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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.
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This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
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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 reimbursem*nt by Fidelity, a fund's total return will be greater than it would be had the reimbursem*nt not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
U.S. equities gained 2.66% for the 12 months ending April 30, 2023, according to the S&P 500 ® index, as markets digested multiple crosscurrents and sustained year-to-date momentum. The upturn followed a year in which the S&P 500 ® returned -18.11% amid a multitude of risk factors. Record inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March 2022, the Fed has raised its benchmark rate nine times, by 4.75 percentage points, while also shrinking its massive asset portfolio. Against this backdrop, stocks struggled to gain traction until a rally in late 2022, as risky assets regained favor. The S&P 500 ® continued to advance in 2023, gaining 7.50% in the first quarter and adding 1.56% in April, supported by moderating inflation data, a resilient labor market, earnings that continued to exceed lowered expectations and indications from the Fed it was nearing the end of its interest rate hiking regime. Indeed, the central bank stepped down to hikes of 25 basis points (0.25 percentage points) in February and March, as stress in the financial system started to show, with two regional banks failing in March. For the full 12 months, value stocks handily outpaced growth. By sector, energy (+19%) led the way, followed by information technology (+9%) and industrials (+7%). In contrast, real estate (-16%), consumer discretionary (-8%) and materials (-3%) lagged most.
For the fiscal year ending April 30, 2023, the fund returned -1.65%, roughly in line with the -1.69% result of the benchmark Russell MidCap® Index. By sector, stocks in the real estate sector returned -16% and detracted most. Information technology (-7%) and financials (-7%) also hurt. Other notable detractors included the communication services (-12%), materials (-8%), and consumer staples (0%) sectors. Conversely, industrials advanced roughly 9% and contributed most, driven by the capital goods industry (+15%). Health care stocks also helped (+6%), benefiting from the health care equipment & services industry (+11%). The consumer discretionary sector rose about 4%, driven by the consumer discretionary distribution & retail industry (+8%). Other notable contributors included the energy (+5%) and utilities (+1%) sectors. Turning to individual stocks, the biggest individual detractor was First Republic Bank (-98%), from the banks industry. In software & services, CrowdStrike Holdings (-40%), Zoom Video Communications (-50%), and Datadog (-44%) hurt. Rivian Automotive, within the automobiles & components category, returned roughly -57% and hindered the fund. Conversely, the top contributor was O'Reilly Automotive (+51%), from the consumer discretionary distribution & retail group. In consumer services, Chipotle Mexican Grill (+42%) was helpful and Cadence Design Systems (+39%) from the software & services segment also contributed. AutoZone, within the consumer discretionary distribution & retail industry, rose 36%, and Motorola Solutions, within the technology hardware & equipment category, gained 38% 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.
Common Stocks - 99.7%
Shares
Value ($)
COMMUNICATION SERVICES - 3.6%
Diversified Telecommunication Services - 0.1%
Frontier Communications Parent, Inc. (a)(b)
674,915
15,212,584
Lumen Technologies, Inc. (b)
2,831,226
6,710,006
21,922,590
Entertainment - 1.7%
AMC Entertainment Holdings, Inc. Class A (a)(b)
1,424,191
7,833,051
Electronic Arts, Inc.
753,427
95,896,189
Liberty Media Corp. Liberty Formula One:
Class A (a)
63,768
4,130,891
Series C (a)
547,820
39,547,126
Live Nation Entertainment, Inc. (a)
429,766
29,129,539
Madison Square Garden Sports Corp.
51,322
10,290,061
Playtika Holding Corp. (a)
249,633
2,496,330
Roblox Corp. (a)
1,233,086
43,897,862
Roku, Inc. Class A (a)
335,560
18,861,828
Spotify Technology SA (a)
385,821
51,545,686
Take-Two Interactive Software, Inc. (a)
455,517
56,616,208
Warner Bros Discovery, Inc.
6,502,673
88,501,380
World Wrestling Entertainment, Inc. Class A (b)
118,610
12,711,434
461,457,585
Interactive Media & Services - 0.4%
IAC, Inc. (a)
211,772
10,963,436
Match Group, Inc. (a)
768,113
28,343,370
Pinterest, Inc. Class A (a)
1,637,015
37,651,345
TripAdvisor, Inc. (a)
281,413
4,989,452
Zoominfo Technologies, Inc. (a)(b)
757,446
16,595,642
98,543,245
Media - 1.4%
Altice U.S.A., Inc. Class A (a)
576,605
2,018,118
Cable One, Inc. (b)
15,893
12,053,410
DISH Network Corp. Class A (a)(b)
690,433
5,185,152
Fox Corp.:
Class A
803,272
26,716,827
Class B
385,090
11,760,649
Interpublic Group of Companies, Inc.
1,069,390
38,209,305
Liberty Broadband Corp.:
Class A (a)
48,145
4,069,697
Class C (a)
328,458
27,846,669
Liberty Media Corp. Liberty SiriusXM:
Series A (a)
207,859
5,840,838
Series C (a)
425,410
11,885,955
News Corp.:
Class A
1,044,356
18,391,109
Class B
328,497
5,830,822
Nexstar Broadcasting Group, Inc. Class A
99,875
17,323,319
Omnicom Group, Inc.
552,533
50,042,914
Paramount Global:
Class A (b)
48,296
1,277,912
Class B (b)
1,563,065
36,466,306
Sirius XM Holdings, Inc. (b)
1,933,837
7,348,581
The New York Times Co. Class A
447,515
17,788,721
The Trade Desk, Inc. (a)
1,209,567
77,823,541
377,879,845
TOTAL COMMUNICATION SERVICES
959,803,265
CONSUMER DISCRETIONARY - 12.2%
Automobile Components - 0.6%
Aptiv PLC (a)
745,205
76,651,786
BorgWarner, Inc.
643,132
30,953,943
Gentex Corp.
647,441
17,862,897
Lear Corp.
162,132
20,697,771
QuantumScape Corp. Class A (a)(b)
710,372
4,972,604
151,139,001
Automobiles - 0.2%
Harley-Davidson, Inc.
370,697
13,752,859
Lucid Group, Inc. Class A (a)(b)
1,600,494
12,707,922
Rivian Automotive, Inc. (a)(b)
1,432,195
18,360,740
Thor Industries, Inc. (b)
142,253
11,240,832
56,062,353
Broadline Retail - 0.5%
eBay, Inc.
1,496,664
69,490,110
Etsy, Inc. (a)
344,570
34,811,907
Kohl's Corp. (b)
302,972
6,674,473
Macy's, Inc.
742,607
12,134,198
Nordstrom, Inc. (b)
308,285
4,766,086
Ollie's Bargain Outlet Holdings, Inc. (a)
171,958
11,220,260
139,097,034
Distributors - 0.5%
Genuine Parts Co.
382,667
64,406,683
LKQ Corp.
688,919
39,771,294
Pool Corp.
104,849
36,835,551
141,013,528
Diversified Consumer Services - 0.3%
ADT, Inc.
575,883
3,858,416
Bright Horizons Family Solutions, Inc. (a)
158,464
12,062,280
Grand Canyon Education, Inc. (a)
84,459
10,025,283
H&R Block, Inc.
419,256
14,216,971
Mister Car Wash, Inc. (a)(b)
219,824
1,938,848
Service Corp. International
412,174
28,930,493
71,032,291
Hotels, Restaurants & Leisure - 3.7%
ARAMARK Holdings Corp.
648,075
22,488,203
Boyd Gaming Corp.
210,391
14,601,135
Caesars Entertainment, Inc. (a)
565,386
25,606,332
Carnival Corp. (a)(b)
2,688,527
24,761,334
Chipotle Mexican Grill, Inc. (a)
75,766
156,655,297
Choice Hotels International, Inc. (b)
88,630
11,302,098
Churchill Downs, Inc.
98,304
28,756,869
Darden Restaurants, Inc. (b)
337,397
51,260,726
Domino's Pizza, Inc.
97,216
30,863,164
Doordash, Inc. (a)(b)
688,776
42,146,203
Draftkings Holdings, Inc.
975,245
21,367,618
Expedia, Inc. (a)
406,450
38,190,042
Hilton Worldwide Holdings, Inc.
723,461
104,192,853
Hyatt Hotels Corp. Class A (a)
130,450
14,910,435
Las Vegas Sands Corp. (a)
911,644
58,208,469
Marriott Vacations Worldwide Corp.
103,038
13,864,793
MGM Resorts International
872,638
39,198,899
Norwegian Cruise Line Holdings Ltd. (a)(b)
1,152,493
15,385,782
Penn Entertainment, Inc. (a)
425,675
12,680,858
Planet Fitness, Inc. (a)
229,983
19,120,787
Royal Caribbean Cruises Ltd. (a)
607,056
39,719,674
Six Flags Entertainment Corp. (a)(b)
204,822
4,971,030
Travel+Leisure Co.
219,759
8,410,177
Vail Resorts, Inc.
110,845
26,660,439
Wendy's Co.
469,928
10,385,409
Wyndham Hotels & Resorts, Inc.
239,193
16,317,746
Wynn Resorts Ltd. (a)
287,216
32,823,044
Yum! Brands, Inc.
777,323
109,276,067
994,125,483
Household Durables - 1.6%
D.R. Horton, Inc.
869,693
95,509,685
Garmin Ltd.
424,892
41,711,648
Leggett & Platt, Inc.
366,647
11,846,365
Lennar Corp.:
Class A
690,513
77,896,772
Class B
41,579
4,067,258
Mohawk Industries, Inc. (a)
144,932
15,348,299
Newell Brands, Inc.
1,040,297
12,639,609
NVR, Inc. (a)
8,053
47,029,520
PulteGroup, Inc.
624,660
41,945,919
Tempur Sealy International, Inc.
458,228
17,169,803
Toll Brothers, Inc.
303,771
19,414,005
TopBuild Corp. (a)
87,884
19,816,084
Whirlpool Corp.
146,966
20,514,984
424,909,951
Leisure Products - 0.3%
Brunswick Corp.
199,083
16,880,248
Hasbro, Inc.
362,064
21,441,430
Mattel, Inc. (a)
968,673
17,436,114
Peloton Interactive, Inc. Class A (a)
849,270
7,541,518
Polaris, Inc.
151,665
16,478,402
YETI Holdings, Inc. (a)
237,662
9,375,766
89,153,478
Specialty Retail - 3.4%
Advance Auto Parts, Inc.
163,223
20,489,383
AutoNation, Inc. (a)
92,893
12,234,008
AutoZone, Inc. (a)
51,657
137,578,605
Bath & Body Works, Inc.
630,510
22,130,901
Best Buy Co., Inc.
544,876
40,604,160
Burlington Stores, Inc. (a)
178,956
34,504,506
CarMax, Inc. (a)(b)
435,108
30,470,613
Carvana Co. Class A (a)(b)
287,657
1,996,340
Dick's Sporting Goods, Inc.
146,495
21,243,240
Five Below, Inc. (a)
150,397
29,682,352
Floor & Decor Holdings, Inc. Class A (a)(b)
284,435
28,255,773
GameStop Corp. Class A (b)
739,773
14,270,221
Gap, Inc.
536,028
5,145,869
Leslie's, Inc. (a)(b)
483,148
5,242,156
Lithia Motors, Inc. Class A (sub. vtg.) (b)
74,714
16,503,575
O'Reilly Automotive, Inc. (a)
170,935
156,800,385
Penske Automotive Group, Inc. (b)
71,068
9,848,603
Petco Health & Wellness Co., Inc. (a)(b)
221,729
2,208,421
RH (a)
50,094
12,780,482
Ross Stores, Inc.
939,815
100,306,455
Tractor Supply Co. (b)
304,368
72,561,331
Ulta Beauty, Inc. (a)
138,917
76,603,001
Victoria's Secret & Co. (a)
223,526
6,931,541
Wayfair LLC Class A (a)(b)
217,319
7,569,221
Williams-Sonoma, Inc. (b)
182,584
22,099,967
888,061,109
Textiles, Apparel & Luxury Goods - 1.1%
Capri Holdings Ltd. (a)
337,747
14,016,501
Carter's, Inc. (b)
102,785
7,171,309
Columbia Sportswear Co.
99,239
8,290,426
Deckers Outdoor Corp. (a)
72,568
34,784,745
Hanesbrands, Inc. (b)
960,391
5,032,449
lululemon athletica, Inc. (a)
307,876
116,971,329
PVH Corp.
173,695
14,904,768
Ralph Lauren Corp.
111,712
12,823,420
Skechers U.S.A., Inc. Class A (sub. vtg.) (a)
368,644
19,608,174
Tapestry, Inc.
650,790
26,558,740
Under Armour, Inc.:
Class A (sub. vtg.) (a)
517,943
4,594,154
Class C (non-vtg.) (a)
524,585
4,217,663
VF Corp.
963,453
22,650,780
291,624,458
TOTAL CONSUMER DISCRETIONARY
3,246,218,686
CONSUMER STAPLES - 4.2%
Beverages - 0.3%
Boston Beer Co., Inc. Class A (a)
26,020
8,261,610
Brown-Forman Corp.:
Class A
125,600
8,274,528
Class B (non-vtg.)
505,571
32,907,616
Molson Coors Beverage Co. Class B
482,381
28,692,022
78,135,776
Consumer Staples Distribution & Retail - 1.1%
Albertsons Companies, Inc.
642,146
13,420,851
BJ's Wholesale Club Holdings, Inc. (a)
369,245
28,199,241
Casey's General Stores, Inc.
102,140
23,371,675
Dollar Tree, Inc. (a)
575,478
88,456,723
Grocery Outlet Holding Corp. (a)
243,077
7,238,833
Kroger Co.
1,807,543
87,900,816
Performance Food Group Co. (a)
419,065
26,271,185
U.S. Foods Holding Corp. (a)
556,110
21,354,624
296,213,948
Food Products - 2.2%
Bunge Ltd.
381,231
35,683,222
Campbell Soup Co.
534,234
29,008,906
Conagra Brands, Inc.
1,297,374
49,248,317
Darling Ingredients, Inc. (a)
440,916
26,265,366
Flowers Foods, Inc.
516,469
14,208,062
Freshpet, Inc. (a)(b)
125,253
8,638,699
Hormel Foods Corp.
790,144
31,953,423
Ingredion, Inc.
180,609
19,175,258
Kellogg Co.
702,717
49,028,565
Lamb Weston Holdings, Inc.
397,210
44,412,050
McCormick & Co., Inc. (non-vtg.)
690,937
60,698,815
Pilgrim's Pride Corp. (a)
128,276
2,925,976
Post Holdings, Inc. (a)
148,603
13,447,085
Seaboard Corp.
699
2,754,808
The Hershey Co.
402,346
109,864,599
The J.M. Smucker Co.
284,097
43,867,418
Tyson Foods, Inc. Class A
766,819
47,918,519
589,099,088
Household Products - 0.5%
Church & Dwight Co., Inc.
669,264
64,998,920
Reynolds Consumer Products, Inc.
149,625
4,193,989
Spectrum Brands Holdings, Inc.
109,803
7,301,900
The Clorox Co.
339,646
56,252,171
132,746,980
Personal Care Products - 0.1%
Coty, Inc. Class A (a)
968,275
11,493,424
Olaplex Holdings, Inc. (a)
342,905
1,268,749
12,762,173
TOTAL CONSUMER STAPLES
1,108,957,965
ENERGY - 4.8%
Energy Equipment & Services - 0.7%
Baker Hughes Co. Class A
2,595,977
75,906,367
Halliburton Co.
2,476,666
81,110,812
NOV, Inc.
1,078,564
18,065,947
175,083,126
Oil, Gas & Consumable Fuels - 4.1%
Antero Midstream GP LP
926,547
9,969,646
Antero Resources Corp. (a)
781,498
17,966,639
APA Corp.
882,916
32,535,455
Cheniere Energy, Inc.
686,127
104,977,431
Chesapeake Energy Corp.
333,739
27,593,541
Coterra Energy, Inc.
2,163,072
55,374,643
Devon Energy Corp.
1,792,986
95,799,242
Diamondback Energy, Inc.
493,486
70,173,709
DT Midstream, Inc.
267,051
13,157,603
Enviva, Inc.
84,260
1,811,590
EQT Corp.
1,015,632
35,384,619
Hess Corp.
776,211
112,597,168
HF Sinclair Corp.
371,734
16,397,187
Marathon Oil Corp.
1,744,812
42,154,658
New Fortress Energy, Inc.
151,826
4,598,810
ONEOK, Inc.
1,225,305
80,147,200
Ovintiv, Inc.
676,359
24,403,033
PDC Energy, Inc.
241,994
15,741,710
Phillips 66 Co.
1,284,947
127,209,753
Range Resources Corp.
648,934
17,164,304
Southwestern Energy Co. (a)
3,032,183
15,737,030
Targa Resources Corp.
622,716
47,033,739
Texas Pacific Land Corp. (b)
15,777
23,312,884
The Williams Companies, Inc.
3,357,733
101,605,001
Vitesse Energy, Inc.
67,887
1,249,121
1,094,095,716
TOTAL ENERGY
1,269,178,842
FINANCIALS - 13.3%
Banks - 2.2%
Bank of Hawaii Corp.
107,741
5,217,897
Bank OZK
308,113
11,005,796
BOK Financial Corp.
79,974
6,707,419
Citizens Financial Group, Inc.
1,345,752
41,637,567
Columbia Banking Systems, Inc.
570,537
12,186,670
Comerica, Inc.
359,977
15,612,202
Commerce Bancshares, Inc.
313,277
17,496,520
Cullen/Frost Bankers, Inc.
160,729
17,720,372
East West Bancorp, Inc.
389,708
20,144,007
Fifth Third Bancorp
1,877,946
49,202,185
First Citizens Bancshares, Inc.
30,265
30,482,303
First Hawaiian, Inc.
351,968
6,726,108
First Horizon National Corp.
1,458,273
25,592,691
First Republic Bank (b)
510,645
1,792,364
FNB Corp., Pennsylvania
986,213
11,321,725
Huntington Bancshares, Inc.
3,955,458
44,301,130
KeyCorp
2,560,923
28,835,993
M&T Bank Corp.
473,862
59,611,840
New York Community Bancorp, Inc.
1,844,459
19,717,267
PacWest Bancorp (b)
320,242
3,250,456
Pinnacle Financial Partners, Inc.
206,517
11,199,417
Popular, Inc.
194,012
11,642,660
Prosperity Bancshares, Inc.
241,270
15,108,327
Regions Financial Corp.
2,576,182
47,041,083
Synovus Financial Corp.
396,722
12,219,038
Webster Financial Corp.
476,232
17,763,454
Western Alliance Bancorp.
291,350
10,814,912
Wintrust Financial Corp.
165,094
11,287,477
Zions Bancorp NA
405,691
11,302,551
576,941,431
Capital Markets - 4.2%
Affiliated Managers Group, Inc.
103,006
14,872,006
Ameriprise Financial, Inc.
289,933
88,464,357
Ares Management Corp.
422,660
37,020,789
Bank of New York Mellon Corp.
2,024,882
86,239,724
Blue Owl Capital, Inc. Class A (b)
1,162,594
13,090,808
Carlyle Group LP
570,519
17,303,841
Cboe Global Markets, Inc.
291,769
40,760,129
Coinbase Global, Inc. (a)(b)
440,055
23,670,558
Evercore, Inc. Class A
100,464
11,459,928
FactSet Research Systems, Inc.
104,598
43,061,951
Franklin Resources, Inc.
786,340
21,136,819
Interactive Brokers Group, Inc.
255,879
19,920,180
Invesco Ltd.
1,028,992
17,626,633
Janus Henderson Group PLC
374,779
9,725,515
Jefferies Financial Group, Inc.
545,195
17,462,596
KKR & Co. LP
1,576,532
83,666,553
Lazard Ltd. Class A
228,104
7,139,655
LPL Financial
219,395
45,818,452
MarketAxess Holdings, Inc.
102,358
32,587,716
Morningstar, Inc.
68,520
12,217,801
MSCI, Inc.
214,164
103,323,422
NASDAQ, Inc.
947,660
52,471,934
Northern Trust Corp.
566,522
44,279,360
Raymond James Financial, Inc.
536,535
48,572,514
Robinhood Markets, Inc. (a)(b)
1,574,456
13,933,936
SEI Investments Co.
283,368
16,693,209
State Street Corp.
961,448
69,474,232
Stifel Financial Corp.
281,408
16,876,038
T. Rowe Price Group, Inc.
606,464
68,124,101
Tradeweb Markets, Inc. Class A
296,746
20,893,886
Virtu Financial, Inc. Class A
259,962
5,212,238
1,103,100,881
Consumer Finance - 0.7%
Ally Financial, Inc.
822,294
21,692,116
Credit Acceptance Corp. (a)(b)
18,246
8,931,417
Discover Financial Services
735,144
76,065,350
OneMain Holdings, Inc.
316,290
12,136,047
SLM Corp.
659,827
9,910,602
SoFi Technologies, Inc. (a)(b)
2,220,081
13,831,105
Synchrony Financial
1,200,322
35,421,502
Upstart Holdings, Inc. (a)(b)
194,333
2,701,229
180,689,368
Financial Services - 1.4%
Affirm Holdings, Inc. (a)(b)
609,560
6,010,262
Apollo Global Management, Inc.
1,332,929
84,494,369
Corebridge Financial, Inc.
220,913
3,724,593
Equitable Holdings, Inc.
1,015,761
26,399,628
Euronet Worldwide, Inc. (a)
130,124
14,409,932
FleetCor Technologies, Inc. (a)
197,884
42,331,345
Global Payments, Inc.
719,703
81,117,725
Jack Henry & Associates, Inc.
200,013
32,670,123
MGIC Investment Corp.
813,826
12,101,593
Rocket Companies, Inc. (a)(b)
312,663
2,785,827
Shift4 Payments, Inc. (a)
139,075
9,425,113
TFS Financial Corp.
138,148
1,663,302
The Western Union Co.
1,025,900
11,213,087
Toast, Inc. (a)
702,578
12,786,920
UWM Holdings Corp. Class A (b)
255,127
1,530,762
Voya Financial, Inc. (b)
268,202
20,512,089
WEX, Inc. (a)
119,925
21,268,699
384,445,369
Insurance - 4.6%
AFLAC, Inc.
1,681,879
117,479,248
Allstate Corp.
728,638
84,347,135
American Financial Group, Inc.
185,417
22,756,228
Arch Capital Group Ltd. (a)
976,188
73,282,433
Arthur J. Gallagher & Co.
573,516
119,325,739
Assurant, Inc.
146,622
18,053,567
Assured Guaranty Ltd.
158,708
8,549,600
Axis Capital Holdings Ltd.
214,403
12,122,346
Brighthouse Financial, Inc. (a)
186,758
8,254,704
Brown & Brown, Inc.
651,511
41,950,793
Cincinnati Financial Corp.
422,516
44,972,603
CNA Financial Corp.
75,189
2,925,604
Erie Indemnity Co. Class A
69,086
15,014,460
Everest Re Group Ltd.
107,244
40,538,232
F&G Annuities & Life, Inc.
49,396
905,429
Fidelity National Financial, Inc.
715,823
25,404,558
First American Financial Corp.
277,993
16,015,177
Globe Life, Inc.
246,433
26,742,909
Hanover Insurance Group, Inc.
97,534
11,661,165
Hartford Financial Services Group, Inc.
875,114
62,124,343
Kemper Corp.
175,022
8,514,820
Lincoln National Corp.
467,572
10,160,340
Loews Corp.
535,856
30,849,230
Markel Corp. (a)
36,423
49,845,968
Old Republic International Corp.
769,364
19,441,828
Primerica, Inc.
101,027
18,438,438
Principal Financial Group, Inc.
667,390
49,847,359
Prudential Financial, Inc.
1,015,132
88,316,484
Reinsurance Group of America, Inc.
184,131
26,205,524
RenaissanceRe Holdings Ltd.
118,636
25,555,381
Ryan Specialty Group Holdings, Inc. (a)(b)
226,624
9,259,857
Unum Group
546,022
23,042,128
W.R. Berkley Corp.
567,362
33,428,969
White Mountains Insurance Group Ltd.
6,885
9,860,284
Willis Towers Watson PLC
296,715
68,719,194
1,223,912,077
Mortgage Real Estate Investment Trusts - 0.2%
AGNC Investment Corp.
1,572,159
15,580,096
Annaly Capital Management, Inc.
1,288,039
25,735,019
Rithm Capital Corp.
1,192,957
9,734,529
Starwood Property Trust, Inc. (b)
804,846
14,398,695
65,448,339
TOTAL FINANCIALS
3,534,537,465
HEALTH CARE - 11.1%
Biotechnology - 2.3%
Alnylam Pharmaceuticals, Inc. (a)
338,793
67,487,566
Biogen, Inc. (a)
395,142
120,214,051
BioMarin Pharmaceutical, Inc. (a)
508,606
48,846,520
Exact Sciences Corp. (a)
481,754
30,865,979
Exelixis, Inc. (a)
881,345
16,128,614
Horizon Therapeutics PLC (a)
610,120
67,820,939
Incyte Corp. (a)
502,961
37,425,328
Ionis Pharmaceuticals, Inc. (a)
389,199
13,765,969
Mirati Therapeutics, Inc. (a)
122,973
5,448,934
Natera, Inc. (a)
269,142
13,650,882
Neurocrine Biosciences, Inc. (a)
263,936
26,668,093
Novavax, Inc. (a)(b)
236,299
1,812,413
Repligen Corp. (a)
152,400
23,108,412
Sarepta Therapeutics, Inc. (a)
231,889
28,469,013
Seagen, Inc. (a)
374,694
74,938,800
Ultragenyx Pharmaceutical, Inc. (a)
184,007
8,035,586
United Therapeutics Corp. (a)
122,916
28,286,659
612,973,758
Health Care Equipment & Supplies - 3.5%
Align Technology, Inc. (a)
216,258
70,348,727
Dentsply Sirona, Inc.
590,478
24,758,743
DexCom, Inc. (a)
1,062,453
128,918,047
Enovis Corp. (a)
139,506
8,126,225
Envista Holdings Corp. (a)
448,483
17,262,111
Globus Medical, Inc. (a)
212,689
12,365,738
Hologic, Inc. (a)
670,276
57,650,439
ICU Medical, Inc. (a)
55,573
10,511,077
IDEXX Laboratories, Inc. (a)
226,572
111,509,676
Insulet Corp. (a)
189,729
60,341,411
Integra LifeSciences Holdings Corp. (a)
199,560
11,039,659
Masimo Corp. (a)
130,732
24,726,650
Novocure Ltd. (a)(b)
284,711
18,762,455
Penumbra, Inc. (a)
98,271
27,920,757
QuidelOrtho Corp.
134,335
12,083,433
ResMed, Inc.
398,256
95,963,766
STERIS PLC
275,048
51,860,300
Tandem Diabetes Care, Inc. (a)
175,825
6,959,154
Teleflex, Inc.
129,306
35,238,471
The Cooper Companies, Inc.
133,896
51,074,629
Zimmer Biomet Holdings, Inc.
578,280
80,057,083
917,478,551
Health Care Providers & Services - 1.8%
Acadia Healthcare Co., Inc. (a)
245,384
17,738,809
agilon health, Inc. (a)(b)
520,982
12,644,233
Amedisys, Inc. (a)
88,108
7,075,072
AmerisourceBergen Corp.
449,384
74,979,720
Cardinal Health, Inc.
710,175
58,305,368
Chemed Corp.
40,251
22,188,364
DaVita HealthCare Partners, Inc. (a)
153,269
13,849,387
Encompass Health Corp.
269,852
17,311,006
Enhabit Home Health & Hospice
135,008
1,653,848
Guardant Health, Inc. (a)
268,544
6,058,353
Henry Schein, Inc. (a)
372,574
30,107,705
Laboratory Corp. of America Holdings
244,070
55,333,110
Molina Healthcare, Inc. (a)
157,867
47,027,001
Oak Street Health, Inc. (a)
321,000
12,509,370
Premier, Inc.
324,399
10,812,219
Quest Diagnostics, Inc.
304,903
42,323,585
Tenet Healthcare Corp. (a)
292,908
21,476,015
Universal Health Services, Inc. Class B
170,974
25,705,941
477,099,106
Health Care Technology - 0.4%
Certara, Inc. (a)
320,260
7,740,684
Definitive Healthcare Corp. (a)(b)
94,493
1,011,075
Doximity, Inc. (a)(b)
308,013
11,319,478
Teladoc Health, Inc. (a)(b)
442,518
11,740,003
Veeva Systems, Inc. Class A (a)
384,082
68,781,405
100,592,645
Life Sciences Tools & Services - 2.5%
10X Genomics, Inc. (a)
253,588
13,295,619
Agilent Technologies, Inc.
815,444
110,435,581
Avantor, Inc. (a)
1,680,715
32,740,328
Azenta, Inc. (a)
188,245
8,186,775
Bio-Rad Laboratories, Inc. Class A (a)
58,918
26,559,645
Bio-Techne Corp.
428,765
34,249,748
Bruker Corp.
295,445
23,378,563
Charles River Laboratories International, Inc. (a)
138,953
26,417,744
IQVIA Holdings, Inc. (a)
511,399
96,260,634
Maravai LifeSciences Holdings, Inc. (a)
302,582
4,172,606
Mettler-Toledo International, Inc. (a)
60,621
90,416,222
PerkinElmer, Inc.
347,633
45,362,630
QIAGEN NV (a)
625,099
27,885,666
Sotera Health Co. (a)
272,331
4,566,991
Syneos Health, Inc. (a)
282,362
11,085,532
Waters Corp. (a)
162,792
48,896,205
West Pharmaceutical Services, Inc.
204,098
73,728,362
677,638,851
Pharmaceuticals - 0.6%
Catalent, Inc. (a)
493,143
24,716,327
Elanco Animal Health, Inc. (a)
1,227,067
11,620,324
Jazz Pharmaceuticals PLC (a)
169,650
23,830,736
Organon & Co.
700,262
17,247,453
Perrigo Co. PLC
370,069
13,762,866
Royalty Pharma PLC
1,025,051
36,030,543
Viatris, Inc.
3,339,579
31,158,272
158,366,521
TOTAL HEALTH CARE
2,944,149,432
INDUSTRIALS - 17.2%
Aerospace & Defense - 1.5%
Axon Enterprise, Inc. (a)
186,150
39,223,667
BWX Technologies, Inc.
251,585
16,247,359
Curtiss-Wright Corp.
105,515
17,919,612
HEICO Corp.
124,021
20,914,901
HEICO Corp. Class A
217,384
29,179,454
Hexcel Corp.
230,906
16,643,704
Howmet Aerospace, Inc.
1,022,775
45,298,705
Huntington Ingalls Industries, Inc.
108,456
21,871,237
Mercury Systems, Inc. (a)
135,554
6,461,859
Spirit AeroSystems Holdings, Inc. Class A
287,555
8,557,637
Textron, Inc.
574,688
38,469,615
TransDigm Group, Inc.
141,557
108,291,105
Woodward, Inc.
159,738
15,338,043
384,416,898
Air Freight & Logistics - 0.4%
C.H. Robinson Worldwide, Inc.
319,840
32,262,261
Expeditors International of Washington, Inc.
437,210
49,771,986
GXO Logistics, Inc. (a)
291,072
15,464,655
97,498,902
Building Products - 1.9%
A.O. Smith Corp.
344,751
23,543,046
Advanced Drain Systems, Inc.
171,608
14,710,238
Allegion PLC
241,486
26,679,373
Armstrong World Industries, Inc.
124,821
8,570,210
Builders FirstSource, Inc. (a)
400,758
37,979,836
Carlisle Companies, Inc.
141,715
30,589,183
Carrier Global Corp.
2,303,882
96,348,345
Fortune Brands Home & Security, Inc.
352,183
22,782,718
Hayward Holdings, Inc. (a)(b)
185,363
2,231,771
Lennox International, Inc.
88,037
24,818,511
Masco Corp.
620,890
33,223,824
MasterBrand, Inc.
352,266
2,842,787
Owens Corning
257,053
27,455,831
The AZEK Co., Inc. (a)
306,524
8,319,061
Trane Technologies PLC
633,415
117,694,841
Trex Co., Inc. (a)
303,563
16,592,754
494,382,329
Commercial Services & Supplies - 1.5%
Cintas Corp.
238,635
108,762,674
Clean Harbors, Inc. (a)
140,461
20,389,319
Copart, Inc. (a)
1,174,898
92,875,687
Driven Brands Holdings, Inc. (a)
171,372
5,261,120
MSA Safety, Inc.
101,723
13,198,559
Republic Services, Inc.
568,462
82,210,974
Ritchie Bros. Auctioneers, Inc.
193,701
11,077,760
Rollins, Inc.
638,475
26,975,569
Stericycle, Inc. (a)
252,562
11,529,455
Tetra Tech, Inc.
144,899
20,049,675
392,330,792
Construction & Engineering - 0.6%
AECOM
362,884
30,137,516
MasTec, Inc. (a)
167,973
14,917,682
MDU Resources Group, Inc.
556,611
16,264,173
Quanta Services, Inc.
392,178
66,529,076
Valmont Industries, Inc.
57,893
16,821,390
Willscot Mobile Mini Holdings (a)
560,469
25,445,293
170,115,130
Electrical Equipment - 1.3%
Acuity Brands, Inc.
88,332
13,901,690
AMETEK, Inc.
635,135
87,604,171
ChargePoint Holdings, Inc. Class A (a)(b)
697,445
6,046,848
Generac Holdings, Inc. (a)
171,676
17,548,721
Hubbell, Inc. Class B
147,564
39,741,936
nVent Electric PLC
455,208
19,086,871
Plug Power, Inc. (a)(b)
1,431,327
12,924,883
Regal Rexnord Corp.
179,420
23,353,307
Rockwell Automation, Inc.
316,616
89,732,141
Sensata Technologies, Inc. PLC
416,672
18,104,398
Sunrun, Inc. (a)(b)
573,937
12,075,634
Vertiv Holdings Co.
836,510
12,480,729
352,601,329
Ground Transportation - 0.9%
Avis Budget Group, Inc. (a)
70,370
12,432,268
Hertz Global Holdings, Inc. (a)(b)
502,260
8,377,697
J.B. Hunt Transport Services, Inc.
227,146
39,816,422
Knight-Swift Transportation Holdings, Inc. Class A
429,903
24,212,137
Landstar System, Inc.
98,286
17,301,285
Lyft, Inc. (a)
898,317
9,207,749
Old Dominion Freight Lines, Inc.
273,786
87,718,297
RXO, Inc.
312,996
5,662,098
Ryder System, Inc.
133,864
10,596,674
Schneider National, Inc. Class B
148,832
3,894,933
U-Haul Holding Co. (b)
25,483
1,555,992
U-Haul Holding Co. (non-vtg.)
222,343
12,028,756
XPO, Inc. (a)
282,067
12,461,720
245,266,028
Machinery - 4.2%
AGCO Corp.
171,041
21,198,822
Allison Transmission Holdings, Inc.
253,819
12,383,829
Crane Co.
129,619
9,341,641
Crane Nxt Co.
129,619
6,138,756
Cummins, Inc.
388,505
91,314,215
Donaldson Co., Inc.
334,742
21,272,854
Dover Corp.
386,072
56,428,284
ESAB Corp.
156,175
9,114,373
Flowserve Corp.
358,798
11,980,265
Fortive Corp.
975,991
61,575,272
Gates Industrial Corp. PLC (a)
297,319
4,004,887
Graco, Inc.
462,520
36,673,211
IDEX Corp.
209,370
43,197,218
Ingersoll Rand, Inc.
1,119,641
63,841,930
ITT, Inc.
230,042
19,424,746
Lincoln Electric Holdings, Inc.
154,380
25,904,964
Middleby Corp. (a)
147,343
20,757,682
Nordson Corp.
157,619
34,094,566
Oshkosh Corp.
180,943
13,845,758
Otis Worldwide Corp.
1,149,259
98,031,793
PACCAR, Inc.
1,410,718
105,366,527
Parker Hannifin Corp.
352,797
114,616,689
Pentair PLC
453,416
26,334,401
Snap-On, Inc.
144,904
37,589,547
Stanley Black & Decker, Inc.
406,966
35,137,444
Timken Co.
168,521
12,950,839
Toro Co.
287,566
29,981,631
Westinghouse Air Brake Tech Co.
498,913
48,728,833
Xylem, Inc.
493,692
51,264,977
1,122,495,954
Marine Transportation - 0.1%
Kirby Corp. (a)
164,488
11,816,818
Passenger Airlines - 0.8%
Alaska Air Group, Inc. (a)
344,793
14,984,704
American Airlines Group, Inc. (a)
1,779,896
24,277,781
Copa Holdings SA Class A
78,246
7,067,179
Delta Air Lines, Inc. (a)
1,764,364
60,535,329
JetBlue Airways Corp. (a)
883,846
6,310,660
Southwest Airlines Co.
1,632,293
49,442,155
United Airlines Holdings, Inc. (a)
898,951
39,374,054
201,991,862
Professional Services - 2.7%
Booz Allen Hamilton Holding Corp. Class A
361,772
34,628,816
Broadridge Financial Solutions, Inc.
321,588
46,762,111
CACI International, Inc. Class A (a)
63,838
20,001,722
Clarivate Analytics PLC (a)(b)
1,300,812
11,525,194
Concentrix Corp.
117,136
11,304,795
CoStar Group, Inc. (a)
1,111,751
85,549,239
Dun & Bradstreet Holdings, Inc.
692,808
7,738,665
Equifax, Inc.
335,015
69,810,426
FTI Consulting, Inc. (a)(b)
92,866
16,762,313
Genpact Ltd.
491,704
21,905,413
Jacobs Solutions, Inc.
347,016
40,066,467
KBR, Inc.
375,526
21,303,590
Leidos Holdings, Inc.
375,400
35,009,804
Manpower, Inc.
138,462
10,482,958
Paychex, Inc.
889,195
97,686,963
Robert Half International, Inc.
291,245
21,260,885
Science Applications International Corp.
151,477
15,455,198
SS&C Technologies Holdings, Inc.
608,054
35,595,481
TransUnion Holding Co., Inc.
530,381
36,495,517
Verisk Analytics, Inc.
428,157
83,109,555
722,455,112
Trading Companies & Distributors - 1.3%
Air Lease Corp. Class A
286,271
11,513,820
Core & Main, Inc. (a)(b)
202,098
5,266,674
Fastenal Co.
1,586,722
85,429,112
MSC Industrial Direct Co., Inc. Class A
127,316
11,551,381
SiteOne Landscape Supply, Inc. (a)(b)
122,599
18,112,776
United Rentals, Inc.
192,477
69,505,369
Univar Solutions, Inc. (a)
443,056
15,728,488
W.W. Grainger, Inc.
124,198
86,388,403
Watsco, Inc. (b)
90,779
31,444,030
WESCO International, Inc.
122,762
17,677,728
352,617,781
TOTAL INDUSTRIALS
4,547,988,935
INFORMATION TECHNOLOGY - 14.0%
Communications Equipment - 1.3%
Arista Networks, Inc. (a)
678,275
108,632,524
Ciena Corp. (a)
406,028
18,693,529
F5, Inc. (a)
164,075
22,045,117
Juniper Networks, Inc.
880,678
26,552,442
Lumentum Holdings, Inc. (a)
187,686
9,055,850
Motorola Solutions, Inc.
453,881
132,260,923
Ubiquiti, Inc.
11,428
2,657,581
ViaSat, Inc. (a)(b)
200,133
7,010,659
326,908,625
Electronic Equipment, Instruments & Components - 2.3%
Amphenol Corp. Class A
1,614,416
121,839,976
Arrow Electronics, Inc. (a)
159,957
18,303,880
Avnet, Inc.
250,591
10,339,385
CDW Corp.
372,667
63,200,597
Cognex Corp.
478,832
22,835,498
Coherent Corp. (a)
326,961
11,162,449
Corning, Inc.
2,028,010
67,370,492
IPG Photonics Corp. (a)
89,843
10,330,148
Jabil, Inc.
358,527
28,018,885
Keysight Technologies, Inc. (a)
494,028
71,456,210
Littelfuse, Inc.
66,609
16,135,364
National Instruments Corp.
360,345
20,982,889
TD SYNNEX Corp.
128,658
11,455,708
Teledyne Technologies, Inc. (a)
127,633
52,891,115
Trimble, Inc. (a)
678,511
31,957,868
Vontier Corp.
435,015
11,801,957
Zebra Technologies Corp. Class A (a)
142,215
40,962,186
611,044,607
IT Services - 1.7%
Akamai Technologies, Inc. (a)
426,907
34,993,567
Amdocs Ltd.
327,400
29,875,250
Cloudflare, Inc. (a)(b)
779,453
36,673,264
DXC Technology Co. (a)
633,889
15,118,253
EPAM Systems, Inc. (a)
151,273
42,725,546
Gartner, Inc. (a)
211,546
63,984,203
Globant SA (a)
112,179
17,597,520
GoDaddy, Inc. (a)
431,234
32,635,789
Kyndryl Holdings, Inc. (a)
563,169
8,143,424
MongoDB, Inc. Class A (a)
182,761
43,855,330
Okta, Inc. (a)
416,898
28,570,020
Thoughtworks Holding, Inc. (a)
238,158
1,483,724
Twilio, Inc. Class A (a)
480,050
25,255,431
VeriSign, Inc. (a)
255,726
56,720,027
Wix.com Ltd. (a)
151,908
13,250,935
450,882,283
Semiconductors & Semiconductor Equipment - 2.3%
Allegro MicroSystems LLC (a)
182,634
6,532,818
Cirrus Logic, Inc. (a)
150,985
12,953,003
Enphase Energy, Inc. (a)
360,762
59,237,120
Entegris, Inc.
409,003
30,642,505
First Solar, Inc. (a)
292,761
53,452,303
GlobalFoundries, Inc. (a)(b)
174,726
10,273,889
Lattice Semiconductor Corp. (a)
373,951
29,803,895
Microchip Technology, Inc.
1,467,303
107,098,446
MKS Instruments, Inc.
157,893
13,242,486
Monolithic Power Systems, Inc.
126,354
58,371,757
onsemi (a)
1,195,897
86,056,748
Qorvo, Inc. (a)
274,539
25,279,551
Skyworks Solutions, Inc.
437,847
46,367,997
Teradyne, Inc.
431,622
39,441,618
Universal Display Corp.
119,701
15,975,295
Wolfspeed, Inc. (a)(b)
339,335
15,796,044
610,525,475
Software - 5.5%
Alteryx, Inc. Class A (a)
165,450
6,804,959
ANSYS, Inc. (a)
239,740
75,259,181
AppLovin Corp. (a)(b)
603,049
10,251,833
Aspen Technology, Inc.
74,289
13,149,153
Bentley Systems, Inc. Class B
464,599
19,773,333
Bill Holdings, Inc. (a)
272,522
20,932,415
Black Knight, Inc. (a)
425,889
23,270,575
Cadence Design Systems, Inc. (a)
752,047
157,516,240
CCC Intelligent Solutions Holdings, Inc. Class A (a)(b)
470,837
4,086,865
Ceridian HCM Holding, Inc. (a)
377,117
23,939,387
Confluent, Inc. (a)
342,259
7,529,698
Crowdstrike Holdings, Inc. (a)
593,705
71,274,285
Datadog, Inc. Class A (a)
731,781
49,307,404
DocuSign, Inc. (a)
544,446
26,917,410
Dolby Laboratories, Inc. Class A
163,085
13,648,584
DoubleVerify Holdings, Inc. (a)
236,574
6,960,007
Dropbox, Inc. Class A (a)
739,227
15,035,877
Dynatrace, Inc. (a)
596,348
25,213,593
Elastic NV (a)
213,232
12,207,532
Fair Isaac Corp. (a)
66,915
48,710,774
Five9, Inc. (a)
192,922
12,509,062
Fortinet, Inc. (a)
1,778,780
112,152,079
Gen Digital, Inc.
1,512,582
26,727,324
Guidewire Software, Inc. (a)
225,844
17,207,054
HubSpot, Inc. (a)
127,617
53,720,376
Informatica, Inc. (a)
101,381
1,567,350
Jamf Holding Corp. (a)
182,301
3,449,135
Manhattan Associates, Inc. (a)
170,977
28,327,469
nCino, Inc. (a)(b)
191,880
4,745,192
NCR Corp. (a)
353,865
7,887,651
New Relic, Inc. (a)
146,821
10,493,297
Nutanix, Inc. Class A (a)
632,841
15,175,527
Palantir Technologies, Inc. (a)(b)
5,070,320
39,294,980
Paycom Software, Inc. (a)
141,096
40,970,046
Paycor HCM, Inc. (a)(b)
167,457
3,935,240
Paylocity Holding Corp. (a)
110,685
21,394,304
Pegasystems, Inc.
113,906
5,196,392
Procore Technologies, Inc. (a)
195,947
10,465,529
PTC, Inc. (a)
293,456
36,913,830
RingCentral, Inc. (a)
234,791
6,470,840
SentinelOne, Inc. (a)
526,208
8,456,163
Smartsheet, Inc. (a)
350,351
14,318,845
Splunk, Inc. (a)
448,453
38,674,587
Synopsys, Inc. (a)
420,297
156,064,682
Teradata Corp. (a)
281,985
10,915,639
Tyler Technologies, Inc. (a)
113,408
42,985,034
UiPath, Inc. Class A (a)
1,038,772
14,625,910
Unity Software, Inc. (a)(b)
650,599
17,546,655
Zoom Video Communications, Inc. Class A (a)
677,196
41,600,150
Zscaler, Inc. (a)
232,588
20,956,179
1,456,535,626
Technology Hardware, Storage & Peripherals - 0.9%
Dell Technologies, Inc.
651,061
28,314,643
Hewlett Packard Enterprise Co.
3,542,907
50,734,428
HP, Inc.
2,708,635
80,473,546
NetApp, Inc.
598,910
37,665,450
Pure Storage, Inc. Class A (a)
785,914
17,942,417
Western Digital Corp. (a)
876,032
30,170,542
245,301,026
TOTAL INFORMATION TECHNOLOGY
3,701,197,642
MATERIALS - 6.1%
Chemicals - 3.2%
Albemarle Corp.
322,601
59,829,581
Ashland, Inc.
139,572
14,181,911
Axalta Coating Systems Ltd. (a)
608,429
19,208,104
Celanese Corp. Class A
298,456
31,707,965
CF Industries Holdings, Inc.
539,623
38,626,214
Corteva, Inc.
1,972,121
120,536,036
DuPont de Nemours, Inc.
1,264,339
88,149,715
Eastman Chemical Co.
329,577
27,773,454
Element Solutions, Inc.
621,245
11,275,597
FMC Corp.
347,132
42,898,573
Ginkgo Bioworks Holdings, Inc. Class A (a)(b)
2,406,384
2,935,788
Huntsman Corp.
502,355
13,458,090
International Flavors & Fragrances, Inc.
702,496
68,114,012
LyondellBasell Industries NV Class A
708,328
67,014,912
NewMarket Corp.
15,782
6,306,487
Olin Corp.
335,959
18,612,129
PPG Industries, Inc.
649,551
91,106,023
RPM International, Inc.
351,700
28,849,951
The Chemours Co. LLC
405,831
11,797,507
The Mosaic Co.
937,275
40,162,234
The Scotts Miracle-Gro Co. Class A (b)
111,214
7,430,207
Valvoline, Inc.
473,239
16,350,407
Westlake Corp.
90,939
10,347,039
836,671,936
Construction Materials - 0.5%
Eagle Materials, Inc.
98,536
14,604,021
Martin Marietta Materials, Inc.
171,411
62,256,475
Vulcan Materials Co.
364,906
63,902,339
140,762,835
Containers & Packaging - 1.3%
Amcor PLC
4,087,350
44,838,230
Aptargroup, Inc.
180,435
21,383,352
Ardagh Group SA (a)
38,734
278,110
Ardagh Metal Packaging SA (b)
410,931
1,676,598
Avery Dennison Corp.
224,391
39,151,742
Ball Corp.
849,963
45,201,032
Berry Global Group, Inc.
334,844
19,357,332
Crown Holdings, Inc.
317,182
27,207,872
Graphic Packaging Holding Co.
842,754
20,782,314
International Paper Co.
978,841
32,409,426
Packaging Corp. of America
251,485
34,015,861
Sealed Air Corp. (b)
401,664
19,275,855
Silgan Holdings, Inc.
231,710
11,414,035
Sonoco Products Co.
268,140
16,254,647
WestRock Co.
698,430
20,904,010
354,150,416
Metals & Mining - 1.1%
Alcoa Corp.
487,171
18,093,531
Cleveland-Cliffs, Inc. (a)
1,408,196
21,658,054
MP Materials Corp. (a)(b)
250,019
5,417,912
Nucor Corp.
706,798
104,733,328
Reliance Steel & Aluminum Co.
160,927
39,877,711
Royal Gold, Inc.
180,585
23,916,677
SSR Mining, Inc.
567,652
8,128,777
Steel Dynamics, Inc.
458,812
47,693,507
United States Steel Corp.
618,716
14,156,222
283,675,719
Paper & Forest Products - 0.0%
Louisiana-Pacific Corp.
195,846
11,699,840
TOTAL MATERIALS
1,626,960,746
REAL ESTATE - 7.4%
Equity Real Estate Investment Trusts (REITs) - 6.9%
Alexandria Real Estate Equities, Inc.
473,510
58,800,472
American Homes 4 Rent Class A
848,219
28,211,764
Americold Realty Trust
740,676
21,916,603
Apartment Income (REIT) Corp.
412,533
15,255,470
AvalonBay Communities, Inc.
384,998
69,442,089
Boston Properties, Inc.
431,909
23,046,664
Brixmor Property Group, Inc.
821,926
17,531,682
Camden Property Trust (SBI)
285,691
31,440,295
Cousins Properties, Inc.
416,182
9,076,929
CubeSmart
615,973
28,020,612
Douglas Emmett, Inc.
465,762
5,999,015
EastGroup Properties, Inc.
113,350
18,879,576
EPR Properties
204,007
8,560,134
Equity Lifestyle Properties, Inc.
489,435
33,722,072
Equity Residential (SBI)
1,020,738
64,561,679
Essex Property Trust, Inc.
177,122
38,919,017
Extra Space Storage, Inc.
365,200
55,525,008
Federal Realty Investment Trust (SBI)
221,182
21,872,688
First Industrial Realty Trust, Inc.
363,009
19,047,082
Gaming & Leisure Properties
672,855
34,988,460
Healthcare Trust of America, Inc.
1,044,822
20,666,579
Healthpeak Properties, Inc.
1,506,051
33,087,940
Highwoods Properties, Inc. (SBI)
286,266
6,561,217
Host Hotels & Resorts, Inc.
1,950,936
31,546,635
Hudson Pacific Properties, Inc.
378,655
2,105,322
Invitation Homes, Inc.
1,681,991
56,128,040
Iron Mountain, Inc.
795,547
43,946,016
JBG SMITH Properties
294,399
4,201,074
Kilroy Realty Corp.
320,264
9,364,519
Kimco Realty Corp.
1,664,529
31,942,312
Lamar Advertising Co. Class A
238,271
25,180,479
Life Storage, Inc.
231,820
31,151,972
Medical Properties Trust, Inc. (b)
1,636,604
14,353,017
Mid-America Apartment Communities, Inc.
316,426
48,666,319
National Retail Properties, Inc.
498,708
21,693,798
National Storage Affiliates Trust
233,937
9,018,271
Omega Healthcare Investors, Inc.
647,605
17,329,910
Park Hotels & Resorts, Inc.
614,200
7,401,110
Rayonier, Inc.
401,495
12,590,883
Realty Income Corp.
1,730,022
108,714,582
Regency Centers Corp.
472,228
29,008,966
Rexford Industrial Realty, Inc.
538,801
30,048,932
SBA Communications Corp. Class A
293,957
76,690,442
Simon Property Group, Inc.
899,203
101,897,684
SL Green Realty Corp.
176,396
4,175,293
Spirit Realty Capital, Inc.
383,469
14,748,218
Sun Communities, Inc.
335,294
46,582,395
UDR, Inc.
903,468
37,340,332
Ventas, Inc.
1,100,390
52,873,740
VICI Properties, Inc.
2,763,562
93,795,294
Vornado Realty Trust
486,229
7,298,297
Welltower, Inc.
1,304,021
103,304,544
Weyerhaeuser Co.
2,028,323
60,667,141
WP Carey, Inc.
575,340
42,690,228
1,841,588,812
Real Estate Management & Development - 0.5%
CBRE Group, Inc. (a)
868,833
66,604,738
Howard Hughes Corp. (a)
100,936
7,809,418
Jones Lang LaSalle, Inc. (a)
131,543
18,289,739
Opendoor Technologies, Inc. (a)(b)
1,286,249
1,775,024
WeWork, Inc. (a)(b)
584,396
246,323
Zillow Group, Inc.:
Class A (a)
155,946
6,671,370
Class C (a)(b)
434,329
18,910,685
120,307,297
TOTAL REAL ESTATE
1,961,896,109
UTILITIES - 5.8%
Electric Utilities - 2.8%
Alliant Energy Corp.
690,855
38,093,745
Avangrid, Inc. (b)
195,301
7,862,818
Constellation Energy Corp.
900,153
69,671,842
Edison International
1,036,398
76,278,893
Entergy Corp.
559,569
60,198,433
Evergy, Inc.
612,692
38,054,300
Eversource Energy
949,954
73,725,930
FirstEnergy Corp.
1,496,837
59,574,113
Hawaiian Electric Industries, Inc.
299,759
11,753,550
IDACORP, Inc.
138,675
15,409,566
NRG Energy, Inc.
584,808
19,982,889
OGE Energy Corp.
550,279
20,657,474
PG&E Corp. (a)
4,538,325
77,650,741
Pinnacle West Capital Corp.
311,097
24,408,671
PPL Corp.
2,031,416
58,342,268
Xcel Energy, Inc.
1,503,397
105,102,484
756,767,717
Gas Utilities - 0.3%
Atmos Energy Corp.
391,674
44,705,670
National Fuel Gas Co.
241,523
13,501,136
UGI Corp.
576,918
19,545,982
77,752,788
Independent Power and Renewable Electricity Producers - 0.3%
Brookfield Renewable Corp. (b)
351,870
11,755,977
The AES Corp.
1,838,781
43,505,558
Vistra Corp.
1,082,666
25,832,411
81,093,946
Multi-Utilities - 2.0%
Ameren Corp.
709,440
63,118,877
CenterPoint Energy, Inc.
1,736,760
52,919,077
CMS Energy Corp.
798,014
49,684,352
Consolidated Edison, Inc.
978,296
96,332,807
DTE Energy Co.
531,764
59,775,591
NiSource, Inc.
1,119,063
31,848,533
Public Service Enterprise Group, Inc.
1,372,612
86,749,078
WEC Energy Group, Inc.
869,937
83,661,841
524,090,156
Water Utilities - 0.4%
American Water Works Co., Inc.
531,869
78,849,579
Essential Utilities, Inc.
637,710
27,230,217
106,079,796
TOTAL UTILITIES
1,545,784,403
TOTAL COMMON STOCKS
(Cost $23,165,367,064)
26,446,673,490
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
The following is a summary of the inputs used, as of April 30, 2023, 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.
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
(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).
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 mutual funds or ETFs 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 reimbursem*nts, waivers or reductions occur.
G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).
H 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 reimbursem*nt by Fidelity, a fund's total return will be greater than it would be had the reimbursem*nt not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
U.S. equities gained 2.66% for the 12 months ending April 30, 2023, according to the S&P 500 ® index, as markets digested multiple crosscurrents and sustained year-to-date momentum. The upturn followed a year in which the S&P 500 ® returned -18.11% amid a multitude of risk factors. Record inflation prompted the Federal Reserve to aggressively tighten monetary policy, and market interest rates eclipsed their highest level in a decade, stoking recession fears and sending stocks into bear market territory. Since March 2022, the Fed has raised its benchmark rate nine times, by 4.75 percentage points, while also shrinking its massive asset portfolio. Against this backdrop, stocks struggled to gain traction until a rally in late 2022, as risky assets regained favor. The S&P 500 ® continued to advance in 2023, gaining 7.50% in the first quarter and adding 1.56% in April, supported by moderating inflation data, a resilient labor market, earnings that continued to exceed lowered expectations and indications from the Fed it was nearing the end of its interest rate hiking regime. Indeed, the central bank stepped down to hikes of 25 basis points (0.25 percentage points) in February and March, as stress in the financial system started to show, with two regional banks failing in March. For the full 12 months, value stocks handily outpaced growth. By sector, energy (+19%) led the way, followed by information technology (+9%) and industrials (+7%). In contrast, real estate (-16%), consumer discretionary (-8%) and materials (-3%) lagged most.
For the fiscal year ending April 30, 2023, the fund returned -3.46%, roughly in line with the -3.65% result of the benchmark Russell 2000 ® Index. By sector, financials returned -12% and detracted most. This group was hampered by the banks (-20%) industry. Real estate returned -20%. Information technology (-10%), especially in the software & services industry (-17%), also hurt. Other notable detractors included the communication services (-19%) and materials (0%) sectors. Conversely, health care gained 4% and contributed most, driven by the pharmaceuticals, biotechnology & life sciences industry (+9%). Industrials stocks also helped (+3%), benefiting from the capital goods industry (+9%). The consumer staples sector rose roughly 7%. Other notable contributors included the energy (+4%), utilities (+2%), and consumer discretionary (+0%) sectors. Turning to individual stocks, the biggest individual detractor was Avis Budget Group (-39%), from the transportation category, followed by Silvergate Capital (-98%), which is in the banks group. Within consumer durables & apparel, Helen of Troy returned -53% and hurt. Other detractors were Marqeta (-60%), a stock in the financial services segment, and Rapid (-49%), from the software & services industry. Conversely, the top contributor was Prometheus Biosciences (+638%), from the pharmaceuticals, biotechnology & life sciences category. In health care equipment & services, Shockwave Medical (+92%) was helpful and Apellis Pharmaceuticals (+92%) from the pharmaceuticals, biotechnology & life sciences segment also contributed. Crocs, within the consumer durables & apparel industry, rose 86% and Iridium Communications, within the telecommunication services group, gained 78% 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.
Common Stocks - 99.0%
Shares
Value ($)
COMMUNICATION SERVICES - 2.7%
Diversified Telecommunication Services - 0.7%
Anterix, Inc. (a)(b)
160,666
5,073,832
ATN International, Inc.
94,793
3,428,663
Bandwidth, Inc. (a)
200,149
2,435,813
Charge Enterprises, Inc. (a)(b)
1,101,306
1,167,384
Cogent Communications Group, Inc.
369,795
25,530,647
Consolidated Communications Holdings, Inc. (a)
635,369
2,458,878
EchoStar Holding Corp. Class A (a)(b)
288,942
4,932,240
Globalstar, Inc. (a)(b)
5,908,099
5,352,738
IDT Corp. Class B (a)
134,205
4,456,948
Iridium Communications, Inc.
1,077,456
68,386,132
Liberty Latin America Ltd.:
Class A (a)
123,529
1,095,702
Class C (a)(b)
1,467,855
13,034,552
Ooma, Inc. (a)
205,956
2,533,259
Radius Global Infrastructure, Inc. (a)(b)
660,289
9,699,645
149,586,433
Entertainment - 0.4%
Cinemark Holdings, Inc. (a)(b)
937,514
15,825,236
IMAX Corp. (a)
405,573
8,496,754
Liberty Media Corp. Liberty Braves:
Class A (a)(b)
34,738
1,360,687
Class C (a)(b)
375,849
14,289,779
Lions Gate Entertainment Corp.:
Class A (a)(b)
690,240
7,937,760
Class B (a)(b)
792,616
8,457,213
Madison Square Garden Entertainment Corp. (b)
224,442
7,242,743
Marcus Corp. (b)
202,415
3,546,311
Playstudios, Inc. Class A (a)(b)
680,407
2,980,183
Reservoir Media, Inc. (a)(b)
167,894
1,114,816
Skillz, Inc. (a)(b)
2,694,477
1,677,851
Sphere Entertainment Co. (a)(b)
224,442
6,315,798
Vivid Seats, Inc. Class A (a)(b)
221,289
1,588,855
80,833,986
Interactive Media & Services - 0.7%
Bumble, Inc. (a)
863,977
15,733,021
CarGurus, Inc. Class A (a)
881,896
14,498,370
Cars.com, Inc. (a)(b)
568,577
11,127,052
DHI Group, Inc. (a)
359,888
1,320,789
Eventbrite, Inc. (a)(b)
675,105
4,908,013
EverQuote, Inc. Class A (a)
172,075
1,199,363
fuboTV, Inc. (a)(b)
1,638,069
1,867,399
MediaAlpha, Inc. Class A (a)
211,625
1,566,025
Outbrain, Inc. (a)
310,378
1,188,748
QuinStreet, Inc. (a)
437,079
4,855,948
Shutterstock, Inc. (b)
207,194
13,881,998
The Arena Group Holdings, Inc. (a)(b)
96,954
397,511
TrueCar, Inc. (a)(b)
744,764
1,914,043
Vimeo, Inc. (a)
1,246,962
4,102,505
Vinco Ventures, Inc. (a)(b)
1,927,189
353,061
Wejo Group Ltd. (a)(b)
335,647
130,902
Yelp, Inc. (a)
583,389
17,454,999
Ziff Davis, Inc. (a)
393,246
28,762,012
ZipRecruiter, Inc. (a)(b)
628,544
10,647,535
135,909,294
Media - 0.8%
AdTheorent Holding Co., Inc. Class A (a)(b)
316,932
475,398
Advantage Solutions, Inc. Class A (a)(b)
724,578
927,460
AMC Networks, Inc. Class A (a)
262,095
4,636,461
Audacy, Inc. Class A (a)(b)
900,617
106,093
Boston Omaha Corp. (a)
191,492
3,917,926
Cardlytics, Inc. (a)(b)
278,336
1,806,401
Clear Channel Outdoor Holdings, Inc. (a)(b)
3,174,552
4,031,681
Cumulus Media, Inc. (a)
143,882
505,745
Daily Journal Corp. (a)(b)
10,193
2,784,218
E.W. Scripps Co. Class A (a)
504,197
4,250,381
Entravision Communication Corp. Class A
515,381
3,221,131
Gambling.com Group Ltd. (a)(b)
74,606
732,631
Gannett Co., Inc. (a)(b)
1,234,335
2,345,237
Gray Television, Inc. (b)
713,418
5,500,453
iHeartMedia, Inc. (a)(b)
1,040,117
3,609,206
Innovid Corp. (a)(b)
658,610
618,435
Integral Ad Science Holding Corp. (a)(b)
330,950
5,205,844
John Wiley & Sons, Inc. Class A
370,688
14,297,436
Magnite, Inc. (a)(b)
1,140,864
10,724,122
PubMatic, Inc. (a)(b)
374,712
5,118,566
Quotient Technology, Inc. (a)(b)
778,881
2,196,444
Scholastic Corp.
253,078
9,735,911
Sinclair Broadcast Group, Inc. Class A (b)
347,879
6,919,313
Stagwell, Inc. (a)(b)
664,583
4,133,706
TechTarget, Inc. (a)(b)
234,463
7,992,844
TEGNA, Inc.
1,919,075
32,816,183
Thryv Holdings, Inc. (a)(b)
216,975
4,873,259
Urban One, Inc.:
Class A (a)(b)
120,468
860,142
Class D (non-vtg.) (a)
17,391
101,042
WideOpenWest, Inc. (a)(b)
463,386
5,296,502
149,740,171
Wireless Telecommunication Services - 0.1%
Gogo, Inc. (a)
427,250
5,729,423
KORE Group Holdings, Inc. (a)(b)
310,341
378,616
Shenandoah Telecommunications Co. (b)
416,924
8,676,188
Telephone & Data Systems, Inc.
874,704
8,747,040
U.S. Cellular Corp. (a)(b)
125,996
2,676,155
26,207,422
TOTAL COMMUNICATION SERVICES
542,277,306
CONSUMER DISCRETIONARY - 11.4%
Automobile Components - 1.4%
Adient PLC (a)(b)
816,871
30,175,215
American Axle & Manufacturing Holdings, Inc. (a)
969,596
6,932,611
Dana, Inc.
1,106,337
16,362,724
Dorman Products, Inc. (a)(b)
227,114
19,568,142
Fox Factory Holding Corp. (a)(b)
365,429
40,515,113
Gentherm, Inc. (a)(b)
284,700
16,982,355
Holley, Inc. (a)(b)
447,924
1,079,497
LCI Industries (b)
214,336
24,211,395
Luminar Technologies, Inc. (a)(b)
2,164,574
13,030,735
Modine Manufacturing Co. (a)
426,678
8,921,837
Motorcar Parts of America, Inc. (a)(b)
164,525
801,237
Patrick Industries, Inc.
185,893
12,757,837
Solid Power, Inc. (a)(b)
1,145,605
2,600,523
Standard Motor Products, Inc.
172,537
6,213,057
Stoneridge, Inc. (a)(b)
223,702
4,212,309
The Goodyear Tire & Rubber Co. (a)(b)
2,412,981
25,746,507
Visteon Corp. (a)
239,218
33,583,815
XPEL, Inc. (a)(b)
185,483
13,551,388
277,246,297
Automobiles - 0.2%
Canoo, Inc. (a)(b)
2,417,368
1,825,113
Cenntro Electric Group Ltd. (a)(b)
1,560,996
578,817
Faraday Future Intelligent Electric, Inc. (a)(b)
4,342,133
740,334
Fisker, Inc. (a)(b)
1,535,978
9,891,698
Lordstown Motors Corp. Class A (a)(b)
1,474,466
771,146
Mullen Automotive, Inc. (a)(b)
8,567,152
658,814
Winnebago Industries, Inc. (b)
258,419
15,024,481
Workhorse Group, Inc. (a)(b)
1,349,531
1,271,528
30,761,931
Broadline Retail - 0.1%
1stDibs.com, Inc. (a)(b)
203,009
763,314
Big Lots, Inc. (b)
246,438
2,215,478
ContextLogic, Inc. (a)(b)
163,037
1,175,497
Dillard's, Inc. Class A (b)
34,312
10,238,358
Groupon, Inc. (a)(b)
185,685
664,752
Qurate Retail, Inc. Series A (a)(b)
3,025,222
2,409,892
17,467,291
Distributors - 0.0%
Funko, Inc. (a)(b)
277,722
2,738,339
Weyco Group, Inc. (b)
49,475
1,342,752
4,081,091
Diversified Consumer Services - 1.0%
2U, Inc. (a)(b)
661,914
3,667,004
Adtalem Global Education, Inc. (a)(b)
386,769
15,691,218
American Public Education, Inc. (a)
159,878
911,305
Carriage Services, Inc.
114,884
3,298,320
Chegg, Inc. (a)
1,073,852
19,307,859
Coursera, Inc. (a)
985,435
12,258,811
Duolingo, Inc. (a)(b)
207,456
28,247,209
European Wax Center, Inc. (b)
212,411
4,001,823
Frontdoor, Inc. (a)(b)
711,570
19,468,555
Graham Holdings Co.
31,675
18,231,180
Laureate Education, Inc. Class A
1,156,879
14,333,731
Nerdy, Inc. Class A (a)(b)
482,241
1,914,497
OneSpaWorld Holdings Ltd. (a)
571,027
6,852,324
Perdoceo Education Corp. (a)
577,209
7,492,173
Rover Group, Inc. Class A (a)(b)
809,149
3,665,445
Strategic Education, Inc. (b)
195,793
17,229,784
Stride, Inc. (a)
363,180
15,602,213
The Beachbody Co., Inc. (a)(b)
873,240
407,454
Udemy, Inc. (a)(b)
633,241
5,756,161
Universal Technical Institute, Inc. (a)
289,013
2,040,432
WW International, Inc. (a)(b)
466,906
3,898,665
204,276,163
Hotels, Restaurants & Leisure - 2.8%
Accel Entertainment, Inc. (a)
483,465
4,278,665
Bally's Corp. (a)
309,107
5,316,640
Biglari Holdings, Inc. Class B (a)
5,239
907,395
BJ's Restaurants, Inc. (a)(b)
194,126
6,316,860
Bloomin' Brands, Inc.
751,086
18,604,400
Bluegreen Vacations Holding Corp. Class A
82,204
2,366,653
Bowlero Corp. Class A (a)(b)
254,469
3,722,881
Brinker International, Inc. (a)(b)
373,531
14,911,358
Century Casinos, Inc. (a)
233,585
1,644,438
Chuy's Holdings, Inc. (a)(b)
153,673
5,360,114
Cracker Barrel Old Country Store, Inc. (b)
190,763
20,251,400
Dave & Buster's Entertainment, Inc. (a)(b)
369,213
13,092,293
Denny's Corp. (a)
476,884
5,345,870
Dine Brands Global, Inc. (b)
127,171
8,257,213
El Pollo Loco Holdings, Inc. (b)
163,971
1,528,210
Everi Holdings, Inc. (a)
743,849
11,306,505
F45 Training Holdings, Inc. (a)(b)
305,299
259,535
First Watch Restaurant Group, Inc. (a)
131,785
2,119,103
Full House Resorts, Inc. (a)
282,030
1,985,491
Golden Entertainment, Inc. (a)
174,372
7,351,524
Hilton Grand Vacations, Inc. (a)
739,439
31,647,989
Inspirato, Inc. (a)(b)
150,884
114,672
Inspired Entertainment, Inc. (a)
181,529
2,323,571
International Game Technology PLC (b)
844,644
23,768,282
Jack in the Box, Inc.
178,379
16,533,950
Krispy Kreme, Inc. (b)
620,401
9,541,767
Kura Sushi U.S.A., Inc. Class A (a)(b)
39,883
2,748,736
Life Time Group Holdings, Inc. (a)(b)
360,316
7,490,970
Light & Wonder, Inc. Class A (a)
811,151
48,904,294
Lindblad Expeditions Holdings (a)(b)
290,367
3,284,051
Monarch Casino & Resort, Inc.
114,630
7,950,737
NeoGames SA (a)
113,416
1,525,445
Noodles & Co. (a)
348,344
1,720,819
Papa John's International, Inc.
281,114
21,024,516
Portillo's, Inc. (a)(b)
276,219
5,971,855
RCI Hospitality Holdings, Inc. (b)
74,245
5,560,951
Red Rock Resorts, Inc.
433,211
21,140,697
Rush Street Interactive, Inc. (a)(b)
534,020
1,660,802
Ruth's Hospitality Group, Inc. (b)
274,862
4,441,770
Sabre Corp. (a)(b)
2,811,435
11,245,740
SeaWorld Entertainment, Inc. (a)(b)
342,358
18,370,930
Shake Shack, Inc. Class A (a)
323,124
17,710,426
Sonder Holdings, Inc. (a)(b)
1,598,758
655,651
Sweetgreen, Inc. Class A (a)(b)
769,910
6,113,085
Target Hospitality Corp. (a)(b)
251,873
3,176,119
Texas Roadhouse, Inc. Class A
577,148
63,844,112
The Cheesecake Factory, Inc. (b)
417,674
14,071,437
The ONE Group Hospitality, Inc. (a)(b)
195,651
1,531,947
Vacasa, Inc. Class A (a)(b)
988,059
787,088
Wingstop, Inc. (b)
258,135
51,655,395
Xponential Fitness, Inc. (a)(b)
176,203
5,828,795
547,273,147
Household Durables - 2.0%
Aterian, Inc. (a)(b)
544,335
430,678
Beazer Homes U.S.A., Inc. (a)
254,036
5,413,507
Cavco Industries, Inc. (a)
75,113
22,550,425
Century Communities, Inc.
243,291
16,383,216
Dream Finders Homes, Inc. (a)(b)
184,857
2,819,069
Ethan Allen Interiors, Inc.
195,817
5,469,169
GoPro, Inc. Class A (a)
1,114,208
4,768,810
Green Brick Partners, Inc. (a)(b)
233,861
8,715,999
Helen of Troy Ltd. (a)(b)
205,198
20,589,567
Hovnanian Enterprises, Inc. Class A (a)
41,789
3,082,775
Installed Building Products, Inc. (b)
205,507
25,538,355
iRobot Corp. (a)(b)
229,452
9,024,347
KB Home
652,751
28,603,549
La-Z-Boy, Inc. (b)
371,291
10,667,190
Landsea Homes Corp. (a)
82,684
545,714
Legacy Housing Corp. (a)(b)
74,787
1,615,399
LGI Homes, Inc. (a)(b)
176,856
21,010,493
Lifetime Brands, Inc.
105,885
518,837
Lovesac (a)(b)
121,158
3,185,244
M.D.C. Holdings, Inc.
503,729
20,637,777
M/I Homes, Inc. (a)
228,669
15,467,171
Meritage Homes Corp. (b)
312,442
40,008,198
Purple Innovation, Inc.
540,268
1,604,596
Skyline Champion Corp. (a)(b)
460,130
34,127,842
Snap One Holdings Corp. (a)(b)
151,679
1,480,387
Sonos, Inc. (a)(b)
1,100,026
23,254,550
Taylor Morrison Home Corp. (a)
900,234
38,791,083
Traeger, Inc. (a)(b)
292,212
888,324
TRI Pointe Homes, Inc. (a)
866,496
24,851,105
Tupperware Brands Corp. (a)(b)
379,586
474,483
Universal Electronics, Inc. (a)(b)
102,235
1,027,462
Vizio Holding Corp. (a)(b)
584,286
5,007,331
Vuzix Corp. (a)(b)
512,695
2,061,034
400,613,686
Leisure Products - 0.5%
Acushnet Holdings Corp. (b)
286,602
14,367,358
AMMO, Inc. (a)(b)
782,739
1,541,996
Clarus Corp.
250,729
2,439,593
Johnson Outdoors, Inc. Class A
45,999
2,667,942
Latham Group, Inc. (a)
373,806
900,872
Malibu Boats, Inc. Class A (a)
175,748
9,973,699
Marine Products Corp.
69,457
956,423
MasterCraft Boat Holdings, Inc. (a)(b)
151,100
4,422,697
Smith & Wesson Brands, Inc. (b)
391,681
4,708,006
Solo Brands, Inc. Class A (a)(b)
191,163
1,527,392
Sturm, Ruger & Co., Inc.
149,237
8,590,082
Topgolf Callaway Brands Corp. (a)(b)
1,203,414
26,679,688
Vista Outdoor, Inc. (a)(b)
482,731
11,633,817
90,409,565
Specialty Retail - 2.6%
1-800-FLOWERS.com, Inc. Class A (a)(b)
223,270
2,056,317
a.k.a. Brands Holding Corp. (a)(b)
61,208
22,469
Abercrombie & Fitch Co. Class A (a)
419,749
9,880,891
Academy Sports & Outdoors, Inc. (b)
654,524
41,575,364
America's Car Mart, Inc. (a)(b)
50,708
4,076,416
American Eagle Outfitters, Inc. (b)
1,328,883
17,793,743
Arko Corp. (b)
715,424
5,980,945
Asbury Automotive Group, Inc. (a)(b)
190,766
36,905,590
BARK, Inc. (a)(b)
929,699
1,022,669
Big 5 Sporting Goods Corp. (b)
190,895
1,504,253
Boot Barn Holdings, Inc. (a)(b)
254,694
18,457,674
Build-A-Bear Workshop, Inc.
115,016
2,668,371
Caleres, Inc. (b)
294,947
6,724,792
Camping World Holdings, Inc. (b)
336,681
7,538,288
CarParts.com, Inc. (a)(b)
438,975
2,080,742
Chico's FAS, Inc. (a)
1,058,375
5,334,210
Citi Trends, Inc. (a)(b)
70,842
1,222,733
Conn's, Inc. (a)(b)
111,575
533,329
Designer Brands, Inc. Class A (b)
434,580
3,559,210
Destination XL Group, Inc. (a)
499,272
2,191,804
Duluth Holdings, Inc. (a)
114,046
713,928
EVgo, Inc. Class A (a)(b)
588,360
3,524,276
Express, Inc. (a)(b)
537,424
433,970
Foot Locker, Inc. (b)
695,279
29,194,765
Franchise Group, Inc. (b)
227,256
6,647,238
Genesco, Inc. (a)
106,970
3,707,580
Group 1 Automotive, Inc. (b)
121,541
27,283,524
GrowGeneration Corp. (a)(b)
492,598
1,684,685
Guess?, Inc. (b)
267,581
5,043,902
Haverty Furniture Companies, Inc. (b)
125,656
3,787,272
Hibbett, Inc. (b)
109,713
5,960,707
JOANN, Inc. (b)
103,278
178,671
Lands' End, Inc. (a)(b)
131,269
941,199
LL Flooring Holdings, Inc. (a)
241,753
795,367
Lulu's Fashion Lounge Holdings, Inc. (a)(b)
131,578
296,051
MarineMax, Inc. (a)(b)
186,136
5,420,280
Monro, Inc. (b)
268,698
13,133,958
Murphy U.S.A., Inc.
173,355
47,712,497
National Vision Holdings, Inc. (a)(b)
675,844
14,219,758
OneWater Marine, Inc. Class A (a)(b)
98,524
2,601,034
Overstock.com, Inc. (a)(b)
369,390
7,520,780
PetMed Express, Inc. (b)
177,757
2,732,125
Rent the Runway, Inc. Class A (a)(b)
408,880
1,067,177
Revolve Group, Inc. (a)(b)
354,700
7,324,555
RumbleON, Inc. Class B (a)(b)
91,698
623,546
Sally Beauty Holdings, Inc. (a)(b)
920,248
13,095,129
Shoe Carnival, Inc. (b)
147,032
3,418,494
Signet Jewelers Ltd.
385,927
28,396,509
Sleep Number Corp. (a)(b)
183,794
4,144,555
Sonic Automotive, Inc. Class A (sub. vtg.) (b)
154,095
6,860,309
Sportsman's Warehouse Holdings, Inc. (a)
321,092
1,997,192
Stitch Fix, Inc. (a)(b)
742,430
2,531,686
The Aaron's Co., Inc.
262,025
3,498,034
The Buckle, Inc. (b)
260,840
8,745,965
The Cato Corp. Class A (sub. vtg.) (b)
158,820
1,310,265
The Children's Place, Inc. (a)(b)
102,425
3,035,877
The Container Store Group, Inc. (a)
281,450
869,681
The ODP Corp. (a)(b)
343,822
14,856,549
The RealReal, Inc. (a)(b)
761,113
852,447
thredUP, Inc. (a)(b)
505,870
1,335,497
Tile Shop Holdings, Inc. (a)(b)
262,301
1,230,192
Tilly's, Inc. (a)(b)
191,871
1,440,951
Torrid Holdings, Inc. (a)(b)
126,548
432,794
TravelCenters of America LLC (a)
108,641
9,357,249
Upbound Group, Inc. (b)
431,449
11,502,430
Urban Outfitters, Inc. (a)(b)
549,601
14,872,203
Warby Parker, Inc. (a)(b)
721,743
7,599,954
Winmark Corp.
23,710
7,917,243
Zumiez, Inc. (a)(b)
134,642
2,354,215
515,334,075
Textiles, Apparel & Luxury Goods - 0.8%
Allbirds, Inc. Class A (a)(b)
819,493
1,024,366
Crocs, Inc. (a)(b)
522,615
64,631,797
Ermenegildo Zegna Holditalia SpA (b)
512,513
6,626,793
Fossil Group, Inc. (a)
406,691
1,366,482
G-III Apparel Group Ltd. (a)(b)
368,112
5,779,358
Kontoor Brands, Inc. (b)
477,864
21,585,117
Movado Group, Inc. (b)
130,325
3,338,927
Oxford Industries, Inc. (b)
128,790
13,289,840
PLBY Group, Inc. (a)(b)
377,227
629,969
Rocky Brands, Inc. (b)
58,900
1,721,058
Steven Madden Ltd.
662,557
23,215,997
Superior Group of Companies, Inc. (b)
94,906
740,267
Unifi, Inc. (a)(b)
120,326
1,056,462
Wolverine World Wide, Inc. (b)
665,953
11,148,053
156,154,486
TOTAL CONSUMER DISCRETIONARY
2,243,617,732
CONSUMER STAPLES - 3.9%
Beverages - 0.6%
Celsius Holdings, Inc. (a)(b)
479,120
45,789,498
Coca-Cola Bottling Co. Consolidated
40,575
23,917,340
Duckhorn Portfolio, Inc. (a)
364,491
5,503,814
MGP Ingredients, Inc. (b)
121,918
12,030,868
National Beverage Corp. (a)(b)
203,830
10,130,351
Primo Water Corp.
1,358,208
20,631,180
The Vita Coco Co., Inc. (a)(b)
241,165
5,221,222
Vintage Wine Estates, Inc. (a)(b)
285,952
383,176
123,607,449
Consumer Staples Distribution & Retail - 0.6%
Andersons, Inc.
276,968
12,380,470
Chefs' Warehouse Holdings (a)(b)
293,983
9,777,875
HF Foods Group, Inc. (a)(b)
322,185
1,262,965
Ingles Markets, Inc. Class A
122,677
11,291,191
Natural Grocers by Vitamin Cottage, Inc.
82,354
888,600
PriceSmart, Inc. (b)
221,556
16,324,246
Rite Aid Corp. (a)(b)
477,425
1,002,593
SpartanNash Co. (b)
303,363
7,438,461
Sprouts Farmers Market LLC (a)(b)
912,419
31,624,443
United Natural Foods, Inc. (a)(b)
516,566
14,086,755
Village Super Market, Inc. Class A (b)
71,074
1,555,810
Weis Markets, Inc.
142,350
11,742,452
119,375,861
Food Products - 1.3%
Alico, Inc. (b)
60,553
1,426,629
AppHarvest, Inc. (a)(b)
881,982
409,328
B&G Foods, Inc. Class A (b)
613,910
9,847,116
Benson Hill, Inc. (a)(b)
1,483,966
1,573,004
Beyond Meat, Inc. (a)(b)
529,016
7,162,877
BRC, Inc. Class A (a)(b)
236,224
1,230,727
Cal-Maine Foods, Inc. (b)
328,190
15,589,025
Calavo Growers, Inc.
149,144
4,766,642
Fresh Del Monte Produce, Inc. (b)
261,907
7,519,350
Hostess Brands, Inc. Class A (a)(b)
1,151,269
29,656,689
J&J Snack Foods Corp. (b)
131,192
20,098,614
John B. Sanfilippo & Son, Inc. (b)
76,967
8,000,720
Lancaster Colony Corp.
167,365
34,999,369
Lifecore Biomedical (a)(b)
223,832
951,286
Local Bounti Corp. (a)(b)
552,315
295,489
Mission Produce, Inc. (a)(b)
343,496
3,912,419
Seneca Foods Corp. Class A (a)
44,135
2,100,826
Sovos Brands, Inc. (a)(b)
332,210
5,697,402
SunOpta, Inc. (a)(b)
843,233
7,167,481
Tattooed Chef, Inc. (a)(b)
438,506
675,299
The Hain Celestial Group, Inc. (a)(b)
773,375
13,866,614
The Simply Good Foods Co. (a)
766,714
27,885,388
Tootsie Roll Industries, Inc.
138,467
5,660,531
TreeHouse Foods, Inc. (a)
437,493
23,296,502
Utz Brands, Inc. Class A (b)
568,238
10,745,381
Vital Farms, Inc. (a)(b)
259,304
3,339,836
Whole Earth Brands, Inc. Class A (a)(b)
354,746
851,390
248,725,934
Household Products - 0.3%
Central Garden & Pet Co. (a)(b)
312,937
11,528,599
Central Garden & Pet Co. Class A (non-vtg.) (a)
107,025
3,781,193
Energizer Holdings, Inc. (b)
612,192
20,465,579
WD-40 Co. (b)
117,635
22,397,704
58,173,075
Personal Care Products - 0.9%
BellRing Brands, Inc. (a)
1,149,574
41,373,168
Edgewell Personal Care Co. (b)
442,988
19,345,286
elf Beauty, Inc. (a)(b)
423,722
39,304,453
Herbalife Ltd. (a)(b)
843,515
12,534,633
Inter Parfums, Inc.
154,400
23,436,376
MediFast, Inc. (b)
94,279
8,640,670
Nature's Sunshine Products, Inc. (a)
113,144
1,240,058
Nu Skin Enterprises, Inc. Class A (b)
423,468
16,710,047
The Beauty Health Co. (a)(b)
753,595
8,636,199
The Honest Co., Inc. (a)(b)
567,237
941,613
Thorne HealthTech, Inc. (a)
123,912
546,452
USANA Health Sciences, Inc. (a)
95,391
6,331,101
Veru, Inc. (a)(b)
550,467
699,093
179,739,149
Tobacco - 0.2%
22nd Century Group, Inc. (a)(b)
1,370,410
973,539
Turning Point Brands, Inc.
127,706
3,038,126
Universal Corp. (b)
207,535
11,391,596
Vector Group Ltd.
1,236,302
15,750,487
31,153,748
TOTAL CONSUMER STAPLES
760,775,216
ENERGY - 6.4%
Energy Equipment & Services - 2.0%
Archrock, Inc.
1,162,336
11,960,437
Borr Drilling Ltd. (a)(b)
1,735,541
12,062,010
Bristow Group, Inc. (a)
199,700
4,467,289
Cactus, Inc.
539,285
21,830,257
Championx Corp.
1,725,328
46,721,882
Diamond Offshore Drilling, Inc. (a)
871,049
10,008,353
DMC Global, Inc. (a)(b)
161,267
3,054,397
Dril-Quip, Inc. (a)(b)
290,574
7,926,859
Expro Group Holdings NV (a)(b)
747,816
14,874,060
Helix Energy Solutions Group, Inc. (a)(b)
1,225,475
8,884,694
Helmerich & Payne, Inc. (b)
886,415
29,393,521
Liberty Oilfield Services, Inc. Class A
1,163,115
14,899,503
Nabors Industries Ltd. (a)(b)
77,778
7,757,578
Newpark Resources, Inc. (a)
724,590
2,898,360
Nextier Oilfield Solutions, Inc. (a)(b)
1,517,013
12,257,465
Noble Corp. PLC (b)
726,013
27,915,200
Oceaneering International, Inc. (a)
860,349
15,253,988
Oil States International, Inc. (a)
541,315
3,810,858
Patterson-UTI Energy, Inc.
1,849,376
20,694,517
ProFrac Holding Corp. (b)
205,182
2,298,038
ProPetro Holding Corp. (a)(b)
751,583
5,215,986
RPC, Inc.
644,705
4,764,370
Select Energy Services, Inc. Class A
616,661
4,581,791
Solaris Oilfield Infrastructure, Inc. Class A
280,020
2,150,554
TETRA Technologies, Inc. (a)
1,068,745
3,045,923
Tidewater, Inc. (a)
401,470
18,078,194
U.S. Silica Holdings, Inc. (a)(b)
639,950
8,351,348
Valaris Ltd. (a)(b)
524,246
31,454,760
Weatherford International PLC (a)(b)
607,800
39,282,114
395,894,306
Oil, Gas & Consumable Fuels - 4.4%
Aemetis, Inc. (a)(b)
252,258
560,013
Alto Ingredients, Inc. (a)
625,571
819,498
Amplify Energy Corp. (a)(b)
305,413
2,110,404
Arch Resources, Inc. (b)
127,956
15,642,621
Ardmore Shipping Corp.
352,780
5,182,338
Battalion Oil Corp. (a)(b)
10,152
71,470
Berry Corp.
667,893
5,102,703
California Resources Corp.
636,900
25,794,450
Callon Petroleum Co. (a)(b)
424,590
14,070,913
Centrus Energy Corp. Class A (a)
91,529
2,681,800
Chord Energy Corp.
358,522
51,028,436
Chord Energy Corp.:
warrants 9/1/24 (a)
29,463
577,475
warrants 9/1/25 (a)
14,729
217,253
Civitas Resources, Inc. (b)
637,328
44,007,498
Clean Energy Fuels Corp. (a)(b)
1,459,163
6,230,626
CNX Resources Corp. (a)(b)
1,442,726
22,405,535
Comstock Resources, Inc. (b)
792,856
9,117,844
CONSOL Energy, Inc.
296,216
17,577,457
Crescent Energy, Inc. Class A (b)
343,849
3,995,525
CVR Energy, Inc.
254,660
6,707,744
Delek U.S. Holdings, Inc. (b)
596,624
12,976,572
Denbury, Inc. (a)
431,243
40,269,471
DHT Holdings, Inc.
1,178,554
11,184,477
Dorian LPG Ltd.
262,247
5,827,128
Earthstone Energy, Inc. (a)(b)
378,960
5,138,698
Empire Petroleum Corp. (a)(b)
87,178
945,881
Energy Fuels, Inc. (a)(b)
1,344,737
7,678,448
Equitrans Midstream Corp.
3,541,475
18,238,596
Excelerate Energy, Inc.
158,323
3,403,945
FLEX LNG Ltd. (b)
249,652
8,590,525
Frontline PLC (NY Shares)
1,074,604
16,624,124
Gevo, Inc. (a)(b)
1,645,868
1,909,207
Golar LNG Ltd. (a)
867,388
19,689,708
Green Plains, Inc. (a)(b)
462,526
15,804,513
Gulfport Energy Corp. (a)(b)
94,357
8,535,534
HighPeak Energy, Inc. (b)
61,116
1,207,652
International Seaways, Inc. (b)
419,443
16,702,220
Kinetik Holdings, Inc.
145,553
4,483,032
Kosmos Energy Ltd. (a)(b)
3,888,932
24,889,165
Magnolia Oil & Gas Corp. Class A
1,502,564
31,734,152
Matador Resources Co.
970,536
47,585,380
Murphy Oil Corp.
1,269,236
46,593,654
NACCO Industries, Inc. Class A (b)
35,168
1,270,268
Nextdecade Corp. (a)(b)
310,325
1,933,325
Nordic American Tanker Shipping Ltd.
1,770,985
6,251,577
Northern Oil & Gas, Inc. (b)
569,565
18,892,471
Par Pacific Holdings, Inc. (a)
419,179
9,821,364
PBF Energy, Inc. Class A
1,019,947
35,555,352
Peabody Energy Corp. (b)
1,014,120
24,359,162
Permian Resource Corp. Class A (b)
2,027,904
21,191,597
Ranger Oil Corp.
164,835
6,791,202
Rex American Resources Corp. (a)
132,544
3,749,670
Riley Exploration Permian, Inc. (b)
92,850
3,900,629
Ring Energy, Inc. (a)(b)
810,944
1,467,809
SandRidge Energy, Inc. (a)
273,347
3,873,327
Scorpio Tankers, Inc.
404,903
21,156,182
SFL Corp. Ltd. (b)
985,786
8,960,795
SilverBow Resources, Inc. (a)(b)
101,893
2,430,148
Sitio Royalties Corp. (b)
613,963
15,588,521
SM Energy Co. (b)
1,043,805
29,310,044
Talos Energy, Inc. (a)
603,947
8,231,798
Teekay Corp. (a)
580,092
3,277,520
Teekay Tankers Ltd. (a)
196,124
7,941,061
Tellurian, Inc. (a)(b)
4,406,083
6,256,638
Ur-Energy, Inc. (a)(b)
1,755,034
1,637,622
Uranium Energy Corp. (a)(b)
3,081,071
8,041,595
VAALCO Energy, Inc. (b)
919,558
3,935,708
Vertex Energy, Inc. (a)(b)
468,397
3,700,336
Vital Energy, Inc. (a)(b)
143,139
6,660,258
W&T Offshore, Inc. (a)(b)
814,720
3,560,326
World Fuel Services Corp.
526,208
12,439,557
866,099,547
TOTAL ENERGY
1,261,993,853
FINANCIALS - 15.6%
Banks - 8.0%
1st Source Corp.
138,477
5,771,721
ACNB Corp. (b)
70,142
2,127,407
Amalgamated Financial Corp.
153,039
2,491,475
Amerant Bancorp, Inc. Class A
240,069
4,465,283
American National Bankshares, Inc. (b)
88,243
2,549,340
Ameris Bancorp
569,842
19,089,707
Arrow Financial Corp.
120,881
2,609,821
Associated Banc-Corp.
1,285,187
22,914,884
Atlantic Union Bankshares Corp.
644,317
18,440,353
Axos Financial, Inc. (a)
494,478
20,110,420
Banc of California, Inc.
448,280
5,087,978
BancFirst Corp. (b)
169,432
13,535,922
Bancorp, Inc., Delaware (a)(b)
470,989
15,029,259
Bank First National Corp. (b)
66,340
4,536,993
Bank of Marin Bancorp
136,834
2,412,383
BankUnited, Inc.
652,399
14,711,597
Bankwell Financial Group, Inc.
47,217
1,098,267
Banner Corp.
295,155
14,734,138
Bar Harbor Bankshares
126,545
3,138,316
BayCom Corp.
101,817
1,698,308
BCB Bancorp, Inc.
123,363
1,455,683
Berkshire Hills Bancorp, Inc.
366,288
7,790,946
Blue Foundry Bancorp (a)(b)
209,487
2,015,265
Blue Ridge Bankshares, Inc.
150,392
1,454,291
Bridgewater Bancshares, Inc. (a)
174,741
1,738,673
Brookline Bancorp, Inc., Delaware
736,032
7,021,745
Business First Bancshares, Inc.
205,897
3,174,932
Byline Bancorp, Inc.
210,137
4,066,151
Cadence Bank
1,565,638
31,657,200
Cambridge Bancorp
59,965
3,097,192
Camden National Corp.
123,421
3,943,301
Capital Bancorp, Inc.
75,637
1,274,483
Capital City Bank Group, Inc.
115,989
3,533,025
Capitol Federal Financial, Inc.
1,091,488
6,767,226
Capstar Financial Holdings, Inc.
175,445
2,347,454
Carter Bankshares, Inc. (a)
200,244
2,573,135
Cathay General Bancorp
602,022
19,186,441
Central Pacific Financial Corp.
236,598
3,757,176
Citizens & Northern Corp.
129,752
2,478,263
City Holding Co.
126,341
11,521,036
Civista Bancshares, Inc.
130,692
2,074,082
CNB Financial Corp., Pennsylvania
174,605
3,275,590
Coastal Financial Corp. of Washington (a)
93,428
3,386,765
Colony Bankcorp, Inc.
137,343
1,356,949
Columbia Financial, Inc. (a)(b)
288,106
4,834,419
Community Bank System, Inc.
460,463
23,004,731
Community Trust Bancorp, Inc.
134,472
4,842,337
ConnectOne Bancorp, Inc.
321,705
5,076,505
CrossFirst Bankshares, Inc. (a)
385,460
3,866,164
Customers Bancorp, Inc. (a)
265,949
5,808,326
CVB Financial Corp.
1,152,352
17,250,709
Dime Community Bancshares, Inc.
284,778
5,866,427
Eagle Bancorp, Inc.
267,219
6,707,197
Eastern Bankshares, Inc. (b)
1,331,843
15,515,971
Enterprise Bancorp, Inc.
79,241
2,285,310
Enterprise Financial Services Corp.
304,341
13,013,621
Equity Bancshares, Inc.
128,356
3,022,784
Esquire Financial Holdings, Inc.
61,714
2,385,863
Farmers & Merchants Bancorp, Inc. (b)
108,093
2,464,520
Farmers National Banc Corp. (b)
305,547
3,571,844
FB Financial Corp.
308,364
9,075,153
Financial Institutions, Inc.
130,721
2,285,003
First Bancorp, North Carolina
331,095
10,191,104
First Bancorp, Puerto Rico
1,560,723
18,338,495
First Bancshares, Inc.
213,916
5,369,292
First Bank Hamilton New Jersey
135,367
1,314,414
First Busey Corp.
443,413
8,061,248
First Business Finance Services, Inc.
66,876
1,918,672
First Commonwealth Financial Corp.
880,186
10,984,721
First Community Bankshares, Inc.
133,915
3,134,950
First Financial Bancorp, Ohio
802,082
16,603,097
First Financial Bankshares, Inc.
1,120,618
32,789,283
First Financial Corp., Indiana
93,257
3,222,029
First Foundation, Inc.
445,565
2,802,604
First Guaranty Bancshares, Inc. (b)
52,192
709,289
First Internet Bancorp
74,475
1,095,527
First Interstate Bancsystem, Inc.
773,562
19,795,452
First Merchants Corp.
494,077
14,417,167
First Mid-Illinois Bancshares, Inc.
161,048
4,245,225
First of Long Island Corp.
186,750
2,184,975
First Western Financial, Inc. (a)(b)
65,135
1,156,798
Five Star Bancorp
109,112
2,319,721
Flushing Financial Corp.
242,756
2,920,355
Fulton Financial Corp.
1,394,514
16,636,552
FVCBankcorp, Inc. (a)(b)
122,722
1,179,358
German American Bancorp, Inc.
238,383
6,929,794
Glacier Bancorp, Inc.
958,889
31,863,881
Great Southern Bancorp, Inc.
78,382
3,988,076
Greene County Bancorp, Inc.
59,702
1,226,876
Guaranty Bancshares, Inc. Texas
68,932
1,661,951
Hanco*ck Whitney Corp.
743,045
27,136,003
Hanmi Financial Corp.
264,929
4,281,253
HarborOne Bancorp, Inc. (b)
372,855
4,008,191
HBT Financial, Inc.
103,538
1,826,410
Heartland Financial U.S.A., Inc.
353,510
11,510,286
Heritage Commerce Corp.
523,427
4,449,130
Heritage Financial Corp., Washington
299,205
5,269,000
Hilltop Holdings, Inc.
426,325
13,224,602
Hingham Institution for Savings
12,666
2,464,297
Home Bancorp, Inc.
61,204
1,917,521
Home Bancshares, Inc. (b)
1,615,637
35,172,417
HomeStreet, Inc.
157,956
1,541,651
HomeTrust Bancshares, Inc.
123,456
2,576,527
Hope Bancorp, Inc.
1,000,302
9,102,748
Horizon Bancorp, Inc. Indiana
354,911
3,737,213
Independent Bank Corp. (b)
395,417
22,143,352
Independent Bank Corp.
174,472
3,109,091
Independent Bank Group, Inc.
308,931
11,238,910
International Bancshares Corp.
460,848
19,664,384
John Marshall Bankcorp, Inc. (b)
97,865
1,783,100
Kearny Financial Corp.
513,943
4,003,616
Lakeland Bancorp, Inc.
532,930
7,642,216
Lakeland Financial Corp.
211,364
10,709,814
Live Oak Bancshares, Inc. (b)
285,064
6,716,108
Luther Burbank Corp.
121,888
1,101,868
Macatawa Bank Corp.
219,030
2,047,931
Mercantile Bank Corp.
132,614
3,721,149
Metrocity Bankshares, Inc.
158,907
2,598,129
Metropolitan Bank Holding Corp. (a)
89,961
2,886,848
Mid Penn Bancorp, Inc.
121,823
2,755,636
Midland States Bancorp, Inc.
184,666
3,693,320
MidWestOne Financial Group, Inc.
120,321
2,490,645
MVB Financial Corp.
90,056
1,643,522
National Bank Holdings Corp.
251,991
8,013,314
NBT Bancorp, Inc.
360,426
11,620,134
Nicolet Bankshares, Inc. (a)(b)
105,306
6,035,087
Northeast Bank
55,930
2,061,021
Northfield Bancorp, Inc.
364,469
3,797,767
Northwest Bancshares, Inc.
1,048,296
12,254,580
OceanFirst Financial Corp.
501,726
8,027,616
OFG Bancorp
400,998
10,253,519
Old National Bancorp, Indiana
2,528,729
33,910,256
Old Second Bancorp, Inc.
368,745
4,531,876
Origin Bancorp, Inc.
193,008
5,680,225
Orrstown Financial Services, Inc.
85,781
1,644,422
Pacific Premier Bancorp, Inc.
814,983
18,125,222
Park National Corp. (b)
123,517
13,379,361
Parke Bancorp, Inc. (b)
84,181
1,447,071
Pathward Financial, Inc.
234,588
10,446,204
PCB Bancorp
98,869
1,366,370
Peapack-Gladstone Financial Corp.
145,513
3,864,825
Peoples Bancorp, Inc.
280,608
7,312,644
Peoples Financial Services Corp.
59,076
2,383,717
Pioneer Bancorp, Inc. (a)(b)
89,011
785,077
Preferred Bank, Los Angeles
115,620
5,559,010
Premier Financial Corp.
310,928
5,164,514
Primis Financial Corp.
177,762
1,573,194
Provident Bancorp, Inc.
129,271
882,921
Provident Financial Services, Inc.
631,515
11,038,882
QCR Holdings, Inc.
135,774
5,621,044
RBB Bancorp
121,468
1,511,062
Red River Bancshares, Inc.
36,694
1,687,924
Renasant Corp.
469,187
13,193,538
Republic Bancorp, Inc., Kentucky Class A
73,255
2,878,922
Republic First Bancorp, Inc. (a)(b)
535,790
659,022
S&T Bancorp, Inc.
336,120
9,253,384
Sandy Spring Bancorp, Inc.
377,903
8,495,259
Seacoast Banking Corp., Florida
625,178
13,872,700
ServisFirst Bancshares, Inc.
433,114
21,872,257
Shore Bancshares, Inc.
153,203
2,034,536
Sierra Bancorp
114,685
1,879,687
Simmons First National Corp. Class A
1,049,962
17,544,865
SmartFinancial, Inc.
132,394
2,851,767
South Plains Financial, Inc.
82,834
1,700,582
Southern First Bancshares, Inc. (a)
63,825
1,760,294
Southern Missouri Bancorp, Inc.
67,314
2,442,152
Southside Bancshares, Inc. (b)
257,534
8,171,554
Southstate Corp.
646,858
44,620,265
Stellar Bancorp, Inc.
393,584
9,028,817
Sterling Bancorp, Inc. (a)(b)
126,440
685,305
Stock Yards Bancorp, Inc.
247,469
12,026,993
Summit Financial Group, Inc. (b)
94,008
1,826,575
Texas Capital Bancshares, Inc. (a)
415,603
20,884,051
The Bank of NT Butterfield & Son Ltd.
432,025
11,116,003
The First Bancorp, Inc.
83,354
2,058,844
Third Coast Bancshares, Inc. (a)(b)
108,946
1,518,707
Tompkins Financial Corp.
119,603
7,011,128
TowneBank
592,821
14,043,929
Trico Bancshares
268,927
9,630,276
Triumph Bancorp, Inc. (a)
197,814
10,278,415
Trustco Bank Corp., New York
161,087
4,806,836
Trustmark Corp.
524,873
12,539,216
UMB Financial Corp.
380,056
24,175,362
United Bankshares, Inc., West Virginia
1,123,203
37,211,715
United Community Bank, Inc.
918,195
22,863,056
Unity Bancorp, Inc. (b)
56,727
1,313,230
Univest Corp. of Pennsylvania
248,508
4,999,981
USCB Financial Holdings, Inc. (a)(b)
93,747
892,471
Valley National Bancorp
3,717,642
34,871,482
Veritex Holdings, Inc.
456,638
7,858,740
Washington Federal, Inc.
558,084
15,648,675
Washington Trust Bancorp, Inc.
147,902
4,157,525
WesBanco, Inc.
490,364
13,053,490
West Bancorp., Inc.
138,931
2,393,781
Westamerica Bancorp.
225,678
9,142,216
WSFS Financial Corp.
527,926
18,567,157
1,571,418,873
Capital Markets - 1.6%
Artisan Partners Asset Management, Inc. (b)
519,446
18,009,193
Assetmark Financial Holdings, Inc. (a)
184,503
5,660,552
Associated Capital Group, Inc. (b)
10,985
410,070
Avantax, Inc. (a)(b)
408,967
10,375,493
B. Riley Financial, Inc. (b)
181,979
5,732,339
Bakkt Holdings, Inc. Class A (a)(b)
502,321
678,133
BGC Partners, Inc. Class A
2,711,425
12,282,755
BrightSphere Investment Group, Inc.
272,758
6,158,876
Cohen & Steers, Inc. (b)
219,048
13,156,023
Diamond Hill Investment Group, Inc.
24,895
4,035,977
Donnelley Financial Solutions, Inc. (a)(b)
217,691
9,415,136
Federated Hermes, Inc.
733,682
30,367,098
Focus Financial Partners, Inc. Class A (a)
498,764
25,905,802
GCM Grosvenor, Inc. Class A (b)
358,335
2,891,763
Hamilton Lane, Inc. Class A (b)
310,238
22,858,336
Houlihan Lokey
437,571
39,985,238
MarketWise, Inc. Class A (a)(b)
130,927
240,906
Moelis & Co. Class A
550,750
20,862,410
Open Lending Corp. (a)
914,848
6,431,381
Oppenheimer Holdings, Inc. Class A (non-vtg.) (b)
66,811
2,498,063
Perella Weinberg Partners Class A
315,467
2,492,189
Piper Jaffray Companies
150,147
20,335,910
PJT Partners, Inc.
203,588
14,000,747
Sculptor Capital Management, Inc. Class A (b)
216,314
1,801,896
Silvercrest Asset Management Group Class A (b)
84,766
1,587,667
StepStone Group, Inc. Class A
474,946
10,463,060
StoneX Group, Inc. (a)(b)
150,841
14,792,977
Value Line, Inc.
7,370
337,546
Victory Capital Holdings, Inc.
139,140
4,249,336
Virtus Investment Partners, Inc.
59,753
10,887,594
WisdomTree Investments, Inc.
1,160,711
7,242,837
326,147,303
Consumer Finance - 0.8%
Atlanticus Holdings Corp. (a)(b)
38,309
1,117,090
Bread Financial Holdings, Inc.
432,050
11,924,580
Consumer Portfolio Services, Inc. (a)(b)
76,821
799,707
CURO Group Holdings Corp. (b)
183,242
293,187
Encore Capital Group, Inc. (a)(b)
199,092
10,229,347
Enova International, Inc. (a)
265,095
11,642,972
EZCORP, Inc. (non-vtg.) Class A (a)(b)
423,058
3,642,529
FirstCash Holdings, Inc.
324,468
33,429,938
Green Dot Corp. Class A (a)(b)
408,557
7,023,095
LendingClub Corp. (a)
922,647
6,624,605
LendingTree, Inc. (a)
90,579
2,158,498
MoneyLion, Inc. (a)(b)
41,317
384,248
Navient Corp. (b)
873,350
14,445,209
Nelnet, Inc. Class A (b)
123,506
11,893,628
NerdWallet, Inc. (a)(b)
225,520
3,060,306
Oportun Financial Corp. (a)(b)
245,797
1,000,394
OppFi, Inc. Class A (a)(b)
102,415
194,589
PRA Group, Inc. (a)(b)
330,148
11,974,468
PROG Holdings, Inc. (a)
430,664
13,018,973
Regional Management Corp.
67,322
1,801,537
Sunlight Financial Holdings, Inc. Class A (a)(b)
200,338
89,551
World Acceptance Corp. (a)(b)
33,868
3,417,281
150,165,732
Financial Services - 1.9%
A-Mark Precious Metals, Inc. (b)
158,775
5,684,145
Alerus Financial Corp. (b)
132,284
1,903,567
AvidXchange Holdings, Inc. (a)
1,263,184
9,385,457
Banco Latinoamericano de Comer Series E
234,750
4,225,500
Cannae Holdings, Inc. (a)
594,932
10,851,560
Cantaloupe, Inc. (a)(b)
495,141
2,728,227
Cass Information Systems, Inc.
116,045
4,244,926
Compass Diversified Holdings
540,518
10,302,273
Enact Holdings, Inc.
257,843
6,224,330
Essent Group Ltd.
908,020
38,563,609
EVERTEC, Inc.
526,917
18,278,751
Federal Agricultural Mortgage Corp. Class C (non-vtg.) (b)
77,323
10,306,383
Finance of America Companies, Inc. (a)(b)
335,096
546,206
Flywire Corp. (a)
492,991
14,380,547
Home Point Capital, Inc. (b)
61,463
121,082
i3 Verticals, Inc. Class A (a)(b)
200,576
4,663,392
International Money Express, Inc. (a)
272,431
7,023,271
Jackson Financial, Inc. (b)
646,911
23,295,265
Marqeta, Inc. Class A (a)
3,744,882
15,166,772
Merchants Bancorp
135,744
3,149,261
MoneyGram International, Inc. (a)
788,149
8,007,594
Mr. Cooper Group, Inc. (a)
596,537
27,619,663
NMI Holdings, Inc. (a)
706,899
16,541,437
Payoneer Global, Inc. (a)(b)
1,903,396
10,392,542
Paysafe Ltd. (a)(b)
243,008
3,489,595
PennyMac Financial Services, Inc.
230,445
14,400,508
Priority Technology Holdings, Inc. (a)(b)
152,585
489,798
Radian Group, Inc. (b)
1,357,040
32,935,361
Remitly Global, Inc. (a)
863,677
14,509,774
Repay Holdings Corp. (a)(b)
761,576
4,775,082
StoneCo Ltd. Class A (a)(b)
2,390,202
29,447,289
SWK Holdings Corp. (a)(b)
26,493
464,422
Velocity Financial, Inc. (a)
68,778
627,255
Walker & Dunlop, Inc.
266,085
17,910,181
Waterstone Financial, Inc.
160,354
2,220,903
374,875,928
Insurance - 2.2%
AMBAC Financial Group, Inc. (a)
376,545
6,005,893
American Equity Investment Life Holding Co. (b)
610,253
23,519,151
Amerisafe, Inc. (b)
163,971
9,124,986
Argo Group International Holdings, Ltd.
272,942
8,027,224
Bright Health Group, Inc. (a)(b)
1,622,194
260,687
BRP Group, Inc. (a)(b)
526,017
13,250,368
CNO Financial Group, Inc.
980,673
22,006,302
Crawford & Co. Class A
133,067
1,201,595
Donegal Group, Inc. Class A
130,615
1,839,059
eHealth, Inc. (a)
212,850
1,277,100
Employers Holdings, Inc.
233,344
9,238,089
Enstar Group Ltd. (a)(b)
96,112
23,124,547
Genworth Financial, Inc. Class A (a)
4,252,367
24,706,252
Goosehead Insurance (a)(b)
164,212
9,442,190
Greenlight Capital Re, Ltd. (a)
225,771
2,208,040
HCI Group, Inc. (b)
53,977
2,734,475
Hippo Holdings, Inc. (a)(b)
148,673
2,711,796
Horace Mann Educators Corp. (b)
354,889
11,100,928
Investors Title Co.
10,987
1,634,646
James River Group Holdings Ltd.
316,756
6,167,239
Kinsale Capital Group, Inc. (b)
186,789
61,025,834
Lemonade, Inc. (a)(b)
409,538
4,439,392
MBIA, Inc. (a)(b)
413,133
4,156,118
Mercury General Corp.
232,093
7,057,948
National Western Life Group, Inc. (b)
19,434
4,955,281
NI Holdings, Inc. (a)
66,359
895,183
Oscar Health, Inc. (a)
1,044,550
7,029,822
Palomar Holdings, Inc. (a)(b)
210,612
10,585,359
ProAssurance Corp.
467,502
8,396,336
RLI Corp. (b)
336,491
46,789,074
Root, Inc. (a)(b)
69,930
300,000
Safety Insurance Group, Inc.
123,329
9,014,117
Selective Insurance Group, Inc.
514,313
49,543,771
Selectquote, Inc. (a)(b)
1,163,564
1,233,378
Siriuspoint Ltd. (a)
796,153
6,918,570
Skyward Specialty Insurance Group, Inc. (b)
88,053
1,882,573
Stewart Information Services Corp. (b)
232,313
9,675,836
Tiptree, Inc. (b)
210,579
2,899,673
Trupanion, Inc. (a)(b)
336,845
11,826,628
United Fire Group, Inc. (b)
184,743
4,969,587
Universal Insurance Holdings, Inc.
222,776
3,435,206
436,610,253
Mortgage Real Estate Investment Trusts - 1.1%
Angel Oak Mortgage (REIT), Inc. (b)
110,254
852,263
Apollo Commercial Real Estate Finance, Inc.
1,230,945
12,457,163
Arbor Realty Trust, Inc. (b)
1,434,984
16,459,266
Ares Commercial Real Estate Corp.
486,241
4,186,535
Armour Residential REIT, Inc. (b)
1,406,896
7,175,170
Blackstone Mortgage Trust, Inc. (b)
1,501,436
27,386,193
BrightSpire Capital, Inc.
835,065
4,759,871
Broadmark Realty Capital, Inc.
1,151,306
5,652,912
Chimera Investment Corp.
2,012,180
11,429,182
Claros Mortgage Trust, Inc. (b)
795,430
9,513,343
Dynex Capital, Inc.
458,073
5,432,746
Ellington Financial LLC
550,339
7,027,829
Franklin BSP Realty Trust, Inc. (b)
718,099
9,069,590
Granite Point Mortgage Trust, Inc.
466,353
2,084,598
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
752,057
21,343,378
Invesco Mortgage Capital, Inc.
306,878
3,255,976
KKR Real Estate Finance Trust, Inc. (b)
504,847
5,422,057
Ladder Capital Corp. Class A
983,870
9,199,185
MFA Financial, Inc.
889,488
9,508,627
New York Mortgage Trust, Inc.
802,403
8,248,703
Nexpoint Real Estate Finance, Inc.
71,024
988,654
Orchid Island Capital, Inc.
317,880
3,401,316
PennyMac Mortgage Investment Trust
767,943
9,545,531
Ready Capital Corp.
637,699
6,842,510
Redwood Trust, Inc.
981,922
6,166,470
TPG RE Finance Trust, Inc.
599,270
4,272,795
Two Harbors Investment Corp.
842,623
11,737,738
223,419,601
TOTAL FINANCIALS
3,082,637,690
HEALTH CARE - 17.0%
Biotechnology - 7.3%
2seventy bio, Inc. (a)(b)
323,954
3,080,803
4D Molecular Therapeutics, Inc. (a)(b)
258,938
4,663,473
Aadi Bioscience, Inc. (a)(b)
123,721
960,075
Absci Corp. (a)(b)
453,775
598,983
ACADIA Pharmaceuticals, Inc. (a)
1,036,220
22,102,573
Acrivon Therapeutics, Inc. (b)
74,921
922,278
Adicet Bio, Inc. (a)(b)
261,443
1,526,827
ADMA Biologics, Inc. (a)(b)
1,796,259
6,017,468
Aerovate Therapeutics, Inc. (a)(b)
78,354
1,643,083
Affimed NV (a)(b)
1,223,676
1,101,308
Agenus, Inc. (a)(b)
2,613,843
3,946,903
Agios Pharmaceuticals, Inc. (a)(b)
468,625
10,717,454
Akero Therapeutics, Inc. (a)
299,992
13,421,642
Alector, Inc. (a)(b)
535,434
3,533,864
Alkermes PLC (a)
1,403,400
40,067,070
Allogene Therapeutics, Inc. (a)(b)
688,697
3,739,625
Allovir, Inc. (a)(b)
267,945
921,731
Alpine Immune Sciences, Inc. (a)(b)
206,869
1,549,449
ALX Oncology Holdings, Inc. (a)(b)
181,220
1,076,447
Amicus Therapeutics, Inc. (a)
2,374,163
27,397,841
AnaptysBio, Inc. (a)(b)
174,075
3,624,242
Anavex Life Sciences Corp. (a)(b)
599,755
4,882,006
Anika Therapeutics, Inc. (a)
124,391
3,191,873
Apellis Pharmaceuticals, Inc. (a)(b)
807,951
67,407,352
Arbutus Biopharma Corp. (a)(b)
972,916
2,442,019
Arcellx, Inc. (a)(b)
254,009
10,841,104
Arcturus Therapeutics Holdings, Inc. (a)(b)
199,769
5,317,851
Arcus Biosciences, Inc. (a)(b)
442,827
7,904,462
Arcutis Biotherapeutics, Inc. (a)(b)
357,920
4,953,613
Arrowhead Pharmaceuticals, Inc. (a)
887,761
31,435,617
Atara Biotherapeutics, Inc. (a)(b)
815,870
2,211,008
Aura Biosciences, Inc. (a)(b)
202,436
1,830,021
Aurinia Pharmaceuticals, Inc. (a)(b)
1,157,354
13,020,233
Avid Bioservices, Inc. (a)(b)
527,143
9,514,931
Avidity Biosciences, Inc. (a)(b)
562,251
6,971,912
Beam Therapeutics, Inc. (a)(b)
548,616
16,847,997
BioCryst Pharmaceuticals, Inc. (a)(b)
1,596,524
12,149,548
Biohaven Ltd. (b)
544,482
7,121,825
BioXcel Therapeutics, Inc. (a)(b)
162,923
3,359,472
bluebird bio, Inc. (a)(b)
883,689
3,844,047
Blueprint Medicines Corp. (a)(b)
515,012
26,291,363
BridgeBio Pharma, Inc. (a)(b)
912,132
13,244,157
C4 Therapeutics, Inc. (a)(b)
362,783
1,095,605
CareDx, Inc. (a)(b)
441,933
3,575,238
Caribou Biosciences, Inc. (a)(b)
482,434
2,074,466
Catalyst Pharmaceutical Partners, Inc. (a)(b)
837,270
13,329,338
Celldex Therapeutics, Inc. (a)(b)
394,913
12,416,065
Celularity, Inc. Class A (a)(b)
532,502
314,442
Century Therapeutics, Inc. (a)(b)
177,240
554,761
Cerevel Therapeutics Holdings (a)(b)
493,112
14,319,972
Chimerix, Inc. (a)
721,541
836,988
Chinook Therapeutics, Inc. (a)
434,767
8,699,688
Chinook Therapeutics, Inc. rights (a)(c)
86,210
1
Cogent Biosciences, Inc. (a)(b)
551,430
5,933,387
Coherus BioSciences, Inc. (a)(b)
636,289
4,600,369
Crinetics Pharmaceuticals, Inc. (a)
453,461
8,860,628
CTI BioPharma Corp. (a)(b)
865,960
4,208,566
Cullinan Oncology, Inc. (a)
226,526
2,204,098
Cytokinetics, Inc. (a)(b)
707,283
26,452,384
Day One Biopharmaceuticals, Inc. (a)(b)
236,938
2,938,031
Deciphera Pharmaceuticals, Inc. (a)(b)
445,307
6,327,812
Denali Therapeutics, Inc. (a)(b)
937,802
23,295,002
Design Therapeutics, Inc. (a)(b)
288,053
1,857,942
Dynavax Technologies Corp. (a)(b)
1,031,294
10,735,771
Dyne Therapeutics, Inc. (a)(b)
271,127
2,808,876
Eagle Pharmaceuticals, Inc. (a)(b)
89,225
2,505,438
Editas Medicine, Inc. (a)(b)
599,503
4,891,944
Eiger Biopharmaceuticals, Inc. (a)(b)
360,981
371,810
Emergent BioSolutions, Inc. (a)(b)
434,232
3,834,269
Enanta Pharmaceuticals, Inc. (a)
171,722
6,104,717
Enochian Biosciences, Inc. (a)(b)
145,286
165,626
EQRx, Inc. (a)(b)
1,730,216
2,906,763
Erasca, Inc. (a)(b)
615,532
1,698,868
Fate Therapeutics, Inc. (a)(b)
724,346
4,396,780
FibroGen, Inc. (a)
753,533
12,900,485
Foghorn Therapeutics, Inc. (a)(b)
167,572
1,092,569
Generation Bio Co. (a)(b)
414,190
2,037,815
Geron Corp. (a)(b)
3,676,286
9,043,664
Gossamer Bio, Inc. (a)(b)
548,316
707,328
GreenLight Biosciences Holdings PBC Class A (a)(b)
732,005
233,144
Halozyme Therapeutics, Inc. (a)(b)
1,147,214
36,859,986
Heron Therapeutics, Inc. (a)(b)
881,971
2,107,911
HilleVax, Inc. (b)
149,398
2,091,572
Humacyte, Inc. Class A (a)(b)
505,796
1,638,779
Icosavax, Inc. (a)(b)
191,438
1,054,823
Ideaya Biosciences, Inc. (a)
381,116
6,959,178
IGM Biosciences, Inc. (a)(b)
90,844
983,841
ImmunityBio, Inc. (a)(b)
700,659
1,961,845
ImmunoGen, Inc. (a)(b)
1,871,520
10,087,493
Immunovant, Inc. (a)
382,223
6,169,079
Inhibrx, Inc. (a)(b)
280,498
5,890,458
Inovio Pharmaceuticals, Inc. (a)(b)
2,087,460
1,612,563
Insmed, Inc. (a)(b)
1,163,642
22,691,019
Instil Bio, Inc. (a)(b)
578,902
378,312
Intellia Therapeutics, Inc. (a)(b)
715,117
26,995,667
Intercept Pharmaceuticals, Inc. (a)(b)
211,484
3,662,903
Invivyd, Inc. (a)(b)
440,429
484,472
Iovance Biotherapeutics, Inc. (a)
1,300,793
7,336,473
Ironwood Pharmaceuticals, Inc. Class A (a)
1,175,506
12,237,017
iTeos Therapeutics, Inc. (a)
203,565
2,796,983
Iveric Bio, Inc. (a)
1,176,420
38,692,454
Janux Therapeutics, Inc. (a)(b)
149,464
2,289,788
Jounce Therapeutics, Inc. (a)
360,116
695,024
Kalvista Pharmaceuticals, Inc. (a)(b)
210,669
1,797,007
Karuna Therapeutics, Inc. (a)(b)
279,142
55,392,938
Karyopharm Therapeutics, Inc. (a)(b)
667,395
2,389,274
Keros Therapeutics, Inc. (a)(b)
165,971
7,361,644
Kezar Life Sciences, Inc. (a)
449,530
1,092,358
Kiniksa Pharmaceuticals Ltd. (a)(b)
270,421
2,907,026
Kinnate Biopharma, Inc. (a)(b)
250,354
633,396
Kodiak Sciences, Inc. (a)(b)
280,098
1,226,829
Kronos Bio, Inc. (a)(b)
314,484
518,899
Krystal Biotech, Inc. (a)(b)
183,439
15,408,876
Kura Oncology, Inc. (a)
560,341
5,457,721
Kymera Therapeutics, Inc. (a)(b)
326,302
10,291,565
Lexicon Pharmaceuticals, Inc. (a)(b)
702,578
1,679,161
Lyell Immunopharma, Inc. (a)(b)
1,498,578
3,042,113
Macrogenics, Inc. (a)(b)
521,693
3,594,465
Madrigal Pharmaceuticals, Inc. (a)(b)
109,609
34,198,008
MannKind Corp. (a)(b)
2,182,060
8,400,931
MeiraGTx Holdings PLC (a)(b)
285,531
1,527,591
Mersana Therapeutics, Inc. (a)
800,196
3,504,858
MiMedx Group, Inc. (a)(b)
970,679
3,717,701
Mineralys Therapeutics, Inc. (b)
101,495
1,365,108
MiNK Therapeutics, Inc. (a)
38,161
68,308
Mirum Pharmaceuticals, Inc. (a)(b)
160,147
4,299,947
Monte Rosa Therapeutics, Inc. (a)(b)
253,916
1,152,779
Morphic Holding, Inc. (a)(b)
221,695
10,477,306
Myriad Genetics, Inc. (a)(b)
684,961
14,582,820
Nkarta, Inc. (a)(b)
285,538
1,413,413
Nurix Therapeutics, Inc. (a)(b)
410,651
3,954,569
Nuvalent, Inc. Class A (a)(b)
172,729
6,112,879
Ocugen, Inc. (a)(b)
1,847,103
1,318,093
Omniab, Inc. (b)(c)
45,323
108,775
Omniab, Inc. (b)(c)
45,323
101,977
Oncternal Therapeutics, Inc. rights (a)(b)(c)
4,336
Organogenesis Holdings, Inc. Class A (a)
625,991
1,283,282
Outlook Therapeutics, Inc. (a)(b)
1,315,073
1,380,827
Pardes Biosciences, Inc. (a)(b)
293,640
569,662
PepGen, Inc. (b)
125,534
1,894,308
PMV Pharmaceuticals, Inc. (a)(b)
321,187
1,480,672
Point Biopharma Global, Inc. (a)(b)
748,173
5,790,859
Praxis Precision Medicines, Inc. (a)(b)
393,828
409,581
Precigen, Inc. (a)(b)
1,036,492
1,254,155
Prime Medicine, Inc. (b)
90,631
1,247,989
Prometheus Biosciences, Inc. (a)
299,651
58,117,311
Protagonist Therapeutics, Inc. (a)
400,083
9,041,876
Prothena Corp. PLC (a)(b)
337,583
17,763,617
PTC Therapeutics, Inc. (a)(b)
604,758
33,346,356
Rallybio Corp. (a)(b)
150,590
811,680
RAPT Therapeutics, Inc. (a)(b)
257,188
4,680,822
Recursion Pharmaceuticals, Inc. (a)(b)
1,187,381
5,663,807
REGENXBIO, Inc. (a)
346,813
6,714,300
Relay Therapeutics, Inc. (a)(b)
733,039
8,334,653
Replimune Group, Inc. (a)(b)
401,255
6,712,996
Revolution Medicines, Inc. (a)(b)
747,361
17,555,510
Rigel Pharmaceuticals, Inc. (a)
1,479,737
1,672,103
Rocket Pharmaceuticals, Inc. (a)(b)
479,360
8,590,131
Sage Therapeutics, Inc. (a)(b)
448,377
21,903,216
Sana Biotechnology, Inc. (a)(b)
771,100
4,079,119
Sangamo Therapeutics, Inc. (a)(b)
1,136,945
1,671,309
Seres Therapeutics, Inc. (a)(b)
605,827
2,953,407
SpringWorks Therapeutics, Inc. (a)(b)
309,792
7,242,937
Stoke Therapeutics, Inc. (a)(b)
193,877
1,723,567
Sutro Biopharma, Inc. (a)
460,770
1,962,880
Syndax Pharmaceuticals, Inc. (a)
517,504
10,634,707
Talaris Therapeutics, Inc. (a)(b)
199,900
575,712
Tango Therapeutics, Inc. (a)(b)
404,022
1,373,675
Tenaya Therapeutics, Inc. (a)(b)
373,369
1,984,456
TG Therapeutics, Inc. (a)(b)
1,148,142
28,508,366
Tobira Therapeutics, Inc. rights (a)(b)(c)
9,663
Travere Therapeutics, Inc. (a)(b)
529,239
11,415,685
Twist Bioscience Corp. (a)(b)
489,530
6,109,334
Tyra Biosciences, Inc. (a)(b)
113,423
1,607,204
Vanda Pharmaceuticals, Inc. (a)
470,565
2,889,269
Vaxart, Inc. (a)(b)
1,063,792
865,395
Vaxcyte, Inc. (a)(b)
705,645
30,222,775
VBI Vaccines, Inc. (a)(b)
52,016
149,286
Vera Therapeutics, Inc. (a)(b)
185,834
1,235,796
Veracyte, Inc. (a)(b)
618,547
14,003,904
Vericel Corp. (a)
407,431
12,838,151
Verve Therapeutics, Inc. (a)(b)
403,566
6,428,806
Vir Biotechnology, Inc. (a)
624,584
15,708,288
Viridian Therapeutics, Inc. (a)(b)
327,952
9,192,495
VistaGen Therapeutics, Inc. (a)(b)
1,620,212
226,830
Xencor, Inc. (a)(b)
494,317
13,069,741
Y-mAbs Therapeutics, Inc. (a)
319,926
1,916,357
Zentalis Pharmaceuticals, Inc. (a)(b)
404,082
8,901,926
1,438,213,265
Health Care Equipment & Supplies - 4.2%
Alphatec Holdings, Inc. (a)(b)
623,254
8,999,788
Angiodynamics, Inc. (a)
321,216
2,672,517
Artivion, Inc. (a)(b)
331,656
4,600,069
Atricure, Inc. (a)(b)
393,079
17,291,545
Atrion Corp. (b)
11,702
7,200,241
Avanos Medical, Inc. (a)
396,564
11,714,501
AxoGen, Inc. (a)(b)
350,097
3,157,875
Axonics Modulation Technologies, Inc. (a)(b)
422,887
24,299,087
Bioventus, Inc. (a)(b)
275,003
277,753
Butterfly Network, Inc. Class A (a)(b)
1,149,892
2,483,767
Cerus Corp. (a)(b)
1,489,931
3,441,741
CONMED Corp. (b)
250,743
31,485,799
Cue Health, Inc. (a)(b)
918,747
722,962
Cutera, Inc. (a)(b)
143,164
3,264,139
Embecta Corp. (b)
495,519
13,750,652
Figs, Inc. Class A (a)(b)
1,103,106
7,942,363
Glaukos Corp. (a)
393,270
18,684,258
Haemonetics Corp. (a)
431,024
36,081,019
Heska Corp. (a)(b)
82,923
9,715,259
Inari Medical, Inc. (a)(b)
415,991
27,630,122
Inogen, Inc. (a)
196,609
2,616,866
Inspire Medical Systems, Inc. (a)(b)
246,443
65,955,540
Integer Holdings Corp. (a)(b)
283,137
23,316,332
IRadimed Corp.
61,785
2,572,110
iRhythm Technologies, Inc. (a)(b)
259,913
34,152,568
Lantheus Holdings, Inc. (a)
588,934
50,324,410
Lantheus Holdings, Inc. rights (a)(c)
524,619
5
LeMaitre Vascular, Inc. (b)
167,313
9,034,902
LivaNova PLC (a)(b)
462,204
22,139,572
Merit Medical Systems, Inc. (a)
480,212
39,036,433
Mesa Laboratories, Inc. (b)
44,239
7,366,236
Nano-X Imaging Ltd. (a)(b)
397,790
2,430,497
Neogen Corp. (a)(b)
1,867,856
32,164,480
Nevro Corp. (a)
300,835
8,805,440
NuVasive, Inc. (a)
450,542
19,391,328
Omnicell, Inc. (a)(b)
383,250
23,290,103
OraSure Technologies, Inc. (a)
615,388
4,184,638
Orthofix International NV (a)
295,467
5,563,644
OrthoPediatrics Corp. (a)
131,353
6,625,445
Outset Medical, Inc. (a)(b)
417,208
7,505,572
Owlet, Inc. (a)(b)
598,668
187,563
Paragon 28, Inc. (a)(b)
418,789
7,714,093
PROCEPT BioRobotics Corp. (a)(b)
224,226
6,814,228
Pulmonx Corp. (a)(b)
294,570
3,461,198
RxSight, Inc. (a)(b)
203,372
3,640,359
Senseonics Holdings, Inc. (a)(b)
4,027,556
2,396,799
Shockwave Medical, Inc. (a)
306,884
89,045,443
SI-BONE, Inc. (a)(b)
292,842
6,471,808
Sight Sciences, Inc. (a)(b)
187,328
1,811,462
Silk Road Medical, Inc. (a)(b)
323,262
14,229,993
Staar Surgical Co. (a)(b)
413,571
29,144,348
SurModics, Inc. (a)
117,626
2,710,103
Tactile Systems Technology, Inc. (a)(b)
168,016
3,062,932
Tenon Medical, Inc. (b)
62,972
116,498
TransMedics Group, Inc. (a)(b)
263,006
20,803,775
Treace Medical Concepts, Inc. (a)
315,802
7,733,991
UFP Technologies, Inc. (a)(b)
58,726
8,094,792
Utah Medical Products, Inc.
29,529
2,800,530
Varex Imaging Corp. (a)(b)
330,729
5,867,132
Vicarious Surgical, Inc. (a)(b)
480,749
1,081,685
ViewRay, Inc. (a)
1,263,347
1,490,749
Zimvie, Inc. (a)
179,129
1,474,232
Zynex, Inc. (a)(b)
185,200
2,118,688
824,163,979
Health Care Providers & Services - 2.6%
23andMe Holding Co. Class A (a)(b)
2,228,602
4,390,346
Accolade, Inc. (a)(b)
574,220
7,769,197
AdaptHealth Corp. (a)(b)
622,960
7,400,765
Addus HomeCare Corp. (a)(b)
133,217
10,889,158
Agiliti, Inc. (a)(b)
240,908
4,027,982
AirSculpt Technologies, Inc. (b)
116,029
568,542
Alignment Healthcare, Inc. (a)(b)
850,261
5,348,142
AMN Healthcare Services, Inc. (a)(b)
373,240
32,229,274
Apollo Medical Holdings, Inc. (a)(b)
336,363
11,937,523
ATI Physical Therapy, Inc. (a)(b)
555,650
150,803
Aveanna Healthcare Holdings, Inc. (a)(b)
372,050
457,622
Brookdale Senior Living, Inc. (a)(b)
1,598,386
6,857,076
Cano Health, Inc. (a)(b)
1,391,651
1,614,315
CareMax, Inc. Class A (a)(b)
506,977
1,277,582
Castle Biosciences, Inc. (a)(b)
211,138
4,778,053
Clover Health Investments Corp. (a)(b)
3,315,190
2,448,599
Community Health Systems, Inc. (a)
1,080,416
6,849,837
Corvel Corp. (a)
75,235
15,199,727
Cross Country Healthcare, Inc. (a)(b)
308,941
6,790,523
DocGo, Inc. Class A (a)(b)
716,280
6,088,380
Fulgent Genetics, Inc. (a)(b)
182,082
5,384,165
GeneDx Holdings Corp. Class A (a)(b)
2,488,492
680,851
HealthEquity, Inc. (a)(b)
715,437
38,240,108
Hims & Hers Health, Inc. (a)(b)
1,045,101
12,112,721
Innovage Holding Corp. (a)(b)
157,948
965,062
Invitae Corp. (a)(b)
2,109,139
2,868,429
LifeStance Health Group, Inc. (a)(b)
623,654
5,082,780
Modivcare, Inc. (a)(b)
108,958
6,929,729
National Healthcare Corp.
108,570
6,287,289
National Research Corp. Class A
120,881
5,261,950
NeoGenomics, Inc. (a)(b)
1,083,814
15,845,361
Nutex Health, Inc. (a)(b)
2,176,555
1,236,719
Opko Health, Inc. (a)(b)
3,477,594
5,112,063
Option Care Health, Inc. (a)(b)
1,441,245
46,336,027
Owens & Minor, Inc. (a)
636,570
9,892,298
P3 Health Partners, Inc. Class A (a)(b)
185,816
235,986
Patterson Companies, Inc.
751,832
20,382,166
Pediatrix Medical Group, Inc. (a)(b)
701,791
10,056,665
Pennant Group, Inc. (a)
223,979
3,106,589
PetIQ, Inc. Class A (a)(b)
233,141
2,748,732
Privia Health Group, Inc. (a)(b)
445,828
12,318,228
Progyny, Inc. (a)(b)
652,530
21,690,097
R1 Rcm, Inc. (b)
1,296,175
20,207,368
RadNet, Inc. (a)
428,382
11,849,046
Select Medical Holdings Corp. (b)
896,288
27,336,784
Surgery Partners, Inc. (a)
443,582
17,592,462
The Ensign Group, Inc.
463,237
44,975,680
The Joint Corp. (a)
120,917
1,909,279
The Oncology Institute, Inc. (a)(b)
271,535
138,483
U.S. Physical Therapy, Inc.
110,605
11,775,008
505,631,571
Health Care Technology - 0.5%
American Well Corp. (a)(b)
1,970,589
4,315,590
Babylon Holdings Ltd. Class A (a)(b)
32,664
260,005
Computer Programs & Systems, Inc. (a)
121,594
3,146,853
Evolent Health, Inc. (a)(b)
707,819
25,771,690
Health Catalyst, Inc. (a)(b)
474,857
5,983,198
HealthStream, Inc.
204,959
5,050,190
MultiPlan Corp. Class A (a)(b)
3,250,828
3,180,285
Nextgen Healthcare, Inc. (a)(b)
475,226
7,955,283
OptimizeRx Corp. (a)(b)
144,818
2,176,615
Phreesia, Inc. (a)
428,299
13,551,380
Schrodinger, Inc. (a)(b)
466,924
13,783,596
Sharecare, Inc. Class A (a)(b)
2,570,736
3,958,933
Simulations Plus, Inc.
136,289
5,690,066
Veradigm, Inc. (a)
931,790
11,638,057
106,461,741
Life Sciences Tools & Services - 0.7%
AbCellera Biologics, Inc. (a)(b)
1,785,880
12,108,266
Adaptive Biotechnologies Corp. (a)(b)
965,700
6,895,098
Akoya Biosciences, Inc. (a)(b)
136,947
953,151
Alpha Teknova, Inc. (a)(b)
51,569
97,465
BioLife Solutions, Inc. (a)(b)
291,972
5,127,028
BioNano Genomics, Inc. (a)(b)
2,580,213
1,774,929
Codexis, Inc. (a)
532,517
2,087,467
CryoPort, Inc. (a)(b)
381,950
8,036,228
Cytek Biosciences, Inc. (a)(b)
988,748
11,350,827
Inotiv, Inc. (a)(b)
202,167
1,120,005
MaxCyte, Inc. (a)(b)
760,803
3,804,015
Medpace Holdings, Inc. (a)(b)
218,891
43,808,845
Nanostring Technologies, Inc. (a)(b)
400,678
3,926,644
Nautilus Biotechnology, Inc. (a)(b)
384,780
992,732
OmniAb, Inc. (a)(b)
667,215
2,321,908
Pacific Biosciences of California, Inc. (a)(b)
2,135,226
22,633,396
Phenomex, Inc. (a)
536,183
627,334
Quanterix Corp. (a)(b)
292,637
3,698,932
Quantum-Si, Inc. (a)(b)
792,095
1,164,380
Science 37 Holdings, Inc. (a)(b)
463,886
131,697
Seer, Inc. (a)(b)
449,790
1,502,299
Singular Genomics Systems, Inc. (a)(b)
460,423
455,819
SomaLogic, Inc. Class A (a)(b)
1,329,512
3,722,634
138,341,099
Pharmaceuticals - 1.7%
Aclaris Therapeutics, Inc. (a)(b)
559,379
4,972,879
Amneal Pharmaceuticals, Inc. (a)
872,614
1,684,145
Amphastar Pharmaceuticals, Inc. (a)(b)
330,656
11,827,565
Amylyx Pharmaceuticals, Inc. (a)(b)
435,263
12,361,469
AN2 Therapeutics, Inc. (a)(b)
86,826
681,584
ANI Pharmaceuticals, Inc. (a)(b)
109,804
4,141,807
Arvinas Holding Co. LLC (a)
421,415
11,045,287
Atea Pharmaceuticals, Inc. (a)
654,319
2,139,623
Athira Pharma, Inc. (a)(b)
287,575
802,334
Axsome Therapeutics, Inc. (a)(b)
276,094
19,749,004
Cara Therapeutics, Inc. (a)(b)
386,448
1,623,082
Cassava Sciences, Inc. (a)(b)
328,062
7,617,600
Collegium Pharmaceutical, Inc. (a)(b)
289,054
6,726,287
Corcept Therapeutics, Inc. (a)(b)
745,185
16,789,018
DICE Therapeutics, Inc. (a)(b)
304,150
9,884,875
Edgewise Therapeutics, Inc. (a)(b)
325,339
2,853,223
Esperion Therapeutics, Inc. (a)(b)
640,398
845,325
Evolus, Inc. (a)(b)
307,022
2,683,372
Eyepoint Pharmaceuticals, Inc. (a)(b)
224,709
1,411,173
Fulcrum Therapeutics, Inc. (a)(b)
448,082
1,120,205
Harmony Biosciences Holdings, Inc. (a)(b)
227,121
7,322,381
Innoviva, Inc. (a)(b)
541,465
6,351,384
Intra-Cellular Therapies, Inc. (a)
789,948
49,095,268
Ligand Pharmaceuticals, Inc. Class B (a)(b)
130,515
9,964,820
Liquidia Corp. (a)(b)
410,508
2,754,509
Nektar Therapeutics (a)
1,546,457
1,163,400
NGM Biopharmaceuticals, Inc. (a)(b)
352,539
1,589,951
Nuvation Bio, Inc. (a)
993,613
1,599,717
Ocular Therapeutix, Inc. (a)
664,697
4,121,121
Pacira Biosciences, Inc. (a)(b)
388,335
17,595,459
Phathom Pharmaceuticals, Inc. (a)(b)
210,738
2,254,897
Phibro Animal Health Corp. Class A
173,208
2,695,116
Prestige Brands Holdings, Inc. (a)
428,239
26,349,546
Reata Pharmaceuticals, Inc. (a)(b)
238,080
23,536,589
Relmada Therapeutics, Inc. (a)(b)
235,501
593,463
Revance Therapeutics, Inc. (a)(b)
695,926
22,151,325
Scilex Holding Co. (b)
528,042
3,440,722
SIGA Technologies, Inc. (b)
403,533
2,352,597
Supernus Pharmaceuticals, Inc. (a)(b)
426,553
15,722,744
Tarsus Pharmaceuticals, Inc. (a)(b)
158,211
2,360,508
Theravance Biopharma, Inc. (a)(b)
563,534
6,103,073
Theseus Pharmaceuticals, Inc. (a)(b)
146,374
1,498,870
Third Harmonics Bio, Inc. (b)
106,262
481,367
Ventyx Biosciences, Inc. (a)(b)
214,182
8,053,243
Xeris Biopharma Holdings, Inc. (a)(b)
1,141,806
2,580,482
342,692,409
TOTAL HEALTH CARE
3,355,504,064
INDUSTRIALS - 16.8%
Aerospace & Defense - 1.1%
AAR Corp. (a)
284,631
15,022,824
Aerojet Rocketdyne Holdings, Inc. (a)
678,728
38,287,046
AeroVironment, Inc. (a)(b)
212,534
21,400,048
AerSale Corp. (a)(b)
216,591
3,504,442
Archer Aviation, Inc. Class A (a)(b)
1,255,286
2,485,466
Astra Space, Inc. Class A (a)(b)
1,298,098
548,446
Astronics Corp. (a)
219,860
3,240,736
Cadre Holdings, Inc.
165,045
3,475,848
Ducommun, Inc. (a)
96,505
4,825,250
Kaman Corp.
246,327
5,436,437
Kratos Defense & Security Solutions, Inc. (a)
1,065,253
13,741,764
Maxar Technologies, Inc.
632,879
33,365,381
Momentus, Inc. Class A (a)(b)
461,469
198,478
Moog, Inc. Class A
245,460
22,118,401
National Presto Industries, Inc. (b)
44,767
3,045,051
Park Aerospace Corp.
170,480
2,229,878
Parsons Corp. (a)
286,554
12,465,099
Redwire Corp. (a)(b)
173,399
560,079
Rocket Lab U.S.A., Inc. Class A (a)(b)
1,864,391
7,308,413
Terran Orbital Corp. Class A (a)(b)
351,527
625,718
Triumph Group, Inc. (a)
553,235
5,980,470
V2X, Inc. (a)(b)
103,517
4,471,934
Virgin Galactic Holdings, Inc. (a)(b)
2,096,021
7,629,516
211,966,725
Air Freight & Logistics - 0.3%
Air Transport Services Group, Inc. (a)(b)
497,598
10,106,215
Forward Air Corp. (b)
231,747
24,451,626
Hub Group, Inc. Class A (a)
278,307
20,984,348
Radiant Logistics, Inc. (a)
319,479
2,108,561
57,650,750
Building Products - 1.5%
AAON, Inc. (b)
377,676
37,012,248
American Woodmark Corp. (a)
142,241
7,186,015
Apogee Enterprises, Inc.
191,401
8,146,027
AZZ, Inc.
210,918
7,957,936
Caesarstone Sdot-Yam Ltd. (b)
193,172
880,864
CSW Industrials, Inc.
125,854
16,948,758
Gibraltar Industries, Inc. (a)
267,400
13,380,696
Griffon Corp.
374,693
10,660,016
Insteel Industries, Inc.
162,614
4,476,763
Janus International Group, Inc. (a)
704,141
6,337,269
Jeld-Wen Holding, Inc. (a)
719,080
9,189,842
Masonite International Corp. (a)(b)
191,417
17,497,428
PGT Innovations, Inc. (a)
498,271
12,785,634
Quanex Building Products Corp. (b)
286,649
5,474,996
Resideo Technologies, Inc. (a)
1,245,716
22,173,745
Simpson Manufacturing Co. Ltd.
368,718
46,377,350
UFP Industries, Inc.
515,527
40,479,180
View, Inc. Class A (a)(b)
1,144,414
391,390
Zurn Elkay Water Solutions Cor
1,070,672
23,072,982
290,429,139
Commercial Services & Supplies - 1.5%
ABM Industries, Inc. (b)
570,805
24,304,877
ACCO Brands Corp.
786,209
3,600,837
ACV Auctions, Inc. Class A (a)(b)
1,017,120
13,253,074
Aris Water Solution, Inc. Class A (b)
192,950
1,402,747
Brady Corp. Class A
387,401
19,769,073
BrightView Holdings, Inc. (a)
353,254
1,953,495
Casella Waste Systems, Inc. Class A (a)(b)
429,757
38,248,373
Cimpress PLC (a)
152,084
7,900,764
CompX International, Inc. Class A (b)
14,565
263,627
CoreCivic, Inc. (a)
980,611
8,619,571
Deluxe Corp. (b)
378,315
5,731,472
Ennis, Inc.
218,819
4,251,653
Harsco Corp. (a)
676,277
4,646,023
Healthcare Services Group, Inc. (b)
641,425
10,012,644
Heritage-Crystal Clean, Inc. (a)(b)
135,592
4,740,296
HNI Corp. (b)
356,360
9,258,233
Interface, Inc.
492,091
3,857,993
KAR Auction Services, Inc. (a)(b)
926,833
12,549,319
Kimball International, Inc. Class B (b)
302,387
3,722,384
Li-Cycle Holdings Corp. (a)(b)
1,183,647
5,622,323
Liquidity Services, Inc. (a)
212,265
2,774,304
Matthews International Corp. Class A
256,456
9,711,989
Millerknoll, Inc. (b)
656,802
11,172,202
Montrose Environmental Group, Inc. (a)(b)
237,026
7,219,812
NL Industries, Inc.
75,786
487,304
Pitney Bowes, Inc. (b)
1,494,682
5,246,334
Quad/Graphics, Inc. (a)
279,671
976,052
SP Plus Corp. (a)
170,958
5,841,635
Steelcase, Inc. Class A (b)
750,716
6,005,728
The Brink's Co.
389,950
24,508,358
The GEO Group, Inc. (a)
1,017,889
7,664,704
UniFirst Corp.
128,649
21,057,268
Viad Corp. (a)(b)
174,780
3,326,063
VSE Corp.
91,407
3,865,602
293,566,133
Construction & Engineering - 1.7%
Ameresco, Inc. Class A (a)(b)
274,767
11,430,307
API Group Corp. (a)
1,786,653
40,664,222
Arcosa, Inc.
417,670
28,209,432
Argan, Inc. (b)
110,191
4,432,984
Comfort Systems U.S.A., Inc.
305,486
45,667,102
Concrete Pumping Holdings, Inc. (a)
217,803
1,513,731
Construction Partners, Inc. Class A (a)(b)
345,933
8,973,502
Dycom Industries, Inc. (a)(b)
249,096
23,071,272
EMCOR Group, Inc.
406,280
69,473,880
Fluor Corp. (a)(b)
1,227,023
35,657,288
Granite Construction, Inc. (b)
381,658
14,552,620
Great Lakes Dredge & Dock Corp. (a)
559,912
3,208,296
IES Holdings, Inc. (a)
73,783
3,186,688
MYR Group, Inc. (a)
141,398
18,097,530
Northwest Pipe Co. (a)
83,854
2,309,339
Primoris Services Corp.
455,743
11,530,298
Sterling Construction Co., Inc. (a)(b)
251,885
9,299,594
Tutor Perini Corp. (a)(b)
359,105
1,903,257
333,181,342
Electrical Equipment - 1.4%
Allied Motion Technologies, Inc.
115,215
3,965,700
Array Technologies, Inc. (a)(b)
1,299,225
26,569,151
Atkore, Inc. (a)(b)
339,709
42,915,438
Babco*ck & Wilcox Enterprises, Inc. (a)(b)
523,886
3,258,571
Blink Charging Co. (a)(b)
367,645
2,621,309
Bloom Energy Corp. Class A (a)(b)
1,549,661
25,801,856
Encore Wire Corp. (b)
152,748
23,879,095
Energy Vault Holdings, Inc. Class A (a)(b)
715,729
1,209,582
EnerSys (b)
351,053
29,126,867
Enovix Corp. (a)(b)
938,405
10,153,542
ESS Tech, Inc. Class A (a)(b)
713,271
763,200
Fluence Energy, Inc. (a)(b)
316,239
5,711,276
FTC Solar, Inc. (a)(b)
375,860
1,026,098
FuelCell Energy, Inc. (a)(b)
3,527,385
6,631,484
GrafTech International Ltd. (b)
1,666,176
7,847,689
Heliogen, Inc. (a)(b)
759,369
213,155
Nextracker, Inc. Class A
265,615
8,364,216
NuScale Power Corp. (a)(b)
272,904
2,420,658
Powell Industries, Inc.
79,336
3,178,200
Preformed Line Products Co.
21,465
2,667,670
Shoals Technologies Group, Inc. (a)(b)
1,402,905
29,306,685
Stem, Inc. (a)(b)
1,246,726
5,273,651
SunPower Corp. (a)(b)
705,888
9,331,839
Thermon Group Holdings, Inc. (a)
282,949
5,879,680
TPI Composites, Inc. (a)(b)
316,015
3,905,945
Vicor Corp. (a)
190,364
8,179,941
270,202,498
Ground Transportation - 0.7%
ArcBest Corp.
208,881
19,718,366
Bird Global, Inc. Class A (a)(b)
1,467,069
198,641
Covenant Transport Group, Inc. Class A (b)
79,663
3,137,926
Daseke, Inc. (a)(b)
347,423
2,841,920
Heartland Express, Inc. (b)
399,198
5,780,387
Marten Transport Ltd.
500,835
10,111,859
P.A.M. Transportation Services, Inc. (a)(b)
56,466
1,267,662
Saia, Inc. (a)(b)
228,954
68,175,633
TuSimple Holdings, Inc. (a)(b)
1,231,785
1,490,460
Universal Logistics Holdings, Inc.
62,005
1,587,328
Werner Enterprises, Inc.
544,652
24,601,931
138,912,113
Industrial Conglomerates - 0.0%
Brookfield Business Corp. Class A (b)
225,744
4,167,234
Machinery - 3.9%
3D Systems Corp. (a)(b)
1,090,972
9,993,304
Alamo Group, Inc.
86,596
15,304,111
Albany International Corp. Class A (b)
267,908
24,435,889
Astec Industries, Inc.
198,029
8,174,637
Barnes Group, Inc.
419,163
17,617,421
Berkshire Grey, Inc. Class A (a)(b)
443,954
608,217
Blue Bird Corp. (a)
149,810
2,801,447
Chart Industries, Inc. (a)(b)
368,157
49,001,697
CIRCOR International, Inc. (a)
159,184
4,431,683
Columbus McKinnon Corp. (NY Shares)
239,628
8,317,488
Desktop Metal, Inc. (a)(b)
2,320,596
5,105,311
Douglas Dynamics, Inc.
195,104
5,718,498
Energy Recovery, Inc. (a)(b)
474,908
10,699,677
Enerpac Tool Group Corp. Class A
492,439
11,700,351
EnPro Industries, Inc.
179,846
16,954,082
ESCO Technologies, Inc. (b)
221,615
20,736,516
Evoqua Water Technologies Corp. (a)
1,013,610
50,123,015
Fathom Digital Manufacturing Corp. (a)(b)
221,759
104,626
Federal Signal Corp.
513,728
26,395,345
Franklin Electric Co., Inc.
397,089
35,527,553
Gorman-Rupp Co.
195,652
4,803,257
Helios Technologies, Inc.
281,402
16,923,516
Hillenbrand, Inc.
597,592
27,262,147
Hillman Solutions Corp. Class A (a)(b)
1,170,945
9,835,938
Hydrofarm Holdings Group, Inc. (a)(b)
382,824
601,034
Hyliion Holdings Corp. Class A (a)(b)
1,209,652
1,657,223
Hyster-Yale Materials Handling, Inc. Class A
93,235
4,909,755
Hyzon Motors, Inc. Class A (a)(b)
749,761
623,501
John Bean Technologies Corp. (b)
272,810
29,657,175
Kadant, Inc.
100,206
18,621,281
Kennametal, Inc.
701,295
18,205,618
Lightning eMotors, Inc. (a)(b)
25,768
114,668
Lindsay Corp.
95,203
11,494,810
Luxfer Holdings PLC sponsored
235,058
3,584,635
Manitowoc Co., Inc. (a)
300,310
4,591,740
Markforged Holding Corp. (a)(b)
985,719
960,977
Microvast Holdings, Inc. (a)(b)
1,486,142
1,560,449
Miller Industries, Inc.
93,964
3,063,226
Mueller Industries, Inc. (b)
482,317
34,654,476
Mueller Water Products, Inc. Class A
1,343,399
18,001,547
Nikola Corp. (a)(b)
2,927,997
2,592,741
Omega Flex, Inc. (b)
28,390
3,123,184
Proterra, Inc. Class A (a)(b)
1,921,529
2,248,189
Proto Labs, Inc. (a)
234,684
6,751,859
RBC Bearings, Inc. (a)(b)
245,837
55,807,457
REV Group, Inc.
285,942
3,068,158
Sarcos Technology and Robotics Corp. Class A (a)(b)
850,015
340,091
Shyft Group, Inc. (The) (b)
298,406
7,484,022
SPX Technologies, Inc. (a)(b)
376,503
23,975,711
Standex International Corp.
101,431
12,456,741
Tennant Co.
158,874
12,141,151
Terex Corp. (b)
574,815
25,631,001
The Greenbrier Companies, Inc.
275,214
7,279,410
Titan International, Inc. (a)
444,091
4,334,328
Trinity Industries, Inc.
707,618
16,947,451
Velo3D, Inc. (a)(b)
495,934
1,160,486
Wabash National Corp.
410,566
10,539,229
Watts Water Technologies, Inc. Class A
235,438
38,077,388
Xos, Inc. Class A (a)(b)
410,499
208,287
769,044,725
Marine Transportation - 0.3%
Costamare, Inc. (b)
450,304
4,066,245
Eagle Bulk Shipping, Inc. (b)
117,333
5,247,132
Eneti, Inc.
183,231
1,570,290
Genco Shipping & Trading Ltd. (b)
321,872
4,960,048
Golden Ocean Group Ltd. (b)
1,061,792
9,715,397
Matson, Inc.
321,879
21,897,428
Safe Bulkers, Inc. (b)
620,481
2,270,960
49,727,500
Passenger Airlines - 0.3%
Allegiant Travel Co. (a)(b)
136,036
14,135,501
Blade Air Mobility, Inc. (a)(b)
497,160
1,302,559
Frontier Group Holdings, Inc. (a)(b)
317,174
3,009,981
Hawaiian Holdings, Inc. (a)(b)
429,714
3,579,518
Joby Aviation, Inc. (a)(b)
2,238,334
9,691,986
SkyWest, Inc. (a)
429,858
12,164,981
Spirit Airlines, Inc.
933,742
15,966,988
Sun Country Airlines Holdings, Inc. (a)(b)
284,783
5,618,769
Wheels Up Experience, Inc. Class A (a)(b)
1,370,080
633,662
66,103,945
Professional Services - 2.4%
Alight, Inc. Class A (a)
3,314,983
30,663,593
ASGN, Inc. (a)
422,881
30,274,051
Barrett Business Services, Inc.
58,711
4,908,827
CBIZ, Inc. (a)(b)
405,776
21,380,337
Conduent, Inc. (a)
1,456,201
5,111,266
CRA International, Inc. (b)
59,845
6,292,103
CSG Systems International, Inc.
267,624
14,098,432
ExlService Holdings, Inc. (a)
278,970
49,762,669
Exponent, Inc.
438,278
40,343,490
First Advantage Corp. (a)(b)
508,664
6,541,419
Forrester Research, Inc. (a)
99,159
3,067,979
Franklin Covey Co. (a)
105,088
3,858,831
Heidrick & Struggles International, Inc.
169,337
4,252,052
HireRight Holdings Corp. (a)(b)
186,003
1,971,632
Huron Consulting Group, Inc. (a)
169,837
14,400,479
IBEX Ltd. (a)
76,626
1,568,534
ICF International, Inc. (b)
158,917
18,116,538
Insperity, Inc.
308,225
37,745,234
Kelly Services, Inc. Class A (non-vtg.) (b)
289,318
4,747,708
Kforce, Inc. (b)
171,214
10,125,596
Korn Ferry
451,352
21,673,923
LegalZoom.com, Inc. (a)(b)
835,034
7,832,619
Maximus, Inc.
520,907
43,573,871
NV5 Global, Inc. (a)(b)
116,687
11,053,760
Planet Labs PBC Class A (a)(b)
1,675,407
6,835,661
Red Violet, Inc. (a)
81,771
1,398,284
Resources Connection, Inc.
277,989
4,055,860
Skillsoft Corp. (a)(b)
694,644
854,412
Spire Global, Inc. (a)(b)
1,021,326
714,928
Sterling Check Corp. (a)(b)
207,943
2,337,279
TriNet Group, Inc. (a)(b)
322,536
29,924,890
TrueBlue, Inc. (a)
275,741
4,177,476
Ttec Holdings, Inc.
163,377
5,566,254
Upwork, Inc. (a)(b)
1,046,296
10,013,053
Verra Mobility Corp. (a)(b)
1,206,417
20,448,768
Willdan Group, Inc. (a)(b)
100,905
1,478,258
481,170,066
Trading Companies & Distributors - 1.7%
Alta Equipment Group, Inc.
178,840
2,528,798
Applied Industrial Technologies, Inc.
329,612
44,715,164
Beacon Roofing Supply, Inc. (a)(b)
443,075
26,664,254
BlueLinx Corp. (a)
76,025
5,326,312
Boise Cascade Co.
340,995
23,293,368
Custom Truck One Source, Inc. Class A (a)(b)
519,169
3,260,381
Distribution Solutions Group I (a)(b)
42,720
1,994,170
DXP Enterprises, Inc. (a)
130,329
3,284,291
GATX Corp. (b)
301,512
34,345,232
Global Industrial Co.
113,037
3,012,436
GMS, Inc. (a)
360,686
20,941,429
H&E Equipment Services, Inc.
274,957
10,035,931
Herc Holdings, Inc. (b)
216,950
21,699,339
Hudson Technologies, Inc. (a)(b)
376,198
2,908,011
Karat Packaging, Inc.
48,130
652,643
McGrath RentCorp.
208,650
18,544,812
MRC Global, Inc. (a)
714,842
6,962,561
NOW, Inc. (a)
948,810
10,123,803
Rush Enterprises, Inc.:
Class A
413,350
21,953,019
Class B
2,375
139,128
Textainer Group Holdings Ltd. (b)
372,445
13,072,820
Titan Machinery, Inc. (a)(b)
175,014
5,486,689
Transcat, Inc. (a)(b)
61,297
4,676,348
Triton International Ltd.
500,566
41,381,791
Veritiv Corp.
112,948
12,974,337
Xometry, Inc. (a)(b)
295,188
4,100,161
344,077,228
TOTAL INDUSTRIALS
3,310,199,398
INFORMATION TECHNOLOGY - 11.3%
Communications Equipment - 0.7%
ADTRAN Holdings, Inc. (b)
664,957
6,064,408
Aviat Networks, Inc. (a)(b)
96,319
3,160,226
Calix, Inc. (a)
496,182
22,675,517
Cambium Networks Corp. (a)
100,032
1,514,484
Casa Systems, Inc. (a)(b)
301,452
376,815
Clearfield, Inc. (a)(b)
111,586
4,874,076
CommScope Holding Co., Inc. (a)
1,768,352
8,717,975
Comtech Telecommunications Corp.
220,954
2,286,874
Digi International, Inc. (a)(b)
300,455
9,061,723
DZS, Inc. (a)(b)
175,472
1,193,210
Extreme Networks, Inc. (a)
1,087,595
19,337,439
Harmonic, Inc. (a)(b)
795,498
11,208,567
Infinera Corp. (a)(b)
1,666,645
10,549,863
Inseego Corp. (a)(b)
698,493
420,493
NETGEAR, Inc. (a)
240,610
3,399,819
NetScout Systems, Inc. (a)
584,793
15,912,218
Ondas Holdings, Inc. (a)(b)
306,431
306,431
Ribbon Communications, Inc. (a)
620,633
1,588,820
Viavi Solutions, Inc. (a)(b)
1,934,577
17,333,810
139,982,768
Electronic Equipment, Instruments & Components - 2.4%
908 Devices, Inc. (a)(b)
192,589
1,301,902
Advanced Energy Industries, Inc. (b)
324,008
28,026,692
Aeva Technologies, Inc. (a)(b)
834,088
827,332
AEye, Inc. Class A (a)(b)
845,412
168,068
Akoustis Technologies, Inc. (a)(b)
578,765
1,649,480
Arlo Technologies, Inc. (a)
750,406
4,832,615
Badger Meter, Inc.
252,108
33,361,452
Belden, Inc.
365,328
28,820,726
Benchmark Electronics, Inc.
302,381
6,455,834
Cepton, Inc. (a)(b)
387,177
144,417
CTS Corp.
273,237
10,713,623
ePlus, Inc. (a)
229,558
9,994,955
Evolv Technologies Holdings, Inc. (a)(b)
723,119
2,603,228
Fabrinet (a)(b)
318,433
30,235,213
FARO Technologies, Inc. (a)(b)
162,382
3,791,620
Focus Universal, Inc. (b)
225,074
479,408
Identiv, Inc. (a)(b)
194,657
1,070,614
Insight Enterprises, Inc. (a)(b)
269,629
32,611,628
Itron, Inc. (a)(b)
388,576
20,749,958
Kimball Electronics, Inc. (a)
205,656
4,139,855
Knowles Corp. (a)(b)
767,307
12,952,142
Lightwave Logic, Inc. (a)(b)
981,574
4,417,083
Methode Electronics, Inc. Class A
305,170
12,508,918
MicroVision, Inc. (a)(b)
1,425,624
2,851,248
Mirion Technologies, Inc. Class A (a)(b)
1,177,943
9,541,338
Napco Security Technologies, Inc. (a)(b)
271,456
8,415,136
nLIGHT, Inc. (a)(b)
385,841
3,383,826
Novanta, Inc. (a)(b)
306,099
46,784,171
OSI Systems, Inc. (a)(b)
137,641
15,547,927
Ouster, Inc. (a)(b)
241,169
853,738
Par Technology Corp. (a)(b)
229,339
7,015,480
PC Connection, Inc. (b)
97,021
3,907,036
Plexus Corp. (a)
235,856
20,630,324
Rogers Corp. (a)
161,840
26,048,148
Sanmina Corp. (a)
490,918
25,655,375
ScanSource, Inc. (a)
217,092
5,937,466
Smartrent, Inc. (a)(b)
1,047,703
2,703,074
TTM Technologies, Inc. (a)(b)
870,540
10,281,077
Vishay Intertechnology, Inc.
1,118,643
23,815,909
Vishay Precision Group, Inc. (a)
106,509
3,998,348
469,226,384
IT Services - 0.4%
BigCommerce Holdings, Inc. (a)(b)
564,174
4,169,246
Brightcove, Inc. (a)
364,740
1,510,024
Cerberus Cyber Sentinel Corp. (a)(b)
499,415
105,926
Cyxtera Technologies, Inc. Class A (a)(b)
321,543
104,566
Digitalocean Holdings, Inc. (a)(b)
601,960
18,985,818
Edgio, Inc. (a)(b)
1,175,234
776,830
Fastly, Inc. Class A (a)(b)
979,299
14,474,039
Grid Dynamics Holdings, Inc. (a)
466,635
5,072,322
Hackett Group, Inc. (b)
197,561
3,666,732
Information Services Group, Inc.
310,068
1,578,246
Perficient, Inc. (a)(b)
294,567
19,123,290
PFSweb, Inc. (a)
138,699
557,570
Rackspace Technology, Inc. (a)(b)
489,535
714,721
Squarespace, Inc. Class A (a)
261,428
8,130,411
Tucows, Inc. (a)(b)
85,042
1,904,090
Unisys Corp. (a)
577,613
1,854,138
82,727,969
Semiconductors & Semiconductor Equipment - 2.6%
ACM Research, Inc. (a)
414,918
3,879,483
Alpha & Omega Semiconductor Ltd. (a)(b)
189,826
4,533,045
Ambarella, Inc. (a)(b)
319,541
19,805,151
Amkor Technology, Inc.
872,880
19,526,326
Atomera, Inc. (a)(b)
182,341
1,440,494
Axcelis Technologies, Inc. (a)(b)
281,332
33,281,576
AXT, Inc. (a)(b)
353,234
943,135
CEVA, Inc. (a)
196,073
4,927,314
Cohu, Inc. (a)
404,954
13,703,643
Credo Technology Group Holding Ltd. (a)(b)
842,541
6,833,008
Diodes, Inc. (a)(b)
383,108
30,533,708
FormFactor, Inc. (a)
664,642
18,151,373
Ichor Holdings Ltd. (a)(b)
240,755
6,705,027
Impinj, Inc. (a)(b)
184,705
16,329,769
indie Semiconductor, Inc. (a)(b)
920,524
6,968,367
Kulicke & Soffa Industries, Inc. (b)
480,482
22,899,772
MACOM Technology Solutions Holdings, Inc. (a)(b)
466,721
27,228,503
MaxLinear, Inc. Class A (a)(b)
628,578
15,167,587
Onto Innovation, Inc. (a)
427,194
34,594,170
PDF Solutions, Inc. (a)
258,286
9,311,210
Photronics, Inc. (a)(b)
513,748
7,428,796
Power Integrations, Inc. (b)
487,640
35,490,439
Rambus, Inc. (a)(b)
920,973
40,835,943
Rigetti Computing, Inc. Class A (a)(b)
707,183
332,376
Semtech Corp. (a)
544,861
10,619,341
Silicon Laboratories, Inc. (a)(b)
272,676
37,983,767
SiTime Corp. (a)(b)
140,170
15,204,240
SkyWater Technology, Inc. (a)(b)
99,810
902,282
SMART Global Holdings, Inc. (a)(b)
418,204
6,448,706
Synaptics, Inc. (a)
342,513
30,332,951
Transphorm, Inc. (a)(b)
183,205
562,439
Ultra Clean Holdings, Inc. (a)(b)
389,173
11,106,997
Veeco Instruments, Inc. (a)(b)
435,762
8,026,736
502,037,674
Software - 4.8%
8x8, Inc. (a)(b)
970,124
2,784,256
A10 Networks, Inc.
551,991
7,805,153
ACI Worldwide, Inc. (a)
966,413
24,479,241
Adeia, Inc.
896,300
6,847,732
Agilysys, Inc. (a)(b)
170,607
13,314,170
Alarm.com Holdings, Inc. (a)
414,881
19,785,675
Alkami Technology, Inc. (a)(b)
314,586
3,771,886
Altair Engineering, Inc. Class A (a)(b)
447,722
30,915,204
American Software, Inc. Class A
274,994
3,283,428
Amplitude, Inc. (a)(b)
486,691
5,523,943
AppFolio, Inc. (a)(b)
169,031
23,600,108
Appian Corp. Class A (a)(b)
345,484
12,972,924
Applied Digital Corp. (b)
581,966
1,862,291
Arteris, Inc. (a)(b)
151,929
565,176
Asana, Inc. (a)(b)
636,765
10,302,858
AvePoint, Inc. (a)(b)
1,136,746
4,933,478
Blackbaud, Inc. (a)
399,928
27,737,006
BlackLine, Inc. (a)(b)
475,626
26,497,124
Blend Labs, Inc. (a)(b)
1,616,872
957,350
Box, Inc. Class A (a)(b)
1,205,812
31,905,786
C3.ai, Inc. (a)(b)
514,295
9,164,737
Cerence, Inc. (a)(b)
346,849
8,861,992
Cipher Mining, Inc. (a)(b)
336,964
778,387
Cleanspark, Inc. (a)(b)
636,018
2,486,830
Clear Secure, Inc. (b)
557,711
13,491,029
CommVault Systems, Inc. (a)
383,713
22,358,957
Consensus Cloud Solutions, Inc. (a)(b)
160,950
6,008,264
Couchbase, Inc. (a)(b)
243,828
3,745,198
CS Disco, Inc. (a)(b)
198,980
1,170,002
Cvent Holding Corp. (a)(b)
395,736
3,328,140
Digimarc Corp. (a)(b)
117,799
2,007,295
Digital Turbine, Inc. (a)(b)
812,115
9,526,109
Domo, Inc. Class B (a)
268,498
4,263,748
E2open Parent Holdings, Inc. (a)(b)
1,711,662
10,766,354
Ebix, Inc.
227,729
3,702,874
eGain Communications Corp. (a)
174,476
1,280,654
Enfusion, Inc. Class A (a)(b)
230,958
1,935,428
EngageSmart, Inc. (a)(b)
310,369
5,329,036
Envestnet, Inc. (a)(b)
473,240
29,993,951
Everbridge, Inc. (a)
345,535
9,080,660
EverCommerce, Inc. (a)(b)
208,677
2,518,731
ForgeRock, Inc. (a)(b)
375,586
7,522,988
Greenidge Generation Holdings, Inc. (a)(b)
98,343
48,198
Instructure Holdings, Inc. (a)(b)
149,676
3,970,904
Intapp, Inc. (a)
125,431
5,057,378
InterDigital, Inc. (b)
255,589
17,313,599
IronNet, Inc. Class A (a)(b)
571,562
158,666
Kaleyra, Inc. (a)(b)
63,864
117,510
Latch, Inc. (a)(b)
914,956
722,632
LivePerson, Inc. (a)(b)
605,039
2,801,331
Liveramp Holdings, Inc. (a)
549,992
13,249,307
Livevox Holdings, Inc. (a)(b)
189,997
543,391
Marathon Digital Holdings, Inc. (a)(b)
1,008,777
10,158,384
Matterport, Inc. (a)(b)
1,946,334
4,534,958
MeridianLink, Inc. (a)(b)
197,947
2,957,328
MicroStrategy, Inc. Class A (a)(b)
83,281
27,347,815
Mitek Systems, Inc. (a)(b)
368,066
3,319,955
Model N, Inc. (a)(b)
321,618
9,905,834
Momentive Global, Inc. (a)(b)
1,125,398
10,567,487
N-able, Inc. (a)(b)
586,929
7,483,345
Nextnav, Inc. (a)(b)
580,958
1,254,869
Olo, Inc. (a)(b)
781,232
5,351,439
ON24, Inc. (a)
365,410
3,179,067
Onespan, Inc. (a)(b)
341,486
5,033,504
Pagerduty, Inc. (a)(b)
747,010
22,455,121
Porch Group, Inc. Class A (a)(b)
699,164
636,309
PowerSchool Holdings, Inc. (a)
393,313
8,212,375
Progress Software Corp.
368,961
20,248,580
PROS Holdings, Inc. (a)(b)
355,882
10,096,372
Q2 Holdings, Inc. (a)(b)
482,447
11,877,845
Qualys, Inc. (a)(b)
332,439
37,545,661
Rapid7, Inc. (a)(b)
509,677
24,775,399
Rimini Street, Inc. (a)
431,004
1,611,955
Riot Platforms, Inc. (a)(b)
1,368,070
16,362,117
Sapiens International Corp. NV
277,020
5,576,413
SecureWorks Corp. (a)(b)
80,053
726,081
SolarWinds, Inc. (a)(b)
411,854
3,550,181
SoundThinking, Inc. (a)(b)
77,287
2,299,288
Sprout Social, Inc. (a)(b)
404,035
19,902,764
SPS Commerce, Inc. (a)
312,439
46,022,265
Sumo Logic, Inc. (a)(b)
1,014,107
12,169,284
Telos Corp. (a)
460,487
782,828
Tenable Holdings, Inc. (a)
964,566
35,679,296
TeraWulf, Inc. (a)(b)
611,906
1,089,193
Upland Software, Inc. (a)
253,818
931,512
Varonis Systems, Inc. (a)
922,824
21,372,604
Verint Systems, Inc. (a)(b)
557,932
20,358,939
Veritone, Inc. (a)(b)
273,100
1,299,956
Viant Technology, Inc. (a)
116,132
513,303
Weave Communications, Inc. (a)(b)
270,817
1,199,719
Workiva, Inc. (a)(b)
410,282
38,328,544
Xperi, Inc. (b)
360,610
3,422,189
Yext, Inc. (a)(b)
967,651
8,495,976
Zeta Global Holdings Corp. (a)(b)
955,811
9,280,925
Zuora, Inc. (a)(b)
1,086,183
8,461,366
949,527,414
Technology Hardware, Storage & Peripherals - 0.4%
Avid Technology, Inc. (a)(b)
299,135
8,827,474
CompoSecure, Inc. (a)(b)
69,227
519,203
Corsair Gaming, Inc. (a)(b)
347,996
6,062,090
Diebold Nixdorf, Inc. (a)(b)
619,407
499,800
Eastman Kodak Co. (a)(b)
495,402
1,629,873
IonQ, Inc. (a)(b)
1,040,103
5,730,968
Super Micro Computer, Inc. (a)(b)
404,458
42,642,007
Turtle Beach Corp. (a)(b)
132,921
1,444,851
Xerox Holdings Corp.
985,205
15,438,162
82,794,428
TOTAL INFORMATION TECHNOLOGY
2,226,296,637
MATERIALS - 4.4%
Chemicals - 2.1%
AdvanSix, Inc.
230,617
8,689,649
American Vanguard Corp.
239,459
4,609,586
Amyris, Inc. (a)(b)
1,747,321
1,428,610
Aspen Aerogels, Inc. (a)(b)
434,963
2,722,868
Avient Corp.
784,699
30,218,758
Balchem Corp.
274,115
36,018,711
Cabot Corp. (b)
479,179
34,385,885
Chase Corp.
64,741
7,078,134
Danimer Scientific, Inc. (a)(b)
783,353
2,475,395
Diversey Holdings Ltd. (a)(b)
670,826
5,453,815
Ecovyst, Inc. (a)(b)
722,349
8,198,661
FutureFuel Corp.
219,086
1,643,145
H.B. Fuller Co. (b)
461,566
30,541,822
Hawkins, Inc.
167,327
6,749,971
Ingevity Corp. (a)
322,535
23,138,661
Innospec, Inc. (b)
212,828
21,629,710
Intrepid Potash, Inc. (a)(b)
96,912
2,498,391
Koppers Holdings, Inc. (b)
173,315
5,686,465
Kronos Worldwide, Inc. (b)
194,754
1,811,212
Livent Corp. (a)(b)
1,397,569
30,536,883
LSB Industries, Inc. (a)(b)
640,936
5,723,558
Mativ, Inc. (b)
469,816
9,100,336
Minerals Technologies, Inc.
277,636
16,452,709
Origin Materials, Inc. Class A (a)(b)
896,485
3,541,116
Orion Engineered Carbons SA
518,429
12,551,166
Perimeter Solutions SA (a)(b)
1,011,094
7,562,983
PureCycle Technologies, Inc. (a)(b)
916,376
6,020,590
Quaker Houghton (b)
116,722
21,783,827
Rayonier Advanced Materials, Inc. (a)
530,355
2,885,131
Sensient Technologies Corp.
360,598
26,850,127
Stepan Co.
183,058
16,877,948
Trinseo PLC (b)
302,116
5,474,342
Tronox Holdings PLC (b)
1,008,984
13,812,991
Valhi, Inc. (b)
17,749
275,642
414,428,798
Construction Materials - 0.2%
Summit Materials, Inc.
1,022,569
28,028,616
United States Lime & Minerals, Inc. (b)
17,371
2,794,994
30,823,610
Containers & Packaging - 0.3%
Eightco Holdings, Inc. (b)
10,635
20,313
Greif, Inc.:
Class A (b)
269,946
16,949,909
Class B (b)
1,881
148,110
Myers Industries, Inc. (b)
314,450
5,958,828
O-I Glass, Inc. (a)
1,323,278
29,734,057
Pactiv Evergreen, Inc.
372,139
2,939,898
Ranpak Holdings Corp. (A Shares) (a)(b)
373,340
1,523,227
TriMas Corp.
358,124
9,099,931
66,374,273
Metals & Mining - 1.7%
5E Advanced Materials, Inc. (a)(b)
337,747
1,425,292
Alpha Metallurgical Resources (b)
131,342
19,249,484
Arconic Corp. (a)
873,261
21,613,210
ATI, Inc. (a)(b)
1,066,913
41,204,180
Carpenter Technology Corp.
410,423
21,645,709
Century Aluminum Co. (a)(b)
448,242
3,850,399
Coeur d'Alene Mines Corp. (a)(b)
2,408,061
8,187,407
Commercial Metals Co.
1,005,641
46,953,378
Compass Minerals International, Inc.
293,783
9,615,518
Constellium NV (a)(b)
1,087,671
16,151,914
Dakota Gold Corp. (b)
450,364
1,481,698
Haynes International, Inc.
106,438
5,003,650
Hecla Mining Co. (b)
4,764,577
28,825,691
Hycroft Mining Holding Corp. (a)(b)
1,287,316
486,477
Ivanhoe Electric, Inc. (b)
398,337
4,744,194
Kaiser Aluminum Corp. (b)
136,628
8,979,192
Materion Corp.
175,620
19,021,402
Novagold Resources, Inc. (a)(b)
2,052,770
11,167,069
Olympic Steel, Inc. (b)
82,513
3,842,630
Piedmont Lithium, Inc. (a)(b)
150,408
8,648,460
PolyMet Mining Corp. (a)
592,999
1,079,258
Ramaco Resources, Inc. (b)
197,882
1,608,781
Ryerson Holding Corp.
167,249
6,316,995
Schnitzer Steel Industries, Inc. Class A
220,576
6,372,441
Sunco*ke Energy, Inc.
713,790
5,553,286
TimkenSteel Corp. (a)(b)
381,064
6,379,011
Tredegar Corp. (b)
232,796
2,183,626
Warrior Metropolitan Coal, Inc.
443,499
15,331,760
Worthington Industries, Inc.
270,290
16,052,523
342,974,635
Paper & Forest Products - 0.1%
Clearwater Paper Corp. (a)
144,025
5,199,303
Glatfelter Corp.
384,103
1,736,146
Sylvamo Corp.
293,281
13,438,135
20,373,584
TOTAL MATERIALS
874,974,900
REAL ESTATE - 6.2%
Equity Real Estate Investment Trusts (REITs) - 5.6%
Acadia Realty Trust (SBI)
819,854
11,076,228
Agree Realty Corp.
758,703
51,584,217
Alexander & Baldwin, Inc.
640,984
12,326,122
Alexanders, Inc.
19,419
3,613,293
American Assets Trust, Inc.
438,433
7,979,481
Apartment Investment & Management Co. Class A
1,280,627
10,027,309
Apple Hospitality (REIT), Inc.
1,868,880
27,827,623
Armada Hoffler Properties, Inc.
604,562
7,085,467
Ashford Hospitality Trust, Inc. (a)
298,263
1,014,094
Bluerock Homes Trust, Inc. (b)
32,779
647,713
Braemar Hotels & Resorts, Inc.
567,221
2,155,440
Brandywine Realty Trust (SBI)
1,530,504
6,014,881
Broadstone Net Lease, Inc.
1,508,833
24,397,830
BRT Apartments Corp.
110,922
1,922,278
CareTrust (REIT), Inc.
863,284
16,825,405
CBL & Associates Properties, Inc. (b)
231,022
5,343,539
Centerspace
133,589
7,531,748
Chatham Lodging Trust
421,055
4,311,603
City Office REIT, Inc.
370,894
2,158,603
Clipper Realty, Inc.
102,657
538,949
Community Healthcare Trust, Inc.
212,497
7,605,268
Corporate Office Properties Trust (SBI)
981,993
22,477,820
CTO Realty Growth, Inc.
199,034
3,351,733
DiamondRock Hospitality Co.
1,820,748
14,766,266
Diversified Healthcare Trust (SBI)
2,051,611
1,873,941
Easterly Government Properties, Inc.
808,857
11,380,618
Elme Communities (SBI)
765,183
13,184,103
Empire State Realty Trust, Inc.
1,152,586
7,042,300
Equity Commonwealth
899,601
18,639,733
Essential Properties Realty Trust, Inc.
1,225,771
30,337,832
Farmland Partners, Inc.
436,007
4,551,913
Four Corners Property Trust, Inc.
731,965
18,672,427
Franklin Street Properties Corp.
882,563
1,023,773
Getty Realty Corp.
368,497
12,282,005
Gladstone Commercial Corp.
355,599
4,245,852
Gladstone Land Corp.
283,525
4,567,588
Global Medical REIT, Inc.
556,632
5,165,545
Global Net Lease, Inc.
925,969
10,426,411
Hersha Hospitality Trust
280,179
1,765,128
Independence Realty Trust, Inc.
1,960,191
32,637,180
Indus Realty Trust, Inc.
47,550
3,165,404
Industrial Logistics Properties Trust
580,594
1,196,024
InvenTrust Properties Corp.
591,014
13,327,366
Kite Realty Group Trust
1,891,129
39,184,193
LTC Properties, Inc.
349,997
11,707,400
LXP Industrial Trust (REIT)
2,366,506
22,245,156
National Health Investors, Inc.
364,520
18,142,160
Necessity Retail (REIT), Inc./The
1,197,657
6,599,090
NETSTREIT Corp.
494,642
9,012,377
NexPoint Residential Trust, Inc.
198,602
8,525,984
Office Properties Income Trust
436,061
2,843,118
One Liberty Properties, Inc.
150,773
3,320,021
Orion Office (REIT), Inc.
540,528
3,318,842
Outfront Media, Inc.
1,275,183
21,244,549
Paramount Group, Inc.
1,636,488
7,085,993
Pebblebrook Hotel Trust
1,126,303
16,027,292
Phillips Edison & Co., Inc. (b)
1,019,641
32,159,477
Physicians Realty Trust
1,985,899
28,636,664
Piedmont Office Realty Trust, Inc. Class A
1,100,705
7,165,590
Plymouth Industrial REIT, Inc.
334,267
6,765,564
Postal Realty Trust, Inc.
171,716
2,639,275
Potlatch Corp.
689,706
31,885,108
Retail Opportunity Investments Corp.
1,057,786
13,782,952
RLJ Lodging Trust
1,390,709
14,046,161
RPT Realty
749,930
6,974,349
Ryman Hospitality Properties, Inc.
463,845
41,588,343
Sabra Health Care REIT, Inc.
2,009,746
22,911,104
Safehold, Inc. (b)
349,619
9,691,439
Saul Centers, Inc.
107,556
3,875,243
Service Properties Trust
1,418,563
12,440,798
SITE Centers Corp.
1,673,595
20,652,162
Stag Industrial, Inc.
1,565,807
53,033,883
Star Holdings
110,976
1,791,153
Summit Hotel Properties, Inc.
918,967
5,918,147
Sunstone Hotel Investors, Inc.
1,838,771
17,523,488
Tanger Factory Outlet Centers, Inc.
879,211
17,241,328
Terreno Realty Corp.
701,273
43,191,404
The Macerich Co.
1,869,421
18,675,516
UMH Properties, Inc.
469,389
7,134,713
Uniti Group, Inc.
2,084,567
7,129,219
Universal Health Realty Income Trust (SBI)
114,549
4,982,882
Urban Edge Properties
999,839
14,667,638
Urstadt Biddle Properties, Inc. Class A
254,066
4,375,017
Veris Residential, Inc. (a)
743,642
12,158,547
Whitestone REIT Class B
427,029
3,821,910
Xenia Hotels & Resorts, Inc.
993,048
12,571,988
1,096,755,290
Real Estate Management & Development - 0.6%
American Realty Investments, Inc. (a)(b)
7,326
136,483
Anywhere Real Estate, Inc. (a)
927,517
5,908,283
Compass, Inc. (a)(b)
2,397,881
5,611,042
Cushman & Wakefield PLC (a)(b)
1,378,096
13,574,246
Digitalbridge Group, Inc.
1,364,267
16,957,839
Doma Holdings, Inc. Class A (a)(b)
1,090,319
468,837
Douglas Elliman, Inc.
660,509
2,107,024
eXp World Holdings, Inc. (b)
606,696
7,092,276
Forestar Group, Inc. (a)(b)
157,339
3,042,936
FRP Holdings, Inc. (a)
56,306
3,265,748
Kennedy-Wilson Holdings, Inc. (b)
1,021,549
17,141,592
Marcus & Millichap, Inc. (b)
218,927
6,889,633
Newmark Group, Inc. (b)
1,170,822
7,423,011
Offerpad Solutions, Inc. (a)(b)
559,407
261,411
RE/MAX Holdings, Inc.
154,387
2,981,213
Redfin Corp. (a)(b)
915,917
6,823,582
Stratus Properties, Inc.
49,780
1,065,292
Tejon Ranch Co. (a)
177,260
3,063,053
The RMR Group, Inc.
135,807
3,225,416
The St. Joe Co.
299,246
12,299,011
Transcontinental Realty Investors, Inc. (a)
10,137
369,494
119,707,422
TOTAL REAL ESTATE
1,216,462,712
UTILITIES - 3.3%
Electric Utilities - 0.8%
Allete, Inc.
493,168
30,763,820
MGE Energy, Inc. (b)
313,100
23,986,591
Otter Tail Corp. (b)
354,795
25,527,500
PNM Resources, Inc.
730,311
35,149,868
Portland General Electric Co.
770,427
38,999,015
Via Renewables, Inc. Class A, (b)
23,159
239,696
154,666,490
Gas Utilities - 1.0%
Brookfield Infrastructure Corp. A Shares (b)
843,957
35,952,568
Chesapeake Utilities Corp.
150,248
18,555,628
New Jersey Resources Corp. (b)
828,258
42,771,243
Northwest Natural Holding Co.
300,931
14,131,720
ONE Gas, Inc.
464,864
35,771,285
Southwest Gas Holdings, Inc.
578,448
32,393,088
Spire, Inc. (b)
440,524
29,836,691
209,412,223
Independent Power and Renewable Electricity Producers - 0.5%
Altus Power, Inc. Class A (a)(b)
789,588
3,584,730
Clearway Energy, Inc.:
Class A (b)
801,045
23,214,284
Class C
232,068
7,047,905
Montauk Renewables, Inc. (a)(b)
556,753
3,702,407
Ormat Technologies, Inc.
449,930
38,608,493
Sunnova Energy International, Inc. (a)(b)
858,012
15,409,896
91,567,715
Multi-Utilities - 0.5%
Avista Corp. (b)
636,681
28,058,532
Black Hills Corp.
560,053
36,565,860
NorthWestern Energy Corp.
500,061
29,313,576
Unitil Corp.
137,547
7,646,238
101,584,206
Water Utilities - 0.5%
American States Water Co.
318,289
28,248,149
Artesian Resources Corp. Class A
71,420
3,912,388
California Water Service Group
468,767
26,288,453
Global Water Resources, Inc.
115,733
1,269,591
Middlesex Water Co.
150,895
11,012,317
Pure Cycle Corp. (a)(b)
171,684
1,694,521
SJW Group
232,863
17,678,959
York Water Co.
122,203
5,137,414
95,241,792
TOTAL UTILITIES
652,472,426
TOTAL COMMON STOCKS
(Cost $19,553,439,289)
19,527,211,934
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
The following is a summary of the inputs used, as of April 30, 2023, 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.
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2023. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
(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).
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 mutual funds or ETFs 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 reimbursem*nts, 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.
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.
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 designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, ETFs and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circ*mstances.
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, 2023 is included at the end of the 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.
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, 2023, 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 distributions 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), redemptions in-kind, partnerships, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
The tax-based components of distributable earnings as of period end were as follows for each Fund:
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.
Certain of the Funds intends to elect to defer to the next fiscal year capital losses recognized during the period November 1, 2022 to April 30, 2023. Loss deferrals were as follows:
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period unless an average notional amount is presented. Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
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, 2024.
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.
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:
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.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity Mid Cap Index Fund and Fidelity Small Cap Index Fund:
We have audited the accompanying statements 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, 2023, 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 each of the Funds as of April 30, 2023, 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.
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, 2023, 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.
We have served as the auditor of one or more of the Fidelity investment companies since 1999.
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 299 funds. Mr. Chiel oversees 188 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 alternative investment, 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 circ*mstances 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 circ*mstances occur or to mitigate the effects of such events or circ*mstances 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."
Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.
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 Hanco*ck 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)
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.
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 an international banker at Chemical Bank NA (now JPMorgan Chase & Co.). Ms. McAuliffe also 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.
Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Elizabeth S. Acton (1951)
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)
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 a member of the Board, Chair of Nomination Committee and a member of the Corporate Governance Committee 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 President of First to Four LLC (leadership and mentoring services, 2012-2022), 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). General 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 the Noble Reach Foundation (formerly Logistics Management Institute) (consulting non-profit, 2012-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). Previously, General Dunwoody served as a member of the Board of Florida Institute of Technology (2015-2022) and a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-2021). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity ® funds (2018).
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). Previously, Mr. Engler served as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-2022), 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)
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)
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)
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.
Mark A. Murray (1954)
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.
Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.
Laura M. Bishop (1961)
Ms. Bishop also serves as a Member of the Advisory Board of other funds. Prior to her retirement, Ms. Bishop held a variety of positions at United Services Automobile Association (2001-2020), including Executive Vice President and Chief Financial Officer (2014-2020) and Senior Vice President and Deputy Chief Financial Officer (2012-2014). Ms. Bishop currently serves as a member of the Audit Committee and Compensation and Personnel Committee (2021-present) of the Board of Directors of Korn Ferry (global organizational consulting).
Robert W. Helm (1957)
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, including as a Trustee and member of the Executive Committee of the Baltimore Council on Foreign Affairs, a member of the Board of Directors of the St. Vincent de Paul Society of Baltimore and a member of the Life Guard Society of Mt. Vernon.
Carol J. Zierhoffer (1960)
Ms. Zierhoffer also serves as a Member of the Advisory Board of other funds.Prior to her retirement, Ms. Zierhoffer held a variety of positions at Bechtel Corporation (engineering company, 2013-2019), including Principal Vice President and Chief Information Officer (2013-2016) and Senior Vice President and Chief Information Officer (2016-2019). Ms. Zierhoffer currently serves as a member of the Board of Directors, Audit Committee and Compensation Committee of Allscripts Healthcare Solutions, Inc. (healthcare technology, 2020-present) and as a member of the Board of Directors, Audit and Finance Committee and Nominating and Governance Committee of Atlas Air Worldwide Holdings, Inc. (aviation operating services, 2021-present). Previously, Ms. Zierhoffer served as a member of the Board of Directors and Audit Committee and as the founding Chair of the Information Technology Committee of MedAssets, Inc. (healthcare technology, 2013-2016).
Ms. Bonner also serves as an officer of other funds. Ms. Bonner serves as Senior Vice President (2022-present), and is an employee of Fidelity Investments. Ms. Bonner serves as Assistant Treasurer of Fidelity CRET Trustee LLC (2022-present). Prior to joining Fidelity, Ms. Bonner served as Managing Director at AQR Capital Management (2013-2022) and was the Treasurer and Principal Financial Officer of the AQR Funds (2013-2022).
Craig S. Brown (1977)
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). Previously, Mr. Brown served as Assistant Treasurer of certain Fidelity ® funds (2019-2022).
John J. Burke III (1964)
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).
Ms. Carey also serves as an officer of other funds and as CLO of certain other Fidelity entities. 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.
David J. Carter (1973)
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).
Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Vice President Assistant Treasurer and is an employee of Fidelity Investments. Mr. Davis serves as Assistant Treasurer of certain Fidelity entities.
Laura M. Del Prato (1964)
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).
Christopher M. Gouveia (1973)
Mr. Gouveia also serves as Chief Compliance Officer of other funds. Mr. Gouveia serves as Senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments. Previously, Mr. Gouveia served as Chief Compliance Officer of the North Carolina Capital Management Trust (2016-2019).
Colm A. Hogan (1973)
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).
Mr. Maheralso 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).
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.
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)
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.
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 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.
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.
A Annualized expense ratio reflects expenses net of applicable fee waivers.
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.
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, 2023, or, if subsequently determined to be different, the net capital gain of such year.
A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends-received deduction for corporate shareholders:
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.
A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:
The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2023 as qualifying to be taxed as section 163(j) interest dividends:
The funds will notify shareholders in January 2024 of amounts for use in preparing 2023 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 (the Program) 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) certain factor specific to ETFs 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 defined liquidity categories 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.
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 the Program for the period December 1, 2021 through November 30, 2022. The report concluded that the Program is operating effectively and is reasonably designed to assess and manage the Fund's liquidity risk.
