,266,911
Dolby Laboratories, Inc. Class A
 
157,210
12,179,059
DoubleVerify Holdings, Inc. (b)
 
142,964
3,109,467
Dropbox, Inc. Class A (b)
 
727,306
15,818,906
Duck Creek Technologies, Inc. (b)
 
186,720
2,974,450
Dynatrace, Inc. (b)
 
487,186
18,688,455
Elastic NV (b)
 
183,452
13,968,035
Everbridge, Inc. (b)
 
96,345
4,152,470
Fair Isaac Corp. (b)
 
62,384
23,301,048
Five9, Inc. (b)
 
165,210
18,189,621
Fortinet, Inc. (b)
 
328,026
94,802,794
Guidewire Software, Inc. (b)
 
205,419
17,859,128
HubSpot, Inc. (b)
 
110,369
41,877,310
Informatica, Inc. (a)
 
81,864
1,593,073
Jamf Holding Corp. (a)(b)
 
130,999
4,034,769
Mandiant, Inc. (b)
 
573,871
12,613,685
Manhattan Associates, Inc. (b)
 
154,957
20,229,636
N-able, Inc. (b)
 
96,624
966,240
nCino, Inc. (a)(b)
 
137,388
5,150,676
NCR Corp. (b)
 
312,041
10,930,796
New Relic, Inc. (b)
 
128,877
8,154,048
NortonLifeLock, Inc.
 
1,346,044
33,704,942
Nutanix, Inc. Class A (b)
 
523,922
13,113,768
Palantir Technologies, Inc. (a)(b)
 
4,065,765
42,283,956
Palo Alto Networks, Inc. (b)
 
236,880
132,956,001
Paycom Software, Inc. (b)
 
119,702
33,692,522
Paycor HCM, Inc. (a)
 
115,325
2,840,455
Paylocity Holding Corp. (b)
 
97,323
18,455,360
Pegasystems, Inc.
 
99,875
7,649,426
Procore Technologies, Inc. (a)(b)
 
145,641
8,078,706
PTC, Inc. (b)
 
258,102
29,477,829
RingCentral, Inc. (b)
 
200,113
16,979,588
Smartsheet, Inc. (b)
 
297,488
14,377,595
Splunk, Inc. (b)
 
388,721
47,431,736
SS&C Technologies Holdings, Inc.
 
548,861
35,489,352
Synopsys, Inc. (b)
 
371,676
106,592,960
Teradata Corp. (b)
 
263,872
10,911,107
The Trade Desk, Inc. (b)
 
1,063,644
62,669,904
Tyler Technologies, Inc. (b)
 
98,594
38,916,038
Unity Software, Inc. (a)(b)
 
368,994
24,504,892
Zendesk, Inc. (b)
 
295,204
36,026,696
Zscaler, Inc. (b)
 
193,201
39,169,571
 
 
 
1,692,900,662
Technology Hardware, Storage & Peripherals - 1.0%
 
 
 
Hewlett Packard Enterprise Co.
 
3,184,436
49,072,159
HP, Inc.
 
2,653,967
97,214,811
NetApp, Inc.
 
545,025
39,923,081
Pure Storage, Inc. Class A (b)
 
668,073
19,574,539
Western Digital Corp. (b)
 
764,422
40,567,876
Xerox Holdings Corp.
 
310,362
5,400,299
 
 
 
251,752,765
TOTAL INFORMATION TECHNOLOGY
 
 
4,154,763,017
MATERIALS - 6.3%
 
 
 
Chemicals - 3.0%
 
 
 
Albemarle Corp. U.S.
 
284,705
54,899,665
Ashland Global Holdings, Inc.
 
126,093
13,235,982
Axalta Coating Systems Ltd. (b)
 
498,998
12,659,579
Celanese Corp. Class A
 
266,711
39,190,514
CF Industries Holdings, Inc.
 
523,654
50,705,417
Corteva, Inc.
 
1,788,049
103,152,547
Diversey Holdings Ltd. (b)
 
188,435
1,458,487
Eastman Chemical Co.
 
327,942
33,669,805
Element Solutions, Inc.
 
566,476
11,680,735
FMC Corp.
 
310,344
41,132,994
Huntsman Corp.
 
507,648
17,194,038
International Flavors & Fragrances, Inc.
 
624,094
75,702,602
LyondellBasell Industries NV Class A
 
636,337
67,470,812
NewMarket Corp.
 
15,543
5,045,413
Olin Corp.
 
346,701
19,900,637
PPG Industries, Inc.
 
579,887
74,219,737
RPM International, Inc.
 
312,625
25,916,613
The Chemours Co. LLC
 
389,575
12,883,245
The Mosaic Co.
 
908,929
56,735,348
The Scotts Miracle-Gro Co. Class A (a)
 
100,521
10,447,148
Valvoline, Inc.
 
443,417
13,404,496
Westlake Corp.
 
81,174
10,272,570
 
 
 
750,978,384
Construction Materials - 0.5%
 
 
 
Eagle Materials, Inc.
 
94,702
11,678,651
Martin Marietta Materials, Inc.
 
152,308
53,950,540
Vulcan Materials Co.
 
323,863
55,798,356
 
 
 
121,427,547
Containers & Packaging - 1.6%
 
 
 
Amcor PLC
 
3,705,262
43,944,407
Aptargroup, Inc.
 
160,815
18,466,386
Ardagh Group SA
 
38,734
554,090
Ardagh Metal Packaging SA (a)
 
171,822
1,225,091
Avery Dennison Corp.
 
202,689
36,605,633
Ball Corp.
 
776,933
63,055,882
Berry Global Group, Inc. (b)
 
330,708
18,635,396
Crown Holdings, Inc.
 
301,083
33,131,173
Graphic Packaging Holding Co.
 
691,117
15,066,351
International Paper Co.
 
947,647
43,857,103
Packaging Corp. of America
 
229,546
36,995,929
Sealed Air Corp.
 
362,447
23,272,722
Silgan Holdings, Inc.
 
205,051
9,098,113
Sonoco Products Co.
 
240,134
14,866,696
WestRock Co.
 
636,807
31,541,051
 
 
 
390,316,023
Metals & Mining - 1.1%
 
 
 
Alcoa Corp.
 
450,847
30,567,427
Cleveland-Cliffs, Inc. (b)
 
1,093,092
27,862,915
Nucor Corp.
 
667,214
103,271,383
Reliance Steel & Aluminum Co.
 
152,553
30,243,632
Royal Gold, Inc.
 
160,435
20,933,559
Steel Dynamics, Inc.
 
461,630
39,584,773
United States Steel Corp.
 
633,471
19,314,531
 
 
 
271,778,220
Paper & Forest Products - 0.1%
 
 
 
Louisiana-Pacific Corp.
 
214,744
13,855,283
Sylvamo Corp. (b)
 
87,144
3,890,980
 
 
 
17,746,263
TOTAL MATERIALS
 
 
1,552,246,437
REAL ESTATE - 8.8%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 8.2%
 
 
 
Alexandria Real Estate Equities, Inc.
 
407,854
74,294,685
American Campus Communities, Inc.
 
335,196
21,677,125
American Homes 4 Rent Class A
 
720,919
28,555,602
Americold Realty Trust
 
653,058
17,227,670
Apartment Income (REIT) Corp.
 
382,597
18,812,294
AvalonBay Communities, Inc.
 
341,463
77,676,003
Boston Properties, Inc.
 
382,350
44,964,360
Brixmor Property Group, Inc.
 
724,751
18,394,180
Camden Property Trust (SBI)
 
242,068
37,978,049
Cousins Properties, Inc.
 
362,917
13,028,720
CubeSmart
 
533,750
25,358,463
Douglas Emmett, Inc.
 
407,275
11,998,322
Duke Realty Corp.
 
931,067
50,975,918
EPR Properties
 
181,178
9,515,469
Equity Lifestyle Properties, Inc.
 
433,280
33,483,878
Equity Residential (SBI)
 
902,787
73,577,141
Essex Property Trust, Inc.
 
158,715
52,260,088
Extra Space Storage, Inc.
 
321,194
61,026,860
Federal Realty Investment Trust (SBI)
 
191,054
22,364,781
First Industrial Realty Trust, Inc.
 
315,007
18,270,406
Gaming & Leisure Properties
 
570,583
25,322,474
Healthcare Trust of America, Inc.
 
532,760
16,227,870
Healthpeak Properties, Inc.
 
1,320,339
43,320,323
Highwoods Properties, Inc. (SBI)
 
251,594
10,275,099
Host Hotels & Resorts, Inc.
 
1,731,385
35,233,685
Hudson Pacific Properties, Inc.
 
362,880
8,447,846
Invitation Homes, Inc.
 
1,461,745
58,206,686
Iron Mountain, Inc.
 
701,584
37,696,108
JBG SMITH Properties
 
299,169
7,886,095
Kilroy Realty Corp.
 
284,227
19,895,890
Kimco Realty Corp.
 
1,422,619
36,034,939
Lamar Advertising Co. Class A
 
210,988
23,295,185
Life Storage, Inc.
 
199,482
26,429,370
Medical Properties Trust, Inc.
 
1,447,116
26,612,463
Mid-America Apartment Communities, Inc.
 
282,570
55,575,868
National Retail Properties, Inc.
 
427,689
18,749,886
Omega Healthcare Investors, Inc.
 
584,227
14,886,104
Orion Office (REIT), Inc. (a)
 
138,420
1,857,596
Park Hotels & Resorts, Inc.
 
574,805
11,329,407
Rayonier, Inc.
 
347,984
15,032,909
Realty Income Corp.
 
1,385,535
96,100,708
Regency Centers Corp.
 
413,509
28,461,824
Rexford Industrial Realty, Inc.
 
393,451
30,704,916
SBA Communications Corp. Class A
 
265,347
92,104,597
Simon Property Group, Inc.
 
799,012
94,283,416
SL Green Realty Corp.
 
165,690
11,469,062
Spirit Realty Capital, Inc.
 
311,717
13,544,104
Store Capital Corp.
 
598,146
17,005,291
Sun Communities, Inc.
 
280,537
49,253,881
UDR, Inc.
 
775,156
41,246,051
Ventas, Inc.
 
976,012
54,217,467
VICI Properties, Inc.
 
2,062,980
61,497,434
Vornado Realty Trust
 
429,603
16,629,932
Welltower, Inc.
 
1,066,726
96,869,388
Weyerhaeuser Co.
 
1,835,351
75,653,168
WP Carey, Inc.
 
462,852
37,384,556
 
 
 
2,020,181,612
Real Estate Management & Development - 0.6%
 
 
 
CBRE Group, Inc.
 
817,900
67,918,416
Howard Hughes Corp. (b)
 
101,580
10,187,458
Jones Lang LaSalle, Inc. (b)
 
123,684
27,053,401
Opendoor Technologies, Inc. (a)(b)
 
1,116,045
7,801,155
Zillow Group, Inc.:
 
 
 
 Class A (b)
 
145,291
5,615,497
 Class C (a)(b)
 
407,983
16,245,883
 
 
 
134,821,810
TOTAL REAL ESTATE
 
 
2,155,003,422
UTILITIES - 5.5%
 
 
 
Electric Utilities - 2.5%
 
 
 
Alliant Energy Corp.
 
612,778
36,037,474
Avangrid, Inc. (a)
 
139,824
6,201,194
Edison International
 
913,460
62,836,913
Entergy Corp.
 
490,904
58,343,940
Evergy, Inc.
 
560,114
38,003,735
Eversource Energy
 
840,864
73,491,514
FirstEnergy Corp.
 
1,332,529
57,711,831
Hawaiian Electric Industries, Inc.
 
258,098
10,610,409
IDACORP, Inc.
 
123,238
12,962,173
NRG Energy, Inc.
 
595,796
21,389,076
OGE Energy Corp.
 
488,784
18,906,165
PG&E Corp. (b)
 
4,872,244
61,633,887
Pinnacle West Capital Corp.
 
275,971
19,649,135
PPL Corp.
 
1,841,858
52,143,000
Xcel Energy, Inc.
 
1,319,022
96,631,552
 
 
 
626,551,998
Gas Utilities - 0.3%
 
 
 
Atmos Energy Corp.
 
328,313
37,230,694
National Fuel Gas Co.
 
213,642
14,982,713
UGI Corp.
 
509,274
17,468,098
 
 
 
69,681,505
Independent Power and Renewable Electricity Producers - 0.3%
 
 
 
Brookfield Renewable Corp.
 
312,702
11,226,002
The AES Corp.
 
1,617,691
33,033,250
Vistra Corp.
 
1,172,774
29,342,805
 
 
 
73,602,057
Multi-Utilities - 2.0%
 
 
 
Ameren Corp.
 
623,477
57,921,013
CenterPoint Energy, Inc.
 
1,453,606
44,494,880
CMS Energy Corp.
 
707,972
48,630,597
Consolidated Edison, Inc.
 
867,280
80,431,547
DTE Energy Co.
 
472,685
61,940,642
NiSource, Inc.
 
959,217
27,932,399
Public Service Enterprise Group, Inc.
 
1,235,502
86,065,069
WEC Energy Group, Inc.
 
773,086
77,347,254
 
 
 
484,763,401
Water Utilities - 0.4%
 
 
 
American Water Works Co., Inc.
 
444,785
68,532,473
Essential Utilities, Inc.
 
564,584
25,270,780
 
 
 
93,803,253
TOTAL UTILITIES
 
 
1,348,402,214
 
TOTAL COMMON STOCKS
  (Cost $20,358,226,484)
 
 
 
24,549,338,389
 
 
 
 
U.S. Treasury Obligations - 0.0%
 
 
Principal
Amount (c)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 1.15% 1/26/23 (d)
 
  (Cost $5,948,722)
 
 
6,000,000
5,927,198
 
 
 
 
Money Market Funds - 2.7%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 0.32% (e)
 
38,216,745
38,224,389
Fidelity Securities Lending Cash Central Fund 0.32% (e)(f)
 
616,906,340
616,968,030
 
TOTAL MONEY MARKET FUNDS
  (Cost $655,188,503)
 
 
655,192,419
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.5%
  (Cost $21,019,363,709)
 
 
 
25,210,458,006
NET OTHER ASSETS (LIABILITIES) - (2.5)%  
(603,945,655)
NET ASSETS - 100.0%
24,606,512,351
 
 
 
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)
193
Jun 2022
48,155,430
(579,571)
(579,571)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 0.2%
 
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing
 
(c)
Amount is stated in United States dollars unless otherwise noted.
 
(d)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,544,035.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
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 0.32%
43,980,920
4,400,095,577
4,405,852,108
70,042
-
-
38,224,389
0.1%
Fidelity Securities Lending Cash Central Fund 0.32%
646,407,750
4,043,015,390
4,072,455,110
1,814,510
-
-
616,968,030
1.6%
Total
690,388,670
8,443,110,967
8,478,307,218
1,884,552
-
-
655,192,419
 
 
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 April 30, 2022, 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
858,725,489
858,725,489
-
-
Consumer Discretionary
2,802,816,015
2,802,816,015
-
-
Consumer Staples
1,015,459,979
1,015,459,979
-
-
Energy
1,476,609,361
1,476,609,361
-
-
Financials
3,046,035,335
3,046,035,335
-
-
Health Care
2,588,051,758
2,588,051,758
-
-
Industrials
3,551,225,362
3,551,225,362
-
-
Information Technology
4,154,763,017
4,154,763,017
-
-
Materials
1,552,246,437
1,552,246,437
-
-
Real Estate
2,155,003,422
2,155,003,422
-
-
Utilities
1,348,402,214
1,348,402,214
-
-
 U.S. Government and Government Agency Obligations
5,927,198
-
5,927,198
-
  Money Market Funds
655,192,419
655,192,419
-
-
 Total Investments in Securities:
25,210,458,006
25,204,530,808
5,927,198
-
  Derivative Instruments:
 
 
 
 
 Liabilities
 
 
 
 
Futures Contracts
(579,571)
(579,571)
-
-
  Total Liabilities
(579,571)
(579,571)
-
-
 Total Derivative Instruments:
(579,571)
(579,571)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2022. 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)  
0
(579,571)
Total Equity Risk
0
(579,571)
Total Value of Derivatives
0
(579,571)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
 
Fidelity® Mid Cap Index Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $583,193,142) - See accompanying schedule:
 
$24,555,265,587
 
 
Unaffiliated issuers (cost $20,364,175,206)
 
 
 
Fidelity Central Funds (cost $655,188,503)
 
655,192,419
 
 
 
 
 
 
 
Total Investment in Securities (cost $21,019,363,709)
 
 
$
25,210,458,006
Receivable for investments sold
 
 
 
48,462,889
Receivable for fund shares sold
 
 
 
31,508,759
Dividends receivable
 
 
 
10,017,848
Distributions receivable from Fidelity Central Funds
 
 
 
281,391
Other receivables
 
 
 
87,650
  Total assets
 
 
 
25,300,816,543
Liabilities
 
 
 
 
Payable for investments purchased
 
$16,041,363
 
 
Payable for fund shares redeemed
 
59,741,103
 
 
Accrued management fee
 
545,963
 
 
Payable for daily variation margin on futures contracts
 
934,613
 
 
Other payables and accrued expenses
 
87,047
 
 
Collateral on securities loaned
 
616,954,103
 
 
  Total Liabilities
 
 
 
694,304,192
Net Assets  
 
 
$
24,606,512,351
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
20,467,806,123
Total accumulated earnings (loss)
 
 
 
4,138,706,228
Net Assets
 
 
$
24,606,512,351
Net Asset Value , offering price and redemption price per share ($24,606,512,351 ÷ 883,605,747 shares)
 
 
$
27.85
 
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
April 30, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
304,046,662
Interest  
 
 
 
11,031
Income from Fidelity Central Funds (including $1,814,510 from security lending)
 
 
 
1,884,552
 Total Income
 
 
 
305,942,245
Expenses
 
 
 
 
Management fee
$
6,000,372
 
 
Independent trustees' fees and expenses
 
71,356
 
 
 Total expenses before reductions
 
6,071,728
 
 
 Expense reductions
 
(307)
 
 
 Total expenses after reductions
 
 
 
6,071,421
Net Investment income (loss)
 
 
 
299,870,824
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
793,070,258
 
 
 Futures contracts
 
(6,612,038)
 
 
Total net realized gain (loss)
 
 
 
786,458,220
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(2,782,385,911)
 
 
 Futures contracts
 
(2,577,148)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(2,784,963,059)
Net gain (loss)
 
 
 
(1,998,504,839)
Net increase (decrease) in net assets resulting from operations
 
 
$
(1,698,634,015)
 
 
 
 
 
 
Statement of Changes in Net Assets
 
 
Year ended
April 30, 2022
 
Year ended
April 30, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
299,870,824
$
222,523,794
Net realized gain (loss)
 
786,458,220
 
 
237,389,245
 
Change in net unrealized appreciation (depreciation)
 
(2,784,963,059)
 
7,107,793,057
 
Net increase (decrease) in net assets resulting from operations
 
(1,698,634,015)
 
 
7,567,706,096
 
Distributions to shareholders
 
(825,817,779)
 
 
(410,200,120)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
10,013,360,284
 
7,119,456,006
  Reinvestment of distributions
 
777,046,785
 
 
390,795,119
 
Cost of shares redeemed
 
(5,613,571,542)
 
(4,669,032,900)
  Net increase (decrease) in net assets resulting from share transactions
 
5,176,835,527
 
 
2,841,218,225
 
Total increase (decrease) in net assets
 
2,652,383,733
 
 
9,998,724,201
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
21,954,128,618
 
11,955,404,417
 
End of period
$
24,606,512,351
$
21,954,128,618
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
325,804,124
 
279,167,839
  Issued in reinvestment of distributions
 
25,155,474
 
 
15,064,593
 
Redeemed
 
(182,488,538)
 
(185,726,148)
Net increase (decrease)
 
168,471,060
 
108,506,284
 
 
 
 
 
 
 
Fidelity® Mid Cap Index Fund
 
Years ended April 30,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
30.70
$
19.71
$
22.53
$
20.85
$
19.25
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.38
 
.34
 
.40
 
.36
 
.34
     Net realized and unrealized gain (loss)
 
(2.16)
 
11.28
 
(2.54)
 
1.80
 
1.79
  Total from investment operations
 
(1.78)  
 
11.62  
 
(2.14)  
 
2.16  
 
2.13
  Distributions from net investment income
 
(.35)
 
(.37)
 
(.34)
 
(.34)
 
(.28)
  Distributions from net realized gain
 
(.72)
 
(.26)
 
(.34)
 
(.14)
 
(.25)
     Total distributions
 
(1.07)
 
(.63)
 
(.68)
 
(.48)
 
(.53)
  Net asset value, end of period
$
27.85
$
30.70
$
19.71
$
22.53
$
20.85
 Total Return   C
 
(6.13)%
 
59.59%
 
(9.99)%
 
10.68%
 
11.13%
 Ratios to Average Net Assets B,D,E
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.03%
 
.03%
 
.03%
 
.03%
 
.04%
    Expenses net of fee waivers, if any
 
.03%
 
.03%
 
.03%
 
.03%
 
.04%
    Expenses net of all reductions
 
.03%
 
.03%
 
.03%
 
.03%
 
.04%
    Net investment income (loss)
 
1.24%
 
1.35%
 
1.82%
 
1.71%
 
1.66%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
24,606,512
$
21,954,129
$
11,955,404
$
9,705,989
$
393,979
    Portfolio turnover rate F
 
12% G
 
14% G
 
14%
 
12%
 
10% G
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
 
D 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.
 
E 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.
 
F Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
G Portfolio turnover rate excludes securities received or delivered in-kind.
 
 
 
 
 
Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
 
 
 
 
Periods ended April 30, 2022
 
Past 1
year
Past 5
years
Past 10
years
Fidelity® Small Cap Index Fund
-16.89%
7.34%
10.21%
 
 
 
 $10,000 Over 10 Years
 
Let's say hypothetically that $10,000 was invested in Fidelity® Small Cap Index Fund on April 30, 2012.
 
The chart shows how the value of your investment would have changed, and also shows how the Russell 2000® Index performed over the same period.
 
Fidelity® Small Cap Index Fund
Market Recap:
The S&P 500® index gained 0.21% for the 12 months ending April 30, 2022. After posting a strong result in 2021, large-cap stocks retreated to begin the new year amid several notable headwinds that stoked volatility, uncertainty and investor anxiety. Chief among these was the U.S. Federal Reserve's accelerated plan to hike interest rates and aggressively wind down its balance sheet in an attempt to rein in historically high inflation. In addition, geopolitical unrest rose as Russia invaded Ukraine in late February and escalated its attack through period end. Other factors influencing stocks included surging commodity prices, rising bond yields, supply constraint and disruption, and the potential for variants of the coronavirus to upend the economy. Against this backdrop, the S&P 500® index returned -5.17% in January and -2.99% in February, falling on mixed corporate earnings, particularly among some highflying tech firms. Volatility eased in March and the index gained 3.71% for the month. April saw a sharp reversal, with the index returning -8.72% amid clearer signals of the Fed's intension to tighten monetary policy and angst about the economic toll of "zero-COVID" lockdowns in China. It was the largest monthly decline for the S&P 500® since March 2020. For the full 12 months, the growth-oriented communication services (-22%) and consumer discretionary (-11%) sectors lagged most. In contrast, energy (+61%) rode a surge in commodity prices and led the market by a wide margin, followed by the defensive consumer staples (+17%) sector.
Comments from the Geode Capital Management, LLC, passive equity index team:
For the fiscal year ending April 30, 2022, the fund returned -16.89%, roughly in line with the -16.87% result of the benchmark Russell 2000® Index. By sector, stocks in the health care sector returned -42% and detracted most, followed by consumer discretionary, which returned -26%. Information technology returned -17% and financials detracted roughly -11%. Industrials (-9%) and communication services (-24%), especially in the media & entertainment industry (-24%), hampered results. Other notable detractors included the materials (-7%), and consumer staples (-5%) sectors. Real estate (-2%) also hurt. Conversely, energy advanced 67% and contributed most. Utilities stocks also helped, gaining 2%. Turning to individual stocks, the biggest individual detractor was Redfin (-84%), from the real estate sector. Invitae, within the health care equipment & services group, returned -85% and hindered the fund. Other detractors from the pharmaceuticals, biotechnology & life sciences category were Twist Bioscience (-78%), Bridgebio Pharma (-86%), and TG Therapeutics (-85%). Conversely, the biggest individual contributor was Avis Budget (+201%), from the transportation segment. In energy, Ovintiv (+118%), Antero Resources (+291%), and Range Resources (+205%) helped. Regal Rexnord, within the capital goods industry, gained 3% and boosted the fund.
 
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
 
 
Fidelity® Small Cap Index Fund
Top Holdings (% of Fund's net assets)
 
Ovintiv, Inc.
0.5
 
Avis Budget Group, Inc.
0.5
 
Antero Resources Corp.
0.4
 
BJ's Wholesale Club Holdings, Inc.
0.4
 
Chesapeake Energy Corp.
0.4
 
AMC Entertainment Holdings, Inc. Class A
0.3
 
EastGroup Properties, Inc.
0.3
 
Tenet Healthcare Corp.
0.3
 
Southwestern Energy Co.
0.3
 
Tetra Tech, Inc.
0.3
 
 
3.7
 
 
Market Sectors (% of Fund's net assets)
 
Financials
15.7
 
Industrials
15.4
 
Health Care
15.2
 
Information Technology
13.3
 
Consumer Discretionary
10.3
 
Real Estate
7.9
 
Energy
7.1
 
Materials
4.0
 
Consumer Staples
3.8
 
Utilities
3.1
 
Communication Services
2.9
 
 
Asset Allocation (% of Fund's net assets)
Foreign investments - 4.6%
 
Fidelity® Small Cap Index Fund
Showing Percentage of Net Assets     
Common Stocks - 98.7%
 
 
Shares
Value ($)
 
COMMUNICATION SERVICES - 2.9%
 
 
 
Diversified Telecommunication Services - 0.6%
 
 
 
Anterix, Inc. (a)
 
87,301
4,525,684
ATN International, Inc.
 
81,832
3,232,364
Bandwidth, Inc. (a)
 
142,481
3,151,680
Cogent Communications Group, Inc.
 
324,597
18,988,925
Consolidated Communications Holdings, Inc. (a)
 
565,516
3,364,820
EchoStar Holding Corp. Class A (a)(b)
 
285,501
6,666,448
Globalstar, Inc. (a)(b)
 
4,681,074
5,430,046
IDT Corp. Class B (a)
 
111,527
2,953,235
Iridium Communications, Inc. (a)
 
902,481
32,227,597
Liberty Latin America Ltd.:
 
 
 
 Class A (a)
 
73,978
683,557
 Class C (a)
 
1,326,895
12,260,510
Ooma, Inc. (a)
 
173,468
2,227,329
Radius Global Infrastructure, Inc. (a)(b)
 
564,658
7,013,052
Telesat Corp. (a)(b)
 
51,112
574,499
 
 
 
103,299,746
Entertainment - 0.6%
 
 
 
AMC Entertainment Holdings, Inc. Class A (a)(b)
 
3,888,620
59,495,886
Chicken Soup For The Soul Entertainment, Inc. (a)(b)
 
62,011
540,116
Cinemark Holdings, Inc. (a)(b)
 
859,231
13,627,404
CuriosityStream, Inc. Class A (a)(b)
 
242,401
492,074
Eros STX Global Corp. Class A (a)(b)
 
122,198
211,403
IMAX Corp. (a)
 
386,631
6,116,502
Lions Gate Entertainment Corp.:
 
 
 
 Class A (a)(b)
 
633,314
8,543,406
 Class B (a)
 
697,093
8,762,459
LiveOne, Inc. (a)(b)
 
444,744
302,426
Madison Square Garden Entertainment Corp. (a)(b)
 
200,546
14,689,995
Marcus Corp. (a)(b)
 
165,788
2,607,845
 
 
 
115,389,516
Interactive Media & Services - 0.5%
 
 
 
CarGurus, Inc. Class A (a)
 
720,362
23,541,430
Cars.com, Inc. (a)(b)
 
520,243
5,785,102
Eventbrite, Inc. (a)(b)
 
595,092
6,296,073
EverQuote, Inc. Class A (a)(b)
 
157,646
2,188,126
fuboTV, Inc. (a)(b)
 
688,025
2,607,615
Liberty TripAdvisor Holdings, Inc. (a)
 
572,823
859,235
MediaAlpha, Inc. Class A (a)(b)
 
165,758
2,443,273
Outbrain, Inc. (b)
 
205,100
1,845,900
QuinStreet, Inc. (a)
 
387,808
3,688,054
Society Pass, Inc. (b)
 
80,555
161,916
TrueCar, Inc. (a)(b)
 
751,861
2,691,662
Yelp, Inc. (a)
 
552,099
17,959,780
Ziff Davis, Inc. (a)
 
328,779
29,050,912
 
 
 
99,119,078
Media - 1.0%
 
 
 
Advantage Solutions, Inc. Class A (a)(b)
 
560,302
2,818,319
AMC Networks, Inc. Class A (a)(b)
 
225,375
7,353,986
Audacy, Inc. Class A (a)
 
900,617
2,287,567
Boston Omaha Corp. (a)(b)
 
156,674
3,265,086
Cardlytics, Inc. (a)(b)
 
253,805
8,662,365
Clear Channel Outdoor Holdings, Inc. (a)(b)
 
2,757,150
6,782,589
comScore, Inc. (a)(b)
 
525,207
1,060,918
Daily Journal Corp. (a)(b)
 
9,070
2,332,351
Digital Media Solutions, Inc. Class A (a)(b)
 
34,406
94,617
E.W. Scripps Co. Class A (a)
 
430,137
7,080,055
Emerald Holding, Inc. (a)
 
179,883
483,885
Entravision Communication Corp. Class A (b)
 
455,289
2,353,844
Fluent, Inc. (a)(b)
 
351,710
471,291
Gannett Co., Inc. (a)(b)
 
1,002,786
4,021,172
Gray Television, Inc.
 
639,112
11,836,354
Hemisphere Media Group, Inc. (a)
 
117,847
458,425
iHeartMedia, Inc. (a)
 
847,927
13,558,353
Integral Ad Science Holding Corp.
 
262,519
3,100,349
John Wiley & Sons, Inc. Class A
 
322,735
16,423,984
Liberty Media Corp.:
 
 
 
 Liberty Braves Class A (a)(b)
 
38,036
999,206
 Liberty Braves Class C (a)
 
310,027
7,784,778
Magnite, Inc. (a)(b)
 
1,033,710
9,975,302
National CineMedia, Inc. (b)
 
416,863
921,267
Scholastic Corp.
 
202,928
7,477,897
Sinclair Broadcast Group, Inc. Class A (b)
 
364,343
8,102,988
Stagwell, Inc. (a)(b)
 
457,912
3,104,643
TechTarget, Inc. (a)
 
201,059
13,533,281
TEGNA, Inc.
 
1,651,666
36,419,235
Thryv Holdings, Inc. (a)
 
50,355
1,300,670
WideOpenWest, Inc. (a)(b)
 
385,951
7,738,318
 
 
 
191,803,095
Wireless Telecommunication Services - 0.2%
 
 
 
Gogo, Inc. (a)(b)
 
438,808
8,078,455
Shenandoah Telecommunications Co. (b)
 
359,574
7,263,395
Telephone & Data Systems, Inc. (b)
 
772,737
14,156,542
U.S. Cellular Corp. (a)
 
112,960
3,250,989
 
 
 
32,749,381
TOTAL COMMUNICATION SERVICES
 
 
542,360,816
CONSUMER DISCRETIONARY - 10.3%
 
 
 
Auto Components - 1.2%
 
 
 
Adient PLC (a)(b)
 
715,815
24,437,924
American Axle & Manufacturing Holdings, Inc. (a)
 
785,430
5,199,547
Cooper-Standard Holding, Inc. (a)
 
100,900
465,149
Dana, Inc.
 
1,135,049
16,810,076
Dorman Products, Inc. (a)
 
196,508
19,399,270
Fox Factory Holding Corp. (a)
 
319,390
26,151,653
Gentherm, Inc. (a)
 
250,737
16,904,689
LCI Industries
 
186,187
18,119,719
Modine Manufacturing Co. (a)
 
374,208
2,956,243
Motorcar Parts of America, Inc. (a)(b)
 
140,703
2,140,093
Patrick Industries, Inc.
 
172,086
10,712,354
Standard Motor Products, Inc.
 
153,293
6,542,545
Stoneridge, Inc. (a)(b)
 
196,886
3,880,623
Tenneco, Inc. (a)
 
508,558
8,731,941
The Goodyear Tire & Rubber Co. (a)(b)
 
2,090,185
27,841,264
Visteon Corp. (a)
 
212,031
22,201,766
XL Fleet Corp. (Class A) (a)(b)
 
790,504
1,106,706
XPEL, Inc. (a)(b)
 
138,759
6,004,102
 
 
 
219,605,664
Automobiles - 0.2%
 
 
 
Arcimoto, Inc. (a)(b)
 
251,567
845,265
Canoo, Inc. (a)(b)
 
857,879
4,117,819
Fisker, Inc. (a)(b)
 
1,309,006
13,168,600
Lordstown Motors Corp. Class A (a)(b)
 
908,132
1,979,728
Winnebago Industries, Inc. (b)
 
241,982
12,868,603
Workhorse Group, Inc. (a)(b)
 
1,313,367
3,953,235
 
 
 
36,933,250
Distributors - 0.0%
 
 
 
Funko, Inc. (a)(b)
 
214,113
3,487,901
Diversified Consumer Services - 0.6%
 
 
 
2U, Inc. (a)(b)
 
499,312
4,983,134
Adtalem Global Education, Inc. (a)
 
380,896
11,164,062
American Public Education, Inc. (a)
 
144,596
2,810,946
Carriage Services, Inc.
 
117,278
5,030,053
Coursera, Inc. (b)
 
565,011
10,627,857
European Wax Center, Inc. (b)
 
109,643
3,009,700
Graham Holdings Co.
 
29,071
17,220,788
Laureate Education, Inc. Class A
 
664,060
7,523,800
OneSpaWorld Holdings Ltd. (a)(b)
 
418,149
4,198,216
Perdoceo Education Corp. (a)
 
543,872
6,080,489
PowerSchool Holdings, Inc. (b)
 
337,341
5,107,343
Regis Corp. (a)(b)
 
283,464
382,676
StoneMor, Inc. (a)(b)
 
242,953
575,799
Strategic Education, Inc. (b)
 
176,675
11,413,205
Stride, Inc. (a)(b)
 
319,671
12,563,070
Udemy, Inc.
 
96,290
1,050,524
Vivint Smart Home, Inc. Class A (a)(b)
 
716,279
3,753,302
WW International, Inc. (a)(b)
 
347,617
3,403,170
 
 
 
110,898,134
Hotels, Restaurants & Leisure - 2.4%
 
 
 
Accel Entertainment, Inc. (a)
 
428,910
5,074,005
Bally's Corp. (a)(b)
 
231,295
6,901,843
Biglari Holdings, Inc. (a)(b)
 
5,786
789,153
BJ's Restaurants, Inc. (a)(b)
 
156,026
4,335,963
Bloomin' Brands, Inc.
 
680,576
14,965,866
Bluegreen Vacations Holding Corp. Class A
 
105,641
2,778,358
Brinker International, Inc. (a)(b)
 
335,182
12,177,162
Carrols Restaurant Group, Inc. (b)
 
237,583
380,133
Century Casinos, Inc. (a)
 
210,927
2,208,406
Chuy's Holdings, Inc. (a)(b)
 
152,896
3,823,929
Cracker Barrel Old Country Store, Inc.
 
179,095
19,877,754
Dave & Buster's Entertainment, Inc. (a)
 
339,385
15,442,018
Denny's Corp. (a)(b)
 
464,891
5,959,903
Dine Brands Global, Inc.
 
127,748
9,158,254
Drive Shack, Inc. (a)(b)
 
689,911
848,591
El Pollo Loco Holdings, Inc. (a)(b)
 
145,779
1,552,546
Esports Technologies, Inc. (a)(b)
 
104,938
383,024
Everi Holdings, Inc. (a)
 
638,748
11,088,665
F45 Training Holdings, Inc.
 
223,075
1,960,829
Fiesta Restaurant Group, Inc. (a)(b)
 
127,222
865,110
First Watch Restaurant Group, Inc. (b)
 
88,319
1,148,147
Full House Resorts, Inc. (a)
 
254,551
2,303,687
GAN Ltd. (a)(b)
 
298,322
1,112,741
Golden Entertainment, Inc. (a)(b)
 
128,214
6,149,143
Golden Nugget Online Gaming, Inc. (a)
 
279,056
1,398,071
Hall of Fame Resort & Entertainment Co. (a)(b)
 
346,541
286,728
Hilton Grand Vacations, Inc. (a)
 
642,126
30,070,761
International Game Technology PLC (b)
 
753,129
16,440,806
Jack in the Box, Inc. (b)
 
160,138
13,253,021
Krispy Kreme, Inc. (b)
 
662,737
8,801,147
Kura Sushi U.S.A., Inc. Class A (a)(b)
 
35,543
1,783,548
Life Time Group Holdings, Inc. (b)
 
270,674
3,870,638
Light & Wonder, Inc. Class A (a)
 
723,672
40,569,052
Lindblad Expeditions Holdings (a)
 
240,078
3,675,594
Monarch Casino & Resort, Inc. (a)
 
98,654
6,920,578
Nathan's Famous, Inc. (b)
 
19,972
946,074
NeoGames SA (a)
 
99,039
1,294,440
Noodles & Co. (a)(b)
 
318,034
1,771,449
Papa John's International, Inc.
 
248,135
22,592,692
PlayAGS, Inc. (a)(b)
 
197,713
1,304,906
Portillo's, Inc. (b)
 
152,387
3,174,221
RCI Hospitality Holdings, Inc. (b)
 
68,818
4,263,963
Red Robin Gourmet Burgers, Inc. (a)(b)
 
128,517
1,695,139
Red Rock Resorts, Inc. (b)
 
401,823
17,664,139
Rush Street Interactive, Inc. (a)(b)
 
431,411
2,739,460
Ruth's Hospitality Group, Inc.
 
251,501
5,273,976
SeaWorld Entertainment, Inc. (a)
 
378,747
25,542,698
Shake Shack, Inc. Class A (a)(b)
 
285,144
16,489,878
Sweetgreen, Inc. Class A (b)
 
48,993
1,322,811
Target Hospitality Corp. (a)(b)
 
171,292
1,072,288
Texas Roadhouse, Inc. Class A
 
531,879
43,789,598
The Cheesecake Factory, Inc.
 
359,373
13,264,457
The ONE Group Hospitality, Inc. (a)
 
158,149
1,472,367
Wingstop, Inc.
 
225,374
20,680,318
Xponential Fitness, Inc. (b)
 
96,553
2,000,578
 
 
 
446,710,626
Household Durables - 1.7%
 
 
 
Aterian, Inc. (a)(b)
 
268,211
1,375,922
Bassett Furniture Industries, Inc.
 
64,354
1,065,702
Beazer Homes U.S.A., Inc. (a)
 
218,830
3,299,956
Cavco Industries, Inc. (a)
 
69,195
16,347,319
Century Communities, Inc.
 
226,912
11,962,801
Ethan Allen Interiors, Inc.
 
170,522
4,048,192
Flexsteel Industries, Inc. (b)
 
42,481
921,413
GoPro, Inc. Class A (a)
 
969,775
8,650,393
Green Brick Partners, Inc. (a)
 
232,807
4,586,298
Hamilton Beach Brands Holding Co. Class A
 
50,333
471,117
Helen of Troy Ltd. (a)(b)
 
180,991
38,824,379
Hooker Furnishings Corp. (b)
 
88,823
1,497,556
Hovnanian Enterprises, Inc. Class A (a)
 
39,288
1,808,034
Installed Building Products, Inc. (b)
 
169,614
13,648,839
iRobot Corp. (a)(b)
 
208,742
10,572,782
KB Home
 
605,325
19,630,690
La-Z-Boy, Inc. (b)
 
335,150
8,807,742
Landsea Homes Corp. (a)
 
79,997
666,375
Legacy Housing Corp. (a)
 
57,285
1,003,633
LGI Homes, Inc. (a)(b)
 
163,214
15,294,784
Lifetime Brands, Inc.
 
91,088
1,149,531
Lovesac (a)
 
102,576
4,496,932
M.D.C. Holdings, Inc.
 
430,165
15,877,390
M/I Homes, Inc. (a)
 
215,489
9,541,853
Meritage Homes Corp. (a)
 
275,793
22,766,712
Purple Innovation, Inc. (a)(b)
 
364,889
1,503,343
Skyline Champion Corp. (a)
 
396,221
20,223,120
Snap One Holdings Corp. (a)(b)
 
137,026
1,637,461
Sonos, Inc. (a)(b)
 
975,471
22,260,248
Taylor Morrison Home Corp. (a)
 
894,736
23,433,136
Traeger, Inc. (a)(b)
 
195,488
1,170,973
TRI Pointe Homes, Inc. (a)
 
820,886
16,967,714
Tupperware Brands Corp. (a)(b)
 
344,444
6,055,326
Universal Electronics, Inc. (a)(b)
 
97,017
2,862,002
VOXX International Corp. (a)(b)
 
118,255
895,190
Vuzix Corp. (a)(b)
 
396,504
2,049,926
Weber, Inc. (b)
 
156,950
1,378,021
 
 
 
318,752,805
Internet & Direct Marketing Retail - 0.4%
 
 
 
1-800-FLOWERS.com, Inc. Class A (a)(b)
 
175,773
1,792,885
1stDibs.com, Inc. (b)
 
172,436
1,303,616
a.k.a. Brands Holding Corp. (b)
 
61,208
216,064
CarParts.com, Inc. (a)(b)
 
330,598
1,980,282
Duluth Holdings, Inc. (a)(b)
 
95,906
1,174,849
Groupon, Inc. (a)(b)
 
200,900
3,919,559
Lands' End, Inc. (a)(b)
 
115,784
1,623,292
Liquidity Services, Inc. (a)
 
183,534
2,646,560
Lulu's Fashion Lounge Holdings, Inc. (b)
 
48,445
467,010
Overstock.com, Inc. (a)(b)
 
336,436
11,290,792
PetMed Express, Inc. (b)
 
166,316
3,642,320
Porch Group, Inc. Class A (a)(b)
 
505,026
1,868,596
Quotient Technology, Inc. (a)(b)
 
714,693
3,795,020
Rent the Runway, Inc. Class A (b)
 
108,862
690,185
Revolve Group, Inc. (a)(b)
 
279,831
11,825,658
Shutterstock, Inc.
 
181,891
13,772,787
Stitch Fix, Inc. (a)(b)
 
464,225
4,410,138
The RealReal, Inc. (a)
 
487,043
2,639,773
Xometry, Inc. (b)
 
162,445
5,331,445
 
 
 
74,390,831
Leisure Products - 0.5%
 
 
 
Acushnet Holdings Corp. (b)
 
256,812
10,462,521
American Outdoor Brands, Inc. (a)(b)
 
115,724
1,458,122
AMMO, Inc. (a)(b)
 
703,870
2,850,674
Callaway Golf Co. (a)(b)
 
878,391
19,271,899
Clarus Corp.
 
200,149
4,473,330
Escalade, Inc. (b)
 
75,917
998,309
Genius Brands International, Inc. (a)(b)
 
2,119,269
1,504,681
Johnson Outdoors, Inc. Class A
 
39,064
2,987,615
Latham Group, Inc. (a)(b)
 
343,760
4,125,120
Malibu Boats, Inc. Class A (a)(b)
 
156,948
7,892,915
Marine Products Corp.
 
59,392
697,262
MasterCraft Boat Holdings, Inc. (a)(b)
 
138,160
3,325,511
Nautilus, Inc. (a)(b)
 
207,611
624,909
Smith & Wesson Brands, Inc. (b)
 
359,342
4,933,766
Solo Brands, Inc. Class A (b)
 
123,680
738,370
Sturm, Ruger & Co., Inc.
 
127,497
8,688,921
Vista Outdoor, Inc. (a)(b)
 
421,780
14,859,309
 
 
 
89,893,234
Multiline Retail - 0.4%
 
 
 
Big Lots, Inc. (b)
 
244,401
7,551,991
Dillard's, Inc. Class A (b)
 
40,493
12,302,178
Franchise Group, Inc.
 
212,521
7,924,908
Macy's, Inc. (b)
 
2,270,241
54,871,725
 
 
 
82,650,802
Specialty Retail - 2.3%
 
 
 
Abercrombie & Fitch Co. Class A (a)(b)
 
429,589
14,855,188
Academy Sports & Outdoors, Inc.
 
590,943
22,077,630
America's Car Mart, Inc. (a)
 
46,161
3,732,117
American Eagle Outfitters, Inc. (b)
 
1,159,340
17,517,627
Arko Corp. (b)
 
621,042
5,757,059
Asbury Automotive Group, Inc. (a)(b)
 
174,161
31,995,117
Barnes & Noble Education, Inc. (a)(b)
 
326,727
993,250
Bed Bath & Beyond, Inc. (a)(b)
 
747,066
10,167,568
Big 5 Sporting Goods Corp. (b)
 
166,847
2,414,276
Boot Barn Holdings, Inc. (a)
 
220,974
19,900,918
Caleres, Inc. (b)
 
282,784
6,484,237
Camping World Holdings, Inc. (b)
 
315,472
8,101,321
CarLotz, Inc. Class A (a)(b)
 
490,662
435,659
Chico's FAS, Inc. (a)
 
827,085
4,383,551
Citi Trends, Inc. (a)(b)
 
65,062
1,819,784
Conn's, Inc. (a)(b)
 
144,612
2,263,178
Designer Brands, Inc. Class A (b)
 
458,859
6,341,431
Genesco, Inc. (a)(b)
 
106,787
6,623,998
Group 1 Automotive, Inc.
 
124,129
21,615,824
GrowGeneration Corp. (a)(b)
 
359,538
2,124,870
Guess?, Inc. (b)
 
318,325
7,152,763
Haverty Furniture Companies, Inc. (b)
 
123,631
3,069,758
Hibbett, Inc.
 
85,414
3,688,177
JOANN, Inc. (b)
 
93,212
973,133
Kirkland's, Inc. (a)(b)
 
85,124
615,447
Lazydays Holdings, Inc. (a)(b)
 
51,165
994,136
LL Flooring Holdings, Inc. (a)(b)
 
221,660
3,061,125
MarineMax, Inc. (a)(b)
 
159,218
6,515,201
Monro, Inc.
 
254,546
11,640,389
Murphy U.S.A., Inc.
 
174,086
40,666,490
National Vision Holdings, Inc. (a)(b)
 
626,446
23,585,692
OneWater Marine, Inc. Class A (b)
 
83,544
2,731,053
Party City Holdco, Inc. (a)(b)
 
719,761
2,224,061
Rent-A-Center, Inc. (b)
 
512,188
12,353,975
Sally Beauty Holdings, Inc. (a)(b)
 
823,903
12,457,413
Shift Technologies, Inc. Class A (a)(b)
 
332,468
445,507
Shoe Carnival, Inc. (b)
 
134,231
4,052,434
Signet Jewelers Ltd.
 
397,983
27,938,407
Sleep Number Corp. (a)(b)
 
171,288
6,947,441
Sonic Automotive, Inc. Class A (sub. vtg.)
 
160,748
6,839,827
Sportsman's Warehouse Holdings, Inc. (a)(b)
 
336,521
3,233,967
The Aaron's Co., Inc. (b)
 
239,000
4,906,670
The Buckle, Inc. (b)
 
225,324
6,998,563
The Cato Corp. Class A (sub. vtg.) (b)
 
138,732
1,879,819
The Children's Place, Inc. (a)
 
108,137
5,009,987
The Container Store Group, Inc. (a)(b)
 
253,739
1,941,103
The ODP Corp. (a)
 
343,363
14,774,910
Tilly's, Inc. (b)
 
172,758
1,523,726
Torrid Holdings, Inc. (b)
 
153,458
899,264
TravelCenters of America LLC (a)(b)
 
93,275
3,545,383
Urban Outfitters, Inc. (a)(b)
 
527,401
12,552,144
Winmark Corp.
 
25,173
5,115,154
Zumiez, Inc. (a)(b)
 
149,903
5,490,947
 
 
 
435,428,669
Textiles, Apparel & Luxury Goods - 0.6%
 
 
 
Crocs, Inc. (a)
 
440,928
29,290,847
Fossil Group, Inc. (a)(b)
 
313,553
3,097,904
G-III Apparel Group Ltd. (a)
 
332,391
8,801,714
Kontoor Brands, Inc.
 
391,901
15,570,227
Movado Group, Inc. (b)
 
115,871
4,167,880
Oxford Industries, Inc. (b)
 
119,487
10,706,035
PLBY Group, Inc. (a)(b)
 
242,323
2,142,135
Rocky Brands, Inc.
 
52,581
2,024,894
Steven Madden Ltd.
 
600,834
24,670,244
Superior Group of Companies, Inc. (b)
 
85,066
1,352,549
Unifi, Inc. (a)
 
103,887
1,524,022
Vera Bradley, Inc. (a)(b)
 
200,136
1,230,836
Wolverine World Wide, Inc. (b)
 
610,332
12,096,780
 
 
 
116,676,067
TOTAL CONSUMER DISCRETIONARY
 
 
1,935,427,983
CONSUMER STAPLES - 3.8%
 
 
 
Beverages - 0.4%
 
 
 
Celsius Holdings, Inc. (a)
 
410,330
21,337,160
Coca-Cola Bottling Co. Consolidated
 
35,362
15,612,323
Duckhorn Portfolio, Inc. (a)(b)
 
260,270
5,054,443
MGP Ingredients, Inc. (b)
 
106,875
9,760,894
National Beverage Corp. (b)
 
175,553
7,738,376
Primo Water Corp.
 
1,198,587
17,547,314
Zevia PBC (b)
 
56,147
193,146
 
 
 
77,243,656
Food & Staples Retailing - 1.3%
 
 
 
Andersons, Inc.
 
234,998
11,803,950
BJ's Wholesale Club Holdings, Inc. (a)
 
1,031,341
66,366,793
Chefs' Warehouse Holdings (a)
 
240,700
8,809,620
HF Foods Group, Inc. (a)(b)
 
270,382
1,579,031
Ingles Markets, Inc. Class A
 
104,318
9,714,092
MedAvail Holdings, Inc. (a)(b)
 
87,349
144,999
Natural Grocers by Vitamin Cottage, Inc.
 
69,056
1,408,052
Performance Food Group Co. (a)
 
1,145,263
56,404,203
PriceSmart, Inc.
 
183,158
14,551,903
Rite Aid Corp. (a)(b)
 
468,441
2,983,969
SpartanNash Co. (b)
 
264,046
9,051,497
Sprouts Farmers Market LLC (a)
 
852,673
25,409,655
United Natural Foods, Inc. (a)
 
435,335
18,688,932
Village Super Market, Inc. Class A
 
57,666
1,337,275
Weis Markets, Inc.
 
121,420
9,699,030
 
 
 
237,953,001
Food Products - 1.1%
 
 
 
AppHarvest, Inc. (a)(b)
 
420,753
1,729,295
B&G Foods, Inc. Class A (b)
 
426,511
11,485,941
Cal-Maine Foods, Inc.
 
308,228
16,561,090
Calavo Growers, Inc. (b)
 
134,601
4,877,940
Fresh Del Monte Produce, Inc. (b)
 
251,772
6,558,661
Hostess Brands, Inc. Class A (a)
 
1,033,207
23,443,467
J&J Snack Foods Corp. (b)
 
109,211
16,348,887
John B. Sanfilippo & Son, Inc.
 
64,669
5,020,901
Laird Superfood, Inc. (a)(b)
 
47,004
141,482
Lancaster Colony Corp.
 
141,540
21,964,177
Landec Corp. (a)
 
189,806
1,888,570
Limoneira Co. (b)
 
110,855
1,323,609
Mission Produce, Inc. (a)(b)
 
270,457
3,440,213
Sanderson Farms, Inc.
 
152,079
28,799,200
Seneca Foods Corp. Class A (a)
 
44,006
2,387,326
Sovos Brands, Inc.
 
206,904
3,124,250
Tattooed Chef, Inc. (a)(b)
 
374,635
2,993,334
The Simply Good Foods Co. (a)(b)
 
643,075
26,784,074
The Vita Coco Co., Inc. (b)
 
96,084
1,043,472
Tootsie Roll Industries, Inc. (b)
 
115,677
4,052,165
TreeHouse Foods, Inc. (a)(b)
 
401,482
12,646,683
Utz Brands, Inc. Class A (b)
 
469,415
6,628,140
Vital Farms, Inc. (a)(b)
 
200,570
2,306,555
Whole Earth Brands, Inc. Class A (a)
 
270,799
1,871,221
 
 
 
207,420,653
Household Products - 0.3%
 
 
 
Central Garden & Pet Co. (a)
 
329,969
14,449,343
Central Garden & Pet Co. Class A (non-vtg.) (a)
 
29,268
1,211,110
Energizer Holdings, Inc. (b)
 
516,738
15,651,994
Oil-Dri Corp. of America
 
39,678
989,966
WD-40 Co. (b)
 
104,510
19,227,750
 
 
 
51,530,163
Personal Products - 0.6%
 
 
 
BellRing Brands, Inc. (a)
 
852,536
18,269,846
Edgewell Personal Care Co. (b)
 
416,894
15,900,337
elf Beauty, Inc. (a)(b)
 
371,875
9,047,719
Inter Parfums, Inc.
 
133,711
10,928,200
MediFast, Inc.
 
82,083
14,640,324
Nature's Sunshine Products, Inc.
 
91,213
1,510,487
Newage, Inc. (a)(b)
 
906,322
358,904
Nu Skin Enterprises, Inc. Class A
 
381,551
16,269,335
Revlon, Inc. (a)(b)
 
53,956
330,211
The Beauty Health Co. (a)(b)
 
661,945
8,671,480
The Honest Co., Inc. (b)
 
575,527
2,279,087
Thorne HealthTech, Inc. (b)
 
58,363
391,032
USANA Health Sciences, Inc. (a)
 
88,230
6,763,712
Veru, Inc. (a)(b)
 
526,802
6,174,119
 
 
 
111,534,793
Tobacco - 0.1%
 
 
 
22nd Century Group, Inc. (a)(b)
 
1,162,022
2,219,462
Turning Point Brands, Inc.
 
118,492
3,719,464
Universal Corp. (b)
 
183,010
10,587,129
Vector Group Ltd.
 
1,076,782
13,696,667
 
 
 
30,222,722
TOTAL CONSUMER STAPLES
 
 
715,904,988
ENERGY - 7.1%
 
 
 
Energy Equipment & Services - 1.3%
 
 
 
Archrock, Inc.
 
1,000,602
8,715,243
Bristow Group, Inc. (a)
 
178,249
5,315,385
Cactus, Inc. (b)
 
413,197
20,630,926
Championx Corp.
 
1,522,328
32,121,121
DMC Global, Inc. (a)(b)
 
149,324
2,984,987
Dril-Quip, Inc. (a)(b)
 
270,496
7,811,924
Expro Group Holdings NV (a)(b)
 
330,116
5,044,172
Helix Energy Solutions Group, Inc. (a)(b)
 
1,110,399
4,563,740
Helmerich & Payne, Inc.
 
774,438
35,647,381
Liberty Oilfield Services, Inc. Class A (a)(b)
 
697,993
11,265,607
Nabors Industries Ltd. (a)
 
57,641
8,912,451
Newpark Resources, Inc. (a)
 
688,000
2,401,120
Nextier Oilfield Solutions, Inc. (a)
 
1,291,448
14,244,671
Oceaneering International, Inc. (a)
 
703,722
7,973,170
Oil States International, Inc. (a)(b)
 
488,289
3,300,834
Patterson-UTI Energy, Inc.
 
1,404,855
23,095,816
ProPetro Holding Corp. (a)
 
641,984
9,077,654
RPC, Inc. (a)(b)
 
496,925
5,138,205
Select Energy Services, Inc. Class A (a)
 
450,208
3,493,614
Solaris Oilfield Infrastructure, Inc. Class A
 
245,765
2,764,856
TETRA Technologies, Inc. (a)(b)
 
943,314
3,471,396
Tidewater, Inc. (a)(b)
 
311,851
6,224,546
U.S. Silica Holdings, Inc. (a)
 
559,663
10,398,539
 
 
 
234,597,358
Oil, Gas & Consumable Fuels - 5.8%
 
 
 
Aemetis, Inc. (a)(b)
 
226,384
2,066,886
Alto Ingredients, Inc. (a)(b)
 
553,404
3,193,141
Antero Resources Corp. (a)(b)
 
2,151,582
75,735,686
Arch Resources, Inc. (b)
 
112,572
18,729,729
Berry Corp.
 
493,060
5,408,868
Brigham Minerals, Inc. Class A
 
329,304
8,160,153
California Resources Corp.
 
605,782
24,358,494
Callon Petroleum Co. (a)(b)
 
363,027
18,612,394
Centennial Resource Development, Inc. Class A (a)(b)
 
1,385,486
10,723,662
Centrus Energy Corp. Class A (a)(b)
 
67,624
1,877,242
Chesapeake Energy Corp. (b)
 
786,061
64,472,723
Civitas Resources, Inc.
 
327,265
19,184,274
Clean Energy Fuels Corp. (a)(b)
 
1,218,654
7,141,312
CNX Resources Corp. (a)(b)
 
1,515,760
31,148,868
Comstock Resources, Inc. (a)(b)
 
691,726
11,780,094
CONSOL Energy, Inc. (a)(b)
 
255,390
12,143,795
Crescent Energy, Inc. Class A (b)
 
209,867
3,297,011
CVR Energy, Inc. (b)
 
224,462
5,627,262
Delek U.S. Holdings, Inc. (a)
 
500,159
12,103,848
Denbury, Inc. (a)(b)
 
378,301
24,203,698
DHT Holdings, Inc. (b)
 
1,064,269
5,981,192
Dorian LPG Ltd. (b)
 
230,829
3,397,803
Earthstone Energy, Inc. (a)(b)
 
235,438
3,176,059
Energy Fuels, Inc. (a)(b)
 
1,181,945
8,876,407
Equitrans Midstream Corp.
 
3,146,407
24,730,759
Falcon Minerals Corp. (b)
 
309,126
2,102,057
Frontline Ltd. (NY Shares) (a)(b)
 
927,080
7,722,576
Gevo, Inc. (a)(b)
 
1,596,374
5,922,548
Golar LNG Ltd. (a)
 
760,413
16,972,418
Green Plains, Inc. (a)(b)
 
362,476
10,174,701
HighPeak Energy, Inc.
 
37,358
1,020,247
International Seaways, Inc. (b)
 
363,275
7,676,001
Kinetik Holdings, Inc.
 
24,781
1,763,168
Kosmos Energy Ltd. (a)
 
3,376,285
22,823,687
Laredo Petroleum, Inc. (a)(b)
 
94,385
6,721,156
Magnolia Oil & Gas Corp. Class A
 
1,079,100
25,078,284
Matador Resources Co. (b)
 
831,314
40,584,749
Murphy Oil Corp.
 
1,099,147
41,855,518
National Energy Services Reunited Corp. (a)
 
290,472
1,943,258
Nordic American Tanker Shipping Ltd. (b)
 
1,100,433
2,817,108
Northern Oil & Gas, Inc.
 
457,933
11,439,166
Oasis Petroleum, Inc.
 
147,807
19,608,077
Ovintiv, Inc.
 
1,967,446
100,713,540
Par Pacific Holdings, Inc. (a)
 
351,886
5,162,168
PBF Energy, Inc. Class A (a)
 
726,831
21,121,709
PDC Energy, Inc.
 
732,080
51,055,259
Peabody Energy Corp. (a)(b)
 
670,033
15,169,547
Range Resources Corp. (a)
 
1,796,032
53,773,198
Ranger Oil Corp. (a)(b)
 
158,473
5,047,365
Renewable Energy Group, Inc. (a)
 
338,010
20,638,891
Rex American Resources Corp. (a)
 
39,205
3,317,919
Riley Exploration Permian, Inc.
 
83,253
1,933,967
Scorpio Tankers, Inc. (b)
 
393,604
9,733,827
SFL Corp. Ltd.
 
921,414
9,140,427
SM Energy Co.
 
901,957
32,046,532
Southwestern Energy Co. (a)
 
7,655,296
57,414,720
Talos Energy, Inc. (a)
 
293,460
5,332,168
Teekay Corp. (a)
 
525,387
1,702,254
Teekay Tankers Ltd. (a)(b)
 
194,389
3,112,168
Tellurian, Inc. (a)(b)
 
2,800,239
13,945,190
Ur-Energy, Inc. (a)(b)
 
1,454,750
2,007,555
Uranium Energy Corp. (a)(b)
 
2,028,034
8,619,145
W&T Offshore, Inc. (a)(b)
 
726,274
3,457,064
Whiting Petroleum Corp.
 
294,136
21,486,635
Whiting Petroleum Corp.:
 
 
 
 warrants 9/1/24 (a)
 
29,463
449,311
 warrants 9/1/25 (a)
 
14,729
189,857
World Fuel Services Corp.
 
467,214
11,315,923
 
 
 
1,090,242,418
TOTAL ENERGY
 
 
1,324,839,776
FINANCIALS - 15.7%
 
 
 
Banks - 8.7%
 
 
 
1st Source Corp.
 
122,818
5,314,335
Allegiance Bancshares, Inc.
 
142,752
5,832,847
Amalgamated Financial Corp. (b)
 
101,074
1,777,892
Amerant Bancorp, Inc. Class A
 
193,989
5,158,168
American National Bankshares, Inc.
 
76,949
2,673,208
Ameris Bancorp
 
504,301
21,029,352
Arrow Financial Corp.
 
101,049
3,162,834
Associated Banc-Corp. (b)
 
1,124,736
22,438,483
Atlantic Union Bankshares Corp.
 
565,541
19,103,975
Banc of California, Inc. (b)
 
409,817
7,393,099
BancFirst Corp.
 
127,388
10,413,969
Bancorp, Inc., Delaware (a)(b)
 
395,405
8,971,739
Bank First National Corp. (b)
 
48,796
3,449,877
Bank of Marin Bancorp
 
112,531
3,517,719
BankUnited, Inc.
 
650,893
24,434,523
Banner Corp.
 
254,938
13,690,171
Bar Harbor Bankshares (b)
 
108,532
2,833,771
Berkshire Hills Bancorp, Inc.
 
360,081
8,908,404
Blue Ridge Bankshares, Inc. (b)
 
140,154
2,042,044
Brookline Bancorp, Inc., Delaware
 
566,326
8,189,074
Business First Bancshares, Inc. (b)
 
147,844
3,276,223
Byline Bancorp, Inc.
 
185,574
4,353,566
Cadence Bank (b)
 
1,388,163
34,759,602
Cambridge Bancorp
 
51,508
4,208,719
Camden National Corp.
 
107,397
4,806,016
Capital Bancorp, Inc.
 
61,968
1,394,900
Capital City Bank Group, Inc.
 
98,484
2,522,175
Capstar Financial Holdings, Inc.
 
157,319
3,169,978
Carter Bankshares, Inc. (a)(b)
 
191,367
3,130,764
Cathay General Bancorp
 
544,853
21,843,157
CBTX, Inc. (b)
 
137,168
3,912,031
Central Pacific Financial Corp. (b)
 
198,876
4,808,822
Citizens & Northern Corp.
 
114,430
2,678,806
City Holding Co.
 
109,656
8,485,181
Civista Bancshares, Inc.
 
110,162
2,293,573
CNB Financial Corp., Pennsylvania
 
119,716
2,974,943
Coastal Financial Corp. of Washington (a)
 
76,622
3,144,567
Columbia Banking Systems, Inc.
 
609,897
17,125,908
Community Bank System, Inc. (b)
 
399,508
25,728,315
Community Trust Bancorp, Inc.
 
113,080
4,501,715
ConnectOne Bancorp, Inc.
 
276,103
7,692,230
CrossFirst Bankshares, Inc. (a)(b)
 
348,358
4,462,466
Customers Bancorp, Inc. (a)
 
229,257
9,644,842
CVB Financial Corp. (b)
 
1,024,549
23,585,118
Dime Community Bancshares, Inc. (b)
 
256,941
8,078,225
Eagle Bancorp, Inc.
 
233,842
11,773,945
Eastern Bankshares, Inc.
 
1,282,725
24,577,011
Enterprise Bancorp, Inc.
 
68,375
2,321,331
Enterprise Financial Services Corp.
 
261,091
11,532,389
Equity Bancshares, Inc. (b)
 
98,697
3,013,219
Farmers National Banc Corp.
 
227,243
3,481,363
FB Financial Corp.
 
252,707
9,736,801
Fidelity D & D Bancorp, Inc. (b)
 
30,815
1,145,394
Financial Institutions, Inc.
 
113,733
3,166,327
First Bancorp, North Carolina
 
257,071
9,629,880
First Bancorp, Puerto Rico (b)
 
1,513,530
20,599,143
First Bancshares, Inc.
 
154,260
4,965,629
First Bank Hamilton New Jersey
 
111,774
1,593,897
First Busey Corp.
 
374,986
8,425,935
First Citizens Bancshares, Inc.
 
1,050
671,349
First Commonwealth Financial Corp.
 
700,967
9,449,035
First Community Bankshares, Inc.
 
122,519
3,262,681
First Financial Bancorp, Ohio
 
692,132
14,154,099
First Financial Bankshares, Inc. (b)
 
983,208
39,308,656
First Financial Corp., Indiana
 
81,174
3,459,636
First Foundation, Inc.
 
379,977
8,443,089
First Internet Bancorp
 
68,761
2,646,611
First Interstate Bancsystem, Inc.
 
671,442
21,835,294
First Merchants Corp.
 
430,232
16,860,792
First Mid-Illinois Bancshares, Inc. (b)
 
125,496
4,522,876
First of Long Island Corp.
 
159,326
2,673,490
Five Star Bancorp
 
92,910
2,318,105
Flushing Financial Corp.
 
211,438
4,545,917
Fulton Financial Corp.
 
1,186,496
17,999,144
German American Bancorp, Inc.
 
186,158
6,534,146
Glacier Bancorp, Inc.
 
836,117
38,260,714
Great Southern Bancorp, Inc.
 
72,904
4,136,573
Guaranty Bancshares, Inc. Texas
 
59,554
2,048,658
Hancock Whitney Corp.
 
649,235
30,364,721
Hanmi Financial Corp.
 
224,285
5,192,198
HarborOne Bancorp, Inc.
 
351,955
4,712,677
HBT Financial, Inc.
 
74,496
1,279,841
Heartland Financial U.S.A., Inc.
 
301,165
13,181,992
Heritage Commerce Corp.
 
442,233
4,966,277
Heritage Financial Corp., Washington
 
261,040
6,322,389
Hilltop Holdings, Inc.
 
458,490
11,686,910
Home Bancshares, Inc.
 
1,145,357
24,762,618
HomeStreet, Inc.
 
144,985
5,884,941
HomeTrust Bancshares, Inc.
 
110,463
2,985,815
Hope Bancorp, Inc.
 
859,913
12,296,756
Horizon Bancorp, Inc. Indiana
 
319,434
5,583,706
Independent Bank Corp.
 
147,781
2,917,197
Independent Bank Corp. (b)
 
345,194
26,635,169
Independent Bank Group, Inc.
 
279,574
18,955,117
International Bancshares Corp.
 
403,771
16,066,048
Lakeland Bancorp, Inc.
 
458,504
6,891,315
Lakeland Financial Corp. (b)
 
181,387
13,208,601
Live Oak Bancshares, Inc. (b)
 
243,606
10,311,842
Macatawa Bank Corp.
 
179,942
1,574,493
Mercantile Bank Corp.
 
112,387
3,528,952
Meta Financial Group, Inc.
 
221,605
9,673,058
Metrocity Bankshares, Inc.
 
141,572
2,885,237
Metropolitan Bank Holding Corp. (a)
 
76,294
6,793,981
Mid Penn Bancorp, Inc.
 
105,024
2,712,770
Midland States Bancorp, Inc.
 
156,713
4,130,955
MidWestOne Financial Group, Inc. (b)
 
105,874
3,163,515
MVB Financial Corp. (b)
 
76,040
3,046,162
National Bank Holdings Corp.
 
213,830
7,806,933
NBT Bancorp, Inc.
 
311,550
10,966,560
Nicolet Bankshares, Inc. (a)(b)
 
90,347
7,352,439
Northrim Bancorp, Inc.
 
42,998
1,722,930
Northwest Bancshares, Inc.
 
923,119
11,705,149
OceanFirst Financial Corp.
 
433,950
8,127,884
OFG Bancorp
 
367,263
9,761,851
Old National Bancorp, Indiana (b)
 
2,265,709
34,348,148
Old Second Bancorp, Inc.
 
202,445
2,787,668
Origin Bancorp, Inc.
 
168,358
6,343,729
Orrstown Financial Services, Inc.
 
81,464
1,920,921
Pacific Premier Bancorp, Inc.
 
711,538
22,313,832
Park National Corp.
 
107,649
12,686,435
Peapack-Gladstone Financial Corp.
 
131,556
4,076,920
Peoples Bancorp, Inc.
 
188,530
5,169,493
Peoples Financial Services Corp. (b)
 
51,548
2,558,843
Preferred Bank, Los Angeles (b)
 
100,823
6,767,240
Premier Financial Corp.
 
271,547
7,206,857
Primis Financial Corp.
 
175,224
2,391,808
QCR Holdings, Inc.
 
124,387
6,752,970
RBB Bancorp
 
106,843
2,285,372
Red River Bancshares, Inc. (b)
 
32,465
1,761,226
Renasant Corp.
 
413,615
12,321,591
Republic Bancorp, Inc., Kentucky Class A
 
67,165
2,799,437
Republic First Bancorp, Inc. (a)(b)
 
346,012
1,449,790
S&T Bancorp, Inc.
 
285,402
8,065,461
Sandy Spring Bancorp, Inc.
 
333,264
13,087,277
Seacoast Banking Corp., Florida (b)
 
418,057
13,586,853
ServisFirst Bancshares, Inc. (b)
 
374,096
30,047,391
Sierra Bancorp
 
103,516
2,251,473
Silvergate Capital Corp. (a)
 
213,188
24,934,468
Simmons First National Corp. Class A
 
933,592
22,284,841
SmartFinancial, Inc.
 
103,484
2,537,428
South Plains Financial, Inc.
 
76,741
1,853,295
Southern First Bancshares, Inc. (a)(b)
 
56,074
2,562,582
Southside Bancshares, Inc. (b)
 
230,404
9,029,533
Southstate Corp. (b)
 
585,446
45,336,938
Stock Yards Bancorp, Inc. (b)
 
180,924
9,458,707
Summit Financial Group, Inc.
 
84,849
2,312,135
Texas Capital Bancshares, Inc. (a)
 
389,550
20,007,288
The Bank of NT Butterfield & Son Ltd.
 
375,828
12,037,771
The First Bancorp, Inc. (b)
 
77,653
2,185,932
Third Coast Bancshares, Inc. (b)
 
30,473
690,823
Tompkins Financial Corp.
 
104,976
7,663,248
TowneBank
 
503,613
13,884,610
Trico Bancshares
 
207,204
7,780,510
TriState Capital Holdings, Inc. (a)
 
219,187
6,621,639
Triumph Bancorp, Inc. (a)
 
182,881
12,699,257
Trustmark Corp.
 
455,221
12,691,561
UMB Financial Corp.
 
331,606
29,904,229
United Bankshares, Inc., West Virginia (b)
 
1,013,491
33,708,711
United Community Bank, Inc.
 
791,934
23,868,891
Univest Corp. of Pennsylvania
 
215,072
5,419,814
Valley National Bancorp
 
3,051,142
36,552,681
Veritex Holdings, Inc.
 
361,744
11,883,290
Washington Trust Bancorp, Inc.
 
125,855
5,907,634
WesBanco, Inc. (b)
 
450,601
14,527,376
West Bancorp., Inc.
 
121,848
3,046,200
Westamerica Bancorp.
 
193,582
11,405,851
 
 
 
1,626,947,432
Capital Markets - 1.4%
 
 
 
Artisan Partners Asset Management, Inc.
 
451,454
14,509,732
Assetmark Financial Holdings, Inc. (a)
 
136,206
2,619,241
Associated Capital Group, Inc. (b)
 
10,985
435,006
B. Riley Financial, Inc. (b)
 
152,549
6,889,113
BGC Partners, Inc. Class A
 
2,367,006
8,592,232
Blucora, Inc. (a)(b)
 
357,578
7,240,955
BrightSphere Investment Group, Inc.
 
237,750
4,764,510
Cohen & Steers, Inc. (b)
 
186,434
14,484,057
Cowen Group, Inc. Class A (b)
 
201,935
4,614,215
Diamond Hill Investment Group, Inc.
 
22,356
3,764,080
Donnelley Financial Solutions, Inc. (a)
 
220,712
6,460,240
Federated Hermes, Inc.
 
697,352
19,860,585
Focus Financial Partners, Inc. Class A (a)
 
490,652
19,356,221
GAMCO Investors, Inc. Class A (b)
 
32,737
653,758
GCM Grosvenor, Inc. Class A (b)
 
344,281
2,840,318
Greenhill & Co., Inc. (b)
 
104,387
1,264,127
Hamilton Lane, Inc. Class A (b)
 
264,793
18,159,504
Houlihan Lokey
 
385,004
32,066,983
Moelis & Co. Class A
 
461,358
20,419,705
Open Lending Corp. (a)(b)
 
804,552
10,974,089
Oppenheimer Holdings, Inc. Class A (non-vtg.)
 
67,587
2,177,653
Piper Jaffray Companies (b)
 
131,588
15,129,988
PJT Partners, Inc.
 
179,007
11,812,672
Pzena Investment Management, Inc.
 
131,026
824,154
Sculptor Capital Management, Inc. Class A
 
179,092
1,873,302
StepStone Group, Inc. Class A
 
345,449
8,850,403
StoneX Group, Inc. (a)
 
126,856
8,598,300
Value Line, Inc.
 
6,988
457,504
Virtus Investment Partners, Inc.
 
55,012
9,745,926
WisdomTree Investments, Inc.
 
1,013,597
5,909,271
 
 
 
265,347,844
Consumer Finance - 0.8%
 
 
 
Atlanticus Holdings Corp. (a)(b)
 
35,026
1,507,519
CURO Group Holdings Corp.
 
154,018
1,808,171
Encore Capital Group, Inc. (a)(b)
 
182,870
10,571,715
Enova International, Inc. (a)
 
279,034
10,435,872
EZCORP, Inc. (non-vtg.) Class A (a)(b)
 
378,186
2,647,302
FirstCash Holdings, Inc.
 
301,639
24,064,759
Green Dot Corp. Class A (a)(b)
 
378,659
10,026,890
LendingClub Corp. (a)
 
788,863
12,030,161
LendingTree, Inc. (a)
 
89,657
7,120,559
Navient Corp.
 
1,129,753
17,951,775
Nelnet, Inc. Class A (b)
 
124,992
10,258,093
Oportun Financial Corp. (a)
 
152,524
1,767,753
PRA Group, Inc. (a)
 
320,211
13,458,468
PROG Holdings, Inc. (a)(b)
 
440,362
11,656,382
Regional Management Corp.
 
56,959
2,452,085
World Acceptance Corp. (a)(b)
 
32,525
6,137,793
 
 
 
143,895,297
Diversified Financial Services - 0.1%
 
 
 
A-Mark Precious Metals, Inc.
 
67,665
5,332,002
Alerus Financial Corp. (b)
 
111,357
2,845,171
Banco Latinoamericano de Comercio Exterior SA Series E
 
219,382
3,178,845
Cannae Holdings, Inc. (a)
 
661,482
14,817,197
 
 
 
26,173,215
Insurance - 1.9%
 
 
 
AMBAC Financial Group, Inc. (a)
 
291,022
2,249,600
American Equity Investment Life Holding Co.
 
621,794
23,454,070
American National Group, Inc.
 
55,747
10,514,442
Amerisafe, Inc.
 
145,878
6,761,445
Argo Group International Holdings, Ltd.
 
224,469
9,607,273
Bright Health Group, Inc. (b)
 
1,691,330
3,044,394
BRP Group, Inc. (a)
 
376,707
8,709,466
Citizens, Inc. Class A (a)(b)
 
352,464
1,053,867
CNO Financial Group, Inc. (b)
 
922,495
22,269,029
Crawford & Co. Class A
 
116,863
911,531
Donegal Group, Inc. Class A
 
107,846
1,459,156
eHealth, Inc. (a)(b)
 
159,027
1,280,167
Employers Holdings, Inc.
 
205,718
8,092,946
Enstar Group Ltd. (a)
 
92,649
21,842,002
Genworth Financial, Inc. Class A (a)
 
3,793,924
14,075,458
Goosehead Insurance (b)
 
142,287
8,180,080
Greenlight Capital Re, Ltd. (a)(b)
 
182,742
1,257,265
HCI Group, Inc.
 
46,512
2,980,954
Heritage Insurance Holdings, Inc.
 
195,435
832,553
Horace Mann Educators Corp. (b)
 
314,151
12,518,917
Investors Title Co.
 
10,032
1,882,505
James River Group Holdings Ltd. (b)
 
257,434
6,103,760
Kinsale Capital Group, Inc.
 
162,545
36,034,601
Maiden Holdings Ltd. (a)(b)
 
496,139
1,101,429
MBIA, Inc. (a)(b)
 
373,707
4,499,432
MetroMile, Inc. (a)(b)
 
934,078
916,704
National Western Life Group, Inc.
 
18,857
3,748,017
NI Holdings, Inc. (a)
 
66,359
1,051,790
Palomar Holdings, Inc. (a)(b)
 
190,660
10,381,437
ProAssurance Corp. (b)
 
401,182
9,857,042
RLI Corp.
 
301,862
34,647,720
Safety Insurance Group, Inc.
 
106,250
9,141,750
Selective Insurance Group, Inc.
 
446,635
36,784,859
Selectquote, Inc. (a)(b)
 
945,124
1,946,955
Siriuspoint Ltd. (a)(b)
 
679,845
4,269,427
Stewart Information Services Corp.
 
202,581
10,453,180
Tiptree, Inc.
 
177,702
2,066,674
Trean Insurance Group, Inc. (a)(b)
 
154,743
776,810
Trupanion, Inc. (a)(b)
 
291,137
18,522,136
United Fire Group, Inc. (b)
 
159,925
4,684,203
United Insurance Holdings Corp. (b)
 
136,487
312,555
Universal Insurance Holdings, Inc.
 
216,805
2,723,071
 
 
 
363,000,672
Mortgage Real Estate Investment Trusts - 1.3%
 
 
 
Angel Oak Mortgage, Inc.
 
76,657
1,238,777
Apollo Commercial Real Estate Finance, Inc.
 
1,089,109
13,112,872
Arbor Realty Trust, Inc.
 
1,093,791
18,703,826
Ares Commercial Real Estate Corp.
 
336,359
5,068,930
Armour Residential REIT, Inc. (b)
 
580,940
4,264,100
Blackstone Mortgage Trust, Inc.
 
1,207,586
36,275,883
BrightSpire Capital, Inc.
 
658,775
5,599,588
Broadmark Realty Capital, Inc.
 
1,037,595
8,103,617
Chimera Investment Corp.
 
1,774,157
17,777,053
Dynex Capital, Inc.
 
293,587
4,764,917
Ellington Financial LLC
 
421,235
6,819,795
Franklin BSP Realty Trust, Inc.
 
247,405
3,280,590
Granite Point Mortgage Trust, Inc.
 
417,883
4,066,002
Great Ajax Corp.
 
161,972
1,507,959
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
 
586,285
23,445,537
Invesco Mortgage Capital, Inc.
 
2,129,323
3,705,022
KKR Real Estate Finance Trust, Inc. (b)
 
270,626
5,141,894
Ladder Capital Corp. Class A
 
855,916
9,748,883
MFA Financial, Inc.
 
833,473
11,876,990
New York Mortgage Trust, Inc.
 
2,728,909
8,787,087
Orchid Island Capital, Inc.
 
914,889
2,543,391
PennyMac Mortgage Investment Trust
 
779,145
11,952,084
Ready Capital Corp.
 
529,328
7,712,309
Redwood Trust, Inc.
 
830,995
8,060,652
TPG RE Finance Trust, Inc.
 
439,268
4,634,277
Two Harbors Investment Corp.
 
2,681,204
12,896,591
 
 
 
241,088,626
Thrifts & Mortgage Finance - 1.5%
 
 
 
Axos Financial, Inc. (a)(b)
 
430,902
16,322,568
Blue Foundry Bancorp (b)
 
204,595
2,581,989
Bridgewater Bancshares, Inc. (a)
 
158,768
2,543,463
Capitol Federal Financial, Inc.
 
958,945
9,234,640
Columbia Financial, Inc. (a)(b)
 
296,367
5,616,155
Enact Holdings, Inc. (b)
 
112,250
2,646,855
Essent Group Ltd.
 
823,148
33,362,188
Federal Agricultural Mortgage Corp. Class C (non-vtg.)
 
66,469
6,808,420
Finance of America Companies, Inc. (a)(b)
 
133,090
300,783
Flagstar Bancorp, Inc.
 
389,593
13,752,633
FS Bancorp, Inc.
 
53,926
1,584,885
Hingham Institution for Savings
 
11,100
3,586,077
Home Bancorp, Inc.
 
54,328
2,082,392
Home Point Capital, Inc. (b)
 
61,463
167,179
Kearny Financial Corp. (b)
 
495,034
5,871,103
Luther Burbank Corp.
 
111,323
1,477,256
Merchants Bancorp
 
114,338
2,689,230
Mr. Cooper Group, Inc. (a)
 
463,062
20,823,898
NMI Holdings, Inc. (a)
 
647,573
11,902,392
Northfield Bancorp, Inc.
 
326,446
4,273,178
Ocwen Financial Corp. (a)(b)
 
62,672
1,303,578
PCSB Financial Corp.
 
91,446
1,675,291
PennyMac Financial Services, Inc. (b)
 
224,968
10,924,446
Pioneer Bancorp, Inc. (a)(b)
 
80,367
835,817
Provident Bancorp, Inc.
 
114,401
1,821,264
Provident Financial Services, Inc.
 
560,574
12,405,503
Radian Group, Inc.
 
1,361,794
29,128,774
Southern Missouri Bancorp, Inc.
 
56,683
2,392,023
Trustco Bank Corp., New York
 
137,880
4,294,962
Velocity Financial, Inc. (a)(b)
 
61,015
652,861
Walker & Dunlop, Inc. (b)
 
219,627
26,302,530
Washington Federal, Inc.
 
487,616
14,838,155
Waterstone Financial, Inc. (b)
 
151,856
2,438,807
WSFS Financial Corp.
 
490,036
19,635,743
 
 
 
276,277,038
TOTAL FINANCIALS
 
 
2,942,730,124
HEALTH CARE - 15.2%
 
 
 
Biotechnology - 6.1%
 
 
 
2seventy bio, Inc. (a)
 
186,408
2,509,052
4D Molecular Therapeutics, Inc. (a)(b)
 
220,822
2,629,990
89Bio, Inc. (a)(b)
 
70,942
153,944
ACADIA Pharmaceuticals, Inc. (a)(b)
 
921,764
16,997,328
Acumen Pharmaceuticals, Inc. (b)
 
227,364
877,625
Adagio Therapeutics, Inc. (b)
 
378,562
1,082,687
Adicet Bio, Inc. (a)(b)
 
202,845
2,989,935
Adverum Biotechnologies, Inc. (a)(b)
 
608,626
651,230
Aeglea BioTherapeutics, Inc. (a)(b)
 
290,838
418,807
Aerovate Therapeutics, Inc. (b)
 
99,265
1,265,629
Affimed NV (a)
 
933,879
3,511,385
Agenus, Inc. (a)(b)
 
1,508,931
2,791,522
Agios Pharmaceuticals, Inc. (a)(b)
 
386,580
8,493,163
Akebia Therapeutics, Inc. (a)(b)
 
1,554,218
645,311
Akero Therapeutics, Inc. (a)(b)
 
204,439
2,144,565
Akouos, Inc. (a)(b)
 
172,150
482,020
Alaunos Therapeutics, Inc. (a)(b)
 
1,404,515
746,359
Albireo Pharma, Inc. (a)(b)
 
134,920
4,293,154
Aldeyra Therapeutics, Inc. (a)(b)
 
405,131
1,243,752
Alector, Inc. (a)(b)
 
457,078
4,387,949
Aligos Therapeutics, Inc. (a)(b)
 
156,158
184,266
Alkermes PLC (a)
 
1,218,285
35,147,522
Allakos, Inc. (a)
 
323,611
1,220,013
Allogene Therapeutics, Inc. (a)(b)
 
454,988
3,799,150
Allovir, Inc. (a)(b)
 
207,124
942,414
Alpine Immune Sciences, Inc. (a)(b)
 
93,763
862,620
Altimmune, Inc. (a)(b)
 
258,933
1,170,377
ALX Oncology Holdings, Inc. (a)(b)
 
120,405
1,538,776
Amicus Therapeutics, Inc. (a)
 
1,872,830
13,259,636
AnaptysBio, Inc. (a)(b)
 
138,637
3,244,106
Anavex Life Sciences Corp. (a)(b)
 
528,836
4,542,701
Anika Therapeutics, Inc. (a)
 
109,754
2,363,004
Annexon, Inc. (a)(b)
 
245,895
627,032
Apellis Pharmaceuticals, Inc. (a)(b)
 
597,267
25,999,033
Applied Molecular Transport, Inc. (a)(b)
 
177,742
762,513
Applied Therapeutics, Inc. (a)(b)
 
108,066
212,890
AquaBounty Technologies, Inc. (a)(b)
 
604,573
810,128
Arbutus Biopharma Corp. (a)(b)
 
766,110
1,785,036
Arcellx, Inc. (b)
 
72,708
794,698
Arcturus Therapeutics Holdings, Inc. (a)(b)
 
141,728
2,746,689
Arcus Biosciences, Inc. (a)(b)
 
346,547
8,389,903
Arcutis Biotherapeutics, Inc. (a)(b)
 
219,667
4,435,077
Ardelyx, Inc. (a)(b)
 
847,552
697,451
Arrowhead Pharmaceuticals, Inc. (a)
 
778,720
32,013,179
Atara Biotherapeutics, Inc. (a)
 
612,437
3,895,099
Athenex, Inc. (a)(b)
 
613,625
294,540
Athersys, Inc. (a)(b)
 
1,582,816
775,738
Atossa Therapeutics, Inc. (a)(b)
 
833,299
841,632
Atreca, Inc. (a)(b)
 
236,368
463,281
Aura Biosciences, Inc. (b)
 
40,271
682,996
Avalo Therapeutics, Inc. (a)(b)
 
450,249
184,962
Avid Bioservices, Inc. (a)(b)
 
467,909
6,298,055
Avidity Biosciences, Inc. (a)(b)
 
292,330
4,180,319
Avita Medical, Inc. (a)(b)
 
196,937
1,201,316
AVROBIO, Inc. (a)
 
308,092
284,338
Beam Therapeutics, Inc. (a)(b)
 
389,857
14,631,333
BeyondSpring, Inc. (a)(b)
 
183,845
279,444
BioAtla, Inc. (a)(b)
 
87,313
303,849
BioCryst Pharmaceuticals, Inc. (a)(b)
 
1,369,384
12,721,577
Biohaven Pharmaceutical Holding Co. Ltd. (a)
 
421,394
37,575,703
Biomea Fusion, Inc. (a)(b)
 
156,650
469,950
BioXcel Therapeutics, Inc. (a)(b)
 
116,365
1,525,545
Black Diamond Therapeutics, Inc. (a)(b)
 
155,178
377,083
bluebird bio, Inc. (a)(b)
 
411,013
1,491,977
Blueprint Medicines Corp. (a)
 
447,340
26,102,289
Bolt Biotherapeutics, Inc. (a)(b)
 
164,413
256,484
BridgeBio Pharma, Inc. (a)(b)
 
701,681
5,627,482
Brooklyn ImmunoTherapeutics, Inc. (a)(b)
 
214,534
225,261
C4 Therapeutics, Inc. (a)(b)
 
272,774
2,337,673
Cardiff Oncology, Inc. (a)(b)
 
268,422
359,685
CareDx, Inc. (a)(b)
 
387,027
11,781,102
Caribou Biosciences, Inc. (b)
 
403,393
2,985,108
Catalyst Pharmaceutical Partners, Inc. (a)(b)
 
743,294
5,663,900
Cel-Sci Corp. (a)(b)
 
320,644
917,042
Celcuity, Inc. (a)(b)
 
66,817
435,647
Celldex Therapeutics, Inc. (a)(b)
 
358,760
10,960,118
Century Therapeutics, Inc. (b)
 
136,481
1,640,502
Cerevel Therapeutics Holdings (a)(b)
 
309,269
9,055,396
ChemoCentryx, Inc. (a)
 
430,410
7,945,369
Chimerix, Inc. (a)(b)
 
616,055
2,710,642
Chinook Therapeutics, Inc. (a)(b)
 
309,079
4,676,365
Chinook Therapeutics, Inc. rights (a)(c)
 
86,210
4,311
Clene, Inc. (a)(b)
 
139,595
361,551
Clovis Oncology, Inc. (a)(b)
 
707,192
1,414,384
Codiak Biosciences, Inc. (a)(b)
 
124,502
368,526
Cogent Biosciences, Inc. (a)(b)
 
281,602
1,807,885
Coherus BioSciences, Inc. (a)(b)
 
518,152
4,684,094
Cortexyme, Inc. (a)(b)
 
131,842
482,542
Crinetics Pharmaceuticals, Inc. (a)
 
348,818
7,087,982
Cue Biopharma, Inc. (a)(b)
 
260,660
1,032,214
Cullinan Oncology, Inc. (a)(b)
 
186,880
1,833,293
Curis, Inc. (a)(b)
 
573,608
524,106
Cyteir Therapeutics, Inc. (b)
 
143,177
322,148
Cytokinetics, Inc. (a)(b)
 
608,063
24,243,472
CytomX Therapeutics, Inc. (a)(b)
 
444,228
759,630
Day One Biopharmaceuticals, Inc. (a)(b)
 
180,669
1,539,300
Deciphera Pharmaceuticals, Inc. (a)(b)
 
261,374
2,645,105
Denali Therapeutics, Inc. (a)(b)
 
665,189
15,831,498
DermTech, Inc. (a)(b)
 
168,655
1,442,000
Design Therapeutics, Inc. (a)(b)
 
205,879
2,458,195
Dynavax Technologies Corp. (a)(b)
 
834,799
7,371,275
Dyne Therapeutics, Inc. (a)(b)
 
211,408
1,687,036
Eagle Pharmaceuticals, Inc. (a)(b)
 
87,595
3,865,567
Editas Medicine, Inc. (a)(b)
 
457,304
6,054,705
Eiger Biopharmaceuticals, Inc. (a)(b)
 
286,900
1,971,003
Eliem Therapeutics, Inc. (b)
 
44,189
139,637
Emergent BioSolutions, Inc. (a)
 
344,921
11,168,542
Enanta Pharmaceuticals, Inc. (a)(b)
 
150,495
9,691,878
Entrada Therapeutics, Inc. (b)
 
80,332
480,385
Epizyme, Inc. (a)(b)
 
1,179,218
761,067
Erasca, Inc. (b)
 
446,100
3,247,608
Evelo Biosciences, Inc. (a)(b)
 
208,953
516,114
Exagen, Inc. (a)(b)
 
73,586
448,875
Fate Therapeutics, Inc. (a)(b)
 
640,992
18,306,732
FibroGen, Inc. (a)
 
618,365
5,750,795
Finch Therapeutics Group, Inc. (a)(b)
 
51,729
130,874
Foghorn Therapeutics, Inc. (a)(b)
 
136,839
1,585,964
Forma Therapeutics Holdings, Inc. (a)(b)
 
229,713
1,736,630
Forte Biosciences, Inc. (a)
 
66,395
76,354
Fortress Biotech, Inc. (a)(b)
 
540,908
594,999
Frequency Therapeutics, Inc. (a)(b)
 
249,865
324,825
G1 Therapeutics, Inc. (a)(b)
 
275,173
1,414,389
Gemini Therapeutics, Inc. (a)(b)
 
142,423
215,059
Generation Bio Co. (a)(b)
 
351,871
2,227,343
Geron Corp. (a)(b)
 
2,332,099
3,288,260
Global Blood Therapeutics, Inc. (a)(b)
 
489,216
15,018,931
Gossamer Bio, Inc. (a)(b)
 
484,009
3,344,502
Graphite Bio, Inc. (b)
 
244,882
984,426
Greenwich Lifesciences, Inc. (a)(b)
 
28,104
333,032
Gritstone Bio, Inc. (a)(b)
 
281,465
728,994
Gt Biopharma, Inc. (a)(b)
 
134,911
284,662
Halozyme Therapeutics, Inc. (a)(b)
 
1,049,669
41,881,793
Harpoon Therapeutics, Inc. (a)(b)
 
170,326
383,234
Heron Therapeutics, Inc. (a)(b)
 
603,225
2,726,577
Homology Medicines, Inc. (a)(b)
 
351,797
583,983
Hookipa Pharma, Inc. (a)(b)
 
69,713
104,570
Humanigen, Inc. (a)(b)
 
306,921
577,011
iBio, Inc. (a)(b)
 
1,427,618
417,721
Icosavax, Inc. (a)(b)
 
170,324
1,234,849
Ideaya Biosciences, Inc. (a)(b)
 
270,277
2,591,956
IGM Biosciences, Inc. (a)(b)
 
51,604
863,851
Imago BioSciences, Inc. (b)
 
157,344
2,572,574
Immuneering Corp. (b)
 
155,372
772,199
Immunic, Inc. (a)(b)
 
148,929
1,008,249
ImmunityBio, Inc. (a)(b)
 
549,425
1,994,413
ImmunoGen, Inc. (a)
 
1,491,217
7,202,578
Immunovant, Inc. (a)(b)
 
284,994
1,313,822
Impel Pharmaceuticals, Inc. (a)(b)
 
47,230
299,438
Infinity Pharmaceuticals, Inc. (a)(b)
 
638,584
503,970
Inhibrx, Inc. (a)(b)
 
214,822
3,404,929
Inovio Pharmaceuticals, Inc. (a)(b)
 
1,367,440
3,733,111
Inozyme Pharma, Inc. (a)(b)
 
98,671
389,750
Insmed, Inc. (a)(b)
 
906,159
19,908,313
Instil Bio, Inc. (a)(b)
 
417,229
2,949,809
Intellia Therapeutics, Inc. (a)(b)
 
527,402
25,858,520
Intercept Pharmaceuticals, Inc. (a)(b)
 
159,037
2,498,471
Ironwood Pharmaceuticals, Inc. Class A (a)(b)
 
1,095,732
13,148,784
iTeos Therapeutics, Inc. (a)
 
161,531
4,311,262
Iveric Bio, Inc. (a)
 
863,968
11,965,957
Janux Therapeutics, Inc. (b)
 
137,959
1,357,517
Jounce Therapeutics, Inc. (a)
 
271,461
1,438,743
Kalvista Pharmaceuticals, Inc. (a)
 
172,042
2,190,095
Karuna Therapeutics, Inc. (a)(b)
 
169,821
18,928,249
Karyopharm Therapeutics, Inc. (a)(b)
 
602,644
3,676,128
Keros Therapeutics, Inc. (a)(b)
 
119,184
6,317,944
Kezar Life Sciences, Inc. (a)(b)
 
291,901
3,467,784
Kiniksa Pharmaceuticals Ltd. (a)(b)
 
236,843
2,209,745
Kinnate Biopharma, Inc. (a)(b)
 
179,877
1,343,681
Kodiak Sciences, Inc. (a)
 
181,195
1,090,794
Kronos Bio, Inc. (a)(b)
 
277,100
1,310,683
Krystal Biotech, Inc. (a)(b)
 
156,525
9,486,980
Kura Oncology, Inc. (a)
 
451,781
6,483,057
Kymera Therapeutics, Inc. (a)(b)
 
247,527
7,759,971
Lexicon Pharmaceuticals, Inc. (a)(b)
 
560,021
1,013,638
Ligand Pharmaceuticals, Inc. Class B (a)(b)
 
116,649
10,832,026
Lineage Cell Therapeutics, Inc. (a)(b)
 
961,163
1,172,619
Lyell Immunopharma, Inc. (b)
 
1,037,817
5,324,001
Macrogenics, Inc. (a)(b)
 
422,779
3,022,870
Madrigal Pharmaceuticals, Inc. (a)(b)
 
91,880
6,431,600
Magenta Therapeutics, Inc. (a)(b)
 
216,962
310,256
MannKind Corp. (a)(b)
 
1,932,715
6,049,398
MEI Pharma, Inc. (a)(b)
 
858,978
422,188
MeiraGTx Holdings PLC (a)
 
233,804
2,405,843
Mersana Therapeutics, Inc. (a)
 
483,541
1,682,723
MiMedx Group, Inc. (a)(b)
 
814,593
3,217,642
MiNK Therapeutics, Inc. (b)
 
9,320
20,877
Mirum Pharmaceuticals, Inc. (a)(b)
 
31,046
738,274
Molecular Templates, Inc. (a)(b)
 
274,859
467,260
Monte Rosa Therapeutics, Inc. (b)
 
203,751
2,220,886
Morphic Holding, Inc. (a)(b)
 
163,916
4,968,294
Mustang Bio, Inc. (a)(b)
 
532,031
396,203
Myriad Genetics, Inc. (a)
 
607,517
12,454,099
Neoleukin Therapeutics, Inc. (a)(b)
 
244,729
298,569
Neximmune, Inc. (a)(b)
 
116,719
246,277
Nkarta, Inc. (a)(b)
 
96,100
1,772,084
Nurix Therapeutics, Inc. (a)(b)
 
252,653
2,796,869
Nuvalent, Inc. Class A (a)(b)
 
145,234
1,494,458
Ocugen, Inc. (a)(b)
 
978,256
2,142,381
Olema Pharmaceuticals, Inc. (a)(b)
 
177,702
453,140
Omega Therapeutics, Inc. (a)(b)
 
177,564
605,493
OncoCyte Corp. (a)(b)
 
493,795
572,802
Oncorus, Inc. (a)(b)
 
137,648
161,048
Oncternal Therapeutics, Inc. (a)(b)
 
375,862
320,723
Oncternal Therapeutics, Inc. rights (a)(c)
 
4,336
0
Opko Health, Inc. (a)(b)
 
3,127,491
8,444,226
Organogenesis Holdings, Inc. Class A (a)
 
562,858
3,624,806
ORIC Pharmaceuticals, Inc. (a)(b)
 
200,637
666,115
Outlook Therapeutics, Inc. (a)(b)
 
907,850
1,407,168
Oyster Point Pharma, Inc. (a)(b)
 
75,225
479,936
Passage Bio, Inc. (a)(b)
 
268,663
523,893
PMV Pharmaceuticals, Inc. (a)(b)
 
177,104
2,566,237
Portage Biotech, Inc. (a)(b)
 
35,569
197,052
Poseida Therapeutics, Inc. (a)(b)
 
204,405
631,611
Praxis Precision Medicines, Inc. (a)(b)
 
261,912
2,121,487
Precigen, Inc. (a)(b)
 
655,739
872,133
Precision BioSciences, Inc. (a)
 
377,554
751,332
Prelude Therapeutics, Inc. (a)(b)
 
70,087
321,699
Prometheus Biosciences, Inc. (a)(b)
 
229,099
6,025,304
Protagonist Therapeutics, Inc. (a)
 
351,028
3,190,845
Prothena Corp. PLC (a)(b)
 
281,432
8,206,557
PTC Therapeutics, Inc. (a)
 
530,840
18,754,577
Puma Biotechnology, Inc. (a)(b)
 
232,699
549,170
Pyxis Oncology, Inc. (b)
 
78,859
193,205
Radius Health, Inc. (a)(b)
 
377,991
2,585,458
Rallybio Corp. (a)(b)
 
145,315
1,447,337
RAPT Therapeutics, Inc. (a)(b)
 
167,555
2,535,107
Recursion Pharmaceuticals, Inc. (a)(b)
 
903,855
5,603,901
REGENXBIO, Inc. (a)(b)
 
300,040
8,329,110
Relay Therapeutics, Inc. (a)(b)
 
537,660
12,812,438
Reneo Pharmaceuticals, Inc. (a)(b)
 
62,691
145,443
Replimune Group, Inc. (a)(b)
 
240,182
4,027,852
Revolution Medicines, Inc. (a)(b)
 
422,394
8,435,208
Rhythm Pharmaceuticals, Inc. (a)(b)
 
308,957
1,934,071
Rigel Pharmaceuticals, Inc. (a)(b)
 
1,357,974
3,204,819
Rocket Pharmaceuticals, Inc. (a)(b)
 
294,986
3,032,456
Rubius Therapeutics, Inc. (a)(b)
 
318,762
529,145
Sana Biotechnology, Inc. (a)(b)
 
614,125
4,636,644
Sangamo Therapeutics, Inc. (a)(b)
 
860,225
3,569,934
Scholar Rock Holding Corp. (a)(b)
 
202,997
1,435,189
Selecta Biosciences, Inc. (a)(b)
 
716,790
549,276
Sensei Biotherapeutics, Inc. (a)(b)
 
150,442
233,185
Sera Prognostics, Inc. (b)
 
57,846
133,046
Seres Therapeutics, Inc. (a)(b)
 
547,330
2,588,871
Sesen Bio, Inc. (a)(b)
 
1,590,794
604,661
Shattuck Labs, Inc. (a)(b)
 
183,337
704,014
Sigilon Therapeutics, Inc. (a)
 
118,355
124,273
Silverback Therapeutics, Inc. (a)(b)
 
148,657
462,323
Solid Biosciences, Inc. (a)
 
462,486
258,992
Sorrento Therapeutics, Inc. (a)(b)
 
1,913,411
2,889,251
Spectrum Pharmaceuticals, Inc. (a)(b)
 
1,083,839
875,417
Spero Therapeutics, Inc. (a)(b)
 
171,989
835,867
Springworks Therapeutics, Inc. (a)(b)
 
227,236
9,750,697
Spruce Biosciences, Inc. (a)(b)
 
59,179
104,155
SQZ Biotechnologies Co. (a)(b)
 
162,191
598,485
Stoke Therapeutics, Inc. (a)(b)
 
150,944
2,179,631
Summit Therapeutics, Inc. (a)(b)
 
192,741
306,458
Surface Oncology, Inc. (a)(b)
 
238,550
505,726
Sutro Biopharma, Inc. (a)
 
345,097
2,074,033
Syndax Pharmaceuticals, Inc. (a)(b)
 
384,748
6,452,224
Syros Pharmaceuticals, Inc. (a)(b)
 
470,872
396,380
Talaris Therapeutics, Inc. (a)
 
158,037
1,115,741
Taysha Gene Therapies, Inc. (a)(b)
 
163,762
599,369
TCR2 Therapeutics, Inc. (a)
 
202,864
432,100
Tenaya Therapeutics, Inc. (a)(b)
 
222,704
2,053,331
TG Therapeutics, Inc. (a)(b)
 
903,166
6,267,972
Tobira Therapeutics, Inc. rights (a)(c)
 
9,663
0
TONIX Pharmaceuticals Holding (a)(b)
 
3,831,801
559,060
Travere Therapeutics, Inc. (a)(b)
 
463,853
11,656,626
Trevena, Inc. (a)(b)
 
1,263,009
374,482
Turning Point Therapeutics, Inc. (a)
 
326,214
9,603,740
Twist Bioscience Corp. (a)(b)
 
436,613
12,591,919
Tyra Biosciences, Inc. (b)
 
93,195
696,167
UroGen Pharma Ltd. (a)(b)
 
145,069
1,024,187
Vanda Pharmaceuticals, Inc. (a)
 
424,105
4,207,122
Vaxart, Inc. (a)(b)
 
977,686
3,402,347
Vaxcyte, Inc. (a)(b)
 
322,872
7,816,731
VBI Vaccines, Inc. (a)(b)
 
1,560,519
1,950,649
Vera Therapeutics, Inc. (a)(b)
 
105,034
2,100,680
Veracyte, Inc. (a)(b)
 
479,395
9,813,216
Verastem, Inc. (a)
 
1,382,547
1,963,217
Vericel Corp. (a)(b)
 
361,519
10,303,292
Verve Therapeutics, Inc. (b)
 
244,661
3,650,342
Vigil Neuroscience, Inc. (b)
 
52,920
179,399
Viking Therapeutics, Inc. (a)(b)
 
561,069
1,335,344
Vincerx Pharma, Inc. (a)(b)
 
127,279
328,380
Vir Biotechnology, Inc. (a)(b)
 
465,710
9,477,199
Viracta Therapeutics, Inc. (a)(b)
 
265,509
677,048
VistaGen Therapeutics, Inc. (a)(b)
 
1,450,109
1,841,638
Vor Biopharma, Inc. (a)(b)
 
134,159
768,731
Werewolf Therapeutics, Inc. (a)(b)
 
197,310
878,030
Xbiotech, Inc.
 
125,920
977,139
Xencor, Inc. (a)
 
433,938
10,839,771
Xilio Therapeutics, Inc. (b)
 
54,191
191,294
XOMA Corp. (a)(b)
 
44,700
859,581
Y-mAbs Therapeutics, Inc. (a)(b)
 
249,693
2,097,421
Zentalis Pharmaceuticals, Inc. (a)(b)
 
259,217
6,874,435
 
 
 
1,142,818,858
Health Care Equipment & Supplies - 3.3%
 
 
 
Accelerate Diagnostics, Inc. (a)(b)
 
249,867
239,872
Accuray, Inc. (a)(b)
 
713,545
1,898,030
Acutus Medical, Inc. (a)(b)
 
138,743
177,591
Alphatec Holdings, Inc. (a)(b)
 
542,601
5,887,221
Angiodynamics, Inc. (a)(b)
 
285,368
6,006,996
Apyx Medical Corp. (a)(b)
 
235,079
886,248
Artivion, Inc. (a)(b)
 
285,571
5,794,236
Asensus Surgical, Inc. (a)(b)
 
1,564,067
708,992
Aspira Women's Health, Inc. (a)(b)
 
500,661
318,621
Atricure, Inc. (a)
 
340,784
17,696,913
Atrion Corp. (b)
 
10,311
6,461,079
Avanos Medical, Inc. (a)
 
363,780
10,607,825
AxoGen, Inc. (a)(b)
 
284,481
2,059,642
Axonics Modulation Technologies, Inc. (a)(b)
 
353,742
18,330,910
BioLife Solutions, Inc. (a)(b)
 
67,467
854,807
Bioventus, Inc. (a)(b)
 
212,051
2,550,974
Butterfly Network, Inc. Class A (a)(b)
 
1,094,421
3,644,422
Cardiovascular Systems, Inc. (a)
 
304,287
5,690,167
Cerus Corp. (a)(b)
 
1,309,992
6,052,163
ClearPoint Neuro, Inc. (a)(b)
 
141,285
1,210,812
CONMED Corp. (b)
 
217,028
28,856,043
CryoPort, Inc. (a)(b)
 
288,071
6,498,882
Cue Health, Inc.
 
94,754
634,852
Cutera, Inc. (a)(b)
 
131,769
7,156,374
CVRx, Inc. (b)
 
88,625
552,134
CytoSorbents Corp. (a)(b)
 
304,346
639,127
DarioHealth Corp. (a)(b)
 
116,734
579,001
Eargo, Inc. (a)(b)
 
209,270
791,041
Glaukos Corp. (a)
 
347,661
16,440,889
Haemonetics Corp. (a)(b)
 
384,785
19,497,056
Heska Corp. (a)(b)
 
74,895
8,226,467
Inari Medical, Inc. (a)(b)
 
262,349
21,171,564
Inogen, Inc. (a)
 
141,386
3,574,238
Integer Holdings Corp. (a)
 
244,638
18,389,438
Intersect ENT, Inc. (a)
 
243,336
6,660,106
Invacare Corp. (a)(b)
 
290,081
481,534
IRadimed Corp.
 
47,545
1,564,706
iRhythm Technologies, Inc. (a)(b)
 
222,528
27,453,279
Lantheus Holdings, Inc. (a)
 
504,205
33,484,254
Lantheus Holdings, Inc. rights (a)(c)
 
524,619
5
LeMaitre Vascular, Inc. (b)
 
141,440
6,111,622
LivaNova PLC (a)
 
400,880
30,731,461
Lucid Diagnostics, Inc. (b)
 
46,029
97,121
Meridian Bioscience, Inc. (a)
 
320,730
8,207,481
Merit Medical Systems, Inc. (a)
 
384,189
23,823,560
Mesa Laboratories, Inc. (b)
 
36,921
7,887,433
Natus Medical, Inc. (a)
 
252,190
8,390,361
Neogen Corp. (a)(b)
 
805,355
21,261,372
Neuronetics, Inc. (a)(b)
 
176,759
431,292
NeuroPace, Inc. (a)(b)
 
51,037
410,337
Nevro Corp. (a)
 
269,247
16,609,847
NuVasive, Inc. (a)
 
398,129
20,479,756
OraSure Technologies, Inc. (a)(b)
 
546,984
3,358,482
Ortho Clinical Diagnostics Holdings PLC (a)
 
897,807
15,810,381
Orthofix International NV (a)
 
141,160
4,375,960
OrthoPediatrics Corp. (a)(b)
 
107,720
4,856,018
Outset Medical, Inc. (a)(b)
 
358,791
12,514,630
Paragon 28, Inc. (b)
 
72,123
1,296,050
PAVmed, Inc. (a)(b)
 
482,640
612,953
PROCEPT BioRobotics Corp.
 
63,337
2,252,264
Pulmonx Corp. (a)(b)
 
185,135
4,461,754
Pulse Biosciences, Inc. (a)(b)
 
107,769
269,423
Pulse Biosciences, Inc. rights 5/23/22 (a)(c)
 
107,769
24,787
Quotient Ltd. (a)(b)
 
554,029
319,619
Retractable Technologies, Inc. (a)(b)
 
146,114
559,617
RxSight, Inc. (b)
 
138,570
1,700,254
Seaspine Holdings Corp. (a)(b)
 
241,211
2,245,674
Senseonics Holdings, Inc. (a)(b)
 
3,000,173
4,200,242
Shockwave Medical, Inc. (a)
 
254,964
38,532,709
SI-BONE, Inc. (a)(b)
 
252,761
5,050,165
Sientra, Inc. (a)(b)
 
448,301
636,587
Sight Sciences, Inc. (b)
 
179,554
1,253,287
Silk Road Medical, Inc. (a)(b)
 
265,981
9,322,634
Staar Surgical Co. (a)
 
359,609
20,530,078
Stereotaxis, Inc. (a)(b)
 
384,908
962,270
SurModics, Inc. (a)(b)
 
100,536
3,886,722
Tactile Systems Technology, Inc. (a)
 
137,198
2,315,902
Talis Biomedical Corp. (a)(b)
 
102,232
107,344
TransMedics Group, Inc. (a)(b)
 
202,513
4,244,672
Treace Medical Concepts, Inc. (a)(b)
 
218,576
4,284,090
UFP Technologies, Inc. (a)
 
51,716
3,551,338
Utah Medical Products, Inc.
 
25,330
2,142,665
Vapotherm, Inc. (a)(b)
 
175,944
781,191
Varex Imaging Corp. (a)(b)
 
284,217
5,641,707
ViewRay, Inc. (a)
 
1,167,989
3,118,531
Zynex, Inc. (b)
 
177,680
1,131,822
 
 
 
610,521,976
Health Care Providers & Services - 2.9%
 
 
 
1Life Healthcare, Inc. (a)(b)
 
779,680
5,496,744
Accolade, Inc. (a)(b)
 
361,735
2,011,247
AdaptHealth Corp. (a)
 
502,958
6,367,448
Addus HomeCare Corp. (a)
 
117,934
9,939,478
Agiliti, Inc. (a)(b)
 
175,445
3,463,284
AirSculpt Technologies, Inc. (a)
 
54,834
574,112
Alignment Healthcare, Inc. (a)(b)
 
610,469
5,866,607
AMN Healthcare Services, Inc. (a)
 
355,878
34,787,075
Apollo Medical Holdings, Inc. (a)(b)
 
285,228
10,405,117
Aveanna Healthcare Holdings, Inc. (a)(b)
 
290,040
846,917
Biodesix, Inc. (a)(b)
 
95,328
153,478
Brookdale Senior Living, Inc. (a)
 
1,433,283
8,857,689
Castle Biosciences, Inc. (a)(b)
 
164,648
3,678,236
Community Health Systems, Inc. (a)
 
938,701
7,199,837
Corvel Corp. (a)
 
64,713
10,035,692
Covetrus, Inc. (a)
 
789,408
10,893,830
Cross Country Healthcare, Inc. (a)(b)
 
269,970
5,059,238
Fulgent Genetics, Inc. (a)(b)
 
161,195
8,846,382
Hanger, Inc. (a)
 
281,388
4,626,019
HealthEquity, Inc. (a)(b)
 
620,350
38,660,212
InfuSystems Holdings, Inc. (a)(b)
 
140,212
1,111,881
Innovage Holding Corp. (a)(b)
 
145,489
667,795
Invitae Corp. (a)(b)
 
1,291,379
6,857,222
LHC Group, Inc. (a)
 
234,896
38,957,502
LifeStance Health Group, Inc. (b)
 
574,093
3,886,610
MEDNAX, Inc. (a)
 
563,759
10,440,817
Modivcare, Inc. (a)
 
94,403
9,815,080
National Healthcare Corp.
 
92,107
6,268,802
National Research Corp. Class A
 
103,519
3,550,702
Ontrak, Inc. (a)(b)
 
114,085
135,761
Option Care Health, Inc. (a)
 
1,192,649
35,636,352
Owens & Minor, Inc.
 
546,055
19,379,492
Patterson Companies, Inc.
 
639,630
19,681,415
Pennant Group, Inc. (a)(b)
 
199,044
3,262,331
PetIQ, Inc. Class A (a)(b)
 
215,170
4,281,883
Privia Health Group, Inc. (a)(b)
 
335,166
7,370,300
Progyny, Inc. (a)
 
491,517
18,898,829
R1 RCM, Inc. (a)
 
896,178
20,181,929
RadNet, Inc. (a)
 
346,594
6,758,583
Select Medical Holdings Corp.
 
828,436
18,730,938
Sharps Compliance Corp. (a)(b)
 
142,356
614,978
Surgery Partners, Inc. (a)(b)
 
262,549
13,432,007
Tenet Healthcare Corp. (a)
 
798,083
57,868,998
The Ensign Group, Inc.
 
393,046
31,573,385
The Joint Corp. (a)
 
114,697
3,500,552
Tivity Health, Inc. (a)
 
325,800
10,467,954
U.S. Physical Therapy, Inc.
 
96,698
10,034,351
Viemed Healthcare, Inc. (a)(b)
 
266,681
1,328,071
 
 
 
542,463,162
Health Care Technology - 0.9%
 
 
 
Allscripts Healthcare Solutions, Inc. (a)(b)
 
925,519
19,121,223
American Well Corp. (a)(b)
 
1,273,155
3,984,975
Computer Programs & Systems, Inc. (a)(b)
 
105,791
3,376,849
Convey Health Solutions Holdin
 
104,676
532,801
Evolent Health, Inc. (a)(b)
 
608,762
16,753,130
Forian, Inc. (a)(b)
 
137,214
466,528
Health Catalyst, Inc. (a)(b)
 
373,970
6,222,861
HealthStream, Inc. (a)(b)
 
190,598
3,640,422
iCAD, Inc. (a)(b)
 
165,523
595,883
Inspire Medical Systems, Inc. (a)
 
204,289
42,034,505
MultiPlan Corp. Class A (a)(b)
 
2,263,085
10,025,467
NantHealth, Inc. (a)(b)
 
173,519
122,227
Nextgen Healthcare, Inc. (a)
 
425,926
8,028,705
Omnicell, Inc. (a)
 
332,654
36,315,837
OptimizeRx Corp. (a)(b)
 
139,234
3,913,868
Phreesia, Inc. (a)
 
388,325
8,884,876
Schrodinger, Inc. (a)(b)
 
310,019
7,663,670
Simulations Plus, Inc. (b)
 
119,578
5,579,509
Tabula Rasa HealthCare, Inc. (a)(b)
 
120,332
405,519
 
 
 
177,668,855
Life Sciences Tools & Services - 0.5%
 
 
 
Absci Corp. (b)
 
440,974
2,606,156
Akoya Biosciences, Inc. (a)(b)
 
102,330
962,925
Alpha Teknova, Inc. (b)
 
51,569
579,120
Berkeley Lights, Inc. (a)(b)
 
324,023
1,612,014
BioNano Genomics, Inc. (a)(b)
 
1,968,257
3,208,259
ChromaDex, Inc. (a)(b)
 
376,095
710,820
Codex DNA, Inc. (b)
 
59,455
219,984
Codexis, Inc. (a)(b)
 
471,637
5,673,793
Cytek Biosciences, Inc. (b)
 
670,804
6,339,098
Harvard Bioscience, Inc. (a)(b)
 
300,975
1,571,090
Inotiv, Inc. (a)(b)
 
136,437
1,944,227
IsoPlexis Corp. (b)
 
64,828
141,325
MaxCyte, Inc. (b)
 
771,796
4,275,750
Medpace Holdings, Inc. (a)
 
221,014
29,520,840
Nanostring Technologies, Inc. (a)(b)
 
353,603
6,640,664
NeoGenomics, Inc. (a)
 
813,468
7,687,273
Pacific Biosciences of California, Inc. (a)(b)
 
1,568,287
9,942,940
Personalis, Inc. (a)(b)
 
260,066
1,456,370
Quanterix Corp. (a)(b)
 
241,157
5,351,274
Rapid Micro Biosystems, Inc. (b)
 
133,910
780,695
Seer, Inc. (a)(b)
 
305,615
2,224,877
Singular Genomics Systems, Inc. (a)(b)
 
324,851
1,328,641
Standard BioTools, Inc. (a)(b)
 
597,628
1,583,714
 
 
 
96,361,849
Pharmaceuticals - 1.5%
 
 
 
9 Meters Biopharma, Inc. (a)(b)
 
1,586,348
662,776
Aclaris Therapeutics, Inc. (a)(b)
 
392,553
4,836,253
Aerie Pharmaceuticals, Inc. (a)(b)
 
285,054
2,026,734
Amneal Pharmaceuticals, Inc. (a)
 
759,273
2,930,794
Amphastar Pharmaceuticals, Inc. (a)(b)
 
275,077
9,756,981
Ampio Pharmaceuticals, Inc. (a)(b)
 
1,294,320
297,952
Amylyx Pharmaceuticals, Inc. (b)
 
76,000
684,000
Angion Biomedica Corp. (a)(b)
 
151,930
189,913
ANI Pharmaceuticals, Inc. (a)(b)
 
76,115
2,246,154
Antares Pharma, Inc. (a)
 
1,296,597
7,215,562
Arvinas Holding Co. LLC (a)(b)
 
360,991
19,843,675
AstraZeneca PLC rights (a)(c)
 
1,000
0
Atea Pharmaceuticals, Inc. (a)
 
513,977
3,017,045
Athira Pharma, Inc. (a)(b)
 
229,532
2,361,884
Axsome Therapeutics, Inc. (a)(b)
 
223,663
7,101,300
Cara Therapeutics, Inc. (a)(b)
 
349,769
3,049,986
Cassava Sciences, Inc. (a)(b)
 
291,669
6,087,132
CinCor Pharma, Inc.
 
93,281
2,219,155
Citius Pharmaceuticals, Inc. (a)(b)
 
958,652
968,239
Collegium Pharmaceutical, Inc. (a)(b)
 
261,707
4,213,483
Corcept Therapeutics, Inc. (a)(b)
 
666,030
14,326,305
CorMedix, Inc. (a)(b)
 
297,627
1,023,837
CymaBay Therapeutics, Inc. (a)(b)
 
607,018
1,377,931
DICE Therapeutics, Inc. (b)
 
98,369
1,998,858
Durect Corp. (a)(b)
 
1,626,964
732,134
Edgewise Therapeutics, Inc. (a)(b)
 
284,051
2,266,727
Endo International PLC (a)
 
1,571,215
3,142,430
Esperion Therapeutics, Inc. (a)(b)
 
468,782
2,662,682
Evolus, Inc. (a)(b)
 
261,033
2,920,959
Eyepoint Pharmaceuticals, Inc. (a)(b)
 
194,696
2,200,065
Fulcrum Therapeutics, Inc. (a)(b)
 
221,872
2,134,409
Harmony Biosciences Holdings, Inc. (a)(b)
 
173,698
7,823,358
Ikena Oncology, Inc. (a)(b)
 
207,438
804,859
Innoviva, Inc. (a)(b)
 
321,261
5,480,713
Intra-Cellular Therapies, Inc. (a)
 
606,503
30,695,117
Kala Pharmaceuticals, Inc. (a)(b)
 
475,713
308,976
KemPharm, Inc. (a)(b)
 
225,883
1,009,697
Landos Biopharma, Inc. (a)
 
34,798
33,232
Marinus Pharmaceuticals, Inc. (a)(b)
 
303,047
2,006,171
Mind Medicine (MindMed), Inc. (a)(b)
 
2,389,790
1,911,832
NGM Biopharmaceuticals, Inc. (a)(b)
 
240,711
3,004,073
Nuvation Bio, Inc. (a)(b)
 
1,218,932
5,680,223
Ocular Therapeutix, Inc. (a)(b)
 
570,149
2,035,432
Omeros Corp. (a)(b)
 
477,657
1,657,470
Oramed Pharmaceuticals, Inc. (a)(b)
 
292,255
1,502,191
Pacira Biosciences, Inc. (a)(b)
 
331,163
24,694,825
Paratek Pharmaceuticals, Inc. (a)(b)
 
364,294
805,090
Phathom Pharmaceuticals, Inc. (a)(b)
 
144,450
1,869,183
Phibro Animal Health Corp. Class A (b)
 
149,514
2,689,757
Pliant Therapeutics, Inc. (a)(b)
 
180,845
1,059,752
Prestige Brands Holdings, Inc. (a)
 
370,791
20,267,436
Provention Bio, Inc. (a)(b)
 
434,347
1,950,218
Rain Therapeutics, Inc. (a)(b)
 
115,480
458,456
Reata Pharmaceuticals, Inc. (a)(b)
 
184,786
4,689,869
Relmada Therapeutics, Inc. (a)(b)
 
193,763
4,865,389
Revance Therapeutics, Inc. (a)
 
544,011
8,910,900
Seelos Therapeutics, Inc. (a)(b)
 
621,948
385,608
SIGA Technologies, Inc. (b)
 
349,619
2,401,883
Supernus Pharmaceuticals, Inc. (a)(b)
 
351,327
9,802,023
Tarsus Pharmaceuticals, Inc. (a)
 
61,765
1,130,917
Terns Pharmaceuticals, Inc. (a)(b)
 
96,205
153,928
TherapeuticsMD, Inc. (a)(b)
 
3,227,849
651,057
Theravance Biopharma, Inc. (a)(b)
 
470,414
4,539,495
Theseus Pharmaceuticals, Inc. (b)
 
88,030
719,205
Ventyx Biosciences, Inc. (b)
 
85,047
1,235,733
Verrica Pharmaceuticals, Inc. (a)(b)
 
92,256
606,122
WAVE Life Sciences (a)
 
352,866
688,089
Zogenix, Inc. rights (a)(c)
 
420,880
286,198
 
 
 
273,309,832
TOTAL HEALTH CARE
 
 
2,843,144,532
INDUSTRIALS - 15.4%
 
 
 
Aerospace & Defense - 0.8%
 
 
 
AAR Corp. (a)
 
254,058
11,935,645
Aerojet Rocketdyne Holdings, Inc. (a)
 
563,015
22,509,340
AeroVironment, Inc. (a)(b)
 
171,506
13,775,362
AerSale Corp. (a)(b)
 
123,168
1,783,473
Astronics Corp. (a)
 
189,459
1,835,858
Byrna Technologies, Inc. (a)(b)
 
155,956
923,260
Cadre Holding, Inc.
 
47,418
1,203,469
Ducommun, Inc. (a)
 
82,053
4,190,447
Kaman Corp. (b)
 
208,654
8,139,593
Kratos Defense & Security Solutions, Inc. (a)
 
937,947
14,228,656
Maxar Technologies, Inc. (b)
 
555,680
17,898,453
Moog, Inc. Class A
 
217,277
17,353,914
National Presto Industries, Inc.
 
37,216
2,647,174
Park Aerospace Corp. (b)
 
142,346
1,665,448
Parsons Corp. (a)(b)
 
196,508
7,257,040
Triumph Group, Inc. (a)
 
481,453
10,851,951
Vectrus, Inc. (a)
 
86,507
3,122,903
 
 
 
141,321,986
Air Freight & Logistics - 0.4%
 
 
 
Air Transport Services Group, Inc. (a)
 
442,749
13,858,044
Atlas Air Worldwide Holdings, Inc. (a)(b)
 
216,794
14,945,778
Forward Air Corp.
 
202,435
19,630,122
Hub Group, Inc. Class A (a)
 
247,863
16,646,479
Radiant Logistics, Inc. (a)
 
293,822
1,695,353
 
 
 
66,775,776
Airlines - 0.3%
 
 
 
Allegiant Travel Co. (a)
 
120,817
18,749,590
Frontier Group Holdings, Inc. (a)(b)
 
319,352
3,388,325
Hawaiian Holdings, Inc. (a)(b)
 
421,936
7,156,035
Mesa Air Group, Inc. (a)(b)
 
231,859
788,321
SkyWest, Inc. (a)
 
392,432
11,439,393
Spirit Airlines, Inc. (a)
 
576,603
13,613,597
Sun Country Airlines Holdings, Inc. (a)(b)
 
255,180
7,020,002
 
 
 
62,155,263
Building Products - 1.3%
 
 
 
AAON, Inc.
 
315,348
15,370,062
American Woodmark Corp. (a)(b)
 
122,018
5,716,543
Apogee Enterprises, Inc.
 
182,941
8,049,404
Caesarstone Sdot-Yam Ltd.
 
162,179
1,594,220
Cornerstone Building Brands, Inc. (a)
 
410,702
10,017,022
CSW Industrials, Inc.
 
110,897
11,700,742
Gibraltar Industries, Inc. (a)
 
238,392
9,020,753
Griffon Corp.
 
390,284
7,302,214
Insteel Industries, Inc. (b)
 
140,284
5,950,847
Jeld-Wen Holding, Inc. (a)
 
692,703
14,401,295
Masonite International Corp. (a)
 
180,349
13,980,654
PGT Innovations, Inc. (a)(b)
 
432,489
7,685,330
Quanex Building Products Corp. (b)
 
249,094
4,787,587
Resideo Technologies, Inc. (a)
 
1,089,738
24,508,208
Simpson Manufacturing Co. Ltd.
 
328,231
34,027,708
UFP Industries, Inc.
 
453,558
35,091,782
View, Inc. Class A (a)(b)
 
648,676
998,961
Zurn Water Solutions Corp.
 
907,735
28,339,487
 
 
 
238,542,819
Commercial Services & Supplies - 1.8%
 
 
 
ABM Industries, Inc.
 
509,440
24,590,669
ACCO Brands Corp.
 
689,076
5,050,927
Aris Water Solution, Inc. Class A
 
154,505
2,617,315
Brady Corp. Class A (b)
 
353,063
15,799,569
BrightView Holdings, Inc. (a)(b)
 
362,305
4,586,781
Casella Waste Systems, Inc. Class A (a)
 
368,287
30,287,923
CECO Environmental Corp. (a)(b)
 
240,732
1,143,477
Cimpress PLC (a)
 
132,719
6,703,637
CompX International, Inc. Class A (b)
 
9,445
200,517
CoreCivic, Inc. (a)
 
908,129
11,288,043
Deluxe Corp. (b)
 
311,323
8,430,627
Ennis, Inc.
 
185,898
3,206,741
Harsco Corp. (a)
 
563,515
5,759,123
Healthcare Services Group, Inc. (b)
 
527,453
9,014,172
Heritage-Crystal Clean, Inc. (a)
 
120,359
3,285,801
HNI Corp.
 
326,900
11,650,716
Interface, Inc. (b)
 
437,852
5,556,342
KAR Auction Services, Inc. (a)(b)
 
914,524
13,406,922
Kimball International, Inc. Class B
 
275,055
2,112,422
Matthews International Corp. Class A
 
233,540
6,961,827
Millerknoll, Inc.
 
564,689
17,917,582
Montrose Environmental Group, Inc. (a)(b)
 
202,487
9,186,835
NL Industries, Inc.
 
64,234
441,930
Pitney Bowes, Inc. (b)
 
1,365,760
7,197,555
SP Plus Corp. (a)
 
171,507
4,887,950
Steelcase, Inc. Class A
 
665,911
7,811,136
Team, Inc. (a)(b)
 
272,452
392,331
Tetra Tech, Inc.
 
405,966
56,542,944
The Brink's Co.
 
362,045
21,342,553
The GEO Group, Inc. (a)
 
929,391
6,068,923
U.S. Ecology, Inc. (a)
 
240,378
11,535,740
UniFirst Corp.
 
112,857
19,445,261
Viad Corp. (a)
 
154,758
5,068,325
VSE Corp.
 
79,353
3,436,778
 
 
 
342,929,394
Construction & Engineering - 1.6%
 
 
 
Ameresco, Inc. Class A (a)(b)
 
233,770
11,791,359
API Group Corp. (a)
 
1,522,512
28,257,823
Arcosa, Inc.
 
368,061
19,702,305
Argan, Inc.
 
105,067
3,864,364
Comfort Systems U.S.A., Inc.
 
267,058
22,545,036
Concrete Pumping Holdings, Inc. (a)
 
192,732
1,075,445
Construction Partners, Inc. Class A (a)(b)
 
308,263
7,956,268
Dycom Industries, Inc. (a)
 
225,039
19,108,061
EMCOR Group, Inc.
 
400,499
42,645,134
Fluor Corp. (a)(b)
 
1,077,443
26,666,714
Granite Construction, Inc. (b)
 
321,996
9,547,181
Great Lakes Dredge & Dock Corp. (a)(b)
 
483,963
6,683,529
IES Holdings, Inc. (a)
 
67,008
1,963,334
Infrastructure and Energy Alternatives, Inc. (a)(b)
 
226,372
2,116,578
INNOVATE Corp. (a)(b)
 
340,471
1,031,627
Matrix Service Co. (a)(b)
 
216,077
1,469,324
MYR Group, Inc. (a)
 
124,224
9,824,876
Northwest Pipe Co. (a)(b)
 
73,498
1,963,132
NV5 Global, Inc. (a)(b)
 
98,653
11,818,629
Primoris Services Corp.
 
412,888
9,570,744
Sterling Construction Co., Inc. (a)
 
209,846
4,803,375
Tutor Perini Corp. (a)(b)
 
316,123
2,930,460
Willscot Mobile Mini Holdings (a)
 
1,575,985
55,317,074
 
 
 
302,652,372
Electrical Equipment - 0.9%
 
 
 
Advent Technologies Holdings, Inc. Class A (a)(b)
 
288,360
562,302
Allied Motion Technologies, Inc.
 
91,400
2,224,676
American Superconductor Corp. (a)(b)
 
202,133
1,077,369
Array Technologies, Inc. (a)(b)
 
1,006,319
6,571,263
Atkore, Inc. (a)
 
338,876
32,565,984
AZZ, Inc. (b)
 
182,438
8,326,470
Babcock & Wilcox Enterprises, Inc. (a)
 
437,859
3,288,321
Beam Global (a)(b)
 
62,860
970,558
Blink Charging Co. (a)(b)
 
304,413
5,814,288
Bloom Energy Corp. Class A (a)(b)
 
1,097,207
20,364,162
Encore Wire Corp.
 
148,848
16,791,543
EnerSys
 
315,423
20,647,590
Eos Energy Enterprises, Inc. (a)(b)
 
214,220
454,146
FTC Solar, Inc. (a)(b)
 
349,578
978,818
FuelCell Energy, Inc. (a)(b)
 
2,825,810
11,529,305
GrafTech International Ltd.
 
1,509,630
13,707,440
Powell Industries, Inc. (b)
 
71,473
1,379,429
Preformed Line Products Co.
 
21,672
1,289,484
Romeo Power, Inc. (a)(b)
 
548,216
603,038
Stem, Inc. (a)(b)
 
689,082
4,940,718
Thermon Group Holdings, Inc. (a)
 
244,756
3,671,340
TPI Composites, Inc. (a)(b)
 
230,004
2,631,246
Vicor Corp. (a)
 
141,638
8,571,932
 
 
 
168,961,422
Machinery - 3.5%
 
 
 
AgEagle Aerial Systems, Inc. (a)(b)
 
735,290
592,717
Alamo Group, Inc.
 
73,940
9,348,974
Albany International Corp. Class A (b)
 
229,318
17,937,254
Altra Industrial Motion Corp.
 
495,790
19,335,810
Astec Industries, Inc.
 
174,954
6,840,701
Barnes Group, Inc.
 
349,700
11,742,926
Blue Bird Corp. (a)
 
131,934
2,114,902
Chart Industries, Inc. (a)
 
275,821
46,564,101
CIRCOR International, Inc. (a)
 
141,846
2,787,274
Columbus McKinnon Corp. (NY Shares)
 
208,466
7,390,120
Commercial Vehicle Group, Inc. (a)(b)
 
240,069
1,723,695
Desktop Metal, Inc. (a)(b)
 
1,590,441
5,582,448
Douglas Dynamics, Inc.
 
168,449
5,215,181
Energy Recovery, Inc. (a)(b)
 
314,413
5,822,929
Enerpac Tool Group Corp. Class A (b)
 
453,261
9,101,481
EnPro Industries, Inc. (b)
 
152,317
14,197,468
ESCO Technologies, Inc.
 
191,945
11,986,965
Evoqua Water Technologies Corp. (a)(b)
 
872,214
36,362,602
Federal Signal Corp.
 
449,084
15,282,329
Franklin Electric Co., Inc.
 
346,978
24,267,641
Gorman-Rupp Co.
 
164,326
5,235,426
Helios Technologies, Inc.
 
243,425
16,353,292
Hillenbrand, Inc.
 
545,830
22,280,781
Hydrofarm Holdings Group, Inc. (a)(b)
 
316,082
3,018,583
Hyliion Holdings Corp. Class A (a)(b)
 
796,836
2,557,844
Hyster-Yale Materials Handling Class A
 
78,386
2,408,018
Ideanomics, Inc. (a)(b)
 
3,854,783
2,772,360
John Bean Technologies Corp.
 
237,030
27,943,467
Kadant, Inc.
 
86,056
15,920,360
Kennametal, Inc.
 
641,142
16,496,584
Lindsay Corp. (b)
 
81,907
11,069,731
Luxfer Holdings PLC sponsored
 
211,456
3,412,900
Manitowoc Co., Inc. (a)
 
271,209
3,590,807
Mayville Engineering Co., Inc. (a)(b)
 
66,089
547,217
Meritor, Inc. (a)
 
510,263
18,323,544
Miller Industries, Inc.
 
81,763
2,192,066
Mueller Industries, Inc.
 
420,429
22,766,230
Mueller Water Products, Inc. Class A
 
1,168,984
14,062,878
Nikola Corp. (a)(b)
 
1,790,841
12,858,238
NN, Inc. (a)(b)
 
308,739
935,479
Omega Flex, Inc. (b)
 
23,001
2,553,111
Park-Ohio Holdings Corp.
 
59,488
570,490
Proto Labs, Inc. (a)
 
201,954
8,605,260
RBC Bearings, Inc. (a)(b)
 
210,915
35,507,540
REV Group, Inc. (b)
 
272,612
3,249,535
Shyft Group, Inc. (The)
 
261,968
6,672,325
SPX Corp. (a)
 
326,920
13,697,948
Standex International Corp.
 
87,890
8,265,176
Tennant Co.
 
136,890
8,840,356
Terex Corp.
 
522,241
17,756,194
The Greenbrier Companies, Inc. (b)
 
244,592
10,446,524
Titan International, Inc. (a)
 
391,938
5,432,261
Trinity Industries, Inc.
 
578,143
16,037,687
Wabash National Corp.
 
373,899
5,350,495
Watts Water Technologies, Inc. Class A
 
208,306
26,550,683
Welbilt, Inc. (a)
 
972,470
22,969,741
 
 
 
651,448,649
Marine - 0.2%
 
 
 
Costamare, Inc. (b)
 
395,126
5,298,640
Eagle Bulk Shipping, Inc.
 
68,572
4,267,921
Genco Shipping & Trading Ltd.
 
249,713
5,501,177
Matson, Inc.
 
311,192
26,768,736
Safe Bulkers, Inc.
 
472,839
1,943,368
 
 
 
43,779,842
Professional Services - 1.9%
 
 
 
Acacia Research Corp. (a)(b)
 
349,324
1,638,330
ASGN, Inc. (a)
 
382,881
43,437,849
Atlas Technical Consultants, Inc. (a)(b)
 
107,796
1,304,332
Barrett Business Services, Inc.
 
55,209
3,973,392
CBIZ, Inc. (a)(b)
 
363,739
15,237,027
CRA International, Inc.
 
53,725
4,425,328
Exponent, Inc.
 
390,633
37,426,548
First Advantage Corp.
 
414,832
7,201,484
Forrester Research, Inc. (a)
 
83,353
4,641,929
Franklin Covey Co. (a)
 
95,288
3,818,190
Heidrick & Struggles International, Inc.
 
144,196
4,608,504
Hirequest, Inc. (b)
 
36,918
613,577
HireRight Holdings Corp. (b)
 
177,630
3,071,223
Huron Consulting Group, Inc. (a)
 
163,276
8,454,431
ICF International, Inc.
 
136,636
13,501,003
Insperity, Inc.
 
271,981
28,843,585
KBR, Inc.
 
1,063,958
52,378,652
Kelly Services, Inc. Class A (non-vtg.)
 
262,674
5,066,981
Kforce, Inc.
 
150,957
10,574,538
Korn Ferry
 
404,078
24,826,552
ManTech International Corp. Class A
 
206,826
16,616,401
MISTRAS Group, Inc. (a)
 
140,799
801,146
Resources Connection, Inc.
 
230,370
3,960,060
Sterling Check Corp. (b)
 
131,246
3,409,771
TriNet Group, Inc. (a)
 
304,261
26,987,951
TrueBlue, Inc. (a)
 
258,598
6,612,351
Upwork, Inc. (a)
 
913,868
19,163,812
Willdan Group, Inc. (a)(b)
 
85,624
2,301,573
 
 
 
354,896,520
Road & Rail - 1.0%
 
 
 
ArcBest Corp.
 
192,445
13,886,831
Avis Budget Group, Inc. (a)(b)
 
311,143
83,283,647
Covenant Transport Group, Inc. Class A
 
89,517
1,838,679
Daseke, Inc. (a)(b)
 
301,921
2,536,136
Heartland Express, Inc. (b)
 
351,265
4,847,457
HyreCar, Inc. (a)
 
134,549
209,896
Marten Transport Ltd.
 
442,040
7,682,655
P.A.M. Transportation Services, Inc.
 
53,840
1,636,198
Saia, Inc. (a)
 
201,097
41,417,938
U.S. Xpress Enterprises, Inc. (a)(b)
 
197,126
652,487
Universal Logistics Holdings, Inc.
 
57,117
1,158,333
Werner Enterprises, Inc. (b)
 
451,435
17,890,369
Yellow Corp. (a)
 
405,893
1,818,401
 
 
 
178,859,027
Trading Companies & Distributors - 1.7%
 
 
 
Alta Equipment Group, Inc. (a)
 
140,100
1,576,125
Applied Industrial Technologies, Inc.
 
287,322
30,079,740
Beacon Roofing Supply, Inc. (a)(b)
 
418,324
24,944,660
BlueLinx Corp. (a)
 
69,117
4,608,030
Boise Cascade Co.
 
296,115
22,380,372
Custom Truck One Source, Inc. Class A (a)(b)
 
458,581
3,012,877
DXP Enterprises, Inc. (a)
 
130,617
3,086,480
EVI Industries, Inc. (a)(b)
 
35,761
511,025
GATX Corp. (b)
 
262,141
27,102,758
Global Industrial Co.
 
96,914
2,990,766
GMS, Inc. (a)(b)
 
321,897
15,434,961
H&E Equipment Services, Inc.
 
242,106
8,589,921
Herc Holdings, Inc. (b)
 
188,474
24,090,747
Karat Packaging, Inc. (a)
 
33,967
623,294
Lawson Products, Inc. (a)(b)
 
35,475
1,347,695
McGrath RentCorp.
 
180,116
15,032,481
MRC Global, Inc. (a)
 
609,882
7,312,485
NOW, Inc. (a)
 
843,393
9,192,984
Rush Enterprises, Inc.:
 
 
 
 Class A
 
358,058
18,217,991
 Class B
 
201
9,738
Textainer Group Holdings Ltd. (b)
 
352,691
11,829,256
Titan Machinery, Inc. (a)
 
148,704
3,506,440
Transcat, Inc. (a)(b)
 
53,618
3,914,114
Triton International Ltd.
 
500,218
30,558,318
Veritiv Corp. (a)(b)
 
107,415
15,096,104
WESCO International, Inc. (a)
 
337,203
41,563,642
Willis Lease Finance Corp. (a)(b)
 
17,926
557,499
 
 
 
327,170,503
TOTAL INDUSTRIALS
 
 
2,879,493,573
INFORMATION TECHNOLOGY - 13.3%
 
 
 
Communications Equipment - 0.7%
 
 
 
ADTRAN, Inc.
 
375,846
6,535,962
Aviat Networks, Inc. (a)
 
83,626
2,500,417
CalAmp Corp. (a)(b)
 
269,481
1,474,061
Calix, Inc. (a)(b)
 
422,053
16,844,135
Cambium Networks Corp. (a)
 
87,349
1,333,819
Casa Systems, Inc. (a)(b)
 
230,209
1,128,024
Clearfield, Inc. (a)(b)
 
86,492
5,036,429
Comtech Telecommunications Corp. (b)
 
197,512
2,686,163
Digi International, Inc. (a)
 
259,116
4,902,475
DZS, Inc. (a)(b)
 
127,212
1,537,993
EMCORE Corp. (a)
 
273,342
943,030
Extreme Networks, Inc. (a)
 
967,942
9,292,243
Harmonic, Inc. (a)
 
693,825
5,758,748
Infinera Corp. (a)(b)
 
1,423,775
10,948,830
Inseego Corp. (a)(b)
 
698,493
1,990,705
KVH Industries, Inc. (a)(b)
 
105,896
843,991
NETGEAR, Inc. (a)(b)
 
217,242
4,714,151
NetScout Systems, Inc. (a)
 
521,070
16,048,956
Plantronics, Inc. (a)
 
326,001
12,994,400
Ribbon Communications, Inc. (a)
 
565,591
1,951,289
Viavi Solutions, Inc. (a)
 
1,720,857
24,677,089
 
 
 
134,142,910
Electronic Equipment & Components - 2.3%
 
 
 
908 Devices, Inc. (a)(b)
 
168,394
2,988,994
Advanced Energy Industries, Inc. (b)
 
287,242
21,979,758
Aeva Technologies, Inc. (a)(b)
 
839,067
2,752,140
Akoustis Technologies, Inc. (a)(b)
 
423,215
1,879,075
Arlo Technologies, Inc. (a)
 
586,327
4,538,171
Badger Meter, Inc.
 
218,729
17,649,243
Belden, Inc.
 
330,379
17,057,468
Benchmark Electronics, Inc.
 
268,715
6,384,668
CTS Corp.
 
236,195
8,354,217
Daktronics, Inc. (a)
 
269,198
901,813
ePlus, Inc. (a)
 
198,648
11,219,639
Fabrinet (a)
 
278,137
27,310,272
FARO Technologies, Inc. (a)
 
140,489
4,817,368
Identiv, Inc. (a)(b)
 
155,093
1,890,584
II-VI, Inc. (a)(b)
 
804,009
49,213,391
Insight Enterprises, Inc. (a)
 
257,473
25,585,092
Iteris, Inc. (a)(b)
 
315,597
814,240
Itron, Inc. (a)(b)
 
351,579
16,798,445
Kimball Electronics, Inc. (a)(b)
 
180,594
3,221,797
Knowles Corp. (a)
 
655,409
12,138,175
Luna Innovations, Inc. (a)(b)
 
247,348
1,365,361
Methode Electronics, Inc. Class A (b)
 
276,368
12,328,776
MicroVision, Inc. (a)(b)
 
1,097,474
3,544,841
Napco Security Technologies, Inc. (b)
 
216,637
3,791,148
nLIGHT, Inc. (a)
 
340,665
4,479,745
Novanta, Inc. (a)
 
266,202
34,260,197
OSI Systems, Inc. (a)(b)
 
123,306
9,753,505
Ouster, Inc. (a)(b)
 
902,434
2,987,057
Par Technology Corp. (a)(b)
 
199,597
6,594,685
PC Connection, Inc.
 
81,500
4,033,435
Plexus Corp. (a)
 
209,197
16,974,245
Rogers Corp. (a)
 
139,983
37,896,198
Sanmina Corp. (a)
 
469,649
19,203,948
ScanSource, Inc. (a)
 
186,943
6,400,928
TTM Technologies, Inc. (a)
 
780,427
10,886,957
Velodyne Lidar, Inc. (a)(b)
 
307,389
577,891
Vishay Intertechnology, Inc.
 
1,005,216
18,727,174
Vishay Precision Group, Inc. (a)
 
87,828
2,741,112
 
 
 
434,041,753
IT Services - 1.5%
 
 
 
BigCommerce Holdings, Inc. (a)
 
310,497
5,548,581
Brightcove, Inc. (a)(b)
 
303,762
2,141,522
Cantaloupe, Inc. (a)(b)
 
451,552
2,469,989
Cass Information Systems, Inc.
 
100,373
3,885,439
Conduent, Inc. (a)
 
1,291,498
7,271,134
CSG Systems International, Inc.
 
237,271
14,585,048
Digitalocean Holdings, Inc. (a)
 
387,286
15,270,687
EVERTEC, Inc.
 
452,197
17,816,562
EVO Payments, Inc. Class A (a)
 
355,556
8,010,677
ExlService Holdings, Inc. (a)
 
245,247
33,390,379
Flywire Corp. (a)(b)
 
439,908
13,421,593
GreenBox POS (a)(b)
 
137,466
496,252
Grid Dynamics Holdings, Inc. (a)(b)
 
369,714
5,146,419
Hackett Group, Inc.
 
179,518
4,216,878
i3 Verticals, Inc. Class A (a)(b)
 
165,153
4,533,450
IBEX Ltd. (a)(b)
 
44,075
682,722
International Money Express, Inc. (a)
 
242,705
4,822,548
Limelight Networks, Inc. (a)(b)
 
982,193
3,506,429
Liveramp Holdings, Inc. (a)(b)
 
501,725
15,714,027
Maximus, Inc.
 
460,284
33,545,498
MoneyGram International, Inc. (a)
 
684,920
6,938,240
Paya Holdings, Inc. (a)(b)
 
683,628
3,479,667
Perficient, Inc. (a)
 
244,881
24,343,620
Priority Technology Holdings, Inc. (a)(b)
 
79,835
383,208
Rackspace Technology, Inc. (a)(b)
 
376,521
3,723,793
Remitly Global, Inc. (b)
 
52,561
583,427
Repay Holdings Corp. (a)
 
675,128
9,033,213
StarTek, Inc. (a)
 
117,054
438,953
Ttec Holdings, Inc.
 
139,463
10,293,764
Tucows, Inc. (a)(b)
 
70,548
4,064,976
Unisys Corp. (a)
 
500,488
7,111,934
Verra Mobility Corp. (a)(b)
 
1,143,111
16,037,847
 
 
 
282,908,476
Semiconductors & Semiconductor Equipment - 3.0%
 
 
 
Alpha & Omega Semiconductor Ltd. (a)
 
163,121
6,997,891
Ambarella, Inc. (a)
 
268,372
22,027,974
Amkor Technology, Inc. (b)
 
767,592
14,438,406
Atomera, Inc. (a)(b)
 
147,162
1,537,843
Axcelis Technologies, Inc. (a)(b)
 
248,304
13,520,153
AXT, Inc. (a)(b)
 
306,436
1,807,972
CEVA, Inc. (a)(b)
 
170,780
6,206,145
CMC Materials, Inc.
 
213,758
38,243,444
Cohu, Inc. (a)(b)
 
368,907
9,798,170
Credo Technology Group Holding Ltd. (b)
 
163,462
1,804,620
Diodes, Inc. (a)
 
325,274
23,754,760
FormFactor, Inc. (a)
 
588,291
22,419,770
Ichor Holdings Ltd. (a)(b)
 
216,179
6,292,971
Impinj, Inc. (a)(b)
 
147,750
7,278,165
Kopin Corp. (a)
 
549,538
879,261
Kulicke & Soffa Industries, Inc. (b)
 
462,388
21,459,427
Lattice Semiconductor Corp. (a)
 
1,025,926
49,285,485
MACOM Technology Solutions Holdings, Inc. (a)
 
370,934
18,899,087
MaxLinear, Inc. Class A (a)
 
534,333
25,578,521
Meta Materials, Inc. (a)(b)
 
1,323,597
1,588,316
NeoPhotonics Corp. (a)
 
386,435
5,850,626
NVE Corp.
 
33,064
1,533,508
Onto Innovation, Inc. (a)
 
365,992
26,036,671
PDF Solutions, Inc. (a)
 
221,660
5,153,595
Photronics, Inc. (a)
 
439,391
6,586,471
Power Integrations, Inc.
 
443,769
35,501,520
Rambus, Inc. (a)
 
808,468
20,138,938
Semtech Corp. (a)
 
484,706
28,888,478
Silicon Laboratories, Inc. (a)
 
285,814
38,559,167
SiTime Corp. (a)
 
121,857
20,541,434
SkyWater Technology, Inc. (a)(b)
 
56,216
344,042
SMART Global Holdings, Inc. (a)(b)
 
372,055
8,430,766
SunPower Corp. (a)(b)
 
622,495
10,277,392
Synaptics, Inc. (a)
 
298,487
44,307,410
Ultra Clean Holdings, Inc. (a)(b)
 
343,646
10,711,446
Veeco Instruments, Inc. (a)(b)
 
369,768
8,475,083
 
 
 
565,154,928
Software - 5.5%
 
 
 
8x8, Inc. (a)(b)
 
890,989
8,170,369
A10 Networks, Inc.
 
451,994
6,454,474
ACI Worldwide, Inc. (a)(b)
 
881,272
24,340,733
Agilysys, Inc. (a)(b)
 
160,763
5,917,686
Alarm.com Holdings, Inc. (a)(b)
 
354,197
21,634,353
Alkami Technology, Inc. (a)(b)
 
231,707
3,035,362
Altair Engineering, Inc. Class A (a)(b)
 
350,842
19,057,737
American Software, Inc. Class A
 
233,831
3,998,510
AppFolio, Inc. (a)(b)
 
142,799
14,831,104
Appian Corp. Class A (a)(b)
 
307,365
14,692,047
Arteris, Inc. (b)
 
38,132
449,576
Asana, Inc. (a)(b)
 
556,856
14,923,741
Avaya Holdings Corp. (a)(b)
 
638,205
5,903,396
AvidXchange Holdings, Inc.
 
224,667
1,840,023
Benefitfocus, Inc. (a)(b)
 
180,417
1,921,441
Blackbaud, Inc. (a)
 
356,239
20,665,424
BlackLine, Inc. (a)
 
412,869
27,682,866
Bottomline Technologies, Inc. (a)
 
332,041
18,800,161
Box, Inc. Class A (a)
 
1,021,455
31,276,952
BTRS Holdings, Inc. (a)
 
746,788
5,018,415
Cerence, Inc. (a)(b)
 
307,522
9,071,899
ChannelAdvisor Corp. (a)
 
224,397
3,256,000
Cleanspark, Inc. (a)(b)
 
341,511
2,216,406
CommVault Systems, Inc. (a)
 
333,283
20,330,263
Consensus Cloud Solutions, Inc. (a)
 
120,117
6,332,568
CoreCard Corp. (a)(b)
 
55,053
1,254,658
Couchbase, Inc. (b)
 
194,306
3,303,202
CS Disco, Inc. (b)
 
126,620
3,888,500
Digimarc Corp. (a)(b)
 
100,787
2,607,360
Digital Turbine, Inc. (a)
 
698,116
22,095,371
Domo, Inc. Class B (a)
 
225,936
9,358,269
E2open Parent Holdings, Inc. (a)(b)
 
1,538,428
11,907,433
Ebix, Inc. (b)
 
181,066
5,395,767
eGain Communications Corp. (a)
 
151,518
1,568,211
Enfusion, Inc. Class A (b)
 
158,767
2,027,455
EngageSmart, Inc. (b)
 
135,659
2,832,560
Envestnet, Inc. (a)(b)
 
406,499
32,373,580
EverCommerce, Inc. (b)
 
236,596
2,929,058
GTY Technology Holdings, Inc. (a)(b)
 
232,087
1,413,410
Instructure Holdings, Inc. (b)
 
92,581
1,675,716
Intapp, Inc. (b)
 
111,648
2,784,501
InterDigital, Inc.
 
228,397
12,984,369
JFrog Ltd. (a)(b)
 
426,882
8,909,027
Kaltura, Inc. (b)
 
448,853
695,722
LivePerson, Inc. (a)
 
427,678
9,674,076
Marathon Digital Holdings, Inc. (a)(b)
 
731,394
11,409,746
MeridianLink, Inc. (b)
 
175,574
2,835,520
MicroStrategy, Inc. Class A (a)(b)
 
71,512
25,327,405
Mimecast Ltd. (a)
 
464,755
37,031,678
Mitek Systems, Inc. (a)(b)
 
326,296
3,644,726
Model N, Inc. (a)(b)
 
273,095
7,056,775
Momentive Global, Inc. (a)
 
999,946
15,819,146
ON24, Inc. (a)(b)
 
220,241
2,790,453
Onespan, Inc. (a)
 
274,786
3,882,726
Pagerduty, Inc. (a)(b)
 
638,893
18,253,173
Ping Identity Holding Corp. (a)
 
468,804
12,249,849
Progress Software Corp.
 
327,671
15,721,655
PROS Holdings, Inc. (a)(b)
 
288,304
8,052,331
Q2 Holdings, Inc. (a)(b)
 
420,460
21,750,396
Qualys, Inc. (a)
 
256,241
34,920,523
Rapid7, Inc. (a)
 
423,000
40,404,960
Rekor Systems, Inc. (a)(b)
 
245,202
728,250
Rimini Street, Inc. (a)(b)
 
345,735
1,991,434
Riot Blockchain, Inc. (a)(b)
 
830,817
8,424,484
SailPoint Technologies Holding, Inc. (a)
 
688,654
43,956,785
Sapiens International Corp. NV
 
233,646
5,429,933
SecureWorks Corp. (a)
 
71,748
792,098
ShotSpotter, Inc. (a)(b)
 
64,484
1,770,086
Smith Micro Software, Inc. (a)(b)
 
364,993
1,124,178
Sprout Social, Inc. (a)
 
345,493
21,171,811
SPS Commerce, Inc. (a)
 
270,106
32,312,781
Stronghold Digital Mining, Inc. Class A (b)
 
35,708
139,261
Sumo Logic, Inc. (a)
 
696,051
6,528,958
Telos Corp. (a)
 
256,691
1,999,623
Tenable Holdings, Inc. (a)
 
695,715
38,424,339
Upland Software, Inc. (a)(b)
 
209,965
3,132,678
UserTesting, Inc. (a)(b)
 
78,822
615,600
Varonis Systems, Inc. (a)(b)
 
809,148
34,955,194
Verint Systems, Inc. (a)(b)
 
480,275
26,203,804
Veritone, Inc. (a)(b)
 
227,835
2,467,453
Viant Technology, Inc. (a)
 
86,310
507,503
VirnetX Holding Corp. (a)(b)
 
421,543
598,591
Vonage Holdings Corp. (a)
 
1,895,411
37,832,404
Weave Communications, Inc. (b)
 
23,997
113,746
Workiva, Inc. (a)
 
322,931
31,166,071
Xperi Holding Corp. (b)
 
767,324
11,970,254
Yext, Inc. (a)
 
762,443
4,414,545
Zuora, Inc. (a)
 
887,608
10,802,189
 
 
 
1,022,224,866
Technology Hardware, Storage & Peripherals - 0.3%
 
 
 
3D Systems Corp. (a)(b)
 
861,222
9,766,257
Avid Technology, Inc. (a)
 
272,171
8,630,542
Corsair Gaming, Inc. (a)(b)
 
180,681
2,733,704
Diebold Nixdorf, Inc. (a)(b)
 
515,288
2,112,681
Eastman Kodak Co. (a)(b)
 
382,830
1,979,231
Quantum Corp. (a)(b)
 
431,470
806,849
Super Micro Computer, Inc. (a)
 
332,781
14,010,080
Turtle Beach Corp. (a)(b)
 
130,472
2,171,054
 
 
 
42,210,398
TOTAL INFORMATION TECHNOLOGY
 
 
2,480,683,331
MATERIALS - 4.0%
 
 
 
Chemicals - 2.0%
 
 
 
AdvanSix, Inc.
 
204,050
9,088,387
American Vanguard Corp.
 
219,066
4,688,012
Amyris, Inc. (a)(b)
 
1,447,534
4,965,042
Aspen Aerogels, Inc. (a)
 
169,701
3,665,542
Avient Corp.
 
687,587
33,856,784
Balchem Corp.
 
241,457
29,747,502
Cabot Corp.
 
421,693
27,768,484
Chase Corp.
 
55,207
4,657,263
Danimer Scientific, Inc. (a)(b)
 
562,279
2,204,134
Ecovyst, Inc.
 
448,042
4,507,303
FutureFuel Corp.
 
201,300
1,914,363
GCP Applied Technologies, Inc. (a)
 
500,139
15,689,360
H.B. Fuller Co. (b)
 
395,458
26,377,049
Hawkins, Inc. (b)
 
143,196
5,338,347
Ingevity Corp. (a)
 
297,936
17,846,366
Innospec, Inc.
 
182,621
17,405,608
Intrepid Potash, Inc. (a)(b)
 
75,141
5,754,298
Koppers Holdings, Inc.
 
154,260
3,742,348
Kronos Worldwide, Inc. (b)
 
159,531
2,428,062
Livent Corp. (a)(b)
 
1,230,723
26,288,243
Marrone Bio Innovations, Inc. (a)(b)
 
668,003
774,883
Minerals Technologies, Inc.
 
246,226
15,662,436
Orion Engineered Carbons SA (b)
 
452,058
6,826,076
PureCycle Technologies, Inc. (a)(b)
 
404,285
3,153,423
Quaker Houghton (b)
 
102,164
16,623,104
Rayonier Advanced Materials, Inc. (a)
 
475,004
2,436,771
Sensient Technologies Corp.
 
316,046
26,737,492
Stepan Co.
 
160,203
16,358,328
Tredegar Corp.
 
191,799
2,196,099
Trinseo PLC (b)
 
299,833
14,227,076
Tronox Holdings PLC
 
867,856
14,927,123
Valhi, Inc.
 
17,140
545,223
Zymergen, Inc. (a)(b)
 
586,964
986,100
 
 
 
369,386,631
Construction Materials - 0.1%
 
 
 
Summit Materials, Inc. (a)
 
900,035
25,020,973
United States Lime & Minerals, Inc.
 
15,807
1,731,025
 
 
 
26,751,998
Containers & Packaging - 0.3%
 
 
 
Greif, Inc.:
 
 
 
 Class A
 
233,933
14,195,054
 Class B
 
1,714
100,029
Myers Industries, Inc.
 
272,375
5,973,184
O-I Glass, Inc. (a)
 
1,176,099
15,853,815
Pactiv Evergreen, Inc.
 
313,738
3,093,457
Ranpak Holdings Corp. (A Shares) (a)(b)
 
297,601
4,487,823
TriMas Corp.
 
321,184
9,487,775
 
 
 
53,191,137
Metals & Mining - 1.5%
 
 
 
Allegheny Technologies, Inc. (a)(b)
 
961,725
26,139,686
Arconic Corp. (a)
 
811,668
20,421,567
Carpenter Technology Corp.
 
366,581
13,996,063
Century Aluminum Co. (a)(b)
 
389,660
6,573,564
Coeur d'Alene Mines Corp. (a)(b)
 
1,666,924
6,050,934
Commercial Metals Co.
 
899,110
36,863,510
Compass Minerals International, Inc. (b)
 
258,732
15,298,823
Constellium NV (a)
 
928,955
15,504,259
Ferroglobe Representation & Warranty Insurance (a)(c)
 
73,951
1
Gatos Silver, Inc. (a)(b)
 
311,029
1,051,278
Haynes International, Inc. (b)
 
92,166
3,601,847
Hecla Mining Co. (b)
 
4,026,815
20,979,706
Kaiser Aluminum Corp.
 
120,755
11,652,858
Materion Corp.
 
152,338
12,971,581
MP Materials Corp. (a)(b)
 
573,368
21,810,919
Novagold Resources, Inc. (a)(b)
 
1,795,940
11,170,747
Olympic Steel, Inc.
 
70,880
2,433,310
Perpetua Resources Corp. (a)(b)
 
226,637
800,029
PolyMet Mining Corp. (a)
 
242,610
764,222
Ryerson Holding Corp.
 
123,319
4,539,372
Schnitzer Steel Industries, Inc. Class A
 
198,448
9,055,182
SunCoke Energy, Inc.
 
623,382
5,186,538
TimkenSteel Corp. (a)(b)
 
344,012
7,110,728
Warrior Metropolitan Coal, Inc.
 
383,919
13,080,120
Worthington Industries, Inc. (b)
 
246,920
11,745,984
 
 
 
278,802,828
Paper & Forest Products - 0.1%
 
 
 
Clearwater Paper Corp. (a)
 
128,321
4,248,708
Glatfelter Corp. (b)
 
342,966
3,772,626
Neenah, Inc.
 
132,753
4,699,456
Schweitzer-Mauduit International, Inc. (b)
 
247,593
6,229,440
 
 
 
18,950,230
TOTAL MATERIALS
 
 
747,082,824
REAL ESTATE - 7.9%
 
 
 
Equity Real Estate Investment Trusts (REITs) - 7.3%
 
 
 
Acadia Realty Trust (SBI)
 
665,260
13,917,239
Agree Realty Corp.
 
547,245
37,168,880
Alexander & Baldwin, Inc.
 
542,586
11,502,823
Alexanders, Inc.
 
16,857
4,183,402
American Assets Trust, Inc.
 
388,789
14,229,677
Apartment Investment & Management Co. Class A (a)
 
1,176,996
7,415,075
Apple Hospitality (REIT), Inc.
 
1,624,132
28,730,895
Armada Hoffler Properties, Inc.
 
524,468
7,106,541
Ashford Hospitality Trust, Inc. (a)
 
102,424
722,089
Braemar Hotels & Resorts, Inc.
 
469,723
2,846,521
Brandywine Realty Trust (SBI)
 
1,338,478
15,620,038
Broadstone Net Lease, Inc.
 
1,200,380
24,835,862
BRT Apartments Corp.
 
87,070
1,905,962
CareTrust (REIT), Inc.
 
760,594
12,329,229
CatchMark Timber Trust, Inc.
 
393,806
3,233,147
Centerspace
 
109,149
10,070,087
Chatham Lodging Trust (a)
 
380,213
5,459,859
City Office REIT, Inc.
 
330,299
4,901,637
Clipper Realty, Inc.
 
95,498
852,797
Community Healthcare Trust, Inc.
 
194,165
7,149,155
Corporate Office Properties Trust (SBI)
 
864,424
23,071,477
CTO Realty Growth, Inc.
 
47,032
2,999,231
DiamondRock Hospitality Co. (a)
 
1,643,229
17,451,092
Digitalbridge Group, Inc. (a)
 
3,715,762
25,861,704
Diversified Healthcare Trust (SBI)
 
1,763,921
3,968,822
Easterly Government Properties, Inc.
 
683,501
13,020,694
EastGroup Properties, Inc.
 
309,130
57,961,875
Empire State Realty Trust, Inc.
 
1,111,926
9,607,041
Equity Commonwealth (a)
 
813,690
21,310,541
Essential Properties Realty Trust, Inc.
 
945,615
22,694,760
Farmland Partners, Inc.
 
234,358
3,449,750
Four Corners Property Trust, Inc.
 
602,927
16,556,375
Franklin Street Properties Corp.
 
789,058
4,071,539
Getty Realty Corp.
 
325,542
8,760,335
Gladstone Commercial Corp.
 
297,139
6,251,805
Gladstone Land Corp.
 
239,113
8,703,713
Global Medical REIT, Inc.
 
487,797
7,199,884
Global Net Lease, Inc.
 
844,036
11,841,825
Healthcare Realty Trust, Inc. (b)
 
964,777
26,126,161
Hersha Hospitality Trust (a)
 
262,771
2,569,900
Independence Realty Trust, Inc.
 
1,682,737
45,871,411
Indus Realty Trust, Inc.
 
43,336
3,096,357
Industrial Logistics Properties Trust
 
507,357
8,198,889
iStar Financial, Inc.
 
513,933
8,654,632
Kite Realty Group Trust
 
1,652,407
36,848,676
LTC Properties, Inc.
 
308,918
10,194,294
LXP Industrial Trust (REIT)
 
2,109,873
26,478,906
National Health Investors, Inc.
 
339,055
17,471,504
National Storage Affiliates Trust
 
626,044
35,434,090
Necessity Retail (REIT), Inc./The
 
998,207
7,456,606
NETSTREIT Corp.
 
338,048
7,308,598
NexPoint Residential Trust, Inc.
 
168,172
14,994,216
Office Properties Income Trust
 
385,895
8,343,050
One Liberty Properties, Inc.
 
132,926
3,808,330
Outfront Media, Inc.
 
1,100,747
28,179,123
Paramount Group, Inc.
 
1,475,181
14,028,971
Pebblebrook Hotel Trust
 
1,003,119
24,496,166
Phillips Edison & Co., Inc.
 
875,330
29,638,674
Physicians Realty Trust
 
1,721,599
29,508,207
Piedmont Office Realty Trust, Inc. Class A
 
972,466
15,656,703
Plymouth Industrial REIT, Inc.
 
246,130
5,936,656
Postal Realty Trust, Inc.
 
158,772
2,672,133
Potlatch Corp.
 
501,145
27,758,422
Preferred Apartment Communities, Inc. Class A
 
394,397
9,812,597
PS Business Parks, Inc.
 
156,096
29,221,171
Retail Opportunity Investments Corp.
 
929,224
17,311,443
RLJ Lodging Trust
 
1,298,849
18,209,863
RPT Realty
 
653,991
8,691,540
Ryman Hospitality Properties, Inc. (a)
 
406,120
37,964,098
Sabra Health Care REIT, Inc.
 
1,797,359
20,993,153
Safehold, Inc.
 
162,448
6,993,386
Saul Centers, Inc.
 
95,668
4,937,425
Seritage Growth Properties (a)(b)
 
265,056
2,624,054
Service Properties Trust
 
1,326,532
10,771,440
SITE Centers Corp.
 
1,333,377
21,200,694
Stag Industrial, Inc.
 
1,372,129
51,207,854
Summit Hotel Properties, Inc. (a)
 
816,020
8,054,117
Sunstone Hotel Investors, Inc. (a)
 
1,714,755
21,005,749
Tanger Factory Outlet Centers, Inc.
 
796,496
12,847,480
Terreno Realty Corp.
 
571,284
41,560,911
The Macerich Co.
 
1,656,828
20,793,191
UMH Properties, Inc.
 
346,929
8,159,770
Uniti Group, Inc.
 
1,485,156
18,401,083
Universal Health Realty Income Trust (SBI)
 
103,153
5,177,249
Urban Edge Properties
 
902,758
16,872,547
Urstadt Biddle Properties, Inc. Class A
 
243,381
4,222,660
Veris Residential, Inc. (a)
 
674,075
10,791,941
Washington REIT (SBI)
 
640,865
15,438,438
Whitestone REIT Class B
 
361,566
4,393,027
Xenia Hotels & Resorts, Inc. (a)
 
876,426
16,906,258
 
 
 
1,364,257,192
Real Estate Management & Development - 0.6%
 
 
 
Cushman & Wakefield PLC (a)(b)
 
1,044,153
18,690,339
Douglas Elliman, Inc.
 
554,818
3,362,197
eXp World Holdings, Inc. (b)
 
485,013
6,494,324
Fathom Holdings, Inc. (a)(b)
 
55,984
415,401
Forestar Group, Inc. (a)(b)
 
141,253
2,303,836
FRP Holdings, Inc. (a)
 
49,437
2,793,685
Kennedy-Wilson Holdings, Inc. (b)
 
878,808
19,817,120
Marcus & Millichap, Inc.
 
179,205
8,026,592
Newmark Group, Inc.
 
1,260,013
15,309,158
Rafael Holdings, Inc. (a)(b)
 
83,349
179,200
RE/MAX Holdings, Inc.
 
148,326
3,479,728
Realogy Holdings Corp. (a)(b)
 
863,828
9,467,555
Redfin Corp. (a)(b)
 
831,158
9,267,412
Tejon Ranch Co. (a)
 
155,009
2,838,215
The RMR Group, Inc.
 
116,480
3,177,574
The St. Joe Co.
 
251,831
13,399,928
 
 
 
119,022,264
TOTAL REAL ESTATE
 
 
1,483,279,456
UTILITIES - 3.1%
 
 
 
Electric Utilities - 0.7%
 
 
 
Allete, Inc.
 
397,385
23,580,826
MGE Energy, Inc.
 
273,258
21,278,600
Otter Tail Corp.
 
309,356
17,930,274
PNM Resources, Inc.
 
642,509
29,979,470
Portland General Electric Co.
 
677,868
32,083,492
Via Renewables, Inc. Class A, (b)
 
94,328
673,502
 
 
 
125,526,164
Gas Utilities - 1.2%
 
 
 
Brookfield Infrastructure Corp. A Shares (b)
 
477,199
33,842,953
Chesapeake Utilities Corp.
 
129,690
16,233,297
New Jersey Resources Corp.
 
722,115
31,166,483
Northwest Natural Holding Co.
 
229,955
10,998,748
ONE Gas, Inc.
 
394,848
33,313,326
South Jersey Industries, Inc.
 
778,512
26,617,325
Southwest Gas Corp.
 
497,214
43,809,526
Spire, Inc. (b)
 
382,249
27,808,615
 
 
 
223,790,273
Independent Power and Renewable Electricity Producers - 0.3%
 
 
 
Clearway Energy, Inc.:
 
 
 
 Class A (b)
 
851,206
24,191,275
 Class C
 
78,311
2,390,835
Ormat Technologies, Inc. (b)
 
339,440
26,374,488
Sunnova Energy International, Inc. (a)(b)
 
677,439
11,699,372
 
 
 
64,655,970
Multi-Utilities - 0.5%
 
 
 
Avista Corp. (b)
 
532,882
21,619,023
Black Hills Corp. (b)
 
480,221
35,171,386
NorthWestern Energy Corp. (b)
 
412,405
23,379,239
Unitil Corp.
 
116,988
5,966,388
 
 
 
86,136,036
Water Utilities - 0.4%
 
 
 
American States Water Co.
 
276,101
21,718,105
Artesian Resources Corp. Class A
 
60,176
2,798,184
Cadiz, Inc. (a)(b)
 
161,751
320,267
California Water Service Group
 
396,535
20,568,270
Global Water Resources, Inc.
 
95,213
1,363,450
Middlesex Water Co.
 
131,388
11,686,963
Pure Cycle Corp. (a)(b)
 
160,039
1,672,408
SJW Corp.
 
206,338
12,173,942
York Water Co. (b)
 
97,636
3,776,560
 
 
 
76,078,149
TOTAL UTILITIES
 
 
576,186,592
 
TOTAL COMMON STOCKS
  (Cost $17,253,311,082)
 
 
 
18,471,133,995
 
 
 
 
U.S. Treasury Obligations - 0.1%
 
 
Principal
Amount (d)
 
Value ($)
 
U.S. Treasury Bills, yield at date of purchase 1.15% 1/26/23 (e)
 
  (Cost $20,820,529)
 
 
21,000,000
20,745,194
 
 
 
 
Money Market Funds - 15.5%
 
 
Shares
Value ($)
 
Fidelity Cash Central Fund 0.32% (f)
 
194,694,248
194,733,187
Fidelity Securities Lending Cash Central Fund 0.32% (f)(g)
 
2,697,424,959
2,697,694,701
 
TOTAL MONEY MARKET FUNDS
  (Cost $2,892,409,926)
 
 
2,892,427,888
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 114.3%
  (Cost $20,166,541,537)
 
 
 
21,384,307,077
NET OTHER ASSETS (LIABILITIES) - (14.3)%  
(2,679,762,985)
NET ASSETS - 100.0%
18,704,544,092
 
 
 
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)
2,525
Jun 2022
234,989,125
(11,655,181)
(11,655,181)
 
 
 
 
 
 
The notional amount of futures purchased as a percentage of Net Assets is 1.3%
 
 
 
Legend
 
(a)
Non-income producing
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Level 3 security
 
(d)
Amount is stated in United States dollars unless otherwise noted.
 
(e)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $15,907,612.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
 
Affiliate
Value,
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 0.32%
202,920,958
6,524,456,415
6,532,644,186
259,885
-
-
194,733,187
0.4%
Fidelity Securities Lending Cash Central Fund 0.32%
2,238,021,415
8,402,901,206
7,943,227,920
13,174,437
-
-
2,697,694,701
7.1%
Total
2,440,942,373
14,927,357,621
14,475,872,106
13,434,322
-
-
2,892,427,888
 
 
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 April 30, 2022, 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
542,360,816
542,360,816
-
-
Consumer Discretionary
1,935,427,983
1,935,427,983
-
-
Consumer Staples
715,904,988
715,904,988
-
-
Energy
1,324,839,776
1,324,839,776
-
-
Financials
2,942,730,124
2,942,730,124
-
-
Health Care
2,843,144,532
2,842,829,231
-
315,301
Industrials
2,879,493,573
2,879,493,573
-
-
Information Technology
2,480,683,331
2,480,683,331
-
-
Materials
747,082,824
747,082,823
-
1
Real Estate
1,483,279,456
1,483,279,456
-
-
Utilities
576,186,592
576,186,592
-
-
 U.S. Government and Government Agency Obligations
20,745,194
-
20,745,194
-
  Money Market Funds
2,892,427,888
2,892,427,888
-
-
 Total Investments in Securities:
21,384,307,077
21,363,246,581
20,745,194
315,302
  Derivative Instruments:
 
 
 
 
 Liabilities
 
 
 
 
Futures Contracts
(11,655,181)
(11,655,181)
-
-
  Total Liabilities
(11,655,181)
(11,655,181)
-
-
 Total Derivative Instruments:
(11,655,181)
(11,655,181)
-
-
 
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2022. 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)  
0
(11,655,181)
Total Equity Risk
0
(11,655,181)
Total Value of Derivatives
0
(11,655,181)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
 
 
 
 
Fidelity® Small Cap Index Fund
Statement of Assets and Liabilities
 
 
 
April 30, 2022
 
 
 
 
 
Assets
 
 
 
 
Investment in securities, at value  (including  securities loaned of $2,526,770,988) - See accompanying schedule:
 
$18,491,879,189
 
 
Unaffiliated issuers (cost $17,274,131,611)
 
 
 
Fidelity Central Funds (cost $2,892,409,926)
 
2,892,427,888
 
 
 
 
 
 
 
Total Investment in Securities (cost $20,166,541,537)
 
 
$
21,384,307,077
Cash
 
 
 
53,128
Receivable for investments sold
 
 
 
3,431,890
Receivable for fund shares sold
 
 
 
24,959,917
Dividends receivable
 
 
 
5,042,255
Distributions receivable from Fidelity Central Funds
 
 
 
1,563,616
Other receivables
 
 
 
102,721
  Total assets
 
 
 
21,419,460,604
Liabilities
 
 
 
 
Payable for fund shares redeemed
 
10,465,053
 
 
Accrued management fee
 
418,682
 
 
Payable for daily variation margin on futures contracts
 
6,279,272
 
 
Other payables and accrued expenses
 
102,732
 
 
Collateral on securities loaned
 
2,697,650,773
 
 
  Total Liabilities
 
 
 
2,714,916,512
Net Assets  
 
 
$
18,704,544,092
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
17,891,989,907
Total accumulated earnings (loss)
 
 
 
812,554,185
Net Assets
 
 
$
18,704,544,092
Net Asset Value , offering price and redemption price per share ($18,704,544,092 ÷ 813,923,355 shares)
 
 
$
22.98
 
 
 
 
 
 
Statement of Operations
 
 
 
Year ended
April 30, 2022
Investment Income
 
 
 
 
Dividends
 
 
$
212,984,931
Non-Cash dividends
 
 
 
13,209,952
Interest  
 
 
 
26,290
Income from Fidelity Central Funds (including $13,174,437 from security lending)
 
 
 
13,434,322
 Total Income
 
 
 
239,655,495
Expenses
 
 
 
 
Management fee
$
5,255,940
 
 
Independent trustees' fees and expenses
 
64,262
 
 
 Total expenses before reductions
 
5,320,202
 
 
 Expense reductions
 
(122)
 
 
 Total expenses after reductions
 
 
 
5,320,080
Net Investment income (loss)
 
 
 
234,335,415
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
1,361,734,213
 
 
 Futures contracts
 
(1,296,844)
 
 
Total net realized gain (loss)
 
 
 
1,360,437,369
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers
 
(5,260,226,066)
 
 
 Futures contracts
 
(14,685,626)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(5,274,911,692)
Net gain (loss)
 
 
 
(3,914,474,323)
Net increase (decrease) in net assets resulting from operations
 
 
$
(3,680,138,908)
 
 
 
 
 
 
Statement of Changes in Net Assets
 
 
Year ended
April 30, 2022
 
Year ended
April 30, 2021
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
234,335,415
$
160,835,481
Net realized gain (loss)
 
1,360,437,369
 
 
92,878,602
 
Change in net unrealized appreciation (depreciation)
 
(5,274,911,692)
 
7,654,220,397
 
Net increase (decrease) in net assets resulting from operations
 
(3,680,138,908)
 
 
7,907,934,480
 
Distributions to shareholders
 
(803,693,172)
 
 
(149,090,960)
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
10,108,089,119
 
8,754,671,056
  Reinvestment of distributions
 
759,419,198
 
 
143,821,664
 
Cost of shares redeemed
 
(8,894,495,318)
 
(5,369,268,250)
  Net increase (decrease) in net assets resulting from share transactions
 
1,973,012,999
 
 
3,529,224,470
 
Total increase (decrease) in net assets
 
(2,510,819,081)
 
 
11,288,067,990
 
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
21,215,363,173
 
9,927,295,183
 
End of period
$
18,704,544,092
$
21,215,363,173
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
369,838,910
 
373,282,279
  Issued in reinvestment of distributions
 
27,878,199
 
 
6,215,163
 
Redeemed
 
(321,734,800)
 
(239,596,382)
Net increase (decrease)
 
75,982,309
 
139,901,060
 
 
 
 
 
 
 
 
Fidelity® Small Cap Index Fund
 
Years ended April 30,
 
2022  
 
2021  
 
2020    
 
2019  
 
2018  
  Selected Per-Share Data  
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
28.75
$
16.60
$
20.43
$
20.49
$
19.03
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.30
 
.25
 
.27
 
.27
 
.28
     Net realized and unrealized gain (loss)
 
(4.99)
 
12.13
 
(3.48)
 
.60
 
1.93
  Total from investment operations
 
(4.69)  
 
12.38  
 
(3.21)  
 
.87  
 
2.21
  Distributions from net investment income
 
(.35)
 
(.23)
 
(.28)
 
(.23)
 
(.23)
  Distributions from net realized gain
 
(.73)
 
-
 
(.35)
 
(.70)
 
(.51)
     Total distributions
 
(1.08)
 
(.23)
 
(.62) C
 
(.93)
 
(.75) C
  Net asset value, end of period
$
22.98
$
28.75
$
16.60
$
20.43
$
20.49
 Total Return   D
 
(16.89)%
 
74.95%
 
(16.27)%
 
4.74%
 
11.73%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.02% G
 
.03%
 
.03%
 
.03%
 
.04%
    Expenses net of fee waivers, if any
 
.02% G
 
.03%
 
.03%
 
.03%
 
.04%
    Expenses net of all reductions
 
.02% G
 
.03%
 
.03%
 
.03%
 
.04%
    Net investment income (loss)
 
1.10%
 
1.09%
 
1.42%
 
1.37%
 
1.38%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
18,704,544
$
21,215,363
$
9,927,295
$
8,564,571
$
353,568
    Portfolio turnover rate H
 
24% I
 
19%
 
17%
 
18%
 
14% I
 
A Calculated based on average shares outstanding during the period.
 
B Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any such underlying funds is not included in the Fund's net investment income (loss) ratio.
 
C Total distributions per share do not sum due to rounding.
 
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 The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
 
H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
 
I Portfolio turnover rate excludes securities received or delivered in-kind.
 
 
 
For the period ended April 30, 2022
 
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 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing 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. U.S. government and government agency obligations 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 April 30, 2022 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. 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
$87,086
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. As of April 30, 2022, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
Book-tax differences are primarily due to futures contracts, passive foreign investment companies (PFIC), partnerships, certain deemed dividends, redemptions in kind, 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
$21,256,585,502
$6,169,049,262
$(2,215,176,758)
$3,953,872,504
Fidelity Small Cap Index Fund
20,416,213,519
4,326,072,060
(3,357,978,502)
968,093,558
The tax-based components of distributable earnings as of period end were as follows for each Fund:
 
Undistributed ordinary income
Undistributed long-term capital gain
Net unrealized appreciation (depreciation) on securities and other investments
Fidelity Mid Cap Index Fund
$72,275,560
$112,558,165
$3,953,872,504
Fidelity Small Cap Index Fund
-
-
968,093,558
Certain of the Funds intends to elect to defer to the next fiscal year capital losses recognized during the period November 1, 2021, to April 30, 2022. Loss deferrals were as follows:
 
Capital losses
Fidelity Small Cap Index Fund
(155,539,373)
 
 
The tax character of distributions paid was as follows:
April 30, 2022
 
 
 
 
Ordinary Income
Long-term Capital Gains
Total
Fidelity Mid Cap Index Fund
$410,792,422
$415,025,357
$825,817,779
Fidelity Small Cap Index Fund
264,428,720
539,264,452
803,693,172
April 30, 2021
 
 
 
 
Ordinary Income
Long-term Capital Gains
Total
Fidelity Mid Cap Index Fund
$245,394,490
$164,805,630
$410,200,120
Fidelity Small Cap Index Fund
149,090,960
-
149,090,960
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. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
Purchases ($)
Sales ($)
Fidelity Mid Cap Index Fund
8,087,536,763
2,973,379,926
Fidelity Small Cap Index Fund
8,385,845,446
4,991,564,391
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
9,065,524
153,247,486
281,565,838
Fidelity Small Cap Index Fund
49,257,749
852,368,692
1,380,190,093
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, 2023.
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
$48,610,556
.34%
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
$192,579
$32,998
$1,475,893
Fidelity Small Cap Index Fund
$1,391,800
$497,041
$10,952,060
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
$307
Fidelity Small Cap Index Fund
122
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Coronavirus (COVID-19) Pandemic.
An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Funds' performance.
 
 
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity Mid Cap Index Fund and Fidelity Small Cap Index Fund
 
Opinion on the Financial Statements and Financial Highlights  
 
We have audited the accompanying statement of assets and liabilities of Fidelity Mid Cap Index Fund and Fidelity Small Cap Index Fund (the "Funds"), each a fund of Fidelity Salem Street Trust, including the schedules of investments, as of April 30, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of April 30, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.
 
Basis for Opinion  
 
These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.
 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
 
/s/ Deloitte & Touche LLP
Boston, Massachusetts
June 14, 2022
 
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
 
TRUSTEES AND OFFICERS
The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for Jonathan Chiel, each of the Trustees oversees 300 funds. Mr. Chiel oversees 190 funds.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the funds is referred to herein as an Independent Trustee. Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Experience, Skills, Attributes, and Qualifications of the Trustees.   The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.
In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.
Board Structure and Oversight Function.   Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Michael E. Kenneally serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.
Fidelity ® funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity ® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity ® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity ® funds overseen by each Board.
The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates, and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations and Audit Committees. In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity ® funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees."
Interested Trustees*:
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Jonathan Chiel (1957)
Year of Election or Appointment: 2016
Trustee
Mr. Chiel also serves as Trustee of other Fidelity ® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney's Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.
Abigail P. Johnson (1961)
Year of Election or Appointment: 2009
Trustee
Chairman of the Board of Trustees
Ms. Johnson also serves as Trustee of other Fidelity ® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity ® funds (2001-2005), and managed a number of Fidelity ® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.
Jennifer Toolin McAuliffe (1959)
Year of Election or Appointment: 2016
Trustee
Ms. McAuliffe also serves as Trustee of other Fidelity ® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL's credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity ® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.
* Determined to be an "Interested Trustee" by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR.
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Independent Trustees:
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Year of Birth; Principal Occupations and Other Relevant Experience+
Elizabeth S. Acton (1951)
Year of Election or Appointment: 2013
Trustee
Ms. Acton also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity ® funds (2013-2016).
Ann E. Dunwoody (1953)
Year of Election or Appointment: 2018
Trustee
General Dunwoody also serves as Trustee of other Fidelity ® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).
John Engler (1948)
Year of Election or Appointment: 2014
Trustee
Mr. Engler also serves as Trustee of other Fidelity ® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity ® funds (2014-2016).
Robert F. Gartland (1951)
Year of Election or Appointment: 2010
Trustee
Mr. Gartland also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).
Arthur E. Johnson (1947)
Year of Election or Appointment: 2008
Trustee
Mr. Johnson also serves as Trustee of other Fidelity ® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Chairman (2018-2021) and Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.     
Michael E. Kenneally (1954)
Year of Election or Appointment: 2009
Trustee
Chairman of the Independent Trustees
Mr. Kenneally also serves as Trustee of other Fidelity ® funds and was Vice Chairman (2018-2021) of the Independent Trustees of certain Fidelity ® funds. Prior to retirement in 2005, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management, the worldwide fund management and institutional investment business of Credit Suisse Group. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank's institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization's equity and quantitative research groups. He began his career as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.     
Marie L. Knowles (1946)
Year of Election or Appointment: 2001
Trustee
Ms. Knowles also serves as Trustee of other Fidelity ® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as a member of the Board of McKesson Corporation (healthcare service, 2002-2021). In addition, Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity ® funds.
Mark A. Murray (1954)
Year of Election or Appointment: 2016
Trustee
Mr. Murray also serves as Trustee of other Fidelity ® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity ® funds (2016).
+ The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for each fund.
Advisory Board Members and Officers:
Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Name, Year of Birth; Principal Occupation
Robert W. Helm (1957)
Year of Election or Appointment: 2021
Member of the Advisory Board
Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.     
Craig S. Brown (1977)
Year of Election or Appointment: 2019
Assistant Treasurer
Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).     
John J. Burke III (1964)
Year of Election or Appointment: 2018
Chief Financial Officer
Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).     
David J. Carter (1973)
Year of Election or Appointment: 2020
Assistant Secretary
Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Senior Vice President, Deputy General Counsel (2022-present) and is an employee of Fidelity Investments (2005-present).     
Jonathan Davis (1968)
Year of Election or Appointment: 2010
Assistant Treasurer
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).     
Laura M. Del Prato (1964)
Year of Election or Appointment: 2018
President and Treasurer
Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).     
Colm A. Hogan (1973)
Year of Election or Appointment: 2016
Assistant Treasurer
Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity ® funds (2016-2020) and Assistant Treasurer of certain Fidelity ® funds (2016-2018).     
Cynthia Lo Bessette (1969)
Year of Election or Appointment: 2019
Secretary and Chief Legal Officer (CLO)
Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).     
Chris Maher (1972)
Year of Election or Appointment: 2013
Assistant Treasurer
Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).     
Jamie Pagliocco (1964)
Year of Election or Appointment: 2020
Vice President
Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer - Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.     
Kenneth B. Robins (1969)
Year of Election or Appointment: 2020
Chief Compliance Officer
Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.     
Brett Segaloff (1972)
Year of Election or Appointment: 2021
Anti-Money Laundering (AML) Officer
Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).     
Stacie M. Smith (1974)
Year of Election or Appointment: 2013
Assistant Treasurer
Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity ® funds.     
Jim Wegmann (1979)
Year of Election or Appointment: 2021
Deputy Treasurer
Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity ® funds (2019-2021).     
 
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 (November 1, 2021 to April 30, 2022).
 
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 November 1, 2021
 
Ending Account Value April 30, 2022
 
Expenses Paid During Period- C November 1, 2021 to April 30, 2022
 
 
 
 
 
 
 
 
 
 
Fidelity® Mid Cap Index Fund
 
 
 
.03%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 874.70
 
$ .14
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.65
 
$ .15
 
 
 
 
 
 
 
 
 
 
Fidelity® Small Cap Index Fund
 
 
 
.02%
 
 
 
 
 
 
Actual
 
 
 
 
 
$ 1,000
 
$ 816.70
 
$ .09
Hypothetical- B
 
 
 
 
 
$ 1,000
 
$ 1,024.70
 
$ .10
 
A   Annualized expense ratio reflects expenses net of applicable fee waivers.
 
B   5% return per year before expenses
 
C   Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.
 
 
Distributions   (Unaudited)
The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com .
 
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended April 30, 2022, or, if subsequently determined to be different, the net capital gain of such year.
 
Fidelity Mid Cap Index Fund
$571,719,424
Fidelity Small Cap Index Fund
$578,436,792
 
 
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
 
Fidelity Mid Cap Index Fund
 
June 2021
97%
December 2021
46%
Fidelity Small Cap Index Fund
 
June 2021
71%
December 2021
64%
 
 
A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.
 
Fidelity Mid Cap Index Fund
 
June 2021
100%
December 2021
50%
Fidelity Small Cap Index Fund
 
June 2021
72%
December 2021
71%
 
 
A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:  
 
Fidelity Mid Cap Index Fund
June 2021
1%
December 2021
13%
Fidelity Small Cap Index Fund
June 2021
5%
December 2021
22%
  
The funds hereby designate the percentages noted below of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders:
 
Fidelity Mid Cap Index Fund
 
June 2021
100%
December 2021
100%
Fidelity Small Cap Index Fund
 
June 2021
100%
December 2021
-
 
 
 
The funds will notify shareholders in January 2023 of amounts for use in preparing 2022 income tax returns.
 
The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.
The Funds have adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018.  The Program is reasonably designed to assess and manage each Fund's liquidity risk and to comply with the requirements of the Liquidity Rule. Each Fund's Board of Trustees (the Board) has designated each Fund's investment adviser as administrator of the Program.  The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds.  The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund's liquidity risk based on a variety of factors including (1) the Fund's investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund's prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund's portfolio, as applicable. 
In accordance with the Program, each of the Fund's portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.
  • Highly liquid investments - cash or convertible to cash within three business days or less
  • Moderately liquid investments - convertible to cash in three to seven calendar days
  • Less liquid investments - can be sold or disposed of, but not settled, within seven calendar days
  • Illiquid investments - cannot be sold or disposed of within seven calendar days
Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.
The Liquidity Rule places a 15% limit on a fund's illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund's net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM).  The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.
At a recent meeting of the Fund's Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2020 through November 30, 2021.  The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.  
 
 
 
 
1.929320.110
MCX-I-SCX-I-ANN-0622

Item 2.

Code of Ethics


As of the end of the period, April 30, 2022, Fidelity Salem Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR.  Ms. Acton is independent for purposes of Item 3 of Form N-CSR.  



Item 4.  

Principal Accountant Fees and Services


Fees and Services


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



Services Billed by Deloitte Entities


April 30, 2022 FeesA

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Mid Cap Index Fund

$42,500

$-

$9,100

$900

Fidelity Small Cap Index Fund

$49,500

$-

$8,900

$1,100



April 30, 2021 FeesA

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity Mid Cap Index Fund

$38,800

$-

$7,400

$1,000

Fidelity Small Cap Index Fund

$48,200

$-

$7,200

$1,200


A Amounts may reflect rounding.





The following table(s) present(s) fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):



Services Billed by Deloitte Entities



April 30, 2022A

April 30, 2021A

Audit-Related Fees

 $-

 $-

Tax Fees

$-

$-

All Other Fees

$-

$-


A Amounts may reflect rounding.



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


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


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


Assurance services must be performed by an independent public accountant.


* * *


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



Billed By

April 30, 2022A

April 30, 2021A

Deloitte Entities

$477,600

$538,400


A Amounts may reflect rounding.



The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.


Audit Committee Pre-Approval Policies and Procedures

 

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


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


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


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


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


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



Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable.


Item 7.

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


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

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


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


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


Item 11.

Controls and Procedures


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


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


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies




Not applicable.


Item 13.

Exhibits


(a)

(1)

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

(a)

(2)

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

(a)

(3)

Not applicable.

(b)


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




SIGNATURES


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


Fidelity Salem Street Trust



By:

/s/Laura M. Del Prato


Laura M. Del Prato


President and Treasurer



Date:

June 21, 2022


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



By:

/s/Laura M. Del Prato


Laura M. Del Prato


President and Treasurer



Date:

June 21, 2022



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

June 21, 2022